Harvard Bioscience Inc (HBIO) 2024 Q2 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Q2 2024 Harvard Bioscience, Inc. earnings conference call.

歡迎參加哈佛生物科學公司 2024 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Kathryn Flynn, Corporate Controller.

（操作員指示）我現在想將會議交給今天的發言人，公司財務總監凱瑟琳·弗林 (Kathryn Flynn)。

Thank you, Josh, and good morning, everyone.

謝謝你，喬什，大家早安。

Thank you for joining the Harvard Bioscience second quarter 2024 earnings conference call.

感謝您參加哈佛生物科學公司 2024 年第二季財報電話會議。

Leading the call today will be Jim Green, President and Chief Executive Officer; and Jennifer Cote, Chief Financial Officer.

今天的電話會議將由總裁兼執行長吉姆·格林 (Jim Green) 主持。和首席財務官珍妮佛·科特。

In conjunction with today's recorded call, we have provided a presentation that will be referenced during our remarks that is posted to the Investors section of our website at investor.harvardbioscience.com.

結合今天的錄音電話會議，我們提供了一份演示文稿，我們的發言中將引用該演示文稿，該演示文稿將發佈在我們網站 Investor.harvardbioscience.com 的投資者部分。

Please note that statements made in today's discussion that are not historical facts, including statements or expectations or future events or future financial performance are forward-looking statements and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

請注意，今天的討論中所做的非歷史事實的陳述，包括陳述或預期或未來事件或未來財務業績，均為前瞻性陳述，並根據1995 年《私人證券訴訟改革法案》的安全港條款作出。

Actual results may differ materially from those expressed or implied.

實際結果可能與明示或暗示的結果有重大差異。

Please refer to today's press release for other disclosures on forward-looking statements.

有關前瞻性陳述的其他披露信息，請參閱今天的新聞稿。

These factors and other risks and uncertainties are described in the company's filings with the Securities and Exchange Commission.

這些因素以及其他風險和不確定性在該公司向美國證券交易委員會提交的文件中進行了描述。

Harvard Bioscience assumes no obligation to update or revise any forward-looking statements publicly and management's statements are made as of today.

哈佛生物科學公司不承擔公開更新或修改任何前瞻性陳述的義務，管理階層的陳述截至今日。

During the call, management will also reference certain non-GAAP measures, which can be useful in evaluating the company's operations related to our financial condition and results.

在電話會議期間，管理階層也會參考某些非公認會計準則衡量標準，這些衡量標準有助於評估與我們的財務狀況和績效相關的公司營運狀況。

These non-GAAP measures are intended to supplement GAAP financial information and should not be considered as substitute.

這些非公認會計準則措施旨在補充公認會計準則財務信息，不應被視為替代品。

Reconciliations of GAAP to non-GAAP measures are provided in today's earnings press release.

今天的收益新聞稿中提供了 GAAP 與非 GAAP 指標的調整表。

I will now turn the call over to Jim.

我現在將把電話轉給吉姆。

Jim, please go ahead.

吉姆，請繼續。

Thank you, Kathryn.

謝謝你，凱瑟琳。

Hello, everybody.

大家好。

Let's move to slide 3 of the presentation and look at our quarterly results.

讓我們轉到簡報的第三張投影片，看看我們的季度業績。

We had a tough first half of the year, and Q2 was more challenging than expected.

我們上半年過得很艱難，第二季比預期更具挑戰性。

Revenue in the second quarter came in at $23.1 million.

第二季營收為 2,310 萬美元。

That's down $5.7 million from last year.

比去年減少了 570 萬美元。

Taking a minute on the market environment, as expected, slower sales to China and Asia Pacific continued through our second quarter.

就市場環境而言，正如預期的那樣，第二季中國和亞太地區的銷售持續放緩。

Q2 also saw the effects of reduced capital spending by our CRO and biopharma customers in Europe and in the US, which primarily affected our preclinical product shipments.

第二季也看到了歐洲和美國 CRO 和生物製藥客戶資本支出減少的影響，這主要影響了我們的臨床前產品出貨量。

And I'll mention, we're still seeing the impact of some of the supply chain issues, which we do expect to be able to resolve over the course of the second half of this year.

我要提到的是，我們仍然看到一些供應鏈問題的影響，我們確實希望能夠在今年下半年解決這些問題。

Our gross margin came in at 57.2% but remained strong with primary differences to our target of lower absorption of fixed expenses.

我們的毛利率為 57.2%，但仍保持強勁，與我們降低固定費用吸收的目標有主要差異。

On a GAAP basis, we reported an operating loss of $2.1 million.

根據 GAAP 計算，我們報告的營運虧損為 210 萬美元。

On an adjusted basis, our operating profit measured $800,000 or 3.5% of revenue and adjusted EBITDA came in at $1.3 million or 5.5% of revenue.

在調整後的基礎上，我們的營業利潤為 80 萬美元，佔營收的 3.5%，調整後的 EBITDA 為 130 萬美元，佔營收的 5.5%。

All of that said, we continue to focus on our operating cost structure and our new product initiatives, which we -- while we weather the challenging market environment.

綜上所述，我們將繼續關注我們的營運成本結構和新產品計劃，同時我們將應對充滿挑戰的市場環境。

As we announced in April, we took advantage of operating synergies to reduce our operating cost structure and support our ongoing investments in new products.

正如我們在四月宣布的那樣，我們利用營運協同效應來降低營運成本結構並支持我們對新產品的持續投資。

We're seeing these investments come to fruition and expect them to add new revenue streams starting in the second half and help underpin our long-term double-digit revenue growth goal.

我們看到這些投資正在取得成果，並預計它們將從下半年開始增加新的收入來源，並有助於鞏固我們的長期兩位數收入成長目標。

I'll give some more color to our new product commercialization later in the presentation.

我將在稍後的演示中為我們的新產品商業化提供更多色彩。

But first, let me turn it over to Jennifer Cote, our CFO, to discuss our second quarter financial results in more detail.

但首先，讓我將其交給我們的財務長 Jennifer Cote，更詳細地討論我們第二季的財務表現。

Jen?

珍？

Thank you, Jim, and hello, everyone.

謝謝吉姆，大家好。

Let's dive further into our financial statements, as Jim mentioned, this was a challenging quarter.

讓我們進一步深入研究我們的財務報表，正如吉姆所提到的，這是一個充滿挑戰的季度。

Please move to slide 4, where we'll look at revenue for the quarter by product family and region.

請前往投影片 4，我們將按產品系列和地區查看本季的收入。

Starting with the Americas, revenue was down 12% as reported from last Q2 and slightly down sequentially 3% from Q1 2024.

