Illumina Inc (ILMN) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the first-quarter 2025 Illumina earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，大家好，歡迎參加 2025 年第一季 Illumina 收益電話會議。（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 Brian Blanchett, the Interim Head of Investor Relations.

現在，我想將會議交給投資者關係臨時主管 Brian Blanchett。

Hello, everyone, and welcome to Illumina's first-quarter 2025 earnings call. Today, we will review our financial results released after market close and provide commentary before opening for Q&A. Our earnings release is available in the Investor Relations section of illumina.com.

大家好，歡迎參加 Illumina 2025 年第一季財報電話會議。今天，我們將回顧收盤後發布的財務業績，並在問答環節之前提供評論。我們的收益報告可在 illumina.com 的投資者關係部分查閱。

Speaking today are Jacob Thaysen, Chief Executive Officer; and Ankur Dhingra, Chief Financial Officer. Jacob will provide an update on Illumina's business, followed by Ankur's review of the company's financials.

今天發言的是執行長 Jacob Thaysen；以及財務長 Ankur Dhingra。Jacob 將介紹 Illumina 的業務最新情況，隨後 Ankur 將回顧該公司的財務狀況。

All financial information shared on this call relates to core Illumina. For historical consolidated financials, please refer to our earnings release and SEC filings. Please note that all revenue growth rates discussed during the prepared remarks are presented on a constant currency basis to exclude the impact of foreign exchange fluctuations. We encourage you to review the GAAP reconciliation of our non-GAAP measures, which can be found in today's release and in the supplementary data available on our website.

本次電話會議中分享的所有財務資訊均與核心 Illumina 有關。有關歷史合併財務狀況，請參閱我們的收益報告和美國證券交易委員會 (SEC) 文件。請注意，在準備好的評論中討論的所有收入成長率均以固定貨幣為基礎，以排除外匯波動的影響。我們鼓勵您查看我們非 GAAP 指標的 GAAP 對賬，您可以在今天的發佈內容和我們網站上提供的補充資料中找到。

This call is being recorded, and the audio will be archived in our Investors section of our website. It is our intent that all forward-looking statements regarding the financial results and commercial activity made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. 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 our most recent Forms 10-Q and 10-K.

本次通話將會被錄音，音訊將存檔在我們網站的「投資者」部分。我們的意圖是，今天電話會議上有關財務結果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。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，包括我們最新的 10-Q 表和 10-K 表。

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

說完這些，我現在把電話轉給雅各。

Thank you, Brian, and good afternoon, everyone. Before we begin, I want to take a moment to recognize our former Chair of the Board of Directors, Steve McMillan, for his leadership in strengthening Illumina's position in genomics innovation. His contributions have positioned us well for the significant opportunities ahead.

謝謝你，布萊恩，大家下午好。在我們開始之前，我想花點時間感謝我們前董事會主席史蒂夫麥克米蘭 (Steve McMillan) 在加強 Illumina 在基因組學創新領域的地位方面所發揮的領導作用。他的貢獻使我們為未來的重大機會做好了準備。

I look forward to working closely with our new Chair, Scott Gottlieb, as we advance our mission, execute our strategy, and progress the omics ecosystem. I'm also pleased to welcome Keith Meister to the Board. His deep investor experience in genomics and strong track record of driving shareholder value will be invaluable as we build our momentum and deliver on our strategic priorities.

我期待與我們的新主席 Scott Gottlieb 密切合作，推進我們的使命，執行我們的策略，並推進小組形態系統。我也很高興歡迎 Keith Meister 加入董事會。在我們增強發展勢頭、實現戰略重點的過程中，他在基因組學領域的深厚投資經驗以及推動股東價值的良好記錄將發揮無價的作用。

Despite the macroeconomic challenges we have faced over the past few months, we have a good start to the year. Thanks to the Illumina team's continued focus on execution and operational excellence, we delivered Q1 revenue and EPS at the upper end of our guidance range. Illumina is a resilient franchise with multiple drivers of near- and long-term growth, and there is a lot to be encouraged by this quarter.

儘管過去幾個月我們面臨宏觀經濟挑戰，但今年我們有一個好的開始。由於 Illumina 團隊持續專注於執行和卓越運營，我們實現了第一季的收入和每股收益，達到了預期範圍的上限。Illumina 是一家具有韌性的特許經營企業，擁有多個近期和長期成長動力，本季有許多值得鼓舞的地方。

Our NovaSeq X instruments continue to perform well, exceeding our expectations with another quarter of over 60 placements in Q1, following more than 90 placements in Q4. The X transition continues to progress well, particularly among clinical customers, reaffirming both the value we provide and the resilience of the clinical markets. We also saw sequential increase in X and overall high throughput consumables, a clear indicator that this key growth driver continues to gain traction and demonstrate elasticity.

我們的 NovaSeq X 儀器繼續表現良好，超出了我們的預期，在第四季度安置超過 90 次之後，第一季又安置了超過 60 次。X 轉型持續進展順利，尤其是在臨床客戶中，這再次證明了我們提供的價值和臨床市場的彈性。我們也看到 X 和整體高通量消耗品的連續成長，這清楚地表明這一關鍵成長動力繼續獲得牽引力並表現出彈性。

Our innovation pipeline remains unmatched. We are advancing the multiomics ecosystem. And every day, our technologies enable customers to generate insights that were previously not possible. With this foundation, we focused on achieving our long-term financial goals. We continue to execute on our strategy to deliver high single-digit revenue growth and 500 basis point margin expenses by 2027, excluding our Greater China region, which has been affected by the recent regulatory developments.

我們的創新管道仍然無與倫比。我們正在推進多組學生態系統。每天，我們的技術都能幫助客戶獲得以前不可能實現的洞察力。在此基礎上，我們專注於實現我們的長期財務目標。我們將繼續執行我們的策略，到 2027 年實現高個位數收入成長和 500 個基點的保證金支出，但大中華區除外，因為該地區受到了近期監管發展的影響。

At the same time, we are navigating a dynamic environment with discipline and urgency. Developments around China, U.S. funding uncertainty, and global trade dynamics have introduced new pressures for our customers. These are important concerns, and we are taking clear actions to address them. But these are transitory challenges that will not define Illumina's long-term success or our leadership in advancing the genomics revolution.

同時，我們正以紀律和緊迫感應對動態環境。中國週邊局勢的發展、美國融資的不確定性以及全球貿易動態給我們的客戶帶來了新的壓力。這些都是重要的問題，我們正在採取明確的行動來解決它們。但這些都是暫時的挑戰，不會決定 Illumina 的長期成功或我們在推動基因組學革命方面的領導地位。

In light of this, we are revising our guidance to reflect both the headwinds and the proactive steps we are taking to protect earnings. I will now walk through each of these factors, and Ankur will provide more details in his remarks shortly.

有鑑於此，我們正在修改我們的指導方針，以反映不利因素和我們為保護收益而採取的主動措施。我現在將逐一介紹這些因素，Ankur 將在他的評論中提供更多細節。

In China, our ability to export sequencing instruments has been restricted. We now expect lower revenue from the region in 2025 and driven by minimal instrument placements. To provide greater clarity on the fundamentals of our global business, we will issue distinct guidance for the Greater China region and the rest of the world until the situation is resolved. We continue to engage with the regulatory authorities in China and potential solutions to support a sustainable long-term presence in the market. And we will keep you updated on any material developments as the situation evolves.

在中國，我們出口定序儀器的能力受到了限制。我們現在預計 2025 年該地區的收入將會下降，原因是儀器配置數量減少。為了更清楚地了解我們全球業務的基本面，我們將針對大中華區和世界其他地區發布不同的指導，直到情況得到解決。我們將繼續與中國監管機構合作，尋找潛在的解決方案，以支持我們在市場上的長期永續存在。隨著情勢的發展，我們將隨時向您通報任何重大進展。

In the U.S., ongoing uncertainty in research funding is weighing on our customers and affecting purchasing timelines. We are working closely with our customers to help them navigate this environment, offering flexible solutions to sustain their research projects and drive continued genomic innovation.

在美國，研究資金的持續不確定性給我們的客戶帶來壓力並影響購買時間表。我們正在與客戶密切合作，幫助他們應對這種環境，提供靈活的解決方案來維持他們的研究項目並推動持續的基因組創新。

In March, we took decisive actions to address the impact of China and the research environment by executing a global incremental $100 million cost reduction program. As of this call, we have already implemented the necessary actions to realize the full savings in 2025, reinforcing our disciplined approach to operational execution.

今年3月，我們採取果斷行動，實施了一項全球增量1億美元的成本削減計劃，以應對中國和研究環境的影響。截至本次電話會議，我們已經採取了必要的行動，以在 2025 年實現全部節約，從而加強了我們嚴謹的營運執行方法。

Since our last update, the U.S. government enacted a baseline import tariff of 10% with significantly higher rates for certain countries. These tariffs are increasing costs by Illumina. To address this, our teams are actively working to minimize the impact through supply chain optimization, cost measures, and pricing actions. With these actions underway, we expect to partially offset the impact in 2025 and at current level, our aim is to more fully mitigate the impact in 2026.

自我們上次更新以來，美國政府頒布了 10% 的基準進口關稅，並且對某些國家的稅率明顯提高。這些關稅增加了 Illumina 的成本。為了解決這個問題，我們的團隊正在積極努力透過供應鏈優化、成本措施和定價行動來最大限度地減少影響。透過這些行動，我們預計將在 2025 年部分抵銷影響，而在目前的水平下，我們的目標是在 2026 年更全面地減輕影響。

The Illumina team is navigating these external pressures carefully and strategically, ensuring that our core business and our commitment to our customers and to advancing innovation remains strong and unaffected. We have made significant progress in delivering competitively differentiated innovations that keep our customers at the forefront of discovery. Our multiomics road map, a growing portfolio of omics and sequencing applications. is key to advancing the ecosystem and in helping us achieve our long-term targets.

