Bruker Corp (BRKR) 2024 Q4 法說會逐字稿

Good day, and welcome to the Bruker Corporation fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加布魯克公司 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Joe Kostka. Please go ahead, sir.

現在我想將會議交給喬·科斯特卡先生。先生，請繼續。

Good morning. I would like to welcome everyone to Bruker Corporation's Fourth 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 & Presentations section of Bruker's Investor Relations website.

早安.歡迎大家參加布魯克公司 2024 年第四季財報電話會議。我叫喬‧科斯特卡 (Joe Kostka)，是布魯克投資人關係總監。參加今天電話會議的還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。除了我們今天早些時候發布的收益報告之外，在今天的電話會議中，我們還將參考幻燈片演示，該演示可從布魯克投資者關係網站的活動和演示部分下載。

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. 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.

在今天的電話會議中，我們將重點討論非公認會計準則財務資訊。我們的非 GAAP 與 GAAP 財務指標的對帳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，我想引用布魯克的安全港聲明，該聲明顯示在簡報的第二張投影片上。在本次電話會議中，我們將或可能就未來事件以及公司財務和營運績效做出前瞻性陳述，這些陳述涉及風險和不確定性，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陳述有重大差異。

Factors that might cause such differences include, but are not limited to, those discussed in today's earnings release and 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. Also please note that the following information is based on current business conditions and to our outlook as of today, February 13, 2025. 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 first quarter 2025 financial results expected in early May 2025. You should not rely on these forward-looking statements as necessarily representing our views or outlook as of any date after today. We will begin today's call with Frank, providing an overview of our business progress.

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我們截至 2023 年 12 月 31 日的 10-K 表中的因素，該表由我們的其他 SEC 文件更新，可在我們的網站和 SEC 網站上查閱。另請注意，以下資訊是根據當前的商業狀況和我們截至 2025 年 2 月 13 日的展望。在預計於 2025 年 5 月初發布 2025 年第一季財務業績之前，我們無意根據新資訊、未來事件或其他原因更新我們的前瞻性陳述，除非法律可能要求。您不應依賴這些前瞻性陳述，認為它們必然代表我們在今天之後任何日期的觀點或展望。今天的電話會議我們將與弗蘭克開始，概述我們的業務進展。

Gerald will then cover the financials for the fourth quarter and full year of 2024 in more detail and share our full year 2025 financial outlook. Now I'd like to turn the call over to Bruker's CEO, Frank Laukien.

然後，傑拉爾德將更詳細地介紹 2024 年第四季和全年的財務狀況，並分享我們對 2025 年全年財務的展望。現在我想將電話轉給布魯克公司的執行長弗蘭克·勞基恩。

Thanks, Joe. Good morning, everyone, and thank you for joining us on today's fourth quarter 2024 earnings call. Bruker finished 2024 with another quarter of excellent constant exchange rate, revenue growth and solid organic revenue growth, both higher than what we had expected for Q4 '24, given our very strong Q4 '23, which, if you recall, had organic revenue growth of nearly 16%. For the full year '24, we again delivered double-digit CER, constant exchange rate, revenue growth at 14% and 4% organic revenue growth well above the market, which we estimate was flat to down slightly in fiscal year '24. This is a testament to the strength of our portfolio of innovative solutions, culture of disciplined entrepreneurialism and our Bruker management process.

謝謝，喬。大家早安，感謝您參加今天的 2024 年第四季財報電話會議。布魯克在 2024 年又一個季度實現了出色的固定匯率、收入增長和穩健的有機收入增長，均高於我們對 24 年第四季度的預期，這要歸功於我們 23 年第四季度的強勁表現，如果您還記得的話，有機收入增長了近 16%。就24年全年而言，我們再次實現了兩位數的 CER、固定匯率、收入增長 14% 和有機收入增長 4% ，遠高於市場水平，我們估計 24 財年的收入將持平或略有下降。這證明了我們的創新解決方案組合、嚴謹的企業家精神文化和布魯克管理流程的實力。

In fiscal '24, we added strategic spatial biology, molecular diagnostics and lab automation platforms to our portfolio, continuing our multiyear transformation into a growth-oriented industry leader with scale, and positioned for leadership in the post-genomic era. This transformation is not just focused on growth, but also very much on higher margin potential and more rapid EPS increases going forward. We intentionally accepted initial margin and EPS dilution from our strategic M&A in order to unlock new very large market opportunities and strong secular growth tailwinds, but also in order to further raise the margin potential and EPS growth profile of Bruker. Looking to 2025, we entered the year with good bookings momentum. We started 2025 with solid BSI segment backlog of still over 6 months of revenue in part due to our Q4 '24 book-to-bill ratio of -- ended up at 0.99 or essentially 1.

在24財年，我們在產品組合中增加了策略性空間生物學、分子診斷和實驗室自動化平台，繼續我們多年轉型成為規模型成長型產業領導者，並在後基因組時代佔據領導地位。這種轉型不僅注重成長，也更注重未來更高的利潤潛力和更快的每股盈餘成長。我們有意接受策略併購帶來的初始利潤率和每股盈餘稀釋，以釋放新的巨大市場機會和強勁的長期成長動力，同時也為了進一步提高布魯克的利潤潛力和每股盈餘成長狀況。展望 2025 年，我們以良好的預訂勢頭進入新的一年。我們在 2025 年伊始就擁有穩健的 BSI 分部積壓訂單，這仍然可帶來超過 6 個月的收入，部分原因是我們的 24 年第四季度訂單出貨比最終達到 0.99 或基本為 1。

We also have begun to receive first orders related to the China stimulus program with over $15 million of China stimulus orders in the second half of '24, most of it in the fourth quarter and with more on the horizon. We acknowledge U.S. NIH and academic government market uncertainty and have built that into our guidance. But we fundamentally -- after some settling, we fundamentally do not expect the reduction in NIH and other life science medical and research investment in the U.S. Finally, we experienced strong market trends in diagnostics and in semicon metrology as I will show you later, and we also see signs of a biopharma recovery.

我們也開始收到首批與中國經濟刺激計畫相關的訂單，2024年下半年的中國經濟刺激計畫訂單超過1,500萬美元，其中大部分發生在第四季度，未來還會有更多訂單。我們承認美國國立衛生研究院和學術政府市場的不確定性，並將其納入我們的指導中。但從根本上講——經過一些調整後，我們從根本上預計美國國立衛生研究院和其他生命科學醫療和研究領域的投資不會減少。

Accordingly, we are establishing our fiscal '25 guidance for constant exchange rate revenue growth of 5% to 7%, with 3% to 4% organic growth and 2% to 3% contributions from M&A. We are very committed to rapid non-GAAP operating profit margin expansion and assume about 140 bps operating profit margin improvement in fiscal '25 compared to our '24 level of 15.4%, which by the way, was also a bit higher than what we had expected. Finally, we expect non-GAAP EPS growth of 11% to 13%, with 14% to 16% constant exchange rate, EPS growth, all compared to '24. Turning to Slide 4 now. In the fourth quarter of '24, Bruker delivered strong revenues and non-GAAP operating -- and stronger operating margins than expected.

因此，我們制定了 2025 財年指引，即以固定匯率計算的營收成長率為 5% 至 7%，有機成長率為 3% 至 4%，併購貢獻率為 2% 至 3%。我們致力於快速擴大非公認會計準則營業利潤率，並預計25財年的營業利潤率將提高約140個基點，而24年的水平為15.4%，順便說一句，這也比我們的預期要高一點。最後，我們預期非 GAAP 每股盈餘將成長 11% 至 13%，以固定匯率計算，每股盈餘將成長 14% 至 16%，皆與 24 年相比。現在轉到投影片 4。24 年第四季度，布魯克實現了強勁的收入和非 GAAP 營業利潤率，且高於預期。

Bruker's Q4 '24 reported revenues increased 14.6% year-over-year to $979.6 million, which included an FX headwind of 1.2%. Constant exchange rate or CER revenue growth of 15.8% year-over-year included organic growth of 3.9% with 4.5% organic growth in our BSI segment and an organic decline of minus 2.8% at BEST, all net of company -- intercompany eliminations. Revenue from acquisitions added 11.9% in the fourth quarter of '24. In the fourth quarter '24, our non-GAAP operating margin was 18.1%, which actually matched our Q4 '23 margin as strong organic operating margin expansion of 300 bps fully offset margin dilution from M&A and FX. Our strong organic operating margin expansion is evidence of the progress our operational excellence processes and M&A integration activity initiatives are making.

布魯克 24 年第四季報告的營收年增 14.6% 至 9.796 億美元，其中包括 1.2% 的外匯逆風。以固定匯率或 CER 計算，營收年增 15.8%，其中包括 3.9% 的有機成長（其中 BSI 部門有機成長 4.5%）和 BEST 部門有機下降 2.8%，均為公司間抵銷淨額。24年第四季收購收入增加了11.9%。24 年第四季度，我們的非公認會計準則營業利潤率為 18.1%，實際上與 23 年第四季度的利潤率持平，因為 300 個基點的強勁有機營業利潤率擴張完全抵消了併購和外匯帶來的利潤率稀釋。我們強勁的有機營業利潤率擴張證明了我們的卓越營運流程和併購整合活動計劃正在取得進展。

Finally, Q4 non-GAAP diluted EPS was $0.76, up 8.6% from $0.70 in Q4 of '23 and we are pleased that in the fourth quarter of '24, we were able to resume non-GAAP EPS growth year-over-year. All right. Moving to Slide 5. Now Bruker's strong growth performance amidst challenging marketing conditions in fiscal '24, once again delivered above-market organic revenue growth. Fiscal year '24 reported revenues increased by 13.6% to $3.37 billion with 14% CER revenue growth.

最後，第四季度非 GAAP 稀釋每股收益為 0.76 美元，較 23 年第四季度的 0.70 美元增長 8.6%，我們很高興在 24 年第四季度，我們能夠恢復非 GAAP 每股收益同比增長。好的。移至投影片 5。如今，布魯克在 24 財年充滿挑戰的市場條件下仍表現出強勁的成長勢頭，再次實現了高於市場的有機收入成長。24 財年報告營收成長 13.6% 至 33.7 億美元，CER 營收成長 14%。

On an organic basis, revenues grew 4% year-over-year, consisting of 4.2% organic growth in Scientific Instruments and 1.9% organic growth at BEST, net of eliminations. Acquisitions added 10% revenue growth, and there was a slight 0.4% FX revenue headwind for the year. Our 2024 non-GAAP gross and operating margin and GAAP and non-GAAP EPS performance are all summarized on Slide 5. Margins and EPS were down year-over-year as a result of the expected initial dilution from our strategic acquisitions that closed in the first half of '24. Please turn to Slides 5 and 6 now, where we highlight our fiscal year '24 constant exchange rate performance of our 3 Scientific Instruments groups and of our BEST segment year-over-year.

