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Operator
Operator
My name is Ashley, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to Danaher Corporation's First Quarter 2023 Earnings Results Conference Call. (Operator Instructions)
我叫 Ashley,今天早上我將擔任你們的會議主持人。此時,我想歡迎大家參加丹納赫公司 2023 年第一季度收益結果電話會議。 (操作員說明)
I will now turn the call over to Mr. John Bedford, Vice President of Investor Relations. Mr. Bedford, you may begin your conference.
我現在將把電話轉給投資者關係副總裁約翰貝德福德先生。貝德福德先生,您可以開始您的會議了。
John Bedford - VP of IR
John Bedford - VP of IR
Thank you, Ashley. 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.
謝謝你,艾希禮。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有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。
I'd like to point out that our earnings release, the slide presentation supplementing today's call and the reconciliations and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call are all available on the Investors section of our website, www.danaher.com, under the heading Quarterly Earnings. The audio portion of this call will be archived on the Investors section of our website later today under the heading Events and Presentations and will remain archived until our next quarterly call. A replay of this call will also be available until May 9, 2023.
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以及 SEC 法規 G 要求的與電話會議期間提供的任何非 GAAP 財務措施相關的調節和其他信息都可以在我們的投資者部分找到網站 www.danaher.com,位於“季度收益”標題下。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”部分的“活動和演示”標題下存檔,並將一直存檔到我們的下一個季度電話會議。此通話的重播也將在 2023 年 5 月 9 日之前提供。
During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance. The 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 relate to the first quarter of 2023, and 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表現的某些更重要的因素。補充材料描述了影響年度業績的其他因素。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都與 2023 年第一季度相關,並且所有對財務指標的同期增減的提及均與去年同期相比。我們還可能會描述某些產品和設備,這些產品和設備已提交申請並正在等待某些監管部門的批准,或者僅在某些市場可用。
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,包括關於我們相信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,包括我們在 SEC 文件中提出的風險和不確定性,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有效,除法律要求外,我們不承擔任何更新任何前瞻性陳述的義務。
With that, I'd like to turn the call over to Rainer.
有了這個,我想把電話轉給 Rainer。
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
Thank you, John, and good morning, everyone. We appreciate you joining us on the call today.
謝謝約翰,大家早上好。感謝您今天加入我們的電話會議。
So we had a good start to the year. Our team successfully navigated a dynamic operating environment to deliver better-than-expected revenue, earnings and cash flow. We're especially pleased with the strength of our base business, which grew 6% in the first quarter. Now across the portfolio, the quarter progressed largely as we anticipated. Our global supply chain has stabilized and component availability improved sequentially. Strong price realization helped offset inflationary pressures and disciplined cost management enabled us to continue our cadence of growth investments. So we believe these investments paired with DBS-driven execution contributed to market share gains in many of our businesses again this quarter.
所以我們今年開局不錯。我們的團隊成功駕馭了動態的運營環境,實現了好於預期的收入、收益和現金流。我們對基礎業務的實力感到特別滿意,該業務在第一季度增長了 6%。現在,在整個投資組合中,本季度的進展基本符合我們的預期。我們的全球供應鏈已趨於穩定,組件可用性也相應得到改善。強勁的價格實現幫助抵消了通脹壓力,嚴格的成本管理使我們能夠繼續保持增長投資的節奏。因此,我們相信這些投資與 DBS 驅動的執行相結合,在本季度再次為我們許多業務的市場份額增長做出了貢獻。
A prime example of the power of DBS and our commitment to continuous improvement at all levels of Danaher as the CEO Kaizen, which we kicked off 2 weeks ago. With this event, our most senior leaders are joining over 700 associates at 10 of our operating companies. We're focusing on the most significant opportunities for lasting competitive advantage across our businesses, including further reducing our best-in-class lead times at Aldevron and improving resin and filter throughput in the Biotechnology group.
作為 CEO Kaizen,我們在 2 週前啟動了 DBS 的力量和我們對丹納赫各級持續改進的承諾的一個典型例子。通過這次活動,我們最高級別的領導將加入我們 10 家運營公司的 700 多名員工。我們專注於在我們的業務中獲得持久競爭優勢的最重要機會,包括進一步縮短我們在 Aldevron 的一流交貨時間,以及提高生物技術集團的樹脂和過濾器吞吐量。
The CEO Kaizen is just another terrific opportunity for our teams to come together and drive transformative change through DBS. In fact, once we wrap up here today, I'll be joining the Cytiva team at our resin facility in Uppsala, Sweden, to contribute to these efforts. Now our results also reflect the unique positioning of Danaher's portfolio. We just have an exceptional group of leading franchises serving attractive end markets with durable secular growth drivers.
CEO Kaizen 只是我們團隊聚集在一起並通過 DBS 推動變革的另一個絕佳機會。事實上,一旦我們今天在這裡結束,我將加入我們位於瑞典烏普薩拉的樹脂工廠的 Cytiva 團隊,為這些努力做出貢獻。現在,我們的業績也反映了丹納赫產品組合的獨特定位。我們擁有一群傑出的領先特許經營商,服務於具有持久長期增長動力的有吸引力的終端市場。
Additionally, the strength of our balance sheet provides us with the optionality to enhance our businesses both organically and through disciplined M&A. This powerful combination of our talented team, leading portfolio and strong financial position, differentiates Danaher and reinforces our sustainable long-term competitive advantage.
此外,我們資產負債表的實力為我們提供了選擇權,以有機地和通過有紀律的併購來增強我們的業務。我們才華橫溢的團隊、領先的產品組合和強大的財務狀況的強大結合,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 first quarter results. Sales were $7.2 billion in the first quarter and core revenue declined 4%. So as I mentioned earlier, we delivered 6% core revenue growth in our base business, with 3 of our 4 reporting segments, up high single digits or better in the quarter. COVID-19 revenues were a headwind of approximately 10%. Geographically, core revenues in developed markets declined mid-single digits, primarily as a result of lower COVID-19 revenues.
因此,讓我們來看看我們的第一季度業績。第一季度銷售額為 72 億美元,核心收入下降 4%。因此,正如我之前提到的,我們的基礎業務實現了 6% 的核心收入增長,我們的 4 個報告部門中有 3 個在本季度實現了高個位數或更好的增長。 COVID-19 的收入逆風增長了約 10%。從地域上看,發達市場的核心收入下降了中個位數,這主要是由於 COVID-19 收入下降。
High-growth markets were up low single digits, with a low single-digit decline in China. Results in China were better than expected, driven by a quicker-than-anticipated recovery in diagnostic testing and a more favorable life science research funding environment. We expect these positive trends to continue as we move through the year. Our gross profit margin for the first quarter was 61%. Our operating margin of 25% was down 330 basis points primarily due to the impact of lower COVID volume in our Biotechnology and Diagnostics businesses. Adjusted diluted net earnings per common share were $2.36, and we generated $1.7 billion of free cash flow in the quarter.
高增長市場以低個位數增長,而中國則以低個位數下降。在診斷測試恢復快於預期和更有利的生命科學研究資助環境的推動下,中國的業績好於預期。我們預計這些積極趨勢將在今年繼續下去。我們第一季度的毛利率為 61%。我們 25% 的營業利潤率下降了 330 個基點,這主要是由於我們的生物技術和診斷業務中 COVID 銷量下降的影響。調整後的每股普通股攤薄淨收益為 2.36 美元,本季度我們產生了 17 億美元的自由現金流。
Now let's take a closer look at our results across the portfolio and give you some color on what we're seeing in our end markets today. Reported revenue in our Biotechnology segment declined 16% and core revenue was down 13%. In bioprocessing, base business core revenue growth was in line with our expectations of low single digits in the first quarter.
現在讓我們仔細看看我們在整個產品組合中的結果,並為您介紹一下我們今天在終端市場上看到的情況。我們生物技術部門的報告收入下降了 16%,核心收入下降了 13%。在生物加工方面,基礎業務核心收入增長符合我們對第一季度低個位數的預期。
(inaudible) demand at our large customers were primarily responsible for therapies in commercial production and later-stage clinical trials remains robust, and they're steadily working through inventory they built during the pandemic. Based on our most recent customer conversations, we now expect the inventory normalization process to continue through the second half of the year.
(聽不清)我們大客戶的需求主要負責商業生產中的療法,後期臨床試驗仍然強勁,他們正在穩步處理大流行期間建立的庫存。根據我們最近的客戶對話,我們現在預計庫存正常化過程將持續到今年下半年。
During the quarter, we also saw softer demand globally at many of our emerging biotech customers as more pronounced pressures on liquidity and funding accelerated their efforts to conserve capital leading to project delays and cancellations. In consideration of these factors, we anticipate second quarter and full year base business core growth in bioprocessing will be largely consistent with the first quarter.
