Illumina Inc (ILMN) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the First Quarter 2022 Illumina Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，美好的一天，歡迎參加 2022 年第一季度 Illumina 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Salli Schwartz, Vice President of Investor Relations. Please go ahead, ma'am.

我現在想將會議交給投資者關係副總裁 Salli Schwartz。請繼續，女士。

Good afternoon, everyone, and welcome to our earnings call for the first quarter of 2022.

大家下午好，歡迎參加我們 2022 年第一季度的財報電話會議。

During the call today, we will review the financial results released after the close of the market and offer commentary on our commercial activity, after which we will host a question-and-answer session. If you have not had a chance to review the earnings release, it can be found in the Investor Relations section of our website at illumina.com.

在今天的電話會議中，我們將審查收市後發布的財務業績，並對我們的商業活動發表評論，之後我們將舉行問答環節。如果您沒有機會查看收益發布，可以在我們網站 illumina.com 的投資者關係部分找到它。

Participating for Illumina today will be Francis deSouza, President and Chief Executive Officer; and Sam Samad, Chief Financial Officer. Francis will provide an update on the state of Illumina's business and Sam will review our financial results, which include GRAIL.

今天參加 Illumina 的將是總裁兼首席執行官 Francis deSouza；和首席財務官 Sam Samad。 Francis 將提供有關 Illumina 業務狀況的最新信息，Sam 將審查我們的財務業績，其中包括 GRAIL。

As a reminder, pending the outcome of the European Commission's investigation into Illumina's acquisition of GRAIL, the commission has adopted an order requiring Illumina and GRAIL to be held and operated as distinct and separate entities for an interim period. Compliance with the order is monitored by an independent monitoring trustee. During this period, Illumina and GRAIL are not permitted to share confidential business information unless legally required, and GRAIL must be run independently, exclusively in the best interests of GRAIL. Commercial interactions between the 2 companies must be undertaken at arm's length.

提醒一下，在歐盟委員會對 Illumina 收購 GRAIL 的調查結果出來之前，該委員會已通過一項命令，要求 Illumina 和 GRAIL 在過渡期內作為獨立的實體持有和運營。該命令的遵守情況由獨立的監督受託人監督。在此期間，除非法律要求，否則 Illumina 和 GRAIL 不得共享機密商業信息，並且 GRAIL 必須獨立運行，完全符合 GRAIL 的最佳利益。兩家公司之間的商業往來必須保持公平。

This call is being recorded and the audio portion will be archived in the Investors section of our website. It is our intent that all forward-looking statements regarding our financial results and commercial activity made during today's call will be protected under the Private Securities Litigation Reform Act of 1995.

該電話正在錄音，音頻部分將存檔在我們網站的“投資者”部分。我們的意圖是，在今天的電話會議期間就我們的財務業績和商業活動作出的所有前瞻性陳述都將受到 1995 年《私人證券訴訟改革法案》的保護。

Forward-looking statements are subject to risks and uncertainties. Actual events or results may differ materially from those projected or discussed. All forward-looking statements are based upon current available information, and Illumina assumes no obligation to update these statements. To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the documents that Illumina files with the Securities and Exchange Commission, including Illumina's most recent Forms 10-Q and 10-K.

前瞻性陳述受風險和不確定性的影響。實際事件或結果可能與預測或討論的有重大差異。所有前瞻性陳述均基於當前可用信息，Illumina 不承擔更新這些陳述的義務。為了更好地了解可能導致實際結果不同的風險和不確定性，我們建議您參考 Illumina 向證券交易委員會提交的文件，包括 Illumina 最新的 10-Q 和 10-K 表格。

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

有了這個，我現在將把電話轉給弗朗西斯。

Thank you, Salli. Good afternoon, everyone.

謝謝你，薩利。大家下午好。

We maintained strong momentum across regions and markets in the first quarter. We saw particular strength in oncology, genetic disease testing and infectious disease and achieved record quarterly performance in the Americas and APJ. I'll share an overview of our results as well as our progress across our portfolio and markets before turning it over to Sam for additional detail. Before I begin, I'd like to extend my thoughts to everyone dealing with the war in the Ukraine, and we will continue to support humanitarian efforts to help the affected communities.

我們在第一季度保持了跨地區和跨市場的強勁勢頭。我們在腫瘤學、遺傳疾病檢測和傳染病方面看到了特別的優勢，並在美洲和 APJ 取得了創紀錄的季度業績。在將其轉交給 Sam 以獲取更多詳細信息之前，我將分享我們的結果以及我們在我們的投資組合和市場中取得的進展的概述。在開始之前，我想向所有與烏克蘭戰爭打交道的人表達我的想法，我們將繼續支持人道主義努力，幫助受災社區。

Starting with our financial results. First quarter revenue of approximately $1.22 billion increased 12% year-over-year. We received record orders in the quarter, with sequencing consumables orders surpassing $1 billion for the first time. And we exited the quarter with record total backlog, a great leading indicator for upcoming quarters.

從我們的財務業績開始。第一季度收入約為 12.2 億美元，同比增長 12%。我們在本季度收到了創紀錄的訂單，測序耗材訂單首次超過 10 億美元。我們以創紀錄的總積壓退出本季度，這是即將到來的幾個季度的重要領先指標。

Turning now to performance across our platforms. Sequencing instrument shipments grew more than 20% year-over-year in the first quarter. We shipped a record number of NovaSeqs and received record NovaSeq consumables orders, demonstrating both strong demand in the instrument's sixth year since launch and addition to our substantial installed base for future consumables revenue. More than half of NovaSeq shipments were to clinical customers, and we saw particular strength in oncology testing as high throughput sequencing and comprehensive genomic profiling become increasingly critical to cancer patient care.

現在轉向我們平台上的性能。第一季度測序儀器出貨量同比增長超過 20%。我們運送了創紀錄數量的 NovaSeq 並收到了創紀錄的 NovaSeq 耗材訂單，這表明該儀器自推出以來第六年的強勁需求以及我們龐大的安裝基礎增加了未來耗材收入。超過一半的 NovaSeq 出貨量是給臨床客戶的，我們看到了腫瘤學測試的特殊優勢，因為高通量測序和全面的基因組分析對癌症患者的護理變得越來越重要。

In mid-throughput, the installed base of NextSeq 1000/2000 instruments has now exceeded 1,000. Additionally, Q1 shipments for the P1 flow cell that we launched in the fourth quarter of 2021 were nearly double our expectations. We're seeing strong adoption of the P1 flow cell from both new customers and customers moving up the throughput spectrum, as well as broad kit utilization from existing NextSeq 1000/2000 users due to the P1 flow cell's efficiency and cost effectiveness.

在中吞吐量方面，NextSeq 1000/2000 儀器的安裝基礎現已超過 1,000 台。此外，我們在 2021 年第四季度推出的 P1 流通池的第一季度出貨量幾乎是我們預期的兩倍。由於 P1 流通池的效率和成本效益，我們看到新客戶和提高通量範圍的客戶對 P1 流通池的大力採用，以及現有 NextSeq 1000/2000 用戶的廣泛試劑盒利用率。

Our low-throughput platforms also continue to perform well and provide a great entry point to sequencing. More than 1/3 of shipments in the first quarter were to new-to-Illumina customers, further increasing our installed base and enabling adoption of sequencing across a broad customer network.

我們的低通量平台也繼續表現良好，並為測序提供了一個很好的切入點。第一季度超過 1/3 的出貨量是發給 Illumina 的新客戶，這進一步增加了我們的安裝基礎，並支持在廣泛的客戶網絡中採用測序。

Looking now at our markets. Oncology testing sequencing consumables grew almost 20% year-over-year, as we continue to help democratize sequencing in this critical area of health care. In March, we received CE-IVD approval for TruSight Oncology Comprehensive in Europe. This new in vitro diagnostic comprehensive genomic profiling kit is the first distributed IVD for both DNA and RNA. TSO Comp IVD covers a range of mutations and biomarkers associated with the European Society for Medical Oncology guidelines, maximizing opportunities to find actionable information from each patient's biopsy.

現在看看我們的市場。腫瘤檢測測序耗材同比增長近 20%，因為我們繼續幫助這一關鍵醫療保健領域的測序民主化。 3 月，我們在歐洲獲得了 TruSight Oncology Comprehensive 的 CE-IVD 批准。這種新的體外診斷綜合基因組分析試劑盒是第一個用於 DNA 和 RNA 的分佈式 IVD。 TSO Comp IVD 涵蓋了與歐洲醫學腫瘤學會指南相關的一系列突變和生物標誌物，最大限度地增加了從每位患者的活檢中找到可操作信息的機會。

We're pleased with the early reception and excitement from customers across the EU, and we look forward to introducing TSO Comp IVD in other markets, including Japan, where we recently applied for regulatory approval. The TSO Comp IVD offering will build upon the incredible expansion we're seeing globally for TSO 500, which grew nearly 120% year-over-year in Q1.

我們對歐盟客戶的早期接待和興奮感到高興，我們期待在其他市場引入 TSO Comp IVD，包括我們最近申請監管批准的日本。 TSO Comp IVD 產品將建立在我們在全球範圍內看到的 TSO 500 令人難以置信的擴張之上，該擴張在第一季度同比增長近 120%。

Also in oncology, customer and provider interest for Galleri, GRAIL's groundbreaking multi-cancer early detection blood test, is growing. To date, Galleri has been prescribed by more than 2,400 prescribing physicians and GRAIL has entered into 34 partnerships with health systems, employers and insurers who are investing in multi-cancer early detection to improve outcomes. This includes GRAIL's recent partnership with Point32Health, the combined organization of Harvard Pilgrim Health Care and Tufts Health Plan. Point32's two-phased pilot of Galleri marks GRAIL's first collaboration with a commercial health plan in the U.S.

同樣在腫瘤學領域，客戶和供應商對 GRAIL 開創性的多癌症早期檢測血液檢測 Galleri 的興趣正在增長。迄今為止，Galleri 已被 2,400 多名處方醫生開處方，GRAIL 已與衛生系統、雇主和保險公司建立了 34 個合作夥伴關係，這些機構正在投資於多癌症早期檢測以改善結果。這包括 GRAIL 最近與 Point32Health 的合作，後者是哈佛朝聖者醫療保健和塔夫茨健康計劃的聯合組織。 Point32 的 Galleri 兩階段試點標誌著 GRAIL 與美國商業健康計劃的首次合作。

Last week, GRAIL also announced a multiyear partnership with Munich Re Life US to provide Galleri as part of Munich Re's commitment to advancing cancer early detection and treatment. Munich Re and GRAIL will collaborate to enable carriers and distributors to offer Galleri to existing policyholders who are at high risk of cancer such as those aged 50 and older. Also, the NHS Galleri trial continues to progress, with more than 90,000 of the planned 140,000 participants enrolled.

上週，GRAIL 還宣布與美國慕尼黑再保險公司建立多年合作夥伴關係，以提供 Galleri 作為慕尼黑再保險公司推進癌症早期檢測和治療承諾的一部分。慕尼黑再保險公司和 GRAIL 將合作，使運營商和分銷商能夠向現有的癌症高風險投保人（例如 50 歲及以上的人）提供 Galleri。此外，NHS Galleri 試驗繼續進行，計劃的 140,000 名參與者中有 90,000 多人參加。

To support the increasing interest around Galleri and to further their R&D efforts, the GRAIL team has almost doubled in the last 8 months to more than 850 employees, with another almost 250 job openings. Looking ahead, GRAIL plans to expand its existing sales force for Galleri to reinforce launch traction and drive continued market adoption.

