Danaher Corp (DHR) 2024 Q2 法說會逐字稿

Good morning. 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 Second Quarter 2024 earnings results conference call. (Operator Instructions)

早安.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 年第二季財報電話會議。 （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. I'd like to point out that our earnings release slide presentation supplementing today's call.

大家早安，感謝您加入我們。今天與我們通話的是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)。我想指出的是，我們的收益發布幻燈片演示是對今天電話會議的補充。

The reconciliations and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call and I know 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.

SEC G 條例要求的與電話會議期間提供的任何非GAAP 財務措施有關的對賬信息和其他信息，我知道包含歷史和預期未來財務業績的詳細信息，均可在我們網站www.danaher.com 的投資者部分找到在季度收益標題下。

The audio portion of this call will be archived on the Investors section of our website later today under the heading Events and Presentations and will remain archived until our next quarterly call. A replay of this call will also be available until August 6, 2024. During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance.

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將持續到 2024 年 8 月 6 日。

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 relate to the second quarter of 2024.

除非另有說明，補充資料描述了影響同比業績的其他因素。這些評論和補充資料中對公司特定財務指標的所有引用都與持續營運的結果有關，並且與 2024 年第二季有關。

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.

所有提及的財務指標的逐年增加或減少都是逐年增加或減少。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 federal securities laws. Including statements regarding events or developments that we believe or anticipate will or may occur in the future.

在電話會議期間，我們將做出聯邦證券法意義內的前瞻性聲明。包括有關我們相信或預期將來將會或可能發生的事件或發展的陳述。

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 data they are made, and we do not assume any obligation to update any forward looking statements except as required by law.

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其所提供的數據，除非法律要求，否則我們不承擔任何更新任何前瞻性聲明的義務。

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。

Thank you, John, and good morning, everyone. We really appreciate you joining us on the call today. Our team executed well during the second quarter, delivering better than expected revenue, earnings and cash flow.

謝謝約翰，大家早安。我們非常感謝您今天加入我們的電話會議。我們的團隊在第二季表現良好，收入、獲利和現金流都比預期好。

We were particularly pleased with the sustained positive momentum in our bioprocessing business and with the strong performance of Cepheid, which we believe game market share in molecular testing again this quarter.

我們對生物加工業務的持續積極勢頭以及 Cepheid 的強勁表​​現感到特別滿意，我們相信該公司本季將再次贏得分子測試市場份額。

Now across the portfolio, market conditions were largely our processing conditions in the US and Europe continued to improve, and we were encouraged to see orders increased high single digits sequentially this quarter.

現在，在整個投資組合中，市場狀況主要是我們在美國和歐洲的加工條件持續改善，我們很高興看到本季訂單連續高個位數成長。

In China bio processing demand and underlying activity levels were stable sequentially, but remained weak as customers continue to manage liquidity. In life sciences, capital equipment investments remain constrained while recurring revenue was relatively stable. And in diagnostics, we saw healthy demand globally across our businesses.

在中國，生物加工需求和基本活動水準連續穩定，但由於客戶持續管理流動性，仍疲軟。在生命科學領域，資本設備投資仍受到限制，而經常性收入相對穩定。在診斷方面，我們看到了全球各業務部門的健康需求。

As we move through this transitional period, we believe Danaher is well positioned for sustainable long-term value creation. Our strong positioning in attractive end markets, coupled with durable high recurring revenue business models and the power of the Danaher business system supports our long-term expectation of high single digit core revenue growth with a differentiated margin and cash flow profile.

在我們度過這段過渡時期時，我們相信丹納赫已做好充分準備，能夠創造可持續的長期價值。我們在有吸引力的終端市場中的強大定位，加上持久的高經常性收入業務模式和丹納赫業務系統的力量，支持我們對高單位數核心收入增長以及差異化利潤和現金流狀況的長期預期。

So with that, let's take a closer look at our second quarter 2024 results. Sales were $5.7 billion in the second quarter, and core revenue declined 3.5%.

那麼，讓我們仔細看看 2024 年第二季的業績。第二季銷售額為 57 億美元，核心營收下降 3.5%。

Geographically, core revenues in developed markets were down low single digits, with strength across diagnostics, offset by declines in biotechnology and life sciences. High growth markets declined high single digits, including a high teens decline in China.

從地理上看，已開發市場的核心收入下降了低個位數，診斷領域的實力強勁，但被生物技術和生命科學領域的下降所抵消。高成長市場的跌幅高達個位數，其中中國的跌幅高達十幾位數。

Our gross profit margin for the second quarter was 59.7%, and our adjusted operating profit margin of 27.3% was up 60 basis points as the favorable impact of cost savings initiatives more than offset lower volume.

我們第二季的毛利率為 59.7%，調整後的營業利潤率為 27.3%，成長了 60 個基點，因為成本節約措施的有利影響足以抵消銷售下降的影響。

Adjusted diluted net earnings per common share of $1.72 were essentially flat year over year. We generated $1.1 billion of free cash flow in the quarter and $2.6 billion year to date, resulting in a year to date free cash flow to net income conversion ratio of 129%.

調整後稀釋後每股普通股淨利為 1.72 美元，與去年同期基本持平。本季我們產生了 11 億美元的自由現金流，年初至今產生了 26 億美元，導致年初至今的自由現金流與淨利潤的轉換率為 129%。

Now additionally, through the second quarter and into July, we repurchased approximately 19 million shares. While M&A remains our bias for capital deployment, we believe these repurchases will provide an attractive return given the strength of our long-term organic growth, earnings and cash flow outlook.

此外，從第二季到 7 月份，我們回購了約 1,900 萬股股票。雖然併購仍然是我們對資本配置的偏向，但鑑於我們長期有機成長、獲利和現金流前景的強勁實力，我們相信這些回購將提供有吸引力的回報。

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 7% with the bioprocessing business down high single digits and the discovery and medical business down mid-single digits.

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。我們生物技術部門的核心收入下降了 7%，其中生物加工業務下降了高個位數，發現和醫療業務下降了中個位數。

In our bioprocessing business revenue declines moderated from the first quarter as we believe our larger customers in the US and Europe have worked through the majority of their excess inventories and are returning to normal ordering patterns.

在我們的生物加工業務中，收入下降較第一季有所放緩，因為我們相信美國和歐洲的大客戶已經處理掉了大部分過剩庫存，並且正在恢復正常的訂購模式。

Many of these customers are also seeing strong momentum for sale therapeutics in their late stage pipeline, which is promising for our future growth. Our emerging biotech customers continue to prioritize projects, particularly for cell and gene therapies in an effort to manage liquidity.

其中許多客戶也看到了其後期產品線銷售治療藥物的強勁勢頭，這對我們未來的成長充滿希望。我們的新興生物技術客戶繼續優先考慮項目，特別是細胞和基因療法，以努力管理流動性。

However, we are encouraged by the improvement in the overall funding environment, which is a positive leading indicator for these customers. So based on the trends we saw through the first half of the year, we continue to expect a low single digit core revenue decline in our bioprocessing business for the full year 2024.

然而，整體融資環境的改善令我們感到鼓舞，這對這些客戶來說是一個正面的領先指標。因此，根據我們上半年看到的趨勢，我們繼續預期 2024 年全年生物加工業務的核心收入將出現低個位數下降。

There's also no change to our assumption of a bio processing core revenue growth rate of high single digits or better as we exit the year. Biologics market remains very healthy as evidenced by the increasing number of treatments, both in development and production, notably the number of new FDA approvals for biologic and genomic medicines in the first half of this year, you've doubled compared to the first half of 2023, and the full year 2024 is on track to set another record.

當我們結束今年時，我們對生物加工核心收入成長率為高個位數或更高的假設也沒有改變。生物製品市場仍然非常健康，這可以從開發和生產中的治療數量不斷增加證明，特別是今年上半年 FDA 批准的生物和基因組藥物新數量，與上半年相比增加了一倍2023 年和2024年全年可望再創紀錄。

Underlying demand for biologic medicines also remains on track to grow at a high single digit or better rate again for the full year 2024. So given the substantial and sustained increase in approvals and production volumes, we expect the growth rate in bioprocessing to remain very robust for many years to come.