Illumina 團隊正在謹慎且有策略地應對這些外部壓力，確保我們的核心業務以及我們對客戶和推動創新的承諾保持強勁且不受影響。我們在提供具有競爭力的差異化創新方面取得了重大進展，使我們的客戶始終處於探索的前沿。我們的多組學路線圖，不斷成長的組學和定序應用組合。是推進生態系統和幫助我們實現長期目標的關鍵。

I will share a few examples. In February, we announced our new special offering, featuring a significantly larger capture area, higher resolution and greater sensitivity than existing technologies. This powerful solution will enable researchers to analyze millions of cells per experiments, increasing the likelihood of identifying rare cell populations. These advancements open new possibilities for research applications that were previously unattainable.

我將分享幾個例子。今年二月，我們發布了新的特別產品，其捕獲面積比現有技術大得多，分辨率更高，靈敏度更高。這個強大的解決方案將使研究人員能夠在每次實驗中分析數百萬個細胞，從而增加識別稀有細胞群的可能性。這些進步為以前無法實現的研究應用開闢了新的可能性。

This offering will integrate seamlessly into Illumina's end-to-end workflows and connect with Illumina-connected multiomics, our new territory analysis solution powered by Partek’s intuitive data visualization technology. We have begun early access and early customer feedback has been very positive, emphasizing our spatial solution's accessibility without the need for special equipment purchases and how it streamlines a previously complex analysis and interpretation process. We plan to release our new spatial offering in 2026.

該產品將無縫整合到 Illumina 的端到端工作流程中，並與 Illumina 連接的多組學相連接，這是我們由 Partek 直觀數據視覺化技術支援的全新區域分析解決方案。我們已經開始早期訪問，早期客戶的回饋非常積極，強調了我們的空間解決方案的可訪問性，而無需購買特殊設備，以及它如何簡化以前複雜的分析和解釋過程。我們計劃在 2026 年發布新的空間產品。

We also tied to our multiomics strategy. We recently announced a new single cell offering for CRISPR research with applications in oncology, immunology and drug target discovery. Our new Perturb-seq solution will allow researchers to study how genetic changes affect single cells at scale, accelerating drug discovery and advancing our understanding of complex diseases. This is the next evolution of Fluent’s PIPseq technology, which we acquired last year.

我們也與我們的多組學策略緊密相關。我們最近宣布推出一款用於 CRISPR 研究的新型單細胞產品，可應用於腫瘤學、免疫學和藥物標靶發現。我們新的 Perturb-seq 解決方案將允許研究人員研究基因變化如何大規模影響單一細胞，加速藥物發現並增進我們對複雜疾病的理解。這是我們去年收購的 Fluent PIPseq 技術的下一代發展成果。

By capturing both CRISPR guide RNA and messenger RNA transcript from the same cell, our solution will enable researchers to perform genome-wide CRISPR screens at market-leading costs, providing deeper insights with greater efficiency. The solution is expected to launch later this year. Additionally, our innovation pipeline remains on track. Our proteomics solution developed in collaboration with standard bio tools is an early access, and we are looking forward to our commercial launch in the first half of 2025. Our constellation mapped reads and 5-based genome technologies are already in early access with full commercial launches on track for 2026.

透過從同一細胞中捕獲 CRISPR 嚮導 RNA 和信使 RNA 轉錄本，我們的解決方案將使研究人員能夠以市場領先的成本進行全基因組 CRISPR 篩選，以更高的效率提供更深入的見解。該解決方案預計將於今年稍後推出。此外，我們的創新管道仍在正常運作。我們與標準生物工具合作開發的蛋白質體學解決方案尚處於早期階段，我們期待在 2025 年上半年實現商業化。我們的星座映射讀取和基於 5 的基因組技術已處於早期階段，並將於 2026 年全面投入商業化。

We are excited about these innovations with advancing multiomics while empowering our customers with deeper insights than ever before. The core of Illumina is strong, and our growth projections ex-China are on track as we deliver on our strategy.

我們對這些創新感到興奮，它們推動著多組學的發展，同時為我們的客戶提供比以往更深入的見解。Illumina 的核心業務非常強勁，隨著我們實施策略，我們對中國以外地區的成長預測也正在步入正軌。

I'll now ask Ankur to share more details on our results and outlook for 2025, and we will go from there directly into Q&A.

現在，我將請 Ankur 分享有關我們的業績和 2025 年展望的更多細節，然後我們將直接進入問答環節。

Thank you, Jacob, and good afternoon, everyone. I will give you an overview of first quarter financial results and provide more color about our 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。我將向您概述第一季的財務業績，並在資產負債表上提供有關我們的收入、支出、收益和發展的更多細節，然後談談我們對未來的展望。

Before I get into the details of the financial performance, let me provide a high-level view of how the first quarter played out relative to our expectations. In Q1, despite the dynamic environment, team Illumina delivered a quarter of excellent execution, enabling us to deliver financial results towards the high end of our guidance. Revenue was flat year-over-year at top end of our guidance, and EPS at $0.97 was also towards the top end of the range.

在詳細介紹財務表現之前，讓我先從整體上介紹一下第一季的業績與我們的預期之間的關係。在第一季度，儘管環境充滿活力，但 Illumina 團隊仍表現出色，使我們能夠實現達到預期高端的財務表現。營收與去年同期持平，處於我們預期的最高水平，每股收益為 0.97 美元，也接近預期的最高水平。

Now let me provide you with details of the financial performance. First-quarter revenue of $1.04 billion was down 1.4% year over year on an as-reported basis. This included 1.2 points of headwind from foreign exchange and constant currency revenue was roughly flat. Excluding China, revenue was slightly up year-over-year on a constant currency basis.

現在讓我向大家提供財務表現的詳細資訊。據報道，第一季營收為 10.4 億美元，年減 1.4%。其中包括外匯帶來的 1.2 個百分點的逆風，而固定貨幣收入基本上持平。除中國外，以固定匯率計算，營收年增。

Sequencing consumables revenue of $696 million grew approximately 1% year over year, driven by strength in high-throughput consumables and the continued transition of high throughput sequencing to X. During the second half of the quarter and correlated with uncertainty around NIH and other research funding levels, we started to see our customers, especially in research and academia, be slightly more conservative in consumables purchases. We estimate this phenomena impacted consumables growth by approximately 1 point year over year.

定序耗材營收為 6.96 億美元，年成長約 1%，這得益於高通量耗材的強勁表現以及高通量定序向 X 的持續轉型。在本季下半月，由於 NIH 和其他研究資金水平的不確定性，我們開始看到我們的客戶，尤其是在研究和學術界，在耗材採購方面略微保守。我們估計這現象對消耗品成長的影響較去年同期下降了約 1 個百分點。

Despite this, the sequencing activity on the connected instruments remain strong. We typically see a seasonal increase in ordering activity in Q1, including long-range purchase commitments leading to building of backlog. We report that as performance obligations in our 10-Q. And this ordering activity was stronger than the last couple of years an encouraging sign for the rest of the year.

儘管如此，連接儀器上的定序活動仍然強勁。我們通常會看到第一季訂購活動的季節性成長，包括導致積壓訂單的長期購買承諾。我們在 10-Q 中將其報告為履行義務。這項訂購活動比過去幾年更加強勁，這對今年剩餘時間來說是一個令人鼓舞的訊號。

Now about the X transition, which continues to progress well. In Q1, roughly 68% of high-throughput gigabits is shipped and approximately 43% of high-throughput consumables revenue was on the NovaSeq X Series. Greater than 80% of high-throughput gigabits is shipped to our customers in research markets is already our NovaSeq X series. And now over 50% of clinical volumes are also on X.

現在談談 X 轉型，目前進展順利。第一季度，約 68% 的高通量千兆位元出貨量和約 43% 的高通量耗材收入來自 NovaSeq X 系列。我們的 NovaSeq X 系列已為研究市場中的客戶提供了超過 80% 的高通量千兆位元。現在超過 50% 的臨床量也在 X 上。

We continue to make progress in the framework we previously disclosed that in the second half of approximately 50% of high throughput revenue and approximately 75% of Gb shipped will be on the NovaSeq X Series. With continued strong underlying sequencing volume growth and strong adoption of X. Over time, the price effect of lower mix of 6K consumables fades away and a much larger part of high Gb growth translates to revenue growth.

我們繼續在先前揭露的框架內取得進展，即下半年約 50% 的高通量收入和約 75% 的 Gb 出貨量將來自 NovaSeq X 系列。隨著底層定序量持續強勁成長和 X 的強勁採用，隨著時間的推移，6K 耗材組合較低對價格的影響逐漸消失，高 Gb 成長的很大一部分轉化為營收成長。

About 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. Sequencing instruments revenue of $109 million was approximately flat year over year in Q1. And with a higher-than-expected number of X series instruments shipped in high throughput and the successful launch of the MiSeq i100 in our low throughput portfolio.

關於定序活動，我們連接的高通量和中通量儀器上的總定序 Gb 輸出量年增率超過 30%。臨床和研究客戶均實現了強勁成長。第一季定序儀器營收為 1.09 億美元，與去年同期基本持平。高通量 X 系列儀器的出貨數量超出預期，低通量產品組合中 MiSeq i100 也成功上市。

The clinical transition to NovaSeq X continues as approximately 60% of excess placed in Q1 were to clinical customers. As you know, early in March, our ability to export instruments into China was restricted. We had in-country inventory to ship our instrument orders in Q1.