從美洲開始，營收較上一季下降 12%，較 2024 年第一季小幅下降 3%。

Preclinical sales were down compared to prior year Q2 and also sequentially to Q1.

與去年第二季和第一季相比，臨床前銷售額有所下降。

Pharma and CROs are still delaying spending on capital equipment, and going forward, we are starting to see signs for market optimism with increases in biotech related capital raises and increased drug development activity.

製藥公司和 CRO 仍在推遲資本設備支出，展望未來，隨著生物技術相關融資的增加和藥物開發活動的增加，我們開始看到市場樂觀的跡象。

But as we learned from recent announcements, the CROs, while optimistic, are challenged over the course of the rest of the half of the year.

但正如我們從最近的公告中了解到的那樣，首席研究官雖然樂觀，但在今年剩餘的時間裡將面臨挑戰。

As this recovers, we expect to see improvements to cascade to our business as things get better.

隨著情況的恢復，我們預計隨著情況的好轉，我們的業務將會得到改善。

While cellular and molecular was down slightly 5% compared to Q2 of last year, CMT showed sequential growth of 9% compared to Q1 2024.

雖然細胞和分子與去年第二季相比略有下降 5%，但 CMT 與 2024 年第一季相比較上季成長了 9%。

And so we're encouraged to start to see some return to growth in our academic markets.

因此，我們很高興開始看到我們的學術市場恢復成長。

Moving on to Europe, overall, revenue was down 29% as reported versus last year Q2 and was essentially flat sequentially to Q1.

轉向歐洲，總體而言，第二季度營收比去年同期下降了 29%，與第一季基本持平。

Both preclinical and cellular and molecular saw large declines versus last year but are essentially flat sequentially to Q1.

與去年相比，臨床前、細胞和分子方面均大幅下降，但與第一季相比基本持平。

We attribute the year-over-year decline in Europe to the overall economic environment, including higher interest rates, energy costs, and the Ukraine war, resulting in tighter spending by CROs, pharma companies and the government.

我們將歐洲年減歸因於整體經濟環境，包括利率上升、能源成本和烏克蘭戰爭，導致 CRO、製藥公司和政府支出收緊。

Moving to China and Asia Pacific.

轉向中國和亞太地區。

Overall, APAC revenue was down 22% against prior year Q2 and 16% sequentially to Q1.

整體而言，亞太地區營收較去年第二季下降 22%，較第一季下降 16%。

Preclinical sales in Q2 saw further erosion compared to prior year and sequentially from Q1 due to continued lower spend by pharma and CRO companies.

由於製藥和 CRO 公司支出持續下降，第二季的臨床前銷售額與去年相比以及第一季連續下降。

Cellular and molecular products are down compared to the prior year Q2 but appear to be stabilizing with improvements sequentially from Q1.

細胞和分子產品與去年第二季度相比有所下降，但似乎穩定下來，並比第一季連續改善。

Specific to China market information suggests that the impact of stimulus is shifting into 2025 as companies apply for these funds but are delaying orders until funding is received.

針對中國市場的資訊表明，刺激措施的影響將持續到 2025 年，因為企業正在申請這些資金，但會推遲訂單直至收到資金。

We are seeing increasing levels of quoting activity consistent with what others in the industry have shared.

我們看到報價活動的水平不斷提高，這與業內其他人所分享的情況一致。

If you can please refer to slide 5, we will share additional financial metrics.

如果可以的話，請參閱投影片 5，我們將分享其他財務指標。

Please refer to the top middle of the slide.

請參閱幻燈片的頂部中間。

Gross margin during Q2 2024 was 57.2% compared to 58% in Q2 last year.

2024 年第二季的毛利率為 57.2%，而去年第二季為 58%。

As Jim mentioned earlier, the year-over-year decrease is mainly driven by lower absorption of our fixed manufacturing costs and also by a lower mix of higher margin preclinical products sold to CROs.

正如 Jim 之前提到的，同比下降主要是由於我們固定製造成本的吸收減少以及銷售給 CRO 的高利潤臨床前產品組合減少所致。

We are encouraged that our gross margin remains close to our target of 60% despite a challenging revenue quarter.

儘管營收季度充滿挑戰，但我們的毛利率仍然接近 60% 的目標，這令我們感到鼓舞。

This reflects the impact of the improvements we've made to our operating structure and provides room for increased margin drop-down with expected improvements in revenue.

這反映了我們對營運結構進行改進的影響，並為利潤率下降和收入預期改善提供了空間。

If you refer to the top right graph of the slide, our adjusted EBITDA during Q2 was down from $3.9 million last year to $1.3 million this year.

如果您參考投影片右上角的圖表，我們在第二季調整後的 EBITDA 從去年的 390 萬美元下降到今年的 130 萬美元。

The primary driver for reduced adjusted EBITDA was the drop-down of lower gross margin dollars.

調整後 EBITDA 減少的主要驅動因素是毛利率下降。

As Jim spoke about earlier, we continue to stay focused on investing in new product development and commercialization of our growth areas while actively managing our costs.

正如吉姆之前所說，我們繼續專注於投資新產品開發和成長領域的商業化，同時積極管理成本。

We implemented actions during early Q2 to reduce our operating expenses and take advantage of efficiencies in our operating structure and to fund our ongoing investments in growth.

我們在第二季初期採取了行動，以減少營運支出，利用營運結構的效率，並為我們持續的成長投資提供資金。

We realized savings from these actions of approximately $700,000 during Q2, and we expect these actions to support annual run rate savings of approximately $4 million.

我們在第二季度透過這些行動節省了約 70 萬美元，我們預計這些行動將支持每年節省約 400 萬美元的運行率。

We will continue to manage through these market headwinds and drive operational improvements while investing in the critical areas of growth for our business.

我們將繼續應對這些市場逆風並推動營運改進，同時投資於我們業務成長的關鍵領域。

Moving to the bottom left, where we show both reported and then adjusted loss earnings per share.

轉到左下角，我們顯示了報告的和調整後的每股虧損收益。

First, I will describe the primary differences between our GAAP EPS and our adjusted EPS.

首先，我將描述我們的 GAAP 每股盈餘和調整後每股盈餘之間的主要差異。

The differences between our GAAP and adjusted are highlighted in the reconciliation tables on slide 11, but primary drivers continue to be stock compensation and amortization and depreciation, both of which are noncash items.

我們的 GAAP 和調整後的差異在投影片 11 的調整表中突出顯示，但主要驅動因素仍然是股票補償、攤提和折舊，這兩者都是非現金項目。

Together these items impact both years by $0.06 per share.

