Bruker Corp (BRKR) 2023 Q3 法說會逐字稿

Greetings, ladies and gentlemen, thank you for attending today's conference call. I would now like to turn the call over to Justin Ward, Head of Investor Relations. Please go ahead.

女士們、先生們，大家好，感謝您參加今天的電話會議。我現在想將電話轉給投資者關係主管賈斯汀沃德 (Justin Ward)。請繼續。

Thank you, and good morning. I would like to welcome everyone to Bruker Corporation's Third Quarter 2023 Earnings Conference Call. My name is Justin Ward, and I'm Bruker's Senior Director of Investor Relations and Corporate Development. Joining me on today's call are Frank Laukien, our President and CEO; Mark Munch, President of the Bruker NANO Group and Corporate Executive Vice President; and Gerald Herman, our Executive Vice President and CFO.

謝謝你，早安。歡迎大家參加布魯克公司 2023 年第三季財報電話會議。我叫賈斯汀·沃德 (Justin Ward)，是布魯克投資者關係和企業發展高級總監。參加今天電話會議的有我們的總裁兼執行長 Frank Laukien； Mark Munch，布魯克 NANO 集團總裁兼公司執行副總裁；以及我們的執行副總裁兼財務長 Gerald Herman。

In addition to the earnings release we issued earlier today, during today's conference call, we will be referencing a slide presentation that can be downloaded from the Events & Presentations section of Bruker's Investor Relations website. During today's call, we will be highlighting non-GAAP financial information. Reconciliations of our non-GAAP to GAAP financial measures are included in our earnings release and are posted on our website at ir.bruker.com.

除了我們今天早些時候發布的收益報告外，在今天的電話會議上，我們還將參考幻燈片演示文稿，該幻燈片演示文稿可以從布魯克投資者關係網站的活動和演示文稿部分下載。在今天的電話會議中，我們將重點放在非公認會計準則財務資訊。我們的非 GAAP 與 GAAP 財務指標的調整表包含在我們的收益報告中，並發佈在我們的網站 ir.bruker.com 上。

Before we begin, I would like to reference Bruker's safe harbor statement, which is shown on Slide 2 of the presentation. During this conference call, we will be making forward-looking statements regarding future events and the financial and operational performance of the company that involve risks and uncertainties, including those related to geopolitical risks and wars as well as to supply chain logistics and inflation. The company's actual results may differ materially from such statements.

在我們開始之前，我想參考布魯克的安全港聲明，該聲明顯示在簡報的幻燈片 2 中。在本次電話會議期間，我們將就涉及風險和不確定性的未來事件以及公司的財務和營運業績做出前瞻性陳述，包括與地緣政治風險和戰爭以及供應鏈物流和通貨膨脹相關的風險和不確定性。本公司的實際結果可能與此類聲明有重大差異。

Factors that might cause such differences include, but are not limited to, those discussed in today's earnings release and in our Form 10-K for the period ending December 31, 2022, as updated by other SEC filings, which are available on our website and on the SEC's website.

可能導致此類差異的因素包括但不限於今天的收益報告和截至2022 年12 月31 日期間的10-K 表格中討論的因素，這些文件已由其他SEC 文件更新，這些文件可在我們的網站和在美國證券交易委員會的網站上。

Also, please note that the following information is based on current business conditions and to our outlook as of today, November 2, 2023. We do not intend to update our forward-looking statements based on new information, future events or for other reasons, except as may be required by law, prior to the release of our fourth quarter 2023 financial results expected in early February 2024.

另請注意，以下資訊是根據當前業務狀況以及我們截至 2023 年 11 月 2 日的展望。我們不打算根據新資訊、未來事件或其他原因更新我們的前瞻性陳述，除非法律要求，否則在我們預計於2024 年2 月初發布2023 年第四季財務業績之前。

You should not rely on these forward-looking statements as necessarily representing our views or outlook as of any date after today. We will begin today's call with Frank providing an overview of our business progress. Gerald will then cover the financials for the third quarter and the first 9 months of 2023 in more detail and share our updated fiscal year 2023 financial outlook.

您不應依賴這些前瞻性陳述來代表我們截至今天之後任何日期的觀點或前景。我們將首先由弗蘭克概述我們的業務進展。然後，Gerald 將更詳細地介紹第三季和 2023 年前 9 個月的財務數據，並分享我們最新的 2023 財年財務展望。

Now I'd like to turn the call over to Bruker's CEO, Frank Laukien.

現在我想將電話轉給布魯克的執行長 Frank Laukien。

Thank you, Justin, and good morning, everyone. Thank you for joining us on today's third quarter 2023 earnings call. In the third quarter, Bruker has continued to deliver excellent revenue growth with 3 consecutive quarters of double-digit organic revenue growth year-to-date. For the fourth quarter of '23, we anticipate high single-digit organic revenue growth which puts us on track for 3 years of double-digit organic revenue growth in 2021 to 2023.

謝謝賈斯汀，大家早安。感謝您參加今天的 2023 年第三季財報電話會議。第三季度，布魯克持續實現出色的營收成長，年初至今已連續三個季度實現兩位數的有機收入成長。對於 2023 年第四季度，我們預計有機收入將實現高個位數成長，這使我們預計在 2021 年至 2023 年連續 3 年實現兩位數有機收入成長。

In the first 9 months of 2023, we have demonstrated great resilience in difficult market conditions with what we believe is industry-leading organic revenue growth of 13.9% and non-GAAP EPS growth of 17.5% year-to-date.

2023 年前 9 個月，我們在困難的市場條件下表現出了強大的韌性，我們認為今年迄今的有機收入增長了 13.9%，處於行業領先地位，非 GAAP 每股收益增長了 17.5%。

Given our strong year-to-date financial results, solid backlog and positive outlook for the fourth quarter, we are raising our organic revenue growth guidance for fiscal year 2023 again, this time by 150 bps at the midpoint.

鑑於我們今年迄今強勁的財務業績、堅實的積壓訂單以及第四季度的積極前景，我們將再次上調 2023 財年的有機收入增長指引，這次是中位數上調 150 個基點。

We are pleased to report solid financial results in the third quarter of 2023. We attribute this resiliency to our innovation strategy, which yields products and solutions with unique capabilities as well as to our differentiated portfolio, which is now resulting from our ongoing Project Accelerate 2.0 transformation. These core elements of our strategy are, to a significant extent, shielding us from the present demand weakness. For example, in COVID testing, CROs, biopharma, bioprocessing, et cetera.

我們很高興在2023 年第三季報告穩健的財務表現。我們將這種彈性歸功於我們的創新策略，該策略產生了具有獨特功能的產品和解決方案，以及我們差異化的產品組合，這是我們正在進行的Project Accelerate 2.0 的成果轉型。我們策略的這些核心要素在很大程度上使我們免受當前需求疲軟的影響。例如，在新冠病毒檢測、合約研究組織、生物製藥、生物加工等領域。

We remain positive about demand for Bruker Scientific Instruments and Life Science Solutions, which gives us confidence in the fourth quarter and also for continued solid growth in 2024.

我們對布魯克科學儀器和生命科學解決方案的需求保持樂觀，這讓我們對第四季以及 2024 年的持續穩健成長充滿信心。

In fiscal year 2023, we have accelerated our investments in our transformative Project Accelerate 2.0 initiatives as well as in operational excellence and productivity. We're making further investments in recently acquired growth drivers in single-cell biology, and my colleague, Mark will talk about that as well as in previously acquired proteomics consumables, proteomics drug discovery services, neuroscience research tools, applied solutions and scientific software.

在 2023 財年，我們加快了對變革性 Project Accelerate 2.0 計畫以及卓越營運和生產力的投資。我們正在對最近收購的單細胞生物學成長動力進行進一步投資，我的同事馬克將討論這一點以及先前收購的蛋白質組學耗材、蛋白質組學藥物發現服務、神經科學研究工具、應用解決方案和科學軟體.

Right. Let's get to it. Turning to Slide 4 now. In the third quarter of 2023, Bruker delivered another good quarter with excellent organic growth of 10.9% and non-GAAP EPS growth of 12.1% and year-over-year. Bruker's third quarter '23, reported revenues increased 16.3% year-over-year to $742.8 million which included an FX tailwind of 3.3%. On an organic basis, revenues increased 10.9%, and -- which included 10.9% organic growth in our Bruker Scientific Instruments, BSI segment, and 10.2% at BEST, net of intercompany eliminations while growth from acquisitions added 2.1%. This implies constant exchange rate growth of 13.0% year-over-year.

正確的。讓我們開始吧。現在轉向投影片 4。 2023 年第三季度，布魯克又創造了一個良好的季度，有機成長 10.9%，非 GAAP 每股盈餘年增 12.1%。布魯克 23 年第三季報告營收年增 16.3% 至 7.428 億美元，其中外匯推動因素為 3.3%。在有機基礎上，營收成長了 10.9%，其中包括布魯克科學儀器、BSI 部門有機成長 10.9%，BEST 有機成長 10.2%（扣除公司間抵銷），而收購成長則成長 2.1%。這意味著匯率年比持續成長 13.0%。

Our third quarter '23 non-GAAP operating margin was 20.0%, which is a good level for our third quarter, albeit a decrease of 240 bps year-over-year compared to a very strong operating profit margin in the third quarter of 2022. In the third quarter of '23, Bruker reported GAAP diluted EPS of $0.60 compared to $0.59 in the third quarter of '22. On a non-GAAP basis, third quarter '23 diluted EPS was $0.74, up 12.1% from $0.66 in Q3 '22. This had a $0.05 tax tailwind pretty much exactly offsetting a minus $0.05 currency headwind in the quarter. Gerald will discuss the drivers of margins and EPS later in more detail.

我們的23 年第三季非GAAP 營業利潤率相比，這對我們第三季來說是一個不錯的水平，儘管與2022 年第三季非常強勁的營業利潤率相比，同比下降了240個基點。布魯克在 2023 年第三季公佈的 GAAP 稀釋後每股收益為 0.60 美元，而 22 年第三季為 0.59 美元。以非公認會計原則計算，23 年第三季攤薄後每股收益為 0.74 美元，比 22 年第三季的 0.66 美元增加 12.1%。這帶來了 0.05 美元的稅收順風，幾乎完全抵消了本季負 0.05 美元的貨幣逆風。傑拉德稍後將更詳細地討論利潤率和每股收益的驅動因素。

Moving to the first 9 months on Slide 5. You can see Bruker's strong performance and excellent execution in the first 9 months of 2023 with industry-leading organic revenue growth of 13.9% and non-GAAP EPS growth of 17.5%. More specifically, our first 9 months of 2023 revenues increased by 15.8% to $2.11 billion. On an organic basis, first 9 months revenues grew 13.9% year-over-year, consisting of 14.0% organic revenue growth in Scientific Instruments and 12.8% organic growth at BEST, net of intercompany eliminations.

