(ILMN) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the First Quarter 2024 Illumina Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 Illumina 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Salli Schwartz, Vice President of Investor Relations.

現在我想將會議交給投資者關係副總裁薩利·施瓦茨 (Salli Schwartz)。

Hello, everyone, and welcome to our earnings call for the first quarter of 2024.

大家好，歡迎參加我們的 2024 年第一季財報電話會議。

During the call today, we will review the financial results we released after the close of market and offer commentary on our commercial and regulatory activity, after which we will host a question-and-answer session. Our earnings release can be found in the Investor Relations section of our website at illumina.com.

在今天的電話會議中，我們將審查收盤後發布的財務業績，並對我們的商業和監管活動發表評論，之後我們將舉行問答環節。您可以在我們網站 Illumina.com 的投資者關係部分找到我們的收益報告。

Providing prepared remarks for Illumina today will be Jacob Thaysen, Chief Executive Officer; and Ankur Dhingra, Chief Financial Officer. Jacob will provide an update on the state of Illumina's business and Ankur will review our financial results, which include GRAIL. Joydeep Goswami, who is serving as an adviser to the company through June 30, will then join us for Q&A.

Illumina 執行長 Jacob Thaysen 今天將發表準備好的演講；和財務長 Ankur Dhingra。 Jacob 將提供有關 Illumina 業務狀況的最新信息，Ankur 將審查我們的財務業績，其中包括 GRAIL。 Joydeep Goswami 將在 6 月 30 日之前擔任公司顧問，隨後將與我們一起進行問答。

As a reminder, GRAIL must be held and operated separately and independently from Illumina pursuant to the transitional measures ordered by the European Commission, which prohibited our acquisition of GRAIL under the EU merger regulation. This call is being recorded, and the audio portion will be archived in the Investors section of our website.

需要提醒的是，根據歐盟委員會下令的過渡措施，GRAIL 必須與 Illumina 分開持有和運營，該措施禁止我們根據歐盟合併法規收購 GRAIL。本次通話正在錄音，音訊部分將存檔在我們網站的投資者部分。

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.

我們希望在今天的電話會議中做出的有關我們財務業績和商業活動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。實際事件或結果可能與預測或討論的事件或結果有重大差異。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。為了更了解可能導致實際結果差異的風險和不確定性，我們建議您參閱 Illumina 向美國證券交易委員會提交的文件，包括 Illumina 最新的表格 10-Q 和 10-K。

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

現在，我將把電話轉給雅各。

Thank you, Salli. Good afternoon, everyone.

謝謝你，莎莉。大家下午好。

Before going into our first quarter results, I want to take a moment to thank our former Chief Financial Officer and Chief Strategy and Corporate Development Officer, Joydeep Goswami, for his many contributions to Illumina over more than 4 years. As Salli noted, Joydeep will stay on an advisory role through June to support a smooth transition. I also wanted to welcome our new CFO, Ankur Dhingra, who you will hear from shortly, and congratulate Jakob Wedel, who has now been named as Chief Strategy and Corporate Development Officer. Jakob joined Illumina in November and has been heavily involved in our long-term strategy planning.

在介紹我們第一季的業績之前，我想花點時間感謝我們的前財務長兼首席策略和企業發展長 Joydeep Goswami，感謝他在 4 年多的時間裡為 Illumina 做出的許多貢獻。正如 Salli 指出的那樣，Joydeep 將在 6 月繼續擔任顧問角色，以支持平穩過渡。我還要歡迎我們的新任財務長 Ankur Dhingra，您很快就會聽到他的消息，並祝賀 Jakob Wedel，他現已被任命為首席策略和企業發展長。 Jakob 於 11 月加入 Illumina，積極參與我們的長期策略規劃。

Throughout the quarter, I continued to meet with customers around the world and have the opportunity to bring a number of them to our San Diego headquarters to discuss new ways to collaborate, innovate and shape what their future looks like with Illumina. Some of our customers shared how they are scaling up their projects with NovaSeq X to unlock greater discovery power. One key area of focus is harnessing whole genome opportunities in minimal residual disease.

在整個季度中，我繼續與世界各地的客戶會面，並有機會將其中一些客戶帶到我們的聖地牙哥總部，討論與 Illumina 合作、創新和塑造他們未來的新方式。我們的一些客戶分享了他們如何使用 NovaSeq X 擴展專案以釋放更大的發現能力。重點關注的一個領域是利用全基因組機會治療微小殘留疾病。

Other customers are starting to sequence deeper and are adding multiomics layers to their projects, while others are looking at epigenomic biomarkers and methylation to help diagnose and characterize disease. We are seeing a significant opportunity to expand in multiomics. Customers are looking for more sophisticated solutions to support their work, and we are exploring all avenues to create value in this space. Our recent acquisition of Partec, a specialized multiomics software solution, is the building block of our expansion into this space. Our intent is to collaborate with our customers to understand how we can provide more sample-to-answer solutions. Illumina is at the heart of the ecosystem, and we will continue to catalyze the industry with an even greater focus on our customers' priorities.

其他客戶開始進行更深入的定序，並在他們的專案中添加多組學層，而其他客戶則正在研究表觀基因組生物標記和甲基化，以幫助診斷和表徵疾病。我們看到了擴展多組學的重大機會。客戶正在尋找更複雜的解決方案來支援他們的工作，我們正在探索在這個領域創造價值的所有途徑。我們最近收購了專門的多組學軟體解決方案 Partec，這是我們向這一領域擴張的基石。我們的目的是與客戶合作，了解我們如何提供更多從樣本到答案的解決方案。 Illumina 是生態系統的核心，我們將更專注於客戶的優先事項，並繼續推動產業發展。

Turning to our first quarter results. I'll focus my comments on core Illumina. In Q1, we delivered core Illumina revenue of approximately $1.06 billion ahead of our expectations. While it was a decent start to the year, we remain cautious due to the persistently challenging global macro environment where customers are still constrained in their purchasing decisions. As expected, we are seeing this playing out across our regions notably with lower NovaSeq X placements versus the first quarter of 2023, where we shipped our first X instrument to fulfill a strong preorder book.

轉向我們第一季的業績。我將把我的評論集中在核心 Illumina 上。第一季度，我們實現了 Illumina 核心收入約 10.6 億美元，超出了我們的預期。儘管今年開局良好，但由於全球宏觀環境持續充滿挑戰，客戶的購買決策仍受到限制，我們仍保持謹慎態度。正如預期的那樣，我們看到這種情況在我們的地區上演，特別是與2023 年第一季相比，NovaSeq X 的投放量較低，當時我們發貨了第一台X 儀器，以完成強勁的預訂。

3 of our regions declined year-over-year. Americas revenue was down 4%, EMEA revenue was down 3%, and Greater China revenue was down 14%. Europe revenue was up 7% year-over-year although we expect a decline in Q2 given the last year's strong X shipment in Europe in the second quarter. Nonetheless, Illumina management team continues to make significant progress executing against my 3 key priorities to accelerate value creation across the company.

我們的 3 個地區年減。美洲收入下降 4%，歐洲、中東和非洲收入下降 3%，大中華區收入下降 14%。歐洲營收年增 7%，但鑑於去年第二季歐洲 X 出貨量強勁，我們預計第二季營收將下降。儘管如此，Illumina 管理團隊在執行我的 3 個關鍵優先事項以加速整個公司的價值創造方面繼續取得重大進展。

My first priority, driving our topline, is grounded in a growing installed base and helping customers realize the full potential of our instruments. In Q1, we shipped an additional 55 NovaSeq X instruments, bringing our total X installed base to more than 400 instruments. This is a solid start of the year, and we expect momentum to continue to build.

我的首要任務是推動我們的營收成長，基礎是不斷增長的安裝基礎並幫助客戶充分發揮我們儀器的潛力。第一季度，我們額外出貨了 55 台 NovaSeq X 儀器，使我們的 X 安裝總數達到 400 多台儀器。這是今年的良好開端，我們預計勢頭將繼續增強。

We also saw promising consumables demand throughout the quarter as our customers continue to scaling their operations and expanding their sequencing projects. With the launch of the 25B reagent kit in Q4 and the 1.5B in Q1, and alongside with the well-received upgrade of the 10B flow cell, we are now providing our customers with the full suite of NovaSeq X products. In Q1, we also made XLEAP-SBS chemistry available to our mid-throughput customers with the launch of our P4 flow cell on the existing NextSeq 1000, 2000 instruments. In the first several weeks post launch, we have received exceptional feedback from customers who are reporting reads that exceed specs for quantity and quality. Customers are positive about the simple migration that's enabled them to run spatial and single-cell projects and they are impressed with the accuracy they see with the DRAGEN onboard.

隨著我們的客戶繼續擴大其營運規模並擴大其定序項目，我們在整個季度中也看到了有希望的耗材需求。隨著第四季度推出 25B 試劑盒和第一季推出 1.5B，以及廣受好評的 10B 流動槽升級版，我們現在為客戶提供全套 NovaSeq X 產品。在第一季度，我們也透過在現有 NextSeq 1000、2000 儀器上推出 P4 流動池，為中通量客戶提供 XLEAP-SBS 化學。在發布後的最初幾週內，我們收到了客戶的特殊回饋，他們報告的讀取數量和品質超出了規格。客戶對簡單的遷移非常滿意，這種遷移使他們能夠運行空間和單細胞項目，並且他們對 DRAGEN 板載的準確性印象深刻。

Illumina continues to pursue strategic partnerships and alliances to drive the entire genomics ecosystem forward. As a recent example, Pillar Biosciences announced FDA approval for its pan-cancer IBD for general tumor profiling on the Illumina MiSeqDx system. We've been partnering with Pillar since 2017 and are excited for this important milestone. Also in the quarter, Bristol Myers Squibb joined our previously announced collaboration with Johnson & Johnson innovative medicine on the development of our multi-cancer whole-genome sequencing-based molecular residual disease assay to better understand disease recurrence. You should expect to see more of these types of activities going forward.

