Standard BioTools Inc (LAB) 2024 Q1 法說會逐字稿

Good day, and welcome to the Standard BioTools, Inc. first-quarter 2024 earnings conference call. (Operator Instructions)

美好的一天，歡迎參加 Standard BioTools, Inc. 2024 年第一季財報電話會議。（操作員說明）

Please note, today's event is being recorded.

請注意，今天的活動正在錄製中。

It is now my pleasure to introduce David Holmes of Investor Relations.

現在我很高興向大家介紹投資者關係部門的大衛‧霍姆斯。

Thank you, operator, and good afternoon, everyone. Welcome to Standard BioTools' first-quarter 2024 earnings conference call. Leading the call today is Michael Egholm, President and Chief Executive Officer; and Jeff Black, Chief Financial Officer.

謝謝接線員，大家下午好。歡迎參加 Standard BioTools 2024 年第一季財報電話會議。今天主持電話會議的是總裁兼執行長 Michael Egholm；和財務長傑夫·布萊克。

At the close of market today, Standard BioTools released its financial results for the quarter ended March 31, 2024. During the call, we will review our results and provide an update on our financial and operational performance, 2024 outlook, market trends, and strategic initiatives. During this call, we will be making forward-looking statements about events and circumstances that have not yet occurred, including plans, projections of our business, our outlook for 2024, and future financial results, market trends and opportunities, and our expectations related to the combined operations with SomaLogic, including potential synergies and our business outlook for the combined company.

今天收盤時，Standard BioTools 發布了截至 2024 年 3 月 31 日的季度財務業績。在電話會議期間，我們將審查我們的業績，並提供有關我們的財務和營運業績、2024 年前景、市場趨勢和策略舉措的最新資訊。在本次電話會議中，我們將就尚未發生的事件和情況做出前瞻性陳述，包括我們的業務計劃、預測、2024 年的展望以及未來的財務業績、市場趨勢和機遇，以及我們對以下方面的預期：與 SomaLogic 的合併運營，包括潛在的協同效應以及我們對合併後公司的業務前景。

These statements are subject to substantial risks and uncertainties that may cause actual events or results to differ materially from current expectations. The forward-looking statements on this call are based on information currently available to us, and we disclaim any obligation to update these statements, except as may be required by law.

這些陳述存在重大風險和不確定性，可能導致實際事件或結果與目前預期有重大差異。本次電話會議中的前瞻性陳述基於我們目前掌握的信息，我們不承擔更新這些陳述的義務，除非法律要求。

During the call, we will also present some financial information on a non-GAAP basis. We believe these non-GAAP financial measures are useful in evaluating our core performance and is a baseline for assessing the future earnings potential of the company. We use these non-GAAP measures in our own evaluation of continuing operating performance. We encourage you to carefully consider our results on a GAAP and non-GAAP basis. The reconciliation between non-GAAP measures and their GAAP equivalents are provided in the tables accompanying today's press release and as an appendix to today's presentation slides.

在電話會議期間，我們還將提供一些基於非公認會計原則的財務資訊。我們相信這些非公認會計準則財務指標有助於評估我們的核心業績，並且是評估公司未來獲利潛力的基準。我們在評估持續經營績效時使用這些非公認會計準則衡量標準。我們鼓勵您根據公認會計原則和非公認會計原則仔細考慮我們的結果。今天新聞稿隨附的表格以及今天簡報投影片的附錄中提供了非公認會計準則衡量標準與其公認會計準則同等衡量標準之間的對帳。

Please note, management will be referring to a slide presentation, including updated supplemental financial information within the webcast today. Following management's remarks, we will host a Q&A session. Today's slide presentation, along with a replay of the webcast, are available on the Investors section of our website.

請注意，管理層將參考幻燈片演示，包括今天網路廣播中更新的補充財務資訊。在管理階層發表演說後，我們將舉辦問答環節。今天的幻燈片簡報以及網路廣播的重播可在我們網站的投資者部分取得。

I would now like to turn the call over to Michael Egholm, President and CEO of Standard BioTools. Michael?

我現在想將電話轉給 Standard BioTools 總裁兼執行長 Michael Egholm。麥可？

Thank you, David. We greatly appreciate everyone joining us on today's call after successful first year of operation at Standard BioTools. And now on to our first full quarter with an integrated SomaScan platform and SomaLogic team. Integrating technologies is hard; integrating culture is harder. But this has been one of the smoothest of the dozens I've been involved in all my career.

謝謝你，大衛。在 Standard BioTools 成功營運第一年後，我們非常感謝大家參加今天的電話會議。現在進入我們第一個完整季度的整合式 SomaScan 平台和 SomaLogic 團隊。整合技術是很困難的；文化融合更難。但這是我職業生涯中參與過的數十次中最順利的一次。

Thanks to the management team at SomaLogic who leaned in and helped the operating team at Standard through the hard work of bringing diverse organizations and platforms together. It is a testament to both cultures and clear recognition that each believed in the statement that we are indeed better together. So thank you to everyone involved.

感謝 SomaLogic 的管理團隊透過努力將不同的組織和平台整合在一起，為 Standard 的營運團隊提供了幫助。這是對兩種文化的證明，也證明了雙方都相信「我們在一起確實會更好」這一說法。所以感謝所有參與的人。

Now on to the realization of that teamwork on the power of scale in life sciences. We are ahead of plan on operating synergy target and now expect to achieve $50 million of the $80 million expected synergies we projected by the end of this year. Next year, we'll capture the remaining $30 million of that initial synergy target. As an organization, we are laser focused on reducing cash burn and accelerating profitability while maintaining long-term growth prospects to focus investments in our commercial organization and our R&D pipeline.

現在讓我們來認識生命科學中團隊合作的規模力量。我們提前實現了營運綜效目標，預計到今年年底將實現 8,000 萬美元預期綜效中的 5,000 萬美元。明年，我們將實現初始協同目標中剩餘的 3,000 萬美元。作為一個組織，我們專注於減少現金消耗和提高獲利能力，同時保持長期成長前景，並專注於投資我們的商業組織和研發管道。

Importantly, in addition to the operational technological and financial leverage achieved in the combination, we are experiencing the early benefits of a more diversified revenue and customer mix. As our peers have discussed this quarter, it remains a challenging market for capital equipment sales in life sciences, perhaps one of the most challenging in the last decade.

重要的是，除了合併中實現的營運技術和財務槓桿之外，我們還正在體驗更多元化的收入和客戶組合的早期好處。正如我們的同行本季所討論的那樣，對於生命科學領域的資本設備銷售來說，這仍然是一個充滿挑戰的市場，也許是過去十年中最具挑戰性的市場之一。

At Standard, while we are seeing similar headwinds, our consumable and service business, which now includes SomaScan and its high-quality service offering, are helping to smooth our growth while we continue to expand our overall corporate gross margins and reduce cost and cash burn.

在Standard，雖然我們也遇到了類似的不利因素，但我們的耗材和服務業務（現在包括SomaScan 及其高品質的服務產品）正在幫助我們平穩成長，同時我們繼續擴大公司整體毛利率並降低成本和現金消耗。

Now let's dive into our quarterly performance and some highlights from our product portfolio. In the first quarter, on a pro forma combined basis, we observed revenue growth of roughly 2% year over year. This is 80% revenue growth on an as-reported basis year over year with the impact of SomaScan revenue in 2024. This is largely in line with our expectation, considering the aforementioned ongoing macroeconomic challenges impacted the life science industry with extended sales cycles, which again post some instrument purchases beyond Q1.