向 NovaSeq X 的臨床過渡仍在繼續，因為第一季大約 60% 的超額訂單都提供給了臨床客戶。如您所知，3月初，我們向中國出口儀器的能力受到了限制。我們擁有國內庫存，可以在第一季發送我們的儀器訂單。

Sequencing service and other revenue of $142 million was down approximately 5% year over year. in line with expectations, mainly due to the timing of certain strategic partnership revenues last year related to the AGD consortium. Excluding those our core services and informatics business grew in the mid-single digits.

定序服務和其他收入為 1.42 億美元，年減約 5%。符合預期，主要由於去年與 AGD 財團相關的某些策略夥伴收入的時機。除此之外，我們的核心服務和資訊學業務實現了中等個位數的成長。

Moving to the rest of alumina P&L. Non-GAAP gross margin of 67.4% for the first quarter increased 30 basis points year over year. Margins were slightly lower than anticipated as we saw a higher mix of instruments business. In addition, we're in the process of rolling out software upgrades for our high-throughput instruments, which is improving their performance. As part of this upgrade, we are also pulling forward some of the routine instrument service which has had a higher cost impact than we had assumed. We asked majority of the upgrades should be completed by Q2. Our manufacturing cost actions continue to make good progress.

轉向氧化鋁損益表的其餘部分。第一季非公認會計準則毛利率為 67.4%，較去年同期成長 30 個基點。由於我們看到儀器業務組合較高，利潤率略低於預期。此外，我們正在對高通量儀器進行軟體升級，以提高其性能。作為此次升級的一部分，我們也將提前進行一些常規儀器服務，因為這對成本的影響比我們預想的要高。我們要求大部分升級工作應在第二季完成。我們的製造成本行動持續取得良好進展。

Non-GAAP operating expenses were $489 million. This reflects our ongoing focus on cost optimization and prioritizing key growth investments. During the quarter, we initiated additional actions to reduce our full-year expenses by $100 million and realized a partial benefit in Q1. Given these cost reduction initiatives, we do not expect the typical seasonal rise in OpEx that occurs post Q1 to repeat in 2025 and expect OpEx to be flat to slightly down for the remainder of the year. $100 million in cost actions to be realized in 2025 are inclusive of certain stock-based compensation changes and represent over $225 million in total run rate reductions when fully annualized over the next four years.

非公認會計準則營運費用為 4.89 億美元。這反映了我們持續關注成本優化和優先考慮關鍵成長投資。本季度，我們採取了額外措施，將全年支出減少了 1 億美元，並在第一季實現了部分收益。鑑於這些成本削減舉措，我們預計第一季後營運支出的典型季節性上漲不會在 2025 年重演，並預計今年剩餘時間內營運支出將持平或略有下降。 2025 年將實現 1 億美元的成本行動，其中包括某些基於股票的薪酬變化，如果按未來四年完全年度化，則意味著總運行率將降低 2.25 億美元以上。

Non-GAAP operating margin was 20.4% in Q1. Looking at our results below the line, non-GAAP other expense, which is largely comprised of net interest expense was $15 million and non-GAAP tax rate was 22%, and our average diluted shares but approximately $159 million, $1 million lower than last quarter, driven by share repurchases, net of dilution from employee equity awards. Altogether, non-GAAP EPS of $0.97 per diluted share came in at the high end of our guidance range.

第一季非公認會計準則營業利益率為 20.4%。查看我們的以下結果，非 GAAP 其他費用（主要包括淨利息支出 1500 萬美元和非 GAAP 稅率為 22%）以及我們的平均稀釋股份約 1.59 億美元，比上一季低 100 萬美元，這得益於股票回購，扣除員工股權獎勵的稀釋。總體而言，非公認會計準則每股收益為 0.97 美元，處於我們指導範圍的高端。

Moving to cash flow and balance sheet items for the quarter. Cash flow provided by operations was a robust $240 million. As a reminder, our annual cash bonus is paid out in Q1. Capital expenditures were $32 million, and free cash flow was $208 million. In Q1, we repurchased approximately 1.73 million shares of Illumina stock for $200 million at an average price of $115.74 per share. These repurchases were completed in February. We ended the quarter with approximately $1.24 billion in cash, cash equivalents and short-term investments and gross leverage of approximately 1.8x gross debt to last 12 months EBITDA.

轉向本季的現金流和資產負債表項目。經營活動產生的現金流高達 2.4 億美元。提醒一下，我們的年度現金獎金將在第一季支付。資本支出為 3,200 萬美元，自由現金流為 2.08 億美元。第一季度，我們以每股 115.74 美元的平均價格回購了約 173 萬股 Illumina 股票，耗資 2 億美元。這些回購已於二月完成。截至本季末，我們擁有約 12.4 億美元的現金、現金等價物和短期投資，以及約 1.8 倍於過去 12 個月 EBITDA 的總債務的總槓桿。

Now moving to guidance for the year 2025. As you may have seen in the press release, we are updating our guidance to reflect the impact of recent changes in the geopolitical environment. We remain confident in the continued strong position of our business and underlying growth in sequencing demand. However, the overall environment remains dynamic, and we are providing estimates of known changes as of today and reflecting these impacts in our guidance.

現在轉向 2025 年的指導。正如您可能在新聞稿中看到的那樣，我們正在更新我們的指導，以反映地緣政治環境近期變化的影響。我們對我們的業務持續強勁地位和定序需求的潛在成長充滿信心。然而，整體環境仍然是動態的，我們正在提供截至今天已知變化的估計，並在我們的指導中反映這些影響。

As it relates to our business in China, we will now be providing guidance separately for Greater China region. This will allow for visibility into the evolution of our business in China as well as that the over 95% of our business in 2025 outside Greater China is making significant progress towards our long-term financial targets. Starting with revenue. We are reducing our revenue guidance for Greater China by $125 million at the midpoint in connection with export restrictions on instruments and the projected impact on the remainder of our China business.

由於這與我們在中國的業務有關，我們現在將為大中華區單獨提供指導。這將使我們更清楚地了解我們在中國的業務發展情況，並確保到 2025 年，我們大中華區以外 95% 以上的業務正在朝著我們的長期財務目標取得重大進展。從收入開始。由於儀器出口限制以及預計對我們中國剩餘業務的影響，我們將大中華區的收入預期中位數下調了 1.25 億美元。

For rest of the world, we are lowering our revenue guidance to reflect the effect of two items: first, reducing revenue by 2% to 4% quarterly weighted more towards our research customers due to a constrained funding environment, partially offset by; second, approximately 1% of additional quarterly growth driven by clinical customers as we've seen strong instrument placements over the last couple of quarters. The net impact of these two items is approximately $60 million over the next three quarters.

對於世界其他地區，我們下調了收入預期，以反映兩項因素的影響：首先，由於資金環境受限，我們每季度的收入將減少 2% 至 4%，其中更多來自研究客戶的收入將減少，但部分抵消了以下因素的影響：第二，由於我們在過去幾個季度看到儀器配置強勁，臨床客戶推動了約 1% 的額外季度增長。這兩項的淨影響在未來三個季度約為 6,000 萬美元。

In addition, we're taking pricing actions that provide incremental revenue benefit primarily in the back half of the year. FX favorability relative to our previous guidance, adds about $25 million to our projected reported revenue. All put together for rest of the world, this represents revenue growth of 1% at the midpoint.

此外，我們正在採取定價措施，主要在下半年提供增量收入效益。與我們先前的指導相比，外匯有利因素將使我們預計的報告收入增加約 2500 萬美元。就世界其他地區而言，這意味著收入中位數成長率為 1%。

More about China. We are in active dialogue with the regulatory authorities for our long-term resolution. We're taking a pragmatic view in our guidance and have taken expense actions to offset the impact on our earnings, both for this year and on a cumulative basis going forward. The guide assumes $165 million to $185 million in full-year revenue in the Greater China region, of which $72 million was recognized in Q1 and $60 million is projected for Q2 of $25 million, and only $43 million of contribution at midpoint in the second half of the year. To the extent there is a positive resolution in China will represent additional upside to this guidance.

更多關於中國的資訊。我們正在與監管機構積極對話，尋求長期解決方案。我們在指導中採取務實的觀點，並採取了費用行動來抵消對我們今年和未來累積收益的影響。該指南預計大中華區全年營收為1.65億至1.85億美元，其中第一季確認營收7,200萬美元，第二季預估營收6,000萬美元，第二季營收2,500萬美元，下半年中期貢獻營收僅4,300萬美元。如果中國能夠達成積極的解決方案，那麼這項指導將具有額外的上行空間。

Now shifting into our product assumptions. Excluding the Greater China region, we expect sequencing consumables growth between flat and 2% and driven by strong sequencing activity, especially with our clinical customers. For sequencing instruments, we are assuming that our customers will continue to manage their capital investments closely. We expect demand for NovaSeq X instruments to remain relatively constant and low throughput growth driven by placements of the MiSeq i100, which is being received very well. We expect sequencing instruments, excluding Greater China to be roughly flat year over year.

現在轉向我們的產品假設。除大中華區外，我們預計定序耗材成長率將在持平至 2% 之間，這主要得益於強勁的定序活動，尤其是我們的臨床客戶。對於定序儀器，我們假設我們的客戶將繼續密切管理他們的資本投資。我們預計，對 NovaSeq X 儀器的需求將保持相對穩定，並且由於 MiSeq i100 的銷售情況良好，吞吐量將有所增長。我們預計，除大中華區外，定序儀器的銷售量將與去年同期基本持平。

Now moving to EPS. As you may recall, our revised EPS guidance in March, which maintained EPS of approximately $4.50, took into consideration the reduction in Greater China region revenue and the impact from our more constrained funding environment as well as new actions we initiated to help protect our earnings growth. Our new EPS guidance additionally takes into consideration the developments thereafter and the primary factor loading our guidance is the new tariff environment.