在本季度,我們還看到許多新興生物技術客戶在全球範圍內的需求疲軟,因為更明顯的流動性和資金壓力加速了他們保存資本的努力,導致項目延遲和取消。考慮到這些因素,我們預計第二季度和全年生物加工基礎業務的核心增長將與第一季度基本一致。
That said, these short-term pandemic-related dislocations have not changed our assessment of the tremendous opportunity ahead in the biologics market and for our leading bioprocessing franchise. The number of biologic and genomic medicines in development is meaningfully higher than at any point in history. In fact, there are thousands of biologic therapies currently under development, including more than 750 in Phase III clinical trials. With these therapies, our customers are making significant strides in addressing diseases that affect large segments of the population.
也就是說,這些與大流行相關的短期錯位並沒有改變我們對生物製劑市場和我們領先的生物加工特許經營權的巨大機遇的評估。正在開發的生物和基因組藥物的數量比歷史上任何時候都多得多。事實上,目前有數千種生物療法正在開發中,其中超過 750 種處於 III 期臨床試驗階段。通過這些療法,我們的客戶在解決影響大部分人群的疾病方面取得了重大進展。
For example, GLP-1s have become blockbuster treatment for obesity and diabetes, and antibody drug conjugates are meaningfully improving treatment outcomes for many types of cancer. And we're also seeing promising developments in the field of Alzheimer's research, where several novel monoclonal antibodies are nearing regulatory approval.
例如,GLP-1 已成為治療肥胖症和糖尿病的重磅藥物,抗體藥物偶聯物正在顯著改善多種癌症的治療效果。我們還看到阿爾茨海默病研究領域取得了可喜的進展,其中幾種新型單克隆抗體即將獲得監管批准。
Now to best support our customers as they pursue these life-changing breakthroughs, our Biotechnology team has been accelerating investments and innovation over the last several years. Cytiva recently introduced the MabSelect VL, a new resin and ligand for bispecific antibodies and antibody fragments. The MabSelect VL's best-in-class binding capacity and improved alkaline stability makes industrial scale purification more efficient, helping customers improve yields, decrease bioburden and reduce manufacturing costs. This is just one of the innovative solutions from our Biotechnology team's project pipeline aimed at helping customers bring more life-saving therapies to market faster and more efficiently.
現在,為了更好地支持我們的客戶追求這些改變生活的突破,我們的生物技術團隊在過去幾年中一直在加速投資和創新。 Cytiva 最近推出了 MabSelect VL,這是一種用於雙特異性抗體和抗體片段的新型樹脂和配體。 MabSelect VL 一流的結合能力和改進的鹼穩定性使工業規模的純化更加高效,幫助客戶提高產量、減少生物負載並降低製造成本。這只是我們生物技術團隊項目管道中的創新解決方案之一,旨在幫助客戶更快、更高效地將更多救生療法推向市場。
Turning to our Life Sciences segment. Reported revenue grew 2.5%, and core revenue was up 5%, including high single-digit growth in our base business. Our Life Sciences instruments businesses collectively delivered mid-single-digit core revenue growth, consistent with our expectations. Funding levels and sales funnels remained healthy across most major geographies and end markets. The demand for our advanced solutions remains strong, notably for recent innovations, such as the SCIEX ZenoTOF7600 and Leica Microsystems, Mica.
轉向我們的生命科學部門。報告收入增長 2.5%,核心收入增長 5%,包括我們基礎業務的高個位數增長。我們的生命科學儀器業務共同實現了中等個位數的核心收入增長,符合我們的預期。大多數主要地區和終端市場的資金水平和銷售渠道保持健康。對我們先進解決方案的需求依然強勁,尤其是對最近的創新,例如 SCIEX ZenoTOF7600 和 Leica Microsystems、Mica。
Our genomics consumables business had another quarter of double-digit base business core revenue growth. Robust demand for plasmids, proteins and gene writing and editing solutions was partially offset by declines in next-generation sequencing and basic research. During the quarter, Aldevron brought together capabilities from Cytiva and Precision Nanosystems to create a streamlined offering for the development, production and release of mRNA drug substance and drug product. This new offering will be available to customers later this year and is a great example of how we're integrating solutions from across Danaher to create differentiated offerings and deliver even greater value to our customers.
我們的基因組學耗材業務的基礎業務核心收入又實現了四分之一的兩位數增長。下一代測序和基礎研究的下滑部分抵消了對質粒、蛋白質和基因編寫和編輯解決方案的強勁需求。在本季度,Aldevron 匯集了 Cytiva 和 Precision Nanosystems 的能力,為 mRNA 原料藥和藥物產品的開發、生產和發布創建了一個簡化的產品。這一新產品將於今年晚些時候提供給客戶,它是我們如何整合來自整個丹納赫的解決方案以創建差異化產品並為我們的客戶提供更大價值的一個很好的例子。
Moving to our Diagnostics segment. Reported revenue declined 10% and core revenue declined 7.5% with double-digit growth in our base business, offset by lower COVID-related respiratory testing volumes at CES. Our Clinical Diagnostics businesses collectively delivered mid-single-digit core revenue growth and saw healthy market volumes globally.
轉到我們的診斷部門。報告收入下降 10%,核心收入下降 7.5%,我們的基礎業務實現兩位數增長,被 CES 上與 COVID 相關的呼吸檢測量下降所抵消。我們的臨床診斷業務共同實現了中等個位數的核心收入增長,並在全球範圍內實現了健康的市場規模。
At Radiometer, strong demand for blood gas testing in China drove double-digit core growth. Leica Biosystems, we made single digits, led by advanced staining and digital pathology. Strength across developed markets and China enabled Beckman Coulter Diagnostics to exceed expectations and deliver mid-single-digit core growth. On molecular diagnostics, broad-based strength across Cepheid's test menu drove more than 30% core growth in nonrespiratory testing. As our customers look for ways to capitalize on the workflow advantages, the gene -- the Cepheid GeneXpert delivered for COVID-related testing, they are increasingly adding additional assays from our market-leading test menu.
在 Radiometer,中國對血氣檢測的強勁需求推動了兩位數的核心增長。 Leica Biosystems,我們在高級染色和數字病理學的帶領下取得了個位數。發達市場和中國的實力使 Beckman Coulter Diagnostics 超出預期並實現了中個位數的核心增長。在分子診斷方面,Cepheid 測試菜單的廣泛優勢推動非呼吸測試的核心增長超過 30%。隨著我們的客戶尋找利用工作流程優勢的方法,即用於 COVID 相關測試的 Cepheid GeneXpert 基因,他們越來越多地從我們市場領先的測試菜單中添加其他檢測。
This increased menu utilization by our customers help drive more than 50% growth in infectious disease testing in the first quarter. We also saw good momentum for our recently introduced vaginitis panel, the Xpert Express MVP, which contributed to nearly 30% growth in sexual health testing.
客戶對菜單使用率的提高有助於推動第一季度傳染病檢測增長 50% 以上。我們還看到了我們最近推出的陰道炎面板 Xpert Express MVP 的良好勢頭,它為性健康測試帶來了近 30% 的增長。
In COVID-related respiratory testing, customers continued transitioning high throughput testing to the point of care and consolidating their point-of-care PCO testing platforms onto the gene expert. As a result, Cepheid's respiratory testing revenue of approximately $550 million in the quarter exceeded our expectation of $450 million. This was driven both by higher volumes and the preference for our 4-in-1 test for COVID-19, Flu A and B and RSV. We continue to expect approximately 30 million respiratory tests and $1.2 billion of revenue for the full year.
在與 COVID 相關的呼吸測試中,客戶繼續將高通量測試轉移到護理點,並將他們的護理點 PCO 測試平台整合到基因專家上。因此,造父變星本季度約 5.5 億美元的呼吸檢測收入超出了我們 4.5 億美元的預期。這是由更高的數量和我們對 COVID-19、A 型和 B 型流感以及 RSV 的 4 合 1 測試的偏好推動的。我們繼續預計全年約有 3000 萬次呼吸測試和 12 億美元的收入。
Cepheid's strong results are a testament to the significant value and unique combination of fast, accurate lab quality results and the best-in-class workflow provides clinicians. Given Cepheid's leading global installed base and growing adoption of the broadest molecular diagnostic test menu on the market, we're well positioned to help customers meet their testing needs and continue gaining market share for years to come.
Cepheid 的強勁結果證明了快速、準確的實驗室質量結果和一流工作流程為臨床醫生提供的重要價值和獨特組合。鑑於 Cepheid 領先的全球安裝基礎和市場上最廣泛的分子診斷測試菜單的日益普及,我們有能力幫助客戶滿足他們的測試需求並在未來幾年繼續獲得市場份額。
Moving to our Environmental & Applied Solutions segment. Reported revenue grew 5% and core revenue was up 6.5%. Water quality core revenue grew low double digits and product identification was up low single digits. In water quality, Hach delivered their fourth consecutive quarter of double-digit growth, and ChemTreat was up double digits for the eighth consecutive quarter. Strength was broad-based across both equipment and consumables, particularly in our industrial end markets. This performance highlights the resilience of the high-margin recurring revenue business model that make up water quality and the significant value our solutions provide in support of customers' day-to-day mission-critical water operations.
