Illumina Inc (ILMN) 2025 Q3 法說會逐字稿

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Ex China, up about 2% year-over-year. Non-GAAP operating margin was 24.5% and non-GAAP diluted EPS was $1.34, both reflecting strong year-over-year expansion and above our guidance. This performance reflects the momentum we're building through the NovaSeq X transition, especially in the clinical markets, where sequencing consumables revenue grew at a high single-digit rate, we are raising our total full year 2025 outlook. We're staying disciplined as we monitor macro and funding dynamics through year-end.

除中國以外，年增約2%。非GAAP營業利潤率為24.5%，非GAAP稀釋後每股收益為1.34美元，均反映出強勁的年成長，並高於我們的預期。這項業績反映了我們透過 NovaSeq X 過渡所取得的進展，尤其是在臨床市場，定序耗材收入以接近兩位數的速度成長，因此我們提高了 2025 年全年的整體預期。我們將繼續保持謹慎，密切關注宏觀經濟和資金動態，直到年底。

In our end markets, clinical continues to accelerate. Customers are advancing new assays that demand increasing sequencing capacity and intensity. And the NovaSeq X is proving to be the ideal solution, delivering higher throughput with the same trusted accuracy and workflow as their existing NovaSeq 6000 instruments.

在我們的終端市場，臨床應用持續加速發展。客戶正在推動新的檢測方法，這些方法需要更高的定序能力和強度。事實證明，NovaSeq X 是理想的解決方案，它能提供更高的通量，同時保持與現有 NovaSeq 6000 儀器相同的可靠準確性和工作流程。

Growing sequencing volumes are more than offsetting transitional pricing effects, driving a sequential revenue. In research, we saw a stabilization in demand, even as many labs continue to manage spending carefully, We were also encouraged by the resilience of our business in China. Where revenue came in ahead of our guidance despite ongoing export restrictions.

定序量的成長足以抵銷過渡期定價的影響，從而推動收入環比成長。在研究方面，我們看到需求趨於穩定，儘管許多實驗室仍在謹慎地控制支出。此外，我們在中國的業務展現出的韌性也令我們感到鼓舞。儘管出口受到限制，但營收仍超出預期。

As a reminder, a fraction of our business is served by OEM partners that sell our instruments and consumables into specific customer segments. We have now received approval to serve those partners through manufacturing of select instruments local in China.

再次提醒，我們的部分業務是由 OEM 合作夥伴提供的，他們將我們的儀器和耗材銷售給特定的客戶群。我們已獲準透過在中國本地生產特定儀器來為這些合作夥伴提供服務。

While this marks a measured step forward, we have not yet reached a long-term resolution related to our operations in China, but we remain in dialogue, we made significant progress across the 3 pillars that underpin our long-term financial targets, growing our cost sequencing business; scaling into multiomics; and expanding our services, data and software capabilities.

雖然這標誌著我們穩步向前邁出了一步，但我們尚未就我們在中國的營運達成長期解決方案，但我們仍在進行對話。我們在支撐我們長期財務目標的三個支柱方面取得了重大進展，即發展我們的成本定序業務；擴大多組學規模；以及擴展我們的服務、數據和軟體能力。

Together, these pillars are shifting the conversations from cost per gigabase to delivering the highest quality biological insights at the lowest end-to-end cost. Starting with our core, we had another strong quarter for the NovaSeq X, with more than 55 instruments placed, in line with our goal of 50 to 60 placements per quarter.

這些支柱共同將討論的焦點從每千兆位元組的成本轉移到以最低的端到端成本提供最高品質的生物學見解。從我們的核心業務來看，NovaSeq X 在本季又取得了強勁的成績，安裝了超過 55 台儀器，符合我們每季安裝 50 至 60 台的目標。

Most importantly, we achieved the milestones we have set for our high-throughput transition to the NovaSeq X. Our goal was to reach approximately 75% of high-throughput gigabases shipped and 50% of high-throughput revenue on the X platform by year-end.

最重要的是，我們實現了為向 NovaSeq X 高通量過渡設定的里程碑。我們的目標是到年底，高通量千兆鹼基出貨量的約 75% 和高通量收入的 50% 都來自 X 平台。

Our results highlight the strength and elasticity of sequencing demand. NovaSeq consumables revenue growth accelerated even as conversion from the NovaSeq 6000 increased, demonstrating that our transition strategy is working.

我們的研究結果突顯了排序需求的強度和彈性。即使從 NovaSeq 6000 轉換到 NovaSeq 的數量增加，NovaSeq 耗材收入的成長仍然加速，這表明我們的過渡策略是有效的。

Clinical remains the primary driver, supported by new assay approvals, positive reimbursement decisions and growing demand for more sequencing-intensive tests, all trends that position us well for sustained growth. As pricing headwinds ease and research end markets stabilize, we believe these dynamics will put us back on track toward our long-term revenue growth targets.

臨床仍然是主要驅動力，這得益於新的檢測方法獲得批准、積極的報銷決定以及對測序密集型檢測的需求不斷增長，所有這些趨勢都使我們處於持續增長的有利地位。隨著價格逆風減弱和研究終端市場趨於穩定，我們相信這些動態將使我們重回正軌，實現長期收入成長目標。

Following our announcement announced acquisition of SomaLogic in Q2, which we continue to expect will close in 2026. This co-developed proteomics assay brings the power of NTS to protein analysis through a simple integrated workflow that delivers scale, precision and accessibility for labs of all sizes.

繼我們宣佈在第二季收購 SomaLogic 之後，我們仍然預計該收購將於 2026 年完成。這種共同開發的蛋白質體學檢測方法，透過簡單的整合工作流程，將 NTS 的強大功能引入蛋白質分析，為各種規模的實驗室提供規模、精確性和可及性。

Illumina Protein Prep can measure up to 9,500 proteins per sample and provides highly consistent results in about two and half days with minimum hands-on time and at a lower cost per insight. Importantly, Illumina Protein Prep integrates with DRAGEN and our upcoming Illumina complete multiomic software suite, extending our end-to-end capabilities from sample prep through data interpretation.

Illumina Protein Prep 可以測量每個樣本多達 9,500 種蛋白質，並在大約兩天半的時間內提供高度一致的結果，最大限度地減少人工操作時間，並且每次分析的成本更低。重要的是，Illumina Protein Prep 與 DRAGEN 以及我們即將推出的 Illumina 完整多組學軟體套件集成，擴展了我們從樣品製備到數據解釋的端到端能力。

Beyond proteomics, earlier this month, at ASHG, we expanded our multiomics portfolio, with simultaneously reach genetic variances and DNA methylation. Using proprietary chemistry and our new DRAGEN algorithm, 5-Base preserve both variant and methylation information in a single workflow, delivering accurate single-based resolution while reducing complexity and cost.

除了蛋白質體學之外，本月初在 ASHG 會議上，我們擴展了多組學產品組合，同時涵蓋了遺傳變異和 DNA 甲基化。利用專有化學技術和我們新的 DRAGEN 演算法，5-Base 在單一工作流程中保留變異和甲基化訊息，在降低複雜性和成本的同時，提供精確的單基解析度。

Turning to our third pillar: expanding our services, data and software capabilities. Earlier this month, we introduced BioInsight, a new business created to accelerate the use of genomic and multiomics data. BioInsights bring together our population sequencing programs, data partnerships and software and AI capabilities under one structure, creating a more strategic platform to collaborate with governments, biopharma and research institutions.

接下來談談我們的第三個支柱：擴展我們的服務、數據和軟體能力。本月初，我們推出了 BioInsight，這是一項旨在加速基因組學和多組學資料應用的新業務。BioInsights 將我們的人口定序計畫、資料合作夥伴關係以及軟體和人工智慧能力整合到一個架構中，從而創建了一個更具戰略意義的平台，以便與政府、生物製藥公司和研究機構合作。

By combining advances in sequencing, economics and AI, BioInsights enable customers to generate and interpret data at greater scale, positioning Illumina to capture new opportunities in this fast-growing space. In the near term, BioInsight will focus on large-scale data generation partnerships with longer-term plans to further monetize data, software and AI-enabled services, adding another layer of growth that supports our long-term financial targets.

透過結合定序、經濟和人工智慧的進步，BioInsights 使客戶能夠更大規模地產生和解釋數據，從而使 Illumina 能夠在這個快速成長的領域抓住新的機會。短期內，BioInsight 將專注於大規模數據生成合作，並制定長期計劃，進一步實現數據、軟體和人工智慧服務的貨幣化，從而增加另一層成長，以支持我們的長期財務目標。

Together, these initiatives show how we're executing on our strategy, expanding Illumina's reach from sequencing to multiomics and from data generation to biological insights. They reflect an innovation road map that is delivering for customers today while setting the stage for what comes next.

