Azenta Inc (AZTA) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Azenta Q3 2025 financial results. (Operator Instructions) As a reminder, this conference is being recorded Tuesday, August 5, 2025. I will now like turn the conference over to Yvonne Perron, Vice President, FP&A, and Investor Relations. Please go ahead.

您好，歡迎來到 Azenta 2025 年第三季財務業績。（操作員指示）提醒一下，本次會議將於 2025 年 8 月 5 日星期二進行錄製。現在，我將會議交給 FP&A 和投資者關係副總裁 Yvonne Perron。請繼續。

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 third 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 財年第三季財報電話會議。

Our third-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. Please note that effective the first fiscal quarter of 2025, the results of B Medical Systems are treated as discontinued operations.

我們的第三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。請注意，自 2025 財年第一季起，B Medical Systems 的業績將被視為終止經營。

I would like to remind everyone that during the course of the call, we will be making a number of forward-looking statements within the meaning of the Private Litigation Securities Act of 1995. There are many factors that may cause actual financial results or other events to differ from those identified in such forward-looking statements.

我想提醒大家，在電話會議過程中，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結果不同。

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 our various filings with the SEC, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We make no obligation to update these statements should future financial data or events differ from the forward-looking statements presented today.

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。如果未來的財務數據或事件與今天提供的前瞻性聲明不同，我們沒有義務更新這些聲明。

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.

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。我們相信非公認會計準則衡量標準為我們了解營運和績效提供了另一種方式。

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.

但如果結合 GAAP 財務結果和 GAAP 指標的調整來考慮，它們就能對 Azenta 業務提供更全面的了解。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. 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.

今天與我一起通話的有我們的總裁兼首席執行官約翰·馬洛塔 (John Marotta) 和我們的執行副總裁兼首席財務官勞倫斯·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.

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. As we continue to navigate an uncertain and dynamic macro environment, one thing remains crystal clear: Azenta's core capabilities make us the partner of choice for our customers now more than ever.

謝謝你，伊馮。大家早安，感謝大家今天加入我們。當我們繼續在充滿不確定性和動態的宏觀環境中前進時，有一件事始終清晰可見：Azenta 的核心能力使我們比以往任何時候都更成為客戶的首選合作夥伴。

Whether it's navigating funding constraints, supply chain complexities, or market uncertainties, our commitment to operational excellence, innovation, and customer centricity enables us to remain a trusted ally.

無論是應對資金限制、供應鏈複雜性還是市場不確定性，我們對卓越營運、創新和以客戶為中心的承諾使我們繼續成為值得信賴的盟友。

In times of uncertainty, it's our deep expertise and capabilities that sets us apart and ensures we continue to deliver value where it matters most. We are uniquely positioned to help our customers thrive. And we are committed to enabling breakthroughs faster, regardless of the challenges the broader environment may present.

在充滿不確定性的時期，我們深厚的專業知識和能力使我們脫穎而出，並確保我們繼續在最重要的地方提供價值。我們擁有獨特的優勢，可以幫助我們的客戶蓬勃發展。無論大環境帶來何種挑戰，我們都致力於更快實現突破。

On the call today, I'll start by providing an overview of our business progress and our financial performance, and then share some comments on the broader macro environment and relevant considerations before turning the call over to Lawrence for the financial review.

在今天的電話會議上，我將首先概述我們的業務進展和財務業績，然後對更廣泛的宏觀環境和相關考慮發表一些評論，然後將電話交給勞倫斯進行財務審查。

Despite the ongoing macro challenges, our focus has not wavered. We remain guided by our North Star of long-term value creation, and our operational turnaround is moving us in the right direction. The structural realignment of our organization is allowing us to operate more effectively, reduce SG&A costs, and redeploy critical resources into the operating companies so the decisions can be made closest to the customer.

儘管宏觀挑戰持續存在，但我們的重點並未動搖。我們始終以長期價值創造的北極星為指引，我們的營運轉型正朝著正確的方向前進。我們組織的結構調整使我們能夠更有效地運營，降低銷售、一般及行政費用，並將關鍵資源重新部署到營運公司，以便能夠根據客戶需求做出決策。

We're also advancing our key growth priorities which include: one, strengthening commercial excellence by expanding regional capabilities and alignment, staffing open sales territories, and investing in feet on the street; two, funding product management resources to drive innovation and tighter alignment to customers' needs; and three, investing in R&D to bring forward new and transformative solutions to our customers to accelerate growth.

我們也正在推進我們的關鍵成長重點，包括：第一，透過擴大區域能力和協調、為開放的銷售區域配備人員以及投資實地考察來增強商業卓越性；第二，資助產品管理資源以推動創新和更緊密地滿足客戶需求；第三，投資研發，為我們的客戶提供新的變革性解決方案，以加速成長。

The foundation for all that we do is rooted in the Azenta Business System. ABS provides the structure and discipline to support and fuel growth through operational excellence and will be a competitive advantage for us. The business system model will harness the full potential of our talented team, unify our culture, and drive our performance. We're reshaping the company for long-term profitable growth, efficient working capital management, and sustained value creation, all in service of enabling breakthroughs faster.

我們所做的一切的基礎都植根於 Azenta 商業系統。ABS 提供結構和紀律，透過卓越營運支援和推動成長，這將成為我們的競爭優勢。這個業務系統模型將充分發揮我們優秀團隊的潛力，統一我們的文化，並推動我們的績效。我們正在重塑公司，以實現長期獲利成長、高效的營運資本管理和持續的價值創造，所有這些都是為了更快地實現突破。

In the fiscal third quarter, we saw clear pockets of strength, with growth in next-gen sequencing, sample storage, and product services. Consistent with the broader life sciences tool space, these areas of our business with the most stable and reoccurring revenue streams performed well.

在第三財季，我們看到了明顯的優勢，包括下一代定序、樣本儲存和產品服務的成長。與更廣泛的生命科學工具領域一致，我們業務中這些擁有最穩定和經常性收入流的領域表現良好。

This strong performance was partially offset by core products revenue weakness, as customers were forced to contend with ongoing funding and investment constraints and broader policy and macro uncertainty. Importantly, we have a very robust products funnel. Based on our customers' interactions, we believe that our underlying demand is strong and that the order acceleration is a matter of timing.

由於客戶被迫應對持續的資金和投資限制以及更廣泛的政策和宏觀不確定性，核心產品收入的疲軟部分抵消了這一強勁表現。重要的是，我們有一個非常強大的產品管道。根據我們與客戶的互動，我們認為我們的潛在需求強勁，訂單加速只是時間問題。

Against this muted macro backdrop, adjusted EBITDA margin expanded by 260 basis points year over year, a testament to our execution and cost discipline. We remain committed to our full-year 2025 guidance of organic revenue growth between 3% to 5% and adjusted EBITDA margin expansion of 300 basis points.