轉到我們的環境和應用解決方案部門。報告收入增長 5%,核心收入增長 6.5%。水質核心收入增長低兩位數,產品標識增長低個位數。在水質方面,Hach 連續第四個季度實現兩位數增長,ChemTreat 連續第八個季度實現兩位數增長。設備和消耗品的實力基礎廣泛,特別是在我們的工業終端市場。這一業績凸顯了構成水質的高利潤經常性收入業務模式的彈性,以及我們的解決方案為支持客戶日常任務關鍵型水務運營提供的重要價值。
At Product Identification, marking and coding was essentially flat, while packaging and color management was up low single digits. Videojet was up low single digits despite a difficult year-over-year comparison as the business grew high single digits in Q1 last year. Our growth investments are driving a healthy cadence of new product innovation at Videojet. In fact, in March, the team released the 15 ADC continuous inkjet printer, the industry's first dedicated soft-pigmented solution.
在產品標識方面,標記和編碼基本持平,而包裝和顏色管理則上升了低個位數。儘管去年第一季度業務增長了高個位數,但同比比較困難,偉迪捷仍實現了低個位數的增長。我們的增長投資正在推動 Videojet 新產品創新的健康節奏。事實上,在 3 月份,該團隊發布了 15 ADC 連續噴墨打印機,這是業界首款專用的軟顏料解決方案。
The 15 ADC uses soft-pigmented inks to print codes with consistent quality, excellent contrast and strong durability to avoid degradation and fading during production runs, helping customers reduce production downtime. So this is the first of several new product introductions Videojet has planned for the year and is a great example of how our teams are bringing impactful solutions to our customers.
15 ADC 使用軟顏料墨水打印出質量一致、對比度出色且耐用性強的代碼,以避免在生產運行過程中發生退化和褪色,從而幫助客戶減少生產停機時間。因此,這是 Videojet 今年計劃推出的幾款新產品中的第一個,也是我們團隊如何為客戶提供有影響力的解決方案的一個很好的例子。
In February, we announced that our Environmental & Applied segment will be named Veralto, when it is launched as a stand-alone company, and that it will be headquartered in Waltham, Massachusetts. This is an exciting milestone for the team, and they're making considerable progress towards becoming a separately traded public company. And we remain on track for our fourth quarter 2023 separation and look forward to sharing more details in the coming months.
2 月,我們宣布我們的環境與應用部門在作為獨立公司推出時將命名為 Veralto,總部將設在馬薩諸塞州沃爾瑟姆。這對團隊來說是一個激動人心的里程碑,他們在成為一家獨立交易的上市公司方面取得了長足的進步。我們仍有望在 2023 年第四季度實現分離,並期待在未來幾個月分享更多細節。
So now let's briefly look ahead to our expectations for the second quarter and the full year. In the second quarter, we expect core revenue in our base business to be up mid-single digits. We also expect total core revenue to decline high single digits as a result of lower demand for COVID-19 testing, vaccine and therapeutics. Additionally, we expect a second quarter adjusted operating profit margin of approximately 26%, which reflects the efforts to adjust our cost structure and capacity in response to COVID transitioning to an endemic state, particularly within our Diagnostics and Biotechnology businesses.
現在讓我們簡要展望一下我們對第二季度和全年的預期。在第二季度,我們預計基礎業務的核心收入將達到中等個位數。我們還預計,由於對 COVID-19 測試、疫苗和療法的需求下降,核心總收入將下降高個位數。此外,我們預計第二季度調整後的營業利潤率約為 26%,這反映了我們為應對 COVID 過渡到流行狀態而調整成本結構和產能的努力,特別是在我們的診斷和生物技術業務中。
Now turning to the full year 2023. Despite the near-term and temporary challenges within bioprocessing, we anticipate mid-single-digit core growth in our base business. We also expect total core revenue to decline high single digits for the year as a result of lower demand for COVID-19 testing, vaccines and therapeutics. Additionally, we expect a full year adjusted operating profit margin of approximately 30%, which reflects the previously mentioned efforts to adjust our cost structure and capacity in response to COVID-19 transitioning to an endemic state.
現在轉向 2023 年全年。儘管生物加工領域存在近期和暫時的挑戰,但我們預計我們的基礎業務將實現中個位數的核心增長。我們還預計,由於對 COVID-19 測試、疫苗和療法的需求下降,今年核心總收入將下降高個位數。此外,我們預計全年調整後的營業利潤率約為 30%,這反映了前面提到的為應對 COVID-19 向流行狀態過渡而調整我們的成本結構和產能的努力。
So to wrap up. We're pleased with our strong first quarter results. Our well-rounded performance is a testament to the durability and balanced positioning of our portfolio and our team's commitment to leading and executing with the Danaher Business System. While the transition of COVID-19 from a pandemic to an endemic state is causing near-term disruption, there is no doubt that the past 3 years have helped shape Danaher into a better, stronger company.
所以總結一下。我們對強勁的第一季度業績感到滿意。我們全面的業績證明了我們產品組合的持久性和平衡定位,以及我們團隊對領導和執行丹納赫業務系統的承諾。雖然 COVID-19 從大流行狀態轉變為流行狀態正在造成短期破壞,但毫無疑問,過去 3 年幫助丹納赫成為一家更好、更強大的公司。
We meaningfully changed the scale of our bioprocessing business, with the addition of Cytiva and the creation of the Biotechnology group. And Cepheid's expanded installed base has significantly improved their competitive advantage. We've also increased our cadence of innovation and strategically deployed capital through M&A, including the acquisition of Aldevron, to accelerate our future growth trajectory. So there's a bright future ahead for Danaher, the combination of our talented team, differentiated portfolio of businesses and strong balance sheet, all powered by the Danaher Business System, provide us with a strong foundation to create value for many years to come.
通過加入 Cytiva 和創建生物技術集團,我們有意義地改變了我們生物加工業務的規模。 Cepheid 擴大的安裝基礎顯著提高了他們的競爭優勢。我們還通過併購(包括收購 Aldevron)加快了創新和戰略部署資本的節奏,以加快我們未來的增長軌跡。因此,丹納赫的前途一片光明,我們才華橫溢的團隊、差異化的業務組合和強大的資產負債表的結合,所有這些都由丹納赫業務系統提供支持,為我們在未來許多年創造價值奠定了堅實的基礎。
And so with that, I'll turn the call back over to John.
因此,我會把電話轉回給約翰。
John Bedford - VP of IR
John Bedford - VP of IR
Thank you, Rainer. That concludes our formal comments. Ashley, we are now ready for questions.
謝謝你,雷納。我們的正式評論到此結束。 Ashley,我們現在準備好提問了。
Operator
Operator
(Operator Instructions) We will take our first question from Michael Ryskin with Bank of America.
(操作員說明)我們將接受來自美國銀行的 Michael Ryskin 的第一個問題。
Michael Leonidovich Ryskin - Director in Equity Research & Research Analyst
Michael Leonidovich Ryskin - Director in Equity Research & Research Analyst
First, I want to start on the bioprocessing inventory challenges. You've been dealing with this issue for almost a full year now, and you've had to revise your outlook lower for fiscal year '23 a number of times. Why is the visibility there into inventory is so challenging? And how do you know that this latest view of plus low single digits for the year is the right view, and there's not further cuts going down the road?
首先,我想從生物工藝庫存挑戰開始。你已經處理這個問題將近一整年了,你不得不多次下調你對 23 財年的展望。為什麼庫存的可見性如此具有挑戰性?你怎麼知道這一年加低個位數的最新觀點是正確的觀點,而且未來不會進一步削減?
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
Thanks, Michael. Look, undoubtedly, visibility has been choppy here on the way up as COVID tailwinds fueled our growth. And now as we try to drive, the soft landing visibility has been impacted. And I would tell you that normally, we have visibility of 9 to 12 months that's very solid. But it is so that in the last quarters, that has been probably more like 3 to 6 months related to a number of factors. And let me lay some of those factors out for you here, Michael. Sort of starting with the first quarter.
謝謝,邁克爾。毫無疑問,隨著 COVID 順風推動我們的增長,這裡的能見度一直在上升。現在,當我們嘗試開車時,軟著陸能見度受到了影響。我會告訴你,通常情況下,我們有 9 到 12 個月的可見性,這是非常可靠的。但在過去的幾個季度中,這可能更像是與許多因素相關的 3 到 6 個月。讓我在這里為你列出其中的一些因素,邁克爾。從第一季度開始。
So in the first quarter, our base business in bioprocessing grew about 100 basis points, 1%. And if you unpack the growth there, large accounts that are responsible for commercial production and later-stage clinical trials are growing at mid-single digits. So they're burning off inventory. And I'll come back to that. And then you have sort of emerging biotech and those companies that are more involved in discovery and earlier-stage clinical trial phases, which represent about 20% to 30% of our business, and they're down mid-teens. So overall, this is what gets us to this sort of low single-digit growth view for the year.
