Cryoport, Inc. (CYRX) 2026 Q1 法說會逐字稿

Good afternoon and welcome to Cryoport's first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

各位下午好，歡迎參加 Cryoport 2026 會計年度第一季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

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

現在我將把電話交給本次會議主持人——KCSA Strategic Communications 的 Todd Fromer。請開始。

Thank you, operator. 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.

謝謝，接線員。在我們今天開始之前，我想提醒各位，本次電話會議包含若干前瞻性陳述。所有涉及我們營運表現、事件或我們預期或預見未來將發生之發展的陳述，均屬前瞻性陳述。這些前瞻性陳述係基於管理層的信念與假設，而非基於目前可供我們管理團隊取得的資訊。

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.

我們的管理團隊相信，這些前瞻性陳述在作出時均屬合理。然而，您不應過度依賴任何此類前瞻性陳述，因為該等陳述僅反映作出當日之情況。除法律要求外，我們不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、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，前瞻性陳述亦受若干風險與不確定性影響，可能導致實際結果、事件與發展與我們的歷史經驗及目前預期或預測存在重大差異。這些風險與不確定性包括但不限於：我們將向美國證券交易委員會（SEC）提交之 Form 10-K 年度報告中第 1A 項「風險因素」及其他部分所述者，以及我們不時向 SEC 提交之其他報告中所述者。

As a reminder, Cryoport has uploaded their first-quarter 2026 in-review document to the main page of the Cryoport, Inc., website. This document provides a review of Cryoport's financial and operational performance and the general business outlook.

提醒各位，Cryoport 已將其 2026 會計年度第一季回顧文件上傳至 Cryoport, Inc. 官網首頁。該文件提供 Cryoport 財務與營運表現回顧，以及整體業務展望。

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 in June 2025, CRYOPDP's financials, which were previously a part of Cryoport's Life Sciences Services reportable segment, are now presented as discontinued operations.

在我把電話交給 Jerry 之前，請注意：由於已與 DHL Group 建立策略合作夥伴關係，並於 2025 年 6 月將 CRYOPDP 相關業務出售予 DHL，先前納入 Cryoport「生命科學服務」可報導部門的 CRYOPDP 財務資訊，現已列示為終止營運。

Please note that unless otherwise indicated, all revenue figures discussed today will refer to continuing operations. This includes Cryoport's fiscal year 2026 revenue guidance.

另請注意，除非另有說明，今天討論的所有營收數字均指持續營運。這也包括 Cryoport 2026 會計年度的營收指引。

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

現在我很榮幸把電話交給 Cryoport 執行長 Jerrell Shelton 先生。Jerry，請。

Thank you, Todd, and good afternoon, ladies and gentlemen. With me today 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.

謝謝你，Todd，各位女士、先生下午好。今天與我一同出席的有：財務長 Robert Stefanovich；科學長 Mark Sawicki 博士；以及企業發展與投資人關係副總裁 Thomas Heinzen。

Our first-quarter results continue to demonstrate our market-leading position as revenue was $47.8 million, up 16% year over year, which puts us off to a very strong start for the year. This growth is a combination of our momentum over the past several quarters across our integrated services and products platform.

我們第一季的結果持續展現我們的市場領先地位：營收為 4,780 萬美元，年增 16%，使我們在今年有一個非常強勁的開局。此成長結合了我們過去數季在整合式服務與產品平台上的動能。

Revenue in support of our commercial cell and gene therapy grew 26% to $9.1 million, while revenue from clinical trials grew 18% to $12.9 million. We continue to support one of the industry's broadest cell and gene therapy pipelines, and our leadership across both commercial and clinical programs positions us well for future sustainable growth.

支援商業化細胞與基因治療的營收成長 26% 至 910 萬美元，而臨床試驗相關營收成長 18% 至 1,290 萬美元。我們持續支援業界最廣泛的細胞與基因治療研發管線之一，且我們在商業化與臨床計畫兩方面的領導地位，使我們在未來具備可持續成長的良好定位。

As of March 31, we supported a record total of 766 global clinical trials, a net increase of 55 clinical trials over the prior year, with 91 of these clinical trials in Phase III. From this market-leading base, we believe we will continue to drive robust growth in our commercial revenue in both the near and the longer term.

截至 3 月 31 日，我們支援的全球臨床試驗總數創新高，達 766 項，較去年淨增加 55 項，其中 91 項為第三期（Phase III）臨床試驗。基於此一市場領先的基礎，我們相信無論在短期或長期，都將持續推動商業化營收的強勁成長。

During the first quarter, I'm happy to report that our client, Rocket Pharmaceuticals, received an accelerated approval from the FDA for their gene therapy, KRESLADI. With this approval, the number of commercial therapies we are supporting has increased to 21.For the remainder of 2026, based on current information, we expect another 10 BLA or MAA application filings and up to eight additional new therapy approvals.

在第一季期間，我很高興報告，我們的客戶 Rocket Pharmaceuticals 之基因治療產品 KRESLADI 獲得 FDA 加速核准。隨著此項核准，我們所支援的商業化療法數量已增加至 21 項。就 2026 年剩餘期間而言，根據目前資訊，我們預期將有另外 10 件 BLA 或 MAA 申請送件，並可能新增最多 8 項療法核准。

Our Life Sciences Services segment delivered a strong quarter, with revenue increasing 18% year over year, including 21% growth in BioStorage/BioServices. This performance reflects increasing adaptation of our full-service portfolio in conjunction with the increasing scope and complexity of the cell therapy programs we support. It also underscores the critical role we play in supporting our clients with our extensive array of integrated temperature control supply chain services and solutions.

我們的生命科學服務部門本季表現強勁，營收年增 18%，其中 BioStorage/BioServices 成長 21%。此表現反映客戶對我們全方位服務組合的採用程度提升，並與我們所支援之細胞治療計畫範疇與複雜度的增加相互呼應。這也凸顯我們在支援客戶方面所扮演的關鍵角色——透過我們廣泛的整合式溫控供應鏈服務與解決方案。

Our Life Sciences Product segment also performed well, generating a 15% revenue growth driven by global demand for MVE Biological Solutions' cryogenic systems. For over 60 years, MVE has provided high-quality, reliable cryogenic systems to the market. And every day, it continues to further reinforce his position as the global leader.