轉到幻燈片5 上的前9 個月。您可以看到布魯克在2023 年前9 個月的強勁業績和出色的執行力，有機收入增長了13.9%，行業領先，非GAAP 每股收益增長了17.5%。更具體地說，我們 2023 年前 9 個月的營收成長了 15.8%，達到 21.1 億美元。在有機基礎上，前 9 個月的營收年增 13.9%，其中科學儀器部門的有機收入成長 14.0%，BEST 的有機收入成長 12.8%（扣除公司間抵銷）。

First 9 months 2023 order bookings for BSI grew in the upper mid-single digits year-over-year organically, driven by Bruker BioSpin and CALID. Also, our BSI book-to-bill ratio year-to-date remained above 1.0 and our backlog at the end of the third quarter remained strong and elevated in fact.

在 Bruker BioSpin 和 CALID 的推動下，2023 年前 9 個月 BSI 的訂單預訂量同比有機增長至中上個位數。此外，我們的 BSI 訂單出貨比年初至今仍保持在 1.0 以上，而且第三季末的積壓訂單仍然強勁且有所上升。

Our first 9 months 2023 non-GAAP gross and operating margin and GAAP and non-GAAP EPS performance are all summarized on Slide 5. And you can see the strong non-GAAP EPS growth of 17.5% despite a $0.14 headwind from currency.

我們的2023 年前9 個月非GAAP 毛利率和營業利潤率以及GAAP 和非GAAP 每股收益業績均在幻燈片5 中進行了總結。您可以看到，儘管匯率帶來0.14 美元的阻力，但非GAAP 每股盈餘仍強勁成長17.5%。

Our trailing 12 months return on invested capital, a non-GAAP measure was 23.2%, a metric that highlights our differentiated Bruker management process and focus on disciplined entrepreneurialism and organic growth supplemented by selected attractive acquisitions.

我們過去12 個月的投資資本回報率（非GAAP 衡量標準）為23.2%，這一指標凸顯了我們差異化的布魯克管理流程，以及對紀律嚴明的創業精神和有機增長的關注，並輔以精選的有吸引力的收購。

Please turn to Slide 6 and 7, where we highlight the year-to-date third quarter '23 performance of our 3 scientific instruments groups and of our BEST segment, all on a constant currency and year-over-year basis. Year-to-date, the BioSpin Group revenue was $541 million and grew in the high single-digit percentage This included revenue from just 1 gigahertz class NMR so far this year, and namely in Q3 '23. And for comparison, we also had 1 in Q3 of '22.

請參閱投影片 6 和 7，其中我們重點介紹了我們 3 個科學儀器組和最佳細分市場 23 年第三季迄今為止的業績，所有這些業績均按固定匯率和同比計算。今年迄今為止，BioSpin Group 的收入為 5.41 億美元，並以高個位數百分比增長，其中包括今年迄今為止（即 23 年第三季）僅 1 GHz 級 NMR 的收入。為了進行比較，我們在 22 年第三季也有 1 個。

In the fourth quarter of '23, we expect to book revenue on 1 or 2 gigahertz-class NMRs, by the way. In the 9 months -- In the first 9 months of 2023, Bruker saw growth across biopharma, academic and government markets, industrial research and applied markets as well as in the new integrated data solutions software division with its SciY, scientific and lab software platform, something that's relatively new to Bruker.

順便說一句，我們預計 23 年第四季將在 1 或 2 GHz 級 NMR 上實現收入。過去9 個月——2023 年前9 個月，布魯克在生物製藥、學術和政府市場、工業研究和應用市場以及新的整合數據解決方案軟體部門及其SciY、科學和實驗室軟體平台上實現了成長，這對布魯克來說是相對較新的事情。

Right. First 9 months of 2023, our CALID Group had revenue of $703 million and growth in the high teens percentage with strong growth in life science mass spectrometry driven by the timsTOF platform and aftermarket business as well as strong growth in our applied mass spec business and the optics infrared near infrared Raman business.

正確的。 2023 年前 9 個月，我們的 CALID 集團營收達 7.03 億美元，成長百分比高達 10%，其中生命科學質譜業務在 timsTOF 平台和售後市場業務的推動下強勁增長，我們的應用質譜業務和光學紅外線近紅外線拉曼業務。

Our optics business -- in our optics business, we know 2 recent tender wins, very nice for eventually over 250 so-called DE-tector explosive trace detectors for the Frankfurt and Zurich airports, both of which were explained in recent press releases. At ASMS this year, we launched the timsTOF Ultra and at the HUPO Congress in Korea in September, we announced further advances in timsTOF methods, consumables and software for this next-generation unbiased high-fidelity 4-dimensional, 4D-Proteomics and 4D Multiomics that's quite unique on the timsTOF platform and very advantageous.

我們的光學業務——在我們的光學業務中，我們知道最近贏得了兩次招標，這對於最終為法蘭克福和蘇黎世機場提供超過250 個所謂的DE-tector 爆炸物痕量探測器來說非常好，這兩個探測器都在最近的新聞稿中進行了解釋。在今年的ASMS 上，我們推出了timsTOF Ultra；在9 月的韓國HUPO 大會上，我們宣布了timsTOF 方法、耗材和軟體的進一步進展，用於下一代無偏高保真4 維、4D 蛋白質組學和4D 多元組學這在 timsTOF 平台上是非常獨特的並且非常有優勢。

Microbiology and Infectious Disease revenue was up slightly as solid demand for the MALDI Biotyper consumables was offset by a final drop of our modest COVID-19 molecular diagnostics revenue to now near 0.

微生物學和傳染病收入略有增長，因為對 MALDI Biotyper 耗材的強勁需求被我們適度的 COVID-19 分子診斷收入最終下降至目前接近 0 所抵消。

Please turn to Slide 7 now. Year-to-date, Bruker NANO revenue was $673 million, and grew in the low 20s percentage with strong revenue growth across end markets, including aca/gov, industrial semiconductor metrology. The global investments in AI, artificial intelligence, are strong tailwinds for our semiconductor and advanced packaging metrology tools.

現在請翻到幻燈片 7。今年迄今為止，布魯克 NANO 收入為 6.73 億美元，成長率在 20% 以下，終端市場（包括 aca/gov、工業半導體計量）的收入增長強勁。全球對人工智慧的投資是我們半導體和先進封裝計量工具的強勁推動力。

Revenues at advanced x-ray and Nano surface tools all delivered strong revenue growth in the first 9 months. Life science fluorescence microscopy was up on product innovation and now includes a strong contribution also from our fourth quarter '22 acquisition of the Inscopix neuroscience research tools.

先進 X 射線和奈米表面工具的收入在前 9 個月均實現了強勁的收入成長。生命科學螢光顯微鏡在產品創新方面不斷進步，現在我們對 Inscopix 神經科學研究工具的收購也做出了巨大貢獻。

Finally, year-to-date '23, BEST revenues grew in the mid-teens percentage, net of intercompany eliminations, driven by share gains and superconductor demand by our MRI OEM customers as well as from revenue growth in Advanced Technologies for big science, fusion research and key extreme UV -- EUV semiconductor technologies for semiconductor lithography tools by other large OEM customers, again, often driven by strong growth in AI demand.

最後，從 2023 年至今，BEST 的收入增長了 15%，扣除公司間的抵消額，這得益於我們的 MRI OEM 客戶的份額增長和超導體需求，以及大科學先進技術的收入增長，聚變研究和關鍵的極端紫外線——其他大型OEM 客戶用於半導體光刻工具的EUV 半導體技術，通常也是由人工智慧需求的強勁成長所推動的。

Right. Moving to Slides 8 and 9. I'll take a pause, and we highlight the new Bruker Cellular Analysis business. And I'm delighted to take -- hand this part over to Dr. Mark Munch, our Bruker NANO Group President, who drove the PhenomeX acquisition now renamed to Bruker Cellular Analysis and Mark is now resetting the strategy and rightsizing the business. Over to you, Mark.

正確的。轉到投影片 8 和 9。我會暫停一下，我們將重點放在新的布魯克細胞分析業務。我很高興將這一部分交給我們的 Bruker NANO 集團總裁 Mark Munch 博士，他推動了 PhenomeX 的收購，現在更名為 Bruker Cellular Analysis，Mark 現在正在重新調整策略並調整業務規模。交給你了，馬克。

Thank you, Frank. We're excited about our acquisition of PhenomeX. This new business. As Frank mentioned, we now call Bruker Cellular Analysis, perfectly fits our Project Accelerate 2.0 initiative. PhenomeX was a Q1 2023 merger of Berkeley Lights and IsoPlexis which brought together 2 unique and valuable platforms: the Beacon Optofluidics platform and the IsoSpark platform.

謝謝你，弗蘭克。我們對收購 PhenomeX 感到非常興奮。這項新業務。正如 Frank 所提到的，我們現在稱之為 Bruker Cellular Analysis，完全符合我們的 Project Accelerate 2.0 計劃。 PhenomeX 是 Berkeley Lights 和 IsoPlexis 於 2023 年第一季合併的結果，匯集了 2 個獨特且有價值的平台：Beacon Optofluidics 平台和 IsoSpark 平台。

Together, these technologies address rapidly growing market segments in antibody discovery, cell line development, cell therapy and gene therapy, amongst others. This helps also our Project Accelerate 2.0 initiative in expanding our footprint in translational research, clinical research and biopharma. it is also complementary to our Bruker Cellular Analysis and sub-cellular analysis tools. For example, our Canopy CellScape tool, which is an important tool for spatial biology as well as examining phenotypes and cell suspensions. And so this brings a lot of opportunity for commercial synergies.

這些技術共同解決了抗體發現、細胞系開發、細胞治療和基因治療等領域快速成長的細分市場。這也有助於我們的 Project Accelerate 2.0 計劃擴大我們在轉化研究、臨床研究和生物製藥領域的足跡。它也是我們布魯克細胞分析和亞細胞分析工具的補充。例如，我們的 Canopy CellScape 工具，它是太空生物學以及檢查表型和細胞懸浮液的重要工具。因此，這帶來了許多商業協同效應的機會。

Moving to Slide 9, just to give some financial details on the acquisition. PhenomeX was acquired for $122 million, which included a $14 million bridge loan, which therefore was an attractive valuation of roughly 2x revenue. We closed this transaction on October 2, 2023, and immediately started our work on rightsizing the business and optimizing cost structures, which is mostly going to happen here in Q4 2023.

請前往投影片 9，僅提供有關此收購的一些財務細節。 PhenomeX 以 1.22 億美元的價格被收購，其中包括 1,400 萬美元的過橋貸款，因此估值約為收入的 2 倍，具有吸引力。我們於 2023 年 10 月 2 日完成了這筆交易，並立即開始了業務規模調整和成本結構優化的工作，這主要將在 2023 年第四季度進行。

Our initial run rate is expected for the business to be greater than $60 million per year, given the strong, attractive potential of the market segments that I spoke of and that we address with this. Many of these segments are somewhat new to Bruker, and so we're excited about that. And as mentioned, we see cross-selling opportunities with our existing spatial biology and cellular analysis tools.

