Bio Rad Laboratories Inc (BIO.B) 2024 Q3 法說會逐字稿

Hello, everyone and welcome to today's Bio-Rad third-quarter 2024 results conference call and webcast. (Operator Instructions) Please note today's session is being recorded. (Operator Instructions)

大家好，歡迎參加今天的 Bio-Rad 2024 年第三季業績電話會議和網路廣播。（操作員說明）請注意今天的會議正在錄製中。（操作員說明）

It is now my pleasure to turn the floor over to Head of Investor Relations, Edward Chung. Welcome, sir.

現在我很高興將發言權交給投資者關係主管愛德華·鐘（Edward Chung）。歡迎，先生。

Good afternoon, everyone. And thank you for joining us today. We will review the third-quarter 2024 financial results and provide an update on key business trends for Bio-Rad. With me on the call today are Norman Schwartz, our Chief Executive Officer; Jon DiVincenzo, President and Chief Operating Officer, and Roop Lakkaraju, Executive Vice President and Chief Financial Officer.

大家下午好。感謝您今天加入我們。我們將回顧 2024 年第三季財務業績，並提供 Bio-Rad 主要業務趨勢的最新資訊。今天與我一起參加電話會議的是我們的執行長諾曼·施瓦茨 (Norman Schwartz)； Jon DiVincenzo，總裁兼營運長；Roop Lakkaraju，執行副總裁兼財務長。

Before we begin our review, I'd like to remind everyone that we'll be making forward-looking statements about management's goals, plans, and expectations, our future financial performance, and other matters. These statements are based on assumptions and expectations of future events that are subject to risks and uncertainties. Our actual results may differ materially from these plans, goals, and expectations.

在我們開始審查之前，我想提醒大家，我們將對管理層的目標、計劃和期望、我們未來的財務表現和其他事項做出前瞻性陳述。這些陳述是基於對未來事件的假設和預期，這些事件存在風險和不確定性。我們的實際結果可能與這些計劃、目標和期望有重大差異。

You should not place undue reliance on these forward-looking statements. And I encourage you to review our filings with the SEC, where we discuss in detail the risk factors in our business. The company does not intend to update any forward-looking statements made during the call today.

您不應過度依賴這些前瞻性陳述。我鼓勵您查看我們向美國證券交易委員會提交的文件，其中我們詳細討論了我們業務中的風險因素。該公司不打算更新今天電話會議中所做的任何前瞻性聲明。

Finally, our remarks today will include references to non-GAAP financials, including net income and diluted earnings per share, which are financial measures that are not defined under generally accepted accounting principles. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in our earnings release.

最後，我們今天的演講將提及非公認會計準則財務數據，包括淨利潤和稀釋每股收益，這些財務指標並未根據公認會計原則進行定義。投資者應審查這些非公認會計準則衡量指標與我們收益發布中包含的可比較公認會計準則結果的調節情況。

With that, I'll now turn the call over to our CEO, Norman Schwartz.

現在，我將把電話轉給我們的執行長諾曼·施瓦茨 (Norman Schwartz)。

Thanks, Ed. We certainly appreciate all of you joining us on the call today.

謝謝，艾德。我們當然感謝大家今天加入我們的電話會議。

To start -- I mean, maybe the best way to start out to say we had a solid quarter revenue, better than what we had targeted, and margins ahead of expectations, all driven by product mix, productivity gains, and good cost management.

首先，我的意思是，也許最好的方式就是說我們季度收入穩定，好於我們的目標，利潤率超出預期，所有這些都是由產品組合、生產力提高和良好的成本管理所推動的。

Looking at our markets, the third-quarter reflected a continuation of the market trends we've experienced over the last year across our business segments. It was nice to see our clinical diagnostics business back to normal, delivering stronger-than-expected year-over-year growth in the quarter. And I would say growth was broad based across the portfolio in all regions with an outsized contribution of our quality control portfolio in Asia-Pacific, helping to drive performance.

看看我們的市場，第三季反映了我們去年各業務部門所經歷的市場趨勢的延續。很高興看到我們的臨床診斷業務恢復正常，本季的年成長率強於預期。我想說的是，所有地區的產品組合都實現了廣泛的成長，其中亞太地區的品質控制產品組合做出了巨大貢獻，有助於提高業績。

Well, largely in line with expectations, our life science group continues to experience a modest pace of recovery, reflecting ongoing soft demand in biotech and biopharma and in China. We increasingly believe that the gradual pace of recovery likely continues into 2025 and weighs on the uptake of life science instrumentation over the coming quarters.

嗯，基本上符合預期，我們的生命科學集團繼續經歷適度的復甦，反映出生物技術和生物製藥以及中國的持續疲軟需求。我們越來越相信，逐步復甦的步伐可能會持續到 2025 年，並​​影響未來幾季生命科學儀器的使用。

Similar to the prior quarter, our process chromatography materials posted year-over-year decline related to ongoing destocking activities at several very large customers, who previously overstocked, due to the critical importance of our products for specific key therapeutics. Outside of these customers, we are starting to see a return to normalized ordering patterns and continue to anticipate a return to growth for our process media portfolio in 2025.

與上一季類似，我們的工藝色譜材料同比下降，這與幾個非常大的客戶正在進行的去庫存活動有關，由於我們的產品對於特定的關鍵療法至關重要，這些客戶之前庫存過剩。除了這些客戶之外，我們開始看到標準化訂購模式的回歸，並繼續預計我們的製程介質產品組合將在 2025 年恢復成長。

Our Droplet Digital PCR franchise grew mid-single digits in the quarter and was bolstered by additional IP-related royalties. I would say despite the ongoing constrained funding environment for instruments, our DD PCR reagents and consumables continued to expand both quarter over quarter and year over year. Overall, we're continuing to see strong interest in our recently launched ddPCR assays targeted at the oncology and at the cell and gene therapy markets and continue to maintain a strong win-loss and loss ratio for our digital PCR platform in our current market segments.

我們的 Droplet Digital PCR 特許經營權在本季度實現了中個位數成長，並受到額外知識產權相關特許權使用費的推動。我想說，儘管儀器的融資環境持續受到限制，但我們的 DD PCR 試劑和耗材仍繼續逐年成長。總體而言，我們繼續看到人們對我們最近推出的針對腫瘤學以及細胞和基因治療市場的ddPCR 檢測產生了濃厚的興趣，並繼續在我們當前的細分市場中保持我們的數位PCR 平台的強勁盈虧比。

Well, we were pleased to see the positive trend for capital raises for biotech and biopharma markets continuing into the third quarter. I would note that customers remain cautious on the funding environment and conservative on capital deployment. Likewise, large pharma continues initiatives to reduce operating expenses in the form of corporate restructuring and R&D reprioritization.

