Bruker Corp (BRKR) 2025 Q2 法說會逐字稿

Good day, and welcome to Bruker Corporation's second quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加布魯克公司 2025 年第二季財報電話會議。（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 Joe Kostka, Director of Investor Relations. Please go ahead.

現在，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 second quarter '25 earnings conference call. My name is Joe Kostka, and I'm the Director of Bruker Investor Relations. Joining me on today's call are our President and CEO, Frank Laukien, and our EVP and CFO, Gerald Herman.

早安.歡迎大家參加布魯克公司 25 年第二季財報電話會議。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 和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.

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。

During today's call, we will be highlighting non-GAAP financial information. Reconciliations of our non-GAAP to GAAP financial measures are included in our earnings release and are posted on our website at ir.bruker.com. Before we begin, I would like to reference Bruker's safe harbor statement, which is shown on Slide 2 of the presentation.

在今天的電話會議中，我們將重點放在非公認會計準則財務資訊。我們的非公認會計準則 (Non-GAAP) 與公認會計準則 (GAAP) 財務指標的對帳表已包含在我們的收益報告中，並發佈在我們的網站 ir.bruker.com 上。在開始之前，我想先參考布魯克的安全港聲明，該聲明已在簡報的第二張投影片中展示。

During this conference, 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 acquisitions, geopolitical risks, tariffs, foreign currency, market demand or supply chains.

在本次會議期間，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，包括與收購、地緣政治風險、關稅、外匯、市場需求或供應鏈相關的風險和不確定性。

The company's actual results may differ materially from such statements. Factors that might cause such differences include, but are not limited to, those discussed in today's earnings release and in our Form 10-K for the period ending December 31, 2024, 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 on our outlook as of today, August 4, 2025.

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。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 8 月 4 日的展望。

We do not intend to update our forward-looking statements based on notion, future events or for other reasons, except as may be required by law prior to the release of our third quarter 2025 financial results expected in early November 2025. You should not rely on these forward-looking statements as necessarily representing our views or outlook as of any date after today.

我們不打算根據想法、未來事件或其他原因更新我們的前瞻性陳述，除非法律可能要求在預計於 2025 年 11 月初發布 2025 年第三季財務業績之前更新。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 and updated thoughts and assumptions around the US and global funding environment and tariffs. Gerald will then cover the financials for the second quarter of 2025 in more detail and share our updated fiscal year '25 financial outlook.

今天的電話會議將由弗蘭克開始，他概述我們的業務以及有關美國和全球融資環境和關稅的最新想法和假設。隨後，傑拉爾德將更詳細地介紹 2025 年第二季的財務狀況，並分享我們更新的 25 財年財務展望。

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

現在我想把電話轉給布魯克的執行長弗蘭克·勞基恩。

Thank you, Joe. Good morning, everyone, and thank you for joining us on today's second quarter 2025 earnings call. Life Science research instruments markets are under pressure at the moment with expected US second funding headwinds and China stimulus delays for high-end research instrumentation. In addition, global tariffs, pharma pricing and economic uncertainty in the second quarter have delayed biopharma and industrial research instrumentation investments.

謝謝你，喬。大家早安，感謝大家參加今天的2025年第二季財報電話會議。生命科學研究儀器市場目前面臨壓力，預計美國將面臨第二次融資阻力，而中國將推遲對高端研究儀器的刺激計畫。此外，第二季的全球關稅、藥品定價和經濟不確定性推遲了生物製藥和工業研究儀器的投資。

This resulted in lower-than-anticipated bookings and revenues in the second quarter. Our Bruker Scientific Instruments, or BSI, segment book-to-bill ratio was in the mid 0.9% range in the quarter, which was not great, but also not too bad.

這導致第二季的預訂量和收入低於預期。我們布魯克科學儀器公司（BSI）部門的訂單出貨比在本季處於 0.9% 的中間水平，這個數字不算高，但也不算太差。

We anticipate that the third quarter will bring additional visibility on US NIH and NSF funding, both for the remainder of fiscal year '25 as well as for fiscal year '26 for all research budgets. We are encouraged by several recent settlements of disputes between major universities and the federal government, and we anticipate additional settlements to allow the resumption of grants, Fortune scientific and medical research.

我們預計第三季將為美國國立衛生研究院和國家科學基金會的資金提供進一步的透明度，包括25財年剩餘時間和26財年所有研究預算的資金狀況。我們對最近幾所主要大學和聯邦政府之間達成的爭端和解感到鼓舞，我們期待達成更多和解，以允許恢復撥款、財富科學和醫學研究。

On academic and disease biology research, we believe that our unique post-genomic tools will be in significant demand in all geographies and in particular, also when China releases its stimulus budgets for high-end medical research implementation.

在學術和疾病生物學研究方面，我們相信我們獨特的後基因組工具將在所有地區都有很大的需求，特別是當中國發布用於實施高端醫學研究的刺激預算時。

Moreover, as US tariffs for many major countries and trade blocks get settled in early August, we believe that global biopharma, industrial and semiconductor companies will accelerate their investments in next-generation drug discovery and development systems as well as in research and quality control tools for advanced materials, clean tech and semiconductor research and production. We are observing where US tariffs on Swiss imports will settle, and we anticipate that ultimately, it will not be at 39%, the rate communicated last week.

此外，隨著美國對許多主要國家和貿易集團的關稅在8月初得到解決，我們相信全球生物製藥、工業和半導體公司將加快對下一代藥物發現和開發系統以及先進材料、清潔技術和半導體研究和生產的研究和品質控制工具的投資。我們正在觀察美國對瑞士進口產品的關稅最終將如何確定，我們預計最終的稅率不會是上周公布的 39%。

In a worst-case scenario for Switzerland, we intend to leverage our other European Union and US factories for products designated for the United States market. Bruker is poised to zoom above market growth, particularly in the next-generation systems needed for disease research and drug discovery in view of the greater biological complexity revealed by the emerging post-genomic view.

在瑞士面臨最壞情況的情況下，我們打算利用我們位於歐盟和美國的其他工廠來生產指定銷往美國市場的產品。布魯克已準備好超越市場成長，特別是在疾病研究和藥物發現所需的下一代系統方面，因為新興的後基因組觀點揭示了更大的生物複雜性。

Similarly, the enormous investments in artificial intelligence are very beneficial for our advanced and often unique semiconductor metrology tools. Finally, we have strong positions in microbiolind infection diagnostics with an exciting road map of medically needed and differentiated capabilities.

同樣，對人工智慧的巨額投資對我們先進且通常獨特的半導體計量工具非常有益。最後，我們在微生物感染診斷領域佔據強勢地位，並擁有令人興奮的醫學所需和差異化能力路線圖。

Back to our second quarter, the stronger-than-anticipated organic revenue decline, coupled with higher US tariffs and stiff currency trade winds from a decline in US dollars cost margins and profitability to come in below our expectations.

回到我們的第二季度，有機收入下降幅度超出預期，再加上美國關稅上調以及美元下跌帶來的強勁貨幣貿易風，導致利潤率和盈利能力低於我們的預期。

On our first quarter call, we discussed our mitigation are mitigating price, supply chain and cost measures, but these take 2- to 3-quarters before they fully benefit our operating results. Today, we are announcing a significantly expanded cost savings initiative that is expected to reduce our annual costs for fiscal year 2026 by $100 million to $120 million annualized. These major cost reductions affect all parts of our business from supply chain and manufacturing to our commercial, administrative and R&D investments.

在第一季的電話會議上，我們討論了我們的緩解措施，即降低價格、供應鏈和成本，但這些措施需要 2 到 3 個季度才能完全惠及我們的經營業績。今天，我們宣布了一項大幅擴大的成本節約計劃，預計將使我們 2026 財年的年度成本減少 1 億至 1.2 億美元。這些大幅的成本削減影響到我們業務的各個部分，從供應鏈和製造到商業、行政和研發投資。

These are difficult but necessary decisions to rightsize our cost structure to match the trough demand levels currently seen in the market. As a result of our weaker second quarter performance, we are lowering our guidance expectations for fiscal year '25. We now expect approximately flat constant exchange rate revenue growth and organic revenue decline to decline minus 2% to minus 4% for the year with a mid-teens percentage non-GAAP EPS decline year-over-year.

這些都是艱難但必要的決定，以調整我們的成本結構，使其與目前市場上的低潮需求水準相符。由於第二季業績表現較弱，我們下調了 25 財年的預期。我們現在預計，以固定匯率計算，全年營收成長將基本持平，有機收入將下降 2% 至 4%，非 GAAP 每股盈餘將年減 15% 左右。

Looking beyond 2025, even in a muted revenue growth scenario in fiscal year '26, it is our intention to deliver very significant margin improvement and double-digit EPS growth just based on our major cost reduction initiatives. If there also is a partial growth recovery in advanced life science research and drug discovery tools in fiscal year '26 then this could provide additional tailwinds.

展望 2025 年以後，即使在 26 財年收入成長放緩的情況下，我們也計劃僅憑我們的主要成本削減舉措，就實現利潤率的顯著提高和每股收益的兩位數增長。如果26財年先進生命科學研究和藥物發現工具也出現部分成長復甦，那麼這可能會帶來額外的推動力。

Beyond 2026, we expect to return to our stated goal of organic revenue growth, 200 bps to 300 bps above market which we delivered many years in a row and with rapid margin expansion and double EPS growth once academic, trade and economic uncertainty ads. This is driven by our exceptional innovation in next-generation disease research and biopharma drug discovery tools for the post-genomic era.