考慮到我提到的以及我們要解決的細分市場的強大且有吸引力的潛力，我們預計該業務的初始運行率將超過每年 6000 萬美元。其中許多細分市場對於布魯克來說都是新的，因此我們對此感到興奮。如前所述，我們看到了現有空間生物學和細胞分析工具的交叉銷售機會。

In terms of Bruker non-GAAP EPS impact, we anticipate $0.12 dilutive to Q4 2023, a 1 quarter significant impact as we work through the rapid rightsizing and cost structure optimization and being slightly dilutive for 2024 and accretive by 2026, and we expect long-term double-digit ROIC. We encourage you to visit the links shown here to help get familiar with these businesses. We are very excited about the potential here in these very valuable technology platforms.

就布魯克非GAAP 每股盈餘影響而言，我們預計到2023 年第四季稀釋0.12 美元，這是第一季的重大影響，因為我們正在努力進行快速規模調整和成本結構優化，並且到2024 年會略為稀釋，到2026 年會增加，我們預期長期影響 -術語兩位數ROIC。我們鼓勵您訪問此處顯示的鏈接，以幫助熟悉這些業務。我們對這些非常有價值的技術平台的潛力感到非常興奮。

Thank you, Frank. Back to you.

謝謝你，弗蘭克。回到你身邊。

Thank you very much, Mark. Yes, these links are actually has a really cool website. I would highly recommend that if you have a few minutes, I think it's very informative.

非常感謝你，馬克。是的，這些連結實際上有一個非常酷的網站。我強烈建議您花幾分鐘時間，我認為這內容非常豐富。

So thank you, Mark. We're excited about this attractive acquisition of a leading single cell biology business, with key technologies for all the reasons that Mark explained, well done.

謝謝你，馬克。我們對這家領先的單細胞生物學企業的有吸引力的收購感到興奮，由於馬克解釋的所有原因，其關鍵技術都做得很好。

So in summary, Bruker is on track for its third year in a row of double-digit organic revenue growth and solid EPS growth even as we have accelerated our investments in the Project Accelerate 2.0 transformation as well as in operational excellence in capacity and productivity. Our dual strategy is working exceedingly well right now.

總而言之，儘管我們加快了對 Project Accelerate 2.0 轉型以及產能和生產力卓越營運的投資，布魯克仍有望連續第三年實現兩位數的有機收入成長和穩健的每股盈餘成長。我們的雙重策略目前效果非常好。

So Bruker's strong growth is the result of a fundamental commitment to innovating and high-value solutions for customers as well as the result of our ongoing portfolio transformation. Our technology and biological applications leadership in many areas, combined with world-class execution via our Bruker management process position us well for continued outperformance. As in other years, we expect to give fiscal year '24 guidance when we report Q4 '23 financial results, this will be in early February. However, please note that we expect to deliver solid organic growth also in 2024, and we remain on track for our medium-term 2026 targets, which we issued at our June '23 Investor Day.

因此，布魯克的強勁成長是為客戶提供創新和高價值解決方案的基本承諾以及我們持續的產品組合轉型的結果。我們在許多領域的技術和生物應用領域處於領先地位，再加上布魯克管理流程的世界級執行力，使我們能夠持續保持優異的績效。與其他年份一樣，我們預計在 2 月初報告 23 年第 4 季財務業績時，將給予 24 財年的指引。然而，請注意，我們預計在 2024 年也能實現穩健的有機成長，並且我們仍有望實現 2023 年 6 月投資者日發布的 2026 年中期目標。

So with that, let me turn the call over to our Chief Financial Officer, Gerald Herman, who will review our financial performance and our updated fiscal '23 outlook in much more detail, Gerald.

因此，讓我將電話轉給我們的財務長 Gerald Herman，他將更詳細地審查我們的財務表現和更新後的 23 財年展望，Gerald。

Thank you, Frank, and thank you, everyone, for joining us today. I'm pleased to provide some more detail on Bruker's third quarter and the first 9 months of 2023's financial performance starting on Slide 11. In the third quarter of 2023, Bruker has reported revenue increased 16.3% to $742 million, which reflects an organic revenue increase of 10.9% year-over-year. We reported GAAP EPS of $0.60 per share compared to $0.59 in the third quarter of 2022. On a non-GAAP basis, Q3 2023 EPS was $0.74 per share, an increase of 12.1% from the $0.66 we posted in the third quarter of '22. Gross margin performance was down 50 basis points year-over-year in the third quarter of '23, negatively impacted by 100 basis points foreign exchange headwind, partially offset by organic and acquisition gross margin improvement by 50 basis points.

謝謝弗蘭克，也謝謝大家今天加入我們。我很高興從幻燈片11 開始提供有關布魯克第三季度和2023 年前9 個月財務業績的更多詳細信息。布魯克報告稱，2023 年第三季度收入增長16.3%，達到7.42 億美元，這反映了有機收入年增10.9%。我們報告的GAAP 每股收益為0.60 美元，而2022 年第三季為0.59 美元。以非GAAP 計算，2023 年第三季每股收益為0.74 美元，比我們在2022 年第三季發布的0.66 美元增長了12.1% 。 2023 年第三季毛利率表現年減 50 個基點，受到 100 個基點外匯逆風的負面影響，但被有機和收購毛利率提高 50 個基點部分抵銷。

Our third quarter 2023 non-GAAP operating income increased 3.6% and while our non-GAAP operating margin decreased 240 basis points year-over-year to 20.0%, impacted by foreign exchange and acquisition headwinds as well as a challenging comparison from the strong Q3 of '22. We finished the third quarter with cash, cash equivalents and short-term investments of approximately $364 million.

我們的2023 年第三季非GAAP 營業收入成長了3.6%，而我們的非GAAP 營業利潤率同比下降240 個基點至20.0%，受到外匯和收購逆風以及與強勁的第三季度相比具有挑戰性的影響'22.截至第三季度，我們的現金、現金等價物和短期投資約為 3.64 億美元。

During the third quarter, we used cash to fund selected Project Accelerate 2.0 investments, acquisitions of approximately $120 million and share repurchases of about $80 million in the third quarter. On October 2, we closed the acquisition of PhenomeX, which I'll discuss later. We generated $44.1 million of operating cash flow in the third quarter of 2023. Our capital expenditure investments were $26.9 million, resulting in free cash flow of $17.2 million in the third quarter of '23. This compares with operating cash flow of $69.5 million and free cash flow of $11.8 million in the third quarter of '22.

在第三季度，我們使用現金為選定的 Project Accelerate 2.0 投資、約 1.2 億美元的收購和約 8,000 萬美元的股票回購提供資金。 10 月 2 日，我們完成了對 PhenomeX 的收購，稍後我將討論這一點。我們在 2023 年第三季產生了 4,410 萬美元的營運現金流。我們的資本支出投資為 2,690 萬美元，導致 2023 年第三季的自由現金流為 1,720 萬美元。相比之下，2022 年第三季的營運現金流為 6,950 萬美元，自由現金流為 1,180 萬美元。

Slide 12 shows the revenue bridge for the third quarter of '23, as Frank has reviewed earlier. Compared to the third quarter of '22, BioSpin's third quarter '23 organic revenue was up high single digits. Both Q3 2022 and '23 had 1 gigahertz class NMR in revenue. We expect revenue from 1 or 2 gigahertz class NMRs in the fourth quarter '23 similar to the fourth quarter of '22.

投影片 12 顯示了 23 年第三季的營收橋樑，正如 Frank 之前所回顧的。與 22 年第三季相比，BioSpin 23 年第三季的有機收入成長了高個位數。 2022 年第三季和 23 年第三季的營收均為 1 GHz 等級 NMR。我們預期 23 年第四季 1 或 2 GHz 核磁共振的營收與 22 年第四季類似。

NANO organic revenue grew in the mid-teens percentage range, driven by strength in NANO's industrial research, AI-driven semiconductor and advanced packaging metrology as well as academic markets. CALID organic revenue grew high single-digit percentage with strong performance by our microbiology business.

受到 NANO 工業研究、人工智慧驅動的半導體和先進封裝計量以及學術市場實力的推動，NANO 的有機收入增長了 10%左右。由於微生物學業務的強勁表現，CALID 有機收入實現了高個位數百分比成長。

We delivered solid growth in the third quarter of '23 in BSI systems and aftermarket revenue with low teens percentage organic growth in systems and high single-digit organic growth in aftermarket.

23 年第三季度，我們的 BSI 系統和售後市場收入實現了穩健成長，系統的有機成長百分比較低，而售後市場的有機成長則為個位數。

Geographically and on an organic basis in the third quarter of '23, our Americas revenue grew in the low single-digit percentage, Asia Pacific revenue grew in the teens percentage range, while European revenue had low teens percentage growth all year-over-year. For our EMEA region, third quarter '23 revenue was up mid-20% year-over-year.

從地理位置和有機基礎上看，23 年第三季度，我們的美洲收入增長率為低個位數百分比，亞太地區收入增長率為青少年百分比，而歐洲收入全年增長率為青少年百分比。 。對於我們的 EMEA 地區，23 年第三季營收年增 20%。

Slide 13 shows our third quarter '23 P&L performance on a non-GAAP basis. Non-GAAP gross margin of 52.7% decreased 50 basis points from the 53.2% in the third quarter of '22, impacted by 100 basis points of foreign exchange headwinds, partially offset by organic and acquisition-related gross margin improvements of 50 basis points.

投影片 13 顯示了我們以非 GAAP 計算的 23 年第三季損益表。非 GAAP 毛利率為 52.7%，較 2022 年第三季的 53.2% 下降 50 個基點，受到 100 個基點的外匯逆風影響，部分被有機和收購相關毛利率提高 50 個基點所抵銷。

The third quarter of 2023 non-GAAP operating margin of 20.0% was 240 basis points lower than the 22.4% margin we posted in the third quarter of '22, as we were impacted by foreign exchange and acquisition headwinds to margins and faced a difficult comparison from our strong third quarter '22 operating margin.

2023 年第三季非GAAP 營業利潤率低了240 個基點，因為我們受到外匯和收購利潤率不利因素的影響，並面臨著艱難的比較來自我們 22 年第三季強勁的營業利益率。

For the third quarter of '23, our non-GAAP effective tax rate was 23.8% compared to 30.4% in the third quarter of '22, driven mostly by favorable jurisdictional mix. Weighted average diluted shares outstanding in the third quarter of 23 were 147.3 million, a reduction of 1.3 million shares or 0.9% from the third quarter of '22, resulting from our share repurchases over the trailing 12 months.

23 年第三季度，我們的非 GAAP 有效稅率為 23.8%，而 22 年第三季為 30.4%，這主要是受到有利的司法管轄區組合的推動。 23 年第三季加權平均稀釋後流通股數為 1.473 億股，比 22 年第三季減少 130 萬股，即 0.9%，這是由於我們過去 12 個月的股票回購所致。

Finally, third quarter 2023 non-GAAP EPS of $0.74 was up 12.1% compared to the third quarter of '22 and with a $0.05 tailwind from a favorable tax rate, offsetting a $0.05 foreign exchange headwind.