Illumina 繼續尋求策略夥伴關係和聯盟，以推動整個基因組學生態系統向前發展。最近的一個例子是，Pillar Biosciences 宣布 FDA 批准其泛癌 IBD，用於在 Illumina MiSeqDx 系統上進行一般腫瘤分析。我們自 2017 年以來一直與 Pillar 合作，並為這一重要的里程碑感到興奮。同樣在本季度，百時美施貴寶加入了我們先前宣布的與強生創新醫學的合作，開發基於多癌症全基因組測序的分子殘留疾病檢測，以更好地了解疾病復發。您應該期待看到更多此類活動的開展。

Now turning to my second priority. I'm continuing my focus on delivering operational excellence by driving margin improvement through increased productivity while sustaining innovation and growth. It has been my goal to align our organization in a way that best supports our customers' evolving needs. In March, we brought together our marketing and commercial teams under one customer first global function. I'm confident that combining these teams into one global commercial organization will build our agility to better serve customers while delivering more sustained growth and margins over time.

現在轉向我的第二要務。我將繼續致力於透過提高生產力來提高利潤率，同時保持創新和成長，從而實現卓越營運。我的目標是使我們的組織能夠最好地支援客戶不斷變化的需求。三月份，我們將行銷和商業團隊聚集到一個客戶至上的全球職能部門。我相信，將這些團隊合併為一個全球商業組織將增強我們的敏捷性，更好地服務客戶，同時隨著時間的推移實現更持續的成長和利潤。

Additionally, we are focused on driving further improvements throughout our end-to-end supply chain and are taking a disciplined approach to improve our cost structure. In Q1, we implemented new initiatives to adjust pricing across our portfolio to better cover our global operational cost. We also made progress in streamlining our real estate footprint as we exited select facilities in the Bay Area and in San Diego. These actions add to the number of ongoing initiatives that will continue to support our margins and increase further flexibility for investment in high-growth areas.

此外，我們致力於推動整個端到端供應鏈的進一步改進，並採取嚴格的方法來改善我們的成本結構。在第一季度，我們實施了新措施來調整我們產品組合的定價，以更好地涵蓋我們的全球營運成本。隨著我們退出灣區和聖地牙哥的部分設施，我們在精簡房地產足跡方面也取得了進展。這些行動增加了正在進行的舉措的數量，這些舉措將繼續支持我們的利潤並進一步提高高成長領域投資的靈活性。

We are also tightly focused on stabilizing our Greater China business. And in Q1, we brought on Jenny Zheng as Head of region. Jenny has deep expertise in health care and global organization and a strong leadership and execution mindset. He is already proving to be a great leader of our China team and is introducing changes to make our business more in China for China, which will include improving our local manufacturing and partnerships in the region.

我們也密切關注穩定大中華區業務。在第一季度，我們任命 Jenny Cheng 擔任區域負責人。珍妮在醫療保健和全球組織方面擁有深厚的專業知識，並且具有強大的領導力和執行力。他已經被證明是我們中國團隊的傑出領導者，並正在引入變革，使我們的業務更加適合中國，其中包括改善我們在該地區的本地製造和合作夥伴關係。

Moving on to my third priority, which is working to resolve GRAIL as quickly as possible. In April, we reached an important milestone in the divestment process when the European Commission approved our divestment plan for GRAIL. The approved plan contemplates both sales and capital markets options, and we have made progress on both paths, consistent with the European Commission's divestiture. In the event of a capital market transaction, we are required to capitalize GRAIL with approximately $1 billion, reflecting 2.5 years of funding based on GRAIL's long-range plan. The amount includes cash on GRAIL's balance sheet. We are on track to finalize the terms of the transactions by the end of the second quarter. I look forward to having additional updates for you soon.

接下來是我的第三個優先事項，即盡快解決 GRAIL 問題。 4 月份，歐盟委員會批准了我們對 GRAIL 的撤資計劃，這是我們撤資過程中的一個重要里程碑。批准的計劃考慮了銷售和資本市場選擇，我們在這兩條道路上都取得了進展，與歐盟委員會的剝離一致。如果進行資本市場交易，我們需要對 GRAIL 進行約 10 億美元的資本化，這反映了根據 GRAIL 的長期計劃需要 2.5 年的資金。該金額包括 GRAIL 資產負債表上的現金。我們預計在第二季末敲定交易條款。我期待盡快為您提供更多更新。

Overall, I'm encouraged by the progress we have achieved in the quarter and optimistic about delivering on our initiatives here in 2024.

總體而言，我對本季的進展感到鼓舞，並對 2024 年實現我們的舉措感到樂觀。

Now I'll ask Ankur to share more detail on our first quarter results and outlook.

現在我將請 Ankur 分享有關我們第一季業績和前景的更多細節。

Thank you, Jacob, and hello, everyone.

謝謝你，雅各布，大家好。

I'm very excited to join Team Illumina to improve human health by unlocking the power of the genome. I'm passionate about making a positive meaningful impact in health care. I am very familiar with the rule -- the role Illumina has played in establishing and advancing the genomics industry over the last 25 years. Building on that strong foundation, I'm confident we can continue leading, supporting our customers and delivering on the promise of what genomics can do for patients around the globe. I would also like to express my thanks to Joydeep for his support as I transition into my role. It's been a great first 2.5 weeks.

我很高興加入 Illumina 團隊，透過釋放基因組的力量來改善人類健康。我熱衷於對醫療保健產生積極而有意義的影響。我非常熟悉這條規則——Illumina 在過去 25 年裡在建立和推進基因組學產業中所扮演的角色。在此堅實的基礎上，我相信我們能夠繼續領先、支持我們的客戶，並兌現基因組學為全球患者提供幫助的承諾。我還要感謝 Joydeep 在我過渡角色時給予的支持。前 2.5 週過得很好。

I'll start by reviewing our segment results for core Illumina and GRAIL followed by consolidated financial results and then conclude with my remarks on our current outlook for 2024. I will 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 the supplementary data available on our website.

我將首先回顧我們核心 Illumina 和 GRAIL 的部門業績，然後是綜合財務業績，最後以我對 2024 年當前前景的評論作為結束。我鼓勵您查看這些非 GAAP 指標的 GAAP 調整表，您可以在今天的新聞稿和我們網站上提供的補充資料中找到這些調整表。

Starting with our segment financials. Core Illumina first quarter revenue was $1.06 billion, which is down 2% year-on-year, both on a reported and constant currency basis. This revenue performance exceeded our expectations and was primarily driven by 3 areas: first, strong performance in high-throughput consumables; second, timing of revenue from certain strategic partnerships; and third, some customers accelerating delivery of a few NovaSeq X instruments from Q2 into Q1.

從我們的部門財務數據開始。 Core Illumina 第一季營收為 10.6 億美元，以報告和固定匯率計算，年減 2%。這項營收表現超出了我們的預期，主要由三個方面推動：一是高通量耗材表現強勁；其次，某些策略夥伴關係的收入時間安排；第三，一些客戶加快了從第二季到第一季交付一些 NovaSeq X 儀器的速度。

Core Illumina sequencing consumables revenue of $698 million was up 1% year-over-year, primarily due to growth in high throughput. On a sequential basis, NovaSeq X consumables grew in the double digits following the successful launch of the 25B flow cell. Total sequencing GB output on our connected high and mid-throughput instruments grew over 35% year-over-year and grew at a high single-digit rate quarter-over-quarter.

Core Illumina 定序耗材營收為 6.98 億美元，較去年同期成長 1%，主要得益於高通量的成長。在成功推出 25B 流通池後，NovaSeq X 耗材較上月成長了兩位數。我們連接的高通量和中通量儀器的總定序 GB 輸出同比增長超過 35%，並且環比以高單位數增長。

Research and applied activity benefited as transition to the NovaSeq X continues to ramp and 25B adoption grew at large core labs. Clinical activity continued to be driven predominantly by the NovaSeq 6000. As a reminder, we believe this data is a useful reference that shows the general activity trends across our installed base and is directionally correlated with revenue over time.

隨著向 NovaSeq X 的過渡不斷推進以及大型核心實驗室 25B 採用率的增長，研究和應用活動受益匪淺。臨床活動繼續主要由 NovaSeq 6000 推動。

Sequencing instruments revenue for core Illumina of $110 million declined 29% year-over-year in Q1 2024. The year-over-year decline was driven both by one, an expected decline in mid-throughput shipments as capital and cash flow constraints continue to impact purchasing behavior and moderate instrument placements; and second, lower NovaSeq X placements as compared to significant preorder launch-related shipments in the first quarter of 2023.

2024 年第一季度，Illumina 核心定序儀器收入為 1.1 億美元，年減 29%。行為和適度的儀器放置；其次，與 2023 年第一季預購發布相關的大量出貨量相比，NovaSeq X 的投放量較低。

For NovaSeq X, as Jacob noted, we shipped 55 instruments in Q1. Core Illumina sequencing service and other revenue of $151 million was up 27% year-over-year, driven primarily by an increase in revenue from strategic partnerships and hired instrument service contract revenue on a growing installed base.

對於 NovaSeq X，正如 Jacob 所說，我們在第一季出貨了 55 台儀器。 Core Illumina 定序服務和其他收入為 1.51 億美元，年增 27%，這主要是由於戰略合作夥伴關係收入的增加以及安裝基礎不斷增長的租賃儀器服務合約收入的增長。

Moving to the rest of the core Illumina P&L. Core Illumina non-GAAP gross margin of 67.1% for the quarter increased 190 basis points year-over-year, driven primarily by a more favorable mix of sequencing consumables and execution of our operational excellence priorities that delivered cost savings, including freight and improved productivity. This was partially offset by certain strategic partnership revenue that is lower margin and increased warranty and field service costs.

