Harvard Bioscience Inc (HBIO) 2025 Q3 法說會逐字稿

Good day and Welcome to the third quarter 2025 Harvard Bioscience Earnings Conference call. All participants will be in listen-only mode. After today’s presentation, there will be an opportunity to ask questions. To ask a question, please press star 11. If your question has been answered and you would like to remove yourself from the queue, please press star 11 again. Please note this event is being recorded. I’m now going to turn the conference over to Taylor Krawczyk, Senior Vice President at ELLIPSIS TA. Please go ahead.

大家好，歡迎參加哈佛生物科學公司2025年第三季財報電話會議。所有參與者將處於唯讀模式。今天的報告結束後，將有機會提問。如有任何疑問，請按星號 11。如果你的問題已得到解答，並且你想從佇列中移除自己，請再次按星號 11。請注意，本次活動正在錄影。現在我將把會議交給 ELLIPSIS TA 的高級副總裁 Taylor Krawczyk。請繼續。

Thank you, Operator, and good morning, everyone. Thank you for joining the Harvard Bioscience third quarter 2025 Earnings Conference call. Leading the call today will be John Duke, President and Chief Executive Officer, and Mark Frost, Interim Chief Financial Officer. In conjunction with today’s recorded call, we have provided a presentation that will be referenced during our remarks that is posted to the Investor Relations section of our website at investor.harvardbioscience.com. Please note that statements made in today’s discussion that are not historical facts, including statements on management’s expectations of 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. These forward-looking statements reflect the current views of Harvard Bioscience’s management, and Harvard Bioscience assumes no obligation to update or revise any forward-looking statements.

謝謝接線員，大家早安。感謝您參加哈佛生物科學公司2025年第三季財報電話會議。今天主持電話會議的是總裁兼執行長約翰·杜克和臨時財務長馬克·弗羅斯特。配合今天的錄音電話會議，我們準備了一份演示文稿，該文稿將在我們發言時提及，並已發佈在我們網站投資者關係欄位（investor.harvardbioscience.com）。請注意，今天討論中所有非歷史事實的陳述，包括管理層對未來事件或未來財務業績的預期，均為前瞻性陳述，並符合1995年《私人證券訴訟改革法案》的安全港條款。這些前瞻性陳述反映了哈佛生物科學公司管理階層的當前觀點，哈佛生物科學公司不承擔更新或修改任何前瞻性陳述的義務。

Actual results may differ materially from those expressed or implied. Please refer to today’s press release, Harvard Bioscience Form 10-Q, and other filings with the Securities and Exchange Commission for additional disclosures on forward-looking statements and the risks, uncertainties, and contingencies associated therewith. During the call, management will also reference certain non-GAAP financial measures, which can be useful in evaluating the company’s operations related to our financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered a substitute. Reconciliations of GAAP to non-GAAP measures are provided in today’s earnings press release. I will now turn the call over to John. John, please go ahead.

實際結果可能與明示或暗示的結果有重大差異。有關前瞻性聲明及其相關風險、不確定性和或有事項的更多披露信息，請參閱今天的新聞稿、哈佛生物科學公司 10-Q 表格以及向美國證券交易委員會提交的其他文件。在電話會議期間，管理階層也將提及一些非GAAP財務指標，這些指標有助於評估公司與財務狀況和績效相關的營運狀況。這些非GAAP指標旨在補充GAAP財務訊息，不應被視為GAAP財務資訊的替代品。今日發布的獲利新聞稿中提供了 GAAP 與非 GAAP 指標的調整表。現在我將把通話轉給約翰。約翰，請繼續。

Thank You, Taylor, and good morning, everyone. I’m pleased to speak with you again as we report our third quarter results and continue to execute on our 2025 priorities. This quarter reflects operational progress, consistent execution, and tangible improvement in several key areas of our business. After being appointed CEO in late July, I outlined three priorities for 2025. Number one, maintain financial discipline and positive cash generation. Two, accelerate product adoption across our core growth platforms. Three, strengthen our capital structure through a successful debt refinancing. I’m encouraged to report that we’ve advanced meaningfully on each front. First, the financial results. We delivered revenue of $20.6 million, at the high end of our guidance range and with a slight sequential increase in what historically is a cyclically soft quarter. Gross margin of 58.4% improved sequentially and exceeded our guidance range.