最後，2023 年第三季非 GAAP 每股收益為 0.74 美元，與 22 年第三季相比增長了 12.1%，有利稅率帶來了 0.05 美元的推動力，抵消了 0.05 美元的外匯不利因素。

Slide 14 shows the year-over-year revenue bridge for the first 9 months of 2023. Revenue was up $288 million or 15.8%, reflecting organic revenue growth of 13.9%. Acquisitions added 2% to our top line, while foreign exchange was a 0.1% headwind, resulting in constant currency revenue growth of 15.9% year-over-year. Frank already covered the drivers for the first 9 months.

幻燈片 14 顯示了 2023 年前 9 個月的同比收入橋樑。收入增長了 2.88 億美元，即 15.8%，反映出有機收入增長 13.9%。收購使我們的收入增加了 2%，而外匯業務則帶來了 0.1% 的不利影響，導致貨幣收入年增 15.9%。 Frank 已經為前 9 個月的司機提供了服務。

Non-GAAP P&L results for the first 9 months of '23 are summarized on Slide 15, with the drivers largely similar to the third quarter of '23, and as explained on the slide.

投影片 15 總結了 23 年前 9 個月的非 GAAP 損益結果，其驅動因素與 23 年第三季基本相似，如投影片中所解釋。

Turning now to Slide 16. In the first 9 months of 2023, we generated $144.6 million of operating cash flow, up about $42 million over the first 9 months of '22 on higher profitability and favorable other items. We generated $69 million of free cash flow over the first 9 months of '23, up about $61 million over the first 9 months of '22 on higher operating cash flow and lower capital expenditures.

現在轉向幻燈片16。在2023 年前9 個月，我們產生了1.446 億美元的營運現金流，比2022 年前9 個月增加了約4200 萬美元，這得益於更高的盈利能力和有利的其他項目。由於營運現金流增加和資本支出減少，我們在 2023 年前 9 個月產生了 6,900 萬美元的自由現金流，比 22 年前 9 個月增加了約 6,100 萬美元。

Turning now to Slide 18. Given our strong year-to-date results, solid backlog and positive outlook for the fourth quarter, we're again increasing our revenue guidance for the year. Our updated outlook for fiscal year 2023 includes raising our revenue guidance to a range of $2.88 billion to $2.91 billion. This implies organic revenue growth of 11.5% to 12.5% year-over-year, an increase of 150 basis points from the midpoint of our prior guidance. And by now, up 300 basis points from the initial fiscal year '23 guidance we gave in early February.

現在轉向幻燈片 18。鑑於我們今年迄今為止的強勁業績、紮實的積壓訂單以及第四季度的積極前景，我們再次提高了今年的收入指引。我們對 2023 財年的最新展望包括將營收指引提高至 28.8 億美元至 29.1 億美元的範圍。這意味著有機收入年增 11.5% 至 12.5%，比我們先前指導的中位數成長 150 個基點。到目前為止，比我們 2 月初給出的 23 財年初始指導值高了 300 個基點。

We now expect foreign currency to be about neutral to revenue for the year and acquisitions contributions of about 2.5% to our revenue growth. This leads to reported and constant currency revenue growth guidance in a range of 14% to 15%. For operating margins in 2023, we now expect organic operating margin improvement of about 100 basis points, which is up from our prior expectation of 50 basis points.

我們現在預期外幣對今年營收的影響大約是中性的，收購對我們營收成長的貢獻約為 2.5%。這導致報告的貨幣收入成長指引保持在 14% 至 15% 之間。對於 2023 年的營業利潤率，我們目前預期有機營業利潤率將提高約 100 個基點，高於我們先前預期的 50 個基點。

For non-GAAP operating margins, all in, we now expect a 150 basis point decline from the prior year due to a 250 basis points combined headwind from foreign exchange and acquisitions, now also including the cellular analysis business we acquired as of October 2, 2023.

對於非 GAAP 營業利潤率，我們現在預計將比上年下降 150 個基點，原因是外匯和收購帶來的 250 個基點的綜合阻力，現在還包括我們截至 10 月 2 日收購的細胞分析業務， 2023年。

As previously discussed, we're rapidly rightsizing the cellular analysis business with most cost actions expected in the fourth quarter of '23 such that the cellular analysis business is expected to be only slightly dilutive during 2024 and accretive to non-GAAP EPS by 2026.

如前所述，我們正在迅速調整蜂窩分析業務規模，預計在2023 年第四季採取大部分成本行動，預計蜂窩分析業務在2024 年只會略有稀釋，到2026 年將增加非GAAP 每股收益。

As you just heard from Mark, we believe that over time, Cellular Analysis could be another high ROIC business for Bruker. Cellular Analysis accelerates our entry into important biologics in cell and gene therapy tool markets, leveraging its differentiated research solutions with high revenue growth and margin potential.

正如您剛剛從馬克那裡聽到的，我們相信隨著時間的推移，細胞分析可能成為布魯克的另一個高投資回報率業務。細胞分析利用其具有高收入成長和利潤潛力的差異化研究解決方案，加速我們進入細胞和基因治療工具市場的重要生物製品。

On the bottom line, excluding the new Cellular Analysis business, we're actually increasing our estimated non-GAAP EPS guidance to a range of $2.60 to $2.65, which implies 11% to 13% year-over-year growth or up $0.05 from our prior guidance range of $2.55 to $2.60 for fiscal year 2023. In the fourth quarter of 2023, we expect Cellular Analysis to be about $0.12 dilutive to non-GAAP EPS as we work through rightsizing the business. Accordingly, we overall expect non-GAAP EPS to be in the range of $2.48 to $2.53, down $0.07 compared to our prior guidance, including that acquisition. Our guidance assumptions -- other guidance assumptions are listed on the slide. Our full year 2023 ranges have been updated for foreign currency rates as of September 30, 2023.

就底線而言，不包括新的蜂窩分析業務，我們實際上將預計的非GAAP 每股收益指引提高至2.60 至2.65 美元，這意味著同比增長11% 至13%，或比我們的預期增長0.05美元。2023 財年的先前指引範圍為 2.55 美元至 2.60 美元。在 2023 年第四季，隨著我們對業務進行調整，我們預計 Cellular Analysis 的非 GAAP 每股收益將攤薄至 0.12 美元左右。因此，我們總體預期非 GAAP 每股盈餘將在 2.48 美元至 2.53 美元之間，比我們先前的指引（包括此次收購）下降 0.07 美元。我們的指導假設—其他指導假設列在投影片上。截至 2023 年 9 月 30 日，我們的 2023 年全年匯率範圍已更新為外幣匯率。

Finally, at our Investor Day in June of 2023, I shared financial targets for the medium-term fiscal year 2026 outlook for Bruker. Our year-to-date 2023 financial performance and positive outlook for Q4 gives me confidence to reconfirm today our commitment to those targets, including solid growth for 2024.

最後，在 2023 年 6 月的投資者日上，我分享了布魯克 2026 財年中期展望的財務目標。我們 2023 年迄今的財務表現和第四季度的積極前景使我有信心今天重申我們對這些目標的承諾，包括 2024 年的穩健增長。

So to wrap up, Bruker delivered excellent organic revenue growth and strong EPS growth in the quarter and for the first 9 months of 2023 and we remain confident in our fiscal year '23 outlook and beyond.

總而言之，布魯克在本季和 2023 年前 9 個月實現了出色的有機收入成長和強勁的每股盈餘成長，我們對 23 財年及以後的前景仍然充滿信心。

And with that, I'd like to turn the call over to Justin to start the Q&A session. Thank you very much.

接下來，我想將電話轉給賈斯汀開始問答環節。非常感謝。

Thank you, Gerald. I'd now like to turn the call over to the operator to begin the Q&A portion of the call. As a reminder, to allow everyone time for questions, we ask that you limit yourself to 1 question and 1 follow-up.

謝謝你，傑拉德。我現在想將通話轉給接線員以開始呼叫的問答部分。提醒一下，為了讓每個人都有時間提問，我們要求您將自己限制在 1 個問題和 1 個後續跟進。

(Operator Instructions) The first question comes from the line of Puneet Souda with Leerink Partners.

（操作員說明）第一個問題來自 Puneet Souda 和 Leerink Partners 的線路。

Sure. Yes. So I was just saying congrats on a very strong quarter here versus the backdrop of industry and peers. So that's really great to see.

當然。是的。因此，我只是想祝賀本季在行業和同行的背景下表現非常強勁。所以這真的很高興看到。

Just wanted to clarify a question that we're getting here on the BSI book-to-bill year-to-date that you provided. But based on the mid-single-digit growth in bookings versus the sort of double-digit -- high single-digit growth you had in the prior 2 quarters for bookings. Just wanted to check if the book-to-bill was lower in first -- I mean, in the third quarter here?

我只是想澄清一個關於您提供的年初至今 BSI 訂單到賬單的問題。但基於預訂量的中個位數成長與前兩個季度預訂量的兩位數-高個位數成長相比。只是想檢查一下第一季的訂單出貨量是否較低——我是說，第三季？

And just given, Frank, what you're seeing in the end markets and in China, obviously, nervousness out there in the market. Could you maybe just help us frame is it still fair to think about 6% to 8% growth, the longer-term growth algorithm for 2024 as well?

弗蘭克，考慮到你在終端市場和中國看到的情況，顯然，市場上存在著緊張情緒。您能否幫助我們思考 6% 至 8% 的成長（2024 年的長期成長演算法）是否仍然公平？

Yes. Happy to do so, Puneet, we're not giving '24 guidance. We've signaled solid organic revenue growth for next year. We'll give guidance when we always give guidance.

是的。很高興這樣做，Puneet，我們不會提供 '24 指導。我們已經表示明年的有機收入將穩健成長。當我們總是提供指導時，我們就會提供指導。

Anyway. So it is correct. In Q3, there was some weakness in bookings in China and in Japan. The rest of the world, which, of course, included Americas and Europe and so on, was fairly strong. And so our book-to-bill in Q3 was below 1 as we expected. Year-to-date, it is about 1. Remember, in China, we have this unusual effect more than perhaps other peers that we had very strong Q1 bookings. We believe some of that was truly incremental as some big ticket items got funded that normally might struggle to get funding.

反正。所以這是正確的。第三季度，中國和日本的預訂量出現一些疲軟。世界其他地區，當然包括美洲和歐洲等，都相當強勁。因此，我們第三季的訂單出貨比正如我們預期的那樣低於 1。今年迄今為止，約為 1。請記住，在中國，我們比其他同行更能產生這種不尋常的影響，因為我們第一季的預訂量非常強勁。我們相信，其中一些確實是增量的，因為一些通常很難獲得資金的大件項目得到了資助。

But some of it was also pulled forward. And so we have a bit of an uneven order pattern in China, but there is also weakness in China right now. And in Q3, we saw that in China and Japan. So book-to-bill year-to-date is about 1 in -- and we also have a very good forecast for bookings in Q4. So we think we'll maintain the book-to-bill of around 1 for the year. And our backlog always comes down a little bit in Q3 before our typically strong Q4. You've heard the outlook of high single-digit organic revenue growth and good bookings for Q4, so we will still be at a very significantly elevated backlog.

