Bio Rad Laboratories Inc (BIO) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Gail, and I will be your operator for today's call. At this time, I would like to welcome each and every one of you to the Bio-Rad second quarter 2025 results C\conference call and webcast. (Operator Instructions)

感謝您的支持。我叫蓋爾，今天我將擔任您的電話接線生。此時，我謹歡迎各位參加 Bio-Rad 2025 年第二季業績電話會議及網路廣播。（操作員指示）

It is now my pleasure to turn today's call over to Bio-Rad's Head of Investor Relations, Mr. Edward Chung. Please go ahead.

現在我很高興將今天的電話轉給 Bio-Rad 的投資者關係主管 Edward Chung 先生。請繼續。

Good afternoon, everyone, and thank you for joining us. Today, we will review the second quarter 2025 financial results and provide an update on key business trends for Bio-Rad.

大家下午好，感謝大家的參與。今天，我們將回顧 2025 年第二季的財務業績，並提供 Bio-Rad 主要業務趨勢的最新資訊。

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.

今天與我一起參加電話會議的還有我們的執行長諾曼·施瓦茨 (Norman Schwartz)、總裁兼首席營運官喬恩·迪文森佐 (Jon DiVincenzo) 和執行副總裁兼首席財務官羅普·拉卡拉朱 (Roop Lakkaraju)。

Before we begin our review, I'd like to remind everyone that we will 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. 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.

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。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。

The company does not intend to update any forward-looking statements made during the call today. 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.

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。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。

In addition to the -- excluding certain atypical and nonrecurring items, our non-GAAP financial measures exclude changes in the equity value of our stake in Sartorius AG in order to provide investors with a better understanding of Bio-Rad's underlying operational performance.

除了排除某些非典型和非經常性項目之外，我們的非公認會計準則財務指標不包括我們在 Sartorius AG 的股權價值變化，以便讓投資者更了解 Bio-Rad 的基本營運績效。

Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in our earnings release. We have also posted a supplemental earnings presentation in the Investor Relations section of our website for your reference. With that, I'll now turn the call over to our Chief Operating Officer, Jon DiVincenzo.

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。我們也在網站的投資者關係部分發布了補充收益報告，供您參考。現在，我將把電話轉給我們的營運長 Jon DiVincenzo。

Thank you, Ed. Good afternoon, everyone, and thank you for joining us today. We are pleased to share our second-quarter 2025 results, which reflect solid execution across the business. Both revenue and operating margin exceeded consensus expectations, underscoring the strength of our portfolio and the discipline of our teams in a challenging and rapidly evolving macroeconomic environment.

謝謝你，艾德。大家下午好，謝謝你們今天加入我們。我們很高興分享我們 2025 年第二季的業績，這反映了整個業務的穩健執行。收入和營業利潤率均超出普遍預期，凸顯了我們的產品組合實力以及在充滿挑戰和快速變化的宏觀經濟環境中我們團隊的紀律性。

Our Clinical Diagnostics business remained stable, while our Life Science segment benefited from the strength in our process chromatography portfolio. Product mix and a continued focus on cost control and discretionary spending helped drive an outperformance in operating margin for the quarter.

我們的臨床診斷業務保持穩定，而我們的生命科學部門則受益於我們工藝色譜產品組合的強勁表現。產品組合以及對成本控制和可自由支配支出的持續關注幫助推動了本季營業利潤率的優異表現。

While we continue to face headwinds in the academic market due to constrained government funding, we saw signs of stabilization, particularly in consumables. This resilience highlights the enduring demand for our differentiated assays and reagents, including Droplet Digital PCR consumables, which saw high single-digit revenue growth versus 2024.

儘管由於政府資金限制，我們在學術市場繼續面臨阻力，但我們看到了穩定的跡象，特別是在消耗品方面。這種韌性凸顯了對我們差異化檢測和試劑的持久需求，包括液滴式數位 PCR 耗材，與 2024 年相比，其收入實現了高個位數成長。

The second quarter was a busy one for our ddPCR team as we completed the development of the QX Continuum platform and successfully closed the acquisition of Stilla Technologies, adding new platforms and a fantastic team of colleagues to Bio-Rad. Synchronized with the closing of the Stilla acquisition, we launched the rebranded QX700 Series ddPCR instruments. The combination of the QX Continuum and QX700 Series products are positioned to expand our Droplet Digital PCR portfolio for customers requiring a simplified workflow and flexibility at various budget levels.

第二季度對我們的 ddPCR 團隊來說是忙碌的，因為我們完成了 QX Continuum 平台的開發並成功完成了對 Stilla Technologies 的收購，為 Bio-Rad 增加了新的平台和一支出色的團隊。與 Stilla 收購同步完成，我們推出了更名後的 QX700 系列 ddPCR 儀器。QX Continuum 和 QX700 系列產品的組合旨在擴展我們的液滴式數位 PCR 產品組合，以滿足需要簡化工作流程和靈活性且預算水平各異的客戶的需求。

Although it is early, customer feedback has been very positive. We look forward to showcasing these innovations at the upcoming ddPCR World Conference in Seoul, Korea this September, along with a series of satellite events across APAC, EMEA, and the Americas.

儘管還為時過早，但客戶的回饋非常積極。我們期待在今年 9 月於韓國首爾舉行的 ddPCR 世界大會上展示這些創新，同時也將在亞太地區、歐洲、中東和非洲地區以及美洲舉辦一系列衛星活動。

Also during the quarter, several of our key ddPCR partners made progress in bringing this technology to the diagnostic market. Incyte Molecular Diagnostics, formerly Oncocyte, announced positive clinical data for its assay in kidney transplant monitoring. We are supporting its path towards FDA approval in 2026 and the development of a kitted IVD solution, an exciting advancement for the transplant community.

此外，在本季度，我們的幾家主要 ddPCR 合作夥伴在將這項技術引入診斷市場方面取得了進展。Incyte Molecular Diagnostics（前身為 Oncocyte）宣布其腎臟移植監測檢測獲得了積極的臨床數據。我們正在支持其在 2026 年獲得 FDA 批准以及開發配套 IVD 解決方案，這對移植界來說是一個令人興奮的進步。

Geneoscopy advanced its Colosense colon cancer screening test which is powered by our ddPCR technology. The assay was recently included in the National Comprehensive Cancer Network guidelines, a critical enabler for clinical adoption and reimbursement. We're encouraged with their progress and the potential of Colosense.

Geneoscopy 改進了其 Colosense 大腸癌篩檢測試，由我們的 ddPCR 技術提供支援。該檢測最近被納入國家綜合癌症網路指南，這是臨床採用和報銷的關鍵推動因素。我們對他們的進步和 Colosense 的潛力感到鼓舞。

Operationally, our teams continue to drive improvements through strong execution of lean initiatives careful cost management and actions to actively mitigate tariff impacts. In Diagnostics, strength outside of China helps offset local reimbursement pressures, resulting in 3.7% growth in our rest of world markets.

在營運方面，我們的團隊透過強力執行精益計劃、謹慎的成本管理和積極減輕關稅影響的行動，繼續推動改善。在診斷領域，中國以外的實力有助於抵消當地的報銷壓力，使我們在世界其他市場實現了 3.7% 的成長。

In China, volume-based procurement or VBP, has not impacted our portfolio. Beyond the previously noted diabetes testing reimbursement reductions, we haven't faced any new reimbursement challenges. While we factored headwinds from the recent diagnosis-related group or DRG policy changes affecting diagnostic panels into our first quarter guidance, the impact was not significant in the second quarter.