謝謝你，泰勒，大家早安。很高興再次與您交流，我們將報告第三季業績，並繼續推進我們的 2025 年優先事項。本季反映了我們在業務的幾個關鍵領域取得的營運進展、持續的執行力和切實的進步。7 月下旬被任命為執行長後，我為 2025 年制定了三項優先事項。第一，保持財務紀律和正現金流。第二，加快產品在我們核心成長平台的普及。第三，透過成功的債務再融資來加強我們的資本結構。令人欣慰的是，我們在各方面都取得了實質進展。首先是財務業績。我們實現了 2,060 萬美元的收入，處於預期範圍的高端，並在歷來週期性疲軟的季度中實現了小幅環比增長。毛利率為 58.4%，季比有所提高，超過了我們的預期範圍。

This margin expansion reflects disciplined execution, operational efficiency, and an improved mix towards higher margin products. Adjusted EBITDA was also up sequentially to $2 million. Our cost structure remains lean, and we generated another quarter of positive operating cash flow. Customer engagement remains high across our platforms. Q3 marked the first time in more than 12 months that we saw quarterly order growth on a year-over-year basis. Going into the fourth quarter, our backlog has reached its highest level in nearly two years, as demand has picked up considerably heading into the end of the year. Turning to our products, the Soho telemetry rollout has expanded into additional key accounts, and we’ve begun to see increased recurring consumable demand. Our Biochrome amino acid analyzer for bioproduction continues to perform well, and we remain on pace to exceed last year’s consumable revenue.

利潤率的提升反映了嚴格的執行力、高效的營運以及向高利潤率產品方向的最佳化組合。調整後 EBITDA 也較上季成長至 200 萬美元。我們的成本結構依然精簡，並且連續第二季實現了正的經營現金流。用戶參與度在各平台上都保持在高水準。第三季是 12 個月以來首次實現季度訂單年增。進入第四季度，我們的積壓訂單已達到近兩年來的最高水平，因為接近年底需求大幅回升。就我們的產品而言，Soho 遙測技術的推廣已擴展到其他重要客戶，我們開始看到經常性耗材需求增加。我們的生物色素氨基酸分析儀用於生物生產，其性能持續良好，我們預計將超過去年的耗材收入。

This quarter, we announced the launch of the Incubate MultiWell system, our new smart microelectrode array platform designed to bring real-time monitoring to organoid and cell culture workflows with precise environmental control. Incubate further strengthens the growth of our existing electrophysiology portfolio by expanding our reach into high-throughput applications, including drug screening, safety pharmacology, and disease research modeling research. Initial customer response has been positive, as we have already received orders and shipped our first system. In addition, we expanded our distribution agreement with Fisher Scientific, significantly broadening access to Harvard Bioscience products across North America. This partnership deepens our commercial reach within academic and pharmaceutical research markets and enhances visibility for our full portfolio, particularly our cellular and molecular technology products, through one of the most trusted laboratory distribution channels in the world.

本季度，我們宣布推出 Incubate MultiWell 系統，這是我們全新的智慧微電極陣列平台，旨在透過精確的環境控制，為類器官和細胞培養工作流程帶來即時監測。Incubate 透過拓展我們在高通量應用領域的影響力，進一步加強了我們現有的電生理產品組合的成長，這些應用包括藥物篩選、安全藥理學和疾病研究建模研究。初步的客戶回饋是正面的，我們已經收到訂單並發出了第一套系統。此外，我們擴大了與 Fisher Scientific 的分銷協議，顯著擴大了哈佛生物科學產品在北美的銷售管道。此次合作加深了我們在學術和製藥研究市場的商業影響力，並透過全球最值得信賴的實驗室分銷管道之一，提高了我們全線產品組合（尤其是我們的細胞和分子技術產品）的知名度。

