Illumina Inc (ILMN) 2025 Q4 法說會逐字稿

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

女士們、先生們，大家好。歡迎參加 Illumina 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the call over to Head of Investor Relations, Conor McNamara.

現在我將把電話交給投資者關係主管康納·麥克納馬拉。

Hello, everyone, and welcome to Illumina's fourth-quarter 2025 Earnings Call. Today, we will review our financial results released after the market close and provide prepared remarks before opening the line for Q&A. Our earnings release is available in the Investor Relations section of illumina.com. Joining us on today's call are Jacob Thaysen, Chief Executive Officer; and Ankur Dhingra, Chief Financial Officer.

大家好，歡迎參加 Illumina 2025 年第四季財報電話會議。今天，我們將回顧收盤後發布的財務業績，並在開放問答環節前發表準備好的演講。我們的獲利報告可在illumina.com網站的投資者關係欄位中查看。今天參加電話會議的有執行長Jacob Thaysen和財務長Ankur Dhingra。

Jacob will start with an update on Illumina's business, followed by Ankur's review of the company's financials. We will be discussing certain non-GAAP financial measures on today's call, and a reconciliation to GAAP can be found in today's release and in the supplementary data available on our website. Please note that unless otherwise stated or when referring to end markets, all year-over-year revenue growth rates discussed in our prepared remarks are presented on a constant currency basis, excluding the impact of foreign exchange fluctuations.

Jacob 將首先介紹 Illumina 的業務最新情況，然後 Ankur 將回顧該公司的財務狀況。我們將在今天的電話會議上討論一些非GAAP財務指標，與GAAP的調節表可在今天的新聞稿和我們網站上提供的補充資料中找到。請注意，除非另有說明或提及最終市場，否則我們在準備的發言稿中討論的所有同比收入增長率均以固定匯率為基礎，不包括外匯波動的影響。

In addition, all references to China refer to our Greater China region, which also includes Taiwan and Hong Kong. This call is being recorded, and the replay will be available in the Investors section of our website. It is our intent that all forward-looking statements made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the documents that Illumina files with the SEC, including our most recent Forms 10-Q and 10-K.

此外，文中所有提及中國之處均指大中華地區，包括台灣及香港。本次電話會議正在錄音，錄音回放將在我們網站的投資者關係版塊提供。我們意圖確保今天電話會議中所做的所有前瞻性陳述均受 1995 年《私人證券訴訟改革法案》的保護。為了更了解可能導致實際結果出現差異的風險和不確定性，我們建議您參閱 Illumina 向美國證券交易委員會提交的文件，包括我們最新的 10-Q 表格和 10-K 表格。

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

接下來，我將把電話交給雅各。

Thank you, Conor, and good afternoon, everyone. I am pleased to announce that our Q4 results exceeded expectations, capped off with 20% growth in our clinical consumables revenue ex-China, reflecting execution across the organization as we closed out 2025. We made tremendous progress throughout the year.

謝謝你，康納，大家下午好。我很高興地宣布，我們第四季度的業績超出了預期，其中除中國以外的臨床耗材收入增長了 20%，這反映了我們在 2025 年結束之際，整個組織都在積極執行各項任務。我們這一年取得了巨大的進步。

And the momentum we have built going into 2026 gives me high confidence that the strategy we put in place in 2024 to return to long-term growth is working. Highlights of our 2025 achievements include, we returned to growth in 2025, with ex-China revenue growth of 2% for the year and 7% in Q4. An acceleration in clinical consumables revenue growth throughout the year with mid-teens growth in the second half and Q4 growth of 20% ex-China.

進入 2026 年，我們已累積了強勁的發展勢頭，這讓我非常有信心，我們在 2024 年制定的恢復長期成長的策略正在奏效。我們在 2025 年取得的成就亮點包括：我們在 2025 年恢復了成長，除中國以外的營收全年成長 2%，第四季成長 7%。臨床耗材收入全年成長加快，下半年成長率達兩位數以上，第四季（中國以外）成長率達 20%。

We achieved our high-throughput transition milestones we set out to achieve. We advanced our portfolio beyond core sequencing into multiomics and data, software, and AI. And we expanded non-GAAP operating margins by 180 basis points and grew non-GAAP EPS by 16% year-over-year. We generated strong free cash flow and returned approximately $740 million to our shareholders through share repurchases.

我們實現了既定的高通量轉型里程碑。我們將產品組合從核心定序擴展到多組學、數據、軟體和人工智慧。我們的非GAAP營業利潤率提高了180個基點，非GAAP每股盈餘較去年同期成長了16%。我們產生了強勁的自由現金流，並透過股票回購向股東返還了約 7.4 億美元。

All of this was achieved in a rapidly evolving market, and our team members stayed ahead of many of the dynamic developments we saw throughout the year. Our success in 2025 is a testament to the strength of the Illumina team. And I want to recognize their ongoing commitment to our customers through innovation and execution.

所有這一切都是在快速變化的市場中實現的，我們的團隊成員始終走在全年所見的許多動態發展的前沿。我們在 2025 年的成功證明了 Illumina 團隊的實力。我還要表彰他們透過創新和執行，持續為我們的客戶做出的貢獻。

Now, I want to expand on our success we are seeing in our clinical business, where revenue growth accelerated throughout 2025. The strength we are seeing in clinical consumables - including 20% ex-China growth in Q4 is being driven primarily by two factors. First, adoption of sequencing-based diagnostic tests is increasing.

現在，我想詳細介紹我們在臨床業務方面的成功，該業務的收入成長在 2025 年加速成長。我們看到臨床耗材市場強勁成長——包括第四季度中國以外地區 20% 的成長——主要受兩個因素驅動。首先，基於定序的診斷測試的應用正在增加。

As customers launch new assays and expand reimbursement coverage in areas like minimal residual disease and early cancer detection testing. Second, we are seeing broader demand for comprehensive genomic profiling and whole-genome approaches in oncology and genetic diseases, both of which require greater sequencing intensity and benefit from the power and consistency of the NovaSeq X.

隨著客戶推出新的檢測方法，並擴大報銷範圍，例如在微小殘留病灶和早期癌症檢測等領域。其次，我們看到腫瘤學和遺傳疾病領域對綜合基因組分析和全基因組方法的需求日益增長，這兩種疾病都需要更高的定序強度，並且都能受益於 NovaSeq X 的強大功能和一致性。

As customers scale more data-intensive applications on a more powerful platform, the elasticity dynamics we've discussed in previous quarters continue to take hold. This is driving strong instrument sales. Q4 represented the second highest quarterly placements since launching the NovaSeq X in 2023 while also accelerating consumables demand, supporting durable growth in our core sequencing business.

隨著客戶在更強大的平台上擴展更多數據密集型應用程序，我們在前幾個季度討論過的彈性動態將繼續發揮作用。這帶動了儀器的強勁銷售。第四季是自 2023 年推出 NovaSeq X 以來第二高的季度訂單量，同時耗材需求也加速成長，從而支持了我們核心定序業務的持續成長。

Next-generation sequencing remains vastly underutilized, and we are positioning our business to capitalize on growth as the market evolves. One example of this is the recent addition of Dr. Eric Green as our Chief Medical Officer. Eric brings extensive experience in genomics and healthcare policy, most recently serving as Director of the National Human Genome Research Institute at the NIH.

下一代定序技術仍遠未充分利用，我們正在調整業務方向，以期在市場發展過程中抓住成長機會。例如，我們最近聘請了 Eric Green 博士擔任首席醫療官。Eric 在基因組學和醫療保健政策方面擁有豐富的經驗，最近擔任美國國立衛生研究院國家人類基因組研究所所長。

His leadership in the field will be a catalyst for driving continued adoption of genomics and multiomics toward a standard of care for patients. I now want to talk about how our long-term strategy is working. In 2024, we set out three strategic growth pillars. Core sequencing, scaling multiomics, and expanding our services, data, and software capabilities.

他在該領域的領導地位將成為推動基因組學和多組學持續普及，最終成為患者護理標準的催化劑。現在我想談談我們的長期策略進展。2024年，我們制定了三大策略成長支柱。核心定序、多組學規模化以及擴展我們的服務、數據和軟體能力。

Our continued execution on each of these pillars drove strong 2025 results, positioning the business for 2026 and beyond. Let me walk through examples of our progress for each of these strategic pillars: our first pillar is core sequencing, anchored by the NovaSeq X. As mentioned earlier, clinical remains our primary growth driver, and higher testing volumes with more sequencing-intensive applications reinforces demand for high-throughput, high-quality sequencing on the NovaSeq X.

我們持續推進這些支柱業務，推動了 2025 年的強勁業績，為 2026 年及以後的業務發展奠定了基礎。讓我舉例說明我們在每個策略支柱上的進展：我們的第一個支柱是核心定序，以 NovaSeq X 為核心。如前所述，臨床仍然是我們的主要成長動力，而更高的檢測量和更多定序密集型應用進一步強化了對 NovaSeq X 高通量、高品質定序的需求。

In research, conditions continue to be measured. Customers remain cautious with the purchasing decisions, though we are seeing signs of stabilization, including greater clarity around US policy and the funding environment. Longer term, we believe our research business can return to healthy growth, but for now we assume similar end-market dynamics in '26 to what we saw in 2025.

在研究中，各種條件需要不斷測量。儘管我們看到了一些穩定的跡象，包括美國政策和融資環境更加明朗，但消費者在購買決策方面仍然保持謹慎。從長遠來看，我們相信我們的研究業務可以恢復健康成長，但就目前而言，我們假設 2026 年的終端市場動態與我們在 2025 年看到的類似。

Our second pillar is scaling into multiomics, where we are building a comprehensive set of integrated solutions that extend the Illumina sequencing ecosystem. This includes both internally developed capabilities and selective acquisitions where we see technologies that can meaningfully expand our long-term growth opportunity.

