Bionano Genomics Inc (BNGO) 2025 Q1 法說會逐字稿

Good day and welcome to the Bionano first-quarter 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to David Holmes from Investor Relations. Please go ahead.

大家好，歡迎參加 Bionano 2025 年第一季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給投資者關係部的戴維·霍姆斯 (David Holmes)。請繼續。

Thank you, Lisa, and good afternoon, everyone. Welcome to Bionano's first-quarter 2025 financial results conference call. Leading the call today is Dr. Erik Holmlin, CEO and Principal Financial Officer of Bionano; and he is joined by Mark Adamchak, Bionano's Vice President of Accounting and Principal Accounting Officer.

謝謝你，麗莎，大家午安。歡迎參加 Bionano 2025 年第一季財務業績電話會議。今天主持電話會議的是 Bionano 執行長兼財務長 Erik Holmlin 博士；Bionano 會計副總裁兼首席會計長 Mark Adamchak 也出席了會議。

After market closed today, Bionano issued a press release accounting its financial results for the first quarter 2025. A copy of the release can be found on the Investor Relations page of the company's website.

今天收盤後，Bionano 發布了一份新聞稿，公佈了 2025 年第一季的財務業績。新聞稿的副本可在公司網站的投資者關係頁面上找到。

Certain statements made during this conference call may be forward-looking statements, including statements about Bionano's revenue outlook, profitability, cash runway, cost savings initiatives, and commercialization and product plans. Such statements are based on current expectations, and there can be no assurances that the results contemplated in these statements will be realized.

本次電話會議中所做的某些陳述可能是前瞻性陳述，包括有關 Bionano 的收入前景、盈利能力、現金流量、成本節約計劃以及商業化和產品計劃的陳述。此類聲明基於當前預期，無法保證這些聲明中預期的結果將會實現。

Actual results may differ materially from such statements due to several factors and risks, some of which are identified in Bionano's press release and Bionano's reports filed with the SEC. These forward-looking statements are based on information available to Bionano today, May 14, 2025, and the company assumes no obligation to update statements as circumstances change.

由於多種因素和風險，實際結果可能與此類聲明有重大差異，其中一些因素和風險已在 Bionano 的新聞稿和 Bionano 向美國證券交易委員會提交的報告中列明。這些前瞻性陳述是基於 Bionano 今天（2025 年 5 月 14 日）掌握的信息，本公司不承擔隨著情況變化更新陳述的義務。

In addition to supplement Bionano's financial results in accordance with the US generally accepted accounting principles or GAAP, the company reports certain non-GAAP financial measures. A description of these non-GAAP financial measures, as well as reconciliation to the nearest GAAP financial measures, are included at the end of the company's earnings release issued earlier today, which has been posted on the Investor Relations page of the company's website.

除了根據美國公認會計準則或 GAAP 補充 Bionano 的財務表現外，該公司還報告了某些非 GAAP 財務指標。這些非 GAAP 財務指標的描述以及與最接近的 GAAP 財務指標的調整都包含在公司今天早些時候發布的收益報告末尾，該報告已發佈在公司網站的投資者關係頁面上。

These non-GAAP financial measures are not meant to be considered in isolation or as a substitute to comparable GAAP measures. It should be read in conjunction in the company's consolidated financial statements prepared in accordance with GAAP, have no standardized meaning prescribed by GAAP, and are not prepared under any comprehensive set of accounting rules or principles.

這些非 GAAP 財務指標不應被單獨考慮或作為可比較 GAAP 指標的替代。它應與公司按照 GAAP 編制的合併財務報表一起閱讀，沒有 GAAP 規定的標準化含義，並且不是根據任何全面的會計規則或原則編制的。

An audio recording and webcast replay for today's conference call will also be available online on the company's Investor Relations page.

今天電話會議的錄音和網路直播重播也將在公司的投資者關係頁面上線上提供。

With that, I'll turn the call over to Erik.

說完這些，我會把電話轉給艾瑞克。

Thank you, David, and good afternoon, everyone. I'm pleased to provide you all with an update on this first quarter of 2025.

謝謝你，大衛，大家下午好。我很高興向大家提供 2025 年第一季的最新情況。

I'd like to start off by reiterating the strategic shift we implemented in September of 2024, going away from heavy spending on customer acquisition associated with new instrument placements and toward a focus concentrated on those customers who use our OGM products and via software routinely in cytogenomics. We still expect to see growth of the installed base, but our investments in capital sales and new installations have been scaled back to focus on users with the potential to be routine users of our products.

首先，我想重申我們在 2024 年 9 月實施的策略轉變，即不再花費大量資金用於新儀器的投放以獲取客戶，而是將重點放在那些使用我們的 OGM 產品和透過軟體定期進行細胞基因組學研究的客戶身上。我們仍然預期安裝基數會有所成長，但我們在資本銷售和新安裝方面的投資已經縮減，以專注於有可能成為我們產品常規用戶的用戶。

We believe this group of users are the ones who will drive most of our profit and growth while we await improvements in the equity capital markets and clarity in the global trade situation.

