Bruker Corp (BRKR) 2024 Q3 法說會逐字稿

Good day, and welcome to the Bruker Corporation third quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Joe Kostka, Director of Investor Relations. Please go ahead.

美好的一天，歡迎參加布魯克公司 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係總監喬·科斯特卡 (Joe Kostka)。請繼續。

Good morning. I would like to welcome everyone to Bruker Corporation's third quarter 2024 earnings conference call. My name is Joe Kostka, and I'm the Director of Bruker Investor Relations. Joining me on today's call are Frank Laukien, our President and CEO; and Gerald Herman, our EVP and CFO. 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 and presentations section of Bruker's Investor Relations website.

早安.歡迎大家參加布魯克公司 2024 年第三季財報電話會議。我叫 Joe Kostka，是布魯克投資者關係總監。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傑拉爾德·赫爾曼 (Gerald Herman)。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。

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. Before we begin, I would like to reference Bruker's safe harbor statement, which is shown on slide 2 of the presentation.

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。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。

During this conference call, we will or may make 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 acquisitions, geopolitical risks, market demand or supply chains. The company's actual results may differ materially from such statements. 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 our other SEC filings, which are available on our website and on the SEC's website.

在本次電話會議期間，我們將或可能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聲明，包括與我們最近的收購、地緣政治風險、市場需求或供應鏈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。可能導致此類差異的因素包括但不限於今天的收益報告中討論的因素以及截至2023 年12 月31 日期間的10-K 表格中討論的因素（由我們的其他SEC 文件更新），這些文件可在我們的網站和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 5, 2024. 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 2024 financial results expected in early February 2025. You should not rely on these forward-looking statements as necessarily representing our views or outlook as of any date after today.

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 11 月 5 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，在預計於 2025 年 2 月初發布 2024 年第四季財務業績之前。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。

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 nine months of 2024 in more detail and share our updated fiscal year 2024 financial outlook.

我們將首先與弗蘭克進行電話會議，概述我們的業務進展。然後，Gerald 將更詳細地介紹 2024 年第三季和前 9 個月的財務狀況，並分享我們最新的 2024 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, Joe. Good morning, everyone, and thank you for joining us on today's third quarter 2024 earnings call. Bruker continues to grow rapidly, and we have once again posted double-digit year-over-year CER or constant exchange rate revenue and above-market organic revenue growth in Q3 and year-to-date. Our Q3 '24 CER revenue growth was 15.7% year-over-year, including several strategic acquisitions that have closed earlier in the year.

謝謝你，喬。大家早安，感謝您參加今天的 2024 年第三季財報電話會議。布魯克持續快速成長，我們在第三季和年初至今再次實現了兩位數的年比 CER 或固定匯率收入以及高於市場的有機收入成長。我們的 24 年第 3 季 CER 營收年增 15.7%，其中包括今年稍早完成的幾項策略收購。

Our Q3 '24 organic revenue growth of 3.1% and Bruker Scientific Instruments, or BSI segment, organic revenue growth of 3.8% year-over-year were above market or at the high end of these life science tools market and come on top of our strong organic growth of 10.9% in the prior year Q3 '23, which obviously made for a tougher year-over-year comparison than what our peers typically faced in Q3.

我們 24 年第 3 季的有機收入成長 3.1%，布魯克科學儀器（或 BSI 部門）的有機收入年增 3.8%，高於市場或處於這些生命科學工具市場的高端，並且超過了我們的2023 年第3 季的有機成長強勁，達到10.9%，這顯然比我們的同業在第3 季通常面臨的情況更艱難。

This is a testament to our multiyear Project Accelerate transformation into a fast growth company with increased exposure to many of the most powerful secular trends in our industry. Equally importantly, our Bruker management process and operational excellence programs are now driving rapid performance improvements in our recent strategic acquisitions in single-cell biology, spatial biology, molecular diagnostics and lab automation and digitization. With that, we have already delivered sequential operating improvements in Q3 which was our first full quarter including all acquisitions, and we also expect further sequential margin improvements in Q4.

這證明了我們經過多年的 Project Accelerate 轉型為一家快速成長的公司，並增加了對該行業中許多最強大的長期趨勢的了解。同樣重要的是，我們的布魯克管理流程和卓越營運計畫正在推動我們最近在單細胞生物學、太空生物學、分子診斷以及實驗室自動化和數位化領域的策略性收購中快速提高績效。這樣，我們已經在第三季度實現了連續的營運改善，這是我們的第一個完整季度，包括所有收購，我們也預計第四季度的利潤率將進一步連續改善。

In this fourth quarter, we expect low single-digit organic revenue growth in comparison to an exceptional quarter Q4 of '23 when Bruker grew revenues 15.9% organically year-over-year. So we are not benefiting from easy comps, due to revenue declines in the second half of last year, but Bruker continues in sustained organic and fundamentally transformational growth. We again expect double-digit constant exchange rate revenue growth year-over-year in the fourth quarter of 2024.

與 23 年第四季的出色表現相比，我們預計第四季度的有機收入成長率較低，當時布魯克營收將年增 15.9%。因此，由於去年下半年的收入下降，我們並沒有從簡單的比較中受益，但布魯克繼續保持持續的有機和根本轉型成長。我們再次預期 2024 年第四季固定匯率營收將達到兩位數的年增率。

It is encouraging for us that despite delayed recoveries in biopharma and China, demand orders for our differentiated, both genomic, multiomics, cleantech, semicon tools and infectious disease diagnostic solutions are gradually improving with upper mid-single-digit BSI organic bookings growth in Q3 year-over-year.

令人鼓舞的是，儘管生物製藥和中國的復甦延遲，但我們的差異化基因組、多組學、清潔技術、半導體工具和傳染病診斷解決方案的需求訂單正在逐漸改善，第三季BSI 有機預訂成長達到中個位數年比。

This has been the strongest organic order growth for BSI in over a year, and we anticipate that this trend will continue, supplemented by our first China stimulus orders in the fourth quarter of 2024. Please recall that for Bruker, there is typically a two quarter lag between orders and systems revenue to China stimulus order could begin to benefit our P&L in the second half of 2025.

這是 BSI 一年多以來最強勁的有機訂單成長，我們預計這一趨勢將持續下去，並在 2024 年第四季獲得第一批中國刺激訂單。請記住，對於布魯克來說，訂單和系統收入之間通常存在兩個季度的滯後，中國的刺激訂單可能會在 2025 年下半年開始使我們的損益受益。

Stepping back, it also has become evident that (inaudible) and recoveries in biopharma, emerging biotech CRO and China demand will not significantly benefit our fiscal year 2024 anymore. And accordingly, we are lowering our fiscal year 2024 guidance. Integrating and improving our recently acquired businesses is making good progress and will further accelerate Bruker's remarkable transformation. We are confident in our ability to drive above-market organic revenue growth with significant margin expansion in 2025 and beyond.

退一步來看，很明顯的是，（聽不清楚）生物製藥、新興生物技術 CRO 和中國需求的復甦將不再對我們的 2024 財年產生重大好處。因此，我們降低了 2024 財年的指導。整合和改進我們最近收購的業務正在取得良好進展，並將進一步加速布魯克的顯著轉型。我們有信心在 2025 年及以後推動高於市場的有機收入成長，並大幅提高利潤率。

If you turn to slide 4 now, Bruker's Q3 '24 reported revenues increased 16.4% year-over-year to $864.4 million, which included a currency tailwind of 0.7%. On an organic basis, revenues increased 3.1%, which included 3.8% organic growth in BSI and a 3.2% organic decline at BEST, net of intercompany eliminations. Revenue growth from acquisitions added 12.5%, which implies constant exchange rate, or CER growth, of 15.7% year-over-year.

如果您現在翻到投影片 4，布魯克的 24 年第 3 季報告營收年增 16.4% 至 8.644 億美元，其中包括 0.7% 的貨幣利好因素。在有機基礎上，營收成長了 3.1%，其中 BSI 有機成長 3.8%，BEST 有機下降 3.2%（扣除公司間抵銷）。收購帶來的收入成長了 12.5%，這意味著固定匯率（CER）年增 15.7%。

Our Q3 '24 non-GAAP operating margin was 14.9%, up 110 bps sequentially, but a decrease of 510 bps year-over-year largely the result of our recent strategic acquisitions, which initially are margin and EPS dilutive, but have added close to about $500 million in revenues of scale to Bruker and even more importantly, have allowed us to enter or accelerate our presence in key growth markets for the next decade.

我們的24 年第三季非GAAP 營業利潤率為14.9%，比上一季成長110 個基點，但年減510 個基點，這主要是我們最近的策略性收購的結果，這些收購最初稀釋了利潤和每股收益，但增加了接近布魯克的收入規模約為 5 億美元，更重要的是，這使我們能夠進入或加速在未來十年的關鍵成長市場中的存在。

In Q3 '24, Bruker reported GAAP diluted EPS of $0.27 compared to $0.60 reported in Q3 of '23. On a non-GAAP basis, Q3 '24 diluted EPS was $0.60, down 19% from $0.74 in Q3 of '23. Gerald will discuss the drivers for margins and EPS later in more detail.

布魯克在 24 年第三季報告的 GAAP 稀釋後每股收益為 0.27 美元，而在 23 年第三季報告的每股收益為 0.60 美元。以非公認會計原則計算，24 年第三季攤薄後每股收益為 0.60 美元，比 23 年第三季的 0.74 美元下降了 19%。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 slide 9. You can see Bruker's performance for the first nine months of 2024 with above [LST] market organic revenue growth of 4%, while non-GAAP EPS was down 12.2% as expected due to our transformative acquisitions. As reported, our first nine months of 2024 revenues increased by 13.1% to $2.39 billion with constant exchange rate, revenue growth of 13.2% year-to-date.

轉到投影片 9。您可以看到布魯克在 2024 年前 9 個月的業績，[LST] 市場有機收入增長了 4%，而由於我們的變革性收購，非 GAAP 每股收益按預期下降了 12.2%。根據報道，以固定匯率計算，我們 2024 年前 9 個月的營收成長了 13.1%，達到 23.9 億美元，年初至今營收成長了 13.2%。

First nine months organic revenue growth consisted of 4.1% organic growth in Scientific Instruments and 3.7% organic growth at BEST, net of intercompany eliminations. We continue to work on our elevated backlog and await recoveries in the biopharma and China markets, which we expect to benefit us in the second half of 2025 and beyond. Our first nine months 2024 non-GAAP gross margin and operating margin and GAAP and non-GAAP EPS performance are all summarized on slide 5.

