Danaher Corp (DHR) 2022 Q1 法說會逐字稿

Good day. My name is Leo, and I'll be your conference facilitator this morning. At this time, I would like to welcome everyone to Danaher Corporation's First Quarter 2022 Earnings Results Conference Call. (Operator Instructions) I will now turn the call over to Mr. John Bedford, Vice President of Investor Relations. Mr. Bedford, you may begin your conference.

再會。我叫 Leo，今天早上我將擔任您的會議主持人。在這個時候，我想歡迎大家參加丹納赫公司 2022 年第一季度收益結果電話會議。 （操作員說明）我現在將把電話轉給投資者關係副總裁 John Bedford 先生。貝德福德先生，你可以開始你的會議了。

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.

大家早上好，感謝您加入我們的電話會議。今天和我們在一起的是我們的總裁兼首席執行官 Rainer Blair；和我們的執行副總裁兼首席財務官 Matt McGrew。

I'd like to point out that our earnings release, the slide presentation supplementing today's call and the reconciliations and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call are all available on the Investors section of our website, www.danaher.com, under the heading Quarterly Earnings.

我想指出，我們的收益發布、補充今天電話會議的幻燈片演示文稿以及 SEC 條例 G 要求的與電話會議期間提供的任何非 GAAP 財務措施相關的對賬和其他信息都可以在我們的投資者部分獲得網站 www.danaher.com，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 & Presentations and will remain archived until our next quarterly call. A replay of this call will also be available until May 5, 2022.

本次電話會議的音頻部分將於今天晚些時候在我們網站的“投資者”部分存檔，標題為“活動和演示”，並將一直存檔到我們下一個季度電話會議。該電話的重播也將持續到 2022 年 5 月 5 日。

During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance. Supplemental materials describe additional factors that impacted year-over-year performance.

在演示過程中，我們將描述影響同比業績的某些更重要的因素。補充材料描述了影響同比業績的其他因素。

Unless otherwise noted, all references in these remarks and supplemental materials to company specific financial metrics relate to the first quarter of 2022, 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.

除非另有說明，否則這些評論和補充材料中對公司特定財務指標的所有引用均與 2022 年第一季度有關，所有對財務指標逐期增加或減少的引用均為同比。我們還可能描述已提交申請並等待某些監管批准或僅在某些市場上可用的某些產品和設備。

During the call, we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings, and our actual results might differ materially from any forward-looking statements that we make today.

在電話會議期間，我們將做出聯邦證券法含義內的前瞻性陳述，包括關於我們認為或預期將或可能在未來發生的事件或發展的陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們提交給美國證券交易委員會的文件中所述的風險和不確定性，我們的實際結果可能與我們今天做出的任何前瞻性陳述存在重大差異。

These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements, except as required by law. With that, I'd like to turn the call over to Rainer.

這些前瞻性陳述僅在作出之日起發表，除法律要求外，我們不承擔更新任何前瞻性陳述的任何義務。有了這個，我想把電話轉給 Rainer。

Well, thank you, John, and good morning, everyone. We appreciate you joining us on the call today. We're off to a good start in 2022, with the first quarter coming in ahead of our initial expectation. The team navigated a challenging operating environment to deliver strong revenue, earnings and cash flow growth. And our performance was broad-based with high single-digit or better core revenue growth in each of our 3 segments.

好吧，謝謝你，約翰，大家早上好。感謝您今天加入我們的電話會議。我們在 2022 年有了一個良好的開端，第一季度的到來超出了我們最初的預期。該團隊在充滿挑戰的運營環境中度過了難關，實現了強勁的收入、收益和現金流增長。我們的業績基礎廣泛，在我們的 3 個細分市場中的每個細分市場都實現了高個位數或更高的核心收入增長。

Now during the first quarter, we continued to strengthen our competitive advantage through high-impact growth investments in innovation and bioprocessing production capacity, both of which we believe are contributing to market share gain.

現在，在第一季度，我們通過對創新和生物加工產能的高影響增長投資繼續加強我們的競爭優勢，我們認為這兩者都有助於增加市場份額。

Now clearly, our well-rounded results are really a testament to our team's commitment to continuous improvement and to the unique positioning of our portfolio. We just have an exceptional collection of businesses, all powered by the Danaher Business System that serve attractive end markets with durable, secular growth drivers. And it's this combination that differentiates Danaher today and provides a strong foundation for the future.

現在很明顯，我們全面的結果確實證明了我們團隊對持續改進的承諾以及我們產品組合的獨特定位。我們只是擁有一系列卓越的業務，所有業務均由丹納赫業務系統提供支持，為具有持久、長期增長動力的有吸引力的終端市場提供服務。正是這種結合使丹納赫今天與眾不同，並為未來奠定了堅實的基礎。

So with that, let's turn to our first quarter results. Sales were $7.7 billion in the first quarter, and we delivered 12% core revenue growth. Our base business was up 8% with broad-based strength across the portfolio and COVID-19 testing contributing 4%.

因此，讓我們轉向我們的第一季度業績。第一季度銷售額為 77 億美元，我們實現了 12% 的核心收入增長。我們的基礎業務增長了 8%，整個產品組合的廣泛實力和 COVID-19 測試貢獻了 4%。

Geographically, revenue in both the U.S. and Western Europe grew mid-teens, while high-growth markets were up low single digits. China declined low single digits but was up high single digits, excluding the impact of a previously called out significant bioprocessing project delivered in the prior year.

從地域上看，美國和西歐的收入都增長了十幾歲，而高增長市場則增長了低個位數。中國下降了低個位數，但上升了個位數，不包括上一年交付的一個先前宣布的重大生物加工項目的影響。

The COVID-19-driven lockdowns that began in late March had a very modest impact on our first quarter results in China. However, as these lockdowns extend further into April, we're seeing more of an impact in our businesses. And we anticipate the situation will begin to ease in the coming weeks with an eventual return to normalized activity levels by the end of June.

3 月下旬開始的 COVID-19 驅動的封鎖對我們在中國的第一季度業績產生了非常溫和的影響。但是，隨著這些封鎖措施進一步延長到 4 月，我們看到對我們業務的影響越來越大。我們預計情況將在未來幾週開始緩解，最終在 6 月底恢復正常活動水平。

Our gross profit margin for the first quarter was 61.2%. The operating margin decline of 80 basis points to 28.3% is largely due to year-over-year changes in foreign currency exchange rates and product mix primarily within our Life Sciences segment. Now adjusted diluted net earnings per common share of $2.76 were up 9.5% versus last year, and we generated $1.7 billion of free cash flow in the quarter.

我們第一季度的毛利率為61.2%。營業利潤率下降 80 個基點至 28.3%，主要是由於主要在我們的生命科學部門內的外匯匯率和產品組合的同比變化。現在調整後的每股普通股攤薄淨收益為 2.76 美元，與去年相比增長了 9.5%，我們在本季度產生了 17 億美元的自由現金流。

So now let's take a look at our results across the portfolio and give you some color on what we're seeing in our end markets today. Let's start with Life Sciences where reported revenue grew 9.5% and core revenue was up 7.5% with broad-based strength across the segment.

因此，現在讓我們來看看我們在整個投資組合中的結果，並為您提供一些關於我們今天在終端市場上看到的情況。讓我們從生命科學開始，報告的收入增長了 9.5%，核心收入增長了 7.5%，並且在整個領域都有廣泛的實力。

In bioprocessing, we're seeing very robust activity levels. Customers are accelerating their investments in research and production across all major therapeutic modalities. Core revenue in our bioprocessing business at Cytiva and Pall Biotech grew high single digits and was up low double digits, excluding the impact of that significant onetime project in China last year. So orders remain very healthy, and we continued to build backlog across both businesses during the quarter.

