Illumina Inc (ILMN) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the first-quarter 2026 Illumina earnings conference call. (Operator Instructions)

各位女士、先生，大家好。歡迎參加 Illumina 2026 年第一季財報電話會議。（接線員指示）

Please be advised that today's conference is being recorded. I would now like to hand the call over to Head of Investor Relations, Conor McNamara.

敬請留意，今天的會議將進行錄音。現在我想把電話交給投資人關係主管 Conor McNamara。

Hello, everyone, and welcome to Illumina's first-quarter 2026 earnings call. Today, we will review our financial results released after 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 me today are Jacob Thaysen, Chief Executive Officer; and Ankur Dhingra, Chief Financial Officer.

各位好，歡迎參加 Illumina 2026 年第一季財報電話會議。今天我們將回顧在收盤後發布的財務結果，並在開放問答前提供事先準備的發言。我們的財報新聞稿可於 illumina.com 的投資人關係專區取得。今天與我一同出席的有執行長 Jacob Thaysen，以及財務長 Ankur Dhingra。

Jacob will begin with an update on Illumina's business, followed by Ankur's review of our financials. We will be discussing certain non-GAAP financial measures, and a reconciliation to GAAP can be found in today's release and in the supplementary data on our website. Unless stated otherwise, all growth rates are presented on a year-over-year reported basis. organic growth adjusts for the impact of currency and acquisitions and Rest of World organic growth also adjusts for the impact from our Greater China region.

Jacob 將先就 Illumina 的業務近況進行更新，接著由 Ankur 回顧我們的財務表現。我們將討論若干非 GAAP 財務衡量指標，與 GAAP 的調節表可見於今日新聞稿以及我們網站上的補充資料。除非另有說明，所有成長率皆以年對年、依報告基礎呈現。有機成長會調整匯率與併購影響，而「世界其他地區」的有機成長亦會調整大中華區帶來的影響。

A reminder, starting in January 2026, we changed the geographical reporting segments to better align with the respective commercial organizational structure and the supplementary file on our website shows historical results with the new geographic reporting. This call is being recorded, and the replay will be available on 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.

提醒各位，自 2026 年 1 月起，我們調整了地理區域的報導分部，以更貼近各自的商業組織架構；我們網站上的補充檔案亦提供依新地理分部重編的歷史結果。本次電話會議將錄音，重播將於我們網站提供。我們意圖使今日電話會議中所作的所有前瞻性陳述，均受 1995 年《私人證券訴訟改革法》保護。

To better understand the risks and uncertainties that could cause actual results to differ, we refer you to documents that Illumina files with the SEC, including our most recent Forms 10-Q and 10-K.

為更了解可能導致實際結果與預期不同的風險與不確定性，我們建議各位參閱 Illumina 向美國證券交易委員會（SEC）提交的文件，包括我們最新的 10-Q 與 10-K 表格。

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

接下來，我把電話交給 Jacob。

Thank you, Conor, and good afternoon, everyone. We are off to a great start in 2026 with Q1 revenue, margin, and EPS all coming in above our guidance range. Our solid performance reflects disciplined execution across the organization, along with strength in our clinical markets and growth across all regions, excluding China. Our focus on delivering for our customers and shareholders is fueling the sustained success that positions us for continued growth well into the future.

謝謝你，Conor，各位下午好。2026 年我們開局表現亮眼，第一季營收、毛利率與每股盈餘（EPS）皆高於我們的指引區間。我們穩健的表現反映了全公司有紀律的執行力，以及臨床市場的強勁動能，並且除中國以外各區域均呈現成長。我們專注為客戶與股東創造價值，正推動持續成功，並使我們在未來很長一段時間內具備持續成長的定位。

We are raising our 2026 guidance to reflect the Q1 outperformance, which we will discuss in more detail later in our prepared remarks.

我們將上調 2026 年指引，以反映第一季優於預期的表現；稍後在事先準備的發言中，我們會更詳細說明。

I want to recognize and thank the entire Illumina team for how they have managed through a higher cost environment while maintaining strong operational performance and delivering the quality and reliability our customers expect. As it relates to Q1, I'm going to focus on three areas: our disciplined commercial execution, with continued momentum in clinical end markets. Product innovation and road map updates from our R&D team in the quarter and progress we're making against our long-term strategy and targets.

我想肯定並感謝全體 Illumina 團隊：在成本環境較高的情況下，仍能維持強勁的營運表現，並交付客戶所期待的品質與可靠性。就第一季而言，我將聚焦三個面向：第一，我們有紀律的商業執行，臨床終端市場動能持續；第二，本季研發團隊的產品創新與產品路線圖更新；第三，我們在長期策略與目標上的推進進展。

Overall, I'm very pleased with how the company delivered in Q1, giving us more confidence that our strategy is working. Building on momentum for 2025 our team delivered another quarter of solid performance. Highlights from the quarter include: Rest of World, organic growth of 3.5%, above the high end of our guidance driven by strength in sequencing consumables and instruments. Approximately 7% growth in Rest of World sequencing consumables, including approximately 20% growth in clinical reflecting continued adoption of sequencing-based diagnostics and more sequencing intended applications.

整體而言，我對公司第一季的交付成果非常滿意，這讓我們更有信心策略正在奏效。在 2025 年的動能基礎上，我們團隊再度交出一季穩健表現。本季重點包括：「世界其他地區」有機成長 3.5%，高於我們指引上緣，主要由定序耗材與儀器的強勁表現帶動；「世界其他地區」定序耗材約成長 7%，其中臨床約成長 20%，反映以定序為基礎的診斷持續被採用，以及更多定序預期應用的增加。

Over 8 NovaSeq X placements in the quarter, approximately 20 more than Q1 '25 with year-over-year placements growth in both clinical and nonclinical markets. New high-volume clinical applications are being built on the NovaSeq X, as the platform becomes more embedded in clinical workflows and supports continued consumables growth over time. The successful close of the SomaLogic acquisition, with the business performing in line with our expectations on both revenue and profitability. Margins approximately 150 basis points above guidance, driven by solid revenue performance and disciplined expense management in higher cost environment.

本季 NovaSeq X 裝機超過 8 台，較 2025 年第一季約多 20 台，且臨床與非臨床市場的裝機量皆呈年對年成長。新的高通量臨床應用正建立在 NovaSeq X 之上；隨著該平台更深度嵌入臨床工作流程，將在時間推移下支撐耗材持續成長。SomaLogic 併購案順利完成交割，該業務在營收與獲利能力方面的表現符合我們預期。毛利率較指引高約 150 個基點，主要受惠於穩健的營收表現，以及在高成本環境下有紀律的費用管理。

Overall, these results reflect our consistent execution and how we dedicated resources to best capitalize on a growing and evolving market. The investments Illumina has made over the last two decades to make sequencing technology more accessible are driving meaningful impact with continued clinical demand. Clinical made up more than 65% of our sequence and consumables revenue in the quarter, driven by both the expansion of sequencing-based diagnostics and the increased use of more data-intensive applications.

整體而言，這些結果反映我們一貫的執行力，以及我們如何配置資源以最佳方式掌握持續成長且不斷演變的市場。Illumina 過去二十年來為提升定序技術可及性所做的投資，正透過持續的臨床需求帶來實質影響。本季臨床業務占我們定序與耗材營收的 65% 以上，主要由定序型診斷的擴張，以及更高資料量應用使用增加所帶動。

Customers are launching new assays with ongoing progress in reimbursement, supporting broader adoption of sequencing and clinical decision-making. At the same time, demand for approaches such as comprehensive genomic profiling and whole genome sequencing is growing. This is driving higher sequencing intensity, an area where the NovaSeq X is playing an increasingly central role as customers scale these applications.

客戶正推出新的檢測（assays），且在給付（reimbursement）方面持續取得進展，支持定序與臨床決策更廣泛的採用。同時，對於全面性基因體剖析（comprehensive genomic profiling）與全基因體定序（whole genome sequencing）等方法的需求也在成長。這正推動更高的定序強度，而 NovaSeq X 在客戶擴大這些應用規模時，扮演愈來愈核心的角色。

We see a long runway of continued growth in our clinical business. In research and academic markets, demand remains cautious as customers navigate funding uncertainty, but we are confident in the long-term opportunity in these end markets. And we continue to invest in leading technologies, including proteomics and single cell with additional offerings in spatial underway. These markets serve as an important entry point for new technologies, helping to drive long-term clinical adoption over time.

我們看到臨床業務仍有很長的成長跑道。在研究與學術市場方面，客戶在資金不確定性下仍保持審慎，但我們對這些終端市場的長期機會充滿信心。我們也持續投資於領先技術，包括蛋白體學（proteomics）與單細胞（single cell），並正推進空間（spatial）領域的更多產品供應。這些市場是新技術的重要切入點，有助於隨時間推進帶動長期的臨床採用。

Customer interest in our new product offerings remains robust. And as funding uncertainty start to ease, we expect to see a return to growth in research and academic markets. This quarter, we also saw our innovation strategy come through clearly in how we are expanding the value of our platform for our customers.

客戶對我們新產品的興趣依然強勁。隨著資金不確定性開始緩解，我們預期研究與學術市場將恢復成長。本季我們也清楚看到創新策略的成果，體現在我們如何為客戶擴大平台價值。

At AGBT, we focused on how our end-to-end workflow approach is helping customers unlock new discoveries and generate deeper insights with the quality and reliability that only Illumina can offer. Our approach is becoming an important shift in how customers evaluate solution, not just at the instrument level but across the full workflow.

