Bio Rad Laboratories Inc (BIO) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bio-Rad first-quarter 2025 earnings results conference call and webcast. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫 Desiree，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Bio-Rad 2025 年第一季財報電話會議和網路廣播。（操作員指示）

I would now like to turn the conference over to Edward Chung, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管 Edward Chung。你可以開始了。

Thanks, Desiree. Good afternoon, everyone, and thank you for joining us. Today, we will review the first-quarter 2025 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; John DiVincenzo, President and Chief Operating Officer; and Roop Lakkaraju, Executive Vice President and Chief Financial Officer.

謝謝，Desiree。大家下午好，感謝大家的參與。今天，我們將回顧 2025 年第一季的財務業績，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有：我們的執行長諾曼‧施瓦茨 (Norman Schwartz)、總裁兼營運長約翰‧迪文森佐 (John DiVincenzo) 和執行副總裁兼財務長羅普‧拉卡拉朱 (Roop Lakkaraju)。

Before we begin our review, I would 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.

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。這些聲明是基於對未來事件的假設和預期，而這些假設和預期會受到風險和不確定性的影響。

Our actual results may differ materially from these plans, goals, and expectations. 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.

我們的實際結果可能與這些計劃、目標和預期有重大差異。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，我們在其中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陳述。

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，我們今天的發言將涉及非公認會計準則財務數據，包括淨收入和每股稀釋收益，這些是公認會計準則未定義的財務指標。投資者應審查這些非公認會計準則指標與我們收益報告中可比較公認會計準則結果的對帳情況。

With that, I'll now turn the call over to our Chief Operating Officer, John DiVincenzo.

現在，我將把電話轉給我們的營運長約翰‧迪文森佐 (John DiVincenzo)。

Hello, and thank you for joining today's call. Despite a challenging macroenvironment with academic market headwinds due to government funding and global trade disruptions from tariffs, we delivered solid Q1 results exceeding consensus for both revenue and operating margins. Our Clinical Diagnostics business performed slightly better than forecast, while our Life Science segment experienced softness in academia and biopharma research. Notably, our bioproduction business saw a positive momentum, with year-over-year growth returning to our process chromatography business.

您好，感謝您參加今天的電話會議。儘管宏觀環境充滿挑戰，由於政府資助和關稅導致的全球貿易中斷，學術市場面臨阻力，但我們仍然取得了穩健的第一季業績，收入和營業利潤率均超出預期。我們的臨床診斷業務表現略好於預期，而我們的生命科學部門在學術和生物製藥研究方面表現疲軟。值得注意的是，我們的生物生產業務呈現出積極勢頭，工藝色譜業務實現了同比增長。

We continue to prioritize bringing innovative products to our customers. In Q1, we launched several key menu expansions for our core life science portfolio, including a new PCR-based salmonella test for food safety and advancements to our portfolio of DDPCR bariatric assays for cell and gene therapy. We are also strategically advancing Droplet Digital PCR as a valuable tool for oncology diagnosis and management through high-valued assays and key partnerships.

我們持續優先為客戶提供創新產品。在第一季度，我們針對核心生命科學產品組合推出了幾項關鍵菜單擴展，包括用於食品安全的新型基於 PCR 的沙門氏菌檢測，以及用於細胞和基因治療的 DDPCR 減肥檢測產品組合的改進。我們也透過高價值檢測和關鍵合作夥伴關係，策略性地推進液滴數位 PCR 作為腫瘤診斷和管理的寶貴工具。

Recent compelling clinical trial data published in clinical cancer research, utilizing Bio-Rad's DDPCR technology, demonstrated a strong correlation between circulating tumor DNA changes and treatment outcomes in lung cancer. This highlights the significant impact of our GDP CR platform on clinical decision-making and patient outcomes. Our team also demonstrated exceptional execution in driving productivity improvements and effective cost management, building on our lean initiatives.

最近在臨床癌症研究中發表的令人信服的臨床試驗數據利用 Bio-Rad 的 DDPCR 技術證明了循環腫瘤 DNA 變化與肺癌治療結果之間存在很強的相關性。這凸顯了我們的 GDP CR 平台對臨床決策和病患結果的重大影響。我們的團隊也在精實措施的基礎上，在推動生產力提高和有效成本管理方面展現了卓越的執行力。

We proactively evaluated and are implementing mitigation strategies for tariff impacts in response to escalating geopolitical and trade tensions. In Diagnostics, we continue to show solid demand offsetting reimbursement reduction in China with nearly 3% growth in the rest of the world. In Life Science, we navigated academic and biopharma research funding headwinds, particularly in the US, while maintaining strong demand for consumables.

為因應不斷升級的地緣政治和貿易緊張局勢，我們積極評估並實施緩解關稅影響的策略。在診斷領域，我們繼續顯示出強勁的需求，抵消了中國報銷額度的減少，而世界其他地區的需求增長了近 3%。在生命科學領域，我們克服了學術和生物製藥研究資金方面的阻力，尤其是在美國，同時保持了對消耗品的強勁需求。

Process chromatography returned to growth, as I stated, and our DDPCR portfolio maintains its momentum and strong reagent and consumables growth. Our acquisition of Stilla Technology remains on track for closing by the end of the third quarter.

正如我所說，製程色譜法恢復了成長，我們的 DDPCR 產品組合保持了成長動能以及試劑和消耗品的強勁成長。我們對 Stilla Technology 的收購預計在第三季末完成。

We are excited about the Civil platform as it expands our offering in the digital PCR segment from gene expression to targeted rare mutation detection. We're planning a webinar following the close of the Stilla transaction to outline our strategy in digital PCR with the addition of the Stilla and Continuum platforms.

我們對 Civil 平台感到非常興奮，因為它擴展了我們在數位 PCR 領域的產品範圍，從基因表現擴展到有針對性的罕見突變檢測。我們計劃在 Stilla 交易結束後舉辦網路研討會，概述我們在數位 PCR 領域以及 Stilla 和 Continuum 平台的策略。

During the quarter, I visited several of our global teams across three continents, including nine manufacturing sites and customer visits for both our Life Science and Clinical Diagnostics segments. These visits reinforce my confidence in our team's commitment, strength of our global organization and fantastic relationships with our customers. Our investments in efficiency and productivity within our manufacturing sites and distribution centers are yielding tangible results.

在本季度，我訪問了我們遍布三大洲的多個全球團隊，包括九個製造基地以及生命科學和臨床診斷部門的客戶訪問。這些訪問增強了我對我們團隊的承諾、我們全球組織的實力以及與客戶之間的良好關係的信心。我們在製造基地和配送中心的效率和生產力方面的投資正在產生實際的成果。

I traveled including a meeting with the leaders of the German Red Cross blood donation service, where we were recently awarded a multiyear contract renewal for our immunohematology platform, a testament to the quality and reliability of our solutions. At Bio-Rad, we continue to advance on our abilities to develop innovative products, drive operational excellence and build upon our relationships with customers in over 133 countries. As we are laser-focused on delivering sustainable, profitable growth.

我這次出差包括與德國紅十字會捐血服務中心的領導人會面，我們最近獲得了免疫血液學平台的多年期續約合同，這證明了我們的解決方案的質量和可靠性。在 Bio-Rad，我們不斷提升開發創新產品、推動卓越營運以及與 133 多個國家的客戶建立良好關係的能力。因為我們專注於實現可持續的、獲利的成長。

We thank you for your ongoing support, and I will now turn the call over to Roop for a review of our financial performance.

