Danaher Corp (DHR) 2022 Q2 法說會逐字稿

My name is Gretchen, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to Danaher Corporation's Second Quarter 2022 Earnings Results Conference Call (Operator Instructions) I will now turn the call over to Mr. John Bedford, Vice President of Investor Relations. Mr. Bedford, you may begin your conference.

我叫 Gretchen，今天早上我將擔任您的會議主持人。在這個時候，我想歡迎大家參加丹納赫公司 2022 年第二季度收益結果電話會議（操作員說明），我現在將電話轉交給投資者關係副總裁 John Bedford 先生。貝德福德先生，你可以開始你的會議了。

Thank you, Gretchen. Good morning, everyone, and thanks for joining us on the call. With us today are Rainer Blair, our President and Chief Executive Officer; and Matt McGrew, our Executive Vice President and Chief Financial Officer. I'd like to point out that our earnings release, the slide presentation supplementing today's call, the reconciliations and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call and additional materials are all available on the Investors section of our website, www.danaher.com, under the heading Quarterly Earnings.

謝謝你，格雷琴。大家早上好，感謝您加入我們的電話會議。今天和我們在一起的是我們的總裁兼首席執行官 Rainer Blair；和我們的執行副總裁兼首席財務官 Matt McGrew。我想指出的是，我們的收益發布、補充今天電話會議的幻燈片演示、SEC 條例 G 要求的與電話會議期間提供的任何非公認會計原則財務措施相關的對賬和其他信息以及其他材料都可以在投資者處獲得我們網站 www.danaher.com 的部分，在“季度收益”標題下。

The audio portion of this call will be archived on the Investors section of our website later today under the heading Events & Presentations and will remain archived until our next quarterly call. A replay of this call will also be available until August 4, 2022.

本次電話會議的音頻部分將於今天晚些時候在我們網站的“投資者”部分存檔，標題為“活動和演示”，並將一直存檔到我們下一個季度電話會議。該電話的重播也將持續到 2022 年 8 月 4 日。

During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance. Supplemental materials describe additional factors that impacted year-over-year performance. Unless otherwise noted, all references in these remarks and supplemental materials to company-specific financial metrics refer to results from continuing operations and relate to the second quarter of 2022. In all references to period-to-period increases or decreases in financial metrics are year-over-year. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals or are available only in certain markets.

在演示過程中，我們將描述影響同比業績的某些更重要的因素。補充材料描述了影響同比業績的其他因素。除非另有說明，否則這些評論和補充材料中對公司特定財務指標的所有引用均指持續經營的結果，並與 2022 年第二季度有關。在所有提及財務指標的期間間增加或減少的情況下， - 超過一年。我們還可能描述已提交申請並等待某些監管批准或僅在某些市場上可用的某些產品和設備。

During the call, we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings, and actual results might differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements, except as required by law.

在電話會議期間，我們將做出聯邦證券法含義內的前瞻性陳述，包括關於我們認為或預期將或可能在未來發生的事件或發展的陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們提交給美國證券交易委員會的文件中所述的風險和不確定性，實際結果可能與我們今天做出的任何前瞻性陳述存在重大差異。這些前瞻性陳述僅在作出之日起發表，除法律要求外，我們不承擔更新任何前瞻性陳述的任何義務。

With that, I'd like to turn the call over to Rainer.

有了這個，我想把電話轉給 Rainer。

Well, thank you, John, and good morning to all of you. We really appreciate you joining us on the call today. So let me start with we had a great quarter. In fact, our strong second quarter results rounded out a terrific first half of the year. Broad-based strength across the portfolio drove better-than-expected revenue, earnings and cash flow. And we were particularly pleased with the performance of our base business, which grew high single digits and believe we gained market share in many of our businesses.

好吧，謝謝你，約翰，大家早上好。我們非常感謝您今天加入我們的電話會議。所以讓我從我們有一個很棒的季度開始。事實上，我們強勁的第二季度業績在今年上半年取得了出色的成績。整個投資組合的廣泛實力推動了好於預期的收入、收益和現金流。我們對基礎業務的表現感到特別滿意，它以高個位數增長，並相信我們在許多業務中都獲得了市場份額。

Now these results are a testament to our team's strong commitment to executing in a challenging operating environment. They've done an incredible job leveraging the Danaher Business System to help mitigate supply chain constraints, manage inflationary pressures and improve our competitive positioning with impactful new innovation.

現在，這些結果證明了我們團隊對在充滿挑戰的運營環境中執行的堅定承諾。他們在利用丹納赫業務系統幫助緩解供應鏈限制、管理通貨膨脹壓力並通過具有影響力的新創新提高我們的競爭地位方面做得非常出色。

Our second quarter results also highlights the strength and resilience of the businesses that make up Danaher today. Our portfolio is comprised of leading franchises positioned in attractive end markets with strong secular growth drivers, all united by a common set of durable business models. In fact, nearly 75% of our revenues today are recurring, the majority of which are consumables that are specified into highly regulated manufacturing processes or specific to the equipment that we supply. On top of that, our strong balance sheet and free cash flow generation positions us well to further enhance our portfolio going forward.

我們的第二季度業績也凸顯瞭如今構成丹納赫的業務的實力和韌性。我們的投資組合包括位於有吸引力的終端市場的領先特許經營權，具有強大的長期增長動力，所有這些都由一套共同的持久商業模式聯合起來。事實上，我們今天近 75% 的收入是經常性收入，其中大部分是指定用於高度監管的製造流程或特定於我們供應的設備的消耗品。最重要的是，我們強大的資產負債表和自由現金流的產生使我們能夠很好地進一步增強我們的投資組合。

We believe this powerful combination of our talented team and the strength of our portfolio all powered by the Danaher Business System differentiates Danaher and reinforces our sustainable long-term competitive advantage.

我們相信，我們才華橫溢的團隊和由丹納赫業務系統提供支持的強大產品組合的強大組合使丹納赫脫穎而出，並增強了我們可持續的長期競爭優勢。

So with that, let's turn to our second quarter results in a little more detail. Sales were $7.8 billion, and we delivered 9.5% core revenue growth, including 8% growth in our base business with strong contributions from all 4 of our operating platforms. COVID-19 testing contributed an additional 150 basis points to core revenue growth in the quarter.

因此，讓我們更詳細地談談我們的第二季度業績。銷售額為 78 億美元，我們實現了 9.5% 的核心收入增長，其中我們的基礎業務增長了 8%，這得益於我們所有 4 個運營平台的強勁貢獻。 COVID-19 測試為本季度的核心收入增長額外貢獻了 150 個基點。

Geographically, core revenue in developed markets grew low double digits with broad-based strength across North America and Western Europe. High-growth markets were up mid-single digits, including impressive high single-digit growth in China.

從地域上看，發達市場的核心收入增長了兩位數，在北美和西歐具有廣泛的實力。高增長市場增長了中個位數，包括中國令人印象深刻的高個位數增長。

Our results in China significantly exceeded our expectations, which is particularly notable as lockdowns continued for longer than we anticipated. So now I'd like to take a moment to acknowledge our associates in China for their extraordinary efforts and commitment during such a challenging time. To the teams that managed the approvals necessary to reopen our facilities, the supply chain and logistics teams that kept parts moving and the manufacturing associates who spent several weeks away from their families, thank you. Thank you for supporting the reopening effort, and most importantly, thank you for supporting our customers. This is such a great example of one of our core values. The best team wins in action.

我們在中國的業績大大超出了我們的預期，這一點尤其值得注意，因為封鎖持續的時間比我們預期的要長。因此，現在我想花點時間感謝我們在中國的員工在如此充滿挑戰的時期做出的非凡努力和承諾。感謝管理重新開放我們設施所需的批准的團隊、保持零件移動的供應鍊和物流團隊以及與家人遠離幾週的製造員工，謝謝。感謝您對重新開放工作的支持，最重要的是，感謝您對我們客戶的支持。這是我們核心價值觀之一的一個很好的例子。最好的團隊在行動中獲勝。

As we move through the rest of the year, we're keeping an eye out for further outbreaks and regional lockdowns, but we're currently seeing more normalized business operations in China and expect this positive trend to continue for the balance of the year.

隨著今年剩餘時間的到來，我們正在密切關注進一步的爆發和區域封鎖，但我們目前看到中國的業務運營更加正常化，並預計這一積極趨勢將在今年餘下時間繼續下去。

Gross profit margin for the second quarter was 60.9%, and our operating margin of 28.4% was up 60 basis points, including 100 basis points of core operating margin expansion. Our strong margin performance was a result of disciplined cost management and the proactive measures our teams have taken to address the inflationary pressures we've seen over the last several quarters. We're also using DBS tools to execute price actions, and we achieved approximately 400 basis points of price increases in the quarter, a significant acceleration from our historical price realization.

