Azenta Inc (AZTA) 2025 Q1 法說會逐字稿

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 first quarter of fiscal year 2025. Our first quarter earnings press release was issued before the open 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 today during the prepared remarks.

謝謝接線員，祝今天在線的各位下午好。歡迎您參加我們 2025 財年第一季財報電話會議。我們的第一季財報新聞稿在今天開盤前發布，可在我們投資者關係網站 investors.azenta.com 上查閱，此外還可在今天的準備好的發言中用到補充的 PowerPoint 幻燈片。

Effective this quarter, the first fiscal quarter of 2025, the results of the medical systems are treated as discontinued operations. 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.

從本季（2025 財年第一季）開始，醫療體系的業績將被視為停止經營。我想提醒大家，在電話會議過程中，我們將根據 1995 年《私人訴訟證券法》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所述的不同。

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 on our various filings with the SEC, including our annual report 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.

請您參閱我們收益報告中題為「安全港聲明」的部分、我們網站上前述 PowerPoint 簡報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，包括我們的 10-K 表年度報告和 10-Q 表季度報告。如果未來財務數據或事件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 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，這些指標是作為根據 GAAP 呈現的結果的補充和配合使用的。我們認為，非 GAAP 指標為我們提供了另一種觀察我們營運和績效的方式，但結合 GAAP 財務結果和 GAAP 指標的調節，我們可以更全面地了解 Azenta 業務。不應依賴非 GAAP 指標而排除 GAAP 指標本身。

On the call with me today is our President and Chief Executive Officer, John Marotta, and our Chief Financial Officer, Lawrence Lin. We will open the call with remarks from John, and then Lawrence will provide a detailed look into our financial results and our outlook for fiscal year 2025. We will then take your questions at the end of the prepared remarks.

今天與我一起通話的有我們的總裁兼執行長約翰馬洛塔 (John Marotta) 和我們的財務長勞倫斯林 (Lawrence Lin)。我們將以約翰的演講開始電話會議，然後勞倫斯將詳細介紹我們的財務表現和 2025 財年的展望。我們將在準備好的發言結束時回答您的問題。

And with that, I would like to turn the call over to our CEO, John Marotta.

接下來，我想將電話轉給我們的執行長約翰·馬洛塔 (John Marotta)。

Thank you, Yvonne. Good morning, everyone, and thank you for joining us today. We're happy to be with you in the morning rather than later in the day. And going forward, we will follow the same timing with the earnings release in the call before the market opens. This gives us more time for same-day interactions with our analysts, investors, and other interested stakeholders. Before getting into the numbers, I want to give you an update on how I've spent my time the first few months at Azenta.

謝謝你，伊馮娜。大家早安，感謝大家今天的參與。我們很高興能在早上而不是稍後與您在一起。今後，我們將按照市場開盤前電話會議中相同的時間發布收益報告。這使我們有更多時間與分析師、投資者和其他有興趣的利害關係人進行當天的互動。在談到這些數字之前，我想先向大家介紹一下我在 Azenta 的頭幾個月的情況。

Since September, I've spent most of my time getting to know our business in the best way I know how. On the ground with our customers and our associates at our manufacturing sites and our lab facilities around the globe, including the UK, China and the US. These meetings with our teams have been invaluable. They have given me a chance to see firsthand the incredible work being done and hear from those who drive our success every day. These visits have deepened my understanding of our operations, our opportunities, and most importantly, our people.

自九月以來，我花了大部分時間以我所知道的最佳方式了解我們的業務。我們在英國、中國和美國等世界各地的製造基地和實驗室設施與客戶和同事進行實地交流。與我們團隊的這些會議非常有價值。他們讓我有機會親眼目睹正在進行的令人難以置信的工作，並聆聽那些每天推動我們成功的人的心聲。這些訪問加深了我對我們的營運、我們的機會以及最重要的是我們的員工的了解。

I'm even more excited about what lies ahead. Alongside our highly talented teams, we've been making progress towards our accelerated goal of delivering profitable growth and long-term shareholder value. Our work is well underway to further enhance our competitively advantaged portfolio, differentiated products and services, and strong market positioning. The Board aided capabilities of the newly created value creation committee have been working alongside me and my team to focus on and oversee our strategic initiatives. Portfolio optimization, operational excellence, and value-enhancing capital allocation.

我對未來感到更加興奮。在我們高素質團隊的帶領下，我們一直在努力實現獲利成長和長期股東價值的加速目標。我們正在順利開展工作，進一步增強我們的競爭優勢產品組合、差異化產品和服務以及強大的市場定位。董事會協助新成立的價值創造委員會與我和我的團隊一起關注和監督我們的策略計畫。投資組合優化、卓越營運和增值資本配置。

Our sample management solutions business is unique. I've had the opportunity to observe firsthand the highly differentiated products and services we deliver to our customers. To that end, we are excited that the UK bio center selected Azenta to expand its sample storage capabilities with the BioArc Ultra.

我們的樣品管理解決方案業務是獨一無二的。我有機會親自觀察我們向客戶提供的高度差異化的產品和服務。為此，我們很高興英國生物中心選擇 Azenta 來透過 BioArc Ultra 擴展其樣品儲存能力。

The BioArc Ultra will deliver significant operational efficiency and reduce footprint through high-density automated storage. The 16 million sample storage system includes our sample intelligence software solution with digitized library and warehouse workflows and the picking capability of up to 9 million picks per year. This is a clear testament to our market leadership position and reflects the trust and confidence that customers place in our capabilities and track record of delivering exceptional value.

BioArc Ultra 將透過高密度自動化儲存實現顯著的營運效率並減少佔用空間。1600 萬個樣本儲存系統包括我們的樣本智慧軟體解決方案，該解決方案具有數位化圖書館和倉庫工作流程以及每年高達 900 萬次的揀選能力。這充分證明了我們的市場領導地位，也體現了客戶對我們的能力和提供卓越價值的記錄的信任和信心。

In our Multi-Omics GENEWIZ business, I have clearly seen how much our customers consistently prioritize our high-quality offerings and trust the research expertise and consultative approach that our scientists provide to genomics analysis and scientific research. Across Azenta, we have a talented team that is focused on enabling breakthroughs faster for our customers.

在我們的多組學GENEWIZ業務中，我清楚地看到我們的客戶始終優先考慮我們的高品質產品，並信任我們的科學家在基因組學分析和科學研究方面提供的研究專業知識和諮詢方法。在 Azenta，我們擁有一支才華橫溢的團隊，致力於幫助我們的客戶更快實現突破。

Now I'll shift my focus to the first quarter 2025 results, our full year outlook, and then dive into key updates on the focus areas that I shared with you during the last earnings call. As a reminder, during the fourth quarter of 2024 earnings call, we announced our decision to sell B Medical Systems. Effective this quarter, B Medical is reported and discontinues operations, and I will not be discussing the business performance in my remarks.

現在，我將把重點轉移到 2025 年第一季的業績和全年展望，然後深入探討我在上次財報電話會議上與大家分享的重點領域的關鍵更新。提醒一下，在 2024 年第四季財報電話會議上，我們宣布了出售 B Medical Systems 的決定。從本季開始，B Medical 將停止運營，我將不會在我的評論中討論業務表現。

I'm pleased to share that fiscal 2025 was off to a good start with positive momentum under our unique and differentiated offerings. On a year-over-year basis, organic revenue grew 4% and EBITDA margin expanded by 400 basis points.

我很高興地告訴大家，在我們獨特和差異化的產品的推動下，2025 財年取得了良好的開端和積極的發展勢頭。與去年同期相比，有機收入成長了 4%，EBITDA 利潤率擴大了 400 個基點。

In Multiomics next-gen sequencing, gene synthesis and clinical services were strong. In sample management solutions, we saw growth in our consumables and instruments, clinical bio stores, cryogenics as well as sample storage. We remain cautiously optimistic about the gradual market recovery. We are confident in our outlook and are reiterating our full year 2025 guidance of organic revenue growth between 3% to 5% and adjusted EBITDA margin expansion of 300 basis points. Lawrence will go into more detail in our quarterly financial performance. At the last earnings call, I shared with you that we're focusing on several key areas.

Multiomics 在次世代定序、基因合成和臨床服務方面表現強勁。在樣本管理解決方案中，我們看到消耗品和儀器、臨床生物商店、低溫學以及樣本儲存的成長。我們對市場的逐步復甦保持謹慎樂觀的態度。我們對我們的前景充滿信心，並重申我們對 2025 年全年有機收入增長 3% 至 5% 以及調整後 EBITDA 利潤率擴大 300 個基點的預期。勞倫斯將在我們的季度財務業績中更詳細地介紹。在上次財報電話會議上，我與大家分享了我們重點關注的幾個關鍵領域。

The first is portfolio optimization, the second is operational excellence; and the third is value-enhancing capital allocation. Each quarter, I will update you on the progress we are making in each area. In portfolio optimization, the medical sale process is underway, which will help simplify our portfolio and will allow us to focus on driving revenue growth and profitability in our remaining businesses. We've engaged external advisers but are still in the initial stages. We will update shareholders as this process develops, but won't be commenting further at this time.

