Illumina Inc (ILMN) 2024 Q4 法說會逐字稿

Welcome to the fourth quarter 2024 Illumina earnings conference call.

歡迎參加 2024 年第四季 Illumina 財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給投資者關係副總裁 Sally Schwartz。

Hello everyone and welcome to our earnings call for the fourth-quarter and year-end 2024.

大家好，歡迎參加我們 2024 年第四季和年終收益電話會議。

During the call today, we will review the financial results we released after the close of market and offer commentary on our commercial activity, after which we will host a question-and-answer session.

在今天的電話會議中，我們將回顧收盤後發布的財務結果，並對我們的商業活動發表評論，之後我們將舉辦問答環節。

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.

我們的收益報告可在我們網站 illumina.com 的投資者關係部分找到。今天為 Illumina 發表準備好的演講的將是執行長 Jacob Thaysen；以及財務長 Ankur Dhingra。

Jacob will provide an update on the state of Illumina's business, and Ankur will review our financial results for core Illumina.

Jacob 將提供 Illumina 業務狀況的最新情況，而 Ankur 將審查我們核心 Illumina 的財務表現。

As a reminder, we divested GRAIL in June of 2024.

提醒一下，我們在 2024 年 6 月剝離了 GRAIL。

For a review of historical financial results for GRAIL and consolidated Illumina, please see our earnings release and our SEC filings.

若要查看 GRAIL 和合併 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.

我們將討論非公認會計準則結果，其中包括股票薪資。

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.

我們鼓勵您查看這些非 GAAP 指標的 GAAP 對帳表，可在今天的發布版本和我們網站上提供的補充資料中找到。

As we go through the results, please note that year over year refers to comparisons against the corresponding period in fiscal 2023, while sequential is as compared against the third quarter of fiscal 2024.

當我們查看結果時，請注意，同比是指與 2023 財年同期相比，而環比是指與 2024 財年第三季相比。

Additionally, please note that all revenue growth rates discussed are presented on a constant currency basis to exclude the impact of foreign exchange fluctuations.

此外，請注意，討論的所有收入成長率均以固定匯率計算，以排除外匯波動的影響。

This call is being recorded, and the audio portion will be archived in the investor section of our website.

本次通話正在錄音，音訊部分將存檔在我們網站的投資者部分。

It is our intent that all forward-looking statements regarding our financial results and commercial activity made during today's call will be protected under the Private Securities Litigation Reform Act of 1995.

我們的意圖是，今天電話會議上有關我們的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.

前瞻性陳述受風險和不確定性的影響。

Actual events or results may differ materially from those projected or discussed.

實際事件或結果可能與預測或討論的大不相同。

All forward-looking statements are based upon current available information, and Illumina assumes no obligation to update these statements.

所有前瞻性陳述均基於目前可用的信息，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不同的風險和不確定性，我們請您參閱 Illumina 向美國證券交易委員會提交的文件，包括 Illumina 最新的 10-Q 和 10-K 表格。

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

說完這些，我現在將電話轉給雅各。

Thank you, Sally.

謝謝你，莎莉。

Good afternoon, everyone.

大家下午好。

Before we get started, I wanted to take a moment to address the recent announcement from the Chinese Ministry of Commerce that we know is on top of mind for many of you and for us.

在我們開始之前，我想花點時間談談中國商務部最近發布的公告，我們知道這是你們很多人和我們最關心的問題。

We are in dialogue with the relevant parties and promptly seeking additional information to reach a resolution.

我們正在與有關各方進行對話，並迅速尋求更多資訊以達成解決方案。

Illumina has a long-standing presence in China where we continue to serve the local markets, including both our clinical and research customers.

Illumina 在中國有著長期的業務往來，我們持續為當地市場提供服務，包括我們的臨床和研究客戶。

Wherever Illumina operates, we comply with all applicable laws and regulations.

無論 Illumina 在何處開展業務，我們都遵守所有適用的法律和法規。

And as a reminder, China represents approximately 7% of our global revenue, and we continue to see significant opportunity to bring our innovations to the healthcare ecosystem there.

需要提醒的是，中國約占我們全球收入的 7%，我們繼續看到將我們的創新帶入那裡的醫療保健生態系統的巨大機會。

Now, let me turn to the overall review. 2024 was a transformative year for Illumina, enabling us to enter 2025 with momentum.

現在，讓我來談談整體回顧。 2024 年是 Illumina 轉型的一年，讓我們能夠滿懷動力地邁入 2025 年。

As I shared with you last month, we made significant progress towards our strategic goals, despite market conditions.

正如我上個月與大家分享的那樣，儘管市場狀況不佳，但我們在實現策略目標方面取得了重大進展。

We launched our new corporate strategy to return to revenue growth in 2025 and step into high single digit revenue growth by 2027.

我們推出了新的企業策略，到2025年恢復收入成長，到2027年實現高個位數收入成長。

We deepened our focus on customers and partners to further expand the genomics ecosystem into multiomics.

我們更加關注客戶和合作夥伴，進一步將基因組學生態系統擴展到多組學。

We introduced new innovations across the sequencing workflow to support what matters most to our customers, the highest quality insight for the lowest end to end cost.

我們在整個定序工作流程中引入了新的創新，以支援對客戶最重要的事情，以最低的端到端成本獲得最高品質的洞察。

We made strong progress with the NovaSeq X transition, with research and clinical customers increasingly use their instruments for deeper and broader sequencing.

我們在 NovaSeq X 轉型方面取得了長足的進展，研究和臨床客戶越來越多地使用他們的儀器進行更深入和更廣泛的測序。

We built a new leadership team and refined our organization structure, and we rolled out a robust operational excellence initiatives to improve our margins and to drive double-digit [teens] EPS growth.

我們建立了新的領導團隊，完善了組織結構，並推出了強有力的卓越營運計劃，以提高利潤率並推動每股收益實現兩位數成長。

We're just at the beginning of our transformation and are confident that 2025 will bring us closer to our goals.

我們的轉型才剛開始，我們相信 2025 年我們將更接近我們的目標。

Turning to our Q4 results.

談談我們的第四季業績。

In the fourth quarter, Illumina delivered revenue of $1.1 billion exceeding expectations and reflecting approximately 1% growth from the prior year.

第四季度，Illumina 的營收達到 11 億美元，超出預期，較上年成長約 1%。

The transition to the NovaSeq X continues to progress well.

向 NovaSeq X 的過渡繼續進展順利。

The Q4 year over year revenue growth driven primarily by consumables as customers increase their instrument utilization.

由於客戶提高了儀器利用率，第四季度的年收入成長主要得益於消耗品。

In 2024, NovaSeq X pulled through average $1.3 million per system.

2024 年，NovaSeq X 每台系統平均收入為 130 萬美元。

Sequentially, our result exceeded expectations due to the higher than anticipated shipments of the NovaSeq X series.

由於 NovaSeq X 系列的出貨量高於預期，我們的業績超出了預期。

We placed 91 instruments during the quarter, bringing the installed bases to 630.

我們在本季安裝了 91 台儀器，使安裝基數達到 630 個。

Across our regions, America's revenue, which is more than half of our business, was up 3% year by year on a constant currency basis.

綜觀我們的各地區，美國市場的收入（占我們業務的一半以上）以固定匯率計算年增了 3%。

Europe revenue was up 3%, EMEA revenue was down 10%, and Greater China revenue was up 1%.

歐洲營收成長 3%，EMEA 地區營收下降 10%，大中華區營收成長 1%。

We continue to focus on three key priorities to guide execution of our strategy.

我們將繼續專注於三個關鍵重點來指導我們策略的實施。

First, deeper customer and partner collaboration.

第一，更深入客戶與合作夥伴合作。

Second, continuous innovation, and third, commitment to commercial and operational excellence.

第二，不斷創新；第三，致力於卓越的商業和營運。

Our first priority, deeper customer and partner collaboration, is centered on providing a range of targeted solutions to serve the increasingly diverse need of our customer base to evolve the broader ecosystem and enable higher volumes of sequencing.

我們的首要任務是更深入地與客戶和合作夥伴合作，專注於提供一系列有針對性的解決方案，以滿足客戶群日益多樣化的需求，從而發展更廣泛的生態系統並實現更高容量的測序。

Last month, we announced several examples on how we're partnering with leading players to broaden our reach into the intersection of technology, healthcare, and pharma.

上個月，我們宣布了幾個關於如何與領先公司合作以擴大我們在科技、醫療保健和製藥領域交叉領域的影響力的例子。

These partnerships will enable our customers to generate more detailed data and richer insights.

這些合作關係將使我們的客戶能夠產生更詳細的數據和更豐富的見解。

Our recently announced collaboration with NVIDIA brings together Illumina's software capabilities and NVIDIA's advanced AI tools to enhance the analysis and interpretation of multiomics data for customers.

我們最近宣布與 NVIDIA 的合作將 Illumina 的軟體功能與 NVIDIA 的先進 AI 工具結合在一起，以增強客戶對多組學資料的分析和解釋。

We are also proud to take part in the Truveta Genome Project alongside Truveta, Regeneron and several leading health systems across the US.

我們也非常榮幸能與 Truveta、Regeneron 和美國幾家領先的醫療系統一起參與 Truveta 基因組計劃。

Together we are creating one of the largest genetic databases linked with phenotypic data sequencing 10 million exomes exclusively using Illumina technology.

我們共同創建了最大的遺傳資料庫之一，該資料庫與表型資料相連，僅使用 Illumina 技術對 1000 萬個外顯子組進行定序。

Our second priority is continuous innovation, which is underpinned by spending time with customers and partners to share insights and support their ambitions.

