Illumina Inc (ILMN) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the third-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 年第三季財報電話會議。 （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 third 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 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.

大家好，歡迎參加我們的 2024 年第三季財報電話會議。 。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 for Core Illumina.

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 Core Illumina 的財務業績。

As a reminder, we divested GRAIL in June of this year. For a review of historical financial results for GRAIL and consolidated Illumina, please see our earnings release and our SEC filings.

提醒一下，我們在今年 6 月剝離了 GRAIL。如需查看 GRAIL 和合併後的 Illumina 的歷史財務業績，請參閱我們的收益報告和 SEC 文件。

We will be discussing non-GAAP results, which includes stock-based compensation. We 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. As we go through the results, please note that year over year is as compared against the third quarter of fiscal 2023, while sequential is as compared against the second quarter of fiscal 2024.

我們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。我們鼓勵您查看這些非 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。當我們查看結果時，請注意，同比是與 2023 財年第三季相比，而環比是與 2024 財年第二季相比。

This call is being recorded, and the audio portion will be archived in the Investors section of our website. It is our intent that all forward-looking statements regarding our financial results and commercial activity made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties. Actual events or results may differ materially from those projected or discussed. All forward-looking statements are based upon current available information, and Illumina assumes no obligation to update these statements.

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。

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, and thank you, everyone, for joining our call today. Illumina delivered another quarter of strong financial performance. We are making significant progress in expanding margins and driving earnings, growing the utilization of the NovaSeq X platform and bringing the next phase of sequencing innovation to our customers.

謝謝你，莎莉。下午好，謝謝大家今天加入我們的電話會議。 Illumina 又一個季度實現了強勁的財務業績。我們在擴大利潤和推動盈利、提高 NovaSeq X 平台的利用率以及為客戶帶來下一階段的測序創新方面取得了重大進展。

In Q3, revenue was $1.1 billion, in line with our expectations. Across our regions, Americas revenue was down 6% year over year, Europe revenue was up 12%. EMEA revenue was up 7% and Greater China was down 23%.

第三季營收為 11 億美元，符合我們的預期。在我們各個地區，美洲營收年減 6%，歐洲營收成長 12%。歐洲、中東和非洲地區營收成長 7%，大中華區營收下降 23%。

In the quarter, we placed an additional 58 NovaSeq X Plus instruments, bringing our total installed base to 527. Approximately 40% of this installed base has been shipped to clinical customers, highlighting the diversity of our user base.

本季度，我們新增了 58 台 NovaSeq X Plus 儀器，使我們的總安裝量達到 527 台。

The X Series surpassed $1 billion in cumulative revenue, a major milestone. Our non-GAAP operating margin of 22.6% and diluted earnings per share of $1.14, exceeding our expectations, and we began executing on the capital allocation strategy we laid out at our August strategy update.

X 系列的累計收入超過 10 億美元，這是一個重要的里程碑。我們的非 GAAP 營業利潤率為 22.6%，稀釋後每股收益為 1.14 美元，超出了我們的預期，我們開始執行我們在 8 月策略更新中製定的資本配置策略。

Looking ahead through year-end, while the funds remain healthy, the near-term macroeconomic environment has been persistently constrained. We now expect our 2024 revenue growth to be slightly lower than our prior guidance range. However, we are raising our guidance for both 2024 operating margin and earnings per share, reflecting the significant progress we have made so far this year in our transformative journey, driving operational excellence and strengthening our culture of performance. Ankur will provide additional details during his remarks.

展望年底，雖然資金依然健康，但近期宏觀經濟環境仍持續受到限制。我們現在預計 2024 年的營收成長將略低於先前的指導範圍。不過，我們上調了 2024 年營業利潤率和每股盈餘的指引，反映出我們今年迄今在轉型之旅、推動卓越營運和強化績效文化方面取得的重大進展。安庫爾將在演講中提供更多細節。

During our August strategy update, we laid out a plan to drive high single-digit revenue growth and 500 basis points of operating margin expansions by 2027, while achieving annual EPS growth in the double digits to teens over the next three years. To achieve this, I've set key priorities to guide execution against our strategy, deeper customer collaboration, continuous innovation, and commitment to operational excellence and margin expansion.

在我們8 月的策略更新中，我們制定了一項計劃，到2027 年推動高個位數收入增長和營業利潤率擴張500 個基點，同時在未來三年內實現年度每股收益增長兩位數到十幾歲。為了實現這一目標，我設定了關鍵優先事項來指導我們策略的執行、更深入的客戶合作、持續創新以及對卓越營運和利潤擴張的承諾。

Our first priority, deeper customer collaboration, is centered on providing a range of targeted solutions to serve the increasingly diverse needs of our customer base. Over the past several months, our continued connecting with our customers worldwide. Most recently, this included a group of academic Core lab directors that have a long legacy of collaboration with Illumina and are some of our most experienced users. I'm grateful to them for their ongoing partnership and support.

我們的首要任務是深化客戶合作，重點是提供一系列針對性的解決方案，以滿足客戶群日益多樣化的需求。在過去的幾個月裡，我們繼續與世界各地的客戶保持聯繫。最近，其中包括一組學術核心實驗室主任，他們與 Illumina 有著長期的合作傳統，並且是我們最有經驗的使用者之一。我感謝他們持續的合作和支持。

As we evolve the way we engage with customers, we are focused on two key initiatives.

隨著我們不斷改進與客戶互動的方式，我們將重點放在兩項關鍵措施。

One, shifting how we interact and collaborate with customers to support their ambitions. My observation was that we needed to do better in this area. And now I'm beginning to hear from customers that they are seeing Illumina present itself in a new way.

第一，改變我們與客戶互動和協作的方式，以支持他們的雄心壯志。我的觀察是我們需要在這個領域做得更好。現在我開始從客戶那裡聽到他們看到 Illumina 以一種新的方式展示自己。

And two, giving customers a clear line of sight to the significant innovations we have in the pipeline. Their early input is invaluable, allowing us to develop the most impactful products and solutions in the industry. I'm pleased to see this partner mindset become increasingly embedded into our company's culture. It will serve as a cornerstone of our success going forward.

第二，讓客戶清楚了解我們正在開發的重大創新。他們的早期投入非常寶貴，使我們能夠開發出業界最具影響力的產品和解決方案。我很高興看到這種合作夥伴心態越來越融入我們公司的文化中。它將成為我們未來成功的基石。

Our second priority is continuous innovation, which follows naturally from our first priority as it is driven and shaped by what customers are telling us they need. For example, we recently announced the launch of the groundbreaking MiSeq i100. We are addressing demand for flexible solutions for smaller scale projects with faster turnaround time.

我們的第二優先事項是持續創新，這自然是我們第一優先事項的必然結果，因為它是由客戶告訴我們他們的需求所驅動和塑造的。例如，我們最近宣布推出突破性的 MiSeq i100。我們正在滿足較小規模專案對靈活解決方案和更快週轉時間的需求。

Early feedback is validating our approach of bringing customers into the fold as advisers throughout the product development process. Customers are excited about room temperature shipping and storage of agents, allowing for sequencing on demand without the need to thaw agents.

早期回饋驗證了我們在整個產品開發過程中讓客戶作為顧問參與的方法。客戶對試劑的室溫運輸和儲存感到興奮，無需解凍試劑即可按需測序。

The shorter run times paired with 18 proven end-to-end workflows are what our customers have been asking for. And they have expressed that this is a game changer. Over time, we intend to leverage these new technologies in future releases across our portfolio.

更短的運行時間與 18 個經過驗證的端到端工作流程相結合，正是我們的客戶所要求的。他們表示這是一個遊戲規則的改變者。隨著時間的推移，我們打算在我們的產品組合的未來版本中利用這些新技術。

MiSeq i100 instruments for early access customers will begin shipping in late Q4, driven by the strong demand we saw in the days following the announcement. At our strategy update, we shared a number of additional innovation, including comprehensive whole genome sequencing and our five-based genome that will launch over the next 12 to 18 months. Collectively, these technologies will reinvent genome while making NDS workflow easier.

受我們在公告發布後幾天看到的強勁需求的推動，面向早期客戶的 MiSeq i100 儀器將於第四季度末開始發貨。在我們的策略更新中，我們分享了許多其他創新，包括全面的全基因組定序和我們將在未來 12 至 18 個月內推出的基於五種基因組的技術。總的來說，這些技術將重塑基因組，同時使 NDS 工作流程變得更加容易。

Comprehensive whole genome solution leverages a novel constellation map read technology to add additional layers of genomic data, redefining the extent of information created by the SBS chemistry. Standard Library prep is eliminated as it is performed directly on the flow cell, going from multiple hours of hands on time to just a few minutes.

全面的全基因組解決方案利用新穎的星座圖讀取技術來添加額外的基因組資料層，重新定義了 SBS 化學創建的資訊範圍。無需標準文庫製備，因為它直接在流動池上進行，從數小時的手工時間縮短到只需幾分鐘。

Another customer-driven innovation is the fight based genome, which will provide variant and epigenetic information from a single library prep. Customers will have access to methylation information in everyone, which is important to understand diseases including cancer, obesity and infectious diseases.

另一項客戶驅動的創新是基於基因組的戰鬥，它將透過單一文庫製備提供變異和表觀遺傳資訊。客戶將可以獲得每個人的甲基化訊息，這對於了解癌症、肥胖和傳染病等疾病非常重要。

Both the five-based genome and Constellation map read technology solutions are currently in development with customers providing feedback that will influence our product advancements. We will be providing further details on these two innovations, including results from early access customers at upcoming industry wins like ASHG later this week.