我們的生命科學產品部門同樣表現良好，在全球對 MVE Biological Solutions 低溫系統需求帶動下，營收成長 15%。60 多年來，MVE 持續向市場提供高品質、可靠的低溫系統。而且每天都在進一步鞏固其作為全球領導者的地位。

For example, during the first quarter, MVE introduced its new Fusion 800 series, which is a self-sustaining cryogenic freezer that eliminates the need for a continuous liquid nitrogen supply feed, delivering exceptional reliability, safety, and sustainability in a compact footprint designed for space-constrained environments where a source of liquid nitrogen is not readily available. This is quite an accomplished engineering feat, which will pay dividends for years to come as we open up new markets that were heretofore inaccessible.

例如，在第一季期間，MVE 推出全新 Fusion 800 系列，這是一款可自我維持的低溫冷凍櫃，無需持續的液態氮供應管線，即可在緊湊的占地空間中提供卓越的可靠性、安全性與永續性，特別適用於空間受限且不易取得液態氮來源的環境。這是一項相當出色的工程成就，隨著我們開拓過去無法觸及的新市場，未來多年將持續帶來效益。

Growth across both our reporting segments, Life Sciences Services and Life Sciences Products, combined with a solid gross margins and continued operational discipline drove a $2.2 million year-over-year improvement in adjusted EBITDA from continuing operations, advancing us meaningfully along our pathway to profitability.

我們兩個報導部門——生命科學服務與生命科學產品——的成長，加上穩健的毛利率與持續的營運紀律，使持續營運的調整後 EBITDA 較去年同期改善 220 萬美元，讓我們在邁向獲利的路徑上取得實質進展。

We also reached a milestone moment during the first quarter as our IntegriCell team shipped its first cryopreserve clinical trial patient materials from both our Houston, Texas and Liège, Belgium facilities for two separate clients. This achievement highlights IntegriCell's progress as it continues to develop and moves us a step further toward being a meaningful contributor to the cell and gene therapy industry and the Cryoport's future revenue and profitability.

第一季我們也達成一個里程碑時刻：IntegriCell 團隊分別自我們位於德州休士頓與比利時列日（Liège）的設施，為兩家不同客戶首次出貨其冷凍保存的臨床試驗病患材料。此一成果凸顯 IntegriCell 持續開發的進展，並使我們更進一步朝向成為細胞與基因治療產業的重要貢獻者，以及 Cryoport 未來營收與獲利的有意義來源。

In parallel, we continued to advance our digital and information strategy, including initiatives in digitization and generative AI to support complex internal workflows and improving our effectiveness and efficiency in day-to-day operations. Our focus is currently on enabling employees to use secure, enterprise-approved generative AI tools to automate repetitive tasks, analyze data in real-time, manage risk, and accelerate decision-making and execution. We are already seeing tangible benefits and believe AI will play an increasingly important role in our future.

同時，我們持續推進數位與資訊策略，包括數位化與生成式 AI 的相關計畫，以支援複雜的內部工作流程，並提升日常營運的效能與效率。我們目前的重點在於讓員工能使用安全、經企業核准的生成式 AI 工具，以自動化重複性工作、即時分析資料、管理風險，並加速決策與執行。我們已經看到具體效益，並相信 AI 在我們未來將扮演愈來愈重要的角色。

Reflecting on our strong performance for the first quarter and our increased visibility into the remainder of the year, we're raising our full-year 2026 revenue guidance to $192 million to $196 million. We continue to review our guidance on a quarterly basis, and we will make any further adjustments as warranted.

基於第一季的強勁表現以及我們對今年剩餘期間能見度的提升，我們將 2026 全年營收指引上調至 1.92 億至 1.96 億美元。我們將按季檢視指引，並在必要時進一步調整。

We also believe that based on our progress year to date, we will achieve positive adjusted EBITDA in the second half of this year.

我們也相信，根據今年迄今的進展，我們將在今年下半年達成調整後 EBITDA 轉正。

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

以上就是我今天的發言。現在，我會請接線員開放提問。

(Operator Instructions) Puneet Souda, Leerink Partners.

(接線員指示) Leerink Partners 的 Puneet Souda。

Yeah. Hi, guys. Thanks for the questions here. So you had a [$3 million] bid versus the conservative, but just you're raising the guide by [$2 million]. Just wondering how much of it is prudence being sort of early in the year, any other considerations, and how should we think about 2Q, if you can provide some context there, just given the momentum you're seeing on the business and versus the core clinical trials?

是的。嗨，各位。謝謝讓我在這裡提問。所以你們有一個[300萬美元]的出價，相較於保守的情境，但你們只是把指引上調了[200萬美元]。想請教其中有多少是因為年初採取較審慎的作法、是否還有其他考量；以及就你們在業務上看到的動能、相較於核心臨床試驗而言，我們應該如何看待第二季（2Q），如果你們能提供一些背景脈絡的話？

Well, Puneet, thank you for the question. We think that, Q2, of course, was an outstanding quarter, but we think it's a responsible guide given the continued uncertainty on a global macroeconomic basis, and we'll continue to evaluate this on a quarterly basis. And of course, we'll adjust the guidance if it's awarded in the future.

Puneet，謝謝你的問題。我們認為第二季當然是一個非常出色的季度，但在全球總體經濟仍持續存在不確定性的情況下，我們認為目前的指引是負責任的；我們也會按季度持續評估。當然，如果未來確定獲得（相關訂單/授予），我們也會調整指引。

Okay. And maybe if I could switch gears to MVE Life Science Products, you had 15% growth that was against an easier comp. So just trying to understand, how should we think about growth for Life Science Product MVE overall with the new product introduction there as well this year? Wondering if Robert can comment on that, too.

好的。另外如果我可以換個話題談 MVE 生命科學產品，你們成長了15%，而且是建立在較容易的比較基期之上。所以想了解，隨著今年也有新產品導入，我們應該如何看待 MVE 生命科學產品整體的成長？也想請 Robert 一併評論。

Well, Robert can comment on it, but I'll start. All products and life sciences, as you know very well, take time to ramp up, whether it's products or it's facilities. So it'll take time for those products to ramp up in the marketplace and to have any kind of an impact.