這些項目合計對兩年的影響為每股 0.06 美元。

During Q2, the remaining difference of $0.01 is attributed to a loss on the sale of investments and the impact of restructuring costs incurred with the cost reduction actions earlier in the quarter.

第二季度，剩餘的 0.01 美元差異歸因於投資銷售損失以及本季早些時候的成本削減行動所產生的重組成本的影響。

Adjusted EPS declined $0.04 compared to the last year, primarily on gross margin declines from lower revenue, which was partially offset by lower interest expense and an income tax benefit.

調整後每股收益與去年同期相比下降了 0.04 美元，主要是由於收入下降導致毛利率下降，但利息支出下降和所得稅優惠部分抵消了毛利率下降。

Switching gears to cash flow and liquidity.

轉向現金流和流動性。

If you refer to the graph in the middle of the bottom row, cash flow from operations was $0.6 million for the first half of 2024 compared to $5.4 million in the same period last year.

如果您參考底行中間的圖表，2024 年上半年的營運現金流為 60 萬美元，而去年同期為 540 萬美元。

This decline is largely again driven by the drop-down of the impact of lower sales during the quarter.

這一下降很大程度上再次是由於本季銷售額下降的影響下降所致。

As we discussed last quarter, in February 2024, we received cash benefit net of commissions of $2.6 million for the employee retention credit provided by the CARES Act.

正如我們在上個季度（即 2024 年 2 月）所討論的那樣，我們收到了扣除 CARES 法案提供的員工保留信貸佣金後的 260 萬美元現金福利。

Also during the first half of 2024, we were able to sell all of our investment in HRGN stock for $1.9 million, which is included in our cash flow from investing activities.

同樣在 2024 年上半年，我們能夠以 190 萬美元的價格出售對 HRGN 股票的所有投資，這已包含在我們的投資活動現金流中。

These additional sources of cash helped support our cash position and net debt is down $0.7 million compared to the end of 2023.

這些額外的現金來源幫助支撐了我們的現金狀況，與 2023 年底相比，淨債務減少了 70 萬美元。

As we return to stronger revenue quarters, we expect to continue on our path towards paying down our debt and improving our leverage.

隨著我們重返強勁的營收季度，我們預計將繼續努力償還債務並提高槓桿。

Further details on the above items can be found in the non-GAAP reconciliation tables included in our press release and in the appendix to this presentation that will be available in our 10 Q. I'm now happy to hand things back to Jim.

有關上述項目的更多詳細信息，請參閱我們的新聞稿中包含的非GAAP 調節表以及本演示文稿的附錄，該附錄將在我們的第10 個問題中提供。吉姆。

Thank you, Jen.

謝謝你，珍。

Let's move on to slide 6.

讓我們繼續看投影片 6。

I'm not going to drain this whole slide, but I do want to take a minute to remind you how we think of our base business and investments for expanding into high-growth applications with significant consumable and recurring revenues.

我不會耗盡整張投影片，但我確實想花一點時間提醒您，我們如何看待我們的基礎業務和投資，以擴展到具有大量消耗品和經常性收入的高成長應用程式。

Our base business is designed to deliver long-term better-than-market growth.

我們的基礎業務旨在實現優於市場的長期成長。

New base product revenue combined with new high-growth revenue streams from bioproduction, and MEA Organoid applications begin in the second half and underpin our long-term double-digit growth target going forward.

新的基礎產品收入與生物生產和 MEA 類器官應用帶來的新的高成長收入流相結合，將在下半年開始，並支撐我們未來的長期兩位數成長目標。

Now let's move to slide 7 to discuss our considerable progress on our key new product launches in more detail.

現在讓我們轉到投影片 7，更詳細地討論我們在關鍵新產品發布方面取得的重大進展。

The first row of the table highlights the commercial status of two new products we consider part of our base bread-and-butter business.

表的第一行突出顯示了我們認為屬於我們基礎麵包和黃油業務一部分的兩種新產品的商業狀況。

Early in Q3, we began production shipments of our new SoHo family of telemetry devices, which now enable real-time telemetry measurements in a shared animal housing environment.

第三季初，我們開始生產出貨新的 SoHo 系列遙測設備，這些設備現在可以在共享的動物飼養環境中進行即時遙測測量。

This, we believe, will lead to additional demand, especially in Europe, though likely starting really in 2025.

我們相信，這將帶來額外的需求，尤其是在歐洲，儘管可能要到 2025 年才會真正開始。

Late last year, we announced the initial delivery of our groundbreaking VivaMARS neurobehavioral monitoring system to one of our largest CRO customers.

去年年底，我們宣布首次向我們最大的 CRO 客戶之一交付突破性的 VivaMARS 神經行為監測系統。

This CRO has adopted the system as part of their preclinical testing offering.

該 CRO 已採用該系統作為其臨床前測試產品的一部分。

Later in the second half, we expect to ship additional VivaMARS products to this customer as they expand their use in these systems to more locations.

下半年晚些時候，我們預計將向該客戶運送更多 VivaMARS 產品，因為他們將這些系統的使用擴展到更多地點。

As an aside, we expect to see posters describing the initial results of testing using the VivaMARS system at this September Safety Pharmacology Society show.

順便說一句，我們預計在今年 9 月的安全藥理學協會展會上看到描述使用 VivaMARS 系統進行測試的初步結果的海報。

We're also encouraged by the initial response to VivaMARS, which supports our optimism as we are seeing strong interest from other CRO and biopharma customers and expect expanding sales in 2025 and beyond.

我們也對 VivaMARS 的初步反應感到鼓舞，這支持了我們的樂觀態度，因為我們看到其他 CRO 和生物製藥客戶的強烈興趣，並預計 2025 年及以後的銷售額將擴大。

The second row, the table highlights the commercial status of our products targeted to electroporation and bioproduction.

第二行，表格突顯了我們針對電穿孔和生物生產的產品的商業狀況。

This year, we began in earnest the selling process in the bioproduction segment.

今年，我們認真開始了生物生產領域的銷售過程。

Last year, we announced that a large pharma company adopted our BTX electroporation system configured for bioproduction.

去年，我們宣布一家大型製藥公司採用了我們為生物生產配置的 BTX 電穿孔系統。

We're pleased to see the consumable revenue with this customer has now grown to approximately $1 million annual run rate in line with our original expectations.

我們很高興看到該客戶的耗材收入現已成長至約 100 萬美元的年運行率，符合我們最初的預期。

This customer is now exploring the use of BTX for bioproduction for an additional drug application, which could be as big as the current application.