Adoption of our MeshMEA organoid platform continues to build momentum, supported by regulatory initiatives promoting new approach methodologies. On our capital structure, we continue to make constructive progress and remain in active discussions with our lenders and advisors regarding our assessment of the potential options and proposals that we have received. The process remains on track to complete the refinancing or repayment of the existing credit agreement in the fourth quarter. Our operating performance and consistent cash generation have improved our position as we move toward completion. The management team and the board of directors are aligned and remain committed to strengthening the balance sheet and positioning the business for long-term success. NIH funding for the 2025-2026 budget is taking shape. We’re also monitoring the ongoing government shutdown, which may impact the timing of NIH funding distribution. In the coming weeks, we’ll have more clarity.

在監管措施的支持下，我們的 MeshMEA 類器官平台的應用勢頭持續增強，這些措施旨在推廣新的方法論。在資本結構方面，我們繼續取得建設性進展，並繼續與貸款人和顧問積極討論我們對收到的潛在方案和建議的評估。該流程仍按計劃進行，預計將在第四季度完成現有信貸協議的再融資或償還。隨著我們朝著目標邁進，我們的營運表現和持續的現金流改善了我們的地位。管理團隊和董事會目標一致，將繼續致力於加強資產負債表，並為企業的長期成功奠定基礎。美國國立衛生研究院 (NIH) 2025-2026 年預算撥款方案正在逐步成形。我們也密切關注目前的政府停擺情況，這可能會影響美國國立衛生研究院 (NIH) 的資金分配時間。未來幾週，情況會更加明朗。

In China, orders were flat sequentially. The most recent developments in trade talks late last week give us optimism that the worst of the tariff disruption is behind us, and we’ll see increased activity moving forward. We also saw a strong uptick in order volume in Europe, contributing to our increased backlog heading into the fourth quarter. Looking ahead, we anticipate continued momentum in the fourth quarter, as product adoption and the demand uptick support revenues into the end of the year. Our priorities continue to be financial discipline, driving demand in our high-value products, and strengthening our capital structure. Harvard Bioscience is a fundamentally stronger company today than it was to start the year: leaner, more focused, and better aligned with long-term growth opportunities. Our third quarter results demonstrate solid improvement over the first half of the year, and we look forward to continued improvement heading into 2026.

在中國，訂單量環比持平。上週稍後貿易談判的最新進展讓我們樂觀地認為，關稅衝擊最嚴重的時期已經過去，我們將看到未來貿易活動增加。我們也看到歐洲的訂單量大幅成長，這促使我們在進入第四季時積壓訂單增加。展望未來，我們預計第四季將繼續保持成長勢頭，產品普及和需求回升將支撐收入成長至年底。我們的首要任務仍然是財務紀律、推動高價值產品的需求以及加強資本結構。如今的哈佛生物科學公司比年初時實力更強：更精簡、更專注，也更符合長期成長機會。我們第三季的業績較上半年有了顯著改善，我們期待在 2026 年繼續取得進步。

I’m proud of our team’s progress and grateful for the continued partnership of our customers, shareholders, and employees. We appreciate your support as we continue to execute our plan. With that, I’ll turn it over to Mark, who will go into more detail on the financials. Mark.

我為我們團隊的進步感到自豪，並感謝我們的客戶、股東和員工的持續合作。感謝您在我們繼續執行計劃的過程中給予的支持。接下來，我將把發言權交給馬克，他將更詳細地介紹財務狀況。標記。

Thank you, John. I’ll start my remarks with our third quarter 2025 financial results, the details of which can be found on slide four of the earnings presentation that we posted to our IR site. Revenue was $20.6 million at the high end of our $19-$21 million guidance and below the $22 million we reported in the prior year’s third quarter. Gross margin was 58.4% versus 58.1% in the third quarter of 2024 and exceeded our guidance of 56-58%. Operating expenses declined $1.4 million from prior year, driven by actions taken in 2024 and the first quarter of 2025 to: one, move to one U.S. ERP system, two, lean out our SG&A organization, and three, reprioritize NPI projects. These actions led to an improvement in adjusted operating income of $1.5 million versus $0.8 million in quarter three 2024.

