Bionano Genomics Inc (BNGO) 2025 Q2 法說會逐字稿

Good day. Welcome to the Bionano second-quarter 2025 earnings conference call.

大家好！歡迎參加 Bionano 2025 年第二季財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Kelly Gura from Investor Relations.

現在，我想將會議交給投資者關係部的凱利·古拉 (Kelly Gura)。

Thank you. Good afternoon, everyone. Welcome to the Bionano second-quarter 2025 financial results conference call.

謝謝大家。大家下午好。歡迎參加Bionano 2025年第二季財務業績電話會議。

Leading the call today is Dr. Erik Holmlin, CEO and Principal Financial Officer of Bionano. He is joined by Mark Adamchak, Bionano's Vice President of Accounting and Principal Accounting Officer.

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 announcing its financial results for the second quarter of 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，宣布了 2025 年第二季的財務表現。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. 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, August 14, 2025. The company assumes no obligation to update statements as circumstances change.

本次電話會議中的某些陳述可能為前瞻性陳述。由於多種因素和風險，實際結果可能與此類陳述有重大差異，其中一些因素和風險已在 Bionano 的新聞稿和提交給美國證券交易委員會 (SEC) 的報告中列明。這些前瞻性陳述是基於 Bionano 截至 2025 年 8 月 14 日所掌握的資訊。本公司不承擔因情況變化而更新陳述的義務。

During our call, we may reference certain non-GAAP financial measures, which we believe provide useful information for investors. Reconciliation of these measures to GAAP can be found in our press release and slide deck.

在電話會議中，我們可能會提及某些非公認會計準則 (non-GAAP) 財務指標，我們認為這些指標能為投資者提供有用的信息。這些指標與公認會計準則 (GAAP) 的對照表可在我們的新聞稿和幻燈片中找到。

An audio recording and webcast replay for today's 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 will turn the call over to Erik.

說完這些，我會把電話轉給艾瑞克。

Thank you, Kelly. Good afternoon, everyone.

謝謝你，凱利。大家下午好。

The second quarter of 2025 was solid. Today, in addition to discussing our quarterly results, we want to highlight several signs that we believe indicate the strategic shift we implemented in September of 2024, moving our focus from heavy spending on customer acquisition associated with new instrument placements toward those customers who use our optical genome mapping or OGM products and our VIA software, routinely, in [cytogenetics] -- it's having a positive impact on our business.

2025年第二季業績穩健。今天，除了討論季度業績外，我們還想強調幾個跡象，我們認為這些跡象表明了我們在2024年9月實施的戰略轉變，即將我們的重點從與新儀器配置相關的大量客戶獲取支出轉移到那些在[細胞遺傳學]領域經常使用我們的光學基因組圖譜或OGM產品和VIA軟體的客戶——這對我們的業務產生了積極的影響。

I would like to start off by discussing the broader markets where our opportunities lie. In general, our focus is on bringing solutions to pathology, which is the broad field that investigates disease, including its causes, developments, and effects.

首先，我想談談我們的機會所在，以及更廣大的市場。總的來說，我們的重點是為病理學提供解決方案。病理學是一個廣泛的領域，研究疾病，包括其成因、發展和影響。

In fact, Bionano has become a digital pathology company. While there are many branches and subspecialties of pathology, our solutions concentrate primarily on cytogenetics and molecular pathology. But we can see an opportunity to expand into clinical and anatomic pathology, over time.

事實上，Bionano 已經成為數位病理學公司。雖然病理學有很多分支和亞專業，但我們的解決方案主要集中在細胞遺傳學和分子病理學。但隨著時間的推移，我們有望擴展到臨床和解剖病理學領域。

Clinically -- globally, these branches of pathology currently rely on multiple technology platforms to function. The mainstay in cytogenetics, for example, is karyotyping. It's the standard for first-line analysis in hematologic cancers in nearly every country around the world. It hasn't changed in the past 50 years. Other techniques such as FISH and microarrays are similarly antiquated and limited.

從臨床角度來看，在全球範圍內，這些病理學分支目前依賴多種技術平台來運作。例如，細胞遺傳學的核心技術是核型分析。它幾乎是全球所有國家血液系統癌症第一線分析的標準，在過去的50年從未改變。螢光原位雜交（FISH）和微陣列等其他技術同樣過時且有限。

Optical genome mapping consolidates these workflows and the fusion analysis from molecular pathology into one digital workflow.

光學基因組圖譜將這些工作流程和分子病理學的融合分析整合為一個數位工作流程。

Sequencing is also impacting pathology, with multiple workflows already adapted to sequencing. Techniques like single-cell spatial and protein analysis are showing promise for standardized sequencing read-out that may eventually reach clinical scale. It's possible to imagine a large consolidation across molecular, anatomic, and clinical pathology into sequencing as well.