該客戶目前正在探索使用 BTX 進行生物生產，以實現其他藥物應用，其規模可能與目前應用一樣大。

We're also very encouraged by the number of new customers in consideration of our BTX as a bridge to GMP bioproduction applications.

考慮到我們的 BTX 作為通往 GMP 生物生產應用的橋樑，新客戶的數量也讓我們深受鼓舞。

Also in Q3, we began shipping our new cGMP compliant immunoassay analysis system for bio-processing applications.

同樣在第三季度，我們開始運送適用於生物加工應用的新型符合 cGMP 的免疫分析系統。

Our AAA is an adaptation of our leading bio chrome AAA system currently in operation in clinical labs around the world is expected to do well in bioproduction application.

我們的 AAA 是對目前在世界各地的臨床實驗室中運行的領先生物鉻 AAA 系統的改進，預計將在生物生產應用中表現良好。

The third row of the table highlights the commercial status of our exciting new Mesh MEA Organoid platform.

表格的第三行突顯了我們令人興奮的新型 Mesh MEA Organoid 平台的商業狀態。

We have adapted our market-leading MEA electrophysiology systems to be the first in-vitro organoid data acquisition and analysis system capable of supporting long-life longitudinal analysis of organoids.

我們已將市場領先的 MEA 電生理系統改造為第一個能夠支持類器官長壽命縱向分析的體外類器官資料收集和分析系統。

We believe these new systems are well positioned to support fundamental research by our academic customers in addition to biopharma companies to streamline safety and toxicology testing as well as reduce costs, reduce test time, and reduce expensive animal usage that's used in the new development drug programs and developments today.

我們相信，這些新系統能夠很好地支持我們的學術客戶以及生物製藥公司的基礎研究，以簡化安全性和毒理學測試，並降低成本、縮短測試時間，並減少新開發藥物項目中使用的昂貴動物的使用以及今天的事態發展。

In the first half of this year, we installed and began beta usage at four customer sites focusing on neuro and cardiac and toxicology applications.

今年上半年，我們在四個客戶站點安裝並開始測試版使用，重點關注神經、心臟和毒理學應用。

For the second half of this year, we're well on our way to 10 or more additional installations with early adopters with well-known biotech and large pharma companies in addition to leading academic research institutions and the NIH.

今年下半年，除了領先的學術研究機構和 NIH 之外，我們還將與知名生物技術公司和大型製藥公司的早期採用者一起安裝 10 個或更多裝置。

We're planning full production launch in Q1 of 2025.

我們計劃於 2025 年第一季全面投入生產。

I'd like to point out that each of these new revenue streams are based on leveraging our well-established technologies and adapting them to significantly larger biopharma applications with high pull-through recurring revenues.

我想指出的是，這些新的收入來源都是基於利用我們成熟的技術，並將其適應規模更大的生物製藥應用，並帶來高額的經常性收入。

Now, let's move on to our outlook summary on slide 9 and take a look at what we see for the full year.

現在，讓我們繼續看幻燈片 9 上的展望摘要，看看我們對全年的看法。

In light of a weaker second quarter and the market recovery expected delay to later in the second half, we're reducing our full year 2024 revenue outlook to approximately $97 million to $102 million.

鑑於第二季的疲軟以及市場復甦預計將推遲到下半年，我們將 2024 年全年營收預期下調至約 9,700 萬美元至 1.02 億美元。

We expect sequential growth in the second half supported by new product shipments, which will be heavily back-end loaded.

我們預計下半年的環比成長將受到新產品出貨量的支持，而新產品出貨量將受到大量後端負載的影響。

In spite of lower expected revenue, we expect 2024 full-year gross margin of approximately 59% to 60%, reflecting our continued focus on expense management.

儘管預期收入較低，但我們預計 2024 年全年毛利率約為 59% 至 60%，反映出我們對費用管理的持續關注。

We now expect adjusted EBITDA margin in the high single digits.

我們現在預計調整後的 EBITDA 利潤率將達到高個位數。

Like many in the industry, we've seen -- we've been challenged by a difficult market environment.

就像業內許多人一樣，我們已經看到——我們面臨著艱難的市場環境的挑戰。

Through it all, we've remained focused on fielding exciting new products designed to meet the needs of academic researchers, CROs, and the drug development market and to support our goal of long-term double-digit revenue growth.

自始至終，我們始終專注於開發令人興奮的新產品，旨在滿足學術研究人員、合約研究組織和藥物開發市場的需求，並支持我們實現長期兩位數收入成長的目標。

Thank you.

謝謝。

Now I'll turn the call back over to the operator to open the line for questions.

現在我將把電話轉回接線員以打開提問線路。

Thank you.

謝謝。

(Operator Instructions) Paul Knight, KeyBanc Capital Markets.

（操作員說明）Paul Knight，KeyBanc 資本市場。

Hi Jim, regarding APAC, I guess you say in the release that China is most of it.

嗨吉姆，關於亞太地區，我猜你在新聞稿中說中國佔了大部分。

What total APAC exposure as percent of revenue at this time?

目前亞太地區的總風險佔收入的百分比是多少？

Historically, Asia Pacific has been about one-quarter of our total revenue with again, predominantly -- that's predominantly China.

從歷史上看，亞太地區約占我們總收入的四分之一，其中主要是中國。

But it does include a few others like Korea and Japan, but it is predominantly China.

但它確實包括韓國和日本等其他一些國家，但主要是中國。

And your outlook there?

你的前景如何？

We feel like we've pretty much reached the bottom there.

我們感覺我們幾乎已經觸底了。

Our funnels are growing.

我們的管道正在擴大。

Early indications look pretty good.

早期跡像看起來相當不錯。

We got quote rates going up.

我們的報價上漲了。

So we're -- and we have seen the first recovery in Asia really seems to be -- have come from the academics.

因此，我們——而且我們確實看到了亞洲的首次復甦——來自學術界。

We do expect things to have stabilized there just be starting to move back to growth on the academic side.

我們確實預計情況會穩定下來，學術方面才開始恢復成長。

The part that has been a little more struggling was more the industrial side with biopharma and CRO type companies in China.

陷入困境的部分更多是中國生物製藥和 CRO 類型公司的工業方面。

The outlook there, again, what we're seeing is the funnels are growing.

那裡的前景，我們再次看到的是漏斗正在成長。

But the problem we've seen has been the velocity through the funnel.

但我們看到的問題是通過漏斗的速度。

So we measure things like funnel aging.

所以我們測量諸如漏斗老化之類的東西。

And we look at math on things like the quote, the time from quote to order.