前 9 個月的有機收入成長包括科學儀器部門 4.1% 的有機成長和 BEST 3.7% 的有機成長（扣除公司間抵銷）。我們將繼續處理增加的積壓訂單，並等待生物製藥和中國市場的復甦，我們預計這將使我們在 2025 年下半年及以後受益。我們的 2024 年前九個月的非 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。

Please turn to slide 6 and 7 now, where we highlight the year-to-date third quarter 2024 performance of our three scientific instruments group and of our BEST segment, all on a constant currency and year-over-year basis. Year-to-date, our Bruker BioSpin Group revenue was $633 million and grew in the high teens percentage. They were 2 gigahertz-class NMR systems in revenue in Q3 of '24, bringing us to three year-to-date. In the first nine months of 2024, BioSpin saw growth across academic, government and industrial research markets outside of China as well as strong contributions from our new automation software and services business.

現在請轉到幻燈片6 和7，其中我們重點介紹了我們的三個科學儀器集團和我們的最佳細分市場2024 年第三季度迄今為止的業績，所有這些業績均按固定匯率和同比計算。今年迄今為止，我們的布魯克 BioSpin 集團收入為 6.33 億美元，並且以高百分比成長。它們是 2 千兆赫級 NMR 系統，在 24 年第三季的收入達到了三年。2024 年前 9 個月，BioSpin 見證了中國以外的學術、政府和工業研究市場的成長，以及我們新的自動化軟體和服務業務的強勁貢獻。

BioSpin has seen weaker bookings in China in biopharma year-to-date, but has growing expectations for China stimulus orders beginning in the fourth quarter of '24 and into '25. Year-to-date, our Bruker CALID group had revenue of $773 million and CER revenue increased in the low double digit percentage with growth in the optics, IR/NIR/Raman business, as well as strong growth in microbiology and infectious disease diagnostics driven by the MALDI Biotyper franchise as well as, of course, the recently acquired ELITech Molecular Diagnostics business. CALID growth was partially offset by slower performance in biopharma and in the applied markets.

BioSpin 今年以來在中國的生物製藥訂單疲軟，但對從 24 年第四季開始到 25 年的中國刺激訂單的預期越來越高。今年迄今為止，我們的布魯克 CALID 集團收入為 7.73 億美元，隨著光學、紅外線/近紅外線/拉曼業務的增長以及微生物學和傳染病診斷的強勁增長，CER 收入以低兩位數百分比增長由MALDI Biotyper 特許經營權以及最近收購的ELITech 分子診斷業務提供。CALID 的成長部分被生物製藥和應用市場業績放緩所抵消。

Please turn to slide 7 now. Year-to-date, Bruker Nano revenue was $780 million, and CER revenue grew in the mid-teens percentage with strong revenue growth in Aca/Gov, industrial research and semiconductor metrology bolstered by the AI megatrend. Our recently acquired Bruker's Cellular Analysis and NanoString businesses contributed inorganic growth. However, both of those businesses continue to be impacted by weakness in biopharma and life sciences instrumentation.

現在請翻到幻燈片 7。今年迄今為止，Bruker Nano 的收入為 7.8 億美元，CER 收入以百分之十幾的速度增長，在人工智慧大趨勢的推動下，Aca/Gov、工業研究和半導體計量領域的收入增長強勁。我們最近收購的布魯克的細胞分析和 NanoString 業務貢獻了無機成長。然而，這兩項業務繼續受到生物製藥和生命科學儀器疲軟的影響。

Finally, year-to-date 2024 BEST CER revenues grew in the low single digits, net of intercompany eliminations driven by research instruments, ROI, growth in accelerator and fusion research technology as well as interaction from EUV technologies for OEM semiconductor lithography tools, also in support of AI. This growth was partially offset by softness in China and weak superconductor demand of our clinical MRI medtech customers.

最後，年初至今的2024 年BEST CER 收入以低個位數增長，扣除研究儀器、投資回報率、加速器和聚變研究技術的增長以及OEM 半導體光刻工具的EUV 技術的相互作用所驅動的公司間消除額。這一增長被中國的疲軟和我們的臨床 MRI 醫療技術客戶的超導體需求疲軟所部分抵消。

On slide 8 and 9, I'll comment on a couple of businesses. We always like to give a couple of case studies or examples and often, we talk about industrial research and clean tech examples. On slide 8, you see the rather broad set of tools and solutions that Bruker and its various businesses and technologies listed at the bottom offer really across the battery value chain. We're approaching this or have approached this very strategically and really, really look very broadly rather than insertions of just one or two technologies for one or two problems.

在幻燈片 8 和 9 上，我將評論幾家企業。我們總是喜歡提供一些案例研究或例子，並且經常談論工業研究和清潔技術的例子。在投影片 8 中，您可以看到布魯克及其底部列出的各種業務和技術真正為整個電池價值鏈提供了相當廣泛的工具和解決方案。我們正在解決這個問題，或者已經非常策略性地解決這個問題，而且確實非常廣泛，而不是僅僅針對一兩個問題插入一兩種技術。

So cleantech, in general, this is just one example. There are others, but this is a particularly good example of our broad strategic approach for industrial research and applied in cleantech, which as we've said before, really isn't very cyclical and really has been a very nice growth and steady growth element.

總的來說，清潔技術這只是一個例子。還有其他的，但這是我們在工業研究和清潔技術應用方面廣泛的戰略方法的一個特別好的例子，正如我們之前所說，這確實不是很週期性，而且確實是一個非常好的增長和穩定的成長要素。

Something else on slide 9. You may be familiar that with our Sierra SPR systems, we had been in the SPR business with a high performance, very sensitive instruments for some time but we launched earlier in this year, the so-called Triceratops, a very highest sensitivity, high throughput instrument that we think is market-leading in its performance. So this was developed over the last two or three years organically, and I think will give us a very strong play in the traditional SPR market for small molecule and large molecule screening.

投影片 9 上還有其他內容。您可能熟悉我們的Sierra SPR 系統，我們在SPR 業務中使用高性能、非常靈敏的儀器已經有一段時間了，但我們在今年早些時候推出了所謂的Triceratops，這是一種靈敏度極高、高通量的儀器我們認為該儀器的性能處於市場領先地位。這是過去兩三年有機發展起來的，我認為這將使我們在傳統的小分子和大分子篩選 SPR 市場中發揮非常強大的作用。

New is the dynamicBIOSENSORS addition, that's an innovative company in Munich that joined us during the third quarter and that has provided SPR-like, but somewhat different technology shown in the middle here. I won't go deeply into detail, but switchSENSE, in particular, is useful for the novel field of targeted protein degraders. Or molecular glues were, in fact, three molecules bind to each other, and it switches technology has a somewhat unique capability to looking at three molecule dynamics, which is actually quite important for latest trends in protein degraders and molecular glues.

新功能是動態 BIOSENSORS，這是一家位於慕尼黑的創新公司，於第三季度加入我們，提供了類似於 SPR 的技術，但中間顯示了一些不同的技術。我不會深入討論細節，但 switchSENSE 對於靶向蛋白質降解劑的新領域尤其有用。或者分子膠實際上是三個分子相互結合，並且它的開關技術具有某種獨特的能力來觀察三個分子動力學，這實際上對於蛋白質降解劑和分子膠的最新趨勢非常重要。

And finally, and perhaps the most exciting part of the dynamicBIOSENSORS acquisition is that we really can open up the field of interaction cytometry, not interactions between molecules but molecules and cells. Obviously, tremendously important for fundamental research, disease research and for targeted and other cell therapeutics, gene and cell therapies. And this single -- doing this at the single cell level is pretty revolutionary and unique. So here is our heliXcyto opening up and pioneering the field of single-cell interaction cytometry. Something you haven't heard before, but you'll be hearing it again.

最後，也許動態 BIOSENSORS 採集中最令人興奮的部分是，我們真的可以開啟相互作用細胞計數領域，不是分子之間的相互作用，而是分子和細胞之間的相互作用。顯然，這對於基礎研究、疾病研究以及標靶和其他細胞療法、基因和細胞療法極為重要。在單細胞層面上做到這一點是相當革命性和獨特的。因此，我們的 heliXcyto 開闢並開創了單細胞相互作用細胞計數領域。有些東西你以前沒聽過，但你會再聽到。

Anyway, moving back to the rest of the earnings call. In summary, Bruker again posted double-digit CER revenue growth and above life science tools, market BSI organic growth in Q3 and year-to-date. However, we are not immune to the delayed recoveries in biopharma and China demand during the first nine months of 2024.

無論如何，回到財報電話會議的其餘部分。總之，布魯克在第三季和年初至今再次公佈了兩位數的 CER 收入成長，高於生命科學工具、市場 BSI 有機成長。然而，我們也無法倖免於 2024 年前 9 個月生物製藥和中國需求復甦延遲的影響。

Accordingly as Gerald will explain in more detail, we are adjusting our guidance, and we now expect full year 2024 CER revenue growth of approximately 13% and organic revenue growth for the year of 3% to 4%. We continue to focus on driving improvements in our recently acquired businesses and our core and on providing innovative high-value solutions for the post-genomic era. We expect that our strategic expansion into single cell spatial, molecular diagnostics and lab automation will further contribute to our growth, having profitable above-market growth and significant margin expansion in 2025 and in the years to come.

因此，正如 Gerald 將更詳細地解釋的那樣，我們正在調整我們的指導，我們現在預計 2024 年全年 CER 收入增長約為 13%，全年有機收入增長為 3% 至 4%。我們繼續專注於推動最近收購的業務和核心業務的改進，並為後基因組時代提供創新的高價值解決方案。我們預計，我們向單細胞空間、分子診斷和實驗室自動化的策略擴張將進一步促進我們的成長，在 2025 年及未來幾年實現高於市場的獲利成長和顯著的利潤率擴張。

So with that, let me turn the call over to our CFO, Gerald, who will review Bruker's financial performance and updated outlook in more detail. Gerald?

因此，讓我將電話轉給我們的財務長傑拉爾德 (Gerald)，他將更詳細地審查布魯克的財務業績和最新的前景。杰拉德？

Thank you, Frank, and thank you, everyone, for joining us today. I'm pleased to provide more detail on Bruker's third quarter and year-to-date 2024 financial performance. Starting with slide 11, in the third quarter of '24, Bruker's reported revenue increased 16.4% to approximately $864 million, which reflects an organic revenue increase of 3.1% and BSI organic growth of 3.8% all year-over-year.

謝謝弗蘭克，也謝謝大家今天加入我們。我很高興提供有關布魯克第三季和 2024 年迄今財務表現的更多詳細資訊。從幻燈片 11 開始，在 2024 年第三季度，布魯克報告的收入增長了 16.4%，達到約 8.64 億美元，這反映出有機收入增長了 3.1%，BSI 有機增長同比增長了 3.8%。

This is compared to a very strong prior year comp. As a reminder, our organic growth in the third quarter '23 was 10.9%. Q3 2024 non-GAAP operating margin decreased 510 basis points year-over-year to 14.9% as a result of expected dilution from our strategic acquisitions and significant R&D investments in our post genomic tools and solutions.