基於五的基因組和星座圖譜讀取技術解決方案目前正在開發中，客戶提供的回饋將影響我們的產品進步。我們將提供有關這兩項創新的更多詳細信息，包括早期訪問客戶在即將舉行的行業勝利（如本週晚些時候的 ASHG）中的結果。

In the near term, Illumina continues to deliver innovations for the NovaSeq X Series. We remain on track to begin shipping the single flow cell NovaSeq X by the end of this year. This instrument will be upgradable to the NovaSeq X Plus. In Q4, we will introduce 100 cycle and 200 cycling 25B flow cells designed for high output accounting applications, such as single cell and proteomics.

短期內，Illumina 將繼續為 NovaSeq X 系列提供創新。我們仍有望在今年年底前開始出貨單流通池 NovaSeq X。儀器可升級至 NovaSeq X Plus。在第四季度，我們將推出 100 個循環和 200 個循環 25B 流動槽，專為高輸出計數應用（例如單細胞和蛋白質組學）而設計。

Our third priority is operational excellence. Our focus here is to build a foundation that powers our long-term success regardless of the top line. By enhancing productivity, optimizing our investment spend, and driving smart capital allocation, we are positioning Illumina to directly benefit not only our customers and the patients they serve, but also our employees and our shareholders. Indeed, we have made great progress in building a culture where every employee is driving efficiencies to contribute to operational excellence.

我們的第三個優先事項是卓越營運。我們的重點是建立一個為我們的長期成功提供動力的基礎，無論收入如何。透過提高生產力、優化我們的投資支出並推動明智的資本配置，我們將 Illumina 定位為不僅直接造福我們的客戶及其服務的患者，而且造福我們的員工和股東。事實上，我們在建立一種文化方面取得了巨大進步，在這種文化中，每位員工都在提高效率，為卓越營運做出貢獻。

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

現在，我將請 Ankur 分享有關我們第三季業績和前景的更多細節。

Thank you, Jacob, and good afternoon, everyone. I'll give you an overview of our financial results, provide more color about revenue, expenses, earnings, and developments on our balance sheet and then speak about our outlook going forward.

謝謝你，雅各布，大家下午好。我將向您概述我們的財務業績，提供有關我們資產負債表上的收入、支出、收益和發展的更多信息，然後談談我們的未來展望。

All financial information, including guidance that we shared on this call is for Core Illumina only and excludes GRAIL.

所有財務資訊（包括我們在本次電話會議上分享的指導）僅適用於 Core Illumina，不包括 GRAIL。

During the third quarter, Illumina's revenue of $1.08 billion was in line with our expectations. And the team delivered a very strong margin and earnings expansion through ongoing cost discipline and operational excellence. Cash generation remains strong, and we also put cash to use across all dimensions of our capital allocation strategy.

第三季度，Illumina 的營收為 10.8 億美元，符合我們的預期。該團隊透過持續的成本控制和卓越運營，實現了非常強勁的利潤率和盈利擴張。現金產生能力仍然強勁，我們也將現金用於資本配置策略的各個方面。

Now, I will add color to each of these items. Third quarter revenue was down 2% year over year on both a reported and constant currency basis, with strong growth in our consumables business offset by the Instruments business declining against launch year compares.

現在，我將為每個項目添加顏色。以報告和固定匯率計算，第三季營收年減 2%，我們的消耗品業務的強勁成長被儀器業務較上市年的下降所抵銷。

Sequencing Consumables revenue was $741 million, up 7% year over year driven by continued strong uptake in X Consumables. The NovaSeq X transition progressed faster than we forecasted. As of end of Q3, more than 55% of high throughput gigabases sequenced and more than 35% of high throughput Consumables revenue was on the NovaSeq X Series.

定序耗材營收為 7.41 億美元，較去年同期成長 7%，這得益於 X 耗材的持續強勁成長。 NovaSeq X 過渡的進展速度比我們預期的要快。截至第三季末，超過 55% 的高通量千兆鹼基定序和超過 35% 的高通量耗材收入來自 NovaSeq X 系列。

We saw some acceleration of the transition from 6k to X this quarter, including in clinical, as approximately 40% of high-throughput clinical gigabases sequenced were on the NovaSeq X Series. As legacy FA's transition to the X-Series, we have seen increased clinical volumes and increasing adoption of the 25B flow cell from clinical customers. While there will be some quarterly variations in the pace of transition based on choices our customers make, we still believe almost half of high throughput Consumables revenue put transition to the X Series by middle of 2025.

本季我們看到從 6k 到 X 的轉變有所加速，包括在臨床領域，因為大約 40% 的高通量臨床千兆鹼基定序是在 NovaSeq X 系列上進行的。隨著傳統 FA 向 X 系列的過渡，我們看到臨床量不斷增加，臨床客戶越來越多地採用 25B 流動槽。雖然根據客戶所做的選擇，過渡速度會出現一些季度變化，但我們仍然相信，到 2025 年中期，近一半的高通量耗材收入將過渡到 X 系列。

Moving to sequencing activity. Total sequencing GB output on our connected high and mid-throughput instruments continue to grow at a rate more than 40% year over year, with robust growth from both clinical and research customers. Sequencing Instruments revenue was $104 million for Q3, a 42% year over year decline, slightly behind our expectations.

轉向測序活動。隨著臨床和研究客戶的強勁成長，我們連接的高通量和中通量儀器的總定序 GB 輸出繼續以超過 40% 的速度同比增長。第三季定序儀器營收為 1.04 億美元，年減 42%，略低於我們的預期。

The year over year decline was driven by two factors.

年比下降是由兩個因素驅動的。

One, lower NovaSeq X placements as compared to significantly ordered launch-related shipments in the third quarter of 2023. And two, a decline in mid-throughput shipments as capital and cash flow constraints continue to impact purchasing behavior and moderate instrument placements globally.

一是，與2023 年第三季與發射相關的大量訂購出貨量相比，NovaSeq X 的投放量較低。通量出貨量下降。

Sequencing service and other revenue was $150 million, up 6% year over year, driven by an increase in revenue from strategic partnerships as well as high Instrument Service contract revenue on a growing installed base.

定序服務和其他收入為 1.5 億美元，同比增長 6%，這得益於戰略合作夥伴關係收入的增長以及不斷增長的安裝基礎上的高儀器服務合同收入。

Moving to the rest of the P&L. Non-GAAP gross margin of 70.5% for the quarter increased 430 basis points year over year. This strong gross margin performance was driven primarily by the execution of our operational excellence initiatives that continue to improve productivity and deliver cost savings. The year-over-year improvement in gross margin was also supported by a more favorable revenue mix of Sequencing Consumables, making up roughly half of that improvement.

轉向損益表的其餘部分。該季度非 GAAP 毛利率為 70.5%，較去年同期成長 430 個基點。這種強勁的毛利率表現主要得益於我們卓越營運計畫的執行，這些計畫不斷提高生產力並節省成本。毛利率的年比改善也得益於定序耗材更有利的收入組合，約佔毛利率改善的一半。

While the business mix will change on a quarter-to-quarter basis, the productivity improvements we have achieved are sustainable and will support our margin expansion going forward.

雖然業務組合會逐季度變化，但我們所實現的生產力提高是可持續的，並將支持我們未來的利潤率擴張。

Non-GAAP operating expenses of $517 million were roughly flat to last quarter. This includes the additional head count and expenses resulting from our acquisition of Fluent Biosciences. The Illumina team continues to manage expenses effectively.

非 GAAP 營運支出為 5.17 億美元，與上季大致持平。這包括我們收購 Fluent Biosciences 帶來的額外員工人數和費用。 Illumina 團隊持續有效管理費用。

As I mentioned during our strategy update, we have several actions in play to reprioritize and reduce our expenses. As a result, non-GAAP operating margin for the quarter was 22.6%, compared to the 22.5% in the prior year period. This came in well above our guidance of approximately 20%, driven by strong operational performance across gross margin and discipline in expenses.

正如我在策略更新期間提到的，我們正在採取多項行動來重新確定優先順序並減少開支。因此，本季非 GAAP 營業利潤率為 22.6%，而去年同期為 22.5%。這遠高於我們約 20% 的指導，這得益於毛利率方面強勁的營運業績和支出紀律。

Below the operating income line, non-GAAP other expense was $14 million in Q3. During the quarter, we issued $500 million in debt at a 4.65% coupon that was used along with cash on hand to redeem in for the high-cost $750 million delayed drawed term loan, effectively delevering and also reducing our interest rate. Non-GAAP tax rate was 21% for the quarter.

第三季度，低於營業收入線的非 GAAP 其他費用為 1,400 萬美元。本季度，我們以 4.65% 的息票發行了 5 億美元的債務，與手頭現金一起用於贖回成本高昂的 7.5 億美元延遲提取定期貸款，有效地去槓桿化並降低了我們的利率。本季非 GAAP 稅率為 21%。

In Q3, we'll see the benefit of a few onetime credits as we filed our return for last year. Putting it all together, non-GAAP net income for Q3 was $181 million or diluted earnings per share, for $1.14 per diluted share. Our non-GAAP weighted average diluted share count for the quarter was approximately 160 million shares.

在第三季度，當我們提交去年的申報表時，我們將看到一些一次性積分的好處。總而言之，第三季非 GAAP 淨利潤為 1.81 億美元，稀釋後每股收益為 1.14 美元。本季我們的非 GAAP 加權平均稀釋股票數量約為 1.6 億股。

Moving to cash flow and balance sheet items for the quarter. Cash flow provided by operations was healthy at $316 million. Capital expenditures were $32 million, and free cash flow was $284 million.