我們相信，在我們等待股票資本市場改善和全球貿易情況明朗的同時，這群用戶將推動我們的大部分利潤和成長。

This strategy has four pillars: support and sustain the install base of routine OGM and via software users; drive utilization through adoption of via software across OGM users and facilitate menu expansion; build support needed for OGM reimbursement and inclusion in medical society recommendations and guidelines; and for improved profitability and scalability with lower costs, higher volumes, and improvements in gross profit.

該策略有四大支柱：支持和維持常規 OGM 和 via 軟體用戶的安裝基礎；透過 OGM 用戶採用 via 軟體來推動利用率並促進菜單擴展；建立對 OGM 報銷和納入醫學協會建議和指南所需的支持；並通過降低成本、增加產量和提高毛利潤來提高盈利能力和可擴展性。

Let me now turn to the results for Q1 2025. We believe these results in Q1 reflect excellent progress. Total revenue for the first quarter of 2025 was $6.5 million, which is a decrease of 26% compared to the first quarter of 2024. Q1 2024 revenues included $1.4 million from discontinued clinical services compared to no revenue from such clinical services in Q1 2025.

現在讓我來談談 2025 年第一季的結果。我們相信第一季的這些結果體現了極好的進展。2025 年第一季總營收為 650 萬美元，與 2024 年第一季相比下降了 26%。2024 年第一季的收入包括來自已停止的臨床服務的收入 140 萬美元，而 2025 年第一季此類臨床服務沒有收入。

We sold 6,994 flowcells in the first quarter of 2025. Now keep in mind the flowcell is the unit consumable that applies to a single genome to be analyzed across all of our platforms. This quantity reflects a 15% decrease compared to the same period last year. However, if we exclude flowcells that were sold to new customers in each period the Q1 2025 flowcells sold were up 1% compared to the period a year before. And I will drill down into those numbers a little bit more later on in the call.

我們在 2025 年第一季售出了 6,994 個流通池。現在請記住，流動池是適用於在我們所有平台上進行分析的單一基因組的單位消耗品。與去年同期相比，這一數量下降了 15%。但是，如果我們排除每個時期銷售給新客戶的流通池，那麼 2025 年第一季銷售的流通池數量與去年同期相比增加了 1%。我稍後會在電話會議中進一步深入探討這些數字。

Now GAAP gross margin for the first quarter of 2025 was 46%, which was significantly higher than the 32% GAAP gross margin reported for the first quarter of 2024. Non-GAAP gross margin for the first quarter of 2025 was also 46%, and that can be compared to 34% for the first quarter of 2024.

現在，2025 年第一季的 GAAP 毛利率為 46%，明顯高於 2024 年第一季報告的 32% GAAP 毛利率。2025 年第一季的非 GAAP 毛利率也為 46%，而 2024 年第一季為 34%。

First-quarter 2025 GAAP operating expense was $11.4 million compared to $33.9 million in the first quarter of 2024. The year-over-year decrease was primarily driven by cost savings initiatives across the whole company. First quarter, 2025 non-GAAP operating expense was $8.5 million which can be compared to $24.4 million in the prior year. The installed base of OGM systems grew to 379, which is a 9% year-over-year increase and a net increase of 8 systems versus December 31, 2024 after 9 new installations in the quarter.

2025 年第一季 GAAP 營運費用為 1,140 萬美元，而 2024 年第一季為 3,390 萬美元。年比下降主要是由於整個公司的成本節約措施所致。2025 年第一季非 GAAP 營業費用為 850 萬美元，去年同期為 2,440 萬美元。OGM 系統的安裝基數成長至 379 個，較去年同期成長 9%，與 2024 年 12 月 31 日相比淨增加 8 個系統，本季新增了 9 個系統。

Cash, cash equivalent and available for sale securities as of March 31, 2025, were $29.2 million of which $11 million was subject to certain restrictions. We completed a $10 million registered direct offering in January of 2025 and raised net proceeds of $3.2 million through ATM sales through the first quarter of 2025 and quarter to date, Q2 net ATM proceeds were $1.3 million. We believe our cash runway extends into the first quarter of 2026.

截至 2025 年 3 月 31 日的現金、現金等價物及可供出售證券為 2,920 萬美元，其中 1,100 萬美元受到某些限制。我們於 2025 年 1 月完成了 1000 萬美元的註冊直接發行，並透過 ATM 銷售在 2025 年第一季和本季迄今籌集了 320 萬美元的淨收益，第二季 ATM 淨收益為 130 萬美元。我們相信我們的現金流可以延續到 2026 年第一季。

This first quarter of 2025 is the first full quarter of execution with our new cost structure, and we believe the year-over-year comparisons should be useful in determining whether our hypothesis is accurate. The hypothesis is that there is a committed group of routine users who use our consumables and software at higher rates than average across all of our customers and therefore focused on their success as a critical mass group of users can help us as we seek to drive toward profitable growth.

