908 Devices Inc (MASS) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the 908 Devices Fourth Quarter 2022 Financial Results Conference Call. (Operator Instructions)

女士們先生們，早上好，歡迎參加 908 Devices 2022 年第四季度財務業績電話會議。 （操作員說明）

I would now like to turn the conference over to Kelly Gura, Investor Relations.

我現在想把會議轉交給投資者關係部的 Kelly Gura。

Thank you. This morning, 908 Devices released financial results for the fourth quarter and full year ended December 31, 2022. If you've not received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to IR@908devices.com. Joining me today from 908 is Kevin Knopp, Chief Executive Officer and Co-Founder; and Joe Griffith, Chief Financial Officer.

謝謝。今天上午，908 Devices 發布了截至 2022 年 12 月 31 日的第四季度和全年財務業績。如果您沒有收到此新聞稿，或者如果您想加入公司的分發名單，請發送電子郵件至郵寄至 IR@908devices.com。今天從 908 加入我的是首席執行官兼聯合創始人 Kevin Knopp；和首席財務官 Joe Griffith。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements in the press release 908 Devices issued today.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聯邦證券法意義上的前瞻性陳述。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與預期存在重大差異。有關這些風險和不確定性的更多信息，請參閱今天發布的新聞稿 908 Devices 中標題為“前瞻性陳述”的部分。

For a more complete list and description, please see the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31, 2022 and in its other filings with the Securities and Exchange Commission. Except as required by law, 908 Devices disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, March 7, 2023.

如需更完整的列表和說明，請參閱公司截至 2022 年 12 月 31 日止年度的 10-K 表格年度報告的風險因素部分以及提交給美國證券交易委員會的其他文件。除非法律要求，否則 908 Devices 不承擔更新或修改任何財務預測或前瞻性陳述的任何意圖或義務，無論是因為新信息、未來事件還是其他原因。本次電話會議包含時間敏感信息，僅截至 2023 年 3 月 7 日現場直播時準確無誤。

With that, I would like to turn the call over to Kevin.

有了這個，我想把電話轉給凱文。

Thanks, Kelly. Good morning, and thank you for joining our fourth quarter 2022 earnings call. Throughout 2022, we continued on our mission to support the critical-to-life applications of our customers. I want to thank our team for their dedication and commitment to serving our customers throughout the year.

謝謝，凱利。早上好，感謝您加入我們的 2022 年第四季度財報電話會議。在整個 2022 年，我們繼續履行我們的使命，為客戶的關鍵生命應用程序提供支持。我要感謝我們的團隊全年為客戶服務的奉獻精神和承諾。

We ended the fourth quarter with $11.6 million in revenue, bringing our total revenue for 2022 to $46.9 million, up 11% from the prior year. For the full year, our desktop revenue grew at more than 2x our overall growth rate at 25%, in line with our expectations. We also saw strong recurring revenue contributions, more than 100% increase year-over-year.

第四季度結束時，我們的收入為 1160 萬美元，使我們 2022 年的總收入達到 4690 萬美元，比上年增長 11%。全年，我們的台式機收入增長了 2 倍以上，達到 25%，符合我們的預期。我們還看到了強勁的經常性收入貢獻，同比增長超過 100%。

While the underlying need for our products remained strong, as forecasted, adverse macroeconomic factors impaired our progress in Q4. As previously communicated, we began to see protracted capital purchasing cycles in mid-2022 and we continue to see them here in Q1. While we anticipate these industry headwinds to persist through the first half of 2023, I'm confident in our long-term trajectory and feel we are doing the groundwork needed for both near-term and long-term success.

正如預測的那樣，雖然對我們產品的潛在需求依然強勁，但不利的宏觀經濟因素削弱了我們在第四季度的進展。正如之前所傳達的那樣，我們在 2022 年年中開始看到漫長的資本購買週期，我們將在第一季度繼續看到它們。雖然我們預計這些行業逆風將持續到 2023 年上半年，但我對我們的長期發展軌跡充滿信心，並認為我們正在為近期和長期的成功打下基礎。

We are keeping a tight rein on our operating expenses. Joe will provide more detail shortly on some recent actions we have taken in that regard. We are developing and launching new products to meet the growing demand for robust analytics at the point of need. We are pursuing diversified end markets, forensics, bioprocessing and research. And importantly, we are retaining a solid cash position with multiple years of runway.

我們嚴格控制運營費用。 Joe 將很快就我們最近在這方面採取的一些行動提供更多細節。我們正在開發和推出新產品，以滿足在需要時對強大分析不斷增長的需求。我們追求多元化的終端市場、取證、生物加工和研究。重要的是，我們通過多年的跑道保持穩固的現金狀況。

We have made some encouraging progress throughout the year. Now I'd like to provide a brief update on our progress across the 5 focus areas we set for 2022. Starting with our first objective of driving customer adoption. For our desktops, we grew our combined REBEL and ZipChip base to more than 350 devices, adding 80 devices over the year. Nearly 1/4 of these placements are within top 20 pharmaceutical companies with 10 accounts now each having a half a dozen devices or more. This larger combined footprint across top pharma is important as it strengthens our ability to serve these customers and allows us to broaden our conversations as we define, develop and launch additional bioanalytic products.

全年我們取得了一些令人鼓舞的進展。現在，我想簡要介紹一下我們為 2022 年設定的 5 個重點領域的進展情況。從我們推動客戶採用的第一個目標開始。對於我們的台式機，我們將 REBEL 和 ZipChip 的組合基礎增加到 350 多台設備，一年內增加了 80 台設備。這些安置中近 1/4 位於排名前 20 位的製藥公司中，這些公司有 10 個賬戶，每個賬戶現在都有 6 台或更多台設備。頂級製藥公司的這種更大的合併足跡非常重要，因為它增強了我們為這些客戶提供服務的能力，並使我們能夠在定義、開發和推出更多生物分析產品時擴大我們的對話。

We have also been seeding future REBEL opportunity through broadening our base of users with more REBEL orders from new customers than existing. When looking at the full year, roughly 2/3 of devices were placed with new customers. Desktop consumable purchases and service revenues were up year-over-year by more than 55%. In Q4, we also received our second-highest number of scheduled consumable orders, indicating our customers' intent to incorporate REBEL into their 2023 priorities.

我們還通過從新客戶那裡獲得比現有客戶更多的 REBEL 訂單來擴大我們的用戶群，從而為未來的 REBEL 機會播下種子。縱觀全年，大約有 2/3 的設備放置在新客戶手中。桌面耗材採購和服務收入同比增長超過 55%。在第四季度，我們還收到了數量第二多的預定消耗品訂單，表明我們的客戶有意將 REBEL 納入他們 2023 年的優先事項。

While we have seen the bioprocessing industry and specifically the preclinical process development customers become under pressure in the second half of 2022, we are still seeing enthusiasm for our products and the strong underlying fundamental need for more analytics to enable more advanced therapeutics. Our desktop devices today are being used in support of advanced therapies and the forecasted pipeline of cell therapies is a key driver of our expanding total addressable market in the coming years.

雖然我們已經看到生物加工行業，特別是臨床前工藝開發客戶在 2022 年下半年面臨壓力，但我們仍然看到對我們產品的熱情以及對更多分析以實現更先進療法的強大潛在基本面需求。我們今天的桌面設備正在用於支持先進的療法，而預測的細胞療法管道是我們在未來幾年擴大總潛在市場的關鍵驅動力。

According to the Alliance for Regenerative Medicine, there are now 2,220 active clinical trials for advanced therapies, up slightly from mid-year 2022 and there has been an 11% year-over-year increase in the number of cell and gene therapy developers worldwide. At the recent Advanced Therapies Week Conference in Miami this January, the main theme was the need to accelerate corporate investments in digitization and analytics. Our messaging for the need to transition analytics from disparate offline manual instruments to at-line and on-line automated and connected solutions, right and clear.

根據再生醫學聯盟的數據，目前有 2,220 項針對先進療法的活躍臨床試驗，比 2022 年年中略有增加，全球細胞和基因療法開發商的數量同比增長 11%。今年 1 月在邁阿密舉行的最近的高級治療週會議上，主題是需要加快企業在數字化和分析方面的投資。我們傳達的信息是，需要將分析從不同的離線手動工具轉變為在線和在線自動化和連接的解決方案，正確而清晰。

For our handhelds, we grew our MX908 base past 2,000 devices, adding 370 devices over the year. As mentioned in this year's United States President's State of the Union address, tragically, the opioid crisis continues with best of more than 70,000 individuals annually. This crisis continues to be a major driver of customer adoption. In December, the Washington Post ran a week-long series on Sentinel's deadly surge in the U.S. The first article profiled the seasoned Homeland Security Investigations agent who uses our MX908 device at overdose scenes to quickly determine when a lethal batch of fentanyl hits the streets. The article highlights the crucial time loss for investigative leads when samples are sent to a lab, which can take weeks to process, which is just untenable.

對於我們的手持設備，我們將 MX908 基數增加到超過 2,000 台設備，全年增加了 370 台設備。正如今年美國總統的國情咨文中所提到的，不幸的是，阿片類藥物危機仍在繼續，每年有超過 70,000 人受害。這場危機仍然是客戶採用的主要驅動力。 12 月，《華盛頓郵報》就 Sentinel 在美國的致命激增進行了為期一周的系列報導。第一篇文章介紹了經驗豐富的國土安全調查代理人，他在藥物過量的場景中使用我們的 MX908 設備來快速確定一批致命的芬太尼何時出現在街頭。這篇文章強調了當樣本被送到實驗室時調查線索的關鍵時間損失，這可能需要數週的時間來處理，這是站不住腳的。

The applications for trace fentanyl detection are pervasive. We received multiple orders for the MX last year from the Department of Corrections in New England, the Midwest and the West. A Minnesota corrections official noted that the MX908 has been an integral tool to combat the introduction of Narcotics into Minnesota State prisons. As a result of such impact, we are continuing to build the pipeline of opportunity through the progression of testing, trials and pilot programs that turn into valuable enterprise accounts.