轉向本季的現金流和資產負債表項目。營運提供的現金流健康，為 3.16 億美元。資本支出為 3,200 萬美元，自由現金流為 2.84 億美元。

During the quarter, we put cash to work in line with our stated capital allocation strategy. We acquired Fluent Biosciences, adding innovative instrument-free single-cell technology to Illumina's portfolio. We're excited about the potential for very large single cell experiments this technology can enable.

在本季度，我們根據我們既定的資本配置策略投入現金。我們收購了 Fluent Biosciences，為 Illumina 的產品組合增添了創新的免儀器單細胞技術。我們對這項技術可以實現的超大型單細胞實驗的潛力感到興奮。

In addition, following authorization from our Board earlier this quarter, we put a share repurchase program in place and repurchased 770,000 shares of Illumina stock for $98 million at an average price of $127.71 per share.

此外，根據本季度早些時候董事會的授權，我們實施了股票回購計劃，以 9,800 萬美元的價格回購了 770,000 股 Illumina 股票，平均價格為每股 127.71 美元。

And as noted, we delevered. Taken together, these capital actions show the strength of our operational execution in the quarter. We ended the quarter with approximately $939 million in cash, cash equivalents and short-term investments.

正如所指出的，我們去槓桿化了。總的來說，這些資本行動顯示了我們本季營運執行的實力。截至本季末，我們擁有約 9.39 億美元的現金、現金等價物和短期投資。

In summary, revenue was in line with expectations. The transition of high throughput sequencing to the NovaSeq X is going quite well. We announced breakthrough new products in low throughput. We made significant progress towards our stated goal of margin expansion. And we have been deploying our strong cash flow towards revenue growth, improved earnings, and shareholder-friendly capital actions.

綜上所述，營收符合預期。高通量定序向 NovaSeq X 的過渡進展順利。我們宣布了低吞吐量方面的突破性新產品。我們在實現利潤擴張的既定目標方面取得了重大進展。我們一直在將強勁的現金流用於收入成長、獲利改善和股東友善的資本行動。

Moving now to 2024 guidance. Although our overall Q3 revenue results met our expectations, we are tempering our revenue expectations for year-end business and now expect full year revenue to be down approximately 3%. For Q4, we expect revenue to be approximately $1.07 billion. We continue to see strong utilization levels and pull-through on our instruments but the near-term macroeconomic environment remains constrained and does not support any uptick in purchasing behavior through the end of the year.

現在轉向 2024 年指導。儘管我們第三季的整體營收結果符合我們的預期，但我們正在調整對年終業務的營收預期，目前預計全年營收將下降約 3%。我們預計第四季的營收約為 10.7 億美元。我們繼續看到強勁的利用率和工具的拉動，但近期宏觀經濟環境仍然受到限制，不支持年底前購買行為的任何上升。

From an instruments versus consumables perspective, the projected mix is unchanged. And we're still forecasting instrument revenue to decline in the mid-30s percentage range relative to 2023. Although we are very excited about MiSeq i100, it is in early access, and we will receive minimal revenue contribution in Q4.

從儀器與消耗品的角度來看，預期的組合保持不變。我們仍然預測儀器收入相對於 2023 年將下降 30 %左右。

As we had planned for, our low-throughput instrument business will likely decline in Q4 with customers waiting for the new instrument. For high throughput, we still expect second half NovaSeq X shipments to be above what we delivered in the first half of 2024.

正如我們計劃的那樣，由於客戶等待新儀器，我們的低通量儀器業務可能會在第四季度下降。對於高吞吐量，我們仍然預計下半年 NovaSeq X 的出貨量將高於我們在 2024 年上半年交付的數量。

We also still forecast Sequencing Consumables revenue to grow towards the upper end of the low single-digit percentage range versus 2023. We saw strong uptake and GB usage in the third quarter, setting the stage for exiting the year with solid year over year Consumables growth.

我們也預計，與 2023 年相比，定序耗材收入將成長至個位數百分比範圍的上限。

While we are disappointed in our lower revenue guidance, we are increasing our guidance for operating margin and diluted EPS, reflecting both the outperformance in Q3 and carrying forward the impact of our operational excellence initiatives into Q4. We are raising our non-GAAP operating margin guidance to a range of 21% to 21.5% for 2024. We are reducing our projected tax rate for the year to approximately 24%. And lastly, we're raising our guidance range for non-GAAP diluted earnings per share to $4.05 to $4.15 range for full year 2024.

雖然我們對較低的收入指引感到失望，但我們正在提高對營業利潤率和攤薄每股收益的指引，反映了第三季度的優異表現，並將我們卓越營運計劃的影響延續到第四季度。我們將 2024 年的非 GAAP 營業利潤率指引提高至 21% 至 21.5%。最後，我們將 2024 年全年非 GAAP 稀釋每股盈餘指引範圍提高至 4.05 美元至 4.15 美元。

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. As I reflect on my first year, I'm excited for the early progress Illumina has made and the momentum we have created to drive the industry forward. We refocused the company on our strong core business and launched our new strategy. We reset the leadership team and made the necessary structural changes to support our customer first orientation.

謝謝，安庫爾。當我回顧我的第一年時，我對 Illumina 所取得的早期進展以及我們為推動產業發展所創造的動力感到興奮。我們將公司的重點重新集中在強大的核心業務上，並啟動了新的策略。我們重組了領導團隊，並進行了必要的結構調整，以支持我們的客戶至上的導向。

We've been increasingly embedding operational excellence in our culture, and the results are beginning to show in our financials. This is a good start to our multiyear transformation journey.

我們越來越多地將卓越營運融入我們的文化中，其成果已開始在我們的財務中顯現出來。這是我們多年轉型之旅的良好開端。

For 2025, we are looking forward to returning to growth. Although I would like to finish Q4 before providing specific guidance. Ultimately, I'm encouraged and feel confident in bringing Illumina back to high single-digit revenue growth by 2027, as stated during our strategy update.

2025 年，我們期待恢復成長。儘管我想在提供具體指導之前完成第四季。最終，正如我們在策略更新中所述，我對 Illumina 在 2027 年之前恢復高個位數收入成長感到鼓舞並充滿信心。

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

感謝您今天加入。我現在請接線生打開電話進行問答。

(Operator Instructions) Doug Schenkel, Wolfe Research.

（操作員說明）Doug Schenkel，Wolfe Research。

Good afternoon. On guidance, just specifically, keeping in mind you are guiding revenue down a slight bit sequentially. What do you expect to drop?

午安.在指導方面，具體來說，請記住，您的指導收入會按順序略有下降。你預計會掉落什麼？

And specifically, do you expect Sequencing Consumable revenue to grow sequentially? And kind of building off of this from a clinical standpoint, you're making really good progress in terms of placements with clinical customers. When you place a box, how much visibility do you have on that customer's plan? Specifically, do you know when existing assays are going to be moved from a legacy instrument to the X?

具體來說，您預計定序耗材收入會較上季成長嗎？從臨床的角度來看，在此基礎上，您在臨床客戶的安置方面取得了非常好的進展。當您放置盒子時，您對該客戶的計劃有多少可見度？具體來說，您是否知道現有偵測何時將從舊儀器轉移到 X？

I'm just looking for some help addressing concerns about a clinical cliff for consumable revenue as we look ahead to '25.

我只是在尋求一些幫助，以解決我們對 25 年消費品收入臨床懸崖的擔憂。

Yeah. Thanks for that. And I've heard this clinical clip a few times, and I don't think that's the way we look at the business right now, I think first and foremost, we're of course excited to see that there continues to be strong momentum moving towards the X. As Ankur was mentioning here earlier that we are seeing the strong momentum, we're seeing a lot of volume moving towards the X. So everything is pointing into the direction that we were also presenting at the Strategy Day.

是的。謝謝你。我聽過這個臨床片段幾次，我認為這不是我們現在看待業務的方式，我認為首先也是最重要的是，我們當然很高興看到繼續保持強勁的勢頭正朝著X 方向發展。所提到的，我們看到了強勁的勢頭，我們看到大量交易量朝著X 方向發展。

As you also mentioned, we did take down -- we were tweaking the guidance here for coming out of Q3 into Q4 as we did not see -- even though we see a very healthy instrument funnel, we're not seeing the normal end of year activity that we normally see. But as you're also mentioning is that we actually saw very nice uptake in our revenue for the Consumables. And I think that's also what we mentioned before is a strong indicator that we are seeing the trajectory of moving towards the X.

正如您還提到的，我們確實取消了- 我們正在調整從第三季度進入第四季度的指導，因為我們沒有看到- 儘管我們看到一個非常健康的工具漏斗，但我們沒有看到正常的結束我們通常看到的年度活動。但正如您也提到的那樣，我們實際上看到消耗品收入的成長非常好。我認為這也是我們之前提到的一個強有力的指標，表明我們正在看到朝著 X 方向發展的軌跡。

With the specifics on clinical and on how we have transparency into to our customers. We do spend actually quite a lot of time, especially with our larger customers as I mentioned before, we are spending a lot of time actually to work closely with them to understand where they're going to actually go deeper into where we are with our funnel and what we have in our R&D pipeline.

了解臨床細節以及我們如何向客戶提供透明度。我們確實花了很多時間，特別是像我之前提到的那樣，與我們的大客戶一起，我們實際上花了很多時間與他們密切合作，以了解他們將真正深入了解我們與我們的關係的情況。

So they can get prepared to transition when we come out with new technologies. That goes both for our academic customers, but certainly also our clinical customers. And we also have a quite good understanding on what the different projects they're looking into and when they're transitioning over to the X.

因此，當我們推出新技術時，他們可以做好過渡的準備。這不僅適用於我們的學術客戶，也適用於我們的臨床客戶。我們也非常了解他們正在研究的不同項目以及何時過渡到 X。

Now I would say that if I just look at it from a high level perspective, we don't see a lot of customers that is going from completely 6K and over to X in a few months. This is normally assay by assay. And it takes time. It usually takes a year, if not 18 months to transition over to the X. But what Ankur was also saying, we've seen more than 40% of the volume now for the clinical accounts.

