Azenta Inc (AZTA) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Azenta third quarter 2024 financial results. (Operator Instructions) As a reminder, this conference is being recorded Tuesday, August 6, 2024.

您好，歡迎閱讀 Azenta 2024 年第三季財務業績。（操作員說明）謹此提醒，本次會議將於 2024 年 8 月 6 日星期二錄製。

I will now turn the conference over to Yvonne Perron, Vice President FP&A, and Investor Relations.

我現在將會議交給 FP&A 和投資者關係副總裁 Yvonne Perron。

Thank you, operator, and good afternoon to everyone on the line. We would like to welcome you to our earnings conference call for the third quarter of fiscal year 2024. Our third 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，祝線路上的每個人下午好。我們歡迎您參加我們 2024 財年第三季的收益電話會議。我們的第三季財報新聞稿是在今天收盤後發布的，除了今天準備好的演講中將使用的補充 PowerPoint 幻燈片之外，還可在我們的投資者關係網站 Investors.azenta.com 上取得。

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. There are many factors that may cause actual financial results or other events to differ from those identified in such forward-looking statements.

我想提醒大家，在電話會議期間，我們將做出一些符合 1995 年《私人訴訟證券法》含義的前瞻性聲明。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結果不同。

I would refer you to the section of our earnings release titled Safe Harbor statements. 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.

我建議您參閱我們收益報告中標題為「安全港聲明」的部分。安全港幻燈片顯示了我們網站上上述 PowerPoint 簡報以及我們向 SEC 提交的各種文件，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

We make no obligation to update these statements should future financial data or events occur that differ from the forward-looking statements presented today. 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.

如果未來的財務資料或事件發生與今天提出的前瞻性陳述不同，我們沒有義務更新這些陳述。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。

We believe the non-GAAP measures provide an additional way of viewing aspects of our operations and performance. But when considered with 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.

我們相信，非公認會計準則衡量標準提供了另一種查看我們營運和績效方面的方式。但是，當考慮 GAAP 財務表現和 GAAP 衡量標準的調整時，它們可以提供對 Azenta 業務的更完整的了解。不應依賴非 GAAP 衡量標準來排除 GAAP 衡量標準本身。

On the call with me today is our President and Chief Executive Officer, Steve Schwartz; and our Chief Financial Officer, Herman Cueto. We will open the call with remarks from Steve on highlights of the third quarter, the Herman will provide a more detailed look into our financial results and our outlook for fiscal year 2024. 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執行長 Steve Schwartz；以及我們的財務長 Herman Cueto。我們將由 Steve 就第三季的亮點發表講話來開始電話會議，赫爾曼將更詳細地介紹我們的財務業績和 2024 財年的前景。然後，我們將在準備好的發言結束時回答您的問題。

And with that, I'd like to turn the call over to our CEO, Steve Schwartz.

接下來，我想將電話轉給我們的執行長史蒂夫·施瓦茨 (Steve Schwartz)。

Thank you, Yvonne. Good afternoon, everyone, and thanks for joining us today. In this group, they have the opportunity to report another strong quarter of execution in fulfillment of our long-term growth and profitability objectives. We delivered solid above market growth and more acceleration of profitability.

謝謝你，伊馮。大家下午好，感謝您今天加入我們。在這一組中，他們有機會報告另一個強勁的季度執行情況，以實現我們的長期成長和獲利目標。我們實現了高於市場的穩定成長和獲利能力的加速成長。

In the life sciences market environment. That's still struggling to find its footing, our unique portfolio of capabilities and our market-leading positions in each of our segments leaves us less vulnerable to market slowness. We're in a position to capitalize on the fact that all methods of discovery require high quality consented samples that can be retrieved measured, annotated and stored for future reference and interrogation.

在生命科學市場環境中。我們仍在努力尋找立足點，我們獨特的能力組合以及我們在每個細分市場的市場領先地位使我們不易受到市場放緩的影響。我們能夠利用這樣一個事實：所有發現方法都需要高品質的同意樣本，這些樣本可以被檢索、測量、註釋和儲存以供將來參考和詢問。

As a matter of fact, it's the driving forces of lower cost and faster time to discovery that are moving the markets and attracting customers to Azenta. As we can provide immediate tangible benefits to customers looking to manage and measure samples with best-in-class capability. We enable breakthroughs faster and that's the name of the game.

事實上，正是更低的成本和更快的發現時間推動市場的發展並吸引客戶來到 Azenta。因為我們可以為希望以一流的能力管理和測量樣品的客戶提供直接的實際利益。我們更快實現突破，這就是遊戲的名稱。

Furthermore, in addition to our core businesses and increasing desire from our customers to have access to rare and valuable samples from human populations that were previously inaccessible. As we expand the breadth of our capability to source, manage and measure samples, we aim to be the provider of a full complement of critical inputs, not just for laboratory discovery, but also as inputs for powerful AI models which are hungry for this information and an important factor in the transformation of life sciences and healthcare.

此外，除了我們的核心業務之外，我們的客戶越來越渴望獲得以前無法獲得的人類稀有且有價值的樣本。隨著我們擴大樣本來源、管理和測量能力的廣度，我們的目標是成為關鍵輸入的完整補充的提供者，不僅用於實驗室發現，還作為渴望這些資訊的強大人工智慧模型的輸入也是生命科學和醫療保健變革的重要因素。

At our Investor Day in March, we outlined a 10 quarter plan to continue to grow revenue faster than the market growth rate, while simultaneously transforming the company to deliver on the profit potential that comes with this unique capability portfolio. Today, we report strong progress against these commitments with big positive moves in both areas.

在3 月的投資者日上，我們制定了10 個季度的計劃，以繼續以快於市場成長率的速度實現收入成長，同時對公司進行轉型，以實現這種獨特的能力組合帶來的利潤潛力。今天，我們報告在這兩個領域都取得了重大積極進展，兌現了這些承諾。

And I will turn to highlights from the quarter. At $173 million. Organic revenue was up 5% year over year and 9% sequentially, with all three segments contributing positive growth. Sample management solutions grew 7% year over year with products contributing 5% and sample repository services contributing 11%.

我將談談本季的亮點。1.73 億美元。有機收入年增 5%，比上一季成長 9%，所有三個部門都貢獻了正成長。樣本管理解決方案年增 7%，其中產品貢獻 5%，樣本儲存庫服務貢獻 11%。

On the product side, revenue was up 10% in large, automated stores, consistent with the double digit growth trends we've seen for more than a year. And we're particularly pleased that our cryogenic stores revenue was up almost 40% to a level we've not seen in a couple of years.

在產品方面，大型自動化商店的收入成長了 10%，與我們一年多來看到的兩位數成長趨勢一致。我們特別高興的是，我們的低溫商店收入成長了近 40%，達到了我們幾年來從未見過的水平。

This is a good sign from the standpoint of cell and gene therapy applications where we're again, starting to see opportunities for multiple unit automated systems orders. We remain encouraged by the persistent move toward automated cold storage equipment and away from manual systems.

