Illumina Inc (ILMN) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the second quarter 2024 Illumina earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Salli Schwartz, Vice President of Investor Relations.

女士們、先生們，美好的一天，歡迎參加 Illumina 2024 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。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 second quarter of 2024. 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.

大家好，歡迎參加我們的 2024 年第二季財報電話會議。 。

Our earnings release can be found in the investor relations section of our website at illumina.com. Providing prepared remarks for Illumina today will be Jacob Thaysen, Chief Executive Officer; and Ankur Dhingra, Chief Financial Officer.

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。 Illumina 執行長 Jacob Thaysen 今天將發表準備好的演講；和財務長 Ankur Dhingra。

Jacob will provide an update on the state of Illumina's business, and Ankur will review our financial results for Core Illumina. As a reminder, we divested GRAIL in June of this year. For a review of second quarter financial results for GRAIL and consolidated Illumina, please see our earnings release and our SEC filings.

Jacob 將提供有關 Illumina 業務狀況的最新信息，Ankur 將審查 Core Illumina 的財務業績。提醒一下，我們在今年 6 月剝離了 GRAIL。有關 GRAIL 和合併後的 Illumina 第二季財務表現的回顧，請參閱我們的收益發布和 SEC 文件。

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.

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。我們的目的是，在今天的電話會議中做出的有關我們財務表現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。

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.

前瞻性陳述存在風險和不確定性。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。

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.

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. Throughout the second quarter, I continued to meet with our customers and partners around the world. I've been hearing about all of the opportunities they're excited for and discussing the issues we're facing together in this environment.

謝謝你，莎莉。大家下午好。在整個第二季度，我繼續與世界各地的客戶和合作夥伴會面。我一直聽說他們對所有機會感到興奮，並討論了我們在這種環境下共同面臨的問題。

Most importantly, it has been encouraging to see our customers and partners launch the next generation of their products. Illumina is uniquely positioned to support our customers' aspirations. Ongoing progress in science and technology allows our customers to envision large scale discovery programs that are now possible using multiomics.

最重要的是，看到我們的客戶和合作夥伴推出下一代產品令人鼓舞。 Illumina 具有獨特的優勢來支持客戶的願望。科學技術的不斷進步使我們的客戶能夠設想大規模的發現計劃，這些計劃現在可以使用多組學來實現。

And customers are more empowered to move whole genome sequencing that provides significantly more insights. Furthermore, there's an opportunity to integrate genomics throughout the healthcare system to improve patient outcomes.

客戶更有能力進行全基因組定序，從而提供更多見解。此外，還有機會將基因組學整合到整個醫療保健系統中，以改善患者的治療結果。

But we also have to help our customers navigate their current realities. There are still many moving elements in the global economy and we are taking a more measured view. I'm regularly hearing that our customers feel constrained to make significant capital outlays. We also see it in delays in our sales cycle and in orders being pushed out.

但我們也必須幫助我們的客戶應對當前的現實。全球經濟仍有許多變化因素，我們正在採取更審慎的觀點。我經常聽說我們的客戶感到被迫進行大量資本支出。我們也看到銷售週期的延遲和訂單的延遲。

For Illumina, this means we balanced two important jobs. Job one is to stabilize our own base. We're doing that through continued rollout of the NovaSeq X series to lay the groundwork for everything our customers and we want to pursue in the future. We're also highly focused on operational excellence and optimizing the ways in which we run our business.

對 Illumina 來說，這意味著我們平衡了兩項重要的工作。第一個任務是穩定我們自己的根據地。我們正在透過不斷推出 NovaSeq X 系列來實現這一目標，為我們的客戶和我們未來想要追求的一切奠定基礎。我們也高度專注於卓越營運和優化我們的業務運作方式。

And job two is accelerating growth. Our strategy update next week will address Illumina vision for the future, and our strategy to execute new dimensions of technology from our R&D vault, and our financial outlook for the next several years.

第二項工作是加速成長。我們下週的策略更新將闡述 Illumina 對未來的願景、我們從研發庫中執行新維度技術的策略，以及我們未來幾年的財務前景。

For purposes of today's call, we will focus on our second quarter results. In Q2, Illumina again delivered results ahead of expectations, with Core Illumina revenue of $1.1 billion and non-GAAP operating margins of 22.2%, driven by continued execution against our strategic priorities.

在今天的電話會議中，我們將重點放在第二季的業績。在第二季度，Illumina 的業績再次超出預期，核心 Illumina 收入為 11 億美元，非 GAAP 營業利潤率為 22.2%，這得益於我們策略重點的持續執行。

The ongoing transition of sequencing activity to the NovaSeq X Plus led to a significant step-up in consumables in the quarter. We also placed another 62 NovaSeq X Plus instruments. With that said, we continue to see our customers actively managing their capital spend.

定序活動向 NovaSeq X Plus 的持續過渡導致本季耗材的大幅增加。我們還放置了另外 62 台 NovaSeq X Plus 儀器。儘管如此，我們仍然看到我們的客戶積極管理他們的資本支出。

As a result for the remainder of the year, we are adding caution to our guide. We are taking a more prudent view on the instrument business to reflect the further extension of sales cycles. But at the same time, we have a slightly stronger view on consumables. Ankur will provide further details on our adjusted guidance shortly.

因此，在今年剩餘時間裡，我們將在指南中增加謹慎態度。我們對儀器業務採取更審慎的態度，以反映銷售週期的進一步延長。但同時，我們對消耗品的看法稍強。 Ankur 很快就會提供有關我們調整後的指導的更多詳細資訊。

Turning to our region's performance in the second quarter, Americas revenue was relatively flat year over year. Europe revenue was down 5% given the significant backlog we work through early last year following the X launch. AMEA revenue was down 8% and Greater China was down 35%.

談到我們地區第二季的表現，美洲地區的營收年比相對持平。鑑於去年初 X 發布後我們處理了大量積壓訂單，歐洲收入下降了 5%。 AMEA 收入下降 8%，大中華區收入下降 35%。

I've been talking with you about our three key priorities. I'd like to highlight the progress made by Illumina's management team during the second quarter towards those priorities. I'll start with driving our top line, which has been focused on expanding our installed base and helping our customers maximize the potential of instruments.

我一直在與您討論我們的三個關鍵優先事項。我想強調 Illumina 的管理團隊在第二季在這些優先事項上的進展。我將從推動我們的營收開始，營收一直專注於擴大我們的安裝基礎並幫助我們的客戶最大限度地發揮儀器的潛力。

As I mentioned earlier, in Q2, we shipped 62 NovaSeq X Plus instruments, bringing our total X Plus installed base to 469 instruments. Customers continue to transition their projects onto the NovaSeq X Plus, and we are encouraged by their corresponding increase in sequencing activity. NovaSeq X Plus average annual pull-through has topped $1 million per instrument, a milestone achievements.

正如我之前提到的，在第二季度，我們發貨了 62 台 NovaSeq X Plus 儀器，使我們的 X Plus 安裝總數達到 469 台儀器。客戶繼續將他們的專案轉移到 NovaSeq X Plus，我們對他們的定序活動相應增加感到鼓舞。 NovaSeq X Plus 每台儀器的平均年銷售額已突破 100 萬美元，這是一個里程碑式的成就。

Moving to mid-throughput. In Q2, we introduced the XLEAP-SBS chemistry to our NextSeq 1000, 2000, P1, P2 and P3 flow cells, complementing the P4 flow cell we launched earlier this year. The XLEAP launch has exceeded our expectations.

轉向中等吞吐量。在第二季度，我們將 XLEAP-SBS 化學物質引入 NextSeq 1000、2000、P1、P2 和 P3 流動槽，補充了我們今年稍早推出的 P4 流動槽。 XLEAP 的推出超出了我們的預期。

More than 60% of the 1000, 2000 installed base now has upgraded software, a leading indicator for adoption. XLEAP-SBS chemistry delivers improved quality, greater usable reads and lower turnaround times, in addition to an attractive pricing.

目前，在 1000、2000 個安裝群中，超過 60% 已升級軟體，這是採用率的領先指標。除了具有吸引力的價格外，XLEAP-SBS 化學還提供更高的品質、更大的可用讀數和更短的周轉時間。

While customers' interest in XLEAP is encouraging, translation to additional instrument uptake has been less than we expected. Our mid-throughput segment remains the most sensitive to the macro-economic environment. And we have seen our sales cycles continue to lengthen.

雖然客戶對 XLEAP 的興趣令人鼓舞，但轉化為更多儀器的使用率卻低於我們的預期。我們的中吞吐量部門仍然對宏觀經濟環境最敏感。我們看到我們的銷售週期繼續延長。

This is clearly driven by constrained capital spending. Our win rates have remained stable and our pipeline has grown. We will continue to support our mid-throughput customers through this environment, and I'm confident that bringing XLEAP to NextSeq 1000, 2000 is further strengthening our leadership position around the world.

這顯然是由資本支出受限所驅動的。我們的勝率保持穩定，我們的管道也在成長。我們將繼續透過這種環境為我們的中通量客戶提供支持，我相信將 XLEAP 引入 NextSeq 1000, 2000 將進一步加強我們在全球的領導地位。

Turning to our second priority, delivering operational excellence. We are thrilled to have Everett Cunningham on board as Chief Commercial Officer. Everett is already driving a sharp customer focus across the business with an essential underpinning of operational excellence.

轉向我們的第二要務，實現卓越營運。我們很高興埃弗雷特·坎寧安 (Everett Cunningham) 擔任首席商務官。埃弗里特已經在整個業務中推動以客戶為中心，並為卓越營運奠定了重要基礎。

As I've shared, it has been my goal to align our organization in a way that will make our customer heroes by delivering the products, services, and solutions that address their most pressing needs. Following our move to combine our marketing and commercial functions, we have implemented a new commercial organization design.