現在我想說，如果我從高層次的角度來看，我們不會看到很多客戶在幾個月內從完全 6K 變成 X。這通常是逐次分析進行的。這需要時間。過渡到 X 通常需要一年甚至 18 個月的時間。

This is Ankur, Doug. So on the other part, specifically to your question about the guidance for Q4 Consumables, our guide right now assumes a typical seasonal decline from Q3 to Q4 in Consumables. As you know, there are lots of holidays during Q4 relative to the other quarters. I looked back and looked at the trends for the last few years as well.

這是安庫爾，道格。因此，另一方面，特別是針對您關於第四季度消費品指引的問題，我們的指南現在假設消費品從第三季到第四季出現典型的季節性下降。如您所知，與其他季度相比，第四季度有很多假期。我回顧了過去幾年的趨勢。

And seasonally, the Consumables purchases do kind of follow that seasonal pattern down in Q4, and that's what I'm assuming in the guide right now. Nothing underlying from a transition perspective or a clinical transition, et cetera, perspective, they're simple seasonality.

從季節性來看，第四季度的消耗品採購確實遵循季節性模式，這就是我現在在指南中假設的情況。從轉變的角度或臨床轉變等角度來看，沒有任何潛在的基礎，它們只是簡單的季節性。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Hi, Jacob, Ankur, thanks for taking my questions. Jacob, Ankur. I just wanted to clarify on the mid-throughput side, was that decline in mid-throughput came mostly from China? Or was the decline in the quarter US and Europe seeing more competition from a US-based mid-throughput competitor?

嗨，雅各布，安庫爾，感謝您回答我的問題。雅各布，安庫爾。我只是想澄清一下中吞吐量方面，中吞吐量的下降主要是來自中國嗎？或者美國和歐洲本季的下滑是否導致來自美國中等吞吐量競爭對手的更多競爭？

And then just briefly asking about 2025, I understand it's hard for you to provide a number there. But just can you walk us through the considerations that you have there for 2025? One of the biggest is obviously the clinical transition here for the customers.

然後簡單詢問一下 2025 年的情況，我知道你很難提供一個數字。但您能否向我們介紹一下您對 2025 年的考量？其中最大的問題之一顯然是為客戶提供的臨床轉變。

As they switch over, obviously, they'll purchase new instruments, that's the revenue. But at the same time, they will also be taking a lower cost, which will reduce revenue to you. So just can you walk us through the considerations as you think 2025.

顯然，當他們轉換時，他們會購買新儀器，這就是收入。但同時，他們也會降低成本，這會減少您的收入。您能否向我們介紹一下您對 2025 年的看法？

Okay. And I think, Puneet, let me start with the first one is that I think we are -- we continue to see a lot of competition across the world. I'm actually quite encouraged with China. As you might recall, we have a new leader coming in almost six months ago. And in China, and Jenny has done a fantastic job to reset the organization, reconfigure the organization, also reset our relationship with many of our partners and including also looking at different type of pricing strategy.

好的。我認為，普尼特，讓我從第一個開始，我認為我們——我們繼續看到世界各地有很多競爭。事實上，我對中國感到非常鼓舞。您可能還記得，大約六個月前我們上任了一位新領導人。在中國，珍妮做了出色的工作，重置了組織，重新配置了組織，也重置了我們與許多合作夥伴的關係，包括研究不同類型的定價策略。

And I think we're starting to see that are actually working now, meaning that we're starting to see that sequentially, we are seeing flat revenue there. So at least, we are starting to see a change in pattern in China. But it's too early to call it out.

我認為我們現在開始看到它實際上正在發揮作用，這意味著我們開始連續看到，我們看到那裡的收入持平。至少，我們開始看到中國的格局改變。但現在斷言還為時過早。

Competition in the rest of the world, you're absolutely right that we are seeing most competition in the mid throughput. I will say that we take that very seriously. I've said that before.

世界其他地方的競爭，你說得對，我們看到大多數競爭發生在中等吞吐量上。我想說的是，我們非常重視這一點。我以前已經說過了。

But I actually think it's something that keeps us on the toes here. And it's something that I truly believe is important as a company to have competition. It makes us more agile, it makes us better in front of our customers, so I enjoy that.

但我實際上認為這是讓我們保持警惕的原因。我堅信，對一家公司來說，競爭是非常重要的。它讓我們更加敏捷，讓我們在客戶面前表現得更好，所以我很享受這一點。

I will say that if you look into the performance of the mid-throughput itself. I had a conversation the other day, as I also mentioned, with the academic co lab directors. And during those conversations, we were also looking to where they're getting their business from. And we see more and more of -- they see a lot of customers, small biotech companies, all small companies that previously would buy likely a mid-throughput instrument and do sequencing themselves.

如果你研究一下中吞吐量本身的效能，我會這麼說。正如我也提到的，前幾天我與學術合作實驗室主任進行了一次對話。在這些談話中，我們也關注他們從哪裡獲得業務。我們看到越來越多的客戶，小型生物技術公司，所有以前可能購買中等通量儀器並自行進行測序的小公司。

Due to their financial constraints right now, many of them are outsourcing. And thereby those lab directors will see more of that business. And for us, as we mentioned before, the macroeconomic is still the majority of the pressure we see in the mid throughput.

由於目前的財務限制，他們中的許多人都選擇外包。因此，這些實驗室主任將看到更多的業務。對我們來說，正如我們之前提到的，宏觀經濟仍然是我們在中期吞吐量中看到的主要壓力。

So if you look into '25, I think we would still like to see end of this year before we go deeper into our considerations into '25. But that said, as I mentioned, we, in the Strategy Day, we're still very committed to that we will end at high single-digit growth by 2027. And we're also mentioning, we were stepping ourselves into that, and we expect to go from '24 where we had negative growth here and then step into positive growth we've seen in '25.

因此，如果你看看“25”，我認為我們仍然希望在今年年底之前看到“25”更深入的考慮。但正如我所提到的，我們在策略日仍然非常致力於到 2027 年實現高個位數成長。然後進入25 年的正增長。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hey, hguys. Thanks for taking my question. Jacob or Ankur, maybe both of you can chime in, a lot of details here. The activity levels were about 40%, but I didn't hear price for GD commentary. Was that in line with the minus 20%, minus 25% that you expected at the Analyst Day?

嘿，夥計們。感謝您提出我的問題。雅各或安庫爾，也許你們兩個都可以插話，這裡有很多細節。活動量約為40%，但我沒有聽到GD評論的價格。這與您在分析師日預期的負 20%、負 25% 相符嗎？

And given the mix impact on margins, I think at the Analyst Day, you said 500 basis points of margin expansion. Is that off of the updated margin base of 21% to 21.5%? Or should we adjust the expansion you have given the guide increase for fiscal '24?

考慮到對利潤率的混合影響，我認為在分析師日，你說利潤率擴張了 500 個基點。這是否超出了更新後的 21% 至 21.5% 的保證金基礎？或者我們應該調整您給予的 24 財年指導成長的擴張？

Well, first, thanks for that, Vijay. And I'll have Ankur to talk a little bit about the specific in the guidance here. But I would say that I'm very encouraged to see us delivering on our gross margin, but also our operating margin and EPS. I think it speaks volumes to the Illumina team and the company we want to be that in tough times, we're also able to deliver significant progress in our margin expansion.

嗯，首先，謝謝你，維傑。我將請 Ankur 談談此處指南中的具體內容。但我想說，看到我們實現毛利率、營業利潤率和每股收益，我感到非常鼓舞。我認為這對 Illumina 團隊和我們希望成為的公司來說意義重大，在困難時期，我們也能夠在利潤擴張方面取得重大進展。

So I'm excited about that. And I think it should give a certain very strong proof points that we are highly committed to deliver on the 500 basis points that we set out to do at the Strategy Day.

所以我對此感到很興奮。我認為它應該提供某些非常有力的證據，證明我們高度致力於實現我們在策略日所設定的 500 個基點目標。

But Ankur, do you want to remind where we are?

但是安庫爾，你想提醒我們在哪裡嗎？

Yeah. Absolutely. So Vijay, I think I answered the first question in between around that pricing. Yes, it was in that 25%-ish range. We've said that if the transition from 6000 to X since it's accelerated, -- this quarter, we did see the price impact towards the higher end of that range, closer towards 25% rather than 20%, but it was still within that model range.

是的。絕對地。所以維傑，我想我回答了圍繞定價的第一個問題。是的，就在 25% 左右的範圍內。我們已經說過，如果從 6000 到 X 的過渡加速，--本季度，我們確實看到了價格對該範圍高端的影響，更接近 25% 而不是 20%，但仍處於該範圍內型號範圍。

Now around the margins, I can tell you I'm very pleased with the results. As I think about the 500 basis points, and I'm thinking of 21% as the base to work off that 500 basis point expansion, it's premised on two things, right? Our ability to expand our gross margins and be in that high-60%s to 70% range. And what the team has been able to do here is crank up that model and get us -- start giving us a view of what the model could be as we keep driving it higher.

現在，我可以告訴你我對結果非常滿意。當我考慮 500 個基點時，我認為 21% 作為實現 500 個基點擴張的基礎，它有兩個前提，對吧？我們有能力擴大毛利率並保持在 60% 到 70% 的範圍內。團隊在這裡能夠做的就是啟動模型並讓我們開始了解模型在我們不斷提高模型的過程中可能會是什麼樣子。

We still have lots of opportunity to take cost out within COGS to structurally get closer to that 70% -- for now this quarter, higher mix was certainly beneficial. And then on the OpEx side, again, several levers still. But I think working off of that 21% and where we land this quarter and how we're looking at -- or 2024 to end, I feel very good about the progress that we're making.

