Bruker Corp (BRKR) 2021 Q4 法說會逐字稿

Good day, and welcome to the Bruker Corporation Fourth Quarter 2021 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加布魯克公司 2021 年第四季度財報電話會議。 （操作員說明）請注意，此事件正在記錄中。

I'd now like to turn the conference over to Justin Ward, Senior Director of Investor Relations and Corporate Development. Please go ahead, sir.

我現在想將會議轉交給投資者關係和企業發展高級總監賈斯汀沃德。請繼續，先生。

Thank you, Jason, and good morning, everyone. I would like to welcome everyone to Bruker Corporation's Fourth Quarter and Full Year 2021 Earnings Conference Call. My name is Justin Ward, and I am Bruker's new Senior Director of Investor Relations and Corporate Development. I joined Bruker in January, and I'm looking forward to meeting many of you in early 2022. Joining me on today's call are Frank Laukien, our President and CEO; and Gerald Herman, our Executive Vice President and Chief Financial Officer.

謝謝你，傑森，大家早上好。我想歡迎大家參加布魯克公司 2021 年第四季度和全年收益電話會議。我叫賈斯汀·沃德，是布魯克新任投資者關係和企業發展部高級總監。我於 1 月加入布魯克，期待在 2022 年初與你們中的許多人會面。今天與我一起參加電話會議的是我們的總裁兼首席執行官 Frank Laukien；以及我們的執行副總裁兼首席財務官 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 & Presentations section of Bruker's Investor Relations website. 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.

除了我們今天早些時候發布的收益報告外，在今天的電話會議期間，我們將參考幻燈片演示文稿，該幻燈片演示文稿可以從布魯克投資者關係網站的活動和演示文稿部分下載。在今天的電話會議中，我們將重點介紹非 GAAP 財務信息。我們的非 GAAP 與 GAAP 財務指標的對賬包含在我們的收益發布中，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 the ongoing COVID-19 pandemic as well as ongoing supply chain, logistics and inflation challenges. The company's actual results may differ materially from such statements.

在開始之前，我想參考一下布魯克的安全港聲明，該聲明顯示在演示文稿的幻燈片 2 中。在本次電話會議期間，我們將對涉及風險和不確定性的未來事件以及公司的財務和運營業績做出前瞻性陳述，包括與持續的 COVID-19 大流行以及持續的供應鏈、物流和通貨膨脹相關的風險和不確定性挑戰。公司的實際結果可能與此類聲明存在重大差異。

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 as updated by our other SEC filings, which are available on our website and on the SEC's website. Also note that following -- the following information is based on current business conditions and to our outlook as of today, February 11, 2022. We do not intend to update our forward-looking statements based on new information, future events or for other reasons, except as may be required by law, prior to the release of our first quarter 2022 financial results expected in early May 2022. You should not rely on these forward-looking statements as representing our views or outlook as of any date after today.

可能導致此類差異的因素包括但不限於今天的收益發布和我們的 10-K 表格中討論的因素，這些因素由我們的其他 SEC 文件更新，這些文件可在我們的網站和 SEC 的網站上找到。另請注意，以下信息基於當前的業務狀況和我們截至今天（2022 年 2 月 11 日）的展望。我們不打算根據新信息、未來事件或其他原因更新我們的前瞻性陳述，除非法律要求，在我們預計於 2022 年 5 月初發布的 2022 年第一季度財務業績之前。您不應依賴這些前瞻性陳述來代表我們在今天之後任何日期的觀點或展望。

We will begin today's call with Frank, providing an overview of our business progress. Gerald will then cover the financials for the fourth quarter and full year 2021 in more detail and share our fiscal year 2022 financial outlook. Now I'd like to turn the call over to Bruker's CEO, Frank Laukien.

我們將與 Frank 開始今天的電話會議，概述我們的業務進展。然後，杰拉德將更詳細地介紹 2021 年第四季度和全年的財務狀況，並分享我們的 2022 財年財務展望。現在我想把電話轉給布魯克的首席執行官弗蘭克·勞基恩。

Thanks, Justin. Great to have you at Bruker. As some of you know, we welcomed Justin a few weeks ago as our new Senior Director of Investor Relations and Corporate Development, and this is his first earnings call with us.

謝謝，賈斯汀。很高興有你在布魯克。正如你們中的一些人所知，我們在幾週前歡迎賈斯汀成為我們新的投資者關係和企業發展高級總監，這是他與我們的第一次財報電話會議。

Now good morning, everyone, and thank you for joining us on today's earnings call. As you can see on Slide 4, Bruker's solid 11% organic revenue growth in the fourth quarter capped off a year of outstanding progress for the company. Robust demand for our differentiated high-value instruments and solutions resulted in continued strong momentum in bookings and revenues despite meaningful supply chain challenges.

現在大家早上好，感謝您加入我們今天的財報電話會議。正如您在幻燈片 4 中看到的那樣，布魯克在第四季度實現了 11% 的穩健有機收入增長，為公司一年的傑出進展畫上了句號。儘管存在重大的供應鏈挑戰，但對我們差異化的高價值儀器和解決方案的強勁需求導致預訂和收入的持續強勁勢頭。

In fiscal year 2021, our BSI segment, organic bookings and backlog both increased in the high-teens percentage year-over-year. Accordingly, we are ramping up significant CapEx investments for capacity and productivity as well as substantial OpEx investments in commercial organizations and R&D for our Project Accelerate 2.0 high-growth high-margin initiatives.

在 2021 財年，我們的 BSI 細分市場、自然預訂和積壓訂單均同比增長了 10% 以上。因此，我們正在加大對產能和生產力的大量資本支出投資，以及對商業組織和研發的大量運營支出投資，以實現我們的 Project Accelerate 2.0 高增長高利潤計劃。

For the fourth quarter of 2021, BSI segment order bookings growth year-over-year was about 10% on an organic basis, driven by broad-based customer demand with the U.S. demand being particularly strong. Bruker's Q4 '21 revenues increased approximately 9% year-over-year to $684 million and in comparison to a strong prior year Q4 2020.

2021 年第四季度，在美國需求特別強勁的廣泛客戶需求的推動下，BSI 部門訂單預訂量同比增長約 10%。布魯克的 21 年第四季度收入同比增長約 9% 至 6.84 億美元，與去年第四季度的強勁表現相比 2020 年第四季度。

On an organic basis, revenues increased 11.4% year-over-year which included 11.8% organic growth in the BSI, Bruker Scientific Instruments, groups and 6.8% at BEST, net of intercompany eliminations. Our Q4 '21 non-GAAP gross margin decreased 50 bps year-over-year to 51.2%, while our non-GAAP operating margin was 21.0%, a decline of 150 bps from 22.5% in Q4 2020 due to accelerated commercial investments, unfavorable revenue mix as well as supply chain challenges and inflation.

在有機基礎上，收入同比增長 11.4%，其中包括 BSI、Bruker Scientific Instruments、集團的 11.8% 的有機增長和 BEST 的 6.8%，扣除公司間抵消。我們的 21 年第四季度非公認會計原則毛利率同比下降 50 個基點至 51.2%，而我們的非公認會計原則營業利潤率為 21.0%，由於商業投資加速，不利因素，比 2020 年第四季度的 22.5% 下降了 150 個基點收入組合以及供應鏈挑戰和通貨膨脹。

In Q4, Bruker reported GAAP diluted EPS of $0.50 compared to $0.45 reported in the prior year period. On a non-GAAP basis, Q4 '21 diluted EPS was $0.59, an increase of $0.01 from $0.58 in Q4 2020.

在第四季度，布魯克報告 GAAP 攤薄後每股收益為 0.50 美元，而去年同期報告為 0.45 美元。在非公認會計原則的基礎上，21 年第四季度攤薄後每股收益為 0.59 美元，比 2020 年第四季度的 0.58 美元增加了 0.01 美元。

In summary, Q4 '21 was a quarter with continued momentum in bookings and backlog with strong organic revenue growth and ramping investments in our Project Accelerate initiatives and operational excellence drive.

總而言之，21 年第 4 季度是一個在預訂和積壓方面保持強勁勢頭的季度，收入增長強勁，對我們的 Project Accelerate 計劃和卓越運營驅動的投資也在增加。

On Slide 5, we show Bruker's performance for the full year 2021. Our revenues increased by $430 million year-over-year or by 21.7% to $2.42 billion. On an organic basis, fiscal year '21 revenues grew 19.1% year-over-year, comprised of 19.4% organic percent -- organic growth in BSI and a 15.5% organic increase at BEST net of intercompany eliminations.

在幻燈片 5 上，我們展示了布魯克 2021 年全年的業績。我們的收入同比增長 4.3 億美元或 21.7% 至 24.2 億美元。在有機基礎上，21 財年的收入同比增長 19.1%，其中包括 19.4% 的有機增長——BSI 的有機增長和 BEST 公司間剔除的 15.5% 的有機增長。

Full year 2021 gross and operating margin as well as GAAP and non-GAAP EPS performance all stepped up significantly year-over-year as our business recovered from the pandemic and accelerated strongly beyond pre-pandemic levels. In fiscal year '21, we experienced particularly strong organic growth in our proteomics, microbiology, biopharma and industrial research markets. We are very pleased with our 19% organic revenue growth, 240 bps year-over-year gross profit margin expansion and 340 bps year-over-year operating profit margin expansion and more than 50% EPS growth in 2021. Our return on invested capital of 27.6% in '21 was well above our long-term target of ROIC greater 20%. And it illustrates our differentiated business philosophy and entrepreneurial management process and culture, which we believe will resonate in times with higher inflation and increasing cost of capital.

