Bruker Corp (BRKR) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Bruker Corporation First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded.

早安，歡迎參加布魯克公司 2024 年第一季財報電話會議。 （操作員說明）也請注意今天的活動正在錄製中。

I'd now like to turn the floor over to Justin Ward, Senior Director of Investor Relations and Corporate Development. Please go ahead.

現在我想請投資者關係和企業發展高級總監賈斯汀沃德 (Justin Ward) 發言。請繼續。

Thank you, and good morning, everybody. I would like to welcome everyone to Bruker Corporation's First Quarter 2024 Earnings Conference Call. My name is Justin Ward, and I am Bruker's Senior Director of Investor Relations and Corporate Development. Joining me on today's call are Frank Laukien, our President and CEO; and Gerald Herman, our Executive Vice President and CFO.

謝謝大家，大家早安。歡迎大家參加布魯克公司 2024 年第一季財報電話會議。我叫賈斯汀·沃德 (Justin Ward)，是布魯克的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；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. Reconciliation 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 our recent and pending acquisitions, geopolitical risks and wars as well as 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公司未來事件以及財務和營運業績做出前瞻性陳述，包括與我們最近和即將進行的收購、地緣政治風險和戰爭以及供應鏈相關的風險和不確定性、物流和通貨膨脹。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, 2023, as updated by other SEC filings, which are available on our website and on the SEC website. Also, please note that the following information is based on current business conditions and to our outlook as of today, May 2, 2024. You should not rely on these forward-looking statements as necessarily representing our views or outlook as of any date after today.

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 2023 年 12 月 31 日期間的 10-K 表格中討論的因素（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網站上。另請注意，以下資訊是根據當前業務狀況以及我們截至今天（2024 年5 月2 日）的展望。展望。

We will begin today's call with Frank providing an overview of our business progress. Gerald will then cover the financials for the first quarter of 2024 in more detail and share our updated 2024 financial outlook.

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 2024 年第一季的財務狀況，並分享我們更新的 2024 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. Good morning, everyone, and thank you for joining us on today's first quarter 2024 earnings call. I am excited to announce that we have just closed our ELITech acquisition on April 30, ahead of schedule, after we received all required regulatory clearances and also after the completion of the pre-closing carve-out of the ELITech clinical chemistry business that we did not wish to acquire.

謝謝你，賈斯汀。大家早安，感謝您參加今天的 2024 年第一季財報電話會議。我很高興地宣布，在我們收到所有必要的監管許可以及完成對 ELITech 臨床化學業務的交割前剝離之後，我們提前於 4 月 30 日完成了對 ELITech 的收購不希望獲得。

Accordingly, please note that in addition to our earnings release, we simultaneously have issued a second press release this morning, 7:00 a.m. Eastern, on the closing of our ELITech acquisition. We do encourage you to read both press releases for complementary information and perspectives. As a result, we are pleased to raise our constant exchange rate revenue growth guidance for fiscal year 2024 by 400 bps to 12% to 14%, as explained in detail later during this call.

因此，請注意，除了我們的財報發布之外，我們還同時發布了關於 ELITech 收購完成的第二份新聞稿，東部時間今天早上 7:00。我們鼓勵您閱讀兩份新聞稿以獲取補充資訊和觀點。因此，我們很高興將 2024 財年的固定匯率收入成長指引提高 400 個基點，達到 12% 至 14%，正如稍後在本次電話會議中詳細解釋的那樣。

Turning to our earnings release and Slide 4. Bruker finished the quarter of 2024 with 1.6% organic and 5.5% constant exchange rate or CER revenue growth despite about $15 million of revenue slippage into the second quarter and primarily because of a rather tough comparison to a very strong first quarter of 2023, in which, if you recall, we posted 17.6% organic growth a year ago.

轉向我們的財報發布和幻燈片 4。 。

So keep in mind that we had expected low single-digit organic revenue growth anyway in Q1 because of some pull forward of about 15 -- similar pull forward of about $15 million of revenues into the fourth quarter of '23 when customer site readiness and shipments just worked very well. So underlying demand for Bruker's products and solutions has remained solid with first quarter '24 book-to-bill for our BSI segment just below 1.0. So in the second quarter of 2024, we expect a reacceleration of our organic revenue growth, and we also expect double-digit constant exchange rate or CER revenue growth year-over-year.

因此，請記住，我們預計第一季的有機收入成長將呈現低個位數，因為在23 年第四季客戶站點準備就緒和出貨時，收入將提前約15 美元，類似的將約1500萬美元的收入提前。因此，對布魯克產品和解決方案的潛在需求依然強勁，24 年第一季我們 BSI 部門的訂單出貨比略低於 1.0。因此，在 2024 年第二季度，我們預計有機收入成長將重新加速，並且我們也預計固定匯率或 CER 收入將實現兩位數的同比增長。

As expected in the first quarter of '24, our margins compressed year-over-year, primarily because of the tough comparison to an unusually strong first quarter of '23 but also as a result of transitory factors such as the expected initial margin dilution from our recent acquisitions as well as less favorable mix in this quarter. We expect significant sequential margin improvement in the remainder of the year.

正如 24 年第一季的預期，我們的利潤率同比壓縮，主要是因為與 23 年第一季異常強勁的情況相比，但也由於一些暫時性因素，例如預期的初始利潤率稀釋我們最近的收購以及本季不太有利的組合。我們預計今年剩餘時間利潤率將顯著改善。

As we look to the remainder of 2024, with our solid backlog and pipeline, we expect to achieve above-market organic revenue and organic non-GAAP EPS growth. Accordingly, we are maintaining our fiscal year '24 guidance for organic revenue growth of 5% to 7%. Since our prior guidance in mid-February, we have closed the Chemspeed acquisition in the first quarter and now the ELITech acquisition on April 30. Both are now included in our updated guidance today.

展望 2024 年剩餘時間，憑藉我們堅實的積壓和管道，我們預計將實現高於市場的有機收入和有機非 GAAP 每股收益成長。因此，我們維持 24 財年有機收入成長 5% 至 7% 的指導。自 2 月中旬發布先前指引以來，我們已在第一季完成了對 Chemspeed 的收購，現在又於 4 月 30 日完成了對 ELITech 的收購。

As a result, we are increasing our reported revenue guidance by $60 million for reported revenue growth of 11% to 13% year-over-year, and we are increasing our non-GAAP EPS guidance by $0.08 to 8% to 10% non-GAAP EPS growth year-over-year. Please note that our updated May 2 guidance today does not yet include the pending NanoString acquisition, which is expected to be EPS dilutive and which we hope to close in the second quarter. For further information on the pending NanoString acquisition, I refer you to our press release issued on Monday, April 22.

因此，我們將報告的收入指導提高了6000 萬美元，報告的收入同比增長11% 至13%，並將非GAAP 每股收益指導提高了0.08 美元，將非GAAP 的指導提高了8% 至10% 。請注意，我們今天更新的 5 月 2 日指引尚未包括懸而未決的 NanoString 收購，該收購預計將稀釋每股收益，我們希望在第二季完成。有關即將進行的 NanoString 收購的更多信息，請參閱我們於 4 月 22 日星期一發布的新聞稿。

Continuing on Slide 4. Bruker's first quarter '24 reported revenues increased 5.3% year-over-year to $721.7 million, which included an M&A tailwind of 3.8%. On an organic basis, revenues increased 1.6%, which included flat organic revenues in our BSI segment and 18.9% organic growth at BEST net of intercompany eliminations, while the FX headwind was minor at 0.1%. This all implies constant exchange rate or CER revenue growth of 5.5% year-over-year.

繼續投影片 4。在有機基礎上，營收成長了 1.6%，其中包括 BSI 部門的有機收入持平，以及 BEST 扣除公司間抵銷後有機成長 18.9%，而外匯阻力較小，為 0.1%。這一切都意味著匯率不變或 CER 收入年增 5.5%。

Our first quarter 2024 non-GAAP operating margin was 14.0%, down 630 bps due to the factors that I described earlier. In the first quarter of '24, Bruker reported GAAP diluted EPS of $0.35 compared to $0.52 in the first quarter of '23. On a non-GAAP basis, first quarter '24 diluted EPS was $0.53, down from $0.64 in the first quarter of '23.

由於我之前描述的因素，我們 2024 年第一季的非 GAAP 營業利潤率為 14.0%，下降了 630 個基點。布魯克報告稱，2024 年第一季的 GAAP 攤薄後每股收益為 0.35 美元，而 23 年第一季為 0.52 美元。以非公認會計準則計算，24 年第一季攤薄後每股收益為 0.53 美元，低於 23 年第一季的 0.64 美元。

Right. Please turn to Slides 5 and 6 now, where we highlight the first quarter '24 CER performance by our 3 Scientific Instruments groups and of our BEST segment all year-over-year. In the first quarter of '24, BioSpin Group revenue was $183 million with low single-digit percentage CER growth. BioSpin saw growth across biopharma, academic/government and industrial research markets without any gigahertz-class system in Q1 '24 revenue. By the way, in 2024, we expect revenue from 3 gigahertz-class NMRs, including one in the second quarter. We also closed the Chemspeed Lab automation acquisition, and we will be talking about that further in the future when we update you on our medium-term targets.