我們仍然有很多機會在銷貨成本中降低成本，從結構上接近 70%——就本季度目前而言，更高的組合肯定是有利的。然後在營運支出方面，仍然有幾個槓桿。但我認為，在這 21% 的基礎上，我們在本季度的目標以及我們對 2024 年年底的展望，我對我們正在取得的進展感到非常滿意。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Great. Thanks for taking my quesitons. Maybe first one -- sorry, I joined late. But maybe could you break out -- you gave some color on data growth, I believe. But could you break out a little bit how we think about NGS Consumable revenue growth from the perspective of the research customer base versus the clinical customer base in Q3 and kind of how did that progress versus expectations?

偉大的。感謝您回答我的問題。也許是第一個——抱歉，我遲到了。但也許你能突破——我相信你為數據成長提供了一些色彩。但是，您能否從第三季研究客戶群與臨床客戶群的角度詳細說明我們如何看待 NGS 耗材收入成長，以及與預期相比進展如何？

Yes. I think I can -- I don't know if you breaking that out very clearly. But overall, our consumables growth was up 6% for the quarter. And then both research and clinical grew nicely. There wasn't a dramatic shift between the two.

是的。我想我可以——我不知道你是否說得很清楚。但總體而言，本季我們的消耗品成長了 6%。然後研究和臨床都發展良好。兩者之間並沒有戲劇性的轉變。

Okay. Maybe stepping back just on kind of the outlook for kind of instruments that you discussed. Could you give some color what's now contemplated in the full year guide from a mid-throughput basis? I don't think you guys gave any kind of breakdown in the quarter what the mid-throughput placements were, but I know they were light. So any kind of math or any color you can provide for us about the mid-throughput number and kind of what's assumed now for the full year?

好的。也許只是退一步討論一下您所討論的工具的前景。您能否從中期吞吐量的基礎上對全年指南中現在考慮的內容進行一些說明？我認為你們沒有對本季中吞吐量安置進行任何類型的細分，但我知道它們很輕。那麼，您可以為我們提供有關中期吞吐量數字以及現在對全年的假設的任何類型的數學或任何顏色嗎？

Yeah. So at this point, we're not providing actual placements for mid throughput. We will give you an update for the full year at the JPMorgan as we usually do. And I think, Ankur, maybe a little -- do you want to go back on --?

是的。因此，目前我們不提供中等吞吐量的實際展示位置。我們將像往常一樣向您提供摩根大通全年的最新情況。我想，安庫爾，也許有一點──你想回去嗎──？

Margins sequentially. Yes, I misspoke the consumables growth for the quarter is 7%, not 6%. And yes, the research and clinical are both grew nicely.

邊距依序。是的，我說錯了，本季的消耗品成長是 7%，而不是 6%。是的，研究和臨床都發展良好。

Maybe can I sneak one other one in just on the X. Is it fair to think while you're not commenting on '25 at this point? I know we're in a difficult CapEx environment. But is it fair to contemplate like X placements in '25? Is it likely to start down year over year versus '24? Or is it too early to say just given kind of the environment we're in?

也許我可以在 X 上再偷偷塞進一張。我知道我們正處於一個困難的資本支出環境。但考慮像 25 年的 X 位置公平嗎？與 24 世紀相比，它是否可能逐年下降？或者現在就說我們所處的環境還為時過早？

Yeah. We would like -- as I mentioned, we would like to do the guide when we ready that by the beginning of the year.

是的。正如我所提到的，我們希望在今年年初準備好指南後就可以製作該指南。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

Hey, thanks. Just thinking a little bit about the clinical X transition seems to be happening, maybe some momentum picking up here. How are you thinking about the pricing headwind to that as we think about going forward? Obviously, cost per gig is lower.

嘿，謝謝。稍微思考一下臨床 X 轉變似乎正在發生，也許這裡有一些勢頭正在增強。當我們考慮未來時，您如何看待定價方面的阻力？顯然，每場演出的成本較低。

And then you have the dynamic that some of those oncology customers locked into multi-year contracts around GRAIL that they were able to sign. Do those break, I guess, with the transition to X? How do we think about those dynamics?

然後你會看到一些腫瘤學客戶鎖定了他們能夠簽署的圍繞 GRAIL 的多年合約。我想，隨著向 X 的過渡，這些會中斷嗎？我們如何看待這些動態？

Overall, we are, of course, pleased with that we continue to see our customers move towards X. We believe that the X platform is providing substantial benefit from our customers from a lower price point, but also the workflows that is able combined with the DRAGEN compute power that we have and the interpretation power that we have.

總的來說，我們當然很高興我們繼續看到我們的客戶轉向 X。和解釋能力。

So there's a lot of reasons why our customers wants to move on to the X. But as you also know, in the clinical space, you need to do a lot of work upfront validation and so on to make sure that you are ready to move all your assets over.

因此，我們的客戶想要轉向 X 的原因有很多。

And the other considerations also, if you see that you're working on a new type of assay, you might not want to move your current assay over because the cost of the validation might be outpacing what it costs or the cost reduction you get by moving it over to the other. So that's encouraging for us because we're seeing that many of the assays that the customers are moving over actually are other bigger panels, a deeper sequencing. And thereby, the elasticity is still working out.

還有其他考慮因素，如果您發現自己正在研究一種新型檢測，您可能不想移動當前的檢測，因為驗證的成本可能超過其成本或您所獲得的成本降低將其移至另一個。這對我們來說是令人鼓舞的，因為我們看到客戶正在轉移的許多檢測實際上是其他更大的面板，更深層的定序。因此，彈性仍在發揮作用。

And now we are expecting our customers to do that. I mean that's our expectations that we are seeing. We continue -- as you say, more than 40% of our placements are with clinical, and we expect that to continue to grow over the next period of time. So I know there is a concern out there that we certainly see a cliff. That's not how we see it. We are seeing this to be a transition that is happening, and it will be staged over time.

現在我們希望我們的客戶能夠這樣做。我的意思是，這就是我們所看到的期望。我們繼續——正如你所說，我們超過 40% 的實習機會是臨床實習，我們預計這一比例在未來一段時間內將繼續增長。所以我知道有人擔心我們肯定會看到懸崖。我們不這麼看。我們認為這是一個正在發生的轉變，並且它將隨著時間的推移而上演。

And if I follow the trajectory, we have seen over the past quarters of transition.

如果我遵循這個軌跡，我們已經看到了過去幾季的轉變。

And Tycho, so far during the transaction, and I can't have been here six months, I've seen two quarters. Every time customers are transitioning the elasticity and the higher throughput that's going through the instrumentation is kind of playing out, the thesis I laid out during the during the strategy day, we just saw a little bit of acceleration of that during the quarter. We still saw very solid GP shipped growth. And given the higher transition, we did see a higher price impact.

第谷，到目前為止，在交易期間，我不可能在這裡待了六個月，我已經看到了兩個季度。每當客戶轉變彈性時，通過儀器的更高吞吐量就會發揮作用，我在戰略日期間提出的論文，我們只是在本季度看到了一點加速。我們仍然看到了非常穩健的 GP 出貨量成長。鑑於更高的轉變，我們確實看到了更高的價格影響。

But all in all, despite that, we were able to grow our Consumables at a high single-digit rate this quarter because a larger portion of the business has now transitioned into X, right? I'm talking more than 55%. So over half of the volumes already transitioned. So that puts us in a good position that a larger part of the GB growth starts translating into revenue.

但總而言之，儘管如此，本季我們的消耗品仍能以高個位數的速度成長，因為大部分業務現在已經轉變為 X，對嗎？我說的是超過55%。所以超過一半的捲已經轉換了。因此，這使我們處於有利地位，英國成長的大部分開始轉化為收入。

And by the way, Tycho, also on your question about what you call the multiyear contracts. I think you are referring to what we call the open offer letter. And this is not instrument specific. So those contracts are also in place or will continue with the X.

順便說一下，第谷，還有關於你所說的多年期合約的問題。我想你指的是我們所說的公開要約信。這不是特定於儀器的。因此，這些合約也已到位或將繼續與 X 合作。

David Westenberg, Piper Sandler.

大衛‧韋斯特伯格，派珀‧桑德勒。

hi, thank you for taking the questions. I'm going to build on both of Doug's question, I guess that was Doug and Tycho's question, just here on the elasticity of demand. I'm sorry to belabor this point, but that cliff is a big topic we're getting from investors.

您好，感謝您提出問題。我將以道格的兩個問題為基礎，我想那是道格和第谷的問題，只是關於需求彈性。我很抱歉要詳細闡述這一點，但懸崖是我們從投資者那裡得到的一個大主題。

So can you maybe give us some sort of conceptualization in terms of new assays to market or anything like that, that will help us flavor the fact that this whole GB is actually getting -- these whole flow cells are actually playing out to a net positive revenue there? I know you've already given a lot of color, but it still is a little bit of a build I want to make on that.

那麼，您能否給我們一些關於市場新分析或類似的概念，這將幫助我們了解整個 GB 實際上正在得到的事實 - 這些整個流動細胞實際上正在發揮淨積極作用收入在那裡？我知道你已經給出了很多顏色，但我仍然想在此基礎上進行一些構建。

And then just on the fourth quarter seasonality here to build on that part of the question, I think there's only been one year where Q4 was lower than Q3. Can you just talk about, maybe some of the budget flush dynamics that are not happening in the quarter? I know there's obviously a low throughput weight on that one. However, low throughput as a percent of capital sales, I mean, it's fairly tiny on the overall P&L. Thank you very much.

