Danaher Corp (DHR) 2023 Q2 法說會逐字稿

My name is Ashley, and I'll be your conference facilitator this morning. At this time, I would like to welcome everyone to the Danaher Corporation Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

我叫阿什利，今天早上我將擔任你們的會議主持人。現在，我歡迎大家參加丹納赫公司 2023 年第二季度收益電話會議。 （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，您可以開始會議了。

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.

大家早上好，感謝您加入我們的電話會議。今天與我們在一起的有我們的總裁兼首席執行官 Rainer Blair；以及我們的執行副總裁兼首席財務官馬特·麥格魯 (Matt McGrew)。

I'd like to point out that our Form 10-Q for the second quarter, 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 & Presentations and will remain archived until our next quarterly call. A replay of this call will also be available until August 8, 2023.

我想指出的是，我們第二季度的 10-Q 表格、我們的收益發布、補充今天電話會議的幻燈片演示以及 SEC G 條例要求的與本報告期內提供的任何非 GAAP 財務措施相關的調節表和其他信息所有電話會議均可在我們網站 www.danaher.com 的投資者部分的季度收益標題下查看。本次電話會議的音頻部分將於今天晚些時候存檔在我們網站的投資者部分，標題為“活動和演示”，並將一直存檔到我們的下一個季度電話會議。本次電話會議的重播也將在 2023 年 8 月 8 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 second 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與 2023 年第二季度有關，並且所有對財務指標的同期增減的引用均為同比。我們還可能描述某些已提交申請並等待某些監管部門批准或僅在某些市場提供的產品和設備。

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 may 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聲明，包括有關我們認為或預期將來將會或可能發生的事件或發展的聲明。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中列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。這些前瞻性陳述僅代表截至其作出之日的情況，我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

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

說到這裡，我想把電話轉給雷納。

Well, thank you, John, and good morning, everyone. We appreciate you joining us on the call today. Our team executed well and delivered our quarterly revenue, earnings and cash flow expectations despite a more dynamic operating environment. The resilience of our portfolio showed through in the second quarter. High single-digit base business core revenue growth in Life Sciences and Diagnostics, paired with better-than-expected respiratory testing revenue, helped offset softer base business demand in bioprocessing.

好吧，謝謝你，約翰，大家早上好。我們感謝您今天加入我們的電話會議。儘管運營環境更加活躍，但我們的團隊表現良好，實現了季度收入、盈利和現金流預期。我們的投資組合的彈性在第二季度得到了體現。生命科學和診斷領域的高個位數基礎業務核心收入增長，加上好於預期的呼​​吸測試收入，有助於抵消生物加工領域疲軟的基礎業務需求。

Our team's ability to navigate these challenging operating conditions is a testament to their commitment to leading and executing with the Danaher Business System. Their actions are helping mitigate supply chain constraints, enhance productivity and improve manufacturing throughput, and we're proactively addressing structural costs while maintaining a healthy cadence of growth investments.

我們的團隊應對這些充滿挑戰的運營條件的能力證明了他們致力於領導和執行丹納赫業務系統的承諾。他們的行動正在幫助緩解供應鏈限制、提高生產力和提高製造產量，而我們正在積極解決結構性成本，同時保持健康的增長投資節奏。

Now our second quarter results also highlight the durable balanced positioning of our portfolio. We have an exceptional group of businesses, all powered by DBS, that serve attractive end markets with favorable long-term secular growth drivers. This powerful combination of our talented team, the strength of our portfolio and balance sheet optionality differentiates Danaher and positions us well to operate through today's more dynamic operating environment.

現在，我們第二季度的業績也凸顯了我們投資組合的持久平衡定位。我們擁有一群傑出的企業，全部由星展銀行提供支持，為有吸引力的終端市場提供有利的長期長期增長動力。我們才華橫溢的團隊、我們的產品組合的優勢和資產負債表的選擇性的強大結合使丹納赫脫穎而出，並使我們能夠在當今更加動態的運營環境中順利運營。

So with that, let's turn to our second quarter results in more detail. Sales were $7.2 billion in the second quarter, and core revenue declined 7%. We delivered 2% growth in our base business, which was more than offset by a COVID-19 revenue headwind of approximately 9%. Geographically, core revenues in developed markets declined high single digits, primarily driven by lower COVID-19 revenues. High-growth markets declined low single digits, with China down approximately 10%.

因此，讓我們更詳細地討論第二季度的業績。第二季度銷售額為 72 億美元，核心收入下降 7%。我們的基礎業務實現了 2% 的增長，但被 COVID-19 收入逆風約 9% 所抵消。從地域上看，發達市場的核心收入出現高個位數下降，主要是由於 COVID-19 收入下降。高增長市場下降了低個位數，其中中國下降了約 10%。

In China, our Diagnostics businesses benefited from continued recovery and hospital patient volumes, while stimulus initiatives helped drive strength in Life Sciences. This was more than offset by a decline in our Biotechnology business, where a significant deterioration in the funding environment during the quarter led to project delays and an increase in order cancellations.

在中國，我們的診斷業務受益於持續的康復和住院患者數量，而刺激計劃則有助於推動生命科學業務的發展。這被我們的生物技術業務的下滑所抵消，該業務本季度融資環境的顯著惡化導致項目延遲和訂單取消增加。

Our gross profit margin for the second quarter was 56.5%. Our operating margin of 20% was down 840 basis points due to the impact of lower volume in our Biotechnology and Diagnostics segments and costs incurred to adjust our capacity and cost structure in response to COVID transitioning to an endemic state. These actions in this transition year are intended to ensure that we're in the best position to deliver on our long-term growth and margin objectives while maintaining an accelerated cadence of innovation investments.

我們第二季度的毛利率為56.5%。由於生物技術和診斷部門銷量下降以及為應對新冠疫情向流行狀態調整產能和成本結構而產生的成本，我們 20% 的營業利潤率下降了 840 個基點。在這個過渡年中採取的這些行動旨在確保我們處於最佳位置，以實現我們的長期增長和利潤目標，同時保持創新投資的加速節奏。

Adjusted diluted net earnings per common share were $2.05. We generated $1.6 billion of free cash flow in the quarter and $3.3 billion year-to-date. This results in a year-to-date free cash flow-to-net income conversion ratio of more than 125%. Our notable strength in free cash flow generation differentiates Danaher and illustrates the quality of our portfolio, business models and our team's consistent execution.

調整後稀釋後每股普通股淨利潤為 2.05 美元。本季度我們創造了 16 億美元的自由現金流，今年迄今創造了 33 億美元的自由現金流。這使得年初至今的自由現金流與淨利潤的轉換率超過 125%。我們在自由現金流生成方面的顯著優勢使丹納赫脫穎而出，並說明了我們的投資組合、業務模式和團隊一貫的執行力的質量。

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 17% and core revenue was down 16.5%. In bioprocessing, underlying market conditions weakened further as we moved through the quarter, resulting in a high single-digit base business decline. Larger customers are still working through inventory they built during the pandemic, and emerging biotech customers, which we define as customers without a commercialized therapy, continued their efforts to conserve capital.

現在，讓我們仔細看看我們整個投資組合的結果，並為您提供一些關於我們今天在終端市場所看到的情況的信息。我們的生物技術部門的報告收入下降了 17%，核心收入下降了 16.5%。在生物加工領域，隨著本季度的推進，基本市場狀況進一步疲軟，導致基礎業務大幅下降個位數。較大的客戶仍在處理他們在大流行期間建立的庫存，而新興的生物技術客戶（我們將其定義為沒有商業化療法的客戶）繼續努力節省資本。

In addition, we saw the ongoing biopharma market correction in China intensify as the second quarter progressed. Given these dynamics, where we can, we've started actively working with our larger customers to help them more quickly manage their inventory down to normalized levels. Now while market dislocations are impacting our near-term growth, recent positive developments have only strengthened our conviction in the tremendous long-term opportunity ahead in the biologics market and for our leading bioprocessing franchise.