痕量芬太尼檢測的應用非常普遍。去年，我們從新英格蘭、中西部和西部的懲教部收到了多份 MX 訂單。明尼蘇達州懲教官員指出，MX908 一直是打擊毒品進入明尼蘇達州監獄的不可或缺的工具。由於這種影響，我們將繼續通過測試、試驗和試點項目的進展來建立機會管道，這些項目將轉化為有價值的企業客戶。

In 2022, we saw progression with 15 accounts in pilot programs, representing approximately 100 units of opportunity, up from 11 accounts at year end 2021. In addition, we now have 17 enterprise accounts with more than 800 devices of additional combined opportunity, up 15% compared to year end 2021. Overall, we're pleased with the adoption for new and existing customers across all our product lines in 2022 and believe that our handhelds provide diversification in 2023 amidst the more challenging bioprocessing macro environment.

到 2022 年，我們在試點項目中看到了 15 個賬戶的進展，代表了大約 100 個機會單位，高於 2021 年底的 11 個賬戶。此外，我們現在有 17 個企業賬戶，擁有 800 多台設備的額外組合機會，增加了 15與 2021 年底相比的百分比。總體而言，我們對 2022 年新老客戶在我們所有產品線中的採用感到滿意，並相信我們的手持設備將在 2023 年在更具挑戰性的生物加工宏觀環境中提供多樣化。

Turning to our second objective, accelerating commercialization. We had targeted growing our commercial team to 80 team members by year end. While we finished the year close to this target in the middle of 2022, we shifted to a more strategic investment approach given the macro market. This included bolstering our European presence through leveraging our acquisition of TRACE Analytics. Now as 908 Devices GmbH, we have a legal entity and base of operations in Germany to better serve our European customers and to enable direct sales and support in the region.

轉向我們的第二個目標，加速商業化。我們的目標是到年底將我們的商業團隊擴大到 80 名團隊成員。雖然我們在 2022 年年中接近這一目標完成了這一年，但鑑於宏觀市場，我們轉向了更具戰略性的投資方法。這包括通過利用我們對 TRACE Analytics 的收購來加強我們在歐洲的影響力。現在作為 908 Devices GmbH，我們在德國擁有法人實體和運營基地，可以更好地服務我們的歐洲客戶，並在該地區實現直接銷售和支持。

Turning to our third objective, developing and advancing our product portfolio. We were thrilled to acquire TRACE Analytics last August, which strengthened our core microfluidics technology, providing us with online aseptic sampling and biosensor technology. In January, we launched MAVEN, our first on-line device that connects directly to the bioreactor, providing real-time monitoring and control of glucose and lactate in cell culture and fermentation processes. MAVEN enables cell-free, sterile and safe sampling with no volume loss or prep required. This approach reduces lab costs and saves operator time, thereby accelerating workflows.

轉向我們的第三個目標，開發和推進我們的產品組合。我們很高興在去年 8 月收購了 TRACE Analytics，它加強了我們的核心微流體技術，為我們提供了在線無菌採樣和生物傳感器技術。 1 月，我們推出了 MAVEN，這是我們第一款直接連接到生物反應器的在線設備，可實時監測和控制細胞培養和發酵過程中的葡萄糖和乳酸。 MAVEN 可實現無細胞、無菌和安全的採樣，無需體積損失或準備。這種方法降低了實驗室成本並節省了操作員時間，從而加快了工作流程。

We think of MAVEN as the REBEL's buddy as the two devices work in concert. REBEL quantitates 33 additional cell culture media nutrients, including amino acids, in less than 10 minutes. REBEL leverages our microscale mass spec technology, while MAVEN incorporates discrete biosensors for glucose and lactate detection, which are two analytes difficult to tech using mass spec. Both devices are simple to use and measure key process parameters leading to improved bioprocess control.

我們將 MAVEN 視為 REBEL 的伙伴，因為這兩種設備協同工作。 REBEL 在不到 10 分鐘的時間內對 33 種額外的細胞培養基營養物質進行定量，包括氨基酸。 REBEL 利用我們的微型質譜技術，而 MAVEN 結合了用於葡萄糖和乳酸檢測的離散生物傳感器，這兩種分析物難以使用質譜進行技術分析。這兩種設備都易於使用並測量關鍵過程參數，從而改進生物過程控制。

We think the reduced lab costs and operator time savings of the online connecting MAVEN will resonate well with our customers in this market and we are excited to see things develop. It's a great precursor to our REBEL on-line as well. We are seeing commercial contribution now for MAVEN. In Q4, we shipped more than $0.5 million of MAVEN and related sampling products to cell and gene, mAb and fermentation customers as well as to OEM partners. The key takeaway here is that we have a robust road map and strategy of process analytical technologies. Beyond any one product, we are creating a full portfolio of complementary devices; ZipChip, REBEL, MAVEN and another new product we'll announce later this year, which will also be exciting and very differentiated.

我們認為，在線連接 MAVEN 可降低實驗室成本並節省操作員時間，這將引起我們在該市場的客戶的共鳴，我們很高興看到事情的發展。它也是我們在線 REBEL 的重要先驅。我們現在看到了 MAVEN 的商業貢獻。在第四季度，我們向細胞和基因、mAb 和發酵客戶以及 OEM 合作夥伴運送了超過 50 萬美元的 MAVEN 和相關採樣產品。這裡的關鍵要點是我們有一個強大的路線圖和過程分析技術戰略。除了任何一種產品，我們正在創建完整的互補設備組合； ZipChip、REBEL、MAVEN 以及我們將在今年晚些時候發布的另一款新產品，它們也將令人興奮且與眾不同。

For our handhelds, we expanded the capability of our MX908 device in 2022 to detect highly toxic and illegal pesticides. We collaborated with the United States Forest Service, a division of the USDA, to develop this capability that enables its field personnel to safely conduct pesticide testing at remote illegal marijuana grow sites rather than to wait weeks for lab results. The results of this work are driving conversations now at the state level on how to better equip responders as an enterprise and create data awareness to enhance their safety.

對於我們的手持設備，我們在 2022 年擴展了 MX908 設備的功能，以檢測劇毒和非法農藥。我們與美國農業部下屬的美國林業局合作，開發這種能力，使其現場人員能夠在偏遠的非法大麻種植地點安全地進行殺蟲劑測試，而不是等待數週才能獲得實驗室結果。這項工作的結果正在推動州一級的對話，討論如何更好地為企業配備響應人員並建立數據意識以增強他們的安全。

We value such collaborations with our customers as they can lead to impactful developments and expansion of our devices. Our Aero module released in the spring of 2021 was informed by our customers and we have worked closely with our customers on its validation. We have seen significant adoption of this accessory with 100 shipped in 2022 and we credit our close customer collaboration.

我們重視與客戶的此類合作，因為它們可以帶來有影響力的開發和我們設備的擴展。我們於 2021 年春季發布的 Aero 模塊是根據我們的客戶告知的，我們與客戶密切合作進行了驗證。我們已經看到該配件的大量採用，2022 年出貨了 100 個，這歸功於我們與客戶的密切合作。

From time to time, we selectively work on customer-funded development efforts towards the same commercial goal and outcome. In 2022, projects included alternate MX configurations for longer run time with enhanced communications, for drone integration and in partnership with (inaudible) for integration with Spot, Boston Dynamics' nimble robot that climb stairs and traverses through rough terrain with ease, yet is small enough to use indoors. We saw an uptick in Q4 contract and license revenue due to the timing of such projects, which Joe will discuss. Our focus commercially last year was to build upon the capabilities of our existing products, and we're excited to start off 2023 with a new product launch and our R&D team has a lot in the hopper for both our handhelds and our desktops.

我們有時會選擇性地開展客戶資助的開發工作，以實現相同的商業目標和成果。 2022 年，項目包括備用 MX 配置以延長運行時間並增強通信、無人機集成以及與（聽不清）合作以與 Spot 集成，Spot 是波士頓動力公司的靈活機器人，可以輕鬆爬樓梯和穿越崎嶇地形，但體積小足以在室內使用。由於此類項目的時間安排，我們看到第四季度合同和許可收入有所增加，Joe 將對此進行討論。我們去年的商業重點是在現有產品的功能基礎上進行構建，我們很高興從 2023 年開始推出新產品，我們的研發團隊在手持設備和台式機方面都有很多經驗。

Turning to our fourth objective, broadening our bioanalytics platform. Our goal is to become a key enabler of Biopharma 4.0 with a tech stack of connected process monitoring and critical product quality attribute analysis devices that inform models that support better real-time predictive outcomes. Data from our at-line REBEL device enables biopharma researchers to identify and control key process parameters in bioprocessing workflows. Our on-line MAVIN device enables monitoring and importantly control of the base cell culture ingredient, glucose. Our ZipChip CMS is an off-line, but simple-to-use device that provides rapid characterization of multiple product quality attributes.

談到我們的第四個目標，拓寬我們的生物分析平台。我們的目標是通過連接過程監控和關鍵產品質量屬性分析設備的技術堆棧成為生物製藥 4.0 的關鍵推動者，這些設備為支持更好的實時預測結果的模型提供信息。來自我們在線 REBEL 設備的數據使生物製藥研究人員能夠識別和控制生物工藝工作流程中的關鍵工藝參數。我們的在線 MAVIN 設備能夠監測和重要地控制基礎細胞培養成分葡萄糖。我們的 ZipChip CMS 是一種離線但易於使用的設備，可快速表徵多種產品質量屬性。

Over 2022, we worked with leading institutions focused on developing and implementing new biomanufacturing processes and connecting our devices to the needed workflows. Our collaboration with U.K. based CPI has demonstrated the value of at-line cell culture media analysis to inform feeding strategies for improved cell growth. CPI process engineers use real-time data from the REBEL to optimize nutrients, resulting in an increase in titer by up to 40% and a reduction in toxic metabolite accumulation and a significant reduction in design of experiment times.

