Bruker Corp (BRKR) 2025 Q1 法說會逐字稿

Good day, and welcome to the Bruker Corporation first quarter 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加布魯克公司 2025 年第一季財報電話會議。（操作員指示）

Please note this event is being recorded. I would like to turn the conference over to Joe Kostka, Director of Investor Relations. Please go ahead.

請注意，此事件正在被記錄。我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 first quarter 2025 earnings conference call. My name is Joe Kostka, and I am 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.

早安.歡迎大家參加布魯克公司 2025 年第一季財報電話會議。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。

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. During today's call, we will be highlighting non-GAAP financial information.

除了我們今天早些時候發布的收益報告外，在今天的電話會議中，我們還將參考一份幻燈片演示，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。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。

Reconciliations of our non-GAAP to GAAP finical 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.

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。

During this conference call, we will 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, tariffs, market demand or supply chains.

在本次電話會議中，我們將對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、關稅、市場需求或供應鏈有關的風險和不確定性。

The company's actual results may defer 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, 2024, as updated by our other SEC filings, which are available on our website and on the SEC's website.

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和截至 2024 年 12 月 31 日的 10-K 表中所討論的因素，這些因素由我們向美國證券交易委員會提交的其他文件進行了更新，可在我們的網站和美國證券交易委員會的網站上查閱。

Also, please note that the following information is based on current business conditions and to our outlook as of today, May 7, 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 second quarter 2025 financial results expected in early August 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的業務狀況以及我們截至 2025 年 5 月 7 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，除非在預計於 2025 年 8 月初發布 2025 年第二季度財務業績之前法律可能要求更新。您不應依賴這些前瞻性陳述來認為它們必然代表我們今天之後任何日期的觀點或展望。

We will begin today's call with Frank providing an overview of our business progress and of the expected impacts from US policy changes and new tariffs. Gerald will then cover the financials for the first quarter of 2025 in more detail and share our updated full year 2025 financial outlook. Now I'd like to turn the call over to Bruker's CEO, Frank Laukien.

今天的電話會議將由弗蘭克概述我們的業務進展以及美國政策變化和新關稅的預期影響。傑拉爾德隨後將更詳細地介紹 2025 年第一季的財務狀況，並分享我們更新的 2025 年全年財務展望。現在我想把電話轉給布魯克的執行長弗蘭克·勞基恩。

Thanks, Joe. Good morning, everyone, and thank you for joining us on today's first quarter '25 earnings call. Bruker had a solid start to 2025 with double-digit reported and constant exchange rate or CER revenue growth. We also had 5.1% organic revenue growth in our Bruker Scientific Instruments segment and better operating margin performance than expected. In short, our teams executed very well under significant uncertainties in key markets.

謝謝，喬。大家早安，感謝您參加今天的 2025 年第一季財報電話會議。布魯克在 2025 年取得了良好的開端，報告收入和固定匯率或 CER 收入均實現了兩位數成長。布魯克科學儀器部門的有機收入成長了 5.1%，營業利益率表現也比預期好。簡而言之，我們的團隊在關鍵市場存在重大不確定性的情況下表現非常出色。

In the first quarter and in April, at the important AGBT, E&C, [Eskid-mid] and AACR conferences, by the Alphabet 2, we launched a number of very innovative performance leading new products in spatial biology, cellular analysis, NMR, microbiology and molecular diagnostics while strengthening our high-value offerings in key areas of our strategic focus.

在第一季和四月份，在重要的 AGBT、E&C、[Eskid-mid] 和 AACR 會議上，我們透過 Alphabet 2 推出了一系列在空間生物學、細胞分析、核磁共振、微生物學和分子診斷領域極具創新性、性能領先的新產品，同時加強了我們在戰略重點關鍵領域的高價值產品。

I'll cover several of these important new products in a few moments. But the key message here is that in times of funding uncertainties and in particularly, it is particularly important to enable our customers with unique and highly relevant new research and clinical capabilities. We also expect these meaningful post-genomic innovations to drive continued higher revenue CAGR differentiation for Bruker beyond the present ACA/GOV headwinds in the US and China.

我稍後將介紹幾款重要的新產品。但這裡的關鍵訊息是，特別是在資金不確定的時期，為我們的客戶提供獨特且高度相關的新研究和臨床能力尤其重要。我們也預計，這些有意義的後基因組創新將推動布魯克繼續提高收入複合年增長率，超越目前美國和中國的 ACA/GOV 阻力。

Let's begin on slide 4. With the performance of the business in Q1 '25, then I'll walk you through the impact of recent US policy changes and the new tariff regime, how we anticipate it will impact Bruker and how we intend to mitigate the resulting headwinds to our margins slightly more than half in 2025 and then completely by 2026.

我們從第 4 張投影片開始。透過 2025 年第一季的業務表現，我將向您介紹最近美國政策變化和新關稅制度的影響，我們預計它將如何影響布魯克，以及我們打算如何減輕由此產生的不利因素，使利潤率在 2025 年略高於一半，然後在 2026 年完全降低。

On Q1 '25 performance, we delivered a stronger-than-expected first quarter. Bruker's Q1 '25 reported revenues increased 11% year-over-year to $801.4 million, above our preannounced range of $795 million to $800 million and significantly above prior expectations.

就 25 年第一季的表現而言，我們的業績強於預期。布魯克 25 年第一季報告顯示，其營收年增 11% 至 8.014 億美元，高於我們預先公佈的 7.95 億美元至 8 億美元的範圍，也大大高於先前的預期。

Our constant exchange rate, CER revenue growth was 12.5% year-over-year, including organic growth of 2.9%, with, as I said earlier, reasonably strong 5.1% organic growth delivered by our BSI segment and a 9.6% contribution to revenue growth from acquisitions. If you recall, we did some of our larger acquisitions last year in the second quarter.

我們的固定匯率、CER 營收年增 12.5%，其中有機成長 2.9%，正如我之前所說，我們的 BSI 部門實現了相當強勁的 5.1% 有機成長，收購對營收成長的貢獻為 9.6%。如果你還記得的話，我們去年第二季進行了一些較大規模的收購。

Notably, performance in the biopharma end markets strengthened in the quarter and grew in the mid-single-digit percentage. Our first quarter 25% non-GAAP operating margin was 12.7%, which was down year-over-year due to the expected M&A dilution from the strategic acquisitions, I just mentioned that we completed in Q2 '24.

值得注意的是，本季生物製藥終端市場表現增強，成長率達到中等個位數。我們第一季的非 GAAP 營業利潤率為 12.7%，年減，原因是預期的策略性收購會導致併購稀釋，我剛才提到，我們在 24 年第二季完成了這些收購。

However, underneath, we again posted strong organic operating profit margin expansion of about 100 basis points year-over-year in the quarter. Our first quarter '25 diluted non-GAAP EPS was $0.47, down from $0.53 in Q1 '24 due to expected and more recent FX currency headwinds.

然而，本季我們再次實現了強勁的有機營業利潤率成長，較去年同期成長了約 100 個基點。由於預期和最近的外匯逆風，我們的 25 年第一季稀釋非 GAAP 每股收益為 0.47 美元，低於 24 年第一季的 0.53 美元。

Please turn to slides 5 and 6, where we highlight the first quarter CER performance of our three Scientific Instruments groups and of our BEST segment year-over-year. In Q1, BioSpin revenue was $208 million with mid-teens percentage CER growth.

請翻到投影片 5 和 6，我們重點介紹了我們的三個科學儀器集團和 BEST 部門第一季的 CER 同比表現。第一季度，BioSpin 的營收為 2.08 億美元，CER 成長率達到 15% 左右。

BioSpin growth was driven by strong ACA/GOV revenue, including an ultra-high field NMR system in the UK by industrial research and food safety markets and a strengthening biopharma environment as well as strong contributions from preclinical imaging and lab automation, the new Chemspeed business.

BioSpin 的成長得益於強勁的 ACA/GOV 收入，包括英國工業研究和食品安全市場的超高場 NMR 系統和不斷加強的生物製藥環境，以及新 Chemspeed 業務的臨床前成像和實驗室自動化的強勁貢獻。

In Q1, our CALID Group had revenue of $280 million with mid-20s percentage CER growth. CALID growth was led, as you might expect, by microbiology and infection diagnostics, including the acquired CALID Molecular Diagnostics business as well as double-digit plus growth in life science mass spectrometry driven by strength in the timsTOF platform.

第一季度，我們的 CALID 集團營收為 2.8 億美元，CER 成長率達到 25% 左右。正如您所料，CALID 的成長是由微生物學和感染診斷主導的，包括收購的 CALID 分子診斷業務以及由 timsTOF 平台實力推動的生命科學質譜兩位數以上的成長。

CALID saw robust growth in Europe and the Americas and strength in clinical, industrial and biopharma applications while ACA/GOV performance was moderate.

CALID 在歐洲和美洲實現了強勁成長，在臨床、工業和生物製藥應用方面表現強勁，而 ACA/GOV 的表現則較為溫和。

Turning to slide 6. In Q1, Bruker's annual revenue was $257 million, with CER revenue growth up high single-digit percentage. Growth was supported by inorganic revenue growth from NanoString, which was not yet included in Q1 of '24, the year-over-year comparison. Strength in APAC, ex-China, biopharma and ACA/GOV markets were partially offset by softness in Europe and China as well as in X-ray and nano analysis tools.

翻到幻燈片 6。第一季度，布魯克年營收為2.57億美元，CER營收成長率達到高個位數百分比。成長得益於 NanoString 的無機收入成長，該收入尚未計入 24 年第一季的年比數據中。亞太地區、中國以外地區、生物製藥和 ACA/GOV 市場的強勁表現被歐洲和中國以及 X 射線和奈米分析工具市場的疲軟所部分抵消。

Finally, first quarter best CER revenues declined in the high teens percentage net of intercompany eliminations as our research instruments business saw a weaker performance in the quarter, they had a very strong prior year comparison. And that also was combined with continued softness in the superconductor market for clinical MRI.

最後，第一季最佳 CER 收入扣除公司間抵銷後，下降了高十幾個百分點，因為我們的研究儀器業務在本季度表現較弱，而去年同期則表現非常強勁。這也與臨床 MRI 超導體市場的持續疲軟有關。

Moving to slide 7. We highlight the recent innovations underscoring Bruker's leading commitment to advancing spatial biology announced first at AGBT and then expanded further at AACR in Chicago in late April. There's a lot of information on slide 7. Don't worry, I won't read it all, but it gives you a highlight -- it gives you an idea about the breadth and best-in-class performance of each platform, each significantly enhanced in terms of content or sensitivity or throughput and, of course, the completely unique PaintScape.

移至幻燈片 7。我們重點介紹了布魯克在 AGBT 上首次宣布的、並於 4 月底在芝加哥 AACR 上進一步擴展的近期創新，彰顯了布魯克對推進空間生物學發展的領先承諾。第 7 張投影片上有很多資訊。別擔心，我不會全部讀完，但它會給你一個亮點——它讓你了解每個平台的廣度和最佳性能，每個平台在內容、靈敏度或吞吐量方面都有顯著增強，當然還有完全獨特的 PaintScape。

Maybe one theme that comes here throughout is that spatial is going multi-omics, both our GeoMx platform now allows high-plex transcriptomics, of course, that's what we're known for, but also tissue proteomics. And that's also, by the way, true for our non-spatial nCounter system that you may recall from the NanoString days. CosMx with the old transcriptome panel now that is ready for orders where we can really look at 19,000 protein encoding genes at the transcriptome level is an unmatched research tool.