與去年非常強勁的比較相比。提醒一下，我們 23 年第三季的有機成長率為 10.9%。由於我們的策略性收購以及對後基因組工具和解決方案的重大研發投資的預期稀釋，2024 年第三季非 GAAP 營業利潤率年減 510 個基點至 14.9%。

We reported GAAP EPS of $0.27 per share compared to $0.60 in the third quarter of 2023. On a non-GAAP basis, Q3 2024 EPS was $0.60 per share, a decrease of 18.9% from the $0.74 we posted in the third quarter of 2023. We generated $38.4 million of operating cash flow in the third quarter of 2024 compared to $44.1 million in the third quarter of '23. Capital expenditure investments were $32.6 million, resulting in free cash flow of $5.8 million in the third quarter of '24, down about $11 million year-over-year on lower GAAP net income and significant M&A-related expenses, partially offset by improvements in working capital.

我們報告的 GAAP 每股收益為 0.27 美元，而 2023 年第三季為 0.60 美元。以非公認會計原則計算，2024 年第三季每股收益為 0.60 美元，比我們在 2023 年第三季發布的 0.74 美元下降了 18.9%。2024 年第三季度，我們產生了 3,840 萬美元的營運現金流，而 2023 年第三季的營運現金流為 4,410 萬美元。資本支出投資為 3,260 萬美元，導致 2024 年第三季自由現金流為 580 萬美元，年減約 1,100 萬美元，原因是 GAAP 淨利潤下降和大量併購相關費用，部分被營運改善所抵消首都。

Slide 12 shows the revenue bridge for the third quarter of 2024, as Frank has reviewed earlier. Compared to the third quarter of '23, Bruker BioSpin's third quarter '24 organic revenue was up in the low double-digit percentage range, driven by strength in our Magnetic Resonance and Services businesses. In the third quarter of 2024, we recognized 2 gigahertz class NMR systems in revenue compared to 1 gigahertz class system in the third quarter of '23.

正如弗蘭克之前所回顧的那樣，幻燈片 12 顯示了 2024 年第三季的收入橋樑。與 23 年第三季相比，布魯克 BioSpin 24 年第三季的有機收入在較低的兩位數百分比範圍內成長，這得益於我們的磁振造影和服務業務的實力。2024 年第三季度，我們確認了 2 GHz 級 NMR 系統的收入，而 2023 年第三季的收入為 1 GHz 級系統。

Bruker Nano organic revenue was up mid-single digits percentage with strength in our semiconductor and Advanced X-ray businesses, partially offset by softness in fluorescence microscopy. (inaudible) organic revenue declined low single digits percentage as strong performance from the MALDI Biotyper and Applied Mass Spectrometry businesses was more than offset by softness in biopharma. We delivered solid growth in the third quarter of 2024 in BSI Systems and aftermarket revenue with mid-single digit constant exchange rate growth in systems and strong double-digit CER growth in aftermarket.

由於半導體和先進 X 射線業務的強勁增長，布魯克奈米有機收入增長了中個位數百分比，但部分被螢光顯微鏡業務的疲軟所抵消。 （聽不清楚）有機收入下降了低個位數百分比，因為 MALDI Biotyper 和應用質譜業務的強勁表現被生物製藥業務的疲軟所抵消。2024 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，系統中的恆定匯率實現了中個位數成長，售後市場的 CER 強勁成長了兩位數。

Geographically and on an organic basis in the third quarter of 2024, our Americas revenue grew in the low single digits percentage. Asia Pacific revenue, excluding China, was up double-digit percentage with China declining low double digits and European revenue declining low single-digit percentage all year-over-year. For our EMEA region, Q3 2024 revenue was up mid-teens percentage year-over-year.

從地理和有機角度來看，2024 年第三季我們的美洲營收成長幅度較低。亞太地區（不包括中國）收入年增兩位數，其中中國收入年減兩位數，歐洲收入較去年同期下降個位數。對於我們的 EMEA 地區，2024 年第三季的營收年增了百分之十左右。

Slide 13 shows our Q3 2024 P&L performance on a non-GAAP basis. Non-GAAP gross margin of 51.2% decreased 150 basis points from 52.7% in the third quarter of '23, due to unfavorable product mix and expect a temporary dilution from our recent strategic acquisitions. For the third quarter of 2024, our non-GAAP effective tax rate was up 100 basis points, due to jurisdictional mix and an unfavorable discrete item in the third quarter of '24.

投影片 13 顯示了我們在非 GAAP 基礎上的 2024 年第三季損益表現。非 GAAP 毛利率為 51.2%，比 2023 年第三季的 52.7% 下降了 150 個基點，這是由於不利的產品組合以及我們最近的策略收購預計將暫時稀釋。2024 年第三季度，由於司法管轄區組合和 2024 年第三季的不利離散項目，我們的非 GAAP 有效稅率上升了 100 個基點。

Weighted average diluted shares outstanding in the third quarter of 2024 were 152 million, an increase of approximately 4.7 million shares from the third quarter '23 as a result of our follow-on equity offering completed at the end of May. Finally, third quarter 2024 non-GAAP EPS of $0.60 and was down 18.9% compared to the third quarter of 2023, primarily due to the expected temporary dilution from our strategic acquisitions.

由於我們於 5 月底完成的後續股權發行，2024 年第三季加權平均稀釋後流通股數為 1.52 億股，較 2023 年第三季增加約 470 萬股。最後，2024 年第三季非 GAAP 每股收益為 0.60 美元，較 2023 年第三季下降 18.9%，這主要是由於我們的策略收購預計會出現暫時稀釋。

Slide 14 shows the year-over-year revenue bridge for the first nine months of 2024. Reported revenue was up 13.1%, reflecting organic growth of 4.0%. Acquisitions contributed 9.2% to our top line, while foreign exchange was a slight 0.1% headwind. Frank already covered the drivers for the first nine months of 2024. Non-GAAP P&L results for the first nine months of 2024 are summarized on slide 15 with the drivers largely similar to the third quarter of '24 and as explained on the slide.

投影片 14 顯示了 2024 年前 9 個月的同比收入橋樑。報告營收成長 13.1%，有機成長 4.0%。收購對我們的營收貢獻了 9.2%，而外匯交易則略微不利了 0.1%。Frank 已經涵蓋了 2024 年前 9 個月的車手。投影片 15 總結了 2024 年前 9 個月的非 GAAP 損益結果，其驅動因素與 24 年第三季基本相似，如投影片中所述。

Turning to slide 16. In the first nine months of 2024, we generated $61.3 million of operating cash flow, down $83.3 million compared to the first nine months of 2023, driven principally by acquisition and restructuring expenses, lower profitability and the timing of advances taxes and other items. We expect to see improved cash flow in the fourth quarter, the largest and most profitable quarter of the year.

轉到投影片 16。2024 年前9 個月，我們產生了6,130 萬美元的營運現金流，比2023 年前9 個月減少了8,330 萬美元，這主要是由於收購和重組費用、盈利能力下降以及預繳稅款和其他項目的時間安排所致。我們預計第四季的現金流將有所改善，這是今年規模最大、利潤最高的季度。

Turning now to slide 18. As previously noted by Frank, we no longer expect to see recoveries in biopharma and China markets to benefit our fiscal year 2024. And accordingly, we're moving down our 2024 fiscal year guidance. Our outlook for fiscal year 2024 now assumes revenues in the range of $3.34 billion to $3.37 billion, and organic revenue growth of 3% to 4% for fiscal year 2024. We now expect the contribution from acquisitions to be approximately 9.5% year-over-year and for foreign exchange to be neutral to revenue. This leads to updated fiscal year 2024 reported revenue growth guidance in the range of 12.5% to 13.5%.

現在轉到投影片 18。正如弗蘭克先前指出的，我們不再期望生物製藥和中國市場的復甦使我們的 2024 財年受益。因此，我們下調了 2024 財年指導。我們對 2024 財年的展望目前假設 2024 財年營收在 33.4 億美元至 33.7 億美元之間，有機收入成長 3% 至 4%。我們現在預計收購的貢獻將年增約 9.5%，且外匯對營收的影響是中性的。這導致更新後的 2024 財年報告營收成長指引在 12.5% 至 13.5% 範圍內。

For operating margins in 2024, we now expect the fiscal year 2024 operating margin of approximately 15%, with a greater than 300 basis points headwind from our strategic acquisitions. On the bottom line, we're now guiding to a fiscal year 2024 non-GAAP EPS range of $2.36 to $2.41, down from our prior range of $2.59 to $2.64, a result of lower top line expectation and transition headwinds from our strategic acquisitions.

對於 2024 年的營業利潤率，我們目前預計 2024 財年的營業利潤率約為 15%，我們的策略性收購帶來的阻力將超過 300 個基點。總而言之，我們目前將 2024 財年非 GAAP 每股盈餘指引為 2.36 美元至 2.41 美元，低於先前的 2.59 美元至 2.64 美元，這是由於營收預期較低以及策略性收購帶來的轉型阻力的結果。

Other guidance assumptions are listed on the slide. Our fiscal year 2024 ranges have been updated for foreign currency rates as of September 30, 2024. To add color to the fourth quarter 2024 expectations, against the backdrop of delayed improvements in biopharma and China and with organic growth of approximately 16% in the fourth quarter of 2023, which included 3 gigahertz class NMR as a comp, we now anticipate organic revenue growth in the fourth quarter of 2024 to be in the low single digits. As Frank mentioned earlier, we also again expect double-digit constant exchange rate revenue growth year-over-year in the fourth quarter of '24 and further post-acquisition sequential operating margin improvement.

幻燈片上列出了其他指導假設。截至 2024 年 9 月 30 日，我們的 2024 財年範圍已更新為外幣匯率。為了讓 2024 年第四季的預期增添色彩，在生物製藥和中國延遲改善的背景下，以及 2023 年第四季約 16% 的有機成長（其中包括 3 GHz 級 NMR），我們現在預計有機收入2024年第四季的成長將處於低個位數。正如 Frank 先前所提到的，我們也再次預期 24 年第四季的固定匯率營收將實現兩位數的年成長，並且收購後的營業利潤率將進一步改善。

To wrap up, Bruker delivered above-market organic revenue growth in the third quarter of 2024. We also saw signs that demand for our innovative solutions is gradually improving. We look forward to providing an update to you on our fourth quarter and full year results next February.

總而言之，布魯克在 2024 年第三季實現了高於市場的有機收入成長。我們也看到有跡象表明，對我們創新解決方案的需求正在逐漸改善。我們期待明年二月向您提供有關我們第四季度和全年業績的最新資訊。

With that, I'd like to turn the call now over to the operator to begin the Q&A portion of the call. Thank you very much.

現在，我想將通話轉給接線員以開始呼叫的問答部分。非常感謝。

(Operator Instructions)

（操作員說明）

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Hi, Frank, and thanks for the questions here. So first one, you pointed out that biopharma and China won't help you in 2024. But how much of that the guide cut is due to the pushout of orders into maybe the first quarter of '25 versus orders that simply won't materialize? And you talked about high end of the mid-single-digit bookings in BSI but wondering if you saw any cancellations there in the backlog?