2022 年以來，我們與領先機構合作，專注於開發和實施新的生物製造工藝，並將我們的設備連接到所需的工作流程。我們與總部位於英國的 CPI 的合作證明了在線細胞培養基分析的價值，可以為改善細胞生長的餵養策略提供信息。 CPI 工藝工程師使用來自 REBEL 的實時數據來優化營養素，從而使滴度提高多達 40%，並減少有毒代謝物的積累，並顯著縮短實驗設計時間。

In our alliance with AMBIC, an industrial academic consortium, researchers are leveraging REBEL's at-line informing power to develop predictive cell culture media feeding models for improved product quality and reliability. We have also been working with key academic research institutions such as Emory University where researchers are developing novel micro-bead libraries for CAR-T cell therapies and are using REBEL to inform feeding strategies to control and optimize T cell activation.

在我們與工業學術聯盟 AMBIC 的聯盟中，研究人員正在利用 REBEL 的在線通知能力來開發預測性細胞培養基餵養模型，以提高產品質量和可靠性。我們還與埃默里大學等主要學術研究機構合作，那裡的研究人員正在開髮用於 CAR-T 細胞療法的新型微珠庫，並使用 REBEL 來告知餵養策略以控制和優化 T 細胞活化。

And at our user meeting in September, MIT researchers underscored REBEL's value in their ability to rapidly monitor and profile nutrient consumption of recombinant AAV producing cells in a perfusion process. At conferences and in publications, customers such as Boehringer Ingelheim, Bio-Techne, Fudan University and the University of Connecticut, highlighted ZipChip's high resolution and high sensitivity that is comparable to LCMS methods, but with much faster separations and minimal sample volumes.

在我們 9 月份的用戶會議上，麻省理工學院的研究人員強調了 REBEL 的價值，因為他們能夠快速監測和分析灌注過程中重組 AAV 產生細胞的營養消耗。在會議和出版物中，勃林格殷格翰、Bio-Techne、復旦大學和康涅狄格大學等客戶強調了 ZipChip 的高分辨率和高靈敏度，可與 LCMS 方法相媲美，但分離速度更快，樣品體積更小。

Most recently, in a paper published in the Journal of Pharmaceutical and Biomedical Analysis, scientists from Regeneron Pharmaceuticals noted that our ZipChip CEMS system is an alternative and complementary method to more traditional chromatography and that ICE methods to support the characterization of charge variance in different types of therapeutic antibodies. Charge bearings analysis is critical for understanding the structure of biotherapeutics during drug development and product release. We are always delighted to hear our customers and collaborators talk about the value of our desktop devices in characterizing process and product attributes as we focus on creating a complete portfolio of complementary products.

最近，Regeneron Pharmaceuticals 的科學家在發表在《製藥與生物醫學分析雜誌》上的一篇論文中指出，我們的 ZipChip CEMS 系統是更傳統色譜法的替代和補充方法，ICE 方法支持表徵不同類型的電荷變化治療性抗體。電荷軸承分析對於了解藥物開發和產品發布過程中生物治療藥物的結構至關重要。我們總是很高興聽到我們的客戶和合作者談論我們的桌面設備在表徵過程和產品屬性方面的價值，因為我們專注於創建完整的互補產品組合。

And finally, turning to our fifth objective, laying an Omics Foundation. A scientist seek to understand how proteins and metabolates orchestrate a cell's function, there's a rising demand for accelerating mass spec-based workflows, which is critical when working with large sample sets. As we have shared previously, we partnered with the University of Washington and Thermo Fisher Scientific to evaluate the coupling of our prototype microfluidic chips with very fast ion-trap mass specs for proteomics applications.

最後，轉向我們的第五個目標，奠定組學基礎。一位科學家試圖了解蛋白質和代謝物如何協調細胞的功能，對加速基於質譜的工作流程的需求不斷增加，這在處理大樣本集時至關重要。正如我們之前分享的那樣，我們與華盛頓大學和 Thermo Fisher Scientific 合作，評估我們的原型微流控芯片與用於蛋白質組學應用的極快離子阱質譜的耦合。

In December, in collaboration with our partners, we presented a poster at the World HUPO Conference that demonstrated the prototype chip's ability to deliver increased sensitivity 10x faster than traditional nanoscale liquid chromatography. We are excited about the research progress we made in 2022 with these advanced microfluidic chips and look forward to continued scientific progress this year. Overall, while Q4 2022 presented challenges, we progressed our full year objectives and we remain confident about the value of our technologies platform and the enthusiasm we see for real-time analytics at the point of need.

12 月，我們與合作夥伴合作，在世界 HUPO 大會上展示了一張海報，展示了原型芯片能夠以比傳統納米級液相色譜法快 10 倍的速度提高靈敏度。我們對我們在 2022 年使用這些先進的微流控芯片取得的研究進展感到興奮，並期待今年繼續取得科學進步。總體而言，儘管 2022 年第四季度面臨挑戰，但我們實現了全年目標，我們對技術平台的價值以及我們在需要時看到的實時分析的熱情仍然充滿信心。

With that, I'll turn the call over to Joe for more detail on our financials.

有了這個，我會把電話轉給喬，了解我們財務狀況的更多細節。

Thanks, Kevin. Starting with our full year results. Total revenue for the full year 2022 was $46.9 million, up 11% from $42.2 million in 2021. Product and service revenue from handhelds was approximately $29.5 million for the full year 2022 compared to $29.2 million in the prior year. Product and service revenue from desktops was $14.9 million for the full year 2022, growing 25% year-over-year and in line with our expectations of 2x our overall growth rate.

謝謝，凱文。從我們的全年業績開始。 2022 年全年總收入為 4690 萬美元，比 2021 年的 4220 萬美元增長 11%。2022 年全年來自手持設備的產品和服務收入約為 2950 萬美元，上年為 2920 萬美元。 2022 年全年來自台式機的產品和服務收入為 1490 萬美元，同比增長 25%，符合我們對整體增長率兩倍的預期。

Recurring revenue for the full year was $15.7 million compared to $7.8 million in the prior year period, representing growth of 101%. Recurring revenue growth was driven primarily by handheld accessories and consumables, including the Aero module, service revenue across both handheld and desktops and desktop consumables, mainly related to REBEL kits.

全年經常性收入為 1570 萬美元，上年同期為 780 萬美元，增長 101%。經常性收入增長主要由手持配件和耗材推動，包括 Aero 模塊、手持和台式機的服務收入以及主要與 REBEL 套件相關的台式機耗材。

License and contract revenue for the full year 2022 was $2.4 million compared to $1.1 million in the prior year period. License and contract growth was driven by incremental funding secured in the fourth quarter of 2022 related to exploratory commercial work we're doing with partners, which we expect to conclude in 2023.

2022 年全年的許可和合同收入為 240 萬美元，而去年同期為 110 萬美元。許可和合同的增長是由 2022 年第四季度獲得的增量資金推動的，這些資金與我們正在與合作夥伴進行的探索性商業工作相關，我們預計這些工作將在 2023 年完成。

Gross profit for the full year 2022 was $26 million as compared to $23.2 million in the prior year period. Gross margin was 56% for the full year 2022 as compared to 55% for the prior year period, a 50 basis point improvement. As we think ahead to 2023, we expect our gross margins, excluding stock-based compensation and intangible amortization, to be in the mid-50s, consistent with prior periods. We continue to expect that with scale, we will be able to expand our gross margin to the high-50s.

2022 年全年的毛利潤為 2600 萬美元，上年同期為 2320 萬美元。 2022 年全年的毛利率為 56%，而去年同期為 55%，提高了 50 個基點。正如我們對 2023 年的展望，我們預計我們的毛利率（不包括基於股票的薪酬和無形攤銷）將處於 50 年代中期，與前期一致。我們繼續期望隨著規模的擴大，我們將能夠將毛利率提高到 50 多歲。

Operating expenses for the full year 2022 were $61.4 million as compared to $45.3 million in the prior year period. This increase was driven primarily by an increase in personnel-related costs, including an increase in stock-based compensation of $4.5 million. Net loss for the full year 2022 was $33.6 million compared to $22.2 million in the prior year.

2022 年全年運營費用為 6140 萬美元，上年同期為 4530 萬美元。這一增長主要是由於與人事相關的成本增加，包括股票薪酬增加 450 萬美元。 2022 年全年淨虧損為 3360 萬美元，上年為 2220 萬美元。

While we are pleased with our overall results for the year, as Kevin shared, we experienced a slowdown in Q4. With that context, let's look more closely at our fourth quarter results. Revenue for the fourth quarter 2022 was $11.6 million compared to $15.8 million in the prior year period. Recall that in Q4 of 2021, we had a large shipment of MX908 devices to the U.S. Army, which totaled approximately $8 million, making this an unusual period to compare. Handheld revenue from our MX908 product for the fourth quarter 2022 was $7.1 million, which included 55 MX908 handheld device shipments.