此外，隨著第二季度的進展，我們看到中國生物製藥市場正在進行的調整加劇。鑑於這些動態，我們已開始積極與大客戶合作，幫助他們更快地將庫存管理至正常水平。現在，雖然市場混亂正在影響我們的短期增長，但最近的積極發展只會增強我們對生物製品市場和我們領先的生物加工特許經營權未來巨大長期機遇的信念。

The number of biologic and genomic medicines in development is meaningfully higher than at any point in history. And during the quarter, we saw notable regulatory approvals for a novel gene therapy for Duchenne muscular dystrophy and the monoclonal antibody-based Alzheimer's therapeutic. These groundbreaking therapies are not only poised to improve quality of life for patients around the world, they're also serving as validation of these emerging therapeutic classes and reinforcing the potential of drugs currently in the development pipeline.

正在開發的生物和基因組藥物的數量明顯高於歷史上的任何時期。在本季度，我們看到針對杜氏肌營養不良症的新型基因療法和基於單克隆抗體的阿爾茨海默氏症療法獲得了顯著的監管批准。這些突破性的療法不僅有望改善世界各地患者的生活質量，而且還可以驗證這些新興治療類別並增強目前正在開發的藥物的潛力。

Now in May, we completed the combination of Cytiva and Pall Life Sciences, creating a premier global bioprocessing franchise. The combined business, which will go to market under the Cytiva name, uniquely positions us to support customers as they pursue these life-changing breakthroughs. Cytiva's portfolio has the broadest offering in the industry, with end-to-end solutions across all major therapeutic modalities and an innovation engine geared towards helping customers bring life-saving therapies to market faster and more efficiently.

今年五月，我們完成了 Cytiva 和 Pall Life Sciences 的合併，創建了全球首屈一指的生物加工特許經營權。合併後的業務將以 Cytiva 名稱上市，使我們能夠在客戶追求這些改變生活的突破時為他們提供支持。 Cytiva 的產品組合擁有業內最廣泛的產品，涵蓋所有主要治療方式的端到端解決方案，以及旨在幫助客戶更快、更高效地將挽救生命的療法推向市場的創新引擎。

A great example is the Xcellerex X-platform bioreactor Cytiva launched in the second quarter. Now this new bioreactor is optimized to enhance cell culture productivity and increase process intensity to improve manufacturing yields. The X-platform's modular design also enables customers to more predictively scale from the lab to production across all modalities, including monoclonal antibodies and cell and gene therapies, helping reduce time and cost in biologic drug production.

一個很好的例子是第二季度推出的 Xcellerex X 平台生物反應器 Cytiva。現在，這種新型生物反應器經過優化，可提高細胞培養生產力並增加工藝強度，從而提高製造產量。 X平台的模塊化設計還使客戶能夠更有預測性地從實驗室擴展到所有模式的生產，包括單克隆抗體以及細胞和基因療法，有助於減少生物藥物生產的時間和成本。

Turning to our Life Sciences segment. Reported revenue grew 5.5% and core revenue was also up 5.5%, including high single-digit growth in our base business. Our Life Sciences instrument businesses collectively delivered mid-single-digit core revenue growth, led by nearly 10% growth at Leica Microsystems and high single-digit growth at SCIEX. Healthy demand across our life science, research, academic and applied markets, particularly for our more advanced instrumentation, helps offset softness at pharma and biopharma customers.

轉向我們的生命科學部分。報告收入增長 5.5%，核心收入也增長 5.5%，其中基礎業務實現高個位數增長。我們的生命科學儀器業務總體實現了中個位數的核心收入增長，其中徠卡顯微系統公司 (Leica Microsystems) 近 10% 的增長和 SCIEX 的高個位數增長帶動了這一增長。我們生命科學、研究、學術和應用市場的健康需求，特別是對我們更先進儀器的需求，有助於抵消製藥和生物製藥客戶的疲軟需求。

Our genomics consumables base business was up low single digits in the quarter. Growth in plasmids, proteins and gene-writing and editing solutions, which are primarily used in projects that are commercialized or in later stages of the drug development pipeline, remained robust. This strength was partially offset by declines in next-generation sequencing and basic research.

我們的基因組耗材基礎業務在本季度實現了低個位數增長。主要用於商業化項目或藥物開發後期階段的質粒、蛋白質以及基因寫入和編輯解決方案的增長仍然強勁。這種優勢被下一代測序和基礎研究的下降部分抵消。

Our Life Sciences businesses continue to deliver innovative solutions that are helping accelerate the discovery and development of biologic medicines. IDBS recently released Polar Insight, a biopharma data management platform that is leveraging artificial intelligence to help researchers more quickly analyze datasets to accelerate drug discovery, regulatory filings and technology transfer in the therapeutic development process. And SCIEX launched the Intabio ZT, a front end to the ZenoTOF 7600 that enables research -- researchers to more quickly and more securely identify and validate drug candidates, improving development workflows and pipeline yields.

我們的生命科學業務不斷提供創新解決方案，幫助加速生物藥物的發現和開發。 IDBS 最近發布了 Polar Insight，這是一個生物製藥數據管理平台，利用人工智能幫助研究人員更快地分析數據集，以加速治療開發過程中的藥物發現、監管備案和技術轉讓。 SCIEX 推出了 Intabio ZT，它是 ZenoTOF 7600 的前端，使研究人員能夠更快、更安全地識別和驗證候選藥物，從而改善開發工作流程和管道產量。

Now moving to our Diagnostics segment. Reported revenue declined 13% and core revenue declined 11.5%, with high single-digit growth in our base business, more than offset by lower COVID-related respiratory testing volumes at Cepheid. Our clinical diagnostics businesses collectively delivered mid-single-digit core revenue growth. Leica Biosystems led the way with high single-digit core growth, driven by strength in core histology and advanced staining. Beckman Coulter Diagnostics was up mid-single digits again this quarter, with solid performance across both instruments and consumables and notable strength in immunoassay.

現在轉向我們的診斷部分。報告收入下降 13%，核心收入下降 11.5%，我們的基礎業務實現高個位數增長，但被 Cepheid 與新冠病毒相關的呼吸系統檢測量下降所抵消。我們的臨床診斷業務總體實現了中個位數的核心收入增長。在核心組織學和先進染色實力的推動下，徠卡生物系統公司以高單位數核心增長引領潮流。貝克曼庫爾特診斷公司本季度再次實現中個位數增長，在儀器和耗材方面均表現穩定，在免疫分析方面實力顯著。

In May, Beckman Coulter launched the DxI 9000, their next-generation immunoassay analyzer that automates up to 90% of standard daily maintenance routines while delivering best-in-class throughput. In addition to significantly improving laboratory workflows and efficiency, the DxI 9000 will enable Beckman to provide a full menu of blood virus assays over time, closing an important menu gap and further enhancing the breadth and clinical value of our test menu. That is just one example of how the Beckman team is improving their competitive positioning through innovation, which is helping drive consistent mid-single-digit growth rate.

今年 5 月，貝克曼庫爾特推出了 DxI 9000，這是他們的下一代免疫分析儀，可自動執行高達 90% 的標準日常維護程序，同時提供一流的通量。除了顯著改善實驗室工作流程和效率之外，DxI 9000 將使貝克曼能夠隨著時間的推移提供完整的血液病毒檢測菜單，縮小重要的菜單差距，並進一步增強我們測試菜單的廣度和臨床價值。這只是貝克曼團隊如何通過創新提高競爭地位的一個例子，這有助於推動持續的中個位數增長率。

In Molecular Diagnostics, broad-based strength across Cepheid test menu drove another quarter of more than 30% core growth in nonrespiratory testing. Customers who benefited from the workflow advantages, Cepheid's GeneXpert delivered for COVID-related testing, are increasingly adding additional assays from our leading test menu, most notably group A Strep and hospital-acquired infection assays. And strong momentum for our recently introduced multiplex vaginitis panel, the Xpert Xpress MVP, contributed to mid-teens growth in sexual health testing.