但其中一些也被提前了。因此，我們在中國的訂單格局有點不平衡，但中國目前也存在弱點。在第三季度，我們在中國和日本看到了這一點。因此，今年迄今為止的預訂到賬單約為 1 英寸，我們對第四季度的預訂也有很好的預測。因此，我們認為今年的訂單出貨比將維持在 1 左右。在我們通常強勁的第四季之前，我們的積壓訂單總是在第三季有所下降。您已經聽說過第四季度有機收入高個位數成長和良好預訂的前景，因此我們的積壓訂單仍將大幅增加。

Keep in mind, I know you like the term backlog conversion, but those are customer orders, that's real demand, so anyway, we'll still have a very, very healthy and extended backlog that will take us, in fact, a few years to work down going into '24. I hope that addressed most of your or all of your questions.

請記住，我知道您喜歡「積壓訂單轉換」這個詞，但這些是客戶訂單，這是真正的需求，所以無論如何，我們仍然會有一個非常非常健康和長期的積壓訂單，事實上，這將需要我們幾年的時間進入24年繼續努力。我希望這能解決您的大部分或所有問題。

Yes, absolutely, Frank. I appreciate it. And if I could follow up, I mean -- congrats on the PhenomeX and the Cell Analysis business. Definitely attractive longer term.

是的，絕對如此，弗蘭克。我很感激。如果我可以跟進，我的意思是——恭喜 PhenomeX 和細胞分析業務。長遠來看絕對有吸引力。

But could you just talk a little bit about how you see that high-end capital equipment positioned within Bruker? You have significant experience with selling high-end equipment to both research and now with the Cell Analysis you'll be positioning well into pharma. So maybe could you talk a little bit high level about that?

但您能否簡單談談您如何看待布魯克內部定位的高階資本設備？您在向研究領域銷售高端設備方面擁有豐富的經驗，現在透過細胞分析，您將在製藥領域佔據有利地位。那麼也許您可以稍微談談這個問題嗎？

And if I may just sneak in one on timsTOF, any changes in customer order behaviors or dynamics given the demos of a potential competitive high-res instrument ongoing in the market right now?

如果我可以在 timsTOF 上偷偷看一下，鑑於目前市場上正在進行的潛在競爭性高分辨率儀器的演示，客戶訂單行為或動態是否有任何變化？

Yes. So we love selling instruments. We have very innovative instruments. We keep them refreshed also in our core, which our core is really doing well as well, not only the Project Accelerate initiatives, The Beacon is another high-end instrument, the one that we just acquired with Cellular Analysis but it really depends if you're addressing key markets in better, faster antibody development or maybe antibody developments that without a tool like this, we just can't develop very well by the traditional ways of doing it.

是的。所以我們喜歡銷售樂器。我們擁有非常創新的儀器。我們也在我們的核心中讓它們煥然一新，我們的核心也確實做得很好，不僅是項目加速計劃，信標是另一種高端儀器，我們剛剛通過細胞分析獲得的儀器，但這實際上取決於您是否正在解決更好、更快的抗體開發的關鍵市場，或者可能是抗體開發，如果沒有這樣的工具，我們就無法透過傳統的方法很好地開發。

And of course, for important markets, I know there's a bit of a weakness right now in biologics and cell and gene therapy, but we're very happy to accelerate our push into those markets. So this is what we're really, really good at. And it's, of course, right now, the sometimes maligned academic government markets.

當然，對於重要市場，我知道目前生物製劑、細胞和基因療法存在一些弱點，但我們非常高興能加速進入這些市場。所以這就是我們真正非常擅長的。當然，現在是時常受到詬病的學術政府市場。

If you're in the right spot, if you're in the post-genomic trends, which is proteomics post-translational modification, spatial biology, antibody, cell line -- stable cell line development, it's great. And I think we've positioned ourselves in the right areas.

如果你處於正確的位置，如果你處於後基因組趨勢中，也就是蛋白質體學翻譯後修飾、空間生物學、抗體、細胞系——穩定細胞系開發，那就太好了。我認為我們已經將自己定​​位在正確的領域。

I should also add, and I know you -- that tends to be one of your questions, that the high-end semiconductor and advanced packaging metrology tools in the NANO group are also doing remarkably well. There is a bit of a cyclical downturn in semi, but with our technology buys and the strong push for really high-performance, newer packaging and chip technologies from artificial intelligence and these geopolitical trends of the U.S. rebuilding and Europe rebuilding their semiconductor industries, it's really we're not fully shielded from the economic trends that others are seeing or the macro trends but we're just more diversified, and we have positioned ourselves for spatial biology, proteomics, AI and a few others to some trends that are -- continue to be very strong.

我還應該補充一點，我了解您——這往往是您的問題之一，奈米組中的高端半導體和先進封裝計量工具也表現得非常好。半導體產業出現了一些週期性的低迷，但隨著我們的技術購買以及人工智慧對真正高性能、更新的封裝和晶片技術的大力推動，以及美國重建和歐洲重建半導體產業的地緣政治趨勢，它是事實上，我們並沒有完全不受其他人看到的經濟趨勢或宏觀趨勢的影響，但我們只是更加多元化，我們已經將自己定​​位於空間生物學、蛋白質組學、人工智慧和其他一些趨勢，這些趨勢是——持續保持強勁。

All right. We should probably let some others get in with questions as well, but that's sort of good innovation, good portfolio, exciting new products.

好的。我們或許也應該讓其他人提出問題，但這是好的創新、好的產品組合、令人興奮的新產品。

The next question comes from the line of Derik De Bruin with Bank of America.

下一個問題來自美國銀行的 Derik De Bruin。

Frank, we're trying to understand some of the dynamics going on in the market, particularly in the biopharma space. I know you have a -- you don't have as much exposure to some of your peers right now. And -- but there has been some hesitation in terms of instrument buying like that. Could you just provide some incremental color on what you're seeing in biopharma? And I have a follow-up after that.

弗蘭克，我們正在嘗試了解市場上正在發生的一些動態，特別是在生物製藥領域。我知道你現在與一些同行的接觸不多。而且——但在購買這樣的儀器方面一直存在一些猶豫。您能否就您在生物製藥領域看到的情況提供一些增量資訊？之後我有一個後續行動。

Yes. We see some of that as well. Biopharma investments are slowing down, budgets are not getting spends as aggressively, especially among emerging biopharma that we'll keep on their cash runway and so on. Also, we did see China CRO business being -- for NMR, for instance, being pretty weak.

是的。我們也看到了其中一些。生物製藥投資正在放緩，預算支出不再那麼積極，尤其是在新興生物製藥領域，我們將繼續保持現金跑道等。此外，我們確實看到中國的 CRO 業務（例如 NMR）相當薄弱。

So we're not immune to some of the trends you see elsewhere, we don't really do bioproduction very much or anything like that. We have very little COVID testing business. So -- but we see -- we can confirm some of those weaknesses they're just a year ago or 2 years ago, my god, if you weren't in biopharma, you were nothing, right? We're strong in biopharma. We've been growing very nicely, but we have so many other drivers as well.

因此，我們不能免受你在其他地方看到的一些趨勢的影響，我們實際上並沒有進行太多的生物生產或類似的事情。我們的新冠檢測業務很少。所以 - 但我們看到 - 我們可以確認其中一些弱點，它們只是一年前或兩年前，天啊，如果你不在生物製藥行業，你什麼都不是，對吧？我們在生物製藥領域實力雄厚。我們的成長非常好，但我們還有很多其他驅動因素。

So we -- we confirm the trends. We just have many other growth. We're not firing on all cylinders, but we're firing on some -- a lot of cylinders, and we have some very unique portfolio positioning and really some very innovative high-performance product lines that compete extremely well.

所以我們確認了趨勢。我們還有很多其他的成長。我們並沒有全力以赴，但我們正在全力以赴，而且我們有一些非常獨特的產品組合定位，以及一些非常創新的高性能產品線，它們的競爭非常激烈。

Great. And I'm going to stay on the market commentary. I mean, you alluded to some metrology in semis, but what about some of the more industrial-focused customers? Chemical spending seems to be -- chemicals and some of those other markets that are out there. Can you just sort of talk about broader macro industrial spend and CapEx spend in those places?

偉大的。我將繼續關注市場評論。我的意思是，您提到了半成品中的一些計量，但是一些更關注工業的客戶呢？化學品支出似乎是——化學品和其他一些市場。您能否談談這些地方更廣泛的宏觀工業支出和資本支出？

Yes. So metrology, memory and then some downturn there, and we're seeing that in some metrology orders. But again, some very high-end orders also for advanced packaging and things that you need very high-performance computing and et cetera, for our AI.

是的。因此，計量、記憶以及一些衰退，我們在一些計量訂單中看到了這一點。但同樣，一些非常高端的訂單也涉及先進的封裝以及我們的人工智慧需要非常高效能的運算等。

General industrial, we don't really spend, we see some weakness there, but we also see we're really a lot in industrial research, and there's some really noncyclical fast-growing areas in green tech, in battery research, in other hydrogen economy. There's enough green tech -- of a green tech economy that is a very strong growth drivers and other industrial research, industrial materials have been good for us.

一般工業，我們並沒有真正花錢，我們看到了一些弱點，但我們也看到我們在工業研究方面確實做了大量工作，並且在綠色技術、電池研究和其他氫能方面確實有一些非週期性快速成長的領域經濟。有足夠的綠色科技－綠色科技經濟是非常強大的成長動力，其他工業研究、工業材料對我們也有好處。

And then I really think we have share gains that may be basis, but they add up to. We've refreshed and we're not neglecting our core and just milking the cow. We're investing there. This is part of our management process. And so yes, it's been actually -- it sounds like a company or a division like Bruker AXS, right. This really has done quite well. Yes, Q3 China orders a bit weaker. So we -- but again, with a much healthier setup within industrial -- towards industrial research and green tech research, right?

然後我真的認為我們的份額收益可能是基礎，但它們加起來就足夠了。我們已經精神煥發，我們並沒有忽視我們的核心，只是在擠奶。我們在那裡投資。這是我們管理流程的一部分。所以，是的，它實際上 - 聽起來像是像 Bruker AXS 這樣的公司或部門，對吧。這確實已經做得很好了。是的，第三季中國訂單有點疲軟。因此，我們——但同樣，在工業內部擁有更健康的設置——致力於工業研究和綠色技術研究，對嗎？

Frank. Yes, it's been impressive what you've done with the portfolio over the last 20 years that I've been covering the stock. So congrats.

坦率。是的，過去 20 年我一直在關注這隻股票，你對投資組合所做的一切都令人印象深刻。所以恭喜。

We go back some time Derik.

我們回去一段時間德里克。

The next question comes from the line of Josh -- the next question comes from the line of Josh Waldman with Cleveland Research.

下一個問題來自 Josh 的線路——下一個問題來自克利夫蘭研究中心的 Josh Waldman 的線路。

Just 2 for you. First, Frank or Gerald, can you provide an update on the backlog opportunity? I think you said backlog remains elevated. Is it still at about 2 months' worth of kind of higher than normal backlog?