定序也正在影響病理學，目前已有多種工作流程適用於定序。單細胞空間和蛋白質分析等技術有望實現標準化定序讀取，並最終達到臨床規模。可以想像，分子、解剖和臨床病理學也將大規模整合到定序中。

One critical component that will underpin this transformation and consolidation in the future is AI-driven software such as our VIA software. VIA streamlines the visualization interpretation, annotation, and reporting of variance in a format that is easy for clinical researchers to use. VIA is best-in-class for OGM analysis and widely accepted as a gold standard for CNV analysis for microarrays and sequencing. Some labs running long-read sequencing have shared their excitement about using VIA for their data analysis as well, which is particularly encouraging.

未來支撐這項轉型與整合的關鍵要素之一是人工智慧驅動的軟體，例如我們的VIA軟體。 VIA簡化了視覺化解讀、註釋和變異報告，使其格式更易於臨床研究人員使用。 VIA在OGM分析方面是同類最佳，並被廣泛接受為微陣列和定序CNV分析的黃金標準。一些運行長讀長定序的實驗室也表達了他們對使用VIA進行數據分析的興奮之情，這尤其令人鼓舞。

Our mission is to make our technology and workflows easy for customers to use. While we still have a lot of work to do, we have made tremendous progress and see substantial opportunity to advance this area of digital pathology, both now and in the future.

我們的使命是讓客戶輕鬆使用我們的技術和工作流程。雖然我們仍有許多工作要做，但我們已經取得了巨大的進步，並看到了在數位病理學領域，無論是現在還是未來，都存在著巨大的發展機會。

With that overview, I'd like to shift gears and talk about our current strategy where we are concentrated on driving utilization of our solution within a subset of our OGM and VIA user base. We call these users routine users. These customers tend to have an established flow of samples to run on our systems. We believe this group will drive most of our revenue and profit growth in the near term.

概述完畢，我想換個話題，談談我們目前的策略。我們專注於在OGM和VIA用戶群中，推動我們解決方案的使用率。我們稱這些用戶為常規用戶。這些客戶通常擁有固定的樣品流，可以在我們的系統上運作。我們相信，這部分客戶將在短期內推動我們大部分的營收和利潤成長。

Our strategy to address them has four pillars, which form the basis of how we execute. First, we support and sustain the installed base of routine OGM and VIA software users. Second, we drive utilization through adoption of VIA software across the routine OGM user base and facilitate their menu expansion. Third, we build support needed for optical genome mapping reimbursement and inclusion in medical society guidelines and recommendations. And fourth, we are focused on improving profitability and scalability with lowering costs and driving higher volumes.

我們的策略有四大支柱，構成了我們執行策略的基礎。首先，我們支援並維護常規OGM和VIA軟體用戶的現有用戶群。其次，我們透過在常規OGM用戶群中採用VIA軟體來提高使用率，並幫助他們擴展產品菜單。第三，我們為光學基因組圖譜報銷和納入醫學協會指南和建議提供必要的支援。第四，我們專注於透過降低成本和提高銷售量來提高獲利能力和可擴展性。

Now, taking a closer look at our results in the second quarter, where we have made excellent progress against this new strategy, total revenue for the second quarter was $6.7 million, a decrease of 13% when compared to the second quarter of 2024, which included $700,000 in revenues from discontinued services, which do not contribute to our second-quarter 2025 revenues. When adjusting for these discontinued clinical services, the revenue decrease was 5% year over year.

現在，仔細回顧我們第二季度的業績，我們在這項新策略的實施中取得了顯著進展。第二季總收入為670萬美元，較2024年第二季下降13%，其中包括70萬美元來自已停止服務的收入，這些服務不計入我們2025年第二季的收入。調整這些已停止的臨床服務後，收入年減5%。

Now, we sold 7,233 flow cells in the second quarter of 2025. This amount reflects a 17% increase compared to the same period last year. We're extremely pleased to see this double-digit growth in flow cell sales year over year. We believe it's a result -- a strong indicator -- for our efforts towards driving utilization within this routine use customer group.

2025年第二季度，我們售出了7,233個流動槽，年增17%。我們非常高興地看到流動槽銷量較去年同期成長兩位數。我們相信，這是我們努力提高這個常規客戶群使用率的成果，也是一個強而有力的指標。

Now, non-GAAP gross margin for the second quarter of 2025 was 52%, which is significantly higher than the 35% non-GAAP gross margin reported a year ago. Second-quarter 2025 non-GAAP operating expenses were $8.8 million compared to $18.8 million in the second quarter of 2024, which reflects a 53% reduction year over year.

2025年第二季的非公認會計準則毛利率為52%，遠高於去年同期報告的35%。 2025年第二季的非公認會計準則營運費用為880萬美元，而2024年第二季為1,880萬美元，年減53%。

We installed seven new optical genome mapping systems in the quarter and brought back eight for a net decrease of one in the installed base to 378 systems installed. That reflects an increase of 4% over the 363 systems installed, as of June 30, 2024. In the first half of 2025, through June 30, we have installed 16 new systems.