現在讓我們深入了解我們的季度業績以及我們產品組合的一些亮點。在第一季度，以預計合併計算，我們觀察到營收年增約 2%。受 2024 年 SomaScan 營收的影響，依報告所述，營收年增 80%。考慮到上述持續的宏觀經濟挑戰影響了生命科學產業，導致銷售週期延長，這在很大程度上符合我們的預期，第一季之後再次出現了一些儀器採購。

Importantly, with the benefits of cost rationalization, we delivered a 26% reduction in non-GAAP operating expenses and 45% adjusted EBITDA improvement on a pro forma combined basis. This is the power of the Standard BioTools model, actively pursuing M&A as an augmentation to organic growth, building scale in a highly fragmented space, and using that to achieve operational leverage.

重要的是，憑藉成本合理化的好處，我們的非 GAAP 營運費用減少了 26%，預計合併後的調整後 EBITDA 提高了 45%。這就是 Standard BioTools 模型的力量，積極尋求併購作為有機成長的增強，在高度分散的空間中建立規模，並利用它來實現營運槓桿。

Our expanded portfolio offers product across multiple distinct product categories, including instruments, consumables, field-based service, and now our SomaScan service. To give you a sense of our sales mix this quarter, on a pro forma combined basis, instruments accounted for approximately 11% of revenue in Q1, consumables and kits made up 40%, instrument support service is 13%, and SomaScan service is 34%.

我們擴展的產品組合提供跨多個不同產品類別的產品，包括儀器、耗材、現場服務以及現在的 SomaScan 服務。為了讓您了解我們本季的銷售組合，在預計合併的基礎上，儀器約佔第一季營收的 11%，耗材和套件佔 40%，儀器支援服務佔 13%，SomaScan 服務佔 34% %。

Importantly, our combined recurring sources of consumable and instrument support services, revenue bolstered by our extensive service and kit offerings represented about 90% of total revenue, which served as a nice offset to softer capital equipment purchases.

重要的是，我們的耗材和儀器支援服務的綜合經常性來源、我們廣泛的服務和套件產品帶來的收入約佔總收入的 90%，這很​​好地抵消了資本設備採購的疲軟。

While our SomaScan business is still concentrated in a few handful of key pharma accounts, where revenue can be lumpy and is dependent on timing of projects and available budgets, these expanded revenue services further enhanced our diversification. And the more diversified we become, the better we can navigate capital sites like that we currently -- like the one we currently find ourselves operating in.

雖然我們的 SomaScan 業務仍然集中在少數幾個關鍵製藥客戶中，這些客戶的收入可能不穩定，並且取決於專案的時間表和可用預算，但這些擴大的收入服務進一步增強了我們的多元化。我們變得越多元化，就越能更好地駕馭像我們目前這樣的資本網站——就像我們目前發現自己經營的資本網站一樣。

Furthermore, these offerings cater to a broad customer base across academic research in biopharma, positioning us well for sustained growth in these large and attractive markets. We believe the key opportunity to leverage our combined technology platforms for future offerings, particularly expanding our existing lab service business into a multimodality offering providing customers premium data with clinical solution support in a model we call multi-omics as a service. This approach is a natural of extension of what we are and provides a quicker path to technology adoption while avoiding some of the capital budget constraints currently facing the broader biopharma market.

此外，這些產品迎合了生物製藥學術研究領域的廣泛客戶群，使我們能夠在這些龐大且有吸引力的市場中實現持續成長。我們相信，這是利用我們的組合技術平台開發未來產品的關鍵機會，特別是將我們現有的實驗室服務業務擴展到多模態產品，以我們稱為多組學即服務的模式為客戶提供優質數據和臨床解決方案支援。這種方法是我們的延伸，提供了更快的技術採用途徑，同時避免了目前更廣泛的生物製藥市場面臨的一些資本預算限制。

We are also exploring new models to selling SomaScan both with a lower plex, more cost-effective model and a single SOMAmer reagents. Of the most exciting is the early -- traction from our partnership with Illumina, which will broaden market access to the Illumina NGS partnership. We are off to a strong start and Illumina began its early access program with a small number of customers in the first quarter. Early feedback has been overwhelmingly positive. As a reminder, this jointly developed product allows customers to run the high plex SomaScan had, utilizing the installed base of (inaudible) as an [NDS] readout.

我們也正在探索銷售 SomaScan 的新模型，這兩種模型具有更低的複雜性、更具成本效益的模型和單一 SOMAmer 試劑。最令人興奮的是我們與 Illumina 合作的早期推動力，這將拓寬 Illumina NGS 合作夥伴關係的市場准入。我們有了一個良好的開端，Illumina 在第一季就開始了與少數客戶的早期訪問計劃。早期的回饋非常正面。提醒一下，這款共同開發的產品允許​​客戶運行高複雜性 SomaScan，利用（聽不清楚）的安裝基礎作為 [NDS] 讀數。

As demonstrated by our successful authorized program, there's clear demand from our customers to be able to run the assay on a distributed basis or kits basis. The teams from both companies are working closely together. And Illumina is on track for a full commercial release in early 2025.

正如我們成功的授權計劃所證明的那樣，我們的客戶明確要求能夠在分散式基礎上或在試劑盒基礎上運行檢測。兩家公司的團隊正在密切合作。Illumina 預計於 2025 年初全面商業發售。

Standard BioTools is a true enabler for scientists, allowing them to answer the most difficult questions they have. While we focus on building omic solutions, our job is to supply services, instruments, and consumable for researchers to produce the omic answer that's relevant to their scientific question. This is how we fundamentally look at our business and business units.

Standard BioTools 是科學家真正的推動者，使他們能夠回答最困難的問題。雖然我們專注於建立組學解決方案，但我們的工作是為研究人員提供服務、儀器和消耗品，以產生與其科學問題相關的組學答案。這就是我們從根本上看待我們的業務和業務部門的方式。

If you look at our business today through an omic lens, our performance was as follows: proteomics accounted for roughly 80% of our total revenue this quarter, representing a 3% increase year over year. We continue to lead with the industry's most comprehensive and differentiated proteomics platform, comprising high plex plasma proteomics, flow cytometry, and spatial biology. Despite the modest year-over-year growth, we have a high conviction that these technology represent exciting near- and long-term growth opportunities due to the innovative applications and strong end market demand.

如果你從組學角度來看我們今天的業務，我們的表現如下：蛋白質體學約佔本季我們總營收的 80%，年成長 3%。我們繼續以業界最全面且差異化的蛋白質體學平台處於領先地位，包括高複合血漿蛋白質體學、流式細胞儀和太空生物學。儘管同比成長不大，但我們堅信，由於創新應用和強勁的終端市場需求，這些技術代表了令人興奮的近期和長期成長機會。

Our genomic solution are currently in decline. And as discussed before, we manage our legacy microfluidic solution for profitability, not growth. While down 6% year over year, the bright spot is our strategic transition to use this technology as an OEM provider and strategic enabler to a core set of customers. Including another leading proteomics company, which currently has approximately 200 of the OEM instruments in the field, which are again dependent on our microfluidics consumables.