我們會研究報價等數學問題，即從報價到訂購的時間。

That's been -- that has remained slower.

一直以來，速度仍然較慢。

So that's taken a little more time.

所以這需要多一點時間。

And again, as Jen mentioned, we're thinking it's fairly stable at this point for that revenue stream but as far as going back to real growth, that's probably later in the second half, maybe moving into 2025 as far as the growth vector on that stream.

再次，正如 Jen 所提到的，我們認為目前收入流相當穩定，但就回到實際成長而言，可能要到下半年晚些時候，就成長向量而言，可能要進入 2025 年。

And then slide 7, most of these products are going to be introduced here in the second half of '24 and early '25.

然後幻燈片 7，大多數這些產品將在 24 年下半年和 25 年初推出。

Are you getting orders now, any of your sales force?

你們的銷售人員現在收到訂單了嗎？

I think the sales force years ago got that heat up.

我認為銷售團隊幾年前就已經升溫了。

Yeah.

是的。

Great question.

很好的問題。

We actually introduced to the market starting at SfN last -- near the end of last year.

實際上，我們是在去年年底從 SfN 開始引入該市場的。

So we've been -- these are now products that we are selling.

所以我們現在正在銷售這些產品。

We're already collecting, working toward orders in each one of these segments.

我們已經在收集並努力爭取這些細分市場中每一細分市場的訂單。

We've talked about what we expect in these areas.

我們已經討論了我們對這些領域的期望。

And as I look at the base business, this is targeted overall to be giving us -- to be better than market growth.

當我審視基礎業務時，整體目標是讓我們比市場成長更好。

Now, of course, the market has been an issue.

當然，現在市場已經成為一個問題。

But the two new areas in the base business, adding the new SoHo implantable devices, that's going to support our growth in the base business.

但基礎業務的兩個新領域，以及新的 SoHo 植入設備，將支援我們基礎業務的成長。

And then when you look at the VivaMARS system, we're going to -- you'll see announcements at SPS for our first large CRO customer who bought the first article last year, they're starting to buy more of these now.

然後，當您查看 VivaMARS 系統時，您將在 SPS 上看到我們的第一個大型 CRO 客戶（去年購買了第一篇文章）的公告，他們現在開始購買更多此類文章。

So that's going to be expanding revenue growth here in the second half of this year.

因此，今年下半年的營收成長將會擴大。

So that's -- those are products in the acquisition process now.

這些是現在正在收購過程中的產品。

And we have other CROs and biopharma companies lining up, also looking at moving towards this technology for their neuro testing.

我們還有其他 CRO 和生物製藥公司在排隊，也在考慮採用這項技術進行神經測試。

In the bioproduction side, that we know has been a nice entry for us.

在生物生產方面，我們知道這對我們來說是一個很好的切入點。

It's a little longer sale, but that's been growing quite well.

銷售時間有點長，但成長得相當不錯。

We expect to have another new drug announced with this, the same large pharma company that's now spending right now about -- consuming like $1 million of consumables just on that one drug today.

我們預計將推出另一種新藥，這家大型製藥公司現在僅在該一種藥物上就消耗了約 100 萬美元的消耗品。

We're working with them now to move toward adoption in another drug.

我們現在正在與他們合作，爭取採用另一種藥物。

So this could be another very large book of business added to the bioproduction side.

因此，這可能是生物生產方面又一本非常龐大的業務手冊。

And there we're seeing -- we're working with a number of customers out of the biotechs using us as an initial bridge to production.

我們看到，我們正在與許多生物技術領域的客戶合作，將我們作為生產的初始橋樑。

So if they used our BTX for initial compound creation, it's a very effective, low-barrier way for them to move toward cGMP bioproduction, at least to get through the levels of volume that they need for preclinical and late-stage clinical testing.

因此，如果他們使用我們的BTX 進行初始化合物生產，那麼這對他們來說是一種非常有效、低門檻的方式，可以實現cGMP 生物生產，至少可以達到臨床前和後期臨床測試所需的產量水平。

And then, of course, as they move into large volume production, that's when they have to make a decision, do we expand what we're doing with them with more base systems or do they have to then go to another manufacturer in theory, depending on the size of the demand?

當然，當他們進入大批量生產時，他們必須做出決定，我們是否用更多的基礎系統來擴展我們正在做的事情，或者理論上他們是否必須去另一家製造商，取決於需求的大小？

But we're working to try and to be the real value proposition is that kind of low to medium level of demand and to get through the bioproduction phases.

但我們正在努力嘗試，真正的價值主張是那種低到中等的需求，並度過生物生產階段。

And then again, the third space is, and I think the most important and most interesting is the organoid work.

再說一遍，第三個空間是，我認為最重要、最有趣的是類器官工作。

And as I said last time, we -- I would be -- I've got four systems now up and running in sites that are proving out the algorithms.

正如我上次所說，我們 - 我會 - 我現在已經啟動並運行了四個系統，這些系統正在驗證演算法。

We've already started with a number of large customers, early adopters who are going to be picking this system up.

我們已經開始與許多大客戶、早期採用者合作，他們將選擇這個系統。

I expect to -- I'm targeting to get 10 or more of these new systems shipped here in the second half.

我預計 - 我的目標是在下半年將 10 個或更多的新系統運送到這裡。

And these are -- I mean these systems can sell for up to $100,000 a piece and the consumable is not inexpensive.

這些是——我的意思是這些系統每件的售價高達 10 萬美元，而且消耗品並不便宜。

And the kind of companies you're going to see picking this up, the applications, are going to be -- they're starting with the neuro and they're starting with cardiac, but we see this moving towards an opportunity for in-vitro testing for really optimizing safety pharmacology and tox testing.

你將看到的那種公司將採用這項技術，應用程式將是——他們從神經開始，從心臟開始，但我們看到這正朝著一個機會邁進——體外測試真正優化安全藥理學和毒性測試。

So you're going to see some real interesting names buying into this with installations and early adopters in this second half.

因此，在下半年，您將看到一些真正有趣的名字透過安裝和早期採用者參與其中。

We're talking Q3 and really heavily in Q4.

我們正在談論第三季度，並且重點討論第四季度。

And then we'll start full production starting next year.

然後我們將從明年開始全面生產。

So this is the start of a whole new area for us.

所以這對我們來說是一個全新領域的開始。

And it is a one of a kind where you can non-destructively measure the -- how a proxy for an organ, whether it's neuro or cardiac, how it's performing over longitudinal studies, so you're looking at months.