這些舉措共同展現了我們如何執行我們的策略，將 Illumina 的業務範圍從定序擴展到多組學，從數據生成擴展到生物學見解。它們體現了一項創新路線圖，既能為當今的客戶帶來價值，也能為未來發展奠定基礎。

Throughout the quarter and ASHG, I met with many customers, those enthusiasm for our recent launches and upcoming solutions like Constellations were clear. These discussions are one of many ways we gather customer feedback, and we continuously integrate those insights into our road map -- our core to how we operate. And my own conversations are an extension of that discipline.

在本季和 ASHG 期間，我與許多客戶會面，他們對我們最近推出的產品和即將推出的解決方案（如 Constellations）的熱情顯而易見。這些討論是我們收集客戶回饋的眾多方式之一，我們會不斷將這些見解融入我們的路線圖中——這是我們營運的核心。而我自己的談話也是這個原則的延伸。

We are focused on what matters most to them, making sequencing easier, more accessible and more affordable, which helps us build stronger partnerships and better solutions. As a result, customers are expanding into new sequencing-intensive applications, broadening the reach and impact of our technology.

我們專注於對他們而言最重要的事情，即讓定序更容易、更便捷、更經濟實惠，這有助於我們建立更牢固的合作關係，並提供更好的解決方案。因此，客戶正在將業務拓展到新的定序密集型應用領域，擴大了我們技術的影響力和影響力。

At ASHG, these conversations reaffirmed our leadership position. Built on end-to-end solutions, the quality and consistency of our data and proven reliability and service. And highlighted the trust customers place in Illumina as a long-term partner. That feedback strengthen our conviction in the path ahead, clinical will continue to be our primary near-term driver of revenue growth as NovaSeq X volume more than offsets conversion pricing headwinds.

在 ASHG，這些對話再次鞏固了我們的領導地位。基於端到端解決方案，我們的數據品質和一致性以及久經考驗的可靠性和服務。並強調了客戶對 Illumina 作為長期合作夥伴的信任。這些回饋增強了我們對未來道路的信心，臨床仍將是我們近期收入成長的主要驅動力，因為 NovaSeq X 的銷售量足以抵消轉換定價的不利因素。

We also anticipate a gradual return to growth in our research business as pricing headwinds abate, and end markets stabilize. Together, these dynamics position us well going into 2026, giving us confidence in our ability to achieve high single-digit revenue growth and 20% non-GAAP operating margins by 2027, excluding Greater China.

我們也預計，隨著價格逆風減弱和終端市場趨於穩定，我們的研究業務將逐步恢復成長。綜合來看，這些因素使我們在 2026 年處於有利地位，我們有信心在 2027 年實現高個位數的收入成長和 20% 的非 GAAP 營業利潤率（不包括大中華區）。

With that, I'll turn it over to Ankur to walk through our Q3 results.

接下來，我將把麥克風交給安庫爾，讓他來介紹一下我們第三季的業績。

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

謝謝你，雅各布，大家下午好。我將概述我們第三季的財務業績，詳細介紹收入、支出、收益和資本部署情況，然後談談我們未來的展望。

Before I get into the details of the financial performance, let me give you a high-level view of how the third quarter played out. In Q3, our business outside of China returned to growth, an important milestone towards our long-term goals. We made significant progress in the NovaSeq X transition, with over 75% volume and over 50% revenue now transitioned to X.

在詳細介紹財務表現之前，先來跟大家概括一下第三季的情況。第三季度，我們在中國以外的業務恢復成長，這是我們實現長期目標的重要里程碑。我們在 NovaSeq X 過渡方面取得了重大進展，目前超過 75% 的銷量和超過 50% 的收入已過渡到 X。

High-throughput consumables had strong growth in our clinical business driven by continued expansion of X. Revenue exceeded the top end of our guidance range, was roughly flat globally and grew approximately 2% year-over-year ex China. Non-GAAP operating margin expanded by 190 basis points to 24.5% and non-GAAP diluted EPS of $1.34 grew $0.20 year-over-year.

受 X 業務持續擴張的推動，高通量耗材在我們的臨床業務中實現了強勁成長。收入超過了我們預期範圍的上限，全球收入大致持平，除中國外，同比增長約 2%。非GAAP營業利潤率成長190個基點至24.5%，非GAAP稀釋後每股盈餘為1.34美元，較去年同期成長0.20美元。

Now third quarter revenue of $1.08 billion was roughly flat year-over-year on both a constant currency and reported basis and ahead of the top end of our guidance range. Revenue excluding China, which makes up 95% of our revenue, grew approximately 2% year-over-year. Greater China revenue was $52 million.

第三季營收為 10.8 億美元，以固定匯率和報告匯率計算與去年同期基本持平，並高於我們預期範圍的上限。剔除占我們營收 95% 的中國市場後，營收年增約 2%。大中華區收入為5200萬美元。

Sequencing consumables revenue was $747 million, roughly flat year-over-year and up about 3%, excluding China, both on reported and constant currency basis. High-throughput volumes continue to grow, as customers across research and clinical take advantage of the NovaSeq X instruments.

定序耗材收入為 7.47 億美元，與去年同期基本持平，若不計中國市場，則成長約 3%，無論以報告匯率或固定匯率計算。隨著科學研究和臨床領域的客戶越來越多地使用 NovaSeq X 儀器，高通量檢測量持續成長。

In clinical, momentum remained strong, with double-digit revenue growth outside of China, driven by broader adoption of comprehensive genomic profiling and growing use of sequencing-intensive applications like MRD.

在臨床領域，成長動能依然強勁，中國以外地區的收入實現了兩位數的成長，這得益於全面基因組分析的廣泛應用以及 MRD 等定序密集型應用的日益普及。

In research and applied, consumable sales declined high single digits outside of China, reflecting continued funding uncertainty and pricing dynamics tied to the X transition. To give investors better visibility into these dynamics, we have added new disclosures for revenue outside China, showing instruments and consumables revenue and also consumables revenue growth by clinical and research segments, significantly in Q3.

在研究和應用領域，除中國以外，耗材銷售量下降了接近兩位數，反映出資金持續存在不確定性以及與 X 轉型相關的定價動態。為了讓投資者更了解這些動態，我們增加了中國以外地區的收入披露信息，顯示了儀器和耗材收入，以及按臨床和研究部門劃分的耗材收入增長情況，尤其是在第三季度。

Roughly 78% of volumes and 51% of revenue in Q3 was sequenced on X. 91% of research volumes were sequenced on X. At clinical, X transition has progressed to roughly 64% of volumes in the quarter. Our customers are taking advantage of excess capabilities to increase content on their assays, expand into new indications and taking whole genome-based approaches, as you may have seen with several product launches and approvals in the last few months across therapy selection, MRD and genetic disease indications.

第三季度，約 78% 的定序量和 51% 的收入是透過 X 平台完成的。 91% 的研究定序量是透過 X 平台完成的。在臨床方面，本季 X 平台定序量已達約 64%。正如您可能在過去幾個月中看到的，我們的客戶正在利用過剩的能力來增加檢測內容，拓展到新的適應症，並採取基於全基因組的方法，涵蓋了治療選擇、微小殘留疾病和遺傳疾病適應症等多個產品發布和批准。

Now that we have achieved this transition milestone, we thought it would be helpful to illustrate the conversion patterns with our clinical customers. On slide 12, we look at the 40 customers that have fully transitioned to X as of Q3. And we see how elasticity of demand played out. For this group of customers, volume offset price in year one and then revenue and volume both accelerated in year two.

既然我們已經實現了這個轉型里程碑，我們認為有必要向臨床客戶展示轉換模式。在第 12 張投影片中，我們查看了截至第三季已完全過渡到 X 的 40 位客戶。我們可以看到需求彈性是如何體現出來的。對這群客戶而言，第一年銷售抵銷了價格因素的影響，第二年營收和銷售量均加速成長。

We continue to be in deep dialogue with our clinical customers about their growth trajectory and their [6000] to X transition plans. These plans support a view of continued revenue growth in 2026 and beyond. Specifically, business with our largest customers is projected to go faster than the overall company average rate, at least over our strategic plan period.

我們繼續與臨床客戶就其成長軌跡和從 [6000] 到 X 的過渡計畫進行深入對話。這些計劃支持公司在 2026 年及以後持續實現收入成長的預期。具體而言，我們預計與最大客戶的業務成長速度將高於公司整體平均水平，至少在我們的策略規劃期間是如此。

Taken together, with the range of new assays coming to market and these discussions with our customers, gives us confidence that clinical demand will remain strong as the X transition advances. On 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.