從有機基礎來看，營收年增 4%，其中科學儀器有機成長 4.2%，BEST 有機成長 1.9%（扣除抵銷額）。收購帶來了 10% 的收入成長，而全年外匯收入則小幅下滑 0.4%。我們的 2024 年非 GAAP 毛利率和營業利潤率以及 GAAP 和非 GAAP EPS 表現均在幻燈片 5 中進行了總結。由於我們在 24 年上半年完成的策略性收購預計會產生初始稀釋，因此利潤率和每股盈餘將年減。請現在翻到投影片 5 和 6，我們重點介紹了我們 3 個科學儀器集團和 BEST 部門 24 財年的同比固定匯率表現。

In '24, BioSpin Group revenue was $905.7 million and grew with low teens percentage in constant exchange rate. BioSpin saw strong revenue growth in Europe and the Americas, as well as in industrial research, ACA/GOV markets and biopharma, with strong contributions also now from our automation, service and software business. We had revenue from 4 gigahertz class NMR systems each in '24 and '23. And in Q4 '24, we had revenue from 1, 1.2 gigahertz NMR at the University of Zürich in Switzerland. For '24, the CALID Group had revenue of $1.1 billion and CER growth in the mid-teens percentage with strong growth in microbiology and infection diagnostics driven by both the MALDI Biotyper and the newly acquired ELITech Molecular Diagnostics business as well as our Optics IR, near IR and Raman molecular spectroscopy business.

24年，BioSpin Group 的營收為 9.057 億美元，以固定匯率計算，成長率為 10% 左右。BioSpin 在歐洲和美洲以及工業研究、ACA/GOV 市場和生物製藥領域實現了強勁的收入成長，同時我們的自動化、服務和軟體業務也做出了巨大貢獻。我們在1924年和1923年分別從4台千兆赫級NMR系統獲得了收入。24 年第四季度，我們從瑞士蘇黎世大學的 1,1.2 千兆赫 NMR 獲得了收入。24年，CALID集團的營收為11億美元，CER成長率達到15%左右，其中微生物學和感染診斷業務強勁成長，這得益於MALDI Biotyper和新收購的ELITech分子診斷業務以及我們的光學紅外線、近紅外線和拉曼分子光譜業務。

This was partially offset by softness in ACA/GOV and in our China business. On Slide 7, Bruker NANO's '24 revenue was also $1.1 billion and grew in the high teens percentage CER with growth driven by ACA/GOV research and semiconductor metrology. The high-performance computing and AI megatrend is a strong tailwind for our semiconductor and advanced packaging tools, and we now have north of $125 million of AI and HPC related semicon NANO tool metrology revenues and more overall for semiconductor metrology, but not all of it is AI related as far as we can tell. So anyway, integration of our cellular analysis and spatial biology business is progressing very well. But in '24, we still saw it was moderated by softer demand from biopharma.

這在一定程度上被 ACA/GOV 和中國業務的疲軟所抵消。在投影片 7 上，Bruker NANO 的 24 年收入也達到了 11 億美元，並且以 CER 的高百分比成長，成長主要得益於 ACA/GOV 研究和半導體計量。高效能運算和人工智慧的大趨勢對我們的半導體和先進封裝工具來說是一股強勁的順風，現在我們已經擁有超過 1.25 億美元的人工智慧和 HPC 相關半導體奈米工具計量收入，並且在半導體計量方面總體上擁有更多的收入，但據我們所知，並非所有收入都與人工智慧相關。無論如何，我們的細胞分析和空間生物學業務的整合進展非常順利。但在24年，我們仍然看到它受到生物製藥需求疲軟的影響。

Finally, '24 BEST revenues grew in the low single-digits percentage net of intercompany eliminations, driven by growth in accelerator and FUSION technologies at our research instruments or RI business. RI is also getting traction in extreme UV or EUV lithography technologies, which are used in manufacturing next-gen semiconductors. This strength was partially offset at BEST by softness in clinical MRI superconductors. Moving to Slide 8, we highlight 2 of our businesses, namely our microbiology business and semicon metrology couldn't be more different, but both are doing very, very well. And both also when they grow and they do have above corporate average margins.

最後，在扣除公司間抵銷後的淨額中，24 項 BEST 收入實現了低個位數百分比的成長，這得益於我們研究儀器或 RI 業務中的加速器和 FUSION 技術的成長。RI 在極紫外線或 EUV 微影技術方面也取得了進展，這些技術用於製造下一代半導體。在 BEST 中，這種強度被臨床 MRI 超導體的柔軟度部分抵消。轉到幻燈片 8，我們重點介紹我們的兩項業務，即我們的微生物學業務和半導體計量業務，雖然它們有很大不同，但都表現得非常好。當它們發展時，它們的利潤率也確實高於企業平均。

Microbiology and Infectious Diagnostics has had growth of -- in the mid-teens in the fourth quarter and high single digits throughout the year with an installed base of now more than 7,000 MALDI Biotypers and also bolstered by the ELITech Molecular Diagnostics acquisition, which closed at the end of April in '24, very pleased with that business. It has very little China, very little NIH, very little biopharma exposure. These businesses are coming along and doing really well. The same is true for semiconductor metrology, where organic revenue growth was actually greater than 20% in the fourth quarter and low teens in fiscal year '24. Our total annual revenue for all semiconductor metrology is north of $250 million and included within that, maybe half of that goes to high-performance computing and AI.

微生物學和傳染病診斷業務在第四季度實現了十幾歲的中等增長，全年都保持高個位數增長，目前已安裝的 MALDI Biotyper 超過 7,000 台，同時還得益於 ELITech 分子診斷學收購案（該收購案於 24 年 4 月底完成），對該業務感到非常滿意。它與中國、NIH 和生物製藥的接觸很少。這些企業發展迅速，經營狀況良好。半導體計量領域也是如此，其第四季度的有機收入成長率實際上超過了 20%，而 24 財年的有機收入成長率也達到了 10% 以下。我們所有半導體計量的年度總收入超過 2.5 億美元，其中可能有一半用於高效能運算和人工智慧。

Right. I will not spend a lot of time on Slide 9. It is sort of a slide that we showed at the JPMorgan Healthcare Conference, but it is sort of the really big picture on Bruker. We have attained scale with 70% cumulative revenue growth in the last 4 years. We're now at above $3.35 billion.

正確的。我不會在第 9 張投影片上花費太多時間。這是我們在摩根大通醫療保健會議上展示的幻燈片，但它是布魯克的全景圖。我們已實現規模化，過去四年累計收入成長了 70%。現在我們的資金已經超過 33.5 億美元。

We added $400 million in revenue last year. And our full year constant exchange rate revenue CAGR has been -- it was 15%. I think that's industry-leading. We've also demonstrated previously, namely in the '14 to '22 period that we have the management process and the team to really drive operating margin expansion. In fact, we drove 1,000 bps over 8 years before we then very intentionally did some of the strategic acquisitions that are temporarily dilutive, but I think that ultimately, give us not only a bigger platform and scale and get us into key growth markets with very large TAMs but also financially improve the ultimate margin profile of the company.

去年我們的營收增加了4億美元。我們全年的固定匯率營收複合年增長率為 15%。我認為這是行業領先的。我們之前也已經證明，在2014年至2022年期間，我們擁有真正推動營業利潤率擴大的管理流程和團隊。事實上，在我們有意進行一些暫時稀釋股權的策略性收購之前，我們的股價在 8 年內上漲了 1,000 個基點，但我認為，這最終不僅為我們提供了更大的平台和規模，並使我們進入了具有非常大 TAM 的關鍵成長市場，而且在財務上也改善了公司的最終利潤率。

So enough of that. At the very bottom, you'll see that our next -- for the next 3 years' goals, 3 years, including '25, of course, we're very committed to an annual greater than 125 bps non-GAAP operating margin expansion. As you've heard this year, we're aiming for 140 bps and we're also very committed to 13% to 15% constant exchange rate EPS growth this year, you'll see we're aiming at 14% to 16%. So we really have executed and continue to execute this very successful multiyear transformation into a growth-oriented industry leader with very attractive margin and EPS opportunities. Right.

那就夠了。在最底部，您會看到我們接下來的 3 年目標，當然包括 25 年，我們致力於實現每年超過 125 個基點的非 GAAP 營業利潤率成長。正如您所聽到的，今年我們的目標是 140 個基點，我們也致力於今年實現 13% 至 15% 的固定匯率每股收益成長，您會看到我們的目標是 14% 至 16%。因此，我們確實已經執行並將繼續執行這一非常成功的多年轉型，朝向具有極具吸引力的利潤率和每股盈餘機會的成長型產業領導者邁進。正確的。

So in summary, the year '24 was transformational for Bruker. We completed key strategic acquisitions to access very large addressable markets with strong secular growth tailwinds while bringing additional spatial biology, molecular diagnostics and lab automation and software platforms into our portfolio. For the fourth year in a row, Bruker has delivered well above market organic and double-digit CER revenue growth. So after approximately 70% cumulative revenue growth in the last 4 years, we have transformed and we have achieved highly competitive scale, which is an excellent foundation for significant margin expansion and rapid EPS. So we have further transformed our differentiated portfolio to position it not only for growth and margin expansion but very much to be a leader or the leader in the post-genomic era, which we believe will define the next quarter century in life sciences.

總而言之，2024 年對布魯克來說具有轉型意義。我們完成了關鍵的策略性收購，以進入具有強勁長期成長動力的非常大的潛在市場，同時將更多的空間生物學、分子診斷和實驗室自動化和軟體平台納入我們的產品組合。布魯克連續四年實現遠高於市場的有機收入和兩位數的 CER 收入成長。因此，在過去 4 年累計收入增長約 70% 之後，我們實現了轉型，並實現了極具競爭力的規模，這為利潤率的大幅擴大和每股收益的快速增長奠定了良好的基礎。因此，我們進一步轉變了我們的差異化產品組合，不僅將其定位為成長和利潤擴大，而且將其定位為後基因組時代的領導者，我們相信這將決定生命科學的未來25年。

So with that high-level outlook, I'll turn things over to our CFO, Gerald?

那麼，從這個高層的觀點來看，我會把事情交給我們的財務長傑拉爾德嗎？

Thank you very much, Frank, and thanks, everyone, for joining us today. Pleased to provide more detail on Bruker's fourth quarter and full year 2024 financial performance. Starting on Slide 11. In the fourth quarter of 2024, Bruker's reported revenue increased 14.6% to $979.6 million. It reflects an organic revenue increase of 3.9% year-over-year.

