Illumina Inc (ILMN) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Second Quarter 2022 Illumina Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded.

女士們，先生們，美好的一天，歡迎參加 2022 年第二季度 Illumina 收益電話會議。 （操作員說明）請注意，今天的通話正在錄音中。

I would now like to hand the call over to Salli Schwartz, Vice President of Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係副總裁 Salli Schwartz。請繼續。

Hello, everyone, and welcome to our earnings call for the second quarter of 2022. During the call today, we will review the financial results released after the close of the market and offer commentary on our commercial activities, after which we will host a question-and-answer session. If you have not had a chance to review the earnings release, it can be found in the Investor Relations section of our website at illumina.com.

大家好，歡迎參加我們 2022 年第二季度的財報電話會議。在今天的電話會議上，我們將回顧收市後發布的財務業績並對我們的商業活動進行評論，之後我們將主持一個問題-and-answer 會議。如果您沒有機會查看收益發布，可以在我們網站 illumina.com 的投資者關係部分找到它。

Participating for Illumina today will be Francis deSouza, President and Chief Executive Officer; and Joydeep Goswami, Chief Strategy and Corporate Development Officer as well as interim Chief Financial Officer. Francis will provide an update on the state of Illumina's business, and Joydeep will review our financial results, which include GRAIL.

今天參加 Illumina 的將是總裁兼首席執行官 Francis deSouza； Joydeep Goswami，首席戰略和企業發展官以及臨時首席財務官。 Francis 將提供 Illumina 業務狀況的最新信息，Joydeep 將審查我們的財務業績，其中包括 GRAIL。

As a reminder, pending the outcome of the European Commission's investigation into Illumina's acquisition of GRAIL, the commission has adopted an order requiring Illumina and GRAIL to be held and operated as distinct and separate entities for an interim period. Compliance with the order is monitored by an independent monitoring trustee. During this period, Illumina and GRAIL are not permitted to share confidential business information unless legally required, and GRAIL must be run independently exclusively in the best interest of GRAIL. Commercial interactions between the 2 companies must be undertaken at arm's length.

提醒一下，在歐盟委員會對 Illumina 收購 GRAIL 的調查結果出來之前，該委員會已通過一項命令，要求 Illumina 和 GRAIL 在過渡期內作為不同的獨立實體持有和運營。該命令的遵守情況由獨立的監督受託人監督。在此期間，除非法律要求，否則 Illumina 和 GRAIL 不得共享機密商業信息，並且 GRAIL 必須獨立運行，完全符合 GRAIL 的最佳利益。兩家公司之間的商業往來必須保持公平。

This call is being recorded, and the audio portion will be archived in the Investors section of our website. It is our intent that all forward-looking statements regarding our financial results and commercial activity made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties. Actual events or results may differ materially from those projected or discussed. All forward-looking statements are based upon current available information, and Illumina assumes no obligation to update these statements. To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the documents that Illumina files with the Securities and Exchange Commission, including Illumina's most recent Forms 10-Q and 10-K.

此電話正在錄音，音頻部分將存檔在我們網站的“投資者”部分。我們的意圖是，在今天的電話會議期間就我們的財務業績和商業活動作出的所有前瞻性陳述都將受到 1995 年《私人證券訴訟改革法案》的保護。前瞻性陳述受到風險和不確定性的影響。實際事件或結果可能與預測或討論的有重大差異。所有前瞻性陳述均基於當前可用信息，Illumina 不承擔更新這些陳述的義務。為了更好地了解可能導致實際結果不同的風險和不確定性，我們建議您參考 Illumina 向證券交易委員會提交的文件，包括 Illumina 最新的 10-Q 和 10-K 表格。

With that, I will now turn the call over to Francis.

有了這個，我現在將把電話轉給弗朗西斯。

Thank you, Salli. Good afternoon, everyone. Illumina delivered revenues of $1.16 billion in the second quarter, up 3% year-over-year or 5% on a constant currency basis. While sequencing activity across our markets was robust in the second quarter, with sequencing runs on our connected high- and mid-throughput platforms growing more than 15% year-over-year and clinical growing even faster, our second quarter results were impacted by macroeconomic challenges that we expect to play out over the next couple of quarters.

謝謝你，薩利。大家下午好。 Illumina 在第二季度實現了 11.6 億美元的收入，同比增長 3% 或按固定匯率計算增長 5%。雖然第二季度我們市場的測序活動強勁，我們互聯的高通量和中通量平台上的測序運行同比增長超過 15%，臨床增長更快，但我們的第二季度業績受到宏觀經濟的影響我們預計未來幾個季度將面臨的挑戰。

Specifically, some customers experienced supply chain pressures that delayed their lab expansions, and others managed inventory and capital more conservatively. We also saw adverse effects of foreign exchange and anticipated COVID-related shutdowns in China. The robust sequencing activity levels underlying growth of our target markets and our conversations with customers across the globe indicate these dynamics are temporary. During the quarter, we also made terrific progress on our innovation road map and are poised to soon deliver the next generation of breakthrough technologies that will fuel the next era of genomics.

具體來說，一些客戶經歷了延遲實驗室擴張的供應鏈壓力，而另一些客戶則更保守地管理庫存和資本。我們還看到了外彙的不利影響，並預計在中國與 COVID 相關的停工。我們目標市場增長的強勁測序活動水平以及我們與全球客戶的對話表明這些動態是暫時的。在本季度，我們的創新路線圖也取得了長足的進步，並準備很快推出下一代突破性技術，推動下一個基因組學時代。

Turning now to performance across our platforms. In high throughput, NovaSeq shipments in Q2 grew 23% year-over-year, our highest second quarter ever. Consistent with prior quarters, clinical customers, primarily in oncology testing, drove half of our NovaSeq shipments. In mid-throughput, NextSeq 1000/2000 orders were up 20% year-over-year. Despite some shipments shifting from Q2 to Q3 due to supply delays, Q2 NextSeq 1000/2000 shipments increased slightly year-over-year. Low throughput shipments were relatively flat year-over-year, even with the comparison to last year's COVID surveillance-driven volume.

現在轉向我們平台上的性能。在高通量方面，第二季度 NovaSeq 的出貨量同比增長 23%，這是我們有史以來第二季度的最高水平。與前幾個季度一致，臨床客戶（主要是腫瘤學測試）推動了我們一半的 NovaSeq 出貨量。在中吞吐量方面，NextSeq 1000/2000 訂單同比增長 20%。儘管由於供應延遲，一些出貨量從第二季度轉移到第三季度，但第二季度 NextSeq 1000/2000 出貨量同比略有增長。低吞吐量出貨量與去年同期相比相對持平，即使與去年的 COVID 監控驅動量相比也是如此。

Turning to our markets. We continue to gain traction in clinical with sequencing consumable shipments for the second quarter up 11% year-over-year and all of our clinical markets contributing to the increase. As I mentioned earlier, we have seen continued growth in our oncology markets. In Q2, oncology consumables grew almost 20% year-over-year.

轉向我們的市場。我們繼續在臨床領域獲得牽引力，第二季度測序耗材出貨量同比增長 11%，我們所有的臨床市場都為增長做出了貢獻。正如我之前提到的，我們看到我們的腫瘤市場持續增長。第二季度，腫瘤耗材同比增長近 20%。

An area of note is our market-leading TruSight Oncology assay. Shipments of TSO grew 45% year-over-year, and we now have delivered distributed comprehensive genomic profiling tests to every major market in the world. We have worked closely with large evidence programs to facilitate clinical utility and drive market access, and we have more than 10 pharma partners developing CDx claims with us. Most recently, we expanded our portfolio by codeveloping a new TSO 500 HRD test with Merck that leverages Illumina's work with Myriad Genetics. We also codeveloped a pan-cancer companion diagnostic for TSO Comprehensive (EU) with Bayer.

一個值得注意的領域是我們市場領先的 TruSight Oncology 檢測。 TSO 的出貨量同比增長 45%，我們現在已向全球每個主要市場提供分佈式綜合基因組分析測試。我們與大型證據項目密切合作，以促進臨床實用性和推動市場准入，我們有 10 多個製藥合作夥伴與我們一起開發 CDx 索賠。最近，我們通過與默克公司共同開發新的 TSO 500 HRD 測試來擴展我們的產品組合，該測試利用了 Illumina 與 Myriad Genetics 的合作。我們還與拜耳共同開發了針對 TSO 綜合（歐盟）的泛癌伴隨診斷。

Also in oncology, June marks the 1-year anniversary of GRAIL's launch of Galleri. In that time, Galleri delivered the fastest ever first year revenue ramp of a cancer screening test. GRAIL continues to drive progress in clinical evidence generation and commercial use of their multi-cancer early detection test, Galleri. The number of U.S. health systems partnering with GRAIL to offer Galleri continues to grow, most recently with the addition of Mercy, one of the 25 largest U.S. health systems, and Ochsner Health, the largest Gulf South health system.

同樣在腫瘤學領域，6 月標誌著 GRAIL 推出 Galleri 一周年。在那段時間裡，Galleri 實現了有史以來最快的第一年癌症篩查測試收入增長。 GRAIL 繼續推動其多癌症早期檢測測試 Galleri 在臨床證據生成和商業用途方面的進展。與 GRAIL 合作提供 Galleri 服務的美國衛生系統數量持續增長，最近新增了美國 25 個最大衛生系統之一的 Mercy 和海灣南部最大的衛生系統 Ochsner Health。

Also, GRAIL recently partnered with AstraZeneca to develop companion diagnostic tests that will identify patients with high-risk early-stage disease. AstraZeneca will use GRAIL technology to recruit patients with early-stage cancer for AstraZeneca's clinical studies, making cancer medicines available where there is greater potential to transform outcomes.

此外，GRAIL 最近與阿斯利康（AstraZeneca）合作開發伴隨診斷測試，以識別患有高危早期疾病的患者。阿斯利康將使用 GRAIL 技術為阿斯利康的臨床研究招募早期癌症患者，在有更大潛力改變結果的地方提供癌症藥物。

More broadly, the trials currently underway for Galleri continue to progress. The NHS-Galleri trial in the U.K., the largest multi-cancer early detection study, has enrolled 140,000 volunteers in just over 10 months, an unprecedented speed, especially for a trial of this size. Pending successful completion of the trial, the NHS plans to roll out Galleri to an additional 1 million people starting in 2024. This collaboration supports the NHS' long-term plan to transform cancer care with 3 and 4 cancers diagnosed at an early stage by 2028. Additionally, GRAIL has completed a final analysis of its PATHFINDER study with data to be presented at the European Society of Medical Oncology Congress September 9 through 13.

