Danaher Corp (DHR) 2024 Q1 法說會逐字稿

Hello. My name is Todd, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to Danaher Corporation's First Quarter 2024 Earnings Results Conference Call. (Operator Instructions)

你好。我叫托德，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 2024 年第一季財報電話會議。 （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.

大家早安，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執行長 Rainer Blair；以及我們的執行副總裁兼財務長馬特麥格魯 (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 and a note containing details of historical and anticipated future financial performance are all available on the Investors section of our website, www.danaher.com under the heading, Quarterly Earnings.

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 G 條例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表和其他信息，以及包含歷史和預期詳細資訊的說明未來的財務業績可在我們網站 www.danaher.com 的投資者部分的季度收益標題下查看。

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 May 7, 2024.

本次電話會議的音訊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 2024 年 5 月 7 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 results from continuing operations and related to the first quarter of 2024, 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。補充資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資料中對公司特定財務指標的所有引用均與持續經營的結果有關，並與2024 年第一季度相關，並且所有對財務指標的期間增加或減少的引用均指年度-同比。我們也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 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所做的任何前瞻性陳述有重大差異。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。

Thanks very much, John, and good morning, everyone. We appreciate you joining us on the call today. We're off to a good start in 2024, with our team delivering better-than-expected revenue, earnings and cash flow. We were especially pleased to see improving order trends in our bioprocessing business and believe we continue to gain market share at Cepheid in the quarter. Now this better-than-expected start to the year, paired with improving funnel and order trends further supports our full year outlook, which is unchanged from our previous guidance.

非常感謝，約翰，大家早安。我們感謝您今天加入我們的電話會議。我們在 2024 年有了一個良好的開端，我們的團隊實現了好於預期的收入、利潤和現金流。我們特別高興地看到我們的生物加工業務的訂單趨勢有所改善，並相信本季我們將繼續獲得 Cepheid 的市場份額。現在，今年的開局好於預期，加上漏斗和訂單趨勢的改善，進一步支持了我們的全年展望，這與我們先前的指導沒有變化。

Our first quarter results also reflect the unique positioning of Danaher's portfolio today. Our businesses are well positioned in attractive end markets, all underpinned by long-term secular growth drivers with high margin, high recurring revenue business models. Our strong free cash flow generation also positions us well to further enhance our portfolio going forward.

我們第一季的業績也反映了丹納赫今天投資組合的獨特定位。我們的業務在有吸引力的終端市場中處於有利地位，所有這些都受到長期長期成長動力和高利潤、高經常性收入業務模式的支撐。我們強大的自由現金流產生也使我們能夠進一步增強我們的投資組合。

Now it's not just the portfolio that differentiates Danaher, it's how we run the business using the Danaher Business System or DBS. Our team's commitment to executing with DBS enables us to deliver impactful new innovations to our customers and drive meaningful process improvements in our businesses, both of which are helping position Danaher for sustainable long-term performance.

現在，讓丹納赫脫穎而出的不僅僅是產品組合，還有我們使用丹納赫業務系統或 DBS 經營業務的方式。我們的團隊致力於與星展銀行合作，使我們能夠為客戶提供有影響力的新創新，並推動我們業務的有意義的流程改進，這兩者都有助於丹納赫實現可持續的長期業績。

Now a prime example of the power of DBS is the CEO Kaizen we kicked off just 2 weeks ago. During this pivotal annual event, our most senior leaders, operating company presidents and thousands of associates come together to address some of our most significant opportunities for material and sustained improvements in our businesses.

現在，星展銀行力量的一個典型例子是我們兩週前啟動的執行長 Kaizen。在這項重要的年度活動中，我們最高層的領導者、營運公司總裁和數千名員工齊聚一堂，討論我們業務的實質和持續改進的一些最重要的機會。

In fact, just last week, I rolled up my sleeves at one of our filtration manufacturing facilities in Pensacola, Florida to focus on increasing manufacturing throughput and reducing lead times. DBS is our culture, and this year's CEO Kaizen underscores how our commitment to continuous improvement at all levels of the organization can contribute to a better customer experience, and a lasting competitive advantage across our businesses.

事實上，就在上週，我在佛羅裡達州彭薩科拉的一家過濾製造工廠捲起了袖子，專注於提高製造產量和縮短交貨時間。星展銀行是我們的文化，今年的執行長 Kaizen 強調了我們對組織各個層面的持續改進的承諾如何有助於更好的客戶體驗以及整個業務的持久競爭優勢。

So with that, let's take a closer look at our first quarter 2024 results. Sales were $5.8 billion in the first quarter and core revenue declined 4%. Geographically, core revenues in developed markets were down slightly with broad-based strength across diagnostics, offset by declines in biotechnology. High-growth markets declined low double digits, including a high teens decline in China where the economic landscape remains challenging.

那麼，讓我們仔細看看 2024 年第一季的業績。第一季銷售額為 58 億美元，核心營收下降 4%。從地理上看，已開發市場的核心收入略有下降，診斷領域基礎廣泛，但被生物技術的下降所抵消。高成長市場出現低兩位數下降，其中中國的經濟狀況仍充滿挑戰，下降幅度高達兩位數。

Our gross profit margin for the first quarter was 60%. Our adjusted operating profit margin of 30.1% was down 170 basis points as the favorable impact of cost savings initiatives was more than offset by lower volume. Adjusted diluted net earnings per common share were $1.92. We generated $1.4 billion of free cash flow in the quarter, resulting in a free cash flow to net income conversion ratio of more than 130%.

我們第一季的毛利率為60%。我們調整後的營業利潤率為 30.1%，下降了 170 個基點，原因是成本節約措施的有利影響被銷售下降所抵銷。調整後稀釋後每股普通股淨利為 1.92 美元。本季我們產生了 14 億美元的自由現金流，自由現金流與淨利潤的轉換率超過 130%。

So 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. Core revenue in our biotechnology segment declined 17%, with bioprocessing down high teens and discovery and medical down approximately 20%. In bioprocessing, we had a modestly better-than-expected start to the year. Orders increased mid-single digits sequentially from the fourth quarter of 2023 and our book-to-bill ratio increased to approximately 0.95. Now this is particularly encouraging as we typically see a seasonal order decline between the fourth quarter and the first quarter.

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資訊。我們生技部門的核心收入下降了 17%，其中生物加工收入下降了十幾%，發現和醫療收入下降了約 20%。在生物加工領域，我們今年的開局略優於預期。自 2023 年第四季起，訂單連續成長中個位數，我們的訂單出貨比增至約 0.95。現在，這尤其令人鼓舞，因為我們通常會看到第四季和第一季之間的季節性訂單下降。

In North America and Europe, our larger customers are making steady progress working through their excess inventory with many returning to their regular order patterns. We expect inventory levels of these customers to have largely normalized exiting the second quarter. We are also encouraged with improvements in the overall funding environment. While we don't expect these improvements to impact order activity in the near term, it is a positive indicator for the long-term health of the bioprocessing market. Now in China, demand and underlying activity levels remain weak as customers are continuing to conserve capital and prioritize programs.

