Illumina Inc (ILMN) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the second quarter 2026 Illumina earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，大家好。歡迎參加 Illumina 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

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 second quarter 2026 earnings call. Today, we will review our financial results released after market close and provide prepared remarks before opening the line for questions and answers. Our earnings release is available in the Investor Relations section of illumina.com.

各位好，歡迎參加 Illumina 2026 年第二季財報電話會議。今天我們將回顧在收盤後發布的財務結果，並在開放問答之前提供事先準備的發言。我們的財報新聞稿可在 illumina.com 的投資人關係專區取得。

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

今天與我一同出席的有執行長 Jacob Thaysen，以及財務長 Ankur Dhingra。Jacob 將先就 Illumina 的業務近況進行更新，接著由 Ankur 回顧財務表現。

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 otherwise stated, 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 excludes Greater China due to our inclusion on China's unreliable entity list.

我們將討論若干非 GAAP 財務衡量指標，與 GAAP 的調節表可在今日新聞稿以及我們網站的補充資料中查閱。除非另有說明，所有成長率均以年對年、按申報口徑（reported basis）呈現。有機成長會調整匯率與併購的影響；而「世界其他地區」的有機成長亦因我們被列入中國不可靠實體清單而排除大中華區。

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. 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.

本次電話會議將被錄音，重播將於我們網站提供。我們的意圖是，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。為更好理解可能導致實際結果與預期不同的風險與不確定性，我們請您參閱 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 had a great first half of 2026, including another strong quarter in Q2, and I couldn't be prouder of what the Illumina team delivered. Revenue grew at the fastest rate since I joined the company, driven by increasing demand for Illumina's technology as customers expand clinical applications. Our deep relationships with leading US clinical customers and large installed base reinforce the durability of our position in these markets. Margins also came in above our guidance despite higher-than-expected costs.

謝謝你，Conor，各位下午好。2026 年上半年我們表現非常出色，第二季也再度交出強勁的一季，我對 Illumina 團隊的成果感到無比自豪。隨著客戶擴大臨床應用，對 Illumina 技術的需求持續增加，帶動營收以我加入公司以來最快的速度成長。我們與美國領先臨床客戶的深厚合作關係，以及龐大的裝機基礎，進一步強化了我們在這些市場的地位韌性。儘管成本高於預期，毛利率仍高於我們的指引。

I want to thank our teams for their focus and commitment to our customers and shareholders. Our first half results puts us in a strong position as we look ahead. We are raising our 2026 guidance for revenue growth and profitability while remaining committed to executing against our long-range targets.

我要感謝各團隊對客戶與股東的專注與承諾。上半年的成果讓我們在展望未來時處於有利位置。我們上調 2026 年營收成長與獲利能力指引，同時仍致力於落實我們的長期目標。

Today, I'm going to focus on three areas: our performance in the quarter and the trends we are seeing across our end markets, how we're expanding the value of our platform through new workflows and multi-omics capabilities, and the progress we are making against our long-term strategy and financial targets.

今天我將聚焦三個面向：本季表現以及我們在各終端市場看到的趨勢；我們如何透過新工作流程與多體學能力擴大平台價值；以及我們在長期策略與財務目標上的推進進展。

Let me start with how the quarter came together. Rest of World organic revenue grew 8.1%, above the high end of our guidance. And demand for NovaSeq X remained high more than three years after launch, with more than 95 placements in the quarter. Together with disciplined expense management, this translated into both margin and EPS above guidance.

我先從本季的整體表現談起。世界其他地區的有機營收成長 8.1%，高於我們指引區間的上緣。NovaSeq X 在上市超過三年後需求仍然強勁，本季安裝（placements）超過 95 台。再加上嚴謹的費用管理，使得毛利率與每股盈餘（EPS）均高於指引。

Clinical markets, which represent approximately 65% of sequencing consumables revenue remained our primary growth driver. Rest of World clinical growth was broad-based across regions and applications with particular strength in our US/Canada region.

臨床市場約占定序耗材營收的 65%，仍是我們主要的成長動能。世界其他地區的臨床成長在各區域與應用面向皆呈現廣泛成長，其中以美國／加拿大地區表現尤為強勁。

Strong instrument placements over the past three quarters are expanding customer capacity and will support consumable growth for many quarters to come. Placements will vary from quarter-to-quarter, but demand remains elevated.

過去三季強勁的儀器安裝正在擴大客戶產能，並將在未來多個季度支撐耗材成長。安裝量會隨季度而波動，但需求仍維持在較高水準。

In research and academic markets, results improved from Q1, but customers remain cautious as they navigate funding uncertainty. We saw some signs of improvements late in the quarter, but it's too early to call a recovery. These customers remain an important source of innovation and help drive clinical adoption over time. Our expanding multiomics portfolio give customers more ways to analyze biology and broadens how we can support these markets over time.

在研究與學術市場方面，表現較第一季改善，但客戶在面對資金不確定性時仍保持審慎。我們在季末看到一些改善跡象，但現在判定復甦仍為時過早。這些客戶仍是重要的創新來源，並會隨時間推動臨床採用。我們持續擴大的多體學產品組合，讓客戶有更多方式分析生物學，也拓寬了我們長期支援這些市場的方式。

Let me turn next to innovation. Our strategy is to deliver the highest quality insights for the lowest end-to-end cost. The updates we made this quarter advanced that goal by expanding what customers can do on NovaSeq X and increasing the value of the Illumina ecosystem.

接下來談創新。我們的策略是以最低的端到端成本，提供最高品質的洞見。本季我們所做的更新，透過擴大客戶在 NovaSeq X 上可執行的內容並提升 Illumina 生態系的價值，推進了這一目標。

Within core sequencing, NovaSeq X remains central to our approach. Customers are investing in the platform, not only for what it enables today, but because they see a clear path to use it for years to come. The road map we laid out earlier this year gives them confidence that the X will continue to support their workflows over time, helping sustain demand for the platform.

在核心定序領域，NovaSeq X 仍是我們方法的核心。客戶投資該平台，不僅因為它目前能帶來的能力，也因為他們看見未來多年持續使用的清晰路徑。我們今年稍早公布的產品路線圖，讓客戶相信 X 將能隨時間持續支援其工作流程，進而有助於維持平台需求。

We recently launched our whole genome MRD research workflow, a tool designed to help customers shorten assay development timelines and lower development costs. This solution runs on NovaSeq systems and is now in early access with select customers.

我們近期推出全基因組 MRD 研究工作流程，這是一項旨在協助客戶縮短檢測（assay）開發時程並降低開發成本的工具。此解決方案可在 NovaSeq 系統上運行，目前已向部分客戶提供早期使用（early access）。

Beyond core sequencing, we're expanding our multiomics offerings consistent with the strategy we laid out in 2024. This summer, we expanded our portfolio with the launch of the StrataMap Spatial, our sequencing-based spatial workflow. This launch broadens our capabilities in spatial biology and gives researchers another way to study tissue biology through the Illumina ecosystem.

在核心定序之外，我們正依循 2024 年所提出的策略擴展多體學產品。今年夏天，我們推出以定序為基礎的空間工作流程 StrataMap Spatial，進一步擴充產品組合。此次推出拓展了我們在空間生物學的能力，並讓研究人員能透過 Illumina 生態系以另一種方式研究組織生物學。

We are also seeing sustained proteomics momentum, following the close of our SomaLogic acquisition. Our newly branded SomaScan and SomaSeq offerings are generating strong interest and helping customers connect proteomics and genomic insights.

隨著我們完成對 SomaLogic 的收購，我們也看到蛋白體學動能持續。我們新品牌化的 SomaScan 與 SomaSeq 產品引發高度興趣，並協助客戶連結蛋白體學與基因體學洞見。

And in BioInsight, we're expanding our data and insights offerings to help pharmaceutical customers advance AI-enabled drug discovery. BioInsight brings together sequencing, reservation tools, compute power, and AI to build high-quality multiomics data sets and interpretation tools. These capabilities can deepen understanding of disease pathways, infer causality, and enable more predictive biological models.