非常感謝你，弗蘭克，也感謝大家今天的參與。很高興提供有關布魯克 2024 年第四季度和全年財務業績的更多詳細資訊。從投影片 11 開始。2024 年第四季度，布魯克報告的營收成長 14.6% 至 9.796 億美元。這反映了有機收入年增3.9%。

Geographically and on an organic basis in the fourth quarter of '24, our Americas revenue grew in the low single-digit percentage, European revenue grew in the mid-teens range, while Asia Pacific revenue declined in the high single-digit percentage all year-over-year. For our EMEA region, the fourth quarter '24 revenue was up mid-single-digit percentage year-over-year. BSI organic revenue growth in the fourth quarter of '24 was 4.5%, a solid revenue performance on top of an exceptional fourth quarter of '23 at 15.5% organic growth. BSI fourth quarter '24 organic systems growth was in the low single-digit range, with aftermarket revenue growth in the low double-digit range percent year-over-year. For the full year 2024, aftermarket revenue represented over 30% of BSI revenues for the first time.

從地理和有機基礎來看，24 年第四季我們的美洲收入以低個位數百分比成長，歐洲收入以十幾位數中段成長，而亞太地區收入則以高個位數百分比下降。就我們的 EMEA 地區而言，24 年第四季的營收年增了中個位數百分比。BSI 24 年第四季的有機收入成長率為 4.5%，在 23 年第四季 15.5% 的有機成長率的基礎上，營收表現穩健。BSI 24 年第四季的有機系統成長率處於低個位數範圍，售後市場營收成長率處於低兩位數範圍。2024 年全年，售後市場收入首次佔 BSI 收入的 30% 以上。

Non-GAAP gross margin increased 70 basis points in the fourth quarter '24 to 52.5% as pricing and operational excellence initiatives continued -- contributed to gross margin expansion year-over-year. Our fourth quarter '24 non-GAAP operating income increased 14.9% year-over-year and we posted a non-GAAP operating margin of 18.1%, equal to that reported in the fourth quarter, which has not yet have margin dilution associated with some of our first half '24 acquisitions. On a year-over-year basis, we delivered excellent organic operating margin expansion of 300 basis points in the fourth quarter of '24, driven by volume, mix, operational excellence and integration synergies. This significant organic operating margin expansion fully offset the margin dilutive impact of our earlier strategic M&A and FX in the quarter. On a non-GAAP basis, fourth quarter '24 diluted EPS was $0.76, up 8.6% from $0.70 in the fourth quarter of '23.

由於定價和卓越營運措施的持續實施，2024年第四季非公認會計準則毛利率增加70個基點至52.5% - 推動毛利率年增。我們 24 年第四季的非 GAAP 營業收入年增 14.9%，非 GAAP 營業利潤率為 18.1%，與第四季度報告的利潤率相同，且尚未受到 24 年上半年部分收購帶來的利潤率稀釋。與去年同期相比，在銷售量、產品組合、卓越營運和整合綜效的推動下，我們 24 年第四季實現了 300 個基點的有機營業利潤率擴張。這一顯著的有機營業利潤率擴大完全抵消了我們本季早期策略併購和外匯對利潤率造成的稀釋影響。以非公認會計準則計算，24 年第四季攤薄每股收益為 0.76 美元，較 23 年第四季的 0.70 美元成長 8.6%。

Our non-GAAP effective tax rate was 32.5% compared to 31.3% in the fourth quarter of '23, with the increase driven mostly by jurisdictional mix and discrete items. On a GAAP basis, we reported diluted EPS of $0.09 per share, including significant acquisition-related costs compared to $1.41 per share in the fourth quarter of '23, which included a onetime $0.99 per share noncash bargain purchase gain arising from the PhenomeX acquisition. Weighted average diluted shares outstanding in the fourth quarter of 2024 were 152 million, an increase of 6 million shares or 4.1% from the fourth quarter of 2023, resulting from our follow-on equity offering in May of 2024. Turning now to Slide 12. We generated $189.9 million of operating cash flow in the fourth quarter of '24.

我們的非公認會計準則有效稅率為 32.5%，而 23 年第四季為 31.3%，成長主要受司法管轄區組合和單一項目推動。根據 GAAP 基礎，我們報告的稀釋每股收益為 0.09 美元，其中包括重大收購相關成本，而 23 年第四季度的每股收益為 1.41 美元，其中包括因收購 PhenomeX 而產生的每股 0.99 美元的一次性非現金廉價購買收益。2024 年第四季的加權平均稀釋流通股為 1.52 億股，較 2023 年第四季增加 600 萬股或 4.1%，這是我們在 2024 年 5 月進行的後續股票發行的結果。現在轉到投影片 12。我們在 24 年第四季產生了 1.899 億美元的營運現金流。

Our capital expenditure investments were $38.8 million, resulting in free cash flow of $151.1 million in the fourth quarter of '24. This reflects a cash flow decrease of $23 million compared to the fourth quarter of '23, as significant acquisition-related expenses and restructurings more than offset better working capital performance in the fourth quarter of '24. We finished the fourth quarter of '24 with cash, cash equivalents and short-term investments of approximately $183 million. During the fourth quarter, we used cash to fund selected Project Accelerate 2.0 investments, capital expenditures and completed debt repayment of about $50 million. We continue to move forward with our delevering actions following the strategic acquisitions we completed in the first half of 2024.

我們的資本支出投資為 3,880 萬美元，導致 24 年第四季的自由現金流為 1.511 億美元。這反映出與 23 年第四季相比現金流減少了 2,300 萬美元，因為重大收購相關費用和重組抵消了 24 年第四季更好的營運資本表現。截至 2024 年第四季度，我們的現金、現金等價物和短期投資約為 1.83 億美元。在第四季度，我們使用現金為選定的 Project Accelerate 2.0 投資、資本支出提供資金並完成約 5,000 萬美元的債務償還。繼 2024 年上半年完成策略性收購後，我們繼續推動去槓桿行動。

In addition, with improved cash flow entering 2025, returning capital to our shareholders through our existing share buyback program is an attractive opportunity at this time. Slide 13 shows our non-GAAP P&L results for the full year of 2024. Revenue was up 13.6% to $3.37 billion, reflecting organic growth of 4%. Acquisitions added 10% to our top line while foreign exchange was a 0.4% headwind, resulting in constant exchange rate revenue growth up 14% year-over-year. The remainder of the non-GAAP P&L results for the full year of 2024 are summarized on Slide 13 with the drivers as explained and on the slide.

此外，隨著 2025 年現金流的改善，透過現有的股票回購計畫向股東返還資本是一個很有吸引力的機會。投影片 13 展示了我們 2024 年全年的非 GAAP 損益結果。營收成長 13.6% 至 33.7 億美元，有機成長 4%。收購為我們的收入增加了 10%，而外匯帶來了 0.4% 的阻力，導致固定匯率收入年增 14%。2024 年全年剩餘的非 GAAP 損益結果已在投影片 13 中進行了總結，其中的驅動因素已在幻燈片中進行了說明。

Turning now to Slide 14, in the full year of 2024, we generated $251.2 million of operating cash flow, down about $99 million from 2023 as a result of lower net income and significant acquisition-related expenses and initial working capital needs for our acquired businesses. We generated $134 million of free cash flow in 2024, down about $109 million from 2023 on lower operating cash flow and higher capital expenditures. Turning now to Slide 16. We entered the year with a stronger transformed portfolio, healthy backlog and emerging order momentum. We're initiating guidance for full year 2025 as follows: reported revenue of $3.47 billion to $3.54 billion, representing reported growth of 3% to 5% and constant exchange rate revenue growth of 5% to 7% all compared to 2024.

現在轉到投影片 14，在 2024 年全年，我們產生了 2.512 億美元的營運現金流，比 2023 年下降約 9,900 萬美元，原因是淨收入下降以及與收購相關的大量費用和收購業務的初始營運資金需求。我們在 2024 年產生了 1.34 億美元的自由現金流，由於營運現金流減少和資本支出增加，較 2023 年下降約 1.09 億美元。現在轉到投影片 16。我們以更強勁的轉型投資組合、健康的積壓訂單和新興訂單動能進入新的一年。我們對 2025 年全年的預期如下：報告收入為 34.7 億美元至 35.4 億美元，與 2024 年相比，報告增長 3% 至 5%，按固定匯率計算收入增長 5% 至 7%。

This guidance assumes organic revenue growth of 3% to 4% year-over-year and estimated foreign exchange headwind of 2%, with acquisitions contributing 2% to 3% to revenue growth. For operating margins in 2025, we expect non-GAAP operating margin expansion of approximately 140 basis points compared to the 15.4% we posted in 2024. On the bottom line, we're guiding to non-GAAP EPS for 2025 in a range of $2.67 to $2.72 or non-GAAP EPS growth of 11% to 13% compared to 2024. This includes an approximate 3% foreign exchange headwind and our non-GAAP CER EPS growth guidance for 2025 is therefore 14% to 16% year-over-year. Other guidance assumptions are listed on the slide.

該指引假設有機收入年增 3% 至 4%，預計外匯逆風為 2%，收購將為營收成長貢獻 2% 至 3%。對於 2025 年的營業利潤率，我們預計非 GAAP 營業利潤率將擴大約 140 個基點，而 2024 年為 15.4%。底線是，我們預計 2025 年非 GAAP EPS 在 2.67 美元至 2.72 美元之間，或與 2024 年相比非 GAAP EPS 成長 11% 至 13%。其中包括約 3% 的外匯逆風，因此我們對 2025 年非 GAAP CER EPS 成長的預期為年增 14% 至 16%。幻燈片上列出了其他指導假設。

Our fiscal year '25 ranges have been updated for foreign currency rates as of December 31, 2024. We anticipate first quarter 2025 organic revenue to be roughly flat year-over-year with CER revenue growth in the mid-single digits. In the first quarter of 2025, we expect softer operating margin performance year-over-year as we experienced some dilution from our NanoString acquisition completed in early May of 2024. As we saw in fiscal year 2024, we expect our organic revenue and operating margin performance to strengthen in the subsequent quarters of 2025. To wrap up, Bruker delivered meaningfully above market organic growth in 2024, and we're well positioned to deliver strong CER revenue and non-GAAP EPS growth in 2025.