嗯，我們很高興看到生物技術和生物製藥市場融資的正面趨勢持續到第三季。我要指出的是，客戶對融資環境保持謹慎，對資本配置持保守態度。同樣，大型製藥公司繼續採取公司重組和重新調整研發優先順序的形式來減少營運費用。

In the academic segment, we are seeing a slightly softer global funding environment after what I would call a long period of strong research support. In addition to the slightly lower-than-anticipated NIH budget for the year, key European markets, I would say, remain mixed with lower funding in Germany and the UK, offset by modest improvements in places like France and some other EU countries. And of course, the Asia-Pacific remains challenging, reflecting the ongoing economic headwinds there.

在學術領域，在我所說的長期強有力的研究支持之後，我們看到全球資助環境略有疲軟。我想說，除了美國國立衛生研究院今年的預算略低於預期之外，主要的歐洲市場仍然喜憂參半，德國和英國的資金減少，但被法國和其他一些歐盟國家等地的適度改善所抵消。當然，亞太地區仍然充滿挑戰，反映出該地區持續存在的經濟逆風。

Operationally, we continue to progress our corporate transformation with efforts in supply chain and core process improvements, continuing to support our stronger margins. Of note, during the quarter, we opened a new Asia Distribution Center in Singapore, which is a key component of our logistics network. This hub allows for efficiencies, enabling direct shipments to all Asia-Pacific regions and generally simplifies our network and improves customer service levels.

在營運方面，我們持續透過供應鏈和核心流程改善來推動企業轉型，並持續支持我們更高的利潤率。值得注意的是，本季我們在新加坡開設了一個新的亞洲配送中心，這是我們物流網絡的關鍵組成部分。該樞紐可提高效率，實現直接向所有亞太地區發貨，並總體上簡化了我們的網路並提高了客戶服務水準。

We also continue to expand applications both directly and through partnerships to advance our Droplet Digital PCR platform. We made an additional equity investment in Oncocyte focused on transplant rejection monitoring and launched the next in a series of Vericheck assays internally aimed at supporting the safe and effective production of cell and gene therapies. And related to the Continuum QXD PCR platform in development, what we previously expected to launch in Q4, we've now taken the decision to postpone its introduction. So once we have a better line of sight for introducing the platform, we'll provide you an update on that.

我們也繼續直接或透過合作夥伴擴展應用，以推進我們的微滴數位 PCR 平台。我們對 OncCell 進行了額外的股權投資，重點是移植排斥監測，並在內部啟動了一系列 Vericheck 檢測中的下一個檢測，旨在支持細胞和基因療法的安全有效生產。與正在開發的 Continuum QXD PCR 平台相關，我們之前預計將在第四季度推出，現在我們決定推遲推出。因此，一旦我們有了更好的視角來介紹該平台，我們將為您提供最新資訊。

Additionally, we completed the acquisition of Saber Bio, a novel platform, utilizing our core droplet technology that enables high-throughput discovery of novel antibodies and T cell receptors. On balance, I would say our cost and productivity initiatives have paid dividends despite the challenging markets. And as we look forward and think about eventual market normalization for our life science business, we believe that Bio-Rad will further benefit from that topline leverage.

此外，我們也完成了對 Sabre Bio 的收購，這是一個利用我們的核心液滴技術實現新型抗體和 T 細胞受體高通量發現的新型平台。總的來說，我想說，儘管市場充滿挑戰，但我們的成本和生產力措施已經帶來了回報。當我們展望並思考我們生命科學業務的最終市場正常化時，我們相信 Bio-Rad 將進一步受益於此營收槓桿。

So that about sums it up for me. I'd now like to turn it over to Jon. Jon?

這就是我的總結。我現在想把它交給喬恩。喬恩？

Thanks, Norman. for the introduction and thank you to everyone who's joined the call today.

謝謝，諾曼。感謝您的介紹，並感謝今天加入電話會議的所有人。

It is a privilege to address you for the first time as the President and Chief Operating Officer of Bio-Rad, a company I have known for over 30 years of my career in the life science tools market, and additionally, as a customer over the last seven years while leading Labcorp's central lab business, where my team enjoyed a strong relationship with Bio-Rad with both life science and diagnostic product groups.

我很榮幸第一次以 Bio-Rad 的總裁兼營運長的身份向您講話，我在生命科學工具市場的職業生涯中已經認識這家公司 30 多年，此外，作為在過去七年裡，我領導Labcorp 的中央實驗室業務，其中我的團隊與Bio-Rad 的生命科學和診斷產品團隊建立了牢固的關係。

I've long considered Bio-Rad a scientific leader and I am generally excited to join an organization with such a distinguished history and extensive portfolio across the enterprise. Having been on Board for (technical difficulty) and I am thoroughly impressed by the dedication, innovation, and resilience that's find our company. As we navigate the continually evolving industry landscape, I am confident that we are strategically positioned to achieve our goals and deliver sustained value to our stakeholders.

長期以來，我一直將 Bio-Rad 視為科學領導者，我很高興加入一個擁有如此輝煌歷史和跨企業廣泛產品組合的組織。在經歷了（技術困難）後，我對我們公司的奉獻精神、創新精神和韌性印象深刻。當我們駕馭不斷變化的產業格局時，我相信我們的策略定位能夠實現我們的目標，並為我們的利害關係人提供持續的價值。

My immediate focus is on profitable revenue growth, targeting growth rates at or above market. I also share Norman and Roops's renewed commitment to consistently meeting our financial targets.

我目前的重點是獲利性收入成長，目標成長率達到或高於市場水準。我也同意諾曼和魯普斯的新承諾，持續實現我們的財務目標。

Our dedication to operational excellence is steadfast. We are concentrating on enhancing customer satisfaction and driving efficiency while fostering a culture of continuous improvement. As you've seen this year, this organization appreciates the opportunity to significantly improve our operating margin and we are targeting and executing continued margin expansion across our portfolio.

我們堅定不移地致力於卓越營運。我們致力於提高客戶滿意度和提高效率，同時培養持續改善的文化。正如您今年所看到的，該組織很高興有機會顯著提高我們的營業利潤率，我們的目標是在我們的投資組合中持續擴大利潤率。

In fact, about a year ago, Bio-Rad introduced a new leader of global supply chain and manufacturing, Sedat Evran. Having personally previously worked alongside Sedat at PerkinElmer, I have complete confidence in the team he has established to continue driving margin expansion and delivering the highest-quality products to our global customers.

