908 Devices Inc (MASS) 2024 Q3 法說會逐字稿

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

您好，歡迎參加 908 Devices 2024 年第三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）我現在想將權力移交給吉爾馬丁集團的凱利·古拉（Kelly Gura）。請繼續。

Thank you. This morning, 908 Devices released financial results for the third quarter ended September 30, 2024. 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 2024 年 9 月 30 日的第三季財務表現。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) 從 908 加入我的行列。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陳述的部分。

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.

如需更完整的上市說明，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, November 12, 2024. With that, I would like to turn the call over to Kevin.

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，無論是因為新資訊、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 11 月 12 日直播時準確。說到這裡，我想把電話轉給凱文。

Thanks, Kelly. Good morning, and thank you for joining our third quarter 2024 earnings call. We ended the third quarter with revenue of $16.8 million, an increase of 17% over the prior year period. However, our financial results fell short of expectations. As we noted in last quarter's earnings call, we expected second half 2024 growth to be driven by our handhelds, including a number of 20-plus unit placement opportunities internationally and domestically.

謝謝，凱利。早安，感謝您參加我們的 2024 年第三季財報電話會議。第三季末，我們的營收為 1,680 萬美元，比去年同期成長 17%。然而，我們的財務表現未達預期。正如我們在上個季度的財報電話會議中指出的那樣，我們預計 2024 年下半年的成長將由我們的手持設備推動，包括國際和國內的 20 多個單位安置機會。

While we secured many sizable orders and placed 178 handheld devices in total during the third quarter, placements were less than expected in part due to a compressed spending period resulting from the delay in passing the federal budget and delays with advancing international contracts.

儘管我們在第三季度獲得了許多大訂單並總共放置了 178 台手持設備，但放置量低於預期，部分原因是聯邦預算延遲通過和國際合約推進延遲導致支出週期壓縮。

In addition, we continue to see softness in the bioprocessing and life science instrumentation market, elongating the sales cycle of our desktop devices. Our prior 2024 guidance contemplated a quicker and sharper recovery in second half demand, which hasn't yet materialized.

此外，我們繼續看到生物加工和生命科學儀器市場的疲軟，並延長了我們桌上型設備的銷售週期。我們先前 2024 年的指引預計下半年需求將更快、更強勁地復甦，但這一目標尚未實現。

Given the muted 2024 spending environment and the delayed opportunity with the ending of the US government fiscal year, we are appropriately lowering our 2024 revenue guidance to be in the range of $56 million to $58 million, representing 11% to 15% growth. Joe will provide more detail on our guidance in a few moments.

考慮到 2024 年支出環境低迷以及美國政府財政年度結束帶來的機會延遲，我們適當下調 2024 年收入指引至 5,600 萬美元至 5,800 萬美元，即 11% 至 15% 的增長。喬稍後將提供有關我們指導的更多詳細資訊。

The end of October marked 6 months since the closing of our acquisition of RedWave Technology. We continue to be incredibly excited about the union of our two platforms and the rationale for bringing the two companies together remains absolutely unchanged. As a combined company, we are now better equipped to serve our customers by offering a full, best in class portfolio innovative and hand-held devices cared with world-class service, training and comprehensive decision support.

十月底是我們完成收購 RedWave Technology 以來的六個月。我們仍然對兩​​個平台的合併感到非常興奮，並且將兩家公司合併的理由絕對沒有改變。作為一家合併後的公司，我們現在能夠更好地為客戶提供服務，提供完整、一流的創新和手持設備產品組合，並提供世界一流的服務、培訓和全面的決策支援。

Reflecting back on our learnings over the last 6 months, combined with the shifting dynamics in the markets we serve across our entire portfolio, it's become even more evident that operationally, our harmonized platform creates a path for further cost efficiency and expanded gross margins for all of our products. We are implementing three structural adjustment to fully realize that. We are at a turning point and believe now is the right time to lean into these changes and accelerate the transformation of 908 as we prepare for 2025 and the growth beyond.