謝謝你，約翰。我將首先介紹我們 2025 年第三季的財務業績，詳情請參閱我們發佈在投資者關係網站上的收益簡報的第四頁。營收為 2,060 萬美元，處於我們 1,900 萬至 2,100 萬美元預期範圍的高端，但低於去年同期第三季報告的 2,200 萬美元。毛利率為 58.4%，而 2024 年第三季為 58.1%，超過了我們 56-58% 的預期。營運費用較前一年減少了 140 萬美元，這主要得益於 2024 年和 2025 年第一季採取的行動：一、遷移到單一的美國 ERP 系統；二、精簡我們的銷售、一般及行政管理部門；三、重新確定新產品導入項目的優先順序。這些措施使調整後的營業收入從 2024 年第三季的 80 萬美元提高到 150 萬美元。

Adjusted EBITDA was $2 million versus $1.3 million in quarter three 2024, with a major driver being the reduction in operating expenses, which more than offset the volume impact from the lower year-over-year revenue. Now, looking at slide five, I will outline the revenue results for the quarter by product family and region. Overall revenues in the third quarter showed a slight increase from quarter two, finishing at $20.6 million compared to $20.5 million in the prior quarter. Notably, this is a positive trend as we historically see a decline from quarter two to quarter three. Now, turning to the geographical results, starting with the Americas, revenue in the third quarter increased sequentially by 3.6% and was down 4.4% versus the third quarter of last year. As shown in the light blue on the slide, CMT saw a sequential and year-over-year decline.

經調整的 EBITDA 為 200 萬美元，而 2024 年第三季為 130 萬美元，主要原因是營運費用的減少，足以抵銷年收入下降帶來的銷售影響。現在，請看第五張投影片，我將按產品系列和地區概述本季的收入結果。第三季總營收較第二季略有成長，達 2,060 萬美元，而上一季為 2,050 萬美元。值得注意的是，這是一個積極的趨勢，因為從歷史數據來看，第二季到第三季通常會出現下滑。現在，讓我們來看看各地區的業績，首先是美洲地區，第三季的營收季增了 3.6%，但與去年第三季相比下降了 4.4%。如幻燈片中淺藍色部分所示，CMT 出現了環比和同比下降。

Our preclinical sales increased sequentially and year-over-year due to increases in telemetry and respiratory product lines. Now, moving on to Europe, overall revenue in Europe in the third quarter increased 0.3% sequentially, reflecting stronger preclinical academic shipments. Compared to quarter three last year, European revenues were essentially flat. Cellular and molecular sales decreased sequentially 0.7% and year-over-year 13%. Now, our quarter three preclinical sales increased sequentially and year-over-year. Now, moving to China and the Asia-Pacific, in the third quarter, we saw improvement in APAC, excluding China. With China, revenue was down sequentially 6.3% and year-over-year 19.6%. With last week’s news, we expect tariff headwinds to subside going forward. Now, cellular and molecular APAC products were flat sequentially and decreased year-over-year. Preclinical APAC products also declined sequentially and year-over-year. Now, I’ll move to slide six to discuss further financial metrics.

由於遙測和呼吸產品線的成長，我們的臨床前銷售額環比和同比增長。現在，讓我們來看看歐洲市場。第三季歐洲整體營收季增 0.3%，反映出臨床前學術產品出貨量強勁成長。與去年第三季相比，歐洲地區的營收基本上持平。細胞和分子銷售額季減 0.7%，年減 13%。現在，我們第三季的臨床前銷售額較上季和年成長均有所成長。現在，讓我們把目光轉向中國和亞太地區。在第三季度，我們看到亞太地區（不包括中國）的情況有所改善。中國市場營收季減 6.3%，年減 19.6%。根據上週的消息，我們預計關稅方面的阻力將在未來減弱。目前，亞太地區細胞和分子產品銷售量較去年同期持平，年減。亞太地區臨床前產品銷售也較上季和年減。接下來，我將轉到第六張投影片，討論更多財務指標。