在 AGBT 會議上，我們聚焦於端到端工作流程（end-to-end workflow）的方法如何協助客戶解鎖新發現、產生更深入洞見，並提供唯有 Illumina 才能帶來的品質與可靠性。我們的方法正成為客戶評估解決方案方式的一項重要轉變：不再只看儀器層級，而是涵蓋整個工作流程。

We highlighted several examples of this at AGBT. We launched TruPath, enabling whole-genome sequencing with deeper insight while eliminating traditional library prep, reducing hands-on time to about 10 minutes. Customers are showing significant interest, particularly in areas like rare disease, where some are using it to simplify the standard of care by consolidating multiple types of tests into a single TruPath workflow. This is helping them get to answers faster and with greater confidence compared to traditional approach.

我們在 AGBT 分享了數個例子。我們推出 TruPath，可在免除傳統建庫（library prep）的情況下進行全基因體定序，提供更深入洞見，並將實際操作時間縮短至約 10 分鐘。客戶展現高度興趣，特別是在罕見疾病等領域；其中一些客戶正用它將多種檢測整合為單一 TruPath 工作流程，以簡化標準照護（standard of care）。相較於傳統方法，這有助於他們更快且更有信心地獲得答案。

Several customers are already in various stages of clinical studies using TruPath, and we expect customer demand to continue increasing in the coming quarters. We also saw very high engagement around our spatial transcriptomics offering, which is a good example of how we innovate with our customers to address their needs. Early access users have shown that the offering can generate data in highly challenging sample types, such as lymphatic tissue that has previously been difficult to study.

目前已有多位客戶在使用 TruPath 進行臨床研究的不同階段，我們預期未來幾季客戶需求將持續增加。我們也看到市場對我們的空間轉錄體學（spatial transcriptomics）產品有非常高的參與度，這是我們與客戶共同創新以滿足其需求的良好例證。早期使用者已證明該產品能在高度具挑戰性的樣本類型中產生資料，例如過去難以研究的淋巴組織。

We remain on track to launch later this year and look forward to bringing this capability to the market. At the same time, we are continuing to expand what customers can do under NovaSeq X. We introduced our 18-month road map, including new 14B and 35B flow cells, staggered flow cells run, and our ability to improve data quality with Q70 performance.

我們仍按計畫在今年稍晚推出，並期待將此能力帶入市場。同時，我們也持續擴展客戶在 NovaSeq X 上可執行的內容。我們發布了 18 個月產品路線圖，包括新的 14B 與 35B flow cells、交錯式 flow cells 運行（staggered flow cells run），以及透過 Q70 表現提升資料品質的能力。

These innovations on the X will offer more flexibility, increase throughput and improve overall workflow efficiency by our customers. These introductions and platform improvements are driving higher NovaSeq X placements and increased demand, even three years after we shipped our first X instrument. We exited the quarter with a solid backlog, giving us confidence to raise our full year instrument outlook.

這些在 X 平台上的創新將為客戶帶來更高彈性、提升產出量（throughput），並改善整體工作流程效率。即使在我們出貨第一台 X 儀器三年後，這些新推出項目與平台改良仍推動 NovaSeq X 裝機量提高與需求增加。我們在本季結束時仍有穩健的訂單積壓（backlog），使我們更有信心上調全年儀器展望。

As we step back and look at the quarter. The most important takeaway is that our strategy is working. We are increasing the value of the NovaSeq X through continuous innovation, which is showing up in our financial results as customers scale and expand what they run on the platform. As sequencing moves further into clinical and research settings, customers are running more samples, generating more data and relying on more sequencing-intensive applications. This is where the NovaSeq X continues to play a central role.

當我們退一步回顧本季，最重要的結論是：我們的策略正在奏效。我們透過持續創新提升 NovaSeq X 的價值，並在財務結果中反映出來，因為客戶正在擴大規模並拓展其在平台上運行的內容。隨著定序更深入臨床與研究場景，客戶運行更多樣本、產生更多資料，並仰賴更高定序強度的應用；這正是 NovaSeq X 持續扮演核心角色的地方。

As we expand what customers can do on the platform, we are enabling them to do more with the systems that they already have and support more complex applications over time. It gives them confidence that they can use their X well into the future to drive their own success. As our customers succeed, the success shows up in our results.

隨著我們擴展客戶在平台上可執行的內容，我們讓客戶能以既有系統完成更多工作，並在時間推移下支援更複雜的應用。這也讓他們有信心能在未來很長一段時間內持續使用 X 來推動自身成功。當客戶成功時，這份成功也會反映在我們的業績之中。

We're also extending this into data and AI with Bioinsight, which we introduced late last year to help customers accelerate discovery. A key program within Bioinsight is the Billion Cell Atlas, which we introduced earlier this year to better understand how genes drives disease through (inaudible).

我們也正將這項能力延伸至資料與 AI，推出 Bioinsight（我們於去年年底推出），以協助客戶加速探索。Bioinsight 內的一項關鍵計畫是「十億細胞圖譜」（Billion Cell Atlas），我們於今年稍早推出，旨在更深入了解基因如何透過（聽不清）驅動疾病。

We are seeing growing interest from partners with additional companies looking to participate with hundreds of millions of cells already generated, customers are starting to see insights that can support AI-driven models for drug discovery.

我們看到合作夥伴的興趣日益增加，更多公司希望參與；目前已產生數億個細胞，客戶也開始看到可支援以 AI 驅動之藥物發現模型的洞見。

Turning to our outlook. Building on the strong start of this year, we are updating our outlook relative to the guidance we provided in Q4. Importantly, the current end market dynamics we are seeing are consistent with what we expected going into 2026. Clinical continues to lead while research and applied remain more cautious. Our first quarter performance came in ahead of expectations, and we are raising our full year revenue outlook. This is driven by the strength in our business and how it carries into the rest of the year.

接著談我們的展望。在今年強勁開局的基礎上，我們相較於第四季提供的指引更新了展望。重要的是，我們目前觀察到的終端市場動態與我們在進入 2026 年時的預期一致。臨床仍持續領先，而研究與應用端則仍較為審慎。我們第一季表現優於預期，因此上調全年營收展望。這主要由我們業務的強勁表現所帶動，並延續至今年其餘期間。

We are also raising our operating margin expectations and EPS outlook, reflecting the Q1 outperformance and higher revenue. We also remain on track toward our 2027 targets and the investments we are making in R&D and product innovation position us to deliver high-single-digit revenue growth, continued margin expansion, and double-digit to teens EPS growth for years to come.

我們也上調營業利益率預期與 EPS 展望，反映第一季優於預期的表現與更高的營收。我們也仍按計畫朝 2027 年目標邁進；我們在研發與產品創新上的投資，使我們有能力在未來多年實現高個位數的營收成長、持續的利潤率擴張，以及兩位數到十幾%的 EPS 成長。

I want to thank the entire Illumina team, our customers, and all our stakeholders for another excellent quarter. I also want to thank our three outgoing Board members for the years of service and contribution to Illumina. I'm very proud of how Illumina has progressed since I joined the company in 2023, especially given the dynamic macro environment we have been operating in.

我要感謝整個 Illumina 團隊、我們的客戶，以及所有利害關係人，讓我們再度交出一個出色的季度。我也要感謝三位即將卸任的董事會成員，多年來對 Illumina 的服務與貢獻。自我於 2023 年加入公司以來，我對 Illumina 的進展感到非常自豪，尤其是在我們所處的宏觀環境充滿變動的情況下。

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

接下來我把時間交給 Ankur，在我們進入問答之前，請他帶大家走過財務細節。

Thank you, Jacob, and good afternoon, everyone. I will walk through our first quarter financial results, provide additional color on revenue, expenses, earnings, and our balance sheet and capital deployment and then discuss our updated outlook.

謝謝你，Jacob，各位下午好。我將說明我們第一季的財務結果，並就營收、費用、獲利，以及資產負債表與資本配置提供更多補充，接著討論我們更新後的展望。

Before I get into the details of the financial performance, let me provide a high-level view of how the first quarter played out. During the first quarter, Illumina's revenue of $1.09 billion came in $20 million above the midpoint of our guidance, driven primarily by better-than-expected instrument sales as we placed more than 80 NovaSeq X instruments in the quarter, above our targeted range of 50 to 60 per quarter. Clinical consumable sales also came in at the high end of our expectations for the quarter. The higher revenue flowed through to margins and EPS with non-GAAP diluted EPS approximately $0.10 above the midpoint of our guidance.

在進入財務表現細節之前，我先從高層次說明第一季的整體情況。第一季 Illumina 營收為 10.9 億美元，較我們指引中點高出 2,000 萬美元，主要受惠於儀器銷售優於預期；本季我們安裝（placed）超過 80 台 NovaSeq X 儀器，高於我們每季 50 至 60 台的目標區間。臨床耗材銷售也落在本季預期的高端。較高的營收也帶動利潤率與 EPS；非 GAAP 稀釋後 EPS 約較指引中點高出 0.10 美元。

Now turning to the details. During the first quarter, Illumina's revenue of $1.09 billion was up 4.8% year over year and 1.2% on an organic basis with currency and acquired revenue each contributing just under 2 percentage points to our reported growth rate.