因此,在第一季度,我們在生物加工方面的基礎業務增長了約 100 個基點,即 1%。如果你打開那裡的增長,負責商業生產和後期臨床試驗的大客戶正在以中個位數增長。所以他們正在燒掉庫存。我會回到那個。然後你有一些新興的生物技術和那些更多地參與發現和早期臨床試驗階段的公司,它們約占我們業務的 20% 到 30%,而且他們已經下降了十幾歲。所以總的來說,這就是讓我們得出今年這種低個位數增長觀點的原因。
Now let me come back to the larger accounts here for just a second. We see in large biopharma that, in fact, the demand is there, the inventory is burning off, but it is slower than expected. And the reason for that is that we're starting to see larger pharma companies as well as larger CDMOs replan and recalibrate their own production plans as they start to conserve working capital and cash. And we saw some of that also back in 2016. So we're seeing larger customers also look at their own finished goods, if you will, inventories and starting to adjust their production plans in order to bring those down as well.
現在讓我回到這裡的大賬戶。我們在大型生物製藥中看到,實際上需求是存在的,庫存在燃燒,但比預期的要慢。原因是我們開始看到大型製藥公司和大型 CDMO 在開始節省營運資金和現金時重新規劃和調整自己的生產計劃。我們在 2016 年也看到了其中的一些。所以我們看到更大的客戶也在看他們自己的成品,如果你願意的話,庫存並開始調整他們的生產計劃以降低它們。
So if you then transition over to, again, emerging biotech, so the companies that are working more in discovery and earlier stage, there -- we have been observing funding headwinds for, call it, since the second half of the prior year. But those funding headwinds became significantly more pronounced here in the first quarter. And so we're seeing these accounts looking to conserve cash by prioritizing projects. We see that with lower OpEx and CapEx expenditures, also see a number of layoffs happening in that particular segment. And that's not just happening in the U.S. We also see that happening in China. And so we're assuming that, barring any other sort of wildcards here, that it doesn't get significantly worse, but that this continues to play out for the remainder of the year.
因此,如果你再一次過渡到新興生物技術,那麼那些在發現和早期階段工作更多的公司,我們一直在觀察資金逆風,稱之為自去年下半年以來的資金逆風。但這些資金逆風在第一季度在這裡變得更加明顯。因此,我們看到這些賬戶希望通過對項目進行優先排序來節省現金。我們看到,隨著運營支出和資本支出支出的減少,該特定領域也發生了一些裁員。這不僅發生在美國。我們也看到這種情況發生在中國。因此,我們假設,除非這裡出現任何其他類型的通配符,否則情況不會變得更糟,但這種情況會在今年餘下的時間裡繼續發生。
Matthew R. McGrew - CFO & Executive VP
Matthew R. McGrew - CFO & Executive VP
Mike, it's Matt. Maybe we could give you a little bit of kind of context around January to -- kind of the guide in January to where we ended up. I know Rainer sort of mentioned it, but I think it's important to kind of think about it in the 2 buckets. So we've got the larger biotech -- or the larger customers that we've got, most of their stuff is sort of Phase III clinical on market.
邁克,是馬特。也許我們可以在 1 月份左右為您提供一些背景信息 - 一種 1 月份我們最終結果的指南。我知道 Rainer 有點提到它,但我認為在 2 個桶中考慮它很重要。因此,我們擁有更大的生物技術——或者我們擁有的更大客戶,他們的大部分產品都是市場上的 III 期臨床。
In January, our assumption was that, that was going to be kind of, call it, high single-digit growth from those customers. So 70% or so of our customers kind of growing at 7%, 8%. And then kind of the remaining 20%, 25% of the customers, which we're sort of referring to as emerging biotech, not everything in there is probably technically emerging, but that other piece of the customers in January, we thought that was going to kind of be about low double digits to kind of low teens growth. And you add all that up and that would have been the high single-digit growth that we thought we were going to see here for the year.
一月份,我們的假設是,這將是來自這些客戶的高個位數增長。所以我們 70% 左右的客戶以 7%、8% 的速度增長。然後剩下的 20%、25% 的客戶,我們稱之為新興生物技術,並不是所有的東西在技術上都是新興的,但是 1 月份的另一部分客戶,我們認為是將有點低兩位數到低青少年增長。你把所有這些加起來,那將是我們認為今年會在這裡看到的高個位數增長。
Like Rainer said, what we saw in Q1 was just, frankly, not that supportive of that kind of ramp as we think about what we would need to build in Q1 and [Q2] to be able to hit those types of numbers for the full year. And so if you think about what we're looking at and seeing now in April, those large customers instead of being 7%, 8%, they've been growing still nicely, but more mid-single digits, right? And the big change here is this emerging biotech, another 20%, 25%.
就像 Rainer 所說的那樣,坦率地說,我們在第一季度看到的情況並不支持這種增長,因為我們考慮在第一季度和 [Q2] 需要構建什麼才能全面達到這些類型的數字年。因此,如果你想想我們在 4 月份看到的情況,那些大客戶而不是 7%、8%,他們的增長仍然很好,但更多的是中等個位數,對吧?這裡最大的變化是這種新興的生物技術,另外 20%、25%。
And instead of being up kind of mid-teens, they're actually down mid-teens and that comes back to everything that Rainer talked about with people really reprioritizing projects, conserving cash. That happened both in the U.S. and we saw it in China as well. And I think I'd probably say it we saw modest headwinds as we entered the year. And those are just more pronounced now as we move through the quarter. So just as a -- to maybe put some numbers to what Rainer said.
他們不是在十幾歲左右,而是在十幾歲左右,這又回到了雷納與人們談論的一切,真正重新確定項目的優先次序,節省現金。這種情況既發生在美國,也發生在中國。而且我想我可能會說我們在進入這一年時看到了適度的逆風。隨著我們進入本季度,這些現在更加明顯。因此,就像 - 或許可以為 Rainer 所說的內容添加一些數字。
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
And then just to reiterate, to support a significant second half ramp, we would start to see that activity level increasing now and in the second quarter. And we're just not seeing it to the degree that would support that.
然後重申,為了支持下半年的大幅增長,我們將開始看到現在和第二季度的活動水平有所增加。我們只是沒有看到支持它的程度。
Michael Leonidovich Ryskin - Director in Equity Research & Research Analyst
Michael Leonidovich Ryskin - Director in Equity Research & Research Analyst
Okay. And on the emerging biotech, just really hope to clarify. Are you seeing that softness in bioprocessing specifically or across in the Life Sciences segment as well? And then maybe I could transition that to a question on the instrument. You saw 5% growth or mid-single-digit growth in instruments in the first quarter. What's your expectation for the rest of the year? Any particular pockets of weakness or strength you can call out?
好的。關於新興的生物技術,真的希望得到澄清。您是否特別看到生物加工領域或整個生命科學領域的軟性?然後也許我可以將其轉換為關於樂器的問題。您在第一季度看到了 5% 的增長或中個位數的增長。您對今年餘下時間有何期望?您可以指出任何特定的弱點或優勢?
Matthew R. McGrew - CFO & Executive VP
Matthew R. McGrew - CFO & Executive VP
Yes, I'll comment on the bioprocessing broadly speaking, and maybe let Rainer talk about what we're seeing in tools. The answer is yes. We're seeing it in both. I would say that we have definitely seen the emerging biotech funding pressures here in the bioprocessing area. I would say we're seeing it in the tool space or in Life Sciences as well. I would say that is a lesser portion, obviously, of our revenue. So it's not quite as big of an impact. But are we seeing it? Yes. I would say we are seeing customers in those spaces conserving cash on both CapEx and OpEx.
是的,我會從廣義上評論生物處理,也許讓 Rainer 談談我們在工具中看到的東西。答案是肯定的。我們在兩者中都看到了它。我要說的是,我們肯定已經看到生物加工領域正在出現的生物技術資金壓力。我會說我們在工具領域或生命科學領域也看到了它。我會說這顯然是我們收入的一小部分。所以影響不大。但我們看到了嗎?是的。我想說的是,我們看到這些領域的客戶在資本支出和運營支出上都節省了現金。
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
So Michael, more generally on the Life Sciences here to your first question. So if we look at Q1, the Life Sciences based business finished as we thought at high single digits after low double-digit average growth over the last 3 years. And we've talked previously about the expected normalization of those growth rates here after having seen that elevated growth for the last 3 years. So that that's right within our expectations. If you look at that geographically, we saw strength in Western Europe and China, in fact, was up double digits on the back of some stimulus there, and North America was a little bit softer. And if you look at Life Sciences, from an end market perspective, large pharma R&D spending levels are still very quite healthy, but they're starting to moderate just given the higher comps.
