908 Devices Inc (MASS) 2024 Q2 法說會逐字稿

Hello, and welcome to the 908 Devices second quarter 2024 financial results conference call. My name is Elliot, I'll be coordinating your call today. (Operator Instructions) I would now like to hand over to Kelley Gura, Investor Relations. Please go ahead.

您好，歡迎參加 908 Devices 2024 年第二季財務業績電話會議。我叫艾利歐特，今天我將協調您的電話。（操作員指示）我現在想將工作移交給投資者關係部門的凱利·古拉 (Kelley Gura)。請繼續。

Thank you. This morning, 908 Devices released financial results for the second quarter ended June 30, 2024. If you have 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 2024 年 6 月 30 日的第二季財務表現。如果您尚未收到本新聞稿，或希望新增至本公司的通訊群組清單中，請發送電子郵件至 ir@908devices.com。今天，執行長兼聯合創始人凱文諾普 (Kevin Knopp) 在 908 與我會面。和首席財務官喬·格里菲斯。

Before we begin, our commentary today will include the presentation of some non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings press release, which is available in the Investor Relations section of our website.

在開始之前，我們今天的評論將包括一些非公認會計準則財務指標的介紹。這些措施應被視為對 GAAP 財務措施的補充而不是替代。您可以在今天的收益新聞稿中找到與最直接可比較的 GAAP 財務指標的調整表，該新聞稿可在我們網站的投資者關係部分找到。

Additionally, 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.

此外，我想提醒您，管理層將在本次電話會議中發表聯邦證券法含義內的前瞻性聲明。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有重大差異。有關這些風險和不確定性的更多資訊請參閱今天發布的 908 Devices 新聞稿中標題為「前瞻性聲明」的部分。

For a more complete listing description, please see the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2023, and in its other filings with the Securities and Exchange Commission.

如需更完整的上市描述，請參閱該公司截至 2023 年 12 月 31 日的 10-K 表格年度報告以及向美國證券交易委員會提交的其他文件中的風險因素部分。

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, August 6, 2024.

除法律要求外，908 Devices 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件或其他原因。本次電話會議包含時效性訊息，僅截至 2024 年 8 月 6 日直播時準確。

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

說到這裡，我想把電話轉給凱文。

Thanks, Kelly. Good morning, and thank you for joining our second quarter 2024 earnings call. We delivered solid execution on a multitude of fronts in the quarter, and we ended the second quarter with revenue of $14 million, representing 16% growth year-over-year. This included $3.1 million of revenue from RedWave technology, which we acquired on April 29. We are excited to add RedWave devices for both chemical identification to our commercial engine, complementing our handheld MX908 mass spec for trace chemical detection.

謝謝，凱利。早安，感謝您參加我們的 2024 年第二季財報電話會議。本季我們在多個方面都表現出色，第二季末營收達 1,400 萬美元，年增 16%。其中包括我們於 4 月 29 日收購的 RedWave 技術帶來的 310 萬美元收入。我們很高興將用於化學識別的 RedWave 設備添加到我們的商用引擎中，以補充我們用於微量化學檢測的手持式 MX908 質譜儀。

We now have an expanded portfolio of handheld chemical analysis devices for forensics workflows. Our customers value our point of need offerings as demonstrated by consistent recurring revenue, which for the first half of the year, representing 41% of our revenues. Our goal has always been to win point-of-need chemical analysis in life-altering applications from forensics to the biopharma process control and characterization. Our progress towards that goal in the quarter is measurable.

我們現在擁有用於取證工作流程的手持式化學分析設備的擴展產品組合。我們的客戶重視我們的需求點產品，這一點從持續的經常性收入就可以看出，今年上半年，該收入占我們收入的 41%。我們的目標始終是在從法醫學到生物製藥製程控制和表徵等改變生活的應用中贏得按需化學分析。我們在本季實現這一目標的進展是可以衡量的。

During the quarter, our team completed the commercial integration of RedWave technology, including product training for the sales teams plus CRM and website integration. Also we received our first multisystem order, 13 devices in total and the same customer that included both our handheld MX908 and RedWave Explorer devices.

本季度，我們的團隊完成了 RedWave 技術的商業集成，包括銷售團隊的產品培訓以及 CRM 和網站集成。我們也收到了第一個多系統訂單，總共 13 台設備，同一客戶還包括我們的手持式 MX908 和 RedWave Explorer 設備。

Overall, we sold 153 devices in total in the quarter. I want to thank our team for their enthusiasm and relentless work to quickly bring RedWave into 908 Devices and for the tremendous momentum they have created as a result.

整體而言，本季我們總共售出了 153 台設備。我要感謝我們的團隊為快速將 RedWave 引入 908 Devices 而付出的熱情和不懈的努力，並因此創造了巨大的動力。

We also recently welcomed Michele Leonhart, former administrator of the US Drug Unfortunate Administration to our Board of Directors. Michelle is a determined leader in the fight against illegal drugs and a passionate advocate for substance abuse prevention and young adults. She brings extensive government knowledge and experience, which will support our efforts to further penetrate the forensics market.

我們最近也歡迎美國毒品不幸管理局前局長米歇爾·萊昂哈特 (Michele Leonhart) 加入我們的董事會。米歇爾是打擊非法毒品的堅定領導者，也是預防藥物濫用和年輕人的熱情倡導者。她帶來了豐富的政府知識和經驗，這將支持我們進一步滲透法證市場的努力。

For our desktop portfolio that serves a life science instrumentation and bioprocessing market, macro market pressures have persisted, and we continue to see an overall conservatism towards adopting innovative technologies and CapEx spending. Despite ongoing pressures, we continue to focus on building a foundation that will position us well for the future. We are aggressively pursuing partnerships with hardware innovators in the cell therapy space, and I'll share more on our progress here shortly.

對於服務生命科學儀器和生物加工市場的桌上型產品組合來說，宏觀市場壓力持續存在，我們仍然看到對採用創新技術和資本支出的整體保守態度。儘管面臨持續的壓力，我們仍將繼續專注於建立一個為我們未來做好準備的基礎。我們正在積極尋求與細胞治療領域的硬體創新者建立合作夥伴關係，我很快就會在這裡分享更多有關我們進展的資訊。

As we launched two new desktop devices last year, we're focused on capability upgrades to our existing products this year. This includes developments to enable integrations and simplifying and hardening our technology with the ultimate goal to present as a simple process sensor. For our REBEL device introduced in 2019, we are optimizing the device's software and hardware have begun initial testing with key pharma customers.

去年我們推出了兩款新的桌面設備，今年我們將重點放在現有產品的功能升級上。這包括實現整合以及簡化和強化我們的技術的開發，最終目標是作為簡單的過程感測器。對於 2019 年推出的 REBEL 設備，我們正在優化設備的軟體和硬件，已開始與主要製藥客戶進行初步測試。

Feedback has been positive with one customer noting that they now plan to use REBEL for routine manufacturing support in addition to its current use and process development labs. We are truly appreciative of our customers' input and support in these product enhancements and improvements.

一位客戶得到了積極的回饋，指出除了目前的使用和製程開發實驗室之外，他們現在還計劃使用 REBEL 來提供日常製造支援。我們非常感謝客戶對這些產品增強和改進的投入和支持。

Now, I'd like to provide more detail on the progress we have made across our three focus areas during the second quarter. Starting with our first objective, market expansion. Our focus is to expand our market outreach by engaging with new key accounts, fostering strategic partnerships and extending our reach across global enterprise accounts.

現在，我想更詳細地介紹第二季我們在三個重點領域的進展。從我們的第一個目標開始，即市場拓展。我們的重點是透過與新的關鍵客戶合作、培養策略合作夥伴關係以及擴大我們在全球企業客戶中的影響力來擴大我們的市場覆蓋範圍。

We are proud that first responders choose our handheld devices in their mission to protect the public and key infrastructure from chemical hazards. Of particular concern, especially at large public events, is the ability to test and identify unknown gases, vapors and Aerosol. Our explorer and held FTIR device can quickly identify thousands of gases and vapors, including complex mixtures and our MX-908 Beacon complements this by providing remote detection and monitoring of Vapors and Aerosol at trace levels.