你好，弗蘭克，謝謝你在這裡提出的問題。第一，您指出生物製藥和中國在 2024 年不會為您提供幫助。但是，指導性削減有多少是由於訂單可能被推遲到 25 年第一季度，而不是根本不會實現的訂單？您談到了 BSI 中個位數預訂的高端，但想知道積壓中是否有任何取消？

Okay, Puneet. No, we have had no -- we never have -- seem to have any material cancellations. I'm not aware of any material cancellations. So that's not an issue for us. Yes, biopharma after -- and biotech after being seemingly maybe improving somewhat in the ability for biotech to raise funding. I think that has slowed down a little bit, biopharma. We see a lot of cost-cutting, site restructuring, program consolidation. So they still seem to be preoccupied by that, and we really thought that we would get some lift from biopharma with a bit of a recovery in the second half of this year. There are some green shoots, but I wouldn't call it a trend yet.

好吧，普尼特。不，我們似乎沒有——我們從來沒有——有任何實質的取消。我不知道有任何重大取消。所以這對我們來說不是問題。是的，生物製藥和生物技術似乎在生物技術籌集資金的能力方面有所提高。我認為生物製藥的速度已經放緩了一點。我們看到大量的成本削減、站點重組、計劃整合。所以他們似乎仍然對此感到關注，我們真的認為我們會從生物製藥中得到一些提振，並在今年下半年有所復甦。有一些萌芽，但我還不會稱之為趨勢。

China is pretty significant, if you really think year-to-date. The cumulative effect of China orders being weaker is in the double digits. It's actually above 20% decline year-over-year. So that's not far from $100 million in total over several quarters and the cumulative effect of China orders, even in Q2 and in Q3, we saw that again seemingly getting pushed back as people are waiting for stimulus funding. By now, it has accumulated to where this isn't going to help us this year anymore. Not going to help our P&L anymore as we thought it might in the second half of this year.

如果你認真思考今年迄今為止的情況，中國是相當重要的。中國訂單疲軟的累積效應達到兩位數。實際上同比下降了 20% 以上。因此，這與幾季的總計 1 億美元不遠，即使在第二季和第三季度，中國訂單的累積效應似乎再次被推遲，因為人們正在等待刺激資金。到目前為止，它已經累積到了今年不再對我們有幫助的程度。不會再像我們認為的那樣對今年下半年的損益有幫助。

On the encouraging side. There really is a lot of activity. We are beginning to see stimulus orders. Cannot quantify them yet but it's probably going to be particularly beneficial for our BioSpin business, but we're also seeing it for other big-ticket items. Mass spectrometers, microscopes, et cetera. So that -- and I would add, we -- the life science -- I've seen this from other companies, the weakness in life science instrumentation. Generally related to biopharma, but also US academic spending isn't super strong right now, perhaps there's a little bit of residency prior to the election. So these effects do add up to where we indeed wanted to lower our -- and one is needed to lower our guidance for the fourth quarter and for the rest of the year.

令人鼓舞的一面。確實有很多活動。我們開始看到刺激訂單。目前還無法量化它們，但它可能對我們的 BioSpin 業務特別有利，但我們也看到它對其他大型商品的影響。質譜儀、顯微鏡等。因此，我想補充一點，我們生命科學領域，我從其他公司看到了生命科學儀器的弱點。一般與生物製藥有關，但美國的學術支出目前也不是非常強勁，也許在大選前有一點居住權。因此，這些影響確實會導致我們確實想要降低我們的預期，並且需要降低我們對第四季和今年剩餘時間的指導。

Okay. Got it. And then I have to ask a bit about 2025, I mean, you gave $3.10 EPS expectations before on the acquisitions update call. Just wondering any change to that or any additional thoughts on '25 just given the weakness that you're seeing from biopharma, China and some academic, too.

好的。知道了。然後我必須問一些關於 2025 年的問題，我的意思是，您之前在收購更新電話會議上給出了 3.10 美元的每股收益預期。考慮到您從生物製藥、中國和一些學術界看到的弱點，我想知道對此有何改變或對 25 有何其他想法。

Yeah. We're starting from a lower base. That's an anticipated. That's a given also since a lot of the stimulus orders from China probably will be mostly for big ticket items. Those in here and they tend to have two, three quarters delivery time. So as I said in the call, we -- benefits from China stimulus may arrive in our P&L, so to speak, in the second half of the year. So we're not giving guidance for 2025 because Q4 will be so important, but it is definitely -- it makes complete sense to lower estimates for 2025, let me say that pretty clearly. And we'll obviously, based on Q4, then give our new '25 guidance.

是的。我們從較低的基礎開始。這是一個預期。這也是必然的，因為來自中國的許多刺激訂單可能主要是大件商品。這裡的人往往有兩到四分之三的交貨時間。正如我在電話中所說，我們從中國刺激計劃中獲益可能會在今年下半年反映在我們的損益表中。因此，我們不會給出 2025 年的指導，因為第四季將非常重要，但降低 2025 年的預期是完全合理的，讓我說得很清楚。顯然，我們將根據第四季度給予新的 25 年指引。

Okay. Thank you.

好的。謝謝。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Great. Thanks. Sorry, Frank, I want to follow up on that last point. I mean you made a strong point in the prepared remarks of you're confident in above-market growth and significant margin expansion in '25. So just sort of what's driving that confidence this early given there's still this visibility? And what do you see as the biggest swing factors? You talked about China stimulus a lot but like you said, there's a six month delay between orders and revenues. So that's only contributing for the second half of next year, right? So what else do you see as tailwinds that give you confidence in above-market growth next year?

偉大的。謝謝。抱歉，弗蘭克，我想跟進最後一點。我的意思是，您在準備好的演講中強調了您對 25 年高於市場的成長和顯著的利潤率擴張充滿信心。那麼，既然仍然存在這種可見性，那麼是什麼在這麼早就推動了這種信心呢？您認為最大的波動因素是什麼？您多次談到中國的刺激措施，但正如您所說，訂單和收入之間存在六個月的延遲。那麼這只是明年下半年的貢獻，對吧？那麼，您認為還有什麼因素可以讓您對明年的成長高於市場水平充滿信心呢？

Yeah. Very good question, Michael. So we still have pretty significant around excess backlog, if you like. We're still about seven months of backlog, which are normalized should be about five months. But beyond that, I mean, we've really had very -- we're very satisfied with the way the diagnostics business is going from MALDI Biotyper to the newly acquired ELITech Diagnostics, seems to be generally as others have reported as well, stronger at the moment than life science tools. Very good demand throughout the year and particularly in Q3 for semiconductor metrology that's really going to be a strong driver. And so we're pleased with that.

是的。很好的問題，麥可。因此，如果您願意的話，我們仍然有相當多的積壓問題。我們仍有大約七個月的積壓，正常化後應該是大約五個月。但除此之外，我的意思是，我們真的對診斷業務從 MALDI Biotyper 到新收購的 ELITech Diagnostics 的發展方式非常滿意，似乎總體上正如其他人報道的那樣，更強目前比生命科學工具更重要。全年需求非常旺盛，特別是在第三季度，半導體計量領域的需求確實將成為強勁的推動力。所以我們對此感到滿意。

Academic and government spending in other parts of the world, in the rest of APAC outside of China has been actually reasonably strong in same in Europe. So there are enough strong drivers that are -- they are strong drivers. There are things that are solid, and there are things that still we are waiting for the recovery. We're actually quite optimistic about China seeing a significant step-up in orders in Q4 and in the first half of next year because of that stimulus funding, but it's still difficult to quantify because we don't know what the -- we can look at the opportunity funnel and we can apply our average percentage win rate that we normally have because it's just not known how many of these projects will all be funded.

世界其他地區、中國以外的亞太地區其他地區的學術和政府支出實際上與歐洲相當強勁。因此，有足夠多的強大驅動程式——他們是強大的驅動程式。有些事情是穩固的，有些事情我們仍在等待恢復。實際上，由於刺激資金，我們對中國在第四季度和明年上半年的訂單大幅增加感到非常樂觀，但仍然很難量化，因為我們不知道我們可以做什麼看看機會漏斗，我們可以應用我們通常擁有的平均獲勝率，因為不知道有多少這些項目將全部獲得資助。

But some orders are coming in. We did receive stimulus orders in -- already in October as expected. How much that will add up to, we don't know yet. So I think we're in good shape, certainly also for the first half of the year to outgrow the market. And by the second half of the next year 2025, we do believe and anticipate that there will be some biopharma recovery and also that indeed, China orders will pick up after the pretty pronounced weakness in the first nine months of this year. So that for both parts of the year, I think we're in good shape for next year to outgrow the market.

但一些訂單正在到來。正如預期的那樣，我們確實在 10 月就收到了刺激訂單。加起來有多少，我們還不知道。因此，我認為我們的狀況良好，今年上半年的成長速度肯定會超過市場。到明年 2025 年下半年，我們確實相信並預計生物製藥將會出現一些復甦，而且中國訂單在經歷今年前 9 個月的明顯疲軟之後將會有所回升。因此，對於今年的這兩個時期，我認為我們明年的發展勢頭良好，能夠超越市場。

What market growth will be, of course, we don't know yet and the loss will for other companies that will then kind of set the market level probably with their guidance. And our guidance, which we hope to give in early February, that will set the tone for 2025. But I think the fundamental trends that we have with the multiomics, proteomics, these are all very good markets, spatial biology. We think there will be a lot of demand for that. And guess, lab automation is actually a little bit countercyclical, lab automation and digitization. Companies that are cutting costs and cutting sites are making investments there. So I think our Chemspeed acquisition is very nicely placed. The biggest driver, the strongest single driver, I would say, semi.

當然，我們還不知道市場成長情況如何，而其他公司可能會在他們的指導下確定市場水平，而損失將會是多少。我們希望在 2 月初給予指導，這將為 2025 年定下基調。但我認為我們在多元組學、蛋白質體學方面的基本趨勢，這些都是非常好的市場，空間生物學。我們認為對此會有很多需求。我猜，實驗室自動化其實有點反週期，實驗室自動化和數位化。正在削減成本和削減場地的公司正在那裡進行投資。所以我認為我們收購 Chemspeed 的時機非常好。最大的車手，最強的單一車手，我想說，半。

Okay. That's all really helpful color, Frank. I just want to reconcile one other point though. You did touch on the backlog is really strong. Seven months, you've talked about that a number of times. You talked about bookings growth. So -- and on the other hand, you do have the revenue guide cut. And I understand that China has been weak. I understand that biopharma recovery has materialized. That's a fair point, so that's not new, and that's not debated. But if the backlogs are strong, why aren't you able to backfill some of those orders? Is that a timing perspective where it's not so easy to move things around? I guess what I'm saying is just without seven months of backlog thought that there'd be no more support for revenues?

