Standard BioTools Inc (LAB) 2025 Q1 法說會逐字稿

Good day and welcome to the Standard BioTools Inc first quarter 2025 financial results conference call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to John Graziano, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Standard BioTools Inc 2025 年第一季財務業績電話會議。所有參與者將處於只聽模式。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁約翰·格拉齊亞諾 (John Graziano)。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to the Standard BioTools first quarter of 2025 earnings conference call. Leading the call today is Michael Egholm, President and Chief Executive Officer; and Alex Kim, Chief Financial Officer.

謝謝接線員，大家下午好。歡迎參加 Standard BioTools 2025 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；以及財務長 Alex Kim。

At the close of market today, Standard BioTools released its financial results for the quarter ended March 31, 2025. During this call, we will review our results and provide an update on our financial and operational performance 2025 outlook, market trends, and strategic initiatives.

今天收盤時，Standard BioTools 公佈了截至 2025 年 3 月 31 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，並提供有關 2025 年財務和營運業績展望、市場趨勢和策略舉措的最新資訊。

During the call, we'll make forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for our business, our outlook for 2025, and future financial results, market trends and opportunities, the impacts of tariffs and funding pressures, 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，包括我們業務的計劃和預測、我們對 2025 年的展望以及未來的財務業績、市場趨勢和機會、關稅和資金壓力的影響，以及我們對與 SomaLogic 合併運營的預期，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 expectations. For information regarding other related risks, see the risk factors section of the company's annual report on Form10-K filed with the SEC on March 11, 2025, and in the company's other filings with the SEC.

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預期有重大差異。有關其他相關風險的信息，請參閱公司於 2025 年 3 月 11 日向美國證券交易委員會提交的 Form10-K 年度報告中的風險因素部分，以及公司向美國證券交易委員會提交的其他文件。

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. During the call, we will also present some financial information on a non-GAAP basis.

本次電話會議中的前瞻性陳述是基於我們目前掌握的信息，除非法律要求，否則我們不承擔更新這些陳述的義務。在電話會議中，我們還將提供一些非公認會計準則的財務資訊。

We believe these non-GAAP financial measures are useful in evaluating our core performance and as a baseline for assessing the future earnings potential of the company. We use these non-GAAP measures in our own evaluation of continuing operation -- operating performance. We encourage you to carefully consider our results on a GAAP and non-GAAP basis.

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，並可作為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指標。我們鼓勵您根據 GAAP 和非 GAAP 仔細考慮我們的結果。

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. 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 Q&A session.

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附表並作為今天的簡報投影片的附錄提供。請注意，管理層將參考今天網路廣播中的幻燈片演示，其中包括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。

Today's slides -- slide presentation along with the replay of the webcast will be available on the investors section of our website. I would like to now turn the call over to Michael Egholm, President and CEO of Standard BioTools .

今天的幻燈片——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。現在我想把電話轉給 Standard BioTools 總裁兼執行長 Michael Egholm。

Thank you, John. Good afternoon, everyone, and welcome to Standard BioTools first quarter 2025 earnings call. Joining me today is Alex Kim, our Chief Financial Officer. Before we begin, I want to thank our customers, employees, and investors. Your support is what fuels our work and drives our mission to set a new standard in life sciences, empower researchers, accelerate in discovery all while delivering long-term value to our shareholders.

謝謝你，約翰。大家下午好，歡迎參加 Standard BioTools 2025 年第一季財報電話會議。今天與我一起出席的是我們的財務長 Alex Kim。在我們開始之前，我想感謝我們的客戶、員工和投資者。您的支持是我們工作的動力，推動著我們的使命，在生命科學領域樹立新標準、增強研究人員的能力、加速發現，同時為我們的股東帶來長期價值。

Standard BioTools delivered a solid first quarter, which results on plan and in line despite a choppy operating backdrop. Executing -- execution continues to improve as we build rigor across the organization guided by lean principles through our Standard BioTools business system or just SBS. As operators, we're staying grounded and fundamentals, focusing on what we can control, managing with precision, and driving toward profitability.

標準生物工具公司第一季業績穩健，儘管經營環境不穩定，但業績仍符合計畫和預期。執行－隨著我們透過標準生物工具業務系統（或簡稱 SBS）在精實原則的指導下在整個組織內建立嚴謹性，執行力不斷提高。作為營運商，我們腳踏實地、堅持基本面，專注於我們能夠控制的事情，精準管理，努力實現盈利。

Before diving into the details, it's worth stepping back for a moment. While the broader environment remains dynamic, we're navigating it from a position of strength with a diversified portfolio, a disciplined operating model, a healthy balance sheet, and a team and a team that's getting sharper quarter-after-quarter as forecast accuracy improves and consistency in how we want the business grows.

在深入探討細節之前，值得先回顧一下。儘管整體環境依然充滿活力，但我們正在憑藉多元化的投資組合、嚴謹的運營模式、健康的資產負債表以及一支隨著預測準確性提高和我們對業務增長的期望保持一致而逐季變得更加敏銳的團隊，從優勢地位出發進行應對。

We are particularly pleased with our strategic foothold in proteomics and a series of recent high impact product launches. Last week at the American Association of Cancer Research Annual Meeting or AACR, we announced a new SomaScan offering that will pair well with the highly anticipated distributed NGS-based Ilumina partnered solution.

我們對在蛋白質體學領域的策略立足點和最近一系列具有重大影響的產品發布感到特別高興。上週，在美國癌症研究協會年會 (AACR) 上，我們宣布推出一款新的 SomaScan 產品，它將與備受期待的基於分散式 NGS 的 Ilumina 合作解決方案完美匹配。

Together, these advancements expand our reach and push the boundaries of what’s possible in translational and clinical research. From the outside, the macro backdrop may still cloud the picture, but inside we’re strong. Our diversified business in Life Sciences allows us to operate multiple levers to navigate the waters, including a patient and disciplined M&A strategy, which is benefiting from a growing number of compelling assets and opportunities. With that, let’s turn to the numbers.

總之，這些進步擴大了我們的研究範圍，並突破了轉化研究和臨床研究的極限。從外部來看，宏觀背景可能仍然不明朗，但我們內部卻很強大。我們在生命科學領域的多元化業務使我們能夠運用多種手段來應對市場變化，其中包括耐心而嚴謹的併購策略，該策略正受益於越來越多引人注目的資產和機會。好了，讓我們來看看數字。

In Q1, while not growth, we executed to plan and delivered $40.8 million in revenue. This was down 10% year-over-year as the market got worse against last year’s Q1 and we had elevated backlog to start 2024. Despite this and not enough to wave the all clear flag, we have seen encouraging traction in capital expenditures, which strengthened our instrument business, which also helped by a favorable year-over-year comp.