Robert 可以補充，但我先說。如你非常清楚的，不論是產品或設施，所有產品與生命科學相關業務都需要時間爬坡。因此，這些產品需要時間在市場上放量，並產生任何實質影響。

But we do think the markets are solid and have been -- they've solidified and we see continued indications to that, to support that. And we think that we will have a high single-digit growth market going forward. Now, we may exceed that from time to time, but that's kind of our assessment.

但我們確實認為市場狀況穩健，而且一直在——已經趨於穩定，我們也持續看到支持這一點的跡象。我們認為未來市場將呈現高個位數的成長。當然，我們有時可能會超過這個水準，但這是我們目前的評估。

Robert, you may want to add some things there.

Robert，你可能也想補充幾點。

Yeah. And then just to further amplify, look, the outperformance in MVE during Q1 was really driven by strong demand across all geographies and in [salt] performance, particularly in the animal health, but also the life science overall.

是的。再進一步補充說明，第一季 MVE 的超預期表現，主要是由各地區的強勁需求所帶動，並且在[銷售]表現上也很突出，尤其是在動物健康領域，同時生命科學整體也表現不錯。

MVE is the number one leader in the market worldwide. We already saw stability in 2025 in terms of return of product demand for cryogenic systems, and we continue to see that improvement as demonstrated in our Q1 performance.

MVE 是全球市場的第一領導品牌。就低溫（冷凍）系統的產品需求回升而言，我們在2025年已經看到趨於穩定，而我們也持續看到改善，這點從第一季的表現即可證明。

Okay, super. And then if I could ask one more on the -- obviously, we've seen improvement in biotech funding in the fourth quarter that does continuing -- continued so far in the first quarter. Just wondering if you're seeing some higher momentum from that for RFP volumes or others contract volumes in here, in the first quarter or the second quarter so far. Your clinical trials was up only net trial adds were only six, but just wondering if you are seeing any momentum from or hearing further momentum from your customers given the funding environment?

好的，非常好。最後我再問一個——顯然我們看到生技資金在第四季有所改善，而且到第一季仍在延續。想請教你們是否因此在第一季或到目前為止的第二季，看到 RFP（提案徵求）量或其他合約量有更高的動能。你們的臨床試驗淨新增只有6個，但想了解在目前的資金環境下，你們是否看到或從客戶那裡聽到更多動能？

Mark will take that.

這題由 Mark 回答。

Yeah, happy to. Hey, Puneet, how are you?

好的，很樂意。嗨，Puneet，你好嗎？

Yeah, I mean, what we're seeing is we're seeing a definitive continued investment into Phase I and Phase III programs. And if you take a look, obviously, at our numbers, the Phase II data itself and Phase III data are increasing very nicely.

是的，我們看到的是，對第一期（Phase I）與第三期（Phase III）計畫的投資明確持續。如果你看我們的數據，第二期（Phase II）與第三期（Phase III）的數據都在非常漂亮地成長。

I mean, Phase III data was up five trials sequentially, which is very unusual, and we haven't seen that in a long time. And Phase II continues year over year. Phase II is up almost 30 programs. And so a lot of that money is going into that and really is being invested in pushing these late-stage clinical assets over the finish line. So yes, we do see some very positive signs from that.

第三期試驗按季增加了5個試驗，這非常不尋常，我們很久沒有看到這種情況。而第二期則持續年增。第二期增加了將近30個計畫。因此，很多資金正投入其中，並且確實是在推動這些後期臨床資產跨越終點線。所以是的，我們確實看到一些非常正面的訊號。

Yeah, and Puneet, maybe just to add to it, it's less about -- the number of increase in clinical trials, it's really looking at the 766 clinical trials we're supporting. That's a very strong number. And looking at like, as Mark mentioned, the maturation of those trials moving into Phase II and Phase III, you'll remember that, the majority of cell therapies that are approved to date went directly from Phase II to commercial launch, and they're conducting their Phase III in parallel. So you really have to look at the 357 Phase II clinical trials and the now 91 Phase III as potential for commercial launches.

是的，Puneet，我再補充一下，重點不太在於臨床試驗數量增加多少，而是要看我們正在支援的766項臨床試驗。這是一個非常強勁的數字。並且如 Mark 提到的，觀察這些試驗成熟並推進到第二期與第三期；你會記得，迄今獲批的大多數細胞治療是直接從第二期進入商業化上市，同時並行進行第三期。因此，你真的必須把357項第二期臨床試驗，以及目前91項第三期，視為潛在的商業化上市機會。

Got it. That's super helpful, and congrats on the quarter. Thank you.

了解。這非常有幫助，也恭喜這一季的表現。謝謝。

Anna Snopkowski, KeyBanc Capital Partners.

KeyBanc Capital Partners 的 Anna Snopkowski。

Hi, this is Anna on for Paul Knight. Thanks for taking my question, and congrats on a great quarter. I have two questions. But maybe to start, you mentioned you shipped your first clinical trial patient material for IntegriCell, which is very exciting. Maybe could you just walk us through your initial learnings from this rollout and what your expectations are for IntegriCell in 2026?

嗨，我是代 Paul Knight 提問的 Anna。謝謝讓我提問，也恭喜你們交出很棒的一季。我有兩個問題。不過先從你們提到已為 IntegriCell 出貨第一批臨床試驗病患材料開始，這非常令人振奮。你們能否帶我們了解這次推行（rollout）的初步學習，以及你們對 IntegriCell 在2026年的期待？

Yeah, happy to. We're honestly -- yeah, we're really pleased about the fact that we're now supporting actual clinical processes in both locations, both the site in Belgium and the site in Houston. It's a very nice achievement, and it's something that we've been working towards for a long period of time.