2024 年全年，生物藥品的基本需求仍將再次以高單位數或更高的速度增長。

We can do to make substantial investments in innovation to support our customers as they pursue these life changing therapeutics to support monoclonal antibody body production, which comprises the majority of our bioprocessing revenues Cytiva expanded its comprehensive filtration portfolio with the launch of Supor Prime.

我們可以在創新方面進行大量投資，以支持我們的客戶尋求這些改變生活的療法，以支持單株抗體體的生產，其中單株抗體體的生產構成了我們生物加工收入的大部分。 Supor Prime 擴大了其全面的過濾產品組合。

Now Supor Prime filters are specifically designed to address key challenges associated with high concentration biologic drugs whose complex formulation high particle loads make them prone to premature filter blockage and costly product losses.

現在，Supor Prime 過濾器經過專門設計，可解決與高濃度生物藥物相關的關鍵挑戰，其複雜的配方、高顆粒負載使其容易過早發生過濾器堵塞和昂貴的產品損失。

We're also developing innovative solutions for emerging modalities. In May Cytiva introduced the CAR T Cell Therapy manufacturing platform, helping address critical cost and capacity constraints associated with CAR T Cell Therapy manufacturing process.

我們也正在為新興模式開發創新解決方案。 5 月，Cytiva 推出了 CAR T 細胞療法製造平台，協助解決與 CAR T 細胞療法製造流程相關的關鍵成本和產能限制。

You platforms and fully automated manufacturing process can increase productivity by up to 50% per year compared to the industry standard, reducing our customers' costs and increasing throughput. Addressing these key manufacturing challenges will help improve patient access and facilitate wider adoption of these important therapeutics.

與行業標準相比，您的平台和全自動製造流程每年可將生產力提高高達 50%，從而降低客戶的成本並提高吞吐量。解決這些關鍵的製造挑戰將有助於改善患者的可及性並促進這些重要療法的更廣泛採用。

Now turning to our Life Sciences segment. Core revenue decreased by 5.5%. Core revenue in our life sciences instrument businesses collectively declined high single digits as expected, with trends in the second quarter, largely consistent with what we saw in the first quarter.

現在轉向我們的生命科學部分。核心收入下降 5.5%。如預期，我們生命科學儀器業務的核心收入整體出現高個位數下降，第二季的趨勢與第一季基本一致。

Global Pharma & Biotech demand remained weak. Academic markets were weaker sequentially and applied markets performed comparatively better, particularly for our advanced solutions, which provide critical capabilities needed by our customers.

全球製藥和生物技術需求依然疲軟。學術市場連續走弱，應用市場表現相對較好，特別是對於我們的先進解決方案而言，這些解決方案提供了客戶所需的關鍵功能。

In China, we're seeing improving sales funnels and quoting activity driven by the recently announced stimulus measures. However, we don't anticipate this to convert to orders until 2025 at these programs are in the early stages of implementation. In the meantime, many customers are delaying purchasing decisions as they await funding.

在中國，我們看到最近宣布的刺激措施推動了銷售管道和報價活動的改善。然而，我們預計要到 2025 年才會將其轉化為訂單，因為這些計劃正處於實施的早期階段。同時，許多客戶因等待資金而推遲購買決定。

Now last month at the American Society of Mass Spectrometry meeting, Sykes reinforce their market leadership and quantitative mass spectrometry with the release of the 7500 plus Triple Quad mass spectrometer.

上個月在美國質譜學會會議上，Sykes 透過發布 7500 plus Triple Quad 質譜儀鞏固了其市場領導地位和定量質譜分析。

The 7500 plus pairs the ultra-high sense, utility of the 7500 was faster acquisition speeds and the ability to maintain the highest sensitivity quantitation for up to twice as many sample runs. This makes the 7500 plus particularly well suited for complex applications, such as PFAS analysis where customers need to test more samples of cross diverse sample types with high precision to meet challenging new regulations.

7500 plus 結合了 7500 的超高靈敏度和實用性，即更快的採集速度以及在最多兩倍的樣品運行中保持最高靈敏度定量的能力。這使得 7500 plus 特別適合複雜的應用，例如 PFAS 分析，客戶需要以高精度測試更多跨不同樣品類型的樣品，以滿足具有挑戰性的新法規。

In our genomics consumables business, core revenue declined mid-single digits in the quarter. High single digit growth in gene writing and editing solutions was more than offset by declines in next-generation sequencing and the impact of project timing in our plasma business.

在我們的基因組耗材業務中，本季核心收入下降了中個位數。基因寫入和編輯解決方案的高個位數成長被次世代定序的下降以及血漿業務專案時間的影響所抵消。

During the quarter, IDT opened a new manufacturing facility at their Coralville Iowa campus, which enables a team to manufacture differentiated new offerings such as rapid gene synthesis. This is the second facility expansion for IDT within the last 12 months and provides the capacity needed to support the rapidly expanding global DNA synthesis market and related drug development activities.

本季度，IDT 在其愛荷華州 Coralville 園區開設了一家新的製造工廠，使團隊能夠製造差異化的新產品，例如快速基因合成。這是 IDT 在過去 12 個月內進行的第二次設施擴建，提供了支持快速擴張的全球 DNA 合成市場和相關藥物開發活動所需的能力。

Now moving over to our Diagnostics segment, core revenue increased 3%. Our clinical diagnostics businesses collectively delivered mid-single-digit core revenue growth, led by high single digit growth at Radiometer.

現在轉向我們的診斷部門，核心收入成長了 3%。在 Radiometer 的高個位數成長的帶動下，我們的臨床診斷業務共同實現了中個位數的核心收入成長。

Leica Biosystems was up mid thing digits, with notable strength in digital pathology, driven by Aperio GT 450 diagnostics digital pathology slice scanner, which recently received FDA 510(k) clearance.

Leica Biosystems 在 Aperio GT 450 診斷數位病理切片掃描儀的推動下，在數位病理學領域表現強勁，該掃描儀最近獲得了 FDA 510(k) 許可。

Beckman Coulter Diagnostics was up low single digits with balanced strength across both developed and high growth markets. Down May, Beckman received FDA 510(k) clearance of its access NT-proBNP on the DxI 9000 immunoassay analyzer.

貝克曼庫爾特診斷公司 (Beckman Coulter Diagnostics) 的股價上漲了低個位數，在已開發市場和高成長市場的實力均衡。 5 月份，Beckman 獲得 FDA 510(k) 批准，允許其在 DxI 9000 免疫分析儀上使用 NT-proBNP。

This important expansion of Beckman's cardiac testing menu allows clinicians to quickly and accurately diagnose and assess the condition severity of patients suspected of having acute heart failure. Now this clearance it just the latest confirmation of the DxI 9000 platform's capability to develop increasingly more sensitive and clinically relevant diagnostics.

貝克曼心臟測試菜單的這一重要擴展使臨床醫生能夠快速準確地診斷和評估疑似患有急性心臟衰竭的患者的病情嚴重程度。現在，這項許可只是對 DxI 9000 平台開發日益敏感和臨床相關診斷的能力的最新確認。

In molecular diagnostics Cpheid's respiratory revenue of approximately $300 million in the quarter exceeded our expectation of $200 million, driven by both higher volumes and favorable mix of our foreign one test for COVID-19, Flu A and Flu B and RSV. So we continue to expect respiratory revenue of approximately $1.6 billion for the full year 2024.

在分子診斷領域，Cpheid 本季的呼吸系統收入約為3 億美元，超出了我們2 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 和流感B 以及RSV 的國外一項測試的有利組合。因此，我們繼續預期 2024 年全年呼吸系統收入約為 16 億美元。

As I mentioned earlier, we believe the Cepheid team continued to gain market share during the quarter. Increasing menu their adoption and system utilization helped drive mid-teens growth in our core non respiratory reagent portfolio, including more than 20% growth in sexual health and virology assays.

正如我之前提到的，我們相信 Cepheid 團隊在本季繼續獲得市場份額。不斷增加的採用和系統利用率有助於推動我們核心非呼吸試劑產品組合的十幾歲左右的增長，其中性健康和病毒學檢測的增長超過 20%。

We also continued to expand our nearly 60,000 system installed base as many existing health care systems and integrated delivery networks at sites further out in their networks and close.