我們的第二個支柱是擴展到多組學領域，我們正在建立一套全面的整合解決方案，以擴展 Illumina 定序生態系統。這包括內部開發的能力以及我們認為能夠顯著擴大我們長期成長機會的技術的選擇性收購。

As an example, we recently completed the acquisition of SomaLogic, an important milestone that builds on our longstanding partnership. I want to formally welcome the SomaLogic team to Illumina, and we are excited about what we will build together as we further integrate our combined capabilities. SomaLogic's aptamer-based affinity proteomics platform allows researchers to generate significant insights with high sensitivity, high-throughput, and with thousands of protein markers in a single experiment.

例如，我們最近完成了對 SomaLogic 的收購，這是建立在我們長期合作夥伴關係基礎上的一個重要里程碑。我謹正式歡迎 SomaLogic 團隊加入 Illumina，我們非常期待隨著雙方能力的進一步整合，我們將共同創造更多輝煌。SomaLogic 的基於適配體的親和蛋白質組學平台使研究人員能夠在一次實驗中以高靈敏度、高通量和數千種蛋白質標記物獲得重要的見解。

Our combined proteomics offerings will provide deep insights into protein function, interactions, and modifications at scale helping to accelerate understanding of complex biology and human health. Proteomics is the frontline in multiomics, and with SomaLogic now part of Illumina, our position in this key growth market is significantly stronger.

我們結合蛋白質體學技術，將提供對蛋白質功能、相互作用和修飾的深入見解，從而大規模地幫助加速對複雜生物學和人類健康的理解。蛋白質體學是多組學的前沿領域，隨著 SomaLogic 成為 Illumina 的一部分，我們在這個關鍵成長市場中的地位顯著增強。

By applying the scale of NGS to proteomics, we can accelerate innovation while reducing the time and cost of protein analysis. Across genomics, proteomics, single-cell, and epigenomics, these capabilities are now being brought together through our recently launched Illumina Connected Multiomics. This software addresses a longstanding challenge in the field integrating and interpreting data across different data types by simplifying multiomic analysis and making workflows more scalable and easier for customers to use.

透過將 NGS 的規模應用於蛋白質體學，我們可以在降低蛋白質分析時間和成本的同時加速創新。基因組學、蛋白質組學、單細胞和表觀基因組學等領域的能力，現在正透過我們最近推出的 Illumina Connected Multiomics 平台整合在一起。該軟體解決了該領域長期存在的難題，即整合和解釋不同數據類型的數據，它簡化了多組學分析，使工作流程更具可擴展性，更便於客戶使用。

Looking ahead, we remain on track to introduce our spatial transcriptomics solution in the first half of 2026, along with our constellation mapped-read technology over the same timeframe. Together, these advances extend our ability to deliver integrated, end-to-end workflows that support customers as multiomics moves further into both research and clinical settings.

展望未來，我們仍按計劃在 2026 年上半年推出空間轉錄組學解決方案，並在同一時間段內推出星座映射讀取技術。這些進步共同增強了我們提供整合式端到端工作流程的能力，從而支援客戶在多組學進一步應用於研究和臨床環境的過程中取得成功。

Our third strategic pillar is expanding our services, data and software capabilities. In the fourth-quarter, we launched BioInsight, an important step to expand how Illumina supports discovery and drug development through data, software and AI. For the first time, four key enabling capabilities are converging: sequencing at scale, tools to perturb biology using CRISPR at genome-wide levels, dedicated compute power to analyze it, and AI to build predictive biological models.

我們的第三大策略支柱是擴展我們的服務、數據和軟體能力。第四季度，我們推出了 BioInsight，這是 Illumina 透過數據、軟體和人工智慧支援發現和藥物開發的重要一步。首次，四項關鍵使能能力匯聚一堂：大規模定序、利用 CRISPR 在全基因組層級上擾亂生物學的工具、用於分析的專用計算能力以及用於構建預測性生物模型的 AI。

BioInsight brings together our leading capabilities in these four areas to fundamentally change drug discovery. Instead of relying on years of iterative wet-lab experiments, pharma and biotech companies can increasingly build, test, and refine biological models digitally, accelerating timelines and improving success rates.

BioInsight 將我們在這四個領域的領先能力結合起來，從根本上改變藥物發現。製藥和生物技術公司不再依賴多年的反覆濕實驗室實驗，而是越來越多地以數位化方式建構、測試和改進生物模型，從而加快研發進度並提高成功率。

Last month, we introduced BioInsight's first data product - the Billion Cell Atlas, which will be the most comprehensive map of human biology for drug discovery. Built using single-cell approaches, CRISPR-based perturbation, and AI, the Atlas helps partners better understand disease mechanisms and improve target validation.

上個月，我們推出了 BioInsight 的首個數據產品——十億細胞圖譜，它將成為藥物發現領域最全面的人類生物學圖譜。Atlas 利用單細胞方法、基於 CRISPR 的擾動和人工智慧建構而成，可幫助合作夥伴更了解疾病機制並改善標靶驗證。

This Billion Cell Atlas was met with strong interest from biopharma partners, and we announced initial collaborations with AstraZeneca, Merck, and Eli Lilly. We continue to see growing engagement from additional partners as data-driven approaches gain traction in drug discovery. Taken together, BioInsight expands how customers generate and act on biological insight, and strengthens Illumina's position in biopharma, a growing segment of our research end market.

這項「十億細胞圖譜」引起了生物製藥合作夥伴的濃厚興趣，我們宣布與阿斯特捷利康、默克和禮來公司進行初步合作。隨著數據驅動方法在藥物發現領域獲得認可，我們看到越來越多的合作夥伴參與其中。總而言之，BioInsight 擴展了客戶生成和利用生物學見解的方式，並加強了 Illumina 在生物製藥領域的地位，生物製藥是我們研究終端市場中不斷增長的領域。

The next opportunity for our customers to see how our strategy and innovation come together will be later this month at AGBT. As this year's gold sponsor, we will be joined by customers and key opinion leaders who will share how our newest platform enhancements and genomic and multiomic assays are being applied in real-world research and clinical settings.

本月晚些時候，我們的客戶將有機會在 AGBT 大會上親眼見證我們的策略和創新是如何融合在一起的。作為今年的黃金贊助商，我們將與客戶和關鍵意見領袖一起分享我們最新的平台增強功能以及基因組和多組學檢測如何在真實世界的研究和臨床環境中應用。

A key theme we will showcase is the value of our complete, end-to-end solutions for our customers. The conversations we are having with customers have shifted from cost per giga base to the total cost of workflow, from sample preparation through analysis and interpretation where integrated workflows and data quality matter most.

我們將重點介紹我們為客戶提供的完整、端到端解決方案的價值。我們與客戶的對話已經從每千兆位元組的成本轉向了工作流程的總成本，從樣品製備到分析和解釋，其中整合工作流程和資料品質最為重要。

This approach continuing to innovate as the market evolves gives customers confidence in the long-term, durable value of our flagship sequencing instruments, while supporting them where the field is headed, including deeper adoption of genomic and multiomic approaches. Now, let's turn to our 2026 outlook. Building on the momentum we saw in the second half of 2025, we expect organic revenue growth of 2% to 4% in 2026, excluding China, with overall demand similar to what we saw in the second half of 2025.

隨著市場的發展，這種不斷創新的方法讓客戶對我們旗艦定序儀器的長期、持久價值充滿信心，同時支持他們朝著該領域的發展方向前進，包括更深入地採用基因組學和多組學方法。現在，讓我們展望一下2026年。延續 2025 年下半年的成長勢頭，我們預計 2026 年有機收入將成長 2% 至 4%（不包括中國），整體需求與 2025 年下半年類似。

Clinical consumables grew approximately 16% ex-China in the second half of the year, and we expect robust growth to continue into 2026. Our outlook assumes double-digit to mid-teens clinical growth in 2026. We expect no fundamental change in the academic end-markets in 2026, resulting in mid-to-high single-digit revenue declines in our research and applied consumables revenue.

今年下半年，除中國以外，臨床耗材市場成長了約 16%，我們預計強勁的成長動能將持續到 2026 年。我們預計 2026 年臨床成長率將達到兩位數到十幾個百分點。我們預計 2026 年學術終端市場不會發生根本性變化，這將導致我們的研究和應用耗材收入出現中高個位數的下降。

Instruments are expected to be roughly flat to slightly down, resulting in a total company revenue of $4.5 billion to $4.6 billion, representing reported growth of 4% to 6%. Operating margins are expected to be 23.3% to 23.5% in 2026, up approximately 130 basis points excluding the acquisition impact. EPS guidance is $5.05 to $5.20 including $0.18 of dilution from the SomaLogic acquisition.

預計儀器業務將基本持平或略有下降，公司總收入將達到 45 億美元至 46 億美元，年增 4% 至 6%。預計到 2026 年，營業利潤率將達到 23.3% 至 23.5%，不計收購的影響，將成長約 130 個基點。每股盈餘預期為 5.05 美元至 5.20 美元，其中包括收購 SomaLogic 帶來的 0.18 美元稀釋收益。

Excluding dilution, this represents year-over-year growth of 10%. Before turning it over to Ankur for more details on our Q4 results and 2026 guidance, I just want to say I am confident that our long-term strategy is working, reinforced by the progress we made in 2025 and where Illumina stands today. Over the past year, we have advanced the strategy we laid out in 2024 and delivered meaningful progress across the business, entering 2026 with very encouraging momentum.

不計稀釋效應，這代表年增10%。在將第四季度業績和 2026 年業績指引的更多細節交給 Ankur 之前，我只想說，我相信我們的長期策略正在奏效，我們在 2025 年取得的進展以及 Illumina 目前的成就都印證了這一點。過去一年，我們推進了 2024 年制定的策略，並在整個業務領域取得了實質進展，以非常令人鼓舞的勢頭進入 2026 年。

We proved resilience, and we are a stronger company today. And we remain on track toward achieving our long-term financial targets for 2027. I want to thank our employees for their commitment and performance this past year. I am very proud of the Illumina team for staying focused through a dynamic year and delivering for our customers and the patients they serve.