接著看細節。第一季 Illumina 營收 10.9 億美元，年增 4.8%；以有機基礎計算年增 1.2%。匯率與併購帶來的營收各自對報告成長率貢獻略低於 2 個百分點。

Rest of World organic growth was 3.5%. Sequencing consumables revenue of $726 million was up 4% year over year, with the rest of the world organic growth of 5%, roughly in line with our expectations. High throughput volume drove most of the revenue growth as the NovaSeq X installed base continues to expand and utilization increased year over year.

世界其他地區（Rest of World）的有機成長為 3.5%。定序耗材營收為 7.26 億美元，年增 4%；其中世界其他地區的有機成長為 5%，大致符合我們的預期。高通量使用量帶動了大部分營收成長，因為 NovaSeq X 的裝機基礎持續擴大，且使用率較去年同期提升。

Clinical sequencing consumable demand continues to expand growing 20% ex China for the second consecutive quarter. Continued expansion of clinical volumes for our customers as well as adoption of information-rich sequencing-intensive tests in new trials is driving robust demand in clinical market applications. We see significant growth opportunities in clinical markets as we enable customers to expand their applications across the Illumina ecosystem. This includes simplified access to expanded information sets to offerings like 5-Base and TruPath.

臨床定序耗材需求持續擴張，連續第二季在不含中國的基礎上成長 20%。客戶臨床檢測量持續增加，以及在新試驗中採用資訊量更豐富、定序密集型的檢測，正推動臨床市場應用的強勁需求。我們在臨床市場看到顯著的成長機會，因為我們協助客戶在 Illumina 生態系中擴展其應用。這包括透過如 5-Base 與 TruPath 等產品，簡化取得更擴充的資訊集合。

Sequencing consumables in research and applied declined 12% ex China, reflecting continued uncertainty in the funding environment during the quarter. While macro commentary about the funding environment appears to be stable to improving, year-to-date trends have remained consistent with our expectations for 2026. As of Q1, approximately 82% of volumes and 55% of revenue have transitioned to NovaSeq X. 90% of research in applied volume is now on the X, and we are well positioned for return to revenue growth when that market returns to a more normalized activity level. 76% of clinical volume is now on the X. And we continue to expect that majority of clinical volumes are over 80% to 85% will be on X by the end of 2026.

研究與應用端的定序耗材在不含中國的基礎上下降 12%，反映本季資金環境持續不確定。雖然宏觀層面對資金環境的評論看似持平至改善，但年初至今的趨勢仍與我們對 2026 年的預期一致。截至第一季，約 82% 的量與 55% 的營收已轉移至 NovaSeq X。研究與應用端的量目前有 90% 已在 X 平台上；當該市場回到較正常的活動水準時，我們已具備回到營收成長的良好位置。臨床的量目前有 76% 已在 X 上。我們仍預期到 2026 年底，臨床量的大多數（超過 80% 至 85%）將會在 X 上。

On sequencing activity, total sequencing Gb output on our connected high and mid-throughput instruments once again grew greater than 30% year over year with clinical growth well above that. Sequencing instruments revenue of $118 million was up 9% year over year in Q1 and up 10% on the rest of the world, organic basis, driven by increased sales of NovaSeq X.

就定序活動而言，我們已連線的高通量與中通量儀器之總定序輸出（Gb）再次年增超過 30%，其中臨床成長遠高於此。第一季定序儀器營收為 1.18 億美元，年增 9%；以世界其他地區有機基礎計算年增 10%，主要由 NovaSeq X 銷售增加所帶動。

We placed over 80 NovaSeq X instruments in Q1, with demand remaining strong for the platform, especially with clinical where we saw several multiunit orders in the quarter. In fact, during Q1, we were supply constrained on the number of NovaSeq X units that were placed as the demand continues to remain very robust. High-throughput instrument placements in research also grew year over year.

第一季我們安裝超過 80 台 NovaSeq X 儀器，該平台需求仍然強勁，尤其在臨床端，本季我們看到多筆多台數訂單。事實上，第一季在已安裝的 NovaSeq X 台數方面，我們受到供應限制，因為需求持續非常強勁。研究端的高通量儀器安裝量也較去年同期成長。

Sequencing service and other revenue of $151 million was up 7% year over year and up 5% on the Rest of the world, organic basis. As we scale up BioInsight, the timing of strategic partnerships and data deals can be lumpy in this segment. Microarrays business was down 20% on Rest of World organic basis, largely due to specific large customers in direct-to-consumer segment.

定序服務與其他營收為 1.51 億美元，年增 7%；以世界其他地區有機基礎計算年增 5%。隨著我們擴大 BioInsight 規模，策略合作夥伴關係與資料交易的時點可能使該分部表現呈現不均勻（lumpy）。微陣列（Microarrays）業務以世界其他地區有機基礎計算下滑 20%，主要因直面消費者（direct-to-consumer）領域的特定大型客戶所致。

Moving to the rest of the P&L. Non-GAAP gross margin of 68.2% for the first quarter was up 80 basis points year over year driven by cost efficiencies and higher revenue, partly offset by tariffs. Non-GAAP operating expenses were $506 million, up 3% year over year and largely reflect the addition of SomaLogic team. Non-GAAP operating margin was 21.9% in Q1, spending approximately 150 basis points year over year, reflecting increased operating leverage from our improved cost structure.

接著看損益表其餘項目。第一季非 GAAP 毛利率為 68.2%，年增 80 個基點，主要由成本效率提升與較高營收帶動，但部分被關稅抵銷。非 GAAP 營業費用為 5.06 億美元，年增 3%，主要反映納入 SomaLogic 團隊。第一季非 GAAP 營業利益率為 21.9%，年增約 150 個基點，反映我們改善後的成本結構帶來更高的營運槓桿。

Looking below the line, non-GAAP other expense, which is largely comprised of net interest expense was $15 million, and the non-GAAP tax rate was 20.5%. And our average diluted shares were approximately $154 million, down $5 million year over year, reflecting share repurchases throughout the year.

在業外項目方面，非 GAAP 其他費用（主要由淨利息費用構成）為 1,500 萬美元；非 GAAP 稅率為 20.5%。我們的平均稀釋後股數約為 1.54 億股，較去年同期減少 500 萬股，反映全年持續進行庫藏股回購。

Altogether, non-GAAP EPS of $1.15 per diluted share grew approximately 19% year over year and came in about $0.10 above the midpoint of the guidance range we provided in February.

綜合而言，非 GAAP 每股盈餘（EPS）為每股稀釋後 1.15 美元，年增約 19%，並較我們 2 月提供之指引區間中點高出約 0.10 美元。

Moving to cash flow, balance sheet, and capital allocation items for the quarter. Cash flow provided by operations was $289 million for the quarter, capital expenditures were $38 million, and free cash flow was $251 million for Q1. In Q1, we repurchased 2 million shares of Illumina stock for approximately $242 million at an average price of $120.85 per share.

接著看本季的現金流、資產負債表與資本配置。營運活動提供的現金流為 2.89 億美元；資本支出為 3,800 萬美元；第一季自由現金流為 2.51 億美元。第一季我們以約 2.42 億美元回購 200 萬股 Illumina 股票，平均回購價格為每股 120.85 美元。

At quarter end, we had approximately $400 million remaining on our current share repurchase authorization, and we intend to continue to repurchase shares opportunistically. And we announced today that Illumina's Board of Directors has authorized an additional $1.5 billion in share repurchases. During the quarter, we closed the acquisition of SomaLogic on January 30 for a net cash payment of $363 million plus potential royalties and milestone payments.

截至季末，我們在現行庫藏股回購授權下尚餘約 4 億美元額度，並計畫持續視情況機動回購。我們今天也宣布，Illumina 董事會已核准額外 15 億美元的庫藏股回購額度。本季我們於 1 月 30 日完成對 SomaLogic 的收購，淨現金支付為 3.63 億美元，另加上可能的權利金與里程碑付款。

Subsequent to quarter end, we paid the first milestone of $25 million for the achievement of certain 2025 targets. We ended the quarter with approximately $1.16 billion in cash, cash equivalents and short-term investments and gross leverage of approximately 1.5 times gross debt to last 12 months EBITDA. Overall, we had a great start to 2026, allowing us to raise our full-year guidance and reinforce our confidence in the progress we are making towards our long-range targets.

在季末之後，我們已支付第一筆 2,500 萬美元的里程碑款，以表彰達成特定 2025 年目標。我們在季末持有約 11.6 億美元的現金、約當現金與短期投資；總槓桿約為 1.5 倍（總負債相對於過去 12 個月 EBITDA）。整體而言，我們在 2026 年有一個非常好的開局，使我們得以上調全年指引，並強化我們對於朝長期目標推進之進展的信心。

Now moving to guidance for year 2026, starting with revenue. We are raising our reported revenue guidance by $20 million to reflect our Q1 outperformance and now expect revenue of $4.52 billion to $4.62 billion. Acquired revenue is still expected to contribute 1.5 to 2 points of growth and currency is expected to add approximately 1% of growth. This places our guidance towards the upper end of previously stated growth rate targets, including 2% to 4% Rest of the World organic growth.

