Illumina Inc (ILMN) 2025 Q2 法說會逐字稿

Good day ladies and gentlemen. Welcome to the second-quarter 2025 Illumina Earnings conference call. (Operator Instructions)

女士們、先生們，大家好。歡迎參加 2025 年第二季 Illumina 收益電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the call over to interim head of investor relations Brian Blanchett.

請注意，今天的會議正在錄音。現在我想將電話交給臨時投資者關係主管 Brian Blanchett。

Hello everyone and welcome to Illumina's second-quarter of 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 年第二季財報電話會議。今天，我們將回顧收盤後發布的財務業績，並在問答環節開始前提供評論。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 Dhingara, Chief Financial Officer. Jacob will provide an update on Illumina's businesses followed by Ankur's review of the company's financials. All financial information shared on this call relates to core Illumina . For historical Consolidated financials, please refer to our earnings release and SEC filings.

今天發言的是執行長 Jacob Thaysen 和財務長 Ankur Dhingara。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。本次電話會議中分享的所有財務資訊均與 Illumina 核心業務有關。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。

Please note that all year-over-year 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 supplemental data available on our website.

請注意，在準備好的評論中討論的所有同比收入增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，您可以在今天的發布版本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.

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。

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 the 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，包括最新的 10-Q 和 10-K 表格。

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

好了，現在我將把電話交給雅各。

Thank you, Brian, and good afternoon, everyone. In the second quarter, despite a year-over-year decline, we delivered revenue at the high end of our guidance range at approximately $1.06 billion. At the same time, the team's strong execution drove profitability above expectations with non-GAAP operating margin of 23.8% and a non-GAAP EPS of $1.19. Together, these results reflect meaningful progress across the business and reinforce our view that the underlying fundamentals remain robust.

謝謝你，布萊恩，大家下午好。第二季度，儘管收入年減，但我們仍實現了約 10.6 億美元的收入，處於預期範圍的高端。同時，團隊強大的執行力推動獲利能力超出預期，非公認會計準則下營業利益率達23.8%，非公認會計準則下每股收益達1.19美元。這些業績體現了整個業務的顯著進步，並強化了我們對基本面仍然強勁的看法。

In Q2, we saw ongoing adoption of our NovaSeq X platform with greater than 50 placements, increased high-throughput consumable sales, especially among NovaSeq X users as the transition continues to progress. Continued advancement of our innovation road map with key updates to our multi-omic strategy, reflecting disciplined execution of our long-term capital deployment plan. We are encouraged by the strength we are seeing in the clinical markets, which now accounts for roughly 60% of total sequencing consumables.

在第二季度，我們看到 NovaSeq X 平台的採用率持續上升，安裝數量超過 50 台，高通量耗材銷售量增加，尤其是隨著轉型的不斷推進，NovaSeq X 用戶的需求也不斷增加。我們不斷推進創新路線圖，對多組學策略進行重要更新，反映了我們長期資本部署計畫的嚴格執行。臨床市場表現強勁，令我們感到鼓舞，目前臨床市場約佔定序耗材總量的 60%。

Clinical has proven more resilient and in some areas is exceeding expectations, reinforcing our confidence in the durability of clinical demand. We're seeing this momentum across multiple clinical applications. In oncology, adoption continues to grow for comprehensive genomic profiling, and we are seeing increased interest in sequencing-intensive applications like minimal residual disease, which sets us up well for future clinical growth.

臨床已被證明更具彈性，並且在某些領域超出了預期，這增強了我們對臨床需求持久性的信心。我們在多種臨床應用中看到了這種勢頭。在腫瘤學領域，全面基因組分析的應用持續成長，我們看到人們對微小殘留疾病等定序密集應用的興趣日益濃厚，這為我們未來的臨床發展奠定了良好的基礎。

In generic disease testing, growth continues to be driven by expanding national genome programs and broader adoption of whole genome and whole exome sequencing for rare diseases. In reproductive health, we are seeing growth in NIPT sample volumes, particularly in the US as more customers complete validation and ramp up clinical testing.

在通用疾病檢測領域，不斷擴大的國家基因組計劃以及對罕見疾病的全基因組和全外顯子組測序的更廣泛應用繼續推動著增長。在生殖健康領域，我們看到 NIPT 樣本量正在成長，尤其是在美國，因為越來越多的客戶完成驗證並加強臨床測試。

We continue to believe the long-term clinical opportunity remains significant with NDS adoption increasing as genomics become standard of care for therapy selection, early detection, monitoring and expands into other disease types.

我們仍然相信，隨著基因組學成為治療選擇、早期檢測、監測的護理標準並擴展到其他疾病類型，NDS 的採用率不斷提高，長期臨床機會仍然很大。

While clinical demand has been encouraging, the research environment, particularly in the US remains constrained amid ongoing NIH funding uncertainty. As expected, demand from this segment remained soft in Q2, with some labs delaying projects or holding off on hiring due to concerns about the future grant availability. In the meantime, we are actively working with our customers to help them navigate this period.

儘管臨床需求令人鼓舞，但由於美國國立衛生研究院 (NIH) 資金持續不確定，研究環境（尤其是美國的研究環境）仍受到限制。正如預期的那樣，第二季度該領域的需求仍然疲軟，一些實驗室因擔心未來資助的可用性而推遲了專案或暫停招聘。同時，我們正在積極與客戶合作，幫助他們度過這段時期。

Separately, in China, our ability to export instruments is still restricted. We continue to engage with regulators to identify solutions that support our long-term sustainable presence in the country, and we will keep you updated on any material developments.

另外，在中國，我們出口儀器的能力仍然受到限制。我們將繼續與監管機構合作，尋找支持我們在該國長期可持續存在的解決方案，並將隨時向您通報任何重大進展。

As we navigate these near-term market dynamics, our focus remains on disciplined execution and laying the foundation for long-term success. The focus underpins our commitment to achieving our financial targets and delivering high single-digit revenue growth and expanding non-GAAP operating margin to 26% by 2027.

當我們應對這些短期市場動態時，我們的重點仍然是嚴格執行並為長期成功奠定基礎。這一重點鞏固了我們實現財務目標的承諾，到 2027 年實現高個位數收入成長並將非 GAAP 營業利潤率擴大到 26%。

We are advancing towards these targets by delivering across our three key drivers, growing our core sequencing business, including continued progress the NovaSeq X transition. Scalable entry into multiomics to complement our sequencing platforms and expanding our services, data and software offerings to provide more integrated customer solutions. Together, these priorities support our broader strategy and vision for the industry of shifting from cost per gigabase model to delivering the highest quality biological insight at the lowest end-to-end cost.

我們正透過三大關鍵驅動力、發展核心定序業務以及持續推動 NovaSeq X 轉型來實現這些目標。可擴展地進入多組學領域，以補充我們的定序平台，並擴展我們的服務、數據和軟體產品，以提供更整合的客戶解決方案。總之，這些優先事項支持了我們更廣泛的產業策略和願景，從每千兆位元組成本模型轉向以最低的端到端成本提供最高品質的生物學洞察。

Now I'd like to focus on the progress we're making in our multiomics driver, which is centered on delivering differentiated solutions that integrate with our sequences. We've already announced our capabilities in single cell, CRISPR-based Perturb-seq and spatial analysis. And in June, we took another step forward in proteomics with our announced acquisition of SomaLogic on standard Bio tools.

現在我想重點介紹我們在多組學驅動程式方面取得的進展，該驅動程式的核心是提供與我們的序列整合的差異化解決方案。我們已經宣布了我們在單細胞、基於 CRISPR 的 Perturb-seq 和空間分析方面的能力。今年 6 月，我們宣布收購 SomaLogic 標準生物工具，在蛋白質體學領域向前邁進了一步。

This acquisition expands our presence in affinity-based proteomics, a small, but fast-growing segment of the broader proteomics market. and builds on the exclusive commercial relationship we have had with SomaLogic since 2021.

此次收購擴大了我們在基於親和力的蛋白質組學領域的影響力，該領域是更廣泛的蛋白質組學市場中規模雖小但增長迅速的細分市場，並鞏固了我們自 2021 年以來與 SomaLogic 建立的獨家商業關係。

SomaLogic is a key player in high throughput proteomics. The [Soma scan] assay can analyze over 9,500 unique human proteins from small biological samples, delivering deep, actionable insights for drug discovery, diagnostics and health monitoring.

SomaLogic 是高通量蛋白質體學領域的重要參與者。[Soma scan] 檢測可以分析來自小生物樣本的 9,500 多種獨特的人類蛋白質，為藥物發現、診斷和健康監測提供深入、可操作的見解。

What sets their technology apart is its proprietary SOMAmer binding reagents, highly precise affinity reagents that bind to specific proteins with unmatched sensitivity, scalability and replicability. This approach delivers broader coverage than other methods while reducing the time and cost of deeper proteomics analysis.

他們的技術的獨特之處在於其專有的 SOMAmer 結合試劑，這是一種高精度親和試劑，能夠以無與倫比的靈敏度、可擴展性和可重複性與特定蛋白質結合。這種方法比其他方法涵蓋範圍更廣，同時減少了更深入的蛋白質體學分析的時間和成本。

Bringing SomaLogic into Illumina builds on our existing long-standing partnership. As our collaboration progressed, our conviction in that technology deepened and we saw a clear opportunity to accelerate innovation by integrating their capabilities into our innovation engine.

將 SomaLogic 引入 Illumina 鞏固了我們現有的長期合作關係。隨著合作的進展，我們對該技術的信心不斷加深，我們看到了透過將其能力整合到我們的創新引擎中來加速創新的明顯機會。

With Illumina's expertise in product development and global commercial reach, we will scale that technology faster, expand customer adoption and achieve greater operational efficiencies. SomaLogic is a strong strategic fit for Illumina.

憑藉 Illumina 在產品開發和全球商業影響力方面的專業知識，我們將更快地擴展該技術，擴大客戶採用率並實現更高的營運效率。SomaLogic 與 Illumina 有著強烈的策略契合度。

Their technology, when paired with our platforms, offer a highly scalable and cost-efficient solution for proteomics discovery. By more deeply integrating [peromixs] in our ecosystem, we're expanding our ability to deliver greater biology insights through our end-to-end workflows. This enhances the value proposition of the NovaSeq X and creates the potential to extend SomaLogic technology into other multi-omic applications such as single cell and special.