正如我所分享的，我的目標是透過提供滿足客戶最迫切需求的產品、服務和解決方案來調整我們的組織，使我們的客戶成為英雄。在將行銷和商業職能合併之後，我們實施了新的商業組織設計。

We are positioning our teams to more effectively serve our customers as their partners for innovation. Teams are equipped with the go-to-market expertise to accelerate our multiomics capabilities and commercialize and scale our software stack across research and clinical customers. This new structure will provide the alignment needed to deliver long term results for customers and for the business.

我們正在將我們的團隊定位為更有效地為客戶提供創新合作夥伴。團隊配備了進入市場的專業知識，可以加速我們的多組學能力，並在研究和臨床客戶中商業化和擴展我們的軟體堆疊。這種新結構將提供為客戶和業務提供長期成果所需的一致性。

Additionally, earlier this year, we shared that we are implementing a portfolio optimization strategy to drive productivity improvements across our supply chain. As one recent example, we have identified a number of products that we will rationalize in an effort to increase our focus on higher profitable offerings.

此外，今年早些時候，我們表示我們正在實施投資組合優化策略，以推動整個供應鏈的生產力提升。作為最近的一個例子，我們已經確定了一些產品，我們將對其進行合理化，以努力更加關注利潤更高的產品。

We will, of course, work with our customers to widen a seamless transition to other offerings in our portfolio. We continue to make good progress towards achieving greater operating leverage this year.

當然，我們將與客戶合作，擴大到我們產品組合中其他產品的無縫過渡。今年，我們在實現更大營運槓桿方面繼續取得良好進展。

Moving on to my third priority, which has been working to resolve GRAIL as quickly as possible. As you know, in June, we completed the spinoff of GRAIL and GRAIL is now an independent public company. Illumina has maintained majority 14.5% stake. GRAIL plays a critical role in the fight against cancer.

接下來是我的第三個優先事項，即盡快解決 GRAIL 問題。如您所知，今年 6 月，我們完成了 GRAIL 的分拆，GRAIL 現在是一家獨立的上市公司。 Illumina 仍持有 14.5% 的多數股權。 GRAIL 在對抗癌症方面發揮關鍵作用。

And while he's no longer part of Illumina, we remain confident in its future. We'll continue to support GRAIL with our sequencing technology and suite of services.

雖然他不再是 Illumina 的一員，但我們對其未來仍然充滿信心。我們將繼續透過我們的定序技術和服務套件支援 GRAIL。

As we continuing to deliver our priorities and activating our new strategy, I know we will be well positioned to move forward and lead the next era of genomics growth and discovery.

隨著我們繼續落實我們的優先事項並激活我們的新策略，我知道我們將處於有利地位，繼續前進並引領基因組學發展和發現的下一個時代。

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

現在我將請 Ankur 分享有關我們第二季業績和前景的更多細節。

Thank you, Jacob, and hello, everyone. 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 as well as our consolidated financials that include GRAIL, which can be found in today's release and in the supplementary data available on our website.

謝謝你，雅各布，大家好。我將討論非公認會計準則的業績，其中包括以股票為基礎的薪酬。我鼓勵您查看這些非 GAAP 指標的 GAAP 調整表以及包括 GRAIL 在內的我們的綜合財務數據，這些數據可以在今天的新聞稿和我們網站上提供的補充數據中找到。

In the last three months, I've had a chance to spend time with Illumina teams across all functions. I continue to be impressed with how mission driven this team is and also how transformation is taking hold at Illumina. I've also heard from several of our investors as part of a listening tour.

在過去的三個月裡，我有機會與 Illumina 各個職能部門的團隊共度時光。這個團隊的使命驅動力以及 Illumina 的轉型方式給我留下了深刻的印象。作為聆聽之旅的一部分，我還聽到了我們的幾位投資者的來信。

As I focus my commentary on the financial results and current outlook, I will include some additional color in my remarks. Core Illumina second quarter revenue of $1.1 billion was down 6% year over year on both reported and constant currency basis, and up 3% from the first quarter of 2024.

由於我的評論重點是財務表現和當前前景，因此我將在評論中加入一些額外的色彩。 Core Illumina 第二季營收為 11 億美元，按報告和固定匯率計算，年減 6%，但較 2024 年第一季成長 3%。

These results exceeded our guidance. This above expectations performance was driven primarily by continued increase in high throughput sequencing consumables revenue as our customers further ramp activity on NovaSeq X Plus.

這些結果超出了我們的指導。高於預期的業績主要是由於隨著我們的客戶進一步增加 NovaSeq X Plus 上的活動，高通量定序耗材收入持續成長。

This strength in consumables was partially offset by fewer than expected shipments of our mid-throughput instruments as capital and cash flow constraints continued to impact our customers' purchasing decisions.

由於資本和現金流限制持續影響客戶的購買決策，我們的中通量儀器的出貨量低於預期，部分抵銷了消耗品的優勢。

Total Core Illumina sequencing consumables revenue of $737 million was flat against last year's second quarter, which was the highest sequencing consumables revenue quarter of the year 2023. High throughput was a particularly bright spot in this year's second quarter with consumable shipments growing both year-over-year and sequentially.

Core Illumina 定序耗材總收入為 7.37 億美元，與去年第二季度持平，這是 2023 年測序耗材收入最高的季度。和順序。

X consumables revenue grew 35% from the first quarter of 2024, accelerating from the double digit sequential growth we saw in the first quarter. In order to provide some additional color on transition, as of Q2, approximately 45% of high throughput gigabases sequenced and little over 25% of high throughput consumables revenue was on NovaSeq X Plus.

X 消耗品營收較 2024 年第一季成長 35%，較第一季兩位數的環比成長加速。為了在過渡時提供一些額外的色彩，截至第二季度，約 45% 的高通量千兆鹼基定序和略高於 25% 的高通量耗材收入來自 NovaSeq X Plus。

In terms of pace of shifting mix from 6000 to X to date on average, roughly 5 percentage points of high throughput sequencing consumables revenue has moved from NovaSeq 6000 to NovaSeq X Plus each quarter.

就迄今為止從 6000 到 X 的平均轉變速度而言，每季約 5 個百分點的高通量定序耗材收入從 NovaSeq 6000 轉移到 NovaSeq X Plus。

As this transition progresses, the impact of price continues to reduce. If this trajectory holds almost half of high throughput sequencing consumables revenue should transition to the NovaSeq X by mid-2025, continuing to reduce the impact of pricing transition and converting volume growth into higher revenue growth thereafter.

隨著這一轉變的進展，價格的影響不斷減少。如果這一軌跡佔據了高通量定序耗材收入的近一半，則應在 2025 年中期之前過渡到 NovaSeq X，從而繼續減少定價過渡的影響，並將銷售成長轉化為更高的收入成長。

I hope you find this additional information helpful. We are increasing our disclosures around the NovaSeq X to give you a clearer picture of the progress we are making in this important transition.

我希望這些附加資訊對您有所幫助。我們正在增加有關 NovaSeq X 的揭露，以便讓您更清楚地了解我們在這一重要轉變中所取得的進展。

Moving to sequencing activity. Total sequencing Gb output on our connected high and mid-throughput instruments grew more than 40% year over year and approximately 10% quarter-over-quarter. Growth in activity from both research and applied and clinical customers was healthy. Although not a predictor of near-term revenue, Gb output provides us a directional view of underlying applications demand, and levels of utilization of our instruments and consumables.

轉向測序活動。我們連接的高通量和中通量儀器的總定序 Gb 輸出較去年同期增加超過 40%，較上季成長約 10%。研究、應用和臨床客戶的活動成長健康。雖然 GB 輸出不能預測近期收入，但它為我們提供了基礎應用需求以及儀器和耗材利用率水準的方向性視圖。

Sequencing instruments revenue for Core Illumina of $116 million for Q2 grew 5% sequentially but declined 40% year-over-year. The year-over-year decline was driven by two factors. One, lower NovaSeq X placements as compared to significant pre-ordered launch related shipments in the second quarter of 2023, and two, an expected decline in mid-throughput shipments as capital and cash flow constraints continue to impact purchasing behavior and moderate instrument placements.

第二季 Core Illumina 的定序儀器營收為 1.16 億美元，季增 5%，但年減 40%。年比下降是由兩個因素驅動的。一是與2023 年第二季度的大量預購發射相關出貨量相比，NovaSeq X 的投放量較低；二是由於資本和現金流限制繼續影響購買行為和適度的儀器投放，中通量出貨量預計會下降。

Core Illumina sequencing service and other revenue of $143 million was up 7% year over year, driven by an increase in revenue from strategic partnerships as well as higher instrument service contract revenue on a growing installed base.

Core Illumina 定序服務和其他收入為 1.43 億美元，年增 7%，這主要得益於戰略合作夥伴關係收入的增長以及安裝基礎不斷增長的儀器服務合約收入的增加。

Moving to the rest of the Core Illumina P&L. Core Illumina non-GAAP gross margins of 69.4% for the quarter increased 240 basis points year over year. This strong gross margin performance was driven primarily by a more favorable revenue mix of sequencing consumables and also importantly, execution of our operational excellence initiatives that improved productivity and delivered cost savings.

轉到 Core Illumina 損益表的其餘部分。 Core Illumina 本季非 GAAP 毛利率為 69.4%，較去年同期成長 240 個基點。這種強勁的毛利率表現主要得益於定序耗材更有利的收入組合，更重要的是，我們執行了卓越營運計劃，提高了生產力並節省了成本。

Core Illumina non-GAAP operating expenses of $516 million were down $15 million year over year, reflecting reductions in headcount and several other cost containment initiatives.

Core Illumina 非 GAAP 營運費用為 5.16 億美元，較去年同期減少 1,500 萬美元，反映出員工人數的減少和其他幾項成本控制措施。

Putting it all together, Core Illumina non-GAAP operating margin was 22.2% in Q2 2024 compared to 21.2% in the prior year period. This came in well above our guidance of 18% as well as our expectations due to higher than expected revenue better than expected gross margin, and strides our organization has made in reducing operating expenses.