隨著我們的業務從大流行中復蘇並強勁加速超過大流行前的水平，2021 年全年毛利率和營業利潤率以及 GAAP 和非 GAAP 每股收益表現均同比顯著提高。在 21 財年，我們的蛋白質組學、微生物學、生物製藥和工業研究市場的有機增長尤為強勁。我們對 2021 年 19% 的有機收入增長、240 個基點的同比毛利率增長和 340 個基點的運營利潤率同比增長以及 50% 以上的每股收益增長感到非常滿意。我們的投資資本回報率21 年的 27.6% 遠高於我們的長期投資回報率目標，即 20% 以上。它說明了我們差異化的經營理念和創業管理流程和文化，我們相信這將在通貨膨脹加劇和資本成本增加的時代引起共鳴。

Please turn to Slide 6 and 7, where we highlight the full year '21 performance of our 3 BSI groups and our BEST segment, all on a constant currency and year-over-year basis. In 2021, the BioSpin Group revenue grew in the mid-teens percentage year-over-year to $691 million. BioSpin saw strength in demand for its NMR, preclinical imaging and aftermarket offerings, while system installation activities recovered. BioSpin Systems revenue were up strongly year-over-year, including revenue recognition on 4 gigahertz class and MR instruments.

請轉到幻燈片 6 和 7，我們在其中重點介紹了 3 個 BSI 集團和我們的 BEST 部門的 21 年全年業績，所有這些都以固定貨幣和同比為基礎。 2021 年，BioSpin 集團的收入同比增長了 10% 左右，達到 6.91 億美元。 BioSpin 看到其 NMR、臨床前成像和售後產品的需求強勁，同時系統安裝活動恢復。 BioSpin Systems 收入同比強勁增長，包括 4 GHz 級和 MR 儀器的收入確認。

In the fourth quarter, BioSpin's PCI division acquired Molecubes, a Belgian company with innovative benchtop, preclinical nuclear molecular imaging systems. For the full year 2021, CALID Group revenues increased in the low 20s percentage to $819.6 million, with continued growth in our mass spectrometry and microbiology businesses and very strong performance in our FTIR, Near IR, Raman molecular spectroscopy product lines. We saw strong revenue growth for our timsTOF unbiased 4D proteomics and multiomics platform which, as we mentioned in our JPMorgan presentation in early January exceeded $100 million in revenues in 2021.

第四季度，BioSpin 的 PCI 部門收購了比利時公司 Molecubes，該公司擁有創新的台式、臨床前核分子成像系統。 2021 年全年，CALID 集團的收入以 20 多歲的百分比增長至 8.196 億美元，我們的質譜和微生物業務持續增長，我們的 FTIR、近紅外、拉曼分子光譜產品線表現非常強勁。我們的 timsTOF 無偏見 4D 蛋白質組學和多組學平台的收入增長強勁，正如我們在 1 月初摩根大通的演講中提到的那樣，該平台在 2021 年的收入超過了 1 億美元。

Revenue for other life science mass spec products like our research MALDI-TOF product line, rebounded as well. Microbiology and Molecular Diagnostics revenue grew year-over-year, driven by high demand for MALDI Biotyper instruments and consumables. This was coupled with the recovery of our tuberculosis diagnosis or TB diagnostics products, while during Q4 2021 revenue from our SARS-CoV-2 PCR testing of $6 million -- approximately $6 million was down year-over-year from Q4 2020 as expected. Full year '21 revenues for our IR, Near IR Raman molecular spectroscopy products were substantially higher year-over-year, with strong execution as the global industrial, applied and academic markets rebounded from 2020 and grew further.

其他生命科學質譜產品（如我們的研究 MALDI-TOF 產品線）的收入也出現反彈。由於對 MALDI Biotyper 儀器和耗材的高需求，微生物學和分子診斷業務收入同比增長。這與我們的結核病診斷或結核病診斷產品的恢復相結合，而在 2021 年第四季度，我們的 SARS-CoV-2 PCR 檢測收入為 600 萬美元——與預期的 2020 年第四季度相比，同比下降了約 600 萬美元。隨著全球工業、應用和學術市場從 2020 年開始反彈並進一步增長，我們的 IR、近 IR 拉曼分子光譜產品的 21 年全年收入同比大幅增長，執行力強勁。

Please turn to Slide 7. Full year 2021 Bruker Nano revenues grew in the mid-20s percentage to $697.5 million. Nano's industrial research -- industrial and academic businesses rebounded strongly with industrial research outperforming. Revenues of our advanced X-ray, Nano surfaces and Nano Analysis tools all stepped up substantially versus 2020. Nano's microelectronics and semiconductor metrology tools performed very well in 2021 with ongoing strong bookings and backlog. Life science fluorescence microscopy revenue was up sharply year-over-year on product innovation and strong academic demand. Nano's 2021 revenue included an M&A contribution from our September 2020 acquisition of Canopy Biosciences, spatial biology targeted proteo mixed tools and CRO services.

請轉到幻燈片 7。2021 年全年 Bruker Nano 收入在 20 年代中期增長至 6.975 億美元。 Nano 的工業研究——工業和學術業務強勁反彈，工業研究表現出色。與 2020 年相比，我們先進的 X 射線、納米表面和納米分析工具的收入均大幅增長。Nano 的微電子和半導體計量工具在 2021 年表現非常出色，訂單和積壓持續強勁。由於產品創新和強勁的學術需求，生命科學熒光顯微鏡收入同比大幅增長。 Nano 2021 年的收入包括我們 2020 年 9 月收購 Canopy Biosciences、空間生物學靶向蛋白質混合工具和 CRO 服務的併購貢獻。

Finally, full year best revenue grew in the mid-teens percentage net of intercompany eliminations, driven by contributions from Big Science project and a recovery in MRI superconductor demand by our medtech OEM customers. BEST superconductor demand appears healthy, but we continue to experience supply chain challenges due to material shortages and slow logistics.

最後，由於 Big Science 項目的貢獻和我們的醫療技術 OEM 客戶對 MRI 超導體需求的複蘇，全年最佳收入在扣除公司間抵消後增長了 10% 左右。 BEST 超導體的需求似乎很健康，但由於材料短缺和物流緩慢，我們繼續面臨供應鏈挑戰。

Moving to Slides 8 and 9. We continue to make good progress with our Project Accelerate 2.0 initiatives, which now represent about 54% of our total revenues. On Slide 8, we highlight a recent majority investment that closed in January 2022 and -- which enhances our proteomics solutions. PreOmics was developed -- has developed innovative automation and sample preparation tools and consumables for use in unbiased deep proteomics. PreOmics' new BeatBox device in combination with Bruker's timsTOF platform, provides accelerated deep and unbiased proteomics workflows for tissue biobanks or biopsy research.

轉到幻燈片 8 和 9。我們的 Project Accelerate 2.0 計劃繼續取得良好進展，現在約占我們總收入的 54%。在幻燈片 8 中，我們重點介紹了最近於 2022 年 1 月完成的多數投資——這增強了我們的蛋白質組學解決方案。 PreOmics 已開發——開發了創新的自動化和样品製備工具和耗材，用於公正的深度蛋白質組學。 PreOmics 的新型 BeatBox 設備與布魯克的 timsTOF 平台相結合，為組織生物庫或活檢研究提供加速的深度和公正的蛋白質組學工作流程。

On Slide 9, we show 2 other recent technology acquisitions that closed in January and also enhanced our proteomics initiative. Prolab specializes in precision pumps, auto samplers and nano-flow to capillary LC or cap-LC systems to increase performance and robustness of 4D proteomics and 4D metabolomics. Bruker also acquired PepSep, a company specializing in nanoLC columns and components to optimize proteomics, which are used in Bruker's nanoElute, NanoLC system and by other manufacturers.

在幻燈片 9 中，我們展示了其他 2 項最近在 1 月份完成的技術收購，也增強了我們的蛋白質組學計劃。 Prolab 專注於精密泵、自動進樣器和納流到毛細管 LC 或 cap-LC 系統，以提高 4D 蛋白質組學和 4D 代謝組學的性能和穩定性。布魯克還收購了 PepSep，這是一家專門生產用於優化蛋白質組學的 nanoLC 色譜柱和組件的公司，這些產品用於布魯克的 nanoElute、NanoLC 系統和其他製造商。

The expected fiscal year 2022 revenue from these 3 proteomics acquisitions is less than $10 million, but we believe these acquisitions have excellent growth potential and because it's primarily consumables, they have high gross margin potential in the future and allow Bruker to offer more complete unbiased 4D proteomics and multiomics solutions, including consumables as well as higher performance in the future.

這 3 項蛋白質組學收購的 2022 財年預期收入不到 1000 萬美元，但我們認為這些收購具有極好的增長潛力，並且由於它主要是消耗品，因此它們在未來具有很高的毛利率潛力，並使布魯克能夠提供更完整的無偏見 4D蛋白質組學和多組學解決方案，包括消耗品以及未來更高的性能。

As we intend to invest in these separation and sample prep technologies, we expect these proteomic acquisitions to be approximately $0.03 to $0.04 dilutive in fiscal year 2022, which is incorporated in our fiscal year '22 guidance.

由於我們打算投資於這些分離和样品製備技術，我們預計這些蛋白質組學收購將在 2022 財年稀釋約 0.03 美元至 0.04 美元，這已納入我們的 22 財年指導。

Slide 10 illustrates the historical perspective of our transformation over the last several years with expanding operating margins, accelerating organic revenue growth and double-digit EPS CAGR, all while maintaining return on invested capital greater than 20%, which has resulted in robust stakeholder and shareholder value creation. This is a result of our entrepreneurial focus on innovating high-value instruments and solutions combined with a continuous operational excellence drive.

幻燈片 10 展示了我們過去幾年轉型的歷史視角，營業利潤率不斷擴大，有機收入增長加快，每股收益複合年增長率達到兩位數，同時保持超過 20% 的投資資本回報率，這導致了強大的利益相關者和股東創造價值。這是我們專注於創新高價值儀器和解決方案的創業精神以及持續的卓越運營驅動的結果。

As a result, Bruker enters 2022 in its strongest position ever. We intend to further ramp our investments in the Project Accelerate 2.0 high-growth, high-margin initiatives to ensure those opportunities continue to drive profitable growth in the years to come.

