Azenta Inc (AZTA) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Azenta Q2 2025 financial results. During the presentation, all participants will be in the listen-only mode. Afterwards, we will conduct a question and answer session. (Operator Instructions)

您好，歡迎來到 Azenta 2025 年第二季財務業績。演示期間，所有參與者將處於只聽模式。之後，我們將進行問答環節。（操作員指示）

As a reminder, this conference is being recorded Wednesday, May 7, 2025. I will now turn the conference over to Yvonne Perron, Vice President, FP&A and Investor relations.

提醒一下，本次會議將於 2025 年 5 月 7 日星期三錄製。現在，我將會議交給 FP&A 和投資者關係副總裁 Yvonne Perron。

Thank you, operator, and good morning to everyone on the line today. We would like to welcome you to our earnings conference call for the second quarter of fiscal-year 2025.

謝謝接線員，今天在線的各位早安。歡迎您參加我們 2025 財年第二季財報電話會議。

Our second 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 during the prepared remarks today.

我們的第二季財報新聞稿於今日市場開盤前發布，可在我們的投資者關係網站 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。

Please note that effective the first fiscal quarter of '25, 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.

請注意，從 25 年第一財季起，醫療系統的結果將被視為已停止的經營業務。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。

There are many factors that may cause actual financial results or other events to differ from those identified in such forward-looking statements. I would refer you to the section of our earnings release titled Safe Harbor Statement, the Safe Harbor slide on the aforementioned PowerPoint presentation on our website, and our various filings with the SEC, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q.

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結果不同。我建議您參閱我們收益報告中題為「安全港聲明」的部分、我們網站上上述 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。

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.

如果未來財務數據或事件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，這些指標是作為根據 GAAP 呈現的結果的補充和結合使用的。

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為我們了解經營活動和績效提供了另一種方式，但結合公認會計準則財務結果和公認會計準則衡量標準的對賬，非公認會計準則衡量標準可以更全面地了解 Azenta 業務。不應依賴非公認會計準則衡量標準而排除公認會計準則衡量標準本身。

On the call with me today is our President and Chief Executive Officer, John Marotta; and our executive Vice President and Chief Financial Officer, Lawrence Lin.

今天與我一起通話的是我們的總裁兼執行長約翰·馬洛塔 (John Marotta)；以及我們的執行副總裁兼財務長 Lawrence Lin。

We will open the call with remarks from John, 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. And with that, I would like to turn the call over to our CEO, John Marotta.

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。現在，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. I would like to start by providing an overview of our performance in the quarter, then moving to commenting on the broader macro environment, and devote the remainder of my opening comments to discussing the significant operational progress we have made this quarter while providing some tangible examples of what we have been up to and the opportunities we see.

謝謝你，伊馮。大家早安，感謝大家今天加入我們。我想先概述我們本季的業績，然後對更廣泛的宏觀環境進行評論，並在開場白的剩餘部分討論我們本季度取得的重大運營進展，同時提供一些具體的例子來說明我們所做的事情和我們看到的機會。

We're pleased to announce that we delivered a solid second quarter and that the positive momentum we saw starting this fiscal year continued.

我們很高興地宣布，我們第二季度業績穩健，本財年開始看到的積極勢頭仍在持續。

On a year-over-year basis, organic revenue grew 6%, and adjusted EBITDA margin expanded by 400 basis points. Revenue in Multiomics grew 3% on an organic basis with the strength of next-gen sequencing. In sample management solutions, revenue grew 8% on an organic basis where we saw growth in consumables and instruments, product services, as well as sample storage. Despite the uncertainty of the broader macro picture, we remain committed to our full-year 2025 guidance of organic revenue growth between 3% and 5%, and adjusted EBITDA margin expansion of 300 basis points.

與去年同期相比，有機收入成長了 6%，調整後的 EBITDA 利潤率擴大了 400 個基點。由於次世代定序的強勁發展，Multiomics 的營收有機成長了 3%。在樣品管理解決方案方面，收入有機增長了 8%，其中消耗品和儀器、產品服務以及樣品儲存均有所增長。儘管宏觀情勢存在不確定性，我們仍致力於實現 2025 年全年有機營收成長 3% 至 5% 的目標，並將調整後的 EBITDA 利潤率擴大 300 個基點。

Regarding the medical, the sale process is ongoing, and we believe the transaction remains on track to be announced in the second half of the fiscal year 2025.

關於醫療，出售過程正在進行中，我們相信交易仍有望在 2025 財年下半年宣布。

Lawrence will go into more details on the financials. The last several months have presented us with an uncertain and evolving macro environment including tariffs, funding headwinds for US academic research, and rising geopolitical tensions.

勞倫斯將詳細介紹財務狀況。過去幾個月，我們面臨著不確定且不斷變化的宏觀環境，包括關稅、美國學術研究的資金阻力以及不斷加劇的地緣政治緊張局勢。

In response to these developments, our executive team continually evaluates the impact we anticipate to our business lines and we meet weekly to monitor, assess, and counteract any issues. We have supplemented our understanding by reaching out to over 100 customers and asking them a set of standardized questions that we track to understand how the macro uncertainty impacts them and better understand what Azenta can do to be a great partner.

為了因應這些發展，我們的執行團隊不斷評估我們預計對業務線的影響，並且我們每週開會監控、評估和解決任何問題。我們聯繫了 100 多位客戶，並向他們詢問了一系列標準化問題，以補充我們的理解，我們追蹤這些問題，以了解宏觀不確定性如何影響他們，並更好地了解 Azenta 可以做些什麼來成為優秀的合作夥伴。

Based on our assessments to date, we believe the impact from the recently announced reductions of NIH-funding levels will result in approximately 1% headwind to our revenues.

根據我們迄今為止的評估，我們認為最近宣布的 NIH 資助水準削減將對我們的收入造成約 1% 的不利影響。

We've immediately put in place countermeasures such that this reduced revenue will have near-zero impact on our EBITDA. We've also analyzed recently announced tariffs and have similarly identified countermeasures to negate the margin risk.

我們立即採取了應對措施，以確保收入減少對我們的 EBITDA 的影響幾乎為零。我們也分析了最近宣布的關稅，並同樣確定了消除保證金風險的對策。

Given the operational improvements we have made in the business, we are pleased that despite these impacts, we are able to reaffirm our guidance today.

鑑於我們在業務上取得的營運改進，我們很高興儘管受到這些影響，但我們今天仍然能夠重申我們的指導。

More broadly, while the uncertain macro environment presents challenges, we are grateful to be in a position where we can capitalize on the considerable opportunities we anticipate.

更廣泛地說，儘管不確定的宏觀環境帶來了挑戰，但我們很高興能夠利用我們預期的巨大機會。

Given we can serve as a lower cost outsourcing solution, we believe we can help alleviate pressures on our customers, and we are already seeing examples of this play out. We also benefit from having $540 million of cash on our balance sheet, representing nearly $12 per share of cash, having no debt outstanding, and from generating meaningful free cash flow in the first half of the fiscal year.

鑑於我們可以提供低成本的外包解決方案，我們相信我們可以幫助減輕客戶的壓力，而且我們已經看到了這方面的例子。我們還受益於資產負債表上 5.4 億美元的現金，相當於每股近 12 美元的現金，沒有未償還債務，並且在財政年度上半年產生了有意義的自由現金流。

From this position of financial strength, we're starting to see interesting potential tuck and acquisitions become available, a trend which we expect to continue or possibly even accelerate if business conditions remain challenging for subscale companies.

從財務實力來看，我們開始看到有趣的潛在收購機會，如果規模較小的公司經營環境仍然充滿挑戰，我們預計這一趨勢將會持續，甚至可能加速。

We're actively evaluating potential acquisitions of high-quality assets that would naturally fold into our core business and would help us accelerate revenue growth and margin expansion. We're also investing in our digital capabilities to enhance our e-commerce platforms.