我們的第二個重點是持續創新，其基礎是花時間與客戶和合作夥伴分享見解並支持他們的抱負。

In December, we began shipping the new single flow cell NovaSeq X, which delivers the same high-quality performance and speed as the NovaSeq X Plus, but an even more accessible price point.

12 月，我們開始發售新的單流動槽 NovaSeq X，它具有與 NovaSeq X Plus 相同的高品質效能和速度，但價格更實惠。

We also began shipping our new 25B, 100 and 200 cyclic kits for the NovaSeq X, which are key for advancing multiominics application.

我們也開始為 NovaSeq X 發售新的 25B、100 和 200 循環試劑盒，這對於推進多組學應用至關重要。

These kits also support our recently introduced single-cell solution, formerly known as PIPseq from fluent biosciences.

這些套件還支援我們最近推出的單細胞解決方案，以前稱為 Fluent Biosciences 的 PIPseq。

As we mentioned during the strategy update, our customers are increasingly focused on getting the highest quality insight for the lowest end to end cost.

正如我們在策略更新期間所提到的，我們的客戶越來越注重以最低的端到端成本獲得最高品質的洞察。

To meet this need, we continue to expand our portfolio of fully automated streamlined workflows, including with our new MiSeq i100, which accelerates sample to answer oncology, microbiology, and for several other applications.

為了滿足這一需求，我們繼續擴展我們的全自動精簡工作流程產品組合，包括我們的新 MiSeq i100，它可以加速從樣本到答案的腫瘤學、微生物學以及其他一些應用。

Uptake since launch in Q4 has been strong, we replaced more than 70 instruments with early access customers before year end.

自第四季度推出以來，使用率一直很強勁，我們在年底之前為早期使用客戶替換了 70 多種儀器。

Also, we've been developing a proteomic solution in collaboration with Standard BioTools.

此外，我們也一直在與 Standard BioTools 合作開發蛋白質體學解決方案。

This is a fully integrated end to end workflow that offers great automation and ease of use compared to other on-market products.

這是一個完全整合的端到端工作流程，與市場上的其他產品相比，具有出色的自動化和易用性。

As a part of this rollout, Illumina announced a pilot proteomics program to analyze 50,000 UK biobank samples to generate a new collection of NDS based proteomics data.

作為此次推廣的一部分，Illumina 宣布了一項試點蛋白質組學計劃，旨在分析 50,000 個英國生物庫樣本，以產生一組新的基於 NDS 的蛋白質組學數據。

We are also extending our early access program for our constellation mapped read technology.

我們還正在擴展我們的星座映射讀取技術的早期訪問計劃。

The customers who were elected to enroll in the program have been encouraged by constellation's ability to detect structural variances that was previously challenging to identify with short read sequencing.

選擇參與該計劃的客戶受到了 Constellation 檢測結構變異的能力的鼓舞，而先前透過短讀測序很難識別這種結構變異。

As we said during our strategy update last year, we are committed to keeping customers updated on our innovation roadmap at industry conferences and events.

正如我們去年在策略更新中所說的那樣，我們致力於在行業會議和活動中讓客戶了解我們的創新路線圖。

We look forward to sharing more at the AGBT conference later this month.

我們期待在本月稍後的 AGBT 會議上分享更多內容。

And equally important priority is our commitment to commercial and operational excellence.

同樣重要的優先事項是我們對商業和營運卓越的承諾。

By getting closer to our customers, enhancing productivity, and optimizing our investment spend, we are building a foundation that powers Illumina's long-term success.

透過更貼近客戶、提高生產力和優化投資支出，我們正在為 Illumina 的長期成功奠定基礎。

We have made great progress in building a culture where every employee is contributing to commercial and operational excellence.

我們在建立一種讓每位員工為商業和營運卓越做出貢獻的文化方面取得了巨大進步。

In Q4, we achieved additional cost savings from greater manufacturing and logistics efficiencies, contributing to more than $100 million in cost savings across 2024.

在第四季度，我們透過提高製造和物流效率實現了額外的成本節約，為 2024 年節省超過 1 億美元的成本做出了貢獻。

Our ability to improve margins, even under tough market conditions, showcases the essence of the new Illumina operating model, and you'll see more of that going forward.

即使在嚴峻的市場條件下，我們仍然能夠提高利潤率，這反映了 Illumina 新營運模式的精髓，未來您將會看到更多這樣的情況。

Turning to 2025, our guidance does not attempt to reflect any impact from the recent China announcements, which we are promptly assessing.

展望 2025 年，我們的指引並不試圖反映近期中國公告的任何影響，我們正在迅速評估這些影響。

Our full year guidance also assumes a continuation of the current macroeconomic and political environments.

我們的全年指引也假設當前宏觀經濟和政治環境將持續下去。

We are closely monitoring the evolving circumstances in Washington, particularly as it relates to research funding.

我們正在密切關注華盛頓不斷變化的情況，特別是與研究資金相關的情況。

Ultimately, we committed to supporting our customers globally and the important work they do to advance scientific discovery using the powers of genomics.

最終，我們致力於支持全球客戶以及他們利用基因組學的力量推動科學發現的重要工作。

Within this context, our views for 2025 are aligned with the commentary we provided in mid-January.

在此背景下，我們對 2025 年的觀點與我們在 1 月中旬提供的評論一致。

We continue to expect revenue to grow in the low single digit percentage range on a constant currency basis and a non-GAAP operating margin of approximately 23%.

我們繼續預期收入將以固定匯率計算以低個位數百分比範圍成長，非公認會計準則營業利潤率約為 23%。

A 170 basis points improvement from 2024.

與 2024 年相比提高 170 個基點。

We also expect diluted EPS in the range of $4.50 to $4.65. We have a clear vision for expanding the exciting markets in which we operate and a future defining roadmap to support our customers.

我們也預計稀釋每股收益在 4.50 美元至 4.65 美元之間。我們對擴大我們經營的令人興奮的市場有著清晰的願景，並制定了未來明確的路線圖來支持我們的客戶。

We remain focused on delivering on our long-term financial targets to achieve high single digit percentage growth by 2027, more than 500 basis points of operating margin expansion, and double-digit (inaudible) EPS growth.

我們仍專注於實現我們的長期財務目標，到 2027 年實現高個位數百分比增長、營業利潤率擴大 500 個基點以上以及每股收益實現兩位數（聽不清楚）增長。

As we said before, three growth drivers will help us achieve these goals. one, leading with our strong core business of sequencing as we progress the X transition.

正如我們之前所說，三大成長動力將幫助我們實現這些目標。一、在我們推動 X 轉型的過程中，以我們強大的定序核心業務為主導。

Two, scaling our entry into multiomics this year and next.

二是今年和明年擴大我們在多組學領域的應用。

And three, expanding our data and services to add an additional layer of growth.

第三，擴展我們的數據和服務以增加額外的成長層面。

Before turning to Ankur, I want to thank our employees for their commitment and performance this past year.

在轉向安庫爾之前，我想感謝我們的員工在過去一年中的奉獻和表現。

I'm very proud of the Illumina team for staying focused on delivering innovation to support our customers and the patients they serve and driving margin improvements.

我為 Illumina 團隊始終專注於提供創新來支持我們的客戶和他們服務的患者並推動利潤率的提高感到非常自豪。

I'll now ask Ankur to share more detail on our 2024 results and the outlook for 2025.

現在，我請 Ankur 分享有關我們 2024 年業績和 2025 年展望的更多細節。

Thank you, Jacob and good afternoon, everyone.

謝謝你，雅各布，大家下午好。

I will 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.

我將向您概述我們的財務業績，提供有關收入、支出、收益和資產負債表上發展情況的更多詳細信息，然後談談我們未來的展望。

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南）僅適用於 Core Illumina，不包括 GRAIL。

All revenue growth rates are on a constant currency basis.

所有收入成長率均以固定匯率計算。

During the fourth quarter, Illumina's revenue of $1.1 billion exceeded our expectations, and we made significant progress towards our goals of driving customer centric innovation, margin expansion, and EPS growth.

第四季度，Illumina 的營收達到 11 億美元，超出了我們的預期，我們在推動以客戶為中心的創新、利潤率擴大和每股盈餘成長的目標上取得了重大進展。

Cash generation remains strong, and we continue to put cash to use in accordance with our capital allocation strategy.

現金產生能力依然強勁，我們將繼續根據資本配置策略使用現金。

Let me add more color starting with revenue.

讓我從收入開始補充更多內容。

Fourth quarter revenue of $1.1 billion exceeded our expectations and was up 1% year over year.

第四季的營收為 11 億美元，超出了我們的預期，年增 1%。

The growth was mainly driven by a high throughput consumables business while above expectations performance was driven by NovaSeq X placements, including encouraging uptake from clinical customers.

成長主要得益於高通量耗材業務，而超乎預期的績效則得益於 NovaSeq X 的投放，包括令人鼓舞的臨床客戶需求。

Sequencing consumables revenue of $698 million grew approximately 2% year over year.

定序耗材收入為6.98億美元，較去年成長約2%。

Driven by continued transition of high throughput sequencing to X and also growth in mid throughput consumables against a modest prior year compare.

受高通量定序向X的持續轉變以及中通量耗材與上年同期相比的成長所推動。

As of the end of Q4, in line with the X transition cadence we've discussed, more than 65% of high throughput gigabases shipped and approximately 40% of high throughput consumables revenue was on the NovaSeq X series.

截至第四季末，按照我們討論過的 X 轉型節奏，超過 65% 的高通量千兆資料庫出貨量和大約 40% 的高通量耗材收入都來自 NovaSeq X 系列。

Moving to sequencing activity, total sequencing GB output on our connected high and mid throughput instruments grew at a rate of more than 30% year over year, with robust growth from both clinical and research customers.