在中國，基於批量的採購或VBP並未對我們的產品組合產生影響。除了先前提到的糖尿病檢測報銷減少之外，我們沒有面臨任何新的報銷挑戰。雖然我們在第一季的指導中考慮了近期診斷相關組或 DRG 政策變化對診斷小組的不利影響，但對第二季的影響並不顯著。

Our local team continues to diligently monitor the evolving landscape of Chinese government policies. And finally, I'm excited to welcome Rajat Mehta as Bio-Rad's new Executive Vice President of Global Commercial Operations. Rajat brings deep experience across diagnostics and life sciences, most recently leading a large regional diagnostics division of Labcorp. He has lived and worked globally and brings expertise in commercial transformation, digital innovation, and customer-centric strategies.

我們的本地團隊持續密切關注中國政府政策的演變。最後，我很高興歡迎 Rajat Mehta 擔任 Bio-Rad 新任全球商業營運執行副總裁。Rajat 在診斷和生命科學領域擁有豐富的經驗，最近領導了 Labcorp 的一個大型區域診斷部門。他曾在全球生活和工作，擁有商業轉型、數位創新和以客戶為中心的策略的專業知識。

Rajat succeeds Mike Crowley, who is retiring after a remarkable 26-year career with Bio-Rad. I have enjoyed working with Mike during my first year and personally thank him for his support. We all wish Mike all the best in his retirement. So thank you again for your continued support. I'll hand the call over to Roop for a detailed review of our financial results.

Rajat 接替了 Mike Crowley，後者在 Bio-Rad 工作了 26 年，成績斐然，即將退休。我很高興在第一年與 Mike 合作，並親自感謝他的支持。我們都祝福麥克退休後一切順利。再次感謝您一直以來的支持。我會將電話交給 Roop，讓他詳細審查我們的財務結果。

Thank you, John, and good afternoon. I'd like to start with a review of the second quarter 2025 results. Overall, we executed well during the quarter. Net sales for the second quarter of 2025 were approximately $652 million, which represents a 2.1% increase on a reported basis versus $638 million in Q2 of 2024.

謝謝你，約翰，下午好。我想先回顧一下 2025 年第二季的業績。總體而言，本季我們表現良好。2025 年第二季的淨銷售額約為 6.52 億美元，與 2024 年第二季的 6.38 億美元相比成長 2.1%。

On a currency-neutral basis, this represents a 1% year-over-year increase and was primarily driven by sales of our process chromatography products. Sales of the Life Science Group in the second quarter of 2025 were $263 million compared to $251 million in 2024, which is an increase of 4.9% on a reported basis and 3.8% on a currency-neutral basis, primarily driven by the increase in process chromatography and food safety product sales.

以貨幣中性計算，這代表著同比增長 1%，主要得益於我們的工藝色譜產品的銷售。2025 年第二季生命科學集團的銷售額為 2.63 億美元，而 2024 年為 2.51 億美元，按報告基礎計算增長 4.9%，按貨幣中性計算增長 3.8%，主要得益於工藝色譜和食品安全產品銷售額的增長。

Currency-neutral sales increased in the Americas and EMEA, partially offset by decreased sales in Asia Pacific. Our process chromatography business experienced strong double-digit growth on a year-over-year basis due to orders pulled into the second quarter by customers. The orders represented approximately 20% of the quarter's process chromatography sales.

剔除匯率因素，美洲、歐洲、中東和非洲地區的銷售額有所增長，但亞太地區的銷售額有所下降，部分抵消了這一增長。由於客戶在第二季度增加了訂單，我們的工藝色譜業務同比實現了強勁的兩位數增長。這些訂單約佔本季工藝色譜銷售額的 20%。

Zooming out of the second quarter results, we now expect low double-digit growth for this product area in 2025 versus our prior high single-digit growth outlook. Excluding process chromatography sales, our core Life Science Group revenue decreased 1.7% year-over-year and 2.7% on a currency-neutral basis, reflecting ongoing softness in the biotech and academic research market, which affects instrument demand.

從第二季的業績來看，我們現在預計 2025 年該產品領域的成長率將達到低兩位數，而我們先前的預測是高個位數成長。不包括工藝色譜銷售額，我們的核心生命科學集團收入同比下降 1.7%，按貨幣中性計算下降 2.7%，反映出生物技術和學術研究市場持續疲軟，從而影響了儀器需求。

Sales of the Clinical Diagnostics Group in the second quarter of 2025 were approximately $389 million compared to $388 million in Q2 of 2024, essentially flat on a reported basis and a decrease of 0.7% on a currency-neutral basis. The decrease is because of the previously discussed lower reimbursement rate for diabetes testing in China, partially offset by increased demand for our quality control and immunology products.

2025 年第二季臨床診斷集團的銷售額約為 3.89 億美元，而 2024 年第二季為 3.88 億美元，按報告基礎基本持平，按貨幣中性基礎下降 0.7%。下降的原因是先前討論過的中國糖尿病檢測報銷率較低，但部分被我們品質控制和免疫學產品的需求增加所抵消。

On a geographic basis, currency-neutral sales decreased in Asia Pacific, partially offset by increased sales in EMEA and the Americas. Q2 reported gross margin was 53% as compared to 55.6% in the second quarter of 2024. On a non-GAAP basis, second quarter gross margin was 53.7% versus 56.4% in the year-ago period. The decrease in non-GAAP gross margin was due to higher material costs and reduced fixed manufacturing absorption because of lower instrument demand.

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，但被歐洲、中東和非洲地區以及美洲地區的銷售額成長部分抵銷。第二季報告的毛利率為 53%，而 2024 年第二季為 55.6%。以非公認會計準則計算，第二季毛利率為 53.7%，去年同期為 56.4%。非公認會計準則毛利率的下降是由於材料成本上升以及儀器需求下降導致固定製造吸收量減少。

SG&A expense for the second quarter of 2025 was $208 million or 31.9% of sales compared to $195 million or 30.5% in Q2 of 2024. Second quarter non-GAAP SG&A spend was $201 million versus $194 million in the year-ago period. The year-over-year increase in non-GAAP SG&A expense was primarily due to higher variable compensation costs.

2025 年第二季的銷售、一般及行政費用為 2.08 億美元，佔銷售額的 31.9%，而 2024 年第二季為 1.95 億美元，佔銷售額的 30.5%。第二季非公認會計準則銷售、一般及行政支出為 2.01 億美元，去年同期為 1.94 億美元。非公認會計準則銷售、一般及行政費用的年增率主要是由於可變薪資成本的增加。

Research and development expense in the second quarter on a GAAP and non-GAAP basis was $61 million or 9.3% of sales compared to $59 million or 9.2% of sales in Q2 2024. Slightly higher year-over-year R&D was primarily due to project-related spending.

根據 GAAP 和非 GAAP 計算，第二季研發費用為 6,100 萬美元，佔銷售額的 9.3%，而 2024 年第二季研發費用為 5,900 萬美元，佔銷售額的 9.2%。研發費用較去年同期略有增加主要歸因於專案相關支出。

Q2 operating income was $77 million or 11.8% of sales compared to $101 million or 15.9% of sales in Q2 of 2024. On a non-GAAP basis, second quarter operating margin was 13.6% compared to 16.7% in Q2 of 2024, reflecting the lower gross margin.