他們的技術與我們的平台相結合，為蛋白質組學發現提供了高度可擴展且經濟高效的解決方案。透過將 [peromixs] 更深入地整合到我們的生態系統中，我們正在擴展透過端到端工作流程提供更多生物學見解的能力。這增強了 NovaSeq X 的價值主張，並創造了將 SomaLogic 技術擴展到其他多組學應用（如單細胞和特殊）的潛力。

With this addition, we are advancing Truebord's a more comprehensive multiomics portfolio, spanning DNA, RNA, methylation and now proteomics. We expect the transaction to close in the first half of 2026. After obtaining the necessary regulatory approvals, we are looking forward to welcoming the SomaLogic team to Illumina and expanding the impact of proteomics together.

透過這項補充，我們正在推進 Truebord 更全面的多組學產品組合，涵蓋 DNA、RNA、甲基化和現在的蛋白質組學。我們預計交易將於 2026 年上半年完成。在獲得必要的監管批准後，我們期待歡迎SomaLogic團隊加入Illumina並共同擴大蛋白質體學的影響力。

As we advance key elements of our multiomic strategy, we're also seeing strong momentum across our recent platform launches. One example is the MiSeq i100 plus our latest benchtop sequencer. Since launching late last year, we placed more than 500 instruments and are now seeing customers order additional units after just a few months of use.

隨著我們推進多組學策略的關鍵要素，我們也看到最近平台發布的強勁勢頭。其中一個例子是 MiSeq i100 加上我們最新的桌上型定序儀。自去年年底推出以來，我們已投放了 500 多台儀器，現在客戶在使用幾個月後就訂購了更多儀器。

Customer feedback on the MiSeq i100 platform remains very positive. Customers are calling it a game changer, highlighting faster turnaround times, ease of use and room temperature shipping and storage reagents, all features that make sequencing more accessible for lapse operating in a wide range of resource settings.

客戶對 MiSeq i100 平台的回饋仍然非常正面。客戶稱之為遊戲規則改變者，強調其更快的周轉時間、易用性和室溫運輸和儲存試劑，所有這些特性使得定序在廣泛的資源設定中更容易進行失效操作。

This reduces reliance on centralized labs, shortens diagnosis turnaround time and gives customers greater autonomy for running oncology, infectious disease and other clinical applications. These features are especially attractive to lapse adopting NDS for the first time as well as those in emerging markets. The MiSeq i100 platform currently supports 18 proven workflows, including 9 fully integrated from library prep through analysis.

這減少了對集中實驗室的依賴，縮短了診斷週轉時間，並讓客戶在運行腫瘤學、傳染病和其他臨床應用方面擁有更大的自主權。這些功能對於首次採用NDS的用戶以及新興市場的用戶尤其有吸引力。MiSeq i100 平台目前支援 18 種經過驗證的工作流程，其中包括 9 種從文庫準備到分析的完全整合的工作流程。

This level of integration reflects a broader shift in how we approach innovation, grounded in deeper customer insights and close collaboration throughout development. MiSeq i100 sets a new standard for the future of Illumina innovation, optimizing for complete end-to-end workflows that lower barriers to adoption and deliver high-quality insights at scale.

這種程度的整合反映了我們創新方式的更廣泛轉變，這種轉變以更深入的客戶洞察和整個開發過程中的密切合作為基礎。MiSeq i100 為 Illumina 創新的未來設立了新標準，優化了完整的端到端工作流程，降低了採用門檻並大規模提供高品質的洞察。

Before I hand it over to Ankur, I want to briefly share our views on the remainder of 2025. We are encouraged by the momentum in our Q2 results, the progress of our innovation road map, and we remain focused on disciplined execution.

在將時間交給 Ankur 之前，我想先簡單分享一下我們對 2025 年剩餘時間的看法。我們第二季業績的動能和創新路線圖的進展令我們感到鼓舞，我們將繼續專注於嚴格的執行。

However, we continue to approach the second half of the year with caution. Given the ongoing funding uncertainties in the US research market. That said, we are raising our guidance for total company revenue growth as well as total reported revenue, non-GAAP operating margin and non-GAAP EPS, reflecting strong execution and operating discipline across the organization.

然而，我們仍然對下半年保持謹慎態度。鑑於美國研究市場持續存在的資金不確定性。也就是說，我們提高了公司總收入成長以及總報告收入、非公認會計準則營業利潤率和非公認會計準則每股收益的預期，這反映了整個組織的強大執行力和營運紀律。

I will now turn it over to Ankur to provide more detail on our results and outlook before we move into Q&A.

在我們進入問答環節之前，我現在將把時間交給 Ankur，讓他提供有關我們的結果和展望的更多詳細資訊。

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

謝謝你，雅各布，大家下午好。我將向您概述我們的第二季度財務業績，提供有關收入、支出、收益和資產負債表和資本配置發展的更多信息，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 second quarter played out. In Q2, we made further progress on our long-range goals and delivered results exceeding our expectations for the quarter.

在詳細介紹財務表現之前，讓我先從宏觀角度介紹第二季的業績表現。第二季度，我們在長期目標上取得了進一步進展，並取得了超出本季預期的業績。

Revenue, although lower year-over-year, came in at the high end of our guidance range, driven by strength in high throughput consumables. We saw strong organic margin expansion and EPS of $1.19, which well exceeded the top of our guidance range. As expected, research customers, especially the US academic and government customers continue to manage their budgets tightly in the face of funding constraints. The trends in Q2 were generally in line with what we saw in the later part of Q1.

營收雖然年比有所下降，但由於高通量耗材的強勁成長，仍處於我們預期範圍的高端。我們看到了強勁的有機利潤率擴張和每股收益 1.19 美元，遠遠超出了我們的指導範圍上限。正如預期的那樣，研究客戶，尤其是美國學術界和政府客戶，在資金限制的情況下繼續嚴格管理預算。第二季的趨勢與我們在第一季後期看到的趨勢基本一致。

On the other hand, our clinical customers continue to invest in expanding their portfolio and scaling current on-market tests. Our Greater China business was slightly better than the guide and our customers in Greater China continue to be very engaged and supportive Illumina's differentiated technology. Sales of consumables have held up well, and we remain in discussion with development authorities.

另一方面，我們的臨床客戶繼續投資擴大其產品組合併擴大當前的市場測試。我們的大中華區業務略優於預期，大中華區的客戶繼續積極參與並支持 Illumina 的差異化技術。消耗品的銷售情況保持良好，我們仍在與開發部門進行討論。

Now let me provide you details of the financial performance. Second quarter revenue of $1.06 billion was down approximately 3% year-over-year on both constant currency and reported basis. Greater China revenue of $63 million was slightly ahead of expectations and represented a $12 million decline from the second quarter of 2024. Excluding Greater China, Illumina revenue was down approximately 2% on a constant currency basis.

現在讓我向您提供財務表現的詳細資訊。第二季營收為 10.6 億美元，以固定匯率和報告基礎計算，年減約 3%。大中華區營收為 6,300 萬美元，略高於預期，較 2024 年第二季下降 1,200 萬美元。不包括大中華區，Illumina 的收入按固定匯率計算下降了約 2%。

Sequencing consumables revenue of $740 million was approximately flat year-over-year and up approximately 6% sequentially on a reported basis. High throughput consumables grew both sequentially and year-over-year, including a greater than 10% sequential growth in NovaSeq X consumables revenue.

定序耗材營收為 7.4 億美元，與去年同期基本持平，較上季成長約 6%。高通量耗材環比和同比增長均有所增長，其中 NovaSeq X 耗材收入環比增長超過 10%。

Strong growth in the clinical segment which now represents roughly 60% of our total sequencing consumables is primarily driven by broader adoption of comprehensive genomic profiling and increased momentum in sequencing-intensive applications like MRD which sets us up well for future growth.

臨床領域的強勁成長目前約占我們定序耗材總量的 60%，這主要得益於全面基因組分析的廣泛採用以及 MRD 等定序密集型應用的成長勢頭，這為我們未來的成長奠定了良好的基礎。

The X transition continues to progress as we've reported over 80% of the sequencing volumes for our research customers have already transitioned to X with these customers continuing to face budget constraints. Our clinical customers continue with the transition, working through validation and balancing that investments between on-market tests versus development of new tests.

X 轉型仍在繼續，據我們報告，我們研究客戶的 80% 以上的定序量已經轉向 X，而這些客戶仍然面臨預算限制。我們的臨床客戶繼續進行轉變，透過驗證並平衡市場測試與新測試開發之間的投資。

The clinical X transition has progressed to roughly 55% in the quarter. In Q2, roughly 69% of high throughput gigabase is shipped and approximately 44% of high throughput consumables revenue was on the NovaSeq X Series. We continue to make progress on the high throughput transition from what we previously disclosed.

本季臨床 X 轉換已進展至約 55%。在第二季度，約 69% 的高通量千兆位元出貨量和約 44% 的高通量耗材收入來自 NovaSeq X 系列。我們在高吞吐量轉型方面繼續取得進展，這與我們先前揭露的情況不同。

And at the current pace, we anticipate that towards the end of 2025, approximately 50% of high throughput revenue and approximately 75% of GPs shipped to be a NovaSeqX-Series. We expect this to be driven by the clinical segment as customers scale on the NovaSeq X.

按照目前的速度，我們預計到 2025 年底，大約 50% 的高通量收入和大約 75% 的 GP 出貨量將來自 NovaSeqX 系列。我們預計，隨著客戶在 NovaSeq X 上擴展規模，這將由臨床領域推動。

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, driven by robust strength in clinical, but more muted growth from our research customers. Although not a predictor of near-term revenue, GB output on connected instruments provides us a directional view of underlying applications demand and levels of utilization of our connected instruments and consumables.