正確的。現在請轉到幻燈片 5 和 6，其中我們重點介紹了我們的 3 個科學儀器小組以及我們的最佳細分市場的全年同比 24 年第一季 CER 表現。 2024 年第一季，BioSpin 集團營收為 1.83 億美元，CER 成長率較低，為個位數百分比。 BioSpin 在 24 年第一季的收入中看到了生物製藥、學術/政府和工業研究市場的成長，而沒有任何千兆赫級系統。順便說一句，到 2024 年，我們預計 3 GHz 級 NMR 會帶來收入，其中包括第二季的收入。我們也完成了對 Chemspeed Lab 自動化的收購，當我們向您介紹我們的中期目標時，我們將在未來進一步討論這個問題。

Moving on to CALID in Q1 '24. Our CALID Group had revenue of $228 million, and its CER declined in the low single-digit percentage, primarily due to the timing of shipments slipping from Q1 into Q2 as well as to top comps in the prior year first quarter.

24 年第 1 季繼續進行 CALID。我們的 CALID 集團營收為 2.28 億美元，其 CER 下降幅度較低，主要是由於出貨時間從第一季滑到第二季以及去年第一季的頂級競爭對手。

On Slide 6. Q1 '24 Bruker NANO revenue was $240 million, and NANO achieved CER revenue growth in the mid-teens percentage with strong revenue growth in academic/government, aca/gov, industrial and semiconductor metrology. The artificial intelligence or AI mega trend continues to be a tailwind for our semiconductor metrology and advanced packaging tools business.

在幻燈片 6 上。人工智慧或人工智慧大趨勢繼續成為我們的半導體計量和先進封裝工具業務的順風車。

Finally, Q1 '24 BEST CER revenues grew in the high teens percentage net of intercompany eliminations, driven by solid superconductor demand as well as by growth in Big Science and FUSION research projects and our emerging key extreme UV or EUV technologies for semiconductor lithography tools by a very large OEM customers, also in support of strong AI demand.

最後，在固體超導體需求以及大科學和融合研究項目的成長以及我們用於半導體光刻工具的新興關鍵極端紫外線或EUV 技術的推動下，24 年第一季BEST CER 收入在扣除公司間消除後淨額中實現了高兩位數的成長。

Let me take a quick excursion from financials to a couple of further product introductions on Slide 7 and 8. At U.S. HUPO, in the first quarter, we continued with 40 proteomics tools and workflows and software. And in this year, we highlight both immunopeptidomes, which are very important in immuno-oncology, and separately, glycoproteomics, of course, all of the 4D versions that we do on our timsTOF platform.

讓我快速瀏覽一下投影片 7 和 8 上的財務介紹，進一步介紹一些產品。今年，我們重點介紹了在免疫腫瘤學中非常重要的免疫肽組，以及糖蛋白組學，當然還有我們在 timsTOF 平台上所做的所有 4D 版本。

And without going into a lot of details here, both of them are excellent examples of things that are not templated in the DNA. They're not in our genes, at least not in any way that we know. So they are excellent examples of additional post-genomic information that is absolutely needed to understand biology and disease biology. And we are a leader on that same timsTOF platform, in 4D-Proteomics and its applications, the 2 examples that are both quite important in immunopeptidomics and 4D glycoproteomics.

這裡無需贅述太多細節，它們都是 DNA 中未模板化事物的絕佳例子。它們不存在於我們的基因中，至少不以我們所知的任何方式存在。因此，它們是理解生物學和疾病生物學絕對需要的額外後基因組資訊的絕佳例子。我們是同一 timsTOF 平台上 4D 蛋白質體學及其應用的領導者，這兩個例子在免疫勝肽組學和 4D 糖蛋白質組學中都非常重要。

The other examples are from product introductions that we had at our recent most important NMR conference of the year, the ENC, which was actually in April in California. And we introduced both new enabling scientific capabilities -- for new scientific capabilities in structural biology, particularly of membrane proteins of -- aggregates of many membrane proteins are important targets or our signaling proteins.

其他範例來自我們最近在年度最重要的 NMR 會議 ENC 上進行的產品介紹，該會議實際上於 4 月在加利福尼亞州舉行。我們引入了新的科學能力——結構生物學中的新科學能力，特別是膜蛋白——許多膜蛋白的聚集體是重要的目標或我們的訊號蛋白。

And there, by the way, they're also not something that AlphaFold or cryo-EM or crystallography handled very well. They're one of the very important areas where NMR plays a crucial role. And again, without scientific details, having ultrafast spinning probes give us much higher resolution for things that could never be seen before by scientists. And a separate introduction of a technology for DMP, which stands for dynamic nuclear polarization, can increase sensitivity for some of these methods, in fact, by factors of the order of 100. So it's really game-changing and enabling.

順便說一句，AlphaFold、冷凍電鏡或晶體學也不能很好地處理它們。它們是核磁共振發揮關鍵作用的非常重要的領域之一。再說一遍，在沒有科學細節的情況下，超快旋轉探針可以為我們提供更高的分辨率，以實現科學家以前從未見過的事物。單獨引入 DMP 技術（代表動態核極化）可以將其中一些方法的靈敏度提高 100 倍。

On the other hand, we also want to make -- broaden the adoption of NMR and make it much more accessible. A really wonderful new magnet introduction is this Ascend Evo 600 NMR magnet with a 1-year Helium hold time. This is more than doubled from before. So it's quite a technological marvel. And again, I think it will be warmly welcomed by all existing NMR labs but also the new labs in biopharma research, in clinical metabolism, clinical research, where previously, they hadn't handled NMR but would like to use it. Makes it much more accessible and available for broader markets.

另一方面，我們也希望擴大 NMR 的應用範圍並使其更容易使用。一款真正精彩的新磁鐵介紹是這款 Ascend Evo 600 NMR 磁鐵，氦氣保持時間為 1 年。這比之前增加了一倍以上。所以這真是個科技奇蹟。再說一遍，我認為它將受到所有現有 NMR 實驗室以及生物製藥研究、臨床代謝、臨床研究領域的新實驗室的熱烈歡迎，以前他們沒有處理過 NMR，但想使用它。使其更容易進入並適用於更廣泛的市場。

And last but not least, for biotech and biopharma process analytical integration or PAT integration, the Fourier 80, which is our noncryogenic benchtop FT-NMR, if you recall, has now been more broadly available for this biopharma QC world. All very, very good developments on which we want to update you from time to time.

最後但並非最不重要的一點是，對於生物技術和生物製藥製程分析集成或PAT 集成，如果您還記得的話，Fourier 80（我們的非低溫台式FT-NMR）現在已更廣泛地用於該生物製藥QC 領域。所有這些都非常非常好的進展，我們希望不時向您通報最新情況。

Now in summary, and as I wrap up my remarks, Bruker delivered solid constant exchange rate growth, albeit with weaker margins and EPS in the first quarter of 2024. We expect some margin and EPS dilution from our acquisitions in 2024 because we have been able to acquire several strategically very important businesses at reasonable valuations.

現在總而言之，在我結束發言時，布魯克實現了穩健的恆定匯率增長，儘管2024 年第一季的利潤率和每股收益較弱。因為我們已經能夠以合理的估值收購幾項具有戰略意義的重要業務。

We expect that our Bruker management process applied to these acquired businesses will significantly improve their financial performance over time and drive their long-term profitable growth. We anticipate also that these strategic acquisitions will enable strong returns on invested capital or ROICs in the future, something that is important to Bruker's business culture of disciplined entrepreneurialism and also for long-term shareholder value creation.

我們預計，應用於這些被收購企業的布魯克管理流程將隨著時間的推移顯著改善其財務業績，並推動其長期獲利成長。我們也預計，這些策略性收購將在未來帶來豐厚的投資資本回報或投資報酬率，這對於布魯克紀律嚴明的創業精神的商業文化以及創造長期股東價值非常重要。

So with those comments, let me turn the call over to our Chief Financial Officer, Gerald Herman, who will review Bruker's first quarter financial performance in more detail and provide our updated fiscal year '24 guidance and assumptions. Gerald?

因此，基於這些評論，讓我將電話轉給我們的財務長 Gerald Herman，他將更詳細地審查布魯克第一季的財務業績，並提供我們更新的 24 財年指導和假設。傑拉爾德？

Thank you, Frank, and thank you, everyone, for joining us today. I'm pleased to provide some more detail on Bruker's first quarter 2024 financial performance starting on Slide 10, which shows the revenue bridge for the first quarter of 2024.

謝謝弗蘭克，也謝謝大家今天加入我們。我很高興從幻燈片 10 開始提供有關布魯克 2024 年第一季度財務業績的更多詳細信息，該幻燈片顯示了 2024 年第一季度的收入橋樑。

Revenue was up $36 million or 5.3%, reflecting organic growth of 1.6%. Acquisitions added 3.8% to our top line, while foreign exchange was a 0.1% headwind, resulting in constant exchange rate revenue growth of 5.5% year-over-year. Frank has already covered the drivers of revenue growth for the quarter.

營收成長 3,600 萬美元，成長 5.3%，有機成長 1.6%。收購使我們的收入增加了 3.8%，而外匯則帶來了 0.1% 的不利影響，導致匯率收入年增 5.5%。弗蘭克已經介紹了本季營收成長的驅動因素。

Geographically and on an organic basis in the first quarter of 2024, our Americas revenue grew in the mid-single-digit percentage. European revenue grew in the high single-digit percentage. Asia Pacific revenue declined in the single-digit percentage range, primarily due to softness in Japan, all year-over-year. For our EMEA region, first quarter 2024 revenue was up mid-teens percentage year-over-year.