談到定序活動，我們連接的高通量和中通量儀器上的總定序 GB 產出年增超過 30%，來自臨床和研究客戶的成長均十分強勁。

Sequencing instruments revenue of $155 million declined 3% year over year in Q4.

第四季定序儀器營收為 1.55 億美元，年減 3%。

Driven primarily by a decline in mid-throughput shipments due to capital purchase and cash flow constraints that continue to impact our customers' purchasing behaviors, partially offset by successful launch of the MiSeq i100.

主要是由於資本購買和現金流限制導致中等吞吐量出貨量下降，這繼續影響客戶的購買行為，但 MiSeq i100 的成功推出部分抵消了這一影響。

Sequencing service and other revenue of $151 million was down 1% year over year, mainly due to timing of certain strategic partnership revenues last year.

定序服務和其他收入為 1.51 億美元，年減 1%，主要原因是去年某些策略夥伴收入的時機問題。

Instruments, services contract revenue.

儀器、服務合約收入。

Revenue from CDX agreements, and revenue from our informatic solutions grew as we anticipated.

來自 CDX 協議的收入以及來自我們的資訊解決方案的收入如我們預期的那樣增長。

Moving to the rest of the Illumina P&L, non-GAAP gross margins of 67.4% for the fourth quarter reflected typical Q4 seasonality of a high instruments mix of business.

轉向 Illumina 損益表的其他部分，第四季度非 GAAP 毛利率為 67.4%，反映了高工具業務組合典型的第四季度季節性。

On a year over year basis, non-GAAP gross margin increased 270 basis points, primarily driven by the execution of our operational excellence initiatives that continue to improve productivity and deliver cost savings as well as continued growth in our consumables business.

與去年同期相比，非公認會計準則毛利率增加了 270 個基點，這主要得益於我們實施卓越營運計劃，該計劃繼續提高生產力、節約成本，並推動了我們消耗品業務的持續成長。

Non-GAAP operating expenses of $526 million reflect both cost control measures as well as project expenditures tied to key investments.

5.26 億美元的非公認會計準則營業費用反映了成本控制措施以及與關鍵投資相關的項目支出。

Non-GAAP operating margin was 19.7% in Q4, up 120 basis points from last year, reflecting the discipline and operational excellence measures delivering results.

第四季非公認會計準則營業利潤率為 19.7%，比去年同期成長 120 個基點，反映出紀律性和卓越營運措施取得了成果。

A non-GAAP tax rate came in lower at 23.7% for the quarter and 23.6% for full year 2024.

本季非公認會計準則稅率較低至 23.7%，2024 年全年非公認會計準則稅率較低至 23.6%。

For non-GAAP net income was $152 million. A non-GAAP

非GAAP淨收入為1.52億美元。非 GAAP

weighted average diluted share count for the quarter was approximately $160 million.

本季加權平均攤薄股數約 1.6 億美元。

Altogether, non-GAAP EPS of $0.95 per diluted share came in above our expectations, driven by higher revenue and some benefit from a lower tax rate.

總體而言，非 GAAP 每股收益為 0.95 美元，高於我們的預期，這得益於收入增加和較低稅率的好處。

Moving to cash flow and balance sheet items for the quarter, cash flow provided by operations was $364 million.

本季的現金流量和資產負債表項目顯示，經營活動提供的現金流量為 3.64 億美元。

Capital expenditures were $42 million and free cash flow was $322 million.

資本支出為 4,200 萬美元，自由現金流為 3.22 億美元。

In Q4, we repurchased 134,000 shares of Illumina stock for $17 million at an average price of $129 per share.

第四季度，我們以每股 129 美元的平均價格回購了 134,000 股 Illumina 股票，耗資 1700 萬美元。

We ended the year with approximately $1.22 billion in cash, cash equivalents, and short-term investments.

截至年底，我們的現金、現金等價物和短期投資約為 12.2 億美元。

Jacob outlined the significant progress we've made towards the goals we have set for Core Illumina.

Jacob 概述了我們在實現 Core Illumina 設定的目標方面所取得的重大進展。

We've also re-established a strong cash generation profile and a robust balance sheet that positions as well for the future.

我們也重新建立了強大的現金創造能力和穩健的資產負債表，為未來做好了準備。

Moving now to our 2025 guidance.

現在轉向我們的 2025 年指導。

As Jacob mentioned, we were currently assessing the recent announcement from China, and our 2025 guidance does not attempt to reflect any impact from this announcement.

正如雅各所提到的，我們目前正在評估中國最近發布的公告，而我們的 2025 年指引並不試圖反映該公告的任何影響。

Our guidance also assumes a continuation of the current macroeconomic and political environments.

我們的指導也假設當前宏觀經濟和政治環境將持續下去。

Our overall expectations for fiscal year 2025 remain in line with our commentary from a few weeks ago.

我們對 2025 財年的整體預期與幾週前的評論一致。

We expect constant currency revenue growth in the low single digit percentage range weighted towards the second half of the year, driven by the NovaSeq X transition.

我們預計，在 NovaSeq X 轉型的推動下，下半年的貨幣收入將維持在低個位數百分比範圍內持續成長。

We expect sequencing consumables to grow in the low single digits on a constant currency basis.

我們預計，以固定匯率計算，定序耗材的銷售額將以個位數低點成長。

Driven by strong sequencing activity, especially with our clinical customers.

受到強大的定序活動的推動，特別是我們的臨床客戶。

The multiomic product launches like single cell and proteomics are attracting a lot of interest from the research community.

單細胞和蛋白質體學等多組學產品的推出吸引了研究界的極大興趣。

We also remain on track for roughly 75% of high throughput gigabases shipped to transition to the X series in the second half of 2025.

我們也將繼續努力，到 2025 年下半年，大約 75% 的高吞吐量千兆資料庫將過渡到 X 系列。

For instruments, we are assuming that our customers will continue to manage their capital investments closely and hence the projecting instrument placements to moderate in 2025, reflecting a low single digit decline in sequencing instrument revenues on a constant currency basis.

對於儀器，我們假設我們的客戶將繼續密切管理他們的資本投資，因此預計 2025 年儀器配置將會放緩，反映出按固定匯率計算的定序儀器收入將出現個位數的低下降。

For your modeling purposes, the usual pull through assumptions have been included in our slides.

為了您的建模目的，我們在幻燈片中包含了常見的拉動假設。

We expect total sequencing revenue growth to be in line with total illumina revenue growth year over year.

我們預計整體定序收入的成長將與 Illumina 整體收入的同比增長保持一致。

Looking at the rest of the P&L, we expect a core non-GAAP operating margin of approximately 23%, an expansion of 170 basis points versus 2024.

從損益表的其餘部分來看，我們預計核心非 GAAP 營業利潤率約為 23%，較 2024 年擴大 170 個基點。

Our operating margin expectations reflect the benefit of our continued gross margin improvement and expense reduction initiatives partially offset by the impacts of inflation and market-based merit increases.

我們的營業利潤率預期反映了我們持續的毛利率改善和費用削減措施帶來的好處，但部分被通貨膨脹和基於市場的績效加薪的影響所抵消。

We're also lowering our non-GAAP tax rate, now expected to be approximately 22.5%.

我們也降低了非公認會計準則稅率，目前預計約為 22.5%。

Putting it together, we expect non-GAAP diluted earnings per share in the range of $4.50 to $4.65. Growing at 10% at the midpoint.

綜合起來，我們預計非 GAAP 稀釋每股收益在 4.50 美元至 4.65 美元之間。中間值成長率為 10%。

We're also included in our slides other financial information that would be helpful for modeling purpose.

我們的幻燈片中還包含有助於建模的其他財務資訊。

The presentation will be posted on our investor relations website following our prepared remarks.

我們將在準備好發言後將簡報發佈在我們的投資人關係網站上。

Now moving to the first quarter of 2025.

現在進入 2025 年第一季。

As mentioned before, our guidance does not attempt to reflect any impact from the recent China announcement.

如前所述，我們的指引並不試圖反映最近中國公告的任何影響。

For the first quarter, we expect revenue to be flat to down 1% year over year on a constant currency basis, driven predominantly by a decline in sequencing instruments and timing of certain strategic partnership revenues.

我們預計第一季營收以固定匯率計算將與去年同期持平或下降 1%，主要原因是定序儀器和某些策略夥伴收入的時間安排下降。

For the first quarter, we expect non-GAAP operating margin of approximately 20.5% and non-GAAP earnings per share in the range of $0.93 to $0.98.

對於第一季，我們預計非公認會計準則營業利潤率約為 20.5%，非公認會計準則每股收益在 0.93 美元至 0.98 美元之間。

I will now turn the call back to Jacob for his closing remarks.

現在我將請雅各作結束語。

Thanks, Ankur.

謝謝，Ankur。

I'm proud of what our team accomplished in 2024.

我為我們團隊在 2024 年所取得的成就感到自豪。

As we begin 2025, our refreshed strategy is driving meaningful progress for customers around the world.

隨著 2025 年的到來，我們更新的策略正在為全球客戶帶來有意義的進步。

We'll continue to deliver breakthrough innovations that push the ecosystem forward and create value for all our constituents.

我們將繼續提供突破性創新，推動生態系統向前發展並為我們所有成員創造價值。

We look forward to engaging with many of you at the upcoming conferences and events.

我們期待在即將舉行的會議和活動中與你們進行交流。

Thank you for joining our call today.

感謝您今天參加我們的電話會議。

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

我現在請接線生開通問答專線

(Operator Instructions)

（操作員指令）

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Hey guys, thanks for taking my question.