在這種低迷的宏觀背景下，調整後的 EBITDA 利潤率年增 260 個基點，證明了我們的執行力和成本控制能力。我們仍致力於實現 2025 年全年有機收入成長 3% 至 5% 以及調整後 EBITDA 利潤率擴大 300 個基點的目標。

Our geopolitical war room remains, actively assessing and responding to external developments, quantifying potential impacts, and working purposefully through countermeasures. Our customer outreach initiative, which began last quarter, remains a priority. Each week, we receive direct feedback from our team on what they hear from customers and how Azenta can be a better partner. This enables us to react and adjust in real time.

我們的地緣政治作戰室仍然存在，積極評估和應對外部發展，量化潛在影響，並有目的地採取對策。我們上個季度開始的客戶拓展計畫仍然是我們的首要任務。每週，我們都會收到團隊的直接回饋，了解客戶的回饋以及 Azenta 如何成為更好的合作夥伴。這使我們能夠即時做出反應和調整。

Consistent with our prior view, we continue to estimate the reductions in NIH funding levels will result in approximately a 1% headwind to the full-year 2025 revenue. Countermeasures are in place. We believe that the tariffs have a nominal impact on our adjusted EBITDA.

與我們先前的觀點一致，我們繼續估計 NIH 資助水準的減少將導致 2025 年全年收入下降約 1%。對策已經到位。我們認為關稅對我們的調整後 EBITDA 影響不大。

The turbulent and changing tariff landscape is challenging to navigate. And we continue to seek alternative supply chain sources and balanced and reasonable cost-sharing options. Thanks to the operational improvements we have made in the business, we are pleased we are able to reaffirm our guidance today despite these impacts.

動盪和變化的關稅狀況​​令人難以駕馭。我們將繼續尋求替代的供應鏈來源和平衡合理的成本分攤方案。由於我們在業務上取得了營運改進，儘管受到這些影響，我們很高興今天能夠重申我們的指導。

More broadly, we are in a strong position to capitalize on the considerable opportunities we anticipate will materialize from this dynamic environment. We believe we are a valuable outsourcing solution that can also help alleviate the cost pressures for our customers, and we are already seeing this play out.

更廣泛地說，我們處於有利地位，可以利用我們預計將從這個動態環境中實現的巨大機會。我們相信我們是一個有價值的外包解決方案，也可以幫助減輕客戶的成本壓力，而我們已經看到了這一點。

For example, we recently negotiated a new MSA with a core lab where our service offering will deliver to the customer both reduced costs and improved service quality. We anticipate seeing more of these opportunities. Elsewhere, we are seeing green shoots in our stores and instruments products given the robustness of our funnel.

例如，我們最近與核心實驗室協商了一項新的 MSA，其中我們提供的服務將為客戶降低成本並提高服務品質。我們期待看到更多這樣的機會。在其他地方，鑑於我們通路的穩健性，我們看到了商店和儀器產品的復甦跡象。

We remain in a strong financial position. With $550 million in cash on our balance sheet, equivalent to $12 per share of cash, no outstanding debt, and meaningful free cash flow generation, we will prioritize investment opportunities across key levers which are gross margin productivity, organic growth offerings, inorganic growth through strategic tuck-in M&A, and repurchasing our stock.

我們的財務狀況依然強勁。我們的資產負債表上有 5.5 億美元現金，相當於每股 12 美元的現金，沒有未償債務，並且有有意義的自由現金流產生，我們將優先考慮跨關鍵槓桿的投資機會，這些槓桿包括毛利率生產力、有機增長產品、通過戰略性收購實現的無機增長以及回購我們的股票。

Our M&A funnel is robust. And we see a healthy pipeline and high-quality strategic tuck-in opportunities that we believe can help to accelerate revenue growth and profitability.

我們的併購管道非常強大。我們看到了健康的管道和高品質的策略整合機會，我們相信這些有助於加速收入成長和獲利能力。

As we previously mentioned, we are planning to host an Investor Day later this calendar year to update the investor community on what we achieved and our outlook for our business. Details of this event will be released in the next couple of months.

正如我們之前提到的，我們計劃在今年稍後舉辦投資者日，向投資者社群介紹我們所取得的成就以及對業務的展望。活動的詳細資訊將在未來幾個月內公佈。

I'm proud of the work our team does each day to partner with our customers. I remain excited and confident about Azenta's ability to deliver long-term sustainable value to our customers, our employees, and our shareholders.

我為我們的團隊每天與客戶合作所做的工作感到自豪。我對 Azenta 為我們的客戶、員工和股東提供長期可持續價值的能力感到興奮和充滿信心。

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. I'll first take you through an overview of our company-wide results before providing you with some more color on our segment performance, and then wrap up with details on our balance sheet and full-year guidance.

謝謝你，約翰，大家早安。我將先向您概述我們整個公司的業績，然後再向您詳細介紹我們的分部業績，最後詳細介紹我們的資產負債表和全年指引。

As a reminder, the results we are referring to today, unless otherwise noted, excludes B Medical Systems, which is reported within discontinued operations. In the third quarter, we recorded an additional non-cash loss on assets held for sale of $69 million on B Medical. We believe the transaction remains on track to be announced in calendar 2025.

提醒一下，除非另有說明，我們今天提到的結果不包括 B 醫療系統，因為該系統是在已停止營運的業務範圍內報告的。第三季度，我們記錄了 B Medical 持有待售資產的額外非現金損失 6,900 萬美元。我們相信該交易預計在 2025 年宣布。

To supplement my remarks today, I will refer to the slide deck available on our website. We'll begin on slide 3 for a few highlights. Third-quarter revenue totaled $144 million flat year over year on a reported basis and down 2% on an organic basis. Strength in next-generation sequencing, growth in sample storage, and solid contributions from clinical biostores and product services helped offset softness in other areas of the portfolio.

為了補充我今天的發言，我將參考我們網站上的幻燈片。我們將從幻燈片 3 開始介紹一些亮點。第三季總營收為 1.44 億美元，與去年同期持平，有機下降 2%。下一代定序的優勢、樣本儲存的成長以及臨床生物商店和產品服務的堅實貢獻有助於抵消投資組合其他領域的疲軟。

Non-GAAP EPS for the quarter was $0.19. Adjusted EBITDA margin was 12.3% for the quarter, which represents expansion of approximately 260 basis points year over year. This improvement highlights the continued progress of our operational turnaround efforts and the benefit of increased efficiency and cost discipline.