隨著許多現有的醫療保健系統和綜合交付網路位於其網路之外並關閉，我們也繼續擴大我們近 60,000 個系統的安裝基礎。

In June, the FDA granted Cepheid marketing authorization for its hepatitis C RNA test. Hepatitis C diagnosis has traditionally been a multi-step process requiring follow-up appointments and leading to treatment delays. With Cepheid tests, which is the first molecular base point of care test for hepatitis C patients can be tested and receive treatment during the same health care visit.

6 月，FDA 授予 Cepheid 丙型肝炎 RNA 檢測上市許可。傳統上，丙型肝炎診斷是一個多步驟的過程，需要後續預約並導致治療延遲。 Cepheid 測試是第一個針對丙型肝炎的分子基礎護理點測試，可以在同一次醫療保健就診期間對患者進行測試並接受治療。

So 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.

因此，這是一個很好的例子，說明如何將準確、易於使用的分子檢測帶到患者身邊，從而改善治療結果並推動 Cepheid 的長期成長。

Now before we move on to our expectations for the remainder of the year, I'd like to highlight our recently released 2024 sustainability report, which details several important milestones across the three pillars of our sustainability program. Starting with building the best team, innovating products that improve lives and our planet and protecting our environment.

現在，在我們展望今年剩餘時間之前，我想強調我們最近發布的 2024 年永續發展報告，其中詳細介紹了我們永續發展計畫三大支柱的幾個重要里程碑。從建立最好的團隊開始，創新產品以改善生活和我們的星球，並保護我們的環境。

Notably, we have committed to setting science-based greenhouse gas emission reduction targets in line with the Science Based Target initiative, including reaching net zero value chain emissions by 2050. So I encourage you all to read through the report to learn more about the depth and scope of Danaher's commitment to sustainability and the important work we're doing to make a positive holistic impact on the world around us.

值得注意的是，我們致力於根據「基於科學的目標」倡議制定基於科學的溫室氣體減排目標，包括在2050年實現價值鏈淨零排放。多有關深度的資訊。

So now let's briefly look ahead of expectations for the third quarter and the full year 2024. In third quarter, we expect core revenue to decline in the low single digit percent range.

現在讓我們簡要展望一下對第三季度和 2024 年全年的預期。

Additionally, we expect the third quarter adjusted operating profit margin of approximately 26%. For the full year 2024 there's 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%.

此外，我們預計第三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低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 with our better than expected second quarter results and are encouraged by the continued momentum in our bioprocessing business. Our strong performance is a testament to our team and their commitment to innovating and executing with the Danaher Business System.

總而言之，我們對第二季的業績好於預期感到滿意，並對我們生物加工業務的持續成長勢頭感到鼓舞。我們的強勁業績證明了我們的團隊及其對丹納赫業務系統創新和執行的承諾。

And they have done a tremendous job navigating the current environment to support our customers' life changing work today while also delivering breakthrough innovation that has been reinforcing our long-term competitive advantage.

他們在應對當前環境、支持客戶改變生活的工作方面做出了巨大的努力，同時也提供了突破性創新，增強了我們的長期競爭優勢。

The transformation in our portfolio over the last several years has created a focused life sciences and diagnostic leader positioned for higher long term growth, expanded margins and stronger cash flow. And our recent share repurchases reflect our conviction in a bright future ahead for Danaher.

過去幾年我們投資組合的轉型打造了一家專注於生命科學和診斷領域的領導者，旨在實現更高的長期成長、擴大的利潤和更強的現金流。我們最近的股票回購反映了我們對丹納赫光明未來的信念。

So looking ahead, the unique combination of our incredibly talented team, the strength and differentiation of our portfolio and a leading financial profile provides us with a strong foundation to create sustainable, long-term shareholder value. And with that, I'll turn the call back to John.

因此，展望未來，我們才華橫溢的團隊、我們投資組合的實力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。然後，我會將電話轉回給約翰。

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

謝謝，雷納。我們的正式評論到此結束。我們現在準備好提問了。

Floor is now open for questions. (Operator Instructions)

現在可以提問。 （操作員說明）

Jack Meehan, Nephron Research.

傑克·米漢，腎單位研究。

Thank you. Good morning. Appreciate all the color on bioprocessing. two follow-ups. First is on the consumables. Can you elaborate on what's giving you the confidence that the stock is drawing to a conclusion here?

謝謝。早安.欣賞生物加工中的所有色彩。兩個後續行動。首先是消耗品。您能詳細說明一下是什麼讓您有信心該股即將結束嗎？

And then on the capital equipment side, just thoughts on how long this will remain depressed when you I might start to see some improvement there?

然後在資本設備方面，想想這種情況會持續低迷多久，當你我可能會開始看到那裡的一些改善？

So Jack, on the consumable side, we've really seen ordering patterns back to normal with very, very few exceptions and we're pretty clear visibility through the measures that we put in place to stay close to our customers here during the destocking period. We feel that we're very close to normal order patterns. And keep in mind, we actively monitor our customers find a customer by customer basis. And in addition to that, we really took active measures here to ensure that inventories were normalized.

因此，傑克，在消耗品方面，我們確實看到訂購模式恢復正常，幾乎沒有例外，並且透過我們在去庫存期間採取的與客戶保持密切聯繫的措施，我們非常清楚地了解了情況。我們覺得我們非常接近正常的訂單模式。請記住，我們會積極監控我們的客戶，並逐一尋找客戶。除此之外，我們確實採取了積極的措施來確保庫存正常化。

You'll keep -- You'll recall that we took decisions to ensure that we took the dysfunction in the supply chain out to ensure that we had a true demand signal and we think that's paid off here. We know where our customer set in terms of their stock levels on consumables.

你會記得——你會記得我們做出了決定，以確保我們消除供應鏈中的功能障礙，以確保我們擁有真正的需求訊號，我們認為這裡得到了回報。我們知道客戶對消耗品庫存水準的設定。

Now equipment is a slightly different picture, we're seeing good activity there at some of our larger customers and that played out here in the second quarter as well. With the sequential quarter growth being a high single digits and being positive for both equipment and consumables.

現在，設備狀況略有不同，我們看到一些較大客戶的活動良好，第二季也表現良好。連續季度的成長率為高個位數，對設備和消耗品來說都是正面的。

And so those larger customers really do have a higher activity level, whereas the smaller customers probably remain a little bit more constrained.

因此，那些較大的客戶確實具有較高的活動水平，而較小的客戶可能仍然受到更多限制。

Awesome. And then we're just trying to piece together the Mosaic here. So your bio processing orders increased high single digits with your peers declined sequentially. I think there's a lot of plausible explanations being turnaround for why the results in the quarter diverged. I was just curious if you could weigh in on what you think's the right signal. What's the noise?

驚人的。然後我們只是想把這裡的馬賽克拼湊起來。因此，您的生物加工訂單增加了高個位數，而您的同行則連續下降。我認為本季業績出現差異的原因有很多合理的解釋。我只是好奇你能否權衡一下你認為正確的訊號。有什麼噪音？

But from a competitive perspective, Jack, everyone has slightly different positioning, whether it's by product category or geography or even customer type. As you look at us, we're probably the broadest and deepest in terms of our portfolio, both upstream and downstream, while some others are perhaps a little bit more concentrated. So giving that it's always going to be hard to really line up the various players in the industry to have a perfect read across.

但從競爭的角度來看，傑克，每個人的定位都略有不同，無論是產品類別還是地理位置，甚至是客戶類型。當你觀察我們時，我們的投資組合可能是最廣泛和最深入的，無論是上游還是下游，而其他一些公司可能更集中一些。因此，要真正將行業中的各個參與者排成一隊來進行完美的閱讀總是很困難的。

But again, the good news here is that this is a great business and it's recovering as we expected, and we're confident about the future.

但好消息是，這是一項偉大的業務，並且正在按照我們的預期復甦，我們對未來充滿信心。

Excellent. Thank you.

出色的。謝謝。

Thanks, Jack.

謝謝，傑克。

Rachel Vatnsdal, J.P. Morgan.

雷切爾·瓦特斯達爾 (Rachel Vatnsdal)，J.P. 摩根。

Perfect. Hey, good morning, guys, and thanks for taking the questions. So another one here on bioprocessing and so on the 3Q guidance, can you just walk us through what's contemplated in 3Q guidance? We've seen a huge quarter for the sequential progression on orders and growing the last three quarters in a row sequentially.