第一季度，雖然沒有成長，但我們執行了計劃並實現了 4,080 萬美元的收入。由於市場狀況較去年第一季惡化，且 2024 年初我們的積壓訂單有所增加，因此與去年同期相比，這一數字下降了 10%。儘管如此，還不足以讓我們解除警報，但我們看到資本支出出現了令人鼓舞的進展，這增強了我們的儀器業務，同時也得益於同比良好的增長。

Consumables and service revenue, which represents larger portions of the mix, particularly in The Americas was softer than usual and still exhibits variability quarter-to-quarter. That said, when you zoom out at multi quarter trend, you see a pattern of improving precision, sharpened commercial execution and more consistency, which gives us confidence in the direction we are heading. While headwinds remain and in some cases with NIA budgets and tariffs concerns intensified, our diversification continues to serve us well.

消耗品和服務收入佔總收入的較大比重，尤其是在美洲，其收入比平常低，且每季之​​間仍有差異。也就是說，當你放大多個季度的趨勢時，你會看到精度不斷提高、商業執行力不斷增強和一致性不斷提高的模式，這讓我們對前進的方向充滿信心。儘管逆風依然存在，在某些情況下，NIA 預算和關稅問題加劇，但我們的多元化經營仍然對我們有利。

International markets and biopharma engagement remain more resilient and we’re seeing continued traction across those segments. The impact is reflected in our previously announced guidance, which assume a mid-teens percentage decline in Americas academic revenue of roughly high single digit million dollars at the midpoint.

國際市場和生物製藥行業的參與仍然更具彈性，我們看到這些領域持續受到關注。這種影響反映在我們先前公佈的指導意見中，該指導意見假設美國學術收入將下降百分之十幾左右，中點約為數百萬美元。

On the impact of new tariff measures, while they have added a layer of complexity and disruption to global trade are from our perspective manageable. While not material to near term financials, including the top line, we are actively accessing the operational impact and working across teams to mitigate risk and maintain flexibility.

關於新關稅措施的影響，雖然它們為全球貿易增加了一層複雜性和破壞性，但從我們的角度來看，這些影響是可控的。雖然這對近期財務狀況（包括營業收入）並不重要，但我們正在積極評估營運影響並跨團隊合作以降低風險並保持靈活性。

In some cases, we are passing cost through to customers, in others we are absorbing it, but selectively. If fully absorbed, we estimate the impact on gross margin and adjusted EBITDA would be in the low single digit millions within the bounds of our current outlook and consistent with what we communicated during our last quarterly update. Specifically, products manufactured in Canada and shipped to the USA falls under the US MCA and are currently excluded from tariffs. Products made in Singapore and shipped to the US, primarily our Biomark Instruments and IFC consumables are now subject to a 10% tariff.

在某些情況下，我們會將成本轉嫁給客戶，在其他情況下，我們會選擇性地吸收成本。如果完全吸收，我們估計對毛利率和調整後 EBITDA 的影響將在我們目前預期範圍內達到數千萬低位，與我們在上一季更新中傳達的情況一致。具體來說，在加拿大生產並運往美國的產品屬於美國 MCA 管轄範圍，目前不徵收關稅。在新加坡生產並運往美國的產品，主要是我們的 Biomark 儀器和 IFC 耗材，現在需繳納 10% 的關稅。

SomaScan kits made in the US and shipped to authorized sites in China, an area of growth though a smaller portion of the revenue today are subject to significant tariffs. For the full year, there’s no change to our prior guidance. We continue to expect full year 2025 revenue in the range of $165 million to $175 million. We’re taking a measured approach, modeling persistent headwinds, though anticipating back half seasonality. With $261 million in cash and equivalents on the balance sheet no material debt, we remain well capitalized and disciplined in our resource allocation.

SomaScan 試劑盒在美國製造並運往中國授權站點，這是一個成長領域，儘管目前該領域的收入只有一小部分受到高關稅的影響。對於全年而言，我們之前的預測沒有改變。我們繼續預計 2025 年全年營收將在 1.65 億至 1.75 億美元之間。我們正在採取一種審慎的方法，模擬持續的逆風，儘管預計下半年會出現季節性。資產負債表上有 2.61 億美元的現金和等價物，沒有重大債務，我們的資本充足且資源配置嚴謹。

Our healthy cash position is a key asset and differentiator in this environment, and we intend to protect it accordingly. Our eyes remain fixed on reaching adjusted EBITDA positive in 2026, all while closely monitoring the backdrop in which we operate today. Being well capitalized is only part of the story, and we’re taking decisive steps to streamline operations, reduce cost and reinforce our operating leverage.

我們健康的現金狀況是我們當前環境下的關鍵資產和差異化因素，我們打算相應地保護它。我們始終致力於在 2026 年實現調整後 EBITDA 為正，同時密切關注我們目前的營運背景。擁有充足的資本只是故事的一部分，我們正在採取果斷措施簡化運營，降低成本並增強我們的營運槓桿。

Non-GAAP OpEx improved 22% year-over-year, operating loss improved 45% and adjusted EBITDA improved 29%. Those results are the output of hard choices made early and implemented swiftly.

非公認會計準則營運支出較去年同期成長 22%，營運虧損改善 45%，調整後 EBITDA 改善 29%。這些成果是早期做出並迅速實施的艱難選擇的結果。

In January, as previously announced, we executed an additional $10 million in cost reduction on top of the $80 million operationalized in 2024, primarily focused on long horizon R&D projects, moves that enable us today to stay nimble without compromising near term priorities. We’re leaner, more agile, and structurally advantaged as we move through 2025.

正如先前宣布的那樣，今年 1 月，我們在 2024 年投入的 8000 萬美元成本削減計劃的基礎上，又額外削減了 1000 萬美元，主要集中在長期研發項目上，這些舉措使我們能夠在不影響近期優先事項的情況下保持靈活。邁向 2025 年，我們將變得更加精簡、更加敏捷，結構上更具優勢。

What’s making this level of discipline possible and sustainable is SBS. It’s how we run the business. It brings a mindset of continuous improvement to everything we do and accountability to every part of the organization.