為了支持對 Galleri 日益增長的興趣並進一步推動他們的研發工作，GRAIL 團隊在過去 8 個月中幾乎翻了一番，員工人數超過 850 人，另外還有近 250 個職位空缺。展望未來，GRAIL 計劃擴大其現有的 Galleri 銷售隊伍，以加強上市牽引力並推動持續的市場採用。

Turning to our other markets. Genetic disease testing had another record quarter, as we enable expanding coverage and utilization of whole genome sequencing, or WGS, globally. In the U.S., critically ill infants are now eligible for WGS in California, Oregon and Maryland through Medicaid, providing coverage for an additional 17 million lives. And last week, we announced an agreement with Germany's Hannover Medical School to implement the use of WGS for critically ill children suspected of having a genetic or rare disease. This project, like our collaborations with other children's hospitals around the world, helps demonstrate how WGS can support earlier diagnoses and treatment for children in neonatal and pediatric intensive care.

轉向我們的其他市場。遺傳疾病檢測再創歷史新高，因為我們能夠在全球範圍內擴大全基因組測序（WGS）的覆蓋範圍和利用。在美國，危重嬰兒現在有資格通過 Medicaid 在加利福尼亞州、俄勒岡州和馬里蘭州獲得 WGS，從而為另外 1700 萬人提供保險。上週，我們宣布與德國漢諾威醫學院達成協議，為疑似患有遺傳病或罕見病的危重兒童實施 WGS。該項目與我們與世界各地其他兒童醫院的合作一樣，有助於展示 WGS 如何支持新生兒和兒科重症監護中兒童的早期診斷和治療。

In reproductive health, coverage, reimbursement and evidence generation continue to increase, particularly in Europe. Both Spain and Italy have expanded coverage for noninvasive prenatal testing, or NIPT, with Germany likely doing so as well later this year.

在生殖健康方面，覆蓋面、報銷和證據生成繼續增加，特別是在歐洲。西班牙和意大利都擴大了無創產前檢測（NIPT）的覆蓋範圍，德國也可能在今年晚些時候這樣做。

In infectious disease and microbiology, we saw a record quarter with incremental global investments in pathogen identification, monitoring and resistance. While this was driven by COVID surveillance, we are also seeing traction for other pathogens, including tuberculosis. In March, the Milken Institute called for a network of multi-sector stakeholders to collaborate on data, insights and responses for early disease outbreaks. In the same month, the World Health Organization announced a 10-year strategy to use the power of genomics for global pan-pathogen surveillance, demonstrating the growing trend for broader pathogen monitoring.

在傳染病和微生物學領域，我們看到了創紀錄的季度，全球在病原體鑑定、監測和耐藥性方面的投資增加。雖然這是由 COVID 監測推動的，但我們也看到了其他病原體的吸引力，包括肺結核。 3 月，米爾肯研究所呼籲建立一個由多部門利益相關者組成的網絡，就早期疾病爆發的數據、見解和應對措施開展合作。同月，世界衛生組織宣布了一項 10 年戰略，利用基因組學的力量進行全球泛病原體監測，顯示出更廣泛的病原體監測的增長趨勢。

For example, FIND, a Geneva-based global alliance for diagnostics, established Seq&Treat, a global initiative using sequencing for drug-resistant tuberculosis which affects nearly 0.5 million people globally each year. We're providing instruments to help Seq&Treat accelerate discovery for the half of patients with drug-resistant tuberculosis who are not currently successfully treated.

例如，總部位於日內瓦的全球診斷聯盟 FIND 建立了 Seq&Treat，這是一項使用測序來治療耐藥結核病的全球倡議，每年影響全球近 50 萬人。我們正在提供工具來幫助 Seq&Treat 加速發現目前尚未成功治療的一半耐藥結核病患者。

In our Research and Applied markets, we continue to see genomic research expanding across applications and disease states. Lab budgets, specifically for NGS, are increasing, including for both academic labs growing approximately 9.5% and pharmaceutical and industry labs growing at approximately 14%. As part of our efforts to support growth in genomic research, we recently partnered with Allelica to provide cutting-edge polygenic risk score digital tools to our customers. With Allelica's software, researchers can better identify individuals with high genetic susceptibility for developing life-threatening diseases.

在我們的研究和應用市場，我們繼續看到基因組研究擴展到應用和疾病狀態。實驗室預算，特別是 NGS 的預算正在增加，其中學術實驗室增長約 9.5%，製藥和工業實驗室增長約 14%。作為我們支持基因組研究增長的努力的一部分，我們最近與 Allelica 合作，為我們的客戶提供尖端的多基因風險評分數字工具。借助 Allelica 的軟件，研究人員可以更好地識別具有高度遺傳易感性的個體，以發展危及生命的疾病。

Also in research, increasing utilization and demand for multiomics, particularly proteomics, is driving sequencing growth and opportunities. Our partnership with SomaLogic to codevelop a high plexity, high sensitivity and high specificity proteomics assay is progressing well. Together, we look forward to empowering the next generation of novel insights.

同樣在研究中，對多組學特別是蛋白質組學的利用和需求的增加正在推動測序增長和機遇。我們與 SomaLogic 共同開發高複雜性、高靈敏度和高特異性蛋白質組學分析的合作進展順利。我們共同期待賦予下一代新穎的洞察力。

Another fast-developing area is the integration of multiomic and genomic data into drug development and clinical trials. Drug development R&D spend is more than $123 billion annually, yet more than 90% of drugs that enter Phase I clinical trials fail to reach clinical approval, with fewer than 70 entering the market each year. A main contributor to this high failure rate is target selection, where genomic-based methods can more than double success rates and dramatically improve cost and speed to market. Because more than 85% of the human proteome cannot currently be targeted pharmacologically, we are excited to support genetic-led discovery and emerging drug modalities that could significantly expand the total number of potential therapeutic targets.

另一個快速發展的領域是將多組學和基因組數據整合到藥物開發和臨床試驗中。每年藥物開發研發支出超過1230億美元，但進入I期臨床試驗的藥物中，90%以上未能獲得臨床批准，每年進入市場的藥物不到70個。這種高失敗率的一個主要因素是目標選擇，其中基於基因組的方法可以使成功率增加一倍以上，並顯著提高成本和上市速度。因為目前超過 85% 的人類蛋白質組不能被藥理學靶向，我們很高興支持基因主導的發現和新興藥物模式，這些模式可以顯著擴大潛在治療靶點的總數。

In addition to our partnership with Nashville Biosciences, today, we announced a partnership with Deerfield Management. This first-of-its-kind collaboration will combine Illumina's genetic and AI-led approach to discovery with Deerfield's expertise in preclinical and clinical development. Together, we plan to translate genetic insights into new therapies across diseases with unmet medical needs and drive a step change in the pace and efficiency of drug development. This will ultimately help more patients access potentially life-changing therapies.

除了與 Nashville Biosciences 的合作夥伴關係外，今天，我們還宣布與 Deerfield Management 建立合作夥伴關係。這種史無前例的合作將 Illumina 的基因和人工智能主導的發現方法與 Deerfield 在臨床前和臨床開發方面的專業知識相結合。我們計劃共同將遺傳見解轉化為針對醫療需求未得到滿足的疾病的新療法，並推動藥物開發的速度和效率發生重大變化。這最終將幫助更多患者獲得可能改變生活的療法。

We also recently announced a collaboration with Janssen to accelerate development of precision medicines. This includes developing companion diagnostics across our new TSO Comp IVD, and exploring discovery and research initiatives for drug and biomarker targets across disease states. These collaborations are a few of what we expect will be many pharmaceutical strategic partnerships, leveraging the power of Illumina to create precision medicine at scale.

我們最近還宣布與楊森合作，以加速精準藥物的開發。這包括在我們的新 TSO Comp IVD 中開發伴隨診斷，以及探索針對不同疾病狀態的藥物和生物標誌物目標的發現和研究計劃。這些合作是我們預期的許多製藥戰略合作夥伴關係中的一部分，利用 Illumina 的力量大規模創建精準醫療。

Overall, we were pleased with our first quarter performance, including 20% sequencing instruments growth and sequencing consumables orders surpassing $1 billion for the first time. The significant ongoing growth in our installed base as well as our record backlog exiting the quarter lay the groundwork for continued acceleration of our business in the coming quarters. I'm also really excited about the work we're doing with our collaboration partners. These efforts underpin our ongoing progress in driving sequencing trends to improve human health.

總體而言，我們對第一季度的業績感到滿意，包括 20% 的測序儀器增長和測序耗材訂單首次超過 10 億美元。我們安裝基礎的顯著持續增長以及我們退出本季度的創紀錄積壓為我們在未來幾個季度繼續加速業務奠定了基礎。我也對我們與合作夥伴所做的工作感到非常興奮。這些努力鞏固了我們在推動測序趨勢以改善人類健康方面不斷取得的進展。

I'll now turn the call over to Sam to discuss additional details on our results and outlook. Sam?

我現在將把電話轉給 Sam，討論有關我們的結果和前景的更多細節。山姆？

Thanks, Francis. As a reminder, our first quarter financial results include the consolidated financial results for GRAIL. I'll start by reviewing our consolidated financial results, followed by segment results for core Illumina and GRAIL, then conclude with our current outlook for 2022. I will be highlighting non-GAAP results, which includes stock-based compensation. I encourage you to review the GAAP reconciliation of these non-GAAP measures which can be found in today's release and in the supplementary data available on our website.

謝謝，弗朗西斯。提醒一下，我們第一季度的財務業績包括 GRAIL 的合併財務業績。我將首先回顧我們的合併財務業績，然後是核心 Illumina 和 GRAIL 的部門業績，然後以我們目前的 2022 年展望結束。我將重點介紹非 GAAP 業績，其中包括基於股票的薪酬。我鼓勵您查看這些非公認會計原則措施的公認會計原則對賬，這些措施可以在今天的發布和我們網站上提供的補充數據中找到。

Our record first quarter revenue of $1.223 billion grew 12% year-over-year, with core Illumina sequencing instruments growing at 20% and sequencing consumables growing at 13%. Sequencing consumables growth was solid across both clinical and research, with both market segments growing in double digits. For the first quarter, GAAP net income was $86 million, or $0.55 per diluted share, and non-GAAP net income was $169 million, or $1.07 per diluted share, which included dilution from GRAIL's non-GAAP operating loss of $134 million for the quarter.

我們創紀錄的第一季度收入為 12.23 億美元，同比增長 12%，其中核心 Illumina 測序儀器增長 20%，測序耗材增長 13%。臨床和研究領域的測序耗材增長穩健，兩個細分市場均實現兩位數增長。第一季度，GAAP 淨收入為 8600 萬美元，或稀釋後每股收益 0.55 美元，非 GAAP 淨收入為 1.69 億美元，或稀釋後每股收益 1.07 美元，其中包括 GRAIL 本季度非 GAAP 運營虧損 1.34 億美元的稀釋.

Our non-GAAP tax rate was 17.8%, which decreased 250 basis points year-over-year, primarily due to tax expense recognized in Q1 2021 on certain foreign subsidiary earnings that are no longer indefinitely reinvested. The increase in the non-GAAP tax rate from Q4 2021 was primarily due to the impact of R&D expense capitalization requirements implemented by the Tax Cuts and Jobs Act of 2017. Our weighted average diluted share count for the quarter was approximately 159 million.

我們的非公認會計原則稅率為 17.8%，同比下降 250 個基點，主要是由於 2021 年第一季度對不再無限期再投資的某些外國子公司收益確認的稅收費用。自 2021 年第四季度以來非公認會計原則稅率的增加主要是由於 2017 年《減稅和就業法案》實施的研發費用資本化要求的影響。我們本季度的加權平均攤薄股數約為 1.59 億股。

Moving to segment results. I will start by highlighting the financial results of core Illumina. Core Illumina revenue grew 12% year-over-year to $1.221 billion. Core Illumina sequencing consumables revenue grew 13% year-over-year to $784 million, driven by the growing NovaSeq installed base across clinical and research markets. Sequencing instruments revenue for core Illumina reached a new high, growing 20% year-over-year to $212 million. This was driven by another record quarter of NovaSeq system shipments resulting from accelerating demand in oncology testing, which accounted for almost 40% of the NovaSeq shipments for the quarter. We also continued to see strong demand for NextSeq 1000/2000 from new-to-Illumina customers who represented more than 1/3 of the shipments for the quarter.

