Cryoport Inc (CYRX) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to Cryoport's second-quarter 2025 earnings conference call.

午安.歡迎參加 Cryoport 2025 年第二季財報電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

（操作員指示）提醒一下，此通話正在被錄音。

I will now turn the call over to your host, Todd Fromer, from KCSA Strategic Communications. Please go ahead.

現在我將電話轉給主持人、KCSA Strategic Communications 的 Todd Fromer。請繼續。

Thank you, operator.

謝謝您，接線生。

Before we begin today, I would like to remind everyone that this conference call contains certain forward-looking statements. All statements that address our operating performance, events, or developments that we expect or anticipate occurring in the future are forward-looking statements. These forward-looking statements are based on management's beliefs and assumptions and not on information currently available to our management team.

在我們今天開始之前，我想提醒大家，本次電話會議包含某些前瞻性陳述。所有涉及我們的經營績效、事件或我們預期或預期在未來發生的發展的陳述均為前瞻性陳述。這些前瞻性陳述是基於管理階層的信念和假設，而不是基於我們管理團隊目前所掌握的資訊。

Our management team believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or otherwise, except as required by law.

我們的管理團隊認為，這些前瞻性陳述在做出時是合理的。然而，您不應過度依賴任何此類前瞻性陳述，因為此類陳述僅代表陳述作出之日的觀點。除非法律要求，否則我們不承擔公開更新或修改任何前瞻性聲明的義務，無論是否出現新資訊、未來事件或其他原因。

In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events, and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Item 1A, Risk Factors, and elsewhere in our Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission; and those described from time to time in the other reports, which we file with the Securities and Exchange Commission.

此外，前瞻性陳述受某些風險和不確定性的影響，可能導致實際結果、事件和發展與我們的歷史經驗和目前的預期或預測有重大差異。這些風險和不確定因素包括但不限於第 1A 項「風險因素」和我們向美國證券交易委員會提交的 10-K 表年度報告的其他部分中所述的風險和不確定因素；以及我們向美國證券交易委員會提交的其他報告中不時所述的風險和不確定因素。

As a reminder, Cryoport has uploaded their second-quarter 2025-in-review document to the main page of the Cryoport website. These documents provide a review of Cryoport's financial and operational performance and a general business outlook.

提醒一下，Cryoport 已將 2025 年第二季審查文件上傳至 Cryoport 網站主頁。這些文件回顧了 Cryoport 的財務和營運業績以及整體業務前景。

Before I turn the call over to Jerry, please note that because of the strategic partnership that has been established with DHL Group and the related sale of CRYOPDP to DHL, CRYOPDP's financials, which were previously a part of Cryoport's Life Science Services reportable segment, are now presented as discontinued operations.

在我將電話轉給傑瑞之前，請注意，由於與 DHL 集團建立了戰略合作夥伴關係以及將 CRYOPDP 出售給 DHL，CRYOPDP 的財務狀況（以前是 Cryoport 生命科學服務報告部門的一部分）現在被列為已停止經營的業務。

Cryoport previously provided quarterly historical information on the space for fiscal year 2024 and our first-quarter 2025-in-review document, which remains available on the Cryoport website. This information is intended to support the financial modeling efforts of those needing this information.

Cryoport 之前曾提供 2024 財年該領域的季度歷史資訊以及我們的 2025 年第一季度回顧文件，該文件仍可在 Cryoport 網站上查閱。此資訊旨在支持那些需要此資訊的人的財務建模工作。

Please note that unless otherwise indicated, all revenue figures discussed today will refer to continuing operations. This includes Cryoport's fiscal year 2025 revenue guidance.

請注意，除非另有說明，今天討論的所有收入數字均指持續經營業務。其中包括 Cryoport 2025 財年的收入指引。

It is now my pleasure to turn the call over to Mr. Jerrell Shelton, Chief Executive Officer of Cryoport. Jerry, the floor is yours.

現在我很高興將電話轉給 Cryoport 執行長 Jerrell Shelton 先生。傑瑞，現在輪到你了。

Thank you, Todd. Good afternoon, everyone.

謝謝你，托德。大家下午好。

With us this afternoon is our Chief Financial Officer, Robert Stefanovich; our Chief Scientific Officer, Dr. Mark Sawicki; and our Vice President of Corporate Development and Investor Relations, Thomas Heinzen.

今天下午與我們一起出席的有我們的財務長 Robert Stefanovich、我們的首席科學官 Mark Sawicki 博士以及我們的企業發展和投資者關係副總裁 Thomas Heinzen。

Today, Cryoport reported strong double-digit revenue growth across all revenue streams in our Life Sciences services for the second quarter. Service revenue increased 21% year over year, accounting for 54% of total revenue from continuing operations.

今天，Cryoport 報告稱，第二季生命科學服務所有收入來源均實現了強勁的兩位數收入成長。服務收入年增21%，佔持續經營總收入的54%。

Notably, revenue from our support of commercial cell and gene therapies increased by 33% and BioStorage - Bioservices grew 28%, underscoring the growing demand for our integrated temperature control supply chain platform. This growth continues to be fueled by the increasing adoption and scaling of cell and gene therapies, a positive trend, we believe, will continue for years to come.

值得注意的是，我們對商業細胞和基因療法的支援收入成長了 33%，生物儲存-生物服務收入成長了 28%，這凸顯了對我們整合溫度控制供應鏈平台的需求不斷增長。這種增長繼續受到細胞和基因療法日益普及和擴大的推動，我們相信，這種積極的趨勢將在未來幾年持續下去。

Turning to our Life Sciences products, we posted a solid performance with 8% year-over-year revenue growth, driven by improved demand, particularly from Animal Health customers. During the quarter, we also continued to expand our product portfolio with the launch of our next-generation [MESC42V and SC43IV] vapor shippers, which offer medical and Animal Health professionals improve safety and reliability for transporting and preserving sensitive biological materials at cryogenic temperatures.

談到我們的生命科學產品，我們取得了穩健的業績，營收年增 8%，這得益於需求的成長，尤其是來自動物保健客戶的需求。在本季度，我們也繼續擴大我們的產品組合，推出了下一代 [MESC42V 和 SC43IV] 蒸汽運輸器，為醫療和動物保健專業人士提供了在低溫下運輸和保存敏感生物材料的安全性和可靠性。

During the second quarter, we also recorded revenue in accordance with plan from sales of MVE's high-efficiency 800-seat cryogenic storage system, which was released earlier this year. This compact form factor freezer was designed for facilities with limited space that require high capacity and security.