從細胞和基因治療應用的角度來看，這是一個好兆頭，我們再次開始看到多單元自動化系統訂單的機會。我們仍然對自動化冷藏設備和遠離手動系統的持續發展感到鼓舞。

Consumables and instruments grew a healthy 17% year over year and 20% sequentially. The best performance in more than one year. And although we're optimistic about the increase, we'll be cautious about calling a turn until we witness this for a few quarters. That said, it's a positive indicator, and we remain aggressive in our push for market share in this space.

消耗品和儀器年增 17%，季增 20%。一年多來最好的表現。儘管我們對成長持樂觀態度，但在幾個季度見證這種情況之前，我們對轉向持謹慎態度。也就是說，這是一個積極的指標，我們仍然積極推動該領域的市場份額。

As I mentioned in our SRS repository business, we delivered 11% year over year growth, not only are we seeing continued strong growth, but we're simultaneously transforming our operations to be able to handle the significant volume we anticipate in the coming years by aggressively implementing our transformation to automated repositories.

正如我在我們的SRS 儲存庫業務中提到的，我們實現了11% 的同比增長，我們不僅看到了持續的強勁增長，而且我們同時正在轉變我們的運營方式，以便能夠處理我們預計在未來幾年的龐大數量積極實施向自動化儲存庫的轉型。

For example, today, samples arriving at our repositories can be automatically registered utilizing tools we've developed for high-speed registration. These samples are subsequently stored in automated stores and managed utilizing our now fully operational software as a service Sample Management System, we're beginning to recognize the benefits of this transformation through reduced cycle times and lower registration costs.

例如，今天，到達我們儲存庫的樣本可以使用我們開發的高速註冊工具自動註冊。這些樣品隨後儲存在自動化商店中，並利用我們現在完全可操作的軟體即服務樣品管理系統進行管理，我們開始認識到這種轉變透過縮短週期時間和降低註冊成本所帶來的好處。

And these new capabilities are impressing customers who recognize the significant benefits we can provide to them compared to how they manage sample assets today. Toward that end, after almost two years of slower activity from large pharma companies. We're seeing an increase in the number of new sizable sample management opportunities. Our consultative evaluations of customer storage sites are picking up again, and it's these assessments that are typically the precursors to large contractual deals.

這些新功能給客戶留下了深刻的印象，他們認識到與他們今天管理樣本資產的方式相比，我們可以為他們提供顯著的優勢。為此，在大型製藥公司近兩年的活動放緩之後。我們看到新的大規模樣本管理機會的數量增加。我們對客戶儲存地點的諮詢評估再次增加，而這些評估通常是大型合約交易的先兆。

In the quarter, we won a multiyear contract to take over management of a large sample collection for a pharmaceutical company that's closing a facility and will transfer all sample responsibility to us. At the request of the customer, we'll manage their samples in a dedicated automated store installed at our new Boston buyer repository.

在本季度，我們贏得了一份多年期合同，接管一家製藥公司的大型樣本收集管理工作，該公司即將關閉一家工廠，並將所有樣本責任轉移給我們。根據客戶的要求，我們將在安裝在我們新的波士頓買家存儲庫中的專用自動化商店中管理他們的樣品。

We continue to see tremendous value in our stores and storage services portfolio, and we're pleased with the momentum that continues to build behind what we believe will be a huge transformation in how samples are managed with automation at scale being a game changer for the industry.

我們繼續看到我們的商店和儲存服務組合的巨大價值，我們對這種持續增長的勢頭感到高興，我們相信，大規模自動化管理樣品的方式將發生巨大轉變，成為行業遊戲規則的改變者。 。

The Multiomics GENEWIZ team had another great quarter, delivering 1% organic year-over-year revenue and 2% sequential growth in a market that remains meaningfully down. The solid performance in a slow market environment continues to position us extremely well for a fast ramp up in a market recovery.

Multiomics GENEWIZ 團隊迎來了一個出色的季度，在持續大幅下滑的市場中實現了 1% 的有機同比收入和 2% 的環比增長。在緩慢的市場環境中，我們的穩健表現繼續使我們在市場復甦中的快速成長中處於有利地位。

We're gaining share because of the quality and capability of our new offerings as well as our ability to continue to reduce cycle time and deliver the highest quality scientific results that keep current customers coming back to us.

我們正在獲得份額，因為我們新產品的品質和能力，以及我們繼續縮短週期時間和提供最高品質的科學成果的能力，從而使現有客戶不斷回頭。

Specifically, the next-generation sequencing team had another great quarter in the face of significant price reductions due to this dramatic decrease in sequencing costs, volume was up more than 20% for the fifth consecutive quarter in terms of number of samples processed in measured and amidst these large changes, overall NGS revenue was up 3% on an organic basis year over year.

具體來說，由於定序成本大幅下降，下一代定序團隊在價格大幅下降的情況下又度過了一個偉大的季度，在測量和處理的樣本數量方面，數量連續第五個季度增長了20% 以上。

Profitability in this product line also ticked up again, and we're bullish that we're at an inflection point. Pricing has been stable over the past three quarters, and we're positioned to sustain growth and higher profitability.

該產品線的獲利能力也再次上升，我們樂觀地認為我們正處於轉折點。過去三個季度的定價一直穩定，我們有能力維持成長和更高的獲利能力。

This market dynamic. It's consistent with each of the past three meaningful NGS technology inflections, but this time it feels as though demand elasticity is driving even more outsourcing of NGS to specific results, add to our confidence about the future of our NGS business.

這個市場動態。這與過去三個有意義的 NGS 技術變化是一致的，但這次，需求彈性似乎正在推動更多的 NGS 外包以實現特定結果，這增加了我們對 NGS 業務未來的信心。

First, in the quarter, we added more than 700 of what we call new to NGS customers. This is a huge number of new customers, but it's also great because these are the customers for the fuel for our future work. And second, our NGS quoting activity in both number of quotes and dollar volume were at record highs in Q3, so all in a comfortable position for us in our NGS business.

首先，在本季度，我們為 NGS 客戶增加了 700 多個我們所謂的新產品。這是大量的新客戶，但這也很棒，因為這些客戶為我們未來的工作提供了燃料。其次，我們的 NGS 報價活動在第三季的報價數量和金額均創歷史新高，因此我們在 NGS 業務中處於有利地位。

As we reported last quarter, we believe we're past the bottom in revenue for our overnight sequencing, Sanger and Plasmid-EZ offerings growing sequentially for the first time in more than a year.