本季度，我們安裝了7套新的光學基因組圖譜系統，並恢復了8套系統，使安裝基數淨減少1套，降至378套。這比截至2024年6月30日的363套系統安裝量增加了4%。截至2025年6月30日，我們已安裝了16套新系統。

We ended the quarter with $27.4 million in cash, cash equivalents, and available-for-sale securities; of which, $11 million was subject to certain restrictions.

本季末，我們擁有 2,740 萬美元的現金、現金等價物和可供出售證券；其中 1,100 萬美元受到某些限制。

Now, the fundamental thesis of our current strategy is that we can support a committed group of routine users who repeatedly purchase and use our consumables and software at higher rates, overall. We're taking a closer look at two metrics: the number of flow cells sold and revenues for consumables and software, combined. We can see support for this idea.

現在，我們當前策略的核心是，我們能夠支援一群忠實的常規用戶，他們總體上會以更高的頻率重複購買和使用我們的耗材和軟體。我們正在仔細研究兩個指標：流通池的銷售數量以及耗材和軟體的總收入。我們可以看到對這一想法的支持。

Flow cells, as we reported, grew 17% in the quarter compared to last year. We can look deeper into that number by removing the number of flow cells sold to new customers in the second quarter of 2024 and 2025. In so doing, the number of flow cells sold to the remaining existing customers grew by 14%. So growth for flow cells sold to the existing customers in the first half of 2025 compared to the first half of 2024, overall, has grown by 7%.

正如我們之前報導的那樣，本季流通池的銷量與去年同期相比增長了17%。我們可以將2024年及2025年第二季售給新客戶的流通池數量剔除，以便更深入了解此數據。這樣一來，售給剩餘現有客戶的流通池數量增加了14%。因此，與2024年上半年相比，2025年上半年售給現有客戶的流通池整體成長了7%。

We believe these data suggest that existing customers are using the product and repurchasing it at higher volumes. We intend to continue our efforts to expand this growth.

我們認為這些數據顯示現有客戶正在使用該產品，且回購率有所提高。我們將繼續努力，進一步擴大這一成長。

For recurring routine use revenue, we looked at the combination of consumables and software sales, which grew 16% year over year in the second quarter of 2025 and 8% year over year for the first half of 2025. As a percentage of the total product mix, consumables and software revenue increased from 55% in the second quarter of 2024 to 73% in the second quarter of this year; and for 57% in the first half of 2024 to 77% in the first half of 2025. We believe this shift is driven by growth in utilization, as well as a reduction in new instrument sales, both of which are key elements to our strategy.

對於經常性日常使用收入，我們關注的是耗材和軟體銷售的組合，2025 年第二季度年增 16%，2025 年上半年年增 8%。佔總產品組合的百分比，耗材和軟體收入從 2024 年第二季的 55% 成長到今年第二季的 73%；從 2024 年上半年的 57% 成長到 2025 年上半年的 77%。我們認為，這種轉變是由利用率的成長以及新儀器銷售的減少所驅動，這兩者都是我們策略的關鍵要素。

Moving down the P&L, we are also focused on operating efficiently to reduce costs and improve our gross margins to make the business more profitable. We have made noticeable progress reducing our non-GAAP operating expenses, really, since the first half of 2023. In fact, we have taken out over $100 million of annual non-GAAP operating expense and materially reduced headcount over that period by more than 300 people since the second quarter of 2023.

降低損益表的利潤率，我們也專注於高效運營，以降低成本並提高毛利率，從而提升業務盈利能力。自2023年上半年以來，我們在降低非公認會計準則營運費用方面取得了顯著進展。事實上，自2023年第二季以來，我們已削減了超過1億美元的年度非公認會計準則營運費用，並在此期間大幅裁員300多人。

In the first half of this year, non-GAAP operating expense was roughly flat at $8.5 million for Q1 and $8.8 million for Q2, with Q2 representing a 53% year-over-year reduction.

今年上半年，非公認會計準則營業費用基本持平，第一季為 850 萬美元，第二季為 880 萬美元，其中第二季年減 53%。

Turning to non-GAAP gross margin, cost reductions, along with improvements to our product manufacturing costs, have enabled margin expansion from 23% back in the first quarter of 2023 steadily to 52% this quarter. It's the first time that we're reporting a margin in this range for this product mix.

談到非公認會計準則毛利率，成本削減以及產品製造成本的改善，使利潤率從2023年第一季的23%穩步提升至本季的52%。這是我們首次報告此類產品組合的利潤率達到這一水平。

We expect to see continued margin expansion, over time; but expect to remain around the current levels for the near term. Importantly, these improvements in cost and margin are strong indicators that we are improving our financial profile.