正如 Kevin 分享的那樣，雖然我們對今年的整體業績感到滿意，但我們在第四季度經歷了放緩。在這種背景下，讓我們更仔細地看看我們的第四季度業績。 2022 年第四季度的收入為 1160 萬美元，而去年同期為 1580 萬美元。回想一下，在 2021 年第四季度，我們向美國陸軍運送了大量 MX908 設備，總價值約為 800 萬美元，這使我們無法比較這段時期。 2022 年第四季度，我們 MX908 產品的手持設備收入為 710 萬美元，其中包括 55 台 MX908 手持設備出貨量。

Desktop revenue for the fourth quarter 2022 was $3.3 million. This included 10 ZipChip interfaces, 3 REBEL devices and our first MAVEN shipments. This represents a decline in desktop revenue of 23% and was primarily due to a decrease of REBEL device placements, offset in part with growth in service and consumables, mainly related to REBEL kits and product revenue from MAVEN and related sampling devices. In fact, desktop service and consumables revenues were up more than 55% for the fourth quarter.

2022 年第四季度的台式機收入為 330 萬美元。這包括 10 個 ZipChip 接口、3 個 REBEL 設備和我們的第一批 MAVEN 貨物。這表示台式機收入下降了 23%，這主要是由於 REBEL 設備放置的減少，部分被服務和消耗品的增長所抵消，主要與 REBEL 套件和來自 MAVEN 及相關採樣設備的產品收入有關。事實上，第四季度桌面服務和消耗品收入增長了 55% 以上。

License and contract revenue for the fourth quarter 2022 was $1.2 million compared to $0.3 million in the prior year period. Gross profit was $5.9 million for the fourth quarter of 2022 compared to $9.1 million for the prior year period. Gross margin was 51% for the fourth quarter of 2022 as compared to 58% for the prior year period. The decline in gross margin was largely due to fewer device shipments.

2022 年第四季度的許可和合同收入為 120 萬美元，而去年同期為 30 萬美元。 2022 年第四季度的毛利潤為 590 萬美元，而去年同期為 910 萬美元。 2022 年第四季度的毛利率為 51%，而去年同期為 58%。毛利率下降主要是由於設備出貨量減少。

Total operating expenses for the fourth quarter of 2022 were $16.3 million compared to $12.7 million in the prior year period. Net loss for the fourth quarter of 2022 was $9.8 million compared to $3.5 million in the prior year period. We ended 2022 with $188 million in cash and cash equivalents. In addition, we have $15 million of debt outstanding.

2022 年第四季度的總運營費用為 1630 萬美元，而去年同期為 1270 萬美元。 2022 年第四季度的淨虧損為 980 萬美元，而去年同期為 350 萬美元。到 2022 年底，我們擁有 1.88 億美元的現金和現金等價物。此外，我們還有 1500 萬美元的未償債務。

As Kevin mentioned, we are maintaining our disciplined approach to capital deployment. We are being proactive and efficient in our investments as we focus on our product innovation, market penetration and commercialization efforts. In line with these efforts, here in 2023, we recently reduced our headcount by approximately 6% and expect our headcount to remain relatively flat for 2023 as we prioritize roles and responsibilities across the organization. We had 227 employees as of December 31, 2022.

正如凱文所提到的，我們正在保持我們對資本部署的嚴格方法。我們專注於產品創新、市場滲透和商業化工作，因此我們的投資積極主動且高效。根據這些努力，在 2023 年這裡，我們最近裁員了約 6%，並預計 2023 年我們的員工人數將保持相對平穩，因為我們優先考慮整個組織的角色和職責。截至 2022 年 12 月 31 日，我們擁有 227 名員工。

We are targeting to keep operating expense growth below 10% in 2023, excluding expenses related to non-cash stock-based compensation and intangible amortization. Cash consumed from operating activities, excluding working capital, for the full year 2022 increased modestly to $24 million compared to $17 million in the prior year period. The increase in cash used was primarily related to headcount expansion. A key focus for us is running our business with an eye towards profitability. We have multiple years of cash runway and are well capitalized to support our long-term growth objectives.

我們的目標是在 2023 年將運營費用增長率保持在 10% 以下，不包括與非現金股票補償和無形攤銷相關的費用。 2022 年全年經營活動消耗的現金（不包括營運資金）從上年同期的 1700 萬美元小幅增加至 2400 萬美元。使用現金的增加主要與員工人數增加有關。我們的一個重點是在經營我們的業務時著眼於盈利能力。我們擁有多年的現金跑道，資本充足以支持我們的長期增長目標。

Looking ahead in 2023, we expect revenue to be in the range of $48 million to $52 million, representing growth of 2% to 11% over full year 2022, 7% growth at the midpoint. As Kevin discussed earlier, we are continuing to see protracted sales cycles and more conservative capital budgets, particularly in the bioprocessing end market, which we expect to continue through the first half of 2023 and thus anticipate a similar seasonality trend into 2022.

展望 2023 年，我們預計收入將在 4800 萬美元至 5200 萬美元之間，比 2022 年全年增長 2% 至 11%，中點增長 7%。正如 Kevin 之前所討論的那樣，我們將繼續看到延長的銷售週期和更加保守的資本預算，特別是在生物加工終端市場，我們預計該市場將持續到 2023 年上半年，因此預計到 2022 年將出現類似的季節性趨勢。

At this point, I would like to turn the call back to Kevin for closing comments.

在這一點上，我想把電話轉回凱文以徵求意見。

Thanks, Joe. For 2023, we continue to focus on our core growth objectives. First, grow revenue by penetrating new accounts and radiating across large biopharma accounts as well as progressing handheld device pilots to enterprise scale. Second, advance and broaden our product portfolio with simple, smart and connected devices with an emphasis on bioanalytics solutions. And finally, third, lay the Omics foundation to address emerging proteomics and metabolomics opportunities.

謝謝，喬。 2023 年，我們將繼續專注於我們的核心增長目標。首先，通過滲透新客戶和輻射大型生物製藥客戶以及將手持設備試點推進到企業規模來增加收入。其次，通過以生物分析解決方案為重點的簡單、智能和互聯設備，推進和擴大我們的產品組合。最後，第三，奠定組學基礎以應對新興的蛋白質組學和代謝組學機會。

We believe 908 Devices is uniquely positioned to capture the opportunity in front of us. We have multiple new product releases in the process analytical technology space, building a complementary device portfolio with the first already launched in January and a second later this year. We have a diverse offering with our handheld devices in the forensic space. We believe these handhelds will continue to be critical with rising geopolitical uncertainties and the ongoing fentanyl crisis. And finally, we have a strong cash balance with a runway beyond 2025 as we have remained efficient and thoughtful on spend and headcount, working to ensure expenses are not outpacing our revenue growth.

我們相信 908 Devices 具有獨特的優勢，可以抓住我們面前的機遇。我們在過程分析技術領域發布了多個新產品，構建了一個互補的設備組合，第一款已於 1 月推出，第二款已於今年晚些時候推出。我們在法醫領域提供多樣化的手持設備產品。我們相信，隨著地緣政治不確定性的上升和持續的芬太尼危機，這些手持設備將繼續發揮重要作用。最後，我們在 2025 年之後擁有強勁的現金餘額，因為我們在支出和員工人數方面保持高效和深思熟慮，努力確保支出不會超過我們的收入增長。

With that, we'll open it up to questions.

有了這個，我們將打開它來提問。

(Operator Instructions) Your first question will come from Matt Larew at William Blair.

（操作員說明）您的第一個問題將來自 William Blair 的 Matt Larew。

Kevin, could you maybe just go in a bit more detail on the challenges you're seeing within the bioprocessing. And I think company by company the certainty that we heard at different take and different levels of headwinds or not. Would just be curious what you're seeing specifically, I think you called out maybe challenges in the process development side for small biopharma. But any additional detail as we move into '23 would be helpful?

凱文，你能不能更詳細地談談你在生物加工中看到的挑戰。而且我認為逐個公司我們聽到的確定性是在不同的採取和不同程度的逆風與否。只是想知道你具體看到了什麼，我想你可能在小型生物製藥的工藝開發方面提出了挑戰。但是，隨著我們進入 23 世紀，任何其他細節都會有所幫助嗎？

Yeah, happy to, Matt. Yeah, for sure. I don't think our observations are too much different from what others are seeing out there. We're obviously selling our products into the preclinical process development space, so not the GMP space here largely. And yes, we -- as we forecasted in our Q3 call, we're seeing those customers just under more pressure and we've just overall seen deal velocity slower there. And that's starting in the second half of last year and things are just taking longer. And we're just seeing people being more thoughtful with the investment of their cash and that prolongs purchases and can add evaluations and steps. And I don't think we've seen a change in the underlying demand, particularly, as you think about advanced therapeutics and where the world is going and the need for more process control to support those more advanced therapeutics. We have a good foothold in top pharma. But you're right, we do have a substantial number that are small biotechs as well. So yeah, we've seen some pressure with those customers across the board.

是的，很高興，馬特。耶，當然了。我不認為我們的觀察與其他人在那裡看到的有太大不同。我們顯然將我們的產品銷售到臨床前工藝開發領域，所以這裡主要不是 GMP 領域。是的，我們——正如我們在第三季度電話會議中預測的那樣，我們看到這些客戶正承受著更大的壓力，而且我們總體上看到那裡的交易速度較慢。這是從去年下半年開始的，只是需要更長的時間。我們只是看到人們對現金投資更加周到，這會延長購買時間並增加評估和步驟。而且我認為我們沒有看到潛在需求的變化，特別是當你考慮先進的療法和世界的發展方向以及需要更多的過程控制來支持那些更先進的療法時。我們在頂級製藥公司擁有良好的立足點。但你是對的，我們也有相當數量的小型生物技術公司。所以，是的，我們已經看到了這些客戶的全面壓力。

On MAVEN specifically, now that that's out there for a couple of months, could you just maybe add any color around early conversations with potential customers? Are they responding to the offering? Whether they're viewing glucose and like is enough to move the needle? And then even potentially what their -- what the conversations are about sort of amplifying and adding to that MAVEN offering over time?

