Azenta Inc (AZTA) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Azenta Q2 2023 Financial Results. (Operator Instructions)

您好，歡迎閱讀 Azenta 2023 年第二季度財務業績。 （操作員說明）

As a reminder, this conference is being recorded, Tuesday, May 9, 2023. I will now turn the conference over to Sara Silverman, Head of Investor Relations.

提醒一下，本次會議將於 2023 年 5 月 9 日星期二進行錄製。我現在將把會議轉交給投資者關係主管 Sara Silverman。

Thank you, operator, and good afternoon to everyone on the line today. We would like to welcome you to our earnings conference call for the second quarter of fiscal year 2023. Our second quarter earnings press release was issued after the close of the market today and is available on our Investor Relations website located at investors.azenta.com in addition to the supplementary PowerPoint slides that will be used during the prepared remarks today.

謝謝接線員，今天在線的大家下午好。歡迎您參加我們 2023 財年第二季度的收益電話會議。我們的第二季度收益新聞稿是在今天收市後發布的，可在我們的投資者關係網站 investors.azenta.com 上查閱除了今天準備好的發言中將使用的補充 PowerPoint 幻燈片。

I would like to remind everyone that during the course of the call, we will be making a number of forward-looking statements within the meaning of the Private Litigation Securities Act of 1995 (sic) [Private Securities Litigation Reform Act of 1995]. There are many factors that may cause actual financial results or other events to differ from those identified in such forward-looking statements. I would refer you to the section of our earnings release titled Safe Harbor Statement, the safe harbor slide on the aforementioned PowerPoint presentation on our website, and our various filings with the SEC, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We make no obligation to update these statements should future financial data or events occur that differ from the forward-looking statements presented today.

我想提醒大家，在電話會議期間，我們將根據 1995 年《私人訴訟證券法》（原文如此）[1995 年《私人證券訴訟改革法》] 的含義做出一些前瞻性陳述。有許多因素可能導致實際財務結果或其他事件與此類前瞻性陳述中確定的不同。我會向您推薦我們的收益發布中標題為安全港聲明的部分、我們網站上上述 PowerPoint 演示文稿中的安全港幻燈片，以及我們向美國證券交易委員會提交的各種文件，包括我們關於 10-K 表格的年度報告和我們的季度報告在表格 10-Q 上。如果未來的財務數據或事件發生與今天提供的前瞻性陳述不同，我們沒有義務更新這些陳述。

We may refer to a number of non-GAAP financial measures, which are used in addition to and in conjunction with results presented in accordance with GAAP. We believe the non-GAAP measures provide an additional way of viewing aspects of our operations and performance, but when considered with the GAAP financial results and the reconciliation of GAAP measures, they provide an even more complete understanding of the Azenta business. Non-GAAP measures should not be relied upon to the exclusion of the GAAP measures themselves.

我們可能會參考一些非 GAAP 財務指標，這些指標與根據 GAAP 呈現的結果一起使用。我們認為，非 GAAP 指標提供了一種查看我們運營和業績方面的額外方式，但當考慮到 GAAP 財務結果和 GAAP 指標的對賬時，它們提供了對 Azenta 業務的更全面了解。不應依賴非 GAAP 措施來排除 GAAP 措施本身。

In addition, we may refer to certain estimates of COVID-based impacts. These figures are estimated based on our insights to customer applications and/or product types indicating such demand or constraints on regional demand or ability to deliver.

此外，我們可能會參考某些基於 COVID 的影響的估計。這些數字是根據我們對客戶應用程序和/或產品類型的洞察力估算的，表明此類需求或對區域需求或交付能力的限制。

On the call with me today is our President and Chief Executive Officer, Steve Schwartz; and our Chief Financial Officer, Lindon Robertson. We will open the call with remarks from Steve on highlights of the second quarter, then Lindon will provide a more detailed look into our financial results and our outlook for the third fiscal quarter of 2023. We will then take your questions at the end of the prepared remarks.

今天與我通話的是我們的總裁兼首席執行官 Steve Schwartz；以及我們的首席財務官 Lindon Robertson。我們將以史蒂夫對第二季度亮點的評論開始電話會議，然後林頓將更詳細地介紹我們的財務業績和我們對 2023 年第三財季的展望。然後我們將在會議結束時回答您的問題準備好的言論。

With that, I would like to turn the call over to our CEO, Steve Schwartz.

有了這個，我想把電話轉給我們的首席執行官史蒂夫施瓦茨。

Thank you, Sara. Good afternoon, everyone, and thank you for joining us. It's 1 year since we established ourselves as a stand-alone life sciences company. A year of hard work and many learnings, but one full of optimism and reinforced convictions about our purpose and opportunity. Over this period, we got a lot of things right. We continued to invest in new products, services and applications to stay on the cutting edge of this dynamic field, keeping us close to the customers who are at the forefront of discovery and drug development.

謝謝你，薩拉。大家下午好，感謝您加入我們。我們成立獨立的生命科學公司已有 1 年了。一年的努力工作和許多學習，但對我們的目標和機會充滿樂觀和堅定的信念。在這段時間裡，我們做對了很多事情。我們繼續投資於新產品、服務和應用，以保持在這個充滿活力的領域的前沿，使我們與處於發現和藥物開發前沿的客戶保持緊密聯繫。

We increased our capability and capacity to deliver on this demand. We made strategic acquisitions of 3 more market-leading companies that will be important contributors to our future. Barkey adds a critical application in the cell and gene therapy cold chain, Ziath brings a technology enabler for sample workflow solutions, and B Medical vaults us into a unique position to serve fast-growing emerging markets.

我們提高了滿足這一需求的能力。我們對另外 3 家市場領先的公司進行了戰略收購，這些公司將對我們的未來做出重要貢獻。 Barkey 在細胞和基因治療冷鏈中增加了一個關鍵應用程序，Ziath 為樣品工作流程解決方案帶來了技術推動力，而 B Medical 使我們處於獨特的地位，可以為快速增長的新興市場提供服務。

Additionally, we secured key customer wins, further verification that our offerings do indeed have the potential to transform how our customers run their businesses and cemented us as a true partner in their development efforts. At the same time, as we introduced Azenta and went to market under this new brand, we reorganized our formerly specialized product and services sales teams around accounts and broadened their scope to represent all Azenta offerings.

此外，我們贏得了關鍵客戶，進一步證明我們的產品確實有潛力改變我們客戶的業務經營方式，並鞏固了我們作為他們開發工作中真正合作夥伴的地位。與此同時，隨著我們推出 Azenta 並以這個新品牌進入市場，我們重組了以前圍繞客戶的專業產品和服務銷售團隊，並擴大了他們的範圍以代表所有 Azenta 產品。

Over time, we found that we were most effective when utilizing specific expertise of our sales personnel, particularly in complex areas of genomics and the innovative area of automated cryo storage systems. We've also realized the importance to reinvigorate strong brands like GENEWIZ and FluidX within the Azenta framework. Fortunately, as we've made changes to go back to product- and genomics-dedicated sales, we've seen direct positive results.

隨著時間的推移，我們發現我們在利用銷售人員的特定專業知識時最有效，尤其是在基因組學的複雜領域和自動低溫存儲系統的創新領域。我們還意識到在 Azenta 框架內重振 GENEWIZ 和 FluidX 等強勢品牌的重要性。幸運的是，當我們做出改變以返回產品和基因組學專用銷售時，我們看到了直接的積極結果。

In addition, we came out of the chute prepared for sustained growth, which didn't materialize in part because of the transition I just mentioned. And now facing a more challenging macroeconomic environment, we're left with much more cost than we need at this time. We remain confident in the tremendous value of our portfolio to serve our customers in the life sciences space. And today, we further define meaningful actions we're taking to better align for growth and profitability as we deliver on this promise.

此外，我們走出了為持續增長做好準備的滑道，但由於我剛才提到的轉型，這種增長並未實現。現在面臨更具挑戰性的宏觀經濟環境，我們現在付出的成本遠遠超過我們所需要的。我們對我們的產品組合的巨大價值充滿信心，可以為生命科學領域的客戶提供服務。今天，我們進一步定義了我們正在採取的有意義的行動，以便在我們兌現這一承諾時更好地調整增長和盈利能力。

In my remarks today, I'll focus on 4 areas: one, the return of growth for our genomics business, in particular, the recovery of our synthesis business; two, our significant actions and investments for accelerated growth, including a realignment of the company in support of this critical proposition; three, additional cost reductions that come with this realignment; and four, a reset of expectations for the near term as we prepare to deliver the full potential of this business.

在今天的發言中，我將重點關註四個方面：一是我們的基因組業務恢復增長，特別是合成業務的複蘇；第二，我們為加速增長而採取的重大行動和投資，包括為支持這一關鍵提議而對公司進行重組；第三，這種調整帶來的額外成本降低；第四，在我們準備充分發揮這項業務的潛力時，重新設定近期的預期。

I'll start, though, by summarizing the overall business for the quarter. Our Q2 results were mixed. Performance in our services business was solid and continues to track as expected. However, on the products side, especially B Medical, we had some shortcomings in the quarter.

不過，我將首先總結本季度的整體業務。我們的第二季度結果喜憂參半。我們的服務業務表現穩健，並繼續保持預期。但是，在產品方面，尤其是 B Medical，我們在本季度存在一些不足。

On a reported basis, we delivered 2% growth. Organic revenue, excluding estimated COVID impacts, declined 2% in the quarter. Today, all of my comments on growth will be organic growth rates, excluding the impacts of COVID, unless otherwise specified.

根據報告，我們實現了 2% 的增長。本季度有機收入（不包括估計的 COVID 影響）下降了 2%。今天，除非另有說明，否則我對增長的所有評論都將是有機增長率，不包括 COVID 的影響。

Looking at the business by segment, the products business declined 2%, reflecting a softer quarter than initially expected. In the consumables business, we witnessed lower revenue as destocking kept our channel partners lighter than expectations. We do think these effects are temporary and are not impacting all customers, but the range of reports from various distributors gives us little visibility into how long we might expect the channel to be slower. For now, we see Q3 consumables and instruments revenue flat to Q2.

按部門來看，產品業務下降了 2%，反映出本季度比最初預期疲軟。在消耗品業務中，我們的收入下降，因為去庫存使我們的渠道合作夥伴比預期更輕。我們確實認為這些影響是暫時的，不會影響所有客戶，但來自不同分銷商的報告範圍讓我們無法了解我們預計渠道會變慢多長時間。目前，我們認為第三季度消耗品和儀器收入與第二季度持平。

In stores, the revenue shortfall was a different story as large automated stores revenue was impacted by 3 customer projects that were delayed because their facilities were not ready for installation. That said, the stores' revenue impact is a matter of timing, and the revenue will be delivered in the coming quarters.

在商店中，收入不足是另一回事，因為大型自動化商店的收入受到 3 個客戶項目的影響，這些項目因設施尚未準備好安裝而被推遲。也就是說，商店的收入影響是時間問題，收入將在未來幾個季度交付。

We remain at record backlog levels for automated stores and the backlog is secure, but it puts more pressure on manufacturing and installation teams as more projects ship in the second half of the year. In cryo stores, we shipped a record number of manual freezers, but our automated cryo system slowed due to budget uncertainty at large pharma companies, which delayed our ability to book and ship tools.

我們的自動化商店積壓量仍處於創紀錄的水平，而且積壓量是安全的，但隨著更多項目在今年下半年發貨，這給製造和安裝團隊帶來了更大的壓力。在冷凍商店，我們運送了創紀錄數量的手動冷凍機，但由於大型製藥公司的預算不確定性，我們的自動冷凍系統速度變慢，這延遲了我們預訂和運送工具的能力。

The B3C cryo systems are critical tools for cell and gene therapy applications, and we're the only commercial provider of automated systems. So although the timing of orders was delayed, we do anticipate capturing this revenue once customer approvals are finalized. We believe this pause is consistent with the reprioritization of clinical trials work that's making its way through some of the large pharma companies.