在北美和歐洲，我們的大客戶在解決過剩庫存方面取得了穩步進展，許多客戶恢復了常規訂單模式。我們預計這些客戶的庫存水準在第二季將基本恢復正常。我們也對整體融資環境的改善感到鼓舞。雖然我們預計這些改進不會在短期內影響訂單活動，但它是生物加工市場長期健康發展的正面指標。目前在中國，由於客戶繼續節省資本並優先考慮項目，需求和基礎活動水準仍然疲軟。

Now for the full year 2024, there is no change to our expectation of a low single-digit core revenue decline in our bioprocessing business. And there's also no change to our assumption of a gradual improvement through the year to a core revenue growth rate of high single digits or better as we exit 2024.

現在，對於 2024 年全年，我們對生物加工業務核心收入出現低個位數下降的預期沒有變化。我們的假設也沒有改變，在 2024 年結束時，核心收入成長率將在這一年中逐步改善，達到高個位數或更高。

Despite near-term headwinds, robust underlying market trends reinforce our confidence in the health and long-term growth profile of the biologics market. Underlying demand for biologic medicines is projected to grow at a high single digit or better rate again for the full year 2024. There is also an increasing number of therapies advancing through the development pipeline and breaching the market. In fact, the number of new FDA approvals for biologic and genomic medicines grew more than 50% last year. These positive trends reinforce our conviction in the significant opportunity ahead in the high single-digit long-term core revenue growth trajectory for our leading bioprocessing franchise.

儘管近期存在阻力，但強勁的潛在市場趨勢增強了我們對生物製品市場健康和長期成長狀況的信心。預計 2024 年全年，生物藥品的基本需求將再次以高個位數或更高的速度成長。事實上，去年 FDA 新核准的生物和基因藥物數量增加了 50% 以上。這些正面的趨勢增強了我們的信念，即我們領先的生物加工特許經營權在長期核心收入高個位數成長軌跡中面臨著重大機會。

Now we continue to make substantial investments in innovation geared towards helping our customers reduce the time and cost of biologic drug production. Cytiva's recently released Xcellerex magnetic mixing system is a great example of how we are improving productivity and reducing risk in biologic drug manufacturing. This innovative single-use cell culture media mixer enables faster and more consistent mixing and is specifically designed to prevent leaks common with other large-scale mixing systems that can lead to complete batch loss. This also marks another significant milestone for Cytiva as the first new product release to be developed, leveraging the capabilities of our recently combined Pall Life Sciences and Cytiva R&D team.

現在，我們繼續在創新方面進行大量投資，旨在幫助我們的客戶減少生物藥物生產的時間和成本。 Cytiva 最近發布的 Xcellerex 磁力混合系統是我們如何提高生物藥物生產生產力和降低風險的一個很好的例子。這種創新的一次性細胞培養基混合器可實現更快、更一致的混合，並且經過專門設計，可防止其他大型混合系統常見的洩漏，從而導致批次完全損失。這也標誌著 Cytiva 的另一個重要里程碑，這是利用我們最近合併的頗爾生命科學和 Cytiva 研發團隊的能力開發的第一個新產品版本。

Now let's turn to our Life Sciences segment where core revenue decreased by 3%. Total revenue in our Life Sciences instruments businesses collectively declined mid-single digits with trends in the first quarter largely consistent with what we saw in the second half of 2023.

現在讓我們看看我們的生命科學部門，其核心收入下降了 3%。我們生命科學儀器業務的總收入總體下降了中個位數，第一季的趨勢與 2023 年下半年的趨勢基本一致。

In developed markets, pharma and biotech activity remained stable but at lower levels of demand. We did see improving funnel activity as the quarter progressed, but this increased activity has not yet translated to orders. Academic and applied markets performed comparatively better, particularly for our more advanced instrumentation. In China, declines were driven by difficult comparisons as a result of the prior year stimulus programs and lower demand as a result of weaker underlying activity levels.

在已開發市場，製藥和生技活動保持穩定，但需求水準較低。隨著本季度的進展，我們確實看到漏斗活動有所改善，但這種增加的活動尚未轉化為訂單。學術和應用市場表現相對較好，特別是對於我們較先進的儀器而言。在中國，下降的原因是去年的刺激計劃導致的難以比較以及基礎活動水平疲軟導致的需求下降。

Our genomics consumables business delivered low single-digit core revenue growth in the quarter. Double-digit growth across plasmids and protein was partially offset by declines in next-generation sequencing and gene writing and editing solutions.

我們的基因組耗材業務在本季實現了較低的個位數核心收入成長。質粒和蛋白質的兩位數增長被下一代定序以及基因寫入和編輯解決方案的下降部分抵消。

While current end market conditions remain challenging, our Life Sciences businesses are well positioned for the long term. A combination of investments in innovation and strategic acquisitions over the last several years has increased our exposure to attractive end markets in Life Sciences and accelerated our growth trajectory. Additionally, with high-margin recurring revenue now comprising more than 60% of the segment, we see opportunities for future margin improvement.

儘管當前的終端市場狀況仍然充滿挑戰，但我們的生命科學業務從長遠來看處於有利地位。過去幾年對創新和策略性收購的投資相結合，增加了我們在生命科學領域有吸引力的終端市場的曝光度，並加速了我們的成長軌跡。此外，由於高利潤率經常性收入目前佔該細分市場的 60% 以上，我們看到了未來利潤率改善的機會。

Let's move to our Diagnostics segment, where our core revenue increased by 7.5%. Our clinical diagnostics businesses collectively delivered mid-single-digit core revenue growth. Beckman Coulter Diagnostics was up mid-single digits for the fifth consecutive quarter with solid growth in both instruments and consumables. The segment's recent strong performance is a direct result of leveraging the Danaher Business System to improve both innovation and commercial execution, new product introductions over the last few years, including the DxI 9000 Immunoassay Analyzer, the DxC 500 Chemistry Analyzer and the DxA 5000 Fit Automation System have expanded our offerings and improved Beckman's competitive positioning. We're also seeing better win and retention rates across the portfolio.

讓我們看看診斷部門，我們的核心收入成長了 7.5%。我們的臨床診斷業務整體實現了中個位數的核心收入成長。貝克曼庫爾特診斷公司連續第五個季度實現中個位數成長，儀器和耗材業務均穩健成長。該部門最近的強勁表現是利用丹納赫業務系統改善創新和商業執行的直接結果，以及過去幾年推出的新產品，包括 DxI 9000 免疫分析儀、DxC 500 化學分析儀和 DxA 5000 Fit Automation System 擴大了我們的產品範圍並提高了Beckman 的競爭地位。我們也看到整個投資組合的贏率和保留率都有所提高。

And like a biosystem system, the Aperio GT 450 DX Digital Pathology slide scanner recently received FDA 510(k) clearance. Now with this significant milestone, the GT 450 can now be more widely used in pathology labs, moving digital pathology one step closer to becoming the standard of care for clinicians. Digital pathology provides many benefits to clinicians, including improving analytical capabilities through predictive algorithms, enhancing slide imaging and increasing productivity. All of which help provide a more accurate and timely diagnosis of patients. So this clearance also highlights how proprietary innovation is driving long-term core growth at Leica.