總而言之，Core Illumina 2024 年第二季的非 GAAP 營業利潤率為 22.2%，而去年同期為 21.2%。這遠高於我們 18% 的指導和預期，因為收入高於預期，毛利率高於預期，而且我們的組織在減少營運費用方面取得了長足進步。

Below the operating income line, Core Illumina non-GAAP other expense of $13 million in Q2 includes 11 days of interest expense from the $750 million delayed draw term loan we drew in full on June 20, 2024.

在營業收入線以下，第二季 Core Illumina 非 GAAP 其他費用為 1,300 萬美元，其中包括我們於 2024 年 6 月 20 日全額提取的 7.5 億美元延遲提取定期貸款的 11 天利息費用。

Core Illumina non-GAAP net income for Q2 was $174 million or $1.09 per diluted share. Core Illumina non-GAAP tax rate was 24.2% for the quarter. Our non-GAAP weighted average diluted share count for the quarter was approximately 159 million.

Core Illumina 第二季非 GAAP 淨利為 1.74 億美元，或稀釋後每股收益 1.09 美元。本季 Core Illumina 非 GAAP 稅率為 24.2%。本季我們的非 GAAP 加權平均稀釋股票數量約為 1.59 億股。

Moving Core Illumina cash flow and balance sheet items for the quarter. Cash flow provided by operations was $243 million. CapEx were $30 million and free cash flow was $213 million. We ended the quarter with approximately $994 million in cash, cash equivalents and short-term investments.

行動 Core Illumina 本季的現金流和資產負債表項目。營運提供的現金流為 2.43 億美元。資本支出為 3,000 萬美元，自由現金流為 2.13 億美元。截至本季末，我們擁有約 9.94 億美元的現金、現金等價物和短期投資。

Moving now to 2024 guidance. While we were encouraged by our results in Q2, we see several puts and takes as we consider the remainder of the year. On one hand, our customers' capital spending remains constrained. On the other hand, our consumables business especially high throughput driven by the transition of NovaSeq X, remains solid.

現在轉向 2024 年指導。雖然我們對第二季的業績感到鼓舞，但在考慮今年剩餘時間時，我們看到了一些看跌期權和看跌期權。一方面，我們客戶的資本支出仍受到限制。另一方面，我們的耗材業務，尤其是由 NovaSeq X 過渡推動的高通量業務，仍然保持穩健。

We are therefore reducing our revenue expectations, especially for instruments for the second half of the year. Core Illumina full-year revenue is now projected to be down 2% to 3% from 2023 or down 1.5% to 2.5% on constant currency basis.

因此，我們降低了收入預期，尤其是下半年的儀器。目前，Core Illumina 全年營收預計將較 2023 年下降 2% 至 3%，或以固定匯率計算下降 1.5% 至 2.5%。

Approximately one-half of the decline from our prior guidance is due to our lower expectations for our business in China and broader Asia. And the other half is the result of reduced expectations for mid-throughput and NovaSeq X shipments.

較之前指引下降的大約一半是由於我們對中國和整個亞洲業務的預期降低。另一半則是中通量和 NovaSeq X 出貨量預期降低的結果。

From an instruments versus consumables perspective, at the midpoint of the Core Illumina revenue guidance range, sequencing instruments revenue is now projected to decline in the mid-thirties rate relative to 2023. Sequencing consumables revenue is now projected to grow towards the upper end of the low single digit range versus 2023.

從儀器與耗材的角度來看，在 Core Illumina 收入指導範圍的中點，定序儀器收入預計將比 2023 年下降 30 多歲。個位數範圍較低。

Now about the remainder of P&L. Illumina has been able to execute on stated operational excellence initiatives delivering operating leverage above our previous expectations. We thus are raising our Core Illumina non-GAAP operating margin guidance to a range of 20.5% to 21%. This reflects the margin expansion achieved in Q2 2024, but we are also reducing our forecasted operating expenses for the second half of the year.

現在談談損益表的其餘部分。 Illumina 能夠執行既定的卓越營運計劃，提供超越我們先前預期的營運槓桿。因此，我們將 Core Illumina 非 GAAP 營運利潤率指引提高至 20.5% 至 21%。這反映了 2024 年第二季實現的利潤率擴張，但我們也減少了下半年的預測營運費用。

We continue to make progress against our expense actions as well as several operational excellence initiatives under our internal Pinnacle continuous improvement program. We've now launched several new initiatives under this continuous improvement program, which we expect will deliver an additional $200 million in expense savings over the next few years. We'll talk about this in more detail at the upcoming strategy update.

我們繼續在我們的費用行動以及內部 Pinnacle 持續改進計劃下的多項卓越營運舉措方面取得進展。現在，我們已根據這項持續改善計畫推出了幾項新舉措，預計在未來幾年內將額外節省 2 億美元的費用。我們將在即將發布的策略更新中更詳細地討論這一點。

Additionally, we expect the Core Illumina non-GAAP tax rate to be approximately 25%. And lastly, we are introducing guidance for Core Illumina non-GAAP diluted earnings per share in the range of $3.80 and $3.95 for full year 2024. This range includes second half interest expense resulting from the $750 million delayed draw term loan we put in place in June this year.

此外，我們預計 Core Illumina 非 GAAP 稅率約為 25%。最後，我們為Core Illumina 2024 年全年非GAAP 攤薄每股收益提供指導，範圍為3.80 美元至3.95 美元。 。

For the third quarter of 2024, we expect Core Illumina revenue in the range of $1.075 billion to $1.085 billion. The decline from the prior year is driven predominantly by lower domestic X instrument shipments given the significant backlog we were through last year following the launch.

2024 年第三季度，我們預計 Core Illumina 的營收將在 10.75 億至 10.85 億美元之間。與前一年相比下降的主要原因是國內 X 儀器出貨量下降，因為去年我們在推出後出現了大量積壓。

For the third quarter, we also expect Core Illumina non-GAAP operating margin of approximately 20%. The sequential decrease from the second quarter is primarily due to lower revenue and timing of the project spend delayed from Q2.

對於第三季度，我們也預期 Core Illumina 非 GAAP 營運利潤率約為 20%。較第二季較上季下降的主要原因是收入下降以及專案支出時間較第二季延後。

We expect the third quarter non-GAAP Core Illumina tax rate to be approximately 25% and Core Illumina non-GAAP diluted EPS between $0.8 and $0.9, which again includes the said interest expense.

我們預計第三季非 GAAP Core Illumina 稅率約為 25%，Core Illumina 非 GAAP 攤薄後每股收益在 0.8 美元至 0.9 美元之間，其中也包括上述利息費用。

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. Before we move to Q&A, I would like to spend a couple of minutes on our latest innovations. For 26 years, Illumina's highest value asset has been our innovation engine. One example from the quarter is the launch of our latest version of DRAGEN software, which added significant enhancements to our analysis tools.

謝謝，安庫爾。在我們進行問答之前，我想花幾分鐘時間介紹我們的最新創新。 26 年來，Illumina 的最高價值資產一直是我們的創新引擎。本季的一個例子是我們最新版本的 DRAGEN 軟體的推出，它對我們的分析工具進行了重大增強。

Bioinformatics has become a key driver to customer decisions. And this new release includes our most accurate multi-genome mapping technology, advancement in machine learning, and the ability to genotype difficult genes to unlock deeper insights.

生物資訊學已成為客戶決策的關鍵驅動因素。這個新版本包括我們最準確的多基因組圖譜技術、機器學習的進步以及對困難基因進行基因分型以解鎖更深入見解的能力。

Looking ahead, I'm excited to share the next round of NovaSeq X solutions. As you recall, the NovaSeq X series we announced in late 2022 includes two systems NovaSeq X Plus, which has been shipping globally since March 2023; and NovaSeq X, our single flow cell high throughput sequencer for customers looking for lower cost entry point to the X series.

展望未來，我很高興與大家分享下一輪 NovaSeq X 解決方案。您還記得，我們​​在 2022 年底推出的 NovaSeq X 系列包括兩個系統 NovaSeq X Plus，自 2023 年 3 月起已在全球發貨； NovaSeq X，我們的單流通池高通量定序儀，適合尋求更低成本 X 系列入門點的客戶。

The X will begin shipping in Q4 of this year and will be upgradable to the X Plus. Also in Q4, we will introduce 100 cycle and 200 cycle 25B flow cells, designed for high output counting applications such as single-cell and proteomics. Additionally, our next software update for the NovaSeq X and X Plus will enable increased yield and other improvements.

X 將於今年第四季開始出貨，並可升級至 X Plus。同樣在第四季度，我們將推出 100 個循環和 200 個循環 25B 流通池，專為單細胞和蛋白質組學等高輸出計數應用而設計。此外，我們針對 NovaSeq X 和 X Plus 的下一次軟體更新將提高產量並進行其他改進。

I'm also pleased with the opportunities Illumina has to further enable the multiomics ecosystem. We will share more next week. But one recent highlight was our acquisition of Fluent BioSciences, a company with single cell technology that source and labels complex cell mixtures to be processed for sequencing.

我也很高興 Illumina 有機會進一步支援多組學生態系統。下週我們將分享更多。但最近的一個亮點是我們收購了 Fluent BioSciences，這是一家擁有單細胞技術的公司，該公司可以收集和標記複雜的細胞混合物以進行測序。

Fluent's approach will make single cell analysis available to a broader set of customers. Together with the specialized multiomics software solution from our Partek acquisition, Fluent's solutions are yet another building block in our efforts to create a greater value for customers by further integrating their workflows.

Fluent 的方法將使單細胞分析可供更廣泛的客戶使用。與我們收購的 Partek 提供的專業多組學軟體解決方案一起，Fluent 的解決方案是我們透過進一步整合客戶工作流程為客戶創造更大價值的另一個基石。

We want our customers to have the flexibility to adopt the tools that best fit their needs. Illumina will therefore remain an open NGS platform and is committed to maintaining and supporting our existing single cell partnerships.