我們證明了自身的韌性，如今我們是一家更強大的公司。我們仍有望實現2027年的長期財務目標。我要感謝全體員工過去一年來的付出和努力。我為 Illumina 團隊感到非常自豪，他們在充滿挑戰的一年中始終保持專注，並為我們的客戶和他們服務的患者提供了優質服務。

With that, I'll turn it over to Ankur to walk through the financials details before we move to Q&A.

接下來，我會把發言權交給安庫爾，讓他解說財務細節，然後再進入問答環節。

Thank you, Jacob. And good afternoon, everyone. I will give you an overview of our fourth-quarter financial results, provide more color on revenue, expenses, earnings, and updates on our balance sheet and capital deployment, and then discuss our outlook going forward. Before I get into the details of the financial performance, let me provide a high-level view of how the fourth-quarter played out.

謝謝你，雅各。大家下午好。我將概述我們第四季度的財務業績，詳細介紹收入、支出、收益以及資產負債表和資本部署的最新情況，然後討論我們未來的展望。在詳細介紹財務表現之前，先概述一下第四季的情況。

During the fourth-quarter, Illumina's revenue of $1.16 billion came in above our expectations, driven by strength in our clinical consumable's revenue, better than expected NovaSeq X placements, and outperformance in China, we also saw a small benefit from some year-end budget purchasing. The higher revenue resulted in margins and EPS both coming in ahead of our guidance, while also reflecting the benefits of the cost actions we took earlier in the year.

第四季度，Illumina 的營收達到 11.6 億美元，超出預期，這主要得益於臨床耗材收入的強勁增長、NovaSeq X 植入量超出預期以及在中國市場的出色表現。此外，年底的一些預算採購也帶來了一些小的收益。更高的收入使得利潤率和每股盈餘都超過了我們的預期，同時也反映了我們今年稍早採取的成本控制措施所帶來的效益。

Now let me provide you with the details. During the fourth-quarter, Illumina's revenue of $1.16 billion was up 5% year-over-year on a reported basis and 4% on a constant currency basis. Greater China revenue of $55 million was ahead of expectations and represented a $25 million decline from Q4 of 2024 . Excluding

現在讓我來詳細介紹一下。第四季度，Illumina 的營收為 11.6 億美元，以報告匯率計算年增 5%，以固定匯率計算年增 4%。大中華區營收為 5,500 萬美元，超出預期，但比 2024 年第四季減少了 2,500 萬美元。不包括

Greater China, Illumina revenue was up 7% year-over-year. Sequencing consumables revenue of $755 million was up 8% year-over-year , and up 11% excluding China. High-throughput volume growth drove the strength in consumables, as customers across research and clinical ramped utilization of their NovaSeq X instruments.

在大中華區，Illumina 的營收年增 7%。定序耗材收入為 7.55 億美元，較去年成長 8%；若不計中國市場，則年增 11%。高通量檢測量的成長推動了耗材市場的強勁成長，因為研究和臨床領域的客戶都加大了對 NovaSeq X 儀器的使用。

More broadly, the clinical market maintained its momentum, growing 20% outside of China, driven by broader adoption of NGS based testing and customers converting current assays to ones that require significantly more sequencing data, such as transitions from whole exome to whole genome sequencing in oncology and genetic disease.

更廣泛地說，臨床市場保持了成長勢頭，在中國以外地區增長了 20%，這得益於 NGS 檢測的更廣泛應用，以及客戶將當前的檢測方法轉換為需要更多測序數據的檢測方法，例如在腫瘤學和遺傳疾病領域從全外顯子組測序過渡到全基因組測序。

Consumables sales in research and applied markets were roughly flat year-over-year in the quarter, a notable improvement versus Q3, but still below historical levels due to continued uncertainty in the funding environment and year-over-year pricing dynamics related to conversion to the X. As of Q4, roughly 80% of volumes and 55% of revenue has transitioned to the NovaSeq X.

本季科學研究與應用市場的耗材銷售額與去年同期基本持平，較第三季有顯著改善，但由於資金環境持續存在不確定性以及與向X型晶片轉換相關的同比價格波動，仍低於歷史水準。截至第四季末，約80%的銷量和55%的營收已過渡到NovaSeq X型晶片。

The research transition is nearing its end, as now roughly 90% of the high-throughput sequencing volumes for these customers have transitioned to X. As a result, we expect pricing headwinds from the transition to continue to dissipate for our research customers, especially in the second half of 2026. Clinical volume is now more than two-thirds converted to the X.

研究轉型已接近尾聲，目前這些客戶約 90% 的高通量定序量已轉移到 X 平台。因此，我們預期轉型帶來的價格不利因素將繼續向我們的研究客戶消退，尤其是在 2026 年下半年。臨床病例中超過三分之二已轉換為 X 型。

And we believe pricing dynamics going forward will be tied more to new applications like whole-genome sequencing adoption, which drives higher volumes. Given these two dynamics, near-complete conversion within research, clinical volume growth driven by X, we expect the conversion to be substantially complete by the end of 2026.

我們認為，未來的定價動態將更多地與全基因組定序等新應用的普及掛鉤，這將推動更高的檢測量。鑑於這兩個動態因素，即研究領域內近乎完全的轉化，以及由 X 驅動的臨床量增長，我們預計在 2026 年底轉化將基本完成。

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, driven by robust strength in clinical, but more muted growth among our research customers. Sequencing instruments revenue of $154 million was approximately flat year-over-year in Q4, and up 3% ex-China, driven by strong placements of NovaSeq X and the MiSeq i100.

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%，主要得益於臨床領域的強勁成長，但研究客戶的成長則較為平緩。第四季定序儀器營收為 1.54 億美元，與去年同期基本持平；除中國外，成長 3%，這主要得益於 NovaSeq X 和 MiSeq i100 的強勁銷售。

Similar to our consumables mix, over 60% of X systems placed in Q4 were to clinical customers. In Greater China, our instruments business was down 55%, due to export restrictions. Globally, we placed over 100 NovaSeq X's, including about five on rental or lease contracts, bringing our total active installed base to 890 instruments.

與我們的耗材組合類似，第四季投放的 X 系統中超過 60% 是投放給臨床客戶的。由於出口限制，我們在大中華區的儀器業務下降了 55%。在全球範圍內，我們安裝了超過 100 台 NovaSeq X，其中約有 5 台是透過租賃或租借合約安裝的，使我們的活躍安裝基數達到 890 台儀器。

Sequencing service and other revenue of $157 million was up approximately 3% year-over-year, and up 4% ex-China. Strategic partnerships and the timing of data deals have been lumpy in 2025, and we were pleased to see a return to growth in Q4. Moving to the rest of the P&L. Non-GAAP gross margin of 67% for the fourth-quarter was down 40 bps year-over-year, primarily from the tariff impact of 205 basis points.

定序服務及其他收入為 1.57 億美元，較去年同期成長約 3%，除中國外成長 4%。2025 年的策略合作和數據交易時機一直不太穩定，我們很高興看到第四季恢復成長。接下來來看損益表的其餘部分。第四季非GAAP毛利率為67%，較去年同期下降40個基點，主要原因是關稅影響了205個基點。

Excluding tariffs, gross margins improved by 165 basis points. Sequentially, Q4 margins reflect the typical instruments heavy quarter in Q4. Non-GAAP operating expenses were $502 million, down 5% or $24 million year-over-year, reflecting the results of the multi-year cost reduction programs and prioritization of key growth investments.

剔除關稅後，毛利率提高了165個基點。從季度環比來看，第四季度的利潤率反映了第四季度典型的工具交易密集型特徵。非GAAP營運費用為5.02億美元，年減5%或2,400萬美元，反映了多年成本削減計畫的成果以及對關鍵成長投資的優先考慮。

Non-GAAP operating margin was 23.7% in Q4, expanding 400 basis points year-over-year. Operating profit grew approximately 26% year-over-year, 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 $16 million, and the non-GAAP tax rate was 19.5%.

第四季非GAAP營業利益率為23.7%，較去年同期成長400個基點。營業利潤年增約 26%，反映出成本結構改善帶來的經營槓桿效應增強。從我們的業績來看，非GAAP其他支出（主要包括淨利息支出）為1,600萬美元，非GAAP稅率為19.5%。

We continue to assess longer-term tax structure optimization to balance US R&D benefits with efficient credit utilization across jurisdictions. Our average diluted shares were approximately 154 million, 6 million lower than Q4 of '24 reflecting share repurchases throughout the year. Altogether, non-GAAP EPS of $1.35 per diluted share grew approximately 42% year-over-year, and came in above our guidance range and was higher than our initial estimate disclosed in January.

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。我們的平均稀釋股份約為 1.54 億股，比 2024 年第四季減少了 600 萬股，這反映了全年的股票回購。整體而言，非GAAP每股攤薄收益為1.35美元，年成長約42%，高於我們的預期範圍，也高於我們在1月揭露的初步估計。

Moving to cash flow, balance sheet, and capital allocation items for the quarter. Cash flow provided by operations was $321 million for the quarter and $1.1 billion for the year. Capital expenditures were $54 million and free cash flow was $267 million for Q4. For the year, CapEx was $148 million and free cash flow was $931 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。本季經營活動產生的現金流為 3.21 億美元，全年經營活動產生的現金流為 11 億美元。第四季資本支出為 5,400 萬美元，自由現金流為 2.67 億美元。該年度資本支出為 1.48 億美元，自由現金流為 9.31 億美元。

In Q4, we repurchased 337,000 shares of Illumina stock for approximately $42 million at an average price of $124.12 per share. At quarter end we had $643 million remaining on our share repurchase authorization, and we intend to continue to repurchase shares opportunistically. Subsequent to the end of Q4, we closed the acquisition of SomaLogic on January 30th for an upfront payment of $350 million, plus potential royalties and milestone payments, subject to customary adjustments.