第二季度，我們也按計畫記錄了MVE今年稍早發布的高效率800座低溫儲存系統的銷售收入。這款緊湊型冰櫃專為空間有限但需要高容量和安全性的設施而設計。

These innovations demonstrate our continued commitment to addressing the evolving needs of our clients globally and expanding our future revenue potential.

這些創新表明我們持續致力於滿足全球客戶不斷變化的需求並擴大我們未來的收入潛力。

For the second quarter, we had an overall 14% increase in total revenue from operations. We delivered an increase in gross margin, along with a meaningful lift in our adjusted EBITDA as a result of our pathway to profitability initiatives.

第二季度，我們的總營業收入整體成長了14%。由於我們採取了獲利舉措，我們的毛利率得到了提高，調整後的 EBITDA 也得到了顯著提升。

Given the strong execution across all our business units, we are reaffirming our full-year 2025 revenue guidance, as we move toward our goal of sustainable long-term profitability, which will accelerate as our capital projects mature.

鑑於我們所有業務部門的強勁執行力，我們重申 2025 年全年收入指引，朝著可持續長期盈利的目標邁進，隨著我們的資本項目的成熟，這一目標將會加速實現。

I'm pleased with all the progress of all of our business units, but I would be remiss if I didn't highlight one of the most significant achievements for the second quarter, which was our launch of our strategic partnership agreement with the DHL Group and DHL's acquisition of CRYOPDP in a transaction that included cash payments of approximately $200 million to Cryoport.

我對我們所有業務部門的進展感到滿意，但如果我不強調第二季度最重要的成就之一，那我就失職了，那就是我們與 DHL 集團達成戰略合作協議，以及 DHL 收購 CRYOPDP，其中包括向 Cryoport 支付約 2 億美元的現金。

Aside from a strong infusion of capital, this strategic partnership provides for enhancing our global bio-logistics capabilities and effectiveness by leveraging DHL's competencies scale and reach in Asia-Pac and EMEA, we will be increasingly well positioned to expand our Life Sciences business and deepen our leadership in the rapidly growing global regenerative medicine market. This strategic partnership is an initial step, as we continue to work to develop a strong global partner network that complements our core capabilities through discussions with various global companies.

除了注入大量資金外，此次戰略合作夥伴關係還將利用 DHL 在亞太地區和歐洲、中東和非洲地區的能力、規模和影響力，增強我們的全球生物物流能力和效率，我們將更有能力擴大我們的生命科學業務，並深化我們在快速成長的全球再生醫學市場中的領導地位。這次策略合作只是第一步，我們將繼續致力於透過與全球各大公司進行討論，建立強大的全球合作夥伴網絡，以補充我們的核心能力。

Before we take your questions, I want to briefly address a unique situation with one of our clients that has received some immediate attention. One of our gene therapy clients temporarily pause the distribution of their commercial therapy for about a week in July.

在回答您的問題之前，我想簡要介紹我們一位客戶遇到的一個特殊情況，該情況已引起一些關注。我們的基因治療客戶在七月暫停了其商業療法的分發約一周。

The therapy is now back on the market and shipping to patients. However, that company anticipates treating fewer patients than originally forecast in 2025. We do not expect this to have a material impact on our business.

該療法現已重新上市並運送給患者。然而，該公司預計 2025 年治療的患者數量將比最初預測的要少。我們預計這不會對我們的業務產生重大影響。

Our guidance that we reaffirm today considers an estimated revenue impact of approximately $2 million from this client for the remainder of the year. As of June 30, Cryoport supported a record 728 clinical trials, which is approximately 70% of the industry cell and gene therapy trials.

我們今天重申的指導意見認為，該客戶將在今年剩餘時間內帶來約 200 萬美元的收入影響。截至 6 月 30 日，Cryoport 支持了創紀錄的 728 項臨床試驗，約佔產業細胞和基因療法試驗的 70%。

For the remainder of 2025, we anticipate up to an additional 20 application filings, one new therapy approval and an additional 3 approvals for label or geographic expansion.

對於 2025 年剩餘時間，我們預計將有最多額外 20 份申請、一項新療法批准以及另外 3 項標籤或地理擴展批准。

Also, we want to note that during the quarter, five of our clients that had filed for approval earlier this year or late last year, received negative opinions from the FDA or MAA, all these clients have requested meetings with the regulators to find a pathway forward to bring their therapies to market.

此外，我們想指出的是，在本季度，我們五位在今年稍早或去年年底提交批准申請的客戶收到了 FDA 或 MAA 的負面意見，所有這些客戶都要求與監管機構會面，以找到將其療法推向市場的途徑。

Given the need for these therapies, along with the recent changes within the FDA, many analysts are thinking more positively about their chances of gaining approval later this year or early in 2026. The strength and resilience of Cryoport's performance in the second quarter despite these challenges faced by a few of our clients by largely in the broad number of clinical trials we support and the scaling of the current commercial therapies we are supporting on a global basis.

考慮到這些療法的需求，以及 FDA 內部最近的變化，許多分析師對它們在今年稍後或 2026 年初獲得批准的機會持更樂觀的態度。儘管我們的一些客戶面臨這些挑戰，但 Cryoport 在第二季度的業績仍然強勁且富有彈性，這主要歸功於我們支持的大量臨床試驗以及我們在全球範圍內支持的當前商業療法的規模。

Our commercial revenue is expected to drive our growth for years as it is boosted by additional Cryoport-supported therapies as they reach commercialization, including the new cell therapy from our customer, Avino -- Aviana Therapeutics that was approved by the FDA during the second quarter.

我們的商業收入預計將在未來幾年推動我們的成長，因為它受到更多 Cryoport 支持的療法的商業化推動，包括我們的客戶 Avino 的新細胞療法——Aviana Therapeutics，該療法在第二季度獲得了 FDA 的批准。

I probably mispronounced that. I think it's a (inaudible).

我可能發音錯誤了。我認為這是一個（聽不清楚）。

In summary, our second quarter was marked by strong revenue growth, improved margins, and the beginning of the execution of a transformative strategic partnership agreement. We are entering the second half of the year with strong momentum and a clear focus on driving long-term shareholder value, as we support the growth of the global regenerative medicine markets and the life sciences, in general.

總而言之，我們的第二季營收成長強勁，利潤率提高，並開始執行變革性策略合作協議。我們正以強勁的勢頭進入下半年，並明確致力於推動長期股東價值，因為我們支持全球再生醫學市場和整個生命科學的成長。

As the regenerative medicine industry accelerates, the complexity and precision required to safely deliver personalized often life-saving therapies has never been greater. Our global platform of temperature control supply chain solutions, coupled with real-time informatics and regulatory compliant processes enable 728 active clinical trials and 18 commercial therapies worldwide.