第二季度的毛利率為 60.9%，我們的營業利潤率為 28.4%，上升了 60 個基點，其中核心營業利潤率擴大了 100 個基點。我們強勁的利潤率表現得益於嚴格的成本管理以及我們的團隊為應對過去幾個季度看到的通脹壓力而採取的積極措施。我們還使用星展銀行工具來執行價格行動，我們在本季度實現了大約 400 個基點的價格上漲，比我們的歷史價格實現顯著加速。

Adjusted diluted net earnings per common share of $2.76 were up 12% versus last year. We also generated $1.7 billion of free cash flow in the quarter and $3.4 billion year-to-date.

調整後的每股普通股攤薄淨收益為 2.76 美元，比去年增長 12%。我們還在本季度產生了 17 億美元的自由現金流，今年迄今為 34 億美元。

Now let's take a look at our results across the portfolio and give you some color on what we're seeing in our end markets today. In our Life Sciences segment, reported revenue grew 6% and core revenue was up 7%. Strength was broad-based across the segment with high single-digit or better base business core revenue growth at each of our largest operating companies.

現在讓我們看看我們在整個投資組合中的結果，並為您提供一些關於我們今天在終端市場上看到的情況。在我們的生命科學部門，報告收入增長 6%，核心收入增長 7%。我們每個最大的運營公司的基礎業務核心收入都實現了高個位數或更高的基礎業務核心收入增長。

In our Bioprocessing business, we continue to see record activity levels from early-stage research to later-stage development and production which drove a combined core revenue growth rate of high single digits at Cytiva and Pall Biotech. Our backlog and our order levels remain very healthy, and as always we're working closely with customers to ensure they have the right inventory levels to support their planned activity.

在我們的生物加工業務中，我們繼續看到從早期研究到後期開發和生產的創紀錄活動水平，這推動了 Cytiva 和 Pall Biotech 的高個位數的綜合核心收入增長率。我們的積壓訂單和訂單水平保持非常健康，我們一如既往地與客戶密切合作，以確保他們擁有合適的庫存水平來支持他們計劃的活動。

We are seeing our customers continue the healthy transition away from COVID-19 vaccines and therapies and into previously paused and new programs for other modalities. As a result, we now expect COVID-19 vaccine and therapeutic revenue of approximately $1 billion in 2022 down from approximately $2 billion in 2021. Now that said, there's no change to our high single to low double-digit core revenue growth outlook in our bioprocessing business for the year as customers are accelerating their investments across all other major therapeutic modalities. This acceleration, paired with improving price realization, is driving more than 20% core revenue growth in our non-COVID business, up from the low double-digit growth we've seen historically.

我們看到我們的客戶繼續健康地從 COVID-19 疫苗和療法過渡到以前暫停的其他方式的新計劃。因此，我們現在預計 2022 年 COVID-19 疫苗和治療收入約為 10 億美元，低於 2021 年的約 20 億美元。話雖如此，我們在我們的高個位數到低兩位數核心收入增長前景沒有變化由於客戶正在加速對所有其他主要治療方式的投資，因此獲得了今年的生物加工業務。這種加速，加上價格實現的提高，正在推動我們非 COVID 業務的核心收入增長超過 20%，高於我們歷史上看到的兩位數的低增長。

The biologics market remains very healthy as evidenced by the increasing number of treatments in development and production. Today, there are over 1,500 monoclonal antibody-based therapies in development globally, which is up more than 50% from just 5 years ago. This is being driven by both novel molecules in development and the proliferation of biosimilars, which are helping to accelerate adoption in underserved markets as patents on higher-volume therapies expire.

生物製劑市場仍然非常健康，開發和生產中越來越多的治療方法證明了這一點。如今，全球有超過 1,500 種基於單克隆抗體的療法正在開發中，比 5 年前增長了 50% 以上。這是由正在開發的新分子和生物仿製藥的擴散推動的，隨著大容量療法的專利到期，這有助於加速在服務不足的市場中的採用。

There are also over 2,000 cell and gene therapy candidates in development today, a more than tenfold increase over the last several years. And given this backdrop of such a significant and sustained increase in activity, we expect the growth rate in this market to remain very strong for many years to come.

今天還有超過 2,000 種細胞和基因治療候選藥物正在開發中，比過去幾年增加了十倍以上。鑑於活動如此顯著和持續增長的背景，我們預計該市場的增長率將在未來許多年保持強勁。

Now as the complexity required to manufacture these life-saving treatment increases, customers are looking to collaborate with us to help them solve their most challenging problems and assist them as they move from lab to production scale. Cytiva recently announced a collaboration with Bayer to develop the industry's first modular end-to-end manufacturing platform for allogeneic cell therapies which will help to improve the treatment of a broad array of diseases including cancer. This collaboration is just another great example of how our scientific expertise and leading positions in upstream and downstream applications are helping these cutting-edge therapies advance from the laboratory to the clinic.

現在，隨著製造這些救生治療所需的複雜性增加，客戶希望與我們合作，以幫助他們解決最具挑戰性的問題，並在他們從實驗室轉移到生產規模時為他們提供幫助。 Cytiva 最近宣布與拜耳合作，開發業界首個用於同種異體細胞療法的模塊化端到端製造平台，這將有助於改善包括癌症在內的多種疾病的治療。這種合作只是另一個很好的例子，說明我們的科學專業知識和在上游和下游應用中的領先地位如何幫助這些尖端療法從實驗室推進到臨床。

Our more instrument-oriented Life Science businesses collectively delivered high single-digit base business core revenue growth. We're seeing a healthy funding environment and solid demand across most major end markets. SCIEX core revenue was up more than 10% in the second quarter, driven by an acceleration of new projects at our biopharma, CRO and academic research customers. We continued our cadence of innovation with the introduction of several new solutions that improve the accuracy and efficiency of genomics and proteomics research. Notably, SCIEX introduced the Zeno SWATH DIA, an innovative software solution, which doubles the number of proteins that can be discovered versus previous swath approaches, helping researchers discover more potential biomarkers and better understand the cause and treatment of diseases.

我們更多以儀器為導向的生命科學業務共同實現了高個位數的基礎業務核心收入增長。我們在大多數主要終端市場看到了健康的融資環境和穩定的需求。在我們的生物製藥、CRO 和學術研究客戶的新項目加速推進的推動下，SCIEX 第二季度的核心收入增長了 10% 以上。我們繼續我們的創新節奏，推出了幾種新的解決方案，提高了基因組學和蛋白質組學研究的準確性和效率。值得注意的是，SCIEX 推出了 Zeno SWATH DIA，這是一種創新的軟件解決方案，與以前的 swath 方法相比，可發現的蛋白質數量增加了一倍，幫助研究人員發現更多潛在的生物標誌物，並更好地了解疾病的原因和治療方法。

On our Genomics businesses, customers are making significant investments in the development and production of cell and gene therapies, DNA and RNA vaccines and the gene editing. IDT had its tenth consecutive quarter of double-digit core revenue growth, led by robust activity and next-gen sequencing and gene writing and editing. Aldevron to more than 20% while also making significant progress on the capacity expansion projects needed to support their long-term growth outlook.

在我們的基因組學業務中，客戶正在對細胞和基因療法、DNA 和 RNA 疫苗以及基因編輯的開發和生產進行大量投資。 IDT 連續第十個季度實現兩位數的核心收入增長，這得益於強勁的活動和下一代測序以及基因編寫和編輯。 Aldevron 超過 20%，同時還在支持其長期增長前景所需的產能擴張項目上取得重大進展。

Now moving to our Diagnostics segment, reported revenue was up 9.5% and core revenue grew 12.5% led by nearly 30% growth at Cepheid. Our other diagnostics businesses, including Beckman Coulter Diagnostics, Radiometer and Leica Biosystems collectively delivered mid-single-digit core revenue growth despite headwinds from the COVID-19-related shutdowns in China.

現在轉到我們的診斷部門，報告的收入增長了 9.5%，核心收入增長了 12.5%，其中 Cepheid 增長了近 30%。我們的其他診斷業務，包括 Beckman Coulter Diagnostics、Radiometer 和 Leica Biosystems，儘管在中國與 COVID-19 相關的停工帶來了不利因素，但它們的核心收入共同實現了中個位數的增長。

In China, our Diagnostics core revenue was flat year-over-year. Site access and patient volumes slowly improved as the quarter progressed with a more pronounced recovery in June. Patient volumes remained slightly below normal levels, but we expect continued recovery as we progress through the remainder of the year.

在中國，我們的診斷核心收入同比持平。隨著該季度的進展，站點訪問和患者數量緩慢改善，6 月份恢復更為明顯。患者數量仍略低於正常水平，但我們預計隨著今年剩餘時間的進展，我們將繼續恢復。

Now outside of China, patient volumes across hospital and reference labs held up well during the quarter and remained at or above pre-pandemic levels despite recent outbreaks of emerging COVID variants.

現在在中國以外的地區，儘管最近爆發了新的 COVID 變種，但醫院和參考實驗室的患者數量在本季度保持良好，並保持在或高於大流行前的水平。

Our diagnostics customers continue to face skilled labor shortages and are increasingly seeking to improve automation and productivity within their labs. This quarter, Leica Biosystems introduced its next-generation, fully automated advanced staining platform, BOND-PRIME, to help address these needs in the pathology lab. BOND-PRIME facilitates a continuous pathology lab workflow and delivers the high-resolution stains needed for a definitive diagnosis with an industry-leading average turnaround time of only 90 minutes.