好的，很樂意。老實說——是的，我們對於現在已能在兩個地點支援實際的臨床流程感到非常滿意，包括比利時的據點以及休士頓的據點。這是一項非常好的里程碑，也是我們長期努力的成果。

So we talked a lot about this over the last couple of quarters, but IntegriCell is -- it's a, as an organization and as an asset, is going to be a very important driver for long-term revenue and margin expansion. It's a long cycle time for onboarding. It typically takes -- it could take 12 to 18 months in some cases to onboard. And so we do have active projects ongoing. We have additional clients that are coming on board now. And so we're -- our overall outlook is extremely positive.

過去幾個季度我們談了很多，但 IntegriCell——作為一個組織與一項資產——將會是長期營收與毛利率擴張非常重要的驅動因素。導入（onboarding）的週期時間很長。一般而言——在某些情況下——可能需要12到18個月才能完成導入。因此我們確實有正在進行的專案。也有更多客戶正在加入。所以我們——整體展望非常正面。

From a learning standpoint, it's been extremely well received. And I think one of the key elements here is the fully integrated platform, right? So our fully integrated service platform, which includes our BioLogistics/BioServices, and our initial clients are using all of our service competencies. And I think that's a very important learning for our team as we harmonize and optimize those processes to really drive efficiency for our clients.

就學習面而言，市場回饋非常好。我認為其中一個關鍵要素是全整合平台，對吧？我們的全整合服務平台包含 BioLogistics/BioServices，而我們的首批客戶正在使用我們所有的服務能力。我認為這對我們團隊而言是非常重要的學習，因為我們正在協調並優化這些流程，以真正為客戶提升效率。

Great, thank you. And then maybe switching to the EBITDA side, do you think you could walk us through some of the assumptions to get to those -- that 2H positivity? It seems like there's some facilities ramping, so that should help, and then also the commercial therapies mix. But if you could just walk through some variables there and if there's any areas of upside, that would be helpful. Thank you.

很好，謝謝。接著想切換到 EBITDA 方面，你們能否帶我們了解一些假設，讓你們能達到下半年（2H）轉正？看起來有一些設施正在爬坡，這應該會有幫助，另外還有商業化療法的組合。但如果你們能說明其中一些變數，以及是否有任何上行空間，會很有幫助。謝謝。

Yeah, certainly. I think if you look at our Q1 performance, obviously, we're very close to break even on the adjusted EBITDA side with a negative $0.6 million. We certainly can reiterate reaching positive EBITDA in the second half of the year. This is obviously going to be driven by the revenue growth that we see.

是的，當然。我想如果你看我們第一季的表現，很明顯在調整後 EBITDA 方面我們已非常接近損益兩平，為負 60 萬美元。我們當然可以重申在今年下半年達成 EBITDA 轉正。這顯然將由我們所看到的營收成長所驅動。

You mentioned some of the initiatives, the investments that we have. Those are really going to drive operating leverage in '27. So the achievements for Q2 of this year are really driven by the current organic revenue growth.

你提到了一些我們正在推動的計畫與投資。這些確實將在 2027 年帶動營運槓桿。因此，今年第二季的成果主要是由目前的有機營收成長所驅動。

The new facilities, those are investments we've begun in 2025 and we're completing now in '26, they're really going to drive further enhancement of our profitability and adjusted EBITDA in '26 and beyond.

新設施方面，這些是我們在 2025 年開始投入、並在 2026 年完成的投資，將在 2026 年及之後進一步提升我們的獲利能力與調整後 EBITDA。

Great, thank you, and congrats again.

太好了，謝謝你，也再次恭喜。

David Saxon, Needham.

Needham 的 David Saxon。

Great. Good afternoon, everyone. Thanks for taking my questions, and I'll echo my congrats on the quarter, a really strong start to the year.

太好了。各位下午好。謝謝讓我提問，我也呼應一下對本季的恭喜，這是一個非常強勁的年度開局。

So in the script this quarter and last quarter, you talked about AI initiatives that are helping reduce OpEx. So we'd love to understand just how durable that is and whether that can be applied to, I guess, more of the business, or are we kind of seeing the full extent of the savings potential?

所以在本季與上季的講稿中，你們談到 AI 計畫正在協助降低營運費用（OpEx）。我們很想了解這種效益的可持續性有多高，以及是否能應用到更多業務面向；或者我們是否已經看到節省潛力的全部幅度？

Yeah, David, all of our AI initiatives are durable, and they're focused on internally to enhance our efficiency and our effectiveness within the company. It's another tool. It's a very powerful tool. It will reshape our business, I'm sure, over time, as it will most other businesses, as it has an impact on business and an impact on society. So we're very excited about our AI initiatives, but they're focused on practicality today on improving our efficiency and our effectiveness on internal operations.

是的，David，我們所有的 AI 計畫都是可持續的，並且聚焦於內部，用來提升公司內部的效率與效能。它是另一種工具。而且是非常強大的工具。我相信隨著時間推移，它將重塑我們的業務，就像它會重塑大多數其他企業一樣，因為它會對商業與社會產生影響。因此我們對 AI 計畫非常興奮，但就目前而言，我們的重點是務實地改善內部營運的效率與效能。

Okay, thanks for that, Jerry. And then maybe my second one might be for Robert. Just on the supply chain centers in Paris and Santa Ana, both in the second half, I guess what's baked into guidance from those two starting to come online? When could we start seeing customer audits of those facilities and then anything from a gross margin perspective we should be aware of? Thanks so much.

好的，謝謝你，Jerry。接著第二個問題可能是問 Robert。關於巴黎與 Santa Ana 的供應鏈中心，兩者都在下半年，我想請問在指引中，這兩個據點開始上線的影響已納入多少？我們何時會開始看到客戶對這些設施進行稽核（audit）？另外從毛利率角度，有沒有什麼需要注意的？非常感謝。

No, absolutely. Yeah. So look, these initiatives that we started in 2025 are going to be completed this year. One is the Paris, France site that we already went operational with our BioLogistics in November of last year, so that's already starting to ramp and clients are doing their audits. We're going to complement that with our BioServices in Q3 of this year.

當然可以。是的。你看，我們在 2025 年啟動的這些計畫將在今年完成。其中之一是法國巴黎據點，我們的 BioLogistics 已在去年 11 月投入營運，因此目前已開始爬坡，客戶也正在進行稽核。我們將在今年第三季以 BioServices 來補強該據點的能力。

And then the second one is the Santa Ana, California site that gives us obviously a significant West Coast presence. It's consolidating three of our current existing locations into one and expanding that to about 94,000 square feet to offer BioLogistics, BioServices, consulting, testing, and ultimately, also have space for IntegriCell. So those are significant initiatives that we have underway that are really driven by client demand.