2025 年第一季是我們採用新成本結構的第一個完整季度，我們相信同比比較應該有助於確定我們的假設是否準確。我們的假設是，有一群忠實的常規用戶，他們使用我們的耗材和軟體的頻率高於所有客戶的平均水平，因此我們關注他們的成功，因為一個臨界數量的用戶群可以幫助我們實現盈利增長。

When we look at just two metrics, revenues and the number of flowcells sold, we can see support for this hypothesis. First, for revenue, the $8.8 million in revenues in the first quarter of 2024 included $1.4 million in revenues from discontinued clinical services and it also included $1.6 million of instrument sales revenues. The revenues from OGM and software sales to customers that were in place as of December 31, 2023, was $5.8 million.

當我們只看兩個指標，即收入和銷售的流通池數量時，我們就可以看到對這個假設的支持。首先，就收入而言，2024 年第一季的 880 萬美元收入包括 140 萬美元的已停止臨床服務收入，還包括 160 萬美元的儀器銷售收入。截至 2023 年 12 月 31 日，向客戶銷售 OGM 和軟體的收入為 580 萬美元。

Conducting the same analysis for the $6.5 million in Q1 2025 revenues which had none of the discontinued clinical services but did have $700,000 in instrument sales, we see that the installed base of customers generated the same $5.8 million in revenues in Q1 2025.

對 2025 年第一季的 650 萬美元收入進行同樣的分析，其中沒有任何已停止的臨床服務，但有 70 萬美元的儀器銷售額，我們發現已安裝的客戶群在 2025 年第一季度產生了相同的 580 萬美元收入。

When we look then at flowcells sold, we can make a year-over=year comparison by removing the flowcells sold to any new customers in the first quarter of 2024 and the same thing in Q1 2025. Now doing so reveals that flowcells sold to this existing customer group increased on an apples-to-apples basis by 1%.

當我們查看流通池的銷售量時，我們可以透過移除 2024 年第一季銷售給新客戶的流通池以及 2025 年第一季銷售給新客戶的流通池來進行同比比較。現在這樣做表明，銷售給這個現有客戶群的流通池在同類基礎上增加了 1%。

So flat revenues and 1% volume increase in sales of consumables are not necessarily our long-term objective for these super users, but we do expect them to increase volume and utilization going forward, and we want to keep in mind that Bionano, during this period of 2024, was undergoing rather disruptive organizational change, which was a challenge for us inside the company, but also a challenge for our customers as they sought to find the right cadence for working with us. We view stability on a year-over-year basis as a great outcome.

因此，對於這些超級用戶來說，收入持平和消耗品銷售額增長 1% 不一定是我們長期的目標，但我們確實希望他們能夠在未來增加銷量和利用率，而且我們要記住，在 2024 年這段時間裡，Bionano 正在經歷相當顛覆性的組織變革，這對我們公司內部來說是一個挑戰，對我們的客戶來說也是一個節奏，因為他們試圖找到正確的節奏，對我們的客戶來說也是一個節奏正確的節奏。我們認為同比保持穩定是一個很好的結果。

And we feel it reflects the fact that we have gotten through much of the heavy disruption associated with this strategic shift, and we are now ready to support customers who want to run more OGM and via software.

我們認為這反映了我們已經度過了與這一戰略轉變相關的大部分嚴重中斷，現在我們已準備好為想要運行更多 OGM 和通過軟體的客戶提供支援。

Now among the strategic pillars, we have a focus on supporting the routine use customers through training and menu expansion as well as helping build the support needed for reimbursement. The best tools for these activities are generated by our customers themselves, and those tools are publications.

現在，在策略支柱中，我們專注於透過培訓和菜單擴展來支援常規使用客戶，以及幫助建立報銷所需的支援。這些活動的最佳工具是由我們的客戶自己產生的，這些工具就是出版物。

The first quarter of 2025 had 95 publications, second only to the 99 publications in the first quarter of 2024, but reflecting a strong start to 2025. In 2025, this first quarter of 2025, we also had 978 clinical research genomes published, bringing the total to over 9,100, which is remarkable progress when you consider that there were only 500 published clinical research genomes as of 12-31-2020.

2025 年第一季有 95 份出版物，僅次於 2024 年第一季的 99 份出版物，但反映出 2025 年開局強勁。2025 年，也就是 2025 年第一季度，我們也發表了 978 個臨床研究基因組，總數超過 9,100 個，考慮到截至 2020 年 12 月 31 日只有 500 個已發表的臨床研究基因組，這是一個顯著的進步。

All the publications that appeared this quarter were outstanding, but four of them stood out in particular. A large international group of experts from what is called the International Consortium of OGM for OGM published the first recommendations for integration of OGM into the standard of care in hematologic malignancies, both as a first-line analysis in some hematologic malignancy subtypes and as an alternative to karyotyping fish and chromosomal microarray analysis in others.