第四季度，我們以每股 124.12 美元的平均價格，回購了 337,000 股 Illumina 股票，總金額約為 4,200 萬美元。截至季末，我們的股票回購授權額度還剩 6.43 億美元，我們打算繼續擇機回購股票。第四季結束後，我們於 1 月 30 日完成了對 SomaLogic 的收購，首付為 3.5 億美元，另加潛在的特許權使用費和里程碑付款，具體金額需根據慣例進行調整。

We funded the upfront payment with cash on hand. We ended the quarter with approximately $1.63 billion in cash, cash equivalents and short-term investments, and gross leverage of approximately 1.6 times gross debt to last twelve months EBITDA. So recapping the full year 2025, starting with revenue. We returned to growth ex-China in Q3 and grew sales about 4% in the second half of the year.

我們用手邊的現金支付了預付款。本季末，我們擁有約 16.3 億美元的現金、現金等價物和短期投資，總槓桿率約為過去十二個月 EBITDA 的 1.6 倍總債務。讓我們回顧一下 2025 年全年情況，首先從收入說起。第三季度，除中國以外，我們恢復了成長，下半年銷售額成長了約 4%。

I'm extremely proud of the whole Illumina team for navigating through a very dynamic year to end the year on a high note. Through disciplined execution and cost optimization, we were able to expand margins nearly 200 basis points in 2025 despite approximately 200 basis points in macro-related headwinds. And finally, we grew EPS by 16%, and our 2025 EPS of $4.84 came in above the original guidance we gave at the start the year.

我為整個 Illumina 團隊感到無比自豪，他們克服了充滿挑戰的一年，最終以優異的成績結束了這一年。透過嚴格的執行和成本優化，儘管面臨約 200 個基點的宏觀經濟逆風，我們仍能夠在 2025 年將利潤率提高近 200 個基點。最後，我們的每股盈餘成長了 16%，2025 年的每股盈餘為 4.84 美元，高於年初給出的預期。

The way we closed out 2025 gives me confidence about the progress we are making towards our long-range targets, and I am excited about our momentum going into 2026. Now moving to guidance for the year 2026. Starting with revenue. We are expecting revenue of $4.5 billion to $4.6 billion dollars, representing ex-China Organic growth of 2% to 4%.

2025 年的結束讓我對我們在實現長期目標方面取得的進展充滿信心，我對我們進入 2026 年的勢頭感到興奮。現在開始展望2026年。首先從營收說起。我們預計營收為 45 億美元至 46 億美元，其中除中國以外，有機成長率為 2% 至 4%。

Organic growth excludes the impacts of currency, which is expected to add roughly 1 point to our reported growth; and revenue associated with the SomaLogic acquisition, which is expected to add 1.5 to 2 points of revenue growth in 2026. China sales are expected to be a one-point headwind to total company revenue growth. On a reported basis, overall revenue is expected to be up 4% to 6%.

有機成長不包括匯率的影響（預計匯率將使我們報告的成長增加約 1 個百分點）；也不包括與 SomaLogic 收購相關的收入（預計這將在 2026 年增加 1.5 至 2 個百分點的營收成長）。預計中國市場的銷售額將對公司總收入成長構成1個百分點的阻力。據報告顯示，預計整體收入將成長 4% 至 6%。

For rest-of-world organic sequencing revenue growth, we are expecting low-to-mid single-digit growth in consumables with clinical growing double-digit to mid-teens driven by continued strong volumes from our clinical customers. We are excited about the significant progress our customers are making with growth in their on-market tests and new sequencing-intensive whole-genome approaches.

對於世界其他地區的有機定序收入成長，我們預期耗材業務將實現個位數低至中等的成長，而臨床業務將實現兩位數至十幾的成長，這主要得益於我們臨床客戶持續強勁的銷售量。我們很高興看到我們的客戶在市場測試和新的定序密集型全基因組方法方面取得了顯著進展。

We expect research declining mid-to-high single-digit. Recent NIH budget announcements are a welcome development, and as fund flow resumes could provide a more favorable environment relative to what we are assuming in guidance. Instrument sales are expected to be down low-single-digit to flat year-over-year, and we believe our goal of placing 50 to 60 NovaSeq X instruments per quarter, on average, will continue through 2026.

我們預期研究支出將出現中高個位數的下降。美國國立衛生研究院最近公佈的預算是一個令人欣喜的進展，隨著資金的恢復，可能會提供比我們在指導意見中假設的更有利的環境。預計儀器銷售額將年減個位數至持平，我們相信，平均每季售出 50 至 60 台 NovaSeq X 儀器的目標將持續到 2026 年。

Our pull-through assumptions by platform can be found in our earnings presentation. In China, we expect sales of $210 million to $220 million with little or no step up in instrument sales in the first half of the year. We will revisit our assumptions as we work with the government about our ability to import instruments into the country. Moving to operating margins excluding SomaLogic, we are guiding for operating margins to expand 130 basis points next year at the midpoint.

您可以在我們的收益報告中找到我們按平台劃分的拉動假設。在中國，我們預期銷售額為 2.1 億美元至 2.2 億美元，上半年儀器銷售額幾乎沒有成長。我們將與政府協商我們向該國進口儀器的能力，並在此過程中重新審視我們的假設。剔除 SomaLogic 的影響，我們預計明年營業利潤率將成長 130 個基點（取中間值）。

SomaLogic is expected to have a 100-basis points impact to margins. All in for 2026, expecting operating margins of between 23.3% and 23.5%. We have made significant progress in improving Illumina operating margins and remained focused on achieving our 2027 targets. Now moving to EPS. Excluding SomaLogic, we are projecting EPS to grow 10% at the mid-point.

預計 SomaLogic 將對利潤率產生 100 個基點的影響。預計 2026 年營業利潤率將在 23.3% 至 23.5% 之間。我們在提高 Illumina 的營運利潤率方面取得了顯著進展，並將繼續專注於實現我們的 2027 年目標。現在轉到EPS。剔除 SomaLogic 的影響，我們預期每股盈餘 (EPS) 中位數將成長 10%。

SomaLogic is expected to be dilutive by $0.18 at mid-point. Hence, total Illumina 2026 EPS guidance is in the range of $5.05 to $5.20. For Q1'26, we are expecting rest-of-world organic revenue growth of 1% to 3%, equating to between $1.06 billion and $1.08 billion. We are expecting Q1 EPS of $1.02 to $1.07 including $0.04 of deal dilution.

預計 SomaLogic 將使股價稀釋 0.18 美元（中點）。因此，Illumina 2026 年每股收益預期在 5.05 美元至 5.20 美元之間。對於 2026 年第一季度，我們預計世界其他地區的有機收入將成長 1% 至 3%，相當於 10.6 億美元至 10.8 億美元。我們預計第一季每股收益為 1.02 美元至 1.07 美元，其中包括 0.04 美元的交易稀釋收益。

The rest of the details of our Q1 and 2026 guidance can be found in our earnings presentation. One housekeeping item, starting in January 2026 we changed the geographical reporting segments to better align with the respective commercial organizational structure. Beginning in Q1, we will report our new geographic segments and will provide historical financial reconciliation for the new structure.

有關我們第一季及 2026 年業績指引的其餘細節，請參閱我們的獲利報告。一項內部事務，從 2026 年 1 月起，我們更改了地理報告部分，以便更好地與相應的商業組織結構保持一致。從第一季開始，我們將公佈新的地理區域劃分，並提供新架構的歷史財務對帳。

In closing, I want to once again express my sincere appreciation to the Illumina team for their continued focus and disciplined execution throughout the quarter. We entered 2026 with a lot of momentum, and I'm extremely encouraged by the progress we've made in returning Illumina to long-term sustainable revenue and earnings growth. Thank you for joining our call today.

最後，我要再次向 Illumina 團隊表達我由衷的感謝，感謝他們在整個季度中持續的專注和嚴謹的執行。我們帶著強勁的勢頭進入了 2026 年，我對我們在使 Illumina 恢復長期可持續的收入和盈利增長方面取得的進展感到非常鼓舞。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.

現在我將請接線生開通問答環節。

(Operator Instructions) Doug Schenkel, Wolfe Research.

（操作員說明）Doug Schenkel，Wolfe Research。

I'm just going to ask a couple of financial questions, and then I'll get back in the queue. So first, on operating margin, does guidance embed an assumption that you essentially end the year at 26% to 27% operating margin? And building off of that, is there any change to your 2027 margin target factoring in SomaLogic? And then the second topic is really on capital deployment. The balance sheet is really clean at this point.

我只想問幾個財務方面的問題，然後就重新排隊。首先，關於營業利潤率，該指引是否包含一個假設，即您今年的營業利潤率將達到 26% 至 27%？在此基礎上，考慮到 SomaLogic 的因素，您的 2027 年利潤率目標是否有任何變化？第二個主題其實是關於資本部署。目前資產負債表非常乾淨。

You're generating about $1 billion of free cash flow. Clearly, the business has stabilized. How are you thinking about capital deployment? And specifically, what is your M&A criteria and priorities?

你們正在創造約10億美元的自由現金流。顯然，業務已經穩定下來。您是如何考慮資金部署的？具體來說，你們的併購標準和優先事項是什麼？

Thanks, Doug. And let me start by addressing your first question, which I believe it's around our long-term targets. And we feel definitely still great about those targets. Just as a step back in '24, we were out there presenting that we would bring the business back to high single-digit growth by '27 and also delivering 500 basis points that should bring us to 26% operating margin.

