Danaher Corp (DHR) 2024 Q3 法說會逐字稿

My name is Ashley and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to the Danaher Corporation's third quarter 2024 earnings results conference call. (Operator Instructions)

我叫阿什利，今天早上我將擔任你們的會議主持人。此時此刻，我歡迎大家參加丹納赫公司 2024 年第三季財報電話會議。 （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。貝德福先生。您可以開始您的會議了。

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雷納布萊爾 (Rainer Blair) 和我們的執行副總裁兼財務長 Matt McGrew。

I'd like to point out that our earnings release Form 10-Q the slide presentation supplementing today's call, the reconciliations, and other information required by SEC Regulation G relating to the non-GAAP financial measures we'll be discussing during the call.

我想指出的是，我們的收益發布表 10-Q 幻燈片演示補充了今天的電話會議、調節表以及 SEC G 條例要求的與我們將在電話會議期間討論的非 GAAP 財務措施相關的其他信息。

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. 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 November 5, 2024.

包含歷史和預期未來財務業績詳細資訊的說明均可在我們網站 www.danaher.com 的投資者部分的季度收益標題下找到。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於 2024 年 11 月 5 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 relate to the third 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，我們將描述影響逐年績效的某些更重要的因素。補充資料描述了影響逐年績效的其他因素。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 年第三季度相關，並且所有對財務指標的期間增減的引用均指同比。我們也可能描述某些產品和設備，這些產品和設備已提交申請並等待某些監管部門的批准，或僅在某些市場提供。

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 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，除非法律要求，否則我們不承擔任何更新任何前瞻性陳述的義務。

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

說到這裡，我想把電話轉給雷納。

Well, thank you, John and good morning everyone. We appreciate you joining us on the call today. Our team delivered strong third quarter results with revenue, adjusted net earnings per share, and cash flow all coming in ahead of our expectations. We were especially pleased with the continued positive momentum in bioprocessing and another exceptional quarter at Cepheid and we enhanced our long term competitive advantage with the release of several impactful new innovations across our businesses.

好吧，謝謝你，約翰，大家早安。我們感謝您今天加入我們的電話會議。我們的團隊第三季業績強勁，營收、調整後每股淨利和現金流都超出了我們的預期。我們對生物加工領域持續的積極勢頭以及 Cepheid 又一個出色的季度感到特別滿意，並且透過在我們的業務中發布了幾項有影響力的新創新，我們增強了我們的長期競爭優勢。

Now we see a bright future ahead for Danaher, a transformation in our portfolio over the last several years has created a focused Life Sciences and diagnostics leader positioned for higher long term growth, expanded margins, and stronger cash flow. Danaher is purpose built to help customers solve some of the most important health challenges impacting patients around the world. Our proven ability to innovate is enabling faster, more accurate diagnoses, and helping customers reduce the time and cost needed to sustainably develop and deliver life changing therapies.

現在，我們看到丹納赫有著光明的未來，過去幾年我們的投資組合轉型打造了一家專注於生命科學和診斷領域的領導者，定位於更高的長期成長、擴大的利潤率和更強的現金流。丹納赫致力於幫助客戶解決影響世界各地患者的一些最重要的健康挑戰。我們久經考驗的創新能力能夠實現更快、更準確的診斷，並幫助客戶減少可持續開發和提供改變生活的療法所需的時間和成本。

Now, the unique combination of our talented team, our differentiated science and technology portfolio, and the power of the Danaher business system positions as well as we seek to maximize value for our customers, our associates, and our shareholders.

現在，我們的才華橫溢的團隊、我們差異化的科學和技術組合以及丹納赫業務系統地位的力量的獨特結合，以及我們尋求為我們的客戶、我們的員工和我們的股東實現價值最大化。

So with that, let's take a closer look at our third quarter-2024 results. Sales were $5.8 billion in the third quarter and we delivered 0.5% core revenue growth. Geographically, core revenues and developed markets increased low single digits with low single digit growth in North America and mid-single digit growth in Western Europe. High growth markets were down mid-single digits including a high single digit decline in China.

那麼，讓我們仔細看看 2024 年第三季的業績。第三季銷售額為 58 億美元，核心營收成長 0.5%。從地理來看，核心收入和已開發市場的成長幅度較低，其中北美成長幅度較低，西歐成長幅度中等。高成長市場出現中個位數下降，其中中國出現高個位數下降。

Our gross profit margin for the second quarter was 58.7% and our adjusted operating profit margin of 27.5% was down 10 basis points as accelerated investments and innovation offset the favorable impact of cost saving initiatives.

我們第二季的毛利率為 58.7%，調整後營業利潤率為 27.5%，下降了 10 個基點，因為加速投資和創新抵消了成本節約措施的有利影響。

Adjusted diluted net earnings per common share of $1.71 were essentially flat year over year. And we generated $1.2 billion of free cash flow in the quarter and $3.8 billion year-to-date, resulting in a year-to-date free cash flow to net income conversion ratio of 135%.

調整後稀釋後每股普通股淨利為 1.71 美元，與去年同期基本持平。本季我們產生了 12 億美元的自由現金流，年初至今產生了 38 億美元，導致年初至今的自由現金流與淨利潤的轉換率為 135%。

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 was flat year over year with our bioprocessing business up low single digits and our discovery and medical business down high 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。我們生技部門的核心收入同比持平，我們的生物加工業務成長了低個位數，而我們的發現和醫療業務下降了高個位數。

In bioprocessing, we were encouraged with the continued positive momentum we saw in the quarter. Notably orders increased high single digits sequentially, which is the fifth consecutive quarter of sequential order improvement. And our book to bill ratio improved to approximately 1.0. Now, geographically, we saw improving order trends in developed markets as large customers are returning to more normal ordering patterns.

在生物加工方面，我們對本季看到的持續積極勢頭感到鼓舞。值得注意的是，訂單環比增長高個位數，這是訂單連續第五個季度環比增長。我們的訂單出貨比改善至 1.0 左右。現在，從地理上看，隨著大客戶恢復到更正常的訂購模式，我們看到已開發市場的訂單趨勢有所改善。

In China, orders and underlying activity levels remain weak particularly for equipment as customers continue to conserve their capital. Revenue growth in the quarter was driven by our larger pharma biopharma and CDMO customers. Production volumes at these customers who are primarily manufacturing monoclonal antibody therapies has continued to grow in line with historical averages. Now, we've seen demand that these customers steadily improve throughout the year as they're moving past inventory destocking and anticipate this gradual recovery will continue over the coming quarters.

在中國，由於客戶繼續節省資本，訂單和基本活動水準仍然疲軟，尤其是設備方面。本季的營收成長是由我們較大的製藥生物製藥和 CDMO 客戶推動的。這些主要生產單株抗體療法的客戶的產量繼續按照歷史平均值成長。現在，我們看到這些客戶的需求在全年中穩步改善，因為他們正在經歷庫存去庫存，並預計這種逐步復甦將在未來幾季繼續下去。

In contrast, we're not seeing the same level of improvement in underlying performance from our smaller customers. Despite a modest improvement in the funding environment, they continue to rationalize their therapeutic programs and remain cautious with their investments.

相較之下，我們的小客戶的基本績效並沒有得到同樣程度的改善。儘管融資環境略有改善，但他們繼續合理化其治療計劃，並對投資保持謹慎。

Now, putting this all together, we continue to expect low single digit core revenue decline in our bioprocessing business for the full year 2024. And this includes an assumption of high single digit core revenue growth in the fourth quarter.