結果，布魯克進入 2022 年，處於有史以來最強勁的位置。我們打算進一步加大對 Project Accelerate 2.0 高增長、高利潤計劃的投資，以確保這些機會在未來幾年繼續推動盈利增長。

Specifically, to facilitate growth in our key opportunities in proteomics, spatial biology, biopharma and semicon metrology, we plan to add incremental commercial and R&D investments of $20 million to $25 million in 2022, included in our guidance and, of course, including the 3 proteomics acquisitions that I mentioned a moment ago. This also includes investments in Acuity and Canopy, if you recall, our spatial biology ventures and previous acquisitions as well as into the 2 smaller semicon metrology acquisitions we did in the second half of last year.

具體來說，為了促進我們在蛋白質組學、空間生物學、生物製藥和半導體計量學領域的關鍵機遇的增長，我們計劃在 2022 年增加 2000 萬至 2500 萬美元的增量商業和研發投資，包括在我們的指導中，當然也包括 3我剛才提到的蛋白質組學收購。如果您還記得的話，這還包括對 Acuity 和 Canopy 的投資，我們的空間生物學企業和之前的收購，以及我們在去年下半年進行的 2 次較小的半導體計量收購。

As the revenue contributions from these Project Accelerate 2.0 initiatives increases further, they are expected to pull up our operating margins and revenue growth rate further first towards our 2024 medium-term financial goals and then beyond. Finally, we have substantial balance sheet capacity to pursue disciplined strategic M&A with the right opportunities.

隨著這些 Project Accelerate 2.0 計劃的收入貢獻進一步增加，預計它們將首先進一步拉動我們的營業利潤率和收入增長率，以實現我們的 2024 年中期財務目標，然後超越。最後，我們擁有強大的資產負債表能力，可以利用合適的機會進行有紀律的戰略併購。

In summary, during 2021, Bruker delivered excellent progress towards its strategic and financial objectives. Our core businesses have rebounded strongly and our Project Accelerate high-growth, high-margin initiatives have performed very well. I am pleased with how well our teams responded to a challenging supply chain and logistics environment.

總之，在 2021 年期間，布魯克在實現其戰略和財務目標方面取得了出色的進展。我們的核心業務強勁反彈，我們的“加速項目”高增長、高利潤計劃表現非常出色。我對我們的團隊對充滿挑戰的供應鍊和物流環境的反應感到滿意。

As we move through fiscal year 2022, our high backlog gives us good visibility on growth. We see meaningful areas for Bruker to develop market-leading positions with our innovative technology and commitment to serving our customers.

隨著我們進入 2022 財年，我們的高積壓使我們對增長有很好的了解。我們認為，布魯克憑藉我們的創新技術和致力於為客戶服務的承諾，在發展市場領先地位方面具有重要意義。

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

現在讓我把電話轉給我們的首席財務官 Gerald Herman，他將更詳細地審查布魯克的財務業績和前景。杰拉德？

Thank you, Frank, and thank you, everyone, for joining us today. I'd like to add my warm welcome to Justin as he joins our IR and Corporate Development team here at Bruker. I'm pleased to provide more detail on Bruker's fourth quarter and full year 2021 financials starting on Slide 12.

謝謝你，弗蘭克，謝謝大家今天加入我們。我要熱烈歡迎賈斯汀加入我們在布魯克的 IR 和企業發展團隊。我很高興從幻燈片 12 開始提供有關布魯克 2021 年第四季度和全年財務狀況的更多詳細信息。

In the fourth quarter of 2021, Bruker's revenue increased 9% to approximately $684 million, which reflects an organic revenue increase of 11.4% year-over-year. We reported GAAP EPS $0.50 per share compared to $0.45 in the fourth quarter of 2020. On a non-GAAP basis, Q4 2021 EPS was $0.59 per share, an increase of $0.01 compared to $0.58 in the fourth quarter of 2020. Our fourth quarter 2021 non-GAAP operating income grew 1.9% off a strong comparison in the fourth quarter of 2020. In the fourth quarter of 2021, our non-GAAP operating margin decreased 150 basis points year-over-year to 21%, principally due to the impact of accelerated investments, revenue mix and supply chain pressures.

2021 年第四季度，布魯克的收入增長 9%，達到約 6.84 億美元，這反映了有機收入同比增長 11.4%。我們報告的 GAAP 每股收益為 0.50 美元，而 2020 年第四季度為 0.45 美元。按非公認會計原則計算，2021 年第四季度每股收益為 0.59 美元，與 2020 年第四季度的 0.58 美元相比增加了 0.01 美元。我們的 2021 年第四季度非美國通用會計準則營業收入較 2020 年第四季度的強勁同比增長 1.9%。在 2021 年第四季度，我們的非美國通用會計準則營業利潤率同比下降 150 個基點至 21%，主要是由於受到影響加速投資、收入組合和供應鏈壓力。

As Frank mentioned, the Bruker team executed very well in the fourth quarter, handling significantly higher volume despite COVID, supply chain shortages and logistics delays. We finished the fourth quarter with cash, cash equivalents and short-term investments of approximately $1.17 billion. During the quarter, we used cash to ramp selected Project Accelerate 2.0 investments in our key strategic opportunities, fund capital expenditures as well as the acquisition of molecules and our dividend program. You may recall that in May of 2021, our Board approved a new 2-year share repurchase authorization of up to $500 million valid until May 2023.

正如弗蘭克所提到的，布魯克團隊在第四季度的表現非常出色，儘管出現了 COVID、供應鏈短缺和物流延誤，但處理量明顯增加。我們在第四季度結束時的現金、現金等價物和短期投資約為 11.7 億美元。在本季度，我們使用現金增加了選定的 Project Accelerate 2.0 對我們關鍵戰略機會的投資、資助資本支出以及收購分子和我們的股息計劃。您可能還記得，2021 年 5 月，我們的董事會批准了一項新的 2 年期、最高 5 億美元的股票回購授權，有效期至 2023 年 5 月。

In the fourth quarter, we repurchased approximately 1 million shares of Bruker stock for a total consideration of $82 million. For the full year 2021, our repurchases totaled 2.1 million shares for approximately $153 million. We generated $138.6 million of operating cash flow in the fourth quarter, which was partially offset by our CapEx investments, resulting in $110.2 million in free cash flow for the fourth quarter. This represents a $64 million decline from the fourth quarter of 2020 due to higher working capital associated with buffer inventories and our higher revenue level and related receivables.

在第四季度，我們回購了大約 100 萬股布魯克股票，總對價為 8200 萬美元。 2021 年全年，我們以約 1.53 億美元的價格回購了 210 萬股股票。我們在第四季度產生了 1.386 億美元的運營現金流，這部分被我們的資本支出投資所抵消，導致第四季度的自由現金流為 1.102 億美元。這比 2020 年第四季度減少了 6400 萬美元，原因是與緩衝庫存相關的營運資金增加以及我們更高的收入水平和相關應收賬款。

In the fourth quarter, we completed a private placement of approximately $500 million of 10-year notes, carrying euro [front] based fixed rates of approximately 1%. This provides us with further capital to continue to fund disciplined and strategic investments, both organic and inorganic in key growth areas. Slide 13 shows the revenue bridge for the fourth quarter of 2021. As noted earlier, organic revenue in the quarter increased 11.4%. We had a positive revenue contribution from acquisitions of 0.3% and a foreign currency headwind of 2.8%.

在第四季度，我們完成了約 5 億美元的 10 年期票據的私募配售，以歐元為基礎的固定利率約為 1%。這為我們提供了進一步的資金，以繼續為關鍵增長領域的有機和無機投資提供資金。幻燈片 13 顯示了 2021 年第四季度的收入橋樑。如前所述，該季度的有機收入增長了 11.4%。我們從收購中獲得了 0.3% 的正收入貢獻和 2.8% 的外匯逆風。

From an organic revenue growth perspective and compared to the fourth quarter of 2020, BioSpin's fourth quarter 2021 revenue decreased slightly due to an ultra-high field revenue mix headwind and the previous pull forward of approximately $15 million in China-related revenues into the third quarter of 2021. Nano organic revenue grew in the low 20s percent on strengthened Nano's industrial research and academic businesses. CALID grew high teens percent with strong performance in Life Science Mass Spectrometry and the MALDI Biotyper franchise, partially offset by a year-over-year decline in SARS-CoV-2 testing revenue. BEST revenue increased in the mid-single digits year-over-year, net of intercompany eliminations.

從有機收入增長的角度來看，與 2020 年第四季度相比，BioSpin 的 2021 年第四季度收入略有下降，原因是超高的現場收入組合逆風以及之前將約 1500 萬美元的中國相關收入提前至第三季度2021 年。由於 Nano 的工業研究和學術業務得到加強，Nano 有機收入增長了 20% 的低水平。 CALID 在生命科學質譜和 MALDI Biotyper 專營權方面表現強勁，增長了 10%，部分被 SARS-CoV-2 檢測收入的同比下降所抵消。扣除公司間抵銷後，BEST 收入同比增長中個位數。

Fourth quarter 2021 BSI Systems revenue increased in the mid-teens percentage range organically, while BSI aftermarket grew in the high single digits organically compared to the fourth quarter of 2020. Geographically and on an organic basis in the fourth quarter of 2021, our European revenue was up mid-single digits percent year-over-year. North American revenue grew in the high 20% range and Asia Pacific grew in the mid-single digits year-over-year. Rest of the World fourth quarter 2021 revenue was significantly higher year-over-year in the low 30% range.

與 2020 年第四季度相比，2021 年第四季度 BSI Systems 收入有機增長了百分之十幾，而 BSI 售後市場有機增長了高個位數。在 2021 年第四季度的地理和有機基礎上，我們的歐洲收入同比增長中個位數百分比。北美收入同比增長 20%，亞太地區同比增長中個位數。世界其他地區 2021 年第四季度的收入在 30% 的低位範圍內顯著高於去年同期。

Slide 14 shows our fourth quarter 2021 P&L performance on a non-GAAP basis. Fourth quarter 2021 non-GAAP gross margin of 51.2% decreased 50 basis points from 51.7% in the fourth quarter of 2020, driven principally by the impact of revenue mix and supply chain cost pressures. The fourth quarter 2021 non-GAAP operating expenses were up 12.6% compared to the fourth quarter of 2020 and reflected a significant ramp of commercial investments in Project Accelerate 2.0, including in proteomics and spatial biology.