特別是在 MAVEN 上，現在已經推出幾個月了，您能否在與潛在客戶的早期對話中添加一些色彩？他們對產品有反應嗎？他們是否正在查看葡萄糖等是否足以移動針頭？然後甚至可能是他們的——隨著時間的推移，關於擴大和增加 MAVEN 產品的對話是什麼？

Yeah, for sure. I mean, we're excited about MAVEN. We just launched it in early January. We did have some first sales of about $0.5 million, a little bit more of MAVEN and related products in Q4 as we were preparing for that launch and getting it fully out there publicly at the Advanced Therapies Conference in Miami. So we're just developing the funnel now and we're working through that and having these conversations.

耶，當然了。我的意思是，我們對 MAVEN 感到興奮。我們剛剛在 1 月初推出了它。我們確實在第四季度獲得了大約 50 萬美元的首筆銷售額，以及更多的 MAVEN 和相關產品，因為我們正在為該產品的發布做準備，並在邁阿密的 Advanced Therapies Conference 上公開發布它。所以我們現在只是在開發漏斗，我們正在努力解決這個問題並進行這些對話。

I think it is a very interesting product for us. It goes for two of the, call it, bread-and-butter analytes, glucose and lactate, very complementary to REBEL. We think of it as REBEL's buddy. And we also think about it as a prelude to REBEL on-line. So while REBEL is leveraging our microscale mass spec technology, MAVEN is using discrete biosensors for glucose in lactate, again, which are two analytes that are difficult to tech using our mass spec technology. And MAVEN is bringing the aseptic sampling technology, which is a critical enabler for online connectivity. And we do get that feedback that online connections of devices is where the future is going. It just reduces lab costs, operator time and that resonates well in these markets, especially where we talked about some of the pressures, some being labor and some being just a tighter spend overall. So we think it's a great precursor to REBEL on-line and the initial conversations have been strong.

我認為這對我們來說是一個非常有趣的產品。它適用於兩種常用分析物葡萄糖和乳酸，這與 REBEL 非常互補。我們將其視為 REBEL 的伙伴。我們也將其視為在線 REBEL 的前奏。因此，當 REBEL 利用我們的微型質譜技術時，MAVEN 再次使用離散生物傳感器檢測乳酸中的葡萄糖，這兩種分析物很難使用我們的質譜技術進行技術分析。 MAVEN 帶來了無菌採樣技術，這是在線連接的關鍵推動因素。我們確實得到了這樣的反饋，即設備的在線連接是未來的發展方向。它只是降低了實驗室成本、操作員時間，並且在這些市場中產生了很好的共鳴，尤其是在我們談到一些壓力的地方，一些是勞動力，一些是整體支出更緊縮。所以我們認為這是 REBEL 在線的一個很好的先驅，最初的對話很激烈。

And if I could just squeeze one more, either for Joe or for Kevin. Just as we're thinking about the build for the year, maybe what are you hearing from customers about what they're looking for as gating factors to make purchasing decisions? I think for some of the larger bioprocessing companies there's sort of this destocking and there's maybe an end date relative to when they're lapping tough comps. When it comes to extending purchasing cycles, moving up the executive change to make decisions, what are kind of the key swing factors that might help get people to start moving and make the purchases again?

如果我能再擠一個，要么給喬，要么給凱文。正如我們正在考慮今年的構建一樣，也許您從客戶那裡聽到了什麼關於他們正在尋找什麼作為做出購買決定的門控因素？我認為對於一些較大的生物加工公司來說，存在某種程度的去庫存化，並且可能有一個結束日期，相對於他們何時進行艱難的競爭。當涉及到延長購買週期、推進高管變革以做出決策時，哪些關鍵的搖擺因素可能有助於促使人們開始行動並再次進行購買？

We may be a different dynamic than the destocking world there, because again, we're being used in that preclinical process development side, as you know. And in our conversations, it still I think is causing just some conservatism there. And I'd say that during these times, we've really just been focused with the customers to make them successful and to have them show better outcomes, because again, this is a new technology kind of changing the way they do things. And so I think that's been going well. In fact, we got some recent commentary that in some cases, we've -- our customers have been seeing significant tighter increases by employing a REBEL.

我們可能與那裡的去庫存世界不同，因為正如你所知，我們再次被用於臨床前工藝開發方面。在我們的談話中，我仍然認為它只是引起了一些保守主義。我要說的是，在這段時間裡，我們真的只是專注於客戶，讓他們成功並讓他們表現出更好的結果，因為這又是一種改變他們做事方式的新技術。所以我認為一切進展順利。事實上，我們最近收到了一些評論，在某些情況下，我們 - 我們的客戶通過使用 REBEL 看到了顯著更嚴格的增長。

So we're looking to really amplify that and really looking to use that as a leverage point to why adopt REBEL now. And there's also a couple of other interesting points that we look towards as we think about 2023. The consumables and service revenue for the desktops were up about 55% for Q4. And the quarter also contained the highest -- the second-highest number of orders we've ever received for scheduled consumable orders. So these are orders that are meant to ship over 2023. And that to us means that people are getting back to work and incorporating REBEL into their priorities. So we see those as positive indicators.

因此，我們希望真正擴大這一點，並真正希望將其用作現在採用 REBEL 的槓桿點。在考慮 2023 年時，我們還關注了其他一些有趣的觀點。第四季度台式機的消耗品和服務收入增長了約 55%。該季度還包含了我們有史以來收到的預定消耗品訂單數量最多的訂單。因此，這些訂單將在 2023 年之後發貨。這對我們來說意味著人們正在重返工作崗位並將 REBEL 納入他們的優先事項。因此，我們將這些視為積極指標。

Your next question comes from Puneet Souda at SVB Securities.

您的下一個問題來自 SVB Securities 的 Puneet Souda。

So maybe just a clarification one for Joe, maybe. Can you quantify what was the Army contribution here in the quarter? I mean, I appreciate the tough comps from last year, but just wondering what was the Army growth and maybe sort of the ex-Army growth that you're seeing? And what does that mean for MX908 ramp in 2023?

所以也許只是對Joe 的澄清。你能量化一下本季度陸軍的貢獻嗎？我的意思是，我很欣賞去年的強硬組合，但只是想知道陸軍的增長是什麼，也許你看到的是前陸軍的增長？這對 2023 年的 MX908 爬坡意味著什麼？

Absolutely. So you're right, there were no U.S. Army device shipments in Q4. We concluded those in Q3. There was that $8 million headwind for Q4 related to the device revenue in Q4 2021. Here in Q4 2022, what was in there was approximately $2 million in consumables and accessories shipped to the U.S. Army, mainly the U.S. -- the Aero module and that [PO] that we mentioned that we secured in Q3. So we continue to see shipments there.

絕對地。所以你是對的，第四季度沒有美國陸軍設備出貨量。我們在第三季度總結了這些。與 2021 年第四季度的設備收入相關的第四季度有 800 萬美元的逆風。在 2022 年第四季度，有大約 200 萬美元的消耗品和配件運往美國陸軍，主要是美國——航空模塊和那個[PO] 我們提到我們在第三季度獲得了保障。所以我們繼續在那裡看到出貨量。

We're working to continue to work on this enterprise account that we think there are future opportunities. We'll recognize service revenue over time on the devices that have been deployed over the last 18, 24 months. And we anticipate there could be other branches within the U.S. Army that may need those handheld devices in the future. So as we turn the page, we did about 370 MX908 placements for 2022 and see the opportunity to build on that despite the approximately 100 units with the Army in 2022.

我們正在努力繼續處理這個我們認為有未來機會的企業帳戶。隨著時間的推移，我們將在過去 18 個月、24 個月內部署的設備上確認服務收入。我們預計美國陸軍中的其他部門將來可能需要這些手持設備。因此，當我們翻過這一頁時，我們在 2022 年進行了大約 370 次 MX908 部署，並看到了在此基礎上進一步發展的機會，儘管 2022 年陸軍大約有 100 台。

And I think if you add to that, Joe, and think about the contributions outside of the Army, that out of that 15.8%, we saw growth of about 50% in Q4 year-over-year. If you stands Army, if you will, stands Army devices.

我認為，如果你再加上這一點，喬，想想陸軍以外的貢獻，在這 15.8% 中，我們看到第四季度同比增長了約 50%。如果你支持陸軍，如果你願意，支持陸軍設備。

And then historically speaking, heading here into 2023, I mean, you have more products than you have had before with MAVEN and TRACE C2 as well. So can you maybe just talk to us about sort of how should we think about the growth on the life sciences side of the business, especially REBEL and -- you talked about the strong order book here as well on consumables. So sort of how should we think about that within the context of the guide? And then Kevin, just wondering where the 6% reduction in the workforce was? Does that change anything on the commercial and the sales aspect for REBEL and MAVEN?

然後從歷史上看，進入 2023 年，我的意思是，MAVEN 和 TRACE C2 的產品也比以前更多。那麼，您能否與我們談談我們應該如何考慮業務在生命科學方面的增長，尤其是 REBEL 和——您在這裡談到了強勁的訂單以及消耗品。那麼我們應該如何在指南的上下文中考慮這個問題呢？然后凱文，只是想知道勞動力減少 6% 在哪裡？這會改變 REBEL 和 MAVEN 的商業和銷售方面嗎？

Sure. Maybe I'll start and pass it to Joe and then talk a little bit about the 6% reduction. But over the quarter, we placed 13 desktops over the quarter, and that included about $0.5 million of new products, MAVEN and related. So 80 devices over the year, not including MAVEN in that number. So we're really focused on expanding that product portfolio, as you mentioned, and we have that strategy to really focus on the process analytical technologies. And so to us, that's really now allowing us to drive conversations at a different level because now these are not disparate products, as you know, these are all interconnected, very complementary to one another. And it's allowing us to raise up that conversation as a partner to our customers.