本季非公認會計準則每股收益為0.19美元。調整後EBITDA利潤率為12.3%，較去年成長約260個基點。這項改善凸顯了我們營運扭虧為盈努力的持續進展以及提高效率和控製成本的好處。

While profitability drivers varied across segments, our overall margin expansion demonstrates our ability to execute in a challenging environment and reinforces our commitment to building a stronger, more scalable business. Year-to-date adjusted EBITDA expanded 350 basis points year over year.

雖然各部門的獲利驅動因素有所不同，但我們的整體利潤率成長證明了我們在充滿挑戰的環境中執行的能力，並加強了我們致力於建立更強大、更具可擴展性的業務的承諾。年初至今調整後的 EBITDA 年成長 350 個基點。

Free cash flow was $15 million for the quarter, including B Medical, driven primarily by improved working capital with a significant reduction in accounts receivable. We ended the quarter in a strong position with $550 million in cash, cash equivalents, and marketable securities.

本季自由現金流為 1,500 萬美元，其中包括 B Medical，主要由於營運資本增加以及應收帳款大幅減少。本季結束時，我們擁有 5.5 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 of $144 million represented flat growth on a reported basis and a decline of 2% on an organic basis. In the third quarter, non-GAAP gross margin was 48.5% higher 180 basis points year over year.

現在，讓我們翻到投影片 4，深入了解本季的業績。總營收 1.44 億美元，以報告基礎計算持平成長，以有機基礎計算下降 2%。第三季度，非公認會計準則毛利率為48.5%，較去年同期上升180個基點。

The improvement is largely a result of favorable sales mix, operational efficiencies, and improved cost execution. Adjusted EBITDA was $18 million, and adjusted EBITDA margin was 12.3%. Margin expanded both year over year and sequentially. With that, let's turn to slide 5 for a review of our segment results, starting with Sample Management Solutions or SMS.

這項改善主要得益於良好的銷售組合、營運效率以及成本執行的改善。調整後的 EBITDA 為 1,800 萬美元，調整後的 EBITDA 利潤率為 12.3%。利潤率同比和環比均有所擴大。接下來，讓我們翻到第 5 張投影片來回顧我們的細分結果，首先是樣本管理解決方案或 SMS。

SMS revenue was $78 million for the quarter, down 4% year over year on a reported basis and down 6% on an organic basis, primarily due to softer bookings for cryo and timing delays in our automated stores product lines. This reflects customers pushing out orders as they delay larger capital investments amid ongoing budget constraints and internal realignment.

本季 SMS 收入為 7,800 萬美元，按報告基礎計算年減 4%，以有機基礎計算下降 6%，主要原因是冷凍預訂量減少以及自動化商店產品線的時間延遲。這反映出客戶在持續的預算限制和內部調整下推遲了更大的資本投資，從而推遲了訂單。

Consumables and instruments was also down year over year, primarily due to a large order that shifted into the fourth quarter and a slowdown in instrument bookings. The segment was supported by growth in sample storage along with strong year-over-year performance in product services and clinical biostores.

消耗品和儀器的銷售額也較去年同期下降，主要原因是大量訂單轉移到第四季度，以及儀器預訂量放緩。該部門受到樣品儲存成長以及產品服務和臨床生物商店強勁的同比表現的支持。

These product lines continue to demonstrate solid execution and customer engagement, and highlight the benefit of diversification in our portfolio. SMS third-quarter non-GAAP gross margin was 53.6%, up 760 basis points year over year, reflecting a favorable shift in product mix and improved operational execution and cost management.

這些產品線持續展現出穩健的執行力和客戶參與度，並凸顯了我們產品組合多樣化的優勢。SMS 第三季非 GAAP 毛利率為 53.6%，較去年同期成長 760 個基點，反映了產品結構的有利轉變以及營運執行和成本管理的改善。

Turning next to the Multiomics segment, Multiomics delivered revenue of $66 million, up 4% on a reported basis and up 3% on an organic basis. Growth was led by continued momentum in next-generation sequencing where pricing has stabilized and volume is growing at sustained double-digit rates. Performance was further aided by large customer deals, particularly in Europe.

接下來是 Multiomics 部門，Multiomics 的營收為 6,600 萬美元，報告基礎上成長 4%，有機成長 3%。成長主要由次世代定​​序的持續發展動能推動，其價格已趨於穩定，銷售量則持續以兩位數的速度成長。大型客戶交易（尤其是在歐洲）進一步提升了業績。

Despite macro and geopolitical headwinds, China remains a strong market for us, posting 10% organic growth in the quarter. Gene synthesis revenue declined high single digits year over year, reflecting continued softness among key pharma accounts. The decline was primarily driven by delays as some customers adjusted timelines in our reprioritizing projects and internal resource alignment.

儘管面臨宏觀和地緣政治阻力，中國仍然是我們強勁的市場，本季實現了 10% 的有機成長。基因合成收入年減了高個位數，反映出主要製藥公司的帳戶持續疲軟。下降的主要原因是一些客戶在我們重新排序專案和內部資源調整的時間表上進行了延遲。

Sanger sequencing revenue declined mid-teens year over year, consistent with trends we've discussed in prior quarters, as the industry continues to transition towards newer sequencing technologies. Plasmid-EZ, our Oxford Nanopore-based solution, continues to gain traction, with revenue growth remaining strong and well ahead of last year's level.

桑格定序收入年減了百分之五十左右，與我們在前幾個季度討論的趨勢一致，因為該行業繼續向更新的測序技術過渡。Plasmid-EZ 是我們基於牛津奈米孔的解決方案，其持續受到關注，營收成長保持強勁，遠高於去年的水平。

This momentum is helping to offset the decline in traditional Sanger revenue, and we remain on track for Plasmid-EZ to substantially balance that impact over the full year. Multiomics non-GAAP gross margin for the third quarter was 42.6%, down approximately 500 basis points year over year. This decline was primarily driven by product mix and lower volume in Sanger sequencing and gene synthesis, as well as the impact of certain non-recurring items in the quarter.

這一勢頭有助於抵消傳統 Sanger 收入的下降，我們仍有望讓 Plasmid-EZ 在全年大幅平衡這一影響。Multiomics 第三季非公認會計準則毛利率為 42.6%，較去年同期下降約 500 個基點。這一下降主要是由於桑格測序和基因合成的產品組合和產量下降，以及本季某些非經常性項目的影響。

Next, let's turn to slide 6 for a review of the balance sheet. We ended the quarter with $550 million in cash, cash equivalents, and marketable securities, excluding B Medical. We had no debt outstanding. Capital expenditures for the quarter were $11 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 5.5 億美元的現金、現金等價物和有價證券（不包括 B Medical）。我們沒有未償還的債務。本季的資本支出為 1,100 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 in our press release, we are reaffirming our full-year 2025 organic revenue growth guidance of 3% to 5%. Previously, we anticipated low single-digit growth in Multiomics and mid-single-digit growth in SMS.