幻燈片 14 顯示了我們在非公認會計原則基礎上的 2021 年第四季度損益表表現。 2021 年第四季度非美國通用會計準則毛利率為 51.2%，較 2020 年第四季度的 51.7% 下降 50 個基點，主要受收入組合和供應鏈成本壓力的影響。與 2020 年第四季度相比，2021 年第四季度非 GAAP 運營費用增長了 12.6%，這反映了對 Accelerate 2.0 項目的商業投資顯著增加，包括蛋白質組學和空間生物學。

Our fourth quarter 2021 non-GAAP operating margin of 21% was 150 basis points lower than the 22.5% in the fourth quarter of 2020, which was a high watermark for operating margin performance for us historically. Our fourth quarter 2021 year-over-year operating margin decline was driven by lower gross margin and higher investments in marketing and sales associated with building out our commercial teams for growth.

我們 2021 年第四季度的非公認會計原則營業利潤率為 21%，比 2020 年第四季度的 22.5% 低 150 個基點，這是我們歷史上營業利潤率表現的高水位線。我們 2021 年第四季度營業利潤率同比下降的原因是毛利率下降以及與建立我們的商業團隊以實現增長相關的營銷和銷售投資增加。

For the fourth quarter of 2021, our non-GAAP effective tax rate was 34.4% compared to 31.9% in the fourth quarter of 2020, primarily due to certain unfavorable discrete tax items. Weighted average diluted shares outstanding in the fourth quarter of 2021 were 152 million, a reduction of approximately 1.3 million shares or 1% from the fourth quarter 2020, resulting from our share repurchase activity over the past year. And finally, fourth quarter 2021 non-GAAP EPS of $0.59 was up $0.01 compared to the fourth quarter of 2020.

2021 年第四季度，我們的非公認會計原則有效稅率為 34.4%，而 2020 年第四季度為 31.9%，主要是由於某些不利的離散稅收項目。由於我們過去一年的股票回購活動，2021 年第四季度的加權平均稀釋流通股為 1.52 億股，比 2020 年第四季度減少約 130 萬股或 1%。最後，與 2020 年第四季度相比，2021 年第四季度非公認會計原則每股收益為 0.59 美元，增加了 0.01 美元。

Slide 15 shows the year-over-year revenue bridge for the full year of 2021. Revenue was up $430 million or 21.7%, including organic growth of an impressive 19.1%. Acquisitions added 0.4% to our top line, while foreign exchange was a 2.2% tailwind for the year, and Frank has already covered the drivers for the 2021 revenue performance. P&L results for the full year 2021 are summarized on Slide 16.

幻燈片 15 顯示了 2021 年全年的收入同比增長。收入增長了 4.3 億美元或 21.7%，其中包括令人印象深刻的 19.1% 的有機增長。收購為我們的收入增加了 0.4%，而外匯是今年 2.2% 的順風，弗蘭克已經涵蓋了 2021 年收入表現的驅動因素。幻燈片 16 總結了 2021 年全年的損益結果。

For the full year, gross margin expanded 240 basis points to 51.1%, reflecting higher revenues, volume leverage and mix, while operating margin grew 340 basis points to 19.4% for much of the same reasons. The full year tax rate was 28%, similar to the 28.1% rate in 2020.

全年毛利率增長 240 個基點至 51.1%，反映出更高的收入、銷量槓桿和組合，而營業利潤率增長 340 個基點至 19.4%，原因大致相同。全年稅率為 28%，與 2020 年的 28.1% 相似。

Turning to Slide 17. In the full year 2021, we generated $190.4 million of free cash flow, approximately $45 million lower than in 2020, which was a record cash flow year for Bruker. Full year 2021 free cash flow benefited from higher net income, partially offset by higher working capital related to increased volume, buffer inventories and the timing of receivables. Our capital expenditures in the year reflects our continuing investments in growth capacity and productivity as part of our operational excellence drive. Our cash conversion cycle at the end of the fourth quarter 2021 was 208 days, a reduction of 12 days compared to the fourth quarter of 2020, reflecting gradual improvement in our working capital cycle.

轉到幻燈片 17。在 2021 年全年，我們產生了 1.904 億美元的自由現金流，比 2020 年減少了約 4500 萬美元，這是布魯克創紀錄的現金流年。 2021 年全年自由現金流受益於較高的淨收入，部分被與增加的數量、緩衝庫存和應收賬款時間相關的較高營運資金所抵消。我們今年的資本支出反映了我們對增長能力和生產力的持續投資，這是我們卓越運營驅動的一部分。我們在 2021 年第四季度末的現金轉換週期為 208 天，比 2020 年第四季度減少了 12 天，反映了我們的營運資金周期逐漸改善。

Turning now to Slide 19. Given our strong bookings growth and record backlog in 2021, we expect solid growth in 2022. Our outlook for 2022 includes organic revenue growth of 6% to 8% year-over-year. We estimate a foreign currency headwind of about 2% with acquisitions contributing about 1% to growth. This is expected to lead to reported revenue growth for 2022 in a range of 5% to 7% compared to 2021.

現在轉到幻燈片 19。鑑於我們在 2021 年的強勁預訂增長和創紀錄的積壓，我們預計 2022 年將實現穩健增長。我們對 2022 年的展望包括有機收入同比增長 6% 至 8%。我們估計外匯逆風約為 2%，收購對增長的貢獻約為 1%。與 2021 年相比，預計這將導致 2022 年報告的收入增長在 5% 至 7% 的範圍內。

Given the dramatic improvement in non-GAAP operating margin we delivered in 2021 and the significant additional investments in Project Accelerate 2.0 opportunities, we intend to make in 2022, we expect non-GAAP operating margin expansion for 2022 to moderate to a range of 30 to 60 basis points from the 19.4% level we delivered in 2021. We also expect 2022 quarterly margin progression to return to its more historical norm and expect to see the first half operating margins about 500 to 600 basis points below the second half operating margins.

鑑於我們在 2021 年實現的非 GAAP 營業利潤率的顯著提高以及對 Project Accelerate 2.0 機會的大量額外投資，我們打算在 2022 年進行，我們預計 2022 年的非 GAAP 營業利潤率增長將放緩至 30 至比我們在 2021 年交付的 19.4% 水平低 60 個基點。我們還預計 2022 年季度利潤率進展將恢復到更歷史的常態，並預計上半年營業利潤率將比下半年營業利潤率低約 500 至 600 個基點。

On the bottom line, this adds up to non-GAAP EPS for 2022 in an estimated range of $2.29 to $2.33, which would represent non-GAAP EPS growth of 9% to 11% compared to 2021. This also represents 13% to 14% CAGR from our $1.57 pre-pandemic non-GAAP EPS level in the full year of 2019. We're projecting a non-GAAP tax rate of approximately 28.5% for full year 2022. Other guidance assumptions are listed on the slide.

歸根結底，這加起來 2022 年的非 GAAP 每股收益估計在 2.29 美元至 2.33 美元之間，與 2021 年相比，非 GAAP 每股收益增長 9% 至 11%。這也代表 13% 至 14%複合年增長率從我們 2019 年全年 1.57 美元的大流行前非 GAAP 每股收益水平。我們預計 2022 年全年的非 GAAP 稅率約為 28.5%。幻燈片上列出了其他指導假設。

Our full year 2022 ranges have been updated for foreign currency rates as of December 31, 2021. For the first quarter of 2022, this outlook implies organic revenue growth in the mid-single digits on a year-over-year basis. We expect the first quarter to be impacted by 2 factors of note. First, continuing supply chain and logistics delays, which may result in the pushout of certain shipments into later quarters; and secondly, we do not expect any gigahertz class NMR revenue in the first quarter of 2022, which compares with revenue from 2 gigahertz class systems in the first quarter of 2021. On an annual basis, we expect to revenue -- recognize 4 gigahertz class NMRs in 2022.

截至 2021 年 12 月 31 日，我們已針對外匯匯率更新了 2022 年全年範圍。對於 2022 年第一季度，這一前景意味著有機收入同比增長中個位數。我們預計第一季度將受到兩個值得注意的因素的影響。首先，持續的供應鍊和物流延遲，這可能導致某些貨物被推遲到後期；其次，我們預計 2022 年第一季度不會有任何千兆赫級 NMR 收入，相比之下，2021 年第一季度來自 2 千兆赫級系統的收入。按年度計算，我們預計收入 - 確認 4 千兆赫級2022 年的核磁共振。

To wrap up, Bruker delivered strong bookings, backlog and revenue growth in the fourth quarter capping off an exceptional year of financial improvements in 2021. We're carrying record backlog into 2022, giving us a high degree of confidence in our ability to deliver another solid financial performance in 2022.

最後，布魯克在第四季度實現了強勁的預訂量、積壓訂單和收入增長，為 2021 年財務改善的非凡年份畫上了句號。我們將創紀錄的積壓訂單帶到 2022 年，這讓我們對我們交付另一個訂單的能力充滿信心2022 年財務業績穩健。

And with that, I'd like to turn the call over to Justin to start the Q&A session. Thank you very much.

有了這個，我想把電話轉給賈斯汀開始問答環節。非常感謝你。

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

謝謝你，杰拉德。我現在想把電話轉給接線員，開始電話的問答部分。 （操作員說明）

(Operator Instructions) Our first question comes from Dan Leonard from Wells Fargo.

（操作員說明）我們的第一個問題來自 Wells Fargo 的 Dan Leonard。

So just a couple on supply chain and logistics. First off, was there any meaningful amount of sales push from Q4 to Q1 as a result of supply chain and logistics challenges?

所以只是供應鍊和物流方面的一對夫婦。首先，由於供應鍊和物流方面的挑戰，從第四季度到第一季度是否有任何有意義的銷售推動？

Dan, it's Frank. No, there weren't really any -- well, there weren't really any push-outs like a number that I can give you, but it is clear that supply chain and logistics put a brake on the business. And so we're pleased with our organic growth in Q4. But with those limitations in that environment, more would not have been easily possible. But there is not a specific number of x million that got pushed out, that would be impossible to delineate.

