Standard BioTools Inc (LAB) 2024 Q3 法說會逐字稿

Good day, and welcome to the Standard BioTools Inc., third-quarter 2024 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Standard BioTools Inc. 2024 年第三季財務業績電話會議。（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to David Holmes of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係部的戴維·霍姆斯 (David Holmes)。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Standard BioTools third-quarter 2024 earnings conference call. Leading the call today is Michael Egholm, President and Chief Executive Officer; and Alex Kim, Chief Operating Officer and Interim Chief Financial Officer.

謝謝接線員，大家下午好。歡迎參加 Standard BioTools 2024 年第三季財報電話會議。今天主持電話會議的是總裁兼執行長 Michael Egholm；以及營運長兼臨時財務長 Alex Kim。

At the close of market today, Standard BioTools released its financial results for the quarter ended September 30, 2024. During this call, we will review our results and provide an update of our financial and operational performance, 2024 outlook, market trends, and strategic initiatives.

今天收盤時，Standard BioTools 公佈了截至 2024 年 9 月 30 日的季度財務業績。在本次電話會議中，我們將回顧我們的業績，並更新我們的財務和營運業績、2024 年展望、市場趨勢和策略舉措。

During the call, we will make forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for 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.

在電話會議中，我們將對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和預測；我們對 2024 年及未來財務表現的展望；市場趨勢和機會；以及我們對與 SomaLogic 合併營運的期望，包括潛在的協同效應和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 circumstances. 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 that may be required by law.

這些聲明受到重大風險和不確定性的影響，可能導致實際事件或結果與當前情況有重大差異。本次電話會議中的前瞻性陳述是基於我們目前掌握的資訊。我們不承擔更新這些聲明的任何義務，除非法律另有要求。

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.

在電話會議中，我們還將根據非 GAAP 提供一些財務資訊。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，也是評估公司未來獲利潛力的基準。

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 appendix to today's presentation slides.

我們在評估持續經營績效時使用這些非公認會計準則指標。我們鼓勵您根據 GAAP 和非 GAAP 仔細考慮我們的結果。非公認會計準則 (non-GAAP) 指標與其公認會計準則 (GAAP) 等值指標之間的對帳表已在今天的新聞稿中以及今天的簡報投影片的附錄中提供。

Please note that management will be referring to a slide presentation, including updated supplemental financial information within the webcast today. Following prepared remarks, we will host a question-and-answer session. Today's slide presentation, along with a replay of the webcast, will be 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。在準備好的發言之後，我們將舉辦問答環節。今天的幻燈片演示以及網路直播的重播將在我們網站的投資者部分提供。

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

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

Thank you, David, and good afternoon, everyone. We appreciate you joining us today. Before we discuss our quarterly results, I want to welcome Alex Kim to the call, who is acting CFO, and will be covering our financial performance for the third quarter 2024.

謝謝你，大衛，大家下午好。感謝您今天加入我們。在我們討論季度業績之前，我想歡迎代理財務長 Alex Kim 參加電話會議，他將介紹我們 2024 年第三季的財務表現。

Alex has been with Standard BioTools since its inception, instrumental to its founding, and fundamental to its growth. As a Co-Founder, Chief Operating Officer, Alex brings to the CFO role a deep understanding of our business and seasoned operational acumen honed from a decade at Danaher.

自 Standard BioTools 成立以來，Alex 就一直在那裡工作，他對公司的創立和發展起到了至關重要的作用。作為聯合創始人兼首席營運官，亞歷克斯為首席財務官一職帶來了對我們業務的深刻理解以及在丹納赫十年磨練出的豐富運營敏銳度。

In addition, Sean Mackay, our Chief Business Officer, who now heads our organic and inorganic growth efforts, is joining the call and will be available to answer questions. With that, let's discuss our results, of which I will be speaking to pro forma numbers.

此外，我們首席商務長 Sean Mackay（他目前負責我們的有機和無機成長工作）也將參加電話會議並回答問題。接下來，讓我們來討論一下我們的結果，我將會談到預測數字。

In the third quarter, we delivered $45 million in revenue, sequentially up 21% from last quarter, but down 5% year over year; and $128 million in revenue year to date, which is down 9% versus 2023. From last quarter to this one, the industry backdrop remains challenged, with customer budgets for CapEx equipment tight and purchasing behaviors conservative.

第三季度，我們實現營收4,500萬美元，季增21%，但年減5%；今年迄今的營收為 1.28 億美元，較 2023 年下降 9%。從上個季度到本季，產業環境依然充滿挑戰，客戶資本支出設備預算緊張，購買行為保守。

Operating in a dynamic environment like this one requires deep operational discipline and continuous focus on improvement. Against these metrics, the team delivered. We met our adjusted revenue targets and accelerated operational efficiency.

在像這樣的動態環境中運作需要嚴格的營運紀律和持續的改進。根據這些指標，團隊完成了任務。我們實現了調整後的收入目標並提高了營運效率。

Our team is now three quarters into the SomaLogic integration and a full year ahead on cost reduction, having already operationalized an expected $80 million synergies. While the savings are expected to be fully realized in 2025, we have already seen a 24% year-over-year reduction in non-GAAP operating expenses year to date and a 50% improvement in adjusted EBITDA in the quarter.

我們的團隊現已完成 SomaLogic 整合的四分之三，並在成本削減方面領先整整一年，並已實現預期的 8000 萬美元的協同效應。雖然預計這些節約將在 2025 年完全實現，但我們已經看到今年迄今非 GAAP 營運費用年減 24%，本季度調整後 EBITDA 提高 50%。

Our operating system, Standard BioTools Business System, or just SBS, has become deeply embedded in the new businesses. Examples of the power of SBS includes improved forecasting, improved delivery performance, and an inherent focus on quality. For example, we now have an industry-leading delivery -- on-time delivery for products and services of 98% versus 78% two years ago for legacy Standard BioTools.