現在轉向 EPS。您可能還記得，我們​​在 3 月份修訂了每股收益指引，維持每股收益約為 4.50 美元，這考慮到了大中華區收入的減少、我們更受限制的融資環境的影響，以及我們為幫助保護盈利增長而採取的新措施。我們的新每股盈餘指引也考慮了此後的發展，而影響我們指引的主要因素是新的關稅環境。

For Illumina, the estimated gross cost of tariffs for 2025 is approximately $85 million. The largest part of this relates to good shift from our manufacturing facility in Singapore to the U.S. The remainder relates to parts and subassemblies imported to our manufacturing operations in the U.S. as well as Illumina products sold into China. For Q2, given the inventory effects, we will see a partial period impact and a $30 million to $35 million impact in the following quarters.

對 Illumina 而言，2025 年關稅總成本預計約為 8,500 萬美元。其中最大部分與我們在新加坡的製造工廠向美國的順利轉移有關。其餘部分與進口到我們在美國製造業務的零件和子組件以及銷往中國的 Illumina 產品有關。對於第二季度，考慮到庫存效應，我們將看到部分期間影響以及接下來幾季 3000 萬至 3500 萬美元的影響。

Our current guidance does not assume any incremental tariffs including any counter tariffs from the EU or other countries. We're taking several actions across supply chain optimization, pricing and enacting other expense measures to fully mitigate the impact of these tariffs. These actions take time, and we will realize an incremental benefit from these actions in 2026. For 2025, we are expecting to mitigate roughly half of this type of impact and hence, reducing the EPS at midpoint by $0.25 from the revised guidance provided in early March.

我們目前的指導方針不假設任何增量關稅，包括來自歐盟或其他國家的任何反關稅。我們正在採取供應鏈優化、定價和其他費用措施等多項措施，以全面減輕這些關稅的影響。這些行動需要時間，我們將在 2026 年從這些行動中獲得增量利益。到 2025 年，我們預計此類影響將減輕約一半，因此，中期每股收益將比 3 月初提供的修訂指南降低 0.25 美元。

In addition to our ongoing focus on reducing costs, we also plan to continue to repurchase shares under our previously approved share repurchase authorization, which has $1.2 billion remaining at the end of the quarter. These repurchases should provide a small in-year accretive benefit to EPS.

除了持續關注降低成本之外，我們還計劃根據先前批准的股票回購授權繼續回購股票，截至本季末，該授權還剩餘 12 億美元。這些回購應該會為每股收益帶來小幅的年內增值效益。

Embedded in our FY '25 EPS guidance is a contribution from Greater China of approximately $0.35. For comparison, in FY '24, we estimate Greater China EPS to be approximately $0.76. Our Rest-of-the-World EPS this year at midpoint of guidance would be $3.90, growing at a rate of 15% over similar compared to last year. As I mentioned before, the expense actions we triggered in March will give us incremental benefit going forward and drive earnings growth irrespective of the outcome in China.

我們 25 財年每股收益指引中包含了來自大中華區的約 0.35 美元的貢獻。相比之下，我們估計 24 財年大中華區每股收益約為 0.76 美元。我們今年世界其他地區的每股盈餘預計為 3.90 美元，與去年同期相比成長 15%。正如我之前提到的，無論中國市場的結果如何，我們在三月啟動的費用行動都將為我們帶來未來的增量收益並推動獲利成長。

Bringing it all together, our updated guidance for the year reflects revenue in the range of $4.18 billion to $4.26 billion, a decline in the range of 3% to 1%. And excluding Greater China, a range of flat to 2% growth. We expect a non-GAAP operating margin of approximately 21.5% to 22%, an expansion of 45 basis points at the midpoint versus 2024. The net impact of tariff-related items is a reduction of 125 basis points in operating margin. We are also lowering our non-GAAP tax rate, which is now expected to be approximately 22%. This results in an EPS guidance range of $4.20 to $4.30.

綜合所有因素，我們更新後的年度指引顯示，營收將在 41.8 億美元至 42.6 億美元之間，下降幅度在 3% 至 1% 之間。不包括大中華區，成長率範圍為持平至 2%。我們預計非公認會計準則營業利潤率約為 21.5% 至 22%，與 2024 年相比，中點擴大 45 個基點。關稅相關項目的淨影響是營業利益率減少125個基點。我們也將降低非公認會計準則稅率，目前預計約 22%。這導致每股收益預測範圍為 4.20 美元至 4.30 美元。

Now moving to the second quarter of 2025. For the second quarter, we expect total revenue range between $1.04 billion to $1.06 billion. This includes revenue in Greater China region between $55 million and $65 million and revenue outside the Greater China region in the range of $980 million to $1 billion or down between 2% and 3% year over year, driven predominantly by a decline in certain strategic partnership revenues and the research market dynamics I've spoken to. We are only applying the pricing actions to new orders. Therefore, there will be minimal benefit in Q2.

現在進入 2025 年第二季。對於第二季度，我們預計總營收在 10.4 億美元至 10.6 億美元之間。其中大中華區收入在 5,500 萬美元至 6,500 萬美元之間，大中華區以外收入在 9.8 億美元至 10 億美元之間，同比下降 2% 至 3%，主要原因是某些戰略合作夥伴收入下降以及我所談到的研究市場動態。我們僅對新訂單套用定價措施。因此，第二季的收益將微乎其微。

We expect non-GAAP operating margin of approximately 21% and non-GAAP earnings per share in the range of $1 to $1.04, both of which include the estimated $15 million in direct cost impact due to tariffs. Our guide like before, implies a stronger half two contribution versus half one, which is premised on both continued improvement in consumables growth with transition of X and also the effect of just triggered expenses and pricing actions whose contributions increased in half two.

我們預計非公認會計準則營業利潤率約為 21%，非公認會計準則每股收益在 1 美元至 1.04 美元之間，這兩項均包括關稅造成的約 1500 萬美元的直接成本影響。與以前一樣，我們的指南暗示第二部分的貢獻將比第一部分的貢獻更強，這是基於隨著 X 的轉變，消耗品增長將持續改善，以及剛剛觸發的費用和定價行動的影響，這些行動的貢獻在第二部分有所增加。

In closing, I would like to acknowledge the perseverance and commitment of all the Illumina employees amidst an increasingly dynamic environment. I remain confident in the path forward and Illumina team's ability to execute towards our near-term and long-term financial targets.

最後，我要感謝所有 Illumina 員工在日益動態的環境中所展現的毅力和奉獻精神。我對未來的道路以及 Illumina 團隊實現我們近期和長期財務目標的能力充滿信心。

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

感謝您今天參加我們的電話會議。現在我請接線生開立問答專線。

(Operator Instructions)

（操作員指示）

Doug Schenkel, Wolfe.

道格·申克爾，沃爾夫。

Hey, guys. Good afternoon and thank you for all the detail. At a simple level, I think an investment in Illumina here requires a belief that revenue growth will start to rebound sooner than later, meaning hopefully, next year, and that margins will expand to something above 25%. You're doing what you can do to control cost. That's been commendable. I think where most of the questions reside right now are on the top line growth outlook. So you did a lot to help us with that already.

嘿，大家好。下午好，感謝您提供的所有詳細資訊。從簡單的層面來說，我認為對 Illumina 進行投資需要相信收入成長將很快開始反彈，希望是在明年，並且利潤率將擴大到 25% 以上。您正在盡您所能來控製成本。這是值得稱讚的。我認為目前大多數問題都與營收成長前景有關。所以您已經為我們做了很多幫助。

But if -- I'm hoping you might be able to help us in a few different ways. So on the quarter, outside of China, what was your total clinical revenue growth? And what was your total research growth? And then kind of building off of that, as we think about guidance for the year, what are you assuming by end market? It seems like you might be assuming a double-digit decline in the research end market and still kind of mid-single-digit plus growth on the clinical side.

但是如果——我希望您能夠透過幾種不同的方式幫助我們。那麼本季度，在中國以外，您的總臨床收入成長是多少？您的整體研究進展如何？然後在此基礎上，當我們考慮今年的指導時，您對終端市場有何假設？看起來你可能假設研究終端市場會出現兩位數的下降，而臨床方面仍會保持中等個位數以上的成長。

And then the last thing is, in China, it's going to be down to 4% of sales based on your guide, which is down significantly from 10% two years ago. That said, if 4% goes down from there next year, it still could be a headwind in a period where we're hoping that things start to improve. Are there other things you're contemplating to manage that risk as we think about not just 2025, but beyond? Thank you.

最後一點是，根據您的指導，在中國，這一比例將下降至 4%，與兩年前的 10% 相比大幅下降。話雖如此，如果明年這一數字下降 4%，那麼在我們希望情況開始好轉的時期，這仍然可能是一個阻力。當我們考慮的不僅僅是 2025 年，而是更遠的未來時，您是否正在考慮其他方法來管理這種風險？謝謝。

Thanks, Doug. And there were certainly a few questions here. So let me start here and then I'm sure Ankur needs to help me also on remembering all the questions. But First and foremost, we see a very resilient business. I think Illumina has shown over the last period of time that even in very strong headwinds, we're still able to actually have a lot of activities out there. There's a lot of sequencing activity which is a part of the underlying logic of going back to high single-digit growth that we believe we will step into over the next few years.