只給你2個。首先，弗蘭克或傑拉德，您能提供有關積壓工作機會的最新資訊嗎？我想你說過積壓仍然很高。積壓量是否仍比正常情況高出兩個月左右？

And then how much do you think the backlog work down can impact annual organic growth as we roll into '24 and kind of over the medium term?

那麼，當我們進入 24 世紀以及中期內時，您認為積壓工作的減少會對年度有機成長產生多大影響？

Yes. Josh, we're talking about you, we thought you had our CFO's office because your predictions were pretty accurate for the quarter than congratulations. Anyway, so backlog remains -- I mean, Q3 backlog is always a little lower than Q4. So as we look at year-end backlogs, we're 2.5 to -- 2.5 months, maybe 3 months or so higher backlog than we traditionally had before all the roller coaster began in 2019 and all of that. So that will be a multiyear story, right?

是的。喬希，我們正在談論您，我們以為您擁有我們的財務長辦公室，因為您對本季度的預測非常準確，而不是恭喜您。不管怎樣，積壓仍然存在——我的意思是，第三季的積壓總是比第四季低一點。因此，當我們查看年終積壓情況時，我們的積壓情況比 2019 年所有過山車開始之前的傳統積壓情況高出 2.5 到 2.5 個月，可能是 3 個月左右。所以這將是一個多年的故事，對嗎？

We're not trying to -- and we can't from a capacity point of view, pump that all out in 1 year. So it will add to our organic growth, but it will be a multiyear story. And right -- so I think that was your question, right? I would assume that backlog can be normalized maybe at something like 3 years or so.

我們並不試圖——從容量的角度來看，我們也無法在一年內將其全部抽出。因此，它將促進我們的有機成長，但這將是一個多年的故事。是的——所以我認為這是你的問題，對嗎？我認為積壓工作可能會在 3 年左右的時間內正常化。

Follow-up is I wondered if you could provide more context on the weaker trends in China? I mean did China decline in the quarter? And I guess, any context on what you're seeing by end market there? And how much your outlook in China has changed? I mean were you assuming a slowing? Or is the slowing here in recent months, a surprise?

接下來我想知道您是否可以提供更多有關中國疲軟趨勢的背景資訊？我的意思是中國本季出現下滑嗎？我想，您對那裡的終端市場所看到的有什麼背景嗎？您對中國的看法有了多大變化？我的意思是你假設經濟放緩嗎？或者近幾個月來的放緩令人意外？

Yes. No, we were assuming a slowing because of our little micro trend, right, that we have these very strong orders in Q1. So China was relatively weak in orders in Q3, as well as Japan, Rest of the World did quite well.

是的。不，我們假設經濟放緩是因為我們的微觀趨勢很小，對吧，我們在第一季有這些非常強勁的訂單。所以中國第三季的訂單相對較弱，而日本、世界其他地區的表現都不錯。

But if I look year-to-date, that's why overinterpreting a quarter is always tricky. Year-to-date, we have very strong order growth in China. I mean, significantly into the double digits. And in our forecast for Q4, we will see, but it's -- for us, I think there was a little bit of a Bruker special, namely this Q1 partial pull forward, which has led to slower -- that, along with China macro weakness has made Q3 bookings in China weaker for us as we acknowledged year-to-date, there very significant.

但如果我看看今年迄今為止，這就是為什麼過度解讀季度總是很棘手的原因。今年迄今為止，我們在中國的訂單成長非常強勁。我的意思是，顯著達到兩位數。在我們對第四季度的預測中，我們會看到，但對我們來說，我認為有一點布魯克的特殊之處，即第一季度的部分拉動，這導致了放緩，以及中國宏觀經濟正如我們承認的那樣，今年第三季的疲軟使我們在中國的預訂量下降，這一點非常重要。

I might just say that revenue trend is quite different given the lead times and backlogs. So revenues are still growing nicely there. The order bolus in the early part of the year really just added on to the backlog. So it's still going to take a while for us to convert that backlog in China to revenues. So the weakness, Frank, is referring to is more so the Q3 orders. But again, that's because of the pull forward earlier in the year, orders are up year-to-date, well in the double digits there so.

我可能只是說，考慮到交貨時間和積壓，收入趨勢是完全不同的。因此，那裡的收入仍然在良好增長。今年年初的訂單增加確實增加了積壓訂單。因此，我們仍需要一段時間才能將中國的積壓訂單轉化為收入。因此，弗蘭克所指的弱點更多的是第三季的訂單。但同樣，這是由於今年早些時候的提前，今年迄今的訂單量增加了兩位數。

The next question comes from the line of John Sourbeer with UBS.

下一個問題來自瑞銀集團 (UBS) 的約翰·索爾比爾 (John Sourbeer)。

I appreciate the color on pharma demand. But maybe if you could provide just a little bit more color just on the overall funding environment for high-end instrumentations maybe specific with academic and government customers?

我很欣賞藥品需求的顏色。但也許您可以就高端儀器的整體融資環境提供更多的信息，也許是針對學術和政府客戶的？

Okay, John, thank you. It's been good, right? I mean academic/government never grows as fast at boom times, but it also is pretty resilient at -- in -- it just grows steadily generally by low single digits, sometimes high -- mid-single digits.

好的，約翰，謝謝你。一直很好，對吧？我的意思是，學術/政府在繁榮時期的成長速度從來沒有那麼快，但它也具有相當的彈性，通常以低個位數、有時高、中個位數的速度穩定成長。

As I always say, it really depends where you are. I mean academic/government, including academic medical centers, we are very much more exposed to academic medical centers, cancer research, proteomics research and medical schools, et cetera, than we were years ago.

正如我常說的，這實際上取決於你在哪裡。我的意思是學術/政府，包括學術醫療中心，我們比幾年前更多地接觸學術醫療中心、癌症研究、蛋白質組學研究和醫學院等。

And that's a really good thing because between philanthropy and NIH funding and at just procedures growth and all of these things and focus on cancer or neuroscience research. The scientific areas in the post-genomic -- the post-genomic trends, I think, are much stronger than the genomic trends these days. And I think they will remain that way, and we're very well positioned there. Metabolomics, lipidomics proteomics, PTMs, glycomics. I just don't want to turn this into a techno session here.

這是一件非常好的事情，因為在慈善事業和 NIH 資助之間，在程序增長和所有這些事情之間，並專注於癌症或神經科學研究。後基因組的科學領域—我認為後基因組的趨勢比當今的基因組趨勢強得多。我認為他們將保持這種狀態，而且我們在這方面處於非常有利的位置。代謝體學、脂質體學、蛋白質體學、PTM、醣體學。我只是不想把這裡變成技術會議。

But for post-genomic trends, we're beautifully positioned. Our greater exposure into spatial and cell biology are good drivers. So where we are within this modestly growing academic/government funding is much more important. And so we're really -- we're in there really, I think, for the next decade or hopefully more, were really, I think, are in the sweet spot of the demand curve and funding therefore as well. So the allocation [prioritization] with our product is great.

但對於後基因組趨勢，我們處於有利位置。我們更多地接觸空間和細胞生物學是很好的驅動力。因此，我們在學術/政府資金適度增長的情況下所處的位置更為重要。因此，我認為，在未來十年或希望更多的時間裡，我們真的處於需求曲線和融資的最佳位置。因此，我們產品的分配[優先順序]非常好。

Got it. I guess I was trying to get that more. I mean, do you anticipate any change in this demand? I know you're not guiding for next year, but when you look out over the next 12 months, do you see any changes when you look out there on trends?

知道了。我想我是想得到更多。我的意思是，您預計這種需求會改變嗎？我知道您不會為明年提供指導，但是當您展望未來 12 個月時，您會發現趨勢有什麼變化嗎？

I think the secular trends (inaudible) or maybe a couple of decades, still early days in those -- in that, but I think it really has changed dramatically now, towards the post-genomic age, which is exactly where you could call us the post-genomic company except we also do semiconductor and food analysis. But, right?

我認為長期趨勢（聽不清楚）或可能是幾十年，還處於早期階段——但我認為現在確實已經發生了巨大的變化，走向後基因組時代，這正是你可以稱之為我們的時代後基因組公司，除了我們還做半導體和食品分析。但是，對吧？

So I mean, there might be some noise, there maybe slower NIH budgets, but we're not exposed directly to NIH all that much. But then you have the CHIPS Act, you have the Science Act, you have a European CHIPS ACT. China has been investing very heavily. A lot of our orders are in China this year, also early were for high-end Life Science, NMR, microscopy, timsTOF mass spectrometry tools.

所以我的意思是，可能會有一些噪音，可能會有較慢的 NIH 預算，但我們並沒有直接接觸 NIH 那麼多。但還有《CHIPS 法案》、《科學法案》、《歐洲 CHIPS 法案》。中國一直在大力投資。今年我們的許多訂單都在中國，早期也是高端生命科學、核磁共振、顯微鏡、timsTOF 質譜工具。

So there's a big proteomics project in China that sometimes the headline -- the headline use if they executed all of that as often is the case will dwarf anything in the West, so to speak, I think. It just means there will be a very significant investment and focus on this post-genomic investment, which is exactly where we have positioned ourselves.

因此，中國有一個大型蛋白質組學項目，有時，如果他們像經常發生的那樣執行所有這些，那麼標題使用的標題將使西方的任何東西相形見絀，我認為。這只是意味著將會有一項非常重大的投資並專注於這種後基因組投資，而這正是我們對自己的定位。

Appreciate that. If I could sneak in just one more on PhenomeX, the Bruker cellular business. Would you be willing to provide what you think could be the long-term growth rate for this business or any way to quantify any of the dissynergies or cross-selling opportunities there? Any additional color you could provide on that?

感謝。如果我能再偷偷介紹一下 PhenomeX，也就是布魯克的蜂巢業務。您是否願意提供您認為該業務的長期成長率或任何量化其中任何不協同或交叉銷售機會的方法？您可以提供任何其他顏色嗎？

We're right now focusing on getting the cost structure right. So we're -- as you've seen also our run rate of $60 million or greater is initially focusing on making it just a little bit dilutive.

我們現在的重點是調整成本結構。因此，正如您所看到的，我們 6000 萬美元或更高的運行率最初專注於使其稍微稀釋一點。

And then -- in the long term -- I'd rather do that maybe when we give color and guidance next year. We think it can swing back to being a very, very good growth business and one that eventually in terms of growth rates and CAGR, given these attractive markets will be, over the long run, higher than what you see than even our Bruker average. In '24, that may not be the case because of some biopharma weakness, right? But long term, we think it's accretive to our organic growth rate.

然後——從長遠來看——我寧願在明年我們提供色彩和指導時這樣做。我們認為，鑑於這些有吸引力的市場，從長遠來看，它可以重新成為一項非常非常好的成長業務，並且最終的成長率和複合年增長率將高於您所看到的，甚至高於我們的布魯克平均。在 24 年，由於生物製藥的一些弱點，情況可能並非如此，對嗎？但從長遠來看，我們認為這會提高我們的有機成長率。

Appreciate it.