我們預計利潤率將隨著時間的推移而持續增長；但短期內預計將維持在當前水準附近。重要的是，成本和利潤率的改善有力地表明我們的財務狀況正在改善。

Turning now to a few key milestones in the quarter, which we believe are tied to our strategy and will enable our customers to more easily adopt and increase their use of OGM, we released an incredibly powerful update to our software suite and compute solutions with VIA 7.2, Solve 3.8.3, and updates to the software that enable our GPU-based Stratys compute platform. They have all been released in a first wave to select customers. We expect a broad commercial release later this year.

現在來看看本季的幾個關鍵里程碑，我們認為這些里程碑與我們的策略息息相關，並將使我們的客戶能夠更輕鬆地採用並擴大對OGM的使用。我們發布了功能強大的軟體套件和運算解決方案更新，包括VIA 7.2、Solve 3.8.3，以及支援我們基於GPU的Stratys計算平台的軟體更新。這些更新已首批面向特定客戶發布。我們預計今年稍後將發布廣泛的商業版本。

In fact, installations have begun. Amongst key features, VIA 7.2 now offers the same transformative AI-driven workflow users have adopted for hematologic malignancies to the workflow for analysis of constitutional genetic disorders, which we believe can be a game changer for analysis of these conditions. Solve updates: it expands its database substantially and improved the accuracy of structural (inaudible) detection; while updates to the Stratys compute are expected to double its capacity for weekly analysis of cancer samples. We are making the OGM workflow easier with these advancements.

事實上，安裝工作已經開始。 VIA 7.2 的主要功能包括，它現在將使用者在血液系統惡性腫瘤分析中採用的、基於人工智慧的革命性工作流程，應用於體質性遺傳疾病的分析工作流程，我們相信這將徹底改變此類疾病的分析方式。解決方案更新：它大幅擴展了資料庫，並提高了結構（聽不見）檢測的準確性；而 Stratys 計算的更新預計將使其每週癌症樣本分析能力翻倍。我們正在透過這些改進，簡化 OGM 工作流程。

Now, in building the support needed for OGM reimbursement, we believe a growing number of publications illustrating the utility of optical genome mapping in cytogenetics and the number of clinical research genomes published are positive leading indicators.

現在，在建立 OGM 報銷所需的支援時，我們相信越來越多的出版物展示了光學基因組圖譜在細胞遺傳學中的實用性，並且已發表的臨床研究基因組數量是積極的領先指標。

The second quarter of 2025 had the highest number of publications in any quarter in the history of optical genome mapping. The optical genome mapping community has now surpassed 10,000 published clinical research genomes, which is an incredible milestone. These publications provide the support for new customers to adopt, existing customers to expand applications, and for third parties to support OGM in reimbursement.

2025年第二季的出版數量創下了光學基因組圖譜歷史上的最高紀錄。光學基因組圖譜領域目前已發表的臨床研究基因組數量已超過10,000個，這是一個令人難以置信的里程碑。這些出版物為新客戶採用、現有客戶擴展應用以及第三方支援光學基因組圖譜（OGM）報銷提供了支援。

This June, in fact, the Editorial Board of the American Medical Association established a second Category 1 CPT code for OGM, this one for use of OGM in evaluation of constitutional genetic disorders, which is yet another incredible milestone for our community. We believe this CPT code may pave the way for even more routine use of optical genome mapping in cytogenetics as part of this digital pathology strategy.

事實上，今年6月，美國醫學會（American Medical Association，簡稱AMA）編輯委員會為OGM建立了第二個1類CPT代碼，用於評估體質性遺傳疾病，這對我們醫學界來說又是一個里程碑。我們相信，此CPT代碼可能為光學基因組圖譜在細胞遺傳學中更常規的應用鋪平道路，使其成為數位病理學策略的一部分。

To wrap up, I would like to provide our outlook for the remainder of the year. We are reiterating our full-year revenue guidance of $26 million to $30 million, we expect Q3 revenues to be in the range of $6.7 million to $7.2 million. Given the 16 new OGM systems installed already in the first half of the year, we are raising our expectations for new OGM installations in 2025 to be in the range of 20 to 25 compared to the prior range of 15 to 20.

最後，我想對今年剩餘時間的業績進行展望。我們重申全年營收預期 2,600 萬至 3,000 萬美元，並預計第三季營收將在 670 萬至 720 萬美元之間。鑑於上半年已安裝了 16 套新的 OGM 系統，我們將 2025 年新 OGM 安裝數量的預期從先前的 15 至 20 套上調至 20 至 25 套。

With that, [Didi], please go ahead and open the line for questions.

那麼，[Didi]，請繼續打開提問熱線。

(Operator Instructions)

（操作員指示）

Jason McCarthy, Maxim Group.