更廣泛地說，目前正在進行的 Galleri 試驗仍在繼續進行。英國的 NHS-Galleri 試驗是最大的多癌症早期檢測研究，在短短 10 多個月內就招募了 140,000 名志願者，這是前所未有的速度，尤其是對於這種規模的試驗而言。在試驗成功完成之前，NHS 計劃從 2024 年開始將 Galleri 推廣到另外 100 萬人。這項合作支持 NHS 的長期計劃，即到 2028 年將癌症護理轉變為早期診斷出的 3 和 4 種癌症. 此外，GRAIL 已完成其 PATHFINDER 研究的最終分析，數據將於 9 月 9 日至 13 日在歐洲醫學腫瘤學會大會上提交。

GRAIL has made substantial progress building a network of partners that will support ongoing adoption of Galleri, but commercial progress is proceeding at a more measured pace as health systems ramp up. For these reasons, GRAIL has revised its revenue guidance for the full year 2022 to a range of $50 million to $70 million.

GRAIL 在建立合作夥伴網絡以支持 Galleri 的持續採用方面取得了重大進展，但隨著衛生系統的發展，商業進展正在以更加節制的速度進行。出於這些原因，GRAIL 已將其 2022 年全年的收入指引修改為 5000 萬至 7000 萬美元。

Turning to infectious disease and microbiology. The genomic surveillance infrastructure built on Illumina instruments during the pandemic in more than 100 countries is now being used for other diseases like monkeypox. This network is enabling a quicker genetic assessment of this new disease as momentum continues to build for a robust global pathogen infrastructure. We're expanding our surveillance portfolio accordingly. In June, we provided select customers access to our novel viral surveillance panel based on workflows implemented for COVID-19. The panel provides targeted sequencing for the 66 most critical viruses of global public health concern, including monkeypox and polio, and will be commercially available later this year.

轉向傳染病和微生物學。大流行期間在 100 多個國家/地區建立在 Illumina 儀器上的基因組監測基礎設施現在正用於其他疾病，如猴痘。隨著勢頭繼續為強大的全球病原體基礎設施建立，該網絡能夠更快地對這種新疾病進行基因評估。我們正在相應地擴展我們的監控產品組合。 6 月，我們根據為 COVID-19 實施的工作流程，為特定客戶提供了對我們新型病毒監測面板的訪問權限。該小組為全球公共衛生關注的 66 種最關鍵病毒提供靶向測序，包括猴痘和脊髓灰質炎，並將於今年晚些時候上市。

Our research and applied markets were relatively flat year-over-year with growth in the Americas and APJ offset by declines in EMEA and China. In the quarter, we announced our partnership with Precision Health Research, Singapore or PRECISE to sequence whole genomes of 100,000 Singaporean participants. Together, we will develop Southeast Asia's most comprehensive population study and gather deep insights into Asian genomic diversity and key genetic, social, environmental and other factors associated with disease.

我們的研究和應用市場與去年同期相比相對持平，美洲和 APJ 的增長被 EMEA 和中國的下降所抵消。在本季度，我們宣布與新加坡 Precision Health Research 或 PRECISE 合作，對 100,000 名新加坡參與者的全基因組進行測序。我們將共同開展東南亞最全面的人口研究，並深入了解亞洲基因組多樣性以及與疾病相關的關鍵遺傳、社會、環境和其他因素。

Before I update you on further advances in our innovation road map, I'll turn the call over to Joydeep.

在我向您介紹我們創新路線圖的進一步進展之前，我將把電話轉給 Joydeep。

Thanks, Francis. As a reminder, our second quarter financial results include the consolidated financial results for GRAIL. I'll start by reviewing our consolidated financial results, followed by segment results for core Illumina and GRAIL, then conclude with additional remarks on our current outlook for 2022. I'll be discussing non-GAAP results, which include stock-based compensation. I encourage you to review the GAAP reconciliation of these non-GAAP measures, which can be found in today's release and in supplementary data available on our website.

謝謝，弗朗西斯。提醒一下，我們第二季度的財務業績包括 GRAIL 的合併財務業績。我將首先回顧我們的綜合財務業績，然後是核心 Illumina 和 GRAIL 的部門業績，然後對我們目前的 2022 年展望進行補充說明。我將討論非公認會計原則的業績，其中包括基於股票的薪酬。我鼓勵您查看這些非公認會計原則措施的公認會計原則對賬，可以在今天的發布和我們網站上提供的補充數據中找到。

In the second quarter, consolidated revenue was $1.16 billion, up 3% year-over-year or 5% on a constant currency basis, net of the effects of hedging. Revenue was impacted by the macroeconomic factors that Francis referenced. As you know, we had anticipated the headwinds from the China shutdowns, the negative impact of FX and slowing COVID surveillance. Each of these were slightly worse than we expected. And collectively, they drove 1/4 of the variance between our expectations and actual results. The remainder of this variance was driven by the lab expansion delays encountered by a few of our large customers as a result of global supply chain constraints as well as customer inventory and capital management.

第二季度，扣除對沖影響後，合併收入為 11.6 億美元，同比增長 3% 或按固定匯率計算增長 5%。收入受到弗朗西斯提到的宏觀經濟因素的影響。如您所知，我們已經預料到中國停工帶來的不利影響、外彙的負面影響以及 COVID 監控放緩。每一個都比我們預期的要差一些。總的來說，他們推動了我們預期和實際結果之間 1/4 的差異。這種差異的其餘部分是由於我們的一些大客戶由於全球供應鏈限制以及客戶庫存和資本管理而遇到的實驗室擴展延遲。

Nonetheless, overall sequencing activity on our connected instruments was strong in the second quarter with sequencing runs in our high- and mid-throughput instruments growing more than 15% year-over-year. We believe this is a useful reference that shows the general activity trend across our installed base and is directionally correlated with revenue over time.

儘管如此，我們連接儀器的整體測序活動在第二季度表現強勁，我們的高通量和中通量儀器的測序運行同比增長超過 15%。我們相信這是一個有用的參考，它顯示了我們安裝基礎的總體活動趨勢，並且隨著時間的推移與收入方向相關。

For the second quarter, GAAP net loss was $535 million or a loss of $3.40 per diluted share, which included $609 million in legal contingencies recorded in Q2 due to the potential fine that the European Commission may impose related to our GRAIL acquisition and settlement of our litigation with BGI. Non-GAAP earnings were $91 million or $0.57 per diluted share, including dilution from GRAIL's non-GAAP operating loss of $152 million for the quarter. Our non-GAAP tax rate was 25.8%, which increased 790 basis points year-over-year and 800 basis points from Q1 2022 primarily due to the increased impact of R&D expense capitalization requirements implemented by the Tax Cuts and Jobs Act of 2017. Our non-GAAP weighted average diluted share count for the quarter was approximately 159 million.

第二季度，GAAP 淨虧損為 5.35 億美元或稀釋後每股虧損 3.40 美元，其中包括在第二季度記錄的 6.09 億美元法律或有事項，原因是歐盟委員會可能對我們的 GRAIL 收購和解決我們的與華大基因的訴訟。非 GAAP 收益為 9100 萬美元或每股攤薄收益 0.57 美元，其中包括 GRAIL 本季度非 GAAP 運營虧損 1.52 億美元的攤薄。我們的非公認會計原則稅率為 25.8%，同比增加 790 個基點，比 2022 年第一季度增加 800 個基點，主要是由於 2017 年減稅和就業法案實施的研發費用資本化要求的影響增加。我們的本季度非 GAAP 加權平均攤薄股數約為 1.59 億股。

Moving to segment results. I will start by discussing the financial results of core Illumina. Core Illumina revenue of $1.16 billion grew 3% year-over-year or 4% on a constant currency basis, net of the effects of hedging. Core Illumina sequencing consumables grew 6% year-over-year to $744 million, driven by almost 20% growth in oncology testing. Core consumables growth more than offset headwinds from lockdowns in China, the completion of the UK Biobank program in quarter 3 of 2021, reductions in COVID surveillance and negative FX impacts.

轉向細分結果。我將首先討論核心 Illumina 的財務業績。扣除對沖影響後，核心 Illumina 收入為 11.6 億美元，同比增長 3%，或按固定匯率計算增長 4%。受腫瘤檢測增長近 20% 的推動，Core Illumina 測序耗材同比增長 6% 至 7.44 億美元。核心消耗品的增長抵消了中國封鎖、英國生物銀行計劃於 2021 年第三季度完成、COVID 監測減少和負面外匯影響帶來的不利影響。

Sequencing instruments revenue for core Illumina grew 1% year-over-year to $119 million, driven by 23% growth in NovaSeq shipments offset by a 14% decrease in the mid-throughput shipments year-over-year. The decrease in mid-throughput shipments was primarily due to headwinds from COVID surveillance and COVID lockdowns in China with NextSeq 1000/2000 growth more than offset by a decrease in NextSeq 550. NextSeq 1000/2000 instruments continued to grow year-over-year, and the growth would have been stronger had it not been for temporary supply constraints that delayed shipments into the third quarter. NextSeq 1000/2000 orders were up 20% year-over-year with continuing strong adoption of our newest platform.

核心 Illumina 的測序儀器收入同比增長 1% 至 1.19 億美元，這得益於 NovaSeq 出貨量增長 23% 被中吞吐量出貨量同比下降 14% 所抵消。中吞吐量出貨量的下降主要是由於中國 COVID 監控和 COVID 封鎖的不利影響，NextSeq 1000/2000 的增長被 NextSeq 550 的下降所抵消。NextSeq 1000/2000 儀器繼續同比增長，如果不是暫時的供應限制將發貨延遲到第三季度，增長將會更加強勁。 NextSeq 1000/2000 訂單同比增長 20%，因為我們最新平台的持續強勁採用。

During the second quarter, COVID surveillance contributed approximately $25 million in sequencing consumables revenue and $2 million in incremental instruments revenue, representing a decline of 55% year-over-year. This decline was driven by lower-than-expected testing samples and the expected decline in instrument shipments as COVID surveillance capacity was largely established in 2021.