與生物系統一樣，Aperio GT 450 DX 數位病理切片掃描儀最近獲得了 FDA 510(k) 許可。現在，憑藉這一重要的里程碑，GT 450 現在可以更廣泛地應用於病理實驗室，使數位病理學向成為臨床醫生的護理標準又更近了一步。數位病理學為臨床醫生提供了許多好處，包括透過預測演算法提高分析能力、增強幻燈片成像和提高工作效率。所有這些都有助於為患者提供更準確、更及時的診斷。因此，此次授權也凸顯了專有創新如何推動徠卡的長期核心成長。

In molecular diagnostics, Cepheid's core revenue increased double digits. And as I mentioned earlier, we believe the team continued to gain market share during the quarter. Cepheid's respiratory revenue of approximately $675 million in the quarter exceeded our expectation of $575 million, driven by both higher volumes and a favorable mix of our 4-in-1 test for COVID-19, Flu A, Flu B and RSV. Now based on current global trends and respiratory infection rates, we continue to expect respiratory revenue of approximately $1.6 billion for the full year of 2024.

在分子診斷領域，Cepheid的核心收入成長了兩位數。正如我之前提到的，我們相信該團隊在本季繼續獲得市場份額。 Cepheid 本季的呼吸系統收入約為6.75 億美元，超出了我們5.75 億美元的預期，這得益於銷量的增加以及我們針對COVID-19、流感A、流感B 和RSV 的四合一測試的有利組合。現在，根據當前的全球趨勢和呼吸道感染率，我們繼續預期 2024 年全年呼吸道收入約為 16 億美元。

Cepheid's installed base continued to grow in the quarter to over 55,000 systems globally, a more than threefold increase since 2019. The team's thoughtful approach to placing systems that customers with clinical use cases beyond the pandemic has continued to drive increased menu adoption and utilization.

Cepheid 的安裝基數在本季度繼續增長，在全球範圍內已超過55,000 個系統，自2019 年以來增長了三倍多。的方法，繼續推動菜單採用和利用率的提高。

We're seeing this today through growth rates in assays such as Group A Strep and sexual health, which were each up more than 40% in the first quarter. We're also seeing customers return to testing protocols that were suspended during the pandemic, which helped drive mid-teens growth in hospital-acquired infection assays.

今天，我們透過 A 型鏈球菌和性健康等檢測的成長率看到了這一點，這些檢測在第一季均成長了 40% 以上。我們也看到客戶恢復了在疫情期間暫停的檢測方案，這有助於推動醫院獲得性感染檢測的成長。

Now in January, Cepheid received expanded FDA clearance with a CLIA waiver for the Xpert Xpress MVP test, which is the latest addition to our growing women's health portfolio. With the addition of the CLIA waiver, Cepheid's customers can now provide critical testing in care settings that are more easily accessible to patients, like a physician's office or a local clinic, reducing the need for multiple office visits and significantly narrowing the tested treatment gaps often associated with therapeutic failure. This is a great example of how bringing accurate, easy-to-use molecular testing closer to patients is improving treatment outcomes and driving long-term growth at Cepheid.

今年 1 月，Cepheid 獲得了 FDA 的擴大許可，並獲得了 CLIA 豁免 Xpert Xpress MVP 測試，這是我們不斷增長的女性健康產品組合的最新成員。隨著 CLIA 豁免的增加，Cepheid 的客戶現在可以在患者更容易訪問的護理環境中提供關鍵測試，例如醫生辦公室或當地診所，從而減少多次就診的需要，並顯著縮小經常測試的治療差距與治療失敗有關。這是一個很好的例子，說明讓準確、易於使用的分子檢測更貼近患者如何改善治療結果並推動 Cepheid 的長期成長。

So now let's briefly look ahead at expectations for the second quarter and the full year 2024. In the second quarter, we expect core revenue to decline in the mid-single-digit percent range. Additionally, we expect a second quarter adjusted operating profit margin of approximately 26%. For the full year 2024, there is no change to our previous guidance. As a reminder, we anticipate a core revenue decline in the low single-digit percent range and a full year adjusted operating profit margin of approximately 29%.

現在讓我們簡要展望一下對 2024 年第二季度和全年的預期。此外，我們預計第二季調整後營業利潤率約為 26%。對於 2024 年全年，我們之前的指引沒有改變。提醒一下，我們預期核心收入下降幅度將在個位數百分比範圍內，全年調整後營業利潤率約為 29%。

So to wrap up, we're pleased to deliver first quarter results ahead of our expectations and look forward to building on this momentum as we move through the year. Our team's commitment to innovating and executing with DBS is driving meaningful improvements in our businesses and enabling us to deliver more breakthrough solutions to our customers, so there's a bright future ahead for Danaher. The transformation in our portfolio paired with our organic growth investments has created a lineup of outstanding franchises that are all well positioned in highly attractive end markets.

總而言之，我們很高興第一季的業績超出了我們的預期，並期待今年繼續保持這一勢頭。我們的團隊致力於與星展銀行一起創新和執行，這正在推動我們業務的有意義的改進，並使我們能夠為客戶提供更多突破性的解決方案，因此丹納赫的未來充滿光明。我們的投資組合轉型與有機成長投資相結合，創造了一系列出色的特許經營權，這些特許經營權都在極具吸引力的終端市場中佔據有利地位。

We are a focused life science and diagnostics leader positioned for higher long-term growth, expanded margins and stronger cash flow. So we believe this unique combination of our incredibly talented team, the strength and differentiation of our portfolio, and leading financial profile provides us with a strong foundation to create sustainable, long-term shareholder value.

我們是一家專注於生命科學和診斷領域的領導者，致力於實現更高的長期成長、擴大的利潤和更強的現金流。因此，我們相信，我們才華橫溢的團隊、我們投資組合的優勢和差異化以及領先的財務狀況的獨特結合，為我們創造可持續、長期的股東價值奠定了堅實的基礎。

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

這樣，我會將電話轉回給約翰。

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

謝謝你，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) Our first question will come from Jack Meehan with Nephron Research.

（操作員說明）我們的第一個問題將來自 Nephron Research 的 Jack Meehan。

I wanted to focus on the bioprocessing business here. So orders to start the year bucking seasonal trend in a positive way. Rainer, can you unpack for us what do you think is driving that? Any commentary across customer types like pharma versus CDMO? And any comments on cancellation trends would be great.

我想專注於這裡的生物加工業務。因此，新年伊始的訂單量以積極的方式扭轉了季節性趨勢。 Rainer，您能為我們解釋一下您認為是什麼推動了這個趨勢嗎？對於製藥公司與 CDMO 等客戶類型有何評論？任何關於取消趨勢的評論都會很棒。

Jack, thanks for the question. Maybe we start off with Q1 and what we're seeing today. So as we talked about from a revenue perspective, we had a modestly better-than-expected start to the year. And looking at orders, we grew mid-single digits sequentially, and typically orders decline from Q4 to Q1, so that's encouraging. And our book-to-bill increased to approximately 0.95, which was right in the middle of our expected range, Jack.