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 輸出年增率超過 30%，這得益於臨床領域的強勁實力，但來自研究客戶的成長較為溫和。儘管不能預測近期收入，但聯網儀器的 GB 輸出為我們提供了有關底層應用需求以及聯網儀器和消耗品的利用水平的方向性視圖。

Sequencing instruments revenue of $96 million was down approximately 18% year-over-year in Q2. As we saw the effect of constrained budgets from our high and mid-throughput research customers. The funnel pipeline is held, but we saw extended decision times amongst our customers.

第二季定序儀器收入為 9,600 萬美元，年減約 18%。如我們所見，預算受限對我們的高通量和中通量研究客戶的影響。漏斗管道被擱置，但我們發現客戶的決策時間延長了。

Approximately 60% of the excess placed in Q2 were to clinical customers. On the low throughput side, MiSeq i100 plus launch continues to progress quite well. and our customers have had positive reviews for the platform and are excited about the MiSeq 100 base model launch next month.

第二季的超額投放中約有 60% 投放給了臨床客戶。在低通量方面，MiSeq i100 plus 的發布繼續進展順利。我們的客戶對該平台給予了積極的評價，並對下個月推出的 MiSeq 100 基本型號感到興奮。

In Greater China, our instruments business was down approximately 40% due to restrictions on exportation. Sequencing service and other revenue of $136 million was down approximately 5% year-over-year in line with expectations. The decrease was mainly due to the timing of certain strategic partnership revenues last year related to the AGD consortium. Excluding those items, our core services and informatics business grew high single digits.

在大中華區，由於出口限制，我們的儀器業務下降了約 40%。定序服務和其他收入為 1.36 億美元，年減約 5%，符合預期。下降的主要原因是去年與 AGD 財團相關的某些策略夥伴收入的時間表。除這些項目外，我們的核心服務和資訊學業務實現了高個位數成長。

Moving to the rest of Illumina P&L. Non-GAAP gross margin was 69.4% for the second quarter, which increased 200 basis points quarter-over-quarter and remained stable year-over-year. We experienced favorable product mix in our sequencing business driven by high consumables revenue mix. Additionally, our ongoing operating excellence action plan initiatives contributed to improved gross margin performance this quarter. Tariffs had a partial impact this quarter with a net impact of approximately 110 basis points on our gross margin in Q2.

轉到 Illumina P&L 的其餘部分。第二季非美國通用會計準則毛利率為69.4%，季增200個基點，較去年同期維持穩定。在高消耗品收入組合的推動下，我們的定序業務擁有良好的產品組合。此外，我們正在進行的卓越營運行動計畫措施有助於提高本季的毛利率。關稅對本季產生了部分影響，對我們第二季的毛利率淨影響約為 110 個基點。

Non-GAAP operating expenses were $484 million which is down approximately 6% or $32 million year-over-year. This reflects the effect of actions we've taken towards a long-range commitment of expanding margins while prioritizing key growth investments. As a result of our discipline, we did not experience the typical seasonal rise in OpEx that occurs post Q1. Non-GAAP operating margin was 23.8% in Q2, which increased 160 basis points year-over-year.

非公認會計準則營運費用為 4.84 億美元，年減約 6% 或 3,200 萬美元。這反映了我們為實現長期承諾而採取的行動的效果，即在優先考慮關鍵成長投資的同時擴大利潤率。由於我們的紀律，我們沒有經歷第一季後出現的典型的營運支出季節性成長。第二季非公認會計準則營業利益率為 23.8%，較去年同期成長 160 個基點。

Operating profit grew approximately 4% year-over-year on lower revenue, reflecting increased operating leverage from the improved cost structure. Looking at our results below the line, non-GAAP other expense, which is largely comprised of net interest expense was $10 million and non-GAAP tax rate was 22.2%. Note that the recent tax legislation had no impact on our Q2 tax rate as it was enacted after quarter end.

在收入下降的情況下，營業利潤年增約 4%，反映出成本結構改善帶來了營業槓桿的提高。查看我們的以下結果，非 GAAP 其他費用（主要由淨利息支出組成）為 1000 萬美元，非 GAAP 稅率為 22.2%。請注意，最近的稅收立法對我們的第二季度稅率沒有影響，因為它是在季度末之後頒布的。

Our average diluted shares were approximately $157 million, approximately $2 million lower than last quarter, driven by an increased level of share repurchases, net of dilution from employee equity awards. Altogether, non-GAAP EPS of $1.19 per diluted share grew 9% year-over-year and came in well above our guidance range.

我們的平均稀釋股份約為 1.57 億美元，比上一季低約 200 萬美元，這是由於股票回購水準增加（扣除員工股權獎勵稀釋）所致。總體而言，非公認會計準則每股收益為 1.19 美元，年增 9%，遠高於我們的預期範圍。

Moving to cash flow, balance sheet and capital allocation items for the quarter. Cash flow provided by operations was a robust $234 million. Capital expenditures were $30 million and free cash flow was $204 million. In Q2, we repurchased approximately 4.5 million shares of Illumina stock for $380 million at an average price of approximately $85 per share. We intend to continue to repurchase incremental shares over the course of the year as part of our approximate $800 million authorization remaining at the end of the quarter.

轉向本季的現金流量、資產負債表和資本配置項目。經營活動產生的現金流達到強勁的 2.34 億美元。資本支出為 3,000 萬美元，自由現金流為 2.04 億美元。在第二季度，我們以 3.8 億美元的平均價格約每股 85 美元的價格回購了約 450 萬股 Illumina 股票。我們打算在今年內繼續回購增量股票，作為本季末剩餘約 8 億美元授權的一部分。

Additionally, we entered into a definitive agreement with standard Bio tools under which Illumina will acquire SomaLogic and other specified assets for $350 million in cash, payable at closing, plus up to $75 million in near-term performance-based milestones and royalties. We expect the deal to close in the first half of 2026 subject to regulatory approvals.

此外，我們與標準生物工具達成了最終協議，根據該協議，Illumina 將以 3.5 億美元現金收購 SomaLogic 和其他指定資產，該筆款項在交易完成時支付，外加高達 7500 萬美元的近期基於績效的里程碑和特許權使用費。我們預計該交易將在獲得監管部門批准後於 2026 年上半年完成。

We remain hyper focused on maximizing our growth opportunities through capital allocation initiatives with high conviction in their contribution margins to a long-term strategic plan. We ended the quarter with approximately $1.16 billion in cash, cash equivalents and short-term investments in gross leverage of approximately 1.7x gross debt to last 12 months EBITDA.

我們高度重視透過資本配置計畫來最大化我們的成長機會，並堅信其對長期策略計畫的貢獻率。本季末，我們擁有約 11.6 億美元的現金、現金等價物和短期投資，總槓桿約為過去 12 個月 EBITDA 總債務的 1.7 倍。

Now moving to guidance for the year 2025. As you may have seen in the press release, we have raised our operating margin and EPS expectations for 2025 and are holding rest of the world constant currency revenue growth at the range we provided in May. We've also increased our revenue expectations from China.

現在轉向 2025 年的指導。正如您可能在新聞稿中看到的那樣，我們已上調了 2025 年的營業利潤率和每股收益預期，並將世界其他地區的固定貨幣收入增長保持在我們 5 月份提供的範圍內。我們也提高了來自中國的收入預期。

Let me provide further details. Starting with revenue. We're raising our revenue guidance for the Greater China region by $25 million at the midpoint to approximately $200 million for the year. Although we remain restricted to export instruments into the country, we have seen resilience in consumables purchases and strong customer support that we believe will extend at least in part through Q3. For the rest of the world, we are reiterating our revenue guidance of growth between 0% to 2% on constant currency. Hence, we now anticipate total Illumina constant currency revenue decline to be in the range of minus 0.5% to minus 2.5%. Including FX changes, we now expect reported Illumina revenue in the range of $4.23 billion to $4.31 billion.

讓我提供進一步的細節。從收入開始。我們將大中華區全年營收預期中位數上調約 2,500 萬美元至 2 億美元。儘管我們仍然限制向該國出口儀器，但我們已經看到消耗品採購的彈性和強大的客戶支持，我們相信這種彈性至少會延續到第三季。對於世界其他地區，我們重申以固定匯率計算的 0% 至 2% 之間的收入成長預期。因此，我們現在預計 Illumina 的總固定匯率營收下降幅度將在 -0.5% 至 -2.5% 之間。包括外匯變化在內，我們現在預計 Illumina 的報告收入將在 42.3 億美元至 43.1 億美元之間。

Now shifting into our product assumptions. For rest of the world, we now expect sequencing consumables growth between 1% and 3%, up from flat to 2%, driven by strong sequencing activity from our clinical customers and aligning our guidance with our reported revenue to include the impact of pricing actions.

現在轉向我們的產品假設。對於世界其他地區，我們現在預計定序耗材成長率將在 1% 至 3% 之間，從持平到 2%，這得益於我們臨床客戶強勁的定序活動，並且我們的指導與我們報告的收入保持一致，以包括定價行動的影響。

With lowering our expectations for the rest of the world's sequencing instruments to a decline between 4% and 6% year-over-year, including the impact of pricing actions. This decrease is largely due to conservatism from our research customers that we saw towards the end of Q2, although we still expect demand for NovaSeq X instruments to slightly increase and low throughput growth driven by placements of the MiSeq i100, we have seen weakness in the throughput.

我們將對世界其他地區定序儀器的預期降低至年減 4% 至 6%，其中包括定價行動的影響。這種下降主要是因為我們在第二季末看到研究客戶的保守態度，儘管我們仍然預計對 NovaSeq X 儀器的需求會略有增加，並且受 MiSeq i100 的投放推動，吞吐量增長較低，但我們已經看到吞吐量有所減弱。

Now moving down the P&L. As previously communicated, the Illumina team is making good progress on our operational excellence initiatives and lowering our cost base. Our cost discipline as well as increased revenue driven migrated China outperformance and favorable FX rates has allowed us to raise our operating margin guidance by approximately 50 basis points to a range of 22% to 22.5%.