也許貫穿始終的一個主題是空間正在走向多組學，我們的 GeoMx 平台現在允許進行高重轉錄組學，當然，這是我們所熟知的，但也有組織蛋白質組學。順便說一句，這對於我們的非空間 nCounter 系統也是如此，您可能還記得 NanoString 時代的情況。CosMx 配備舊的轉錄組面板，現在已準備好接受訂單，我們可以在轉錄組層面上真正觀察 19,000 個蛋白質編碼基因，這是一種無與倫比的研究工具。

And importantly, we've increased our detection efficiency by a factor of 2x, one of the areas that the customers were waiting for. Too much detail.

重要的是，我們的檢測效率提高了 2 倍，這是客戶期待的領域之一。太多細節了。

Let me move on to slide 8. Eight is an important acquisition gets us into a different branch of diagnostics. This is not microbiology, infectious disease, and it very much fits with our triple, quadrupole mass spec strategy, which, of course, is very differentiated with our particular claim to fame and focus to chromatography free or chrome-free, point-of-need mass spectrometry using triple triple-quad targeted technology.

讓我繼續看第 8 張投影片。八是一次重要的收購，使我們進入了診斷學的不同分支。這不是微生物學，也不是傳染病，它非常符合我們的三重、四極桿質譜策略，當然，該策略與我們特別注重的無色譜或無鉻、使用三重四極桿靶向技術的即時質譜法有很大區別。

This gives us the crucial assays and kits and consumables business. RECIPE is based in Munich, it's been in business for over 40 years. Revenues, a little greater than $15 million, very profitable. And for the European market, it gives us the therapeutic drug monitoring and other kits for IVD and other things that we don't need to go into detail. This combination kits assays content with a diagnostic focus for therapeutic drug monitoring.

這為我們提供了至關重要的檢測試劑盒和耗材業務。RECIPE 總部位於慕尼黑，已營業超過 40 年。收入略高於 1500 萬美元，利潤豐厚。對於歐洲市場，它為我們提供了治療藥物監測和其他 IVD 試劑盒以及其他我們不需要詳細說明的東西。此組合試劑盒檢測內容以診斷為重點，用於治療藥物監測。

And also, by the way, eventually, drugs of abuse because it cannot be so fast and inexpensive with the DART chrome-free approach is actually strategically quite exciting to us. And we think these two instruments plus assays and diagnostics coming together is a nice -- is an important additional growth trajectory for the company.

順便說一句，最終，由於使用 DART 無鉻方法無法如此快速和廉價地解決藥物濫用問題，這在戰略上對我們來說實際上相當令人興奮。我們認為這兩種儀器加上檢測和診斷的結合將為公司帶來良好的額外成長軌跡。

But we know you want to hear about the macro and ACA/GOV, so let's go into it. Let me make sure I'm on the right slide. Yes, I will now review our assessment and anticipated impact from US policy changes regarding federal funding for academic research and the current tariff regime on Bruker for the remainder of 2025.

但我們知道您想了解宏觀和 ACA/GOV，所以讓我們開始吧。讓我確認一下我是否在正確的幻燈片上。是的，我現在將回顧我們對美國政策變化對聯邦學術研究資助以及 2025 年剩餘時間內布魯克現行關稅制度的評估和預期影響。

Moreover, I will provide an overview of our additional cost initiatives, new pricing actions and already ongoing and now accelerating supply network reengineering to partially mitigate at least half of the new headwinds in this year, fiscal '25 and then more fully in fiscal '26. So here we go.

此外，我將概述我們的額外成本計劃、新的定價行動以及正在進行且正在加速的供應網絡重組，以部分緩解今年（25 財年）至少一半的新阻力，然後在 26 財年更全面地緩解這些阻力。那麼我們就開始吧。

Our initial estimates are that US policy changes to federal research funding slower China stimulus funding release and some temporary revenue impact of new China tariffs on revenue will amount to an approximately $100 million gross headwinds to our organic fiscal year '25 revenues before some mitigation. You cannot mitigate that much on the revenue side, but a little bit.

我們初步估計，美國對聯邦研究資金的政策變化減緩了中國刺激資金的釋放，而中國新關稅對收入產生了一些暫時性的影響，這將對我們 25 財年的有機收入造成約 1 億美元的總阻力，之後才會有所緩解。在收入方面你無法減少那麼多，但可以減少一點點。

Anyway, this $100 million fiscal year '25 revenue headwind is broken into three buckets. First, and that's a smaller and transient one, some fiscal year '25 China revenues that were to be shipped from the US may be delayed -- are delayed by customers or may be partially canceled due to the current 125% Chinese import tariffs on US goods.

無論如何，25 財年這 1 億美元的營收逆風分為三個部分。首先，這是一個較小且短暫的影響，由於中國目前對美國商品徵收 125% 的進口關稅，原定於 2025 財年從美國運往中國的部分收入可能會被延遲——被客戶延遲或可能部分取消。

We're working with our customers to partially mitigate this impact with supply chain alternatives, tariff extensions or delivery delays with the largest transient impact now expected in the second quarter of '25. Then second, the strongest -- by far, the strongest revenue headwind this year, not surprisingly, is related to US ACA/GOV markets as a result of research funding policy changes.

我們正在與客戶合作，透過供應鏈替代方案、延長關稅或延遲交貨來部分減輕這種影響，目前預計最大的暫時性影響將出現在 2025 年第二季。其次，迄今為止，今年最強勁的收入逆風毫不奇怪地與美國 ACA/GOV 市場有關，這是研究資助政策變化的結果。

For Bruker, we now expect US ACA/GOV revenue to be down 20% to 25% for this year. US ACA/GOV in fiscal year '24 had grown to about 10% of overall Bruker revenues. And in the updated guidance, we assume that the current academic funding uncertainty continues even though we acknowledge there's some potential upside in the second half of '25, if NIH and NSF and DOE R&D grants begin to flow again without further delays. Anyway, we have not baked those in. So hopefully, this is a floor.

對於布魯克，我們現在預計今年美國 ACA/GOV 收入將下降 20% 至 25%。24 財年，美國 ACA/GOV 的營收已成長至布魯克總營收的 10% 左右。在更新後的指南中，我們假設目前的學術資金不確定性仍將持續存在，儘管我們承認，如果 NIH、NSF 和 DOE 研發撥款不再延遲地再次流入，2025 年下半年將存在一些潛在的上升空間。無論如何，我們還沒有把它們烤進去。所以希望這是一個底線。

Finally, we do not think that the President's initial budget request for NIH and NSF will be passed by Congress as is without an improvement. We expect it to be down, but not as much as the opening bid.

最後，我們認為，總統對 NIH 和 NSF 的初步預算請求不會在沒有任何改進的情況下被國會通過。我們預期價格會下降，但幅度不會像開盤價那麼大。

Third, a headwind related to anticipated China ACA/GOV revenue as funding of the stimulus programs in China has been slow to be released by the provinces. Many shovel-ready projects, a lot of them with our instrumentation, high-end ACA/GOV, but slow to release as they are probably watching tariff and trade wars. This may improve throughout '25, but at the moment, timing and amounts are uncertain.

第三，由於中國各省經濟刺激計畫的資金發放緩慢，預期的中國 ACA/GOV 收入面臨阻力。許多準備就緒的項目，其中許多都配備了我們的儀器、高端的 ACA/GOV，但由於他們可能正在關注關稅和貿易戰，因此發布速度緩慢。這種情況可能會在 25 年內得到改善，但目前時間和數量尚不確定。

So there are a number of moving parts that could provide additional upside such as release of China stimulus funding, German and South Korean stimulus funding, European defense and security investments. We see some of that and further semiconductor metrology strength to -- due to the AI and machine learning trends, which are very profitable for us. So these factors could add upside, but we have not built them into our guidance assumptions, hoping to provide a floor for '25 with upside in any case, more likely to benefit fiscal '26.

因此，有許多因素可能會帶來額外的好處，例如中國刺激資金、德國和韓國刺激資金的釋放以及歐洲國防和安全投資。我們看到其中的一些以及進一步的半導體計量優勢——由於人工智慧和機器學習趨勢，這對我們來說非常有利可圖。因此，這些因素可能會增加上行空間，但我們尚未將其納入我們的指導假設中，希望為 25 年提供一個底線，無論如何都有上行空間，更有可能使 26 財年受益。

We also note that uncertainty around potential US tariffs on pharma products could slow the encouraging recovery that we have seen in drug discovery and development markets in the last two quarters. And again, we have tried to take that into account in our guidance. So that was the revenue piece.

我們也注意到，美國對醫藥產品徵收關稅的不確定性可能會減緩我們在過去兩季看到的藥物研發市場令人鼓舞的復甦。我們再次嘗試在我們的指導中考慮這一點。這就是收入部分。

Let's move to operating profit or margins. So with respect to '25 operating profit, the gross headwinds before our mitigation actions are pretty meaningful. So first of all, the roughly $100 million of reduced organic revenue previously noted is expected to lead to about a $50 million reduction in '25 operating profit.

讓我們來討論一下營業利潤或利潤率。因此，就 25 年營業利潤而言，我們採取緩解措施之前面臨的整體阻力相當大。首先，先前提到的約 1 億美元的有機收入減少預計將導致 25 年營業利潤減少約 5,000 萬美元。

Moreover, Bruker imports about 75% of our US product revenue obviously not the services revenue. There's another piece to it, a bit of our product revenue. 75% is imported largely from the European Union in Switzerland, but also from Israel and Malaysia. The current US import tariff rate of 10% from those countries would result in an additional headwind of about $40 million to operating profit for the remainder of '25 again before our ongoing mitigation actions. That's a gross headwind.

此外，布魯克進口了我們美國產品收入的約 75%，顯然而不是服務收入。還有另一部分，我們的部分產品收入。 75%主要從瑞士的歐盟進口，但也從以色列和馬來西亞進口。在我們採取持續緩解措施之前，目前美國對這些國家的進口關稅稅率為 10%，這將為 2025 年剩餘時間的營業利潤帶來約 4,000 萬美元的額外阻力。這真是一道巨大的逆風。

US tariffs on imports from China for Bruker have a negligible effect on Bruker, excluding some secondary supply chain inflationary effects, but we basically don't import any products from China. So in total, we therefore estimate gross headwinds for our '25 operating profit primarily from US ACA/GOV disruption and new tariffs to be about $90 million altogether before our mitigation actions.

美國對布魯克從中國進口產品徵收的關稅對布魯克的影響微乎其微，排除一些次級供應鏈通膨的影響，但我們基本上不從中國進口任何產品。因此，總體而言，我們估計，在採取緩解措施之前，我們 25 年營業利潤面臨的主要來自美國 ACA/GOV 中斷和新關稅的總阻力總計約為 9,000 萬美元。

Now deploying our Bruker management process and strong leadership team that, as you've seen, has been really excellent executing very well, not only this year but for many years. We have already taken and are taking numerous actions to offset more than half of these margin headwinds this year with the remainder expected to be fully effective next year in '26.