轉到核心 Illumina 損益表的其餘部分。本季 Core Illumina 非 GAAP 毛利率為 67.1%，較去年同期成長 190 個基點，這主要是由於更有利的定序耗材組合以及卓越營運優先事項的執行，從而節省了成本，包括運費和提高的生產力。這部分被某些策略合作夥伴收入所抵消，即利潤率較低以及保固和現場服務成本增加。

Core Illumina non-GAAP operating expenses of $491 million were down $23 million year-over-year primarily due to decreased labor expense as a result of reduced headcount and continued savings from our cost containment initiatives. Core Illumina non-GAAP operating expenses were lower than expected due to timing of project spend shifting from Q1 into Q2 and lower stock-based compensation expense due to onetime reversals. Putting it all together, core Illumina non-GAAP operating margin was 20.6% in Q1 2024 compared to 17.4% in Q1 2023.

Core Illumina 非 GAAP 營運費用為 4.91 億美元，年比減少 2,300 萬美元，主要是由於人員減少以及我們的成本控制舉措持續節省導致勞動力費用減少。 Core Illumina 非 GAAP 營運費用低於預期，原因是專案支出時間從第一季轉移到第二季度，並且由於一次性逆轉導致基於股票的補償費用降低。總而言之，2024 年第一季 Illumina 的核心非 GAAP 營業利潤率為 20.6%，而 2023 年第一季為 17.4%。

Transitioning to financial results for GRAIL. GRAIL revenue of $27 million for the quarter grew 35% year-over-year driven primarily by adoption of Galleri. GRAIL non-GAAP operating expenses totaled $197 million and increased $24 million year-over-year driven primarily by increased headcount to support commercial expansion and research and development.

轉向 GRAIL 的財務表現。 GRAIL 本季營收為 2,700 萬美元，較去年同期成長 35%，這主要得益於 Galleri 的採用。 GRAIL 非 GAAP 營運費用總計 1.97 億美元，年增 2,400 萬美元，主要是由於支持商業擴張和研發的員工人數增加所致。

Moving to consolidated financial results. In the first quarter, consolidated revenue of $1.08 billion was down 1% year-over-year, both on a reported and constant currency basis. Non-GAAP net income was $14 million or $0.09 per diluted share, which included dilution from GRAIL's non-GAAP operating loss of $185 million for the quarter. Non-GAAP EPS exceeded our expectations driven primarily by higher core revenue and lower core operating expenses in the quarter. Our Q1 non-GAAP tax rate was 46.4% compared to 27.3% in Q1 2023, with both periods including a meaningful impact from the consolidations of GRAIL's operating loss, which increased by $21 million year-over-year. Absent the impact of GRAIL, our Q1 2024 and Q1 2023 tax rates were in the mid-20s. Our non-GAAP weighted average diluted share count for the quarter was approximately 159 million.

轉向合併財務表現。第一季綜合營收為 10.8 億美元，以報告營收和固定匯率計算均較去年同期下降 1%。非 GAAP 淨利潤為 1,400 萬美元，即稀釋後每股收益 0.09 美元，包括 GRAIL 本季 1.85 億美元的非 GAAP 營運虧損帶來的稀釋。非公認會計準則每股收益超出了我們的預期，這主要是由於本季核心收入增加和核心營運費用減少。我們第一季的非 GAAP 稅率為 46.4%，而 2023 年第一季為 27.3%，這兩個時期都包括 GRAIL 營運虧損合併帶來的重大影響，該虧損同比增加了 2,100 萬美元。如果沒有 GRAIL 的影響，我們 2024 年第一季和 2023 年第一季的稅率為 20 多歲。本季我們的非 GAAP 加權平均稀釋股票數量約為 1.59 億股。

Moving to consolidated cash flow and balance sheet items for the quarter. Cash flow provided by operations were $77 million. Capital expenditures were $36 million and free cash flow was $41 million, and we did not repurchase any common stock. We ended the quarter with approximately $1.12 billion in cash, cash equivalents and short-term investments.

轉向本季的合併現金流量和資產負債表項目。營運提供的現金流為 7,700 萬美元。資本支出為 3,600 萬美元，自由現金流為 4,100 萬美元，我們沒有回購任何普通股。截至本季末，我們擁有約 11.2 億美元的現金、現金等價物和短期投資。

Moving now to 2024 guidance. As a reminder, Illumina is moving as quickly as possible to resolve GRAIL and the company is focusing its 2024 financial outlook on core Illumina given the uncertainty around the specific timing and impact of the GRAIL divestment. Our guidance does not assume any impact from the potential divestment of GRAIL in 2024. We will provide non-GAAP EPS guidance for 2024 upon completion of the divestment.

現在轉向 2024 年指導。需要提醒的是，鑑於 GRAIL 撤資的具體時間和影響存在不確定性，Illumina 正在盡快採取行動解決 GRAIL 問題，並且該公司將 2024 年的財務前景重點放在核心 Illumina 上。我們的指引並未假設 2024 年 GRAIL 潛在撤資帶來的任何影響。

We are encouraged by our results in Q1 that came in ahead of our expectations both for topline and margins. We've also seen the seasonal rebuild of our total performance obligations or backlog, which increased more than 20% from the end of Q4. At the same time, we're not -- still not seeing any significant improvement in the macroeconomic environment or our business in China, and we are monitoring the impact of a strengthening U.S. dollar. While we are seeing early strength in consumables to start the year, it's being offset by capital constraints that are continuing to weigh on instrument purchases.

我們對第一季的業績感到鼓舞，其營收和利潤率都超出了我們的預期。我們也看到了總履約義務或積壓訂單的季節性重建，較第四季末增加了 20% 以上。同時，我們仍然沒有看到宏觀經濟環境或我們在中國的業務有任何重大改善，我們正在監測美元走強的影響。雖然我們看到年初消耗品的強勁勢頭，但它被持續影響儀器購買的資本限制所抵消。

As such, we are reiterating our full year 2024 core Illumina revenue guidance of approximately flat from 2023 and non-GAAP operating margin of approximately 20%. Our operating margin expectations continue to reflect the benefit of gross margin improvement and disciplined management of our expenses, including reduced headcount, offset by normalization of our performance-based compensation as well as the impacts of inflation.

因此，我們重申 2024 年全年 Illumina 核心收入指引與 2023 年基本持平，非 GAAP 營運利潤率約為 20%。我們的營業利潤率預期繼續反映毛利率改善和嚴格的費用管理的好處，包括減少員工人數，但被我們基於績效的薪酬正常化以及通貨膨脹的影響所抵消。

For the second quarter of 2024, we expect core Illumina revenue in the range of $1.072 billion to $1.084 billion, reflecting a year-over-year decline of 6.5 to 7.5 percentage points. The year-over-year decline is predominantly because of the lower NovaSeq X instrument shipments given the significant backlog we worked through early last year following the launch. At the midpoint, this guidance reflects a $22 million sequential increase from Q1 of 2024.

2024年第二季度，我們預期Illumina核心營收在10.72億美元至10.84億美元之間，年減6.5至7.5個百分點。年比下降的主要原因是 NovaSeq X 儀器出貨量較低，因為我們在去年初推出後積壓了大量訂單。在中點，該指導反映了自 2024 年第一季以來連續增加 2,200 萬美元。

For the second quarter, we expect core Illumina non-GAAP operating margin of approximately 18%, resulting from a seasonal step-up in operating expenses in Q2 compared to Q1 primarily due to an increase in stock-based compensation expenses from the timing of equity grants. We also expect an increase due to some project spending shifting into Q2 from Q1.

對於第二季度，我們預計Illumina 核心非GAAP 營運利潤率約為18%，這是由於與第一季相比，第二季度營運費用出現季節性上升，這主要是由於股權時機帶來的基於股票的薪酬費用的增加補助金。我們也預計，由於一些項目支出從第一季轉移到第二季度，支出將會增加。

With that, I will now turn it back over to Jacob for his closing remarks. Thank you.

現在，我將把它轉回給雅各布，讓他作結束語。謝謝。

Thanks, Ankur.

謝謝，安庫爾。

Before we close and move to Q&A, I would like to comment on our upcoming strategy update event. Illumina's leadership team has been reexamining our strategy, the road map and initiatives for achieving it and the profitable growth we believe it can produce. Our strategy will continue to play to Illumina's strength of building the genomics ecosystem and maintaining a tight customer focus in an increasingly competitive space.

在我們結束並進行問答之前，我想對我們即將舉行的策略更新活動發表評論。 Illumina 的領導團隊一直在重新審視我們的策略、路線圖和實現該策略的舉措以及我們相信它可以帶來的獲利成長。我們的策略將繼續發揮 Illumina 在建立基因組學生態系統方面的優勢，並在競爭日益激烈的領域中保持對客戶的嚴格關注。

Central to this is our goal of making customers the heroes in their labs. In every customer meeting, we are listening intently to understand what they need to unleash the full power of their Illumina instruments and making their priorities the core of our strategy. You will see us continue to develop more sample-to-answer solutions to enable the genomics and multiomics ecosystems. We'll maintain our open platform approach and continue to drive the innovation that our customers need to succeed and for which Illumina is known.

我們的核心目標是讓客戶成為實驗室的英雄。在每次客戶會議上，我們都會認真傾聽，了解他們需要什麼來充分發揮 Illumina 儀器的能力，並將他們的優先事項作為我們策略的核心。您將看到我們繼續開發更多從樣本到答案的解決方案，以實現基因組學和多組學生態系統。我們將維持我們的開放平台方法，並繼續推動客戶成功所需的創新，而 Illumina 也因此而聞名。

Illumina has long been the standard in NGS. Our strategic hands-on support for customers globally, our deep experience and expertise across multiple research and clinical markets and our decade-long technology road map position us well to continuing leading the industry and enabling our customers to improve human health. I am excited to announce that we will be sharing our comprehensive strategy work with you during a virtual event in the fall of this year. We will have more information in the coming months. Thank you for joining.