正如我們上季度報告的那樣，我們相信隔夜測序、Sanger 和 Plasmid-EZ 產品的收入已經觸底，一年多來首次實現連續增長。

If you recall, our Q2 revenue was flat with Q1 and we believed we'd stemmed any further decline. Indeed, that was the case as we grew sequentially, 4% in overnight sequencing, and we anticipate more sequential growth in the fourth quarter.

如果你還記得的話，我們第二季的營收與第一季持平，我們相信我們已經阻止了任何進一步的下降。事實上，情況確實如此，我們的連續成長是在隔夜定序中成長了 4%，我們預計第四季會有更多的連續成長。

In our synthesis business, we grew by a few percentages points year over year. We're seeing good traction from value enhancing products we refer to as Azenta -- that allows customers to give us more of their downstream workflow from the synthesized gene product. These are differentiated, higher value extensions of our gene synthesis business.

在我們的合成業務中，我們比去年同期成長了幾個百分點。我們看到我們稱之為 Azenta 的增值產品具有良好的吸引力，它允許客戶為我們提供更多來自合成基因產品的下游工作流程。這些是我們基因合成業務的差異化、更高價值的延伸。

Finally, I report on the overall performance of what we call our new vectors, where we delivered a sequential revenue increase of 9% and double what we delivered from these offerings just a year ago. Moreover, growth from these new offerings is expected to increase rapidly boosted by the FinnGen proteomics contract that we announced a few weeks ago, as well as business from new service offerings that are associated with our Plasmid-EZ solutions.

最後，我報告了我們所謂的新向量的整體表現，我們的收入環比增長了 9%，是一年前這些產品收入的兩倍。此外，在我們幾週前宣布的 FinnGen 蛋白質組學合約以及與我們的 Plasmid-EZ 解決方案相關的新服務產品業務的推動下，這些新產品的成長預計將迅速增長。

Momentum continues to be strong from the adoption of new offerings and share gains, and we believe organic revenue growth in a down market represents significant outperformance, giving us confidence that we're positioned to meaningfully outgrow with any recovery in biotech and pharma spending.

新產品的採用和份額成長的勢頭繼續強勁，我們相信低迷市場中的有機收入成長代表著顯著的優異表現，這讓我們相信，隨著生物技術和製藥支出的複蘇，我們將能夠實現有意義的增長。

Finally, B Medical delivered a very solid quarter with revenue of $29 million and an accretive EBITDA margin. As we've shared before, we're positioning B Medical to focus solely on vaccine cold chain products as we wind down blood management and medical refrigeration product lines, the reshaping of the medical as part of a long-term value creation strategy that derives from B Medical's unique cold chain capability sorry, fast-growing emerging markets.

最後，B Medical 的季度業績非常穩健，營收達 2,900 萬美元，EBITDA 利潤率不斷增加。正如我們之前分享的，我們將 B Medical 定位為僅專注於疫苗冷鏈產品，因為我們逐漸減少血液管理和醫療冷藏產品線，重塑醫療作為長期價值創造戰略的一部分，該戰略源自於B Medical獨特的冷鏈能力對不起，快速成長的新興市場。

In the quarter, we advanced several initiatives which are part of this strategy that are expected to begin to deliver additional benefits from B Medical into 2025. The first of these is operational to be medical factory in Luxembourg has now absorbed production from three SMS factory sites that we'd close giving us meaningful synergies, more manufacturing capacity, lower cost and better be medical factory cost absorption. These are important milestones that are part of creating the world-class factory that we described to you at Investor Day.

在本季度，我們推進了幾項舉措，這些舉措是該策略的一部分，預計將在 2025 年開始為 B Medical 帶來更多好處。第一個項目是盧森堡的醫療工廠，現已投入運營，現已吸收了SMS 三個工廠的生產，我們將關閉這三個工廠，這將為我們帶來有意義的協同效應、更多的製造能力、更低的成本，並且更能吸收醫療工廠的成本。這些都是重要的里程碑，是我們在投資者日向您描述的創建世界一流工廠的一部分。

Importantly, we received our first order from Democratic Republic of Congo from the large MOU announced last November. It's small in terms of dollars, but it's positive because it signals a commitment to the EUR60 million project that will be driven by the health ministry now that the new government is finally in place. Again, this is not a signal of timing, but rather reinforcement that we believe the business will happen.

重要的是，我們從去年 11 月宣布的大型諒解備忘錄中收到了來自剛果民主共和國的第一筆訂單。雖然金額雖小，但具有積極意義，因為它標誌著對 6000 萬歐元項目的承諾，既然新政府最終就位，該項目將由衛生部推動。再次強調，這不是時機訊號，而是強化我們相信業務將會發生。

Finally, we advanced our participation into multiparty sample sourcing initiatives where we are a critical partner. One of these projects is set to deploy in Q4 and will be a first critical test of our capability to source and protect valuable human biological samples. So a good quarter for B Medical and great progress in its transformation to align to Azenta's strategic initiatives.

最後，我們推進了對多方樣品採購計劃的參與，我們是其中的關鍵合作夥伴。其中一個項目將於第四季度部署，這將是我們採購和保護有價值的人類生物樣本能力的首次關鍵測試。因此，對於 B Medical 來說，這是一個不錯的季度，並且在與 Azenta 的策略舉措保持一致的轉型方面取得了巨大進展。

All in we're extremely pleased with our strong results for Q3. We demonstrated solid growth in a soft environment we delivered meaningful strategic gains in each of our business segments. And as You'll now hear from Herman, we accelerated results from our transformation initiatives, allowing us to grow while we transform the company for scale and improved profitability.

總而言之，我們對第三季的強勁業績感到非常滿意。我們在軟環境中展現了穩健的成長，我們在每個業務領域都取得了有意義的策略效益。正如您現在從赫爾曼那裡聽到的那樣，我們加速了轉型計劃的成果，使我們能夠在實現公司規模轉型和提高盈利能力的同時實現增長。

Moreover, we continue to distance ourselves further from competitors. Every day we're charting new and next opportunities to benefit our customers, which we know we can uniquely deliver.

此外，我們繼續與競爭對手拉開距離。我們每天都在規劃新的和下一個機會，讓我們的客戶受益，我們知道我們能夠以獨特的方式提供這些機會。

Before I turn the call over to Herman, I want to give a brief update on the search for my replacement. Of course, we can't comment too much except to say that search is a top priority and is proceeding as planned. We have strong interest from highly qualified experienced candidates and the interview process is ongoing. We're confident that we'll identify a great next CEO for Azenta.

在將電話轉給赫爾曼之前，我想簡要介紹一下尋找替代者的最新情況。當然，我們不能發表太多評論，只能說搜尋是重中之重，並且正在按計劃進行。我們對高素質、經驗豐富的候選人表現出濃厚的興趣，面試過程正在進行中。我們有信心為 Azenta 物色一位出色的下一任執行長。

And now I'm pleased to turn the call over to Hermann. Thank you.