我們正在積極評估對優質資產的潛在收購，這些資產將自然融入我們的核心業務，並幫助我們加速收入成長和利潤率擴大。我們也投資於數位能力以增強我們的電子商務平台。

This will improve our data analytics and insights, allow for more targeted marketing and enhance the customer experience while maximizing conversion. Importantly, we will maintain an exceedingly high bar when deploying capital.

這將改善我們的數據分析和洞察力，實現更有針對性的行銷，增強客戶體驗，同時最大限度地提高轉換率。重要的是，我們在部署資本時將保持極高的標準。

We're keenly aware of the power of buybacks, especially given our undervalued stock price, and should our current valuation disconnect persist, we remain open to buying back our own stock. However, our north star through all of this will always be long-term value creation to our shareholders.

我們敏銳地意識到回購的力量，特別是考慮到我們的股價被低估，如果我們目前的估值脫節持續存在，我們仍然願意回購自己的股票。然而，我們的目標始終是為股東創造長期價值。

I would like to now focus on the remainder of my comments on the significant strides we have made in driving operational excellence. We're focused on reducing complexity and simplifying how we create long-term value.

現在我想集中談談我們在推動卓越營運方面所取得的重大進展。我們專注於降低複雜性並簡化創造長期價值的方式。

As I mentioned in the first quarter, we started rolling out the Azenta Business System. I'm excited to announce Will Simmons has joined us as Vice President of the Azenta Business Systems to lead the development and execution of ABS.

正如我在第一季提到的，我們開始推出 Azenta 業務系統。我很高興地宣布威爾西蒙斯 (Will Simmons) 已加入我們，擔任 Azenta 業務系統副總裁，領導 ABS 的開發和執行。

Will brings a wealth of experience in implementing lean methodologies, enhance some problem solving capabilities, and ensuring alignment to our strategic goals. In the second quarter, we held daily management boot camps with our operating company leadership teams to train them in the fundamentals of daily management, including how to implement and effectively use it.

Will 在實施精實方法、增強一些解決問題的能力以及確保與我們的策略目標保持一致方面擁有豐富的經驗。第二季度，我們與營運公司領導團隊舉辦了日常管理訓練營，培訓他們日常管理的基礎知識，包括如何實施和有效地使用它。

In addition, we held ABS awareness sessions for employees globally, offering sessions designed to introduce lean principles, daily management, and problem solving. These sessions introduced the concepts of eliminating waste, improving processes, enhancing collaboration.

此外，我們也為全球員工舉辦了 ABS 意識會議，旨在介紹精實原則、日常管理和解決問題。這些會議介紹了消除浪費、改善流程、加強協作的概念。

We are creating a lean culture and mindset sparking curiosity and creating momentum. We will learn through practice and application. We are not striving for perfection; we're requiring progress. The business system model will harness our talented people, unify our culture, and drive our performance.

我們正在創造一種精實的文化和思維方式，激發好奇心並創造動力。我們將透過實踐和應用來學習。我們不追求完美；我們要求進步。這個業務系統模型將發揮我們的人才優勢、統一我們的文化、推動我們的績效。

Over the first six months, we have structurally realigned the organization to operate more effectively and support future growth. In the first quarter, we executed our corporate restructuring. And in this quarter, we completed both operating company restructurings.

在前六個月，我們對組織進行了結構調整，以便更有效地運作並支持未來的成長。第一季度，我們實施了公司重組。本季度，我們完成了兩家營運公司的重組。

Our objectives were to right-size our G&A functions, shift centralized resources into the operating companies to provide clarity and accountability, address spans and layers, realign to strategic locations.

我們的目標是調整 G&A 職能的規模，將集中資源轉移到營運公司以提供清晰度和責任感，解決跨度和層級問題，重新調整策略位置。

We restructured almost 10% of our workforce and are reinvesting in R&D, sales, marketing, and product management resources to maximize our customer and market focus, invest in staffing open sales territories, expand regional capabilities, and accelerate organic growth, and begin our new product development investment.

我們重組了近 10% 的員工隊伍，並正在重新投資於研發、銷售、行銷和產品管理資源，以最大限度地提高我們的客戶和市場關注度，投資於開放銷售區域的人員配備，擴大區域能力，加速有機增長，並開始我們的新產品開發投資。

Our global organization redesign is substantially complete, and we can now focus on growth and productivity. We remain hyper focused on our customer-facing performance metrics, quality and on-time delivery. While we've seen improvement, we are not where we need to be and are taking decisive action to close the gap.

我們的全球組織重新設計已基本完成，現在我們可以專注於成長和生產力。我們始終高度關注面向客戶的績效指標、品質和準時交付。雖然我們已經看到了進步，但我們還沒有達到我們需要的水平，我們正在採取果斷行動來縮小差距。

As an example, in February, we completed a Kaizen at one of our manufacturing facilities to reduce the quote to delivery cycle time. We've seen the initial improvement with further actions underway to reach our target. The team is now using highly effective tools to help them visualize the manufacturing process, identify issues, and quickly take corrective action.

例如，二月份，我們在一家製造工廠完成了一項改善計劃，以縮短從報價到交付的周期時間。我們已經看到了初步的改善，並且正在採取進一步的行動來實現我們的目標。該團隊目前正在使用高效的工具來幫助他們可視化製造流程、識別問題並快速採取糾正措施。

As an organization, we are being programmatic in how we spend our time. We are prioritizing on-time delivery and products and services quality, which will lead to higher customer satisfaction, gross margin improvements, indirect cost savings, and lower inventory. The impact on profitability will be immediate, while improvements in customer satisfaction will help fuel organic growth over time.

作為一個組織，我們在如何利用時間方面是程序化的。我們優先考慮準時交貨和產品和服務質量，這將提高客戶滿意度、提高毛利率、節省間接成本並降低庫存。對獲利能力的影響將是立竿見影的，而客戶滿意度的提高將有助於推動長期的有機成長。

The second Kaizen held in the quarter was our sample repository business focused on simplification of order to cash process to shorten the cycle time and improve process quality. Through the process, we identified the need for greater standardization and enhanced system capabilities to streamline our billing process. Additional workshops and Kaizen are already planned to continue this work.

本季舉行的第二次改善活動是我們的樣品庫業務，重點是簡化訂單到現金流程，以縮短週期時間並提高流程品質。透過這個過程，我們發現需要更高的標準化和增強的系統功能來簡化我們的計費流程。我們已經計劃舉辦更多研討會和改善活動來繼續這項工作。

The third Kaizen was in GENEWIZ. While it began to focus to automate payment capabilities, the value stream mapping revealed an underlying inefficiency within the order-to-cash process that is directly impacting customer experience. Addressing this now became a top priority. The flywheel of continuous improvement is underway, and we are building real momentum in each of our businesses.

第三次改善是在GENEWIZ。雖然它開始專注於自動化支付功能，但價值流映射揭示了訂單到現金流程中潛在的低效率，這直接影響了客戶體驗。解決這一問題現在已成為當務之急。持續改進的飛輪正在運轉，我們正在為每項業務累積真正的發展動力。

As you can see, there's a lot going on both inside Azenta and out in the broader environment. We are planning to host an investor day later in the calendar year to update the investment community on what we've achieved and our aspirations for the business in a longer form setting. Stay tuned for more details on this event. I'm excited about Azenta’s potential and confident in our ability to deliver long-term sustainable value to our customers, our employees, and our shareholders.

如您所見，Azenta 內部和外部更廣泛的環境中都發生了很多事情。我們計劃在今年稍後舉辦投資者日活動，以更長遠的形式向投資界介紹我們所取得的成就以及我們對業務的期望。請繼續關注此活動的更多詳情。我對 Azenta 的潛力感到興奮，並對我們為客戶、員工和股東提供長期可持續價值的能力充滿信心。

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, and good morning, everyone. As I approached six months as CFO, I'm more excited than ever to be part of this great company. I've spent my time deeply learning how the business operates, getting to know and listening to our global teams, our customers, and our shareholders.