我們感到自豪的是，急救人員選擇我們的手持設備來執行保護公眾和關鍵基礎設施免受化學危害的任務。特別值得關注的是測試和識別未知氣體、蒸汽和氣溶膠的能力，尤其是在大型公共活動中。我們的探測器和手持式 FTIR 設備可以快速識別數千種氣體和蒸氣，包括複雜的混合物，而我們的 MX-908 Beacon 透過提供微量蒸氣和氣溶膠的遠端檢測和監控來補充這一點。

Both devices were used by local response team at the Indianapolis 500 on the deal race and Republican National Convention and at both events, the Explorer was integrated onto Boston Dynamics Spot robot. In addition, several Beacons were deployed at large open-air events in our nation's capital over the July 4 holiday. We value the confidence these response teams have in our first of its kind air monitoring technology and the partnership we have with the leading organizations.

印第安納波利斯 500 大賽的當地響應團隊在交易競賽和共和黨全國代表大會上使用了這兩種設備，在這兩場活動中，Explorer 都被整合到波士頓動力 Spot 機器人上。此外，7 月 4 日假期期間，在我國首都的大型露天活動中部署了多個信標。我們重視這些回應團隊對我們首創的空氣監測技術的信心以及我們與領先組織的合作關係。

Turning to our desktop portfolio. I'm excited to announce that we have officially launched our Maven configuration for Terumo Blood and Cell Technologies, Quantum Flex cell expansion system that enables real-time monitoring and control glucose and lactate without the cost and risk of manual sampling. The Quantum Flex cell expansion system is used throughout the cell therapy process from process development through clinical manufacturing.

轉向我們的桌面產品組合。我很高興地宣布，我們已正式推出適用於 Terumo Blood and Cell Technologies 的 Maven 配置 Quantum Flex 細胞擴增系統，該系統能夠即時監測和控制葡萄糖和乳酸，而無需手動採樣的成本和風險。Quantum Flex 細胞擴增系統用於從製程開發到臨床製造的整個細胞治療過程。

In a webinar in July, posted by BioInsight, Terumo scientist noted that real-time automated glucose and lactate sampling allows more frequent data that can be used to maintain tight control over cell culture conditions. He further noted that automated systems like MAVEN ensure reproducibility and reduce the amount of hands on time required for operators.

在 BioInsight 發布的 7 月網路研討會上，Terumo 科學家指出，即時自動葡萄糖和乳酸採樣可以提供更頻繁的數據，可用於維持對細胞培養條件的嚴格控制。他進一步指出，像 MAVEN 這樣的自動化系統可確保再現性並減少操作員所需的手動時間。

Our respective teams are excited to offer cell therapy developers, the ability to gain valuable process insights in order to reduce cost of goods and accelerate progress for these personal leg treatments. Earlier this year, we announced a development collaboration with Solaris to integrate our MAVERICK in-line analyzer into Solaris' cell shovel system, a fully integrated, scalable, cell therapy manufacturing platform, MAVERICK, our Roman-based EAT solution provides real-time monitoring and control of critical bioprocess parameters.

我們各自的團隊很高興為細胞療法開發人員提供獲得有價值的工藝見解的能力，以降低商品成本並加快這些個人腿部治療的進展。今年早些時候，我們宣布與Solaris 進行開發合作，將我們的MAVERICK 線上分析儀整合到Solaris 的細胞鏟系統中，這是一個完全整合、可擴展的細胞治療製造平台MAVERICK，我們基於羅馬的EAT 解決方案提供即時監控和關鍵生物過程參數的控制。

In addition to Solaris and Terumo, we are actively engaged with a handful of other hardware innovators and continue to seek other alliances, as there is a need for simple, automated PAT tools, such as our novel devices to enhance process understanding and ensure batch-to-batch reproducibility with these personalized treatments. It is critical to address cost and access for cell therapies and our products directly contribute to this.

除了 Solaris 和 Terumo 之外，我們還積極與其他一些硬體創新者合作，並繼續尋求其他聯盟，因為需要簡單、自動化的 PAT 工具，例如我們的新穎設備，以增強流程理解並確保大量生產。化治療的批量重複性。解決細胞療法的成本和取得問題至關重要，我們的產品對此做出了直接貢獻。

Ultimately, we believe this integration strategy could create an inflection point for our desktop and an efficient path to market that complements our direct sales pursuits. Despite that the value of our desktop portfolio for cell therapy applications, we recently entered into a research collaboration with CTMC, a joint venture between National Resilience and MD Anderson Cancer Center. For process development, the integrated regulatory support CTMC aims to usher novel cell therapies seamlessly and efficiently through every step in the development journey.

最終，我們相信這種整合策略可以為我們的桌面創造一個轉折點，並為我們的直接銷售目標提供有效的市場途徑。儘管我們的桌上型產品組合對於細胞治療應用具有價值，但我們最近與 CTMC（National Resilience 和 MD 安德森癌症中心的合資企業）進行了研究合作。對於製程開發，CTMC 的綜合監管支持旨在在開發過程的每一步中無縫、高效地引入新型細胞療法。

During cell therapy production, there are multiple points for sampling is required, which is a manual process that is labor-intensive and time-consuming. Our collaboration aims to demonstrate the benefit of continuous monitoring of glucose in lactate and GX bioreactors, today's industry standard. MAVEN is an easy-to-implement solution for hands-off monitoring of cell therapy manufacturing, and we believe will ultimately lead to higher efficiency and more robust therapies.

在細胞療法生產過程中，需要多個點進行採樣，這是一個人工過程，既費力又耗時。我們的合作旨在展示連續監測乳酸和 GX 生物反應器中葡萄糖的好處，這是當今的行業標準。MAVEN 是一種易於實施的解決方案，用於對細胞療法製造進行無人幹預的監控，我們相信最終將帶來更高的效率和更強大的療法。

We've also expanded our partnership with the National Institute of Bioprocessing Research and Training for NIBRT based in Ireland. NIBRT's research focus is to make transformative discoveries that revolutionize the manufacturing of recombinant proteins, vaccines and cell and gene therapies. Earlier this year, we began a collaboration that demonstrates how our desktop portfolio can add value in bioproduction and includes MAVEN, Maverick for real-time prostate analytics with REBEL providing outline cell culture analysis and ZipChip for rapid product quality assessment.

我們也擴大了與愛爾蘭國家生物加工研究和 NIBRT 培訓研究所的合作夥伴關係。NIBRT 的研究重點是做出革命性的發現，徹底改變重組蛋白、疫苗以及細胞和基因療法的製造。今年早些時候，我們開始了一項合作，展示我們的桌面產品組合如何為生物生產增加價值，其中包括用於實時前列腺分析的MAVEN、Maverick，以及提供輪廓細胞培養分析的REBEL 和用於快速產品品質評估的ZipChip。

At the upcoming Bioprocessing Summit in Boston this month, Dr. Jonathan Bones, think-ful investigator at NIBRT, will present findings on an integrated platform of Maverick, Rebel and ZipChip that enables rapid generation of informative data on manufacturing process behavior for monoclonal antibodies. We believe these strategic partnerships and research collaborations lay a solid foundation for demonstrating and realizing the value of our innovative PAT solutions.

在本月即將在波士頓舉行的生物加工高峰會上，NIBRT 深思熟慮的研究員 Jonathan Bones 博士將介紹 Maverick、Rebel 和 ZipChip 整合平台的研究結果，該平台能夠快速產生有關單株抗體製造過程行為的資訊資料。我們相信，這些策略合作夥伴關係和研究合作為展示和實現我們創新 PAT 解決方案的價值奠定了堅實的基礎。

Turning to our second objective, portfolio engagement. We are leveraging our expanded product portfolios to maximize opportunities and strengthen engagements with our customers. In June, we launched an enhanced quantification software package for our explorer handheld gas and vapor analyzer, ending first responders to identify and quantify nearly 5,000 airborne chemicals. Explorer is the first handheld product of its kind that uses FTR spectroscopy to identify, quantify, frac, gases and date.

轉向我們的第二個目標，投資組合參與。我們正在利用擴大的產品組合來最大限度地增加機會並加強與客戶的互動。6 月，我們為 Explorer 手持式氣體和蒸氣分析儀推出了增強型量化軟體包，幫助急救人員識別和量化近 5,000 種空氣中的化學物質。Explorer 是同類中第一款使用 FTR 光譜來識別、量化、壓裂、氣體和日期的手持式產品。

The device is simple to use and can automatically and accurately identify multiple compounds simultaneously at the parts per million level. We believe explorer is a game changer for firefighters. According to the National Fire Protection Agency, approximately 1.3% of all calls are for hazardous materials compared to 4% of pulsifire. Many calls are the result of unknown orders detected by civilians and fire departments need advanced technology in the field such as the Explorer, so that they can effectively manage and mitigate potential hazards.