第二季營業收入為 7,700 萬美元，佔銷售額的 11.8%，而 2024 年第二季為 1.01 億美元，佔銷售額的 15.9%。以非公認會計準則計算，第二季營業利潤率為 13.6%，而 2024 年第二季為 16.7%，反映出毛利率較低。

The change in fair market value of equity security holdings, primarily related to the ownership of Sartorius AG shares, contributed $250 million to our reported net income of $318 million or $11.67 per diluted share. Non-GAAP net income, which excludes the impact of the change in equity value of the Sartorius shares, was $71 million or $2.61 diluted earnings per share for the second quarter of 2025.

股權證券持有量的公平市價變化（主要與 Sartorius AG 股份所有權有關）為我們報告的 3.18 億美元淨收入或每股 11.67 美元貢獻了 2.5 億美元。2025 年第二季度，非 GAAP 淨收入（不包括 Sartorius 股票權益價值變動的影響）為 7,100 萬美元，即每股攤薄收益 2.61 美元。

Moving on to cash flow. For the second quarter of 2025, net cash generated from operating activities was $117 million, compared to $98 million for Q2 of 2024. Net capital expenditures for the second quarter of 2025 were $46 million, and depreciation and amortization for the second quarter was $41 million.

繼續討論現金流。2025 年第二季度，經營活動產生的淨現金為 1.17 億美元，而 2024 年第二季為 9,800 萬美元。2025年第二季淨資本支出為4,600萬美元，第二季折舊和攤提為4,100萬美元。

Regarding free cash flow, we were pleased with the generation of $71 million, which compares to $55 million in Q2 of 2024. For the first six months of 2025, we generated free cash flow of $166 million, resulting in a year-to-date free cash flow to non-GAAP net income conversion ratio of 117%. We continue to target full-year free cash flow of approximately $310 million to $330 million for 2025.

關於自由現金流，我們對 7,100 萬美元的產生感到滿意，而 2024 年第二季為 5,500 萬美元。2025 年前六個月，我們產生了 1.66 億美元的自由現金流，導致年初至今的自由現金流與非 GAAP 淨收入轉換率為 117%。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 June, we purchased an additional 170,860 shares of our stock for a total cost of $40 million, or an average purchase price of approximately $233 per share, on top of the $99 million share repurchase we called out for April. In aggregate, we bought back 593,508 shares during the second quarter for a total cost of $139 million, or an average price of approximately $234 per share. We will continue to be opportunistic with our buyback program and still have $337 million available for share repurchases under the current board-authorized program.

6 月份，我們額外回購了 170,860 股股票，總成本為 4,000 萬美元，平均購買價格約為每股 233 美元，而 4 月份我們已回購了 9,900 萬美元的股票。總體而言，我們在第二季回購了 593,508 股股票，總成本為 1.39 億美元，平均價格約為每股 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 3.37 億美元可用於股票回購。

Moving on to the non-GAAP guidance for 2025. We are raising our 2025 full-year guide to reflect the Q2 results, the close of the Stilla acquisition, the evolving state of academic and biotech research funding, and the impact of changes in the macro economy, including tariffs.

繼續討論 2025 年非 GAAP 指導。我們正在上調 2025 年全年指引，以反映第二季度的業績、Stilla 收購的完成、學術和生物技術研究資金的不斷變化的狀況，以及包括關稅在內的宏觀經濟變化的影響。

Overall, we now expect total currency-neutral revenue to be in the range of flat to 1% growth, with the midpoint approximately 25 basis points higher than our previous guidance. With respect to our Life Science business, we see consumable demand from academic customers more durable than our prior expectations, in addition to an improved outlook for our process chromatography business that I called out earlier.

總體而言，我們現在預計總貨幣中性收入將在持平至成長 1% 的範圍內，中間值比我們先前的預期高出約 25 個基點。就我們的生命科學業務而言，我們發現學術客戶對消耗品的需求比我們先前的預期更加強勁，此外，我之前提到的工藝色譜業務前景也有所改善。

With the recent close of the Stilla acquisition, we now expect revenue for our ddPCR portfolio to increase mid-single digits in 2025 versus low single digit previously. We continue to see a slow biotech recovery and soft demand for instruments.

隨著最近完成對 Stilla 的收購，我們現在預計 ddPCR 產品組合的營收將在 2025 年實現中等個位數成長，而先前的成長率僅為低個位數。我們繼續看到生物技術復甦緩慢，儀器需求疲軟。

In aggregate, we now expect our Life Science business to increase in the range of flat to 1% for the full year versus flat to down 3% previously. For our Diagnostics business, we are further tightening our range to approximately growth of 0.5% to 1.5% for 2025 versus 0.5% to 2.5% previously. This represents a 50 basis point reduction at the midpoint and primarily reflects continued market softness.

總體而言，我們現在預計生命科學業務全年成長率將在持平至 1% 之間，而先前的預期是持平至下降 3%。對於我們的診斷業務，我們將進一步縮小範圍，到 2025 年增長率約為 0.5% 至 1.5%，而之前為 0.5% 至 2.5%。這意味著中間價減少了 50 個基點，主要反映了市場持續疲軟。

Reflecting the easing of trade tensions with China and delays in implementing tariffs in other regions, we now expect a reduced headwind of approximately 30 to 40 basis points to operating margin. The remaining tariff headwinds are primarily related to supplier cost and EU-manufactured products that are imported to the US.

考慮到與中國的貿易緊張局勢的緩和以及其他地區實施關稅的延遲，我們目前預計營業利潤率的阻力將減少約 30 至 40 個基點。剩餘的關稅阻力主要與供應商成本和進口到美國的歐盟製造的產品有關。

Factoring in the reduced tariff headwind, the updated full-year non-GAAP gross margin is projected to be between 53.5% and 54.5% versus 53% and 54.5% previously. Full-year non-GAAP operating margin is now projected to be between 12% and 13% versus 10% and 12% previously, reflecting our updated gross margin outlook along with proactive cost actions we take in advantage in the business. We continue to anticipate incurring an IPR&D expense in the third quarter as previously disclosed.

考慮到關稅降低的影響，更新後的全年非公認會計準則毛利率預計在 53.5% 至 54.5% 之間，而之前為 53% 至 54.5%。目前預計全年非 GAAP 營業利潤率將在 12% 至 13% 之間，而先前預計為 10% 至 12%，這反映了我們更新後的毛利率前景以及我們在業務中採取的主動成本行動。我們繼續預計第三季將產生知識產權與開發費用，正如先前披露的那樣。

Due to a further weakening of the U.S. dollar, we now expect currency exchange to be approximately at a 100 basis point tailwind to 2025 revenue, with a 10 basis point positive impact on operating income. Notwithstanding our updated outlook for 2025, there are still many moving pieces, which we continue to monitor closely.

由於美元進一步走弱，我們現在預期貨幣匯率將對 2025 年的收入產生約 100 個基點的順風影響，對營業收入產生 10 個基點的正面影響。儘管我們對 2025 年的展望已更新，但仍有許多變化因素，我們將繼續密切關注。

Finally, we had previously mentioned having an Investor Day this November. However, after careful consideration of the continued market volatility and the global geopolitical status, we've decided to move our Investor Day to the spring of 2026. We will provide more detail on a specific date in early 2026. I'll now turn the call over to Norman for his remarks.