現在我很高興將電話轉給赫爾曼。謝謝。

Thank you, Steve, and good afternoon, everyone. Let me start by saying how proud and encouraged I am of the Azenta team on the disciplined execution that enabled us to accelerate the realization of savings into the third quarter, contributing to our margin expansion profitability in addition to above market top line revenue performance, the efforts and initiatives of the Ascend 2026 transformation program are bearing fruit and the results we are reporting today reflect that.

謝謝史蒂夫，大家下午好。首先我要說的是，我對Azenta 團隊的嚴格執行感到多麼自豪和鼓舞，這使我們能夠加速實現第三季度的節約，除了高於市場的營收表現之外，還為我們的利潤率擴張和盈利能力做出了貢獻。

As you could see in the financial results we issued today for the third fiscal quarter, we delivered adjusted EBITDA margin of 10.3%, which equates to 260 basis points of expansion year over year and 440 basis points versus the prior quarter.

正如您在我們今天發布的第三財季財務業績中看到的那樣，我們的調整後 EBITDA 利潤率為 10.3%，相當於同比增長 260 個基點，比上一季增長 440 個基點。

Beyond that and even more exciting in my mind, is that we turned profitable in Q3, delivering an operating profit of $4.6 million, a feat we have not seen over the last six quarters. This is the result of a fully engaged organization, leading initiatives focused on reshaping the company for long-term success, scale and growth.

除此之外，在我看來更令人興奮的是，我們在第三季度實現了盈利，實現了 460 萬美元的營業利潤，這是我們在過去六個季度中從未見過的壯舉。這是一個全心投入的組織、致力於重塑公司以實現長期成功、規模和成長的主導舉措的結果。

Let me talk about the actions we've completed as part of Ascend 2026 in the area of portfolio optimization. We've now exited two nonstrategic product lines, one in Sample Management solutions and one in B Medical, which, as aims at reshaping the B Medical segment to focus solely on vaccine cold chain products and the related sample acquisition strategy.

讓我談談我們作為 Ascend 2026 的一部分在投資組合優化領域完成的行動。我們現在已經退出了兩條非策略性產品線，一條是樣本管理解決方案，另一條是 B Medical，其目的是重塑 B Medical 部門，僅專注於疫苗冷鏈產品和相關的採樣策略。

In our site optimization initiative, we made tremendous progress in Q3, where we impacted another six locations within the six was a focus on B Medical's operation in Asia, where we were able to exit three of their five locations and reduce the footprint in another since we started this journey, we have closed a total of 10 sites and reduced our footprint in another three.

在我們的網站優化計劃中，我們在第三季度取得了巨大進展，我們影響了另外六個地點，其中六個地點的重點是B Medical 在亞洲的運營，我們能夠退出他們五個地點中的三個，並減少另一個地點的足跡，因為我們開始了這一旅程，總共關閉了 10 個站點，並減少了另外 3 個站點的足跡。

At this point in time, we have closed or optimized approximately 30% of our sites. Our IT initiatives aimed at streamlining and integrating systems is progressing well, and we are on target to consolidate three systems following our fiscal year end.

目前，我們已經關閉或優化了約 30% 的網站。我們旨在簡化和整合系統的 IT 計劃進展順利，我們的目標是在本財年結束後整合三個系統。

With that I would like to turn to our results in the quarter and to supplement my remarks. I refer back to the slide deck available on our website.

接下來，我想談談我們本季的業績並補充我的評論。我回頭參考一下我們網站上提供的幻燈片。

Turning to slide 3 for some highlights in the face of what continues to be a challenging market. Third quarter revenue was $173 million, up 4% year over year on a reported basis and up 5% on an organic basis. We saw growth in Sample Management solutions, particularly in both large automated and cryogenic stores and in consumables and instruments. B Medical also contributed to the performance with better-than-expected revenue as we were able to secure more vaccine cold chain orders in the quarter exceeding the Q3 revenue guide.

請參閱投影片 3，以了解面對仍充滿挑戰的市場時的一些亮點。第三季營收為 1.73 億美元，按報告數據年增 4%，按有機增長 5%。我們看到樣品管理解決方案的成長，特別是在大型自動化和低溫商店以及消耗品和儀器方面。B Medical 也以好於預期的收入為業績做出了貢獻，因為我們在本季獲得了更多疫苗冷鏈訂單，超過了第三季的營收指引。

Non-GAAP EPS for the quarter was $0.16 and adjusted EBITDA margin was 10.3%. And as I mentioned in my initial remarks, this is an outstanding acceleration with a meaningful 440 basis points of expansion from Q2 and 260 basis points year over year. We ended the quarter in a very strong balance sheet position with $754 million in cash, cash equivalents and marketable securities.

本季非 GAAP 每股收益為 0.16 美元，調整後 EBITDA 利潤率為 10.3%。正如我在最初的發言中提到的，這是一個顯著的加速，較第二季度顯著增長 440 個基點，同比增長 260 個基點。本季結束時，我們的資產負債表狀況非常強勁，擁有 7.54 億美元的現金、現金等價物和有價證券。

Free cash flow was slightly negative in the quarter with a usage of $5 million, driven by the timing of billings through three quarters, we have generated positive free cash flow of $11 million. In Q3, we returned $225.9 million of capital to our shareholders through the repurchase of 4.2 million shares of Azenta stock. To date, we have now completed roughly $1.3 billion of the $1.5 billion of planned share repurchases.

本季自由現金流略有負值，使用量為 500 萬美元，在三個季度的計費時間的推動下，我們產生了 1,100 萬美元的正自由現金流。第三季度，我們透過回購 420 萬股 A​​zenta 股票，向股東返還了 2.259 億美元的資本。迄今為止，我們已經完成了 15 億美元計畫股票回購中的約 13 億美元。

Now let's turn to slide 4 to take a deeper look at our results in the quarter, total revenue was $173 million. Non-GAAP gross margin was 45.2%, down 40 basis points year over year, driven largely by nonrecurring items from last year, which made for a difficult prior year.

現在讓我們翻到幻燈片 4 來更深入地了解我們本季的業績，總收入為 1.73 億美元。非公認會計原則毛利率為 45.2%，年減 40 個基點，主要是由於去年的非經常性項目造成的，導致上年困難重重。

Compare non-GAAP operating margin was 2.6%, an improvement of 330 basis points year over year coming from a combination of top line sales growth and our cost saving efforts, which resulted in a meaningful year-over-year reduction in SG&A. Adjusted EBITDA margin was 10.3%, up 260 basis points year over year. Again, non-GAAP EPS was $0.16 per share in the quarter.