在第二季度，COVID 監測貢獻了約 2500 萬美元的測序耗材收入和 200 萬美元的增量儀器收入，同比下降 55%。這一下降是由低於預期的測試樣本和預期的儀器出貨量下降推動的，因為 COVID 監測能力在 2021 年基本建立。

Core Illumina sequencing service and other revenue of $125 million was down 2% year-over-year driven by $20 million of a onetime revenue recognized in 2021 from NIPT royalties received related to a patent litigation settlement, partially offset by increased instrument service contracts and contributions from oncology codevelopment partnerships.

Core Illumina 測序服務和其他收入為 1.25 億美元，同比下降 2%，原因是 2021 年確認的一次性收入中有 2000 萬美元來自與專利訴訟和解相關的 NIPT 特許權使用費，部分被增加的儀器服務合同和捐款所抵消來自腫瘤學共同發展夥伴關係。

Moving to regional results for core Illumina. Revenue for the Americas region was $633 million, up 7% year-over-year, primarily due to NovaSeq strength with continued demand from oncology testing customers driving instrument placements and consumables grow. Growth in the region was nonetheless lower than expected primarily due to customer lab expansion delays and inventory and capital management we have mentioned during the call.

轉向核心 Illumina 的區域結果。美洲地區的收入為 6.33 億美元，同比增長 7%，這主要是由於 NovaSeq 的實力以及腫瘤學測試客戶的持續需求推動了儀器放置和耗材的增長。儘管如此，該地區的增長仍低於預期，這主要是由於我們在電話會議中提到的客戶實驗室擴張延遲以及庫存和資本管理。

EMEA revenue of $308 million represented a 4% decrease year-over-year but a 1% increase on a constant currency basis, net of the effect of hedges. Sequencing growth driven by clinical and large-scale research projects was more than offset by the UK Biobank program in 2021 and a decline in COVID surveillance revenue. Cumulatively, these significant headwinds and FX negatively impacted year-over-year revenue growth by 20 percentage points.

歐洲、中東和非洲地區的收入為 3.08 億美元，同比下降 4%，但按固定匯率計算，扣除對沖影響後增長 1%。由臨床和大規模研究項目推動的測序增長被 2021 年的英國生物銀行計劃和 COVID 監測收入的下降所抵消。累積起來，這些重大逆風和外匯對收入同比增長產生了 20 個百分點的負面影響。

Greater China revenue of $118 million represented an 11% decrease year-over-year and a 10% decrease on a constant currency basis. This was slightly more negative than the approximately $35 million headwind to guidance we provided last quarter. As expected, the region continued to be impacted by prolonged COVID-19 restrictions and shutdowns that began in March this year.

大中華區收入為 1.18 億美元，同比下降 11%，按固定匯率計算下降 10%。這比我們上個季度提供的大約 3500 萬美元的指導不利因素略為不利。正如預期的那樣，該地區繼續受到從今年 3 月開始的長期 COVID-19 限制和關閉的影響。

Finally, APJ revenue of $97 million grew 14% year-over-year or 20% on a constant currency basis, net of the effects of hedges. Growth in the region was primarily due to increased NovaSeq shipments, which doubled year-over-year, driven by large-scale research project demand as well as strength in NIPT and oncology testing.

最後，扣除對沖影響後，APJ 收入為 9700 萬美元，同比增長 14%，或按固定匯率計算增長 20%。該地區的增長主要是由於 NovaSeq 出貨量的增加，在大型研究項目需求以及 NIPT 和腫瘤學測試實力的推動下，出貨量同比翻了一番。

Moving to the rest of core Illumina P&L. Core Illumina non-GAAP gross margin of 69.8% decreased 200 basis points year-over-year, primarily due to less fixed cost leverage on lower manufacturing volumes, margin impact from a onetime revenue from a patent litigation settlement in 2021 and increased freight costs attributable to broader global supply chain pressures. These factors were partially offset by a more favorable product mix as well as a number of productivity initiatives we continue to execute.

轉到核心 Illumina 損益表的其餘部分。 Core Illumina 非 GAAP 毛利率為 69.8%，同比下降 200 個基點，主要是由於製造量減少導致的固定成本槓桿減少、2021 年專利訴訟和解的一次性收入對利潤率的影響以及可歸因的運費成本增加應對更廣泛的全球供應鏈壓力。這些因素被更有利的產品組合以及我們繼續執行的一些生產力計劃所部分抵消。

Core Illumina non-GAAP operating expenses of $519 million were up $48 million year-over-year due primarily to head count growth and investments we're making in R&D to support the continued advancements of our innovation road map. Despite the year-over-year increase, non-GAAP core Illumina operating expenses were lower than we originally planned as a result of lower performance-based compensation expense given our lower revenue outlook and cost containment initiatives focused on select hires and discretionary spend, including travel.

核心 Illumina 非 GAAP 運營費用為 5.19 億美元，同比增長 4800 萬美元，這主要是由於員工人數的增長和我們在研發方面的投資，以支持我們創新路線圖的持續進步。儘管同比增長，但非 GAAP 核心 Illumina 運營費用低於我們最初的計劃，原因是基於績效的薪酬費用較低，因為我們的收入前景較低，成本控制計劃側重於精選員工和可自由支配的支出，包括旅行。

Transitioning to the financial results for GRAIL. GRAIL revenue of $12 million for the quarter consisted primarily of Galleri test fees. GRAIL non-GAAP operating expenses totaled $156 million for the quarter and consisted primarily of expenses related to head count and clinical trials. These expenses were lower than expected as GRAIL managed its project spend in light of its lower quarterly outlook.

過渡到 GRAIL 的財務結果。 GRAIL 本季度 1200 萬美元的收入主要包括 Galleri 測試費用。本季度 GRAIL 非公認會計原則的運營費用總計 1.56 億美元，主要包括與人數和臨床試驗相關的費用。這些費用低於預期，因為 GRAIL 考慮到較低的季度前景來管理其項目支出。

Moving to consolidated cash flow and balance sheet items. Cash flow from operations was $125 million. DSO was 50 days compared to 46 days last quarter due to revenue linearity. Second quarter 2022 capital expenditures were $71 million, and free cash flow was $54 million. We did not repurchase any common stock in the quarter. We ended the quarter with approximately $1.3 billion in cash, cash equivalents and short-term investments.

轉向合併現金流和資產負債表項目。運營現金流為 1.25 億美元。由於收入呈線性關係，DSO 為 50 天，而上一季度為 46 天。 2022 年第二季度的資本支出為 7100 萬美元，自由現金流為 5400 萬美元。我們在本季度沒有回購任何普通股。我們在本季度末擁有約 13 億美元的現金、現金等價物和短期投資。

Moving now to 2022 guidance. We have revised our outlook for the full year to represent the macroeconomic factors we observed through early August and we assume will continue for the rest of the year. We now expect full year 2022 consolidated revenue to grow in the range of 4% to 5%, including core Illumina revenue growth in the range of 3 to -- 3.5% to 4.5% and GRAIL revenue of $50 million to $70 million.

現在轉到 2022 年指導。我們已經修改了全年的展望，以代表我們在 8 月初觀察到的宏觀經濟因素，我們假設將在今年剩餘時間繼續。我們現在預計 2022 年全年綜合收入將增長 4% 至 5%，其中 Illumina 的核心收入增長在 3% 至 3.5% 至 4.5% 之間，GRAIL 收入將增長 5000 萬美元至 7000 萬美元。

For the full year, at the midpoint of our revenue guidance range, we now expect core Illumina sequencing revenue to grow approximately 4.5%. This includes intercompany sales to GRAIL of approximately $25 million, which are eliminated in consolidation. Within core Illumina sequencing revenue, we now expect instrument growth of 1.5% and consumables growth of 5%, which reflects NovaSeq pull-through in the range of $1.1 million to $1.2 million per system for 2022. We continue to expect pull-through for NextSeq 1000/2000 in the range of $130,000 to $180,000 per system and for the NextSeq 550 in the range of $100,000 to $150,000 per system. For MiSeq, we continue to expect pull-through in the range of $35,000 to $45,000 per system. And for MiniSeq, we continue to expect pull-through in the range of $20,000 to $25,000 per system.

全年，在我們收入指導範圍的中點，我們現在預計核心 Illumina 測序收入將增長約 4.5%。這包括對 GRAIL 的約 2500 萬美元的公司間銷售額，這些銷售額在合併中被抵消。在核心 Illumina 測序收入中，我們現在預計儀器增長 1.5%，耗材增長 5%，這反映了 NovaSeq 在 2022 年每個系統的拉動在 110 萬美元至 120 萬美元之間。我們繼續預計 NextSeq 的拉動1000/2000 每個系統的價格在 130,000 美元到 180,000 美元之間，而 NextSeq 550 的每個系統的價格在 100,000 美元到 150,000 美元之間。對於 MiSeq，我們繼續預計每個系統的拉動成本在 35,000 美元到 45,000 美元之間。對於 MiniSeq，我們繼續預計每個系統的拉動成本在 20,000 到 25,000 美元之間。

We now expect revenue from COVID surveillance in the range of $110 million to $130 million. While we anticipated a decline in COVID surveillance in 2022, the deceleration has occurred at a more rapid pace than we've previously forecasted.

我們現在預計來自 COVID 監控的收入在 1.1 億美元至 1.3 億美元之間。雖然我們預計 2022 年 COVID 監測會下降，但減速的速度比我們之前預測的要快。

As we navigate the macroeconomic factors we have mentioned, we're implementing multiple strategies, including prioritizing key innovation investments and critical hires while pausing investments that can be made at later times. We've retained all critical investments in our innovation road map, including NovaSeqDx, Chemistry X, our Infinity long-read technology and our TSO portfolio.

在我們處理我們提到的宏觀經濟因素時，我們正在實施多種策略，包括優先考慮關鍵創新投資和關鍵員工，同時暫停以後可能進行的投資。我們保留了我們創新路線圖中的所有關鍵投資，包括 NovaSeqDx、Chemistry X、我們的 Infinity 長讀長技術和我們的 TSO 產品組合。

We now expect consolidated non-GAAP operating margin in the range of 11.5% to 12% and core Illumina non-GAAP operating margin in the range of 24.5% to 25%. We expect a consolidated non-GAAP tax rate of approximately 14%, which continues to assume that the R&D expense capitalization requirements implemented by the Tax Cuts and Jobs Act of 2017 will be repealed or deferred in Q4. And we now expect non-GAAP earnings per diluted share in the range of $2.75 to $2.90, which includes dilution from GRAIL non-GAAP operating loss of approximately $610 million, in line with previous expectations. Lastly, we continue to expect diluted shares outstanding of approximately 159 million shares for 2022.