轉向細分結果。我將首先強調核心 Illumina 的財務業績。 Core Illumina 收入同比增長 12% 至 12.21 億美元。受臨床和研究市場 NovaSeq 安裝基數不斷增長的推動，Core Illumina 測序耗材收入同比增長 13% 至 7.84 億美元。核心 Illumina 的測序儀器收入創下新高，同比增長 20% 至 2.12 億美元。這是由於腫瘤學測試需求加速導致 NovaSeq 系統出貨量又一個創紀錄的季度推動的，佔該季度 NovaSeq 出貨量的近 40%。我們還繼續看到 Illumina 新客戶對 NextSeq 1000/2000 的需求強勁，佔本季度出貨量的 1/3 以上。

During the first quarter, COVID-19 surveillance contributed approximately $53 million in sequencing consumables revenue and $7 million in incremental instruments revenue, driven by the sustained focus on pathogen surveillance. Core Illumina sequencing service and other revenue of $111 million was up slightly year-over-year, driven by growth in instrument service contracts.

在第一季度，由於對病原體監測的持續關注，COVID-19監測貢獻了約5300萬美元的測序耗材收入和700萬美元的增量儀器收入。受儀器服務合同增長的推動，Core Illumina 測序服務和其他收入為 1.11 億美元，同比略有增長。

Moving to regional results for core Illumina. Revenue for the Americas region was $646 million, growing 15% compared to the prior-year period. Growth in the region was primarily driven by strength in 3 key areas: first, continued sample growth in oncology therapy selection; second, emerging applications such as single cell and proteomics; and third, pathogen surveillance initiatives.

轉向核心 Illumina 的區域結果。美洲地區的收入為 6.46 億美元，與去年同期相比增長 15%。該地區的增長主要由三個關鍵領域的實力推動：首先，腫瘤治療選擇的樣本持續增長；二是單細胞和蛋白質組學等新興應用；第三，病原體監測舉措。

EMEA delivered revenue of $316 million, representing 4% growth year-over-year, driven by strength across both clinical end markets and emerging markets, partially offset by the conclusion of the UK Biobank program in the third quarter of 2021, as expected. EMEA growth was modestly impacted by lower shipments to Russia as a result of the war in Ukraine. Greater China revenue of $127 million was flat year-over-year as the region's robust clinical demand in hospitals was offset by COVID-19 restrictions that began in March.

歐洲、中東和非洲地區的收入為 3.16 億美元，同比增長 4%，這得益於臨床終端市場和新興市場的實力，部分被英國生物銀行計劃在 2021 年第三季度的結束所抵消，正如預期的那樣。歐洲、中東和非洲地區的增長受到烏克蘭戰爭導致對俄羅斯的出貨量減少的適度影響。大中華區收入為 1.27 億美元，同比持平，因為該地區對醫院的強勁臨床需求被 3 月開始的 COVID-19 限制所抵消。

Finally, APJ revenue of $132 million grew 33% year-over-year, with stronger-than-expected growth from large-scale research projects, oncology and genetic disease testing and pathogen surveillance initiatives.

最後，APJ 收入為 1.32 億美元，同比增長 33%，其中大型研究項目、腫瘤學和遺傳疾病檢測以及病原體監測計劃的增長強於預期。

Moving to the rest of the core Illumina P&L. Core Illumina non-GAAP gross margin of 70.2% decreased 30 basis points year-over-year due primarily to increased freight costs attributable to broader global supply chain pressures. Core Illumina non-GAAP operating expenses of $505 million were up $85 million year-over-year due primarily to head count growth and investments we are making in R&D and operations to support the growth and scale of our business. Despite the year-over-year increase, non-GAAP core Illumina operating expenses for the first quarter were roughly $15 million lower than we expected as a result of the slower hiring and timing of project spend shifting into the second quarter.

轉到核心 Illumina 損益表的其餘部分。核心 Illumina 非 GAAP 毛利率為 70.2%，同比下降 30 個基點，主要是由於全球供應鏈壓力導致貨運成本增加。核心 Illumina 非 GAAP 運營費用為 5.05 億美元，同比增長 8500 萬美元，這主要是由於員工人數的增長以及我們在研發和運營方面進行的投資，以支持我們業務的增長和規模。儘管同比增長，但由於招聘放緩和項目支出時間轉移到第二季度，第一季度非 GAAP 核心 Illumina 運營費用比我們預期的低約 1500 萬美元。

Transitioning to the financial results for GRAIL. GRAIL revenue of $10 million for the quarter consisted primarily of Galleri test fees. GRAIL non-GAAP operating expenses totaled $139 million for the quarter, which consisted primarily of expenses related to head count and clinical trials. GRAIL non-GAAP operating expenses were approximately $15 million lower than we expected due to timing of spend shifting to the second quarter.

過渡到 GRAIL 的財務結果。 GRAIL 本季度 1000 萬美元的收入主要包括 Galleri 測試費用。本季度 GRAIL 非公認會計原則的運營費用總計 1.39 億美元，主要包括與人數和臨床試驗相關的費用。由於支出時間轉移到第二季度，GRAIL 非 GAAP 運營費用比我們預期的低約 1500 萬美元。

Moving to consolidated cash flow and balance sheet items. Cash flow from operations was $172 million. DSO was 46 days compared to 49 days last quarter. First quarter 2022 capital expenditures were $61 million and free cash flow was $111 million, and we did not repurchase any common stock in the quarter. We ended the quarter with approximately $1.4 billion in cash, cash equivalents and short-term investments.

轉向合併現金流和資產負債表項目。運營現金流為 1.72 億美元。 DSO 為 46 天，而上一季度為 49 天。 2022 年第一季度的資本支出為 6100 萬美元，自由現金流為 1.11 億美元，我們在本季度沒有回購任何普通股。我們在本季度末擁有約 14 億美元的現金、現金等價物和短期投資。

Moving now to 2022 guidance. We continue to expect consolidated revenue growth of 14% to 16% for 2022, including core Illumina revenue growth of 13% to 15% and GRAIL revenue of $70 million to $90 million. And we continue to expect non-GAAP earnings per diluted share in the range of $4 to $4.20, which includes dilution from GRAIL of $3.75, in line with previous expectations. We are reaffirming all other financial guidance for full year 2022 we provided in February, with the exception of our consolidated non-GAAP tax rate, which we now expect to be approximately 18%. Our outlook for 2022 assumes the lockdowns in China ease by June, and our business in China recovers in the second half of 2022.

現在轉到 2022 年指導。我們繼續預計 2022 年綜合收入增長 14% 至 16%，其中 Illumina 核心收入增長 13% 至 15%，GRAIL 收入增長 7000 萬美元至 9000 萬美元。我們繼續預計非公認會計準則每股攤薄收益在 4 美元至 4.20 美元之間，其中包括來自 GRAIL 的 3.75 美元攤薄，與之前的預期一致。我們重申了我們在 2 月份提供的 2022 年全年的所有其他財務指導，但我們的綜合非公認會計原則稅率除外，我們現在預計該稅率約為 18%。我們對 2022 年的展望假設中國的封鎖在 6 月前有所緩解，我們在中國的業務將在 2022 年下半年復蘇。

For the second quarter of 2022, we expect consolidated revenue to increase 7% to 9% year-over-year from the second quarter of 2021, including an approximately 300 basis point headwind on overall revenue growth related to current COVID-related shutdowns in China. We expect consolidated non-GAAP gross margin to be roughly flat sequentially from the first quarter of 2022.

對於 2022 年第二季度，我們預計綜合收入將比 2021 年第二季度同比增長 7% 至 9%，其中包括與中國當前與 COVID 相關的停工相關的整體收入增長約 300 個基點的逆風.我們預計，自 2022 年第一季度起，綜合非公認會計準則毛利率將大致持平。

We expect consolidated non-GAAP operating margin to be approximately 10%, with the sequential decrease from Q1 2022, driven primarily by a $60 million increase in core Illumina operating expenses and the $25 million increase in GRAIL operating expenses. The expected increase in operating expenses are driven primarily by our typical ramp in compensation-related expenses, including our merit increase cycle; the timing of hiring and project spend shifting into Q2 from Q1; and the ramp in GRAIL's operating expenses.

我們預計綜合非 GAAP 營業利潤率約為 10%，較 2022 年第一季度環比下降，主要受 Illumina 核心運營費用增加 6000 萬美元和 GRAIL 運營費用增加 2500 萬美元的推動。運營費用的預期增長主要是由我們典型的薪酬相關費用增加推動的，包括我們的績效增長周期；招聘時間和項目支出從第一季度轉移到第二季度；以及 GRAIL 運營費用的上升。

We expect core Illumina non-GAAP operating margin to be approximately 23% in the second quarter. We expect the second quarter consolidated non-GAAP tax rate to be in line with our full year 2022 guidance of approximately 18%. And lastly, we expect diluted shares outstanding to be in line with our full year 2022 guidance of approximately 159 million shares.

我們預計第二季度 Illumina 的核心非 GAAP 營業利潤率約為 23%。我們預計第二季度的綜合非公認會計原則稅率將符合我們 2022 年全年約 18% 的指導。最後，我們預計稀釋後的流通股將符合我們 2022 年全年約 1.59 億股的指引。

I will now hand the call back over to Francis for his final remarks.

我現在將把電話交還給弗朗西斯，讓他作最後的發言。

Thanks, Sam. As we look ahead, our business fundamentals remain very strong. The continued growth in our installed base, our record backlog exiting Q1 and the increasing volumes we're seeing, as customers pursue higher intensity sequencing applications, all bode well for future growth, especially in the second half of this year. We also continue to drive increased access and deliver breakthrough genomic innovations. We're making progress across our innovation pipeline with data and excitement building around our breakthrough Chemistry X, our Infinity long-read technology and our NovaSeq Dx platform.

謝謝，山姆。展望未來，我們的業務基礎仍然非常強勁。隨著客戶追求更高強度的測序應用，我們安裝基礎的持續增長、我們在第一季度的創紀錄積壓以及我們看到的數量不斷增加，都預示著未來的增長，尤其是在今年下半年。我們還繼續推動增加訪問量並提供突破性的基因組創新。我們正在通過我們的突破性化學 X、我們的 Infinity 長讀長技術和我們的 NovaSeq Dx 平台構建的數據和興奮在我們的創新管道中取得進展。

We will provide additional updates on these technologies in the coming months, and we look forward to welcoming thousands of customers from around the world to the Illumina Genomics Forum in late September. Also, we are pleased to invite you to join us this fall for our Investor Day, which will be held Monday, October 3, in San Diego, following the Illumina Genomics Forum. We will be announcing additional details in the coming days.

我們將在未來幾個月內提供有關這些技術的更多更新，我們期待在 9 月下旬歡迎來自世界各地的數千名客戶參加 Illumina 基因組學論壇。此外，我們很高興邀請您參加今年秋天的投資者日，該日將於 10 月 3 日星期一在聖地亞哥舉行，繼 Illumina 基因組學論壇之後。我們將在未來幾天宣布更多細節。

Across our global business, we are at the forefront of genomics in health care. We're excited to deliver new technologies, collaborate with pioneering partners, champion patient access and support incredible researchers and clinicians around the world as we collectively unleash the power of genomics for the betterment of human health.

在我們的全球業務中，我們處於醫療保健基因組學的最前沿。我們很高興能夠提供新技術，與開拓性合作夥伴合作，支持患者訪問並支持世界各地令人難以置信的研究人員和臨床醫生，因為我們共同釋放基因組學的力量來改善人類健康。

I'll now invite the operator to open for Q&A.

我現在請接線員打開問答。

(Operator Instructions) We'll take our first question from the line of Dan Brennan.

（操作員說明）我們將從丹·布倫南（Dan Brennan）的台詞中提出第一個問題。

Maybe I have a couple parter just to kick it off, Francis and Sam. First part is on China, 10% of your revenues, you talked about the headwind in Q2. Can you just give us a sense of how it played out for you in Q1? It was flat, obviously, a pretty big deceleration. Just wondering how much China really took away from what you expected in kind of 1Q.