所以邁克爾,更一般地說,關於生命科學,這裡是你的第一個問題。因此,如果我們看一下第一季度,在過去 3 年的低兩位數平均增長之後,基於生命科學的業務完成了我們認為的高個位數。在看到過去 3 年的增長之後,我們之前已經討論過這些增長率的預期正常化。所以這在我們的預期之內。如果你從地理上看,我們看到西歐和中國的實力實際上在一些刺激措施的支持下增長了兩位數,而北美則略微疲軟。如果你看看生命科學,從終端市場的角度來看,大型製藥公司的研發支出水平仍然非常健康,但考慮到更高的補償,它們開始放緩。
And now just connecting the dots to Matt's commentary here, emerging biotech is impacted by the current funding environment, and we see smaller purchases, if you will, so rather than buying 6, 4 instruments and in other places, really impacted in the less differentiated segments, let's say. So we are seeing in our own business is not as exposed to that segment in Life Sciences, but we do see it at the margin. And then life science research and academic is holding up well globally for Life Sciences. So we continue to believe our growth rates moderate to the historical levels in '23, and that's what our value reflects. And that's not a change to any previous expectations.
現在只是將這些點與馬特的評論聯繫起來,新興生物技術受到當前融資環境的影響,我們看到較小的購買,如果你願意的話,而不是購買 6、4 台儀器和其他地方,真正受到差異化程度較低的影響段,比方說。因此,我們看到我們自己的業務並沒有像生命科學領域那樣受到影響,但我們確實看到它處於邊緣地位。然後生命科學研究和學術在全球範圍內為生命科學提供良好支持。因此,我們繼續相信我們的增長率適中到 23 年的歷史水平,這就是我們的價值所反映的。這並沒有改變之前的任何預期。
Operator
Operator
We'll take our next question from Vijay Kumar with Evercore ISI.
我們將接受來自 Evercore ISI 的 Vijay Kumar 的下一個問題。
Vijay Muniyappa Kumar - Senior MD and Head of Medical Supplies & Devices and Life Science Tools & Diagnostics Team
Vijay Muniyappa Kumar - Senior MD and Head of Medical Supplies & Devices and Life Science Tools & Diagnostics Team
Congrats on a good start to the year. I guess, just a high-level question on the guidance here, Rainer. All of us are looking at -- if I go back 2 months ago, we were assuming back half, perhaps normalization in the industry. And given your comments here on emerging small biotech, that's where it changes. Is this guidance now be risk because we're assuming bioprocessing in line with Q1? Are we confident that Q1 was a low point for the year? So just give us some color on the thought process behind the guidance here. I mean, is this now [dearest] from a back half perspective?
祝賀今年有個好的開始。我想,這只是一個關於此處指南的高級問題,Rainer。我們所有人都在看——如果我回到 2 個月前,我們假設後退一半,也許是行業正常化。鑑於您在這裡對新興小型生物技術的評論,這就是它發生變化的地方。該指南現在是否存在風險,因為我們假設生物工藝符合 Q1?我們是否相信第一季度是今年的低點?因此,請為我們介紹一下此處指南背後的思考過程。我的意思是,現在 [最親愛的] 從後半部分的角度來看是這樣嗎?
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
So Vijay, I mean, we're basing our view on the second half. Also based on what we're seeing in the current market environment, which we just talked about as well as our order book. And like I said a minute ago, in order to support a higher guide for the second half, we need to see different activity levels here in Q1 and Q2. And that's not the case for 2 reasons. One, the emerging biotech is quite significantly softer, down mid-teens as we just talked about. And then I would say on the margin, larger accounts are taking a little bit more time to burn through inventory, although they're doing that nicely. And those factors together have us believe unless there's any other sort of significant market disruption that the year will play out much as the first quarter has.
所以 Vijay,我的意思是,我們的觀點基於下半場。同樣基於我們在當前市場環境中看到的情況,我們剛剛談到了這一點以及我們的訂單簿。就像我一分鐘前說的那樣,為了支持下半年更高的指導,我們需要在第一季度和第二季度看到不同的活動水平。出於兩個原因,情況並非如此。第一,正如我們剛才談到的那樣,新興的生物技術要軟得多,下降到十幾歲左右。然後我要說的是,大客戶需要更多的時間來消耗庫存,儘管他們做得很好。這些因素共同使我們相信,除非出現任何其他類型的重大市場干擾,否則今年的表現將與第一季度一樣多。
Vijay Muniyappa Kumar - Senior MD and Head of Medical Supplies & Devices and Life Science Tools & Diagnostics Team
Vijay Muniyappa Kumar - Senior MD and Head of Medical Supplies & Devices and Life Science Tools & Diagnostics Team
Understood. And then just one on -- Cepheid was a bright spot here, 30% growth. I think you made some comments about infectious disease, different testing -- tests being really strong. Can you give us some color on the customers you're seeing this ramp? Are these new customers that bought Cepheid system during the pandemic, I'm just trying to think how sustainable is that 30% growth in sort of related one here on M&A, some chatter about Danaher on the M&A side. Would Danaher be interested in getting into services? Or how should -- maybe just remind us on the M&A lengths and criteria that Danaher processes that pipeline?
明白了。然後只是一個——造父變星是這裡的一個亮點,增長了 30%。我想你對傳染病、不同的測試發表了一些評論——測試真的很強大。你能給我們一些關於你看到這個坡道的客戶的顏色嗎?這些新客戶是在大流行期間購買 Cepheid 系統的嗎,我只是想想想在併購方面相關的 30% 的增長是如何可持續的,在併購方面有一些關於丹納赫的喋喋不休。丹納赫是否有興趣進入服務領域?或者應該如何 - 也許只是提醒我們丹納赫處理該管道的併購長度和標準?
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
Sure. So Vijay, on the Cepheid's question, we're really seeing a broad-based usage of the infectious disease menu. In fact, our broader menu, in general, both at our existing installed base that's been there for some time as well as with our newer customers as they start transitioning that COVID testing capacity that they have to take full advantage of that menu. So we see that 30% here as a good marker of how people appreciate the workflow advantages, the ease of use and the accuracy of the platform. Remember, we're seeing 2 factors here. One, we see test transitioning from high throughput environment into the point of care on the one hand. And on the other hand, we see expanded usage of our testing menu.
當然。所以 Vijay,關於 Cepheid 的問題,我們確實看到了傳染病菜單的廣泛使用。事實上,總的來說,我們更廣泛的菜單,無論是在我們現有的安裝基礎上已經存在了一段時間,還是在我們的新客戶開始轉換他們必須充分利用該菜單的 COVID 測試能力時。所以我們在這裡看到 30% 是一個很好的標誌,表明人們如何欣賞平台的工作流優勢、易用性和準確性。請記住,我們在這裡看到了 2 個因素。第一,一方面我們看到測試從高吞吐量環境過渡到護理點。另一方面,我們看到了測試菜單的擴展使用。
Matthew R. McGrew - CFO & Executive VP
Matthew R. McGrew - CFO & Executive VP
Yes, Vijay, maybe just to kind of -- to put a real-life example to that, I think. So if you think about what we're seeing, we've got customers -- existing customers today, we kind of goes both ways, right? So we've got existing customers today that, for example, will use Group A Strep. And those customers now sort of are also moving everything over to the 4-in-1 or to COVID as well. And then you've got the other way, which is that sort of installed base going from kind of 2x growth here over the last 3 years. You've got people who have used these systems now for many, many years. And what they're doing is they're starting to bring in new menu and that new menu has been around infectious disease first, which is primarily right now largely Group A strep.
是的,Vijay,我想也許只是為了舉一個現實生活中的例子。所以如果你想想我們所看到的,我們有客戶——今天的現有客戶,我們有點雙向,對吧?所以我們今天有現有客戶,例如,他們將使用 Group A Strep。這些客戶現在也在某種程度上將所有東西都轉移到了 4 合 1 或 COVID 上。然後你得到了另一種方式,即過去 3 年這裡的安裝基數增長了 2 倍。你有很多人已經使用這些系統很多很多年了。他們正在做的是他們開始引入新菜單,而新菜單首先圍繞傳染病,目前主要是 A 組鏈球菌。
So you're kind of having somebody who used the box throughout COVID testing, using it on for COVID, 4-in-1 and stand-alone. And now they're bringing on Group A Strep as well. And so that's what we always kind of talked about with COVID being an anchor assay as we go forward, larger installed base, anchor assay, now you move into infectious disease, there will be other opportunities to pull in sort of other menu as we go forward. But that's exactly the type of thing we're seeing play out here. And that's -- it is encouraging.