使這種程度的紀律成為可能且可持續的是 SBS。這就是我們的經營方式。它為我們所做的每一件事帶來了持續改進的心態，並為組織的每個部分帶來了責任感。

Nowhere is that more evident than in our integration of SomaLogic A year ago, it was an obscure diamond, complex, under leveraged and overlooked, but we saw what others could not. In just over 12 months, we applied SBS, took out over $80 million in cost and got the fundamentals right. We leveraged several high impact head to head studies to reposition the technology and drive interest, ramped activity with leading biobanks, improved manufacturing, launched new products and importantly, reengaged our key partner Illumina. This is a platform now positioned to win in large scale population studies and drive translational clinical research.

這一點在我們對 SomaLogic 的整合中表現得最為明顯。一年前，它還是一顆不起眼的鑽石，複雜、槓桿低且被忽視，但我們看到了別人看不到的東西。在短短 12 個多月的時間裡，我們應用了 SBS，節省了 8,000 多萬美元的成本，並取得了基本正確的結果。我們利用幾項高影響力的頭對頭研究來重新定位技術並激發人們的興趣，加強與領先生物庫的活動，改進製造工藝，推出新產品，更重要的是，重新與我們的主要合作夥伴 Illumina 合作。該平台目前定位於贏得大規模人口研究並推動轉化臨床研究。

That turnaround didn’t happen by chance. It happened because we applied the SBS flywheel and moved with precision. The momentum is building around this uniquely powerful platform, high flex, high precision and now backed by a more focused organization and data. Design speaks for itself. SomaScan is unlocking entirely new possibilities in disease research and drug development like never before, with unmet scale and precision that legacy antibody based technologies simply cannot match.

這種轉變並非偶然發生。這是因為我們應用了 SBS 飛輪並精確移動。這一勢頭正圍繞著這個獨特而強大的平台而發展，它具有高靈活性、高精度，並且現在得到了更專注的組織和數據的支持。設計不言而喻。SomaScan 正以前所未有的方式開啟疾病研究和藥物開發的全新可能性，其規模和精確度是傳統基於抗體的技術無法比擬的。

We’re seeing growing traction across pharma, biobanks, and large scale population studies. And importantly, the data keep reinforcing the value and differentiation of the platform. Our deep partnership with Illumina is a critical part of this strategy, extending SomaScan's reach to thousands of sequences lab worldwide and will bring high throughput proteomics to more researchers than ever before.

我們看到製藥、生物庫和大規模人口研究領域的關注度日益增長。重要的是，數據不斷強化平台的價值和差異化。我們與 Illumina 的深度合作是這項策略的重要組成部分，將 SomaScan 的覆蓋範圍擴展到全球數千個序列實驗室，並將為比以往更多的研究人員帶來高通量蛋白質體學。

This momentum was on full display at AACR, where roughly 90 posters and presentations featured our solutions, underscoring the breadth and utility of entire polyomics portfolio and its growing role in translational and clinical research. A couple of examples stood out.

這一勢頭在 AACR 上得到了充分展示，大約 90 份海報和演示文稿展示了我們的解決方案，強調了整個多組學產品組合的廣度和實用性及其在轉化和臨床研究中日益增長的作用。有幾個例子很突出。

In a prostate cancer analysis conducted by the multicenter EPIC study, SomaScan 7K identified over 50 protein markers, including PSA and many previously unknown markers, while in a comparable analysis the nearest competitor found just one known biomarker, demonstrating SomaScan’s best in class coverage and ability to uncover both known and novel biomarkers that have the potential to assess prostate cancer risk up to decades in advance of cancer diagnosis.

在由多中心 EPIC 研究進行的前列腺癌分析中，SomaScan 7K 識別出超過 50 種蛋白質標記物，包括 PSA 和許多以前未知的標記物，而在可比分析中，最接近的競爭對手僅發現一種已知生物標記物，證明了 SomaScan 具有一流的覆蓋範圍和發現已知和新型生物標記物的能力，這些生物標記物有可能在前列腺癌症前幾十年。

More is really more in proteomics. In another study by Dejushanko and AstraZeneca that stemmed from multiple Phase II and Phase III clinical trials, SomaScan showed the potential to predict and monitor serious lung complications from cancer treatment. In this case, most commonly antibody drug conjugates or ADC's detecting early warning signs up to 60 days before symptoms appear and helping assess patient risk before treatment begins.

對於蛋白質體學來說，越多越好。在 Dejushanko 和阿斯特捷利康進行的另一項源自多項 II 期和 III 期臨床試驗的研究中，SomaScan 顯示出預測和監測癌症治療導致的嚴重肺部併發症的潛力。在這種情況下，最常見的是抗體藥物偶聯物或 ADC 可在症狀出現前 60 天內檢測出早期預警訊號，並幫助在治療開始前評估患者風險。

At AACR, we also introduced three new offerings, spanning consumables, instruments and services, single Soma [marion] agents, the sites of XT PRO, a higher throughput flow system with Part 11 compliant software for clinical trial researchers and the SomaScan 3.7K select assay.

在 AACR，我們還推出了三種新產品，涵蓋耗材、儀器和服務、單一 Soma [marion] 藥劑、XT PRO 站點、面向臨床試驗研究人員的符合第 11 部分軟體的更高吞吐量流動系統以及 SomaScan 3.7K 選擇檢測。

Collectively, they complement our category leading 11K Assay and the Select 3.7K Assay offers more usable content at higher precision than the nearest affinity proteomics competitors highest throughput offering and improved economics. Purpose built for translational clinical research and aligned with our mission to help pharma make better drugs faster.

總體而言，它們補充了我們類別中領先的 11K 檢測，而 Select 3.7K 檢測比最接近的親和力蛋白質組學競爭對手提供更高的可用內容和更高的精度，提供最高的通量並提高經濟效益。專為轉化臨床研究而建，符合我們幫助製藥公司更快生產更好藥物的使命。

Turning to our products, our revenue mix for the quarter remained balanced across the portfolio, with consumables at 35%, instruments 19% and lab and field services at 30% and 13%, respectively. We saw globally from our instrument business, while consumables and lab were soft in part two to project timing and funding uncertainty in the Americas. Consumables positioned at the top of our product pyramid were down mid-teens year-over-year and down low single digits sequentially with the largest impact in flow.

談到我們的產品，本季我們的收入結構保持平衡，其中消耗品佔 35%，儀器佔 19%，實驗室和現場服務分別佔 30% 和 13%。我們從儀器業務中看到全球表現良好，而第二部分消耗品和實驗室表現疲軟，原因是美洲的專案時間和資金存在不確定性。位於我們產品金字塔頂端的消耗品較去年同期下降了十五六個百分點，較上季下降了個位數，對流量的影響最大。

To help close that gap, we recently launched the CyTOF XT PRO, a faster automated system purpose built to drive pull through. Early signals from the field have been encouraging. SomaScan authorized sites, which have become a steady contributor to the consumables line, were down modestly year-over-year due to order timing in the US, though experiencing increased activity internationally, particularly in APAC. Looking ahead, we expect additional lift as our distributed solution with Illumina comes online.