隨著再生醫學產業加速發展，安全提供個人化、通常可挽救生命的治療所需的複雜性和精確度從未如此之高。我們的全球溫度控制供應鏈解決方案平台，加上即時資訊和合規流程，支援全球 728 項活躍臨床試驗和 18 種商業療法。

Whether supporting first in-human studies or globally scaled commercial treatments, Cryoport ensures end-to-end integrity from the manufacturer from the laboratory to the manufacturer to the points of care to the patient's bedside, our advanced packaging systems, bio storage and Bioservices capabilities, bio-logistics and cryogenic infrastructure have become mission-critical to the industry's leading biopharma companies, CDMOs and researchers alike.

無論是支援首次人體研究還是全球規模的商業治療，Cryoport 都能確保從製造商、從實驗室到製造商、從護理點到患者床邊的端到端完整性，我們先進的包裝系統、生物儲存和生物服務能力、生物物流和低溫基礎設施已成為業界領先的生物製藥公司、CDMO 和研究人員的關鍵任務。

In short, we formed the connected tissue between researchers, manufacturers and the patients enabling the secure preservation and movement of living regenerative therapies with real-time data and systems and a global reach. We do more than support the life sciences ecosystem, we make it responsive, resilient, and ready for the future of medicine.

簡而言之，我們在研究人員、製造商和患者之間建立了聯繫，從而能夠透過即時數據和系統以及全球影響力安全地保存和移動活體再生療法。我們不僅支持生命科學生態系統，還使其具有反應能力、彈性，並為醫學的未來做好準備。

This concludes my prepared remarks. Now, I'll ask the operator to open the lines for your questions.

我的準備好的發言到此結束。現在，我請接線生打開熱線回答大家的提問。

(Operator Instructions)

（操作員指示）

Kyle Crews, UBS.

瑞銀集團的凱爾克魯斯（Kyle Crews）。

Could you please provide a brief update on the non-cell and gene therapy demand that appears to be driving the product revenue beat in the quarter? And could you provide an update on IntegriCell and how the adoption there is going?

您能否簡要介紹一下推動本季產品收入成長的非細胞和基因治療需求？您能否提供有關 IntegriCell 的最新情況以及其採用情況？

I think both those questions can be answered by Dr. Sawicki.

我認為 Sawicki 博士可以回答這兩個問題。

Yes. So IntegriCell continues to progress nicely. We are moving forward with -- I'm sorry, just give me one second here. Sorry, can you repeat the first part of the question?

是的。因此，IntegriCell 繼續順利發展。我們正在繼續前進——抱歉，請給我一點時間。抱歉，您能重複問題的第一部分嗎？

The first part was on MVE, maybe I'll step in Mark you. MVE, we are feeling better than we were about 6 to 12 months ago. The revenue there did improve up 8%. We do continue to believe that the business stabilized in the quarter and in last quarter.

第一部分是關於 MVE 的，也許我會介入 Mark 你。MVE，我們感覺比 6 到 12 個月前好得多。那裡的收入確實提高了8%。我們確實繼續相信本季和上個季度的業務已經穩定下來。

Globally, markets have been disrupted by governmental policies. And we do expect the uncertainty to continue to impact capital spending, as you could see with other life science companies.

在全球範圍內，市場已經受到政府政策的干擾。我們確實預計不確定性將繼續影響資本支出，正如您在其他生命科學公司看到的那樣。

In particular, at MVE, they had a very nice quarter from the Animal Health side. with cryogenic systems sales. Go ahead Mark, on IntegriCell.

特別是在 MVE，他們在動物保健方面取得了非常好的業績，包括低溫系統的銷售。繼續吧，馬克，在 IntegriCell 上。

I apologize for the mix-up. Yes. IntegriCell is proceeding on track. We do anticipate the initiation of revenue production this quarter with meaningful revenue.

我對於造成的混亂深表歉意。是的。IntegriCell 正在按計劃進行。我們確實預計本季將開始產生收入，並帶來可觀的收入。

Starting in 2026, we are actively tech transferring our first clients, right now, which just takes a little bit of time. But that that's going to start to help support the revenue contribution later this year (inaudible) .

從 2026 年開始，我們正在積極地向我們的第一批客戶進行技術轉移，只是需要一點時間。但這將有助於在今年稍後支持收入貢獻（聽不清楚）。

Great. And then, maybe as a follow-up there, you maintained the guidance but you had a really great quarter. It seems like there's the market seems to have improved and there is upcoming revenue streams into 2H.

偉大的。然後，也許作為後續行動，您維持了指導，但您度過了一個非常棒的季度。看起來市場似乎已經好轉，下半年將出現收入流。

Can you go through the phasing on your 2H guidance and maybe go over why you didn't increase the guide?

您能否逐步介紹一下您的 2H 指導並解釋為什麼您沒有增加指導？

Yes. We didn't increase the guidance because we're being prudent, of course, given the uncertainties in the global economy and geopolitical uncertainties, as well as administrative uncertainties and looking at the market and the puts and takes and so forth.

是的。我們沒有提高指引，當然是因為我們很謹慎，考慮到全球經濟和地緣政治的不確定性，以及行政方面的不確定性，以及市場、收益等因素。

We felt it was more prudent to keep our guidance where it is. And so we -- that's why we reaffirmed it the way it is.

我們認為維持目前的指導方針是更謹慎的做法。所以我們——這就是我們重申這一點的原因。

David Saxon, Needham.

大衛薩克森，尼德漢姆。

Great. Congrats on the quarter. Maybe just a follow-up to that last question on guidance.

偉大的。恭喜本季取得佳績。也許只是對指導的最後一個問題的後續回答。

Just I guess, third quarter, it looks to be an easier comp and then easy comp, but slightly harder in the fourth quarter. So how should we think about growth exiting the year, and any early thoughts on 2026 just given the momentum you're seeing?

我只是猜測，第三季的比賽看起來會比較容易，然後比較容易，但第四季會稍微困難。那麼，我們該如何看待今年的成長？鑑於您所看到的勢頭，您對 2026 年有什麼初步想法？

And then, I'll have a follow-up.

然後，我會進行跟進。

Just on '26, obviously, on '26, we'll give guidance typically at year-end. We are providing some outlook in our review, please that's posted on our website. related to the expectations on BLA and MAA filings and approvals.

就在 26 日，顯然，在 26 日，我們通常會在年底提供指導。我們在評論中提供了一些展望，請將其發佈在我們的網站上。與 BLA 和 MAA 備案和批准的預期有關。

So I'd encourage you to look at that document as well. I think you're looking at the second half of the year, as Jerry mentioned, we're holding to our guidance for the full year. There's certainly upside opportunity there. But typically, we would expect obviously a stronger Q4 compared to the Q3 revenue growth.