我們的診斷客戶繼續面臨熟練勞動力短缺的問題，並且越來越多地尋求提高實驗室的自動化和生產力。本季度，徠卡生物系統公司推出了其下一代全自動高級染色平台 BOND-PRIME，以幫助滿足病理學實驗室的這些需求。 BOND-PRIME 促進了病理學實驗室的連續工作流程，並提供了明確診斷所需的高分辨率染色劑，行業領先的平均周轉時間僅為 90 分鐘。

Now as I mentioned earlier, core revenue growth at Cepheid was up nearly 30% in the quarter. Low teens growth across our nonrespiratory test menu was led by sexual health, hospital-acquired infections and [virology]. In respiratory testing, strong global demand persisted for Cepheid's point-of-care assay, and we believe we continue to gain market share. Respiratory testing revenue of approximately $750 million in the quarter exceeded our expectations of approximately $400 million. The spread of highly transmissible COVID variants and greater incidence of other respiratory infections, such as RSV and flu led to both higher testing volume and a preference for our 4-in-1 combination test. As a result, our 4-in-1 test for COVID-19, Flu A, Flu B and RSV represented about 50% of the 16 million respiratory cartridges shipped in the quarter with COVID-only tests accounting for the remaining 50%.

正如我之前提到的，Cepheid 的核心收入在本季度增長了近 30%。性健康、醫院獲得性感染和 [病毒學] 導致我們的非呼吸測試菜單中青少年的低增長。在呼吸測試方面，全球對 Cepheid 即時檢測的需求持續強勁，我們相信我們將繼續獲得市場份額。本季度約 7.5 億美元的呼吸測試收入超過了我們預期的約 4 億美元。高度傳播的 COVID 變異體的傳播和其他呼吸道感染（如 RSV 和流感）的更高發生率導致更高的測試量和對我們的 4 合 1 組合測試的偏好。因此，我們針對 COVID-19、A 型流感、B 型流感和 RSV 的 4 合 1 測試約佔本季度出貨的 1600 萬個呼吸盒的 50%，僅 COVID 測試佔剩餘的 50%。

Now as COVID-19 shifts to an endemic disease state, we're seeing more customers begin to consolidate their point-of-care PCR testing platform onto the Cepheid GeneXpert. This preference for the GeneXpert both within hospitals and across health care networks is evidence of the significant value the unique combination of fast, accurate lab-quality results and an easy-to-use best-in-class workflow provide clinicians. In addition, as our customers begin freeing capacity from respiratory testing, they are increasingly interested in discussing opportunities for broader utilization of Cepheid's leading point-of-care molecular testing menu.

現在，隨著 COVID-19 轉變為地方病狀態，我們看到越來越多的客戶開始將他們的即時 PCR 測試平台整合到 Cepheid GeneXpert 上。這種在醫院和整個醫療保健網絡中對 GeneXpert 的偏好證明了快速、準確的實驗室質量結果和易於使用的一流工作流程的獨特組合為臨床醫生提供的重要價值。此外，隨著我們的客戶開始從呼吸檢測中解放能力，他們越來越有興趣討論更廣泛地利用 Cepheid 領先的即時分子檢測菜單的機會。

Now moving to our Environmental & Applied Solutions segment, reported revenue grew 6.5% and core revenue was up 10% with double-digit core growth at Water Quality and mid-single-digit core revenue growth at Product Identification. In Water Quality, ChemTreat, Trojan and how each grew double digits during the second quarter. Robust growth in our analytical chemistries and consumables was broad-based across all major end markets. Equipment sales remained strong with healthy levels of project activity at both industrial and municipal customers.

現在轉到我們的環境和應用解決方案部門，報告收入增長 6.5%，核心收入增長 10%，水質核心收入實現兩位數增長，產品識別核心收入實現中個位數增長。在水質、ChemTreat、特洛伊木馬以及如何在第二季度實現兩位數增長。我們的分析化學品和消耗品的強勁增長在所有主要終端市場都有廣泛的基礎。設備銷售保持強勁，工業和市政客戶的項目活動處於健康水平。

At product identification, marking and coding was up high single digits and packaging and color management grew mid-single digits. Videojet was up high single digits, led by North America, where food and beverage sales were particularly strong.

在產品識別方面，標記和編碼增長了高個位數，包裝和顏色管理增長了中個位數。偉迪捷以高個位數增長，其中食品和飲料銷售特別強勁的北美地區領漲。

Our EAS team is leading the charge and writing the newest chapter in the DBS playbook to counter the supply chain and inflationary pressures we're seeing every day. They have been reengineering products to reduce our reliance on hard to source electronic components and using daily management to work closely with suppliers to ensure production parts availability. These efforts, along with our accelerated price actions, are also helping improve our margin position. We saw the impact on our results this quarter with more than 100 basis points of core operating margin expansion at EAS. Our strong performance also highlights the resiliency and the durability of the high-margin recurring revenue business models that make up our EAS portfolio.

我們的 EAS 團隊正在引領潮流，並在星展銀行的劇本中書寫最新篇章，以應對我們每天看到的供應鍊和通脹壓力。他們一直在重新設計產品，以減少我們對難以採購的電子元件的依賴，並利用日常管理與供應商密切合作，以確保生產零件的可用性。這些努力，連同我們加速的價格行動，也有助於改善我們的保證金狀況。我們看到了對本季度業績的影響，EAS 的核心營業利潤率擴大了 100 多個基點。我們的強勁表現也凸顯了構成我們 EAS 產品組合的高利潤經常性收入業務模式的彈性和持久性。

With that color on what we're seeing in our businesses and end markets, let's now briefly look ahead at expectations for the third quarter and the full year. In the third quarter, we expect to deliver high single-digit core revenue growth in our base business. We expect a mid-single-digit core revenue growth headwind from COVID-19 testing, resulting in low single-digit core revenue growth overall.

憑藉我們在業務和終端市場中看到的顏色，現在讓我們簡要展望第三季度和全年的預期。在第三季度，我們預計我們的基礎業務將實現高個位數的核心收入增長。我們預計 COVID-19 測試將帶來中個位數的核心收入增長逆風，導致整體核心收入增長較低。

For the full year 2022, there is no change to our previous guidance of high single-digit core revenue growth in our base business and mid-single-digit core revenue growth overall. Given our strong second quarter performance, we now expect operating fall-through at the high end of our previously communicated range of 20% to 25% for the full year.

對於 2022 年全年，我們之前關於基礎業務核心收入高個位數增長和整體核心收入中個位數增長的指引沒有變化。鑑於我們第二季度的強勁表現，我們現在預計全年運營將在我們之前傳達的 20% 至 25% 範圍的高端下降。

So to wrap up, we're really pleased with our strong second quarter and first half performance. Our results are a testament to the team's consistent execution in a dynamic operating environment and to the durable balanced position of our portfolio today.

最後，我們對第二季度和上半年的強勁表現感到非常滿意。我們的結果證明了團隊在動態運營環境中的一貫執行力以及我們今天投資組合的持久平衡地位。

Looking ahead, our team's commitment to executing with the Danaher Business System, our differentiated portfolio of businesses serving attractive end markets and our strong balance sheet all position Danaher to continue delivering sustainable long-term performance.

展望未來，我們團隊對執行 Danaher 業務系統的承諾、我們為有吸引力的終端市場提供服務的差異化業務組合以及我們強大的資產負債表都使 Danaher 能夠繼續提供可持續的長期業績。

So with that, I'll turn the call back over to John.

因此，我將把電話轉回給約翰。

Thanks, Rainer. That concludes our formal comments. Gretchen, we're now ready for questions.

謝謝，雷納。我們的正式評論到此結束。格雷琴，我們現在可以提問了。

(Operator Instructions) We'll take our first question from Derik De Bruin from Bank of America.

（操作員說明）我們將向美國銀行的 Derik De Bruin 提出第一個問題。

This is Mike Ryskin on for Derik. A couple of quick questions. One on the COVID versus non-COVID bioprocess you talked about. Really appreciate the clarity on the reduction in COVID, but then fully offsetting that with non-COVID strength. I want to ask on the non-COVID bioprocessing, your higher expectations for that, how durable do you think that is in the future years? Is that growth rate in those businesses sustainable for 2023 and beyond or are we seeing a little bit of a catch-up in 2022 just due to some of those projects being put on hold the last couple of years?