現在，綜上所述，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。

Now, as the stocking moves behind us, we're increasingly excited about the long term opportunities ahead for Cytiva's leading bioprocessing franchise. Monoclonal antibodies, which comprise the majority of our revenues remain the largest investment area for our customers.

現在，隨著庫存的轉移，我們對 Cytiva 領先的生物加工特許經營權所面臨的長期機會越來越感到興奮。單株抗體占我們收入的大部分，仍然是我們客戶最大的投資領域。

We're also seeing accelerated adoption of these therapies and 6 of the top 10 highest revenue generating drugs today are monoclonal antibodies. With our comprehensive portfolio, our best in class scientific services and innovation focused on increasing yields and enhancing manufacturing efficiencies, we believe we're very well positioned to support our customers today and well into the future.

我們也看到這些療法的加速採用，當今創收最高的 10 種藥物中有 6 種是單株抗體。憑藉我們全面的產品組合、一流的科學服務和專注於提高產量和提高製造效率的創新，我們相信我們有能力為當今和未來的客戶提供支援。

Now, turning to our Life Sciences segment. Core revenue decreased by 2% in line with our expectations. Core revenue in our Life Sciences instruments, businesses collectively declined mid-single digits with market conditions in the third quarter, largely consistent with what we saw in the first half of the year.

現在，轉向我們的生命科學部分。核心收入下降 2%，符合我們的預期。隨著第三季的市場狀況，我們生命科學儀器和業務的核心收入總體下降了中個位數，與我們上半年的情況基本一致。

Ongoing research and lab activity is driving growth in consumables and service, which was more than offset by a decline in capital equipment, particularly in China. Announced stimulus measures in China have not yet translated into meaningful order activity as customers are still awaiting details on the implementation of these programs.

持續的研究和實驗室活動正在推動消耗品和服務的成長，但資本設備的下降抵消了這一增長，尤其是在中國。中國宣布的刺激措施尚未轉化為有意義的訂單活動，因為客戶仍在等待這些計劃實施的細節。

Now, in the meantime, many customers are delaying purchasing decisions. Outside of China, our end markets are relatively stable and we were encouraged to see early signs of improvement in demand among our pharma and biopharma customers particularly in North America.

與此同時，許多客戶現在正在推遲購買決定。在中國以外，我們的終端市場相對穩定，我們很高興看到我們的製藥和生物製藥客戶需求改善的早期跡象，特別是在北美。

Now, during the quarter, Beckman Coulter Life Sciences introduced the Cydem VT. Cydem VT is a fully automated high throughput cell culture system designed to simplify and accelerate the complex and lengthy process of clone screening and cell line development.

現在，在本季度，貝克曼庫爾特生命科學公司推出了 Cydem VT。 Cydem VT 是一款全自動高通量細胞培養系統，旨在簡化和加速克隆篩選和細胞系開發複雜而漫長的過程。

Now, by harnessing the power of the Cydem VT, researchers can optimize workflows and reduce hands on time by up to 90%. Enabling them to efficiently identify the most promising clones and improve the success rate of their cell line development projects.

現在，透過利用 Cydem VT 的強大功能，研究人員可以優化工作流程並將手動操作時間減少高達 90%。使他們能夠有效地識別最有前途的克隆並提高細胞系開發項目的成功率。

In July, we completed the acquisition of Genedata, a leading provider of enterprise and workflow software used in drug discovery and development. Genedata's advanced software solutions automate complex R&D processes, enabling biopharma researchers to analyze and interpret samples more quickly. So we're really excited to welcome this innovative team to our Life Science segment.

7 月，我們完成了對 Genedata 的收購，Genedata 是一家領先的藥物發現和開發企業和工作流程軟體供應商。 Genedata 的先進軟體解決方案可自動執行複雜的研發流程，使生物製藥研究人員能夠更快分析和解釋樣本。因此，我們非常高興歡迎這個創新團隊加入我們的生命科學領域。

Now Beckman's Item VT and the acquisition of Genedata are both great examples of how we're strengthening our long term competitive advantage while helping our customers accelerate the drug discovery process. In our genomics consumable business, core revenue declined, low single digits continuing the trends we saw in the second quarter.

現在，Beckman 的 Item VT 和對 Genedata 的收購都是我們如何加強長期競爭優勢，同時幫助客戶加速藥物發現過程的絕佳例子。在我們的基因組耗材業務中，核心收入下降，低個位數延續了我們在第二季度看到的趨勢。

In August, IDT expanded its synthetic biology portfolio with the launch of rapid genes. These ready to use, NGS verified clonal genes are cost effective and offer fast turnaround, allowing pharmaceutical researchers to quickly pursue high throughput experiments such as antibody development. IDT's long history of innovation is one of the key reasons. The research community turns the IDT to help advance drug discovery and accelerate the pace of genomic medicine development.

8 月，IDT 透過推出快速基因擴大了其合成生物學產品組合。這些即用型、經過 NGS 驗證的克隆基因具有成本效益，且週轉速度快，使藥物研究人員能夠快速進行抗體開發等高通量實驗。 IDT 悠久的創新歷史是關鍵原因之一。研究界利用 IDT 來幫助推進藥物發現並加快基因組醫學的發展步伐。

Now, moving to our diagnostics segment. Core revenue increased 5%. Our clinical diagnostics businesses collectively delivered low single digit core revenue growth. Beckman Coulter diagnostics was up low single digits with strong global demand, partially offset by the impact of volume based procurement in China. Outside of China, recurring revenue was up high single digits driven by recent new product introductions and installed base expansion.

現在，轉向我們的診斷部分。核心收入成長 5%。我們的臨床診斷業務整體實現了低個位數的核心收入成長。由於全球需求強勁，貝克曼庫爾特診斷公司的股價上漲了低個位數，但部分被中國批量採購的影響所抵消。在中國以外的地區，由於最近新產品的推出和安裝基礎的擴大，經常性收入成長了高個位數。

The Beckman team continued their accelerated cadence of new product innovation this quarter with the release of the DxC 500i integrated chemistry and immunoassay analyser. Now, the DxC 500i is specifically designed to improve efficiency and meet the unique workflow needs of low volume laboratory customers such as community hospitals. So this highlights Beckman's commitment to serving the entire health care network by providing a comprehensive portfolio of solutions for low, mid, and high throughput core labs.

Beckman 團隊本季持續加快新產品創新步伐，發布了 DxC 500i 整合化學和免疫分析儀。現在，DxC 500i 專為提高效率並滿足社區醫院等小批量實驗室客戶的獨特工作流程需求而設計。因此，這凸顯了貝克曼透過為低、中、高通量核心實驗室提供全面的解決方案組合來服務整個醫療保健網路的承諾。

In molecular diagnostics, Cepheid's core revenue increased double digits with broad based strength across respiratory and non-respiratory assays. Cepheid's respiratory revenue of approximately $425 million in a quarter exceeded our expectation of $200 million as we saw both higher volumes and a favorable mix of our four in one test for COVID-19, flu A, flu B, and RSV, favorable volume was driven in part by customers purchasing in preparation for the upcoming respiratory season.