本季出版的所有出版物都很出色，但其中四本尤其引人注目。來自國際 OGM 聯盟的大型國際專家小組首次發布了將 OGM 整合到血液系統惡性腫瘤治療標準中的建議，既可以作為某些血液系統惡性腫瘤亞型的一線分析，也可以作為其他亞型的魚類核型分析和染色體微陣列分析的替代方案。

Second, a leading team in France at the CHU Lille published their method for analysis of multiple myeloma, a commonly difficult subtype to analyze by traditional methods. The innovation they published allows for the sample input requirement for multiple myeloma to be reduced by a factor of 2, which we believe can open the door for other users to expand their menu of OGM research applications to now readily include multiple myeloma.

其次，法國裡爾天主教大學的一個領先團隊發表了他們對多發性骨髓瘤的分析方法，多發性骨髓瘤是一種通常難以透過傳統方法進行分析的亞型。他們發表的創新技術可以將多發性骨髓瘤的樣本輸入要求減少 2 倍，我們相信這可以為其他用戶打開大門，使他們能夠擴展 OGM 研究應用菜單，現在可以輕鬆包括多發性骨髓瘤。

Third, an OGM routine user in the Netherlands. Radboud University Medical Center published a study showing OGM's performance for analysis of repetitive segments of the genome for use with repeat expansion disorder research, which is a large body of study and potential in constitutional genetic diseases.

第三位是荷蘭的一位OGM常規用戶。拉德堡德大學醫學中心發表了一項研究，展示了OGM在分析基因組重複片段方面的性能，可用於重複擴增障礙研究，這是一項大型研究，在體質性遺傳疾病方面具有潛力。

And then lastly, very recently, the University of Texas MD and MD Anderson Cancer Center published the largest OGM study, 519 hematologic malignancy cases in which they evaluated the clinical utility of optical genome mapping showing that in 15% of these cases, optical genome mapping detected critically important Tier 1 one variants that were missed by standard cytogenomics. Now these Tier 1 variants are those with direct diagnostic, prognostic, and therapeutic significance.

最後，最近，德州大學醫學博士和 MD 安德森癌症中心發表了最大的 OGM 研究，其中涉及 519 例血液系統惡性腫瘤病例，他們評估了光學基因組圖譜的臨床實用性，結果顯示，在其中 15% 的病例中，光學基因組圖譜檢測到了標準細胞基因組學遺漏的至關重要的一級變異。現在這些 1 級變異是具有直接診斷、預後和治療意義的變異。

And overall, in 58% of the cases, OGM detected at least one Tier 1, Tier 2, or Tier 3 variant that were not picked up by the standard cytogenetic methods, meaning that optical genome mapping has the potential to add tremendously to cytogenetic analysis of hematologic malignancy research.

總體而言，在 58% 的病例中，OGM 檢測到至少一種標準細胞遺傳學方法無法發現的 1 級、2 級或 3 級變異，這意味著光學基因組圖譜有可能極大地促進血液系統惡性腫瘤研究的細胞遺傳學分析。

Finally, for the quarter, reducing cash burn by lowering expenses and increasing gross margin remains a cornerstone of our strategic shift. Operating expense on a GAAP basis is down 66% year over year and down 65% on a non-GAAP basis year over year. This is driven by a variety of cost reduction initiatives across the whole company, including a rather substantial impact to headcount.

最後，就本季而言，透過降低費用和提高毛利率來減少現金消耗仍然是我們策略轉變的基石。以 GAAP 計算的營業費用年減 66%，以非 GAAP 計算的營業費用年減 65%。這是由整個公司的各種成本削減舉措推動的，包括對員工人數的相當大的影響。

Perhaps the most striking amongst these cash burn initiatives is the improvement that we are seeing in gross margin, which was 46% for both GAAP and non-GAAP in the first quarter of 2025 versus 32% on a GAAP basis and 34% on a non-GAAP basis in the first quarter of 2024. This margin expansion has been the result of significant work internally to reduce costs, but also in working with suppliers to reduce input costs and improve yields, and this has been going on going back for at least the previous nine quarters now.

在這些現金消耗舉措中，最引人注目的可能是我們看到毛利率的提高，2025 年第一季的毛利率（按 GAAP 和非 GAAP 計算）均為 46%，而 2024 年第一季度的毛利率（按 GAAP 計算）為 32%，非 GAAP 計算為 34%。利潤率的提高不僅是公司內部大力降低成本的結果，也是與供應商合作降低投入成本、提高產量的結果，這種情況至少在過去九季一直持續。

To wrap up, I would like to provide our outlook on the second quarter and the remainder of 2025. With our strategic pillars as the underpinning of our streamlined business focus, we expect full year revenues to be in the range of $26 million to $30 million, which is an update compared to our previous views on March 31 during our Q4 2024 call, and it simply reflects the turbulence we have seen this quarter related to the global trade and uncertainty there.