在分子診斷領域，Cepheid 測試菜單的廣泛優勢推動了非呼吸系統測試又一個季度超過 30% 的核心增長。受益於 Cepheid 的 GeneXpert 為 COVID 相關檢測提供的工作流程優勢的客戶，越來越多地從我們領先的檢測菜單中添加其他檢測，最引人注目的是 A 組鏈球菌和醫院獲得性感染檢測。我們最近推出的多重陰道炎小組 Xpert Xpress MVP 的強勁勢頭推動了性健康檢測領域的青少年增長。

In COVID-related testing, Cepheid's respiratory testing revenue of approximately $300 million in the quarter exceeded our expectation of $175 million. This was driven both by higher volumes and a preference for our 4-in-1 test for COVID-19, flu A, flu B and RSV. We continue to expect approximately $1.2 billion of respiratory testing revenue for the full year.

在新冠相關檢測方面，Cepheid 本季度呼吸檢測收入約為 3 億美元，超出了我們 1.75 億美元的預期。這是由於產量增加以及對我們的 COVID-19、甲型流感、乙型流感和 RSV 4 合 1 檢測的偏愛推動的。我們仍然預計全年呼吸檢測收入約為 12 億美元。

With COVID now in endemic state, we believe Cepheid is continuing to take share as many customers look to consolidate their point-of-care, PCR testing platforms on to the gene expert for both respiratory and nonrespiratory testing. Their preference for the GeneXpert within their labs and across their health care networks is a testament to the significant value the unique combination of fast, accurate lab quality results and a best-in-class workflow provides clinicians.

隨著新冠病毒目前處於流行狀態，我們相信 Cepheid 將繼續佔據市場份額，因為許多客戶希望將他們的護理點 PCR 檢測平台整合到基因專家上進行呼吸和非呼吸檢測。他們在實驗室和整個醫療保健網絡中對 GeneXpert 的偏愛證明了快速、準確的實驗室質量結果和一流工作流程的獨特組合為臨床醫生提供了巨大的價值。

Now moving to our Environmental & Applied Solutions segment. Reported revenue grew 2% and core revenue was up 1.5%. Water quality core revenue grew mid-single digits and product identification was down mid-single digits. In water quality, DBS-led execution drove solid growth on top of a double-digit prior year comparison. Strong performance at ChemTreat and Hach was balanced across industrial and applied end markets. At Trojan, equipment sales and order rates remained strong as customers are continuing to invest in larger municipal projects.

現在轉向我們的環境和應用解決方案部分。報告收入增長 2%，核心收入增長 1.5%。水質核心收入增長了中個位數，產品標識下降了中個位數。在水質方面，星展銀行主導的執行力在去年兩位數的基礎上推動了穩健的增長。 ChemTreat 和 Hach 的強勁表​​現在工業和應用終端市場上取得了平衡。隨著客戶繼續投資大型市政項目，Trojan 的設備銷售和訂單率依然強勁。

At product identification, Videojet declined low single digits against the high single-digit prior year comparison. We're also seeing lower activity levels at our industrial and consumer packaged goods customers who are aligning their production schedules with end user demand. The Videojet team continued their strong cadence of new product innovation this quarter with the release of the 3350 laser marking system.

在產品識別中，偉迪捷的下降幅度低於去年的高個位數。我們還發現工業和消費品包裝客戶的活動水平較低，他們正在根據最終用戶的需求調整生產計劃。偉迪捷團隊本季度繼續保持新產品創新的強勁節奏，發布了 3350 激光打標系統。

This impressive addition to Videojet's portfolio enables users to mark different-sized products and multiple levels of the same product without adjusting the laser, resulting in increased uptime and higher throughput. This is one of several product introductions planned for the year that are helping position the product identification platform for success as they begin their journey as part of Veralto.

偉迪捷產品組合中的這一令人印象深刻的新增功能使用戶能夠在不調整激光器的情況下對不同尺寸的產品和同一產品的多個級別進行打標，從而延長了正常運行時間並提高了吞吐量。這是今年計劃推出的幾款產品之一，這些產品有助於產品識別平台在作為 Veralto 一部分開始其旅程時取得成功。

So speaking of Veralto, we remain on track for a fourth quarter 2023 separation. Veralto will be well positioned in some of the most attractive areas of water quality and product identification. Their portfolio will be comprised of leading companies with durable high-margin business models, supporting customers' mission-critical operations. The Veralto team is looking forward to hosting an Analyst Day in Chicago on September 6, and we hope many of you will attend.

因此，說到 Veralto，我們仍有望在 2023 年第四季度分拆。 Veralto 將在一些最具吸引力的水質和產品識別領域佔據有利位置。他們的投資組合將由具有持久高利潤業務模式的領先公司組成，支持客戶的關鍵任務運營。 Veralto 團隊期待於 9 月 6 日在芝加哥舉辦分析師日活動，我們希望大家能夠參加。

So now let's briefly look ahead at expectations for the third quarter and the full year. In the third quarter, we expect core revenue in our base business to be down low single digits year-over-year. We also expect total core revenue to decline in the low to mid-teens percent range primarily as a result of lower demand for COVID-19 testing, vaccines and therapeutics. Additionally, we expect a third quarter adjusted operating profit margin of approximately 26%, which includes the impact of efforts to adjust our cost structure and capacity in response to COVID transitioning to an endemic state, particularly within our Diagnostics and Biotechnology businesses.

現在讓我們簡單展望一下第三季度和全年的預期。在第三季度，我們預計基礎業務的核心收入將同比下降低個位數。我們還預計核心總收入將下降百分之十至百分之十，這主要是由於對 COVID-19 檢測、疫苗和治療的需求下降。此外，我們預計第三季度調整後營業利潤率約為 26%，其中包括為應對新冠疫情向流行狀態轉變而調整成本結構和產能的影響，特別是在我們的診斷和生物技術業務中。

Now turning to the full year 2023. Due to the near-term challenges within bioprocessing, we now anticipate low single-digit core revenue growth in our base business. We also expect total core revenue to decline high single to low double 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 29%.

現在轉向 2023 年全年。由於生物加工領域的近期挑戰，我們現在預計我們的基礎業務核心收入將出現較低的個位數增長。我們還預計，由於對 COVID-19 檢測、疫苗和治療藥物的需求下降，今年核心總收入將出現高個位數到低兩位數的下降。此外，我們預計全年調整後營業利潤率約為 29%。

So to wrap up, our team remains focused on consistent execution in the face of a challenging and more dynamic macroeconomic environment. We're confident about the bright future ahead for Danaher. Our talented associates are innovative and passionate about their work and committed to our culture of continuous improvement. Across our portfolio, we're helping customers solve some of the world's biggest health care challenges, including faster, more accurate disease diagnosis and accelerating the discovery, development and manufacture of therapies. Our solutions are at the forefront of improving patient outcomes and ensuring more patients around the world have access to quality care.

總而言之，面對充滿挑戰和更具活力的宏觀經濟環境，我們的團隊仍然專注於一致執行。我們對丹納赫的光明未來充滿信心。我們才華橫溢的員工富有創新精神，對工作充滿熱情，並致力於我們持續改進的文化。在我們的產品組合中，我們正在幫助客戶解決一些世界上最大的醫療保健挑戰，包括更快、更準確的疾病診斷以及加速療法的發現、開發和製造。我們的解決方案處於改善患者治療效果並確保世界各地更多患者獲得優質護理的最前沿。

Financially, we've got a great lineup of leading franchises in attractive end markets with durable, high-recurring revenue business models, and our strong free cash flow generation positions us well to further enhance our portfolio going forward. The unique combination of our talented team, differentiated portfolio and balance sheet optionality, all powered by the Danaher Business System, provide a strong foundation for creating shareholder value while helping to meaningfully improve human health.

在財務上，我們在有吸引力的終端市場擁有一系列領先的特許經營權，具有持久、高經常性收入的商業模式，而我們強大的自由現金流生成能力使我們能夠進一步增強我們的投資組合。我們的才華橫溢的團隊、差異化的投資組合和資產負債表的選擇性的獨特組合，全部由丹納赫業務系統提供支持，為創造股東價值提供了堅實的基礎，同時幫助有意義地改善人類健康。

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

這樣，我會將電話轉回給約翰。

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

謝謝，雷納。我們的正式評論到此結束。接線員，我們現在準備好提問了。

(Operator Instructions) And we will take our first question from Mike Ryskin with Bank of America.