所以你有點像有人在整個 COVID 測試中使用這個盒子,將它用於 COVID、4 合 1 和獨立。現在他們也引入了 A 組鏈球菌。這就是我們一直在談論的事情,隨著我們前進,COVID 是一種錨定分析,更大的安裝基礎,錨定分析,現在你進入傳染病領域,我們將有其他機會加入其他菜單向前。但這正是我們在這裡看到的事情類型。那就是 - 這是令人鼓舞的。
Early days yet, I mean, and also still some lower base. These are off of lower numbers. But as we go forward, we've sort of talked about next year and the longer term. That's why I think that installed base growth was so important because we've got the menu, be able to pull through and then the additions of the new menu are going to be only helpful on that larger installed base.
我的意思是還處於早期階段,而且基數仍然較低。這些都是較低的數字。但是隨著我們的前進,我們已經討論了明年和更長期的問題。這就是為什麼我認為安裝基礎的增長如此重要,因為我們有菜單,能夠通過,然後添加新菜單只會對更大的安裝基礎有幫助。
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
So on M&A, Vijay, obviously, we don't comment on chatter. But what I would tell you is we really like the way we are positioned. Our balance sheet is in great shape. Valuations continue to moderate, perhaps the one or the other board is not quite there yet, but we do see more realism in the many discussions that we have across the board as always. And specifically, as we have said in the past should our customers tag on us and want our help and services, that's not something that we're going to ignore. But once again, that's just one of several opportunities. I think the most important thing to remember is that we are not going to deviate from our disciplined approach. It's got to be the right end market. It's got to be the right target and the model has to work. And it's when those 3 lights flip green that we execute.
因此,在併購方面,Vijay,顯然,我們不會對閒聊發表評論。但我要告訴你的是,我們真的很喜歡我們的定位方式。我們的資產負債表狀況良好。估值繼續緩和,也許一個或另一個董事會還沒有到位,但我們確實在我們一如既往的全面討論中看到了更多的現實主義。具體來說,正如我們過去所說,如果我們的客戶關注我們並需要我們的幫助和服務,我們不會忽視這一點。但再一次,這只是幾個機會之一。我認為最重要的是要記住,我們不會偏離我們有紀律的方法。它必須是正確的終端市場。它必須是正確的目標,並且模型必須有效。當這 3 個燈變為綠色時,我們就執行了。
Matthew R. McGrew - CFO & Executive VP
Matthew R. McGrew - CFO & Executive VP
Yes. I think, Vijay, too, I mean, I think as we sit here, I think it's -- not saying this is '08-'09, but having a balance sheet that we've got right now and being able to kind of be flexible, I think, is important in times like these because as Rainer said, when the market company valuation all line up, we're ready to go. But we do need to see all 3 of those. And as things get a little choppier here as they might get a little choppier here, I think I really like how we are kind of set up here from a balance sheet perspective as well.
是的。我想,Vijay 也是,我的意思是,我認為當我們坐在這裡時,我認為它是——不是說這是 08-09 年,而是我們現在有一個資產負債表,並且能夠我認為,在這樣的時代保持靈活性很重要,因為正如 Rainer 所說,當市場公司的估值都一致時,我們就準備好了。但我們確實需要看到所有這三個。隨著這裡的情況變得更加不穩定,因為它們可能會變得更加不穩定,我想我真的很喜歡我們從資產負債表的角度來看在這裡的設置方式。
Operator
Operator
We'll take our next question from Scott Davis with Melius Research.
我們將接受 Melius Research 的 Scott Davis 提出的下一個問題。
Scott Reed Davis - Founding Partner, Chairman, CEO & Research Analyst of Multi-Industry Research
Scott Reed Davis - Founding Partner, Chairman, CEO & Research Analyst of Multi-Industry Research
Rainer, you said you made a reference in your prepared remarks to kind of incremental cost out. I think I probably asked this question last quarter. But can you give us a little bit of granularity or color at least on what you're talking about? Is there a structural cost out? Is it more of just taking out some of that, some of those kind of temporary costs that came in during COVID that now are unnecessary? Or is there an actual attempt to go after some of the structural costs that perhaps you couldn't have gone after before?
Rainer,你說過你在準備好的評論中提到了某種增量成本。我想我可能在上個季度問過這個問題。但是,您能否至少在您所談論的內容上給我們一點粒度或顏色?有結構成本嗎?是否更多的只是去掉其中的一些,一些在 COVID 期間產生的現在不必要的臨時成本?或者是否有實際嘗試去追求一些你以前可能無法追求的結構性成本?
Matthew R. McGrew - CFO & Executive VP
Matthew R. McGrew - CFO & Executive VP
Yes, Scott, maybe I'll take a crack at it. Yes, like we talked about in the prepared remarks, we're sort of going from an adjusted OP -- adjusted operating margins of 31% in our previous guide to 30%. And I think the way to think about it is sort of twofold, half of that is just the volume, right? Like -- and most of that is all of that activities in bioprocessing. But the other half is capacity reduction costs. I would say that that's going to be 2 places. It's going to be in Biotechnology and then as importantly and more importantly, probably at Cepheid. Like you said, we've always sort of known we were going to get to an inflection point here at some point, where we were sort of making the call that we've moved into an endemic phase. And once we moved into an endemic phase, we were going to need to bring some of the capacity that we've been running at it Cepheid down.
是的,斯科特,也許我會嘗試一下。是的,就像我們在準備好的評論中談到的那樣,我們有點從調整後的運營利潤率——我們之前指南中調整後的運營利潤率 31% 到 30%。而且我認為考慮它的方式有點雙重,其中一半只是音量,對吧?就像——其中大部分是生物加工中的所有活動。但另一半是產能削減成本。我會說那將是 2 個地方。它將在生物技術領域,然後同樣重要且更重要的是,可能在 Cepheid。就像你說的,我們一直都知道我們會在某個時候到達一個轉折點,那時我們有點宣布我們已經進入了流行階段。一旦我們進入流行階段,我們將需要降低我們一直在 Cepheid 上運行的一些容量。
And so I think just as a reminder, in Q4 last year, we did 20 million respiratory tests, and that was only 3 months ago. But I think you've really seen a tail off here as we have entered into the last couple of months. And I think our team is pretty clear that we are now kind of entering a new phase of volumes that we will need. And so we're going to be getting after some of that. And I think what does that look like? It's talking about closing and consolidating some of the plants that we've got. Some of those were, frankly, put up quickly in locations that were not ideal for the longer term because we're trying to meet the needs of a pandemic.
所以我想提醒一下,在去年第四季度,我們進行了 2000 萬次呼吸測試,而那隻是 3 個月前的事情。但我認為,隨著我們進入過去幾個月,你真的看到了尾巴。而且我認為我們的團隊非常清楚,我們現在正在進入我們需要的新階段。因此,我們將著手解決其中的一些問題。我認為那看起來像什麼?它正在談論關閉和整合我們擁有的一些工廠。坦率地說,其中一些很快就建在了從長遠來看不理想的地方,因為我們正在努力滿足大流行病的需要。
So we're going to get after a couple of those sites. We're going to reduce some of the head count and then we're going to go after indirect and fixed overhead costs as well, reducing shifts, et cetera, et cetera. So those are the types of things we're going to be going after here. That's largely going to be in the second and third quarter is when you're going to see the costs sort of roll through. So you'll see that in the margin in those 2 quarters and then to sort of pop back a little bit.
所以我們要找到其中幾個網站。我們將減少一些員工人數,然後我們還將處理間接和固定間接費用,減少班次等等。所以這些就是我們要在這裡追求的事情類型。這主要是在第二季度和第三季度,屆時您將看到成本逐步增加。所以你會在這兩個季度的利潤率中看到這一點,然後稍微回升一點。
And then maybe just to give you some sense of what's that look like in -- once we're done with that kind of in Q4 and -- and as we head into '24, Scott, I think Cepheid in 2019 was a 20% to 25% OP business during the peak of the pandemic here. It probably was north of 45%. And after we get through what we're going to do in the next couple of quarters, like I said, on the capacity reduction side, starting kind of in Q4 and heading into '24, they're going to be 35% to 40% margin, right? So meaningfully up from where we were given the volumes that we have now, it's a much bigger business, but not quite at the peak pandemic, where I was getting a lot of volume leverage, but that gives you a sense of what we're going after, what we're trying to do and where we end up on the other side.