我們的基因組解決方案目前正在下降。如同先前所討論的，我們管理傳統的微流體解決方案是為了獲利，而不是成長。雖然年減 6%，但亮點是我們的策略轉型，將這項技術用作 OEM 提供者和核心客戶群的策略推動者。其中包括另一家領先的蛋白質組學公司，該公司目前在該領域擁有約 200 台 OEM 儀器，這些儀器再次依賴我們的微流控耗材。

Finally, we have been laser focused on strategic capital allocation to drive long-term value creation. We are committed to targeted investment in our existing technologies and platforms and to M&A, of which we have a full pipeline of potential partners. We also preserve shareholder value via share buybacks and opportunistically simplifying our capital structure.

最後，我們一直專注於策略資本配置，以推動長期價值創造。我們致力於對現有技術和平台進行有針對性的投資以及併購，我們擁有完整的潛在合作夥伴管道。我們也透過股票回購和機會主義簡化資本結構來維護股東價值。

To that end, in mid-March, we announced an agreement with our two largest shareholders, Viking Global and Casdin Capital, to exchange all outstanding shares of the CSB convertible preferred stock for shares of common stock and eliminated all associated CSB preferred rights and privileges. Coupled with our share buyback, these actions represent major steps forward in streamlining and simplifying our capital structure, which we believe will ultimately make us more attractive to new long-term investors and potential M&A partners.

為此，我們在 3 月中旬宣布與兩家最大股東 Viking Global 和 Casdin Capital 達成協議，將 CSB 可轉換優先股的所有流通股轉換為普通股，並取消所有相關的 CSB 優先權和特權。加上我們的股票回購，這些行動代表了我們在精簡和簡化資本結構方面向前邁出的重大一步，我們相信這最終將使我們對新的長期投資者和潛在的併購合作夥伴更具吸引力。

Standard BioTools today is a growing leader in the life science tools sector, which remains fragmented, under-resourced, and for most companies, unprofitable. Today, I'm excited to address you as a unified company with a fortified balance sheet, diverse product mix and a scaled platform that integrates critical life science solutions under one roof and equally important on a firm path to profitability in early '26.

如今，Standard BioTools 已成為生命科學工具領域日益增長的領導者，該領域仍然分散、資源不足，而且對於大多數公司而言，無利可圖。今天，我很高興向大家介紹，這是一家統一的公司，擁有強大的資產負債表、多樣化的產品組合和規模化的平台，將關鍵的生命科學解決方案整合在一個屋簷下，這對於26年初實現盈利的堅定道路同樣重要。

Looking ahead, we are reaffirming our full-year revenue guidance of $200 million to $205 million for '24, and we are on track to achieve approximately $300 million in revenue in 2026.

展望未來，我們重申 24 年全年營收指引為 2 億至 2.05 億美元，並且預計在 2026 年實現約 3 億美元的收入。

I'll now turn the call over to Jeff to discuss our financial results in more detail. Jeff?

我現在將把電話轉給傑夫，更詳細地討論我們的財務表現。傑夫？

Thank you, Michael, and thank you all for joining our call today. As a reminder, our first-quarter results on an as-reported basis include the combined operations of Standard BioTools and SomaLogic since the close of the merger on January 5 of this year, while the first quarter of 2023 as reported includes the financial results of the Standard BioTools' legacy business only.

謝謝邁克爾，也謝謝大家今天加入我們的電話會議。提醒一下，我們報告的第一季業績包括自今年 1 月 5 日合併結束以來 Standard BioTools 和 SomaLogic 的合併業務，而報告的 2023 年第一季度業績包括 Standard BioTools 和 SomaLogic 的財務業績僅限Standard BioTools 的遺留業務。

So for comparative purposes, we think it's much more meaningful to look at the combined results of operations for both businesses. So my commentary today will focus on the pro forma combined results for both Standard BioTools and SomaLogic for both the first-quarter '23 and '24, and that includes the stub period between January 1, '24 and the close of the merger on January 5.

因此，出於比較目的，我們認為查看兩家企業的綜合營運結果更有意義。因此，我今天的評論將重點放在 Standard BioTools 和 SomaLogic 2023 年和 24 年第一季的預計綜合業績，其中包括 24 年 1 月 1 日至 1 月合併結束之間的存根期5.

As a reminder, please refer to today's press release and the appendix to our investor deck for more information, including a reconciliation of GAAP to the non-GAAP measures I'll be discussing here.

謹此提醒，請參閱今天的新聞稿和投資者資料庫的附錄，了解更多信息，包括我將在這裡討論的 GAAP 與非 GAAP 指標的調節。

So starting off with revenue. In the first quarter, our pro forma combined revenue was just over $46 million. It grew about 2%, as Michael said, largely in line with expectations. And again, all while continue to navigate the lingering headwinds from a challenging macroeconomic environment.

所以從收入開始。第一季度，我們的預計合併收入略高於 4,600 萬美元。正如邁克爾所說，增長了約 2%，基本上符合預期。再一次，繼續應對充滿挑戰的宏觀經濟環境所帶來的揮之不去的阻力。

The SomaScan-related business contributed about $24 million in revenue for the quarter, grew over 20%. And that's on healthy demand from SomaScan customers, growth in our kits business to authorize sites and the initiation of the early access program with Illumina, which, as Michael mentioned, is on track for full commercial launch in 2025. And again, not only do we see the SomaScan-related business as a growth driver for us, it's also a valuable source of revenue diversification for the combined business. And we saw that reflected in our first-quarter results.

SomaScan相關業務為本季貢獻了約2,400萬美元的收入，成長超過20%。這是基於 SomaScan 客戶的健康需求、我們授權網站的試劑盒業務的增長以及與 Illumina 啟動的早期訪問計劃，正如 Michael 所提到的，該計劃預計將在 2025 年全面商業化推出。再說一遍，我們不僅將 SomaScan 相關業務視為我們的成長動力，而且還是合併後業務收入多元化的寶貴來源。我們在第一季的業績中看到了這一點。

On the Standard BioTools, instruments, consumables and instrument support services side of the business, revenues were $22 million, down 12% over last year. And that's due primarily to the lingering economic headwinds we mentioned, most notably impacting capital budgets in both biopharma, academic research, as well as continuing pressure outside the US.

標準生物工具、儀器、耗材和儀器支援服務業務方面的收入為 2,200 萬美元，比去年下降 12%。這主要是由於我們提到的揮之不去的經濟逆風，最顯著的是影響生物製藥、學術研究的資本預算，以及美國以外的持續壓力。

With that said, we do see a robust and growing pipeline of opportunities. We expect to return to growth in the second half of 2024 as macroeconomics are expected to improve and budgetary constraints begin to lift.

話雖如此，我們確實看到了強勁且不斷成長的機會。隨著宏觀經濟預計將改善且預算限制開始解除，我們預計 2024 年下半年將恢復成長。

Overall, consumables and services in both proteomics and genomics were impacted by our pre-2023 declines in our legacy installed base. And we do expect to see pull-through begin to expand in late 2024 as our '23 and '24 installations continue to ramp up. Proteomics as a whole was up 3% year over year, while genomics was down 6% as we continue to manage this business through its planned transition. We've now rightsized our operating expenses in genomics to a positive contribution margin and will continue to drive profitable growth in that segment.