最後，我想提供我們對第二季和 2025 年剩餘時間的展望。以我們的策略支柱作為精簡業務重點的基礎，我們預計全年收入將在 2600 萬美元至 3000 萬美元之間，這與我們在 3 月 31 日 2024 年第四季度電話會議上的先前觀點相比有所更新，它只是反映了我們本季度看到的與全球貿易和不確定性相關的動盪。

Q2 revenues are expected to be in the range of $6.3 million to $6.8 million and with nine new OGM system installations in the first quarter, we are reiterating our expectation to install 15 to 20 new OGM systems over the course of the full year 2025, and we expect those to be primarily at routine use sites.

預計第二季收入將在 630 萬美元至 680 萬美元之間，並且第一季安裝了 9 個新的 OGM 系統，我們重申我們的預期，即在 2025 年全年安裝 15 至 20 個新的 OGM 系統，我們預計這些系統將主要用於常規使用站點。

And so with that, operator, please go ahead and open the line for questions.

那麼，接線員，請繼續打開熱線來回答問題。

(Operator Instructions) Sung Ji Nam, Scotiabank.

（操作員指示）豐業銀行 Sung Ji Nam。

Hi, thanks for taking the questions. Maybe starting out with the MD Anderson study that was published, it's really exciting to see that. I was wondering, is MD Anderson a big customer currently? It's not -- could this be an impetus for that institution to broadly adopt OGM going forward?

你好，謝謝你回答這個問題。也許從發表的 MD Anderson 研究開始，看到這一點真的令人興奮。我想知道，MD Anderson 目前是一個大客戶嗎？不是——這是否會成為該機構未來廣泛採用 OGM 的動力？

Well, so they are an existing user, and I think it's a really good story of how these sites progress over time and we've been working with them for quite some time, but they started out using the product in some basic research studies and began to see the value in OGM, published a really groundbreaking paper in August of 2020 -- 2022, we're just verifying there in August of 2022 which showed that OGM compared to the standard of care would give really outstanding prognostic scores and showed that the standard of care was wrong in something like 17% or 21% of cases.

嗯，他們是現有用戶，我認為這是一個很好的故事，講述了這些站點如何隨著時間的推移而進步，我們已經與他們合作了很長一段時間，但他們開始在一些基礎研究中使用該產品，並開始看到 OGM 的價值，並在 2020 年 8 月至 2022 年 8 月發表了一篇真正具有開創性的論文，我們只是在驗證會給予非常出色的預後評分，並表明在 17% 或 21% 的病例中，標準治療是錯誤的。

And that was such an exciting paper and got so much attention at MD Anderson that the cytogenetics group that provides services for the oncologists there began getting interested in OGM and they have developed a validated workflow that they offer to oncologists there. And what we're told anecdotally is that on every new leukemia case at MD Anderson Cancer Center is mapped and that oncologists at MD Anderson Cancer Center are reluctant to manage their patients without the OGM results. It's that impactful there.

這是一篇令人興奮的論文，在 MD 安德森癌症中心引起了廣泛關注，以至於為那裡的腫瘤學家提供服務的細胞遺傳學小組開始對 OGM 產生興趣，並且他們開發了一種經過驗證的工作流程，提供給那裡的腫瘤學家。而我們聽說，MD 安德森癌症中心的每一個新的白血病病例都被繪製成地圖，而 MD 安德森癌症中心的腫瘤學家不願意在沒有 OGM 結果的情況下管理他們的患者。它在那裡影響巨大。

So their publication is amazing and I think it shows the progress that they've made. Some of the authors on those papers are influential and involved with groups like NCCN and so we believe that those kinds of data can be key to inclusion of OGM into medical society guidelines, and it provides an example for labs all around the country and indeed the world how to use OGM and we believe that we don't need to go through that basic research study now but folks can just adopt and validate these workflows that MD Anderson already has running.

所以他們的出版物令人驚嘆，我認為這表明了他們所取得的進步。這些論文的一些作者很有影響力並且參與了 NCCN 等組織，因此我們相信這些數據對於將 OGM 納入醫學協會指南至關重要，它為全國乃至全世界的實驗室提供瞭如何使用 OGM 的範例，我們相信我們現在不需要進行那項基礎研究，人們只需採用和驗證 MD Anderson 已經在運行的這些工作流程即可。

Got it, that's super helpful. And then just in terms of your gross margins, it's also great to see continuous improvement there. So is the mid kind of 40% range, do you think is that sustainable for the remainder of the year? Or could you also see some potential further upside to those numbers?

明白了，這非常有幫助。就毛利率而言，我們也很高興看到其持續改善。那麼，您認為 40% 的中間值在今年剩餘時間內能夠持續嗎？或者您還看到了這些數字進一步上漲的潛在空間？

I think we'll probably hang out in this general vicinity for the remainder of the year. Overall, we do expect it to continue to rise, but it'll take some time for the cost structure to have another significant shift before that happens, but we believe what we're seeing now is stable.