謝謝你，約翰，大家早安。當我擔任財務長已近六個月時，我比以往任何時候都更加興奮能夠成為這家偉大公司的一員。我花了很多時間深入了解業務運作方式，了解並傾聽我們的全球團隊、客戶和股東的意見。

I visited with our teams in Europe, Asia, and the US. We have a talented team that is highly committed to meeting the needs of our customers and to our purpose of enabling breakthroughs faster. In a dynamic and uncertain macro environment, our teams are executing with agility and focus. I've learned that our customers value our deep expertise and our differentiated products and services. I am confident in the strength and capabilities of our core businesses. We are well positioned for success with a winning formula.

我拜訪了我們在歐洲、亞洲和美國的團隊。我們擁有一支才華洋溢的團隊，致力於滿足客戶的需求並實現更快突破的目標。在動態和不確定的宏觀環境中，我們的團隊正在敏捷而專注地執行任務。我了解到我們的客戶重視我們深厚的專業知識以及我們差異化的產品和服務。我對我們核心業務的實力和能力充滿信心。我們擁有成功的秘訣，為成功做好了準備。

Last quarter, I've highlighted several opportunities to strengthen our financial performance by simplifying operations, leveraging technology, and building our core capabilities. We've since taken meaningful steps forward. As an example, a regional sales team partnered with our data analytics group to integrate product, funnel, and operational data, unlocking insights into end markets, territories, and customer behavior.

上個季度，我強調了透過簡化營運、利用技術和建立核心能力來增強財務表現的幾個機會。從那時起，我們已經邁出了有意義的步伐。例如，一個區域銷售團隊與我們的數據分析小組合作，整合產品、通路和營運數據，深入了解終端市場、地區和客戶行為。

This enabled us to reallocate marketing and sales efforts towards higher potential pharma and biotech targets. It's a scalable approach we plan to replicate across other regions. We've also sharpened our focus on working capital discipline that will drive stronger cash conversion to support our growth strategy.

這使我們能夠將行銷和銷售工作重新分配到具有更高潛力的製藥和生物技術目標。這是一種可擴展的方法，我們計劃將其複製到其他地區。我們也更加重視營運資本紀律，這將推動更強勁的現金轉換，以支持我們的成長策略。

We put tighter teams in place to address acute needs and our identifying key pain points and root causes to streamline our processes.

我們組建了更緊密的團隊來應對迫切的需求，並確定關鍵痛點和根本原因以簡化我們的流程。

We've identified the appropriate KPIs to measure performance and controls. These actions have led to improvements, but there is still more work to be done. The team is energized by the tangible result. These early winds reinforce our confidence in the broader transformation we've undertaken and our objective of continuous improvement.

我們已經確定了適當的 KPI 來衡量績效和控制。這些行動已取得了一些進展，但仍有更多工作要做。切實的成果讓團隊充滿活力。這些早期的風增強了我們對所進行的更廣泛的變革和持續改進的目標的信心。

While we remain focused on near-term execution, these efforts are equally important in setting a strong foundation for sustainable long-term value creation.

雖然我們仍然專注於短期執行，但這些努力對於為可持續的長期價值創造奠定堅實的基礎同樣重要。

Now, on to the financial results. As a reminder, the results we are referring to today, unless otherwise noted, exclude bee Medical Systems, which is now reported under discontinued operations.

現在，我們來看看財務結果。提醒一下，除非另有說明，我們今天提到的結果不包括蜜蜂醫療系統 (Bee Medical Systems)，該公司目前已在停止營運業務下報告。

In the quarter, we recorded a non-cash loss on assets held for sale of $24 million on B Medical. We believe the transaction remains on track to be announced in the second half of fiscal 2025. During the second quarter, we achieved solid performance across our operating units with notable 6% year-over-year organic revenue growth.

本季度，我們記錄了 B Medical 持有待售資產的非現金損失 2,400 萬美元。我們相信該交易預計在 2025 財年下半年宣布。在第二季度，我們各營運部門均取得了穩健的業績，有機收入年增 6%。

This strong execution, despite ongoing macroeconomic headwinds, demonstrates the resilience of our business and ability to outperform in down cycles. The results also highlight the breadth and relevance of our portfolio as we continue to meet evolving customer needs in an uncertain environment.

儘管宏觀經濟持續面臨逆風，但強勁的執行力證明了我們業務的韌性和在經濟下行週期中表現出色的能力。在我們在不確定的環境中繼續滿足不斷變化的客戶需求的過程中，結果也凸顯了我們產品組合的廣度和相關性。

At the same time, our initiatives to drive efficiency and cost discipline are gaining momentum, contributing to margin improvement and strengthening our foundation for long-term shareholder value creation. To supplement my remarks today, I will refer to the slide deck available on our website.

同時，我們推動效率和成本控制的措施正在獲得動力，有助於提高利潤率並加強我們為長期股東價值創造的基礎。為了補充我今天的發言，我將參考我們網站上的幻燈片。

Turning to slide 3 for a few highlights, second quarter revenue totaled $143 million, reflecting a 5% year-over-year increase on a reported basis, and 6% on an organic basis. Both are sample management solutions and Multiomics segments achieve year over year revenue growth. Key drivers include continued momentum in next-generation sequencing, consumables and instruments, and sample storage, along with strong performance in clinical [biostos] and product services.

我們來看投影片 3 的幾個亮點，第二季營收總計 1.43 億美元，以報告基礎計算年增 5%，以有機基礎計算成長 6%。兩者都是樣本管理解決方案，而 Multiomics 部門實現了逐年的收入成長。關鍵驅動因素包括下一代定序、耗材和儀器以及樣本儲存的持續發展勢頭，以及臨床和產品服務的強勁表現。

Non-GAAP EPS for the quarter was $0.05. Adjusted EBITDA margin was 10% for the quarter, reflecting a solid margin expansion of approximately 400 basis points year over year. This marks another sequential step forward in our ongoing efforts to enhance profitability.

本季非公認會計準則每股收益為 0.05 美元。本季調整後的 EBITDA 利潤率為 10%，反映出利潤率較去年穩定成長約 400 個基點。這標誌著我們在提高獲利能力的持續努力中又向前邁出了一步。

The improvement reinforces the sustained benefit of our transformation and our continued focus for driving efficiency and operating leverage across the business. Free cash flow was $7 million for the quarter, driven primarily by working capital with lower accounts receivable and higher accounts payable. We ended the quarter in a strong position with $540 million in cash, cash equivalents, and marketable securities.

這項改進鞏固了我們轉型的持續效益以及我們對推動整個業務效率和營運槓桿的持續關注。本季自由現金流為 700 萬美元，主要受應收帳款減少和應付帳款增加的營運資金推動。本季結束時，我們擁有 5.4 億美元的現金、現金等價物和有價證券，處於強勁地位。

Now let's turn to slide 4 to take a deeper look at our results in the quarter. Total revenue was $143 million, representing growth of 5% reported and 6% organic. In the second quarter, non-GAAP gross margin was 47.5%, up 130 basis points year over year. The improvement is largely a result of higher revenue, favorable sales mix, and operational efficiencies.

現在讓我們翻到投影片 4，深入了解本季的業績。總收入為 1.43 億美元，報告成長 5%，有機成長 6%。第二季度，非美國通用會計準則毛利率為47.5%，較去年同期成長130個基點。這項改善主要得益於更高的收入、良好的銷售組合以及營運效率。

Adjusted EBITDA margin in the quarter was 10%, up 400 basis points year over year. Again, non-GAAP EPS was $0.05 per share. With that, let's turn to slide 5 for review our segment results starting with sample management solutions, or SMS.