現在向下移動損益表。正如之前所傳達的，Illumina 團隊在卓越營運計劃和降低成本基礎方面取得了良好進展。我們的成本控制、收入增加以及中國業務的優異表現和有利的外匯匯率使我們能夠將營業利潤率預期提高約 50 個基點，至 22% 至 22.5% 的範圍。

Furthermore, earlier this month, new legislation were passed that allows US-based R&D spend to be tax deductible. Given the scale of Illumina's large US R&D base, we anticipate this will having a positive effect on our tax rate for 2025 and beyond. We now expect our '25 tax rate to be approximately 20%. Given our increased level of share repurchases, we now expect FY25 [Vaso] of approximately 157 million shares.

此外，本月早些時候，美國通過了一項新法案，允許美國的研發支出免稅。鑑於 Illumina 在美國龐大的研發基地規模，我們預計這將對我們 2025 年及以後的稅率產生正面影響。我們現在預計 25 年的稅率約為 20%。鑑於我們股票回購水準的提高，我們現在預計 25 財年 [Vaso] 的股票回購量約為 1.57 億股。

Bringing it all together, these developments have allowed us to raise our EPS guidance by $0.25 at the midpoint to a range of $4.45 to $4.55. Approximately $0.10 of this improvement is from tax changes, approximately $0.10 from China and the remainder from FX and operating margin improvements.

綜合以上因素，這些進展使我們能夠將每股收益預期中位數上調0.25美元，至4.45美元至4.55美元之間。其中約0.10美元的增幅來自稅收變化，約0.10美元來自中國市場，其餘則來自外匯和營業利潤率的改善。

To summarize, at the midpoint, our revised FY25 guidance reflects an increase in revenue of $50 million, an increase in op margin of 50 basis points and an increase in EPS of $0.25. Now moving to the third quarter of 2025. For the third quarter, we expect revenue outside the Greater China region to grow between 1% and 2% year-over-year on a constant currency basis and revenue in Greater China region between $35 million and $45 million. Together, we anticipate total Illumina constant currency revenue decline to be in the range of 1.5% to 2.5%.

總而言之，我們修訂後的2025財年指引中位數反映出營收增加5,000萬美元，營業利益率增加50個基點，每股盈餘增加0.25美元。現在，我們即將迎來2025年第三季。對於第三季度，我們預計大中華區以外地區的營收將以固定匯率計算年增 1% 至 2%，大中華區的營收將在 3,500 萬美元至 4,500 萬美元之間。整體而言，我們預期 Illumina 的總固定匯率營收下降幅度將介於 1.5% 至 2.5% 之間。

We expect non-GAAP operating margin of approximately 22%, non-GAAP tax rate to be approximately 16%, [Vaso] of approximately 155 million shares and non-GAAP earnings per share in the range of $1.15 to $1.19.

我們預計非公認會計準則營業利潤率約為 22%，非公認會計準則稅率約為 16%，[Vaso] 約為 1.55 億股，非公認會計準則每股收益在 1.15 美元至 1.19 美元之間。

For Q4, this implies an uptick in revenue, roughly half coming from usual seasonality in instrument purchases. We expect the remainder to come from a combination of data service offerings like AGD and new products like our proteomic solution.

對於第四季度而言，這意味著收入將有所增加，其中大約一半來自儀器購買的正常季節性。我們預計剩餘的收入將來自 AGD 等數據服務產品和我們的蛋白質體學解決方案等新產品的結合。

In closing, I want to express my continued appreciation to the Illumina team for their relentless focus on execution and delivering another quarter of progress towards our short- and long-term goals, which is allowing us to raise the guidance for the year. Thank you for joining our call today.

最後，我要繼續感謝 Illumina 團隊對執行的不懈關注，以及他們為我們的短期和長期目標帶來了另一個季度的進展，這使我們能夠提高今年的指導。感謝您今天參加我們的電話會議。

I will now invite the operator to open the line for Q&A.

現在我請接線生開立問答專線。

(Operator Instructions)

（操作員指示）

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Hey guys, thanks for taking my question and congrats on the French here and the execution. Just maybe my one question is on the guide change. If you could just give us a bridge here, right? It looks like instruments came down by $25 million, China up $25 million, maybe some was FX. What else -- like did consumables change?

嘿，大家好，謝謝你們回答我的問題，恭喜法國隊的表現和執行力。也許我的一個問題是關於指南的改變。如果你能在這裡給我們一座橋，對嗎？看起來儀器價格下跌了 2,500 萬美元，中國價格上漲了 2,500 萬美元，也許其中一部分是外匯。還有什麼──例如消耗品有什麼變化嗎？

Is there anything else changing on micro arrays? I think you mentioned new products here, Ankur. And maybe, Jacob, you can talk about new products and pipeline. How big of a deal is this? I feel like Street has not given enough attention on pipeline, but could this be more meaningful next year? Thank you.

微陣列還有其他變化嗎？我想你在這裡提到了新產品，Ankur。也許，雅各布，你可以談談新產品和新產品線。這是一件多大的事？我覺得 Street 對管道的關注還不夠，但明年這樣會更有意義嗎？謝謝。

Vijay, thank you very much, and thank you for your acknowledgment of our great quarter here. So you're absolutely right. We have a lot in our pipeline. And in fact, I did see the feedback from our early access customers here recently on both Constellation on five base and on our spatial solutions. And I would say we have got very, very strong feedback from all three products.

維傑，非常感謝您，也感謝您對我們本季出色表現的認可。所以你完全正確。我們還有很多準備工作。事實上，我最近確實看到了我們早期客戶對五基地星座和我們的空間解決方案的回饋。我想說的是，我們從這三種產品中得到了非常非常強烈的回饋。

Our customers are very happy to get access to this before. As you remind, earlier, we will probably more be launching it and get feedback from customers. Now we're engaging with them very early so we can get feedback on it, but they can also start to be excited about it and start to think about publication, but also making grants. So that is something that we believe will start to have an impact here already in '26. So we do believe that this will be an addition of growth starting from '26 and onwards.

我們的客戶很高興之前能夠獲得這項功能。正如您之前提醒的那樣，我們可能會更多地推出它並獲得客戶的反饋。現在我們很早就開始與他們接觸，以便我們可以獲得回饋，但他們也可以開始對此感到興奮並開始考慮出版，同時也考慮提供資助。因此，我們相信這將在 2026 年開始產生影響。因此，我們確實相信，從 26 年開始，這將是一個成長點。

Ankur?

安庫爾？

Yeah. Thanks, Jacob. And thanks, Vijay as well. So to your question about the ins and outs for the guide here. Let me tell you -- let me parse it into two different ways based on the question you were asking. So one is the guide is up because of FX as well as increase in China in aggregate.

是的。謝謝，雅各。也感謝 Vijay。所以對於您關於本指南的來龍去脈的問題。讓我告訴你——根據你提出的問題，我將其解析為兩種不同的方式。因此，一方面，指南上漲是由於外匯以及中國的整體成長。

The -- if you think about it from the rest of the world perspective, we are reducing our expectations on the instrumentation side based on just what we've seen in Q2 overall and primarily coming from the research market and the way we've seen the pipeline work through during the quarter.

如果你從世界其他地區的角度來考慮，我們根據第二季度整體的情況（主要來自研究市場以及我們在本季度看到的管道運作方式）降低了對儀器方面的預期。

But at the same time, the offset for that instrumentation is in consumables for the rest of the world. So we are increasing our expectations for the consumables business, which came in quite well in Q2 and as we see the pipeline for the rest of the year as well.

但同時，該儀器的補償是世界其他地區的消耗品。因此，我們提高了對消耗品業務的期望，該業務在第二季度表現相當不錯，我們也看到了今年剩餘時間的銷售情況。

The second part on your question was around services. There are two parts to that. One is we've talked about the data services business. If you recall last year, for the full year, we had about, say, $80 million to $90 million full year business in that data services side coming from our EGD consortium, which was slightly heavily weighted towards the first half of the year last year, which is, if you recall, I made a commentary during our earnings call last quarter to say that comparison becomes favorable for us in the back half of this year.

你的問題的第二部分是關於服務。這包括兩個部分。一是我們討論過數據服務業務。如果您還記得的話，去年全年，我們在數據服務方面的業務大約為 8000 萬至 9000 萬美元，這些業務來自我們的 EGD 財團，而去年上半年的業務量略大，也就是說，如果您還記得的話，我在上個季度的收益電話會議上曾說過，今年下半年的比較對我們有利。

We are anticipating some business in that space and potentially some of the new services that we're looking to launch here in the back half of the year. And if all goes well, we will talk about it when we get to our '26 guidance about what we anticipate from those services.

我們預計該領域將開展一些業務，並可能在今年下半年推出一些新服務。如果一切進展順利，我們將在製定 26 年指導方針時討論我們對這些服務的預期。

Subbu Nambi, Guggenheim.

蘇布南比 (Subbu Nambi)，古根漢美術館。

Hey guys, thank you for taking my question. Have you guys seen any change in customer behavior in anticipation of competition? How are you preparing for that possibility? As we look at the Roche platform, one attribute that seems hard for you to match based on the current engineering is probably turnaround time. So building off of Vijay's question, is there something in the pipeline that would allow you to be more competitive with a high throughput platform when it comes to turnaround time?

嘿夥計們，謝謝你們回答我的問題。你們是否看過客戶行為因預期競爭而有任何改變？您如何為這種可能性做準備？當我們觀察羅氏平台時，根據目前的工程設計，似乎很難匹配的一個屬性可能是周轉時間。那麼，根據 Vijay 的問題，在周轉時間方面，是否有一些計劃可以讓您在高吞吐量平台上更具競爭力？

Yeah. So Subbu, we definitely spend a lot of time thinking about competition. But I would say we spend even more time thinking about our customers and how we continue to serve them every day. And this is something that I saw coming into this company is that I think we could do a better job on engaging with our customers, as I mentioned before, engaging them on early access to our technology, sharing the road map and other things. So that's kind of what our main focus is to make sure that we are always supporting our customers.