這是一種獨一無二的方法，你可以非破壞性地測量器官的替代物，無論是神經器官還是心臟器官，它在縱向研究中的表現如何，所以你要觀察幾個月的情況。

You can see how they react with various compounds.

您可以看到它們如何與各種化合物發生反應。

Is it positive to a disease state?

它對疾病狀態是否呈現陽性？

Is it of an organoid?

它是類器官嗎？

And it is not negative to a healthy organ, like a healthy brain.

它對健康的器官（如健康的大腦）並不不利。

So it really is a start of a potential new way to filter compounds before making the decision to go into the millions of dollars that are spent once you start the preclinical phases.

因此，這確實是一種潛在的新方法的開始，可以在決定進入臨床前階段後花費數百萬美元之前過濾化合物。

Jim, last question is if the market goes to 5% growth, which is kind of what most companies in the sector are saying, this is maybe next year or normalized.

吉姆，最後一個問題是市場是否會成長 5%，這正是該行業大多數公司所說的，這可能是明年或正常化的情況。

If the market is at 5%, what do you think Harvard Bioscience's growth would be?

如果市場成長率為 5%，您認為哈佛生物科學公司的成長率會是多少？

Yeah, that's a great question.

是的，這是一個很好的問題。

The way I model it is, I expect my new product development in these areas to give me roughly double-digit growth with new products.

按照我的建模方式，我預計這些領域的新產品開發將為我帶來大約兩位數的新產品成長。

So if I can get to somewhere around 10% with incremental new business.

因此，如果我能夠透過增量新業務達到 10% 左右。

And if the market is growing at 5%, then I should be able to reasonably underpin low double digits for this business.

如果市場以 5% 的速度成長，那麼我應該能夠合理地支撐這項業務的低兩位數成長。

If the market stays flat, then at least I've got my new products driving me arguably up towards double digits on its own.

如果市場保持平穩，那麼至少我的新產品可以推動我的業績上升到兩位數。

That is the long-term growth vector here.

這就是這裡的長期成長向量。

It's not so much that I have to count on the market growth.

並不是說我必須指望市場的成長。

I can count on the new products going in.

我可以信賴新產品的推出。

These are exciting new things.

這些都是令人興奮的新事物。

And these are areas where very few, if any, competitors have a position in it.

在這些領域，幾乎沒有競爭對手（如果有的話）佔有一席之地。

And these are areas that leverage technologies that we've developed over 30-plus years.

這些領域利用了我們 30 多年來開發的技術。

So I just -- to me, this is a very exciting time for the company.

所以對我來說，這對公司來說是一個非常令人興奮的時刻。

And how this develops, it's going to be really interesting and fun to see how organoids start to take over.

至於它是如何發展的，看到類器官如何開始佔據主導地位將是非常有趣和有趣的。

And again, what this system does is it makes the use of organoids efficient.

再說一次，這個系統的功能是提高類器官的使用效率。

Normally, if you're looking at with today's state-of-the-art, you're building various proxies for organs and then you're pulling them out and with a PhD scientist you look at them under a microscope, that is not an efficient way to run, to do the kind of automation that you need to be able to do.

通常情況下，如果你用當今最先進的技術來觀察，你正在建立各種器官替代物，然後你將它們拉出來，並與一位博士科學家一起在顯微鏡下觀察它們，這不是一種有效的運行方式，實現您需要能夠實現的自動化。

Today, there's such high volumes of small animals that are used to get through the large population testing.

如今，有大量的小動物被用來通過大規模群體測試。

That's the only thing that they can do today.

這是他們今天唯一能做的事。

But this is an alternative that should make that a lot safer and a lot less costly and a lot more efficient for the pharma companies.

但這是一種替代方案，對製藥公司來說應該更安全、成本更低、更有效率。

So this is going to be the one to watch.

所以這將是值得關注的一個。

I'm really excited about it.

我對此感到非常興奮。

Thank you.

謝謝。

Bruce Jackson, The Benchmark Company.

布魯斯傑克遜，基準公司。

Hi.

你好。

Good morning, and thanks for taking my questions?

早安，感謝您回答我的問題？

Jim, if you could just finish your thought, if the market is flat next year, what would your growth be?

吉姆，如果你能完成你的想法，如果明年市場持平，你的成長會是多少？

Would it be like high-single digits, low-single digits?

會像高個位數、低個位數嗎？

Well, when I look at these new products coming out, I would think -- I would expect to get somewhere close to 10% growth out of the new products, independent of whatever the market is doing.

嗯，當我看到這些新產品問世時，我會想——我希望新產品能夠實現接近 10% 的成長，而與市場的走勢無關。

And if you look at the growth rate inside of these, especially these new areas like bioproduction and the Mesh MEA Organoid products, even in the first year, between them they should put -- they should arguably put 5% to 8% of total growth on the business and that should be expanding.

如果你看看這些內部的成長率，特別是像生物生產和網狀 MEA 類器官產品這樣的新領域，即使在第一年，他們也應該把它們放在總成長的 5% 到 8% 之間的業務，並且應該擴大。

So a year out, I would expect this -- I look at the revenue stream for the organoid side, that's -- it's a low base, maybe it's $5 million or $6 million today.

因此，一年後，我預計 - 我會看看類器官方面的收入來源 - 這是一個較低的基數，也許今天是 500 萬美元或 600 萬美元。

But I'm targeting somewhere around 50% or better CAGR on that revenue stream.

但我的目標是該收入流的複合年增長率約為 50% 或更高。

So you look, maybe in the first year it adds 3 or 4 points, in the next year you're adding another 7 or 8 points.

所以你看，也許第一年​​它會增加 3 或 4 個點，第二年你會再增加 7 或 8 個點。

So this really moves the needle.

所以這確實起到了推動作用。

And if the base business is growing at -- even if it's growing 0 like you say, this -- and I don't -- I think our base business should do better than that anyway simply because we've now added the VivaMARS product, and that expands our served opportunity there pretty substantially.

如果基礎業務的成長速度是——即使它像你說的那樣成長為 0——但我沒有——我認為我們的基礎業務應該做得比這更好，因為我們現在添加了 VivaMARS 產品，這大大擴展了我們在那裡提供服務的機會。

So that alone is going to cause our base business to well outperform the market itself as it just sits today.

因此，僅憑這一點就足以使我們的基礎業務跑贏目前的市場本身。

So that's kind of how we see it.

這就是我們的看法。

And to me, the main thing is these are sustainable growth drivers.

對我來說，最重要的是這些都是可持續的成長動力。

These aren't just things that, well, let's get to a market growth of 5% and then ride that out.