嘿夥計們，謝謝你們回答我的問題。

I guess, Jacob and Ankur -- high level.

我想，Jacob 和 Ankur 的水平很高。

I know you noted China, you're not making any assumptions for potential disruption.

我知道你提到了中國，你沒有對潛在的破壞做出任何假設。

I guess can you update us on what you've heard so far, what is your revenue mix in China clinical versus research margin profile?

我想您能否向我們介紹一下目前聽到的情況，您在中國臨床和研究方面的收入結構是如何的？

And as you think about the guidance here, Encore flat to down in Q1.

正如您所考慮的此處的指導一樣，Encore 在第一季持平或下降。

Does it imply like the revenues throughout the year, it's going to be in the low single-digit range.

這是否意味著全年的收入都會處於個位數的低位？

What is the implied exit rate here?

這裡隱含的退出率是多少？

Thank you.

謝謝。

Well, thank you, Vijay.

好吧，謝謝你，維傑。

And there was a lot of questions baked into one there, so I'll try to just address China overall here.

這裡面涉及很多問題，因此我在這裡只嘗試總體討論一下中國問題。

But as we mentioned, first of all, this is, of course, very relatively -- is very new news, we have known this for a few days.

但正如我們首先提到的，這當然是相對而言的——是非常新的消息，我們幾天前就知道了。

But just to contextualize it, China is a significant market with an aging population.

但具體到中國，是一個人口老化的重要市場。

It's a country like many others are investing into and prioritizing health care and looking at sequencing as a key component into that.

與許多其他國家一樣，這個國家也正在投資並優先考慮醫療保健，並將排序視為其中的關鍵組成部分。

So therefore, we are seeing that, of course, other competitors are also seeing China as a significant market opportunity.

因此，我們看到其他競爭對手當然也將中國視為一個巨大的市場機會。

And we truly believe that Illumina with our leading NDS technology and our innovation pipeline are serving and will continue to serve the Chinese customers and patients very, very well.

我們堅信，Illumina 憑藉領先的 NDS 技術和創新管道，正在並將繼續為中國客戶和患者提供優質服務。

The recent announcement, as I mentioned, is really only a few days old, and we are working promptly where the relevant parties to get a resolution on this.

正如我所提到的，最近的公告實際上才發布幾天，我們正在與相關方迅速合作，就此找到解決方案。

What I can say is, as you know, the size of our business is approximately 7% of our total revenue.

我可以說的是，如您所知，我們的業務規模約占我們總收入的 7％。

But at this time, we are not going into the details of our China business in more detail than the revenue.

但目前，我們不會比收入更詳細地討論我們在中國的業務細節。

Understood.

明白了。

And Ankur, maybe on the cadence?

還有 Ankur，也許在節奏上？

Yes.

是的。

I think the question on the cadence overall for the year remains similar to the discussion I've had a few weeks ago, as you know, driven primarily by the high throughput sequencing transition.

我認為關於今年整體節奏的問題與我幾週前的討論類似，如你所知，這主要是由高通量定序轉型所推動的。

Our top line growth is more skewed towards the second half of the year.

我們的營收成長更偏向下半年。

As you make the transition to X and the pricing transition expecting to come down a little bit.

當你過渡到 X 時，價格過渡預計會略有下降。

So that drives higher profitability at the top line at -- in the second half of the year.

這將推動下半年營收利潤率的提高。

Overall, though, our focus on taking costs out as well as driving operational excellence will be visible throughout the year.

總體而言，我們將全年專注於降低成本和推動卓越營運。

All right, thank you guys.

好的，謝謝大家。

Thanks.

謝謝。

Dan Brennan, TD Cowen.

丹布倫南（Dan Brennan），TD Cowen 公司。

Great, thank you.

太好了，謝謝。

Thanks for the quarter here as well.

也感謝你們對我這個季度的貢獻。

Maybe just a color here.

也許這裡只是一種顏色。

Just on volumes.

僅就卷數而言。

So I think you talked about greater than 30% volume in Q4.

所以我認為您談到了第四季度的交易量超過 30%。

I think that was a bit of a decel from what you had reported in the prior quarter.

我認為這比你上一季報告的情況略有下降。

Maybe just give us some color on what you're seeing in volumes and elasticity and kind of what's contemplated for 2025?

您能否向我們簡單介紹一下您在數量和彈性方面看到的情況，以及對 2025 年的規劃？

And then kind of related to that, you flashed the pull-through numbers on the screen.

然後與此相關的是，你在螢幕上閃現了拉動數字。

Would love to get some insight in kind of what's contemplated in the '25 for like the NovaSeq to the NovaSeq X transition, kind of what you're seeing?

很想了解 2025 年 NovaSeq 到 NovaSeq X 的轉變有何設想，您看到了什麼？

Is it ratable?

它能被評級嗎？

Is it accelerating?

它正在加速嗎？

Just any color on that as it drives '25?

它以 25 號速度行駛時，上面有什麼顏色嗎？

Thank you.

謝謝。

Okay, Dan.

好的，丹。

So let me start by just, again, positioning where -- what we see the volume is that what we're really excited about and what we've seen through '24 is a continuation of the movement towards the and when our customers are moving to the X that they're really using this to increase their volume, increase their sequencing both in terms of larger assays but also deeper sequencing.

因此，讓我先再次定位——我們看到的數量是我們真正興奮的，並且我們在 24 年看到的是朝著 X 發展的延續，當我們的客戶轉向 X 時，他們真正在利用它來增加他們的數量，增加他們的測序，無論是在更大規模的檢測方面，還是在更深層次的測序方面。

So we continue to see that the customer has moved to X is driving significant more volume than the customers that have stayed on the 6-K.

因此，我們繼續看到，轉向 X 的客戶所推動的交易量明顯高於留在 6-K 的客戶。

So that's exciting.

這很令人興奮。

We also -- when we started to provide those volume numbers, we wanted to make sure that everybody understood that it's indicative.

當我們開始提供這些數量數字時，我們也希望確保每個人都明白它只是指示性的。

It's not perfect measure for whether it's 30% or whether it's 40%, that is not the main message here.

無論是 30% 還是 40% 都不是一個完美的衡量標準，這不是這裡的主要訊息。

The main message is that there's significant volume out there. and we continue to see volume grow higher than it has done in average.

主要的訊息是那裡有大量的數據。我們持續看到交易量成長高於平均。

What we are expecting is that on the longer horizon is that volume growth should be around in the mid-20%.

我們預計，從長遠來看，銷量成長率應該在 20% 左右。

So we're still above that, and we can expect to be continue above that for a little while here.

因此我們仍然高於這個水平，而且我們預計還會繼續高於這個水平一段時間。

So I'm still very pleased with where we are with the results, and it shows really strong progression, as Ankur is also talking about towards the X, and we still believe that we will have more than 75% of our volume being on the X by midyear.

因此，我仍然對我們的結果感到非常滿意，它顯示出非常強勁的進步，正如 Ankur 所說的那樣，朝著 X 發展，我們仍然相信，到年中，我們 75% 以上的交易量將來自 X。

Yes.

是的。

That's well covered Jacob, and then we have put the slide out for all of the pull-through assumptions, et cetera.

雅各 (Jacob) 對此進行了很好的介紹，然後我們將所有的延伸假設等等都放在了幻燈片中。

We've exited 2024 with very good pull-through overall for the year.

2024 年是我們結束之年，整體而言取得了非常好的成績。

Very pleased with the ramp up X now. and see potential for it to keep growing next year as well.

現在對 X 的提升非常滿意。並認為明年仍有繼續成長的潛力。

The detailed assumptions for modeling are on the slide.

投影片上有建模的詳細假設。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

Yeah.

是的。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

Just first one, Jacob, I appreciate the comments earlier on the unreliable entity list, but just that was a strong statement from China, and you obviously pointed out a number of years and your strong position in China historically, but could you elaborate a little bit just so we understand why you expect that to be reversed.

首先，雅各布，我很感謝你之前關於不可靠實體名單的評論，但那是來自中國的強烈聲明，你顯然指出了多年來你在中國的強勢地位，但你能否詳細說明一下，以便我們了解你為什麼期望這種情況會被扭轉。

There was obviously another larger software company involved here and so it looked fairly pinpointed.

顯然，這裡還有另一家更大的軟體公司參與其中，因此看起來相當準確。

So just wanted to understand that.

所以只是想了解這一點。

And then on the clinical transition, wondering if you can clarify where that 50% gigabase shipped number would yield in 2025 or by end of 2025.

然後關於臨床轉型，想知道您是否可以澄清 2025 年或 2025 年底 50% 千兆位元出貨量將產生什麼結果。

Thank you.

謝謝。

Yes.

是的。

Thanks, Puneet.

謝謝，Puneet。

I think in the beginning, as you mean, I mean, this is new information.

我認為一開始，正如你的意思，我的意思是，這是新的資訊。

We've only known this a few days.

我們幾天前才知道這個消息。

I don't think I've commented on it on time lines on this when we have more insights or even on whether if we got been reversed, I don't think we haven't and we will not comment on that.

我認為，當我們有更多的見解時，我沒有對時間線對此發表評論，甚至沒有對我們是否會被推翻發表評論，我認為我們沒有，我們也不會對此發表評論。

We are in dialogue with the relevant parties, and we would like to keep that dialogue between the parties before we have more insights here.

我們正在與相關各方進行對話，在獲得更多見解之前，我們希望保持雙方之間的對話。

And Ankur on the 50%.

