Bruker Corp (BRKR) 2025 Q3 法說會逐字稿

Good day, and welcome to the Bruker Corporation third 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年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Joe Kostka, Director of Bruker Investor Relations. Please go ahead.

現在我將把會議交給布魯克投資者關係總監喬·科斯特卡。請繼續。

Good morning. I would like to welcome everyone to Bruker Corporation's third 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 our President and CEO, Frank Laukien; and our EVP and CFO, Gerald Herman.

早安.歡迎各位參加布魯克公司2025年第三季財報電話會議。我叫喬‧科斯特卡，我是布魯克投資者關係總監。今天與我一起參加電話會議的還有我們的總裁兼執行長弗蘭克·勞基恩，以及我們的執行副總裁兼財務長傑拉爾德·赫爾曼。

In addition to the earnings release we issued earlier today, during today's conference call, we will be referencing a slide presentation that can be downloaded from the Events & Presentations section of Bruker's Investor Relations website.

除了我們今天早些時候發布的盈利報告外，在今天的電話會議上，我們還將參考一份幻燈片演示文稿，該演示文稿可從布魯克投資者關係網站的「活動與演示」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.

在今天的電話會議中，我們將重點放在非GAAP財務資訊。我們的非GAAP財務指標與GAAP財務指標的調節表包含在我們的獲利報告中，並發佈在我們的網站ir.bruker.com上。

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

在開始之前，我想提及布魯克公司的安全港聲明，該聲明顯示在簡報的第 2 張投影片上。在本次電話會議中，我們將就未來事件以及公司的財務和營運績效發表前瞻性聲明，這些聲明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.

本公司的實際業績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發布的收益報告以及截至 2024 年 12 月 31 日的 10-K 表格中所討論的因素，這些表格已通過我們向美國證券交易委員會提交的其他文件進行了更新，這些文件可在我們的網站和美國證券交易委員會的網站上查閱。

Also, please note that the following information is based on current business conditions and on our outlook as of today, November 3, 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 fourth quarter and full year 2025 financial results expected in February 2026.

另外，請注意，以下資訊是根據當前的商業狀況以及我們截至 2025 年 11 月 3 日的展望。除法律可能要求外，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聲明，除非在 2026 年 2 月發布我們預計的 2025 年第四季度和全年財務業績之前更新。

You should not rely on these forward-looking statements as necessarily representing our views or outlook as of any date after today. We will begin today's call with Frank providing an overview of our business progress. Gerald will then cover the financials for the third quarter of 2025 in more detail and share our updated full year 2025 financial outlook.

您不應將這些前瞻性陳述視為必然代表我們截至今日任何日期的觀點或展望。今天，我們將首先由弗蘭克概述我們的業務進展。接下來，Gerald 將更詳細地介紹 2025 年第三季的財務狀況，並分享我們更新的 2025 年全年財務展望。

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

現在我想把電話交給布魯克公司的執行長弗蘭克·勞基恩。

Thank you, Joe. Good morning, everyone, and thank you for joining us on today's third quarter 2025 earnings call. As forecasted, our third quarter revenues and earnings were down year-over-year, primarily due to weaker academic and research instruments demand in the first half of 2025.

謝謝你，喬。大家早安，感謝各位參加今天2025年第三季財報電話會議。正如預測的那樣，我們第三季度的收入和利潤同比下降，主要是由於 2025 年上半年學術和研究儀器的需求疲軟。

However, our Q3 '25 performance was quite a bit better than expected and represents a meaningful sequential step-up from our Q2 performance. In this third quarter, we were encouraged by our mid-single-digit percentage organic bookings growth. For the first time this year, we saw strength in bookings in the academic government market segment as well as improving biopharma and applied market orders.

然而，我們 2025 年第三季的業績遠超預期，並且比第二季的業績有了顯著的提升。第三季度，我們的自然預訂量實現了中等個位數百分比的成長，這令我們倍感鼓舞。今年，我們首次看到學術政府市場領域的預訂量強勁成長，同時生物製藥和應用市場訂單也有所改善。

Interestingly, in Q3 of '25, we saw the stark contrast of a double-digit percentage organic revenue decline in the ACA/GOV markets year-over-year compared to a double-digit percentage organic improvement in ACA/GOV bookings year-over-year. In fact, our ACA/GOV orders grew in the high teens percentage in Q3 '25 as very robust order growth outside of the United States more than offset a continued year-over-year softness in the US, a lot of moving pieces.

有趣的是，在 2025 年第三季度，我們看到了 ACA/GOV 市場有機收入同比兩位數百分比下降與 ACA/GOV 預訂量同比兩位數百分比有機增長的鮮明對比。事實上，由於美國以外地區強勁的訂單成長抵消了美國持續的同比疲軟，我們在 2025 年第三季的 ACA/GOV 訂單成長了 10% 以上，這其中有許多變數。

Anyway, notably, our innovative spatial biology, proteomics and multiomic solutions launched at AGBT, AACR and ASMS earlier this year are being very well received by our biopharma and academic customers and enhance our leadership in enabling tools for drug discovery and disease biology research in the post-genomic era.

總而言之，值得一提的是，我們今年稍早在 AGBT、AACR 和 ASMS 上推出的創新空間生物學、蛋白質組學和多組學解決方案受到了生物製藥和學術客戶的熱烈歡迎，並增強了我們在後基因組時代藥物發現和疾病生物學研究工具方面的領先地位。

Biopharma & Applied also saw organic bookings growth in Q3 with Biopharma having the strongest organic order growth of all of our end markets, both in Q3 and year-to-date. Organic scientific instrument orders in China increased by double-digit percentage in the third quarter year-over-year and we saw what may be green shoots of stimulus funding in China beginning to be dispersed.

生物製藥與應用領域在第三季也實現了有機訂單成長，其中生物製藥領域的有機訂單成長在所有終端市場中最為強勁，無論是在第三季還是今年迄今都是如此。中國有機科學儀器訂單在第三季年增兩位數百分比，我們看到中國刺激資金可能開始釋放出積極作用的跡象。

So this stronger Q3 '25 order performance drove our Scientific Instruments segment book-to-bill ratio to greater than 1.0 times -- greater than 1.0 times for the first time in several quarters. While one quarter of improved orders is too early to call the trend, we are encouraged that our two divisions most directly tied to macroeconomic factors, which happens to be Bruker Optics and AXS also saw strong bookings in Q3 of '25, these two divisions often serve as a leading indicator within Bruker for changing macro market trends.

因此，2025 年第三季強勁的訂單表現推動我們的科學儀器部門訂單出貨比超過 1.0 倍——這是幾個季度以來首次超過 1.0 倍。雖然僅憑一個季度的訂單改善就斷言趨勢還為時過早，但我們感到鼓舞的是，與宏觀經濟因素聯繫最直接的兩個部門——布魯克光學和AXS——在2025年第三季度也取得了強勁的訂單增長。這兩個部門通常是布魯克內部宏觀市場趨勢變化的領先指標。

However, due to the late timing of Q3 orders and certain customer site delays, we are reducing our organic revenue growth expectations for the fourth quarter and our guidance for the full year. This also derisks our implied fourth quarter forecast to levels that we are very confident we can achieve.

然而，由於第三季訂單交付時間較晚以及某些客戶現場出現延誤，我們下調了第四季度有機收入成長預期以及全年業績指引。這也降低了我們對第四季業績預測的風險，使我們非常有信心能夠實現這一目標。

Finally, our major costs -- finally on this slide, our major cost savings initiatives announced last quarter are progressing very well towards the high end of our EUR100 million to EUR120 million cost down targets for 2026 and they are expected to deliver significant margin expansion and double-digit EPS growth in 2026.

最後，我們的主要成本——最後，在本頁幻燈片中，我們上季度宣布的主要成本節約計劃進展非常順利，正朝著我們 2026 年 1 億歐元至 1.2 億歐元的成本削減目標的高端邁進，預計這些計劃將在 2026 年帶來顯著的利潤率擴張和兩位數的每股收益增長。

All right. Turning to slide 4 now. In Q3 '25, continued softness in ACA/GOV revenues led to year-over-year declines throughout the P&L. However, we noted sequential improvements in biopharma, microbiology and diagnostic revenues, which led to both top and bottom line coming in better than our expectations in early August.

好的。現在來看第四張投影片。2025 年第三季度，ACA/GOV 營收持續疲軟，導致損益表各部分較去年同期下降。然而，我們注意到生物製藥、微生物學和診斷收入逐年改善，使得 8 月初的營收和利潤均優於我們的預期。

Bruker's Q3 25 reported revenues decreased 0.5% to EUR860.5 million, which included a currency tailwind of 2.9%. On an organic basis, revenues decreased 4.5%, which included a 5.4% organic decline in scientific instruments and 6.9% organic growth at best, net of intercompany eliminations, revenue growth from acquisitions added 1.1%.

布魯克公司2025年第三季報告營收下降0.5%至8.605億歐元，其中包括2.9%的匯率利多。以有機成長計算，營收下降了 4.5%，其中包括科學儀器的有機下降 5.4%，扣除公司間抵銷後，有機成長最多為 6.9%，收購帶來的收入成長增加了 1.1%。

Our third quarter 25% non-GAAP operating margin was 12.3%, a decrease of 260 bps year-over-year as lower revenue absorption, additional tariff costs and currency headwinds were only partially mitigated in Q3 by our earlier cost and pricing actions.

第三季非GAAP營業利潤率為12.3%，年減260個基點，原因是收入吸收減少、額外關稅成本和匯率不利因素在第三季僅部分被我們先前的成本和定價措施所抵銷。

Our third quarter '25 non-GAAP operating margin of 12.3% represented a meaningful sequential improvement over the 9.0% we reported in the second quarter. Our third quarter diluted non-GAAP EPS was $0.45, down 25% from $0.60 in Q3 of '24, but up sequentially compared to the $0.32 we reported in the second quarter of '25. Gerald will obviously discuss the drivers for margin and EPS later in more detail.