事實上，大約一年前，Bio-Rad 引入了全球供應鏈和製造領域的新領導者 Sedat Evran。我個人之前曾在 PerkinElmer 與 Sedat 一起工作，因此我對他組建的團隊充滿信心，相信他所組建的團隊能夠繼續推動利潤增長，並為我們的全球客戶提供最優質的產品。

Thank you personally for your continued support and trust in Bio-Rad. I look forward to engaging with you more as I settle into this role and I will now pass on to Roop to review the financial results.

個人感謝您對 Bio-Rad 的持續支持與信任。當我適應這個角色時，我期待與您進行更多的接觸，現在我將由 Roop 來審查財務業績。

Thank you, Jon, and good afternoon. I'd like to start with a review of the third-quarter 2024 results.

謝謝你，喬恩，下午好。我想先回顧一下 2024 年第三季的業績。

Net sales were $650 million, which represents a 2.8% increase on a reported basis versus $632 million in Q3 2023. On a currency neutral basis, this represents a 3.4% year-over-year increase and was driven primarily by higher sales in our clinical diagnostic segment. Sales of the life science group were approximately $261 million compared to $263 million in Q3 of 2023, which is essentially flat on a reported and currency neutral basis. Currency neutral sales decreased in the Americas, offset by an increase in EMEA.

淨銷售額為 6.5 億美元，較 2023 年第三季的 6.32 億美元成長 2.8%。在貨幣中性的基礎上，這意味著同比增長 3.4%，這主要是由我們的臨床診斷部門的銷售增加所推動的。生命科學集團的銷售額約為 2.61 億美元，而 2023 年第三季為 2.63 億美元，在報告和貨幣中立的基礎上基本持平。美洲地區的貨幣中性銷售額下降，但被歐洲、中東和非洲地區的成長所抵消。

As Norman alluded to earlier, additional IP -related royalties contributed to the Q3 life science revenue as well as gross margin performance. Note that royalties can vary quarter to quarter and on a full year basis. Royalties generally represent less than 1% of our total revenue. Excluding process chromatography sales, which can fluctuate quarter to quarter, our life science group revenue increased 3.5% year over year and 3.9% on a currency neutral basis.

正如諾曼之前提到的，額外的知識產權相關特許權使用費為第三季生命科學收入和毛利率表現做出了貢獻。請注意，特許權使用費可能會因季度和全年而異。特許權使用費通常占我們總收入的不到 1%。不包括可能會出現季度波動的工藝色譜銷售額，我們的生命科學集團營收年增 3.5%，在貨幣中性基礎上成長 3.9%。

Core life science growth was driven by consumable sales that improved low-single digit sequentially and mid-single digit year over year. Sales of the clinical diagnostics group were $389 million compared to $368 million in Q3 of 2023, which is an increase of 5.6% on a reported basis and 6.4% on a currency neutral basis. Growth of the clinical diagnostics group was primarily driven by increased demand for quality control products and a favorable compare for our immunology products that were affected by supply constraints in the third quarter of 2023. Growth of the quality control portfolio also benefited from the timing of shipments and contributed to the stronger pull through consumables during the quarter.

核心生命科學的成長是由消耗品銷售推動的，消耗品銷售連續成長為低個位數，年成長為中個位數。臨床診斷組的銷售額為 3.89 億美元，而 2023 年第三季為 3.68 億美元，按報告計算成長 5.6%，以貨幣中性計算成長 6.4%。臨床診斷集團的成長主要是由於對品質控制產品的需求增加以及對受到 2023 年第三季供應限制影響的免疫學產品的有利比較所推動。品質控制產品組合的成長也受益於出貨時間，並有助於本季消耗品的強勁成長。

On a geographic basis, currency neutral year-over-year revenue for the diagnostics group posted growth across all three regions. We are pleased with the growth rate for the clinical diagnostics group in 2024. As we think about 2025, we do see some potential headwinds impacting this business, such as China and one of our partners exiting the donor screening business.

從地理來看，診斷集團在所有三個地區的年比收入均實現成長。我們對 2024 年臨床診斷組的成長率感到滿意。當我們展望 2025 年時，我們確實看到了一些影響該業務的潛在阻力，例如中國和我們的合作夥伴之一退出捐贈者篩選業務。

Q3 reported GAAP gross margin was 54.8% as compared to 53.1% in the third quarter of 2023. The increase in gross margin was primarily driven by improved productivity, lower logistics costs, and a mix of revenue. The higher royalties contributed 30 basis points.

第三季的 GAAP 毛利率為 54.8%，而 2023 年第三季為 53.1%。毛利率的成長主要是由於生產力的提高、物流成本的降低以及收入的綜合推動。較高的特許權使用費貢獻了 30 個基點。

SG&A expenses were essentially flat between the third quarter of 2024 versus the year ago period. For Q3, 2024, SG&A spend was $200 million or 30.8% of sales compared to $201 million or 31.8% in Q3 of 2023. The decrease in dollars of SG&A expense was primarily due to a reduction in discretionary spending and moderated employee related expenses including variable compensation.

2024 年第三季的銷售、管理和行政費用與去年同期基本持平。2024 年第三季度，SG&A 支出為 2 億美元，佔銷售額的 30.8%，而 2023 年第三季為 2.01 億美元，佔銷售額的 31.8%。SG&A 費用的減少主要是由於可自由支配支出的減少以及包括可變薪酬在內的員工相關費用的減少。

Research and development expense in the third quarter was $91 million as compared to $43.5 million in Q3 2023. The higher year-over-year R&D was attributed to the one-time acquired in-process R&D expense of approximately $30 million and a one-time decrease in the fair value of contingent consideration of approximately $15 million in Q3 2023.

第三季的研發費用為 9,100 萬美元，而 2023 年第三季的研發費用為 4,350 萬美元。研發費用較去年增加的原因是2023年第三季一次性收購的在製品研發費用約為3,000萬美元，以及或有對價公允價值一次減少約1,500萬美元。

Q3 operating income is approximately $64 million or 9.9% of sales compared to $91 million or 14.4% of sales in Q3 of 2023. Lower operating income is driven by the one-time in-process R&D expense which decreased operating income by approximately $30 million. This was partially offset by the revenue mix and continued proactive expense management initiatives.

第三季營業收入約 6,400 萬美元，佔銷售額的 9.9%，而 2023 年第三季營業收入為 9,100 萬美元，佔銷售額的 14.4%。一次性研發費用導致營業收入下降，導致營業收入減少約 3,000 萬美元。這部分被收入組合和持續主動的費用管理措施所抵銷。

During the quarter, interest and other income resulted in net other income of about $18 million compared to about $20 million in the prior year. The effective tax rate for the third quarter of 2024 was 24.2% compared to 22.5% in the year ago period. Tax rate reported in these periods was primarily affected by the accounting treatment of our equity securities and the geographical mix of earnings.