Ankur 佔 50%。

Puneet the 50%, basically giving additional color on the transition of we've said roughly 2/3 or over 65% of the total volume at the end of the year here in Q4 has transitioned when you parse it out by clinical and by research for clinical that's about 50%.

Puneet 的 50% 基本上為轉變提供了額外的色彩，我們已經說過，今年第四季度末總量的大約 2/3 或 65% 以上已經轉變，如果按臨床和研究來分析的話，臨床大約佔 50%。

So half of the clinical volume has already transitioned to at the end of the year.

因此，一半的臨床量已經轉換到年底。

And what do you expect that for 2025?

您對 2025 年有什麼期望？

Well, in aggregate, I'm still at 75% in aggregate for entire volume, given that 80% of research is already transitioned, most of the remainder should now come from clinical.

嗯，總的來說，我仍然佔整個數量的 75%，考慮到 80% 的研究已經轉變，剩餘的大部分現在應該來自臨床。

Yeah, I'll hop back into you.

是的，我會跳回你身邊。

Thank you.

謝謝。

Doug Schenkel, Wolfe Research.

道格‧申克爾（Doug Schenkel），沃爾夫研究公司。

All right, good afternoon, guys.

好的，大家下午好。

I want to start on China and then turn to a bigger picture, longer-term question.

我想先談中國問題，然後再談更大範圍、更長期的問題。

So coming to the chase, not providing more detail on China financials and not taking this opportunity to ring-fence things.

所以說到底，我們並沒有提供更多有關中國財務狀況的細節，也沒有藉此機會對事情進行保障。

I'm sure you understand, but that creates yet another overhang for the stock.

我相信您明白，但這又給股票帶來了另一個風險。

So Ankur, I'm wondering if you would at least be willing to talk about the levers you have identified and you have available to you at both the margin line and via initiatives like buybacks to protect your -- at least the low end of your EPS targets for the year if you are unable to reverse what's going on in China.

所以 Ankur，我想知道您是否願意至少談談您所確定的以及您在利潤線上以及通過回購等舉措可用的槓桿——如果您無法扭轉中國正在發生的事情，至少可以保護您今年的每股收益目標的低端。

So that's the first.

這是第一個。

And then longer term, sort of related to that, Jacob and Ankur, recognizing you inherited a lot of problems from the previous leadership team.

從長期來看，與此相關的是，雅各和安庫爾認識到你們從上一屆領導團隊繼承了很多問題。

Once you buy the house, you own it, this is your company.

一旦你買了房子，你就擁有了它，這是你的公司。

It seems like every quarter, there's something new, there's pricing, then there's mid-throughput.

似乎每個季度都會出現一些新的東西，有定價，然後有中等吞吐量。

Now it's China and in a couple of weeks, we'll get some new announcements from Roche.

現在是中國，幾週後我們將收到羅氏的一些新公告。

You see what we see.

你看到我們所看到的。

In fact, you see more between the market opportunity your network effect, the fact that you're spending almost $1 billion in R&D per year.

事實上，你會更看到市場機會、網路效應和每年近 10 億美元用於研發的事實。

Do you feel comfortable you can get back to mid-single-digit revenue growth over the next one to two years?

您是否確信在未來一到兩年內可以恢復中位數個位數的收入成長？

And drive better than peer group EPS no matter what, are you committed to that, elevating this to that level?

並且無論如何都要比同行的每股盈餘更好，您是否致力於做到這一點，並將其提升到這個水平？

Thank you.

謝謝。

Yes.

是的。

Thanks, Doug.

謝謝，道格。

That was, again, a lot of questions baked into this.

這又引出了許多問題。

Let me just come to the essence here is that B, as you now have been in this job for one and half years, so I'm absolutely certain that I feel like I have fully ownership of the company and the execution of what we need to do over the next period of time.

讓我來談談這裡的本質，B，由於你現在已經擔任這份工作一年半了，所以我絕對確定，我感覺我完全擁有這家公司的所有權，並且能夠執行我們在未來一段時間內需要做的事情。

And we came out with a plan this summer, stating we would step back into high single-digit growth by 2027 and also continue to deliver double-digit to teens EPS growth and deliver on a 26% operating margin.

今年夏天我們推出了一項計劃，指出到 2027 年我們將回升至高個位數成長，同時繼續實現兩位數至十幾位數的每股收益成長，並實現 26% 的營業利潤率。

That is our commitment, and that's what we are committing to do.

這是我們的承諾，也是我們承諾要做的。

And we will do the right work in order to get there.

為了實現這一目標，我們將採取正確的行動。

Thanks, Jacob.

謝謝，雅各。

To the other part of your question, we're looking at all possible opportunities irrespective of whatever the outcome is from China.

對於你問題的另一部分，無論中國的結果如何，我們都在尋找一切可能的機會。

We'll keep driving margin, tax, operating margin, operating leverage drivers.

我們將繼續提高利潤率、稅率、營業利潤率和營業槓桿。

And we have several opportunities there, as we've outlined.

正如我們已經概述的那樣，我們在那裡有幾個機會。

Our base case already looks at 170 basis points of margin expansion year-over-year.

我們的基本預測已經是利潤率年增 170 個基點。

And we'll keep driving additional margin there.

我們將繼續在那裡推動額外的利潤。

So not really walking off of that, but I see additional opportunities from an ending growth perspective, Doug.

所以並不是真的放棄這一點，但從最終的成長角度來看，我看到了更多的機會，道格。

We're very heavily focused on this.

我們非常關注這一點。

Conor McNamara, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的康納‧麥克納馬拉 (Conor McNamara)。

Thanks for that.

謝謝。

Thanks guys for taking the question.

感謝大家回答這個問題。

I appreciate that.

我很感激。

So just on the sequencing growth, was there any impact in the quarter from a slowdown relative to Q3 because of the higher placements or any slowdown from customers that were looking at the single cell X that may have slowed down consumable growth in the quarter.

那麼，僅就定序成長而言，由於更高的投放量或關注單細胞X的客戶的成長放緩，本季相對於第三季的成長放緩是否對其產生了影響，從而可能減緩了本季的消耗品成長。

And then you're already at 65% conversion.

那麼你的轉換率就已經達到 65% 了。

So it seems to be tracking ahead of the 75% conversion that you talked about exiting Q2.

因此，它似乎正在領先於您談到的第二季結束時的 75% 的轉換率。

So how should we think about the pricing impact early on in 2025, if that's going to be less than you laid out in your analyst of it?

那麼，如果 2025 年初的定價影響低於您在分析師中所述的水平，我們應該如何看待它？

Yes.

是的。

Thanks, Conor overall, we continue to be pleased with the progress we're making on the conversion, as you're mentioning, and we are certainly on a good trajectory for delivering on the midyear as you also mentioned where we are today.

謝謝，康納，總的來說，我們對轉換方面取得的進展感到滿意，正如您所提到的，我們肯定在年中交付方面處於良好的軌道，正如您提到的我們目前的狀況。

So we feel good about that.

因此我們對此感到很高興。

I think we're still in a situation where you have a very high volume growth.

我認為我們仍然處於銷量成長非常高的情況。

And of course, mix and other things can impact some of the performance quarter-by-quarter, if you look at trajectory, we are definitely on the right track.

當然，產品組合和其他因素可能會對每季的業績產生一定影響，如果你看一下軌跡，你會發現我們肯定走在正確的軌道上。

We did anticipate that we would see a little bit of a slowdown here in Q4.

我們確實預計第四季會出現一些放緩。

There's less working days and other things that impacted us.

工作日減少了，其他一些事情也對我們產生了影響。

So we had anticipated some of that.

因此我們已經預料到了其中的一些情況。

So we feel good about where we are and that we are on the progress to deliver.

因此，我們對目前的狀況感到滿意，並且正在取得進展。

And as you mentioned also when we are starting to lapse the main part of the -- having the revenue on the X, then of course, you will see more revenue growth based on that we are growing on a different cost basis, so to say, or price base, so to say.

正如您所提到的，當我們開始失去主要部分——X 上的收入時，當然，您會看到更多的收入增長，因為我們是在不同的成本基礎上或價格基礎上增長的。

So we're encouraged about that.

因此我們對此感到鼓舞。

And therefore, we're also expecting that we will continue to see improvement during the year of our consumables growth.

因此，我們也預計，我們的消耗品成長將在今年繼續改善。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Hi guys, thanks for the questions here.

大家好，感謝你們在此提問。

Ankur, can you maybe just give us a sense of the extent to which you've worked your way through the production and efficiency exercises that you had teed up?

Ankur，您能否讓我們了解一下您在完成所安排的生產和效率練習方面取得的進展程度？

I mean how much of what you saw as an opportunity when you showed up to Illumina.

我的意思是，當您來到 Illumina 時，您看到了多少機會。

Could you tackle and capture in 2024 versus what sort of opened to you in this year?

與今年帶給您的挑戰相比，您能在 2024 年解決並贏得冠軍嗎？

Love to sort of understand the past opportunity that you have here for the next 12 months?

想了解您在未來 12 個月內擁有哪些機會嗎？

Yes, sure.

是的，當然。

So still significant opportunities.

因此，仍然存在重大機會。

In 2024, my perspective, what we've captured is some tweaks in our manufacturing strategy, some of the lower-hanging fruit in terms of optimizing some of our teams.

從我的角度來看，到 2024 年，我們將對製造策略進行一些調整，在優化部分團隊方面取得一些較容易實現的成果。

We have -- and we've started working on this, the team is already actioning our ability to further consolidate art manufacturing as well as our R&D capabilities in Singapore.

我們已經——並且已經開始致力於此，團隊已經開始採取行動，進一步鞏固我們在新加坡的藝術品製造和研發能力。

It's a dual benefit for us in Singapore, not only do we get the cost arbitrage.