回顧過去 6 個月的經驗教訓，結合我們整個投資組合所服務的市場動態的變化，更明顯的是，在營運上，我們的統一平台為所有人創造了進一步提高成本效率和擴大毛利率的途徑我們的產品。我們正在實施三個結構調整，充分實現這一目標。我們正處於一個轉折點，相信現在是適應這些變化並加速 908 轉型的最佳時機，為 2025 年及以後的成長做好準備。

First, we will move manufacturing out of Boston by the end of Q3 2025 to our facilities in Morrisville, North Carolina and Danbury, Connecticut, which are lower-cost manufacturing locations. We successfully moved production of our consumable chips to North Carolina earlier this year, and this site will now take on production of our desktop devices.

首先，我們將在 2025 年第三季末將製造業務從波士頓遷至北卡羅來納州莫里斯維爾和康乃狄克州丹伯里的工廠，這些工廠成本較低。今年早些時候，我們成功地將消耗性晶片的生產轉移到北卡羅來納州，該工廠現在將承擔我們的桌面設備的生產。

We completed the expansion of our Danbury facility in the third quarter and this site will manufacture all of our hand-held devices going forward, including our US Department [in defense] AVCAD product in partnership with Smiths Detection in the potential full rate production phase. Our Danbury site offers a roughly 75% reduction in facility rent costs compared to Boston, and this will be leveraged over time to expand device gross margins for our highest volume products are handheld, representing approximately $2.4 million of annual savings starting in 2026.

我們在第三季完成了丹伯里工廠的擴建，該工廠將在未來生產我們所有的手持設備，包括我們在潛在全速生產階段與史密斯探測公司合作的美國國防部[國防部] AVCAD 產品。與波士頓相比，我們丹伯里工廠的設施租金成本降低了約75%，隨著時間的推移，這將有助於擴大我們產量最高的手持產品的設備毛利率，這意味著從2026 年開始每年節省約240 萬美元。

Second, we have right-sized our bio-crossing and life science instrumentation efforts for current market growth. Last week, we took the action to reduce our workforce by 11%, which included positions in sales, marketing and R&D. This reduction is expected to save approximately $4.2 million annually and importantly, enhances our team's agility to capitalize on opportunities as the industry recovers.

其次，我們根據目前市場的成長調整了生物交叉和生命科學儀器工作的規模。上週，我們採取了裁員 11% 的行動，其中包括銷售、行銷和研發職位。這項減少預計每年可節省約 420 萬美元，重要的是，這將增強我們團隊在行業復甦時抓住機會的敏捷性。

Third, we're optimizing our full sales organization for new efficiency, focus and flexibility to quickly take advantage of growth opportunities. For our handhelds, this includes taking a page from the RedWave playbook and efficiently driving device sales through inside sales efforts with virtual demos and leverage of their established Try Before You Buy program, which combined represented about 25% of RedWave sales year-to-date.

第三，我們正在優化我們的整個銷售組織，以提高效率、重點和靈活性，以快速利用成長機會。對於我們的手持設備，這包括借鑒RedWave 的做法，透過內部銷售工作、虛擬演示以及利用其既定的「先試後買」計劃，有效推動設備銷售，該計劃合計佔RedWave 年初至今銷售額的25%左右。

For our desktops, we are leaning further into our strategy to pursue biopharma partnerships with equipment innovators, particularly in the cell and gene therapy space. To expand our account reach, we will step back from our subscale international direct sales team to gain a larger presence through specialized channel partners in the bioprocessing space across Europe going forward. This model has proven effective for our forensics team.

對於我們的桌上型電腦，我們正在進一步傾向於與設備創新者尋求生物製藥合作夥伴關係的策略，特別是在細胞和基因治療領域。為了擴大我們的客戶覆蓋範圍，我們將退出規模較小的國際直銷團隊，轉而透過歐洲生物加工領域的專業通路合作夥伴獲得更大的影響力。事實證明，該模型對我們的取證團隊非常有效。

With these adjustments, we remain confident in our ability to operate in a lower growth environment and capture the opportunities in front of us. But we are also looking forward and remain excited to create an acceleration of growth and believe we remain well resourced to achieve this.