該設備使用簡單，可自動、準確地同時識別百萬分之幾的多種化合物。我們相信探險家將改變消防員的遊戲規則。根據國家消防局的數據，大約 1.3% 的呼叫涉及危險材料，而 pulsifire 的比例為 4%。許多呼叫都是由平民檢測到的未知命令引起的，消防部門需要探索者等現場先進技術，以便他們能夠有效管理和減輕潛在危險。

We continue to diligently monitor the evolving drug landscape and included new drug targets in Version 3.5 software for our MX908-handheld mass spectrometer, which was released electronically during the quarter, enabling all in the field devices to be easily updated. Drug target additions include three synthetic cannabinoids, one synthetic cathinone and protein-nitazene. A nitazene that has been identified in combination with other drugs with of use.

我們繼續努力監測不斷變化的藥物前景，並將新的藥物標靶納入 MX908 手持式質譜儀的 3.5 版軟體中，該軟體在本季度以電子方式發布，使所有現場設備都能輕鬆更新。添加的藥物標靶包括三種合成大麻素、一種合成卡西酮和蛋白質硝氮。已確定與其他藥物合併使用的硝氮。

Concerningly, recent data has also shown that it is even more potent than federal. Our MX908 is currently the only handheld device used by first responders that can identify proteins nitazene, trace level. In addition to MX908 analyte target updates released in software, our team of forensic chemist monitors new drug targets and coactions that appear in the field through a reach-back data service, informing and educating our internal application team and importantly, making customers aware of emerging trends.

令人擔憂的是，最近的數據也顯示它比聯邦更有效。我們的 MX908 是目前急救人員使用的唯一可以辨識微量硝氮蛋白的手持設備。除了軟體中發布的MX908 分析物標靶更新外，我們的法醫化學家團隊還透過回溯數據服務監控現場出現的新藥物標靶和交互作用，向我們的內部應用團隊提供資訊和教育，重要的是，讓客戶了解新興藥物標靶和交互作用。

As an example, our team recently became aware of [Tusi] as known as cocaine, a drug cocktail that does not contain cocaine, but usually a mixture of ketamine, MDMA, methamphetamine and other substances such as opioids, while paint cocaine has been seen mostly in Latin America and Europe to this point, it is gaining traction in the US. And in fact, our reach back team is now seeing it in US field data. It remains hypercritical that law enforcement personnel and other first responders have advanced an upgradable technology in the field, such as the MX908, along with the 24/7 support they need to stay current and to quickly and accurately identify illicit drugs.

舉個例子，我們的團隊最近意識到[Tusi]被稱為可卡因，這是一種不含可卡因的藥物混合物，但通常是氯胺酮、搖頭丸、甲基苯丙胺和阿片類藥物等其他物質的混合物，而塗料可卡因也曾被發現到目前為止，它主要在拉丁美洲和歐洲，但它在美國也越來越受歡迎。事實上，我們的回饋團隊現在已經在美國現場數據中看到了這一點。執法人員和其他急救人員在該領域先進了可升級技術（例如 MX908），以及他們保持最新狀態并快速準確識別非法藥物所需的 24/7 支持，這一點仍然非常重要。

Turning to our desktop. We had a strong technical showing at the American Society for Mass Spectrometry or ASMS pumping in June. At the launch of the thermo-scientific stellar mass spectrometer, the pairing with our ZipChip CE device was used to demonstrate fast metabolite acquisition speed and high-quality quantitative data. Results noted quantitative accuracy and precision for 124 compounds in less than two minutes over a wide concentration rate.

轉向我們的桌面。6 月份，我們在美國質譜學會 (ASMS Pumping) 上進行了精彩的技術展示。在推出熱科學恆星質譜儀時，與我們的 ZipChip CE 設備配對用於展示快速的代謝物收集速度和高品質的定量數據。結果顯示，在很寬的濃度範圍內，不到兩分鐘即可對 124 種化合物進行定量準確度和精密度。

It's great to see these newly launched mass specs that can exploit the full speed of our ZipChip. Also at ASMS, our collaborators at NIBRT or and the University of Wisconsin Medicine, a three oral presentations under research using ZipChip. Research applications included metabolomics, herdiomics and upstream production of monoclonal antibody. Our team also presented 13 posters, which included collaborators from Bio-Techne, AstraZeneca, Thermo-Fisher Scientific and the University of North Carolina at Chapel Hill.

很高興看到這些新推出的質譜規格可以充分利用我們的 ZipChip 的全速。同樣在 ASMS，我們在 NIBRT 或威斯康辛大學醫學院的合作者正在使用 ZipChip 進行三個口頭報告的研究。研究應用包括代謝組學、動物組學和單株抗體的上游生產。我們的團隊還展示了 13 張海報，其中包括來自 Bio-Techne、阿斯特捷利康、賽默飛世爾科技和北卡羅來納大學教堂山分校的合作者。

ZipChip's ability to provide high resolution separations in minutes was also highlighted in several peer review articles published in the scientific journal in the quarter. In the publication in the Journal Analytica Zeneca Acta, scientists from AstraZeneca highlighted ZipChip's high sensitivity in the short analysis time of less than eight minutes in the metabolite study of ATP, which serves as a primary energy source for living cells.

本季度科學雜誌上發表的幾篇同行評審文章也強調了 ZipChip 在幾分鐘內提供高解析度分離的能力。在《Analytica Zeneca Acta》雜誌上發表的文章中，阿斯特捷利康的科學家強調了 ZipChip 在 ATP 代謝物研究中的高靈敏度（不到八分鐘的分析時間），ATP 是活細胞的主要能量。

In the publication in the Journal of Pharmaceutical and biomedical analysis, scientists from Polpharma Biologics, Neither and the Center for Analytical Sciences in Amsterdam noted that charge variant analysis data ZipChip enables rapid selection of the most promising cell lines during process development of a biosimilar.

在《製藥和生物醫學分析雜誌》上發表的文章中，Polpharma Biologics、Never 和阿姆斯特丹分析科學中心的科學家指出，電荷變異分析數據ZipChip 能夠在生物仿製藥的製程開發過程中快速選擇最有前途的細胞系。

Finally, in a publication in the Journal of Pharmaceutical Scientists, scientists from Regeneron noted that ZipChip's high-resolution analysis enables identification of charge variance species under various stress conditions, thus supporting rapid process and formulation development of biotherapeutics. Overall, I'm pleased that we continue to strengthen customer engagement with our newly expanded handheld and desktop portfolio.

最後，Regeneron 的科學家在《藥物科學家雜誌》上發表的一篇文章中指出，ZipChip 的高解析度分析能夠識別各種應力條件下的電荷方差種類，從而支持生物治療藥物的快速製程和配方開發。總的來說，我很高興我們透過新擴展的手持式和桌上型電腦產品組合繼續加強客戶參與。

Finally, our third objective, operational excellence. We are executing to a framework for sustained growth with the path to profitability. We've enhanced our financial profile significantly by acquiring RedWave Technology, a profitable company that's accretive to both revenue growth and gross margins, and we have identified more than $5 million in forecasted annual cost synergies to be realized in 2026.

最後，我們的第三個目標是卓越營運。我們正在執行一個持續成長和獲利之路的框架。透過收購 RedWave Technology，我們顯著改善了我們的財務狀況。

Our integration is progressing smoothly, and our commercial team is effectively managing our broader portfolio of forensic solutions. We're pleased with RedWave's contribution to the margins and revenues in Q2, which we view as early evidence that our overlapping customer bases and call points will support improved scale and better leverage of sales and marketing investments.

我們的整合進展順利，我們的商業團隊正在有效管理我們更廣泛的取證解決方案組合。我們對 RedWave 對第二季利潤和收入的貢獻感到滿意，我們認為這是早期證據，表明我們重疊的客戶群和呼叫點將支持銷售和行銷投資的擴大規模和更好的槓桿作用。

As we enter a seasonally strong second half for our forensics portfolio, we plan to leverage existing relationships with government accounts to further penetrate this opportunity with RedWave's complementary solutions, again, creating efficiencies of scale. We believe these strategic efforts will accelerate our path to over $100 million in annualized revenues and accelerate our crossover to cash flow breakeven with a steeper profitability ramp thereafter. And importantly, we continue to expect that we'll be able to reach breakeven with our cash on hand.