對我們新加坡來說，這是雙重好處，我們不但可以獲得成本套利。

It also allows us to drive synergies between our R&D and the manufacturing team locally.

這也使我們能夠推動本地研發和製造團隊之間的協同效應。

To lead to both lower R&D costs as well as a lower cost to manufacture.

從而降低研發成本和製造成本。

It also below the line, allows me to increase my R&D based in Singapore and be able to take advantage of a tax structure, which is beneficial in the long run.

這也允許我增加位於新加坡的研發，並能夠利用稅收結構，這從長遠來看是有利的。

Some of the benefits you're beginning to see in the '25 guide there already.

您已經開始在 '25 指南中看到其中的一些好處。

Within our operating expenses, we said we've started set up an office in India.

在我們的營運費用中，我們說我們已經開始在印度設立辦事處。

We talked about that about four months ago.

我們大約四個月前談論過這個問題。

We have 150 people there now, and we have very good runway and meaningful structure identified to keep expanding our capabilities within India.

我們目前在那裡有 150 名員工，我們擁有非常好的跑道和有意義的結構，可以繼續擴大我們在印度的能力。

And we have several little plays going on within our sales and marketing as well as the R&D side.

我們在銷售、行銷和研發方面也採取了一些小措施。

So lots of opportunities over the next 2 years, both through 2025 and through 2026 to keep optimizing just structurally our cost structure here.

因此，未來兩年（到 2025 年和 2026 年）有許多機會繼續優化我們的成本結構。

Rachel Vatnsdal, JP Morgan.

摩根大通 (JP Morgan) 的 Rachel Vatnsdal。

Perfect.

完美的。

Thank you.

謝謝。

Perfect.

完美的。

Thank you.

謝謝。

Now there's been a few questions on China, and you guys are trying to assess the situation, given it's so early, but could you at least unpack for us what was contemplated initially in the 2025 guidance for China?

現在出現了一些關於中國的問題，鑑於現在還為時過早，你們正在試圖評估形勢，但你們能否至少為我們解釋一下 2025 年針對中國的指導方針中最初設想了什麼？

You had pointed us towards this like $300 million business last year.

去年您曾向我們指出這項價值 3 億美元的業務。

So can you just give us a view on what you're expecting that to grow or decline in 2025.

那麼，您能否告訴我們，您預計 2025 年這數字將會成長或下降嗎？

And then my follow-up is just on first quarter.

然後我的後續工作就集中在第一季。

Can you walk us through your assumptions in terms of consumables growth?

您能否向我們介紹一下您對消耗品成長的假設？

Is it going to be up sequentially in 1Q?

第一季會連續漲嗎？

Or what should we see on that front?

或者說在這方面我們應該看到什麼？

Thank you.

謝謝。

Yeah, thanks, Rachel.

是的，謝謝，Rachel。

And let me start there and then have Ankur to provide a little more insight also.

讓我從這裡開始，然後讓 Ankur 也提供更多見解。

But on China, as I mentioned also in the previous calls, is that, we had our new head of China coming in approximately a year ago.

但關於中國，正如我在之前的電話會議中提到的那樣，大約一年前，我們的新中國負責人上任。

And Jenny and the team has done a wonderful job on assessing the opportunity in China, put some more structure around where we go -- and strategy about where we're going to focus he's made some changes to the organization.

珍妮 (Jenny) 和團隊在評估中國機會方面做得非常出色，為我們的發展方向和重點策略制定了更多的結構，他對組織進行了一些改變。

And I actually think that we are starting to see that play through in our performance also, meaning that we're starting to see actually nice to see growth in China in Q4 and also sequentially, it's starting to look really nicely.

事實上，我認為我們也開始在我們的業績中看到這種表現，這意味著我們開始看到中國第四季的成長確實令人欣喜，而且連續幾個季度，情況也開始變得非常好。

So we were constant we were guiding underlying the guide here, we were expecting approximately flat growth of China in 2025.

因此，我們始終堅持以這裡為基礎的指導方針，預計 2025 年中國將基本保持平穩成長。

Yes.

是的。

That's right, Jacob, Rachel.

沒錯，雅各，拉結。

I think we've kind of said that during our strategy day and otherwise in the near term, we weren't anticipating any meaningful growth contribution from China.

我想我們已經說過，在我們的戰略日以及短期內，我們預計中國不會做出任何有意義的成長貢獻。

It being stable would have been good, very good to see the Q4 growth of 1%.

如果保持穩定那就好了，第四季成長 1% 非常好。

Now certainly, with the announcement, we are assessing the situation.

當然，現在宣布這一消息後，我們正在評估情況。

While we're still supporting our customers on the ground.

我們仍在為當地客戶提供支援。

.

。

Teja Savant, Morgan Stanley.

摩根士丹利的 Teja Savant。

So Jacob, I want to take a slightly different tack on China.

所以雅各布，我想對中國採取稍微不同的觀點。

I know you don't want to say too much on the specifics here, but it is an important question.

我知道您不想在這裡談論太多具體細節，但這是一個重要的問題。

And we live in the era making deals, right?

我們生活在一個做交易的時代，對嗎？

So back in the day, there were a lot of folks who lobbied for BGI's exclusion from the US market we got added to the military entity list in biosecure et cetera.

所以在過去，有很多人遊說將華大基因排除在美國市場之外，我們被加入生物安全等方面的軍事實體名單中。

Would it make sense for that to be undone, -- of course, with appropriate data safeguards in place in exchange for you guys getting unfettered access to the Chinese market.

取消這項規定是否有意義？

We live in a different world today.

如今我們生活在一個不同的世界。

You guys have other credible competitors besides PGI now.

現在除了 PGI 之外，你們還有其他強大的競爭對手。

So would that be an effort that you would be, in principle, supportive of?

那麼，您原則上會支持這項努力嗎？

And then second, sort of on the competitive landscape, a couple of high-profile sort of wind or for one of your emerging competitors, one with the UK.

其次，在競爭格局方面，有幾個備受矚目的競爭對手，例如英國的新興競爭對手。

Biobank for proteomics and the other for Jensaker, for single-cell work.

一個生物庫用於蛋白質體學研究，另一個用於 Jensaker 研究單細胞研究。

Can you just share some color on what works also in those RFPs?

您能否具體介紹一下這些 RFP 中哪些措施是可行的？

So let me start by the first one here.

讓我從第一個開始。

And on China.

還有中國。

And I think, first of all, most, I would say that as I mentioned before, we always take competition very seriously.

我認為，首先，正如我之前提到的，我們始終非常重視競爭。

Actually, I do like competition.

事實上，我確實喜歡競爭。

I think that keeps us on the toes.

我認為這讓我們保持警惕。

It keeps all of us make sure that the customer gets the best and the highest quality of service.

它使我們所有人都確保客戶獲得最好和最高品質的服務。

So in the end, competition is good in the industry.

所以最終來說，產業內的競爭是好的。

And we will compete with anyone.

我們將與任何人競爭。

We believe that we have the best technology.

我們相信我們擁有最好的技術。

We continue to innovate.

我們不斷創新。

It doesn't matter whether it's in US or in China, we believe that our innovations and what Illumina stands for is providing the best solutions for our customers.

無論是在美國還是在中國，我們都相信我們的創新和 Illumina 的立場是為我們的客戶提供最好的解決方案。

Related to what is happening in Washington, we are we will leave that for the lawmakers to decide.

對於華盛頓正在發生的事情，我們將交給立法者來決定。

It's a capital hit conversation and not something that we have any influence on.

這是一場關於資本的對話，我們無法影響它。

Got it.

知道了。

And then the emerging vendor situation, Jacob, if you may?

那麼，Jacob，您能談談新興供應商的情況嗎？

Yes.

是的。

I mean, again, we are -- there's competition out there.

我的意思是，我們──外面存在著競爭。

We recognize that.

我們認識到這一點。

I think we are not going out and do a press release on every deal we do.

我認為我們不會就每筆交易都發表新聞稿。

And so I'll leave it with that.

我就不多說了。

Got it.

知道了。

Fair enough.

很公平。

Thank you.

謝謝。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hi thanks.

嗨，謝謝。

Couple of things.

有幾件事。

I just want to make sure there was no pull forward with the one placements in the fourth quarter.

我只是想確保第四節的一次佈置不被拉前。

It doesn't sound like you're calling that out, but I want to make sure there's nothing ahead of the new administration and some expected NIH noise.

這聽起來不像是你所說的那樣，但我想確保在新政府和一些預期的 NIH 噪音之前不會發生任何事情。

And then on the clinical momentum for X, I think you said before, 20% of tests will never move over to X.

然後關於 X 的臨床發展勢頭，我記得您之前說過，20% 的測試永遠不會轉移到 X。

Is that still your view?

您仍然持這種觀點嗎？

What are you assuming for 25B uptake?

您對 25B 的吸收量有何假設？

I think it's been about 50% of customers.

我認為大約有 50% 的顧客是這樣。

And then on the pricing dynamic, you've talked about customer discussions around application-specific pricing, essentially helping customers hit a certain margin target.

然後關於定價動態，您談到了圍繞特定應用定價的客戶討論，本質上是幫助客戶達到一定的利潤目標。

Where are you in that process?

您處於這個過程的哪個階段？

And I think you do have to address Jos' last question about the UK buyback.

我認為你必須回答喬斯關於英國回購的最後一個問題。

I understand your competitor effectively gave away that business, but there are a lot of these programs out there.

我知道你的競爭對手實際上放棄了這項業務，但是市場上還有很多這樣的項目。

The UK buybacnk was a big one.