總體而言，蛋白質體學和基因組學領域的消耗品和服務都受到 2023 年前遺留安裝量下降的影響。我們確實預計，隨著我們的「23」和「24」安裝量繼續增加，拉通量將在 2024 年底開始擴大。蛋白質體學整體年增長了 3%，而基因組學則下降了 6%，因為我們繼續透過計劃的轉型來管理這項業務。我們現在已將基因組學領域的營運支出調整為正貢獻利潤，並將繼續推動該領域的獲利成長。

Moving on to our operating performance. On margins, our non-GAAP gross margin on a pro forma combined basis expanded by 300 basis points from 53% to 56%. And that's driven by a combination of product mix and pricing. But it's also important to note here that this also includes over 350 basis points of offset due to the classification of certain operations, services and quality-related operating expenses that we moved into COGS to align accounting policies between Standard BioTools and SomaLogic as a result of the merger. So we expect this will have a similar impact for the full-year gross margin in 2024.

繼續我們的經營業績。在利潤率方面，我們的非 GAAP 毛利率（預計合併基礎上）增加了 300 個基點，從 53% 增加到 56%。這是由產品組合和定價共同推動的。但這裡還需要注意的是，這也包括超過350 個基點的抵消，這是由於我們將某些營運、服務和品質相關營運費用的分類轉入銷貨成本，以協調Standard BioTools 和SomaLogic 之間的會計政策，因為合併。因此我們預計這將對 2024 年全年毛利率產生類似的影響。

As we stated before, we continue to make significant strides in aggressively managing residual headwinds related to legacy service and warranty-related costs. Often on a customer-specific basis, we expect this could continue to create pressure throughout 2024, but we continue to remain confident in our ability to drive our non-GAAP gross margins into the mid-60s over time -- especially as we move past these transitory headwinds, we grow sales, and we drive cost improvements through continued deployment of SBS and lean principles across our combined operations.

正如我們之前所說，我們在積極管理與遺留服務和保固相關成本相關的殘餘阻力方面繼續取得重大進展。通常，根據特定客戶的情況，我們預計這可能會在 2024 年繼續帶來壓力，但我們仍然對隨著時間的推移將非 GAAP 毛利率推至 60 多歲的能力充滿信心，尤其是當我們過去面對這些暫時的逆風，我們增加了銷售額，並透過在我們的聯合營運中持續部署SBS 和精益原則來推動成本改善。

Moving to operating expenses. Very pleased to report that we're ahead of plan on our operating expense reduction initiatives. On a combined pro forma basis, non-GAAP OpEx of just over $49 million decreased by about $17 million or 26%. And that just reflects early traction on expense reduction initiatives that began in the second half of last year. Keep in mind that our first-quarter OpEx exclude about $1.7 million of expenses related to the classification of OpEx in the COGS, as I mentioned. But even excluding this impact, our combined non-GAAP operating expenses were down over $15 million or 23%, and that's before we see any impact from the operational restructuring initiatives that we recently implemented.

轉向營運費用。非常高興地報告，我們的營運費用削減計劃提前於計劃。綜合預估，非 GAAP 營運支出略高於 4,900 萬美元，減少了約 1,700 萬美元，即 26%。這正好反映了去年下半年開始的費用削減措施的早期吸引力。請記住，正如我所提到的，我們第一季的營運支出不包括與 COGS 中營運支出分類相關的約 170 萬美元費用。但即使排除此影響，我們的非 GAAP 營運支出總計也下降了 1,500 萬美元以上，即 23%，而這還是在我們最近實施的營運重組舉措產生任何影響之前。

As a reminder, on overall cost out, we've previously announced our intention to remove $80 million in non-GAAP operating costs as compared we call our jumping off point of $250 million. which was our annualized OpEx based upon the combined first half 2023 run rate.

提醒一下，關於整體成本支出，我們之前曾宣布打算削減 8,000 萬美元的非 GAAP 營運成本，而我們的起點是 2.5 億美元。這是我們根據 2023 年上半年綜合運行率得出的年化營運支出。

We broke out that target reduction as follows: $40 million in G&A, $20 million in R&D, and $20 million in sales and marketing. We also previously announced that we expect to achieve the full $80 million in annualized cost synergies by fiscal '26 and that we would have at least 50% or $40 million of that operationalized in 2024 with the full P&L impact of those savings reflected in '25.

我們將削減目標分解如下：一般管理費用 4,000 萬美元，研發 2,000 萬美元，銷售和行銷 2,000 萬美元。我們先前也宣布，我們預計到 26 財年將實現 8,000 萬美元的年度成本協同效應，並且我們將在 2024 年將至少 50% 或 4,000 萬美元投入運營，這些節省的全部損益影響將反映在 25 財年。

Based upon our recently announced reorganization and restructuring initiatives, we now expect to have operationalized $50 million in annual operating expense savings for the full year in 2025, with $40 million to $45 million coming from SG&A and $5 million to $10 million from R&D. And that's net of a number of planned focused reinvestments.

根據我們最近宣布的重組舉措，我們現在預計到 2025 年全年將節省 5,000 萬美元的年度營運費用，其中 4,000 萬至 4,500 萬美元來自銷售管理、行政管理，500 萬至 1,000 萬美元來自研發。這還不包括一些計劃中的重點再投資。

And finally, to avoid any confusion on this, these OpEx savings are in addition to the reclassification of the $7 million to $8 million in annual OpEx into COGS that I mentioned before. So in total, we expected approximately $20 million to $25 million of these savings will show up in the P&L in 2024. And the full P&L impact will be reflected in 2025.

最後，為了避免對此產生任何混淆，這些營運支出節省是在將每年 700 萬至 800 萬美元的營運支出重新分類為我之前提到的 COGS 之外的。因此，總的來說，我們預計其中約 2,000 萬至 2,500 萬美元的節省將體現在 2024 年的損益表中。完整的損益影響將在 2025 年反映出來。

So based upon these efforts, we are very enthusiastic, more than ever about the value we expect to generate under our now combined cost structure, leveraging the scale and reach of our portfolio and managing to a positive adjusted EBITDA target in 2026. But at the same time, we'll continue to maintain focused investments in commercial organization and our R&D pipeline to support sustained, long-term revenue growth.

因此，基於這些努力，我們比以往任何時候都更加熱衷於在我們現在的綜合成本結構下預期產生的價值，利用我們投資組合的規模和範圍，並在 2026 年實現積極的調整後 EBITDA 目標。但同時，我們將繼續保持對商業組織和研發管道的重點投資，以支持持續、長期的收入成長。

That brings me to cash flow and the balance sheet. We ended the first quarter with about $464 million in cash equivalents, restricted cash, and short-term investments. As expected, cash burn was unusually high in the quarter due to several merger-related and other nonoperating uses of cash. In the aggregate during the first quarter, we made about $70 million in cash payments for settlement of year-end operating accruals, merger-related expenses, term debt retirement, and share repurchases.