在 BioInsight 方面，我們正擴展資料與洞見產品，以協助製藥客戶推進 AI 賦能的藥物發現。BioInsight 整合定序、預約工具、運算能力與 AI，以建立高品質的多體學資料集與解讀工具。這些能力可加深對疾病路徑的理解、推斷因果關係，並建立更具預測性的生物學模型。

One of the first key BioInsight initiatives is the Billion Cell Atlas, a genome-wide perturbation data set that deepens understanding of disease biology and generates data for AI models. We are producing this data at an unprecedented scale and with the quality and consistency needed to support biological discovery. With over 300 million cells delivered to date, biopharma interest continues to grow.

BioInsight 的首批關鍵計畫之一是「十億細胞圖譜」（Billion Cell Atlas），這是一個全基因組擾動資料集，可加深對疾病生物學的理解並為 AI 模型產生資料。我們正以前所未有的規模生產這些資料，並具備支援生物學發現所需的品質與一致性。截至目前已交付超過 3 億個細胞，生技製藥客戶的興趣持續升溫。

We have started booking revenue from our Billion Cell Atlas, and we added three new partners subsequent to quarter end, bringing our total to six. While still early, these milestones are an encouraging sign of the opportunity ahead. Later this year, we look forward to sharing additional BioInsight updates as we expand how customers can use biological data to accelerate discovery.

我們已開始就「十億細胞圖譜」認列營收，且在季末後新增三位合作夥伴，使總數達到六位。雖然仍在早期階段，這些里程碑是未來機會的令人鼓舞訊號。今年稍晚，我們期待分享更多 BioInsight 的最新進展，並擴大客戶運用生物資料以加速發現的方式。

Turning to our improved 2026 outlook. We are increasing our full-year revenue outlook to reflect both our Q2 outperformance and our expectations for the remainder of the year. The momentum we are seeing, especially from our clinical customers, gives us greater confidence as we enter the second half.

接著談我們改善後的 2026 年展望。我們上調全年營收展望，以反映第二季表現優於預期，以及我們對今年剩餘期間的預期。我們所看到的動能，尤其來自臨床客戶，使我們在進入下半年時更具信心。

We now expect full-year Rest of the world organic revenue growth greater than 5%. We expect the pace of growth in the second half to remain broadly consistent with the first half, although the mix will shift. Consumables revenue will continue to grow from a higher installed base, while instrument growth moderates against tougher comparison following several quarters of elevated NovaSeq X placements. The expanding NovaSeq X installed base will also add further consumables growth beyond 2026 and support our path towards high single-digit revenue growth in 2027. We're also raising our EPS outlook, reflecting Q2 outperformance, higher revenue expectations, and continued expense discipline. Ankur will provide the details in his remarks.

我們目前預期「世界其他地區」全年有機營收成長將高於 5%。我們預期下半年成長步伐將大致與上半年一致，儘管產品組合將有所轉變。耗材營收將在更高的裝機基礎上持續成長，而儀器成長則因在過去數季 NovaSeq X 裝機量偏高、比較基期更具挑戰而趨於放緩。持續擴大的 NovaSeq X 裝機基礎也將在 2026 年之後帶來更多耗材成長，並支持我們在 2027 年邁向高個位數營收成長的路徑。我們也上調 EPS 展望，反映第二季優於預期、更高的營收預期，以及持續的費用紀律。Ankur 將在他的發言中提供細節。

Our updated guidance reinforces our progress towards the long-term financial targets we laid out in 2024, and we remain focused on achieving them. We operate in a healthy market with significant untapped opportunity. By continuing to deliver innovative technology that improves customer workflows and expand their capabilities, we expect to maintain our leadership as the market evolves.

我們更新後的指引強化了我們朝 2024 年所提出的長期財務目標邁進的進展，我們仍專注於達成這些目標。我們所處的市場健康，且仍有大量尚未開發的機會。透過持續提供能改善客戶工作流程並擴展其能力的創新技術，我們預期在市場演進之際仍能維持領導地位。

With three consecutive quarters of growth, we entered the second half from a stronger position. Our teams are energized by the response by recently launched end-to-end workflows. That interest confirms that we are solving the right problems and reinforces our innovation priorities.

在連續三季成長之後，我們以更強的態勢進入下半年。我們的團隊因近期推出的端到端工作流程所獲得的回饋而備受鼓舞。這樣的興趣證實我們正在解決正確的問題，也強化了我們的創新優先事項。

We're also strengthening the team leading this work. We recently welcomed Michael Sullivan and July Colette to our management team, adding deep commercial and legal experience as we scale the business. We're equally pleased to welcome David King and Dan Skovronsky for our Board. Their experience across healthcare, diagnostics, and R&D will be valuable as we advance our clinical and innovation priorities. I want to thank the entire Illumina team for their focus and commitment and our customers for the trust they place in us.

我們也在強化領導這項工作的團隊。我們近期歡迎 Michael Sullivan 與 July Colette 加入管理團隊，在我們擴大業務規模之際，帶來深厚的商務與法務經驗。我們同樣很高興歡迎 David King 與 Dan Skovronsky 加入董事會。他們在醫療照護、診斷與研發方面的經驗，將在我們推進臨床與創新優先事項時帶來價值。我要感謝整個 Illumina 團隊的專注與投入，也感謝客戶對我們的信任。

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帶大家走過財務細節。

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

謝謝你，Jacob，各位下午好。我將說明我們第二季的財務結果，並就營收、費用、獲利、資產負債表與資本配置提供更多說明，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 second quarter played out. For Q2, our revenue and earnings results came in ahead of our expectations and guidance. Revenue grew 8% on an organic basis ex China, margins were ahead, and EPS of $1.31 grew 10% year-over-year, and we placed more than 95 Xs.

在我進入財務表現細節之前，先提供第二季整體表現的高層次概覽。第二季，我們的營收與獲利結果均優於我們的預期與指引。營收在排除中國後以有機基礎成長 8%，毛利率表現優於預期，EPS 為 1.31 美元、年增 10%，且我們裝機超過 95 台 X。

Now turning to the details. During the second quarter, Illumina's revenue of $1.16 billion was up 9.5% year-over-year and 6.5% on an organic basis, with currency and acquired revenue together, contributing approximately 3 percentage points to our reported growth rate. Rest of the World organic growth rate was 8.1%.

現在進入細節。第二季 Illumina 營收為 11.6 億美元，年增 9.5%；以有機基礎計算成長 6.5%，其中匯率與併購營收合計約為我們的報告成長率貢獻約 3 個百分點。「世界其他地區」的有機成長率為 8.1%。

Sequencing consumables revenue of $775 million was up 5% year-over-year on both a reported and organic Rest of World basis. High throughput volume drove most of the revenue growth, as the NovaSeq X installed base continues to expand and pull-through increased year-over-year.

定序耗材營收為 7.75 億美元，年增 5%，無論以報告基礎或以「世界其他地區」有機基礎計算皆為 5%。高通量使用量帶動了大部分營收成長，因 NovaSeq X 裝機基礎持續擴大，且耗材拉動（pull-through）年增。

Sequencing consumables revenue in clinical markets grew 15% ex China, with the US/Canada region continuing to grow above 20%. We saw slower growth in Europe, Middle East, and Latin America region, largely due to ongoing near-term dynamics in the region.

臨床市場的定序耗材營收在排除中國後成長 15%，其中美國/加拿大地區持續維持在 20% 以上的成長。歐洲、中東與拉丁美洲地區成長較慢，主要由於該地區持續存在的短期動態因素。

First-half growth was approximately 17%, a slight acceleration versus the second half of 2025, reflecting continued adoption of sequencing-based diagnostics and more sequencing-intensive applications. We are raising our growth outlook in clinical markets towards the high end of our prior guide and now expect mid-teens growth for the year.