（操作員說明）我們將回答美國銀行的 Mike Ryskin 提出的第一個問題。

I'll start on bioprocessing, the obvious one. You provided a lot of comments during the prepared remarks. But I'm just wondering if you could talk a little bit about order trends, anything that you're seeing from customers, to give you a sense of when that destocking could continue.

我將從生物加工開始，這是顯而易見的。您在準備發言時提出了很多意見。但我只是想知道你是否可以談談訂單趨勢，以及你從客戶那裡看到的任何東西，讓你了解何時可以繼續去庫存。

As part of that, you also talked a little bit about actively managing inventory with larger customers. Could you just walk us through what that means exactly? And sort of how you see the rest of the year playing out? You gave the total percent number, but qualitatively, what are your thoughts on bioprocess as you go through the year?

作為其中的一部分，您還談到了與大客戶積極管理庫存的問題。您能否向我們介紹一下這到底意味著什麼？您如何看待今年剩下的時間？您給出了總百分比，但從定性角度來看，您在這一年中對生物工藝有何看法？

Sure. So let's start with orders. In the first half of the year, our orders were essentially down 20%. And as we look forward here to the second half of the year, we think that our orders will be down modestly. That's a combination of various factors. One being that our large customers, CDMOs, continue to work through inventories. We also see that China continues to deteriorate here from what we saw in the first quarter, and certainly saw that deterioration in the second half of the second quarter, and we see that continuing.

當然。那麼讓我們從訂單開始吧。上半年，我們的訂單基本上下降了20%。當我們展望今年下半年時，我們認為我們的訂單將小幅下降。這是多種因素的結合。其中之一是我們的大客戶 CDMO 繼續通過庫存進行工作。我們還看到，與第一季度相比，中國的情況繼續惡化，當然在第二季度下半年也看到了這種惡化，而且我們認為這種情況仍在繼續。

And then we are actively managing inventories down. While that is not new, we've intensified our efforts there really in order to get as much as possible of the stocking topic behind us here in 2023.

然後我們正在積極管理庫存。雖然這並不新鮮，但我們確實加大了這方面的努力，以便在 2023 年盡可能多地了解庫存主題。

Mike, maybe just -- let me give you a little color on some numbers here, too. I think if you think about the first half, like Rainer said, we were sort of down 20% from an order perspective. And like you also said, I think we'll be down modestly in the second half. But I think it's important to remember, too, this is largely driven by the comps that we've got. So if you think last year, the first half, we had kind of a low double-digit comp, and the second half was more like 20%. So step up, get a little easier here in the second half.

邁克，也許只是——讓我也給你一些關於這裡的數字的解釋。我認為，如果你考慮一下上半年，就像 Rainer 所說，從訂單角度來看，我們下降了 20%。就像你也說的，我認為我們下半場的表現會略有下降。但我認為記住這一點也很重要，這很大程度上是由我們現有的比較驅動的。因此，如果你想想去年上半年，我們的營收比例較低，為兩位數，而下半年則接近 20%。所以，下半場要加強一點，變得更輕鬆一些。

I think the important thing that Rainer just said is we have not seen in the order book enough to call an inflection in the market, but I think we will see a step up to a more modestly down number here in the second half. But I would really characterize that as very much comp-driven, not some sort of market inflection that we're seeing.

我認為雷納剛才所說的重要一點是，我們在訂單簿中還沒有看到足夠多的數據來判斷市場的拐點，但我認為我們將在下半年看到一個更溫和的下降數字。但我確實認為這在很大程度上是由競爭驅動的，而不是我們所看到的某種市場變化。

Great. Appreciate that. And if I could squeeze in a follow-up on China specifically. You talked a lot about China and 2Q deteriorated, particularly as it touched on biopharma market correction. Could you expand on that? Just how significant and how protracted do you believe that will be? And it seems like it's really mostly contains the bioprocess, you called out instrumentation in China actually holding in pretty well. What's the difference there? Why is it so specific to just that one part of your business?

偉大的。感謝。如果我能擠出一個專門針對中國的後續行動的話。您談到了很多關於中國和第二季度惡化的問題，特別是當它涉及生物製藥市場調整時。你能詳細談談？您認為這將有多重要、有多持久？看起來它實際上主要包含生物過程，你指出中國的儀器實際上保持得很好。那有什麼區別呢？為什麼它只針對您業務的某一部分？

So we saw that continued deterioration in the second half of the second quarter. To give you a sense, China orders were down 20% in the first quarter, 40% in the second quarter, but really, 50% in June. And frankly, we don't see that getting better here in the second half, and that's really related to 2 or 3 factors. One, the funding environment continued to deteriorate. The foreign investments in projects and capacity has dissipated. It has not returned. There are fewer projects there that are being funded.

因此，我們看到第二季度下半年情況持續惡化。給大家一個感覺，第一季度中國訂單下降了 20%，第二季度下降了 40%，但實際上 6 月份下降了 50%。坦率地說，我們認為下半年情況不會好轉，這確實與兩三個因素有關。一是融資環境持續惡化。外國對項目和產能的投資已經消失。它還沒有回來。那裡獲得資助的項目較少。

Also, over the last 2, 3 years, a great deal of capacity has been built, particularly CDMO capacity, but also some with the smaller biopharmas there. And so there's not a lot of additional hardware required here in the short term in the second half, nor are there that many molecules that are being worked on by the CDMOs, meaning that the consumables requirements of that capacity are also lower than we saw here in the first half of the year.

此外，在過去的兩三年裡，已經建立了大量的產能，特別是 CDMO 產能，但也有一些規模較小的生物製藥產能。因此，下半年短期內不需要太多額外的硬件，CDMO 也沒有太多正在研究的分子，這意味著該產能的耗材需求也低於我們在這裡看到的今年上半年。

And then lastly, and part of this is related to our aggressively managing with our customers to get them to their target inventories. There are a fair number of order cancellations there. So when you put all that together here for China, that is a different picture here in the second half than we saw in the first half. And once again, we're working here, if you aggregate this to the total global biopharma business, to get as much of this as possible behind us in 2023.

最後，部分原因與我們積極管理客戶以使他們達到目標庫存有關。那裡有相當多的訂單取消。因此，當你將中國的所有這些放在一起時，下半場的情況與我們在上半場看到的情況有所不同。我們再次在這裡努力，如果將其匯總到全球生物製藥業務總量中，我們將在 2023 年盡可能多地實現這一目標。

And just to give you a sense here, our China business in 2022 was about $1.3 billion, slightly over that. We expect that to be about an $800 million business by the end of 2023, which would be about 10% of the total bioprocessing business at Danaher.

順便讓大家了解一下，2022 年我們在中國的業務約為 13 億美元，略高於這個數字。我們預計到 2023 年底，該業務規模將達到約 8 億美元，約佔丹納赫生物加工業務總額的 10%。

And we will take our next question from Vijay Kumar with Evercore ISI.

我們將接受 Evercore ISI 的 Vijay Kumar 提出的下一個問題。

I just have one on the bioprocessing commentary, Rainer. If you just simplify the various moving parts, it seems like large pharma was in-line-ish, early phase, early stage was in line-ish. What changed incrementally in 2Q with China?

我只有一篇關於生物加工的評論，雷納。如果你只是簡化各種活動部件，看起來大型製藥公司是在線的，早期階段，早期階段是在線的。中國第二季度發生了哪些增量變化？

And if that is correct, I think you mentioned China was that down 50% in June. Is the second half assuming down 50% for China bioprocessing? And I think you also mentioned Danaher's actively managing customer inventory levels. What does that mean? And what is the implication for fiscal '24? Should any of these issues be lower into '24?

如果這是正確的，我想你提到中國 6 月份下降了 50%。下半年中國生物加工是否會下降 50%？我想您還提到了丹納赫積極管理客戶庫存水平。這意味著什麼？這對 24 財年有何影響？這些問題是否應該推遲到 24 世紀？

Vijay, it's Matt. Let me give -- I just want to kind of set the numbers for everybody, so we've got what we're looking at for China. As you said, from a revenue perspective, in the first half, we were down, call it, 30%. And we did see May and June sort of get down into the more like 45%, 50% down.