2025 年第三季非 GAAP 營業利潤率為 12.3%，較第二季的 9.0% 實現了顯著的環比增長。我們第三季稀釋後的非GAAP每股收益為0.45美元，比2024年第三季的0.60美元下降了25%，但比2025年第二季報告的0.32美元有所增長。Gerald 稍後顯然會更詳細地討論利潤率和每股收益的驅動因素。

Moving to slide 5. Our year-to-date Q3 revenue increased by 3.0% to EUR2.5 billion Organic revenue declined 3.1% with a 2.9% organic decline in scientific instruments and a 5.5% organic decline at BEST, net of intercompany eliminations. Our first nine months 2025 non-GAAP gross and operating margin and GAAP and non-GAAP EPS performance are all summarized on slide 5.

切換到第5張投影片。今年迄今為止，第三季營收成長 3.0% 至 25 億歐元。扣除公司間抵銷後，有機收入下降 3.1%，其中科學儀器有機收入下降 2.9%，最佳收益有機收入下降 5.5%。投影片 5 總結了我們 2025 年前九個月的非 GAAP 毛利率和營業利潤率以及 GAAP 和非 GAAP 每股盈餘表現。

So please turn to slide 6 and 7, where we highlight the year-to-date third quarter performance of our three scientific instruments group and of our BEST segment, all on a constant currency and year-over-year basis. Year-to-date 2025 BioSpin Group CR revenue of $612 million was shown -- excuse me, was down mid-single digits percentage. BioSpin saw growth in lab automation and services, offset by a tough comparison with 2 gigahertz class NMR systems in Q3 '24 revenue versus none in Q3 of '25.

所以請翻到第 6 和第 7 張投影片，其中我們重點介紹了我們三大科學儀器集團和 BEST 部門今年迄今為止的第三季業績，所有業績均按固定匯率和同比計算。截至目前，BioSpin Group CR 2025 年的收入為 6.12 億美元——抱歉，是下降了個位數百分比。BioSpin 在實驗室自動化和服務方面實現了成長，但由於 2024 年第三季收入中有 2 個吉赫茲級 NMR 系統，而 2025 年第三季沒有此類系統，因此面臨嚴峻的比較。

BioSpin saw weakness in ACA/GOV and biopharma revenues but improved order growth in both end markets in the third quarter of '25. Year-to-date 2025, CALID Group revenue of $879 million increased in the low double-digit percentage driven by microbiology and infection disease diagnostics, with strength in both the MALDI Biotyper and the Eltek Molecular Diagnostics franchises.

BioSpin 在 2025 年第三季 ACA/GOV 和生物製藥收入方面表現疲軟，但在兩個終端市場中訂單成長均有所改善。截至 2025 年，CALID 集團的營收為 8.79 億美元，實現了兩位數百分比的低成長，這主要得益於微生物學和傳染病診斷業務的成長，其中 MALDI Biotyper 和 Eltek 分子診斷業務均表現強勁。

Life Science Mass spectrometry is seeing early traction for recently launched products, including the new Tim omni and the new Tims Metabo both from launched at ASMS while our molecular spectroscopy revenues remain stable but with strong applied markets orders in Q3 '25, as was mentioned earlier.

生命科學質譜領域近期推出的產品，包括新推出的 Tim omni 和新推出的 Tims Metabo（均在 ASMS 上推出），都獲得了初步市場認可。同時，如同先前所提到的，我們的分子光譜收入保持穩定，但在 2025 年第三季度，應用市場訂單強勁成長。

Right, turn to slide 7 now, please. Year-to-date, 2025 Bruker Nano revenue of $775 million declined in the low single-digit percentage. Revenues from advanced x-ray and Nano Analysis tools were down year-over-year partially offset by growth in spatial biology. Strength in biopharma year-to-date revenues was offset by weakness in ACA/GOV and software industrial research and semi markets.

好的，請翻到第7張投影片。截至目前，Bruker Nano 2025 年的收入為 7.75 億美元，比去年同期下降了幾個位數百分比。先進 X 射線和奈米分析工具的收入同比下降，但空間生物學的成長部分抵消了這一影響。生物製藥產業年初至今的營收成長被 ACA/GOV 和軟體工業研究及半導體市場的疲軟所抵銷。

Finally, year-to-date 2025, BEST revenues declined in the mid-single-digit percentage net of intercompany eliminations. The clinical MRI superconducting wire market improved in Q3 and is now flat year-to-date. While our BEST research instruments business has been weaker due to a very strong prior year comparison.

最後，截至 2025 年，BEST 的收入在扣除公司間抵銷後下降了中等個位數百分比。第三季臨床 MRI 超導線市場有所改善，但今年迄今市場保持穩定。雖然由於去年同期業績非常強勁，我們最好的研究儀器業務表現有所疲軟。

So moving on to slide 8. You may have seen our press release that we had some recent NIH and NSF-funded orders for advanced NMR instruments. I won't go through all of them, but here are several very unique enabling and breakthrough tools listed on this page with the respective customers that are really very important for our fundamental scientific research and very much so also for drug discovery and disease biology research.

接下來看第8張投影片。您可能已經看到我們的新聞稿，其中提到我們最近獲得了美國國立衛生研究院 (NIH) 和美國國家科學基金會 (NSF) 資助的先進核磁共振儀器訂單。我不會一一介紹，但本頁列出了一些非常獨特的賦能和突破性工具及其相應的客戶，這些工具對我們的基礎科學研究非常重要，對藥物發現和疾病生物學研究也非常重要。

The aggregate value of these orders was disclosed previously, it's about $10 million, it's expected, they're all expected to be installed and in revenue next year, not in Q4, and maybe the bigger message here is in that last bullet on slide 8, that our scientific instrument ACA/GOV orders, as I mentioned earlier, we were pleased we are all up mid-teens percentage organically year-over-year in Q3, and this was despite lingering US weakness. There's been some improvements in the US, but primarily there are significant improvements outside of the US, Europe, Japan and in China.

這些訂單的總價值先前已披露，約為 1000 萬美元，預計所有訂單都將在明年安裝並產生收入，而不是在第四季度。也許這裡更重要的訊息是第 8 張幻燈片上的最後一點，正如我之前提到的，我們很高興地看到，儘管美國經濟持續疲軟，但我們的科學儀器 ACA/GOV 訂單在第三季度實現了 15% 的同比增長。美國的情況有所改善，但主要改善發生在除美國以外的地區，如歐洲、日本和中國。

Right. Another press release, if you go to slide 9, that we stressed it recently, there are some new, if you like, applied markets. This is not food testing. This is security and defense and homeland security. And in this case, we have a very, very nice product line that's sort of growing rapidly, 30% year-over-year, and we were highlighting some recent orders from explosive trace detectors that you will find at a lot of European airports and increasing number of those, but also in South Korea and the Middle East.

正確的。如果您翻到第 9 頁，您會看到我們最近強調的另一份新聞稿，其中提到了一些新的應用程式市場。這不是食品檢測。這是安全、國防和國土安全問題。在這種情況下，我們有一條非常非常好的產品線，而且成長迅速，比去年同期成長 30%。我們重點介紹了一些最近的爆炸物微量探測器訂單，這些探測器在許多歐洲機場都有銷售，而且數量還在不斷增加，此外在韓國和中東也有銷售。

They have particularly performance and usability advantages. This, by the way, isn't just an instrument sale. This is then five or seven years of consumables and service sales. So it's a nice steady business, and we have been gaining market share and are pleased with those orders, and because of tensions and rearming in Europe, we also got some significant defense detection orders from a Central European Ministry of Defense.

它們在性能和易用性方面具有顯著優勢。順便說一句，這不僅僅是樂器銷售。這相當於五到七年的耗材和服務銷售。所以這是一項穩定而不錯的業務，我們一直在擴大市場份額，並對這些訂單感到滿意。由於歐洲局勢緊張和重新武裝，我們也從中歐國防部獲得了一些重要的國防檢驗訂單。

This was not for Ukraine, but others are worried as well. And obviously, there is a smaller part of Bruker that, if you like, as part of applied markets, that's growing very nicely. We thought we'd highlight that for you because, obviously, ACA/GOV was weaker this year.

這並非針對烏克蘭，但其他國家也同樣感到憂心。顯然，布魯克公司還有一小部分業務，如果你願意的話，可以稱之為應用市場的一部分，這部分業務發展得非常好。我們想特別強調這一點，因為很明顯，今年的 ACA/GOV 法案力度較弱。

So to wrap up, our third quarter P&L was still impacted by the various headwinds we've seen across the industry earlier this year. However, the results came in ahead of our expectations. Our improved bookings in Q3 '25 and scientific instruments book-to-bill ratio above 1.0 make us optimistic that we may be past the trough in demand.

綜上所述，我們第三季的損益表仍受到今年稍早整個產業所面臨的各種不利因素的影響。然而，結果卻超出了我們的預期。2025 年第三季訂單量的改善以及科學儀器訂單出貨比超過 1.0，使我們樂觀地認為，我們可能已經度過了需求低谷期。

We look to build on this performance in Q4, and we are increasingly confident in a fiscal year '26 partial recovery. We expect significant improvements in our organic revenue performance compared to our meaningful decline, organic decline in '25. Importantly, we are taking up to EUR120 million in cost out of our business in fiscal year '26 in order to drive significant margin expansion and strong double-digit EPS growth.

我們希望在第四季延續這一業績，並且對 2026 財年的部分復甦越來越有信心。我們預計，與 2025 年的顯著下滑和有機收入下滑相比，我們的有機收入表現將有顯著改善。重要的是，我們將在 2026 財年削減高達 1.2 億歐元的成本，以推動利潤率大幅提升和兩位數的強勁每股收益成長。

So in perspective, our transformed Project Accelerate 2.0 portfolio is fundamentally very strong. In post-genomic drug discovery and disease biology research, leveraging both proteomics and multiomics as well as spatial biology.