好的。弗蘭克，這都是非常有用的顏色。我只是想調和另一點。你確實提到積壓確實很嚴重。七個月了，你已經多次談到這個問題了。您談到了預訂量成長。因此，另一方面，收入指南確實被削減了。我知道中國一直很弱。據我所知，生物製藥的復甦已經實現。這是一個公平的觀點，所以這不是什麼新鮮事，也沒有爭議。但如果積壓情況嚴重，為什麼您無法回填其中一些訂單？這是一個不太容易改變事情的時間角度嗎？我想我所說的是，如果沒有七個月的積壓，就不會再有對收入的支持嗎？

Yeah. Well, if you look at it sequentially and we, of course, did then the step-up sequentially from this year, Q3 to Q4 is still very substantial, right? We're not quite reaching $1 billion fourth quarter. It looks more like $965 million, $970 million or so. It's the implication. That's pretty close to $1 billion. That's by far the largest fourth quarter that we've had and the step-up from Q3 to Q4 is very significant. That's about $100 million actually. So it's not that we lack ambition here. I think it's just as you look at how these -- as you look how these things line up, I think that's the prudent guidance but for the fourth quarter.

是的。好吧，如果你按順序看的話，當然，我們從今年第三季到第四季的連續提升仍然非常可觀，對吧？第四季我們的營收還沒有達到 10 億美元。看起來更像是 9.65 億美元、9.7 億美元左右。就是這個寓意。這相當接近 10 億美元。這是迄今為止我們經歷過的最大的第四季度，從第三季度到第四季的提升非常顯著。實際上大約是 1 億美元。所以這並不是說我們缺乏雄心。我認為，就像你看看這些事情是如何排列的一樣，我認為這是第四季度的謹慎指導。

Oaky. Thanks, guys. Appreciate it.

橡樹。謝謝，夥計們。欣賞它。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hey, guys. Thank you for taking the questions. Gerald, maybe one on just kind of the dilution from the acquisitions, the margin impacts. Can you just talk about where we are on some of that? I know NanoString, obviously, the biggest one. I think the guide is for $0.15 to $0.20 this year. I know you had in the past said that could be half of that next year. Curious if that's still the right way to think about it? And just what's going on with those deals? It felt like you guys had our arms around it, but maybe that we should slipped a little bit. I just want to talk through that.

嘿，夥計們。感謝您提出問題。傑拉德，也許只是收購帶來的稀釋，利潤影響。您能談談我們在其中一些方面的進展嗎？我知道 NanoString 顯然是最大的一個。我認為今年該指南的價格為 0.15 至 0.20 美元。我知道您過去曾說過明年可能會減少一半。好奇這是否仍是正確的思考方式？這些交易到底發生了什麼事？感覺就像你們都在擁抱它，但也許我們應該稍微下滑一點。我只是想談談這個。

Yeah. Hi, Patrick. I would say generally, the acquisition integration activities are on track, that we are progressing nicely. We've talked about historically, the Bruker management process and how that's applied now into all of these newer acquisitions, including one you just mentioned. The overall dilution picture for us for '24 and what we see thus far for '25 is pretty solid. And we aren't really modifying our dilution expectations with respect to 2024 or 2025 right now. We went through those, Patrick, I think, fundamentally at this.

是的。嗨，派崔克。我想說，總的來說，收購整合活動正步入正軌，我們進展順利。我們已經討論了布魯克的歷史管理流程，以及現在如何將其應用到所有這些新的收購中，包括您剛才提到的一項。我們對 24 年的整體稀釋情況以及迄今為止我們所看到的 25 年的情況非常可靠。我們目前並沒有真正修改 2024 年或 2025 年的稀釋預期。派崔克，我們基本上經歷了這些。

So the type of -- maybe to add, Patrick, the NanoString and Cellular Analysis businesses, we're still aiming to bring those to breakeven in 2026 and I think we're on track for that with really good management and really good enthusiasm by the acquired businesses, very aligned management teams there. So yes, we expect pretty significant margin improvement in each of the next three years. That's really on track. It would help, of course, to have a little bit more strength in life science tools and biopharma. That wind under our wing is not fully materializing yet. And so what others have seen in spatial biology and in life science tools, we confer that the demand there is on the weak side right now still.

因此，帕特里克，也許要補充一下，NanoString 和細胞分析業務，我們的目標仍然是在 2026 年使這些業務實現收支平衡，我認為我們正在通過非常好的管理和非常好的熱情實現這一目標。被收購的企業的管理團隊非常一致。所以，是的，我們預計未來三年每年的利潤率都會有相當大的改善。這確實步入正軌了。當然，在生命科學工具和生物製藥方面擁有更多實力會有所幫助。我們翼下的風尚未完全實現。因此，從其他人在空間生物學和生命科學工具中看到的情況來看，我們認為目前的需求仍然較弱。

Yeah. Understood. And then, Frank, maybe just on the academic government market into next year, obviously, a pretty impactful day here in the US. How are you thinking about just that outlook? What are you hearing from customers? What could change today? And just kind of that expectation going into '25 would be helpful. Thank you, guys.

是的。明白了。然後，弗蘭克，也許只是在明年的學術政府市場上，顯然，這對美國來說是非常有影響力的一天。您如何看待這種前景？您從客戶那裡聽到了什麼？今天能改變什麼？只要對 25 年有這樣的期望就會有所幫助。謝謝你們，夥計們。

Yeah. That's a good one, right? So once we know the outcome of this election, which maybe tonight, maybe in three, four weeks, those in the biopharma industry are more concerned about one outcome. Those in Aca/Gov concerned about the other outcome. And I think right now, the uncertainty doesn't help quite honestly, because people don't know where it's going. And my non-- my interpretation is that if there was one way or the other, split government that perhaps would avoid extreme moves on taxation and price control and NIH funding, maybe that would be the best outcome for the businesses in our sector, including ourselves.

是的。這是一件好事，對吧？因此，一旦我們知道這次選舉的結果（也許是今晚，也許是三、四個星期後），生物製藥行業的人更關心一個結果。Aca/Gov 的人擔心其他結果。我認為現在，老實說，不確定性並沒有什麼幫助，因為人們不知道它會走向何方。我的非我的解釋是，如果有一種方式或另一種方式，分裂政府也許可以避免稅收、價格控制和國家衛生研究院資金方面的極端舉措，也許這對我們行業的企業來說是最好的結果，包括我們自己。

But until we know that, maybe we'll know that in it's not only about the presidency. I know that's an exciting race there, but also about how House and Senate lineup. And with split government, I think maybe some optimism and predictability of are there going to be tariffs? Are there taxes? Are there more price controls may come back. Right now, there's a lot of uncertainty and hesitancies on what I would say.

但在我們知道這一點之前，也許我們會知道這不僅僅與總統職位有關。我知道那是一場激動人心的競選，而且還關係到眾議院和參議院的陣容。由於政府分裂，我認為也許會對關稅產生一些樂觀和可預測性？有稅嗎？是否有更多的價格管制可能會回來。現在，對於我要說的話存在著許多不確定性和猶豫。

Appreciate it, Frank. Hopefully, it's not three or four weeks, but we'll see.

很欣賞它，弗蘭克。希望這不是三、四個星期，但我們拭目以待。

Yeah. Maybe the House and Senate can figure out faster, right?

是的。也許眾議院和參議院可以更快地弄清楚，對嗎？

Rachel Vatnsdal, JPMorgan.

雷切爾·瓦特斯達爾，摩根大通。

Good morning and thank you for taking the questions. So I wanted to follow up on one of the earlier questions here just on top line. So you reduced the top line organic growth guidance for the year by 250 basis points. Can you just break down that 250 basis point cut between some of the moving pieces that you called out across biopharma in China and if there's any other areas contributing to that? And then also, you mentioned that you're no longer assuming recoveries within biopharma in China. But can you just clarify for us, did either of those markets actually get worse sequentially? Or were you just previously a little bit more zealous on what that recovery would look like into the back half and taking that other model at this point?

早上好，感謝您提出問題。因此，我想在第一行跟進之前的一個問題。因此，您將今年的營收有機成長指引下調了 250 個基點。您能否詳細分析您在中國生物製藥領域提出的一些變化因素之間 250 個基點的降息，以及是否還有其他領域對此做出了貢獻？然後，您也提到您不再假設中國生物製藥領域的復甦。但您能否為我們澄清一下，這兩個市場實際上是否連續惡化？或者您之前是否對後半段的復甦更加熱心，並在此時採用其他模型？

Right. So got it, Rachel, I think. So top line, the effect of China is even stronger than biopharma. So China may be two-third, biopharma one-third roughly and in terms of things that have -- that are slowing us down a little bit there. And as we talk about recovery, we're actually optimistic on bookings. We're more optimistic on bookings but believe that generally, those -- now it's November.

正確的。所以明白了，雷切爾，我想。因此，最重要的是，中國的影響力甚至比生物製藥還要強。因此，就那些讓我們放慢腳步的事情而言，中國可能佔三分之二，生物製藥佔三分之一。當我們談論復甦時，我們實際上對預訂持樂觀態度。我們對預訂情況更加樂觀，但相信總體而言，現在是 11 月。

That really won't help us in the P&L in revenue anymore, at least, not in a meaningful -- in a significant way. Some orders will help us in the first half and the others in the second half of last year. So we do believe in China recovery being very likely with a stimulus program. We cannot quite quantify it yet, but we're very optimistic about that.

這確實不會再對我們的收入損益表產生任何幫助，至少不會以一種有意義的方式——以一種重要的方式。去年上半年，有些訂單對我們有幫助，有些則對下半年有幫助。因此，我們確實相信，透過刺激計劃，中國很有可能實現復甦。我們還不能完全量化它，但我們對此非常樂觀。

And well, biopharma at some point will be done with their cost cutting, right? And they're pretty aggressive about it everywhere. So I think at some point, they'll find a new level to where they're reinvesting. I can't call the timing on that one. So China, I'm pretty optimistic that we have so much activity and orders beginning to come in. I'd be very surprised if we didn't have reasonably good China orders in Q4, after a relatively weak orders all year long.

好吧，生物製藥在某個時候將完成成本削減，對吧？他們在任何地方都非常咄咄逼人。所以我認為在某個時候，他們會發現再投資的新水準。我無法確定那個時間。因此，我對中國有如此多的活動和開始收到的訂單感到非常樂觀。在全年訂單相對疲軟之後，如果我們在第四季度沒有相當好的中國訂單，我會感到非常驚訝。

And yes, Q3 to your last part of your question. Q3 China orders were lower than what we had expected. And some of those, we would have still been able to deliver in this year. But now with Q4 -- then even then turning up mostly into Q4 orders, perhaps also into Q1 and Q2, it's just not going to happen this year anymore.