第一是投資組合優化，第二是卓越營運；第三種是增值資本配置。每個季度，我都會向您通報我們在各個領域的進展。在投資組合優化方面，醫療銷售流程正在進行中，這將有助於簡化我們的投資組合，並使我們能夠專注於推動剩餘業務的收入成長和獲利能力。我們已經聘請了外部顧問，但仍處於初始階段。我們將隨著這項進程的進展向股東通報最新情況，但目前不會再發表進一步評論。

More broadly, our priority will always be to strategically review the portfolio on an ongoing basis and to ensure we are maximizing our full potential in creating value. We have made some early and positive strides in operational excellence. The efforts we are making will build the foundation for long-term value creation, reducing complexity, and simplifying what we do and how we work each day. I am confident that by focusing on operational excellence and transformation, we will deliver best-in-class growth.

更廣泛地說，我們的首要任務始終是持續不斷地對投資組合進行策略性審查，並確保我們最大限度地發揮我們的全部潛力來創造價值。我們在卓越營運方面已經取得了一些早期的積極進展。我們所做的努力將為長期創造價值、降低複雜性以及簡化我們的日常工作內容和方式奠定基礎。我相信，透過專注於卓越營運和轉型，我們將實現一流的成長。

Specifically, we're starting on our business system and operating model. We brought together our top leaders for a two-day training on the business system and the implementation plan. The level of engagement, enthusiasm for the teams to learn a new way of doing business was encouraging. They understand the need for change, they demonstrated interesting curiosity and lean tools. We are being our leaders with the skills and the knowledge through participation in [Kaizen] events to become experts in the field, empowering them not to only excel individually but also to lead and mentor others and amplify their impact deep into the organization.

具體來說，我們正在從業務系統和營運模式開始。我們召集了公司高層領導進行了為期兩天的關於業務體系和實施計劃的培訓。團隊的參與程度和學習新業務方式的熱情令人鼓舞。他們了解改變的必要性，並表現出有趣的好奇心和精實工具。我們透過參與 [Kaizen] 活動，讓領導者掌握技能和知識，成為該領域的專家，使他們不僅能夠在個人方面出類拔萃，還能領導和指導他人，並擴大他們在組織內部的影響力。

We're working on continuous improvement and simplification is the way we work. A change in mindset will be modeled at the top and methodically cascaded throughout the organization. It will be challenging and sometimes bumpy. The business system model will help drive our performance and further unify our culture. I'm excited about the road ahead.

我們致力於持續改進，簡化是我們的工作方式。思維方式的改變將在最高層進行示範，並在整個組織內有條不紊地推行。這會充滿挑戰，有時還會坎坷。業務系統模型將有助於推動我們的績效並進一步統一我們的文化。我對未來的道路充滿興奮。

To measure our performance, we have carefully selected our key performance indicator, which we call core value drivers or CVDs. These align our daily management and operating decisions with our strategy. These CVDs are broadly focused on revenue growth, profitability, customer-facing metrics for quality and on-time delivery, employee metrics on internal advancement and voluntary turnover, as well as working capital and cash management. We are starting to better utilize our information systems to provide more timely, visibility, and insights across the organization.

為了衡量我們的績效，我們精心選擇了關鍵績效指標，我們稱之為核心價值驅動因素或 CVD。這些使我們的日常管理和營運決策與我們的策略保持一致。這些 CVD 大致側重於收入成長、獲利能力、面向客戶的品質和準時交付指標、員工內部晉升和自願離職指標，以及營運資金和現金管理。我們開始更好地利用我們的資訊系統，為整個組織提供更及時、更可見和更深入的見解。

Recently, our team quickly developed and rolled out a weekly automated sales report, which provides a visual dashboard to help focus deeply on running the business, to see where we're on track in red and where we are on track in green. This new tool will allow us to prioritize and focus on addressing issues, identify countermeasures where necessary, and save valuable time and resources and enable better, more consistent performance.

最近，我們的團隊快速開發並推出了每周自動銷售報告，該報告提供了一個可視化的儀表板，幫助我們深入關注業務運營，以紅色顯示我們的運行情況，以綠色顯示我們的運行情況。這項新工具將使我們能夠確定優先順序並集中精力解決問題，在必要時確定對策，節省寶貴的時間和資源，以實現更好、更一致的性能。

This example illustrates the low-hanging fruit available to us. We have many opportunities like this that are highly achievable and can have rapid and meaningful impact on our performance. As an organization, we will be programmatic in how we spend our time. We are prioritizing customer on-time delivery and products and services quality, which will lead to gross margin improvements, indirect savings, inventory reduction, and importantly, improved customer experience and satisfaction.

這個例子顯示了我們可以輕易獲得成果。我們有許多這樣的機會，這些機會非常容易實現，並且可以對我們的表現產生迅速而有意義的影響。作為一個組織，我們將有計劃地安排我們的時間。我們優先考慮客戶的準時交貨和產品和服務質量，這將提高毛利率，間接節約，減少庫存，更重要的是，提高客戶體驗和滿意度。

This will have immediate positive impacts on our profitability and how our customers see us, and organic growth acceleration will follow with a lag. In line with our priorities, we have scheduled three kaizens for the fiscal second quarter, two are in sample repository solutions, one focus on sample management workflow automation that will efficiency and scalability, and the other on simplification of order-to-cash process to shorten cycle time and improve process quality.

這將對我們的獲利能力以及客戶對我們的看法產生直接的正面影響，而有機成長的加速將會隨之而來。根據我們的優先事項，我們為第二財季安排了三項改進，其中兩項是樣本庫解決方案，一項側重於提高效率和可擴展性的樣本管理工作流程自動化，另一項是簡化訂單到現金流程，以縮短週期時間並提高流程品質。

The third Multiomics for improved payment capabilities to shorten the cycle from study inquiry to scientific results. These Kaizens will identify areas that will identify the need for more Kaizen starting the flywheel of continuous improvement. In January, we executed a separate restructuring plan to rightsize our G&A cost structure and reposition our resources. Simplification of corporate and operating company functions is critical to provide clarity and accountability while empowering our employees who are closest to the customer to make the right conversations.

第三個Multiomics用於提高支付能力，縮短從研究詢問到科學結果的周期。這些改善將確定需要更多改善的領域，從而啟動持續改進的飛輪。今年 1 月，我們實施了一項單獨的重組計劃，以調整我們的 G&A 成本結構並重新定位我們的資源。簡化公司和營運公司職能對於提供清晰度和責任感至關重要，同時使最接近客戶的員工能夠進行正確的對話。

We have restructured head count and pushed R&D, quality, sales operations, finance, human resource and other functions into the two operating companies. Each operating company will undergo an organizational transformation in the coming weeks to ensure an optimal go-to-market and commercial structure. We are freeing up capital that will be redirected to the highest impact growth investments in sales, marketing, and R&D. There is a sense of excitement and optimism in the organization towards the changes and increased clarity around decision-making.

我們已經進行了員工重組，並將研發、品質、銷售營運、財務、人力資源和其他職能納入兩家營運公司。每個營運公司將在未來幾週內進行組織轉型，以確保最佳的市場進入和商業結構。我們正在釋放資本，這些資本將重新用於銷售、行銷和研發等影響最大的成長投資。組織對於變化和決策日益清晰感到興奮和樂觀。

To help implement standard procurement processes, we are in the process of standing up in new global procurement organization. This group will drive direct material and indirect cost savings, optimize inventory levels, streamline our supply chain, and optimize our preferred supplier list. More to come on this.

為了幫助實施標準採購流程，我們正在建立新的全球採購組織。該小組將推動直接材料和間接成本的節約，優化庫存水平，簡化我們的供應鏈，並優化我們的首選供應商名單。有關此內容還有更多內容。

Finally, on the capital allocation, the Value Creation Committee of the Board was created in November. I'm working closely with the committee to establish the monthly framework, where we will review progress on our financial performance, working capital initiatives, margin improvement as well as evaluate potential investments.

最後，在資本配置方面，董事會價值創造委員會於11月成立。我正在與委員會密切合作，制定月度框架，我們將審查財務表現、營運資本計劃、利潤率改善的進展，並評估潛在投資。

We will prioritize investment opportunities across the four levers, which are gross margin productivity, organic growth offerings, inorganic growth through strategic tuck-in and M&A, and repurchasing our stock. We will make our capital allocation decisions through a standard and robust returns-based process. As I mentioned before, we will compete for resources internally to unlock long-term shareholder value. I'm excited about Azenta's potential and confident in our ability to drive long-term sustainable value to our customers, our employees, and our shareholders. I will keep you updated on our progress.