Illumina 長期以來一直是 NGS 的標準。我們為全球客戶提供策略性的實踐支援、我們在多個研究和臨床市場的豐富經驗和專業知識以及我們長達十年的技術路線圖，使我們能夠繼續引領行業並幫助我們的客戶改善人類健康。我很高興地宣布，我們將在今年秋季的虛擬活動中與您分享我們的全面策略工作。我們將在未來幾個月內獲得更多資訊。感謝您的加入。

I'll now invite Ankur and Joydeep to join me for Q&A.

現在我將邀請 Ankur 和 Joydeep 加入我進行問答。

(Operator Instructions) Our first question comes from the line of Doug Schenkel with Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Doug Schenkel。

Jacob, I want to start with a high level on that kind of builds off of the announcement you just made and then I want to ask a specific cleanup question on the quarter. So first, it's hard to believe, but we're now just over, I think it's 8 months into your tenure as CEO of the company. From the outside, we see the changes you are starting to make to leadership, to the broader organization and in moving towards a resolution on GRAIL.

雅各布，我想從您剛剛發布的公告的高層次開始，然後我想問一個有關本季度的具體清理問題。首先，很難相信，但我們現在剛剛結束，我認為您擔任公司執行長已經 8 個月了。從外部來看，我們看到你們開始對領導階層、更廣泛的組織以及朝著關於 GRAIL 的決議做出的改變。

That said, there continues to be a lot of uncertainty about things like, first, I'd say, your view on Illumina's long-term growth profile especially given uncertainty about the competitive landscape and the outlook for market elasticity? Secondly, what are reasonable operational targets? And then thirdly, ultimately, whether the company as we sit here today, is positioned to play offense. Would you be willing to share at least a little bit more today about where you are in the process of moving from data gathering and business assessment to maybe putting some stakes in the ground regarding the medium and long-term outlook for the company from a growth and operating margin standpoint?

也就是說，仍然存在許多不確定性，首先，我想說的是，您對 Illumina 長期成長狀況的看法，特別是考慮到競爭格局和市場彈性前景的不確定性？其次，什麼是合理的營運目標？第三，最終，我們今天坐在這裡的公司是否處於進攻的位置。您今天是否願意至少多分享一點關於您從數據收集和業務評估轉向可能在公司中長期前景方面投入一些股份的過程中的進展情況和營業利潤率的觀點？

And I know that was a lot, but let me sneak in the mathematical follow-up question on the quarter. It seems like high throughput sequencing consumable revenue grew low to mid-teens. Is that right? And if so, what does that tell you about evolving competitive dynamics and questions regarding elasticity?

我知道這很多，但讓我偷偷介紹一下本季的數學後續問題。高通量定序耗材的收入似乎成長到了十幾歲左右。是對的嗎？如果是這樣，這對不斷變化的競爭動態和有關彈性的問題有何啟示？

Well, Doug, thank you very much. That was a long question, and I think also a happy birthday to you. So I'll do my best here to answer the first question. And I think actually, I'm just a little bit over 7 months into my tenure. So maybe I should have another month before we really ask this question. But definitely, I'm spending -- I continue to spend a lot of time with our customers, with our employees. I'm excited every time I go and walk over in the R&D building and uncover new innovations that we are doing. There's a lot going on in this company.

嗯，道格，非常感謝你。這是一個很長的問題，我想也祝你生日快樂。所以我會在這裡盡力回答第一個問題。我認為實際上，我的任期才剛剛過去 7 個多月。所以也許我應該再等一個月才能真正問這個問題。但毫無疑問，我正在花費——我繼續花很多時間與我們的客戶、與我們的員工在一起。每次我走進研發大樓並發現我們正在做的新創新時，我都很興奮。這家公司發生了很多事。

In the meantime, we are also spending a lot of energy on looking into, of course, where -- how are we -- in what direction are we putting Illumina going forward. And I think we covered a little bit that in my prepared remarks is that we see a lot of opportunities in both in genomics, but now with the X coming out there, and we see a lot of elasticity in that area already with many customers are using that to go into single cell into spatial and doing bigger and bigger program and deeper and deeper analysis.

當然，與此同時，我們也花費了大量的精力來研究我們正在將 Illumina 向前推進到什麼地方——我們進展如何——朝什麼方向發展。我認為我們在我準備好的發言中談到了一點，那就是我們在基因組學領域看到了很多機會，但現在隨著 X 的出現，我們看到該領域已經有很多彈性，許多客戶都在使用它進入單細胞空間並進行越來越大的程序和越來越深入的分析。

This is not something that is in the future. It's already happening now. But obviously, at the same time, we running through that change in price point. And of course, we expect to see elasticity to really help us here over the next period of time. So while I'm not ready to share with you where we would go from an overall growth perspective, long range, I can guarantee you that we still are optimistic about the growth of Illumina going forward.

這不是未來的事。現在已經發生了。但顯然，同時，我們也經歷了價格點的變動。當然，我們希望看到彈性在接下來的一段時間內真正幫助我們。因此，雖然我還沒有準備好與您分享從整體成長角度來看我們將走向何方，但我可以向您保證，我們仍然對 Illumina 未來的成長持樂觀態度。

Secondly, as I think you saw here in Q1, we are highly dedicated to continue to expand our margins. And I'm really pleased with what all the work we're into with the team here and how we saw the gross margin expansion here for the quarter. So I think that's just an evidence on what we are committed to do to continue to drive up. And I don't think there's anything that holds us back to drive up margins over the next period of time to where we have been at historic levels.

其次，正如我認為您在第一季看到的那樣，我們非常致力於繼續擴大我們的利潤率。我對我們與團隊所做的所有工作以及我們如何看到本季毛利率的擴張感到非常滿意。所以我認為這只是我們致力於繼續推動成長的證據。我認為沒有任何事情可以阻止我們在未來一段時間內將利潤率提高到歷史水平。

But then again, I do want to wait a little more to have everything lined up from a strategic point of view and thereby also our growth algorithm and our cost structure algorithm to really go out and share the details. But fundamentally, I truly believe that Illumina has a great opportunity of being and continuing to what we have done in the last decade of leading the genomics industry, being in the middle of the ecosystem, really go out there and support our customers.

但話又說回來，我確實想再等一會兒，讓一切從戰略角度排列起來，從而使我們的成長演算法和成本結構演算法真正走出去並分享細節。但從根本上說，我堅信 Illumina 有很好的機會繼續我們在過去十年中所做的事情，引領基因組學行業，處於生態系統的中間，真正走出去並支持我們的客戶。

But now in the future, where the customer expectations are different from what they have been in the past to really focus on end-to-end workflows, but also new innovations into the multiomic space that we're highly committed to.

但在未來，客戶的期望與過去不同，他們真正專注於端到端工作流程，但也關注我們高度致力於的多組學領域的新創新。

So that was where I'm right now. I think then maybe yes, on -- Joydeep can help us a little bit on the consumable question.

這就是我現在的處境。我想也許是的，Joydeep 可以在消耗品問題上為我們提供一些幫助。

Yes. Look, I think and happy birthday again, Doug. On consumables, we, as expected, saw strong growth with X consumables, and we saw X consumable revenues offset our growth in X consumables revenues offset the decline in -- the expected decline in 6K consumers, right? So that's a good piece. We also are seeing very strong sequencing activity growth driven by X and X customers, right? So this is a really positive thing, and it underpins a lot of what Jacob talked about in terms of new applications or expanded applications in clinical and in research, right? So we're excited about that, and we expect that to continue as the 25B flow cell gets more adopted and more used in regular activities at our customers.

是的。聽著，我想，再次生日快樂，道格。在消耗品方面，正如預期的那樣，我們看到 X 消耗品的強勁增長，我們看到 X 消耗品收入抵消了 X 消耗品收入的增長抵消了 6K 消費者的預期下降，對吧？所以這是一個好作品。我們也看到 X 和 X 客戶推動的定序活動成長非常強勁，對嗎？所以這是一件非常積極的事情，它支撐了雅各在臨床和研究中的新應用或擴展應用方面談到的許多內容，對嗎？因此，我們對此感到興奮，並且隨著 25B 流通池在我們客戶的日常活動中得到更多採用和更多使用，我們希望這種情況能夠繼續下去。

Your next question comes from the line of Puneet Souda with Leerink Partners.

您的下一個問題來自 Puneet Souda 和 Leerink Partners 的電話。

Let me focus a bit on the mid-throughput segment. I just want to understand, can you provide us what was the growth in that mid-throughput segment for both consumables and more importantly, instrumentation. There's -- there are increasingly more questions as customers and the core labs that don't necessarily have an X or a 6K are taking on a competitor system because it's lower price -- I mean lower cost per gigabase almost half of what XLEAP is an the NextSeq. So just wondering, can you elaborate a bit more on what's happening in that segment? And how do you address that?

讓我專注於中吞吐量部分。我只是想了解，您能否向我們提供耗材以及更重要的是儀器儀表的中吞吐量部分的增長情況。隨著客戶和不一定擁有 X 或 6K 的核心實驗室正在採用競爭對手的系統，因為它的價格更低，問題越來越多，我的意思是每 GB 的成本更低，幾乎是 XLEAP 的一半下一個序列。所以只是想知道，您能否詳細說明一下該領域正在發生的事情？你如何解決這個問題？

Yes. Thanks for that, Puneet. I think as a starting point, we are not providing details on the growth on mid-throughput segment. But let me just try to address some of your questions anyway, is that we, of course, are very committed to the mid throughput, and I'm really excited with the X's chemistry now coming out on the 1K, 2K. It's only been a few weeks out there, but we have seen, as I mentioned also before, tremendous excitement from our customers that this doesn't need a new instrument, you can pretty much with a software upgrade, you can add -- you can use the new flow cells that you can get higher quality scores, you can get more capacity and you can also, of course, with a low price point.