我們現在預計綜合非公認會計準則營業利潤率在 11.5% 至 12% 之間，而核心 Illumina 非公認會計準則營業利潤率在 24.5% 至 25% 之間。我們預計合併的非公認會計原則稅率約為 14%，這繼續假設 2017 年減稅和就業法案實施的研發費用資本化要求將在第四季度廢除或推遲。我們現在預計非 GAAP 每股攤薄收益在 2.75 美元至 2.90 美元之間，其中包括 GRAIL 非 GAAP 經營虧損約 6.1 億美元的攤薄，與之前的預期一致。最後，我們繼續預計 2022 年稀釋後的流通股約為 1.59 億股。

For the third quarter of 2022, we expect consolidated revenue to be flat to 1% higher year-over-year from the third quarter of 2021. We expect consolidated non-GAAP operating margin to be approximately 5%. We expect core Illumina non-GAAP operating margin to be approximately 20%. We expect consolidated non-GAAP tax rate to be approximately 22%, which continues to reflect the negative impact from the R&D capitalization requirements we expect will be repealed or deferred in the fourth quarter of this year. And lastly, we expect diluted shares outstanding to be in line with our full year 2022 guidance of approximately 159 million shares.

對於 2022 年第三季度，我們預計綜合收入將與 2021 年第三季度相比同比持平至 1%。我們預計綜合非公認會計準則營業利潤率約為 5%。我們預計核心 Illumina 非 GAAP 營業利潤率約為 20%。我們預計綜合非公認會計準則稅率約為 22%，這繼續反映了我們預計將在今年第四季度廢除或推遲的研發資本化要求的負面影響。最後，我們預計稀釋後的流通股將符合我們 2022 年全年約 1.59 億股的指引。

I will now hand the call back over to Francis for his final remarks.

我現在將把電話交還給弗朗西斯，讓他作最後的發言。

Thanks, Joydeep. Turning to our innovation road map. We have significant opportunities to reimagine the power and potential of genomics.

謝謝，喬伊迪普。轉向我們的創新路線圖。我們有重要的機會重新構想基因組學的力量和潛力。

Development and registration activities for NovaSeqDx, the first-ever high-throughput clinical sequencer, are progressing as planned and on track for a Q4 launch. We continue to get good feedback from initial customers on our Infinity long-read technology with many saying it has the potential to replace on-market long reads for a broad range of applications, including human rare diseases. Infinity is on track to be available later this year for early access customers. In multiomics, our partnership with SomaLogic to accelerate NGS into proteomics is progressing, and we expect to deliver our ultra-high throughput, ultra-high plexity assay in 2024.

首個高通量臨床測序儀 NovaSeqDx 的開發和註冊活動正在按計劃進行，並有望在第四季度推出。我們繼續從初始客戶那裡獲得對我們的 Infinity 長讀長技術的良好反饋，許多人表示它有可能取代市場上的長讀長，用於廣泛的應用，包括人類罕見疾病。 Infinity 有望在今年晚些時候面向早期訪問客戶推出。在多組學方面，我們與 SomaLogic 合作以加速 NGS 進入蛋白質組學的合作正在取得進展，我們預計將在 2024 年提供我們的超高通量、超高複雜度分析。

Turning now to Chemistry X, our next-generation breakthrough SBS chemistry. We've made fantastic progress over the last quarter. We're now producing flow cells using our new manufacturing process based on 300-millimeter wafers. We successfully tested Chemistry X on the new flow cells, and the results exceed our expectations for quality, cost and speed. We're excited to showcase these breakthroughs and reveal how they come to life at the Illumina Genomics Forum. And we look forward to hosting you at our Investor Day on October 3, where we will discuss these technologies and our long-term growth strategies. If you haven't already registered, please be sure to do so soon.

現在轉向化學 X，我們的下一代突破性 SBS 化學。我們在上個季度取得了驚人的進展。我們現在使用基於 300 毫米晶圓的新製造工藝生產流通池。我們在新流通池上成功測試了 Chemistry X，結果超出了我們對質量、成本和速度的預期。我們很高興在 Illumina 基因組學論壇上展示這些突破並揭示它們是如何實現的。我們期待在 10 月 3 日的投資者日與您見面，屆時我們將討論這些技術和我們的長期增長戰略。如果您還沒有註冊，請務必盡快註冊。

I'll now invite the operator to open the line for Q&A.

我現在請接線員開通問答。

(Operator Instructions) We'll take our first question from Dan -- excuse me, from Derik De Bruin, Bank of America.

（操作員說明）我們將向 Dan 提出第一個問題——對不起，來自美國銀行的 Derik De Bruin。

So Francis, I'm a bit perplexed on the lab expansion comments. Our channel checks and discussions at AGBT in June didn't suggest that this was happening. So is this more of an issue with your clinical customers not expanding? And how do you know it wasn't the impact of potential them evaluating competing products? And just exactly how much consumable inventory is there still in the channel?

所以弗朗西斯，我對實驗室擴展的評論有點困惑。我們 6 月份在 AGBT 的頻道檢查和討論並未表明這種情況正在發生。那麼，如果您的臨床客戶沒有擴大，這是否是一個更大的問題？你怎麼知道這不是他們評估競爭產品的潛在影響？渠道中到底還有多少消耗品庫存？

Derik, so in terms of the lab expansion, what we saw happen in Q2 was a few of our customers that had plans to launch new labs or expanded labs experienced some delays on their own because of their own supply chain issues. Equipment that they were expecting to get for those expanded labs didn't come in as they expected. And so we saw a few lab expansion plans delayed, some into Q2, into Q3 and then one into Q4 of next year. As you can imagine, we are very close to our customers, so we know the specifics of those lab expansions. And to be clear, those lab expansions are delayed but still progressing. And so that's what's driving the number we talked about, both in Q2 and for the rest of the year.

Derik，因此就實驗室擴展而言，我們在第二季度看到發生的情況是，我們的一些客戶計劃推出新實驗室或擴展實驗室，由於他們自己的供應鏈問題，他們自己遇到了一些延遲。他們期望為那些擴大的實驗室獲得的設備並沒有像他們預期的那樣進來。所以我們看到一些實驗室擴張計劃被推遲，一些推遲到第二季度，第三季度，然後一個推遲到明年第四季度。您可以想像，我們與客戶非常接近，因此我們了解這些實驗室擴展的具體情況。需要明確的是，這些實驗室的擴建被推遲了，但仍在進行中。這就是推動我們討論的數字的原因，無論是在第二季度還是在今年剩下的時間裡。

In terms of inventory, what's playing out is some of our customers that are looking to manage their capital more closely are holding less inventory on their site. They have a lot of confidence in the resilience of our supply chain. And so they're looking to trim back the inventory levels that they hold on their own site. And so from our perspective, we expect that to play out. It started to play out in Q2. It will play out a little bit in 3 and 4 as well. But in the end, their demand, their activity levels are going to match what we are seeing from the data that we get from monitoring their instruments. And there, the activity and, therefore, demand continues to be very robust. As we said in Q2, the activity levels that we are monitoring on the high- and mid-throughput instruments reflected a growth rate in runs that are greater than 15%. And so as we work through these transitory impacts, we fully expect both demand and therefore orders to more closely match the activity levels that we're seeing.

在庫存方面，正在發生的事情是我們的一些客戶希望更密切地管理他們的資本，他們在他們的網站上持有的庫存更少。他們對我們供應鏈的彈性充滿信心。因此，他們正在尋求削減他們在自己網站上持有的庫存水平。因此，從我們的角度來看，我們希望這會發揮作用。它在第二季度開始發揮作用。它也會在 3 和 4 中發揮一點作用。但最終，他們的需求、他們的活動水平將與我們從監控他們的儀器獲得的數據中看到的相匹配。在那裡，活動以及因此的需求繼續非常強勁。正如我們在第二季度所說，我們在高通量和中等通量工具上監測的活動水平反映了超過 15% 的運行增長率。因此，當我們應對這些暫時性影響時，我們完全預計需求和訂單將更接近我們所看到的活動水平。

We'll take our next question from Dan Brennan with Cowen.

我們將與 Cowen 一起回答 Dan Brennan 的下一個問題。

Maybe just a follow-up to Derik's question and then a related one. So just the magnitude of the second half decline, Francis. So the guidance -- the new updated guidance for core Illumina growth suggests kind of flat growth in the back half of the year versus kind of the high teens that you were initially guiding to. So just the magnitude from a few customers, maybe you can just speak a little bit more to just -- any more color on that front, just kind of is there a healthy amount of conservatism that you're baking in here? Or just kind of how do you -- how do we reconcile the magnitude of the cut with a few customers kind of holding back?

也許只是對 Derik 問題的跟進，然後是相關問題。所以只是下半年下降的幅度，弗朗西斯。因此，指導 - 核心 Illumina 增長的新更新指導表明，與您最初指導的青少年相比，今年下半年的增長持平。所以只是一些客戶的重要性，也許你可以多說一點——在這方面再多一點顏色，你在這裡烘焙的保守主義是不是很健康？或者只是你如何 - 我們如何調和削減的幅度與一些客戶的阻礙？

And then kind of as a related question to Derik's point, right, are you seeing any delay, whether it be ahead of Chemistry X launching, so customers might be pausing or any impact from some of the competitive noise that's out there, which I think would be more palatable, I think, for the cut if it was like a pause on -- as we're waiting to evaluate new products?

然後是與 Derik 的觀點相關的一個問題，對，你是否看到任何延遲，無論是在化學 X 發布之前，所以客戶可能會暫停或受到一些競爭噪音的影響，我認為我認為，如果我們在等待評估新產品時暫停一下，那麼削減會更可口嗎？

Yes. Thanks for that question, Dan. And maybe I'll start with the second half, and then I'll turn it over to Joydeep to sort of size the magnitude of the factors that we talked about.

是的。謝謝你的問題，丹。也許我會從下半場開始，然後我會把它交給 Joydeep 來確定我們討論的因素的大小。

From what we are seeing and what we're hearing from our customers, the challenges that our customers are addressing are around their lab expansion delays, as I said, related to dealing with their own supply chain for the expansion of their labs and again, tighter management of their inventory levels. And that really were some of the big drivers of the change in addition to a little bit of foreign exchange and so on.