英國的回購是一項重大舉措。

How do you deal with a rational competitor in the market potentially that's giving away instruments?

您如何應對市場上可能贈送儀器的理性競爭對手？

Thanks.

謝謝。

Okay.

好的。

So let me start to address the high level there on the percentage of customers that will be staying -- what we're trying to get from a modeling perspective, just saying that we have seen historically that there will be the lion's share of customers will move to the X and to the new technology.

因此，讓我開始討論留下來的客戶比例的高層問題——我們試圖從建模的角度得到什麼，只是說我們從歷史上看到，大部分客戶將轉向 X 和新技術。

But there will always be a fraction of customers that for reasons that they see that their assay works well and they have a nice profitability or they don't -- they see that they don't want to invest more in that part of the business, for example, that they stay on, you could say, the older technology for a while.

但是總會有一小部分客戶，因為他們認為他們的檢測方法效果很好並且盈利能力很好，或者他們不想在業務的這一部分投入更多，所以他們會繼續使用較舊的技術一段時間。

So it's -- we have just seen that rural thumb is probably around 20% will stay and they will, of course, become smaller, small over time, but it's taking substantially longer to transition the last part than it did for the first, let's just say, 75% to 80%.

所以，我們剛剛看到，大概有 20% 左右的農村人口會留下來，當然，隨著時間的推移，他們的規模會越來越小，但最後一部分的轉變要比第一部分的轉變花費更長的時間，我們假設從 75% 到 80%。

So that's how we think about that.

這就是我們對此的看法。

I think if you go to the UK Biobank, as we mentioned also at the recent releases that we are now to pilot study on the UK Biobank project study on the UK Biobank.

我認為如果你去英國生物樣本庫，正如我們在最近發布的新聞稿中提到的那樣，我們現在要對英國生物樣本庫計畫進行試點研究。

That's the first step you need to take.

這是您需要採取的第一步。

That was actually also where we saw the other proteome assay provider (inaudible) at the 50,000 project before they went for the full one.

實際上，在他們進行完整專案之前，我們也在那裡見到了 50,000 個專案中的其他蛋白質組檢測提供者（聽不清楚）。

So we actually are following the same trajectory and believe we have a strong solution for that.

因此，我們實際上遵循相同的軌跡，並相信我們有一個強大的解決方案。

As you're also mentioning, yes, there are new competitors in the market.

正如您所說，是的，市場上出現了新的競爭對手。

In the end, we're also in an environment where competition and everyone has to eventually show that they can make money.

最後，我們也處在一個競爭的環境中，每個人最終都必須證明自己能夠賺錢。

And we have shown that.

我們已經證明了這一點。

I think it's up to us to show that they can also do that.

我認為我們必須證明他們也能做到這一點。

Otherwise, eventually, the bank will run drive.

否則，最終銀行將會破產。

And then can you just address the pricing dynamic with clinical customers.

然後能否與臨床客戶討論定價動態？

These discussions around application-specific pricing essentially helping your customers hit a margin target?

這些圍繞特定應用定價的討論本質上是否幫助您的客戶達到利潤目標？

And then can you just address the pricing dynamic with clinical customers, these discussions around applications specific pricing essentially helping your customers hit a margin target.

然後，您能否與臨床客戶討論定價動態，這些圍繞應用特定定價的討論本質上可以幫助您的客戶達到利潤目標。

Yes.

是的。

That's right.

這是正確的。

Let me add to that, Tycho.

讓我補充一下，Tycho。

On the application-specific pricing, we have had active discussions with quite a few of our customers and are continuing to do that for some of the emerging tests we're having discussions with them about having a separate set of pricing that enables much higher volume of sequencing for that test.

關於特定應用的定價，我們已經與不少客戶進行了積極的討論，並且正在繼續對一些新興測試進行討論，我們正在與他們討論制定一套單獨的定價方案，以便為該測試提供更高量的測序。

And working with them to enable that as a separate line rather than discussions about bringing the pricing down for the entire portfolio.

並與他們合作將其作為單獨的產品線，而不是討論降低整個產品組合的價格。

There are a set of customers who are already on board with that. and are looking at launching tests over the next quarters or so based on whatever their clinical timelines are and would be part of that as a very specific category.

已經有一批客戶同意了這一點。並計劃在未來幾個季度左右根據其臨床時間表啟動測試，並將其作為一個非常具體的類別的一部分。

So that's our first foray in working with these set of customers.

這是我們首次與這些客戶合作。

And the initial discussions have been quite encouraging, specific to that test and so forth.

針對該測試等的初步討論非常令人鼓舞。

The second set during the second and third set during this year that we're seeing will emerge is going to be with our procure mix solution as well as our single cell solution, which is where some of the early discussions and placement is -- could be around the entire end-to-end workflow could be around a full set of studies as well as programs rather than working on a per GB discussion there.

我們看到今年第二組和第三組中將出現的第二組將是我們的採購組合解決方案以及單細胞解決方案，這是一些早期討論和佈局的地方 - 可能是圍繞整個端到端工作流程，可能是圍繞一整套研究和程序，而不是針對每個 GB 進行討論。

So that's emerging as well.

這也是正在出現的現象。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

Thanks for taking the question.

感謝您回答這個問題。

I'll go a little bit of different tax until that's been covered.

我會採用一些不同的稅種，直到這個問題解決為止。

First, I want to just maybe talk about NVIDIA, what are the customers getting in this?

首先，我想談談 NVIDIA，客戶從中能得到什麼？

Can this collaboration turn into something bigger?

這次合作能否產生更大的成果？

And how would this impact kind of the network effect with Illumina and keeping customers on it with their familiarity with the product.

這會對 Illumina 的網路效應產生什麼影響，並讓熟悉產品的客戶繼續使用它。

And then also, I want to talk about the Truvada deal and then obviously, a couple of other analysts talked about the Canaccord Biobank, but the true bet is interesting because it's more on the private sector.

然後，我想談談 Truvada 交易，顯然，其他幾位分析師談到了 Canaccord Biobank，但真正的賭注很有趣，因為它更多地是在私營部門。

Do you think there's other private sector opportunities in genome projects, what's the funnel look like that in genome projects in the private sector?

您認為基因組計畫中還有其他私部門的機會嗎？

And just given the utility that we could be seeing out of that, how close are we from maybe like the dream of sequencing at birth?

鑑於我們可以從中看到的效用，我們距離實現出生時定序的夢想還有多遠？

Yes.

是的。

Thanks, Dave.

謝謝，戴夫。

And yes, we are certainly excited about those relationships or those collaborations also and let's start with the NVIDIA one where with NVIDIA, as noted, that there is a lot of capabilities and compute power put in place by NVIDIA right now for many different applications, especially within AI.

是的，我們也對這些關係或合作感到非常興奮，讓我們從 NVIDIA 開始吧，正如我們注意到的，NVIDIA 目前為許多不同的應用程序，尤其是在人工智慧領域，提供了許多功能和計算能力。

And with that, also, we are now moving into a space Where even now with a large cohort of sequencing, but also going into multiomics.

同時，我們現在正在進入一個領域，甚至現在擁有大量的定序，但也正在進入多組學領域。

It requires a lot of compute power.

它需要大量的運算能力。

And while our DRAGEN platform FPGA is working very nicely.

我們的 DRAGEN 平台 FPGA 運作非常好。

The customers that have already invested in GPU infrastructure, you will want to make sure that the DRAGEN platform also is available on the GPU platforms.

對於已經投資 GPU 基礎設施的客戶，您將希望確保 DRAGEN 平台也可在 GPU 平台上使用。

So that is one thing that can really drive, I think, a big network effect and really help our customers to compute a huge amount of data.

所以我認為這確實能夠產生巨大的網路效應，並真正幫助我們的客戶計算大量數據。

At the same time, NVIDIA is also providing infrastructure for building these foundational models.

同時，NVIDIA也為建置這些基礎模型提供基礎架構。

That I think is going to be key for really modeling biology for the future and really being a key for predicting diseases and help for drug discovery and other things.

我認為這將成為真正建構未來生物模型的關鍵，也是預測疾病、幫助藥物研發等的關鍵。

This is requiring a significant amount of sequencing to build up those kinds of predictive models.

這需要大量的定序來建立這類預測模型。

And so we are now, together with NVIDIA, we are allowing we're enabling that -- those models and that programming language on our platforms or our infrastructure, so our customers can get access to that.

因此，我們現在與 NVIDIA 一起，在我們的平台或基礎設施上啟用這些模型和程式語言，以便我們的客戶可以存取它們。

So very exciting and certainly a huge network effect beyond genomics, but really into multiomics also.

這非常令人興奮，並且肯定會產生超出基因組學範圍的巨大網路效應，但實際上也適用於多組學。

Yes, you're right.

是的，你說得對。

It's a private sector genome project.

這是一個私部門的基因組計畫。

And I think we're seeing a lot of interest around that just both in the US but around the world.

我認為我們看到美國乃至全世界對此都表現出濃厚的興趣。

We're seeing this in Middle East, UK, Germany, other places.

我們在中東、英國、德國和其他地方都看到了這種情況。

We're seeing that both from sequencing in sovereign countries, but we're also seeing a lot of interest for pharma to get access to a much more diverse data set.

我們從主權國家的測序中看到了這一點，但我們也看到製藥公司對獲取更多樣化的數據集表現出濃厚的興趣。

So there's a lot of activities for that specific.

因此，針對這一特定目的，有許多活動。

But generally speaking, we are seeing pharma being very interested to work closely with us on many different applications.

但總體而言，我們看到製藥公司非常有興趣與我們在許多不同的應用上密切合作。

And these are some of them, but there is much more coming on this.