這讓我想到了現金流和資產負債表。截至第一季末，我們的現金等價物、限制性現金和短期投資約為 4.64 億美元。正如預期的那樣，由於一些與合併相關的和其他非經營性的現金使用，本季的現金消耗異常高。第一季總計，我們支付了約 7,000 萬美元的現金，用於結算年末營業應計費用、合併相關費用、定期債務償還和股票回購。

Excluding the impact of these items, our adjusted operating cash burn was about $29 million. That represents about a $5 million or 14% reduction over pro forma combined burn a year ago. And this is before the impact of any of the cost initiatives we recently announced. And then we also think it's important to note that some of this quarter burn is a function of the timing of payments for merger transaction costs. Just as a reminder, when we announced the merger last October, we gave an expected 2023 year-end cash outlook of around $500 million.

排除這些項目的影響，我們調整後的營運現金消耗約為 2900 萬美元。這意味著比一年前預計的綜合燒錢減少了約 500 萬美元，即 14%。這是在我們最近宣布的任何成本舉措產生影響之前的情況。然後我們也認為重要的是要注意，本季的部分資金消耗是合併交易成本支付時間的函數。提醒一下，當我們去年 10 月宣布合併時，我們預計 2023 年底現金前景約為 5 億美元。

We actually ended the year at $565 million with a big driver of this difference being payments that we expected to make in '23 that were pushed into the first quarter. So we expect our operating cash burn over the next few quarters will reduce significantly. While not at the levels that we saw in the first quarter, we do expect continued cash outlays for merger-related costs, restructuring activities, as well as additional share buybacks we've executed since the end of the first quarter before having recently terminated that program.

實際上，我們年底的收入為 5.65 億美元，造成這一差異的主要原因是我們預計在 23 年支付的款項被推到了第一季。因此，我們預計未來幾季的營運現金消耗將大幅減少。While not at the levels that we saw in the first quarter, we do expect continued cash outlays for merger-related costs, restructuring activities, as well as additional share buybacks we've executed since the end of the first quarter before having recently terminated that程式.

We're well positioned to fund both these nonoperating cash needs and to support the combined business to cash flow breakeven, again, our target of 2026. And as we think about any future funding under -- for M&A, you can remain assured that we'll be thoughtful about additional strategic M&A when such opportunities arise, including the related use of cash.

我們有能力滿足這些非經營性現金需求，並支持合併後的業務實現現金流量收支平衡，這也是我們 2026 年的目標。當我們考慮未來的併購融資時，您可以放心，當此類機會出現時，我們將考慮額外的策略併購，包括相關的現金使用。

And one final update on our capital structure initiatives. As we previously announced in February, the Board approved a new share repurchase program of up to $50 million. With our enhanced balance sheet, this has enabled us to repurchase common shares to offset future dilution from possible future equity issuance rising from our convertible debt and other instruments in our cap structure.

還有我們資本結構計畫的最後更新。正如我們之前在 2 月宣布的那樣，董事會批准了一項高達 5000 萬美元的新股票回購計劃。隨著我們增強的資產負債表，這使我們能夠回購普通股，以抵消我們的可轉換債務和上限結構中的其他工具可能導致的未來股票發行帶來的未來稀釋。

We actually saw this as really nothing more than responsible housekeeping, providing flexibility to preserve long-term shareholder value. Including the $11 million in share buybacks through our first quarter, year to date, we purchased approximately 13.6 million shares or about 3.5% of our common outstanding shares for a total of about $36 million in cash at an average repurchase price of $2.68 per share. While we still have room available under the $50 million plan that was authorized by the Board, we did terminate the existing buyback plan on May 2.

實際上，我們認為這只不過是負責任的內務管理，提供彈性以維護長期股東價值。包括今年第一季迄今 1,100 萬美元的股票回購，我們以每股 2.68 美元的平均回購價格購買了約 1,360 萬股股票，約 3.5% 的普通股，現金總額約為 3,600 萬美元。雖然董事會批准的 5000 萬美元計劃仍有可用空間，但我們確實在 5 月 2 日終止了現有的回購計劃。

So in summary, we're executing operating and financial objectives. We remain responsible stewards of our assets, and we remain committed to create long-term value for our shareholders.

總而言之，我們正在執行營運和財務目標。我們仍然是我們資產的負責任的管理者，我們仍然致力於為股東創造長期價值。

And with that, I'll turn the call back to the operator for Q&A.

然後，我會將電話轉回給接線生進行問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Matt Stanton, Jefferies.

馬特·斯坦頓，杰弗里斯。

Hey, thanks. Maybe first one for you, Michael. I think you talked about the early findings from Illumina as overwhelmingly positive. Can you maybe just talk a little bit more about what the initial feedback has been and then some of the important proof points from here?

嘿，謝謝。也許第一個適合你，邁克爾。我認為您談到 Illumina 的早期發現時表示非常積極。您能否多談談最初的回饋以及這裡的一些重要證據？

And how should -- we should start to think about the commercial launch into '25 obviously, you don't flip a switch, so onboarding, ramping up, things to think about. And then in terms of contribution to Soma in 1Q, is there any way to quantify what the Illumina or early access contributed, if you guys are willing to share that? Thanks.

我們應該如何——我們應該開始考慮 25 世紀的商業發布，顯然，你不會翻轉開關，所以入職、加速，這些都是需要考慮的事情。那麼就第一季對 Soma 的貢獻而言，如果你們願意分享的話，有什麼方法可以量化 Illumina 或早期訪問的貢獻嗎？謝謝。

Yes. I'll let Jeff follow up on the last part of the question. So the teams have been hard at work for quite a while at this. And so putting a version of the 7,000 in the hands for customers will be the first leap and essentially able to reproduce what we've been doing internally and at a very -- like maintaining that very high hit rate on many proteins and a low CV, which is what differentiated us.

是的。我會讓傑夫跟進問題的最後部分。因此，團隊為此努力了很長一段時間。因此，將 7,000 的版本交付給客戶將是第一步，基本上能夠重現我們內部一直在做的事情，並且保持對許多蛋白質的非常高的命中率和較低的 CV ，這就是我們的與眾不同之處。

The full launch will be in early '25 is what Illumina is communicating so far and will be based on the 11,000 assay. I would say I'm personally much more -- even more enthusiastic of this relationship than I was a few months when I stepped in as I've seen the early readout on the data and also seen the value in having a partner like Illumina. The market reads that they have, which, of course, far, far exceeds ours. And then to -- you had a question here on the timing, transitioning. We're still working through that. But net-net, we believe this is going to be a long-term growth driver.

Illumina 迄今為止所傳達的訊息是，全面推出將於 25 年初進行，並將基於 11,000 次檢測。我想說，我個人對這種關係比我剛介入的幾個月更加熱情，因為我看到了數據的早期讀數，也看到了擁有像 Illumina 這樣的合作夥伴的價值。市場認為他們有，當然，遠遠超過我們。然後，您有一個關於時機和過渡的問題。我們仍在努力解決這個問題。但淨淨，我們相信這將成為長期成長動力。

Maybe also just a reminder, there was a $30 million payment upfront, which basically still sits on our balance sheet as unrecognized revenue.

也許只是提醒一下，有一筆 3000 萬美元的預付款，基本上仍然作為未確認的收入留在我們的資產負債表上。

And so anything to add, Jeff?

那麼還有什麼要補充的嗎，傑夫？

Yes. To your question, Matt, on Illumina, we don't break out revenue specific to Illumina, separately. But I can tell you, it's still early stages. It's a handful of customers. It's in the, call it, very low millions, very low single millions.