現在轉到 2026 年的指引，先從營收開始。我們將已報告營收指引上調 2,000 萬美元，以反映我們第一季的優於預期表現，並預期營收為 45.2 億美元至 46.2 億美元。併購營收預期仍將貢獻 1.5 到 2 個百分點的成長，匯率預期將帶來約 1% 的成長。這使得我們的指引落在先前所述成長率目標的較高端，包括「世界其他地區」2% 至 4% 的有機成長。

The overall end market demand remains consistent with what we expected exiting 2025, continued strong demand growth in clinical markets and funding uncertainty in research and applied markets. For Rest of the World, organic sequencing revenue growth, we continue to expect low to mid-single-digit growth in consumables, with clinical growing double-digit to mid-teens and Research & Applied declining mid- to high single digits.

整體終端市場需求與我們在 2025 年結束時的預期一致：臨床市場需求成長持續強勁，而研究與應用市場則存在資金不確定性。就「世界其他地區」的有機定序營收成長而言，我們仍預期耗材為低至中個位數成長，其中臨床為兩位數至中段十幾%的成長，而研究與應用則為中至高個位數下滑。

We are raising our instrument guide to flat to low single-digit growth year over year, driven by a very strong NovaSeq X demand. As I mentioned, we were supply constrained in Q1 and have a very strong pipeline for NovaSeq instrument placements, especially in the clinical end markets. We're also increasing our profitability expectations for the year reflecting the overperformance in Q1.

我們將儀器指引上調至年對年持平至低個位數成長，主要由非常強勁的 NovaSeq X 需求所帶動。如我所提到的，我們在第一季受到供應限制，但 NovaSeq 儀器裝機（placements）的管線非常強勁，尤其是在臨床終端市場。我們也因第一季的優於預期表現而上調今年的獲利能力預期。

Accordingly, we now expect operating margins between 23.4% to 23.6%, up 10 basis points from our prior guidance at the midpoint. This represents approximately 140 basis points of year-over-year margin expansion versus 2025, excluding the impact of acquisitions.

因此，我們目前預期營業利益率介於 23.4% 至 23.6%，以中點計較先前指引上調 10 個基點。相較於 2025 年（不含併購影響），這代表約 140 個基點的年對年毛利率擴張。

Similarly, we are raising the top and bottom of our 2026 EPS range by $0.10 and now expect non-GAAP diluted EPS of $5.15 to $5.30. Excluding the impact of SomaLogic acquisition, this represents EPS growth of 12% at the midpoint.

同樣地，我們將 2026 年 EPS 區間的上緣與下緣各上調 0.10 美元，並預期非 GAAP 稀釋後 EPS 為 5.15 美元至 5.30 美元。若排除 SomaLogic 併購的影響，以中點計這代表 EPS 成長 12%。

Moving to Q2 '26 guidance. We expect Rest of the World organic revenue growth of 4% to 6% and reported revenue of $1.12 billion to $1.14 billion, with non-GAAP EPS of $1.20 to $1.25. Given the strong demand and pipeline for NovaSeq X, we are investing to scale the supply of NovaSeq X units and expect the team will continue to make progress through Q2 and into Q3 as well.

接著是 2026 年第二季指引。我們預期「世界其他地區」有機營收成長 4% 至 6%，已報告營收為 11.2 億美元至 11.4 億美元，非 GAAP EPS 為 1.20 美元至 1.25 美元。鑑於 NovaSeq X 強勁的需求與管線，我們正投資以擴大 NovaSeq X 機台供應規模，並預期團隊將在第二季並延續至第三季持續取得進展。

Our guide assumes operating margins of approximately 22% reflecting higher mix of instruments revenue and related investments, near-term inflationary pressures related to freight costs and higher cost of electronic components and a full quarter of SomaLogic as well.

我們的指引假設營業利益率約為 22%，反映儀器營收占比提高及相關投資、與運費成本及電子元件成本上升相關的短期通膨壓力，以及 SomaLogic 併入的完整一季影響。

Regarding the inflationary pressures, we're taking several mitigating actions to fully offset the impact during the year and is reflected in implied margin improvement for the rest of the year. Our solid Q1 performance and rapidly growing clinical installed base provides a good setup going into the second half of the year. And as these excess come online will add to consumables revenue stream. This improved outlook also gives us confidence in the progress we are making towards achieving our long-range targets for revenue, margin and EPS growth by 2027.

關於通膨壓力，我們正採取多項緩解措施，以在年度內完全抵銷其影響，並已反映在今年其餘期間所隱含的利潤率改善中。我們穩健的第一季表現以及快速成長的臨床裝機基礎，為下半年奠定良好基礎。而隨著這些新增裝機上線，將為耗材營收帶來增量。這項改善的展望也讓我們對於在 2027 年前達成長期目標（營收、利潤率與 EPS 成長）的進展更具信心。

Excluding the impact of acquisitions, our guidance implies approximately 350 basis points of margin expansion by the end of 2026, representing meaningful progress towards the 500 basis point target by 2027. This reflects the underlying improvement in our operating model while navigating a dynamic and inflationary macro environment.

若排除併購影響，我們的指引意味著到 2026 年底利潤率約擴張 350 個基點，代表朝 2027 年 500 個基點目標邁出重要一步。這反映我們在因應多變且具通膨壓力的總體環境之際，營運模式的內在改善。

In closing, I want to thank Illumina team for their continued focus and disciplined execution throughout the quarter. We're off to a great start in 2026, 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. I will now invite the operator to open the line for Q&A.

最後，我要感謝 Illumina 團隊在本季持續專注並以紀律執行。我們在 2026 年有一個很好的開局，我也對我們在讓 Illumina 回到長期、可持續的營收與獲利成長方面所取得的進展感到非常振奮。感謝各位今天參與我們的電話會議。接下來我將請接線員開放 Q&A。

(Operator Instructions)

（接線員指示）

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats on a clean print here. Maybe a high level, my one question, I'll stick to the guidance here. Simplistically, you beat Q1, came in above the high end of your organic assumptions, Instruments coming in better, Clinical coming in better. You've raised Instrument guidance for the year.

恭喜這次交出一份乾淨漂亮的成績單。從高層次來看，我只有一個問題，我會聚焦在指引上。簡單說，你們第一季超預期，表現高於你們有機成長假設的上緣；儀器表現更好、臨床表現更好。你們也上調了全年儀器指引。

I'm curious why the organic for the year wasn't raised. Is there some cautiousness that you're baking in? What would those cautiousness that be? Why can't clinical sustain 20%? I'm just curious on the guide assumptions.

我好奇為什麼全年有機成長沒有上調。你們是否納入了一些保守因素？那些保守因素是什麼？為什麼臨床無法維持 20%？我只是想了解指引假設。

This is Jacob and thank you very much. And we are -- we agree we are off to a great start here in 2026 with a strong performance in Q1. As you mentioned, we continue to see very strong momentum in the clinical business. And in fact, we do believe that that will continue, not only in the rest of the year, but also into the coming years. So very excited about that continued momentum.

我是 Jacob，謝謝你。是的，我們同意 2026 年開局非常好，第一季表現強勁。如你所提到的，我們在臨床業務上持續看到非常強的動能。事實上，我們確實相信這股動能不僅會延續到今年其餘時間，也會延續到未來幾年，所以對於持續的動能感到非常興奮。

As mentioned also, we had a strong Q4 in instrument placements, and we continued that strength here into Q1 and have a strong pipeline for the coming quarters. So we feel really good about where we're sitting. We know when we are placing instruments they will start to generate revenue also our consumables revenue approximately six months after they installed. So there's definitely a lot of optimism on how we can see the second half of the year also.

另外如前所述，我們在第四季的儀器裝機表現強勁，第一季也延續了這股強勢，且未來幾季的管線也很強。我們對目前的狀況感覺非常好。我們知道當我們完成儀器裝機後，大約在安裝後六個月，這些儀器也會開始帶動耗材營收。因此，對於下半年可能呈現的情況，確實有很多樂觀的理由。

So overall, we are pleased about that. Now we are only one quarter into the year. So I think actually, it's -- that we are leaning in by raising both the top line and the bottom line as early -- very early in the quarter. So I think we're signaling all the right things here. Ankur?

總體而言，我們對此感到滿意。不過今年才過了一季。所以我認為，能在這麼早——在年初非常早的時點——就同時上調營收端與獲利端，其實代表我們正在積極投入。我想我們在這裡釋放了所有正確的訊號。Ankur？

Thanks, Jacob. Vijay, what I would add is we are raising the revenue guidance. It is going up by $20 million, which is roughly about 0.5 point. My comment that we're now clearly looking towards the higher end of the range rather than midpoint, reflects that. Still within the range that we talked about. It's The decimal points move, hence, the percentage is what it is. There's nothing else more than that.

謝謝，Jacob。Vijay，我補充的是，我們確實上調了營收指引，上調 2,000 萬美元，大約相當於 0.5 個百分點。我提到我們現在明顯是朝區間的較高端而非中點來看，就是反映這一點。仍然在我們談過的區間內。只是小數點在移動，所以百分比就是那樣。沒有其他更多的原因。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

And congrats on the momentum here in instrumentation. That was very impressive. Just trying to understand, could you talk about within that mix, how much of it this is coming from clinical versus research. What you're seeing in the momentum and research among these customers? And what does it mean when they -- as they incorporate these instruments, there will be a transition, there will be an initial impact from [6K] pricing to Nova X pricing for consumables within those labs.