綜合來看，隨著一系列新的檢測方法上市以及與客戶的討論，我們有信心，隨著 X 過渡的推進，臨床需求將保持強勁。在定序活動方面，我們連接的高通量和中通量儀器的總定序Gb產量年增超過30%。

Driven by robust strength in clinical, but a more muted growth from our research customers was up approximately 3% year-over-year in Q3, and 6% ex China on both a reported and constant currency basis, driven by the broad adoption of the MiSeq i100 in the low throughput space. NovaSeq X placements were strong at over 55 in Q3 [world] to clinical customers.

受臨床業務強勁成長的推動，但來自研究客戶的成長較為溫和，第三季年增約 3%，除中國以外，按報告匯率和固定匯率計算均成長 6%，這主要得益於 MiSeq i100 在低通量領域的廣泛應用。第三季 NovaSeq X 的全球銷售超過 55 台，主要針對臨床客戶。

In Greater China, our instruments business was down approximately 54% due to restrictions on exportation of instruments into China. Sequencing service and other revenue of $147 million was down approximately 3% year-over-year, below our expectations. The decrease was mainly due to the timing of certain strategic partnership revenues.

在大中華區，由於中國對儀器出口的限制，我們的儀器業務下降了約 54%。定序服務和其他收入為 1.47 億美元，年減約 3%，低於我們的預期。下降的主要原因是某些策略夥伴收入的到帳時間表。

Non-GAAP gross margin of 69.2% for the third quarter. Tariffs impacted gross margins by roughly 220 basis points on a year-over-year basis. Non-GAAP operating expenses were $484 million, which is down approximately 6% on or $33 million year-over-year, reflecting results of multiyear cost reduction programs while prioritizing key growth investments.

第三季非GAAP毛利率為69.2%。關稅對毛利率的影響約為 220 個基點（年比）。非GAAP營運費用為4.84億美元，年減約6%或3,300萬美元，反映了多年成本削減計畫的成果，同時優先考慮關鍵成長投資。

Non-GAAP operating margin was 24.5% in Q3, expanding 190 basis points year-over-year. Non-GAAP operating profit grew approximately 9% year-over-year, reflecting increased operating leverage from the improved cost structure.

第三季非GAAP營業利益率為24.5%，較去年同期成長190個基點。非GAAP營業利潤年增約9%，反映成本結構改善帶來的經營槓桿效應增強。

Looking at our results below the line, non-GAAP other expense, which is largely comprised of net interest expense, was $13 million, and non-GAAP tax rate was slightly higher than expectations at 18.6%. We continue to assess long-term tax structure optimization to balance US R&D benefits with efficient credit utilization across jurisdictions.

從我們的業績來看，非GAAP其他支出（主要包括淨利息支出）為1,300萬美元，非GAAP稅率略高於預期，為18.6%。我們將繼續評估長期稅收結構優化方案，以平衡美國研發收益與跨司法管轄區的高效稅收抵免利用。

Our average diluted shares were approximately [154 million], roughly [3 million] lower than last quarter, driven by an increased level of share repurchases, net of dilution from employee, the non-GAAP earnings per diluted share of $1.34 grew 18% year-over-year and came in well above our guidance range.

我們的平均稀釋股份約為 [1.54 億股]，比上一季減少了約 [300 萬股]，這主要是由於股票回購水準的提高，扣除員工稀釋的影響後，非 GAAP 稀釋每股收益為 1.34 美元，同比增長 18%，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 $284 million. In Q3, we repurchased approximately 1.24 million shares of Illumina stock at an average price of $97.10 per share, for a total of $120 million.

接下來來看本季的現金流量、資產負債表和資本配置項目。經營活動產生的現金流強勁，達到 2.84 億美元。第三季度，我們以每股 97.10 美元的平均價格回購了約 124 萬股 Illumina 股票，總計 1.2 億美元。

At quarter-end, we had $684 million remaining on our share repurchase authorization, and we intend to continue to repurchase shares opportunistically. Additionally, last quarter, we entered into a definitive agreement with Standard BioTools to acquire SomaLogic and other specified assets.

截至季末，我們的股票回購授權額度還剩 6.84 億美元，我們打算繼續擇機回購股票。此外，上個季度，我們與 Standard BioTools 達成最終協議，收購 SomaLogic 及其他特定資產。

We are working with regulatory authorities to obtain clearance, and still expect the deal to close in the first half of 2026. We ended the quarter with roughly $1.28 billion in cash, cash equivalents and short-term investments, and gross leverage of approximately 1.6x gross debt to last 12 months EBITDA.

我們正在與監管機構合作以獲得批准，並仍預計該交易將於 2026 年上半年完成。本季末，我們擁有約 12.8 億美元的現金、現金等價物和短期投資，總槓桿率約為過去 12 個月 EBITDA 的 1.6 倍。

As you may have seen in the press release, we are increasing our guidance for 2025. Starting with revenue. We're raising our revenue guidance for Greater China region by $20 million to approximately $220 million for the year. For rest of the world, we're projecting revenue growth between 0.5% and 1.5% on a constant currency basis, unchanged at midpoint.

正如您在新聞稿中可能看到的，我們提高了對 2025 年的業績預期。首先從營收說起。我們將大中華區全年營收預期上調 2,000 萬美元，達到約 2.2 億美元。對於世界其他地區，我們預計以固定匯率計算的收入成長在 0.5% 到 1.5% 之間，中間值保持不變。

Hence, we now anticipate total Illumina constant currency revenues to decline in the range of minus 0.5% -- minus 1.5%. On a reported basis, that equates to illuminate revenue in the range of $4.27 billion to $4.31 billion, up $20 million at the mid (technical difficulty).

因此，我們現在預計 Illumina 的總固定匯率營收將下降 0.5% 至 1.5%。據報道，這意味著照明公司的收入在42.7億美元至43.1億美元之間，比去年同期增長了2000萬美元。（技術難題）

Now shifting into our product assumptions for rest of the world excluding China. We now expect sequencing consumables growth between 2.5% and 3%, towards the higher end of our prior guidance of 1% to 3%. This increase reflects strong performance in Q3, driven by sequencing consumable volume growth from our clinical customers.

現在轉向我們對中國以外的世界其他地區的產品假設。我們現在預期定序耗材的成長率為 2.5% 至 3%，接近我們先前 1% 至 3% 的預期上限。這一成長反映了第三季強勁的業績，主要得益於我們臨床客戶的定序耗材數量成長。

We are reiterating our guidance range for sequencing instruments, decline of minus [6%] to minus 4%. The offset is in services related timing of certain strategic partnership revenues. Moving down the P&L. Reflecting our strong execution and results as well as increased revenue expectation from China, we are increasing our non-GAAP operating margin guidance by approximately 60 basis points at the midpoint to a range of 22.75% to 23%.

我們重申定序儀器的指導範圍，下降幅度為-6%至-4%。抵銷點在於某些策略夥伴關係收入的服務相關時間安排。向下移動損益表。鑑於我們強勁的執行力和業績，以及來自中國的營收預期增加，我們將非GAAP營業利潤率預期中位數上調約60個基點，至22.75%至23%。

We now expect full year -- and our full year 2025 weighted average shares outstanding of roughly 156 million shares to reflect our Q3 repurchases. Bringing it all together, we're raising our non-GAAP diluted EPS guidance by $0.20 at the midpoint to a range of $4.65 to $4.75, reflecting 13% growth year-over-year at midpoint.

我們現在預計全年——以及我們 2025 年全年加權平均流通股數量約為 1.56 億股——將反映出我們第三季的回購。綜上所述，我們將非GAAP稀釋後每股盈餘預期中位數上調0.20美元，至4.65美元至4.75美元，中位數反映出年增13%。

This guidance implies that for Q4 2025, we expect our year-over-year revenue growth in rest of the world ex China to step up to the 4%, and China contributing $33 million in Q4. We are quite encouraged by the momentum we've built, from the successful NovaSeq X transition and the continued strength of our clinical business to the progress we've made preparing for multiomics launches across single-cell, spatial and proteomics.

該指引意味著，我們預計 2025 年第四季度，除中國以外的世界其他地區的年收入成長率將提高到 4%，而中國在第四季度將貢獻 3,300 萬美元。從 NovaSeq X 的成功過渡和臨床業務的持續強勁發展，到我們在單細胞、空間和蛋白質組學等多組學產品發布方面取得的進展，我們取得的成就令我們倍受鼓舞。

Looking ahead to 2026, we see three key trends. First, in clinical, we expect dynamics similar to this year, strong volume growth and continued transition to X. Second, in research and applied, we anticipate conditions to remain muted, consistent with the latter half of 2025, with pricing headwinds easing now that 91% of high-throughput volume has transitioned to X.