丹，是弗蘭克。不，真的沒有——嗯，沒有像我可以給你的數字那樣的推出，但很明顯，供應鍊和物流阻礙了業務。因此，我們對第四季度的有機增長感到滿意。但由於在那種環境中的這些限制，更多的事情是不容易實現的。但是沒有具體數量的 x 百萬被推出，這是無法描述的。

And Frank, would you attribute any of your bookings strength in 2021 the customer response to supply chain challenges, maybe they're ordering farther in advance than they typically would to allow for longer logistics? Or would you attribute it all to just organic core momentum in the business?

弗蘭克，您是否會將您在 2021 年的任何預訂優勢歸因於客戶對供應鏈挑戰的反應，也許他們提前訂購的時間比通常更長的物流時間要長？還是您會將這一切歸因於業務的有機核心動力？

We don't really know. I know that question comes up from time to time. It's a good question. I mean, certainly, academic hospital diagnostic customers, they don't really order ahead of time, might some industrial or some semiconductor metrology companies with longer lead times, might they accelerate an order here or there? I can't exclude it. We don't have any specific evidence or information of that type. But I think it's probably a relatively minor effect, but there may be some of that out there.

我們真的不知道。我知道這個問題不時出現。這是個好問題。我的意思是，當然，學術醫院診斷客戶，他們並沒有真正提前訂購，可能一些工業或一些交貨時間較長的半導體計量公司，他們可能會在這里或那裡加速訂購嗎？我不能排除它。我們沒有該類型的任何具體證據或信息。但我認為這可能是一個相對較小的影響，但可能會有一些影響。

The next question comes from Patrick Donnelly from Citi.

下一個問題來自花旗的 Patrick Donnelly。

Maybe a little bit of a follow-up on that. Just in terms of the margins, it might be for Gerald. Can you just talk about the moving pieces as we look to '22? Obviously, some increased investments I assume the supply chain inflationary pressures are maybe offsetting some of the underlying strength? And then how much are you able to pass on, on the pricing side? I would be curious just the levers on the margin as you look towards that guidance.

也許會對此進行一些跟進。就利潤而言，可能是杰拉德。你能談談我們期待 22 年的動人嗎？顯然，我認為供應鏈通脹壓力可能會抵消一些潛在的力量？然後在定價方面，你能傳遞多少？當您查看該指南時，我會很好奇邊緣上的槓桿。

So first of all, thanks for the question. We're pretty encouraged by the strength of our order bookings performance in 2021, and we saw a very strong backlog -- record backlog for Bruker. So the strength of our business is there. I think the issue for us is more around timing from a logistics perspective, given some of the supply chain issues.

所以首先，謝謝你的問題。我們對 2021 年訂單預訂表現的強勁感到非常鼓舞，我們看到了非常強大的積壓——布魯克的創紀錄的積壓。所以我們的業務實力就在那裡。考慮到一些供應鏈問題，我認為我們的問題更多是從物流的角度來看時間問題。

There are clearly going to be some modest impact relative to that, and we see it. We expect to see it in the first half of 2022. And that's what's driving us to lead to a little bit of color on our guidance is that we expect the operating margin performance in the first half to be weaker than it is in the second half. So I guess I would just add that we're very encouraged by the strength of the business.

與此相關，顯然會有一些適度的影響，我們也看到了。我們預計會在 2022 年上半年看到它。這就是驅使我們在我們的指導上帶來一點色彩的原因是，我們預計上半年的營業利潤率表現將弱於下半年.所以我想我只想補充一點，我們對業務的實力感到非常鼓舞。

As far as your second question around inflation, I mean we are, of course, like every other business, experiencing some degree of cost pressure that's coming from this whole supply chain process. Our view on this at the moment is that we've been able to navigate through it pretty effectively, I think, in the fourth quarter. And more fundamentally, we expect to do that in 2022. You may know we are pretty active in presenting pricing changes into the markets where we feel we have flexibility to do that and that will be part of our strategy as we move through the rest of 2022.

至於你關於通貨膨脹的第二個問題，我的意思是，我們當然和其他所有企業一樣，都面臨著來自整個供應鏈流程的某種程度的成本壓力。我們目前對此的看法是，我認為，在第四季度，我們已經能夠非常有效地度過難關。更根本的是，我們希望在 2022 年做到這一點。您可能知道，我們非常積極地向我們認為我們有靈活性的市場展示定價變化，這將成為我們戰略的一部分，因為我們將在其餘時間進行2022 年。

But we should keep in mind just to add to that, that for us, when we do increase prices, until that turns into revenue, there's a 2- to 3-quarter time delay. So that's -- that all supports everything that Gerald said. Also keep in mind that our pricing and our backlog is baked in which is again why we think we'll go back to more of our historical pattern of lower margins in the first half and then higher margins in the second half, which is typical for us, but wasn't the case last year, but it has been historically. So we have a time delay in passing on these inflationary pressures via pricing.

但我們應該記住，補充一點，對我們來說，當我們確實提高價格時，直到它變成收入，會有 2 到 3 個季度的時間延遲。所以這就是——這一切都支持杰拉德所說的一切。還要記住，我們的定價和我們的積壓訂單已經存在，這也是為什麼我們認為我們將更多地回到上半年利潤率較低然後下半年利潤率更高的歷史模式，這是典型的我們，但去年並非如此，但歷史上一直如此。因此，我們在通過定價傳遞這些通脹壓力方面存在時間延遲。

That's helpful. And then, Frank, maybe just on kind of the funding outlook on the academic side for '22. Clearly, we feel pretty good about it given the 6% to 8% organic guide. But can you just talk about maybe the U.S. and Europe in terms of the academic funding environment, what you're hearing there and confidence level and the strength persisting here?

這很有幫助。然後，弗蘭克，也許只是關於 22 年學術方面的資金前景。顯然，鑑於 6% 到 8% 的有機指南，我們對此感覺非常好。但是，您能否談談美國和歐洲的學術資助環境、您在那裡聽到的情況、信心水平以及在這裡持續存在的實力？

Yes. I mean, I hope that the -- with the Senate passed but House delayed Competitiveness Act or ICA, whatever it's called, will pass once it comes out of the committees. But of course, it's very difficult to predict Washington. Even without that, I think the optimism and the funding for academic in the U.S., in general, has been excellent. And obviously, there could be a further boost. Now if that funding gets through, particularly with a lot of NSF but also other funding for semiconductor industry and so on in the U.S., I wouldn't expect that money to reach us so quickly and even then, it probably would be 2023 revenue. But of course, we'll be very happy to have -- hopefully, that can lead to bookings, maybe in the second half of this year and hopefully another solid year then in 2023. But of course -- so it's more of a good long-term outlook.

是的。我的意思是，我希望在參議院通過但眾議院推遲競爭法案或 ICA 的情況下，無論它被稱為什麼，一旦它從委員會中出來，就會通過。但當然，很難預測華盛頓。即使沒有這一點，我認為總體而言，美國學術界的樂觀情緒和資金來源都非常好。顯然，可能會有進一步的推動。現在，如果這筆資金通過，特別是有很多 NSF 以及美國的半導體行業等其他資金，我不認為這筆錢會這麼快到達我們手中，即使到那時，也可能是 2023 年的收入。但是，當然，我們會很高興 - 希望這可以帶來預訂，也許在今年下半年，並希望在 2023 年又是一個穩定的一年。但是當然 - 所以這更像是一個好的長期展望。

The shorter-term outlook from backlog and near-term demand generally has been quite strong in almost all of our markets and most geographies and certainly the major geographies.

在我們幾乎所有的市場和大多數地區，當然還有主要地區，積壓和近期需求的短期前景普遍相當強勁。

Next question comes from Puneet Souda from SVB Leerink.

下一個問題來自 SVB Leerink 的 Puneet Souda。

Justin, great to have you on board. So my first question is really on -- I mean, obviously, supply chain is a big topic here. Frank, which parts of the business would you say are more impacted versus others? The timsTOF, the UHF NMRs and the Nano, what sort of -- could you maybe provide some clarity there? And any line of sight you have at this point on when these things are likely to improve based on your conversations across the industry?

賈斯汀，很高興你能加入。所以我的第一個問題真的是——我的意思是，顯然，供應鍊是這裡的一個大話題。弗蘭克，您認為業務的哪些部分比其他部分受影響更大？ timsTOF、UHF NMR 和 Nano，什麼樣的——你能提供一些清晰的信息嗎？根據您在整個行業的對話，您目前對這些事情何時可能會改善有任何看法？

Great questions. I wish I had the crystal ball. I mean we're saying at a minimum, it will persist throughout the first half. That doesn't mean that we know that it stops after the first half. We just don't see it stop at the first half. I'm sure the supply chain challenges continue. And then we just don't know for how long they will continue or whether they'll gradually abate. We can speculate as much as anybody else, but we don't know.

好問題。我希望我有水晶球。我的意思是，我們至少要說，它會在上半年持續存在。這並不意味著我們知道它會在上半場結束後停止。我們只是沒有看到它在上半場停止。我確信供應鏈挑戰仍在繼續。然後我們只是不知道它們會持續多久，或者它們是否會逐漸減弱。我們可以像其他人一樣推測，但我們不知道。

We have certainly baked them into being challenging for the entire year in our outlook. Now where do we -- I mean, I think BEST is -- BEST has the most torpedoes in the water for their supply chain, so to speak, not to get too graphic here. They're managing through it very, very well. And of course, they have the 2 factories on 2 continents and multiple supply chains. But I think for them, it's the most difficult, managing really well so far, as are all of our business.

在我們的展望中，我們當然已經將它們變成了對全年的挑戰。現在我們在哪裡 - 我的意思是，我認為 BEST 是 - BEST 在他們的供應鏈中擁有最多的魚雷，可以這麼說，這裡不要太形象化。他們管理得非常非常好。當然，他們在 2 大洲擁有 2 家工廠和多個供應鏈。但我認為對他們來說，這是最困難的，到目前為止管理得非常好，就像我們所有的業務一樣。

And the second part is really electronics and chips. And that can hit all of our products other than maybe some consumables have electronics and chips. So that really is -- that just can affect absolutely any product line. And we are constantly actively managing that promised deliveries get pushed out all of a sudden by weeks and months. Some minor component all of a sudden isn't available, and we have to figure out a way to get it somehow. So it's really very, very choppy waters and heavy lifting, and our teams are doing really, really well, but it is an extraordinary supply chain disruption out there, and it's incredibly hard work. So all the more admirable that they've done so well.