因此，從整體來看，我們轉型後的 Project Accelerate 2.0 專案組合從根本上來說非常強大。在後基因組藥物發現和疾病生物學研究中，利用蛋白質體學、多組學以及空間生物學。

In innovative diagnostic solutions for microbiology, molecular diagnostics and now also therapeutic drug monitoring, and finally, emerging -- really an emerging $100 million area for us is now the fast growth area of automated, digitized or digital labs ready for AI or perhaps even driven by AI, the automated AI labs, if you like.

在微生物學、分子診斷以及現在的治療藥物監測的創新診斷解決方案方面，最後，一個新興的——對我們來說，一個真正的新興的1億美元領域，是快速增長的自動化、數位化或數位實驗室領域，這些實驗室已準備好迎接人工智慧，甚至可能由人工智慧驅動，如果你願意的話，可以稱之為自動化人工智慧實驗室。

These are four major profitable growth opportunities and they are complemented by our healthy diversification in industrial research, to market semiconductor metrology and as you've seen, so applied and security markets.

這是四大獲利成長機會，它們與我們在工業研究、半導體計量市場以及（如你所看到的）應用和安全市場的健康多元化發展相輔相成。

Combining this outstanding portfolio with operational excellence and strong execution, I am confident that by 2027, we can outgrow our markets again by 200 bps to 300 bps per year on average, and continue our rapid margin expansion and double-digit EPS growth after overcoming the multiple ACA/GOV demand, new tariffs and strong currency headwinds in 2025 with a partial recovery in 2026.

憑藉著這項卓越的產品組合、卓越的營運能力和強大的執行力，我相信到 2027 年，我們能夠再次以平均每年 200 至 300 個基點的速度超越市場增長，並在克服 2025 年多重 ACA/GOV 需求、新關稅和每股擴張的匯率逆風後，繼續保持快速的利潤率增長和兩位數的每股收益。

So with all of that, let me turn the call over now to our CFO, Gerald Herman, who will review things in more detail. Gerald?

綜上所述，現在我將把電話交給我們的財務長傑拉爾德·赫爾曼，他將更詳細地回顧一下情況。杰拉德？

Thank you, Frank, and thank you, everyone, for joining us today. I'm pleased to provide more detail on Bruker's third quarter and year-to-date 2025 financial performance, starting on slide 11. In the third quarter of 2025, our results came in above our expectations on both the top and bottom lines. In the third quarter of '25, Bruker's reported revenue decreased 0.5% to $860.5 million, which reflects an organic revenue decrease of 4.5% year-over-year.

謝謝弗蘭克，也謝謝各位今天蒞臨現場。我很高興能從第 11 頁開始，詳細介紹布魯克公司 2025 年第三季和年初至今的財務表現。2025年第三季度，我們的營收和利潤都超乎預期。2025 年第三季度，布魯克公司報告的收入下降了 0.5%，至 8.605 億美元，這反映出有機收入比去年同期下降了 4.5%。

Acquisitions contributed 1.1% to our top line, while foreign exchange was a 2.9% tailwind. Geographically and on a year-over-year organic basis, in the third quarter of 2015, our Americas revenue declined in the low single-digit percentage. European revenue was roughly flat while Asia Pacific revenue declined in the mid-single-digit percentage, including flat performance in China.

收購為我們的總收入貢獻了 1.1%，而外匯變動帶來了 2.9% 的利好。從地域和同比有機成長來看，2015 年第三季度，我們在美洲的收入下降了個位數百分比。歐洲地區的收入基本上持平，而亞太地區的收入則以中等個位數百分比下降，其中中國地區的業績持平。

For our EMEA region, revenue declined by over 20%. Scientific Instruments organic revenue segment declined 5.4% in the third quarter of '25 as mid-single-digit organic growth in CALID was more than offset by a double-digit organic decline in BioSpin and a high single-digit organic decline in Burker Nano. BSI Systems revenue declined roughly 10% and while BSI aftermarket revenue increased mid-single-digit percentage organically year-over-year.

在歐洲、中東和非洲地區，我們的收入下降了超過 20%。2025 年第三季度，科學儀器業務的有機收入下降了 5.4%，其中 CALID 的中等個位數有機成長被 BioSpin 的兩位數有機下降和 Burker Nano 的高個位數有機下降所抵消。BSI Systems 的收入下降了約 10%，而 BSI 售後市場的收入則實現了中等個位數百分比的同比增長。

As Frank mentioned earlier, our order bookings performance in the BSI segment was up organically in the mid-single-digit percentage year-over-year, and our BSI book-to-bill ratio for the third quarter was above 1.0. Non-GAAP gross margin decreased 110 basis points to 50.1%. Q3 2025 non-GAAP operating margin was 12.3% impacted by tariffs, foreign exchange and the headwind from the prior year comparison of 2 gigahertz class NMRs in our third quarter '24 revenue.

正如弗蘭克之前提到的，BSI 業務部門的訂單量同比增長了中等個位數百分比，第三季 BSI 訂單出貨比超過 1.0。非 GAAP 毛利率下降了 110 個基點，至 50.1%。2025 年第三季非 GAAP 營業利潤率為 12.3%，受到關稅、外匯以及去年同期 2 千兆赫茲級 NMR 帶來的不利影響，我們在 2024 年第三季的收入中實現了 2 千兆赫茲級 NMR。

On a non-GAAP basis, Q3 '25 diluted EPS was $0.45, down 25% from the $0.60 we posted in the third quarter '24 but improved sequentially and well ahead of our expectations. Our EPS in the third quarter of '25 includes a $0.01 dilution from the mandatory convertible preferred offering we completed in September and benefited from a lower non-GAAP effective tax rate of 24.4%.

以非GAAP準則計算，2025年第三季稀釋後每股收益為0.45美元，比2024年第三季的0.60美元下降了25%，但環比有所改善，並且遠遠超出了我們的預期。2025 年第三季的每股盈餘包括 9 月完成的強制性可轉換優先股發行導致的 0.01 美元稀釋，並受益於 24.4% 的較低非 GAAP 有效稅率。

On a GAAP basis, we reported diluted loss per share of $0.41 reflecting noncash goodwill and intangibles impairment charges of $119.4 million and restructuring charges in the third quarter of $34.5 million. Non-GAAP weighted average diluted shares outstanding in the third quarter of 2025 were $152 million, flat compared to the third quarter of 2024. Slide 12 shows Bruker's performance on a year-to-date basis for 2025, which has similar drivers to those in the third quarter.

以美國通用會計準則（GAAP）計算，我們報告的稀釋後每股虧損為0.41美元，其中包括1.194億美元的非現金商譽和無形資產減損費用以及第三季3,450萬美元的重組費用。非美國通用會計準則（Non-GAAP）2025 年第三季加權平均稀釋後流通股數為 1.52 億美元，與 2024 年第三季持平。第 12 張投影片顯示了 Bruker 截至 2025 年的業績，其驅動因素與第三季類似。

Turning now to slide 13. In the first nine months of 2025, we had operating cash outflow of $95.7 million driven by lower profitability, timing of tax and key vendor payments and restructuring expenses. We expect to see improved cash flow in the fourth quarter, our largest and most profitable quarter of the year and always our strongest cash flow quarter.

現在請看第13張投影片。2025 年前九個月，由於獲利能力下降、稅收和主要供應商付款的時間安排以及重組費用，我們的營運現金流出為 9,570 萬美元。我們預計第四季度現金流將有所改善，第四季度是我們一年中規模最大、獲利能力最強的季度，也是我們現金流最強勁的季度。

Turning now to slide 15. We are updating our full year 2025 forecast and outlook to reflect Q3 results, order timing and the impact of our September mandatory convertible preferred offering. Our outlook for the full year of 2025 now assumes revenue in the range of $3.41 billion to $3.44 billion, reflecting an organic revenue decline of 4% to 5%.

現在翻到第15張投影片。我們正在更新 2025 年全年預測和展望，以反映第三季業績、訂單時間以及 9 月份強制性可轉換優先股發行的影響。我們對 2025 年全年的展望目前預計營收將在 34.1 億美元至 34.4 億美元之間，反映出有機收入下降 4% 至 5%。

Late order bookings in the third quarter as well as certain customer site readiness issues are expected to push a portion of revenue we previously expected in the fourth quarter and into fiscal year 2026. Full year '25 revenue growth contribution from acquisitions is expected to be approximately 3.5%, and we expect a foreign currency tailwind of about 2.5%. This leads to updated reported revenue growth guidance of 1% to 2%.

第三季訂單延遲以及某些客戶現場準備問題預計將把我們先前預期的部分收入推遲到第四季度和 2026 財年。預計 2025 年全年收購帶來的營收成長貢獻約為 3.5%，我們預期外匯利好因素約為 2.5%。因此，公司將公佈的營收成長預期更新為 1% 至 2%。

For operating margins in 2025, we now expect approximately 250 basis points decline in operating margins year-over-year. This consists of headwinds of 60 basis points from M&A, 60 basis points from tariffs, 65 basis points from foreign exchange as well as a 65 basis points decline in organic operating margin.

我們現在預計，到 2025 年，營業利潤率將年減約 250 個基點。這包括併購帶來的 60 個基點的不利影響、關稅帶來的 60 個基點的不利影響、外匯帶來的 65 個基點的不利影響，以及有機營業利潤率下降 65 個基點。

On the bottom line, our updated full year 2025 guide now reflects non-GAAP EPS in a range of $1.85 to $1.90. This includes a $0.07 dilution from our mandatory convertible preferred offering we completed in September. For your modeling, we expect the MCP offering to have a roughly $0.20 dilutive impact on our fiscal year 2026 EPS. Despite this dilution, we continue to expect double-digit non-GAAP EPS growth in fiscal year '26 due to the significant cost savings initiatives we're implementing this year.