展望 2026 年，我們看到三大主要趨勢。首先，在臨床領域，我們預期市場動態與今年類似，銷售量將強勁成長，並持續向 X 型技術過渡。其次，在研究和應用領域，我們預期市場狀況將保持低迷，與 2025 年下半年的情況一致，隨著 91% 的高通量銷售已過渡到 X 型技術，價格方面的阻力將會緩解。

And third, our planned 2026 multiomics launches will begin contributing to growth as and when research end markets recover. Altogether, we expect the end markets in 2026 to look similar to the second half of 2025. We'll provide detailed 2026 guidance, when we report our Q4 results.

第三，我們計劃於 2026 年推出的多組學產品，將在研究終端市場復甦後開始為成長做出貢獻。整體而言，我們預計 2026 年的終端市場將與 2025 年下半年的市場情況類似。我們將在公佈第四季業績時提供詳細的 2026 年業績指引。

In closing, I want to once again express my sincere appreciation to the Illumina team for their continued focus and disciplined execution throughout this year. This quarter was extremely encouraging as we returned to growth and made significant progress towards our short and long-term goals.

最後，我要再次向 Illumina 團隊表達我由衷的感謝，感謝他們在過去一年中持續的專注和嚴謹的執行。本季業績令人鼓舞，我們恢復了成長，並在實現短期和長期目標方面取得了重大進展。

Thank you for joining our call today. I'll 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。現在我請接線生開通問答環節。

(Operator Instructions) Puneet Souda, Leerink.

（操作說明）Puneet Souda，Leerink。

Yeah, hi, guys. Thanks for the question here. And If I could, I'll just wrap my questions into one. Thanks for the details. On the $33 million for China that you're implying versus the full year, I'm just trying to understand, how should we think about China in sort of '26?

嗨，大家好。感謝您提出的這個問題。如果可以的話，我會把所有問題合併成一個。謝謝你提供的詳細資訊。關於您提到的 3,300 萬美元的中國市場投資額（與全年相比），我只是想了解一下，我們應該如何看待 2026 年的中國市場？

You seem to be isolating China as you are moving forward. Maybe if you could provide some color there. And then a bigger question here is what's competitively has been announced at ASHG, is that leading to any freezing on the research and applied side of the market? I appreciate you providing more color on the clinical.

你們似乎正在逐步孤立中國。或許你可以為那裡增添一些色彩。那麼，這裡一個更大的問題是，ASHG 上公佈的競爭性消息是否會導致市場研究和應用方面出現任何凍結？感謝您補充臨床方面的細節資訊。

And then the last part, if I may. Clinical growth, 12%, thank you for that. How should we expect that for the full year and '26, if you could. Thank you so much.

最後，如果可以的話，我想補充最後一部分。臨床成長率為 12%，謝謝。如果可以的話，請問我們該如何預測2026年全年的情況？太感謝了。

Puneet, this is Jacob. So thanks for that one question, which I think had a few smaller parts. But let me start with the China setup. First of all, I'm very pleased with the performance in China. As you know, we still haven't resolved the situation in China, but we made a good step forward here by now being able to serve our OEM partners.

普尼特，這是雅各。謝謝你提出這個問題，我認為這個問題包含幾個小部分。但讓我先從中國的情況說起。首先，我對在中國的表現非常滿意。如您所知，我們尚未解決中國的問題，但我們現在已經能夠為我們的 OEM 合作夥伴提供服務，這算是一個很大的進步。

They can serve their customers in China, so I'm -- with instruments. So I'm really pleased about that.I'm also very happy to see how Jenny, our General Manager in China, and the Illumina team continues to serve our customer in a challenging environment. They've shown really resilience in this.

他們可以為中國的客戶提供服務，所以我——帶著儀器。我對此感到非常高興。我也很高興看到我們中國區的總經理Jenny和Illumina團隊在充滿挑戰的環境中繼續為客戶提供優質服務。他們在這方面展現出了極強的韌性。

And of course, what we're also seeing, and we continue to be very presently surprised about, is how well or how much our customers do want to continue to work with Illumina. They continue to see the high quality and innovations, and they want to see us stay in the market.

當然，我們也看到，而且我們目前仍然感到非常驚訝的是，我們的客戶非常希望繼續與 Illumina 合作。他們持續關注我們的高品質和創新，希望我們繼續留在市場上。

We are taking this right now quarter-by-quarter. It will be too early for us to go in and give you a view on '26. But clearly, again, we need to find a way to resolve the situation, and we continue to work with the regulators.

我們現在是按季度來處理的。現在就對 26 年的情況發表看法還為時過早。但很顯然，我們仍然需要找到解決問題的方法，我們將繼續與監管機構合作。

Doug Schenkel, Wolf Research.

道格‧申克爾，狼研究公司。

Good afternoon, guys. Two questions. So the first, as I think about 2026, based on how you described trends in your prepared remarks, there's three things that really jump out to me. One, it seems possible that research revenue could be flat to down low singles next year in a somewhat stable funding environment given the state of the transition to the X.

下午好，各位。兩個問題。所以，首先，當我思考 2026 年時，根據您在準備好的演講稿中對趨勢的描述，有三件事讓我印象深刻。第一，鑑於向 X 過渡的現狀，在相對穩定的資金環境下，明年研究收入可能會持平或略低於幾個百分點。

Two, clinical revenue should grow, but maybe mid-single digits to high-single digits as volumes grow and customers continue to transition to the X. Keeping in mind the slide that you presented on three-year precedent with clinical customers.

第二，臨床收入應該會成長，但隨著銷售成長和客戶繼續向 X 型產品過渡，可能只會達到個位數中段到個位數高段的成長率。請記住您之前展示的關於臨床客戶三年先例的幻燈片。

And then third, China could be a 50 basis points to 100 basis points headwinds to growth. So like when I pull those three things together, mathematically, it gets me to low single-digit revenue growth, at least as a starting point for next year. I'm just wondering if that's a reasonable framework.

第三，中國可能對經濟成長構成 50 到 100 個基點的阻力。所以，當我把這三件事結合起來，從數學角度來看，至少作為明年的起點，我可以實現個位數低收入成長。我只是想知道這是否是一個合理的框架。

And then the second thing is, operationally, you have managed to expand margin about 50 basis points year-to-date in a period where total revenue is down a couple of points, including a close to 25% year-over-year decline in high-margin China revenue.

其次，在營運方面，儘管總收入下降了幾個百分點，包括高利潤率的中國收入同比下降近 25%，但你們今年迄今已成功將利潤率提高了約 50 個基點。

So it's been really impressive. I'm just wondering, what does this mean as the margin outlook -- for the margin outlook as the environment normalizes? Because on one hand, you could argue, you already pulled forward a lot of operating levers to get to these levels. On the other hand, the fact that you've accelerated operating efforts the way you have could lead to pretty material flow-through, when revenue starts to pick up again.

所以，這真的很令人印象深刻。我只是想知道，這對利潤率前景意味著什麼——隨著環境恢復正常，利潤率前景會如何變化？一方面，你可以說，為了達到這些水平，你已經採取了很多操作措施。另一方面，你加快營運步伐的做法可能會帶來相當大的實際效益，尤其是在收入開始回升的時候。

So I'd just, Ankur, it would be great to just know how you're thinking about this. Thank you.

所以，安庫爾，我很想知道你對此事的看法。謝謝。

All right. Doug, thank you for the questions. And let me start again. On '26, as I said before, we're not going to go in and give guidance. We do think it's highly appropriate to wait until we have a better sense for how what will happen over the next quarter here and how the market evolves and also the regulatory space, of course, from a China perspective.

好的。道格，謝謝你的提問。那我重新開始吧。正如我之前所說，26日我們不會介入並提供指導。我們認為，等到我們對接下來一個季度的發展趨勢、市場走向以及監管環境（當然，是從中國的角度來看）有更清晰的了解之後，再做決定是非常合適的。

That said, I think that the framework you're putting out looking at clinical being the driver of growth in next year also, where we are seeing more muted environment for research and I think we are -- we're seeing it more like a second half environment, as we see it right now, it's stabilizing, but still soft.

也就是說，我認為你提出的框架將臨床視為明年成長的驅動力，而我們看到研究環境則較為疲軟，我認為——我們看到的更像是下半年的環境，就像我們現在看到的那樣，它正在穩定，但仍然疲軟。

And then we think there will be some contribution from some of our new launches of our multiomic products here. How we think about it right now, we are not taking -- I wouldn't take China into the consideration at this point of time in our framework. That's too early to see where China is going.

然後我們認為，我們新推出的一些多組學產品也會做出一些貢獻。就我們目前的想法而言，我們不會——就我們目前的框架而言，我不會將中國納入考慮範圍。現在判斷中國的未來走向還為時過早。

I would say overall on the -- how we are operating the company and how disciplined the team has been on executing, I feel good about the opportunity we have to further expand our margins. And I feel really good about, as I mentioned in my prepared remarks, moving towards our goal of 26% in '27 and above going forward.