這些不僅僅是讓我們實現 5% 的市場成長然後安然度過的事情。

This is incremental.

這是增量的。

It's new; it's exciting.

這是新的；這很令人興奮。

And we're going to make a great success of this.

我們將在這方面取得巨大成功。

Okay.

好的。

Got it.

知道了。

And then if we could just go into a little bit more detail about the organoid marketing strategy here.

然後我們是否可以在這裡詳細介紹一下類器官的行銷策略。

Obviously, it's a very important product for you and you're going to be moving deliberately.

顯然，這對您來說是一個非常重要的產品，您將故意採取行動。

It looks like the strategy here is like it's some lead users and some publications going.

看起來這裡的策略是一些領先用戶和一些出版物的運作。

Can you just talk a little bit more how you intend to build this business and build the market?

您能多談談您打算如何建立這項業務和建立市場嗎？

Sure.

當然。

If you -- we have great exposure to the academic researchers.

如果您—我們與學術研究人員有許多接觸。

That's our bread-and-butter customer.

那是我們的主要客戶。

And that's where we use initially for these first beta units to prove the technology because what comes out of there are the papers and the -- whether they're peer-reviewed papers and posters on the use of this technology.

這就是我們最初使用這些第一個測試單元來證明該技術的地方，因為從那裡出來的是論文和——無論它們是關於使用該技術的同行評審論文和海報。

And even with the first four or five beta users, we're also testing with a small CRO who is focusing on all of the primary compounds that are used in safety and tox testing.

即使是前四、五個測試版用戶，我們也會與一個小型 CRO 進行測試，該 CRO 專注於安全和毒性測試中使用的所有主要化合物。

So this is not only going to be for researchers.

所以這不僅適用於研究人員。

We'll get the neuro researchers; we'll have the cardiac researchers.

我們會找來神經研究人員；我們將有心臟研究人員。

That's going to be a big driver for us.

這將成為我們的一大推動力。

But then the adapting of that toward safety pharmacology and tox is a real critical area for us to now potentially go into a multibillion-dollar market of going after what today has to happen through large volume -- large populations of small animals.

但是，將其適應安全藥理學和毒理學是一個真正關鍵的領域，我們現在有可能進入一個價值數十億美元的市場，透過大量的小動物族群來追求今天必鬚髮生的事情。

And so if we can show that.

如果我們能證明這一點的話。

And that's why you'll see in the second half of the year, it's not just going to be academic researchers.

這就是為什麼你會在今年下半年看到，不只是學術研究人員。

We now are lining up the NIH to be one of the adopters here.

我們現在正在讓美國國立衛生研究院 (NIH) 成為這裡的採用者之一。

But then biopharma companies, yu're going to see -- I expect to be able -- and part of this is I want to be able to publicly announce who they are because a lot of times the big pharma guys.

但是生物製藥公司，你會看到——我希望能夠——其中一部分是我希望能夠公開宣布他們是誰，因為很多時候都是大型製藥公司。

They don't like their names mentioned unless -- and if you have to get their agreement on a press release, it gets a little tough.

他們不喜歡自己的名字被提及，除非——如果你必須在新聞稿上徵得他們的同意，那就有點困難了。

But I can -- the leverage I have is if they want to work with me on it, they're going to have to let me talk about it.

但我可以——我擁有的籌碼是，如果他們想與我合作，他們就必須讓我談論這件事。

So you're going to see some very interesting names and very interesting places.

所以你會看到一些非常有趣的名字和非常有趣的地方。

And you'll see where these things are going.

你會看到這些事情的去向。

So I think the revenue growth -- the growth markets that we're looking at here is, certainly, it's very big on the neuro side.

所以我認為收入成長——我們在這裡關注的成長市場，在神經方面當然是非常大的。

You see what's happening right now at University of Texas and a few other places with neuro or neuro organoids.

你可以看到現在德州大學和其他一些地方的神經或神經類器官正在發生什麼。

Cardiac is going to be a big one.

心臟將是一個大問題。

But then again, adapting it to safety, pharmacology and tox applications, that is a massive market.

但話又說回來，使其適應安全、藥理學和毒理學應用，這是一個巨大的市場。

And it's right in our wheelhouse with customers that we already sell to.

它就在我們的駕駛室裡，與我們已經銷售的客戶在一起。

Okay.

好的。

Great.

偉大的。

And then last follow-up question on that.

然後是最後一個後續問題。

Would you expect to see more of these studies coming out later this year or in 2025?

您預計今年稍後或 2025 年會看到更多此類研究的發表嗎？

You're going to see some of them.

你會看到其中的一些。

In fact, some have already started to come out.

事實上，有些已經開始出現了。

I'd say some of the bigger ones that you'll see at the Safety Pharmacology Society, that's in September.

我想說的是，您將在 9 月的安全藥理學協會上看到一些更大的活動。

There you're going to see papers with the use of our neuro testing with our MEA MAR system.

在那裡您將看到使用我們的 MEA MAR 系統進行神經測試的論文。

And you should also see it with the well-known large CRO who we sold this first -- who's adopted this technology first.

您還應該在著名的大型 CRO 身上看到這一點，我們首先出售了該技術，他們首先採用了這項技術。

And there we're now working with them to place a few more systems into a few more of their labs.

我們現在正在與他們合作，將更多的系統放入他們的更多實驗室中。

So you'll see it there.

所以你會在那裡看到它。

When you get to SfN, Society for Neuroscience, that's when you really start to see the papers coming out and the posters on the use of Mesh MEA and organoids.

當您到達 SfN（神經科學學會）時，您將真正開始看到有關使用 Mesh MEA 和類器官的論文和海報。

So those -- for neuroscience and then for safety.

所以這些——用於神經科學，然後是安全。

The last big one would be The American College of Toxicology.

最後一個大的將是美國毒理學學院。

That's where you'll see really the rollout of Mesh MEA.

在那裡您將真正看到 Mesh MEA 的推出。

And by then, we're looking at -- I think that's going to be in March.

到那時，我們正在考慮——我認為那將是三月。

By then we should be in full production with these systems.

到那時我們應該可以使用這些系統進行全面生產。

And keep in mind, these are not cheap systems.

請記住，這些系統並不便宜。

These are arguably up to $100,000 for the system, plus you have services, you have software licenses.

系統的費用可能高達 100,000 美元，再加上您還有服務，還有軟體許可證。

And then the consumable on this, depending on the customer type, there could be a very large revenue -- consumable revenue stream on this product.

然後是消耗品，根據客戶類型，可能會產生非常大的收入—該產品的消耗品收入流。

So again, the way I look at it is the initial work comes out with the beta testers that have already started, those papers are in progress now.