最後，我們之前提到今年 11 月將舉辦投資者日。然而，經過仔細考慮持續的市場波動和全球地緣政治狀況後，我們決定將投資者日移至 2026 年春季。我們將在 2026 年初的某個具體日期提供更多詳細資訊。現在我將把電話轉給諾曼，請他發言。

Thanks, Roop. I think, as we all know, the second quarter remained tumultuous. But it does seem we're all getting used to it for what it's worth. I think in any case, it's good to see our customers adapting to the current situation and figuring out how to navigate. And it's nice to see some positive signals relating to NIH funding for 2026.

謝謝，Roop。我認為，眾所周知，第二季依然動盪。但看起來我們都已經習慣它的價值了。我認為無論如何，看到我們的客戶適應當前情況並找到應對方法都是件好事。很高興看到與 2026 年 NIH 資助相關的一些積極信號。

We discussed tariffs. Obviously, it's still evolving. The US government policies are a work in process. But I think to the credit and determination of Bio-Rad employees around the world.

我們討論了關稅。顯然，它仍在不斷發展。美國政府的政策仍在製定中。但我認為這要歸功於 Bio-Rad 全球員工的功績和決心。

As a company, we remain resilient and continue to advance our business on many fronts. Probably good to take a moment here to welcome the Stilla employees to Bio-Rad. I've had the chance to interact with some of them in the last few weeks, and I think they are a great addition to Bio-Rad.

作為一家公司，我們保持韌性並繼續在許多方面推進我們的業務。也許我們應該在這裡花點時間歡迎 Stilla 員工加入 Bio-Rad。在過去的幾周里，我有機會與其中一些人進行交流，我認為他們對 Bio-Rad 來說是一個很好的補充。

As John mentioned, Mike Crowley, who has been leading our global commercial operations is retiring after a long and distinguished career at Bio-Rad. Mike has been an important part of Bio-Rad's success over the years. Just to call out. Thank you, Mike, for all your contributions.

正如約翰所提到的，一直領導我們全球商業運營的邁克克勞利在 Bio-Rad 長期傑出的職業生涯後即將退休。多年來，Mike 一直是 Bio-Rad 成功的重要組成部分。只是呼喊一下。謝謝邁克的所有貢獻。

So I think that concludes our prepared remarks. Gail, I think we'll now open it up to take questions.

我想我們的準備好的演講到此結束。蓋爾，我想我們現在可以開始回答問題了。

(Operator Instructions) Patrick Donnelly, Citi.

（操作員指示）花旗銀行的 Patrick Donnelly。

Hey guys, thank you for taking the questions. Maybe first just on the process chrom side. Nice to see those results this quarter. I think you hinted at maybe a little bit of pull forward. Can you just talk about, I guess, what you saw in the quarter? What sense you have? For how much of that was pulled forward? What's sustainable?

嘿夥計們，感謝你們回答問題。也許首先只是在製程鉻方面。很高興看到本季的這些成果。我認為你可能暗示了一點點向前拉。您能否談談本季您看到的情況？你有什麼感覺？其中有多少是提前的？什麼是可持續的？

Just want to talk through, given what's going on with tariffs and everything, it felt like maybe there was a little bit of an impact there. So it would be helpful if you could just talk through that and the expectations for the remainder of the year on that piece.

只是想談談，考慮到關稅和其他方面的情況，感覺可能會有一點影響。因此，如果您能談談這個問題以及對今年剩餘時間的期望，那將會很有幫助。

Yeah, of course. So first of all, I'll start out with maybe for the full year, we actually raised kind of the previous guide on process chrom from high single digits to low double digits. So I think that maybe answers your question on sustainability. We think it is sustainable.

是的，當然。首先，我首先要說的是，對於全年而言，我們實際上將先前的製程鍍鉻指導從高個位數提高到了低兩位數。所以我認為這也許回答了你關於永續性的問題。我們認為這是可持續的。

Yes, we've had both in Q1 and Q2, a little bit of movement between quarters because these are customer conversations where they want to pull it forward for their own purposes. I can't necessarily say it's because of tariff related. We -- that's not necessarily the driver, but just in terms of their production time frames and these sort of things.

是的，我們在第一季和第二季都有所動作，因為這些是客戶對話，他們希望提前用於自己的目的。我不能肯定地說這是與關稅有關。我們——這不一定是驅動因素，而只是就他們的生產時間表和諸如此類的事情而言。

So we were more than happy to help support it. And as I said earlier, I think we see that as continuing to sustain through the rest of the year and expect it to be still good for us.

因此我們非常樂意提供協助和支持。正如我之前所說，我認為這種情況將在今年剩餘時間內持續下去，並預計這對我們仍然有利。

Okay. Understood. And then in the guidance, I just wanted to clean up. I know Stilla is now in the guidance. Can you just fill back what contribution that is?

好的。明白了。然後在指導中，我只是想清理一下。我知道 Stilla 現在正在指導中。您能補充一下那是什麼貢獻嗎？

Did the organic number move? I just want to make sure I understand where the raise came from, what's organic, what's Stilla, if you could just help us out there, it would be appreciated.

有機數量有變化嗎？我只是想確保我明白加薪的來源，什麼是有機的，什麼是 Stilla，如果你能幫助我們，我們將不勝感激。

Yeah. So we've got a few differences. So Stilla is now in the guide. As we had indicated, once we closed the transaction, which we did as of June 30. So that's in there.

是的。所以我們存在一些差異。因此 Stilla 現在位於指南中。正如我們所指出的，一旦我們完成交易，我們就會在 6 月 30 日完成交易。這就是它。

So when we take the guide up included in there is the ddPCR growth rate moving up to that mid-single digits that we talked about, that movement is solely Stilla specific. Case continuum, we already had in our original guide coming into the year because we expected it to be released in 2025, although we didn't specifically give dates, as you know.

因此，當我們採用其中所包含的指南時，ddPCR 成長率將上升到我們討論過的中等個位數，這種變化完全是 Stilla 獨有的。案例連續體，我們已經在年初的原始指南中提到了它，因為我們預計它會在 2025 年發布，儘管如你所知，我們沒有具體給出日期。

So that piece is in there and that contributes to ddPCR growth rate increase, which obviously then takes our range up overall to that 0% to 1% versus the previous wider range that we had, including the -- down to the minus 3%.

因此，這部分就在那裡，並有助於 ddPCR 成長率的提高，這顯然會將我們的範圍整體提高到 0% 到 1%，而之前的範圍更廣，包括 - 下降到 -3%。

And so maybe just to summarize, right? So there's process chrom, which we just talked about in terms of increased growth opportunity the ddPCR, including Stilla. And then the third piece is consumables, which have continued to be more durable, which we commented on during the script.

所以也許只是總結一下，對吧？因此，我們剛才談到了製程染色，即增加 ddPCR 的成長機會，包括 Stilla。第三部分是消耗品，其耐用性不斷提高，這一點我們在腳本編寫過程中已經提到過。

Yeah. That's helpful. And then maybe last 1 just on the margins. Obviously, a lot of moving pieces there with some of the tariff moves, can you just talk about, again, the delta, the bridge from the old guy to the new? What are the moving pieces? What's tariffs, what's not, would be helpful.