我們希望客戶能夠靈活地採用最適合他們需求的工具。因此，Illumina 將繼續作為一個開放的 NGS 平台，並致力於維護和支援我們現有的單細胞合作夥伴關係。

I'm looking forward to speaking more about our vision, our strategy, and our financial outlook next week at our strategy update. This virtual event will be on Tuesday, August 13. Please be sure to register through our investor relations website.

我期待在下週的策略更新中更多地談論我們的願景、策略和財務前景。虛擬活動將於 8 月 13 日星期二舉行。

Thank you for joining today. I'll now invite the operator to open the line for Q&A.

感謝您今天加入。我現在邀請接線員打開線路進行問答。

(Operator Instructions) Vijay Kumar, Evercore ISI.

（操作員說明）Vijay Kumar，Evercore ISI。

Hey, guys. Thanks for taking my question and congrats on a nice execution here. Maybe Jacob, a lot of details here in the deck. But if I just look at the guidance and tie that with your Nova X commentary rate, the pull through was about $1 million.

大家好。感謝您提出我的問題，並祝賀這裡的良好執行。也許是雅各布，甲板上有很多細節。但如果我只看指導並將其與您的 Nova X 評論率聯繫起來，那麼收入約為 100 萬美元。

But I think there was some details about the amount of data being generated on X versus the revenue contribution. Is the delta sort of the pricing impact is that how we're supposed to model this transition? When we think about the guidance change here, I didn't see an orders number for X. How much of this sort of change is coming from high throughput versus a mix on the instrumentation side. Thank you.

但我認為 X 上產生的數據量與收入貢獻之間存在一些細節。定價影響的增量是否就是我們該如何模擬這種轉變的方式？當我們考慮這裡的指導變化時，我沒有看到 X 的訂單號碼。謝謝。

Thanks, Vijay. And I appreciate your comments on the strong quarter also. Yeah, so we wanted to provide a little more insights on how to better model, how we see it. So we are certainly very pleased, first and foremost, with the -- we now have reached the milestone of $1 million annual pull through on the X.

謝謝，維傑。我也感謝您對強勁季度的評論。是的，所以我們想提供更多關於如何更好地建模以及我們如何看待它的見解。因此，我們當然非常高興，首先也是最重要的是，我們現在已經達到了 X 年度收入 100 萬美元的里程碑。

And I think the information that you'll receive from Ankur. Ankur can provide more insights here, exactly is to help you guide more on where we are, where we're going and how the pricing versus the volume impact is happening. So Ankur?

我認為您將從安庫爾收到這些資訊。 Ankur 可以在這裡提供更多見解，確切地說是幫助您更多地了解我們的現狀、我們的發展方向以及定價與銷售影響如何發生。那麼安庫爾？

Yeah, sure. Hey Vijay, so yeah as you saw, we've added some more disclosure specifically to help everyone think through the transition here. Let me just lay it out, as I said in the script. So in terms of transition from 6000 to NovaSeq X, what we are saying is roughly about 45% of the consumables volume within high throughput is now on X. So we're nearing roughly about a 0.5 full person -- about 0.5 point.

好，當然。嘿，Vijay，是的，正如您所看到的，我們專門添加了一些更多的披露信息，以幫助每個人思考這裡的過渡。正如我在劇本中所說，讓我簡單地闡述一下。因此，就從 6000 到 NovaSeq X 的過渡而言，我們所說的是高通量中大約 45% 的耗材量現在位於 X 上。

So in the second half of this year, if the trajectory holds the half of the volume would have moved to NovaSeq X, but I also included was that the pace of that mix is, that we are seeing roughly about 5 points of mix shifting from 6000 to NovaSeq X every quarter.

因此，在今年下半年，如果軌跡保持不變，一半的銷量將轉移到 NovaSeq X，但我還包括，混合的速度是，我們看到大約 5 個點的混合轉移每季度 6000 次至 NovaSeq X。

And if that trajectory holds by next year, we should also get to about half of revenue coming from NovaSeq X. So that's on the trajectory.

如果到明年這個軌跡保持不變，我們的收入也應該有一半左右來自 NovaSeq X。

To your question around the volume growth, yeah, the overall Gb sequenced was about 40%, that is across high throughput across mid-throughput. And as you think about high throughput revenue growth of about 1%, the delta is roughly the pricing and the change of the mix impact there.

對於您關於數量增長的問題，是的，測序的總體 Gb 約為 40%，即高吞吐量和中吞吐量。當您考慮約 1% 的高吞吐量收入成長時，增量大致是定價和組合影響的變化。

Conor McNamara, RBC Capital Markets.

康納·麥克納馬拉，加拿大皇家銀行資本市場。

Hi, thanks for the question, guys. And just a follow-up to that. So if you -- I mean a simple math, if you say volumes were up 40% and sequencing consumables were flat, roughly a 40% headwind on pricing. Is that the kind of pricing headwind we should think as the 5% conversion continues? Or was it -- is it higher early on in the NovaSeq X launch? Just trying to figure out what the pricing will be.

嗨，謝謝你們的提問，夥伴們。這只是後續行動。因此，如果你——我的意思是一個簡單的數學，如果你說銷量增長了 40%，而測序耗材持平，那麼定價大約會遇到 40% 的阻力。隨著 5% 的轉換率持續下去，我們是否應該考慮這種定價逆風？還是在 NovaSeq X 發售初期就比較高？只是想弄清楚定價是多少。

Yeah, let me address that. So it's higher early on and more the volume moves to X, the impact of pricing continues to reduce. It's just primarily the way I'm trying to position the data. If you go back and think about holistically, there was a transition from 6000 to X would have resulted overall, all inclusive, easily more than 70% -- 60% to 70% price decline on the Gb to Gb basis.

是的，讓我解決這個問題。因此，早期價格較高，成交量移動到 X 的數量越多，定價的影響繼續減少。這主要是我嘗試定位數據的方式。如果您回過頭來從整體上考慮，從 6000 到 X 的過渡將導致整體、全包、輕鬆超過 70%——按 Gb 到 Gb 的價格下降 60% 到 70%。

And as the transition continues, our baseline continues to come down, right? So as the mix improves, as we get to -- we're getting into the half way volume transition point in the back half of this year, and now based on that projection could get to half way revenue transition point by mid next year and the impact of price continues to go down.

隨著過渡的繼續，我們的基線繼續下降，對吧？因此，隨著組合的改善，我們將在今年下半年進入銷售過渡點的一半，現在根據該預測，到明年中期收入過渡點可能會達到一半，價格的影響持續走低。

Great, thanks for that. And just one quick follow-up on pricing. Are you seeing any pricing changes on the equipment side? I mean, if you had to give price or has that been relatively stable?

太好了，謝謝你。並且只是對定價進行快速跟進。您是否發現設備方面的價格有任何變化？我的意思是，如果你必須給出價格或價格相對穩定嗎？

Yeah, overall, we have seen the -- I think you're referring here to the NovaSeq X Plus and where we have seen pretty much stable pricing. And that's also why we now introducing the NovaSeq X, which allows for a lower price point for customers that are capital constrained but actually wants to get access to the NovaSeq series of instruments, the NovaSeq X Series of instruments.

是的，總的來說，我們已經看到了——我認為您在這裡指的是 NovaSeq X Plus，我們已經看到了相當穩定的價格。這也是我們現在推出 NovaSeq X 的原因，它為資金有限但實際上想要使用 NovaSeq 系列儀器 NovaSeq X 系列儀器的客戶提供了更低的價格。

And what's beauty about that is that it allows them to later in the period to upgrade it to the NovaSeq X Plus to get the advantage of the both flow cells. So we expect to see some interest from customers here later this year when we launch the NovaSeq X Plus -- NovaSeq X.

其美妙之處在於，他們可以在後期將其升級到 NovaSeq X Plus，以獲得兩個流通池的優勢。因此，我們預計今年晚些時候，當我們推出 NovaSeq X Plus（NovaSeq X）時，我們會看到客戶的一些興趣。

Right. Thanks for the questions. Appreciate it.

正確的。感謝您的提問。欣賞它。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hey guys, thank you for taking the questions. Jacob maybe one on the $200 million cost savings initiative. I know you want to take some of that for next week, I'm sure. But can you just talk a little bit about first, the pacing?

嘿夥計們，謝謝你們提出問題。雅各可能是 2 億美元成本節約計劃的參與者之一。我確定你想在下週拿走一些。但你能先談談節奏嗎？

And then second, where you're seeing opportunities? I know from investor conversations, a lot of people have circled that R&D line. Big question is whether you guys are willing to kind of use that as a lever, again over 20% here.

其次，您在哪裡看到機會？我從投資人的談話中得知，很多人都圍繞著研發線。最大的問題是你們是否願意使用它作為槓桿，這裡再次超過 20%。

Can you just talk about, again, if there are any areas that are off-limits in terms of the cost reductions and where you're focusing on for those expense controls? It does feel like there's a lot of opportunity in the P&L. So I'd love just to discuss that a bit.

您能否再次談談在降低成本方面是否存在任何限制領域以及您在費用控制方面的重點？確實感覺損益表中有很多機會。所以我想稍微討論一下這個問題。

Yeah, let me start by saying that there's no off-limits area, we're looking at all elements in the P&L and the $200 million is a reflection of that also. We are not -- at this point, we're not providing insights on the pacing of this, but what I can tell you is that we are looking at all elements and we'll provide more insights next week.

是的，首先我要說的是，沒有禁區，我們正在考慮損益表中的所有要素，2 億美元也反映了這一點。目前，我們還沒有提供有關此事節奏的見解，但我可以告訴你的是，我們正在考慮所有因素，下週我們將提供更多見解。

Just referring to the R&D. And we continue to take a look at how we want to set up, or how the money we're spending on the books. Just to give you a little bit of my philosophy around R&D is that we are internally looking at each R&D project and valuing them based on tight measures, including in NPV and ROIC.