是的。謝謝你，普尼特。我認為作為一個起點，我們沒有提供有關中吞吐量細分市場成長的詳細資訊。但無論如何，讓我嘗試解決你們的一些問題，當然，我們非常致力於中等吞吐量，而且我對 X 的化學反應現在在 1K、2K 上出現感到非常興奮。雖然才推出幾週，但正如我之前提到的，我們的客戶對此感到非常興奮，因為這不需要新儀器，您幾乎可以透過軟體升級來實現，您可以添加 - 您可以使用新的流通池，您可以獲得更高的品質分數，可以獲得更大的容量，當然，您也可以以較低的價格點。

So a lot of our customers are super excited about that, and it really makes us highly competitive in that space. That said, you're right, there's competition. And by the way, we take competition very seriously in our whole segments, but mid-throughput is clearly where there's more activity -- competitive activities than maybe other spaces. We are seeing that mostly in China still. But in rest of world, there is also that. But we will continue to innovate in this space. I think the XLEAP as I mentioned, was a good step in that direction. But it's an area we will continue to compete in. And also, we expect to fight for every market share points out there.

因此，我們的許多客戶對此感到非常興奮，這確實使我們在該領域具有高度競爭力。也就是說，你是對的，有競爭。順便說一句，我們非常重視整個細分市場的競爭，但中吞吐量顯然是比其他領域有更多活動的地方——競爭活動。我們仍然在中國看到這種情況。但在世界其他地方，也存在這種情況。但我們將繼續在這個領域進行創新。我認為正如我所提到的，XLEAP 是朝著這個方向邁出的良好一步。但這是我們將繼續競爭的領域。

Maybe to add, right, so 2 things. We continue to see consumables growth. So elasticity in that mid-throughput segment. So that's one. And two, we had, as we had told you when we said our budget for the year. We had already anticipated a certain level of competition and what we are seeing in the market is in line with what we had expected. And again, I want to emphasize that some of the forecast that we have given from that throughput accounted for the macroeconomic headwinds that we had expected to see going through this year, and we -- actually, those have come to bear, right? So Again, it's in line with what we had told you.

也許要補充一下，對吧，所以有兩件事。我們繼續看到消耗品的成長。中等吞吐量部分具有彈性。這就是其中之一。第二，我們有，正如我們在製定今年的預算時告訴你的。我們已經預料到一定程度的競爭，我們在市場上看到的情況也符合我們的預期。我想再次強調，我們根據吞吐量做出的一些預測考慮到了我們預計今年會經歷的宏觀經濟逆風，而我們——實際上，這些已經發生了，對嗎？再次強調，這與我們告訴您的一致。

Your next question comes from the line of Vijay Kumar with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Vijay Kumar。

Ankur, welcome. I guess my first question is -- my first question is on the guidance here. And Jacob, maybe you can chime in on this, right? So sequentially, core revenues are up by about $30 million-ish. Is that all being driven by consumables. I think you mentioned you saw improving consumable pull-through on the X throughout the quarter as the quarter progressed. So maybe some color on what the exit rate is and where is that increase coming from?

安庫爾，歡迎。我想我的第一個問題是——我的第一個問題是關於這裡的指導。雅各布，也許你可以插話一下，對吧？因此，核心收入連續增加了約 3,000 萬美元左右。這一切都是由消耗品驅動的嗎？我想您提到您看到隨著本季的進展，整個季度 X 的消耗品牽引能力有所改善。那麼，也許對退出率是多少以及退出率的增長來自哪裡有一些了解？

Yes. I think Ankur can certainly also chime in here, but we saw actually strength throughout the quarter. There was nothing of this being the last few weeks of the quarter. But we continue to see customers adopt the X consumables now where we have a full portfolio about the 25B, the 10B and the 1.5B. We see a lot of more applications coming onboard from our customers. So it has really been truly by the X as Joydeep also was talking about before that we have seen improvement.

是的。我認為安庫爾當然也可以在這裡插話，但我們在整個季度都看到了實際的實力。在本季度的最後幾週，沒有出現任何此類情況。但我們繼續看到客戶採用 X 耗材，現在我們擁有有關 25B、10B 和 1.5B 的完整產品組合。我們看到客戶提供了更多的應用程式。因此，正如 Joydeep 之前所說的那樣，X 確實做到了這一點，我們已經看到了改進。

Besides that, we have also -- so the beat was very nice on the consumables. But we've also seen our BD revenue growth. We have seen some partnerships that has been accelerated. And we're just excited about that because it's a big part of our strategy also to continue to develop together with our partners. So that was also part of our performance.

除此之外，我們還——所以消耗品的節拍非常好。但我們也看到了 BD 收入的成長。我們看到一些夥伴關係正在加速發展。我們對此感到很興奮，因為這也是我們策略的重要組成部分，也是我們繼續與合作夥伴共同發展的一部分。所以這也是我們表演的一部分。

Ankur, you have more comments?

安庫爾，您還有更多意見嗎？

Yes. I think thanks that was well covered. The only thing I would add specifically that the sequential increase in business that we are forecasting and building the guidance comes both from instruments and consumables. So expecting both of that positive trend to continue here.

是的。我想謝謝，這已經涵蓋得很好了。我唯一要特別補充的是，我們預測和製定指南的業務連續成長來自儀器和消耗品。因此，預計這種積極趨勢將持續下去。

Your next question comes from the line of Dan Brennan with TD Cowen.

你的下一個問題來自 Dan Brennan 和 TD Cowen 的對話。

Ankur, welcome aboard. Maybe just a question on multiomics and some of the new products that, Jacob, you've been talking about, and it's been kind of in the Illumina proxy as well. Can you just give us some color maybe start with maybe the SomaLogic kind of partnerships? Is that the multiomic excitement that you're expressing. And then any other color you could provide about like sample-to-answer and some of the newer areas that you're looking to explore timing-wise, when do you think we'll get an update on that? Will it be on Investor Day? Or just how do we think about potential opportunity for Illumina?

安庫爾，歡迎登機。也許只是關於多組學和一些新產品的問題，Jacob，你一直在談論，這也在 Illumina 代理中有所體現。您能否給我們一些啟發，也許可以從 SomaLogic 類型的合作夥伴關係開始？這就是你所表達的多元組學興奮嗎？然後，您可以提供任何其他顏色，例如樣本到答案以及您希望按時間探索的一些較新領域，您認為我們什麼時候會得到更新？會在投資者日嗎？或者我們如何看待 Illumina 的潛在機會？

Yes, for sure. Thanks, Dan. And you're absolutely right. I mean, overall, I'm excited about the way that sequences can play in multiomics. And I'm excited about what -- how we can help also partners and customers stimulate that market. And that goes for all the multiomic spaces, if you look into them. But of course, we are -- if you just look short term here, we're, of course, very excited about our relationship with SomaLogic and where we can go with the proteomics. We are still in early access.

是肯定的。謝謝，丹。你是完全正確的。我的意思是，總的來說，我對序列在多組學中發揮作用的方式感到興奮。我對我們如何幫助合作夥伴和客戶刺激該市場感到興奮。如果你研究所有的多組學空間，這都適用。但當然，如果你只看短期，我們當然對我們與 SomaLogic 的關係以及我們在蛋白質體學方面的發展感到非常興奮。我們仍處於搶先體驗階段。

So '24 will be the year where we are going out with a few handfuls of customers and really going in and make sure we truly understand the power but already the feedback from customers so far has been very positive on that. So I'm certainly excited about that. But we will continue to look into options for us to play even stronger into multiomics going forward across all the opportunities there, both organically, but of course, also together with our partners out there.

因此，24 年我們將與少數客戶一起出去，並真正深入並確保我們真正了解其威力，但迄今為止客戶的反饋對此非常積極。所以我對此當然感到興奮。但我們將繼續尋找各種選擇，以便我們在多組學方面發揮更大的作用，抓住那裡的所有機會，既是有機的，也是與我們的合作夥伴一起。

If you look into end-to-end workflows, I think that's really a great opportunity, as I mentioned also before, that I see customers obviously, are looking for the best technology, but they're also looking for ease of use. That is not only about the sequence itself, but sample-to-answer. And the more we can automate, the more we can simplify both from, of course, sample prep, but of course, also from informatics, I think we can really make sure that our customers can spend the time on where they can create most value. So we'll speak more about that, as you mentioned also in our strategy update. And I think Illumina has a great opportunity to cover whole workflows and create great applications for our customers.

如果您研究端到端工作流程，我認為這確實是一個很好的機會，正如我之前提到的，我顯然看到客戶正在尋找最好的技術，但他們也在尋找易用性。這不僅與序列本身有關，也與樣本到答案有關。我們自動化程度越高，我們就越能簡化樣品準備和資訊學方面的工作，我認為我們確實可以確保我們的客戶可以將時間花在他們可以創造最大價值的地方。因此，我們將更多地討論這一點，正如您在我們的策略更新中也提到的那樣。我認為 Illumina 有一個很好的機會來涵蓋整個工作流程並為我們的客戶創建出色的應用程式。

Your next question comes from the line of Daniel Arias with Stifel.

你的下一個問題來自 Daniel Arias 和 Stifel 的對話。

This is Paul on for Dan. I think just one from us. In terms of POPSEQ, could we get some commentary on that? It seems like all of us has seen some budget pressure. There's been some news flow there with recent cuts. Does that create any risk to the consumables forecast for the year? And maybe on the flip side, in Europe with genome of Europe, there's been some chatter about that picking up? Is that something you could see increased activity in 2025 that would be meaningful?