在生物加工中，我們看到了非常強勁的活性水平。客戶正在加快對所有主要治療方式的研究和生產的投資。我們在 Cytiva 和 Pall Biotech 的生物加工業務的核心收入增長了高個位數和低兩位數，不包括去年在中國的重大一次性項目的影響。因此，訂單仍然非常健康，我們在本季度繼續在兩個業務中建立積壓。

Now over the last 2 years, our customers prioritized the development of COVID-19 vaccines and therapies to rapidly accelerate their time to market. Today, these programs require less investment in manufacturing capacity as they mature and become a part of our customers' core business. And as a result, our customers are starting to reallocate resources back to previously paused and new programs for other modalities, notably, monoclonal antibody-based therapies, or mAbs, cell and gene therapy and mRNA-based technology.

現在，在過去 2 年中，我們的客戶優先考慮開發 COVID-19 疫苗和療法，以迅速加快產品上市時間。如今，隨著這些項目逐漸成熟並成為我們客戶核心業務的一部分，它們對製造能力的投資減少了。因此，我們的客戶開始將資源重新分配給以前暫停的其他方式的新項目，特別是基於單克隆抗體的療法或 mAb、細胞和基因療法以及基於 mRNA 的技術。

In bioprocessing today, monoclonal antibodies are the largest investment area for our customers as they're becoming the standard of care in the treatment of many diseases. Customers are adding manufacturing capacity to support both novel mAbs in clinical trials and the rapid growth of approved treatment.

在當今的生物加工中，單克隆抗體是我們客戶最大的投資領域，因為它們正在成為治療許多疾病的護理標準。客戶正在增加製造能力，以支持臨床試驗中的新型 mAb 和批准治療的快速增長。

Biosimilar development and production are also increasing as patents on higher-volume therapies expire. This trend is making life-saving treatments more accessible and helping to accelerate adoption in underserved markets.

隨著大批量療法的專利到期，生物仿製藥的開發和生產也在增加。這一趨勢使挽救生命的治療更容易獲得，並有助於加速在服務不足的市場中的採用。

Now we continue to make substantial investments in manufacturing capacity to help meet our customers' accelerating demand in bioprocessing. An important focus area of our expansion has been with single-use technology, which are key enablers to scale the development and manufacturing of biologics and genomic-based medicines.

現在，我們繼續對製造能力進行大量投資，以幫助滿足客戶對生物加工不斷增長的需求。我們擴張的一個重要重點領域是一次性技術，這是擴大生物製劑和基因組藥物開發和製造的關鍵推動力。

In this first quarter, our newest plant, dedicated to the manufacturing of single-use technology, came online in Cardiff, Wales. Now this plant, along with recently opened facilities in South Carolina and Beijing, are critical to support our customers' demand today. Long term, they provide additional capacity for one of the fastest-growing product categories within bioprocessing.

在第一季度，我們致力於製造一次性技術的最新工廠在威爾士卡迪夫上線。現在，這家工廠以及最近在南卡羅來納州和北京開設的設施對於支持我們當今客戶的需求至關重要。從長遠來看，它們為生物加工中增長最快的產品類別之一提供了額外的能力。

So turning to our Life Sciences instrument businesses, we're seeing strong levels of activity in all major end markets. Demand is particularly robust at our pharmaceutical, CRO and academic research customers where a healthy funding environment is accelerating the initiation of new projects.

因此，轉向我們的生命科學儀器業務，我們看到所有主要終端市場的活躍程度都很高。我們的製藥、CRO 和學術研究客戶的需求尤其強勁，健康的融資環境正在加速新項目的啟動。

In the first quarter, Leica Microsystems, IDT and SCIEX each grew over 10%. At SCIEX, the ZenoTOF 7600 and Triple Quad 7500 continue to perform well and are great examples of how our investments in innovation are driving market share gains and enhancing our growth trajectory.

第一季度，徠卡顯微系統、IDT 和 SCIEX 均增長超過 10%。在 SCIEX，ZenoTOF 7600 和 Triple Quad 7500 繼續表現良好，是我們在創新方面的投資如何推動市場份額增長和增強我們的增長軌蹟的絕佳例子。

At Leica Microsystems, Mica is another example of impactful innovation for our customers. Mica integrates wide field and confocal imaging in a single instrument while leveraging machine learning and automation to dramatically simplify the imaging workflow for our researchers. So clearly, across the life sciences portfolio, we're investing in innovation to bring meaningful solutions to our customers and to strengthen our competitive position.

在 Leica Microsystems，Mica 是另一個對我們的客戶產生影響的創新示例。 Mica 在單個儀器中集成了廣域和共焦成像，同時利用機器學習和自動化為我們的研究人員顯著簡化了成像工作流程。很明顯，在整個生命科學產品組合中，我們都在投資創新，為我們的客戶帶來有意義的解決方案，並加強我們的競爭地位。

Aldevron continued its great start as a part of Danaher, delivering over 40% growth in the first quarter. Since joining Danaher in late August, the team has embraced the Danaher Business System and is putting DBS tools to work. Recently completed Kaizen events, which focused on increasing throughput and further reducing lead times, are already generating terrific results. So we're excited about the early progress at Aldevron and thrilled with the great work the team is doing.

作為丹納赫的一部分，Aldevron 繼續其良好的開端，第一季度實現了超過 40% 的增長。自 8 月下旬加入 Danaher 以來，該團隊已採用 Danaher 業務系統並將 DBS 工具投入使用。最近完成的以提高吞吐量和進一步縮短交貨時間為重點的改善活動已經產生了非常好的結果。因此，我們對 Aldevron 的早期進展感到興奮，並對團隊所做的出色工作感到興奮。

So now let's move to Diagnostics where reported revenue was up 21.5% and core revenue grew 22.5%, led by over 50% growth at Cepheid. Our non-COVID clinical diagnostics businesses collectively grew mid-single digits. Notably, Leica Biosystems delivered their seventh consecutive quarter of double-digit order growth driven by strengths in core histology, advanced staining and digital pathology.

所以現在讓我們轉向診斷，報告收入增長 21.5%，核心收入增長 22.5%，其中 Cepheid 增長超過 50%。我們的非 COVID 臨床診斷業務共同增長了中個位數。值得注意的是，徠卡生物系統公司連續第七個季度實現了兩位數的訂單增長，這得益於核心組織學、高級染色和數字病理學方面的優勢。

In clinical diagnostic market, volumes remain at healthy levels in most geographies as patients are returning for wellness checks, routine screening and other elective procedures. Our customers are effectively managing through periodic outbreaks by adapting their protocols and procedures, allowing them to continue providing critical health care services. Now in China, we're currently seeing regional lockdowns impact patient volumes and expect our Diagnostics business to be the most affected in the second quarter.

在臨床診斷市場中，隨著患者返回進行健康檢查、常規篩查和其他選擇性程序，大多數地區的銷量保持在健康水平。我們的客戶通過調整他們的協議和程序來有效地管理定期爆發，使他們能夠繼續提供關鍵的醫療保健服務。現在在中國，我們目前看到區域封鎖影響患者數量，並預計我們的診斷業務將在第二季度受到最大影響。

In Molecular Diagnostics, respiratory testing volumes have moderated globally as the Omicron outbreak has subsided in most regions. However, demand for Cepheid's testing at the point of care remains very strong, and we believe we're taking market share. Our continued growth and share gains are a testament to the significant value the unique combination of fast, accurate lab results and a best-in-class workflow is providing to clinicians at the point of care.

在分子診斷領域，隨著 Omicron 疫情在大多數地區的消退，全球範圍內的呼吸檢測量有所放緩。然而，Cepheid 在護理點的測試需求仍然非常強勁，我們相信我們正在搶占市場份額。我們的持續增長和份額增長證明了快速、準確的實驗室結果和一流工作流程的獨特組合在護理點為臨床醫生提供的重要價值。

So as COVID-19 moves towards an endemic disease state, we're seeing increased demand for Cepheid's broader test menu. In the first quarter, non-respiratory testing revenue grew double digits, led by hospital-acquired infection, urology and infectious disease testing.