在分子診斷領域，Cepheid 的核心收入成長了兩位數，在呼吸和非呼吸檢測領域具有廣泛的實力。 Cepheid 第一季的呼吸系統收入約為4.25 億美元，超出了我們2 億美元的預期，因為我們看到銷量增加，我們對COVID-19、甲型流感、乙型流感和RSV 四合一測試的有利組合，推動了有利的銷售部分原因是客戶為即將到來的呼吸季節做準備而購買。

Now, based on activity in the third quarter and our expectation of a respiratory season with normal severity, we expect respiratory revenue of approximately $1.7 billion for the full year of 2024. Outside of respiratory, increasing menu adoption and system utilization helped drive another quarter of mid-teens growth in Cepheid's core non-respiratory reagent portfolio including more than 20% growth in group A strep, sexual health, and virology assays.

現在，根據第三季的活動以及我們對正常嚴重程度的呼吸季節的預期，我們預計2024 年全年呼吸系統收入約為17 億美元。有助於推動另一個季度的收入成長。

We also saw strong installed base growth particularly for our lower throughput systems as customers continued to add gene expert instruments in their clinics and alternate care sites. So this expansion out of the hospital allows our customers to improve financial and clinical outcomes by standardizing care across their networks.

隨著客戶不斷在其診所和替代護理場所添加基因專家儀器，我們也看到了強勁的安裝基礎成長，特別是對於我們的較低吞吐量系統。因此，這種向醫院以外的擴張使我們的客戶能夠透過標準化整個網路的護理來改善財務和臨床結果。

I'd like to thank all of you who joined us last month for our Investor Day where we had the opportunity to showcase our differentiated diagnostics portfolio. During the event, we highlighted how DBS driven innovation and commercial execution have meaningfully improved the growth and margin profile of our diagnostics franchise over the last several years.

我要感謝上個月參加我們投資者日的所有人，我們有機會展示我們差異化的診斷產品組合。在活動期間，我們強調了星展銀行推動的創新和商業執行如何在過去幾年中有意義地改善了我們診斷業務的成長和利潤狀況。

We also talked about how we are uniquely positioned for long term growth opportunities in high value, high need areas such as neurodegenerative diseases, infectious diseases, and oncology. And if you haven't had the chance to see the replay, I'd encourage you to watch it on our investor relations website.

我們也討論了我們如何在神經退化性疾病、傳染病和腫瘤學等高價值、高需求領域獲得長期成長機會。如果您還沒有機會觀看重播，我建議您在我們的投資者關係網站上觀看。

Now, let's briefly look ahead at expectations for the fourth quarter and the full year 2024. For the full year 2024, there is no change to our previous guidance. And as a reminder, we anticipate a core revenue decline in 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第四季和 2024 年全年的預期。提醒一下，我們預期核心收入將出現低個位數百分比下降，全年調整後營業利潤率約為 29%。

In the fourth quarter, we expect core revenue to decline in the low single digit percent range. Additionally, we expect the fourth quarter adjusted operating profit margin of approximately 30%.

在第四季度，我們預計核心收入將在較低的個位數百分比範圍內下降。此外，我們預計第四季度調整後營業利潤率約為 30%。

So to wrap up, we're pleased with our better than expected third quarter performance and expect the trends we're seeing today to continue into Q4. Our team's commitment to executing and innovating with the Danaher Business System enabled us to deliver strong results while continuing to accelerate growth initiatives across the portfolio.

總而言之，我們對第三季的業績好於預期感到滿意，並預期我們今天看到的趨勢將持續到第四季。我們的團隊致力於透過丹納赫業務系統執行和創新，使我們能夠交付強勁的成果，同時繼續加速整個產品組合的成長計畫。

Our third quarter results also reflect the unique positioning of Danaher today. We have an outstanding group of businesses that serve attractive end markets with favorable long term secular growth drivers. We're further enhancing our portfolio and competitive advantage with innovation that is helping customers solve some of the most important health challenges impacting patients around the world.

我們第三季的業績也反映了丹納赫今天的獨特定位。我們擁有一群優秀的企業，為具有吸引力的終端市場提供有利的長期長期成長動力。我們透過創新進一步增強我們的產品組合和競爭優勢，幫助客戶解決影響世界各地患者的一些最重要的健康挑戰。

So looking ahead, we believe this powerful combination of our leading portfolio proven ability to innovate and our team's commitment to executing with the Danaher business system provides a solid foundation for delivering differentiated, long term financial performance.

因此，展望未來，我們相信，我們領先的產品組合經過驗證的創新能力與我們團隊對丹納赫業務系統執行的承諾的強大結合，為實現差異化的長期財務業績奠定了堅實的基礎。

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。

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

謝謝雷納。我們的正式評論到此結束。接線員，我們現在準備好提問了。

(Operator Instructions) Tycho Peterson, Jeffries.

（操作員說明）Tycho Peterson，Jeffries。

Hey, thanks. Want to probe into the instrument numbers a little bit wondering if you can give us instrument growth X China and then just maybe talk a little bit about where it's worse and where it's getting better, whether it's flow mass spec, lab automation microscopy, and any leading indicators of funnel dynamics that make you feel better coming out of the quarter on the instrument side.

嘿，謝謝。想稍微了解一下儀器數字，想知道您是否可以向我們介紹儀器增長 X 中國，然後也許可以談談哪裡更糟，哪裡好轉，無論是流量質譜、實驗室自動化顯微鏡還是任何其他儀器。指標，讓您在工具方面在本季結束後感覺更好。

Yeah, thanks. It's Matt. I'll give you the a number on what it is. It's probably low to mid-single digit X China. And then Rainer, do you want to give color on the -- what we're seeing in the instruments side?

是的，謝謝。是馬特。我會給你一個數字來說明它是什麼。 X 中國可能是低至中個位數。然後 Rainer，你想為我們在樂器方面看到的東西提供一些顏色嗎？

Sure. No, absolutely. So, and then, of course, in China, we would say that it's down high single digits. But if you look at the developed markets, let's start with those, the end markets were relatively stable sequentially, but we haven't seen an inflection there yet. Although in pharma and in biotech, while it remains soft, we're starting to see some early signs of improvement, especially in North America.

當然。不，絕對是。所以，當然，在中國，我們會說它下降了高個位數。但如果你看一下已開發市場，讓我們從這些市場開始，終端市場相對穩定，但我們還沒有看到那裡的轉折點。儘管在製藥和生物技術領域，雖然仍然疲軟，但我們開始看到一些改善的早期跡象，尤其是在北美。

On the academic research side there, we see it stable in North America, with Europe modestly weaker. But coming back to China, we're all aware of course of the announced stimulus, but that really hasn't translated into meaningful orders for us as customers continue to wait for those details. So while they're waiting for those details, they tend to also delay perhaps the normal purchasing habits that they might have had. So the stimulus funding has yet to pick up here in the third quarter.

在學術研究方面，我們認為北美的情況穩定，歐洲稍弱。但回到中國，我們當然都知道所宣布的刺激措施，但這實際上並沒有轉化為對我們有意義的訂單，因為客戶仍在等待這些細節。因此，當他們等待這些細節時，他們往往也會推遲他們可能擁有的正常購買習慣。因此，刺激資金在第三季尚未回升。

Okay. And then follow up, I know, you don't want to talk about '25 yet. But if we look at the run rate for guidance on Life Sciences that you're giving us for the fourth quarter, the street is at 6% next year on Life Sciences. Is that realistic given the run rate you're laying out for the fourth quarter. And then, anything you can say on trying to buy a process for next year. We've seen some of your peers talk down numbers as well.