上半年成長約 17%，相較 2025 年下半年略為加速，反映以定序為基礎的診斷持續採用，以及更偏向高定序量的應用增加。我們將臨床市場的成長展望上調至先前指引的高端附近，並預期全年將達到約中十位數（mid-teens）的成長。

Sequencing consumables in research and applied markets declined 7% Rest of the World, and year-to-date trends have remained consistent with our outlook entering the year. Though we were encouraged by the trends in the quarter, including 9% revenue growth quarter-over-quarter, we believe it's still too early to predict the timing of an end market recovery, and continue to expect mid- to high single-digit declines for research and applied consumables in 2026.

研究與應用市場的定序耗材在「世界其他地區」下滑 7%，年初至今的趨勢與我們年初的展望一致。儘管我們對本季的趨勢感到鼓舞，包括營收季增 9%，但我們認為現在仍過早判斷終端市場復甦的時間點，並仍預期 2026 年研究與應用耗材將出現中到高個位數的下滑。

We made further progress in the quarter transitioning customers to the NovaSeq X. As of Q2, approximately 83% of volumes and 59% of revenue had transitioned to the platform. Despite continued transition dynamics, sequencing consumables posted strong growth. Approximately 78% of clinical volume is now on the X and we continue to expect clinical volumes will reach 80% to 85% conversion by the end of 2026.

本季我們在將客戶轉移至 NovaSeq X 方面取得進一步進展。截至第二季，約 83% 的使用量與 59% 的營收已轉移至該平台。儘管轉移動態仍在持續，定序耗材仍繳出強勁成長。目前約 78% 的臨床使用量已在 X 平台上，我們仍預期到 2026 年底臨床使用量的轉換率將達到 80% 至 85%。

On sequencing activity, total sequencing gigabase output on our connected high and mid-throughput instruments, once again grew more than 30% year-over-year, with clinical growth well above that. Sequencing instruments revenue of $125 million was up 31% year-over-year in Q2 on both reported and Rest of World organic basis, driven by increased sales of NovaSeq X and the MiSeq i100. We made significant progress with our supply investments in the quarter, allowing us to place over 95 NovaSeq X instruments in Q2, as demand remains strong for the platform, especially among some of our largest clinical customers, where we saw several multiunit capacity expansion orders, including first start of new clinical trials. We also placed over 10 NovaSeq 6000 units, and some consumers plan to remain on that platform for years to come.

在定序活動方面，我們已連網的高通量與中通量儀器之總定序 gigabase 產出再次年增超過 30%，其中臨床成長遠高於此。第二季定序儀器營收為 1.25 億美元，年增 31%，無論以報告基礎或以「世界其他地區」有機基礎計算皆為 31%，主要由 NovaSeq X 與 MiSeq i100 銷售增加所帶動。本季我們在供應投資方面取得顯著進展，使我們得以在第二季裝機超過 95 台 NovaSeq X；由於該平台需求仍然強勁，尤其在部分最大型的臨床客戶中，我們看到多台設備的產能擴充訂單，包括新臨床試驗的首次啟動。我們也裝機超過 10 台 NovaSeq 6000，且部分客戶計畫在未來數年仍維持使用該平台。

Sequencing service and other revenue of $154 million was up 14% on both a reported and Rest of World organic basis. As Jacob mentioned in his prepared remarks, we are gaining traction in our Billion Cell Atlas program, resulting in higher data revenue from biopharma customers.

定序服務與其他營收為 1.54 億美元，以報告基礎與「世界其他地區」有機基礎計算皆成長 14%。如 Jacob 在事先準備的發言中提到，我們的 Billion Cell Atlas 計畫正取得進展，帶動來自生物製藥客戶的資料營收增加。

Microarrays and other revenue of $105 million was up 21% reported and included SomaLogic revenue, which continues to track towards the high end of our deal expectations. On Rest of World organic basis, microarrays and other revenue declined 4%.

微陣列與其他營收為 1.05 億美元，報告基礎年增 21%，其中包含 SomaLogic 營收，且其表現持續朝向我們交易預期的高端推進。以「世界其他地區」有機基礎計算，微陣列與其他營收下滑 4%。

Moving to the rest of the P&L. Non-GAAP gross margin of 68.2% came in slightly better than our expectations, especially given product mix from the relatively high sales of instruments in the quarter, and we also absorbed higher freight and memory costs in this quarter.

接著看損益表的其餘部分。非 GAAP 毛利率為 68.2%，略優於我們的預期，尤其考量本季因儀器銷售相對較高而帶來的產品組合影響；此外，我們也在本季吸收了較高的運費與記憶體成本。

Non-GAAP operating expenses were $530 million and includes SomaLogic expenses. In addition, we had approximately 60 basis points of deferred compensation this quarter, which is EPS neutral, with offset in other income. Non-GAAP operating margin was 22.5% for the quarter, above our guidance, driven by higher volume and as team did excellent job in absorbing increased inflationary effects.

非 GAAP 營業費用為 5.30 億美元，並包含 SomaLogic 費用。此外，本季我們約有 60 個基點的遞延薪酬，對 EPS 為中性，並由其他收入抵銷。本季非 GAAP 營業利益率為 22.5%，高於我們的指引，主要受更高的出貨量帶動，且團隊在吸收通膨加劇影響方面表現出色。

Looking below the line, non-GAAP net interest and other expense was $8 million in the quarter. Our non-GAAP tax rate was 20.5%, and average diluted shares were approximately $153 million, reflecting continued share buybacks. Altogether, non-GAAP EPS of $1.31 per diluted share grew approximately 10% year-over-year and approximately 13%, excluding the dilutive impact of acquisitions.

再看損益表下方項目，本季非 GAAP 淨利息及其他費用為 800 萬美元。我們的非 GAAP 稅率為 20.5%，平均稀釋後股數約為 1.53 億股，反映持續進行庫藏股回購。整體而言，非 GAAP 稀釋後每股盈餘（EPS）為每股 1.31 美元，年增約 10%；若排除併購的稀釋影響，則年增約 13%。

Moving to cash flow, the balance sheet, and capital allocation for the quarter. Cash flow provided by operations was $201 million for the quarter, which is below the usual trend due to timing of tax payments and higher inventory as we secured supply for critical components for next few quarters. Capital expenditures were $39 million and free cash flow was $162 million.

接著談本季的現金流、資產負債表與資本配置。本季營運活動提供的現金流為 2.01 億美元，低於通常趨勢，主要因稅款支付時點以及我們為未來幾季關鍵零組件確保供應而提高庫存。資本支出為 3,900 萬美元，自由現金流為 1.62 億美元。

We repurchased 0.9 million shares of Illumina stock for approximately $122 million at an average price of $129.7 per share. At quarter end, we had approximately $1.8 billion remaining under current share repurchase authorizations. And we intend to continue to repurchase shares opportunistically.

我們以約 1.22 億美元回購 90 萬股 Illumina 股票，平均每股價格為 129.7 美元。截至季末，依現行庫藏股回購授權，我們尚餘約 18 億美元可用額度。我們也打算持續在適當時機進行股票回購。

We ended the quarter with approximately $1.17 billion in cash, cash equivalents, and short-term investments, $1.99 billion in total debt, and a leverage ratio of approximately 1.6 times gross debt to last 12 months EBITDA. Overall, we had a great second quarter and first half of 2026, allowing us to raise our full year guidance and reinforce our confidence in the progress we are making towards our long-term targets.

本季結束時，我們持有約 11.7 億美元的現金、約當現金與短期投資，總負債為 19.9 億美元，槓桿比率約為總負債對過去 12 個月 EBITDA 的 1.6 倍。整體而言，我們在 2026 年第二季與上半年表現優異，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 turning to our full year 2026 guidance, starting with revenue. We're raising our Rest of World organic growth guidance greater than 5%, up from our prior range of 2% to 4%, and raising our reported revenue guidance by $50 million at the midpoint to $4.60 billion to $4.64 billion. This reflects the Q2 beat and also our increased expectations for the second half of the year.