欣賞它。

The next question comes from the line of Patrick Donnelly with Citi.

下一個問題來自花旗銀行的 Patrick Donnelly。

Gerald, maybe one for you to start understanding you're not giving '24 guidance. But just on the margins, as you think about high level, the moving pieces as we work our way into next year. Obviously, this year, you've had the FX headwind, the M&A headwinds, the core organic op margin expansion. I think you guys flagged as 100 bps. So as you look into next year, what should we be thinking about as those moving pieces? Obviously, the dilution from the deal you flagged, you guys are stripping out costs pretty aggressively, which is good to see. But maybe just talk high level how you think about that margin algorithm next year?

傑拉德，也許這會讓你開始明白你沒有提供「24小時指導」。但只是在邊緣，當你想到高水準時，我們會努力進入明年。顯然，今年，你遇到了外匯逆風、併購逆風、核心有機營運利潤率擴張。我認為你們標記為 100 bps。那麼，當您展望明年時，我們應該考慮哪些因素？顯然，你們標記的交易稀釋了你們正在非常積極地削減成本，這是很高興看到的。但也許只是簡單談談您對明年的保證金演算法有何看法？

Patrick, I guess, I'd say, perhaps just stay tuned. We're going to go through that in more detail in February. Obviously, you've seen some of the moving parts. We've got a lot of pieces here, but we're pretty optimistic in the long term. So -- I think I'll leave it at that for just today. We want you to come back for the February '24 call, for sure, Patrick.

派崔克，我想，我會說，也許請繼續關注。我們將在二月更詳細地討論這個問題。顯然，您已經看到了一些活動部件。我們這裡有很多作品，但從長遠來看我們非常樂觀。所以——我想今天就到此為止。我們希望您能回來參加 24 月 24 日的電話會議，帕特里克。

I'll be there. I appreciate it. And then Frank, maybe just on China, Obviously, a few questions there. But when you think about the backlog, is that backlog above kind of the, call it, 9 months for the company? I mean are we at a year backlog in China?

我會在那裡。我很感激。然後弗蘭克，也許只是關於中國，顯然有幾個問題。但是當你考慮積壓的情況時，上面的積壓是公司的 9 個月嗎？我的意思是，我們在中國的訂單已經積壓了一年嗎？

And if it is, given that visibility, how sticky is that order of backlog? How often do you see cancellations? I think there's just a concern with what's happening over there that maybe the backlog isn't quite as firm as other areas? I'd be curious, as you look historically, what you've seen there? And again, if you can frame up the backlog for us in China specifically, it would be helpful.

如果是的話，考慮到這種可見性，積壓訂單的黏性有多大？多久會看到取消訂單？我認為人們只是擔心那裡正在發生的事情，也許積壓的情況不像其他地區那麼嚴重？我很好奇，當你回顧歷史時，你在那裡看到了什麼？再說一次，如果您能為我們在中國具體列出積壓的訂單，那將會很有幫助。

Yes. No. I mean we -- except for -- we very rarely, if ever, see any order cancellations. And it is extremely rare. And then, of course, we usually have a down payment or something like that, that we retain.

是的。不，我的意思是我們——除了——我們很少（如果有的話）看到任何訂單取消。而且極為罕見。當然，我們通常會保留首付或類似的東西。

When there were regulatory changes in semiconductor and with the U.S. would allow to be in delivered to China, I think we had to have -- but we have corrected for all of that a year ago or thereabouts. So that's all long in our system.

當半導體監管發生變化並且美國允許將其交付給中國時，我認為我們必須這樣做 - 但我們已經在一年前或大約一年前糾正了所有這些。所以這在我們的系統中已經很長了。

Other than that, the China backlog is good call, good question. The China order backlog is a little bit higher than our average backlog. I don't want to quantify specifically. We don't go into that granularly, but it is above our corporate average. And that has to do also with the fact that there's some -- that China bought a lot of big-ticket systems throughout -- also in Q2, a lot in Q1.

除此之外，中國的訂單積壓是一個很好的呼籲，很好的問題。中國訂單積壓略高於我們的平均積壓。我不想具體量化。我們沒有詳細討論這一點，但它高於我們公司的平均水平。這也與以下事實有關：中國在第二季購買了許多高價系統，在第一季購買了很多。

Some of that has -- some of that will even go into next year. So yes, the China backlog is a little bit stronger.

其中一些已經——其中一些甚至會延續到明年。所以，是的，中國的積壓訂單有點多。

And other than geopolitical crisis, we think there's risk for the entire industry, right? Geopolitically, who knows what will happen over the next 10 years. But in terms of Bruker risk and Bruker order cancellations, we just don't see that. We have valuable instruments. We make our -- try to really do great things for our customers. And so we are a reliable company.

除了地緣政治危機之外，我們認為整個產業都存在風險，對嗎？從地緣政治角度來看，誰知道未來10年會發生什麼事。但就布魯克風險和布魯克訂單取消而言，我們只是沒有看到這一點。我們有寶貴的儀器。我們努力為我們的客戶真正做偉大的事情。所以我們是一家值得信賴的公司。

The next question comes from the line of Rachel Vatnsdal with JPMorgan.

下一個問題來自 Rachel Vatnsdal 與摩根大通的對話。

Congrats on the strong quarter guys. I wanted to just follow-up on some of these China comments here around the weaker orders. Could you give us what the book-to-bill was in China this quarter?

恭喜季度表現強勁的傢伙。我想跟進一些有關中國訂單疲軟的評論。您能否告訴我們本季中國的訂單出貨量是多少？

And then just given some of your peers have flagged that, that market has also really continued to weaken throughout through 3Q and into October. Can you give us any more color on when you started to see the weakness in orders? And then specifically, were there any types of end markets, customer types or even product types where you're seeing now more pronounced weakness?

鑑於一些同行已經指出這一點，該市場在整個第三季和十月期間也確實持續疲軟。當您開始看到訂單疲軟時，您能告訴我們更多嗎？然後具體來說，您現在是否看到任何類型的終端市場、客戶類型甚至產品類型有更明顯的弱點？

So we don't give book-to-bill by country or by region. We acknowledge that in Q3, bookings were down year-over-year in China and in Japan and elsewhere, certainly in the major geographies, right ? We don't look at daily or weekly order patterns like maybe more of a consumables business model, right? We always say all geographies get more than half of our orders in the third month of each quarter. So the type of trends within the quarter that some people have described and that you probably are asking about, we just don't even see that in our data.

因此，我們不會按國家或地區提供訂單到帳單。我們承認，第三季度，中國、日本和其他地方（尤其是主要地區）的預訂量比去年同期下降，對嗎？我們不會像消耗品商業模式那樣關注每日或每週的訂單模式，對嗎？我們總是說，所有地區在每個季度的第三個月都會收到一半以上的訂單。因此，有些人描述的季度內趨勢類型以及您可能正在詢問的趨勢，我們甚至在我們的數據中都沒有看到。

So right? I did -- we did notice that CRO business and for biopharma CRO business in China throughout the year already had been weak, and I'm sure Q3 was not an exception. That's about it. That's not going to answer all of your questions about -- but you get a lot of color from other vendors that see more this monthly pattern or even weekly patterns, which we don't.

那麼對嗎？我確實注意到，中國的 CRO 業務和生物製藥 CRO 業務全年已經疲軟，我確信第三季也不例外。就是這樣。這並不能回答你所有的問題——但是你可以從其他供應商那裡得到很多信息，他們看到了更多這種每月模式甚至每週模式，而我們卻沒有。

Yes. Fair enough. And then I just wanted to ask around budget plus dynamics within that high single-digit organic growth that you guys are assuming for 4Q. What's your assumption on budget flush? Have you started to see any of those orders or customer conversations around that December dynamic? Yes, really any color there?

是的。很公平。然後我只是想問預算以及你們假設的第四季度高個位數有機成長的動態。您對預算充裕的假設是什麼？您是否開始看到有關 12 月動態的任何訂單或客戶對話？是的，真的有顏色嗎？

We've been in this industry for a long time and budget flush is still one of these enigmatic terms to us. It doesn't have -- and again, it is one of the things that I think applies much more to consumables and companies and for us, we're never really looking for that. And so we're just not a good data point to give you color on that.

我們已經在這個行業工作了很長時間，預算充裕對我們來說仍然是這些神秘的術語之一。它沒有——再說一次，我認為這是更適用於消費品和公司的事情之一，而對於我們來說，我們從來沒有真正尋找過這一點。所以我們並不是一個很好的數據點來讓你了解這一點。

So we have -- just like in other years, we have no expectations for any budget flush because it just doesn't -- it doesn't work that way at Bruker. That's a Bruker specific answer I realize. So that -- I don't mean to frustrate you, Rachel, but budget flush for us isn't in one of the things that we look for and will there would be one this year or not, I can't comment really. We just don't have the advice into that, I should say.

所以我們——就像其他年份一樣，我們對任何預算充裕沒有預期，因為事實並非如此——在布魯克，情況並非如此。我意識到這是布魯克的具體答案。因此，我並不是想讓你感到沮喪，雷切爾，但我們的預算充裕並不是我們所尋求的事情之一，而且今年是否會有這樣的事情，我真的無法發表評論。我應該說，我們只是沒有這方面的建議。

The next question comes from the line of Jack Meehan with Nephron Research.

下一個問題來自 Nephron Research 的 Jack Meehan。

I wanted to ask a question on PhenomeX. First, could you talk about just what you're doing in terms of the integration through year-end, where that -- maybe just a little bit more detail on what you're focused on?

我想問一個關於 PhenomeX 的問題。首先，您能否談談您在年底之前在整合方面所做的事情，也許只是更詳細地說明您所關注的內容？

And then I wanted to clarify on the dilution commentary. So you said it was slightly dilutive in 2024. I just wanted to clarify, is that incremental to the $0.12 in 4Q? Or is that relative to the trend line from prior to the deal getting announced?

然後我想澄清一下稀釋評論。所以你說它在 2024 年會稍微稀釋。我只是想澄清一下，這是否比第四季度的 0.12 美元有所增量？或者這相對於交易宣布之前的趨勢線？

I'll turn things over to Mark in a moment but the slightly dilutive, I'm not sure I fully understood the question. But obviously, that implies being much less dilutive per quarter than the $0.12 onetime [bolus] that we have as a headwind in Q4 '23. Again, when we give guidance in early February for next year, we'll -- but much less per quarter than the $0.12 is what we mean by slightly dilutive.

我一會兒會把事情交給馬克，但有點稀釋，我不確定我是否完全理解這個問題。但顯然，這意味著每季的稀釋性比我們在 23 年第 4 季遇到的阻力 0.12 美元一次性 [bolus] 要小得多。同樣，當我們在 2 月初給出明年的指導時，我們會——但每季度比 0.12 美元少得多，這就是我們所說的稍微稀釋的意思。

Now for your modeling, sorry, Mark, then I'll turn things over to you. For your modeling, I assume that it's a little bit more dilutive in the first half and a little less dilutive in the second half, but on average, it's going to be much less dilutive. We just don't want to give guidance today for '24. We're not going to do it. So that's why we stick to adjectives. I know you would like numbers.