也恭喜你們在儀器方面的動能，真的非常令人印象深刻。我想了解的是，在這個組合裡，有多少是來自臨床、多少來自研究？你們在研究端客戶的動能看到什麼？另外，當他們——在導入這些儀器時，會有一個轉換期；在那些實驗室中，耗材會從 [6K] 定價轉到 Nova X 定價，初期會有影響。

How are you thinking about above that impact? And is that incorporated into the guide? Maybe just give us more on this instrumentation strength you're seeing and how to think about the instrumentation for 2Q and the full year.

你們如何看待上述影響？這是否已納入指引？也請多分享你們看到的這股儀器強勁動能，以及如何看待第二季與全年的儀器表現。

Yes. Thanks, Puneet. I think that was one question with many sub questions here. So let me try to address a few of them. Overall, as you mentioned, we are very pleased with the placements we did here in Q1.

好的，謝謝，Puneet。我想這是一個問題但包含很多子問題。我先嘗試回答其中幾個。整體而言，如你所提到的，我們對第一季的裝機表現非常滿意。

Also in Q4, we continue to see that momentum. It speaks to that our customers see that when they buy NX, we will continue to drive innovation. So they know that Illumina will be behind them and ensuring that they continue to drive new insights from those instruments, both in the clinical space and in the research space.

第四季也是如此，我們持續看到這股動能。這也說明我們的客戶看到：當他們購買 NX 時，我們會持續推動創新。因此他們知道 Illumina 會在背後支持他們，確保他們能從這些儀器中持續產出新的洞見，無論是在臨床領域或研究領域。

And we will continue to do that. I think we showed up very well at AGBT to prove what we are doing with innovations on the X platform. So our customers clearly are purchasing the X platforms to drive more business on it.

而我們也會持續這麼做。我認為我們在 AGBT 上的表現非常出色，證明我們在 X 平台上的創新進展。因此，我們的客戶顯然是在購買 X 平台，以在其上推動更多業務。

Now we're seeing a lot of these placements. We're growing both the research and the clinical placements. But if you look into the clinical, which is more than 60% of the placements, it's much more additional incremental placement than necessarily conversion of the 6K.

目前我們看到很多這類裝機。我們在研究與臨床的裝機都在成長。但如果看臨床端（占裝機超過 60%），更多是新增的增量裝機，而不一定是從 6K 的轉換。

So I think you will start to see also that drive immediately growth on the top line. From a research position, we do see that this is we continue to see large projects being one of that. We continue to see a lot of single cell projects run of that. But we're not seeing any substantial change in mix of where research is going right now. But we are excited by some of the new innovations we're coming out with over the next period of time.

因此我認為你也會開始看到這會立即帶動營收端的成長。就研究端而言，我們確實看到大型專案仍是其中一部分；我們也持續看到許多單細胞專案在其上運行。但我們目前沒有看到研究端的組合出現任何顯著變化。不過，我們對於接下來一段時間將推出的一些新創新感到很興奮。

[Spatial] is one of the ones that will drive additional upside in the end of this year and into '27. And as we also reminded ourselves is that, we are now have converted most of our access in the research business. So when this market comes back, we've not seen the price headwind as we did before. And thereby, we will see -- you can see growth coming that way.

「[Spatial]」將是推動今年年底到 2027 年期間額外上行動能的因素之一。而且如同我們也提醒自己的一點是，我們現在已經把研究業務中大部分的存取（access）完成轉換。因此當這個市場回來時，我們不會像以前那樣看到價格逆風。因而，我們將會看到——你可以看到成長會從那個方向而來。

The only thing I would add from a pricing transition perspective, no change in assumptions. As we've thought, we expect clinical transition to continue. And all of those price assumptions are already built into the guide.

從定價轉換的角度來看，我唯一要補充的是：假設沒有改變。如同我們所想的，我們預期臨床端的轉換會持續進行。而所有這些價格假設都已經納入指引之中。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Ankur, sticking with instruments, can you quantify the backlog? You said you're supply constrained? I know we'll get it in the 10-Q, but you able to just say how much you couldn't ship. And then I guess as we think about the road map, Jacob, a question of freezing the market comes up. Can you maybe just talk about how we get comfortable that over the next 18 months, there isn't an issue with the road map you've laid out?

Ankur，延續儀器的話題，你能量化一下積壓訂單（backlog）嗎？你說你們受到供應限制？我知道我們會在 10-Q 裡看到，但你能不能直接說一下有多少你們沒能出貨。然後我想，當我們思考產品路線圖（road map）時，Jacob，市場凍結（freezing the market）這個問題會被提出。你能不能談談，我們如何能放心在接下來 18 個月內，你們所提出的路線圖不會有問題？

Well, I will start by saying that I think our placements of instruments shows that there's no freezing of any market that we are participating in at this point. So we feel very good about that. We also feel good about our funnel of instruments over the next period of time.

我先說，我認為我們的儀器裝機（placements）顯示，在目前我們所參與的任何市場中，都沒有出現市場凍結的情況。所以我們對此感到非常有信心。我們也對未來一段時間的儀器商機漏斗（funnel）感到樂觀。

And I think our road map as we presented at AGBT, where we're both innovating on the X coming out with, of course, new flow cells, but also, as I mentioned, spatial on TruPath and our 5-Base is starting to take momentum. We feel really good about both the clinical opportunity but also what we can offer into the research space when that is coming back.

我認為我們在 AGBT 所展示的路線圖——我們一方面在 X 上持續創新，當然會推出新的 flow cells；同時，如我提到的，Spatial 在 TruPath 上，以及我們的 5-Base 也開始累積動能。我們對臨床機會以及在研究市場回溫時我們能提供的方案，都感到非常有信心。

So we don't see any substantial change in the competitive environment as we sit here right now. We know there's a lot of noise out there. We are looking forward to compete when they finally get to the market.

因此，就我們目前所處的位置來看，我們沒有看到競爭環境出現任何重大變化。我們知道外界有很多雜音。我們也期待在他們最終進入市場時與之競爭。

Yes. And Tycho, on the instrumentation specifics, very strong demand. The pipeline is very robust. You'll see on the 10-Q, our performance obligations are up more than 20% year-over-year. And a lot of that is both in instruments and in consumables.

是的。Tycho，就儀器的具體情況而言，需求非常強勁。管線非常扎實。你會在 10-Q 看到，我們的履約義務（performance obligations）年增超過 20%。其中很大一部分來自儀器與耗材。

I am expecting our Q2 placements could be close to the levels that we've seen in Q1 and the pipeline for the remainder of the year looks robust as well. As we mentioned, we're scaling up. The demand looks quite robust. And then I would also say, as Jacob said, quite a bit of this demand is coming from new trials and new tests.

我預期我們第二季的裝機量可能接近第一季的水準，而今年剩餘期間的管線看起來也很強勁。如同我們提到的，我們正在擴產。需求看起來相當強勁。另外我也要說，正如 Jacob 所說，這些需求有相當一部分來自新的試驗（trials）與新的檢測（tests）。

Doug Schenkel, Wolfe Research.

Doug Schenkel，Wolfe Research。

This is Madeline on for Doug. Just a quick one on the operating margin. I think Q2 operating margin came in a little bit lower than the Street. You called out some specific headwinds, including investment to scale the supply, which should continue into Q3. How should we think about the margin progression throughout the year? And what does the ramp between that Q2 margin and the year-end exit rate look like?

我是代 Doug 提問的 Madeline。關於營業利益率（operating margin）有個快速問題。我認為第二季營業利益率比市場預期略低。你提到一些特定逆風，包括為擴大供應而投資，這應該會延續到第三季。我們應該如何看待全年利益率的走勢？以及第二季利益率到年底退出水準（year-end exit rate）之間的爬升（ramp）會是什麼樣子？

Yes. So Madeline, you. Let me start here. This is Jacob and just take a step back and look what Illumina has been able to achieve over the last few years. We have had a tremendous improvement in our margins.

是的。Madeline，你好。我先從這裡開始。我是 Jacob，先退一步看 Illumina 過去幾年所達成的成果。我們的利潤率有非常顯著的改善。

As you probably recall, in '24, we laid out our strategy of building back to high single-digit growth in '27. I think you can see now we're stepping into that with that is growth last year, and now we're starting to have mid-single-ish growth, and we will now end into high single growth for next year. So we are under great trajectory in the top line to get to that.

你可能還記得，在 2024 年，我們提出策略，要在 2027 年回到高個位數成長。我想你現在可以看到我們正逐步走在這條路上：去年已經恢復成長，現在開始有中個位數左右的成長，而明年我們將邁向高個位數成長。因此在營收端（top line）要達到那個目標，我們的軌跡非常好。

On the operating margin, we've also shown great progress on those elements. So there's some puts and takes in each quarter, as we mentioned -- as Ankur was mentioning, there are some inflammatory pressure in the rest of the year here, which we're going to offset. So that's what you see actually reflected in our short term and also the longer-term guide.

在營業利益率方面，我們也在這些要素上展現了很好的進展。每一季都會有一些此消彼長的因素；如同我們提到的——也如 Ankur 所說，今年剩餘期間會有一些通膨壓力，我們會加以抵銷。因此你看到的，其實已反映在我們短期以及較長期的指引之中。

Ankur, do you want to come in here?