完美的。嘿，早上好，夥計們，感謝您提出問題。那麼，這裡還有關於生物加工等第三季指導的內容，您能否向我們介紹一下第三季指導中設想的內容？我們看到訂單連續成長了一個巨大的季度，並且在過去三個季度連續成長。

So walk us through how much of this is just seasonality on the step down into 3Q versus is there some conservatism in there? And then also on orders, we expect seasonality to also impact on the order books for bioprocessing in 3Q as well.

那麼請告訴我們，這其中有多少只是進入第三季的季節性因素，而不是其中存在一些保守主義？然後在訂單方面，我們預計季節性也會對第三季生物加工的訂單產生影響。

Yes. No, I think gum, I think that's in bioprocessing in particular, you're probably talking about bioprocessing and respiratory for Q3. So if you think about sort of revenue, we've got bioprocessing is going to be down low single digits, which is, again, the kind of a continued improvement versus what we saw in Q1 and Q2.

是的。不，我認為口香糖，我認為特別是在生物加工領域，您可能正在談論第三季度的生物加工和呼吸系統。因此，如果你考慮收入，我們的生物加工將下降低個位數，這與我們在第一季和第二季看到的情況相比，又是一種持續改善。

We were down kind of high teens in Q1, single digits in Q2. We think that that goes to kind of low single digits here in Q3, given like rather just said, I think we're largely through the destocking sort of on the consumable side, a little bit easier comps in China as well.

我們在第一季的下滑幅度為十幾歲，在第二季為個位數。我們認為，第三季的情況會達到較低的個位數，就像剛才所說的那樣，我認為我們很大程度上是透過消耗品方面的去庫存來實現的，在中國的競爭也比較容易一些。

So that probably helps a little. Some could if you think about sort of the two big drivers of Q3 even bioprocessing, where you think about sort of the guide in totality, you have two issues are two things to think about home.

所以這可能會有所幫助。有些人可能會認為，如果您考慮第三季甚至生物加工的兩大驅動因素，您會考慮整體指南，那麼您有兩個問題需要考慮。

We've got lower volume and biotechnology, like I just talked about and in respiratory as well. So biotechnology, prior to the pandemic, we sort of had sort of a step down between Q2 and Q3. On a seasonally that was always the case for the business and we're kind of monitor.

我們的產量和生物技術都較低，就像我剛才談到的，呼吸方面也是如此。因此，在大流行之前，生物技術在第二季和第三季之間有所下降。從季節性來看，業務總是如此，我們是一種監控者。

We're putting that in sequentially again, here in our guide, we were about down mid-single digits prior to the pandemic from a revenue perspective from. And so that's kind of what we assumed in the guide that we would have that sort of step down that we normally have seen, given the fact that we're back at normal order patterns, we sort of believe that we're going to have a normal seasonality as well.

我們再次按順序排列，在我們的指南中，從收入的角度來看，在大流行之前我們的收入大約下降了個位數。因此，這就是我們在指南中假設的，考慮到我們回到了正常的訂單模式這一事實，我們會像通常看到的那樣進行降級，我們有點相信我們將會有也是正常的季節性。

So you kind of factor that into bioprocessing. And then on respiratory, we're assuming $200 million of revenue versus $300 million here in the quarter. So the two of those kind of combined are the reimage you that you've got to the Q3 revenue where it is.

所以你可以將其納入生物加工中。然後在呼吸系統方面，我們假設本季的營收為 2 億美元，而本季的營收為 3 億美元。因此，這兩者的結合將重塑你對第三季收入的認識。

And I might also add just to kind of to get out in front of them. Maybe the next question on margins, that's a big reason why we're kind of guiding to approximately 26% adjusted operating margin in the quarter. Those two businesses sort of being a little bit lower sequentially here given their margin profile. That's the big driver is not the full driver of what's happening on the margin perspective as well.

我也可能會添加一些內容，以便在他們面前脫穎而出。也許下一個問題是關於利潤率的，這是我們指導本季調整後營業利潤率約為 26% 的一個重要原因。考慮到這兩家公司的利潤率狀況，它們的利潤率比上一季略低。從利潤角度來看，這是一個主要驅動因素，但並不是完全驅動因素。

Great. Thanks. And then my follow-up here, just on 2025, there's been a lot of noise across the industry and 2025, where we'll be absolutely underlying market growth standpoint as well. So you reiterated exiting this year in bioprocessing at high , you think the total business in terms of '25 in relation to that underlying market.

偉大的。謝謝。然後我的後續行動，就在 2025 年，整個產業和 2025 年出現了許多噪音，我們也將絕對是潛在的市場成長觀點。因此，您重申今年將退出生物加工領域，您認為與該基礎市場相關的 25 年總業務。

And then you've also talked a lot about the incremental margin on bioprocessing and some of that durability on the margin expansion in diagnostics as well street currently at $8.70 or seven EPS on '25. How are you feeling about that number? Any early takes there would be helpful. Thanks.

然後，您還談論了很多關於生物加工的增量利潤以及診斷和診斷領域利潤擴張的一些持久性，目前街道價格為 8.70 美元或 25 年每股收益 7 美元。你對這個數字有什麼感覺？任何早期的採取都會有幫助。謝謝。

Yes, we just finished the second quarter, here of '24. So we still got a lot of work left to do it in '24 before we think about '25, we've always sort of guided here in January. I think that is still the plan from plenty, plenty of work left to do here in the quarter from a top-line perspective.

是的，我們剛結束了 24 年的第二季。因此，在我們考慮 25 年之前，我們在 24 年還有很多工作要做，我們總是在一月份進行指導。我認為，從營收角度來看，這仍然是本季還有大量工作要做的計劃。

But clearly, we are seeing the improved as we thought clearly, this is playing out at least in bioprocessing like we thought on the top line and submit the what we should do is look, we'll just get through Q3 here and then we kind of revisit the fourth quarter and into 2025 as we get there.

但顯然，正如我們清楚地思考的那樣，我們看到了改進，這至少在生物加工中正在發揮作用，就像我們在頂線上所想的那樣，並提交我們應該做的是看看，我們將在這裡完成第三季度，然後我們類型我們將回顧第四季度和 2025 年的目標。

From a margin perspective, I think we have sort of historically talked both, like I talked on the last call, Q2, Q4 and Q1 local typically be much better margin quarters for us, given, like you said, the operating leverage that we get out of bioprocessing and respiratory, I don't think that that will be any different here in this year.

從利潤率的角度來看，我認為我們歷史上已經討論過這兩個問題，就像我在上次電話會議上談到的那樣，第二季度、第四季度和第一季本地通常對我們來說是更好的利潤率季度，正如您所說，考慮到我們獲得的營運槓桿在生物加工和呼吸方面，我認為今年不會有什麼不同。

But as far as over the long term and as I think about next year from margin perspective, we've talked about this business being a 35% to 40% kind of incremental fall through. I don't I don't see any reason why that, that would not be the case, especially as we sort of return to growth in bioprocessing.

但就長期而言，當我從利潤率角度考慮明年時，我們已經討論過這項業務將出現 35% 到 40% 的增量下滑。我不認為我沒有任何理由這樣做，情況不會是這樣，特別是當我們在生物加工領域恢復成長時。

I think we've been close to those levels here as we've been not shrinking, frankly. So I think we've done a lot on the cost structure to be able to make sure that we can continue to do that. But I think over time, 35%, 40% fall through. And this is a business in a normal time that our adjusted operating margin should be in the low 30s.

坦白說，我認為我們已經接近這些水平，因為我們沒有萎縮。因此，我認為我們在成本結構方面做了很多工作，以確保我們能夠繼續這樣做。但我認為隨著時間的推移，35%、40%會失敗。這是一項正常時期的業務，我們調整後的營業利潤率應該在 30 左右。

Scott Davis, Melius Research.

斯科特·戴維斯，Melius 研究公司。

Morning, Scott.

早安，史考特。

Good morning Rainer and Matt and John. I think this the buyback, I don't recall seeing one at least one of the size in the past with some sort of color. Is it maybe a statement that M&A is a little slow or is it should just think about it is a little bit more like housekeeping that? What slow color on how you thought through that the buyback? Thanks.