然後也許只是為了讓你了解它看起來像什麼——一旦我們在第四季度完成了那種——當我們進入 24 年時,Scott,我認為 Cepheid 在 2019 年是 20%在這裡的大流行高峰期間,OP 業務增加到 25%。它可能在 45% 以上。在我們完成接下來幾個季度要做的事情之後,就像我說的那樣,在削減產能方面,從第四季度開始並進入 24 年,它們將是 35% 到 40%保證金百分比,對嗎?因此,與我們現在擁有的數量相比,這是一個更大的業務,但在大流行高峰期還沒有那麼有意義,那時我獲得了很多數量槓桿,但這讓你了解我們在做什麼追求,我們正在努力做的事情以及我們最終在另一邊的位置。
Scott Reed Davis - Founding Partner, Chairman, CEO & Research Analyst of Multi-Industry Research
Scott Reed Davis - Founding Partner, Chairman, CEO & Research Analyst of Multi-Industry Research
That's super helpful, Matt. Can you guys just remind us what -- where is your -- the size of their installed base in Cepheid today versus pre-COVID. I know I have -- I'm sure having the note somewhere, but to just make a little easier on...
這非常有幫助,馬特。你們能不能提醒我們,與 COVID 之前相比,你們今天在 Cepheid 中的安裝基數有多大?我知道我有——我確定在某處有便條,但只是為了讓...
Matthew R. McGrew - CFO & Executive VP
Matthew R. McGrew - CFO & Executive VP
Yes. 2x, Scott, we're about 50,000 today. Started probably like 2019.
是的。 2x,斯科特,我們今天大約有 50,000 人。大概從 2019 年開始。
Operator
Operator
We'll take our next question from Dan Brennan with TD Cowen.
我們將與 TD Cowen 一起接受 Dan Brennan 的下一個問題。
Daniel Gregory Brennan - Senior Tools & Diagnostics Analyst
Daniel Gregory Brennan - Senior Tools & Diagnostics Analyst
Maybe just one on bioprocess to start out, just -- could you help us think through like what is the magnitude of that destock drag that's kind of baked in guidance? I know you gave a lot of color earlier in the Q&A. And then related to that, for emerging Bio, it's certainly a bigger group than we thought as a percentage of that segment. Any color kind of what that grew in '22 and kind of the quick math to get to low single for the year? If it's 30% of revenues, I guess, you are assuming some improvement there because if we kept it down 15%, I don't think we'd get to up low single for the year.
也許只是一個關於生物過程的開始,只是 - 你能幫助我們思考一下在指導中提到的去庫存拖累的程度有多大嗎?我知道您早些時候在問答環節中給出了很多顏色。然後與此相關,對於新興的 Bio,它肯定是一個比我們想像的更大的群體,佔該細分市場的百分比。在 22 年增長的任何顏色以及快速計算當年的低單色?如果它是收入的 30%,我猜,你假設那裡有一些改進,因為如果我們將它保持在 15%,我認為我們今年不會達到低單。
Matthew R. McGrew - CFO & Executive VP
Matthew R. McGrew - CFO & Executive VP
Yes. So maybe -- again, maybe the way to think about it, Dan, is that sort of the larger customers that are really where we are seeing the inventory drag. That was sort of -- we initially thought we would see that in the high single digits, call it, 7%, 8%, and that's a little bit lower now, call it, 6 and change. And so I think the inventory destocking is flowing through in the larger customers, and you're seeing it in a slightly lower growth rate that we saw in Q1, and we are expecting them to see for the full year.
是的。所以也許 - 再次,也許思考它的方式,丹,是我們真正看到庫存拖累的那種更大的客戶。那有點——我們最初認為我們會看到高個位數,稱之為 7%、8%,現在有點低,稱之為 6 並改變。因此,我認為庫存去庫存正在大客戶中進行,你會看到我們在第一季度看到的增長率略低,我們預計他們會在全年看到。
So that's how I'd sort of frame what the inventory destocking is. The rest is really, like I talked about earlier, emerging biotech and sort of the other 25% of our customers, we thought that, that would be a low teens type growth rate here for the year. Combine that with the 8% that we thought we'd see the larger, that's how we get to high single digits. That low teens is actually negative mid-teens, right, with all the pressures we talked about.
這就是我如何構建庫存去庫存的方式。其餘的真的,就像我之前談到的,新興的生物技術和我們其他 25% 的客戶,我們認為,這將是今年的低青少年類型增長率。將其與我們認為我們會看到更大的 8% 相結合,這就是我們達到高個位數的方式。那個低十幾歲實際上是消極的十幾歲,對,我們談到的所有壓力。
So I would say that we are just sort of assuming that type of growth rate for the rest of the year for that customer base and that we're going to have -- the larger customers will be more in the mid-single digit like I talked about. That's what we're kind of assuming for the year. And based entirely on what we saw in Q1, the order book in Q1 sort of not being supportive, frankly, of, in our minds, at least, the ability with the limited visibility we have or more limited visibility, just not supportive of being able to say that we think we can get back to high single digits.
所以我想說的是,我們只是假設該客戶群在今年剩餘時間裡的增長率是這樣的,而且我們將擁有——像我這樣的大客戶將更多地處於中等個位數。討論過。這就是我們今年的假設。並且完全基於我們在第一季度看到的情況,坦率地說,第一季度的訂單在某種程度上不支持,至少在我們看來,我們擁有有限的可見性或更有限的可見性的能力,只是不支持可以說我們認為我們可以回到高個位數。
I think you asked a question of what those customers were the last year. That entire business largely was up in line with what we saw last year, which is, as you remember, mid- to high 20s. So kind of you sort of look at mid- to high 20s with that group of folks. Now they're sort of down mid-teens, still a very solid growth on a 2-year basis, but it is what we're seeing right now.
我想你問的是去年那些客戶是什麼。整個業務在很大程度上與我們去年看到的情況一致,正如你記得的那樣,是 20 多歲的中高位。所以你有點像那群人一樣看著 20 多歲的中高齡人群。現在他們有點下降了十幾歲,在 2 年的基礎上仍然是非常穩健的增長,但這就是我們現在所看到的。
Daniel Gregory Brennan - Senior Tools & Diagnostics Analyst
Daniel Gregory Brennan - Senior Tools & Diagnostics Analyst
Got it. And then may be on the margins and the earnings. So we're coming out somewhere kind of $925, $930 for the year. Just wondering if you guys -- you kind of put the pieces together. Is that kind of the rate zip code in? Given the cost actions you're taking this year, does that set yourself up in '24 for like potentially higher than normal operating leverage, depending on what the top line comes in it?
知道了。然後可能是利潤率和收益。因此,我們今年的收入為 925 美元,930 美元。只是想知道你們是否 - 你們把這些碎片放在一起了。是那種費率郵政編碼嗎?考慮到您今年採取的成本行動,這是否會在 24 年為自己設定可能高於正常運營槓桿的水平,具體取決於其中的頂線?
Matthew R. McGrew - CFO & Executive VP
Matthew R. McGrew - CFO & Executive VP
Yes. No, I mean, I think if you're going through the full year, the math is what it is at around 30% adjusted OP margins, I think sort of that takes care of itself. As far as what we're going to look like as we sort of get to the other side of this. I mean, I talked a little bit about Cepheid, kind of was 20% to 25% prepandemic, peaked up at 45% and 35% to 40%. I mean, I think if you sort of use that frame plus what we have in Diagnostics, that sort of gets you where we think roughly the margin profile will be. Biotech is probably the other one after we get through some of these costs, the same math there was biotech was, call it, high 30s prior to the pandemic. Again, it peaked at around, call it, 45 and change. And after we sort of get through what I think we're going to do there, they're probably going to be more like low 40s. So again, better than they were pre-pandemic given the fact that they're a bigger business.
是的。不,我的意思是,我認為如果你要經歷一整年,數學就是調整後的 OP 利潤率約為 30%,我認為這會自行解決。就我們到達另一端時的樣子而言。我的意思是,我談到了造父變星,在大流行前大約有 20% 到 25%,最高達到 45% 和 35% 到 40%。我的意思是,我認為如果你使用那個框架加上我們在 Diagnostics 中的東西,那會讓你達到我們認為大致的利潤率概況。在我們支付了其中一些成本之後,生物技術可能是另一種,在大流行之前,生物技術的數學是一樣的,稱之為高 30 年代。同樣,它在 45 左右達到頂峰,稱其為 45 並發生變化。在我們完成了我認為我們要在那裡做的事情之後,他們可能會更像是 40 多歲。因此,鑑於他們是一家更大的企業,他們再次比大流行前更好。
But those 2 pieces, I think you can slide into what 24 might look like. And then Life Sciences, that should be kind of plus or minus where we've been here. That has not been a margin that's moved around quite a bit. A little bit of COVID stuff as we had in '22 and '21, but I think you can kind of get a sense of what the margins are there. So maybe it's just a high-level framework, you're probably high 30s, low 40s with Cepheid, you can kind of assume some other stuff for the diagnostics, biotech, probably low 40s than what we're seeing in LS. But we will obviously sort of come back to that later, still pretty early in '23, but just to give you a very high level view.