也許我有幾個夥伴只是為了開始它，弗朗西斯和山姆。第一部分是關於中國，你收入的 10%，你談到了第二季度的逆風。你能告訴我們它在第一季度對你的影響嗎？很明顯，這是一個相當大的減速。只是想知道中國真的從你對第一季度的預期中拿走了多少。

Second part of the question is on instruments and consumables for NGS. You're kind of maintaining all your guidance numbers. I believe you were kind of thinking about 10% instrument growth and, I believe, 18% consumable growth for the year. You obviously trended above that on instruments in Q1 and you were below that on consumables. So just walk us through, particularly on consumables, kind of how the year is going to play out and was 1Q impacted, whether it be by China or by anything else?

問題的第二部分是關於 NGS 的儀器和消耗品。你有點維護你所有的指導數字。我相信你是在考慮 10% 的儀器增長，我相信，今年 18% 的消耗品增長。顯然，您在第一季度的儀器上的趨勢高於該趨勢，而您在消耗品上的趨勢低於該趨勢。因此，請引導我們，特別是在消耗品方面，今年將如何發展以及第一季度是否受到影響，無論是受到中國還是其他任何因素？

And then the final part of the question is just AGBT. Presumably, we're going to get the update on Infinity there. Are we going to learn anything new on Chemistry X or that's going to have to wait for the fall?

然後問題的最後一部分就是 AGBT。據推測，我們將在那裡獲得 Infinity 的更新。我們是要學習有關化學 X 的新知識還是要等到秋天？

Dan, thanks for the questions. So this is Sam. I'll start with the first 2 questions, and then I'll turn it over to Francis on the AGBT question.

丹，謝謝你的提問。這就是山姆。我將從前 2 個問題開始，然後在 AGBT 問題上將其交給 Francis。

So with regards to China, China was approximately $10 million lower than our expectations in Q1, and that was really all driven by the restrictions that we saw in March. So as you know, in March, we saw really large -- significant restrictions in Shanghai, basically shutting the whole city down. But also, we saw restrictions in a number of other cities as well. And that got reflected with about a $10 million downside in Q1. As we said, in Q2, we expect a 300 basis points headwind on overall company growth in China.

所以關於中國，中國在第一季度比我們的預期低了大約 1000 萬美元，這實際上都是由我們在 3 月份看到的限制驅動的。如你所知，三月份，我們在上海看到了非常大的限制——基本上是關閉了整個城市。但是，我們也看到了其他一些城市的限制。這反映在第一季度約 1000 萬美元的下行空間。正如我們所說，在第二季度，我們預計中國公司整體增長將面臨 300 個基點的逆風。

So all in all, I would say in the first half, it's about a $45 million headwind for China on our results. But we are expecting that by June, the restrictions start to ease. We're already seeing promising things in Shanghai. Beijing, I think there's mass testing going on. And so we're keeping, obviously, close to that situation. But we're optimistic that as we get into June and beyond, this will start to ease.

總而言之，我想說的是，在上半年，我們的業績對中國來說是大約 4500 萬美元的逆風。但我們預計到 6 月，限制將開始放鬆。我們已經在上海看到了有希望的事情。北京，我認為正在進行大規模測試。因此，顯然，我們保持接近這種情況。但我們樂觀地認為，隨著我們進入 6 月及以後，這種情況將開始緩解。

The underlying fundamentals of demand in China are really strong. Our backlog is up as we enter into Q2. It's higher than the last 2 quarters. We've added new hospitals, almost 38 hospitals that we've added into our installed base. We're increasing our penetration in hospitals. The question is really just about restrictions and the ability to get products to customers just given the fact that there's shutdowns.

中國需求的基本面非常強勁。隨著我們進入第二季度，我們的積壓工作已經增加。高於前兩個季度。我們增加了新醫院，我們已將近 38 家醫院添加到我們的安裝基礎中。我們正在增加我們在醫院的滲透率。問題實際上只是關於限制和向客戶提供產品的能力，因為存在停工這一事實。

With regards to your second question on instruments and consumables, yes, we had a very strong start to the year with regards to instruments, over 20% growth. We said going into the year that this is going to be a more, I would say, less back-end loaded year for instruments. We're going to have a strong start. It's going to be more, I would say, sequentially even in terms of instruments. So we are still reiterating our guide for 10% growth. We had a very strong backlog, and we still do going into Q1. And so we are basically shipping and delivering on that backlog as you saw in Q1 with our strong results.

關於你關於儀器和消耗品的第二個問題，是的，我們在儀器方面今年開局非常強勁，增長超過 20%。我們說進入這一年，這將是一個更多的，我會說，減少儀器後端負載的一年。我們將有一個強勁的開端。我會說，即使在儀器方面，它也會更多。因此，我們仍在重申我們的 10% 增長指南。我們有一個非常強大的積壓，我們仍然會進入第一季度。因此，正如您在第一季度看到的那樣，我們基本上正在運送和交付積壓的訂單，並取得了強勁的業績。

And with regards to consumables, consumables actually were better than expectations in Q1. So they grew by 13%. They were better than what we expected in Q1, even with the impact of China. We -- as you -- think about Q1 -- think about some of the impacts in Q1 of last year that actually muted some of the growth of 13%. If you normalize for those, things like the UK Biobank, in Q1 of '21, which was a $20 million benefit, we had some stocking in Q1 of '21, which was also about a $20 million onetime impact. If you normalize for those, consumables would have grown in the high teens. So we still have a lot of confidence in terms of our guide of 18% in consumables for the full year.

而在消耗品方面，第一季度的消耗品實際上好於預期。所以他們增長了13%。即使受到中國的影響，它們也好於我們在第一季度的預期。我們——正如你一樣——考慮第一季度——想想去年第一季度的一些影響，這些影響實際上抑制了 13% 的增長。如果你把這些標準化，比如英國生物銀行，在 21 年第一季度，這是 2000 萬美元的收益，我們在 21 年第一季度有一些庫存，這也是大約 2000 萬美元的一次性影響。如果你把這些標準化，消耗品會在十幾歲時增長。因此，我們對全年消耗品佔 18% 的指南仍有很大信心。

I'll turn to Francis.

我會轉向弗朗西斯。

Yes, Dan, let me take the questions about Chemistry X and Infinity. The teams are making really good progress in both. Our strategy is going to be on Infinity to have more customer data come out over the course of the rest of the year as we get closer to launching Infinity. And then with Chemistry X, you will absolutely have a lot more information at the customer event and then at the investor event as well. And then between now and then, to the extent that there is some new material data to show, we will bring it out.

是的，丹，讓我來回答關於化學 X 和無限的問題。這兩支球隊在這兩方面都取得了很好的進展。隨著我們越來越接近推出 Infinity，我們的戰略將是在 Infinity 上發布更多客戶數據。然後使用化學 X，您絕對會在客戶活動和投資者活動中獲得更多信息。然後從現在到現在，只要有一些新的材料數據要顯示，我們就會把它拿出來。

We'll take our next question from the line of Dan Arias.

我們將從丹·阿里亞斯的台詞中提出下一個問題。

Francis, maybe just on a similar vein -- in a similar vein. You mentioned last quarter that the backlog was 2x the prior year, and you're saying now here that it's record levels. So presumably, the backlog grew in the quarter. Is that fair?

弗朗西斯，也許只是在類似的脈絡上——在類似的脈絡上。你在上個季度提到積壓是去年的 2 倍，你現在在這裡說這是創紀錄的水平。因此，據推測，該季度的積壓訂單有所增加。這公平嗎？

And then on the pull-through rate for the NovaSeq, I'm just curious whether you came in, in the range that you were looking for, for the year or did the things that took place in March kind of take you a little bit below, and it's just a matter of getting back to that range later in the year.

然後關於 NovaSeq 的拉出率，我只是好奇你是在你正在尋找的範圍內進入這一年，還是在 3 月份發生的事情讓你有點下面，這只是在今年晚些時候回到那個範圍的問題。

And then if I could, just on GRAIL, anything new on the European Commission and the timing related to the news around that process?

然後，如果我可以，就在 GRAIL 上，歐盟委員會有什麼新消息以及與該進程相關的新聞的時間安排嗎？

Yes. Maybe I can jump in, Dan, and take the first question on backlog. So we have talked about the fact that instrument backlog was a record going into Q1. It was double the backlog that we saw starting last year. With regards to overall backlog, it also is a record in Q1. So let's be clear on what the components are. So we had record overall backlog in Q1 or exiting Q1. So definitely, the overall backlog grew, but I think the double was really more relating to the instrument backlog.

是的。也許我可以加入，丹，並回答關於積壓的第一個問題。所以我們已經談到了儀器積壓是進入第一季度的記錄這一事實。這是我們從去年開始看到的積壓的兩倍。就整體積壓而言，這也是第一季度的記錄。所以讓我們弄清楚組件是什麼。因此，我們在第一季度或退出第一季度時有創紀錄的整體積壓。所以毫無疑問，整體積壓增加了，但我認為雙倍實際上更多地與儀器積壓有關。

So with regards to NovaSeq pull-through, let me continue with that. So we are still expecting pull-through to be in the range of $1.2 million to $1.3 million. So we are expecting that as we get -- first of all, we've had incredibly strong placements for NovaSeq. We had Q1 was a record shipment quarter for NovaSeq.

所以關於 NovaSeq pull-through，讓我繼續說下去。因此，我們仍然預計拉動將在 120 萬美元至 130 萬美元之間。所以我們期待得到——首先，我們已經為 NovaSeq 提供了非常強大的展示位置。我們認為第一季度是 NovaSeq 創紀錄的出貨季度。

As we get more and more installed base expansion and we get more shipments into NovaSeq, as you know, it's going to take -- usually, it takes about a quarter or 2 for those customers to ramp up to their usual pull-through, but we have every confidence that we're still going to be in the -- in that $1.2 million to $1.3 million pull-through range for the year.

隨著我們獲得越來越多的安裝基礎擴展以及我們向 NovaSeq 獲得更多出貨量，如您所知，這將需要 - 通常，這些客戶需要大約四分之一或 2 的時間才能達到他們通常的拉動，但是我們完全有信心，我們今年仍將處於 120 萬至 130 萬美元的拉動範圍內。

And then let me pick up on the question around GRAIL and timing with the European Commission. As you know, we're engaged in 2 processes in Europe. One is with the European Commission around their Phase II review. We continue to be engaged with them. The clock is paused as we are working with them to see if there are remedies that could get this deal approved, and we expect a decision on that to come either later in Q2 or in Q3. We are also engaged with the EU General Court as we work through the jurisdiction of the European Commission to review this deal, and we expect a decision on that similarly to come either later in Q2 or early Q3.

然後讓我來談談有關 GRAIL 和與歐盟委員會的時間安排的問題。如您所知，我們在歐洲從事 2 個流程。一是與歐盟委員會圍繞他們的第二階段審查。我們將繼續與他們接觸。時鐘暫停，因為我們正在與他們合作，看看是否有補救措施可以讓這筆交易獲得批准，我們預計將在第二季度晚些時候或第三季度做出決定。在我們通過歐盟委員會的管轄範圍審查這筆交易時，我們還與歐盟普通法院進行了接觸，我們預計類似的決定將在第二季度晚些時候或第三季度初作出。

We'll take our next question from the line of Derik De Bruin.

我們將從 Derik De Bruin 的台詞中提出下一個問題。

This is Mike Ryskin on for Derik. I want to follow up on the instrument strength in the quarter. Again, another really good result after a strong run in 2021. I'm sure you know, there's increasingly more product launches coming in the space from a number of competitors. Some have already launched, some are in the process of launching more or less as we speak.

這是 Derik 的 Mike Ryskin。我想跟進本季度的儀器實力。再一次，在 2021 年的強勁表現之後，又是一個非常好的結果。我相信你知道，越來越多的產品來自許多競爭對手的空間。正如我們所說，有些已經啟動，有些正在或多或少地啟動。

I'm just wondering, has that shown up in any of your conversations with prospective customers? Are you competing more with any of these head-to-head? Is it coming in when you're having pricing conversations with them or sort of any committed contract or anything like that? I'm just wondering if that's shown up on the margin, especially in the mid-throughput part of the portfolio.