維杰，我是馬特。讓我告訴你——我只是想為每個人設定一些數字，這樣我們就得到了我們在中國尋找的東西。正如您所說，從收入角度來看，上半年我們下降了 30%。我們確實看到 5 月和 6 月的價格下降了 45%、50%。

So as we sort of think about what we're thinking about for China going forward for the second half, we are kind of contemplating, if you will, for Q3 and Q4, both of those quarters, to look like May and June, at, call it, 50%-plus down. With that, maybe, Rainer, you want to give some color on the commentary one?

因此，當我們思考下半年中國的發展時，我們正在考慮，如果你願意的話，對於第三季度和第四季度，這兩個季度，看起來像五月和六月， ，稱之為，50% 以上的折扣。有了這個，萊納，你也許想給評論增添一些色彩嗎？

Sure. Vijay, as it relates to '24, we have a lot to work through here still, I think, as an industry in the second half of 2023. We talked about the various puts and takes of the destocking that I think you correctly summarized with pharma and emerging biotech. You see the China piece that we're flagging here. And then, of course, actively managing those inventories with our customers here in order to get as much as possible behind us in 2023. And we think 2023 probably is the bottom.

當然。 Vijay，就 24 世紀而言，我認為，作為一個行業，到 2023 年下半年，我們還有很多工作要做。我們討論了去庫存的各種做法，我認為您正確地總結了這一點製藥和新興生物技術。你看到我們在這裡標記的中國作品。當然，我們還要與我們的客戶一起積極管理這些庫存，以便在 2023 年盡可能多地支持我們。我們認為 2023 年可能是底部。

Having said all that, it is a little early to be talking about 2024. And as always, as we get closer here to the end of the year, we'll continue to update as we work through the second half here.

話雖如此，現在談論 2024 年還為時過早。與往常一樣，隨著我們越來越接近年底，我們將在下半年繼續更新。

Understood, Rainer. And Matt, maybe one for you on margin share. I think your second quarter came in slightly above guidance. But the sequential step-down from Q1, that's 450 basis points. Can you bridge us on what drove that 450-basis point step-down sequentially? I think some of this is cost actions Danaher undertook. And again, when I look at the annual guidance, I think you implied Q4 is perhaps 30%-ish.

明白了，雷納。馬特，也許是你的保證金份額之一。我認為你們第二季度的業績略高於指導值。但較第一季度連續下降 450 個基點。您能否向我們介紹一下是什麼推動了 450 個基點的連續下調？我認為其中一些是丹納赫採取的成本行動。再說一遍，當我查看年度指導時，我認為您暗示第四季度可能會增長 30% 左右。

31%.

31%。

What drives the -- 31%-ish. What drives that Q4 step-up? And does that assume your bioprocessing inventory levels to step up? Bioprocessing orders exiting Q4, is that assuming like normalized trend?

是什麼驅動了——31%左右。是什麼推動了第四季度的進步？這是否假設您的生物加工庫存水平會上升？生物加工訂單退出第四季度，這是假設正常化趨勢嗎？

Yes. No, I think that's right. You got that right. So Q1, we were kind of, call it, 31% margin, stepped down to 26.5% in Q2. I think we're going to be more like 26% in Q3 and then a step up to 31% in Q4. If you remember, last quarter, we sort of talked about a bunch of capacity adjustment, if you will, measures, not only at Summit Biotech, but remember, significantly at Cepheid, as the volumes there ramp down, we are being pretty proactive about taking down that capacity as we talked about.

是的。不，我認為這是對的。你說對了。所以第一季度，我們的利潤率是 31%，第二季度下降到 26.5%。我認為第三季度我們的佔比將接近 26%，然後第四季度將上升至 31%。如果你還記得，上個季度，我們談論了一系列產能調整，如果你願意的話，措施，不僅在 Summit Biotech，而且請記住，在 Cepheid 尤為重要，隨著那裡的產量下降，我們正在非常積極地採取措施正如我們所討論的那樣，取消該容量。

So really, the step down in Q2, Q3 is largely due to: one, lower volumes; but two, remember, we had this big capacity reduction costs. Those are primarily Q2, Q3, and then they sort of go away here in Q4, combined with higher volume in Q4 is how we get to kind of 31%.

事實上，第二季度、第三季度的下降主要是由於：一是銷量下降；但有兩個，請記住，我們有如此大的產能削減成本。這些主要是第二季度、第三季度，然後在第四季度就消失了，再加上第四季度的銷量增加，我們達到了 31%。

That really has no bearing or impact on anything to do with the bioproduction inventory, et cetera. I mean it just incorporates our guide of kind of bioproduction ex COVID down 10%. So really, all about the higher volume and the capacity reduction stuff that we're working on kind of heading out of the P&L in Q2 and Q3.

這實際上對與生物生產庫存等相關的任何事情都沒有影響。我的意思是，它只是結合了我們關於新冠疫​​情前生物生產下降 10% 的指南。所以說真的，我們正在努力提高產量和減少產能，這一切都在第二季度和第三季度的損益表中。

We'll take the next question from Scott Davis with Melius Research.

我們將回答 Melius Research 的 Scott Davis 提出的下一個問題。

Yes, I was hoping you could put a little bit more teeth into this cost-out and just a little bit more color, even if you -- I mean, in a perfect world, I'd love to see what the actual tailwinds might be for '24 or what the benefit is. But if you're not willing to go down that path, at least help us understand what's perhaps more rooftop versus labor versus -- I know when times are tougher like this, maybe your comp accruals are down, but maybe you guys can give us a little detail would be helpful.

是的，我希望你能在這個成本上投入更多的精力，並多一點色彩，即使你——我的意思是，在一個完美的世界裡，我很想看看實際的順風會是什麼是為了'24或者有什麼好處。但如果你不願意走這條路，至少幫助我們了解屋頂與人工相比可能更多的是什麼——我知道當像現在這樣困難的時候，也許你的應計報酬會下降，但也許你們可以給我們一些細節會有所幫助。

Yes. So Scott, the capacity reduction, we talked last quarter that we had about $350 million of cost that was going to come through in Q2 and Q3. We said probably about $250 of that was going to be at Cepheid, and that is a rooftop effort, right? During the pandemic, we added some rooftops to kind of meet demand. Now we're kind of scaling that back.

是的。斯科特，關於產能削減，我們在上個季度談到，我們將在第二季度和第三季度減少約 3.5 億美元的成本。我們說其中大約 250 美元將用於 Cepheid，這是屋頂項目，對嗎？在大流行期間，我們增加了一些屋頂來滿足需求。現在我們正在縮小規模。

So that is a little bit of a rooftop dynamic as well as a people dynamic as we scale down to where we are. About $100 million of that $250 million is over the same concept, but at BTG, given some of the lower demand there. I would characterize that less as rooftops and more sort of other actions around kind of demand levels, if you will, at BTG. So that's sort of the $350 million we talked about last quarter.

因此，當我們縮小規模時，這既是屋頂動態，也是人員動態。這 2.5 億美元中大約有 1 億美元是基於同樣的概念，但考慮到那裡的需求較低，所以是在 BTG。如果你願意的話，我認為 BTG 的這種做法與其說是屋頂，不如說是圍繞某種需求水平採取的其他行動。這就是我們上季度談到的 3.5 億美元。

Some of that $350 million is going to be sort of onetime, if you will, right? And probably something in the range of a couple of hundred million of it will be a bit of a onetime cost that we are hitting and taking P&L in this year that probably should come back to us here next year as well, as the savings that we have moving forward. We haven't really talked about the savings, Scott. That's going to be a little bit dependent on how much we can get done here in Q4 or Q3 -- Q2, Q3 and then what gets done in Q4 as well.

如果你願意的話，這 3.5 億美元中的一部分將是一次性的，對嗎？可能其中幾億的費用將是我們今年所達到併計入損益的一次性成本，明年也可能會回到我們這裡，因為我們節省了成本有前進。我們還沒有真正討論過節省的問題，斯科特。這將在一定程度上取決於我們在第四季度或第三季度可以完成多少工作——第二季度、第三季度以及第四季度完成的工作。

And so it will be a little bit dependent on how much we can get done as to what the savings, the annualized savings will be. So we sort of told people last quarter that we kind of update that as we get towards the guide for next year to kind of bake in some of the savings number.