為了縮小這一差距，我們最近推出了 CyTOF XT PRO，這是一個專為推動拉動而設計的更快的自動化系統。該領域早期發出的信號令人鼓舞。SomaScan 授權站點已成為耗材生產線的穩定貢獻者，由於美國訂單時間原因，其數量同比略有下降，但在國際上（尤其是亞太地區）的活動有所增加。展望未來，隨著我們與 Illumina 合作的分散式解決方案上線，我們預計會有額外的提升。

Consumables remain a strategic priority, high margin, recurring and essential to our model long term. Instruments were a bright spot with double digit year-over-year growth led by continued demand for our Hyperion XTi spatial imaging systems. These are high throughput, high performance systems and importantly, each placement builds installed base leverage for future consumable pull through.

消耗品仍然是我們的策略重點，利潤率高，經常性且對我們的長期模式至關重要。儀器是一個亮點，由於對 Hyperion XTi 空間成像系統的持續需求，其同比增長達到兩位數。這些都是高吞吐量、高效能的系統，重要的是，每個位置都為未來的消耗品拉動建立了安裝基礎槓桿。

Spatial proteomics, where the Hyperion XTi plays was named 2024 Nature Method of the Year, a strong endorsement from the scientific community and we’re beginning to see that recognition translate into market adoption. Services were down mid-teens year-over-year, driven primarily by a decline in lab services.

Hyperion XTi 所處的領域是空間蛋白質組學，它被評為 2024 年度《自然》方法，這是來自科學界的強烈認可，我們開始看到這種認可轉化為市場採用。服務量年減了百分之五十左右，主要原因是實驗室服務的下降。

Beyond the elevated backlog referenced earlier, SomaScan remains concentrated in a handful of large accounts, while less so today, timing and variability is still expected and impacts quarterly performance. US Academia also weighed on volume this quarter, though partially offset by increased pharma project activity and modest growth ex US.

除了前面提到的積壓訂單增加之外，SomaScan 仍然集中在少數幾個大帳戶上，雖然今天這種情況有所好轉，但時間和變化仍然是可以預料的，並且會影響季度業績。本季度，美國學術界也對交易量造成了壓力，不過，這一影響被美國以外製藥項目活動的增加和溫和增長所部分抵消。

Big picture, we are focused on making high precision proteomics more accessible. As we expand distributed offerings through authorized sites and the Illumina partnership, we expect broader adoption and more consistent utilization of our service offering. This is a long term growth market with solid fundamentals and we believe we are well positioned to scale with it.

總體而言，我們致力於讓高精度蛋白質體學更容易取得。隨著我們透過授權網站和 Illumina 合作夥伴關係擴展分散式產品，我們期望我們的服務產品能夠得到更廣泛的採用和更一致的利用。這是一個具有堅實基礎的長期成長市場，我們相信我們有能力隨之擴大規模。

At Standard BioTools, we are building a durable diversified life science tools platform grounded in operations and strategic consolidation. Our mission is to overcome the scale and profitability bottlenecks that have long held this sector back to be the partner of choice for customers and innovators alike and we’re doing it with intention.

在 Standard BioTools，我們正在建立一個以營運和策略整合為基礎的持久多樣化生命科學工具平台。我們的使命是克服長期阻礙該行業發展的規模和盈利瓶頸，成為客戶和創新者的首選合作夥伴，我們正在有意識地這樣做。

A portfolio increasingly weighted toward high margin consumables, disciplined capital deployment and a flywheel that compounds value over time. With valuations under pressure and innovation accelerating, we are seeing real opportunities to continue to expand strategically. We are pursuing a highly disciplined approach focused on diverse technologies with line of sight to commercialization and value creation, a strong margin profile and clear integration synergies.

投資組合越來越傾向於高利潤的消耗品、嚴格的資本配置以及隨著時間增加價值的飛輪。隨著估值承壓和創新加速，我們看到了繼續策略擴張的真正機會。我們奉行高度自律的方法，專注於多樣化的技術，著眼於商業化和價值創造、強大的利潤率和明顯的整合協同效應。

Every deal runs through the SBS playbook, where we strip out inefficiencies, optimize operations and scale with speed. The bar remains high, but the pipeline is full and the opportunity set is compelling. We’re playing the long game and we’re doing it with a team of proven operators, a clear strategy, and the resources to execute. With that, I’ll turn the call over to Alex. Alex?

每筆交易都遵循 SBS 劇本，我們消除低效率、優化營運並快速擴展。雖然門檻仍然很高，但管道已經滿了，機會也十分誘人。我們正在進行一場長期博弈，並且我們擁有一支經驗豐富的營運團隊、明確的策略和執行資源。說完這些，我就把電話轉給亞歷克斯。亞歷克斯？

Thank you, Michael, and thank you all for joining our call today. I will walk us through our financial results in more detail and provide some additional context for the quarter. Please refer to today’s press release and the appendix to our earnings deck for more information, including a reconciliation of GAAP to non-GAAP measures that I will be discussing here.

謝謝你，邁克爾，也謝謝大家今天參加我們的電話會議。我將更詳細地介紹我們的財務業績，並提供本季的一些額外背景資訊。請參閱今天的新聞稿和我們的收益報告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。

Also note, we are no longer breaking out our financial results into proteomics and genomics. This reflects our evolving nature of our business where what we have previously labeled genomics, principally our microfluidics based integrated fluidic circuits or IFC chips is increasingly being applied across proteomics, sample preparation and liquid handling applications.

另請注意，我們不再將財務結果細分為蛋白質組學和基因組學。這反映了我們業務不斷發展的性質，我們之前稱之為基因組學，主要是基於微流體的整合流體迴路或 IFC 晶片，越來越多地應用於蛋白質組學、樣品製備和液體處理應用。

We now view our overall business as offering a portfolio of multi omic tools designed to provide customers with the best solution based on the problem they are trying to solve. We do not operate our day to day business as two segments.

我們現在將我們的整體業務視為提供多種組學工具組合，旨在根據客戶試圖解決的問題為他們提供最佳解決方案。我們的日常業務並不分為兩個部分來運作。

And with our integration activities and operational synergies being realized, we are seeing more and more leverage of our resources across our product lines, including manufacturing, research and development and sales and marketing. As a result, we believe it’s more meaningful to look at our financials as one operating segment. We will however continue to break out sales into consumables, instruments, lab services and field services.