好的。然後跟進，我知道，你還不想談論'25。但如果我們看一下您為我們提供的第四季度生命科學指導運行率，明年生命科學的運行率為 6%。考慮到您為第四季度製定的運行率，這是否現實？然後，關於嘗試購買明年的流程，您可以說些什麼。我們也看到您的一些同行也淡化了數字。

Tycho, we're still looking here to see how the fourth quarter plays out and see whether we can see a pickup in the stimulus, particularly in China, while we do expect the developed markets to be stable along the lines that I just discussed for Q3.

第谷，我們仍在關注第四季度的情況，看看刺激措施是否會有所回升，特別是在中國，同時我們確實預計發達市場將按照我剛才討論的方式保持穩定Q3。

So we're looking to see how China's stimulus plays out here in Q4 before we can get to 2025 numbers. Now as it relates to bio processing, we continue to see there a low activity level, albeit stable, but at a lower level. And we expect that to take more time to play out here in the near term.

因此，在獲得 2025 年數據之前，我們希望了解中國的刺激措施在第四季的效果如何。現在，由於與生物加工相關，我們繼續看到活性水平較低，儘管穩定，但水平較低。我們預計這在短期內需要更多時間才能發揮作用。

Yeah. Maybe just to follow up. I think the comment on the China stimulus is for tools Tycho, right? Just what we're seeing there. For '25 overall. So that's '25 overall for Danaher for tools. But for bioprocessing for '25 I think, we've talked about a gradual recovery here in '24. And that's pretty well played out like we thought.

是的。也許只是為了跟進。我認為對中國刺激計劃的評論是針對工具第谷的，對嗎？正是我們在那裡看到的。 25 年總體而言。因此，丹納赫的工具總體排名為 25。但對於 25 年的生物加工，我認為我們已經在 24 年討論了逐步復甦。正如我們所想，事情的進展非常順利。

Like Rainer Said, we do need to see how Q4 plays out. But before we give anything formal on '25. But that said the Q4 exit rate of high single digits, an important building block for us as we build backlog and visibility heading into 2025. But given what we've seen here through Q3, I think we're going to see a gradual recovery continue into '25.

就像雷納·賽義德（Rainer Said）一樣，我們確實需要看看第四季的表現如何。但在我們 25 日正式發布之前。但這就是說，第四季度的退出率高達個位數，這對我們來說是一個重要的組成部分，因為我們在進入2025 年之前積累了積壓和可見性。所看到的情況，我認為我們將看到逐步復甦繼續到'25。

Okay. And then on the Life Science, the guidance, fourth quarter down low single digit, but the street next year is up six. I was trying to also reconcile whether that step up is reasonable.

好的。然後在生命科學方面，指導意見第四季下降了低個位數，但明年的預期將上升六位。我也試圖協調這項措施是否合理。

Yeah, I mean, I think the biggest factor there for as we look to next year will be what happens with China stimulus for Life Sciences.

是的，我的意思是，我認為我們明年展望的最大因素將是中國對生命科學的刺激措施會發生什麼。

Michael Ryskin, Bank of America.

麥可萊斯金，美國銀行。

Hey, thanks. I actually wanted to just follow up on exactly your last point there on bioprocess exit rate and how to think about 2025. And just how are you feeling about that market developing the gradual recovery? You talked about, I think five consecutive quarters of order growth there in the last couple quarters, you've had high single digit order growth. Revenues for bioprocess have done well this year as well, but they've lagged the growth level.

嘿，謝謝。實際上，我想跟進您關於生物工藝退出率的最後一點以及如何思考 2025 年。您談到，我認為過去幾季連續五個季度的訂單成長，您的訂單成長達到了高個位數。今年生物工藝的收入也表現良好，但落後於成長水準。

So it seems like there's a little bit of a lag in terms of the orders translating into revenue, which, you would expect, obviously. Do you think that lag is closing? Do you think that we're getting closer as we hit 4Q? , you talked about high single division by process where you're going to start to see some of that order growth we've seen over the last quarters, a couple quarters start to translate and again, translates into next year.

因此，訂單轉化為收入方面似乎存在一些滯後，這顯然是您所期望的。您認為滯後現象正在消失嗎？您認為當我們進入第四季時，我們離這個目標越來越近了嗎？ ，您談到了按流程劃分的高單部門，您將開始看到我們在過去幾個季度中看到的一些訂單增長，幾個季度開始轉化，並再次轉化為明年。

Yeah, I mean, I think if you -- I think it's a perfect frame. I mean, you think about exiting the year at high single digits, but you take a step back and you look at from a core growth perspective in 2024 we're going to be down low single digit. And so as you think about where we exit to the totality of '24 with that gradual recovery in mind as we head to '25. I think, that's the way that we're thinking about it from a perspective of what, what revenue will do next year based on the fact that the order trajectory has gotten better over the last five quarters.

是的，我的意思是，我認為如果你——我認為這是一個完美的框架。我的意思是，你考慮以高個位數退出這一年，但你退後一步，從核心成長的角度來看，2024 年我們將下降低個位數。因此，當你思考我們在 24 世紀的整體退出時，考慮到我們在邁向 25 世紀時會逐步復甦。我認為，這就是我們從明年收入的角度來思考的方式，基於過去五個季度訂單軌跡有所改善的事實。

But like I said, I mean it would be great for us to see Q4 here before we go but I do think going down low single digits this year in revenue we be positive next year we believe, but let's see where the trajectory goes here, given the fact that I do believe this is going to be a continuation of what we saw in '24 which is, , pretty gradual recovery, very encouraging though. So we're very happy with where we are.

但就像我說的，我的意思是，在我們開始之前看到第四季度對我們來說會很棒，但我確實認為今年收入下降了個位數，我們相信明年我們會持積極態度，但讓我們看看這裡的軌跡如何，鑑於我確實相信這將是我們在 24 年所看到的情況的延續，即相當逐步的復甦，但非常令人鼓舞。所以我們對目前的情況非常滿意。

Okay. Alright. And then follow up. I want to ask on Cepheid a couple of quick questions if I can. One is you talked about timing of some purchasing of the kits in the quarter. Any chance you could, quantify that? I know you did, 425 and respiratory versus the 200 guide. Do you think that 225 was timing or maybe it was some of that organic speed and some of it was time just trying to get a sense of how much pull forward there was from the fourth quarter.

好的。好吧。然後跟進。如果可以的話，我想問幾個關於造父變星的簡單問題。一是您談到了本季購買一些套件的時間。你有機會量化一下嗎？我知道你做到了，425 和呼吸與 200 指南相比。你認為 225 是時機還是可能是一些有機速度，其中一些是時間只是想了解第四節有多少推動力。

And in the press release, you also specifically crawled out, set, gaining market share and molecular testing. If you could expand on that, where you gain share in terms of customer or, geographically, any specifics there. Thanks.