我只是想知道，這是否出現在您與潛在客戶的任何對話中？您是否正在與這些頭對頭中的任何一個進行更多競爭？當您與他們進行定價對話或任何承諾的合同或類似的事情時，它會出現嗎？我只是想知道這是否顯示在邊際上，尤其是在投資組合的中等吞吐量部分。

Yes. I'll start by saying that, overall, we believe that the genomics market is a large and growing market that we're in the very early stages of penetrating. And so as we've seen before, and we'll continue to see, there's room for growth of multiple players in this market. And we expect that to be true for a long time going forward. The customers we sell to are among the best and brightest in the world. They're obviously aware of the options that are out there, and we do have those conversations. And so all our customers, I think, are very well informed about what the genomics landscape looks like, who's available, what's coming and what to expect from the different vendors. So they're absolutely part of those conversations.

是的。我首先要說的是，總的來說，我們相信基因組學市場是一個龐大且不斷增長的市場，我們正處於滲透的早期階段。正如我們之前看到的，我們將繼續看到，這個市場有多個參與者的增長空間。我們希望這在未來很長一段時間內都是正確的。我們銷售的客戶是世界上最優秀、最聰明的客戶之一。他們顯然知道那裡的選擇，我們確實進行了這些對話。因此，我認為，我們所有的客戶都非常了解基因組學的前景、可用的人員、即將發生的事情以及對不同供應商的期望。所以他們絕對是這些對話的一部分。

You see the strength, though, in the numbers we put up, right? You saw the 20% growth in Q1. You saw the strong orders, strong shipments. You especially see the strength in areas like NovaSeq, for example, where we had a record year last year. We had a record Q1 in terms of shipments. And that continues to be because whether it's at the high end of the portfolio or in the NextSeq line or even at the smaller end of the portfolio. We continue to provide a superior value proposition that is meeting the needs of customers in terms of total cost of ownership, in terms of performance, in terms of price points. And that's, frankly, the job we have to continue to do. Continue to earn our customers' business by making sure that, that continues to hold true.

但是，您可以從我們提供的數字中看到力量，對嗎？您在第一季度看到了 20% 的增長。你看到了強勁的訂單，強勁的出貨量。例如，您尤其會看到 NovaSeq 等領域的實力，去年我們在這些領域取得了創紀錄的成績。我們在出貨量方面創下了第一季度的記錄。這仍然是因為無論是在投資組合的高端還是在 NextSeq 線，甚至是投資組合的較小端。我們繼續提供卓越的價值主張，在總擁有成本、性能和價格點方面滿足客戶的需求。坦率地說，這就是我們必須繼續做的工作。通過確保這一點繼續保持正確，繼續贏得我們客戶的業務。

We'll take our next question from the line of Tejas Savant.

我們將從 Tejas Savant 的系列中提出下一個問題。

Francis, I'll ask a 2-parter, one on GRAIL and one on competitive dynamics similar to the prior question there. So you did about $10 million in revenue. You're still expecting about $80 million from GRAIL at the midpoint, so a fairly steep ramp through the rest of the year. Can you share some light on what sort of the uptake rate within the patient population here that you're assuming for Galleri in terms of your current health system and employer partners?

弗朗西斯，我會問一個 2-parter，一個關於 GRAIL，一個關於競爭動態，類似於之前的問題。所以你做了大約1000萬美元的收入。您仍然期望 GRAIL 在中點獲得約 8000 萬美元，因此在今年剩餘時間裡會出現相當陡峭的增長。就您當前的衛生系統和雇主合作夥伴而言，您能否分享一下您為 Galleri 假設的患者人群中的吸收率？

And then on the competition, you've had some of the emerging competitors. Your talk of mid-single-digit price per G sort of price points on the medium throughput instruments. Do you see yourself as having sort of enough flexibility to go lower, perhaps, at the high end of the portfolio, $100 to $200 genome? Or do you see enough daylight in terms of other specs that you'd still be very competitive and stay the preferred vendor for your customers?

然後在競爭中，你有一些新興的競爭對手。您談到中等通量儀器上每 G 類價格點的中個位數價格。你是否認為自己有足夠的靈活性來降低投資組合的高端，也許是 100 到 200 美元的基因組？或者您是否在其他規格方面看到了足夠的日光，您仍然很有競爭力並繼續成為您客戶的首選供應商？

Yes. So let's take -- thanks for those questions. Let's take them one at a time. We are pleased with the way GRAIL is performing. So if we look at the traction that they got in Q1, not just the $10 million in revenue, but if you look at the traction they've made also with increasing the number of prescribing physicians to 2,400, increasing the number of partners across health systems, employers and insurers and up to 34, they continue to be on track to meet the revenue outlook that we laid out at the beginning of the year, the $70 million to $90 million.

是的。所以讓我們採取 - 感謝這些問題。讓我們一次拿一個。我們對 GRAIL 的表現方式感到滿意。因此，如果我們看看他們在第一季度獲得的牽引力，不僅僅是 1000 萬美元的收入，而且如果你看看他們所產生的牽引力，還包括將處方醫生的數量增加到 2,400 名，增加了整個健康領域的合作夥伴數量系統、雇主和保險公司以及多達 34 家，他們繼續有望實現我們在年初制定的 7000 萬至 9000 萬美元的收入前景。

The other thing that they've put into place that we know will pay off over the course of this year and then certainly going forward is signing up first the -- the first commercial insurance provider here in the U.S. with Point32. That's going to be exciting, both as an employer, customer of theirs because they're going to roll it out internally. And then obviously, as they roll it out to their customers.

他們已經實施的另一件事，我們知道將在今年得到回報，然後肯定會繼續前進，首先是與 Point32 簽約——美國第一家商業保險提供商。這將是令人興奮的，無論是作為雇主還是他們的客戶，因為他們將在內部推出它。然後很明顯，當他們將其推廣給客戶時。

The other exciting development was them signing up their first life insurance company. And that, we think, with Munich Re -- that we think is a good start in a segment that we think has a lot of potential for GRAIL going forward. And so good traction there.

另一個令人興奮的發展是他們簽署了他們的第一家人壽保險公司。而且，我們認為，與慕尼黑再保險合作——我們認為這是一個良好的開端，我們認為 GRAIL 有很大的發展潛力。那裡有很好的牽引力。

And then maybe a little bit longer term, we're also excited with the progress that GRAIL is making with the NHS trial that they have. They're now up to 90,000 enrolled participants. You will recall that had a target of 140,000 and so they're making good progress, which then brings us one step closer to the next phase of the NHS, which would be expanding this to a million people in the U.K. So good progress all around. I feel like we're on track to meet the plan that we laid out at the beginning of the year.

然後也許更長遠一點，我們也對 GRAIL 在 NHS 試驗中取得的進展感到興奮。他們現在有多達 90,000 名註冊參與者。你會記得，它的目標是 140,000，所以他們正在取得良好的進展，這讓我們離 NHS 的下一階段更近了一步，這將把它擴大到英國的 100 萬人。如此良好的進展.我覺得我們正在按計劃實現年初制定的計劃。

In terms of competition, we still feel like we have headroom in a number of ways. One, when we talk to our customers, they look at the total cost of ownership of a system. And so the price per G is 1 part of the equation, but then you have to look at things like the compute infrastructure. And if you look at what we've got in the NextSeqs, for example, or the NovaSeqs, that extends well beyond just core sequencing. You've got advanced compute on board with the instruments with the FPGA arrays, which for other sequencers, you'd have to go out and buy that type of compute.

在競爭方面，我們仍然覺得我們在很多方面都有空間。第一，當我們與客戶交談時，他們會考慮系統的總擁有成本。因此，每 G 的價格是等式的 1 部分，但是您必須查看諸如計算基礎設施之類的東西。如果你看看我們在 NextSeqs 或 NovaSeqs 中得到的東西，它遠遠超出了核心測序。您已經在帶有 FPGA 陣列的儀器上進行了高級計算，而對於其他音序器，您必須出去購買這種類型的計算。

In addition, we have things like the lossless data compression algorithms built in. Some customers can achieve a 5x reduction in the amount of data that's required to be stored. And so that's another part of the TCO equation that customers look at when they compare our systems with comparator systems. And so price per G is 1 part of the equation. You add all of those other things and you start to -- it starts to add up just how good that the value you're getting from Illumina is.

此外，我們還內置了無損數據壓縮算法等功能。一些客戶可以將需要存儲的數據量減少 5 倍。因此，這是客戶在將我們的系統與比較器系統進行比較時所考慮的 TCO 等式的另一部分。因此，每 G 的價格是等式的 1 部分。你添加所有其他的東西，然後你開始 - 它開始加起來你從 Illumina 獲得的價值是多麼的好。

Having said all that, we also have a lot of headroom in terms of continuing to drive the price per G down. You've heard us talk a lot about the innovations that we've got in the pipeline and the kind of headroom that gives us as we look forward, both on new instruments and potentially on existing product lines, too. So we definitely have a lot of gas in both of those tanks, right? One is on the end-to-end TCO comparison where we have a very strong proposition, but then also taking each of the components and continuing to drive the price down because of the technological innovation that puts us on dramatically new S-curves.

話雖如此，在繼續降低每 G 價格方面，我們還有很大的空間。您已經聽到我們談論了很多關於我們正在籌備中的創新以及在我們期待新儀器和潛在的現有產品線時為我們提供的那種空間。所以我們肯定在這兩個油箱裡都有很多汽油，對吧？一個是在端到端 TCO 比較中，我們有一個非常強大的主張，但由於技術創新使我們處於全新的 S 曲線上，因此也採用了每個組件並繼續降低價格。

We'll take our next question from the line of Kyle Mikson.

我們將從凱爾·米克森（Kyle Mikson）的台詞中提出下一個問題。

Congrats on the quarter. I appreciate that we'll be hearing and seeing more about the new products in the near term. But specifically, when should we expect to hear some commentary around the Chemistry X economics? And maybe just to establish a benchmark, would 20% to 25% lower pricing be your original expectation, that's 20% to 25%?

祝賀本季度。我很感激我們會在短期內聽到和看到更多關於新產品的信息。但具體來說，我們什麼時候應該期待聽到一些關於化學 X 經濟學的評論？也許只是為了建立一個基準，您最初的預期是否會降低 20% 到 25% 的價格，即 20% 到 25%？

The second question about GRAIL. I understand the biopharma and MRD collaboration revenue represents a portion of the GRAIL revenue guidance. But with respect to the Galleri revenue specifically, does the guidance assume most of the clinical trial revenue, like you were kind of mentioning, Francis, NHS SUMMIT trial, et cetera, or actual clinical diagnostic revenue like Intermountain alignment, et cetera?

關於GRAIL的第二個問題。我了解生物製藥和 MRD 合作收入是 GRAIL 收入指導的一部分。但就 Galleri 的收入而言，該指南是否假設了大部分臨床試驗收入，就像你提到的那樣，Francis、NHS SUMMIT 試驗等，還是實際的臨床診斷收入，如山間校準等？

All right. So let me take the questions one at a time. So Chemistry X will continue to give you technical updates as they become available. And the economics update will really depend on the instrument that we put Chemistry X into because it will be different because, ultimately, the economics of an instrument depend on the new chemistry but also every other part of the instrument, right? The optics that we put in there, the flow cells that you put in there, the compute infrastructure. And so Chemistry X will be definitely a heavy contributor to superior economics in an instrument, but to tell you the overall economics, we'd have to lay out the entire configuration of an instrument, and then we'll share with you what that instrument would give you.