是的。這很有幫助。然後也許最後一個就在邊緣。顯然，一些關稅變動引起了很多變動，您能否再談一談三角洲，即從舊關稅到新關稅的橋樑？有哪些活動部件？什麼是關稅，什麼不是關稅，將會很有幫助。

Yeah, of course. So the biggest piece, tariffs have come down significantly. So that's a big piece, right? If you remember in the prior calls, we didn't get it, we could see up to 130 points of headwind on tariffs at the bottom line. We now think that that's 30 to 40 bps of headwind on the op margin related to tariffs.

是的，當然。最大的部分是關稅大幅下降。所以這是很大一塊，對吧？如果您還記得之前的電話會議，我們並沒有聽到，我們可能會看到底線關稅面臨高達 130 點的阻力。我們現在認為，這將對與關稅相關的營業利潤率造成 30 至 40 個基點的不利影響。

So significant change there. So if you think about the op margin change from 10% to 12% previously to now the 12% to 13%, you can see about 100 bps of that is related tariffs. The rest of it is related to, one, expecting to see because of Stilla and other things, some better absorption from the manufacturing standpoint. And then, of course, the mix continuing to be stable for us and positive, if you will, because of the consumable pull-through. So those are the different pieces there.

那裡發生瞭如此重大的變化。因此，如果您考慮營業利潤率從先前的 10% 到 12% 變化到現在的 12% 到 13%，您會發現其中約有 100 個基點與關稅有關。其餘部分與以下方面有關：第一，由於 Stilla 和其他因素，我們期望從製造的角度看到更好的吸收效果。然後，當然，由於消耗品的拉動，我們的組合繼續保持穩定和積極，如果你願意的話。這些就是不同的部分。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Thank you very much. My first question is on the diagnostics market in China. I could use a bit of help understanding how all the headlines relate to or don't relate to Bio-Rad over there and why?

非常感謝。我的第一個問題是關於中國的診斷市場。我需要一些幫助來理解所有的標題與 Bio-Rad 有何關聯或不關聯，以及原因是什麼？

Yeah. Maybe I can start. John, jump in, Norman jump in. So there's -- I guess there's three pieces if you think about right now, I mean, China still overall is soft. So I'll start with that. So maybe that's the four pieces.

是的。也許我可以開始。約翰，跳進來，諾曼，跳進來。所以——我想如果你現在想想的話，有三個方面，我的意思是，中國整體上仍然疲軟。所以我將從那裡開始。所以也許這就是四個部分。

So that's number one, China is continuing to be soft. With that said, I think in terms of some of the elements that John mentioned, I think, in his part of the script, VBP, we've not seen any impact of VBP, and we continue to not see impact from VBP. So that's not something we've seen.

所以，第一，中國經濟持續疲軟。話雖如此，我認為就約翰提到的一些元素而言，我認為在他的腳本部分 VBP 中，我們還沒有看到 VBP 的任何影響，而且我們仍然沒有看到 VBP 的影響。所以這不是我們所見過的。

You mentioned DRG. That's something we actually saw earlier in the year. And Dan, if you remember, we actually indicated that we took our numbers down after the -- during the Q1 call for the rest of the year because of some softness in diagnostics.

您提到了 DRG。這是我們在今年早些時候實際看到的情況。丹，如果你還記得的話，我們實際上曾表示，由於診斷方面的一些不足，我們在第一季電話會議之後下調了今年剩餘時間的業績數字。

Part of that was some of this China DRG piece that was in there. So we'd already contemplated that. And we haven't seen any significant change or change from what we've commented on back then. The final piece is around the reimbursement rate changes. I mean it's something our teams continue to monitor, as John said. But we haven't seen any news that we've got further reimbursement rate changes that could negatively impact.

其中一部分是有關中國 DRG 的部分。所以我們已經考慮過這一點了。與我們當時評論的相比，我們並沒有看到任何重大的變化或改變。最後一部分是關於報銷率的變化。我的意思是，正如約翰所說，這是我們的團隊持續監控的事情。但我們還沒有看到任何消息顯示我們的報銷率有進一步的變化，可能會產生負面影響。

Yes, exactly, Roop. And I think -- Dan, this is Jon DiVincenzo. Essentially, it reflects our mix versus maybe some other suppliers -- specialty diagnostics supplier, a large part of our portfolio are quality controls, which are not necessarily affected by reimbursement. And then the other areas that we called out, yes, we were affected by the diabetes reimbursement, but other areas, especially the areas are not really targeted this time by those policies.

是的，確實如此，Roop。我認為——丹，這是喬恩·迪文森佐。本質上，它反映了我們的產品組合與其他一些供應商——專業診斷供應商——的比較，我們的產品組合很大一部分是品質控制，不一定受報銷的影響。然後，我們提到的其他地區，是的，我們受到了糖尿病報銷的影響，但其他地區，特別是這次政策真正沒有針對的地區。

So I just think it's where they've looked at the bigger spend, larger, maybe areas there. And it has not affected us, and we don't think that it's part of their view moving forward.

所以我只是認為他們考慮的是更大的支出，更大的領域。這並沒有影響到我們，我們也不認為這是他們未來觀點的一部分。

And John, on the panel testing, pressures over there. I know you supply panel tests through the BioPlex 2200, but from a mix perspective, is that just not a big part of your mix in China?

約翰正在那邊進行壓力測試。我知道您透過 BioPlex 2200 提供面板測試，但從混合角度來看，這是否只是您在中國的產品組合的重要組成部分？

Right, exactly. I think that's the explanation.

對，沒錯。我想這就是解釋。

And then for my follow-up question on the tariff environment. I appreciate that there is lesser operating margin headwind due to the rollbacks. I'm wondering -- I'm wondering more, how are you managing your business given all the uncertainty?

然後是關於關稅環境的後續問題。我很欣賞由於回滾而導致的營業利潤率逆風較小。我想知道——我更想知道，在所有這些不確定性的情況下，您如何管理您的業務？

Are there actual countermeasures you've put in place for a more severe tariff environment that you've had to roll back? Or are there things that are in flight, which remain in flight? If you could just talk through that process a little bit for me, that would help.

針對更嚴峻的關稅環境，您是否採取了實際的因應措施？或者是否存在正在飛行並繼續飛行的物體？如果您能為我稍微講一下這個過程，那將會很有幫助。

Yes. So we have taken a number of actions. Obviously, we've taken a fine, fine look at all of our different supply suppliers across various geographies. We have already started to move some of the way we move materials around the world where we make product. We have plans in place to even be more flexible in the future and adapt to what's the best source of those products.

是的。因此我們採取了一系列行動。顯然，我們對不同地區的所有供應商進行了仔細的審查。我們已經開始在世界各地轉移生產產品的材料。我們已製定計劃，以便將來能夠更靈活地適應這些產品的最佳來源。

So we've worked with suppliers. We worked with our own teams. We replicated in some areas, some manufacturing capabilities if it becomes necessary we didn't want to overdo it because of all the volatility still out there.

因此我們與供應商合作。我們與自己的團隊合作。我們在某些領域複製了一些製造能力，如果有必要，我們不想做得過火，因為仍然存在波動性。

But as things settle down now, we think we're in pretty good shape. But we know where the challenges are. We have some flexibility from our suppliers, and we have flexibility in our own plants to moved manufacturing around. So we feel like as much as we could be, we have some adaptability there and some resilience.