而且在新聞稿中，你們還專門爬出來，設置，獲得市場份額和分子測試。如果你可以擴展這一點，你就可以在客戶或地理上的任何細節方面獲得份額。謝謝。

Yeah, I mean, like it's a little hard to parse out to the dollar how much of the beat was related to pull forward versus just better than we thought. And I think, probably anecdotally from what we heard from customers. I would say that we do believe that there was a good portion of that was probably due to wanting to make sure that they had the security of supply heading into the fourth quarter, which is not a huge surprise, I guess, but as we look forward to the fourth quarter, then, we do, we did take that into account as we thought about what we might see here in the fourth quarter. So, I'd say a significant portion of the beat was probably related to that.

是的，我的意思是，有點難以解析美元的走勢，其中有多少是與前進有關，還是比我們想像的要好。我認為，這可能是我們從客戶那裡聽到的軼事。我想說的是，我們確實相信其中很大一部分可能是因為想要確保他們在進入第四季度時有供應安全，我想這並不是一個巨大的驚喜，但正如我們所看到的展望第四季度，那麼，我們確實考慮到了這一點，因為我們在考慮第四季度可能會看到什麼。所以，我想說節拍的很大一部分可能與此有關。

As far as market shares go, I think, I'd probably put it in two categories. I'd probably say one, it's largely in the US. So that's not a -- an absolute statement. I would say largely in the US as we are entirely in hospitals as well as is near point of care. We've been doing very, very well with IDN as we've expanded beyond their core hospitals into other point of care settings closer to the patient that has continued here in the quarter. And I expect that would continue as well. Again, with this, the install base that we've been able to drop.

就市場份額而言，我認為，我可能會將其分為兩類。我可能會說其中之一，主要是在美國。所以這不是一個絕對的聲明。我想說主要是在美國，因為我們完全在醫院並且靠近護理點。我們在 IDN 方面做得非常非常好，因為我們已經從核心醫院擴展到更接近患者的其他護理點環境，這一點在本季度仍在繼續。我預計這種情況也會持續下去。再次，有了這個，我們已經能夠放棄安裝基礎。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

I guess a couple of quick follow ups. There's been a lot of questions that dance around the 2025 question. I'm sure you appreciate.

我想有幾個快速跟進。圍繞 2025 年問題有很多問題。我相信你會欣賞的。

When I look at the numbers, the streets looking for 8% core growth with bio processing growing double digits and Life Science is growing on 7%. You haven't said anything about -- anything resembling a snap back, respiratory comps are going to be tough. VBP seems to be picking up in China stimulus activity follow through, seems unclear and then, just knowing you guys, you tend to be conservative. So cutting to the chase, am I missing anything? And should the street be modelling things at these levels? Recognizing you still want to see another quarter. But as we sit here today, the numbers look a bit high to me. Am I missing anything?

當我查看這些數字時，人們期望核心成長 8%，其中生物加工成長兩位數，生命科學成長 7%。你還沒有說過任何類似快速恢復、呼吸補償的事情都會很困難。 VBP 似乎在中國刺激活動的後續行動中有所回升，似乎還不清楚，然後，只要了解你們，你們就會傾向於保守。那麼切入主題，我錯過了什麼嗎？街道應該在這些層面上建模嗎？認識到您仍然希望看到另一個季度。但當我們今天坐在這裡時，我覺得這個數字有點高。我錯過了什麼嗎？

Well, I don't think you're missing much here. If we just take a look real quick on how we're thinking about 2025. It's important to know that we need to see how Q4 plays out here. I'll come back to that in a minute but there's still a couple important variables in Q4 that's going to shape the next year and those relate to really the trajectory of the order book in bioprocessing. It's so important. So certainly the high single digit core growth that we expect in bioprocessing for the fourth quarter is fully supported by backlog and what we expect in orders. But we also want to see more deeply into 2025 by seeing that orders momentum here continue into Q4. So that's going to be key here for understanding how, the second half of 2025 plays out in bioprocessing.

好吧，我認為你在這裡並沒有錯過太多。如果我們快速了解我們對 2025 年的看法。我稍後會回過頭來討論這一點，但第四季度仍然有幾個重要的變數將影響明年，這些變數與生物加工訂單簿的軌跡有關。這非常重要。因此，我們預計第四季度生物加工領域的高個位數核心成長肯定得到了積壓訂單和訂單預期的充分支持。但我們也希望透過看到訂單勢頭持續到第四季度來更深入地了解 2025 年。因此，這對於了解 2025 年下半年生物加工的發展至關重要。

As it relates to respiratory for Cepheid and another key variable here as we just talked about, there's been some purchasing ahead here in Q3. And based on what we saw in the southern hemisphere, we do expect the northern hemisphere to have a more normal respiratory season. And as that straddles the first respiratory season of the year straddles Q4 and Q1.

由於它與造父變星的呼吸系統和我們剛才談到的另一個關鍵變數有關，因此第三季有一些採購。根據我們在南半球看到的情況，我們確實預期北半球的呼吸季節會更加正常。由於它跨越了今年的第一個呼吸季節，跨越了第四季度和第一季。

And then lastly, and this is important for Life Sciences, but also more generally, we need to see how this China stimulus plays out in 2025. And we'd like to see some indicators of that accelerating here in Q4 to date. We've not really seen anything meaningful in that regard. So we're going to put numbers all around us here and then update you in January.

最後，這對生命科學很重要，但更廣泛地說，我們需要看看中國的刺激計劃在 2025 年如何發揮作用。在這方面我們還沒有真正看到任何有意義的東西。因此，我們將在這裡列出我們周圍的數字，然後在一月份向您更新。

Okay. Super helpful, Rainer. And I guess another follow up on just I mean, essentially trying to get at the question of the utility of the book to bill metric. Like if we look at book to bill from Q3 of last year and this year and assume that bio processing accounts for roughly 85% of biotech sales. It seems like orders were up over 20% year over year. So I'm not sure if that math is right. That would be one question.

好的。超級有幫助，雷納。我想這是我的意思的另一個後續行動，本質上是試圖解決圖書帳單指標的效用問題。就像我們從去年第三季和今年的訂單到帳單來看，假設生物加工約佔生技銷售額的 85%。訂單量似乎年增了 20% 以上。所以我不確定這個數學是否正確。這是一個問題。

But if it is, I'm just wondering how important is that as we think about the outlook for return to robust bioprocessing growth because I think there's some that are concluding that it's taking longer to convert. I think there's others that are assuming it's converting much more quickly than it used to -- I guess we're just trying to get at how useful this metric is, especially keeping in mind this is largely a consumable business at this point.

但如果是這樣，我只是想知道，當我們思考生物加工恢復強勁增長的前景時，這有多重要，因為我認為有些人得出的結論是，轉換需要更長的時間。我認為還有其他人認為它的轉換速度比以前快得多——我想我們只是想了解這個指標的有用性，特別是要記住，目前這在很大程度上是一項消耗性業務。

Yeah, I mean, I think we've talked in the past about book to bill being. It's an interesting number and can be helpful in certain businesses. But traditionally, or historically, we have not really used book to bill to run this business for the exact reason that you said. Lots of consumables and the timing of when the shipments hit.

是的，我的意思是，我想我們過去已經討論過「帳本到帳單」的問題。這是一個有趣的數字，對某些業務可能會有幫助。但從傳統或歷史上看，我們並沒有真正使用按書計費來經營這項業務，正如您所說的那樣。大量消耗品和出貨時間。

So I think from our perspective book to bill is not something we spend a lot of time thinking about, but we do think about the orders. And as you said, the orders here in the quarter were north of 20%. Now, that is off of a very easy comp. So I think we need to have a little bit of, of restraint on what that means. But five quarters of sequential order growth is important.