當然。也許我會開始並將它傳遞給 Joe，然後談談 6% 的減少。但在本季度，我們在本季度放置了 13 個台式機，其中包括約 50 萬美元的新產品、MAVEN 及相關產品。所以一年有 80 台設備，其中不包括 MAVEN。因此，正如您所提到的，我們真正專注於擴展該產品組合，並且我們制定了真正專注於過程分析技術的戰略。所以對我們來說，這真的讓我們能夠在不同層面上推動對話，因為現在這些不是完全不同的產品，正如你所知，它們都是相互關聯的，彼此非常互補。它使我們能夠作為我們客戶的合作夥伴提出這種對話。

So to us, REBEL is one thing, but the strategy is a point. So having multiple products serving that market segment, we think is very -- going to be very positive over the long haul.

所以對我們來說，REBEL 是一回事，但戰略是重點。因此，我們認為有多種產品服務於該細分市場，從長遠來看是非常積極的。

So as we think about kind of MAVEN, TRACE and may be expand it more broadly across our portfolio, we set the guidance and comfortable with that guidance of 7% and think about the levers to achieve that. We consider the low end of course, but many things wouldn't be going in our favor in that case. So we spend a lot of time ensuring the midpoint is set appropriately and how can we achieve that high end as we march through the year.

因此，當我們考慮某種 MAVEN、TRACE 並可能在我們的產品組合中更廣泛地擴展它時，我們設定了指導方針並接受了 7% 的指導方針，並考慮了實現這一目標的槓桿。我們當然會考慮低端，但在那種情況下，很多事情都不會對我們有利。因此，我們花了很多時間來確保中點設置得當，以及我們如何才能在這一年中實現這一目標。

So we have line of sight into what we contemplated as we set that guide and done a lot of analysis on the run rate assumptions for each of our channels. And today, we're seeing customers working through their contracting and procurement process. It can take a few quarters, including some of these opportunities in the guide, but we have diversification, not just REBEL and MAVEN with our handhelds in the forensic space, and it gives us options to navigate as we see some near-term pressure in the bioprocessing space.

因此，我們在設定該指南時對我們所考慮的內容有了一定的了解，並對每個渠道的運行率假設進行了大量分析。今天，我們看到客戶正在完成他們的合同和採購流程。這可能需要幾個季度，包括指南中的一些機會，但我們有多元化，不僅僅是 REBEL 和 MAVEN 以及我們在法醫領域的手持設備，它為我們提供了導航的選擇，因為我們看到了近期的壓力生物加工空間。

So you can see some product mix shifts. But I would say, as we think about Q1, we've seen some continuing slowness, but good rep activity in conversations, and it's still taking some time to close. But directionally, we are likely to see our growth rate in Q1 similar to our full year range. Still some good ground to cover after the quarter.

所以你可以看到一些產品組合的變化。但我要說的是，當我們考慮第一季度時，我們已經看到一些持續的緩慢，但對話中的代表活動很好，而且仍然需要一些時間才能結束。但在方向上，我們很可能會看到我們在第一季度的增長率與我們的全年範圍相似。本季度後仍有一些良好的基礎。

Maybe I can hit for a moment, Puneet, the 6% reduction. So yes, we announced the 6% reduction of our headcount. And really, that's nothing more than maintaining our disciplined approach to how we deploy capital. We've always been quite thoughtful in that regard. And if you look at our cash burn numbers, we hope that it tells you that story. And we want to continue to drive efficiency and being a lean organization. So we're being proactive to focus on what matters, the product innovation, market penetration and our commercial efforts. But we did reduce headcount by about 6% and now expect the headcount to remain approximately flat for the year 2023 as we prioritize roles and responsibilities across the organ.

普尼特，也許我可以打一下，減少 6%。所以是的，我們宣布裁員 6%。實際上，這只不過是保持我們對如何部署資本的紀律方法。在這方面，我們一直很周到。如果您查看我們的現金消耗數據，我們希望它能告訴您這個故事。我們希望繼續提高效率並成為一個精益組織。因此，我們積極主動地專注於重要的事情，即產品創新、市場滲透和我們的商業努力。但我們確實減少了約 6% 的員工人數，現在預計 2023 年員工人數將大致持平，因為我們優先考慮整個機構的角色和職責。

We spread that impact across the company, a handful in the commercial organization, more focused within the marketing and BD side of things. And keep in mind, we grew very quickly post the IPO. And now we're 2 years in and we just see areas to optimize our organization. So we've been very careful to consider impacts on our commercial objectives and believe we're in a good position.

我們將這種影響傳播到整個公司，少數在商業組織中，更專注於營銷和 BD 方面。請記住，我們在 IPO 後發展非常迅速。現在我們已經 2 年了，我們只看到了可以優化我們組織的領域。因此，我們一直非常謹慎地考慮對我們商業目標的影響，並相信我們處於有利地位。

And really, as you know, again, being good stewards of cash, we just absolutely don't want our expenses to be outpacing our revenues in the short-term.

真的，正如你所知，作為現金的好管家，我們絕對不希望我們的支出在短期內超過我們的收入。

Your next question comes from Dan Arias at Stifel.

你的下一個問題來自 Stifel 的 Dan Arias。

This is Evan Stampler on for Dan. Maybe we can start with -- so these macro headwinds that you're seeing in biopharma, it sounds like you have pretty good confidence that things will get better in the back half of the year. Is there something in your conversations with customers that gives you confidence in that outlook or is it kind of just a feeling at this point and you hope that things get better or are you seeing actually some green shoots currently within your conversations? That's my first question.

這是 Dan 的 Evan Stampler。也許我們可以開始——所以你在生物製藥中看到的這些宏觀逆風，聽起來你很有信心，認為今年下半年情況會好轉。在您與客戶的談話中是否有什麼讓您對這種前景充滿信心，或者這只是一種感覺，您希望事情變得更好，或者您是否真的在談話中看到了一些萌芽？這是我的第一個問題。

Yeah, absolutely happy to discuss that, Evan. Yes, we're of course not the only company talking about some macro impacts. And many of the bioprocessing companies in the space have these book-to-bill ratios that are going to be less than 1 that they've announced for the first half of 2023. And I think we see that similar conservatism across the customer base, and obviously, we don't have that level of backlog. So you see things more directly with us.

是的，非常高興討論這個問題，Evan。是的，我們當然不是唯一一家談論一些宏觀影響的公司。該領域的許多生物加工公司的訂單出貨比將低於他們宣布的 2023 年上半年的 1。我認為我們在客戶群中看到了類似的保守主義，顯然，我們沒有那種程度的積壓。因此，您可以更直接地看到我們的東西。

I would say, we are seeing some positivities and some positive early signs out of these customers, as we said, a couple of Q4 indicators there that we do have our second highest number of consumable orders on the books, which indicates they're planning to get to work here in 2023 and prioritize our REBEL. So we are seeing that. But we are just in thinking of the context of the guide and our confidence there, we're confident -- cognizant, I should say, that we changed our guide in Q3 with the ebbs and flows of the timing of the U.S. government and macro impact overall. And we had to get out in front of it at that time.

我想說的是，正如我們所說，我們從這些客戶那裡看到了一些積極的跡象和一些積極的早期跡象，有幾個第四季度的指標表明我們的賬簿上有第二高的消耗品訂單，這表明他們正在計劃2023 年開始在這里工作並優先考慮我們的 REBEL。所以我們看到了。但我們只是在考慮指南的背景和我們在那裡的信心，我們有信心 - 我應該說，我們在第三季度隨著美國政府和宏觀經濟的起伏變化而改變了我們的指南整體影響。那時我們不得不在它前面出去。

So we're now taking a very thoughtful stance, for sure, to make things to the upside, if you will. And we're not guiding to recovery we have not seen. So we don't want another situation like in Q3 where we had to take down that guide. We're giving that best view we can that's possible, what we believe is achievable here in 2023 with some room to the upside and improvement as we progress through 2023 and see those customers getting back to work and adopting it.

因此，如果您願意的話，我們現在肯定會採取非常深思熟慮的立場，以使事情向好的方向發展。而且我們沒有指導我們還沒有看到的複蘇。所以我們不希望出現像第三季度那樣我們不得不取消該指南的情況。我們正在盡我們所能提供最好的觀點，我們認為這是可以在 2023 年實現的，隨著我們在 2023 年的進步並看到這些客戶重新開始工作並採用它，還有一些上升空間和改進。

I would point out that beyond the bioprocessing headwinds, we've seen things lessen a bit compared to Q3 in our handhelds. And the uniqueness about 908 is that we do have diversification of markets with our handhelds and then also of course the new products we mentioned, one of which is out and another coming. And frankly, some geographies where we've been investing in the EMEA area and we're starting to see that pay off and having more conversations with NATO member countries given the geopolitical landscape. So good amount of confidence, I would say, for us here as we sit here today. And we'll keep -- again, we don't want to be forecasting a recovery that we haven't seen.

我要指出的是，除了生物工藝方面的不利因素外，我們已經看到手持設備的情況與第三季度相比有所減輕。 908 的獨特之處在於我們的手持設備市場確實多樣化，當然還有我們提到的新產品，其中一個已經推出，另一個即將推出。坦率地說，我們一直在 EMEA 地區投資的一些地區，我們開始看到這種回報，並在地緣政治格局下與北約成員國進行更多對話。我想說，對我們今天坐在這裡的我們來說，充滿信心。我們將繼續——再一次，我們不想預測我們還沒有看到的複蘇。

And then, I mean, you did talk a lot about consumables and how -- it sounds like utilization is improving and you -- it sounds like you also have a nice kind of order book there. We've talked about this a bunch. At the time of the IPO, you guys talked about 1 kit per month for users. And then having that kind of move up over the course of a year or 2, up to maybe 1.5, 2 kits a month. Can you kind of tell us where you're kind of on average you are with customers there in terms of that ramp?