我們的作業系統，標準生物工具業務系統（或簡稱 SBS），已經深深嵌入新業務之中。SBS 的強大功能包括改進的預測、改進的交付性能以及對品質的內在關注。例如，我們現在擁有業界領先的交付能力——產品和服務的準時交付率為 98%，而兩年前傳統標準 BioTools 的準時交貨率為 78%。

We also have reduced complaints per installed base for our highest-selling instrument more than fourfold in the same period. This allows our customers to be focused on their exciting research with less downtime and our sales force to be focused on generating new leads. We believe we can still be even more efficient and expect you will see the benefit of our continuous improvement culture in both our bottom and top line going forward.

在同一時期，我們也將最暢銷儀器的單位安裝投訴量減少了四倍以上。這使得我們的客戶能夠專注於他們令人興奮的研究，減少停機時間，而我們的銷售人員也能夠專注於產生新的潛在客戶。我們相信，我們仍然可以變得更有效率，並且期望您將在未來看到我們持續改善的文化為我們未來的獲利和營收帶來的好處。

With these results and with full awareness of the current operating environment, we are reiterating our full year 2024 revenue guidance in the previously communicated range of $170 million to $175 million. With $368 million in cash and short-term investment as of September 30, we are well capitalized to advance our strategic vision of building a scaled and profitable life science company.

基於這些業績並充分了解當前的營運環境，我們重申 2024 年全年收入預期，即先前公佈的 1.7 億美元至 1.75 億美元範圍。截至 9 月 30 日，我們擁有 3.68 億美元現金和短期投資，我們擁有充足的資本來推進我們的戰略願景，即建立一家規模化、盈利性強的生命科學公司。

At Standard BioTools, we're building a top-tier life science company, leveraging consolidation to overcome the sector's innovation bottleneck and inability to scale. Our goal is to become the preferred industry partner to customers and to innovators. We're focused on providing a portfolio of consumables, instruments, and services, which share a platform that drives reliability, performance, and profitability for stakeholders and shareholders alike.

在 Standard BioTools，我們正在打造一家頂級生命科學公司，利用整合來克服該行業的創新瓶頸和無法擴大規模的問題。我們的目標是成為客戶和創新者的首選產業合作夥伴。我們專注於提供一系列消耗品、儀器和服務，它們共享一個平台，為利害關係人和股東提供可靠性、性能和獲利能力。

We recognize the importance of achieving our profitability objectives, and we are targeting adjusted EBITDA breakeven for the full year 2026, which will further position the company to partner and consolidate a fragmented and capital-constrained industry. With a high-performance culture, streamlined infrastructure, team of seasoned operators, and access to capital, we are positioned to execute this vision.

我們認識到實現盈利目標的重要性，我們的目標是在 2026 年全年實現調整後的 EBITDA 盈虧平衡，這將進一步使公司能夠與分散且資金受限的行業合作並進行整合。憑藉高績效文化、精簡的基礎設施、經驗豐富的營運團隊以及資本管道，我們有能力實現這一願景。

However, it is early in our journey, if not just the first innings. And we are far from done and far from optimized, but we are on our way. We have a clear strategy and a world-class team operating in one of the most challenged environments, which opens new opportunities for us.

然而，我們的旅程才剛開始，甚至才剛開始。我們還遠未完成，也遠未達到優化，但我們正在路上。我們擁有明確的策略和世界一流的團隊，在最具挑戰性的環境之一中運作，這為我們帶來了新的機會。

Turning to results, our revenue mix in the third quarter was split between lab services at 41%, instrument field services at 14%, instruments at 12%, and consumables at 31%. Our sequential quarter-over-quarter revenue growth was driven by our service offerings, which is, today, chiefly SomaScan services.

談到結果，我們第三季的收入結構分為實驗室服務（41%）、儀器現場服務（14%）、儀器（12%）和消耗品（31%）。我們季度環比營收的成長得益於我們所提供的服務，目前主要是 SomaScan 服務。

We saw a bounce back from last quarter's results from favorable timing from a few large accounts. To this end, we are pushing hard to expand our overall customer mix. And then currently, outside our top five SomaScan customers, service revenue grew double digit in the quarter year over year.

由於一些大帳戶的有利時機，我們看到上個季度的業績反彈。為此，我們正在努力擴大我們的整體客戶結構。目前，除了我們前五大 SomaScan 客戶外，本季的服務營收年增了兩位數。

One component of our strategy is to expand our footprint beyond our core lab located in Boulder and deeper into our authorized SomaScan sites. In the quarter, one of these sites we added was a major US-based biopharma customer, which should help us expand the customers' use of our product.

我們策略的一個組成部分是將我們的足跡從位於博爾德的核心實驗室擴展到我們授權的 SomaScan 站點的深處。在本季度，我們增加的站點之一是一家美國的主要生物製藥客戶，這將有助於我們擴大客戶對我們產品的使用。

Another diversifier to our service revenue is our omics-as-a-service offering, which leverages all of our products: SomaScan, CyTOF, and imaging mass cytometry, and future platforms developed, acquired, or partnered. This offering expands our assay lab services revenue stream and provides customers premium data with clinical research support. This will increase adoption while avoiding the capital budget constraints currently facing the broader biopharma market.

我們服務收入的另一個多樣化因素是我們提供組學即服務，它利用了我們所有的產品：SomaScan、CyTOF 和成像質譜流式細胞儀，以及未來開發、收購或合作的平台。此項服務擴大了我們的檢測實驗室服務收入來源，並為客戶提供具有臨床研究支援的優質數據。這將增加採用率，同時避免更廣泛的生物製藥市場目前面臨的資本預算限制。

Turning to our instrument business, which is down year over year by 42%, with the biggest impact coming from our higher-priced mass cytometry instrument. The industry headwinds have not cleared. And we're working hard with our customers to unlock budgets and adjust to their new purchasing behaviors, where we can.