從地理和有機角度來看，2024 年第一季我們的美洲收入實現了中個位數百分比成長。歐洲收入以高個位數百分比成長。亞太地區營收年減個位數，主要是因為日本市場疲軟。對於我們的 EMEA 地區，2024 年第一季的營收年增了百分之十左右。

Slide 11 shows our Q1 2024 P&L performance on a non-GAAP basis. Non-GAAP gross margin of 51.2% decreased 220 basis points from 53.4% in the first quarter of '23, impacted primarily by mix, acquisition and FX headwinds and a challenging prior year comp.

投影片 11 顯示了我們在非 GAAP 基礎上的 2024 年第一季損益表現。非 GAAP 毛利率為 51.2%，比 2023 年第一季的 53.4% 下降了 220 個基點，這主要受到組合、收購和外匯不利因素以及具有挑戰性的上年比較的影響。

First quarter 2024 non-GAAP operating margin of 14.0% was 630 basis points lower than the 20.3% margin we posted in the first quarter of '23. This decline is attributable to most of the same factors impacting gross margin, product mix, acquisition and foreign exchange headwinds and a challenging prior year comp. We expect Bruker's non-GAAP operating margins to improve sequentially in the second quarter and significantly in the second half of 2024.

2024 年第一季非 GAAP 營運利潤率為 14.0%，比我們在 2023 年第一季公佈的 20.3% 低 630 個基點。這一下降歸因於影響毛利率、產品組合、收購和外匯逆風的大部分相同因素以及具有挑戰性的上一年比較。我們預計布魯克的非 GAAP 營業利潤率將在第二季連續改善，並在 2024 年下半年顯著改善。

For the first quarter of 2024, our non-GAAP effective tax rate was 26.7%, a modest improvement from the 27.8% in the first quarter of '23, resulting from favorable jurisdictional mix. Weighted average diluted shares outstanding in the first quarter of 2024 were 145.9 million, a reduction of 1.7 million shares or 1.2% from the first quarter of '23, resulting from our share repurchases.

2024 年第一季度，我們的非 GAAP 有效稅率為 26.7%，較 2023 年第一季的 27.8% 略有改善，這得益於有利的司法管轄區組合。由於我們的股票回購，2024 年第一季加權平均稀釋後流通股為 1.459 億股，比 2023 年第一季減少 170 萬股，即 1.2%。

Finally, Q1 2024 non-GAAP EPS of $0.53 was down 17.2% compared to the first quarter of 2023, primarily due to the margin compression factors previously detailed. We experienced about $0.05 of non-GAAP EPS dilution from the Bruker Cellular Analysis, formerly PhenomeX, acquisition in the first quarter of 2024. With the rightsizing actions we've already taken, we expect our BCA business to reach breakeven by 2026.

最後，2024 年第一季非 GAAP 每股收益為 0.53 美元，較 2023 年第一季下降 17.2%，這主要是由於先前詳述的利潤率壓縮因素。由於2024 年第一季收購Bruker Cellular Analysis（前身為PhenomeX），我們的非GAAP 每股盈餘稀釋了約0.05 美元。平衡。

We generated $21.8 million of operating cash flow in the first quarter 2024. Our capital expenditure investments were $21.4 million, resulting in free cash flow of $0.4 million in the first quarter of 2024. This reflects a decrease in cash flow of approximately $62.1 million over Q1 of '23 driven by lower net income and higher working capital levels, mostly impacted by our recent acquisitions.

我們在2024 年第一季產生了2,180 萬美元的營運現金流。季度減少了約6210 萬美元'23 的增長是由淨利潤較低和營運資本水平較高推動的，這主要是受到我們最近收購的影響。

We finished the first quarter with cash, cash equivalents and short-term investments of approximately $340 million. During the first quarter, we used cash to fund acquisitions, capital expenditures and select Project Accelerate 2.0 initiatives.

第一季結束時，我們的現金、現金等價物和短期投資約為 3.4 億美元。在第一季度，我們使用現金來資助收購、資本支出和選擇 Project Accelerate 2.0 計劃。

In the first quarter of 2024, we completed a series of debt financing actions to fund our recent acquisitions, including the larger ELITech transaction. We upsized our revolving credit facility to $900 million issued CHF 431 million private placement senior notes with 10-, 12- and 15-year maturities at average interest rates of about 2.6% and closed on a CHF 450 million term loan structure with 5-, 7- and 10-year maturities carrying interest rates of about 3%. These financings provide us with flexibility to support strategic acquisitions like ELITech and our pending NanoString acquisition and delever over time.

2024 年第一季度，我們完成了一系列債務融資行動，為我們最近的收購提供資金，其中包括更大的 ELITech 交易。我們將循環信貸額度擴大至9 億美元，發行了4.31 億瑞士法郎的私募高級票據，期限為10 年、12 年和15 年，平均利率約為2.6%，並完成了4.5 億瑞士法郎的定期貸款結構，期限為5-、 7 年期和 10 年期債券的利率約為 3%。這些融資為我們提供了靈活性，可以支持 ELITech 等策略性收購以及我們即將進行的 NanoString 收購並隨著時間的推移進行去槓桿化。

Turning now to Slide 14. We are maintaining our organic revenue growth guidance and organic non-GAAP EPS prior guidance from February 13, '24. We're updating our 2024 outlook to include the recently closed acquisitions of ELITech and Chemspeed as well as changes in foreign currency. It does not include the pending NanoString acquisition, which was covered in our April 22nd press release.

現在轉向投影片 14。我們正在更新 2024 年展望，其中包括最近完成的 ELITech 和 Chemspeed 收購以及外匯變更。它不包括即將進行的 NanoString 收購，這在我們 4 月 22 日的新聞稿中進行了介紹。

Our updated guidance for reported revenue is $3.29 billion to $3.35 billion, up $60 million from prior guidance, representing growth of 11% to 13% compared to 2023. As noted earlier by Frank, this guidance maintains our full year '24 organic revenue growth of 5% to 7% year-over-year. It also reflects an estimated foreign currency headwind of about 1% and acquisitions contributing now about 7% to revenue growth year-over-year. This guidance now implies constant exchange rate, CER, revenue growth of 12% to 14% in full year 2024 year-over-year.

我們對報告收入的更新指引為32.9 億美元至33.5 億美元，比先前的指引增加了6,000 萬美元，與2023 年相比成長了11% 至13%。 正如Frank 早些時候指出的，該指引維持了我們24 年全年的有機收入成長年增5%至7%。它也反映出預計約 1% 的外匯逆風以及目前收購對營收年增率的貢獻約 7%。該指引現在意味著，在固定匯率 (CER) 的情況下，2024 年全年營收年增 12% 至 14%。

For non-GAAP operating margins in 2024, following strong organic operating improvement of about 130 basis points in 2023, we expect 2024 organic operating margin improvement of about 50 basis points. For non-GAAP operating margins all in, we expect about a 60 basis point decline from the prior year due to a combined acquisition and foreign exchange headwind of about 110 basis points. As we explained in the simultaneous ELITech closing press release this morning, we expect ELITech to be immediately accretive to Bruker margins.

對於 2024 年的非 GAAP 營運利潤率，繼 2023 年有機營運利潤率強勁增長約 130 個基點之後，我們預計 2024 年有機營運利潤率將增長約 50 個基點。對於非 GAAP 營業利潤率，我們預計由於合併收購和外匯不利因素約 110 個基點，將比上年下降約 60 個基點。正如我們在今天早上同時發布的 ELITech 收盤新聞稿中所解釋的那樣，我們預計 ELITech 將立即增加布魯克的利潤率。

On the bottom line, we're now guiding to non-GAAP EPS for 2024 in a range of $2.79 to $2.84, up $0.08 from the accretive ELITech acquisition. This translates to non-GAAP EPS growth guidance of 8% to 10% compared to 2023. Other guidance assumptions are listed on the slide. Our fiscal year 2024 ranges have been updated for foreign currency rates as of March 31, 2024.

總而言之，我們目前預計 2024 年非 GAAP 每股收益在 2.79 美元至 2.84 美元之間，較增值 ELITech 收購上漲 0.08 美元。這意味著與 2023 年相比，非 GAAP 每股盈餘成長指引為 8% 至 10%。截至 2024 年 3 月 31 日，我們的 2024 財年範圍已更新為外幣匯率。

One additional note on quarterly phasing for the year. We expect second quarter organic revenue to be up mid-single digits organically year-over-year. We also expect to see sequential improvement in non-GAAP operating margin performance in the second quarter of 2024 and significant improvement in the second half of 2024.

關於今年季度分階段的附加說明。我們預計第二季有機收入將年比有機成長中個位數。我們也預期 2024 年第二季非 GAAP 營業利潤率表現將較上季改善，2024 年下半年將顯著改善。

We expect to host a follow-up call with investors and sell-side analysts within a few weeks after the closing of our NanoString acquisition. During this call, we plan to provide additional information on our recent significant acquisitions, including Chemspeed, ELITech and NanoString, and update our medium-term outlook for fiscal year 2026 financial targets.

我們預計將在 NanoString 收購完成後幾週內與投資者和賣方分析師舉行後續電話會議。在這次電話會議中，我們計劃提供有關我們最近重大收購的更多信息，包括 Chemspeed、ELITech 和 NanoString，並更新我們對 2026 財年財務目標的中期展望。

Finally, I echo Frank's earlier comments on the importance of these recent acquisitions. While we expect some margin dilution initially from certain acquisitions, these are excellent additions to complement the portfolio transformation underway at Bruker and expected to contribute solid profitable growth and strong ROIC performance to our shareholders over the next few years.