我想我們可能會在今年餘下的時間裡在這個附近閒逛。總體而言，我們確實預計它會繼續上漲，但在此之前成本結構需要一段時間才能再次發生重大轉變，但我們相信我們現在看到的是穩定的。

Got it. And then lastly, you mentioned kind of the global trade situation currently, would you be able to provide a bit more color in terms of your kind of the manufacturing footprint exposure or supply chain? And are there kind of countermeasures that you're implementing going forward or is that just pretty much manageable just given you're very much focused on commercial strategy currently?

知道了。最後，您提到了當前的全球貿易狀況，您能否就製造業足跡或供應鏈方面提供更多細節？您未來會採取什麼因應措施？或者，鑑於您目前非常注重商業策略，這些措施是否比較容易實施？

Yeah, a couple of things to comment on there, based on the inventory that we have in place from a cost structure to the inputs of our products, we have somewhat limited exposure for a while. We will need to begin sourcing some new materials in the future.

是的，有幾件事需要評論一下，根據我們現有的庫存，從成本結構到我們產品的投入，我們在一段時間內的曝光率有所限制。我們將來需要開始採購一些新材料。

A relatively small portion of them come from outside the United States and so we've got to be mindful of it. Some things that we do buy and need to continuously replenish do come from places outside the United States. But it seems like a manageable situation for now, we're not too overly concerned about input costs being impacted, it's something that we need to pay attention to.

其中只有一小部分來自美國以外，所以我們必須注意這一點。我們確實購買並需要不斷補充的一些東西確實來自美國以外的地方。但目前看來情況是可以控制的，我們並不太擔心投入成本會受到影響，這是我們需要關注的事情。

The issue I think that we have had to deal with because nearly half of our revenues are coming from outside the United States, is just the uncertainty that customers in those jurisdictions face with the import tariffs that they may have to experience. And so I really do believe that we have seen some deals slow down a little bit as a result of needing to pay attention to what's going on and so we added some conservatism into our full year guide to account for that.

我認為我們必須處理的問題是，由於我們近一半的收入來自美國以外，這些司法管轄區的客戶可能面臨的進口關稅的不確定性。因此，我確實相信，由於需要關注正在發生的事情，我們已經看到一些交易有所放緩，因此我們在全年指南中增加了一些保守性來解決這個問題。

With regard to this idea of managing the impacts of tariffs, what we see is that a lot of our input, the suppliers are working to kind of reconfigure where things are made and produced to optimize that situation. So it's under control, but it's something that we need to pay attention to and could have a negative impact down the road.

關於管理關稅影響的想法，我們看到的是，我們的許多投入，供應商正在努力重新配置產品的製造和生產地點，以優化這種情況。所以它是在控制之下的，但這是我們需要關注的事情，並且可能會在未來產生負面影響。

Sounds great. Thank you so much for taking the questions.

聽起來很棒。非常感謝您回答這些問題。

Mark Massaro, BTIG.

BTIG 的馬克馬薩羅。

Hey, guys, this is [Vivian] on for Mark. Thanks for taking the questions. So I believe you have the Category 1 CPT Code in hand for about five months now. I think this was intended to incentivize customers to get reimbursed for running applications. Just wondering how you've seen this play out as a tailwind thus far? Thanks.

嘿，大家好，我是 [Vivian]，為 Mark 報道。感謝您回答這些問題。所以我相信您已經掌握了第 1 類 CPT 代碼大約五個月了。我認為這是為了激勵客戶獲得運行應用程式的補償。只是想知道到目前為止您如何看待這順風效應？謝謝。

Yeah, thank you, Vivian. So a couple of things just to make sure that we vocalize the situation around the Category 1 CPT Code accurately. That was something that an OGM customer petitioned the AMA for and through that process, the AMA established the code and that process includes a pretty rigorous and deep interaction through the applicant, but with the field in representing current utilization characteristics and future plans.

是的，謝謝你，薇薇安。因此，有幾件事只是為了確保我們準確地表達有關第 1 類 CPT 代碼的情況。這是 OGM 客戶向 AMA 提出申請的，透過該流程，AMA 制定了代碼，該流程包括透過申請人進行相當嚴格和深入的互動，但與該領域代表了當前的利用特徵和未來計劃。

And so the AMA establishing that CPT code indicates that the optical genome mapping and hematologic malignancies is something that is well established and part of the routine. What we can say anecdotally ourselves is that really one of the number one questions that is asked when somebody is evaluating optical genome mapping is whether there is a CPT code for it.

因此，AMA 建立的 CPT 代碼表明光學基因組圖譜和血液系統惡性腫瘤已經充分確立並且是常規操作的一部分。我們自己可以據此得出一個有趣的結論：當有人評估光學基因組圖譜時，人們首先會問的一個問題就是它是否有一個 CPT 程式碼。

So it's obviously something that prospective customers have in mind and so we're able to cite the fact that the AMA has established this code and so we do believe that it is something that reduces barriers to adoption.