傑森麥卡錫，馬克西姆集團。

This is Michael Okunewitch, on the line for Jason. Congrats on the great progress.

我是麥可‧奧庫內維奇 (Michael Okunewitch)，接聽傑森的電話。祝賀你取得了巨大的進步。

I wanted to ask, with regards to VIA, how universal is the use of VIA software among the OGM users? Is it fairly one-to-one over there? Or are there some opportunities to expand VIA use among your existing OGM base?

我想問一下，關於VIA，VIA軟體在OGM用戶的使用情況如何？那裡的情況是一對一的嗎？或者說，在你們現有的OGM用戶群中，VIA的使用情況是否有可能擴展？

The answer is, when we look across the whole installed base of OGM systems, VIA is probably installed in less than maybe around a third of them. But when we look at our routine use customers, that adoption rate is much higher. There still remains the opportunity to drive that adoption. And so that is something that we see can enable us to expand utilization.

答案是，縱觀所有OGM系統的安裝基數，VIA的安裝率可能不到三分之一。但從日常使用客戶來看，VIA的採用率高很多。我們仍然有機會推動這種採用。因此，我們認為這可以提高我們的利用率。

Even amongst the sites that have adopted it, they haven't all put it into their own routine use. And so that's a big focus for us, from a training perspective. We think that these new updates are going to help by introducing this workflow for constitutional genetic disorders.

即使在已經採用該技術的機構中，也並非所有機構都將其納入日常工作中。因此，從培訓的角度來看，這是我們關注的重點。我們認為，這些新的更新將透過引入這種針對體質性遺傳疾病的工作流程來提供幫助。

So I think the answer is that adoption is plentiful amongst the customers that we're really focused on, right now, in this routine use regime but there remains a significant opportunity to install it at more sites and to increase the utilization amongst all of those sites.

因此，我認為答案是，在我們真正關注的客戶中，目前在這種常規使用系統下，採用率很高，但仍有很大機會在更多站點安裝它並提高所有這些站點的利用率。

Are you putting any effort towards marketing VIA in non-OGM users? You mentioned there are a couple of people out there using VIA for applications like long-read sequencing. Do those customers represent an opportunity for cross-selling to place OGM units without the high acquisition cost of going out and finding completely new users?

你們有在非OGM用戶中推廣VIA嗎？您提到有幾個人正在使用VIA進行長讀定序等應用。這些客戶是否代表著一個交叉銷售的機會，可以推廣OGM設備，而無需花費高昂的成本去尋找全新的用戶？

I think the answer is yes. Let me just be clear: in the quarter and over the course of the year, we do sell a substantial amount of software for non-OGM applications -- structural variation, detection, analysis, reporting off of NGS and microarrays. And so that's a significant portion of the business.

我認為答案是肯定的。讓我明確一點：在本季以及全年，我們確實銷售了大量非OGM應用的軟體——包括NGS和微陣列的結構變異、檢測、分析和報告。所以這佔了我們業務的很大一部分。

We do believe that those customers who are using VIA for non-OGM applications can expand their relationship with the company and become users. And so yes, maybe you could say it's a little bit of a Trojan horse.

我們確實相信，那些將威盛用於非OGM應用的客戶可以擴大與威盛的關係，並成為其用戶。所以，是的，也許你可以說它有點像特洛伊木馬。

There are some intricacies about how labs within the pathology universe are constructed and how samples flow. And so it's not a one-for-one, where you would expect to see direct adoption, but it certainly is an opportunity.

病理學領域的實驗室構造和樣本流動方式都有些複雜。因此，這並非一對一的，你無法指望直接採用，但這無疑是一個機會。

I think, really, VIA performs incredibly well for these applications. And so it's a way for the Bionano name to be present at institutions.

我認為 VIA 在這些應用上的表現確實非常出色。因此，這也是 Bionano 品牌在各大機構亮相的一種方式。

All right. And then, just one last one for me. I'll hop back into the queue.

好的。然後，我還有最後一個問題。我會回到隊列。

You did mention that the newest iteration of VIA does include an AI component. What role does AI play in the VIA software?

您之前提到 VIA 的最新版本確實包含 AI 元件。 AI 在 VIA 軟體中扮演什麼角色？

When you think about what happens in this workflow -- and I think you have probably worked on some of these projects -- when variants are identified, it's possible that they have been seen before and so, there are publications associated with them. Similarly, there may be other labs that are looking for variants of this type. And then, there are a variety of databases that exist that can score and categorize these variants and help researchers to determine ways in which they want to report these variants.

想想這個工作流程中發生的事情——我想你可能參與過一些這樣的計畫——當變異被識別出來時，它們可能以前就被發現過，因此有相關的出版物。同樣，也可能有其他實驗室正在尋找這種類型的變異。此外，市面上有各種各樣的資料庫可以對這些變異進行評分和分類，並幫助研究人員確定他們想要報告這些變異的方式。

And so this type of analysis of these databases is an example where the computational power that AI brings can accelerate and improve the results that are generated through this analysis.