比較非 GAAP 營業利潤率為 2.6%，年增 330 個基點，這得益於營收成長和我們的成本節約努力，這導致 SG&A 同比大幅減少。調整後 EBITDA 利潤率為 10.3%，較去年同期成長 260 個基點。同樣，本季非 GAAP 每股收益為 0.16 美元。

With that, let's turn to slide 5 for a review of our segment results, starting with Sample Management Solutions or SMR. Total SMS segment revenue was $81 million for the quarter, up 7% year-over-year on both a reported and organic basis, driven by growth in storage of 13% and ID products, which was up 5% as we expected, but softer than we would have liked due to the pushout of orders within our OEM product line from the second half of '24 into Q1 of '25. Consumables and instruments grew 17% and large automated stores were up 10%.

接下來，讓我們轉到投影片 5 來回顧我們的細分結果，從樣本管理解決方案或 SMR 開始。本季 SMS 部門總收入為 8,100 萬美元，在報告和有機基礎上同比增長 7%，這主要得益於存儲增長 13%，ID 產品增長 5%，正如我們預期的那樣，但增長較為疲軟由於我們的OEM 產品線中的訂單從24 年下半年到25 年第一季的推出，這比我們希望的要好。消耗品和儀器成長 17%，大型自動化商店成長 10%。

As Steve mentioned, cryogenics had the best performance in more than two years, up almost 40% SMS. third quarter gross margin was 46.1%, down 130 basis points year over year, driven by the impact of certain one-time items recorded in the prior year that offset the benefits of operational efficiency and sales mix.

正如 Steve 所提到的，Cryogenics 的表現是兩年多來最好的，SMS 成長了近 40%。第三季毛利率為46.1%，年減130個基點，這是由於上一年記錄的某些一次性項目的影響抵消了營運效率和銷售組合的好處。

Turning next to the Multiomics segment. Multiomics delivered revenue of $64 million in the third quarter flat year over year and up 1% on an organic basis with growth in both gene synthesis and next-generation sequencing despite a market slowdown, gene synthesis saw the largest revenue quarter since Q2 of '22, bolstered by new product offerings.

接下來轉向多元組學部分。儘管市場放緩，Multiomics 第三季的營收仍達6,400 萬美元，年比持平，有機成長1%，儘管市場放緩，但基因合成和下一代定序業務均實現成長，基因合成業務創下自22 年第第二季以來最大的營收季度，受到新產品供應的支持。

In NGS, we saw a moderation of price erosion and significant increases in the volume of data generated. Sanger sequencing was down 8% organic year over year, but grew 4% quarter to quarter, and while we continue to cycle through in evolving Sanger market, we believe we are past the low point.

在 NGS 中，我們看到價格侵蝕有所放緩，產生的資料量顯著增加。桑格定序的有機年減了 8%，但季度環比增長了 4%，雖然我們繼續在不斷發展的桑格市場中循環，但我們相信我們已經過了低點。

Our Multiomics business in China delivered organic revenue growth of 4%, once again, outperforming a soft market. Gross margin in the Multiomics business was 47.5%, up 130 basis points year over year driven by productivity gains and direct material, labor and fixed overhead leverage.

我們在中國的多組學業務實現了 4% 的有機收入成長，再次跑贏了疲軟的市場。在生產力提高以及直接材料、勞動力和固定間接費用槓桿的推動下，多元組學業務的毛利率為 47.5%，較去年同期成長 130 個基點。

And finally, B Medical revenue was $29 million in the quarter up 7% reported and 8% on an organic basis. The higher than initially expected level of revenue was primarily due to additional vaccine cold chain orders received during the quarter gross margin of 37.3% was down 170 basis points, primarily driven by sales mix.

最後，B Medical 本季營收為 2,900 萬美元，報告成長 7%，有機成長 8%。高於最初預期的收入水平主要是由於本季度收到的額外疫苗冷鏈訂單毛利率為 37.3% 下降了 170 個基點，這主要是由銷售組合推動的。

Next, let's turn to slide 6 for a review of the balance sheet. As I mentioned earlier, we ended the quarter with $754 million in cash, cash equivalents and marketable securities. We had no debt outstanding during the quarter. Free cash flow was negative $5 million. Capital expenditures for the quarter were about $7 million as we invested for growth and scale in our sample repository solutions and Multiomics businesses.

接下來，讓我們翻到投影片 6 回顧一下資產負債表。正如我之前提到的，本季末我們擁有 7.54 億美元的現金、現金等價物和有價證券。本季我們沒有未償債務。自由現金流為負 500 萬美元。本季的資本支出約為 700 萬美元，因為我們投資於樣本庫解決方案和多組學業務的成長和規模。

Turning to guidance on slide 8. As you saw in our press release, we are lowering our full year to a range of down 2% to down 1%. This is versus our prior guide of a range of down 1% to up 1% at this point in the quarter, be medical firm orders are approximately $16 million and with nine months of actuals would land be medical at $80 million of revenue for the year. This is due to conversion delays and a still robust pipeline.

轉向幻燈片 8 上的指示。正如您在我們的新聞稿中看到的，我們將全年業績下調至 2% 至 1% 的範圍。這與我們先前指導的本季此時下降 1% 到上升 1% 的範圍不同，醫療公司訂單約為 1,600 萬美元，根據 9 個月的實際情況，醫療公司今年的收入將達到 8,000 萬美元。這是由於轉換延遲和仍然強大的管道造成的。

SMS is now expected to grow mid-single digits as a result of the shifting of OEM orders to Q1 of 2025. We continue to feel good about our multiomics business and are reaffirming the revenue guide of growing low single digits to mid-single digits.

由於 OEM 訂單轉移至 2025 年第一季度，SMS 預計將實現中個位數成長。我們繼續對我們的多組學業務感到滿意，並重申收入指引從低個位數成長到中個位數。

Even with this change, we stand by the adjusted EBITDA guide of approximately 300 basis points of margin expansion and we are raising the non-GAAP EPS guide to a range of $0.3 to $0.36 for fiscal year 2024. The EPS raise is primarily driven by operational improvements which offset the impact of lower sales and interest income is now expected to be approximately $32 million.

即使發生了這一變化，我們仍堅持調整後的 EBITDA 指南，即利潤率擴張約 300 個基點，並將 2024 財年的非 GAAP 每股收益指南提高至 0.3 美元至 0.36 美元。每股盈餘的成長主要是由營運改善推動的，這抵消了銷售額下降的影響，目前預計利息收入約為 3,200 萬美元。

In closing, we are pleased with our performance in Q3. We are committed to delivering on our purpose serving our customers and enabling life sciences breakthroughs faster.

最後，我們對第三季的表現感到滿意。我們致力於實現為客戶服務並更快地實現生命科學突破的宗旨。

This concludes our prepared remarks, and I will now turn the call over to the operator for questions.

我們準備好的演講到此結束，我現在將把電話轉給接線員詢問問題。

(Operator Instructions) Jacob Johnson, Stephens.