談到第 8 張投影片上的指引，正如您在我們的新聞稿中看到的，我們重申 2025 年全年有機收入成長指引為 3% 至 5%。此前，我們預計 Multiomics 將實現低個位數成長，SMS 將實現中等個位數成長。

While our overall outlook remains unchanged, we now expect Multiomics to grow in the mid-single digits and SMS to grow in the low single digits, reflecting evolving customer dynamics and the impact of budget constraints on product purchasing timelines. We are also reaffirming our commitment to 300 basis points of adjusted EBITDA margin expansion year over year.

雖然我們的整體前景保持不變，但我們現在預計 Multiomics 將以中位數個位數成長，而 SMS 將以低個位數成長，這反映了不斷變化的客戶動態以及預算限制對產品購買時間表的影響。我們也重申致力於將調整後的 EBITDA 利潤率年增 300 個基點。

To close, our performance this quarter highlights our differentiated portfolio, improving operational execution, and a hard-working team unified around long-term value creation priorities. We are committed to delivering on our full-year objectives and to advancing the initiatives that will position Azenta for sustainable long-term growth.

最後，本季的業績凸顯了我們差異化的產品組合、不斷提升的營運執行力以及圍繞長期價值創造優先事項團結一致的勤奮團隊。我們致力於實現全年目標並推進使 Azenta 實現可持續長期成長的舉措。

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) David Saxon, Needham.

（操作員指示）大衛·薩克森，尼德姆。

Great. Good morning, John and Lawrence. Thanks for taking my questions. So I'll have one on guidance and then one product-related question.

偉大的。早上好，約翰和勞倫斯。感謝您回答我的問題。因此，我將提出一個有關指導的問題，然後提出一個與產品相關的問題。

So for guidance, fiscal '25 guide implies a step-up here in the fiscal fourth quarter. So outside of the easier comp, I guess, what are you seeing across the businesses that give you the confidence in that step-up? And then would love your early thoughts on how you're thinking about fiscal '26.

因此，作為指導，25 財年指南意味著第四財季的成長。那麼，除了更容易競爭之外，我想，您在各個業務中看到了什麼讓您對這種提升充滿信心？然後我很想聽聽您對 26 財年的看法。

You started '25 at 3% to 5% and have maintained it throughout the year. So is that a good way to think about fiscal '26, or any puts and takes we should consider, particularly around the funding environment? And I'll have one follow-up. Thanks.

你們從 25 年開始就以 3% 到 5% 的利率運行，並且全年都保持在這一水平。那麼，這是思考 26 年財政年度的好方法嗎？或者我們應該考慮哪些利弊，特別是在融資環境方面？我也會進行一次跟進。謝謝。

Sure. David, hey, it's Lawrence. Good to be with you. Let's start with kind of the fourth quarter. So as you know, third-quarter year-to-date organic revenue grew at 3% year to year. To hit the 4% midpoint, there's a step-up in the fourth quarter north of $15 million. So we'll need to generate about $160 million in revenue in the quarter.

當然。大衛，嘿，我是勞倫斯。很高興和你在一起。讓我們從第四季開始。如您所知，今年第三季迄今的有機收入年增了 3%。為了達到 4% 的中點，第四季的增幅必須超過 1500 萬美元。因此我們需要在本季創造約 1.6 億美元的收入。

A couple of things that are giving us really the positive momentum we expect. There's momentum, as you can see, in NGS stores. Additionally, as we look at our stores' backlog on hand, we have a sufficient amount in the fourth quarter. Additionally, as you look at C&I demand, we had some of these orders that I mentioned earlier that were pushed into the fourth quarter. We've actually seen that shift, and that was a significant order.

有幾件事確實為我們帶來了我們所期望的積極勢頭。如您所見，NGS 商店發展勢頭強勁。此外，當我們查看我們商店的庫存積壓情況時，我們發現第四季度的庫存量足夠。此外，當您查看 C&I 需求時，您會發現我之前提到的一些訂單被推遲到了第四季度。我們確實看到了這種轉變，這是一個重要的命令。

So those are a couple big items that really move us and give us confidence about the fourth quarter. Additionally, one of the things that we've seen a large amount of momentum is our improving on-time delivery around our SMS business.

所以這些是真正讓我們感動並讓我們對第四季充滿信心的幾個大事。此外，我們看到的巨大發展勢頭之一是我們的簡訊業務準時交付能力不斷提高。

John and the team there has really done a tremendous effort in order to just kind of increase our on-time delivery. We'll see the fruits of that labor really kind of flow through in the fourth quarter. Ultimately, David, it's about execution and really looking at -- ensuring we can basically get to these numbers week to week and ensuring execution.

為了提高我們的準時交貨率，約翰和他的團隊確實付出了巨大的努力。我們將在第四季看到這些勞動成果的真正顯現。最終，大衛，這關乎執行，真正關注的是——確保我們基本上可以每週都達到這些數字並確保執行。

So that's on the fourth quarter. In terms of kind of the outlook for 2026, really, what we mentioned earlier is we're really committed to the IR Day numbers that we had in our LRP, which are 5% to 8% CAGR. As I mentioned, at the end of -- close to the end of the calendar 2025, we'll have another Investor Day to update everyone on the numbers.

這就是第四季的情況。就 2026 年的前景而言，我們之前提到過，我們確實致力於 LRP 中的 IR Day 數字，即 5% 至 8% 的複合年增長率。正如我所提到的，在 2025 年年末，我們將舉行另一個投資者日，向大家更新數據。

Okay, great. That's helpful. And then I guess, on SMS specifically, core products, talked about weakness there. So how much of that is due to order timing versus order cancellations? Are you seeing any cancellations or just -- it's really just orders being pushed out due to customer resource allocation? Thanks so much.

好的，太好了。這很有幫助。然後我想，具體來說，關於短信，核心產品，談到了那裡的弱點。那麼，這其中有多少是由於訂單時間安排造成的，有多少是由於訂單取消造成的？您是否看到任何取消的情況，或者只是由於客戶資源分配而被推遲的訂單？非常感謝。

David, good morning. It's John here. We're not seeing any cancellations at this time. Most of this is just a pharma and around capital equipment pausing on some of the capital equipment purchases, consistent with the rest of the market.

大衛，早安。我是約翰。目前我們還沒有看到任何取消的情況。其中大部分只是製藥和資本設備暫停部分資本設備採購，與市場其他部分一致。

Thank you.