是的。對於您提出的有關 Illumina 的問題，Matt，我們不會單獨列出 Illumina 的特定收入。但我可以告訴你，現在還處於早期階段。這是少數顧客。這是非常低的數百萬，非常低的數百萬。

Okay, great. That's helpful. And Michael, you talked about some of the uptick come out, a strategic plan readout, some newer growth opportunities around multi-omics as a service, low plex or single cell number reagent models. Just talk about kind of timing around those as we think of those as new growth opportunities in any investments or costs associated with getting those off the ground here?

好的，太好了。這很有幫助。邁克爾，您談到了一些上升的結果、戰略計劃的讀出、圍繞多組學即服務、低複雜或單細胞數量試劑模型的一些新的增長機會。只是談談圍繞這些項目的時機，因為我們認為這些項目是任何投資的新增長機會，還是與啟動這些項目相關的成本？

Yes. So first half, no, thanks. Very good question here. As we are reporting it now, and investments we are making, like the cost savings we projected here so far, $50 million operationalized, and we'll see it flow through here by the end of the year is net of investments that we are making in those initiatives. So that's a really important thing to note.

是的。所以前半部分，不，謝謝。這裡的問題非常好。正如我們現在所報告的那樣，以及我們正在進行的投資，例如我們迄今為止預計的成本節省，已投入運營的5000 萬美元，我們將看到到今年年底，這筆資金將扣除我們正在進行的投資的淨額在這些舉措中。所以這是一件非常需要注意的重要事情。

And our strategic review confirmed and highlighted a number of tweaks to the strategy. Number one was that SomaScan is highly, highly advantaged. And unlike any other technology we see out there, it's scalable, in that as we expand content, we maintain our low CV and do not increment complexity of cost. And that means that we're going to keep investing in that engine to expand that content and put a distance between us and further distance between us and the competition.

我們的戰略審查確認並強調了對該戰略的一些調整。第一是 SomaScan 有非常非常大的優勢。與我們看到的任何其他技術不同，它是可擴展的，因為當我們擴展內容時，我們保持較低的 CV 並且不會增加成本的複雜性。這意味著我們將繼續投資該引擎以擴展該內容，並拉開我們之間的距離，並進一步拉開我們與競爭對手之間的距離。

Secondly, we saw a very, very high customer demand for individual SOMAmer. And we've got to recognize that SOMAmer, they're not like antibodies, but they are just another affinity reagent, just like an antibody with the same approximate affinity and specificity, and we have 11,000 monoclonal human affinity -- 11,000 affinity reagents for human proteins.

其次，我們看到客戶對個人 SOMAmer 的需求非常非常高。我們必須認識到SOMAmer，它們不像抗體，而只是另一種親和試劑，就像具有相同近似親和力和特異性的抗體一樣，我們有11,000 個單克隆人類親和試劑- 11,000 個親和力試劑用於人類蛋白質。

And we believe this represents a unique opportunity. We're going to start small and we're going to start operationalize it here by the middle of the year initially to our current customers and then offer much more broadly. So we think there's a very strong pull internally, but also from current customers. But we even beginning to see a much broader opportunity with SOMAmer as being a routine reagent used to as orthogonal validation to antibodies and/or be another thing up researcher's sleeve when they cannot make an antibody work.

我們相信這代表著一個獨特的機會。我們將從小規模開始，到今年年中，首先向我們現有的客戶開始實施，然後提供更廣泛的服務。因此，我們認為內部有非常強大的吸引力，但也來自當前客戶。但我們甚至開始看到 SOMAmer 具有更廣泛的機會，作為一種常規試劑，用於對抗體進行正交驗證和/或當研究人員無法使抗體發揮作用時，成為研究人員的另一件事。

And then the third piece that we recognized was around the value of the service. We run a very sophisticated service that work with very sophisticated customers and CROs. So we have the whole workflow from getting all the samples from CROs, running them quickly, getting bioinformatics analysis, and clinical guidance back to our customers. And we expect to lean into this and add some of the other products that we have -- most obviously, our flow cytometry solution, which we think will be highly synergistic.

我們所認知的第三點是服務的價值。我們提供非常成熟的服務，與非常成熟的客戶和 CRO 合作。因此，我們擁有從 CRO 獲取所有樣本、快速運行樣本、獲得生物資訊分析以及向客戶回饋臨床指導的整個工作流程。我們希望重點關注這一點，並添加我們擁有的一些其他產品——最明顯的是我們的流式細胞術解決方案，我們認為它將具有高度的協同作用。

And last, but not least, we are already, as I briefly alluded to in the script, beginning to look at how we can combine our microfluidic solution as a readout, and maybe longer term, expand on the workflow. So maybe a longer answer than what you were asking for, but we're excited here after the strategic review.

最後但並非最不重要的一點是，正如我在腳本中簡要提到的那樣，我們已經開始研究如何將我們的微流體解決方案結合起來作為讀數，也許從長遠來看，擴展工作流程。因此，也許答案比您要求的更長，但在策略審查之後我們對此感到很興奮。

Appreciate that. That's really helpful. I guess just last segue to you, Michael. In terms of capital allocations related to M&A, you talked about a pretty healthy pipeline. Just talk about appetite for deals, maybe potential size of deals and just the general bandwidth of the team given the Soma integration and a lot of other heavy lifting you guys are doing behind the scenes.

感謝。這真的很有幫助。我想這就是你的最後一段，麥可。在與併購相關的資本配置方面，您談到了相當健康的管道。只要談談對交易的興趣，也許是潛在的交易規模，以及考慮到 Soma 整合以及你們在幕後所做的許多其他繁重工作，團隊的整體頻寬。

Yes. So integration and successful integration is job number one, two, and three. Having said that, I did build out a very strong team here over the last two years. So there's definitely capacity in the team. And we can walk in to gamut the same time.

是的。因此，整合和成功整合是第一、第二和第三項工作。話雖如此，過去兩年我確實在這裡建立了一支非常強大的團隊。所以團隊裡一定有能力。我們可以同時走進所有領域。

Secondly, as I'm sure you are all well aware, it is really upheaval in the venture funded part of the market. And we're seeing even more interesting assets being eager to work with us or eventually to be acquired for us.

其次，我相信你們都清楚，創投市場確實發生了劇變。我們看到更多有趣的資產渴望與我們合作或最終被我們收購。

So we'll be highly disciplined and opportunistic. And we will, for sure, just on the size, we won't do anything that's so big that it burns down on the very significant buffer we have between where we are now and profitability. And we'll keep working the bigger deals. As everyone know from the disclosures, we worked on the SomaLogic deal, what was 1.5 years plus. And so we'll keep doing that.

因此，我們將保持高度紀律和機會主義。當然，就規模而言，我們不會做任何規模太大的事情，以免消耗我們現在的水平和盈利能力之間的非常重要的緩衝。我們將繼續進行更大的交易。如大家從揭露的資訊中所知，我們參與了 SomaLogic 交易，歷時 1.5 年多。所以我們將繼續這樣做。

Super. Thank you.

極好的。謝謝。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Great. Thank you. Thanks for the question, guys. Congrats on the quarter. Maybe just kind of high level, just on the guide for the year. Obviously, Mike, you talked about some of the CapEx challenges. The first quarter was kind of a little bit better than you guys expected, but it does imply a nice steep ramp in the back half.