是的。所以 Subbu，我們確實花了很多時間思考競爭。但我想說，我們花了更多的時間考慮我們的客戶以及我們如何繼續為他們服務。這是我加入這家公司後看到的，我認為我們可以更好地與客戶互動，正如我之前提到的，讓他們儘早使用我們的技術，分享路線圖和其他東西。因此，我們的主要關注點是確保我們始終為客戶提供支援。

Now we continue to innovate. We have the largest focus and the largest budget in this industry with -- from an R&D perspective. And as you can anticipate also, we have a lot of things going on. We have been out there speaking openly about what we are working on in the multiomics space. But clearly, we are not sharing everything we are doing also on our instrumentations to address what we believe are the main growth markets going forward. So this particularly is in the clinical space, also in the decentralized space.

現在我們繼續創新。從研發角度來看，我們在這個行業中擁有最大的關注度和最大的預算。正如您所預料的，我們有很多事情要做。我們一直在公開談論我們在多組學領域的研究工作。但顯然，我們不會分享我們在儀器方面所做的一切，以解決我們認為未來的主要成長市場。因此這尤其適用於臨床領域，也適用於分散領域。

We are looking to the attributes. We are working a lot with our customers to understand also what are the attributes they're looking for. And you're right, there are customer base that are looking for fast turnaround time. This is a niche market in the NICU where you need to have a very fast result out and you will compromise, maybe in the ease of use or even the quality of sequencing.

我們正在尋找屬性。我們與客戶進行了大量合作，以了解他們正在尋找的屬性。你說得對，確實有客戶群在尋求快速的周轉時間。這是新生兒加護病房 (NICU) 中的一個利基市場，您需要非常快速地獲得結果，並且可能會在易用性甚至定序品質方面做出妥協。

But if you look for the vast majority, here, we are looking in where an overnight run is more than reasonable and you can get all the information you want out. So that's the market we are focusing on, and our technology is very powerful to support that part of the business. And in the end, our focus will be the highest quality insight for the lowest end-to-end, independent on what customer we are addressing.

但如果你尋找絕大多數，我們在這裡尋找的是通宵運行是合理的，你可以得到你想要的所有資訊。這就是我們關注的市場，我們的技術非常強大，可以支援這部分業務。最後，我們的重點將是為最低端到端客戶提供最高品質的洞察，而不管我們針對的是哪個客戶。

Puneet Souda, Lerin.

普尼特·蘇達，萊林。

Yeah,hi, Jacob, Ankur, thanks for taking my questions. So just wondering, did you see any pull forward from the customers in the quarter we were hearing some of the customers were stocking ahead of the tariffs in EBIT during May and April as well. And then just wondering, when you think about the customers on the clinical side, what are you hearing from some of your larger customers, the clinical transition rate here is slow, but this is more in line with what you had expected for the X transition, I mean.

是的，你好，Jacob、Ankur，謝謝你們回答我的問題。所以我只是想知道，您是否看到本季度客戶有任何提前採購的跡象，我們聽說一些客戶在 5 月和 4 月的息稅前利潤 (EBIT) 關稅之前就已經在囤貨。然後我只是想知道，當您考慮臨床方面的客戶時，您從一些較大的客戶那裡聽到了什麼，這裡的臨床轉變率很慢，但這更符合您對 X 轉變的預期，我的意思是。

Just trying to understand what are some of the larger customers with large fleets of X -- large fleet of 6,000 telling you about transition to X. I think the question there is, could that transition happen aggressively in the second half? And what are you hearing from those customers? Thank you.

只是想了解一些擁有大型 X 機隊的大客戶——大型 6,000 架飛機的機隊告訴你有關向 X 過渡的情況。我認為這裡的問題是，這種過渡會在下半年積極發生嗎？您從這些客戶聽到了什麼？謝謝。

Yeah. So let me start to address the first one about whether we saw any pull forward. We didn't. We saw to that extent, a normal quarter. What we do see is that we have increased backlog that in the beginning when we launched the X, obviously, many customers needed to test out and started to validate and it was unclear what volume they -- and when they would shift that over.

是的。因此，讓我先討論第一個問題，即我們是否看到了任何進展。我們沒有。從這個程度上來說，我們看到了一個正常的季度。我們確實看到，在我們推出 X 之初，積壓訂單有所增加，顯然，許多客戶需要進行測試並開始驗證，但不清楚他們的數量以及何時會轉移這些數量。

So in that sense, it was more from hand to mouth so to say, from an order perspective. Now many of our customers feel very comfortable in running the X and running that in manufacturing mode or in production mode. And that also means that they can better plan which is now showing up in a higher backlog. So that is where we expect it to be.

因此從這個意義上來說，從訂單的角度來看，這更像是一種勉強糊口的行為。現在，我們的許多客戶對於運行 X 以及在製造模式或生產模式下運作感到非常舒適。這也意味著他們可以進行更好的規劃，而現在積壓的工作量已經增加。這就是我們所期望的。

As you mentioned, we continue to see the transition to the X happening. But again, if you go down, if you dig down into the individual customer level, there are, of course, each customer have the plans. They want to validate. They want to make sure they can -- and you can see many of our clinical customers are growing very rapidly. So they do not want to compromise that growth.

正如您所提到的，我們繼續看到向 X 的轉變。但是，如果你深入個人客戶層面，你會發現，每個客戶當然都有自己的計畫。他們想要驗證。他們希望確保自己能夠——而且你可以看到我們的許多臨床客戶正在快速成長。所以他們不想損害這種成長。

So they are very, you can say, they have a very clear program for when they want to move it over. And there's no cliff happening where everything is moved over in one quarter or another quarter. but it will happen for our customers saying, now it's time for us to shift over.

所以你可以說，他們對於何時將其轉移有一個非常明確的計劃。並且不會發生懸崖現象，即在一個季度或另一個季度內一切都發生轉變。但對於我們的客戶來說，情況會有所不同，他們會說，現在是我們轉變的時候了。

And then you will see them that customer rapidly move over an assay or and a number of assays. So we expect that to happen fluently here. That will be maybe a quarter that will be a little higher, maybe a quarter, that would be a little over from a transition perspective, but we don't see any cliff happening anytime soon here at all.

然後你會看到客戶快速地完成一個或多個分析。因此我們希望這一切能夠順利實現。這個季度可能稍微高一點，也可能從過渡的角度來看稍微高一點，但我們看不到任何懸崖現像在短期內出現。

Doug Schenkel, Wolfe.

道格·申克爾，沃爾夫。

Good afternoon. Thank you for taking my question. So, I believe your guidance implies the company will generate about 2 points of revenue growth in the fourth quarter, excluding China, which would be the highest rate in at least two years, assuming I have that right. So, my first question is, well, do I have that right? And if so, what's the significance of that in the context of thinking of some of the pricing issues and other things that you've been working through over the last couple of years.

午安.感謝您回答我的問題。因此，我相信您的指導意味著該公司第四季度的收入（不包括中國）將實現約 2 個百分點的成長，這將是至少兩年來的最高成長率，如果我沒有記錯的話。所以，我的第一個問題是，我這樣做對嗎？如果是的話，那麼在考慮過去幾年中您一直在解決的一些定價問題和其他問題時，這有什麼意義呢？

And then secondly, building off of that, and if I may, just make three key observations heading into the question. One, exiting 2025, global research will be under 40% of sales, which still could decline given the NIH backdrop in 2026. Even recognizing some of the good news we got out of the Senate today. But on a weighted basis, even recognizing maybe it's not going to be as bad as feared, that could be a 2 to 3 point headwind next year.

其次，在此基礎上，如果可以的話，我對這個問題提出三個關鍵的觀察。首先，到 2025 年，全球研究支出將佔銷售額的 40% 以下，考慮到 2026 年 NIH 的背景，這一比例仍可能下降。甚至承認我們今天從參議院得到的一些好消息。但從加權角度來看，即使承認情況可能不會像人們擔心的那麼糟糕，但明年仍可能面臨 2 到 3 個百分點的阻力。

Second, China could remain under pressure, but China could be down to around 2% of sales exiting the year. So whether it's a good guy or a bad guy, it's getting small. And then third, a clear good news, a clear good guy is clinical will be over 60% of sales growing double digits with much higher volume offset by some pricing.

其次，中國仍可能面臨壓力，但今年底中國的銷售額可能會下降至 2% 左右。所以不管是好人還是壞人，規模都越來越小。第三，一個明顯的好消息，一個明顯的好消息是臨床銷售額將超過 60% 的成長兩位數，而更高的銷售量將被一些定價所抵消。

So on a weighted basis, that could grow 6 points you got maybe a 2- to 3-point growth headwind when it comes to the research end market. Mathematically, when I blend these things, it seems like you should be able to grow core revenue low single digits and maybe even mid-single digits, excluding China next year. Is this a reasonable framework as we sit here today?

因此，從加權角度來看，這一數字可能會增加 6 個百分點，而當涉及研究終端市場時，您可能會遇到 2 到 3 個百分點的成長阻力。從數學上講，當我把這些因素綜合起來時，似乎明年核心收入（不包括中國）應該能夠成長低個位數，甚至中等個位數。就我們今天坐在這裡而言，這是一個合理的框架嗎？

And is there anything else you'd want us to contemplate as we're updating our models, whether it's upside contribution from pipeline, some caution when it comes to competition. Anything would be helpful on all of these fronts. Thank you.

在我們更新模型時，您是否也希望我們考慮其他事項，無論是來自管道的上行貢獻，還是在競爭方面需要注意的一些事項。任何事情對於所有這些方面都會有幫助。謝謝。

Yes. Thanks, Doug. And that was a long question to really ask me whether I'm providing some guidance on '26, which I think is a little too early. We are very much focusing on executing here on the business here for '25 and -- but we do see good momentum.

是的。謝謝，道格。這是一個很長的問題，實際上是問我是否對 26 年提供了一些指導，我認為這有點太早了。我們非常注重執行 25 年的業務——但我們確實看到了良好的勢頭。

And what I will leave you with here is that we are -- as we mentioned also last year, when we put out our strategy is that we expect ourselves, and we expect that the X transition is the main driver for growth over the next period of time.

我在這裡要告訴你們的是，正如我們去年提到的那樣，當我們提出我們的策略時，我們期望自己，我們期望 X 轉型成為未來一段時間成長的主要動力。

And it will be the one that that, we thereby start to step into growth. And thereby, we expect '26 to look better than '25 and '27 look better than '26, that's kind of in the logic of things. As you also mentioned that, of course, in and out. But our main growth driver will be going forward also in the clinical space.