因此，對這些資料庫的這種分析就是一個例子，其中人工智慧帶來的運算能力可以加速和改善透過這種分析產生的結果。

All right. Thank you for the insightful answers. Congrats on the great progress this quarter. .

好的。感謝您的精彩回答。恭喜您本季的巨大進步。

Yi Chen, H.C. Wainwright & Company.

陳毅，H.C. Wainwright & Company。

Your press release mentioned that you brought back eight systems during the quarter and placed, installed seven new systems. I assume the eight systems you brought back are users that are not routine users, correct?

您的新聞稿提到，您在本季恢復了八個系統，並安裝並安裝了七個新系統。我猜您恢復的這八個系統並非常規用戶，對嗎？

Yes. We have a reagent rental program. And so labs can bring a system on and test it out and evaluate it. In the cases of these examples, they went through their rental contract and at the end, decided that they were not going to move forward.

是的。我們有試劑租賃計劃。這樣實驗室就可以引進系統，進行測試和評估。在這些案例中，他們仔細審查了租賃合同，最終決定不再繼續合作。

I think that one common theme amongst the majority of the systems that are returned is that the initial application is much more of a research-oriented application. And so I think in the current environment where there are a lot of constraints around funding, I think that that may be one of the effects. But we shouldn't think of that as a reduction to the routine use customer pool.

我認為大多數被退回的系統都有一個共同點，那就是最初的應用更多是面向研究。因此，我認為在當前資金限制重重的環境下，這可能是其中一個影響。但我們不應將此視為常規使用客戶群的減少。

So the new systems you placed at the second quarter or the coming quarters, they have to go through the evaluation period, too; and at the end, they have to determine whether they want to keep the system or they want to return the system. Is that the right idea?

所以，你在第二季或接下來幾季安裝的新系統也必須經過評估期；最後，他們必須決定是保留還是退回。這樣對嗎？

Well, it depends a little bit on the way in which the customer contracts with the company. If they rent the instrument, which means they commit to consumables volume over time, a certain number of consumables purchased per year, they can have it for -- the minimum would be 1 year now, these deals that we're doing. There is the potential that they could return it after that year. But if they buy the system from us, then they own the system and it's theirs.

嗯，這在一定程度上取決於客戶與公司簽訂的合約方式。如果他們租用儀器，這意味著他們承諾在一段時間內購買一定數量的耗材，每年購買一定數量的耗材，他們可以使用——我們現在的最低使用期限是1年。他們有可能在1年後歸還。但如果他們從我們這裡購買系統，那麼他們就擁有了系統，它是他們的。

The question is whether they choose to utilize it, going forward, or not. We have a mixture of these rentals and purchases.

問題是他們以後會不會選擇利用它。我們既有租賃，也有購買。

Since we're doing fewer deals now, it's interesting. It's about 50%-50%, purchase versus rental. But it is true that somebody who rents the system does have the option to basically discontinue their rental at the end of the contract period, which I think is quite common in the industry.

由於我們現在的交易越來越少，所以這很有趣。購買和租賃的比例大概是各佔一半。不過，租賃系統的人確實可以選擇在合約結束時終止租賃，我認為這在業界很常見。

Got it. At this point, I don't know if you can provide a rough estimate as to the return rate among the new systems placed or attrition rate -- like, what percentage of new systems in place will eventually be returned?

明白了。目前，我不知道您是否可以粗略估計一下新安裝系統的退貨率或流失率——例如，有多少比例的新安裝系統最終會被退回？

Yeah. I think it's a very good question.

是的。我認為這是一個非常好的問題。

When we look at the new systems that are going in, it's a little bit premature to talk about the return rate amongst these current adopters because they really reflect this shift in strategy. And so we're not selling the system to a lab that's going to be doing speculative research.

當我們審視即將投入使用的新系統時，現在談論現有採用者的退貨率還為時過早，因為它們確實反映了策略的轉變。所以我們不會把系統賣給那些只會進行推測性研究的實驗室。

And so our expectation is that these systems are not coming back. I'm sure that it will happen, potentially. But it's a little bit premature for us to give a return rate amongst this segment of customers. It's not zero. We have taken some back? But it's very close to zero.

因此，我們預計這些系統不會再故障。我確信這種情況有可能發生。但現在就確定這部分顧客的退貨率還為時過早。退貨率不是零。我們回收了一些，但非常接近零。

I see. With respect to the second Category 1 CPT code from AMA, could you tell us how is it different from the first code? How is it going to facilitate the reimbursement, going forward?

我明白了。關於AMA的第二個1類CPT代碼，您能告訴我們它與第一個代碼有何不同嗎？以後它將如何方便報銷？

Yeah. It's an excellent question.