第二個是加州 Santa Ana 據點，這顯然讓我們在美國西岸擁有顯著的據點布局。它會把我們目前三個既有據點整併為一個，並擴增至約 94,000 平方英尺，以提供 BioLogistics、BioServices、顧問、檢測，並且最終也會有 IntegriCell 的空間。因此，這些都是我們正在推進的重要計畫，主要由客戶需求所驅動。

And from a guidance perspective, the revenue contribution is obviously smaller because they're just going online in the second half of the year. Clients certainly will conduct their audits of the facilities this year, and they'll start contributing obviously more significantly in 2027.

就指引而言，由於它們是在下半年才剛上線，因此營收貢獻顯然較小。客戶今年肯定會對這些設施進行稽核，而它們在 2027 年將開始更顯著地貢獻營收。

Great. And anything on gross margin from that or just generally speaking, like how should we think about gross margin?

很好。那毛利率方面有什麼影響嗎？或者更一般地說，我們應該如何看待毛利率？

Yeah, I think what we mentioned in our year-end, and that still applies, albeit we did come in higher on services gross margins than I initially expected, but we did expect gross margins definitely in the second half to start rebounding, have some pressure in the first half of the year, which we didn't really see in Q1, but certainly, it'll start coming back more significantly in the second quarter -- the second half of this year.

是的，我想我們在年終時提到的看法仍然適用。雖然我們的服務毛利率確實高於我原先預期，但我們確實預期毛利率在下半年會開始回升；上半年會有一些壓力，而第一季我們其實沒有真正看到這種壓力，但下半年——也就是今年下半年——它肯定會更明顯地回升。

Great. Thanks so much.

太好了。非常感謝。

Subbu Nambi, Guggenheim.

Guggenheim 的 Subbu Nambi。

Hi, this is [Ricky] on for Subbu. Thanks for taking our question. I'll keep it to one and a follow-up. So the commercial cell and gene therapy revenue grew 26% year over year in the first quarter. Would you say that's the right growth rate that we could think about for the year, or should we expect more acceleration as newer approvals ramp? And is the growth concentrated in a few key therapies like CARVYKTI, or is it broad-based across your supported commercial products? Thank you.

嗨，我是 [Ricky]，代 Subbu 提問。謝謝讓我們提問。我會問一個問題再追問一個。第一季商業化細胞與基因治療營收年增 26%。你會說這是我們今年可以參考的合理成長率嗎？或者隨著較新的核准案放量，我們應該預期成長會再加速？另外，成長是否集中在少數關鍵療法（例如 CARVYKTI），還是你們所支援的商業化產品整體都呈現廣泛成長？謝謝。

No, I would -- commercial revenue, look, if you look at in general research reports on the market, it'll range anywhere between on the low end 20% on the high end 40%. I mean, absolutely right. We saw solid revenue growth on the commercial side. We do expect that '26 will be a very good year for commercial revenue.

不，我會這麼說——商業化營收方面，你看一般市場研究報告，成長率大概落在低端 20% 到高端 40% 的區間。我的意思是，完全正確。我們在商業化端看到穩健的營收成長。我們確實預期 2026 年會是商業化營收非常好的一年。

And the guidance in terms of revenue guidance is really based on the existing commercial therapies that we're supporting. So while there may be some revenue contribution from new approvals, the guidance really is we're looking at the existing platform that we have for 2026.

而指引在營收方面，主要是基於我們目前正在支援的既有商業化療法。因此，即便新核准案可能會帶來一些營收貢獻，我們的指引主要仍是以 2026 年既有的平台為基礎來看。

With -- sorry, it's Tom jumping in, Ricky. Bristol-Myers and J&J have already reported, and they did report a strong Q1. We can't really talk about the rest of our commercial therapies we support because they haven't reported their quarters yet.

補充一下——抱歉，我是 Tom 插話，Ricky。Bristol-Myers 和 J&J 都已經公布了財報，而且他們確實公布了強勁的第一季表現。我們無法談論其他我們所支援的商業化療法，因為他們還沒有公布他們的季度結果。

Totally understand that. Thanks for the color there.

完全理解。謝謝你提供的補充說明。

David Larson, BTIG.

BTIG 的 David Larson。

Hey, congratulations on the great quarter. Sticking with the idea or the theme of commercial products, can you just remind me how many commercial products you're supporting now?

嘿，恭喜你們這麼棒的一季。延續商業化產品這個主題，你能提醒我一下你們目前正在支援多少個商業化產品嗎？

And did I hear you say that you could have potentially eight more launch within the next 12 months?

另外，我是否聽到你說在未來 12 個月內可能還會有 8 個新上市？

We're supporting 21 today, Dave. And yes, there are eight potential more approvals of new therapies this year. Five of them already have PDUFA dates. That's date set by the FDA when they plan to make a decision.

Dave，我們目前支援 21 個。是的，今年可能還會有 8 個新療法獲得核准。其中 5 個已經有 PDUFA 日期。那是 FDA 設定的日期，表示他們計畫在那一天前後做出決定。

And can you talk a little bit about the dynamics of a commercial product that you're supporting versus a clinical trial product? Like, is there a difference in margins or is there any sort of difference in revenue per, I guess, product that you're supporting.

你能談談你們所支援的商業化產品與臨床試驗產品之間的動態差異嗎？例如毛利率是否不同？或是就你們所支援的每個產品而言，營收上是否有任何差異？

I guess what I'm getting at is on the commercial side, since they're in the market being used, I would think that there would be much more revenue potential per product because it's basically being used across the world for patients. It's not limited to one specific clinical trial. Just any color there on the revenue potential and margin relative to clinical trials.