談到我們的儀器業務，其年減了 42%，最大的影響來自於我們價格較高的質譜流式細胞儀。產業逆風尚未消散。我們正在與客戶一起努力，盡可能地釋放預算並適應他們的新購買行為。

Our genomics business, including fluidic instruments, consumables, and OEM, while down year over year, is contribution margin-positive. And it's a case study of the value of the SBS culture. SBS culture can create a lean, profitable business unit with upside potential. Hence, we are working on additional OEM relationships and identifying new niche growth opportunities, which leverages our infrastructure and which will be accretive to the bottom line.

我們的基因組學業務，包括流體儀器、消耗品和OEM，雖然年減，但貢獻利潤率為正。這是一個對SBS文化價值的案例研究。SBS 文化可以創造精實、獲利且具有上升潛力的業務部門。因此，我們正在努力建立更多的 OEM 關係並尋找新的利基成長機會，這將充分利用我們的基礎設施並增加利潤。

Consumable is and remains our most attractive product margin profile. And in an industry with dark clouds, it's a continued bright growing spot in our business. This revenue stream was up 13% year over year in the quarter. Consumables are the most attractive products in the industry and at the top of our product pyramid, and a top strategic focus for us both organically and inorganically.

消耗品一直是我們利潤率最具吸引力的產品。在這個烏雲密布的行業中，它依然是我們業務中持續成長的亮點。本季該營收流較去年同期成長 13%。消耗品是業界最具吸引力的產品，位於我們產品金字塔的頂端，同時也是我們有機和無機成長的首要策略重點。

A major example of what we can do with consumables is the distributed SomaScan solution on Illumina sequencing platform, which we believe is becoming, with increasing clarity, the next big thing in proteomics and is an exciting new growth vector for the company. SomaScan is a powerful and competitively differentiated platform with tremendous upside potential. And recent studies confirm the assay's unique ability to scale with precision.

我們可以利用耗材實現的功能的一個主要例子是 Illumina 定序平台上的分散式 SomaScan 解決方案，我們相信，該解決方案將越來越清晰地成為蛋白質組學的下一個重大突破，也是公司令人興奮的新增長點。SomaScan 是一個強大且具有差異化競爭優勢的平台，擁有巨大的上升潛力。最近的研究證實了該檢測方法獨特的精確擴展能力。

With this alternative distributed solution, we can further unlock our potential to be supplying the leading proteomics solution. Our partnership remains on track with full commercial release in the first half of 2025, democratizing the SomaScan assay on Illumina's installed base of more than 2,000 NovaSeq instruments.

透過這種替代的分散式解決方案，我們可以進一步釋放我們的潛力，提供領先的蛋白質體學解決方案。我們的合作關係仍按計劃進行，預計將於 2025 年上半年全面實現商業發布，使 SomaScan 檢測在 Illumina 已安裝的 2,000 多台 NovaSeq 儀器上普及。

Having now spent time with the team, the technology, and customers, it is clear to us that the SOMAmer technology has more headroom and much more commercial potential than we originally envisaged. We are exploring new ways to leverage the technology. And today, we announced the launch of single SOMAmer reagent as a minimal viable product offering, making each of the 11,000 individual SOMAmers available for purchase.

在與團隊、技術和客戶相處一段時間後，我們清楚地認識到，SOMAmer 技術比我們最初設想的具有更大的發展空間和商業潛力。我們正在探索利用該技術的新方法。今天，我們宣布推出單一 SOMAmer 試劑作為最小可行產品，11,000 個單獨的 SOMAmer 均可供購買。

This is a highly differentiated solution in an all-important and large protein reagent end market. This meets an unmet need for protein identification and qualification, and [inside the right] Voice of Customer process. We'll proceed with care to ensure the utmost quality of our product and prepare for the full product launch in the future.

這是一個在極為重要且龐大的蛋白質試劑終端市場中高度差異化的解決方案。這滿足了蛋白質鑑定和鑑定的未滿足需求，以及[右側]客戶之聲流程。我們將謹慎行事，確保產品的最高品質，並為未來的全面產品發布做好準備。

As we look to the next several quarters and beyond, we believe we are well equipped to execute our vision for Standard BioTools. We're in the business of delivering solutions to our customers, not just focusing on individual applications as those can evolve over time.

展望未來幾季及以後，我們相信我們已有能力實現我們對標準生物工具的願景。我們的業務是為客戶提供解決方案，而不僅僅關注單一應用程序，因為這些應用程式會隨著時間而發展。

What's important is that we have strong exposure to attractive end markets to date, particularly in academia and pharma. As we continue to strategically allocate capital to bolster our portfolio, we will expand into other attractive markets.

重要的是，迄今為止，我們已經在具有吸引力的終端市場上擁有強大的影響力，特別是在學術界和製藥業。隨著我們繼續策略性地分配資本以增強我們的投資組合，我們將擴展到其他有吸引力的市場。

We have an experienced leadership team committed to our continuous improvement initiatives, with a track record of driving growth, expanding gross margins, and reducing operating costs. The current market environment is offering many unique opportunities, and we're actively assessing how to accelerate our consolidation thesis.

我們擁有一支經驗豐富的領導團隊，致力於持續改善舉措，在推動成長、擴大毛利率和降低營運成本方面有著良好的記錄。當前的市場環境提供了許多獨特的機會，我們正在積極評估如何加速我們的整合論點。

Our story is not complete. And we remain focused on scaling the business, driving end market diversification, evolving to a higher-margin consumable offerings, and delivering long-term shareholder value. With that, I'll now turn the call over to Alex. Alex?