偉大的。謝謝。謝謝你們的提問，夥伴們。恭喜本季。也許只是有點高水平，只是今年的指南。顯然，麥克，您談到了一些資本支出挑戰。第一節比你們預期的要好一些，但這確實意味著後半段會有一個不錯的陡峭斜坡。

So just any thoughts on like Q2, I think consensus sits at $48 million? Any thoughts of that, if that's about right? And then as you think about like the growth that's implied in the back half of the year, I guess, kind of what can you say about either visibility or just some of the assumptions there?

那麼，關於第二季度的任何想法，我認為共識是 4800 萬美元？有什麼想法嗎？然後，當您思考今年下半年隱含的成長時，我想，您對可見性或只是其中的一些假設有何看法？

Yes. So we are confident in the long term, even the midterm growth here. So we are navigating, as we talked to all of you about here over the last few months for a number of transitory headwinds, one of them simply being this very, very tough CapEx market as I'm now seeing all our peer companies report as well.

是的。因此，我們對長期成長甚至中期成長充滿信心。因此，正如我們在過去幾個月與大家討論的那樣，我們正在應對一些暫時的不利因素，其中之一就是這個非常非常艱難的資本支出市場，因為我現在看到我們所有的同行公司都報告為出色地。

So what confidence do we have? We're seeing our sales funnels are getting larger. I have not seen any cancellations. I've only seen purchases being pushed out. And then we're getting all or some of the headwinds we had. And then last, but not least, at the AACR last month, we launched sort of the next extension on our Hyperion XTi, new imaging mode with lightning fast. And we launched a long awaited slide loader which can take 40 slides and customers could crank through those in 24 to 72 hours.

那我們還有什麼信心呢？我們看到我們的銷售管道正在變得越來越大。我沒有看到任何取消。我只看到購買被推遲。然後我們就會遇到全部或部分的阻力。最後但並非最不重要的一點是，在上個月的 AACR 上，我們在 Hyperion XTi 上推出了下一個擴展，即閃電般快速的新成像模式。我們還推出了期待已久的載玻片裝載機，它可以容納 40 張載玻片，客戶可以在 24 至 72 小時內完成這些載玻片。

I would add here, we're the only proteomics platform that need the slide load out there. So very excited on the progress and excitement around that. And then last but not least, as we have talked about on the legacy Standard Bio side our CYTO flow. There are a number of issues we're working through. And we're really getting confident in the solution and see this our ability to chip away of what is a very big flow market that will the time or part of that market will transition to high parameter flow.

我想在這裡補充一點，我們是唯一需要載玻片加載的蛋白質體學平台。對於這方面的進展和興奮感到非常興奮。最後但並非最不重要的一點是，正如我們在傳統的 Standard Bio 方面討論的 CYTO 流程。我們正在解決許多問題。我們確實對解決方案充滿信心，並看到我們有能力削弱一個非常大的流量市場，該市場的時間或部分將過渡到高參數流量。

And to that end, at the CYTO meeting, I think it actually was yesterday, CYTO Meeting in Edinburgh, that was work presented by one of our collaborators to show that not only do we have fast panel design up to 50 markers, we are hugely advantaged over any other technology on looking at intracellular markets such as cytokines. And that really, if you want to study that biology, which is really important, we're really the only solution. All that give us hope for the back end and for '25 and '26.

為此，在CYTO 會議上，我認為實際上是在昨天，在愛丁堡舉行的CYTO 會議，這是我們的一位合作者展示的工作，表明我們不僅擁有多達50 個標記的快速面板設計，而且我們在觀察細胞激素等細胞內市場方面比任何其他技術都具有優勢。確實，如果你想研究非常重要的生物學，我們確實是唯一的解決方案。所有這些都讓我們對後端以及 25 和 26 年充滿希望。

Okay. Great. And then I know it's a question that's already on SomaLogic but really strong quarter, up almost 20%. Some of our diligence reflected that could be hitting a nice growth inflection here despite the challenging markets. So is that kind of growth sustainable for the year, do you think? Just any color kind of what you saw. I know you talked a lot about the Illumina partnership for '25 but kind of the driver to that in SomaLogic? And is this kind of growth sustainable for the year?

好的。偉大的。然後我知道這個問題已經在 SomaLogic 上出現了，但這個季度的表現非常強勁，成長了近 20%。我們的一些盡職調查表明，儘管市場充滿挑戰，但這裡可能會出現良好的成長轉折點。那麼，您認為今年這種成長是否可持續？只要是你看到的任何顏色。我知道您談了很多關於 25 年 Illumina 合作夥伴關係的事情，但您在 SomaLogic 中是這種合作的推動者嗎？今年這種成長是否可持續？

As I noted in my script, we see really like strong validation for our assay out there. We are aware of a couple of backups that will be reported out soon with our major competitor which is hugely favorable to us.

正如我在腳本中指出的那樣，我們看到對我們的檢測的強有力的驗證。我們知道我們的主要競爭對手很快就會報告一些備份，這對我們非常有利。

So long term, we're really bullish on this. The big customers we have in pharma are all project based and subject to sample availability and budget availability. And we still -- while we have a view to move more to translational research, where funding typically is not as temperamental as in discovery, we're still mostly in discovery.

從長遠來看，我們非常看好這一點。我們在製藥領域的大客戶都是基於專案的，並受到樣品可用性和預算可用性的影響。儘管我們希望更多地轉向轉化研究，因為轉化研究的資金通常不像發現那樣不穩定，但我們仍然主要致力於發現。

So I don't really have a good answer for you there. But we love the quarter we just had on the legacy SomaScan side.

所以我真的沒有一個好的答案給你。但我們很喜歡遺留 SomaScan 方面剛剛經歷的這個季度。

Great. And maybe one for Jeff, just in terms of the OpEx leverage, nice leverage in the quarter. Can you give us some thoughts on the pacing of the OpEx through the year? And how do the synergies flow in kind of as we get towards the back half of the year?

偉大的。也許對傑夫來說，就營運支出槓桿而言，本季槓桿率不錯。您能否給我們一些關於全年營運支出節奏的想法？當我們進入今年下半年時，綜效會如何流動？

Yes, I'll hand that one over to Jeff.

是的，我會把那個交給傑夫。

Yes, Dan, great to hear from you. So as I said, we, what I'll call, operationalized $50 million in savings. And so we expect to see the full P&L impact of that $50 million for the full-year '25. That will start to layer in really second half of the year.

是的，丹，很高興收到你的來信。正如我所說，我們（我稱之為）節省了 5000 萬美元。因此，我們預計 25 年將全年看到這 5,000 萬美元的全部損益影響。這將在今年下半年真正開始分層。

So we expect that we'll see, call it, $20 million to $25 million of that actually hit the P&L on the second half of the year. So in the P&L, you'll see somewhere around 40% to 50% of that $50 million reflected in '24. You'll primarily see it come out of SG&A.

因此，我們預計下半年將有 2,000 萬至 2,500 萬美元實際達到損益表。因此，在損益表中，您會看到 24 年反映的 5,000 萬美元中大約有 40% 到 50%。您將主要看到它來自 SG&A。

Okay. Great, guys. Thank you very much.