本季調整後的 EBITDA 利潤率為 10%，較去年同期成長 400 個基點。再次，非 GAAP 每股收益為 0.05 美元。接下來，讓我們翻到投影片 5，從樣本管理解決方案 (SMS) 開始回顧我們的細分結果。

SMS revenue was $80 million for the quarter, up 8% year over year on both a reported and inorganic basis. Growth was driven by strong performance in both sample repository solutions and core products with key contributors including consumables and instruments, products, services, clinical bios stores, and sample storage.

本季簡訊收入為 8000 萬美元，按報告和無機基礎計算，年增 8%。成長的動力來自於樣本庫解決方案和核心產品的強勁表現，主要貢獻者包括消耗品和儀器、產品、服務、臨床生物商店和樣本儲存。

This growth was partially offset by year-over-year declines in automated stores primarily due to the timing of orders. We feel confident with the full year revenue given the health of our stores backlog. Cryos stores were also down year over year, reflecting softer demand in markets closely tied to cell and gene therapy.

這一增長被自動化商店同比下降（主要由於訂單時間原因）部分抵消。鑑於我們門市積壓訂單的健康狀況，我們對全年收入充滿信心。Cryos 商店數量也同比下降，反映出與細胞和基因療法密切相關的市場需求疲軟。

SMS' second quarter non-GAAP gross margin was 49.7%, up 340 basis points year over year, driven by higher revenue, payroll sales mix, operational efficiencies, and the impact of certain non-reoccurring items recorded in the same period last year.

SMS 第二季度非 GAAP 毛利率為 49.7%，比去年同期成長 340 個基點，這得益於更高的收入、工資銷售組合、營運效率以及去年同期記錄的某些非經常性項目的影響。

Turning next to the Multiomics segment. Multiomics delivered revenue of $64 million with a growth of 2% on a reported basis and 3% on an organic basis. The growth was primarily driven by next-generation sequencing, which grew 20% year over year and has now shown price stabilization for the fourth consecutive quarter, alongside continued double-digit volume growth.

接下來轉向多組學部分。Multiomics 實現營收 6,400 萬美元，報告成長率為 2%，有機成長率為 3%。這一成長主要得益於下一代定序，該技術年增 20%，並且已連續第四個季度呈現價格穩定，同時銷量繼續保持兩位數增長。

Key large deals continue to contribute to strong year-over-year gains, particularly in North America and Europe. Despite a challenging macro and geopolitical environment, China continues to show strength with 5% organic revenue growth.

重大交易繼續推動強勁的同比增長，尤其是在北美和歐洲。儘管宏觀和地緣政治環境充滿挑戰，中國仍持續展現強勁勢頭，有機收入成長 5%。

Gene synthesis revenue declined 10% year over year, largely driven by a difficult comparison against 13% growth in Q2 2024, which benefited from a one-time surge in orders from large pharma customers. As a reminder, Q2 2024 marked our strongest performance since Q3 of 2022. We saw continued softness in North America, which we are actively monitoring.

基因合成收入年減 10%，主要是因為與 2024 年第二季 13% 的成長率相比，這一成長率難以比較，而 2024 年第二季的成長率得益於大型製藥客戶訂單的一次性激增。提醒一下，2024 年第二季是我們自 2022 年第三季以來表現最強勁的季度。我們看到北美經濟持續疲軟，我們正在積極監測。

There was a general slowdown driven by delays and committed projects from a few key pharma customers.

由於一些主要製藥客戶的延遲和承諾的項目，導致整體成長放緩。

We saw an 18% year-over-year decline in Sanger Sequencing consistent with the continued transition across the industry towards newer sequencing technologies. Encouragingly, [Plasma DC], our Oxford Nanopore-based solution, continues to perform very well and is capturing meaningful share and expanding rapidly. In fact, its revenue has more than doubled compared to the same period last year, reflecting strong market adoption.

我們發現桑格定序年減了 18%，這與整個產業向更新的定序技術的持續轉變一致。令人鼓舞的是，我們基於牛津奈米孔的解決方案 [Plasma DC] 繼續表現良好，正在佔據有意義的份額並迅速擴張。事實上，其營收與去年同期相比成長了一倍多，反映出強勁的市場接受度。

The Plasma DC four-year revenue projection is on track to nearly offset the decline in Sanger Sequencing revenue year over year. Multi-omics’ non-GAAP gross margin for the second quarter was 44.9%, down 140 basis points year over year. The decline was primarily driven by lower revenue in Sanger Sequencing and gene synthesis. On a positive note, NGS gross margins improved versus the prior year as we continue to cycle through pricing pressure and benefit from higher volumes.

Plasma DC 四年收入預測預計將幾乎抵消 Sanger 定序收入逐年下降的影響。Multi-omics 第二季非 GAAP 毛利率為 44.9%，較去年同期下降 140 個基點。下降的主要原因是桑格測序和基因合成的收入下降。從積極的一面來看，由於我們繼續承受價格壓力並受益於銷量增加，NGS 毛利率較上年有所提高。

Next, let's turn to slide 6 for a review of the balance sheet. We ended the quarter with $540 million in cash, cash equivalents, and marketable securities. We had no debt outstanding. Capital expenditures for the quarter was $7 million as we continue to invest for growth and scale in our sample management solutions and Multiomics businesses.

接下來，我們翻到第 6 張投影片回顧資產負債表。本季末，我們擁有 5.4 億美元的現金、現金等價物和有價證券。我們沒有未償還的債務。本季的資本支出為 700 萬美元，我們將繼續投資於樣本管理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 on our press release, we are reiterating our guide for 2025 as we expect organic revenue growth of 3% to 5% for the full year, with Multiomics to grow low single digits, and sample management solutions to grow mid-single digits.

轉到投影片 8 上的指示。正如您在我們的新聞稿中看到的，我們重申 2025 年的指導方針，因為我們預計全年有機收入增長率為 3% 至 5%，其中 Multiomics 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。

We are reaffirming our commitment to 300 basis points of adjusted EBITDA margin expansion year over year. As John previously mentioned, our executive management is meeting weekly to identify, qualify, and counteract emerging macro issues, including those related to both tariff and NIH funding. Our current guidance incorporates the combined effects of the headwinds and countermeasures we've identified.

我們重申致力於將調整後的 EBITDA 利潤率年增 300 個基點。正如約翰之前提到的，我們的執行管理層每週都會召開會議，以識別、限制和解決新出現的宏觀問題，包括與關稅和 NIH 資金相關的問題。我們目前的指導考慮了我們所發現的不利因素和對策的綜合影響。

To close, this was a strong quarter that reflects our differentiated portfolio of products and services in addition to solid execution by our teams. We remain clear-eyed about the macro and industry specific pressures, and are working to mitigate the impact while staying focused on our long-term priorities, driving operational discipline, advancing innovation, and investing in areas of strategic growth.

總而言之，這是一個強勁的季度，反映了我們差異化的產品和服務組合以及我們團隊的穩健執行。我們對宏觀和行業特定的壓力保持清醒的認識，並正在努力減輕影響，同時專注於我們的長期優先事項，推動營運紀律，推進創新，並投資於策略性成長領域。

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

我們的準備好的演講到此結束，現在我將把電話交給接線員來回答問題。

(Operator Instructions)

（操作員指示）

David Saxon, Needham.

大衛薩克森，尼德漢姆。

Great, good morning, John, Lawrence thanks for taking my questions. I have a couple on the guidance. So you know, first-half organic growth is tracking close to the top end of the guidance comes get easier. As we move into the back half, you talked about this 1% impact from funding. But I wanted to just ask how we should think about the cadence of growth in the back half versus the first half, he's maintaining the bottom end of the guide more reflective of just the uncertain macro, or there any specific dynamics you see playing out that kind of currently would be a risk to growth outside of the funding portion? And then lastly, can you talk about the currency assumptions in the back half, and then I'll just have one follow up thing.