所以我鼓勵你也去看看那份文件。我認為您正在關注下半年，正如傑瑞所提到的，我們將堅持全年的指導方針。那裡肯定存在上行機會。但通常情況下，我們預期第四季的營收成長顯然會比第三季更強勁。

I think overall, in terms of the general performance the first half of the year and the second quarter, obviously, we made significant improvements in terms of gross margins, both on products and services, bringing total gross margin to 4% to 7%. So that's a significant increase over prior year.

我認為總體而言，就上半年和第二季的整體表現而言，顯然我們在產品和服務的毛利率方面取得了顯著的提高，使總毛利率達到 4％至 7％。因此，這比去年同期有了顯著的成長。

And then from a bottom line perspective as well, if you look at the adjusted EBITDA from continuing operations were for Q2 had a negative $0.9 million from a negative $5.6 million in the prior year or a negative $2.8 million in Q1 of this year.

然後從底線角度來看，如果你看一下持續經營的調整後 EBITDA，第二季為負 90 萬美元，而去年同期為負 560 萬美元，今年第一季為負 280 萬美元。

So everything is moving in the right direction. Revenue growth gross margins as well as the bottom line. And we certainly want to push that forward during the second half as well.

所以一切都在朝著正確的方向發展。收入成長、毛利率以及底線。我們當然也希望在下半年繼續推展這個目標。

So that's I think as much as we can say, at this point.

所以我認為目前我們能說的就這麼多。

Okay. Great. No. That was super helpful.

好的。偉大的。不。這非常有幫助。

And then, I guess, just on the balance sheet, I mean, $426 million in cash post the sale of looks like you did some smaller share repurchases over the last couple of months. But I would love just an update on how you're thinking about capital allocation philosophy.

然後，我想，僅在資產負債表上，出售後 4.26 億美元的現金看起來就像您在過去幾個月中進行了一些較小規模的股票回購。但我只是想了解一下您對資本配置理念的看法。

You've done M&A in the past, you took a pause there. So would love your updated thoughts there.

您過去曾進行過併購，但曾暫停過。所以我很想知道您更新的想法。

Yes, David, we did back some common stock in the second quarter. We'll continue to take our usual prudent approach to deploying capital. We'll be thoughtful, opportunistic and we'll also be strategic with all the funds that we have. But we'll continue to consider buying back our stock as we think it's significantly undervalued in the market.

是的，大衛，我們在第二季確實支持了一些普通股。我們將繼續採取一貫審慎的方法來配置資本。我們會深思熟慮，抓住機遇，並會策略性地利用我們所有的資金。但我們將繼續考慮回購我們的股票，因為我們認為它在市場上被嚴重低估了。

Just to put a number on it, we did buyback 1 million shares since our last report.

舉個數字來說，自上次報告以來，我們確實回購了 100 萬股。

Yes. And Jerry may just to add, obviously, cash is king in this environment. We did pay back the 2025 convertible notes about $14 million during the second quarter. And we obviously would want to maintain a strong balance sheet while evaluating the various options that we have to apply our capital, on our cash.

是的。傑瑞可能還要補充一點，顯然，在這種環境下，現金為王。我們確實在第二季償還了約 1,400 萬美元的 2025 年可轉換票據。我們顯然希望維持強勁的資產負債表，同時評估運用資本和現金的各種選擇。

Okay. And if I could just, I guess, follow up on that. So any change in your appetite for M&A, or you just want to kind of protect the balance sheet and maybe do some opportunistic share repurchases, is that the message?

好的。我想，如果我能繼續跟進的話。那麼，您對併購的興趣有任何變化嗎，或者您只是想保護資產負債表並可能進行一些機會性的股票回購，這是資訊嗎？

David, we'll be opportunistic. If an acquisition comes along, that's compelling, it's accretive. It meets our profile, we'll certainly consider it.

大衛，我們會抓住機會。如果發生收購，那將是引人注目的，並且具有增值作用。它符合我們的要求，我們一定會考慮它。

But our focus, right now, is internal. We have some we have initiatives going on that we need to execute on.

但我們現在的重點是內部。我們有一些正在進行的計劃需要執行。

And so we're constantly getting opportunities presented to us. We look at them. And if they're compelling, we will definitely consider them. But there's no plan for any acquisitions at this point.

因此，我們不斷地得到機會。我們看著它們。如果它們引人注目，我們肯定會考慮它們。但目前還沒有任何收購計畫。

Matt Stanton, Jefferies.

傑富瑞的馬特史丹頓。

I wanted to kind of zoom out for a higher level question move for Jerry. Just in terms of the late quarter FDA update on the REMS and certain indications of approved CAR-Ts, what's the early feedback that you've heard from customers?

我想向傑瑞提出一個更高層次的問題。就本季末 FDA 對 REMS 和某些核准 CAR-T 適應症的更新而言，您從客戶那裡聽到了什麼早期回饋？

Is there any way to kind of talk about the impact or potential impact this could due to patient volumes and any more color on timing as it relates to that update that we got late in the quarter?

有沒有辦法談論這可能因患者數量而產生的影響或潛在影響，以及與我們在本季度末收到的更新相關的時間方面的更多信息？

Matt, we -- the impact of the ruling on REMS is very positive, and everyone sees it as positive. It's really too early to quantify exactly what that means. But we do think it will make it much easier for everyone in the system. And it will certainly make it easier for rural points of care and so forth.

馬特，我們——該裁決對 REMS 的影響非常積極，每個人都認為它是積極的。現在量化其確切含義還為時過早。但我們確實認為它將使系統中的每個人的工作變得更輕鬆。這肯定會使農村醫療點等的服務變得更加方便。

Mark, may want to add to that?

馬克，可以補充一下嗎？

Yes, Jerry is absolutely correct. It should have a definitively beneficial impact. Some of our key clients have already reported on it in a positive way and others are still to report. We would expect to see updated forecasts from our clients and any impact on that during the third quarter.

是的，傑瑞完全正確。它應該會產生明確有益的影響。我們的一些主要客戶已經對此做出了積極的報告，而其他客戶仍有待報告。我們期望在第三季看到客戶更新的預測及其產生的影響。

So we should have more clarity at the next earnings call.

因此，在下次收益電話會議上我們應該會更加清楚。

Okay. Great. And then, maybe just on biopharm, I think for the product side, you're talking about Animal Health, but just in terms of your biopharma customers either buy product or region pretty robust trends in the quarter. What are you hearing from customers in terms of appetite to spend, how that might vary?