正是這樣，我們才開始步入成長。因此，我們預期 26 年的表現會比 25 年更好，而 27 年的表現會比 26 年更好，這在某種程度上是符合邏輯的。正如您所提到的，當然，進進出出。但我們的主要成長動力仍將是臨床領域。

And I think that is very much supported by the evidence of all our clinical customers of the result they are showing and we continue to see that the X will be the main driver of this. We also expect that multiomics will still start to add some at least 1% point of growth here coming into '26, '27, probably more '27 level.

我認為，我們所有臨床客戶所展示的結果都充分證明了這一點，我們將繼續看到 X 成為這一目標的主要驅動力。我們也預計，到 26 年、27 年，甚至可能到 27 年，多組學仍將開始增加至少 1% 的成長點。

So that's where we are today, but we are -- we do believe that the future is very exciting. The markets we are serving are large, yes, there will be ins and outs. And we will be focusing on our-- the business that we can fully control, which is, of course, more than 95% of our business which is outside China.

這就是我們今天的狀況，但我們確實相信未來非常令人興奮。我們所服務的市場很大，是的，會有進有出。我們將專注於我們能夠完全控制的業務，當然，這占我們 95% 以上的業務都在中國以外。

Eve Burstein, Bernstein.

伊芙·伯斯坦，伯恩斯坦。

Hi there. Good afternoon. Thanks so much for taking the question. Following up on one of your answers, you said that you didn't see any pull forward in advance of tariffs. But what about the China consumables? How much of that, if any, was pulled forward, maybe in advance of from current customers worried about potentially not being able to buy more consumables in the not-so-distant future. And to that point, is it fair to say that your guidance increase for China could be quite specific to 2025 and not necessarily a sign of an improving outlook for 2026.

你好呀。午安.非常感謝您回答這個問題。根據您的一個回答，您說您沒有看到關稅前有任何提前行動。但中國消耗品的情況如何？其中有多少（如果有的話）是提前進行的，也許是因為現有客戶擔心在不久的將來可能無法購買更多的消耗品。那麼，是否可以公平地說，您對中國的指導性成長可能具體到 2025 年，而不一定預示著 2026 年的前景會改善。

Yeah. Look, so let me go back and talk about China, even though I do not like to spend too much time on a very small part of our business. But just to put it in context here is that, we -- I'm very pleased with what I see, Jenny, our General Manager in China and the Chinese team, what they're doing. They're doing amazing job to support our customers out there. And I think it speaks volume also that we continue to see a lot of interest from our customers.

是的。瞧，那麼讓我回過頭來談談中國，儘管我不喜歡在我們業務的很小一部分上花太多時間。但在這裡，我要說的是，我對我們所看到的，我們的中國區總經理珍妮和中國團隊所做的事情感到非常滿意。他們為我們的客戶提供出色的支援。我認為這也充分說明了我們繼續看到客戶對我們表現出濃厚的興趣。

And I think the feedback we're getting from customers is that they really want us to stay in China based on the high quality we provide, the innovations and, of course, the ecosystem that is very important for the Chinese customers also. So we do see a lot of interest for them.

我認為我們從客戶那裡得到的回饋是，他們真的希望我們留在中國，因為我們提供的高品質產品、創新能力，當然還有對中國客戶也非常重要的生態系統。所以我們確實看到他們對此很感興趣。

But as you also mentioned, overall, under the current circumstances, the situation is unsustainable. So we continue to work very diligently with the regulators to get a resolution. From a pull-forward perspective, I think we saw some of that maybe in the first quarter. But I don't -- we don't see that right now. I think we're more into a natural run rate for the business, and that's also what we have. So we feel good about how we have guided for China.

但正如您所說，總體而言，在當前情況下，這種情況是不可持續的。因此，我們將繼續與監管機構密切合作，尋求解決方案。從前瞻性的角度來看，我認為我們可能在第一季就看到了一些這樣的情況。但我沒有——我們現在沒有看到這一點。我認為我們更注重業務的自然運作率，這也是我們所擁有的。因此，我們對為中國提供的指導感到滿意。

Ankur?

安庫爾？

Yes, Eve, I would add only a couple of things. So thanks, Jacob. Pull forward in the rest of the world outside China, really not much of a pull forward. We did see good orders. Just a reminder, but our largest part of the business, which is high throughput consumables and X, there is a limited shelf life. So the pull forward really cannot be significant. We saw orders for future shipping, but not necessarily a pull forward in shipments during Q2.

是的，伊芙，我只想補充幾點。所以謝謝你，雅各。拉動中國以外的世界其他地區，實際上並沒有太大的拉動。我們確實看到了良好的訂單。提醒一下，但我們業務中最大的部分是高通量消耗品和 X，保質期是有限的。因此，向前拉動實際上並不顯著。我們看到了未來出貨的訂單，但第二季的出貨量不一定會提前。

And to your second part about China, as Jacob said, we are in discussion, but the raise of guidance in China for Q3, you're right, we're not thinking about it for the long term. It is for the current quarter. Our working model there, as Jacob was saying, is we're in discussion with the authorities to get to a constructive resolution here for the long run.

關於您提到的第二部分關於中國的問題，正如雅各布所說，我們正在討論，但對於中國第三季度業績指引的提高，您說得對，我們並沒有考慮長期問題。這是目前季度的數據。正如雅各所說，我們的工作模式是與當局進行討論，以達成長期建設性的解決方案。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

Hi, thanks for taking the question and congrats on a good quarter here. So I want to stay with the clinical cliff. I know that clinical has been a great market actually for you the last three years relative to academics. So -- but maybe there is a little bit of some uncertainty from some investors. So can you talk about spending patterns that you've seen from clinical customers and maybe even isolate some that have had it since the very beginning, the first year and what their spending has looked like as we look now into Q3? And if there's any granularity in terms of customer transition patterns like their entire fleet versus a portion of their fleet and how that's kind of impacting spending in clinical.

你好，感謝您回答這個問題，並祝賀本季度取得了良好的業績。所以我想留在臨床懸崖。我知道，相對於學術領域而言，過去三年臨床領域對你們來說其實是一個龐大的市場。所以——但也許有些投資者存在一些不確定性。那麼，您能否談談您從臨床客戶那裡看到的消費模式，甚至可以單獨列舉一些從一開始就擁有這種模式的客戶，第一年，以及我們現在看到的第三季度他們的支出情況如何？如果在客戶轉型模式方面有任何細節，例如他們的整個車隊與部分車隊，以及這對臨床支出有何影響。

And secondly, and just in this transition, you've also mentioned this is critical. It only went from 43% to 44% of the volume on X. If you have a big jump in X in the back half of the year driven by clinical, why wouldn't that see a revenue drop there? So, thank you for taking question.

其次，您也提到，在這個轉變過程中，這一點至關重要。它僅從 X 的 43% 增長到了 44%。如果在下半年，由於臨床的推動，X 出現了大幅成長，那麼為什麼收入不會下降？感謝您提出這個問題。

Okay. Dave, thanks, at. So overall, let me start with just positioning this a little bit, and then we can have Ankur digging further into the details. But you're absolutely right that the clinical part of our business is very strong. And I truly believe this has continued to be a strong market for us for the foreseeable future, which is quite far out there.

好的。戴夫，謝謝。總的來說，我先來稍微定位一下，然後我們可以讓 Ankur 進一步深入細節。但您說得完全正確，我們的臨床業務非常強大。我堅信，在可預見的未來，這對我們來說仍將是一個強勁的市場，還有很長的路要走。

The markets are very attractive. We continue to see a lot of opportunities in the oncology space. As we all know, there's a lot going on, on the therapy selection is part of it. But -- and we're just opening up for the MRD, and of course, in the end screening will also be meaningful eventually.

這些市場非常有吸引力。我們繼續看到腫瘤學領域的許多機會。眾所周知，有很多事情要做，治療選擇是其中的一部分。但 — — 我們只是為 MRD 開放，當然，最終篩檢也將是有意義的。

So that's a long horizon on the opportunity in the clinical oncology space. And actually, in the genetic disease testing area also rare diseases and others where we see a lot of interest, both to expand rare disease testing for broader part of the population.

因此，這是臨床腫瘤學領域的長期機會。實際上，在遺傳疾病檢測領域，我們也對罕見疾病和其他疾病表現出濃厚的興趣，希望能夠擴大罕見疾病的檢測範圍，使其涵蓋更廣泛的人群。

Rare disease is not a strategy we think and then also shifting into newborn screening, which is going to be a large opportunity going forward. So we absolutely agree that there is big opportunities in the clinical space and will be a main driver for the Illumina going forward.

我們認為罕見疾病不是一種策略，然後轉向新生兒篩檢，這將是未來的一個巨大的機會。因此，我們完全同意臨床領域存在巨大機遇，並將成為 Illumina 未來發展的主要驅動力。

Now as you mentioned down into the details about what the transition looks like. I'll start by saying that overall, most customers, if they have been on the 6-K, they are making a decision that when they shift over to the X that mostly, most of the time, they are not only just trying to reduce the cost of the test, they are actually trying to expand the test. This is a very and highly competitive environment. So for many of our customers, it's about to stay competitive. And the way you do that is to provide even better assays for your customers. And that is by expanding them and providing more insights.

現在正如您所提到的，我們來詳細了解轉變是什麼樣的。首先我想說的是，總體而言，大多數客戶，如果他們已經使用過 6-K，那麼當他們轉向 X 時，他們就會做出決定，大多數情況下，他們不僅僅是試圖降低測試成本，他們實際上也在試圖擴大測試範圍。這是一個競爭非常激烈的環境。因此對於我們的許多客戶來說，我們必須保持競爭力。而您這樣做的目的是為您的客戶提供更好的檢測。那就是透過擴展它們並提供更多見解。

Secondly, there are customers that will stay on the 6-K until the end of life, so to say, for the assay, where they feel like they maybe have two years more end of life, and it's simply from a financial perspective, it doesn't make sense for them to spend the energy and the investment to shift it over to the X. So that's on the highest level of the transition.