我們將優先考慮四個槓桿中的投資機會，即毛利率生產力、有機成長產品、透過策略性收購和併購實現的無機成長以及回購我們的股票。我們將透過標準且穩健的基於回報的流程做出資本配置決策。正如我之前提到的，我們將在內部競爭資源以釋放長期股東價值。我對 Azenta 的潛力感到非常興奮，並對我們為客戶、員工和股東創造長期永續價值的能力充滿信心。我將及時向您通報我們的進展。

With that, I'm pleased to turn the call over to Lawrence. Thank you.

說完這些，我很高興將電話轉給勞倫斯。謝謝。

Thank you, John. Good morning, everyone. Thank you for joining us today. I'm honored to be here with you for my first earnings call as the Chief Financial Officer of Azenta. Before we discuss our financial performance first quarter of fiscal 2025, we want to take a moment to acknowledge the trust that you placed in me to help lead this great company. Additionally, I would like to recognize the dedication of our entire Azenta team who demonstrate every day their commitment to delivering value for our customers, fellow employees, and shareholders.

謝謝你，約翰。大家早安。感謝您今天加入我們。我很榮幸能夠作為 Azenta 的財務長來參加我的第一次財報電話會議。在我們討論 2025 財年第一季的財務表現之前，我們想花點時間感謝您對我的信任，讓我幫助領導這家偉大的公司。此外，我還要感謝整個 Azenta 團隊的奉獻精神，他們每天都致力於為我們的客戶、同事和股東創造價值。

I want to share my initial reflections following my 90 days on the job. These past three months have been insightful and energizing as I work to immerse myself in learning the business, understanding the dynamics of our operations, and engaging with the talented individuals across the organization. I couldn't be more excited to be here.

我想分享一下我工作90天後的初步感想。過去三個月讓我收穫豐富、充滿活力，我全心投入學習業務、了解我們營運的動態以及與組織內的優秀人才進行交流。我非常興奮來到這裡。

Azenta has a history of delivering value and innovation, and it's clear that the team is deeply committed to our purpose of enabling breakthroughs faster. I've been impressed by the resilience and adaptability demonstrated across the organization particularly in navigating challenging market conditions.

Azenta 有著提供價值和創新的歷史，很明顯，團隊堅定地致力於我們更快實現突破的目標。我對整個組織所展現的韌性和適應性印象深刻，特別是在應對充滿挑戰的市場條件時。

At the same time, after spending time with the team, it's clear to me there are numerous opportunities to enhance our financial performance. Streamlining our operations to work simpler and are deploying technology more fully to automate and build robust capabilities will enable improved cash flow generation and accelerate profitability.

同時，在與團隊共事一段時間後，我清楚地意識到有很多機會可以提高我們的財務表現。簡化我們的營運以簡化工作，並更充分地部署技術以實現自動化和建立強大的功能，這將提高現金流的產生並加速獲利能力。

These initiatives will not only help us address immediate priorities and challenges, but also sets the scalable foundation for sustainable, long-term value creation. As a reminder, the results we are referring to today, unless otherwise noted, excludes B Medical Systems, which is now reported under discontinued operations.

這些舉措不僅有助於我們解決當前的優先事項和挑戰，而且還為可持續的長期價值創造奠定了可擴展的基礎。提醒一下，除非另有說明，我們今天提到的結果不包括 B Medical Systems，該公司目前已在停止營運的經營業務中報告。

I am pleased to report all continued organic growth in our combined sample management solutions and multiomic businesses. The strength of our portfolio and our ability to better address the needs of our customers in an ever-evolving and uncertain and still difficult market environment. In addition, our continued focus on cost optimization and driving profitable growth is positioning us to improve margins to deliver strong and consistent results for our shareholders.

我很高興地報告，我們的綜合樣本管理解決方案和多組學業務繼續實現有機成長。我們的產品組合實力以及我們在不斷變化、不確定且仍然困難的市場環境中更好地滿足客戶需求的能力。此外，我們繼續注重成本優化和推動獲利成長，這使我們能夠提高利潤率，為股東提供強勁而持續的業績。

To supplement my remarks today, I will refer to the slide deck available on our website. turning to slide 3 for some highlights. First quarter revenue was $148 million, up 4% year-over-year on an as reported and on an organic basis. Both the SMS and multiomic segments performed well in the quarter, given the continued challenging market environment. With growth in next-generation sequencing, gene synthesis, consumables and instruments, store systems as well as sample store.

為了補充我今天的發言，我將參考我們網站上的幻燈片。請翻到幻燈片 3 查看一些亮點。第一季營收為 1.48 億美元，按報告和有機基礎計算年增 4%。鑑於持續充滿挑戰的市場環境，SMS 和多組學部門在本季均表現良好。隨著次世代定序、基因合成、消耗品和儀器、商店系統以及樣本商店的成長。

Non-GAAP EPS for the quarter was $0.08. Adjusted EBITDA margin was 9% in the quarter. This represents a margin expansion of about 400 basis points versus last year demonstrating the impact of our transformation initiatives as well as our strong focus on improved operational efficiencies.

本季非公認會計準則每股收益為 0.08 美元。本季調整後的 EBITDA 利潤率為 9%。這意味著利潤率比去年同期擴大了約 400 個基點，體現了我們的轉型舉措所產生的影響以及我們對提高營運效率的高度關注。

Our results were impacted by certain onetime costs, including those related to executive compensation in connection with the recent restructuring of our management team. Free cash flow $2 million for the quarter, driven primarily by lower accounts receivables and increased billings related to our source projects. We ended the quarter in a strong position with $530 million in cash, cash equivalents and marketable securities which includes $27 million of cash held in discontinued operations.

我們的業績受到某些一次性成本的影響，包括與我們管理團隊最近重組相關的高階主管薪酬相關的成本。本季自由現金流為 200 萬美元，主要由於應收帳款減少和與我們的源項目相關的帳單增加。我們以 5.3 億美元的現金、現金等價物和有價證券（其中包括 2,700 萬美元的已終止經營現金）的強勁勢頭結束了本季。

Now let's turn to Slide 4 to take a deeper look at our results in the quarter. Total revenue was $148 million, representing a growth of 4% within organic. In the first quarter, non-GAAP gross margin was 47.6%, up 270 basis points year-over-year. The improvement is largely a result of higher revenue, favorable sales mix, operational efficiencies, and certain nonrecurring items already in the same period last year. Adjusted EBITDA margin in the quarter was 9%, up 400 basis points year-over-year. Again, non-GAAP EPS was $0.08 per share.

現在讓我們翻到投影片 4 來深入了解本季的業績。總收入為 1.48 億美元，有機成長 4%。第一季度，非美國通用會計準則毛利率為47.6%，較去年同期成長270個基點。業績改善主要得益於更高的收入、有利的銷售組合、營運效率以及去年同期的某些非經常性項目。本季調整後的 EBITDA 利潤率為 9%，年增 400 個基點。再次，非 GAAP 每股收益為 0.08 美元。

With that, let's turn to slide 5 for a review of our segment results, starting with sample management solutions, or SMS. SMS revenue was $81 million, up 3% year-over-year reported and up 2% organic, driven by growth in sample repository solutions and core products. Consumables and instruments clinical and cryogenic store systems and sample storage were the drivers of growth which was partially offset by year-over-year decline in large automated stores due to timing.

接下來，讓我們轉到第 5 張投影片來回顧我們的分部結果，從樣品管理解決方案 (SMS) 開始。SMS 營收為 8,100 萬美元，年成長 3%，有機成長 2%，這得益於樣本庫解決方案和核心產品的成長。消耗品和儀器、臨床和低溫儲存系統以及樣本儲存是成長的驅動力，但由於時間原因，大型自動化商店的年減部分抵消了這一增長。

SMS first quarter non-GAAP gross margin was 47.8%, up 460 basis points year-over-year mostly driven by operational efficiencies, sales mix, and the impact of certain non-recurring items recorded in the same period last year.

SMS 第一季非 GAAP 毛利率為 47.8%，比去年同期成長 460 個基點，主要得益於營運效率、銷售組合以及去年同期記錄的某些非經常性項目的影響。

Turning next to the multiomic segment. Multiomics delivered revenue of $66 million with a growth of 6% on both and as reported and organic basis, demonstrating our strong execution in the face of several market headwinds. Next-generation sequencing grew 11% year-over-year. This was the third quarter of price stabilization and double-digit volume growth. Key large deals also contributed to the significant year-over-year gains, specifically in the North America and Europe regions. China delivered organic growth of 7%, once again outperforming a market with macro challenges.