我們的故事還未完整。我們將繼續專注於擴大業務規模、推動終端市場多樣化、發展利潤率更高的消費品產品、實現長期股東價值。說完這些，我現在將電話轉給亞歷克斯。亞歷克斯？

Thank you, Michael, and thank you, all, for joining our call today. I'm honored to be representing Standard BioTools on this call as an acting CFO. As Michael said, I've been with the company since the inception. And I've been happy to jump into the role as CFO, bringing my knowledge and experience as a business leader and operator to the finance function.

謝謝邁克爾，也謝謝大家今天參加我們的電話會議。我很榮幸能夠作為代理財務長代表 Standard BioTools 參加此次電話會議。正如麥可所說，我自公司成立之初就一直在公司工作。我很高興擔任財務長一職，將我作為企業領導者和營運者的知識和經驗帶到財務職能部門。

I will take us through our financial results in more detail and provide additional context. I want to remind you that on an as-reported basis, our third-quarter and year-to-date 2024 results include the combined operations of Standard BioTools and SomaLogic since the close of the merger on January 5 of this year, while the same period in 2023 include the financial results of the legacy Standard BioTools business only.

我將更詳細地介紹我們的財務表現並提供更多背景資訊。我想提醒您，根據報告，我們的 2024 年第三季度和年初至今的業績包括自今年 1 月 5 日合併結束以來 Standard BioTools 和 SomaLogic 的合併運營，而 2023 年同期僅包括傳統 Standard BioTools 業務的財務結果。

Therefore, for comparative purposes, we think it's much more meaningful to look at the results of both businesses combined. And so as I speak to our Q3 financial results, my commentary will focus on the pro forma combined results of operations for both Standard BioTools and SomaLogic for 2023 and 2024. Please do refer to today's press release and the appendix to our investor deck for more information, including a reconciliation of GAAP to non-GAAP measures that I will be discussing here.

因此，出於比較的目的，我們認為綜合考慮兩家企業的結果更有意義。因此，當我談到我們的第三季財務表現時，我的評論將集中在 Standard BioTools 和 SomaLogic 在 2023 年和 2024 年的預測合併經營業績。請參閱今天的新聞稿和我們的投資者文件附錄以獲取更多信息，包括我將在此討論的 GAAP 與非 GAAP 指標的對帳。

Starting with revenue on slide 9, our third quarter came in at $45 million, down 5% year over year. And year-to-date revenue was $128 million, down 9% year over year. Sequentially, our third-quarter revenue increased 21% versus the second quarter. Breaking revenue down further, consumables revenue was $14 million in the third quarter, up 13% year over year; and $45 million year to date, up 21% compared to 2023.

從第 9 頁的營收開始，我們的第三季營收為 4,500 萬美元，年減 5%。今年迄今的營收為 1.28 億美元，年減 9%。與第二季相比，我們的第三季營收成長了 21%。進一步細分收入，第三季耗材收入為 1,400 萬美元，較去年同期成長 13%；今年迄今已達 4,500 萬美元，較 2023 年成長 21%。

Our consumables growth particularly benefited from continued expansion in our SomaScan authorized sites and the Illumina early access program. As we've discussed in the past, we believe having distributed solutions for SomaScan is critical to compete and establish market leadership. We see this ability to supply more new sites worldwide as highly complementary to our existing lab services business.

我們的耗材成長尤其受益於 SomaScan 授權站點和 Illumina 早期存取計畫的持續擴展。正如我們過去討論過的，我們認為為 SomaScan 提供分散式解決方案對於競爭和建立市場領導至關重要。我們認為，向世界各地更多新站點提供服務的能力是對我們現有實驗室服務業務的高度補充。

Instruments revenue was just under $6 million in the third quarter, down 42% year over year; and just under $20 million year to date, down 28% compared to 2023. This was largely driven by the external capital spending constraints in the life sciences sector, as well as extended weakness we're seeing in China. This is elongating our sales cycle, delaying orders as customers secure funding. But we are encouraged as our funnel continues to grow and particularly with our IMC spatial biology platform.

第三季儀器收入略低於 600 萬美元，年減 42%；今年迄今略低於 2,000 萬美元，與 2023 年相比下降了 28%。這主要是由於生命科學領域的外部資本支出限制，以及我們看到的中國持續疲軟。這延長了我們的銷售週期，由於客戶需要獲得資金，訂單也延遲了。但我們感到鼓舞，因為我們的管道不斷增長，特別是我們的 IMC 空間生物平台。

Lab services revenue was $18 million in the third quarter, up over 1% year over year; and $41 million year to date, down 23% compared to 2023. The third quarter benefited from favorable timing from a few large customer projects, alongside new SomaScan customers continuing to commit to the platform.

第三季實驗室服務收入為 1,800 萬美元，年成長超過 1%；今年迄今為 4,100 萬美元，較 2023 年下降 23%。第三季受益於幾個大型客戶專案的有利時機，以及新的 SomaScan 客戶繼續致力於該平台。

Historically, our SomaScan lab services business has been heavily reliant on a few large customers for the majority of our revenue. And while our year-to-date performance has been impacted by fewer projects from these top customers, we are encouraged by the broadening of the customer base. Beyond our largest customers, our lab services business delivered double-digit revenue growth year to date, positioning us well as we continue to expand and diversify our base.

從歷史上看，我們的 SomaScan 實驗室服務業務大部分收入嚴重依賴少數大客戶。雖然我們今年迄今的業績受到這些頂級客戶專案減少的影響，但客戶群的擴大令我們感到鼓舞。除了我們最大的客戶之外，我們的實驗室服務業務今年迄今還實現了兩位數的收入成長，這為我們繼續擴大和多元化基礎奠定了良好的基礎。

Field services revenue was just over $6 million in the third quarter, down 4% year over year; and $19 million year to date, flat compared to 2023. Field services revenue was impacted by lower installation services on fewer instrument sales, offset by continued maintenance contracts.