B3C 冷凍系統是細胞和基因治療應用的關鍵工具，我們是唯一的自動化系統商業供應商。因此，儘管訂單時間有所延遲，但我們確實預計一旦客戶批准最終確定就會獲得這筆收入。我們認為，這種暫停與一些大型製藥公司正在進行的臨床試驗工作的重新優先排序是一致的。

The largest impact on our results came from B Medical, which delivered $15 million of revenue in the quarter after a record $42 million in Q1 and considerably below our expectations. The lower result was primarily impacted by timing delays in the cold chain business. And though timing of revenue remains difficult to predict, we're encouraged by the pipeline of opportunities that the team has generated.

對我們的業績影響最大的是 B Medical，在第一季度創紀錄的 4200 萬美元之後，該季度的收入為 1500 萬美元，大大低於我們的預期。較低的結果主要受到冷鏈業務時間延遲的影響。儘管收入的時間仍然難以預測，但我們對團隊創造的一系列機會感到鼓舞。

We're focused on delivering on the benefits we expect from this highly capable business but admittedly, the timing to achieve certain revenue milestones has changed. Still, the value of B Medical is enabling a large upside for Azenta in new markets. Importantly, B Medical was accretive to earnings in the first half, just not at the level we had anticipated.

我們專注於提供我們期望從這個能力強大的業務中獲得的收益，但不可否認，實現某些收入里程碑的時機已經改變。儘管如此，B Medical 的價值仍在為 Azenta 在新市場帶來巨大的上漲空間。重要的是，B Medical 上半年的收益有所增加，只是沒有達到我們預期的水平。

In services, performance was solid with genomics revenue coming in at the high end of our expectations and sample repository solutions delivering as expected. We're particularly pleased that genomics is back on a positive trajectory. Against the backdrop of January COVID impacts in China and a decrease in funding for small biotech companies, we performed remarkably well in the quarter.

在服務方面，性能穩定，基因組學收入達到我們預期的高端，樣本庫解決方案按預期交付。我們特別高興的是，基因組學又回到了積極的軌道上。在 1 月份 COVID 對中國的影響以及對小型生物技術公司的資金減少的背景下，我們在本季度的表現非常出色。

We had 2 very meaningful takeaways in the quarter. First, we delivered a 6% sequential increase in gene synthesis revenue and good momentum entering this quarter, and I know it's been a while since you've heard me say that. In the quarter, gene synthesis served more than 250 new PIs, and we performed several successful pilot runs that are key leading indicators of follow-on business.

本季度我們有 2 個非常有意義的收穫。首先，進入本季度，我們的基因合成收入連續增長 6%，勢頭良好，我知道你已經有一段時間沒有聽到我這麼說了。本季度，基因合成服務了 250 多個新 PI，我們進行了幾次成功的試運行，這是後續業務的關鍵領先指標。

This sequential growth is a combination of a few elements: one, the delivery issues we had from our China facilities are confirmed to be remedied as quality and turnaround times are back to our best-in-class standards; two, customers we'd lost have been coming back to us for exactly these reasons, they just can't get the quality or turnaround time from other suppliers and lower price from competitors doesn't make up for long turnaround times or diminished quality of results; and finally, strong focus by our account teams was the reason for our strong wins. This solidifies the notion that dedicated, highly skilled salespeople are essential for success in this business.

這種連續增長是幾個因素的結合：第一，我們在中國工廠遇到的交付問題已確認得到解決，因為質量和周轉時間已恢復到我們的一流標準；第二，我們失去的客戶正是出於這些原因而重新回到我們身邊，他們只是無法從其他供應商那裡獲得質量或周轉時間，而競爭對手的較低價格並不能彌補周轉時間長或質量下降的問題結果;最後，我們客戶團隊的高度關注是我們取得強勁勝利的原因。這鞏固了這樣一種觀念，即敬業的、高技能的銷售人員對於這項業務的成功至關重要。

To add to our business momentum, we launched 2 new gene synthesis offerings, the first being circular RNA synthesis, which targets the fast-growing RNA therapeutics market, where we completed several pilots with large pharma accounts. The second is a high-throughput lentiviral packaging solution to support high-throughput gene editing screens. To be clear, we have much more opportunity across gene synthesis and confidence about our sturdier position in the market.

為了增加我們的業務勢頭，我們推出了 2 種新的基因合成產品，第一種是環狀 RNA 合成，其目標是快速增長的 RNA 治療市場，我們在該市場完成了多個具有大型製藥客戶的試點。二是高通量慢病毒包裝方案，支持高通量基因編輯篩選。需要明確的是，我們在基因合成領域擁有更多機會，並對我們在市場上的穩固地位充滿信心。

In the rest of the GENEWIZ business, NGS and Sanger performed to expectation, and both subsegments are poised for continued growth throughout the remainder of the year.

在 GENEWIZ 業務的其餘部分，NGS 和 Sanger 的表現符合預期，這兩個子部門都準備在今年剩餘時間繼續增長。

To round out services, SRS as a whole grew 5%, as expected, driven by double-digit growth in storage. We're pleased with the continued inflow of samples to our sites as well as the traction we're seeing with new and existing customers. We won additional business with our existing large pharma and biotech customers, and these wins are a testament to the strength of the business and the value proposition of the Azenta sample storage management offering.

為了完善服務，SRS 作為一個整體增長了 5%，正如預期的那樣，受存儲兩位數增長的推動。我們對樣品持續流入我們的站點以及我們看到的新老客戶的吸引力感到高興。我們贏得了現有大型製藥和生物技術客戶的額外業務，這些勝利證明了業務實力和 Azenta 樣本存儲管理產品的價值主張。

In addition, our first automated multimillion sample store at our Indianapolis SRS site has gone live, and we're in the process of adding a second automated store as we're convinced that the future of biorepository business must incorporate automation, and we continue to be ahead of the curve on that front. We believe we're increasing the competitive gap with each investment we make in the innovation of state-of-the-art sample management solutions.

此外，我們在印第安納波利斯 SRS 站點的第一個自動化數百萬樣本商店已經上線，我們正在添加第二個自動化商店，因為我們相信生物樣本庫業務的未來必須包含自動化，並且我們將繼續在這方面領先於曲線。我們相信，我們在最先進的樣品管理解決方案創新方面所做的每一項投資都在擴大競爭差距。

Cell and gene therapy revenue grew 7% in the quarter driven by more than 20% growth in genomics and 60% growth in SRS. The lower level of automated cryo systems orders kept us below 20% growth for CGT business this quarter.

在基因組學增長超過 20% 和 SRS 增長 60% 的推動下，本季度細胞和基因治療收入增長了 7%。較低水平的自動化冷凍系統訂單使我們本季度 CGT 業務的增長率低於 20%。

As I mentioned at the beginning of my remarks, our #1 issue was top line sales, and we now have proof points that the realignment of sales activities and structure is supporting our return to higher growth and largely in our control as customer demand for products and services we offer is clear.

正如我在發言開頭提到的，我們的第一大問題是銷售收入，我們現在有證據表明，銷售活動和結構的調整正在支持我們恢復更高的增長，並且在很大程度上由我們控制，因為客戶對產品的需求我們提供的服務是明確的。

We further determined that realignment of the business units is also key to allowing our account executives to best align our products and services to our customers' needs. So today, we announced the business realignment to enhance our commercial strategy and accelerate growth and profitability. These changes build upon the previously announced cost reduction initiatives aimed to streamline and optimize the business.

我們進一步確定，業務部門的重組也是讓我們的客戶經理能夠最好地將我們的產品和服務與客戶需求相結合的關鍵。所以今天，我們宣布了業務重組，以加強我們的商業戰略並加速增長和盈利。這些變化建立在之前宣布的旨在簡化和優化業務的成本削減計劃的基礎上。

After a thorough assessment, we've commenced the following changes. One, over the past 4 months, we've moved to realign marketing and increased go-to-market decision-making within the genomics business. To further expand on the success of these initiatives, we're establishing a separate dedicated sales vertical for this business to enable the business to move quickly and efficiently in the fast-turning sequencing and synthesis markets.

經過全面評估後，我們開始了以下更改。第一，在過去的 4 個月裡，我們已經開始重新調整營銷並增加基因組學業務中的上市決策。為了進一步擴大這些舉措的成功，我們正在為這項業務建立一個單獨的專門銷售垂直市場，以使該業務能夠在快速變化的測序和合成市場中快速有效地發展。

Since we acquired GENEWIZ 4 years ago, we've expanded both scale and sophistication of our offerings. From genomics offerings of Sanger and next-generation sequencing and gene synthesis, we've enhanced our scientific power to offer many more services, including proteomics, metabolomics, single-cell analysis, digital spatial arrays, bioinformatics and a host of laboratory services. This is now a Multi-Omics platform and the need for focused, highly capable sales is even more apparent and hence, our dedicated sales alignment to this business unit. This is all about scientists selling to scientists.

自從我們 4 年前收購 GENEWIZ 以來，我們擴大了我們產品的規模和復雜性。從 Sanger 的基因組學產品和下一代測序和基因合成，我們增強了我們的科學力量，可以提供更多的服務，包括蛋白質組學、代謝組學、單細胞分析、數字空間陣列、生物信息學和一系列實驗室服務。現在這是一個多組學平台，對專注、高能力銷售的需求更加明顯，因此，我們專門針對該業務部門進行銷售調整。這都是關於科學家向科學家推銷的。

In recognition of this expanded service offering, we're establishing this Multi-Omics business unit, which will continue to be led by Dr. Ginger Zhou, a 12-year veteran at GENEWIZ.

鑑於這種擴展的服務範圍，我們正在建立這個多組學業務部門，該部門將繼續由在 GENEWIZ 工作 12 年的 Ginger Zhou 博士領導。

We're also combining all sample management capabilities into one organization. We've demonstrated that in the selling process, our sample management products and services complement each other well and often engage the same customer decision-maker.

我們還將所有樣本管理功能整合到一個組織中。我們已經證明，在銷售過程中，我們的樣本管理產品和服務可以很好地相互補充，並且通常會聘用同一位客戶決策者。

To that end, we're combining our SRS, sample repository solutions, business with our products business unit, which includes cold store systems as well as consumables and instruments. This Sample Management Solutions business will be managed by David Wang, the current leader of the SRS business. This business unit will also have its own dedicated sales organization focused on all things sample management.

為此，我們將我們的 SRS、樣本存儲庫解決方案業務與我們的產品業務部門相結合，其中包括冷庫系統以及消耗品和儀器。該樣品管理解決方案業務將由 SRS 業務的現任負責人 David Wang 管理。該業務部門還將擁有自己專門的銷售組織，專注於所有樣品管理。

Finally, in this reorganization, B Medical will maintain its own structure. We believe the new structure will best align portfolio offerings to end customers, thereby enhancing collaboration and responsiveness.

最後，在本次重組中，B醫療將保持自身架構。我們相信，新結構將使產品組合最適合最終客戶，從而增強協作和響應能力。

Over the past few months, we've begun to move resources in this direction. The next changes will be to crystallize certain leadership reporting lines and moving towards formalizing this new structure.

在過去的幾個月裡，我們已經開始將資源轉移到這個方向。下一個變化將是明確某些領導層的報告關係，並朝著使這一新結構正式化的方向發展。

In addition to bringing the needed focus of business units through fully aligned sales directly to customers, this restructuring will allow us to deliver an incremental $15 million of EBITDA by the end of this calendar year. This is in addition to the cost reductions we initiated early in Q2.