我的意思是，在商業化端，既然產品已在市場上被使用，我會認為每個產品的營收潛力應該大得多，因為它基本上會在全球被用於病患。它不會只侷限於某一個特定的臨床試驗。想請你補充一下商業化相對於臨床試驗，在營收潛力與毛利率方面的差異。

Well, I think there's a couple of things related to the commercial therapies. One, obviously, just the pathway from us supporting the clinical trials, we then work with their commercial team in preparing for the launch of the commercial therapies whether it's in one country or globally. So we're part of the launch team in a way, and we provide program management that's built separately as well.

嗯，我認為有幾件事與商業化療法相關。第一，顯然，從我們支持臨床試驗的流程來看，接著我們會與他們的商業團隊合作，為商業化療法的上市做準備，不論是在單一國家或是全球上市。因此某種程度上我們也是上市團隊的一部分，並且我們也提供另外建置的專案管理。

But when you see the increase in commercial revenue, it's really driven by the patient population. So as more and more commercial therapies come to market, as more and more commercial therapies move from the teaching hospitals to regional settings or to the outpatient settings, so does really the acceleration of patients being treated occur, and this obviously drives more revenue.

但當你看到商業收入增加時，真正的驅動因素是病患族群。因此，隨著越來越多商業化療法上市，且越來越多商業化療法從教學醫院移轉到區域型院所或門診場域，接受治療的病患數也就加速成長，而這顯然會帶動更多收入。

The other part is, obviously, we're continuously expanding our services platform. So initially, BioLogistics, adding BioServices, ultimately adding IntegriCell prior preservation services. So that further expands the revenue on a per-patient basis as we provide our services along the supply chain of the cell and gene therapy market.

另一部分是，顯然，我們也在持續擴展我們的服務平台。所以一開始是 BioLogistics，接著加入 BioServices，最終在此之前加入 IntegriCell 的保存前處理服務。因此，當我們沿著細胞與基因治療市場的供應鏈提供服務時，這也進一步在每位病患的基礎上擴大收入。

Okay. It's very helpful. Just one more quick follow-up. Obviously, your revenue growth this quarter versus, call it, two years ago, huge positive this quarter, obviously. Just what do you attribute the resurgence in growth to? Is it simply a matter of the cell and gene therapy market coming back after everybody's worked through the IRA? Just what do you attribute this impressive growth to? Thanks very much.

好的。這非常有幫助。再快速追問一個問題。顯然，你們本季的營收成長相較於例如兩年前，本季表現非常亮眼，顯然是很大的正面。你們把這波成長回升歸因於什麼？是否只是因為在大家消化完 IRA 之後，細胞與基因治療市場回來了？你們把這個令人印象深刻的成長歸因於什麼？非常感謝。

I think it's a number of things. One, obviously, as I mentioned that we've broadened our revenue stream. So you saw BioServices, which is a newer offering, increase really over the last couple of quarters 20%-plus year over year, and we expect that to continue.

我認為是多項因素。第一，顯然，如我提到的，我們已擴大了收入來源。因此你看到 BioServices 這個較新的產品/服務，在過去幾個季度年增超過 20%，而我們預期這個趨勢會持續。

On the product side, we do see and we saw that in in in the second half of '25 demand normalizing and coming back. So there's really, if you look at all of our different revenue streams, we're seeing stronger demand picking back, and that's been driving revenue in the last two, three quarters of '25 and also driven a very strong performance for Q1 of this year, which led us to increase the guidance for the full year.

在產品端，我們確實看到，而且在 2025 年下半年也看到需求正常化並回升。所以如果你看我們所有不同的收入來源，我們都看到更強的需求回流，這推動了 2025 年後兩到三個季度的營收，也帶動了今年第一季非常強勁的表現，進而讓我們上調了全年指引。

Thanks very much. Congrats on a great quarter.

非常感謝。恭喜本季表現出色。

Richard Baldry, ROTH Capital.

ROTH Capital 的 Richard Baldry。

Thanks. Sorry, Curious on the commercial acceleration if it's been concentrated around the CAR T key area with the regulatory burden sort of easing, or if you think that's still a catalyst that's ahead that hasn't really had an impact yet?

謝謝。不好意思，我想了解商業化加速是否主要集中在 CAR-T 這個關鍵領域，因為監管負擔似乎正在緩解；或者你認為這仍是一個尚未真正產生影響、但未來才會發酵的催化劑？

The cell therapies are the majority of our commercial customers, Rich. The gene therapies have had, I think, it's kind of public out there, an even start, but the cell therapies are pulling the wagon. That's, Bristol-Myers, Gilead, J&J.

Rich，細胞療法是我們商業客戶中的大宗。基因療法我想外界也都知道，起步較為不穩，但細胞療法正在帶動整體成長。也就是 Bristol-Myers、Gilead、J&J。

Then you look at our clinical trial portfolio, close to 90% of the clinical trials we're supporting are autologous and allogeneic cell therapies.

再看我們的臨床試驗組合，我們所支持的臨床試驗中，接近 90% 是自體與異體細胞療法。

Got it. Thanks.

了解。謝謝。

Matt Hewitt, Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Matt Hewitt。

Good afternoon, and nice start to the year. Maybe first up, regarding the Fusion 800 series, could you talk a little bit about the pipeline? You mentioned a little bit about the positive response and obviously, a couple patient adoptions already, but I'm just curious what that pipeline looks like.

下午好，新年度開局不錯。首先，關於 Fusion 800 系列，能否談談你們的管線狀況？你提到一些正向回饋，而且顯然已經有幾個病患採用，但我想了解這個管線目前看起來如何。

It's kind of early to comment on the pipeline. We sell through distributors, and so the first thing we do is get our distributors excited about the Fusion 800, and they are. And so we're moving out very nicely, but it's early to comment on the pipeline.

現在談管線還有點早。我們透過經銷商銷售，所以我們首先要做的是讓經銷商對 Fusion 800 感到興奮，而他們確實如此。因此我們推進得很順利，但現在評論管線仍為時尚早。

Got it. And then maybe switching gears a little bit. Obviously, we're approaching a year since the REMS was removed. And obviously, there was a lot of buildup as they were moving the patients out of the hospital to some of these ambulatory and other centers. And I'm curious of that momentum that you initially saw, has that continued? Are you seeing that opportunity to continue to expand beyond the core hospital setting? And if so, what can that mean for growth later this year and into next year? Thank you.