從我們所看到的和從客戶那裡聽到的情況來看，我們的客戶正在解決的挑戰是圍繞他們的實驗室擴展延遲，正如我所說，與處理他們自己的供應鏈以擴展他們的實驗室有關，對其庫存水平進行更嚴格的管理。除了一點點外匯等等之外，這確實是改變的一些重要驅動因素。

And so what they're telling us is this isn't really related to Chemistry X or any competitive issues. In fact, they're excited to hear about Chemistry X, and they're looking forward to learning more about it at the Illumina Genomics Forum. But really, what's driving the change are the factors that we talked about. And maybe I'll turn it over to you, Joydeep, to shed some more color on the size of that.

所以他們告訴我們的是，這與化學 X 或任何競爭問題無關。事實上，他們很高興聽到有關化學 X 的消息，並期待在 Illumina 基因組學論壇上了解更多有關它的信息。但實際上，推動變化的是我們談到的因素。也許我會把它交給你，喬伊迪普，讓它的大小更上一層樓。

Yes. Thanks, Francis. So I think, first of all, our -- Dan, you asked about, is the forecast for the second half conservative? We believe, based on trends we've seen, that it's actually a balanced forecast, right? There's always upsides and downsides. There are -- the factors that we saw in the second quarter we believe will continue into the next of -- through the rest of this year.

是的。謝謝，弗朗西斯。所以我認為，首先，我們的——丹，你問過，下半年的預測是保守的嗎？我們相信，根據我們所看到的趨勢，這實際上是一個平衡的預測，對吧？總是有好處和壞處。在今年剩下的時間裡，我們在第二季度看到的一些因素將持續到下一個季度。

To size them up, approximately 25% of the decline from our forecast, it really is coming from factors such as FX, the faster-than-expected acceleration on the COVID side and some of the declines we have seen in China, which are really more GDP-related effects on the research side of our business in China. The other 75% or so are related to the factors that Francis referred to, which are really around lab expansion delays due to broader supply chain constraints that are impacting the construction of labs at our customers and them bringing up new assays and instruments and then the impacts we're seeing from the macroeconomic headwinds on our customers that are causing a temporary reduction in inventory levels and also some capital pushouts.

從我們的預測來看，大約下降了 25%，這確實來自外匯、COVID 方面的加速快於預期以及我們在中國看到的一些下降等因素，這些確實是更多與 GDP 相關的影響對我們在中國業務的研究方面的影響。其他 75% 左右與弗朗西斯提到的因素有關，這些因素實際上是由於更廣泛的供應鏈限制導致實驗室擴張延遲，這些限制影響了我們客戶的實驗室建設，他們提出了新的分析和儀器，然後是我們從宏觀經濟逆風中看到的對客戶的影響導致庫存水平暫時降低以及一些資本推出。

We'll take our next question from Dan Arias with Stifel.

我們將與 Stifel 一起回答 Dan Arias 的下一個問題。

Francis, maybe just back on the consumables side. You've talked a lot about the fact that the outlook for sequencing there is good because that work essentially has to be done in order to support patient assessment. So what's slamming the brakes on purchasing so abruptly? Is it more development on the commercial side related to things like liquid biopsy work? Or are you actually seeing lower-spending, patient-facing institutions, clinical oncology institutions, et cetera?

弗朗西斯，也許只是回到消耗品方面。你已經談了很多關於測序前景良好的事實，因為基本上必須完成這項工作才能支持患者評估。那麼，是什麼讓購買如此突然地剎車呢？與液體活檢工作等相關的商業方面是否有更多發展？還是您實際上看到的是支出較低、面向患者的機構、臨床腫瘤學機構等？

And then just a follow-up. Why no preannouncement when Sam left only 3 weeks left in the quarter? So it seems like a miss since he was well on its way at that point.

然後只是跟進。當 Sam 在本季度僅剩 3 週時離開時，為什麼沒有預先通知？所以這似乎是一個錯過，因為他當時已經在路上了。

Yes. So let me take both parts of the question, Dan. So let me start by addressing the consumables and demand point. You're right. We end up -- because we serve clinical customers, a lot of our customers continue to see robust demand. They're targeting, for example, cancer patients that need their tissues biopsied and then sequenced or ctDNA tests. And that is reflected in the activity levels that we saw in Q2. That even as customers were looking to manage their inventories more tightly, they continued to run their machines hard, right?

是的。所以讓我把問題的兩個部分都說一下，丹。因此，讓我從解決消耗品和需求點開始。你是對的。我們最終——因為我們為臨床客戶服務，我們的許多客戶繼續看到強勁的需求。例如，他們的目標是需要對其組織進行活檢然後進行測序或 ctDNA 測試的癌症患者。這反映在我們在第二季度看到的活動水平上。即使客戶希望更嚴格地管理他們的庫存，他們仍然繼續努力運行他們的機器，對吧？

So we said, overall, if you look at the run activity on the mid- and high-throughput instruments that we monitor, across our customer base that we monitor, the runs grew 15% year-over-year. But in the clinical markets, that was actually higher for exactly the reasons you talked about that our customers in the clinical markets, especially in areas like oncology, therapy selection testing, which represents for us the largest segment that we serve, that they continued to see robust demand. And that was reflected in their activity levels.

所以我們說，總的來說，如果你查看我們監控的中高通量儀器的運行活動，在我們監控的客戶群中，運行量同比增長 15%。但在臨床市場上，這實際上更高，原因正是您談到我們在臨床市場上的客戶，特別是在腫瘤學、治療選擇測試等領域，這對我們來說是我們服務的最大細分市場，他們繼續看到強勁的需求。這反映在他們的活動水平上。

Now as we said, our customers are looking to manage their cash more conservatively. So they trimmed back the amount of inventory that they're holding on their sites, and they can do that as a onetime sort of rebalancing down. But ultimately, their ordering levels will match the activity levels that they have on their instruments. And so that's why we expect this impact to play out a little bit in Q2, a little bit in the coming quarters. But then order rates will match, we believe, the actual activity that we're seeing on their machines.

現在正如我們所說，我們的客戶正在尋求更保守地管理他們的現金。所以他們削減了他們在網站上持有的庫存量，他們可以將其作為一次性的再平衡。但最終，他們的訂購水平將與他們在儀器上的活動水平相匹配。這就是為什麼我們預計這種影響會在第二季度出現一點點，在接下來的幾個季度中會出現一點點。但是，我們相信，訂單率將與我們在他們的機器上看到的實際活動相匹配。

Let me talk a little bit about the Sam point. So when Sam left, we -- as we said, he left because of personal reasons, and he needed to be on the East Coast. And that's what we said when he left, obviously. From our perspective, our quarters tend to be more back-end loaded. And so the impact that I talked about became more clear at the end of the quarter. And so hence, there was no color or commentary at the time when Sam left.

讓我談談山姆點。所以當山姆離開時，我們——正如我們所說，他是因為個人原因離開的，他需要在東海岸。顯然，這就是他離開時我們所說的。從我們的角度來看，我們的宿舍往往負載更多的後端。因此，我談到的影響在本季度末變得更加清晰。因此，山姆離開時沒有任何色彩或評論。

We'll take our next question from David Westenberg with Piper Sandler.

我們將回答 David Westenberg 和 Piper Sandler 的下一個問題。

Sorry, I'm going to go back to kind of the quantification of the guidance here. If you back out the guidance, it looks like $400 million. FX got worse. I don't know if you want to quantify that. COVID surveillance, what that number is? I know GRAIL was $20 million and then lab expansion. I mean, is there anything in addition to those factors that maybe you can point out?

對不起，我要回到這裡的指導量化。如果你退出指導，它看起來像 4 億美元。外匯變得更糟了。我不知道你是否想量化它。 COVID監控，這個數字是多少？我知道 GRAIL 是 2000 萬美元，然後是實驗室擴建。我的意思是，除了這些因素之外，還有什麼可以指出的嗎？

And then I want to go back to like the instrument -- or I mean, the backlog here. You guys felt really good about the backlog exiting the quarter. It seems like maybe that didn't -- those orders didn't go as expected or fill out as expected. Or what's going on with that?

然後我想回去喜歡這個樂器——或者我的意思是，這裡的積壓。你們對本季度的積壓工作感覺非常好。看起來可能沒有——這些訂單沒有按預期進行或按預期填寫。或者這是怎麼回事？

Yes. So Dave, thanks for the question. Let me reiterate what I said earlier, right? So 2 broad buckets, about 25% or so of that -- of the miss was really around things which included FX, the faster-than-expected decline in COVID surveillance, China and some of the effects -- the macroeconomic effects that we are seeing in the second half of the year, which are not related directly to the lockdown, with the slower-than-expected GDP growth that they're having, right? And then the other bucket, the 75%, really was the 2 factors, the lab expansion delays, which, again, we expect to see coming back in 2023. So these are comments that we have heard directly from our customers. And then the second piece was around the slower-than-expected accumulation or restocking of inventory and some capital pushouts from a broader set of customers. Again, as Francis mentioned, we expect these to be transitory.

是的。所以戴夫，謝謝你的問題。讓我重申我之前所說的，對吧？因此，兩大類，大約 25% 左右——錯過的實際上是圍繞外匯、COVID 監控下降快於預期的下降、中國以及一些影響——我們所面臨的宏觀經濟影響看到今年下半年，與封鎖沒有直接關係，他們的 GDP 增長低於預期，對吧？然後另一個因素，即 75%，實際上是兩個因素，即實驗室擴展延遲，我們再次預計會在 2023 年再次出現這種情況。所以這些是我們直接從客戶那裡聽到的評論。然後第二部分是關於庫存的積累或補貨速度慢於預期，以及來自更廣泛的客戶群的一些資本推出。同樣，正如弗朗西斯所提到的，我們希望這些都是暫時的。

I think in terms of the backlog, I will say that the backlog that -- we're exiting Q2 with a strong backlog of $1.1 billion. This is in line with what we have seen in the previous 6 quarters. Again, backlog does move around a little bit from quarter-to-quarter as you would expect. But this, again, is very much in line with what we have seen in the past 6 quarters, which, as you will remember, were pretty strong.