隨著我們的取證產品組合進入季節性強勁的下半年，我們計劃利用與政府帳戶的現有關係，透過 RedWave 的補充解決方案進一步利用這一機會，再次創造規模效率。我們相信，這些策略努力將加速我們年收入超過 1 億美元的步伐，並加速我們實現現金流損益平衡，此後獲利能力將大幅提升。重要的是，我們仍然期望我們能夠利用手頭上的現金來實現收支平衡。

With that, I will now turn the call over to Joe, for more details on our financials.

現在，我將把電話轉給喬，以了解有關我們財務狀況的更多詳細資訊。

Thanks, Kevin. Revenue for the second quarter 2024 was $14 million, up 16% from $12.1 million in the prior year period, primarily driven by an increase in handheld device revenue. This included approximately $3.1 million upgrade wave revenue. Handheld revenue serving the forensics market was $11.1 million for the second quarter 2024, up 26% from $8.8 million for the second quarter 2023. This increase was driven primarily by revenue related to our recently acquired FTIR products and an increase in service revenue.

謝謝，凱文。2024 年第二季的營收為 1,400 萬美元，比去年同期的 1,210 萬美元成長 16%，主要受到手持裝置營收成長的推動。其中包括約 310 萬美元的升級浪潮收入。2024 年第二季度，服務於取證市場的手持設備收入為 1,110 萬美元，比 2023 年第二季的 880 萬美元成長 26%。這一成長主要是由我們最近收購的 FTIR 產品相關收入以及服務收入的成長所推動的。

We shipped 143 handheld devices in the second quarter bringing our installed base to 2,618. Revenue from our desktop products serving the life science instrumentation and bioprocessing markets for the second quarter 2024 was $2.9 million, decreasing 9% from $3.1 million in the prior year period.

第二季我們出貨了 143 台手持設備，讓我們的安裝基數達到 2,618 台。2024 年第二季度，我們服務於生命科學儀器和生物加工市場的桌上型產品收入為 290 萬美元，比去年同期的 310 萬美元下降 9%。

10 desktop devices were placed in the second quarter. Desktop revenues include a small contribution from RedWave in line with our expectations, which drove an 11% increase sequentially from Q1 2024. We ended the second quarter 2024 with a cumulative handheld and desktop installed base of 3,067 devices, up 18% from 2,590 at the end of the second quarter 2023.

第二季度投放了10台桌面設備。桌面收入包括 RedWave 的一小部分貢獻，符合我們的預期，這推動了 2024 年第一季環比成長 11%。截至 2024 年第二季末，我們的手持設備和桌上型設備累計安裝量為 3,067 台，比 2023 年第二季末的 2,590 台成長了 18%。

Recurring revenue, which consists of consumables, accessories and service revenue represented 38% of total revenues this quarter and was $5.3 million, a $1.3 million increase over the prior year period, largely driven by service. Recurring revenue in the second quarter consisted of $3.3 million related to handhelds and $2 million related to desktop. Revel utilization remained at approximately half the kit per month for our active users, which has been a consistent run rate.

經常性收入由消耗品、配件和服務收入組成，佔本季總收入的 38%，為 530 萬美元，比去年同期增加 130 萬美元，主要由服務推動。第二季的經常性收入包括與手持設備相關的 330 萬美元和與桌上型電腦相關的 200 萬美元。對於我們的活躍用戶來說，Revel 的使用率保持在每月大約一半的套件，這是一個穩定的運行率。

Looking ahead, we continue to expect recurring revenue for our product portfolio to be around a third of product and service revenue for the full year 2024. Gross profit was $7.4 million for the second quarter of 2024 compared to $5.8 million for the prior year period. Gross margin was 53% for the second quarter 2024 compared to 48% for the prior year period. Adjusted gross profit was $8.2 million for the second quarter of 2024 compared to $6 million for the prior year period. Adjusted gross margin was 58% as compared to 50% for the prior year period.

展望未來，我們仍然預期我們產品組合的經常性收入將佔 2024 年全年產品和服務收入的三分之一左右。2024 年第二季的毛利為 740 萬美元，而去年同期為 580 萬美元。2024 年第二季的毛利率為 53%，去年同期為 48%。2024 年第二季調整後毛利為 820 萬美元，去年同期為 600 萬美元。調整後毛利率為 58%，去年同期為 50%。

Increase in gross margin was partly due to favorable timing of production, including preparation for a strong back half seasonal demand for MX908. In addition, we continued to build scale with higher handheld service revenues, which contributed to higher gross margin in the second quarter of 2024. Over the longer term, we continue to expect volume-based improvements to our gross margins as we achieve better leverage over fixed costs.

毛利率的成長部分歸因於有利的生產時機，包括為 MX908 下半年強勁的季節性需求做好準備。此外，我們繼續以更高的手持服務收入擴大規模，這為 2024 年第二季的毛利率帶來了更高的貢獻。從長遠來看，隨著我們對固定成本的槓桿作用提高，我們繼續預期毛利率將出現基於銷售量的改善。

Additionally, we expect adjusted gross margin to be in the mid-50s in 2024 with further expansion in 2025 with the integration of RedWave, total operating expenses for the second quarter of 2024 were $21 million compared to $16.7 million in the prior year period. This increase was driven by approximately $2 million in nonrecurring acquisition and integration costs as well as the inclusion of two months of operating expenses related to our RedWave acquisition and a $0.9 million increase in stock based compensation.

此外，我們預計 2024 年調整後毛利率將達到 50 多歲，並在 2025 年透過整合 RedWave 進一步擴張，2024 年第二季的總營運費用為 2,100 萬美元，而去年同期為 1,670 萬美元。這一增長是由約 200 萬美元的非經常性收購和整合成本以及與 RedWave 收購相關的兩個月營運費用和 90 萬美元的股票薪酬增長推動的。

Net loss for the second quarter of 2024 was $12.5 million compared to $9.3 million in the prior year period. Adjusted EBITDA for the second quarter was a loss of $7.3 million compared to $7.7 million for the prior year period. We ended the second quarter of 2024 with $77.4 million in cash, cash equivalents and marketable securities with no debt outstanding, we anticipate that our cash on hand continues to be sufficient to support our path cash flow breakeven.

2024 年第二季的淨虧損為 1,250 萬美元，而上年同期淨虧損為 930 萬美元。第二季調整後 EBITDA 虧損 730 萬美元，去年同期為 770 萬美元。截至 2024 年第二季度，我們擁有 7,740 萬美元的現金、現金等價物和有價證券，沒有未償債務，我們預計我們的手頭現金將繼續足以支持我們的現金流盈虧平衡。

Looking ahead in 2024, we continue to expect revenue to be in the range of $63 million to $65 million, representing reported growth of 25% to 29% over full year 2023. Our updated revenue guidance includes the following assumptions. First, we continue to expect $11 million in 2024 reported revenue from roadways, which reflects eight months of ownership.

展望 2024 年，我們繼續預期營收將在 6,300 萬美元至 6,500 萬美元之間，較 2023 年全年增長 25% 至 29%。我們更新的收入指引包括以下假設。首先，我們繼續預期 2024 年公路報告收入為 1,100 萬美元，這反映了八個月的所有權。

Second, we are reiterating our $52million to $54 million revenue guidance for the core 908 business, representing 4% to 8% year-over-year growth. Compared to prior expectations, we now expect the mix to shift more toward our handhelds with slightly lower contribution from desktops in the second half of 2024. Consistent with our historical second half seasonality, we have a number of 20-plus unit handheld orders that we need to execute on with the close out of the US government fiscal year.

其次，我們重申核心 908 業務的 5,200 萬至 5,400 萬美元收入指引，年增 4% 至 8%。與先前的預期相比，我們現在預計 2024 年下半年的組合將更多地轉向手持設備，而桌上型電腦的貢獻略低。與我們下半年的歷史季節性一致，我們有大量 20 多台手持設備訂單，需要在美國政府財政年度結束時執行。

Additionally, while we are seeing interest with our newer desktop products launched last year, the sales cycle is taking longer than expected as customers desire to evaluate and trial our novel technology in this recovering market for preclinical instrumentation. Thus, we now anticipate less of an immediate contribution from new product placements than we did entering the year.