Looking at gross margin first, gross margin during quarter three 2025 was 58.4% compared to 58.1% in quarter three 2024, and up 200 basis points sequentially from 56.4% in quarter two 2025, despite the flat revenue. The gross margin expansion compared to last year quarter three was mainly due to better absorption of fixed manufacturing overhead costs and the leaning out of our manufacturing cost structure. The sequential margin increase was due to improved mix of higher margin revenue, in particular telemetry, as well as better absorption of fixed manufacturing overhead costs. Now, if you refer to the top right graph, our adjusted EBITDA during quarter three increased to $2 million versus $1.3 million last year’s third quarter. Compared to the prior year, lower gross profit of $0.7 million was fully offset by the $1.4 million reduction in operating expense.

首先來看毛利率，2025 年第三季的毛利率為 58.4%，而 2024 年第三季為 58.1%，儘管營收持平，但比 2025 年第二季的 56.4% 環比成長了 200 個基點。與去年第三季相比，毛利率的成長主要歸功於固定製造費用的更好吸收以及製造成本結構的精簡。利潤率環比增長是由於高利潤收入（特別是遙測業務）的組合改善，以及固定製造費用的更好地吸收。現在，如果您參考右上角的圖表，我們第三季的調整後 EBITDA 增至 200 萬美元，而去年同期為 130 萬美元。與前一年相比，毛利減少了 70 萬美元，但營運費用減少了 140 萬美元，完全抵銷了毛利的減少。

Now, moving to the bottom left, where we show both reported and adjusted loss earnings per share, as I’ve mentioned in the past, typically the difference between GAAP EPS and adjusted EPS are the impact of stock compensation, amortization, and depreciation. These differences between net loss and adjusted EBITDA are highlighted in the reconciliation tables on slide 10 and are all non-cash items. Now, moving to the bottom middle graph, year-to-date cash flow from operations was strong at $6.8 million compared to negative $0.3 million in the same period, with $1.1 million of operating cash generated in the third quarter. The primary drivers for the improved cash flow from operations were working capital management and operating expense reductions. We expect to see positive operating cash again in the fourth quarter. Now, net debt was down over $6 million from year-end 2024 to $27.5 million from $33.8 million.

現在，我們移到左下角，這裡顯示了報告的和調整後的每股虧損收益。正如我之前提到的，GAAP EPS 和調整後的 EPS 之間的差異通常是股票補償、攤提和折舊的影響。淨虧損與調整後 EBITDA 之間的這些差異在第 10 頁的調節表中突出顯示，並且都是非現金項目。現在，來看看中間下方的圖表，今年迄今的經營活動現金流強勁，達到 680 萬美元，而去年同期為負 30 萬美元，其中第三季產生了 110 萬美元的經營活動現金流。經營活動現金流改善的主要驅動因素是營運資本管理和營運費用降低。我們預計第四季將再次實現正的經營現金流。現在，淨債務從 3,380 萬美元到 2024 年底減少了 600 多萬美元，降至 2,750 萬美元。

This reflects our quarterly principal payment of $1 million and improved operating cash flow. Now, with respect to our credit facility, as John noted, we have made progress. We are in the process of reviewing the multiple proposals we have received. We are negotiating towards the most favorable deal for our company and our shareholders, and we expect to have resolution within the fourth quarter. We will provide more information when we are able to. Now, I’ll move to slide eight to discuss our outlook for quarter four. A key factor supporting our guidance is mid-single-digit order growth in the third quarter year-over-year and four consecutive months of year-on-year growth. This result has positioned the company with our strongest backlog since the first quarter of 2023.

這反映了我們每季償還100萬美元本金以及營運現金流的改善。關於我們的信貸安排，正如約翰所指出的，我們已經取得了進展。我們正在審核收到的多份提案。我們正在努力爭取對公司和股東最有利的協議，預計在第四季內達成協議。我們會盡快提供更多資訊。現在，我將轉到第八張投影片，討論我們對第四季的展望。支撐我們業績指引的關鍵因素是第三季訂單年增率達到個位數中段，並且連續四個月達到年成長。這一結果使公司擁有了自 2023 年第一季以來最強勁的訂單儲備。

We are guiding to a range of $22.5 million-$24.5 million revenue, resulting in potentially flat revenue for the fourth quarter at the high end of the range. The lower end of the range reflects the potential risk of a prolonged U.S. government shutdown lasting through year-end. Now, we expect a corresponding improvement in gross margin quarter four from the higher volume and are guiding to a gross margin range of 58%-60%. Improved demand and a strong backlog support our confidence to project continued sequential improvement in the fourth quarter. Now, I’ll turn the call back to our operator to take questions.