早安，雷納、馬特和約翰。我認為這是回購，我不記得過去見過至少一種尺寸的某種顏色。這是否可能是一種聲明，表明併購有點緩慢，或者是否應該考慮它更像是家務管理？您對回購的看法有何緩慢的色彩？謝謝。

Hi Scott. First, it's important to note that this is not a change on our view on capital allocations that we maintain a strong bias towards M&A, and we're going to continue to be active on the M&A front. Having said that, as always we evaluate capital allocation using the same ROIC lens, whether it's M&A, buyback, R&D projects, CapEx and so forth. So we evaluate all of these investment options based on the expected returns.

嗨斯科特。首先，值得注意的是，這並沒有改變我們對資本配置的看法，我們仍然對併購抱持強烈的偏見，我們將繼續在併購方面保持積極態度。話雖如此，我們一如既往地使用相同的投資回報率鏡頭來評估資本配置，無論是併購、回購、研發項目、資本支出等等。因此，我們根據預期回報來評估所有這些投資選擇。

And specifically in today environment, the relative value of a buyback generates attractive financial returns. So we're buying a great business. One, we know very well. We have strong conviction about its future while maintaining a meaningful M&A envelope now and I had put out there this this is important that our free cash flow is nearly $6 billion and our net leverage is about to turn. So we feel well positioned here with the various alternatives.

特別是在當今環境下，回購的相對價值會產生有吸引力的財務回報。所以我們正在收購一家偉大的企業。一，我們非常了解。我們對其未來充滿信心，同時保持有意義的併購範圍，我已經指出這一點很重要，我們的自由現金流接近 60 億美元，而且我們的淨槓桿率即將扭轉。因此，我們感覺自己在各種替代方案中處於有利位置。

Makes sense, Rainer. Guys will the book to bill and Cytiva, will that cross one in 3Q or maybe said differently, has it already crossed one since we've already a month into the quarter?

有道理，雷納。夥計們將把書開到賬單上，Cytiva 會在第三季度跨越一個嗎？

Well that book to bill is in the 0.9, Scott. And as we said, in order to make our full year guide here of bioprocessing being down low single digits, we have to maintain the 0.9 and that certainly have the first half has played out here and we're confident that that will continue to be the case.

史考特，那本書是 0.9 版的。正如我們所說，為了使我們的全年生物加工指南下降到低個位數，我們必須保持 0.9，當然上半年已經結束，我們相信這將繼續保持下去。

As you know, we don't guide to book to bills or orders, but basically the guide is builds on the assumption that as we have 0.9 here for the year, will exit our year with high single digits or better growth.

如您所知，我們不指導預訂帳單或訂單，但基本上該指南是建立在這樣的假設之上的：由於我們今年的成長率為0.9，因此今年將以高個位數或更好的成長結束。

Best of luck Rainer. Thank you, guys. Appreciate it.

祝你好運，萊納。感謝你們。欣賞它。

Thanks. Scott.

謝謝。斯科特.

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hi, Rainer. Good morning to you and congrats on a nice screen share. One, maybe a high level on now. Maybe talk about the competitive pricing environment? Any change, I think where I'm going with the question is, given it makes it signals from different players, there is some fear whether at competitive pricing environment could degrade. So maybe talk about what you're seeing in the market?

嗨，雷納。早安，恭喜您獲得了精彩的螢幕分享。一，現在可能是一個高水準。也許談談有競爭力的定價環境？任何變化，我想我要解決的問題是，鑑於它發出來自不同參與者的信號，人們擔心競爭性定價環境是否會惡化。那麼也許可以談談您在市場上看到的情況？

Vijay, look for that for the second quarter follow-up for Danaher pricing was up 100 basis points right around there. And for 2024 as a whole, we think will likely be a little above our historical average of 75 basis points to 100 basis points. So we feel good about our positioning, the leverage in our portfolio and how we've positioned here, price-wise.

Vijay，預計丹納赫第二季的後續定價將上漲 100 個基點。就 2024 年整體而言，我們認為可能會略高於 75 個基點至 100 個基點的歷史平均值。因此，我們對我們的定位、投資組合的槓桿作用以及我們在價格方面的定位感到滿意。

As far as I think you're probably referring to bioprocessing price, Vijay, were we did about 2.5% here in the quarter is probably a pretty good, pretty good marker for the full year. We were getting better price in the last couple of years, probably 4%or 5% type price, but that was also in an environment where we had supply chain and other challenges from an inflationary perspective that we're getting more price to offset some of that.

據我認為您可能指的是生物加工價格，Vijay，我們在本季度的漲幅約為 2.5%，這可能是全年的一個非常好的標記。在過去幾年中，我們獲得了更好的價格，可能是4% 或5% 的價格，但這也是在我們面臨供應鏈和其他挑戰的環境下，從通貨膨脹的角度來看，我們獲得了更多的價格來抵銷一些的。

So some of those concerns sort of fall off, if you will, the price comes down. But fundamentally, from a competitive perspective, I don't think we're seeing significant price pressures. It's much more a function of just coming back to where we used to be, which is bioprocessing 100 basis points to 200 basis points.

因此，其中一些擔憂會消失，如果你願意的話，價格就會下降。但從根本上講，從競爭的角度來看，我認為我們沒有看到重大的價格壓力。它更多的是回到我們以前的狀態，即生物處理 100 個基點到 200 個基點。

That's helpful. Matt, Rainer, one more on that and bigger picture on China. What's been the historical relationship between code activity and when that translates to orders and non-core revenues, is there any way to quantify when you say China could actually expect up is that above trend versus historical averages above trends in any framework would be helpful.

這很有幫助。馬特（Matt）、雷納（Rainer），再談談這個問題以及關於中國的更大的圖景。程式碼活動之間的歷史關係是什麼，當它轉化為訂單和非核心收入時，有什麼方法可以量化當你說中國實際上可以預期高於趨勢與歷史平均水平在任何框架中都會有幫助。

Well in China what we're seeing is increased activity levels in our funnel. So the volumes that we see in our funnel, has been growing, and that's all related to people in the market, getting ready for this stimulus funding, if you will, with sort of shovel ready projects.

在中國，我們看到漏斗中的活動水準增加。因此，我們在漏斗中看到的數量一直在增長，這都與市場上的人們有關，他們正在為刺激資金做好準備，如果你願意的話，可以透過某種準備好的項目來準備。

But what we're also seeing is a decrease in the funnel velocity as a naturally market players are looking to see what the financing terms and conditions for the stimulus are. So we have watched this development. This is expected for us. This is not new news. We expected that the market would hold up to see what the funding alternatives would be.

但我們也看到漏斗速度的下降，因為市場參與者自然會專注於刺激計畫的融資條款和條件。所以我們已經看到了這個發展。這是我們所期望的。這並不是什麼新消息。我們預計市場將保持堅挺，看看融資替代方案是什麼。

And we don't expect to see the funnel convert into orders in any meaningful way here in 2024. We view that more as of 2025 live event as people are waiting for their shovel ready projects to receive funding.

我們預計到 2024 年，通路不會以任何有意義的方式轉化為訂單。

Thanks, guys.

多謝你們。

Thanks, Vijay.

謝謝，維傑。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Great. Hi guys. Thanks for taking the question. I want to ask on the Life Sciences segment that you flagged instruments sold down high single digits, and that's a small part of the business. But still seems like life sciences as a whole is and seeing a lot of improvement yet you also called out NGS.

偉大的。嗨，大家好。感謝您提出問題。我想問生命科學領域，你們標記的儀器銷售量下降了高個位數，而這只是該業務的一小部分。但生命科學作為一個整體似乎仍然取得了很大的進步，但你也提到了 NGS。

I think, being a little bit weaker. Some parts of consumables are in fact, that's so just as a whole for life sciences, both instruments and consumables are. Can you dive a little bit more in terms of what you're seeing in the end market? Any improvement in order trend there? Just how should we expect this to have to play out?

我想，還是弱了一點吧。事實上，耗材的某些部分是這樣的，對於生命科學來說，儀器和耗材都是如此。您能否進一步深入了解您在終端市場中看到的情況？訂單趨勢有改善嗎？我們該如何期待這一切的結果呢？

Sure, Mike, but let's start with the quarter. So overall, the second quarter came in as expected, down high single digits with the market conditions, largely consistent with what we saw in the first quarter. For capital equipment, more constrained, particularly in China, while consumables and services held up comparatively better.