是的。這個問題問得非常好。

If you think about the digital pathology campaign that we are on to really consolidate cytogenetics onto optical genome mapping, within that effort, you've got two very distinct applications, analysis of samples for hematologic malignancies and analysis of samples for constitutional genetic disorders.

如果您想想我們正在進行的數位病理學活動，旨在將細胞遺傳學真正整合到光學基因組圖譜中，那麼在這項努力中，您將獲得兩個截然不同的應用，即血液系統惡性腫瘤樣本分析和體質遺傳疾病樣本分析。

The way that the CPT codes work is that even though the methodology itself is fairly similar, there are differences in the workflows such that it's appropriate to have different codes.

CPT 代碼的工作方式是，儘管方法本身非常相似，但工作流程存在差異，因此使用不同的代碼是合適的。

I think that there is a chance for there to be differences in pricing. We don't know what the constitutional genetic condition code will be priced at. We would expect to see the draft pricing probably sometime in September.

我認為定價可能會有差異。我們不知道體質遺傳疾病代碼的定價是多少。我們預計大概會在9月左右看到定價草案。

The hematologic malignancy code was priced at $1,263. We understand that some of our customers have petitioned CMS to increase that price. And so I think that while we would have liked for one code to exist from the very start, now that we've gone through the process, I think it's beneficial to have a code dedicated to each of these major applications because for the reason that somebody might be doing that analysis, it's fairly unique and different. It's a different body of literature that supports it; and, hopefully, let's just say, could potentially drive differences in pricing.

血液系統惡性腫瘤代碼的價格為1,263美元。我們了解到，有些客戶已經向CMS請願，要求提高價格。因此，我認為，雖然我們從一開始就希望使用同一個程式碼，但現在我們已經完成了整個流程，我認為為每種主要應用分別設定一個程式碼是有益的，因為考慮到可能有人會進行這類分析，每個應用都相當獨特且不同。支持該應用的文獻各不相同；而且，希望，這麼說吧，這可能會帶來定價差異。

So we'll want to pay attention to that in the next weeks.

因此我們將在接下來的幾週內關注這一點。

Mark Massaro, BTIG.

BTIG 的馬克馬薩羅。

Vidyun, on for Mark.

維迪雲替換馬克。

I think the instrument placing guidance assumes a slight [decline] in the back half. Should we just think of that as conservatism? I would think that there might be a slight budget flush dynamic in Q4. Just, how should we be thinking about that?

我認為工具配置指引假設下半年會出現輕微的[下降]。我們應該將其視為保守主義嗎？我認為第四季可能會出現輕微的預算充裕。那麼，我們該如何看待這一點呢？

I think that's, probably, yes, conservatism, right? If you double the first half, you would get 32%. On the other hand, it's probably appropriate to be conservative because even if you get a budget flush and there are orders and so forth, you're actually getting them installed, could spill over into the first quarter of 2026, for example.

我覺得這大概是保守估計吧？如果把上半年的預算翻一番，就能達到32%。另一方面，保守估計也比較合適，因為即使預算充足，訂單也到位了，實際安裝量也可能延續到2026年第一季。

So I think I would say that I feel very confident that we'll meet this new raised guidance.

所以我想我會說我非常有信心我們會達到這個新提出的指導。

Okay. That's perfect. And then, just a follow-up on the flow cells. I think you beat us there. You alluded to it in the prepared remarks but could you just discuss one more time what you think drove that? And do you have a sense on how long it takes for the newer customer group to reach maturity and ramp their utilization there?

好的，太好了。然後，我想問流動池的問題。我想您剛才已經問得差不多了。您在準備好的發言中提到了這一點，但您能否再討論一下，您認為是什麼推動了這一點？您是否知道新客戶群需要多長時間才能成熟並提高使用率？

Yeah. Really good questions.

是的。真是好問題。

I think that -- to be fair to you and to us and to everybody who's following the trajectory here, we expect there to be lumpiness. The routine user base is sizable but it's not so big that it will be just smooth. So we expect there to be some lumpiness.

我認為——為了公平起見，對你們、對我們以及所有關注這一發展軌蹟的人來說，我們預計會出現一些波動。常規用戶群規模很大，但規模還不足以讓一切順利進行。所以我們預計會有一些波動。

Having said that, we have really focused on supporting customers to make sure that they're up and running and addressing those customers with the highest potential for utilization.

話雖如此，我們確實專注於支援客戶，以確保他們能夠正常運轉，並滿足那些具有最高利用潛力的客戶的需求。

Our training programs on the VIA software and other aspects of the workflow in key applications like hematologic malignancies are underway. This is a big concentration for us. And so I think that there have been a lot of good execution-oriented actions that we've taken and that those are paying off. That's why we're seeing that growth.