現在轉到我們對 2026 年全年的指引，先從營收開始。我們將世界其他地區（Rest of World）的有機成長指引上調至高於 5%，高於先前 2% 至 4% 的區間，並將申報營收指引在中點上調 5,000 萬美元至 46.0 億至 46.4 億美元。這反映了第二季優於預期的表現，以及我們對下半年更高的預期。

We are also expecting to come in towards the high end of our previously stated guidance for sequencing consumables and instruments. For Rest of World, organic sequencing consumables growth, we now expect mid-single-digit growth, including mid-teens growth in clinical and mid- to high single-digit declines in research. This reflects a modest revenue benefit from our outperformance in X placements over the last two quarters. So most of that benefit will come in 2027, as our clinical customers typically take at least six to nine months to reach normalized consumable pull-through levels.

我們也預期定序耗材與儀器的表現將落在先前所述指引區間的高端。就世界其他地區而言，我們現在預期定序耗材有機成長為中個位數，其中臨床成長為十位數中段，而研究端則為中到高個位數下滑。這反映了過去兩季 NovaSeq X 裝機量（placements）優於預期所帶來的溫和營收挹注。因此，多數效益將在 2027 年顯現，因為我們的臨床客戶通常至少需要 6 到 9 個月，才能達到耗材拉動（pull-through）的正常化水準。

Sequencing instruments are now expected to grow low single digits Rest of the World organically in 2026. Demand for NovaSeq X remains robust, and we expect unit placements to remain at elevated levels in the second half of the year, with some moderation in year-over-year growth rates.

目前預期 2026 年世界其他地區的定序儀器有機成長為低個位數。NovaSeq X 的需求仍然強勁，我們預期下半年裝機台數將維持在較高水準，但年增率可能會有所放緩。

We are maintaining our operating margin guidance of 23.4% to 23.6%. With our higher revenue expectations for the year, this equates to diluted EPS guidance of $5.30 to $5.40, an increase of $0.12 at the midpoint versus our prior guide, and a year-over-year growth of 11% at the midpoint and 14% ex acquisitions.

我們維持營業利益率指引 23.4% 至 23.6% 不變。在我們對全年更高營收預期下，對應的稀釋後 EPS 指引為 5.30 至 5.40 美元，相較先前指引中點上調 0.12 美元；以中點計算年增 11%，若排除併購則年增 14%。

Moving to Q3 2026 guidance. We expect Rest of World organic revenue growth of approximately 4.5% and reported revenue of $1.14 billion to $1.16 billion. Non-GAAP EPS of $1.33 to $1.38 and non-GAAP operating margin of approximately 24%. This equates to approximately 150 basis points of margin expansion sequentially driven by higher consumable mix and the increased benefit of cost actions and improved efficiency.

接著是 2026 年第三季指引。我們預期世界其他地區有機營收成長約 4.5%，申報營收為 11.4 億至 11.6 億美元。非 GAAP EPS 為 1.33 至 1.38 美元，非 GAAP 營業利益率約為 24%。這相當於營業利益率季增約 150 個基點，主要由較高的耗材占比，以及成本措施效益提升與效率改善所帶動。

Our solid half 1 performance and rapidly growing clinical installed base provide a strong setup for continued consumable growth for years to come. We're seeing an increase in X placements to meet increasing volume demand, which will help accelerate consumable revenue growth as recent placements come online.

我們上半年穩健的表現，以及快速成長的臨床裝機基礎，為未來多年耗材持續成長奠定了良好基礎。我們看到為滿足不斷增加的檢測量需求而提升 X 裝機量，這將在近期裝機開始上線後，加速耗材營收成長。

In addition, we are beginning to see revenue contributions from our Billion Cell Atlas and are growing customer interest in our multiomics portfolio. And we still believe new products will add [1 to 2s] of growth next year. Taken together, we continue making progress towards our 2027 financial targets.

此外，我們開始看到 Billion Cell Atlas 帶來的營收貢獻，且客戶對我們多體學（multiomics）產品組合的興趣正在提升。我們仍然相信，新產品明年將帶來約 [1 到 2s] 的成長貢獻。綜合而言，我們持續朝 2027 年財務目標取得進展。

In closing, I want to thank the Illumina team for their continued focus and disciplined execution throughout the quarter. We are 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.

最後，我要感謝 Illumina 團隊在本季持續保持專注並以紀律執行。我們在 2026 年有一個非常好的開局，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。

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

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線路進行問答。

(technical difficulty) X installs in the second half, and just given the backdrop of the clinical growth that you're seeing here. It appears there's really no clinical cliff. I mean, you're cruising through it. You're already above 5% as you pointed out for guide for this year. So why should we not contemplate something higher than a high single-digit revenue growth for 2027 that you outlined before?

（技術問題）下半年 X 的裝機，以及考量到你們在此看到的臨床成長背景。看起來真的沒有臨床斷崖。我的意思是，你們一路順利度過。如你所指出的，今年的指引你們已經高於 5%。那麼，為什麼我們不應該去思考你們先前所概述、2027 年高個位數以上的營收成長呢？

Well, Puneet, thank you very much for those comments, and we are definitely also very pleased with the performance we had in the quarter. And first and foremost, I truly believe and I'm very convinced that the growth and the momentum we see in the clinical market will continue for years to come. And the elevated placement we have had in the first half of the year speaks to that. As you know, when we place instruments, eventually, we'll start to see the consumables run on those instruments, and that will drive continued growth.

嗯，Puneet，非常感謝你的評論，我們也確實對本季的表現感到非常滿意。首先也是最重要的，我真心相信、也非常確信，我們在臨床市場看到的成長與動能將在未來多年持續。而我們在上半年較高的裝機量也印證了這一點。如你所知，當我們部署儀器後，最終會開始看到這些儀器上的耗材使用量，進而帶動持續成長。

We -- as we laid out, I think 18 months ago, we laid out a logic around 50 to 60 placements per quarter. And we have clearly, over the last few quarters here have been running stronger than that. And that really speaks to the -- what is happening in the clinical space right now. So while we do see some moderations back up and down from each quarter, we still believe that the elevation will continue into second half of the year. So we feel good about that. But that will, of course, be a little bit ups and downs in that.

我們——如同我們在大約 18 個月前所說明的，我們提出每季約 50 到 60 台裝機的邏輯。而很明顯地，過去幾季我們的表現一直強於這個水準。這也確實反映了——目前臨床領域正在發生的情況。因此，雖然我們確實會看到每一季之間有些上上下下的波動，但我們仍相信這樣的高檔水準會延續到下半年。所以我們對此感到樂觀。但當然，這之中仍會有一些起伏。

Talking about the clinical trip. I agree, it's not a cliff, it's a wave, and we are surfing it as you're saying. We think there is a lot of momentum there. And yes, I think there's a good opportunity from -- for continued that momentum.

談到臨床的進展。我同意，這不是懸崖式下滑，而是一道浪，我們正如你所說在乘浪前行。我們認為那裡有很強的動能。而且是的，我認為——在延續這股動能方面——有很好的機會。

Talking about '27 right now at this point, I'm still very committed to delivering on the high single-digit growth, but we will continue to focus on building a very, very strong value proposition to our customers and then we'll see where it takes us.

談到目前這個時間點的'27，我仍然非常致力於實現高個位數成長，但我們會持續專注於為客戶打造非常、非常強的價值主張，然後再看它會把我們帶到哪裡。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Wondering if you could address a couple of things, the sequential slowdown in clinical consumables, and one of the debates we've been having with investors is as they -- customers transition to X, are you overearning on consumables because at some point, the 6Ks get decommissioned. So how do you think about kind of that potential headwind as customers running both in parallel eventually wears off?

想請你談幾件事：臨床耗材的環比放緩；以及我們與投資人一直在討論的一個議題是，當客戶轉向X時，你們是否在耗材上「超額獲利」，因為在某個時間點，6K會被汰役。所以你們如何看待這種潛在逆風——當客戶一段時間內同時並行運行兩套系統，最終這種並行效應消退之後？

Yes. Tycho, thank you for that. And I will start by the elaboration is that we continue to see that we have an expansion of volume on the X, and we continue to see quite a number of fixed case being in action for running the current assays.