當然，麥克，但讓我們從本季開始吧。因此，總體而言，第二季的業績符合預期，隨著市場狀況出現高個位數下降，與我們在第一季看到的情況基本一致。對於資本設備來說，受到更多限制，尤其是在中國，而消耗品和服務則相對較好。

Now in developed markets, pharma and biotech remain soft but stable sequentially, while the academic markets were modestly weaker and applied markets continue to hold up well, particularly for more advanced instrumentation that you need for complicated applications such PFAS clinical and so forth.

現在在已開發市場，製藥和生物技術仍然疲軟但穩定，而學術市場略有疲軟，而應用市場繼續保持良好，特別是對於 PFAS 臨床等複雜應用所需的更先進的儀器。

And coming back to China here and to build on my comments to Vijay's question, the recent stimulus measures are really driving improved funnels and quoting activity, but we don't expect that to convert to orders until 2025.

回到中國，基於我對 Vijay 問題的評論，最近的刺激措施確實推動了渠道和報價活動的改善，但我們預計這要到 2025 年才會轉化為訂單。

So as expected, we're starting to see customers delaying their purchasing decisions there as they await the stimulus funding. How do you think about the second quarter? Look, we're going to the second half -- excuse me, but we're going to see the comps easing a bit, and that will certainly contribute to some stabilization.

因此，正如預期的那樣，我們開始看到客戶在等待刺激資金時推遲他們的購買決定。您如何看待第二季度？看，我們將進入下半年——對不起，但我們將看到競爭有所緩和，這肯定有助於穩定。

But we would expect this normalization process for life science tools and consumables to continue through 2024.

但我們預期生命科學工具和耗材的這種正常化過程將持續到 2024 年。

Okay. 2025 --

好的。 2025年——

Through 2024.

到 2024 年。

The endpoint. Okay. Thank you sort of them. And then on Saturday at on the diagnostics side and talk about respiratory coming in a little bit stronger $300 million, but the rest of them diagnostics and the rest of the major diagnostic change in the queue called out on a decline in core sales and MDx. So could you talk about what you're seeing diagnostics outside of respiratory business?

終點。好的。謝謝他們。然後在周六的診斷方面，談論呼吸系統的收入增加了 3 億美元，但其餘的診斷和隊列中的其他主要診斷變化表明核心銷售額和 MDx 的下降。那麼您能談談您在呼吸系統業務之外看到的診斷嗎？

So we saw mid-single digit growth in our non-respiratory businesses with good customer activity around the world. And in particular, if you think about Cepheid at both respiratory and non-respiratory reagents for up so on non-respiratory was actually up mid-teens. And here you see the Cepheid had strategy playing out, increasing that installed base, increasing menu adoption and utilization. Virology, a relatively new assay, up 20% in the second quarter.

因此，我們的非呼吸業務業務實現了中個位數成長，全球客戶活動良好。特別是，如果你考慮到造父變星在呼吸和非呼吸試劑上的上升，那麼非呼吸試劑實際上上升了十幾歲。在這裡您可以看到 Cepheid 正在實施策略，增加安裝基礎，提高選單採用率和使用率。病毒學是一種相對較新的檢測方法，第二季成長了 20%。

And we're, of course, benefiting from recent menu expansion such as in sexual health, which is also up 20%. And then you heard us launch the new assay and receive approval for hepatitis C, and we look forward to seeing its growth journey going forward.

當然，我們也受益於最近的菜單擴展，例如性健康，也成長了 20%。然後您聽說我們推出了新的檢測方法並獲得丙型肝炎的批准，我們期待看到其未來的成長之旅。

So if you look at Cepheid, that strategy plays out. We continue to take share and grew both in respiratory and non-respiratory testing. We have there a little bit of a year over year with the equipment being a little bit down and that nudged it just adds into a small negative growth here for the second quarter.

因此，如果你看看造父變星，你會發現這種策略正在發揮作用。我們繼續在呼吸和非呼吸測試方面佔據份額並取得增長。與去年同期相比，我們的設備略有下降，這推動了第二季的小幅負成長。

Now as you look at the remaining businesses, Beckman grew low single digits, but really the Beckman Diagnostics continues with this momentum with recurring revenue growing at mid-single digits. Again this quarter and the overall motor moderation there for Beckman is really related to some challenging equipment comps. We had a lot of backlog that we needed to ship out last year.

現在，當你看看其餘的業務時，貝克曼的成長速度較低，但貝克曼診斷公司實際上繼續保持著這種勢頭，經常性收入以中位數的速度成長。同樣，本季貝克曼的整體運動調節確實與一些具有挑戰性的設備比較有關。去年我們有很多積壓的訂單需要出貨。

And that's affecting the compare here a little bit. But Beckman Diagnostics really is a mid-single-digit long-term grower. We've got, a full innovation pipeline. The commercial execution is outstanding. We've got great instrument placement, and we've done a lot on the innovation front.

這對這裡的比較有一點影響。但貝克曼診斷公司確實是一個中位數的長期成長者。我們擁有完整的創新管道。商業執行力非常出色。我們有很好的儀器佈局，我們在創新方面做了很多工作。

We just talked about the access NT-proBNP, which is expanded our cardiac menu in the second quarter. And we've done a full refresh of our product line with the immunoassay DxI 9000 on chemistry, the DxC 500 and automation the DxA 5000.

我們剛剛談到了 access NT-proBNP，它在第二季度擴展了我們的心臟菜單。我們也對化學免疫測定 DxI 9000、DxC 500 和自動化 DxA 5000 的產品線進行了全面更新。

So, coupled with our execution now we see our diagnostics businesses are poised and positioned very well here, both competitively and for the long term.

因此，結合我們現在的執行情況，我們看到我們的診斷業務無論是在競爭上還是從長期來看都已做好準備並處於非常有利的位置。

Great, thanks.

萬分感謝。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Great. Thanks. Good morning, Rainer. How are you doing? Thanks for the questions here. Maybe just going back to Scott's question on the buyback on the stock down in stock is one of the best performers over the past five and 10-year periods? So arguably, you could say the ROIC on buybacks was consistently attractive during that period of time.

偉大的。謝謝。早安，雷納。你好嗎？感謝您在這裡提出的問題。也許回到斯科特關於回購股票的問題，股票下跌是過去五年和十年期間表現最好的股票之一？因此，可以說，您可以說回購的投資回報率在那段時間一直具有吸引力。

And as mentioned, you guys, I certainly don't really buy back stock in your business model is really predicated on M&A and deploying DB assets at. So could you just elaborate a bit on the M&A environment today? Maybe what's holding things back? And what's your confidence and deploy meaningful capital for M&A as we look out over the next few years?

如同前面提到的，你們這些人，我當然不會真正回購你們的商業模式中的股票，這種商業模式其實是基於併購和部署資料庫資產的。能否詳細介紹一下今天的併購環境？也許是什麼阻礙了事情的發展？當我們展望未來幾年時，您對併購有何信心並部署有意義的資本？

Yes, maybe I'll start. I mean, look, we sort of maybe this is what you think about it. We like this portfolio like how we're positioned for the future. We like the growth where we're going to be here. The portfolio move to the last five years have been sort of the fog of COVID, if you will, is really sort of made it hard to see what we think this business is capable.

是的，也許我會開始。我的意思是，聽著，我們也許這就是你的想法。我們喜歡這個產品組合，就像我們對未來的定位一樣。我們喜歡我們將在這裡的增長。過去五年的投資組合變動有點像新冠疫情的迷霧，如果你願意的話，確實讓人很難看出我們認為這項業務的能力。

We've talked about it with everybody in the past, and we this is a high single-digit growth business, 60% gross margins, 30% OP with free cash flow conversion was 100%. So we like our business and when I see what we trade at today, and then I kind of look out at what some of these still current M&A multiples are.

我們過去和大家討論過這個問題，我們這是一項高個位數成長的業務，毛利率為 60%，OP 為 30%，自由現金流轉換率為 100%。因此，我們喜歡我們的業務，當我看到我們今天的交易價格時，我會看看其中一些目前仍然存在的併購倍數是多少。

It's just from a from a current perspective, we're getting as good of return, if not better on some of the buyback than we would at some of these levels. And we just think that in today's environment, the buyback medicines, but that is in today's environment, our bias still is towards M&A.