2026 年以後，我們預計將恢復既定的有機收入成長目標，比市場高出 200 個基點至 300 個基點，這是我們連續多年實現的，並且一旦學術、貿易和經濟不確定性廣告出現，利潤率將迅速擴大，每股收益將翻一番。這是由我們在後基因組時代下一代疾病研究和生物製藥藥物發現工具方面的卓越創新所推動的。

This is also driven by other UC-specific growth drivers for semiconductor metrology for the AI revolution to unique applied and diagnostic solutions. Turning to Slide 4, for our Q2 '25 performance. As I just detailed in the second quarter of 2025, we faced delays in many end markets, most notably, biopharma and industrial, which drove both the top and bottom lines to come in below our expectations.

這也受到其他 UC 特定成長動力的推動，例如從半導體計量到人工智慧革命，再到獨特的應用和診斷解決方案。翻到投影片 4，了解我們的 2025 年第二季業績。正如我在 2025 年第二季所詳述的那樣，我們在許多終端市場都面臨延遲，最明顯的是生物製藥和工業市場，這導致營收和利潤均低於我們的預期。

Group second quarter '25 reported revenues decreased 0.4% year-over-year to $797.4 million, which included an FX tailwind of 2.9%. On an organic basis, revenues decreased 7.0%, which included a 7.2% organic decline in BSI a 4.8% organic decline at BEST, net of intercompany eliminations.

集團 25 年第二季報告營收年減 0.4% 至 7.974 億美元，其中包括 2.9% 的外匯順風。從有機角度來看，收入下降了 7.0%，其中包括 BSI 有機下降 7.2% 和 BEST 有機下降 4.8%，扣除公司間抵銷。

Revenue growth from acquisitions added 3.7%, which implies a constant exchange rate CER revenue decline of 3.3% year-over-year. Book-to-bill in the quarter was in the mid-9% range. Our second quarter -- sorry, our second quarter 25% non-GAAP operating margin was 9%, a decrease of 480 bps year-over-year as lower revenue absorption, additional tariff costs and currency headwinds were only partially mitigated in Q2 by our earlier cost and pricing actions.

收購帶來的營收成長了3.7%，這意味著以固定匯率計算的CER營收年減3.3%。本季的訂單出貨比處於 9% 左右的範圍內。我們第二季度——抱歉，我們第二季度的非 GAAP 營業利潤率為 9%，同比下降 480 個基點，因為第二季度較低的收入吸收、額外的關稅成本和貨幣逆風僅通過我們之前的成本和定價行動得到部分緩解。

In our second quarter '25, diluted non-GAAP EPS was at $0.32, down 39% from $0.52 in the second quarter of 2024 on organic revenue decline, impact of tariffs and in exchange headwinds. Gerald will discuss the drivers for margins and EPS later in more detail.

在我們的 2025 年第二季度，稀釋非 GAAP 每股收益為 0.32 美元，較 2024 年第二季度的 0.52 美元下降 39%，原因是有機收入下降、關稅影響以及匯率逆風。傑拉爾德稍後將更詳細地討論利潤率和每股盈餘的驅動因素。

Moving to Slide 5. Our first half '25 revenues increased by 5.0% to $1.60 billion. First half organic revenue declined 2.3%, consisting of a 1.4% organic decline in Scientific Instruments, or BSI, and an 11.5% organic decline at BEST, net of intercompany eliminations. Our first half 2025 non-GAAP gross and operating margin and GAAP and non-GAAP EPS performance are all summarized on Slide 5.

移至投影片 5。我們 25 年上半年的營收成長了 5.0%，達到 16 億美元。上半年有機收入下降 2.3%，其中科學儀器（BSI）有機收入下降 1.4%，扣除公司間抵銷後 BEST 有機收入下降 11.5%。我們的 2025 年上半年非 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。

Please turn to Slide 6 and 7, where we highlight the first half 2025 performance of our 3 scientific instruments group and of our BEST segment, all on a constant currency and year-over-year basis. In the first half of '25, BioSpin Group revenue was $403 million and was roughly flat year-over-year. BioSpin saw contributions from NMR, preclinical imaging and lab automation, while the scientific software business was soft. BioSpin saw weakness in biopharma revenues and softness in orders both in academic and applied markets.

請翻到投影片 6 和 7，我們重點介紹了我們的 3 個科學儀器組和 BEST 部門在 2025 年上半年的業績，全部按固定匯率和同比計算。25 年上半年，BioSpin Group 的營收為 4.03 億美元，與去年同期基本持平。BioSpin 從核磁共振、臨床前成像和實驗室自動化方面獲得了貢獻，而科學軟體業務則表現疲軟。BioSpin 發現生物製藥收入疲軟，學術和應用市場訂單疲軟。

For the first half of '25, CALID Group revenue of $566 million increased in the low teens percentage with strong growth in microbiology and infection diagnostics driven by the MALDI Biotyper and Molecular Diagnostics business. Our applied mass spectrometry business saw robust growth, which offset some softness in the life science mass vectometry business.

2025 年上半年，CALID 集團營收為 5.66 億美元，成長率達到百分之十幾，其中，在 MALDI Biotyper 和分子診斷業務的推動下，微生物學和感染診斷業務強勁成長。我們的應用質譜業務實現了強勁成長，抵消了生命科學質譜業務的一些疲軟。

Turning to Slide 7 now. First half '25, Bruker Nano revenue was $509 million and grew in the low single-digit percentage. Spatial Biology contributed growth in the first half of '25, while revenues from advanced x-ray were down year-over-year. Strength in Biopharma was partially offset by weakness in industrial markets. Finally, first half 25 'BEST revenues declined in the low teens percentage, net of intercompany eliminations, due to softness in the clinical MRI market as well as a strong prior year comparison for the research instruments business.

現在翻到幻燈片 7。2025 年上半年，布魯克納米公司的營收為 5.09 億美元，成長率為個位數。空間生物學在 25 年上半年貢獻了成長，而先進 X 光的收入則是年減。生物製藥產業的優勢被工業市場的疲軟部分抵消。最後，由於臨床 MRI 市場疲軟以及研究儀器業務與去年同期相比表現強勁，25'BEST 上半年收入扣除公司間抵銷額後，下降幅度達百分之十幾。

Moving to Slide 8. We highlight some of our recent innovations in the second quarter at ASMS obviously, an almost unprecedented lineup of new and market-changing instruments from our (inaudible) product line as well as in Nano LC, I won't go into these in detail today, but they significantly enhance our competitive position in traditional bottom-up proteomics, while also getting us in ushering in a new era of functional proteomics and proteoform analysis with the Tims omni.

移至幻燈片 8。我們在第二季度的 ASMS 上重點介紹了我們最近的一些創新，顯然，我們的（聽不清）產品線以及 Nano LC 中幾乎前所未有的一系列新儀器和市場變革儀器，我今天不會詳細介紹這些儀器，但它們顯著增強了我們在傳統自下而上的蛋白質組學中的競爭地位，同時也讓我們通過 Tims omni 開創了蛋白質組學分析的新時代。

We had very good orders since ASMS already. And finally, a very serious play in benchtop metabolomics with the Times Metabo launch with very high sensitivity and because of the four dimensions and unprecedented annotation continence being very well received in the market.

自 ASMS 以來，我們已經獲得了非常好的訂單。最後，Times Metabo 在桌上型代謝組學領域發揮了非常重要的作用，它具有非常高的靈敏度，並且由於四個維度和前所未有的註釋節製而受到市場的歡迎。

Let me move to Slide 9, probably the key theme for today, how are we navigating through this macro and research instruments weakness. You are aware of the US academic funding disruption for high-end research instrumentation for academic and medical research, China stimulus continues to be delayed, although our customers remain optimistic for release in the second half.

讓我轉到投影片 9，這可能是今天的重點主題，我們如何克服宏觀和研究工具的弱點。您知道美國對用於學術和醫學研究的高端研究儀器的學術資助中斷，中國刺激計劃繼續被推遲，儘管我們的客戶仍然對下半年的發布持樂觀態度。

And in the second quarter, we saw that drug discovery and industrial research tools saw CapEx delays and weakness in both of these segments. We're looking forward to more visibility and on what time frame still recover once tariffs and other items settle in. We also had more tariff and FX cost headwinds so a lot of headwinds in the second quarter.

在第二季度，我們發現藥物研發和工業研究工具這兩個領域的資本支出都出現延遲和疲軟。我們期待更多的透明度，以及一旦關稅和其他項目穩定下來後，在什麼時間範圍內仍能恢復。我們也面臨更多的關稅和外匯成本阻力，因此第二季面臨許多阻力。

We focus on our industry-leading innovation and continue our strategy to reaccelerate growth and enhanced market share in the post-genomic era in academic and medical research but also very much in biopharma drug discovery tools when they come back.

我們專注於領先業界的創新，並繼續我們的策略，在後基因組時代重新加速成長並提高學術和醫學研究的市場份額，並且在生物製藥藥物發現工具回歸時也同樣如此。

Very importantly, we're broadly expanding our cost reductions, which we had begun previously, but we're expanding those with a goal of $100 million to $120 million of annualized cost reductions to improve margins and profitability, and we're obviously looking for a very significant step-up in fiscal year driven just by the cost reductions and hopefully some emerging recovery in the markets.

非常重要的是，我們正在廣泛擴大我們之前就開始的成本削減計劃，但我們擴大計劃的目標是每年削減 1 億至 1.2 億美元的成本，以提高利潤率和盈利能力，而且我們顯然希望在財政年度實現非常顯著的增長，這主要得益於成本削減，並希望市場能夠出現一些復甦。

Of course, we are seizing new opportunities in spatial biology and multiomics, our very large growth drivers even if they're muted at the moment as well as new growth drivers in lab automation, scientific software, India improving semiconductor metrology for AI being an incredible opportunity, emerging growth in European chemical and explosive detection, airport security, airline security, and finally, our industrial research business in clean tech, batteries, Fusion, and we are adding to our consumables business organically and inorganically.