第三季現場服務收入略高於 600 萬美元，年減 4%；今年迄今為 1,900 萬美元，與 2023 年持平。現場服務收入受到儀器銷售減少導致的安裝服務減少的影響，但持續的維護合約抵消了這種影響。

By our application segments, our proteomics business, which includes our SomaScan, CyTOF, and IMC product lines, was 77% of our revenue and was down 4% for the quarter and down 10% year to date; while our genomics business, represented by our Biomark product line, was 23% of revenue and was down 8% for the quarter and down 7% year to date.

按我們的應用領域劃分，我們的蛋白質體學業務（包括 SomaScan、CyTOF 和 IMC 產品線）占我們收入的 77%，本季下降 4%，年初至今下降 10%；而我們的基因組學業務（以 Biomark 產品線為代表）佔營收的 23%，本季下降了 8%，年初至今下降了 7%。

Moving on to our operating performance on slide 10, our non-GAAP gross margin on a pro forma combined basis was 57% in the third quarter versus 52% year over year, and 53% year to date compared to 52% in 2023. Our third quarter was positively impacted by a shift in revenue mix, driven by higher consumables relative to instruments, as well as by underlying improved quality yield, lower scrap, and lower warranty costs.

繼續看第 10 頁的營運業績，我們第三季的非 GAAP 毛利率為 57%，去年同期為 52%，今年迄今為 53%，2023 年為 52%。我們第三季受到收入結構轉變的正面影響，這得益於相對於儀器的消耗品價格上漲，以及品質產量提高、廢品減少和保固成本降低。

There are lingering gross margin headwinds and one-time costs that we continue to navigate through the rest of this year. But we are encouraged by the positive gross margin impact of our SBS activities to reduce waste and improve quality, as well as our ability to continue to drive gross margin expansion over the long run.

毛利率阻力和一次性成本持續存在，我們將在今年剩餘時間內繼續應對。但我們對 SBS 活動減少浪費和提高品質的正面毛利率影響以及我們長期繼續推動毛利率擴張的能力感到鼓舞。

Moving to our operating expenses on slide 11, our non-GAAP operating expenses on a pro forma basis was $40 million in the third quarter versus $53 million last year, which is a 24% year-over-year reduction; and $137 million year to date versus $176 million in 2023, which is a 22% reduction.

轉到第 11 頁的營運費用，我們第三季的非 GAAP 營運費用預測為 4,000 萬美元，而去年同期為 5,300 萬美元，年減 24%；今年迄今為 1.37 億美元，而 2023 年為 1.76 億美元，減少了 22%。

Sequentially, from quarter two, we delivered a 17% reduction. Our third-quarter improvement is a result of the ongoing realization of merger cost synergies that we've spoken of before, as well as a one-time benefit from reduction in our annual bonus accrual, in line with our current full-year expectations.

從第二季開始，我們實現了 17% 的降幅。我們第三季業績的改善是我們之前談到的合併成本綜效的持續實現，以及年度獎金提列減少的一次性收益，這符合我們目前的全年預期。

There will still be a few one-timers, restructuring, and integration costs, and timing of year-end marketing investments that we'll come across in quarter four. But we head into 2025 with the full $80 million in target synergies identified and at a run rate of $170 million non-GAAP annualized operating expenses versus our 2023 first-half pro forma annualized operating expenses of approximately $250 million.

在第四季度，我們仍會遇到一些一次性專案、重組和整合成本以及年底行銷投資的時間表。但是，我們將在 2025 年實現確定的全部 8,000 萬美元的目標協同效應，且非 GAAP 年度化營運費用為 1.7 億美元，而 2023 年上半年的預計年度化營運費用約為 2.5 億美元。

On slide 12, our adjusted EBITDA was a $14 million loss in the third quarter compared to a $28 million loss last year, which is a 50% year-over-year reduction; and a $69 million loss year to date versus $102 million loss in 2023, which is a 32% reduction.

在第 12 頁上，我們第三季的調整後 EBITDA 虧損 1,400 萬美元，而去年的虧損為 2,800 萬美元，年減了 50%；今年迄今虧損 6,900 萬美元，而 2023 年虧損 1.02 億美元，減少了 32%。

This brings me to cash on slide 13. We ended the third quarter with about $368 million in cash, cash equivalents, restricted cash, and short-term investments. Our total cash burn was $28 million in the third quarter versus $68 million in the second quarter, representing a 58% reduction. This includes about $5 million for transaction, restructuring, and integration costs.

這讓我想到了第 13 張投影片上的現金。截至第三季度，我們持有現金、現金等價物、受限現金和短期投資約 3.68 億美元。我們第三季的總現金消耗為 2,800 萬美元，而第二季為 6,800 萬美元，減少了 58%。其中包括約500萬美元的交易、重組和整合成本。

Excluding the impact of these items, our adjusted cash burn was about $21 million, representing a 23% reduction, versus the second-quarter adjusted cash burn of $28 million. We are beginning to see material reductions in our cash burn coming through as a result of our restructuring efforts and the ongoing realization of merger cost synergies.

除去這些項目的影響，我們的調整後現金消耗約為 2,100 萬美元，較第二季調整後的現金消耗 2,800 萬美元減少 23%。由於我們的重組努力和持續實現合併成本協同效應，我們開始看到現金消耗大幅減少。

We are well positioned with our strategic plan and our balance sheet to support the growth of our business to cash flow breakeven. As we look to the fourth quarter, as Michael said, we are reiterating our full-year revenue guidance of $170 million to $175 million. To remind you, our quarterly results can be lumpy as a few instruments and/or lab services projects can move from one quarter to another.