但是那 2 件,我想你可以滑入 24 的樣子。然後是生命科學,這應該是我們一直在這裡的加減。這並不是一個變化很大的利潤率。像我們在 22 年和 21 年那樣有一些 COVID 的東西,但我認為你可以大致了解那裡的利潤率是多少。所以也許它只是一個高級框架,你可能是 30 多歲,Cepheid 是 40 多歲,你可以假設一些其他的東西用於診斷、生物技術,可能比我們在 LS 中看到的低 40 多歲。但我們顯然會稍後再談這個問題,在 23 年還很早的時候,但只是為了給你一個非常高層次的觀點。
Operator
Operator
And we'll take our next question from Jack Meehan with Nephron.
我們將從 Jack Meehan 和 Nephron 提出下一個問題。
Jack Meehan - Research Analyst
Jack Meehan - Research Analyst
Another question on bioprocessing. Can you share what was your total order rate in the quarter? Is there any color you can just share around how the quarter played out? Have things weakened throughout the quarter. Just curious about how things are trending.
關於生物加工的另一個問題。您能否分享本季度的總訂單率?關於本季度的結果,您有什麼可以分享的顏色嗎?整個季度都在減弱。只是好奇事情的發展趨勢。
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
Sure, Jack. So once again, first quarter, our orders were down modestly sequentially. So relative to the fourth quarter, down modestly. But year-over-year, they declined 20%, okay? And so what we have been seeing is the inventory burn down that we've been talking about Matt and myself, is occurring, and we see that in our order book here for the first quarter. And then again, we've laid out why we believe that the current activity level supports sort of a similar progression of the quarters here throughout the year as we had in the first quarter.
當然,傑克。因此,第一季度,我們的訂單再次連續小幅下降。因此,相對於第四季度,略有下降。但與去年同期相比,他們下降了 20%,好嗎?因此,我們一直看到的是我們一直在談論馬特和我自己的庫存消耗正在發生,我們在第一季度的訂單簿中看到了這一點。然後,我們再次闡述了為什麼我們認為當前的活動水平支持全年與第一季度類似的季度進展。
Jack Meehan - Research Analyst
Jack Meehan - Research Analyst
Great. And then just as a follow-up, I was curious what impact, if any, did you see from the banking crisis, which took place in the quarter. I understand you probably didn't have any direct exposure to that, but how are your customers reacting sort of across the business?
偉大的。然後作為後續行動,我很好奇您從本季度發生的銀行業危機中看到了什麼影響(如果有的話)。我知道您可能沒有直接接觸過它,但是您的客戶對整個企業的反應如何?
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
Right. So direct exposure was not material in any sense of the word. As it relates to the impact on our businesses, particularly in bioprocessing, to a much lesser extent in Life Sciences, we do think that, that provides that additional inflection point here in the first quarter for liquidity tightening up and that prioritization that we're seeing here in the emerging biotech segment, call it emerging biotech. And once again, those companies working on earlier stage projects. So that's where we have seen a more pronounced conservation of cash and that plays out in OpEx, CapEx and you can -- and we talked about how that played out with mid-teens contraction as opposed to sort of a mid-teens growth versus prior periods.
正確的。因此,從任何意義上說,直接暴露都不是實質性的。由於它涉及對我們業務的影響,特別是在生物加工方面,在生命科學領域的影響要小得多,我們確實認為,這在第一季度為流動性收緊和我們正在確定的優先順序提供了額外的拐點在新興生物技術領域看到這裡,稱之為新興生物技術。再一次,那些從事早期項目的公司。所以這就是我們看到更明顯的現金保護的地方,這在運營支出、資本支出中發揮作用,你可以——我們討論了這是如何在十幾歲的收縮中發揮作用的,而不是與之前的十幾歲中期的增長相比期間。
Operator
Operator
And we will take our final question from Rachel Vatnsdal with JPMorgan.
我們將接受來自摩根大通的 Rachel Vatnsdal 的最後一個問題。
Rachel Marie Vatnsdal Olson - Analyst
Rachel Marie Vatnsdal Olson - Analyst
And so I appreciate all the comments that you've given on emerging biotech softness in bioprocessing with that customer set really down mid-teens in 1Q. So first, just a clarifying question. Did you say that you expect that emerging biotech to remain at mid-teen declines for the year? And then kind of shifting more longer term. Can you talk about your assumptions around when you expect emerging biotech to return to growth? And at what point can this funding issue really pressure the long-term growth outlook for the bioprocessing market?
因此,我感謝您就生物加工中新興的生物技術軟性給出的所有評論,該客戶在第一季度真正下降了十幾歲。首先,只是一個澄清的問題。您是否說過您預計新興生物技術今年將保持在 15% 左右的跌幅?然後是一種更長期的轉變。您能否談談您對新興生物技術何時恢復增長的假設?這種資金問題在什麼時候才能真正對生物加工市場的長期增長前景構成壓力?
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
So just to confirm on the topic of emerging biotech, our assumption is, and our guide reflects, that the activity level in emerging biotech stays for the remainder of the year as it played out in the first quarter. So we're not assuming any change there, including that it doesn't get significantly worse. Now as it relates to how that segment progresses here, that's from today's point of view, hard to predict. We need to see where capital markets go, liquidity availability and yes, a stabilization and return to some degree of normality in the banking sector. But for the visibility that we have today, we're not expecting an improvement in that segment for the remainder of the year.
因此,為了確認新興生物技術的話題,我們的假設是,我們的指南反映了新興生物技術的活動水平在今年剩餘時間保持在第一季度的水平。所以我們不假設那裡有任何變化,包括它不會變得更糟。現在,因為它涉及到該細分市場如何在這裡取得進展,所以從今天的角度來看,很難預測。我們需要看看資本市場的走向、流動性的可用性,是的,銀行業在某種程度上趨於穩定並恢復正常。但就我們今天的知名度而言,我們預計今年剩餘時間該細分市場不會有所改善。
Rachel Marie Vatnsdal Olson - Analyst
Rachel Marie Vatnsdal Olson - Analyst
Got it. And then maybe a few questions on China here. So one of your peers recently signed China bioprocessing [business]. I think you also mentioned that in one of your answers to an earlier question. So can you talk about how did bioprocessing perform during 1Q in China? And can you just give us some context of how big China is for bioprocessing for Danaher? Looking forward, how are those orders trending within China, specifically around some of the localized manufacturers? And then last question, just stepping back, you previously had guided to low single-digit growth for China for the year. 1Q was well above expectations. So what's the total co outlook for China?
知道了。然後可能有幾個關於中國的問題。因此,您的一位同行最近簽署了中國生物加工 [業務]。我認為您在對先前問題的回答之一中也提到了這一點。那麼您能談談生物工藝在中國第一季度的表現如何嗎?你能給我們介紹一下中國對丹納赫的生物加工有多大嗎?展望未來,這些訂單在中國的趨勢如何,特別是一些本地化製造商的訂單趨勢如何?最後一個問題,退一步說,你之前曾指導過中國今年的低個位數增長。一季度遠超預期。那麼中國的整體前景如何?
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
Well, as it relates to bioprocessing in China, we've had a very good and strong business there in China for years. And helped quite significantly in China in order to build the capacity for vaccines and for other biologics. And what we see today, much like we've seen in the U.S., is that the emerging biotech segment, which is an important part of China's efforts to build a local biopharma industry, is also impacted by capital constraints. So we've seen that play out in China as well. And in fact, that's what is the primary impact on our China numbers here. In the first quarter, which on the whole were better than expected, primarily because of the patient volumes and the Diagnostic businesses being stronger. Now as it relates to the full year in China, we expect our full year in China to be up low single digits for Danaher overall based on the market recovery, exiting COVID as well as, if you will, a normalization of the activity level in bioprocessing.
好吧,因為它與中國的生物加工有關,多年來我們在中國的業務非常好而且很強大。並且在中國建立疫苗和其他生物製品的能力方面提供了相當大的幫助。而我們今天所看到的,就像我們在美國所看到的那樣,作為中國建設本土生物製藥產業的重要組成部分的新興生物技術領域也受到了資本約束的影響。所以我們在中國也看到了這種情況。事實上,這就是對我們這裡的中國數據的主要影響。第一季度總體上好於預期,主要是因為患者數量和診斷業務更強勁。現在與中國全年相關,我們預計我們在中國的全年將根據市場復甦、退出 COVID 以及活動水平的正常化,對丹納赫整體實現低個位數增長生物加工。
Operator
Operator
Thank you, and I'll turn it over to the speakers for closing remarks.
謝謝大家,我會把它交給發言人作閉幕詞。
John Bedford - VP of IR
John Bedford - VP of IR
Thank you, Ashley. I appreciate everyone for joining us on the call today. We'll be around all day and rest of the week for follow-ups.
謝謝你,艾希禮。感謝大家今天加入我們的電話會議。我們將全天和本週剩餘時間進行跟進。
Rainer M. Blair - President, CEO & Director
Rainer M. Blair - President, CEO & Director
Thanks, everyone.
感謝大家。
Operator
Operator
Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.
謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連接。