我們預計營收將在 2,250 萬美元至 2,450 萬美元之間，這意味著第四季度營收可能與預期持平，達到預期區間的上限。該範圍的下限反映了美國政府長期停擺持續到年底的潛在風險。現在，我們預計第四季度毛利率將因銷量增加而相應提高，並預計毛利率將在 58%-60% 之間。需求改善和強勁的訂單積壓增強了我們對第四季業績持續環比改善的信心。現在，我將把電話轉回給我們的接線生，由他來回答問題。

(Operator Instructions)

（操作說明）

Thank you. Our first question comes from Lucas Baranowski with KeyBank Capital Markets. Your line is open.

謝謝。我們的第一個問題來自 KeyBank Capital Markets 的 Lucas Baranowski。您的線路已開通。

Hi, this is Lucas. For Paul Knight at KeyBank. First off, when we look at the uptick that was seen in preclinical systems during the quarter, was that primarily driven by CROs gearing up to run more studies, or was it some other factor that was driving the uptick?

大家好，我是盧卡斯。致 KeyBank 的 Paul Knight。首先，當我們觀察本季臨床前系統的成長時，這主要是由於 CRO 準備進行更多研究所致，還是其他因素導致了成長？

Thank you for the question. We benefited from broad uptick in demand for our telemetry products, and it was not just in one region. It was across regions as well as across different customer groups.

謝謝你的提問。我們的遙測產品需求全面成長，而且這種成長並非僅限於一個地區，我們因此受益匪淺。這種現像不僅發生在不同地區，也發生在不同的客戶群。

Excellent. In the press release, you had a comment about backlog being the highest in two years. When you look at that backlog, would you say the mix is similar to your existing product mix, or is there a product like, say, MeshMEA that’s a disproportionate percentage of it?

出色的。在新聞稿中，你提到積壓案件數量達到了兩年來的最高水準。從積壓訂單來看，您認為其產品組合與您現有的產品組合相似嗎？還是說，像 MeshMEA 這樣的產品佔比過高？

Yeah, Lucas. As John indicated, we had broad-based increase in orders across geographies and products, and we did see an improved benefit from all the NPIs we’ve launched in this year, but it wasn’t one specific product or region that drove the backlog. It was just uniform increase across our geographies and products.

是的，盧卡斯。正如約翰所指出的，我們在各個地區和產品上的訂單量普遍增加，而且我們今年推出的所有新產品都帶來了更好的效益，但並不是某個特定產品或地區導致了訂單積壓。我們所有地區和產品都實現了統一成長。

Excellent. Maybe just one final question. Some of the larger tools companies have noted that they’re seeing early signs of improvement in the academic and government market. What are you seeing on that front?

出色的。或許最後一個問題。一些規模較大的工具公司注意到，他們在學術界和政府市場看到了早期改善跡象。你在那方面看到了什麼？

Yes, we have seen improvement, which is reflected in our Q3 results as well as in our strong backlog going into Q4. Now, as Mark has stated regarding our guidance for the fourth quarter, some academic institutions are dependent upon NIH funding, and we have planned in our guidance depending upon how long the government shutdown goes and how that will flow through to our Q4 results.

是的，我們已經看到一些改善，這體現在我們的第三季業績以及進入第四季度的強勁訂單儲備中。正如馬克在談到我們對第四季度的業績指引時所說，一些學術機構依賴於美國國立衛生研究院 (NIH) 的資助，我們已經根據政府停擺持續的時間以及這將如何影響我們第四季度的業績，在我們的業績指引中做出了相應的計劃。

Excellent, that's all I had.

太好了，這就是我全部的家當了。

Thank you.