我們的策略計劃和資產負債表能夠很好地支持我們的業務成長直至現金流收支平衡。展望第四季度，正如麥可所說，我們重申全年營收預期：1.7 億至 1.75 億美元。提醒您的是，由於一些儀器和/或實驗室服務項目可能會從一個季度轉移到另一個季度，因此我們的季度業績可能會出現波動。

And as I've mentioned, we're still working through some cost headwinds as we end the year. However, over the long run, we are driving strategic initiatives to more reoccurring consumables revenue. And we are committed to delivering long-term profitable revenue growth. Back to you, Michael.

正如我剛才提到的，臨近年底，我們仍在努力克服一些成本上的阻力。然而，從長遠來看，我們正在推動策略性舉措，以獲得更多經常性消耗品收入。我們致力於實現長期獲利收入成長。回到你身邊，麥可。

Thanks, Alex. We thank you, all, for your continued support as we navigate these tough end markets. We look forward to seeing many of you at the UBS Global Healthcare Conference on November 12 in Rancho Palos Verdes, California; and at the Jefferies London Healthcare Conference on November 19.

謝謝，亞歷克斯。我們感謝大家在我們應對這些艱難的終端市場時給予的持續支持。我們期待在 11 月 12 日於加州蘭喬帕洛斯弗迪斯舉行的瑞銀全球醫療保健大會上見到大家；以及 11 月 19 日舉行的傑富瑞倫敦醫療保健會議。

And now I hand the call back to Wyatt for Q&A. Wyatt?

現在我將電話交還給懷亞特進行問答。懷亞特？

(Operator Instructions) Dan Brennan, TD Cowen.

(操作員指示) Dan Brennan，TD Cowen。

Hey, good afternoon, guys. This is [Kyle] on for Dan. Thanks for taking the questions. I just wanted to start, if maybe you could quantify what percent of assay services revenue in 3Q was timing based. Is there a way you can quantify that? Thank you.

嘿，大家下午好。這是 [Kyle] 為 Dan 主持的。感謝您回答這些問題。我只是想開始，也許您可以量化第三季檢測服務收入中有多少百分比是基於時間的。有沒有什麼方法可以量化這一點？謝謝。

What we had said before -- good to hear you. And as we talked about before, our SomaScan services have historically relied on a few large customers, like five or so. And as Alex pointed out, outside that, we see -- outside those, we see double-digit growth in the SomaScan assay services, which we see as an encouraging sign.

正如我們之前所說—很高興聽到您的聲音。正如我們之前談到的，我們的 SomaScan 服務歷來依賴少數大客戶，例如五個左右。正如亞歷克斯指出的那樣，除此之外，我們還看到 SomaScan 檢測服務實現了兩位數的成長，這是一個令人鼓舞的跡象。

We had favorable timing in Q3 and unfavorable in Q2. For the year, from those five large customers, we have a hefty headwind on the order of $15 million to $20 million, as we have shared before. So it's really encouraging to see the broadening of the SomaScan-as-a-service businesses.

我們在第三季的時機很有利，但在第二季的時機不利。正如我們之前所分享的，今年，這五個大客戶的損失給我們帶來了 1500 萬至 2000 萬美元的巨大壓力。因此，看到 SomaScan 即服務業務的擴大確實令人鼓舞。

And then just to remind everyone, it is -- these large projects are highly dependent on getting the PO and then getting the samples and getting it all run. So the quarter-to-quarter timing can push numbers one way or another. But if you take a step back, we like where this business is headed.

然後只是提醒大家，這些大型項目高度依賴於獲得採購訂單，然後獲得樣品並使其全部運行。因此，季度間的時間安排可能會以某種方式推動數字。但如果你退一步考慮，我們喜歡這項業務的發展方向。

Got it. Thank you. And then maybe just on the guide, you reiterated your guide, $170 million to $175 million for the year. The midpoint of that, I think, for Q4 implies maybe flat to a little bit down Q-over-Q. Are you expecting any year-end budget flush or anything? Any year-end spending dynamics that are earning different from what you saw in 3Q? Thank you.

知道了。謝謝。然後可能只是在指南上，您重申了您的指南，今年的指南為 1.7 億至 1.75 億美元。我認為，對於第四季來說，這個中間點可能意味著環比持平或略有下降。您是否期待年底預算增加或出現其他情況？年終支出動態與第三季相比有什麼不同嗎？謝謝。

We don't, but it would be really nice if it came. So we do build in a little bit of an uptick on instruments here in Q4. But we're not relying on a market recovery or new budgets becoming available today. Anything to add to that, Alex?

我們不知道，但如果有的話就太好了。因此，我們確實在第四季度對工具進行了小幅上漲。但我們並不依賴市場復甦或今天出現的新預算。還有什麼要補充的嗎，亞歷克斯？

I think it's a good summary. We'll continue to actively work our funnel, and we feel comfortable where our funnel is at to hit the guidance that we've shared with you here.

我認為這是一個很好的總結。我們將繼續積極地運作我們的漏斗，並且我們對我們的漏斗所處的位置感到滿意，以達到我們在這裡與您分享的指導。

As we've mentioned before, any quarter can be impacted as an instrument, and/or a large service project may shift from one quarter or another. But we have a funnel that we feel comfortable with the guide that we've provided.

正如我們之前提到的，任何一個季度都可能受到影響，並且/或一個大型服務項目可能會從一個季度轉移到另一個季度。但是我們有一個漏斗，我們對所提供的指南感到滿意。

Got it. Thank you, guys.

知道了。謝謝你們。

Matt Stanton, Jefferies.