謝謝。

Mac Etoch, Stephens Inc.

Mac Etoch，Stephens 公司

Hey, good morning. This is Hannah, on for Mac. I just had one question on gene synthesis headwinds that you were talking about, some softness from key pharma accounts. What do you think is kind of causing this softness, and do you expect these timing issues to resolve? Could you just like elaborate a little bit more on what you're seeing and when you expect this to improve?

嘿，早安。我是 Hannah，使用 Mac 作業系統。我只有一個問題，關於您談到的基因合成逆風，主要製藥帳戶的一些疲軟現象。您認為是什麼原因導致了這種疲軟？您是否希望這些時間問題能夠解決？您能否詳細說明您所看到的情況以及您預計何時會有所改善？

Yeah. Hannah, good to be with you. We're seeing just a bit of softness around projects coming in from pharma right now in synthesis. We are seeing some of that coming on stock here in Q4. We're seeing little green shoots around that right now. But I think we remain pretty consistent on this. This is just a timing issue in North America.

是的。漢娜，很高興和你在一起。我們發現，目前來自製藥業的合成項目進展有些疲軟。我們看到其中的一些產品將在第四季上市。我們現在看到周圍出現了一些小小的綠芽。但我認為我們在這一點上仍然保持一致。這只是北美的一個時間問題。

Okay, great. Thanks. I'll leave it there.

好的，太好了。謝謝。我就把它留在那裡。

Sure. Thank you, Hannah.

當然。謝謝你，漢娜。

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Hi, guys. Thanks for taking my question. Maybe going back to this implied Q4, I think your comment suggests Q4 should be up mid-singles, maybe around 5% organic. What was the -- I guess, can you quantify the order push-out in Q3 that gives you visibility on that 5%? And how are you thinking about the segments, SMS versus more Multiomics in Q4?

嗨，大家好。感謝您回答我的問題。也許回到這個隱含的第四季度，我認為您的評論表明第四季度應該會上漲中段，可能在 5% 左右有機增長。我想，您能否量化第三季的訂單延遲情況，以便您了解那 5% 的情況？您如何看待第四季的 SMS 與多組學細分市場？

Yeah, hey, Vijay. It's Lawrence. How are you doing? Look, I think one thing I failed to mention is, seasonally, Q3 to Q4, we always step up. Last year, you saw about a $7 million step-up.

是的，嘿，維傑。是勞倫斯。你好嗎？聽著，我想有一件事我沒有提到，那就是從季節性來看，從第三季到第四季度，我們總是在加強。去年，您看到了約 700 萬美元的成長。

The factors I mentioned earlier in the call at the top of the Q&A around NGS momentum, stores, and then kind of this large order around C&I going out in the fourth quarter really make up the remaining difference. That's why we feel confident about what we've got looking at fourth quarter. But, obviously, we've got to execute.

我在電話問答環節中提到的有關 NGS 勢頭、商店以及第四季度 C&I 大訂單的因素確實彌補了剩餘的差異。這就是為什麼我們對第四季的業績充滿信心。但顯然，我們必須執行。

The other thing, I think, one of the things to mention, especially around our SMS business -- and one of the key things is the strength of our funnel. Usually, I know we don't really talk about this. We talk about backlog. But what we've seen in our funnel has been tremendous.

另一件事，我認為，值得一提的是，特別是關於我們的簡訊業務——其中一個關鍵點就是我們的管道實力。通常，我知道我們不會真正談論這個。我們討論積壓問題。但我們在漏斗中看到的結果卻是驚人的。

For instance, in our C&I business, we're saying that it is about 2.5 times our revenue. So to John's point earlier, there's significant pent-up demand. We expect a lot of this to kind of peter out through the fourth and then subsequently into the first quarter.

例如，在我們的 C&I 業務中，我們認為它大約是我們收入的 2.5 倍。正如約翰之前所說，存在著大量被壓抑的需求。我們預計，這種現象將在第四季逐漸消失，隨後進入第一季。

Understood. And maybe, John, for you on leadership, when you look at leadership changes you made, any, I guess, any new leadership, sales leadership, which perhaps contribute to maybe the order book cleaning up, which explains 3Q to Q4? I'm curious how leadership changes impacted the business.

明白了。約翰，也許就領導力而言，當您回顧您所做的領導層變動時，我想，任何新的領導層、銷售領導層，可能有助於訂單清理，這解釋了第三季度到第四季度的情況？我很好奇領導階層的變動對業務有何影響。

Vijay, good to be with you. Insightful question. We've got a few things going on commercially that we're pretty excited about. We do have new commercial leadership in North America. As you know, we split out the regions and have gone to a regional model instead of a global model commercially. I think we're seeing green shoots around that.

維傑，很高興和你在一起。很有見地的問題。我們在商業上正在進行一些事情，對此我們感到非常興奮。我們在北美確實有新的商業領導。如您所知，我們劃分了各個區域，並在商業上採用區域模式而不是全球模式。我認為我們已經看到了這方面的復甦跡象。

Our sales leaders are out in the field with customers. We're pretty excited about that. Personally, I've spent a lot of time with our customers last quarter. We're very excited, and we do really well when we're in front of our customers, candidly.

我們的銷售領導正在實地與客戶會面。我們對此感到非常興奮。就我個人而言，上個季度我花了很多時間與我們的客戶在一起。我們非常興奮，坦白說，當我們面對客戶時，我們做得非常好。

Secondly, around just sales leadership in general. So Joe just joined us in North America. But other than that, I think we've got our -- I'm sorry -- in SRS, we've got new sales leadership in SRS. So Albert, who was running our corporate sales organization, has moved over to SRS. He's well-known in the industry, and he actually grew up in the SRS business, in our biorepository business, so we're really excited about him taking the reins there right now.

其次，圍繞著一般的銷售領導力。喬剛剛加入我們北美團隊。但除此之外，我認為我們已經——對不起——在 SRS，我們在 SRS 有了新的銷售領導。因此，負責我們公司銷售組織的 Albert 已轉到 SRS。他在業界很有名，而且他實際上是在 SRS 業務、在我們的生物庫業務中成長起來的，所以我們真的很高興他現在能執掌這個業務。

Understood. Maybe if I could squeeze one more in. Your comments on M&A funnel seems constructive, positive. I'm curious, what areas are you looking at, John? Would this be on the product side or service side or anything software-related? It looks like both revenue accretion and margin accretion seem like key criteria for targets.