其次，有些客戶會一直使用 6-K 直到其使用壽命結束，也就是說，就分析而言，他們覺得自己的使用壽命可能還有兩年，從財務角度來看，他們沒有必要花費精力和投資將其轉移到 X。所以這是轉變的最高層次。

Ankur, do you have the?

Ankur，你有嗎？

No, I think that's fairly good, Jacob. The -- it's not an overnight change. It takes validation, and it's a step-by-step process. And Dave, you've -- we've seen in the past as well, the transition quarter-to-quarter has not been a linear line. It is lumpy, some moves in a quarter, some doesn't. So I'm not reading a whole lot into this or to say that we certainly have a big material change coming here within the next couple of quarters either.

不，我認為這相當不錯，雅各。這——這不是一夜之間發生的改變。它需要驗證，並且是一個逐步的過程。戴夫，我們過去也看到過，季度間的轉變並不是一條直線。它是不均勻的，有些在一個季度內移動，有些則沒有。因此，我不會對此進行過多的解讀，也不會說我們在接下來的幾季內肯定會發生重大的實質變化。

Our goal still has been that overall, the volume, 75% of the volume shifts to X in the back half of the year or in the half two of this year based on what we see in this quarter, it might be more towards latter part of Q4. But then again, it will be lumpy quarter to quarter

我們的目標仍然是，總體而言，根據我們本季看到的情況，75％的交易量將在今年下半年或今年上半年轉移到 X，可能更多地是在第四季度後半段。但話又說回來，季度與季度之間會存在波動

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. Understanding your instrument guidance overall here, how do you think -- how should we think about the trajectory of X placements for the rest of the year. I'm asking because with excess as a percentage of high throughput revenues, it only increased by 1%. You went from 43% to 44% this past quarter. So how do we get comfortable? You can hit 50% by the end of the year.

嘿，謝謝。了解您在這裡的整體儀器指導，您認為我們應該如何看待今年剩餘時間 X 位置的軌跡。我之所以問這個問題，是因為超額部分佔高吞吐量收入的百分比只增加了 1%。上個季度，這一比例從 43% 上升到了 44%。那我們要如何才能感到舒適呢？到年底你可以達到50%。

And then can you also comment on what percentage of customers are now getting 30B reads. I know you introduced software to enable that, but that would have, I would think, some implications on consumable -- and then just on operating margins, you were much better than expected. Was that all tariff unwind or from the cost-out programs or both? Thanks.

然後，您能否評論一下現在有多少比例的客戶獲得了 300 億次閱讀量？我知道您引入了軟體來實現這一點，但我認為這會對消耗品產生一些影響 - 然後僅在營業利潤率方面，您的表現比預期要好得多。這是所有關稅取消的原因還是成本削減計劃的原因，或者兩者兼而有之？謝謝。

Hey Tycho, were you asking about the 10 B reads or sorry, what was that.

嘿 Tycho，你問的是 10 B 讀數嗎？抱歉，那是什麼。

Yeah. The version 1.3 software release from last year. But the main question is about X placements.

是的。該軟體版本 1.3 於去年發布。但主要問題是關於 X 位置。

Yeah. So let me start there on the X placement is a reminder also that -- I would like to remind you also that we have very strong placements in Q4 with more than 90 placements and also into Q1, where we also had 60 placements.

是的。因此，讓我從 X 展示位置開始，這也是一個提醒——我還想提醒您，我們在第四季度的展示位置非常強大，有超過 90 個展示位置，並且在第一季度，我們也有 60 個展示位置。

So -- many of those customers that purchased and where we installed X are still using that, especially in the clinical space, where we had the vast majority of instruments being placed are still using and bringing them into the production.

因此，許多購買了我們 X 並安裝了 X 的客戶仍在使用它，特別是在臨床領域，我們放置的絕大多數儀器仍在使用並投入生產。

So you ask you will likely see that also have a meaningful impact here in the second half of the year. Now this won't be a cliff at all, but it will be also you will continue to see the shift of the X transition. For the rest of the year, we -- as we guided before, we still believe that there is on an average basis, that's between 15 to 16 instrument being placed per quarter.

因此，您可能會發現，這也會對下半年產生重大影響。現在這根本不是一個懸崖，但它也將是，你將繼續看到 X 轉變的轉變。對於今年剩餘時間，我們 — — 正如我們之前所指導的那樣，我們仍然相信平均每季將投放 15 到 16 種工具。

And there is an opportunity potential to see more instruments being placed in the fourth quarter depending on how we see budgets coming to full situation here. On the flow service self, you're right that with the 1.3 release of our software, we did a lot of work to improve, and we will continue to do that on our customer experience. And a part of that was also to improve some of the yield in the 25B, but we are not committing to 30B at this point.

並且，根據我們如何看待這裡的預算達到滿額狀態，我們有可能在第四季度看到更多的工具被投入使用。關於流程服務本身，您說得對，隨著我們軟體 1.3 版本的發布，我們做了很多改進工作，並且我們將繼續在客戶體驗方面繼續這樣做。其中一部分也是為了提高 25B 的部分產量，但目前我們還沒有承諾提高 30B 的產量。

And then I'll cover the operating margin side, Tycho, bulk of the operating margin improvement was based on the cost actions that we -- some of them from last year and then some based on the actions we took in the early part of the year here beginning to get reflected in the P&L. The tariff side, we've started to work on it and beginning to see a pathway towards reducing the impact of tariffs.

然後我將介紹營業利潤率方面，Tycho，營業利潤率的提高很大程度上是基於我們的成本行動 — — 其中一些是去年採取的，還有一些是基於我們在今年年初採取的行動，這些行動開始反映在損益表中。在關稅方面，我們已經開始著手解決，並開始看到減少關稅影響的途徑。

Not much of that was in our Q2 results per se. We think in the latter half of the year and certainly, early '26, we'll begin to see some of those benefits begin to come through. But not in Q2, as I said during my call, we expect our OpEx to kind of run at that lower level, reflecting almost over $100 million annualized improvement in our OpEx right now based on what you're seeing in Q2. So that's a structural change that we have gone through in our cost structure, which obviously should set us up well for much better operating leverage going forward as revenue returns to growth.

我們第二季的業績本身並沒有反映出太多這一點。我們認為，在今年下半年，當然是 26 年初，我們將開始看到其中一些好處開始顯現。但第二季度並非如此，正如我在電話會議中所說，我們預計我們的營運支出將保持在較低水平，根據您在第二季度看到的情況，這反映出我們目前的營運支出年化改善幅度接近 1 億美元。這是我們成本結構經歷的結構性變化，隨著收入恢復成長，這顯然為我們未來更好的營運槓桿奠定了基礎。

Kyle Mikson, Cannacord.

凱爾米克森（Kyle Mikson），Cannacord。

Yeah, hey guys, thanks for the questions. Nice quarter. On the growth framework. Jacob, you talked about in the past, I think like volume growth in the 20% to 30% range, price decreases as well in the mid-teens. I just was wondering if you could size how much of that volume growth will be from clinical risk research. I know there were some data points and assumptions that were talked about earlier. I just would love to hear your thoughts on that.

是的，嘿夥計們，謝謝你們的提問。不錯的季度。關於成長框架。雅各布，您之前談過，我認為銷量成長在 20% 到 30% 之間，價格也會下降到十五六個百分點。我只是想知道您是否可以估算其中有多少增長量來自臨床風險研究。我知道之前討論過一些數據點和假設。我只是想聽聽你對此的看法。

And then second, do you have the cushion to push price lower if you have to, if and when new competitive threats enter the fold, i.e. that the Roche kind of unveils its pricing. Thanks.

其次，如果出現新的競爭威脅，即羅氏公司公佈其定價時，您是否有足夠的緩衝來降低價格？謝謝。

Yeah. So we continue to see, as we mentioned also in the prepared remarks, we continue to see strong volume growth with our customers. And if you dig a little bit deeper into into this quarter, I think it should be obvious also that clinical was stronger than the research segment. So that was as anticipated because of all the (inaudible) with NIH and other types of funding right now.

是的。因此，正如我們在準備好的評論中提到的那樣，我們繼續看到客戶的銷售強勁成長。如果你深入研究本季的情況，我認為很明顯，臨床表現比研究部分更強。這是意料之中的，因為目前 NIH 和其他類型的資金都很充足。

But I think that's -- while it's been a little more -- a little bigger difference this time around, I think we do expect that we will see clinical growth be stronger on the long horizon, simply because the opportunity there is larger.

但我認為，雖然這次的差異有點大，但我認為我們確實預計從長遠來看臨床成長會更加強勁，因為那裡的機會更大。

While we do actually think that when we see multiomic starting to really take off that, that will also start to improve on the research side of things. But that might be a few -- a little further ahead in our strategic planning period here.

而我們確實認為，當我們看到多組學開始真正起飛時，研究方面的事情也將開始改善。但這可能只是少數——在我們的策略規劃期內還要再進一步。

I think on the pricing perspective, we are still very stable and we are within the expected range of the pricing decline we are seeing on what we can do on pricing, look, I mean, we want to make sure we always understand our customer and what they can -- what they need in order to optimize their performance.

我認為從定價的角度來看，我們仍然非常穩定，而且我們在價格下降的預期範圍內，我們看到了我們在定價方面可以做的事情，我的意思是，我們希望確保我們始終了解我們的客戶以及他們可以做什麼 - 他們需要什麼以優化他們的表現。

And we, of course, we are also having a conversation about if there are new applications that can be opened up by differentiating in pricing. So that is something we always will have with our customers. I think there's a saying out there that there might be other -- there might be competition that have a lower pricing, but in most circumstances, Illumina had the best cost structure. So we will always be able to compete if we choose to do so on pricing.