本季度，利息和其他收入帶來的其他淨收入約為 1,800 萬美元，而去年同期約為 2,000 萬美元。2024 年第三季的有效稅率為 24.2%，而去年同期為 22.5%。這些期間所報告的稅率主要受到我們股本證券的會計處理和收益地理組合的影響。

The change in fair market value of equity security holdings, which are substantially related to the ownership of Sartorius AG shares resulted in a $793 million gain and drove the reported net income of $653 million or $23.34 diluted earnings per share compared to net income of $106 million or diluted earnings per share of $3.64 in Q3 of 2023.

股權證券持有量的公平市價變化（與Sartorius AG 股票的所有權密切相關）帶來了7.93 億美元的收益，並推動報告淨利潤達到6.53 億美元，攤薄後每股收益為23.34 美元，而淨利潤為1.06 億美元或 2023 年第三季稀釋後每股收益為 3.64 美元。

Moving to the non-GAAP results, non-GAAP financial measures, which exclude certain atypical and unique items that impact the gross and operating margins and other income, are detailed in the reconciliation table in our press release. Third-quarter non-GAAP, gross margin was 55.6% compared to 53.9% in Q3 of 2023, reflecting the revenue mix, ongoing focus on productivity, and operating efficiencies.

至於非公認會計準則結果，我們新聞稿中的調節表詳細介紹了非公認會計準則財務指標，其中排除了影響毛利率、營業利潤率和其他收入的某些非典型和獨特項目。第三季非 GAAP 毛利率為 55.6%，而 2023 年第三季為 53.9%，反映了收入結構、對生產力和營運效率的持續關注。

Non-GAAP SG&A in the third quarter of 2024 was 30.3% versus 31.7% in Q3 of 2023. Non-GAAP R&D as a percentage of sales in the third quarter of 2024 was 13.9% compared to 9.2% for Q3 of 2023, primarily due to the aforementioned one time in process R&D expense. Third-quarter non-GAAP operating margin was 11.3% compared to 12.9% in 2023. Lower margin was driven by the one-time acquired in-process R&D expense which reduced our Q3 non-GAAP operating margin by approximately $30 million or 450 basis points. This was partially offset by the gross margin improvement and cost management initiatives.

2024 年第三季的非 GAAP SG&A 為 30.3%，而 2023 年第三季為 31.7%。2024 年第三季非 GAAP 研發佔銷售額的百分比為 13.9%，而 2023 年第三季為 9.2%，主要是由於上述一次性研發費用所致。第三季非 GAAP 營運利潤率為 11.3%，而 2023 年為 12.9%。利潤率下降是由於一次性收購的過程中研發費用導致我們第三季的非 GAAP 營運利潤率減少了約 3000 萬美元或 450 個基點。這被毛利率改善和成本管理措施部分抵銷。

The non-GAAP effective tax rate for the third quarter of 2024 was 28.8% compared to 23.9% for the same period in 2023. The higher rate in 2024 was driven by a geographical mix of earnings and the accounting treatment of the one-time in-process R&D expense. Finally, non-GAAP net income for the third quarter of 2024 was $56 million or $2.01 diluted earnings per share compared to $68 million or diluted earnings per share of $2.33 in Q3 of 2023.

2024 年第三季的非公認會計原則有效稅率為 28.8%，而 2023 年同期為 23.9%。2024 年較高的比率是由收入的地理組合和一次性在製品研發費用的會計處理所推動的。最後，2024 年第三季的非 GAAP 淨利潤為 5,600 萬美元，或稀釋後每股收益 2.01 美元，而 2023 年第三季為 6,800 萬美元，或稀釋後每股收益 2.33 美元。

Moving on to the balance sheet, total cash and short-term investments at the end of Q3 2024 was $1.62 billion, unchanged. versus the end of Q2 2024. Inventory at the end of Q3 was $804 million, essentially flat compared to the prior quarter. Inventory when adjusted for currency impact between Q2 and Q3 2024 would be down approximately 2%.

轉向資產負債表，截至 2024 年第三季末，現金和短期投資總額為 16.2 億美元，維持不變。與 2024 年第二季末相比。第三季末庫存為 8.04 億美元，與上一季基本持平。根據貨幣影響進行調整後，2024 年第二季至第三季的庫存將下降約 2%。

For the third quarter of 2024, net cash generated from operating activities was approximately $164 million compared to $98 million for Q3 of 2023. Net capital expenditures for the third quarter of '24 were approximately $40 million in depreciation and amortization was $39 million.

2024 年第三季度，經營活動產生的現金淨額約為 1.64 億美元，而 2023 年第三季為 9,800 萬美元。2024 年第三季的淨資本支出約為 4,000 萬美元，其中折舊和攤提為 3,900 萬美元。

Third-quarter 2024 free cash flow was approximately $123 million which compares to $54 million in Q3 of 2023. For the full year 2024, we expect free cash flow to be approximately $300 million versus $218 million in 2023. As we look toward 2025, free cash flow will continue to be a key focus.

2024 年第三季的自由現金流約為 1.23 億美元，而 2023 年第三季為 5,400 萬美元。我們預計 2024 年全年自由現金流約為 3 億美元，而 2023 年為 2.18 億美元。展望 2025 年，自由現金流將繼續成為焦點。

Adjusted EBITDA for the third quarter of 2024 was $107 million or 16.4% of sales, which includes the one-time in-process R&D expense. During the third quarter, we repurchased approximately 330,000 shares of our stock for about $97 million at an average purchase price of about $293 per share. We continue to be opportunistic with our buybacks and still have approximately $577 million available for share repurchases under the current Board-authorized program.

2024 年第三季調整後 EBITDA 為 1.07 億美元，佔銷售額的 16.4%，其中包括一次性在製品研發費用。第三季度，我們以約 9,700 萬美元的價格回購了約 33 萬股股票，平均購買價格約為每股 293 美元。我們繼續抓住機會進行回購，根據目前董事會授權的計劃，仍有約 5.77 億美元可用於股票回購。

Moving on to the full-year 2024 non-GAAP guidance, we are maintaining our full-year 2024 revenue guidance, with currency neutral year-over-year revenue expected to decline 2.5% to 4%, reflecting the slower gradual pace of biopharma and market recovery and growth for the clinical diagnostics group. We are increasing our full-year non-GAAP gross margin range, which we now expect to be between 55% to 55.5% versus 54.5% and 55% previously. The increase reflects a combination of revenue mix and the impact of cost improvements implemented.