好的。偉大的。然後，也許只是在生物製藥方面，我認為就產品方面而言，您談論的是動物保健，但就您的生物製藥客戶而言，無論是購買產品還是購買地區，本季度的趨勢都相當強勁。您從顧客那裡了解到了哪些消費意願？這些意願有何不同？

There's been mixed signals from CROs and spend on certain projects, capital-related projects may be being pulled back given the macro. But would just love some updated color in terms of your discussions with your biopharma customers globally.

CRO 發出的信號和某些項目的支出有所不同，考慮到宏觀因素，與資本相關的項目可能會被撤回。但我只是希望在與全球生物製藥客戶的討論中能夠看到一些更新的內容。

Certainly, there's enough capacity for manufacturing in the industry, right now.

當然，目前該行業的製造能力足夠。

I think that Mark might want to comment on that further.

我認為馬克可能想對此進一步評論。

Yes. You've got to take a look at where the pullback is occurring. The vast majority of the pullback is really directed through the NIH and ties into really preclinical and late preclinical activity.

是的。你必須看看回調發生在哪裡。絕大多數的撤回實際上是透過 NIH 引導的，並且與真正的臨床前和後期臨床前活動相關。

So R&D in pre-clinical -- our focus is really on the clinical and commercial space. The vast majority of our clients are well funded and have significant relationships with in large pharma is another.

因此，臨床前研發—我們的重點實際上是臨床和商業領域。我們的絕大多數客戶資金充足，並且與大型製藥公司有著密切的關係。

So we don't anticipate a negative impact from that perspective. In fact, obviously, I think the demonstration of the continued increase in acceleration of the clinical trials supported up to $728 and an increase of 44% year over year, an increase in Phase III trials demonstrates the continued support of that portfolio, which will have significant benefit for us over time.

因此，從這個角度來看，我們預計不會產生負面影響。事實上，顯然，我認為對臨床試驗的支持持續加速，最高達到 728 美元，同比增長 44%，第三階段試驗的增長證明了該投資組合的持續支持，這將為我們帶來長期的重大利益。

And maybe just one more if I could sneak in. Just, Robert, on gross margins in the back half of the year, obviously, the implied guide has revenues coming down a bit from 2Q levels, first half saw a lot of good progress on gross margins.

如果我能偷偷溜進去的話，也許還會再來一個。羅伯特，關於下半年的毛利率，顯然，隱含的指導收入比第二季的水平略有下降，而上半年的毛利率取得了很大的進步。

Should we expect gross margins to step down modestly in the back half of the year from kind of that 46% in the first half? Or do you think that's kind of a sustainable level going forward just given the numbers --?

我們是否應該預期毛利率會從上半年的 46% 略微下降到下半年？或者你認為從數據來看，這是一個可持續的水平嗎？--？

I think we're certainly going to try to sustain it during the second half. Typically, we would expect gross margins to increase further just due to operating leverage but we do have some newer initiatives, as you're aware, like IntegriCell and building out some of the facilities in Paris and Belgium and ultimately, California. So that will have some impact on gross margins as they start ramping up.

我認為我們肯定會在下半年努力保持這種狀態。通常情況下，我們預計毛利率會因經營槓桿而進一步增加，但如您所知，我們確實有一些較新的舉措，例如 IntegriCell 以及在巴黎、比利時和最終在加州建造一些設施。因此，當他們開始提高產量時，這將對毛利率產生一定的影響。

I would look at for modeling purposes to keep it relatively flat.

出於建模目的，我會觀察它是否保持相對平坦。

It would be a temporary impact.

這只是暫時的影響。

Yes. Our stated goal based on reaching operating leverage is really to get to gross margins in excess of 55%, with adjusted EBITDA margins of 30%.

是的。我們基於營運槓桿而設定的目標是毛利率真正達到 55% 以上，調整後的 EBITDA 利潤率達到 30%。

And we think that's how (inaudible) achievable, Matt, over time. It just takes a little time.

我們認為，隨著時間的推移，這就是（聽不清楚）可以實現的，馬特。只是需要一點時間。

Paul Knight, KeyBanc.

保羅奈特（Paul Knight），KeyBanc。

Mark, as you've seen this commercial market accelerate, what are you seeing in terms of competitive dynamics? Are there -- will major players trying to be there are some customers wanting to home brew. What are you seeing or learning as the commercial side grows faster?

馬克，您看到這個商業市場正在加速發展，那麼就競爭動態而言，您看到了什麼？是否有主要參與者試圖吸引一些想要自釀啤酒的顧客。隨著商業方面的快速發展，您看到或了解到了什麼？

To be honest, we're seeing more and more of folks that really want the security supply and the scalability that we offer we're supporting the vast majority of the commercial space today and are actually engaged in discussion around expansion of what we're doing beyond traditional bio-logistics, into our other service areas. That's why you see the nice step-up in our Bioservices revenue.

說實話，我們看到越來越多的人真正想要我們提供的安全供應和可擴展性，我們目前支援絕大多數商業領域，並且實際上正在討論將我們的業務擴展到傳統生物物流以外的其他服務領域。這就是為什麼您會看到我們的生物服務收入大幅成長。

We're also very active on integration. So most of the bigger players that you may be referring to actually want to work with us, not against us. They want us to be a component of their offering because of the strength that we have in the space, and the DHL deal that Jerry talked about is an example of that.

我們在整合方面也非常正面。因此，您所提到的大多數大公司實際上都想與我們合作，而不是與我們對抗。他們希望我們成為他們產品的一部分，因為我們在這個領域擁有實力，而傑瑞談到的 DHL 交易就是一個例子。

But you'll see more of those types of announcements in the coming months and quarters as other larger players in the space want to work with us collaboratively, not competitively.

但在接下來的幾個月和幾個季度裡，你會看到更多這類公告，因為該領域的其他大型參與者希望與我們合作，而不是競爭。

Yes. You shouldn't underestimate the power of that integration, Paul. The integrated solution is what is being sought out more and more our clients want to simplify their efforts.

是的。保羅，你不應該低估這種整合的力量。我們的客戶越來越多地尋求整合解決方案，以簡化他們的工作。

And so our integrated temperature-controlled supply chain solutions are picking up steam.

因此，我們的整合溫控供應鏈解決方案正在蓬勃發展。

And Jerry, on MVE, do you feel like in the biopharmaceutical market that I guess it was destocking post COVID? Do you think that's starting to be bottoming at this juncture?

傑瑞，關於 MVE，您是否覺得生物製藥市場在 COVID 之後正在去庫存？您認為現在情況開始觸底了嗎？

Well, my thinking is that most of that excess capacity that was built up during COVID has been burned off and that the market is stabilizing. We've had three good quarters at MVE with a solid 8% growth this past quarter.