明白了。也許我可以再擠一個進去。您對併購管道的評論似乎具有建設性，積極性。我很好奇，約翰，你有在關注哪些領域？這是產品方面還是服務方面還是任何與軟體相關的東西？看起來營收成長和利潤成長似乎都是目標的關鍵標準。

Yeah. The way I would think about our M&A funnel right now is I would think about really us kind of minding our knitting and sticking with our core. And that's specifically around biorepositories, automation, and how we think about that.

是的。我現在對我們的併購管道的看法是，我會真正考慮我們是否應該關注我們的編織並堅持我們的核心。這具體涉及生物庫、自動化以及我們對此的看法。

We, of course, are evaluating opportunities in the Multiomics business as well. But in general, that's the way I would think about it. I would think about it being accretive and us being very disciplined around these assets in terms of making sure that they're within our core or near product line extensions is the way I would think about it. Just back to the basics here in M&A.

當然，我們也在評估 Multiomics 業務中的機會。但總的來說，這就是我的想法。我認為它具有增值性，我們會非常嚴格地管理這些資產，確保它們位於我們的核心產品線或接近產品線延伸，這就是我的想法。回到併購的基本問題。

Understood. Thank you.

明白了。謝謝。

Thank you.

謝謝。

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

(technical difficulty) areas you would highlight that may seem more meaningful strengths in terms of spending trends across end markets?

（技術難度）您會強調哪些領域在終端市場的支出趨勢方面可能顯得更具優勢？

I'm sorry, we missed the first part of the question. Apologies.

抱歉，我們錯過了問題的第一部分。抱歉。

Yeah, no worries. I'm sorry about that. I just wanted to double-click on the funnel that you mentioned earlier in the Q&A. How much visibility do you have stretching out over the near term? And are there any areas you would highlight that may seem -- like they might have more meaningful strengths in terms of spend trends across the end markets?

是的，不用擔心。我很抱歉。我只是想雙擊您之前在問答中提到的漏斗。您對近期前景的預見性有多大？您是否想強調哪些領域可能看起來——就終端市場的支出趨勢而言，它們可能具有更有意義的優勢？

Yeah. Our funnel specifically -- this goes back to Vijay's question and [Jacqueline], a follow-on to this that you're asking specifically around the strength of -- commercially in our funnel.

是的。我們的漏斗具體來說——這可以追溯到 Vijay 的問題和 [Jacqueline]，你問的這個後續問題具體是關於我們的漏斗在商業上的強度。

The teams have done a really good job of reviewing our deals on a weekly basis. We're going very deep into those geographically. Specifically, we've got good visibility in the capital equipment side of the business right now. Everything -- the message is pretty clear: no cancellations on orders.

團隊每週都會對我們的交易進行審查，做得非常出色。我們正在從地理角度深入研究這些問題。具體來說，我們目前在業務的資本設備方面擁有良好的知名度。一切——訊息非常明確：不取消訂單。

But in terms of the funnel, there's been no competitive pressure. I mean, there's always competitive pressure, but we're not seeing misses or losses in the funnel based off of a competitive dynamic. It's just the timing of these in terms of where pharma is right now on capital expenditures. And that's really the message around the funnel.

但就通路而言，並不存在競爭壓力。我的意思是，競爭壓力總是存在的，但我們並沒有看到基於競爭動態的失誤或損失。這只是就製藥業目前的資本支出而言的時機問題。這實際上是圍繞漏斗的資訊。

But I'm very pleased with the team's visibility and command of where the funnel is, where we are in the process of driving those deals to close, specifically in the SMS products business.

但我對團隊的洞察力和對漏斗位置的掌控感到非常滿意，特別是在簡訊產品業務方面，我們在推動交易完成的過程中處於什麼位置。

That's very helpful. Thank you. Just to fit one more in, could you remind us on what the ideal buyer profile you're looking for for the B Med divestiture? And I guess, we have updates to timing in the near term.

這非常有幫助。謝謝。再補充一點，您能否提醒我們一下，對於 B Med 資產剝離，您正在尋找什麼樣的理想買家？我想，我們近期會對時間安排做出更新。

Sure. We've been pretty consistent around B Medical. We were surprised at how much demand we had gotten on the process. We're very pleased with where the process is today. Your buyer set is anywhere from private equity to strategics. And again, pretty pleased on where we are. We see no reason we shouldn't be hearing about where we are in the coming months.

當然。我們對於 B Medical 的關註一直非常一致。我們對這流程的需求之大感到驚訝。我們對目前的進展非常滿意。您的買家範圍從私募股權到策略投資者。再次，我們對目前的狀況感到非常滿意。我們認為沒有理由不了解未來幾個月我們的處境。

Great. Thank you so much.

偉大的。太感謝了。

You bet.

當然。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

Hey, everybody. Thanks for the question. Maybe I just want to dive in a little bit on the SMS margin dynamics. Can you give a little bit of color as to how much of that is really mix-oriented with some of the timing dynamics you talked about versus how much is structural costs out that are helping there? Because you did kind of outperform our number pretty materially on that line.

嘿，大家好。謝謝你的提問。也許我只是想稍微深入了解一下 SMS 保證金動態。您能否稍微解釋一下，其中有多少是真正以混合為導向的，有多少是與您談論的一些時間動態有關，有多少是結構性成本在起作用？因為你在這方面的表現確實遠遠超出了我們的預期。

Yeah, Andrew, good to speak with you. For the SMS margin, we are up 760 basis points in the quarter. Generally, I would say a large component is going to be mix, right, with favorable mix towards the consumables items.

是的，安德魯，很高興與您交談。就 SMS 利潤率而言，本季我們上漲了 760 個基點。一般來說，我會說大部分組件將會混合，對，對消耗品的混合是有利的。

The one thing I would say is, on top of that, we had really good improvements in gross margin, particularly around stores execution and just generally in the overall cost management that was driven by a lot of the restructuring we talked about.

我想說的是，除此之外，我們的毛利率確實有了很大的提高，特別是在門市執行方面，以及總體成本管理方面，這都得益於我們談到的大量重組。

Andrew, a couple things on this. You're starting to see the fruits of ABS, the Azenta Business System, come to life here around productivity and efficiency. That team's done a really good job of bringing in the business system around specifically that gross margin line and getting some pickup there. So we're pleased with that, very pleased with that.

安德魯，關於這一點有幾件事。您開始看到 ABS（Azenta 業務系統）在生產力和效率方面的成果。該團隊在圍繞毛利率線引入業務系統並取得一定成效方面做得非常出色。所以我們對此感到高興，非常高興。

Okay, helpful. And then maybe just in terms of looking at fiscal 4Q and some of the step-up here, I mean, what's your visibility today? And can you help us think about the comfort level knowing that, yes, you have the timing dynamic that helps you, you have the backlog, but we've seen this quarter a little bit of that backlog push out? So how comfortable are you with that kind of low single digits and the step-up in SMS in particular in 4Q relative to kind of sitting here the first week of August and what you know you have in hand?