謝謝你，道格。首先，讓我回答你的第一個問題，我認為這是關於我們的長期目標。我們對這些目標仍然感到非常滿意。就像 2024 年的退步一樣，我們當時表示，到 2027 年，我們將使業務恢復到高個位數成長，並實現 500 個基點，這將使我們的營業利潤率達到 26%。

We feel really good about what we have done the last year. We have stepped ourselves into growth, and we believe we are in the right direction to deliver on the high single-digit growth in '27 in our core business. We also are seeing that we have moved substantially on our operating margins with 200 basis points last year in really a tough environment where we had approximately 200 basis points headwinds from tariffs and other things.

我們對過去一年所做的工作感到非常滿意。我們已經邁入了成長的階段，我們相信我們正朝著正確的方向前進，能夠在 2027 年實現核心業務的高個位數成長。我們也看到，在非常艱難的環境下，我們的營業利潤率去年實現了 200 個基點的成長，當時我們受到了關稅和其他因素帶來的約 200 個基點的不利影響。

And now we are committing to another 130 basis points. So we are well on that trajectory. Obviously, now with the acquisition of SomaLogic, it will be, as we have mentioned also, it is dilutive as a starting point. We are working through the opportunities for synergies, and we will get as close to the 26% operating margin as possible in '27 also. But more, we will keep you updated on the way. We are doing everything we can.

現在我們承諾再加息 130 個基點。所以，我們正朝著這個方向穩定前進。顯然，正如我們之前提到的，收購 SomaLogic 將會稀釋股權，這首先會起到稀釋作用。我們正在努力尋找協同效應的機會，並且我們將在 2027 年盡可能接近 26% 的營業利潤率。但我們會隨時向您報告最新進展。我們正在盡一切努力。

Your next question will come --

你的下一個問題即將到來--

This is Ankur. And Doug, you're premise that next year, excluding SomaLogic, that the exit rate operating margin for 2026 is higher than the average is that's usually our cyclicality in the business. So our full year guide ex-Soma is getting close to 24.5% and exit rate in Q4 generally tends to be higher than that.

這是安庫爾。道格，你的前提是，明年（不包括 SomaLogic）2026 年的退出率營業利潤率將高於平均水平，這通常是我們業務的周期性波動。因此，我們全年（不包括 Soma）的業績指引接近 24.5%，而第四季的退出率通常高於這個數字。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats on a nice one here. Maybe one on guidance here, Jacob or Ankur for you guys. The organic for Q4, when you look at clinical performance, ex-China, 6.5%, overall company 3.5%. Your guidance ex-China basis for fiscal '26, you're looking at 3%. What drives that step down from 6.5% exit rate in Q4? Q4, clearly, clinical was standard. Was there anything one-off about Q4? Any pull forward of revenues, et cetera, that perhaps calls for some moderation in '26 outlook?

恭喜你找到好東西了。或許這裡有人可以給你們一些指導，像是 Jacob 或 Ankur。第四季有機成長率（以臨床表現計算，不包括中國）為 6.5%，公司整體成長率為 3.5%。你們對 2026 財年（不包括中國）的指導意見是 3%。是什麼原因導致第四季退出率從 6.5% 大幅下降？Q4，很明顯，臨床檢查是標準的。第四季有什麼特殊情況嗎？任何提前釋放收入等因素，或許都會導致 2026 年業績展望有所調整？

Vijay, so thank you, first and foremost, we are super excited about how we ended out the year. Clearly, 2025 was a challenging year. So the momentum we started to build up here in the second half is really encouraging. And we truly believe that momentum is continuing into '26. As you can see, we ended out the year with very strong performance on clinical with 20% clinical consumables growth in '27 -- excuse me, in Q4 in '25 here.

Vijay，首先非常感謝你，我們對今年的收官方式感到非常興奮。顯然，2025年是充滿挑戰的一年。因此，我們在下半場開始建立起的勢頭真的令人鼓舞。我們堅信這股動能將延續到 2026 年。如您所見，我們在臨床方面取得了非常強勁的業績，2027 年（抱歉，應該是 2025 年第四季）臨床耗材成長了 20%。

And we expect that momentum overall from second half to continue. So we believe that what we're building in is that we have high -- mid-teens growth for our clinical business. But we also continue to see the challenging in the research academic environment. It is definitely a good step forward that we are now seeing line of sight to the NIH budget.

我們預計下半年的整體發展動能將得以延續。所以我們相信，我們正在建構的是，我們的臨床業務將實現兩位數以上的高速成長。但我們也持續看到學術研究環境面臨的挑戰。我們現在終於看到了美國國立衛生研究院的預算，這無疑是向前邁出的重要一步。

But if you dig a little bit deeper, there's still a lot of uncertainties for the institutes for how grants are being distributed and who's getting -- who's actually getting these grants. So that's why we see there's still a muted environment. And I think during the year, we will hopefully see that come out better, which could continue the performance or improve our performance.

但如果你深入了解一下，你會發現對於各個研究機構來說，撥款的分配方式以及誰實際上獲得了這些撥款，仍然存在許多不確定性。所以這就是為什麼我們看到這裡仍然瀰漫著一種沉悶的氣氛。我認為在這一年中，我們有望看到情況好轉，這可能會延續或提高我們的業績。

But we're not seeing any substantial step down. We know Q4 is always a strong quarter, and therefore, we feel good about how we're guiding at this point.

但我們並沒有看到任何實質的倒退。我們知道第四季歷來都是業績強勁的季度，因此，我們對目前的業績指引感到滿意。

Vijay, let me just frame the 2% to 4% ex-China. When we approach the guidance, as Jacob said, we're not seeing any change in the momentum, especially in the clinical business. Our customers continue to do very well, both from the adoption of the on-market test as well as working on bringing new tests to the market. The way we have approached the guidance is to look at the half two of 2025 as we laid out during our Q3 earnings call, where in Q3, our growth was 2% ex-China. In Q4, up to 7%.

Vijay，我先解釋一下中國以外地區佔 2% 到 4% 的比例。正如雅各所說，當我們審視指導意見時，我們沒有看到任何發展勢頭的變化，尤其是在臨床業務方面。我們的客戶在採用現有測試方法以及努力將新測試方法推向市場方面都取得了非常好的成績。我們給予業績指引的方式是著眼於 2025 年下半年，正如我們在第三季財報電話會議上所闡述的那樣，第三季度我們在除中國以外的地區實現了 2% 的成長。第四季度，最高可達7%。

And so we took the average for the second half to bracket our overall guidance. The Q3 of 2025 is what we're using as the low end, right, where clinical still grew in the double-digit rate. The research was down in the high single-digit rate as kind of the framework towards the low end. And then if research does improve, that certainly provides on an upside. Q4, just one quarter didn't feel like using as a base for a full year guide per se. But momentum is pretty good.

因此，我們取下半年的平均值作為我們整體預期範圍的下限。我們把 2025 年第三季當作下限，對吧，當時臨床業務仍然保持兩位數的成長速度。研究表明，低端框架的下降幅度接近個位數。如果研究能夠有所進步，當然會帶來正面的影響。第四季度，僅僅一個季度的數據感覺不足以作為全年業績指引的基礎。但勢頭相當不錯。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

On the instrumentation, can you provide how the split was research versus clinical? I appreciate the momentum you're seeing in the clinical side. But on the research side, can you provide a little bit of context? And how are you thinking about the overall competition just beyond the academic pressure that we have seen in the market? How much of that is baked in just on the research side, both on the mid-throughput end and the high-throughput end?

關於儀器設備，您能否提供研究用設備和臨床用設備的具體分配比例？我很欣賞你們在臨床上的進展。但就研究方面而言，您能否提供一些背景資訊？那麼，除了學術壓力之外，您如何看待市場上的整體競爭？其中有多少是僅在研究方面實現的，包括中等通量端和高通量端？

Yes, Puneet, thank you. And we were very pleased with the performance we had in Q4 with more than 100 instruments placed in on the X instruments. And as expected, more than 60% of those placements were related to clinical. And we expect that to be the case, that the dynamic to continue into '26, where clinical will be majority of the placements of instruments.

是的，普尼特，謝謝你。我們對第四季的業績非常滿意，超過 100 件樂器被安置在 X 樂器平台上。不出所料，超過 60% 的實習職位與臨床相關。我們預計這種情況會持續到 2026 年，屆時臨床應用將佔器材應用的大部分。

So we are -- we continue to see that customers are building their assays on our -- on the X instruments, and we're not seeing any slowdown in that part of the business. As you mentioned also, we have a mid-throughput business. That has been more -- as we talked about before, have been more challenged by some of the macro trends where some of our customers are maybe more conservative in how they have spent their funding over the past years, also in the research and academic market.

因此，我們繼續看到客戶在我們的 X 系列儀器上建立他們的檢測方法，而且我們沒有看到這部分業務出現任何放緩。正如您所提到的，我們的業務屬於中等吞吐量。正如我們之前討論過的，過去幾年，一些宏觀趨勢給我們帶來了更大的挑戰，一些客戶在資金使用方面可能更加保守，尤其是在研究和學術市場。

So I think that market is still a little more muted than -- but not really a change from what we have seen in '25 also. So that's how we think about the business right now.

所以我認為，目前的市場仍然比之前略顯低迷——但與我們在 2025 年看到的情況相比，並沒有真正的變化。這就是我們目前對這項業務的看法。

From a competitive perspective, Puneet, no, we didn't see much in Q4. As Jacob said, very strong instrument placements quarter overall across clinical and research as well. We're getting very good interest in the new launches. We've launched the five-base. Our spatial is in early access and the demand and the interest from the research side looks very good. Our thinking on the research from 2026 perspective is more based on the funding environment and the evolution of the funding environment to say.