接下來轉向多組學片段。Multiomics 營收 6,600 萬美元，報告營收和有機收入均成長 6%，證明了我們在面臨多重市場阻力時仍具有強勁的執行力。下一代定序年增11%。這是價格穩定、銷售量實現兩位數成長的第三季。主要的大型交易也推動了同比大幅增長，特別是在北美和歐洲地區。中國實現了 7% 的有機成長，再次超越面臨宏觀挑戰的市場。

Gene synthesis grew 5% compared to last year with great execution by our teams in China in what continues to be a tough market environment. [Sanger] sequencing revenue was down 11% year-over-year as we continue to see the impacts of the shift of sequencing technology. This pressure was offset by growth in Plasmid-EZ, our ONT product, which continues to be strong and gaining ground. Multiomics first quarter non-GAAP gross margin was 47.4%, up 30 basis year-over-year, driven largely by the growth in NGS volume as well as labor and material productivity gains that helped to offset price headwinds.

儘管市場環境依然嚴峻，但憑藉我們中國團隊的出色執行，基因合成業務較去年同期成長了 5%。由於我們不斷看到定序技術轉變的影響，[桑格]定序收入較去年同期下降了 11%。但這一壓力被我們的 ONT 產品 Plasmid-EZ 的成長所抵消，該產品繼續保持強勁成長勢頭並取得進展。Multiomics 第一季非 GAAP 毛利率為 47.4%，比去年同期增長 30%，這主要得益於 NGS 數量增長以及勞動力和材料生產率提高，有助於抵消價格阻力。

Let's turn to slide 6 for a review of the balance sheet. We ended the quarter with $530 million in cash, cash equivalents, and marketable securities. Excluding discontinued operations, the balance was $503 million. We had no debt outstanding. Capital expenditures for the quarter were $8 million, of which $7 million was investment for growth and scale in our sample management solution and Multiomic businesses.

讓我們翻到第 6 張投影片來回顧一下資產負債表。本季結束時，我們的現金、現金等價物和有價證券為 5.3 億美元。不包括已停止的業務，餘額為 5.03 億美元。我們沒有未償還的債務。本季的資本支出為 800 萬美元，其中 700 萬美元用於樣本管理解決方案和 Multiomic 業務的成長和規模投資。

Turning to guidance on slide 8. As you saw in our press release, we are reiterating our guidance for 2025 as we expect organic revenue growth of 3% to 5% for the full year, with multiomics to grow low single digit and sample management solutions to grow mid-single digits. We are reaffirming our commitment to 300 basis points of adjusted EBITDA margin expansion year-over-year.

轉到投影片 8 上的指示。正如您在我們的新聞稿中看到的那樣，我們重申對 2025 年的指導，因為我們預計全年有機收入將增長 3% 至 5%，其中多組學將實現低個位數增長，樣本管理解決方案將實現中等個位數增長。我們重申致力於將調整後的 EBITDA 利潤率較前一年提高 300 個基點。

In closing, my priority as CFO is to ensure that we deliver value to our customers, employees, and shareholders. This includes maintaining transparency, enhancing shareholder returns, and aligning our financial strategies with our long-term vision. I look forward to engaging with you regularly and sharing updates on our progress.

最後，身為財務官，我的首要任務是確保我們為客戶、員工和股東創造價值。這包括保持透明度、提高股東回報以及使我們的財務策略與我們的長期願景保持一致。我期待定期與您交流並分享我們的進展。

This concludes our prepared remarks. Now I'll turn the call over to the operator for questions.

我們的準備好的演講到此結束。現在我將把電話轉給接線員來回答問題。

(Operator Instructions)

（操作員指令）

Jacob Johnson, Stephens.

雅各約翰遜，史蒂芬斯。

Hey, good morning, John and Lawrence. Thanks for the time. Maybe a couple of questions on recent headlines. First, John, you mentioned the UK bio center, BioArc win. Is there any way to frame up the size of that opportunity, maybe the timing of the revenues and whether this is something that was contemplated in guidance? And then I guess along the same lines, I'm just kind of curious, how many other these kind of BioArc Ultra wins could be out there?

嘿，早上好，約翰和勞倫斯。感謝您的時間。也許是有關最近頭條新聞的幾個問題。首先，約翰，您提到了英國生物中心 BioArc 的勝利。有沒有什麼方法可以確定這個機會的規模，也許是收入的時間，以及這是否是指導中考慮到的？然後我想，同樣的道理，我只是有點好奇，還有多少其他類似的 BioArc Ultra 獲勝案例？

Good question. Jacob, thanks for your continued support here. Couple things on our BioArc Ultra, as you know, that's our ultra-low high-throughput warehouse management system, sample management system, and biological management system. So it's got a lot of versatility on these end markets.

好問題。雅各布，感謝您一直以來的支持。如您所知，我們的 BioArc Ultra 上有一些東西，這是我們的超低高通量倉庫管理系統、樣品管理系統和生物管理系統。因此它在這些終端市場上具有多種用途。

From our perspective, that was in our guidance, and so that was contemplated there. We're really excited about the implementation of that. As you know, it's a POC business. Highly customized and multimillions of dollars. We have -- just for some context here, I mean, we have seven quad banks in this facility already. So it's a continuation of our partnership with bio center, an important customer for us going forward.

從我們的角度來看，這是我們的指導方針，因此我們對此進行了考慮。我們對於這項計劃的實施感到非常興奮。如您所知，這是一項 POC 業務。高度客製化且耗資數百萬美元。我們有—僅就此而言，我的意思是，我們在這個設施中已經擁有七個四邊形銀行。這是我們與生物中心合作的延續，生物中心是我們未來的重要客戶。

Lawrence, do you want to talk about phasing of this?

勞倫斯，你想談談這個階段的實施嗎？

Yeah, I think, as John said, the accounting process a percentage of completion, Jacob, I'm sure you're aware, we expect the UK bio center to be operational early in 2026.

是的，我認為，正如約翰所說，會計過程的完成百分比，雅各布，我相信你知道，我們預計英國生物中心將於 2026 年初投入運營。

Got it. And then yesterday, there was a headline about Illumina being added to the unreliable entity list in China. I know it's probably early, but we're getting questions on it. So can you talk about any impacts that you could see from that headline to your NGS business in China or maybe another is there any way to frame up how large the NGS business in China is for you all?

知道了。昨天，有一則頭條新聞稱 Illumina 被列入中國不可靠實體名單。我知道可能還為時過早，但我們確實收到了相關疑問。那麼，您能否談談該標題對您在中國的 NGS 業務有何影響，或者能否談談有什麼方法可以概括出中國的 NGS 業務對您來說有多大？

So the team has done a nice job of anticipating this for quite some time in China. We do not own any Illumina products in [NovaSeq] specifically in China. We do have a few Illumina products internally. Most of our NGS business, we actually partner with BGI in China specifically. We run two platforms in particular on NGS. And that is the Illumina platform and the MGI platform from BGI. As you know, BGI was put on the list in biosecure and a Pentagon -- a list at the Pentagon as well.

因此，該團隊在中國已經很好地預測了這一點一段時間了。我們在中國不擁有 [NovaSeq] 方面的任何 Illumina 產品。我們內部確實有一些 Illumina 產品。我們的大部分 NGS 業務實際上是與中國的華大基因 (BGI) 合作的。我們在NGS上特別運行兩個平台。這就是 Illumina 平台和華大基因的 MGI 平台。如你所知，華大基因已被列入生物安全名單和五角大廈名單。

Those -- our partnership is only in China with that. And so we have the ability to move customers over to the MGI platform, if needed. But again, we've been -- the team in China has been anticipating this for quite some time. The risk is low. I'll let Lawrence quantify that in general, but we've been anticipating this for quite some time.

我們的合作關係僅限於中國。因此，如果需要，我們有能力將客戶轉移到 MGI 平台。但再說一次，我們中國團隊已經期待這一點很久了。風險很低。我會讓勞倫斯對此進行總體量化，但我們已經預期這一點很長一段時間了。

Yeah, Jacob, as you mentioned, really, when we look at the revenue for NGS particularly in the region of China, it's roughly about 7%-ish to 10% of Multiomics. So again, what John mentioned is we see no material risk due to the Illumina issue.

是的，Jacob，正如您所說，當我們查看 NGS 的收入（特別是在中國地區）時，它約佔 Multiomics 的 7% 到 10%。所以，約翰再次提到，我們認為 Illumina 問題不會帶來重大風險。

Got it, that's super helpful I'll leave it there. Thanks for taking the questions.

明白了，這非常有幫助，我會把它留在那裡。感謝您回答這些問題。

Thank you, Jacob. Appreciate it.

謝謝你，雅各。非常感謝。

David Saxon, Needham.

大衛薩克森，尼德漢姆。

Great, good morning. John and Lawrence, congrats on the quarter. So just a few for me on Multiomics, maybe I'll start. So the guide stayed at low single digits. You did send organic this quarter. It sounds like there were some orders that came in, in this quarter. But just given that guidance implies the deceleration in the back half of the year or the balance, I should say, what's driving that? I think NGS comps get tougher, but like anything you're seeing in Sanger or Synthesis that would drive that deceleration.