當然，我們正在抓住太空生物學和多組學領域的新機遇，這是我們非常大的增長動力，即使目前它們並不活躍，我們也在實驗室自動化、科學軟體、印度改進人工智能半導體計量等領域的新增長動力，這是一個令人難以置信的機會，歐洲化學和爆炸物檢測、機場安全、航空安全等領域正在出現在成長，最後，我們在實現我們的工業化業務方面正在擴大

To wrap up, the second quarter was a challenging one for Bruker, and we are aggressively executing on our expanded cost reduction initiatives with the goal of delivering strong margin expansion and EPS growth in 2026 even in a flat to low growth scenario.

總而言之，第二季度對布魯克來說是一個充滿挑戰的季度，我們正在積極執行擴大的成本削減計劃，目標是即使在持平或低增長的情況下，也能在 2026 年實現強勁的利潤率增長和每股收益增長。

We are, however, cautiously optimistic for fiscal year '26 partial recovery and point to Bruker's successful track record of rebounding very strongly from previous market disruptions in 2008, 2009 and in 2020, a from which Bruker emerged with multiple years of double-digit organic revenue growth in each scenario.

然而，我們對 26 財年的部分復甦持謹慎樂觀的態度，並指出布魯克在 2008 年、2009 年和 2020 年的市場動盪中實現了強勁反彈，布魯克在每種情況下都實現了多年兩位數的有機收入增長。

We remain confident that Bruker's innovation engine will continue to drive differentiated high-value solutions in attractive markets. Our culture of disciplined entrepreneurialism and our Bruker management process will position us well for sustained financial success in the years to come.

我們堅信布魯克的創新引擎將繼續在有吸引力的市場中推動差異化的高價值解決方案。我們嚴謹的創業精神和布魯克管理流程將使我們在未來幾年獲得持續的財務成功。

Let me now turn the call over to our CFO, Gerald Herman, who will review Bruker's Q2 financial performance and updatefiscal year '25 outlook in more detail. Gerald?

現在，我將電話轉給我們的財務長傑拉爾德·赫爾曼 (Gerald Herman)，他將回顧布魯克第二季度的財務業績，並更詳細地更新 25 財年的展望。傑拉爾德？

Thank you, Frank, and thank you, everyone, for joining us today. I'm going to go through more detail on Bruker's second quarter and first half 2025 financial performance, starting on Slide 11. In the second quarter of 2025, our results came in below our expectations on both the top and bottom lines.

謝謝弗蘭克，也謝謝大家今天加入我們。從第 11 張投影片開始，我將詳細介紹布魯克 2025 年第二季和上半年的財務表現。2025 年第二季度，我們的業績無論是頂線還是底線都低於我們的預期。

In the second quarter of 2025, Bruker's reported revenue decreased 0.4% to $797.4 million, which reflects an organic revenue increase of 7% year-over-year. Acquisitions contributed 3.7% to our top line, while foreign exchange was a 2.9% tailwind, resulting in constant exchange rate, revenue decline of 3.3% year-over-year.

2025 年第二季度，布魯克報告的營收下降 0.4% 至 7.974 億美元，反映出有機收入年增 7%。收購為我們的收入貢獻了 3.7%，而外匯則貢獻了 2.9% 的順風，導致以固定匯率計算，營收年減 3.3%。

Geographically and on a year-over-year organic basis in the second quarter of 2025, our Americas revenue declined in the low double-digit percentage. European revenue also declined in the low double-digit percentage while Asia Pacific revenue grew in the low single digits percentage despite a low single-digit decline in China.

從地理位置和 2025 年第二季的年比有機成長來看，我們的美洲地區收入下降了兩位數的低百分比。歐洲收入也出現了低兩位數的下降，而亞太地區收入則出現了低個位數的成長，儘管中國地區的收入出現了低個位數的下降。

For our EMEA region, revenue was up high single digits percentage. BSI organic revenue declined 7.2% in the second quarter of 2025 with organic declines in all groups. CSI Systems declined roughly 10% and BSI aftermarket revenue was flat organically year-over-year.

對於我們的 EMEA 地區，收入成長了高個位數百分比。2025 年第二季度，BSI 有機收入下降 7.2%，所有集團有機收入均下降。CSI 系統下降了約 10%，而 BSI 售後市場收入則較去年同期持平。

Our order book performance in the BSI segment was down organically in the high single-digit percentage year-over-year, with softer academic government research orders in most geographies and a significant decline in BioPharma orders in the US.

我們的 BSI 部門訂單表現同比有機下降了高個位數百分比，大多數地區的學術政府研究訂單均有所減少，美國生物製藥訂單也大幅下降。

Non-GAAP gross margin decreased 270 basis points to 48.6%. And Q2 2025 non-GAAP operating margin was 9.0%, impacted by weaker volume ridge unfavorable mix, tariffs and foreign currency. On a non-GAAP basis, Q2 '25 diluted EPS was $0.32, down 38.5% from the $0.52 we posted in the second quarter of 2024. Our EPS performance was significantly impacted by the decline in the US dollar in the quarter, which resulted in a $0.06 headwind.

非公認會計準則毛利率下降270個基點至48.6%。2025 年第二季非公認會計準則營業利潤率為 9.0%，受到銷售疲軟、產品組合不利、關稅和外幣的影響。以非公認會計準則計算，2025 年第二季稀釋每股收益為 0.32 美元，較 2024 年第二季的 0.52 美元下降 38.5%。本季度，美元下跌對我們的每股盈餘表現產生了顯著影響，導致每股盈餘下跌 0.06 美元。

Our non-GAAP effective tax rate was 23.6% compared to 28.4% in the second quarter '24, with the decrease driven mostly by a favorable discrete item in the quarter. On a GAAP basis, we reported diluted EPS of $0.05 per share, flat compared to the second quarter of '24. Weighted average diluted shares outstanding in the second quarter of 2025 were $151.7 million, an increase of 3.7 million shares from the second quarter of '24, resulting from our follow-on equity offering in May of 2024.

我們的非公認會計準則有效稅率為 23.6%，而 24 年第二季為 28.4%，下降的主要原因是本季有利的單一項目。根據 GAAP 計算，我們報告的稀釋每股收益為 0.05 美元，與 24 年第二季持平。2025 年第二季的加權平均稀釋流通股數為 1.517 億美元，較 2024 年第二季增加 370 萬股，這是我們在 2024 年 5 月進行的後續股票發行的結果。

Slide 12, shows Bruker's performance for the first half of 2025, which has similar drivers to the second quarter. Turning to Slide [14] now. During the first half of 2025, we had a decrease in operating cash flow of $85 million, driven principally by the timing of tax payments and other items.

幻燈片 12 展示了布魯克 2025 年上半年的業績，其驅動因素與第二季度類似。現在翻到幻燈片 [14]。2025 年上半年，我們的經營現金流減少了 8,500 萬美元，主要原因是納稅時間和其他項目的變化。

We had a modest year-over-year increase in capital expenditures in the first half of '25, which resulted in a free cash outflow of $110 million in the first half, '25. Given the challenging market conditions, today, we announced the expansion of current cost-saving initiatives intended to take $100 million to $120 million of annualized costs out of the business. These actions across all business units, geographies and all functions within Bruker.

25 年上半年，我們的資本支出較去年同期小幅增加，導致 25 年上半年自由現金流出 1.1 億美元。鑑於嚴峻的市場形勢，我們今天宣布擴大當前的成本節約舉措，旨在削減 1 億至 1.2 億美元的年度業務成本。這些行動涉及布魯克公司的所有業務部門、地區和所有職能部門。

This expanded cost program is already underway, but the majority of savings is expected in fiscal year 2026. These cost actions are expected to contribute approximately 300 basis points of operating margin improvement in fiscal year '26, even under flat or muted market demand conditions.

這項擴大成本的計畫已在進行中，但預計大部分節省將在 2026 財年實現。即使在市場需求持平或低迷的情況下，這些成本措施預計也將在 26 財年貢獻約 300 個基點的營業利潤率提高。

Turning now to Slide 15. We're updating our full year 2025 outlook to reflect Q2 results and current market tariff and foreign exchange headwinds. Our outlook for fiscal year '25 now assumes revenue in a range of $3.43 billion to $3.50 billion with an organic revenue decline of 2% to 4%.

現在翻到投影片 15。我們正在更新 2025 年全年展望，以反映第二季的業績以及當前的市場關稅和外匯逆風。我們對 25 財年的預測是，營收將在 34.3 億美元至 35 億美元之間，有機收入將下降 2% 至 4%。

Contribution from acquisitions is expected to be approximately 3.5%, and we now expect a foreign currency tailwind of 2.5% on the revenue line. That leads to updated reported revenue growth guidance in a range of 2% to 4%, with approximately 0.5% constant exchange rate growth year-over-year.

預計收購貢獻約 3.5%，目前我們預期外幣對營收的貢獻為 2.5%。這導致更新的報告收入成長指引在 2% 至 4% 的範圍內，以固定匯率計算年增約 0.5%。

For operating margins in 2025, given softer market conditions, we now expect lower organic revenues, expected M&A dilution and tariff on foreign exchange headwinds to lead to an approximately 210 basis point decline in operating margins year-over-year. This anticipated full year 2025 operating margin decline consists of headwinds of 40 basis points from 2024 M&A activity, 60 basis points from tariffs, 90 basis points from foreign exchange as well as a 20 basis points decline in organic operating margin.