除了通過直接面向客戶的完全一致的銷售將業務部門所需的重點放在外，這種重組將使我們能夠在本日曆年年底之前交付 1500 萬美元的 EBITDA。這是我們在第二季度初啟動的成本削減的補充。

Our objective and initiatives are completely aligned to restore growth and profitability toward the long-term goals we set out at our Analyst Day in Q1 2022. We're delayed in our delivery of that performance, but we're committed to achieving it. We've already begun implementing the changes, which will deliver positive momentum into 2024.

我們的目標和舉措完全一致，以恢復增長和盈利能力，實現我們在 2022 年第一季度分析師日制定的長期目標。我們延遲實現了這一業績，但我們致力於實現這一目標。我們已經開始實施這些變化，這將為 2024 年帶來積極的勢頭。

Finally, our capital position remains strong. We ended the quarter with approximately $1.5 billion of cash on the balance sheet. We remain active in our share repurchase program, and we've already spent more than $550 million to repurchase more than 11 million shares since we started the program in November, which represents nearly 15% of outstanding shares, a reflection of our confidence in the long-term prospects for the company. Even after our share repurchase commitment for fiscal 2023, we'll have roughly $1 billion in cash available for strategic investments.

最後，我們的資本狀況依然強勁。本季度結束時，我們的資產負債表上有大約 15 億美元的現金。我們仍然積極參與我們的股票回購計劃，自去年 11 月啟動該計劃以來，我們已經花費超過 5.5 億美元回購了超過 1100 萬股股票，佔已發行股票的近 15%，這反映了我們對公司的信心公司的長期前景。即使在我們做出 2023 財年的股票回購承諾之後，我們仍有大約 10 億美元的現金可用於戰略投資。

As I've described in my remarks today, there are many positive indicators as well as initiatives in progress to support growth and profitability enhancement. These developments take time but, we believe, are also the right steps to deliver long-term performance and shareholder value.

正如我在今天的發言中所描述的那樣，有許多積極的指標以及正在進行的舉措來支持增長和盈利能力的提高。這些發展需要時間，但我們相信，這也是實現長期業績和股東價值的正確步驟。

This is a period of tremendous promise for Azenta. We uniquely provide a portfolio of best-in-class trusted products and services that enable breakthroughs faster, the value proposition at the heart of all investments in the life sciences space. We're investing more in innovation and market-leading capabilities. We're bullish about our prospects, not satisfied with our results, but doing just what we should to increase growth and profitability.

這是 Azenta 充滿希望的時期。我們獨特地提供一流的值得信賴的產品和服務組合，以更快地實現突破，這是生命科學領域所有投資的核心價值主張。我們正在加大對創新和市場領先能力的投資。我們看好我們的前景，對我們的結果不滿意，但我們應該做我們應該做的事情來增加增長和盈利能力。

That said, we use this time to recalibrate expectations for the next quarters. We look forward to updating you on our progress, and we thank you for your interest and support as we work to deliver value to our customers and shareholders. And I'll now turn the call over to Lindon.

也就是說，我們利用這段時間重新調整對下一季度的預期。我們期待向您通報我們的最新進展，感謝您在我們努力為客戶和股東創造價值時的關注和支持。我現在將電話轉給 Lindon。

Thank you, Steve. I now refer you back to the slide deck available on our website. Turning to Slide 3 for some highlights. Second quarter revenue was $148 million, up 2% year-over-year. The organic base revenue was a little light on the products side, but in total, still within the range we provided as guidance. As Steve commented, we are having difficulty with the predictability of the B Medical revenue, so you will see us lay this portion of the business out as clearly as possible with increased transparency to what we see.

謝謝你，史蒂夫。我現在請您返回我們網站上提供的幻燈片。轉到幻燈片 3 了解一些亮點。第二季度收入為 1.48 億美元，同比增長 2%。產品方面的有機基礎收入略有下降，但總體而言，仍在我們提供的指導範圍內。正如史蒂夫評論的那樣，我們在 B Medical 收入的可預測性方面遇到了困難，所以你會看到我們盡可能清楚地展示這部分業務，並提高我們所看到的透明度。

Give me a moment to hit a few top highlights, and then we will go through each area of the business. First, I would like to highlight the progress made in the genomics business with a turnaround for the gene synthesis business as it expanded 6% quarter-to-quarter. We had experienced some disruptions in the logistics over the prior 9 months and applied fixes to those immediate concerns and at the same time, applied sales and marketing to win back customers.

請給我一點時間來介紹幾個最重要的亮點，然後我們將介紹業務的每個領域。首先，我想強調基因組學業務取得的進展，基因合成業務出現好轉，環比增長 6%。在過去的 9 個月裡，我們在物流方面遇到了一些中斷，我們對這些緊迫的問題進行了修復，同時應用銷售和營銷來贏回客戶。

Second, the SRS business continues to deliver growth, up 5% year-over-year on the organic basis, excluding COVID. This was led by double-digit growth in core storage as samples continued to accumulate.

其次，SRS 業務繼續實現增長，在有機基礎上同比增長 5%，不包括 COVID。這是由核心存儲的兩位數增長帶動的，因為樣本繼續積累。

Next, we confirm the previously announced cost reduction actions were taken to enhance the adjusted EBITDA structure by 2 points of margin in the second half. This reflects removing $20 million of annual cost and expense and making some investments in sales, which combined, will net to approximately $14 million annual enhancement to EBITDA. The second quarter benefited by the reductions by approximately $1 million. As we look into 2024, we expect to reduce another $15 million of structural costs through the integration and rationalization of our acquired product businesses.

接下來，我們確認之前宣布的成本削減行動已在下半年將調整後的 EBITDA 結構提高 2 個百分點。這反映出去除了 2000 萬美元的年度成本和費用，並對銷售進行了一些投資，這些結合起來將使 EBITDA 每年增加約 1400 萬美元。第二季度受益於約 100 萬美元的削減。展望 2024 年，我們預計通過對收購產品業務的整合和合理化，再減少 1500 萬美元的結構性成本。

Finally, regarding capital deployment. In early April, we completed the previously announced $500 million accelerated share repurchase program. Under the ASR, we repurchased just over 10 million shares in total. And we were prepared with a 10b5-1 program that commenced immediately upon the ASR completion, and progress is underway on our next $500 million of repurchases in the open market. This keeps us on track to repurchase a total of $1 billion in shares by the end of this calendar year as described last November. That will leave us with a very strong balance sheet holding approximately $900 million of additional cash and no debt with a path to continue high shareholder returns.

最後，關於資本配置。 4 月初，我們完成了之前宣布的 5 億美元加速股票回購計劃。根據 ASR，我們總共回購了超過 1000 萬股股票。我們準備了一個 10b5-1 計劃，該計劃在 ASR 完成後立即開始，我們在公開市場上的下一個 5 億美元回購正在取得進展。正如去年 11 月所述，這使我們有望在本日曆年年底前回購總計 10 億美元的股票。這將使我們擁有非常強大的資產負債表，持有大約 9 億美元的額外現金，並且沒有債務，可以繼續獲得高股東回報。

Let's turn over to Slide 4 to take a look at our results for the quarter. As already mentioned, total revenue was $148 million, up 2% year-over-year and down 17% quarter-over-quarter. $27 million of the $30 million sequential revenue decline was driven by B Medical. This had a substantial impact on the details of our profit profile.

讓我們轉到幻燈片 4 看看我們本季度的結果。如前所述，總收入為 1.48 億美元，同比增長 2%，環比下降 17%。在 3000 萬美元的連續收入下降中，有 2700 萬美元是由 B Medical 造成的。這對我們的利潤概況的細節產生了重大影響。

The year-over-year reported revenue growth of 2% was driven by the acquisitions made over the past year, and you can see the bridge to the organic and estimated ex COVID growth rates over to the right side of each page. After you exclude the effects of the acquisitions, foreign exchange and estimated COVID impacts, the total business was down 2% year-over-year. Each segment will show the same decline of 2% on this metric.

報告的收入同比增長 2% 是由過去一年進行的收購推動的，您可以在每頁右側看到通往有機增長率和估計的前 COVID 增長率的橋樑。排除收購、外彙和估計的 COVID 影響後，總業務同比下降 2%。每個細分市場將在此指標上顯示相同的 2% 下降。

The services business performed just slightly better than what we expected for the quarter, and the products business was light largely due to an underrun in consumables and some delay in large system projects. The puts and takes in each segment are interesting to understand as there are positives in both segments. We will get to those details in a moment.

服務業務的表現略好於我們對本季度的預期，產品業務表現不佳主要是由於消耗品供應不足和大型系統項目的一些延遲。每個部分的看跌和接受都很有趣，因為這兩個部分都有積極的一面。我們稍後會詳細介紹這些細節。

Looking at the GAAP P&L on the left side. SG&A expenses were lower quarter-to-quarter and year-over-year driven by a $17 million reduction in the accrual for the contingent consideration related to B Medical. This was partially offset with operating structure we added over the past year primarily from the businesses acquired.

查看左側的 GAAP 損益表。由於與 B Medical 相關的或有對價的應計費用減少 1700 萬美元，SG&A 費用環比和同比均有所下降。這部分被我們在過去一年中主要從收購的業務中增加的運營結構所抵消。

Below the line, you'll see we generated another $10 million in interest income this quarter, similar to Q1. GAAP earnings per share for continued operations was a loss of $0.03, and the $0.13 improvement quarter-to-quarter is largely driven by the change in the accrual for the contingent consideration from B Medical.

在線下方，您會看到本季度我們又產生了 1000 萬美元的利息收入，與第一季度類似。持續經營的 GAAP 每股收益為虧損 0.03 美元，環比增長 0.13 美元，這主要是由於 B Medical 的或有對價的應計費用變化。

Looking at our non-GAAP results. Gross margin was 41.1%, which was lower by 420 basis points versus first quarter. Each segment saw continued pressure on gross margins. For the clarity of performance, it is important to note the significant impact the lower B Medical revenue had on our margins. B Medical gross margin, which dropped 18 points to 29% on a non-GAAP basis, drove 1.8 of the 4.2 points of gross margin decline quarter-to-quarter. Excluding B Medical, the business declined 2.4 points quarter-to-quarter with similar pressures in both products and services.

查看我們的非 GAAP 結果。毛利率為 41.1%，較第一季度下降 420 個基點。每個細分市場的毛利率都面臨持續壓力。為了明確業績，重要的是要注意較低的 B Medical 收入對我們的利潤率產生的重大影響。 B Medical 毛利率按非美國通用會計準則計算下降 18 個百分點至 29%，佔季度毛利率下降 4.2 個百分點中的 1.8 個百分點。不包括 B Medical，該業務環比下降 2.4 個百分點，產品和服務方面的壓力相似。

Operating expenses were $74 million, down $7 million quarter-to-quarter. I should clarify that the change to the contingent consideration, which shows in the GAAP side, is excluded from the non-GAAP. The operating expense reduction you do see in the non-GAAP side reflects a substantive reduction of commissions as B Medical maintains a nicely variable commission structure and with lower revenue this quarter, had $4.5 million lower commissions compared to the first fiscal quarter. The remaining decline was primarily driven by a reduction in variable compensation accrued driven by our performance expectations for the year. We also had a small benefit to OpEx from the previously announced headcount reductions.