然後，就第四季度的季節性而言，以問題的這一部分為基礎，我認為只有一年第四季低於第三季。您能否談談本季未發生的一些預算充裕動態？我知道那個的吞吐量顯然很低。然而，我的意思是，吞吐量佔資本銷售的百分比較低，在整體損益表中的比例相當小。非常感謝。

Yes, Dave, let me go into that. I think there's two things to think about if you see those assays. I think I've definitely spoken to customers that have decided to make bigger assays. So if they have a oncology assay, they have decided to add more markets on, but also maybe metalation markers or all the things that require substantial deeper sequencing. So we see that happening right now.

是的，戴夫，讓我談談這個。我認為如果你看到這些檢測，有兩件事需要考慮。我想我肯定已經與決定進行更大規模檢測的客戶交談過。因此，如果他們有腫瘤學檢測，他們決定增加更多市場，但也可能是金屬化標記或所有需要大量更深入定序的東西。所以我們現在看到這種情況正在發生。

And on top of that, what should really be encouraging is that we are, as Ankur was also saying, we continue to see the strong volume uptake for both clinical and for academic customer segment. So it really speaks to that while the X is offering and most of that volume is obviously coming from the X.

最重要的是，真正令人鼓舞的是，正如安庫爾所說，我們繼續看到臨床和學術客戶群的強勁銷售。因此，這確實說明了這一點，而 X 正在提供產品，而且大部分銷售顯然來自 X。

So even though that the X is offering lower price, we see elasticity actually works for both of the Clinical and the Research market. We are not seeing a lot of customers right now that is just shifting over and stay with the same volume. Most of them are transitioning to the X and also creating more volume.

因此，儘管 X 提供較低的價格，但我們看到彈性實際上適用於臨床和研究市場。我們現在沒有看到很多客戶只是轉移並保持相同的數量。他們中的大多數正在向 X 過渡，並創造更多的銷售。

Ankur, do you want to --?

安庫爾，你想──嗎？

That's great. In terms of your seasonality questions there, the -- in our guide, if you're thinking sequentially, I think that instruments, given that we're holding at minus -- mid, what, minus 30% decline, sequentially, the instruments would still be up relative to Q3. And my seasonality comment around a decline Q3 to Q4 was more for Consumables with lesser number of working days, driving potentially lower testing and inventory, et cetera.

那太棒了。就你的季節性問題而言，在我們的指南中，如果你按順序思考，我認為這些工具，鑑於我們保持在負中間，負 30% 的下降，按順序，這些工具相對於第三季度仍將上升。我對第三季至第四季下降的季節性評論更多的是工作日數較少的消耗品，可能導致測試和庫存下降等。

One of the other things I would remind everyone, I think we've said this before, or X Consumables have a relatively shorter shelf life, still relative to what was for 6k. So some of those inventory dynamics might play out for the end of the year. If there are lesser number of tests to be performed or there's lesser number of working days, our customers may choose to manage their inventory accordingly.

我要提醒大家的另一件事是，我想我們之前已經說過了，或者 X 消耗品的保質期相對較短，仍然相對於 6k 的保質期而言。因此，其中一些庫存動態可能會在今年年底顯現出來。如果需要執行的測試數量較少或工作日數量較少，我們的客戶可以選擇相應地管理他們的庫存。

Conor McNamara, RBC Capital Markets.

康納·麥克納馬拉，加拿大皇家銀行資本市場。

hey, guys. Thank you for taking my question. I'm just -- following up on just the overall revenue guidance change -- works out to $20 million to $25 million, I think, for the year, and I'm assuming most of that's in Q4. Is it safe to assume that's all in Instruments? And if so, can you kind of give a breakdown of where you're seeing -- is that all in the low and mid throughput or where else are the pockets that you're taking revenue out of guidance?

嘿，夥計們。感謝您回答我的問題。我只是——根據整體收入指引的變化——預計今年的收入將達到 2000 萬至 2500 萬美元，我假設其中大部分發生在第四季度。可以安全地假設這一切都在 Instruments 中嗎？如果是這樣，您能否詳細說明您所看到的情況 - 是所有中低吞吐量，還是您將收入從指導中剔除的其他地方？

Yeah, good question. And you're right, it is in the range that you're talking about overall, if you think of it from a relative to midpoint perspective. And just to bubble back up, we effectively when we looked at our business in Q3, and the pace at which we've closed very, very pleased with how the Consumables panned out. But when we look at the Instrumentation side and the pace at which deals were closing, the pace at which we look at the funnel, we look at the closures, our sales team comes back and gives us the inputs.

是的，好問題。你是對的，如果你從相對中點的角度來考慮的話，它就在你所說的整體範圍內。為了回升，當我們審視第三季的業務以及我們關閉的速度時，我們對消耗品的表現非常非常滿意。但是，當我們查看儀器方面以及交易完成的速度，我們查看漏斗的速度時，我們查看關閉的速度，我們的銷售團隊回來並向我們提供投入。

And that pace has been more variable of late, right? And that is the fundamental reason behind us going back and saying, if the same variability continues, it's hard to kind of put a pin on saying how much the year-end business is going to be.

而且這種節奏最近變得更加不穩定，對吧？這就是我們回過頭來說的根本原因，如果同樣的變化持續下去，就很難確定年終業務將會有多少。

But that was the fundamental thought process behind the guidance change. And we kind of pointed as we work through it, we figured there's a better way to think about this lending closer to the lower end of our TVS guidance. rather than the midpoint. And that's how we landed closer to that 17-ish mark approximately.

但這是指導變更背後的基本思考過程。我們在解決這個問題時指出，我們認為有更好的方法來考慮這種貸款，更接近我們 TVS 指導的下限。而不是中點。這就是我們如何接近 17 歲左右的標準。

Now as we look at our different components, for modeling purpose, kind of take them out roughly equally from instrument, consumables, and our services businesses. That's probably a good way to do it because we're thinking from a deep closure velocity perspective rather than pointing to weakness in a certain area overall. So you could take it out a third out of all three.

現在，當我們查看不同的組件時，出於建模目的，將它們從儀器、消耗品和我們的服務業務中大致同等地取出。這可能是個很好的方法，因為我們從深度閉合速度的角度來思考，而不是指出整體某個領域的弱點。所以你可以把這三個的三分之一拿出來。

And the reason I'm also specifically saying are services is because we do have certain TPX deals. As you know, our TSO comp assay was recently approved by FDA. We have a few CDx agreements that are tied to that. milestones related to those CDx agreements are getting pushed into next year.

我之所以特別提到服務，是因為我們確實有某些 TPX 交易。如您所知，我們的 TSO comp 檢測最近獲得了 FDA 的批准。我們有一些與之相關的伴隨診斷協議。與這些伴隨診斷協議相關的里程碑將推遲到明年。

So I would probably feather about a third equally across the three lines.

所以我可能會在這三行中平均分配大約三分之一。

Dan Arias, Stifel.

丹·阿里亞斯，斯蒂菲爾。

Yyeah, hi, guys. Thanks for the questions here. Jacob, you guys have pretty consistently called out the macro environment as the headwind to placements throughout the year. It doesn't feel like there's a big change coming when the calendar flips and we're now in 2025. So how are you getting comfortable with the headwind actually abating? What should we look for as a shift that can impact the placement rate positively?

是的，嗨，夥計們。感謝您在這裡提出的問題。雅各布，你們一直稱宏觀環境是全年安置的阻力。當日曆翻轉時，我們並沒有感覺到會發生什麼大的變化，現在已經是 2025 年了。我們應該尋找什麼可以對安置率產生正面影響的轉變？

Yeah. You're definitely right, Dan. I can't wait for the day that none of us have to talk about macro headwinds in these calls here. And I do think that -- as we mentioned before, we do think that at least from Illumina perspective, that the Consumables growth is the early indicator that things are starting to turn around.

是的。你絕對是對的，丹。我迫不及待地希望有一天我們都不必在這些電話會議中談論宏觀逆風。我確實認為——正如我們之前提到的，我們確實認為至少從 Illumina 的角度來看，消耗品的成長是事情開始好轉的早期指標。

That said, I mean, if I look, as we mentioned at Strategy Day, it's at this point, easy-to look a few years out because we can see that in our models while we transition the business over to the X, but it's still very difficult to call quarter-by-quarter at this point or beyond a quarter at this point.

也就是說，我的意思是，正如我們在戰略日中提到的那樣，在這一點上，很容易看到幾年後的情況，因為當我們將業務過渡到X 時，我們可以在我們的模型中看到這一點，但它是目前仍很難逐季度或超過一個季度進行預測。

But that said, we are seeing improvements green shoots in different parts. As we say, with the Consumables are looking better. We believe that the MiSeq i100 is giving us some momentum. But tomorrow is going to change everything again with the election coming up. So let's see, and we're taking quarter by quarter right now.

儘管如此，我們還是看到了不同地區的改善萌芽。正如我們所說，消耗品看起來更好。我們相信 MiSeq i100 為我們帶來了一些動力。但隨著選舉的臨近，明天一切都會再次改變。讓我們看看，我們現在正在逐季度進行。

So the only one thing I would add then is, as Jacob was saying, Consumables is the right leading indicator for us. and some of our thesis around consumables returning to growth and then providing the foundation going forward. It's playing out in the back half year. The Instrumentation, yeah, as Jacob said, we have to kind of see it play out.

因此，我唯一要補充的一件事是，正如雅各所說，消耗品對我們來說是正確的領先指標。我們的一些論文圍繞著消費品恢復成長，然後為未來奠定基礎。下半年就要上演了。儀器，是的，正如雅各所說，我們必須看到它發揮作用。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hey, guys. Thank you for taking questions. Ankur, probably one for you on the margin side. It was nice to see the gross margins back about 70% this quarter. Can you just talk about the cost savings programs, obviously, the $100 million this year, how that's progressing?