好的。太棒了，夥計們。非常感謝。

Paul Knight, KeyBanc.

保羅奈特，KeyBanc。

Hi. Congratulations on what must have been a lot of work to put this number set together.

你好。恭喜您，為了將這個數字組合在一起，我們必須付出大量的工作。

Thanks, Paul.

謝謝，保羅。

Thanks, Paul.

謝謝，保羅。

The dollar you put out earlier on this SomaScan early partnership on NGF, obviously, Olink has read out on NGF is getting a lot of traction as well. Are you going to be competitive with the Olink technology on the NGF's readout?

您早些時候在 SomaScan 的 NGF 早期合作夥伴關係上投入的資金，顯然，Olink 已經在 NGF 上讀出了，也得到了極大的關注。您打算在 NGF 讀數方面與 Olink 技術競爭嗎？

Yes. So maybe just for background, SomaLogic, in the past, set the way from the market for a three-year period which gave an opening to Olink, which they executed beautifully on and therefore, have many, many more sites up and running that we had. Our solution together with Illumina is highly competitive.

是的。因此，也許只是為了背景，SomaLogic 在過去為市場開闢了三年的道路，這為 Olink 提供了機會，他們在 Olink 上執行得很好，因此，有很多很多網站建立並運行，我們有。我們與 Illumina 合作的解決方案極具競爭力。

And really the advantage really lies in the SomaScan assay, which I alluded to it before, but the underlying advantages that our technology is scalable. We see many, many more proteins, and we see them at a much, much lower CV, which means that the discovery power of our assay is manyfold larger than that of Olink's. And without discussing cost, but they're sort of in the same ballpark, we think we are highly advantageous in the long term. And I also alluded to bake-offs to be published their order the next year.

事實上，優勢確實在於 SomaScan 檢測，我之前提到過，但我們的技術的潛在優勢是可擴展的。我們看到了很多很多的蛋白質，而且我們看到它們的 CV 低得多，這意味著我們的檢測方法的發現能力比 Olink 的檢測能力大很多倍。在不討論成本的情況下，但它們在某種程度上處於同一水平，我們認為從長遠來看我們非常有優勢。我還提到明年將進行烘焙比賽並公佈他們的訂單。

Okay. And then on the genomics side, you obviously supply some OEM partners in the marketplace. Do you see yourself really linked long term as supplying the microfluidic technology years out, Michael?

好的。然後在基因組學方面，您顯然會在市場上提供一些 OEM 合作夥伴。邁克爾，您認為自己真的會長期致力於提供微流體技術嗎？

Yes. We actually believe it's a highly differentiated solution. It's a very high performing solution, for certain. The certain samples less -- sample complexity points that it's a really good solution, one of them is we are an OEM partner to that other proteomics company there. And they -- like as best as we can estimate, they must have something approaching 200 units out in the field that are still reliant on our proprietary consumables, the integrated fluidic circuit.

是的。我們實際上相信這是一個高度差異化的解決方案。當然，這是一個非常高效能的解決方案。某些樣本較少——樣本複雜性表明這是一個非常好的解決方案，其中之一是我們是那裡另一家蛋白質體學公司的 OEM 合作夥伴。據我們估計，他們在現場肯定有接近 200 個單位，這些單位仍然依賴我們專有的消耗品，即整合流體迴路。

So what we have today, we actually feel really good about the business. We certainly expect to be as good partners to Thermo once that acquisition closes, and don't expect a change there. But if there should be one, as I said, we already have 200 units out there that will consume the IFC. So feeling really good about that.

所以我們今天所擁有的，實際上我們對這項業務感覺非常好。我們當然希望在收購完成後成為 Thermo 的良好合作夥伴，並且不希望有任何變化。但正如我所說，如果應該有的話，我們已經有 200 台裝置將消耗 IFC。所以感覺真的很好。

And as we recently announced, we added a second OEM relationship, Next Gen Diagnostics. Very excited about the prospect there. It won't yield anything fast here. But in a few years, this will be a very nice growth and profit driver. And rest assured, we are working on additional OEM relationships. As I said, nothing there happens fast. But once they're up and running, highly accretive.

正如我們最近宣布的，我們增加了第二個 OEM 關係，即下一代診斷 (Next Gen Diagnostics)。對那裡的前景非常興奮。這裡不會很快產生任何結果。但幾年後，這將成為一個非常好的成長和利潤驅動力。請放心，我們正在努力建立其他 OEM 關係。正如我所說，沒有什麼事情會很快發生。但一旦它們啟動並運行，就會產生巨大的增值。

Okay. And I guess, Jeff, my last question would be, the $71 million cash payments, that includes, you said, $11 million of the share buyback?

好的。我想，傑夫，我的最後一個問題是，7,100 萬美元的現金支付，其中包括你所說的 1,100 萬美元的股票回購？

Yes. Yes. So it's $11 million share buyback, $8 million, and we retired our Silicon Valley Bank debt. And then $30 million, $34 million in merger and there was an elevated amount of payments that we're paying off year-end accruals, which is pretty typical in the first quarter. So we think about our adjusted operating burn more in that $29 million, $30 million range.

是的。是的。所以這是 1,100 萬美元的股票回購，800 萬美元，我們還清了矽谷銀行的債務。然後是 3000 萬美元、3400 萬美元的合併，我們還清了年終應計費用，這在第一季很常見。因此，我們考慮調整後的營運消耗更多在 2,900 萬美元至 3,000 萬美元範圍內。

Okay. And kind of last, similar in 2Q?

好的。最後一點，與第二季類似嗎？

Yes, I think that's right. I mean like I said, in terms of kind of normalized adjusted operating burn, yes. We do expect we'll continue to have some merger-related cash payments but nothing to the level that you saw in the first quarter.

是的，我認為這是對的。我的意思是，就像我說的，就標準化調整操作燃燒而言，是的。我們確實預計我們將繼續有一些與合併相關的現金支付，但不會達到您在第一季看到的水平。

Thank you.

謝謝。

Thank you. And this concludes our question-and-answer session. I would like to return the conference to Michael Egholm for closing.

謝謝。我們的問答環節到此結束。我想請邁克爾·埃格霍姆 (Michael Egholm) 主持會議閉幕式。

Great. Thank you, operator. I will close by once again thanking our team for their continued execution and dedication to our mission and to our investors for your continued support. I continue to be ever mindful of the work and challenges ahead, but remain more excited and confident in our ability to empower research, to change patients' lives, and in turn, create value for all stakeholders.

偉大的。謝謝你，接線生。最後，我將再次感謝我們的團隊對我們使命的持續執行和奉獻，並感謝我們的投資者的持續支持。我繼續關注未來的工作和挑戰，但對我們增強研究能力、改變患者生活、進而為所有利益相關者創造價值的能力保持更加興奮和信心。

Stay tuned for future updates. We look forward to connecting with many of you at the upcoming Jefferies, Cowen, and Scotiabank conferences in June. And I'll now turn the call over to the operator to conclude the call.

請繼續關注未來的更新。我們期待在 6 月即將舉行的傑富瑞 (Jefferies)、考恩 (Cowen) 和豐業銀行 (Scotiabank) 會議上與你們中的許多人建立聯繫。現在我將把電話轉給接線員來結束通話。

Yes. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your phone lines.

是的。謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開電話線。