對於 2025 年的營業利潤率，鑑於市場條件疲軟，我們目前預計有機收入下降、預期的併購稀釋以及外匯關稅逆風將導致營業利潤率同比下降約 210 個基點。預計 2025 年全年營業利潤率將下降，包括 2024 年併購活動帶來的 40 個基點、關稅帶來的 60 個基點、外匯帶來的 90 個基點以及有機營業利潤率下降 20 個基點。

On the bottom line, our updated fiscal year 2025 non-GAAP EPS is expected to be in the range of $1.95 to $2.05, which implies non-GAAP EPS down 15% to 19% compared to fiscal year '24. The mid-point of our updated EPS guidance is down $0.44 from our previous guidance. primarily driven by roughly $50 million decline in expected fiscal year '25 revenue associated with the present trough in global academic biopharma drug discovery and industrial research instrument markets as well as a higher foreign exchange headwind than previously expected of an additional $0.05.

總體而言，我們更新後的 2025 財年非 GAAP EPS 預計在 1.95 美元至 2.05 美元之間，這意味著非 GAAP EPS 與 24 財年相比下降 15% 至 19%。我們更新的每股收益指引中點比我們之前的指引下降了 0.44 美元，主要原因是預計 25 財年收入將下降約 5000 萬美元，這與全球學術生物製藥藥物發現和工業研究儀器市場目前的低谷有關，以及外匯逆風比之前預期的要高 0.05 美元。

We expect a very significant EPS rebound in fiscal year '26 based on our significant cost-cutting initiatives with or without meaningful revenue growth. Other guidance assumptions are listed on the slide and our fiscal year '25 ranges have been updated for foreign currency rates as of June 30, 2025. With respect to the third quarter of 2025, we expect relatively weak organic revenue performance again, mid- to high single-digits percent decline year-over-year in the third quarter of 2025.

無論收入是否有顯著成長，我們預計，基於我們大幅削減成本的舉措，26 財年的每股盈餘將大幅反彈。幻燈片中列出了其他指導性假設，並且我們的 25 財年範圍已根據截至 2025 年 6 月 30 日的外幣匯率進行了更新。對於 2025 年第三季度，我們預計有機收入表現將再次相對疲軟，2025 年第三季的年減幅度將達到中高個位數百分比。

On EPS, we expect non-GAAP EPS for the third quarter of '25 to be similar to EPS in the second quarter of '25, with a reacceleration EPS expected in the fourth quarter. To wrap up, market tariff and foreign exchange headwinds impacted our second quarter of '25. We remain cautiously optimistic about the fiscal year '26 partial recovery in research instruments and are very committed to significant margin expansion and EPS growth in fiscal year '26 and beyond.

就每股盈餘而言，我們預計 2025 年第三季的非 GAAP 每股盈餘將與 2025 年第二季的每股盈餘相似，預計第四季的每股盈餘將再次加速。總而言之，市場關稅和外匯不利因素影響了我們 25 年第二季的業績。我們對 26 財年研究工具的部分復甦仍然持謹慎樂觀的態度，並致力於 26 財年及以後的大幅利潤率擴張和每股收益成長。

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

好了，我想把電話轉回給喬。非常感謝。

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

謝謝，傑拉爾德。我們現在開始電話會議的問答部分。（操作員說明）操作員？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, hi, Frank, Joe, thanks for taking my questions. First one on the guide. I understand the magnitude of cut. But maybe just given the backdrop of the market, could you parse out why is the backlog, which has been strong, why is that not helping this year?

是的，嗨，弗蘭克，喬，謝謝你們回答我的問題。指南上的第一個。我了解削減的幅度。但也許僅僅考慮到市場背景，您能否分析為什麼積壓訂單一直很強勁，但今年卻沒有幫助？

And how should we think about -- you talked about book-to-bill, but how should we think about the recovery here in the fourth quarter, given that's an important quarter for -- from an instrumentation perspective? And then on fiscal '26, Gerald talked about the recovery there?

我們應該如何看待——您談到了訂單出貨比，但從儀器儀表的角度來看，鑑於第四季度是一個重要的季度，我們應該如何看待第四季度的復甦？那麼在 26 財年，傑拉爾德談到了那裡的復甦？

How should we think about fiscal '26? I know it's a bit early, but I would love your thoughts there.

我們該如何看待26財年？我知道現在有點早，但我很想聽聽你的想法。

Thank you, Puneet. So backlog, we are using our backlog to some extent, obviously, you can't accelerated it will, as in delivery times, production and delivery times are very much planned and locked in by the customers also. Our backlog has come down slightly from 7-months to 6.5-months. So we are leveraging -- in using that. Yes, we think it's actually our Q4.

謝謝你，Puneet。因此，積壓訂單，我們在一定程度上使用積壓訂單，顯然，你不能加速它，因為交貨時間、生產和交貨時間都是由客戶規劃和鎖定的。我們的積壓訂單量從7個月略微下降到了6.5個月。所以我們正在利用這一點。是的，我們認為這實際上是我們的第四季度。

I know Q4 has a bit of a ramp, but we're actually feeling pretty comfortable with that with all of our financial planning. I think that looks doable. And as we -- as Joe has cautioned in Q3, we think we'll be somewhat weak. A little too early to talk about '26. We just wanted to make sure that even in a no-growth scenario, we can deliver very significant margin expansion and EPS growth whether next year will be no growth or a partial recovery of a few percent growth.

我知道第四季的情況有些困難，但實際上，我們對所有財務規劃都感到非常滿意。我認為這看起來是可行的。正如喬在第三季所警告的那樣，我們認為我們會有些虛弱。現在談論 26 年還為時過早。我們只是想確保即使在零成長的情況下，我們也能實現非常顯著的利潤率擴張和每股盈餘成長，無論明年是零成長還是部分恢復幾個百分點的成長。

We don't have the visibility yet and we hope to gain that in the next 1- or 2-quarters. Obviously, a lot of things -- a lot of moving pieces still, especially when it comes to US federal budgets.

我們還沒有看到這一點，但我們希望在接下來的一到兩個季度內能夠看到這一點。顯然，很多事情——仍有許多不確定因素，尤其是美國聯邦預算。

Got it. And then on the UHF magnets, I didn't apologize if I missed this. I would love to know if you're expecting that any in the third quarter or the fourth quarter? And there's a recent acquisition in the space of the BB assets. That channel sells your multi biotyper?

知道了。然後關於超高頻磁鐵，如果我錯過了這一點，我不會道歉。我很想知道您是否預計第三季或第四季會出現這種情況？最近，BB 資產領域又進行了一次收購。那個頻道有賣你的multi biotyper嗎？

Do you expect any impact on the MALDI and the sales from that, obviously, that's an LCMS company that acquired those assets.

您是否預計這會對 MALDI 和銷售產生任何影響，顯然，這是一家收購這些資產的 LCMS 公司。

Presently, ultra-high field. We don't expect an ultra-high field revenue recognition in the third quarter. We do expect one in the fourth quarter on that topic. Then you're talking about the BD microbiology business being in an acquisition process is that what Yes. So obviously, we'll -- yeah.

目前為超高領域。我們預計第三季的現場收入確認不會過高。我們確實預期第四季會就此主題發布一篇報導。那麼你說的是 BD 微生物學業務正在收購過程中，是的。顯然，我們會——是的。

I don't know because, obviously, if water closes that in early '26, we'll see what their intentions are. Keep in mind that in these diagnostics businesses that, quite honestly, the little benchtop MALDI 10% and 90% is the all the assays, all the content, all the regulatory approvals and all.

我不知道，因為顯然，如果 26 年初水位關閉，我們就會知道他們的意圖是什麼。請記住，在這些診斷業務中，坦白說，小型桌上型 MALDI 10% 和 90% 是所有的檢測、所有內容、所有的監管批准等等。

So we can only observe that when Danaher, which has the SIMs divisions, when they acquired Siemens Microbiology, they continue to work with us on the Beckman Coulter Diagnostics business in an excellent manner going forward. And we're attempted by, hey, we can build a mass spec. Anybody can build a mass spec to the MALDI Biotype of franchise that has worked extremely well with BD.

因此，我們只能觀察到，當擁有 SIM 部門的丹納赫收購西門子微生物學時，他們將繼續以出色的方式與我們合作開展貝克曼庫爾特診斷業務。我們嘗試著，嘿，我們可以建立一個質譜儀。任何人都可以針對與 BD 合作極為良好的特許經營的 MALDI Biotype 構建質譜。

Hopefully, that will continue. But we don't have any -- until that closes we will see in 2016, I guess. If someone -- if someone wanted to develop something like this, it would be a very, very large 5-year investment. And by that time, of course, we're moving on. So anyway, but it's -- it would be speculative.

希望這種情況能夠持續下去。但我們沒有任何進展——我想，直到 2016 年我們才會看到結果。如果有人——如果有人想開發這樣的東西，那將是一項非常非常大的五年投資。當然，到那時，我們就會繼續前進。無論如何，這只是推測。

Quite honestly, we don't expect it, but we don't know. I would point out that we obviously sell more than how our MALDI Biotypers ourselves directly. So if at some point, a channel was no longer able I think we could handle that very well.

坦白說，我們並不期待，但我們也不知道。我想指出的是，我們直接銷售的 MALDI Biotyper 的數量顯然不止我們自己銷售的那麼多。因此，如果在某個時候，某個管道不再能夠發揮作用，我認為我們可以很好地處理這個問題。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. Frank, I want to push on the cost outs. And really, the idea is earnings today are 30% below where they were 90 days ago. And then only $0.05 of that is FX. I know you're protecting the P&L now, but a couple of things. I guess did you initiate some of these costs out sooner. And are you committing to the $100 million to $120 million revivers even if the top line does start to come back?

嘿，謝謝。法蘭克，我想推動成本支出。而實際上，今天的收益比 90 天前低了 30%。其中只有 0.05 美元是外匯。我知道你現在正在保護損益表，但有幾件事。我想您是否早就開始承擔其中一些費用了。即使營業額開始回升，您是否仍會承諾投入 1 億至 1.2 億美元進行復興？

Good questions, Tycho. So we did start earlier early in the year when -- before any of the headwinds appeared, we had an initial savings program where we just try to grow our -- expand our margins more than what we had guided to initially.