隨著我們的整合活動和營運協同效應的實現，我們看到我們的產品線（包括製造、研發、銷售和行銷）中的資源得到越來越多的利用。因此，我們認為將我們的財務狀況視為一個營運部門更有意義。然而，我們將繼續將銷售分為消耗品、儀器、實驗室服務和現場服務。

So let’s start with revenue on slide 12. Our first quarter revenue came in at $40.8 million that’s down 10% year-over-year and in line with our expectations. As Michael noted, we had a strong first quarter last year as we entered 2024 with an elevated backlog, the majority of which related to our SomaScan lab services business. Breaking revenue down further, consumables revenue was $14.5 million in the first quarter, down 16% compared to 2024. This was attributed to lower volumes impacted by lower Americas Academia revenue as well as fewer large scale clinical research projects in the quarter.

那麼讓我們先從第 12 張投影片上的收入開始。我們第一季的營收為 4,080 萬美元，年減 10%，符合我們的預期。正如邁克爾所指出的，去年第一季我們表現強勁，進入 2024 年，積壓訂單增加，其中大部分與我們的 SomaScan 實驗室服務業務有關。進一步細分收入，第一季消耗品收入為 1,450 萬美元，與 2024 年相比下降 16%。這是由於本季美洲學術收入下降以及大型臨床研究計畫減少導致銷售下降。

Our SomaScan authorized sites continue to purchase our assay kits. And as we’ve discussed before, we believe distributed solutions, including our partnership with Illumina, will be a key step forward to establishing market leadership in proteomics.

我們的 SomaScan 授權站點繼續購買我們的檢測試劑盒。正如我們之前討論過的，我們相信分散式解決方案（包括我們與 Illumina 的合作）將是確立蛋白質體學市場領導地位的關鍵一步。

Expanding our ability to supply more sites globally is highly complementary to our existing lab services business and strengthens our overall market position. Instruments revenue came in at $7.8 million in the first quarter, up 24% year-over-year compared to the first quarter of 2024. This was largely driven by continued sales traction in our spatial proteomics business, particularly the Hyperion XTi, building on the momentum seen exiting 2024.

擴大我們在全球範圍內為更多站點提供服務的能力與我們現有的實驗室服務業務高度互補，並增強了我們的整體市場地位。第一季儀器營收為 780 萬美元，與 2024 年第一季相比年增 24%。這主要是由於我們的空間蛋白質體學業務（尤其是 Hyperion XTi）的持續銷售成長，並延續了 2024 年後的成長動能。

As our installed base continues to grow, we expect this to drive consumables growth. Services revenue, which includes both lab services and field services, was $17.6 million in the first quarter, down 16% year-over-year compared to the first quarter of 2024. Lab services was down 19%, largely due to the previously mentioned gap in backlog.

隨著我們的安裝基數不斷增長，我們預計這將推動消耗品的成長。第一季的服務收入（包括實驗室服務和現場服務）為 1,760 萬美元，與 2024 年第一季相比年減 16%。實驗室服務下降了 19%，主要是由於前面提到的積壓缺口。

We did see some impact due to project timing and Americas Academia funding delays. Field services was down 11% as anticipated on fewer active service contracts as aged legacy instruments go off contract and lower on demand service and parts revenue on improved quality and uptime of our instruments. This is further evidence of the positive impact that we are having on our customers’ experience.

我們確實看到了由於專案時間和美洲學術界資金延遲造成的一些影響。現場服務收入下降了 11%，正如預期的那樣，因為老舊儀器的合約到期導致有效服務合約減少，而且由於儀器品質和正常運行時間的提高，按需服務和零件收入下降。這進一步證明了我們對客戶體驗的正面影響。

Moving on to gross margins on slide 13. Our non-GAAP gross margins, which exclude depreciation, amortization and stock based compensation was 53.2% in the first quarter of 2025 versus 56.2% in the first quarter of 2024. Our first quarter margins were particularly impacted by lower volume, lower price realization on services and product mix. These masked strong improvements that we saw in operating efficiencies.

轉到第 13 張投影片上的毛利率。我們的非 GAAP 毛利率（不包括折舊、攤提和股票薪酬）在 2025 年第一季為 53.2%，而 2024 年第一季為 56.2%。我們第一季的利潤率尤其受到銷售下降、服務和產品組合價格下降的影響。這些掩蓋了我們在營運效率方面看到的強勁改善。

Our SBS driven activities to reduce waste and improve quality are evident across the organization, and we anticipate this to benefit gross margin expansion over the near and long term as volume returns. Moving on to operating expenses on slide 14.

我們在整個組織範圍內都明顯推行了由 SBS 推動的活動，以減少浪費並提高質量，我們預計，隨著銷量的回升，這將有利於近期和長期的毛利率擴張。轉到第 14 張投影片上的營運費用。

Our non-GAAP operating expenses, which exclude merger related costs, stock based compensation and restructuring charges, were $38.6 million in the first quarter of 2025, a decrease of $10.7 million or down 22% compared to the same period in 2024. Sequentially, from the fourth quarter of 2024, we delivered a 10% reduction. In the first quarter, we operationalized an additional $10 million in annual run rate cost reductions, as we mentioned on our last call, as we delayed investments in a long term R&D project.

2025 年第一季度，我們的非 GAAP 營運費用（不包括合併相關成本、股票薪酬和重組費用）為 3,860 萬美元，與 2024 年同期相比減少 1,070 萬美元，降幅為 22%。從 2024 年第四季開始，我們將減產 10%。正如我們上次電話會議上提到的那樣，由於我們推遲了對長期研發項目的投資，我們在第一季額外削減了 1000 萬美元的年度運行成本。

We are now totaling $90 million in annualized cost reductions since the merger with SomaLogic , which is important to reiterate as we navigate through the current macroeconomic uncertainty. On slide 15, our net loss in the quarter was $26 million compared to a net loss of $32.2 million in the first quarter of 2024, representing an improvement of $6.2 million or 19%.

自從與 SomaLogic 合併以來，我們每年的總成本削減額已達 9,000 萬美元，在我們應對當前宏觀經濟不確定性時，重申這一點非常重要。在第 15 張投影片上，我們本季的淨虧損為 2,600 萬美元，而 2024 年第一季的淨虧損為 3,220 萬美元，改善了 620 萬美元，即 19%。

While adjusted EBITDA for the first quarter of 2025 was a loss of $16.9 million versus an adjusted EBITDA loss of $23.7 million in the first quarter of 2024, an improvement of $6.8 million or 29%. That brings me to cash on slide 16. We ended the first quarter with approximately $261 million in cash, cash equivalents, restricted cash, and short term investments with no material debt.