轉向 2024 年全年非 GAAP 指引，我們維持 2024 年全年收入指引不變，貨幣中性的同比收入預計將下降 2.5% 至 4%，反映出生物製藥和製藥行業的漸進步伐放緩。組的市場復甦和成長。我們正在提高全年非 GAAP 毛利率範圍，我們現在預計為 55% 至 55.5%，而之前為 54.5% 至 55%。這一增長反映了收入結構和實施成本改進的影響的結合。

Similarly, we are increasing our full-year non-GAAP operating margin to be between 12.75% and 13.25%. And our full-year adjusted EBITDA margin is now expected to be between 18.5% and 19%. Both include the Q3 in-process R&D expense which has an approximate 125 basis point impact.

同樣，我們將全年非 GAAP 營業利潤率提高至 12.75% 至 13.25%。我們的全年調整後 EBITDA 利潤率目前預計在 18.5% 至 19% 之間。兩者都包括第三季的研發費用，影響約為 125 個基點。

That concludes our prepared remarks. We will now open the line to take questions. Operator?

我們準備好的演講到此結束。我們現在將開通提問熱線。操作員？

(Operator Instructions) Patrick Donnelly, Citi.

（操作員指示）Patrick Donnelly，花旗銀行。

Hey, guys. Thank you for taking the questions.

嘿，夥計們。感謝您提出問題。

Roop, maybe to pick up right where you left off there on the margin, it was nice to see the gross margins in particular come through healthy there. Can you just talk about -- I guess, it sounded like mix and productivity initiatives, what you're seeing on the margins? Again, obviously, adjusted the guide a little bit there as well. Just talk about the expectations here as we work our way through the end of the year and the right jumping off point for '25 you. I know you've been there for a couple of quarters now. I'm sure a lot of time is spent in kind of analyzing the opportunities. I think our view and a lot of people's view is there's a lot of margin leverage there. So maybe just high level, talk about that, and again, the right way to think about the end of the year and jumping off into next year.

魯普，也許是從你上次離開的地方繼續，很高興看到毛利率特別健康。你能談談——我想，這聽起來像是混合和生產力計劃，你在邊緣看到了什麼？顯然，再次對指南進行了一些調整。只是談談我們在今年年底的工作中的期望以及 25 歲的你的正確起點。我知道你已經在那裡待了幾個季度了。我確信我們花了很多時間來分析機會。我認為我們和很多人的觀點是，那裡存在著很大的保證金槓桿。所以也許只是高水準的討論，再說一遍，思考今年年底和進入明年的正確方法。

Yeah. Thanks, Patrick. I appreciate the question. I guess, multiple folds of the question.

是的。謝謝，派崔克。我很欣賞這個問題。我想，這個問題有多重。

I guess, the bottom line is from a gross margin standpoint, part of what we've talked about is the improvements we're making are sustainable improvements. And part of what we've been moderating or modulating is just the mix, just because it's higher consumables, which are stronger margins, lower box sales at this point. But keeping in mind that obviously we expect that to turn at a future point.

我想，底線是從毛利率的角度來看，我們所討論的部分內容是我們正在做出的改進是可持續的改進。我們一直在調整或調整的部分只是混合，只是因為它是更高的消耗品，這是更高的利潤，在這一點上較低的盒子銷售。但請記住，顯然我們預計這種情況會在未來發生轉變。

The other piece of this is when you look at some of the royalties that we received in Q3, there was kind of one time they were a bit higher. And again, that's something that just is variable between quarters. So there's a number of different pieces. But I think what is important is we talked about sustainable improvements. We've made those sustainable improvements in terms of the cost structure within our factories and in our logistics environment. And I think that does carry forward into the New year.

另一件事是，當你查看我們在第三季度收到的一些特許權使用費時，有一次它們有點高。再說一遍，這只是季度之間的變化。所以有很多不同的部分。但我認為重要的是我們討論了永續改進。我們在工廠和物流環境的成本結構方面做出了可持續的改進。我認為這確實會延續到新年。

I think as we think about 2025, if you look at where we are centering you all, midpoint around 55%, for the end of this year with that uptick that in the margin range that we've taken in the fourth quarter for the full year. I think that's a reasonable jump off point for us.

我認為，當我們考慮 2025 年時，如果你看看今年年底我們將大家集中在哪裡，中點約為 55%，我們在第四季度為整個利潤率範圍內的利潤率有所上升。我認為這對我們來說是一個合理的起點。

And then how we -- and then the question is how much more room is there. Depending upon how 2025 looks and absorption and these sort of things. So hopefully, that's helpful.

然後我們如何——然後問題是還有多少空間。取決於 2025 年的情況和吸收程度以及諸如此類的事情。希望這會有所幫助。

Yeah. No, certainly is. And then maybe on the process chrome side, obviously, been a focus for a few quarters now. It sounds like maybe turning the corner a little bit. Some customers still on the stocking side. Can you just, I guess, talk about where we are there? If there's a percentage of customers you look at that are still kind of working through, the destocking versus some level of normalcy, it would be helpful just to dive into that a little bit.

是的。不，當然。然後，也許在鍍鉻工藝方面，顯然，現在已經成為幾個季度的焦點。聽起來可能有點轉機了。有些客戶仍在備貨。我想你能談談我們現在的情況嗎？如果你看到有一定比例的客戶仍在努力解決庫存問題，而不是某種程度的正常狀態，那麼深入研究這一點將會有所幫助。

Yeah. So I guess, we've seen sequential improvement, and of course, we've talked about our bioprocessing being a bit unique compared to the broader market, right? I think there's some others that are seeing some improvement. Ours is unique to where we play in the bioprocessing space, if you will, and specifically, in that polishing stage. And so with the amount of inventory that our customers broadly bought in the prior years, that destocking continues.

是的。所以我想，我們已經看到了連續的改進，當然，我們也談到了我們的生物加工與更廣泛的市場相比有點獨特，對吧？我認為還有其他一些人正在看到一些改進。如果你願意的話，我們的產品在生物加工領域是獨一無二的，特別是在拋光階段。因此，考慮到我們的客戶在前幾年廣泛購買的庫存量，去庫存仍在繼續。

Now, with all that said, we are seeing improvement from the second half of '24 versus the first half of '24. We do think that those customers continue to make progress and depleting their inventory and getting back to a more reasonable or normalized buying pattern. But that's going to take through '25 because different customers are depleting at varying rates and potentially into early '26.