現在我們正在部署布魯克管理流程和強大的領導團隊，正如您所見，不僅在今年，而且多年來，他們的執行都非常出色。我們已經採取並正在採取多項措施來抵消今年一半以上的利潤逆風，其餘部分預計將於明年（26年）全面生效。

Our mitigation actions include new pricing actions, additional cost-cutting initiatives and supply network and manufacturing reengineering. We estimate these mitigation measures will offset slightly more than half of the operating profit headwind for '25. We then expect to fully offset these headwinds through price, cost and supply network and manufacturing reengineering by 2026. Fortunately, we're a very international company with a lot of flexibility, but it takes a little bit of time.

我們的緩解措施包括新的定價措施、額外的成本削減措施以及供應網路和製造業的再造。我們估計，這些緩解措施將抵銷 25 年營業利潤逆風的一半以上。我們預計到 2026 年將透過價格、成本和供應網絡以及製造業重組完全抵消這些不利因素。幸運的是，我們是一家非常國際化的公司，具有很大的靈活性，但這需要一點時間。

Anyway, finally, factoring in US ACA/GOV and tariff headwinds as well as the recent weakening of the US dollar, a significant effect as well as our mitigation actions and taking it all into our updated fiscal year '25, non-GAAP EPS projections leads us to a new guidance range for EPS of $2.40 to $2.48.

無論如何，最終，考慮到美國 ACA/GOV 和關稅阻力以及近期美元的疲軟、重大影響以及我們的緩解措施，並將所有這些都納入我們更新的 25 財年，非 GAAP EPS 預測使我們得出了新的 EPS 指導範圍，即 2.40 美元至 2.48 美元。

So in summary, Bruker delivered strong CER growth and organic operating margin expansion in the first quarter of '25, we're experiencing new headwinds as a result of ACA/GOV policy changes in tariffs. As always, we remain agile in responding to the evolving dynamics.

總而言之，布魯克在 25 年第一季實現了強勁的 CER 成長和有機營業利潤率擴張，但由於 ACA/GOV 關稅政策變化，我們遇到了新的阻力。像往常一樣，我們始終靈活應對不斷變化的情況。

Our management process is navigating us through these headwinds in '25 and setting us up for resuming margin expansion and strong EPS growth in '26 and beyond. So with that, let me turn the call over to Gerald, our CFO, who will review our financial performance in more detail and provide further color on our updated outlook of '25. Gerald, go ahead, please.

我們的管理流程將引導我們克服 25 年的這些不利因素，並為 26 年及以後恢復利潤率擴張和強勁的每股盈餘成長做好準備。因此，請允許我將電話轉給我們的財務長傑拉爾德 (Gerald)，他將更詳細地審查我們的財務業績，並進一步闡述我們對 25 年的最新展望。傑拉爾德，請說。

Thank you, Frank, and thank you, everyone, for joining us today. Pleased to provide more detail on Bruker's first quarter 2025 financial performance, starting on slide 10. In the first quarter of 2025, we had another quarter of excellent execution, delivering a strong first quarter above our earlier expectations and the color provided to the investor community.

謝謝弗蘭克，也謝謝大家今天加入我們。很高興提供有關布魯克 2025 年第一季度財務業績的更多詳細信息，從幻燈片 10 開始。2025 年第一季度，我們又一次取得了出色的執行成績，第一季度的業績超出了我們之前的預期，也為投資者群體增添了光彩。

In the first quarter of 2025, Bruker's reported revenue increased 11% to $801 million, which reflects an organic revenue increase of 2.9% year-over-year. Acquisitions added 9.6% to our top line, while foreign exchange was a 1.5% headwind resulting in constant exchange rate revenue growth of 12.5% year-over-year.

2025 年第一季度，布魯克報告的營收成長 11%，達到 8.01 億美元，反映出有機收入年增 2.9%。收購使我們的營業收入增加了 9.6%，而外匯帶來了 1.5% 的阻力，導致固定匯率收入年增 12.5%。

Geographically and on a year-over-year organic basis in the first quarter of 2025, our Americas revenue declined in the low single digits percentage, European revenue grew in the mid-single digits percentage, while Asia Pacific revenue grew in the low single digits percentage despite a 10% decline in China. For our EMEA region, revenue was up mid-teens percentage. We delivered strong BSI organic revenue growth in the first quarter of '25 at 5.1% driven by strength in our BBio and CALID groups.

從地域上看，2025 年第一季的同比有機增長中，美洲地區的收入下降了低個位數百分比，歐洲地區的收入增長了中等個位數百分比，而亞太地區的收入儘管中國地區的收入下降了 10%，但仍增長了低個位數百分比。對於我們的 EMEA 地區，收入成長了百分之十五左右。在 BBio 和 CALID 集團強勁的推動下，2025 年第一季我們的 BSI 有機收入實現了強勁成長，達到 5.1%。

BSI Systems grew in the mid-single-digit range and BSI aftermarket revenue grew in the high single-digit range organically year-over-year. Our order book performance in our BSI segment was down slightly compared to the prior year first quarter with softer academic government orders in the US and in China.

BSI 系統業務實現了中等個位數的成長，BSI 售後市場收入實現了高個位數的有機年增長。由於美國和中國的學術政府訂單減少，我們 BSI 部門的訂單表現與去年第一季相比略有下降。

Non-GAAP gross margin increased 10 basis points to 51.3%. And Q1 2025 non-GAAP operating margin was 12.7%, which included 100 basis points of organic operating margin expansion on better mix and cost control more than offset by planned M&A dilution as Q1 2024 did not include two of our largest strategic acquisitions that closed in the second quarter of '24.

非公認會計準則毛利率增加 10 個基點至 51.3%。2025 年第一季非 GAAP 營業利潤率為 12.7%，其中包括由於更好的組合和成本控製而導致的 100 個基點的有機營業利潤率增長，但被計劃中的併購稀釋所抵消，因為 2024 年第一季度不包括我們在 2024 年第二季度完成的兩項最大的戰略收購。

On a non-GAAP basis, Q1 of '25 diluted EPS was $0.47, down 11.3% and from the $0.53 we posted in the first quarter of '24, which did not yet include our key acquisitions last year. Our non-GAAP effective tax rate was 27.7% compared to 26.7% in the first quarter of '24, with the increase driven mostly by an unfavorable discrete item.

以非公認會計準則計算，25 年第一季稀釋每股收益為 0.47 美元，較 24 年第一季的 0.53 美元下降 11.3%，其中還不包括我們去年的關鍵收購。我們的非公認會計準則有效稅率為 27.7%，而 24 年第一季為 26.7%，成長主要是由於不利的單一項目。

On a GAAP basis, we reported diluted EPS of $0.11 compared to $0.35 in the first quarter of '24. Weighted average diluted shares outstanding in the first quarter of 2025 were $151.9 million, an increase of 6 million shares or 4.1% from the first quarter of 2024, resulting from our follow-on equity offering in May of 2024.

按照 GAAP 計算，我們報告的稀釋每股收益為 0.11 美元，而 24 年第一季為 0.35 美元。2025 年第一季加權平均稀釋流通股數為 1.519 億美元，較 2024 年第一季增加 600 萬股，增幅 4.1%，這是由於我們於 2024 年 5 月進行了後續股票發行。

Turning now to slide 11. We generated $65 million of operating cash flow in the first quarter of 2025. Our capital expenditure investments were $26 million, resulting in free cash flow of $39 million in the first quarter of 2025. This reflects an improvement in free cash flow of about $39 million over the first quarter of '24, driven by better working capital performance in the quarter.

現在翻到第 11 張投影片。我們在 2025 年第一季產生了 6,500 萬美元的經營現金流。我們的資本支出投資為 2,600 萬美元，導致 2025 年第一季的自由現金流達到 3,900 萬美元。這反映出，由於本季營運資本表現較好，自由現金流比 24 年第一季增加了約 3,900 萬美元。

We finished the first quarter with cash, cash equivalents and short-term investments of approximately $184 million. During the first quarter, we used cash to fund capital expenditures, select Project Accelerate 2.0 initiatives and debt repayments.

第一季結束時，我們的現金、現金等價物和短期投資約為 1.84 億美元。在第一季度，我們使用現金來資助資本支出、選擇 Project Accelerate 2.0 計劃和債務償還。

Turning now to slide 13. As Frank noted earlier, we're updating our fiscal year 2025 outlook to reflect a strong first quarter and the impact of recent policy changes and tariffs. We now expect reported revenues of $3.48 billion to $3.55 billion, representing reported growth of 3.5% to 5.5%. This guidance assumes organic revenue growth of 0% to 2% and estimated tailwind from foreign exchange of about 1% and acquisitions to contribute approximately 2.5% to revenue growth.

現在翻到第 13 張投影片。正如弗蘭克之前指出的那樣，我們正在更新 2025 財年的展望，以反映強勁的第一季以及近期政策變化和關稅的影響。我們現在預計報告收入為 34.8 億美元至 35.5 億美元，成長率為 3.5% 至 5.5%。該指引假設有機收入成長率為 0% 至 2%，預計外匯帶來的順風約為 1%，收購將為營收成長貢獻約 2.5%。

This implies constant exchange rates, ER revenue growth of 2.5% to 4.5% all year-over-year. The revenue guidance includes an organic revenue growth headwind of approximately $100 million from recent policy changes and tariffs, partially offset by pricing and other mitigation actions of about $20 million for a net headwind of about $80 million.

這意味著以固定匯率計算，ER 收入將年增 2.5% 至 4.5%。收入指引包括近期政策變化和關稅帶來的約 1 億美元有機收入成長逆風，但約 2,000 萬美元的定價和其他緩解措施部分抵消了這一逆風，淨逆風約為 8,000 萬美元。

We now expect our fiscal year 2025 operating margin to be roughly flat year-over-year with organic improvement of greater than 70 basis points, including mitigation actions to be roughly offset by headwinds from M&A and foreign exchange. Recent policy changes, academic government market weakness in the US and China, together with the current level of US and China import tariffs are assumed to be a $90 million gross headwind to operating profit in fiscal year '25.

我們現在預計，2025 財年的營業利潤率將與去年同期基本持平，有機成長將超過 70 個基點，其中包括緩解措施將大致被併購和外匯帶來的不利因素所抵消。近期的政策變化、美國和中國的學術政府市場疲軟，加上當前的美國和中國進口關稅水平，預計將對 25 財年的營業利潤造成 9,000 萬美元的總阻力。

We anticipate over half of this impact to be offset through our mitigation actions, including pricing, about $10 million, cost management about $30 million and supply chain reengineering about $10 million already in fiscal year '25. On the bottom line, we're now guiding to non-GAAP EPS for 2025 in a range of $2.40 to $2.48. This translates to roughly non-GAAP EPS growth of 0% to 3% compared to 2024.

我們預計，透過採取緩解措施，超過一半的影響將得到抵消，包括定價約 1,000 萬美元、成本管理約 3,000 萬美元和供應鏈重組約 1,000 萬美元，這些措施已在 2025 財年實施。總的來說，我們現在預計 2025 年非 GAAP 每股盈餘將在 2.40 美元至 2.48 美元之間。這意味著與 2024 年相比，非 GAAP 每股盈餘成長率大致為 0% 至 3%。

Given the recent weakening of the US dollar against major currencies, foreign exchange is now a 5% headwind to our non-GAAP EPS implying constant exchange rate non-GAAP EPS growth of 5% to 8% for fiscal year '25. Other guidance assumptions are listed on the slide.