這是 Derik 的 Mike Ryskin。幾個快速的問題。一個關於你談到的 COVID 與非 COVID 生物過程。非常感謝 COVID 減少的明確性，但隨後用非 COVID 強度完全抵消了這一點。我想問一下非 COVID 生物工藝，您對此的更高期望，您認為未來幾年的耐用性如何？這些業務的增長率在 2023 年及以後是否可持續，或者我們是否會在 2022 年看到一些追趕，僅僅是因為其中一些項目在過去幾年被擱置？

Thanks, Mike. Look, I mean -- I think the way we see it is the following way. Let's level set on '22 here where in the COVID business, we see revenues going from 2021, $2 billion to 2022 $1 billion. The non-COVID business, as you suggested, has accelerated here as customers are moving to non-COVID modalities and all sources of them, very broad-based. And of course, on the margin, price ends up helping that as well. So we would expect certainly for '23 to continue to see elevated levels of non-COVID activity, probably above the low double digits that we have seen historically. Too early to say if it stays up over 20%, but certainly elevated in '23 versus what it's been historically.

謝謝，邁克。看，我的意思是——我認為我們看到它的方式如下。讓我們在 22 年設定水平，在 COVID 業務中，我們看到收入從 2021 年的 20 億美元到 2022 年的 10 億美元。正如您所建議的那樣，非 COVID 業務在這裡加速發展，因為客戶正在轉向非 COVID 模式及其所有來源，基礎非常廣泛。當然，在邊際上，價格最終也會有所幫助。因此，我們當然希望 23 年的非 COVID 活動水平繼續上升，可能高於我們歷史上看到的低兩位數。現在說它是否會保持在 20% 以上還為時過早，但肯定會在 23 年高於歷史水平。

Are you seeing any stocking or any change in purchasing patterns by any of your customers, in particular CDMOs? And that's related to the bioprocess, but then just overall anywhere across your portfolio.

您是否看到您的任何客戶（尤其是 CDMO）有任何庫存或購買模式的任何變化？這與生物過程有關，但在您的投資組合中的任何地方都是如此。

So we have very, very close relationships as a result of what we've just all passed through here in the last 18 months with all of our customers, we conduct regular surveys. And while there is the one or the other customer that has canceled a large project, which, by the way, is not that unusual, right. In this business project sometimes fail even in late stage of clinical trials. I would say, generally speaking, we see healthy inventories across the sector and don't see any major pockets of buildup.

因此，由於我們在過去 18 個月中與所有客戶在這裡所經歷的一切，因此我們與所有客戶建立了非常非常密切的關係，我們進行了定期調查。雖然有一個或另一個客戶取消了一個大型項目，但順便說一句，這並不罕見，對吧。在這個商業項目中，有時甚至在臨床試驗的後期也會失敗。我想說，一般來說，我們看到整個行業的庫存健康，並且沒有看到任何主要的積累。

And then one last one, if I could squeeze it in, feeling better about the operating margin fall through for the rest of the year. Just to clarify, is that and the effect of the beat in 2Q or is there anything else going into that in terms of pricing, supply chain, COVID contribution? Sort of what's changed there?

然後是最後一個，如果我能擠進去，對今年剩餘時間的營業利潤率下降感覺好多了。只是為了澄清一下，這是第二季度節拍的影響，還是在定價、供應鏈、COVID 貢獻方面還有其他任何影響？那裡發生了什麼變化？

Yes. I mean, I think, certainly, Q2 is helpful, right? I mean if you think about sort of where we ended up in the beat that gave us a lot of latitude to offset some of the FX headwinds, but I think if you think about what we're seeing in the businesses, pricing is holding in very well, kind of a couple of hundred basis points better than we did here in Q1. You look at the supply chain, I think we've done a really good job of managing that plus driving the pricing. So if you think about where we're at from a price cost perspective, we like where we're at. I mean each of our segments was positive on the margin side here during the quarter. So I do think that as we sort of go forward, that we've got our arms around the price/cost and feel pretty good.

是的。我的意思是，我認為，當然，Q2 是有幫助的，對吧？我的意思是，如果您考慮一下我們最終在節拍中所處的位置，這使我們有很大的自由度來抵消一些外匯逆風，但我認為如果您考慮一下我們在業務中看到的情況，定價將保持不變很好，比我們在第一季度做的好幾百個基點。你看看供應鏈，我認為我們在管理和推動定價方面做得非常好。因此，如果您從價格成本的角度考慮我們所處的位置，我們會喜歡我們所處的位置。我的意思是，我們每個細分市場在本季度的利潤率方面都是積極的。所以我確實認為，隨著我們向前發展，我們已經掌握了價格/成本並且感覺非常好。

We'll take our next question from Vijay Kumar from Evercore ISI.

我們將向 Evercore ISI 的 Vijay Kumar 提出下一個問題。

Congrats on a terrific previous year. Maybe 1 simplistic question on the guidance here, Rainer. 2Q revenues be by 650 basis points, it looks like bioprocessing, your orders are strong, instruments are strong, execution coming in about what the annual guidance has reiterated. Anything going on in second half? Or is this (inaudible) given the macro?

祝賀前一年的出色表現。也許關於這裡的指導的 1 個簡單的問題，Rainer。第二季度收入增加了 650 個基點，看起來像生物加工，你的訂單很強勁，儀器很強大，執行力達到了年度指導所重申的水平。下半場有什麼事情嗎？或者這是給定宏的（聽不清）？

I think we still continue to be really comfortable with our full year guide here. We've talked about the base business being high single digit here for some time. And we saw that play out here throughout the quarters, and we don't see any reason whether that is demand and the orders development or the backlog position that would give us pause as it relates to the high single-digit base business guide that we have.

我認為我們仍然對這裡的全年指南感到非常滿意。我們已經討論了一段時間的基礎業務是高個位數。而且我們在整個季度都看到了這種情況，我們看不出有任何理由是需求和訂單發展還是積壓位置會讓我們停下來，因為它與我們的高個位數基本業務指南有關有。

Now as we talk about COVID testing, I think you, as many and all of us continue to do our best in terms of forecasting what might be happening in testing at any given moment. But as we go forward with testing I think our perspective that Q3, in particular, is sort of the slowest respiratory testing quarter of the year. It's important to note, and then, of course, as you go into Q4, respiratory season picks up again and so we would expect to see that as well.

現在，當我們談論 COVID 測試時，我認為您和我們所有人都會繼續盡最大努力預測在任何特定時刻測試中可能發生的事情。但隨著我們繼續進行測試，我認為我們認為第三季度尤其是一年中呼吸測試速度最慢的季度。重要的是要注意，然後，當然，隨著您進入第四季度，呼吸季節再次回升，因此我們也希望看到這一點。

And as I talked about there in my prepared remarks, we took up at COVID testing number to about $2.5 billion here from around $2.2 billion. We would also say it's important to think about China here. China recovered very well for us here in the second quarter after an unexpectedly long shutdown. And we continue even today to see the sort of more limited spot shutdowns throughout the country. So we continue to watch that, but fundamentally expect the second half in China to be more constructive than it was here in the second quarter.

正如我在準備好的講話中談到的那樣，我們將 COVID 檢測數量從大約 22 億美元增加到了大約 25 億美元。我們還要說在這裡考慮中國很重要。在意外長時間停工後，中國在第二季度對我們來說恢復得很好。即使在今天，我們仍在繼續看到全國范圍內更有限的現場停工。因此，我們繼續關注這一點，但從根本上預計中國下半年將比第二季度更具建設性。

Maybe one for McGrew here. Given increments were north of 40% in 2Q, I think the guide implies back half getting back to 25%, any incremental inflation or FX impact here in the back half that's dragging second half incrementals back to 25%? And I think in the past, Matt, you said LRP incremental should be 35% to 40%. Is that 35% to 40% applicable for fiscal ['23]. Any sense to (technical difficulty).

也許這裡是麥格魯的一個。鑑於第二季度的增量超過 40%，我認為該指南暗示後半部分將回到 25%，後半部分的任何增量通脹或外匯影響將下半年增量拖回 25%？我認為過去，Matt，你說 LRP 增量應該是 35% 到 40%。那 35% 到 40% 是否適用於財政 ['23]。任何意義（技術難度）。

I'm sorry, fiscal '23 you said?

對不起，你說的 23 財年？

Yes. It was a 2-part question, one...

是的。這是一個兩部分的問題，一個...

Yes. So I mean, maybe just -- let me just be clear. Let me reiterate kind of what we said for the full year, and I can give you a little bit of color on Q3, hopefully, that sort of gets you where you need to be because I think -- so let me recap what we said in the prepared remarks. Like Rainer just said, we reaffirmed high single-digit core growth in the base business and overall kind of mid-single-digit core growth, inclusive of tests. Like we talked about a little bit earlier, Q2 outperformance gave us the ability to fully offset all of the second half FX headwinds. So you'll see that in sort of the margins. $400 million of incremental FX here since April.

是的。所以我的意思是，也許只是——讓我說清楚。讓我重申一下我們全年所說的話，我可以在第三季度給你一些顏色，希望這能讓你到達你需要的地方，因為我認為 - 所以讓我回顧一下我們所說的在準備好的評論中。就像 Rainer 剛才所說的那樣，我們重申了基礎業務的高個位數核心增長和整體中個位數的核心增長，包括測試。就像我們之前談到的那樣，第二季度的出色表現使我們能夠完全抵消下半年的所有外匯逆風。所以你會在邊緣看到這一點。自 4 月以來，這裡增加了 4 億美元的外匯。

Talking about $1.3 billion, almost 5% for the full year from a revenue perspective. So no doubt that the second half will have -- that FX will have an impact worse than it even did in the first half. But despite that additional FX headwind, we expect to be at the high end of the range that we talked about earlier of 20% to 25% from a fall-through perspective. So we just kind of give you that color of where we think we'll be here in the second half, inclusive of FX headwinds.