太好了，早安。約翰和勞倫斯，恭喜本季取得佳績。因此，對於我來說，關於 Multiomics 的只有幾點，也許我會開始。因此此指導價仍維持在個位數以下。本季您確實發送了有機產品。聽起來本季有一些訂單進來。但是，鑑於該指引意味著下半年經濟減速或保持平衡，我應該說，是什麼推動了這一趨勢？我認為 NGS 的比較會變得更加困難，但就像你在 Sanger 或 Synthesis 中看到的任何情況一樣，這會導致這種減速。

Thanks, David, appreciate your comments here on the morning as well. It's good to be speaking with you in the morning. Let's talk about, first, the way we're thinking about this. I mean we're looking at the full year. We're not looking at the quarters right now. Second thing is we are in the middle of a transformation. So we're holding that guide right now. We are going to be coming back to you in the summer with an Investor Day and kind of view of our LRP in general. I want to hand this over to Lawrence to talk to you about phasing and what this looks like quarter-on-quarter.

謝謝，大衛，也謝謝你早上在這裡的評論。很高興早上能與您交談。首先，讓我們來談談我們對此的看法。我的意思是我們正在關注全年的情況。我們現在不關注季度。第二件事是我們正處於轉型之中。因此我們現在就持有該指南。我們將在夏季再次與您見面，舉辦投資者日並大致介紹我們的 LRP。我想把這個交給勞倫斯，讓他和你談談分階段的情況以及季度環比的情況。

Yeah, David, nice to speak with you. Look, as John alluded to, it's mainly a timing issue here. We had a really solid quarter to your point, right? NGS was up 11%. So we're really pleased about that. As John noted, I think as we get closer to Investor Day, more to come here now. But right now, we're just kind of -- we've got a lot of change that's happening, and we're looking at the phrasing as well.

是的，大衛，很高興與您交談。看，正如約翰所提到的，這主要是時間問題。正如您所說，我們本季的表現非常穩健，對嗎？NGS上漲11%。我們對此感到非常高興。正如約翰所說，我認為隨著投資者日的臨近，會有更多事情發生。但現在，我們只是有點——我們正在發生很多變化，我們也在考慮措辭。

Okay, great, Lawrence, maybe we'll stay with you on margins, just really strong improvement. It does seem like the guide implies EBITDA kind of margins kind of plateau in the back half. I don't know if it's just how you're thinking about the year versus the quarter early, but any comments around like how much of that is conservatism versus any timing from the Ascend '26 initiatives?

好的，太好了，勞倫斯，也許我們會和你一樣保持利潤率，只是有非常強勁的改善。該指南確實似乎暗示 EBITDA 利潤率在下半年將趨於穩定。我不知道這是否只是您對今年與本季早期的看法，但您是否有任何評論，例如其中有多少是保守主義，有多少是 Ascend '26 計劃的時機？

And then just on B Medical, I don't know if this would be for John or Lawrence. I think last quarter, you talked about potentially closing that in the fiscal first half. It sounds like this morning, you're talking about still in the initial stages. So is the message essentially that it's going to probably take longer than that? Thanks so much.

然後就 B Medical 而言，我不知道這是否適合約翰或勞倫斯。我認為上個季度您談到了可能在財政上半年完成這一目標。聽起來，今天早上你談論的仍處於初始階段。那麼這個資訊的本質是否意味著這可能需要更長的時間？非常感謝。

Yeah, David, I'll take the margin one, and maybe I'll pass it to John on as on the B Medical. First and foremost, just kind of ground ourselves a bit. EBITDA for the first quarter was 9%. I did mention during kind of the prepared remarks, that we had some onetime events. Excluding some of those onetime events, we're north of 10% EBITDA. So it gives us a bit of a pathway towards kind of what we're looking at 300 basis points.

是的，大衛，我會接受保證金，也許我會將其傳遞給 B Medical 上的約翰。首先，我們要腳踏實地。第一季的 EBITDA 為 9%。我在準備好的發言中確實提到過，我們有一些一次性活動。除去一些一次性事件，我們的 EBITDA 超過 10%。所以這給我們提供了一條通往我們所關注的 300 個基點的途徑。

As we step through the balance of the year, John noted that we did it of the corporate function. That will also -- is within our guidance and it is a couple of million dollars on the balance of the year. We've got some more to come, but we feel pretty confident right now in our guide based on some of the actions we're taking this quarter. But more importantly, what we've got in queue for the second and third.

當我們回顧這一年的收支平衡時，約翰指出，我們已經完成了公司職能。這也在我們的指導範圍內，今年的餘額將是數百萬美元。我們還會有更多的事情要做，但根據我們本季採取的一些行動，我們目前對我們的指南非常有信心。但更重要的是，我們已經為第二和第三次做好了準備。

David, a few other comments here. So on restructuring, about 17% of corporate, we restructured. We're going to continue that transformation in the operating companies and making sure we've got the right structure to go forward. So the way we're framing this is it's around structure, process and then our people is the framing of how we're setting the company up.

大衛，這裡還有其他一些評論。因此在重組方面，我們對大約 17% 的公司進行了重組。我們將繼續在營運公司中進行轉型，並確保我們擁有正確的未來發展結構。因此，我們制定這個框架的方式是圍繞著結構、流程，然後我們的人員就是我們如何建立公司的框架。

In regards to Ascend 2026, that put us on the right path. This is just going to be a way of life in how we run our business going forward. So we're going to -- I mean we want to keep G&A at a very modest level in this company and then accelerate around sales and marketing and R&D in these growth investments. Right now, we're trying to -- we're getting our resting heart rate in the organization to figure out what steady state looks like.

就 Ascend 2026 而言，這讓我們走上了正確的道路。這將成為我們今後經營業務的生活方式。所以我們要—我的意思是，我們希望將公司的一般及行政開支保持在非常適中的水平，然後加速銷售、行銷和研發方面的成長投資。現在，我們正在嘗試——我們正在測量組織的靜止心率，以確定穩定狀態是什麼樣的。

We're really pleased with the teams have been making. Restructuring at corporate was very well done. Hands off to our HR team and the rest of the leaders that executed that. And our operating companies are entering their transformational phase as well. As it pertains to the one-timers that Lawrence discussed, I mean we're pleased about our trajectory financially on the bottom line right now. I mean those one-timers, if you back those out, we're pretty confident in where we're moving the bottom line right now and more in control there.

我們對團隊的成果非常滿意。公司結構重組做得非常順利。交給我們的人力資源團隊和執行此事的其他領導。我們的營運公司也正在進入轉型階段。至於勞倫斯討論的一次性事件，我的意思是我們對目前的財務狀況感到滿意。我的意思是，如果將那些一次性事件排除在外，我們對目前的底線走勢非常有信心，而且可以更好地控制。

In regards to B Medical, what I can tell you is our value creation committee, Board members are involved in that process. We're going to help accelerate that. We're very pleased about maximizing -- well, let me say it differently. We're focused heavily on maximizing the value of that sale, and we're pleased that the committee members are involved in that specifically. I think that's going to really help us partner with our outside advisers to maximize value. Listen, the funnel in regards to inbound and in our outreach, I'm pleasantly surprised at how many party involved and interested in this business. So that's the update on that one, David.

關於 B Medical，我可以告訴你的是，我們的價值創造委員會和董事會成員都參與了這個過程。我們將幫助加速這一進程。我們非常高興能夠最大限度地發揮 — — 好吧，讓我換個說法。我們非常重視最大化銷售價值，我們很高興委員會成員能夠參與其中。我認為這將真正幫助我們與外部顧問合作以實現價值最大化。聽著，關於我們入站和外展的管道，我很高興地看到有這麼多方參與並對這項業務感興趣。這就是關於那件事的最新消息，大衛。

Okay, super helpful. Thanks, guys.

好的，非常有幫助。謝謝大家。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Hey, guys, good morning. Thank you for taking my question. A couple of maybe macro-related questions on recent noise around tariffs. Can you talk about your exposure to China, Mexico, Canada, and any risk related to tariffs?

嘿，大家早安。感謝您回答我的問題。關於最近關稅的動向，有幾個可能與宏觀相關的問題。您能談談您在中國、墨西哥、加拿大的風險敞口以及與關稅相關的風險嗎？

Sure. Let me talk about -- just give you the high-level context and then Lawrence will jump into the they'll dive into the details of our -- if there's a materiality there or not. As it pertains to Mexico and Canada, we have minimal risk. Again, our businesses in multiomics specifically are set up regionally. It's a local-for-local model. We do have some global overlap around our synthesis business. In regards to SMS in that business unaffected. In China specifically, as you know, there's a 6.5% tariff and what is contemplated right now at 10%. I'll let Lawrence get into particulars of that in terms of materiality or not.