鑑於近期美元兌主要貨幣走弱，外匯目前對我們的非公認會計準則每股收益造成 5% 的阻力，這意味著 25 財年的固定匯率非公認會計準則每股收益將增長 5% 至 8%。幻燈片上列出了其他指導假設。

Please note, our fiscal year 2025 ranges have been updated for foreign currency rates and tariff rates as of April 30, 2025. While there are other policy and macroeconomic risks that could further impact our fiscal year '25 financial performance, with this updated guidance, we hope to have established the floor based on current headwinds and our robust mitigation actions.

請注意，我們 2025 財年的範圍已根據截至 2025 年 4 月 30 日的外匯匯率和關稅稅率進行了更新。雖然還有其他政策和宏觀經濟風險可能會進一步影響我們 25 財年的財務業績，但透過更新後的指引，我們希望能夠根據當前的不利因素和我們強有力的緩解措施確定底線。

Given the lower base years of '24 and '25, it's now become clear that our previously communicated medium-term outlook targets are not likely to be realized under our originally planned cadence. We intend to provide updated medium-term outlook targets when we have a clear line of sight on US federal research policy and funding and stabilized tariffs.

鑑於 2024 年和 2025 年的基準年較低，現在很明顯的是，我們先前傳達的中期展望目標不太可能按照我們最初計劃的節奏實現。當我們對美國聯邦研究政策和資金以及穩定的關稅有清晰的了解時，我們打算提供更新的中期展望目標。

Fundamentally, we remain optimistic that we've transformed Bruker's portfolio for above-market revenue growth, rapid margin expansion towards the mid 20%, operating margins and mid-high teens EPS growth once new headwinds abate. Finally, to add color on the second quarter of 2025, given softer US and China academic government market conditions and some US produced China revenue likely delayed from the second quarter.

從根本上來說，我們仍然樂觀地認為，一旦新的不利因素減弱，我們已經改變了布魯克的產品組合，以實現高於市場的收入增長、利潤率快速擴大至 20% 左右、營業利潤率和中高水平的 EPS 增長。最後，鑑於美國和中國學術政府市場狀況較弱以及部分美國在中國的收入可能從第二季推遲，為了為 2025 年第二季增添色彩。

We expect our second quarter 2025 organic revenue to decline in the low single digits, while constant exchange rate revenue is expected to increase in the low single-digit percentage both year-over-year. In the second quarter of 2025, we also expect to see a transient year-over-year decrease in non-GAAP operating margin and non-GAAP EPS performance with significant improvements in both metrics expected in the second half of this year.

我們預計 2025 年第二季的自然收入將以低個位數下降，而固定匯率收入預計將以低個位數百分比年增。我們也預計，2025 年第二季非 GAAP 營業利潤率和非 GAAP 每股盈餘表現將出現暫時的同比下降，但預計今年下半年這兩項指標都將顯著改善。

To wrap up, Bruker delivered a solid BSI organic revenue growth and organic operating margin expansion in the first quarter of 2025 under uncertain conditions. Moving forward, we remain confident in our ability to continue to execute well under a challenging environment. And with that, I'd like to turn the call over to Joe. Thank you very much.

總而言之，在不確定的條件下，布魯克在 2025 年第一季實現了穩健的 BSI 有機收入成長和有機營業利潤率擴張。展望未來，我們仍然有信心在充滿挑戰的環境下繼續表現良好。說完這些，我想把電話轉給喬。非常感謝。

Thanks, Gerald. I'd now like to turn the call over to the operator to begin the Q&A portion of the call. (Event Instructions).

謝謝，傑拉爾德。現在我想將電話轉給接線員，開始電話的問答部分。（活動說明）。

(Operator Instructions)

（操作員指示）

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Frank, thanks for the questions here, and thanks for all the details on the tariffs for quantifying that. Could you elaborate if there was any pull forward in the quarter because of the tariff worries or any other worries in the market that the customers might have had? And are you making any impact from that as a result of that pull forward?

弗蘭克，感謝您提出的問題，也感謝您提供有關量化關稅的所有細節。您能否詳細說明一下，由於關稅擔憂或客戶可能存在的任何其他市場擔憂，本季度是否出現了任何提前？那麼，由於這種提前行動，您是否獲得了任何影響？

And then in China, I appreciate you mentioned cancellations, but are you seeing any cancellations in the US or European markets, specifically maybe around the USF gigahertz magnet, I didn't hear guidance on that for the year.

然後在中國，我很感謝您提到取消，但您是否看到美國或歐洲市場有任何取消的情況，特別是圍繞 USF 千兆赫磁鐵的情況，我沒有聽到有關今年這方面的指導。

Okay. Puneet, thank you. So there really wasn't any pull forward that's being talked about due to tariffs or ACA/GOV, we didn't see that. However, we acknowledge that the UK 1.2 gigahertz system that we had expected for Q2. It just technically -- it just went in easily, and so it got in, in Q1. That wasn't a pull forward. That was just a really smooth installation. So that help Q1 a little bit. And of course -- so I wouldn't call it a pull forward. It was not a market-driven go forward.

好的。Puneet，謝謝你。因此，實際上並沒有出現任何由於關稅或 ACA/GOV 而出現的提前現象，我們沒有看到這種情況。然而，我們承認我們預計英國將在第二季推出 1.2 千兆赫的系統。從技術上講，它很容易就進入了，所以它在第一季就進入了。那不是向前拉。這真是一次順利的安裝。這對 Q1 有一點幫助。當然——所以我不會稱之為向前拉。這不是市場驅動的進步。

To cancellations. We don't really see any China cancellations yet. Customers who don't have the budget to pay the extra 125% for which that according to the terms would be mostly we think would be on them, but they just don't -- they presently right now are a little bit in this holding pattern hey, don't ship yet. We can't accept it because we can't pay the import duties.

取消。目前我們還沒有看到任何中國取消的情況。那些沒有預算支付額外 125% 費用的客戶（根據條款，我們認為這筆費用主要由他們承擔），但他們沒有這樣做——他們現在有點處於這種等待狀態，嘿，還不要發貨。我們不能接受，因為我們付不起進口關稅。

It's not a big effect. But of course, in Q2, it's going to be noticeable, as Gerald explained. We do not see any cancellations. We see lots of uncertainties and delays in the US and ACA/GOV, we haven't seen any cancellations because of that. I'm not, so no cancellations yet in China, but delays and in some cases, we are also simply rerouting and maybe building some of these systems in Europe or Malaysia. So hopefully, we can mitigate, but sort of typically with a quarter's delay.

沒有太大影響。但當然，在第二季度，它將會變得引人注目，正如傑拉爾德所解釋的那樣。我們沒有看到任何取消的情況。我們看到美國和 ACA/GOV 存在許多不確定性和延誤，但我們還沒有看到任何因此而導致的取消。我不是，所以中國還沒有取消航班，但有延誤，在某些情況下，我們只是重新安排路線，也許在歐洲或馬來西亞建立一些這樣的系統。因此，希望我們能夠緩解這一問題，但通常會延遲一個季度。

Okay. That's helpful for the -- Yes. And then when we think about the offset, obviously, a lot of challenges in the market today. But when we think about the offsets of the AI chips onshoring of that, the funding initiatives in Germany, maybe lower interest rates. Can you walk us through how are you thinking about some of those offsets potentially sort of mitigating the impact maybe into the second half?

好的。這對……有幫助。是的。然後，當我們考慮抵銷時，顯然當今市場面臨許多挑戰。但是，當我們考慮人工智慧晶片在岸化的抵銷作用時，德國的融資措施可能會降低利率。您能否向我們介紹一下，您認為這些抵銷措施有可能在下半年減輕影響嗎？

Yes. In terms of orders, they may -- I mean, AI remains very strong in our tools. I mean, -- of course, there's more than partners. But without us, the AI revolution also wouldn't work, right? CMSE absolutely meets our tools. I think they are our single largest customer in the world at this point. Of course, they're doing a lot of work both in Japan and in the US. They're also upgrading and investing in Taiwan. So that remains strong and has remained strong.

是的。就訂單而言，他們可能——我的意思是，人工智慧在我們的工具中仍然非常強大。我的意思是——當然，不僅僅是合作夥伴。但如果沒有我們，人工智慧革命也不會成功，對嗎？CMSE 絕對符合我們的工具。我認為他們目前是我們在全球最大的客戶。當然，他們在日本和美國都做了很多工作。他們也在台灣進行升級和投資。因此，它依然強勁，並且一直強勁。

In fact, for AI-driven bookings in Q1 were quite strong. So that's strong. And a lot of the delivery times for these things are longer. When their fab is ready, middle of next year, you can't really ship it earlier. German and Korean and similar stimulus funding or European defense fund spending, the time lines, these are all good trends.

事實上，第一季人工智慧驅動的預訂量相當強勁。所以這很強大。而且很多這些東西的運送時間都比較長。當他們的工廠準備好時，也就是明年年中，你實際上無法提前發貨。德國、韓國等類似的刺激資金或歐洲國防基金支出，從時間線來看，這些都是好的趨勢。

Some of them are beginning to turn into orders. Some of them just are very encouraging in Germany, I would say, that's nearly 10% of our revenue in typical years. But I don't think they'll make much of a difference anymore in revenue and in our P&L this year.

其中一些已經開始轉化為訂單。我想說，其中一些在德國非常令人鼓舞，這幾乎占我們典型年份收入的 10%。但我認為它們不會再對我們的今年的收入和損益產生太大影響。

We are, however, welcome tailwinds for '26 and even into '27, '28. So AI will help us also this year. Although if I take an order today, it's probably for next year, but I have orders that I can ship this year and that continues to be strong demand. And yes, the onshoring in Japan, in the US, also in Europe, plays a role, but also very significant continued investments by the leading -- technologically leading companies in Taiwan and in Korea. So that's actually quite good.

然而，我們歡迎 26 年乃至 27 年、28 年的順風。因此，人工智慧今年也將幫助我們。雖然如果我今天接到訂單，那可能是明年的，但我有今年可以發貨的訂單，而且需求仍然強勁。是的，日本、美國和歐洲的本土化發揮了一定作用，但台灣和韓國領先的技術領先公司的持續投資也發揮了非常重要的作用。這實際上非常好。

Michael Ryskin, BOA.

邁克爾·里斯金（Michael Ryskin），BOA。

Frank, I want to talk about the comment you made towards the end of the prepared remarks in terms of the medium-term guide being a little bit unrealistic in the current environment. So if we just focus on the US policy changes, you mentioned Trump's initial proposal is 40% cut.

弗蘭克，我想談談你在準備好的演講結束時所發表的評論，即中期指導在當前環境下有點不切實際。所以如果我們只關注美國的政策變化，你提到川普最初的提議是削減40%。

You don't think that will happen because Congress will offset. But let's say, 20%, 25% cut to next year's budget, just to take a number similar to what your assumptions for this year. How does Bruker offset that next year? Could you talk about how you would respond, what different levers you are, how we should think about possible ways to get around that, whether it's pharma biotech, whether it's -- Puneet just asked on AI and some of that some of the more industrial tech parts of the business. Just sort of what steps would you take to offset that US A&G cut a little bit more medium term?