太好了，早安，約翰，勞倫斯，謝謝你回答我的問題。我有一些指導意見。所以你知道，上半年的自然成長正在接近預期的最高值，這變得更加容易了。當我們進入後半部分時，您談到了資金帶來的 1% 的影響。但我想問的是，我們應該如何看待下半年與上半年的成長節奏，他維持的指導底端更多地反映了不確定的宏觀經濟，或者您認為目前出現的任何具體動態是否會對融資部分以外的成長構成風險？最後，您能否談談後半部分的貨幣假設，然後我再說一個後續問題。

Okay, David, good morning. It's good to be with you. So listen, we're holding our guidance. We've cleared the 1% risk on NIH, we'll get into that more, I'm certain today, But I'll let Lawrence walk through sequentially how we view this.

好的，大衛，早安。很高興和你在一起。所以聽著，我們正在堅持我們的指導。我們已經解決了 NIH 的 1% 風險，我們將更深入地討論這個問題，我確信今天會討論，但我會讓 Lawrence 按順序介紹我們如何看待這個問題。

Yeah, hey, David. Look, in total, the 2025 quarterly revenue profiles shouldn't be significantly different than prior year, so I think we should use a similar profile. The first half of 2025 was a touch ahead of last year, but we expect the third and fourth quarter generally be in line with prior years regardless of kind of the NIH and the macro we're seeing it in the similar pattern. As you -- as we look at EBITDA, adjusted EBITDA was almost $28 million which leaves us about $38 million in the second half of the year.

是的，嘿，大衛。總的來說，2025 年的季度收入概況應該與前一年沒有太大差異，所以我認為我們應該使用類似的概況。2025 年上半年比去年略有提前，但我們預計第三季和第四季總體上將與前幾年持平，無論 NIH 和宏觀經濟如何，我們都看到類似的模式。正如您所看到的——當我們查看 EBITDA 時，調整後的 EBITDA 接近 2800 萬美元，這意味著下半年的 EBITDA 約為 3800 萬美元。

The $10 million acceleration is going to be driven by a combination of revenue drop through that we're going to see in the second half of the year. Just a little bit more color, a lot of times our stores volume will happen in the back end of the year, usually when our customers want to see it. And then the realization of partial year savings from restructuring that we talked about in the first quarter. Hopefully, that's helpful.

1000 萬美元的加速成長將受到下半年收入下降的綜合影響。只要多一點色彩，很多時候我們商店的銷售都會在年底出現，通常是在我們的客戶想要看到它的時候。然後我們在第一季談到了透過重組實現部分年度節省。希望這會有所幫助。

Yeah, that is super helpful. Thanks for all that and really appreciate all the color on kind of the macro, and you know all those details. I'll probably leave some follow ups on that to the other folks, but I wanted to ask about the SMS leadership transition earlier in April. Any color around kind of that that departure, and whether you're looking internally or externally for a new leader. Thanks so much.

是的，這非常有幫助。謝謝你所做的一切，真的很欣賞宏的各種顏色，而且你了解所有這些細節。我可能會將一些後續問題留給其他人，但我想詢問有關 4 月初 SMS 領導層過渡的情況。任何與這種離職有關的顏色，以及你是在內部還是外部尋找新的領導者。非常感謝。

Yeah, you bet, we're -- we want to thank first and foremost, David for his contributions to the company. I mean, he's been here quite a long time and there's a personal situation that solving for there. Secondly, I'm going in jumping in directly and running that business. I mean, SRS and SMS is really the crown jewel of the company, so we're rolling our sleeves up and getting real deep into that business, effectively looking at that business from a lens. Specifically the bio repositories, separate from CNI and separate from stores and cryo. Those are different businesses, different go to markets. But the value prop to the end users in terms of how we manage biological assets is still the same. That ecosystem works really well together. So we're excited about rolling our sleeves up there and moving that business in the right direction.

是的，沒錯，我們──我們首先要感謝大衛對公司的貢獻。我的意思是，他在這裡已經待了很長時間了，並且有個人問題需要解決。其次，我將直接參與並經營這項業務。我的意思是，SRS 和 SMS 確實是該公司的皇冠上的明珠，所以我們正在捲起袖子，深入研究該業務，從鏡頭中有效地審視該業務。具體來說，生物儲存庫與 CNI 分開，並且與儲存庫和低溫儲存庫分開。這些是不同的業務，不同的市場。但就我們如何管理生物資產而言，對最終用戶的價值主張仍然是一樣的。該生態系統確實運作良好。因此，我們很高興能夠捲起袖子，推動業務朝著正確的方向發展。

Great thank you.

非常感謝。

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Hey guys, congrats on nice execution here. Maybe John, first question for you on the NIH, 1% headwind, which -- I guess you've made, some comments in the past. Hey, this could be as high as 2% rated in during the conference season. So just walk us through the assumptions, behind the 1% headwind. Is it all coming in the back half, and where is the offset coming from?

嘿夥計們，恭喜你們的出色表現。也許約翰，你的第一個問題是關於 NIH 的 1% 逆風，我想你過去已經對此發表過一些評論。嘿，在會議期間，這個數字可能會高達 2%。那麼請向我們介紹一下 1% 逆風背後的假設。這一切都發生在後半部嗎？偏移量來自哪裡？

Sure, you bet. First off, I want to be clear, I mean, we have countermeasured this risk and exposure completely. And so what it is is we're about 20% of our global revenue comes from the academic and market.

當然，你打賭。首先，我想明確一點，我的意思是，我們已經完全抵消了這種風險和暴露。因此，我們全球約 20% 的收入來自學術和市場。

And so what we did is the team went out, we had about 30 conversations in that end market with our -- with a lot of the academic customers. And we've been -- when we've been able to kind of understand how they're thinking about things. And we've also pivoted the organization specifically around farming and biotech to offset that. We've run a number of sales initiatives, the team's done an outstanding job of countermeasuring that risk right now.

因此，我們所做的就是帶領團隊走出去，與終端市場的許多學術客戶進行了約 30 次對話。我們已經能夠理解他們是如何思考問題的。為了彌補這一缺陷，我們也特別調整了組織結構，使其圍繞農業和生物技術發展。我們已經開展了多項銷售計劃，目前團隊在應對這一風險方面做得非常出色。

There were a number of hits we took, Vijay. First was around this NIH indirect funding cap. Then you had the China aluminum restricted, listing, then you had China tariffs, we had, steel and aluminum, and there was potential asset freezes in China.

我們遭受了多次打擊，維傑。首先是關於 NIH 間接資助上限的問題。然後，中國鋁業受到限制，被列入名單，然後中國徵收關稅，我們還徵收鋼鐵和鋁關稅，並且中國可能實施資產凍結。

What we did around that was we set up a geopolitical war room early around bio secure to understand that and how the company could countermeasure some risk there.

針對這個問題，我們早期圍繞著生物安全建立了一個地緣政治作戰室，以了解這個問題以及公司如何應對其中的一些風險。

And then these other headwinds started to come in. We rolled those into the geopolitical war room, and we've been having specific counter conversations around each of those going forward. I'm very confident in the level of detail we have around that. I mean, I can give you details even to the specifics of the bill of materials around steel and aluminum terrace.

然後其他的不利因素開始出現。我們將這些問題納入地緣政治作戰室，並針對這些問題進行了具體的反擊對話。我對於我們在這方面的詳細程度非常有信心。我的意思是，我可以向您提供詳細信息，甚至是鋼和鋁露台的材料清單的具體信息。

I mean, we're that detailed around this as an organization. I'm really pleased with what the team has done here. To countermeasure our risks there, but we've cleared that, Vijay. We've cleared it nicely.

我的意思是，作為一個組織，我們對此非常重視。我對團隊在這裡所做的一切感到非常滿意。為了衡量我們在那裡的風險，但我們已經解決了這個問題，維傑。我們已經順利解決了。

Yeah, maybe to add, Vijay. Look, I think the NIH funding issue presents an opportunity for Azenta, too, right? Talked a bit about this in the past. Our belief is that that these actions will force less efficient core labs to close or scale back and shift to outsourcing. We're in active discussion with several cores in terms of outsourcing options. I think there's a lot of opportunity here to win some share in this space. So there's significant op opportunity for Azenta.