但現在情況已經穩定下來，我們認為情況已經相當好了。但我們知道挑戰在哪裡。我們的供應商給予我們一定的彈性，我們自己的工廠也可以靈活地轉移生產。因此，我們感覺我們盡可能地具有一定的適應性和韌性。

Thank you very much.

非常感謝。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

Hi, good afternoon. We, if we look at the second half, how should we think about revenue margin phasing between third and fourth quarter. And did the second half organic guy actually come down if we exclude the Stilla contribution?

嗨，下午好。如果我們看一下下半年，我們應該如何看待第三季和第四季之間的營收利潤率階段。如果我們排除 Stilla 的貢獻，後半部有機分子真的會下降嗎？

No, it did not organically. I mean we've got some headwind in the diagnostics side, but life sciences continue to inclusive of Stilla helping support kind of that overall increase, if you will. In terms of the profiling, I think Q3 is going to look similar to Q2 from a top line perspective. And then, of course, we've got the fourth quarter with seasonal increase that we expect to see overall.

不，它不是有機的。我的意思是，我們在診斷方面遇到了一些阻力，但生命科學領域包括 Stilla 將繼續幫助支持這種整體成長，如果你願意的話。從分析角度來看，我認為從頂線角度來看，第三季將與第二季類似。當然，我們預計第四季總體將出現季節性成長。

So we may see a little bit of strength in Q3 over Q2, but not much. But then we've got Q4 stepping up kind of reasonably although probably not as much as what we saw before. I think some of that's moved around a little bit into, whether it's Q3 into Q2, et cetera, from an overall profiling standpoint.

因此，我們可能會看到第三季的表現比第二季略有增強，但幅度不會太大。但是，第四季的成長速度已經比較合理，儘管可能沒有之前那麼多。我認為從整體分析的角度來看，其中一些已經發生了一些變化，無論是從第三季到第二季等等。

From a margin standpoint, what you're going to end up seeing is Q3 margins being somewhere in the similar range of Q2 and then in Q4 because we do have part of it's the mix with higher quality systems and some of the ddPCR flow through Q4 margins and then the improved absorption to be better than Q3 and Q2 from an overall standpoint to land within kind of that midpoint of the range of what we provided the 53.5% to 54%.

從利潤率的角度來看，您最終會看到第三季度的利潤率與第二季度的利潤率處於相似的範圍內，然後在第四季度，因為我們確實有一部分是混合了更高質量的系統，並且一些 ddPCR 流經第四季度的利潤率，然後吸收率的提高比第三季度和第二季度更好，從整體角度來看，落在我們提供的 53.5% 範圍內。

And we've spent quite a bit of time with our commercial teams and customers to look at that ramp that we have in the fourth quarter. Fourth quarter is a significant increase over the previous there. But it's a little bit of timing. And it's kind of year-over-year, we see a number of areas of our business have larger orders and we have both high confidence in the orders coming through as well as all of our supply teams to be able to deliver that product during the quarter. So pretty good confidence level in the fourth quarter number as well even Iia

我們花了相當多的時間與我們的商業團隊和客戶一起研究我們在第四季度的成長情況。第四季較前一季有明顯成長。但時間上有點問題。與去年同期相比，我們發現我們業務的許多領域的訂單量都有所增加，我們對收到的訂單以及我們所有的供應團隊能夠在本季度交付該產品充滿信心。因此，第四季的數據信心水準也相當不錯，甚至 Iia

Okay. That's helpful. And then on ddPCR, could you comment on how instruments performed in the quarter? And then secondly, it's nice to see continuum finally coming to market. I think you mentioned that it was already baked into the guidance.

好的。這很有幫助。然後關於 ddPCR，您能評論一下本季儀器的表現嗎？其次，很高興看到 Continuum 終於進入市場。我想您提到它已經融入指導中了。

Do you think there's any pent-up demand in the market for that system? And how are you kind of positioning out to the Stilla platforms?

您認為市場對該系統有潛在的需求嗎？您如何定位 Stilla 平台？

Yeah. So I recognize the team did a great job not only kind of getting to the finish line and closing the acquisition, but keeping that focus on continuum and having very robust quality data to be able to launch that into the marketplace. There's a lot of excitement about it.

是的。因此，我認識到團隊做得非常出色，不僅到達了終點線並完成了收購，而且保持了對連續性的關注，並擁有非常強大的品質數據，以便能夠將其推向市場。人們對此感到非常興奮。

I mean the Continuum platform was designed to replace QPCR, it's a 96-well plate standard format. And there's a lot of excitement about that, bringing more precision and sensitivity to those applications. So a lot of excitement there.

我的意思是 Continuum 平台被設計用來取代 QPCR，它是一種 96 孔板標準格式。這讓人非常興奮，因為它為這些應用帶來了更高的精度和靈敏度。那裡非常熱鬧。

So we're kind of on track to what we had kind of forecasted going into the year. On the QX700 series, the team's already rebranded them, positioned them. We're moving -- we have hundreds of thousands of assays that have been developed over the last decade or so. We're moving those on to continuum and to the QX700.

因此，我們的業績基本上符合我們對今年的預測。對於 QX700 系列，團隊已經對其進行了重新命名和定位。我們正在前進——過去十年左右我們已經開發了數十萬種檢測方法。我們正在將它們轉移到 Continuum 和 QX700。

So a week after we closed the deal, we had our sales team in Pleasanton, California being trained on them. And we continue that training globally, both in sales and service. So we're doing everything possible to drive share and expand overall the market for digital PCR. So a lot of excitement for both those products coming to the market on our assay content.

因此，在我們達成交易一周後，我們對位於加州普萊森頓的銷售團隊進行了培訓。我們在全球範圍內繼續進行銷售和服務方面的培訓。因此，我們正在盡一切努力來提高份額並擴大數位 PCR 的整體市場。因此，根據我們的分析，我們對這兩種即將上市的產品感到非常興奮。

Any color on just how instruments ddPCR or instruments performed in 2Q?

有沒有關於 ddPCR 儀器或儀器在第二季的表現的詳細資訊？

Yeah. They were -- I mean on a sequential basis, they were slightly better. But on a year-over-year basis, it was relatively weak overall.

是的。他們——我的意思是，從連續性來看，他們稍微好一點。但與去年同期相比，整體還是比較疲軟的。

Still very soft, particularly in the academic market where people are not sure of their budgets overall. So we see softness across the Board in men on just digital PCR, but all the other instruments as well.

仍然非常疲軟，特別是在學術市場，人們總體上不確定他們的預算。因此，我們看到男性不僅在數位 PCR 上表現疲軟，而且在所有其他儀器上也同樣如此。

And just a little bit of color to that. We had not factored in any kind of end of year budget flush. But potentially, there's some upside for us as we speak to customers on a kind of daily basis here potentially, there'll be a little more confidence in their budget, and there could be a little bit upside, but we have not factored into our forecast.

並且只添加一點點顏色。我們沒有考慮任何形式的年底預算激增。但潛在的是，當我們每天與客戶交談時，這可能會為我們帶來一些好處，他們對自己的預算可能會更有信心，而且可能會有一點好處，但我們還沒有將其計入我們的預測中。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Good afternoon. Hi everyone. First question, I wanted to ask about the process chrom strength in the quarter. How much of this is just small numbers and AV comps versus can you talk about what you're seeing in terms of order patterns with your customers and any recovery there?