現在，儘管如此，我們看到 24 年下半年與 24 年上半年相比有所改善。我們確實認為這些客戶將繼續取得進展並耗盡庫存並恢復到更合理或正常化的購買模式。但這將持續到 25 年，因為不同的客戶正在以不同的速度消耗，並可能持續到 26 年初。

But we do think, and I think we said it in the call , that there's growth that we expect in the process chrome for 2025 over 2024.

但我們確實認為，而且我想我們在電話會議中也說過，我們預計 2025 年 chrome 流程將比 2024 年有所成長。

Yeah, that's really helpful, Roop. Thank you. And then one last one for Norman, if I can. On the Sartorius stake, certainly, getting elevated level of questions on that over the past couple of months. Has your guys' view on that changed at all in terms of willingness to potentially monetize it versus hold it for the next few years? Again, it seems like it's rising in terms of an investor topic. I just want to talk through that and your guys' commitment to it versus willingness to maybe look at some options. Thank you, guys.

是的，這真的很有幫助，魯普。謝謝。如果可以的話，最後一張是獻給諾曼的。當然，在過去幾個月裡，關於賽多利斯的股份，人們提出了越來越多的質疑。你們對這問題的看法是否發生了變化，是願意將其貨幣化，還是在未來幾年持有它？再次，就投資者話題而言，它似乎正在上升。我只是想談談這一點以及你們對此的承諾以及是否願意考慮一些選擇。謝謝你們，夥計們。

Yeah, I don't think that our view has really changed at all. It still is certainly a monetizable asset, given where we are, given our cash position and so forth. And the value of Sartorius stake now seems to be rather depressed in the market. We don't see a need to do any monetization at the moment. But it still is monetizable.

是的，我認為我們的觀點根本沒有真正改變。考慮到我們所處的位置、考慮到我們的現金狀況等等，它肯定仍然是一種可貨幣化的資產。而目前市面上賽多利斯的價值似乎相當低迷。我們認為目前沒有必要進行任何貨幣化。但它仍然是可以貨幣化的。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you. I just wanted to make sure I captured properly all your framing thoughts for 2025. You gave a few call outs on revenue. The equipment headwinds persisting in life sciences and in diagnostics. I think you mentioned China and then ortho exiting the donor screening business. Are those -- is that a full fair summary of the call outs? And is it possible to frame the magnitude of these headwinds versus what you would consider a trend line?

謝謝。我只是想確保我正確地捕捉了你們對 2025 年的所有框架想法。您對收入提出了一些要求。生命科學和診斷領域持續存在設備逆風。我想你提到了中國，然後是正交退出捐贈者篩選業務。這些是對呼籲的完整、公正的總結嗎？是否有可能將這些逆風的嚴重程度與您所認為的趨勢線進行比較？

Hey, Dan. It's Roop. Thanks for the question.

嘿，丹。是魯普。謝謝你的提問。

I guess, in terms of the list of items, the general biopharma, biotech market softness, and maybe that's captured in your initial element there, is one and obviously the last comment around process chrome, where we think that there is some improvement that we expect to see in 2025. So maybe I'll just add those and maybe they were implied in list there.

我想，就項目清單而言，一般生物製藥、生物技術市場的疲軟，也許您在最初的元素中已經捕捉到了這一點，這是關於工藝鉻的最後一個評論，我們認為我們有一些改進預計在2025 年看到。所以也許我會添加這些，也許它們隱含在清單中。

So as we think about other items at this point, I think that's a good list. We are obviously going through our planning cycle still. I think it's a little early to give a much more concrete framing of '25. But we wanted to also help them -- you all understand kind of the dynamics that we're thinking through as part of the plan and how '25 might come together with the understanding that we want to drive obviously top line growth and margin expansion as we move forward.

因此，當我們此時考慮其他項目時，我認為這是一個很好的清單。顯然我們仍在經歷我們的規劃週期。我認為現在給出 25 年更具體的框架還為時過早。但我們也想幫助他們——你們都了解我們正在考慮的作為計劃一部分的動態，以及「25」如何與我們希望明顯推動營收成長和利潤擴張的理解結合在一起。

And Roop, you mentioned that free cash flow will be a focus in 2025. Is that a comment in relation to inventory days? And what is the plan there?

Roop，您提到自由現金流將成為 2025 年的焦點。這是與庫存天數相關的評論嗎？那裡有什麼計劃？

Yeah, it absolutely is a common around inventory levels that we have and inventory turns, I'll say, right, or inverse of that would be in your days. And I think, it's not going to necessarily be a step function improvement, Dan. We do expect a gradual improvement of that as we continue to have our supply chain initiatives focused in that area and just as top line returns to growth and we can use that inventory towards supporting our customers.

是的，這絕對是我們現有的庫存水準和庫存週轉率的常見問題，我會說，對，或者在你的時代與此相反。我認為，這不一定是功能的逐步改進，丹。我們確實期望隨著我們繼續將供應鏈計劃集中在該領域，隨著收入恢復增長，我們可以利用該庫存來支持我們的客戶，這種情況會逐漸改善。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾，富國銀行。

Hey. Thanks. Good afternoon. Roop, the guide would seem to apply at least the low-end revenues is flat sequentially in the fourth quarter. You know, typically, you do see a seasonal bump. Is that just conservatism, in terms of holding the range for the full year? And it sounded like there was at least some pull forward in diagnostics into the third quarter. Are you able to quantify that in any way?

嘿。謝謝。午安.Roop 認為，該指南至少適用於第四季的低階營收環比持平。你知道，通常情況下，你確實會看到季節性的波動。就維持全年範圍而言，這只是保守主義嗎？聽起來診斷工作至少有些提前到了第三季。你能以任何方式量化它嗎？

Yeah. So, great catch on the range. It really is conservatism, Brandon. I think, we want to leave ourselves, I think, as you think about the midpoint of what we just painted, it's reasonable. I mean, at the end of the day, the full-year guide that we gave when we updated our outlook at the Q2 call stays intact, right? So I think that's kind of where I'd leave that.

是的。所以，在練習場上有很好的收穫。這確實是保守主義，布蘭登。我想，我們想要留下自己，我想，當你想到我們剛剛畫的中間點時，這是合理的。我的意思是，歸根結底，我們在第二季電話會議上更新前景時給出的全年指南保持不變，對吧？所以我想這就是我要離開的地方。

And I apologize. Can you -- pull forward, yeah. You listened carefully there. We did have a little bit of a pull forward from Q4 to Q3 that customers decided they wanted it sooner. In terms of quantification, it's in the low-single-digit millions. It's not that tremendous, but it's obviously of significance.