2025 年第一季調整後 EBITDA 虧損 1,690 萬美元，而 2024 年第一季調整後 EBITDA 虧損 2,370 萬美元，改善了 680 萬美元，增幅為 29%。這讓我想到了第 16 張投影片上的現金。第一季結束時，我們擁有約 2.61 億美元的現金、現金等價物、受限現金和短期投資，且無重大債務。

Our total cash burn was $34 million in the first quarter of 2025 versus $101 million in the first quarter of 2024. Our adjusted cash burn to support ongoing operations was $31 million in the first quarter of 2025, representing a 33% reduction versus $47 million in the first quarter of 2024.

2025 年第一季我們的總現金消耗為 3,400 萬美元，而 2024 年第一季為 1.01 億美元。2025 年第一季度，我們為支援持續營運而調整的現金消耗為 3,100 萬美元，與 2024 年第一季的 4,700 萬美元相比減少了 33%。

We are continuing to see material reductions in our cash burn coming through as a result of our restructuring efforts, the ongoing realization of merger cost synergies as well as operational improvements. We believe we are well positioned with our strategic plan and our balance sheet to support the growth of our business towards our profitability targets.

由於我們的重組努力、合併成本綜效的持續實現以及營運改進，我們的現金消耗持續大幅減少。我們相信，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並實現獲利目標。

As Michael said, we are not changing our full year revenue guidance of $165 million to $175 million. We continue to expect the year to be back half weighted based on our internal funnel metrics and not on any assumed recovery in the macro dynamics.

正如麥可所說，我們不會改變 1.65 億美元至 1.75 億美元的全年收入預期。我們仍然預計，今年的加權成長率將達到一半，這是基於我們的內部漏斗指標，而不是基於宏觀動態的任何假設復甦。

We continue to expect a mid-teens percentage decline in our Americas Academia revenue, a high single digit millions revenue impact versus 2024. And with respect to our tariffs, our gross annualized impact is estimated to be in the low single digit millions of dollars to bound our exposure. We plan to pass these tariffs to our customers where possible, be mindful of market conditions and driving volume growth.

我們仍預期美洲學術收入將下降百分之十五左右，與 2024 年相比，收入影響將達到數百萬美元。就我們的關稅而言，我們的年度總影響估計為數百萬美元，以限制我們的風險敞口。我們計劃盡可能將這些關稅轉嫁給我們的客戶，同時專注於市場狀況並推動銷售成長。

Clearly, the geopolitical backdrop is currently highly volatile and stiff macro headwinds persist. However, as we stand here today, looking at the year ahead, we are well positioned, controlling what we can with multiple cost levers to pull on and deploy if needed and a robust balance sheet.

顯然，當前的地緣政治背景極不穩定，宏觀經濟逆風依然存在。然而，今天我們站在這裡，展望未來一年，我們已做好準備，透過多種成本槓桿來控制我們所能控制的一切，並在必要時進行部署，並擁有穩健的資產負債表。

We remain committed to delivering long term profitable revenue growth and increasing shareholder value. Back to you, Michael.

我們始終致力於實現長期獲利收入成長和增加股東價值。回到你身邊，麥可。

Thanks, Alex. We thank you all for your continued support as we navigate these dynamic end markets. We look forward to seeing many of you. Many of you at upcoming conferences and stay tuned for details on our upcoming proteomics roundtable series where we'll dive deeper into the science, strategy, and exciting opportunities ahead.

謝謝，亞歷克斯。我們感謝大家在我們探索這些充滿活力的終端市場時給予的持續支持。我們期待見到你們。你們中的許多人將參加即將舉行的會議，並繼續關注我們即將舉行的蛋白質組學圓桌會議系列的詳細信息，我們將在其中深入探討未來的科學、戰略和激動人心的機會。

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

現在我將電話交還給接線員進行問答。

(Operator Instructions) Dan Brennan, TD Cowan.

（操作員說明）Dan Brennan，TD Cowan。

Hey, good afternoon, guys. This is [Kyle] on for Dan. Thanks for taking the questions. I wanted to start on the reiterated guide. You said nothing's really changed in your view in terms of the weighting of revenue this year, more back half weighted. Understanding you guys don't guide quarterly, but I think the street's looking for revenue down a bit, tier queue on one of the easiest comps of the year, next quarter. That being said, I guess, how should we think about the percentage split between, first half, second half?

嘿，大家下午好。這是 [Kyle] 為 Dan 主持的。感謝您回答這些問題。我想開始重申指南。您說，從您的角度來看，今年的收入權重並沒有什麼變化，更多的是後半部分的權重。我理解你們不會提供季度指導，但我認為華爾街希望下個季度的收入會略有下降，這是今年最容易比較的季度之一。話雖如此，我想，我們應該如何考慮上半場和下半場之間的百分比分配？

I'll let Alex answer that one and good to hear.

我會讓亞歷克斯回答這個問題，很高興聽到。

Yes, thanks, Kyle. We're not being overly specific on that, but as we look at our internal funnel, we do see some larger projects that'll hit in the back half of the year. So it's less the seasonality that you might have seen in the past, but more driven by our funnel metrics.

是的，謝謝，凱爾。我們對此並沒有過於具體，但當我們查看內部管道時，我們確實看到一些更大的項目將在今年下半年啟動。因此，它不太像您過去所見的季節性，而是更多地受到我們的漏斗指標的驅動。

Got it. And maybe on the instrument demand this year, first quarter instrument number looks pretty good, relative to our model at least. Anything you can share, I guess, on the funnel? Did you see any pull forward in the first quarter maybe, I guess how are you seeing your overall sales funnel going forward?

知道了。也許就今年的儀器需求而言，第一季的儀器數量看起來相當不錯，至少相對於我們的模型而言。我想，您可以分享一些有關漏斗的資訊嗎？您是否看到第一季有任何成長，我想您如何看待未來的整體銷售管道？

We're really -- we're encouraged by the growth in our funnel primarily in the Hyperion XTi but also some traction on our other instruments. And it's really all the good work we did last year in a difficult CapEx environment, so we saw some opening up at the markets at the end of the year and so we carried that momentum into Q1. We haven't -- on the instrument side, it's always a little bit hard to say whether it's a pull forward or not, but I can't think of any that was put forward due to tariffs or other things. It may impact consumables a little bit, but again, not materially.