午安.大家好。第一個問題，我想詢問一下本季的工藝鉻強度。其中有多少只是小數字和 AV 補償，您能否談談您所看到的客戶的訂單模式以及那裡的任何復甦？

Yeah. So I think we're getting back to a normal state where it's not a matter of customers being overstocked anymore. There will be some of that in some places, but I think it's more -- is more of an appropriate relationship between how they need product, when they need product, when they're ordering from us.

是的。所以我認為我們正在恢復正常狀態，不再有客戶庫存過剩的問題。在某些地方會有一些這樣的情況，但我認為更多的是——他們需要產品的方式、何時需要產品、何時向我們訂購之間的一種適當的關係。

So you're right, it's an easier comp. Last year was a soft year as we allowed our customers to adjust to kind of their inventory levels they wanted. And now we think it's more of a direct correlation between their demand and what they're ordering from us.

所以你是對的，這是一個更簡單的比較。去年是疲軟的一年，因為我們允許客戶調整到他們想要的庫存水準。現在我們認為他們的需求和他們向我們訂購的產品之間存在著直接的關聯。

And it's more similar to the volume that we saw in years past before kind of the volatility of supply chain challenges and overall, their own managing their inventory.

這與我們過去幾年看到的數量更為相似，之前出現了供應鏈挑戰的波動以及他們自己管理庫存的整體情況。

Okay. And then sticking with Life Sciences, you called out food safety as a growth driver. It's been a while since we talked about that product family. Anything to note there?

好的。然後，您堅持生命科學，並指出食品安全是成長動力。我們已經有一段時間沒有談論過該產品系列了。有什麼需要注意的嗎？

Our food safety business is an interesting one because we're essentially taking our products that are used in life science research and other developing specific content for the food applications. And that area continues to grow high single digit.

我們的食品安全業務很有趣，因為我們基本上將我們的產品用於生命科學研究和其他為食品應用開發的特定內容。並且該區域繼續以高個位數成長。

We have a very strong team focused on that. It's not a huge business for us, but it is an interesting kind of additional market applied market that do not have some of the challenges that we see today in Life Sciences are in biotech. So it's an area that we're looking to see what more could we do there in the next few years.

我們有一個非常強大的團隊專注於此。對我們來說這不是一個大生意，但它是一個有趣的附加市場應用市場，它不存在我們今天在生命科學領域看到的一些挑戰，而是在生物技術領域。因此，我們正在研究未來幾年內我們能在該領域做更多的事情。

Okay. And last one, I wanted to circle back on the US federally funded research customers. Just as you look at them as a customer class, can you talk about how the demand played out throughout the quarter on consumables and instruments? Was it stable? Did it strengthen or weaken at all? How are you feeling about that?

好的。最後，我想談談美國聯邦政府資助的研究客戶。正如您將他們視為一個客戶類別一樣，您能否談談整個季度對消耗品和儀器的需求如何？它穩定嗎？它到底是加強了還是減弱了？你對此有何感想？

Jack, it was stable throughout the quarter and improved from where it was in Q1, where I think there has been more paralysis, if you will. And that's part of what we're anticipating for the rest of the year to see that continuity from Q2 through the rest of the year.

傑克，整個季度情況都很穩定，並且比第一季有所改善，如果你願意的話，我認為第一季度的情況更加癱瘓。這也是我們對今年剩餘時間的預期之一，希望看到這種趨勢從第二季延續到今年剩餘時間。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

This is Matt on for Tycho. Roop to go back to process chrom just -- and I appreciate the disclosures in the deck you guys have this quarter. But it seems to suggest that on a dollar basis, process chrom was up like $15 million, $16 million year-over-year. Are you saying 20% of that is tied to pull forward, so maybe a few million was pulled forward?

這是 Matt 為 Tycho 所做的報道。Roop 只是回到流程 chrom — — 我很感謝你們本季在簡報中揭露的資訊。但這似乎表明，以美元計算，製程鉻的價值同比增長了 1500 萬美元至 1600 萬美元。您是說其中 20% 與提前提取有關，所以可能有幾百萬被提前提取了？

And then any more color you can provide on just the strong double-digit growth, just given the revenue base of that business in those disclosures, I mean, that would suggest that the strong double digits was something like 50%-plus in the quarter. So any more clarity you could just add in terms of the magnitude of the process chrome growth and the comp you had in 2Q?

然後，您能否提供更多關於強勁兩位數增長的信息，僅考慮到這些披露中該業務的收入基礎，這意味著強勁的兩位數增長在本季度達到了 50％ 以上。那麼，您能否就製程鉻成長的幅度以及第二季的比較情況進行更清晰的說明？

I appreciate all the numbers there. Listen, I think you're a little high on some of those numbers. So when we think about process chrom and where it landed for the quarter, obviously, we've got an easy comp from '24 standpoint. And as we talked about, we've got, I think, as Jon said, a more normalized environment. So that's been good.

我很感謝那裡的所有數字。聽著，我認為你對其中一些數字的估計有點高。因此，當我們考慮製程鉻及其在本季度的表現時，顯然，從 24 的角度來看，我們得到了一個簡單的比較。正如我們所討論的，我認為，正如喬恩所說，我們已經擁有了一個更正常化的環境。這很好。

On a sequential basis, we saw strength on process chrome as a result and obviously a very strong compare on a year-over-year basis. It's not quite 50% on a year-over-year. It's kind of maybe closer to half that or slightly above half of that sort of number, how you ought to think about it.

從連續性來看，我們看到鉻加工業務表現強勁，與去年同期相比，業績顯然也十分強勁。與去年同期相比，增幅不到 50%。它可能更接近這個數字的一半或略高於這個數字的一半，你應該這麼想。

Okay. That's helpful. And then just to go back to the new digital PCR launches, it sounds like you have the whole team out there right after it closed. Can you just talk about what you're doing on the commercial side to stimulate demand? Are you running any promotions for existing ddPCR customers?

好的。這很有幫助。然後回到新數位 PCR 發布的話題，聽起來好像在它結束後你們就讓整個團隊都去那裡了。您能談談您在商業方面採取了哪些措施來刺激需求嗎？您是否為現有 ddPCR 客戶推出任何促銷活動？

I understand it's a different part of the market? Or are you running any kind of targeted programs for high-end QPCR customers? Just talk about how you're kind of positioning the 700 series in the continuum going forward?

據我所知，這是市場的不同部分？或者您正在針對高端 QPCR 客戶運行任何類型的有針對性的程式？請談談您如何定位 700 系列在未來的發展中？

Yeah. And we will share more details at a webinar coming up here. But it's exactly the point is that this is not to replace our installed base it's really to expand the number of users for digital PCR. It is a very simple workflow at the right kind of price points to take share from QPCR.

是的。我們將在即將舉行的網路研討會上分享更多詳細資訊。但關鍵在於，這並不是為了取代我們已經安裝的基礎，而是為了擴大數位 PCR 的使用者數量。這是一個非常簡單的工作流程，價格合適，可以從 QPCR 中搶佔市場份額。

And also, as you said, on the high end, with the QX700 and our existing QX600 products. We continue to have the high sensitivity products in the market. And we see a number of applications where rather than next-gen sequencing, they can apply digital PCR for faster and solutions for them.