謝謝。

Thanks, Lucas.

謝謝你，盧卡斯。

Thank you. Our next question comes from Bruce Jackson with The Benchmark Company. Your line is open.

謝謝。我們的下一個問題來自 Benchmark 公司的 Bruce Jackson。您的線路已開通。

Hi, thank you for taking my questions. If we could just dive into the NIH funding a little bit more. The guidance, are you contemplating an end-of-the-government shutdown during the fourth quarter?

您好，感謝您回答我的問題。如果我們能更深入地了解美國國立衛生研究院的資助情況就好了。你們的指導方針是，是否考慮在第四季結束政府停擺？

Yeah, Bruce, this is Mark. We have built into the lower range that if it does go to the year-end, that would be the potential. Benchmark, no pun intended, benchmark we would get to in the quarter. We have assumed some impact from that in our guidance, Bruce.

是的，布魯斯，這是馬克。我們在較低的預期範圍內已經考慮到，如果真的要等到年底，那將是一個潛在的結果。基準，沒有雙關的意思，是我們本季要達到的基準。布魯斯，我們在指導教授中已經考慮到了這一點的影響。

Okay. If the funds don’t get released in the fourth quarter, would you anticipate getting those funds flowing through sales in the first quarter of next year?

好的。如果資金在第四季無法發放，您預計這些資金會在明年第一季透過銷售流入嗎？

Yeah, Bruce. Yeah, as you probably well know, the funds are not lost. It’s a timing impact that it just moves out of quarter four into 2026. So, we would expect the orders, and depending when the orders come in, it would come in in first quarter or second quarter next year.

是的，布魯斯。是的，正如您可能很清楚的那樣，這些資金並沒有損失。時間上的影響在於，它只是從第四季推遲到了 2026 年。所以，我們可以期待訂單，但具體到貨時間取決於訂單何時到來，可能會在明年第一季或第二季。

Last question on NIH. Do the customers have visibility on the funding? Do you feel like you’ve got good line of sight on the projects and that the customers also have line of sight on the funding?

關於美國國立衛生研究院的最後一個問題。客戶是否了解資金來源狀況？您是否覺得您對專案有清楚的了解，客戶也對資金狀況有清楚的了解？

It’s customer dependent. I mean, some customers have shared with us that there’s no one even to talk to at the NIH right now, and so they’re still trying to get visibility, whereas others do have visibility, and they’re just waiting for their funds to be released.

這取決於客戶。我的意思是，有些客戶告訴我們，他們現在甚至都聯繫不上美國國立衛生研究院 (NIH) 的任何人，所以他們仍在努力爭取關注，而另一些客戶已經獲得了關注，他們只是在等待資金發放。

Okay, great. If I may, just one question on the ERP project. Where are you in that project right now? How should we be thinking about either the spending for additional ERP work or the flow through from the benefits?

好的，太好了。如果可以的話，我想問一個關於ERP專案的問題。你目前在這個專案上進展到什麼程度了？我們該如何看待額外的ERP工作支出以及由此帶來的利益？

Yeah, we actually finished the project in quarter four. We moved to one US platform. We actually did the same thing in Europe, which I did not mention, and that was completed in quarter four. The benefits have started to roll through. Both our manufacturing side and our G&A side in 2025, and it is contributing to why we have been able to reduce the expenses this year, Bruce.

是的，我們實際上在第四季度就完成了這個專案。我們遷移到了一個美國平台。實際上，我們在歐洲也做了同樣的事情，我沒有提到，這件事在第四季就完成了。好處已經開始顯現。布魯斯，到 2025 年，我們的生產製造和一般及行政管理方面都將受到影響，這也是我們今年能夠降低開支的原因之一。

Okay, that's it for me.

好了，我今天就到這裡。

Thank you.

謝謝。

Thanks for the questions.

謝謝大家的提問。

Thank you. There are no further questions at this time. This concludes our question-and-answer session. You may now disconnect. Everyone, have a great day.

謝謝。目前沒有其他問題了。我們的問答環節到此結束。您現在可以斷開連線了。祝大家今天過得愉快。