我們感謝您一直以來的支持，現在我將把電話轉給 Roop 來審查我們的財務表現。

Thank you, John, and good afternoon. I'd like to start with a review of the first-quarter 2025 results. Overall, we executed well during the quarter, which allowed us to deliver revenue and operating profit and margin ahead of consensus estimates for Q1.

謝謝你，約翰，下午好。我想先回顧一下 2025 年第一季的業績。總體而言，本季我們表現良好，這使我們能夠實現高於第一季普遍預期的收入、營業利潤和利潤率。

Net sales for the first quarter of 2025 were approximately $585 million, which represents a 4.2% decline on a reported basis versus $611 million in Q1 of 2024. On a currency-neutral basis, this represents a 1.5% year-over-year decrease and was primarily driven by lower sales in our Life Science Group.

2025 年第一季的淨銷售額約為 5.85 億美元，與 2024 年第一季的 6.11 億美元相比下降 4.2%。以貨幣中性計算，這比去年同期下降了 1.5%，主要是由於生命科學集團的銷售額下降。

Sales of Life Science Group in the first quarter of 2025 were $229 million compared to $242 million in Q1 of 2024, which is a decline of 5.4% on a reported basis and 3.5% on a currency-neutral basis, primarily reflecting ongoing softness in the biotech and academic research market, particularly in the Americas. Currency-neutral sales decreased in the Americas and Asia Pacific, partially offset by increased sales in EMEA.

2025 年第一季生命科學集團的銷售額為 2.29 億美元，而 2024 年第一季的銷售額為 2.42 億美元，按報告基礎計算下降 5.4%，按貨幣中性基礎計算下降 3.5%，主要反映了生物技術和學術研究市場持續疲軟，尤其是在美洲。剔除匯率因素，美洲和亞太地區的銷售額有所下降，但被歐洲、中東和非洲地區銷售額的成長部分抵銷。

Our process chromatography business experienced mid-teens growth on a year-over-year basis. The strength in Q1 was due to the timing of customers' orders and we continue to expect high single-digit growth for this area in 2025.

我們的工藝色譜業務年增了十五六個百分點。第一季的強勁表現得益於客戶訂單的時機，我們預計 2025 年該領域仍將實現高個位數成長。

Excluding process chromatography sales, core Life Science group revenue decreased 7.5% year over year and 5.5% on a currency-neutral basis due to the softness across the markets for instrument demand. Sales of the Clinical Diagnostics group in the first quarter of 2025 were approximately $357 million compared to $369 million in Q1 of 2024, which is a decrease of 3.2% on a reported basis and effectively flat on a currency-neutral basis. Increased demand for our quality control products was offset by the expected lower diabetes testing revenue, and we currently do not expect further reimbursement changes in China this year.

不包括過程層析銷售額，核心生命科學集團營收年減 7.5%，以貨幣中性計算下降 5.5%，因為整個市場對儀器的需求疲軟。2025 年第一季臨床診斷集團的銷售額約為 3.57 億美元，而 2024 年第一季為 3.69 億美元，按報告基礎計算下降了 3.2%，以貨幣中性基礎計算基本持平。我們品質控制產品需求的成長被預期的糖尿病檢測收入下降所抵消，目前我們預計今年中國的報銷政策不會進一步改變。

On a geographic basis, currency-neutral sales decreased in Asia Pacific, partially offset by increased sales in EMEA and the Americas. Q1 reported GAAP gross margin was 52.3% as compared to 53.4% in the first quarter of 2024. The decrease in gross margin was primarily driven by restructuring expenses related to the workforce reduction announced during the first quarter of 2025.

從地理角度來看，剔除匯率因素，亞太地區的銷售額有所下降，但歐洲、中東和非洲地區以及美洲地區的銷售額有所增長，部分抵消了這一下降。第一季報告的 GAAP 毛利率為 52.3%，而 2024 年第一季為 53.4%。毛利率下降主要是由於2025年第一季宣布的裁員相關的重組費用。

SG&A expense for the first quarter of 2025 was $209 million, or 35.7% of sales, compared to $215 million, or 35.2% in Q1 of 2024. The decrease in SG&A expense was primarily due to lower discretionary spending and employee-related costs, partially offset by restructuring costs. Research and development expense in the first quarter was $74 million or 12.6% of sales, compared to $66 million or 10.9% of sales in Q1 of 2024. The higher year-over-year R&D was primarily due to restructuring costs, partially offset by lower employee-related expenses.

2025 年第一季的銷售、一般及行政費用為 2.09 億美元，佔銷售額的 35.7%，而 2024 年第一季為 2.15 億美元，佔銷售額的 35.2%。銷售、一般及行政費用的減少主要是由於可自由支配支出和員工相關成本的減少，但重組成本部分抵銷了這一減少。第一季研發費用為 7,400 萬美元，佔銷售額的 12.6%，而 2024 年第一季研發費用為 6,600 萬美元，佔銷售額的 10.9%。研發費用年增主要是由於重組成本，但被員工相關費用的降低部分抵銷。

Q1 operating income was approximately $24 million or 4% of sales compared to $45 million, or 7.3% of sales in Q1 of '24. Lower operating income is driven by higher restructuring costs, partially offset by the revenue mix, continued proactive expense management initiatives.

第一季營業收入約為 2,400 萬美元，佔銷售額的 4%，而 24 年第一季營業收入為 4,500 萬美元，佔銷售額的 7.3%。營業收入下降是由於重組成本增加，但收入結構和持續的積極費用管理措施部分抵消了這一影響。

During the quarter, interest and other income resulted in net other income of $28 million compared to net other income of $24 million last year. The change in fair market value of equity security holdings primarily related to the ownership of Sartorius AG shares, contributed to our reported net income of $64 million or $2.29 per diluted share. The effective tax rate for the first quarter of 2025 was 23.3% compared to 21.8% for the same period in 2024. The higher rate in 2025 was driven by our geographical mix of earnings.

本季度，利息和其他收入導致淨其他收入為 2,800 萬美元，而去年淨其他收入為 2,400 萬美元。股權證券持有量的公平市價變化主要與 Sartorius AG 股份的所有權有關，這導致我們報告的淨收入達到 6,400 萬美元或每股攤薄收益 2.29 美元。2025 年第一季的有效稅率為 23.3%，而 2024 年同期的有效稅率為 21.8%。2025 年更高的稅率是由我們的收入地理分佈所推動的。

Moving to the non-GAAP results. Non-GAAP financial measures, which exclude certain atypical and unique items that impact both gross and operating margins and other income are detailed in the reconciliation table in our press release. First quarter non-GAAP gross margin was 53.8%, in line with consensus, but lower than Q1 2024s results of 54.2%. First quarter non-GAAP operating margin was 10.8% compared to 9.7% in Q1 of 2024.

轉向非 GAAP 結果。非公認會計準則財務指標不包括某些影響毛利率和營業利潤以及其他收入的非典型和獨特項目，詳見我們新聞稿中的對帳表。第一季非公認會計準則毛利率為 53.8%，與預期一致，但低於 2024 年第一季的 54.2%。第一季非公認會計準則營業利潤率為 10.8%，而 2024 年第一季為 9.7%。

The non-GAAP effective tax rate for the first quarter of 2024 was 20.6% compared to 22.4% for the same period in 2024. The lower rate in 2025 was driven by our geographical mix of earnings. Finally, non-GAAP net income for the first quarter 2025 was $71 million or $2.54 diluted earnings per share.