我們 25 財年的範圍已根據 2024 年 12 月 31 日的外幣匯率進行了更新。我們預計 2025 年第一季的有機收入將與去年同期基本持平，CER 收入成長率將達到中等個位數。2025 年第一季度，我們預計營業利潤率將表現年減，因為我們在 2024 年 5 月初完成的 NanoString 收購帶來了一些稀釋。正如我們在 2024 財年所看到的那樣，我們預計我們的有機收入和營業利潤率表現將在 2025 年隨後的幾個季度得到增強。總而言之，布魯克在 2024 年實現了遠高於市場有機成長的成績，並且我們有能力在 2025 年實現強勁的 CER 收入和非 GAAP EPS 成長。

With that, I'd like to turn the call back over to Joe. Thank you very much.

說完這些，我想把電話轉回喬。非常感謝。

Thanks, Gerald. We'll now begin the Q&A portion of the call. (Event Instructions) Operator?

謝謝，傑拉爾德。我們現在開始通話的問答部分。（活動指引） 接線生？

(Operator Instructions) Puneet Souda, Leerink Partners.

(操作員指示) Puneet Souda，Leerink Partners。

Frank, my first question is on the guide. I mean the full year guide is 3% to 4% organic growth, which is higher -- at the higher end versus what you had before the NIH indirect announcements and direct cuts. So I'm just trying to understand what sort of gives you the confidence on the instrumentation sales? I mean, obviously, Bruker's instrumentation has more exposure to instrumentation. I mean, so just trying to understand, is it ELITech?

弗蘭克，我的第一個問題是關於指南的。我的意思是，全年預期是 3% 到 4% 的有機成長率，這個數字比 NIH 間接公告和直接削減之前的水平要高。所以我只是想知道是什麼讓您對儀器銷售充滿信心？我的意思是，顯然布魯克的儀器儀表有更多的儀器曝光。我的意思是，只是想了解一下，它是 ELITech 嗎？

Is it AI? Is it aftermarket service or European offsets that are counteracting through the year that sort of give you the confidence and because you're -- and you're also stepping up your margin guide. I mean, 140 bps expansion here that you have for the year, so just getting a number of inbounds on that and if you could help us understand.

它是人工智慧嗎？是售後服務還是全年都在抵銷的歐洲抵銷因素給了你信心，而且你也在提高你的利潤指引。我的意思是，今年你們的擴張幅度是 140 個基點，因此只需獲取一些相關數據，您是否能幫助我們理解。

Thank you, Puneet. Yes, no, there's puts and takes. There's plenty of them. It's a dynamic environment. We already, for somewhat other reasons, had indicated that we -- even at JPMorgan that we thought that there would be uncertainty in government-supported research and, of course, that uncertainty is there.

謝謝你，Puneet。是也，不是也，都有得有失。它們有很多。這是一個動態的環境。基於其他原因，我們早已表明——甚至在摩根大通，我們也認為政府支持的研究會存在不確定性，當然，這種不確定性是存在的。

We all know why. And we just looked at that. I mean, NIH is less than 5% of our exposure, if you like. I did some of them, we did some of the modeling. Look, if that was -- came down 8% to 10%, which I think it's not going to happen, but it could happen, that would be maybe $15 million a little bit more of less revenue and for that, I think we have enough other growth drivers outside of the United States with biopharma coming back a bit, maybe not roaring back, but coming back, some China stimulus funding that may be offsetting or more than offsetting that.

我們都知道為什麼。我們剛才看了看。我的意思是，如果你願意的話，NIH 所佔比例不到 5%。我做了其中一些，我們做了一些建模。看，如果下降 8% 到 10%，我認為這不會發生，但有可能發生，那可能收入會多一點或少一點 1500 萬美元，為此，我認為我們在美國以外有足夠多的其他增長動力，生物製藥業有所回升，也許不是強勁回升，但會回升，一些中國刺激資金可能會抵消超過或抵消這一影響。

Microbiology, semiconductor, AI, applied markets all the way to defense spending in Europe, quite honestly, there are enough drivers that if we put it all together, a 3% to 4% organic growth, it's not an astounding number, but for this year, I think it's solid. And I think we've built a -- I'm not saying this is conservative, I think it's very balanced, quite honestly. And yes, and we really manage at the end of the day for the constant exchange rate revenue growth, right? Even as you go through the quarter, some of them will have more CER, some of them will have more organic growth. So I'm very confident that we can reach the 5% to 7% CER revenue growth this year.

微生物學、半導體、人工智慧、應用市場一直到歐洲的國防開支，老實說，有足夠多的驅動因素，如果我們把它們放在一起，3% 到 4% 的有機增長率，這不是一個驚人的數字，但就今年而言，我認為這個增長率是穩固的。我認為我們已經建立了——我並不是說這是保守的，老實說，我認為它是非常平衡的。是的，我們最終確實實現了匯率收入的持續成長，對嗎？即使你經歷這個季度，其中一些會有更多的 CER，其中一些會有更多的有機成長。所以我非常有信心我們今年能夠實現5%至7%的CER收入成長。

And yes, I think it will include the 3% to 4% organic revenue growth. Could we do better? Yes, but there are headwinds, and that's why I think this is appropriately balanced. And yes, we're very committed to the operating profit margin. It's going very quickly back towards 20% over 3 years, obviously, and want to take a sizable step in '25.

是的，我認為這將包括 3% 至 4% 的有機收入成長。我們可以做得更好嗎？是的，但也有阻力，這就是為什麼我認為這是適當平衡的。是的，我們非常注重營業利益率。顯然，它將在 3 年內迅速回到 20%，並希望在 25 年邁出一大步。

Management teams completely plugged into that. And that -- and there, we have also enough opportunities to make that happen even with some NIH, which we're now assuming some NIH funding being less certain in the first half of this year or maybe throughout the year. So we feel good about this and are very committed to that, and it then all adds up to 14% to 16% constant exchange rate EPS growth. Unfortunately, there's a bit of a headwind, but I -- for EPS, and I've indicated that at JPMorgan already as well. So with that, the reported EPS growth of 11% to 13% is not -- it's a good number and it's even better if you disregard FX, but of course, this is a reality.

管理團隊全心投入其中。而且 — 而且，我們也有足夠的機會實現這一目標，即使只有一些 NIH 的資金，我們現在假設 NIH 的一些資金在今年上半年或全年都不太確定。因此，我們對此感到滿意，並致力於此，最終實現 14% 至 16% 的固定匯率每股收益成長。不幸的是，存在一些阻力，但我—對於每股收益而言，而且我已經在摩根大通指出了這一點。因此，報告的每股盈餘成長率 11% 至 13% 並不是一個好數字，如果不考慮外匯因素，這個數字會更好，但當然，這是現實。

So we think all in, I think this is very greater commitment to solve for margins and EPS, if in doubt, that's what will change in the company in terms of OpEx and other things to deliver that, but also reasonable confidence in the revenue growth.

因此，我們認為，總的來說，我認為這是對解決利潤率和每股收益的更大承諾，如果有疑問，這就是公司在營運支出和其他方面將要做出的改變，以實現這一目標，同時也對收入成長有合理的信心。

And could you talk a bit about the assumptions in Q1, what you're hearing from the customers in terms of instrumentation placements, their ability to take the instrument and install and get them signed off in Q1 and sort of the main question being that some of the facilities are very much supported by the indirect cuts. I mean I recall when I purchased your solariX 15 Tesla magnet many years ago, I mean we had to take down a while and that was facilities. So if you could maybe just elaborate what you're hearing from the customers and your ability to continue to install here, and any backlog cancellations that you contemplate just given the NIH backdrop?

您能否談談第一季度的假設，您從客戶那裡聽到的關於儀器安裝的信息，他們在第一季度獲取儀器並安裝和簽字的能力，主要的問題是一些設施在很大程度上受到了間接削減的支持。我的意思是，我記得當我多年前購買您的 solariX 15 特斯拉磁鐵時，我們必須拆除一段時間，那是設施。所以，您是否可以詳細說明您從客戶那裡聽到的信息、您繼續在這裡安裝的能力，以及在 NIH 背景下您是否考慮取消任何積壓訂單？

We have not heard anything about any backlog cancellations. That's why we're a little bit cautious on Q1, as you've heard from Gerald, right? We think we've baked that into that. Fortunately, in Q1, we still also have quite a bit of M&A growth. So I think our mid-single-digit CER revenue growth looks good.

我們還沒有聽到任何有關取消積壓訂單的消息。這就是為什麼我們對第一季度有點謹慎，正如你從傑拉爾德那裡聽到的那樣，對吧？我們認為我們已經將其融入其中了。幸運的是，在第一季度，我們仍然有相當多的併購成長。因此我認為我們的中位數個位數 CER 收入成長看起來不錯。

But indeed, as you've seen, we've said organically, we might be near flat in Q1, which is baking in a cushion and some belts and suspenders hopefully, for some of that uncertainty. No specific anecdotal. Hey, I don't get my lab ready or I don't have, I don't know, power cryogens, we haven't heard any of that. But right now, obviously, there is uncertainty and then, yes, there was a stay of that order. And we think this has to be -- there will be a new paradigm.

但事實上，正如您所看到的，我們已經說過，我們在第一季的業績可能接近持平，希望能為一些不確定性提供緩衝和保障。沒有具體的軼事。嘿，我的實驗室還沒準備好，或者我沒有，我不知道，動力冷凍劑，我們沒有聽說過這些。但現在顯然存在不確定性，而且，是的，該命令被暫停了。我們認為這必定會有一個新的範式。

I think there is no going back. But I think there also will be, either they'll have a new funding category where they put the $4 billion saved back into infrastructure or other scientific or clinical research projects. We don't think there will be simply a cut, quite honestly, I think that's almost bipartisan in Congress. And I don't know that the new HHS and NIH administration has said we want to cut budgets. I think they want to reprioritize and we'll see how -- what that does.

我認為已經沒有回頭路了。但我認為他們也會有一個新的資助類別，將節省下的 40 億美元重新投入基礎設施或其他科學或臨床研究計畫。我們不認為會簡單地進行削減，坦白說，我認為這幾乎是國會兩黨共同的決定。我不知道新的衛生與公眾服務部和國家衛生研究院管理部門是否表示要削減預算。我認為他們想要重新確定優先順序，然後我們看看這樣做會產生什麼效果。

But I think net-net, there will still be a lot of research and validation funding for the type of instruments and aftermarket solutions that we and others in the industry make. So I'm not doom and gloom on the NIH and overall spending philanthropic and other and state spending. Many of these things are very strong. There are many other funding sources. But yes, we've built in hopefully something that accepts that there is uncertainty certainly in Q1 and probably into Q2 into the cadence of our quarters.

但我認為，總體而言，我們和業內其他人生產的儀器和售後解決方案仍將投入大量的研究和驗證資金。因此，我對 NIH 以及整體慈善支出、其他支出和政府支出並不感到悲觀。其中很多東西都非常堅固。還有許多其他資金來源。但是的，我們希望能夠接受第一季肯定存在不確定性，甚至可能在第二季也存在不確定性。

By the way, it's also not all back-end loaded. I think, already by Q2, we're much more -- even just the way our revenue flow is going Q2 through Q4, I think you'll see pretty strong improvements year-over-year.