好的，有幫助。然後也許只是從財政第四季度和這裡的一些進步來看，我的意思是，你今天的可見度是什麼？您能否幫助我們思考一下舒適度，是的，您有可以幫助您的時間動態，您有積壓，但我們在本季度看到積壓有一點推遲？那麼，相對於 8 月第一周的情況以及您所了解的情況，您對這種較低的個位數增長以及 SMS 在第四季度的提升感到滿意嗎？

Look, Andrew, feel good about kind of where we are, kind of the things we talked about with the seasonal aspect of the step in the third to fourth quarter, coupled with the items we just talked about with kind of the visibility and the storage backlog, the positive momentum we're seeing in NGS. And ultimately, look, it's about execution. And we're meeting with the teams weekly to ensure that we can kind of land the fourth quarter.

安德魯，你看，對於我們現在的狀況，我們談論的第三季度到第四季度的季節性因素，再加上我們剛才談論的可見性和存儲積壓，以及我們在 NGS 中看到的積極勢頭，感覺很好。最終，這關乎執行。我們每週都會與各團隊開會，以確保我們能夠順利完成第四季度的比賽。

Okay. I'll stop there. Thanks for the time.

好的。我就到此為止。謝謝你的時間。

Thank you.

謝謝。

(Operator Instructions) Matt Stanton, Jefferies.

（操作員指示）馬特·斯坦頓，傑富瑞。

Hey, thanks. Maybe on NGS, could you just put a finer point on the high double-digit growth you saw in the quarter? What exactly did NGS do in 3Q? I know you said volume was double digits and pricing stable. But maybe a finer point on the trends there in the quarter.

嘿，謝謝。也許在 NGS 方面，您能否更詳細說明本季看到的兩位數高成長？NGS在第三季到底做了什麼？我知道您說過交易量達到兩位數並且價格穩定。但也許可以更詳細地了解本季的趨勢。

And then I think prior, you noted potential tailwind here from some of the challenges on the A&G side with funding, especially in core labs and indirect funding. Maybe just talk a little bit more on kind of any traction you're seeing there as folks maybe look to outsource or move some of that volume elsewhere and the durability of that tailwind to your business over time. Thanks.

然後我想，您之前就注意到了 A&G 方面在資金方面面臨的一些挑戰，特別是核心實驗室和間接資金的潛在順風。也許您可以再多談您所看到的任何趨勢，因為人們可能希望將部分業務外包或轉移到其他地方，以及這種順風對您的業務的持久性。謝謝。

Yeah. Again, I think the story around NGS is one around sales execution. The teams have done a really good job of partnering with core labs in academic and in pharma right now, both. We're very pleased with how that team is executing commercially.

是的。再次強調，我認為圍繞NGS的故事就是圍繞著銷售執行的故事。目前，這些團隊在與學術界和製藥界的核心實驗室的合作方面做得非常出色。我們對團隊的商業表現非常滿意。

It's -- again, it's a testament to -- we're starting to see the Azenta Business System kind of come to life, specifically around targeting customers and driving deals through into the business and just delivering value to our customers.

這再次證明，我們開始看到 Azenta 業務系統開始發揮作用，特別是圍繞瞄準客戶、推動業務交易以及為我們的客戶提供價值。

Around A&G, I mean, there's a bunch of opportunities that we continue to see. I mean, we were pretty consistent with our point of view around NIH funding and that being a 1% headwind. We continue to maintain that point of view. As we said, we're on with the team in terms of a weekly war room.

我的意思是，圍繞著 A&G，我們繼續看到很多機會。我的意思是，我們對 NIH 資助的觀點相當一致，那就是 1% 的逆風。我們繼續堅持這一觀點。正如我們所說，我們每週都會與團隊一起召開作戰室會議。

We've pushed that out to a different frequency now. We're getting -- the team's got a good grip on where we are in terms of funding and how we can meet the needs where there's some pressure on that. We don't -- we continue to see these outsourced opportunities. And, Matt, I think right now, there's two dynamics.

我們現在已將其推至不同的頻率。我們正在獲得——團隊很好地掌握了我們的資金狀況，以及如何在有壓力的情況下滿足需求。我們沒有——我們繼續看到這些外包機會。馬特，我認為現在有兩種動態。

In academic and government, there's a clear point of view around -- they're looking for high-quality partners at this point in time. In pharma, what we're seeing is less -- kind of shrinking the amount of partners they would like to have in going to make sure that they're partnering with businesses that are putting on time, delivery, and quality at the forefront of their needs.

在學術界和政府中，有一個明確的觀點——他們目前正在尋找高品質的合作夥伴。在製藥業，我們看到的情況是，他們希望擁有的合作夥伴數量正在減少，以確保他們與那些將時間、交付和品質放在首位的企業合作。

And Azenta has been at the top of the list. I mean, I've had a lot of personal conversations with a lot of our big pharma customers, and that's come over and been made crystal clear to us. So that's really around NGS and A&G there.

而 Azenta 一直位居榜首。我的意思是，我已經與許多大型製藥客戶進行過多次私人交談，這些都對我們非常清楚。所以這實際上是圍繞著 NGS 和 A&G 進行的。

Thanks. And maybe to go to something you touched on in the opening remarks, you talked about the three areas of growth. I think for both product management and on the R&D side, you noted innovation. Maybe just give us an update on kind of how you're feeling about the innovation pipeline and cadence.

謝謝。也許可以回到您在開場白中提到的內容，您談到了三個成長領域。我認為，無論是在產品管理還是研發方面，您都注意到了創新。也許您可以向我們介紹一下您對創新管道和節奏的感受。

And then, when could we start to potentially see some of these products and area of innovation you're putting dollars and time in to start to show up and contribute to the top line? Is that '26, or is it a bit beyond that? Thanks.

那麼，我們什麼時候才能開始看到您投入金錢和時間的這些產品和創新領域開始顯現並為營收做出貢獻呢？那是 26 年嗎，還是稍微遠一點？謝謝。

Yeah. We'll come back to you clearly on when we're going to start to see a lot of that come through and show through the P&L. But let me speak to -- let me give you some specifics in particular around product management and the road map and how we're thinking about things in R&D.

是的。當我們開始看到大量資料透過損益表體現時，我們會向您清楚地報告。但請容許我談談—讓我向您提供一些具體細節，特別是有關產品管理和路線圖以及我們如何看待研發方面的事情。

So in R&D, you're going to see those investments. You're seeing some of those investments come in now. You're going to see more of those come in next year. We're really pleased at how the team is getting more disciplined around R&D from an NPI perspective, sustaining perspective, in our POC business specifically.