總的來說，就我們公司的運作方式以及團隊在執行方面的紀律性而言，我對我們進一步擴大利潤率的機會感到樂觀。正如我在準備好的演講稿中提到的那樣，我對我們朝著 2027 年及以後達到 26% 的目標邁進感到非常樂觀。

Good question, Doug, very pleased with the performance, especially as some of the result of the actions that we've been taking coming through here in this quarter as well. And we're pleased with 190 basis points operating margin expansion during the quarter.

問得好，道格，我對業績非常滿意，尤其是考慮到我們本季採取的一些措施也取得了成效。我們對本季營業利潤率提升 190 個基點感到滿意。

So we've taken a lot of cost structure actions. Looking forward, there are still several plays that are yet to reflect the full benefit in our P&L, especially in our gross margins where we continue to work with optimizing our manufacturing footprint.

因此，我們採取了許多成本結構的措施。展望未來，還有一些措施尚未完全體現在我們損益表中，尤其是在毛利率方面，我們將繼續努力優化我們的生產佈局。

And on the OpEx side, our sense is we've put in a lot of structural plays in move. Some of those have to play out. But at the same time, we are making growth investments as well. So going forward, I do anticipate additional margin expansion coming both from cost action, but also most certainly much stronger operating leverage given where we are from a cost structure perspective.

在營運支出方面，我們感覺我們已經採取了很多結構性措施。有些事情必須一一應驗。但同時，我們也在進行成長型投資。因此，展望未來，我預期利潤率的進一步擴張將來自成本控制措施，但鑑於我們目前的成本結構狀況，營運槓桿作用也肯定會更加強勁。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hey guys, thanks for taking my question. Congrats on a nice print here. Two quick ones, Jacob, Ankur, for both of you. On consumables, I thought the expectations for the quarter was something like [720, 725-ish] given China headwinds. I recognize China came in better. Was there any pull forward in academic and government segments?

各位好，感謝你們回答我的問題。恭喜你印出這麼棒的作品。雅各布，安庫爾，你們倆，兩個問題，快問快答。關於消費品，考慮到中國市場的不利因素，我認為本季的預期值大概在 [720, 725-by-by] 左右。我承認中國表現得更好。學術界和政府部門是否有推動作用？

Like how would you -- when you look at the consumables growth of 3% rate, what was -- what is macro versus this transition impact? If you could just parse that out. And Ankur, for you, I think in the past you've said 500 basis points of margin expansion. Is that still relevant given -- off of current levels given you guys have executed in margins? Thank you.

例如，當您觀察消費品3%的成長率時，您會如何看待宏觀經濟與轉型的影響？如果你能把那段話解析出來就好了。安庫爾，我想你過去曾說過要擴大500個基點的利潤率。考慮到你們目前的業績水準以及你們的執行力度，這個結論是否仍然適用？謝謝。

Vijay, thanks for the question. And yes, we are excited about Q3. We think -- and consumables were definitely a highlight of the quarter, also it continues to see momentum. What you're seeing is how the quarter played out. There has not been any pull forward either from China or what we have seen from NIH.

Vijay，謝謝你的提問。是的，我們對第三季充滿期待。我們認為——而且消費品絕對是本季的亮點，並且繼續保持成長勢頭。你現在看到的就是本季的實際情況。無論是來自中國還是美國國立衛生研究院，都沒有任何進展。

We're very pleased to see that the grants are starting to flow again. But it did not -- there was no catch-up effect from actually spending from NIH customers, so to say, grand receivers. So we're not seeing that at this point of time. But we are, of course, hopeful that more will happen. But I think it will take time for this to stabilize even further.

我們非常高興地看到撥款又開始發放了。但事實並非如此——美國國立衛生研究院的客戶（或者說，大受益者）的實際支出並沒有產生追趕效應。所以目前我們還沒有看到這種情況。當然，我們希望會有更多事情發生。但我認為，這種情況還需要時間才能進一步穩定下來。

Yeah, so the only thing I would add, bulk of the overperformance rest of the world came from clinical side there on the consumables side. So very robust demand there. And then on the margin expansion, the 500 basis points was the goal we had set ourselves when we had the Analyst Day last year, with a starting point where our base was much closer to about 21% or so.

是的，我唯一要補充的是，世界其他地區的大部分超額表現都來自臨床方面的耗材。那裡的需求非常強勁。至於利潤率擴張，我們在去年的分析師日上為自己設定的目標是 500 個基點，而我們的基準利潤率則接近 21% 左右。

So we're marching towards, in aggregate, getting to that 500 basis points over time. But as I've said, the business, the way it is at (technical difficulty) margin, we do have long-term opportunity in that space, but we'll talk about it once we achieve our first milestone and then go from there.

因此，我們正朝著整體逐步達到 500 個基點的目標邁進。但正如我所說，就目前（技術難度）而言，這個行業確實存在長期發展機遇，但我們會在實現第一個里程碑之後再討論這個問題，然後再根據實際情況採取行動。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

Hey, thanks. (technical difficulty) multiyear grants. And then on the flip side, allowing for labs to potentially tap into indirect (technical difficulty) So that's the first question. I also understand you don't want to talk about '26 a lot, but can you grow earnings in your view, given China and Roche headwinds?

嘿，謝謝。 （技術問題）多年期撥款。另一方面，允許實驗室有可能利用間接（技術困難）…所以這是第一個問題。我也理解您不想過多談論 2026 年的情況，但考慮到中國市場和羅氏製藥帶來的不利影響，您認為公司盈利能夠增長嗎？

And then -- and maybe for Ankur, on the consumables for this quarter, how much was (inaudible) China and tariff surcharges. And then what -- you didn't really explain gross margins, down 130 basis points year-over-year. Can you maybe touch on that? Was that all pricing? And what are the levers that you're implementing to offset? You said there's some GM levers coming.

然後——也許對安庫爾來說，本季的消耗品中有多少是（聽不清楚）中國的費用和關稅附加費。然後呢——你並沒有真正解釋毛利率年減 130 個基點的原因。您能否談談這方面？價格就這些嗎？那麼，你們正在採取哪些措施來抵銷這些影響呢？你說過通用汽車會推出一些新的控制桿。

(multiple speaker) Research. So I think still there's a lot of in and outs on both single-year grants and multiyear brands. I think what we're seeing right now is that while grants has been granted, we have not seen many of the researchers done to spend the money yet.

（多位發言者）研究。所以我認為，無論是單年撥款還是多年品牌項目，都還有很多進退兩難的因素。我認為我們現在看到的是，雖然已經發放了撥款，但我們還沒有看到很多研究人員開始使用這些資金。

And I think if you think about an academic researchers right now, usually, they might get several grants during the year. So it's not the one grant that drives and necessarily decision. It's the predictability of the grants coming also. And I think that's a little bit what we are still and what the market on the academic market is still waiting to see, is the new predictability. Can they expect that grants are also flowing in '26?

我認為，如果你現在想想學術研究人員，他們通常一年內可能會獲得好幾項資助。所以，並非只有一項撥款才能左右最終的決定。撥款的可預測性也是一大優勢。我認為這在某種程度上仍然是我們目前所處的階段，也是學術市場仍在等待看到的，那就是新的可預測性。他們能否預期2026年也能獲得資助？

So I think there is a little bit of that uncertainty that has to play through before we start to see a more normal situation. So we'll definitely be ready to respond, and I'm actually quite pleased with this type of customers when the funding is coming back.

所以我認為，在情況逐漸恢復正常之前，還需要經歷一段不確定時期。所以，我們肯定會做好應對準備，而且當資金恢復時，我對這類客戶實際上非常滿意。

We are very confident and believe we can grow our earnings also in '26. And I think we have proven that here in '25. It's been a lot of headwinds for many different angles. And I think you can definitely see that we have been able to do so. So that brings my confidence for what we can do in '26 also very high.

我們非常有信心，相信我們在 2026 年也能獲利成長。我認為我們在2025年已經證明了這一點。從各方面來看，都面臨著許多不利因素。我想大家一定都能看出我們已經做到了。這讓我對我們在 2026 年所能取得的成就充滿信心。

Okay. Let me address the other two parts there. One, on the gross margin side, down 130 basis points. Almost 220 basis points is from tariffs, which we'll talk about we're working towards mitigating some of those. The remainder base gross margin was up about 90 basis points accordingly. So the base business is continuing to do very well, and we are working towards, over time, find a way to mitigate the impact coming from tariffs.