Ankur，你要補充嗎？

Yes. So Q2 specifically has a few items. Relative to year over year, we have a much higher instrument mix. We do have inflationary pressure from things like the component cost and the freight, et cetera, as well as we will have the full quarter of SomaLogic into our financials.

是的。就第二季而言，有幾個項目。相較於去年同期，我們的儀器組合占比高很多。我們也面臨通膨壓力，例如零組件成本與運費等；此外，SomaLogic 也會以完整一季的方式併入我們的財務報表。

Now having said that, we have a series of mitigating actions that starting -- have started taking place here in Q2, but we anticipate that the effects will become visible from Q3 and into Q4. Hence, we feel good about the ramp in the operating margin here in the second half versus first half.

不過話說回來，我們已經採取一系列緩解措施——從第二季開始就已啟動，但我們預期其效果會從第三季到第四季逐步顯現。因此，我們對下半年相較上半年的營業利益率爬升感到有信心。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

I know in the past, you've shared some color regarding the X customers that had already converted versus those that were in the middle of converting in the slide deck. And I know, Jacob, you talked about that a little bit. given where we stand today in the conversion.

我知道過去你們在簡報中曾分享一些關於已經完成轉換的 X 客戶，以及正在轉換中的客戶的更多細節。我也知道，Jacob，你剛才也稍微談到一些，關於我們目前在轉換進度所處的位置。

Can you maybe unpack a little bit the guide this year, particularly on the clinical side and how we think about kind of the context of those two? And maybe could there be some acceleration as you see that conversion get later in the cycle?

你能不能再多拆解一下今年的指引，特別是臨床端，以及我們如何看待這兩者的脈絡？另外，當你看到轉換進入週期後段時，是否可能出現一些加速？

Yes, Dan, I think there's still a distribution of different types of customers. As we have -- I think we have mentioned this also previously is that there are customers that have decided to stay on the 6K platform for a longer period of time. Those are probably the clinic -- or these are the clinical customers that have regulated assays sitting on those an FDA-approved assay that other feel that they are well served by the 6K platform or that it takes much longer time to transition it over.

是的，Dan，我認為客戶類型仍然呈現分布差異。正如我們——我想我們之前也提過，有些客戶決定在 6K 平台上停留更長一段時間。這些可能是臨床——或者說這些是臨床客戶，他們在該平台上有受監管的檢測（regulated assays），以及 FDA 核准的檢測；另外也有人覺得 6K 平台已能很好地滿足需求，或是把它轉換過去需要更長時間。

So that is some of the, I would call it, laggards on the transition. For many others, they are in the progress of -- already have transition. There will always be a number of customers, a number of assays that will be sitting on the former platform at least for a while. And therefore, we're also saying that, as Ankur was mentioning in the prepared remarks that we -- by end of this year, we feel like we are fundamentally transitioned the business that will transition, then there will be a long tail of transition going forward. Overall, we see the clinical business as an opportunity for growth.

所以那是我所謂轉換上的一部分「落後者」（laggards）。對於其他許多人而言，他們正在進行中——或已經完成轉換。總會有一些客戶、一些檢測，在至少一段時間內仍會留在舊平台上。因此我們也說，如同 Ankur 在事先準備的發言中提到的，我們——到今年年底，我們覺得基本上會完成那些會轉換的業務之轉換，之後仍會有一段較長尾的轉換持續進行。整體而言，我們把臨床業務視為成長機會。

We don't see any the acceleration in that business for the time being.

就目前而言，我們沒有看到該業務有任何加速。

Patrick Donnelly, Citi.

Patrick Donnelly，Citi。

Maybe one on the research and applied markets. I think you're still talking about that down mid- to high single for the year. The consumables looked like they were down 12% in the quarter against a pretty easy comp. Can you just talk about what you're hearing from customers there? Is there an expectation for some improvement in that market as you go through the year, budgets get set, how you're feeling about that market?

我想問一個關於研究與應用市場（research and applied markets）的问题。我認為你們仍在談今年該市場將下滑中到高個位數。耗材在本季看起來下滑了 12%，而且比較基期其實相對容易。你能談談你們從客戶那邊聽到什麼嗎？隨著年度進行、預算到位，是否預期該市場會有所改善？你們對那個市場的感受如何？

And then just a quick housekeeping for Ankur. Where is the SomaLogic revenue showing up in the -- is it instruments, consumables? Just want to make sure I'm tracking that.

然後再一個給 Ankur 的快速例行問題：SomaLogic 的營收在——是列在儀器、耗材，還是哪裡？我只是想確認我有正確追蹤。

Patrick. And let me start on the research space. I think what we are really pleased to see is that there seems to be alignment from DC around the commitment to NIH funding. And we do believe that while funding have been slow in the beginning of the year, it will pick up in -- during the year. So that's a great headline.

Patrick。我先從研究領域開始。我們很高興看到的是，華府（DC）似乎在對 NIH 資金承諾方面出現一致性。我們確實相信，雖然年初資金到位較慢，但在——今年之內會加速回升。所以這是一個很好的大方向訊息。

Now I think there is many more details into that that we also talked about last quarter and why we are more conservative on the research business here in 2026. And that is that one thing is to have released grants, but is all the thing is to have it all translated into spending the money on actually tools and consumables. And there are definitely some cautiousness with our customers before they truly understand how those brands who are getting the grants and how many grants you're getting, there will be some cautiousness in that space for a little while.

不過我認為其中還有更多細節，我們在上一季也談過，為什麼我們在 2026 年對研究業務採取較保守的看法。原因之一是：撥出補助（released grants）是一回事，但要把它真正轉化為實際支出——也就是把錢花在工具與耗材上——又是另一回事。在客戶真正了解哪些品牌（或機構）拿到補助、以及能拿到多少補助之前，這個領域在一段時間內確實會比較謹慎。

But we do believe that, that we should see somewhat improvement in environment during the year. That said, we haven't built much of that into our guide right now. So I consider that more on an upside.

但我們確實相信，今年整體環境應該會看到一些改善。不過話說回來，我們目前在指引中並沒有把太多這部分納入。因此我會把這視為偏向上行的因素。

Patrick, one thing I would add on that market is, remember, we transitioned more than 90% of the volume for that end market. And our pricing compare should keep getting better for that market throughout the year as well. So that's it.

Patrick，關於那個市場我想補充一點：請記得，我們已經把該終端市場超過 90% 的量完成了轉換。而且我們的定價比較基期在今年也會持續改善。所以就這樣。

On SomaLogic it's -- from a report perspective, it's in micro areas, mostly in the microarray.

至於 SomaLogic——從報告的角度來看，它是在一些微小的領域，主要是在微陣列（microarray）方面。

Subbu Nambi, Guggenheim.

Subbu Nambi，Guggenheim。

Sorry, this is a continuation of the question that was asked. Given you have seen 20% of clinical growth for two consecutive quarters now, would it be fair to assume continued momentum throughout the year? Any reason for us to believe that the guide that you're assuming on the lower end where academia is down mid-single digit, but clinical is in the low double digit?

抱歉，這是延續剛才那個問題。鑑於你們已連續兩個季度看到臨床端成長 20%，是否可以合理假設今年全年會延續這股動能？有沒有任何理由讓我們相信，你們在指引較低端所假設的情境——學術端下滑中個位數，但臨床端為低雙位數——是合理的？

On the higher end, you're assuming academia is down low single digit, but clinical in the teens, can that actually change way beyond the higher end of your guidance?

而在較高端，你們假設學術端下滑低個位數、但臨床端在十幾%的成長；這是否可能實際上遠遠超出你們指引的高端？

Yes. So Subbu, I think as you mentioned, we're very pleased with the momentum we have seen in clinical Clearly, over the last two quarters, but actually also through '25. And since we are, of course, transitioning more and more of the revenue on to the consumables business over to the X platform, the price headwind is getting behind us and we continue to see that in strong growth.

是的。Subbu，我想如你所提到的，我們對臨床端所看到的動能非常滿意，顯然在過去兩個季度是如此，但其實在 '25 年期間也是如此。由於我們當然正把越來越多原本在耗材業務上的營收轉移到 X 平台上，價格逆風正在逐步消退，而我們也持續在強勁成長中看到這一點。

So yes, at this point, we still feel like actually a mid-teens growth is a strong growth performance for the clinical market. Should it be even higher than that, that could be upside to our guide forecast.

所以是的，就目前而言，我們仍然認為臨床市場中十幾%的成長已經是很強的表現。如果實際上能更高，那就可能成為我們指引預測的上行空間。

Based on the business, Subbu, and the momentum at this point, we don't -- we're not seeing any signs of potential deceleration per se, in that market. There's good momentum there.

基於目前的業務狀況與動能，Subbu，我們——在那個市場並沒有看到任何潛在減速的跡象。那裡的動能很不錯。

Kyle Mikson, Canaccord Genuity.

Kyle Mikson，Canaccord Genuity。

Nice quarter. Just as a follow-up to the seemingly modest kind of '26 revenue guidance increase here. Did you update the guidance range to reflect competition launching this summer? Now that we have pricing from them the [$150] per genome, the attractive price for accounting applications, are you expecting more of a headwind than you gave yourself some cushion perhaps on this new range?