第二部分是真正的電子和芯片。這可能會影響我們所有的產品，除了一些消耗品可能有電子產品和芯片。所以這真的是 - 這絕對會影響任何產品線。我們一直在積極管理承諾的交付會突然被推遲數周和數月。一些次要組件突然不可用了，我們必須想辦法以某種方式獲得它。所以這真的是非常非常波濤洶湧的水域和繁重的工作，我們的團隊做得非常非常好，但這是一個非同尋常的供應鏈中斷，這是非常艱苦的工作。所以更令人欽佩的是他們做得這麼好。

I think for us, supply chain is, however, a quarterly cadence question rather than a question for the year. We feel really quite good about the year. But could something get pushed from one quarter into another? Yes, it can. So I think it's a short-term issue, may probably throughout the year. But I don't think it fundamentally changes anything on how we progress in -- on an annual cadence in our strategy. That's our view.

然而，我認為對我們來說，供應鍊是一個季度的節奏問題，而不是全年的問題。我們對這一年感覺非常好。但是，有什麼東西可以從一個季度推到另一個季度嗎？是的，它可以。所以我認為這是一個短期問題，可能會貫穿全年。但我認為這不會從根本上改變我們的進展方式——我們戰略的年度節奏。這就是我們的觀點。

Got it. Super helpful on that. And then just my follow-up is on proteomics. I mean, obviously, timsTOF has been an excellent driver for you, a really remarkable growth in that instrument. I assume it's given -- based on what you provided at the start of the year, you're probably nearing 450 installs or so here. So maybe just tell us, at this point in time of the sort of the growth trajectory sort of what sort of growth we should imply for this platform? And do you have all the sort of the required accessories and capabilities around the instruments with these new acquisitions in terms of LC tissue capabilities and other capabilities that you've built in software around timsTOF?

知道了。對此非常有幫助。然後我的後續工作是關於蛋白質組學的。我的意思是，很明顯，timsTOF 對你來說是一個很好的推動力，這個工具的增長非常顯著。我假設它已經給出 - 根據您在年初提供的內容，您可能在此處安裝了 450 次左右。所以也許只是告訴我們，在這個時間點上，我們應該為這個平台暗示什麼樣的增長軌跡？通過這些新收購的 LC 組織功能和您在 timsTOF 軟件中構建的其他功能，您是否擁有圍繞儀器所需的所有附件和功能？

Yes. So first of all, we continue to operate in an ecosystem on software. We'll never have all of it in-house. We have some software in-house, our fast GPU, pacer processing and now our -- you're familiar with that. Obviously, our tims DIA-NN or DIA-NN software, which is absolutely remarkable, particularly in conjunction with the diaPASEF passive workflows, the data independent workflows. But we also work with many, many other smaller software companies that are an essential part of our ecosystem. And on the consumables and separations and aside, and we've made big strategic progress with these acquisitions, but they require further investment. So they're a very good basis.

是的。因此，首先，我們繼續在軟件生態系統中運營。我們永遠不會在內部擁有所有這些。我們有一些內部軟件，我們的快速 GPU，起搏器處理，現在我們的 - 你很熟悉。顯然，我們的 tims DIA-NN 或 DIA-NN 軟件，這絕對是了不起的，特別是與 diaPASEF 被動工作流程、數據獨立工作流程相結合。但我們也與許多其他小型軟件公司合作，這些公司是我們生態系統的重要組成部分。在消耗品和分離方面，我們在這些收購方面取得了重大戰略進展，但它們需要進一步投資。所以他們是一個很好的基礎。

So we probably saved ourselves 3 or 4 years in leapfrogging into these fields inorganically. But now it's not all done. Now this just requires further development with these often smaller, but very great technology companies. And we're just looking forward to then offering more and more complete solutions, at least on the consumables, automation separation side. Of course, we'll still use lots of software also from other companies in this ecosystem.

因此，我們可能節省了 3 或 4 年的時間，以無機方式跨入這些領域。但現在還沒有全部完成。現在，這只需要與這些通常規模較小但非常出色的技術公司進一步發展。我們只是期待隨後提供越來越完整的解決方案，至少在耗材、自動化分離方面。當然，我們仍然會使用這個生態系統中其他公司的許多軟件。

With all of that all into your very first question, Puneet, I would just say that our 4D proteomics and 4D metabolomics is expected to grow well above the corporate average also going forward.

Puneet 將所有這一切都納入您的第一個問題，我只想說，我們的 4D 蛋白質組學和 4D 代謝組學預計也將遠高於公司平均水平。

Next question comes from Jack Meehan from Nephron Research.

下一個問題來自 Nephron Research 的 Jack Meehan。

My first question was can you just talk about the 2022 guidance, just what the outlook assumes by segment for organic growth? And just a little bit more color on what you're thinking within the mid-single digits for the first quarter by segment as well.

我的第一個問題是，您能否談談 2022 年的指導方針，以及按細分市場對有機增長的展望？並且在第一季度的中間個位數中對您的想法進行更多的顏色分析。

Yes. I don't think we're going to do it by quarter, but for the full year, Gerald, maybe you'll want to give some idea.

是的。我不認為我們會按季度完成，但是對於全年，杰拉德，也許你會想給出一些想法。

Relative to the market segments themselves, I mean, I think you've heard Frank's kind of positive view relative to the academic markets and how those are all playing out. We had excellent strength in 2021 in the biopharma segment, and we expect to continue that as we move forward into '22. That's an area that, as you likely know, is a little bit underrepresented in Bruker, and we're driving hard to improve that strongly.

相對於細分市場本身，我的意思是，我想你已經聽說過弗蘭克對學術市場以及這些市場的積極看法。 2021 年，我們在生物製藥領域擁有出色的實力，我們希望在進入 22 年時繼續保持這種實力。正如您可能知道的那樣，這是一個在布魯克的代表性不足的領域，我們正在努力努力改善這一點。

The other areas that are very solid at the moment remain in the industrial research and industrial areas. Obviously, we're on a very good track, I think, relative to our proteomics area. These are all strong. You heard a little bit I hope in the JPMorgan conference around our multi-biotyper performance in the microbiology and diagnostics space. So actually, almost all our segments are performing well.

目前非常穩固的其他領域仍然是工業研究和工業領域。顯然，我認為，相對於我們的蛋白質組學領域，我們正處於非常好的軌道上。這些都很強大。我希望您在摩根大通會議上聽到了一些關於我們在微生物學和診斷領域的多生物分型器性能的信息。所以實際上，我們幾乎所有的細分市場都表現良好。

From a group point of view, I think you can continue to see the fastest organic growth from the Nano and CALID Groups in 2022, with BEST and BioSpin also growing, but not quite as fast as Nano and CALID that may help you with your modeling. And yes, since you asked about Q1 '22, as I think we pointed out earlier, we will not have -- the B Bio group will not have any gigahertz system in Q1 revenue that's moved to Q2 this year, 2022. Whereas last year 2020 -- 2021, I'm sorry, we had two 1 gigahertz class systems in the first quarter. So B Bio will have a weaker Q1 2022 year-over-year. If you want some group guidance, group color, so to speak. BioSpin will have a good year for the year but a weaker start in Q1.

從組的角度來看，我認為您可以繼續看到 Nano 和 CALID 組在 2022 年的最快有機增長，BEST 和 BioSpin 也在增長，但不如 Nano 和 CALID 快，這可能有助於您的建模.是的，既然你問到了 22 年第一季度的問題，正如我認為我們之前指出的那樣，我們不會有 - B Bio 集團在第一季度的收入中不會有任何千兆赫系統，該系統將在今年 2022 年第二季度轉移到第二季度。而去年2020——2021，對不起，第一季度我們有兩個1GHz級的系統。因此，B Bio 的 2022 年第一季度將同比疲軟。如果你想要一些小組指導，小組顏色，可以這麼說。 BioSpin 今年的表現不錯，但第一季度的開局較弱。

That is helpful. And maybe just on that point, so the mid-single-digit organic philosophy for the first quarter, I actually thought that was pretty impressive because those 2 -- the headwind from the 2 gigahertz systems is 3 or 4 points by my math. And it sounds like you're building in some caution related to supply chain. So I was just curious if you could call out, are there any good guys that are contributing to that? Or can you just comment on kind of the magnitude of the backlog you're entering the year with versus last year, just to talk about what's driving kind of the underlying above the full year trend?

這很有幫助。也許就在這一點上，所以第一季度的中個位數有機理念，我實際上認為這非常令人印象深刻，因為這 2 - 來自 2 GHz 系統的逆風是 3 或 4 點，根據我的數學計算。聽起來您正在建立與供應鏈相關的謹慎態度。所以我很好奇你能不能大聲說出來，有沒有好人為此做出貢獻？或者您能否僅評論您進入這一年與去年相比的積壓量，只是談談是什麼推動了全年趨勢之上的基礎？

Yes. No, thank you. It is actually mid-single digits in Q1 given those 2 supply chain caution and the headwind from 2 gigahertz class systems, isn't bad, so thank you. It is mostly -- I mean, Nano and CALID will be the good guys in Q1, to use your language. And indeed, those are also the businesses that had the highest backlog increase. Overall, our backlog at the end of 2021 was at record levels and around $2 billion, which is amazing.

是的。不，謝謝。考慮到這 2 個供應鏈的謹慎和來自 2 GHz 級系統的逆風，它實際上是第一季度的中個位數，還不錯，所以謝謝。主要是——我的意思是，Nano 和 CALID 將成為第一季度的好人，使用你的語言。事實上，這些也是積壓增加最多的企業。總體而言，我們在 2021 年底的積壓訂單達到了創紀錄的水平，約為 20 億美元，這令人驚嘆。

The next question comes from Derik De Bruin from Bank of America.