好的。讓我來談談另外兩部分。第一，毛利率下降了 130 個基點。近 220 個基點來自關稅，我們將討論這個問題，我們正在努力減輕其中的一些影響。其餘基礎毛利率相應上升約90個基點。因此，基礎業務繼續發展良好，我們正在努力，隨著時間的推移，找到減輕關稅影響的方法。

Your question about the beat on consumables. So roughly half and half in China and outside China. Most of the outside China is in clinical. The surcharge was exactly where we guided it to be. It came in right at the forecast.

你問的是關於消耗品價格波動的問題。所以，大約一半在中國，一半在中國以外。中國以外的大部分地區都在臨床領域。附加費的金額完全符合我們的預期。天氣預報完全準確。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Apologies for that. One question on the growth in clinical consumables, a double-digit growth rate. Did that include any positive lumpiness in there? Or do you view that as more a run rate?

對此我深表歉意。臨床耗材的成長情況值得關注，其成長率達到了兩位數。裡面是否包含任何陽性腫塊？還是你認為這更像是運行率？

Dan, thanks for that question. We are very pleased again with the performance for Q3, and also definitely the clinical performance. As you also saw in the prepared remarks, but also in the slide, that we had a very strong movement going from 44% of revenue in the high-throughput, on the X now up. I think it really speaks to that when we are -- even with the shift and the transitioning that we can grow and even when we have a fast transitioning.

丹，謝謝你的提問。我們對第三季的業績以及臨床表現都非常滿意。正如您在準備好的發言稿和幻燈片中看到的那樣，高吞吐量業務的收入佔比從 44% 大幅上升。我認為這充分說明了，即使面臨轉變和過渡，我們仍然可以成長，即使我們經歷快速的過渡。

That's what you're seeing. It's -- there's no specific lumpiness in this. I wouldn't count on that this is the run rate from now on, but I do believe that we'll continue to have strong growth in the clinical space.

這就是你看到的。它——這裡沒有什麼明顯的結塊。我不會指望今後一直保持這樣的成長速度，但我相信我們在臨床領域將繼續保持強勁成長。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hey guys, thank you for taking the questions. Maybe one, I know Roche has been mentioned a few times. Would love just your guys' perspective on the competitive environment. Jacob and Ankur, I know you were both up at ASHG, talking to a lot of customers seeing the product. So can you just give us your perspective on the competitive landscape what factor that plays into '26? And just how you're thinking about any pressure or freezing that could offer to the market, particularly on the clinical side? Thank you guys so much.

各位，謝謝你們回答問題。或許有一個，我知道羅氏被提過幾次。很想聽聽你們對競爭環境的看法。Jacob 和 Ankur，我知道你們兩個都去了 ASHG，和許多客戶交流並參觀了產品。那麼，您能否談談您對競爭格局的看法，以及這在 2026 年會起到什麼作用？那麼，您認為任何可能對市場，特別是臨床方面產生影響的壓力或冷凍技術是什麼？非常感謝大家。

Yes, thanks for the question. As I mentioned before, we've always had competition in this space. We definitely have a lot of competition right now, and I love it. I think competition is great for us and how we think how we push ourselves and how we thereby also become a better partner for our customers. What I also see out there is that most of our competition -- competitors are trying to compete and differentiate on one dimension only.

是的，謝謝你的提問。正如我之前提到的，我們在這個領域一直存在競爭。我們現在確實面臨激烈的競爭，而我喜歡這種競爭。我認為競爭對我們有益，它能讓我們思考如何鞭策自己，進而成為客戶更好的合作夥伴。我還看到，我們的大多數競爭對手——競爭對手們都試圖只在一個維度上競爭和差異化。

But in balance, yes, you also mentioned here, we have been in conversation with many of our customers (technical difficulty) at one single dimension. They are actually looking at multi-dimension as highest quality of data combined with the best workflow and lowest end-to-end cost.

但總的來說，是的，正如您在這裡提到的，我們一直在與許多客戶就單一維度（技術難題）進行對話。他們實際上將多維數據視為最高品質的數據、最佳的工作流程和最低的端到端成本的結合。

With our customers, is that Illumina is really the only one that delivering across all these dimensions and continue to innovate also. So I feel really good where we are and the competitive situation.

對於我們的客戶而言，Illumina 是唯一一家能夠在所有這些方面提供卓越服務並不斷創新的公司。所以我覺得我們目前的狀況和競爭狀況都非常好。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Hey, thanks for taking my question here. Assuming similar market trends next year, how sustainable is the 50 to 60 Xs per quarter moving forward? What does the pipeline look today? And maybe assuming we get a flattish NIH budget, do you think X placements could remain stable around these levels?

嘿，謝謝你在這裡回答我的問題。假設明年市場趨勢與去年類似，每季成長 50 到 60 倍的幅度能否持續下去？如今的管道狀況如何？假設美國國立衛生研究院 (NIH) 的預算基本上保持不變，您認為 X 類藥物的安置數量能否保持在這些水平附近穩定？

Yeah, Mason, so thanks for that question. We started the year coming out and guided towards a 50, 60 placements per quarter. And remember, in '26 -- '25 when we provided this guidance, what happened afterwards was, of course, our challenging situation in China combined with the challenges in NIH and funding. And yet, we have still been able to deliver on that algorithm.

是的，梅森，謝謝你的提問。今年年初，我們開始努力爭取每季 50 到 60 個就業機會。請記住，在 2025-2026 年，當我們提供這項指導時，之後發生的事情當然是我們在中國面臨的挑戰，以及美國國立衛生研究院 (NIH) 在資金方面面臨的挑戰。然而，我們仍然能夠實現該演算法。

And I would also expect here that Q4 will look stronger than the average of the year, which is we usually do. We always have a stronger instrument placements in Q4. So I think and what I see is that I don't see no reason why -- any reason why that trend wouldn't continue into next year. But at this point, it's too early to actually give you specifics on exactly how we think about that range.

而且我預期第四季業績將強於全年平均水平，這通常也是我們的預期。我們在第四季通常會有更強的儀器配置。所以我認為，而且我看到的是，我看不出任何理由——任何理由——為什麼這種趨勢不會延續到明年。但目前要具體說明我們如何看待這個範圍還為時過早。

If you look at the overall sequencing demand, we still see significant number of sequencing-intensive applications that are both in the clinical as well as in research space, that are building and continuing to build traction and momentum here. So we do see a several year further expansion of the sequencing ecosystem, which should translate into X placements as well.

從整體定序需求來看，我們仍然可以看到大量的定序密集應用，這些應用既存在於臨床領域，也存在於研究領域，並且正在不斷發展壯大，持續獲得關注和發展動力。因此，我們看到定序生態系統在未來幾年內將進一步擴張，這也應該轉化為 X 類藥物的上市。

Catherine Schulte, R.W. Baird.

凱瑟琳舒爾特，R.W.貝爾德。

Hey guys, thanks for the question. Maybe in research and applied, it looks like the NovaSeq X transition is almost complete there. Just curious, how has the gigabyte output looked in that customer group this year just as we try to think about underlying activity levels? And then related, are you baking in any government shutdown impact for the fourth quarter?

嘿，各位，謝謝你們的提問。或許在研究和應用領域，NovaSeq X 的過渡似乎已經接近完成。我很好奇，今年該客戶群的千兆位元組輸出如何？我們想了解其潛在的活動水平。另外，您是否已將政府停擺對第四季的影響納入考量？

Yeah, Catherine, I'll start by, first, looking at the transition here, and we're very pleased. But also as expected, that the NovaSeq X would transition much faster in the research and academic environment. As you can -- as you might know is that what is happening there is that when a researcher have finished up their project on the 6000, when they get the new project, they can immediately start on the X and do a bigger single-cell project or whatever they are working on in that particular research environment.

是的，凱瑟琳，首先，我來看看這裡的過渡情況，我們非常滿意。但正如預期的那樣，NovaSeq X 在研究和學術環境中的普及速度要快得多。正如你所了解的——正如你可能知道的——那裡發生的情況是，當研究人員在 6000 上完成他們的項目後，當他們獲得新項目時，他們可以立即在 X 上開始，並進行更大的單細胞項目或他們在特定研究環境中正在進行的任何其他項目。

That's very different from the clinical space where you have to validate and you have to make sure that it works on the new platform before move over. So we're very used to and we expected that research and applied would move much faster. And now with the transition done, we see that that pricing headwind is, of course, reducing.

這與臨床領域的情況非常不同，在臨床領域，你必須先進行驗證，確保它在新平台上能夠正常運行，然後再進行遷移。所以我們已經非常習慣，預期研究和應用的發展速度會快得多。現在過渡期已完成，我們看到價格方面的不利因素當然正在減少。

So we are -- we are of course encouraged about the future. That said, there is still, of course, concerns about NIH funding, and that will be muted for the time being. So maybe, Ankur, you can --

所以，我們——我們當然對未來感到鼓舞。當然，人們仍然對美國國立衛生研究院的撥款有擔憂，但這種擔憂暫時會被壓制。所以，安庫爾，或許你可以--

So Catherine, in terms of actual Gb volume growth, the -- as you may have probably worked through with our -- where our research revenue growth in consumables has been, the Gbs have grown both in clinical and in research during the quarter. Clinical was much, much stronger.