是的，也許可以補充一下，Vijay。聽著，我認為 NIH 的資金問題也為 Azenta 帶來了機會，對嗎？過去曾談論過這一點。我們相信，這些舉措將迫使效率較低的核心實驗室關閉或縮減規模並轉向外包。我們正在與多個核心機構就外包選項進行積極討論。我認為這裡有很多機會可以贏得這個領域的份額。因此，Azenta 面臨著巨大的營運機會。

That's helpful comments. Maybe one on free cash and margins; free cash, performance first half is quite impressive. Is that a sustainable number and sort of related on the margins here? First-half execution is coming well above your annual plan of 200 basis points. I think back half implied is maybe just 100 basis points of margin expansion hit the guidance. So is that a step down on margin expansion first half or second half contemplating tariff, and what is the total tariff impact, if so?

這是很有幫助的評論。也許一個是關於自由現金和利潤；自由現金，上半年業績相當亮眼。這是一個可持續的數字嗎？與這裡的邊際有關係嗎？上半年的執行情況遠遠超出了年度計畫的 200 個基點。我認為，隱含的一半可能只是利潤率擴張 100 個基點達到了預期。那麼，考慮到關稅，這是否會對上半年或下半年的利潤率擴張造成影響？如果是的話，對總關稅的影響是什麼？

Yeah, let me take the free cash flow item first. So as you know, second quarter free cash flow was about $7 million full year right now, excluding the medical or year-to-date is $26 million. What is that comprised of really driven by primarily from lower AR, improved billings, especially around our stores projects, and higher AP.

是的，讓我先討論一下自由現金流專案。因此，如您所知，第二季的自由現金流目前全年約為 700 萬美元，不包括醫療費用，年初至今的自由現金流為 2,600 萬美元。這主要得益於較低的應收帳款、改善的帳單（尤其是圍繞我們商店的項目）以及較高的應付帳款。

Net, net, it's really when you look at -- it's really around, better working capital execution. However, in the first quarter, there was a bit of a bit of an upside in terms of a tax refund that generated. What I will say is I think right now, from a cash flow perspective, we're really optimistic and we're still holding to kind of our LRP target of $100 million in free cash flow. I feel pretty confident about that.

淨值，淨值，當你看到它時，它確實圍繞著更好的營運資本。不過，第一季產生的退稅金額略有上升。我想說的是，我認為現在從現金流的角度來看，我們非常樂觀，我們仍然堅持 1 億美元自由現金流的 LRP 目標。我對此很有信心。

As a, to your second point around, adjusted EBITDA, the short answer is our guidance contemplates some of the tariff impact. As John mentioned, from a top line perspective, we've offset some of the challenges there and that step down is generally, as you know, we had some stock comp and bonus releases in the back end of last year, and that's going to create a bit of a comp issue and unevenness to our EBITDA, but we are still holding to the 300 basis point guidance.

對於您提到的第二點，調整後的 EBITDA，簡而言之，我們的指導考慮了部分關稅的影響。正如約翰所提到的，從營收角度來看，我們已經抵消了一些挑戰，而且這種下降通常是，正如你所知，我們在去年年底有一些股票補償和獎金發放，這將給我們的 EBITDA 帶來一些補償問題和不平衡，但我們仍然堅持 300 個基點的指導。

And so thanks guys.

所以謝謝大家。

You bet. Thank you, Vijay.

當然。謝謝你，維傑。

Paul Knight, KeyBanc.

保羅奈特（Paul Knight），KeyBanc。

Hi John, if you've gone through this event to business system roll out, are you set now with the sales for structure, right, that's kind of been fluctuating in the past. I'm sure you're fixing it. Where are you with that aspect of ABS?

嗨，約翰，如果你已經經歷過這個事件並推出了業務系統，那麼現在你的銷售結構是否已經確定了，對嗎？過去這種結構一直存在波動。我確信你正在修復它。您對 ABS 的了解程度如何？

Sure, you bet. Thanks for the question, Paul. Listen, we're early in our growth journey here, with ABS. I mean, the first thing we did was get our structural go-to market in place. And so we have aligned the organization regionally now. I think it's to our benefit. We're seeing a regional go to market model so this global, one where we've aligned it regionally.

當然，你打賭。謝謝你的提問，保羅。聽著，我們與 ABS 的成長之旅才剛開始。我的意思是，我們做的第一件事就是建立我們的結構性市場。因此，我們現在已按區域對組織進行了調整。我認為這對我們有利。我們看到了一種區域性的市場進入模式，因此這是一個全球性的模式，我們已經根據區域對其進行了調整。

We had a number, I shared with you early on, that we had a number of open territories. We have filled most of those now, and we're investing now in ABS, so the team is driving more rigor around.

我早些時候就與你們分享過，我們有許多開放領土。現在我們已經滿足了其中的大部分要求，我們正在投資 ABS，因此團隊正在推動更嚴謹的進程。

What do you need to do to win in a short-sale cycle model versus a long sale cycle model? How do we drive performance in each of those, one being more activities based, one being more funnel-based and deal-by-deal opportunity based. I'm pleased with the progress right now, early innings, Paul, but we're investing here and we're driving some rigor around that, specifically. I mean, I think the numbers are 24 headcount that we're going to be investing in specifically in sales globally. So we're pleased about that.

與長期銷售週期模型相比，您需要做什麼才能在短期銷售週期模型中獲勝？我們如何在每一個方面推動績效，一個是基於活動的，一個是基於渠道的，一個是基於逐筆交易的機會的。保羅，我對目前的進展感到滿意，初期階段，但我們正在這裡進行投資，我們正在圍繞這一點採取一些嚴格的措施。我的意思是，我認為我們將在全球銷售方面專門投資 24 名員工。所以我們對此感到高興。

And the -- you know you mentioned the crown jewels being SRS and SMS and a pretty impressive 8% organic growth rate. The biologic market probably grows around there. Do you think that's kind of the long term growth rate potential for those businesses?

而且—您知道您提到了最出色的產品是 SRS 和 SMS，以及相當令人印象深刻的 8% 有機成長率。生物製劑市場可能在那裡發展。您認為這對這些企業來說具有長期的成長率潛力嗎？

No, we don't think we're reaching our full potential. What you can expect is we want to be -- we want to come out with what that plan looks like over the coming years in the Investor Day we're going to have in the latter half of this year and give you a more clear eyed view of that. But the short answer is no, we're not even close to reaching our full potential.

不，我們認為我們還沒有發揮出全部潛力。您可以期待的是，我們希望——我們希望在今年下半年的投資者日上公佈未來幾年的計劃，並讓您對此有更清晰的了解。但簡短的回答是否定的，我們甚至還沒有充分發揮我們的潛力。

And then lastly, China. China is actually an innovator now in biotech. Is China in your view at risk due to the China-US dialogue or is it really legit discovery market for you at this juncture?

最後是中國。中國實際上現在是生物技術領域的創新者。您認為中國是否會因中美對話而面臨風險？或是目前中國對您來說真的是合法的發現市場嗎？

It is. It's a great market for us. I mean, one of the things -- let me answer the question just directly first. So our business in China, we're at -- we're growing 5% when our peers, multinationals are down dramatically. Our gene synthesis is up 8% in that market.

這是。對我們來說這是一個很棒的市場。我的意思是，其中一件事——讓我先直接回答這個問題。因此，當我們的同業、跨國公司的業務大幅下滑時，我們在中國的業務卻成長了 5%。我們的基因合成在該市場成長了8%。

Okay. Goes back to the comment I made around, specifically this regional go-to market. Our business is -- behave very local and regional. And so, we quickly pivoted to that in Q4, calendar Q4, RQ1 and Q2. We quickly made those changes, and the teams have done a nice job; our China business shows up very much like a local China, company.