我道歉。你能——向前拉一點嗎，是的。你在那裡仔細聽著。我們確實從第四季度提前到了第三季度，客戶決定他們想要更快。從數量上看，這個數字只有數百萬。雖然不是那麼巨大，但顯然意義重大。

Okay. That's helpful. And then in digital PCR, I guess, nice to see it growing year over year. Are you seeing any green shoots in terms of demand? If you backed out the royalties in the period, was it still up year over year? And just what is exactly going on with the QX Continuum launch? I think Norman mentioned the decision to postpone it. Is there a problem with the system itself? Is that a strategic decision? Just unpack what's behind that deferral. Thanks.

好的。這很有幫助。我想，在數位 PCR 領域，很高興看到它逐年成長。您是否看到需求出現新芽？如果您取消了該期間的特許權使用費，那麼特許權使用費是否仍同比上漲？QX Continuum 的發佈到底發生了什麼事？我想諾曼提到了推遲的決定。是系統本身有問題嗎？這是一個戰略決策嗎？只需解開延遲背後的原因即可。謝謝。

Brandon, maybe I'll start with your initial question and then I'll actually turn it over to Jon who can give some further perspective. I think on the ddPCR area, so the pull ahead was actually not in ddPCR. And what we are seeing is sequential improvement in Q3 over Q2. So again, it's gradual improvement. It's not overly significant. The second half is stronger than the first half. So we're seeing some progress but the rate at which it's happening, I think, is pretty moderated. And so we're hoping for stronger signals as we get into 2025. But we'll see.

布蘭登，也許我會從你最初的問題開始，然後我會把它交給喬恩，他可以提供一些進一步的觀點。我認為是在 ddPCR 領域，所以提前的情況實際上不在 ddPCR 中。我們看到第三季比第二季連續改善。再說一遍，這是逐步改進的過程。這並不太重要。下半場比上半場更強。因此，我們看到了一些進展，但我認為，進展速度相當緩慢。因此，我們希望在進入 2025 年時能發出更強烈的訊號。但我們會看到。

With that, Jon, I'll turn it over to you if I could.

喬恩，如果可以的話，我會把它交給你。

Yeah, thanks. This is Jon DiVincenzo. As you can imagine when I joined the beginning of September, various reviews of the portfolio and joined Norman and group with the review specifically on Continuum. We still believe in the platform very much at this point. Hearing from the team a little bit of refinement, let's say, in the performance of the platform is leading us to be prudent, and say, listen, we're still doing well in the marketplace. We're not seeing situation where we have to launch it right away. And as the market leader, we want to make sure that we hit our high product standards. So it's more refinement, I would say, in the performance of the system.

是的，謝謝。這是喬恩·迪文森佐。正如你可以想像的那樣，當我九月初加入時，對產品組合進行了各種審查，並加入了 Norman 和小組，專門針對 Continuum 進行了審查。目前我們仍然非常相信這個平台。聽到團隊的一些改進，比如說，平台的表現讓我們變得謹慎，並且說，聽著，我們在市場上仍然表現良好。我們沒有看到必須立即啟動它的情況。作為市場領導者，我們希望確保達到高產品標準。所以我想說，系統的效能更加完善。

Jack Meehan, Nephron Research.

傑克·米漢，腎單位研究。

Thank you. Good afternoon. Wanted to ask about just the comment that you made about the China market for diagnostics heading into 2025. We've had a few of your peers call out some [BBP] related pressure in the quarter. I was curious if that's what you're referring to or just latest on what you guys are seeing in the China market for diagnostics.

謝謝。午安.我想問一下您對 2025 年中國診斷市場的評論。我們的一些同行指出了本季與 [BBP] 相關的壓力。我很好奇這是否是您所指的，或者只是您在中國診斷市場上看到的最新情況。

Yeah, thanks, Jack, for the question. And yeah, it's not BBP related, specifically, right? And, and so we actually, knock on wood, haven't seen much effect to this point from a BBP standpoint. Our comment in calling out China, probably similar to many others. There's a lot of different dynamics that are happening in China. And I think from a macro standpoint, because there are so many different aspects to it, just being very mindful of how that's evolving, what that impact is for '25, and really beyond '25. And so I think it was more of just pointing it out that it's still in flux from a broader market standpoint, and therefore, it's things we're needing to consider and understand.

是的，謝謝傑克提出這個問題。是的，具體來說，它與 BBP 無關，對吧？而且，實際上，從 BBP 的角度來看，我們還沒有看到對這一點有多大影響。我們對中國的評論可能與其他許多人類似。中國正在發生許多不同的動態。我認為從宏觀角度來看，因為它有很多不同的方面，只要非常注意它是如何演變的，它對 25 年甚至 25 年後的影響是什麼。因此，我認為這更多的是指出，從更廣泛的市場角度來看，它仍在不斷變化，因此，這是我們需要考慮和理解的事情。

Great. And then I had a follow up on process chrome. I just was hoping you could check my math. I was backing into something like a 40% decline in the quarter, based on the headwind you talked about for the segment. Does that sound about right? And can you just talk about what the guide assumes for the fourth quarter for that business, like in terms of the headwind?

偉大的。然後我對流程鉻進行了跟進。我只是希望你能檢查一下我的數學。根據您談到的該細分市場的逆風，我預計本季將出現 40% 的下降。聽起來對嗎？您能否談談該指南對該業務第四季的假設，例如逆風方面的情況？

Yeah, I mean, it really that the headwind is not so much a headwind but just the rate at which customers are destocking and working their way through from, you know, as we think about the overall kind of decline. And you were saying on a year-over-year basis, Jack, is that correct?

是的，我的意思是，確實，逆風與其說是逆風，不如說是客戶減少庫存的速度，並且從我們考慮整體下降的情況來看，他們正在努力度過難關。傑克，你說的是逐年比較，對嗎？

Correct. Yeah.

正確的。是的。

Yeah. I mean, it's not as bad as the first half. It's obviously improved from a sequential standpoint, but you're looking at the high-20%s in terms of a year over year.

是的。我的意思是，情況沒有上半場那麼糟。從連續的角度來看，它顯然有所改善，但你看到的是同比高 20% 的情況。

Okay, great. And then the last question is just the tax rate. I heard the factors you called out, mix and the R&D, $30 million. What's like a good normalized tax rate to use as we look out to 2025?

好的，太好了。最後一個問題就是稅率。我聽到了你提到的因素，混合和研發，3000 萬美元。展望 2025 年，什麼樣的標準化稅率才是適當的？

Yeah, I mean, again, I think it's a little bit early on '25 for me to give you specifics when you see how our own plan comes together in the geographic mix of the income, but somewhere around 22% is probably not unreasonable at this point in time, just as a placeholder.