因此，我認為從我們的角度來看，從訂單到帳單並不是我們花費大量時間思考的問題，但我們確實考慮了訂單。正如您所說，本季的訂單量超過 20%。現在，這是一個非常簡單的比較。所以我認為我們需要對這意味著什麼有一點克制。但五個季度的訂單連續成長很重要。

I think it's also, what gave me a lot of encouragement in this order was typically we do see some seasonality where we go down from Q2 to Q3. We did not see that in this environment. I was encouraged by that we actually went up again sequentially. And so I look at everything and think about my order growth rate percentages, even though they're off low numbers. That's important.

我認為，以這個順序給我很大鼓勵的是，通常我們確實會看到一些季節性因素，從第二季下降到第三季。我們在這種環境下沒有看到這一點。令我感到鼓舞的是，我們其實又依序上升了。因此，我會審視一切並考慮我的訂單成長率百分比，即使它們的數字很低。這很重要。

The fact that we've had five sequential quarters in a row coming off of where we've been on the destocking. I think that's an important factor. So, yeah, to your point, I'm not sure book to bill is super critical for us, but maybe triangulating that with those other two factors. I really do think we're really happy with the trajectory of what we've seen in 2024, and what that means heading into 2025. But, again, I think we're -- we've seen a pretty gradual build up here in revenue and in orders and I suspect that continues.

事實上，我們已經連續五個季度擺脫了去庫存的局面。我認為這是一個重要因素。所以，是的，就你的觀點而言，我不確定按書計費對我們來說是否超級重要，但也許可以將其與其他兩個因素進行三角測量。我確實認為我們對 2024 年所看到的發展軌跡以及這意味著進入 2025 年的情況感到非常滿意。這種情況會持續下去。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Good morning and thanks for taking my question. I guess one, I wanted to ask on that genomics here. Low singles, maybe in the past you spoke about sequencing versus gene editing, writing. What were trends between those two segments.

早安，感謝您提出我的問題。我想有一個，我想在這裡詢問基因組學。低單打，也許過去你談到定序與基因編輯、寫作。這兩個細分市場之間的趨勢是什麼？

And I think this rapid gene that you mentioned, maybe you talk about what rapid gene is and would you expect some share gains here due to launch of this product?

我認為您提到的快速基因，也許您談論什麼是快速基因，您是否期望由於該產品的推出而獲得一些份額收益？

Sure, Vijay. We on the gene reading side of the house, we do still see the market softer as particularly in the smaller customer. Emerging biotech segment we see less activity while the funding improved. Those customers are still prioritizing their project quite a bit. And so we're seeing a bit less consumption in that area.

當然，維傑。我們在基因讀取方面，確實仍然看到市場疲軟，特別是在較小的客戶中。我們看到新興生物技術領域的活動減少，但資金卻增加。這些客戶仍然相當重視他們的專案。因此，我們看到該領域的消費減少。

Now, in gene editing, of course, that's a different story where we see a great deal of CRISPR and guide RNA and other types of solutions doing very well. Having said that and coming back to our new product launch here with rapid genes, we're very excited about that. This will offer whole genes to our customers at a quality and a turnaround time, which is highly differentiated in the market. We expect that over time here to provide us some tailwind. So we're very pleased here with how IDT is performing in this environment.

當然，現在在基因編輯領域，情況就不同了，我們看到大量的 CRISPR 和引導 RNA 以及其他類型的解決方案表現得非常好。話雖如此，回到我們在這裡推出的具有快速基因的新產品，我們對此感到非常興奮。這將以在市場上高度差異化的品質和周轉時間為我們的客戶提供完整的基因。我們預計隨著時間的推移，這將為我們帶來一些順風車。因此，我們對 IDT 在這種環境中的表現感到非常滿意。

And maybe Matt one for you. Your Q4 operating margin assumption, it came down to tad versus a prior. I think we're looking at the low-30s exit rate. Is this some timing of expenses or anything change in margin assumption in -- if it is any change in the investments and implications here as we look at the income on margins for fiscal '25.

也許馬特也適合你。您對第四季營業利潤率的假設與之前相比略有下降。我認為我們正在關注 30 多歲的低退出率。當我們查看 25 財年的利潤率收入時，這是否是某種支出的時間安排或利潤率假設的任何變化——如果投資和影響有任何變化。

Yeah, I mean, our full year margin didn't change approximately 29% in Q4, approximately 30%. I mean, I think it's probably a function of a couple of things. One, we're going to have, we anticipate at least lower revenue in respiratory in Q4, obviously that has some margin implications to it. I think, we did have a little bit of timing, a little bit better bioprocessing in Q3 than we thought. And probably some of that might be a little bit of timing related as well, impacting Q4 margins.

是的，我的意思是，第四季度我們的全年利潤率沒有變化，約為 29%，約為 30%。我的意思是，我認為這可能是幾個因素的作用。第一，我們預期第四季度呼吸系統的收入至少會下降，顯然這對其利潤率有一些影響。我認為，我們在第三季的生物處理確實比我們想像的要好一點。其中一些可能也與時間有關，影響第四季的利潤率。

And as you said, we've had a pretty good year here and as we head into the fourth quarter, we're thinking about the cost structure thinking about the investments that we want to make in the business and we're picking an opportunity to make sure that we do some of those smartly here in the quarter. And I think you add it all up and you come up with that adjusted operating margin in the 30s. So holding the full year here as we had in the end of the year.

正如您所說，我們在這裡度過了非常好的一年，當我們進入第四季度時，我們正在考慮成本結構，考慮我們想要在業務中進行的投資，並且我們正在選擇一個機會來確保我們在本季度巧妙地完成其中一些工作。我認為你將所有這些加起來，你就會得出 30 多歲的調整後營業利潤率。因此，我們像年底一樣在這裡舉辦全年活動。

I'm sorry. The incremental margin implications for fiscal '25 should defaults would be in the 35% to 40% range?

對不起。若違約，25 財年增量利潤率影響將在 35% 至 40% 範圍內？

Well, I mean, it's going to depend on volume, I think Vijay. But, like we've talked about from a margin perspective that, this is this business when it is operating in the normal environment. The low 30s are where it should be. So, I mean, 25 we know we'll update you that in January when we get there. But that'll be a function of volume and mix, depending on where it comes from it'll be different. So we'll have to wait until we get a little bit further to give you that. But that's how I'm thinking about '25

嗯，我的意思是，這將取決於數量，我認為維傑。但是，就像我們從利潤角度討論的那樣，這就是在正常環境下運作的業務。 30 多歲以下是它應該在的地方。所以，我的意思是，25 我們知道我們會在一月份到達那裡時向您更新。但這將是音量和混合的函數，取決於它來自哪裡，它會有所不同。因此，我們必須等到更進一步才能向您提供該資訊。但這就是我對25年的看法

Scott Davis, Melius Research.

斯科特·戴維斯，Melius 研究公司。

You guys mentioned again this quarter that the smaller customers and bioprocessing not coming back as fast. At what point is it become such a small piece of the business that maybe we stop having that color or it's less material or maybe a different way to ask the question is, what percent of revenues is it now where it's large versus small customers?