營運開支為 7,400 萬美元，按季減少 700 萬美元。我應該澄清一下，在 GAAP 方面顯示的或有對價的變化被排除在非 GAAP 之外。您在非 GAAP 方面確實看到的運營費用減少反映了佣金的大幅減少，因為 B Medical 保持了一個很好的可變佣金結構並且本季度收入較低，與第一財季相比佣金減少了 450 萬美元。剩餘的下降主要是由於我們今年的業績預期導致的可變薪酬減少所致。我們還從之前宣布的裁員中對 OpEx 帶來了一點好處。

On a year-over-year basis, operating expenses were up $12 million. Roughly $10 million of the $12 million year-over-year increase was related to the acquisitions of B Medical and Barkey. The remainder was driven by increased headcount in the organic-based business partially offset by the lower performance-based compensation accrual in the quarter.

與去年同期相比，運營費用增加了 1200 萬美元。在 1200 萬美元的同比增長中，約有 1000 萬美元與 B Medical 和 Barkey 的收購有關。其餘部分是由基於有機業務的員工人數增加所推動，部分被本季度較低的基於績效的應計薪酬所抵消。

Altogether, a lower gross margin, combined with the factors on the operating expense line produced an adjusted EBITDA margin of negative 1.6%. The adjusted EBITDA line dropped $14 million quarter-to-quarter, of which B Medical drove $10 million. We see this as a variable of timing more than a weakness in the profile, but the dynamic is new to Azenta, so it brings me to emphasize this point.

總而言之，較低的毛利率，加上運營費用線的因素，導致調整後的 EBITDA 利潤率為負 1.6%。調整後的 EBITDA 線環比下降 1,400 萬美元，其中 B Medical 下降了 1,000 萬美元。我們認為這是一個時間變量，而不是個人資料中的一個弱點，但這種動態對 Azenta 來說是新的，所以我要強調這一點。

Now let's turn over to Slide 5 for a review of our Life Sciences Products segment results. The total segment revenue was $59 million for the quarter, up 10% year-over-year, driven by acquisitions, which contributed $19 million. B Medical revenue was $15 million, which was lower than expected due to the delay of anticipated orders. We experienced this issue to a smaller degree in the first fiscal quarter and to a much larger degree this quarter. We believe these delayed orders remain in the pipeline as business to be received and delivered but cannot predict the time line with reliability.

現在讓我們轉到幻燈片 5 來回顧我們的生命科學產品部門的結果。本季度分部總收入為 5900 萬美元，同比增長 10%，主要受收購貢獻 1900 萬美元的推動。 B Medical 收入為 1500 萬美元，由於預期訂單的延遲，低於預期。我們在第一財季遇到這個問題的程度較小，而本季度的程度則大得多。我們認為，這些延遲的訂單作為待接收和交付的業務仍在籌備中，但無法可靠地預測時間表。

We have come to learn that this is not a shortcoming in understanding of the business but is simply the nature of being in a business subject to the decision-making of governments and funding agencies. You can imagine, we have attempted to form a model to predict time lines of demand.

我們已經了解到，這並不是對業務的理解上的缺陷，而只是受制於政府和資助機構決策的業務的本質。你可以想像，我們試圖建立一個模型來預測需求的時間線。

Our conclusion is that going forward, we need to provide you with full transparency of order load and a clear message that additional revenue beyond that is unpredictable. We will give you an indication of orders scheduled and the value of deals being worked.

我們的結論是，展望未來，我們需要為您提供完全透明的訂單負載，並明確表示超出此範圍的額外收入是不可預測的。我們將為您提供已安排的訂單指示和正在進行的交易的價值。

In this quarter, B Medical delivered $15 million of revenue. This compares to confirmed orders back in early February of $13 million. The team expected more to come in, but it did not materialize by the end of the quarter. For our Q3, the B Medical team has $21 million of orders in hand expected to be delivered. While it's possible other projects may come in, we will leave our Q3 guidance expectation at $21 million.

本季度，B Medical 實現了 1500 萬美元的收入。相比之下，2 月初確認的訂單為 1300 萬美元。該團隊預計會有更多人加入，但到本季度末並未實現。對於我們的第三季度，B 醫療團隊手頭有 2100 萬美元的訂單預計將交付。雖然其他項目可能會進來，但我們將第三季度的指導預期保持在 2100 萬美元。

The P&L consequences of the $15 million result are significant. You can see lower gross margin reflecting less absorption of fixed cost and weaker product mix. On a positive note, the B Medical team has a highly variable commission payout, which brought the operating expense down by $5 million. With this full view, we hope to provide more clear understanding of the B Medical factor in our business.

1500 萬美元的結果對 P&L 的影響是巨大的。您可以看到較低的毛利率反映出固定成本的吸收較少和產品組合較弱。積極的一面是，B Medical 團隊的佣金支出變化很大，這使運營費用減少了 500 萬美元。通過這種全面的了解，我們希望能夠更清楚地了解我們業務中的 B 醫療因素。

Product segment organic-based business declined 21%. This removes all acquisition revenue and foreign exchange impact. The significant decline was driven by the estimated COVID-related demand in consumables in the second fiscal quarter of 2022, the last of the significant COVID demand quarters for Azenta. When excluding the estimated COVID impacts, the organic-based revenue was down 2% year-over-year, with further headwinds in the consumables and instruments business.

基於有機產品的產品部門業務下降了 21%。這消除了所有收購收入和外匯影響。顯著下降的原因是 2022 年第二財季與 COVID 相關的消耗品需求估計，這是 Azenta 重要 COVID 需求季度的最後一個季度。當排除估計的 COVID 影響時，基於有機的收入同比下降 2%，消耗品和儀器業務面臨進一步的不利因素。

We see elevated customer stocking positions as the driver of this weakness. As we see similar messaging on this across the industry, we now estimate this will take some time to get back to the normal growth on a consistent base, perhaps into 2024. The systems revenue grew 6% year-over-year as reported and 9% on an organic basis. This was a deceleration of revenue delivered due to customer delays and facility readiness, which surfaced in the quarter. This is not reflective of a demand issue as we have the large store orders in our backlog, which gives us confidence in seeing this translate to revenue in the coming quarters. The systems team is working around customer readiness issues and proceeding with other projects, and we expect some improvement in the fiscal third quarter and further improvement in the fourth fiscal quarter onward.

我們認為客戶庫存增加是造成這種疲軟的原因。正如我們在整個行業看到的類似消息一樣，我們現在估計這將需要一些時間才能在一致的基礎上恢復正常增長，也許要到 2024 年。據報導，系統收入同比增長 6%，9有機基礎上的百分比。這是由於本季度出現的客戶延誤和設施準備就緒導致的收入減速。這並不反映需求問題，因為我們的積壓訂單中有大量商店訂單，這讓我們有信心在未來幾個季度看到這轉化為收入。系統團隊正在解決客戶準備問題並著手其他項目，我們預計第三財季會有所改善，第四財季將進一步改善。

Products second quarter gross margin was 35.3%, down 8 points sequentially. When we removed the 18-point sequential decline of B Medical, the products gross margin was down 2.6 points, primarily due to weaker product mix. Lower operating expenses helped to mitigate the margin pressures with the lower commissions and variable compensation expenses. These items resulted in an adjusted EBITDA for the products segment of negative 8%. As you can see, the $12 million decline sequentially was substantively driven by B Medical and the balance by the softer revenue in systems and C&I.

第二季度產品毛利率為 35.3%，比上一季度下降 8 個百分點。當我們剔除 B Medical 連續 18 個點的下滑後，產品毛利率下降了 2.6 個百分點，這主要是由於產品組合較弱。較低的運營費用有助於通過較低的佣金和可變補償費用減輕利潤率壓力。這些項目導致產品部門調整後的 EBITDA 為負 8%。正如你所看到的，1200 萬美元的環比下降主要是由 B Medical 推動的，而平衡是由系統和 C&I 的收入疲軟造成的。

Next, please turn to Slide 6 for a review of our services segment results. Services segment generated second quarter revenue of $90 million, a decrease of 3% year-over-year and an increase of 1% quarter-over-quarter. The organic revenue for the quarter, excluding COVID, was down 2%, with genomics down 4% and sample repository solutions with a growth of 5%, led by double-digit growth in core storage as we continue to accumulate sample store.

接下來，請轉到幻燈片 6 查看我們的服務部門結果。服務部門第二季度收入為 9000 萬美元，同比下降 3%，環比增長 1%。本季度的有機收入（不包括 COVID）下降了 2%，其中基因組學下降了 4%，樣本存儲庫解決方案增長了 5%，這主要是由於我們繼續積累樣本存儲，核心存儲實現了兩位數的增長。

Genomics business showed sequential growth of 2% with a notable pickup in gene synthesis and Sanger sequencing, both growing 6% compared to the first fiscal quarter. The sequential improvement is a key indicator of progress for us.

基因組學業務環比增長 2%，基因合成和 Sanger 測序顯著回升，與第一財季相比均增長 6%。連續改進是我們進步的關鍵指標。

Genomics started the quarter relatively slowly and picked up into March. We are especially pleased with the progress in the quarter given the ongoing challenging market backdrop in which customers continue to point to macroeconomic pressures slowing down the pace and prioritization of spend over the near term. In synthesis, we're seeing results from our efforts to reinvigorate this business from both a commercial and operational perspective, and the sequential improvement in recent competitive wins makes us increasingly optimistic about the turnaround here.

Genomics 在本季度開始時相對緩慢，並在 3 月開始回升。鑑於持續充滿挑戰的市場背景，客戶繼續指出宏觀經濟壓力放慢了近期支出的步伐和優先次序，我們對本季度的進展感到特別滿意。綜合而言，我們正在從商業和運營的角度看到我們重振這項業務的努力所取得的成果，最近競爭勝利的連續改善使我們對這裡的轉變越來越樂觀。

Sanger was solid, demonstrating the stability in annual growth we have become accustomed to with Sanger as well as typical quarterly expansion from Q1 to Q2. NGS was down modestly on a sequential basis, which is not an unusual seasonal trend in the March quarter versus December quarter. We actually saw NGS deliver just slightly above our expectations.

Sanger 表現穩健，表明我們已經習慣了 Sanger 的年度增長穩定性，以及從第一季度到第二季度的典型季度擴張。 NGS 環比小幅下降，與 12 月季度相比，這在 3 月季度不是不尋常的季節性趨勢。我們實際上看到 NGS 的表現略高於我們的預期。

Technology and demands for advanced capabilities continue to trend upward. Our proteomics offering remains strong, and we continue to expand our geographic reach and technical capabilities for this service, and we were among the first to receive the NovaSeq X Plus, which now is in service.

技術和對高級功能的需求繼續呈上升趨勢。我們的蛋白質組學產品仍然很強大，我們繼續擴大這項服務的地理覆蓋範圍和技術能力，我們是首批接收 NovaSeq X Plus 的公司之一，該 NovaSeq X Plus 現已投入使用。

The services business delivered 45% gross margin, down 2.6 points quarter-over-quarter. Margins saw pressure from labor and facility expansion as well as slightly weaker mix. Second quarter adjusted EBITDA margin for services was 6% and improved sequentially.

服務業務的毛利率為 45%，環比下降 2.6 個百分點。利潤率受到勞動力和設施擴張以及略微疲軟的組合的壓力。第二季度調整後的服務 EBITDA 利潤率為 6%，環比有所改善。

Now let's review Azenta's balance sheet on Slide 7. As of March 31, we had $1.5 billion of cash, restricted cash and marketable securities, both short and long term. We have no debt outstanding. Our balance sheet remains strong with roughly $900 million of additional cash available for M&A opportunities and organic investment. As I indicated before in my remarks, following completion of the ASR, we commenced open market share repurchases under a 10b5-1 program and remain on track to repurchase a total of $1 billion of shares by the end of calendar year 2023.