因此，隨著 COVID-19 進入地方病狀態，我們看到對 Cepheid 更廣泛的測試菜單的需求增加。一季度，在醫院獲得性感染、泌尿外科和傳染病檢測的帶動下，非呼吸檢測收入增長兩位數。

Customers, including several who initially purchased our GeneXpert system for COVID-19 testing, are expressing increased interest in expanding their menu utilization. As our customers free capacity from respiratory testing, we believe there are significant opportunities to leverage our market-leading installed base and testing menu to drive broader utilization and demand for Cepheid's point-of-care molecular testing solutions.

客戶，包括最初購買我們用於 COVID-19 測試的 GeneXpert 系統的幾位客戶，對擴大菜單利用率表示了越來越大的興趣。由於我們的客戶從呼吸測試中解放出來，我們相信有很大的機會利用我們市場領先的安裝基礎和測試菜單來推動對 Cepheid 的即時分子測試解決方案的更廣泛的利用和需求。

Now respiratory testing revenue of $900 million in the quarter exceeded our expectations as customers showed an increased preference for Cepheid's 4-in-1 combination test during the respiratory season. Our combination test for COVID-19, Flu A, Flu B and RSV represented approximately 65% of the 17 million respiratory cartridges shipped in the quarter, with COVID-only tests accounting for approximately 35%.

現在，本季度 9 億美元的呼吸測試收入超出了我們的預期，因為客戶在呼吸季節對 Cepheid 的 4 合 1 組合測試的偏好增加了。我們對 COVID-19、A 型流感、B 型流感和 RSV 的組合測試約佔本季度出貨的 1700 萬個呼吸盒的 65%，僅 COVID 測試約佔 35%。

So now let's move to our Environmental & Applied Solutions segment where reported revenue grew 2.5% with core revenue up 6.5%, including [Hach] water quality and mid-single-digit growth at product identification.

所以現在讓我們轉到我們的環境和應用解決方案部門，報告收入增長 2.5%，核心收入增長 6.5%，包括 [Hach] 水質和產品識別的中個位數增長。

At water quality, ChemTreat delivered its fourth consecutive quarter of double-digit core growth. Accelerating demand for our analytical chemistries and consumables was driven by activity across municipal, chemical, food and beverage end market. Equipment order rates also remain strong as customers are continuing to invest in larger municipal projects.

在水質方面，ChemTreat 連續第四個季度實現了兩位數的核心增長。市政、化工、食品和飲料終端市場的活動推動了對我們分析化學品和消耗品的需求加速增長。隨著客戶繼續投資於更大的市政項目，設備訂單率也保持強勁。

Now product identification, our marking and coding business was up high single digits, partially offset by a slight decline in our packaging and color management business. Videojet was up high single digits with strong demand in food, beverage and industrial end markets. So stepping back, our water quality and product identification platforms have done an exceptional job of leveraging the Danaher Business System to improve their positioning, both from a cost and growth perspective.

現在產品識別，我們的標記和編碼業務增長了個位數，部分被我們的包裝和顏色管理業務的小幅下滑所抵消。偉迪捷因食品、飲料和工業終端市場的強勁需求而上漲了個位數。所以退一步說，我們的水質和產品識別平台在利用丹納赫業務系統從成本和增長角度改善其定位方面做得非常出色。

While supply chain pressures have been modestly more pronounced than EAS, our teams are using DBS tools such as daily management to work with suppliers and ensure production component availability. We're also using visual project management to help us reengineer our products faster with a focus on moving from difficult-to-source electronic component to newer, more cost-effective next-generation chipsets. Now we believe DBS enables us to deliver faster and more reliably than many of our competitors.

雖然供應鏈壓力比 EAS 稍微明顯一些，但我們的團隊正在使用 DBS 工具（例如日常管理）與供應商合作並確保生產組件的可用性。我們還使用可視化項目管理來幫助我們更快地重新設計我們的產品，重點是從難以採購的電子元件轉向更新、更具成本效益的下一代芯片組。現在，我們相信星展銀行使我們能夠比我們的許多競爭對手更快、更可靠地交付產品。

Now our teams are also using DBS growth tools to accelerate innovation and deliver more impactful solutions to the market. Innovations such as Videojet, CIJ 1880 printer and Hach's HQ series portable meters are helping our customers solve the many challenges they face, from increasing regulatory requirements to skilled labor shortages. And we're seeing the impact in our core growth, which has averaged mid-single digits annually over the past 10 years at EAS.

現在，我們的團隊也在使用星展銀行的增長工具來加速創新並為市場提供更具影響力的解決方案。 Videojet、CIJ 1880 打印機和 Hach 的 HQ 系列便攜式儀表等創新技術正在幫助我們的客戶解決他們面臨的許多挑戰，從不斷增加的監管要求到熟練勞動力短缺。我們看到了對核心增長的影響，在過去 10 年中，EAS 的年均增長率為中個位數。

So we believe this combination of the rigorous application of DBS tools paired with our proactive growth investment is driving meaningful market share gains and enhancing our long-term competitive advantage.

因此，我們相信，DBS 工具的嚴格應用與我們積極的增長投資相結合，正在推動有意義的市場份額增長，並增強我們的長期競爭優勢。

So now let's briefly look ahead to our expectations for the second quarter and the full year. In the second quarter, we expect to deliver mid-single-digit core revenue growth in our base business, which includes a headwind of approximately 200 to 300 basis points from the ongoing COVID-19-related shutdowns in China.

因此，現在讓我們簡要展望一下我們對第二季度和全年的預期。在第二季度，我們預計我們的基礎業務將實現中個位數的核心收入增長，其中包括中國正在進行的與 COVID-19 相關的停工帶來的約 200 至 300 個基點的逆風。

For the full year 2022, there is no change to our previous guidance of high single-digit core revenue growth in our base business as we expect the shutdowns in China to normalize as we move through the remainder of the year. We continue to expect both a low single-digit core growth headwind from COVID-19 testing and overall mid-single-digit core revenue growth.

對於 2022 年全年，我們之前對基礎業務核心收入高個位數增長的指導沒有變化，因為我們預計隨著今年剩餘時間的到來，中國的停工將正常化。我們繼續預計 COVID-19 測試帶來的低個位數核心增長逆風和整體中個位數核心收入增長。

So to wrap up, we had a good start to the year and look forward to building on this foundation as we move through 2022. Our first quarter results are a testament to the dedication of our outstanding team and their commitment to executing with the Danaher Business System. And these results also reflect the unique positioning of our portfolio and the exceptional collection of high-quality franchises that comprise Danaher today.

總而言之，我們今年有一個良好的開端，並期待在 2022 年的基礎上再接再厲。我們的第一季度業績證明了我們優秀團隊的奉獻精神以及他們對執行丹納赫業務的承諾系統。這些結果也反映了我們產品組合的獨特定位以及今天構成丹納赫的優質特許經營權的卓越集合。

We believe the durability of our businesses, where consumables now represent 75% of revenue, positions us exceptionally well in today's dynamic operating environment. So this powerful combination of our talented team, the strength of our portfolio and the Danaher Business System differentiates Danaher and reinforces our sustainable, long-term, competitive advantage. So with that, I'll turn the call back over to you, John.

我們相信，我們業務的持久性（消耗品現在佔收入的 75%）使我們在當今動態的運營環境中表現出色。因此，我們才華橫溢的團隊、我們的產品組合的實力和丹納赫業務系統的強大組合使丹納赫與眾不同，並增強了我們可持續、長期的競爭優勢。有了這個，我會把電話轉給你，約翰。

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

謝謝，雷納。我們的正式評論到此結束。獅子座，我們現在準備好提問了。

(Operator Instructions) We'll take our first question from Derik De Bruin of Bank of America.

（操作員說明）我們將向美國銀行的 Derik De Bruin 提出第一個問題。

I've got just a couple of sort of like incomings from clients. I think, first of all, just a little bit more on the difference between -- I think you mentioned 19 million on the Cepheid guide, and it came in at 17 million. Just a little bit more color on the volume difference there.