當然。讓我先講一下——只給你大概的背景，然後勞倫斯會深入探討我們的細節——是否有實質問題。就墨西哥和加拿大而言，我們的風險很小。再次強調，我們的多組學業務是專門在區域內設立的。這是一種本地服務本地的模式。我們的合成業務確實存在一些全球重疊。對於該業務中的短信，不受影響。具體來說，如你所知，在中國，關稅為 6.5%，而目前考慮的關稅為 10%。我會讓勞倫斯詳細討論其重要性與否。

Yeah, Vijay, good to speak with you. In terms of China tariff, looking at kind of the step up to 10%, we believe the impact of Azenta is really immaterial. Potential incremental, probably $1 million maybe $2 million at most that will be at the upper end.

是的，維傑，很高興與您交談。就中國關稅而言，考慮到關稅上調至 10%，我們認為 Azenta 的影響其實並不大。潛在增量大概是 100 萬美元，最多可能是 200 萬美元，這是最高限額。

Really, as you think about this is -- we kind of known this was going to be happening. So we've really factored a lot of this into our guide. As you know, this is a pretty fluid situation. So we're kind of monitoring the developments here. And if the situation evolves adversely and the underlying understanding changes, we will communicate that to you. But right now, we feel pretty good that it's a very immaterial amount for us.

真的，當你想到這一點時——我們就知道這將會發生。因此，我們確實將許多這方面的因素考慮進了我們的指南中。如你所知，這是一個非常不穩定的情況。所以我們正在監視這裡的事態發展。如果情況出現不利發展，基本理解發生變化，我們將會及時告知您。但現在我們感覺很好，這對我們來說只是一個微不足道的數字。

Understood. And then maybe one on the guidance. In SMS, it looks like it was off a slow start. I know the guidance mid-singles for sample management solutions. I think stores, you said low singles. So maybe talk about your orders, backlog. Was this just a timing element or some cautiousness from customers, perhaps which we're seeing here in the numbers?

明白了。然後也許還有一個關於指導的內容。在 SMS 中，看起來起步比較慢。我知道樣本管理解決方案的指導中期。我認為是商店，你說的是低價單曲。所以也許可以談談您的訂單和積壓訂單。這只是一個時間因素還是一些客戶的謹慎態度，也許我們在數字中看到了這一點？

Yeah, Vijay, you're absolutely right. It's really around timing. Our large stores in the first quarter was down 13%. However, we have a pretty robust pipeline and backlog and continues to build for '25, '26. Just to provide a little bit of context around that, we've got a good line of sight for the next 12 months here. And we've got 75% of the 2025 revenue secured. So feel pretty good. Sometimes these capital projects do kind of move on us quarter-to-quarter, as you saw similarly to what the UK came up, but we feel good. And on top of that, as you look at C&I, we continue to see strong demand up in the quarter about 9%, particularly, in instruments. So again, mainly timing here, Vijay.

是的，維傑，你完全正確。這確實與時機有關。我們第一季的大型門市數量下降了 13%。然而，我們擁有相當強大的產品線和積壓訂單，並將繼續為25、26年進行建設。為了提供一些背景信息，我們對未來 12 個月的情況有了很好的預測。我們已經確保了 2025 年 75% 的收入。所以感覺非常好。有時這些資本項目確實會按季度變化，就像您看到的那樣，與英國的情況類似，但我們感覺很好。除此之外，從工商領域來看，我們繼續看到本季需求強勁成長約 9%，尤其是在儀器方面。所以再說一遍，主要是時間問題，維傑。

Vijay, similar color here. So we were at [SOAS] last week. As you know, that's the biggest trade show in that segment of the market. We had a lot of inbound, over 300-some leads. We're pleased with the activity during that trade show. I think the other thing that we've learned, and we spoke with a lot of customers last week, I mean, personally, we spoke a lot of customers in.

維傑，這裡的顏色類似。所以我們上週去了[SOAS]。如您所知，這是該領域市場最大的貿易展會。我們收到了很多線索，超過 300 條。我們對此次貿易展會期間的活動感到非常滿意。我認為我們還了解到另一件事，上週我們與許多客戶進行了交談，我的意思是，就我個人而言，我們與許多客戶進行了交談。

There's some uncertainty in these end markets right now illustration. But we think that it's more of a wait-and-see instead of canceling projects. Our sales leaders and our sales reps feel pretty confident with the -- with where we are in these programs, they're not seeing cancellations at all or delays. It's more of a wait-and-see approach we're seeing right now in these just first couple of months, but we feel pretty confident in our back half in general.

目前這些終端市場存在一些不確定性。但我們認為這更多的是觀望，而不是取消項目。我們的銷售領導和銷售代表對這些計劃非常有信心，他們沒有看到任何取消或延遲的情況。在最初的幾個月裡，我們更採取觀望態度，但總體而言，我們對我們的後半部分非常有信心。

Understood. And maybe if I could squeeze one more in. Gross margins, nice share. It looks like there was some timing moment in stock comp here in Q1 that's depressed operating margins. When you think about the back half margin ramp, should gross margin sustain at these levels and visibility into the back half operating margin ramp?

明白了。也許我還可以再擠一點進去。毛利率、份額不錯。看起來第一季的股票補償存在一些時機問題，導致營業利益率下降。當您考慮下半年利潤率的上升時，毛利率是否應該維持在這些水平，並且下半年營業利潤率的上升是否具有可見性？

Yes, Vijay, honestly, in terms of gross margin, really pleased with the results in Q1. We saw a similar profile last quarter, but a couple positive things, right? We saw better margins within stores and the SMS business. multiomics, we saw stabilization and NGS price, coupled with favorable sales mix and really operational efficiencies, right. And in general, we feel good about the gross margin trajectory here and the investment opportunity.

是的，Vijay，說實話，就毛利率而言，我對第一季的業績非常滿意。我們在上個季度看到了類似的情況，但有一些積極的事情，對吧？我們發現商店和簡訊業務的利潤率更高。多組學，我們看到了穩定和NGS價格，再加上有利的銷售組合和真正的營運效率，對吧。總體而言，我們對這裡的毛利率走勢和投資機會感到滿意。

Matt Stanton, Jefferies.

傑富瑞的馬特史丹頓。

Matt, how are you?

馬特，你好嗎？

Good, how are you doing? Thanks for taking the question. Maybe sticking with the theme kind of recent noisy headlines. Could you just remind us what the pro forma mixes within your academic and government exposure and then within what's directly tied to NIH? And any kind of impact you've seen, I know it's early days in the last few weeks, but then kind of a choppy backdrop from a headline perspective within the administration, anything you're seeing kind of in terms of activity levels at customers or things being pushed out? And then I assume that's kind of contemplated within the hour bar or the 3 to 5 guide. But if you just confirm that as well, thanks.

很好，你好嗎？感謝您回答這個問題。或許堅持最近喧鬧的頭條新聞的主題。您能否提醒我們一下，這份表格中混合了您在學術和政府方面的工作經驗，以及與 NIH 直接相關的內容？您所看到的任何影響，我知道這才剛開始幾週，但從政府內部的整體情況來看，背景有點不穩定，就客戶的活動水平或被推遲的事情而言，您看到什麼影響嗎？然後我假設這是在一小時欄或 3 到 5 指南中考慮的。但如果您也確認這一點，謝謝。

It is contemplated in the guide. From an end market perspective, in general, so about 45% pharma biotech, about 16% academic, about 15% medical government, and we've got about 15% in emerging markets. The way I would look at this, Matt is, we've seen some pausing or delays in some projects that are government funded. We believe those are going to come back online. Once some decisions are made either on the NIH front or outside of funding government funding of some of these projects.

指南中對此進行了考慮。從終端市場角度來看，整體而言，約有 45% 屬於製藥生物技術，約有 16% 屬於學術界，約有 15% 屬於醫療政府，而新興市場約有 15%。馬特，我的看法是，我們看到一些政府資助的計畫出現暫停或延後。我們相信這些將會重新上線。一旦做出一些決定，無論是在 NIH 方面還是在政府資金之外，都可以為其中一些項目提供資金。

So again, we're able to respond to whichever way the markets are going based on the fact that there are always projects and programs going on. We toggle our call points based on that. I mean the teams can move over, and move over to more pharma and biotech in the event there is a pullback, slight pullback, on research in other areas. So we're comfortable. But we're also monitoring the uncertainty out there in general in these markets. So that's kind of our view of it right now.

因此，我們能夠根據不斷進行的項目和計劃這一事實對市場的任何走向做出反應。我們據此切換我們的呼叫點。我的意思是，如果其他領域的研究出現衰退，輕微的衰退，那麼團隊可以轉向更多的製藥和生物技術領域。因此我們很舒服。但我們也在監測這些市場整體上的不確定性。這就是我們現在的看法。

Okay, thanks, that's helpful. And then maybe shifting gears a little bit. Can you just talk about what you saw in the cell and gene therapy side in the first quarter? I think the last few quarters have started to see, some improvement, funding, still maybe a bit challenged, but there's some later stage programs ramping up. So just love to see kind of what you're hearing and seeing from your customers on the selling gene therapy side of things? Thanks.