傑克，謝謝你的提問。也許我們從第一季和我們今天看到的情況開始。因此，當我們從收入角度討論時，我們今年的開局略好於預期。從訂單來看，我們連續成長了中個位數，而且訂單通常從第四季到第一季下降，因此這是令人鼓舞的。我們的訂單出貨比增加到大約 0.95，這正好在我們預期範圍的中間，傑克。

So -- we've also gotten some questions here regarding recurring versus equipment orders and sales, I thought I'd talk about that for a minute. And I'd characterize both our equipment and recurring orders and revenues as in line with our expectations. Our recurring business was better than equipment growth in both orders and revenue and grew sequentially versus the fourth quarter. And our equipment was down sequentially versus the fourth quarter and while we saw some modest headwinds, those were as we expected. So there's really no new news here.

因此，我們也收到了一些關於經常性與設備訂單和銷售的問題，我想我應該討論一下這個問題。我認為我們的設備、經常性訂單和收入都符合我們的預期。我們的經常性業務在訂單和收入方面都優於設備成長，並且與第四季度相比連續成長。與第四季度相比，我們的設備連續下降，雖然我們看到了一些溫和的阻力，但這些都符合我們的預期。所以這裡確實沒有新消息。

Geographically, our larger customers in North America, Western Europe are increasingly returning to pre-pandemic ordering patterns. So we continue to expect destocking to be largely behind us as we enter the second half of the year. Now while the emerging biotech funding environment is improving, we're not yet seeing it translate into orders. So early days, but helpful.

從地理位置來看，我們在北美、西歐的較大客戶越來越多地恢復到疫情前的訂購模式。因此，我們仍然預計，進入今年下半年，去庫存將基本結束。現在，雖然新興的生物技術融資環境正在改善，但我們尚未看到它轉化為訂單。這麼早，但很有幫助。

Moving on to China. Demand and underlying activity levels remain weak. So if you put it all together, the first quarter was an encouraging start to the year. And as we look ahead to the second quarter and the rest of the year, there's really no change to how we're thinking about the full year. We expect the first half to be down mid-teens. As we talked about in January, we continue to believe we'll exit the year with high single digits or better core revenue growth.

繼續前往中國。需求和基本活動水準仍然疲軟。因此，如果把所有因素放在一起，第一季是今年令人鼓舞的開局。當我們展望第二季和今年剩餘時間時，我們對全年的看法實際上並沒有改變。我們預計上半年的價格將下降到十幾歲左右。正如我們在一月份談到的，我們仍然相信我們將以高個位數或更好的核心收入成長結束今年。

And Jack, as far as cancellations goes, I know you brought that up. So I would say that during the quarter, like Rainer said, the book-to-bill was kind of 0.95-ish, right around there. It wouldn't have been much different. Cancellations really were pretty minimal here this quarter, which I think is another sort of positive sign. I think, we saw the last several quarters, they were much, much bigger than they were here in the quarter. So a little bit of a tailwind there as well.

傑克，就取消而言，我知道你提到過這個問題。所以我想說，正如 Rainer 所說，本季的訂單出貨比約為 0.95 左右，就在那裡。情況不會有太大不同。本季取消的數量確實非常少，我認為這是另一個積極的跡象。我認為，我們看到過去幾個季度的情況比本季大得多。所以那裡也有一點順風。

Excellent. And another bioprocessing question. As we get back to the new normal or I guess, what is the new normal here, everybody is trying to compare and contrast your commentary versus others. I was curious how you see competitive dynamics shifting at all in the industry.

出色的。還有另一個生物加工問題。當我們回到新常態，或者我猜，這裡的新常態是什麼，每個人都在試圖將你的評論與其他人的評論進行比較和對比。我很好奇您如何看待該行業的競爭動態發生變化。

Just if you think back over the last couple of years, there is this narrative that second-tier players were picking up some share when Cytiva and others were out of stock. I'm curious if there's anything you would call out in that regard that you're seeing.

如果你回想一下過去幾年，有一種說法是，當 Cytiva 和其他公司缺貨時，二線玩家正在搶佔一些份額。我很好奇你是否會在這方面看到什麼。

Jack, I really wouldn't. I would tell you that through the acquisition of the GE Biopharma business and now bringing Pall Life Sciences and that business together in Cytiva, we really feel like we have a very strong bioprocessing franchise. And we continue with the Kaizen mantra, the continuous improvement mantra, to improve what we do every day. And so we believe that we have a highly competitive franchise, and that will not only continue to be the case but increasingly so as we move through the year and the near future.

傑克，我真的不會。我想告訴您，透過收購 GE 生物製藥業務，並將 Pall Life Sciences 和該業務合併到 Cytiva，我們確實感覺自己擁有非常強大的生物加工特許經營權。我們繼續秉承 Kaizen 口號，即持續改進口號，並改善我們每天所做的事情。因此，我們相信我們擁有極具競爭力的特許經營權，這種情況不僅會持續下去，而且隨著我們今年和不久的將來的發展，這種情況會越來越嚴重。

Our next question comes from Michael Ryskin with Bank of America.

我們的下一個問題來自美國銀行的 Michael Ryskin。

Congrats on the strong trend. I'm going to ask one follow-up on bioprocess, and then I'll move on from that topic. So just to start, I mean, Rainer, as you were saying, you were surprised that orders improved 4Q into 1Q and it seems like you had some positive commentary on inventories exiting the second quarter.

祝賀強勁的趨勢。我將詢問有關生物過程的後續問題，然後我將繼續討論該主題。首先，我的意思是，Rainer，正如您所說，您對訂單從第四季度改善到第一季感到驚訝，而且您似乎對第二季的庫存發表了一些積極的評論。

So why aren't you raising the bioprocess guide for the year, just given where you are sitting at the end of 1Q? Is there any additional conservatism you're putting in? Or just like what are you waiting to see from the market to feel more confident than you did 3 months ago, just given the progress you've seen so far?

那麼，考慮到第一季末的情況，為什麼不提出今年的生物製程指南呢？您是否還採取了額外的保守主義態度？或者就像您正在等待市場上看到什麼，鑑於您迄今為止所看到的進展，您會比三個月前更有信心？

Thanks, Michael. Well, I mean, like we said, we had an encouraging start to the year, but it's still early. There's -- there's really no change, as you said, to our full year core revenue growth of down low single digits. And what we're really looking for here is the order momentum to continue to build through the second quarter and some continued stability in the run rate consumables.

謝謝，麥可。嗯，我的意思是，正如我們所說，今年我們有一個令人鼓舞的開局，但現在還為時過早。正如您所說，我們全年核心收入成長確實沒有變化，只有低個位數。我們真正在這裡尋找的是在第二季度繼續建立的訂單勢頭以及消耗品運行率的持續穩定。

And of course, longer term with a view towards the longer term, we'd like to see equipment demand improve. While that's a small part of the business, only about 15%, of course, it's important for the long term. And it's good to see then the emerging biotech funding solidify, stabilize but we don't see that materializing in orders yet. So there's a little bit more to go here, and we think we're properly positioned with the guide.