最後，我同意弗蘭克先前對這些近期收購的重要性的評論。雖然我們預計某些收購最初會稀釋一些利潤，但這些都是對布魯克正在進行的投資組合轉型的補充，預計將在未來幾年為我們的股東帶來穩健的利潤增長和強勁的投資回報率表現。

To wrap up, Bruker delivered solid constant exchange rate revenue growth in the first quarter of 2024, and we're well positioned to deliver above-market revenue growth and organic non-GAAP EPS growth in 2024.

總而言之，布魯克在 2024 年第一季實現了穩定的固定匯率營收成長，我們完全有能力在 2024 年實現高於市場的營收成長和有機非 GAAP 每股盈餘成長。

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

至此，我想將電話轉給賈斯汀，開始問答部分。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. (Operator Instructions) Operator, we're ready for the Q&A portion.

謝謝你，傑拉爾德。我現在想將通話轉給接線員以開始呼叫的問答部分。 （操作員指示）操作員，我們已準備好進行問答部分。

(Operator Instructions) Our first question today comes from Puneet Souda from Leerink Partners.

（操作員說明）我們今天的第一個問題來自 Leerink Partners 的 Puneet Souda。

My first one is on the revenue slippage you talked about. Is that just a pull forward into the 4Q '23 and thus not expected going forward? And just overall, with the mid-single-digit expectations for the second quarter, can you just elaborate what you're seeing in terms of the overall demand, your ability to deliver from the backlog and any bookings growth that you can talk about? And then I have a follow-up.

我的第一個問題是關於你提到的收入下滑。這是否只是 23 年第四季的一個拉動，因此預計不會繼續下去？總體而言，鑑於第二季度的中個位數預期，您能否詳細說明您在整體需求、積壓訂單交付能力以及您可以談論的任何預訂成長方面所看到的情況？然後我有一個後續行動。

Yes. Thank you, Puneet. It's Frank. So yes, as you recall, our Q4 of last year was strong, even stronger than we had expected. Usually, some things slip into Q1, and all the site readiness and export permits, I mean, it was near -- nearly everything went flawlessly. And so yes, with that, we had already expected a low single-digit organic revenue growth for Q1, and we had signaled that previously.

是的。謝謝你，普內特。是弗蘭克。所以，是的，正如您所記得的，我們去年第四季的表現很強勁，甚至比我們預期的還要強勁。通常，有些事情會進入第一季度，所有的現場準備和出口許可，我的意思是，它已經接近 - 幾乎一切都進展順利。因此，是的，我們已經預計第一季的有機收入成長率將為低個位數，並且我們之前已經表示過這一點。

And then it was a little lower than we would have liked with about $15 million that's slipping into Q2, which is what we acknowledged here. There's essentially no risk of any of that getting canceled. That will come in, in Q2. Those were the usual export permits, site readiness or sometimes some logistical issues that the system does not go in. But there's no risk issue, and it's not a reflection of any demand.

然後，它比我們希望的要低一些，大約 1500 萬美元流入第二季度，這是我們在這裡承認的。基本上不存在任何被取消的風險。這將在第二季度出現。這些是通常的出口許可證、場地準備或有時系統未考慮的一些後勤問題。

With that, we ended up at the 1.6% organic growth, which is a bit weaker than we would have liked. But as always, it's best to look at Bruker as an average over several quarters. And I think we'll have a decent mid-single-digit or perhaps better Q2 organic revenue growth and expect double-digit CER growth in the second quarter. So that's the cadence.

這樣，我們最終實現了 1.6% 的有機成長，這比我們希望的要弱一些。但與往常一樣，最好將布魯克視為幾季的平均值。我認為第二季我們將實現中等個位數或更好的有機收入成長，並預計第二季的固定匯率將實現兩位數成長。這就是節奏。

Got it. Super helpful. And then, Frank, I mean, I can't recall a time when Bruker had these many number of acquisitions in such a short period of time. So look, first of all, it's great to see you picking up a number of these excellent technologies for the post-genomics era that you've talked about. But 2 questions that investors are struggling with. When we look at -- what do these acquisitions mean for potential dilution? And I know you're going to talk about that on the follow-up call, but any sort of directional read that you can provide us on into how to think about these in 2025?

知道了。超有幫助。然後，弗蘭克，我的意思是，我不記得布魯克在如此短的時間內進行過如此多的收購。首先，很高興看到您為您所談論的後基因組時代採用了許多出色的技術。但投資者正在努力解決兩個問題。當我們考慮這些收購對潛在稀釋意味著什麼？我知道您將在後續電話會議上討論這一點，但是您可以向我們提供任何有關 2025 年如何思考這些問題的定向讀物嗎？

And then more importantly, I mean, if you could elaborate a bit on how your plants are looking in terms of integration priorities and -- because it does seem like there's significant undertaking versus what Bruker might have done in the past, and that is likely to have some impact on the inorganic growth and EPS in the near term and medium term as well. So maybe just talk to us about the integration and how you're thinking about that.

更重要的是，我的意思是，如果您能詳細說明一下您的工廠在整合優先事項方面的情況，因為與布魯克過去可能所做的事情相比，這似乎確實是一項重大的任務，而且這很可能對短期和中期的無機成長和每股盈餘也有一定影響。因此，也許只需與我們討論整合以及您對此的看法。

Yes. So I'll sort of do it in reverse order, Puneet. I'm actually very confident on the integration and that we have the bandwidth to do this. It turns out because we are -- we have 3 very strong groups plus BEST, we really have the management capacity and the integration capacity as if we were almost 3 companies. I mean obviously, we're one company, but it turns out the ELITech business and a number of these smaller acquisitions that were done by our Bruker Optics division previously, that's all within CALID. And they're handling that really, except for financing and some high-level corporate matters. Really very, very focused. And I'm convinced they're going to handle that very well. And they're handling very well the smaller ones that they've done already.

是的。所以我會以相反的順序來做，Puneet。事實上，我對整合非常有信心，而且我們有足夠的頻寬來做到這一點。事實證明，因為我們——我們有3個非常強大的團隊加上BEST，我們確實擁有管理能力和整合能力，就好像我們幾乎是3家公司一樣。我的意思顯然是，我們是一家公司，但事實證明 ELITech 業務以及我們的 Bruker Optics 部門之前完成的許多小型收購都在 CALID 內。除了融資和一些高層公司事務外，他們確實在處理這些事情。真的非常非常專注。我相信他們會很好地處理這個問題。他們已經很好地處理了較小的問題。

Chemspeed and some of these software acquisitions that you've seen recently are very much part of the BioSpin Group. So we have a really a separate group. It's kind of a modular setup where they're pursuing that and really are doing a great job with that. So again, it doesn't -- it's not that these things are all piling up on us except at the highest level where we provide the strategic direction and the support and the financing, of course. And ultimately -- and that's where there is more work to be done. I mean we did not expect either that we would be able to acquire the former PhenomeX, now Bruker Cellular Analysis. And then that NanoString would already in Q2 run into their Chapter 11 reorganization.

Chemspeed 和您最近看到的一些軟體收購很大程度上是 BioSpin 集團的一部分。所以我們有一個真正獨立的團隊。這是一種模組化的設置，他們正在追求這一點，並且確實做得很好。所以，再說一次，並不是這些事情都堆積在我們身上，當然，除了我們提供策略方向、支持和融資的最高層。最終——這就是還有更多工作要做的地方。我的意思是，我們也沒想到能夠收購以前的 PhenomeX，也就是現在的 Bruker Cellular Analysis。然後 NanoString 已經在第二季度遇到了他們的第 11 章重組。

And so this wasn't going to wait until Q4 or until we get around until next year. This was an opportunity, a strategic opportunity that's incredible. A complicated situation, we'll admit that. But on the other hand, what an opportunity to build -- to buy not only a gene expression business. Their gene expression business with nCounter is quite nice. But really hopefully close to -- I mean, this hasn't closed yet, but to acquire hopefully soon, and it's under agreement, in an asset deal, the spatial biology business, which is one of the leading spatial transcriptomics businesses, as you know.

因此，這不會等到第四季度，也不會等到明年。這是一個機會，一個令人難以置信的戰略機會。情況很複雜，我們承認這一點。但另一方面，這是多麼好的機會——不僅僅是購買基因表現業務。他們與 nCounter 的基因表現業務相當不錯。但真的希望接近——我的意思是，這還沒有結束，但希望很快就能收購，並且已經達成協議，在一項資產交易中，空間生物學業務，這是領先的空間轉錄組學業務之一，如你所見知道。

So those were incredible strategic opportunities, and again, at valuations that are absolutely compelling and will lead to great ROICs. So that is very unusual for Bruker to have done many acquisitions. But on the other hand, the opportunities that we had and the flexibility and the organizational bandwidth that we have allow us to do that.

因此，這些都是令人難以置信的策略機會，而且估值絕對具有吸引力，並將帶來巨大的投資報酬率。因此，布魯克進行多次收購是很不尋常的。但另一方面，我們擁有的機會、靈活性和組織頻寬使我們能夠做到這一點。

On '25 and '26, if I may defer you to this little mini Investor Day that we hope to do within -- as a virtual call only within weeks after we close NanoString. Hopefully, we get to close NanoString in the second quarter. And then hopefully, within weeks, Justin will be setting up a 2-hour call where we present and have the division leaders of those new businesses, present Chemspeed, present ELITech and hopefully present NanoString. And then, of course, Gerald and I will wrap it all up and tell you how that affects and accelerates our medium-term outlook for 2026. That's our present plan.