綜上所述，我們更新後的2025年全年業績指引顯示，非GAAP每股盈餘預計在1.85美元至1.90美元之間。這其中包括我們9月完成的強制性可轉換優先股發行帶來的0.07美元的稀釋。根據您的模型，我們預計 MCP 發行將對我們 2026 財年的每股盈餘產生約 0.20 美元的稀釋影響。儘管有這種稀釋，但由於我們今年正在實施重大的成本節約措施，我們仍預計 2026 財年非 GAAP 每股盈餘將達到兩位數成長。

Other guidance assumptions are listed on the slide. Our full year 2025 ranges have been updated for foreign currency rates as of September 30, 2025. With respect to the fourth quarter of '25 we still expect relatively soft organic revenue performance with a mid- to high single-digit percentage decline year-over-year due to lingering effects of weaker orders earlier in the year. We expect non-GAAP EPS for the fourth quarter to show significant sequential improvement, but still be down meaningfully year-over-year, as implied by our guidance.

其他指導性假設列於投影片中。我們已根據 2025 年 9 月 30 日的外匯匯率更新了 2025 年全年預測範圍。對於 2025 年第四季度，我們仍然預期有機收入表現相對疲軟，年減個位數百分比中高段，這是由於年初訂單疲軟的持續影響所致。我們預計第四季度非GAAP每股收益將環比顯著改善，但與去年同期相比仍將大幅下降，正如我們的預期所暗示的那樣。

To wrap up, first half 2025 market headwinds adversely impacted our financial performance in the full year 2025. However, we're encouraged by our solid order performance in the third quarter '25 and expect to drive improved P&L performance in full year '26 and beyond. With our cost savings plans well on track, we're fully committed to significant margin expansion and double-digit EPS growth in fiscal year '26.

綜上所述，2025 年上半年的市場逆風對我們 2025 年全年的財務表現產生了不利影響。不過，我們對 2025 年第三季穩健的訂單表現感到鼓舞，並期望在 2026 年全年及以後推動損益表現的改善。由於我們的成本節約計畫進展順利，我們完全致力於在 2026 財年實現利潤率大幅提升和兩位數的每股盈餘成長。

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

那麼，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? .

謝謝你，傑拉德。現在我們將開始電話會議的問答環節。（操作員操作說明）操作員？

(Operator Instructions)

（操作說明）

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

First one on the book-to-bill. Good to see more than one and congrats on the quarter just given the order momentum you're seeing here. But just wondering how has that trended in the fourth quarter? Are you continuing to see the mid-teens organic order growth here?

第一個是訂單到帳單的轉換。很高興看到不只一個這樣的業績，鑑於你們目前的訂單成長勢頭，祝賀你們本季取得如此佳績。但我想知道第四季這趨勢如何？你們這裡是否繼續保持著十幾個百分點的自然訂單成長率？

And maybe could you elaborate a bit just a number of moving parts here. How is the international momentum continued? Is it more ACA/GOV versus pharma and maybe tell us a bit more on the academic side of the US, are you starting to see some recovery there given the points you mentioned, DMP and a couple of other points you mentioned in the slide.

能否再詳細說明一下，這裡涉及的環節很多。國際勢頭如何延續？是 ACA/GOV 更傾向製藥業，還是製藥業？能否再談談美國學術界的情況？考慮到您提到的幾點，DMP 以及您在幻燈片中提到的其他幾點，您是否開始看到一些復甦跡象？

Yes. Thank you very much, Puneet. So we really don't have Q4 data yet. It's too early. So I just can't comment on Q4. There's no meaningful data available yet. Moving parts, ACA/GOV, the strength in ACA/GOV orders was primarily outside of the United States. But the United States were less week, right, less soft. Is that a word? anyway. So Q3 was better in the United States for ACA/GOV orders than Q2, and we saw some orders come through.

是的。非常感謝你，普尼特。所以我們目前還沒有第四季的數據。現在還太早了。所以我無法對第四季的情況發表評論。目前還沒有有意義的數據。移動部件，ACA/GOV，ACA/GOV 訂單的優勢主要來自美國以外。但美國沒那麼軟弱，對吧，沒那麼軟弱。這是一個字嗎？反正。因此，第三季美國 ACA/GOV 訂單情況比第二季好，我們看到了一些訂單到帳。

I gave you some NMR examples. But of course, it was more -- it was broader than that. It also included TIMsoft and microscopes and other stuff. There hard to say what's the trend in the US because they're clearly in the US, there was a little bit of catch-up in Q3 compared to Q2 and maybe even Q1 in ACA/GOV orders in Europe and Japan and a little bit in China also. That's why there might be green shoots were quite encouraging, and that's why our ACA/GOV orders year-over-year, we're up considerably in Q3.

我舉了一些核磁共振的例子。當然，它的意義遠不止於此——它的範圍更廣。它還包括 TIMsoft 軟體、顯微鏡和其他東西。很難說美國的趨勢是什麼，因為他們顯然身處美國，與第二季甚至第一季相比，歐洲和日本的 ACA/GOV 訂單在第三季有所追趕，中國也有所增加。這就是為什麼出現一些令人鼓舞的復甦跡象，也是為什麼我們的 ACA/GOV 訂單與去年同期相比，在第三季大幅成長的原因。

Don't think that we're now in a high teens growth trend all of a sudden. That's just a quarter and Q3 '24 was not the strongest. But anyway, it was very encouraging, and we hope that will continue in Q4. But I wouldn't -- and yes, the activity and opportunities are great and are encouraging, but I wouldn't read anything into that yet, just too early to comment on Q4.

不要以為我們現在突然就進入了十幾歲的高成長趨勢。那隻是一個季度，而且 2024 年第三季也不是表現最好的季度。但無論如何，這非常令人鼓舞，我們希望這種勢頭能在第四季度繼續保持。但我不會——是的，這些活動和機會都很棒，令人鼓舞，但我現在不會就此做出任何解讀，現在評論第四季度還為時過早。

We do need Q4 to then give more meaningful growth and margin numbers for 2026. We're not going to do that today. We're not able to do that today until we really see how Q4 comes in, particularly the orders, obviously. To the other moving pieces, Puneet. Yes, biopharma has been reasonable in or case not great, but okay in the first half of the year, much better in the third half of the year in terms of orders, a particular strength there in the US but also outside of the US biopharma, particularly in the US.

我們需要第四季度的數據才能對 2026 年的成長和利潤率做出更有意義的預測。我們今天不會做這件事。目前我們還無法做到這一點，直到我們真正看到第四季度的情況，特別是訂單情況。致其他參與者，普尼特。是的，生物製藥業在今年上半年表現尚可，雖然稱不上出色，但還算可以；下半年訂單量大幅增長，尤其是在美國，生物製藥行業表現尤為強勁，美國以外的生物製藥行業也同樣如此。

And the applied market strength, which is a good sign of macroeconomic trends, that was pretty -- that had a pretty broad international distribution. I don't know that I would just highlight any geography there. So that may add some color to the admittedly multiple moving pieces and the effect of Bruker that prior order weakness now shows up in the P&L, whereas the new order improvements and encouragement and maybe this momentum if Q4 goes well, it's more likely to show -- will show up all in 2026. I hope that helps.

而應用市場強度，這是宏觀經濟趨勢的一個良好跡象，其國際分佈相當廣泛。我不知道我是否會在那裡特別強調地理位置。因此，這或許能為眾多變動因素增添一些色彩，布魯克公司先前的訂單疲軟現在體現在損益表中，而新訂單的改善和鼓舞，以及如果第四季度進展順利，這種勢頭，更有可能在 2026 年顯現出來。希望對您有幫助。

Got it. That's very helpful. And anything on the ultra-high frequency gigahertz NMRs. How are you thinking about those? Obviously, the tougher comp in the third quarter, but as you go into '26. How is the momentum there? I know we've been waiting for US to acquire more of those instruments.

知道了。那很有幫助。以及任何關於超高頻吉赫茲核磁共振的研究。你對這些有什麼看法？顯然，第三季的競爭更加激烈，但當你進入2026年。目前的發展動能如何？我知道我們一直在等待美國獲得更多這類儀器。

Yes, the US is the enigma there, but obviously, there's also other geographies. And I still can't call the US trends. Obviously, nothing has come through so far. So we'll see. We're expecting at least one order for the gigahertz class in Q4, not in the US And there's a number of cases brewing around the world and including in the US.

是的，美國的情況比較特殊，但顯然，其他地區的情況也類似。我仍然無法預測美國的趨勢。顯然，目前為止還沒有任何進展。我們拭目以待。我們預計第四季至少會收到一份千兆赫茲級訂單，但不在美國。而且世界各地，包括美國，都有許多案例正在醞釀中。

But today, it's too early to do that. So when we gave guidance for '26 presumably in early February '26 we can also comment on what has come in or where we have clear line of sight for ultra-high field or for the gigahertz class. So yes, nothing in revenue in Q3. We expect hopefully, one order in Q4, sometimes these things get delayed by a quarter.

但現在這樣做還為時過早。因此，當我們在 2026 年 2 月初給出 2026 年的指導意見時，我們也可以評論一下已經出現的情況，或者我們在超高場或千兆赫茲級別方面有明確的視線。是的，第三季沒有營收。我們希望第四季能接到一筆訂單，但有時候這類事情會延遲一個季度。

Anyway, it's just not such a big part of our business anymore. I know they're easier to count. And indeed, in Q3, a lot of our organic decline had to do with these 2 gigahertz class systems in Q3 '24 revenue which accounted for more than EUR25 million of our revenue and comes with nice operating profits and margins. So it did have an effect on Q3 and anyway, that's the color I can give you more to come when we give guidance in early February.

總之，它已經不再是我們業務中那麼重要的部分了。我知道它們更容易計數。確實，在 2024 年第三季度，我們的有機下滑很大程度上與 2 千兆赫茲級系統有關，這 2 千兆赫茲級系統在 2024 年第三季度的收入中佔了超過 2500 萬歐元，並帶來了可觀的營業利潤和利潤率。所以它確實對第三季度產生了影響，總之，這就是我能透露的全部信息，更多信息將在二月初發布業績指引時再公佈。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

This is Vanco on for Mike. Could you give us the impact of the government shutdown that you're seeing in 4Q? And is that baked into the updated outlook?