傑富瑞的馬特史丹頓。

Okay. Thanks. Maybe to pick up there on the instrument side, clearly, trends there remain weak for you guys and the broader industry. Can you just talk a little bit more about -- if you're starting to see any green shoots or funnel improvement? When could we start to see maybe demand improve, not just easy comps?

好的。謝謝。也許從儀器方面來看，顯然，對你們和整個產業來說，那裡的趨勢仍然疲軟。您能否再多談談—您是否開始看到任何復甦跡像或管道改善？我們什麼時候才能開始看到需求改善，而不僅僅是簡單的比較？

And you called out China. Can you just unpack a bit more what's going on over there in China, and when we could potentially see things improve over there? Is it really tied to stimulus dollars starting to flow? Thank you.

你還點名批評了中國。您能否進一步介紹一下中國那邊發生的情況以及我們何時才有可能看到那邊的情況改善？這真的與刺激資金開始流入有關嗎？謝謝。

Yeah, no. Hey, Matt, good to hear you. And like, if you just sort of zoom out a little bit, instruments are down year to date, 28%, versus last year, where we were up 46%. And I think it's largely in line with our peers. We are selling high-cost instruments that still work in niches. So we're in a tough environment here.

是的，不。嘿，馬特，很高興聽到你的消息。如果你稍微放遠一點，今年迄今為止，這些儀器已經下跌了 28%，而去年同期則上漲了 46%。我認為這與我們的同行基本一致。我們銷售的價格昂貴但仍在小眾市場中發揮作用的樂器。所以我們現在處境很艱難。

As Alex alluded to, our funnels are building, which we see as an encouraging sign. And specifically for China, our team are talking about it looking a little better, but we don't expect it to flow through in Q4. Hopeful it will be a tailwind in 2025. Historically, up until the last quarter, China has been a bright spot for us, and we're certainly looking forward to China growth coming back.

正如亞歷克斯所提到的，我們的管道正在建立，我們認為這是一個令人鼓舞的跡象。具體來說，對於中國而言，我們的團隊正在討論它看起來會好一些，但我們預計它不會在第四季度實現。希望到 2025 年它能成為順風。從歷史上看，截至上個季度，中國一直是我們的亮點，我們當然期待中國經濟再次成長。

And then maybe on green shoots, we are seeing VC money flowing into biotech again. And we are beginning to see more leads being generated there, but it is not translated into dollars to us yet. So cautious optimism, I would characterize it as.

然後也許會出現復甦的跡象，我們會看到創投資金再次流入生技產業。我們開始看到那裡產生了更多的銷售線索，但這尚未轉化為美元。因此我將其描述為謹慎樂觀。

Okay. Great. That's helpful. And then maybe one on the cost side, a lot of really good progress there. You called out in your script kind of certain growth areas within multi-omics, the launch of single SOMAmers, omics-as-a-service, some of the items you talked on the strategy update back in May.

好的。偉大的。這很有幫助。然後也許在成本方面，那裡取得了很多非常好的進展。您在腳本中提到了多組學中的某些成長領域、單一 SOMAmer 的推出、組學即服務以及您在 5 月策略更新中談到的一些項目。

So can you just talk a little bit more about the areas you're investing in, some of those launches? And I think on the single SOMAmer launch, you talked about kind of a limited launch and then a broader launch later. So any finer point you can talk about just in terms of rolling that product out or customers you'll be targeting, what you tend to consider a successful launch if you look out 12 to 18 months from now?

那麼，您能否再多談談您所投資的領域以及其中一些新事物？我認為，在單一 SOMAmer 發布會上，您談到了先進行有限發布，然後再進行更大範圍的發布。那麼，您能否就推出該產品或您所針對的客戶進行更詳細的介紹，如果您展望 12 到 18 個月後的產品，您認為什麼樣的產品發布才算成功？

Yeah, no, great question. So we're taking out $80 million now. And I want to thank my team for doing all the heavy lifting here. So we're really, really well setup with significantly reduced cash burn. We are protecting our growth -- like our growth investments. And we are protecting investments in sales and marketing as a backdrop.

是的，不，很好的問題。所以我們現在拿出 8000 萬美元。我要感謝我的團隊在這裡所做的所有繁重工作。因此，我們的準備工作確實做得非常好，現金消耗也顯著減少。我們正在保護我們的成長——例如我們的成長投資。我們正在保護在銷售和行銷方面的投資。

And so to that end, we launched the individual SOMAmers on what we call a minimal viable product. It's minimal viable product because we have not shipped individual reagents before for revenue. So there's a whole infrastructure that's set up. And there's limited support for the number of applications that you can use them for.

為此，我們向個人 SOMAmers 推出了我們所謂的最小可行產品。這是最小可行產品，因為我們之前沒有運送過單獨的試劑來獲取收入。所以整個基礎設施已經建立了。並且對於可使用的應用程式數量支援有限。

And then we do not have an e-based site that eventually will be there, where it will be -- click on a protein and then get the individual SOMAmer. And to that end, it's limited in that we have rolled it out to all our existing customers. And then we'll do a broader launch yet when we have fixed all that infrastructure. And again, we are still investing heavily in R&D because we believe, for our technologies, there's a long runway ahead.

而且我們最終還沒有一個電子網站，在那裡，點擊一個蛋白質，然後得到單一的SOMAmer。為此，我們將其有限的範圍推廣至所有現有客戶。當我們修復了所有基礎設施之後，我們將進行更廣泛的發布。我們仍在大力投資研發，因為我們相信，我們的技術還有很長的路要走。

Okay. Great. Thanks. And then maybe understanding the backdrop remains pretty fluid out there. I mean, as we start to think about '25, back half of this year, you're kind of at $45 million a quarter, call it. If you annualize that, we're at $180 million.