嗯，我的想法是，COVID 期間累積的大部分過剩產能已經被消耗掉，市場正在趨於穩定。MVE 已經歷了三個良好的季度，上個季度實現了 8% 的穩健成長。

And so I think it's returning to normalcy.

所以我認為它正在恢復正常。

And then lastly, Robert, I guess we should expect some continuing EBITDA margin expansion because I'm assuming you have a lot of your infrastructure built in, except for IntegriCell. So top line should drive natural EBITDA progression? Is that the logic?

最後，羅伯特，我想我們應該預期 EBITDA 利潤率會繼續擴大，因為我假設除了 IntegriCell 之外，你們已經內建了許多基礎設施。那麼營業收入應該會推動 EBITDA 的自然成長嗎？是這樣的邏輯嗎？

I think you're right. It will depend on the top line growth in terms of the EBITDA achievement in Q3 and Q4. We do have a couple of initiatives, IntegriCell being one of them and with that also the build-out of our facilities in Paris and some further build-out of capabilities in Belgium.

我認為你是對的。這將取決於第三季和第四季 EBITDA 業績的營收成長。我們確實有幾個計劃，IntegriCell 就是其中之一，此外還有在巴黎建設設施以及在比利時進一步建設一些產能。

So there will be some additional headcount and expenses that we'd expect to ramp later in the second half. But, in general, yes, we're certainly driving towards profitable revenue and positive EBITDA.

因此，我們預計下半年稍後員工人數和支出將會增加。但總體而言，是的，我們肯定會努力實現盈利收入和正 EBITDA。

David Larsen, BTIG.

BTIG 的 David Larsen。

This is [Jenny], on for Dave. I apologize if you already spoke about beginning of the call, I'm juggling a couple of calls here. But can you just talk about your updated view on tariffs, your expectation for costs, whether you're passing along costs or partial costs to customers and what their appetite to accept those higher cost has been?

我是 [Jenny]，代表 Dave 發言。如果您已經談到了通話的開始，我很抱歉，我在這裡同時接聽幾個電話。但是，您能否談談您對關稅的最新看法、對成本的預期、是否將成本或部分成本轉嫁給客戶以及他們接受這些更高成本的意願如何？

We've seen really no real impact on tariffs across the business. Any tariffs that we do have an impact on our business, we would absolutely pass through. And we have a precedent for that through historical COVID with our clients are well aware. So if there is any impact from a tariff standpoint, it would be passive, but we haven't seen anything material to date.

我們確實沒有看到關稅對整個業務產生任何實際影響。任何對我們的業務有影響的關稅，我們都會絕對接受。透過歷史上的 COVID，我們有先例，我們的客戶對此非常了解。因此，如果從關稅的角度來看有任何影響，那將是被動的，但迄今為止我們還沒有看到任何實質的影響。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

This is [Thomas], on for Subbu. I just want to touch on the guide again. Can you just talk about where the offset is to that headwind from lower (inaudible) revenue in the reiterated guide? Is that just stronger performance across the portfolio?.

我是 [Thomas]，代表 Subbu 上場。我只是想再次談談該指南。您能否談談重申指南中較低（聽不清楚）收入帶來的不利影響如何得到抵銷？這是否只是整個投資組合表現更強勁？

I think in general, it's just a strong portfolio. You can see we had increases, obviously, in commercial revenue, we had increases in clinical trial revenue and in clinical trial count, so we've really seen increases across the board in our services lines as well as the product lines.

我認為總體而言，這只是一個強大的投資組合。您可以看到，我們的商業收入明顯增加了，臨床試驗收入和臨床試驗數量也增加了，因此，我們的服務線和產品線確實全面增加了。

Okay. And then how much of the second half guide for revenue depends on pharma, clinical and commercial milestones that may be out of your control? Or is that largely derisked at this point?

好的。那麼下半年的收入指南有多少取決於您可能無法控制的製藥、臨床和商業里程碑？還是目前這方面的風險基本上已經消除了？

Any -- just to remind you, any new approvals that would happen here recently take a while to ramp. So that isn't really a part or a factor in our guide.

任何——只是提醒你，最近在這裡發生的任何新批准都需要一段時間才能完成。所以這其實不是我們指南的一部分或因素。

Okay. And then if I could just sneak one more in on China here. Any updates you can share on how you're progressing there and any milestones you can point us to as we look for growth in that region for you guys?

好的。然後，如果我可以再偷偷地談論中國的話。當我們尋求你們在該地區的發展時，你們能分享一下你們在那裡的進展嗎？或者您可以指出哪些里程碑？

We're not expecting our market to expand in China or any recovery in 2025, and that's reflected in our guidance. we continue to monitor our customers there and the various domestic government stimulus programs, but nothing really has changed that much.

我們並不期望我們的市場在中國擴張或在 2025 年出現復甦，這反映在我們的指導中。我們會繼續關注那裡的客戶和國內政府的各種刺激計劃，但實際上並沒有太大的變化。

Mac Etoch, Stephens, Inc.

Mac Etoch，Stephens公司

Now that the DHL transaction is closed. Can you comment on how your customers are responding to Cryoport becoming a little bit more carrier agnostic? And just point is the feedback been thus far.

現在DHL交易已經結束。您能否評論一下您的客戶對 Cryoport 變得更加與運營商無關有何反應？重點是迄今為止的反饋。

Overall, it's been extremely positive. Folks are excited to see what the lift benefit from DHL will be as it relates to, obviously, logistics solutions and flexibility, it also obviously provides them the ability to continue to work with their carriers of choice. And to weave in DHL competencies on a complementary basis. So overall, I think very, very positive.

總體而言，這是非常積極的。人們很高興看到 DHL 帶來的提升優勢，因為它顯然與物流解決方案和靈活性有關，而且它顯然也為他們提供了繼續與他們選擇的承運商合作的能力。並在互補的基礎上融入 DHL 的能力。所以總的來說，我認為非常非常積極。

Matt, this is just beginning. We just began the launch and DHL is a huge company approaching $100 billion. And so the in revenue. And so it takes a little while to get these things into place. So this is not -- it's not like -- it's not instant.

馬特，這才剛開始。我們剛開始推出這項服務，DHL 是一家市值接近 1,000 億美元的大公司。收入也是如此。因此，需要花一點時間才能將這些事情落實到位。所以這不是——它不像——它不是即時的。

It does take a little while to get them in place. But Mark is correct about the direction.

確實需要花一點時間才能將它們安裝到位。但馬克的方向是正確的。

I appreciate that. And just following up on IntegriCell, obviously, it's a little margin dilutive at the moment as you ramp. But I was kind of curious if you could give some qualitative aspects of what you expect the long-term margin profile for that business line.