好問題，Tycho。因此，我們確實在年初就開始了——在任何不利因素出現之前，我們有一個初步的儲蓄計劃，我們只是試圖增加我們的利潤率——將我們的利潤率擴大到超過我們最初指導的水平。

And we had planned an additional $25 million -- and new $25 million cost savings plan. We then -- when the tariffs began to appear, we expanded that to $50 million plus in a second phase. And which is good because most of the cost savings are kicking in next year, but about $30 million of cost savings are kicking in our -- and are part of our guidance for fiscal year '25.

我們還計劃額外投入 2,500 萬美元——並制定新的 2,500 萬美元成本節約計畫。然後，當關稅開始出現時，我們在第二階段將其擴大到 5000 萬美元以上。這是件好事，因為大部分成本節省將在明年開始生效，但大約有 3000 萬美元的成本節省正在開始生效——並且是我們 25 財年指導的一部分。

So the bigger effect will be in '26 admittedly, but at least we do have 30 -- about $30 million of cost savings in our fiscal year '25 guide. To the last point, Tycho, yes, we are completely committed and dialed in for the $100 million to $120 million in cost savings. We hope to be at the upper end of that, and that's going to -- we expect that to happen independent of market conditions or recovery, if that gives us in a flat scenario of 300 bps of an improvement next year, that's great.

因此，不可否認，更大的影響將在 26 年出現，但至少我們在 25 財年指南中確實節省了 3000 萬美元——約 3000 萬美元的成本。關於最後一點，Tycho，是的，我們完全致力於並致力於節省 1 億至 1.2 億美元的成本。我們希望達到這個水平的上限，而且我們預計，無論市場狀況或復甦情況如何，這個水平都會上升，如果這能讓我們在明年實現 300 個基點的平穩改善，那就太好了。

And if the growth comes back, we don't expect it to snap back fully, but comes back partially wonderful, then we can deliver more margin expansion and EPS growth. But we're completely committed to that, yes.

如果經濟恢復成長，我們預期它不會完全恢復，但會部分恢復，這樣我們就能實現更多的利潤率擴張和每股盈餘成長。但我們完全致力於此，是的。

Okay. And then on the growth side, if I go to our conference in June, you had effectively committed to 4% growth in '26. Now it seems like you're not wanting to go there. Maybe just talk about what has really changed in the past 2-months here on the growth side? And then maybe just before I jump off, one for Gerald on leverage, over 4-turns, but the covenant is 3.5-turns.

好的。然後在成長方面，如果我參加 6 月的會議，您實際上已經承諾 26 年將實現 4% 的成長。現在看來你不想去那裡。也許只是談論一下過去兩個月在成長方面真正發生了哪些變化？然後也許就在我跳下之前，一個是傑拉德的槓桿，超過 4 個回合，但契約是 3.5 個回合。

Can you maybe comment on that dynamic as well?

您能否也對這種動態做出評論？

Okay. I'll take the first part. So we were indicating at your conference that we didn't expect growth in '26 to come back to more traditional for us, 6% to 8% levels. And at that point, we were a little bit more optimistic that it might be -- and maybe it wasn't a commitment to that, but we were speculating, it could be 2% to 4% organic growth next year.

好的。我將選擇第一部分。因此，我們在會議上表示，我們預計 26 年的成長率不會回到我們傳統的 6% 到 8% 的水平。在那個時候，我們對這一情況持更樂觀的態度——也許這並不是一個承諾，但我們推測，明年的有機成長率可能會達到 2% 到 4%。

What has happened is that somewhat as expected, the US academic and China academic stimulus is not flowing yet. That was somewhat expected and expected, I think when we saw you at your conference, the additional US biopharma weakness in orders was for high-end drug discovery research instrumentation, I know it doesn't take all companies equally, but for research instrumentation, we saw a significant slowdown there. And we'll see whether once tariffs settle and some of the other political supplements kick in, whether that's additional headwind goes away or abate in the second half of this year.

實際情況是，正如預期的那樣，美國和中國的學術刺激措施尚未開始實施。這在某種程度上是意料之中的，我想當我們在您的會議上看到您時，美國生物製藥訂單的另一個弱點是高端藥物發現研究儀器，我知道並非所有公司都是平等的，但對於研究儀器，我們看到了明顯的放緩。我們將拭目以待，一旦關稅確定下來，並且一些其他政治補充措施開始生效，那麼在今年下半年，這些額外的阻力是否會消失或減弱。

And that will, of course, in part, drive '26. We also saw because of the economic uncertainty that's certainly our interpretation. We saw general Europe, US and China weakness in industrial research instrument investments. So that was also something that became clearer in the second half, which is why we're more muted in our -- we don't have growth expectations for '26, but we do want to be realistic and ready for a no-growth scenario.

當然，這將在一定程度上推動26年的發展。我們也看到，由於經濟不確定性，這當然是我們的解釋。我們發現歐洲、美國和中國在工業研究儀器投資方面普遍疲軟。所以這一點在下半年變得更加清晰，這就是為什麼我們對此更加謹慎——我們對 26 年沒有增長預期，但我們確實希望保持現實並為零增長情景做好準備。

That's not our expectation. We don't have an expectation yet, but I want to make sure that we can do the significant margin expansion and double-digit EPS growth even without growth, at least, my words are even without growth, we hope for some modest growth or partial recovery. We don't know. We don't -- we cannot give guidance for '26 of what that might be.

這不是我們的期望。我們還沒有預期，但我想確保即使沒有成長，我們也能實現利潤率的大幅擴張和兩位數的每股盈餘成長，至少，我的話是，即使沒有成長，我們也希望實現適度的成長或部分復甦。我們不知道。我們無法對 26 年的情況給予指導。

And Tycho, on your question regarding leverage ratio, we don't comment specifically on ratio dynamics quarter-by-quarter. I mean I can tell you that we have satisfied our debt covenants for the first and second quarters of '25. And we have a target, as I think we've discussed directly in around that 2.7 range, and that's what we're working towards. Over several years right now.

泰科，關於您提出的槓桿率問題，我們不會針對每季的槓桿率動態進行具體評論。我的意思是，我可以告訴你，我們已經履行了 25 年第一季和第二季的債務契約。我們有一個目標，我想我們已經直接討論過在 2.7 左右的範圍，這就是我們正在努力實現的目標。到現在已經好幾年了。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

Hey, thanks. Good morning, Gerald, just a follow-up there. Could you unpack the free cash flow burn in the second quarter? How much was onetime? And what you -- what are you expecting for operating cash flow in the second half? And why is it CapEx coming down by a larger degree?

嘿，謝謝。早上好，傑拉爾德，這只是一個後續問題。您能解釋一下第二季自由現金流的消耗嗎？一次多少錢？您對下半年的經營現金流有何預期？為什麼資本支出下降幅度會更大？

Sorry, I wasn't sure, I caught the last part of your question.

抱歉，我不確定，我只聽到了你問題的最後一部分。

How is the CapEx coming down?

資本支出如何下降？

Why is the CapEx coming down?

資本支出為何下降？

Yeah, I think our CapEx -- let me just add the last part of your question first. The CapEx is plan to scale down. We have dialed that back for the third and the quarters. I mean we do typically have programs that are already in motion for the first and second quarters, and that's why you see the CapEx levels where they are.

是的，我認為我們的資本支出——讓我先補充一下你問題的最後一部分。資本支出計畫縮減。我們已經在第三節和第四節中回撤了這個目標。我的意思是，我們通常確實有在第一季和第二季已經啟動的計劃，這就是為什麼你會看到資本支出水準。

And on the cash flow, Brandon, yes, we did have a couple of what I would describe as a new outflows in the second quarter related specifically to some tax payments, which we highlighted, those we don't expect to recur. So those will -- we expect to get back to a normal cash flow.

關於現金流，布蘭登，是的，我們在第二季度確實出現了一些新的資金流出，具體與一些稅款有關，我們強調了這些稅款，我們預計它們不會再次發生。因此，我們預計現金流將恢復正常。

And Brandon, those are sizable for $50 million to $60 million, including some tax payments for -- that are prepayments, some of which we expect to recover. But yes, there were some sizable tax payments in the second quarter.

布蘭登，這些金額相當可觀，在 5,000 萬到 6,000 萬美元之間，其中包括一些稅款——這些都是預付款，我們預計其中一些可以收回。但確實，第二季確實有一些相當大的稅金支付。

Okay, helpful. And then Frank, I think Gerald said BSI aftermarket was flat in the quarter. Can you kind of unpack what you saw between diagnostics and maybe some A&G customers? And just a surprise to see the aftermarket utilization kind of flat in the quarter.

好的，有幫助。然後弗蘭克，我認為傑拉爾德說 BSI 售後市場在本季度持平。您能否解釋一下您在診斷和一些 A&G 客戶之間看到的情況？令人驚訝的是，本季售後市場利用率持平。

That granularity we do not have. Obviously, the Diagnostics business has been growing very nicely sort of according to plan, although placements for the ELITech molecular diagnostics business, which you don't see in revenue placements, new platforms going out there generate future revenues but placements there.

我們沒有這種粒度。顯然，診斷業務一直在按照計劃順利成長，儘管 ELITech 分子診斷業務的佈局在收入佈局中並不明顯，但新平台的推出會產生未來的收入，而且佈局也存在問題。

That's one of the highlights of the quarter or for the first half of the year are way ahead of our plan. So the ELITech business in placements is doing great. And in terms of growth and margin expansion, it's according to plan.