您認為這不會發生，因為國會將會予以抵銷。但是，假設明年的預算削減 20% 或 25%，只是為了得到與今年的假設相似的數字。布魯克明年將如何彌補這項損失？您能否談談您將如何應對，您有哪些不同的應對手段，我們應該如何思考可能的解決方法，無論是製藥生物技術，還是 - Puneet 剛剛詢問了人工智慧以及一些業務中更工業化技術的部分。您會採取什麼措施來抵銷美國農業和天然氣價格在中期的削減？

Yes. No, you listed most of them. So I'll -- as you see in our '24 -- mid-'24 medium term outlook, '24, '25, the two base years has obviously changed and what we're talking about. So therefore, we look, we are very committed to resuming a very significant margin expansion this year, all that we had a lot more than the 140 bps lined up, and we're hoping to do too much better than that.

是的。不，你列出了大部分。所以，正如你在我們的 24 年中期展望中所看到的，24 年、25 年這兩個基準年顯然已經發生了變化，我們正在談論的也是這些變化。因此，我們非常致力於在今年恢復非常顯著的利潤率擴張，我們已經遠遠超過了140個基點的目標，我們希望做得更好。

It turns out this year, we're kind of moving sideways because we're using all of these improvements plus new cost and pricing and supply chain actions to just deal with the headwinds this year. So -- but assuming no new headwinds by '26 and beyond, I think this operating model, operational excellence, integration that all still works, but it kind of takes with a one-year shift because this year, we're playing defense, quite honestly.

事實證明，今年我們的發展有點偏離正軌，因為我們正在利用所有這些改進以及新的成本、定價和供應鏈行動來應對今年的逆風。所以 — — 但假設到 26 年及以後沒有新的阻力，我認為這種運營模式、卓越運營、整合仍然有效，但它需要一年的轉變，因為今年，老實說，我們正在採取防禦措施。

Right. I think all these trends that you did mention, biopharma has been picking up nicely. Our tools for biopharma, including those from spatial biology and beacon cellular analysis. You've seen we're not just on cost cuts, we've got an incredible, fantastic fast product development to resume growth in these businesses when the headwinds abate, right?

正確的。我認為您提到的所有這些趨勢，生物製藥業都在穩步發展。我們的生物製藥工具包括空間生物學和信標細胞分析工具。你已經看到，我們不只是削減成本，我們還擁有令人難以置信的、極快的產品開發速度，以便在逆風減弱時恢復這些業務的成長，對嗎？

We're doing very well with AI and then we just discussed that with Puneet, and you asked about it that's doing well. European security and defense spending, European investment, quite honestly, infusion research, other clean energy projects are all helping us. So there's a lot of good growth drivers that are a little that are overshadowed this year, but that I think will play a bigger role next year.

我們在人工智慧方面做得很好，我們剛剛與 Puneet 討論過這個問題，你問到我們做得很好。歐洲的安全和國防支出、歐洲的投資、坦白說、注入研究和其他清潔能源項目都在幫助我們。因此，今年有很多好的成長動力有點被掩蓋了，但我認為明年它們將發揮更大的作用。

There are also some trends in the effects that we've explained a little bit. They just go away. Your estimate that I don't know where NIH and NSF funding comes out once you get through Congress. I'm pretty sure it's not the opening date, would it be? But I think it will be down. I agree with you, it will be down, maybe just not as steeply as proposed by the White House initially.

我們也對影響中的一些趨勢進行了一些解釋。他們就走了。您的估計是，一旦國會通過，我不知道 NIH 和 NSF 的資金將從何而來。我很確定這不是開幕日期，對嗎？但我認為它會下降。我同意你的看法，這個數字將會下降，只是可能不會像白宮最初提議的那樣大幅下降。

But there are many other -- I mean, Germany is not only looking at defense. They're really looking at significant R&D and innovation, infrastructure and tools investments. And other -- the weakness of the America academic system, there will be other countries that try to (inaudible) quite honestly exploit that a little bit and say, oh, great. We can get some researchers, let's give them a start-up budget, so you see some of that dynamics. There's a lot of growth drivers that just most -- we're not baking them in this year, even if they help us a little bit in the second half, mostly, I think it will be on orders.

但還有很多其他的——我的意思是，德國不僅僅關注防禦。他們確實在關注重大研發和創新、基礎設施和工具投資。而其他的——美國學術體系的弱點，將會有其他國家試圖（聽不清楚）相當誠實地利用這一點，然後說，哦，太好了。我們可以招募一些研究人員，給他們一筆啟動預算，讓你能看到一些動態。有很多成長動力，但大多數——我們今年並沒有將其納入其中，即使它們在下半年對我們有點幫助，但我認為主要還是在訂單上。

And we're just trying to set ourselves up for giving a baseline for '25. Moving sideways a little bit with some organic growth and a little bit of EPS growth, actually, EPS growth, excluding currencies reasonable for us this year and what we're projecting and then really fully resuming fast margin expansion, EPS growth, et cetera, next Gen.

我們只是想為 25 年設定一個基準。橫向略有波動，有一些有機增長和一點點每股收益增長，實際上，每股收益增長，不包括今年對我們來說合理的貨幣和我們的預測，然後真正完全恢復快速利潤率擴張、每股收益增長等，下一代。

Okay. That's all really helpful. And then, Gerald, if I could squeeze in a follow-up for you. You mentioned the comments in your prepared remarks about order book and BSI down year-over-year on A&G in US and China, obviously, makes sense doing what's going on there.

好的。這些都非常有幫助。然後，傑拉爾德，如果我能擠出時間跟進你的情況的話。您在準備好的評論中提到了有關美國和中國的 A&G 訂單和 BSI 同比下降的評論，顯然，這樣做是有道理的。

Any way you could quantify that either via book-to-bill or just an order growth number. And then could you touch on your backlog your existing backlog ability to offset maybe a lower order book at 1Q, 2Q this year, sort of what that buffer gives you.

無論如何，您都可以透過訂單出貨比或訂單成長數字來量化這一點。然後，您能否談談您的積壓訂單，您現有的積壓訂單能力是否可以抵消今年第一季、第二季的訂單量較低，這就是緩衝區為您帶來的效果。

With respect to the order performance in the first quarter, it was actually just slightly under the first quarter of 2024. The general composition of that was while we did see a slightly weaker performance in academic and government research sectors in both China and the US, we saw strength actually in biopharma and in some of the industrial markets including semi, of course.

就第一季的訂單表現而言，實際上略低於2024年第一季。總體來看，雖然我們確實看到中國和美國的學術和政府研究領域的表現略弱，但我們實際上看到生物製藥以及包括半導體在內的一些工業市場表現強勁。

So I think, generally speaking, right now, we are reasonably well positioned on the order book in order for us to continue to -- these orders, of course, benefit as you march into the second half of 2025 and further into 2026. So I think, generally speaking, our general position is we're feeling pretty good about that.

因此，我認為，總體而言，目前我們在訂單方面處於相當有利的位置，以便我們能夠繼續下去——這些訂單當然會在我們進入 2025 年下半年以及 2026 年時受益。所以我認為，總體來說，我們的整體立場是，我們對此感覺很好。

I would say on the backlog, we are still at seven months on a backlog level. So we do have some remaining backlog to be able to pull on in some of these quarters. We didn't see much decrease in the backlog drawdown level in the first quarter. So we'll see how this all plays out over the next couple of quarters. But fundamentally, we still have quite a bit of backlog to be able to pull on. So think that's the high-level view, Brian.

我想說的是，就積壓情況而言，我們仍然處於七個月的積壓水平。因此，我們確實還有一些剩餘的積壓工作需要處理。我們在第一季沒有看到積壓訂單減少太多。因此，我們將拭​​目以待未來幾季的情況如何。但從根本上來說，我們仍有相當多的積壓工作需要完成。所以我認為這是高層次的觀點，布萊恩。

And BSI book-to-bill just below 0.95, not grade, a little weaker in March, as you would have expected, which is -- fits the overall pictures as expected, not great, not bad.

BSI 訂單出貨比略低於 0.95，不是級別，3 月略微疲軟，正如您所預期的那樣，這符合預期的整體情況，不算好，也不算壞。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Maybe one more on the tariff side. Encouraging to hear you guys offsetting that for '26, can you just talk through -- it sounds like pricing, cost initiatives moving to manufacturing around supply chain management. Can you just talk through, I guess, the new pricing assumptions, what you're doing on the manufacturing side.

也許在關稅方面還有一個。很高興聽到你們在 26 年抵消了這一損失，你能不能簡單談談——這聽起來像是定價、成本計劃轉向圍繞供應鏈管理的製造業。您能否簡單談談新的定價假設以及您在製造方面所做的工作？

Just want to talk through that confidence level of offsetting it into '26 and preserving that number and again, kind of moving into '26 with a clean slate on the tariff offset. So if you could just talk through pricing, manufacturing cost initiatives that you're using to offset it?

只是想談談將其抵消到 26 年並保持該數字的信心水平，並再次以關稅抵消的乾淨狀態進入 26 年。那麼，您能否談談您用來抵銷其影響的定價和製造成本舉措？

Yes, Patrick, thank you. Good questions. So pricing, yes, we're taking some US but also some worldwide additional pricing action I think for competitive reasons, we'd like to not go into that. It's not across the board, right? You kind of do it in a way that's smart and like all other companies.

是的，派崔克，謝謝你。好問題。所以定價，是的，我們在美國採取了一些定價行動，但同時也採取了一些全球性的額外定價行動，我認為出於競爭原因，我們不想討論這個問題。這不是全面的，對吧？你們的做法很聰明，就像其他所有公司一樣。

In terms of supply chain, yes, the usual things that you do as an international company, I mean, there are some products that you can do the final assembly and systems test we can do it in the US. So we can do it in Europe or we can do it in our Malaysia, Penang, Malaysia, major manufacturing centers, and we're exploring all of that and looking at all of that. vice versa.

就供應鏈而言，是的，作為一家國際公司，你通常會做的事情，我的意思是，有些產品你可以在美國進行最終組裝和系統測試。因此，我們可以在歐洲做這件事，也可以在馬來西亞、檳城、馬來西亞的主要製造中心做這件事，我們正在探索並研究所有這些。反之亦然。

We used to do X-ray and mass spec and NMR final assembly and systems test in the US. We're talking to third-party trusted contract manufacturers that are international that we're already using either in Malaysia or in Europe, quite honestly. And they have one of them as a facility here in New Hampshire and others have other US facilities about onshoring parts of our production even.

我們曾經在美國做過X射線、質譜和核磁共振最終組裝和系統測試。坦白說，我們正在與國際上值得信賴的第三方合約製造商進行洽談，我們已經在馬來西亞或歐洲使用這些製造商。他們在新罕布夏州設有一家工廠，其他工廠也在美國設有工廠，用於將部分生產轉移至國內。

And for that, of course, we also need a little bit more visibility about where Trans-Atlantic tariffs or respect to Israel and Malaysia and up. Right now, we assume existing tariff rates, which may not be a bad assumption for where things end up. But then again, nobody is entirely sure.