當然，從長遠來看，我們希望看到設備需求的改善。雖然這只是業務的一小部分，僅佔 15% 左右，但從長遠來看，這很重要。很高興看到新興的生技資金得到鞏固、穩定，但我們還沒有看到這種情況在訂單中具體化。所以這裡還有一些事情要做，我們認為我們已經在指南中找到了正確的位置。

Okay. That's helpful. And then switching over to the margin side of things, again, really, really solid quarter. When we think about how you came in ahead in 1Q versus expectations, it seems like a combination of just overall volume, but then also mix from Cepheid and bioprocess, I'm sure contributed. Anything we should think about as you go through the rest of the year? You're pointing to 26% margins in the second quarter and then 29% for the year unchanged. I mean anything in terms of mix that's leading to that? Or just how do we think of the key pieces there?

好的。這很有幫助。然後轉向利潤方面，再次，非常非常穩定的季度。當我們考慮您如何在第一季領先於預期時，這似乎只是整體銷量的組合，但也包括 Cepheid 和生物工藝的組合，我確信有所貢獻。當你度過今年剩下的時間時，我們該考慮什麼？您指出第二季的利潤率為 26%，全年利潤率為 29%，維持不變。我的意思是任何導致這種情況的混合？或者我們如何看待其中的關鍵部分？

Yes, Mike. So for Q2, I think that's definitely right. You talked about approximately 26% adjusted operating margins. That is a sequential decline versus Q1 that was about 30%, and that is all due to lower respiratory volumes at Cepheid. It's -- the Q2 respiratory revenue was 6 -- or sorry, Q1 was $675 million. We're thinking more like $200 million for Q2. So a pretty big drop off. And given the margin profile of that business and the operating leverage we get, it's pretty meaningful when that declined. So I would say the 2Q decline is all related to respiratory volume at Cepheid and maybe some FX as well.

是的，麥克。所以對於第二季度，我認為這絕對是正確的。您談到調整後的營業利潤率約為 26%。與第一季相比，這一數字連續下降約 30%，這都是由於 Cepheid 的呼吸量較低所致。第二季呼吸系統收入為 6，或抱歉，第一季為 6.75 億美元。我們認為第二季的投資金額可能會達到 2 億美元。所以下降幅度相當大。考慮到該業務的利潤率狀況和我們獲得的營運槓桿，當利潤率下降時，這是非常有意義的。所以我想說，第二季的下降全部與 Cepheid 的呼吸量有關，也許還與一些外匯有關。

But you bring up a good point as we sort of think about the way that you're likely to see sort of maybe different seasonality out of our margin progression than you have in the past, given that we're sort of in an endemic state now versus where we were in COVID and it really does come back to that respiratory season.

但你提出了一個很好的觀點，因為我們在思考，考慮到我們處於流行狀態，你可能會從我們的利潤增長中看到與過去不同的季節性。比，它確實回到了那個呼吸季節。

So if you think about the respiratory season, which is both Q1 and Q4, those are the highest volume quarters at Cepheid by a lot, right? Q1 and Q4 are going to be quarters that we anticipate being north of $500 million each. You saw that we did $675 million in Q1. In Q2 and Q3, as we sort of guided to, we're talking about revenue of only a couple of hundred million dollars.

因此，如果您考慮一下呼吸季節，即第一季和第四季度，這些是 Cepheid 流量最高的季度，對嗎？我們預計第一季和第四季的銷售額將分別超過 5 億美元。您看到我們第一季的營收為 6.75 億美元。在第二季度和第三季度，正如我們所指導的那樣，我們談論的收入僅為幾億美元。

So the margin profile, operating leverage, I think you're going to see Q4 and Q1 be Danaher's higher volume -- higher volume and margin quarters going forward. And that's a little different than maybe what we saw in the past pre-pandemic, and that's largely because respiratory was a much smaller business. Only $250 million pre-pandemic 2019 and now it's $1.6 billion. So hopefully, it gives a little bit of color and help people modeling as we go forward because I do think we have a little bit of a different dynamic that probably is just showing itself a little bit now here as we get through some of this stuff.

因此，就利潤率狀況、營運槓桿而言，我認為您將看到第四季度和第一季丹納赫的銷量更高——未來兩個季度銷售和利潤率都會更高。這可能與我們在過去的大流行前看到的情況有些不同，這很大程度上是因為呼吸系統的業務要小得多。 2019 年疫情爆發前只有 2.5 億美元，現在已經達到 16 億美元。因此，希望它能提供一點色彩，並幫助人們在我們前進的過程中進行建模，因為我確實認為我們有一點不同的動力，當我們經歷這些事情時，它可能只是在這裡展示自己一點點。

Our next question comes from Scott Davis with Melius Research.

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

Guys, I'm looking at the Life Sciences margins, and I see the breakdown of why they're down. They seemed down a little bit more than I would have thought on a minus 3% core. Can you give us a little bit more detail on perhaps some of the ebb and flow there and mix issue?

夥計們，我正在研究生命科學的利潤率，我看到了它們下降的原因。他們看起來比我想像的負 3% 核心低一些。您能否為我們提供一些有關潮起潮落以及混合問題的更多詳細資訊？

Yes. Scott, I thought the margins in Q2 actually came in probably a little bit above where we thought at 23%. I mean I think if you look at kind of the volume there being down, and also, you've got Abcam that has come in here, and we've got some transition costs related to Abcam that are either in that number as well. And so operating leverage with core growth down, low single digits and as expected, kind of had some of the dilutive impact of Abcam is probably the big thing here in the quarter, but I still think it came in around where we thought.

是的。 Scott，我認為第二季的利潤率實際上可能比我們想像的 23% 高一點。我的意思是，我認為如果你看看數量有所下降，而且 Abcam 已經進入這裡，我們還有一些與 Abcam 相關的過渡成本，這些成本也屬於這個數字。因此，核心成長下降、低個位數的營運槓桿，正如預期的那樣，Abcam 的一些稀釋影響可能是本季度的大事，但我仍然認為它與我們的想法相符。

Okay. Fair enough. So guys, just going back to Abcam, I mean, you didn't talk about it in your prepared remarks, but you've had a little bit of time with the business now. Can you talk us through perhaps some of the early reads of positives and negatives?

好的。很公平。夥計們，回到 Abcam，我的意思是，你們在準備好的發言中沒有談論這個問題，但你們現在已經花了一些時間來處理這項業務。您能給我們講講一些早期的正面和負面的解讀嗎？

Sure. Scott, as you know, we closed in December on the business and now have the first full quarter behind us. And we put a new Danaher President and CFO in place, and they're really focused on the transition into Danaher and implementing the Danaher Business System. So we're going to continue to work through it, and we're going to need a little time to get after some of the growth and cost opportunities we spoke about. And long term, of course, we continue to believe this is a great high single-digit grower in a fantastic market.