下一個問題來自美國銀行的 Derik De Bruin。

Gerald, can you talk a little bit about gross margin targets for the full year and pacing? And also just how FX is flowing through on margins this year?

杰拉德，你能談談全年的毛利率目標和節奏嗎？以及今年的外匯利潤如何？

Sure. You're referring to 2022, I think.

當然。我想你指的是 2022 年。

2022. Yes, of course.

2022. 是的，當然。

Yes. So I think in our case, you've seen, we put a very strong gross margin performance in 2022. Again, this is part of our philosophy regarding the strength in our Project Accelerate 2.0 initiatives and the overall strength of the business at the moment. We expect most of that to continue into 2022, particularly Frank has highlighted the Nano group with both industrial as well as semiconductor performance helps on the gross margin line. And in addition, we have a question, we're still working hard on a whole range of strengthening our performance in a number of other areas, including biopharma, where we see good gross margin performance.

是的。所以我認為在我們的案例中，你已經看到，我們在 2022 年實現了非常強勁的毛利率表現。同樣，這是我們關於 Project Accelerate 2.0 計劃的實力和目前業務整體實力的理念的一部分.我們預計其中大部分將持續到 2022 年，特別是弗蘭克強調了 Nano 集團，其工業和半導體性能有助於提高毛利率。此外，我們還有一個問題，我們仍在努力加強我們在其他一些領域的表現，包括生物製藥，我們認為這些領域的毛利率表現良好。

So I guess what I would say relative to the phasing, our gross margin performance is really largely focused on mix. You just heard a little bit about the ultra-high field, which drops better gross margin performance in. It's much better in the last part of the year, I'd say. We had very strong plans for the third and the fourth quarter on the gross margin side. So I think overall, very encouraged on what we see for the gross margin levels.

所以我想我會說相對於階段，我們的毛利率表現實際上主要集中在混合上。您剛剛聽說過一些關於超高領域的信息，它會降低更好的毛利率表現。我想說的是，今年下半年情況要好得多。在毛利率方面，我們對第三季度和第四季度製定了非常強大的計劃。所以我認為總的來說，我們看到的毛利率水平非常令人鼓舞。

But as you'll generally see gross -- most of our operating margin improvement comes from gross margin improvement. It was about 2/3 in 2021, and I don't have an exact number or range, but it will be more than half of our operating margin improvement, especially as we have considerable OpEx investments in commercial and R&D.

但正如你通常會看到的那樣，我們的大部分營業利潤率提高來自毛利率的提高。 2021 年大約是 2/3，我沒有確切的數字或範圍，但這將是我們營業利潤率提高的一半以上，特別是因為我們在商業和研發方面有大量的運營支出投資。

We don't guide -- Derik, sorry, we don't guide specifically on gross margin, but we expect further progress there and most of our operating margin expansion this year, which is a bit more moderate than last year, by choice. It's time to -- we're really benefiting last year. We kind of harvested in a big step-up from any of the Project Accelerate investments made years earlier. And now we're really pushing the next wave of investments to continue to benefit towards '24 and then really beyond that as well. So that's how we're thinking about it.

我們不指導——德里克，抱歉，我們沒有具體指導毛利率，但我們預計今年會有進一步的進展，我們今年的大部分營業利潤率擴張比去年要溫和一些，這是可以選擇的。是時候了——去年我們真的受益匪淺。我們從幾年前進行的任何“加速項目”投資中獲得了巨大的進步。現在，我們真的在推動下一波投資，以繼續受益於 24 年，然後真正超越這一點。所以我們就是這麼想的。

And so then one follow-up, Gerald, just FX pacing on revenues.

然後，杰拉德（Gerald）跟進了一個關於收入的外匯節奏。

Yes. We -- well, FX continues to be a little volatile, I guess, I could say even in the month of January, we've seen it up and down. I think generally, the way this works, as the U.S. dollar strengthens against the euro and the franc, which is one of our major, we're showing a foreign exchange headwind of about 2%, and we are getting a little bit of benefit from some acquisitions in our guidance as well.

是的。我們 - 好吧，我想，外匯仍然有點波動，我可以說即使在 1 月份，我們已經看到它上下波動。我認為總的來說，這種運作方式，隨著美元兌歐元和法郎（我們的主要貨幣之一）走強，我們的外匯逆風約為 2%，我們正在獲得一點好處也來自我們指導中的一些收購。

This is on the revenue.

這是關於收入的。

On the revenue line, yes. So I think we can go through that in a little more detail if you'd like, but it's fairly similar to our normal scenario where the USD strengthens.

在收入線上，是的。因此，如果您願意，我認為我們可以更詳細地討論這一點，但這與美元走強的正常情況非常相似。

Got it. And Frank, just how much revenues are coming from Project Accelerate related products and projects right now? And how do those grow relative to the legacy business?

知道了。弗蘭克，現在有多少收入來自 Project Accelerate 相關產品和項目？與傳統業務相比，這些業務如何增長？

Yes. It's about 54%, which was about -- even with 2020. In 2020, we took the big step up because our Project Accelerate businesses held up much better in 2021 -- in 2020, I mean, sorry. And in 2020, the Project Accelerate became more than half of our revenue, about 54%. And they -- sorry, and then, yes, last year, in 2020, they were also about 54%. Their growth has been higher than the corporate average.

是的。大約是 54%，即使到 2020 年也是如此。在 2020 年，我們邁出了一大步，因為我們的 Project Accelerate 業務在 2021 年表現得更好——我的意思是，在 2020 年，對不起。到 2020 年，Project Accelerate 占我們收入的一半以上，約為 54%。他們——對不起，然後，是的，去年，在 2020 年，他們也有大約 54%。他們的增長一直高於企業平均水平。

And so -- but what that means is that our core business has also been very strong in 2021. So from X-ray tools to infrared applied market tools, many, many to all the way to BEST, right? Last year, it really was a beautiful alignment where not only project accelerated very well, but also our core tools did well in terms of revenue growth and margin expansion.

所以——但這意味著我們的核心業務在 2021 年也非常強勁。所以從 X 射線工具到紅外應用市場工具，很多很多，一直到 BEST，對吧？去年，這確實是一個美麗的調整，不僅項目加速非常好，而且我們的核心工具在收入增長和利潤率擴張方面也做得很好。

Our next question comes from Josh Waldman from Cleveland Research.

我們的下一個問題來自 Cleveland Research 的 Josh Waldman。

Just a couple for you. First, a quick follow-up on FX. Gerald, did you quantify how much of the expected op margin expansion is coming from FX?

只給你一對。首先，快速跟進 FX。 Gerald，您是否量化了預期的營業利潤率增長中有多少來自外匯？

No. We don't typically do that, Josh. But you can see our overall story on the top line is reflected in our guidance slide.

不，我們通常不會那樣做，喬希。但是您可以在頂部看到我們的整體故事反映在我們的指導幻燈片中。

But it's also not a very large effect going forward. I think we highlighted in some years, Josh, when it's a big effect, right? We don't expect it on the operating profit margin to be a significant effect in 2022 so far. It has the headwind on revenue, minus 2%. But by the time you get to operating profit margin or EPS, it is not expected to be a major driver, hence, we don't highlight it.

但這對未來的影響也不是很大。喬希，我認為我們在幾年中強調了當它產生重大影響時，對嗎？到目前為止，我們預計它對營業利潤率的影響不會在 2022 年產生重大影響。它的收入逆風，負2%。但是當你得到營業利潤率或每股收益時，預計它不會成為主要驅動因素，因此，我們不強調它。

Got it. Got it. Okay. Then Frank, I wondered if you could provide an update on the VAT tax situation in China? Did you see any easing here? Did this cause you to carry more revenue into 2022 than maybe you would have otherwise? And then I guess a view on China overall as you think about your guide and kind of your expectations there for 2022 would be helpful.

知道了。知道了。好的。然後弗蘭克，我想知道您能否提供有關中國增值稅稅收情況的最新信息？你看到這裡有什麼緩和嗎？這是否導致您在 2022 年的收入比其他情況下更多？然後我想，當您考慮您的指南以及您對 2022 年的期望時，對中國的整體看法會有所幫助。

Josh, if you don't mind, I'll take that. It's Gerald. I guess our -- we did see some relief relative to the whole tax certificate issues that started early in 2021 in China. Those have resolved themselves largely in many of the larger provinces in China, at least in the fourth quarter, and we're continuing to see improvement thus far in the first quarter of 2022.

喬希，如果你不介意，我會接受的。是杰拉德。我想我們確實看到了相對於 2021 年初在中國開始的整個稅務證明問題的一些緩解。這些問題在中國許多較大的省份已經基本解決，至少在第四季度是這樣，到目前為止，我們將在 2022 年第一季度繼續看到改善。

And just generally speaking, just to frame it, the China business for us is around 15% of the total Bruker revenue. And it's a very important market for us. We had very solid growth both on the bookings as well as on the revenue side in 2021, and we're expecting to continue to see that level of growth in '22. The market conditions actually in China, even from a logistics perspective, seem to be normalizing and so I'd say it's kind of business as usual despite some supply chain challenges.

總的來說，就我們而言，中國業務佔布魯克總收入的 15% 左右。這對我們來說是一個非常重要的市場。我們在 2021 年的預訂量和收入方面都實現了非常穩健的增長，我們預計 22 年將繼續保持這種增長水平。實際上，中國的市場狀況，即使從物流的角度來看，似乎也在正常化，所以我想說儘管存在一些供應鏈挑戰，但它還是照常營業。

The next question comes from Tycho Peterson from JPMorgan.

下一個問題來自摩根大通的 Tycho Peterson。

Frank, I've got a timsTOF question. You did the PreOmics investment. I know it's relatively small, but you had also done the Seer partnership in January. How do you think about those 2 since they seem to be solving for something very similar?