我很感激。繼續關注 IntegriCell，顯然，隨著業務的成長，目前的利潤率會受到一點稀釋。但我很好奇您是否可以提供一些定性方面的資訊來表明您對該業務線的長期利潤率的預期。

I'll turn it over to Mark, but in just a second, but I -- IntegriCell is just ramping up. And it's a revolutionary service. I mean, the way we've put it together, the cryopreservation service. And we're doing some tech transfers right now in both Houston and in Belgium.

我會將其交給馬克，但只需片刻，但我 - IntegriCell 正在加速發展。這是一項革命性的服務。我的意思是，我們把它整合在一起的方式，就是冷凍保存服務。我們目前正在休士頓和比利時進行一些技術轉移。

And so expect some revenue in the fourth -- in third, fourth quarter, late third quarter, maybe fourth quarter of this year and then more significant revenue, of course, in 2026.

因此，預計今年第四季、第三季、第三季末，甚至可能是第四季會有一些收入，當然，2026 年會有更可觀的收入。

So it's coming along on schedule and development. We're very enthusiastic about it. It does have a very good financial profile for the future, and I'll let Mark talk about that.

所以一切進展和發展都按照計劃進行。我們對此非常熱心。它的未來財務狀況確實非常好，我會讓馬克來談論這一點。

As Jerry had mentioned, we've historically discussed gross margins in the 60% range at maturity for our service business, and we expect the IntegriCell business at maturity to be in line with that expectation.

正如 Jerry 所提到的，我們過去曾討論過服務業務成熟時的毛利率在 60% 左右，我們預計 IntegriCell 業務成熟時將符合這一預期。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

So first one, I just wanted to confirm, that was $2 million headwind for annual for [Sarepta], were you baking in anything for 2026 there, and are you seeing any signs of broader caution or delays among the AAV gene therapy programs or clients.

所以首先，我只想確認一下，這對 [Sarepta] 來說是每年 200 萬美元的逆風，您是否為 2026 年做了任何規劃，您是否看到 AAV 基因治療項目或客戶出現更廣泛的謹慎或延遲的跡象。

You talked about five of them that you're supporting, they received negative opinion by FDA. I just wanted to make sure if that's -- those two issues are tied together.

您談到了您支持的其中五個，它們都收到了 FDA 的負面評價。我只是想確認一下——這兩個問題是否相關。

Well, general the technical side, the gene side over to Mark in just a moment. But we haven't baked anything into 2026. We haven't commented on 2026, and we will -- but we will later on in the year after our budgeting and so forth takes place. But -- so we'll reserve that one. But in terms of the other part of your question, Mark, do you want to answer that part?

好的，總的來說，技術方面，基因方面，稍後交給馬克。但我們還沒有將任何東西融入 2026 年。我們還沒有對 2026 年發表評論，但我們將在今年晚些時候，在預算等完成後發表評論。但是——所以我們會保留那個。但是就你問題的另一部分而言，馬克，你想回答那部分嗎？

Yes. I view this really as just -- you had a change in administration. You had a change at the FDA, which obviously, they had a to get in and get their feet wet, so to speak. And I think that some of the data that you've seen is then just really trying to get an understanding of the space a bit and taking a little bit more cost around the data side of some of these filings.

是的。我認為這確實只是——政府發生了變化。FDA 發生了變化，顯然，他們必須進入這個領域並嘗試一下，可以這麼說。我認為，您看到的一些數據實際上只是為了稍微了解這個領域，並在這些文件的數據方面花費更多一些成本。

So you have that as obviously a little bit of caution, but you also see very positive responses from the FDA as it relates to things like REMS, so I think that on a whole, we don't see any material impact to what we expected historically around the market opportunity associated with selling commercialization.

因此，您顯然需要謹慎一點，但您也會看到 FDA 對 REMS 等事項的非常積極的回應，因此我認為，總體而言，我們不會看到這對我們過去預期的與銷售商業化相關的市場機會產生任何實質性影響。

I'm not sure if, Tom, you want to add anything to that or not?

湯姆，我不確定你是否想補充一些內容？

Just Puneet, to, I think, maybe clarify one item. The $2 million headwind from Sarepta is for the second half of the year only, not for the full year.

我認為，Puneet 也許可以澄清一件事。Sarepta 的 200 萬美元逆風僅針對今年下半年，而非全年。

Got it. Okay. And then on MVE, could you clarify which end market where you saw the most growth was the animal side? Is it the pharma? Maybe just walk us through which business line actually drove MVE growth for you, a bit of channel.

知道了。好的。那麼關於 MVE，您能否澄清一下您看到成長最快的哪個終端市場是動物方面？是製藥公司嗎？也許只是向我們介紹哪些業務線實際上推動了您的 MVE 成長，有點管道。

Well, it was a solid second quarter, but it was really overall balance demand. The Animal Health market was particularly strong on the [door] side. They had a record amount of [doors] side on the Animal Health side, but it was also solid for cryogenic systems sales in the APAC outside of China and in EMEA.

嗯，第二季表現穩健，但整體需求確實平衡。動物保健市場在[門]方面表現尤為強勁。他們在動物保健領域的銷售額創下了歷史新高，但在中國以外的亞太地區以及歐洲、中東和非洲地區的低溫系統銷售額也表現穩健。

So majority of the growth was in APAC. Just wanted to clarify because we're constantly hearing about capital equipment challenges, so I wanted to square that and make sure I understand correctly, where the MVE growth is coming from?

因此，大部分成長發生在亞太地區。只是想澄清一下，因為我們不斷聽到有關資本設備挑戰的消息，所以我想澄清這一點並確保我理解正確，MVE 成長來自哪裡？

So it's APAC outside of China, EMEA, North America was okay. It wasn't a record or anything like that. And then on the door side, it was balanced across Animal Health companies across the globe.

因此，中國以外的亞太地區、歐洲、中東和非洲地區以及北美地區都還不錯。這不是什麼記錄或類似的東西。然後在門口，它在全球各地的動物保健公司之間保持平衡。

Got it. Okay. And then maybe just last one for me. With -- you highlighted DHL, but just wondering, are you seeing any change in the competitive landscape, overall? You have a number of other logistics companies that have been looking at these markets.

知道了。好的。這也許只是我的最後一個了。您強調了 DHL，但您想知道，總體而言，您是否看到競爭格局發生了任何變化？許多其他物流公司也一直在關注這些市場。

Just wanted to get a sense of if you're seeing any change in the competitive dynamics or the market share for clinical trials?