我從客戶那裡收到了一些類似的消息。我想，首先，我想你在造父變星指南上提到了 1900 萬和 1700 萬之間的區別。只是在體積差異上增加了一點顏色。

And I think also a related question, just are you seeing any sort of stockpiling in terms of either -- vendors for either bioprocessing or on the diagnostics side? And I've got one more follow-up.

而且我認為還有一個相關的問題，您是否看到任何形式的庫存 - 生物加工或診斷方面的供應商？我還有一個後續行動。

Yes. Thanks, Derik. Well, let's start off with the cartridge shipments here in the first quarter. Early in the quarter, as many, we suffered from some absenteeism related to the Omicron outbreak in our manufacturing plants. And that affected the production levels, on the one hand.

是的。謝謝，德里克。好吧，讓我們從第一季度的墨盒出貨量開始。在本季度初，與許多人一樣，我們因製造工廠的 Omicron 爆發而遭受了一些曠工。一方面，這影響了生產水平。

On the other hand, the mix shift, larger than anticipated towards the 4-in-1 test, 65% versus our assumption of 50%, ended up resulting in a beat in terms of revenue. So really a short-term contained issue that affected manufacturing volumes. Ultimately, the mix and the strength of the team's recovery ended up resulting in the 17 million cartridges of shipment.

另一方面，4 合 1 測試的混合轉變比預期的 65% 比我們假設的 50% 大，最終導致收入方面的節拍。因此，確實是一個影響製造量的短期問題。最終，團隊恢復的組合和力量最終導致了 1700 萬個墨盒的出貨量。

Now if we switch gears briefly and go to the topic of stockpiling, we are very, very sensitive to this particular topic and stay extremely close with our customers. As an example, in the first quarter, Cepheid continued to be sold out. If you think about bioprocessing, this is an area where there continues to be in the industry manufacturing constraints.

現在，如果我們簡單地切換齒輪並轉到庫存主題，我們對這個特定主題非常非常敏感，並與我們的客戶保持密切聯繫。例如，第一季度，Cepheid 繼續被搶購一空。如果您考慮生物加工，那麼這個領域仍然存在行業製造限制。

So we are very, very close to our customers, working together with them, with their manufacturing schedules to ensure that we're able to not only meet their needs but also to ensure that we don't have inventory buildup in the system. So could there be pockets of that? Perhaps on the margin, but generally speaking, we don't see a significant buildup in the supply chain.

因此，我們非常非常接近我們的客戶，與他們一起工作，制定他們的製造計劃，以確保我們不僅能夠滿足他們的需求，而且還確保我們不會在系統中積累庫存。那麼可能有口袋嗎？也許在邊際上，但總的來說，我們沒有看到供應鏈有顯著的增長。

Great. And just can you -- on the China headwind in the quarter, that 200 to 300 basis points, what's supply versus demand?

偉大的。你能不能——在本季度中國逆風的情況下，200 到 300 個基點，供求關係如何？

Well, this is entirely related to supply accessibility of customers. So the demand in China continues to be very robust. Now as you may have noted, without the -- in the first quarter, without this large project in the prior year, China was up high single digits for us, orders very strong. So this is really related to customer accessibility in hospitals and labs and, of course, the one or the other manufacturing plant that's affected by these shutdowns.

嗯，這完全與客戶的供應可及性有關。因此，中國的需求仍然非常強勁。現在你可能已經註意到了，如果沒有第一季度，沒有上一年的這個大型項目，中國對我們來說是個位數的增長，訂單非常強勁。因此，這實際上與醫院和實驗室的客戶可及性有關，當然，也與受這些停工影響的一家或另一家製造廠有關。

Now as we sit here today, we're already receiving the news from our team that we're able to open up not just our plants, and so those are starting to open up here as well slowly but surely, as well as we would expect throughout the quarter clients -- I'm sorry, as well as lab accessibility to improve already in May and then get back to more normal levels here by the end of the quarter.

現在，當我們今天坐在這裡時，我們已經收到來自我們團隊的消息，我們不僅能夠開放我們的工廠，因此這些工廠也開始緩慢但肯定地在這裡開放，就像我們一樣預計整個季度的客戶——對不起，以及實驗室的可訪問性已經在 5 月有所改善，然後在本季度末恢復到更正常的水平。

Great. And if I can sneak one more in. The 2Q hit, you -- nice to see you reiterating the full year guide with that. Is that expected as you expect all that China business to come back? Or do you think you'll see stronger growth in other regions offsetting it?

偉大的。如果我可以再偷偷溜進去。第二季的熱門歌曲，你——很高興看到你重申全年指南。這是預期的，因為你預計所有的中國業務都會回來嗎？或者你認為你會看到其他地區更強勁的增長抵消了它？

This is mostly about China getting back to normal activity levels and both customers as well as our plants having the makeup capacity to make up for what we think are relatively short shutdown periods. Having said that, the business is a large one and there's always pockets that will grow faster. So between the 2 things, we feel confident that our guide for the full year holds.

這主要是關於中國恢復正常的活動水平，以及客戶和我們的工廠都有足夠的能力來彌補我們認為相對較短的停工期。話雖如此，這項業務是一項龐大的業務，總有一些口袋會增長得更快。因此，在這兩件事之間，我們相信我們的全年指南是有效的。

We'll take our next question from Vijay Kumar of Evercore ISI.

我們將向 Evercore ISI 的 Vijay Kumar 提出下一個問題。

Congrats on a solid Q1 print. Maybe one on the vaccine side, Rainer. I know it's part of the base, but I guess yesterday, J&J did pull out their vaccine guidance. They're not guiding to vaccine, no news anymore. And obviously, there's been a lot of questions on the vaccine side and base bioprocessing. So maybe just talk about bioprocessing trends in the Q. What were order trends? Were orders above revenues? And are you still confident about the $2 billion of vaccine outlook for fiscal '22?

恭喜第一季度印刷質量不錯。也許是疫苗方面的一個，雷納。我知道這是基地的一部分，但我想昨天，強生確實撤出了他們的疫苗指南。他們沒有指導疫苗，沒有消息了。顯然，在疫苗方面和基礎生物加工方面存在很多問題。所以也許只是在 Q 中談論生物加工趨勢。訂單趨勢是什麼？訂單是否高於收入？您是否仍然對 22 財年 20 億美元的疫苗前景充滿信心？

Well, thanks, Vijay. So let's just level set on the numbers briefly here. If we think about bioprocessing Q1, and as I mentioned during my opening commentary, if we extract that very large Q1 shipment last year in China, our bioprocessing business was up low double digits here in Q1. Very, very strong order activity, and I'll come back to that in a minute.

好吧，謝謝，維杰。所以讓我們在這裡簡單地設置一下數字。如果我們考慮第一季度的生物加工，正如我在開場評論中提到的那樣，如果我們提取去年第一季度在中國的大量出貨量，我們的生物加工業務在第一季度就增長了兩位數。非常非常強烈的訂單活動，我會在一分鐘內回到這個問題。

Now if you look at our first quarter last year, our sales were up over 70%. And so if you look at the 2-year stack for Q1, we're in the 35% to 40% growth area, which we think is very robust and more than representative of what is going on in the market and think that that compares extremely well. In fact, we still think that we're taking share there. So that's sort of one marker that I want you to have.

現在，如果您查看我們去年的第一季度，我們的銷售額增長了 70% 以上。因此，如果您查看第一季度的 2 年堆棧，我們處於 35% 到 40% 的增長區域，我們認為這是非常強勁的，並且不僅僅代表了市場上正在發生的事情，並且認為比較非常好。事實上，我們仍然認為我們正在分享那裡。所以這是我希望你擁有的一種標記。

And then the second point is the order activity continues to be very, very strong. Last year, our orders in the first quarter were up over 90%. And so we anticipated that our orders in Q1 of this year would be down, but nonetheless, we continue to build backlog here in Q1 as well in the bioprocessing area. And this is why we're so confident in our core growth guide here for the year in bioprocessing of high single digit, low double digits between the robust growth that we're seeing and the backlog that we have, that's really important.