因此，這將在一定程度上取決於我們能完成多少工作，以及每年節省的費用。因此，我們上個季度告訴人們，當我們制定明年的指南時，我們會更新這一點，以增加一些節省的數字。

So I haven't really gotten that yet. I've got -- I have a sense or an idea, but I do want to see if we can get everything done and kind of where we end up before we talk about how much is coming. But I do think we've talked last quarter about that sort of onetime benefit of, call it, a couple of hundred million dollars.

所以我還沒有真正明白這一點。我有——我有一種感覺或一個想法，但我確實想看看我們是否能完成所有事情，以及在我們談論即將發生的事情之前我們最終會達到什麼結果。但我確實認為我們上個季度已經討論過這種一次性的好處，稱之為幾億美元。

All right. That's helpful, Matt. And guys, it wasn't clear to me why E&AS margins were down. Is it like kind of price cost, just because I'm assuming had maybe negative actual unit volumes with core up 1.5%? But is it mix? Price cost? Is there anything -- I know there's probably some prep into the spin that may add some near-term costs as well, but some color there would help, too.

好的。這很有幫助，馬特。伙計們，我不清楚為什麼 E&AS 利潤率下降了。這是否像某種價格成本，只是因為我假設實際單位銷量可能為負，核心上漲 1.5%？但它是混合的嗎？價格成本？有什麼嗎——我知道可能需要做一些準備工作，這也可能會增加一些近期成本，但一些顏色也會有所幫助。

Yes. Yes, I would say yes to probably all of the above, Scott. I think you're right. It was a little bit of a price/cost. I think they are starting to see an environment where they had really good price actions as some of the supply chain issues and supplies and logistics issues, they were able to kind of cover with price. But I think you're right, we're starting to see a little bit of that come down, probably not terribly unusual.

是的。是的，我可能會對以上所有問題說“是”，斯科特。我想你是正確的。這是一個有點價格/成本。我認為他們開始看到一個環境，​​他們有非常好的價格行動，因為一些供應鏈問題以及供應和物流問題，他們能夠用價格來解決。但我認為你是對的，我們開始看到這種情況有所下降，可能並不是很不尋常。

Some of it, they were able to offset with other measures. But you're right. I think when you kind of look at what happened there in the quarter, it was a little bit of it. Volumes were on the margin sort of down, but the price side did hold us up. But that price is coming down a little bit from where it was, but that was kind of what happened in the quarter. And like you said, also ramping up into the spin here probably had an impact as well.

其中一些，他們能夠通過其他措施來抵消。但你是對的。我認為當你看看本季度發生的事情時，你會發現其中有一點點。成交量略有下降，但價格方面確實支撐了我們。但這個價格比原來的價格略有下降，但這就是本季度發生的情況。就像你說的，在這裡加速旋轉可能也會產生影響。

And we'll take our next question from Dan Brennan with TD Cowen.

我們將回答 Dan Brennan 和 TD Cowen 提出的下一個問題。

Maybe the first one just on -- the company is obviously a superior executor, DBS is at your core. So the string of bioprocess guide-downs is pretty uncharacteristic, but it's also a situation that has plagued many peers. So I'm sure you're always doing, in terms of reviews, so you go -- your future forecasting improves in terms of what you've learned.

也許剛剛開始的第一個——公司顯然是一個優秀的執行者，星展銀行是你的核心。因此，一系列生物工藝指南的下降是很不尋常的，但這也是困擾許多同行的情況。所以我確信你一直在做評論，所以你就可以根據你所學到的知識來改進你的未來預測。

So can you just give us a sense of the latest bioprocess guide? And what will provide confidence that the factors that surprised you here and led to the latest cuts won't surprise you again? And now the guide incorporates enough cushion so that investors can have confidence that the bottom of the bioprocess guidance has been reached?

那麼您能給我們介紹一下最新的生物工藝指南嗎？什麼可以讓您相信那些令您感到驚訝並導致最近的削減的因素不會再次讓您感到驚訝？現在該指南包含了足夠的緩衝，以便投資者可以確信生物工藝指南的底部已經達到？

Thanks, Dan. I appreciate that question. And as you can imagine and as you suggested, we are constantly, continuously improving our forecasting processes even when we get into these unusual circumstances. And I think one of the aspects here is that the demand situation, the production planning of our customers around the world in the short term isn't very dynamic, in the sense that production plans are being changed as our customers manage their own inventories as they deal with the demand patterns that they're exposed to.

謝謝，丹。我很欣賞這個問題。正如您所想像的和您所建議的，即使我們遇到這些不尋常的情況，我們也會不斷改進我們的預測流程。我認為這裡的一個方面是需求情況，我們世界各地客戶的生產計劃在短期內不是很有活力，從某種意義上說，當我們的客戶管理自己的庫存時，生產計劃正在發生變化。他們處理他們所面臨的需求模式。

And what we have learned out of that is a more frequent touch point pattern that we have to have with our customers in order to ensure that we keep our finger on the pulse of what's going on there. And we think that in the discussions that we've had that taking the approach of aggressively helping our customers manage their inventories to their target levels in order to find what the true demand signal is, as well as thinking about the second half here with some degree of conservatism, positions us well in what has been a very dynamic environment with a number of new factors influencing demand. So we think we're well positioned here for the remainder of the year in terms of the bioprocessing guide.

我們從中學到的是，我們必須與客戶建立更頻繁的接觸點模式，以確保我們掌握那裡正在發生的事情。我們認為，在我們進行的討論中，我們採取了積極幫助客戶將庫存管理到目標水平的方法，以便找到真正的需求信號是什麼，並考慮下半年的一些問題一定程度的保守主義，使我們在一個充滿活力的環境中處於有利地位，有許多新因素影響需求。因此，我們認為在今年剩餘時間裡，我們在生物加工指南方面處於有利位置。

Maybe, Dan, maybe just my thoughts on that topic. I think like Rainer said, I think given what we saw in Q2, I think we feel like we've got sort of China in a pretty good place from a guidance perspective given what we saw. Given the fact that we began that active management in earnest in kind of the back half of Q2 and are going to be pretty aggressive with that to get everything, if possible, behind us that we can here in 2023, I think this guide puts us in a pretty good place for the rest of the year.

也許，丹，也許只是我對這個話題的想法。我認為就像雷納所說，考慮到我們在第二季度所看到的情況，我認為從指導的角度來看，我們覺得中國處於一個相當好的位置。鑑於我們在第二季度後半段開始認真進行主動管理，並且將非常積極地採取行動，以便在可能的情況下，在 2023 年實現一切目標，我認為本指南讓我們在今年剩下的時間里處於一個非常好的位置。

Great. And then maybe just thinking about the exit rates that are implied in the guidance. I know you already commented, Rainer, '24 official guidance will come later. But it'd be really helpful just to get some frame of reference about key inputs. I mean we're coming out somewhere in $9.30 this year on earnings, and maybe a little below $10, maybe $9.80 for '24. I know consensus is still $10.23 as of this morning. So just any help about how we think about the trajectory in '24, either from an earnings basis, and also even given the low single-digit base guide for this year, how we think about that comp and what that could translate into a starting point for base organic growth in '24?

偉大的。然後也許只是考慮指南中隱含的退出率。我知道你已經評論過，Rainer，'24 官方指導將在稍後發布。但獲得一些有關關鍵輸入的參考框架確實很有幫助。我的意思是，我們今年的盈利約為 9.30 美元，可能略低於 10 美元，24 年可能為 9.80 美元。我知道截至今天上午，市場共識仍為 10.23 美元。因此，關於我們如何看待 24 年的發展軌跡，無論是從盈利角度，還是考慮到今年的低個位數基數指導，我們如何看待該比較以及這可能轉化為一個起始點，有什麼幫助嗎？ 24 年基本有機增長點是什麼？

So Dan, I do think that it's early to talk about 2024 because we still have an entire half of the year in front of us here with a number of factors to work through. We talked about the destocking dynamic in China as well as our efforts to actively get the destocking situation behind us here in 2023. And we think that, ultimately, we're probably seeing, in 2023, the bottom here and what is the bioprocessing stocking dynamic.