在 25 和 26 年，我可以推遲您參加我們希望在之內舉辦的小型投資者日活動——僅在我們關閉 NanoString 後幾週內進行一次虛擬電話會議。希望我們能在第二季關閉 NanoString。然後希望在幾週內，賈斯汀將安排一個 2 小時的電話會議，我們將在會議上介紹這些新業務的部門領導，介紹 Chemspeed、介紹 ELITech，並希望介紹 NanoString。當然，傑拉德和我將總結這一切，並告訴大家這將如何影響和加速我們 2026 年的中期展望。

Other than that, we prefer not to comment on NanoString today because it's still pending. And as you know, we tend to be very disciplined. Now we talk about ELITech now that it's closed, and we'll talk about NanoString more when that closes, hopefully in the second quarter.

除此之外，我們今天不想對 NanoString 發表評論，因為它仍然懸而未決。如您所知，我們往往非常自律。現在我們談論 ELITech，因為它已經關閉，我們將在它關閉時更多地談論 NanoString，希望是在第二季。

Our next question comes from Patrick Donnelly from Citi.

我們的下一個問題來自花旗集團的派崔克唐納利。

Frank, maybe just one on kind of the order backdrop, a little more real time. It sounds like the book-to-bill was a little bit below 1 in BSI. Can you just talk about what you're seeing on the order front, maybe on the academic side, in particular, what the conversations there with customers are and just expectations as we go forward here?

弗蘭克，也許只是一種訂單背景，更即時一點。聽起來 BSI 中的訂單出貨比略低於 1。您能否談談您在訂單方面所看到的情況，也許是在學術方面，特別是與客戶的對話是什麼，以及我們在這裡前進的期望？

Yes. Our -- we didn't use up much backlog in the first quarter because of some revenue slippage. So our backlog coverage is still about 7.5 months. So that's remained strong. And academic/government in the U.S. and in Europe has been decent. We've had also reasonable, except for China, reasonable bookings in biopharma, diagnostics. MALDI Biotyper is doing well, certainly on the consumables side.

是的。由於營收下滑，我們在第一季沒有用完太多積壓訂單。所以我們的積壓覆蓋率仍然約為 7.5 個月。所以這仍然很強勁。美國和歐洲的學術/政府一直都不錯。除中國外，我們在生物製藥和診斷領域的預訂也很合理。 MALDI Biotyper 表現良好，尤其是在消耗品方面。

So it's not a fantastic macro environment out there, right? But it's decent, and it's sort of the bookings and in all the various markets, geography or by market -- by end market are about as expected, which is slower growth but still organic growth for us. Yes. So the macro environment isn't exciting, but it is also not deteriorating. And it is about as we expected given our tool set and portfolio transformation, which, as you've seen, does allow us with above-market 5% to 7% organic revenue growth this year. We're really quite confident with that.

所以這並不是一個非常棒的宏觀環境，對吧？但這是不錯的，而且在所有不同的市場、地理位置或市場（按終端市場）中，預訂量都與預期一致，雖然增長較慢，但對我們來說仍然是有機增長。是的。因此，宏觀環境並不令人興奮，但也沒有惡化。考慮到我們的工具集和投資組合轉型，這與我們的預期基本一致，正如您所看到的，這確實使我們今年的有機收入成長高於市場 5% 至 7%。我們對此非常有信心。

Okay. That's helpful. And then maybe you touched on China briefly in the answer there. Can you just talk about the trends over there? I mean there's been some debate about stimulus loan program, whatever you want to call it. What you're seeing there, what the conversations look like in China and expectations for the year would be helpful.

好的。這很有幫助。然後也許你在回答中簡短地提到了中國。能簡單談談那邊的趨勢嗎？我的意思是，關於刺激貸款計劃存在一些爭論，無論你怎麼稱呼它。你在那裡看到的情況、中國的對話情況以及今年的期望都會有所幫助。

Patrick, it's Gerald. I'll take this one. So from a perspective of China, I mean our -- we are -- it's still early days, I guess I'd say, with respect to this loan stimulus program that's being considered. We've heard some conversation on the Street about how that's going to play out. We don't expect to see that transfer itself into real orders probably until certainly the second half.

派崔克，我是傑拉德。我要這個。因此，從中國的角度來看，我的意思是，我們正在考慮的貸款刺激計劃還處於早期階段。我們在華爾街聽到了一些關於這將如何發展的對話。我們預計直到下半年才會看到這種情況轉變為實際訂單。

Our understanding is that it's a relatively broad stimulus program targeting equipment upgrade. And certainly in the technology area over multiple years, our expectation is that will ultimately result in a tailwind for Bruker. But we don't really have any further details on exactly the timing or exactly which products would be impacted. That's what I guess I can say about that. We still continue to feel pretty strong about the overall performance in China over time. But obviously, there's been some challenges there from a macro perspective.

我們的理解是，這是一項針對設備升級的相對廣泛的刺激計劃。當然，在技術領域多年來，我們的期望最終將為布魯克​​帶來順風。但我們並沒有關於具體時間或具體哪些產品會受到影響的更多細節。我想這就是我能說的。隨著時間的推移，我們仍然對中國的整體表現感到相當強勁。但顯然，從宏觀角度來看，存在一些挑戰。

Very fundamentally, China has again made and clarified they are very strong and exceptionally strong commitment to science and technology. And that's a very high priority for them and for their investments as a country, which bodes well for the entire industry. It also does bode quite well for us with more of an academic/government exposure or, I mean, more participation in China, whereas we got a little lucky that we're not so exposed to their biopharma or CRO markets, which obviously have been and probably continue to struggle to some of that -- to some extent also because of geopolitical risks. Anyway, so that's bypassing us mostly.

從根本上講，中國再次做出並明確了他們對科學技術的非常堅定和異常堅定的承諾。這對他們和他們作為一個國家的投資來說是一個非常重要的優先事項，這對整個產業來說是個好兆頭。這對我們來說也是一個好兆頭，因為我們有更多的學術/政府接觸，或者，我的意思是，更多地參與中國，而我們有點幸運，我們沒有那麼接觸他們的生物製藥或CRO 市場，這顯然是並且可能會繼續為其中的某些目標而奮鬥——在某種程度上也是因為地緣政治風險。不管怎樣，所以這基本上繞過了我們。

Our next question comes from Rachel Vatnsdal from JPMorgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

So first, I wanted to push a little bit on the 2Q guide. You mentioned that you're expecting mid-single-digit organic growth next quarter. So that came in a little bit lighter than expectations. You also mentioned that $15 million slipping from 1Q to 2Q. So can you help us understand the puts and takes there? What are the underlying assumptions embedded in 2Q? Is there any level of conservatism? Or is this more of a realistic guide based on what you're seeing in the market right now?

首先，我想稍微推動一下第二季指南。您提到預計下個季度將實現中個位數有機成長。所以比預期要輕一些。您還提到從第一季到第二季減少了 1500 萬美元。那麼你能幫助我們理解那裡的看跌期權和賣出期權嗎？第二季的基本假設是什麼？是否有一定程度的保守主義？或者，根據您目前在市場上看到的情況，這是否是一個更現實的指南？

Yes. No, I mean hopefully, it's in the -- sorry, mid-single digit, this is somewhat conservative guide because we just missed a little bit in Q1, right? So we like to not have that repeat. But -- so there's some upside to that. But on the other hand, it's also a realistic color for the second quarter with potential for upside that we'd like to be in an area where there's no downside to that in Q2.

是的。不，我的意思是希望它在——抱歉，中間個位數，這是有點保守的指南，因為我們在第一季錯過了一點，對吧？所以我們不想再重蹈覆轍。但是——所以這有一些好處。但另一方面，這也是第二季的現實色彩，具有上行潛力，我們希望處於第二季沒有下行趨勢的區域。

Okay. Great. That's helpful. And then just on 2025, you pulled forward some of the 2025 -- or the 2026 estimate to 2025 last quarter. I appreciate you're going to host this mini Analyst Day in the coming months here. But I guess just to clarify, are you assuming that any of the underlying assumptions within that 2025 framework that you touched on last quarter have changed? Or are you really just pointing towards an update given some of the recent M&A and deals closing between ELITech and NanoString on the horizon?

好的。偉大的。這很有幫助。然後就在 2025 年，您將 2025 年（或 2026 年）的部分預測提前到了上個季度的 2025 年。我很感謝您在接下來的幾個月裡在這裡舉辦這個小型分析師日。但我想澄清一下，您是否假設您上季度提到的 2025 年框架內的任何基本假設已經改變？或者您真的只是指出最近 ELITech 和 NanoString 之間即將完成的一些併購和交易的更新嗎？

Yes, it's all about M&A, Rachel. So Chemspeed this year adds about $10 million per quarter in revenue and is neither EPS dilutive nor accretive. We think by next year, they will be somewhat EPS accretive and get back into growth mode. They had all that -- they have a lot of changes going from switching to U.S. GAAP and product accounting rather than percentage of revenue. Too much detail, and we'll give you more at our mini Investor Day there or mini Investor Call. So they'll be mildly accretive.

是的，這都是關於併購的，雷切爾。因此，Chemspeed 今年每季的收入增加了約 1,000 萬美元，而 EPS 既不攤薄也不增值。我們認為，到明年，它們的每股盈餘將有所增加，並恢復成長模式。他們擁有這一切——從轉向美國公認會計原則和產品會計而不是收入百分比，他們進行了許多改變。細節太多，我們將在小型投資者日或小型投資者電話會議上為您提供更多資訊。所以它們會略有增加。

ELITech will be -- it looks like it continues to be very nice, high single digits, sometimes low double digits organic revenue growth business. And clearly, somewhat margin accretive. Clearly, EPS accretive. So that all comes in.