然後，我的意思是，你確實談了很多關於消耗品的問題——聽起來利用率正在提高，而你——聽起來你在那裡也有一本不錯的訂單簿。我們已經談過很多次了。在首次公開募股時，你們談到每月為用戶提供 1 個套件。然後在一年或兩年的時間裡進行這種提升，最多可達 1.5，每月 2 個套件。你能告訴我們你在斜坡方面平均與客戶的關係嗎？

Yeah, absolutely. So you're right. We've been focusing on that, call it, target of roughly 1 kit per month per active users on average. We certainly do have users that are at a higher number of kits than that. We're focused on those users. We're focused on understanding their message, their use case and how to trumpet that to the world. We reported in Q3 that we were tracking at that time closer to about 0.5 kit per month for these active users.

是的，絕對。所以你是對的。我們一直專注於這個目標，稱之為平均每個活躍用戶每月大約 1 個工具包的目標。我們確實有比這更多的用戶使用套件。我們專注於這些用戶。我們專注於了解他們的信息、他們的用例以及如何向世界宣傳這些內容。我們在第三季度報告說，我們當時跟踪這些活躍用戶每月接近 0.5 個工具包。

I don't think we have anything material to report here as a difference to that, but maybe we're seeing some slight improvement and we'll keep you posted on that. But our focus really is on those initiatives to drive it over the long-term. And we're working with experts in the space. We talked about some of those in our prepared remarks, including CPI, including users that spoke publicly or at critical mass user meeting in September. And we're really working to be engaged with our installed base with the regular cadence, application and service and we've been layering on in 2023 now a key account aspect to that. And we're really implementing programs to work with customers to share their success to help drive that utilization as they see the benefits.

我不認為我們有任何材料可以在這里報告作為不同之處，但也許我們看到了一些輕微的改進，我們會及時通知你。但我們的重點實際上是那些長期推動它的舉措。我們正在與該領域的專家合作。我們在準備好的評論中談到了其中的一些內容，包括 CPI，包括公開發言或在 9 月份的臨界質量用戶會議上發言的用戶。我們真的在努力以常規的節奏、應用程序和服務與我們的安裝基礎進行互動，我們一直在 2023 年進行分層，現在這是一個關鍵的客戶方面。我們確實在實施與客戶合作的計劃，以分享他們的成功，以幫助推動他們看到好處時的利用率。

And I just heard the other day, in fact, that one customer was saying a 50% increase in titer of their process was attributable to REBEL. So we're still trying to understand that and work with these customers. But it's just an example of the conversations that we think are important to be having now that will help drive that number of utilization to 1 kits and beyond over time.

我前幾天剛聽說，事實上，一位客戶說他們的過程中 50% 的滴度增加歸功於 REBEL。所以我們仍在努力理解這一點並與這些客戶合作。但這只是我們認為現在很重要的對話的一個例子，這將有助於隨著時間的推移將利用率提高到 1 個套件甚至更高。

And Evan, maybe to build on that too, and the REBEL kit is just one element of our recurring revenue, but we did see significant growth, approximately 100% in our recurring revenue for the full year. 35% of our product and service revenue was in recurring, up 19%. And the primary drivers were our service revenue for both handhelds and desktop contributed about 45% of that 100% pie and the handheld Aero accessories and consumables contributed about 40% and the rest -- the remainder was from growth in our desktop consumables. And overall, we're encouraged by the building desktop recurring revenue in 2022, which grew quarter-over-quarter each quarter in 2022 and REBEL kit is a big piece of that story even with approximately 0.5 kit utilization today.

Evan，也許也以此為基礎，REBEL 套件只是我們經常性收入的一個組成部分，但我們確實看到了顯著增長，全年經常性收入的增長約為 100%。我們 35% 的產品和服務收入是經常性的，增長了 19%。主要驅動因素是我們的手持設備和台式機服務收入貢獻了 100% 的約 45%，手持式 Aero 配件和消耗品貢獻了約 40%，其餘部分來自我們台式機消耗品的增長。總體而言，我們對 2022 年構建台式機的經常性收入感到鼓舞，該收入在 2022 年每個季度都環比增長，而 REBEL 套件是其中的重要組成部分，即使今天的套件利用率約為 0.5。

And then maybe just one last one, if I can sneak it in, on the handhelds. Obviously, now you have the Army contract rolling off. And I think you did spend a little bit of time talking about your sales funnel and the mix of existing and new customers, which all sounds really great. I think at the end of your commentary, you talked about, I think be able to grow placements of instruments in 2023 year-over-year. So maybe you can just talk about how much of -- what's embedded in guidance reflects, I guess, firm purchase orders versus things that you might just kind of be expecting from the sales funnel? And how that sales funnel looks today gives you confidence in the outlook?

然後也許只是最後一個，如果我能偷偷地在手持設備上。顯然，現在你的陸軍合同即將到期。而且我認為您確實花了一點時間談論您的銷售渠道以及現有客戶和新客戶的組合，這聽起來真的很棒。我想在你評論的最後，你談到了，我認為能夠在 2023 年同比增加樂器的位置。所以也許你可以談談有多少 - 我猜指導中嵌入的內容反映了確定的採購訂單與你可能只是希望從銷售渠道中獲得的東西？今天的銷售漏斗如何讓您對前景充滿信心？

I think we've recalled before a lot of times, we're kind of working through. We don't have a lot of backlog and focus on kind of the opportunity ahead of us and utilization of our sales force to close on deals. So contemplated within the guidance range includes moderate unit growth across all our devices with stronger growth in the back half of the year, especially with our desktops. We're focusing on that broadening of the portfolio of products as a whole with one sales force driving our desktops, one touch to the customer. And we're thinking through what the right metrics are to focus on as we evolve here in 2023, but we're finding that as we broaden our product portfolio, especially on the desktop side with a variety of products and ASPs, the placements is not always maybe the best metric.

我想我們之前已經回憶了很多次，我們正在努力解決。我們沒有太多積壓，而是專注於我們面前的機會和利用我們的銷售團隊來完成交易。因此，在指導範圍內考慮包括我們所有設備的適度單位增長，以及今年下半年的強勁增長，尤其是我們的台式機。我們專注於擴大整個產品組合，由一支銷售人員驅動我們的桌面，與客戶進行一次接觸。隨著我們在 2023 年的發展，我們正在考慮應該關注哪些正確的指標，但我們發現，隨著我們擴大產品組合，尤其是在具有各種產品和 ASP 的桌面端，展示位置是並不總是最好的指標。

In 2022, I mentioned approximately 1/3 of our revenue was not from price placements, but from recurring elements. So right now, we think the best way to think about it is growth of overall dollars instead of placements, but we are still thinking this through. And we do see a path just to stress the growth on a unit basis even with the Army devices in '22. We see growth on unit basis for each of our products, both handhelds and desktops. And we'll see how the year plays out.

在 2022 年，我提到我們大約 1/3 的收入不是來自定價，而是來自經常性元素。所以現在，我們認為最好的考慮方式是整體美元的增長而不是安置，但我們仍在考慮這個問題。我們確實看到了一條路徑，即使在 22 年的陸軍設備中，也只是強調單位基礎上的增長。我們看到我們的每一種產品（包括手持設備和台式機）都在單位基礎上增長。我們將看看今年的結果如何。

And maybe, Evan, I can add a little bit on the enterprise account funnel. You're right, we talked about some in the prepared remarks there, but we saw an increase to 15 accounts that are in the pilot program that are representing about 100 units of opportunity. That's up from 11 accounts we had in 2021. And we have now 17 enterprise accounts that represent, as we estimate, about 800 devices of additional opportunity, and that's up about 15% compared to year end 2021.

埃文，也許我可以在企業帳戶漏斗中添加一點。你是對的，我們在準備好的評論中談到了一些，但我們看到試點計劃中的賬戶增加到 15 個，代表大約 100 個機會單位。這比我們在 2021 年擁有的 11 個賬戶有所增加。我們現在有 17 個企業賬戶，據我們估計，這代表了大約 800 台設備的額外機會，與 2021 年底相比增加了約 15%。

So we have plenty of funnels to work with and are having great conversations with their handheld prospects and existing customers who are looking to roll out devices. U.S. Army, as you know, is a large example of enterprise account, but there are other customers in that pipeline with 20 to 100-plus devices. And the status is we're really working with each of these customers to get budget allocation and funding for purchase. We're seeing some activity on the contracting procurement side, which is very good for some of these opportunities. And we do think, as Joe mentioned, we can have positive unit growth. And we have really considered the status that we just mentioned between Joe and I in our guidance that we provided today.

因此，我們有很多渠道可以使用，並且正在與他們的手持設備前景和希望推出設備的現有客戶進行很好的對話。如您所知，美國陸軍是企業帳戶的一個重要示例，但該管道中還有其他客戶擁有 20 到 100 多台設備。現狀是我們真的在與這些客戶中的每一個合作，以獲得預算分配和購買資金。我們在合同採購方面看到了一些活動，這對其中一些機會非常有利。我們確實認為，正如喬提到的那樣，我們可以實現單位增長。在我們今天提供的指導中，我們確實考慮了我們剛剛提到的 Joe 和我之間的狀態。

Your final question will come from Jacob Johnson at Stephens.

您的最後一個問題將來自 Stephens 的 Jacob Johnson。

Maybe just first to go back to MAVEN, $0.5 million of sales in 4Q, is that a good proxy for kind of how we should think about 2023? And then the other question on MAVEN is just, I'm curious, as you think about mAbs versus cell and gene therapies, could you maybe compare and contrast the opportunity for MAVEN versus REBEL in terms of end market, especially considering you launched MAVEN at a cell and gene therapy conference?