了解。那再換個話題。顯然，距離 REMS 被移除也快一年了。而且顯然，當時在把病患從醫院移轉到一些門診與其他中心時，市場有很大的期待。我想問的是，你們一開始看到的那股動能是否延續至今？你們是否仍看到有機會持續擴展到核心醫院場域之外？如果是，這對今年稍晚以及明年的成長可能意味著什麼？謝謝。

Tom, you may want to comment on that.

Tom，你可能想回應一下。

Yeah, it's definitely -- you can look in the companies that already reported, J&J and Bristol, and their outpatient growth and their community hospital growth is really helping to drive their revenue, which in turn helps to drive ours.

是的，這絕對是——你可以看看已經公布財報的公司，J&J 和 Bristol，他們的門診成長以及社區醫院的成長，確實在推動他們的營收，而這反過來也有助於推動我們的營收。

Got it. Thank you.

了解。謝謝。

Mac Etoch, Stephens.

Stephens 的 Mac Etoch。

Hey, good afternoon, and thank you for taking my questions. Maybe just to follow-up on the margin aspects that you all highlighted in the previous questions. MVE product margins were relatively light compared to our expectations. So I just like to get a sense of what you're seeing in terms of the storage industry in general and how energy prices are factoring in to performance in the quarter and how that's expected to factor into the remainder of the year?

嗨，下午好，謝謝讓我提問。我想跟進一下你們在前面問題中提到的毛利率面向。MVE 產品毛利率相較於我們的預期偏低。所以我想了解你們對整體儲存產業的觀察，以及能源價格在本季表現中扮演的角色，並且預期在今年剩餘期間會如何影響？

Yeah. No, on the margin side, energy prices have not factored into the quarter for our products business. It's really purely a result of specific product mix.

是的。不，就毛利率而言，能源價格並未影響我們產品業務本季的表現。這完全是特定產品組合所致。

If you look at year-over-year margins, they're pretty close to each other. Sequentially, it's down, but it's really related to product mix that we typically see, especially in the first quarter of the year. So there's no really -- there's no pricing erosion or competitive element, it's product mix related.

如果你看年對年毛利率，其實彼此相當接近。季對季是下降的，但主要與我們通常會看到的產品組合有關，特別是在一年中的第一季。所以並沒有——沒有價格侵蝕或競爭因素，這是產品組合造成的。

Appreciate that. And it's been, call it six months since funding really started to tick back up. As you look at how 2Q is shaping up quarter to date, what can you tell us about the level of activity and sediment that you're seeing within your customer base today?

感謝說明。而且大概在六個月前，資金募集才真正開始回升。就目前第二季截至目前的進展來看，你能否談談你們今天在客戶群中看到的活動水準與情緒（sentiment）？

I think overall, it's obviously very good for the industry and especially for companies that are in need to raise funds to drive their clinical trial portfolio. Look, a lot of the clients that we serve are very well established, very well-funded, especially look at the huge number of Phase II and Phase III we have. They're really getting close to the finish line pre-commercial. So I don't think that we see a huge risk there on the funding side. It's really mostly on smaller companies in need of funding, and it's certainly good for the industry to see funding coming back, with strong funding, especially in the month of April of this year.

我認為整體而言，這對產業顯然非常有利，特別是對那些需要募資來推動其臨床試驗組合的公司。你看，我們服務的許多客戶都相當成熟、資金也很充足，尤其是看看我們擁有大量的第二期與第三期試驗。他們其實已經非常接近商業化前的終點線。所以我不認為在資金面我們看到很大的風險。主要是較小型、需要資金的公司；而看到資金回流對產業當然是好事，且今年四月的募資特別強勁。

Maybe to just peek under the hood a minute with our clinical trial count, it increased by six net sequentially. However, there were 29 new trial adds in the quarter and 23 removed. There's the net six. But of those 23 removed, 16 of the trials were completed. That's a great thing. That shows the maturation of our pipeline. That means ones are going to go to two, and twos are going to go to three.

也許我們可以花一分鐘稍微看看我們的臨床試驗數量：按季淨增加了6項。不過，本季新增了29項試驗，同時移除了23項。淨增就是6項。但在移除的23項中，有16項試驗已完成。這是件很棒的事。這顯示我們的產品管線正在成熟。這意味著一期會進到二期，二期會進到三期。

I appreciate you all taking the questions. Thank you.

感謝各位提問。謝謝。

Matt Stanton, Jefferies.

Matt Stanton，Jefferies。

Robert, maybe just one to close the loop on margins. Just given some of the inflationary pressures we've seen over the last few months on commodities and logistics side, just help remind us your pricing structure. I believe you're able to pass along that object as part of the contracts in place, but just kind of remind us the mechanics on the pricing side as it relates to some of the inflationary pressures coming back into the P&L type in the macro for the rest of the year? Thanks.

Robert，想再追問一下以釐清毛利率。鑑於過去幾個月我們在大宗商品與物流端看到的一些通膨壓力，請協助提醒我們你們的定價結構。我相信你們能夠依據既有合約把那部分轉嫁出去，但能否再提醒我們在定價端的運作機制，特別是就今年剩餘時間、宏觀環境下通膨壓力回到損益表（P&L）的情況而言？謝謝。

No, that's a very valid question. Look, in transportation and logistics, so that component of our solution, fuel surcharges are the norm. So it may go up or down, but fuel surcharges are passed on to our client base. That's common business practice. So it does not impact our gross margins as a company.

不，這是個非常合理的問題。你看，在運輸與物流，也就是我們解決方案的那個組成部分，燃油附加費是常態。所以它可能上升或下降，但燃油附加費會轉嫁給我們的客戶群。這是常見的商業慣例。因此它不會影響我們公司層面的毛利率。

And from a product side, we really haven't seen an impact from the increased prices, oil prices at this point. But we're certainly keeping an eye out on it like everyone else.

而在產品端，就目前而言，我們確實還沒有看到因價格上升、油價上漲所帶來的影響。但我們當然會像其他人一樣持續關注。

Okay, thanks. And then maybe just on the product side. I think, Jerry, you said that market could grow high singles. I think prior, you guys thought products could maybe be mid singles for the year, maybe high singles if things kind of came back better after a strong 1Q. You feel like products is more like a high-single-digit business in '26 than mid singles for you? I just wanted to clarify that in terms of what you're penciling in for product growth in '26. Thanks.