現在輪到你當模特兒了，抱歉，馬克，那我就把事情交給你了。對於您的模型，我認為上半年的稀釋性會稍高一點，下半年的稀釋性會低一些，但平均而言，稀釋性會低得多。我們只是不想今天為 '24 提供指導。我們不會這麼做。這就是為什麼我們堅持使用形容詞。我知道你想要數字。

Mark, without numbers, may I turn things over to you and you can at least qualitatively describe some of the strategy resetting and rightsizing with. Mark, much if you bet over...

馬克，沒有數字，我可以把事情交給你，你至少可以定性地描述一些策略重置和調整規模。馬克，如果你打賭超過的話...

Yes. Sure. Sure. Yes. The types of things we're doing, we'll characterize that. And first of all, we're kind of accelerating. They were already doing some integration, but we're really accelerating on a faster pace because in terms of our M&A expertise, we're pretty good at that. And so -- and then one of the things we're doing is getting over to Bruker management process to kind of crystallize and sharpen the strategy that they have, and that's kind of helpful.

是的。當然。當然。是的。我們正在做的事情的類型，我們將對其進行描述。首先，我們正在加速。他們已經在進行一些整合，但我們確實正在以更快的速度加速，因為就我們的併購專業知識而言，我們非常擅長這一點。因此，我們正在做的事情之一就是轉向布魯克管理流程，以具體化和強化他們的策略，這很有幫助。

In terms of highlighting then where to focus, where not to focus is then in terms of costs, certainly head count, personnel costs, also overhead. We streamlined a lot of overhead structure. There's some consolidation also going on in terms of sites as well as they were carrying a fair amount of depreciation expense kind of unnecessarily in the business (inaudible). So there's just a number of items across many fronts where we're kind of operationally optimizing and cost optimizing the business and then doing pretty rapidly.

就強調要關注哪裡、不關注哪裡而言，那就是成本，當然是人員數量、人員成本，還有管理費用。我們精簡了很多開銷結構。網站方面也正在進行一些整合，並且它們承擔了相當數量的折舊費用，這在業務中是不必要的（聽不清楚）。因此，我們在許多方面對一些專案進行了營運優化和成本優化，然後做得相當快。

Mark is fantastic at that, and of course, also drove the acquisition. So very strategic, but also very good at integration. Of course, the number of jobs affected will be, I mean, well over 100, unfortunately. And we're taking tens of millions of cost out on an annualized basis during that integration process. Stay tuned for a bit more detail on that when we give guidance in early February.

馬克在這方面非常出色，當然也推動了這項收購。所以非常有策略性，而且也非常善於整合。當然，不幸的是，受影響的工作數量將遠遠超過 100 個。在整合過程中，我們每年節省數千萬美元的成本。當我們在二月初提供指導時，請繼續關注有關這方面的更多詳細資訊。

Jack, did that hit the point or was there something else we...

傑克，這是否切中要點，或者我們還有其他什麼...

Yes. And maybe one more follow-up here for the Q&A, Jack. Thanks.

是的。傑克，也許還有一個問答後續。謝謝。

Yes, just how the rollout of timsTOF Ultra might have impacted life science mass spec sales in the quarter. You didn't call it out within CALID. Just -- was wondering if the initial rollout could have actually had a short-term dampening effect as customers kind of reevaluated what they're buying?

是的，timsTOF Ultra 的推出可能會如何影響本季生命科學質譜儀的銷售。你沒有在 CALID 中呼叫它。只是想知道，隨著顧客重新評估他們所購買的產品，最初的推出是否真的會產生短期抑制效應？

Yes, that's true. So the Astral is more competitive than the previous Orbitrap. So a lot of people are taking a look and that previously would have just ordered, they're now taking a while. There is an Ultra from Bruker and there is an Astral, and they both came out at the same time. So people are taking a look. We're doing more detailed demos as people really try to drill down into that. Still have a lot of pipeline into orders that are coming through, but people are taking a closer look. And the high-end proteomics mass spec market with the Astral introduction and the Ultra introduction has become more competitive.

是的，這是真的。所以Astral比之前的Orbitrap更具競爭力。所以很多人都在看，以前只會訂購，現在他們需要一段時間。布魯克有一款 Ultra，還有一款 Astral，它們是同時推出的。所以人們都在關注。我們正在做更詳細的演示，因為人們確實試圖深入研究它。仍有大量訂單正在處理中，但人們正在仔細觀察。隨著Astral和Ultra的推出，高端蛋白質體質譜市場的競爭變得更加激烈。

So I think, operator, actually, maybe we'll take questions, I think, from one more caller.

所以我認為，接線員，實際上，也許我們會回答另一位來電者的問題。

Absolutely. The final question comes from the line of Dan Arias with Stifel.

絕對地。最後一個問題來自 Dan Arias 和 Stifel 的線路。

Frank, maybe just a follow-up on the instrument portfolio. You guys have a fairly wide range of price points there. I'm curious whether as you've watched demand evolve, you've noticed any break points or thresholds within certain customer groups or end markets, just when it comes to being above or below a certain level, seeming to draw less friction or more friction on orders as a trend emerge there at all?

弗蘭克，也許只是儀器組合的後續行動。你們那裡的價位範圍相當廣泛。我很好奇，當您觀察需求的演變時，您是否注意到某些客戶群或終端市場內的任何斷點或閾值，就在高於或低於某個水平時，似乎會減少或增加摩擦訂單摩擦是否已成為一種趨勢？

Can you give me an example, Dan, I want to make sure I understand the question.

你能給我舉個例子嗎，丹，我想確保我理解這個問題。

Well, I'm just thinking about the different product lines that you have and the price points that are attached to them and whether or not you're seeing some -- whether price sensitivity the order book has evolved has gotten lower? Or whether you're seeing certain customers just draw out their time lines, depending on where the ASP happens to fall? Basically price sensitivity in the instrument market for you guys.

好吧，我只是在考慮您擁有的不同產品線以及它們所附加的價格點，以及您是否看到一些 - 訂單簿的價格敏感性是否已經降低？或者您看到某些客戶只是根據 ASP 下降的位置來製定他們的時間表？對你們來說，基本上就是儀器市場的價格敏感度。

Yes. Sometimes we see -- we have the effect of currencies for people in some of the currencies that have been weakening, like the yen or China and Israel most recently, they have budgeted for our instruments. And then just before they're about to buy their currency drops some percent. But that's not a brand-new trend. So we always wrestle with that, and we try to figure it out with the customers, but it's not really a recent trend. It's just one of the things we deal with from time to time.

是的。有時我們會看到，我們對某些貨幣一直在走弱的人們產生了影響，例如日圓或最近的中國和以色列，他們為我們的工具制定了預算。然後就在他們即將購買貨幣之前，價格下跌了一些百分比。但這並不是全新的趨勢。所以我們總是在努力解決這個問題，並試圖與客戶一起解決這個問題，但這並不是最近的趨勢。這只是我們不時處理的事情之一。

I haven't seen any portfolio inflection points or so. I have not seen any -- I mean, our -- we actually had pretty good price realization. We didn't talk about that much. So price realization was behind inflation previously. We're now sort of where price realization at least keeps up with inflation and maybe even turn slightly positive.

我還沒有看到任何投資組合的轉折點。我沒有看到任何——我的意思是，我們的——我們實際上有相當好的價格實現。我們沒有談那麼多。因此，先前的價格實現落後於通貨膨脹。我們現在的價格實現至少跟上了通貨膨脹，甚至可能會稍微轉為正值。

So our pricing power has remained very solid, and our competitiveness has remained solid. So again, they'll need to update the question anyway. But the answer -- short answer would be, no, we haven't really seen any portfolio inflection points or something or excessive prices or significant price sensitivity.

所以我們的定價能力仍然非常穩固，我們的競爭力仍然穩固。所以，無論如何，他們都需要更新問題。但答案——簡短的回答是，不，我們還沒有真正看到任何投資組合轉折點或其他東西或過高的價格或顯著的價格敏感性。

I mean, price is always important. But ultimately, what's the best performance or what gives you the research or the results that you need. There's some industries semiconductor, they'll buy the best that works for them. If $1 billion [fab] it depends on them, and that's they get. The high end of proteomics is, most of the funding is going. People want the best as opposed to lower -- not a lot of lower-end proteomic sales right now, for example.

我的意思是，價格始終很重要。但最終，什麼是最好的性能，或什麼可以為您提供所需的研究或結果。有一些半導體產業，他們會購買最適合他們的產品。如果 10 億美元[fab]這取決於他們，那就是他們得到的。蛋白質體學的高端是，大部分資金都花在了上面。人們想要最好的而不是較低的——例如，現在不是很多低端蛋白質組銷售。

Okay. That's helpful. Just figure it out. If I could -- Frank, if I could just sneak -- can I just sneak one more in our Berkeley Lights, if I may. Those guys had some plans for some additions in the portfolio just in terms of lower-cost instruments and some application-specific stuff. Does your plan call for carrying forward that road map of theirs?

好的。這很有幫助。弄清楚吧。如果我可以——弗蘭克，如果我可以偷偷溜——我可以在我們的伯克利之光裡再偷偷放一個嗎？如果可以的話。這些人計劃在產品組合中增加一些低成本儀器和一些特定於應用的東西。您的計劃是否要求推進他們的路線圖？

Maybe early to say. But Mark, would you like to comment or defer until next year?

也許說得早。但是馬克，您想發表評論還是推遲到明年？

No, we can comment on it. So no -- that's correct. Some -- for example, the Beacon platform, they had launched some lower-priced precision products in terms of the Beacon Quest and Beacon Select in 2023 and those will continue onward. And then it kind of -- and what that's about, by the way, is helping expand to new segments, new markets. So all that -- those kind of prior road map trends will continue.

不，我們可以對此發表評論。所以不——這是正確的。有些－例如Beacon平台，他們在2023年推出了一些價格較低的精密產品，如Beacon Quest和Beacon Select，這些產品將持續下去。順便說一句，這就是幫助擴展到新的細分市場、新的市場。因此，所有這些——先前的路線圖趨勢將繼續下去。

Thank you. I would now like to pass the conference back over to the management team.

謝謝。我現在想將會議交還給管理團隊。

Thank you, everyone, for joining us today. I do want to note Bruker's CFO, Gerald Herman, will be presenting at the Jefferies Conference in London on November 14 and Bruker's leadership team looks forward to meeting with you at an event or speaking with you directly during the fourth quarter. Please feel free to reach out to me to arrange any follow-ups, and have a great day.

謝謝大家今天加入我們。我確實想指出，布魯克的財務長傑拉爾德·赫爾曼(Gerald Herman) 將於11 月14 日在倫敦舉行的Jefferies 會議上發表演講，布魯克的領導團隊期待在一次活動中與您會面或在第四季期間直接與您交談。請隨時與我聯繫以安排任何後續事宜，祝您有美好的一天。

That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。