你們本季再次提到，較小的客戶和生物加工不會那麼快恢復。在什麼時候它會成為業務的一小部分，以至於我們可能不再擁有這種顏色，或者它不再那麼重要，或者也許換一種方式來問這個問題，現在大客戶和小客戶的收入佔收入的百分比是多少？

Yeah. I mean, the larger versus small, roughly Scott is 75% or larger and 25% are smaller. And I think, we give the color primarily because those smaller customers have a little bit of a different dynamic than the larger customers, larger customers typically have on market, or later Phase 3 trial, exposures, whereas the smaller customers tend to be. Earlier stage, probably a little bit more related to in some instances, the cell and gene therapies of the world.

是的。我的意思是，較大的與較小的相比，斯科特大約有 75% 或更大，25% 較小。我認為，我們給出這種顏色主要是因為那些較小的客戶與較大的客戶相比，有一些不同的動態，較大的客戶通常在市場上或稍後的第3 階段試驗中進行曝光，而較小的客戶往往是這樣。在早期階段，在某些情況下可能與世界的細胞和基因療法更相關。

So a little bit different. They act differently in the funding environment as well. So I think it's -- we're just trying to give color as to what we're seeing there, where we are seeing an improvement in the funding environment. It's not necessarily working its way through into orders and revenue at this point.

所以有點不同。他們在融資環境中的表現也不同。所以我認為，我們只是想為我們所看到的情況提供色彩，我們看到融資環境有所改善。目前它不一定會影響訂單和收入。

And so just give a little bit of color, but to your point, I think is, most of our customers are the larger customers with stuff that is on market. When I look back at what has caused all the pain of the last, two years in this business. It was the stocking at those customers. And I believe that is largely behind us. And so that's why I think it's really encouraging as we stand here and look forward though the recovery has been gradual, it has happened -- it's happened at the largest customers. Gives me a lot of faith that the long term outlook of this business still is the high single digits when we get there a little bit of a TVD but I think that's the reason we want to give a little bit of color on both of them.

因此，只需提供一點顏色，但就您的觀點而言，我認為我們的大多數客戶都是較大的客戶，並擁有市場上的產品。當我回顧過去兩年在這個行業造成的所有痛苦。這是那些顧客的庫存。我相信這基本上已經過去了。這就是為什麼當我們站在這裡展望未來時，我認為這確實令人鼓舞，儘管復甦是漸進的，但它已經發生了——它發生在最大的客戶身上。讓我非常有信心，當我們獲得一點 TVD 時，這項業務的長期前景仍然是高個位數，但我認為這就是我們想要為這兩個業務提供一點色彩的原因。

And guys, we didn't talk about the buyback or M&A or your funnel or nothing mentioned prepared marks any update there as it relates to your confidence or size or any metrics around the funnel be helpful.

夥計們，我們沒有談論回購或併購或你的漏斗，也沒有提到任何準備標誌著那裡的任何更新，因為它與你的信心或規模或漏斗周圍的任何指標有關，會有幫助。

Yeah. I'll just touch real quick on the buyback and maybe Rainer can give some color on the funnel, the M&A funnel, but I mean the buyback we -- I think if you see and we did complete it technically that buyback straddled both Q2 and Q3. So if you see something in the queue, that's what it was related to. Just so everybody's clear, it was not a new issue and it was the final, pieces if you will of the buyback that we talked about in Q2.

是的。我很快就會談到回購，也許雷納可以給漏斗、併購漏斗一些顏色，但我的意思是，我們的回購——我想如果你看到的話，我們確實在技術上完成了回購，回購跨越了第二季和第二季。因此，如果您在隊列中看到某些內容，那就是與之相關的內容。大家都很清楚，這不是新問題，而是我們在第二季討論過的回購的最後一部分，如果你願意的話。

Thanks Matt. And as it relates to the M&A environment Scott, as we do every day, we we're out there, cultivating across all of our segments and we're fairly active there. Our funnels are pretty dynamic. It's fair to say that while the environment though is improving, valuations are still elevated. And so we feel great about our positioning both in terms of the assets that are attractive out there and of course, our balance sheet, but we're going to maintain our discipline with our deals, needing to meet our trifecta of attractive end market, attractive company. And then of course, the valuation framework, the model has to work as well. So active, but we still see that the valuations are elevated.

謝謝馬特。由於這與併購環境有關，斯科特，正如我們每天所做的那樣，我們在那裡，在我們所有的細分市場中進行培育，並且我們在那裡相當活躍。我們的管道非常動態。可以公平地說，儘管環境正在改善，但估值仍然較高。因此，我們對我們在有吸引力的資產以及我們的資產負債表方面的定位感到滿意，但我們將保持我們的交易紀律，需要滿足我們有吸引力的終端市場的三重要求，有吸引力的公司。當然，估值框架、模型也必須發揮作用。如此活躍，但我們仍然看到估值較高。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Thanks for taking my question. So, specifically on China just following up on a few things. What's the right jump off point for China for as we think about 2025 just given the uncertainties here in the market and the backdrop of the stimulus? And also wondering if you can elaborate a bit on the China value based pricing. How much of an impact are you making there?

感謝您提出我的問題。所以，特別是在中國，我們只是跟進一些事情。考慮到市場的不確定性和刺激政策的背景，當我們思考 2025 年時，中國正確的起點是什麼？我還想知道您是否可以詳細說明一下基於中國價值的定價。你在那裡產生了多大的影響？

And just lastly on China, how much is local bioprocess competition important in this market? And does that change your view for the long term growth of the worldwide bioprocess or biotech segment. Long term growth just now that local competition has immersed and is being utilized more in some of those local maps.

最後關於中國，本地生物工藝競爭在這個市場上有多重要？這是否會改變您對全球生物工藝或生物技術領域長期成長的看法？長期成長剛剛開始，本地競爭已經陷入並在一些本地地圖中得到更多利用。

It may be the start because I think your first question, your third question wrapped around China for next year and bioprocessing, maybe I'll let Rainer take that. But just VBP, just to remind everybody, we assume that it was going to be $150 million impact over three years really starting this year.

這可能是個開始，因為我認為你的第一個問題、第三個問題圍繞著明年的中國和生物加工，也許我會讓雷納回答這個問題。但只是 VBP，只是提醒大家，我們假設從今年開始的三年內將產生 1.5 億美元的影響。

As we ramp up,, our assumptions initially were that, that would be linear over the next three years. We are starting to see a little bit more activity in China around the VBP here at the end of this year. So I think we'll have a better sense of what that linearity looks like after we get through the next couple of months, where it does look like the activity is ramping up. So I still think the number is a good number, but how that rolls out and plays out will be determined the next couple of weeks.

當我們加大力度時，我們最初的假設是，未來三年將呈現線性。今年年底，我們開始在中國看到更多圍繞 VBP 的活動。因此，我認為在經歷接下來的幾個月後，我們將更好地了解這種線性是什麼樣子，看起來活動確實在增加。因此，我仍然認為這個數字是一個不錯的數字，但如何推出和發揮作用將在接下來的幾週內確定。

As it relates to the jop, Puneet. Really, I think we need to view China as stable and bumping along the bottom and we don't expect to change in that in the short term, as we go through and think about 2025 unless we see a material change in the execution and rollout of the stimulus program in China. So we expect China to continue to develop as it has been here for most of the year in 2024.