然後第二點是訂單活動繼續非常非常強勁。去年，我們第一季度的訂單增長了 90% 以上。因此，我們預計今年第一季度的訂單會下降，但儘管如此，我們在第一季度以及生物加工領域繼續積壓。這就是為什麼我們對我們今年的核心增長指南如此有信心，在我們看到的強勁增長和我們所擁有的積壓之間的高個位數、低兩位數的生物加工，這真的很重要。

So now let's unpack that a little bit and think about what's going on and why COVID is sort of one variable, but that there are other variables here that are incredibly important and explain why we talk about the bioprocessing business and its growth in aggregate.

所以現在讓我們稍微解開一下，想想發生了什麼以及為什麼 COVID 是一個變量，但這裡還有其他變量非常重要，並解釋了為什麼我們談論生物加工業務及其總體增長。

So first of all, if you think about the activity levels outside of COVID in the bioprocessing business, it's important to see what's going on in clinical trials. And I've talked about this, but you know that the project pipeline for monoclonal antibodies is 50% larger today than it was 5 years ago. For cell and gene therapy, it's 10x larger, driving extraordinary activity here in the clinical trial area.

因此，首先，如果您考慮生物加工業務中 COVID 之外的活動水平，重要的是要了解臨床試驗中發生了什麼。我已經討論過這個問題，但你知道，如今單克隆抗體的項目管道比 5 年前大了 50%。對於細胞和基因治療，它的規模要大 10 倍，在臨床試驗領域推動了非凡的活動。

And what you see, and as I mentioned in the opening comments, you see customers really starting to focus on these new projects across all modalities and not just allocating the resources to COVID but to these new modalities. So that's really important to note that customer activity level continues to be very, very high, and that plays through in the clinical trials.

正如我在開場評論中所提到的，您看到客戶真正開始關注所有形式的這些新項目，而不僅僅是將資源分配給 COVID，而是分配給這些新形式。因此，值得注意的是，客戶活動水平仍然非常非常高，並且在臨床試驗中發揮了作用。

Now another point to take here is monoclonal antibodies are becoming the standard of care and the predominant class of biologic drugs. So what's going on in monoclonal antibodies is the primary growth driver in the market and also for our business. And recently launched products that are ramping to new treatments and new indications are driving an exceptional amount of volume here.

現在要注意的另一點是單克隆抗體正在成為護理標準和生物藥物的主要類別。因此，單克隆抗體的發展是市場的主要增長動力，也是我們業務的主要增長動力。最近推出的產品正在逐漸適應新的治療方法和新的適應症，這推動了這裡的巨大銷量。

And then you add to that that emerging markets and high-growth markets such as China and India are starting to have access to these monoclonal antibody treatments. That provides additional and significant volume leverage.

然後你補充說，新興市場和中國和印度等高增長市場開始獲得這些單克隆抗體治療。這提供了額外且重要的交易量槓桿。

At the same time, you have biosimilar growth, Vijay. So these biosimilars are leveraging the fact that some of the biologic drugs, monoclonal antibodies that are higher volume are starting to come off patent, and that's increasing the penetration of those drugs throughout the world where the penetration has been lower. And that's providing another growth impetus.

同時，你有生物仿製藥的增長，維杰。因此，這些生物仿製藥正在利用這樣一個事實，即一些生物藥物、大容量的單克隆抗體開始取消專利，這增加了這些藥物在全球滲透率較低的滲透率。這提供了另一個增長動力。

And then lastly, and I'll stop with this now, we've been talking a lot about single-use technology and their adoption for a while, which is an additional leverage growth vector within the bioprocessing business. So all that helps the activity that we talked about provides for volume, but SUT on top of that is substituting more traditional technologies and is growing even faster. And we have well over $1 billion of single-use technology. And we've just announced our third new plant coming on for single-use technologies in Cardiff, Wales.

最後，我現在要停下來，我們一直在談論一次性技術及其採用有一段時間，這是生物加工業務中一個額外的槓桿增長載體。因此，所有有助於我們討論的活動的活動都提供了數量，但除此之外，SUT 正在替代更多傳統技術，並且增長更快。我們擁有超過 10 億美元的一次性技術。我們剛剛宣布我們在威爾士卡迪夫的第三個一次性技術新工廠即將投入使用。

So we feel very confident on the basis of what's going on outside of COVID. And that's why we look at it together because it's the aggregate that we look at and that really ultimately count that that will drive that high single-digit, low double-digit growth here for 2022 and also supports our high single-digit perspective beyond that.

因此，基於 COVID 之外發生的事情，我們感到非常有信心。這就是為什麼我們一起看待它的原因，因為它是我們所關注的總體，並且最終真正認為這將推動 2022 年的高個位數、低兩位數增長，並且還支持我們的高個位數觀點。 .

That's helpful, Rainer. And maybe one quick one for Matt McGrew. I think incremental margins, we were looking at perhaps mid-30s. Q1 came in below. Matt, was this supply chain inflation impact in Q1 or perhaps FX? Or maybe just talk about incrementals and have expectations shooting for [fiscal] for '22.

這很有幫助，雷納。對於馬特·麥格魯來說，也許是一個快速的。我認為增量利潤，我們可能在 30 年代中期。 Q1 排在下面。馬特，這種供應鏈通脹影響是第一季度還是外匯？或者，也許只是談論增量，並對 22 年的 [財政] 抱有期望。

Yes. No, for Q1, I mean, we kind of came through about 25%. I think that was pretty much in line with what we thought, Vijay. So no real difference. I think from a year-over-year perspective, the difference between that 35% to 40% that we normally talk to in this 25%, it was all FX, right?

是的。不，對於第一季度，我的意思是，我們大約完成了 25%。我認為這與我們的想法非常一致，維杰。所以沒有真正的區別。我認為從同比的角度來看，我們通常在這 25% 中談論的 35% 到 40% 之間的差異，都是外匯，對吧？

So in the quarter, I mean you think about it, it was kind of like a $0.07 headwind here for us. So I don't think we saw anything. Obviously, supply chain is what it is, but I think we were able to kind of work our way through that. I really think it was all FX here in the quarter, in the first quarter.

所以在本季度，我的意思是你想想看，這對我們來說有點像 0.07 美元的逆風。所以我認為我們什麼都沒看到。顯然，供應鏈就是這樣，但我認為我們能夠通過這種方式進行工作。我真的認為在第一季度，第一季度都是外匯。

As far as -- and I think you bring up a good point then as far as the full year goes. So I would say there's no change to the full year fall-through other than the FX impacts that we're seeing. And just to kind of lay that out, we continue to expect mid-single-digit core growth from kind of the core and acquisitions, and that will have that 35% to 40% fall-through.

至於 - 我認為你提出了一個很好的觀點，那麼就全年而言。所以我想說，除了我們看到的外匯影響之外，全年的跌幅沒有任何變化。只是為了說明這一點，我們繼續預計核心和收購的中位數核心增長，這將導致 35% 到 40% 的下降。

In January, we thought that FX was going to bring that 35% to 40% down to, say, 30% to 35%. But given the currency moves we've seen since January, as we sit here today, I think it's going to be more like 20%, 25% fall-through for the year versus the 30% to 35% that we sort of guided to the last time.

1 月份，我們認為外匯將把 35% 到 40% 降低到 30% 到 35%。但鑑於我們自 1 月以來看到的貨幣走勢，當我們今天坐在這裡時，我認為今年的跌幅將更像是 20%、25%，而我們引導的跌幅為 30% 至 35%最後一次。

So look, it still leaves us -- if we deliver that, that still leaves us with low single-digit EPS growth for the year despite what I think is some pretty significant FX headwinds year-over-year.