好的。所以讓我一次一個地回答問題。因此，Chemistry X 將繼續為您提供可用的技術更新。經濟學的更新實際上將取決於我們將化學 X 放入的儀器，因為它會有所不同，因為最終，儀器的經濟學取決於新的化學成分，但也取決於儀器的所有其他部分，對嗎？我們放在那裡的光學器件，你放在那裡的流通池，計算基礎設施。因此，Chemistry X 肯定會對儀器的卓越經濟性做出重大貢獻，但要告訴您整體經濟性，我們必須佈置儀器的整個配置，然後我們將與您分享該儀器是什麼會給你。

I can tell you right now that, frankly, 20% to 25% would be low. If you think about the road map of the new chemistry, right? If you look at what we got with the last generation of chemistry, right? So when Solexa came out in 2007, the project we got from them is $150,000 to launch -- to do a genome. Today, it's less than $600, right? So that chemistry -- if you look at the lifetime of that chemistry -- now I don't want to give all the credit just to the chemistry because obviously, there were innovations, again, in optics and data paths and compute and everything associated with that.

我現在可以告訴你，坦率地說，20% 到 25% 會很低。如果您考慮新化學的路線圖，對嗎？如果你看看我們在上一代化學中得到了什麼，對吧？所以當 Solexa 在 2007 年問世時，我們從他們那裡得到的項目是 150,000 美元來啟動——做一個基因組。今天，它不到 600 美元，對吧？所以那種化學——如果你看看那種化學的生命週期——現在我不想把所有的功勞都歸功於化學，因為很明顯，在光學和數據路徑和計算以及所有相關的一切方面都有創新接著就，隨即。

But very, very significant road map in terms of price reductions that were enabled. So this is the most significant update we've done in chemistry since the original SBS was invented. And so you should think about the lifetime of this chemistry as giving us a lot of headroom in terms of performance, but also in terms of price reduction. So I would be personally disappointed if over the lifetime of this chemistry, you were just thinking about a 20% to 25% reduction.

但就已啟用的降價而言，這是非常非常重要的路線圖。所以這是自最初的 SBS 發明以來我們在化學領域所做的最重要的更新。因此，您應該將這種化學物質的生命週期視為在性能方面為我們提供了很大的空間，但在降價方面也是如此。因此，如果在這種化學物質的整個生命週期中，您只是考慮減少 20% 到 25%，我個人會感到失望。

Secondly, let's talk about GRAIL. So the GRAIL revenue for the year, what we said and would reaffirm is that the majority of the GRAIL revenue for this year will come from testing. There will be a component that comes from their pharma partnerships, but it won't be the majority of their revenue. And that's what they're working towards on the plan they're on.

其次，讓我們談談GRAIL。因此，今年 GRAIL 的收入，我們所說並將重申的是，今年 GRAIL 的大部分收入將來自測試。將有一部分來自他們的製藥合作夥伴關係，但這不會是他們收入的大部分。這就是他們正在努力製定的計劃。

We'll take our next question from the line of David Westenberg.

我們將從 David Westenberg 的台詞中提出下一個問題。

With the point of the cost per G in competition, I realize maybe just getting a little bit old, but it didn't get my specific like thought or thought process or specific question. And that would be the mid-throughput is definitely crowded. You've gone on at length about the competitive levers you have to pull in that.

考慮到比賽中每 G 的成本，我意識到可能只是有點老了，但它並沒有得到我的具體想法或思考過程或具體問題。那將是中等吞吐量肯定是擁擠的。你已經詳細討論了你必須拉動的競爭槓桿。

When we're talking about the high-throughput market, somebody who's catching you in price per G or even higher than that, how comfortable do you feel that in the high-throughput range, competitive launch would not be that detrimental to you? And should we use BGI as an example?

當我們談論高通量市場時，有人在每 G 的價格甚至更高的價格上趕上你，你覺得在高通量範圍內，競爭性發布不會對你有害嗎？我們應該以華大基因為例嗎？

And hopefully, this is a quick question for my follow-up here for Sam. And that is, a lot of the cash flow generating cancer labs are in cost-cutting mode. Has the conversation around investment in sequencing instruments came up as part of that cost reduction?

希望這是我對 Sam 的後續跟進的一個快速問題。也就是說，許多產生現金流的癌症實驗室都處於削減成本的模式。作為降低成本的一部分，有關測序儀器投資的討論是否出現了？

Great. So thanks for that question. Let me start with the first one, which is -- we have always had to compete in the high-throughput environment, and we expect to continue to. And I'll start by saying that the genomics market as a whole, as I said earlier, is a large and growing market that's in the early stages of penetration. And so we expect there will be vendors that emerge, there will be vendors that -- some that go away. But we expect that there will be competition in that space, and that's what we've built into our plans.

偉大的。所以感謝這個問題。讓我從第一個開始，那就是 - 我們一直必須在高通量環境中競爭，我們希望繼續這樣做。我首先要說的是，正如我之前所說，整個基因組學市場是一個龐大且不斷增長的市場，處於滲透的早期階段。所以我們預計會有供應商出現，會有供應商——有些會消失。但我們預計該領域將會有競爭，這就是我們在計劃中所包含的內容。

Having said that, I'm also very confident in our competitive posture in that market today and extraordinarily excited by the road map that we have in terms of enhancing that competitive posture. And I'll start again, what I said a little bit earlier, which is, when you think about even just the cost element, it's really important that you think about the total cost of ownership, especially on the high-throughput side.

話雖如此，我對我們今天在該市場的競爭態勢也非常有信心，並對我們在增強競爭態勢方面的路線圖感到非常興奮。我會重新開始，我之前說過的，也就是說，當你考慮成本因素時，考慮總擁有成本非常重要，尤其是在高吞吐量方面。

When you're generating so much data, the compute costs, the storage costs, the end-to-end workflow costs, all of that become very important. And so when you look at the levers of innovation that we have, not just to continue to drive the performance and price points associated with the core sequencing, but the levers we have around the end-to-end workflow, we have a terrific ability to offer a very strong value proposition in that high-throughput market.

當您生成如此多的數據時，計算成本、存儲成本、端到端工作流成本，所有這些都變得非常重要。因此，當您查看我們擁有的創新槓桿時，不僅僅是繼續推動與核心排序相關的性能和價格點，而是我們圍繞端到端工作流程擁有的槓桿，我們有一個了不起的能力在這個高通量市場中提供非常強大的價值主張。

And then the second question is on cost cutting.

然後第二個問題是關於削減成本的。

Yes. So Dave, thanks for the question. The short answer is no, but I'll explain why that's not the case that we're seeing any cost cutting on sequencing. So when you think about our customer universe, we've got about 8,000 customers, incredibly diversified customer base. But if you think about the commercial labs, clinical customers, I mean sequencing is part of what drives revenue for them.

是的。所以戴夫，謝謝你的問題。簡短的回答是否定的，但我會解釋為什麼我們沒有看到測序成本削減的情況。因此，當您考慮我們的客戶群時，我們有大約 8,000 名客戶，客戶群非常多樣化。但如果你想想商業實驗室、臨床客戶，我的意思是測序是為他們帶來收入的一部分。

So really, all the demand is driven by the end markets. And it's really driven by the need for testing and the fact that we're seeing very robust demand driven by robust reimbursement, market access and utilization in markets in oncology or genetic disease testing. So no, we're not seeing any slowdown driven by cost cutting because I think it's really driven by end demand.

所以真的，所有的需求都是由終端市場驅動的。這實際上是由檢測需求驅動的，而且我們看到強勁的報銷、市場准入和腫瘤學或遺傳疾病檢測市場的利用推動了非常強勁的需求。所以不，我們沒有看到任何由成本削減驅動的放緩，因為我認為這實際上是由最終需求驅動的。

On the research side, we're still seeing very strong funding to the research market, whether it's, again, into research in oncology, research in genetic disease or research in pathogen surveillance and other initiatives. So I think the short answer would be no, but hopefully, this gives you a bit of color why.

在研究方面，我們仍然看到對研究市場的強大資金支持，無論是腫瘤學研究、遺傳疾病研究還是病原體監測研究和其他舉措。所以我認為簡短的回答是否定的，但希望這能給你一些色彩為什麼。

We'll take our next question from the line of Puneet Souda.

我們將從 Puneet Souda 的行中提出下一個問題。

Francis, based on what you're saying about Chemistry X and what potentially the new instrument can extract from Chemistry X, I mean this should take you to $100 genome and well beyond that. So can you talk about what applications will start to open with the reduction that is well above 25% type of reductions that you're talking about?

弗朗西斯，根據你所說的關於化學 X 的內容以及新儀器可以從化學 X 中提取的潛在內容，我的意思是這應該會讓你達到 100 美元的基因組，甚至遠不止這些。那麼，您能否談談哪些應用程序將開始以遠高於您所說的 25% 類型的減少量打開？

And what does it do to the -- maybe what does it do to the diagnostic mix of the customers for you longer term as well? I think they're trending around nearly 50% of the sequencing consumables. So maybe just help us understand on the applications and where the diagnostic customers can go in.

它對你有什麼影響——也許它對你長期的客戶診斷組合有什麼影響？我認為它們在近 50% 的測序耗材中趨於流行。所以也許只是幫助我們了解應用程序以及診斷客戶可以進入的位置。

Just a quick follow-up with Sam. How much was pricing contribution in the quarter -- how much did pricing contribute in the quarter? And what should we expect it to do for the year in the guidance?

只是對 Sam 的快速跟進。本季度定價貢獻了多少——定價在本季度貢獻了多少？在指南中，我們應該期望它在今年做什麼？

Yes, Puneet. There's a lot that can open up as we continue to drive the price of the sequencing down because the reality today is that we're still at the very early stages of understanding how a genome translates into human health and human disease. We've unlocked the first clinical applications, NIPT cancer therapy selection. There are many, many, many, many more that we know will emerge once we're able to do the experiments of the size that we need to do.

是的，普內特。隨著我們繼續降低測序價格，有很多東西可以打開，因為今天的現實是，我們仍處於了解基因組如何轉化為人類健康和人類疾病的早期階段。我們解鎖了第一個臨床應用，NIPT 癌症治療選擇。一旦我們能夠進行我們需要做的規模的實驗，我們知道會有很多很多很多很多的東西出現。

For example, if you look at complex diseases like neurological conditions, whether it's autism or schizophrenia or Alzheimer's or Parkinson's, what we're hearing from the research community is that if you look at schizophrenia, for example, in families, it's clear that there is a genomic component to it, but there's complex causality there. And the only way you can unravel the biology is by running cohorts that are not measured in the thousands or even tens of thousands, but are much bigger than that. And so there's a huge amount of promise to uncover and address some of the genomic underpinnings of neurological conditions, but we need cohorts much, much bigger than we've seen historically. And that's -- those are the kinds of experiments.

例如，如果您研究神經系統疾病等複雜疾病，無論是自閉症、精神分裂症、阿爾茨海默氏症或帕金森氏症，我們從研究界聽到的是，如果您研究精神分裂症，例如，在家庭中，很明顯存在是基因組的組成部分，但其中存在復雜的因果關係。而你可以解開生物學的唯一方法是運行不是以數千甚至數万衡量的隊列，但比這要大得多。因此，發現和解決神經系統疾病的一些基因組基礎有很大的希望，但我們需要比我們歷史上看到的要大得多的隊列。那就是——那些是實驗的種類。

Similarly, when you think about what we need to understand about single cells and the heterogeneity of expression across the cells -- across the human body, there are tens of trillions of cells in the body. So if you want to do even just a representative -- statistically representative experiment, you don't need just thousands of cells like people are doing today, you need sizes in the millions or tens of millions, and we need to understand that.

同樣，當您考慮我們需要了解單細胞和跨細胞表達的異質性時 - 在整個人體中，體內有數十萬億個細胞。因此，如果你想做一個有代表性的——統計上具有代表性的實驗，你不需要像今天人們所做的那樣只需要數千個細胞，你需要數百萬或數千萬的大小，我們需要了解這一點。

And so those are the kinds of experiments that we're getting pushed on and say, okay, if you can just keep driving the prices down, it just opens up the large research areas which then will translate into a future area of new diagnostics, new screening modalities as well as new therapeutics. And so that's -- those are the kinds of big, big markets that get opened up.