談到 13 億美元，從收入的角度來看，幾乎是全年的 5%。因此，毫無疑問，下半年會有——外彙的影響甚至比上半年還要糟糕。但是，儘管存在額外的外匯逆風，但我們預計將處於我們之前談到的範圍的高端，即從跌落的角度來看 20% 至 25%。所以我們只是給你那種我們認為我們將在下半年在這裡的顏色，包括外匯逆風。

And then for Q3, revenue is going to be down $200 million year-over-year, and that is all due to FX headwinds. So if you think about it, we're going to have, call it, $400 million of FX headwinds, a couple of hundred million dollars of core growth in acquisitions. But net-net, we're going to be negative here in the year. And from a -- I realize from a modeling perspective, sort of fall-through in a negative environment isn't all that meaningful. So I think maybe the easier way to think about where we're thinking about for Q3 is we're expecting our EBITDA margins to be about 30% in the quarter. And so hopefully, with that and then the full year frame, right, on 20% to 25% you can kind of -- it frames a little bit of what we're thinking about for sort of the back half from a margin perspective. Hopefully, that's helpful.

然後對於第三季度，收入將同比下降 2 億美元，這完全是由於外匯逆風。因此，如果您考慮一下，我們將面臨 4 億美元的外匯逆風，以及幾億美元的核心收購增長。但是net-net，今年我們將是負面的。而且從 - 我意識到從建模的角度來看，在負面環境中的失敗並不是那麼有意義。因此，我認為考慮我們在第三季度考慮的更簡單的方法可能是我們預計本季度的 EBITDA 利潤率約為 30%。所以希望，有了這個，然後是全年框架，對，20% 到 25%，你可以有點 - 它框架了我們從利潤率的角度考慮的後半部分的一些內容。希望這會有所幫助。

And sorry, on '23 is 35% to 40% still the right number to look at?

抱歉，23 年 35% 到 40% 仍然是正確的數字嗎？

Yes, I think barring any additional FX headwinds or something, who knows what could happen out there these days. But barring anything else, barring FX or some sort of other macro event, yes, I think that's right, 35% to 40% on our base business is a good way to think about margins as we head into '23. We've talked about in the past how our margin profile has re-rated from 30% to 35% to 35% to 40%, and there's no change to that.

是的，我認為除非有任何額外的外匯逆風或其他東西，誰知道這些天會發生什麼。但是，除非其他任何事情，除非外匯或某種其他宏觀事件，是的，我認為這是對的，我們的基礎業務 35% 到 40% 是考慮利潤率的好方法，因為我們進入了 23 年。我們過去曾討論過我們的利潤率如何從 30% 到 35% 到 35% 到 40% 重新評估，並且沒有改變。

Our next question comes from Scott Davis from Melius Research.

我們的下一個問題來自 Melius Research 的 Scott Davis。

Now that we're on the topic of FX, Matt, is FX more of a concern on -- I mean, is it more of a translation issue for you guys or is there a certain level where the competitive dynamic (technical difficulty) product around from dollar-based regions to non-based.

既然我們談到了 FX，Matt，FX 是否更令人擔憂——我的意思是，這對你們來說更多的是翻譯問題，還是存在一定程度的競爭動態（技術難度）產品從以美元為基礎的地區到不以美元為基礎的地區。

No, I think it's more of the former. I mean it's really -- what we're seeing now, Scott, is just -- it's not just the euro, right? I mean I think that's kind of the key, yes, that's going to get a lot of the headlines with sort of going to parity. But we really are seeing a breadth of FX headwinds globally that is sort of impacting things as we think about Latin America, we think about Southeast Asia, we think about even China, it's starting to hit us in places where just we don't have a cost base, but we've got some revenues. And that's a little bit different than maybe in the past, where it was a little bit more euro-centric for us. It's just really the breadth of the FX headwinds that I think have been sort of quite surprising, frankly, but that's what we've been seeing here in the first half.

不，我認為更多的是前者。我的意思是真的——斯科特，我們現在看到的只是——不僅僅是歐元，對吧？我的意思是，我認為這是一種關鍵，是的，這將成為很多頭條新聞，而且有點平價。但我們確實在全球範圍內看到了廣泛的外匯逆風，這在某種程度上影響著我們對拉丁美洲、東南亞、甚至中國的看法，它開始在我們沒有的地方打擊我們一個成本基礎，但我們有一些收入。這可能與過去有點不同，過去對我們來說更以歐洲為中心。坦率地說，我認為外匯逆風的廣度確實有點令人驚訝，但這就是我們在上半年看到的情況。

Guys, help us understand the logistics of pricing in some of your businesses. I know it's different in a business like Beckman. Do you have to wait until kind of contracts kind of renewed to get the price? Is it -- I mean, the big step-up in price you had quarter-to-quarter (technical difficulty) just the function of (technical difficulty) Diagnostics.

伙計們，幫助我們了解您的某些業務的定價物流。我知道在貝克曼這樣的企業中情況有所不同。您是否必須等到續簽合同才能獲得價格？是不是 - 我的意思是，您每季度（技術難度）的價格大幅上漲只是（技術難度）診斷的功能。

I would tell you, it really does vary around the businesses. Absolutely, we have contracts out there that have notification periods. Those notification periods and the way we manage contracts with nearly 100% visibility to when we can proactively move those prices is a big part of our pricing standard work. And in all businesses, including diagnostics, we have been able to move pricing in the right direction. We talked about the 400 basis points here in Q3, and as we think about sort of the second half, the first half between first quarter, second quarter was about 300 basis points, let's call it, and that's a good placeholder here, I think, for the second half as well.

我會告訴你，這確實因企業而異。當然，我們有合同有通知期。這些通知期以及我們管理合同的方式幾乎可以 100% 了解我們何時可以主動調整這些價格，這是我們定價標準工作的重要組成部分。在包括診斷在內的所有業務中，我們都能夠將定價推向正確的方向。我們在第三季度討論了 400 個基點，當我們考慮下半年，第一季度和第二季度之間的上半年大約是 300 個基點，我們稱之為，這是一個很好的佔位符，我認為, 下半場也是如此。

Now as you come to some businesses where contract terms are longer, let's say, as a result of freights and other types of inflationary pressures, we are able to talk about other types of fees and up charges that are not directly related to price. And that ends up providing us with the requisite uplift as well.

現在，當您談到一些合同期限較長的業務時，比如說，由於運費和其他類型的通貨膨脹壓力，我們可以討論與價格沒有直接關係的其他類型的費用和附加費。這最終也為我們提供了必要的提升。

Our next question comes from Dan Brennan from Cowen.

我們的下一個問題來自 Cowen 的 Dan Brennan。

I guess I wanted to discuss a little bit about the last downturn and what we're beginning to see happen now. Obviously, the company is dramatically different. No Fortive, no dental and you've got all these great structural growth businesses that you've kind of taken on and are growing, particularly across all the biopharma areas. In the last downturn, you were down 12% in '09, but again, such a different business. So maybe while we don't know what the magnitude and duration of the moving pieces or what the slowdown and the recession, if we enter one will entail, clearly, you're preparing for a bunch of different scenarios.

我想我想討論一下上一次經濟衰退以及我們現在開始看到的情況。顯然，這家公司截然不同。沒有 Fortive，沒有牙科，你已經擁有了所有這些偉大的結構性增長業務，你已經開始從事並正在發展，特別是在所有生物製藥領域。在上一次經濟衰退中，你在 09 年下跌了 12%，但又一次，如此不同的業務。因此，也許雖然我們不知道移動部分的幅度和持續時間，或者放緩和衰退的程度，但如果我們進入其中，顯然，你正在為一系列不同的情況做準備。

So I'm hoping you can just maybe help us think about a framework for Danaher. The Street right now has you growing, call it, like 7% or so on the base for next year. Can you give us a sense of how we should consider the different businesses faring as the economy slows here across [LSD and EAS]? And is mid-single digit a reasonable downside case to think about or low single? Just anything you can help us frame. And again, we don't know what the downturn will look like, but you're in a better position than we are to give us a sense of how your businesses will do.

所以我希望你能幫助我們考慮一下丹納赫的框架。華爾街現在有你在增長，稱之為，明年基數為 7% 左右。您能否告訴我們，隨著 [LSD 和 EAS] 的經濟放緩，我們應該如何考慮不同業務的表現？中個位數或低個位數是一個合理的下行案例嗎？只要你能幫助我們框架。再說一次，我們不知道經濟低迷會是什麼樣子，但您比我們處於更好的位置，可以讓我們了解您的業務將如何運作。

Sure, Dan. First of all, I think you hit it on the head. We are a very different company today than we were in 2009. And some of that you already saw in 2020 where even as the country and the world shut down, we only had 1 negative quarter and ended up being obviously very positive for the year, even in 2020. But let's talk about the why here first. I mean, the portfolio transformation that was purpose-driven has made Danaher far more resilient today than ever before.