ELITech 看起來仍然是非常好的、高個位數、有時低兩位數的有機收入成長業務。顯然，利潤率有所增加。顯然，每股收益是增值的。這樣就全部進來了。

And then as we close up -- when we close NanoString. As we have spelled out without a lot of detail, but just as a heads up in our April 22nd announcement of the asset purchase agreement for NanoString, we won't give '24 guidance on NanoString for reasons explained in that press release. Obviously had considerable disruption from Chapter 11 and other litigation-related materials. We won't get into that today.

然後當我們關閉時——當我們關閉 NanoString 時。正如我們在沒有透露太多細節的情況下闡明的那樣，但正如我們在4 月22 日宣布的NanoString 資產購買協議中所提醒的那樣，出於該新聞稿中解釋的原因，我們不會提供有關NanoString 的'24 指導。顯然，第 11 章和其他訴訟相關資料造成了相當大的干擾。我們今天不討論這個。

So we'll see how that business settles. We just want to give the Street a heads up that there is a meaningful dilution from that in '24. We estimated $0.15 to $0.20. Happy to take that next year, we expect that to be lower next year. But we're not going to be able to go into that today, right, because it hasn't closed.

所以我們將看看這件事如何解決。我們只是想提醒華爾街，與 24 年相比，這數字已出現有意義的稀釋。我們估計 0.15 至 0.20 美元。很高興明年能做到這一點，我們預計明年會更低。但我們今天無法討論這個問題，對吧，因為它還沒有結束。

So it is all fundamentally -- all the incremental changes are all about these acquisitions and how the -- and I guess the supporting financing that we've done at -- that Gerald has done at an incredibly extractive rate with our banking partners. Very, very pleased with how our capital structure is supporting all of that in a very attractive way. So we'll pull all of these things together because there are too many moving pieces for you all, quite honestly, to be able to try to figure it all out. So we'll hope to really assist you with that and give you the ability to then model '26 and '25, in between, although we're not going to give '25 guidance. But I think you'll be in a much better position to understand how all these pieces come together.

因此，從根本上講，所有增量變化都與這些收購有關，以及傑拉德如何以令人難以置信的提取率與我們的銀行合作夥伴完成了我們所做的支持融資。我們對我們的資本結構如何以非常有吸引力的方式支持所有這些感到非常非常滿意。因此，我們將把所有這些事情放在一起，因為老實說，有太多的移動部分讓你們能夠嘗試全部解決。因此，我們希望能夠真正為您提供幫助，並讓您能夠在 '26 和 '25 之間建模，儘管我們不會提供 '25 指導。但我認為您將能夠更好地理解所有這些部分是如何組合在一起的。

Our next question comes from Doug Schenkel from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的道格·申克爾。

This is [Colleen] on for Doug. I just want to know how you're framing book-to-bill normalizing for the bolus in China stimulus bookings in Q1 of last year and the timing of delay of bookings in Q1?

這是道格的[科琳]。我只是想知道您如何為去年第一季中國刺激性預訂的推注制定訂單到賬單正常化以及第一季度預訂延遲的時間？

So the book-to-bill is for the first -- the book-to-bill that Frank quoted of roughly 1 is for the first quarter of this year, right? So that bodes well. Now last year in China, we had a bolus of orders in the first quarter. But then we had basically an air pocket of orders in the third quarter of last year from China. So there was a lot of distortion in bookings in China last year.

因此，訂單出貨量是第一個——弗蘭克引用的大約 1 的訂單出貨量是今年第一季的，對嗎？所以這是個好兆頭。去年在中國，我們第一季收到了大量訂單。但去年第三季我們基本上有來自中國的訂單。所以去年中國的預訂存在著很大的扭曲。

For the full year in last year in China, we had bookings up nicely in the double digits along with revenues. So as you look at 2024, there's quite a bit of distortion on the year-over-year comp in China for bookings. And for that reason, we really think it makes sense to look at kind of full year picture from bookings. Hopefully, that's helpful.

去年全年，我們在中國的預訂量和收入都達到了兩位數。因此，當你展望 2024 年時，你會發現中國的預訂量比有相當大的扭曲。出於這個原因，我們確實認為從預訂中查看全年情況是有意義的。希望有幫助。

And just one follow-up on leverage. So with the NanoString deal, we estimate your debt-to-EBITDA will approximate about 3.5x. Is that right? And if so, is it fair to assume this is the limit of what you'd be willing to take the balance sheet?

還有關於槓桿的一項後續行動。因此，透過 NanoString 交易，我們估計您的債務與 EBITDA 比率將約為 3.5 倍。是對的嗎？如果是這樣，假設這是您願意接受資產負債表的限制是否公平？

Let's -- we'll talk more about that actually in the mini Investor Day. But what I'd say is, first of all, we need to make sure we're talking about gross versus net on the calculation. And we'll talk -- again, I think I'll just defer that to our call coming up. Overall, of course, we're pleased with the financing actions we've already taken, and we'll talk more about options as we march into the forward investors and sell-side analyst discussion.

讓我們——我們將在小型投資者日實際更多地討論這一點。但我想說的是，首先，我們需要確保我們在計算中討論的是總額與淨額。我們會再次討論，我想我會推遲到我們即將召開的電話會議。當然，總的來說，我們對已經採取的融資行動感到滿意，當我們進入遠期投資者和賣方分析師討論時，我們將更多地討論選擇。

But approximately, with your question, you're approximately right. Leverage -- gross leverage of about 3.5. Net leverage will be lower. And generally, that's not where we normally operate. We prefer to operate more in the 2 to 2.5 range. And obviously, there will be time -- there will be opportunities to delever. Very clearly, our goal will be to delever from that level again.

但就你的問題而言，你大致上是對的。槓桿－總槓桿約為3.5。淨槓桿率將會更低。一般來說，這不是我們平常經營的地方。我們更傾向於在 2 至 2.5 範圍內操作。顯然，還會有時間、會有去槓桿化的機會。非常明顯，我們的目標將是再次從該水平去槓桿化。

Our next question comes from Jack Meehan from Nephron Research.

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

I had a couple of just financial questions for you guys. On the income statement, could you just explain, I guess, like below the line, other income? I was modeling like $7 million of other expense, but it was kind of the opposite. How -- were there any factors that drove that in the quarter?

我有幾個財務問題想問你們。在損益表上，我想您能否解釋一下其他收入？我在做模特兒時花費了 700 萬美元的其他費用，但事實恰恰相反。本季是否有任何因素推動這一趨勢？

One of the other significant items coming out of the quarter is, of course, as you likely know, we moved a series of -- took a series of actions on the foreign exchange side to be able to secure the EUR 807 million ELITech transaction. So that's part of what you see there. There's a substantial foreign exchange gain that came between the euro and the Swiss franc. So that's what you see. We also had, as I think I mentioned in my prepared remarks, a more favorable tax rate that we had in the prior year. We're fundamentally pleased with that from a jurisdictional mix perspective. So those are the 2 pieces.

當然，正如您可能知道的那樣，本季度出現的其他重要事項之一是，我們在外匯方面採取了一系列行動，以確保 8.07 億歐元的 ELITech 交易。這就是你在那裡看到的一部分。歐元和瑞士法郎之間存在可觀的外匯收益。這就是你所看到的。正如我在準備好的演講中提到的那樣，我們還獲得了比前一年更優惠的稅率。從司法管轄區組合的角度來看，我們對此非常滿意。這就是 2 塊。

Great. Okay. That makes sense. And then the second question was just on the PhenomeX solution. Could you talk about just how the integration is going, number one? Number two, I think I heard $0.05 of dilution. I think previously, you were talking about $0.02 to $0.03 a quarter. Just what was the delta there?

偉大的。好的。這就說得通了。第二個問題是關於 PhenomeX 解決方案的。第一，您能談談整合進度如何嗎？第二，我想我聽到了 0.05 美元的稀釋。我想之前您談論的是每季 0.02 至 0.03 美元。那裡的三角洲到底是什麼？

Yes. PhenomeX or now as we call it Bruker Cellular Analysis, we are estimating $0.10 to $0.12 dilution for the year '24. If you recall, we had $0.14 of dilution in Q4 before we could trigger the WARN Act. So it took us -- while we made the decisions right away, it took us some time to reduce head count and cost. And you still -- some of that also still outside of the United States. Some of that cost reduction takes a little longer to have an effect. So you have -- $0.05 was the number, correct, for PhenomeX. And the average this year may be $0.02 to $0.03, maybe $0.03 on average, but it will be more front loaded. So good catch again, Jack. It was higher than the average in Q1.

是的。 PhenomeX 或現在我們稱之為 Bruker Cellular Analysis，我們估計 24 年稀釋度為 0.10 至 0.12 美元。如果您還記得，在觸發 WARN 法案之前，我們在第四季度的稀釋度為 0.14 美元。所以我們花了一些時間——雖然我們立即做出了決定，但我們花了一些時間來減少員工數量和成本。而且你仍然——其中一些仍然在美國境外。其中一些成本降低需要更長的時間才能產生效果。因此，PhenomeX 的數字是 0.05 美元，正確。今年的平均價格可能是 0.02 美元到 0.03 美元，平均可能是 0.03 美元，但會更提前。傑克，又接住了，真是太好了。高於第一季的平均值。

Yes. Jack, as you'd imagine, the dilution is going to gradually taper from PhenomeX over time. What we've said is we expect it to be basically breakeven by 2026, but a lot of that dilution will really taper off in the first half of this year. So that's how we're thinking about the -- yes.