當然。斯科特，如你所知，我們於 12 月結束了這項業務，現在第一個完整季度已經過去了。我們任命了新的丹納赫總裁和首席財務官，他們真正專注於向丹納赫的過渡和實施丹納赫業務系統。因此，我們將繼續努力解決這個問題，我們需要一些時間來抓住我們談到的一些成長和成本機會。當然，從長遠來看，我們仍然相信這是一個出色的市場中一個偉大的高個位數種植者。

Yes. And Scott, we've seen this before. I mean, you've followed us long enough that sometimes these -- as you put in a new team, you've got a business that had some challenges on the cost side. As we introduce DBS, we've sort of seen maybe slow starts before like this. And as we get going, IDT was very, very similar.

是的。斯科特，我們以前見過這種情況。我的意思是，您已經關注我們足夠長的時間了，有時，當您組建新團隊時，您的業務在成本方面面臨一些挑戰。當我們介紹星展銀行時，我們之前已經看到像這樣的緩慢啟動。隨著我們的深入，IDT 非常非常相似。

So it's sort of -- it's not really surprising, but I do like what Rainer said, I like where we're at in the long term. And I think we are going to get after some of the costs here pretty quickly as well. So I think it will cost some money to do that, but we're getting after it, and I think you should expect us to do that here for the balance of the year as well.

所以這有點——這並不令人驚訝，但我確實喜歡雷納所說的，我喜歡我們長期所處的位置。我認為我們也將很快收回部分成本。因此，我認為這樣做會花費一些錢，但我們正在努力實現這一目標，而且我認為您應該期望我們在今年餘下的時間裡也能這樣做。

Our next question comes from Vijay Kumar with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Vijay Kumar。

Rainer, I guess, for my first one, on bioprocessing, those comments were helpful. With the 0.95x and the order trends, could you perhaps talk about the progression in the quarter? I know the guide didn't change, but given the 0.95x in customer activity levels, should the exit rates for fiscal '24 change? I think the prior was exiting maybe 1x or north of 1x. And I'm wondering if those assumptions have changed.

雷納，我想，對於我的第一個關於生物加工的評論，這些評論很有幫助。有了 0.95 倍和訂單趨勢，您能否談談本季的進展？我知道指南沒有改變，但鑑於客戶活動水準增加了 0.95 倍，24 財年的退出率是否應該改變？我認為先驗退出可能是 1x 或 1x 以北。我想知道這些假設是否已經改變。

Maybe I'll take that first, and Rainer can add some color. I would say that as far as the pacing through the quarter goes, I would say that we saw a little bit better start in January, and that really did continue through the quarter. So I'm not sure that it was a big inflection in any given month.

也許我會先考慮這個，雷納可以添加一些顏色。我想說，就本季的節奏而言，我們在一月份看到了更好的開局，而這種情況確實持續到了整個季度。所以我不確定這是否是某個特定月份的重大變化。

As far as the exit rate, I still think we're going to exit here, high single digits. We've talked about that. I don't think there's any change to that. And I would not change anything from our initial revenue guidance where we sort of framed that as -- in order for us to deliver the down low single-digit revenue for the full year, we would need to see every quarter, the book-to-bill in the 0.9s. And so I think we were right in that range here in Q1, and I don't think that there's any change for that, and that's reflective of why we have also not updated or changed anything with the guidance.

就退出率而言，我仍然認為我們將退出這裡，高個位數。我們已經討論過了。我認為這沒有任何改變。我不會改變我們最初的收入指導，我們的框架是這樣的——為了讓我們全年實現低個位數的收入，我們需要看到每個季度的賬面價值-0.9秒內的比爾。因此，我認為我們在第一季的範圍內是正確的，而且我認為沒有任何變化，這反映了為什麼我們也沒有根據指南更新或更改任何內容。

Understood. And maybe my follow-up, perhaps, Rainer, on the China and IDT commentary. China, I know you mentioned comps, but there's been some noise around new loan programs, stimulus, et cetera. Does that change your view on China? Is this incremental? Does it matter in IDT? I think given some of the business have come up in the BIOSECURE Act, what is IDT's exposure, if any, to China? And I think you mentioned IDT declined in the quarter. Was that China, ex-China, was that share loss or end market? Any comments would be helpful.

明白了。也許是我的後續行動，Rainer，關於中國和 IDT 的評論。中國，我知道你提到了比較，但圍繞著新的貸款計劃、刺激措施等存在一些噪音。這會改變你對中國的看法嗎？這是增量的嗎？這在IDT中重要嗎？我認為鑑於 BIOSECURE 法案中提到了一些業務，IDT 對中國的暴露（如果有的話）是什麼？我想您提到 IDT 在本季度有所下降。是中國，還是中國以外的市場，是份額損失還是終端市場？任何評論都會有幫助。

Sure. So starting off with China. I mean we have not changed our perspective for the full year, which we expect to be down high single digits. And certainly, we are closely following these discussions around the stimulus that's in play that you know is very broad-based in terms of an equipment replacement program that ranges from agriculture to heavy industry and also includes health care markets like our own.

當然。那就從中國開始吧。我的意思是，我們沒有改變對全年的看法，我們預計全年會出現高個位數的下降。當然，我們正在密切關注圍繞正在發揮作用的刺激措施的討論，您知道，就設備更換計劃而言，基礎非常廣泛，範圍從農業到重工業，還包括像我們這樣的醫療保健市場。

But it's very early days, and it's not clear yet how that's to be implemented, whether that's via the central government, whether it trickles through to the provinces. So a lot to be seen there. And at this point, we don't expect that to have a large impact here in 2024, and that's why we stick with our perspective of a high single-digit decline for the year. So of course, we'll keep moderating -- monitoring that.

但現在還處於早期階段，尚不清楚如何實施，是否透過中央政府，是否滲透到各省。那裡有很多值得一看的東西。目前，我們預計這不會在 2024 年產生重大影響，這就是為什麼我們堅持今年將出現高個位數下降的觀點。當然，我們會繼續進行調節──監控。

Now when it comes to IDT, IDT is a very small exposure in China. And that's really not the part of the IDT playbook at this point. IDT is doing well, and we're actually very happy with IDT's performance, which has been growing mid-teens since we've acquired the company and has operating margins over 30%.

現在說到IDT，IDT在中國的曝光度是非常小的。目前，這確實不是 IDT 策略的一部分。 IDT 表現良好，我們實際上對 IDT 的業績感到非常滿意，自從我們收購該公司以來，該公司的業績一直在十幾歲左右增長，營業利潤率超過 30%。

Our next question will come from Doug Schenkel with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Doug Schenkel。

So Life Sciences, that as a segment, that was better than you guided. You talked about instruments declining mid-singles. You sounded actually pretty good on what was going on reagents and consumables. I guess what I'm wondering is, were instruments a little weaker than you expected? And then sort of by extension, were reagents and activity stronger than expected? I'm just trying to think about the trends there and kind of what that could mean for the rest of the year.