因此，這顯然是潛在客戶所考慮的事情，因此我們可以引用 AMA 已建立此代碼的事實，因此我們確實相信它可以降低採用的障礙。

Okay perfect, and then I know last quarter you disclosed some metrics around your routine user customer group that are driving the majority of consumables purchasing, and how are you expecting that rev per customer to take up? Just how are you seeing either of those two metrics trend here?

好的，太好了，然後我知道上個季度您披露了一些圍繞常規用戶客戶群的指標，這些指標推動了大部分消耗品的購買，您預計每位客戶的收入會如何增長？您如何看待這兩個指標的趨勢？

Yes, they're stable. So I think we talked about an estimate of 118 customers as of the end of the year falling into that group and that number is pretty stable, it's gone up a little bit. We have had some new installations going into these labs. It's a little bit of a subjective classification that we make, which is why I'm saying, relatively stable and gone up a little bit and not citing specific numbers. It's something that we need to pay attention to and see how that categorization in metric evolves over time.

是的，它們很穩定。所以我認為，我們談到了截至年底估計有 118 名客戶屬於這一群體，而且這個數字相當穩定，略有上升。我們在這些實驗室中安裝了一些新設備。我們所做的分類有點主觀，這就是為什麼我說相對穩定、略有上升，而不是引用具體數字。這是我們需要關注的事情，並觀察指標分類如何隨著時間的推移而演變。

But when we look at the -- for example, the sort of like same-store sales if you will, the year-over-year purchases of flowcells amongst that stable group amongst the entire user base, it's these routine users that are purchasing about 80 to -- 80, more than 80% of the total number of flowcells sold are sold into this routine use group.

但是，當我們查看同店銷售額時，如果可以查看整個用戶群中穩定用戶群的流通池逐年購買量，就會發現這些常規用戶購買了大約 80 到 80 個流通池，總流通池銷量的 80% 以上都賣給了這個常規使用群體。

So I feel like it's consistent with what we expect and if you dig a little bit deeper, you find that that utilization rate is about double the average and so I think we're continuing to see that pattern. And the question is, can we drive those numbers up in terms of the average utilization per purchaser? I think that'll take a little bit of time as our strategy is implemented, but we're starting out good there and we see consistent numbers.

所以我覺得這與我們的預期一致，如果你深入挖掘一下，你會發現利用率大約是平均水平的兩倍，所以我認為我們會繼續看到這種模式。問題是，我們能否提高每位購買者的平均使用率？我認為，隨著我們策略的實施，這需要一點時間，但我們的開局很好，並且看到了一致的數字。

Okay, got it. And if I could just squeeze in one more, just for your guide for instrument placements, it's understandably conservative, it just seems like you're not seeing that much attrition in your existing installed base, which I might have expected just given the focus on our utilization customers. Can you just talk about your assumptions for instrument placements for the rest of the year?

好的，明白了。如果我可以再擠進一個，只是為了指導您的儀器放置，這是可以理解的保守，只是看起來您沒有看到現有安裝基礎上的那麼多損耗，這是我可能已經預料到的，因為重點是我們的利用客戶。您能談談今年剩餘時間儀器佈置的假設嗎？

Yeah, I mean, I think it's based on a plan that we have of doing 5 or so new installs per quarter so that gets you the 15 to 20. Now we did 9 new installs here in this first quarter. Some of that is carryover from the fourth quarter, so a little bit of a momentum going into the year. I think for the remainder of the year if we're staying around this 5 level, that will be a good outcome. So those are the assumptions that are driving that.

是的，我的意思是，我認為這是基於我們每季進行 5 次左右新安裝的計劃，這樣就能達到 15 到 20 次。今年第一季我們在這裡完成了 9 個新安裝。其中一些是第四季度的延續，因此今年會有一定的成長動能。我認為，如果我們在今年剩餘時間內保持在這個 5 的水平，那將是一個好的結果。這些就是推動這現象的假設。

And we are seeing some attrition in the install base as we start to move away from basic research. Some labs that have been on short-term contracts, for example, are saying, okay, well if you're not supporting these applications, we'll wait until you support those applications. And so we are seeing some systems coming back and it's not alarming to us and we're not seeing it at all across our group of routine users, so there will be attrition, but we don't expect that attrition to have a meaningfully negative effect on consumables purchases.

當我們開始遠離基礎研究時，我們看到安裝基礎減少。例如，一些簽訂了短期合約的實驗室說，好吧，如果你們不支持這些應用程序，我們會等到你們支持這些應用程式。因此，我們看到一些系統正在恢復，這並不令我們感到擔憂，而且我們在整個常規用戶群中根本沒有看到這種情況，因此會出現人員流失，但我們預計這種流失不會對消耗品購買產生重大的負面影響。

Perfect. Thanks so much for taking the questions.

完美的。非常感謝您回答這些問題。

Jason McCarthy, Maxim Group.