當然，為此，我們也需要對跨大西洋關稅或對以色列和馬來西亞的尊重有更多了解。目前，我們假設現有的關稅稅率，對於最終結果而言，這可能不是一個壞的假設。但話又說回來，沒有人能夠完全確定。

And cost actions, I think, Gerald, mentioned those, the additional cost actions, we expect this year to amount to about $30 million, so pretty aggressive. And by the way, we didn't wait for that, and that has started actually, that started -- some of it has started right at the beginning of the year because we wanted to overperform our initial guidance. And then more of that has been significantly accelerated as more clouds moved in.

我認為，傑拉爾德提到了成本行動，額外的成本行動，我們預計今年的金額將達到約 3000 萬美元，因此相當激進。順便說一句，我們並沒有等待這一點，實際上這一點已經開始了，這一點已經開始了——其中一些已經在年初開始了，因為我們希望超越我們最初的指導。隨著越來越多的雲層移來，這個過程變得更加顯著。

And so yes, and so here with us -- that's -- the cost actions are significant. The supply chain, you don't see such a big number, $10 million this year, but that has a little bit more of a delayed effect that, that will be a much bigger effect next year.

是的，所以對我們來說——那是——成本行動非常重要。供應鏈，你不會看到這麼大的數字，今年是 1000 萬美元，但這會產生一點延遲效應，明年的影響會更大。

Okay. That's helpful. And then maybe a bit of a follow-up on Mike's question there. When you think about the academic market, Frank, I know you're talking about academic government, I think, down 20%, 25% this year. I guess when you look forward, Gerald mentioned that mid- to high teens, earnings once these headwinds are absorbed.

好的。這很有幫助。然後也許可以對麥克的問題進行一些後續跟進。弗蘭克，當你考慮學術市場時，我知道你在談論學術政府，我認為今年下降了 20% 到 25%。我想當你展望未來時，傑拉爾德提到，一旦這些不利因素被吸收，收益將達到十幾歲到十幾歲。

Are you thinking that the academic market -- one of the big questions we get is this structural for the next few years, right, where this declines every year for the next few years? Or is it you rebase this year and then have opportunity for that piece to grow? How do you think about the academic government exposure here? And is this, again -- with the new administration in office, is this structural until things change on that front over the next few years?

您是否認為學術市場——我們面臨的一個大問題是未來幾年的結構性問題，對吧，未來幾年每年都會下降？或者您今年重新調整基準，然後該部分就有機會成長？您如何看待這裡的學術政府曝光？那麼，在新政府上台後，這種情況是否會持續存在，直到未來幾年情況發生變化？

Yes. We still assume that US ACA/GOV will be weak on the weaker side next year. Of course, we don't have straight visibility but some of the budget negotiations. I know they'll be negotiated, but I don't think that Congress will then and say, hey, never mind Mr. President. We're going to have an NIH budget increase.

是的。我們仍然認為明年美國ACA/GOV將會處於弱勢。當然，我們並沒有直接了解情況，但可以了解一些預算談判的情況。我知道他們會進行談判，但我不認為國會會說，嘿，總統先生，沒關係。我們將增加 NIH 的預算。

But -- hopefully have a lesser decrease. Other things, of course, I mean, ACA/GOV, 75% of the ACA/GOV market for us worldwide is outside the US that's doing well. There's even some stimulus funding. There is some work that's actually one of the better pieces of our demand.

但是——希望下降幅度能小一些。當然還有其他事情，我的意思是 ACA/GOV，我們全球 75% 的 ACA/GOV 市場都在美國以外，而且發展良好。甚至還有一些刺激資金。有些工作其實是我們需求中較好的部分之一。

In the US, we also expect it to be weak but probably growing compared to this year's more disrupted ACA/GOV market, where there's also been the delays and the arguments over what's allowable overhead indirect costs and then certain universities being in political fights with -- and some of them are big, right? Some of them that's not insignificant.

在美國，我們也預計它會比較弱，但與今年更加混亂的 ACA/GOV 市場相比可能會有所增長，在美國，也存在著延遲和關於什麼是允許的間接成本的爭論，然後某些大學陷入了政治鬥爭——其中一些鬥爭很大，對吧？其中一些並不是無關緊要的。

So I think some of that we believe will be somewhat temporary, although temporary, not one or two quarters, but for this year, and we still expect some weakness next year, although probably growth year-over-year compared to this year in the US ACA/GOV.

因此，我認為我們認為其中一些情況將是暫時的，雖然是暫時的，不是一兩個季度，而是今年的情況，我們仍然預計明年會出現一些疲軟，儘管與今年相比，美國 ACA/GOV 可能會同比增長。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Frank, I want to dig into your pharma comments. You mentioned strengthening biopharma a few times. So did it get better as the quarter progressed? Anything you can say in April? Is that mostly timsTOF? And then in your guidance, you alluded to maybe baking in some pharma slowdown. So maybe just talk about the gives and takes.

弗蘭克，我想深入了解你對製藥的評論。您多次提到加強生物製藥。那麼隨著本季的進展，情況有好轉嗎？四月有什麼想說的話嗎？那主要是 timsTOF 嗎？然後在您的指導中，您提到也許會出現一些製藥業放緩的情況。所以也許只是談論付出和收穫。

Yes. Biopharma. As you know, we're partly in the late regulated, but mostly in the drug discovery and development. Yes, biopharma has been increasing from a weak base last year or before that even. Biopharma has been -- had trended very nicely for us in Q4 already and in Q1. I don't really -- for us, because we're not primarily consumable, April I can comment. Taking that in and knowing that there is a threat of biopharma tariffs, we have put in a moderated recovery, a dampened recovery in pharma but not -- it's falling back into a hole as it was maybe a year ago or so.

是的。生物製藥。如您所知，我們在一定程度上處於後期監管階段，但主要處於藥物發現和開發階段。是的，生物製藥業從去年甚至更早的薄弱基礎開始成長。生物製藥在第四季和第一季的趨勢已經非常好。我真的不認為 - 對我們來說，因為我們主要不是消費品，所以四月我可以發表評論。考慮到這一點，並知道存在生物製藥關稅的威脅，我們已經進入了溫和的復甦階段，製藥業的復甦受到抑制，但並沒有——它又回到了大約一年前那樣的低谷。

TimsTOF, NMR, but also a little bit of spatial, of course, our cellular analysis and tools now that we have the new benchtop discovery system. There is -- we're having more and more -- we're not a one-trick pony or a two-trick pony in biopharma anymore. So there's a lot of tools, including some process analytical tools and things like that: process Raman and some of the automation things from our Chemspeed acquisition, some of the software that all supports efficiency and productivity and investments in pharma towards the digital lab and maybe eventually the lifestyle lab and things like that.

TimsTOF、NMR，當然還有一點空間，我們現在有了新的桌上型發現系統，我們的細胞分析和工具。我們擁有的越來越多——我們不再是生物製藥領域的獨門絕技或兩招妙招了。因此有許多工具，包括一些流程分析工具和類似的東西：流程拉曼和一些來自我們收購的 Chemspeed 的自動化產品，一些支援效率和生產力的軟體，以及對製藥業對數位實驗室的投資，最終可能是生活方式實驗室等等。

So we have a bunch of things that are driving that. It's not only a one or two product story anymore. And that's all been reasonably healthy. It has been quite healthy in the last two quarters.

因此，我們有很多因素在推動這項進程。這不再只是一兩個產品的故事。這一切都相當健康。過去兩個季度，情況一直相當健康。

Okay. That's -- and then follow-up. Follow-up on M&A. You're adding the RECIPE deal, just over $15 million or so in revenues, but you're not really changing your contributions here. It was 2% to 3% before, now it's 2.5%. So maybe just talk a little bit about what the offsets are on M&A? And are you kind of more optimistic on revenue synergies from some of the deals, maybe just a scorecard now that we're kind of a year into these deals?

好的。那是——然後是後續行動。跟進併購事宜。您增加了 RECIPE 交易，收入略高於 1500 萬美元左右，但您實際上並沒有改變這裡的貢獻。以前是2%到3%，現在是2.5%。那麼也許可以稍微談談併購方面的抵銷措施是什麼？您是否對某些交易的收入綜效更樂觀，也許只是因為我們進行這些交易已經一年了，所以這只是一個記分卡？

Yes, Chemspeed is doing great, better than expected with its automation demand in pharma and also, very happy with that. ELITech, my God, the most predictable business ever, and they're doing well. And in fact, they did well again in Q1. So that's a good space, and they're doing a little better than our acquisition model.

是的，Chemspeed 做得很好，其在製藥行業的自動化需求比預期的要好，而且我對此非常滿意。ELITech，天哪，這是有史以​​來最可預測的業務，而且他們做得很好。事實上，他們在第一季再次表現良好。這是一個很好的領域，而且他們的表現比我們的收購模式要好一些。

They also did better last year in getting more platforms out that than over the first year after deployment, that's when the consumables pull-through grows as they add more and more spatial biology and cellular analysis, they both suffered from weak pharma this year, and they're both suffering a little bit from weak academic this year.

去年他們在推出更多平台方面也做得比部署後的第一年更好，那時隨著他們增加越來越多的空間生物學和細胞分析，消耗品的拉動也在增長，今年他們都受到了製藥業疲軟的影響，今年他們都受到了學術界疲軟的影響。

And of course, it gets harder to export things to China when there's 125% increase. So there, we're making great progress on taking cost out on efficiency, on putting in the new management process, amazing progress in new competitive products from cellular analysis and spatial biology, but they are both somewhat weaker than what we had expected because, of course, the US ACA/GOV this year, they both noticed that even as biopharma, which was weaker last year, is recovering.

當然，當價格上漲 125% 時，向中國出口產品就會變得更加困難。因此，我們在降低成本、提高效率、引入新的管理流程、在細胞分析和空間生物學領域的新競爭產品方面取得了驚人的進展等方面取得了巨大進展，但它們都比我們預期的要弱一些，因為當然，美國 ACA/GOV 今年都注意到，即使是去年較弱的生物製藥業也在復蘇。

So that's sort of muted, but I think we're still on track there for looking at a 26% breakeven for these two businesses. That was a quick on ACA/GOV.

因此，這有點低調，但我認為我們仍然有望實現這兩家企業 26% 的盈虧平衡。這是關於 ACA/GOV 的簡要介紹。

Rachel Vatnsdal, JP Morgan.

摩根大通 (JP Morgan) 的 Rachel Vatnsdal。

Perfect. So I wanted to follow up on Mike's earlier question around order book trends. Appreciate all the color you gave us on orders in the quarter and book-to-bill as well. But can you talk to us about your expectations for bookings going forward? Do you think we've kind of hit bottom on orders?

完美的。所以我想跟進麥克之前關於訂單趨勢的問題。感謝您在本季的訂單和訂單出貨過程中給予我們的所有協助。但是您能和我們談談您對未來預訂的期望嗎？您認為我們的訂單量已經觸底了嗎？

Are you expecting it to get worse as we get into the second and third quarter, given some of the headlines on NIH budget proposals? And then where are you expecting to exit this year on backlog, given you said you still have the seven months of backlog that you're working with?