是的，問題的最後一部分的第三個問題。第三季中國訂單低於我們的預期。其中一些，我們今年仍然能夠交付。但現在到了第四季度——即使這樣，大部分訂單也都進入了第四季度，也許也進入了第一季和第二季度，但今年這種情況就不會再發生了。

Got it. Okay. And then for my follow-up, I actually did want to dig into that order dynamic. So you talked about how orders grew in the upper mid-single digits this quarter? Can you kind of break that down for us? You mentioned China was a little bit weaker, but any other trends on that order book? And then just around book-to-bill. Can you give us book-to-bill in the quarter? And you separately talked about how book-to-bill may not be the best stat to look at Bruker on a go-forward basis. So should we still expect to get book-to-bill on a quarterly basis going forward? Will this shift to an annual stat at some point? And if so, when should we expect that shift?

知道了。好的。然後，對於我的後續行動，我實際上確實想深入研究訂單動態。那麼您談到了本季訂單如何實現中上個位數成長？你能為我們解釋一下嗎？您提到中國有點弱，但訂單簿上還有其他趨勢嗎？然後就是從訂單到帳單。您能給我們本季的訂單到帳單嗎？您也分別談到了訂單出貨量可能不是展望布魯克未來的最佳統計數據。那麼，我們是否還應該預期未來能夠以季度實現訂單出貨量呢？這會在某個時候轉變為年度統計嗎？如果是這樣，我們什麼時候該期待這種轉變？

Yes, all good questions. So book-to-bill in the third quarter and year-to-date has been below 1 and above 0.9 that we don't -- we do expect that to give that update annually. I think it's a more useful figure annually. But since you asked, that -- so that's where it was. So the book-to-bill in line with what it had been in the first half of the year. No greater weakness or something like that. In fact, as you -- the other measure is that these in terms of organic BSI bookings growth, this has been the best BSI organic bookings growth in four, actually five quarters. So -- but it's nothing to drive home about yet, but it is encouraging. It's going in the right direction.

是的，都是好問題。因此，第三季和年初至今的訂單出貨比一直低於 1 且高於 0.9，而我們並沒有這樣做——我們確實希望每年都會進行更新。我認為每年這個數字都比較有用。但既然你問了，那--那就是它所在的地方。因此，訂單出貨量與上半年的情況一致。沒有更大的弱點或類似的東西。事實上，正如您所說，另一個衡量標準是，就 BSI 有機預訂增長而言，這是四個甚至五個季度以來 BSI 有機預訂增長最好的一次。所以——雖然目前還沒有什麼值得開車回家的事情，但這是令人鼓舞的。它正在朝著正確的方向發展。

Despite the China weakness in biopharma weakness, which tells you that everything else is growing in the high single digits. These are two bad guys, biopharma and China. Clearly are a drag and China is down year-over-year. So the other parts of the business have pretty good growth momentum. Now we could -- certainly for the first half of the year of next year, I think we're in pretty good shape. For the second half of next year, we could use some anticipated assist from China, stimulus funding and from biopharma turning the corner.

儘管中國在生物製藥領域表現疲軟，但這告訴你其他一切都在以高個位數成長。這是兩個壞人，生物製藥和中國。顯然這是一個拖累，中國的情況比去年同期下降。所以其他業務都有不錯的成長動能。現在我們可以——當然是明年上半年，我認為我們的狀態非常好。明年下半年，我們可以利用中國、刺激資金和生物製藥的一些預期援助來扭轉局面。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

Hey, thanks. I know you guys don't want to really talk about '25, but you did talk about significant margin expansion. I'm wondering if you could maybe just give us a high-level framework there. And then I just want to gut check. Are you assuming a normal market next year, which you previously talked about a 4% to 5% growth?

嘿，謝謝。我知道你們不想真正談論 25 年，但你們確實談論了利潤率的大幅擴張。我想知道您是否可以為我們提供一個高級框架。然後我只想進行腸道檢查。您是否假設明年市場會正常，您之前談到過 4% 到 5% 的成長？

In reverse order, we would assume a more muted recovery, maybe with a normal market by '26 or maybe in the second half of next year. We're not sure. But we don't expect to snap back in our estimates for next year. We expect an improvement over '24 for the full year for the market, and not a normalized market yet. If that were to surprise us and it goes back to normalized growth rates of 4% to 5%, that would be great. But right now, we're modeling, we're expecting that for '26. And I'm sorry, the first part of your question was --

相反，我們假設復甦較為溫和，可能到 26 年或明年下半年市場就會恢復正常。我們不確定。但我們預計明年的預測不會大幅回升。我們預計 24 年全年市場將有所改善，但市場尚未正常化。如果這讓我們感到驚訝，並且回到 4% 到 5% 的正常成長率，那就太好了。但現在，我們正在建模，我們預計 26 年也是如此。很抱歉，你問題的第一部分是--

You talked about significant -- you characterized it as significant margin expansion at '25. The Street's at 110 basis points. I'm just curious if you can give us maybe what significant means in your view?

您談到了重大——您將其描述為 25 年利潤率的大幅擴張。華爾街利率為 110 個基點。我只是好奇您能否告訴我們您認為重要的意義是什麼？

Yeah, north of that. So higher than 110 basis points or higher than that. Yes, it's too early because it will depend on Q4 orders, and that's not only the biggest close to $1 billion in revenue, but it's also a very big quarter for orders. So we'll need those to give more meaningful numbers. But we're working very hard, not in cost avoidance, cost reduction, some headcount reductions throughout the business. And of course, particularly working on the newly acquired businesses that are generally all dilutive to margins as we anticipated, but our great strategic expansions. So with that, we would expect north of the number that you've mentioned in margin improvement. We'll driving very hard for that. But I cannot give you greater bracketing or something like that. Clearly, it's going to be more aggressive than 100 bps.

是的，在北邊。所以高於 110 個基點或更高。是的，現在還為時過早，因為這將取決於第四季度的訂單，這不僅是接近 10 億美元的最大收入，而且也是一個非常大的訂單季度。所以我們需要這些來給出更有意義的數字。但我們正在非常努力地工作，而不是避免成本、降低成本，或在整個業務範圍內裁員。當然，特別是致力於新收購的業務，這些業務通常都會像我們預期的那樣稀釋利潤，但我們的策略擴張卻很大。因此，我們預計利潤率改善的數字將高於您提到的數字。我們將為此竭盡全力。但我不能給你更大的包圍或類似的東西。顯然，它會比 100 bps 更加激進。

Okay. And then a follow-up just on semi. I'm just curious if you can flesh out your comments there more. I know demand trends have been strong but obviously, some of the recent data points haven't been great. So what are you seeing? And what are you thinking about next year on the semi front?

好的。然後是半的後續行動。我只是好奇你是否能進一步充實你的評論。我知道需求趨勢一直很強勁，但顯然，最近的一些數據點並不是很好。那你看到了什麼？你對明年的半決賽有何看法？

Well, year-to-date and in Q3, our semi orders have seen very nice growth, double digits. Sometimes in certain segments, even greater than 20% to a certain instrument segment, sorry, not -- to clarify. So we think we should have a -- semi would be at the high end of the Bruker growth rate next year. Whatever that number will be, the organic growth rate semi will probably be leading the charge. But I didn't give you numbers, I realize it, but I can't really -- I also do not just have the numbers. It's not just that I want to go into that type of granularity but that specific number, I don't have at my fingertips either.

嗯，今年迄今為止和第三季度，我們的半成品訂單出現了非常好的增長，達到了兩位數。有時在某些細分市場中，某個儀器細分市場的佔比甚至超過 20%，抱歉，不是——澄清一下。因此，我們認為明年我們應該有一個半成品將處於布魯克成長率的高端。無論這個數字是多少，半有機成長率可能會領先。但我沒有給你數字，我意識到這一點，但我真的不能——我也不只是有數字。我不僅想了解這種粒度，而且還無法掌握具體的數字。

And wouldn't really until we give -- it's a solely fair question, Tycho, obviously. But I think if you ask that one again, when you give guidance for 2025 in early February, then we'll be able to give you some color on here's our average guidance and this will be weaker and will be strong and semi will be up there among the strongest.

除非我們給出——顯然，第谷，這是一個完全公平的問題。但我認為，如果您再次問這個問題，當您在2 月初給出2025 年指導時，我們將能夠為您提供一些關於我們的平均指導的信息，該指導將較弱，並將強勁，半會上升其中最強者之中。

But no crack based on what we saw from ASML and some of the other kind of end market data points. Is that fair?

但根據我們從 ASML 和其他一些終端市場數據點看到的情況，並沒有出現任何裂縫。這樣公平嗎？

So our RI business that is in the ASML supply chain with their not metrology, but lithography technologies that not complete systems, but systems that they eventually are in the size supply chain that is in the ASML supply chain. They have all accounted for them slowing down a little bit, some of their initial expansion for EUV and the next generation of EUV tools. So that's all baked in, it's still nice growth for us. It's a nice growth because we're getting into a new market and we're all of a sudden part of an important -- a small but important part of that supply chain. So for us, this is almost all upside.

因此，我們的 RI 業務位於 ASML 供應鏈中，他們的不是計量技術，而是光刻技術，這些技術不是完整的系統，而是最終位於 ASML 供應鏈中的尺寸供應鏈中的系統。他們都認為自己的速度有所放緩，其中包括 EUV 和下一代 EUV 工具的初步擴張。所以這一切都已經解決了，這對我們來說仍然是一個很好的成長。這是一個很好的成長，因為我們正在進入一個新市場，我們突然成為供應鏈中一個重要的組成部分，一個很小但很重要的部分。所以對我們來說，這幾乎都是有利的。

Great. Thanks.

偉大的。謝謝。

Josh Waldman, Cleveland Research.

喬許‧沃爾德曼，克利夫蘭研究中心。

Hey, guys. Thanks for taking my questions. A couple for you. First, Gerald, I wondered if you could provide more color on what the business grew in the quarter, excluding the two 1 gig placements? And I guess how that compared versus your expectation? I mean it seems like BSI may have declined in the quarter. Is that right? Just curious where you're most surprised or where you've seen the most pullback and how that informs your assumption for sequential progression into Q4?

嘿，夥計們。感謝您回答我的問題。一對給你。首先，Gerald，我想知道您是否可以提供更多關於本季業務成長的資訊（不包括兩個 1 零工安置）？我猜這與您的預期相比如何？我的意思是，BSI 本季可能有所下降。是這樣嗎？只是好奇您最驚訝的地方或您看到最大回調的地方以及這如何影響您對連續進入第四季度的假設？

I think we had one last year --

我想我們去年就有過一次--

We had one in the prior year quarter and we had two in the third quarter. What I would say generally here, Josh, is that I think the trends we discussed earlier around biopharma in China were probably the areas that I would say we're most disappointing, if we can put it that way relative to our expectations. We did have -- as Frank has already discussed, we did have solid growth from a revenue perspective in the semi part of the business. Industrial cleantech was quite solid. So we had very significant encouraging bright spots. I would say the two that we've called out and this is particularly relevant for BSI, would be that biopharma and in China, I would say.