當然，丹。首先，我認為你擊中了它的頭部。與 2009 年相比，我們今天是一家非常不同的公司。你已經在 2020 年看到了其中的一些，即使國家和世界都關閉了，我們只有一個負季度，但今年顯然非常樂觀，即使在 2020 年。但讓我們先在這裡談談為什麼。我的意思是，以目標為導向的投資組合轉型使丹納赫今天比以往任何時候都更有彈性。

And let's tease out why that is. I mean, first of all, over 40% of our portfolio, well over 40% is in biopharma, genomics, molecular diagnostics. And all of these are supported by very, very strong secular growth drivers. And you heard me talk about those in the prepared remarks with a number of therapeutic projects that are in the pipeline that drives so much value creation and activity in our industry. We also see population increases, access to medical care increasing. So when we think about patient volumes around the world, we see those continuing to increase.

讓我們弄清楚為什麼會這樣。我的意思是，首先，我們超過 40% 的投資組合，超過 40% 是在生物製藥、基因組學、分子診斷學領域。所有這些都得到了非常非常強大的長期增長動力的支持。你聽到我在準備好的評論中談到了一些正在籌備中的治療項目，這些項目推動了我們行業的如此多的價值創造和活動。我們還看到人口增加，獲得醫療服務的機會增加。因此，當我們考慮世界各地的患者數量時，我們會看到這些數量繼續增加。

Also, from a diagnostic perspective, we're very well positioned. You think about EAS, the positioning there is water is becoming scarcer, unfortunately more polluted and requires more testing. The food supply is under pressure. And so PID is very much involved in these kind of macro drivers as well. So we feel that from a portfolio perspective, it's newly purpose built for the world that we're in and the pressures that we live under.

此外，從診斷的角度來看，我們處於非常有利的位置。你想想 EAS，那裡的水位越來越稀缺，不幸的是污染越來越嚴重，需要更多的測試。糧食供應面臨壓力。因此 PID 也非常參與這些宏驅動程序。因此，我們認為，從投資組合的角度來看，它是為我們所處的世界和我們生活的壓力而新建的。

Now you add to that 70% of our revenues -- or I should say, over 75% of our revenues are recurring. And most of those are captive, meaning they're [specced] in or they're specific to our equipment and instruments, along with these super durable business models, razor blade and high service levels. So that's a very different kind of business that, once again, I'd say it's purpose-built for these type of things.

現在你增加了我們 70% 的收入——或者我應該說，超過 75% 的收入是經常性的。其中大部分是專屬的，這意味著它們是 [指定] 或特定於我們的設備和儀器，以及這些超級耐用的商業模式、剃須刀片和高服務水平。所以這是一種非常不同的業務，我再說一次，它是專門為這些類型的事情而設計的。

Now you add to that our scale and our DBS-led execution where even in tough and choppy times, we're able to focus on what matters, which is our customers and execute in that environment. On top of the strength of our balance sheet, we actually see these challenging macro environments as opportunities. So rather than battening down hatches here and having our head down, we're focused on executing, continuously improving and taking advantage of the opportunities that the crisis can offer us.

現在，您再加上我們的規模和以星展銀行為主導的執行，即使在艱難和動蕩的時期，我們也能夠專注於重要的事情，即我們的客戶並在該環境中執行。除了我們的資產負債表實力之外，我們實際上將這些具有挑戰性的宏觀環境視為機遇。因此，我們不是在此關門大吉，低著頭，而是專注於執行、不斷改進和利用危機可以為我們提供的機會。

And so as you think about our balance sheet position today, less than 2x net debt to EBITDA, we're well positioned there for sure. And so looking ahead, should a recession be there or should the times get choppier, we're looking to get to the other side of that even stronger than we would enter that.

因此，當您考慮我們今天的資產負債表狀況時，EBITDA 的淨債務不到 2 倍，我們肯定處於有利位置。因此，展望未來，如果出現衰退或時代變得更加動盪，我們希望能夠比我們進入的情況更強大。

Now as we think about our 2023 guide, which I think is what a part of your question was trying to tease out, we feel good about our mid-single-digit plus positioning there where for the long term, which we have talked about in a number of occasions. And when you unpack that a little bit, we see bioprocessing to be up high single digits and that's consistent with what we've spoken of. And as you look at bioprocessing, there, we continue to think that the non-COVID business is going to be growing very strong. You saw what we're doing here in the second half of the year with growth rates well over 20% in non-COVID. And then we've also derisked the discussion here relating COVID related therapeutics and vaccines. We see $1 billion of revenue in 2022. That's down from $2 billion in '21. And we probably say $500 million for 2023. So 2021, $2 billion; 2022, $1 billion; and 2023, $500 million for COVID-related vaccines. And having said all that, we still see our biotechnology business growing at high single digits.

現在，當我們考慮我們的 2023 年指南時，我認為這是您的問題的一部分試圖梳理出來，我們對我們的中個位數加上長期定位感到滿意，我們已經在一些場合。當你稍微拆開包裝時，我們會看到生物工藝的高個位數，這與我們所說的一致。當您查看生物加工時，我們仍然認為非 COVID 業務將增長得非常強勁。你看到了我們在下半年所做的事情，非 COVID 的增長率遠遠超過 20%。然後，我們還取消了此處有關 COVID 相關療法和疫苗的討論。我們預計 2022 年的收入將達到 10 億美元。這比 21 年的 20 億美元有所下降。我們可能會說 2023 年 5 億美元。所以 2021 年，20 億美元； 2022 年，10 億美元；和 2023 年，5 億美元用於與 COVID 相關的疫苗。說了這麼多，我們仍然看到我們的生物技術業務以高個位數增長。

And that leaves you then with COVID testing, and we've talked about that at length. We speak to our customers about that. They still think that COVID goes endemic at the end of '23, beginning of '24. And we still think our framework of about $1.2 billion of COVID testing revenue in '23, which is roughly around 30 million tests, is the right way to think about it. So when you put all that together, we feel very good about the way we're positioned here from a core growth perspective. I think mid-single-digit plus on the base business, and then from a COVID headwind perspective, think low single, mid-single headwind overall giving you a solid low single-digit 2023.

然後就剩下 COVID 測試了，我們已經詳細討論過了。我們就此與客戶交談。他們仍然認為 COVID 在 23 年底、24 年初流行。而且我們仍然認為，我們在 23 年大約 12 億美元的 COVID 測試收入的框架（大約 3000 萬次測試）是正確的思考方式。因此，當您將所有這些放在一起時，從核心增長的角度來看，我們對我們在這裡的定位方式感到非常滿意。我認為基礎業務的中個位數加上，然後從 COVID 逆風的角度來看，認為低單、中單逆風總體上給你一個穩定的低個位數 2023。

Great. Maybe just 1 quick follow-up then. Just as it pertains to China, could you just flesh out a little bit, obviously, the quarter progressed better than expected, and you gave some color about the Dx drag continuing kind of how do we think about implicit in your full year guide? Like what is kind of expected to do? And are you expecting or baking in a completely normal kind of absent diagnostics for the back half?

偉大的。也許只有 1 次快速跟進。就像它與中國有關，您能否稍微充實一下，顯然，該季度的進展好於預期，並且您對 Dx 拖累繼續提供了一些色彩，我們如何看待您的全年指南中隱含的？比如期望做什麼？你是否期待或烘烤一種完全正常的後半場缺席診斷？

For a normal year, we would see China in the low double-digit low-teen kind of growth. We'd say for the full year this year in view of what we've seen in the first half, high single digits is the way to think about China, which we consider to be strong growth in view of some of the macro challenges that China is facing today.

在正常的一年裡，我們會看到中國處於低兩位數的低青少年增長中。鑑於我們在上半年看到的情況，我們會說今年全年，高個位數是思考中國的方式，鑑於一些宏觀挑戰，我們認為這是強勁的增長中國今天面臨。

Our next question comes from Jack Meehan from Nephron.

我們的下一個問題來自 Nephron 的 Jack Meehan。

First question I had is on bioprocessing. So just a follow-up, the $1 billion updated COVID guide for the year, can you just provide how much was in the first half? And then the assumption for the second half, could you just talk about what you're assuming related to boosters or government contracts, just how you build up to the $1 billion?

我遇到的第一個問題是關於生物工藝的。所以只是跟進，今年更新了 10 億美元的 COVID 指南，你能提供上半年有多少嗎？然後是下半年的假設，您能否談談您對助推器或政府合同的假設，以及您如何累積到 10 億美元？

So just to repeat here, Jack, for everybody, 2021, $2 billion of revenue; 2022, $1 billion of COVID-related vaccine and therapeutic revenue. I think it's fair to say that, that trails off here towards the second half of the year, getting you to for that 2023 run rate that I talked about, about $500 million for the year. So some of this stuff is lumpy. So it can go back and forth in the quarter, but that's the general downdraft.