這是保羅代替丹。我想我們只有其中一個。就 POPSEQ 而言，我們能得到一些評論嗎？似乎我們所有人都感受到了一些預算壓力。最近有一些關於裁員的消息。這是否會為今年的消耗品預測帶來任何風險？也許另一方面，在歐洲，有歐洲基因組，有一些關於這種情況的討論？您認為 2025 年活動增加是否有意義？

I think overall, we have -- if you look at the longer run, we are -- long horizon or midterm horizon. I'm very excited about the PopGen -- not only for PopGen but what it really constitute in terms of (inaudible) really looking into big genomic studies to -- in the end to implement into the health care system. And we have more than 30 programs ongoing right now, and we have at least the same number in the funnel for opportunities for the future. But we're not banking on any one individual program.

我認為總的來說，如果你從長遠來看，我們有長期或中期的視野。我對 PopGen 感到非常興奮——不僅是 PopGen，而且它在（聽不清）真正研究大型基因組研究方面的真正構成——最終落實到醫療保健系統中。我們目前正在進行 30 多個項目，並且我們在未來機會的漏斗中至少有相同數量的項目。但我們並不指望任何一項單獨的計劃。

So it's clear with these big programs, where you have sovereigns have to make the systems and budgets and so on that there's a little bit puts and takes in that. And thereby, we are not really budgeting and building our budgets based on individual programs. So I don't foresee that any of them are making a big impact on our either '24, '25 opportunity. But obviously, we are doing our best to stimulate the market out there.

因此，很明顯，在這些大型計畫中，主權國家必須制定係統和預算等等，其中有一些投入和投入。因此，我們並沒有真正根據各個項目制定預算和預算。因此，我預計它們中的任何一個都不會對我們 24 年或 25 年的機會產生重大影響。但顯然，我們正在盡最大努力刺激市場。

Your next question comes from the line of David Westenberg with Piper Sandler.

你的下一個問題來自大衛·韋斯特伯格（David Westenberg）和派珀·桑德勒（Piper Sandler）的對話。

So I just want to start with the continuation of Puneet's question on the mid-throughput side. How has XLEAP helped maybe in that mid-throughput -- or how do you anticipate it helping it. And Joydeep, I think you mentioned some -- there is some elasticity there. I think there, it's a little bit less clear in the X department, you definitely see the whole genome from , you see a lot more single cell kind of stuff. Can you just reiterate some of that elasticity and how to prevent that from being a race to the bottom, just given that the -- as you mentioned, the competitor is using price there?

所以我只想從普尼特關於中吞吐量方面的問題開始。 XLEAP 在中等吞吐量方面有何幫助？ Joydeep，我想你提到了一些——那裡有一些彈性。我認為，X 部門的情況不太清楚，你肯定會看到整個基因組，你會看到更多單細胞類型的東西。您能否重申一下這種彈性，以及如何防止逐底競爭，正如您所提到的，競爭對手正在使用價格？

And then on the high throughput side, you did say that you expect the order rate momentum to build. Is that based on actual orders in the book? Is it and very late in the cycle orders or it's just anticipation of budgets? I mean, any way you can walk us through how -- make us a little more clear on that?

然後在高吞吐量方面，您確實說過您預計訂單率動能將會增強。這是根據書中的實際訂單嗎？是訂單週期很晚還是只是預算預期？我的意思是，您可以透過什麼方式引導我們——讓我們更清楚地了解這一點？

Yes. No, thanks. Let me try to give a little more color on the mid-throughput is that we're actually seeing with -- XLEAP's chemistry is -- as I said, there's really 3 dimension to it is high quality of sequencing, but it's also higher capacity with a lower cost. So it really gives customers an opportunity to do more with the sequences. And thereby, we also see that there are customers that were looking to maybe go into single cell or even spatial that they felt they couldn't afford or they couldn't do on -- with the capacities or with the cost positioning that was previously that now opens up for that space.

是的。不，謝謝。讓我嘗試對中通量進行更多說明，我們實際上看到的是- XLEAP 的化學性質- 正如我所說，它確實具有3 個維度，即高質量的測序，但它也具有更高的容量以較低的成本。因此，它確實為客戶提供了對序列進行更多操作的機會。因此，我們也看到，有些客戶希望進入單細胞甚至空間，他們認為自己買不起或無法使用先前的容量或成本定位現在為該空間打開了。

So I think we are seeing again an elasticity game that will play out over the next period of time. I think in the end, customers are really looking to work with innovators here in the field. And they -- I think XLEAP chemistry is just another example that we continue to innovate in all our segments. And so while it is an environment right now that's also been impacted by the macro, I actually am pretty excited about what the XLEAP chemistry will do for us over the next period of time and what new applications it will bring on also in the mid throughput. As you mentioned, there are a lot of things going on in high throughput also but we see some of the same things happening in mid throughput.

因此，我認為我們將再次看到一場彈性遊戲，並將在接下來的一段時間內上演。我認為最終，客戶確實希望與該領域的創新者合作。我認為 XLEAP 化學只是我們在所有領域繼續創新的另一個例子。因此，雖然現在的環境也受到宏觀因素的影響，但我實際上對 XLEAP 化學物質在未來一段時間內將為我們帶來的好處以及它將在中等吞吐量中帶來哪些新應用感到非常興奮。正如您所提到的，在高吞吐量中也會發生很多事情，但我們看到在中等吞吐量中也發生了一些相同的事情。

Yes. I think I think just to comment on and add to what Jacob has said, right? XLEAP, remember, was a way for us to help our customers use the same instruments that are already out in the field and with a simple software change, right, they basically can get increased output, better accuracy, better performance. And I think we saw that come through very clearly with our launch in Q1. I want to emphasize too, right? You're seeing the elasticity and really immediately in the research domain, right, where a lot of what Jacob was talking about in terms of multiomics, single cell, spatial things do tend to get performed first on the research side on mid-throughput.

是的。我想我只是想對雅各布所說的內容進行評論和補充，對吧？請記住，XLEAP 是我們幫助客戶使用已在現場使用的相同儀器的一種方法，只需進行簡單的軟體更改，對吧，他們基本上可以獲得更高的輸出、更好的精度和更好的性能。我認為我們在第一季的推出中就非常清楚地看到了這一點。我也想強調一下，對吧？你會立即在研究領域看到彈性，對吧，雅各在多組學、單細胞、空間事物方面談論的很多內容確實往往首先在中等通量的研究方面進行。

We are also continuing to see that we can maintain, because of our innovation and our technical superiority, a price premium over what others are offering in the market, right? So we're seeing a lot of that continue, and we are encouraged by that. The macroeconomic pieces are there, but they will end at some point, and we do expect that at that point, some of the cash constraints that our customers are facing will lift.

我們也繼續看到，由於我們的創新和技術優勢，我們可以保持比市場上其他產品更高的價格，對吧？因此，我們看到很多這樣的事情仍在繼續，我們對此感到鼓舞。宏觀經濟因素已經存在，但它們將在某個時候結束，我們確實預計到那時，我們的客戶面臨的一些現金限制將會解除。

Yes. And then I think you had the question about how orders on the X. And I would say, first of all, the -- we've seen the X orders being up year-over-year. So we're certainly encouraged by that. And as you know also know that we actually expect that we will have improvements during the -- momentum during the year. So at this point, we are just expecting this to look better. And especially since we have a lot of customers that bought one or maybe 2 Xs have done validation work on that. And we are starting to see these multiple orders coming in now up to 10 instruments at a time. So I think you will see that momentum go through the year also.

是的。然後我想你有關於 X 訂單如何的問題。所以我們當然對此感到鼓舞。如您所知，我們實際上預計我們將在這一年的勢頭中取得進步。所以在這一點上，我們只是期待它看起來更好。特別是因為我們有很多購買了一台或兩台 X 的客戶已經對此進行了驗證工作。我們開始看到現在一次最多有 10 個工具收到這些多個訂單。所以我認為你也會看到這股勢頭貫穿這一年。

But Dave, this is not based on some magic new budget thing, right? We as -- just to reiterate, we have expected to see the macroeconomic conditions continue as they are right now.

但是戴夫，這不是基於一些神奇的新預算，對吧？我們重申，我們預期宏觀經濟狀況將繼續保持目前的狀態。

Your next question comes from the line of Subbu Nambi with Guggenheim.

你的下一個問題來自 Subbu Nambi 與古根漢的合作。

You reiterated guidance for the core sequencing revenue growth this year. And I apologize if I missed it, but do you still expect the mix of consumables and instruments to be the same? Or is the expected trajectory now or a bit different?

您重申了今年核心定序收入成長的指導。如果我錯過了，我很抱歉，但是你仍然期望消耗品和儀器的組合是一樣的嗎？或者現在的預期軌跡是否有所不同？

Yes. Great question. This is Ankur. So you're right. We reiterated our guidance for the full year, both for revenue as well as for the operating margin. Actually, we're off to a great start for the year as well with the Q1 performance, certainly looking at that derisking the performance a little bit. Now overall, we'll be confirming our guidance. So the construct is still there. The -- and you've seen the Q1 performance.

是的。很好的問題。這是安庫爾。所以你是對的。我們重申了全年的收入和營業利潤率指引。事實上，我們今年也有了一個好的開端，第一季的表現也很好，當然會考慮到這會稍微降低表現的風險。現在總的來說，我們將確認我們的指導。所以結構仍然存在。您已經看到了第一季的表現。

Just to add a little bit more color there, if you think from a half 1, half 2 perspective, et cetera, our instrument growth rates given how the shipments of X were last year, those growth rates have a variability during the year between half and in half 2, although consumables as they're starting now should have a more steady kind of profile.