我們在上一年季度有一個，在第三季有兩個。喬什，我在這裡一般要說的是，我認為我們之前討論的有關中國生物製藥的趨勢可能是我認為我們最令人失望的領域，如果我們可以相對於我們的預期這麼說的話。我們確實——正如弗蘭克已經討論過的那樣，從收入的角度來看，我們的半成品業務確實實現了穩健的成長。工業清潔技術相當穩固。所以我們有非常重要的令人鼓舞的亮點。我想說的是，我們提到的兩個與 BSI 特別相關的，就是生物製藥和中國。

On the gigahertz class since you're asking. Two of them in Q3 of this year. One of them was really intended originally for the first quarter of this year. The University of Georgia was one of the systems that was supposed to, but that ended up needing rework. So it moved from Q1 to Q3 and the Korea system had always been planned for Q3, and that's comparable to a Q3 system last year when we grew 11% organically and also had 1 gigahertz system. So if you want to adjust for two versus 1 gigahertz system, take $10 million or so, if you want to model that. And for Q4 last year, we had 3 gigahertz class systems and well, 15.9% organic growth. This year, Q4, we're planning for zero or one.

既然你問了，就在千兆赫。其中兩個是在今年第三季。其中一個原本計劃在今年第一季推出。喬治亞大學是本應如此的系統之一，但最終需要重新設計。因此，它從第一季度轉移到了第三季度，而韓國系統一直計劃在第三季度進行，這與去年第三季度的系統相當，當時我們有機增長了 11%，並且還擁有 1 GHz 系統。因此，如果您想針對 2 GHz 與 1 GHz 系統進行調整，如果您想對其進行建模，則需要花費 1000 萬美元左右。去年第四季度，我們擁有 3 GHz 級系統，有機成長 15.9%。今年第四季度，我們計劃零或一個。

Okay. And then Frank, a follow-up on your previous comments. As you think about recent order trends, you contemplate what you think you can drive from the backlog. Do you think the low single-digit growth implied here in H2 is the right way to think about the medium term, just given the typical 2-quarter lag in rev rec and your comments on recovery into second half of '25?

好的。然後弗蘭克，跟進你之前的評論。當您思考最近的訂單趨勢時，您會思考您認為可以從積壓訂單中獲得什麼。考慮到轉速記錄典型的 2 季度滯後以及您對 25 年下半年復甦的評論，您認為下半年隱含的低個位數增長是考慮中期的正確方法嗎？

No. That would -- actually, not at all. No, that's not the right way to think about this. Think about -- you've got to look at '23, 11% organic growth in Q3 and 16% organic growth in Q4. You've got to look at our comps. So as I said earlier, I don't mean to be defensive here, but we're not just recovering from last year's drop, we're putting that onto our growth numbers on top of growth, of very, very good growth numbers organically 11% and 16%, respectively, in the third and fourth quarter of last year.

不。事實上，根本不會。不，這不是思考這個問題的正確方式。想想看—你必須看看 23 年，第三季有機成長 11%，第四季有機成長 16%。你必須看看我們的比較。因此，正如我之前所說，我並不是要在這裡進行防禦，但我們不僅僅是從去年的下降中恢復過來，我們還將其置於增長之上，非常非常好的有機增長數字去年第三季度和第四季分別成長了11%和16%。

Now mercifully, our Q1 comparison will get a lot easier, right? And Q4 -- Q2 comparisons will also not be comparisons to prior year quarters with double-digit organic growth rates as what we're facing right now. So the answer is clearly no. Don't take our second half '24 growth rates extrapolate from that. They're only growth rates because of pretty amazing growth numbers in the second half -- organic growth numbers in the second half of '23 that nobody else was even close to.

幸運的是，我們第一季的比較會變得容易很多，對吧？第四季和第二季的比較也不會與我們現在面臨的兩位數有機成長率的去年同期進行比較。所以答案顯然是否定的。不要以此推斷 24 年下半年的成長率。它們只是成長率，因為下半年的成長數字非常驚人——23 年下半年的自然成長數字是其他人無法企及的。

Understood. Okay, thank you.

明白了。好的，謝謝。

Thanks for asking the question actually because that's -- I think that's an important one for everyone.

感謝您提出這個問題，因為我認為這對每個人都很重要。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Great. Thanks for the questions. Maybe just on kind of China stimulus, Frank, since you've called it out, a series of times. I was just hoping I can ask a few questions here, just to get some color. So maybe the first one is like what should we be looking at as kind of a stimulus program kind of we've tracked like a $500 billion on monetary stimulus? Is that the right one? Or are there others?

偉大的。感謝您的提問。弗蘭克，也許只是對中國的某種刺激，因為你已經多次提出了這一點。我只是希望我能在這裡問幾個問題，只是為了得到一些顏色。那麼第一個可能是我們應該關注什麼樣的刺激計劃，就像我們追蹤的 5000 億美元的貨幣刺激計劃一樣？那是正確的嗎？或是有其他人嗎？

And then B, like do you expect as the China government is expected to announce a new large fiscals -- excuse me, stimulus measures, do you expect more money to come in to instruments from that? And then I know you said during your prior Q&A that you really can't size it yet in terms of the impact for Bruker. But any way to think about potential implications for Bruker?

然後B，就像您預計中國政府將宣布一項新的大規模財政政策一樣——請問，刺激措施，您是否預計會有更多的資金進入其中？然後我知道您在先前的問答中說過，您確實無法根據對布魯克的影響來衡量它的大小。但有什麼方法可以考慮對布魯克的潛在影響嗎？

So I'm not aware of -- you've a good question. So the further Chinese fiscal stimulus is not baked into this in any way. The previously announced stimulus that is making it to the provinces and then each province moves at their own pace. And with somewhat of their own priorities, although with a general framework of investing in scientific and medical innovation, that's the one we're talking about, right? How quickly it arrived, whether it arrives in -- with orders in Q4. Some of that will arrive in Q4. We think it's not going to be a single quarter bolus this time, but maybe the orders come in beginning in Q4 and for all of next year.

所以我不知道——你的問題很好。因此，中國進一步的財政刺激措施並沒有以任何方式融入其中。先前宣布的刺激措施正在向各省推廣，然後每個省都按照自己的步調行動。儘管有投資科學和醫療創新的整體框架，但他們也有自己的優先事項，這就是我們正在討論的，對吧？它到達的速度有多快，是否到達 - 第四季度的訂單。其中一些將在第四季度到達。我們認為這次不會是單一季度的推注，但訂單可能會在第四季度開始並持續到明年全年。

We kind of think it will be predominantly in Q4 and H1 of next year. So that's the one we're talking about. And sizing that, I mean, I would say it would be 100 bps of growth would be at the low end of that. However, it's not all -- it depends when that all comes in. It could help us next -- mostly next year, and some of that could also go into '26. And yes, it might be more than that, but it's just very difficult because we cannot use our normal percentage.

我們認為這將主要發生在明年第四季和上半年。這就是我們正在討論的。我的意思是，我想說，成長 100 個基點將處於該數字的低端。然而，這還不是全部——這取決於這一切何時到來。它可以幫助我們接下來——主要是明年，其中一些也可能持續到 26 年。是的，可能不只如此，但這非常困難，因為我們無法使用正常的百分比。

And normally, I've got a pretty good feeling. Out of 10 opportunities, I'm probably going to get 6 or 7, whatever the numbers are. And this time, the yield is just not knowable yet, but so many people applied for these programs, a lot of our customers. We think we continue to think it will benefit academic research and big ticket items in particular, which positions us very well within our business. I expect BioSpin to benefit the most.

通常情況下，我的感覺很好。在 10 個機會中，我可能會得到 6 或 7 個，無論數字是多少。這一次，產量尚不清楚，但有很多人申請了這些計劃，有很多我們的客戶。我們認為，我們仍然認為這將有利於學術研究，特別是大件項目，這使我們在業務中處於非常有利的地位。我預計 BioSpin 將受益最多。

Great. And then maybe just as a follow-up, just on biopharma since that's been a weak spot here. I mean would you care to give us a sense of what that business is growing for you? I don't think you've done that in the past, but other tools peers will give us a biopharma number. So just wondering in Q3 and how that compared to the first half? And then related to that, like what should we be looking at? Do you think as like a proxy for when this improves? I mean the headlines don't look great, but we just did an analysis on biopharma spending, and it actually looked okay from an R&D basis. So is R&D not the right metric to look at? Or just -- what should we be monitoring to see kind of when this can turn? Thank you.

偉大的。然後也許只是作為後續行動，只是在生物製藥方面，因為這一直是這裡的弱點。我的意思是，您願意讓我們了解該業務為您帶來了什麼成長嗎？我認為您過去沒有這樣做過，但其他工具同行會給我們一個生物製藥號碼。所以只是想知道第三季與上半年相比如何？然後與此相關，例如我們應該關注什麼？您是否認為這種情況何時會有所改善？我的意思是，頭條新聞看起來不太好，但我們剛剛對生物製藥支出進行了分析，從研發基礎來看，它實際上看起來還不錯。那麼研發不是一個值得關注的正確指標嗎？或者只是——我們應該監控什麼，看看情況何時會發生轉變？謝謝。

Right. So biopharma, yes, just trying to look at revenue versus bookings numbers and Q-to-Q. Year-to-date, it is down, although not nearly down. So if biopharma as a catch-off, including biotech and CRO is down for us this year, not as much as China. So it generally had been around 15% of our revenue, but that's going up. We want to grow also inorganically in biopharma. So our Cellular Analysis business, our Spatial Analysis business, demonstrating our Chemspeed business, they all benefit to a much more significant extend from biopharma than Bruker has traditionally. So very roughly, if Bruker traditionally had 15% of its revenue from biopharma, that's trending towards 20%.

正確的。所以生物製藥，是的，只是想看看收入與預訂量和季度環比。今年迄今為止，該數字有所下降，儘管還沒有幾乎下降。因此，如果生物製藥作為一個熱門領域，包括生物技術和 CRO，今年對我們來說會下降，但不會像中國那麼嚴重。所以它通常占我們收入的 15% 左右，但這個數字還在上升。我們也希望在生物製藥領域實現無機成長。因此，我們的細胞分析業務、我們的空間分析業務、展示我們的 Chemspeed 業務，它們都從生物製藥中受益，比布魯克傳統上更顯著。非常粗略地說，如果布魯克傳統上 15% 的收入來自生物製藥，那麼這一比例將趨向 20%。

We're doing that at the worst time as biopharma is weak, but who cares? It will come back. And by that time, we will be very pleased that our exposure right now or opportunity in biopharma will have gone up further towards that 20% and beyond 20%, which we strategically wanted to have. If you recall a long time ago, it was very close to 10%. So we were clearly underrepresented there. So down year-to-date, but not as much as China. And eventually, I think it will be at 20% in plus of our overall revenue. Maybe that helps you to triangulate.