從目前的角度來看，我們在某些​​回購方面獲得了同樣好的回報，甚至比在某些水平上更好。我們只是認為在今天的環境下，回購藥品，但在今天的環境下，我們的偏見仍然是併購。

But I do believe that we've got a bit of a disconnect here still in today's environment and where we own are going to making a bet if you will, on the business that we know well and that we think he's got a lot of upside.

但我確實相信，在今天的環境下，我們仍然存在一些脫節，如果你願意的話，我們擁有的公司將在我們熟悉的業務上進行押注，並且我們認為他有很大的上升空間。

Great. Thanks for that. And maybe just one, if I just go back to the Q3 guide for bio process in the normal seasonality, Q2 did come in ahead of expectations and you're maintaining the full year guide towards or anything in Q2 in terms of a pull forward or timing?

偉大的。感謝那。也許只是一個，如果我回到正常季節性生物過程的第三季度指南，第二季度確實超出了預期，並且您將維持全年指南或第二季度的任何方面的提前或定時？

Or is there any change to your view that as inventories normalize, which I think you've said in the past, you would see a real nice recovery. I think you guys have talked about the math of seeing like a nice kind of growth rate of things normalize.

或者您的觀點是否有任何變化，即隨著庫存正常化，我認為您過去曾說過，您會看到真正的良好復甦。我想你們已經討論過數學問題，即事物的成長率正常化。

Yes. nothing I would say for bioprocessing in the same for respiratory, I would say there's nothing that we saw in Q2 that is causing us consternation about the normal seasonality. I think this is really about returning to a normal seasonal pattern where typically in bioprocessing, we are seeing mid-single digit decline and sequentially from Q2 to Q3.

是的。對於生物加工和呼吸系統，我沒什麼好說的，我想說的是，我們在第二季度看到的任何東西都沒有讓我們對正常的季節性感到驚愕。我認為這實際上是為了恢復正常的季節性模式，通常在生物加工中，我們會看到中等個位數的下降，並且從第二季到第三季依次下降。

For planning purposes, we because we are largely passed some destocking because we see the customer order patterns sort of coming back to normal for planning purposes, we are going to plan on that same mid-single digit decline from a revenue perspective sequentially.

出於規劃目的，我們在很大程度上通過了一些去庫存，因為我們看到客戶訂單模式在某種程度上恢復正常，因此我們將從收入角度依次規劃同樣的中個位數下降。

But that does not change anything in the underlying what we've seen in the business. So I wouldn't read too much into it other than this is a sequential normal historical revenue pattern, and we are assuming that it again.

但這並沒有改變我們在業務中所看到的根本情況。因此，除了這是一個連續的正常歷史收入模式之外，我不會對其進行太多解讀，而且我們再次假設它。

Great. Thanks, Matt.

偉大的。謝謝，馬特。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hi, Doug.

嗨，道格。

Good morning, guys, thanks for taking the questions. First, I've got a two parter on bioprocessing and then I want to pivot back to China. So on processing, it seems like you need continued improvement in the end market to exit the year growing high single digits beating this is more than just year-over-year comparisons.

早上好，夥計們，感謝您提出問題。首先，我在生物加工方面有兩個合作夥伴，然後我想回到中國。因此，在處理方面，似乎您需要終端市場的持續改進才能退出今年的高個位數成長，這不僅僅是同比比較。

It does seemed like you're expecting continued improvement there, just given how the last couple of years have gone in the market, even acknowledging what you talked about in terms of encouraging trends. I'm just wondering how you got comfortable with any risks to that assumption.

考慮到過去幾年市場的發展情況，您似乎確實期待那裡的持續改善，甚至承認您談到的令人鼓舞的趨勢。我只是想知道你是如何接受這種假設的任何風險的。

So that's the first question. The second is on new modalities. In the near term and then just looking ahead, how has your business associated with new modalities performed recently? And what's your expectation for mix? New modalities versus map contributions are moving forward based on what you're seeing in the market right now? That obviously could be a bit accelerated growth over the coming quarters. And then finally on China, just regarding the slowdown in purchasing related to stimulus -- pending stimulus. I'm just wondering how broad base this is and where you're seeing the most headwinds as folks. Basically trying to get better clarity on where the money is going to be allocated ends up and when. Thank you very much.

這是第一個問題。二是新模式。在近期和未來，您與新模式相關的業務最近表現如何？您對混音有何期望？根據您目前在市場上看到的情況，新模式與地圖貢獻正在向前發展？顯然，未來幾個季度的成長可能會有所加快。最後是關於中國，只是關於與刺激措施相關的採購放緩——懸而未決的刺激措施。我只是想知道這有多麼廣泛的基礎，以及作為人們，你們在哪裡看到了最大的阻力。基本上是試圖更清楚地了解資金將分配到哪裡以及何時分配。非常感謝。

Sure. Let's start with how we get comfortable with our view on bioprocessing and its future. And I think it's important to level set one more time on the performance that we've seen here in the first half, starting with the second quarter, which again, it's played out as we thought.

當然。讓我們從如何了解我們對生物加工及其未來的看法開始。我認為重要的是，從第二季度開始，我們在上半場看到的表現再次達到水平，這再次按照我們的想法進行。

We saw improvement in revenue and orders second quarter in a row grow in both consumables and equipment. And you'll recall from our commentary in last quarter's comments that we wanted to see that improvement and equipment and we did and our core revenue improved nearly a thousand basis points from down high teens.

我們看到收入有所改善，消耗品和設備的訂單連續第二季成長。您會記得我們在上個季度的評論中說，我們希望看到設備和設備的改進，我們做到了，我們的核心收入從十幾歲以下提高了近千個基點。

Matt talked about this to down high single digits. And again, orders grew high single digits sequentially from Q1, which is an acceleration from the mid-single digit. So we do see strength there, and that's because that destocking is largely behind us and they're very few exceptions.

馬特談到這一點時，談到了高個位數。訂單量再次從第一季開始連續出現高個位數成長，較中個位數有所加速。所以我們確實看到了那裡的實力，那是因為去庫存基本上已經過去了，而且很少有例外。

And those order patterns are more and more similar to the pre-pandemic levels, which is also line our guide here for Q3, we've talked about seasonality again, something that we haven't seen in, what will consider the anomalous last eight quarters or so.

這些訂單模式越來越類似於疫情前的水平，這也是我們第三季的指南，我們再次討論了季節性，這是我們沒有看到的，如何考慮過去八個異常情況宿舍左右。

So those ordering patterns are returning to what we saw in the pre-pandemic level. And again, it's important to note here, large customers with on-market drugs continue to grow because that underlying large molecule demand remains at historical growth rates.

因此，這些訂購模式正在恢復到我們在大流行前看到的水平。再次要注意的是，市面上藥品的大客戶持續成長，因為潛在的大分子需求仍維持歷史成長率。

And we talked about that high single digits, maybe even low double digits, but certainly at the historical rates, which continues to provide that demand signal through the entire value chain. At the same time, development pipelines remain very solid across the board.

我們談到了高個位數，甚至可能是低兩位數，但肯定是按照歷史利率，這繼續在整個價值鏈中提供需求訊號。同時，各方面的開發管道仍然非常穩固。

But if we look at Phase 3, that's particularly strong, in fact, we would say it is stronger than it had been prior to the pandemic and that further underwrites our long-term growth expectations. Now you talked about some of the smaller biotech customers, and that's where you tend to see some of these advanced modalities.

但如果我們看看第三階段，就會發現它特別強勁，事實上，我們會說它比大流行之前更強，這進一步支撐了我們的長期成長預期。現在您談到了一些較小的生物技術客戶，您往往會在這些客戶中看到一些先進的模式。

Let's just call them for the sake of argument right now and nucleic acid-based therapies and perhaps a couple of other types of bispecifics ADCs. And what we see there is that they have been and over-proportionately impacted by some of the funding contraction that we saw in the venture capital markets.

為了方便討論，我們現在將它們稱為基於核酸的療法，或許還有其他幾種類型的雙特異性 ADC。我們看到的是，他們受到了我們在創投市場上看到的一些融資收縮的影響，而且影響過大。

But that's improved, which is encouraging. But again, those smaller players really do need to focus on their most promising projects to play that out. That's going to have an effect on how much capital that they spend on equipment.