考慮到有關 NIH 預算提案的一些頭條新聞，您是否預計進入第二季和第三季情況會變得更糟？那麼，鑑於您說您​​仍有七個月的積壓工作需要處理，您預計今年的積壓工作量會是多少？

I think the academic order weakness, I think, is just beginning. Q1 or maybe March, we saw just a little bit of that. But -- so US academic orders and a lot of that headwind this year, I think you'll see that in weak US academic government orders in the US in Q2, probably in Q3 and we'll see whether there is some budget flush and grants moving through finally with much delay.

我認為學術秩序的薄弱才剛開始。在第一季或三月，我們只看到了一點這樣的情況。但是 - 因此，今年美國的學術訂單和諸多不利因素，我認為您會在第二季度甚至第三季度看到美國政府學術訂單疲軟，我們將看看是否會有一些預算充裕和撥款最終通過，儘管存在很大的延遲。

So -- but -- so I think the branch of that is now coming in Q2 and Q3. Hence, the revenue headwind that we've taken into account in this new guidance and that we've explained. We have enough other strength in our forecast that we still think will come out of the end of the year with a 6.5- to 7 months backlog.

所以 — — 但是 — — 所以我認為它的分支現在將出現在第二季和第三季。因此，我們已在新指南中考慮並解釋了收入逆風。我們的預測有足夠的其他依據，我們仍然認為到今年年底將有 6.5 到 7 個月的積壓訂單。

So I know we're all focused on US ACA/GOV and every day, there's a usually not very nice headline. But there is other stuff that we do. And we are so diversified and so international that we actually still -- we think our long-term normalized backlog should be around 5x now that we have much more consumables and aftermarket that's a little lower than historically when we would have said 5.5x.

所以我知道我們都關注美國 ACA/GOV，而且每天通常都會出現不太好的頭條新聞。但我們還會做其他事情。而且我們的業務如此多元化和國際化，實際上我們仍然認為，由於我們擁有更多的消耗品和售後市場，我們的長期正常化積壓訂單應該在 5 倍左右，這比歷史上我們所說的 5.5 倍要低一些。

And I think at this end of this year, we'll almost certainly be at 6.5x, possibly still a 7x. So that's stubbornly high, which is a good thing, of course. And you see -- I mean, we've outperformed in Q4, we've outperformed in Q1. Q2 will be tougher because of some of the transient effects. But I hope that helps your modeling and I think gives you some additional insights on the timing.

我認為到今年年底，我們幾乎肯定會達到 6.5 倍，甚至可能達到 7 倍。所以這個數字一直居高不下，當然，這是一件好事。你看——我的意思是，我們在第四季的表現優於第一季。由於一些暫時性的影響，第二季將會更加艱難。但我希望這有助於您的建模，並且我認為可以讓您對時間安排有一些額外的見解。

Yes. No, that was great color. And then just my follow-up, I wanted to dig into some of the China stimulus comments. You called it out being a little bit slower in light of the tariff situation and provinces just being slower to release those funds. So can you unpack that for us a little bit more? How much seamless revenues did you guys recognize in China in the first quarter? And then are you assuming any time stimulus revenues for the rest of the year?

是的。不，那顏色很棒。接下來，我想深入探討一些關於中國刺激計劃的評論。您說，考慮到關稅情況，速度會稍微慢一些，而且各省發放這些資金的速度也比較慢。那你能為我們進一步解釋一下嗎？你們第一季在中國實現了多少無縫收入？那麼，您是否預計今年剩餘時間會出現任何刺激收入？

I know it's more about orders, it was low. It was very little less than $10 million, certainly in Q1, as I would think most of the provinces are hanging on to the money if they have it. So it's been deferred while China is trying to figure out what's going on with tariffs and trade war, I assume. So it's -- yes, it's been delayed essentially.

我知道這更多的是關於訂單，訂單量很低。這個數字略低於 1000 萬美元，肯定是在第一季度，因為我認為如果有錢的話，大多數省份都會保留這筆錢。因此，我猜想，由於中國正在試圖弄清楚關稅和貿易戰的進展情況，所以這項計畫被推遲了。是的，它實際上被推遲了。

And as I said earlier, we have not baked in by now, not May. We have not -- until that gets -- even if it got released and then turned into order as well, most of these orders then might come in, in Q3. And by that time, because that's a lot of high big tickets cutting edge and leading-edge performance, things that they order on these stimulus packages, most of that would go into '26 for our revenue. So we don't expect China stimulus to be significant in our P&L in '25.

正如我之前所說，我們現在還沒有烘焙，至少五月還沒有。我們還沒有——直到它——即使它被發布並且也變成了訂單，大多數訂單可能會在第三季度到來。到那時，由於他們在這些刺激計劃中訂購了大量高價位的尖端和前沿性能產品，其中大部分將進入 26 年，成為我們的收入。因此，我們預期中國刺激計畫不會對我們 25 年的損益產生重大影響。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

I just wanted to kind of dig in a little bit on the 2Q to get some cleanup modeling. Can you just help us with the guide assumptions by the segment for BSI and BEST, what's embedded there for that low single-digit constant currency growth kind of FX MA?

我只是想對第二季度進行一些深入研究，以獲得一些清理模型。您能否幫助我們了解 BSI 和 BEST 部門的指導假設，對於低個位數恆定貨幣成長類型的 FX MA 來說，其中蘊含著什麼？

And then on the operating profit, I understand that the cost out for that $90 million or the mitigation efforts for that $90 million turn into $45 million, like how much of that $45 million net are you guys looking to hit in that 2Q?

然後關於營業利潤，我了解到這 9000 萬美元的成本或 9000 萬美元的緩解措施變成了 4500 萬美元，那麼你們希望在第二季度達到這 4500 萬美元淨額中的多少？

In Q2. Gerald. We get the question. Yes, yes. Appreciate it -- probably more of that in Q3 and Q4, right?

在第二季。傑拉爾德。我們明白這個問題。是的，是的。非常感謝——在第三季和第四季可能會有更多這樣的情況，對嗎？

So some of the mitigation actions that we've already put in place, particularly around pricing and supply chain items are not going to fall into the second quarter for sure. It's really more about our cost management elements that we're pushing hard on for sure, and that will have some modest impact in the second quarter, which is why I think we've triggered a more significant reset on the second quarter expectations.

因此，我們已經採取的一些緩解措施，特別是在定價和供應鏈項目方面，肯定不會在第二季實施。這實際上更多的是關於我們正在大力推動的成本管理要素，這將對第二季產生一定的影響，這就是為什麼我認為我們已經對第二季的預期進行了更重要的調整。

But once those elements kick in, specifically around the third and the fourth quarter, I think there's an expectation that our performance -- financial performance at the EPS line will improve sharply in the second -- I mean, sorry, in the third and the fourth quarter and the second half of the year. It's sort of the big picture.

但一旦這些因素開始發揮作用，特別是在第三季度和第四季度，我認為人們預期我們的業績——每股收益方面的財務業績將在第二季度大幅改善——我的意思是，抱歉，是在第三季度、第四季度和今年下半年。這有點像一幅大圖景。

So as we've been already slowing hiring and using retirement and attrition and so on, we've been doing that for -- but some things we can actually implement relatively flexibly. I'll give you an example. In Switzerland and if needed, also in Germany in certain businesses, we can pretty quickly turn down our production capacity by almost about 20% with this short-term work mechanisms where basically people end up working 20% less than they still paid like 95%, 98% because the government kicks in for up to two years.

因此，我們已經放慢了招募速度，並使用了退休和自然減員等措施，我們一直在這樣做——但有些事情我們實際上可以相對靈活地實施。我給你舉個例子。在瑞士，如果需要的話，在德國的某些企業，我們可以透過這種短期工作機制，很快地將生產能力降低約 20%，在這種機制下，人們的工作時間基本上比他們仍然支付的 95% 或 98% 少 20%，因為政府會提供長達兩年的補貼。

That's a great way of keeping your highly trained workforce and then ramping them back up six months or 12 months later or whatever, it will be -- we're already doing that and we've announced that in Switzerland, for instance.

這是留住訓練有素的員工隊伍，然後在六個月或十二個月後或其他時間讓他們重新恢復工作的好方法——我們已經在這樣做了，例如，我們已經在瑞士宣布了這一點。

So it's a very smooth and fast mechanism and it doesn't require -- it doesn't cost you as much on the GAAP side in terms of restructuring and cash and you can also implement it very quickly. But very quickly means still it's mostly going to have a Q3 and Q4 effect. And maybe -- I need a bit of an effect. It will be effective as of Q2, but it won't move the need of financially yet in Q2.

因此，這是一個非常順暢和快速的機制，它不需要——在重組和現金方面，它在 GAAP 方面不會花費你太多，而且你也可以非常快速地實施它。但很快就意味著它仍然主要會對第三季和第四季產生影響。也許——我需要一點效果。該政策將從第二季開始生效，但還不會改變第二季的財務需求。

Okay. And then I --

好的。然後我--

Of course, things -- I'm sorry, there are things like discretionary spending and hiring, and we're doing all of these things. Also things that you do on pricing until you put them in the price list and get a new order until you that then works on and pricing also has always a time delay. That's why these things do have an effect more into the second half and then much more significant annualized effect next year.

當然，有些事情——對不起，有些事情，例如可自由支配的開支和招聘，我們正在做所有這些事情。另外，您在定價方面所做的事情，直到您將它們放入價格表並獲得新訂單，然後您再進行定價，並且定價也總是有時間延遲。這就是為什麼這些因素會對下半年產生更大的影響，而明年的年度化效應會更加顯著。

Yes. Okay. Understood. And then I guess when you talk about the other regions that are doing stimulus like South Korea and Germany and Japan, like I understand that this is more of an out-year dynamic and potential tailwind, but a little context for what those countries have done in the past from a stimulus perspective.

是的。好的。明白了。然後我想，當你談到正在實施刺激政策的其他地區，如韓國、德國和日本時，我明白這更像是一種未來一年的動態和潛在的順風，但從刺激政策的角度來看，這些國家過去所做的事情有一點背景。

Have you done any work or have any insight there of what this could look like? Would this look like something like China stimulus in the past where you just get a huge bolus? Or is this more infrastructure and more secular?

您是否做過任何工作或對這會是什麼樣子有任何見解？這看起來會不會像過去中國刺激計畫的那樣，只是給予巨額資金？或者這更具基礎設施和更世俗化？

Yes. And I think in Korea, a number is now. And then there was also -- I forget, it's over three years or something like that, and it was -- Joe, what's the number?

是的。我認為在韓國，現在已經有這個數字了。然後還有——我忘了​​，已經超過三年了，或者類似的時間，而且——喬，數字是多少？

'23.

'23。

'23? What -- of what currency? US dollars?

'23？什麼——什麼貨幣？美元？

Yes.

是的。

Okay. So over three years or so, still meaningful. Germany is huge, but it will pay for a lot of other stuff. It's kind of $50 billion per year over the next 10 years. Some of that goes into defense, right? We do have some detection equipment that on the margin goes there. So that's a good trend for us in one of our little niches.

好的。所以三年左右的時間，還是有意義。德國幅員遼闊，但它能為許多其他東西買單。未來 10 年內每年的投入將達到 500 億美元。其中一些用於防禦，對嗎？我們確實有一些邊緣檢測設備。所以這對我們小眾市場來說是一個好趨勢。

A lot of it is supposed to go into innovation and technology regaining or expanding where they have a technology leadership. So there's some -- we're pretty optimistic, I think. But I can't quantify it because it's also, as you know, the new government was elected yesterday finally. And so they have some really big numbers.