現在讓我們回顧一下幻燈片 7 上 Azenta 的資產負債表。截至 3 月 31 日，我們擁有 15 億美元的短期和長期現金、受限現金和有價證券。我們沒有未償還的債務。我們的資產負債表依然強勁，大約有 9 億美元的額外現金可用於併購機會和有機投資。正如我之前在發言中指出的那樣，在 ASR 完成後，我們開始根據 10b5-1 計劃進行公開市場股票回購，並有望在 2023 年年底前回購總計 10 億美元的股票。

Let's turn over to Slide 8 to address cash flow. Adjusted cash flow from operations was $7 million in the quarter. Capital expenditures for the quarter were $9 million. The negative free cash flow you see on the page was largely driven by tax payments related to the sale of the semiconductor automation company. You may notice that inside the second fiscal quarter, no cash was consumed from the balance sheet related to share repurchases, but this was simply due to the accelerated share repurchase beginning in the first fiscal quarter and not finishing until we were into the third fiscal quarter.

讓我們轉到幻燈片 8 來解決現金流問題。本季度調整後的運營現金流為 700 萬美元。本季度的資本支出為 900 萬美元。您在頁面上看到的負自由現金流主要是由與出售半導體自動化公司相關的稅款驅動的。您可能會注意到，在第二財季內，與股票回購相關的資產負債表中沒有消耗現金，但這僅僅是因為從第一財季開始加速股票回購，直到進入第三財季才結束.

Let's turn to the final slide for our guidance. First, a comment regarding COVID impacts. Going forward, beginning with Q3, we do not intend to project or report the estimated impact to COVID revenue so long as it is a nominal amount on a go-forward and prior year basis. We believe the amounts of COVID-related revenue in our business will be nominal as they have been for the past 4 quarters and are reflective of a world that lives with COVID on an ongoing basis. If something changes in this regard, of course, we will provide information as we have in the past.

讓我們轉到最後一張幻燈片以獲取指導。首先，關於 COVID 影響的評論。展望未來，從第三季度開始，我們不打算預測或報告對 COVID 收入的估計影響，只要它是向前一年和上一年的名義金額。我們認為，我們業務中與 COVID 相關的收入金額將與過去 4 個季度一樣微不足道，這反映了一個持續與 COVID 共處的世界。當然，如果這方面發生變化，我們將像過去一樣提供信息。

With that said, third quarter revenue is expected to be in the range of $150 million to $168 million with a midpoint supporting growth of approximately 20% year-over-year. This implies an organic growth rate of approximately 2% at the midpoint. We estimate the foreign exchange impact to be a headwind of 1 point and the revenue from acquisitions to be a tailwind of approximately $25 million or 19 points of growth. This includes revenue from B Medical of approximately $21 million.

話雖如此，第三季度收入預計在 1.5 億美元至 1.68 億美元之間，中點支持同比增長約 20%。這意味著中點的有機增長率約為 2%。我們估計外匯影響為 1 個百分點的逆風，而收購收入為約 2500 萬美元或 19 個增長點的順風。這包括來自 B Medical 的大約 2100 萬美元的收入。

For B Medical, given the unpredictable timing of revenue, it has just proven to be challenging for us to estimate a final landing point. So our guidance for this business is heavily centered around orders shipped to date and orders in hand planned to ship this quarter. We believe this provides a more reliable external view of the business.

對於 B Medical 而言，鑑於收入的時間不可預測，事實證明我們很難估計最終的著陸點。因此，我們對該業務的指導主要圍繞迄今為止已發貨的訂單和計劃在本季度發貨的手頭訂單。我們相信這提供了更可靠的業務外部視圖。

We expect products revenue, excluding B Medical, to be in the range of $42 million to $50 million. Including B Medical, total products segment revenue is expected to be in the range of $63 million to $71 million. We expect services revenue to be in the range of $87 million to $97 million, and adjusted EBITDA is anticipated to be approximately a negative $3 million to a positive $6 million.

我們預計產品收入（不包括 B Medical）將在 4200 萬至 5000 萬美元之間。包括 B Medical 在內，產品部門的總收入預計在 6300 萬美元至 7100 萬美元之間。我們預計服務收入將在 8700 萬美元至 9700 萬美元之間，調整後的 EBITDA 預計約為負 300 萬美元至正 600 萬美元。

Non-GAAP earnings per share is expected to range between a negative $0.07 to a positive $0.03. The cost savings initiative that we announced last quarter remains on track, and we expect to realize $3.5 million of net benefit per quarter starting in Q3 as a result of these actions.

非 GAAP 每股收益預計在負 0.07 美元到正 0.03 美元之間。我們上個季度宣布的成本節約計劃仍在進行中，由於這些行動，我們預計從第三季度開始每季度實現 350 萬美元的淨收益。

As we look to the full year, it is clear that our results will likely fall short of our initial guidance. Much of the shortfall comes in the timing of our expectations for B Medical, but we are also on a slower ramp up growth in our organic businesses.

當我們展望全年時，很明顯我們的結果可能達不到我們最初的指導。大部分不足來自我們對 B Medical 的預期時機，但我們的有機業務增長也在放緩。

We now expect revenue in the range of $645 million to $675 million, which includes approximately $100 million from B Medical. A note on B Medical guidance, as I mentioned earlier, going forward, we will provide quarterly B Medical guidance based on orders in hand. We provide a full year estimate as a rough expectation at this time, but you should anticipate us to update this in the Q4 number based on our actual order book when we get to the next quarter.

我們現在預計收入在 6.45 億美元至 6.75 億美元之間，其中包括來自 B Medical 的約 1 億美元。關於 B 醫療指導的註釋，正如我之前提到的，展望未來，我們將根據手頭訂單提供季度 B 醫療指導。我們目前提供全年估計作為粗略預期，但您應該期望我們在進入下一季度時根據我們的實際訂單在第四季度的數字中更新這一數字。

With the lower top line expectations and the cost actions taken, we anticipate modest improvement in adjusted EBITDA margin as we exit the fourth fiscal quarter, setting us up for additional improvement in fiscal 2024.

由於較低的收入預期和採取的成本措施，我們預計在第四財季結束時調整後的 EBITDA 利潤率將適度改善，從而為 2024 財年的進一步改善做好準備。

The last topic I would like to discuss before turning the call over to Q&A is our business realignment initiative. We believe the new alignment will further the goals of our commercial strategy, accelerate revenue growth and ultimately drive profitability improvement. As we enter fiscal 2024, we will assess segment reporting.

在將電話轉到問答環節之前，我想討論的最後一個主題是我們的業務調整計劃。我們相信新的調整將進一步實現我們的商業戰略目標，加速收入增長並最終推動盈利能力的提高。當我們進入 2024 財年時，我們將評估分部報告。

More directly related to guidance, we foresee, in conjunction with the realignment, we will realize approximately $15 million of additional cost and expense reductions to further enhance EBITDA. Much of this will come through the integration and rationalization of the structures we have acquired, and some will come through the leaner management structure we will carry when we combine the base products and the SRS business together for Sample Management Solutions.

與指導更直接相關的是，我們預計，結合調整，我們將實現約 1500 萬美元的額外成本和費用削減，以進一步提高 EBITDA。其中大部分將通過我們已獲得的結構的整合和合理化來實現，還有一些將通過我們將基礎產品和 SRS 業務結合在一起以提供樣品管理解決方案時採用的更精簡的管理結構來實現。

In closing, the headwinds we are seeing in the business do not change the sizable long-term opportunity ahead of Azenta. We have a clear strategy in place, and we are executing to that plan. We remain committed to continuous improvement at all levels and to deliver long-term sustainable value for our shareholders.

最後，我們在業務中看到的逆風並沒有改變 Azenta 之前的巨大長期機會。我們有一個明確的戰略，我們正在執行該計劃。我們仍然致力於在各個層面進行持續改進，並為我們的股東創造長期可持續的價值。

I will now turn the call over to the operator for questions.

我現在將把電話轉給接線員詢問問題。

(Operator Instructions) And your first question comes from the line of Paul Knight with KeyBanc.

（操作員說明）您的第一個問題來自 Paul Knight 與 KeyBanc 的對話。

Steve, you mentioned that you would -- going back to your first Analyst Day around the, I think, Q1 '22, you were targeting roughly a 17% growth rate and 26% EBITDA margins. It doesn't sound like you're guiding to that, but you're pretty much [saying] that remains a goal. Is that right?

史蒂夫，你提到你會——回到你的第一個分析師日，我想，22 年第一季度，你的目標是大約 17% 的增長率和 26% 的 EBITDA 利潤率。這聽起來不像是你在指導，但你幾乎[說]這仍然是一個目標。是對的嗎？

Yes. Paul, we're certainly not guiding to it, but the fundamentals exist for us to get back there. So it's going to take us a little bit of time to continue to increase the growth rate quarter-on-quarter, but with all the opportunities there, all the potential in the company is still there. So that's our -- that remains our objective. We're delayed by a period of time, but we haven't let go of those objectives because they're realistic for the business at hand.

是的。保羅，我們當然不是在指導它，但我們回到那裡的基礎是存在的。因此，我們需要一點時間才能繼續按季度提高增長率，但隨著所有機會的出現，公司的所有潛力仍然存在。所以這就是我們的 - 這仍然是我們的目標。我們被推遲了一段時間，但我們沒有放棄這些目標，因為它們對手頭的業務來說是現實的。

And then what's broken down at B Medical? Is it more COVID there than you thought or what caused it? I know that the -- you would -- anticipated $130 million on FY '23. Now we're at $100 million. What's the gap there?

那麼 B Medical 發生了什麼故障？那裡的 COVID 比你想像的要多還是什麼原因造成的？我知道——你會——預計 23 財年將達到 1.3 億美元。現在我們有 1 億美元。那裡有什麼差距？

Yes. So Paul, we're learning on this business. I think the projects are still all in place. So there's nothing fundamental that's changed. We watch the forecasting capability, we watch the opportunities that exist, the ability to get them closed finally is the part that is particularly tough at this moment.

是的。所以保羅，我們正在學習這項業務。我認為這些項目仍然全部到位。所以沒有什麼根本性的變化。我們關注預測能力，我們關注存在的機會，最終關閉它們的能力是目前特別困難的部分。

And if we look historically at the business, it's not unusual that we'd see volatility -- to see volatility at this level, though it's a little bit -- feels a little bit extreme at the moment. But the pipeline is continuing to be served really well. These aren't competitive types of issues. When we have a project in our sites, we generally land it. And the fact that we've hit business, we know that we've won. It's a matter of getting the contracts ultimately approved so we can get the product shipped.

如果我們從歷史上看業務，我們會看到波動並不罕見——看到這個水平的波動，儘管有點——目前感覺有點極端。但是管道繼續得到很好的服務。這些不是競爭類型的問題。當我們在我們的網站上有一個項目時，我們通常會把它落地。事實上，我們成功了，我們知道我們贏了。這是讓合同最終獲得批准的問題，這樣我們才能發貨。

So I won't say that it's anything different from maybe what history was. It's certainly new for us. And we're going to continue to plow ahead. But without the visibility in terms of any kind of linearity -- I think Lindon laid it out really well. We're telling you where we are at this time in the quarter as that's what we can count on, and that's really the guide that we've given for the rest of this quarter. Of course, there remains upside of projects can get closed, but we want everybody to know exactly where we are from a status standpoint on B Medical so that we don't have another quarter where there's a surprise like we just had in Q2.

所以我不會說這與歷史可能有什麼不同。這對我們來說當然是新的。我們將繼續努力。但是沒有任何線性方面的可見性——我認為 Lindon 的佈局非常好。我們告訴你我們在本季度的這個時候所處的位置，因為這是我們可以指望的，這確實是我們為本季度剩餘時間提供的指南。當然，項目仍有上行空間可以關閉，但我們希望每個人都從 B Medical 的狀態角度確切知道我們的位置，這樣我們就不會再有一個季度像第二季度那樣出現驚喜。

And then lastly on my side would be on the EBITDA margin, the direction here on the June and September periods. I guess, Lindon, you said it sequentially improved, but can you give any more granularity on an EBITDA margin as we exit fiscal '23?