此外，雖然我們看到人們對去年推出的新型桌面產品感興趣，但銷售週期比預期要長，因為客戶希望在這個復甦的臨床前儀器市場中評估和試用我們的新技術。因此，我們現在預計新產品置入的直接貢獻將低於今年的預期。

On a pro forma basis, assuming red wave ownership. For the full year 2023, our reiterated revenue guidance implies 6% to 9% year-over-year pro forma growth following our acquisition of RedWave, we shifted our focus from GAAP to adjusted gross margins. We delivered a strong 56% adjusted gross margin in the first half of 2024, with outperformance largely due to the timing of MX908 production ahead of the seasonally strong second half. For the full year, we expect adjusted gross margins to be in the mid-50s range, a slight improvement from our prior expectations.

在準備考試的基礎上，假設紅波擁有所有權。對於 2023 年全年，我們重申的營收指引意味著收購 RedWave 後預計將年增 6% 至 9%，我們將重點從 GAAP 轉向調整後毛利率。我們在 2024 年上半年實現了高達 56% 的調整後毛利率，其出色表現主要是由於 MX908 的生產時間提前於季節性強勁的下半年。就全年而言，我們預計調整後的毛利率將在 50 多美元的範圍內，比我們先前的預期略有改善。

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

此時，我想將電話轉回給凱文。

Thanks, Joe. We are building a solid foundation for growth this year with our expanded handheld portfolio forensics workflows and believe we are well differentiated and well positioned to take advantage of the sizable opportunity for biocasting analytics has momentum in the space returns. As mentioned at the outset of our call today, our goal has always been to win pointedly chemical analysis and life-altering applications broadly from forensics through to biopharma, process control and characterization and beyond.

謝謝，喬。我們正在透過擴展的手持式產品組合取證工作流程為今年的成長奠定堅實的基礎，並相信我們具有良好的差異化能力，並且處於有利位置，可以利用生物廣播分析在空間回報方面具有動力的巨大機會。正如我們今天在電話會議一開始所提到的，我們的目標始終是贏得從法醫學到生物製藥、製程控制和表徵等領域的有針對性的化學分析和改變生活的廣泛應用。

We are pleased with our progress towards this goal this quarter and the trajectory we are on for the full year. Lastly, I'd like to again thank our team for their hard work towards our first half performance, the successful integration of RedWave into our commercial structure and ensuring RedWave is an integral part of 908 devices.

我們對本季實現這一目標的進展以及全年的發展軌跡感到高興。最後，我要再次感謝我們的團隊為我們上半年的業績所做的辛勤工作，成功地將RedWave 整合到我們的商業結構中，並確保RedWave 成為908 設備不可或缺的一部分。

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

有了這個，我們現在將提出問題。

(Operator Instructions)

（操作員說明）

Stephen Ma, TD. Cohen.

史蒂芬·馬，TD。科恩.

Great. Thank you. Congrats on the quarter and thanks for taking the questions. (multiple speakers) yeah, sorry. So a question, you said you completed the commercial integration of RedWave. So does that mean the sales reps on both sides are now completely cross-trained on all products? And then secondly, when should we expect to see potential revenue synergies from the combined commercial operation?

偉大的。謝謝。恭喜本季度，感謝您提出問題。 （多個發言者）是的，抱歉。那麼一個問題，你說你完成了RedWave的商業整合。那麼這是否意味著雙方的銷售代表現在都接受了所有產品的完全交叉訓練？其次，我們什麼時候可以看到合併後的商業營運帶來的潛在收入綜效？

Yeah, sure. We're really happy with the pace of integration we've had with the RedWave team in Danbury, Connecticut. During the quarter, we were focusing on just that the commercial indication of the team, and that includes we did product training of the sales team. We integrated the CRM and the website. From a rep standpoint, we added four direct sales reps that came from the RedWave acquisition to our Forensics team and a number of field applications professionals, which is so important on the customer success side.

是的，當然。我們對與康乃狄克州丹伯里 RedWave 團隊的整合速度感到非常滿意。在本季度，我們只關注團隊的商業表現，其中包括我們對銷售團隊進行了產品培訓。我們整合了 CRM 和網站。從銷售代表的角度來看，我們在取證團隊中增加了四名來自 RedWave 收購的直接銷售代表以及一些現場應用專業人員，這對於客戶成功而言非常重要。

So if you think about it, that's kind of an incremental add to the about 70 people. We had at the end of 2023 in our sales and marketing team. And again, very importantly, that includes sales application and support people. I think we are starting to see the initial benefits of that and having people cross-trained as you touched on, it certainly super excited that we saw our first multisystem order within the quarter. It was probably 60 days in. We saw that.

因此，如果您考慮一下，這對大約 70 人來說是一種增量增加。到 2023 年底，我們的銷售和行銷團隊已經組成完畢。同樣，非常重要的是，這包括銷售應用程式和支援人員。我認為我們已經開始看到這樣做的初步好處，正如您所提到的那樣，我們對人員進行了交叉培訓，我們在本季度看到了第一個多系統訂單，這當然非常令人興奮。時間大概是60天左右。我們看到了。

And that it was a single order we're purchasing three single customer I should say, purchasing 13 handheld devices in total and included our MX908 flagship, but also RedWave Explorer devices. So I think it's a good testament of where we've come so far, but we're still going to take a few quarters here as we wrap our arms around the total potential and keep introducing the RedWave products into existing 908 accounts.

我應該說，這是一個單一訂單，我們購買了三個單一客戶，總共購買了 13 台手持設備，其中包括我們的 MX908 旗艦產品，但也包括 RedWave Explorer 設備。因此，我認為這很好地證明了我們迄今為止所取得的進展，但我們仍將在這裡花幾個季度的時間，因為我們將全力發揮總潛力，並繼續將RedWave 產品引入現有的908 帳戶。

And then maybe pivoting to bioprocessing. I know you said the sales cycle is taking a little bit longer for your desktop instruments. How do you square that away with some companies have stated there's a sign of improvement in bioprocessing? And a second part of the question, are you seeing the sales cycle taking longer from early-stage customers versus large-stage customers? And any color you could provide would be great. Thank you.

然後可能轉向生物加工。我知道您說過您的桌上型儀器的銷售週期需要更長一些。您如何看待一些公司表示生物加工有改善跡象的說法？問題的第二部分是，您是否發現早期客戶的銷售週期比大型客戶的銷售週期更長？你能提供的任何顏色都會很棒。謝謝。

Yeah, sure. Happy to touch on those points. Absolutely, the macro side continues to be a bit of a headwind for us. We're still largely driven by placements versus recurring consumables. Recurring has been a meaningful part of our business, about two-thirds of our H1 revenues, but really, we need to drive more device placements, the hardware for that long-term growth.

是的，當然。很高興談到這些要點。當然，宏觀方面對我們來說仍然是一個阻力。我們仍然在很大程度上受到展示位置與經常性消耗品的驅動。經常性業務一直是我們業務的重要組成部分，約占我們上半年收入的三分之二，但實際上，我們需要推動更多的設備放置，即實現長期成長的硬體。

And we had about 10 in Q2 desktop placements. And definitely encouraged by those in the bioprocessing space seeing some order growth recovery, particularly those large tool players. And that's particularly in our view, been around the consumables side of things. And, I think that is a good positive leading indicator of some normalization that's happening, but maybe not a perfect read-through given our reliance on placements and our reliance on the CapEx side of things and we're for sure seeing whether it's the large biopharma being more thoughtful on their instrumentation spend is really high, I would look at where we're participating there with their CapEx and particularly for novel technologies.

第二季桌面展示位置約有 10 個。生物加工領域的訂單成長有所恢復，特別是那些大型工具製造商，這無疑受到了鼓舞。我們認為，尤其是在消耗品方面。而且，我認為這是正在發生的一些正常化的一個很好的積極領先指標，但考慮到我們對配售和資本支出方面的依賴，這可能不是一個完美的通讀，我們肯定會看到它是否是一個大的生物製藥公司在儀器支出上更加考慮周全，這確實很高，我會看看我們在哪些方面參與了他們的資本支出，特別是新技術。

And then for the smaller biotechs, we certainly see many of those, call it, waiting for some corporate level funding. And I do have one example of a unit here in July that did close once a corporate funding event happens. So we do have a handful of those in our pipeline. So I think the biotech funding will help, but it's probably over more of that 6 to 9-month period perhaps.