而且正如您所說，在高端領域，我們有 QX700 和現有的 QX600 產品。我們持續在市場上推出高靈敏度的產品。我們看到許多應用都可以採用數位 PCR 而不是下一代定序來獲得更快的解決方案。

So it's expansion of the marketplace primarily. Of course, there are some areas where it will hit kind of the center of the existing ddPCR market. But in general, it's to expand the number of users of digital PCR.

因此這主要是為了擴大市場。當然，在某些領域它會衝擊現有 ddPCR 市場的中心。但整體來說，是為了擴大數位PCR的使用者數量。

Maybe if I could just sneak one more in. OUS academic government, would just be curious kind of what demand trends look like both in Asia and Europe in 2Q and kind of how you're thinking about the funding and demand back up ex US for A&G for the rest of the year?

也許我可以再偷偷地進去一個。OUS 學術政府，我只是好奇第二季度亞洲和歐洲的需求趨勢如何，以及您如何看待今年剩餘時間內除美國以外 A&G 的資金和需求？

Yes. So maybe Roop give more details on it. But when we say academic, we're specifically talking about global academic where some countries in Europe have shifted budgets to defense or other areas. It's a zero-sum game in some areas, so they're slowing down some investments in academic.

是的。因此也許 Roop 會提供更多細節。但是當我們說學術時，我們具體指的是全球學術，歐洲一些國家已經將預算轉移到國防或其他領域。在某些領域，這是一場零和遊戲，因此他們正在放慢對學術方面的投資。

So it's not just a US phenomenon. It's a global phenomenon. I can't say I know exactly in China, if it's really seen that way or not, but certainly, US, and Europe are similar in pressures on academic funding.

所以這不只是美國的現象。這是一個全球現象。我不能說我確切地知道中國是否真的如此看待，但可以肯定的是，美國和歐洲在學術資金方面的壓力是相似的。

I think you spot on, Jon, just from an APAC standpoint, China is continuing to be soft. We're seeing some movement -- positive movement in Korea and Japan, which is great to see because they've been kind of jammed up for a bit of time now. But China is kind of in that softness category, if you will.

喬恩，我認為你說得對，僅從亞太地區的角度來看，中國經濟仍在持續疲軟。我們看到了韓國和日本的一些積極動向，這很好，因為他們現在已經陷入了困境一段時間了。但如果你願意的話，中國就屬於這種軟弱類別。

From an academic standpoint, just to reiterate what we said, our customers are focused on keeping their people keeping the research going. So I actually commend them for their ingenuity and making that happen. But it shows in our results for our assays and reagents that are continuing to be used.

從學術角度來看，我重申我們所說的話，我們的客戶專注於讓他們的員工繼續進行研究。所以我真的很讚揚他們的聰明才智並實現了這一目標。但它顯示在我們繼續使用的檢測和試劑的結果中。

You can see the research continuing even in uncertainty, they're moving science forward. And I think it's commendable that with all the disruptions and unknowns that they continue to do that, and we see that in our numbers.

您可以看到，即使在不確定的情況下，研究仍在繼續，他們正在推動科學進步。我認為，儘管存在各種混亂和未知因素，他們仍然堅持這樣做，這是值得稱讚的，我們從數據中也看到了這一點。

Conor McNamara, RBC.

康納·麥克納馬拉（RBC）。

This is David Carter for Conor. I just wanted to call to ask about, can you confirm if the organic number for Q3, which goes from like a negative 3% goes to about positive 5% in the fourth quarter?

我是康納的大衛卡特。我只是想打電話詢問一下，您能否確認第三季度的有機數字是否從-3％上升到第四季度的+5％左右？

That sounds about right, because you're looking at it from a total company standpoint, is that right?

這聽起來是對的，因為您是從整個公司的角度來看這個問題的，對嗎？

Yeah, that's correct.

是的，沒錯。

Yeah. So that's right in terms of how that progresses through the year.

是的。就全年的進展而言，這是正確的。

And again, part of that is in the fourth quarter last year is when we first saw the reimbursement changes in China. So that's annualized at that point in time. So that's kind of not necessarily because all of a sudden there's a better market dynamic. It's more of a comp to it.

再次強調，部分原因是去年第四季我們首次看到中國的報銷變化。所以這是當時的年化數據。所以不一定是因為突然出現了更好的市場動態。它更像是一種補充。

And just to follow up on.

只是為了跟進。

And just to follow up on the continuum. How has the response been for the lower throughput, customers screening that was one aspect of the portfolio. There is a gap for that for the GDPR. How is the uptake from that portion of customers?

只是為了跟進這一連續過程。對於較低的吞吐量，客戶篩選的反應如何，這是投資組合的一個面向。GDPR 在這方面有差距。這部分顧客的接受程度如何？

Yeah. I think it's too early to give you actual results, but actually, the flexibility on the continuum where you can have 1 sample or 96 samples is cost-effective and it also meets those customers more episodic when they're actually using the platform.

是的。我認為現在給出實際結果還為時過早，但實際上，連續體上的靈活性（您可以擁有 1 個樣本或 96 個樣本）是具有成本效益的，並且當客戶實際使用該平台時，它也能更偶然地滿足他們的需求。

So that's one of the advantages that we're touting to the product. But probably a little too early to tell that there's direct customer user feedback yet. Give us a month or so.

這就是我們所宣傳的產品優勢之一。但目前判斷是否有直接的客戶用戶回饋可能還為時過早。給我們一個月左右的時間。

Still early rounds. No problem. Thanks.

仍處於早期階段。沒問題。謝謝。

Thank you, everyone, and that concludes our Q&A session for today. I will now turn the call back over to Mr. Edward Chung for the closing remarks. Please go ahead.

謝謝大家，今天的問答環節到此結束。現在我將把電話轉回給 Edward Chung 先生，請他作結束語。請繼續。

Thank you for joining today's call. As previously discussed, we are planning to host a webinar on Droplet Digital PCR and our updated portfolio on August 26 at 1 PM Eastern Time 10 AM Pacific. We will post registration information on the Investor Relations section of biorad.com shortly.

感謝您參加今天的電話會議。如前所述，我們計劃於 8 月 26 日美國東部時間下午 1 點、太平洋時間上午 10 點舉辦有關液滴數位 PCR 和我們更新的產品組合的網路研討會。我們很快就會在 biorad.com 的投資者關係部分發布註冊資訊。

As for upcoming investor conferences this fall, we'll be participating at the Wells Fargo Healthcare Conference in Boston and the Morgan Stanley Global Healthcare Conference in New York. Our CEO, Norman Schwartz, will also be participating on an industry panel at the Nephron Healthcare Summit in Napa. As always, we appreciate your interest, and we look forward to connecting soon.

至於今年秋天即將舉行的投資者會議，我們將參加在波士頓舉行的富國銀行醫療保健會議和在紐約舉行的摩根士丹利全球醫療保健會議。我們的執行長諾曼施瓦茨 (Norman Schwartz) 也將參加在納帕舉行的 Nephron 醫療保健高峰會的行業小組討論。像往常一樣，我們感謝您的關注，並期待盡快與您聯繫。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect. Have a nice day ahead, everyone.

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。祝大家有個愉快的一天。