只是為了增加一點色彩，如果您從一半 1、一半 2 等角度考慮，考慮到去年 X 的出貨量，我們的儀器增長率在一年中會有所變化。的消耗品應該具有更穩定的特性。

Now we saw good pricing. We've seen good pull-through during the quarter as well. So as of now, we're just reiterating the overall guidance for the year.

現在我們看到了很好的定價。我們在本季度也看到了良好的拉動。因此，到目前為止，我們只是重申今年的整體指導。

Your next question comes from the line of Sung Ji Nam with Scotiabank.

你的下一個問題來自豐業銀行 Sung Ji Nam 的電話。

And also welcome to Ankur and congrats, and thank you to Joydeep. Just a quick one on the status of the jurisdictional appeal in Europe and whether the resolution of that -- the timing of that, if it doesn't happen before the end of 2Q, would you still be providing your final terms of the divestiture?

也歡迎來到 Ankur，恭喜你，謝謝 Joydeep。簡單介紹一下歐洲管轄權上訴的狀況，以及該問題的解決方案——如果在第二季末之前沒有解決，您是否還會提供最終的剝離條款？

Yes. So thanks for that. And overall, as you know, we are moving forward with GRAIL as fast as we can, and we have committed to provide of course, insight here by end of Q2. And I would say at this point, there's nothing, no information, nothing that holds us back from that. So -- we don't know when the ECJ information is coming. And as I said, we're not waiting for it. If it comes before Q2, it really doesn't change the timeline, end of Q2.

是的。所以謝謝你。總的來說，如您所知，我們正在盡快推進 GRAIL，並且我們承諾在第二季末之前提供當然的見解。我想說，在這一點上，沒有任何東西、任何資訊、任何東西可以阻止我們這樣做。所以——我們不知道歐洲法院的訊息何時到來。正如我所說，我們不會等待它。如果它發生在第二季之前，它實際上不會改變第二季結束的時間線。

Your next question comes from the line of Tejas Savant with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Tejas Savant。

Just a few cleanups on the high-throughput side things, Jacob, if I may. So on the 25B flow cell, it sounds like you're getting really good traction there. Can you give us an update on that 40% number you provided in the past and X customers who adopted 25B? Where is that number today?

如果可以的話，雅各布，只是對高吞吐量方面的一些清理工作。因此，在 25B 流通池上，聽起來您在那裡獲得了非常好的牽引力。您能否向我們介紹您過去提供的 40% 數字以及採用 25B 的 X 客戶的最新情況？今天這個號碼在哪裡？

Second, any update on where high clinical customers are in their X validation process? Any metrics you could share? Or should we think of the production workflows and clinical ramping is mainly a 2025 dynamic?

其次，高臨床客戶在 X 驗證過程中的進展有何更新？您可以分享任何指標嗎？或者我們應該認為生產工作流程和臨床升級主要是 2025 年的動態？

And then last one, just on excess high throughput capacity. That's a dynamic that comes up every once in a while. Is that starting to weigh on customer purchase decisions for these high throughput customers at all? You've got Ultima launching as well here. So just curious as to the macro headwinds versus the digestion of that high throughput capacity that's been added given the NovaSeq X and the 25B launch but also the competition?

最後一項，就是關於過剩的高吞吐能力。這是一種每隔一段時間就會出現的動態。這是否開始影響這些高吞吐量客戶的購買決策？ Ultima 也已在這裡發布。那麼只是好奇宏觀逆風與消化由於 NovaSeq X 和 25B 的推出以及競爭而增加的高通量容量嗎？

Yes. Overall, I think we're very pleased with seeing where the X and also the 25B consumers where it's going. And right now, we are -- approximately half of our customers have -- are using the 25B flow cell. So that's really exciting for us, and we are encouraged by that momentum.

是的。總的來說，我認為我們非常高興看到 X 以及 25B 消費者的發展方向。目前，我們（大約一半的客戶）正在使用 25B 流通池。所以這對我們來說真的很令人興奮，我們對這種勢頭感到鼓舞。

I think many of our clinical customers, I know they're still on running most of their of their assays on the 6K. We are tracking very closely each of them and seeing where they are and where they're doing from validation and when they're going into production.

我認為我們的許多臨床客戶仍然在 6K 上運行大部分檢測。我們正在非常密切地追蹤他們中的每一個，了解他們在哪裡、他們在驗證中做什麼以及何時投入生產。

So we have deeper that insight. I don't think we at this point, we are ready to share that. But we have a very good understanding on that. But I still think there is -- that is -- a lot of them are still working through the validation and then they will bring on one by one of new types of assays that likely have higher, deeper depth or more insights for -- in these assets that they had on the 6K.

所以我們有了更深入的見解。我認為我們現在還沒有準備好分享這一點。但我們對此有很好的理解。但我仍然認為，也就是說，他們中的許多人仍在進行驗證，然後他們將帶來一種又一種新型的分析方法，這些分析方法可能具有更高、更深的深度或更多的見解——在他們在 6K 上擁有的這些資產。

Your next question comes from the line of Mason Carrico with Stephens.

你的下一個問題來自梅森·卡里科和史蒂芬斯的對話。

Sorry if these have been addressed as I joined a bit late here. Could you update us on win rates outside of China last quarter? I think you said they had stabilized in Q3 and Q4. Have you seen that stability continue throughout 2024 so far? And then second, could you give us any insight into the mix of orders coming -- that are coming in terms of 6K upgrades, fleet expansions, new customers, new to high-throughput customers?

抱歉，如果這些問題已經解決，因為我加入得有點晚。您能否向我們介紹上季度中國以外地區的勝率最新情況？我想你說他們在第三季和第四季已經穩定下來。您是否看到 2024 年迄今保持穩定？其次，您能否向我們介紹即將到來的訂單組合——這些訂單涉及 6K 升級、機隊擴張、新客戶、高吞吐量新客戶？

So I think overall, we are, of course we are following very closely, of course, where we are on the win rate. And as we also mentioned, it's stabilized, and we are looking at that regularly and ensuring that we continue to hone in on how we can do even better. So I'm actually pleased with the performance out there. But obviously, we're keeping a very close sight on this.

所以我認為總的來說，我們當然非常密切地關注我們的勝率。正如我們還提到的，它已經穩定下來，我們正在定期關注這一點，並確保我們繼續磨練如何做得更好。所以我實際上對那裡的表現很滿意。但顯然，我們正在密切關注這一點。

As I mentioned before, we take competition very seriously. We are doing everything we can to keep our customers being very highly supported and make sure that they are successful in laboratories, which I think in the end, in the long run is the winning formula for being the preferred partner for our customers.

正如我之前提到的，我們非常重視競爭。我們正在盡一切努力讓我們的客戶得到高度支持，並確保他們在實驗室取得成功，我認為從長遠來看，這是成為客戶首選合作夥伴的致勝法寶。

And I think on mix of orders. I don't know whether we normally are sharing that information. But I think there are -- at this point, there's certainly still more research customers that have moved on to the X. And we have seen customers with multiple 6Ks that are now starting to move over to the expert. I would say the vast majority still are in the transition phase.

我考慮了訂單的組合。我不知道我們通常是否會分享這些資訊。但我認為，在這一點上，肯定還有更多的研究客戶轉向 X。我想說絕大多數仍處於過渡階段。

Your next question comes from the line of Rachel Vatnsdal with JPMorgan.

您的下一個問題來自摩根大通的 Rachel Vatnsdal。

So I want to question a little bit on the instrument placement number for the X this quarter. You mentioned 55 placements, but you also highlighted that there were a number of places that were pulled forward from 2Q into 1Q. So first, can you just quantify how many placements were pulled forward? And then just in terms of full year dynamics, you continue to highlight that the macro backdrop remains difficult. We've seen that really across the sector this quarter. But can you just give us in light of that assumption, what are your latest assumptions on placements for the year?

所以我想對本季 X 的儀器放置數量提出一些疑問。您提到了 55 個位置，但您也強調了有許多位置從第二季提前到了第一季。首先，您能否量化一下有多少展示位置被提前？然後就全年動態而言，您繼續強調宏觀背景仍然困難。本季我們在整個產業都看到了這一點。但您能否根據這個假設向我們介紹一下您對今年安置的最新假設是什麼？

Yes. I'd say, overall, as we mentioned that we're -- we didn't pull anything forward. We were -- there was customers that was requesting to put forward because some of their programs were running faster than anticipated. But there's only a few so it was not really a big change in expectations. But in the end I like that because it shows that there are a lot of interest out there and customer that has already purchased one is looking to accelerate now their transition into the X. So we are -- so I'm excited about that.

是的。我想說，總的來說，正如我們所提到的，我們沒有任何進展。我們—有些客戶要求提出，因為他們的某些程式的運行速度比預期的要快。但只有少數，所以這並不是一個很大的預期變化。但最終我喜歡這一點，因為它表明存在很大的興趣，並且已經購買了產品的客戶現在希望加速他們向 X 的過渡。

At this point, we're not providing a number, but we know that as we entered into 2023, we had a very, very strong backlog, of course, as you know, coming into 2023. So -- and thereby, 2023 was a very strong placement year of high throughput. So we do expect to be lower than that as we also communicated in our original guidance. But we haven't -- we are not able to provide -- or we're not -- at this point, we're not changing really our expectation for the year.

目前，我們沒有提供具體數字，但我們知道，當我們進入 2023 年時，我們的積壓量非常非常大，當然，如您所知，進入 2023 年。 因此，2023 年是高吞吐量的非常強勁的安置年。因此，我們確實預計會低於這個數字，正如我們在最初的指導中所傳達的那樣。但我們還沒有——我們無法提供——或者說我們沒有——在這一點上，我們並沒有真正改變我們對今年的期望。

The only thing I would add, Richard, for you, just in terms of our topline performance was quite better than what we were expecting. Relative to that overall achievement or overachievement only a small portion, say, about 1/4 or so came from these customers who asked to for an earlier delivery of the instrument. So relatively small portion from that phenomenon.