是的。Tycho，謝謝你的提問。我先補充說明：我們持續看到X上的量在擴張，同時也持續看到相當多的固定案例仍在運作，用於跑目前的檢測項目。

In fact, we did see some customers actually purchasing a few 6Ks this quarter to continue their operations. So of course, eventually, they will move over to X, but we don't see that as -- it is a standard part of the business. We have seen that evolution also from fundamentally HiSeqs. It's only a few quarters ago, we still had HiSeqs running in our portfolio. So I don't think that that is -- will be considered any true headwinds for us.

事實上，我們確實看到有些客戶在本季還購買了幾台6K以延續其營運。所以當然，最終他們會轉到X，但我們不認為那是——這是業務的正常組成部分。我們也曾從HiSeq的演進中看到同樣的情況。就在幾個季度前，我們的產品組合裡仍然還有HiSeq在運行。所以我不認為這——會被視為我們真正的逆風。

And from the clinical performance, the momentum continues to be high. And as Ankur was mentioning, we continue to have strong confidence, and that's why we are raising our guide for the clinical consumable growth up to mid-teens, which is improvement from what we looked at in the beginning of the year.

而在臨床表現方面，動能仍然很高。正如Ankur提到的，我們持續保持強烈信心，因此我們把臨床耗材成長的指引上調到中十位數百分比，這比我們年初的預期有所改善。

If you look into the details of the -- for the 20% growth we had last quarter down to 15% now, I mean, first of all, it's still very strong. But we still continue to see US running faster than 20%. So that momentum is really strong. There's been some in and outs in especially in the Middle East and Latin America. I think we all know the situation in the Middle East. And that is impacting at least short term, the growth rate. So I wouldn't put more into it than that. But I think the headline here is that mid-teens growth is strong and is still beyond what we started the year with and is still very much driving high single-digit growth for us for next year.

如果你看細節——從上一季20%的成長降到現在15%，首先，這仍然非常強勁。而且我們仍然看到美國的運行速度快於20%。所以那股動能非常強。在中東與拉丁美洲，確實有一些起伏波動。我想大家都知道中東的情勢。這至少在短期內影響了成長率。所以我不會過度解讀。但我認為重點是：中十位數百分比的成長很強，仍高於我們年初的預期，並且仍然是推動我們明年高個位數成長的關鍵動力。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats on a nice print here. Just on -- if I take a step back on the performance in the quarter, can you walk us through on phasing in the quarter? Were there any one-offs? Because when I look at your guidance for third quarter, rate, 4.5% Rest of the World, why is that stepping down from 8%? Why is 8% not sustainable?

恭喜這次交出不錯的成績。就——如果我退一步看本季的表現，你能否帶我們梳理一下本季內的節奏分布？有沒有任何一次性因素？因為當我看你們對第三季的指引，其他地區（Rest of the World）是4.5%，為什麼會從8%下來？為什麼8%不可持續？

And sort of what are you assuming for AI-related revenues? Or is that a theme that could be a bigger theme for the stock when you look at the medium term?

另外，你們對AI相關營收是怎麼假設的？或者從中期來看，這會不會成為這檔股票更大的投資主題？

Yes, Vijay. So again, thank you, and we are very excited about the placements we're doing right now, which we also believe is elevated. This is not a one-off, but we do see that many of our clinical customers are investing into the future. They're building out the installed base. They're getting ready for the volume that they can see in their funnel. So we are seeing that right now.

是的，Vijay。再次謝謝你，我們對目前正在進行的裝機（placements）非常興奮，我們也認為這個水準是偏高的。這不是一次性因素，但我們確實看到許多臨床客戶正在為未來投資。他們在擴建裝機基礎（installed base）。他們在為其管線（funnel）中可見的量做準備。所以我們現在正看到這些。

And there's a little bit of a compare that in the first part of last year, the installed base or the placements of instruments were a little bit different than the second half. We started to see the momentum slowly starting in second half. And that's why you will see the compass in the instruments is a little bit different.

而且在可比基期上，去年上半年裝機基礎或儀器投放的情況，與下半年有些不同。我們在下半年開始看到動能逐步起來。因此你會看到儀器端的可比（comp）會有些不同。

We actually expect that the consumer will continue to be strong. In fact, we do believe that, that momentum will continue to step up and will be the main growth driver into next year. So that is the main driver for that.

我們其實預期耗材將持續強勁。事實上，我們確實相信那股動能會持續走強，並將成為推動明年成長的主要驅動力。所以這就是主要原因。

If you look at AI, yes, I mean, we are very excited about what we're doing with BioInsight. We have now delivered more than 300 million single cell to our customers in the Cell Atlas. We have added three more pharma partners. So we now have six pharma partners. And in the end, what the customers are very excited about is that, that data can help really first and foremost, create insight -- direct insight to their drug discovery programs.

至於AI，是的，我們對BioInsight正在做的事情非常興奮。我們現在已在Cell Atlas中向客戶交付超過3億個單細胞（single cell）。我們又新增了三家藥廠合作夥伴。因此目前共有六家藥廠合作夥伴。最終，客戶非常興奮的是，這些資料能夠幫助他們——首先也是最重要的——為其藥物研發計畫產生洞見，也就是直接的洞見。

But on top of that, which is really where there can be power in this is that it starts to be the foundation for strong AI models of biology that will start to be predictable in how you think about biology. So this is something we're excited about. It's still early days. We are making money already from day 1 on this, both on top line and bottom line. But I think there is a significant opportunity over the next period of time on that.

但除此之外——這也是真正可能產生威力的地方——它開始成為建立強大生物學AI模型的基礎，讓你在思考生物學時能逐步具備可預測性。所以這是我們很興奮的方向。目前仍在早期階段。但我們從第一天起就已經在這上面賺錢，無論是營收端（top line）或獲利端（bottom line）。不過我認為在接下來一段時間，這裡有相當可觀的機會。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

Why don't you put him back in the queue, and on to the next one?

要不要把他放回隊列，然後進到下一位？

Mike Ryskin, Bank of America.

Mike Ryskin，美國銀行（Bank of America）。

Maybe I'll just follow up on that 3Q-4Q pacing through the rest of the year question. It is a little bit of a surprising step down for the third quarter. But then even more importantly, 4Q has guided a little bit higher than we would have had. Is there anything unusual in terms of seasonality that you're anticipating? Maybe you can talk about any purchasing in the quarter. Obviously, you've had a lot of boxes placed. You talked about the backlog last quarter. If there was any stocking or anything like that?

我想就剛才那個關於今年剩餘時間3Q-4Q節奏的問題追問一下。第三季的下修有點出乎意料。但更重要的是，你們對第四季的指引又比我們原先預期略高一些。你們是否預期會有任何不尋常的季節性？也許你可以談談本季是否有任何採購行為。顯然你們已經投放了很多機台。你們上季談到積壓訂單（backlog）。是否有任何備貨（stocking）或類似情況？

And also kind of tied to that, I know you've got an extra week in the fourth quarter. Just remind us what impact that's having on your revenue assumptions for 4Q and then also on margins and EPS to make sure we're modeling that correctly?

另外也算是相關的一點，我知道你們在第四季多了一週。請再提醒我們，這對你們第四季（4Q）的營收假設會有什麼影響，以及對毛利率和每股盈餘（EPS）的影響，好讓我們能正確建模？

Thanks, Mike. And again, I want to start with the headline here is that the momentum we've had here in the first half, I think, is going to speak to the opportunity ahead of us. We, as we're saying, the -- our clinical customers are building out their installed base now to really be ready for the growth that they're seeing. And so instead of looking at a step down, I actually think that Q2 was very, very strong. And Q3 always is a little bit lower than Q4, so I think that's a normal base thing for us. So I'm not too worried about that. I think this comes in as we expected, but overall, I see the underlying trend being strong.

謝謝你，Mike。再一次，我想先從重點談起：我們在上半年所展現的動能，我認為正好說明了我們前方的機會。如同我們所說，我們的臨床客戶正在擴建其已安裝基礎，以便真正為他們所看到的成長做好準備。因此，與其看成是下滑，我其實認為第二季（Q2）非常、非常強勁。而第三季（Q3）一向會比第四季（Q4）略低一些，所以我認為這對我們而言是正常的基期因素。所以我不太擔心。我認為這符合我們的預期，但整體而言，我看到的基本趨勢仍然強勁。

So -- but Ankur, let's get your view on this.