所以看，它仍然給我們留下了——如果我們實現了這一點，儘管我認為與去年同期相比存在一些相當大的外匯逆風，但今年的每股收益增長仍然很低。

And maybe just to give you color on the sizing of that headwind. I mean, right now, FX is going to be a $0.35 EPS headwind year-over-year, and that's a pretty meaningful number for us here during the year. It's probably half of what we initially thought. So it's a pretty big headwind here for the year, and it was a little bit here in the quarter, too.

也許只是為了讓你了解逆風的大小。我的意思是，現在，外匯將是每股 0.35 美元的逆風，這對我們今年來說是一個非常有意義的數字。這可能是我們最初想法的一半。所以這是今年的一個很大的逆風，在這個季度也有一點。

We'll take our next question from Scott Davis of Melius Research.

我們將向 Melius Research 的 Scott Davis 提出下一個問題。

The price dynamic, I mean, I know FX is FX, can't do much about that perhaps. But do you -- are you still out there capturing additional price to offset the general inflation and general cost and logistics issues that are so prevalent?

價格動態，我的意思是，我知道外匯就是外匯，也許對此無能為力。但是，您是否仍然在通過額外的價格來抵消普遍的通貨膨脹以及普遍的成本和物流問題？

Scott, we have been working price directly and indirectly, and we're seeing very good traction. Let me lay that out for you here. And let me start off with the fact that there are inflationary pressures out there. We've talked about that in the past. And that moves from sort of the classic topics of memory chips and other types of chipsets and freight and perhaps labor to seeing more broadly inflation.

斯科特，我們一直在直接和間接地研究價格，我們看到了非常好的牽引力。讓我在這里為您列出。讓我從存在通脹壓力的事實開始。我們過去曾討論過這一點。這從存儲芯片和其他類型的芯片組和貨運以及可能的勞動力等經典主題轉向更廣泛的通貨膨脹。

But nonetheless, with the Danaher Business System, our teams have been able to do a number of things here in order to contain this. One, of course, is related to ensuring the robustness of the supply. Many of our businesses today are gaining share because we are able to continue our supply, have shorter lead times because we're able to access and secure the components necessary to drive our manufacturing in our business. So it's an important aspect to this entire equation of growth and share gain.

但儘管如此，通過丹納赫業務系統，我們的團隊已經能夠在這裡做很多事情來控制這種情況。其中之一當然是與確保供應的穩健性有關。我們今天的許多業務正在獲得份額，因為我們能夠繼續供應，縮短交貨時間，因為我們能夠訪問和保護推動我們業務製造所需的組件。因此，這是整個增長和份額收益等式的一個重要方面。

Secondly, the DBS tool sets that we have been putting in place are also helping us offset costs in the sense, and as I mentioned in the introductory comments that, look, we are able to now reengineer more quickly to other types of -- again, I'll use the example of chipsets, to next-gen chipsets more broadly, consolidate those and not only gain supply but then also reduce our costs. So there's an entire DBS machine, if you will, that is driving to secure supply and to offset costs.

其次，我們一直在使用的 DBS 工具集也在某種意義上幫助我們抵消了成本，正如我在介紹性評論中提到的那樣，看，我們現在能夠更快地重新設計為其他類型的 - 再次，我將使用芯片組的例子，更廣泛地使用下一代芯片組，整合這些芯片組，不僅可以獲得供應，還可以降低我們的成本。因此，如果您願意的話，有一整套 DBS 機器正在推動確保供應並抵消成本。

At the same time, of course, we're driving price, and we see strong traction there. In fact, we're well over 200 basis points of price here in the first quarter, and that's a quarter that still had a fair amount of, if you will, 2021 backlog in it, right? So we have now worked through the majority of that backlog and expect to see continued momentum there.

與此同時，當然，我們正在推動價格，我們看到了強大的牽引力。事實上，我們在第一季度的價格遠遠超過 200 個基點，如果你願意的話，這個季度仍然有相當多的 2021 年積壓，對吧？因此，我們現在已經完成了大部分積壓工作，並希望在那裡看到持續的勢頭。

So thinking about price at these levels of 200-plus basis points, that's the right way to think about that. And it's just another testament to the strength of our portfolio, the degree of differentiation of our product and the leverage that this razor/razor blade business model provides us with 75% consumables, many of which are specked in or keyed in to the equipment or instruments that they supply.

因此，考慮這些 200 多個基點水平的價格，這是正確的思考方式。這只是對我們產品組合實力、產品差異化程度以及這種剃須刀/剃須刀片業務模式為我們提供 75% 消耗品的槓桿作用的又一證明，其中許多消耗品已被標記或鍵入到設備或他們提供的工具。

We'll move next to Dan Brennan of Cowen.

我們將搬到 Cowen 的 Dan Brennan 旁邊。

Congrats on the quarter. So if I could just go back to bioprocess, obviously, a really nice quarter with a high single-digit growth against an extremely tough comp. I appreciate COVID is part of the base, and it's great about all the robust demand, obviously, ex COVID, which is a big driver long term.

祝賀本季度。因此，如果我可以回到生物工藝，顯然，這是一個非常不錯的季度，在極其艱難的競爭中實現了高個位數的增長。我很欣賞 COVID 是基礎的一部分，這對所有強勁的需求都非常有利，顯然，前 COVID 是長期的重要驅動力。

But given the interest in kind of dissecting COVID at this point from investors, it would be helpful to learn if the 2022 high single, low double-digit guide continues to incorporate $2 billion from COVID. And if it does, any color you can provide there about like how much of that $2 billion is blocked in with firm orders?

但鑑於目前投資者對剖析 COVID 的興趣，了解 2022 年高個位數、低兩位數指南是否繼續包含 COVID 的 20 億美元將很有幫助。如果是這樣，您可以在那裡提供的任何顏色，例如這 20 億美元中有多少是被確定訂單阻止的？

Thanks, Dan. Really, the way we're thinking about that business is, again, in aggregate, and we do believe that both the underlying strength of the markets, as I just laid out, as well as the strength of our backlog, which continues to grow, support both the high single-digit, low double-digit bioprocessing guide for the year.

謝謝，丹。真的，我們再次考慮該業務的方式是總體上，我們確實相信市場的潛在實力，正如我剛剛闡述的那樣，以及我們積壓的實力，它繼續增長，同時支持年高個位數、低兩位數的生物加工指南。

And as you think about COVID within that, COVID's going to do what it does, but there is a larger market that is growing rapidly. And we're going to continue to see fluctuation as it relates to COVID volumes, whether there's a decision on booster shots for different age groups, whether it becomes part of an annualized immunization regimen. All of these are open questions.

當您在其中考慮 COVID 時，COVID 會做它所做的事情，但是有一個更大的市場正在迅速增長。我們將繼續看到波動，因為它與 COVID 數量有關，是否有針對不同年齡組的加強注射的決定，是否成為年度免疫方案的一部分。所有這些都是開放性問題。

And our belief is that COVID is a part of our business, but there is another part of this business which is larger, it is growing at a faster rate and we are making investments to ensure that we capture the appropriate shares here. So Dan, high single-digit, low double-digit bioprocessing growth for 2022.

我們的信念是，COVID 是我們業務的一部分，但該業務的另一部分更大，它正在以更快的速度增長，我們正在進行投資以確保我們在這裡獲得適當的份額。因此，Dan，2022 年的高個位數、低兩位數的生物加工增長。

Terrific. So Aldevron, really strong quarter out of the gate. Maybe can you give us a little color on how the integration is going? And in light of the really strong first quarter, how do we think about Aldevron for the full year in 2022 and beyond?

了不起。所以Aldevron，真的很強大。也許你能給我們一點關於整合進展的看法嗎？鑑於第一季度非常強勁，我們如何看待 Aldevron 2022 年及以後的全年業績？

I mean we couldn't be more pleased with the team. I've been up there several times working with the team, seeing how they're growing, bringing on capacity. We continue to invest in expansions there. And that 40% growth exceeded our expectations and gives you a sense of how quickly the Danaher Business System has gained traction. And that's a combination of a couple of things.