理查德，我唯一要為你補充的是，就我們的營收表現而言，這比我們的預期要好得多。相對於整體成就或超額成就，只有一小部分（例如，大約 1/4 左右）來自要求提前交付儀器的客戶。這種現象所佔的比例相對較小。

Your next question comes from the line of Patrick Donnelly with Citi.

您的下一個問題來自花旗集團的 Patrick Donnelly。

Can you just talk through the margins? 2Q, obviously, a little bit of a step down. I know you guys mentioned maybe some product cost there. But can you just give a little more color in terms of what spend picks up in 2Q and then how we should think about that metric as we work our way through the year.

你能只講邊際嗎？ 2Q，顯然，有點下降。我知道你們提到那裡可能有一些產品成本。但是，您能否就第二季支出的成長情況以及我們在全年工作中應如何考慮該指標提供更多資訊。

And then just a quick cleanup, just on the service revs, those came quite a bit higher than we were expecting. If you could just flesh out what happened there as well, that would be helpful.

然後只是快速清理，就服務轉速而言，這些轉速比我們預期的要高得多。如果您也能充實那裡發生的事情，那將會很有幫助。

Yes, sure. Good question. So let me address them both. This is Ankur. So on the OpEx, as I said in my prepared remarks, yes, there is a step-up in spending from Q1 to Q2, primarily coming from 2 factors. One of them relates to just the timing of our merit increases in the annual stock branch cycle. So we end up getting the full impact of that cost in Q2. So that's seasonal, typically happens every year for the company. So roughly about half of our sequential increase in the OpEx comes from that.

是的，當然。好問題。那麼就讓我對他們兩個說一說。這是安庫爾。因此，在營運支出方面，正如我在準備好的發言中所說，是的，支出從第一季到第二季有所增加，主要來自兩個因素。其中之一與我們在年度股票分支週期中績效增加的時間有關。因此，我們最終在第二季度獲得了該成本的全部影響。所以這是季節性的，通常公司每年都會發生。因此，我們營運支出連續成長的大約一半來自於此。

The other half is generally around certain project-related spend, that we've pushed out either pushed out into Q2, or there are milestones into Q2 that will happen. In terms of going forward, as you think about your P&L for the rest of the year, I do expect the overall operating margin performance to continue to improve sequentially every quarter. So Q3 better than Q2 and then Q4 better than Q3.

另一半通常是圍繞某些與專案相關的支出，我們已經將其推遲到第二季度，或將在第二季度發生里程碑。就未來而言，當你考慮今年剩餘時間的損益表時，我確實預期整體營業利潤率表現將繼續每季連續改善。所以 Q3 比 Q2 好，然後 Q4 比 Q3 好。

And then on the service?

然後在服務上呢？

And then on the services side, again, very strong overall growth, about 27% year-over-year growth, 2 main components. One part of that is little less than half is coming from specific pharma customer services, which had the timing of that in the quarter. So that was less than half of it, but roughly half of that growth is coming from just the excellent performance in our core instrument services business.

然後在服務方面，整體成長非常強勁，年成長約 27%，有兩個主要組成部分。其中不到一半來自特定的製藥客戶服務，該服務的時間安排在本季。所以這還不到一半，但大約一半的成長來自我們核心儀器服務業務的出色表現。

You would expect that given the number of instruments we placed. And just to add to Ankur's comments, right? We are expecting and delivered better gross margin performance, right? So that should help our operating margin. We expect to continue strong performance on gross margins. So that should help us and as revenue steps up as well. And given that we have taken measures to control our costs, we've reduced our headcount overall by about 12% compared to last year. That should also add benefits to the operating margin line as we go through the year.

考慮到我們放置的儀器數量，您可能會想到這一點。只是為了添加 Ankur 的評論，對吧？我們期待並實現更好的毛利率表現，對吧？所以這應該有助於我們的營業利潤。我們預計毛利率將持續保持強勁表現。因此，這應該對我們有幫助，而且收入也會增加。鑑於我們已採取措施控製成本，與去年相比，我們的整體員工人數減少了約 12%。在我們度過這一年的過程中，這也應該會增加營業利潤率。

Your next question comes from the line of Eve Burstein with Bernstein Research.

您的下一個問題來自伯恩斯坦研究中心的伊芙‧伯斯坦 (Eve Burstein)。

Earlier this week, the FDA published a final rule exercising regulatory power over a lab developed tests. For you guys, you have the benefit of having IVD compliant machines when a lot of the companies that are emerging to challenge you don't have those yet. However, our understanding is that research use only machines are actually used quite a bit for FDA-approved tests. It's a little bit harder, but it can be done. So we don't expect this to affect you that much or give you a big competitive advantage. Is that the right way to think about it? Or could there be more upside from the role for you?

本週早些時候，FDA 發布了一項最終規則，對實驗室開發的測試行使監管權。對你們來說，擁有符合 IVD 標準的機器是你的優勢，而許多新興挑戰你們的公司還沒有這些機器。然而，我們的理解是，僅供研究使用的機器實際上大量用於 FDA 批准的測試。這有點難，但可以做到。因此，我們預計這不會對您產生太大影響或為您帶來巨大的競爭優勢。這是正確的思考方式嗎？或者這個角色能帶給你更多好處嗎？

Yes. No, first of all, I think we are pleased for sure that we have now more of greater clarity on the FDA ruling and the direction of this. But there's still a lot of detail that needs to be clarified. But overall, you're right that with our positioning, both with our DX portfolio and the investment we have made into the high-quality and also helping with required documentation for our customers to go in there and get their PMAs approved. I think we're very well positioned.

是的。不，首先，我認為我們很高興我們現在對 FDA 的裁決和方向有了更明確的了解。但仍有許多細節需要澄清。但總的來說，我們的定位是正確的，無論是我們的DX 產品組合還是我們對高品質的投資，以及幫助我們的客戶提供所需的文檔，以便他們進入那裡並獲得PMA 批准。我認為我們處於非常有利的位置。

You mentioned that LDTs are used for FDA approval. Well, really only if you go into a single site PMA setup. And that requires actually a lot of work for vendors like Illumina to help our customers with that with the right level of documentation and so on. So I think it actually plays to our strength going forward, and we are committed to support this area and help our customers be successful independent on whether it's a full PMA single site or other types of opportunities that this new world will bring us.

您提到 LDT 用於 FDA 批准。嗯，實際上只有當您進入單站點 PMA 設定時。這實際上需要像 Illumina 這樣的供應商做大量的工作來幫助我們的客戶提供適當級別的文件等。因此，我認為這實際上發揮了我們未來的優勢，我們致力於支持這一領域並幫助我們的客戶取得成功，無論是完整的PMA 單一站點還是這個新世界將為我們帶來的其他類型的機會。

Your next question comes from the line of Conor McNamara with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場部的康納·麥克納馬拉 (Conor McNamara)。

I know you talked about not giving too much detail on the consumable adoption with X customers. But is there any -- can you quantify at all like of the 400-or-so boxes placed, how many of those customers are just would you say are at scale and ordering at what your demand is versus those that are still validating or whether for economic conditions haven't really ordered what you expect from them? And vice versa, has there been any stock orders with any of the X customers?

我知道您談到沒有提供有關 X 客戶的消耗品採用的太多細節。但有沒有——你能量化一下放置的400 個左右的盒子嗎？訂購的？反之亦然，是否有任何 X 客戶的庫存訂單？

Yes, that's a good question. And at this point, we still see that most of our customers are still in the ramp. I think there are, of course, research customers that have us very fast out and really run bigger programs. We have seen the (inaudible), we have seen single cell being some elements or areas where there's been a lot of interest in running. And I think that we have seen some of those research customers already been on scale at least with one of the instruments they have bought and now maybe they're starting to move on to the next one.

是的，這是一個好問題。目前，我們仍然看到我們的大多數客戶仍處於起步階段。我認為，當然，有一些研究客戶讓我們很快就可以運行更大的專案。我們已經看到（聽不清楚），我們已經看到單細胞是人們對跑步很感興趣的一些元素或領域。我認為我們已經看到一些研究客戶至少已經使用他們購買的一種儀器達到了規模，現在也許他們開始轉向下一種儀器。

But then again, if you look at the broader 400, I think most of the general is still that this is still in a ramp positioning. Now -- yes, so that's where we are right now.

但話又說回來，如果你看看更廣泛的 400 點，我認為大多數人仍然認為這仍然處於斜坡定位。現在——是的，這就是我們現在所處的情況。

And the stocking?

那絲襪呢？

Yes, yes, go ahead, Joydeep.

是的，是的，繼續吧，喬伊迪普。

I mean, on the stocking side, look, when we haven't seen too much stocking on the 25B because as a standard, right, the initial shelf life is shorter, so you wouldn't expect people to stock up too much. On the 10B side, it's very early in that stock up phase. Again, we expect to see a little bit more as we go through the year, but not yet.

我的意思是，在庫存方面，你看，當我們沒有看到 25B 上有太多庫存時，因為作為標準，初始保質期較短，所以你不會期望人們庫存太多。在 10B 方面，現在還處於庫存階段的早期階段。同樣，我們預計今年會看到更多，但目前還沒有。

Thank you. That concludes our Q&A session. I will now hand the call back over to Salli Schwartz.

謝謝。我們的問答環節到此結束。我現在將把電話轉回給薩莉·施瓦茨。

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 seeing you at upcoming conferences and other events.

感謝您今天加入我們。謹此提醒，我們網站的投資者部分將提供本次電話會議的重播。我們的通話到此結束，我們期待在即將舉行的會議和其他活動中見到您。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。