所以凱瑟琳，就實際 Gb 銷售成長而言——正如你可能已經了解的——我們耗材研發收入的成長情況，本季臨床和研發領域的 Gb 銷量均有所成長。臨床方面強得多。

The growth rate in research has come down relative to what the historical growth rates have been, but it is still growing. Now the overall funding environment has played out where the actual demand in that space and the activity has become muted, but the Gb still grew, albeit below the 30% kind of number that we've talked about.

雖然科研領域的成長率相對於歷史成長率有所下降，但它仍在成長。現在整體融資環境已經發生了變化，該領域的實際需求和活動已經變得疲軟，但 Gb 仍然增長，儘管低於我們之前討論過的 30% 左右的數字。

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Hey guys, thanks for the questions. Congrats on the print and all the updates. Really good print here. Yeah. Ankur, for you, on the quarterly R&D expenses declined a bunch quarter-over-quarter. It's like the lowest dip, below $230 million for the first half since 2021.

大家好，感謝你們的提問。恭喜印刷成功，也恭喜所有更新。印刷品質真不錯。是的。Ankur，對你來說，季度研發費用較上季大幅下降。這是自 2021 年以來上半年跌破 2.3 億美元的最低點。

Wondering if that's -- if this is a new run rate, we'll grow from here. And how much of it relates to the recent or the upcoming launches of new products, as well as your efforts to remain competitive, obviously, too. And then just one quick one on the clinical. That looks like it's accelerating. What's specifically driving that? And are there other catalysts that could unlock further growth? Thanks.

我想知道這是否——如果這是新的運行速度，我們將以此為基礎發展。當然，其中有多少與近期或即將推出的新產品有關，以及你為保持競爭力所做的努力也同樣重要。然後，臨床方面就簡單問一個問題。看起來速度正在加快。具體是什麼原因導致這種情況？還有其他可能促進進一步成長的催化劑嗎？謝謝。

Yeah, Kyle. So let me start on this, it's Jacob, on the R&D. And I'm very pleased with how Steve and the R&D team is driving a disciplined execution of the R&D and the portfolio. But we also, at the same time, we're very disciplined on how we spend our money and how we think about OpEx going forward. And I think that's the result you're seeing.

是的，凱爾。那就讓我先開始吧，我是研發部的雅各。我非常滿意史蒂夫和研發團隊在研發和產品組合上所展現出的嚴謹執行力。但同時，我們在資金的使用以及對未來營運支出的思考方面也非常自律。我想這就是你看到的結果。

But what I'm really pleased about is that I continue to see improved productivity in the R&D organization also. So I'm excited about what we have in our portfolio and what will come out over the next few years. Some of that we have talked about, a lot we haven't really shared as of yet. So much more to come.

但我真正感到欣慰的是，我看到研發部門的生產力也不斷提高。所以我對我們目前的產品組合以及未來幾年即將推出的產品感到興奮。有些我們已經討論過了，但還有很多我們還沒有真正分享過。精彩內容，敬請期待。

Yeah, thanks, Jacob. On the -- on your second question, Kyle, the clinical acceleration during the year. Think about it in two ways. We've talked about the number of X placements and more than 50% of the Xs being placed in the clinical over the last several quarters and a significant number placed during the last quarter, talk about the validation of Xs in the clinical takes a little bit longer than what it has in the research environment.

謝謝你，雅各。關於你的第二個問題，Kyle，關於這一年的臨床加速訓練。可以從兩個方面來思考。我們已經討論過 X 植入的數量，過去幾季中超過 50% 的 X 植入在臨床上，上個季度植入的數量也相當可觀。我們討論過，X 在臨床上的驗證比在研究環境中驗證所需的時間要長一些。

So the -- what we believe we are seeing the effect of is a lot of our large customers launching and getting approval for several new tests in some -- even in early detection, definitely in therapy selection, also in MRD. And in genetic disease. Even if you just line up the number of tests that have been approved in the last two, three quarters alone, you will see the significant new activity that is getting added, right?

因此，我們認為我們正在看到的結果是，我們的許多大客戶推出了一些新的測試，並獲得了批准，這些測試包括早期檢測、治療選擇以及 MRD 檢測。以及遺傳性疾病。即使只統計最近兩三個季度核准的偵測數量，你也會發現新增的偵測活動非常顯著，對吧？

And a lot of these larger highly intensive tests have been enabled on X given the amount of sequencing intensity some of these new tests take. So we think it's -- the clinical market is building momentum, and there is legs to this momentum going forward as well. The eventual growth rates in itself will pan out the way they will pan out, but there's a lot of good fundamental momentum building in that business.

鑑於某些新測試需要大量的定序強度，許多此類規模更大、強度更高的測試已在 X 上啟用。所以我們認為──臨床市場正在積蓄力量，而這種力量在未來也會持續下去。最終的成長率會如何發展，目前這個產業正在累積許多良好的基本面成長動能。

Yeah, and also a reminder, we did a lot of X placements in Q4 and Q1 in '25 year, and Q4 in '24. And that's playing out now. You can see that many of those went into the clinical space, and that's where you start to see volume coming from also these placements.

是的，還有一點要提醒大家，我們在 2025 年的第四季和第一季做了很多 X 類職位安排，2024 年的第四季也做了很多。而現在，這種情況正在上演。你可以看到其中許多都進入了臨床領域，而這些安置也開始帶來業務量。

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

Good afternoon, everyone. You've given a lot of very helpful comments around 2026 framing thoughts. In the past, you've talked about a goal of double-digit EPS growth. I was just curious with the building blocks that you've laid out for us, just your confidence that you think you can deliver on that next year? Thanks.

大家下午好。您對 2026 年的展望提出了許多非常有用的意見。過去，您曾談到實現兩位數每股收益成長的目標。我只是好奇，鑑於您為我們制定的這些基礎框架，您是否有信心在明年實現這些目標？謝謝。

Jack, good to hear from you. And yeah, we continue to -- as I mentioned also in the call, we continue to -- of course, we were not guiding when we were at our -- or our investor setup here last summer. We were not providing too much detail on the EPS, as far as I recall. It was more on the operating margin where we said we were going to -- where we're going from 500 basis points up to 26%. But with that also comes, of course, strong EPS growth.

傑克，很高興收到你的來信。是的，我們繼續——正如我在電話會議中提到的，我們繼續——當然，去年夏天我們在這裡設立投資者機構時，我們並沒有提供指導。據我回憶，我們當時並沒有提供太多關於EPS的細節資訊。更重要的是營業利潤率，正如我們之前所說，我們將從 500 個基點提高到 26%。當然，隨之而來的也是強勁的每股盈餘成長。

So we're confident we can continue to grow the EPS in that range you were talking about also here. (technical difficulty) proven very well in very tough environments that we've seen both in '24 and here in '25 that we have expanded the EPS. And our aim is to continue to do so (multiple speaker).

因此，我們有信心繼續保持您剛才提到的每股盈餘成長幅度。 （技術難題）事實證明，無論是在2024年還是2025年，在非常艱難的環境下，我們都取得了非常好的業績，每股收益也實現了成長。我們的目標是繼續這樣做。（多人發言）

Jack, yes, we still have several levers that we continue to work on from an overall earnings expansion perspective. The -- clearly, getting the OpEx cost structure to a level where we have much stronger operating leverage was an important point, and we feel we're getting close to that. So keeping discipline on that spending is one crucial aspect.

傑克，是的，從整體獲利成長的角度來看，我們仍然有幾個方面需要繼續努力。顯然，將營運支出成本結構調整到能夠讓我們擁有更強的營運槓桿的水平是一個重要的方面，我們感覺我們正在接近這個目標。因此，控制支出是至關重要的一個面向。

We still continue to work on several of the programs that we've kind of outlined before. And the results of some of those are yet to play out in the P&L. We've talked about setting up our core centers of excellence in Singapore. We've talked about centers of excellence in India. We've talked about continuing to work on the gross margin on our instruments.

我們仍在繼續推進之前概述過的幾個項目。其中一些結果尚未在損益表中反映出來。我們討論過在新加坡設立核心卓越中心。我們已經討論過印度的卓越中心。我們已經討論過繼續努力提高我們儀器的毛利率。

These are all levers that we continue to play and still have additional value to be [primed]. And on top of that, as we return to growth and with a better cost structure, there should be a better operating leverage too.