順便說一句，它也並非全部都是後端加載的。我認為，到第二季度，我們的收入流就會大大增加——即使只是從第二季度到第四季度的收入流來看，我認為你會看到同比相當強勁的增長。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

You have Lizzy on for Patrick. I guess, first, can you talk a little bit about academic government budget in Europe and China, I think you touched a little bit on stimulus there, but it would be great to hear more on that?

你讓 Lizzy 代替 Patrick。我想，首先，您能否談談歐洲和中國的學術政府預算，我想您稍微談到了那裡的刺激措施，但如果能聽到更多關於這方面的信息就更好了？

Yes. They've been -- of course, in China, there is now stimulus funding. It's not going to be this 1- or 2-quarter bolus, which in a way is nice for us. It's going to be much more spread out. Some of that has begun to come in already, a little tiny bit in Q3, a little bit more in Q4.

是的。當然，在中國，現在已經有了刺激資金。這不會是 1 到 2 個季度的推注，從某種意義上來說，這對我們來說是件好事。它的分佈將會更加廣泛。其中一些已經開始顯現，在第三季出現了一點，在第四季出現了一點點。

We expect more in the first half of this year, but it may even come out throughout the year. It may be more for us in terms of revenue at '24 -- sorry, I misspoke, '25 and '26 effect which is great. I'd rather have these things be a little bit smooth over multiple quarters. Europe has been -- I should also mention the rest of Asia. There is a lot of Asia Pacific, Taiwan, Korea, even Japan, other parts of India, which is not specific, but nonetheless, those have been strongish, and some of that is making up for a little bit of weakness in China.

我們預計今年上半年會有更多，但甚至可能全年都會出現。就 24 年的收入而言，這對我們來說可能更多——抱歉，我說錯了，25 年和 26 年的影響很大。我希望這些事情在多個季度內能夠順利一些。歐洲——我還應該提到亞洲其他地區。亞太地區、台灣、韓國，甚至日本、印度其他地區都有很多，雖然沒有具體說明，但儘管如此，這些地區的表現都比較強勁，在某種程度上彌補了中國的一些弱點。

You may -- you'll hear that from others as well. Europe has been reasonably good recently, and so all in, I think ACA/GOV is not going to be great this year, but I think it's not going to be that bad. It's not all -- I think it's -- and then there's just a lot of other strengths and growth drivers that we see this year that I mentioned earlier that don't depend on ACA/GOV. So yes, with all in, I think, again, we try to bake all of that into our guidance range of this 5% to 7% CER revenue growth, and I think it's reasonable.

您可能——您也會從其他人那裡聽到這個。歐洲最近表現相當不錯，所以總的來說，我認為 ACA/GOV 今年不會太好，但我認為也不會那麼糟。我認為這並不是全部，而且我們今年還看到了許多其他優勢和成長動力，我之前提到過，這些優勢和成長動力並不依賴 ACA/GOV。所以是的，總而言之，我認為，我們再次嘗試將所有這些納入我們 5% 至 7% CER 收入成長的指導範圍，我認為這是合理的。

Great. And I've just one more. For the deal dilution this year, is $0.08 to $0.10 kind of the right way to think about it entirely? Or am I thinking about that right?

偉大的。我還有一個。今年的交易稀釋，0.08 美元到 0.10 美元是完全正確的考慮方式嗎？或者說我這樣想是對的嗎？

Yes. This is Gerald. Yes, you are thinking about it correctly. We're moving from roughly $0.15 to $0.20 plus dilution coming out of '24 into $0.08 to $0.10 in '25 on the EPS line. That's correct.

是的。這是傑拉爾德。是的，你想的對。我們的每股盈餘將從大約 0.15 美元到 0.20 美元加上 24 年的稀釋變為 25 年的每股收益 0.08 美元到 0.10 美元。沒錯。

And then hopefully, near -- very much hope to be near breakeven in '26. So it's -- and again, it shows you some of our ability to flex with some of the biopharma business and cellular analysis and spatial biology being relatively weak in '24. We've flexed to make that happen. And again, we're on track for exactly those numbers that you asked about for '25 and still very much looking to have breakeven from that in '26 already.

然後希望接近——非常希望在 26 年接近收支平衡。所以 — — 再次，它向您展示了我們的一些靈活能力，因為一些生物製藥業務和細胞分析和空間生物學在 24 年相對較弱。我們已經盡力實現這個目標。再說一次，我們正朝著您詢問的 25 年數字前進，並且仍然非常希望在 26 年實現收支平衡。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

This is Julia on for Mike. Do you have an update on biopharma recovery timing? Are you expecting that to be in the second half of this year?

茱莉亞代替麥克上場。您對生物製藥復甦時間有更新嗎？您預計這會在今年下半年發生嗎？

Good question, Julia. We think it's going to -- we don't think it's a step function. We think it's going to be gradual. So we're expecting that already in the first half of this year, but maybe getting stronger in the second half of the year. I think that's maybe a better way to think about it.

朱莉婭，你問得好。我們認為它會—我們不認為它是一個階躍函數。我們認為這將是一個漸進的過程。因此，我們預計今年上半年就會出現這種趨勢，但下半年可能會更加強勁。我認為這也許是更好的思考方式。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

This is Salem on for Luke. Is the expectation still to play somewhere in the realm of 3 to 4 UHF NMRs this year kind of in line with before you've placed in the past couple of years? And then could you talk about the geographic concentration of the backlog in BSI? Is that relatively in line with your exposure? Or do you see it kind of higher in regions where you're seeing the most strength?

這是盧克的塞勒姆。今年的預期是否仍將在 3 到 4 個 UHF NMR 範圍內發揮作用，與過去幾年的預期一致？然後可以談談 BSI 積壓訂單的地理集中度嗎？這是否與您的曝光相對一致？或者您認為在實力最強的地區，這種差距會更大一些？

Good questions. Yes, this might be a year with 3 ultra-high field systems in '25. Indeed, last 2 years, we had 4 of them. Could be 4 this year, but we're presently expecting 3, all baked into the guidance and geographic breakdown of backlog for BSI, I'm -- I assume it's consistent with our -- Jason, do you have a thought on that?

好問題。是的，'25年可能會有3個超高場系統。確實，過去兩年，我們就有 4 家這樣的企業。今年可能是 4 個，但我們目前預計是 3 個，所有這些都納入了 BSI 的指導和積壓的地理細分中，我 - 我認為這與我們的 - Jason 一致，你對此有什麼想法嗎？

It will be consistent with our geographic mix.

它將與我們的地理組合保持一致。

Yes. So nothing unusual there is the answer, right?

是的。那麼答案就沒什麼不尋常的了，對嗎？

Correct. The only thing I would add is the backlog level at this point, close to 7 -- a little over 7 months at this stage. So it hasn't really changed dramatically from the third quarter coming out of the fourth. So we still have a fairly significant backlog level. The composition is, as Frank just described, similar to our overall geographic mix, but the number is a little bit not terribly changed from where we were in the third quarter.

正確的。我唯一想補充的是，目前的積壓水準接近 7——現階段略超過 7 個月。因此，與第三季相比，第四季的情況並沒有太大變化。因此，我們的積壓訂單量仍然相當大。正如弗蘭克剛才所描述的，其組成與我們的整體地理結構相似，但與第三季相比，數字並沒有太大變化。

And if I may, since the consumables heavy businesses like ELITech molecular diagnostics or even the cellular analysis and spatial biology businesses, by their nature, have less backlog. We probably will have a normalized backlog level that's not 5.5, but 5. So we have -- we can continue to cushion this year and any NIH uncertainties, et cetera, and we do some of that with our still elevated backlog that has remained stubbornly high, and that's a good thing. Of course, we had modeled it previously to where it would come to below 6 and 5.5 by right about now, but book-to-bill has been reasonable throughout the year and pretty quite good for a strong Q4 being at 0.99 is excellent. So yes, so we continue to benefit from that, and it also allows us to do some good quarterly planning and cushioning, because we -- it's a bit of a luxury position, but it's good to have.

如果可以的話，由於像 ELITech 分子診斷或甚至細胞分析和空間生物學業務這樣的消耗品重型業務，從本質上講，積壓較少。我們可能將有一個標準化的積壓水平，不是 5.5，而是 5。因此，我們可以繼續緩解今年以及任何 NIH 的不確定性等等，而且我們透過仍然居高不下的積壓工作來做一些事情，這是一件好事。當然，我們之前曾對其進行過建模，認為現在該比率將會低於 6 和 5.5，但全年的訂單出貨比一直很合理，對於強勁的第四季度來說，達到 0.99 已經相當不錯了。所以是的，我們繼續從中受益，這也使我們能夠做一些很好的季度規劃和緩衝，因為我們 - 這有點奢侈，但擁有它很好。

That's helpful. Appreciate that. And then on operating margins, you're targeting around 140 basis points of expansion, right? And I'm just wondering if you could give some puts and takes on that kind of bucket out the assumptions on the operational improvements on the existing business versus what's continuing to come from the integration of M&A, maybe a little bit on FX as well. And kind of in that vein, I know you guys do a good amount of manufacturing in Europe.

這很有幫助。非常感謝。那麼，就營業利潤率而言，你們的目標是擴大 140 個基點左右，對嗎？我只是想知道，您是否可以對這類類別給出一些看法，即對現有業務的營運改善與併購整合帶來的持續影響的假設，也許對外匯也做一點假設。從這個角度來說，我知道你們在歐洲做了很多製造業。

Are you guys contemplating anything on potential tariffs there? If not, how are you thinking about the potential risk?

你們是否正在考慮那裡的潛在關稅？如果不是，您如何看待潛在的風險？

Okay. Lots of good questions. Yes, 140 bps, of course, there's always a bit of a range around that, but that looks like a reasonable number. So yes, that would bring us to about 16.8, but it could be a little bit higher, it could be a tad lower than that, but I think that's 140 bps is a good number. It's all in.

好的。有很多好問題。是的，140 bps，當然，在這個範圍內總會有一個範圍，但這看起來是一個合理的數字。所以是的，這將使我們達到約 16.8，但它可能會稍微高一點，也可能稍微低一點，但我認為 140 個基點是一個不錯的數字。全部都在裡面了。

So we haven't tried to -- there is some -- there is continued organic headwind here probably around 50 bps, but there's also a little bit of FX tailwind. So it's net-net. There is a nonorganic -- let me get this right, nonorganic headwind. So without all these headwinds in an ideal world, it would be even better than 140 bps, but this is an all-in number, including FX and including yes, about 50 bps of organic headwinds. Tariffs, right, I mean we do manufacture in the U.S.