僅指研發。我們將繼續考慮我們想要如何建立，或者我們如何在帳簿上花費資金。向您介紹我對研發的理念是，我們在內部審視每個研發項目，並根據嚴格的衡量標準（包括 NPV 和 ROIC）對其進行估值。

And I'm using that also, as you know, I have a background in R&D and thereby I'm not just driving by an overall number, but truly just focusing on the programs that provides an overall growth for the company, but of course, also drives shareholder value.

我也在使用它，如你所知，我有研發背景，因此我不僅僅是透過總體數字來推動，而是真正專注於為公司提供整體成長的項目，但是當然，也推動股東價值。

So we're not building on a tops down budget and thereby we are looking at this very, very detail also. I think Ankur, maybe you want to say a little more about kind of --

因此，我們並不是建立在自上而下的預算基礎上，因此我們也在研究這個非常非常的細節。我想安庫爾，也許你想多說一點——

Yeah, sure. As we said, we'll likely share a little bit more details during the strategy day next week. But what we are laying out here is of the steps we are taking towards our multiyear margin expansion strategy and we'll focus across all areas where we can lead to a structurally better and sustainable cost structure for the company in the long term. But more to come but the focus is across all opportunities, across all lines.

好，當然。正如我們所說，我們可能會在下週的戰略日期間分享更多細節。但我們在這裡列出的是我們為實現多年利潤擴張策略所採取的步驟，我們將重點放在可以為公司帶來結構性更好且可持續的長期成本結構的所有領域。但未來還會有更多，但重點是所有機會、所有領域。

Yeah, we will stay tuned on. Thank you guys.

是的，我們將繼續關注。感謝你們。

Sure.

當然。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hey, guys. Good afternoon. Maybe just cutting the model a different and simpler way. As I look at the multi-quarter trend here, it seems like sequencing consumable revenue bottomed out in the fourth quarter at $687 million, it increased to just under $700 million in Q1, we're now up to just under $740 million in Q2.

大家好。午安.也許只是以不同且更簡單的方式切割模型。當我觀察這裡的多季度趨勢時，似乎排序消費品收入在第四季度觸底，達到 6.87 億美元，第一季增加到略低於 7 億美元，現在第二季達到略低於 7.4 億美元。

While you've guided instruments to be down over 30% year over year, it does seem like you're assuming a stabilizing instrument revenue in the range of like $110 million to $120 million every quarter this year. So assuming there's no reason to think that there's a magical material change in that as we forward -- fast forward to next year.

雖然您預計儀器將年減 30% 以上，但您似乎確實假設今年每季的儀器收入穩定在 1.1 億至 1.2 億美元之間。因此，假設沒有理由認為隨著我們前進——快進到明年，會發生神奇的實質變化。

If instrument revenues essentially stabilizing at these levels and consumables are growing every quarter as the installed base expands and volume used clearly continues to grow, if I'm kind of just simplifying the math, doesn't that imply you have to return to mid-single digit plus revenue growth next year?

如果儀器收入基本上穩定在這些水平，並且隨著安裝基礎的擴大和使用量的顯著持續增長，消耗品每個季度都在增長，如果我只是簡化數學，這是否意味著你必須回到中期明年收入成長個位數以上？

Or is there something I'm messing up. I'm not asking you to guide. I'm not asking you to get ahead of yourself for the analyst day next week, but just mathematically, what could I be missing here?

或者是我搞砸了什麼。我不是叫你指導。我並不是要求你在下週的分析師日之前超前，但只是從數學上來說，我在這裡可能會錯過什麼？

Doug, I think you're right in your assumption is that and what we said earlier on that, we believe that the consumer growth is the right indicator for the turn into a better performance for the company. I still think it's too early to have a detailed conversation about '25.

道格，我認為你的假設是對的，我們之前說過，我們相信消費者成長是公司績效轉好的正確指標。我仍然認為現在詳細討論 '25 還為時過早。

I mean, you've seen the last few days that there's a lot of moving elements. We have a US election coming up. There are still no concerns about what is happening in the Middle East. Of course, the interest rates we'll see where that goes. But of course, we are doing everything we can to get back to a much better growth trajectory than we have been on for the past few years.

我的意思是，過去幾天你已經看到有很多變化的元素。我們即將舉行美國大選。人們仍然不擔心中東正在發生的事情。當然，我們將看看利率的走向。但當然，我們正在盡一切努力恢復比過去幾年更好的成長軌跡。

Thanks for that Jacob.

謝謝雅各。

Yeah sure.

好，當然。

Ok sorry Ankur (inaudible)

好吧，抱歉安庫爾（聽不清楚）

Yeah. And the only thing I would add, Doug, you're pointing to the right metrics, that's exactly how we're looking at that business as well. And as Jacob said, lots of moving parts here. You've seen the recent prints around the macro.

是的。我唯一要補充的是，道格，你指出了正確的指標，這也正是我們看待這項業務的方式。正如雅各所說，這裡有很多活動部件。您已經看到了最近關於巨集的列印。

So too early to call on 2025, but the trends we are seeing on the X transition, on the high throughput consumables as well as the fact that the impact of pricing should continue to erode or become lower over time are all positive factors, right?

所以現在預測2025 年還為時過早，但我們在X 過渡、高吞吐量消耗品方面看到的趨勢以及定價的影響隨著時間的推移應繼續削弱或降低的事實都是積極因素，對吧？

This year what we've also seen is the overall Gb output growth during the first half of the year has been very strong. First quarter was over 35%. We're now seeing over 40%. If you look at last several years, sort of 5-year average, that was more than in the 20s to mid-20s range as well. So several moving parts. The fundamental of the business seem to be moving in the right direction, but still too early to call for now for '25. Yeah.

今年我們也看到，上半年整體千兆位元產出成長非常強勁。第一季超過35%。我們現在看到超過 40%。如果你看一下過去幾年的情況，大概是 5 年的平均水平，這個數字也比 20 多歲到 20 多歲的範圍要多。所以有幾個活動部件。業務的基本面似乎正在朝著正確的方向發展，但現在斷言「25」還為時過早。是的。

Okay, thanks. And I'll jump out of the queue and let others jump in. Thank you very much.

好的謝謝。我會跳出隊列，讓其他人加入。

Thanks.

謝謝。

Dan Arias, Stifel.

丹·阿里亞斯，斯蒂菲爾。

Afternoon, guys. Thanks for the questions. Ankur or Jacob, how is the clinical community moving to adopt the X and then what kind of expectations should we have for those labs adopting the 25B kit? And if those two things are presumably later than the research community, does that represent an incremental headwind in the back half of the year or '25, if you then have to start thinking about the pricing pressure there, or do you think that there was a point where elasticity in the clinical markets was actually something you guys are talking about. Do you think that can start to work for you as we head into next year?

下午好，夥計們。感謝您的提問。 Ankur 或 Jacob，臨床界正在如何採用 X，那麼我們對那些採用 25B 試劑盒的實驗室應該有什麼樣的期望？如果這兩件事可能晚於研究界，這是否代表下半年或 25 年的增量逆風，如果你必須開始考慮那裡的定價壓力，或者你認為有臨床市場的彈性實際上是你們正在談論的問題。當我們進入明年時，你認為這對你有用嗎？

Yeah, I think we continue to see, of course, that the academic environment is -- academia environment has moved faster to the X than where the clinical is, and that's very -- there's a good reasons for that. As you know, you have to validate your products and your assays on the X before you put it into full production mode.

是的，我認為我們繼續看到，當然，學術環境比臨床環境更快地走向 X，這是有充分理由的。如您所知，在將其投入全面生產模式之前，您必須在 X 上驗證您的產品和檢測。

What we have seen, the strategy from many of our clinical customer has been to keep that current validated products or assays on the 6000 and then really been focusing on the new assays and you've seen a few releases actually over the last few weeks on the new assays coming out.

我們看到，我們許多臨床客戶的策略是將目前經過驗證的產品或檢測保留在 6000 上，然後真正專注於新的檢測，並且您在過去幾週實際上已經看到了一些版本新的檢測方法即將問世。

So you're starting to see that happening. We actually believe this is going to be a most of our and pretty much all our big clinical customers have multiple access already in their laboratories. So we don't -- we're not foreseeing any material change or swings in transition. We think that is going to be quite stable over the next period of time. So I'm not too concerned about certain change in trajectory.

所以你開始看到這種情況正在發生。實際上，我們相信這將是我們大多數和幾乎所有大型臨床客戶在其實驗室中已經擁有的多種訪問權限。所以我們不會——我們預期轉型過程中不會出現任何實質變化或波動。我們認為在接下來的一段時間內這將非常穩定。所以我不太擔心軌跡的某些變化。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

Hey thanks. I wanted to probe into some of the mid-throughput comments. I know you're talking about capital cash flow when rates stable. Can you maybe just talk a little bit more as to why you don't think that's a competitive issue?

嘿謝謝。我想探究一些中吞吐量評論。我知道你說的是利率穩定時的資本現金流。您能否再多談談為什麼您認為這不是一個競爭問題？

Yeah, no, we can certainly do that. And I think we have also, but what I would say that we as I mentioned before, we continued to take the competition very seriously. But I'm also mentioned before that we have had competition, this is not the first competition we're seeing. Illumina had competition all the way through the lifetime of this.

是的，不，我們當然可以做到。我認為我們也有，但我想說的是，正如我之前提到的，我們繼續非常認真地對待競爭。但我之前也提到過，我們曾經有過競爭，這不是我們第一次看到競爭。 Illumina 在其整個生命週期中一直面臨著競爭。

That said, we're taking -- I'm taking very different approach here and proactive stance than from what I saw coming into the company. And we're started to see that drive a meaningful impacts, both in the marketplace and culture in the company.