因此，傑克，在這裡重複一遍，2021 年，20 億美元的收入；到 2022 年，與 COVID 相關的疫苗和治療收入將達到 10 億美元。我認為可以公平地說，到今年下半年為止，這讓你達到我談到的 2023 年運行率，全年約為 5 億美元。所以有些東西是塊狀的。所以它可以在本季度來回走動，但這是普遍的下行趨勢。

Maybe just to put some numbers to it, I'd say it's call it a little over $500 million in the first half, then a little -- around $400 million or so, a little under in the second half. You can see the -- that's sort of the magnitude of the drop, getting to the $1 billion.

也許只是為了給它加上一些數字，我會說它在上半年略高於 5 億美元，然後稍微 - 大約 4 億美元左右，下半年略低於。你可以看到 - 這是下降的幅度，達到 10 億美元。

In terms of boosters and annual shots, look, as you know, the public health official discussion there continues. Our belief is that it is likely that there's going to be a regular vaccination schedule. It remains to be seen what the uptake of that vaccination will be. But if it is on the order of what flu vaccination is in the country, the kind of numbers that we talked about for '23, perhaps a little bit less, much longer term is probably the order of magnitude in an endemic vaccination regime.

在助推器和年度注射方面，如您所知，那裡的公共衛生官員討論仍在繼續。我們的信念是，很可能會有定期的疫苗接種計劃。這種疫苗接種的效果如何還有待觀察。但是，如果按該國流感疫苗接種的數量級計算，那麼我們在 23 年談到的那種數字，可能會更少，更長的時間可能是地方性疫苗接種制度中的數量級。

And I also had a follow-up on China. So you grew high single digits. The guide was for -- down mid- to high single digits. And that was despite the fact that lockdowns were longer than expected. I guess my question is simple. How did you pull it off? Can you just talk about instruments versus consumables? Just what kind of the shape of the quarter look like?

我還對中國進行了跟進。所以你增長了個位數。該指南適用於中高個位數。儘管封鎖的時間比預期的要長。我想我的問題很簡單。你是怎麼把它拉下來的？你能談談儀器和消耗品嗎？四分之一的形狀是什麼樣的？

Well, first and foremost, this is about a team stepping up to the plate and executing. Our associates were ahead of the game proactively working with the various levels of government, municipal province and then sometimes even national to ensure that we get the necessary approvals very, very quickly in order to be able to open up our facilities again. At the same time, our supply chain associates were prepared and ahead of the game, understanding what it would take to make a quarter, the raw materials that needed to be available, the shift size that needed to be available and the number of shipment hours that they had in order to work through it.

嗯，首先，這是關於一個團隊加緊執行。我們的員工走在前頭，積極與各級政府、市級政府，有時甚至是國家級政府合作，以確保我們非常、非常迅速地獲得必要的批准，以便能夠再次開放我們的設施。同時，我們的供應鏈員工已做好準備並提前做好準備，了解生產一個季度需要什麼、需要可用的原材料、需要可用的班次規模以及運輸小時數他們必須通過它來工作。

And then we have to say, our manufacturing associates literally lived in the plant, literally lived in the plants. We built showers, they had cots, we had food and clothing brought in, as well as the necessary services to what needed to come back out in order to facilitate what is nothing but extraordinary execution with the highest level of commitment.

然後我們不得不說，我們的製造同事確實住在工廠裡，真的住在工廠裡。我們建造了淋浴間，他們有嬰兒床，我們帶來了食物和衣服，以及為需要回來的東西提供必要的服務，以便以最高水平的承諾促進非同尋常的執行。

And as you think about that, whether it's instruments or whether it is consumables, it was across the board. Those things that were manufactured locally, I just talked about those people in the plants, but also those things that were imported and had the risk of being stuck in the ports as you sort of unwound the congestion associated with the shutdown. Our people were at the front of the line, making sure that our goods got in first and got to the customers, were installed, were signed off and are in use today.

當您考慮到這一點時，無論是儀器還是消耗品，它都是全面的。那些在本地生產的東西，我剛剛談到了工廠裡的那些人，還有那些進口的東西，當你解除與關閉相關的擁堵時，它們有可能被困在港口。我們的員工站在隊伍的最前面，確保我們的貨物首先進入並到達客戶手中、安裝完畢、簽收並在今天使用。

Our next question comes from Rachel Vatnsdal from JPMorgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

Congrats on the nice quarter. So first off on COVID testing. So those obviously came in higher than expected, but I'd like to really dig into the mix of fluid versus stand-alone. So you're anticipating 10% of the 4-in-1 past this quarter and 90% stand-alone, but that sounds like it came in about 50-50. So the mix has increasingly been skewed towards the 4-in-1 products in recent quarters. So how are you thinking about that next step moving forward in the back half of the year? And then what's the mix that's anticipated in that $30 million cost for next year?

恭喜這個美好的季度。因此，首先要進行 COVID 測試。所以這些顯然比預期的要高，但我想真正深入研究流體與獨立的混合。因此，您預計本季度過去 10% 的 4 合 1 和 90% 是獨立的，但這聽起來像是大約 50-50。因此，最近幾個季度，這種組合越來越傾向於四合一產品。那麼，您如何看待下半年的下一步發展？那麼，明年 3000 萬美元的成本中預期的組合是什麼？

Yes, so as we think about -- it was -- this quarter was -- you're right, it was closer to 50-50. As we sort of think about Q3 and what we are sort of hearing, we think that it's going to look a little bit more like the mix we saw Q3 of last year, which was 80% COVID, only 20% 4-in-1. So on that -- on our 325 million, call it, 8 million tests or so, that we think we do think it will be kind of skewed a little bit more like it was last year.

是的，所以正如我們所想的那樣——它是——這個季度——你是對的，它接近於 50-50。當我們考慮第三季度和我們聽到的內容時，我們認為它看起來會更像我們去年第三季度看到的混合，即 80% 的新冠病毒，只有 20% 的四合一.因此，在我們的 3.25 億次測試中，稱之為 800 萬次左右的測試，我們認為我們確實認為它會像去年一樣傾斜一點。

So like Rainer said, too, just to give you some context, I mean, Q3 has historically been the slowest respiratory quarter of the year. And as we sort of talk to our customers, I think that's their expectation as well that as we get into the summer here, it does typically become sort of the slowest time as it picks back up in the winter. As we get into Q4, I would say that, that mix assumption will be more like the 50-50 that we saw here and that we saw last winter as well. So I think if you think about Q4, we're talking about $525 million of revenue, maybe 11 million tests or something along those lines and a split of 50-50.

所以就像 Rainer 所說的，只是為了給你一些背景信息，我的意思是，Q3 歷來是一年中呼吸最慢的季度。當我們與客戶交談時，我認為這也是他們的期望，當我們在這裡進入夏季時，它通常會成為最慢的時間，因為它會在冬季恢復。當我們進入第四季度時，我想說的是，這種混合假設將更像我們在這裡看到的 50-50 以及我們去年冬天看到的。因此，我認為如果您考慮第四季度，我們談論的是 5.25 億美元的收入，可能是 1100 萬次測試或類似的東西，並且比例為 50-50。

And then on biotech funding concerns, so obviously, there's been a number of concerns about the potential slowdown in biotech funding, leading to smaller funnel at earlier stage biotech companies as they try to rationalize candidates to conserve cash. So you flagged a number of staff on the positive pipeline for monoclonal antibodies, cell gene therapy, et cetera, in the prepared remarks. So can you just walk us through have you seen any impact or shift in demand from that SMID biotech customer segment as a result of these funding concerns?

然後關於生物技術資金的擔憂，很明顯，人們對生物技術資金的潛在放緩存在許多擔憂，導致早期生物技術公司的漏斗縮小，因為他們試圖合理化候選人以節省現金。所以你在準備好的評論中標記了一些工作人員在單克隆抗體、細胞基因治療等方面的積極進展。那麼，您能否簡單介紹一下，由於這些資金問題，您是否看到 SMID 生物技術客戶群的需求有任何影響或轉變？

And then how should we think about, let's say, that we face a prolonged constrained funding environment for the SMID biotechs. At what point do you think that could really start to impact that Phase II or Phase III part of the pipeline where it starts to become more meaningful from a volume perspective, which is obviously the main driver of that bioprocessing business?

然後我們應該如何考慮，比如說，我們面臨著 SMID 生物技術公司長期受限的資金環境。您認為在什麼時候才能真正開始影響管道的第二階段或第三階段部分，從數量的角度來看，它開始變得更有意義，這顯然是生物加工業務的主要驅動力？

Rachel, as you just suggested, the majority of these biotechs are either preclinical or in the very early stages of clinical. And it's really important to note that our business is driven by what's happening in Phase III and ultimately commercialized drugs. Over 75% of our business is in that later stage. And so then as you go upstream from that, that has less of an impact. Now getting specifically to your point, we really haven't seen much of an impact of the biotech funding crunch here affecting the customer activity levels that we have. And frankly, we do look at these biotechs and the proposals that they are pursuing whether there's proof of concept and data.