好的。偉大的。謝謝。那麼，對背景的理解可能仍然很不穩定。我的意思是，當我們開始思考『25』時，今年上半年，你每季的收入大約是 4,500 萬美元。如果按年計算，則為 1.8 億美元。

Any kind of directional commentary you're willing to provide as we start to think about '25? Obviously, instruments will have easy comps. You have Illumina ramping. Should we think about a kind of $180 million base and some growth app. But any finer point you're willing to put on that as we start to dial in our models for next year? Thank you.

當我們開始思考‘25’時，您願意提供任何方向性的評論嗎？顯然，樂器將會有簡單的組合。您擁有 Illumina 增量。我們是否應該考慮一種 1.8 億美元的基礎和一些成長應用程式。但是，當我們開始製定明年的模型時，您願意就此提出任何更詳細的建議嗎？謝謝。

I'll let Alex handle that one, yeah.

是的，我會讓亞歷克斯處理這件事。

Yeah. Not at this time. We're not providing guidance on 2025 yet. Our focus is very much on Q4 and closing out this year strong. We'll come back to you in the future with our updated view on 2025 later.

是的。目前還不行。我們尚未提供 2025 年的指導。我們的重點是第四季以及今年的強勁收官。稍後我們將帶著對 2025 年的最新看法再次向您報告。

Yeah. I'll just say, like, so our -- we reiterate our guidance of $170 million to $175 million. It remains a challenging environment. And then on top of a business where you can get a big order, that can sway one way or the other.

是的。我只想說，我們重申 1.7 億美元至 1.75 億美元的預期。這仍然是一個充滿挑戰的環境。然後，在生意上你可以得到一個大訂單，這可能會對你產生影響。

As for '25, we are -- as you've heard repeatedly, we're very encouraged by our relationship with Illumina, which we think, in the long term, we'd get access to a much, much broader customer base. We believe we have the best solution out there. It's the only solution, so far, that can scale with precision, currently 10,000 proteins.

至於 25 年，正如您反覆聽到的那樣，我們與 Illumina 的合作關係讓我們感到非常鼓舞，我們認為，從長遠來看，我們將獲得更廣泛的客戶群。我們相信我們擁有最好的解決方案。到目前為止，這是唯一可以精確擴展的解決方案，目前可擴展至 10,000 種蛋白質。

So long term, really good. I've been doing this for 30 years. And rollouts always -- and adoption of new workflows always take longer than you want. So I wouldn't over-index on the Illumina launch or impact on next year for the out-years. We're certainly expecting healthy growth, if that's helpful, Matt.

所以從長遠來看，這真的很好。我已經做這件事三十年了。並且推出和採用新的工作流程總是需要比你期望更長的時間。因此，我不會過度關注 Illumina 的發布或對明年未來幾年的影響。如果這有幫助的話，我們當然期待健康成長，馬特。

Yeah. That's great. Super. I'll leave it there. Thanks, guys.

是的。那太棒了。極好的。我就把它留在那裡。謝謝大家。

(Operator Instructions) Paul Knight, KeyBanc.

（操作員指示）Paul Knight，KeyBanc。

Hi, this is [Lucas] on for Paul Knight at KeyBanc. It sounds like you recognized revenue from some of those projects that got pushed out last quarter. Would you say that all of that work is behind you now? Or are there some delayed projects that will actually get recognized still here in Q4? Thank you.

大家好，我是 KeyBanc 的 Paul Knight 的 [Lucas]。聽起來您已經確認了上個季度推遲的一些項目的收入。您是否認為現在所有這些工作都已經完成了？或者是否有一些被推遲的項目實際上仍會在第四季度得到認可？謝謝。

Yeah. Hey, [Lucas]. The way I would characterize it is, we had favorable timing this year, as we said in the script, and unfavorable timing last year. It's not a matter of recognition, per se, as I said, from our top five customers. We have a $15 million, $20 million headwind year over year, not because they're not spending on -- or committed to the technology. It's just we had a very favorable 2023. So that's the backdrop.

是的。嘿，[盧卡斯]。我對此的看法是，正如我們在劇本中所說，今年我們的時機有利，但去年的時機不利。正如我所說，這本身並不是我們五大客戶認可的問題。我們每年都面臨 1500 萬美元、2000 萬美元的逆風，這並不是因為他們沒有花錢或沒有致力於這項技術。只是我們度過了一個非常有利的 2023 年。這就是背景。

What I would point to, as we also talked about in the script, is we have rigorous application of SBS now across the organization. And so we have much better visibility to win these large projects when we get the PO and when we can get the samples and when we can get them run.

我想指出的是，正如我們在腳本中討論的那樣，我們現在在整個組織中嚴格應用 SBS。因此，當我們收到採購訂單、何時可以獲得樣品以及何時可以運行它們時，我們就有更好的可見性來贏得這些大型項目。

That's helpful. Understood on the timing. I guess, turning over to the instrument side of the equation, obviously, you saw weakness in China. But what were you seeing in markets outside of China?

這很有幫助。了解時間了。我想，轉向等式的工具方面，顯然你會看到中國的弱點。但是您在中國以外的市場看到了什麼？

We're doing well in the Americas. The rest of Asia, like, in particular, Japan and Korea, it's been a tough backdrop for a long time, sort of macroeconomics. And in Europe, we just installed a new leader there, and we'll focus on rebuilding the funnels there.

我們在美洲的表現很好。亞洲其他地區，特別是日本和韓國，長期以來一直處於宏觀經濟形勢嚴峻的境地。在歐洲，我們剛剛任命了一位新的領導，我們將專注於重建那裡的管道。

Okay. Great. That's all I had.

好的。偉大的。這就是我所擁有的一切。

Conclude our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

結束我們的問答環節。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。