也就是說，我們正在採取——我在這裡採取的方法和積極主動的立場與我在公司看到的情況截然不同。我們開始看到這對市場和公司文化產生了有意義的影響。

We do see at least in the mid-throughput space that with this, the most competitive intensive area that the China still is an issue here. There is competitive pressure here, but it hasn't really changed over the past quarters.

我們確實看到，至少在中等吞吐量領域，中國仍然是競爭最激烈的密集領域。這裡存在競爭壓力，但在過去幾個季度中並沒有真正改變。

Secondly, we are following each deal very, very closely, and we actually have a very good insights on where we are on this right now. And if we look at it, we actually don't see any change in the win rates. We actually remain quite range bound over the last few quarters. We don't see any real change in this. And therefore, we are attributing the biggest part of this too to the economic environment.

其次，我們非常非常密切地關注每筆交易，實際上我們對目前的進展有非常好的見解。如果我們觀察一下，我們實際上沒有看到勝率有任何變化。實際上，過去幾季我們仍然處於區間波動狀態。我們沒有看到這方面有任何真正的變化。因此，我們也將其中最大的部分歸因於經濟環境。

Okay. And then a follow-up. If you're expecting 50% of high throughput consumables to transition to X by mid '25, I guess how much more do you expect that transition and therefore the price pressure to work its way through the model? And should we expect 2025 to be a year that's below your forthcoming long range plan?

好的。然後是後續行動。如果您預計到 25 年中期，50% 的高吞吐量消耗品將過渡到 X，我猜您對這種過渡以及因此透過模型發揮作用的價格壓力的期望有多少？我們是否應該預期 2025 年會低於您即將制定的長期計畫？

Yeah. Let me just make sure we got the right number there. So from a volume perspective, we should cross the halfway mark here in the second half of '24 because in Q2, we saw the 45% of the volume to come on X. The 2025 references, half of the revenue should transition over into the X.

是的。讓我確認一下我們得到的號碼是正確的。因此，從銷售角度來看，我們應該在 24 年下半年跨越一半，因為在第二季度，我們看到 45% 的銷售來自 X。

And with every 5, 7 point mix, the impact of the price continues to go down and the contribution of that volume into revenue continues to increase. Specifically around, Tycho, 2025, we will talk about this, there will be several moving parts, so we'll talk about this when we get to the guidance for '25.

每混合 5、7 個點，價格的影響就會持續下降，而銷售量對收入的貢獻則會持續增加。具體來說，第谷，2025 年左右，我們將討論這個，會有幾個移動部分，所以當我們談到 25 年的指導時，我們將討論這個。

Okay. And then just clarification before I hop off, is the $200 million continuous improvement program the extent of cost outs we'll hear about at the Analyst Day, and is that over three years?

好的。然後在我下車之前澄清一下，2 億美元的持續改進計劃是我們在分析師日聽到的成本支出範圍嗎？

Yeah, we'll provide more insight next week, but we're going to come back and give you a comprehensive view of both our -- how we see the growth, how we expecting our application of growth over the next few years, of course, on our margin expansion, but also on our earnings power. So we'll provide all that insight next --

是的，我們將在下週提供更多見解，但我們將回來給您一個全面的看法，我們如何看待增長，我們如何期望未來幾年對增長的應用，當然，關係到我們的利潤率擴張，也關係到我們的獲利能力。因此，接下來我們將提供所有這些見解——

Over three years' period?

超過三年的期限？

Yeah, yeah.

是啊是啊。

Sabbu Nambi, Guggenheim.

薩布南比，古根漢。

Hey, guys, thank you for taking my question and I'm good, thank you for providing that additional color on NovaSeq X and 6000 dynamics. I had a question on a follow-up of (inaudible) which is offshore NovaSeq X placement, what is the mix of clinical versus research?

嘿，夥計們，謝謝你們提出我的問題，我很好，謝謝你們為 NovaSeq X 和 6000 動態提供了額外的色彩。我對離岸 NovaSeq X 安置的後續行動（聽不清楚）有疑問，臨床與研究的結合是什麼？

And within clinical customers, what is the mix of new customers versus replacement? Specific to existing customers, when they purchase X, are they moving existing assays to X or are they typically using the X for new assays, assays that tend to require deeper or virus sequencing? I ask the last part because it does seem like utilization of 6000 is fairly resilient.

在臨床客戶中，新客戶與替代客戶的組合是怎麼樣的？具體到現有客戶，當他們購買 X 時，他們是否會將現有檢測轉移到 X，還是通常使用 X 進行新檢測、往往需要更深入定序或病毒定序的檢測？我問最後一部分是因為 6000 的使用率看起來確實相當有彈性。

Yeah. Sabbu, I don't know if we've specifically provided that data mix between clinical and research segmentations. We generally said it's roughly half and half, I believe, right, Salli, in the past, but not something that we're providing on an ongoing basis.

是的。 Sabbu，我不知道我們是否特別提供了臨床和研究細分之間的數據混合。過去，我們通常說大約是一半一半，我相信，對，薩利，但不是我們持續提供的東西。

Now in terms of our clinical customers transition to X, the general approach is still around newer tests where most of the clinical customer focus is from a X perspective is to develop newer tests on X at the time of launch, and then you see the high volume. And Jacob can add more color there.

現在，就我們的臨床客戶向X 的過渡而言，一般方法仍然圍繞著更新的測試，其中大多數臨床客戶的關注點是從X 的角度來看，是在發佈時在X 上開發更新的測試，然後你會看到高體積。雅各可以在那裡添加更多色彩。

Yeah, that's absolutely correct. And we have seen mostly on these newer test being higher intensive of sequencing. So that, of course, interest of getting more samples per sample is not the only parameter here, certainly seen many of our customers looking for larger panels, it's going to whole genome sequencing, including new insights, for example, [methylation] insights in your panels and so on, so forth, deeper sequencing in itself. That's what we see in the clinical space.

是的，這絕對正確。我們看到這些新的測試大多具有更高強度的定序。因此，當然，對每個樣本獲取更多樣本的興趣並不是這裡的唯一參數，當然我們的許多客戶都在尋找更大的面板，這將是全基因組測序，包括新的見解，例如，[甲基化]見解你的面板等等，等等，本身就是更深入的排序。這就是我們在臨床領域看到的情況。

If you look into the academia space, there's a lot going on certainly in single cell and in other areas. Now we're starting to see a uptake in spatial, which requires much higher intensity of sequencing. So that's what we're seeing right now.

如果你看看學術界，你會發現單細胞和其他領域確實發生了很多事情。現在我們開始看到空間的吸收，這需要更高強度的定序。這就是我們現在所看到的。

Perfect. Thank you so much guys.

完美的。十分感謝大家。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Hi, guys. Thanks for your questions. So first one is just trying to understand the mid-throughput is there a cost per gigabase a lever that you can use to lower cost in the near term to compete more effectively in that market? Or do you think the Nova X comment that you provided at the end, Jacob, X instead of the X Plus with a single flow cell, do you think the pricing on that is actually moving lower in order to address maybe a potential gap there with a competitor in the mid-throughput segment?

嗨，大家好。感謝您的提問。因此，第一個問題只是想了解中吞吐量是否有每千兆位元組的成本，您可以使用該槓桿在短期內降低成本，以便在該市場中更有效地競爭？或者你認為你最後提供的 Nova X 評論，Jacob，X 而不是帶有單個流通池的 X Plus，你是否認為它的定價實際上會降低，以解決可能存在的潛在差距中吞吐量領域的競爭對手？

Yeah, I think -- thanks for that. I think both. I mean, meaning that the NovaSeq X with one flow cell, you can run all the applications. You can run 25B flow cell and take full power of the pricing we have for the NovaSeq X Plus level of flow cells.

是的，我想——謝謝你。我認為兩者都有。我的意思是，NovaSeq X 具有一個流通池，您可以運行所有應用程式。您可以運行 25B 流通池，並充分享受我們為 NovaSeq X Plus 級別流通池提供的定價。

But I would say on the mid-throughput, we certainly have an opportunity to use our pricing if we need to. But I do think that that is -- but actually it actually provides a lot of -- we already priced that to a very, very competitive element.

但我想說，就中等吞吐量而言，如果需要的話，我們當然有機會使用我們的定價。但我確實認為那是——但實際上它實際上提供了很多——我們已經將其定價為非常非常有競爭力的元素。

But I do think it's more complicated than that. And while I certainly believe there's a lot of great members of the teams with our competitors. I think sometimes we also get caught up in very too narrow definitions of claims.

但我確實認為事情比這更複雜。雖然我當然相信我們的競爭對手團隊中有很多優秀的成員。我認為有時我們也會陷入過於狹隘的主張定義中。

So sometimes we see interim workflow steps being just looked at from a claim perspective, we're seeing limited applications or even performance that's based on very limited data. And I think pretty much in all cases are meeting the full computational chain from DRAGEN, that has also significantly improved the quality and reduced the overall workflow costs.

因此，有時我們會看到臨時工作流程步驟只是從索賠的角度來看，我們會看到有限的應用程序，甚至是基於非常有限的數據的性能。我認為幾乎在所有情況下都滿足 DRAGEN 的完整計算鏈，這也顯著提高了品質並降低了整體工作流程成本。

So if you take all that into consideration and even when we provide premium cost per gigabyte, you'll actually see that for a full cost of workflow, breadth of application, and full computation power. We continue to be highly differentiated and I think our customers are seeing that.

因此，如果您考慮到所有這些，即使我們提供每 GB 的溢價成本，您實際上也會看到工作流程、應用程式廣度和完整計算能力的全部成本。我們繼續保持高度差異化，我認為我們的客戶已經看到了這一點。

I agree we could do a better job in communicating this, but we will spend more time next week also providing more insights on that, but also more of the differentiation we're going to provide both to mid-throughput and high throughput by giving you examples from what we have in our R&D Vault.