好的。回到我之前發表的評論，特別是這個區域性市場。我們的業務是——非常本地化和區域化。因此，我們在第四季、日曆第四季、第一季和第二季迅速轉向了這一方向。我們很快就做出了這些改變，而且團隊做得很好；我們的中國業務看起來非常像一家中國本土公司。

And we want to keep it that way. We're doing -- there are certain things we're doing in Europe that are centric to Europe. Same thing with the US, and it's working right now, but more to come on it, Vijay. We're very confident with what we're doing in the China market.

我們希望保持這種狀態。我們正在做——我們在歐洲做的一些事情是以歐洲為中心的。美國的情況也一樣，而且現在正在發揮作用，但接下來還會有更多，維傑。我們對於在中國市場所做的事情非常有信心。

Okay, thank you.

好的，謝謝。

Sorry, my apologies, Paul.

抱歉，保羅，我很抱歉。

No problem.

沒問題。

Matt Stanton, Jefferies.

傑富瑞的馬特史丹頓。

Thanks. Maybe just to pick up there on gene synthesis. You talked about it was down in the quarter, but tough double-digit comp there last year. Just give a little more color in terms of trends, either customers academic versus biopharma in the quarter or by geography. Sounds like America's was maybe a little bit softer. And then any change in your expectations here for the year? I know you left Multiomics overall unchanged at mid single. But any color in terms of how tariffs could impact the GENEWIZ business from a demand destruction side and then just another company in the space and out some targeted actions on the academic side a few months ago. Curious if you've seen any change in trends as a result of that for you where you know the industry more broadly? Thank you.

謝謝。也許只是為了了解基因合成。您談到本季業績有所下滑，但去年同期業績仍達兩位數。只需在趨勢方面提供更多細節，無論是本季的學術客戶還是生物製藥客戶，或按地理位置。聽起來美國可能稍微軟一點。那麼，您對今年的期望有什麼改變嗎？我知道您讓 Multiomics 整體保持中單狀態不變。但就關稅如何影響 GENEWIZ 業務而言，沒有任何色彩，從需求破壞的角度來看，然後只是該領域的另一家公司，並在幾個月前在學術方面採取了一些有針對性的行動。您是否好奇，對於您更廣泛地了解這個行業而言，是否看到了趨勢的任何變化？謝謝。

No change in how we're thinking about the business. What we've seen is in pharma, specifically in our large pharma partners, there was kind of a bit of a pause on some large programs that they had for our synthesis business specifically. And what do I mean by that? There's been a lot of restructuring in pharma and in R&D. And specifically, we've seen some turnover with some PIs and just some general pausing there. So, we think we're through that. Actually, we're seeing some green shoots lately to get us back on trend in the early days of this quarter.

我們對業務的看法沒有改變。我們看到，在製藥業，特別是在我們的大型製藥合作夥伴中，他們針對我們的合成業務的一些大型專案有點暫停。我這樣說是什麼意思呢？製藥業和研發領域已經進行了大量重組。具體來說，我們看到一些 PI 出現了一些營業額，並且出現了一些普遍的停頓。所以，我們認為我們已經解決了這個問題。實際上，我們最近看到了一些復甦跡象，使我們在本季初重回趨勢。

So we're pleased with what we're seeing right now. I think it's being -- I think that's being cleared and lifted. April bookings look real, real good at this point. But no change on our view in GENEWIZ, in Multiomics. I mean, that team is really executing nicely. Ginger's been doing a great job of commercially, driving performance – again, by -- with regional execution. And they've done a really nice job, so we're pleased.

因此，我們對目前看到的情況感到滿意。我認為它正在被——我認為它正在被清除和解除。目前來看，四月的預訂情況確實非常好。但我們對 GENEWIZ 和 Multiomics 的看法並沒有改變。我的意思是，那個團隊的表現確實很好。Ginger 在商業上一直做得很好，再次透過區域執行來推動績效。他們做得非常出色，所以我們非常高興。

Good. Thanks, and then and then maybe one on capital deployment done your script. You noted kind of the balance sheet optionality over $500 million of cash on the balance sheet.

好的。謝謝，然後也許有人在資本部署上完成了你的腳本。您注意到資產負債表上的現金有超過 5 億美元的可選性。

I think you've been pretty clear since you joined in terms of your preferences for capital deployment, maybe the share repurchase towards the bottom end. But it sounds like maybe just given where shares are -- you're a little more open to that.

我認為自從您加入以來，您就已經非常清楚自己對資本配置的偏好，也許是在低端進行股票回購。但聽起來也許只是考慮到股票的現狀——你對此更開放一些。

So I guess talk about kind of framework of how you balance buy back versus other actions. And you know, obviously, others in the space are talking about dislocation and balance sheet fire power. So just talk about kind of where your funnel sits today, and I think one of the big focuses for you going back to when you started was just revamping and building the M&A muscle. So maybe just an update in terms of where you and the team sit from, the funnel, but also the muscle to be able to execute and integrate on some of these tucking deals you noted. Thanks.

所以我想談談如何平衡回購與其他行動的框架。你知道，顯然，該領域的其他人正在談論錯位和資產負債表火力。那麼，請談談您今天的漏斗狀況，我認為您剛開始時關注的重點之一就是改造和打造併購實力。因此，也許只是關於您和您的團隊所處的位置、管道以及能夠執行和整合您提到的一些交易的能力的更新。謝謝。

You bet. We're -- when it comes to preference, I mean, our preference is to drive long-term shareholder value, and we do that through the four levers of capital deployment. First, being around gross margin and productivity; second, around growth initiatives that's commercial and R&D; third is around M&A; and then fourth is around buyback.

當然。當談到偏好時，我的意思是，我們的偏好是推動長期股東價值，我們透過四個資本配置槓桿來實現這一點。首先，圍繞毛利率和生產力；第二，圍繞商業和研發的成長計畫；第三是圍繞併購；第四是回購。

And so we look at them all holistically in terms of driving that value. There's no bias to one or the other. The bias is, right now, the opportunities around M&A, I think, are becoming more clear to us. Things are -- in certain areas, there's some action ability right now, and we're pretty excited about that. We're always open to buybacks. I mean, I think as a Board, we have these conversations very openly, as a Board in terms of how we're thinking about it. But if you look at levers 1, 2, and 3, the opportunities in front of us are there, they're real, the returns are real, and we're excited about pulling those levers. But we're always open to buybacks. I mean, I think when you're going into uncertain times, which we are, and we're looking at the global macro, I mean, we do business in -- outside of the medical in over nearly 50 countries.

因此，我們從推動這一價值的角度全面審視它們。對任何一方都沒有偏見。我認為，目前的偏見是，圍繞併購的機會對我們來說變得更加清晰。事情是這樣的——在某些領域，現在有一些行動能力，我們對此感到非常興奮。我們始終願意回購。我的意思是，我認為身為董事會，我們會非常公開地討論這些事情，討論我們如何看待這個問題。但如果你看一下槓桿 1、2 和 3，我們面前的機會就在那裡，它們是真實的，回報也是真實的，我們很高興能利用這些槓桿。但我們始終願意回購。我的意思是，我認為當你進入不確定的時期時，我們正在看全球宏觀，我的意思是，我們在近 50 個國家的醫療領域之外開展業務。

And so it's not lost on us, what's going on globally. We look at that, we look at, again, those three levers. And we're in a very, very strong position because of our balance sheet, and we're going to be disciplined around whatever levers we are pulling.

因此，我們不會忽視全球正在發生的事情。我們看一下，我們再次看一下這三個槓桿。由於我們的資產負債表，我們處於非常非常強大的地位，並且我們將嚴格遵守我們所採取的任何槓桿措施。

We're going to make sure that those returns are there, and I think that's a departure from the past. I mean, we're going to be very disciplined around that. With Lawrence coming in and the Board, of course -- in general, kind of that general oversight there, but we also have our value creation committee that we've implemented, very much kind of like a private equity type of monthly cadence meeting that we have, various Board members on that. And so this is always a part of the conversation that we're having right now. So again, we understand what levers we can pull, we're having conversations around those and I think levers 1, 2, and 3 make a lot of sense right now.