（操作員說明）Jacob Johnson，Stephens。

Hey, thanks. Good afternoon, everybody. Congrats on the quarter. Maybe starting in somewhat random place, but cryogenic freezers up 40% in the quarter. That's a pretty striking number on and much better than I think another peer that reported tonight on the freezer side, we're still hearing about some muted capital equipment spend so I'm just curious, kind of I'm guessing some of that was off a low base, but what drove the growth in cryo freezers? Is it the differentiated aspect of the offering or anything you'd call out there?

嘿，謝謝。大家下午好。恭喜本季。也許是從某種程度上隨機開始的，但低溫冷凍櫃在本季度增加了 40%。這是一個相當驚人的數字，比我認為今晚在冰箱方面報道的另一位同行要好得多，我們仍然聽說一些資本設備支出不高，所以我很好奇，我猜其中一些是基數較低，但是是什麼推動了低溫冷凍櫃的成長呢？這是產品的差異化方面還是您所說的任何內容？

Yes, Hi, Jacob. Its automated systems are the driver here. These are for the first time in several quarters now we had some multiple system orders for customers who have converted to automation. And so they have the systems in place. They spent the last few quarters verifying that was the way that we're going to go and we had multiple system orders. And so that's a good boost for us.

是的，嗨，雅各。它的自動化系統就是這裡的驅動力。這是幾個季度以來的第一次，我們為已轉向自動化的客戶提供了一些多系統訂單。所以他們擁有適當的系統。他們在過去的幾個季度驗證了我們將要走的路，並且我們有多個系統訂單。這對我們來說是一個很好的推動。

We haven't seen the constraints because these are not huge ticket items. These are in the 150 k to 250 k. So it's not multimillion kind of things like the large, automated stores. And so we haven't seen any reluctance from customers to keep purchasing but by and large that we have we have manual and cryogenic freezers as well but by and large, the trend that we see is for the automated systems.

我們還沒有看到限制，因為這些都不是大額項目。這些範圍在 150 k 到 250 k 之間。所以它不是像大型自動化商店那樣的數百萬的東西。因此，我們沒有看到客戶不願意繼續購買，但總的來說，我們也有手動和低溫冷凍機，但總的來說，我們看到的趨勢是自動化系統。

And then maybe for my follow-up, Herman, I guess on B Medical, just kind of high level as you think about strategic planning and right sizing costs, obviously, it's a business that's going to be down 29% this year. I imagine if DRC comes back maybe it could be something better than next year.

然後，也許對於我的後續行動，赫爾曼，我想B Medical，當你考慮戰略規劃和正確的規模成本時，這只是一種高水平，顯然，這是一項今年將下降29% 的業務。我想如果剛果民主共和國回來也許會比明年更好。

I'll let you wait to opine on 2025 B Medical trends, but I'm just kind of curious how you think about managing resources for that business given some of the variability in the revenue streams there?

我會讓您等待對 2025 年 B 醫療趨勢發表意見，但我只是有點好奇，考慮到該業務收入流的一些變化，您如何考慮管理該業務的資源？

Thanks, Jacob. Listen, what we said at Investor Day is that we're going to build the medical to be an accretive EBITDA margin business for the long haul. And we continue to see value in the sample acquisition strategy. So we're going to continue to go after that.

謝謝，雅各。聽著，我們在投資者日所說的是，我們將把醫療打造成長期可增值的 EBITDA 利潤率業務。我們持續看到樣本採集策略的價值。所以我們將繼續努力。

But when you look at where they're coming in what they did this quarter, if they had an above Azenta overall EBITDA margin all of the things that we're doing around Ascend 2026 to rightsize that business, they're starting to bear fruit. So, we're going to rotate resources to the places that are growing, of course. But the things we're doing will give us the runway to explore things in a profitable way.

但是，當你看看他們本季所做的事情時，如果他們的整體 EBITDA 利潤率高於 Azenta，那麼我們在 Ascend 2026 左右為調整業務規模而採取的所有措施，他們就開始取得成果。因此，我們當然會將資源輪調到正在成長的地方。但我們正在做的事情將為我們提供以有利可圖的方式探索事物的跑道。

Got it. Makes sense.

知道了。有道理。

Thanks for your question.

謝謝你的提問。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

This is Sophia Knopp on for Vijay. I just had a quick question on the EBITDA margin. So, the current guide implies about a 250 bps sequential step up into 4Q and I was wondering if you could just talk about the factors that go into that step up and then kind of going off that, what is the right jump-off point as we start to think about fiscal '25 from a margin standpoint?

我是維傑的索菲亞‧諾普。我剛剛有一個關於 EBITDA 利潤率的簡單問題。因此，目前的指南暗示了大約 250 bps 的連續步驟進入第四季度，我想知道您是否可以談談進入該步驟的因素，然後再開始，正確的起點是什麼我們開始從利潤的角度考慮25 財年？

Hi, Sophia Chairman. I won't talk about fiscal year '25, but I actually don't think it's a step-up from Q3 to Q4 to hit the on the overall guide. Maybe it's flat to down a little bit from Q3 to Q4. Maybe we could talk offline on the modeling.

嗨，索菲亞主席。我不會談論 25 財年，但實際上我認為這並不是從第三季到第四季達到整體指南的一個進步。也許從第三季到第四季持平甚至略有下降。也許我們可以離線討論建模問題。

Yes, that would be great. Thank you.

是的，那太好了。謝謝。

Andrew Cooper, Raymond James.

安德魯庫珀，雷蒙德詹姆斯。

Hey, everyone. Thanks for the time. This is Noah Lewis on for Andrew. I just had a quick question. So, C&I, I think you said grew 17%, and I just wanted to see like what you're seeing in those end markets there and maybe even also within SMS, what you're hearing from customers? And is that purely just a timing thing on the guidance change? Or is there anything else going into that?

嘿，大家。謝謝你的時間。這是安德魯的諾亞劉易斯。我只是有一個簡單的問題。所以，C&I，我想你說成長了 17%，我只是想看看你在那些終端市場甚至 SMS 中看到了什麼，你從客戶那裡聽到了什麼？這純粹只是指導變更的時機問題嗎？或是還有其他什麼內容嗎？

Yes. No, it's Herman. So in the third quarter, C&I grew 17% within instruments as we've seen in prior quarters, bookings in the quarter were soft as we saw, capital spending continue to be somewhat constrained. However, the pipeline continues to look strong, indicating that demand remains healthy and it's tied to spending delays.

是的。不，是赫爾曼。因此，在第三季度，正如我們在前幾個季度所看到的那樣，C&I 工具內的增長了17%，正如我們所看到的，本季度的預訂疲軟，資本支出繼續受到一定程度的限制。然而，管道看起來仍然強勁，表明需求仍然健康，並且與支出延遲有關。

However, we did see revenue growth in instruments quarter to quarter, which we viewed as a positive. And on the consumable side, revenue growth was very strong. We saw significant double digits sequential and year-over-year increases. So related to one SMS, it's certainly just a timing thing. Maybe if I talk for a minute about the change in the guide.