這是本季度或上半年的亮點之一，遠遠超出了我們的計劃。因此，ELITech 在安置方面的業務表現非常出色。就成長和利潤率擴張而言，一切都按計劃進行。

So that gives an indirect partial answer to what you're saying, namely there, of course, 80% or 90% consumable space. And they are as well as the multi-biotyper consumables are doing well. Therefore, aftermarket in other segments was also down partially, but we don't have granular percentages on that. Hope that helps.

所以這間接地部分回答了你所說的問題，當然，有 80% 或 90% 的可消耗空間。而且它們和多生物類型耗材一樣表現良好。因此，其他領域的售後市場也出現了部分下滑，但我們沒有具體的百分比。希望有幫助。

Luke Sergott, Barclays

巴克萊銀行的盧克·塞戈特

Great, thanks. Just wanted to talk a little bit about like the underlying dynamics as you think about that more muted growth in the '26, particularly around China from peers right now that they're starting to see some of the stimulus flow-through. So have you guys started to see any of that? And then as you think about those dynamics in the '26 on more muted growth?

太好了，謝謝。我只是想稍微談談潛在的動態，當你想到 26 年的成長更加緩慢時，特別是中國周圍的同行現在開始看到一些刺激措施的流出。那麼你們已經開始看到這些了嗎？那麼，您如何看待 26 年成長較為緩慢的動態呢？

Also following hip here on Tycho's question, but kind of is that just assuming the current market environment just continues there, just to figure out like if China should start getting better, what would -- in that more muted growth scenario, what's getting worse?

另外，我也很關注 Tycho 提出的問題，但這只是假設當前的市場環境會繼續下去，只是為了弄清楚如果中國開始好轉，那麼在這種更溫和的成長情況下，什麼會變得更糟？

Well, a muted growth scenario in our -- maybe muted growth scenario is still a growth scenario. Right now, we're seeing a decline in our scientific and industrial and biopharma research markets. So a muted growth scenario and a no growth scenario next year would be better than the headwinds that we're observing right now.

嗯，在我們看來，成長放緩的情景——也許成長放緩的情景仍然是一種成長情景。目前，我們看到科學、工業和生物製藥研究市場正在衰退。因此，明年緩慢的成長情境和零成長情境將比我們目前觀察到的逆風要好。

We don't mean muted growth scenario, meaning a decline next year, at least at this point, that's not what we're anticipating. So maybe with that clarification, we also do not expect a market growth for us a 6% to 8% organic growth snapback next year hopefully, we'll get there by '27, but let's not comment on that one right now.

我們並不是指成長放緩的情況，而是指明年的衰退，至少目前為止，這不是我們所預期的。因此，也許有了這個澄清，我們也不期望明年我們的市場成長率為 6% 到 8%，希望到 27 年我們能實現這一目標，但現在我們不要對此發表評論。

China stimulus, for high-end research instrumentation, we have not seen those releases yet. We've seen reasonable tender activity in China lately, including into July, but that wasn't necessarily the high-end mules funding.

對於高端研究儀器，我們尚未看到中國刺激計劃的發布。我們最近看到中國有合理的招標活動，包括七月份，但這不一定是高端騾子融資。

There was just normal China activity, which maybe is getting a little bit stronger -- our Chinese customers that are looking for shovel-ready large projects that include NMR and mass spec and a high end microscope remain very optimistic that this is just a question of time until the province is released it perhaps once there is greater clarity or maybe there is greater clarity there may not -- that there's probably isn't going to be an all-out China-US trade during that time.

這只是正常的中國活動，可能正在變得更加強勁——我們的中國客戶正在尋找包括核磁共振和質譜以及高端顯微鏡在內的可立即開工的大型項目，他們仍然非常樂觀地認為，這只是一個時間問題，直到該省發布，也許一旦有了更大的清晰度，或者也許有更大的清晰度，可能不會——在此期間可能不會有全面的中美貿易。

We think the province is held back to see whether they needed a rainy day fund. Anyway, so tristimulus not released yet for our high-end research instrumentation and remarkable optimism by the customers that it's going to happen.

我們認為，省政府之所以受到阻攔，是為了確定是否需要一筆應急基金。無論如何，我們的高端研究儀器的三刺激值尚未發布，但客戶對此非常樂觀。

We just don't know exactly when. We do also expect that as tariffs settle in and the new economic world order is emerging for trade that CFOs in major industrial and biopharma companies will be less reluctant to release CapEx investments because they do need the research capabilities, whether it's industrial materials, semiconductor or, of course, drug discovery.

我們只是不知道具體時間。我們也確實預計，隨著關稅的穩定和新的經濟世界貿易秩序的出現，主要工業和生物製藥公司的財務長將不再那麼不願意釋放資本支出投資，因為他們確實需要研究能力，無論是工業材料、半導體，當然還有藥物研發。

So in that sense, we expect an improvement in '26 compared to '25, but we cannot quantify it at this moment. Having said all of that, and we don't want to rely on that improvement even with no growth, we expect to deliver the 300 bps or greater margin improvement. That's the --

因此從這個意義上來說，我們預計 26 年的情況會比 25 年有所改善，但目前我們還無法量化。儘管如此，即使沒有成長，我們也不想依賴這種改善，我們預計利潤率將提高 300 個基點或更高。這就是--

That's the -- Okay. Great. And then first -- when you -- we talked about this a little bit before about with the NIH and the -- or the US academic funding issues? How you ultimately kind of see this shaking out whether it's more of a democratization from the coast or from the IV to the high end users of the institutions going more towards like state systems and things like that.

就是這樣——好的。偉大的。首先，我們之前討論過有關 NIH 和美國學術資助的問題嗎？您最終將如何看待這項變化？這是否更多是一種從沿海地區或IV到機構高端用戶的民主化，並更傾向於國家系統等。

So are you starting to see -- do you have an update on how you kind of see this ultimately playing out with the funding releases and over the next few years?

那麼，您是否開始看到——您是否有最新消息，您認為這最終將如何隨著資金的發放以及未來幾年的發展而發生？

We have -- we can read some tea leaves yeah. So I think I don't think NIH budgets will be flat or up. I don't think they'll be down 40%, either data for NSF or DOE research or so. We assume that the deal will be that they'll be down and we're if they're down 20%, that's not unrealistic from what we're expecting, but maybe they're only down 10%, we shall see. So that's the bigger picture.

我們有——我們可以讀一些茶葉，是的。所以我認為 NIH 的預算不會保持不變或增加。我認為它們不會下降 40%，無論是 NSF 還是 DOE 研究的數據。我們假設交易結果會是他們下降，如果下降 20%，這與我們預期的一樣現實，但也許他們只下降 10%，我們拭目以待。這就是更大的圖景。

The other trend that you've mentioned that this is not only temporarily, but longer term going to be a more level-playing field away from the coast or also investments that aren't primarily in Massachusetts and Northern California.

您提到的另一個趨勢是，這不僅是暫時的，而且從長遠來看，將形成一個遠離海岸的更公平的競爭環境，或者主要不在馬薩諸塞州和北加利福尼亞州的投資。

I think that trend -- political trends, I continue to see. So I think some very excellent universities elsewhere may be able to get a bigger piece of the pie. And this is even after some of the already announced and potentially pending settlements of the government with some very well-known universities.

我認為這種趨勢——政治趨勢，我仍在繼續觀察。因此我認為其他地方的一些非常優秀的大學可能會獲得更大的份額。即使在政府已經宣布並可能即將與一些知名大學達成協議之後，情況仍然如此。

We do see NSF for '25 calling for some final presentations on big-ticket NMR items. I don't know whether -- what they will do with that and whether there is then '25 funding that may still come through even while we're mostly focused on '26 budgets, there are some encouraging signs.

我們確實看到 NSF '25 要求對高價 NMR 專案進行一些最終演示。我不知道他們會如何處理這些資金，也不知道是否還有 25 年的資金到位，儘管我們主要關注 26 年的預算，但也有一些令人鼓舞的跡象。

We -- a couple of things went through with NIH budgeting and the customers got ordering from us two days later. But it's not needle moving yet. So it's early days, and we don't have clear visibility yet there are some signs that maybe the worst of the academic funding crisis would be over soon. but we do not expect the snapback to the full growth rates we had previously.

我們——幾件事已經通過了 NIH 預算，兩天後客戶就向我們下了訂單。但目前還沒有任何進展。所以現在還為時過早，我們還沒有明確的認識，但有一些跡象表明，學術資金危機最糟糕的時期可能很快就會過去。但我們並不期望成長率能迅速恢復到以前的水準。

Subbu Nambi, Guggenheim

蘇布南比，古根漢美術館

Hey guys, I had a question on 2025 guide itself. If the cost savings aren't hitting until 2026 and heads into EPS is getting worse with FX. How are you thinking about the second half, just given the soft orders in the quarter?

嘿，大家好，我對 2025 年指南本身有一個疑問。如果成本節約要到 2026 年才能實現，那麼 EPS 將會因外匯而變得更糟。鑑於本季訂單疲軟，您對下半年有何看法？

Subbu, good question. So we do we do think that of our cost savings for the full year, $25 million, about $30 million of cost savings will begin and will benefit us this year. They are being overwhelmed by the headwinds from the previous M&A from the organic decline of 2% to 3% -- 2% to 4% that we're now projecting as well as currency interest but they are meaningful that just to a bigger they're kicking in to a much greater extent than in 2026.

Subbu，好問題。因此，我們確實認為，我們全年的成本節約為 2500 萬美元，其中約 3000 萬美元的成本節約將在今年開始，並使我們受益。他們被先前的併購帶來的阻力所淹沒，有機下滑 2% 到 3%——我們現在預測 2% 到 4%，以及貨幣利息，但它們的意義更大，它們的影響將比 2026 年大得多。

And of course, we've only recently within the last several weeks have expanded our cost-cutting initiative very significantly and more than doubled it from what we had previously already and to core tariffs. Did that answer your question or did I miss something Subbu?