Dan，我確實認為現在談論 2024 年還為時過早，因為我們還有整整半年的時間，有許多因素需要解決。我們討論了中國的去庫存動態，以及我們為在 2023 年積極擺脫去庫存狀況所做的努力。我們認為，最終，我們可能會在 2023 年看到底部，以及生物加工庫存是什麼動態的。

And we also, and I talked about this in the prepared comments, are positive about the long-term growth of this business and this industry. But it's just too early to be putting down a marker here in July on how we think about 2024, and do promise to come back here later in the year to update and then, of course, as always, provide our guide in January for 2024.

我在準備好的評論中也談到了這一點，我們也對這項業務和這個行業的長期增長持積極態度。但現在在 7 月在這裡標記我們對 2024 年的看法還為時過早，我們承諾在今年晚些時候回到這裡進行更新，然後，當然，一如既往，在 1 月提供 2024 年的指南。

We'll take our next question from Puneet Souda of Leerink Partners.

我們將回答 Leerink Partners 的 Puneet Souda 提出的下一個問題。

First one, on China, beyond the comments you made and the 50% expectation down for the rest of the year, orders being down, I'm wondering if there is anything fundamental in terms of the shift on the product portfolio? We heard one of your bioprocess peers talk about competition on the less technology-heavy products. Wondering if you're seeing any of that and any share shift there that is also happening in this market.

第一個，關於中國，除了您發表的評論以及今年剩餘時間的預期下降 50%、訂單下降之外，我想知道在產品組合的轉變方面是否有任何根本性的變化？我們聽到一位生物工藝同行談論技術含量較低的產品的競爭。想知道您是否看到了這些以及該市場中也正在發生的任何份額轉移。

Puneet, our point of view on China is that the continued deterioration is far more about demand and funding than it is about local competition. The local competition has always been there. No question during the pandemic local competition became more relevant as lead times extended. And where we do see that local competition, it tends to be more for local China-for-China therapeutics than for products that find global applications.

普尼特，我們對中國的看法是，持續惡化更多的是需求和資金，而不是當地競爭。當地的競爭一直存在。毫無疑問，在大流行期間，隨著交貨時間的延長，本地競爭變得更加重要。在我們確實看到的地方競爭中，往往更多的是針對中國本土的治療方法，而不是針對全球應用的產品。

So for us, this is really a topic at the margin. And the real story here is that the funding environment as well as the stocking situation in China requires further mediation here in the second half, and that's exactly what we're doing in order to get as much of this as possible behind us in 2023.

所以對我們來說，這確實是一個邊緣話題。真正的情況是，中國的融資環境以及庫存情況需要在下半年進行進一步的調解，而這正是我們正在做的事情，以便在 2023 年盡可能多地解決這一問題。

Okay. That's super helpful. And then one on capital deployment, if I may. How are you thinking about capital deployment now with the EAS spend and the backdrop of somewhat of a rather weak end market in the near term? I know historically, you've pursued leading assets that are usually gross margin accretive, wondering if any of that has changed and if you think services has gained more significance in your framework for capital deployment now.

好的。這非常有幫助。如果可以的話，然後是關於資本部署的問題。在 EAS 支出以及近期終端市場相當疲軟的背景下，您現在如何考慮資本部署？我知道，從歷史上看，您一直在追求通常會增加毛利率的領先資產，想知道這些資產是否發生了變化，以及您是否認為服務現在在您的資本部署框架中變得更加重要。

Sure. So Puneet, for us, M&A require -- continues to be the primary form of capital deployment. And we do that when we see the end market, the asset and the model, the financial model aligns with our requirements. And that is relevant for any end market or adjacency that we might be thinking about, and we maintain a consistent perspective there.

當然。因此，對我們來說，普尼特的併購要求——仍然是資本配置的主要形式。當我們看到終端市場、資產和模型、財務模型符合我們的要求時，我們就會這樣做。這與我們可能正在考慮的任何終端市場或鄰近地區相關，並且我們在那裡保持一致的觀點。

Now having said that, you've likely noted that our balance sheet is in great shape and we are in a market that provides opportunity. And we continue, as we always do, to work our M&A funnels to find those opportunities where all 3 lights flip to green, if you will: market, company as well as the business model.

話雖如此，您可能已經註意到我們的資產負債表狀況良好，而且我們所處的市場提供了機會。我們將一如既往地繼續利用我們的併購渠道來尋找所有三盞燈都變綠的機會：市場、公司以及商業模式。

We'll take our next question from Rachel Vatnsdal with JPMorgan.

我們將回答摩根大通的 Rachel Vatnsdal 提出的下一個問題。

So first off, just kind of shifting gears over to the Life Sciences business, that was much better than expected this quarter. And notably, instrument strength was pretty strong, with high single-digit growth at SCIEX and 10% growth at Leica. So could you just walk us through really what drove that strength in instruments this quarter?

首先，我們將重心轉向生命科學業務，本季度的情況比預期要好得多。值得注意的是，儀器實力相當強勁，SCIEX 實現了高個位數增長，徠卡實現了 10% 的增長。那麼，您能否向我們介紹一下推動本季度樂器市場強勢的真正原因？

And then some of your peers have called out a meaningful slowdown when it comes to CapEx spending in some of their customer segments for instrumentation. So are you seeing any of those same dynamics? And how are you thinking about instrument growth for the full year?

然後，您的一些同行指出，在某些客戶群的儀器儀表方面的資本支出支出明顯放緩。那麼您是否看到了同樣的動態？您如何看待全年的儀器增長？

Thanks for the question, Rachel. So as you suggested, our Q2 Life Sciences business finished, as expected, up mid-single digits. And we've been talking about a normalization process for some time now, and that's also what we're expecting going forward. And I'll come back to that in a minute.

謝謝你的提問，雷切爾。正如您所建議的，我們第二季度的生命科學業務正如預期的那樣實現了中個位數的增長。我們談論正常化進程已經有一段時間了，這也是我們對未來的期望。我稍後會回到這個話題。

But if we look at the strength here of mid-single digits, geographically, the U.S. was okay. I would exclude large pharma there and sort of small biotech where that's relevant. The EU, Europe was solid. And we also saw a good level of activity in China on the remainder of the stimulus for the subsidized loan program that China had in place.

但如果我們看看中個位數的實力，從地理上看，美國還不錯。我會排除大型製藥公司和相關的小型生物技術公司。歐盟、歐洲是穩固的。我們還看到中國在補貼貸款計劃的其餘刺激措施方面表現良好。

Now from an end market perspective, we see the academic end market holding up well. We see the applied markets, if you think of food testing, environmental testing, with some strength. But as I mentioned, we see biotech and pharma softer. If you think about this from a product category perspective, we think lower and less expensive, perhaps even operating cost versus capital expenditure type of equipment is impacted more severely than the higher end, which we still see holding up. And you saw that with Leica Microsystems and SCIEX as well.

現在從終端市場的角度來看，我們看到學術終端市場表現良好。我們看到了應用市場，如果你想到食品測試、環境測試，有一定的實力。但正如我所提到的，我們看到生物技術和製藥業的表現更加疲軟。如果你從產品類別的角度考慮這一點，我們認為更低、更便宜，甚至運營成本與資本支出類型的設備相比，我們仍然認為高端設備受到的影響更嚴重。您在 Leica Microsystems 和 SCIEX 上也看到了這一點。

So as we think about the second half here, we continue to be cautious for a couple of reasons. We mentioned that China market, while strong, the subsidies there have come sunset at the end of the first quarter, and we'll have to see how that continues. There's no news on that front going forward.

因此，當我們思考下半年時，出於以下幾個原因，我們仍然保持謹慎。我們提到中國市場雖然強勁，但那裡的補貼已在第一季度末取消，我們必須看看這種情況如何持續。目前還沒有這方面的消息。

And so we think really the second half ends up being flat for Life Science instrumentation, putting the full year at low single digits as the normalization process, if you will, from what has been over several years now, very elevated growth rate, continues.