我們真的——我們對 Hyperion XTi 的成長感到鼓舞，但我們其他儀器的成長也讓我們感到鼓舞。這確實歸功於我們去年在困難的資本支出環境中所做的出色工作，因此我們在年底看到了市場的一些開放，並將這種勢頭帶入了第一季。我們沒有——在工具方面，總是有點難以說它是否是一個向前的拉動，但我想不出任何由於關稅或其他原因而提出的措施。它可能會對消耗品產生一點影響，但不會造成實質影響。

And again, just in this job environment we continue just to focus on control last year when CapEx was tough. We kept focusing on just building the funnel and we're now seeing some good traction, but not declaring victory yet, no.

再說一次，就在這種工作環境下，我們繼續專注於控制去年資本支出困難時的情況。我們一直專注於建立管道，現在我們看到了一些良好的進展，但還沒有宣布勝利。

Don, maybe if I can sneak in one more here on the M&A side. Earlier this year you targeted the 4.6 deals between this year and 2026. Clearly, have been many changes in the market since you initially laid out that goal. And on the call, sounds like you guys have a pretty good funnel. Has anything changed in regard to your pipeline and the potential timing of any deals?

唐，也許我可以在併購方面再偷偷地多說一點。今年早些時候，您設定的目標是從今年到 2026 年達成 4.6 筆交易。顯然，自從您最初提出這個目標以來，市場已經發生了許多變化。在通話中，聽起來你們有一個非常好的管道。您的管道和交易的潛在時間有什麼變化嗎？

Strategic M&A is part of our founding thesis. It remains a core part of the strategy in here. Alex and I are now four year into this adventure here remain ever more convinced that there is a need for consolidator in this space. And I think we have positioned ourselves and we have proven ourselves here. The market needs integration.

策略併購是我們創始理念的一部分。它仍然是這裡戰略的核心部分。亞歷克斯和我現在已經踏上這段冒險之旅四年了，我們更加堅信這個領域需要整合者。我認為我們已經定位好了自己，也證明了自己。市場需要整合。

We see and we have built the funnel here over the last few years. And what we’re seeing now of course with the macro and the funding environment and VC investment, it definitely offer an increased number of opportunities that are actionable now at improved valuation in our point of view. Having said that, I want to remind everybody that we are highly disciplined. We recognize that our healthy cash position is a key asset, differentiate on this environment. And so we intend to go after that set number of acquisitions here over the next 18 months, but the bar is high.

我們看到，並且在過去幾年中我們已經在這裡建立了管道。當然，從我們現在看到的宏觀環境、融資環境和創投來看，它無疑提供了更多的機會，從我們的角度來看，這些機會現在可以在估值提高的情況下採取行動。話雖如此，我想提醒大家，我們的紀律非常嚴格。我們認識到，健康的現金狀況是一項關鍵資產，在這種環境下具有差異化。因此，我們打算在未來 18 個月內完成一定數量的收購，但標準很高。

Got it thanks guys.

明白了，謝謝大家。

Matt Stanton, Jeffrey's.

馬特史丹頓，傑弗裡的。

Hey, thanks. Maybe one just on US academic and government, you kind of baked the 15% or mid-teens decline in on the 4Q call. I think when we caught up then you had said, you hadn't seen any kind of a noticeable change in demand patterns at that time. Now that we've got a bit more time passed and obviously the needful there has remained dynamic, but just any more color kind of on how US academic progress through 1Q and any color on how it's trended here into 2Q and then, within that mid-teens decline for the year you're baked in primary any more color just to a finer point in terms of what that bakes in, consumables and service versus the instrument piece there ?

嘿，謝謝。也許僅就美國學術和政府而言，您在第四季度電話會議上就預測了 15％ 或十幾歲的下降幅度。我想當我們趕上時你說過，你當時沒有看到需求模式有任何明顯的改變。現在我們已經過了一段時間，顯然那裡的需求仍然保持動態，但只是關於美國學術如何通過第一季度取得進展的任何顏色，以及它如何進入第二季度的任何顏色，然後，在這一年的十幾歲下降中，你被烘焙在小學裡，只是在烘焙的內容、消耗品和服務與儀器部件方面有更精細的點？

Thank you.

謝謝。

Hi, Matt. Good to hear you. We were like surgical and how we called it out at our last earnings call and that’s the sort of high level guidance that we made. Just want to remind everybody that we were coming into the year expecting healthy growth in the Americas. So the 15% is still what our mid-teens is still what we’re seeing.

你好，馬特。很高興聽到你的聲音。我們就像外科手術一樣，我們在上次收益電話會議上提到了這一點，這就是我們所做的高層指導。只是想提醒大家，我們預計今年美洲將實現健康成長。因此，15% 仍然是我們所看到的十幾歲的水平。

We’ve seen because we’ve been advised by some institutions that had committed to buying instruments this year that they don’t know if they’ll be able to do it. We have seen some delay in consumables orders whether those are permanent, we don’t know. And we’ve seen at the recent AACR conference, a number of customers from academia could not travel because they were basically curbing on non-essential expenditures. So the sort of broad impact of less fund in US Academia definitely holds. I think we sort of picked it about right from where we’re sitting now and therefore, we’re maintaining the guidance.

我們已經看到了這一點，因為一些承諾今年購買儀器的機構告訴我們，他們不知道是否能夠做到這一點。我們發現消耗品訂單有所延遲，我們不知道這是否是永久性的。我們在最近的 AACR 會議上看到，許多來自學術界的客戶無法出行，因為他們基本上限制了非必要開支。因此，美國學術界資金減少肯定會產生廣泛影響。我認為我們從現在的處境中選擇了正確的方向，因此，我們會維持這項指導。

Okay, that's helpful. And then maybe yeah sorry I forgot like the little piece of instruments.

好的，這很有幫助。然後也許是的，對不起，我忘了那個小樂器。

So we’ve seen some of the instruments we ship here were in US Academia, typically with private funding. We obviously hope NIH budget will be released and funding will come through for the various grants for all the good stuff we have in the pipeline or funnel, I should say.

我們看到，我們運送到這裡的一些儀器在美國學術界，通常是由私人資助的。我們顯然希望 NIH 預算能夠發布，並且資金能夠用於我們正在籌備或規劃的所有好東西的各種撥款，我應該說。

Okay, great. And then just on the new product side, a handful of new launches last week. Just to focus on the single soma reagents, any kind of early feedback or demand now that you get those out the door? And can just remind us on the commercial model there? How much of the existing Soma menu would be available for the single [soma mers]? And then any workflows or customers you expect this to resonate strongly with? Thanks.