因此，我們還沒有嘗試 - 這裡存在一些持續的有機逆風，大概在 50 個基點左右，但也有一點外匯順風。所以它是淨網。存在著一種非有機的－讓我正確理解一下，非有機的逆風。因此，在理想情況下，如果沒有所有這些不利因素，情況甚至會比 140 個基點更好，但這是一個綜合數字，包括外匯，也包括大約 50 個基點的有機不利因素。關稅，對，我的意思是我們確實在美國製造。

We manufacture in Europe. We manufacture in Malaysia. Those are our major sites. We do not manufacture in China. So we have a lot of flexibility, and we can turn on a dime.

我們在歐洲製造。我們在馬來西亞生產。這些是我們的主要站點。我們不在中國生產。因此，我們具有很大的靈活性，可以隨時改變主意。

But if they're -- so far, we don't seem to be affected, but you never know what happens, things are happening quickly. So if we needed to respond, we can respond within a few quarters. And yes, I don't think we'll be singled out for punitive tariffs or anything like that. I mean, this is -- our instruments also including those coming from Europe, and many of them are coming from the U.S., but many of them are coming from Europe are needed for our life science research enterprise here in the U.S. So we can -- we have flexibility.

但如果他們——到目前為止，我們似乎沒有受到影響，但你永遠不知道會發生什麼，事情發生得很快。因此，如果我們需要回應，我們可以在幾個季度內回應。是的，我不認為我們會成為徵收懲罰性關稅或類似措施的對象。我的意思是，我們的儀器中也包括來自歐洲的儀器，其中許多來自美國，但其中許多來自歐洲，是我們美國生命科學研究事業所需要的。

We have a number of operations in the U.S. that do manufacturing and final test. And if we needed to modify some of -- move some of the production over here for the U.S. market, we could certainly do that.

我們在美國有多家負責製造和最終測試的公司。如果我們需要修改一些內容——將部分生產轉移到美國市場，我們當然可以這樣做。

Brandon Couillard, Wells Fargo.

富國銀行的布蘭登‧庫亞爾 (Brandon Couillard)。

Frank, it would be great to get an update just on the timsTOF platform. Any updated installed base figures you have, a revenue run rate for that platform, how you think about growth in '25?

弗蘭克，如果能在 timsTOF 平台上獲得更新就太好了。您有任何更新的安裝基數資料嗎？

Yes. So timsTOF is doing better again. Obviously, we had some competitive dynamics there when that other instrument first came out and we've recovered from some of that with some very good further improvements of the various timsTOF models and timsTOF is more of a platform with multiple models, both at ASMS and then also, quite importantly, at the International HUPO last year. So our win rate has come back and it remains competitive. There's 2 good platforms on that market, and that's good for the market overall.

是的。因此，timsTOF 的表現再次好轉。顯然，當另一種儀器首次問世時，我們在那裡存在一些競爭態勢，但是我們已經從中恢復過來，對各種 timsTOF 模型進行了非常好的進一步改進，timsTOF 更像是一個具有多種模型的平台，無論是在 ASMS 還是在去年的國際 HUPO 上，這一點都非常重要。因此我們的勝率已經回升並且仍然具有競爭力。該市場上有 2 個良好的平台，這對整個市場來說有利。

So somewhat muted the growth. But with the win rate improving more recently, I think that will pick up again. And yes, it's about not far from a $200 million business, so it's a meaningful business for us and also tends to have good margins and of course, it's strategically very important to us. You'll see a lot of activity this year in terms of further improvements, refinements, new models and things like that. So we invest -- a lot of our investments are going in this direction for the -- for proteomics and the various flavors of that from proteoform profiling of intact to all the way to lipidomics, metabolomics, glycomics.

因此在一定程度上抑制了成長。但隨著最近勝率的提高，我認為這個數字將會再次回升。是的，這個業務的規模離 2 億美元差不多，所以對我們來說，這是一項很有意義的業務，而且利潤率也很高，當然，從策略上來說，這對我們來說非常重要。今年，您會看到很多有關進一步改進、完善、新模型等方面的活動。因此，我們在這個方向進行了大量投資，用於蛋白質組學及其各種領域，從完整的蛋白質形式分析到脂質組學、代謝組學、糖組學。

It's a very key -- it's one of the breakout -- along with spatial biology, it's one of the breakout opportunities of the company, and we're very heavily investing there. So it's doing good and its growth rate is recovering.

這是非常關鍵的領域，也是突破領域之一，與空間生物學一起，是公司的突破機會之一，我們在該領域投入了大量資金。因此它表現良好並且其增長率正在恢復。

And then two questions for Gerald. Could you break out the impact of currency on operating margin guidance for the year? And then secondly, inventories came down a lot sequentially. Maybe that was currency. Just how are you thinking about free cash flow conversion in '25?

然後我要問傑拉爾德兩個問題。您能否詳細說明一下貨幣對今年營業利潤率指引的影響？其次，庫存連續大幅下降。也許那就是貨幣。您如何看待 25 年的自由現金流轉換？

Yes. So on the first question, Brandon, yes, I think generally, for '25, we're expecting a 3% foreign exchange headwind right now. And that's just where it is. We'll see how it all plays out as we get down further. In 2025, we start to see some movement thereafter.

是的。因此，關於第一個問題，布蘭登，是的，我認為總體而言，對於 25 年，我們預計目前的外匯逆風為 3%。事實就在這裡。隨著我們進一步深入，我們將看到這一切將如何展開。從 2025 年開始，我們將開始看到一些動向。

And on the cash flow conversion, we had quite a good quarter, I would say, notwithstanding some acquisition-related expenses in the fourth quarter. We generated a significant amount of working capital improvement in the fourth quarter and I'm expecting to see that continue as we move into 2025. Our cash flow conversion has improved, I think, significantly after, I would say, some challenges, especially related to initial working capital associated with our acquired businesses. But overall, we're pretty pleased with the performance in the fourth quarter and expect to continue to see it.

就現金流轉換而言，我想說，儘管第四季有一些收購相關的費用，但我們本季的表現相當不錯。我們在第四季度實現了大量的營運資本改善，我預計這種情況將持續到 2025 年。我認為，在克服一些挑戰之後，我們的現金流量轉換率已經有了顯著改善，尤其是與我們所收購業務相關的初始營運資本相關的挑戰。但總體而言，我們對第四季的表現非常滿意，並希望繼續保持這種表現。

Yes, our operational teams and our finance teams are doing a great job with free cash flow conversion that's already improving, as you've seen in Q4. And it will be another big focus for '25, obviously, as we either further deleverage or do more share buybacks. I think that's a priority. It gives us more flexibility. I think maybe one earlier modeling question that you had, Brandon, on our 140 bps '25 operating profit margin expansion, the net headwind between a larger M&A headwind and a smaller FX tailwind is about -- the net headwind is about 20 bps.

是的，我們的營運團隊和財務團隊在自由現金流轉換方面做得很好，正如您在第四季度看到的那樣，自由現金流轉換已經在改善。顯然，這將是 25 年的另一個重點，因為我們要么進一步去槓桿，要么進行更多的股票回購。我認為這是一個優先事項。它為我們提供了更大的靈活性。布蘭登，我想也許您之前提出的一個建模問題是關於我們 140 個基點的 25 年營業利潤率擴張，較大的併購逆風和較小的外匯順風之間的淨逆風大約是——淨逆風約為 20 個基點。

I hope that helps and addresses your question.

我希望這能幫助並解答您的問題。

Doug Schenkel, Wolfe Research.

道格‧申克爾（Doug Schenkel），沃爾夫研究公司。

This is Madeline Mollman on for Doug. For Gerald, if conditions with the NIH or in China do deteriorate, can you talk through what levers you have at your disposal to protect the margin and EPS guidance? And then thinking about the NIH funding, specifically, if the environment does deteriorate, are there things that you can do to reduce adoption -- friction to adoption of products like funding for capital -- if funding for capital equipment becomes more challenging?

我是 Madeline Mollman，代表 Doug 發言。對於傑拉爾德來說，如果美國國立衛生研究院或中國的情況確實惡化，您能否談談您可以使用哪些手段來保護利潤率和每股收益指引？然後考慮一下 NIH 的資金，具體來說，如果環境確實惡化，如果資本設備的資金變得更具挑戰性，你能做些什麼來減少採用——例如資本資金等產品採用的摩擦？

It's sort of -- as I said earlier, it's kind of baked in, right? We have done some sensitivity modeling. We read your research. So for instance, we did model an 8% decline, which we don't think will happen, but it could happen in the first half, maybe with some catch-up in the second half. And so those type of reasonable scenarios, including delays and also a flat out reduction in NIH budget this year by, for instance, that 8% figure that's floating out there mathematically, we think we've got -- we've put that into the guidance.

這有點像 — — 正如我之前所說的，它有點像是天生的，對吧？我們已經做了一些敏感性建模。我們閱讀了您的研究。例如，我們確實模擬了 8% 的下降，我們認為這不會發生，但它可能會在上半年發生，也許在下半年會有所趕上。因此，我們認為這些合理的情景，包括延遲以及今年 NIH 預算的大幅削減，例如，數學上浮動的 8% 這個數字，我們已經得到了——我們已經將其納入了指導。

That's why, otherwise, maybe our guidance would have been a little higher, but this is something we've really tried to take into account. Can you predict everything this year? Of course, not. But I think we've done a reasonable job in putting some unpleasant NIH scenarios into our guidance. Have we put in a worst case?

這就是為什麼，否則，也許我們的指導價格會稍微高一些，但這是我們真正試圖考慮到的事情。你能預測今年的一切嗎？當然不是。但我認為我們在將一些不愉快的 NIH 場景納入指導方面做得還不錯。我們是否考慮過最壞的情況？

Of course, not, no, but I think there won't be a worst case, but a reasonable contingency has been built in. And we've also, as you've seen, have taken that through margins and EPS. So it's also built into that not only at the revenue growth level. So we think we have enough strength. Gerald, you would like to add something to that?

當然不是，不是，但我認為不會出現最壞的情況，但已經考慮了合理的應急措施。而且正如您所看到的，我們也透過利潤率和每股盈餘實現了這一目標。因此，這不僅體現在收入成長層面。所以我們認為我們有足夠的實力。傑拉爾德，你想補充一點嗎？

I was just going to say with respect to your other part of your question on '25, in the company, I'd just remind folks that the company is still quite a global organization. And we still have significant revenue performance in other geographies outside of the United States, 70-plus percent of our revenues coming ex U.S. So there's still a significant order backlog. Our performance across most of our other areas of growth are continuing, here I'm talking about the 2 areas Frank highlighted, the semiconductor metrology area, our microbiology and infectious disease businesses. We have very solid performance across industrial businesses in other geographies.