我的意思是我們對球隊再滿意不過了。我曾多次與團隊一起工作，看看他們是如何成長的，如何提升能力。我們繼續投資在那裡進行擴張。 40% 的增長超出了我們的預期，讓您了解丹納赫業務系統獲得牽引力的速度有多快。這是幾件事的結合。

The first thing is the leadership and the team at Aldevron that is pulling and open to applying the Danaher Business System as fast as possible to fortify their competitive advantage in lead times, in quality and to ensure that we drive this business to the growth of its potential.

首先是 Aldevron 的領導層和團隊，他們正在拉動並開放以盡快應用 Danaher 業務系統，以加強他們在交貨時間、質量方面的競爭優勢，並確保我們推動這項業務實現其增長。潛在的。

And we think for 2022, we continue to think that the $500 million revenue number is a good number, 40% in Q1. We certainly expect to be, in the first half year, well over our expectation of 20% plus that we previously talked about. So $500 million for the year is a good number, and that team is firing on all cylinders.

我們認為，對於 2022 年，我們繼續認為 5 億美元的收入數字是一個不錯的數字，第一季度為 40%。我們當然希望在上半年遠遠超過我們之前談到的 20% 以上的預期。因此，今年 5 億美元是一個不錯的數字，而且該團隊正在全力以赴。

And if I could squeeze one more in. Just on China, obviously, good news that you guys are managing through this and the full year guide is maintained. Maybe if you could just give us an update like in Q2, like what you're actually expecting for China. Maybe you said the number, I missed it. And kind of how do you think about China for the full year since you are expecting a nice rebound beginning Q2?

如果我可以再擠一個。顯然，就中國而言，好消息是你們正在通過這個來管理，並且全年指南得到維護。也許如果你能像第二季度那樣給我們一個更新，就像你對中國的實際期望一樣。也許你說的數字，我錯過了。由於您預計第二季度開始會出現良好的反彈，您如何看待全年的中國？

Sure. So just to revisit, we've talked about China here. In the first quarter, it was really the end of March when we started to see the impact of some of these larger-scale shutdowns, and we continue to see those here in the first week of April, although we've just spoken to the team here yesterday and they received approval to start opening up plants and we also see more activity at our customers.

當然。回顧一下，我們在這裡談到了中國。在第一季度，實際上是在 3 月底，我們才開始看到其中一些大規模停工的影響，並且在 4 月的第一周我們繼續看到這些，儘管我們剛剛與團隊昨天在這裡，他們獲得了開始開設工廠的批准，我們也看到我們的客戶有更多的活動。

And so we do expect to work through the shutdowns here in the second quarter. Again, that was the 200 to 300 basis point headwind that we included in our Q2 guide of mid-single digits.

因此，我們確實希望在第二季度解決這裡的停工問題。同樣，這是我們在第二季度中個位數指南中包含的 200 到 300 個基點的逆風。

So as we think about the quarter here and for China, remember, we had a very strong activity level in Q1 of high single-digit growth minus that large transaction last year. And we expect that in China, we'll probably be down in Q2 mid- to high single-digit percentages for the quarter. Now once again, we expect that to unwind in Q2 and then continue to catch back up here through the year where we continue to see China as a high single-digit market.

因此，當我們考慮本季度和中國時，請記住，我們在第一季度的高個位數增長減去去年的大筆交易的活動水平非常強勁。我們預計，在中國，我們可能會在第二季度下降中高個位數百分比。現在再一次，我們預計這將在第二季度放鬆，然後在我們繼續將中國視為高個位數市場的一年中繼續追趕。

We'll take our next question from Jack Meehan of Nephron Research.

我們將向 Nephron Research 的 Jack Meehan 提出下一個問題。

So on Life Sciences, wanted to turn to some of the capital-heavy businesses, SCIEX, Leica Micro, Pall Industrial. Can you just talk about the durability of the growth you're seeing there? How are order trends? And any change to the growth expectations for the year?

所以在生命科學方面，想轉向一些資本雄厚的企業，SCIEX、Leica Micro、Pall Industrial。你能談談你在那裡看到的增長的持久性嗎？訂單趨勢如何？今年的增長預期有什麼變化嗎？

So in Life Sciences, if we now pivot from bioprocessing and more to the life science analytical businesses, as you suggest, Jack, we're seeing very strong underlying activity in the various sectors of the business. If you think about the pharmaceutical segment, CROs, academic research customers, our funnels are strong and continue to outpace quarter-over-quarter what we've seen in 2021.

因此，在生命科學領域，如果我們現在從生物加工等轉向生命科學分析業務，正如您所建議的那樣，傑克，我們看到該業務的各個領域都有非常強大的潛在活動。如果您考慮製藥領域、CRO、學術研究客戶，我們的渠道很強大，並且繼續超過我們在 2021 年看到的季度環比增長速度。

I think that buttressed for us, particularly because of the strong innovation track record and the recent launches that we've had. I've talked to those at SCIEX that the ZenoTOF, the accurate mAbs instrument as well as the 7500 Triple Quad. Those are class-leading innovations that are growing exceptionally well and driving market share gains. Beckman Life Sciences with their CytoFLEX benchtop cell sorter, the most recent launch.

我認為這為我們提供了支持，特別是因為我們擁有強大的創新記錄和最近的發布。我曾與 SCIEX 的人員談過 ZenoTOF、準確的 mAb 儀器以及 7500 Triple Quad。這些是一流的創新，發展得非常好，並推動了市場份額的增長。 Beckman Life Sciences 及其最新推出的 CytoFLEX 台式細胞分選儀。

And then, of course, we talked about Mica, which is that combination of wide field and confocal leveraging machine learning. So we're firing on all cylinders here in a strong investment environment. And we think that that's sustainable here for the foreseeable future as we continue to see investments from both the biotech sector but also academic sectors as well as institutions that are very, very bullish on the innovations and the science that they want to drive forward.

然後，當然，我們談到了 Mica，它是廣域和共焦利用機器學習的結合。因此，我們在強勁的投資環境中全力以赴。我們認為，在可預見的未來，這是可持續的，因為我們繼續看到來自生物技術部門、學術部門以及非常非常看好他們想要推動的創新和科學的機構的投資。

Great. And then just a broader question on M&A. It's been obviously a very choppy macro environment. You look at the cash flow statement, it was a light quarter for you on M&A. Just curious how you're seeing assets in the market. Do you feel like expectations have changed at all from sellers and just your own willingness to do M&A kind of in a choppy environment?

偉大的。然後是關於併購的更廣泛的問題。這顯然是一個非常不穩定的宏觀環境。你看看現金流量表，這對你來說是併購交易的一個輕鬆季度。只是好奇你如何看待市場上的資產。您是否覺得賣家的期望完全改變了，只是您自己願意在波濤洶湧的環境中進行併購？

Well, Jack, I'll tell you, we've excelled in these kind of environments historically from an M&A perspective. These environments of dislocation inevitably show opportunity, and we feel very good about how we're positioned with our funnel. Now having said that, the volatility that we're seeing today is, while it might not feel that way, relatively recent and it's probably a little too early to see the full impact of that volatility.

好吧，傑克，我會告訴你，從併購的角度來看，我們在歷史上一直在這種環境中表現出色。這些錯位環境不可避免地顯示出機會，我們對自己在漏斗中的定位感到非常滿意。話雖如此，我們今天看到的波動雖然可能不是那種感覺，但相對較新，現在看到這種波動的全部影響可能還為時過早。

Having said that, we're sitting here with 2x turn, very strong free cash flow of over $7 billion and over $10 billion of EBITDA. So we feel like we're in a very good position both in terms of the strength of our balance sheet as well as the opportunities that lie ahead.

話雖如此，我們坐在這裡有 2 倍的轉折，超過 70 億美元的非常強勁的自由現金流和超過 100 億美元的 EBITDA。因此，我們覺得我們在資產負債表的實力和未來的機會方面都處於非常有利的位置。

We'll take our next question from Patrick Donnelly of Citi.