這些只是其中的一部分，但接下來還會有更多內容。

Subha Nambi, Guggenheim Securities.

古根漢證券的 Subha Nambi。

Hey guys, thank you for taking my question.

嘿夥計們，謝謝你們回答我的問題。

You guys have maintained R&D at just below $1 billion per year.

你們每年的研發費用一直維持在略低於 10 億美元。

Is that the plan moving forward?

這就是正在推進的計畫嗎？

How have you reprioritized efforts since you took the lead at the company?

自從您擔任公司領導者以來，您如何重新調整工作重點？

How should we assess the success of this investment, which I know is far higher than peers as a percent of sales.

我們該如何評價這項投資的成功，我知道它的銷售百分比遠高於同業。

Yes.

是的。

Thanks for that, Subha I think we continue to believe that overall, the genomics opportunity and the multimic opportunity that we in is still.

謝謝你，Subha，我認為我們仍然相信，總的來說，我們面臨的基因組學機會和多麥克風機會仍然存在。

There's a significant opportunity in front of us. and we're just getting started on that and thereby really opening up that market and really get the benefit of that opportunity require continued innovation and investment into R&D.

我們面前有一個重大機會。我們才剛開始做這件事，要真正打開這個市場並真正從中獲益，就需要不斷創新和對研發的投入。

So there's a logic in that.

這是有邏輯的。

But we also -- and that's why we're also going out and commit to that we will step back into growth because obviously, things is tied together.

但我們也——這就是為什麼我們也要走出去並致力於恢復成長，因為顯然，事情是緊密相連的。

And we believe that over the next three years, we can step from where we are today into high single-digit growth. we continue to have, and I think Illumina has been known for a very, very innovative platform.

我們相信，在未來三年內，我們可以從現在的水準邁向高個位數的成長。我們將繼續這樣做，我認為 Illumina 一直以非常非常創新的平台而聞名。

We have a road map for the next 10 years that we believe is going to set the tone for where genomics and where molteomics is going to be and really have a significant impact not only on health, but also on on drug discovery going forward.

我們有一個未來 10 年的路線圖，我們相信它將為基因組學和分子組學的發展定下基調，並不僅對健康產生重大影響，而且對未來的藥物研發也將產生重大影響。

So that excites us a lot.

這讓我們非常興奮。

The number itself is certainly something we continue to look at.

我們當然會繼續關注這個數字本身。

We've been working just in '24 here a lot with the R&D team to really work about how we become more effective and efficient in how we run things.

我們在過去 4 年一直與研發團隊合作，致力於提高我們的營運效率和效果。

We have also take cost out in certain places.

我們還在某些地方削減了成本。

And we'll continue to assess opportunities.

我們將繼續評估機會。

But the idea is to, of course, is more to grow ourselves into a different percentage point rather than cut ourselves into that.

但我們的想法當然是讓自己成長到不同的百分點，而不是將自己削減到那個百分點。

Mason Carrio, Stevens.

梅森卡里奧、史蒂文斯。

Please go ahead.

請繼續。

Your line is open, Mason, we are not able to hear you.

梅森，您的線路處於開放狀態，我們聽不到您的聲音。

Okay, we'll move to our next person, and we'll return to you, Mason.

好的，我們將轉向下一個人，然後再回到你身邊，梅森。

Sung Ji Nam, Scotiabank.

加拿大豐業銀行的 Sung Ji Nam。

Hi, thanks for taking the question.

你好，謝謝你回答這個問題。

Maybe kind of related to David's question earlier.

這可能與大衛之前的問題有點相關。

On the Project Stargate, the $500 billion AI infrastructure initiative that was announced, I know it might be early days, but Larry Ellison's commentary around kind of the aspirations of personalized cancer vaccines and tumor gene sequencing was kind of curious if you might be able to comment on kind of the opportunities for Illumina to take a more kind of proactive approach or role in this initiative to really help shape that aspect of the project.

關於星際之門計劃，也就是宣布的 5000 億美元人工智能基礎設施計劃，我知道這可能還為時過早，但拉里·埃里森 (Larry Ellison) 對個性化癌症疫苗和腫瘤基因測序願景的評論讓我很好奇，您是否可以評論一下 Illumina 在該計劃中採取更積極主動的方式或角色的機會，以真正幫助塑造項目的這個方面。

Yes, Sung Ji.

是的，成吉。

I think that's a great example of the opportunity ahead and really show the commitment that you have to drive health care going forward and use new technology for that.

我認為這是未來機會的一個很好的例子，並且真正表明了你推動醫療保健發展並為此使用新技術的決心。

As was also very evident in that program, Genomics will be a huge and play a huge role in the Stargate project.

正如該計劃所表明的那樣，基因組學將在星際之門計畫中發揮巨大作用。

And I truly believe that Illumina is the natural partner for that.

我堅信 Illumina 是最佳合作夥伴。

So we're excited about the opportunities ahead.

因此，我們對未來的機會感到興奮。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thank you for taking the questions.

嘿夥計們，感謝你們回答問題。

I wanted to drill in a little bit on the consumables side.

我想要對消耗品方面進行一些深入的探討。

Even after the pre-announcement, thought consumables would come in maybe $20 million higher than they did.

即使在預先宣布之後，人們認為消耗品的價格可能仍會比實際價格高出 2,000 萬美元。

Can you just talk about what you saw as the quarter progressed?

能談談本季的進展嗎？

And then I didn't hear an answer on the 1Q consumables guide.

然後我沒有聽到關於 1Q 消耗品指南的答案。

Just can you break that down, consumables and instruments?

您能將其分解一下嗎？

And then the last one, I hate to beat a dead horse on the China piece.

最後一個問題，我不想再在中國問題上重複老生常談。

Are you guys currently able to sell into China?

你們現在能把產品銷往中國嗎？

I just want to hear what the current situation is there.

我只是想聽聽那裡目前的情況。

I know you're working through the regulatory piece, but what the last week has looked like?

我知道您正在處理監管問題，但是過去一周的情況怎麼樣？

Are you able to sell or not there?

那裡可以賣嗎？

Thank you, guys.

謝謝你們。

Thanks for that, Patrick.

謝謝你，派崔克。

Let me start with the last question here.

讓我從最後一個問題開始。

Yes, we continue to serve our customers and their patients in China, and we will do our best to continue to do so.

是的，我們將繼續為中國的客戶和他們的患者提供服務，並且我們將盡最大努力繼續這樣做。

We believe the opportunity in China is vast and we will work through the current challenges with speed and hopefully get a resolution as fast as possible.

我們相信中國機會巨大，我們將迅速克服當前的挑戰，並希望盡快找到解決方案。

So but Anko, you want to talk to?

那麼，你想和 Anko 談談嗎？

Yes.

是的。

So on the consumables side, Patrick, as we had guided during the start of the quarter, the actual consumable results for Q4, I think we had guided saying that Q4 would be a step down from Q3 given the number of holidays and and the actuals played out roughly in that same trajectory coming down from Q4 into Q3.

因此，在消耗品方面，帕特里克，正如我們在本季度初所指導的那樣，對於第四季度的實際消耗品結果，我認為我們曾指導說，考慮到假期的數量，第四季度將比第三季度有所下降，而實際情況大致與從第四季度到第三季度的軌跡相同。

Our X was very much in line overall X consumables.

我們的 X 與整體 X 消耗品非常一致。

So no surprises there.

因此這並不奇怪。

The uptick both on the research and the clinical side, et cetera, directionally, was very much as expected.

從研究、臨床等方面來看，方向性的上升都與預期非常一致。

6K was slightly lower, but in terms of in aggregate, when I'm thinking about the results for the quarter, from my perspective, they were roughly in line.

6K 略低，但就總體而言，當我考慮本季的業績時，從我的角度來看，它們大致保持一致。

I didn't see anything worrisome from a trends perspective. either on the conversion from 6K to perspective or in terms of overall activity perspective either.

從趨勢角度來看，我沒有發現任何令人擔憂的事情。無論是從 6K 的轉換角度，或是從整體活動的角度。

So I feel good about the overall trajectory as well as getting to that 75% conversion by the second half of the year.

因此，我對整體發展軌跡感到很滿意，並希望在今年下半年達到 75% 的轉換率。

And just the 1Q guide specifically, Ankur, just the consumables instruments would be helpful.

具體來說，Ankur，僅 1Q 指南，僅消耗品儀器就會有所幫助。

Yes.

是的。

The 12% guide, I think I've said for I'm guiding similar uptick.

12% 的指導價，我想我已經說過，我指導的是類似的上漲。

So a sequential increase from Q4 into Q1 for our consumables.

因此，我們的消耗品銷售量從第四季到第一季呈現連續成長。

The Q1 consumer guidance is also both sequentially as well as up year-over-year.

第一季的消費者預期也比上一季有所成長。

And so when you think about the the growth rate for Q1 expect consumables to be positive year-over-year, but the instruments to likely be on the negative side.

因此，當您考慮第一季的成長率時，預期消耗品年增將為正，但儀器成長可能為負。

And that will conclude our Q&A session.

我們的問答環節到此結束。

I will hand it back to Sally Schwartz for closing remarks.

我將把它交還給莎莉·施瓦茨 (Sally Schwartz) 作結束語。

Thank you for joining us today.

感謝您今天加入我們。

As a reminder, a replay of this call will be available in the investor section of our website.

提醒一下，本次電話會議的重播將在我們網站的投資者部分提供。

This concludes our call, and we look forward to seeing you at upcoming conferences and other events.

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.

女士們、先生們，今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect at this time and have a great day.

現在您可以斷開連接並享受美好的一天。