從競爭角度來看，Puneet，不，我們在第四季並沒有看到太多亮點。正如雅各所說，臨床和研究領域的儀器植入量在本季整體上都非常強勁。新產品發表後反應非常好。我們已經推出五基地了。我們的空間資料目前處於早期訪問階段，研究方面的需求和興趣看起來都非常好。我們從 2026 年的角度對研究的思考更基於資助環境以及資助環境的演變。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

A couple of quick ones. Just on clinical Jacob, you talked about growing use of whole genome, whole exome. Can you just talk on delineate how much of the growth is mix versus maybe volume? So that's kind of the first question. Second is on Onso. Just curious if you can touch on that thought process, how quickly could you incorporate that technology if you're planning to? And then maybe just lastly on adjacencies, a little bit more color on what you're baking in for spatial constellation and five-base.

幾個簡單的問題。Jacob，剛才你在臨床方面談到了全基因組、全外顯子組檢測的日益普及。您能否具體說明一下，成長中有多少是來自產品組合，又有多少是來自銷售成長？所以，這算是第一個問題。第二點是Onso。我很好奇您能否談談您的思考過程，如果您打算採用這項技術，您能多快將其應用到實際工作中？最後，關於鄰接關係，或許可以再詳細解釋你在空間星座和五基數中融入了哪些內容。

Okay. So -- no, thanks for that, Tycho. And if you look at the opportunity with the X and what our customers are using it for, clearly, we continue to see, as you can see, many of our clinical customers are, of course, seeing a significant uptake in volume. Many more physicians are starting to use genetic profiling for the cancers, but also for monitoring diseases. So that is a strong momentum.

好的。所以——不，謝謝你，泰科。如果你看看 X 帶來的機會以及我們的客戶正在用它做什麼，很明顯，正如你所看到的，我們繼續看到許多臨床客戶的數量顯著增長。越來越多的醫生開始使用基因分析來診斷癌症，也用於監測疾病。所以這是一個強勁的發展勢頭。

But we're also seeing that our customers are choosing to make larger and larger panels. As you mentioned, some of them are going from exome to whole genome. That's more in the genetic space. But we're also seeing that customers are building larger panels for therapy selection. And the next thing here is to expand the panels for MRD.

但我們也發現，我們的客戶選擇製造越來越大的面板。正如您所提到的，他們中的一些人正在從外顯子組研究轉向全基因組研究。那比較屬於基因領域的範疇。但我們也看到，客戶正在建立更大的治療方案選擇面板。接下來要做的就是擴大 MRD 的面板。

So we see all that. We're not splitting it down into the pieces at this point of time. But I would say, over time, I think actually the intensity, meaning the larger panels is going to be the main growth driver going forward. We see a lot of opportunities there. For the acquisition of the IP from PacBio, we saw that as a great opportunity to strengthen our portfolio.

所以我們看到了這一切。目前我們不會將其拆分成各個部分。但我認為，隨著時間的推移，強度（即更大的面板）將成為未來主要的成長驅動力。我們看到了那裡的許多機會。我們認為從 PacBio 收購智慧財產權是一個加強我們產品組合的絕佳機會。

We're very bullish about our SBS technology. So we believe there's a lot of options in that still. But we felt it was a great way to keep optionality. And then I think the last one you had was on how much we built in for the five-base and for constellation and others. This is still early days. We have seen a very, very strong interest for the products we brought to market already.

我們對我們的SBS技術非常有信心。所以我們認為這方面還是有很多選擇。但我們認為這是保持選擇權的好方法。然後，我認為你最後提到的是我們為五基、星座和其他方面做了多少工作。現在下結論還為時過早。我們已經看到，市場對我們推向市場的產品表現出非常非常濃厚的興趣。

I don't think it's going to be meaningful here really in '26, but it will start to be meaningful as we talked about before, in '27 and beyond, where we believe one or two basis of growth -- 1% or 2% growth will come from our new assays in multiomics, both multiomics and our data, the downside business.

我認為在 2026 年，這不會有什麼實際意義，但正如我們之前討論過的，在 2027 年及以後，它將開始變得有意義，我們相信一到兩個增長點——1% 或 2% 的增長將來自我們在多組學領域的新檢測方法，包括多組學和我們的數據，也就是下行業務。

Michael Ryskin, BofA.

Michael Ryskin，美國銀行。

I want to dive into some of the pieces of the 2026 guide in terms of the sequencing consumables, sequencing instruments. A little bit surprised that you got them as close. I would have thought that sequencing consumables would have been a little bit better as you -- as you said, as you're moving past some of the headwinds from the price transition.

我想深入探討 2026 年指引中關於定序耗材和定序儀器的部分內容。有點驚訝你居然能把它們還原得這麼接近。我以為耗材的排序會好一些，因為如你所說，你們正在克服價格轉型帶來的一些不利因素。

At the same time, sequencing instruments, I thought could have been a little bit worse. So maybe you could just dive into some of the moving pieces there. Are you expecting something similar in terms of Nova X placements next year in the mid- to high 200s range? And just maybe talk about some of the other platforms that make that up, the NextSeq, the mid-throughput platforms, the Nova 6000. Just would love to get more color on the moving pieces there.

同時，我認為定序儀器的情況可能稍微糟糕一些。所以或許你可以深入研究一下其中的一些關鍵環節。您是否預計明年 Nova X 的排名也會在 200 名中後期左右？或許還可以談談構成該平台的其他一些平台，例如 NextSeq、中等通量平台和 Nova 6000。我真希望那些活動部件能有更多的色彩。

Mike, so thank you for the questions. And I would say, first and foremost, on the high-throughput consumables, especially in the clinical, as we mentioned, we continue to see very strong performance in that. So we don't think that is going to change. We actually think that there is potential upside in that, obviously, if the market continues to be as strong as we have seen in the last part of the year.

麥克，謝謝你的提問。首先，我要說的是，在高通量耗材方面，尤其是在臨床方面，正如我們所提到的，我們繼續看到這方面表現非常強勁。所以我們認為這種情況不會改變。我們認為，如果市場繼續像今年下半年那樣強勁，那麼顯然存在潛在的上漲空間。

We do see, of course, in the consumables, if you blend the -- blend consumables that both for the research segment, but also for the mid through, there's still some headwinds in that space. So that's why you see the blend is where it is. I would put it this way. If you think about it, the low end of the guide in the consumables is probably what we saw in Q3, and then we started to see momentum.

當然，在消耗品方面，如果你把研究領域的消耗品和中期消耗品混合起來來看，你會發現這個領域仍然存在一些不利因素。所以這就是為什麼你會看到混合物呈現這種狀態的原因。我會這樣說。仔細想想，消耗品價格的低潮可能就是我們在第三季看到的，然後我們開始看到成長動能。

So there's probably more in the higher end of the guide that we expect us to be for consumables. So that's how to think about it. On the instruments, I mean, we continue to see a lot of momentum in instruments. Right now, we're guiding for 50 to 60 placements, but many of our clinical customers continue to expand their placements. So we continue to believe that this is the strong momentum opportunities here.

所以，指南中高端的消耗品價格可能會超出我們的預期。這就是思考這個問題的方法。就樂器而言，我的意思是，我們看到樂器領域持續保持著強勁的發展勢頭。目前，我們預計安置人數為 50 至 60 人，但我們的許多臨床客戶仍在繼續擴大安置規模。因此，我們仍然認為這裡蘊藏著強勁的發展機會。

Mike, on the instrumentation side, as I mentioned in my script, for Xs, yes, about 200 to 240 for the year. I said on average; 50 to 60 a quarter is still quite good. The Q4 placements were phenomenal. We got quite a few multipack orders. We do look at several of our customers trying to expand their fleets, sometimes thinking about tens of Xs scenarios.

Mike，就儀器方面而言，正如我在腳本中提到的，對於 X 來說，是的，一年大約需要 200 到 240 個。我說的是平均值；每季 50 到 60 還是相當不錯的。第四季的業績表現非常出色。我們收到了不少多件裝訂單。我們確實關注到一些客戶試圖擴大其車隊規模，有時甚至會考慮數十種不同的方案。

So good instrument demand. As you all know, we made a major software upgrade into X in the early part of 2025. The performance there has been running above the spec for a very large part of our customers. So X is performing at an extremely high level for our clinical customers and the research customers are super excited about some of these new multiomic technologies that get enabled on X. So very pleased and it looks quite good so far.

因此，儀器需求量大。如大家所知，我們在 2025 年初對軟體進行了重大升級，升級到了 X 版本。對於我們絕大多數客戶而言，該設備的性能一直高於規格要求。所以，X平台對我們的臨床客戶來說表現非常出色，而研究客戶也對X平台上啟用的一些新的多組學技術感到非常興奮。我們非常滿意，目前看來一切都很好。

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Congrats on an impressive fourth-quarter on the clinical side, especially. On that note, I know you're not splitting out clinical into the applications, but could you just speak -- just for some context, it looks like oncology was just under $1 billion in '25, then you have genetic, which was just under $0.5 billion. So which of these will, I guess, grow faster in '26?

恭喜你們在臨床方面取得了令人矚目的第四季成績。說到這裡，我知道你們沒有把臨床應用細分，但你們能不能簡單介紹一下——就一些背景資訊而言，腫瘤學在 2025 年的規模略低於 10 億美元，然後是基因治療，規模略低於 5 億美元。那麼，我猜想，這些成長速度中哪一個會在 2026 年更快呢？

So just help us frame the different drivers split out just a bit more for us. And then just secondly, you spoke to some of the multiomics aspects before, but maybe BioInsight, is that a needle mover this year?

所以，請您幫我們把不同駕駛者的狀況再詳細解釋一下。其次，您之前談到了一些多組學方面的內容，那麼 BioInsight 會是今年的突破性進展嗎？

Yes. Thanks, Kyle. I think overall, we, of course, are very pleased with clinical. And from the highest level, clinical is growing on -- from all dimensions, both on the different type of applications, but also from the different regions and different customer types. So a really broad-based performance in clinical, and we expect that to continue, as we've mentioned a few times here.