我們將確保這些回報，我認為這與過去有所不同。我的意思是，我們會非常嚴格地對待這件事。隨著勞倫斯的加入和董事會的加入，當然，總的來說，這是一種總體監督，但我們也設立了價值創造委員會，非常類似於我們每月舉行的私募股權節奏會議，各董事會成員都參與其中。因此這始終是我們現在正在討論的一部分。所以，我們再次了解我們可以採取哪些措施，我們正在圍繞這些措施進行討論，我認為措施 1、2 和 3 現在非常有意義。

Okay, appreciate it. Thank you.

好的，謝謝。謝謝。

(Operator Instructions)

（操作員指示）

Brandon Smith, TD Cowen.

布蘭登史密斯 (Brandon Smith)，TD Cowen。

Great, thanks for taking the questions guys, and congrats on the quarter. Maybe just a couple quick ones from us. I know you've touched on this a little bit, but I wanted to ask if you have any sense or have had any conversations with customers over the last quarter, that might suggest any potential order pull forward to get ahead of or around tariffs this year, and if you're kind of seeing or you might expect certain segments within your revenue streams to feel that -- maybe more than others.

太好了，感謝大家回答問題，恭喜本季取得佳績。也許我們只想快速說幾句。我知道您已經稍微談及了這一點，但我想問一下，您是否有任何感覺，或者在上個季度與客戶進行過任何對話，這可能表明任何潛在的訂單提前，以領先或圍繞今年的關稅，並且您是否看到或可能預計您的收入流中的某些部分會感受到這一點 - 可能比其他部分更多。

And then really just -- I know you also touched on this a little bit within Multiomics, you spoke to some nice price stabilizations on NGS and in the market in China, but I guess just wondering if you can expand on a bit on some of the NGS ordering trends a little more broadly, just anything that you're seeing that you would call out, how you're thinking about that growth opportunity, maybe just over the medium term if you just notice any particular shifts in customer priorities where you think -- is especially primed to compete. Thanks.

然後真的只是——我知道您在 Multiomics 內部也稍微談到了這一點，您談到了 NGS 和中國市場的一些不錯的價格穩定，但我只是想知道您是否可以更廣泛地擴展一下 NGS 訂購趨勢，任何您看到的內容，您如何看待這個增長機會，也許只是在中期內，如果您注意到客戶優先事項的任何特定變化，您認為——特別適合競爭。謝謝。

Sure, you bet. Thank you, Brandon. Let me go to the customer insights. So about a month or so ago, we got all of our commercial leaders on a call and started a weekly cadence of reaching out to nearly 100 customers, and we asked them for standard questions.

當然，你打賭。謝謝你，布蘭登。讓我來談談客戶見解。因此，大約一個月前，我們與所有商業領袖進行了電話會議，並開始每週聯繫近 100 名客戶，並向他們詢問標準問題。

We wanted to gain insights into how they were thinking about the macro. That all of the headwinds that we've talked about, they're facing as well, so we wanted to understand this from their perspective. And it was at every level of the organization, executive level down to individual contributor.

我們想深入了解他們是如何思考宏觀的問題。他們也面臨著我們討論過的所有不利因素，因此我們想從他們的角度來理解這一點。它存在於組織的每個層面，從高階主管層到個人貢獻者。

Depending -- it depended -- also it was very cross-functional. And so it was in R&D. It was in procurement. It was in supply chain. It was in finance. It was at the executive ranks. We took all of that data in, and there were a number of themes that came out of that.

這取決於——這取決於——而且它具有跨職能性。研發方面也是如此。當時是在採購部門。它在供應鏈中。這是金融方面的。這是在行政級別。我們收集了所有這些數據，並從中得出了許多主題。

What was clear to us is, quality matters right now in this environment in terms of who they're partnering with. Outsourcing opportunities are probably in front of us more than we thought they were. And so what we heard was, we're looking at more outsourcing opportunities, we get excited about that, you heard Lawrence talk about that. Even in the core labs, the academics, because of the headwinds there, there's more opportunities coming to us. But even in pharma and biotech, that was underappreciated.

我們清楚的是，在目前的環境下，就合作夥伴而言，品質至關重要。我們面前的外包機會可能比我們想像的還要多。所以我們聽到的是，我們正在尋找更多的外包機會，我們對此感到興奮，你聽到勞倫斯談論了這一點。即使在核心實驗室和學術領域，由於存在阻力，我們也面臨更多的機會。但即使在製藥和生物技術領域，這一點也未被充分重視。

The diversification of supply chain risk, where our portfolio sits today, where our site sits today, how is that supply chain secure versus others. Again, well positioned. So these insights were really helpful, and we kept that cadence going for a number of weeks, we brought that in. And again, it was all around quality, the delivery of the product or service, and the cost.

供應鏈風險的多樣化，我們目前的投資組合在哪裡，我們目前的站點在哪裡，該供應鏈相對於其他供應鏈的安全性如何。再次，定位良好。所以這些見解確實很有幫助，我們保持這種節奏持續了數週，並將其引入其中。再次強調，這一切都與品質、產品或服務的交付以及成本有關。

And so we're pleased with where we've pivoted the organization to kind of take -- for us to position the organization to take advantage of those needs that our customers currently have based off of the macro dislocation.

因此，我們很高興能夠調整組織結構，以便我們能夠根據宏觀錯位情況，充分利用客戶當前的需求。

Let me talk about the NGS. So NGS, I mean, again, no change in terms of how we view the end market right now and the demand side of it. But if anything, it goes back to the original comments we had around these customer insights. I mean, they're looking for partners that are giving them a competitive advantage internally, and that's the quality of our service, the delivery of our service, which we've also been able to really stand high on. And then lastly, the cost of that.

讓我來談談NGS。所以，我的意思是，就我們現在對終端市場及其需求方面的看法而言，NGS 沒有任何變化。但如果有什麼不同的話，它又回到了我們對這些客戶洞察的最初評論。我的意思是，他們正在尋找能夠為他們帶來內部競爭優勢的合作夥伴，而這正是我們服務的品質、我們服務的交付，我們也能夠真正立於不敗之地。最後，還有成本。

So kind of those two -- the insights I gave you around customers directly correlates to how we view NGS. It's no change, and we're just going to continue to do what we're doing. If anything, we may see a little bit of an increase in outsourcing here to my prior point. But all in all, I feel pretty bullish on where we are right now with that team.

所以這兩種——我給你的關於客戶的見解與我們如何看待 NGS 直接相關。這沒有什麼改變，我們只是繼續做我們正在做的事情。如果有的話，我們可能會看到外包業務略有增加，這與我之前的觀點一致。但總而言之，我對我們團隊目前的狀況感到非常樂觀。

Got it, super helpful. Thanks, guys. You bet.

明白了，非常有幫助。謝謝大家。當然。

Yeah. And at this time it appears we have no further questions. I would like to turn the call back over to Mr. Marotta.

是的。目前看來我們沒有其他問題了。我想把電話轉回馬洛塔先生。

Very good. Thank you. And first off, thank you for joining us. We're really pleased to deliver a strong second quarter and very well positioned to continue to deliver performance here to create value for our shareholders.

非常好。謝謝。首先，感謝您的參與。我們非常高興看到第二季業績表現強勁，我們已準備好繼續保持良好的業績，為股東創造價值。

We're excited about the journey we're on, and I want to thank our 3,000 employees that make Azenta very special. It's good to be with you this morning and thank you again.

我們對正在進行的旅程感到興奮，我要感謝我們的 3,000 名員工，是他們讓 Azenta 變得如此特別。很高興今天早上能和你在一起，再次感謝你。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的出席，此時，我們懇請您斷開線路。