好的，謝謝，這很有幫助。然後可能要稍微改變一下節奏。您能談談第一季在細胞和基因治療方面看到的情況嗎？我認為最近幾個季度已經開始看到一些改善，資金可能仍然存在一些挑戰，但一些後期專案正在加緊推進。那麼，您很想知道在銷售基因療法方面您從客戶那裡聽到和看到的是什麼樣的資訊嗎？謝謝。

Yeah, you bet. Last year, we saw our auto cryo business increase about 67%. We have delivered about 11 units this quarter against that, so we're seeing good progress in selling gene therapy. I mean that that product is specifically sits under that value stream and selling gene therapy as well as our barky products. We're pretty bullish on that end market, and we're seeing good traction there as well in it this year. And that trend is continuing.

是的，確實如此。去年，我們的汽車冷凍業務成長了約67%。本季我們已經交付了約 11 個單位，因此我們在基因治療銷售方面取得了良好的進展。我的意思是該產品具體位於該價值流之下並且銷售基因療法以及我們的樹皮產品。我們對該終端市場非常看好，今年也看到了良好的發展勢頭。而且這種趨勢還在持續。

Super, thank you.

非常好，謝謝。

Paul Knight, Keybank.

保羅奈特（Paul Knight），Keybank。

Thank you, appreciate it. First question I have would be the company has been even before your tenure buying stock, we really didn't know what the margin target was. And I don't understand why there was such an aggressive share repurchase program when there was no clear metrics out there on what business performance should be. So the question really is, as you are now on Board, is there still a share buyback program or will we wait to see what the business can return first? And then is there a likelihood that we could go back to what I think was a consolidator of the industry or are you still out on that? So two questions there.

謝謝，很感激。我的第一個問題是，甚至在您任職之前公司就已經開始購買股票了，我們真的不知道利潤目標是多少。而且我不明白，在沒有明確的業務績效衡量標準的情況下，為什麼要實施如此積極的股票回購計畫。所以真正的問題是，既然您現在在董事會，是否仍有股票回購計劃，或者我們是否要等著看業務可以先回報什麼？那麼，我們是否有可能回到我認為的行業整合者的位置，或者您仍然沒有考慮這一點？這裡有兩個問題。

Two good questions, Paul. We were at -- last year, we were with investing in our Q1, and this topic came up quite frequently. And our capital allocation framework is alive and well in the organization right now. And first, it's around gross margin improvement.

保羅，這兩個問題問得很好。去年，我們正在對第一季進行投資，這個話題經常被提起。目前，我們的資本配置框架在組織內運作良好。首先，這與毛利率的提高有關。

And we're really focused around that specifically. The second is around growth initiatives in R&D and expanding our business lines and geographies. Third is around M&A tuck-in, and last is share buyback. And I wanted to share that framework again really focused around that. We're focused around that in the value creation committee. And so when I say share buybacks are last, everything competes against that fourth lever specifically.

我們確實特別關注這一點。第二個是圍繞研發的成長計劃以及擴大我們的業務線和地理。第三是圍繞併購，最後是股票回購。我想再次分享這個真正圍繞這一點的框架。我們價值創造委員會重點關注這一點。因此，當我說股票回購是最後一個時，一切都在與第四個槓桿競爭。

Right now, as we sit here today, we think there's much more opportunity in levers one through three. We see those opportunities. We're investing in those now. There are strict ROIC metrics around that, and we're head down and focused on that specifically. I think we're excited to get us into the steady-state model where we can come back with a clear eye view on what is the algorithm of this business, what does it look like from a returns perspective. There's still work to be done there, Paul. But in general, that's the way we're thinking about it.

現在，當我們今天坐在這裡時，我們認為第一到第三個槓桿中存在著更多的機會。我們看到了這些機會。我們現在正在投資這些。對此有嚴格的 ROIC 指標，並且我們全心全意地關注這一點。我認為我們很高興進入穩定狀態模型，在這個模型中我們可以清楚地了解這個業務的演算法是什麼，從回報的角度來看它是什麼樣的。保羅，那裡還有很多工作要做。但總的來說，我們就是這樣思考的。

And once we have that, then we can come back with a better answer around that. I don't view -- I've been pretty candid around this. I don't think that those shareholders hire us to do share buybacks. And I think the opportunity we have in front of us, specifically around SMS and SRS and some other business lines in Multiomics really excites us around our investment opportunities. But also at a certain point around M&A and when we get us into a good place to start to do that type of work.

一旦我們掌握了這些，我們就能找到更好的答案。我不這麼認為——我對這個問題一直很坦誠。我不認為那些股東僱用我們是為了進行股票回購。我認為我們面前的機會，特別是圍繞 SMS 和 SRS 以及 Multiomics 中的一些其他業務線的機會確實讓我們對投資機會感到興奮。但在併購的某個階段，當我們進入一個好的開始時，我們就可以開始做這類工作了。

Great and then last question, I guess it's been asked about, but you know it seems like this post COVID era of overcapacity and ultra cold temperature, and even cold storage in general it seems like you know we're starting to get past that glut of material and capacity that did emerge during COVID. So are we kind of in one step past it now or what do you -- what's your feeling on you know where we are with this post COVID?

太好了，最後一個問題，我想這個問題已經被問過了，但是你知道，在後疫情時代，似乎出現了產能過剩和超低溫的情況，甚至一般的冷藏情況，似乎我們已經開始擺脫疫情期間出現的材料和產能過剩的局面。那麼，我們現在是不是已經邁出了一步，或者你對後 COVID 時代有什麼感想？

Yeah, we have some experience in the ULT market from my prior life. But thankfully, we've ever -- I understand how the investment community lumps us into that. And I don't think that's the case. The more I get into the business, the more I'm kind of scratching my head wondering why we we're being kind of lumped into that end market.

是的，我以前在 ULT 市場有一些經驗。但值得慶幸的是，我們曾經——我理解投資界是如何將我們歸類在這個類別的。但我不認為事實是如此。我越深入這個產業，就越困惑為什麼我們會被歸類在那個終端市場。

And here's -- and let me be more helpful here, Paul. So if we think about our stores specifically, those units are basically asset management units or warehouse management units for a pharma and biotech, specifically around compound management, specifically around sample management is around antibodies and using these as warehouse management systems and pick systems for shipping of these products.

這是－保羅，讓我在這裡提供更多幫助。因此，如果我們具體考慮我們的商店，這些單位基本上是製藥和生物技術公司的資產管理單位或倉庫管理單位，具體圍繞化合物管理，具體圍繞樣品管理，圍繞抗體，並將它們用作倉庫管理系統和挑選系統來運輸這些產品。

Those are three different applications that a ULT just -- I mean you may get some support there, but it's very manual process. I mean we're not seeing that overlap in particular. So we're pretty excited about these other applications and how they sit in other end markets that maybe you wouldn't see it on a broad macro chart, but we are able to meet the needs of these customers very uniquely because of our inventory management at the facilities, providing that service to our customers. Really excited about that.

這些是 ULT 的三個不同的應用程式——我的意思是您可能會在那裡獲得一些支持，但這是一個非常手動的過程。我的意思是我們沒有看到特別的重疊。因此，我們對這些其他應用程式以及它們在其他終端市場中的地位感到非常興奮，也許你不會在宏觀圖表上看到它，但由於我們在設施中的庫存管理，我們能夠以非常獨特的方式滿足這些客戶的需求，為我們的客戶提供這種服務。我真的很興奮。

I mean these are highly sophisticated 12 access automated robots that are inside negative 80 degrees Celsius that what sits on top of that is a highly sophisticated software program that you can access your inventory very quickly, whether that's in compounds, monoclonal antibodies, antibodies and/or samples. So pretty excited about that end market. But this ULT glut, I don't think we've been parted to that because we've been growing well over the glut on the ULT side.

我的意思是，這些都是高度複雜的 12 通道自動化機器人，它們位於攝氏零下 80 度的環境中，其頂部是一個高度複雜的軟體程序，您可以非常快速地訪問您的庫存，無論是化合物、單克隆抗體、抗體和/或樣本。所以我對這個終端市場感到非常興奮。但是這種 ULT 過剩，我不認為我們已經陷入其中，因為我們在 ULT 方面已經很好地克服了過剩問題。

Side. Super helpful.

邊。超有幫助。

Thank you. You bet thank you for that question.

謝謝。當然，我非常感謝你提出這個問題。

(Operator Instructions) Andrew Cooper, Raymond James.

（操作員指示）安德魯庫柏、雷蒙詹姆斯。

Hi everybody, thanks for the questions. Maybe just one into a little bit of a nitty-gritty on Multiomics. I just want to make sure. You made a couple of comments about stability on NGS pricing, but there was one in there about price headwinds as a drag on margins. So maybe just help adjudicate or confirm, was that just, hey, you're a handful of quarters through stability and the comp is a little bit difficult? Or is there somewhere else in that segment where there's a little bit of pricing pressure we need to make sure we're thinking about?