是的。謝謝你，凱爾。我認為總體而言，我們當然對臨床結果非常滿意。從最高層面來看，臨床領域正在不斷發展——從各個方面來看，不僅包括不同類型的應用，還包括不同的地區和不同的客戶類型。因此，我們在臨床方面取得了非常廣泛的成功，正如我們之前多次提到的，我們預計這種情況將會持續下去。

We are still seeing that oncology is the main driver and the main growth driver, but the rare diseases is definitely also growing on a healthy speed. So I do think that over the next year, also oncology will be the main growth driver for us and for our customers.

我們仍然看到腫瘤學是主要驅動力和主要成長驅動力，但罕見疾病領域也肯定在以健康的速度成長。所以我認為，在未來一年裡，腫瘤學也將是我們和客戶的主要成長動力。

Dan Arias, Stifel.

Dan Arias，Stifel。

Jacob, I wanted to ask about messaging to customers as we get ready to down to AGBT here. You guys have talked pretty consistently about the fact that the labs really should focus on the full workflow and that when you look at it that way, it becomes advantageous to use Illumina products. So the question is really when and where should we look to see that in action?

Jacob，我想問一下，在我們準備前往 AGBT 之前，如何向客戶傳達訊息。你們一直以來都在強調，實驗室應該專注於完整的工作流程，從這個角度來看，使用 Illumina 產品就具有優勢。所以真正的問題是，我們應該何時何地才能看到這種情況的實際發生？

Will you be able to lay out for people how the economics of using Fluent plus the NovaSeq plus DRAGEN gives you a better outcome? Or do people just sort of have to figure that out for themselves? Because the idea seems logical, but I don't get the sense that customers can see it or that they can do the math that has them arriving at that conclusion. Is that something that we should expect to change here?

您能否向人們解釋一下，使用 Fluent、NovaSeq 和 DRAGEN 的組合如何能帶來更好的經濟效益？還是說人們只能自己去摸索呢？因為這個想法看似合乎邏輯，但我感覺顧客無法理解，或是無法進行計算得出這個結論。這種情況在這裡會改變嗎？

Yes, Dan, I think actually, this is the conversation we have with our customers. We are looking forward here also to the AGBT conference coming up in a few weeks, where, as I mentioned also in the prepared remarks, we have the Gold sponsorship, which gives us a great platform to speak to, not only us, but also key opinion leaders to speak to the usage of the different technologies and how to think about them from the highest quality insight with the lowest end-to-end.

是的，丹，我想這其實就是我們和客戶之間的對話。我們也期待著幾週後即將舉行的 AGBT 大會。正如我在準備好的發言稿中提到的，我們獲得了黃金贊助商資格，這為我們提供了一個很好的平台，不僅可以與我們自己對話，還可以與關鍵意見領袖對話，探討不同技術的使用以及如何從最高品質的洞察和最低的端到端成本來思考這些技術。

Obviously, a part of that is to also show that you can actually do this in a more cost-efficient way but also creating the highest quality insight. So it depends a little bit on the different assays. If you think about our constellation mapped read, where you have really no hands-on on the workflow upfront and you receive a lot of insights with very little workflow -- hands on the workflow.

顯然，其中一部分原因也是為了證明，你實際上可以以更具成本效益的方式做到這一點，同時也能創造出最高品質的洞察。所以這在一定程度上取決於不同的檢測方法。想想我們星座圖式的閱讀，你事先真的不需要任何實際操作流程，就能獲得很多見解，而實際操作流程卻很少。

So I think that is one element where you can start to eliminate the cost of library prep out and also getting much more insight out. So it's a good example of how you can think about that, where you will actually have great transparency on the pricing from our end because it's really just the cost of sequencing where others have to also do library prep and other things.

所以我認為這是可以開始消除圖書館準備成本並獲得更多見解的一個方面。所以這是一個很好的例子，說明你可以如何看待這個問題，我們這邊的定價將非常透明，因為這真的只是定序的成本，而其他人還需要進行文庫製備和其他工作。

So that's one example, and we'll talk more about that at AGBT. But the same goes now with the SomaLogic business we just acquired, where we will go out there and present the cost per sample, the cost per experiment, which I think will be another one that is going to be very important. So those conversations are already happening with the customers. We will continue to educate all of you on that also.

這是一個例子，我們將在 AGBT 上詳細討論這個問題。但現在我們收購的 SomaLogic 業務也是如此，我們將向市場展示每個樣本的成本、每次實驗的成本，我認為這將是非常重要的。所以，我們已經在和客戶進行這些對話了。我們也會繼續就此對大家進行教育。

Jack Meehan, Nephron.

Jack Meehan，腎臟病。

I wanted to build on Dan's question there, just continuing on the path of AGBT. It seems like on the competitive front, at least one competitor has talked about the $100 price point per genome. I understand you're trying to change the conversation around that. But I was just curious like if investors see headlines like that, what does that mean for you? I'm not sure how -- we know you list pricing, but there's discounts to that. Like can you just talk about what that would mean for Illumina if we start to see those headlines?

我想在 Dan 提出的問題的基礎上繼續探討，繼續沿著 AGBT 的思路前進。看來在競爭方面，至少有一家競爭對手談到了每個基因組 100 美元的價格點。我知道你想改變圍繞這個主題的討論方向。但我很好奇，如果投資人看到這樣的標題，這對你們意味著什麼？我不太清楚具體是怎麼操作的——我們知道你們會標明價格，但應該會有折扣。可以談談如果出現這類新聞標題，對 Illumina 意味著什麼嗎？

Yes. I think we are looking forward to AGBT. I think that it will be the conference, of course, that all our competitors will put their best foot forward. We will do the same. As I've mentioned, our customers are thinking way beyond just one parameter, one feature. They are more sophisticated than just looking at one element.

是的。我想我們都很期待AGBT。我認為，這當然會是所有競爭對手都拿出最佳狀態的會議。我們也會這樣做。正如我之前提到的，我們的客戶考慮的遠遠不只一個參數或一個功能。它們比起只是觀察一個元素要複雜得多。

So I think you will see also us really highlighting some of the things that our customers are really excited about from the whole workflow perspective. That said, I would say that we feel we have the portfolio, we have the pipeline. We have the capability to compete on all parameters. So I feel really good about who we are and what we can do.

所以我認為您還會看到我們重點介紹一些從整個工作流程角度來看令客戶真正興奮的事情。也就是說，我認為我們有足夠的投資組合和專案儲備。我們有能力在所有方面都具備競爭力。所以我對我們是誰以及我們能做什麼感到非常滿意。

And obviously, if there are opportunities for us to address market segments with a different price point, where there's a significant number of elasticity, we are all for it. And we have those conversations with our customers on a regular basis, and we'll continue to do so.

顯然，如果我們有機會以不同的價格點來開拓市場區隔領域，而這些領域又具有相當大的價格彈性，我們都非常贊成這樣做。我們會定期與客戶進行這些對話，並將繼續這樣做。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

So I guess you said you would revisit your China assumptions as you work with the government on imports. Maybe just walk us through how conversations are going there and the range of outcomes. And then my follow-up is just on BioInsight. I was hoping you could elaborate on some of the comments you made earlier there, just given how much airtime AI is getting currently.

所以我想你是說，在與政府合作處理進口問題時，你會重新檢視你對中國的看法。或許您可以為我們介紹一下那邊的對話進度以及可能出現的結果。接下來，我的後續研究將集中在 BioInsight 上。我希望你能詳細闡述你之前的一些評論，因為人工智慧目前獲得了大量的關注。

Curious how you plan to monetize these capabilities over time, the level of enthusiasm you're seeing from pharma customers and any sort of way to quantify the revenue opportunity over the next few years?

我很想知道您計劃如何逐步實現這些功能的商業化，您從製藥客戶那裡看到的積極程度如何，以及是否有任何方法可以量化未來幾年的收入機會？

Yes. Thanks, Casey. So for the first -- thanks for the questions on China here. So we -- as just a reminder, it's still less than 5% of our business. I'm actually very pleased with what Jenny and the team have been able to do, our General Manager in China and the Chinese team have been able to serve our customers over the past year and continue to do so.

是的。謝謝你，凱西。首先——感謝大家提出的關於中國的問題。所以——再次提醒一下，這仍然只占我們業務的不到 5%。我對 Jenny 和她的團隊所取得的成就感到非常滿意。過去一年，我們在中國的總經理和團隊一直竭誠為客戶服務，並將繼續這樣做。

As we have also updated all of you on over the last period of time, we have had great conversations and collaboration with the Chinese regulators to ensure that we can continue to run our business in China. While we're still on the UEL, we feel good about our relationship and how we can work through to be able to import or export instruments back into China.

正如我們最近一段時間以來向大家匯報的那樣，我們與中國監管機構進行了良好的溝通與合作，以確保我們能夠繼續在中國開展業務。雖然我們仍在 UEL 範圍內，但我們對彼此的關係以及我們如何克服困難，能夠將儀器進出口回中國感到滿意。

Now of course, when you, for a long period of time, have not sold an instrument, it takes time to build up a funnel again. And I think that's more the reflection of what we're seeing right now. But as Ankur mentioned also, we have a target for China, but I think if we -- if there's a way to get off the list or see improvements in that, I think there's upside to the China business.

當然，如果你很久沒有賣出一件樂器，那麼重新建立銷售管道就需要時間。我認為這更能反映我們目前所看到的現象。但正如 Ankur 也提到的，我們確實有中國市場的目標，但我認為，如果我們——如果有辦法從名單上移除或看到情況有所改善，我認為中國業務會有上升空間。

But we do believe that we have a good line of sight at least to '26 at this point. If you think about the BioInsight business, we're very excited about the opportunity. It's still in the early days. But as we came out presenting the $1 billion -- excuse me, 1 Billion Cell Atlas here at JPMorgan, and it was very well received. As I mentioned also, there has been a lot of conversation with pharma companies that wants to get access to the Cell Atlas.