那麼——但 Ankur，讓我們聽聽你的看法。

Yes. Thanks, Jacob. The -- Mike, in terms of thinking about phasing 3Q to 4Q, think about it as usual seasonality from Q3, where Q4 usually is our largest quarter for the year and expect it to remain so.

是的。謝謝你，Jacob。——Mike，就第三季到第四季的節奏來看，請把它視為一如往常的季節性：從Q3開始，Q4通常是我們全年最大的季度，預期今年也會維持如此。

And then the second part of your question about the extra week. Yes, we have one extra week this year in Q4, which should largely be consumables story. You would expect maybe 0.5 point or so of revenue contribution that could come from that extra week in terms of run rate days. And that's part of the thinking.

然後是你問題的第二部分，關於多出的一週。是的，我們今年在Q4多了一週，這應該主要會反映在耗材上。以營運天數的日均運行率來看，你可以預期大約有0.5個百分點左右的營收貢獻可能來自這多出的一週。這也是我們思考的一部分。

Now going back to a slowdown comment. Overall, from our perspective, the business is holding very well. The consumables growth story is the one that's remained steady through the year, and the variability is almost always around the instrument placements. We do expect elevated level of instrument placements to continue in the second half of the year, but you know that, that elevated level started in the second half of the year last year.

再回到你提到的放緩評論。整體而言，從我們的角度看，業務表現維持得非常好。耗材成長的故事今年一直很穩定，而波動幾乎總是出現在儀器裝機量上。我們確實預期下半年儀器裝機量將維持在較高水準，但你也知道，這個較高水準其實是從去年下半年就開始了。

Dan Leonard, RBC.

Dan Leonard，RBC。

Follow-up question on the clinical growth rate. So can you discuss the breadth of the growth you're seeing in clinical, just given that the US grew greater than 20. I think you mentioned your largest clinical customers were especially strong when it came to instruments. So I want to understand how narrow versus broad that strength is.

關於臨床成長率的追問。鑑於美國成長超過20%，你能否談談你們在臨床端看到的成長廣度？我想你提到你們最大的臨床客戶在儀器方面特別強勁。所以我想了解這種強勢是偏狹窄、集中，還是更廣泛。

And then separately, can you talk about whether you've seen any shift in application mix from those customers over the past couple of quarters here?

另外，你能否談談過去幾個季度，這些客戶的應用組合是否有任何變化？

Yes. Thanks, Dan. So let me start by just positioning it again. I mean, overall, clinical, the opportunity in the clinical space, really shifting NGS into healthcare is still in front of us. I think there is a huge opportunity for really becoming standard of care in healthcare over the next period of time. So I think overall, I'm very excited about that. And I think that will drive the momentum in that space for many quarters, for many years to come.

是的。謝謝你，Dan。我先再次做個定位。整體而言，臨床領域的機會——也就是把NGS真正導入醫療照護——仍然在我們面前。我認為在接下來一段時間內，NGS有很大的機會成為醫療照護的標準照護（standard of care）。所以整體而言，我對此非常興奮。我也認為這將在未來許多季度、許多年持續推動該領域的動能。

But the performance we have continues to be broadband. Obviously, there is some ins and outs on this, but if you look at the regional level, as you mentioned, US continues to be the main driver of the growth here. But all the other regions, except China is still growing very nicely.

但我們的表現仍然是廣泛分布的。當然其中會有一些起伏，但若從區域層面來看，如你所提，美國仍是此處成長的主要驅動力。不過除了中國之外，其他所有地區也都仍然成長得相當不錯。

If you look from an application perspective, oncology continues to lead the pack here. And if you look at oncology, we are seeing a shift towards now MRD is starting to drive momentum. But still, from a dollar perspective, the therapy selection is still the bigger one. But MRD is coming, and later, we will see NSAID also start to be a real contributor to this growth. But that -- we don't really see that really in the number today. The rare diseases and the -- and screening and IPT screening and so on, is still growing very nicely, but oncology is the lead of the pack at this point. But again, broad-based, but right now, driven mostly out of -- still we're leading out of US.

若從應用面來看，腫瘤學仍然領先。而在腫瘤學方面，我們看到目前開始轉向由MRD帶動動能。但就金額貢獻而言，治療選擇（therapy selection）仍然是較大的那一塊。不過MRD正在到來，之後我們也會看到NSAID也開始成為這項成長的實質貢獻者。但——我們今天在數字上還沒有真正看到那部分。罕見疾病，以及篩檢、IPT篩檢等等，仍然成長得很不錯，但目前腫瘤學是領先的。不過再說一次，是廣泛分布的，只是目前主要仍由美國帶動。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

We still can't hear you.

我們還是聽不到你。

Subbu Nambi, Guggenheim.

Subbu Nambi，Guggenheim。

A couple of questions on -- memory cost prices are still rising and allocations continue to be strained. How are you thinking about the trajectory into second half, especially with the stronger 4Q instrument placements and into 2027, particularly as you integrate more GPU-based compute for next-gen product? And I have a follow-up.

有幾個問題關於——記憶體成本價格仍在上升，配額分配也持續吃緊。你們如何看待下半年的走勢，特別是在第四季儀器裝機更強的情況下，以及展望到2027年，尤其是當你們為下一代產品整合更多以GPU為基礎的運算時？我還有一個追問。

So Subbu, I mean, overall, as you have seen over the last three years, the Illumina team have actually done quite a great job in compensating for the headwinds that we see in front of us, both on the top line, but definitely also on our cost structure. And there's been plenty over the last few years. I think last year, it was a good example where we delivered even 200 basis point improvement even in a relatively flat environment. So the team really knows how to deal with these headwinds.

Subbu，整體而言，正如你在過去三年所看到的，Illumina 團隊其實在抵消我們面前的逆風方面做得相當出色，無論是在營收端（top line），當然也包括成本結構。而過去幾年確實有很多逆風。我認為去年就是一個很好的例子：即便在相對持平的環境下，我們仍然交出了200個基點的改善。所以團隊非常清楚如何應對這些逆風。

But obviously, memory cost and freight costs have definitely been a headwind. We didn't anticipate to the level we have seen. So I'm really pleased with how the team has continued to operate and find ways that we can compensate for this additional cost. But those costs are real. We are, of course, also sharing some of that cost up increase with our customers, but we're also doing a lot of things to drive operational excellence to also compensate that way.

但顯然，記憶體成本與運費成本確實一直是逆風。我們沒有預期會到我們所看到的這種程度。因此，我對團隊持續運作並找到方法來抵消這些額外成本的表現感到非常滿意。但這些成本是真實存在的。當然，我們也會把部分成本上升與客戶分攤，但同時我們也在做很多事情來推動營運卓越，以此方式來補償。

So I think there's -- we are moving on many multiples. And I think that speaks to the power of the Illumina team, and I'm really excited about how the team is leaning in to fix that. So we feel good about that. We feel good. We have a hand on that. Obviously, there are costs that we have a good line of sight to now that we need to deal with. But we have proven that we can take care of that and we'll continue to do so.

所以我認為——我們正從多個面向同時推進。我想這也反映了 Illumina 團隊的實力，我對團隊積極投入解決這些問題感到非常振奮。因此我們對此感覺良好。我們感覺良好。我們已經掌握住這件事。顯然，現在有一些成本我們已經有很清楚的能見度，需要去處理。但我們已經證明我們能夠處理好，而且也會持續這麼做。

I think you had a follow-up.

我想你有一個追問。

Yes. Subbu, let me add just a couple of points. Thanks, Jacob. So the higher cost of memory is part of our Q2 results. So you can take that as a starting point run rate. Bulk of that is already in our results for gross margin.