這裡是Vanco替Mike報道。您能否談談您在第四季觀察到的政府停擺的影響？這一點是否已納入更新後的觀點？

Well, that's a good question, and it's not formally baked into our outlook. So far, we have assumed that the effect will be relatively minor. But indeed, if this were to continue for a full second month or so, then this may delay some new brands, some orders. It could also delay some installations. So far, we haven't become aware of anything that gets -- we think that our Q4 guidance is now appropriately conservative to absorb some of that and maybe what we've seen so far, but no, if there was a further multi-week or multi-month shutdown, that could have additional impacts that are not presently in our guidance.

嗯，這是一個很好的問題，但這並沒有正式納入我們的觀點中。到目前為止，我們一直認為這種影響相對較小。但事實上，如果這種情況持續到第二個月左右，那麼一些新品牌和訂單可能會因此而延遲。這也可能延誤一些安裝工作。到目前為止，我們還沒有意識到任何可能造成影響的情況——我們認為我們第四季度的業績指引目前已經足夠保守，可以消化其中的一些影響，以及我們目前所看到的這些影響。但是，如果出現進一步持續數週或數月的停工，可能會產生我們目前業績指引中尚未包含的額外影響。

Understood. And then I know that you're not formally guiding on 2026 today, but you called out a meaningful improvement versus the minus 4% to 5% organic in '25. Can -- is it fair to assume that you can grow revenue within 2026? Or are we looking at flat year-over-year? .

明白了。我知道您今天並沒有正式發布 2026 年的指導意見，但您指出，與 2025 年有機產品下降 4% 至 5% 的情況相比，2026 年將出現顯著改善。能否假設貴公司能在 2026 年實現營收成長？或者，我們預期將同比持平？。

We're not making that assumption yet. It's a fair question, of course. We really do want to see our Q4 '25 bookings in order then to give, hopefully, reliable guidance in February of '26 -- so yes, I mean this year, '25, we're coming down organically quite a bit, right?

我們目前還不做這樣的假設。這當然是個很合理的問題。我們確實希望看到 2025 年第四季的預訂情況，以便能在 2026 年 2 月給出可靠的指導——所以是的，我的意思是今年，也就是 2025 年，我們的自然增長率會下降很多，對吧？

We undoubtedly can do much better than that next year, but we're not presently -- I don't want to state any assumptions because then you will take them as guidance and they're not, but we just want to make sure that with the significant cost cutting that we're doing even without growth, which isn't our assumption. But even without growth, we can expand our operating profit margins very significantly, so now 250 bps to 300 bps or something like that.

毫無疑問，明年我們可以做得更好，但目前我們還沒有——我不想做出任何假設，因為那樣你們就會把它們當作指導方針，但它們並不是，我們只是想確保，即使沒有增長（這不是我們的假設），通過我們正在進行的重大成本削減也能實現目標。即使沒有成長，我們也可以大幅提高營業利潤率，達到 250 到 300 個基點左右。

And yes, we expect -- we continue to expect double-digit EPS growth even after absorbing the roughly $0.20 dilution that Gerald mentioned during his prepared remarks, for the additional dilution from the mandatory convert that we did in September. So we still expect to do double-digit non-GAAP EPS growth next year. And that's without -- that's simply for mathematically that simply we're not -- this is without growth.

是的，我們預計——即使在吸收了傑拉德在事先準備好的發言稿中提到的約 0.20 美元的稀釋（即我們在 9 月進行的強制轉換帶來的額外稀釋）之後，我們仍然預計每股收益將實現兩位數增長。因此，我們仍預期明年非GAAP每股盈餘將達到兩位數成長。而且這還不包括——這僅僅是從數學角度來說，我們根本不會——這還不包括成長。

Without growth, is not our preliminary guidance, period, but that's what we're looking at right now. We can have preliminary guidance for us right now on growth does not make sense until we've seen our Q4 orders for Bruker that's going to be very important for next year.

沒有成長，這並非我們初步的指導意見，但這正是我們目前正在關注的問題。目前我們無法給出關於成長的初步指導，因為在我們看到布魯克第四季的訂單之前，給出任何成長預測都沒有意義，這對明年來說非常重要。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

Rick, I want to pick up on that margin point. So it sounds like you are committing to the 300 basis points of margin expansion even if the top line is flat. I guess given that you're running at the high end of the $100 million to $120 million cost savings target in the near term, should we interpret the upper end of savings is simply kind of increasing confidence in hitting that margin target next year? Or could you think you could potentially do better?

里克，我想就這一點談談我的看法。聽起來，即使營收持平，你們也決心實現 300 個基點的利潤率擴張。鑑於你們近期可望實現 1 億至 1.2 億美元的成本節約目標，我們是否可以將節省目標的上限解讀為對明年實現利潤率目標更有信心？或者你認為自己有可能做得更好嗎？

Okay. So nice question, Tycho. I wasn't confirming a number. I know you've mentioned one. I'm not saying take that number out of your model, but I'm not confirming it either. We are -- I think the second part of your question, I think it's fair to say we hope to have increased confidence in getting to very significant margin expansion and double-digit EPS growth all in, including the NCP and that's exactly why we're driving towards the high end of our cost-cutting target. So you're spot on with that one.

好的。泰科，問得好。我當時並沒有確認某個號碼。我知道你有提到一個。我不是說要從你的模型中刪除那個數字，但我也沒有證實它的存在。關於您問題的第二部分，我認為可以公平地說，我們希望更有信心實現利潤率的大幅提升和兩位數的每股收益增長，包括NCP（淨利潤率），而這正是我們努力實現成本削減目標上限的原因。你說的完全正確。

Okay. And then just probing a little bit on your assumptions. We're not talking numbers for 2016, but just ANG, the outlook there, assuming flattish NIH budget, I mean, just talk a little bit about some of the gives and takes around multiyear grants I assume you're not expecting any budget plus here in the near term. But then as we think about next year, do you think ANG orders will grow? And then can you flesh out your comments on China stimulus? How material was that? And how do you think about that for next year? .

好的。然後稍微探究一下你的假設。我們不談 2016 年的具體數字，只是 ANG 的前景，假設 NIH 預算保持平穩，我的意思是，就談談多年期撥款的一些利弊吧。我猜你近期不會指望預算有任何增加。但展望明年，您認為ANG的訂單會成長嗎？那麼，您能否詳細說明一下您對中國刺激經濟政策的看法？那有多重要？那你對明年有什麼打算呢？。

Yes, they're all very important questions, right? So there was a little bit of a budget flush for the fiscal year '25 and orders -- sorry, and funding coming out of NIH, you all report that very well, did improve in the third quarter and particularly in September, I'm aware of a cancer center that has fantastic NIH funding and cash coming in the door, to where they even were flat or higher than the previous year.

是的，這些都是非常重要的問題，對吧？因此，2025 財年的預算略有增加，訂單——抱歉，還有來自美國國立衛生研究院 (NIH) 的資金，你們都報道得很好——在第三季度，尤其是在 9 月份，情況有所改善。我知道有一家癌症中心獲得了非常棒的 NIH 資金和現金流入，以至於他們的收入甚至與前一年持平或更高。

So there was a mini budget largely went into a lot of multiyear grants. It went into things that they could fund readily. It went into a few instruments, too. We sold some NMRs and some Timo and some other stuff. It wasn't very strong yet, which is why the strength in academic bookings in for us in Q3 came from outside the US, but the US did improve a little bit sequentially.

因此，這筆小額預算主要用於許多多年撥款。錢都花在了他們能夠輕鬆負擔的項目上。它也被用於一些樂器。我們賣掉了一些核磁共振儀、一些Timo牌產品和其他一些東西。當時市場還不太強勁，所以我們第三季學術預訂量的成長主要來自美國以外地區，但美國市場確實較上季略有改善。

It just wasn't a growth driver yet year-over-year. So that was that. NIH budget for '26 and NSF budget while we're at it, we are not necessarily assuming that it's flat. We'd be delighted that it's flat. And if we have to take 10% or 15% down, I think that will not -- that will work for us, too. I just want to be -- it's hard to predict these things, these days. So we're not necessarily baking in an NIH budget flat. Again, delighted if it happens, but we can also work with it being down 10% or 15%.

它目前還不是同比增長的主要驅動力。事情就是這樣。我們並不認為 2026 年的 NIH 預算和 NSF 預算會保持不變。如果地勢平坦，我們會非常高興。如果我們必須削減 10% 或 15% 的成本，我認為這對我們來說也是可以接受的。我只想……如今這些事很難預測。所以我們不一定要把美國國立衛生研究院的預算固定下來。當然，如果能實現這個目標，我們會非常高興，但即使下降 10% 或 15%，我們也能接受。

As you know, it's been actually more important whether the stuff actually gets dispersed regularly or gets held up for the majority of the year, but we are, along with Q4 bookings, we're also looking forward to clarity on NIH and NSF and DOE budgets for research for fiscal year '26. Hopefully, that all comes in, in calendar Q4 to give us more visibility.

如您所知，實際上更重要的是這些物資能否定期分發，還是會被滯留在一年中的大部分時間。但是，除了第四季度的預訂之外，我們也期待美國國立衛生研究院 (NIH)、美國國家科學基金會 (NSF) 和美國能源部 (DOE) 2026 財政年度的研究預算能夠明朗化。希望所有這些資訊都能在第四季度到位，以便我們能更清楚地了解情況。

China, yes, some green shoots, yes. So there were less than $10 million in -- clearly well in orders anyway, but in clearly a seemingly stimulus related orders where customers said, yes, this is a stimulus money being released. So less than $10 million, not -- and again, I think that's a green shoot, and we'll need to again see how that continues in Q4.