然後，對於規模較小的生技公司，我們當然看到其中許多公司正在等待一些企業層面的資金。我確實有一個例子，七月有一個單位在公司融資活動發生後就關閉了。所以我們確實有一些正在籌備中。所以我認為生物技術資金會有所幫助，但可能會持續 6 到 9 個月的時間。

So yeah, in short, sales like cycles really have been prolonged, but I would say the customer interest has really been as strong as it's ever been. And we did see a quarter-to-quarter step-up in our total desktop device placements. And really that next milestone is seeing we can get on a cadence more at the levels of '21 in the beginning of '22.

所以，是的，簡而言之，銷售週期確實延長了，但我想說，客戶的興趣確實一如既往地強烈。我們確實看到桌上型設備總投放量逐季度增加。實際上，下一個里程碑是看到我們可以在 22 年初達到 21 世紀的水平。

Great. Thank you, super-helpful.

偉大的。謝謝你，超級有幫助。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

(inaudible) hey, good morning from Matt. Thanks for taking my questions. I just wanted to focus a little bit still on that desktop portfolio and maybe like a similar question, but we have seen biotech funding has had strong improvements in the first half of the year, which is clearly a positive indicator, but recognized it takes time to be reflected in revenue growth and other companies have referenced two to four quarters.

（聽不清楚）嘿，馬特早安。感謝您回答我的問題。我只是想稍微關註一下桌面投資組合，也許就像一個類似的問題，但我們已經看到生物技術融資在今年上半年有了很大的改善，這顯然是一個積極的指標，但認識到這需要時間反映在收入成長中，其他公司提到了兩到四個季度。

And you just noted that macro pressures really CapEx have persisted and you're now expecting less contribution from desktops in the back half of the year. So just kind of wanted to maybe get you to elaborate more on what you're seeing in the market and what sort of a live do you anticipate before you start seeing improved ordering activity and just any visibility into 2025? And if you see demand returning or anything like that?

您剛剛指出，資本支出的宏觀壓力確實持續存在，您現在預計下半年桌上型電腦的貢獻將會減少。因此，我只是想讓您詳細說明您在市場上看到的情況，以及在您開始看到訂購活動有所改善以及對 2025 年的任何可見性之前，您預計會發生什麼樣的直播？如果您看到需求回升或類似情況？

Yeah, happy to further elaborate as much as we can there. But, yeah, I think you hit it. I mean we're still seeing some of those macro pressures and that conservatism towards the innovative technologies, and there's the bioprocessing recovery on the, call it, large manufacturing side of things than the destocking and perhaps the consumables are again a leading indicator there. We're more participating in the CapEx side of things for instrumentation. More modest price instrumentation, I realize, but it is.

是的，很高興能盡可能地進一步詳細說明。但是，是的，我認為你成功了。我的意思是，我們仍然看到一些宏觀壓力和對創新技術的保守主義，以及所謂的大型製造業方面的生物加工復甦，而不是去庫存，也許消耗品再次成為那裡的領先指標。我們更參與儀器儀表的資本支出方面。我意識到，價格工具更適中，但事實確實如此。

So if you look across our portfolio, we're super excited that we now have multiple products participating in there, and we think that is a distinct advantage because you're talking about a complete portfolio of products and across a various range of price points. So I think that helps us engage a bit broader and be there for when the demand is recurring, but you're just seeing people taking their time, being a little more thoughtful.

因此，如果您查看我們的產品組合，我們非常興奮，因為我們現在有多種產品參與其中，我們認為這是一個明顯的優勢，因為您談論的是完整的產品組合和各種價格點。因此，我認為這有助於我們更廣泛地參與，並在需求反覆出現時隨時待命，但你只是看到人們花時間，考慮得更周到一些。

Maybe one example to give you a bit of color, but we have a customer that's quite interested in our new Maverick product. They have an existing Roman product that could be a decade old or more and it's broken, and it's a large pharma company and their CapEx is very limited. So they're having to make that decision. I don't have the dollars for both, do I replace with a new innovative technology like Maverick or do I repair.

也許舉個例子可以給您一點色彩，但我們有一位客戶對我們的新 Maverick 產品非常感興趣。他們現有的羅馬產品可能已經有十年或更久了，而且已經壞了，而且這是一家大型製藥公司，他們的資本支出非常有限。所以他們必須做出這個決定。我沒有錢購買這兩個產品，我是用像 Maverick 這樣的創新技術進行更換還是進行維修呢？

And again, I can't do both. So that really makes them think very hard, and we're seeing our products remain incredibly amount of interest and differentiated, but it's taking people to have some pause, some thoughtfulness more on the evaluation side, and we're kind of building up a pipeline of those evaluations, particularly for our novel products. So maybe that adds a little bit more color to the previous response for you.

再說一次，我不能兩者兼得。所以這確實讓他們非常努力地思考，我們看到我們的產品仍然令人難以置信的興趣和差異化，但這需要人們停下來，在評估方面更多地深思熟慮，我們正在建立一個這些評估的流程，特別是對於我們的新穎產品。所以也許這會為你之前的回答增添一點色彩。

Got it. That's helpful. And then maybe switching to the handhelds. I think you said your guidance assumes 20-plus orders or so that you still need to close out in the back half of the year. Can you just kind of speak to your confidence and be able to close those out? And are those for sure, going to able to be delivered? Or just some color there would be helpful.

知道了。這很有幫助。然後可能會切換到手持裝置。我想你說過你的指導假設有 20 多個訂單左右，所以你仍然需要在今年下半年結束。你能說出你的信心並且能夠消除這些嗎？這些產品肯定能夠交付嗎？或只是一些顏色會有幫助。

Yeah. Maybe I'll start and then pass it to Joe here. But, yeah, to hit our second half revenue target, we absolutely need to continue to deliver with our large enterprise accounts and we've been making great progress on that over the first half of the year. It's always a little bit challenging on the timing of exactly pinpointing those down, but we do feel pretty good at this moment in time here about the guidance we provided. Probably a little bit more on the error bars for our desktops that we've been speaking to, but let me pass it to Joe.

是的。也許我會開始然後將其傳遞給這裡的喬。但是，是的，為了實現下半年的收入目標，我們絕對需要繼續為我們的大型企業客戶提供服務，並且我們在今年上半年已經在這方面取得了巨大進展。在準確定位這些問題的時間上總是有點挑戰性，但我們此時此刻對我們提供的指導確實感覺很好。可能還有更多關於我們一直在討論的桌面錯誤欄的信息，但讓我將其傳遞給喬。

Yeah. So I think specifically on handheld, consistent with our historical second half seasonality, as you mentioned, we have a number of 20-plus unit handheld placement opportunities that we need to execute on ahead of the close out of the US government fiscal year, and we've done a, let's say, a great job capitalizing on these opportunities in the past, and our sales team is hard at work to continue this trend here in 2024. So similar to past years, we'll have better visibility around some of these larger, I call it needle-moving handheld orders at the time of our Q3 call, and we'll definitely keep you updated as we progress.

是的。因此，我認為，特別是在手持設備方面，正如您所提到的，與我們下半年的歷史季節性一致，我們有許多20 多個單位的手持設備安置機會，我們需要在美國政府財政年度結束之前執行這些機會，可以說，我們過去在利用這些機會方面做得非常出色，我們的銷售團隊正在努力工作，以在 2024 年繼續這一趨勢。與過去幾年類似，我們將在第三季電話會議時更好地了解其中一些較大的訂單，我稱之為針移動手持訂單，並且隨著我們的進展，我們一定會及時向您通報最新情況。

Got it. Thanks for the questions, guys.

知道了。謝謝你們的提問，夥伴們。

(Operator Instructions)

（操作員說明）

Daniel Arias, Stifel.

丹尼爾·阿里亞斯，斯蒂菲爾。

Good morning. It's Paul on for Dan. I just want to touch on the outlook first. So you mentioned some seasonality assumptions for the back half. Can you just touch on -- is that assuming a return to kind of historically normal budget flush? Or is that attenuated a little bit? What are the assumptions there? What kind of scenarios would get you to the top end of the range versus the bottom end of the range for the full year?

早安.保羅換下丹。我只想先談前景。所以你提到了後半部的一些季節性假設。您能否談談—這是否是假設預算恢復到歷史正常水準？或者說是減弱了一點？那裡有什麼假設？什麼樣的情況會讓您全年達到該範圍的頂端而不是該範圍的底端？

Sure. Happy to give some color on that. So overall similar to '23, our product diversification, we feel continues to support our positive top line growth trajectory with solid handheld growth we touched on, helping to offset the slower recovery with our desktop products and we were pleased to be reiterating today our '24 revenue guidance despite some unique challenges related to the US government budget delay until March and slower-than-expected recovery in CapEx spending for the Life Sciences instrumentation.