我認為就積壓而言，我會說積壓 - 我們正在以 11 億美元的強大積壓退出第二季度。這與我們在前 6 個季度看到的情況一致。同樣，正如您所期望的那樣，積壓確實會隨著季度的變化而有所變化。但這再次與我們在過去 6 個季度中看到的情況非常一致，您會記得，這些情況非常強勁。

We'll take our next question from Julia Qin with JPMorgan.

我們將向摩根大通的 Julia Qin 提出下一個問題。

Just 2 specific follow-ups on the guidance. On NovaSeq, I noticed you took down the pull-through guidance to $1.1 million to $1.2 million. Given you noted there's still pretty strong volume utilization, are there pricing factors at play for your updated guidance?

僅對指南進行了 2 次具體的跟進。在 NovaSeq 上，我注意到您將拉動指導下調至 110 萬至 120 萬美元。鑑於您注意到仍有相當強勁的容量利用率，您的更新指導是否存在定價因素？

And then on GRAIL, you took it down by $20 million. So could you -- given that NHS seemed to be progressing well, could you explain what the factors are at play there?

然後在 GRAIL 上，你把它減少了 2000 萬美元。那麼你能 - 鑑於 NHS 似乎進展順利，你能解釋一下其中的因素嗎？

So thanks, Julia, for the question. So let me take the NovaSeq pull-through question first. So no, first, let me address -- I mean, this is not about pricing pressures. What we -- as you know, the pull-through is really an output of a number of factors, right? So shipments in the quarter divided by a number of instruments that we expect to have activated at a certain point in time. Now both these factors played out this quarter in a way that are transitory and we had not expected.

所以謝謝朱莉婭的問題。所以讓我先來回答一下 NovaSeq 的直接問題。所以不，首先，讓我談談 - 我的意思是，這與定價壓力無關。我們——如你所知，拉動實際上是多種因素的結果，對吧？因此，本季度的出貨量除以我們預計在某個時間點激活的工具數量。現在，這兩個因素在本季度都以一種暫時的方式發揮了作用，這是我們沒有預料到的。

So first, although the -- as Francis mentioned, right, the number of runs in our instruments were strong due to the inventory deleveraging, the actual number of shipments, which is the numerator of that calculation, was slightly lower. Also, because we had customers that bought a large number of NovaSeqs in previous quarters and because of some of the lab expansion delays that you heard about, some of these instruments didn't come online, right? So the denominator, because of the way we calculate pull-through, was inflated. So we do see this pull-through number being lower in this quarter as a result of those 2 factors.

因此，首先，儘管 - 正如弗朗西斯所說，對，由於庫存去槓桿化，我們的工具的運行次數很強勁，但作為該計算的分子的實際發貨數量略低。此外，由於我們有客戶在前幾個季度購買了大量 NovaSeq，並且由於您聽說的一些實驗室擴展延遲，其中一些儀器沒有上線，對嗎？因此，由於我們計算拉動的方式，分母被誇大了。因此，由於這兩個因素，我們確實看到本季度的拉動數字較低。

However, as we look forward, given the strong number of runs growth that our instruments are seeing across a broad range of our high-throughput customers and given the strong market factors that are very intensive in sequencing like MRD, like oncology testing and things like spatial and proteomics, we do expect that in the long run, this number will continue to grow.

然而，正如我們所期待的那樣，鑑於我們的儀器在我們廣泛的高通量客戶中看到的運行數量強勁增長，並且考慮到在測序中非常密集的強大市場因素，如 MRD、腫瘤學測試等空間和蛋白質組學，我們確實預計從長遠來看，這個數字將繼續增長。

And then I think you had a second question, which was the GRAIL factor. So a couple of things, right? As Francis mentioned, GRAIL has already proven itself to be a very well-adopted test. It is the fastest revenue growth first year after launch of any screening test on the market ever. So while GRAIL numbers have been somewhat lower than expected from the earlier guidance, it is nonetheless a very strong test, and we see a really strong adoption in multiple hospital systems across the country.

然後我認為您還有第二個問題，即 GRAIL 因素。所以有幾件事，對吧？正如弗朗西斯所提到的，GRAIL 已經證明自己是一個非常受歡迎的測試。這是市場上推出任何篩查測試後第一年收入增長最快的一年。因此，雖然 GRAIL 的數字比早期指導中的預期要低一些，但它仍然是一個非常強大的測試，我們看到全國多個醫院系統的採用率非常高。

So we believe that the test ordering from these systems that have already committed to GRAIL will pick up. But for the time being, I think we remain very optimistic about the quality of the test and its potential.

因此，我們相信來自這些已經致力於 GRAIL 的系統的測試訂單將會增加。但就目前而言，我認為我們對測試的質量及其潛力仍然非常樂觀。

We'll take our next question from Tejas Savant with Morgan Stanley.

我們將向摩根士丹利的 Tejas Savant 提出下一個問題。

Just a quick follow-up to kick things off there on the pricing but from a more forward-looking perspective here. Francis, you mentioned some customers thinking harder about CapEx. Some of them are even undergoing restructurings as we've seen this quarter. I was curious as to how you're thinking about this weighing on growth in '23. And perhaps more importantly, in the near term, how, if at all, does this change how you're thinking about pricing for Chemistry X, backward compatibility options for Chemistry X and so on?

只是一個快速的跟進，以開始定價，但從更前瞻性的角度來看。弗朗西斯，你提到了一些客戶更加認真地考慮資本支出。正如我們本季度所見，其中一些甚至正在進行重組。我很好奇你如何看待這對 23 年增長的影響。也許更重要的是，在短期內，如果有的話，這會如何改變您對化學 X 定價、化學 X 的向後兼容性選項等的思考方式？

Sure, Tejas. So in terms of helping our customers as they're working through the macro challenges, obviously, we remain close to them. The reality is we are core to their business and their revenue generation, and we are a very important supplier to these customers. And so while we can help them in the sense that because of the strength and the resilience of our supply chain, they're more confident in maintaining less inventory on site that obviously helps them with cash outlays, the reality is they need to continue to service the demand they're getting because that's what drives their revenues and their growth and their long-term success. And so we are not seeing a pullback in terms of activity levels from those customers, again, because we are core to their revenue generation and their success. And we'll stay -- we're staying close to them. We're also very staying close to the lab expansion plans and making sure we're on top of when they expect to get equipment for the labs as they come online.

當然，光輝。因此，在幫助我們的客戶應對宏觀挑戰方面，顯然，我們與他們保持密切聯繫。現實情況是，我們是他們業務和創收的核心，我們是這些客戶非常重要的供應商。因此，雖然我們可以從某種意義上幫助他們，因為我們供應鏈的實力和彈性，他們更有信心維持更少的現場庫存，這顯然有助於他們的現金支出，但現實是他們需要繼續服務於他們獲得的需求，因為這是推動他們的收入、增長和長期成功的動力。因此，我們並沒有看到這些客戶的活動水平出現回落，因為我們是他們創收和成功的核心。我們會留下來——我們會靠近他們。我們也非常接近實驗室的擴展計劃，並確保我們在他們希望在實驗室上線時獲得設備時處於領先地位。

In terms of pricing from our perspective, our thesis continues to believe that there is a huge opportunity to expand the genomics market by continuing to drive the price for high-quality sequencing, highly accurate sequencing down. That thesis continues to hold certainly in the research markets but also in terms of opening up new clinical markets. We're seeing promising work, for example, happening in areas like cardiovascular disease and neurological disease. And those will require both very large experiments from a research perspective but also maybe different price points from a clinical perspective. And so we continue to march forward with the idea that part of our mission is to make genomics more accessible by driving costs down.

從我們的角度來看，在定價方面，我們的論文仍然認為，通過繼續推動高質量測序、高精度測序的價格下降，存在擴大基因組學市場的巨大機會。該論點在研究市場中仍然存在，但在開闢新的臨床市場方面也是如此。我們看到了有希望的工作，例如，在心血管疾病和神經系統疾病等領域發生。從研究的角度來看，這些既需要非常大的實驗，也可能需要從臨床角度來看不同的價格點。因此，我們繼續向前邁進，我們的使命之一是通過降低成本使基因組學更容易獲得。

In terms of Chemistry X and the instruments, the way we are thinking about it is there certainly -- we're certainly capable from a technology perspective of making Chemistry X available on instruments that are already on the market. So that is a lever available to us. And as we look at the market, we want to be sensitive to the fact that if customers have bought an instrument that we launched fairly recently, that they may not have gone through their depreciation cycle. And so we'll think more about making Chemistry X available on those kinds of platforms.

就化學 X 和儀器而言，我們思考它的方式肯定是存在的——從技術角度來看，我們當然有能力在已經上市的儀器上使用化學 X。所以這是我們可以利用的槓桿。當我們觀察市場時，我們希望對這樣一個事實保持敏感，即如果客戶購買了我們最近推出的儀器，他們可能還沒有經歷折舊週期。因此，我們將更多地考慮讓化學 X 在這些平台上可用。

But if it's been an instrument that's been on the market for a while and they've gone through a depreciation cycle, then there is an opportunity for us to help that market upgrade and not just take advantages of the innovations in Chemistry X, but take advantage of the innovations across all the other technology components, whether it's optics, for example, of data pads and really deliver transformative new instruments. And that's how we're thinking about it.

但是，如果它是一種已經在市場上銷售了一段時間的儀器並且它們已經經歷了一個貶值週期，那麼我們就有機會幫助這個市場升級，不僅可以利用化學 X 的創新，還可以利用所有其他技術組件的創新優勢，無論是光學，例如數據板，還是真正提供變革性的新儀器。這就是我們的想法。

We'll take our next question from Puneet Souda with SVB Securities.

我們將向 SVB 證券的 Puneet Souda 提出下一個問題。

So first one is really -- could you talk a little bit about, at a high level maybe, about who these customers are? Just trying to understand in terms of, are these customers more COVID customers or oncology customers or genome center customers and their lab expansion plans? Because I think that's where the challenge is. Because when we look at the life science tools companies, the peer group that you have, some of those companies have delivered very strong growth. They had supply chain challenges in the first quarter. In fact, supply chain challenges were even more pronounced. And these labs have taken delivery of a lot of these instruments. That's why peer group companies have delivered strongly. So just wondering what is different here with Illumina instruments or what's unique about these customers.