當然，就在最近幾週，我們才大幅擴大了成本削減計劃，將核心關稅的規模和先前的規模增加了一倍以上。這回答了你的問題嗎？還是我遺漏了什麼？

No, that did Frank, I was just hoping for some more granularity in terms of the bridging between revenue and EPS to hit the 4Q ramp. What's partially definitely answer the question.

不，弗蘭克，我只是希望在收入和每股收益之間的銜接方面能夠更加細緻，以達到第四季度的增長。部分肯定地回答了這個問題。

Subbu, it's Gerald. I'll just add, Frank's referenced to that $30 million, the bulk of that is going to hit for fiscal year '25 in the fourth quarter. So we're -- and then the remaining larger majority of it's going to hit in fiscal year '26.

Subbu，我是傑拉爾德。我只想補充一點，弗蘭克提到的 3000 萬美元，其中大部分將在 2025 財年第四季到帳。因此，剩餘的大部分收入將在 2026 財年實現。

So we are seeing some improvement in our guide expectations around the fourth quarter versus the third quarter just to help you with respect to that.

因此，我們看到第四季度的指導預期與第三季度相比有所改善，這可以幫助您實現這一目標。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Hey, thank you, thanks for the questions. Maybe just on -- Frank and Gerald. Frank, you're obviously the largest US academic government player amongst the large tools so you should have, I think, more skin in the game in view here. So kind of you're thinking about down 10% to 20%, we'll see where things land in 2026. But I think there's been more optimism.

嘿，謝謝，感謝您的提問。也許只是——弗蘭克和傑拉爾德。法蘭克，你顯然是美國大型政府機構中最大的學術參與者，所以我認為你應該在這方面有更多的參與機會。所以，如果您考慮下降 10% 到 20%，我們將看看 2026 年的情況如何。但我認為人們更加樂觀了。

I think, has been raised here given the seman appropriation, saying up 1% and focusing that CR could be likely. So I'm just wondering when you think down 10% to 20% kind of, a, what's the mechanism to get there; and b, if things were better, would you expect your customers would spend that money? Or what does your commercial team think about with AB reticent just given recisions and things like that?

我認為，考慮到塞曼撥款，這裡已經提出了上漲 1% 的建議，並強調 CR 是可能的。所以我只是想知道，當您考慮降低 10% 到 20% 時，a，實現這一目標的機制是什麼；b，如果情況更好，您是否預計您的客戶會花這筆錢？或者您的商業團隊對 AB 因裁員和類似情況而保持沉默有何看法？

So the 10% to 20%, I want to be -- I don't have an expectation. There's been too many surprises to have an expectations of fiscal year '26 budgets. I know the Senate Committee marked it up and had a small increase and the administration was initially setting from a 40% decrease. I just want to be prepared for NIH budgets being down 20% for '26 and deliver the margin expansion.

所以我想要的是 10% 到 20%——我沒有期望。2026 財年的預算出現了太多意外，讓人難以抱持太大期望。我知道參議院委員會對此進行了標記並進行了小幅增加，而政府最初設定的減少幅度為 40%。我只是想為 26 年 NIH 預算下降 20% 做好準備，並實現利潤擴張。

For this year, fiscal year '25, we expect US academic government to be up 20% to 25%. That's what we see at quarter already. So this is a fiscal -- this is our calendar year '25. And that plays out above, as we said, so far, it's down about minus 15% for the first half of the year.

今年，也就是25財年，我們預期美國學術政府的支出將成長20%至25%。這就是我們在本季已經看到的情況。所以這是一個財政年度——這是我們的 25 日曆年。正如我們上面所說，到目前為止，今年上半年已經下降了約-15％。

And so by for the full year '25 calendar year for us. US academia being down 20%, 25%. It seems like a realistic expectation. I think we -- I don't think it's kind of worse than that. So funding is still blowing. And then for next year, as I said, I have no predictions. I've stopped making predictions there. I just want to be prepared for a 20% fiscal year '26, government fiscal year '26, NIH budget reduction. And if it's better than that, I'll be delighted.

對我們來說，25 年全年都是如此。美國學術界下降了20%、25%。這似乎是一個現實的期望。我認為我們——我不認為情況比這更糟。因此資金仍然短缺。對於明年，正如我所說，我沒有任何預測。我已經不再對此做出預測了。我只是想為 26 財年、政府 26 財年和 NIH 預算削減 20% 做好準備。如果它比這更好，我會很高興。

And we can more can flow through our bottom top and bottom line in '26 -- I think customers will spend in a heartbeat. If they get grants, they can't give the grants to the universities who are struggling otherwise financially. When they get specific grants, I think they'll order in a heartbeat.

而且，在 26 年，我們的收入和利潤將更加可觀——我認為客戶會立即消費。如果他們獲得補助，他們就不能把補助金提供給那些經濟困難的大學。當他們獲得特定補助金時，我認為他們會立即下訂單。

That's great. And then maybe just one on the backlog and kind of bookings. Obviously, the book-to-bill is on weak now for, I think, 4 or so quarters. Can you just remind us in a given year, what percent of your revenue growth comes from that backlog, what's book-and-bill?

那太棒了。然後也許只有一個關於積壓和預訂的問題。顯然，我認為訂單出貨比目前已經持續了四個季度左右的時間，處於疲軟狀態。您能否提醒我們，在某一年，您的營收成長有多少百分比來自積壓訂單，什麼是帳面利潤？

I think there's been some concern like could broker even grow in '26 just given you had 4 consecutive quarters of weak book-to-bills, but obviously, bookings turn up and that would support growth. So can you just walk through a little bit of kind of the visibility and the mix between conversion and kind of new turns?

我認為存在一些擔憂，例如考慮到連續 4 個季度的訂單出貨比疲軟，經紀業務在 26 年是否還能實現成長，但顯然，訂單量會增加，這將支持成長。那麼，您能否簡單介紹一下可見性以及轉換和新轉變之間的混合？

Yeah. I mean we now have aftermarket consumable service offer of more than a billion. So it's become a significant -- it's become a meaningful part of Bruker that, of course, tends to flow -- turn into revenue pretty much in the quarter when it gets ordered.

是的。我的意思是我們現在提供的售後消費品服務價值超過十億。因此，它已成為布魯克的一個重要組成部分，當然，當它被訂購時，它往往會在當季轉化為收入。

We also have smaller benchtop and some [$100,000] scientific instruments that very often achieve revenue in the same quarter within 2- or 3-months so they get ordered. So some things, maybe there is some part of our revenue that turns more quickly. And then there's, of course, some revenue were sometimes some -- order to revenue can be 18- to 30-months or so.

我們還有較小的桌上型儀器和一些 [100,000 美元] 科學儀器，這些儀器通常會在 2 到 3 個月內的同一季度實現收入，因此它們會被訂購。因此，有些事情，也許我們的部分收入周轉得更快。當然，有時訂單到收入可能需要 18 到 30 個月左右。

So we have that mix. So our backlog is still elevated at 6.5-months. This is the -- this is the backlog of 6.5-months. We expect that eventually to level out with a new mix as we have more consumables, more ELITech things like that, more now, we added some metabolomics consumables and some therapeutic drug monitoring consumables with some recent smaller acquisitions.

所以我們有這種混合。所以我們的積壓訂單量仍然很高，達到了6.5個月。這就是——這是6.5個月的積壓訂單量。我們預計最終會達到一個新的平衡點，因為我們有更多耗材，更多類似ELITech的產品。現在，我們增加了一些代謝組學耗材和一些治療藥物監測耗材，以及一些最近的小型收購。

So we expect that 6.5-months eventually to go down to about months of backlog as a new normalized level. So we still have some cushion from backlog for the second half and for next year. But of course, we also need the bookings.

因此，我們預計 6.5 個月的積壓量最終將降至約幾個月的水平，成為新的正常水平。因此，對於下半年和明年的積壓訂單，我們仍有一定的緩衝。但當然，我們也需要預訂。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thanks for taking the questions. Frank or Gerald, Can you tell us a little more on the second half cadence. The 4Q step-up still seems pretty steep. I mean, I think if you're talking about 3Q looking at similar earnings, call it, $0.32 an impact around $0.90 in 4Q.

嘿夥計們，感謝你們回答問題。弗蘭克或傑拉爾德，您能否告訴我們更多關於下半場節奏的資訊。第四季的成長似乎仍然相當陡峭。我的意思是，我認為如果你談論的是第三季的類似收益，那麼可以說 0.32 美元對第四季的影響約為 0.90 美元。

And again, the revenue kind of step up with that. So I just want to talk through the visibility into that 4Q number, if impact things are maybe getting a little more challenge in at the end of the quarter. So can you just talk about visibility and confidence in that 4Q ramp?

再次，收入也會隨之增加。因此，我只想談談第四季數據的可見性，如果影響到季度末，事情可能會面臨更大的挑戰。那麼，您能談談第四季度成長的可見性和信心嗎？

Yeah. Patrick, it's Gerald. I'll take this, and Frank may want to add some more color. So just generally, in terms of the scaling we're graduating the fourth quarter, as you already know, our fourth quarter is really not a quarter. It tends to be more like a 30% of the -- another on an annualized basis.

是的。派崔克，我是傑拉爾德。我會接受這個，弗蘭克可能想添加更多顏色。因此，總體而言，就規模而言，我們將在第四季度畢業，正如您所知，我們的第四季度實際上不是一個季度。以年率計算，它往往更像是 30%。

So we do see a more significant ramp historically. And I -- we have no reason to believe that, that will not happen. And fundamentally, I would also say, as I mentioned earlier in the comment to Subbu, we do have some cost savings that are going to get kicked into the fourth quarter that's already planned and scheduled.