2024 年第一季的非公認會計準則有效稅率為 20.6%，而 2024 年同期為 22.4%。2025 年的較低稅率是由我們的收入地理分佈所致。最後，2025 年第一季的非 GAAP 淨收入為 7,100 萬美元，即每股攤薄收益 2.54 美元。

Moving on to the balance sheet. Total cash and short-term investments at the end of Q1 were $1.660 billion compared to $1.665 billion at the end of Q4 2024. Inventory at the end of Q1 was $790 million, up from $760 million in the prior quarter.

繼續討論資產負債表。第一季末的現金和短期投資總額為 16.60 億美元，而 2024 年第四季末為 16.65 億美元。第一季末的庫存為 7.9 億美元，高於上一季的 7.6 億美元。

For the first quarter of 2025, net cash generated from operating activities was $130 million compared to $70 million for Q1 of 2024. Net capital expenditures for the first quarter of 2025 were $34 million, and depreciation and amortization for the first quarter was $38 million. Regarding free cash flow for the first quarter of 2025, we were pleased with the generation of $96 million, which compares to $30 million in Q1 of 2024. We continue to target full-year free cash flow of approximately $310 million to $330 million for 2025.

2025 年第一季度，經營活動產生的淨現金為 1.3 億美元，而 2024 年第一季為 7,000 萬美元。2025年第一季淨資本支出為3,400萬美元，第一季折舊及攤提為3,800萬美元。關於 2025 年第一季的自由現金流，我們很高興看到它達到了 9,600 萬美元，而 2024 年第一季為 3000 萬美元。我們繼續將 2025 年全年自由現金流目標設定為約 3.1 億美元至 3.3 億美元。

During the first quarter, we purchased 399,295 shares of our stock for a total cost of $101 million or an average purchase price of approximately $253 per share. In April, we purchased an additional 422,648 shares of our stock for a total cost of $99 million or an average purchase price of approximately $234 per share. We will continue to be opportunistic with our buyback program and still have $377 million available for share repurchases under the current board authorized program.

在第一季度，我們回購了 399,295 股股票，總成本為 1.01 億美元，平均購買價格約為每股 253 美元。4 月份，我們又回購了 422,648 股股票，總成本為 9,900 萬美元，平均購買價約為每股 234 美元。我們將繼續掌握回購計劃的機遇，根據目前董事會授權的計劃，仍有 3.77 億美元可用於股票回購。

Moving on to the non-GAAP guidance for 2025. We are updating our 2025 full year guide to reflect the Q1 results, the evolving state of the academic and biotech research funding and the impact of recent changes in the macro economy, including tariffs.

繼續討論 2025 年非 GAAP 指導。我們正在更新 2025 年全年指南，以反映第一季的結果、學術和生物技術研究資金的變化狀況以及包括關稅在內的宏觀經濟近期變化的影響。

We recognize that the recent macro changes are causing uncertainty and remain fluid. However, in the interest of full transparency, we're providing our best estimates of the impact of the known changes as of today. Overall, we now expect total currency-neutral revenue to be in the range of approximately a 1% decline to 1.5% growth or approximately 225 basis points lower than our previous guide. I'll start with the effect of the softer academic research funding as a result of the changes in US policy.

我們認識到最近的宏觀變化正在造成不確定性，並且仍處於不穩定狀態。然而，為了完全透明，我們將提供截至今天已知變化的影響的最佳估計。總體而言，我們現在預計總貨幣中性收入將在約 1% 的下降到 1.5% 的增長範圍內，或比我們之前的指南低約 225 個基點。我首先要談談美國政策變遷對學術研究經費減少的影響。

We now expect these life science purchases to be more muted in 2025, in particular, demand for instruments as customers evaluate the impact of potential changes to government funding. We are also seeing reduced demand from biotech customers, particularly among small and midsized development stage companies that have become more conservative with equipment spending due to the increased volatility in the capital markets. As such, we now expect our Life Science business to be in the range of flat to down 3% for the full year versus a growth of approximately 1.5% to 3.5% previously.

我們現在預計，2025 年這些生命科學採購將更加溫和，特別是對儀器的需求，因為客戶正在評估政府資金潛在變化的影響。我們也看到生技客戶的需求正在減少，特別是那些由於資本市場波動加劇而在設備支出方面變得更加保守的中小型開發階段公司。因此，我們現在預計，我們的生命科學業務將全年在持平至下降 3% 的範圍內，而先前的成長幅度約為 1.5% 至 3.5%。

Next, we are derisking our diagnostics growth outlook by approximately 100 basis points to reflect a softer macroeconomic environment, particularly in China and now anticipate full year growth of approximately 0.5% to 2.5%. The net effect of the market softness in our business group is approximately a 100-basis-point headwind to operating margin.

接下來，我們將診斷成長前景的風險降低約 100 個基點，以反映較軟的宏觀經濟環境，特別是在中國，現在預計全年成長率約為 0.5% 至 2.5%。市場疲軟對我們業務集團的淨影響是營業利潤率下降約 100 個基點。

Finally, the impact of tariffs. Our updated guidance considers tariffs that are in effect globally as of today and assumes no change in the current US policy. The net impact of the tariffs is a 130-basis-point headwind to operating margin primarily due to US manufactured products that are imported into China. Included in this updated view are actions we are taking to partially mitigate the effects of the tariffs such as surcharges, prepositioning inventory in certain countries, further regionalizing supply chains and identifying additional in-region manufacturing opportunities.

最後是關稅的影響。我們更新後的指南考慮了截至今天全球生效的關稅，並假設當前美國政策沒有變化。關稅的淨影響是對營業利潤率造成 130 個基點的不利影響，這主要是由於美國製造的產品進口到中國。這項更新的觀點包括我們正在採取的措施，以部分減輕關稅的影響，例如附加費、在某些國家預先配置庫存、進一步區域化供應鏈以及確定其他區域內製造機會。

Factoring in the above, the updated full-year non-GAAP gross margin is projected to be between 53% and 54.5%. Note that we were able to offset the impact from market softness through our actions and the difference relative to our prior full-year gross margin outlook of 55% to 55.5% is entirely due to the impact of tariffs. Full-year non-GAAP operating margin is projected to be between 10% and 12%. Included in this range are the above considerations that I just spoke of.

考慮到上述因素，更新後的全年非公認會計準則毛利率預計在 53% 至 54.5% 之間。請注意，我們能夠透過我們的行動來抵消市場疲軟的影響，與我們先前全年毛利率預期 55% 至 55.5% 的差異完全是由於關稅的影響。預計全年非公認會計準則營業利潤率在 10% 至 12% 之間。這個範圍內包括我剛才講到的上述考慮。

Additionally, we continue to be on track to achieve a key development milestone in Q3 2025 related to SabreBio, which as discussed previously, would result in a onetime in-process R&D charge of $10 million. As a result of the recent weakening US dollar, we expect less of a headwind to our revenue and operating income than our prior guidance.