本季表現不錯。追問一下，這次 '26 年營收指引上調看起來相對溫和。你們是否已更新指引區間，以反映競爭對手今年夏天的新品上市？現在我們看到他們的定價是每個基因組 [$150]，對於會計/核算類應用而言是很有吸引力的價格；你們是否預期會有比原先更大的逆風，因此在新的區間中多留了一些緩衝？

Well, I'm actually quite pleased with the guide increase we did. After one quarter, we go out and raise our guide. I think that's something to be proud of and shows again our commitment to the year and what we believe where the belief is going. As we also said last quarter, we are very confident in our position from a competitive perspective.

嗯，其實我對我們這次上調指引感到相當滿意。才過了一個季度，我們就上調全年指引。我認為這值得自豪，也再次顯示我們對今年的承諾，以及我們對趨勢走向的信心。正如我們上季也提到的，從競爭角度來看，我們對自身的定位非常有信心。

What we're seeing in the first half, competitive-wise, I think -- I don't think that dynamic is changing a lot in second half. So we feel good about where we are. We have built in how we think the business is going to develop, and that's what you see reflected in our guide.

就我們在上半年看到的競爭態勢而言，我認為——我不覺得下半年會有很大的改變。所以我們對目前的位置感到安心。我們已把我們認為業務將如何發展納入考量，而你在指引中看到的就是這些判斷的反映。

Dan Arias, Stifel.

Dan Arias，Stifel。

Jacob, maybe just a follow-up to that point you were making, the 35B flow cell that's coming, obviously, that's relevant to this competitive conversation that's being had here. I imagine you have customers that are asking what an apples-to-apples cost comparison would be to that $150 price point.

Jacob，可能延續你剛才的觀點，將推出的 35B flow cell 顯然與目前討論的競爭議題相關。我想你們的客戶會詢問，若以同等條件比較，與每個基因組 150 美元的價格點相比，成本會是如何。

What is the cost per G or the cost per genome that you guys are going to quote to these folks who are assessing run economics and trying to understand how things are going to shake out going forward?

你們會向這些正在評估跑批經濟性、並試圖理解未來格局如何演變的客戶，報價每 G（gigabase）的成本或每個基因組的成本是多少？

Yes. So Dan, I think there is still a lot of opportunity in the space that we are in. If you look into the clinical space, if you think about the rare disease business going from exome into genome, that will require a 15 times more sequencing intensity. When we have conversations with our customers that -- where they run a lot of exome and they want to translate into genome, we have no problem having a great conversation about elasticity and how we can drive profitable growth, both for us and, of course, continue to lower their cost per gigabase for them, but both of us have a strong win-win situation.

是的。Dan，我認為我們所處的領域仍有很大的機會。如果你看臨床領域，想想罕見疾病業務從外顯子（exome）走向全基因組（genome），那將需要高出 15 倍的定序強度。當我們與客戶對話——尤其是那些目前跑大量外顯子、並希望轉向全基因組的客戶——我們完全可以就需求彈性進行很好的討論，以及我們如何推動可獲利的成長：對我們而言、同時也能持續降低他們的每 gigabase 成本，讓雙方形成強而有力的雙贏局面。

And that is just one example, but that's a conversation we have with our customers to make sure that there's opportunities here. For us, that conversation is based on an elasticity game where. If we go in and provide a very aggressive pricing, we also see a very aggressive volume growth. So that's a conversation we continue to have. We see a lot about that.

這只是其中一個例子，但我們確實會與客戶進行這類對話，以確保這裡存在機會。對我們來說，這樣的對話是建立在彈性（elasticity）的策略上：如果我們提供非常積極的定價，我們也會看到非常積極的量成長。因此這是我們持續在進行的對話。我們看到很多這方面的情況。

Under 35B pricing, we are not ready at this point to go out and talk about pricing. We'll do that when we are closer with the X launch.

至於 35B 的定價，我們目前還沒有準備好對外談價格。我們會在更接近 X 上市時再來談。

Catherine Schulte, Baird

Catherine Schulte，Baird

Really encouraging numbers on X placements. Congrats on the strong start to the year. But could you just spend some time talking about what you're seeing on the low- and mid-throughput side of the portfolio from a placement standpoint?

X 的裝機數字非常令人鼓舞。恭喜今年開局強勁。不過你們能否花點時間談談，從裝機角度來看，你們在產品組合中低通量與中通量那一端目前看到的情況？

Yes, Catherine, that -- if we start with the low throughput. And as just a reminder, we did launch our MiSeq I100 a little more than a year ago, end of '24, I think or beginning of '25, and we saw very, very strong placements in '25, I think more than 1,000 placements. We have announced on that. And we continue to see that momentum into '26. So a lot of good progress, a lot of momentum in the MiSeq I100 business and the placements.

是的，Catherine——如果先從低通量開始。提醒一下，我們在一年多前推出了 MiSeq I100，大約在 '24 年底（我想）或 '25 年初；而我們在 '25 年看到非常、非常強勁的裝機，我記得超過 1,000 台，我們也已對外宣布。我們在 '26 年也持續看到這股動能。因此 MiSeq I100 業務與裝機方面都有很好的進展與動能。

In the mid-throughput that has been for longer term, a little more challenging due to the macro environment that where we're seeing both the -- of course, the MiSeq I100 is taking a part of the low end of that business. And we also see customers transitioning up to the high throughput part of that business. But in the mean -- in the middle there, we're also seeing that these are the customers that are more sensitive to the macro environment. That is maybe stalling some investments and waiting for a different type of environment. They're not in -- many of them are not in production mode of sequencing and thereby, they are looking for more flexibility.

至於中通量，長期以來因總體環境而更具挑戰性；我們看到——當然，MiSeq I100 也分走了該業務低端的一部分；同時我們也看到客戶往高通量端轉移。但在中間這一段，我們也看到這些客戶對總體環境更敏感，可能因此暫緩部分投資、等待不同的環境。許多客戶並非處於定序的量產模式，因此他們更重視彈性。

So while we see good performance in that market, we do believe that when the market [turns], especially in the research segment, that, that market will start to grow even better for us.

因此，雖然我們在該市場看到不錯的表現，但我們確實相信，當市場出現[轉折]、特別是在研究領域時，那個市場將開始為我們帶來更好的成長。

Casey Woodring, JPMorgan.

Casey Woodring，JPMorgan。

Yes, just two quick follow-ups to some of the earlier ones. Did you quantify the headwind from inflationary pressure on things like memory chips and freight that you're planning to offset this year?

是的，針對前面幾個問題做兩個快速追問。你們是否量化了今年計畫抵消的通膨壓力逆風，例如記憶體晶片與運費等？

And then on the NovaSeq X placements. So you placed 80 in the quarter. It sounds like you expect a similar level in 2Q, just if I heard that right? And how should we think about ex placements in the back half?

另外關於 NovaSeq X 的裝機：本季你們裝了 80 台。聽起來你們預期第二季也會是類似水準——如果我沒聽錯的話？那下半年 X 的裝機應該如何看？

Yes. So let me start here just on the highest level on how we have dealt with some of the curve balls, I would say that has been thrown towards Illumina specifically, but the market also generally speaking, over the last few years. I think if you've followed our performance and how we have dealt with different types of cost challenges that the Illumina team have done a great job on finding ways to compensate that.

是的。我先從最高層次談談我們如何應對一些我會稱之為「曲球」的挑戰——這些挑戰在過去幾年不僅是針對 Illumina，整體市場也普遍面臨。我想如果你一直關注我們的表現，以及我們如何處理不同類型的成本挑戰，你會看到 Illumina 團隊在找出補償/對沖方式方面做得非常出色。

We continue to drive very, very strong focus on operational discipline. And this is the engine running here. You can see that when we get this headwind in front of us, we are -- we find ways to get through this. And I think the team is quite excited about that. There's a lot of energy going into this saying that we can deliver on our commitments.

我們持續非常、非常專注於營運紀律。這就是推動引擎運轉的核心。你可以看到，當逆風出現在我們面前時，我們——會找到方法挺過去。我認為團隊對此相當振奮，投入了很多能量，因為我們相信自己能交付承諾。

So I'm very pleased with the performance from the team. Ankur, you want to talk a little bit about the...

所以我對團隊的表現非常滿意。Ankur，你要不要稍微談一下……

Yes. Thanks, Jacob. And yes, that's within the range that we can action and take a lot of action towards mitigating this as well. On the Xs, yes, you're right, I mentioned about similar to Q1 levels in Q2 as well. And as it looks like right now, pipeline for the back half also looks fairly robust.

是的，謝謝你，Jacob。是的，這在我們可以採取行動的範圍內，我們也能採取很多措施來加以緩解。至於 X 的部分，是的，你說得對，我提到第二季也會與第一季水準相近。而就目前看來，下半年的管線看起來也相當強勁。

So which means, all in all, for the full year, we do expect to come in reasonably above the range that we had provided at the start of the year.

因此，這表示，總體而言，就全年來看，我們確實預期最終結果將會合理地高於我們在年初所提供的區間。

Jack Meehan, Nephron Research.

Jack Meehan，Nephron Research。

I wanted to keep asking about the Nova X demand. sounds like it's been robust. Is there more color you can share on the profile of the clinical customers where you're seeing demand is the strongest. Just curious if you could elaborate on things like multi-cancer MRD therapy selection, women's health, anything that stands out?