因此，生命科學作為一個細分市場，比您指導的要好。你談到了樂器在中單曲中的下降。聽起來您對試劑和消耗品的情況實際上很了解。我想我想知道的是，樂器是否比你預期的要弱一些？然後延伸一下，試劑和活性是否比預期更強？我只是想思考那裡的趨勢以及這對今年剩餘時間可能意味著什麼。

Thanks, Doug. Well, thinking about Life Science tools, which you know represents just around 10% of our businesses, what we saw in the first quarter is largely consistent with what we've seen through the second half of '23 with core growth in the first quarter down mid-single digits. And to give you a sense, in developed markets, pharma and biotech customers are stable, albeit at a lower level of demand. And academic and applied markets held up better comparatively particularly for our more advanced instrumentation.

謝謝，道格。好吧，想想生命科學工具，你知道它只占我們業務的 10% 左右，我們在第一季看到的情況與我們在 23 年下半年看到的情況基本一致，第一季的核心成長下降到中個位數。讓您感覺一下，在已開發市場，製藥和生物技術客戶很穩定，儘管需求水準較低。學術和應用市場相對而言表現較好，特別是對於我們較先進的儀器而言。

So we're actually starting to see improved funnel activity for later in the year, but those haven't translated to orders yet. So it's good to see more activity, but it's not showing up in the order book yet with the cycle times being what they are for that -- those kind of deals.

因此，我們實際上開始看到今年稍後的漏斗活動有所改善，但這些尚未轉化為訂單。因此，很高興看到更多的活動，但它還沒有出現在訂單簿中，因為週期時間就是它們的目的——這類交易。

Now if you think about China, and that's an important part of this market, of course, you -- last year, we were sort of at the peak of the execution of the stimulus plan in China last year. So the comps are tough here, both in Q1 and Q2. And in addition to that, of course, you've got lower end market demand just due to the weaker macro there.

現在，如果你想想中國，那是這個市場的重要組成部分，當然，去年，我們正處於中國刺激計畫執行的高峰期。所以這裡的比賽很艱難，無論是第一季還是第二季。當然，除此之外，由於宏觀經濟疲軟，終端市場需求也較低。

And then lastly, and as I mentioned to Vijay, we're closely following those discussions around the stimulus but it really is early days here, and we're not able to include that yet in any view towards the future. So we'll continue to monitor that as we go forward.

最後，正如我向維傑提到的那樣，我們正在密切關注圍繞刺激計劃的討論，但現在還處於早期階段，我們還無法將其納入對未來的任何看法中。因此，我們將在前進過程中繼續監控這一情況。

And then I'll just conclude here on the life science tools market that what we're seeing is as expected, this normalization trend coming off tough comps in the first half of last year. And we expect that to continue here in the second quarter. But then in the second half, we should see some improvement there.

然後我就生命科學工具市場得出結論，我們所看到的情況符合預期，這種正常化趨勢來自去年上半年的艱難比較。我們預計這種情況將在第二季繼續下去。但在下半場，我們應該會看到一些進步。

Super helpful, Rainer. One very quick unrelated follow-up. I think as we sit here today, Danaher probably has $30 billion, maybe as much as $40 billion if you stretched for the right deal in M&A capacity. I'm just wondering, how you're feeling about the environment right now, especially given where rates are and where funding is as we sit here today?

超級有幫助，雷納。一項非常快速的無關後續行動。我認為，當我們今天坐在這裡時，丹納赫可能擁有 300 億美元，如果在併購能力方面進行正確的交易，可能高達 400 億美元。我只是想知道，您對現在的環境有何看法，特別是考慮到我們今天坐在這裡的利率和資金？

Doug, as you know, our bias for capital allocation is towards M&A. But there's no doubt that with higher interest rates, the bar is higher. And as active as our funnel work is, we're not going to compromise on our earnings expectations here, our return on invested capital targets. And that just means that we have to work all the harder here to meet those higher hurdle rates. But nonetheless, we're very active as we always are, and we'll continue as we have with great discipline around M&A.

道格，如您所知，我們對資本配置的偏向是併購。但毫無疑問，利率越高，門檻就越高。儘管我們的漏斗工作非常活躍，但我們不會在獲利預期和投資資本回報率目標上妥協。這只意味著我們必須更加努力才能滿足更高的門檻。但儘管如此，我們一如既往地非常活躍，並且我們將一如既往地在併購方面保持嚴格的紀律。

We'll take our next question from Dan Leonard with UBS.

我們將回答瑞銀集團的 Dan Leonard 提出的下一個問題。

Rainer, you've mentioned a couple of times that the improvement in biotech funding hasn't benefited the business yet. Can you elaborate a bit on your thinking there? How long of a lag do you think you'd see between improved funding and improved business activity? And how does that differ across your different operating units?

Rainer，您曾多次提到生技融資的改善尚未使企業受益。能詳細說明一下您的想法嗎？您認為資金改善與業務活動改善之間存在多長時間的延遲？不同的營運部門之間有何不同？

Thanks, Dan. So we have seen a stabilization or perhaps even the slightest improvement in biotech funding. But for that to be operationalized here, will take some time. In fact, we believe so much time that we have not changed our perspective on our guide in any of the businesses as it relates to biotech funding.

謝謝，丹。因此，我們看到生技融資趨於穩定，甚至可能略有改善。但要在這裡實施，還需要一些時間。事實上，我們相信，經過這麼長時間，我們對任何與生物技術融資相關的業務指南的看法都沒有改變。

So it's early days. It's positive to see and helpful to see the biotech funding stabilize and even showing the slightest of growth. But it's just too early and that will take several quarters here to make any discernible difference across the business.

所以現在還為時過早。看到生物技術資金穩定甚至出現輕微增長是積極的，也是有幫助的。但現在還為時過早，需要幾個季度的時間才能在整個業務中產生明顯的變化。

Just to give you a sense of color on it, we really haven't contemplated anything from an order perspective until kind of next year in how we've thought about our goods.

只是為了給你一種顏色的感覺，直到明年我們才從訂單的角度考慮我們如何考慮我們的商品。

Got it. Appreciate that. And just a quick follow-up on China. I know you framed the high-teens core decline as being in line with plan, but curious how different end markets within China progress versus plan. And also curious whether that comment you made on improving funnels in Life Sciences, whether that applies to China as well. Or are the trends in China different?

知道了。感謝。關於中國的快速跟進。我知道您將高青少年核心下降視為符合計劃，但很好奇中國不同終端市場的進展與計劃有何不同。我也很好奇您對改善生命科學漏斗的評論是否也適用於中國。還是中國的趨勢有所不同？

So back to the first quarter. In China, our biotechnology segment was down nearly 40%, which is in line with what we've seen over the last quarters here. In Life Sciences, we were down high teens that gives you a sense of not only what's going on in the market, but the high comp of the prior first half in 2023. And then in Diagnostics, we were down low single digits, to give you a sense of how that's developing.