是的。Subbu，讓我再補充幾點。謝謝你，Jacob。所以記憶體成本上升已反映在我們第二季的結果中。因此你可以把這視為起始的運行率（run rate）。其中大部分已經反映在我們毛利率的結果裡。

And as I mentioned in my prepared remarks, we did secure additional inventory in supply during the quarter for the next several quarters to be able to address any or at least derisk any near-term movements in the memory prices here.

而且如我在事先準備的發言中提到的，我們在本季已確保了額外的供應庫存，涵蓋接下來幾個季度，以便因應、或至少降低短期內記憶體價格波動的風險。

The second part of your question around how does that extend into GPUs, et cetera, and new products. One of the unique strategic advantage we have from a cost structure perspective is that our instruments do not use the GPU architecture. Our instruments use a different architecture, which is significantly relatively less expensive and cost-efficient than the GPU architectures there. And as I mentioned, we've been securing supply for the next several quarters here.

你問題的第二部分是，這如何延伸到 GPU 等以及新產品。從成本結構角度來看，我們有一項獨特的策略優勢：我們的儀器不使用 GPU 架構。我們的儀器採用不同的架構，相較於 GPU 架構，成本明顯更低且更具成本效率。而且如我所提到的，我們已為接下來幾個季度確保供應。

Super helpful. My follow-up, you had a couple of stronger-than-expected placement quarters like, come on, we are in the fourth year of instrument launch, and this is -- these are the instrument numbers, something definitely to pause and think about. Was this at all a function of the market waiting for a more competitive information? And related, how much of this is a function of an improving funding environment?

非常有幫助。我的追問是，你們有幾個季度的裝機量（placements）強於預期；畢竟我們已經是儀器上市的第四年了，而這些儀器數字確實值得停下來思考一下。這是否在某種程度上是因為市場在等待更具競爭力的資訊？另外相關的是，其中有多少是因為資金環境正在改善？

Yes. Subbu, I think it speaks to, again, the opportunity, I mean, the value proposition we have with our customers. And so they feel with the conversation we have with them, they continue to see that Illumina is here to help them be successful. The innovations we continue to move on to our X platform also proves that there is a lot of lead way in that platform. So it is a platform to invest in. So I think it speaks to how we continue to drive innovation, and of course, also that this is a very healthy market. So I think that's a combination that is winning right now.

是的。Subbu，我認為這再次反映了我們與客戶之間的機會——也就是我們提供的價值主張。因此，透過我們與他們的對話，他們持續看到 Illumina 在這裡是為了幫助他們成功。我們在 X 平台上持續推進的創新也證明了該平台仍有很大的發揮空間。所以這是一個值得投資的平台。因此我認為這反映了我們如何持續推動創新，當然也反映出這是一個非常健康的市場。所以我認為這兩者的結合目前正在奏效。

Mason Carrico, Stephens.

Mason Carrico，Stephens。

This is Harrison on for Mason. Within this quarter, NovaSeq X placements to the clinical/nonclinical split move at all versus recent quarters? Could you give us the latest on what you're hearing from research customers on order timing and budget releases this quarter? Has anything an underlying order pattern shifted versus last quarter, even if the headline number doesn't move much?

我是 Harrison，代 Mason 發問。在本季內，NovaSeq X 的裝機在臨床/非臨床的分布，相較於最近幾季有任何變化嗎？你們能否更新一下，本季你們從研究型客戶那邊聽到的下單時點與預算撥付情況？即使整體數字變動不大，相較於上季是否有任何底層的訂單模式出現變化？

Yes. I think overall, we continue, of course, to see most -- the majority of placements going into the clinical space, and we expect that to continue even with an improved environment in the academic research, the opportunity in clinical will continue to be the strongest one and thereby, we expect most placement there. That said, we did place also in the academic research space. So there is definitely also opportunity in that space. But underlying -- I mean, overall, if you want to --

是的。我想整體而言，我們當然仍看到大多數——也就是多數的裝機進入臨床領域，而且即使學術研究環境有所改善，我們也預期這個趨勢會持續；臨床端的機會仍會是最強的，因此我們預期大多數裝機會在那裡。話雖如此，我們也在學術研究領域完成了裝機。所以那個領域也確實有機會。但就底層——我的意思是，整體來看，如果你想要--

Yes, I can comment in general around the research space as well. So in terms of mix of placements, it is still about 70/30, 70% being clinical and the remainder is still going into the research space.

是的，我也可以就研究領域整體做一些評論。就裝機組合而言，目前仍約為 70/30，其中 70% 為臨床，其餘仍進入研究領域。

I would like to still remind you we have a very international business and the research spans across the world, not just in the US. But in terms of research market trends during the quarter, during the latter part of the quarter, we did see some increased activity overall in terms of funding releases in the US and the increased activity in terms of requests, coating, et cetera.

我也想提醒各位，我們是一個非常國際化的業務，研究市場遍及全球，不僅僅在美國。但就本季研究市場趨勢而言，在本季後段，我們確實看到美國在資金撥付方面整體活動有所增加，也看到在需求、報價（quoting）等方面的活動增加。

I would still say, as I said in our prepared remarks, we're not assuming any meaningful improvement in that market or revenue for us for the rest of the year. But directionally, during the latter part of the quarter, there was some improvement.

我仍要說，如同我在事先準備的發言中所說，我們並未假設今年剩餘期間該市場或我們的營收會有任何顯著改善。但就方向性而言，在本季後段確實有一些改善。

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Nice quarter. So this quarter, you guys talked about some multiomics solutions. I think StrataMap was announced. These are all really problems you've got single cell protein, et cetera, but how do we kind of track that going forward? How do we know the strategy is working? Will you kind of break that out going forward, maybe next year? And how are you accounting for all these products and the revenue contribution, I guess, in the fourth quarter, for example?

本季表現不錯。所以這一季你們談到一些多體學（multiomics）解決方案。我想 StrataMap 已經發布了。這些其實都是你們已經在處理的問題，例如單細胞蛋白等等，但我們未來要如何追蹤進展？我們要如何知道這個策略正在奏效？你們未來會把它拆分揭露嗎，也許明年？另外你們如何在會計上處理這些產品及其營收貢獻，例如第四季？

Yes, Kyle. I mean, overall, we are excited about our portfolio. As we have mentioned also in our strategy updates, which we provide in '24, which is playing out now. So our strategy is working very well as we are saying, look, I mean, at that point and still we are mostly focused, of course, the biggest opportunities to move our customers and convert our customers over to the X platform and really make sure that that becomes the platform for the future. I think that has been proven now. I think we are seeing that momentum happening.

是的，Kyle。整體而言，我們對我們的產品組合感到振奮。正如我們在策略更新中也提到的——我們在 2024 年提供了那些更新——而現在正按計畫展開。所以我們的策略運作得非常好；正如我們所說，當時以及現在，我們當然仍主要聚焦於最大的機會：推動客戶、並將客戶轉換到 X 平台，並真正確保它成為未來的平台。我認為這點現在已被證明。我認為我們正在看到那股動能發生。

The second leg in that strategy was to start to drive into multiomics. We believe that the future belongs to multiomics. Obviously, genomics and DNA sequencing will continue to be the backbone of any biological insights, but you need multiple layers, both from different omics. So from the genome all the way up to the proteome, but also from different ways of looking at it from bulk, single cell, but also into spatial. So Illumina want to provide that to our customers, not as only library preps or sequencing, but end-to-end workflows that supports the challenges the customers are seeing for. And also combine that from a software perspective. So you can truly get insights across the different modalities. And I think that is the future. That's where the power -- where we really unlock the understanding of biology. And that's why we have really been doubling down on that.

該策略的第二個支柱是開始推進多體學。我們相信未來屬於多體學。顯然，基因體學與 DNA 定序將持續是任何生物學洞見的骨幹，但你需要多個層次、來自不同的體學。也就是從基因體一路到蛋白體，同時也需要不同的觀測方式：從 bulk、單細胞，到空間（spatial）。因此 Illumina 希望為客戶提供這些，不僅是文庫製備或定序，而是端到端的工作流程，以支援客戶所面臨的挑戰。並且也從軟體角度把它們整合起來。如此你才能真正跨不同模態取得洞見。我認為那就是未來。那也是力量所在——我們真正解鎖對生物學理解的地方。因此我們確實一直在加碼投入。

What we also said in '24 was that we expected that the growth would be here in the latter part of the strategy period here coming into -- in the part of '26, '27, that we will start to see that being 1 to 2 points of additional growth, and incremental growth. And that is playing out as we're expecting.