因此，從歷史上看，我們確實看到了更顯著的成長。而我──我們沒有理由相信那不會發生。從根本上來說，我還要說，正如我之前在對 Subbu 的評論中提到的那樣，我們確實有一些成本節省，這些節省將會被納入已經計劃和安排好的第四季度。

So we're pretty confident that you're going to see a pretty significant lift in the operating margin and EPS performance for the fourth quarter. I think your math, as usual, Patrick, is not terribly far off what our estimates are for the fourth quarter.

因此，我們非常有信心，您將看到第四季度的營業利潤率和每股盈餘表現顯著提升。帕特里克，我認為你的計算結果和往常一樣，與我們對第四季度的估計相差不遠。

So that's kind of the -- I'd say at a high level, our expectations are still some flat to down revenue growth for the fourth quarter given the market conditions, but improved profitability given the scale. We get -- as you all know, we get significant leverage down to the bottom line on higher volume -- and the expectation is --

所以，我想說，從總體上看，考慮到市場狀況，我們預計第四季度的營收成長仍將持平或下降，但考慮到規模，獲利能力將提高。我們得到了——眾所周知，我們在更高的交易量上獲得了顯著的槓桿作用——而預期是--

And this is just typical for us. We tend to have pretty huge for us and every year we do and then some often, it's even better than what we had anticipated to our fourth quarter pattern. So we feel comfortable with the cadence. Two more questions perhaps.

這對我們來說很常見。我們往往會取得相當大的成績，每年都是如此，有時甚至比我們對第四季模式的預期還要好。所以我們對節奏感到滿意。也許還有兩個問題。

Josh Waldman, Cleveland Research

喬希‧沃爾德曼，克利夫蘭研究公司

Morning guys. Thanks for taking my questions. Two for you. First, Frank, on the academic, I think Gerald mentioned softer academic orders in most geographies. I wonder if you could comment on what you're seeing in Europe. Is that market getting worse on the academic side? Or -- and I guess, more broadly, are there other geographies that stepped down unexpectedly.

大家早安。感謝您回答我的問題。給你兩個。首先，弗蘭克，關於學術，我認為傑拉爾德提到大多數地區的學術秩序都比較寬鬆。我想知道您是否可以評論一下您在歐洲看到的情況。從學術角度來看，市場是否變得越來越糟？或者 — — 我想，更廣泛地說，是否還有其他地區也意外地下台了。

And then within the US academic environment, I wondered if you could talk on the timing of potential revenue recovery? I mean how long would it take to kind of work through the softer order book to flush this kind of through the revenue side or cash epidemic. On the epidemic side, when would you need to see a recovery in orders for that to show up, yes, in revenue into the hit '26?

然後，在美國學術環境中，我想知道您是否可以談談潛在收入復甦的時機？我的意思是，需要多長時間才能透過較軟的訂單簿來解決收入方面或現金流行病的問題。在疫情方面，什麼時候需要看到訂單量復甦才能反映在 2026 年的收入上？

Yeah. So clearly, on the academic orders, the two bad guys are the US and China for us. That's where we have the most pronounced reduction in orders in the first half from the academic -- and academic research market. Europe, rest of APAC that just fluctuates up and down. There's really no trend that's discernible there. Q2 wasn't strong.

是的。因此，很明顯，在學術命令上，對我們來說，兩個壞人就是美國和中國。這就是我們上半年來自學術和學術研究市場的訂單減少最明顯的地方。歐洲和亞太其他地區的經濟狀況只是上下波動。那裡確實沒有什麼可辨別的趨勢。Q2 表現不佳。

But I don't -- I think that's -- if you look at it then over several quarters, then -- it's the US and China that I think are crucial in academic side. How long -- well, obviously, with less backlog, we can now do faster deliveries. So there are some products, ultra-high field NMR or very large stem microscopes or so that indeed sometimes take 1- or 2-years to deliver.

但我不這麼認為——我認為——如果你看一下幾個季度，那麼——我認為美國和中國在學術方面至關重要。多久——顯然，積壓訂單減少，我們現在可以更快地交貨。因此，有些產品，如超高場核磁共振或非常大的幹細胞顯微鏡等，確實有時需要 1 到 2 年的時間才能交付。

But it's a '26 story even if orders came in and August, September. And I don't expect a lot of -- I don't expect that necessarily. There could be some US orders come through before the end of our fiscal year at the end of September. There's a possibility of that.

但即使訂單在 8 月和 9 月到來，這也是 26 年的故事。我並不期望太多——我並不一定期望那麼多。在九月底財政年度結束之前，可能會有一些美國訂單到來。有這種可能。

By now, these are higher-end systems. This will go into '26 so I don't think there is any step-up to be expected in '25 anymore.

到目前為止，這些都是高階系統。這將持續到 26 年，所以我認為 25 年不會再有任何進展。

Got it. And then, Frank, on tariffs. I'm curious if you think you're seeing gets negatively impact your competitive position and new opportunities at all. I'm thinking on the price or surcharge front. Does it seem like customers they're holding off on placing orders because of price increases or surcharges or maybe even looking to other suppliers?

知道了。然後，弗蘭克，談談關稅。我很好奇，您是否認為您所看到的會對您的競爭地位和新機會產生負面影響。我正在考慮價格或附加費。客戶是否因為價格上漲或附加費而推遲下訂單，甚至正在尋找其他供應商？

Yeah. If I look at each of our market segments in facial biology, main competitor sets were US, NMR, main competitor is Japanese where European Union ended up at a level playing filled with the new tariffs. In mass spec, a lot of the other Masset companies manufacture in Europe, also in Germany, in Singapore and so. And you go down the line, x-ray, et cetera. It turns out that there hasn't been a significant distortion competitively from the new tariff picture.

是的。如果我看一下臉部生物學中的每個細分市場，主要競爭對手是美國、NMR，主要競爭對手是日本，而歐盟最終在充滿新關稅的競爭環境中處於同一水平。在質譜領域，許多其他 Masset 公司都在歐洲、德國、新加坡等地進行生產。然後你繼續進行檢查，照X光等等。事實證明，新的關稅狀況並沒有對競爭力造成重大扭曲。

Again, we're still observing Switzerland. That's obviously a somewhat of a pathological number at the moment. We expect that to be less and maybe be more in line with what we have in Europe or from Malaysia and either way, in an MRI.

再次強調，我們仍在觀察瑞士。目前這顯然是一個有點病態的數字。我們預計這個數字會更低，也許會更接近我們在歐洲或馬來西亞的情況，無論如何，在核磁共振成像中。

In MRI, we have the most flexibility to say, okay, I mean, almost immediately could turn a dime and say any of these systems for the US market come from Germany or from France, where we have large far factories. So there, we could move very, very quickly if come August 7, that Swiss number was still extraordinarily high for a while. So the short answer would have been, we think it's -- we think there is no competitive shifts based on that. It's just a cost headwind.

在 MRI 中，我們擁有最大的靈活性，可以說，好的，我的意思是，幾乎可以立即改變主意並說這些面向美國市場的系統來自德國或法國，我們在那裡擁有大型遠端工廠。因此，如果到 8 月 7 日，瑞士的確診人數在一段時間內仍然非常高，我們可以非常迅速地採取行動。所以簡短的回答是，我們認為──我們認為基於此不存在競爭轉變。這只是一個成本方面的阻力。

All right. I have one more question, and then we'll wrap things up for today.

好的。我還有一個問題，然後我們今天的討論就到此結束。

Rachel Vatnsdal Olsan, JP Morgan

雷切爾·瓦特斯達爾·奧爾桑 (Rachel Vatnsdal Olsan)，摩根大通

Hello. This is [Markus Arena] on for Rachel from JPMorgan. I just wanted to clarify your comments on tariffs just now. What are you assuming in your guide for those tariffs at this point? Are you assuming 39% or something lower? And perhaps more broadly, if you could give more color on your updated tariff assumptions given the changes in swift tariffs but also European tariffs.

你好。我是摩根大通的 Rachel，由 [Markus Arena] 為您播報。我只是想澄清一下你剛才關於關稅的評論。您目前在指南中對這些關稅有何假設？您假設是 39% 還是更低？或許更廣泛地說，考慮到快速關稅和歐洲關稅的變化，您是否可以對更新後的關稅假設提供更多說明。

Yeah. We're -- for the European Union and Israel, we're at 15%, where Malaysia, we're at 19%. Switzerland, we're presently modeling at 15%. In a worst-case scenario that we didn't shift supply chain, and it was 39% that could be an additional [10 million] hits that we presently don't have here, but we think that's just not going to happen.

是的。對於歐盟和以色列，我們的佔比為 15%，而馬來西亞，我們的比例為 19%。瑞士，我們目前的建模比例為 15%。在最壞的情況下，如果我們沒有轉移供應鏈，那麼 39% 的點擊量可能會增加 [1000 萬] 次，而我們目前還沒有達到這個數字，但我們認為這種情況不會發生。

A, we think the number will be lower and b, in that case, we'll just not ship from Switzerland. We will build our and which is primarily an NMR story and make them in Germany or France. So that's why I think our modeling is appropriate.

A，我們認為數量會更低；b，在這種情況下，我們就不會從瑞士發貨。我們將建立我們的，主要是 NMR 故事，並在德國或法國製作它們。所以我認為我們的建模是合適的。

Thank you. This concludes our question and ask session. I would like to turn the conference back over to Joe Kostka for closing remarks.

謝謝。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) 做最後發言。

Thank you for joining us today. Bruker's leadership team looks forward to meet you at an event or speaking with you directly during the third 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第三季的活動中與您會面或直接與您交談。請隨時與我聯繫以安排任何後續事宜。祝你有美好的一天。

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

謝謝。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。