是的，我的意思是，我認為在25 年，當你看到我們自己的計劃如何在收入的地理組合中結合在一起時，我認為現在向你提供具體細節還為時過早，但22 % 左右可能不是不合理的。

(Operator Instructions) Tycho Peterson, Jefferies.

（操作員說明）Tycho Peterson，Jefferies。

Hey. Thanks. I want to push a little bit more on this Continuum or maybe discontinuum. Given the uncertain timelines here, because Norman, you were saying, in early September, you're reiterating the year end timeline. So I know you're saying it's fine tuning. I mean, why can't you put a time frame on it? Is it next year? Is it beyond that?

嘿。謝謝。我想在這個連續體或不連續體上多做一些推動。鑑於這裡的時間表不確定，因為諾曼，你在九月初說過，你正在重申年底時間表。所以我知道你是說這是微調。我的意思是，為什麼你不能設定一個時間框架呢？是明年嗎？還超出這個範圍嗎？

And then can you also talk on pricing in digital PCR? You know, we have picked up that you guys have gotten a little bit more aggressive about discounting across the portfolio in digital PCR. I'm curious if you can talk on pricing.

那麼您能談談數位 PCR 的定價嗎？您知道，我們發現你們對數位 PCR 投資組合的折扣變得更加積極了。我很好奇你是否可以談談定價。

Yeah, we'll start with Continuum. And so we're -- I guess, I mean, Norman, please jump in. I guess, having been a part of some of these conversations, Tycho, I think, part of this is Jon coming in with his eyes and experience and really evaluating where we're at. And at the end of the day, Bio-Rad is known to put high-quality products out there. And we -- that's obviously important. And we thought it didn't meet up to the standards at this point time. And therefore, we thought it was more prudent to delay the launch.

是的，我們將從 Continuum 開始。所以我們——我想，我的意思是，諾曼，請加入。我想，第谷是其中一些對話的一部分，我想，其中一部分是喬恩用他的眼睛和經驗進來，並真正評估了我們所處的位置。歸根結底，Bio-Rad 因推出高品質產品而聞名。我們——這顯然很重要。我們認為目前它還沒有達到標準。因此，我們認為延後發布更為謹慎。

In terms of -- listen, I'll just be blunt. We've given numerous dates and those dates haven't come to fruition as you're pointing out. And so at this point, we think it's more reasonable to say, let us work through it and this is an important area of the market and we'll bring the market or the product out at the appropriate time and we'll obviously keep you informed of that.

聽著，我就直言不諱。我們已經給出了許多日期，但正如您所指出的那樣，這些日期尚未實現。因此，在這一點上，我們認為更合理的說法是，讓我們解決這個問題，這是市場的一個重要領域，我們將在適當的時間將市場或產品推出，顯然我們會留住你獲悉此事。

Okay.

好的。

Sorry, Tycho.

對不起，第谷。

Go ahead. Norm.

前進。規範。

Yeah, it's just a matter of -- you get to always get to that intersection of optimism versus precision. And we want to have good product in the market.

是的，這只是一個問題——你總是能夠達到樂觀與精確的交集。我們希望在市場上有好的產品。

And then I go -- I'll pick up your second question. And Jon and Norman, please jump in. From ddPCR pricing standpoint, overall, we -- obviously, it's got to be a competitive marketplace. We recognize that. And as a result of that, we want to be appropriately reactive to the market in terms of how it's moving. And so I think that's part of how we've approached it from a commercial standpoint.

然後我會回答你的第二個問題。喬恩和諾曼，請加入。從 ddPCR 定價的角度來看，總的來說，我們——顯然，它必須是一個競爭激烈的市場。我們認識到這一點。因此，我們希望對市場的走勢做出適當的反應。所以我認為這是我們從商業角度處理這個問題的一部分。

Okay. Follow-up and then maybe this is splitting here too much. But on bio process, you talked about inventory levels that your customers have and you talked about destocking continuing that -- in contrast to kind of what we hear from a lot of your peers. So can you maybe just touch on that dynamic?

好的。跟進，然後也許這裡分裂太多了。但在生物工藝方面，您談到了客戶的庫存水平，並談到了繼續去庫存——這與我們從許多同行那裡聽到的情況形成鮮明對比。那你能談談這個動態嗎？

Yeah. No, please go ahead.

是的。不，請繼續。

It just has to do with the specific customers we have and the level of stocking that they took in these very critical materials. We're just a little bit different than the rest of the market.

這僅與我們擁有的特定客戶以及他們在這些非常關鍵的材​​料中的庫存水準有關。我們與市場上的其他公司略有不同。

And Tycho, remember, we play -- we don't play broadly across all stages of the bio processing, right? We're in a very specific area towards the end of quarter before the volume manufacturing of the therapeutics, right? So that's unique to us and because of the importance of our resins, our customers stocked up quite significantly and they continue to work their way through that.

第谷，請記住，我們在玩——我們並沒有在生物加工的所有階段廣泛地玩，對吧？在治療藥物批量生產之前的季度末，我們正處於一個非常特定的領域，對吧？這對我們來說是獨一無二的，並且由於我們的樹脂的重要性，我們的客戶儲備了大量庫存，並且他們繼續努力解決這個問題。

Okay. Last one. Just wondering if you can quantify the impact of the partner exiting donor screening, as we think about that going forward?

好的。最後一張。只是想知道，當我們考慮未來時，您是否可以量化合作夥伴退出捐贈者篩選的影響？

It's in the low-double digits kind of spectrum.

它處於低兩位數的頻譜中。

And that was our final question from the audience for today's conference. Gentlemen, I'll turn it back to you for any additional or closing remarks that you have.

這是今天會議觀眾提出的最後一個問題。先生們，如果您有任何補充或結束語，我會將其轉回給您。

Thank you for joining today's call. We'll be at the UBS Global Healthcare Conference in Palos Verdes next month and the Citi Global Healthcare Conference in Miami in early December. So we hope to catch up with some of you in person in the coming months. And as always, we appreciate your interest and we look forward to connecting soon.

感謝您參加今天的電話會議。我們將參加下個月在帕洛斯維迪斯舉行的瑞銀全球醫療保健會議和 12 月初在邁阿密舉行的花旗全球醫療保健會議。因此，我們希望在未來幾個月內與你們中的一些人進行面對面的交流。一如既往，我們感謝您的關注，並期待盡快與您聯繫。

Ladies and gentlemen, this does include today's Bio-Rad conference and we thank you for your participation. You may now disconnect your line.

女士們、先生們，這確實包括今天的 Bio-Rad 會議，我們感謝您的參與。現在您可以斷開線路。