這些都是我們可以繼續運用且仍有額外價值的手段。[已啟動]。此外，隨著我們恢復成長並擁有更好的成本結構，營運槓桿作用也應該會更好。

So in short, yes, our focus is to continue to expand our earnings going forward. We'll talk about the specifics, of course, for 2026 when we get to the guide.

簡而言之，是的，我們未來的重點是繼續擴大獲利。當然，關於 2026 年的具體細節，我們會在指南中詳細討論。

Tom Stevens, TD Cowan.

湯姆·史蒂文斯，TD·考恩。

Great. This is Dan Brennan. Congrats on the quarter. Maybe just a couple. So I know a few questions have been asked on the X transition. But the 900 basis points of like sequential increase of volume on the X, from 55% to 64%, like could we see another 900 basis points in 4Q? And Kind of how do we think about getting to the research kind of level for the X, which is 90%? Like how long would that take, (technical difficulty)

偉大的。這是丹布倫南。恭喜你本季取得佳績。或許就幾個吧。我知道已經有人問了一些關於 X 過渡的問題。但是，X 的銷售量較上季成長了 900 個基點，從 55% 成長到 64%，我們能否在第四季看到另外 900 個基點的成長呢？那麼，我們該如何考慮將 X 的研究水準提高到 90% 呢？那需要多長時間？（技術難題）

In terms of research, can you just break down a little bit like what you're actually seeing from your US economic and government customers? Like what have those trended year-to-date in the third quarter? And if we do get a flat budget or even like a CR, do you think that would be enough to see like a nice uptick in spending? Or what are you hearing from customers about what will allow them to spend more, the research customers? Thank you.

就研究方面而言，您能否簡要介紹一下您從美國經濟和政府客戶那裡實際觀察到的情況？今年第三季至今，這些趨勢如何？如果預算不變，或像CR一樣，你認為這足以讓消費支出大幅增加嗎？或者，您從客戶（即研究型客戶）那裡了解到什麼訊息，他們認為什麼能讓他們增加消費？謝謝。

You know, I think at the last earnings call we had a lot of conversations with all of you about why the transition was slowing, and now we have a conversation about why it's accelerating. I mean, first and foremost, what's important is that revenue accelerated with the acceleration of the conversion. So we're very pleased with that, and we continue to see that that trend will continue.

你知道，我覺得在上次財報電話會議上，我們和大家進行了很多關於轉型速度放緩原因的討論，現在我們要討論的是轉型速度加快的原因。我的意思是，首先也是最重要的是，隨著轉換率的提高，收入也隨之加速成長。我們對此非常滿意，我們認為這種趨勢還會持續下去。

I will caution, over-interpret the acceleration quarter by quarter. The trend is what we want to look at. So where we are in a quarter from now, we will take that and see that. But it's one quarter, it's too early to say whether it's -- how much we are accelerating, whether that's a new line we should go after. But overall, I'm very encouraged where we are. And more importantly, I'm encouraged about that we continue to grow.

我要提醒大家，不要過度解讀每季的成長加速數據。我們想關注的是趨勢。所以，一個季度後我們會走到哪一步，我們再看看情況如何。但這只是一個季度，現在就斷言我們是否正在加速發展，以及這是否是我們應該追求的新方向，還為時過早。但總的來說，我對我們目前的狀況感到非常鼓舞。更重要的是，我感到鼓舞的是，我們仍在不斷發展壯大。

If you look into the academic environment, as I mentioned before, we're pleased to see that the grants are flowing. I think it's -- from now on, it's more getting predictability in the grant flowing and the predictability that the researchers can actually expect to get also future grants. Because they are not planning their spending based on one grant. They're spending on what is expected to come over the next few quarters. So I think that's the next -- this was a great checkmark that we now see that NIH is spending.

如我之前提到的，如果你考察一下學術環境，我們會很高興地看到，科研經費正在源源不絕地發放。我認為——從現在開始，更重要的是要提高撥款的可預測性，以及研究人員未來能夠實際獲得的撥款的可預測性。因為他們的支出計劃並非基於一項撥款。他們正在為未來幾季預計出現的情況進行支出。所以我認為這是下一步——這是一個重要的里程碑，我們現在看到美國國立衛生研究院正在加大投入。

The next check mark is, of course, we need to have the budget approved, or at least the CR. And finally, of course, we need to see that the grants are flowing regularly. So I think that's the steps we have to go through. How long time that's going to take? I don't know exactly, but it's going to move into '26, for sure.

當然，下一個需要確認的問題是預算獲得批准，或至少是臨時撥款法案獲得批准。最後，當然，我們還需要確保撥款能夠定期到位。所以我覺得這就是我們必須經歷的步驟。這需要多長時間？我不太清楚具體時間，但肯定會延續到 2026 年。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢美術館。

Hey guys, thank you for taking my question. First -- two quick ones from me. First, it looks to me, Ankur, that you're expecting a bit of step-up in Q4 instrument revenue outside China, up to $125 million. Do I have that right? It would still be down year-over-year, but it's a decent sequential step-up. So what are you assuming relative to historical norms when it comes to budget flush?

各位好，感謝你們回答我的問題。首先——我先簡單說兩點。首先，安庫爾，在我看來，你預計第四季度中國以外的儀器收入會略有成長，達到 1.25 億美元。我理解對嗎？雖然同比仍然下降，但環比增長相當可觀。那麼，在預算充裕方面，您相對於歷史常態作何假設？

And second, as a follow-up to Catherine's question, is that the right way to think about research customers that most of the X transition is done? I ask because, unlike clinical, which you did a nice job addressing in the slides, I would think you get to the other side of the transition and start growing again more quickly. Is that right?

其次，作為 Catherine 問題的後續，對於研究客戶而言，大部分 X 轉型已經完成，這種想法是否正確？我這麼問是因為，與你在幻燈片中很好地闡述的臨床情況不同，我認為你會更快地度過過渡期並再次開始成長。是這樣嗎？

So Subbu, let me start here on overall. I think there's nothing uncommon in having a very strong Q4 in instrument placements. That is the usual way we look at it. So I don't consider that as a budget flush, but it's very normal in the Q4, and we saw that last year and we've seen the other years also in Q4 is usually stronger.

那麼，Subbu，讓我先從整體上談起。我認為在樂器配置方面，第四季表現非常出色並沒有什麼不尋常的。我們通常都是這樣看待這個問題的。所以我不認為這是預算削減，但這在第四季度非常正常，我們去年就看到了這種情況，往年第四季通常也比較強勁。

And that's not an Illumina thing, I think that's a life science -- at least what I know, a life science tools industry phenomenon. So we're expecting that also for Q4, but we are not building in any specific time of flush -- budget flush. Ankur?

這不是 Illumina 獨有的現象，我認為這是生命科學領域的現象──至少就我所知，是生命科學工具產業的現象。所以我們預計第四季也會如此，但我們沒有設定具體的預算削減時間。安庫爾？

Yeah, Subbu, good questions. So Jacob's addressed the Q4 instruments. Certainly anticipating and the forecast assumes a pickup up there, not as big as the 91 placements that we had in Q4 last year. That's not what we're assuming in our forecast, but if that happens, that will be a nice upside overall.

是的，Subbu，問得好。所以雅各談到了第四季的金融工具。當然，預計銷量會有所回升，但不會像去年第四季那樣達到 91 輛的銷量。雖然我們的預測中並沒有假設這種情況發生，但如果真的發生了，整體來說會是一個不錯的利好因素。

In terms of the research market looking forward, you have it right in the sense vast majority of the volumes in the research market have transitioned to X, implying that as and when those markets return to growth or even in a stable environment, the actual pricing headwind should start to dissipate from that and resulting into a better revenue performance or revenue growth performance.

就研究市場的未來發展而言，你的說法是正確的，因為研究市場的大部分交易量已經轉移到了 X，這意味著一旦這些市場恢復成長，甚至進入穩定環境，實際的價格阻力就會開始消散，從而帶來更好的收入表現或收入成長表現。

We're also pleased with the series of multiomics that are getting launched. We feel we're very well positioned as and when those markets return as well. So yeah, thinking about the right way.

我們也對即將推出的一系列多組學產品感到滿意。我們認為，一旦這些市場恢復，我們將做好充分準備。是的，要用正確的方式思考。

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

問答環節到此結束。現在我謹將電話轉回給康納·麥克納馬拉，請他作總結發言。

Thank you for joining us today. A replay of this call will be available on the Investors section of our website. This concludes our call. We look forward to seeing you in upcoming events.

感謝您今天蒞臨。本次電話會議的錄音回放將在我們網站的投資者關係版塊提供。通話到此結束。我們期待在接下來的活動中見到您。

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。感謝您的參與。您可以暫時斷開連接，祝您今天過得愉快。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本文字稿中標示（技術難題）的部分錶示有音訊問題。如果有重播視頻，我們會補充缺少的文本。