其中很大一部分應該投入創新和技術上，重新獲得或擴大其技術領先地位。所以我認為我們非常樂觀。但我無法量化它，因為如你所知，新政府昨天終於選出來了。因此他們得到了一些非常大的數字。

Some of that will build bridges, some of that will build tanks that won't really help us, although it may be good for the economy in general. But a lot of that probably will also go into innovation, including into life science tools. And so can't quantify it yet and it will almost certainly be '26 and beyond.

其中一些將用於建造橋樑，一些將用於製造坦克，這些對我們沒有真正的幫助，儘管這可能對整個經濟有利。但其中很大一部分可能也會用於創新，包括生命科學工具。因此，目前還無法量化，但幾乎可以肯定是 26 年及以後。

That could be not just a bolus but a little of a longer-term trend. We'll probably be going for another five minutes or so going over a little bit. For those who want to stay, we'll try to get to a few more -- a couple of more people on questions. Alright. If we move on to the extent they're still on.

這可能不僅僅是一個趨勢，而是一個長期趨勢。我們可能還需要五分鐘左右的時間來稍微討論一下。對於那些想留下來的人，我們會嘗試聯繫更多的人來回答問題。好吧。如果我們繼續前進，他們仍然會繼續前進。

Subha Nambi, Guggenheim.

蘇巴·南比，古根漢美術館。

Agree, best is only 10% of the revenue. But do you expect the clinical MRI, Supercon to eventually improve for Bruker given that it's taking some time for AI trends to impact your revenue. One of the things with Bruker's strength is the diversified product portfolio and therefore, not seeing strength in one of these segments when ACA/GOV-nment is down, always remains a question. Like your -- the diversified portfolio is supposed to offset all these weaknesses. That's why I'm asking about it.

同意，最好的是只有10%的收入。但是，考慮到人工智慧趨勢需要一段時間才能影響您的收入，您是否預期臨床 MRI、Supercon 最終會為布魯克帶來改善？布魯克的優勢之一是其多樣化的產品組合，因此，當 ACA/GOV-nment 下滑時，該公司在這些領域中是否沒有看到優勢，這始終是一個問題。就像你的——多元化投資組合應該可以抵消所有這些弱點。這就是我問這個問題的原因。

So you're talking about the best portfolio? Did I understand that correctly?

所以您說的是最好的投資組合？我理解得對嗎？

That's right. Yes.

這是正確的。是的。

I think that's going to be a slower recovery in the MRI market. Obviously, these are other big health care companies that you're all familiar with. And the trends there don't fluctuate all that much. So we expect that to be a weak year for BEST. And reasonably better year for the nearly $100 million RI, research instruments component. They just had a tough comparison in Q1 year-over-year, that is incredible Q1 of last year.

我認為 MRI 市場的復甦將會比較緩慢。顯然，這些都是你們都熟悉的其他大型醫療保健公司。那裡的趨勢不會有太大的波動。因此，我們預計這對 BEST 來說將是疲軟的一年。對於近 1 億美元的 RI、研究儀器部分來說，今年的情況相當好。他們剛剛對第一季與去年同期的情況進行了艱難的比較，去年第一季的表現令人難以置信。

So the RI business, I think, will be not growing fast, but be steady. And the superconducting materials business this year will be weaker probably for the full year, but not as pronounced in the percentage, as you would -- year-over-year, as you've seen in Q1, it will be much more -- it will stick out less. All right. We have one more question. One more question, if the next person is on there.

因此，我認為 RI 業務不會快速成長，但會保持穩定。今年超導材料業務全年可能會表現較弱，但百分比不會像你想像的那麼明顯 - 與去年同期相比，正如你在第一季度看到的那樣，它會更加突出 - 不會那麼突出。好的。我們還有一個問題。還有一個問題，下一個是否在那裡。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

One question, I guess, what I would call portfolio evolution. And then just a follow-up on China. So portfolio evolution, some of your bigger acquisitions over the past couple of years ostensibly served to move your revenue mix away from China and into areas outside of academic research.

我想，有一個問題，我稱之為投資組合演變。接下來是關於中國的後續問題。因此，投資組合的演變，過去幾年你們進行的一些較大的收購表面上是為了將你們的收入結構從中國轉移到學術研究以外的領域。

I'm not saying those were the primary motivations, but they're certainly features of a lot of those deals. So China seems like a complete black box right now, and it seems like it possibly could be structural. Academic government funding, as we talked about extensively, is at risk globally.

我並不是說這些是主要動機，但它們確實是許多此類交易的特徵。因此，中國現在看起來就像一個完全的黑盒子，而且似乎可能是結構性的。正如我們廣泛討論的那樣，政府的學術資助在全球範圍內都面臨風險。

So I guess what I'm wondering is when would you expect the deals you did in '23 and '24 to grow year-over-year on a same-store sales basis? Is that going to happen in '25 and '26, are we kind of in the background starting to see the benefits of portfolio evolution? So that's --

所以我想知道的是，您預計 23 年和 24 年達成的交易何時會在同店銷售額的基礎上實現同比增長？這會在 25 年和 26 年發生嗎？我們是否在幕後開始看到投資組合演變的好處？這就是--

Absolute -- yes. Go ahead, Doug.

絕對的——是的。繼續吧，道格。

Why don't we answer that, and we'll come back to China if I can.

我們為什麼不回答這個問題，如果可以的話我們就回中國。

Okay. And then we'll wrap it up. So yes, absolutely. The portfolio evolution is already visible. I mean diagnostics is steady and as can be. And when other things are weaker, steady, high single-digit growth in diagnostics, molecular and microbiology is awesome. Of course, also a lot of consumables. So that works.

好的。然後我們就結束它了。是的，絕對是。投資組合的演變已經顯現。我的意思是診斷是穩定的，盡可能的。當其他領域都比較弱的時候，診斷、分子和微生物學領域卻能維持穩定、較高的個位數成長，這真是令人驚訝。當然，消耗品也不少。所以這是可行的。

The automation and multiple smaller software, scientific software acquisitions, I kind of take them a little bit together because they feed each other towards the digitized lab, more automated lab. That's all working really nicely. And even as people are little people, biopharma and other industries, cleantech and fine chemicals love to invest in that because they can't -- either can't find the staffing or they're prepared to do it with more productivity and less hands on-time. So those are all good trends.

我將自動化和多個小型軟體、科學軟體的收購結合在一起，因為它們相互促進，共同打造數位化實驗室和更自動化的實驗室。一切都進行得很順利。儘管人們都很小，但生物製藥和其他行業、清潔技術和精細化學品都喜歡投資於此，因為他們無法——要么找不到員工，要么他們準備以更高的生產力和更少的人力來完成這項工作。這些都是好的趨勢。

The investments of the old Berkeley Lights, which is cellular analysis, the Beacon platform, as many of you know it, and about that third of spatial biology that does go into to biopharma. Yes, they're helping us in the biopharma recovery so that a lot of these things are already active and are offsetting some of the ACA/GOV weakness.

舊 Berkeley Lights 的投資包括細胞分析、Beacon 平台（正如你們許多人所知），以及進入生物製藥領域的約三分之一的空間生物學。是的，他們正在幫助我們恢復生物製藥業，因此其中許多事情已經活躍起來，並抵消了 ACA/GOV 的一些弱點。

Without the portfolio evolution, including the pretty rapid evolution with our acquisitions in the last five, six quarters or so, this would be a tougher call and maybe we'd go down organically this year. We think we'll still grow a little bit despite all of the head winds. China is hard to read, I agree.

如果沒有投資組合的演變，包括過去五、六個季度左右我們收購的相當快速的演變，這將是一個更艱難的決定，也許我們今年的業績會自然下滑。我們認為，儘管面臨種種不利因素，我們仍會取得一定成長。我同意，中國確實很難理解。

Yes. My question there was just going to be -- and I know I'll keep it tight. If we think about even what you guys were saying, a month, a month and half ago, about orders related to China stimulus, it obviously sounds different today. It all has changed in that period.

是的。我的問題是──我知道我會保持謹慎。如果我們回想一下你們一個月前、一個半月前所說的有關中國刺激計畫的命令，今天聽起來顯然有所不同。在那段時期，一切都改變了。

My question is really, do you think, in general, your visibility on what's going on in China and what's going to happen in China is just a lot lower than it has been for the last decade and I think you have that adequately captured in guidance at this point?

我的問題是，您是否認為，總體而言，您對中國正在發生的事情以及將要發生的事情的了解程度比過去十年低了很多？我認為您目前的指導是否充分反映了這一點？

It is lower. And I hope we've got it captured because we're not built. There is stimulus plans amazing when some of our executives are over there, the projects that are already approved by the university, maybe even approved locally, just no funding yet, would be quite favorable for us in NMR, mass spec and other fields, but the funding doesn't get released.

它較低。我希望我們已經佔領了它，因為我們還沒有建成。當我們的一些高管在那裡時，有令人驚奇的刺激計劃，這些項目已經得到了大學批准，甚至可能在當地得到了批准，只是還沒有資金，這對我們在核磁共振、質譜和其他領域非常有利，但資金沒有發放。

And I don't know whether it gets released ever in Q2 or Q3 or Q4. And I don't think they know. However, unlike test China stimulus programs, which were sort of one or two quarter wonders, this one seems to be much more sustained. And so some of the professors or PIs of large consortia for academic medical research, they say, yes, yes, this will get funded. We just don't know whether this year or next year, in worst case in three years. But this will get funded. This is a priority.

我不知道它會在第二季、第三季還是第四季發布。但我認為他們不知道。然而，與中國試行的刺激計劃（這些計劃只是在一兩個季度產生了奇蹟）不同，這次的刺激計劃似乎更具可持續性。因此，一些大型學術醫學研究聯盟的教授或 PI 說，是的，是的，這將獲得資助。我們只是不知道今年、明年，甚至最壞的情況是三年後。但這將會得到資助。這是當務之急。

So it's more. But the timing is really -- there is no visibility in the timing and they don't have it either. It could be next quarter, it could be next year. They're all pretty confident, they'll get it. So that's the answer. I wish I knew the timing. So that's how it works right now. Yes. All right, it's 09:40, so we're in 10 minutes over. Yes.

所以還更多。但時機確實──時機不明朗，他們也沒有把握。可能是下個季度，也可能是明年。他們都非常有信心，他們會成功的。這就是答案。我希望我知道時間。這就是它現在的運作方式。是的。好的，現在是 09:40，所以我們已經超過 10 分鐘了。是的。

Okay. This concludes our question-and-answer session. I would like to turn the conference back over to Joe Kostka for any closing remarks.

好的。我們的問答環節到此結束。我想將會議交還給喬·科斯特卡 (Joe Kostka) 來做結束語。

Thank you for joining us today. Burker's leadership team looks forward to meeting with you at an event or speaking with you directly during the second quarter. Feel free to reach out to me to arrange any follow-ups and have a good day.

感謝您今天加入我們。Burker 的領導團隊期待在第二季與您在活動中會面或直接與您交談。請隨時與我聯繫以安排任何後續事宜並祝您有愉快的一天。