中國，是的，有一些復甦的跡象。所以，到帳金額不到 1000 萬美元——顯然訂單量很大，但顯然這些訂單似乎與刺激經濟有關，顧客表示，是的，這是政府發放的刺激資金。所以不到 1000 萬美元，不是——而且，我認為這是一個好兆頭，我們需要看看第四季度情況如何。

But I think in Q2, there was none of that. So it's a little bit better, right? China contributed, but Japan and quite honestly, Europe were really strong in ACA/GOV in Q3. So that's the color around the world. Yes.

但我認為第二季度並沒有出現這種情況。所以情況稍微好轉了一些，對吧？中國有所貢獻，但日本，坦白說，歐洲在第三季ACA/GOV領域表現非常強勁。這就是世界各地的色彩。是的。

Okay. And then lastly, you just mentioned an order push out. Can you quantify how large that was the one you mentioned in your prepared comments?

好的。最後，你剛才提到了訂單推送。您能否量化一下您在準備好的評論中提到的那個項目究竟有多大？

Yes, revenue push out -- there's a few sites that have -- that won't deliver in Q1 rather than in Q4. So that also added to some of the more conservative guidance that we now have for the full year, but really implied for Q4 because that's all that's left.

是的，營收延後——有些網站確實如此——但這些網站不會在第一季實現營收，而是在第四季實現。因此，這也加深了我們對全年業績的保守預期，但實際上只針對第四季度，因為只剩下第四季度了。

And I think I mentioned it is true that, I mean it's always true that we get more than half of the orders in the quarter and the third month of every quarter. But yes, a lot of the orders and in the order improvement really became clear in September.

我想我之前提到過，確實如此，我的意思是，我們總是會在每季的第三個月獲得超過一半的訂單。但是，是的，很多訂單以及訂單改善情況在9月確實變得很明顯了。

So if all of these orders had come in, in July, maybe some of them would have made it into Q4. But now they're -- I mean there's some small stuff will go into Q4 and all this does, but most of the larger orders go into next year, most of the larger orders that came in, in September will be revenue in next year, I should be precise.

所以，如果所有這些訂單都在7月到貨，那麼其中一些訂單或許可以趕在第四季完成。但現在——我的意思是，有些小項目會進入第四季度，所有這些都會完成，但大部分大訂單都會進入明年，9 月份的大部分大訂單都會在明年產生收入，我應該準確地說。

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

I just want to talk on China. I know you're coming in flat here, things kind of improved sequentially. Just talk about what you're seeing there more broadly, pull forward. You talked a little bit about the stimulus, the key questions. But how are you guys thinking about 4Q in the extra and ultimately, are we kind of seeing some type of stabilization here? Or is this just kind of like a one-off?

我只想談談中國。我知道你一開始狀態很差，但情況後來逐漸好轉。更廣泛地談談你在那裡看到的情況，深入探討。你稍微談到了刺激材料和關鍵問題。但你們對第四季的額外情況有什麼看法？最終，我們是否看到了某種程度的穩定？還是這只是個特例？

Well, good questions. I wouldn't read too much into -- starting backwards, Luke, I wouldn't read too much into the Q4 '25 exit rate. That's just Q3 and Q4 are relatively weak on the P&L is pretty much the result of weak orders. And yes, and some current new currency and tariff challenges early in the year, we can work our way through those and offset them and more than offset them by next year, but only partially this year. So I would hesitate to take any given quarter this year as modeling something for next year.

問得好。我不會過度解讀——從頭說起，盧克，我不會過度解讀 2025 年第四季的退出率。第三季和第四季的損益表現相對較弱，這主要是由於訂單疲軟造成的。是的，今年年初我們確實面臨一些新的貨幣和關稅挑戰，我們可以努力克服這些挑戰，並在明年抵消甚至超額抵消這些挑戰，但今年只能部分抵消。因此，我不建議將今年的任何一個季度作為明年的參考模型。

On China, yes, China was a little bit better, right, sequentially, not only in academics, not only some of the less than $10 million. I think it was closer to $6 million or something like that in stimulus green shoots. China felt a little better in Q3, perhaps all around than in Q2 when they were probably staring down a trade war barrel and maybe now or maybe now this that seems to have even before the meeting that just happened recently that maybe the whole world is getting a little bit more optimistic that, well, we know the new tariffs set up and there are not likely to be major trade wars, but hard to say, right? So China was a little better in Q3 than in Q2.

關於中國，是的，中國的情況稍微好一些，對吧，從順序上看，不僅在學術方面，也不僅僅在那些收入低於 1000 萬美元的領域。我認為刺激經濟的資金規模接近 600 萬美元左右。中國在第三季感覺好了一些，或許整體上比第二季好一些，當時他們可能正面臨貿易戰的威脅。也許現在，或者也許現在，甚至在最近舉行的會議之前，全世界都變得更加樂觀了，因為我們知道新的關稅已經設立，不太可能發生重大的貿易戰，但很難說，對吧？所以中國第三季的情況比第二季略好。

All right. And then turning to the spatial and the demand that you guys are seeing there, can you talk a little bit about the cadence for the instruments versus the consumables? And then the push here and ability to use your existing scale as this kind of hits the core to push further with academic government customers or deeper into pharma.

好的。然後，關於你們所看到的空間和需求，你們能否談談樂器與耗材的節奏？然後，這裡的推動力以及利用現有規模的能力，因為這觸及了核心，可以進一步推動與學術界政府客戶或製藥業的合作。

Yes, good question. Yes, spatial biology was right, slightly better orders are somewhat better orders in Q3, including international, I believe, as well. That's both consumables and instruments. Remember, some of the new workflows like the whole transcriptome on the Cosmic, of course, also will run on existing systems. They may need some upgrades, but you don't always need a new system for that. But I think there was also strength in COSMIC and self scape orders.

是的，問得好。是的，空間生物學是對的，第三季訂單品質略有提高，包括國際訂單在內，我認為也是如此。這既包括耗材也包括儀​​器。當然，像 Cosmic 上的整個轉錄組這樣的一些新工作流程也可以在現有系統上運作。它們可能需要一些升級，但並非總是需要更換新系統。但我認為 COSMIC 和自我逃避秩序中也蘊含著力量。

Vanscape is still very new. So a lot of that is sort of -- will take a little while and have a number of labs that are going to have placements of the pain scape, do this new spatial genomics and look at dysfunctioning cancer and infectious disease before that turns to the papers before that turns into revenue, that's super interesting, but it's not going to be a big contributor yet, whereas COSMIC and Cellscape are doing well, also including some of the consumables. So yes, spatial biologies is doing better.

Vanscape 還是一個非常新的品牌。所以很多方面都需要一些時間，很多實驗室會部署疼痛景觀系統，進行這種新的空間基因組學研究，並研究功能失調的癌症和傳染病，然後才能發表論文，最終轉化為收入，這非常有趣，但它目前還不會成為主要貢獻者，而 COSMIC 和 Cellscape 進展良好，也包括一些耗材。是的，空間生物學發展得更好了。

Of course, we could use more US academic funding. It was quite dependent, well, two-third of that is academic government and one-third is biopharma and so that strengthening in biopharma also is good for spatial biology. And as you know that so far in the US that's stronger than the ACA/GOV growth.

當然，我們需要更多的美國學術經費。這很大程度上取決於，其中三分之二是學術政府，三分之一是生物製藥，因此加強生物製藥對空間生物學也有好處。如您所知，到目前為止，在美國，這一成長勢頭強於 ACA/GOV 的成長。

Subu Nambi, Guggenheim.

蘇布南比，古根漢。

Some of the niche end markets in 2026 like diagnostics and maybe semis, what do those look like next year? Can low double-digit grower in your mind?

2026 年的一些細分終端市場，例如診斷和半導體，明年會是什麼樣子？你認為它能達到兩位數低成長率嗎？

Yes. I mean diagnostics is very important for us, right? It's well above $500 million. They both are -- they've done well in '25, both in clinical microbiology and the molecule diagnostics that are both in that infectious disease division. MALDI Biotyper, good growth, very good growth in consumables and software and so on. Now in that business, I think it's 60% aftermarket, which is service, consumables, but also database subscriptions.

是的。我的意思是，診斷對我們來說非常重要，對吧？遠遠超過5億美元。他們倆在 2025 年都表現出色，無論是在臨床微生物學還是分子診斷方面，這兩個領域都屬於傳染病科。MALDI Biotyper，成長良好，耗材和軟體等方面的成長非常顯著。現在，我認為這個行業 60% 的業務是售後市場，包括服務、耗材，以及資料庫訂閱。

So very healthy there. The diagnostics business, the Altek business primarily is a delight this year. It's growing nicely. It's expanding. It's this year, '25. So it's growing its margins. It's growing, which is nice this year. Yes, I don't know the exact growth rate is growing somewhere in the single digits or maybe even high single digits, which is Levies lovely.

那裡的人都很健康。今年，診斷業務，尤其是 Altek 業務，表現令人欣喜。它長得很好。它正在擴張。今年是25年。所以它的利潤率正在提高。它正在生長，這在今年是個好消息。是的，我不知道確切的成長率，但大概在個位數，甚至可能是接近兩位數，這真是太好了。

Its placements have really outperformed significantly. I know you can't take placements to the bank, but next year, you will be. So they had a lot of placements of their InGenius and Begenous stations, commercial synergies with Bruker are really working, and they're getting into countries and into labs, they previously couldn't get.

它的排名表現確實非常出色。我知道實習經驗不能當成搖錢樹，但明年你就能了。因此，他們的 InGenius 和 Begenous 工作站部署了很多，與 Bruker 的商業協同效應非常有效，他們正在進入以前無法進入的國家和實驗室。

So I think their placements are something like 20% or more ahead of their business plan, which isn't revenue this year and when these things systems are placement on the reagent rentals, then it takes six months until you really have the revenue ramp, but hopefully, then you have five to seven years of really solid revenue and consumables pull-through. So that's going really well.