當然。很高興對此做出一些貢獻。因此，總體而言，與23 年類似，我們的產品多元化，我們認為，我們提到的手持設備的穩健增長將繼續支持我們積極的營收成長軌跡，有助於抵消我們桌面產品的較慢復甦，我們很高興今天重申我們的「儘管存在與美國政府預算推遲至 3 月份以及生命科學儀器資本支出復甦慢於預期相關的一些獨特挑戰，但仍於 2 月 24 日公佈了收入指引。

Importantly, we are reiterating our '24 revenue guidance for RedWave, which we view as a key driver of long-term sustainable growth in the handheld portfolio. But drilling down a bit more on the desktops, maybe elaborating another layer related to '24, we now expect our core desktops to be down on a full year basis and relatively flat in H2 '24, with a similar trend as prior years where we realized a certain level of year-end kind of capital funding being available.

重要的是，我們重申了 RedWave 的 24 年收入指引，我們認為 RedWave 是手持設備產品組合長期可持續成長的關鍵驅動力。但是，在桌上型電腦上進一步深入研究，也許會詳細闡述與24 年相關的另一層，我們現在預計我們的核心桌上型電腦將全年下降，並且在24 年下半年相對持平，與前幾年的趨勢類似，我們在實現了一定水準的年底可用資本融資。

We previously communicated our expectations on desktops to rebound to the double-digit top line growth if and when that instrument market recovery occurs and the growth recovery is taken, I'd say, longer to play out with our visibility here in '24, we see the pace of growth in '25 to likely be more muted, maybe not sapping back.

我們之前曾表達過，如果儀器市場出現復甦，並且成長復甦需要更長的時間，我們對桌上型電腦的預期將反彈至兩位數的營收成長，我想說，我們在24 年在這裡的能見度需要更長的時間才能發揮出來，我們預計 25 年的成長速度可能會更加溫和，也許不會放緩。

But I'd say, while the instrumentation macro recovery will be the key determining factor. We believe the instrumentation portfolio is positioned even better coming out of a challenge macro period than it was going into it. So definitely some year-end budget for us assumed in our baseline guide and like gives you some color on our thoughts as we turn the corner into next year as well.

但我想說，雖然儀器宏觀復甦將是關鍵的決定因素。我們認為，儀器儀表投資組合在走出充滿挑戰的宏觀時期後的定位比進入該時期時更好。因此，我們在基準指南中假設的一些年終預算肯定會給您一些關於我們的想法的色彩，因為我們也即將進入明年。

Yeah, that's really helpful. Thank you. And just a quick follow-up. In terms of -- you mentioned the gross margin, what the kind of trend has been in the outlook. But can you touch on OpEx, just in terms of the lower assumption for desktop. Is there an opportunity for a little bit of savings on the OpEx line as you kind of scale back the business on that side, given the lower revenue expectations? Or do those resources just sort of get put into the handheld side and ends up netting out?

是的，這真的很有幫助。謝謝。只是快速跟進。就您提到的毛利率而言，前景的趨勢如何。但是您能否談談營運支出，僅就桌面的較低假設而言。鑑於收入預期較低，當您縮減營運支出方面的業務時，是否有機會在營運支出方面節省一點成本？或者這些資源是否只是被放入手持設備並最終被淨掉？

Yeah, I think a few factors in play. We are excited to layer on the resources and OpEx, innovative R&D team and kind of mentioned some of the selling team from the RedWave acquisition. So that will be incremental to our overall spend. But yes, I think there is the opportunity to continue to look and it's something that we're ongoing looking to optimize our OpEx efforts.

是的，我認為有幾個因素在起作用。我們很高興能夠獲得資源和營運支出、創新研發團隊以及 RedWave 收購中的一些銷售團隊。因此，這將增加我們的整體支出。但是，是的，我認為有機會繼續尋找，這是我們正在尋求優化我們的營運支出工作的東西。

With the RedWave acquisition, we highlighted some cost synergy opportunities as much as $5 million starting in 2026 as we look to prioritize whether it's the R&D or selling and marketing spend. And I think specifically on the commercial and desktop side, we'll continue to take a look at that growth trajectory and look to align the resources with that.

透過收購 RedWave，我們強調了從 2026 年開始的一些高達 500 萬美元的成本協同機會，因為我們希望優先考慮研發或銷售和行銷支出。我認為，特別是在商業和桌面方面，我們將繼續關注這一成長軌跡，並尋求與之相符的資源。

Okay. Appreciate the color. Thanks for the question.

好的。欣賞顏色。謝謝你的提問。

You're welcome.

不客氣。

Jacob Johnson, Stephens.

雅各約翰遜、史蒂芬斯。

Good morning. This is Hannah on for Jacob. Thanks for taking my question. Just to start, 153 placements in the quarter is impressive. It's better than we expected, but perhaps it didn't translate to quite the same revenue outperformance that we would have expected. Do this placement number include RedWave? Or were there some of these placements OEM?

早安.這是漢娜為雅各代言。感謝您提出我的問題。剛開始，本季的 153 個展示位置就令人印象深刻。這比我們預期的要好，但也許它並沒有轉化為我們預期的收入表現。此置物編號包含 RedWave 嗎？或者其中有一些展示位置是 OEM 的嗎？

Yeah, it does include RedWave placements, the three FTIR products that we got through the acquisition. So it had two months of placements within the handheld. So that 143 not only included our MX, but also our new Explorer protector and SpreadID products.

是的，它確實包括 RedWave 展示位置，即我們透過收購獲得的三種 FTIR 產品。所以它在手持設備中放置了兩個月。因此，143 不僅包括我們的 MX，還包括我們新的 Explorer 保護器和 SpreadID 產品。

Great. Thank you. And then you've talked about some of the cell and gene therapy partnerships, and you said there's some other opportunities that you're looking at. What about more traditional bioprocessing players, things like monoclonal antibodies and biosimilars like traces work with Sartorius? Are you doing partnerships there as well or is this more on the cell and gene therapy side?

偉大的。謝謝。然後您談到了一些細胞和基因治療合作夥伴關係，並且您說您正在尋找一些其他機會。更傳統的生物加工企業（如單株抗體和生物相似藥（如Trace）與賽多利斯合作怎麼樣？）你們也在那裡建立合作關係，還是更多地在細胞和基因治療方面？

Yeah. Great question. I mean, I think across the board there, we really see that these strategic collaborations and call it, partnerships with these hardware innovators could be very impactful. We've definitely been highlighting the work we're doing with the cell therapy innovators. Yes, we do have some in our pipeline, which would be more, call it, traditional monoclonal antibodies as well. And you pointed out, we already have relationship with Sartorius with one of our products there.

是的。很好的問題。我的意思是，我認為從整體上來說，我們確實看到這些策略合作，並稱之為與這些硬體創新者的合作夥伴關係可能非常有影響力。我們確實一直在強調我們與細胞療法創新者所做的工作。是的，我們的管道中確實有一些，也可以稱之為傳統的單株抗體。您指出，我們已經與 Sartorius 建立了合作關係，並推出了我們的一款產品。

And I think we see opportunity in both as you look at, call it, the next-generation hardware platforms that people are launching out there. If you think about the cell therapy area and you think about the automation that's required to meet the access and lower cost gold, yield is a part of that being able to do that with process sensors is incredibly important to help meet those goals.

我認為，正如您所看到的，人們正在推出的下一代硬體平台，我們都看到了機會。如果您考慮細胞治療領域，並考慮滿足獲取和降低黃金成本所需的自動化，那麼產量是其中的一部分，能夠使用製程感測器做到這一點對於幫助實現這些目標非常重要。

And we think there's just a very ripe opportunity as that really develops and as there's a ton of efforts out there by some leaders in these areas that are just doubling down and trying to make that a reality. And we really we want to seek design wins in there and then succeed as they succeed. So a bit across the board in those 6, but definitely related towards the cell therapy side.

我們認為，隨著這一領域的真正發展，以及這些領域的一些領導人付出了大量努力，他們正在加倍努力，試圖將其變為現實，這是一個非常成熟的機會。我們真的希望在那裡尋求設計勝利，然後隨著他們的成功而成功。這 6 個方面有點全面，但肯定與細胞治療方面有關。

Great. Thanks. I'll leave it there.