嘿，夥計們。感謝您提出問題。安庫爾（Ankur），可能是你邊緣的一個。很高興看到本季毛利率回升至 70% 左右。您能否談談成本節約計劃，顯然是今年的 1 億美元，進展如何？

And then that incremental $200 million as we look forward -- just the pacing of it, obviously, we have that longer-term op margin guidance of the 500 bps or so over the next three years. But can you just talk about, I guess, the the impact next year on the cost savings side? And then any offsets that we should think about on margins as we just think about high-level framework for '25? Any headwinds that we should be aware of would be helpful. Thank you, guys.

然後，正如我們所期望的那樣，增量為 2 億美元——顯然，我們的長期營運利潤率指導在未來三年內為 500 個基點左右。但我想你能談談明年對成本節約的影響嗎？然後，當我們只考慮 25 年的高級框架時，我們應該考慮利潤率的任何抵消嗎？我們應該意識到的任何不利因素都會有所幫助。謝謝你們，夥計們。

Yeah. So before Ankur goes into the details of the specifics here, I just want to mention again that that the result we're seeing today is a very intentional focus on the whole company, Illumina, since I came in here are really putting an effort saying, look, there might be still a period ahead that where we will be challenged on the top line. But in the meantime, we really want to set up the culture for the right focus on operational excellence and make sure we make the right priorities to both drive the efficiencies in the company, but also drive a much better way to run the company.

是的。因此，在 Ankur 詳細介紹這裡的具體細節之前，我只想再次提及，我們今天看到的結果是對整個公司 Illumina 的刻意關注，因為我來到這裡真的很努力地說看起來，未來一段時間我們可能還會面臨營收的挑戰。但同時，我們確實希望建立一種正確關注卓越營運的文化，並確保我們制定正確的優先事項，既提高公司效率，又推動更好的公司營運方式。

And that goes way beyond just looking into operations. It goes from the commercial organization all the way through R&D operations and everything we do. And I truly believe, as I said before, this is what good companies do. And that won't change the day that we see substantially top line improvements.

這遠遠超出了僅僅調查營運的範圍。它從商業組織一直到研發營運以及我們所做的一切。正如我之前所說，我堅信這就是優秀公司所做的事情。這不會改變我們看到營收大幅改善的那一天。

I truly believe this is what a good company will look like also in the future and how we drive the culture. So Ankur, do you want to go into the details?

我堅信這就是未來優秀公司的樣子，也是我們推動文化的方式。 Ankur，你想詳細了解一下嗎？

No. Thanks, Jacob. And that is playing up, right? Now in the last 6 months has come in rallying the same message across the organization, laying out plans for where so the savings could come from. But also culturally, what we're also seeing is that the teams are the ones now from about themselves perspective, starting to come up with initiatives starting to come up with ideas around where the potential productivity gains could be.

不，謝謝，雅各。這正在上演，對吧？現在，在過去的 6 個月裡，整個組織都傳達了同樣的訊息，並制定了節省成本的計畫。但從文化角度來看，我們也看到，團隊現在從自己的角度出發，開始提出倡議，開始就潛在的生產力提升提出想法。

Which is exactly where we want to drive this culture. So very pleased with how this is heading.

這正是我們想要推動這種文化的地方。對目前的進展非常滿意。

Now to your question, we feel good about the $100 million savings this year. If you simply look at the guidance overall, even at that [$10.70] in our operating margin, we're talking about a 3% revenue decline year over year, and a pretty substantial margin expansion.

現在回答你的問題，我們對今年節省的 1 億美元感到滿意。如果您簡單地看一下整體指導，即使我們的營業利潤率 [10.70 美元]，我們談論的是收入同比下降 3%，以及相當可觀的利潤率擴張。

Now more heavily focused towards gross margin during this year. And we've been able to substantially offset all of our inflationary or a good part of our inflationary pressures during 2024. So I feel good about that $100 million during this year.

現在今年更加關注毛利率。我們已經能夠在 2024 年大幅抵銷所有通膨壓力或很大一部分通膨壓力。

Now for the $200 million going forward or the 500 basis point margin expansion, as I said during the strategy day, our focus will continue to be take costs out of both COGS as well as operating expenses. We have a series of strategies, some already in execution and some in the early stages of execution, around setting up global capability centers, we've moved our shipping line changes, we're consolidating some parts of our manufacturing lines into specific sites.

現在，對於未來 2 億美元或 500 個基點的利潤率擴張，正如我在戰略日期間所說，我們的重點將繼續是降低銷貨成本和營運費用。我們有一系列的策略，有些已經在執行，有些處於執行的早期階段，圍繞著建立全球能力中心，我們已經改變了我們的運輸線，我們正在將我們的生產線的某些部分整合到特定的地點。

We're looking at our R&D programs, et cetera. So across the board that we're looking at. And in terms of where will be investing, we'll likely invest in our sales and marketing a little bit more than where we are today.

我們正在研究我們的研發計劃等等。所以我們正在全面考慮。就投資方向而言，我們在銷售和行銷方面的投資可能會比現在多一點。

In terms of headwinds going forward, I don't see anything beyond the usual inflationary pressure, right? Every year, there will be a merit and inflation that will come in, and we'll find ways to offset that as part of taking other expenses.

就未來的不利因素而言，除了通常的通膨壓力之外，我沒有看到任何其他因素，對嗎？每年都會有功績和通貨膨脹，我們會找到方法來抵消它，作為其他開支的一部分。

But all in all, going back to our strategy of expanding 500 basis points over the next three years, I feel good about that.

但總而言之，回到我們未來三年擴大 500 個基點的策略，我對此感覺良好。

Subu Nambi, Guggenheim.

蘇布南比，古根漢。

Hey, guys. Thanks for taking my questions. You generated almost $300 million in free cash flow. Anything abnormal in the quarter where does this go from here? And are there enough levers to drive robust FCF from these levels? And building off of that, would you consider a more aggressive buyback at current levels?

嘿，夥計們。感謝您回答我的問題。您產生了近 3 億美元的自由現金流。本季有什麼異常狀況嗎？是否有足夠的槓桿來推動這些水準的強勁自由現金流？在此基礎上，您是否會考慮在當前水準上進行更積極的回購？

Yes, Subu. Thanks for that. And first of all, I'm of course, very pleased where we are now with our cash generation and especially here after we focused the company back into our core business. And I think you can start to see that the model is starting to work. We're creating a good amount, excellent cash generation.

是的，蘇布。謝謝你。首先，我當然對我們現在的現金流狀況感到非常滿意，尤其是在我們將公司重心轉移到核心業務之後。我認為您可以開始看到該模型正在開始發揮作用。我們正在創造大量、出色的現金生成。

And as we also mentioned at our Strategy Day that we will start to execute on our capital allocation strategy. And you will see in this quarter, we have started to do so. We were focus could be both, of course, on on stock repurchases, but also, of course, on M&A.

正如我們在策略日中所提到的，我們將開始執行我們的資本配置策略。您將在本季度看到我們已經開始這樣做。當然，我們的重點既可以集中在股票回購上，也可以集中在併購上。

And we did both in this quarter with the acquisition of Fluent, which we finalized in this quarter here, but also, of course, started to buy back shares. So Ankur?

我們在本季完成了對 Fluent 的收購，我們在本季完成了收購，當然，我們也開始回購股票。那麼安庫爾？

Yeah. Thanks, Jacob, and thanks for the question, Subu. Very happy with the cash generation profile of the business. Nothing material unusual. So in terms of if you're thinking about net income to FCF conversion, I anticipate to remain well above that 100%, but even closer to 150%, I think, is what it is this quarter in that kind of territory here in the near term. So very, very healthy cash generation from -- just from a business perspective.

是的。謝謝雅各布，也謝謝你的提問，蘇布。對公司的現金產生狀況非常滿意。沒有什麼異常的。因此，如果您考慮淨收入到 FCF 的轉換，我預計該比率將遠高於 100%，但我認為，本季在該領域的情況甚至更接近 150%。僅從商業角度來看，現金產生非常非常健康。

Over a period of time when you think about the next three- to four-year time frame, I do expect the FCF conversion to narrow a little bit and part of it is going to be as we take different expense controls as we manage our capital expenses, some of our depreciation in our stock-based compensation, et cetera, will also come down. And those two are some of the components that lead to the higher FCF conversion.

在一段時間內，當你考慮未來三到四年的時間框架時，我確實預計自由現金流轉換會略有縮小，其中一部分將是因為我們在管理資本時採取不同的費用控制費用、我們基於股票的薪酬的一些折舊等也將下降。這兩個是導致更高 FCF 轉換率的一些組件。

Now I still expect it to remain well above 100% overall. So strong cash generation position. And as you saw, we started putting that cash to use, and that's our intent. We do intend to start deploying this cash back to the core business towards growing revenue, as well as buying back shares.

現在我仍然預計總體上仍將遠高於 100%。如此強大的現金產生能力。正如您所看到的，我們開始使用這些現金，這就是我們的意圖。我們確實打算開始將這筆現金部署回核心業務，以增加收入，並回購股票。

So on the share buybacks and the overall strategy, what we laid out during the Strategy Day was that our focus is heavily towards revenue growth. We do want to buy back shares at least to the extent of our anti-dilution to keep the share count atleast constant and then be opportunistic then after.