因此，我們認為，生命科學儀器下半年的表現確實會持平，全年的增長率將保持在較低的個位數，因為正常化過程（如果你願意的話）從幾年來的情況來看，增長率非常高，仍在繼續。

And Rachel, that's sort of on the back, too, if you think about the bookings here. I mean, our book-to-bill in Life Sciences and in the Instruments businesses was a little bit less than 1 in the quarter. So I think, to Rainer's point, we look at the first half here in China for Life Sciences instruments, that was largely a backlog play from stimulus.

雷切爾（Rachel），如果你考慮一下這裡的預訂的話，這也是一種影響。我的意思是，本季度我們生命科學和儀器業務的訂單出貨比略低於 1。因此，我認為，按照雷納的觀點，我們看看中國上半年的生命科學儀器，這很大程度上是刺激措施造成的積壓。

And as we sort of head into the second half, I think our assumption is that we're going to be flat in those businesses as China stimulus backlog kind of rolls off, does not have the impact that it had in the first half. And we just don't see a real step up here in stimulus in the second half.

當我們進入下半年時，我認為我們的假設是，隨著中國刺激計劃積壓的減少，這些業務將持平，不會產生上半年的影響。我們只是沒有看到下半年刺激措施真正加強。

Great. Maybe just a follow-up on pricing. Can you walk us through how much was pricing and impact for instruments in the quarter? And what are you assuming for pricing on instruments in the back half of the year? And then as a follow-up, just pricing on bioprocessing.

偉大的。也許只是定價的後續行動。您能否向我們介紹一下本季度儀器的定價和影響有多大？您對今年下半年的工具定價有何假設？然後作為後續行動，只是對生物加工進行定價。

For bioprocessing, it sounds like you took 350 basis points of pricing in 1Q. What was that pricing contribution in 2Q? And then how are you thinking about pricing evolving within bioprocessing in the back half of this year and also just heading into '24? Last year, you guys took 400 basis points of price in bioprocessing. Obviously, the industry is pretty dynamic right now. So any color there would be appreciated.

對於生物加工，聽起來您在第一季度的定價為 350 個基點。第二季度的定價貢獻是多少？那麼，您如何看待今年下半年以及剛剛進入 24 世紀的生物加工領域的定價演變？去年，你們把生物加工的價格提高了 400 個基點。顯然，這個行業現在非常活躍。所以任何顏色都會受到讚賞。

Rachel, overall, our pricing for the quarter, so overall banner was up 350 basis points, with all 4 segments remaining above the historical average. And specifically, you were talking about Life Science Instruments, there, we saw, in the quarter, 450 basis points of price.

Rachel，總體而言，我們本季度的定價總體上漲了 350 個基點，所有 4 個細分市場仍高於歷史平均水平。具體來說，您談論的是生命科學儀器，我們看到該季度的價格上漲了 450 個基點。

Now as we look forward for the remainder of 2023, we do see that and expect that to moderate somewhat. But we do expect to be above our historical averages here for the remainder of the year. And as it relates to 2024, I think we'll come back to you on that as we get closer here to the end of the year.

現在，當我們展望 2023 年剩餘時間時，我們確實看到了這種情況，並預計這種情況會有所緩解。但我們確實預計今年剩餘時間將高於歷史平均水平。由於它與 2024 年有關，我想我們會在臨近年底時再與您聯繫。

We'll take our final question from Luke Sergott with Barclays.

我們將接受巴克萊銀行盧克·瑟戈特的最後一個問題。

This just kind of -- to follow up on Danny Brennan. I know you guys aren't going to give '24 given how everything is dynamic. But I think that the destocking is what it is, right? That's rolling off. That shouldn't be a '24, but that sets up an easy comp. And so everybody is just trying to figure out right now what the industry demand is to support the type of overall industry growth.

這只是對丹尼·布倫南（Danny Brennan）的跟進。我知道你們不會給 '24 考慮到一切都是動態的。但我認為去庫存就是這樣，對嗎？那正在滾落。這不應該是 24 歲的比賽，但這建立了一個簡單的比賽。因此，每個人現在都只是想弄清楚行業需求是什麼來支持整個行業的增長類型。

So typically, the market growth -- the bioprocessing market is like high double to mid-teens, and that's in a normalized market. And so how quickly do you think we can get back to that level? And then on top of that, you have the comps, which should take you over that.

因此，通常情況下，市場增長——生物加工市場的增長率約為兩倍至十幾歲，而且這是在正常化的市場中。那麼您認為我們多久才能回到那個水平？然後最重要的是，你有比較，它應該讓你超越它。

Or do you think that we're going to be in a period of subdued contraction from a demand and capacity perspective given COVID rolling off, you have China, the headwinds there? There are several other -- the lack of biotech funding. So give us a sense what that normalized market looks like for you guys right now.

或者，您是否認為，鑑於新冠肺炎疫情的蔓延，從需求和產能的角度來看，我們將處於一個需求和產能溫和收縮的時期，中國也面臨著阻力？還有其他一些問題——缺乏生物技術資金。那麼請讓我們了解一下你們現在的正常化市場是什麼樣子的。

Luke, I mean, I just keep coming back to it's July. We're in a pretty dynamic market, where we are within the industry. And like you said, there's a number of dynamics that still need to be worked through. We mentioned some of them: destocking, China, the fact that we're sort of actively managing through this inventory situation.

盧克，我的意思是，我總是回到七月。我們處於一個非常活躍的市場，我們處於行業內。正如您所說，仍有許多動態需要解決。我們提到了其中一些：去庫存、中國，事實上我們正在積極管理這種庫存狀況。

I know why people are trying to get to a '24 number, but I just think it's too early. We just need to get through the second half. We'll get a better sense of how those dynamics play out, which will give us a lot better sense as we get later in the year and into what we normally guide of what that looks like. I just think that there's so many moving parts right now that, unfortunately, I think we just do -- we really do need to get through the second half here.

我知道為什麼人們試圖獲得 24 號數字，但我認為現在還為時過早。我們只需要打完下半場就可以了。我們將更好地了解這些動態如何發揮作用，這將使我們在今年晚些時候了解我們通常指導的情況時有更好的感覺。我只是認為現在有太多變化的部分，不幸的是，我認為我們確實需要度過下半場。

Yes, I understand. And then, I guess, like can you quantify how much destocking was in the quarter for you guys and kind of year-to-date?

是的我明白。然後，我想，你能量化一下你們本季度以及今年迄今為止的去庫存量嗎？

I mean, I could probably come up with some numbers, but it would be imprecise. I think the reality is that it's going to be very customer-dependent. It's going to be manufacturing site-dependent. It's going to be drug-dependent. I mean we don't really spend a lot of time trying to figure out how much was destocking as much as spending time with the customers in a pretty proactive way these days to understand what's on hand, what's the real need that you've got site by site by site so that we can help them manage down to an inventory level they are comfortable with.

我的意思是，我或許可以得出一些數字，但不精確。我認為現實情況是它將非常依賴客戶。這將取決於製造地點。就會產生藥物依賴性。我的意思是，我們實際上並沒有花很多時間去弄清楚去庫存了多少，而是花時間以一種非常主動的方式與客戶接觸，以了解手頭有什麼，你的真正需求是什麼逐個站點，以便我們可以幫助他們管理到他們滿意的庫存水平。

Some are comfortable with getting down where they were pre pandemic, some are trying to get below that and some are trying to be above that, actually. So it's not one number that we manage [through], we're really doing it on a kind of [independent] basis. So I don't know that I've got a great answer for a number, but we are actively managing it in probably a way that was more active than we have been.

事實上，有些人對降到大流行前的水平感到滿意，有些人試圖低於這個水平，有些人則試圖高於這個水平。因此，這不是我們[通過]管理的一個數字，我們實際上是在一種[獨立]的基礎上進行的。所以我不知道我對某個數字有一個很好的答案，但我們正在積極地管理它，可能比我們以前更積極的方式。

And I will now turn the call back over to Mr. John Bedford for closing remarks.

現在，我將把電話轉回給約翰·貝德福德先生，讓其致閉幕詞。

Great. Thanks, everyone, for joining us today. We'll be around the rest of the day and week for follow-up questions. Thanks.

偉大的。謝謝大家今天加入我們。我們將在當天和一周的剩餘時間裡回答後續問題。謝謝。

Thank you. And 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。