是的。傑克，正如你想像的那樣，隨著時間的推移，PhenomeX 的稀釋度將逐漸減少。我們已經說過，我們預計到 2026 年將基本達到損益平衡，但這種稀釋效果將在今年上半年真正減少。這就是我們的想法——是的。

Our next question comes from Dan Brennan from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Dan Brennan。

Frank and Gerald, I know we're going to get more color on NanoString once it closes, but is it possible to speak at all to the work that you've done on the patent situation? Just because I think that likely caught many people by surprise, the fact that they've got these cases ongoing, and they lost the genomics case earlier this year, which obviously they're appealing, and they have the CosMx case. I'm just wondering, any color you can provide on the work you did, the comfort you got and/or any remedies you might have in place if these cases go against NanoString?

Frank 和 Gerald，我知道 NanoString 關閉後我們將會獲得更多的信息，但是是否有可能談談你們在專利情況方面所做的工作？只是因為我認為這可能會讓很多人感到驚訝，事實上他們已經處理了這些案件，並且他們在今年早些時候輸掉了基因組案件，這顯然他們很有吸引力，而且他們還有 CosMx 案件。我只是想知道，如果這些情況與 NanoString 不符，您可以對您所做的工作提供任何顏色、您獲得的安慰和/或您可能採取的任何補救措施嗎？

Yes, that's really something we're -- first of all, talking -- we're not going to talk even after the closing about litigation, potential litigation outcomes or litigation strategies. Today, we certainly cannot talk about it because it hasn't been closed. It's obviously a key issue for the NanoString, that NanoString company, right? I mean that, to a significant extent, drove them into Chapter 11 reorganization. Then once they were in the Chapter 11 reorganization, I'm not telling you anything you don't know, there was a favorable interim ruling at the European patent court that lifted the CosMx preliminary injunction, at least outside of Germany, if I have all my facts right.

是的，這確實是我們正在談論的事情——首先，即使在訴訟結束後，我們也不會談論訴訟、潛在的訴訟結果或訴訟策略。今天，我們當然不能談論它，因為它還沒有關閉。這顯然是 NanoString 公司的關鍵問題，對吧？我的意思是，這在很大程度上促使他們進行第十一章重組。然後，一旦他們進入第11 章重組，我不會告訴你任何你不知道的事情，歐洲專利法院做出了一項有利的臨時裁決，取消了CosMx 初步禁令，至少在德國境外，如果我有的話我所有的事實都是正確的。

So there's been some positive news. But that's all intermediate, subject to appeal, subject to final ruling. So there is a lot of moving pieces and a lot of separate litigations and challenges and dirty hands and antitrust counterclaims and all of that. And how that plays itself out, we can discuss a little bit more, and hopefully, we don't spend our entire mini -- we will not, I promise you, spend our mini Investor Day on IP items. But we can give you a little bit more color to the extent we can comment on ongoing litigations, which is very limited, as you might guess. We're very aware. We're very aware.

所以有一些積極的消息。但這都是中間結果，可以上訴，也可以最終裁決。因此，有很多動人的事情、很多單獨的訴訟和挑戰、髒手和反壟斷反訴等等。至於如何發揮作用，我們可以多討論一點，希望我們不會把整個迷你日都花在知識產權項目上，我向你保證，我們不會把迷你投資者日花在知識產權項目上。但我們可以為您提供更多信息，讓我們可以對正在進行的訴訟發表評論，正如您可能猜到的那樣，這種評論非常有限。我們非常清楚。我們非常清楚。

Okay. And maybe just one on the semi business. You called out the AI-related positioning. Just wondering if you can help us kind of size that? Like how did semis do in the quarter? Any specific color on how much that AI is driving your semi and packaging business? And kind of what do you kind of assume implicit in the guide for the year?

好的。也許只是半商業領域的一個。你調出了AI相關的定位。只是想知道你是否可以幫助我們確定這個尺寸？例如準決賽在本季的表現如何？有什麼具體的顏色可以說明人工智慧對您的半成品和包裝業務的推動程度嗎？您認為今年的指南中隱含了什麼？

We tend to do that more on an annual basis because, of course, quarterly fluctuations. But I think our semiconductor metrology business as a total percentage of revenue is now at high single digits and probably marching towards -- eventually towards 10% and higher. And maybe the -- and so that did well in terms of revenues in Q1.

我們傾向於每年做更多的事情，當然是因為季度波動。但我認為，我們的半導體計量業務佔總收入的百分比目前處於較高的個位數，並且可能最終邁向 10% 甚至更高。也許——所以第一季的營收表現良好。

The additional fees, that's still modest and below 1% of our revenue. That will now be our BEST and their research instrument subsidiary participate in the semiconductor late data. The extreme UV or EUV technologies are now going into lithography, which is, of course, this semiconductor manufacturing for smaller and smaller feature sizes, which are needed particularly for AI but also perhaps for other high-performance computing applications.

額外費用仍然不多，低於我們收入的 1%。現在我們的BEST和他們的研究儀器子公司參與了半導體後期數據。極紫外線或極紫外線技術現在正進入光刻領域，當然，這是一種用於越來越小的特徵尺寸的半導體製造，這對於人工智慧尤其需要，但也可能是其他高效能運算應用所需要的。

And there are some unique technologies where we're supplying the supply chain. We don't deliver complete systems of the largest EV lithography supply chain that is out there. Anybody can guess who that might be. And we're very pleased we're providing some unique technologies from our research instruments business. And I'm sure you've never heard of, but it's not insignificant anymore. Maybe it's $20 million or something like that in the supply chain. These aren't systems. But it's a very, very key and very unique technology position that just adds a little bit of cherry on top of our semiconductor and advanced packaging metrology business that you're more familiar with.

我們為供應鏈提供一些獨特的技術。我們不提供最大的電動車光刻供應鏈的完整系統。任何人都可以猜到那人可能是誰。我們非常高興能夠從我們的研究儀器業務中提供一些獨特的技術。我相信你從來沒有聽說過，但它不再是微不足道的了。也許是供應鏈中的 2000 萬美元或類似的金額。這些不是系統。但這是一個非常非常關鍵和非常獨特的技術地位，它只是為我們您更熟悉的半導體和先進封裝計量業務增添了一點樂趣。

Yes, this is just -- that's a very good trend. And it's unusual for a life science or post-genomic company. But indeed, we have it in our NANO tools to some extent, are just very applicable and very unique there. It's wonderful.

是的，這只是——這是一個非常好的趨勢。對於生命科學或後基因組公司來說，這很不尋常。但事實上，我們的 NANO 工具在某種程度上擁有它，非常適用且非常獨特。太棒了。

Our next question comes from Dan Arias from Stifel.

我們的下一個問題來自 Stifel 的 Dan Arias。

Frank, I really do apologize for asking this because you said you'll be addressing NanoString later. And so this may be an unfair question. But if I -- it's less about the details in the financials and more just about the rationale. Can you speak to whether this is a deal where you just felt like the price is right to your point earlier or one where the diligence led you to a point where you felt like you were comfortable either with the legal side of the equation or the technical side of the equation and work around for some of the problems that are actually leading to the legal side? Can you just talk a little bit about how comfortable you got with the deal? Because obviously, it's a controversial one.

Frank，我真的很抱歉問這個問題，因為你說過你稍後會討論 NanoString。所以這可能是個不公平的問題。但如果我——這不是關於財務細節，而是更多關於基本原理。您能否談談這是一筆交易，您只是覺得價格適合您之前的觀點，還是通過盡職調查使您覺得您對等式的法律方面或技術方面感到滿意的交易並解決一些實際上導致法律方面的問題？能簡單談談您對這筆交易的滿意程度嗎？因為顯然這是一個有爭議的問題。

Yes. So probably the answer is no because I don't want to talk about any of the litigation and all of these other things. But strategically, having a much bigger play in spatial biology with being able to acquire at a very reasonable valuation, 1 of the 2 leaders in spatial transcriptomics is an unbelievable strategic opportunity. That's completely what drives this deal. We're very pleased with their gene expression and counter-profiling business. We think that has some growth opportunities and has good margins. Wonderful.

是的。所以答案可能是否定的，因為我不想談論任何訴訟和所有其他事情。但從策略上講，在空間生物學領域發揮更大的作用，能夠以非常合理的估值收購空間轉錄組學領域的兩家領先企業之一，這是一個令人難以置信的戰略機會。這完全是推動這筆交易的原因。我們對他們的基因表現和反分析業務非常滿意。我們認為這有一些成長機會並且具有良好的利潤率。精彩的。

But the driver was spatial transcriptomix. So the GeoMx and CosMx and related product -- software and other product lines. And that is a really big deal if you want to be a leader in spatial biology. We have a complementary but much, much smaller spatial proteomics business with Canopy. They really are in adjacent markets. They don't really overlap. They're also -- what NanoString is doing is 100x larger. So this really puts us on the map in spatial transcriptomics. We like their plex-ing capability. A lot of research customers, that's really what they want. They're far ahead. And I think they're pretty fundamentally ahead in spatial transcriptomics.