因此，關於股票回購和整體策略，我們在策略日期間提出的重點是收入成長。我們確實希望回購股票，至少達到我們反稀釋的程度，以保持股票數量至少恆定，然後再機會主義。

On the M&A side, we intend to remain focused on tuck-in type of M&A, things that can be revenue accretive for our businesses and bring in those technologies. And then continue to manage our balance sheet tightly. We delevered a little bit this quarter. Now, we don't have any other bonds coming due here in the short term, but we'll continue to manage the balance sheet quite conservatively from there on.

在併購方面，我們打算繼續專注於嵌入型併購，即可以為我們的業務增加收入並引入這些技術的事情。然後繼續嚴格管理我們的資產負債表。本季我們略有去槓桿化。現在，我們短期內沒有任何其他債券到期，但從那時起我們將繼續相當保守地管理資產負債表。

Sung Ji Nam, Scotiabank.

宋志南，豐業銀行。

Hi. Thanks for taking the question. Just wondering if you might be able to elaborate a bit more on the end market dynamics. Specifically Europe relative to the Americas. If you look at Europe, your growth this year has been pretty steady, both year over year and sequentially. And just kind of curious what the drivers might be there, if they're any different from what you're seeing in the Americas from a macro perspective? Thank you.

你好。感謝您提出問題。只是想知道您是否能夠詳細說明終端市場動態。特別是相對於美洲的歐洲。如果你看看歐洲，你會發現今年的成長非常穩定，無論是同比還是環比。只是有點好奇那裡的驅動因素是什麼，如果它們與您從宏觀角度在美洲看到的有什麼不同？謝謝。

Yeah, you're absolutely right. We were certainly pleased with our European performance. It's great to see that even under some challenge -- conditions also in Europe that we have seen very consistent results. And we anticipate that, that will continue over the next period of time. If you look into Americas -- it's to US.

是的，你說得完全正確。我們對歐洲的表現當然感到滿意。很高興看到，即使在一些挑戰下——在歐洲的條件下，我們也看到了非常一致的結果。我們預計，這種情況將在接下來的一段時間內持續下去。如果你看看美洲——那就是美國。

That's also where we have higher pressure in the mid-throughput from a competitive situation, but also where we place substantially more of the X instrument last year. And thereby, the compare has been a little more tough in US than it was in Europe. So we anticipate that we will continue to look on in Europe going forward, and the compares will be a little bit easier for US going forward.

這也是我們在競爭情勢中面臨更高的中吞吐量壓力的地方，也是我們去年放置更多 X 儀器的地方。因此，美國的比較比歐洲的比較困難一些。因此，我們預計我們將繼續關注歐洲的未來，而對美國的未來進行比較會更容易一些。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Hi. This is Ben on for Jason. Thanks for taking the question. I was just hoping you'd be able to maybe dive into the opportunity in single cell. And if you could just talk through how you see your ownership of Fluent, either growing the overall served addressable market or sort of taking share from some other players out in the space? Just if you could talk through those balancing forces there, that would be great. Thank you.

你好。這是本為傑森代言的。感謝您提出問題。我只是希望你能夠深入研究單細胞的機會。如果您能談談您如何看待您對 Fluent 的所有權，是擴大整體服務的潛在市場還是從該領域的其他參與者那裡奪取份額？如果你能談談那裡的平衡力量，那就太好了。謝謝。

Yeah. Thanks for that. And we're certainly excited with the Fluent acquisition and truly believe that we will be able to build a very, very strong workflow that will help many of our customers, as you know, since you don't need to have a capital layout in the beginning, you can actually get very easy into to do single cell experiments. And also the cost per cell experiment for a very high volume is also aligned for a really huge amount of single cell experience.

是的。謝謝你。我們當然對 Fluent 的收購感到興奮，並堅信我們將能夠建立一個非常非常強大的工作流程，這將幫助我們的許多客戶，正如您所知，因為您不需要在一開始，您實際上可以輕鬆地進行單細胞實驗。而且，大量的每個細胞實驗的成本也與大量的單細胞經驗一致。

So I actually think that the Fluent acquisition is helping to expand the market opportunity for all of us. And at the same time, even though now Illumina has -- we have our own sample prep for single cell, we are very committed to support our current partners to make them very successful on our platforms our fundamental focus is to help our customers to be successful in single cell -- I truly believe single cell is going to be a huge cornerstone first and foremost, in research over the next period of time.

所以我實際上認為收購 Fluent 有助於擴大我們所有人的市場機會。同時，儘管現在 Illumina 擁有自己的單細胞樣品製備方法，但我們非常致力於支持我們當前的合作夥伴，使他們在我們的平台上取得成功，我們的根本重點是幫助我們的客戶在單細胞方面取得成功——我堅信單細胞將首先成為未來一段時間內研究的巨大基石。

And there's a tremendous insights that you get through single cell. So I'm actually very bullish on the single cell opportunity, and I truly believe by focusing on our customers and what they need and make sure we can serve them whether they choose the Fluent or some of our partners. We will to make sure they're successful, and that will make all of us successful going forward.

透過單細胞你可以獲得巨大的洞察力。因此，我實際上非常看好單細胞機會，我堅信，透過關注我們的客戶及其需求，並確保我們能夠為他們提供服務，無論他們選擇 Fluent 還是我們的一些合作夥伴。我們將確保他們取得成功，這將使我們所有人都取得成功。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you.I could you some help trying to better frame the impact of the MiSeq i100 launch. What's been the growth trend in that low throughput sales category? And that might be helpful as I think about what would be the impact if that changes?

謝謝。低吞吐量銷售類別的成長趨勢是什麼？這可能會有所幫助，因為我想如果這種情況發生變化會產生什麼影響？

And then a follow-up on the XLEAP launch on the NextSeq. What's been the impact of that launch? Has that impacted the sales trajectory of consumables on that mid-throughput line at all?

然後是 NextSeq 上 XLEAP 發布的後續活動。這次推出有何影響？這是否影響了中吞吐量線上消耗品的銷售軌跡？

Yes. So let me start with the MiSeq. I mean we certainly MiSeq i100. We're certainly very excited about bringing a new instrument solution now to the low throughput end of the market. As you know, it is more than 10 years ago since we came out with the MiSeq. And now the MiSeq i100 is going to be absolutely the best solution in that part of the market.

是的。讓我從 MiSeq 開始。我的意思是我們當然是 MiSeq i100。我們當然非常高興現在能夠將新的儀器解決方案引入低通量端市場。如您所知，自我們推出 MiSeq 以來已有 10 多年的歷史。現在，MiSeq i100 絕對是該部分市場的最佳解決方案。

We are really focusing on to make it easy to use, to make it easy to operate from. You don't have to store rate and ship reagents or consumables in the freeze anymore. And that actually makes it much easier since you can take them directly, can wrap up, open the package, and use the consumables immediately instead of having to prepare for that. So we expect this to be very well received from our customers.

我們真正致力於使其易於使用、易於操作。您不再需要在冷凍狀態下儲存速率和運送試劑或消耗品。這實際上讓事情變得更加容易，因為您可以直接拿走它們，可以包裹起來，打開包裝，並立即使用消耗品，而不必為此做好準備。因此，我們希望這會受到客戶的好評。

And we actually think that some of the customers that potentially would have gone after a mid-throughput instrument might actually decide to go with the MiSeq i100, because it creates seen a benefit from them. As you could imagine, also, since our portfolio and the low throughput was in -- it was time point update. We have seen some weakening performance in that space.

事實上，我們認為，一些可能追求中等通量儀器的客戶實際上可能會決定使用 MiSeq i100，因為它為他們帶來了明顯的好處。正如您可以想像的那樣，由於我們的投資組合和低吞吐量處於 - 這是時間點更新。我們已經看到該領域的一些表現疲軟。

And thereby, we do believe that over the next 12 to 18 months, we'll see a pickup in that space. As we also said before, we're not really seeing that to be meaningfully impacting Q4, but we expect that start to have impact in '25.

因此，我們確實相信，在未來 12 到 18 個月內，我們將看到該領域的回升。正如我們之前所說，我們並沒有真正看到這會對第四季度產生有意義的影響，但我們預計這將在 25 年開始產生影響。

Just to dimensionalize it for you, then the low throughput instruments business in dollar terms is less than 1% or close to 1% of our revenue. So it's an exciting technology. That box has been around for over 10-plus years now. And the kind of interest that we're getting is substantial. We're also getting additional call points with customers to talk about our entire portfolio as well. But in terms of moving the overall revenue number for Illumina, just to help you dimensionalize that.

只是為了給您一個維度，那麼以美元計算的低通量儀器業務不到我們收入的 1% 或接近 1%。所以這是一項令人興奮的技術。這個盒子已經存在十多年了。我們得到的興趣是巨大的。我們還收到了更多的客戶電話，討論我們的整個產品組合。但就 Illumina 的整體收入數據而言，只是為了幫助您將其維度化。

Yeah. And then on the X chemistry, we have seen a lot of interest in that. We have more than 60% of our NovaSeq, 1,000, 2,000 users that have download the software and thereby also starting to use the chemistry. So has been very well received. We will continue to stay and be very committed to be competitive in the met throughput market, and I'm very excited about the future in that market also.

是的。然後在 X 化學方面，我們看到了很多人對此感興趣。我們有超過 60% 的 NovaSeq 用戶（1,000、2,000 名）下載了該軟體，因此也開始使用該化學方法。所以一直很受好評。我們將繼續保持並致力於在氣象吞吐量市場上保持競爭力，我對該市場的未來也感到非常興奮。

And that will conclude our Q&A session. I will now hand the call back over to Salli Schwartz.

我們的問答環節就到此結束。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。

And again, ladies and gentlemen, that will conclude today's call. We thank you for your participation. You may disconnect at this time, and have a great day.

女士們先生們，今天的電話會議到此結束。我們感謝您的參與。此時您可能會斷開連接，祝您度過愉快的一天。