然後最後站在我這邊的是 EBITDA 利潤率，這是 6 月和 9 月期間的方向。我想，林登，你說它連續改善，但你能在我們退出 23 財年時更詳細地說明 EBITDA 利潤率嗎？

Yes. With some of the cost actions that we've taken as well as, albeit, a little lower revenue than we were projecting previously, we'll still gain a little bit of incremental improvement. So I'm looking for modest improvement as we exit the fourth quarter, but we won't be at the 10% level, we don't anticipate. So we're looking for modest improvement as we do in Q3 and then again in Q4, but we'll be in the single digits.

是的。通過我們採取的一些成本措施，以及儘管收入比我們之前預測的要低一些，我們仍然會獲得一些增量改進。因此，我希望在第四季度結束時能有適度的改善，但我們不會達到 10% 的水平，我們沒有預料到。因此，我們正在尋求適度的改進，就像我們在第三季度和第四季度所做的那樣，但我們將是個位數。

Your next question comes from the line of Vijay Kumar with Evercore ISI.

您的下一個問題來自 Vijay Kumar 與 Evercore ISI 的合作。

Steve and Lindon, maybe one on this back half guidance. I think the base business did low single-digit declines in 2Q. And I think 3Q guidance is for up low singles. If I'm doing the math correctly, I think it implies Q4 up double digits organic for the base business ex B Medical. Is that math correct? And what drives this acceleration in back half? I think you touched upon a couple of things, destocking, customers pushing out orders, et cetera. But maybe talk about what drives the back half.

史蒂夫和林登，也許是後半場指導中的一員。我認為基礎業務在第二季度出現了較低的個位數下降。而且我認為 3Q 指導是針對低價單身人士的。如果我計算正確，我認為這意味著 B Medical 的基礎業務在第四季度有機增長了兩位數。這個數學正確嗎？是什麼推動了後半場的加速？我認為您談到了一些事情，去庫存、客戶下訂單等等。但也許可以談談是什麼驅動了後半部分。

Yes. I'll give you a little color on the organic ex COVID growth. It is accelerating as you move through, but not quite to the degree that you're anticipating. So we see our midpoint -- whereas we were just down 2% on an organic ex COVID, we see our organic growth -- and by the way, we're not adjusting for ex COVID, not only because there's not much there in either comparative period, but up about 2 points in Q3 at the midpoint and roughly up about 6 points, 6% in Q4. And so you're seeing that improvement track, but we're calling a pretty modest improvement on a year-over-year basis.

是的。我會給你一些關於有機前 COVID 增長的顏色。隨著你的前進，它正在加速，但還沒有達到你預期的程度。因此，我們看到了我們的中點——雖然我們在有機前 COVID 上僅下降了 2%，但我們看到了我們的有機增長——順便說一句，我們沒有針對前 COVID 進行調整，這不僅是因為兩者都不多比較期間，但在第三季度中點上漲約 2 個百分點，在第四季度大致上漲約 6 個百分點，即 6%。所以你看到了改進的軌跡，但我們稱之為同比相當適度的改進。

And then, of course, as we go into in 2024, we think the actions and the realignment will further support. We're seeing good traction in genomics, in SRS. And I would highlight, as we reflected on this, we've seen the continuation of momentum as we've gone through the April month as well on both SRS and genomics.

然後，當然，隨著我們進入 2024 年，我們認為這些行動和調整將進一步提供支持。我們在 SRS 中看到基因組學的良好牽引力。我要強調的是，正如我們對此所反映的那樣，我們已經看到了在我們經歷了 4 月份以及 SRS 和基因組學方面的勢頭。

Products, we do see growth supported from the large systems in the second half. As we said, we had some rescheduling here in the second quarter. We don't expect that to repeat. In fact, our team is very focused on making sure we re-slot production as well as the install labor on the projects to be completed in the second half. So that will help support some growth in the second half as well.

產品，我們確實看到下半年大型系統支持增長。正如我們所說，我們在第二季度在這裡進行了一些重新安排。我們不希望這種情況再次發生。事實上，我們的團隊非常專注於確保我們重新安排生產以及下半年要完成的項目的安裝工作。因此，這也將有助於支持下半年的一些增長。

I would highlight, Vijay, in the products space, we still have a substantial amount of revenue in the C&I. And this is just something that, as we said last quarter, we just couldn't see whether destocking would be finished or not. This quarter was a disappointment. And we've seen it, and I've seen in the industry across other players that they've seen it as well. So we would say that C&I might take longer to get back. So we're not counting on growth from that, and that's part of the softer call here is in the C&I space.

我要強調，Vijay，在產品領域，我們在 C&I 中仍然有大量收入。正如我們上個季度所說，這只是我們看不到去庫存是否會完成的事情。這個季度令人失望。我們已經看到了，我在業內看到其他參與者也看到了。所以我們會說 C&I 可能需要更長的時間才能回來。因此，我們不指望從中獲得增長，這是 C&I 領域軟電話的一部分。

Understood. And just one follow-up. Gross margins here in the quarter, was this all just manufacturing variance just given the lower revenue base? Or it's just that sequential 400 basis points, it seems like a big delta. Was there anything else that went on, on the gross margin line?

明白了。只有一個後續行動。本季度的毛利率，考慮到較低的收入基數，這僅僅是製造差異嗎？或者它只是連續的 400 個基點，它看起來像一個大三角洲。在毛利率線上還有其他事情發生嗎？

Yes. So on the products side, for sure, like we called out, B Medical on the lower production was by far and away the bigger impact on gross margin, the biggest impact. However, both -- once you remove B Medical, both the rest of the products as well as the services business was down more than 2 points.

是的。因此，在產品方面，可以肯定的是，就像我們所說的那樣，B Medical 產量較低對毛利率的影響無疑是最大的，影響最大。然而，兩者——一旦你刪除 B Medical，其餘產品和服務業務都下降了 2 個多點。

On the products side, definitely, on the systems side, we had a bit of cost impact with the lower revenue that we put out. We actually saw some modest improvement quarter-to-quarter on C&I and in our services business and products. But what I weighed that was the systems side.

在產品方面，當然，在系統方面，我們的收入較低，對成本產生了一些影響。實際上，我們看到 C&I 以及我們的服務業務和產品的季度環比有所改善。但我權衡的是系統方面。

On the services side, genomics and SRS, we did see pressures in those businesses as well. And I'll highlight to our investors, because we announced the realignment, we did provide in the back of our earnings deck -- Sara has captured some good historical data and the current quarter data on genomics and SRS gross margins for our investor base, which we had not previously disclosed. So you'll see really clear data there. And you'll see about 4 points of pressure on SRS quarter-to-quarter and a couple of points in genomics.

在服務方面，基因組學和 SRS，我們也確實看到了這些業務的壓力。我要向我們的投資者強調，因為我們宣布了重組，我們確實在收益平台的背後提供了——Sara 已經為我們的投資者群體收集了一些很好的歷史數據和當前季度的基因組學和 SRS 毛利率數據，我們之前沒有透露過。所以你會在那裡看到非常清晰的數據。你會看到 SRS 季度到季度的大約 4 個壓力點和基因組學中的幾個點。

With that said, in the SRS business, we did have a credit memo that was put out that won't repeat itself. It was an unusual event for us. And we see that put just a small tarnish on our revenue as well, but on our gross margin, it dropped through.

話雖如此，在 SRS 業務中，我們確實有一個不會重複的信用憑證。這對我們來說是一個不尋常的事件。我們看到這也對我們的收入造成了一點影響，但在我們的毛利率方面，它卻下降了。

So with that said, I'm still seeing strong momentum in SRS. I think margins will come back there in Q3, and it'll come back up some. And then in Q4, we'll also see a touch of enhancement on genomics. Expansion is there in both businesses. We could keep -- we put a little capital in, in SRS as well, but that's to support the growth. So we always have those kind of perturbations on depreciation, et cetera. But the momentum is there for enhancement as we go into second half.

所以話雖如此，我仍然看到 SRS 的強勁勢頭。我認為利潤率會在第三季度回到那裡，而且會回升一些。然後在第四季度，我們還將看到基因組學方面的一些改進。兩家公司都在擴張。我們可以保留——我們也在 SRS 中投入了一些資金，但這是為了支持增長。因此，我們總是對折舊等問題產生這種不安。但隨著我們進入下半場，勢頭有所增強。

Your next question comes from the line of David Saxon with Needham.

你的下一個問題來自 David Saxon 與 Needham 的對話。

Maybe to start on the full year guide, now expecting 20% versus prior guidance of 30%. I think that's about split evenly between kind of the reduction in B Medical and maybe a 5-point reduction for the organic side of the business. For the organic side, can you break out the reduction in terms of how much is being caused by these consumable destocking dynamics, some of these large auto store order timing being pushed out and the synthesis recovery? And any other factors that you'd call out?

也許從全年指南開始，現在預計為 20%，而之前的指導為 30%。我認為這在 B Medical 的減少和業務有機方面的減少 5 點之間平均分配。對於有機方面，您能否根據這些消耗品去庫存動態、其中一些大型汽車商店訂單時間被推遲以及綜合恢復所導致的減少量進行細分？還有其他你會提到的因素嗎？

Yes. I'm going to do my best. You're right in the ballpark, we took down roughly $60 million out of the growth projection and about half of that, $30 million, out of B Medical and $30 million out of the rest of the business. A portion of that is on the -- I would point to -- out of the $30 million in products, it's probably close to half of it is in product -- and let me say that differently. In the $30 million that's in the base business, about half of that is in the products. And we're seeing that just in the quarter that we gave you, we were about [6] short from the midpoint. And so we also factored that into the rest of the year on C&I.

是的。我會盡力而為。你說得對，我們從增長預測中減少了大約 6000 萬美元，其中大約一半，3000 萬美元來自 B Medical，3000 萬美元來自其他業務。其中一部分是——我要指出——在 3000 萬美元的產品中，它可能接近一半是在產品中——讓我換個說法。在基礎業務的 3000 萬美元中，大約一半用於產品。我們看到，就在我們給你的那個季度，我們距離中點大約 [6]。因此，我們還將這一點計入今年剩餘時間的 C&I 中。

Steve highlighted that we're a little bit slower right now than we want to be on the cryo business as well. So you can see about half of that to be in the products side of the business, excluding B Medical, just on the base. The other half, a little slower in genomics still in terms of the traction, but we're seeing the momentum for build. And so we do anticipate that will continue to expand.

史蒂夫強調說，我們現在在低溫業務上的發展速度比我們希望的要慢一些。所以你可以看到大約一半是在業務的產品方面，不包括 B Medical，就在基礎上。另一半，基因組學的牽引力仍然稍慢，但我們看到了構建的勢頭。因此，我們確實預計它將繼續擴大。

And then the smaller piece is SRS. SRS is probably the most stable as it has been over the past year or 2 in terms of continued progression through the year and into 2024. Genomics, higher transactional base, but we're gaining steam but lower than our guide in the 130 -- I'm sorry, in the 30% growth projection.