此外，我們將繼續按計劃在 2025 年第三季實現與 SabreBio 相關的關鍵發展里程碑，如前所述，這將產生 1000 萬美元的一次性在研費用。由於近期美元走弱，我們預期我們的收入和營業收入受到的阻力將小於先前的預期。

We now expect approximately a 100-basis-point headwind to 2025 revenue an approximate 20-basis-point impact on operating margin versus the prior 40-basis-point effect. We estimate the non-GAAP full-year tax rate to be approximately 22% versus 23%, previously due to the change in the equity value of Sartorius investment.

我們現在預計，2025 年的收入將面臨約 100 個基點的阻力，營業利潤率將受到約 20 個基點的影響，而先前的效應為 40 個基點。我們估計非 GAAP 全年稅率約為 22%，而之前為 23%，這是由於 Sartorius 投資股權價值的變化造成的。

With our updated outlook for 2025, we recognize that there are many moving pieces, and the situation is evolving rapidly. There's a wide range of scenarios that could ultimately play out. That said, we're trying to be prudent and transparent in providing the key headwinds that we are currently seeing in the marketplace. Where possible, we are focused on mitigating the impacts from proposed tariffs and global trade disruptions to deliver results for shareholders.

透過更新我們對 2025 年的展望，我們認識到存在許多變化因素，而且情況正在迅速演變。最終可能會出現各種各樣的情況。話雖如此，我們仍試圖謹慎、透明地提供我們目前在市場上看到的主要阻力。在可能的情況下，我們將致力於減輕擬議關稅和全球貿易中斷的影響，從而為股東帶來利益。

As you've seen in the past year, management's approach to guidance is to be realistic in setting expectations. While we are adjusting our 2025 outlook, this does not shift our focus from the significant opportunities we see in enhancing business performance, driving consistent top-line growth remains central to our strategy and a key enabler of substantial margin expansion.

正如您在過去一年中看到的，管理層的指導方法是建立切合實際的期望。雖然我們正在調整 2025 年的展望，但這並沒有轉移我們對提升業務績效的重大機會的關注，推動持續的收入成長仍然是我們策略的核心，也是大幅擴大利潤率的關鍵推動因素。

We are confident that our ability to improve operational efficiency and strategically optimize our footprint will allow us to capture hundreds of basis points of margin expansion over the coming years. We're eager to share more about this opportunity and other critical aspects of our business at our Investor Day this fall.

我們相信，我們提高營運效率和策略性地優化我們的足跡的能力將使我們在未來幾年內獲得數百個基點的利潤成長。我們渴望在今年秋天的投資者日上分享更多有關此機會以及我們業務的其他重要方面的資訊。

I'll now turn the call over to Norman for his remarks.

現在我將電話轉給諾曼，請他發言。

Okay. So I think as Roop has alluded to, we continue to operate in a what I think is in a very dynamic environment. And I would say that in all my years in this business, I've never experienced such a prolonged period of macroeconomic headwinds and their impact on the growth of our business, I would say, especially from Life Science.

好的。因此我認為，正如 Roop 所提到的，我們將繼續在一個非常動態的環境中運作。我想說，在我從事這個行業的這些年裡，我從未經歷過如此長時間的宏觀經濟逆風及其對我們業務成長的影響，尤其是生命科學業務的成長。

However, we are still in the golden age biology, and I continue to see a long runway ahead for life science research and for diagnostics, the two principal markets that we serve. We remain committed to our customers, the attractive markets that we serve, and certainly, the contributions we can make which position Bio-Rad for consistent profitable growth.

然而，我們仍然處於生物學的黃金時代，我仍然看到生命科學研究和診斷（我們服務的兩個主要市場）的未來還有很長的路要走。我們始終致力於服務我們的客戶、我們所服務的有吸引力的市場，當然還有我們能夠做出的貢獻，這些貢獻使 Bio-Rad 能夠持續獲利成長。

Second, I would say that with our strong balance sheet, we have tremendous optionality. We continue to invest in our business and remain active in evaluating inorganic opportunities, opportunities that potentially offer values to customers immediately. With the increased volatility in the equity market in the past few months, we are seeing more opportunities as valuations for assets have moderated primitive to where they have been in recent years.

其次，我想說，憑藉我們強大的資產負債表，我們擁有巨大的選擇權。我們將繼續投資於我們的業務，並積極評估無機機會，即可能立即為客戶帶來價值的機會。隨著過去幾個月股市波動性的加劇，我們看到了更多的機會，因為資產估值已經回落至近年來的水平。

And finally, I guess I would note that Bio-Rad has been resilient and is persevered through many cycles in our 70-plus-year history to the credit and determination of Bio-Rad employees around the world, we continue to advance our corporate transformation and believe we'll come through this dynamic period even stronger than before.

最後，我想指出的是，Bio-Rad 一直具有韌性，在 70 多年的歷史中經歷了許多周期，這要歸功於世界各地 Bio-Rad 員工的信譽和決心，我們將繼續推進企業轉型，並相信我們會比以前更加強大地度過這個充滿活力的時期。

So Ed, that's all I have. Turn it back to you.

所以艾德，這就是我所擁有的一切。把它還給你。

That concludes our prepared remarks. And now we'll open the line to take your questions. Operator?

我們的準備好的演講到此結束。現在我們將開通熱線回答大家的提問。操作員？

(Operator Instructions) Patrick Donnelly, Citigroup.

（操作員指示）花旗集團的派崔克唐納利。

We probably want for you to start, not surprisingly, on tariffs. It sounds like you guys are layering in some impact into the guide. Can you just talk about maybe the gross impact, what mitigation efforts you guys are doing? It sounds like potential surcharges. I'm sure some acceleration on the cost side.

我們可能希望你從關稅問題開始，這並不令人意外。聽起來你們正在將一些影響分層到指南中。您能否談談整體影響以及您正在採取哪些緩解措施？這聽起來像是潛在的附加費。我確信成本方面會有所加速。

And what's the ability to contain this impact into 2025? Do some of it linger? Maybe just walk us through what you're seeing, what the mitigation efforts are and how to think about this.

而將這種影響控製到2025年的能力又如何呢？有些東西還會殘留嗎？也許只是向我們介紹一下您所看到的情況、緩解措施是什麼以及如何看待這個問題。

Yes, of course. Thanks, Patrick, for the question. Not surprising also in terms of laying off with tariffs, right? So there are a number of factors. Let's step back, first of all, maybe just to understand where the tariff impacts are coming from.

是的當然。謝謝帕特里克提出的問題。從關稅角度來看裁員也不奇怪，對吧？所以有很多因素。首先，讓我們回顧一下，也許只是為了了解關稅的影響來自哪裡。

I think there's a few different aspects. One is our global footprint is a positive for us. However, we don't have China manufacturing footprint today. So that's one consideration here. where the tariffs are most significantly impacting us is obviously US products being shipped into China, but also Europe products that are being shipped into the US. And so we're very mindful of that.

我認為有幾個不同的面向。一是我們的全球足跡對我們來說是正面的。然而，今天我們還沒有中國製造的足跡。這是這裡的一個考慮因素。關稅對我們影響最大的顯然是運往中國的美國產品，以及運往美國的歐洲產品。因此我們非常注意這一點。

And then there's, of course, supplier considerations. As we think about these different tariff pieces, we are taking actions in terms of potential surcharges, as I've mentioned in my prepared remarks. But we also have been seeking to preposition inventory, and that's been another aspect of it.