好的，太好了。就新產品方面而言，上週推出了一些新產品。僅關注單一體細胞試劑，現在將這些試劑推出後，有任何早期反饋或需求嗎？您能提醒我們一下那裡的商業模式嗎？現有的 Soma 菜單有多少可供單人享用[索瑪梅爾斯]？那麼您希望這能與任何工作流程或客戶產生強烈共鳴嗎？謝謝。

Yes. So we were in a what we call like an early access, a minimal viable products up until now. Now we have made it fully available. We initially addressing a couple of applications. One is as more and more users resources will use SomaScan, they will find a number of identifying number of proteins, a very large number as I just referenced in my script.

是的。所以到目前為止，我們還處於所謂的早期階段，也就是最小可行產品階段。現在我們已將其全面開放。我們最初處理了幾個應用程式。一是隨著越來越多的用戶資源使用 SomaScan，他們會發現大量可識別的蛋白質，正如我在腳本中提到的那樣，這個數字非常大。

And one of the first things you will want to do is to do a pull down with those and then analyze by mass spec confirming post translational modification. So we see that as one avenue. And then we believe there is a broader reagent market where antibodies are really limited, where we have 11,000 fully synthetic monoclonal reagents binding to human proteins. We believe that’s a valuable toolset, and we believe it’s a very nice complement to the antibody market. As far how we’re going about it, it’s a new capability.

您要做的第一件事就是將它們拉下來，然後透過質譜分析來確認翻譯後修飾。因此，我們認為這是一條途徑。然後，我們相信試劑市場更加廣闊，抗體確實有限，我們有 11,000 種完全合成的與人類蛋白質結合的單株試劑。我們相信這是一套有價值的工具，我們相信它是抗體市場的一個很好的補充。至於我們如何實現這一點，這是一項新功能。

We have not sold individual reagents before. So I would not have high expectations in the short term. But in the long term as we’re figuring out how to sell this, we see this as a fairly significant opportunity.

我們之前沒有銷售過單獨的試劑。所以短期內我不會抱有太高的期望。但從長遠來看，當我們思考如何銷售它時，我們認為這是一個相當重要的機會。

(Operator Instructions) Paul Knight, KeyBank.

（操作員指示）Paul Knight，KeyBank。

Michael, are you expecting the aluminum partnership to generate significant revenue in 2025?

邁克爾，您是否預計鋁業合作夥伴關係將在 2025 年產生可觀的收入？

Yes, hi, Paul. We're very excited about the upcoming launch here as we talked about at JPM at our last earnings call with the mounting evidence that we are uniquely positioned the clinical research and insights most recently at AACR that you can see and now alumina making this available to thousands of labs with sequences.

是的，你好，保羅。我們對即將推出的產品感到非常興奮，正如我們在上次收益電話會議上在 JPM 所討論的那樣，越來越多的證據表明，我們在臨床研究和見解方面具有獨特的優勢，最近在 AACR 上也可以看到這一點，現在氧化鋁可以將其提供給數千個具有序列的實驗室。

We cautious for '25, but long term see this as a very strong value driver. Illumina is responsible for the sales marketing and support, and we are all the faith in the world that they will do a brilliant job. And this is new for them, and this always takes longer than one want, but the outlook is really bright for the technology and maybe Alex you can just comment on what's backed into our '25 assumptions there.

我們對 25 年持謹慎態度，但從長期來看，這是一個非常強大的價值驅動因素。Illumina 負責銷售、行銷和支持，我們堅信他們會出色地完成工作。這對他們來說是新鮮事，而且總是需要比人們想要的更長的時間，但這項技術的前景非常光明，也許亞歷克斯你可以評論一下我們 25 個假設的支持是什麼。

Yeah, maybe just to remind you in '24 we had some good revenue from alumina that came through for development, to support their development as well as their early access customers,. So year-over-year it will be moderate growth on top of that, but not for many of the reasons Michael mentioned not a significant growth overall, and that is baked into our current guidance and as Michael mentioned, '26 and beyond, we expect to begin to see strong traction and strong growth there.

是的，也許只是為了提醒你，在 24 年，我們從氧化鋁中獲得了一些不錯的收入，這些收入用於開發，以支持他們的開發以及他們的早期訪問客戶。因此，與去年同期相比，這將是適度的增長，但由於邁克爾提到的許多原因，整體上不會出現顯著的增長，而且這已納入我們目前的指導中，正如邁克爾提到的，'26 年及以後，我們預計將開始看到強勁的牽引力和強勁的增長。

And then, of course, we can, I know academics challenging, but can you talk about what you're seeing within the biopharmaceutical customers that it does seem like we started the year with a more visible, spending trend there. Are you seeing a better market condition for the major biopharma part of the market?

然後，當然，我知道學術上很有挑戰性，但您能否談談您在生物製藥客戶中看到的情況，似乎我們今年年初在那裡出現了更明顯的支出趨勢。您是否看到生物製藥市場主要部分的市場狀況有所改善？

Good traction in summer here in Q1 and have not seen a change from that as I'm sitting here today. Our numbers get a little bit obscured by like historical depends on a few large customers, as I said in the script, it's becoming ever less so, but it's still lead to quarter-to-quarter variation. So underneath that we're actually seeing a healthy growth and funnel beyond those accounts and in our authorized sites.

第一季夏季的牽引力很好，今天我坐在這裡時還沒有看到任何變化。我們的數字有點模糊，因為歷史數據取決於少數大客戶，正如我在腳本中所說的那樣，這種情況變得越來越少，但仍然會導致季度間差異。因此，我們實際上看到了除了這些帳戶之外以及在我們授權的網站上的健康成長和管道。

Okay. And then last is the $10 million dollar cost action in early January. Should we think about an improved outlook for EBITDA loss this year?

好的。最後是 1 月初的 1000 萬美元成本行動。我們是否應該考慮今年 EBITDA 虧損前景有所改善？

I'll let Alex handle that.

我會讓亞歷克斯處理這件事。

Yes, slightly. So the action was late January $10 million annualized, and so yes you will see that flow through our approach, as Michael has said many times, is continuous improvement and so you'll see us continue to improve our adjusted EBITDA. Thank you.

是的，稍微有點。因此，行動是在 1 月底實現年化 1000 萬美元，所以是的，你會看到我們的方法不斷改進，正如邁克爾多次說過的那樣，所以你會看到我們繼續改善調整後的 EBITDA。謝謝。

Ladies and gentlemen, at this time we will conclude our question and answer session and also conclude the Standard BioTools conference call. Thank you for attending today's presentation, and you may now disconnect your lines.

女士們、先生們，現在我們將結束問答環節，並結束標準生物工具電話會議。感謝您參加今天的演示，現在您可以斷開您的線路了。