我們是在最糟糕的時候這樣做的，因為生物製藥很弱，但誰在乎呢？它會回來的。到那時，我們將非常高興我們現在在生物製藥領域的投資或機會將進一步上升到 20% 甚至超過 20%，這是我們戰略上希望達到的目標。如果你記得很久以前，這個數字就非常接近 10%。所以我們在那裡的代表性明顯不足。今年迄今有所下降，但幅度沒有中國那麼大。最終，我認為這將占我們總收入的 20% 以上。也許這可以幫助您進行三角測量。

Great. --

偉大的。--

Do you have a couple of more questions? All right. Let's take two more questions.

您還有其他問題嗎？好的。我們再問兩個問題。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾，富國銀行。

Hey, thanks. Good morning. So it looks like the M&A contribution for the year is coming down, at least at the margin, talk about 9.5% contribution versus the prior 10%. Is that rounding? And if -- any color just on ELITech, Chemspeed and NanoString have performed?

嘿，謝謝。早安.因此，看起來今年的併購貢獻正在下降，至少在邊際上是下降的，大約是 9.5%，而之前是 10%。這是四捨五入嗎？如果 - ELITech、Chemspeed 和 NanoString 上的任何顏色都表現出色？

ELITech, Chemspeed, great. Bruker Cellular Analysis and NanoString a bit weaker than expected and primarily the biopharma piece, which is very -- you figured it out immediately, Brandon, exactly. We took that from 10% to 9.5% because the biopharma demand for cellular analysis and spatial biology has been weaker than we had expected. That's part of -- that's related among our M&A, that's related to the biopharma piece. Chemspeed actually remarkably strong. It also serves other industries. But I said it's a little anti -- countercyclical in that even big pharma will consider very big CapEx investments and software investments even if they're cutting programs, sites and people and ELITech is chugging along spread.

ELITech、Chemspeed，太棒了。布魯克細胞分析和 NanoString 比預期要弱一些，主要是生物製藥部分，這是非常 - 你立即就明白了，布蘭登，完全正確。我們將這一比例從 10% 提高到 9.5%，因為生物製藥對細胞分析和空間生物學的需求比我們預期的要弱。這是我們併購活動的一部分，與生物製藥部分相關。Chemspeed 實際上非常強大。它還服務於其他行業。但我說這有點反-反週期，因為即使是大型製藥公司也會考慮非常大的資本支出投資和軟體投資，即使他們正在削減專案、網站和人員，而 ELITech 正在穩步推進。

Okay. The guidance rates came down $55 million in terms of revenue. EPS ratings $0.23. That would imply 100 -- close to 100% decremental margin. Can you just help me reconcile that math and why that makes sense?

好的。就收入而言，指導率下降了 5500 萬美元。每股收益評級為 0.23 美元。這意味著 100——接近 100% 的遞減幅度。你能幫我協調數學以及為什麼這是有道理的嗎？

So it's a little complicated, but let me start. On the guidance, we're actually dropping about $60 million from our previous guidance level. That translates actually into about $100 million of CER revenue. That's mostly driven by biopharma in China, as we've talked about earlier here. And we do get a slight benefit from the foreign exchange elements of that. You may recall that when the US dollar weakens, we have a strengthening revenue. We get a tailwind. So you take that $100 million of CER offsetted by a benefit related to foreign exchange you get to $60 million that I was referring to earlier.

這有點複雜，但讓我開始吧。在指導方面，我們實際上比之前的指導水準減少了約 6000 萬美元。這實際上相當於約 1 億美元的 CER 收入。正如我們之前討論過的，這主要是由中國的生物製藥所推動的。我們確實從其中的外匯元素中獲得了一點好處。您可能還記得，當美元走弱時，我們的收入就會增加。我們得到了順風。因此，用與外匯相關的收益抵消 1 億美元的 CER，您將得到我之前提到的 6000 萬美元。

And on the operating margin, it's the other way round. The FX changes that have been with the dollar weakening perhaps because of the election or something like that. We got an additional 30 bps of a margin headwind. So that side comes together.

而在營業利益率方面，情況卻恰恰相反。匯率變動可能是由於選舉或類似原因導緻美元走軟。我們的利潤率逆風增加了 30 個基點。所以這一面走到了一起。

Yes, that's how it comes together.

是的，這就是它的結合方式。

Last question, and then I think we'll need to let you all go into the rest of your day here.

最後一個問題，我想我們需要讓你們在這裡度過剩下的一天。

Yes, we can do one more.

是的，我們還可以再做一件事。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

Great. Thanks for squeezing me in. I just wanted to kind of follow up on the China stimulus and how the -- you talked about early demand and the funnel kind of building there. But given we don't really know how the stimulus is going to shake out through the next year, however that comes through. But is there a chance that the actual funds flowing through are not going to be enough there to satisfy that demand, and that could ultimately lead to the elevated backlog of seven months instead of going to five months? Just kind of as you think about how that kind of paces through?

偉大的。謝謝你把我擠進去。我只是想跟進中國的刺激計劃以及您談到的早期需求和那裡的漏斗類型的建設。但鑑於我們並不真正知道刺激計劃將如何在明年發揮作用，無論結果如何。但實際流入的資金是否有可能不足以滿足此需求，最終可能導致積壓時間從五個月增加到七個月？就像你想像的那樣，這是如何進行的？

Right. Luke, good questions. So some of that China stimulus will come through. We're seeing some of it come through now. Some of it is going into tenders. We think those tenders are favorable for us, and we think they're specifically funded so it's not that we worry about is it coming at all. It's just -- we'll will it, at some point, add 100 bps to growth, yes. But could that be the second half of next year and the first half of '26? That kind of would be a delayed help from the stimulus. It also could be a bigger effect. Certainly, the activity is much, much larger.

正確的。盧克，好問題。因此，中國的一些刺激措施將會實現。我們現在看到其中一些已經實現。其中一些將進入招標。我們認為這些招標對我們有利，而且我們認為它們是專門資助的，所以我們根本不擔心它是否會到來。只是——我們會在某個時候將增長增加 100 個基點，是的。但這會是明年下半年和26年上半年嗎？這將是刺激措施帶來的延遲幫助。這也可能產生更大的影響。當然，活動規模要大得多。

And I don't want to raise expectations, but it could be significantly more -- so the funnel looks really good for big ticket items, in particular, and not only NMR, but also on the mass spec and big microscope side and some other devices, preclinical imaging, EPR, you name it. So we're pretty optimistic that it will -- well, we're very optimistic that it will help us. I've given sort of hopefully the lower end of how much help we might get from it. Hopefully, there will be more, but it's too early to tell.

我不想提高期望，但它可能會更高——所以漏斗看起來非常適合大件物品，特別是，不僅是核磁共振，而且還包括質譜和大型顯微鏡方面以及其他一些設備、臨床前成像、EPR，應有盡有。所以我們非常樂觀地認為它會幫助我們。我已經給出了我們可能從中獲得多少幫助的希望的下限。希望會有更多，但現在下結論還太早。

Yeah. Got it. It's all timing thing. All right. And then here from a pharma perspective, I know that you guys don't -- you talked about 15%, 20% of those revs and that's going higher of your total revs. So can you just kind of walk us through what you're seeing on -- you typically play more upstream on the drug discovery side. So can you talk about where particular things got a lot weaker for you for what you were originally expecting and the kind of the funnel or early demand outset for that as you exit the year?

是的。知道了。這都是時間問題。好的。然後從製藥的角度來看，我知道你們不知道——你們談到了這些轉速的 15%、20%，這比你們的總轉速更高。那麼，您能否向我們介紹您所看到的情況—您通常在藥物發現方面發揮更多的作用。那麼，您能否談談哪些特定的事情對您來說比您最初的預期變得更加疲軟，以及當您退出這一年時，漏斗或早期需求開始的類型？

Well, it will not surprise you to hear that CRO has got hit the hardest, right? And not only China CROs. But no, no, but also, of course, there are some geopolitical gain for Indian or American or European CROs. But CRO demand, that's -- when big pharma cuts, they first cut what they give to the CROs and then they cut internally. Well, we're seeing some pretty big pharma just doing a lot of cost cutting kind of whether they need it or not, this is a good time for them to kind of streamline their programs, reduce programs, consolidate sites, reduce head count.

好吧，聽到 CRO 受到的打擊最嚴重，你不會感到驚訝，對吧？不只是中國的 CRO。但不不不，當然，印度、美國或歐洲的 CRO 也能獲得一些地緣政治利益。但 CRO 的需求是——當大型製藥公司削減開支時，他們首先削減向 CRO 提供的資金，然後再削減內部資金。好吧，我們看到一些相當大的製藥公司正在做大量成本削減，無論他們是否需要，現在是他們簡化計劃、減少計劃、整合站點、減少員工數量的好時機。

I'm delighted to say that our proteomics and post genomic era customers are not taking the brunt of that. So again, with the post-genomic markets and proteomics, multiomics were in a sweet spot because our customers are in a sweet spot. But even if they don't lose headcount or lab space, they're not getting a CapEx budget to spend right now in Q3 or Q4, while some other group is being eliminated or reduced or something like that.

我很高興地說，我們的蛋白質體學和後基因組時代的客戶並沒有首當其衝。因此，在後基因組市場和蛋白質組學中，多組學處於最佳狀態，因為我們的客戶處於最佳狀態。但即使他們沒有失去員工或實驗室空間，他們現在也無法在第三季或第四季獲得資本支出預算，而其他一些團隊正在被淘汰或減少或類似的情況。

So -- and biotech -- emerging biotech funding has been tough and even sort of early seed and series A is now pretty difficult, and B and C is -- has remained difficult. So I don't think there is a step up. They're selected biotechs that do it because they have a very compelling late-stage program. But in general, I'd say the capital markets funding is still very, very difficult from what we're observing. And that also delays leases or purchases of new instruments.

因此，對於生物技術而言，新興生物技術融資一直很困難，甚至早期種子和 A 輪融資現在也相當困難，B 輪和 C 輪融資仍然很困難。所以我不認為有什麼進步。他們被選中做這件事的生物技術公司是因為他們有一個非常引人注目的後期專案。但總的來說，從我們觀察到的情況來看，資本市場融資仍然非常非常困難。這也延遲了新儀器的租賃或購買。

Great. Thanks.

偉大的。謝謝。

(multiple speakers) Okay. Thank you very much. Sorry, we ran a little over today. I hope it will be an eventful day for America. Thank you very much for joining us today nonetheless, and thank you for your interest.

（多個發言者）好的。非常感謝。抱歉，今天有點超了。我希望這對美國來說將是重要的一天。儘管如此，仍然非常感謝您今天加入我們，並感謝您的興趣。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。