只是想了解您是否看到臨床試驗的競爭動態或市場份額發生了任何變化？

Nothing significant. Everything we see is positive, and we do have a distribution strategy. The first part of that was DHL. We're talking about the global companies in addition to what we already have.

沒什麼重大的。我們所看到的一切都是正面的，而且我們確實有一個分銷策略。第一部分是DHL。除了我們已有的公司之外，我們還在談論全球公司。

And actually, we can support most of those companies that you were talking about or referring to. So nothing significant there to talk about other than, It's positive.

實際上，我們可以支持您所談論或提到的大多數公司。因此，除了積極的一面之外，沒有什麼重要的事情可談。

Yes. And as you can see from the data, we're continuing to increase the number of clinical trials we support, we're continuing to fortify our leadership position by the expanded solutions. And you can see the BioStorage/Bioservices has grown significantly in Q2 by 28%. So really, everything points to us continuing to build out our leadership position really being the down and player for cell and gene supply chain solutions.

是的。從數據中可以看出，我們正在繼續增加我們支持的臨床試驗的數量，我們正在透過擴展解決方案繼續鞏固我們的領導地位。您可以看到生物儲存/生物服務在第二季度大幅增加了 28%。因此，實際上，一切都表明我們將繼續鞏固我們的領導地位，真正成為細胞和基因供應鏈解決方案的主要參與者。

David Larsen, BTIG.

BTIG 的 David Larsen。

I hop on the call a little late on traveling. Can you just talk about how MVE results came in relative to your own expectations. It looks like it's up 8% year over year on expensive range, any more color there would be very helpful. And it looks like it's kind of turned around and it's now growing again.

我在旅途中接到電話時有點晚了。您能否談談 MVE 結果與您自己的預期相比如何？看起來昂貴系列的價格比去年同期上漲了 8%，如果能再多點顏色就更好了。現在看起來它已經好轉並且又開始生長了。

Yes. I think, look, MVE performed well with 8% growth year-over-year. We have seen certainly improved demand some for MVE's products. And as we said in our press release as well, MVE is also bringing out new products into the market. So there's also innovation going on that we believe will drive demand and further demand as well.

是的。我認為，MVE 表現良好，年增 8%。我們看到 MVE 產品的需求確實有所增加。正如我們在新聞稿中所說，MVE 也正在向市場推出新產品。因此，我們相信正在進行的創新也將推動需求並進一步推動需求。

On the margin side, they're showing strong, robust margins. They've grown margins over prior year, about 2.6 percentage points to 44.9%. So it's a strong, good business. It's a profitable business.

在利潤方面，他們表現出強勁、穩健的利潤率。他們的利潤率比上年增長了約 2.6 個百分點，達到 44.9%。所以這是一項強大而良好的業務。這是一門有利可圖的生意。

And as you know, it's -- again, it's for the leader globally for cryogenic systems. So that includes the doers, the freezers and related accessories on a global basis.

如您所知，它是全球低溫系統領域的領導者。因此，這包括全球範圍內的機器、冰櫃和相關配件。

That's great. And then, can you just talk about the broader market like the CRO space was under pressure earlier in the year. There's a lot of uncertainty around a different like 3 different executive orders, tariffs, and then it looks like maybe CRO sort of came back with demand now progressing.

那太棒了。然後，您能否談談更廣泛的市場，例如今年早些時候 CRO 領域面臨壓力。圍繞著 3 項不同的行政命令、關稅等存在著許多不確定性，然後看起來 CRO 可能會隨著需求的增加而回歸。

Just what are you seeing in terms of overall sentiment from your customers clinical trial activity demand for the [dealers]? Just more color there would be very helpful.

就客戶對臨床試驗活動需求的整體情緒而言，您看到了什麼？[經銷商]？只要有更多的顏色就會很有幫助。

Yes. So obviously, you can see by our clinical trial count any increase that the market is -- continues to be very resilient and positive for us as it relates to cell and gene clinical engagement, we have extensive engagement with the CRO community as well as the CDMO community.

是的。因此，顯然，您可以從我們的臨床試驗數量中看到市場的任何增長——對我們來說，它仍然非常有彈性和積極性，因為它與細胞和基因臨床參與有關，我們與 CRO 社區以及 CDMO 社區有著廣泛的接觸。

The CDMO community has come back with very strong results which we think demonstrates the strength of the space since they are the -- obviously the leader in the actual production of a lot of these clinical materials that ultimately we move from one place to another.

CDMO 社群取得了非常強勁的成果，我們認為這證明了該領域的實力，因為他們顯然是許多臨床材料實際生產的領導者，最終我們會將這些臨床材料從一個地方轉移到另一個地方。

So overall, I think that the sentiment in the cell and gene environment despite, obviously, some of the shorter-term funding challenges that you see in earlier phase programs as well as the FDA have not impacted our portfolio and obviously have not impacted the CDMO community.

因此，總的來說，我認為，儘管在早期階段計畫和 FDA 中明顯存在一些短期資金挑戰，但細胞和基因環境中的情緒並沒有影響我們的投資組合，顯然也沒有影響 CDMO 社群。

So we're very positive, overall.

所以整體來說我們非常樂觀。

(inaudible) Good quarter. Congrats.

（聽不清楚）好的一個季度。恭喜。

There are no further questions at this time. I'm pleased to turn the call back over to Jerrell Shelton.

目前沒有其他問題。我很高興將電話轉回給傑雷爾謝爾頓。

You ended there, pretty quickly. Thank you very much for your questions, all of you. Thanks for the discussion.

你很快就結束了。非常感謝大家的提問。謝謝討論。

In closing, we delivered a strong second-quarter performance across all areas of our Life Sciences business. The Life Sciences services business, which is a key to our future growth, grew 21% year over year, led by a 28% increase in BioStorage - Bioservices revenue and a 33% gain in commercial cell and gene therapy support.

最後，我們在第二季在生命科學業務的所有領域都取得了強勁的業績。生命科學服務業務是我們未來成長的關鍵，年成長 21%，其中生物儲存 - 生物服務收入成長 28%，商業細胞和基因治療支持成長 33%。

We also saw an increase in demand in our Life Sciences products, which generated a solid 8% revenue growth for the quarter.

我們也看到生命科學產品的需求有所增長，這為本季帶來了 8% 的穩健收入成長。

We want to thank you for joining us today. It was a great quarter. We appreciate your continued support, interest in our company. We look forward to speaking with you again when we report on our third-quarter financial results.

我們感謝您今天的參與。這是一個偉大的季度。我們感謝您對我們公司的持續支持和關注。我們期待在報告第三季財務業績時再次與您交談。

We wish you all a good evening.

祝大家晚上愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you so much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。