謝謝，道格。這裡確實存在一些問題。因此，讓我從這裡開始，然後我確信 Ankur 也需要幫助我記住所有問題。但首先，我們看到了一項非常有彈性的業務。我認為 Illumina 在過去的一段時間裡已經證明，即使面臨非常強勁的逆風，我們仍然能夠進行許多活動。有許多排序活動，這是回到高個位數成長的根本邏輯的一部分，我們相信我們將在未來幾年內步入這一階段。

There's nothing -- from that perspective outside of China, we're not seeing a significant change from a strategic perspective on what we told you already this summer, which is all about transitioning to the X, and with that, when we trusting over, we will see that the volume that we are seeing in the market will translate more deeply into revenue growth. And we are stepping into this in '25 year where we have -- where we are on our track to deliver at least 50% of the revenue on the X, on high throughput on the X by the second half of this year, and then we will see the revenue come after that. So we feel still good about that.

從中國以外的角度來看，從戰略角度來看，我們沒有看到與今年夏天我們已經告訴過你們的重大變化，這一切都是為了向 X 過渡，並且隨著我們的信任，我們將看到我們在市場上看到的交易量將更深入地轉化為收入增長。我們將在 25 年內邁入這一階段，到今年下半年，我們預計將在 X 的高吞吐量上實現至少 50% 的收入，然後我們將看到收入的成長。所以我們對此仍然感到高興。

We do believe that we are still intact from the strategic framework and right now, we're saying ex-China because we will see how China goes. You're absolutely right that this year in '25, we will be approximately 5% if we don't see a change in the in the current situation in China. And obviously, we're also expecting that there will be a further decline into '26 if we don't see any change. But it is important to state also that the cost actions we took here in a few weeks ago, has an impact of $100 million this year but as Ankur also mentioned, will have a total fully analyzed value over the next few years of more than $200 million.

我們確實相信，我們的戰略框架仍然完好無損，現在，我們說的是除中國之外，因為我們將觀察中國的發展。您說得完全正確，如果中國目前的情況沒有改變，那麼今年（25 年）的成長率將只有 5% 左右。顯然，如果我們沒有看到任何變化，我們也預計到 26 年還會進一步下降。但同樣需要指出的是，我們幾週前採取的成本行動今年的影響為 1 億美元，但正如 Ankur 所提到的，未來幾年的總分析價值將超過 2 億美元。

And thereby, we are -- have made the actions to fully compensate for whatever will happen in China over the next period of time. So I think that's important. And thereby, we also see that the $4.25 EPS is the new base for us to grow based on our strategic framework from double-digit to teens growth. So I think I just want to start by re-committing to our strategy. But obviously, right now, we are looking at the ex-China business, which is 95% of our business.

因此，我們已經採取行動，以充分彌補未來一段時間內中國可能出現的任何問題。所以我認為這很重要。因此，我們也看到，4.25 美元的每股盈餘是我們根據策略框架從兩位數成長到十幾位成長的新基礎。所以我想我只是想從重新致力於我們的策略開始。但顯然，目前我們正在關注中國以外的業務，這占我們業務的 95%。

So Ankur, maybe you can provide a little more insight on what we have anticipated from our growth rate perspective.

所以 Ankur，也許您可以從成長率的角度對我們的預期提供更多見解。

Yes, Doug, I'll address the research versus clinical question both for the near term, what's contemplated in the guide, et cetera. So as you look at Q1, in context, everyone knows the changes in the geopolitical environment there. When you look at our clinical versus our research business, in Q1, our clinical business has continued to demonstrate the strength, where we've talked about very strong X placements carrying over from Q4 going into Q1 as well. When I look at our consumables business in clinical, it grew mid-single digits.

是的，道格，我將解決近期的研究與臨床問題，以及指南中考慮的內容等等。因此，當你看第一季時，從上下文來看，每個人都知道那裡的地緣政治環境發生了變化。當您比較我們的臨床業務和研究業務時，我們會發現，在第一季度，我們的臨床業務繼續展現出強勁的勢頭，我們談到了從第四季度延續到第一季度的非常強勁的 X 佈局。當我看到我們的臨床耗材業務時，它成長了中等個位數。

And as you know from our guide detail, we have increased our expectations from the clinical business for the remainder of the year as well. where we continue to see very good demand. We continue to see very good adoption of the tests that are on market as well as newer tests that we are anticipating would be coming into the market for the latter part of the year.

正如您從我們的指南細節中了解到的那樣，我們也提高了對今年剩餘時間臨床業務的期望。我們繼續看到非常好的需求。我們繼續看到市場上現有測試的採用率很高，我們預計新測試將在今年下半年進入市場。

The research side, which has seen more challenging times in the last few months, our research business was down on packing consumables in the mid- to high single-digit range. And as we think about the remainder of the year, given that the changes in the research environment started happening somewhere in the middle part of the quarter, as we look at it going forward and as we look at the conversations that we've had with our research customers, especially in the academia and the government side has more challenges given from two factors: one, that their funding environment is constrained, and second, because of the tariffs, there will be some inflationary impact coming from many directions.

研究方面，在過去的幾個月裡經歷了更多的挑戰，我們的研究業務在包裝耗材方面的銷售額下降了中高個位數。當我們考慮今年剩餘時間時，考慮到研究環境的變化在本季度中期開始發生，當我們展望未來並回顧我們與研究客戶進行的對話時，特別是學術界和政府方面面臨著更多挑戰，這源於兩個因素：第一，他們的資金環境受到限制；第二，由於關稅，許多方面都會產生一些通膨影響。

So that deal impact will continue through the year. So we've lowered our expectations from the research market for the rest of the year. Our guide now assumes a mid-double digit, like close to 15%-ish decline, especially in that ANG space for the rest of the year. So more than what we've seen in Q1, both for full quarter impact as well as some of the additional impacts that, that business would see. So stronger clinical, but yes, research, expecting it to be weaker.

因此該交易的影響將持續全年。因此，我們降低了今年剩餘時間研究市場的預期。我們的指南現在假設一個中等兩位數的下降，例如接近 15% 左右的下降，尤其是在今年剩餘時間內的 ANG 領域。因此，這比我們在第一季看到的要多，無論是對整個季度的影響，還是對企業可能看到的一些額外影響。因此臨床表現更強，但研究結果預計會更弱。

Dave Westenberg, Piper Sandler.

戴夫·韋斯滕伯格、派珀·桑德勒。

Hi, thank you very much for taking my questions. So I want to just hit on some of the consumables in mid-throughput and low-throughput I'm assuming it could be one of maybe three things, either switching to directly or indirectly through a service provider, some sort of competitive headwind or maybe just kind of a lack of funding? Maybe there's some other variables, but I would assume those would be the three.

你好，非常感謝您回答我的問題。因此，我想談談中吞吐量和低吞吐量的一些消耗品，我假設它可能是以下三件事之一：要么直接轉換，要么透過服務提供者間接轉換，某種競爭逆風，或者可能只是缺乏資金？也許還有其他一些變量，但我認為就是這三個。

Would you be able to kind of quantify on a kind of percentage basis, which is happening here is -- and I'm just thinking about this in terms of elasticity absorption when I'm talking about that first variable versus the second variable, which is obviously kind of worse news.

您是否能夠以百分比為基礎進行量化，這裡發生的事情是 - 當我談論第一個變數與第二個變數時，我只是從彈性吸收的角度來考慮這個問題，這顯然是更糟糕的消息。

And the third variable, obviously, shutting down, which might be transitory due to kind of funding. So it would be great to hear if you could kind of quantify that? And then just a real quick thing about the conservatism in the guide here. Ankur, I believe you said that you had more commitments from customers like is like a contract commitment. Just want to know if I understood that correctly because it would give us some comfort in the guide. I think you said that, I just want to confirm that you actually did say that. Thank you.

第三個變數顯然是關閉，由於資金原因，這可能是暫時的。因此，如果您能量化一下這一點，那就太好了？然後這裡簡單介紹一下指南中的保守主義。Ankur，我相信您說過，您從客戶那裡得到了更多承諾，就像合約承諾一樣。我只是想知道我是否理解正確，因為這會讓我們在指南中感到安慰。我認為您說過那樣的話，我只是想確認您確實說過那樣的話。謝謝。

Yes. Thanks, Dave. Let me start by addressing the overall market in the mid- and low throughput. And first and foremost, we are super excited about the MiSeq i100 that we launched here in very late last year. and we are seeing continued momentum in that market. So we're very excited about that. And the MiSeq i100 has been very well received, and we continue to see a lot of interest coming in and we have a very strong order book on the MiSeq i100 to low throughput, really excited about that and a lot of momentum currently.

是的。謝謝，戴夫。首先，我來談談中低吞吐量的整體市場。首先，我們對去年年底推出的 MiSeq i100 感到非常興奮。我們看到該市場持續保持成長勢頭。所以我們對此感到非常興奮。MiSeq i100 受到了廣泛好評，我們繼續看到很多人對此感興趣，而且我們在 MiSeq i100 低通量方面的訂單非常強勁，對此我們感到非常興奮，目前發展勢頭強勁。

In the mid throughput, and we've talked about that over -- I would almost say since I came in here is that overall, we have seen that in in difficult market conditions. This is a segment that is more challenged than the high throughput. And the reason is that the mid throughput is less so of a production environment but more of an environment where you have other research segment or a small you could say, clinical account that might not have the volume to fill up on a high throughput and thereby, it's not used to the same level and the same rigor as you have in the high throughput, which is small and manufacturing kind of logic.