當然，還有供應商的考量。正如我在準備好的演講中提到的那樣，當我們考慮這些不同的關稅項目時，我們正在針對潛在的附加費採取行動。但我們也一直在尋求預先配置庫存，這是它的另一個面向。

The other pieces of this are longer term, right, in terms of looking at in-region manufacturing opportunities but also then how do we drive further supply chain vitality in region as well in support of the manufacturing. And so all of the -- but those -- the last two that I just mentioned are longer term in nature. And especially for our Diagnostics part of the business, which, as you think about the regulatory considerations, it's a multi-year journey.

其他部分是長期的，對吧，就尋找區域內製造機會而言，但同時我們如何進一步推動區域內供應鏈活力並支持製造業。因此，除了我剛才提到的最後兩個之外，所有這些，本質上都是長期的。特別是對於我們的診斷業務部分，考慮到監管因素，這是一個多年的歷程。

And so as we think about the gross margin and operating margin effect here, the gross margin, as I mentioned, movement from the original guide is effectively all tariff related. We were able to mitigate the operational softness we're seeing -- sorry, market softness we're seeing -- and so when you think about that, it's how can we look at within 2025, any further actions we can take, and we'll seek to limit it to 2025. However, I think it's still a fluid environment. And so it's hard to say what '26 might hold at this point in time.

因此，當我們考慮毛利率和營業利潤率的影響時，正如我所提到的，毛利率相對於原始指南的變動實際上都與關稅有關。我們能夠減輕我們所看到的營運疲軟——抱歉，我們看到的市場疲軟——所以當你考慮到這一點時，我們如何在 2025 年內考慮我們可以採取的任何進一步行動，我們將尋求將其限制在 2025 年。然而，我認為這仍然是一個流動的環境。因此，現在很難說 26 年會發生什麼。

Okay. That's helpful. And then just the academic side, obviously, that's worsened here over the past couple of months. What have you guys seen as we work our way through March and April, obviously, the NIH proposal came out that 40% cut. What's the expectation now for academic?

好的。這很有幫助。然後就學術方面而言，顯然，過去幾個月的情況變得更糟了。在我們進入三月和四月的時候，你們看到了什麼？顯然，NIH 的提議是削減 40%。現在對學術有什麼期望？

And again, maybe just the cadence of what you saw as we worked our way through the quarter and into April on that segment would be helpful.

再說一次，也許您看到的我們在整個季度和四月的工作節奏會有所幫助。

Yes. Maybe I can start and then have Norman and John jump in as well. I think what we saw -- and there's been some recent articles just on level of funding decrease that's occurred. There was something that came out more recently in the last day or two, talked about a 28% reduction in overall funding. I think through the first quarter, we were able to hold and especially because the consumables were maintained to be fairly strong.

是的。也許我可以先開始，然後讓諾曼和約翰也加入進來。我認為我們看到了——最近有一些文章只是在談論資金減少的水平。最近一兩天出現了一些消息，談到整體資金減少 28%。我認為，在第一季度，我們能夠保持下去，特別是因為消耗品保持了相當強勁的勢頭。

It really is the instruments where we saw the softness more so. But it worsened as we have gone through Q1. And as we think about where we are in Q2 and moving forward, I think the continued lack of clarity on what is the funding level, where is the threshold is going to be maintained, what level of funding is going to be provided. That's creating some additional challenges for people from an activity standpoint. We're still seeing consumables activity or activity and especially on the consumables side, it's the instrument side that continues to be challenging, I think, for us at this point in time.

我們確實在樂器中看到了更多的柔軟度。但隨著我們進入第一季度，情況變得更糟。當我們思考第二季度的狀況以及未來的發展時，我認為對於資金水平、維持的門檻以及將提供的資金水平仍然缺乏明確的認識。從活動的角度來看，這給人們帶來了一些額外的挑戰。我們仍然看到消耗品活動或活動，特別是在消耗品方面，我認為，目前對我們來說，儀器方面仍然充滿挑戰。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Maybe just to riff off that last question there. How wide is the gap at this point in growth between consumables and equipment?

也許只是為了重複最後一個問題。目前的成長點上消耗品和設備之間的差距有多大？

I would say it's been a bit of a deterioration. If I just look at it sequentially in terms of the instruments sales on a sequential basis, Dan, it's probably down about 10% further decline. Consumables actually has held up fairly well from a sequential standpoint in Q1 versus Q4. Maybe just tad down, but still very strong overall. Hopefully, that gives you the answer or perspective you're seeking.

我想說情況有點惡化。丹，如果我按順序查看儀器銷售額，那麼可能會進一步下降約 10%。從第一季與第四季的連續角度來看，消耗品實際上表現相當良好。可能只是稍微下降，但整體來說還是很強勁。希望這能給你想要的答案或觀點。

That's helpful. And then as a follow-up, I could use a little bit more help understanding exactly the tariff exposure. So a couple of specific questions. What proportion of your revenue in China is sourced from the US? What percentage of your revenue in the US is sourced from the US and that's insulated from Europe or China tariffs? And what assumption are you making regarding who eats the tariff? How much are you offsetting with a surcharge versus absorbing the tariffs on your P&L?

這很有幫助。然後作為後續，我可以使用更多的幫助來準確了解關稅風險。有幾個具體的問題。你們在中國的收入有多少比例來自美國？您在美國的收入中有多少比例來自美國且不受歐洲或中國關稅的影響？那麼，對於誰承擔關稅，您作了什麼假設？您透過附加費抵銷了多少，又透過損益表吸收了多少關稅？

Yeah. So again, we don't have any China manufacturing right? So that's first and foremost to understand. So you can imagine that the revenue that's going into China is either coming from the US or Singapore predominantly or there's a bit in Europe as well.

是的。那麼，我們又沒有任何中國製造權嗎？所以這是首先要理解的。因此你可以想像，進入中國的收入主要來自美國或新加坡，或者也有一部分來自歐洲。

And the biggest piece of the tariff impact is those pieces obviously coming from the US into China and especially on the diagnostics side of the house. And so that's where we're seeing the largest impact of the tariffs overall in terms of what we've articulated.

關稅影響最大的顯然是那些從美國進口到中國的產品，尤其是診斷設備。就我們所闡述的而言，這就是我們看到的關稅整體影響最大的地方。

And then your assumption on do you absorb that tariff on your P&L?

那麼，您的假設是您是否在損益表中吸收了該關稅？

Yes. I mean I think it's something we're evaluating. Obviously, we talked about surcharges that we're putting in place, and we're working through that and have deployed that already. But as we think about how things are evolving, I think we're also mindful of how the situation is evolving on a geographic basis, especially in China with the US, specifically.

是的。我的意思是我認為這是我們正在評估的事情。顯然，我們討論了正在實施的附加費，我們正在努力解決這個問題，並且已經部署了它。但當我們思考事態如何發展時，我認為我們也會注意到地域基礎上的情況如何發展，特別是中國與美國之間的關係。

We've prepared to put in some price adjustments and surcharges nearly effective immediately. Of course, on the diagnostics side, we have longer-term contracts which do have some ability to adjust but not exactly the same as in life sciences. So the team is kind of just preparing how could we compensate for the tariffs if absorb it. Otherwise, buying that additional charges to customers.

我們已準備好立即實施一些價格調整和附加費。當然，在診斷方面，我們有長期合約，這些合約確實具有一定的調整能力，但與生命科學並不完全相同。因此，團隊正在準備如何補償關稅。否則，購買者將向客戶收取額外費用。

So just one more thing to keep in mind that it's -- the tariff surcharge is are not a free ride. Many of these customers have limited budget. So to the extent you have a tariff surcharge, you might reduce the amount of purchases that are made.