我同意我們可以在這一點上做得更好，但下週我們將花更多時間提供更多關於這一點的見解，而且我們還將通過為您提供中吞吐量和高吞吐量提供更多差異化我們研發庫中的範例。

Okay. That's helpful. And then on the commercial org. Just trying to understand why is now the right time to change and just trying to sort of understand what are some of the changes there. What are -- are you driving some change in the quota-bearing sales force that's out there?

好的。這很有幫助。然後是商業組織。只是試著了解為什麼現在是改變的正確時機，並試圖了解其中的一些變化。您是否正在推動現有的配額銷售隊伍發生一些變化？

Some of that has worked really well historically. You obviously have a really solid product in the marketplace, but just wondering what's driving that and what are some of the changes there?

其中一些在歷史上確實發揮了很好的作用。顯然，您在市場上有一個非常可靠的產品，但只是想知道是什麼推動了它，以及那裡發生了哪些變化？

Yeah. I mean, I think what we announced already was that before Everett come in that I felt it was important to bring our marketing and our sales teams together. So if you start at the top level, when you bring those two teams together, you also have some synergistic effect.

是的。我的意思是，我認為我們已經宣布的是，在埃弗里特加入之前，我認為將我們的行銷和銷售團隊聚集在一起很重要。因此，如果你從高層開始，當你將這兩個團隊聚集在一起時，你也會產生一些協同效應。

You will align leadership team and we have done that now on the average. So we have a one commercial team. So that's number one. Number two is that we have taken a deeper look into how do we actually get more quota-carrying people out into the field.

你將調整領導團隊，我們現在平均已經做到了這一點。所以我們有一個商業團隊。所以這是第一。第二，我們更深入地研究如何真正讓更多持有配額的人進入該領域。

And how do we make sure we have even better application capabilities now when we are accelerating ourself into multiomics and also where we believe informatics should have an even bigger play. So this is less about changing the regions and the regional structure, but more adding more feets on the underground, so to say.

當我們加速進入多組學領域時，我們如何確保我們擁有更好的應用能力，並且我們認為資訊學應該發揮更大的作用。因此，這與其說是改變地區和地區結構，不如說是在地下增加更多的腳步。

Got it. And then the last one, if I can just ask. How should we think about the overall pull through? It's already more than $1 million. What's your math suggesting where that could land eventually? Thank you so much before I hop off.

知道了。然後是最後一個，如果我可以問的話。我們該如何看待整體的渡過難關？已經超過100萬美元了。你的數學顯示它最終會落在哪裡？在我下車之前非常感謝你。

Yeah. I mean, we're certainly very encouraged to be already now at a $1 million per annually for the X Series. And why we believe it's going -- we don't think this is the exit point or the equilibrium. So we believe it can go higher. We also see customers doing much higher right now already. So we encouraged to see where this could go, but we don't have -- at least we're not ready to share detailed view on where we think this could go at this point.

是的。我的意思是，我們對 X 系列現在每年的收入已經達到 100 萬美元感到非常鼓舞。為什麼我們相信它會發生——我們不認為這是退出點或均衡點。所以我們相信它可以走得更高。我們也看到客戶現在已經做得更好了。因此，我們鼓勵看看這會走向何方，但我們還沒有——至少我們還沒有準備好分享我們認為目前可能走向何方的詳細觀點。

Sung Ji Nam, Scotiabank.

宋志南，豐業銀行。

Hi thanks for taking the questions. Just one for Ankur. Could you maybe give us a bit more color in terms of the outlook in China and Greater China and AMEA? I think if you look at the growth trends over the last few quarters, seems pretty stable. But just kind of curious if your guidance, I think you said that half of that attributable to China, Asia. And so just kind of curious what your -- how has your expectation changed since the last quarter and if you expect a significant deterioration in those regions going forward. Thank you.

您好，感謝您提出問題。只給安庫爾一份。您能否為我們介紹一下中國、大中華區以及 AMEA 的前景？我認為，如果你看看過去幾季的成長趨勢，你會發現它似乎相當穩定。但只是有點好奇你的指導，我想你說過一半歸因於中國和亞洲。因此，我有點好奇您的預期自上個季度以來有何變化，以及您是否預計這些地區未來會出現顯著惡化。謝謝。

Let me start by addressing this here that I think first of all, related to China is still too early to call where we are in the cycle. And from what we can see the economy is still weak and customer continues to be constrained.

讓我先在這裡討論這個問題，我認為首先，與中國有關的問題現在判斷我們處於週期中的位置還為時過早。從我們所看到的來看，經濟仍然疲軟，客戶繼續受到限制。

So we don't really -- as you mentioned, we don't really see any change, material change in the competitive intensity in China. But it's still a tough market to be in. What I'm really excited about is that we have as mentioned, I think on the last call also, we hired our new Head of Region there in China, and she has been in place for a little more than a quarter.

因此，正如您所提到的，我們並沒有真正看到中國競爭強度有任何變化、實質變化。但這仍然是一個艱難的市場。一點。

And she is very active also in optimizing the commercial structure as with the rest of the world really focusing on bringing more into fields from the back office. She's also resetting partnerships and optimizing those kind of relationships, and of course, continuing to consider how we are targeted in our pricing strategies for specific product groups and finally bring IVD, more IVD products to China.

她也非常積極地優化商業結構，就像世界其他地方一樣，她真正專注於將更多的後台工作帶入各個領域。她也正在重新調整合作關係並優化這些關係，當然，還會繼續考慮我們如何針對特定產品組制定有針對性的定價策略，並最終將 IVD、更多的 IVD 產品引入中國。

So there's a lot we are doing there right now. And I think eventually this will turn. But at this point, it's too early to provide deeper insights.

所以我們現在正在那裡做很多事情。我認為這種情況最終會發生轉變。但目前提供更深入的見解還為時過早。

I think maybe Ankur you can provide a little more insight on rest of Asia.

我想也許安庫爾可以提供更多關於亞洲其他地區的見解。

Yeah. Let me give you just a couple of more colors specifically because we've included that as part of our guidance. Our previous estimates and the expectations of China were not for a material recovery. In that business, however, if you look at the sequential build up that business did, that was an implied increase, even though still down year over year.

是的。讓我專門為您提供更多顏色，因為我們已將其作為我們指南的一部分。我們先前的估計和對中國的預期並不是實質的復甦。然而，在該業務中，如果你觀察該業務的連續成長，你會發現這是隱含的成長，儘管仍逐年下降。

The business in China over the last several or six to eight quarters now has been weak. In fact, if you look at all of Illumina from a year-over-year basis at midpoint, now that midpoint of my full year guidance is roughly 1.5 points lower on a constant currency basis or 2 points on a constant currency basis.

過去幾個或六到八個季度，中國業務一直疲軟。事實上，如果你從中點的同比基礎上看整個 Illumina 的情況，那麼現在我的全年指導的中點在固定貨幣基礎上大約低 1.5 個點，或者在固定貨幣基礎上低 2 個點。

A very big part, almost two thirds of that is all due to China, where our business has been quite weak. We're not seeing signs of recovery, lots of commercial action from our perspective. We are making changes in the team.

很大一部分，幾乎三分之二都歸功於中國，我們在中國的業務一直相當薄弱。從我們的角度來看，我們沒有看到復甦的跡象，也沒有看到大量的商業行動。我們正在團隊中做出改變。

But just the overall environment there right now doesn't look where I would go out and assume any kind of increase in business volumes for the rest of the year. So kind of taken that out of the forecast, and I'm trying to de-risk that.

但就目前的整體環境而言，我並不認為今年剩餘時間業務量會出現任何成長。因此，我將其從預測中剔除，我正在努力降低風險。

Great. Thank you.

偉大的。謝謝。

Eve Burstein, Bernstein Associates.

伊芙伯斯坦，伯恩斯坦合夥人。

Great. Thanks so much for the question. In the last few months, we've seen both Quest and LabCorp announce or expand collaborations with one of your competitors. Can you remind us what portion of your revenue comes from those companies?

偉大的。非常感謝您的提問。在過去的幾個月中，我們看到 Quest 和 LabCorp 都宣布或擴大與您的競爭對手之一的合作。您能提醒我們您的收入中有哪些部分來自這些公司嗎？

And then I can imagine some reasons why those companies would act differently than other of your clinical customers. So for example, I'm guessing that they do a higher portion of LDTs and FDA approved tests, so they don't need as many the X boxes, maybe there's a more natural fit. But why shouldn't we take this as a major sign of potential share loss in the clinical market, not just potentially a hit to revenue if and when assays shift to the X and X Plus?

然後我可以想像這些公司的行為與其他臨床客戶不同的一些原因。例如，我猜測他們進行了較高比例的 LDT 和 FDA 批准的測試，因此他們不需要那麼多的 X 盒，也許有更自然的配合。但是，為什麼我們不應該將此視為臨床市場潛在份額損失的一個主要跡象，而不僅僅是當檢測轉向 X 和 X Plus 時可能對收入造成的打擊？

Yeah, I think, I suggest you speak closer to those companies about their decisions on making collaboration agreements with the other parties in the NGS space. I think we focusing on first and foremost provides the highest quality to our customers because I think there's a little bit over rotation here on a price that goes for a very, very limited application space.

是的，我想，我建議您與這些公司更密切地討論他們與 NGS 領域其他各方簽訂合作協議的決定。我認為我們首先關注的是為我們的客戶提供最高的質量，因為我認為這裡的價格有點過度旋轉，適用於非常非常有限的應用空間。

And it's not really addressing what you can do for actually the payments you do today or the whole genomes. So on the other hand, I think it's not only about providing a price, also providing a products and a solution where you have confidence in that the vendor can provide and continue to support you.