但驅動因素是空間轉錄組。所以GeoMx和CosMx以及相關產品－軟體和其他產品線。如果你想成為空間生物學的領導者，這確實是一件大事。我們與 Canopy 擁有互補但規模小得多的空間蛋白質體學業務。他們確實位於相鄰的市場。它們並不真正重疊。 NanoString 正在做的事情也比它們大 100 倍。所以這確實讓我們在空間轉錄組學領域中名聲大噪。我們喜歡他們的複合能力。很多研究客戶，這確實是他們想要的。他們遙遙領先。我認為他們在空間轉錄組學方面從根本上處於領先地位。

So they're one of the pioneers, and we want to continue to support their customers in doing their fundamental and then very much also the translational clinical research where these spatial single-cell transcriptomics tools are so needed for biomedical research. And that's in addition to Proteomics and structural biology and glycoproteomics, spatial biology. And there, the bigger field is spatial transcriptomics, and we had no presence on that. So for us, this is a huge opportunity, and we seized it.

因此，他們是先驅之一，我們希望繼續支持他們的客戶進行基礎研究，以及轉化臨床研究，其中生物醫學研究非常需要這些空間單細胞轉錄組學工具。除此之外，還有蛋白質體學、結構生物學、糖蛋白質體學、太空生物學。在那裡，更大的領域是空間轉錄組學，而我們在這方面還沒有涉足。所以對我們來說，這是一個巨大的機會，我們抓住了它。

Okay. I appreciate you indulging me on that. And then I guess just the natural next question and one of the many ways is, are you still on the hunt for deals? Is this -- are you -- are we likely to do additional M&A from here?

好的。我很感激你對我的縱容。然後我想下一個很自然的問題是，你還在尋找交易嗎？這是——你是——我們有可能從這裡進行更多的併購嗎？

I think we're going to be in a deal diet for a little while. I mean there's always small deals that come through. Sometimes, as you know, a lot of the smaller deals, sometimes some of them at $5 million or $10 million in revenue. And some of them were literally addressing gaps that we had in our product line, in preclinical imaging or in Raman process analytical technology or high-end Raman Microscope. Those are things that we've been eyeing for many years and sometimes more than a decade.

我認為我們將在一段時間內實行交易飲食。我的意思是總會有小額交易發生。如你所知，有時是許多較小的交易，有時其中一些交易的收入為 500 萬美元或 1000 萬美元。其中一些實際上是在解決我們的產品線、臨床前成像或拉曼製程分析技術或高端拉曼顯微鏡方面的差距。這些是我們多年來甚至有時十多年一直關注的事情。

And when some of the companies then became available that fit perfectly into our Bruker Optics or our BioSpin preclinical imaging, we said, wow, this is great. And yes, it all comes at the same time, whereas 2 years ago, it was very difficult with valuations then to agree on anything. So we are value conscious. We are ROIC conscious. So yes, this is -- but in terms of larger deals, we obviously need to -- we do wish to delever for a while. And that's -- I think that's the answer on larger deals. I would not expect any additional larger deals until we delever some.

當一些公司完全適合我們的布魯克光學或我們的 BioSpin 臨床前成像時，我們說，哇，這太棒了。是的，這一切都是同時發生的，而兩年前，估值方面很難就任何事情達成一致。所以我們有價值意識。我們具有投資報酬率意識。所以，是的，這是——但就更大的交易而言，我們顯然需要——我們確實希望去槓桿化一段時間。我認為這就是大型交易的答案。在我們去槓桿化之前，我預計不會有其他更大的交易。

(Operator Instructions) our next question comes from Josh Waldman from Cleveland Research.

（操作員說明）我們的下一個問題來自克利夫蘭研究中心的 Josh Waldman。

I'll ask 2 and then hop off. First, Frank, can you comment on year-over-year orders in DESY in 1Q and whether the guide assumes any sequential improvement in order rates from here? I guess just more context on how you're thinking about the order cadence to support the full year organic guide would be helpful. And then for my follow-up, Frank again. I wondered if you could comment or provide more context on the moving pieces within the CALID business. I mean maybe more color on the revenue slippage. You mentioned tougher comps. I can't help but notice you didn't highlight timsTOF this round. I guess just any more context here being on the order front. How are you thinking about timsTOF growth? And any other kind of one-off or onetime pressures the segment may have seen this quarter?

我會問2然後下車。首先，Frank，您能否評論一下 DESY 第一季的同比訂單以及該指南是否假設訂單率從這裡開始會出現連續改善？我想更多地了解您如何考慮訂單節奏以支持全年有機指南將會有所幫助。接下來是弗蘭克。我想知道您是否可以對 CALID 業務中的動態內容發表評論或提供更多背景資訊。我的意思是，收入下滑可能會有更多的色彩。你提到了更艱難的比賽。我不禁注意到你這一輪沒有突出顯示 timsTOF。我想更多的上下文都在訂單方面。您如何看待 timsTOF 的成長？該部門本季可能遇到的任何其他一次性或一次性壓力？

Yes. So trying to take as many of the questions. So bookings, I think we expect the normal seasonality that we have with bookings. Always weakest in Q1, strongest in Q4 and in between in Q2, Q3. There tend to be more comparable in terms of bookings. So that's what we expect this year as well. So normal booking seasonality to where -- to your first question, I think it would imply a sequential step-up, not only revenues and margins, which we've mentioned, but also in bookings throughout the remainder of the year.

是的。因此嘗試回答盡可能多的問題。因此，我認為我們預計預訂會出現正常的季節性。總是在 Q1 中最弱，在 Q4 中最強，在 Q2、Q3 之間。在預訂方面往往更具可比性。這也是我們今年的預期。因此，正常的預訂季節性到哪裡——對於您的第一個問題，我認為這意味著連續的提升，不僅是我們提到的收入和利潤，而且是今年剩餘時間的預訂量。

TimsTOF, I did mention, of course, the 4D-Proteomics and immunopeptidomics, glycoproteomics. That's all. There was a picture of a timsTOF Ultra. That's all on the timsTOF platform. Very significant workflow and software and capabilities increases that we showed at the U.S. HUPO meeting. In March, we have an ASMS around the corner, right? That's coming up in the second week of June in Anaheim. So that's obviously a biggie in the mass spec world.

TimsTOF，當然，我確實提到了 4D 蛋白質組學和免疫肽組學、糖蛋白質組學。就這樣。有一張 timsTOF Ultra 的照片。這一切都在 timsTOF 平台上。我們在美國 HUPO 會議上展示了非常重要的工作流程以及軟體和功能的增強。三月，我們即將迎來 ASMS，對嗎？這將在六月的第二週在阿納海姆舉行。所以這顯然是質譜界的一個大問題。

And yes, timsTOF is doing well and many platforms and many new capabilities. It's just such a beautiful platform. It's -- as you peel the onion, there's not only proteomics and then maybe plasma proteomics or single-cell proteomics. And now there's a middle down, top down. There is intact. There are these immunopeptidomics and unique PGMs and glycoproteomics. There's protein-protein interactions. It's such a rich field that one really now has to look at like a dozen subfields that all constitute proteomics and related fields. And the instrument is very, very suitable for that and along with new [whiteware] consumables with new software, with new workflows. So plenty going on there.

是的，timsTOF 做得很好，有很多平台和很多新功能。這真是一個美麗的平台。當你剝洋蔥時，不僅有蛋白質體學，而且可能還有血漿蛋白質體學或單細胞蛋白質體學。現在有一個中間向下、自上而下的情況。有完好無損。有這些免疫勝肽組學和獨特的 PGM 和糖蛋白組學。存在蛋白質-蛋白質相互作用。這是一個如此豐富的領域，以至於人們現在必須研究十幾個子領域，它們都構成了蛋白質體學和相關領域。該儀器非常非常適合這一點，並配備新的[白色零件]耗材、新軟體和新工作流程。那裡發生了很多事情。

Frank, I guess just on the revenue slippage. Was that timsTOF? Or is it something else within CALID?

弗蘭克，我想只是收入下滑。那是 timsTOF 嗎？還是 CALID 中的其他內容？

No. It was also not only CALID. It also was semiconductor metrology tools. Sometimes when one of these facilities buy one of our large semiconductor metrology tools get slipped by a quarter or 2, and those very large customers that you all know by name tell you, no, ship that in March, ship that in whatever and in Q2 and some time. So some of that. Some of that was NMR and preclinical imaging, MRI related. So this wasn't just -- this was not just on CALID. But CALID had a very strong comp year-over-year. I think one of the strongest.

不，它也不僅僅是 CALID。它也是半導體計量工具。有時，當這些設施之一購買我們的大型半導體計量工具時，其價格會下滑四分之一或兩個，而那些你們都知道名字的大客戶告訴您，不，在三月份發貨，無論如何在第二季度發貨和一些時間。所以其中一些。其中一些與 NMR 和臨床前成像、MRI 相關。所以這不只是——這不只是在 CALID 上。但 CALID 的同比表現非常強勁。我認為最強之一。

In Q4, there was quite a bit pulled forward into Q4, including within, for example, the optics business, which is within CALID. So those caused quite and distortion in this. The primary driver of the lower organic growth in the first quarter.

第四季度，有相當多的業務向前推進，包括 CALID 旗下的光學業務等。所以這些造成了這方面的安靜和扭曲。第一季有機成長較低的主要驅動力。

All right. Operator, I think we're all set with questions. So we want to thank everyone for joining us today on the call. Bruker's leadership team looks forward to meeting with you at an event or speaking with you directly during the second quarter. Please feel free to reach out to me to arrange any follow-ups. Have a great day.

好的。接線員，我想我們都已經有問題了。因此，我們要感謝大家今天加入我們的電話會議。布魯克的領導團隊期待在第二季的活動中與您會面或直接與您交談。請隨時與我聯繫以安排任何後續事宜。祝你有美好的一天。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們先生們，我們今天的電話會議和演示就到此結束。我們感謝您的加入。現在您可以斷開線路。