再說一遍，我的看法是，初步工作是由已經開始的 Beta 測試人員完成的，這些論文現在正在進行中。

You'll see those coming out at the various shows, whether it's the SfN, Toxicology, Safety Pharmacology.

您會在各種展會上看到這些內容，無論是 SfN、毒理學、安全藥理學。

You'll see -- and then you'll also see more of our stuff starting to come out with The Bioprocessing Summit.

您將會看到—然後您還會看到我們的更多內容開始在生物加工高峰會上發布。

So across the Board, these are not just things that we're talking about.

因此，總的來說，這些不僅僅是我們正在談論的事情。

These are things that we're now selling.

這些是我們現在正在銷售的東西。

And again, the big drivers are going to be bioproduction and then the organoid work with Mesh MEAs.

再說一次，最大的驅動力將是生物生產，然後類器官與網狀 MEA 一起工作。

Okay, got it.

好的，明白了。

Thank you for answering my questions.

感謝您回答我的問題。

Thanks, Bruce.

謝謝，布魯斯。

Chris Sakai, Singular Research.

克里斯·酒井，奇異研究公司。

Hi, Chris.

嗨，克里斯。

Hi.

你好。

Good morning.

早安.

Can you talk about academic research in China?

能談談中國的學術研究嗎？

Is it coming back like you've expected?

會像你期待的那樣回來嗎？

Yeah, it is.

是的，確實如此。

In fact, we did see.

事實上，我們確實看到了。

Even in the Q2, if we look on the one slide, I think that we'll see that the CMT business actually did see some recovery there in Asia Pacific.

即使在第二季度，如果我們看一張投影片，我認為我們會看到亞太地區的 CMT 業務實際上確實出現了一些復甦。

Is that right, Jen?

是這樣嗎，珍？

Yeah, that's right, Jim.

是的，沒錯，吉姆。

And I think we're starting to see more activity in terms of quoting.

我認為我們開始看到更多的報價活動。

And the delays, I think, are more timed with those companies wanting to take -- or those academic groups wanting to take advantage of the funding that's available.

我認為，這些延遲更多是針對那些想要利用現有資金的公司，或是那些想要利用現有資金的學術團體。

So they're going through the application process, but in parallel talking to us about their business.

因此，他們正在完成申請流程，但同時與我們談論他們的業務。

Yeah.

是的。

So the academic side, we feel like it's already bottomed out and it's starting -- we're starting to see some recovery.

因此，在學術方面，我們覺得它已經觸底並且正在開始——我們開始看到一些復甦。

On the commercial side with CRO and pharma companies, that's taken a little longer.

在 CRO 和製藥公司的商業方面，這需要更長的時間。

We are seeing larger funnel, so more opportunities.

我們看到更大的漏斗，更多的機會。

But with the way the budgeting works there, that's not expected to really hit us for revenue growth until we get later in the second half or maybe even into 2025.

但按照預算的運作方式，預計直到下半年甚至 2025 年，這才會真正影響我們的收入成長。

Okay.

好的。

Sounds good.

聽起來不錯。

And then I guess regarding recurring revenue, do you have a target for that for the year?

然後我想關於經常性收入，您有今年的目標嗎？

Yeah.

是的。

We started the year, as we first started measuring it.

我們開始了這一年，就像我們第一次開始衡量它一樣。

We were at about -- we were a little above 35%.

我們的比例大約是 35% 以上。

Now, given that we've all seen pressure on capital purchases, at this point right now we're probably closer to 40% recurring.

現在，考慮到我們都看到了資本購買的壓力，目前我們的經常性利率可能接近 40%。

So as you would expect, when there's pressure on capital purchases, then you'll see less purchase of higher-cost equipment, but you'll still maintain much of your recurring revenue.

因此，正如您所期望的那樣，當資本購買面臨壓力時，您會看到成本較高的設備的購買量減少，但您仍將維持大部分經常性收入。

And you'll notice that each of these new products that we've talked about today, whether it's in bioproduction or whether it's with mesh organoid, these are all products that have heavy pull-through.

您會注意到，我們今天討論的每一種新產品，無論是生物生產還是網狀類器官，這些都是具有很強的拉動性的產品。

I mean, especially the electroporation and bioproduction, that first customer we talked about.

我的意思是，特別是電穿孔和生物生產，我們談到的第一個客戶。

There were four systems, and you're talking $1 million of consumable just for that one drug.

有四個系統，僅用於一種藥物就需要 100 萬美元的消耗品。

So the leverage there massively changes.

因此那裡的槓桿發生了巨大的變化。

And the ratio changes quickly from -- as far as the percentage of our revenue being recurring as those products become more and more adopted into the market.

隨著這些產品越來越多地被市場採用，該比率迅速變化，就我們經常性收入的百分比而言。

Okay, great.

好的，太好了。

And then for the $4 million cost savings you mentioned, where should we expect to see that on the line items?

那麼，對於您提到的 400 萬美元成本節省，我們應該在哪些訂單項目上看到這一點？

Yeah.

是的。

Well, it's about $4 million annualized.

嗯，每年大約是 400 萬美元。

I think we saw about $700,000 in Q2.

我認為第二季我們看到了大約 70 萬美元。

It's overall OpEx, but it is heavy on the operational side.

它是整體營運支出，但在營運方面很重要。

So part of it would be in cost of goods, but much of it is going to be, I think, straight up on the OpEx line.

因此，其中一部分將體現在商品成本上，但我認為，其中大部分將直接體現在營運支出上。

What do you think?

你怎麼認為？

Yeah, it's probably about half and half, Chris.

是的，大概是一半一半，克里斯。

There's -- the piece that's operational, you'll see it bleeding through margins over time, whereas the rest of it, you'll start to see it coming through SG&A, R&D.

其中，可操作的部分，隨著時間的推移，你會看到它的利潤不斷流失，而其餘部分，你會開始看到它透過銷售管理、行政管理、研發來實現。

Thank you.

謝謝。

I would now like to turn the call back over to Jim Green for any closing remarks.

我現在想將電話轉回給吉姆·格林，請他發表結束語。

Yes, I'll thank you for joining us on this today.

是的，我會感謝您今天加入我們。

This ends today's presentation.

今天的演講到此結束。

We hope you'll join us in November for our third quarter results for fiscal 2024 Thank you very much.

我們希望您能在 11 月與我們一起了解 2024 財年第三季的業績，非常感謝。

This ends the presentation.

演示到此結束。

Thank you.

謝謝。

This concludes the conference.

會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。