它並沒有真正解決你可以為你今天所做的付款或整個基因組做些什麼。因此，另一方面，我認為這不僅僅是提供價格，還提供產品和解決方案，讓您相信供應商可以提供並繼續支持您。

So I think there's many more details that goes into this, and we hear the Illumina will continue to do our best to provide the best solutions, but not only focusing on one single element of the workflow, the cost of sequencing, but the whole cost of workflow, and providing the highest quality of answers to our customers.

因此，我認為還有更多細節涉及這一點，我們聽說 Illumina 將繼續盡最大努力提供最佳解決方案，但不僅關注工作流程的單一要素、定序成本，而且關注整體成本工作流程，並為我們的客戶提供最高品質的答案。

Great. Thank you.

偉大的。謝謝。

David Westenberg, Piper Sandler.

大衛‧韋斯特伯格，派珀‧桑德勒。

Hi. Thank you for taking the question. So can you talk about some of the pricing transition in XLEAP? I believe that is -- XLEAP is on the mid-throughput is backwards compatible. I believe you said 60% adoption.

你好。感謝您提出問題。那麼您能談談 XLEAP 的一些定價轉變嗎？我相信，XLEAP 在中吞吐量上是向後相容的。我相信你說的是 60% 採用率。

How should we think about actual total dollar impact with that pricing transition? Can you talk about this year specifically in that -- in the guidance? And I just have one follow-up. And then just one -- sorry one further clarification that I had throughput. Can you talk about the validation step required for clinical moving from regular? Two actually, on that.

我們應該如何考慮定價轉變對實際總美元的影響？您能在指導中具體談談今年嗎？我只有一個後續行動。然後只有一件事——抱歉，我進一步澄清了我的吞吐量。您能談談從常規轉向臨床所需的驗證步驟嗎？其實有兩個。

So first on overall, as we mentioned, we had 60% of our installed base has download software. This is for what we see an indicator for that people are very interested in the XLEAP chemistry, but we also see a lot of interest in particularly the P4. P4 flow cell has been out for a while, but also now going into the P1, P2, P3.

首先，正如我們所提到的，總體而言，我們 60% 的安裝基礎都下載了軟體。這是因為我們看到一個指標，顯示人們對 XLEAP 化學非常感興趣，但我們也看到很多人特別對 P4 感興趣。 P4 流通池已經推出一段時間了，但現在也進入了 P1、P2、P3。

We have a different price point as we have also been out talking about for XLEAP chemistry, which is one of the interested areas, but we also have a high quality of sequencing and high capacity. So Ankur maybe you can provide a little bit more insights on where we are on the transition.

我們有不同的價格點，因為我們也一直在談論 XLEAP 化學，這是感興趣的領域之一，但我們也擁有高品質的定序和高容量。因此，Ankur 也許您可以就我們的轉型進展提供更多見解。

But let me just talk to the validation is that, that depends on the going from XLEAP over to -- from the standard SBS chemistry on to XLEAP chemistry. It really depends on the assays, but normally you would have to go through at normal validation, that is just when you shift to other software agents, and you will do that and each clinical lab will know how to do so. But there's no specific step that's required from our end from going from one to the other.

但讓我談談驗證，這取決於從 XLEAP 到 - 從標準 SBS 化學到 XLEAP 化學。這確實取決於分析，但通常您必須在正常驗證時進行，也就是當您轉向其他軟體代理程式時，您將這樣做，每個臨床實驗室都會知道如何這樣做。但是從一個到另一個，我們不需要採取任何具體步驟。

Ankur, do you want to provide more on (inaudible) transition?

Ankur，您想提供更多有關（聽不清楚）過渡的資訊嗎？

Yeah, in terms of transition XLEAP to our original or the previous consumables that will be a pricing transition that will happen, but it is significantly smaller, and likely more corrected relative to what you've seen on the X side.

是的，就XLEAP 到我們原來的或之前的消耗品的過渡而言，這將是一個將會發生的定價過渡，但它的規模要小得多，而且相對於您在X 方面看到的情況來說，可能會更修正。

So from a modeling or going forward perspective, the volume of empty consumables as a business is a much, much smaller portion of our P&L and revenue base relative to what our ex-consumables business has. So I'm not from a impact on overall revenue line perspective, it will be significantly smaller.

因此，從建模或未來的角度來看，與我們的前消耗品業務相比，作為一項業務的空消耗品數量在我們的損益和收入基礎中所佔的比例要小得多。所以我不是從對整體營收線的影響角度來看，它會小得多。

Got it. And then just a quick follow-up on Fluent. What's the intention there in terms of pricing, can you drive pricing even lower than that in terms of pricing and bundles? Have you have any thoughts to how you would do bundled pricing? I just on IP, do you feel pretty comfortable with IP. I know that's -- I believe that's an emulsion step versus a microfluidic step. So does that protect you? I mean there's been a lot of IP in that space. So thank you.

知道了。然後是 Fluent 的快速跟進。定價的目的是什麼？您對如何進行捆綁定價有什麼想法嗎？我只談IP，你對IP感覺舒服嗎？我知道那是——我相信這是乳液步驟與微流體步驟。那麼這能保護你嗎？我的意思是這個領域有很多智慧財產權。所以謝謝。

Yeah. So we are certainly very excited about the Fluent acquisition. And as we also mentioned, is that we first and for most believe that the Fluent technology allows for broader adoption of single cell. So there are some -- there're certainly areas in the mid-throughput where customers can get easily into a single cells (technical difficulty) patients in high volume where that's actually the cost of the individual, expansion of the individual cell is competitive and certainly address that market space.

是的。因此，我們對 Fluent 的收購當然感到非常興奮。正如我們也提到的，我們首先也是大多數人相信 Fluent 技術可以更廣泛地採用單細胞。因此，在中等吞吐量的某些領域，客戶可以輕鬆進入大批量的單細胞（技術難度）患者，這實際上是個體的成本，個體細胞的擴增具有競爭力，並且當然可以解決這個市場空間。

We are still too early to go into a discussion about how are we going to commercialize this. But as mentioned before, but we will, of course, go in there and present the Fluent, that's a very attractive offering. We will continue to work with all the partners and all the single cell providers in the industry and allow them to have the very, very competitive offering on our platforms also.

我們現在討論如何將其商業化還為時過早。但正如之前提到的，我們當然會去那裡展示 Fluent，這是一個非常有吸引力的產品。我們將繼續與業界的所有合作夥伴和所有單細胞供應商合作，讓他們在我們的平台上擁有非常非常有競爭力的產品。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Great. Thanks for taking the questions, Jacob and Ankur. Maybe just a clarification first and then just a question on just consumables. On the clarification side, so I think you said there's really not much of a margin drag as you move actually to do mid-throughput, is that correct?

偉大的。感謝雅各和安庫爾提出問題。也許首先只是澄清，然後只是關於消耗品的問題。在澄清方面，我認為您說過，當您實際上進行中等吞吐量時，實際上並沒有太大的邊際阻力，這是正確的嗎？

Because we were under the impression, I think actually it was at $9 per G and I guess on label price for NextSeq might have been something into the teens or low 20s. So maybe can you just speak to a little bit how the margin impact flows through as your mid-throughput base adopts XLEAP?

因為我們的印像是，我認為實際上每 G 的價格是 9 美元，而且我猜 NextSeq 的標籤價格可能在十幾歲或二十幾歲左右。那麼，也許您可以談談當您的中等吞吐量基礎採用 XLEAP 時，利潤影響是如何流動的？

Yeah. So the one thing there will be margin track. What you're looking at is the list prices but the on market prices are likely different from where the list prices are already.

是的。所以一件事就是會有保證金跟蹤。您看到的是標價，但市場價格可能與標價已經不同。

And then second, on the margin drag side, given the contribution that mid-throughput consumables make on our overall revenue is relatively a smaller part of my P&L, that drag on for Illumina P&L is going to be generally manageable.

其次，在利潤拖累方面，鑑於中通量耗材對我們整體收入的貢獻在我的損益表中相對較小，因此對 Illumina 損益表的拖累通常是可控的。

But I'd also say that the R&D team has done a great job together with manufacturing to lower the price of the XLEAP chemistry. So it actually comes with that lower COGS and thereby less of a drag on the margins. Yeah.

但我還要說的是，研發團隊與製造團隊一起做了出色的工作，以降低 XLEAP 化學品的價格。因此，它實際上具有較低的銷貨成本，從而對利潤率的拖累也較小。是的。

Got it. And then I know you gave a lot of color during the presentation about volume (inaudible) But did you speak to and I apologize if you did, a little bit more on the research first clinical side like revenue growth in the quarter?

知道了。然後我知道您在有關數量的演示中給出了很多顏色（聽不清）但是您是否談到過，如果您這樣做了，我很抱歉，在研究第一臨床方面（例如本季度的收入增長）有更多的了解嗎？

Like how does that break out for NGS? And any color on kind of what's assumed in the '24 guide between like research and clinical and presumably whatever competitive impact that is there, even though I guess you said that you're really having success winning. I would presume it's more on the research rather than the clinical side. So any color you could provide there would be helpful. Thank you.

NGS 是如何突破的？以及 24 世紀指南中假設的研究和臨床之間的任何顏色，以及可能存在的任何競爭影響，即使我猜你說你真的成功了。我認為這更多是在研究方面而不是臨床方面。因此，您可以提供的任何顏色都會有所幫助。謝謝。

Yes. So we're not normally splitting that out, but I can tell you that we are growing healthy on both sides of the academic and the clinical part of the business.

是的。因此，我們通常不會將其分開，但我可以告訴您，我們在業務的學術和臨床部分都在健康發展。

And ladies and gentlemen, that concludes our Q&A session. I will now hand 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薩莉·施瓦茨。

Thank you for joining us today. As a reminder, a replay of this call will be available in the investor section of our website. This concludes our call and we look forward to seeing you at our upcoming Investor Day 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。我們的電話會議到此結束，我們期待在即將到來的投資者日和其他活動中見到您。

Ladies and gentlemen, this concludes today's call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。