傑森麥卡錫，馬克西姆集團。

Hi, this is Joanne Lee on the call for Jason McCarthy. Thanks for taking our question. Just one from us. Could you just talk a little bit about what steps you're taking to increase Saphyr utilization among existing routine users? Thank you.

大家好，我是 Joanne Lee，正在為 Jason McCarthy 打電話。感謝您回答我們的問題。我們只有一個。您能否簡單談談您正在採取哪些措施來提高現有常規用戶對 Saphyr 的使用率？謝謝。

It's a handful of interactions, but I would really say three things. Number one is working with those customers, especially the ones doing hematologic malignancy research to become -- to adopt our VIA software and become proficient in it. And the reason that we have this focus is that VIA software is armed with all sorts of artificial intelligence and other automated steps for reporting and annotation of samples.

這是一些互動，但我實際上想說三件事。首要的是與這些客戶合作，特別是那些從事血液系統惡性腫瘤研究的客戶，以採用我們的 VIA 軟體並熟練它。我們之所以關注這一點，是因為 VIA 軟體配備了各種人工智慧和其他自動化步驟，用於報告和註釋樣本。

This combination of AI and automation really speeds up the process of analyzing and reporting a sample. And so in our view, it increases the capacity of each system of each lab using optical genome mapping, whether it's the Saphyr system or the Stratys. Adoption of VIA, or not just adoption though, we need to work with them to become proficient, will increase their capacity and at least create the potential for them to utilize more.

人工智慧和自動化的結合確實加快了分析和報告樣本的過程。因此，我們認為，它增加了每個實驗室使用光學基因組圖譜的每個系統的容量，無論是 Saphyr 系統還是 Stratys。採用 VIA，或不僅僅是採用，我們需要與他們合作以變得熟練，這將提高他們的能力並至少為他們創造更多利用的潛力。

In addition to this VIA adoption and proficiency, we are eager to support labs in expanding their menus, so they may adopt for one particular indication in hematologic malignancies, let's say, acute myeloid leukemia or AML. Great, so they adopt for AML and that's what their principal use case is, but now there's been this publication around multiple myeloma. It's clear that they can adopt for other indications and in doing so, they expand their menu and start to run more samples.

除了採用和熟練 VIA 之外，我們還渴望支持實驗室擴展其菜單，以便他們可以針對血液系統惡性腫瘤的某一特定適應症採用 VIA，例如急性髓細胞白血病或 AML。很好，所以他們將其應用於 AML，這就是他們的主要用例，但現在已經有了有關多發性骨髓瘤的出版物。很明顯，他們可以將其用於其他適應症，這樣一來，他們就擴大了菜單並開始運行更多樣本。

We believe overall that these labs doing hematologic malignancy research have a lot more samples to run on the system and so it's really giving them the use cases to be doing that menu expansion. And then third is just overall proficiency with the workflow, optical genome mapping is a unique workflow. One of the reasons it is so complementary to next-generation sequencing just as an example is that it's completely different, the DNA isolation step is unique.

總體而言，我們相信這些進行血液系統惡性腫瘤研究的實驗室在系統上運行的樣本要多得多，因此這實際上為他們提供了進行菜單擴展的用例。第三是工作流程的整體熟練程度，光學基因組圖譜是一個獨特的工作流程。舉例來說，它與下一代定序如此互補的原因之一是它完全不同，DNA分離步驟是獨一無二的。

Uses different chemistry, different workflow, different steps, and enables the access to completely different information and that's why it's so incredibly useful but it is a unique process and so our team and really the largest organization in the company is the organization that is dedicated to supporting these customers and making them as proficient as they can be in the workflow.

使用不同的化學方法、不同的工作流程、不同的步驟，並能夠訪問完全不同的信息，這就是為什麼它如此有用，但這是一個獨特的過程，因此我們的團隊以及公司中最大的組織是致力於支持這些客戶並使他們盡可能熟練地掌握工作流程的組織。

So software proficiency to increase capacity, support around menu expansion, and then overall proficiency with the workflow to make sure that they can process the samples that that are in their lab. Those are the things that we believe will drive the expansion and utilization on a per customer basis.

因此，軟體熟練程度可以提高容量，支援菜單擴展，然後全面掌握工作流程，以確保他們能夠處理實驗室中的樣本。我們相信這些因素將推動每個客戶的擴張和使用率。

Got it. I appreciate all the insightss. Thanks so much.

知道了。我感謝所有的見解。非常感謝。

And there are no more questions in the queue. I would like to turn the call over to Erik for closing remarks. Please go ahead.

隊列中沒有其他問題了。我想將電話交給埃里克來做最後發言。請繼續。

Okay, well, thank you, Lisa. Thank you, everybody, for joining and we look forward to updating you on our second-quarter 2025 results in a few weeks. Thank you very much.

好的，謝謝你，麗莎。感謝大家的加入，我們期待在幾週後向您通報 2025 年第二季的業績。非常感謝。

Thank you for participating in today's conference call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連線。