所以還有一件事要記住──關稅附加費不是免費的。許多客戶的預算有限。因此，如果徵收關稅附加費，您可能會減少購買量。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

I want to follow up on that line of question. So as it relates to products you're shipping to China. And some of your peers have assumed that, that revenue just goes away, it's not feasible for customers to buy the product. So have you assumed demand destruction? And are the surcharges in terms of like top line embedded in the guidance as of right now?

我想繼續追問這個問題。這與您運往中國的產品有關。您的一些同行認為，收入會消失，客戶不再購買該產品。那麼，您是否假設過需求遭到破壞？截至目前，附加費是否已包含在指導中？

Yeah. So two pieces there, Brandon. In terms of the latter, the surcharges are embedded or consideration of the surcharges that are embedded within the guide. In terms of the former, we are looking at it from a -- so we're not looking at -- we're trying -- we are looking at it from the standpoint of preserving customer continuity and market share. And therefore, we are seeing it as strategic in terms of if we -- considering the tariff situation and how fluid it is, where surcharges ought to be applied and how we ought to do that.

是的。布蘭登，這裡有兩件東西。就後者而言，附加費是嵌入的，或考慮指南中嵌入的附加費。就前者而言，我們是從——所以我們不看——我們正在嘗試——從保持客戶連續性和市場份額的角度來看待它。因此，我們認為這具有戰略意義，考慮到關稅情況及其流動性，應該在何處徵收附加費以及我們應該如何實施。

But again, I think Roop alluded to earlier, I mean products going into China actually come from not just the Americas, but from Europe and from Asia, specifically Singapore. So we've got a reasonable amount of mitigation of China tariffs for those products.

但是，我認為 Roop 之前提到過，進入中國的產品實際上不僅來自美洲，還來自歐洲和亞洲，特別是新加坡。因此，我們對這些產品的中國關稅進行了合理減免。

Okay. up, in terms of the guide, I mean, based on where you came in the first quarter, it still seems to imply a big second half ramp, especially when you're looking at it on a two-year stacked comp. Can you just help us understand like what grade do you think you derisk the top line outlook enough for the back half?

好的。就指南而言，我的意思是，根據您在第一季的情況，它似乎仍然意味著下半年會有很大的成長，特別是當您從兩年的累積比較來看時。您能否幫助我們了解一下，您認為對於後半部而言，降低頂線前景的風險達到什麼程度？

I mean the question isn't it, Brandon. I mean we've tried to take a conservative view of the demand profile and how we see that softness. The ramp from Q1 to Q2 and Q2, Q3 are relatively flat. There's a little bit of an uptick it's Q4, but we've also -- and there's some specific nuances to, let's say, QSC orders. Part of it is seasonality, part of it is some quality systems revenue that we see uptick process chrome continues relatively consistent through the year.

我的意思是，問題不在這裡，布蘭登。我的意思是，我們試圖以保守的態度看待需求狀況以及我們如何看待這種疲軟。從Q1到Q2以及Q2、Q3的斜坡相對平坦。第四季略有上升，但我們也有一些具體的細微差別，例如 QSC 訂單。部分原因是季節性，部分原因是一些品質系統收入，我們看到鉻的上升過程在全年保持相對穩定。

So we've tried to derisk it in terms of these moving pieces. I think we've -- as we've tried to be over the course of last year or so, be reasonable in terms of our point of view while really taking a prudent approach on what we're seeing in the marketplace.

因此，我們試圖降低這些移動部件的風險。我認為，正如我們在過去一年左右的時間裡所嘗試的那樣，我們的觀點是合理的，同時對我們在市場上看到的情況採取謹慎的態度。

And Brandon, what we have done is we've worked obviously very closely with the commercial teams here, looking at number of proposals, win rate, sales cycle and then the run rate business, run rate business has continued to be as modeled.

布蘭登，我們所做的就是與這裡的商業團隊密切合作，專注於提案數量、中標率、銷售週期，然後是運行率業務，運行率業務繼續按照模型進行。

The run rate, as you can imagine, on the instrument side of things, the sales cycle is a little longer, although we maintain our win rate, which is a positive. So we believe that things will settle down here in the coming months if not couple quarters, and the team is pretty optimistic on the current forecast achievability.

正如您所想像的，從儀器方面來看，運行率、銷售週期會稍微長一些，儘管我們保持了贏率，但這是一個積極的方面。因此，我們相信，未來幾個月甚至幾季內情況就會穩定下來，而且團隊對目前預測的可實現性非常樂觀。

Yes. Okay. Last one, Norman, you mentioned the balance sheet optionality and availability of assets and valuations, which is helpful. Just update us on your priority or your preference for capital allocation right now. You're buying back a lot of stock, which is great.

是的。好的。最後，諾曼，您提到了資產負債表的可選性和資產與估值的可用性，這很有幫助。只需向我們更新您目前對資本配置的優先事項或偏好即可。你們回購了大量股票，這很好。

I mean would you consider a larger deal perhaps right now that's maybe north of $1 billion? Or are you primarily still focused on bolt-ons? Just what are your preferences?

我的意思是，您是否會考慮現在進行一筆更大的交易，也許金額超過 10 億美元？或者您主要仍關注附加功能？您的偏好到底是什麼？

Yes. Yes. I think especially given some of the given some of the -- what I think of as attractive inorganic opportunities that are bubbling up, I think there is a real appetite for doing something meaningful obviously, the right deal is important for us. Especially those larger things to provide scale, we can leverage our kind of global commercial operations. Yes, lots of things we could do there.

是的。是的。我認為，特別是考慮到一些——我認為這些正在湧現的有吸引力的無機機會，我認為人們確實有興趣做一些有意義的事情，顯然，正確的交易對我們來說很重要。特別是那些規模較大的項目，我們可以利用我們的全球商業營運。是的，我們可以在那裡做很多事情。

But I think we are focused a little bit on larger things. And yes, we've got plenty of capacity on our balance sheet and could certainly do something in the B range.

但我認為我們更關注更大的事情。是的，我們的資產負債表上有足夠的容量，並且肯定可以在 B 範圍內做一些事情。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

[Matt] on for Tycho. Maybe just to start on biopharma group. I think you talked about kind of softer trends on smaller and midsize obviously, process chrome up mid-teens in 1Q is good to see. I guess, on process chrome, is there any kind of initial early year stocking your comps there? Why wouldn't that trend kind of continue relative to the high single-digit guide?

[Matt] 代替 Tycho。也許只是從生物製藥集團開始。我認為您談到了小型和中型車的趨勢明顯趨於疲軟，很高興看到第一季鍍鉻製程的產量上升到十幾歲左右。我想，在鍍鉻工藝方面，你們在年初是否有任何形式的庫存？相對於高個位數的指導，這種趨勢為什麼不會持續下去呢？

And then in terms of consumables versus instruments within biopharma and maybe more specifically, drop with digital PCR. Has your outlook changed at all for the year in terms of consumables and instruments within that end market?

然後就生物製藥中的耗材與儀器而言，也許更具體地說，是數位 PCR 的下降。就終端市場的消耗品和儀器而言，您對今年的展望有任何變化嗎？

Yes. Thanks, Matt. Glad to have you on. So in terms of bioprocessing to start with, process chrome was a positive for us. It was nice to say to your question of why shouldn't that continue, it really is -- and we didn't pull anything forward, but customer demand drove it such that they wanted some uptake earlier in Q1 than what they would have otherwise wanted a little later from their own manufacturing production standpoint. We still see it as a high single-digit growth for the year.