所以這些是我們正在推動的實驗類型，好吧，如果你能繼續壓低價格，它只會打開大型研究領域，然後將轉化為新診斷的未來領域，新的篩查方式和新的治療方法。這就是——那些是開放的大市場。

Today, if you look at the top 10 causes of death for mankind, genomics helps address cancer, one of those top 10. The reality is that if you play this out a decade, maybe longer, genomics is going to help us address all 10. But to really understand the biology, we need an enormous amount of research to be done. And then we need an entirely new set of diagnostic screens and therapeutics. And so that's what gets enabled.

今天，如果你看看人類的前 10 大死因，基因組學有助於解決癌症，這是前 10 名之一。現實情況是，如果你把這個問題研究 10 年，甚至更長時間，基因組學將幫助我們解決所有 10 個問題. 但是要真正了解生物學，我們需要做大量的研究。然後我們需要一套全新的診斷篩查和治療方法。這就是啟用的功能。

Yes. And Puneet, thanks for the question on pricing. So maybe just to walk you through what we do typically, which is -- and this is what we did in Q1, which is very consistent with what we've done in past years. We usually take, I would say, a low single-digit price increase on some of our products, not all of our products. It's mostly on the reagent side and also on library prep.

是的。還有 Puneet，感謝有關定價的問題。所以也許只是為了讓你了解我們通常做的事情，這就是我們在第一季度所做的，這與我們過去幾年所做的非常一致。我會說，我們通常會對我們的一些產品而不是我們的所有產品採取低個位數的價格上漲。它主要是在試劑方面和圖書館準備方面。

And as I said, it's in the low single digit. This is very consistent with what we do every year. So it has some impact on the full year. It's embedded within the guidance that we've given. But it's nothing unusual compared to past years. We have not done anything that's a significant inflationary price increase that we passed on to our customers. We have not done any freight increases at this point. So we've done our typical price increase that we do in Q1.

正如我所說，它處於低個位數。這與我們每年所做的非常一致。所以對全年都有一定的影響。它嵌入在我們提供的指導中。但與過去幾年相比，這並沒有什麼不尋常的。我們沒有做任何會導致我們傳遞給客戶的通脹性價格大幅上漲的事情。目前我們還沒有增加運費。所以我們已經完成了我們在第一季度所做的典型價格上漲。

We'll take our next question from the line of Patrick Donnelly.

我們將從帕特里克·唐納利（Patrick Donnelly）的台詞中提出下一個問題。

Francis, maybe one on the clinical market. Obviously, the momentum there continues to build for really strong numbers. Can you just talk about where you're seeing the most strength underlying there? And then, obviously, you talked a little bit about the competition. How confident you are in kind of your positioning there as maybe some more people come after the clinical side?

弗朗西斯，也許是臨床市場上的一位。顯然，那裡的勢頭繼續為真正強勁的數字而建立。你能談談你認為那裡最強大的地方嗎？然後，顯然，你談到了競爭。您對自己的定位有多大信心，因為可能會有更多的人來到臨床方面？

Yes. The -- we are seeing real strength across the board in the clinical market. So if you look across regions, we're seeing a huge amount of strength, obviously, in Americas and so on. But even in China, where we talked about the COVID restrictions, we still had strong momentum in the clinical market and signed up, as Sam pointed out, 38 new hospitals as well.

是的。 - 我們在臨床市場上看到了全面的實力。因此，如果您放眼各個地區，我們顯然會在美洲等地看到巨大的力量。但即使在我們談到 COVID 限制的中國，我們在臨床市場上的勢頭仍然強勁，正如 Sam 指出的那樣，我們還簽約了 38 家新醫院。

So what's driving that? One of the biggest drivers of that is oncology testing for therapy selection. The coverage that's been put in place for that, the move from smaller panels to comprehensive genomic profiling that requires larger panels. Now people looking at clinical exomes, that's driving a huge amount of strength.

那麼是什麼驅動了它呢？最大的驅動因素之一是用於治療選擇的腫瘤學測試。覆蓋範圍已經到位，從較小的面板轉移到需要更大面板的綜合基因組分析。現在人們關注臨床外顯子組，這正在推動巨大的力量。

And if you look at a number of our metrics, whether it's the consumables that are being pulled into that market or even the NovaSeqs, we saw, for example, I think it was about 40% of our NovaSeqs that were shipped in Q1 went to oncology testing customers. And so I'd start by saying that oncology testing for therapy selection is a juggernaut that drove a lot of our growth in the clinical markets last year. It's continuing to play out this year because a lot of the -- a lot of the underlying demand drivers are still strong.

如果您查看我們的一些指標，無論是被拉入該市場的耗材，還是 NovaSeq，我們看到，例如，我認為第一季度出貨的 NovaSeq 中約有 40% 流向了腫瘤學檢測客戶。因此，我首先要說的是，用於治療選擇的腫瘤學測試是推動我們去年在臨床市場上的大量增長的主宰。今年它繼續發揮作用，因為很多潛在的需求驅動因素仍然很強勁。

We also saw, though, strong demand in genetic disease testing, and that had another strong quarter in Q1. And some of the similar dynamics are playing out there. The dramatic expansion in coverage over the last couple of years is really helping fuel that demand. In addition, that -- those applications are sequencing intensive applications. So you're talking about clinical whole genomes, you're talking about trios where those are available. And so that is continuing to fuel some of the demand in the clinical markets that we are seeing. And that has a lot of headroom in front of it in both of those markets.

不過，我們也看到了對遺傳病檢測的強勁需求，並且在第一季度又出現了強勁的季度。一些類似的動態正在那裡上演。過去幾年覆蓋面的急劇擴大確實有助於推動這種需求。此外，那些應用程序是排序密集型應用程序。所以你說的是臨床全基因組，你說的是可用的三重奏。因此，這將繼續推動我們所看到的臨床市場的一些需求。這在這兩個市場都有很大的空間。

The clinical market actually is a 1 market -- is a market where, I think, we have a special strength, right? Because we have established, over the last decade, a number of things that customers really like. So for example, we have cleared boxes, both the MiSeqDx, which got clearance in 2013, but also now we have the NextSeq Dx that's available to customers, and we are marching down the path to deliver a NovaSeq Dx. That puts us in a unique position at this point is that if you want to develop on a cleared box, we are a really great choice for you.

臨床市場實際上是一個市場——我認為，這是一個我們有特殊實力的市場，對吧？因為在過去十年中，我們已經建立了許多客戶真正喜歡的東西。因此，例如，我們已經清理了盒子，包括 MiSeqDx，它在 2013 年獲得了許可，而且現在我們有了可供客戶使用的 NextSeq Dx，我們正在朝著交付 NovaSeq Dx 的道路前進。這讓我們在這一點上處於一個獨特的位置，如果你想在一個乾淨的盒子上開發，我們對你來說是一個非常好的選擇。

In addition, we have some end-to-end workflows that are really exciting to our customers. TSO 500 is a fantastic product. And we talked about the fact that if you look at Q1, TSO 500 had really, really strong growth, growing over 100% from the previous year Q1. And then we're also continuing to see demand for our VeriSeq NIPT end-to-end workflow. So again, that positions us especially well against anyone else who's looking for -- in terms of customers looking for cleared workflows that they can buy and use.

此外，我們還有一些端到端的工作流程，這對我們的客戶來說非常令人興奮。 TSO 500 是一款出色的產品。我們談到了這樣一個事實，如果你看第一季度，TSO 500 的增長非常非常強勁，比去年第一季度增長了 100% 以上。然後我們也繼續看到對我們的 VeriSeq NIPT 端到端工作流程的需求。再說一次，這使我們與正在尋找的其他任何人相比都特別好 - 就客戶而言，他們正在尋找他們可以購買和使用的清晰工作流程。

And then even customers that are running in LDT mode, they have spent a long time developing their own validated workflows on our instruments, even if they're using our non-DX instruments, but it's taken them a long time to build up their validated workflows and to bring those to scale. And so from their perspective, it's a better thing in terms of running their labs to just continue to expand the relationship with Illumina. And so those are some of the dynamics in that space.

即使是在 LDT 模式下運行的客戶，他們也花了很長時間在我們的儀器上開發自己經過驗證的工作流程，即使他們使用的是我們的非 DX 儀器，但他們花了很長時間來建立他們經過驗證的工作流程工作流程並使其規模化。因此，從他們的角度來看，就運營他們的實驗室而言，繼續擴大與 Illumina 的關係是一件更好的事情。因此，這些是該領域的一些動態。

We'll take our next question from the line of Vijay Kumar.

我們將從 Vijay Kumar 的台詞中提出下一個問題。

Just one, Sam, on the guidance here for 2Q. I think at the midpoint, even backing out the 300 basis points impact from China lockdown, I think it's $1.25 billion that's below Street models. Maybe talk about any cadence issues. Is that a comp issue or Street modeling issue? Talk about the 2Q guide.

山姆，這裡只有一個關於 2Q 的指導。我認為在中點，即使剔除中國封鎖帶來的 300 個基點的影響，我認為仍低於街頭模型 12.5 億美元。也許談論任何節奏問題。這是一個comp問題還是Street建模問題？談談2Q指南。

And then a related question on supply chain -- in Q1, earnings was -- came in, I think, 19% above Street models. Any cadence issue of expenses, your incremental supply chain pressures that the guide is baking in given the strength of Q1?

然後是關於供應鏈的一個相關問題——在第一季度，收益是——我認為，比街頭模型高出 19%。任何費用的節奏問題，鑑於第一季度的實力，您的指南正在承受的增量供應鏈壓力？

Yes. So with regards to Q2, Vijay, and thanks for the question. I mean, I think, the main thing is, yes, there is a 300 basis point impact on growth from China. There is an additional impact on growth in Q2 year-over-year as well, which I don't think you're factoring in, which is that back in Q2 of 2021, we had a onetime benefit from an NIPT settlement. It was $20 million. So that's an impact on growth as well.

是的。所以關於第二季度，Vijay，謝謝你的問題。我的意思是，我認為，主要的是，是的，中國對經濟增長有 300 個基點的影響。對第二季度的同比增長也有額外的影響，我認為你沒有考慮到這一點，那就是早在 2021 年第二季度，我們曾經從 NIPT 和解中受益。這是2000萬美元。所以這對增長也有影響。

Now that's a year-over-year impact, not a sequential impact, which I think was your other question in terms of sequentially, whether there's anything there. I wouldn't say there's anything specific other than the fact, sequentially, obviously, that China is a $35 million negative impact in Q2. We are very -- still very confident with the guide that we have with the second half momentum that we expect to see. And, again, I would say, if you look at Q2, there's also the UK Biobank noise, which we will lap at the end of Q3.

現在這是逐年影響，而不是順序影響，我認為這是您在順序方面的另一個問題，是否有任何東西。我不會說除了中國在第二季度造成 3500 萬美元的負面影響這一事實之外，還有什麼特別的。我們對我們期望看到的下半年勢頭的指南非常 - 仍然非常有信心。而且，我想說，如果你看第二季度，還有英國生物銀行的噪音，我們將在第三季度末進行討論。

With regards to your question around supply chain and any impact of that, I mean, listen, supply chain is pressured, I think, for most companies. It's reflected in our guide in terms of operating margin. There isn't anything incremental that we are expecting to see in the second half. This is the first half. We are expecting now, if you look at our operating margin profile first half/second half, our operating margins are roughly about 14%, this is consolidated in the first half; roughly around 17% in the second half. Some of that is driven by the fact that our revenues scale up in the second half.

關於你關於供應鏈的問題以及由此產生的任何影響，我的意思是，我認為，對於大多數公司來說，供應鏈都受到壓力。它反映在我們的營業利潤率指南中。我們預計下半年不會出現任何增量。這是上半場。我們現在預計，如果您查看我們上半年/下半年的營業利潤率概況，我們的營業利潤率約為 14%，這是上半年合併的；下半年約為 17%。其中一些原因是我們的收入在下半年擴大了。

But despite the supply chain pressures that I think we're managing really effectively to make sure that there's no disruption and really offsetting some of the additional costs, I'd say our -- we are still very confident about our operating margin guidance for the year and the sequential growth that we see in the second half.