我們在 2024 年也提到，我們預期成長會出現在這段策略期間的後半段，也就是進入——在 2026、2027 年那段期間，我們將開始看到額外 1 到 2 個百分點的增長，以及增量成長。而這正如我們所預期地在發展。

We're very excited about the StrataMap. It just came out. We are seeing a significant more interest in it than we had planned for ourselves. So I think it bodes well for that platform, but that's not the only one we have out there. TruePath is having a lot of momentum out there. I think that's going to be a really, really strong platform for the future.

我們對 StrataMap 感到非常振奮。它才剛推出。我們看到的市場興趣顯著高於我們原先的預期。所以我認為這對該平台是個好兆頭，但我們不只有這一個平台。TruePath 目前也有很強的動能。我認為這將會是未來非常、非常強勁的平台。

We can keep going on the different platforms. I just want to stop there and saying there's a lot of excitement about multiomics and what we're doing with our applications and serving our customers.

我們還可以繼續談不同的平台。我想先停在這裡，並表示大家對多體學以及我們在應用上的作為、以及我們如何服務客戶，都感到非常興奮。

And in terms of giving you color, Kyle, all -- most of the multiomics products like single cell or TruePath, et cetera, to show up in our consumables revenue as they're part of the consumables work stream, and then the Billion Cell Atlas or any other related BioInsight revenue will show up in our services. And we'll keep talking about it like we did this year -- this quarter, about the contribution from revenue from Billion Cell Atlas.

至於提供一些細節，Kyle，多體學產品（例如單細胞或 TruePath 等）大多會反映在我們的耗材營收中，因為它們屬於耗材的工作流程；而 Billion Cell Atlas 或任何其他相關的 BioInsight 營收則會反映在我們的服務營收中。我們也會像今年—本季一樣，持續談到 Billion Cell Atlas 的營收貢獻。

Jack Meehan, Operon Research.

Jack Meehan，Operon Research。

I had a follow-up for Ankur, just on the margin progression throughout the year. So you did 22.4% in the quarter, going to 24% next quarter. A little bit of a decent step up. I was wondering like how much of this is related to mix versus maybe other factors?

我有一個給 Ankur 的追問，主要是關於全年利潤率的走勢。你們本季是 22.4%，下季要到 24%。這是相當不錯的一個跳升。我想了解其中有多少是產品組合（mix）所致，還是可能有其他因素？

And maybe related to that, any color you can share in terms of just revenue assumptions for consumables versus NGS instruments for the third quarter would be really helpful.

另外相關地，你能否分享一下對第三季耗材相對於 NGS 儀器的營收假設？這會很有幫助。

Yes. Sure, Jack. Great question. Overall, and as we call even at the start of the year, we had this discussion about the step-up in margin during the year. Given the situation with tariffs and all the cost actions that we had put in place with our expectation that we would see a higher set of results in the back half of the year. And that thesis has been playing out.

是的。當然可以，Jack。問得很好。整體而言，正如我們在年初所提到的，我們當時就討論過全年利潤率會逐步上升。考量到關稅情況以及我們已採取的各項成本措施，我們預期下半年會看到更高的成果。而這個論點目前正在實現。

If you look at Q2 at 22.5% operating margin. I mentioned we had a little bit of a deferred comp, which is EPS neutral effect. So excluding that, we're about 23% operating margin in Q2. It's 100-basis-point step up from here into Q3. And some of it is coming from higher mix of consumables, but we also have several cost actions within our gross margin mix that we anticipate to play out during the Q3 time frame. And similarly, additional cost actions coming up in Q4 as well. So we feel generally good about the pacing of actions. Most of them I'm anticipating would show up on the gross margin side of things.

如果看第二季，營業利益率為 22.5%。我提到我們有一點遞延薪酬，對 EPS 的影響為中性。因此排除該項後，第二季營業利益率約為 23%。從目前到第三季大約會再提升 100 個基點。其中一部分來自耗材占比提高，但我們在毛利結構中也有數項成本措施，預期會在第三季期間逐步反映。同樣地，第四季也還會有額外的成本措施。因此我們對這些措施的推進節奏整體感到不錯。我預期其中大多會反映在毛利率端。

Casey Woodring, JPM.

Casey Woodring，JPM。

This is Jaden on for Casey. Just one on the mid and low throughput instruments. Could you walk us through how low- and mid-throughput instruments performed in the quarter?

我是代 Casey 發言的 Jaden。我想問一個關於中、低通量儀器的問題。你能否帶我們回顧一下本季低通量與中通量儀器的表現？

And then within mid-throughput specifically, are you seeing customers being constrained given the end market environment? And how should we think about that going forward for the rest of the year?

另外就中通量而言，在目前終端市場環境下，你們是否看到客戶受到限制？對於今年剩餘時間，我們應該如何看待後續走勢？

Yes. Let me start by addressing this by, again, positioning is that we have the broadest range of instruments in the industry where the -- where the X is really addressing the high throughput, which is really, I would call it, production-like sequencing. While the low and mid throughput is more project-based sequencing to a large extent. And thereby, they also have different -- there's a different kind of drivers that will impact this.

是的。我先從定位來回答：我們擁有業界最完整的儀器產品線，其中 X 主要鎖定高通量，也就是我所稱的、偏向量產型（production-like）的定序。而低通量與中通量在很大程度上更偏向專案型定序。因此，它們也會受到不同驅動因素的影響。

And of course, when you are in a high throughput, you see to drive operations and it's really driving revenue for these customers using that also. While if it is a project base, there might be a different mark that goes into it. And thereby, also, the mid-throughput particularly is more sensitive to the macro environment, which we've seen for quite a long time now. But we are -- we feel really good about the mid throughput. We have -- we continue to see good placements in that space. I could think midterm that we will see some momentum in that space also with the investments we're doing into that space also. So we feel really excited about that.

當然，處於高通量時，客戶會用它來推動營運，也同時用來帶動其營收。但若是以專案為主，決策考量可能不同。因此，中通量特別容易受到總體環境影響，而我們也已經觀察到這種情況持續相當長一段時間。不過我們對中通量仍然感到很有信心。我們在該領域持續看到不錯的裝機（placements）。我認為中期來看，隨著我們在該領域的投資，我們也會看到那個市場的動能。所以我們對此感到非常興奮。

If you look into the low throughput, we came out with the MiSeq i100 a little more than a year ago. That is a very excited instrument that is -- and we have a lot of placements of that. We continued the momentum we started last year. So that is a market space that is working very well for us right now. It's also in a cost range where, again, you get into a place where the most labs can afford best instruments and get to sequencing. And the value proposition is really strong for our customers. So high end and low throughput is very strong right now. Mid throughput is more muted because of the macro environment.

至於低通量，我們在一年多前推出了 MiSeq i100。那是一台令人非常振奮的儀器，而且我們有很多裝機。我們延續了去年開始的動能。因此，這個市場領域目前對我們運作得非常好。它也落在一個成本區間，使得多數實驗室都能負擔得起優質儀器並開始進行定序。而對客戶而言，其價值主張非常強。所以目前高端與低通量都非常強勁。中通量則因總體環境而相對較為平淡。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

All right. Let's move on to the next. Are there any more questions in the queue?

好的。我們進入下一位。佇列中還有其他問題嗎？

There are no more questions in the queue. So this does conclude the Q&A section of the call.

佇列中沒有其他問題。因此，問答環節到此結束。

I'll now turn the call back over to Conor McNamara for closing remarks.

接下來我把電話交回給 Conor McNamara 作結語。

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.

感謝各位今天加入我們。本次電話會議的重播將可在我們網站的投資人專區取得。本次電話會議到此結束，我們期待在即將到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。