偉大的。謝謝。我會把它留在那裡。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Hey, guys, thanks for the question. So maybe just on Forensic, I mean, ahead of the elections. And just wondering, are you seeing any effect on the ordering on the forensics side? What are you hearing from the different state agencies and overall, the US agencies and internationally as well?

嘿，夥計們，謝謝你的提問。所以也許只是在法醫方面，我的意思是，在選舉之前。只是想知道，您是否看到對取證方面的排序有任何影響？您從不同的國家機構以及整個美國機構和國際機構聽到了什麼？

Yeah. Happy to touch on that. I mean, I think as Q2 showed, we had pretty strong demand for our handhelds across the board. Big drivers there are that need for TRACE and point of the chemical analysis and identification as it probably feels to all of us on the call, the global insecurity and uncertainty is quite high at this time. And then you layer that on with the fetal crisis that we explained on our last Q1 call is really now expanding internationally.

是的。很高興談到這一點。我的意思是，我認為正如第二季所示，我們對手持設備的全面需求非常強勁。那裡的主要驅動因素是對化學分析和鑑定的追蹤和點的需求，正如我們所有參加電話會議的人可能感覺到的那樣，目前全球的不安全和不確定性相當高。然後，我們將其與我們在上次第一季電話會議中解釋的胎兒危機聯繫起來，現在確實正在國際範圍內蔓延。

A lot of big drivers there as we see it in the near and the longer term. And then if you think about now we can access more with our FTIR products and then the fact that the international pipelines are growing out. So I think all of those are helping to the Q2 success and helping towards the ramp that we're envisioning here as we go through the second half.

正如我們在近期和長期看到的那樣，那裡有很多重要的推動因素。然後，如果您現在想一想，我們可以通過 FTIR 產品獲得更多信息，然後考慮國際管道正在增長的事實。因此，我認為所有這些都有助於第二季的成功，並有助於實現我們在下半年所設想的成長。

But the election, in particular, I don't think there's going to be a material impact on our business in either outcomes. If you will, if you do look back through history, DA and military spending lines just as two examples of areas that funds come to 908 Devices from, I mean those have trends consistently higher, really regardless of administration. And if you look back over the last 20-ish years or so, those budgets have grown in the, call it, low mid-single digits range in the US.

但特別是選舉，我認為這兩種結果都不會對我們的業務產生重大影響。如果你願意的話，如果你回顧一下歷史，DA 和軍費開支只是 908 設備資金來源領域的兩個例子，我的意思是，無論政府如何，這些領域的趨勢始終較高。如果你回顧過去 20 年左右的時間，你會發現美國的這些預算成長幅度都在中低個位數範圍內。

And in that global perspective, there's really been a positive additions out there and more than NATO member countries are pushing to spend more of their GDP on technology. And in some cases, they have goals of 20% of their budgets to be invested in new major technologies and to support modernization, which we think is a positive from our innovative handheld tools there.

從全球角度來看，確實出現了積極的成長，而且不僅僅是北約成員國正在推動將更多的國內生產毛額用於技術。在某些情況下，他們的目標是將 20% 的預算投資於新的主要技術並支援現代化，我們認為這是我們創新手持工具的積極作用。

Okay, that's helpful. And then on the PAT side with the desktop and cell therapies, I'm just wondering, I think you're calling out for lesser desktop in the second half. Just wanted to understand, I mean, now that you have multiple products, shouldn't we expect some more cross-selling opportunities, maybe just as we look at recovery in the markets, what's the conservatism in terms of lower second half? Is it just more seasonality? Is there a pull forward? Is there any other things that you're baking in with respect to the Rebel boxes and other cross-sell opportunities that you have with MAVEN and products?

好的，這很有幫助。然後在 PAT 方面，包括桌面和細胞療法，我只是想知道，我認為你在呼籲下半年減少桌面。只是想了解，我的意思是，現在您擁有多種產品，我們是否應該期待更多的交叉銷售機會，也許就像我們看到市場的復甦一樣，下半年下半年的保守主義是什麼？只是季節性比較強嗎？有前進的動力嗎？對於 Rebel 盒子以及 MAVEN 和產品的其他交叉銷售機會，您還有其他的想法嗎？

Yeah. Sure. Absolutely. I can give some color to that point. We really do, as you said, we do have a broader desktop portfolio now. We've got 4 products serving that PAT space, really spanning the outline, online and the in-line analysis capability. So that, to us, really does, as you alluded to, really kind of strengthens your ability to have a customer engagement there and maybe improves our ability to CapEx spending, capture those dollars as the recovery happens. And if you think of all of them together, they can provide a pretty complex view.

是的。當然。絕對地。我可以給這一點一些色彩。正如您所說，我們確實擁有更廣泛的桌面產品組合。我們有 4 種產品服務於 PAT 領域，真正涵蓋了大綱、線上和線上分析功能。因此，對我們來說，正如您所提到的，這確實增強了您與客戶互動的能力，並可能提高我們的資本支出能力，在經濟復甦時捕獲這些美元。如果你把它們放在一起考慮，你會發現它們可以提供一個相當複雜的視圖。

But that said, there are new technologies in the quarter. We did see placements across all of our products in the second quarter, about 10 in total for our desktop. But each and every one, especially our newer products in that preclinical space and I gave a couple of examples earlier where customers are just being conservative with that. And so there's definitely more of a prolonged evaluation cycle which we do have goals to do 10-plus of those double digits, I would say, in the second half year of our new products, but it just takes a little bit of time. So I think we're factoring that in, in the environment.

但話雖如此，本季出現了新技術。我們確實在第二季度看到了我們所有產品的展示位置，其中桌面版總共約有 10 個。但每一個產品，尤其是我們在臨床前領域的新產品，我之前舉了幾個例子，客戶對此持保守態度。因此，肯定會有更長的評估週期，我想說的是，我們的目標是在新產品的下半年實現 10 個以上的兩位數，但這只需要一點時間。所以我認為我們正在考慮環境因素。

And Kevin, lastly, just quickly, is there any, obviously, these are new products in the marketplace, but just wanted to see if there are any impact that you would assume from a Biosecure or facilities changing hands that might be utilizing your instruments?

凱文，最後，很快，顯然，這些是市場上的新產品，但只是想看看您認為生物安全或可能使用您的儀器的設施易手是否會產生任何影響？

Well, I certainly can touch on the facility side. I mean, we've certainly seen consolidation across the space and some of our customers consolidating facilities and labs. We've certainly had our share of purchase orders to move equipments from one lab to another where people contract you our service team to come out and move it from one lab to another.

嗯，我當然可以談談設施方面。我的意思是，我們確實看到了整個領域的整合，以及我們的一些客戶整合了設施和實驗室。我們當然也有一份將設備從一個實驗室轉移到另一個實驗室的採購訂單，人們與我們的服務團隊簽訂合同，將其從一個實驗室轉移到另一個實驗室。

So I think that has certainly not progressing quickly because these companies are still going through that digestion phase. The Biosecure Act, I don't think we've seen anything we can tag directly to that at this point. If we see the construction of new process development labs, probably more on the upfront side, right, process development versus, call it, late stage or in the manufacturing side. I think that would be a benefit to us over time. But today, we haven't seen that. And then as you know, our position in APAC is quite small. That's less than 5% from across all of our revenue perspective.

所以我認為這肯定不會進展很快，因為這些公司仍在經歷消化階段。《生物安全法案》，我認為目前我們還沒有看到任何可以直接標記的內容。如果我們看到新製程開發實驗室的建設，可能更多的是在前期，右邊，製程開發，而不是後期或製造方面。我認為隨著時間的推移，這將對我們有利。但今天，我們還沒有看到這一點。如您所知，我們在亞太地區的地位相當小。從我們整個收入的角度來看，這個比例還不到 5%。

Got it. Okay. Helpful, guys. Thank you.

知道了。好的。有幫助，夥計們。謝謝。

This concludes our Q&A, and I'll now hand back to Kevin Knopp, for closing remarks.

我們的問答到此結束，現在我將請凱文·諾普做結束語。

Yes. Thank you very much and we're pleased to have you on the call with us today and happy to answer other questions, please reach out to the company if we can provide any additional information. Thank you.

是的。非常感謝您，我們很高興您今天與我們通話，並樂意回答其他問題，如​​果我們可以提供任何其他信息，請與該公司聯繫。謝謝。

Ladies and gentlemen, today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們衷心感謝您的參與。現在您可以斷開線路。