但我們相信，至少到 2026 年，我們有很好的前景。如果你了解 BioInsight 的業務，你會發現我們對這個機會感到非常興奮。目前還處於早期階段。但是，當我們帶著價值 10 億美元的——抱歉，是 10 億細胞圖譜——在摩根大通亮相時，它受到了熱烈歡迎。正如我之前提到的，我們已經與許多希望獲得細胞圖譜的製藥公司進行了許多對話。

It provides deep insight for the drug discovery for them to choose the right targets to work on. So we clearly see momentum in that space. As we mentioned also earlier, we do believe that this will, together with our multiomics business start to create at least a 1% to 2% growth in '27, but we think that, that will actually be an accelerating momentum at this point. Ankur, maybe you have more to share.

它為藥物研發提供了深刻的見解，使他們能夠選擇正確的標靶進行研究。所以我們清楚地看到該領域的成長勢頭。正如我們之前提到的，我們相信這將與我們的多組學業務一起，在 2027 年創造至少 1% 到 2% 的成長，但我們認為，目前來看，這實際上將是一個加速成長的勢頭。安庫爾，或許你還有更多想分享的。

Yes. On BioInsight, a couple of more things, as Jacob was saying, we do think -- our intention on BioInsight is to work directly with our pharma customers and effectively adding a third customer base here. And we think we take a five-year view, that's a very meaningful opportunity. The billion Cell Atlas has been received very well and the interest since the conference has been tremendous.

是的。關於 BioInsight，還有幾點需要說明，正如 Jacob 所說，我們認為——我們在 BioInsight 上的目的是直接與我們的製藥客戶合作，從而有效地增加第三個客戶群。我們認為，著眼於五年發展，這是一個非常有意義的機會。十億細胞圖譜受到了很好的反響，自會議以來，人們的興趣非常濃厚。

So we're very pleased with some of the early steps that we've taken here. The monetization strategy here would be in two or three different ways. One is around very specialized data and AI tool constructions. And then over time, we see significant subscription-based models where we can help pharma companies, both on the discovery as well as on the development side of things. But that's a multi-year opportunity there.

我們對目前已採取的一些初步措施感到非常滿意。這裡的獲利模式將有兩種或三種不同的方式。一是圍繞著非常專業的數據和人工智慧工具建構。隨著時間的推移，我們看到了大量的訂閱模式，在這種模式下，我們可以幫助製藥公司，無論是在藥物發現方面還是在藥物開發方面。但那是一個需要多年才能實現的機會。

Dave Westenberg, Piper Sandler.

戴夫·韋斯滕伯格，派珀·桑德勒。

Can you discuss the conversations you're having with academic core labs in terms of investments in instruments? I have to imagine you were -- they weren't the biggest buyers of instruments in 2025. What are the assumptions in your guidance for academic, both consumables and instruments? And you did hire Eric Green. So is there anything he can do to spur kind of confidence in your academics?

您能否談談您與學術核心實驗室就儀器投資方面進行的對話？我猜你當時是——他們不是 2025 年最大的樂器買家。您在學術指導中，包括耗材和儀器方面，有哪些假設？你確實聘用了埃里克·格林。那麼他有什麼辦法可以增強你對學業的信心嗎？

I know the NIH is slightly up. Are they going to actually believe it? And sorry, I'm going to tag one more on to Jack and Dan's question on pricing versus competitors. You are seeing much better specs, I believe, which means more output. That is a direct cost reduction to a lot of your customers in terms of cost per G, right? So even if they're getting 25p at $200, they're actually getting less than that because the output has been greater. And I just want to ask if that assumption is correct.

我知道美國國立衛生研究院的預算略有上漲。他們真的會相信嗎？抱歉，我還要補充一個關於傑克和丹提出的定價與競爭對手對比的問題。我認為你看到的規格參數要好得多，這意味著輸出功率會更高。這樣一來，對許多客戶來說，每克的成本就直接降低了，對吧？所以即使他們每 200 美元能拿到 25 便士，實際上他們得到的也比這少，因為產量更高了。我只想問這個假設是否正確。

So Dave, thank you for your one question. Let me start with the first one here on -- we have, I think, over the last 18-months, really built out our relationship with the academic core labs and really focusing on ensuring that we can support them also, of course, in a very tough environment. So obviously, they have been challenged with, of course, the impact from NIH funding and other types of funding.

戴夫，謝謝你提出的問題。讓我從第一個問題開始——我認為，在過去的 18 個月裡，我們真正加強了與學術核心實驗室的關係，並真正專注於確保我們能夠在非常艱難的環境下為他們提供支持。顯然，他們也面臨來自美國國立衛生研究院 (NIH) 和其他類型資金的影響。

But we have done a very good job, I think, and that's also the feedback we're getting from them to support both from when they have opportunities to acquire instruments, we have made sure that we can place access in those types of labs also so they can get all the benefit from the access. And I do think now with Dr. Eric Green on board here, there's more opportunities for help them and navigate also through a challenging situation.

但我認為我們做得非常好，這也是我們從他們那裡得到的反饋，為了支持他們有機會獲得儀器，我們確保也能在這些類型的實驗室中提供訪問權限，以便他們能夠從訪問權限中獲得所有好處。而且我認為，現在有了埃里克·格林博士的加入，就有了更多幫助他們並引導他們度過挑戰性局面的機會。

As we said, and you also mentioned, at least now we have better line of sight to NIH funding, but there's still some -- in the detail still things that needs to get into place before we really start to see the different institutes, the different collabs continue to move ahead. You are right that if you look at -- we have, and this is our -- we have a tradition for going out and deliver on par or better than our specs.

正如我們所說，也正如您所提到的，至少現在我們對 NIH 的資助有了更清晰的了解，但在細節方面，仍然有一些事情需要落實到位，才能真正看到不同的研究所、不同的合作繼續向前發展。你說得對，如果你看看——我們有，而且這是我們的傳統——我們有達到甚至超過我們規格要求的傳統。

This is something we're proud of and something that our customers know from Illumina is that we are not going out and commit to something we can't keep. We will actually keep it and also overperform. And I think that is something that many could learn from. So we will continue to do so. And in the meantime, customers are enjoying those benefits.

這是我們引以為傲的事情，也是我們的客戶從 Illumina 了解到的，我們不會做出我們無法兌現的承諾。我們不僅會保留它，而且還會超額完成任務。我認為這值得很多人學習。所以我們會繼續這樣做。同時，顧客們也正在享受這些好處。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢美術館。

It appears that NovaSeq 6000 pull-through is holding up a lot better than expected. Has that leveled off moving forward? Or is that still a material headwind? And then my separate question is, there has been a lot of focus on US clinical strength for good reasons. But can you speak to how Europe and Asia might look this year from a growth perspective? And are there any differences you would expect from the US market throughout this year?

NovaSeq 6000 的拉取效能似乎比預期好得多。這種情況目前是否趨於平穩？或者說，這仍然是實質的不利因素？其次，我的另一個問題是，人們一直以來都非常關注美國的臨床實力，這是有充分理由的。但您能否從成長角度談談今年歐洲和亞洲的情況？今年美國市場會有哪些不同之處？

Yes. So Subbu, let me start on the 6000. And what you are seeing is that and we've spoken to that before that many of our customers that are transitioning is either building their new assays on the X platform. And then they keep the NovaSeq 6000 for their traditional assays that are already built, they have already validated, and they want to keep that.

是的。蘇布，讓我先從6000開始。而您現在看到的，也是我們之前談到過的，我們許多正在轉型中的客戶要么是在 X 平台上構建他們的新檢測方法，要么是在 X 平台上構建他們的新檢測方法。然後，他們保留 NovaSeq 6000 用於他們已經建置、已經驗證的傳統檢測，他們希望繼續使用這些檢測。

So that's also what you're seeing, the customers that have decided to stay with assays on the platform, keep running those assays on that platform, and that's why we continue to see up a pull-through. There's, of course, customers that have shifted away from the 6000 and is now moving on to the X, and they are seeing substantial growth on the X platform.

所以，你也看到了，那些決定繼續在該平台上進行檢測的客戶，會繼續在該平台上運行這些檢測，這就是為什麼我們不斷看到銷售成長的原因。當然，也有一些客戶已經放棄了 6000 系列，轉而使用 X 系列，並且他們在 X 系列平台上看到了顯著的成長。

So that's why we're seeing the pull-through continue to be sitting up there. But we still believe, of course, that there will be fewer and fewer 6000 customers over time. What was another question? Geography. Yes, I mean, Europe have done tremendously well, I think, holding up very nice growth over the past years. And we expect that to continue here into 2026. And we also expect that our APAC region and EMEA region will rebound somewhat.

所以這就是為什麼我們看到拉動式銷售持續保持高位的原因。但我們仍然相信，隨著時間的推移，6000 名客戶的數量會越來越少。剛才還有什麼問題嗎？地理。是的，我的意思是，我認為歐洲做得非常出色，在過去幾年裡保持了非常好的成長。我們預計這種情況將持續到 2026 年。我們也預期亞太地區和歐洲、中東及非洲地區的業務將會反彈。

Subbu, on the 6000s and the transition, as you know, we've substantially -- on the research side, the transition is substantially complete and clinical is now moving into the latter part of the transition here. Our expectation is by the time we get to end of 2026, the 6000 transition should be mostly substantially done from a volume perspective, similar to the trends that we have been seeing. So that's how we think about it.

Subbu，關於 6000 年代和過渡，如你所知，我們在研究方面已經基本完成了過渡，臨床方面現在正進入過渡的後期階段。我們預計到 2026 年底，從銷售角度來看，6000 的過渡期應該基本完成，這與我們一直以來看到的趨勢類似。我們就是這麼想的。

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 in the Investor section of our website. This concludes our call, and we look forward to seeing you at 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。本次通話到此結束，我們期待在未來的活動中與您見面。

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。