我們正在進行關於VIA軟體以及血液系統惡性腫瘤等關鍵應用領域工作流程其他方面的培訓計畫。這對我們來說是一個重點。因此，我認為我們已經採取了許多以執行為導向的良好行動，而這些行動正在發揮作用。這就是我們看到這種增長的原因。

In addition and transitioning to your question a little bit about the time to get up-to-speed, we had a pretty substantial number of systems get installed and people get trained towards the end of last year. And so we're probably starting to see that utilization.

另外，關於您提到的關於快速上手時間的問題，我們在去年年底安裝了相當多的系統，並培訓了相當多的人員。所以我們可能已經開始看到這種利用率了。

I think that the time to a lab getting into a routine use situation with OGM, it's going to be variable. It's, without a doubt, a minimum of three months but I think six to nine months is a healthy timeframe to be thinking about. There's just a lot of stuff that needs to happen after install that is related to requirements that the lab needs to follow, depending on what their desired application is. And so it takes some time.

我認為實驗室將OGM投入日常使用所需的時間會有所不同。毫無疑問，至少需要三個月，但我認為六到九個月是一個合理的時間範圍。安裝後還有很多工作要做，這些工作與實驗室需要遵循的要求有關，具體取決於其預期的應用。所以這需要一些時間。

Having said that, almost every system that goes out buys consumables upfront. And so they're turning through a wave of consumables to begin with. It's like when do we get them to that point of their first repurchase.

話雖如此，幾乎每個出廠的系統都會預先購買耗材。所以他們一開始就會更換一波耗材。我們什麼時候才能讓他們第一次回購呢？

Again, I think that that's likely in that six-month time frame. Maybe, six to nine months is a good way to think about it.

再說一次，我認為這很可能在六個月的時間範圍內。也許，六到九個月是一個不錯的考慮範圍。

Okay. That's very helpful. If I could just squeeze in one last one, just maybe a higher-level question.

好的。這很有幫助。如果我能再問最後一個問題，也許是更高層次的問題。

There has been some pick-up of dealmaking in our space a little more recently. Just how are you thinking about strategics or partnerships here?

最近，我們這個領域的交易活動有所回升。您如何看待這個領域的策略和合作關係？

Well, look, I think that there's the cliche answer: every day, between the hours of 9:30 and 4:00 Eastern Time, the company is definitively for sale. We're a well-known entity out there. And so I would expect that Bionano is certainly on the radar screen of strategics.

嗯，我覺得答案很老派：每天東部時間早上9:30到下午4:00之間，公司肯定是要出售的。我們是一家知名企業。所以我認為Bionano肯定會在戰略層面受到關注。

We have a variety of discussions that are ongoing all the time. I think what's unique about Bionano across the space of companies, let's say, that are similarly situated to us, early commercial stage, maybe feeling some of the constraints and difficulties of the current equity capital markets.

我們一直在進行各種討論。我認為Bionano的獨特之處在於，它與其他公司相比，例如那些與我們處境相似、處於早期商業階段的公司，可能感受到了當前股權資本市場的一些限制和困難。

I think Bionano is pretty far advanced. So even with everything that we've gone through, we're printing a $6.7 million quarter; and guiding $6.7 million to $7.2 million for the next quarter; I think $26 million to $30 million on the top line; 52% gross margin with expenses that are no longer so significant that folks can't see a way to folding Bionano in.

我認為Bionano已經相當先進了。所以，即使經歷了這麼多，我們仍然預計本季營收為670萬美元；下一季的預期營收將在670萬到720萬美元之間；我認為營收將在2600萬到3000萬美元之間；毛利率達到52%，而且各項支出已經不再那麼高，以至於人們認為Bionano不可能被人們認為Bionano不可能被併入其中。

Having said that, I think we're very committed to our strategy of this digital pathology transformation. We know it's going to be incredibly valuable and that there's so much upside for our business. So we stick to our knitting, if you will.

話雖如此，我認為我們非常致力於推動數位化病理學轉型策略。我們知道這將帶來巨大的價值，並且對我們的業務有著巨大的潛力。所以，如果您願意的話，我們會堅持自己的本職工作。

Great. Thanks so much for your time.

太好了！非常感謝您的寶貴時間。

Thank you, Vidyun.

謝謝你，Vidyun。

Thank you. This concludes our question-and-answer session.

謝謝。我們的問答環節到此結束。

I'd like to pass it back to Erik Holmlin for closing remarks.

我想將其交還給埃里克·霍爾姆林 (Erik Holmlin) 作最後發言。

Okay. Thank you, Didi. Thank you to everyone who joined.

好的。謝謝你，滴滴。感謝所有參與的朋友。

We're very happy with this quarter. We look forward to updating you on our Q3 conference call.

我們對本季的業績非常滿意。期待在第三季電話會議上向大家報告最新進展。

Thank you very much.

非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。