所以第一個問題真的是——你能不能從高層次上談談這些客戶是誰？只是想了解，這些客戶更多是 COVID 客戶還是腫瘤客戶或基因組中心客戶以及他們的實驗室擴張計劃？因為我認為這就是挑戰所在。因為當我們查看生命科學工具公司時，你所擁有的同行群體，其中一些公司實現了非常強勁的增長。他們在第一季度面臨供應鏈挑戰。事實上，供應鏈挑戰更為明顯。這些實驗室已經接收了很多這樣的儀器。這就是同行集團公司表現強勁的原因。所以只是想知道這裡的 Illumina 儀器有什麼不同，或者這些客戶有什麼獨特之處。

And then on GRAIL, I mean, you're pointing out as the fastest adopted test, but at the same time, you're lowering your guide. So just trying to understand, is there anything -- any unique dynamic with certain customers there?

然後在 GRAIL 上，我的意思是，您指出採用最快的測試，但與此同時，您正在降低您的指南。所以只是想了解，有什麼東西——那裡的某些客戶有什麼獨特的動態嗎？

Yes. So let's take both. In terms of the labs, and I think you're asking about the labs that are delaying their expansion plans, who are they? And you're saying, look, some of the other life science tools companies haven't seen that. So I'll describe them a little bit for you.

是的。所以讓我們兩者兼而有之。就實驗室而言，我想你是在問那些推遲擴張計劃的實驗室，他們是誰？你是說，看，其他一些生命科學工具公司還沒有看到這一點。所以我會為你描述一下。

First of all, it's a few customers. Second, they're obviously genomics-focused customers. They run genomics labs. And so you may not see that in the general life sciences tools market, but they -- you're certainly seeing that in the sequencing market. They tend to be customers that are growing. These are the ones that have expansion plans. So they are successful customers. They're experiencing robust growth. And in fact, they're serving markets like oncology, for example, where they see significant increased demand coming and are expecting to -- and are building significant labs. And so these are large customers. They are growing customers, and they are customers that are facing significantly increased demand and are looking to expand their labs.

首先是幾個客戶。其次，他們顯然是以基因組學為重點的客戶。他們經營基因組學實驗室。所以你可能在一般的生命科學工具市場上看不到這一點，但他們——你肯定會在測序市場上看到這一點。他們往往是不斷增長的客戶。這些是有擴張計劃的。所以他們是成功的客戶。他們正在經歷強勁的增長。事實上，他們正在服務於腫瘤學等市場，例如，他們看到需求將出現顯著增加並期待——並且正在建設重要的實驗室。所以這些都是大客戶。他們是不斷增長的客戶，他們是面臨顯著增加的需求並希望擴大實驗室的客戶。

Now their genomics labs, and they are primarily -- they're pretty much Illumina customers. And so obviously, we are the ones that ride that cycle with them. And that's why you'd see it with us. And that's why you'll see it as those labs come online. That's why you'll see the benefit accrue to Illumina. So that's the characteristics of the customers that we're talking about.

現在他們的基因組學實驗室，他們主要是——他們幾乎是 Illumina 的客戶。很明顯，我們是和他們一起騎自行車的人。這就是為什麼你會和我們一起看到它。這就是為什麼當這些實驗室上線時您會看到它。這就是為什麼您會看到 Illumina 的好處。這就是我們所說的客戶的特徵。

In terms of GRAIL, it really has been just quite remarkable to see the fantastic growth they've had in their first year. If you look at their first 12 months, so June of -- in this June, they just lapsed their first 12 months, they are the fastest revenue growth of any cancer screening test in history. Now that's quite remarkable, right? They're also doing a fantastic job in terms of signing up health systems and employers, and I'll give you another example of just how fast things are moving.

就 GRAIL 而言，看到他們在第一年取得的驚人增長確實非常了不起。如果你看看他們的前 12 個月，那麼 6 月——在今年 6 月，他們剛剛過去了前 12 個月，它們是歷史上所有癌症篩查測試中收入增長最快的。現在這很了不起，對吧？他們在簽約衛生系統和雇主方面也做得非常出色，我將再舉一個例子，說明事情進展得有多快。

So in the last quarter, they fully recruited the 140,000-person trial that they're running for the NHS. Now typically, a trial like that would take years to fully enroll. And the NHS working with GRAIL was able to do that in 10.5 months. That gives you some sense of just the acceptance, the hunger in the market, the demand in the market for just such a breakthrough test, right, the fact that it can identify 50 cancers across all stages. And people are starting to get a sense of the results that they are making it into the market.

所以在上個季度，他們完全招募了他們為 NHS 運行的 140,000 人試驗。現在通常情況下，像這樣的試驗需要數年才能完全註冊。與 GRAIL 合作的 NHS 能夠在 10.5 個月內做到這一點。這讓您了解市場對這種突破性測試的接受度、飢餓感以及市場需求，對，它可以識別所有階段的 50 種癌症這一事實。人們開始意識到他們將其推向市場的結果。

Now what we're looking at -- now even with that to our growth base is we're looking at the rest of the year, and we're looking at the ramp-up that's happening in some of the health systems that have signed up and some of the employers, the GRAIL team has trimmed back some of their estimates for the rest of the year. That doesn't take away, again, this is the fastest-growing cancer screening test we've ever seen in history.

現在我們正在關注的是——即使我們的增長基礎是這樣，我們也在關註今年剩下的時間，我們正在關註一些已經簽署的衛生系統正在發生的增長向上和一些雇主，GRAIL 團隊已經削減了他們對今年剩餘時間的一些估計。再一次，這並沒有帶走，這是我們歷史上見過的增長最快的癌症篩查測試。

We'll take our next question from Kyle Mikson with Canaccord.

我們將向 Canaccord 的 Kyle Mikson 提出我們的下一個問題。

Just a few on the guidance. So I was just curious about components of instrument revenue growth for '22, 1.5% year-over-year. Maybe, Joydeep, can you talk about expectations for placements versus orders versus pricing? Maybe pricing is locked in or not locked in at this point. Just given the backlog commentary, it was very strong kind of like entering the year and recently. Just how is that trending recently and going forward?

只是一些關於指導。所以我只是對 22 年儀器收入增長的組成部分感到好奇，同比增長 1.5%。也許，Joydeep，你能談談對展示位置、訂單和定價的期望嗎？也許此時定價已鎖定或未鎖定。剛剛給出了積壓的評論，就像進入今年和最近一樣非常強烈。最近和未來的趨勢如何？

And kind of relatedly, the year-over-year decline in mid-throughput shipments in 2Q, I mean, I hear you on China and the other factors. But any chance that's partially due to the platform evaluation process as these new vendors enter the market or at least make some noise? Because obviously, these large clinical labs already test-driving these products. So it's just worth asking.

與此相關的是，第二季度的中吞吐量出貨量同比下降，我的意思是，我聽到你談到中國和其他因素。但是，隨著這些新供應商進入市場或至少產生一些噪音，部分原因在於平台評估過程的任何機會？因為很明顯，這些大型臨床實驗室已經在試駕這些產品。所以這只是值得一問。

Yes. Thanks, Kyle. So let me start with the 2Q piece on the mid-throughput, right? So as I mentioned right there, the orders for mid-throughput really were very strong, right? So we saw continued interest and strong orders for NextSeq 1000/2000, this is our latest platform on that, pick up considerably. And while there was a temporary supply chain issue at our end, which prevented us from delivering these orders in 2Q, they have subsequently been delivered already in this quarter. So we are very optimistic, and we see very, very strong demand and interest in our mid-throughput platform, both on our research and our clinical customers.

是的。謝謝，凱爾。那麼讓我從關於中等吞吐量的 2Q 部分開始，對吧？所以正如我在那裡提到的，中等吞吐量的訂單真的非常強大，對吧？因此，我們看到對 NextSeq 1000/2000 的持續興趣和強勁訂單，這是我們最新的平台，大幅回升。雖然我們的供應鏈出現了臨時問題，導致我們無法在第二季度交付這些訂單，但隨後這些訂單已經在本季度交付。所以我們非常樂觀，我們看到我們的研究和臨床客戶對我們的中通量平台的需求和興趣非常非常強烈。

On the full year, so a couple of things, right? So you start with NovaSeq first, right? So we've had a strong first half of the year. Our orders for the first part -- first half of the year were up 30% year-over-year and, as we mentioned, right, 23% growth in the second quarter. Now this is for a platform that has -- that's now 6 years from launch, right? So we see extremely strong, unprecedented demand even on the back of a very strong 2021, and we're excited about that.

在全年，有幾件事，對吧？所以你先從 NovaSeq 開始，對吧？因此，我們今年上半年表現強勁。我們第一部分的訂單 - 今年上半年同比增長 30%，正如我們提到的，第二季度增長 23%。現在這是一個平台 - 現在距離發布還有 6 年，對吧？因此，即使在 2021 年非常強勁的背景下，我們也看到了極其強勁、前所未有的需求，我們對此感到興奮。

Remember also that these instruments have -- most of these instruments have now been deployed. We expect now that the pull-through on consumables on these instruments will come and will continue to accelerate in subsequent quarters and years. So we feel very good about our portfolio both in the high-throughput and the mid-throughput segment.

還要記住，這些工具已經——其中大部分工具現在已經部署。我們現在預計，這些儀器的消耗品將會出現，並將在隨後的幾個季度和幾年中繼續加速。因此，我們對我們在高通量和中通量領域的產品組合感覺非常好。

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

我們將向花旗銀行的帕特里克·唐納利提出下一個問題。

Francis, maybe one for you just in terms of kind of the operational spend that you guys are doing. You obviously kind of talked about the op margin pull down in the back half. Can you talk about how you're balancing some of the growth investments with also being mindful of kind of insulating the margins, protecting the bottom line? Obviously, you have Chemistry X and Infinity coming up. I would assume you'd want to invest in kind of the launches there. So maybe just talk about, again, kind of that balance of investing for growth and, at the same time, kind of realizing with things slowing, you need to protect the bottom line a bit and where you're pulling back and where you're pushing forward.

弗朗西斯，就你們正在做的運營支出而言，也許適合你們。您顯然談到了後半部分的操作利潤率下降。你能談談你是如何平衡一些增長投資的，同時還要注意隔離利潤、保護底線嗎？顯然，你有Chemistry X 和Infinity 即將推出。我會假設你想投資那裡的一些發射。所以也許只是再談一次，為增長而投資的那種平衡，同時，隨著事情的放緩，你需要保護一點底線，你在哪裡撤退，你在哪裡”重新向前推進。

Yes. Sure, Patrick. So obviously, with the revised revenue outlook for the year, we are taking a look at our spend and exactly as you said, doing that balance. On the one hand, we're looking for areas where we can contain costs. That means pulling back on discretionary items, for example, like travel and other discretionary spend. And we're also prioritizing the hiring that we're doing. And so there are some hires that we will put off because we don't think it's essential to do right now. So the team is absolutely doing that work.