但情況有所改善，這是令人鼓舞的。但同樣，那些規模較小的參與者確實需要專注於他們最有前途的專案來實現這一目標。這將影響他們在設備上花費的資本。

So if a particular player is positioned and their portfolio skewed more towards these advanced therapies and these smaller customers where cash remains fairly tight, then that's going to impact in the order book with our broader portfolio, particularly with our skew towards commercialized drugs and those in late phases, we see that strength. And that's another reason why we feel good about exiting 2024 at high single digits or better.

因此，如果某個特定參與者的定位和他們的投資組合更偏向這些先進療法和這些現金仍然相當緊張的小客戶，那麼這將影響我們更廣泛的投資組合的訂單，特別是我們偏向商業化藥物和那些在後期階段，我們看到了這種力量。這也是我們對 2024 年以高個位數或更好的成績退出感到滿意的另一個原因。

Now coming back to your question here on new modalities. New modalities are exciting, they are a small part of our business and they are a small part of the overall market keep in mind. Our business is driven by protein therapies in their various forms. And of course, we also are a leading player for the Advanced Therapies. But if you calibrate, this is a much smaller part of both our business and the market.

現在回到你關於新模式的問題。新的模式令人興奮，它們只是我們業務的一小部分，也是整個市場的一小部分，請記住。我們的業務由各種形式的蛋白質療法所驅動。當然，我們也是先進療法的領導者。但如果你仔細衡量一下，這在我們的業務和市場中所佔的比例要小得多。

And it's going to have a fair amount of variability both and success rates in terms of the approval is that these advanced therapies receive, but also in terms of the uptake and the reimbursement dynamics associated with those. So I think we're just at the very beginning of that trend to these advanced modalities going on.

這些先進療法的批准和成功率以及與這些療法相關的採用和報銷動態方面都會有相當大的可變性。因此，我認為我們正處於這些先進模式趨勢的開始階段。

Lastly, China, the slowdown that we're seeing is really fairly the broad based as you look at our portfolio, life science research and more academic focus, and that's where you see a lot of waiting for the stimulus funds to be dispersed.

最後，在中國，當你看到我們的作品集、生命科學研究和更多的學術焦點時，我們看到的經濟放緩確實是相當廣泛的，這就是你看到很多人等待刺激資金分散的地方。

If that segment is ready, the applications are filed there in the final, so to speak, but we need to see the disbursement of that that and we're not counting on that happening in any material form here in 2024.

如果該部分準備就緒，可以說，申請會在最終階段提交，但我們需要看到該部分的支付情況，我們不指望 2024 年會以任何物質形式發生這種情況。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

Hi Tycho. Welcome back.

嗨第谷。歡迎回來。

Thank you, Rainer. I want to go back to instruments for just a minute and kind of your back, obviously and insights back in the day. Just thinking about the replacement cycle. We get a lot of questions on that for aspect. How do you think about that potentially kicking in over the next couple of years? Because I think there's some debate that some of that got pulled during COVID and maybe it's going to be more muted the cycle when you do you start to see the replacement cycle from aspect?

謝謝你，雷納。我想用一分鐘的時間回到儀器上，並回顧一下你的背部，顯然，以及當天的見解。只是考慮更換週期。我們收到了很多關於這方面的問題。您如何看待未來幾年這種可能發生的情況？因為我認為存在一些爭論，其中一些在新冠疫情期間被取消，當你開始從方面看到更換週期時，也許這個週期會變得更加平靜？

So I think we would support that hypothesis that the additional funding and in the various markets subsidies pulled forward demand and replaced a lot of equipment out there during the pandemic and immediately following that.

因此，我認為我們會支持這樣的假設，即額外的資金和各個市場的補貼拉動了需求，並在大流行期間和緊隨其後更換了許多設備。

And that's why we've talked about the need and we're experiencing things that normalization period right now. And that replacement cycle is going to remain intact and intact and that's why we would say we're probably sort of in the early innings, mid innings here of that recovery. The first step that we're probably going to see here on the lower comps in the second half and probably going take 2025 to start approaching that normal replacement cycle, again, Tycho.

這就是為什麼我們談論了這種需求，而我們現在正在經歷正常化時期的事情。更換週期將保持完整，這就是為什麼我們會說我們可能處於復甦的早期和中期。第一個步驟，我們可能會在下半年看到較低的比較，並且可能需要 2025 年才能開始接近正常的更換週期，再次，第谷。

Okay. And then on bio process, I appreciate all the color. We start to get more questions on yield improvement. I'm wondering how you think about that. Just your customer is getting more efficient and then how you think about capacity kind of freeing up in the industry, whether it's Novo selling off some of the [capital] capacity or [Hoshin] having to get rid of some capacity in the US.

好的。然後在生物過程中，我欣賞所有的顏色。我們開始收到更多有關產量提高的問題。我想知道你對此有何看法。只是你的客戶變得更有效率，然後你如何看待產業中產能的釋放，無論是 Novo 出售一些[資本]產能還是[Hoshin]必須擺脫美國的一些產能。

Just curious how you think about that playing into kind of the equipment side of things. And then maybe last part, just what's your view on kind of doing more on the service side as CDMO type work and adding your own capacity?

只是好奇你如何看待設備方面的問題。最後一部分，您對在服務方面做更多 CDMO 類型工作並增加自己的能力有何看法？

So starting with yields and improving customer yields, that's what we do. Our focus and bio processing is to help our customers improve the yields. And there's plenty of opportunity. To ultimately lower the total cost of manufacturing of these life-saving, certainly a quality of life, improving drugs and to improve accessibility to these drugs around the world.

因此，從產量開始，提高客戶產量，這就是我們所做的。我們的生物加工重點是幫助我們的客戶提高產量。而且還有很多機會。最終降低這些挽救生命、提高生活品質的藥物的生產總成本，改善藥物並提高世界各地對這些藥物的可近性。

So that's what we do and we don't view that as an inhibitor to growth on the contrary through creating more by value for our customers that we see more opportunity for growth there and differentiation and believe that we're very well-positioned.

這就是我們所做的，我們不認為這是成長的抑制因素，相反，透過為客戶創造更多價值，我們看到了更多成長和差異化的機會，並相信我們處於非常有利的位置。

As we think about capacity here in the marketplace we actually believe that capacity certainly for commercial production and what is in Phase 3 needs to increase. We don't believe that in the large manufacturers, pharma, our CDMO that ultimately there is sufficient capacity for the long term.

當我們考慮市場容量時，我們實際上認為商業生產和第三階段的容量肯定需要增加。我們不相信大型製造商、製藥公司和我們的 CDMO 最終有足夠的長期產能。

And we would expect that capacity to continue to increase and there's moves in the marketplace that demonstrate that. That underwrites also our perspective on equipment orders growth.

我們預期產能將持續增加，市場的變化也證明了這一點。這也證實了我們對設備訂單成長的看法。

As it relates to services, we've talked about that at length, we're very focused on the scope of the businesses that we have. We're excited about investing in those businesses and helping our customers do what they do. We do provide services in order to help them with some of their most complex and new therapies and then ultimately the tech transfers to either the pharma company itself off or the CDMO partner.

由於它與服務有關，我們已經詳細討論過這一點，我們非常關注我們擁有的業務範圍。我們很高興投資這些業務並幫助我們的客戶做他們所做的事情。我們確實提供服務，以幫助他們進行一些最複雜的新療法，然後最終將技術轉移給製藥公司本身或 CDMO 合作夥伴。

Okay. Very helpful. Thanks.

好的。很有幫助。謝謝。

Thanks, Tycho.

謝謝，第谷。

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

謝謝。此時，我想將電話轉回約翰貝德福德，詢問任何補充或結束語。

Thank you, everybody for joining, and we'll be around all day interest away for questions. Good day.

感謝大家的加入，我們將全天熱心解答問題。再會。

Thank you. This does conclude Danaher Corporation's Second Quarter 2024 earnings results conference call. You may disconnect your lines at this time and have a wonderful day.

謝謝。丹納赫公司 2024 年第二季財報電話會議至此結束。此時您可以斷開線路並度過美好的一天。