我只是想說，關於你關於 25 的問題的另一部分，在公司，我只是想提醒大家，公司仍然是一個全球性組織。我們在美國以外的其他地區仍然有顯著的收入表現，70%以上的收入來自美國以外。我們在大多數其他成長領域的表現仍在持續，這裡我談論的是弗蘭克強調的兩個領域，即半導體計量領域、微生物學和傳染病業務。我們在其他地區的工業業務表現非常穩健。

So I think the general portfolio of the company is really pretty transformed to a level where it's not really only about academic government research funding and even if it's more focused on that, it's -- there's plenty of global opportunities outside of the U.S.

因此，我認為公司的整體投資組合確實已經發生了相當大的轉變，不再僅僅關注政府的學術研究資金，即使公司更專注於此，但在美國以外還有很多全球機會。

Great. And then on the topic of the Make America Healthy Again movement, can you talk a little bit how Bruker is positioned to benefit from things like increases in food, water, environmental and PFAS testing? What's your exposure there? And do you have anything built into your guidance around that?

偉大的。然後關於「讓美國再次健康」運動的話題，您能否談談布魯克如何從食品、水、環境和 PFAS 測試的增加等方面受益？你在那裡的曝光率如何？您在指導中是否考慮到了這一點？

Yes, we have an applied markets business as well. So we do some PFAS testing and PFAS research testing. Some other companies have more of that than we do, but we are involved in some of those markets as well. Clearly, as people are looking at validation studies on -- I think in my -- the MAHA in some ways, Make America Healthy Again in my way of thinking, very, very much supports that you look at -- now I'm going to get a little nerdy, but that you look at the phenome, that you look at the post-genomic total organism, the patients and don't just do genomic medicine and things like that because they don't change so much with food and environmental factors. So in a subtle way, but perhaps in a fundamental way, it's going to drive us much more towards this old human phenome biology testing and not -- and that's all very much where we're aligning directionally.

是的，我們也有應用市場業務。所以我們做了一些 PFAS 測試和 PFAS 研究測試。其他一些公司擁有比我們更多的此類資產，但我們也涉足了其中一些市場。顯然，當人們查看驗證研究時——我認為——MAHA 在某種程度上，按照我的想法，「讓美國再次健康」非常非常支持你查看——現在我要變得有點書呆子氣了，但你查看的是表型組，你查看的是後基因組整體有機體、患者，而不僅僅是進行基因組醫學和諸如此類的事情，因為它們不會隨著食物和環境因素而發生太大變化。因此，從微妙的角度，但也許從根本上來說，它將推動我們更多地走向這種古老的人類表型生物學測試，而不是——而這正是我們努力的方向。

So there is a subtle long-term effect that I think will be very powerful for what -- for the type of medical research that we are prepared to support and that this new administration seems to be focusing on. Nobody has quite said it that way, but if you think about it more deeply, it's actually going to very much accelerate this post-genomic era and the whole human phenome biology. A little bit much for a financial call but I think it's important.

因此，我認為這將產生一種微妙的長期影響，對於我們準備支持的、新政府似乎正在重點關注的醫學研究類型來說，這種影響將非常強大。沒有人這樣說過，但如果你深入思考，它實際上將極大地加速後基因組時代和整個人類表型生物學的發展。對於財務電話來說有點多，但我認為這很重要。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Perfect. So I wanted to dig into this first quarter guide. You mentioned that you're assuming flat organic growth, mid-single-digit CER. So that's really implying a mid-single-digit contribution from acquisitions. It looks like The Street was modeling a double-digit number for the first quarter in terms of M&A contribution.

完美的。所以我想深入研究第一季的指南。您提到，您假設有機成長持平，CER 為中個位數。所以這實際上意味著來自收購的中等個位數貢獻。就併購貢獻而言，華爾街預計第一季將出現兩位數的成長。

So can you unpack those M&A assumptions for us in the first quarter? Are there any one-timers? Is there conservatism baked into the M&A assumption? And then what type of cadence are you assuming for M&A contribution throughout the year?

那麼您能在第一季為我們解析這些併購假設嗎？有一次性的東西嗎？併購假設中是否包含保守主義？那麼，您認為全年併購貢獻的節奏是如何的呢？

Right. It will have the biggest impact in the first quarter, Rachel, of course, right? Because the 2 larger acquisitions closed back to back in April 30 and May 6 from what I remember, that's ELITech and NanoString, whereas Chemspeed closed somehow in the middle of the first quarter. So indeed, our M&A benefit in the first quarter will be mid- to high single digits perhaps. And accordingly, that's very satisfactory.

正確的。當然，這會對第一季產生最大的影響，Rachel，對吧？因為據我記得，兩起較大的收購案分別於 4 月 30 日和 5 月 6 日接連完成，分別是 ELITech 和 NanoString，而 Chemspeed 則在第一季中期以某種方式完成。因此，我們第一季的併購收益可能確實會達到中高個位數。因此，這是非常令人滿意的。

Since we're aiming for overall revenue growth, we're managing the quarters not for one of these elements that go into it, but overall revenue growth, so it will be -- that will be reasonable for us and that fits our cadence. M&A will then have a moderate impact -- benefit in the second quarter, and then it will fall off in Q3 and Q4 as all of these things will by then be organic.

由於我們的目標是實現整體收入成長，因此我們管理季度的目標不是為了其中的某個要素，而是為了實現整體收入成長，所以這對我們來說是合理的，並且適合我們的節奏。併購將產生中等影響——在第二季度受益，然後在第三季度和第四季度下降，因為到那時所有這些事情都將是有機的。

Got it. That's helpful. Then just for my follow-up, just regarding China stimulus. You mentioned that you had $15 million of stimulus orders in the back half of 2024. Can you walk us through what are you assuming in terms of benefit from China stimulus into the 2025 guide versus what would be upside?

知道了。這很有幫助。然後是我的後續問題，關於中國的刺激政策。您提到，2024 年下半年您有 1500 萬美元的刺激方案訂單。您能否向我們介紹一下，您認為 2025 年指南中中國刺激計畫將帶來哪些好處以及有哪些好處？

And then also just where are you seeing orders either from a provincial level, from a product level, any color there would be helpful as well?

那麼您從哪裡看到省級或產品層級的訂單，任何顏色都有幫助嗎？

Rachel, it's Gerald. I'll take that. On the stimulus orders, in the guide, we would simply assume that it's -- first of all, we did see some improvement in stimulus orders in the fourth quarter of '24, but we're expecting to see those orders spread out in -- continue to be spread out in the first half of '25. So we expect to see more in the first quarter, for example, in '25. And then the benefit itself from a revenue perspective to mostly hit into the second half of '25 and into the first half of '26.

雷切爾，我是傑拉爾德。我接受。關於刺激訂單，在指南中，我們只是假設——首先，我們確實看到 24 年第四季的刺激訂單有所改善，但我們預計這些訂單將在 25 年上半年繼續分散。因此，我們預計在第一季度，例如在25年，會看到更多。然後從收入角度來看，收益本身主要會延續到 25 年下半年和 26 年上半年。

So those are already essentially baked in, but I think we have not assumed substantially large numbers in those cases, largely due to the delays that we have seen and continue to see with respect to that.

所以這些基本上已經考慮到了，但我認為我們並沒有假設這些情況下會出現大量的數字，這主要是因為我們已經看到並且繼續看到與此相關的延遲。

So modest levels are baked in and we're not about to prematurely harvest potential higher levels because of NIH uncertainty. So maybe that will end up offsetting itself, but it remains to be seen. We baked in. In an isolated world, we've probably been quite conservative and China stimulus being baked in because of other uncertainties that we're all aware of. Hope that helps.

因此，適度的水平是固定的，我們不會因為 NIH 的不確定性而過早收穫潛在的更高水平。因此，這或許最終會抵消其影響，但仍有待觀察。我們烘烤了。在一個孤立的世界裡，我們可能相當保守，而中國刺激計畫之所以被考慮，是因為我們都知道其他的不確定因素。希望能有所幫助。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

A couple on guidance as well. I guess, the 2% to 3% from M&A, could you maybe just delineate between NanoString? I know that had been running below plan, Chemspeed had been running above plan. And then ELITech, are you seeing synergies with the MALDI business there yet? And then also, Gerald, expectations for further backlog reduction in '25, intentionally bringing that down.

還有一些指導。我想，來自併購的 2% 到 3% 是否可以在 NanoString 之間進行劃分？我知道 Chemspeed 的運行速度一直低於計劃，而 Chemspeed 的運行速度一直高於計劃。那麼 ELITech，您是否看到與 MALDI 業務的協同效應？此外，傑拉爾德也預計 25 年積壓訂​​單將進一步減少，因此有意將這一數字降低。

And are you guys assuming a reversal of the import/export restrictions? And then lastly, Frank, semi -- could semi accelerate from here? I think you've got a new gated architecture replacing FinFET. There's a lot more sampling and process steps needed. And maybe just talk a little bit about whether semi could actually pick up from here.

你們是否認為進出口限制將會被取消？最後，弗蘭克，半-半可以從這裡加速嗎？我認為你已經有一個替代 FinFET 的新門控架構。還需要更多的採樣和處理步驟。也許我們只需稍微討論一下半導體是否真的可以從這裡回升。

So yes, NanoString, it's doing okay. I mean it's not quite running at the $10 million per month, $120 million run rate, a little bit lower, but maybe it's running at $110 million or so. And that's in a year, remember, when -- of course, we all remember where biopharma was relatively weak and often that tends to be 1/3 of NanoString revenue, and that was just a weak part. So we expect that to pick up. We don't expect NanoString to go back yet in '25 to its pre-Chapter 11 levels, but we expect nice growth in NanoString as well as in Cellular Analysis this year.

是的，NanoString 運作良好。我的意思是，它並沒有達到每月 1000 萬美元、1.2 億美元的運行率，稍微低一點，但可能是 1.1 億美元左右。記住，那是在一年之後——當然，我們都記得生物製藥相對較弱，而且通常只佔 NanoString 收入的 1/3，而這只是一個薄弱的部分。因此我們預計這一數字將會回升。我們預計 NanoString 不會在 25 年回到其破產保護之前的水平，但我們預計今年 NanoString 和 Cellular Analysis 都會實現良好的成長。

ELITech is just chugging along. It's just like, my God, I've never had such a predictable business. It's good. It's -- as you may recall, from JPMorgan, it had more placements of instruments last year than we had expected. That bodes well for these instruments then coming up to full speed and having the consumables pull-through by maybe the middle of this year, so that they're doing great.