然而，我們確實看到儀器的收入逐季度增長，我們認為這是積極的。在消費品方面，營收成長非常強勁。我們看到了顯著的兩位數連續增長和同比增長。因此，與一條短信相關，這當然只是一個時間問題。也許我可以花一點時間談談指南中的更改。

If I were to start with the medical at this point in the quarter, as we talked about in the prepared remarks, we're holding about $16 million firm orders through nine months B medicals delivered $64 million of revenue, and that takes us to about $80 million. The midpoint of the last guide was about $85 million.

如果我在本季度的這個時候從醫療開始，正如我們在準備好的發言中談到的那樣，我們在九個月內持有約1600 萬美元的確定訂單，B 醫療帶來了6400 萬美元的收入，這使我們達到約8000萬美元。上一份指南的中位數約為 8500 萬美元。

So $5 million of the change was driven by that. And then the remaining five is related to our OEM product line. We make an automated store for a customer that goes into a lab automation system. And we're working with that customer to shift some of the volume from the second half of '24 into Q1 of '25 on it's not lost volume. It all it's just a movement of revenue from in our case one fiscal year to the next.

因此，500 萬美元的變革就是由此推動的。然後剩下的五個是與我們的OEM產品線相關的。我們為進入實驗室自動化系統的客戶建立了一個自動化商店。我們正在與該客戶合作，將部分銷售從 24 年下半年轉移到 25 年第一季度，因為銷售沒有損失。在我們的例子中，這只是一個財政年度到下一個財政年度的收入變動。

Thank you.

謝謝。

Matt Stanton, Jefferies.

馬特·斯坦頓，杰弗里斯。

Thanks. Maybe one on the NGS side, -- sounds like, you know, things are maybe getting a bit better. Maybe we have brighter days ahead. You talked about demand elasticity this time around versus prior cycles, maybe driving more outsource demand. Maybe just kind of talk a bit more about why this time might be different. We might see that.

謝謝。也許 NGS 方面的一個——聽起來，你知道，情況可能會好一點。也許我們的日子會更光明。您談到了這次與先前週期相比的需求彈性，可能會推動更多的外包需求。也許只是多談談為什麼這次可能會有所不同。我們可能會看到這一點。

And then you talked about 700 new customers, anybody kind of level set us on what normal quarters or what last year was just to kind of get the magnitude the activity you saw in the quarter?

然後你談到了 700 個新客戶，是否有任何水平讓我們了解正常季度或去年的水平，只是為了了解你在該季度看到的活動規模？

Hey, thanks, Matt. A couple of things. One, it seems like compared to other cycles. When there's been a transition like this, it feels like our end customers who used to do their own sequencing maybe have delayed some of the tool purchases and they're sending their spend and their work to us. So that's what we envisioned might be the case. And that's kind of what's proven to be happening here over the last quarters.

嘿，謝謝，馬特。有幾件事。第一，與其他週期相比。當發生這樣的轉變時，感覺過去自己排序的最終客戶可能推遲了一些工具的購買，他們將支出和工作發送給我們。這就是我們設想的情況。這就是過去幾個季度所發生的情況。

We went over 700 new customers this quarter. That was an increase of a hundred from the prior quarter. Just to give you an idea. So, it feels like there's a pretty significant momentum build and we as I mentioned, we had a record in quote activity, both in the number of quotes and the dollar volume on quotes.

本季我們接待了 700 多名新客戶。這比上一季增加了一百。只是為了給你一個想法。因此，感覺勢頭非常強勁，正如我所提到的，我們的報價活動創下了記錄，無論是報價數量還是報價的美元交易量。

And it feels to us right now as though customers want to take advantage of a significant opportunity to have a reduced price. Because of our cost structure, and our outsourcing more of the NGS work. So again, we will report on that as we go forward in quarters, but that's been our observation here over the three quarters.

現在我們感覺客戶似乎想利用一個重要的機會來降低價格。由於我們的成本結構，以及我們外包了更多的 NGS 工作。因此，我們將在每個季度的進展中對此進行報告，但這是我們在過去三個季度中的觀察結果。

Pricing seems to have stabilized, volume continues to grow fifth consecutive quarter over quarter growth of 20% and growth in terms of volume. And we'll see what happens from here. But right now, I think there are just not as many tools installed and we've got a lot of capacity in place ready to take for you to take customer business and turn it fast. Thanks.

定價似乎已趨於穩定，銷量持續成長，連續五季較上一季成長 20%，且銷量有所成長。我們將看看接下來會發生什麼。但現在，我認為安裝的工具還沒有那麼多，我們已經準備好大量的能力來幫助您處理客戶業務並快速開展業務。謝謝。

And Herman, maybe one for you on the margin. So still guiding for up to 300 bps for the year despite the lower top line. Is that just mix dynamics are their other kind of cost levers you're pulling maybe faster to protect that 300 basis points?

赫爾曼（Herman）也許是你的邊緣人。因此，儘管營收較低，但今年的指導價仍高達 300 個基點。這只是混合動態嗎？

You laid out quite a happy system improvements to around the Ascend 26 for the year. So just kind of yes, I mean, what's kind of underpinning the ability to drive that margin expansion still.

今年您對 Ascend 26 進行了非常令人滿意的系統改進。所以，是的，我的意思是，是什麼支撐著推動利潤率擴張的能力。

Yes. The Ascend 2026 program is bearing fruit and things are coming online faster. Maybe then we would've committed to, so we're always planning ahead and there's always things in the pipeline. Things fall off and then things come on faster and we're just experiencing that. So, we talked about in the prepared remarks that we've already, for example, optimized closed 10 sites. We've right sized another three.

是的。Ascend 2026 計畫正在取得成果，並且上線速度更快。也許那時我們會承諾，所以我們總是提前計劃，並且總是有事情在醞釀之中。事情會消失，然後事情會更快發生，我們正在經歷這一點。因此，我們在準備好的評論中談到，例如，我們已經優化了 10 個網站。我們已經正確地確定了另外三個的大小。

That's finding its way into the P&L. It's a combination of things. So, there are cost actions related to Ascend 2026. That's helping us reach these targets. And we still feel good about the fiscal year '26 commitment.

這正在進入損益表。這是多種因素的結合。因此，存在與 Ascend 2026 相關的成本行動。這有助於我們實現這些目標。我們仍然對 26 財年的承諾感到滿意。

Perfect. Thank you.

完美的。謝謝。

(Operator Instructions) Lucas Baranowski, KeyBanc Capital.

（操作員指示）Lucas Baranowski，KeyBanc Capital。

This is Lucas on for Paul Knight at KeyBanc. Last quarter, I believe you mentioned that you had two more sites that were expected to close over the near term. It sounds like those have occurred now, but are there any further closures that you're expecting in the coming quarters? Thanks.