那麼回到第一季。在中國，我們的生物技術部門下降了近 40%，這與我們過去幾季看到的情況一致。在生命科學領域，我們的業績下降了兩位數，這不僅讓您了解市場正在發生的情況，還讓您了解2023 年上半年的高競爭力。 ，以給出你知道事情是如何發展的。

As it relates to biotech funding, you are correct that we expect the biotech funding to be skewed more towards developed markets than in China, and it remains to be seen when that returns. So while we're seeing a stabilization there, that stabilization is at a very low level in contrast to what we see in the developed markets.

就生物技術融資而言，您是正確的，我們預計生物技術融資將更偏向已開發市場而不是中國，而且這種情況何時回歸還有待觀察。因此，雖然我們看到那裡的穩定，但與我們在已開發市場看到的穩定相比，這種穩定處於非常低的水平。

Our last question will come from Rachel Vatnsdal with JPMorgan.

我們的最後一個問題將來自摩根大通的 Rachel Vatnsdal。

Congratulations on the quarter. So I just wanted to ask on BIOSECURE Act and how you're thinking about the potential impact to bioprocessing. So we've already heard that stem pharma and biotech companies are starting to look at their supply chains and working with some of these Chinese CDMOs given some of the headlines we've seen around BIOSECURE.

恭喜本季。所以我只是想問《BIOSECURE 法案》以及您如何看待該法案對生物加工的潛在影響。因此，鑑於我們在 BIOSECURE 上看到的一些頭條新聞，我們已經聽說乾製藥和生物技術公司正在開始審視其供應鏈，並與其中一些中國 CDMO 合作。

So can you just walk us through what are you hearing from customer conversations on your end with the Chinese CDMOs, but also with pharma and biotech customers and their willingness to partner there? And then additionally, I guess, how should we think about this from a longer-term implication standpoint? Could this shift growth to other geographies? And if so, could there be some type of timing or air pocket dynamic as you shift manufacturing from China to other geographies?

那麼，您能否向我們介紹一下您從與中國 CDMO 以及製藥和生物技術客戶的客戶對話中聽到的內容以及他們在那裡合作的意願？另外，我想，從長期影響的角度來看，我們該如何考慮這個問題？這是否會將成長轉移到其他地區？如果是這樣，當你將製造業從中國轉移到其他地區時，是否會出現某種類型的時機或氣穴動態？

Thanks, Rachel. So the BIOSECURE Act, it is, as you can imagine, very difficult to say how this ultimately plays out if we look at potential passage or not, that sort of thing. And of course, there's many details that are not known yet. Having said that, and as you suggested, customers are starting to call this out as a risk factor to their business, and of course, are starting to take measures to derisk their business in terms of the molecules that they've developed and ultimately want to manufacture.

謝謝，雷切爾。因此，正如你可以想像的那樣，如果我們考慮是否通過潛在的通過之類的事情，很難說它最終會如何發揮作用。當然，還有很多細節尚不清楚。話雖如此，正如您所建議的，客戶開始將此視為其業務的風險因素，當然，他們也開始採取措施，以他們開發的和最終想要的分子來降低其業務的風險來生產。

So if manufacturing and clinical trials, should they shift to other locations, of course, our solutions follow the molecule. That's -- it's really important to note that with our global business and our capability, perhaps more so than anybody, we can deliver our solutions anywhere around the globe with full support from a technology and service perspective. So we have that ability to follow those solutions.

因此，如果製造和臨床試驗，如果他們轉移到其他地方，當然，我們的解決方案遵循分子。值得注意的是，憑藉我們的全球業務和能力，我們可以在技術和服務角度的全力支持下，在全球任何地方提供我們的解決方案，這可能比任何人都強。所以我們有能力遵循這些解決方案。

In terms of timing, again, this is a business where pharmaceutical companies need to minimize and mitigate risk. So in terms of air pockets, that remains to be seen as pharmaceutical companies perhaps search for other partners for their clinical trials and their manufacturing. And of course, we're going to do great work there and should it be necessary in terms of technology transfers and making sure that any transitions here from one service supplier to the next run as smoothly as possible.

再次就時機而言，製藥公司需要最大限度地減少和減輕風險。因此，就氣穴而言，這仍有待觀察，因為製藥公司可能會尋找其他合作夥伴進行臨床試驗和生產。當然，我們將在那裡做出色的工作，如果有必要進行技術轉讓，並確保從一個服務供應商到下一個服務供應商的任何過渡都盡可能順利進行。

And then just as a follow-up on bioprocessing. You highlighted that equipment is weaker, consumables were kind of where the strength was in 1Q. Can you just walk us through on your assumptions for both of those trends for the rest of the year to get to the full year guide? And then specifically by year-end, you pointed towards high single digits or above growth in bioprocessing on a core basis. What's really assumed from that from a recovery cycle standpoint on consumables versus equipment, and then any geography trends as well?

然後作為生物加工的後續行動。您強調說，裝備較弱，消耗品是第一季的強項。您能否向我們介紹一下您對今年剩餘時間這兩種趨勢的假設，以得出全年指南？然後，特別是到年底，您指出生物加工在核心基礎上將出現高個位數或更高的成長。從消耗品與設備的回收週期角度來看，真正的假設是什麼，以及地理趨勢？

Rachel, we actually don't break it down in terms of how we guide for a quarter or a full year between consumables and equipment. We stay at the top level. And as we pointed out, we were happy to see the sequential growth here in the first quarter of 5%. And what I can say is that the recurring revenue represents about 85% of bioprocessing. And of course, that was also the major driver of the improvement in orders that you saw and the book-to-bill in the quarter. And of course, that's where our focus was, is that's where the destocking was taking place here over the prior quarters.

雷切爾，實際上我們並沒有按照如何指導一個季度或全年的消耗品和設備來進行細分。我們保持在最高水平。正如我們所指出的，我們很高興看到第一季環比成長 5%。我可以說的是，經常性收入約佔生物加工的 85%。當然，這也是本季訂單和訂單出貨量改善的主要動力。當然，這就是我們關注的焦點，也是前幾季去庫存的地方。

So if you think about our guide here for the full year for bioprocessing, down low single digits, 85% of the business is recurring and roughly 15% is equipment. I think that's the best way to think about that in terms of our guide and how that splits.

因此，如果您考慮我們這裡的全年生物加工指南，低個位數，85% 的業務是重複性的，大約 15% 是設備。我認為這是從我們的指南以及如何劃分的角度來思考這個問題的最佳方式。

Thank you. At this time, I would like to turn the call back over to John Bedford for any additional or closing remarks.

謝謝。此時，我想將電話轉回給約翰貝德福德，詢問任何補充或結束語。

Thank you, everyone, for joining us today. We'll be around all day and rest of the week for follow-ups. Have a good day.

謝謝大家今天加入我們。我們將全天和本週剩餘時間進行跟進。祝你有美好的一天。

Thanks, everyone.

感謝大家。

This does conclude Danaher's First Quarter 2024 Earnings Conference Call. You may disconnect your line at this time, and have a wonderful day.

丹納赫 2024 年第一季財報電話會議至此結束。此時您可以斷開線路，度過美好的一天。