ELITech 正在穩步前進。天哪，我從來沒有經歷過如此可預測的生意。很好。您可能還記得，摩根大通去年配置的工具比我們預期的要多。這預示著這些儀器將全速運轉，大約在今年年中之前完成消耗品的交付，因此它們的表現會很好。

Chemspeed is doing better than expected. Semi is so strong already and it's on such a good trajectory. I don't know that it would further accelerate. But I also, to your point, maybe don't expect any deceleration in our semi portfolio. So it's just a delight and it's been on a good growth trajectory with terrific margins.

Chemspeed 的表現優於預期。Semi 已經非常強大，並且發展軌跡良好。我不知道它是否會進一步加速。但正如您所說，我可能也不認為我們的半導體投資組合會出現任何減速。所以這真是令人高興，而且它一直保持著良好的成長軌跡和極高的利潤率。

And I missed something on import/export, I apologize, what was the question on that?

我遺漏了一些關於進出口的內容，抱歉，請問這個問題是什麼？

Are you assuming that gets unwound, the restrictions on China?

您是否認為對中國的限制會取消？

So we have certain semi restrictions on China. They're not going to go away. Those were already implemented 2, 3 years ago for very high-performance equipment that you cannot export to China. That's completely baked in as of years ago. And these other more recent stuff that came out just in early January, none of that affected us.

所以我們對中國有一定的限制。他們不會離開的。這些措施在兩三年前就已經實施了，適用於無法出口到中國的高性能設備。這是幾年前就完全形成的概念了。而這些今年 1 月初剛發布的最新動態，都沒有對我們造成影響。

And so therefore, it won't go away, Tycho, but only because it doesn't affect us. These instruments, mostly do bottom-up proteomics. And the few instruments that we have that do top-down proteomics, they come from Switzerland or Germany. So they're not affected directly.

因此，它不會消失，Tycho，只是因為它不影響我們。這些儀器大多進行自下而上的蛋白質體學研究。我們擁有的少數用於自上而下蛋白質體學研究的儀器都來自瑞士或德國。所以他們沒有受到直接影響。

Okay. And then, Gerald, can you comment on the backlog dynamics? And then also, I had people asking about first quarter operating margins. It looks like they're pretty soft. So could you touch on that as well?

好的。然後，傑拉爾德，您能評論一下積壓動態嗎？另外，還有人詢問我第一季的營業利益率。看起來它們非常柔軟。那您也可以談談這一點嗎？

Yes, right. We -- so as we said, we think the cadence will be that operating margin improvements will be more in the -- not only back half, but in the Q2 through Q4. So Q1 will be not strong on operating profit margin. That is correct, simply because that's still mathematically a quarter where the NanoString dilution is new to us year-over-year last Q1 '24, I'm stating the obvious or we didn't have NanoString yet, so therefore, it didn't have its dilutive effect yet. So it's -- honestly, it's just math.

是的，對。正如我們所說，我們認為節奏是，營業利潤率的提高不僅在下半年，而且在第二季到第四季也會有更大的提高。因此第一季的營業利潤率不會很高。這是正確的，只是因為從數學上講，這仍然是一個季度，與去年同期相比，NanoString 的稀釋對我們來說還是新的，我說的是顯而易見的，或者我們還沒有 NanoString，因此，它還沒有產生稀釋效應。所以—老實說，這只是數學。

There is nothing more than that in there. It's just how the math comes together.

那裡面再也沒有別的東西了。這只是數學如何結合在一起。

And Tycho, with respect to your question on backlog in '25, we're not assuming any significant change. I mean at this point, to be blunt about it, we've talked about dragging that backlog down over multiple years. And our order performance, particularly in the fourth quarter, has just made that challenging, as Frank mentioned earlier.

Tycho，關於您關於 25 年積壓的問題，我們不認為會發生任何重大變化。我的意思是，坦白說，我們已經討論過將這些積壓工作拖延多年。正如弗蘭克之前提到的，我們的訂單表現，特別是第四季度的訂單表現，使得這一目標更加具有挑戰性。

In a good way.

以一種好的方式。

So we haven't been able to bring it down significantly because of the order.

因此，我們還不能根據命令大幅降低產量。

But that's the put or the take, I don't know which it is. But if NIH was really just terrible for the rest of the year, and there was no new political consensus of how to redeploy those savings into research infrastructure and maybe uncertainty would be the biggest problem, right? I think we have that -- we're sitting on that extra 2 months of backlog cushion that we'd like to not use up this year. We don't think we will. But that comes down a little bit this year is fine and also baked into this a little bit, but we're not expecting to go from 7 to 5 months, but that's kind of the -- that's the free variable that we can choose to come down by half a month or by 4 months this year, depending on how order patterns are.

但這是選擇還是接受，我不知道哪一個。但是，如果 NIH 在今年剩餘時間內的表現真的很糟糕，而且對於如何將這些節省下來的資金重新部署到研究基礎設施中，也沒有達成新的政治共識，那麼不確定性可能是最大的問題，對嗎？我想我們已經有了這個——我們還有額外的兩個月的積壓緩衝，但我們不想在今年用完。我們認為我們不會。但今年稍微下降一點是可以的，也稍微考慮到了這一點，但我們並不期望從 7 個月降到 5 個月，但這是一種自由變量，我們可以選擇今年下降半個月或 4 個月，這取決於訂單模式如何。

That's why we are in an unusual position to where we can -- we have that other steering wheel that we can -- that just nicely counteracts any other uncertainty.

這就是為什麼我們處於一個不尋常的位置，我們可以——我們有另一個方向盤，可以——很好地抵消任何其他不確定性。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Frank, you mentioned timsTOF, that the new product launches is back on track. Where are you seeing most growth in terms of geography? Given recent macro funding events, especially in the U.S., could you lay out what your mass spec exposure is in the U.S. and then what is assumed in the 2025 guide?

Frank，您提到了 timsTOF，新產品的發布又回到了正軌。從地理分佈來看，您認為哪裡的成長最快？鑑於最近的宏觀融資事件，尤其是在美國，您能否介紹一下您在美國質譜業務的情況，以及 2025 年指南中的假設是什麼？

Yes, timsTOF, so indeed, yes, we've signaled that the tims Omni will be launched hopefully at ASMS, but sometime this year, that's sort of an unusual new field of proteoform analysis within mass spectrometry. So we hope that we'll have a launch this -- we're sure -- we're pretty sure, we're confident that we have a launch this year hopefully at ASMS. There will be other improvements. That for competitive reasons, we don't want to hint that right now, but there's a lot in the pipeline. The geographic contribution on timsTOF is not that unusual.

是的，timsTOF，所以確實，是的，我們已經表示希望在 ASMS 上推出 tims Omni，但在今年的某個時候，這是質譜領域中一種不尋常的蛋白質形態分析新領域。因此我們希望能夠在今年的 ASMS 上推出該產品 — — 我們確信 — — 我們非常確信，我們有信心能夠在今年的 ASMS 上推出該產品。還會有其他改進。出於競爭原因，我們現在不想暗示這一點，但還有很多事情正在籌備中。timsTOF 上的地理貢獻則不那麼不尋常。

It's obviously U.S. heavy and Europe heavy, but there is a meaningful contribution also from Asia Pacific, China but also Japan, Korea, this Korea stimulus package that's now coming along, biopharma and biosciences is part of that. We're also benefiting from the battery part, another driver of strength. So timsTOF had been suffering also a little bit from weaker biopharma funding. So we think that may begin to gradually reverse this year.

顯然美國和歐洲佔了很大比重，但亞太地區、中國、日本、韓國也做出了重大貢獻，韓國正在出台的經濟刺激計畫中，生物製藥和生物科學就是其中的一部分。我們也受益於電池部分，這是另一個推動力量。因此，timsTOF 也因生物製藥資金短缺而遭受一些損失。因此我們認為今年這種情況可能會開始逐漸逆轉。

So that might be another driver that lifts all boats, maybe that's -- and a lot of that biopharma funding tends to be primarily in the United States. A lot of it in Europe, a lot of it in Asia Pacific, but the U.S. is clearly leading there. Hope that helps, Subbu.

所以這可能是另一個推動所有事情發展的動力，也許是——而且很多生物製藥資金主要集中在美國。其中很大一部分在歐洲，很大一部分在亞太地區，但美國在這些方面顯然處於領先地位。希望這對你有幫助，Subbu。

Yes. So that means the NIH funding is probably not going to just have an isolated effect on mass spec. One thing you said interactome, does that mean it's top down? And should we worry about something else? Or is this what you told, Tycho, that it's manufactured elsewhere, not in the U.S.?

是的。所以這意味著 NIH 的資助可能不會僅僅對質譜產生孤立的影響。您提到了相互作用組，這是否意味著它是自上而下的？我們還應該擔心其他事情嗎？或者正如你所說，Tycho，它是在其他地方製造的，而不是在美國？

Did you say -- did you use the word interactome?

您說過－您使用了「相互作用組」這個詞嗎？

Yes, interactome for me...

是的，對我來說是相互作用組…

Interactome is different from top down. A lot of people use bottom-up proteomics to look at protein-protein interaction, interactome is also very much studied by NMR, ultra-high field NMR. So the approach -- anyway, I think that without getting into too much scientific details on the financial call, none of this matters, all of these instruments, none of these instruments, interactome is not top down, so those are separate. But either way, none of this restricts any of our products that for these type of applications are all made in Europe. We're out of time.

Interactome 與由上而下有所不同。許多人使用自下而上的蛋白質體學來研究蛋白質 - 蛋白質相互作用，而相互作用組也透過 NMR、超高場 NMR 進行大量研究。因此，方法 - 無論如何，我認為，無需在財務電話會議上討論太多科學細節，這些都不重要，所有這些工具，這些工具中沒有一個，相互作用組不是自上而下的，所以它們是分開的。但無論如何，這些都不會限制我們的任何產品，因為這些類型的應用產品都是在歐洲生產的。我們沒時間了。

Yes, sir. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Joe Kostka for any closing remarks. Please go ahead.

是的，先生。我們的問答環節到此結束。我想將會議交還給喬·科斯特卡先生，請他作最後發言。請繼續。

Thank you for joining us today. Bruker's leadership team looks forward to meeting with you at an investor event or speaking with you directly during the first quarter. Feel free to reach out to me to arrange any follow-up. Have a good day.

感謝您今天加入我們。布魯克的領導團隊期待在投資者活動中與您會面或在第一季與您直接交談。請隨時聯繫我以安排任何後續事宜。祝你有美好的一天。

The 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。