Rachel，正如你剛才所說，這些生物技術中的大多數要么處於臨床前階段，要么處於臨床的早期階段。值得注意的是，我們的業務受到第三階段和最終商業化藥物的推動。我們超過 75% 的業務處於後期階段。因此，當您從那裡往上游走時，影響較小。現在具體談談您的觀點，我們真的沒有看到這裡的生物技術資金緊縮對我們擁有的客戶活動水平產生太大影響。坦率地說，我們確實會研究這些生物技術以及他們正在尋求的建議，是否有概念和數據證明。

And our sense is that the good projects and where the data is solid and convincing and proof of concept is given, they are continuing to attract funding. So we think that today's cash positions in the biotechs, the quality of the projects that they are pursuing, as well as the funding environment still providing funding to those that are able to provide data continues to be quite positive and is not impacting our business.

我們的感覺是，好的項目以及數據可靠且令人信服並提供概念證明的地方，它們將繼續吸引資金。因此，我們認為今天生物技術公司的現金狀況、他們所追求的項目的質量以及仍在為能夠提供數據的公司提供資金的融資環境仍然非常積極，不會影響我們的業務。

Now of course, to your longer-term question, we just have to see that the biotech area is a cauldron of innovation. That's where the risks are taken. That's where the out-of-the-box thinking oftentimes occurs. And that's where the Genentechs and the Amgens and others started and many more that are huge public companies today. So we, of course, longer term, will want to see that the funding continues to support that kind of innovation environment but today, are not concerned about what we see here for the next, call it, 18, 24 months.

當然，對於您的長期問題，我們只需要看到生物技術領域是創新的大鍋。這就是承擔風險的地方。這就是經常出現開箱即用的想法的地方。這就是基因泰克公司、安進公司和其他公司開始的地方，還有更多今天的大型上市公司。因此，從長遠來看，我們當然希望看到資金繼續支持這種創新環境，但今天，我們並不關心我們在這裡看到的下一個，稱之為 18、24 個月。

Our last question comes from Patrick Donnelly from Citi.

我們的最後一個問題來自花旗的 Patrick Donnelly。

Maybe another one, just cleaning up on '23, I really appreciate all the color you gave. It sounds like with all the moving pieces in terms of COVID headwinds, will probably shake out maybe a little more low single than the mid-single for '23. And I'm just trying to figure out, I guess, with all the mix changes again being a little less COVID, more heavy on the core, what the right way to think about the incrementals is? I mean it sounds like Matt earlier was talking about kind of getting back to that 35%, 40%. But just wanted to circle up in terms of the moving pieces again, given the mix shift, I assume FX is going to be a bit of a headwind in the first half. It's still a bit away, but we'll see what the dollar does. But can you just talk through, I guess, that margin structure as we work our way into '23, given again the growth is looking a little more low single with the COVID headwinds that you laid out?

也許是另一個，只是在 23 年清理，我真的很感激你給的所有顏色。聽起來，就 COVID 逆風而言，所有移動的部分可能會比 23 年的中單曲震出更低的單曲。我只是想弄清楚，我想，隨著所有的混合變化再次減少了 COVID，核心更重，思考增量的正確方法是什麼？我的意思是，聽起來馬特早些時候在談論回到那個 35%，40%。但只是想再次圍繞移動部分，考慮到混合變化，我認為 FX 在上半年會有點逆風。它仍然有點遠，但我們會看到美元的作用。但是，我想，當我們進入 23 世紀時，您能否談談利潤率結構，再次考慮到您提出的 COVID 逆風的增長看起來有點低？

Yes, sure. I mean, I think maybe just kind of like you said, get everybody around it, that low single is overall. The base business, we think, would be mid-single-digit plus and the COVID headwinds, which are all testing at this point would be sort of down low to mid-single, to get to a low single overall. So as I think about my '23 margin profile, like I said before, it's difficult right now given how dynamic things are, especially with the FX and inflation and supply chains. But I think where we are from an execution perspective here in the quarter, where we think we'll be, if we don't have any -- we might have some FX headwinds, but let's see where that ends up.

是的，當然。我的意思是，我想也許就像你說的那樣，讓每個人都圍繞它，低單曲是整體的。我們認為，基本業務將處於中個位數以上，而目前正在測試的 COVID 逆風將下降到中單，以達到整體低單。因此，正如我之前所說，當我考慮我 23 年的利潤率狀況時，鑑於事情的動態性，特別是在外匯、通貨膨脹和供應鏈方面，現在很難。但我認為，從本季度的執行角度來看，我們認為我們會在哪裡，如果我們沒有任何 - 我們可能會遇到一些外匯逆風，但讓我們看看結果如何。

But if we don't have any extra new headwinds that show up, I just think the normal VCM of 35% to 40% is the place to be. I mean the COVID testing, like you've seen, I mean, it's more or less at the fleet average. We've talked about how we sort of intentionally did that. We price it exactly the same as we price flu. So it's not as if it has a huge outsized necessary impact. So I still think the right place to be from a margin perspective is that fall-through of 35% to 40% on low single digits. But I think given that we're going to grow that base business mid-single digit plus and with that sort of fall-through, I still think you'd see -- even in that low single-digit environment, I still think we drive EPS growth.

但是，如果我們沒有出現任何額外的新阻力，我只是認為正常的 VCM 為 35% 到 40% 是合適的。我的意思是 COVID 測試，就像你已經看到的那樣，我的意思是，它或多或少是機隊平均水平。我們已經討論過我們是如何故意這樣做的。我們對它的定價與我們對流感的定價完全相同。因此，它並沒有產生巨大的必要影響。所以我仍然認為，從利潤率的角度來看，正確的地方是低個位數下降 35% 到 40%。但我認為，鑑於我們將把基礎業務增長到中個位數以上，並且出現這種下滑，我仍然認為你會看到——即使在那個低個位數的環境中，我仍然認為我們推動每股收益增長。

Then, Rainer, you touched a little bit on the M&A landscape. Obviously, I don't think there's any doubt you guys have the capacity and the balance sheet is healthy. I think the questions are more around are the sellers ready? Or are valuations still kind of resetting in boardrooms? What are the conversations like for you guys, again, it seems like your appetite is certainly high. To your point, macro uncertainty tends to favor you guys. You do tend to see a little bit of panic out there sometime and sellers kind of hit the bid. So can you just talk about conversations? Are people starting to warm up a little bit? Or is it still a lot of kind of pointing back 6 months and maybe we bounce back, maybe we don't. What are the conversations like on that front?

然後，Rainer，你談到了併購領域。顯然，我認為毫無疑問你們有能力並且資產負債表是健康的。我認為問題更多的是賣家準備好了嗎？還是董事會的估值仍在重新設定？你們的談話是什麼樣的，再一次，看起來你們的胃口肯定很高。就您而言，宏觀不確定性往往有利於你們。有時你確實會看到一些恐慌，賣家有點出價。所以你能談談對話嗎？人們開始熱身了嗎？或者它仍然有很多指向 6 個月的情況，也許我們會反彈，也許我們不會。在這方面的對話是什麼樣的？

Well, the 52-week high has not moved out of the window entirely. But I do think it's fair to say that people are understanding that we're entering into a new environment here that there's a change of the cycle here. We see COVID tailwinds dissipating, many were riding that wave. Higher interest rates are real for everyone. And then, of course, the foreign exchange rate issues that Matt was talking about and inflation are real too. So I think that the changed macro and the reality of valuations is starting to seep in to the boardroom discussions. But it's still early days. And we continue to watch that. We're, of course, engaged. Our funnels are very healthy. And as always, we are looking for those opportunities that align with our strategy and end market focus, as well as then, of course, premier assets in that particular area, along with the right valuation. You noted our balance sheet, we're primed here and look at the market with opportunity.

好吧，52 週的高點並沒有完全移出窗外。但我確實認為可以公平地說，人們理解我們正在進入一個新環境，這裡的周期發生了變化。我們看到 COVID 的順風消散，許多人正乘風破浪。更高的利率對每個人來說都是真實的。然後，當然，馬特談到的匯率問題和通貨膨脹也是真實存在的。所以我認為變化的宏觀和估值的現實開始滲透到董事會討論中。但這還為時過早。我們將繼續關注這一點。我們當然訂婚了。我們的漏斗非常健康。與往常一樣，我們正在尋找與我們的戰略和終端市場重點相一致的機會，當然還有該特定領域的主要資產以及正確的估值。您注意到我們的資產負債表，我們已經做好準備，並以機會的眼光看待市場。

And that is all the time we have for today, and I will turn the program back over to our speakers.

這就是我們今天的所有時間，我將把節目轉回給我們的演講者。

Thanks, Gretchen, and thanks, everyone, for joining us today. We'll be around all day for follow-ups. Bye.

謝謝 Gretchen，也謝謝大家今天加入我們。我們將整天在附近進行跟進。再見。

This does conclude today's program. Thank you for your participation. You may now disconnect. Have a great day.

今天的節目到此結束。感謝您的參與。您現在可以斷開連接。祝你有美好的一天。