在中等吞吐量方面，我們已經討論過這個問題了——我幾乎可以說，自從我來到這裡以來，總體而言，我們已經在困難的市場條件下看到了這一點。這是一個比高吞吐量更具挑戰性的領域。原因在於，中等吞吐量不太屬於生產環境，而更屬於其他研究部門或小型臨床帳戶的環境，這些部門或帳戶可能沒有足夠的容量來滿足高吞吐量的要求，因此，它不像高吞吐量那樣具有同樣的水平和嚴謹性，高吞吐量是小型製造類型的邏輯。

So therefore, also, you're seeing when there's constraints in this environment, this is the place where you might push out an acquisition or a purchase of an additional instrument you might actually decide to shift over to a service provider where we will still get the flow of the reagent of the consumables. So the overarching signal is the same as we have said before, is that that's why this market overall is more constrained than the high-throughput market.

因此，您還會看到，當這種環境下存在限制時，您可能會推遲收購或購買額外的儀器，您實際上可能會決定轉移到服務提供者，我們仍然可以獲得耗材試劑的流動。因此，整體訊號與我們之前所說的相同，這就是為什麼這個市場總體上比高吞吐量市場受到更多限制的原因。

Also a reminder is that we did put the (X strip) chemistry in approximately a year ago, and we are seeing a lot of grade. We have seen a huge part of our customers shifting to the X's chemistry because it is a better chemistry and provides more -- a better price point for customers but also importantly, high quality and provides actually a higher capacity with the sequencer. So of course, we're also going through and price rebalancing in this space. So I think those are the two main drivers for the weakness in the mid-throughput space.

另外要提醒的是，大約一年前我們確實引入了（X 條）化學成分，我們看到了很多等級。我們看到，很大一部分客戶轉向了 X 的化學體系，因為它具有更好的化學性質，可以為客戶提供更好的價格點，更重要的是，它質量高，並且實際上可以為定序儀提供更高的容量。因此，當然，我們也正在經歷這個領域的價格重新平衡。所以我認為這是中吞吐量領域疲軟的兩個主要驅動因素。

Granted, there's also more competition here. I think I mentioned that before. And of course, especially in China, where we've seen strong competition, obviously, with the situation we have in China. That is, of course, a very weak point for us right now, at least on the insulin placements. On the other hand, I will say that from what I can see from the research that's come out is that we have actually performed very well in China versus our closest competitor there. So overall, it's a challenging environment, but I think it's much more macro than it is a competitive environment.

當然，這裡的競爭也更加激烈。我想我之前提到過這一點。當然，特別是在中國，我們顯然看到了激烈的競爭，這與我們在中國的情況有關。當然，這對我們來說目前是一個非常薄弱的​​環節，至少在胰島素放置方面是如此。另一方面，我想說，從目前的研究結果來看，與我們在中國最接近的競爭對手相比，我們在中國的表現實際上非常出色。所以總的來說，這是一個充滿挑戰的環境，但我認為它比競爭環境更宏觀。

I think there was another question maybe Ankur can dive in more.

我認為還有另一個問題，也許 Ankur 可以深入探討。

So about the performance obligations and the backlog build. So we contextualize that as a seasonal item usually in Q1. Illumina does see a fair lease. This is the time when a lot of our long-range contract negotiations and renewals happen. And we report that number as performance applications in our 10-Q. So you should take a look at that.

關於履約義務和積壓訂單的建立。因此，我們通常將其視為第一季的季節性商品。Illumina 確實看到了公平的租約。這是我們進行許多長期合約談判和續約的時期。我們在 10-Q 中將該數字作為效能應用程式進行報告。所以你應該看看這個。

And my comment there is about this year, we have seen those order bookings, long-range order bookings to grow pretty significantly. Actually, our performance obligations are up double digits year over year and has grown much better than what we've seen in the last couple of years.

我的評論是，今年，我們看到這些訂單、遠端訂單成長相當顯著。實際上，我們的履約義務同比增長了兩位數，並且比過去幾年的增長要好得多。

Jack Meehan, Nephron.

傑克·米漢（Jack Meehan），Nephron。

Thank you and good afternoon. Jacob, Ankur, I was wondering with the tariff dynamics going on in the market at the moment, whether you thought that might have influenced in the demand in the first quarter? And then I don't know if you're willing to share anything since Liberation Day, just how customers, just from a demand perspective, whether the announced tariffs have influenced any purchasing behavior at all? Thank you.

謝謝，下午好。Jacob、Ankur，我想知道，鑑於目前市場上的關稅動態，您是否認為這可能會影響第一季的需求？然後我不知道您是否願意分享自解放日以來的任何情況，只是從需求的角度來看，宣布的關稅是否對客戶的購買行為產生了影響？謝謝。

Thanks, Jack. And I would say, for Q1, we didn't see any specific or change in behavior from our customers related to the tariff situations. And I don't think we've seen the same here in Q2. We have seen a little bit of pull-in in China, I think from a concern about what would happen in China. But for the rest of the world, I don't think we are seeing anything materially. So that has not been an impact on the quarterly progression in the quarter.

謝謝，傑克。我想說的是，對於第一季，我們沒有看到客戶在關稅情況方面有任何具體的行為或變化。我認為我們在第二季度沒有看到同樣的情況。我們看到中國出現了一些拉攏的跡象，我認為這是出於對中國未來可能發生的事情的擔憂。但對於世界其他地區，我認為我們還沒有看到任何實質的進展。因此這對本季的季度進展沒有產生影響。

But as you know, just to add there is that at least for the rest of the year, we are certainly anticipating as that as the impact of tariff becomes more better known and start showing up in the cost that there will be some impact and have accordingly taken our tariff down.

但正如你所知，需要補充的是，至少在今年剩餘時間內，隨著關稅的影響變得更加廣為人知並開始在成本中體現出來，我們肯定會看到一定的影響，因此我們會降低關稅。

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Ankur, Jacob, thanks for taking my question. Just one on the revenue guidance assumptions, if you don't mind. The prior guidance was up low singles. And I think the current guidance updated guidance is down low singles, maybe a change of 300, 400 basis points. When I look at the change in China assumption, so it feels like almost all of it came from China reduction.

Ankur、Jacob，謝謝你們回答我的問題。如果您不介意的話，我只想談談收入指導假設。之前的指導是低位單打。我認為目前的指導更新指導是下降的，可能是 300、400 個基點的變化。當我看到中國假設的改變時，感覺幾乎所有的改變都來自於中國減少。

So I'm not sure where the research -- Ankur, when said research, you're resuming down 15%, how that's being baked into and the offset, is clinical really like did it change versus the prior assumption? Like where is the offset coming from our research to change? Thank you.

所以我不確定研究在哪裡——Ankur，當所述研究時，您恢復了 15% 的下降，這是如何融入和抵消的，臨床真的像它與之前的假設相比發生了變化嗎？例如，我們的研究變化的偏移量來自哪裡？謝謝。

Yes, let me start and have Ankur again deeper into the numbers here. But overall, we did anticipate already when we came out with our March forecast that we had already expected that would both be an impact from China and from the NIH funding. So we had that already built in. So that was the overall expectations in it.

是的，讓我先讓 Ankur 再次深入了解這裡的數字。但總體而言，我們在 3 月發布預測時就已經預料到，這將受到來自中國和 NIH 資助的影響。所以我們已經將其內建了。這就是整體的期望。

Obviously, at that point of time, we said that there were various outcomes we been expecting. And so now we're providing the full details of this. Overall, so that's the high-level direction we are taking. We feel we have a good sense for now where the academic and government is going. And as Ankur was mentioning, at this point, we are expecting that it will continue with a 15% decrease, and that's the main driver for it.

顯然，在那個時候，我們說過我們期待各種結果。現在我們將提供這方面的完整細節。總的來說，這就是我們正在採取的高層方向。我們感覺現在對學術界和政府的發展方向有了很好的認識。正如安庫爾所提到的，目前，我們預計它將繼續下降 15%，這是其主要驅動因素。

On the other hand, we see actually that our clinical customers are showing up stronger here in Q1. So we anticipate and we're seeing that in our numbers also that the clinical business is more robust and stronger than -- and we're really pleased with that right now.

另一方面，我們實際上看到我們的臨床客戶在第一季表現得更強勁。因此，我們預計，並且從數據上看，臨床業務將更加強勁、更加強大——我們現在對此感到非常高興。

Yes. At the highest level, Vijay, to add a little bit more detail. is that, yes, the biggest part of the change is in China, that we have separated it out. For the rest of the world, the puts and takes are that the research business is down. We said roughly about , if you take a midpoint, about 13 percentage points. And all I'm talking about is the rest of the remainder three quarters. So the annualization will be what it will be but about 3 points lower, so that's roughly about $90 million, so to speak, on the research and tariff-related impact.

是的。在最高層面上，維傑，添加更多細節。是的，變化最大的部分是在中國，我們已經將其分離出來了。對世界其他地區來說，研究業務的現狀是下滑。我們大致上說的是，如果取中間值，大約是 13 個百分點。我所談論的只是剩下的四分之三。因此，年化金額將保持不變，但會降低約 3 個百分點，也就是說，對於研究和關稅相關的影響，約為 9,000 萬美元。

We are seeing clinical stronger, both in terms of our continued X placements as well as the units that we're anticipating will come live. So clinical provides roughly about 1 point offset. And then we're talking -- spoken about mitigating actions relative to tariffs and part of that includes certain pricing actions. And I'm anticipating roughly about 1 point of contribution from there as well. So that's mostly the puts and takes.