弗蘭克，我有一個 timsTOF 問題。你做了 PreOmics 投資。我知道它相對較小，但你在一月份也完成了 Seer 的合作。您如何看待這兩個，因為他們似乎正在解決非常相似的問題？

Actually very different. Good question, Tycho. So as you know, Seer is very much focused on plasma proteomics, and deep unbiased plasma proteomics, and we have a number of joint customers who exploit the Seer proteograph, and then our timsTOF right, for exceptional depths and throughput on plasma proteomics. The consumables of PreOmics, some of the consumables can be used in conjunction even with -- even by customers who have a proteograph and then it's very much focused with the BeatBox on tissue homogenization and lysis and on, let's say, biopsy samples and things like that. So they're complementary and mostly with a different focus.

其實很不一樣。好問題，第谷。如您所知，Seer 非常專注於血漿蛋白質組學和深度無偏血漿蛋白質組學，我們有許多共同客戶利用 Seer 蛋白質組學，然後是我們的 timsTOF 權利，以獲得卓越的深度和血漿蛋白質組學通量。 PreOmics 的耗材，其中一些耗材甚至可以與擁有 proteograph 的客戶一起使用，然後它非常專注於 BeatBox 的組織均質化和裂解，比方說，活檢樣本和諸如此類的東西那。所以它們是互補的，而且大多具有不同的重點。

Okay. And then as we think about your spatial portfolio with Canopy, Vutara, Acuity, can you just talk a little bit about what we should be thinking about in terms of kind of milestones and business development for that portfolio this year?

好的。然後，當我們考慮您與 Canopy、Vutara、Acuity 的空間組合時，您能否談談我們應該在今年該組合的里程碑和業務發展方面考慮什麼？

So Acuity is easy. It's all R&D and development, and we're building up the 2 sites on West Coast, East Coast for Acuity, building up the teams working on product and solution strategy. And the simple answer is don't expect any product revenue or product announcements yet in 2022.

所以Acuity很容易。這都是研發和開發，我們正在西海岸、東海岸為 Acuity 建立 2 個站點，建立致力於產品和解決方案戰略的團隊。簡單的答案是，預計 2022 年不會有任何產品收入或產品發布。

2022 is all investment in Acuity, and then a year from now, we'll talk about Acuity then having first offerings perhaps in 2023. Canopy very different, very much an investment year 2021. That's one of the areas where we're ramping up the commercial teams as well as the R&D in preparation for significant product news in 2022. So Canopy, moderate growth last year, lots of investments, but hopefully beginning the ramp or a more significant ramp, let's say, at least in the second half of this year.

2022 年是對 Acuity 的全部投資，然後一年後，我們將討論 Acuity，然後可能在 2023 年首次提供產品。Canopy 非常不同，2021 年非常投資。這是我們正在加速發展的領域之一商業團隊以及研發，為 2022 年的重大產品新聞做準備。所以 Canopy，去年的溫和增長，大量投資，但希望至少在下半年開始斜坡或更重要的斜坡今年。

So 2 different stories, 2 different areas of the spatial biology market. Canopy, big investment last year, continued investment this year, particularly commercially acuity all product development.

所以空間生物市場的兩個不同的故事，兩個不同的領域。 Canopy，去年投資大，今年繼續投資，特別是商業敏銳的所有產品開發。

And lastly, you're taking R&D up by $20 million, $25 million this year. Obviously, you just highlighted some of the spatial investments. But are there other areas that are maybe getting outsized R&D investments this year?

最後，研發費用增加了 2000 萬美元，今年是 2500 萬美元。顯然，您剛剛強調了一些空間投資。但今年還有其他領域可能獲得超額研發投資嗎？

It's actually not all R&D this year. It's also -- a lot of it is commercial and Canopy is an example, but there's a number of areas in proteomics, spatial biology, but also in other areas where we're ramping up our commercial capabilities to prepare for further accelerations in growth. So this is not just R&D this time.

今年其實不全是研發。它也是 - 其中很多是商業化的，Canopy 就是一個例子，但在蛋白質組學、空間生物學以及其他領域，我們正在提高我們的商業能力，為進一步加速增長做準備。所以這次不僅僅是研發。

Actually, the commercial investments on the OpEx side of this extra $20 million to $25 million, a bigger part is strategic marketing, commercial, sales headcount. And there's also additional R&D, but it's a slightly smaller component. We had done more of the R&D investments earlier, and we continue to do that. But now we also, for these products that we're launching and have launched, we're ramping up the commercial teams.

實際上，這額外的 2000 萬到 2500 萬美元的運營支出方面的商業投資，更大的一部分是戰略營銷、商業、銷售人員。還有額外的研發，但它是一個稍小的組件。我們之前已經進行了更多的研發投資，並且我們將繼續這樣做。但現在，對於我們正在推出和已經推出的這些產品，我們也在加強商業團隊。

The next question comes from Dan Arias from Stifel.

下一個問題來自 Stifel 的 Dan Arias。

Frank, just to further the thought on Accelerate. For Accelerate 2.0, where are you assuming growth for the product in that initiative come in just under the 6% to 8% overall outlook? I think in June, you talked about high single to low double, but that was for '22 through '24. So I'm just curious where you're thinking you start off there on growth just for this year.

弗蘭克，只是為了進一步思考加速。對於 Accelerate 2.0，您假設該計劃中的產品增長在 6% 到 8% 的總體前景下是多少？我想在 6 月份，你談到了從高單到低雙，但那是針對 22 年到 24 年的。所以我只是好奇你認為你從哪裡開始今年的增長。

So this year, we would again expect our Project Accelerate 2.0 growth to be above the corporate average, which, as you've seen, is 6% to 8% is our guidance for organic growth for the corporate average. But we don't expect a huge discrepancy as we had in 2020. But perhaps closer to 2021, where our other core businesses are also showing nice growth. So Project Accelerate above the average, but not dramatically so because the core business is doing okay.

所以今年，我們再次預計我們的 Project Accelerate 2.0 增長將高於企業平均水平，正如您所見，6% 到 8% 是我們對企業平均有機增長的指導。但我們預計不會像 2020 年那樣出現巨大差異。但可能更接近 2021 年，我們的其他核心業務也顯示出良好的增長。所以項目加速高於平均水平，但並不顯著，因為核心業務做得很好。

Just a little bit. I just -- but -- and I'm just trying to square away the outlook in June for Accelerate 2.0 when you kind of put like a discrete range around that portfolio, high singles to low doubles. Should we think about this year being more high singles and then as some of these new opportunities come into the mix, that's when you get to low doubles for that portfolio? Or ...

只是一點點。我只是 - 但是 - 我只是試圖在 6 月份調整 Accelerate 2.0 的前景，當你在該投資組合周圍放置一個離散的範圍時，高單打到低雙打。我們是否應該考慮今年是更高的單打，然後隨著這些新機會中的一些進入組合，那是你獲得該組合的低雙打的時候嗎？或者 ...

No, you'll have a range. So I mean, aftermarket is a very solid grower, but it tends to be high singles; proteomics and spatial biology from a small base proteomics from a larger base, clearly expect double-digit growth there. We have, on semiconductor, microelectronics, we expect very good, more like double-digit growth.

不，你會有一個範圍。所以我的意思是，售後市場是一個非常穩固的種植者，但它往往是高單價；蛋白質組學和空間生物學來自小基礎 蛋白質組學來自大基礎，顯然預計會有兩位數的增長。在半導體、微電子方面，我們預計非常好，更像是兩位數的增長。

Last year, our microbiology business grew amazingly well. So sometimes when you have such strong growth the following year, maybe you're more back to the high single digits, although we haven't finalized that. We'll see how that goes. So I think the short answer would be, yes, the high single to double-digit growth for Project Accelerate also makes sense for this year.

去年，我們的微生物業務增長驚人。所以有時當你在第二年有如此強勁的增長時，也許你會更回到高個位數，儘管我們還沒有最終確定。我們會看看情況如何。所以我認為簡短的回答是，是的，Project Accelerate 的高個位數到兩位數的增長在今年也是有意義的。

And then just Gerald...

然後只是杰拉德...

I neglected to say biopharma has just been very, very strong for us. I know we talk about more proteomic special biology and maybe multi-biotyper because there isn't one product or one solution for biopharma, but the numerous very differentiated and pretty unique biopharma solutions that we have from NMR and mass spec, primarily but also from molecular spectroscopy, have just done really, really well. And so our Biopharma & Applied, with Biopharma being the much larger part starts to be around 18% or so of our revenue and that's just grown very dramatically and with good margins as well in recent years. So that's -- that and semiconductor metrology being so strong, maybe were a little bit under the radar. I mean they're not under the radar, but they're lower, the other horizon where it proteomic spatial biology and microbiology probably get the bigger headlines. But those are the 2 areas are strong as well.

我忘了說生物製藥對我們來說非常非常強大。我知道我們談論更多的蛋白質組特殊生物學，也許還有多生物分型，因為沒有一種產品或一種生物製藥解決方案，但我們從 NMR 和質譜獲得了許多非常差異化和非常獨特的生物製藥解決方案，主要但也來自分子光譜學，剛剛做得非常非常好。所以我們的生物製藥和應用，其中生物製藥佔更大的部分，開始占我們收入的 18% 左右，而且近年來增長非常顯著，利潤率也很高。所以這就是 - 半導體計量如此強大，可能有點不為人知。我的意思是它們不在雷達之下，但它們較低，蛋白質組學空間生物學和微生物學可能會成為更大的頭條新聞。但這兩個領域也很強大。

And thank you for the Q&A, operator. That will bring to an end the Q&A portion of the call as we are now past 9:30. So I want to thank everyone for joining us today. During the first quarter, Bruker will participate in the SVB Leerink Global Healthcare Conference. Bruker's leadership team looks forward to meeting with you at an event or speaking with you directly during the quarter. Feel free to reach out to me to arrange a follow-up. Thanks, and have a good morning, everybody.

並感謝您的問答，運營商。這將結束電話的問答部分，因為我們現在已經過了 9:30。所以我要感謝大家今天加入我們。第一季度，布魯克將參加 SVB Leerink 全球醫療保健會議。布魯克的領導團隊期待在本季度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後續工作。謝謝，大家早上好。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。