好的，謝謝。那再問一下產品端。我想，Jerry，你提到市場可能以高個位數成長。我記得之前你們認為今年產品可能是中個位數成長，如果在強勁的第一季之後情況回溫得更好，可能會到高個位數。你覺得在你們看來，產品在2026年更像是高個位數的業務，而不是中個位數嗎？我只是想釐清一下你們在2026年對產品成長的預估。謝謝。

No, I do feel like it's a single-digit growth, Matt. It seems like it's solidifying in every aspect across the globe, so I have no reason to think any differently.

不，我確實覺得這是個位數成長，Matt。看起來在全球各方面都在逐步穩固，所以我沒有理由有不同看法。

Thanks. And maybe, Mark, just one for you to go back to IntegriCell. Now that you've seen the customers in those two sites start to actually move product, any finer point you can talk to and just in terms of the volume or the size of product you expect there? I know it takes a while to kind of get things validated and started, but now that they're started, I guess, how meaningful, even though it's a couple of customers, could that kind of be as IntegriCell ramps up? I think prior, you'd been pretty bullish in terms of the revenue opportunity given the number of kind of products and services you're pushing through as part of IntegriCell? Thank you.

謝謝。另外，Mark，想請你再回到IntegriCell。現在你已經看到那兩個據點的客戶開始實際出貨產品了，有沒有更細的觀察可以分享，譬如你預期那裡的出貨量或產品規模？我知道驗證與啟動需要一些時間，但既然現在已經開始了，我想問的是：即使只有幾個客戶，隨著IntegriCell爬坡，這可能會有多大的意義？我記得之前你們對營收機會相當樂觀，因為透過IntegriCell你們會推進相當多的產品與服務。謝謝。

Yeah, Matt, we are bullish. We're bullish about everything that we do. And ever since we formed the company, we've set standards in the industry. IntegriCell is another example of our industry-leading movement forward based on what the markets need, based on conversations with clients and what they need.

是的，Matt，我們很樂觀。我們對我們所做的一切都很樂觀。自公司成立以來，我們就在產業中樹立標準。IntegriCell是我們基於市場需求、基於與客戶的對話以及他們的需求，而持續推動產業領先前進的另一個例子。

IntegriCell is off to a good start, I would say, and I -- we always -- we would like to have a more robust start no matter what it is, but it's off to a very good start right now, and it's gaining a lot of attention. But it does take time for these things to take hold for other clients to come in and for our integrated services approach to take effect. So stay tuned. As Mark said, it will be unquestionably a very important contributor to Cryoport in the future.

我會說IntegriCell的起步很不錯，而且我——我們一向——不管是什麼，我們都希望能有更強勁的起步，但目前它的確有一個非常好的開始，也正獲得大量關注。不過，這些事情需要時間才能讓其他客戶採用、讓更多客戶加入，也需要時間讓我們的整合式服務方法發揮效果。所以請持續關注。如Mark所說，未來它無疑會成為Cryoport非常重要的貢獻來源。

Super, thank you.

太好了，謝謝。

Thank you. There are no further questions at this time. I will know had a call back to Mr. Jerry Shelton for any closing remarks.

謝謝。目前沒有其他問題。我現在把電話交回給Jerry Shelton先生做結語。

Thank you, operator. Ladies and gentlemen, thank you for your questions and our discussions. They've been very good. I appreciate them very much.

謝謝，接線員。各位女士、先生，感謝你們的提問以及我們的討論。都非常好。我非常感謝。

In closing, I'd just like to remind you that we continue to be the market leader, and we have had a great start to 2026, marked by 16% revenue growth year over year and strong double-digit growth across both our reporting segments.

最後，我想提醒各位，我們仍然是市場領導者，而且我們在2026年有一個很好的開局：營收年增16%，並且在兩個報告部門都實現強勁的雙位數成長。

Our Life Sciences Services segment grew 18% year over year, driven by 21% growth in BioStorage/BioServices revenue, a 26% increase in revenue from commercial cell and gene therapy support, and clinical trial-related revenue growth of 18%.

我們的生命科學服務部門營收年增18%，主要由BioStorage/BioServices營收成長21%、商業化細胞與基因治療支援營收成長26%，以及與臨床試驗相關的營收成長18%所帶動。

And at this time -- At the same time, rather, our Life Sciences Product segment grew by 15%, driven by global demand for MVE's cryogenic systems. Remember, MVE is the world leader in cryogenic systems.

同時——更正，是在同一時間——我們的生命科學產品部門成長15%，主要由全球對MVE低溫系統的需求所帶動。請記得，MVE是全球低溫系統的領導者。

Our top-line growth was accompanied by solid gross margins contained operated -- and continued operational discipline, which resulted in a $2.2 million year-over-year improvement in adjusted EBITDA from continuing operations, pushing us further down our pathway to profitability.

我們的營收成長同時伴隨穩健的毛利率與持續的營運紀律，這使得持續營運的調整後EBITDA較去年同期改善220萬美元，讓我們在邁向獲利的道路上更進一步。

Based on these results and the progress we have made with our strategic initiatives, we're more positive on our outlook for the year than when we last spoke to you in our year-end earnings call. And that's led us to raise our full-year revenue guidance as we continue to see opportunities ahead of us.

基於這些成果以及我們在策略性計畫上取得的進展，相較於上次在年終財報電話會議與各位溝通時，我們對今年的展望更為正向。因此，我們上調了全年營收指引，因為我們持續看到前方的機會。

We look forward to keeping you up to date on our progress, and we thank you for joining us this evening.

我們期待持續向各位更新我們的進展，也感謝各位今晚的參與。

We appreciate your continued interest and support, and we're looking forward to speaking with you again when we report our second-quarter financial results. We wish you and all of you a good evening.

感謝各位持續的關注與支持，我們也期待在我們公布第二季財務結果時再次與各位交流。祝各位晚安。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝各位參與。各位可以掛線。