因此在研發方面，你會看到這些投資。現在您可以看到其中一些投資已經到位。明年你會看到更多這樣的情況。我們非常高興地看到，從 NPI 角度和維持角度來看，團隊在 POC 業務中對研發的規範性越來越強。

Our C&I business, we've got to breathe new life into that business. We haven't invested in that for quite some time. We're very excited about the investments that we're coming in with that.

我們必須為我們的 C&I 業務注入新的活力。我們已經有很長時間沒有對此進行投資了。我們對即將進行的投資感到非常興奮。

Product management, the teams are working their road maps. We've seen some early indications on that. We're really pleased with how product management is looking at the road map in terms of voice of customer, what our customers need and want, how we can meet their needs. Again, this is around our innovation engine with Azenta Business System.

產品管理，團隊正在製定他們的路線圖。我們已經看到了一些早期跡象。我們非常高興看到產品管理部門從客戶的聲音、客戶的需求和願望以及我們如何滿足他們的需求的角度來審視路線圖。再次強調，這是圍繞我們 Azenta 業務系統的創新引擎。

Our team is really -- our business system team is really supporting those product managers right now in the growth of the business. I'm very excited about where we're going to be able to take things. When we did the review of product management, it was clear to myself and the leadership team that was in the room that we have under-invested in these businesses for a long time and we're really excited about.

我們的團隊確實—我們的業務系統團隊現在確實在支援那些產品經理實現業務成長。我對於我們能夠取得的成就感到非常興奮。當我們對產品管理進行審查時，我和在場的領導團隊都清楚，我們長期以來對這些業務的投資不足，我們對此感到非常興奮。

Again, going back to what we said from day one here was we've got to put our resources in the right area, and it's not in G&A. It needs to be in R&D, product management, and sales and marketing. And we're really pleased about what the 26th budget is shaping up to look like to make sure that those investments are there. Again, we want to do what we say we're going to do here, and I think you're going to see that read through.

再一次，回到我們第一天所說的，我們必須將資源投入正確的領域，而不是在一般及行政費用中。它需要涉及研發、產品管理以及銷售和行銷。我們對第 26 份預算的進展感到非常滿意，以確保這些投資能夠到位。再說一次，我們想做我們說過要做的事，我想你們會看到這一點。

Thanks, Matt.

謝謝，馬特。

If I could just speak one more for Lawrence. On the push-out and the C&I orders, it sounds like it shipped here in 4Q. Any more color just on what that was? Was it like a couple million dollars or something? Thanks.

如果我可以代表勞倫斯再說一句話的話。關於推出和 C&I 訂單，聽起來好像它是在第四季度發貨的。還有更多細節可以說明那是什麼嗎？大概是幾百萬美元吧？謝謝。

Yeah, look, it was a couple million, and it just literally shipped in July. So hopefully that helped.

是的，你看，它有幾百萬個，而且它實際上是在七月發貨的。希望這能有所幫助。

Appreciate it.

非常感謝。

Matthew Parisi, KeyBanc.

馬修·帕里西（Matthew Parisi），KeyBanc。

Hi, yes. This is Matthew Parisi, on for Paul Knight. I want to congratulate on the great quarter. I have a question around the NIH funding. You mentioned a 1% headwind. And I was just wondering if there's going to be, like, possibly we could expect less of a headwind due to the update that we've seen that funding's actually going to be going up now in the quarter or for 2026?

你好，是的。這是馬修‧帕里西 (Matthew Parisi)，代替保羅‧奈特 (Paul Knight)。我要對這個偉大的季度表示祝賀。我對 NIH 資助有一個疑問。您提到了 1% 的逆風。我只是想知道，我們是否可能可以預期阻力會減少，因為我們看到的最新消息是，本季或 2026 年的資金實際上會增加？

Yeah. Matt, thanks for the question, pretty consistent with our point of view. I mean, we were -- that was being pressure-tested bluntly last quarter. And we had done a lot of homework around this to understand this.

是的。馬特，謝謝你的提問，這與我們的觀點非常一致。我的意思是，上個季度我們正接受壓力測試。為了理解這一點，我們做了很多功課。

And with the recent news on July 31, it's very positive. That was the Senate Appropriations bipartisan 1% step-up, consistent with what we've been hearing in the field. I think you're seeing a lot of grants coming through more around the chronic disease space.

從 7 月 31 日的最新消息來看，這是一個非常積極的消息。這是參議院撥款委員會兩黨共同批准的 1% 增幅，與我們在實地聽到的消息一致。我認為您會看到很多撥款更多地用於慢性病領域。

We'll see what happens in the House, but we remain pretty bullish on where things are going to be from an NIH perspective next year. Again, our team, we're -- that team in Multiomics and gene was -- we're able to pivot in pharma or in academic, supporting both. I think the team's done a nice job there.

我們將觀察眾議院發生什麼，但從 NIH 的角度來看，我們仍然對明年的情況感到非常樂觀。再說一次，我們的團隊——多組學和基因團隊——我們能夠在製藥或學術領域進行轉型，為兩者提供支援。我認為球隊在那裡做得很好。

Around this indirect 15%, our business is typically not impacted on that. We think with the direct research dollars going in and the need for more data to come out, which is samples -- and those samples either get interrogated by our Multiomics business or we help support those assets in the SMS business. Either way, we're well-positioned to support that 1% step-up.

在這 15% 左右的間接成本中，我們的業務通常不會受到影響。我們認為，隨著直接研究資金的投入和對更多數據（即樣本）的需求，這些樣本要么由我們的多組學業務進行查詢，要么由我們幫助支持 SMS 業務中的這些資產。無論如何，我們都已做好準備，支持這 1% 的成長。

Thank you. That's all for me.

謝謝。對我來說就這些了。

Okay. Sure.

好的。當然。

Thank you. There are no further questions at this time. I will now turn the call over to management for closing remarks. Please go ahead.

謝謝。目前沒有其他問題。現在我將把電話轉給管理階層，請他們作結束語。請繼續。

Very good. Thank you. I want to thank all of our associates and what they do every day to advance the long-term and profitable growth of Azenta, how they work each day to enable breakthroughs faster for our customers and our shareholders.

非常好。謝謝。我要感謝我們所有的同事，感謝他們每天為推動 Azenta 的長期獲利成長所做的努力，感謝他們每天為我們的客戶和股東更快地實現突破所做的努力。

Thank you, all. We really appreciate it.

謝謝大家。我們非常感激。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。