因為它與工作有關，普尼特。確實，我認為我們需要將中國視為穩定的，並在底部波動，並且在我們回顧和思考 2025 年時，我們預計短期內不會改變這一點，除非我們看到執行和推出方面發生重大變化中國的經濟刺激計劃。因此，我們預計中國將在 2024 年的大部分時間裡繼續發展。

Now to relate to your question on local competition, certainly there's local competition out there. But we have to be clear that particularly in biotech, there are many companies simply struggling to survive and they're buying essentially the least expensive solution that they can to make it to the end of the month. And it's just going to have to be good enough.

現在就您關於本地競爭的問題而言，當然存在本地競爭。但我們必須清楚，特別是在生技領域，有許多公司只是為了生存而苦苦掙扎，他們正在購買盡可能最便宜的解決方案，以維持到月底。而且它必須足夠好。

So that's one section of the market. Then there's another segment that really is targeting the international sale of their therapeutic molecules. And they tend to want to have solutions from multi-national companies, first and foremost, from ourselves here and Cytiva. In order to ensure that regulators around the world are comfortable with the inputs that are required to make these incredibly effective drugs. So yes, there's local competition. We would see it more on the margin especially as it relates to local molecules.

這就是市場的一部分。然後還有另一個細分市場，真正的目標是治療分子的國際銷售。他們往往希望從跨國公司獲得解決方案，首先是我們這裡和 Cytiva 的解決方案。為了確保世界各地的監管機構對製造這些極其有效的藥物所需的投入感到滿意。所以是的，存在著本地競爭。我們會更多地看到它在邊緣，特別是因為它與局部分子有關。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you. I wanted to circle back to the trends in Life Sciences instruments and equipment specifically because I think you do have some consumables in that instrument reporting. Can you elaborate a bit further on what the equipment trends were in the quarter from a growth perspective?

謝謝。我想特別回顧一下生命科學儀器和設備的趨勢，因為我認為該儀器報告中確實有一些消耗品。您能否從成長的角度進一步詳細說明本季的設備趨勢？

So just to talk about the quarter, more generally, the market conditions in the third quarter were essentially consistent with what we saw in the first half of '24. And capital equipment spending continued to be constrained and to the last question, particularly in China.

因此，就本季而言，更廣泛地說，第三季的市場狀況與我們在 24 年上半年看到的情況基本一致。資本設備支出持續受到限制，尤其是在中國。

Now, in contrast to the equipment, constrained environment, consumables and service grew in the quarter as lab and research facilities and institutions activity has started to stabilize. So we do see equipment being constrained but consumables are starting to move.

現在，與設備形成鮮明對比的是，隨著實驗室和研究設施及機構的活動開始穩定，受限的環境、消耗品和服務在本季有所成長。因此，我們確實看到設備受到限制，但消耗品正在開始移動。

And then a quick follow up Rainer, could you comment on the performance at Abcam it seems like versus our numbers, the run rate there is improving. I'm unsure if that's the correct read or if it's just rounding or if there's other M&A into that revenue mix.

然後快速跟進 Rainer，您能否評論一下 Abcam 的表現，與我們的數據相比，那裡的運行率似乎正在提高。我不確定這是否是正確的解讀，或者只是四捨五入，或者該收入組合中是否還有其他併購。

There's no other M&A in that revenue mix. But of course, we're working very hard to drive our hypothesis around Abcam. And right now, the focus is on transitioning into -- of course, and the team is making great progress with that. They're implementing, actually pulling on our DBS capabilities to drive those growth accelerators and of course, improve the cost positioning that we've talked about. So we feel very good about where we are with Abcam and long term we absolutely believe that this meets our expectations both in terms of growth and the bottom line.

該收入組合中沒有其他併購。當然，我們正在非常努力地圍繞 Abcam 推動我們的假設。當然，現在的重點是轉型，團隊正在這方面取得巨大進展。他們正在實施，實際上是利用我們星展銀行的能力來推動這些成長加速器，當然，也改善了我們已經討論過的成本定位。因此，我們對 Abcam 的現狀感到非常滿意，從長遠來看，我們絕對相信這在成長和利潤方面都符合我們的預期。

Jack Meehan, Nephron Research.

傑克·米漢，腎單位研究。

I wanted to ask about diagnostics in the China region. To start for Matt. Can you just check my math is -- can you remind me, is this like 15% of diagnostic sales? And I was trying to back into how Beckman might have done in the quarter in the region. It could have been to the tune of down 20% or so. And then for Rainer would just be great to hear about your thoughts on regional dynamics and diagnostics. Is this all price impact or any change and share shift? Thank you.

我想問一下中國地區的診斷情況。從馬特開始。你能檢查一下我的數學計算嗎——你能提醒我一下，這相當於診斷銷售額的 15% 嗎？我試圖回顧貝克曼在該地區本季的表現。可能會下降 20% 左右。然後，對於雷納來說，很高興聽到您對區域動態和診斷的想法。這是所有價格影響還是任何變化和份額轉移？謝謝。

Yeah. So diagnostics, the total revenue for China diagnostics. I think you're in the ballpark on that as far as what China was -- from China diagnostic perspective in the quarter. I don't think it would have been down that high jack, probably it was down in overall diagnostics, which is most of that's going to be Beckman. It was down low double digits. So I think that's probably a more a better place to anchor, but I think your total number is probably pretty close to, right. It was as far as percentage said.

是的。所以診斷，是中國診斷的總收入。我認為，從本季中國診斷的角度來看，您對中國的情況大致了解。我不認為它會下降那麼高，可能是整體診斷下降，其中大部分是貝克曼。它下降了兩位數。所以我認為這可能是一個更好的錨點，但我認為你的總數可能非常接近，對吧。就百分比而言。

We saw across the world here really with one exception, strong performance in all of our clinical diagnostic businesses. And of course, you heard from Matt around Cepheid that we believe to be taking share there at really at all levels. But coming back to our clinical diagnostic businesses, we saw a high single digit recurring revenue growth in North America and in Europe.

我們在世界各地看到，除了一個例外，我們所有臨床診斷業務都表現強勁。當然，您從 Matt 那裡聽說 Cepheid 周圍的情況，我們相信我們會在各個層面上分享。但回到我們的臨床診斷業務，我們看到北美和歐洲的經常性收入出現高個位數成長。

On the other hand, we come back to China. In China, we see the impact of the volume based procurement, which is what brings us down. We also had in Beckman Colter, in particular, a high hardware sellout comp last year as we were burning down some backlog, but we're very pleased with how our clinical diagnostics businesses continue to develop, continue to take share. And volume based procurement is the topic right now for diagnostics in China.

另一方面，我們又回到中國了。在中國，我們看到了基於數量的採購的影響，這就是讓我們失望的原因。尤其是 Beckman Colter，去年我們在銷毀一些積壓訂單時，硬體銷售量很高，但我們對我們的臨床診斷業務繼續發展、繼續佔據份額感到非常滿意。基於數量的採購是目前中國診斷領域的主題。

Thank you. And this will conclude our Q&A session. I'll turn the call for John for closing remarks.

謝謝。我們的問答環節到此結束。我將請約翰致閉幕詞。

Thank you everybody for joining today. We'll be around for follow ups all day, that's the way. Thank you.

感謝大家今天的加入。我們會全天跟進，就是這樣。謝謝。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。