大家好，謝謝你們的提問。也許只是對 Multiomics 有一點細節上的了解。我只是想確認一下。您對 NGS 定價的穩定性發表了一些評論，但其中有一條評論是關於價格逆風對利潤率的拖累。所以也許只是幫助裁決或確認，那隻是，嘿，你已經通過幾個季度的穩定和補償有點困難？或者在這個領域中是否存在其他地方存在一些我們需要確保考慮到的定價壓力？

Andrew, just to clarify, we are seeing price stability in NGS. Just to reiterate, we had a great quarter there, 11% growth. So overall, that's kind of where the NGS businesses. When you look at at Sanger, you're going to -- we have challenges in Sanger. But that's kind of a shift in technology, right? We're down about 11% there. The big thing is, though, it's a shift in technology. We are seeing a significant kind of upside technology called Plasmid-EZ and that is up significantly. I believe almost [300%] year-on-year in the quarter. So well, that's helpful.

安德魯，需要澄清的是，我們看到 NGS 的價格穩定。我重申一下，我們這個季度的業績非常好，成長了 11%。總的來說，這就是 NGS 業務所在。當你觀察桑格時，你會發現──我們在桑格面臨挑戰。但這是一種技術轉變，對吧？我們那裡下降了約11%。但最重要的是，這是一個技術的轉變。我們看到了一項名為 Plasmid-EZ 的重要上行技術，而且該技術正在顯著上升。我相信本季的增幅幾乎與去年同期相比 [300%] 上升。很好，這很有幫助。

Yeah, Andrew, some color here. So our Sanger business is seeing some headwinds. But I'll tell you, with in the United states -- I am not even going to speak to you about the Europe and our infrastructure there. In the United States, we have got 2,500 drop boxes. Sanger's being disintermediated by the ONT Plasmid-EZ product, we're going to double that business this year because of our infrastructure. We're very excited about the growth of this in general. And I think the team has done a really good job of responding to that, we have great mediation, we're investing in it.

是的，安德魯，這裡有一些顏色。因此我們的 Sanger 業務遇到了一些阻力。但我要告訴你，在美國——我甚至不會跟你談論歐洲和我們在那裡的基礎設施。在美國，我們有 2,500 個投遞箱。Sanger 被 ONT Plasmid-EZ 產品取代，憑藉我們的基礎設施，我們今年將使該業務翻一番。總體而言，我們對這一領域的發展感到非常興奮。我認為團隊對此做出了很好的回應，我們有很好的調解能力，我們正在投資。

Great. That's helpful. Maybe just one more on that side of the business and I will sneak a third in at the same time as well. But just in terms of gene synthesis, one area that you guys have talked about has to be and needing to add some in India, I think, and more kind of coming out of China there relative to other parts of the business. So just to be clear, is the takeaway on the China tariff response that even that business you feel relatively comfortable with kind of the moving parts there? And where are we in that capacity expansion you've talked about before?

偉大的。這很有幫助。也許在業務方面再多一個，我也會同時偷偷地做第三個。但就基因合成而言，我認為，你們談到的一個領域是需要在印度增加一些基因合成，而且相對於該業務的其他部分，更多的基因合成業務需要從中國轉移。因此，需要明確的是，對於中國關稅回應，您是否對其中涉及的業務相對放心？您之前談到的產能擴充目前進行到哪一步了？

And then lastly, just, John, what you made on getting in that right spot where it's time to execute on M&A and tuck-ins again. What do you need to see in the core business to feel like you're at that point where it is time to get a little bit more kind of forward-looking and aggressive on the M&A front? I appreciate it.

最後，約翰，您在正確時機再次執行併購和整合方面取得了哪些成就。您需要在核心業務中看到什麼，才能感覺自己已經到了在併購方面更具前瞻性和更積極進取的階段？我很感激。

Yeah, you bet. So let's talk about gene synthesis, then we'll go to capacity in an M&A piece. So the gene synthesis business has been a mid-single-digit grower for us, very steady because our customer base is biotech and pharma specifically. I mean that's the lion's share of our customers, less academics. And I want to share that overly because I think there's a lot of noise and there's a lot of misrepresentation out there in the market, specifically around synthesis.

是的，確實如此。因此，我們先來討論基因合成，然後再討論併購中的產能問題。因此，基因合成業務對我們來說一直保持中等個位數成長，非常穩定，因為我們的客戶群主要是生物技術和製藥行業。我的意思是，這些人佔了我們客戶的大部分，學者較少。我想過度分享這一點，因為我認為市場上存在著許多噪音和很多虛假陳述，特別是在合成方面。

We compete in a very niche part of this market that no one else does and the needs of those customers are very unique, because they're looking at very complex long reads. And that takes a bit of automation, which we have. We're about 40% automated on that and the rest we have got 300 -- I'm sorry, almost 400 PhDs that support that business, both in the US and in China.

我們在這個市場的一個非常小眾的領域競爭，沒有人參與其中，而且那些客戶的需求非常獨特，因為他們需要閱讀非常複雜的長篇文章。這需要一些自動化，我們已經做到了。我們在這方面的自動化程度大約是 40％，其餘部分我們有 300 名——對不起，大約 400 名博士支持該業務，無論是在美國還是在中國。

And so we've got great capabilities there, and we meet those customers' needs very uniquely. There's a competitor out there that operates highly automated on a chip and so it's high volume, lower quality, but it's a different segment of the market. Again, we're positioned very nicely in that market from a high quality, high complexity, very high margin. It's a very high-margin business for us.

因此，我們擁有強大的能力，並且能夠以獨特的方式滿足這些客戶的需求。有一個競爭對手在晶片上高度自動化操作，因此產量大，品質低，但這是不同的細分市場。再次，我們在該市場上的定位非常有利，品質高，複雜度高，利潤率高。對我們來說這是一項利潤非常高的業務。

So that's not a gene synthesis in general. As it pertains to capacity, Andrew, we're very early innings there. I mean we're trying to figure out, in general, we go back to Paul's question around discipline around capital allocation. We're not going to rush into decisions around areas of the business quite yet until we've got absolute clarity there.

所以一般來說這不是基因合成。就容量而言，安德魯，我們才剛剛開始。我的意思是，我們試著弄清楚，總的來說，我們回到保羅關於資本配置紀律的問題。在我們還沒有完全弄清楚之前，我們不會倉促做出有關業務領域的決定。

The easy wins for us around growth in R&D and some commercial investments we're making those today. And as it pertains to capacity, we're increasing capacity, and we're -- the team is doing a nice job. We'll come back to you when we've got a clear line of sight into that specifically.

我們今天在研發成長和一些商業投資方面輕鬆取得了勝利。就容量而言，我們正在增加容量，而且我們 - 團隊做得很好。當我們對這一問題有了清晰的認識後，我們會再回覆您。

Regarding M&A, I mean, I think this is a case where we have to demonstrate credibility and capabilities. And in all candor, we haven't done a good job of that in the past. And so we're trying to change that specifically about doing what we say we're going to do and showing those results and doing that.

關於併購，我的意思是，我認為這是一個我們必須展示信譽和能力的案例。坦白說，我們過去在這方面做得併不好。因此，我們正在嘗試改變這種狀況，具體做法是履行我們的諾言，並展示相應的結果。

At the end of the day, we own these results. And when we show a track record on quarter-on-quarter what those results are, we've got stability in the bottom line, very tight controls in the bottom line, and we're chasing the upside, meaning we've made those appropriate investments in strategic areas, then I can come to you and say, I think we're ready for some M&A.

最終，我們擁有了這些成果。當我們展示季度業績記錄時，我們發現我們的底線穩定，對底線控制非常嚴格，並且我們正在追逐上行空間，這意味著我們在戰略領域進行了適當的投資，然後我可以告訴你，我認為我們已經準備好進行一些併購了。

As I sit here today, we're not sure when that is. We may see some tuck-ins that are -- we're opportunistic around strategic parts of our business. We're not going to let those go. We have capacity to bring on some tuck-ins, but more to come on that, Andrew, as we go forward here.

當我今天坐在這裡時，我們並不確定那是什麼時候。我們可能會看到一些機會，即我們在業務的策略部分採取機會主義做法。我們不會放過這些的。我們有能力帶來一些好處，但安德魯，隨著我們繼續前進，還會有更多。

All right. Thank you. I'm showing no further questions at this time. I would like to turn it back to John Marotta for closing remarks.

好的。謝謝。我目前沒有其他問題。我想請約翰·馬洛塔作最後發言。

Very good, thank you so much and thank you again for all your support. I want to thank our 3,000 employees that make us special every day and appreciate your time this morning here.

非常好，非常感謝，再次感謝您的所有支持。我要感謝我們的 3,000 名員工，是他們讓我們的每一天都變得特別，也感謝你們今天早上花時間在這裡。

Thank you, presenters, and this concludes today's conference call. Thank you all for participating. You may now disconnect.

謝謝各位演講者，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。