當然，我們也在討論是否可以透過差異化定價來開拓新的應用。因此，這是我們始終與客戶保持的聯繫。我認為有這樣一種說法，可能還有其他說法——可能存在定價較低的競爭對手，但在大多數情況下，Illumina 擁有最佳的成本結構。因此，如果我們選擇在定價上進行競爭，我們將始終能夠參與競爭。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Hi guys, thanks for the questions. I was having some on (multiple speakers) issues. So, apologies if you touched on this already, but can you just talk a little bit about GB growth from here and high throughput? Do you think you can stay in that 30% range in 3Q and 4Q? And if so, does that mean that we can still feel okay about that framework for 2026 that you've laid out sort of mid-20s GB growth and then a mid-teens pricing headwind as an offset. Thanks.

大家好，感謝您的提問。我遇到了一些有關（多個發言者）的問題。因此，如果您已經談到這一點，請原諒，但您能否從現在開始談 GB 的成長和高吞吐量？您認為第三季和第四季的成長率能維持在 30% 左右嗎？如果是這樣，這是否意味著我們仍然可以對 2026 年的框架感到滿意，即您列出的 20 年代中期的 GB 增長和十幾歲的定價逆風作為抵消。謝謝。

Okay. Yeah, good question, Dan. So we usually get that as part of the script, I talk about two things. One, generally to talk about the connected instruments, and when we look at our runs on those connected instruments in high throughput, that was above 30% overall. The dynamic that we saw during the quarter was clinical, as we've been talking about, remain quite strong, but we did see some slowdown on the research side, especially in the US broader research side of the things, which was as anticipated, given everything that's going on in that space from a funding environment perspective.

好的。是的，丹，問得好。因此，我們通常將其作為腳本的一部分，我將談論兩件事。首先，一般來說，談論連接的儀器，當我們觀察這些連接的儀器在高吞吐量上的運作時，總體上超過了 30%。正如我們一直在談論的，我們在本季度看到的動態是臨床性的，仍然相當強勁，但我們確實看到研究方面的一些放緩，特別是在美國更廣泛的研究方面，考慮到從融資環境角度來看該領域正在發生的一切，這是意料之中的。

Looking forward, do I anticipate that it can stay above the 30% mark. We think so. I think the clinical specifically and also at least rest of the world outside China, although China hasn't been connected, staying above 30%.

展望未來，我預計它能否維持在 30% 以上？我們是這樣認為的。我認為臨床情況尤其如此，至少在中國以外的世界其他地區也是如此，儘管中國尚未連網，但仍保持在 30% 以上。

There's still several structural support that is coming in terms of especially MRD being a very attractive space. We've also seen during the quarter a good movement on the reimbursement side in the genetic disease side of tests and otherwise. So we are seeing the adoption of whole genome gaining traction even from a reimbursement perspective. So they're not good structural developments, especially on the clinical side of things that can drive the GB growth.

仍有幾個結構性支持即將出現，特別是 MRD 是一個非常有吸引力的領域。本季度，我們也看到遺傳疾病檢測及其他方面的報銷情況良好。因此，即使從報銷的角度來看，我們也看到全基因組的採用正在獲得關注。因此，它們並不是好的結構性發展，特別是在可以推動 GB 成長的臨床方面。

On the research side of things, I think our play with the proteomics should be a net new incremental from a sequencing perspective. So as we close the deal or we launched the IPP here that tool also attempts to bring some of the proteomics into the sequencing side of the business. It has always been heavily on the mass spec side as a market. But as we bring that into the sequencing ecosystem, that's another additional area that we're adding into the sequencing ecosystem.

在研究方面，我認為從定序的角度來看，我們在蛋白質體學方面的研究應該是一個新的增量。因此，當我們完成交易或在這裡推出 IPP 時，該工具也會嘗試將一些蛋白質體學引入業務的定序方面。作為一個市場，它一直主要關注質譜方面。但當我們將其納入定序生態系統時，這是我們在定序生態系統中添加的另一個額外領域。

But then just to take a step at this also just to highlight is that I think we mentioned this before, and I still stay with this is that the opportunity in this space is tremendous. And the activity in this space continues to be very, very strong. So I don't see why there would be any reason for not continuing with a very strong growth. (inaudible), this will shift a little bit quarter-to-quarter. But if you look at the long horizon, the opportunity in this space is very, very solid.

但是，為了進一步強調這一點，我想我們之前提到過這一點，我仍然堅持這個領域的機會是巨大的。這個領域的活動持續非常非常活躍。所以我不明白為什麼沒有理由不繼續保持強勁的成長勢頭。 （聽不清楚），這種情況每季都會有一點變化。但如果從長遠來看，這個領域的機會非常非常堅實。

And we're seeing that in both, as we mentioned before, oncology genetic disease testing. But the -- the next thing that will happen is that you will look into new areas that we haven't really focused on right now, cardiovascular, neuro diseases and other things. So, this is -- this will be a long term with a very strong growth opportunity.

正如我們之前提到的，我們在腫瘤遺傳疾病檢測中看到了這一點。但接下來會發生的事情是，你會研究我們目前還沒有真正關注的新領域，心血管疾病、神經疾病和其他疾病。所以，這將是一個長期且非常強勁的成長機會。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Great, thank you for taking the questions. Maybe just a couple. Maybe on the mid-throughput, I think Ankur, you made a comment when you updated the guide about the throughput trends, maybe not as robust. Can you speak to that, the market maybe competition -- and then on the earnings raise for the R&D expensing, is that just on a go-forward basis? Or is that retroactive to the beginning of the year?

太好了，謝謝你回答這些問題。也許只是一對。也許在中間吞吐量上，我認為 Ankur，您在更新有關吞吐量趨勢的指南時發表了評論，可能不那麼強勁。您能否談談這一點，市場可能是競爭 - 然後關於研發費用的收益增長，這只是向前發展的基礎嗎？或者說這是從年初開始的？

And just wondering if you kind of baked in the full amount -- and then the final point would just be, can you just remind us on the broader US economic kind of customer base? I know you've given us some color in the past. What's kind of assumed now in the full year guide from a revenue standpoint year-over-year and kind of how has that changed with the updated guide? Thank you.

我只是想知道您是否已經考慮到了全部金額——最後一點是，您能否提醒我們一下更廣泛的美國經濟客戶群？我知道你過去曾經帶給我們一些色彩。從收入角度來看，全年指南中現在的假設是什麼？更新後的指南有何變化？謝謝。

So then I'll start talking about the mid throughput here. And just to put it in perspective, most of our high throughput customers, when they purchase an X, they do that to run high volume and with high utilization. And they do that in a production like large X. So they know when they buy one that they want to run it every day in and out. When you look into the mid-throughput segment, which are much stronger associated with the research space.

那我將開始討論這裡的中間吞吐量。換個角度來看，我們大多數的高吞吐量客戶在購買 X 時都是為了實現高容量和高利用率。他們在像大型 X 這樣的生產中這樣做。所以他們知道，當他們購買一台時，他們想要每天運行它。當你研究中通量部分時，你會發現它與研究領域的連結更為緊密。

I think we have approximately 75% of that business, the 1-K, 2-K business sitting there. These are more project-based. And thereby also, there's a consideration when they are some conservative built in for the different companies or even from the academic institutions, they are pushing out the decision to acquire new instruments. And we are seeing that, that the decision-making process is taking longer time.

我認為我們大約有 75% 的業務，即 1-K、2-K 業務。這些更多地基於項目。因此，當不同的公司甚至學術機構採取一些保守的措施時，他們就會推遲購買新儀器的決定。我們看到，決策過程花費的時間越來越長。

We're also seeing that even though they still on the project, we're also seeing that some of that is being outsourced to service providers. So the business is still there, but it shows up in the high throughput segment. And we do anticipate when the macroeconomic -- macro environment will change then we'll see some of those customers go back and run back to in-source some of their testing because they feel and they want to keep their samples in-house.

我們也看到，儘管他們仍在進行該項目，但我們也看到其中一些工作已外包給服務提供者。因此業務仍然存在，但它出現在高吞吐量領域。我們確實預計，當宏觀經濟——宏觀環境發生變化時，我們會看到一些客戶會回頭進行一些內部測試，因為他們覺得並希望將樣品保留在公司內部。

So at the same time, the MiSeq i100s has been super successful here, the launch we placed more than 500 instruments from the start of our launch in beginning or late 2024. And obviously, it is in the low throughput area, but it also with the capacity that can be done in the MiSeq i100 is pushing into the, I would call it, low end of the mid through area. So we're also seeing dynamic coming from that end.

因此，與此同時，MiSeq i100s 在這裡取得了巨大的成功，從 2024 年初或年末推出以來，我們已經投放了 500 多台儀器。顯然，它處於低吞吐量區域，但其容量也與 MiSeq i100 相同，正在向中端區域的低端推進，我稱之為。因此我們也看到了來自那一端的動態。

And then finally, you're right, this space is where we see most competition. But that hasn't really changed. The dynamic in that space hasn't changed over the past quarter. So I wouldn't attribute any of the [soft] you see right now specifically to competition. So that's high level how I see things right now. Ankur?

最後，您說得對，這個領域是我們看到競爭最激烈的領域。但事實並沒有改變。過去一個季度，該領域的動態沒有改變。因此，我不會將您現在看到的任何[軟]歸咎於競爭。這就是我現在對事物的整體看法。安庫爾？

Yes, sure. So I'll address the second part of the question there on the academia customer base. So our guide and expectations for that market -- part of the market remain unchanged. And so what we saw in Q2 from a business trend perspective was somewhat similar to what we saw towards the latter part of Q1. So our expectation there. I believe we said 15% decline for the year for that part of the business. In last call, it's still the same.

是的，當然。因此，我將回答有關學術界客戶群的問題的第二部分。因此，我們對該市場（部分市場）的指導和預期保持不變。因此，從商業趨勢的角度來看，我們在第二季度看到的情況與在第一季後期看到的情況有些相似。這就是我們的期望。我相信我們說過該部分業務今年將下降 15%。最後一次通話時，情況仍然相同。

This concludes the Q&A section of the call. I would now like to turn the call back to Brian Blanchett for closing remarks.

本次電話會議的問答部分到此結束。現在我想請布萊恩‧布蘭切特 (Brian Blanchett) 致閉幕詞。

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.

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。

This concludes today's call. We thank you for your participation. You may disconnect at this time and have a great day.

今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開連接並享受美好的一天。