是的。當然，帕特里克。很明顯，隨著今年收入前景的修訂，我們正在審視我們的支出，並正如你所說的那樣，進行平衡。一方面，我們正在尋找可以控製成本的領域。這意味著縮減可自由支配的項目，例如旅行和其他可自由支配的支出。我們也優先考慮我們正在做的招聘。因此，我們將推遲一些招聘，因為我們認為現在沒有必要這樣做。所以團隊絕對在做這項工作。

Having said that, we're also protecting our innovation road map as well as essential hires in the other parts of the company as we scale the business. We have very ambitious product plans, as you know, and we're going to continue to protect that road map because that's what drives the success of our customers and our long-term success. And that's what creates the long-term shareholder value in the company. So that's the balance we're doing. We're protecting the innovation road maps. We're protecting activities that drive that long-term shareholder growth, including things like capacity expansions, IVD capabilities, commercial expansions in targeted markets and sort of maintaining that balance.

話雖如此，隨著我們擴大業務，我們也在保護我們的創新路線圖以及公司其他部門的重要員工。如您所知，我們有非常雄心勃勃的產品計劃，我們將繼續保護該路線圖，因為這是推動我們客戶成功和我們長期成功的動力。這就是為公司創造長期股東價值的原因。這就是我們正在做的平衡。我們正在保護創新路線圖。我們正在保護推動股東長期增長的活動，包括產能擴張、IVD 能力、目標市場的商業擴張以及維持這種平衡。

Yes. I would also add, we continue to have productivity improvements on our gross margin side as well, right? So that's, of course, despite the reduced volume that we have seen this year, some of those improvements are contributing to increased gross and operating margin as well.

是的。我還要補充一點，我們在毛利率方面也繼續提高生產力，對嗎？因此，當然，儘管我們今年看到的銷量有所減少，但其中一些改進也有助於提高毛利率和營業利潤率。

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

我們將回答 Vijay Kumar 和 Evercore ISI 的下一個問題。

Francis, maybe a 2-part question for you. Your guidance for the back half, it implies 1% growth. You just did 3% in 2Q. Are you -- is the guide assuming things to worsen from 2Q levels? Because if I understood you, some of these are temporary factors. If I look at your inventory on hand, I don't think your customers stock up to 12 months. So shouldn't some of these factors were -- how conservative is this guidance for the back half?

弗朗西斯，也許是一個由兩部分組成的問題。您對後半部分的指導，這意味著 1% 的增長。你在第二季度只做了 3%。您是否 - 指南是否假設情況會從 2Q 水平惡化？因為如果我理解你，其中一些是暫時的因素。如果我查看您手頭的庫存，我認為您的客戶最多需要 12 個月的庫存。那麼這些因素中的一些不應該是——這個對後半部分的指導有多保守？

And on Chemistry X, I think we've heard a 30% price cut, 20%, 30%, somewhere in that ballpark. Does it have any implication to -- of revenue growth for fiscal '23?

在化學 X 上，我想我們已經聽到了 30%、20%、30% 的降價，在那個球場的某個地方。這對 23 財年的收入增長有什麼影響嗎？

Yes. So thank you, Vijay. Let me start with the first part of the question, which is Q3 guidance, sort of what's driving that number. And so I'll talk about some of the factors that are driving that number. If you -- and if you normalize the impacts that I'm talking about, the growth is higher, and I'll come back to that as well.

是的。所以謝謝你，維杰。讓我從問題的第一部分開始，即第三季度的指導，是什麼推動了這個數字。所以我會談談推動這個數字的一些因素。如果你 - 如果你將我所說的影響正常化，增長會更高，我也會回到這一點。

So some of the factors that are driving it are the headwinds that I talked about. There is a headwind around COVID surveillance demand pulling back. That's playing out in Q3 as well. There's obviously a foreign exchange headwind and the tough compare with the UK Biobank that concludes in Q3. So that's another factor playing out in Q3. We also expect the continued slower GDP growth in -- China growth, and that will play on us. And then the 2 factors that I talked about, sort of inventory management and the lab expansions, right? So those are some of the factors that we factored in, in giving the guide for Q3. And obviously, if you normalize for those factors, then you're looking at a significantly higher growth rate in Q3.

因此，推動它的一些因素是我談到的逆風。圍繞 COVID 監控需求的回落存在逆風。這也在第三季度上演。與第三季度結束的英國生物銀行相比，顯然存在外匯逆風和艱難的比較。所以這是第三季度的另一個因素。我們還預計中國的 GDP 增長將繼續放緩，這將對我們產生影響。然後是我談到的兩個因素，庫存管理和實驗室擴展，對嗎？因此，這些是我們在提供第三季度指南時考慮的一些因素。顯然，如果您對這些因素進行標準化，那麼您將看到第三季度的增長率顯著提高。

We'll take our last question from Jack Meehan with Nephron.

我們將回答傑克·米漢（Jack Meehan）和 Nephron 的最後一個問題。

Francis, I have a 2-part question for you on GRAIL. So the first is just given the prolonged regulatory uncertainty here, is there a point where you could choose to walk away? What's your conviction level on getting this done?

弗朗西斯，我有一個關於 GRAIL 的兩部分問題。所以第一個只是考慮到這里長期的監管不確定性，你是否可以選擇離開？你對完成這項工作的信念程度如何？

And then second off, that obviously now isn't the most accommodative environment for capital markets activity. So in a scenario where you might have to spin GRAIL out, how would you fund the ongoing operations? If I look at your balance sheet, after the BGI payment and the fine you have earmarked to the European Commission, you have roughly $550 million of unrestricted cash. So just talk about, if you got to that, how would you finance a spin if it ends up there?

其次，這顯然不是資本市場活動最寬鬆的環境。因此，在您可能不得不拆分 GRAIL 的情況下，您將如何為正在進行的運營提供資金？如果我查看你的資產負債表，在 BGI 付款和你指定給歐盟委員會的罰款之後，你有大約 5.5 億美元的無限制現金。所以只要談談，如果你真的做到了，如果它最終在那裡，你將如何為旋轉提供資金？

Yes. So I'll start by saying that our focus is going to be continually to focus on and think about the things that create the most long-term shareholder value. And as we embarked on this process, as you said, we clearly felt that combining GRAIL and Illumina creates the most long-term shareholder value.

是的。因此，我首先要說的是，我們的重點將是不斷關注和思考能夠創造最長期股東價值的事物。正如您所說，當我們開始這個過程時，我們清楚地認為，將 GRAIL 和 Illumina 結合起來創造了最長期的股東價值。

I'll give you an example, right? So even on their own largely, the GRAIL team was able to achieve the fastest 12-month ramp of any cancer screening test in history, as we've said. And I imagine what that could have been with the power of Illumina behind it. And if we think forward, what could we do if we were able to take that test into markets like Europe and Asia and Africa beyond the plans that GRAIL could have? And so that's sort of what drove our thinking.

我給你舉個例子，對吧？因此，正如我們所說，即使在很大程度上，GRAIL 團隊也能夠實現歷史上任何癌症篩查測試中最快的 12 個月斜坡。我想像這背後有 Illumina 的力量會怎樣。如果我們向前思考，如果我們能夠在歐洲、亞洲和非洲等市場進行測試，超出 GRAIL 的計劃，我們能做些什麼？這就是推動我們思考的原因。

Having said that, we're going to continually assess as we work through this process, what are the right next steps? And there obviously are a set of nodes on the decision tree that would lead us to either spinning out GRAIL because the regulatory process doesn't go our way or contemplate other forms of exits, whether its dividend in the back or -- and so we're going to continue to assess that as we work through the regulatory process.

話雖如此，我們將在整個過程中不斷評估，下一步正確的步驟是什麼？顯然，決策樹上有一組節點會導致我們要么分拆 GRAIL，因為監管程序不按我們的方式進行，要么考慮其他形式的退出，無論是背後的紅利還是 - 所以我們'將在我們完成監管程序時繼續評估這一點。

In terms of your question around funding the operations, that's absolutely going to be a consideration as we contemplate the options on how we have to spin GRAIL out, right? So the idea is that what you'd want to do is make sure that you protected the asset value to allow GRAIL to continue to execute on its mission. And so that means making sure that it's capitalized so it can continue to be successful as well as it has access to future capital that it will need for its own expansion plans. And that's going to be a combination of Illumina but other shareholders, too, potentially and other people who will inject capital both maybe at the time of divestiture but then over time as well.

關於您關於為運營提供資金的問題，這絕對是一個考慮因素，因為我們正在考慮如何將 GRAIL 剝離出來，對嗎？因此，我們的想法是，您要做的是確保保護資產價值，以允許 GRAIL 繼續執行其使命。因此，這意味著要確保它已經資本化，這樣它才能繼續取得成功，並能夠獲得其自身擴張計劃所需的未來資本。這將是 Illumina 和其他股東的結合，也可能是其他股東，他們可能會在資產剝離時注資，但隨著時間的推移也會注資。

And so those are some of the considerations as we think about what a divestment would look like, how do we -- how would we set it up to be successful. And what's the path for it to continue to be successful? Obviously, those are not decisions that we're making today, but those are some of the considerations that would go into it.

因此，當我們考慮撤資的情況時，這些是一些考慮因素，我們如何 - 我們如何將其設置為成功。它繼續成功的途徑是什麼？顯然，這些不是我們今天要做出的決定，但這些是其中的一些考慮因素。

Ladies and gentlemen, this concludes our Q&A session. I will now turn the call back over to Salli Schwartz.

女士們，先生們，我們的問答環節到此結束。我現在將把電話轉回給 Salli Schwartz。

Thank you for joining us today. As a reminder, a replay of this call will be available in the Investors section of our website. This concludes our call, and we look forward to our next update with you at Investor Day on October 3.

感謝您今天加入我們。提醒一下，本次電話會議的重播將在我們網站的“投資者”部分提供。我們的電話到此結束，我們期待在 10 月 3 日的投資者日與您進行下一次更新。

Ladies and gentlemen, this does conclude today's conference. We appreciate your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。我們感謝您的參與。您現在可以斷開連接。