是的。謝謝，馬特。很高興您能來。因此，就生物加工而言，製程鉻對我們來說是有利的。很高興回答你為什麼不應該繼續下去的問題，事實確實如此——我們沒有提前做任何事情，但客戶的需求推動了它，他們希望在第一季度早些時候有所增長，而不是從他們自己的製造生產角度來看，他們原本希望晚一點增長。我們仍然認為今年的成長率將達到較高的個位數。

And really, just as we've expected that destocking has continued to decrease, and it's normalizing as we would expect. So nothing unusual there, and it's very much a positive there for us. In terms of your question on consumables and instrumentation, the real softness is really around instrumentation, and that's the biggest challenge for us.

事實上，正如我們預期的那樣，去庫存化持續減少，並且正如我們預期的那樣正在正常化。所以這沒什麼不尋常的，這對我們來說是一件非常正面的事情。關於您關於消耗品和儀器的問題，真正的柔軟點確實在於儀器，這對我們來說是最大的挑戰。

Consumables has held fairly nicely, even considering kind of the macro around academia, NIH, et cetera. And so we're happy to see that. But where the softness we pulled it back is specifically related to academia and biotech, if you will and the instrumentation side of that.

即使考慮到學術界、美國國立衛生研究院等宏觀因素，消耗品市場仍保持著相當好的動能。我們很高興看到這一點。但是，我們將其拉回的柔軟度具體與學術界和生物技術有關，如果你願意的話，還有儀器方面。

Okay. And then I just wanted to clarify, I think you had baked in prior $15 million for the year on the reimbursement dynamics in China. I guess, just to clarify, did those kind of play out as expected in 1Q? And any way you can kind of quantify what the reimbursement headwind was to your China business here in the first quarter?

好的。然後我只是想澄清一下，我認為你已經為今年在中國的報銷動態投入了 1500 萬美元。我想，只是為了澄清一下，這些情況在第一季是否如預期的那樣發展？您能否量化一下第一季報銷阻力對貴公司中國業務的影響？

Yes. I think you said it well. It played out just as we expected, nothing different, nothing incremental. And just in terms of that number that you quoted just now, the $15 million you just think of that as one quarter value of that has kind of played out effectively.

是的。我覺得你說得很好。一切正如我們預期的那樣，沒有任何不同，也沒有任何進步。就您剛才引用的數字而言，1500 萬美元只是其中四分之一的價值，這已經發揮了有效作用。

Okay. Maybe just one more. I understand you still haven't closed the still deal remains on track for the third quarter. But just any kind of color or update in terms of conversations you've had with customers now that it's been some time since you've announced it, if you can give a strategy update here in a few months. But just any feedback or color from your customers since you've kind of announced the deal, maybe exciting levels around that.

好的。也許只剩下一個了。我知道你們還沒有完成交易，但第三季的交易仍在按計劃進行。但是，就您與客戶進行的對話而言，任何顏色或更新都已經過去一段時間了，如果您能在幾個月後在這裡提供策略更新的話。但是自從您宣布這筆交易以來，來自客戶的任何反饋或色彩，也許都是令人興奮的水平。

Any more color to add around the Stilla acquisition?

關於 Stilla 收購還有什麼要補充的嗎？

Yes. I think, first of all, within our teams, I mentioned that I kind of travel the globe during the quarter, and each of our teams are very excited about the platform and what we can do with our content on that platform even into the food applied application. So we remain very excited about it. We haven't been jumping the gun and engaging customers necessarily on certain things. But where it has come kind of across in certain areas, there's very positive feedback.

是的。我認為，首先，在我們的團隊中，我提到我在本季度環遊了世界各地，我們的每個團隊都對這個平台感到非常興奮，並且我們可以利用該平台上的內容，甚至將其應用到食品應用中。因此我們對此仍然感到非常興奮。我們並沒有貿然採取行動，也沒有就某些事情與客戶進行必要的接觸。但在某些領域，它的回饋非常正面。

I mean, I was pretty surprised that the brand awareness that's out there on the platform in various geographies around the globe. So we're bullish. We still have a little ways to go here before we close the deal and can really kind of engage with customers. But overall, there's a lot of excitement. And I think that exciting thing is the ease of use and the workflow of that platform is very, very exciting to the marketplace.

我的意思是，我對該平台在全球不同地區的品牌知名度感到非常驚訝。所以我們很看好。在達成交易並真正與客戶互動之前，我們還有一些工作要做。但整體來說，還是很令人興奮的。我認為令人興奮的是該平台的易用性和工作流程對市場來說非常非常令人興奮。

Conor McNamara, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的康納‧麥克納馬拉 (Conor McNamara)。

Just first on the Life Science business. Can you talk about the dynamics there. First on the pull-forward on process chrome, with any of that ahead of tariffs or what can you comment on the strength of that and kind of your -- the cadence of that through the year? Maybe we'll start there.

首先談談生命科學業務。能談談那裡的動態嗎？首先，關於鉻加工的提前，在關稅之前，您能否評論一下這種提前的力度以及全年的節奏？也許我們可以從那裡開始。

Yeah. So Conor, I want to clarify. It wasn't necessarily a pull forward by us. it's something that was customer demand driven, right, in terms of -- and we don't think it was tariff. And it wasn't terribly -- so it wasn't a prepositioning of that revenue ahead of tariffs or anything like that.

是的。所以康納，我想澄清一下。這不一定是我們推動的，而是由客戶需求驅動的，對的，就關稅而言——我們不認為這是關稅。而且這並不是很糟糕——所以這並不是在關稅或諸如此類的事情之前預先安排收入。

The team has basically confirmed their full year forecast as we submitted, and that's pretty solid. I say very solid forecast.

團隊基本上已經確認了我們提交的全年預測，這是相當可靠的。我認為預測非常可靠。

Okay. Perfect. And then if my math is right, it looks like you're taking about $40 million out of the life science guide, which I think you've said that the federally funded academic and government sales is 4% of your sales. So is that $40 million all coming out of that? And kind of are you making the assumption that will be down 40% year over year? Or is there anything else baked into the life science cut?

好的。完美的。如果我的計算正確的話，看起來你從生命科學指南中拿走了大約 4000 萬美元，我想你說過聯邦政府資助的學術和政府銷售額佔你銷售額的 4%。那麼這 4,000 萬美元都是從那裡來的嗎？您是否認為這一數字將年減 40%？或者生命科學領域還存在其他什麼內容？

Yes. I mean it really is -- so you're right, the federal fund NIH. As you said, it's -- as we said before, 4%. Remember, academia broadly is a larger percentage of our overall revenue. somewhere in that, let's call it, 20%-ish.

是的。我的意思是，它確實是——所以你是對的，聯邦基金 NIH。正如您所說，正如我們之前所說，是 4%。請記住，學術收入在我們的總收入中所佔比例較大，我們姑且稱之為 20% 左右。

So that's the other piece of that, that comes into play, right, overall. And the other piece is as a function of that geographically, China continuing to be soft from a macro and just situation standpoint.