我是 KeyBanc 的盧卡斯 (Lucas) 替補保羅奈特 (Paul Knight)。上個季度，我相信您提到您還有兩個預計在短期內關閉的站點。聽起來這些事情現在已經發生了，但您預計未來幾季還會有進一步的關閉嗎？謝謝。

Yes. So we do have a couple others that we are currently working on. I don't want to disclose whether it will happen in the fourth quarter or next year, but we do have a few things in flight right now.

是的。因此，我們目前正在研究其他一些內容。我不想透露這是否會在第四季度或明年發生，但我們現在確實有一些事情正在進行中。

Okay, great. And then switching over to the Multiomics business, I believe you had some sites where revenue was expected to be flat sequentially as you transitioned over to the new NovaSeq X Plus. Has that transition finished at this point and are you starting to see a step up in revenue?

好的，太好了。然後切換到 Multiomics 業務，我相信當您過渡到新的 NovaSeq X Plus 時，您有一些網站的收入預計將連續持平。現在這種轉變已經完成了嗎？

Yes, it's actually an interesting dynamic look at. So and we said this in the past where we're seeing price losses there, it's actually being offset by volume gains. And we've been able to maintain the margins in the business because the new technology actually enables us to use less raw material, less labor and on top of that we're able to leverage our fixed overhead structure. And it's the combination of those three things that have contributed to the margin stabilization.

是的，這實際上是一個有趣的動態觀察。因此，我們過去說過，我們看到價格下跌，但實際上被銷售上漲所抵消。我們之所以能夠維持業務利潤，是因為新技術實際上使我們能夠使用更少的原材料、更少的勞動力，最重要的是，我們能夠利用我們的固定管理費用結構。這三件事的結合促成了利潤率的穩定。

Over, I would say the last two quarters the ASPs have stabilized and we're beginning to get to the point where we're lapping these tougher compares. So NGS in the quarter, growing 3% is the largest quarter growth that we've seen in the past year. So it's a positive sign for this business for sure.

最後，我想說，過去兩季的平均售價已經穩定下來，我們正開始進行這些更艱難的比較。因此，NGS 在本季成長了 3%，是我們去年看到的最大季度成長。所以這對這項業務來說肯定是一個正面的訊號。

The last part of your question, almost all the data that we generate today and measure we make is on the X plus tools. So we've made that conversion already price prior to the last quarter.

你問題的最後一部分，我們今天產生的幾乎所有數據和我們所做的測量都是在 X plus 工具上的。因此，我們在上個季度之前就已經對轉換進行了定價。

Excellent. That's all I had it. Thank you.

出色的。這就是我所擁有的一切。謝謝。

Jacob Johnson, Stephens, Inc.

雅各約翰遜，史蒂芬斯公司

Yes, hey, thanks for taking a follow-up. Two follow ups. I guess first, just following-up on that last line of questioning NGS 3%, Steve, I think I heard you say volume was up 20% as we near the end of some of these pricing headwinds. Is that volume growth a proxy for how we what we could see from NGS or any caveats there as we think about NGS growth as pricing comps normalize?

是的，嘿，感謝您的跟進。兩個後續行動。我想首先，只是跟進質疑 NGS 3% 的最後一行，史蒂夫，我想我聽到你說成交量增長了 20%，因為我們接近其中一些定價逆風的結束。當我們考慮NGS隨著定價比較正常化而成長時，銷售量的成長是否可以代表我們從NGS中看到的情況或任何警告？

We hope so, let me start with two things. We hope so. We think the volumes are good. Yeah. The other thing I'll say is on when we look at the last three conversion cycles, when there were appreciable decreases in the cost of sequencing, we're at or a little bit ahead performance-wise compared to where we were before.

我們希望如此，讓我從兩件事開始。我們希望如此。我們認為銷量很好。是的。我要說的另一件事是，當我們查看最後三個轉換週期時，當定序成本明顯降低時，與之前相比，我們在效能方面處於領先或領先一點。

But I think that's customer behavior. I think more people are outsourcing. So, we anticipate we'll see continued progress here. Now we got work to do and proofs to do, but there's nothing that says that we wouldn't have a chance then on the more solid, like Herman says year over year compares that that wouldn't be a lot more solid business.

但我認為這就是客戶行為。我認為越來越多的人正在外包。因此，我們預計我們將在這裡看到持續的進展。現在我們有工作要做，有證據要做，但沒有什麼表明我們沒有機會做更紮實的事情，就像赫爾曼說的，逐年比較，這不會是一個更紮實的業務。

So, we anticipate that's the case. We'll wait and see, but the customer volume and customer activity has been really strong.

所以，我們預期情況就是如此。我們將拭目以待，但客戶數量和客戶活動確實非常強勁。

Got it. Thanks for asking. And then just one other follow-up on Multiomics, just on synthesis, it's been topical for customer or for investors you guys had mentioned the potential to add US manufacturing for synthesis that customers are asking for it. I'm just curious, have you heard any of that from customers?

知道了。謝謝你的詢問。然後是 Multiomics 的另一個後續行動，就合成而言，這一直是客戶或投資者的熱門話題，你們提到了客戶要求的增加美國合成製造的潛力。我只是好奇，你有從顧客那裡聽過這樣的事情嗎？

Yes, I'll share this one. So, customers ask from a risk mitigation standpoint, and we're prepared. So, we have we already do manufacturing synthesis in North America, customers ask because they want to know that in the event that we couldn't supply from our China facility for example could we, and the answer of course is yes, but there's no push for it and no customers have gone away from us as a result of the way that we're structured today.

是的，我會分享這個。因此，客戶從風險緩解的角度提出要求，我們已經準備好了。因此，我們已經在北美進行製造合成，客戶詢問，因為他們想知道，如果我們無法從我們的中國工廠供應，我們可以嗎？我們今天的組織方式而離開我們。

So indeed, it's a question but only a question and it's mostly for their risk mitigation strategy. But we're prepared if we needed to, we'd be prepared to move more manufacturing to North America.

因此，確實，這是一個問題，但只是一個問題，而且主要是為了他們的風險緩解策略。但我們已經做好準備，如果需要的話，我們會準備好將更多的製造業轉移到北美。

Got it. Thanks for that, Steve. I'll leave it.

知道了。謝謝你，史蒂夫。我會留下它。

Now I want to turn it back over to Herman Cueto for any closing remarks.

現在我想把它轉回赫爾曼·庫埃托（Herman Cueto）以供結束語。

Okay. Thank you everybody for joining us today. I would like to thank our 3,000 pluses and employees worldwide for their hard work and dedication. That concludes our call for today. Thank you, everybody.

好的。感謝大家今天加入我們。我要感謝我們全球 3,000 名員工和員工的辛勤工作和奉獻精神。我們今天的呼籲到此結束。謝謝大家。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。大家，祝你有美好的一天。