但是，儘管我認為我們正在有效地管理供應鏈壓力，以確保沒有中斷並真正抵消了一些額外成本，但我想說我們的 - 我們仍然對我們的營業利潤率指導充滿信心年和我們在下半年看到的連續增長。

We'll take our next question from the line of Luke Sergott.

我們將從 Luke Sergott 的台詞中提出下一個問題。

Can you talk about the GRAIL adoption? I know you've talked about this a little bit, but outside of concierge and the executive health plans kind of the demand that you're seeing there from just the regular normal customer?

你能談談GRAIL的採用嗎？我知道你已經談到了一點，但除了禮賓服務和行政健康計劃之外，你只是從普通普通客戶那裡看到的那種需求？

Yes, sure. Outside of the things you talked about, we are seeing adoption from groups like employers. And it was really -- it's unexpected and it's exciting to see the range of industries where employers are signing up. So the thesis that said you expect some of the early adopter industries like maybe tech, maybe financial services where they are -- they tend to be earlier adopters of benefit. So you expected to see some of those employers. But the range of industries represented was an upside surprise. So for example, logistics and transport companies, media companies. It's a broader list than you would expect, and that continued in Q1 as well.

是的，當然。除了你談到的事情之外，我們還看到了雇主等團體的採用。真的 - 這是出乎意料的，看到雇主簽約的行業範圍令人興奮。所以論文說你期望一些早期採用者的行業，比如科技，也許是金融服務業——他們往往是利益的早期採用者。所以你希望看到其中一些雇主。但所代表的行業範圍令人驚訝。例如，物流和運輸公司、媒體公司。這是一個比您預期的更廣泛的列表，並且在第一季度也繼續存在。

They're also signing up beyond concierge systems. They're signing up health systems that like Point32 that we pointed out, life insurance companies like Munich Re. And then there's certainly a retail element to what they're getting to and off their website through their partnership with Genomic Health. And that continues to grow as well. And that's also driving the -- their interest in wanting to continue to expand their profile in front of consumers. And so you should expect them to see more in terms of getting the GRAIL brand and the Galleri brand in front of consumers.

他們還在禮賓系統之外進行註冊。他們正在簽署像我們指出的 Point32 這樣的衛生系統，以及像慕尼黑再保險公司這樣的人壽保險公司。然後，通過與 Genomic Health 的合作，他們進出網站的內容肯定有零售元素。而且這種情況還在繼續增長。這也推動了他們想要繼續在消費者面前擴大形象的興趣。因此，您應該期望他們在將 GRAIL 品牌和 Galleri 品牌展示在消費者面前方面看到更多。

They're also expanding their reach directly to oncologists, and we talked about the fact that they're expanding their staff. A part of that was expanding their commercial staff, their sales staff that actually calls on doctors. And so that will continue to expand demand, both in terms of bringing new prescribing doctors into the fold, but also continuing to expand the number of tests that a prescribing doctor orders.

他們還直接將業務範圍擴大到腫瘤科醫生，我們談到了他們正在擴大員工隊伍的事實。其中一部分是擴大他們的商業人員，他們的銷售人員實際上需要醫生。因此，這將繼續擴大需求，無論是在引入新的處方醫生方面，還是在繼續擴大處方醫生訂購的測試數量方面。

We'll take our next question from the line of John Sourbeer.

我們將從 John Sourbeer 的系列中提出下一個問題。

Just 2 parter here. On the GRAIL MRD assay. Any updates there on potential studies or milestones on the way as we look into the 2023 launch? And then on Chemistry X, details have been limited. But what has been the initial customer feedback there given the record NovaSeq backlog and potential for the new platforms in the horizon, just what has customer said, the initial feedback there?

這裡只有 2 人。在 GRAIL MRD 檢測上。在我們調查 2023 年發布的過程中，是否有關於潛在研究或里程碑的更新？然後在化學 X 上，細節受到限制。但是，考慮到創紀錄的 NovaSeq 積壓和即將出現的新平台的潛力，那裡的初始客戶反饋是什麼，客戶所說的初始反饋是什麼？

Sure. The GRAIL team continues to make progress in their MRD. We are excited about what that would bring to the market, using their sort of hypothesis-free, tumor-naive approach into the market. We think that's a valuable assay for customers and allows them to get tested more quickly than an approach that requires a tissue sample, for example. So we think it will be a valuable add into the market. At this point, we don't have any additional updates other than the team is continuing to work on it and making progress. But as soon as we have some, we will make sure to share it.

當然。 GRAIL 團隊繼續在他們的 MRD 方面取得進展。我們對這將給市場帶來的東西感到興奮，使用他們那種無假設、無腫瘤的方法進入市場。我們認為這對客戶來說是一種有價值的檢測方法，並且可以讓他們比需要組織樣本的方法更快地進行測試。因此，我們認為這將是對市場的寶貴補充。目前，除了團隊繼續努力並取得進展外，我們沒有任何其他更新。但是，一旦我們有一些，我們將確保分享它。

The initial reaction from customers on Chemistry X has been very positive, just building excitement around what it could do. Obviously, at this point, it's not tied to a specific instrument and sort of curiosity around when and through what form factor they'll get access to Chemistry X, but there's general enthusiasm around the promise of the new era of chemistry for SBS.

客戶對 Chemistry X 的最初反應非常積極，只是圍繞它可以做的事情建立了興奮。顯然，在這一點上，它與特定的儀器無關，也沒有對他們何時以及通過何種形式獲得化學 X 的好奇心，但人們普遍對 SBS 化學新時代的承諾充滿熱情。

And they've all seen what SBS has done over the last 17 years. And so a huge amount of enthusiasm for the next leg of this journey. Sorry, let me just say that -- I will say though -- having said all that, it hasn't really muted as you've seen the demand for our existing instrument, the NextSeq 1000/2000, the NovaSeqs. We continue to see really strong demand for those instruments.

他們都看到了 SBS 在過去 17 年裡所做的一切。對這一旅程的下一站充滿了極大的熱情。抱歉，我只想說——儘管我會說——說了這麼多，它並沒有真正減弱，因為您已經看到對我們現有儀器 NextSeq 1000/2000、NovaSeqs 的需求。我們繼續看到對這些工具的強勁需求。

And that's because our customers know we have a history of looking after our customers as we launch new products, right, by providing them very robust upgrade paths and looking at what they've ordered in the backlog and making sure they are happy about, how we can move orders to new instruments, if that's what they choose. And so we've established, I think, a good track record of carrying people through an upgrade process and whether it's trade in policies.

那是因為我們的客戶知道我們有在推出新產品時照顧客戶的歷史，正確的，通過為他們提供非常強大的升級路徑並查看他們在積壓中訂購的內容並確保他們滿意，如何如果他們願意，我們可以將訂單轉移到新工具上。因此，我認為，我們已經建立了一個良好的記錄，讓人們通過升級過程以及是否是政策交易。

And so that track record over the last decade, I think, is helping in terms of customers feeling confident about moving forward with instruments, knowing that, to the extent that we launch an instrument that upgrades any part of our portfolio, we will have very robust upgrade programs for them.

因此，我認為，過去十年的業績記錄有助於讓客戶對使用儀器充滿信心，因為我們知道，只要我們推出一種升級我們產品組合任何部分的儀器，我們將擁有非常為他們提供強大的升級程序。

We'll take our next question from Jack Meehan.

我們將向 Jack Meehan 提出下一個問題。

I had 3 questions on GRAIL. First, NCI recently had a blog post on multi-cancer testing. In that they talked about detecting cancer itself not being enough, the MCED test need to improve survival. So Francis, I was curious to get what your response is to that.

我有 3 個關於 GRAIL 的問題。首先，NCI 最近發表了一篇關於多癌症檢測的博文。因為他們談到檢測癌症本身是不夠的，所以 MCED 測試需要提高生存率。所以弗朗西斯，我很想知道你對此的反應是什麼。

Second, just latest thoughts on time line for FDA approval of Galleri. And then finally, just your level of confidence that the study is underway, the enrollment is large enough to get FDA approved.

其次，關於 FDA 批准 Galleri 的時間線的最新想法。最後，只要您對研究正在進行的信心水平，註冊人數就足以獲得 FDA 批准。

Yes. So let's go through all 3. I'll start by talking about the NCI commentary. And frankly, just the idea that, look, ultimately, you do want to see the impact on survival rates. And so that's going to be important and that's something we're going to be tracking over the next few years. Obviously, it will take a long time to get that kind of data. But we will get it, of course.

是的。所以讓我們來看看所有 3。我將從談論 NCI 評論開始。坦率地說，只是這個想法，看，最終，你確實希望看到對生存率的影響。所以這將很重要，這是我們將在未來幾年內跟踪的內容。顯然，要獲得這樣的數據需要很長時間。但我們當然會得到它。

Now having said that, we do know that survival rates for cancer are very different depending on the stage you catch cancers. But even for a deadly cancer like a pancreatic cancer, survival rates are higher If you catch the pancreatic cancer early versus catching a cancer late. And the disease burden of cancer is so high; 10 million people a year die of cancer, 600,000 in the U.S. here alone. And because the fact that you have a higher survival rate, when you catch it early, we know that 71% of the people who die from cancer die from cancers that have no screens because you can't catch those type of cancers early.

話雖如此，我們確實知道癌症的存活率因您患上癌症的階段而異。但即使對於像胰腺癌這樣的致命癌症，如果你早期發現胰腺癌而不是晚期發現癌症，存活率也會更高。癌症的疾病負擔如此之高；每年有 1000 萬人死於癌症，僅在美國就有 60 萬人死於癌症。因為你有更高的存活率，當你及早發現它時，我們知道 71% 死於癌症的人死於沒有篩查的癌症，因為你不能及早發現這些類型的癌症。

And so those are the -- that's the facts -- the facts that we know that are fueling doctors to prescribe this test to their patients. And now they're up to 2,400 doctors that prescribe -- now remember that this test was only launched in June. So we went from 0 doctors a year ago to now 2,400 doctors that are confident and comfortable prescribing this test to their patients.

所以這些是 - 這就是事實 - 我們知道的事實正在推動醫生為他們的病人開這個測試。現在他們有多達 2,400 名醫生開處方——現在請記住，這項測試是在 6 月才推出的。因此，我們從一年前的 0 名醫生增加到現在的 2,400 名醫生，他們有信心和舒適地為他們的患者開具這項測試。

And so I think that's going to continue to build. And while it's continuing to build, we'll continue to build the data set to ultimately track this to survival rates. And so you'll get that data eventually. But in the meantime, we believe a lot of lives will be saved on the way.

所以我認為這將繼續建立。在繼續構建的同時，我們將繼續構建數據集以最終跟踪其生存率。所以你最終會得到這些數據。但與此同時，我們相信許多生命將在此過程中得救。

The team has continued to make progress in terms of engaging with the FDA. There is no new time lines to be announced. I don't think the size of the study is going to be the problem. I think it'll just take time. I think they've powered the studies they need sufficiently, and the dialogue has been constructive with the FDA.

該團隊在與 FDA 合作方面繼續取得進展。沒有新的時間表要宣布。我不認為研究的規模會成為問題。我認為這需要時間。我認為他們已經為他們需要的研究提供了足夠的支持，並且與 FDA 的對話是建設性的。

That concludes our Q&A session. I'll now hand the call back over to Salli Schwartz.

我們的問答環節到此結束。我現在將電話轉回給 Salli Schwartz。

Great. Thank you for joining us today. As a reminder, a replay of this call will be available in the Investors section of our website. This concludes our call, and we look forward to our next update with you following the close of our second fiscal quarter of 2022.

偉大的。感謝您今天加入我們。提醒一下，本次電話會議的重播將在我們網站的“投資者”部分提供。我們的電話到此結束，我們期待在 2022 財年第二季度結束後與您一起進行下一次更新。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。