所以，總的來說，這是發揮作用的另一部分。另一方面，從地理角度來看，中國從宏觀和公正的角度繼續保持弱勢。

In the first quarter, as you've probably seen, Conor, there were a four-, five-, six-week period of time there in February into March where there were almost no grants approved or renewed. So there's pretty backpack there. We won't see that probably until a number of quarters from now. And it may be a little more dramatic in the first quarter than we're going to see the rest of the year, but there's certainly softness and concern by our customers.

康納，您可能已經看到了，在第一季度，從二月到三月有四、五、六週的時間，幾乎沒有批准或續簽任何撥款。那裡有一個漂亮的背包。我們可能要等到幾個季度後才能看到這一點。第一季的情況可能比今年剩餘時間的情況更劇烈一些，但我們的客戶確實感到疲軟和擔憂。

Yes. I mean, hopefully, that will -- as we go through the year, that will moderate that cautiousness will moderate. We still haven't seen that Congress weigh in on the NH going forward. So we'll have to see how that goes.

是的。我的意思是，希望隨著這一年過去，謹慎情緒會逐漸緩和。我們還沒有看到國會對 NH 的未來做出權衡。所以我們必須看看事情進展如何。

Got it. Okay. And then just last one for me. You said you derisked your clinical diagnostics growth by 100 basis points. Is that just conservatism on weaker demand ahead of -- because of what's going on in the macro environment?

知道了。好的。對我來說，這是最後一個。您說過，您將臨床診斷成長的風險降低了 100 個基點。這是否只是由於宏觀環境的變化而導致的需求疲軟而採取的保守態度？

Or is there anything that you saw within the quarter of exiting the quarter that would imply that, that 100-basis-point cut is what you're actually seeing? It just sounded like you're just taking a conservative tone on that. If you could give more color, I'd appreciate it.

或者，在本季結束前的一個季度內，您是否看到了什麼跡象表明，您實際上看到的是 100 個基點的降息？聽起來你只是對此採取了保守的態度。如果您能提供更多顏色，我將不勝感激。

Well, I mean, again, let's keep in mind, right? I think it's the macro from a DX standpoint activity levels is one aspect of it. China is another aspect of it. And China may be the more significant aspect of it, right? And so those are the pieces.

好吧，我的意思是，讓我們再記住一點，對吧？我認為從 DX 角度來看宏觀活動水準是其中的一個面向。中國是其中的另一個面向。其中中國可能是更重要的方面，對嗎？這些就是全部內容。

And just knock on wood, we haven't seen any further reimbursement rate changes or anything like that. VDP hasn't been anything to note for us. And so it really is just the macro dynamics and softness.

敲敲木頭，我們還沒有看到任何進一步的報銷率變化或類似情況。對我們來說，VDP 沒有什麼值得注意的。所以它實際上只是宏觀動態和柔軟度。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

I wanted to start, just a follow-up on the tariff assumptions here. This 130 bp op margin impact, so it's about to EBIT. First, I just want to confirm, is this a 3-quarter impact you're assuming for the reciprocal tariffs. And are you assuming any revenue impact? Or is it really just like the increased cost on exports for those products?

我想先跟進一下這裡的關稅假設。這對營業利潤率有 130 個基點的影響，因此它與息稅前利潤有關。首先，我只想確認一下，您認為互惠關稅的影響是否只持續 3 個季度。您是否認為這會影響收入？或者真的只是這些產品的出口成本增加了？

Yes. So it really depends on which tariffs are in place. So it's respective of the tariffs in play. Obviously, there are certain tariffs that have a pause right now. Some are in effect already.

是的。所以這實際上取決於現行的關稅。因此，這與適用的關稅有關。顯然，某些關稅目前已暫停。有些措施已經生效。

So that's what's contemplated in terms of that guide. What we also determined is the surcharges as a net effect of that within that overall guide.

這就是該指南所考慮的內容。我們也確定了附加費是該總體指南的淨效應。

You mentioned for the -- within the Diagnostics business, some of the -- a few times you've mentioned part of it is related to the China region. Can you just talk about how China Diagnostics did overall for Bio-Rad in the first quarter? And do you think the increased tariff rates? Like is that like what you're referring to in terms of the macro? Or is it something broader there?

您提到了診斷業務中的一些內容，您曾多次提到其中一部分內容與中國地區有關。您能否談談中國診斷在第一季對 Bio-Rad 的整體表現如何？您認為關稅稅率調高有何影響？這就像您所指的宏觀層面一樣嗎？或者那裡有更廣泛的東西？

Well, a good portion of our diagnostic business in China is actually the quality systems, which we're trying to understand clearly whether that's going to be excludes compares or not. So it looks like that's a good news for us. I don't know if you have the check numbers for those things.

嗯，我們在中國的診斷業務很大一部分實際上是品質體系，我們正試圖清楚地了解這是否將被排除在外進行比較。所以這對我們來說似乎是個好消息。我不知道您是否有這些東西的支票號碼。

Yes. I mean if you think about China overall for us, Jack, it was kind of mid-single digits to, let's call it, mid- to high-single digits kind of negative effect from what we had expected in China. And overall, I would say it got tougher as we went through the quarter. And I think that's the other aspect to keep in mind.

是的。傑克，如果你從整體上考慮中國的情況，我們會發現與我們對中國的預期相比，中國的經濟成長受到了中等個位數到中等到高個位數的負面影響。總的來說，我想說，隨著本季的推進，情況變得越來越艱難。我認為這是需要牢記的另一個方面。

Got it. Okay. And then just the last one. I thought the free cash flow update was a bright spot, kind of maintaining that forecast despite the lower op margin. Can you just talk about like some of the levers you're pulling? Is it working capital? Just what else you're looking at delivery on free cash flow?

知道了。好的。然後就剩最後一個了。我認為自由現金流更新是一個亮點，儘管營業利潤率較低，但仍維持了這個預測。您能談談您正在採取的一些措施嗎？是營運資金嗎？您還希望看到自由現金流產生哪些變化？

Yes. It really is the working capital. I mean, we continue to focus on inventory and inventory management. Obviously, with the forecast changes, we're running that through the system, looking at what else we can do in region in terms of the timing of those. The other aspect is looking at supplier management as well as our DSO in terms of opportunities for improvement there.

是的。這確實是營運資金。我的意思是，我們繼續關注庫存和庫存管理。顯然，隨著預測的變化，我們正在透過系統運行，研究在時間方面我們還能在該區域做些什麼。另一方面是從供應商管理以及我​​們的 DSO 的角度來尋找改進的機會。

So we have specific initiatives on all of those fronts wherein it gives us confidence to still stand behind the free cash flow range that we provided.

因此，我們在所有這些方面都採取了具體的舉措，這使我們有信心仍然支持我們提供的自由現金流範圍。

That concludes the question-and-answer session. I would like to turn the call back over to Edward Chung for closing remarks.

問答環節到此結束。我想將電話轉回給 Edward Chung 做最後發言。

Thank you for joining today's call. We'll be participating at the RBC Global Healthcare Conference in New York later this month and will also be back out of New York in early June for the Jefferies Global Healthcare Conference. As always, we appreciate your interest, and we look forward to connecting soon. Bye-bye.

感謝您參加今天的電話會議。我們將於本月稍後參加在紐約舉行的 RBC 全球醫療保健會議，並將於 6 月初再次離開紐約參加 Jefferies 全球醫療保健會議。像往常一樣，我們感謝您的關注，並期待盡快與您聯繫。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。