然後較小的部分是 SRS。就今年到 2024 年的持續進展而言，SRS 可能是過去一年或兩年中最穩定的。基因組學，更高的交易基礎，但我們正在獲得動力，但低於我們在 130 年的指南——對不起，在 30% 的增長預測中。

Okay. Got it. That's super helpful. And then on the fiscal third quarter guidance, specifically for services, the low end implies that there could be sequential contraction. Just based off the comments you just gave, it sounds like SRS is not driving that. So -- but I thought in your prepared remarks, you mentioned genomics was picking up into March. So I wanted to ask, have those trends continued into the fiscal third quarter? And then with the sequential decline implied by the low end, would that really just be around the synthesis recovery?

好的。知道了。這非常有幫助。然後是第三財季指導，特別是服務業，低端意味著可能會出現連續收縮。僅根據您剛才給出的評論，聽起來 SRS 並沒有推動它。所以——但我認為在你準備好的發言中，你提到基因組學正在進入三月份。所以我想問，這些趨勢是否會持續到第三財季？然後隨著低端暗示的連續下降，這真的只是圍繞綜合復甦嗎？

Yes. No, I appreciate that question for clarifying. So overall, we're seeing our services business expand a bit in the guidance from Q2 to Q3. As I mentioned, we had small credit memos issue in SRS, and we'll pick that up, and we're building some samples accumulation there. So we're seeing our typical modest expansion in SRS that just continues to go up every quarter.

是的。不，我感謝這個問題的澄清。所以總的來說，我們看到我們的服務業務在第二季度到第三季度的指導中有所擴展。正如我所提到的，我們在 SRS 中有小的信用憑證問題，我們會選擇它，我們正在那裡建立一些樣本積累。因此，我們看到 SRS 的典型適度擴張，每個季度都在繼續上升。

But in genomics, this is where we're really starting to see what we believe to be substantial progression of what we used to see. When I say that, it's not been so long ago where we would expand $2 million to $3 million a quarter. And in the midpoint of this guide, we're looking at about $2 million of pickup quarter-to-quarter on the genomics side, supported with some momentum in both -- well, really in all 3 businesses.

但在基因組學中，這是我們真正開始看到我們認為是我們過去看到的實質性進展的地方。當我這麼說的時候，就在不久之前，我們每季度將擴大 200 萬至 300 萬美元。在本指南的中點，我們正在關注基因組學方面每季度約 200 萬美元的回升，這在這兩個方面都有一定的勢頭支持——好吧，實際上在所有 3 項業務中。

And we saw it in Sanger and gene synthesis in the second fiscal quarter. In the third fiscal quarter, we see it in all 3, including NGS. And I should highlight, the second quarter NGS is seasonally typically lower than the December quarter. But -- so we feel good on the genomics that we're seeing the momentum.

我們在第二財季的 Sanger 和基因合成中看到了這一點。在第三財季，我們在所有 3 個季度都看到了它，包括 NGS。我應該強調，第二季度的 NGS 季節性通常低於 12 月季度。但是——所以我們對基因組學感到滿意，因為我們看到了勢頭。

And I would highlight to investors, typically, in the genomics business, you would get the $2 million to $3 million. If you're at $3 million a quarter, you're at 5% expansion just on a quarter-over-quarter. It takes that kind of momentum over 4 quarters, then you're into double-digit territory, starting to push the 20% on a year-over-year basis. And this is what we're aiming at.

我要向投資者強調，通常在基因組學業務中，您將獲得 200 萬至 300 萬美元。如果你每季度收入 300 萬美元，那麼你的季度環比增長率僅為 5%。這種勢頭需要超過 4 個季度，然後你就進入了兩位數的領域，開始同比增長 20%。這就是我們的目標。

As we said, this would be -- this last quarter will be the low point and that going forward, we expect the repair actions that we had in place to put us back on track. And so I think as we move across these next 4 quarters, the watch point here is just continued quarter-to-quarter traction. And we're not fully there on all sales resources. We still get some investments that were in path to put in place. But that's contemplated in the guidance, and we think the traction is building and still good.

正如我們所說，這將是 - 最後一個季度將是低點，並且展望未來，我們希望我們採取的修復行動能夠讓我們重回正軌。因此，我認為隨著我們跨越接下來的 4 個季度，這裡的觀察點只是持續的季度牽引力。而且我們還沒有完全掌握所有銷售資源。我們仍然有一些投資正在落實到位。但這在指南中有所考慮，我們認為牽引力正在增強並且仍然很好。

David, this is Steve. I'll add a little bit to what Lindon mentioned. We're pleased by the movement in genomics. We feel good about the focus and what it's generating. But I will say, as Lindon mentioned, we're still behind on the hiring because we know there's a direct correlation between the skilled people we have, call it, on customers. So the improvements that we have are from existing customers for the most part, so business that we're receiving from customers who've always been our customers.

大衛，這是史蒂夫。我將對 Lindon 提到的內容做一些補充。我們對基因組學的發展感到高興。我們對焦點及其產生的結果感到滿意。但我會說，正如林登提到的那樣，我們在招聘方面仍然落後，因為我們知道我們擁有的技術人員與客戶之間存在直接關聯。因此，我們的改進大部分來自現有客戶，因此我們從一直是我們客戶的客戶那裡獲得業務。

I think if you recall our past, we also generated -- in the past, we generated a tremendous number of new accounts on a quarterly basis. And as we add more account people who are capable to help us from a selling standpoint, we'll get that back, and it'll help the long-term growth for the company.

我想如果你回想一下我們的過去，我們也會產生——過去，我們每個季度都會產生大量的新賬戶。隨著我們增加更多能夠從銷售角度為我們提供幫助的客戶人員，我們會得到回報，這將有助於公司的長期增長。

So we're keen to continue to add resources here. It's slow going because it takes a lot of skill to be able to be -- to be able to represent these products, but we're really encouraged by the results to date. We think the new organization structure is going to serve us particularly well.

因此，我們渴望繼續在此處添加資源。它進展緩慢，因為能夠代表這些產品需要很多技巧，但我們對迄今為止的結果感到非常鼓舞。我們認為新的組織結構將特別適合我們。

And you asked one more question about the momentum. Indeed, the March momentum that we had has continued into April. So it makes us positive about the outlook and how we're seeing the business here going into Q3.

你又問了一個關於勢頭的問題。事實上，我們在 3 月份的勢頭一直持續到 4 月份。因此，這讓我們對前景以及我們如何看待這裡的業務進入第三季度持樂觀態度。

Okay. Got it. If I could just squeeze a quick one. And the Barkey contribution for the year, is that tracking around $15 million?

好的。知道了。如果我能快速擠一個就好了。 Barkey 今年的貢獻是不是在 1500 萬美元左右？

We haven't disclosed it, but you're not far off. And we've been seeing typically a $3 million to $4 million revenue number quarterly from them. And what we saw this quarter -- what we've noted is while we have opportunities between -- in the cell and gene therapy space with them and with our cryo product, similar to our cryo product, it's been modestly below $4 million instead of the $4 million that we -- $4 million plus we were looking at. And we do see this on a similar trajectory of what we've seen with the cryo being squeezed just a little bit. But big market with opportunities to continue to gain synergies between the 2.

我們還沒有透露，但你離得不遠了。我們通常每季度從他們那裡看到 300 萬到 400 萬美元的收入數字。我們在本季度看到的——我們注意到的是，雖然我們有機會——在細胞和基因治療領域與他們和我們的冷凍產品，類似於我們的冷凍產品，它略低於 400 萬美元，而不是我們正在尋找的 400 萬美元加上 400 萬美元。我們確實看到了這一點，這與我們所看到的低溫被稍微擠壓的軌跡相似。但大市場有機會繼續獲得 2 之間的協同效應。

Your next question comes from the line of Jacob Johnson with Stephens.

你的下一個問題來自 Jacob Johnson 與 Stephens 的對話。

Maybe for Steve or for Lindon, just kind of a higher-level question. You announced this realignment. You've got some efforts around the sales strategy, but it seems at least maybe from the outside that B Medical could be a distraction and maybe that's a lot going on. Could you just talk about the kind of capacity to focus on the realignment and whether or not kind of B Medical makes that more difficult in the near term or not?

也許對史蒂夫或林登來說，只是一個更高層次的問題。你宣布了這次調整。你已經圍繞銷售策略做出了一些努力，但至少從外部看來，B Medical 可能會讓人分心，而且可能發生了很多事情。您能否談談專注於重組的能力以及 B Medical 的類型是否會在短期內使重組變得更加困難？

Yes. So Jacob, obviously, the lumpiness of the B Medical business is disturbing from the standpoint of any guidance that we can give, so I'll reiterate the way Lindon presented is the most straightforward way, we think, to present it to you. They are standing alone as a company. So it's not a distraction from that standpoint. I think you'll recall there's an earnout period here where we need to make sure they have a chance to fulfill the opportunity for additional payment, but it's not a distraction for the company. There are some of us who pay particular attention to the opportunities that they're booking now, but we are building capability based on the other promise for the business is how do we use it for Azenta's penetration in some of these markets.

是的。所以雅各布，顯然，從我們可以提供的任何指導的角度來看，B 醫療業務的笨拙令人不安，所以我重申林登提出的方式是我們認為向您介紹的最直接的方式。他們作為一家公司是孤立無援的。因此，從這個角度來看，這並不是一種干擾。我想你會記得這裡有一個賺錢期，我們需要確保他們有機會實現額外付款的機會，但這不會分散公司的注意力。我們中有些人特別關注他們現在預訂的機會，但我們正在建立基於對業務的另一個承諾的能力，即我們如何將其用於 Azenta 在其中一些市場的滲透。

So it's an ongoing effort. It's a longer-term initiative, but from a management distraction standpoint, it's really limited. The team continues to run the business as they have.

所以這是一項持續的努力。這是一項長期計劃，但從管理分散注意力的角度來看，它確實是有限的。該團隊將繼續照原樣經營業務。

Okay. I just wanted to check. And then maybe just kind of a macro question on kind of 2 fronts. You and probably most others have mentioned a more challenging macro. Can you just talk about kind of any impact as it relates -- it seems like cryo saw a bit of headwind there. Is there any potential impact on the large stores?

好的。我只是想檢查一下。然後可能只是關於兩個方面的宏觀問題。您和其他大多數人可能都提到了更具挑戰性的宏。你能談談它相關的任何影響嗎 - cryo 似乎在那裡看到了一些逆風。對大賣場有沒有潛在的影響？

And then also, maybe just give you opportunity to touch on anything you're seeing out of China. We've heard of some softness from that region, but also have others calling for strength there. So I'm just curious what you're seeing in that end market as well.

然後，也許只是給你機會接觸你在中國看到的任何東西。我們聽說該地區有些軟弱，但也有其他人呼籲那裡加強。所以我很好奇你在那個終端市場也看到了什麼。

Sure. So Jacob, Lindon and I will share the reply here. Let me give you a few. I think the macro environment that's causing pharma companies maybe to reevaluate some of their spend certainly had an impact on cryo because when we get larger numbers of cryo units to go for a particular manufacturing process, it's related to a particular drug. So we think that's likely some of it, but also because we're the only provider of that capability. When those decisions finally get solidified, we'll be shipping product to them. So I think that's one of the things that we've seen.

當然。所以 Jacob、Lindon 和我將在這里分享回复。讓我給你一些。我認為導致製藥公司可能重新評估其部分支出的宏觀環境肯定會對冷凍產生影響，因為當我們獲得更多冷凍裝置用於特定製造過程時，它與特定藥物有關。所以我們認為這可能是其中的一部分，但也因為我們是該功能的唯一提供者。當這些決定最終得到鞏固時，我們將向他們運送產品。所以我認為這是我們所看到的事情之一。

On the large stores, we have more than 12 months' worth of backlog. So that's mostly our ability to reshuffle the priority there and make sure that we can take the delivery. So even if there was an impact of 20% on customers who aren't spending or shifting their ability to take a product, we ought to be able to accommodate. So we will see maybe near-term impacts like we saw with ability to ship to facilities that weren't completed. But we do have the opportunity to burn down backlog and to get different products or different projects stage for customers.