我們看到臨床表現越來越強勁，無論是從我們持續的 X 佈局來看，還是從我們預計將投入使用的單位來看。因此臨床提供了大約 1 點的偏移。然後我們談論與關稅相關的緩解措施，其中一部分包括某些定價行動。我預計那裡也會有大約 1 點的貢獻。所以這主要就是投入和產出。

There's also a small component from FX, which relative to our last guide, has become less unfavorable. So guide to guide, it's now more favorable, and that's adding about 0.5 point to the reported growth, not in the constant currency, but on the reported side.

還有一小部分來自 FX 的因素，相對於我們上一份指南而言，其不利性已經減弱。因此，相對於指南而言，現在的情況更為有利，這將為報告的成長增加約 0.5 個百分點，不是以固定貨幣計算，而是以報告的貨幣計算。

That's helpful. Thank you, guys.

這很有幫助。謝謝你們。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. Ankur, I want to stress test your kind of assumptions around price here. It sounds good. I'm just curious where in the portfolio you think you can take price. Obviously, you've got competitors including one giving away free sequencing. So just talk a little bit about your confidence that you can actually start to push higher pricing?

嘿，謝謝。Ankur，我想對你關於價格的假設進行壓力測試。聽起來不錯。我只是好奇您認為可以在投資組合的哪個位置定價。顯然，你們有競爭對手，其中一家還提供免費定序。那麼，您能否簡單談談您對能否真正開始提高定價的信心？

Yes. So let me start there, and then we can have Ankur go into some more details also. But overall, I think Illumina has a long history, of course, of continuing to drive down pricing, and we will continue to, of course, ensure that our customers have competitive pricing, and we can facilitate competitive pricing. But on the other hand, also, in these environments, you want to also -- and the customer wants to work with companies that will be here in years from now. And therefore, we have a prudent approach to both our pricing strategy and, of course, also how we can go out and offer really innovative projects to our innovative solutions to our customers.

是的。那麼讓我從這裡開始，然後我們可以讓 Ankur 講一些更詳細的內容。但總的來說，我認為 Illumina 在持續降低價格方面有著悠久的歷史，我們當然會繼續確保我們的客戶擁有有競爭力的價格，並且我們可以促進有競爭力的價格。但另一方面，在這些環境中，您也希望──客戶也希望與幾年後仍會存在的公司合作。因此，我們對定價策略採取了謹慎的態度，當然，我們也對如何為客戶提供真正創新的專案和創新解決方案採取了謹慎的態度。

So we feel, and with this situation with the tariffs coming in, obviously, we would love to mitigate as much as possible, and we're working on mitigating as much as possible to have as little as impact to our customers. But at this point, as you can see also, we do have -- we believe it was correct, and we did a lot of analysis and seeing what the number and how much we could put in. And obviously, nobody likes a price increase. I mean I don't like that personally. No customer is going to like that.

因此，我們認為，在關稅即將出台的情況下，我們顯然希望盡可能地減輕影響，並且我們正在盡可能地減輕影響，以盡可能減少對客戶的影響。但此時，正如您所看到的，我們確實 - 我們相信它是正確的，並且我們做了大量的分析，看看我們可以投入多少。顯然，沒有人喜歡價格上漲。我的意思是我個人不喜歡這樣。沒有顧客會喜歡這樣的。

So we recognize that this have impact on our customers, but we feel good about that we will be able and our customers to understand is that Illumina is for the long term. So if you work with us and we work through this tough time also, we will get out on the other side and continue to be driving innovations to our customers and make them successful. If you want to give your sequencing wafer free, I can guarantee you I don't have a business in a few quarters.

因此，我們認識到這會對我們的客戶產生影響，但我們感到高興的是，我們將能夠並且我們的客戶能夠理解 Illumina 是著眼於長期發展的。因此，如果您與我們合作，並且我們也度過了這個艱難時期，我們將走出困境，繼續為我們的客戶推動創新並幫助他們取得成功。如果你想免費提供你的定序晶圓，我可以向你保證，幾個季度後我就沒有生意了。

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)。

Hey, guys. Thanks for all the color on the tariff impact, really appreciate that. But just to expand a little bit on the competitive front, are you seeing customers delay or defer equipment purchasing in anticipation of current or any future product offerings from competitors?

嘿，大家好。感謝您對關稅影響的詳盡闡述，非常感謝。但是，僅就競爭方面稍微擴展一下，您是否看到客戶為了等待競爭對手當前或未來的產品而推遲或推遲購買設備？

Yes. No, that's a great question. It's something we have heard a few times now also is that we continue to be in a competitive space here. We actually think we're doing really well against our competition. But as we also know, there were a new announcement coming out here a few weeks ago, which I will call a technology overview. It was not a product launch. And with all technology overview, it's easy to impress. It's very difficult to satisfy our customers. So I think right now, there is some excitement around this. You can go out there and make a lot of promises.

是的。不，這是一個很好的問題。我們已經聽過幾次這樣的消息，那就是我們在這裡仍然處於競爭之中。我們確實認為我們在競爭中表現得非常好。但我們也知道，幾週前這裡發布了一個新公告，我稱之為技術概述。這不是一次產品發表會。並且透過所有技術概述，很容易給人留下深刻的印象。讓我們的顧客滿意非常困難。所以我認為現在對此有一些興奮。你可以出去做出很多承諾。

But in the end, it comes down to that every day, you have to deliver again and again and again. And I think especially in tough times, customers will go to a company that can provide and where you have certainty of deliverables in delivering, but also that we can make sure that you can be successful in whether you are a clinical customer or whether you're a research customer. So we feel really good about that.

但最終，你每天都必須一次又一次地完成任務。我認為，尤其是在困難時期，客戶會選擇一家能夠提供服務並且能夠確定交付成果的公司，而且我們還可以確保您能夠成功，無論您是臨床客戶還是研究客戶。所以我們對此感到非常高興。

But we have not seen, at this point of time, any disruption due to any customers that we have seen have delayed decisions based on potential technology that, to be frank, we don't know yet what it is. And I don't think our customers know exactly what that new technology will be. It's a brand-new technology.

但目前我們還沒有看到任何因客戶基於潛在技術而推遲決策而造成的中斷，坦白說，我們還不知道它是什麼。我認為我們的客戶並不確切知道這項新技術是什麼。這是一項全新的技術。

It will take time to prove that all technologies have to go through almost the verification through the academic research space, but they will go out, they will do some -- their paper, they will do their analysis, their research on it, and it will take time. There were all these kings and technologies. This is not an easy space. This is not a mature market and it will take time. So we'll see how it goes, but right now, there's no impact.

證明所有技術都需要時間，幾乎都要經過學術研究領域的驗證，但他們會走出去，他們會做一些——他們的論文，他們會做他們的分析，他們的研究，這需要時間。那裡有各種各樣的國王和技術。這不是一個容易的空間。這不是一個成熟的市場，需要時間。所以我們會看看情況如何，但目前還沒有影響。

Mike Ryskin, Bank of America.

美國銀行的邁克·里斯金（Mike Ryskin）。

Great. Can you, guys, hear me?

偉大的。大家聽得到我說話嗎？

Yes, we can, Mike. Hi.

是的，我們可以，麥克。你好。

Great. Thanks for taking the question. You spent a lot of the call talking about China and what's changed and your views on China for the rest of the year. You talked about academic and government headwinds this year. How do we think about both of those markets going into 2026? And what I mean by that is, if you're going to be doing $15 million, $20 million, $25 million per quarter in China in 3Q, 4Q, does that go to 0 in 2026? Or do you think that's a sustainable level from which maybe you can start to grow again?

偉大的。感謝您回答這個問題。您在通話中花了大量時間談論中國、中國發生的變化以及您對今年剩餘時間中國局勢的看法。您談到了今年學術和政府面臨的阻力。我們如何看待這兩個市場在 2026 年的發展？我的意思是，如果你在中國的第三季、第四季每季的銷售額為 1500 萬美元、2000 萬美元、2500 萬美元，那麼到 2026 年這個數字會變成 0 嗎？或者您認為這是一個可持續的水平，從這個水平您可能可以再次開始增長？

And same thing on ANG, if we look at what's happening in the U.S. on NIH and things like that, it doesn't seem like this is a temporary headwind. It's just taking a step back and looking at next year and the year after, these are two pivotal markets. Where do you think they go from here after the headwinds seen this year? Thanks.

ANG 的情況也是一樣，如果我們看看美國 NIH 等機構的情況，就會發現這似乎不是暫時的逆風。退一步來看，展望明年和後年，這是兩個關鍵的市場。您認為，在經歷了今年的逆風之後，他們將走向何方？謝謝。

Yes. Thanks, Mike. And I agree with you that we are spending way too much talking about China, that is 5% of our business, and we're also likely talking way too much time on some headwinds in NIH, where we have very strong markets that continue to grow strongly, especially in the clinical market. And by the way, in Europe, which continues to be a very, very strong performance for us. So I agree.

是的。謝謝，麥克。我同意你的觀點，我們花了太多時間談論中國，這占我們業務的 5%，而且我們可能也花了太多時間談論 NIH 的一些不利因素，而我們在 NIH 擁有非常強大的市場，並且繼續強勁增長，尤其是在臨床市場。順便說一句，在歐洲，我們的表現仍然非常強勁。所以我同意。

We are spending -- all of us spending way too much on a very small part of our business. And we are a very resilient business that continues to drive a lot of activities out there and generating fantastic cash flow. So let's just start there.