我們將向花旗的帕特里克·唐納利提出下一個問題。

Maybe wanted to kind of jump from -- away from China on the geographic side. Over in Europe, obviously, a lot going on there on the geopolitical side. Can you just talk about if you've seen any change in customer behavior, any change in funding over there, what your guys' perspective is on that region as we work through this?

也許想從地理上跳出——遠離中國。在歐洲，顯然地緣政治方面發生了很多事情。您能否談談您是否看到客戶行為發生任何變化，那裡的資金發生任何變化，在我們解決這個問題時，你們對那個地區的看法是什麼？

So Western Europe has continued to perform very well for us. As I mentioned in our opening comments here, we had strong growth in the mid-teens in Western Europe here in the first quarter. And while we think that moderates a little bit here in Q2 just because of some of the prior year performances, the activity levels remain very strong. Certainly, in Western Europe, that's the case.

所以西歐對我們來說繼續表現很好。正如我在這裡的開場評論中提到的那樣，第一季度我們在西歐的青少年中實現了強勁增長。儘管我們認為由於前一年的一些表現而在第二季度略有放緩，但活動水平仍然非常強勁。當然，在西歐，情況就是如此。

And as you think about your reference to the geopolitical side, Eastern Europe just has not been that large of a factor in the life science research and bioprocessing area, as an example. And from a diagnostics perspective, we continue to see a very high -- let's say, close to normal activity levels as well. So Western Europe for us continues to perform as expected.

當你想到你提到的地緣政治方面時，作為一個例子，東歐在生命科學研究和生物加工領域並沒有那麼重要。從診斷的角度來看，我們繼續看到非常高的 - 比如說，也接近正常的活動水平。因此，對我們而言，西歐繼續按預期表現。

Okay. That's helpful. And then maybe on the Diagnostics business, just looking at the core performance there ex COVID, looks pretty strong. Can you just talk about that? And then maybe Matt can talk about the Diagnostics margins, also really strong, just the sustainability there.

好的。這很有幫助。然後也許在診斷業務上，只看 COVID 之前的核心表現，看起來相當強勁。你能談談嗎？然後也許馬特可以談論診斷利潤，也非常強大，只是那裡的可持續性。

Sure. As we think about the business momentum really in all regions, with the exception of China, which I talked about, we're seeing patient levels, activity levels really at or very close to pre-pandemic levels. And so from a macro perspective and patient volume, it's a positive environment for us.

當然。當我們真正考慮所有地區的業務發展勢頭時，除了我談到的中國之外，我們看到患者水平、活動水平確實處於或非常接近大流行前的水平。因此，從宏觀角度和患者數量來看，這對我們來說是一個積極的環境。

And then if you put on the back of that the recent product launches that we've had, the DxH 900 hematology as well as the DxA Fit and automation for small and medium-sized labs, we're also continuing to benefit from that NPI pace that we have invested in here over the past year. So for us, Diagnostics continues to be a strong forward momentum. Matt, did you want to take the second one?

然後，如果您把我們最近推出的產品、DxH 900 血液學以及適用於中小型實驗室的 DxA Fit 和自動化放在後面，我們也將繼續從該 NPI 中受益過去一年我們在這裡投資的速度。所以對我們來說，診斷仍然是一個強大的前進動力。馬特，你想拿第二個嗎？

Yes. I mean, on the margin front, I mean, I think you think about that is going to be -- a big part of that will be Cepheid and the volume that we're seeing there. So as long as we've got that volume, and we expect to have a touch less here into next quarter. But I think those margins are pretty sustainable at that level.

是的。我的意思是，在邊緣方面，我的意思是，我認為你認為這將是——其中很大一部分將是造父變星和我們在那裡看到的數量。所以只要我們有這個數量，我們預計到下個季度會有更少的接觸。但我認為這些利潤率在那個水平上是相當可持續的。

We've talked about -- and importantly, I think the margin profile of the Cepheid respiratory is no different than the margin profile of other Cepheid tests, right? It's actually very similar to the flu. So I think it's a sustainable number here as we look forward.

我們已經討論過——重要的是，我認為 Cepheid 呼吸系統的邊緣分佈與其他 Cepheid 測試的邊緣分佈沒有什麼不同，對吧？它實際上與流感非常相似。所以我認為這是一個可持續的數字，因為我們期待。

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

我們將向巴克萊銀行的 Luke Sergott 提出最後一個問題。

So I guess I just wanted to kind of dig in on the long-term growth target, the biopharma high single digits and I'm really trying to figure out where the offsets are coming from. You talked about the mAbs. I know you're adding new capacity, but as COVID kind of is completely up in the air and that rolls off, give us a sense of how much that could roll off and you guys continue to maintain that long-term growth target.

所以我想我只是想深入研究長期增長目標，生物製藥的高個位數，我真的想弄清楚抵消的來源。你談到了單克隆抗體。我知道你們正在增加新的產能，但由於 COVID 完全懸而未決，並且正在下降，讓我們了解可能下降多少，你們繼續保持長期增長目標。

Happy to. So Luke, the way we're thinking about that is the strength of our underlying business, which I laid out here in some details, some clinical trials, mAbs, biosimilar volumes, keep in mind, it's the commercialized drugs that really drive volume here in this business. And then, of course, that additional growth accelerator of the single-use technology adoption. Those are really the foundations that are driving the growth of this business.

高興。所以盧克，我們正在考慮的方式是我們基礎業務的實力，我在這裡詳細介紹了一些臨床試驗、單克隆抗體、生物仿製藥量，請記住，真正推動銷量的是商業化藥物在這個行業。然後，當然，一次性技術採用的額外增長加速器。這些確實是推動這項業務增長的基礎。

And the COVID business, it will do what it does, but that variation is within the realm of what we have been casting as the overall growth rate of the business. And so you take the backlog, which continues to grow quarter-over-quarter, and you take the growth drivers that I've laid out, that is what supports the high single-digit, low double-digit growth for 2022 and the high single-digit longer-term growth guide that we've talked about.

而 COVID 業務，它將做它所做的事情，但這種變化在我們一直認為的業務整體增長率範圍內。所以你拿積壓，它繼續環比增長，你拿我列出的增長驅動因素，這就是支持 2022 年高個位數、低兩位數增長和高我們已經討論過的個位數的長期增長指南。

Great. That's helpful. And on -- so back to Aldevron here, I know they're continuing to add capacity. Is that still -- is that coming in faster than you guys expected? Or should we still expect that to pace out through '23 and '24?

偉大的。這很有幫助。然後——回到這裡的Aldevron，我知道他們正在繼續增加容量。那仍然 - 來得比你們預期的要快嗎？還是我們仍然應該期望它會在 23 年和 24 年結束？

That's going to continue to pace out as we add line after line after line. But I would say that these are programs that are coming on, on or better than schedule as the team continues to gain speed here not only with their subject matter expertise, which is differentiated, so unique in the marketplace, but also with their adoption of the Danaher Business System. So we look for that $500 million here in 2022.

隨著我們一行接一行地添加，這將繼續加快步伐。但我想說的是，這些項目正在按計劃進行，或者比計劃更好，因為團隊在這裡繼續加快速度，不僅因為他們的主題專業知識與眾不同，在市場上如此獨特，而且還因為他們採用了丹納赫業務系統。因此，我們在 2022 年在這裡尋找 5 億美元。

And this does conclude our question-and-answer session. I'd be happy to return the call to our host for any concluding remarks.

這確實結束了我們的問答環節。我很樂意將電話回電給我們的主持人以獲得任何結束語。

Thanks, everyone. We'll be around the rest of the week for questions.

謝謝大家。我們將在本週剩下的時間裡回答問題。

This does conclude today's call. You may now disconnect your lines. And everyone, have a great day.

這確實結束了今天的電話會議。您現在可以斷開線路。和大家，有一個美好的一天。