所以我認為他們的部署進度比他們的商業計劃提前了 20% 甚至更多，這還不是今年的收入，而且當這些系統部署到試劑租賃業務中時，需要六個月的時間才能真正實現收入增長，但希望之後能有五到七年的穩定收入和耗材銷售。一切進展順利。

Semi is -- you have to look at it on an annual basis. I think we had -- this year, we'll have two quarters of fantastic orders and two quarters of not so fantastic orders. Over the year, is right. I think it's flattish this year. I don't think there's anything structural there. And revenue wise, it's been a little weaker, and we expect that to improve next year.

半吊子－你必須每年都去看一看。我認為今年我們會有兩個季度訂單狀況非常好，也會有兩個季度訂單情況不太理想。一年下來，沒錯。我覺得今年天氣比較平坦。我不認為那裡有任何結構性問題。就收入而言，情況略顯疲軟，我們預計明年情況會有所改善。

So semi really has to look at it on an annual level, and it's a very nice margin contributor. Semi now all is approaching or is around $300 million in annual revenue. So it's also pretty meaningful for us and has very -- along with the diagnostics business has some of the best incremental margins. So those are very core to us. These are not niches for us even though we love the post-genomic era. Both of those are just really important core businesses.

所以半導體產業確實需要從年度層面來看待這個問題，而且它確實是一個非常好的利潤貢獻者。半導體產業目前的年收入已接近或達到 3 億美元左右。所以這對我們來說也很有意義，而且——連同診斷業務——擁有一些最好的增量利潤率。所以這些對我們來說至關重要。雖然我們熱愛後基因組時代，但這些都不是我們的小眾領域。這兩項都是非常重要的核心業務。

Just a follow-up. Can you unpack where you saw orders incrementally positive from a product perspective? Is it the lower priced equipment -- and then how have consumables being impacted? Any color you could share there?

補充一下。能否從產品角度詳細分析一下訂單量逐步成長的具體情況？是價格較低的設備嗎？如果是，耗材又受到怎樣的影響了？可以分享一下那裡的顏色嗎？

So it's prime for diagnostics, for molecular diagnostics and the tech. Remember, they're primarily active in Europe in selected countries in Asia, like not in China, for instance, in parts of Africa, parts of Latin America and the strength there has been particularly in Europe. The placement strength that I mentioned.

因此，它非常適合診斷、分子診斷和相關技術。請記住，他們的活動主要集中在歐洲和亞洲部分國家，例如中國，以及非洲部分地區、拉丁美洲部分地區，而他們的實力尤其在歐洲。我之前提到的位置優勢。

(inaudible) business.

（聽不清楚）生意。

Can you repeat the question? What was, I thought you were referring to diagnostics, but as the diagnostics?

你能再說一次問題嗎？我以為你指的是診斷，但指診斷過程本身嗎？

Yes, sorry, backing up. in general, the order strength that you saw this quarter, where did you see the strength coming from a product perspective in either diagnostics or outside of diagnostics?

是的，不好意思，剛才有點離題了。總的來說，您本季看到的訂單強勁勢頭，從產品角度來看，您認為強勁勢頭主要來自診斷產品還是診斷產品以外的其他領域？

I think,-- it's Gerald . I'd say the orders strength in the third quarter was coming from larger ASP-based instruments. We did have some volume, particularly coming out of our optics in AXS businesses, which tend to have lower ASPs, but I'd say the bulk of the performance in the orders was particularly coming out of the European markets as well, just to clarify that. We saw considerable strength in the European markets, both in the side particularly.

我想，－－是傑拉爾德。我認為第三季的訂單強勁成長主要來自以平均售價為基礎的較大額度工具。我們的確獲得了一些銷量，特別是來自 AXS 業務的光學產品，這些產品的平均售價往往較低，但我想澄清一下，大部分訂單業績也主要來自歐洲市場。我們看到歐洲市場，尤其是外匯市場，表現相當強勁。

So I think I can answer it now so I took me a second. The strength in orders in Q3 of '25 had very little to do with diagnostics, is just coming along and it's fine, but the more discrete items were strength in ACA/GOV, outside of the US, biopharma and applied.

所以我覺得我現在可以回答這個問題了，我花了一點時間。2025 年第三季訂單強勁成長與診斷業務關係不大，診斷業務目前發展良好，但更具體的成長點在於 ACA/GOV、美國以外地區、生物製藥和應用領域。

That's right.

這是正確的。

And so that does none of those include diagnostics.

所以，這些都不包括診斷。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

On orders, historically, orders improved sequentially in 4Q in your business, but you've talked here today about some catch-up in academic and government in 3Q. So can you just maybe walk through what the range of outcomes looks like in 4Q from an order exit rate perspective? How safe is it to assume order step up sequentially? Or are there scenarios where in orders could be flat down in 4Q? Then I have a follow-up.

從歷史數據來看，貴公司第四季的訂單量較上季有所改善，但您今天也談到了第三季學術界和政府部門的一些追趕性成長。那麼，您能否從訂單退出率的角度，簡單介紹一下第四季度可能出現的各種結果？假設訂單依序逐步增加是否安全？或者是否有訂單量在第四季持平下降的情況？然後我還有一個後續問題。

Case. Okay. So the -- in ACA/GOV, where we observed a little bit of catch-up was in the US I don't think that there wasn't any hold back -- well, actually in the US and in China a little bit. In rest of the world, I think that catch up. I'm not aware of that. But China and the US on ACA/GOV holding back, and that's why Q2 orders, for instance, in both of those geographies were weak.

案件。好的。所以——在 ACA/GOV 中，我們觀察到美國出現了一些追趕，我認為沒有任何阻礙——實際上，美國和中國都出現了一些阻礙。我認為世界其他地區正在迎頭趕上。我對此並不知情。但中國和美國在 ACA/GOV 方面有所保留，這就是為什麼例如這兩個地區第二季的訂單都很疲軟的原因。

So to your second part of your question, Q4 is always strong. So there's -- the question for Q4 will not be -- will it be up sequentially over Q3 and -- that's pretty much a given. But whether -- what the trend will be year-over-year compared to Q4 of last year.

所以對於你問題的第二部分，Q4 始終很強。所以，第四季的問題不會是——它是否會比第三季環比增長——這幾乎是必然的。但是，與去年第四季相比，今年的趨勢會如何呢？

Got it. That helps. And then. Yes. No, that definitely helps. And then my second one, just quickly on backlog. I think last quarter, you noted you had six and a half months, and you talked about that going down to five months in a normalized environment. Maybe just walk through kind of how you're seeing that play out over the course of '26.

知道了。那很有幫助。進而。是的。不，那肯定有幫助。然後是我的第二個，只是暫時擱置了一下。我認為上個季度，你提到你有六個半月的時間，你也談到在正常情況下會縮短到五個月。或許可以大致回顧一下你認為這件事在 2026 年會如何發展。

Well, what I can -- this is Gerald. What I can comment on is that we currently have about seven months of backlog through the third quarter of 2025, which is actually up now from the six and a half months we quoted at the end of the second quarter.

嗯，我能做的就是──我是傑拉爾德。我可以評論的是，我們目前的積壓訂單大約可以維持到 2025 年第三季度，這實際上比我們在第二季末預測的六個半月有所增加。

I mean, I guess, to a large extent, it really depends on our '26 performance is really going to depend on how we -- now it looks like for the fourth quarter in terms of revenue performance, based on our guide, it looks like we will still carry considerable backlog into the 2026 period.

我的意思是，我想，在很大程度上，這真的取決於我們 2026 年的業績，而 2026 年的業績又將取決於我們如何——現在看來，根據我們的指導，就第四季度的收入表現而言，我們似乎仍將把相當多的積壓訂單延續到 2026 年。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Just a couple of housekeeping items. Can you give us an updated interest expense number for the year. What's the run rate for the fourth quarter? Is that a good figure to assume for '26? And is the impact of the share count from the MCP offering about 13 million shares.

只是幾件家事。能否提供一下本年度最新的利息支出數據？第四節的跑動率是多少？這個數字可以作為2026年的合理假設嗎？MCP 發行的股份數量約為 1,300 萬股，其影響為何？

Yes. I'll answer your last question first, the answer is yes, roughly. And then on the first part, we'll go through, Brandon, a little more modeling on the interest because it gets a little complicated partly because we -- you may know we had some gains, some foreign exchange gains that get covered in that line as well. So somewhere in that range, the quoting on interest is correct, but we'll talk more about that in our modeling discussions.

是的。我先回答你的最後一個問題，答案是肯定的，大致如此。然後，在第一部分，布蘭登，我們將對利息進行更深入的建模，因為它有點複雜，部分原因是——你可能知道我們有一些收益，一些外匯收益，這些收益也包含在這一部分中。所以，在這個範圍內，關於利率的報價是正確的，但我們將在建模討論中對此進行更詳細的討論。

Josh Waldman, Cleveland Research.

Josh Waldman，克利夫蘭研究公司。

First, I wondered if you could talk a bit more about what you're seeing in Europe. Was it primarily ACA/GOV accounts that improved there? Or did you also see pharma and applied accounts improve as well?

首先，我想請您多談談您在歐洲的所見所聞。主要是ACA/GOV帳戶的情況有改善嗎？或者您也看到醫藥和應用領域的業務有所改善？

And then I guess, at this point, what's your confidence level on the sustainability and strong orders? I mean were there any one-off funding programs or anything like that released in the third quarter that leave you, I guess, nervous about the durability of stronger orders there?

那麼，在這一點上，您對可持續性和強勁的訂單量有多大信心？我的意思是，第三季是否有任何一次性的資助計劃或類似的東西出台，讓你對強勁訂單的持續性感到擔憂？

Yes. I guess I'd say, generally speaking, Europe was stronger. We did see strength in both ACA/GOV as well as applied and biopharma. So those are good signs, and I don't think there were specific one-offs related to those trends. So I think we're more confident, but I would say we need to see -- as Frank has repeated a couple of times here, we need to see the fourth quarter order performance in order to confirm that specifically. But all of those markets, in particular, on the ACA/GOV side, European, we're not being driven by one-off improvements or orders.