我想繼續追問 Nova X 的需求。聽起來一直很強勁。你能否就你們看到需求最強的臨床客戶輪廓再多分享一些細節？我只是好奇你是否可以就多癌種 MRD 治療選擇、女性健康等方面，或任何特別突出的地方，多做一些說明？

Yes, Jack, thanks for the question. It's almost like saying all of the above, meaning that we see a broad interest in the X. Obviously, we have also large customers, centralized labs here in US [SCs] and you can see that in their own numbers. They see a lot of momentum in the oncology space. And we are seeing a lot of commitment to continue growing in that space.

是的，Jack，謝謝你的提問。這幾乎可以說是「以上皆是」，也就是說，我們看到市場對 X 有廣泛的興趣。顯然，我們也有大型客戶，例如美國這邊的集中式實驗室 [SCs]，你也可以從他們自己的數字中看到。他們在腫瘤學領域看到很大的動能。而我們也看到他們承諾持續在該領域擴張成長。

But I would say it goes from oncology, rare disease into, of course, also [NIPT] and across the regions. So really great performance in the clinical. And I think it really speaks to the strength and the opportunity in that space going forward.

但我會說，這從腫瘤學、罕見疾病延伸到，當然也包括 [NIPT]，並且跨越各個地區。因此臨床端的表現非常出色。我認為這也確實反映了該領域未來的實力與機會。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行。

I'm going to go back to the Nova X again just because that seems to be the biggest -- the placement number is the biggest surprise for us relative to our model. Anything you could say in terms of pricing or just sort of how you're getting those out the door, where the incremental demand is coming from?

我想再回到 Nova X，因為相較於我們的模型，這看起來是最大的——對我們而言，裝機數是最大的意外。你能否談談定價方面，或你們是如何把這些設備交付出去的，以及新增需求主要來自哪裡？

When you look at the last two years, you've been pretty steady at outside of 4Q, where you have a nice bonus, you're doing 50 to 60 per quarter for the last two years. Now you're jumping to 80 in 1Q, 80 in 2Q. But yet, your instrument revenue number in 1Q was $118 million. We would have expected with 80 placements to do a little bit closer to like $125 million, $130 million. So is there any type of discounting going on here just sort of what's driving that big step-up in demand?

回顧過去兩年，你們的節奏相當穩定，除了第四季有一個不錯的加成之外，過去兩年每季大概是 50 到 60 台。現在你們在第一季跳到 80 台、第二季也 80 台。但你們第一季的儀器營收是 1.18 億美元。以 80 台裝機來看，我們原本預期會更接近 1.25 億到 1.30 億美元。所以這裡是否有任何折扣在進行？或是到底是什麼在推動需求出現這麼大的躍升？

Yes, let me start by answering that here. I mean, first of all, let's think about the X placements. I mean when you place an X, you do that because you have an opportunity to win a customer base buy an X from us, it's not to have it sitting in a corner, it really to drive consumables on it. And as we also mentioned, we are in -- at JPMorgan, we showed results that we are around about 1.3 million of pull-through on the Xs. And we think that, that will continue to be at that level, if not above. So our focus is to get as many access out there, so they can drive that growth in consumables over the next many, many years. So that is the most important thing for us.

是的，我先從這裡回答。首先，談到 X 的裝機。當你部署一台 X，是因為你有機會贏得一個客戶群來向我們購買 X；不是把它放在角落裡閒置，而是要用它來帶動耗材使用。正如我們也提到過的，我們在 JPMorgan 也展示了結果：X 的 pull-through 大約在 130 萬。我們認為這將會維持在這個水準，甚至更高。因此，我們的重點是盡可能把更多 X 部署到市場上，讓它們在未來很多很多年推動耗材的成長。這對我們來說是最重要的。

Secondly, we do, of course, when we have customers, which we do have, and we talked about that before, that other orders, 5 or 10 or even beyond that. Of course, we are giving them a volume discount on the X placements. And we think that is reasonable.

第二，當然，當我們面對一些客戶——我們確實有這樣的客戶，而且之前也談過——他們一次下單 5 台、10 台甚至更多時，我們當然會在 X 的裝機上給予量購折扣。我們認為這是合理的。

But again, our main focus is to get Xs out there and drive consumables. We're not putting them out there just to sit in the corner.

但再次強調，我們的主要重點是把 X 推向市場並帶動耗材。我們不是把它們放出去只是讓它們擺在角落裡。

The only thing I would add that, Mike, is some of the units within (inaudible) are also go through a reagent or a lease kind of model as well there are always some units of that kind in there as well. which, of course, have a different revenue recognition pattern.

Mike，我唯一想補充的是，(聽不清) 之中的部分機台也會採用試劑或租賃類型的模式，因此其中也總會包含一些這類機台；而這些機台當然會有不同的收入認列模式。

Mason Carrico, Stephens.

Mason Carrico，Stephens。

A lot has been asked here, but maybe taking into account recent competitive announcements, could you just talk about where you expect Illumina to win in spatial? Is this more of a rising tides lift all boats? Or do you see clear pockets in the market where you think Illumina can stand out?

大家已經問了很多，但也許結合近期競爭對手的公告，你能否談談你們預期 Illumina 在空間（spatial）領域會在哪些方面勝出？這更像是「水漲船高、大家都受益」？還是你們看到市場中有明確的區塊，Illumina 能夠脫穎而出？

Yes. We are excited about the opportunity in spatial and we also showcased the spatial both at SSG, but at AGBT with a lot of interest from our customers. So we do think there is a lot of value in our spatial solution. Overall, I do think, as you're saying, it's something that raises all the boats right now. I also enjoyed the launch of what 10x put out there.

是的。我們對空間領域的機會感到興奮。我們也在 SSG 展示了空間方案，並在 AGBT 上展示，獲得客戶很大的興趣。因此我們確實認為我們的空間解決方案具有很高的價值。整體而言，我同意你所說的，現在這確實是能把所有船都抬高的趨勢。我也很欣賞 10x 推出的產品發表。

I'm actually quite impressed of what (inaudible) and the team is putting out there. I'm a big fan of those -- of that. And I actually think it drives much more interest overall in spatial.

我其實對 (聽不清) 和團隊推出的內容印象很深。我是那些——那個的忠實支持者。我也確實認為，這會在整體上帶動市場對空間技術更大的興趣。

That said, this is different technologies. They're addressing somewhat a different type of customer segments. So I think there is plenty of room for more than a few customers in that space. And Illumina is here to play. We're here to -- we have developed a lot of our spatial technique together with our customers.

話雖如此，這些是不同的技術，它們所面向的客戶區隔也有些不同。因此我認為在這個領域，容得下不只少數幾家參與者。而 Illumina 也會參與其中。我們在這裡要——我們與客戶一起開發了許多空間技術。

So we have a good sense for what they're looking for. We have a good sense where our opportunity is, and I'm pretty sure we have a winner when we come here out later in the year with our spatial solutions.

因此我們很清楚他們在尋找什麼。我們也很清楚我們的機會在哪裡。我相當確信，當我們在今年稍晚推出我們的空間解決方案時，我們會有一個勝出的產品。

Kyle Mikson, Canaccord Genuity.

Kyle Mikson，Canaccord Genuity。

Follow-up. So this on the slide in the deck here about the NovaSeq x transition, you got one aspect that has the percentage of (inaudible) consumables revenue that's -- it's been stable compared to the fourth quarter at 55%. However, the volume of [GB] shipped as a percentage that NovaSeq represents, that's been increasing nicely towards that kind of 80%, 90%.

追問一下。關於簡報投影片中 NovaSeq X 轉換的部分，你們有一項指標是 (聽不清) 耗材營收占比——相較第四季維持穩定在 55%。然而，以出貨 [GB] 量的占比來看，NovaSeq 所代表的比例則是很不錯地提升到大約 80%、90%。

So what exactly happened, I guess, in the first quarter that it kind of moderated a bit? And is that going to inflect going forward? Or should we expect 55%, maybe high like 50s to maintain going forward?

所以我想問，第一季到底發生了什麼，讓它看起來稍微趨緩了一些？而這之後會再度上升嗎？還是我們應該預期 55%——也許是接近 50% 後段的高位——會在未來維持？

Well, there's nothing -- I don't think quarter by quarter, I think we mentioned this also in the earlier quarters is that it's a little bit dangerous to look at this number too precisely. It's a trend direction. And the quarter by quarter can vary a little bit up and down. So I wouldn't put too much in it. What you should see is that we continue to transition our clinical customers very nicely.

嗯，沒有什麼——我不會逐季去看。我想我們在前幾季也提過，過度精準地解讀這個數字有點危險。它反映的是趨勢方向，而逐季之間可能會有些上下波動。所以我不會賦予它太多意義。你應該看到的是，我們持續非常順利地推動臨床客戶的轉換。

And as Ankur was saying, that we believe that we have more than 85% of that transition by end of this year, which we feel is where the transition -- where we then feel that we are -- the transition is behind us.

而且如 Ankur 所說，我們相信到今年年底，我們將完成超過 85% 的轉換；在我們看來，到了那個時點，轉換——我們會覺得轉換已經在我們身後了。

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

本次電話會議的問答環節到此結束。接下來我想把電話交回 Conor McNamara 作結語。

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, and we look forward to seeing you at upcoming events.

感謝各位今天加入我們。本次電話會議的重播將會在我們網站的投資人專區提供。今天的會議到此結束，我們期待在接下來的活動中與各位見面。

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。感謝各位的參與。您現在可以掛線，祝您有美好的一天。