在大型商店，我們有超過 12 個月的積壓訂單。所以這主要是我們重新調整那裡的優先級並確保我們能夠接受交付的能力。因此，即使對沒有消費或改變購買產品能力的客戶產生 20% 的影響，我們也應該能夠適應。因此，我們可能會看到短期影響，就像我們看到的那樣，能夠運送到尚未完工的設施。但我們確實有機會減少積壓並為客戶提供不同的產品或不同的項目階段。

And so when Lindon talks about our ability to increase revenue in the large stores on the back half, we think that's outside of any particular macro environment. Would it slow the build of the backlog? Perhaps, but it shouldn't impact us here over the next quarters.

因此，當林登談到我們增加後半部分大型商店收入的能力時，我們認為這不在任何特定的宏觀環境之內。它會減慢積壓的構建嗎？也許吧，但它不應該在接下來的幾個季度影響我們。

And then finally, on China, we had a slower start in January, obviously, with COVID, but the team really came roaring back. So they performed particularly well in February and even more so in March. So a lot of good momentum there in China. So we're on the side of the ledger where China is a positive, and Asia seems to be performing particularly well for us.

最後，在中國，我們在 1 月份的起步較慢，很明顯，由於 COVID，但團隊真的回來了。所以他們在二月份表現特別好，三月份表現得更好。所以中國有很多好的勢頭。所以我們站在中國是積極的分類賬一邊，亞洲似乎對我們來說表現特別好。

The teams are aggressively going after business in China for China and they're -- obviously, it's our source for most of the synthesis work. They're ramping extremely well from a quality and on-time delivery standpoint. So we're really active. And for us, the China activities are pretty vibrant.

這些團隊正在積極地為中國在中國開展業務，他們 - 顯然，這是我們大部分綜合工作的來源。從質量和準時交貨的角度來看，他們的發展非常好。所以我們真的很活躍。對我們來說，在中國的活動非常活躍。

And your last question will come from the line of Yuan Zhi with B. Riley.

你的最後一個問題將來自 Yuan Zhi 和 B. Riley 的台詞。

Maybe firstly, in the case of B Medical only delivering $100 million revenue, can you remind us the incentive or the milestone payment related or in the acquisition agreement linked to the revenue part?

也許首先，在 B Medical 僅提供 1 億美元收入的情況下，您能否提醒我們相關的激勵或里程碑付款或與收入部分相關的收購協議？

Yes. It's a good question. We never put the target out, but you had noted, as I highlighted in the gap, we did reduce the value of that accrual, and I'll make it real clear. When we made the deal -- struck the deal, the price included an opportunity for $50 million earnout. We also disclosed the portion that we accrued. We didn't accrue the entire amount because we felt that we had an expectation that was in the middle of that target. We gave the team opportunity to achieve some that we thought was achievable. We also gave them some premium above what we thought was reasonable.

是的。這是個好問題。我們從未提出目標，但你已經註意到，正如我在差距中強調的那樣，我們確實降低了應計利潤的價值，我會說得很清楚。當我們達成交易 - 達成交易時，價格包括獲得 5000 萬美元收益的機會。我們還披露了我們應計的部分。我們沒有累積全部金額，因為我們覺得我們的期望值處於該目標的中間。我們為團隊提供了實現我們認為可以實現的目標的機會。我們還給了他們一些高於我們認為合理的溢價。

So they've fallen off of that a bit what we had accrued. We took about $17 million of what we originally accrued, $18.5 million out of the earnout initially. And so they're not all the way down to the bottom with 0 earnout in our current accrual, and they still have opportunity to come roaring back.

所以他們已經脫離了我們積累的一點。我們從最初應計的收入中拿走了大約 1700 萬美元，從最初的盈利中拿走了 1850 萬美元。因此，在我們當前的應計利潤中，他們並沒有一路跌到零，他們仍然有機會捲土重來。

When I say they have opportunity to come roaring back, I don't want to put any indication there that we expect it to be more than $21 million this quarter. We're not being -- I don't think overly conservative. As I highlighted last quarter, they didn't pick up a lot of orders beyond this point in the quarter. And so I've got to be cautious on that. But at the same time, I would highlight to you that the $100 million, we feel good about that. It counts on $21 million this quarter and about the same amount the fourth quarter, and we'll tune that as we get to it.

當我說他們有機會捲土重來時，我不想暗示我們預計本季度收入將超過 2100 萬美元。我們不是——我認為並不過分保守。正如我在上個季度強調的那樣，他們在本季度的這個時間點之後並沒有接到很多訂單。所以我必須對此保持謹慎。但與此同時，我要向你們強調，這 1 億美元，我們對此感到滿意。它本季度的收入為 2100 萬美元，第四季度的收入大致相同，我們會在到達時對其進行調整。

But the projects that have been delayed are still in the mix. And so we really don't have predictability. We may end up accruing and paying more of that out through -- by the time we get to the end of the 1-year period. And we would have no regrets about paying that out if we hit those numbers, of course. But right now, we've assessed it to be down, Yuan. So I think you've highlighted a good metric there. We're not fully down out of the earnout, but mostly.

但被推遲的項目仍在混合中。所以我們真的沒有可預測性。到 1 年期結束時，我們可能最終會積累並支付更多的錢。當然，如果我們達到這些數字，我們不會後悔支付這筆費用。但是現在，我們已經評估它是下降的，Yuan。所以我認為你在那裡強調了一個很好的指標。我們並沒有完全失去盈利，但主要是。

Yes. Got it. And maybe, Lindon, following on that, in addition to B Medical, you may have covered this, but can you please clarify the reason for margin decrease across different business segments? I think we've covered thoroughly the B Medical part, but can you clarify the other business segments as well?

是的。知道了。也許，Lindon，接下來，除了 B Medical，你可能已經涵蓋了這一點，但你能澄清一下不同業務部門利潤率下降的原因嗎？我認為我們已經徹底涵蓋了 B 醫療部分，但您能否闡明其他業務部門？

Yes. So I covered a bit of this in one of the other questions. So let me try to be more concise. On the products side, it was more driven on the system, large systems pullback. And I highlighted that we had a modest improvement quarter-to-quarter in the second fiscal quarter on C&I and services inside products.

是的。所以我在其他一個問題中對此做了一些介紹。因此，讓我嘗試更簡潔。在產品方面，它更多地受系統驅動，大型系統回調。我強調，我們在第二財季的 C&I 和產品內部服務方面環比略有改善。

But with the systems pullback -- and a little bit of mix degradation because consumables does have a good drop through, then that hurt us a bit on products. We do see some return of margin in the third fiscal quarter on margin in products. And so we have called that in our guidance.

但是隨著系統的回調——以及一些混合退化，因為消耗品確實有很好的下降，這對我們的產品造成了一些傷害。我們確實看到第三財季產品利潤率有所回升。所以我們在我們的指南中稱之為。

In the services side, we had about 2.5 points -- or 2.4 points quarter-to-quarter decline. And I mentioned that we did give some margin breakout between genomics and SRS. You'll see about a 4-point drop in SRS and about 2 points in genomics in the second fiscal quarter sequentially, on a sequential basis.

在服務方面，我們有大約 2.5 個百分點——或 2.4 個季度環比下降。我提到我們確實在基因組學和 SRS 之間給出了一些利潤突破。在第二財季，你會看到 SRS 下降約 4 個百分點，基因組學下降約 2 個百分點，按順序排列。

And so the 2 points in genomics, take that to be a little bit of mix, a little bit of cost for capacity and labor. But -- and we did implement, by the way, in this quarter our salary increase plan, and that will be a headwind going into the next quarter on a service-based business. But we do see margin coming back a little bit in the mix of genomics and significantly on when you add revenue, it's got a nice drop through.

因此，基因組學中的 2 點，將其視為一點點混合，一點點產能和勞動力成本。但是 - 順便說一句，我們確實在本季度實施了我們的加薪計劃，這將成為下一季度基於服務的業務的逆風。但我們確實看到基因組學組合的利潤率有所回升，而且當你增加收入時，利潤率會大幅下降。

In SRS, the 4 points, as I mentioned, had a credit memo in it that did impact SRS. We also had some expansion of facility. Again, we don't expect the credit memo -- those are really unusual for us. And when we come back in Q3, we expect -- you're going to see a little bit of bounce back on revenue and gross margin there.

在 SRS 中，正如我提到的，這 4 個點中有一個確實影響 SRS 的貸記憑證。我們還對設施進行了一些擴展。同樣，我們不希望收到貸項通知單——這些對我們來說真的很不尋常。當我們在第三季度回來時，我們預計 - 你會看到那裡的收入和毛利率有所反彈。

So -- but anyway, Yuan, follow up if I haven't made that clear but a little pressure on both sides of the business, services and products, excluding B Medical, and we see -- in our Q3 guide, we're counting on a little margin enhancement there.

所以——但無論如何，Yuan，如果我沒有說清楚，請跟進，但在業務、服務和產品的雙方都有一點壓力，不包括 B Medical，我們看到——在我們的第三季度指南中，我們是指望那裡的利潤率有所提高。

And that concludes the question-and-answer session. I will turn the call back to Lindon for closing remarks. Thank you.

問答環節到此結束。我會將電話轉回給 Lindon，請他發表結束語。謝謝。

Yes. Thank you. We really appreciate the investors and the shareholder support we felt in the past. And we know that this quarter was a disappointment versus the expectations that we set. At the same time, we also know that the opportunity ahead of us is right and it's significant for value, not just significant in terms of what we serve today, but very significant in what we expect to be serving in the future. So we see growth. We also see profitability, and we're taking actions to reinforce that. We highlighted that we've already executed on the previously committed cost actions and that we had another $15 million of EBITDA enhancement to be ready for -- by the end of this calendar year.

是的。謝謝。我們非常感謝過去的投資者和股東支持。我們知道，與我們設定的預期相比，本季度令人失望。與此同時，我們也知道擺在我們面前的機會是正確的，它具有重要的價值，不僅對我們今天的服務意義重大，而且對我們未來期望提供的服務意義重大。所以我們看到了增長。我們也看到了盈利能力，我們正在採取行動來加強這一點。我們強調，我們已經執行了之前承諾的成本行動，並且我們還有 1500 萬美元的 EBITDA 增加準備好——到本日曆年年底。

More importantly to us is that the growth initiatives and the realignment will further that growth initiative to be successful. But those initiatives are taking traction. We do see traction as we go across the next 2 quarters. And we look forward to reporting on that. And hopefully, we have taken some of the surprise out of the B Medical variations and by giving you a different premise for guidance, that being direct visibility to the orders we have in hand, that we'll have removed that volatility. And we'll update you as we move quarter-to-quarter on that business and take a little bit of the guesswork out of that.

對我們來說更重要的是，增長計劃和重組將進一步推動增長計劃取得成功。但這些舉措正在發揮作用。在接下來的兩個季度中，我們確實看到了牽引力。我們期待就此進行報告。希望我們已經從 B Medical 的變化中得到了一些驚喜，並通過給你一個不同的指導前提，即直接看到我們手頭的訂單，我們將消除這種波動。當我們對該業務進行季度調整時，我們會為您提供最新信息，並從中排除一些猜測。

So we appreciate you tuning in with us, and we look forward to following up with you as we go through the next quarter. Thank you.

因此，我們感謝您與我們一起調整，我們期待著在下個季度與您跟進。謝謝。

That does conclude the conference call for today, we thank you for your participation and ask that you please disconnect your line.

今天的電話會議到此結束，我們感謝您的參與，請您掛斷電話。