是的。總的來說，我認為歐洲更強大。我們看到，ACA/GOV 以及應用和生物製藥領域都展現了強勁的實力。所以這些都是好兆頭，我認為這些趨勢並沒有出現任何特定的偶發事件。所以我覺得我們更有信心了，但正如弗蘭克在這裡重複了好幾次的那樣，我們需要看看第四季度的訂單表現，才能具體確認這一點。但所有這些市場，特別是 ACA/GOV 方面、歐洲市場，都不是受一次性改善或訂單驅動的。

Got it. Okay. And then a follow-up. I wondered if you could provide more color on what you're seeing out of pharma. I mean it sounds like you saw a sequential improvement in bookings. I forget if you commented what orders look like year-over-year. And does it seem like accounts are trying to push orders through by year-end? Or does this seem like maybe a change in how they're viewing medium-term investment in research tools? .

知道了。好的。然後還有後續報道。我想請您詳細介紹一下您在製藥業看到的情況。我的意思是，聽起來你們的預訂量逐年增加。我忘了你有沒有評論過訂單量逐年變化的情況。看起來各家公司都在努力趕在年底前完成訂單嗎？或者，這是否意味著他們對中期研究工具投資的看法改變了？。

Good questions. Josh, this is Frank. I'm not aware of any particular drives to get orders in place in before the end of the calendar year. So I would take this as biopharma having invested less now for -- there was kind of a COVID or post immediate COVID. Well, when there was a hangover, right, this was -- and then some concerns about most favorite nations pricing and how much CapEx did they need to move things in production to the US and many of them have now committed to do that over -- it doesn't happen overnight.

問得好。喬希，這位是法蘭克。我並不了解有任何旨在趕在年底前完成訂單的特別舉措。所以我認為這是因為生物製藥公司現在減少了投資——當時正值新冠疫情期間或新冠疫情後初期。嗯，當宿醉未消時，對吧，這就是——然後是一些關於大多數受惠國定價以及他們需要多少資本支出才能將生產轉移到美國的問題，而他們中的許多人現在已經承諾這樣做——但這並非一朝一夕就能完成的。

So maybe that has cleared the decks a little bit to where they are investing in tools that will make drug discovery more efficient and give them better insights and those tools, that's exactly what we provide you yes, you need sequencers, but you need a hell of a lot more than that to really have deeper disease biology and then drug target drug mechanism of action insight.

所以，這或許為他們掃清了一些障礙，讓他們能夠投資於能夠提高藥物發現效率並為他們提供更好見解的工具，而這些工具正是我們為您提供的。是的，您需要定序儀，但您需要的遠不止這些，才能真正深入了解疾病生物學以及藥物標靶和藥物作用機制。

So that hopefully, the still very poor yield an enormous expense and length of bringing a successful drug to market will improve, and that requires -- they are the biggest integrated fans of this hypothesis or thesis or facts, I would say that we are in the post-genomic era, we need to understand the disease biology and the drug mechanism is a lot better to get better, to get less attrition and when more yield and better drug discovery. So they completely agree with that. They may not use the same terminology, but that's how they're investing.

因此，希望目前藥物研發成功率仍很低，研發成本龐大且耗時漫長的現況得以改善。而這需要——他們是這一假設、論點或事實的最大擁護者，我認為我們正處於後基因組時代，我們需要更好地了解疾病生物學和藥物機制，才能取得更好的結果，減少損耗，提高產量，並發現更好的藥物。所以他們完全同意這一點。他們可能使用不同的術語，但他們的投資方式卻是一樣的。

Yes. And I would just add that the third quarter performance on revenue was good, okay. And the order performance from biopharma across the globe was strong in the third quarter from an order perspective.

是的。我還要補充一點，第三季的營收表現不錯。從訂單角度來看，第三季全球生物製藥產業的訂單表現強勁。

Doug Schenkel, Wolf Research.

道格‧申克爾，狼研究公司。

How do we balance what you've talked about in terms of on the cost savings initiatives? And like you sound as good as ever on those. You've exhibited some confidence about what you can do in 2026 from a margin expansion standpoint, seemingly in any growth environment? I mean at 1 point, I think last quarter, you talked about getting 300 basis points of margin expansion next year, even in a flat growth environment.

我們該如何平衡您剛才提到的成本節約措施？而且你聽起來還是一如既往地好。從利潤率擴張的角度來看，您似乎對2026年在任何成長環境下都能取得的成就都展現了一定的信心？我的意思是，我記得上個季度，你曾說過，即使在成長停滯的環境下，明年也要實現 300 個基點的利潤率成長。

On the other hand, I think you increased your assumption for organic operating margin headwinds by 45 basis points for the year, which is pretty material with one quarter to go. So I'm just trying to figure out like how do we balance these things?

另一方面，我認為你將今年的有機營運利潤率不利因素的預期提高了 45 個基點，考慮到還有一個季度要結束，這相當可觀。所以，我只是想弄清楚我們如何平衡這些事情？

And is there some risk that the benefits that you expect to occur over time are going to take a little bit longer to show up in the P&L just because of maybe the environment we're in and the fact that I think a lot of these changes that you're making are being done outside the US where regulations can work against you. Again, I'm just trying to think about this as we try to set you guys up to succeed with realistic targets for 2026.

是否存在這樣的風險：由於我們所處的環境，以及我認為您正在進行的許多變革都在美國以外進行，而這些變革的監管可能會對您不利，因此您預期隨著時間的推移而產生的收益可能需要更長時間才能在損益表中體現出來。我再次強調，我只是想思考一下，以便我們能夠為你們設定切實可行的 2026 年目標，幫助你們取得成功。

Yes. Sure. Nice to hear from you, Doug. So here's what I'd say. First, our cost-saving initiatives will be, and we expect them to be at the high end of the range we quoted this $100 million to $120 million, fourth fiscal year 2026. And we're fully committed to that. And actually, we're well on track with that 95% of the actions that needed to be taken to realize that are already underway or have been fully implemented.

是的。當然。很高興收到你的來信，道格。所以我想說的是：首先，我們的節約成本措施將會，而且我們預計它們將達到我們之前給出的1億至1.2億美元的範圍的高端，這是2026財年。我們對此完全致力於此。事實上，我們在這方面進展順利，為實現這一目標所需採取的行動中，95% 的行動已經在進行中或已經全面實施。

So very confident with respect to that. And I think more generally, our expectation around margin expansion of closer to 300 is where we are, even under a relatively weaker revenue conditions for '26. That's the position we've taken, and I think we're holding to that.

對此我非常有信心。而且我認為更普遍地說，即使在 2026 年收入狀況相對較弱的情況下，我們對利潤率擴張接近 300% 的預期仍然是如此。這就是我們所採取的立場，而且我認為我們會堅持下去。

I think the issue for us, as you already know, I think, Doug, is some of these activities around cost savings do take a bit of time just because we have to go through a process, particularly in Europe and a lot of our cost saving actions are driven around Europe because of our footprint. So there's going to be a likely delay in some of this as we're going to see more of it hitting in the second quarter of 2026 as opposed to in the first, so that doesn't take us off the target .

我認為，正如你已經知道的，道格，對我們來說，問題在於這些節約成本的活動確實需要一些時間，因為我們必須經歷一個流程，尤其是在歐洲，而且由於我們的業務範圍，我們的許多節約成本的行動都是在歐洲進行的。因此，部分專案可能會延遲，因為我們預計更多專案將在2026年第二季而非第一季完成，但這並不會改變我們的目標。。

And let me also -- I mean -- so we did get -- Europe, there are other economic problems and layoffs by other companies. So we got very good cooperation, for instance, in Germany and France, which can be difficult from our workers' councils and committee Enterprise, they've agreed, they've approved that what we're doing is reasonable and protects the core and all of that.

還有一點——我的意思是——雖然我們確實看到了——歐洲，但其他公司也存在其他經濟問題和裁員現象。例如，我們在德國和法國獲得了非常好的合作，這對我們的工人委員會和企業委員會來說可能比較困難，但他們已經同意並認可了我們所做的事情是合理的，並且保護了核心利益等等。

So a good cooperation. When Gerald said that Q1 will have -- so the $120 million for the year, we're very committed to that. And Q1 will have, I don't know, 90% or 95% of the run rate cost savings implemented, a few things, just the way they're timed will come in, in Q2, but it's not going to be a big modeling difference, Doug, or anybody else. But yes, that's how it flows and the $120 million is not some sort of a Q4 run rate. That's for the full year .

合作進展順利。傑拉德說第一季將達到——也就是全年1.2億美元，我們對此非常有信心。第一季將實現 90% 或 95% 的運行成本節約目標，一些項目，只是時間安排上的原因，將在第二季度實現，但這不會造成太大的模型差異，Doug，或其他任何人。但沒錯，事情就是這樣發展的，1.2億美元並不是第四季的正常水準。那是全年的費用。。

And just to your earlier part of your question, I mean, we did have -- with respect to the fourth quarter of '25, we do have some mix challenges in the fourth quarter for '25 that we didn't see in the previous year as well. So I think you're going to see some -- you did see a change in the overall guide from an organic operating margin impact with respect to the fourth quarter. So that's the explanation for that, Doug.

至於你之前的問題，我的意思是，就 2025 年第四季而言，我們確實面臨一些組合方面的挑戰，而這些挑戰是我們在上一年沒有遇到的。所以我認為你會看到一些東西——你確實看到了整體業績指引的變化，這是由於第四季度有機營運利潤率的影響。這就是原因，道格。

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

我們的問答環節到此結束。我謹將會議交還給喬·科斯特卡，請他作總結發言。

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

感謝您今天蒞臨。布魯克領導團隊期待在第四季度與您在活動中見面或直接與您交談。如有任何後續事宜，請隨時與我聯絡。祝你有美好的一天。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。