也許首先回到 MAVEN，第 4 季度 50 萬美元的銷售額，這是否可以很好地代表我們應該如何看待 2023 年？然後關於 MAVEN 的另一個問題是，我很好奇，當你考慮 mAb 與細胞和基因療法時，你能否比較和對比 MAVEN 與 REBEL 在終端市場方面的機會，特別是考慮到你在細胞和基因治療會議？

Yeah. Happy, Jacob to talk through some of that and I'll pass it then to Joe for specific expectations for 2023 that you asked for. Yeah, I think MAVEN has broad applicability. Certainly, interest from a lot of the customers doing cell and gene therapy, particularly folks like looking at these closed-loop systems, if you will. So good traction and conversations and building the pipeline with them. Certainly, with mAb customers that are measuring glucose and lactate in (inaudible) reactors daily and would prefer to not be drawing samples and taking it out in their PD lab and having this as a pro. That's just in there continuously streaming up to every 2 minutes, glucose and lactate, and in some cases, a lot of interest there to actually control based on the glucose concentration. And the last thing I would say is also we're seeing conversations in the fermentation market with the related sampling products and probes because there's also values to measure these parameters there.

是的。很高興，Jacob 可以談談其中的一些內容，然後我會將其傳遞給 Joe，以獲得您要求的對 2023 年的具體期望。是的，我認為 MAVEN 具有廣泛的適用性。當然，很多從事細胞和基因治療的客戶都很感興趣，特別是那些喜歡看這些閉環系統的人，如果你願意的話。如此良好的牽引力和對話，並與他們建立管道。當然，對於每天在（聽不清）反應器中測量葡萄糖和乳酸的 mAb 客戶，他們寧願不抽取樣品並將其取出到他們的 PD 實驗室，並將其作為專業人士。那隻是在那裡連續流動最多每 2 分鐘一次，葡萄糖和乳酸，在某些情況下，很多人對根據葡萄糖濃度進行實際控制感興趣。我最後要說的是，我們也在發酵市場上看到了與相關採樣產品和探針的對話，因為那裡也有測量這些參數的價值。

For MAVEN, we did ship our first handful of MAVENs in Q4 before the official launch and total revenue for the MAVEN and related sampling devices. So it's not just MAVEN was approximately $600,000 in Q4, we have consumables, but also related sampling devices through our sale with OEM partners that we're looking to build on going forward. So we see MAVEN as a 2023 growth driver as we will have a full year sales opportunity, but it was based upon the technology through our TRACE acquisition. For the full year pro forma basis, TRACE was about $1.8 million, $1.9 million. And we see growth on that overall business as we go through 2023.

對於 MAVEN，我們在第 4 季度確實在正式發布和 MAVEN 及相關採樣設備的總收入之前交付了第一批 MAVEN。因此，不僅僅是 MAVEN 在第四季度大約有 600,000 美元，我們有消耗品，還有通過我們與 OEM 合作夥伴的銷售相關的採樣設備，我們希望在未來繼續發展。因此，我們將 MAVEN 視為 2023 年的增長動力，因為我們將有全年的銷售機會，但它是基於我們通過收購 TRACE 獲得的技術。對於全年備考，TRACE 約為 180 萬美元、190 萬美元。到 2023 年，我們看到整體業務的增長。

And then maybe just a higher level question for you, Kevin. You're not alone, and I think seeing some weakness in instruments, including kind of the process analytics piece, but it seems like that the long-term opportunity is coming at some point. I'm just curious kind of what you think the inflection point for you and maybe the broader like process analytics Bio 4.0 industry will be? And maybe along those lines, how much of this is going to be driven by things you can control like new product launches and kind of the technology catching up to what your customers need versus kind of customer demand to move towards continuous manufacturing in this 4.0 theme?

然後也許只是一個更高層次的問題，凱文。你並不孤單，我認為看到儀器存在一些弱點，包括某種過程分析部分，但似乎長期機會即將到來。我只是想知道您認為您的拐點是什麼，也許更廣泛的過程分析 Bio 4.0 行業會是什麼？也許沿著這些思路，其中有多少將由您可以控制的事情驅動，例如新產品發布和技術趕上您的客戶需求與客戶需求的種類，以在這個 4.0 主題中轉向連續製造？

Yeah, I think you're right. I mean, the future to us looks bright. It's a timing I think in the near-term. And where we see it, it's really a couple of quarters. There's no change in strategy here. And in fact, we're very excited around having these new products coming to have that more complete offering and that strategy of beyond REBEL, the whole suite of products that's talking in that process analytical space. Yeah, the need to us has not changed. I think those customers are requiring such devices, particularly as the pipeline of therapeutic skews to more advanced modalities. So from an inflection point, we'll see where we're at as we get through the year and look as we get some traction with these new products, but we're excited for where we're going over the long-term.

是的，我認為你是對的。我的意思是，我們的未來看起來很光明。我認為這是近期的時機。在我們看到的地方，實際上是幾個季度。這裡的策略沒有變化。事實上，我們很高興讓這些新產品擁有更完整的產品和超越 REBEL 的戰略，即在該過程分析空間中討論的整套產品。是的，對我們的需求沒有改變。我認為這些客戶需要這樣的設備，特別是當治療管道傾向於更先進的方式時。因此，從一個轉折點開始，我們將看到我們在這一年中所處的位置，並看到我們對這些新產品產生了一些吸引力，但我們對長期的發展方向感到興奮。

And just if I could sneak one last one in. Just 3 REBEL placements in the quarter, I think you said in that prior answer that maybe placements aren't the right way to think about this year. But just anything to call out on the 3 placements in 4Q? And maybe how we should think of -- is that the right way to think about the first half of the year or anything kind of specific to the fourth quarter?

如果我能把最後一個偷偷放進去就好了。本季度只有 3 個 REBEL 展示位置，我想你在之前的回答中說過，也許展示位置不是考慮今年的正確方式。但是關於第四季度的 3 個安置點有什麼值得一提的嗎？也許我們應該如何思考 - 這是思考今年上半年或任何特定於第四季度的正確方法嗎？

You're right. I mean, we certainly did not place the number of REBELs in Q4 that we would have expected. And I know some of you might track the Fierce Biotech Layoff Tracker and customers what you show up there. I think you might also look for the bioprocessing equipment showing up on auction sites as a gauge. I know our team is looking to buy gear from that in the aftermarket in-house. And as a CFO, I like that. We are seeking dollars personally, but keep in mind, that was not possible 12 months ago and the outlet just wasn't there. But I don't like seeing our customers having the auctions, but some are -- I certainly do not like seeing REBEL included in an auction, and I did see that in one situation. So I really think this is an industry phenomenon more than a 908 phenomenon. But yes, Q3 -- sorry, Q4 REBELs were short of expectations, mainly market-driven.

你說得對。我的意思是，我們當然沒有將我們預期的第 4 季度的 REBEL 數量。我知道你們中的一些人可能會跟踪 Fierce Biotech Layoff Tracker 和客戶你在那裡展示的內容。我想您可能還會尋找出現在拍賣網站上的生物加工設備作為衡量標準。我知道我們的團隊正在尋求從內部售後市場購買裝備。作為首席財務官，我喜歡這樣。我們個人正在尋求美元，但請記住，這在 12 個月前是不可能的，而且出口不在那裡。但我不喜歡看到我們的客戶進行拍賣，但有些是——我當然不喜歡看到 REBEL 出現在拍賣中，我確實在一種情況下看到過。所以我真的認為這是一個行業現象，而不是 908 現象。但是，是的，Q3——抱歉，Q4 REBEL 低於預期，主要是市場驅動的。

Yeah. And I think, again, the way we're looking at it is just that complete set of desktop devices, which we did place 13 in the quarter, including that $0.5 million of the new MAVENs and 80 devices over the year. And we're really looking this as a strategy and not beyond REBELs or really expanding that portfolio and building off of the REBEL and driving those conversations and complementing REBEL with the case of MAVEN and looking towards things like online sampling. So yeah, I think right now, in these leaner times, we just have to be working on the fundamentals, which is getting these customers successful, getting these customers demonstrating such tighter improvements, quality improvements, time savings, cost savings. And I think all that will help lead towards that inflection point that we all desire.

是的。而且我認為，我們看待它的方式只是一套完整的桌面設備，我們在本季度確實放置了 13 個，包括 50 萬美元的新 MAVEN 和全年的 80 台設備。我們真的將其視為一種戰略，而不是超越 REBEL 或真正擴展該產品組合併建立 REBEL 並推動這些對話並用 MAVEN 案例補充 REBEL 並著眼於在線抽樣之類的東西。所以是的，我認為現在，在這些更精簡的時代，我們只需要在基礎上努力，這就是讓這些客戶成功，讓這些客戶展示更嚴格的改進、質量改進、時間節省、成本節省。我認為所有這些都將有助於實現我們都希望的拐點。

Ladies and gentlemen, this concludes your question and answer session. At this time, I will turn the call back to Kevin Knopp for any closing remarks.

女士們，先生們，你們的問答環節到此結束。此時，我會將電話轉回給 Kevin Knopp 以聽取任何結束語。

Thank you. Thank you all for your time. We appreciate your attendance and the thoughtful questions, and we look forward to keeping you updated. Have a great day.

謝謝。謝謝大家的寶貴時間。感謝您的出席和深思熟慮的問題，我們期待為您提供最新信息。祝你有美好的一天。

Ladies and gentlemen, this does conclude your conference call for this morning. We would like to thank you all for participating, and ask you to please disconnect your lines.

女士們，先生們，今天上午的電話會議到此結束。我們要感謝大家的參與，並請您斷開您的線路。