我們所有人都在業務的一小一部分上花費了太多的錢。我們是一家非常有韌性的企業，繼續推動大量活動並產生可觀的現金流。那我們就從那裡開始吧。

China, as Ankur is mentioning, we are working, of course, with the Chinese authorities to see whether we can find a solution to this. But we have taken the access right now. that in the case that we won't be able to have a long-term sustainable business in China, we will still be able to compensate that with the cost measures we are taking. We are, as you can see in our numbers, we are expecting at this point, the China business, to continue to decrease in revenue over in the second half of the year. And if there's nothing that will change in our conversations with the regulators there, of course, it will continue to reduce in '26.

中國，正如安庫爾所提到的，我們當然正在與中國當局合作，看看是否能找到解決這個問題的方法。但我們現在已經取得了存取權限。如果我們無法在中國開展長期可持續的業務，我們仍然可以採取成本措施來彌補。正如您從我們的數據中看到的，我們預計中國業務的收入將在下半年繼續下降。如果我們與監管機構的對話沒有任何改變，那麼 26 年這數字當然還會繼續下降。

But we are very still hopeful. We believe China is an important market. And I had the opportunity here last week to actually to spend time with some of our Chinese colleagues. And it's very clear that the Chinese customers really want us to continue in this market. And we really want to help them continue to be successful. So we don't know at this point, but we are doing everything we can to rectify the situation. But if not, we have taken the cost structure.

但我們仍然充滿希望。我們相信中國是一個重要的市場。上週我有幸在這裡與我們的一些中國同事進行了交流。很明顯，中國客戶確實希望我們繼續留在這個市場。我們確實希望幫助他們繼續取得成功。所以我們現在還不知道，但我們正在盡一切努力來糾正這種情況。但如果不是，我們已經採取了成本結構。

So the academia and government, yes, there is headwinds right now. I truly believe that everybody will -- many politicians, both in U.S. and rest of the world sees that the academic research is pivotal in order to drive the industry forward, not only the academic research, but of course, being the funnel into pharmaceuticals and of course, the medical science overall. So I do believe this is a short-term or temporary headwind and will come out on the other side stronger. Here, the 21st century is a century [of oddity], and this is a hiccup, and we will have strong performance going forward in this space.

因此，學術界和政府目前確實面臨阻力。我堅信每個人都會——美國和世界其他國家的許多政治家都認為學術研究對於推動產業發展至關重要，不僅是學術研究，當然，也是製藥業和整個醫學科學的管道。因此我確實相信這只是一個短期或暫時的逆風，而且最終會變得更加強勁。21 世紀是一個充滿奇異事件的世紀，這是一個小問題，但我們將在這個領域取得強勁表現。

Kyle Mikson, Canaccord.

凱爾米克森（Kyle Mikson），Canaccord。

Just on the investigation to GRAIL recently, it looks like the SEC is set to close that. If that were to happen, would that give you more freedom to move into larger acquisitions or deals that involve buying clinical labs with big market opportunities such as MRD? And then taking this [to back], it's been almost a year since that divesture. Has that actually helped you accelerate core Illumina? It kind of seems like on the surface like maybe not given the performance, but you have more attention on the pipeline now. So just would love to hear your thoughts on that. Thanks.

就最近對 GRAIL 的調查而言，美國證券交易委員會 (SEC) 似乎準備結束調查。如果發生這種情況，您是否會有更多的自由來進行更大規模的收購或交易，包括購買具有巨大市場機會（如 MRD）的臨床實驗室？回顧一下，距離那次資產剝離已經過了將近一年的時間。這是否真的幫助您加速了核心 Illumina 的速度？從表面上看，似乎可能沒有考慮到性能，但現在你對管道有了更多的關注。所以我很想聽聽你對此的想法。謝謝。

Kyle, sorry, we didn't hear the second part of your question?

凱爾，抱歉，我們沒有聽到你問題的第二部分？

On the -- just it's been a year almost since the divestiture. Has that actually helped you accelerate core Illumina?

從剝離到現在已經快有一年了。這是否真的幫助您加速了核心 Illumina 的速度？

Yes. So let me start by the first thing and saying we are, of course, very pleased that the SEC investigation is done and there were no findings, which we also expected. So we're very pleased to have this behind us. We continue to, of course, look at opportunities from value-added bolt-on acquisitions, and we continue to monitor the space. Of that, we, of course, very disciplined in where we believe we can see opportunities, but we also are generating a lot of cash every year.

是的。首先我要說的是，我們當然非常高興美國證券交易委員會的調查已經完成並且沒有發現任何問題，這也是我們所預料到的。因此，我們很高興解決了這個問題。當然，我們會繼續尋找增值附加收購帶來的機會，並持續監控該領域。當然，我們非常自律，相信我們能夠看到機會，但我們每年也會創造大量現金。

So it gives us flexibility to look at different things. I think I can say confidently that MRD is likely not the space we will be looking into for the time being. Ankur?

因此，它使我們能夠靈活地看待不同的事物。我想我可以自信地說，MRD 可能不是我們暫時要研究的領域。安庫爾？

Yes. So thanks for adding that, Jacob. Clearly, very good balance sheet, very pleased with what our cash flow generation has been now three quarters since GRAIL. Generating over $1 billion of cash. I was also very pleased with our Q1 results, where despite some of the research at the market the way it was. And despite paying out annual bonus out of the quarter, we generated over $200 million in cash as well. So very pleased, puts us in a very, very good position. As you know, we've also bought back roughly $200 million worth of shares during the quarter.

是的。所以感謝 Jacob 的補充。顯然，資產負債表非常好，我們對自 GRAIL 以來三個季度的現金流量產生情況非常滿意。產生超過10億美元的現金。儘管市場存在一些研究，但我對我們的第一季業績仍然非常滿意。儘管本季支付了年度獎金，但我們也產生了超過 2 億美元的現金。非常高興，這讓我們處於非常非常有利的地位。如您所知，我們在本季也回購了價值約 2 億美元的股票。

But our primary focus remains on growth, [built] on M&A. And there are several technologies, which we think can take advantage of our size, our scale as well as our large installed base. which is where our primary focus is. And hopefully, there will be some that we will be able to actually move on. At the same time, as we've said, don't intend to keep accumulating cash either. And as I stated in my script, we will continue to for the rest of the year, keep buying back some shares opportunistically as well.

但我們的主要關注點仍然是成長，建立在併購之上。我們認為有幾種技術可以利用我們的規模、範圍以及龐大的安裝基礎。這是我們主要關注的點。希望我們能夠真正地推進一些事情。同時，正如我們所說，也不打算繼續累積現金。正如我在腳本中所述，我們將在今年剩餘時間內繼續適時回購一些股票。

And let me just clarify my comment on MRD. I think there's a huge opportunity in MRD, just not from an M&A perspective from Illumina as well, yes.

讓我澄清一下我對 MRD 的評論。我認為 MRD 中存在巨大的機遇，但從 Illumina 的併購角度來看並非如此，是的。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Hello, thank you for taking the question. This is Martha on for Rachel. In terms of our mitigation actions for tariffs that you've discussed, can you talk about which actions have already been implemented and which ones still like are to be implemented? And then how do you expect that to impact your EPS pacing for the rest of the year? And then a quick clarifying question. Are you assuming any 4Q budget flush at this point? Thank you.

您好，感謝您回答這個問題。這是 Martha 代替 Rachel 上場的。關於您所討論的我們的關稅緩解措施，您能否談談哪些措施已經實施，哪些措施還有待實施？那麼，您預計這會對今年剩餘時間的 EPS 節奏產生什麼影響？然後是一個快速澄清的問題。您現在是否認為第四季的預算會激增？謝謝。

Yes. So from the tariff perspective, obviously, this has only been, even though it feels a long time, it's only been a few weeks before we have -- all of us have gotten a hands around what the tariff situation is. And of course, it's still a movie that is playing. So of course, it is a flexible or it's a moving target right now. But as far -- from what we can see today, and I think that's what I'm also mentioning is that our current view is that the impact for 2025 is going to be approximately $85 million and be able to offset that approximately half of that.

是的。因此，從關稅的角度來看，顯然，儘管感覺時間很長，但實際上只過了幾週，我們所有人都已經了解了關稅情況。當然，這仍然是一部正在上映的電影。所以當然，它現在是一個靈活的或移動的目標。但就我們今天所看到的情況而言，我想這也是我要提到的，我們目前的觀點是，2025 年的影響將達到約 8500 萬美元，並且能夠抵消其中的約一半。

Most we are both looking at changing some of our supply chains. Obviously, we're working with a lot of our suppliers itself, but also thinking about where we're manufacturing. We have -- most of our manufacturing is happening either in Singapore and U.S., and we actually -- and that's set up, it can be optimized, but at this point, we're not looking to make substantial changes in that footprint.

我們大多數人都在考慮改變我們的一些供應鏈。顯然，我們正在與許多供應商合作，但也在考慮我們的生產地點。我們的大部分製造業務都在新加坡或美國進行，實際上，我們已經建立了工廠，可以進行優化，但目前，我們並不打算對該佈局做出實質性的改變。

But we have already been out taking actions also on a pricing perspective. And so we feel good about the actions we've taken today, and we will continue to optimize on our footprint going forward in our supply chain.

但我們已從定價角度採取了行動。因此，我們對今天採取的行動感到滿意，並將繼續優化我們供應鏈中的足跡。

And that will conclude our Q&A session. I will hand it back to Brian Blanchett for closing remarks.

我們的問答環節到此結束。我將把它交還給 Brian Blanchett 作結束語。

Great. Thank you for joining us today. 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 our upcoming events. Thank you.

偉大的。感謝您今天加入我們。本次電話會議的重播將在我們網站的「投資者」部分提供。我們的通話到此結束，我們期待在即將舉行的活動中見到您。謝謝。