透過這些調整，我們對在較低成長環境中運作並抓住眼前機會的能力仍然充滿信心。但我們也期待並且仍然興奮地創造加速成長，並相信我們仍然有充足的資源來實現這一目標。

With our assessment, we've identified five key elements to accelerate our growth in the near, medium and long term. One, increasing enterprise adoption of FTR handheld. A strength of 908's commercial engine is the ability to penetrate and radiate across government enterprise accounts. Just over the last few months, MX908 was adopted into multiple global enterprise accounts, including the Vietnam Border Guard, the EU Drug Detect program for Prisons and the US National Guard Bureau Counter Drug Program.

透過評估，我們確定了加速我們近期、中期和長期成長的五個關鍵要素。第一，越來越多的企業採用 FTR 手持裝置。908商業引擎的優點在於能夠滲透和輻射政企帳戶。就在過去幾個月，MX908 被多個全球企業帳戶採用，包括越南邊境衛隊、歐盟監獄毒品檢測計畫和美國國民警衛隊反毒品計畫。

For our FTR products, we secured initial purchases with the US Coast Guard, US Environmental Protection Agency and the US Navy in Q3. Now 6 months into our prospecting, we've already identified hundreds of units of enterprise potential for FTR handheld. These large enterprise opportunities take time, sometimes years to develop, but it's great to see strong initial pipeline development.

對於我們的 FTR 產品，我們在第三季度獲得了美國海岸防衛隊、美國環保署和美國海軍的初步採購。經過 6 個月的勘探，我們已經確定了數百台 FTR 手持裝置的企業潛力。這些大型企業機會需要時間，有時甚至數年的時間來發展，但很高興看到強大的初步管道開發。

We're pleased to see RedWave's products, including the newest Explorer device, following MX908's trajectory and making inroads with large government customers, which represents a previously untapped opportunity. We anticipate that our new Explorer product will be a major contributor as year-to-date placements are already double those of all of 2023.

我們很高興看到 RedWave 的產品（包括最新的 Explorer 設備）追隨 MX908 的發展軌跡，並在大型政府客戶中取得進展，這代表了一個以前未開發的機會。我們預計我們的新 Explorer 產品將成為主要貢獻者，因為今年迄今的投放量已經是 2023 年全年投放量的兩倍。

Number two, creating an upgrade cycle with the next generation of our MX908 handheld. Over 2,500 MX908 devices have been deployed since its release in late 2017. We're preparing to disrupt the market yet again with the release of a next-generation device within the next 2 years, offering a step change in performance and simplicity with half the size and weight, a lower cost of goods and a higher pull-through opportunity.

第二，利用下一代 MX908 手持設備創建升級週期。自 2017 年底發布以來，已部署超過 2,500 台 MX908 設備。我們準備在未來 2 年內發布下一代設備，從而再次顛覆市場，在性能和簡單性方面實現重大改變，尺寸和重量減半，商品成本更低，拉動性更高。

Three, winning the full rate production award for the US Department of Defense AVCAD program in partnership with Smiths Detection. We are developing a complementary variant of the MX908 for program-wide adoption across the US armed services, which represents thousands of units potential.

第三，與史密斯探測公司合作，獲得美國國防部AVCAD計畫的全額製作獎。我們正在開發 MX908 的補充變體，以便在美國武裝部隊的項目範圍內採用，這代表了數千台的潛力。

To date, under the low rate initial production contract, we have delivered approximately 100 units together with Smiths. The next phase is full rate production, which is anticipated to result in over $10 million annually. The milestone decision is anticipated within the government's 2025 fiscal year.

迄今為止，根據低利率初始生產合同，我們已與 Smiths 一起交付了約 100 台。下一階段是全速生產，預計每年收入將超過 1,000 萬美元。預計政府將在 2025 財年做出這項里程碑式的決定。

Number four, return of biopharma CapEx spending for novel instruments. Market reports on biopharma R&D spending and on the cell and gene therapy outlook give us confidence that the industry will return to growth. The need for novel process analytical tools is fundamental and remains a key point of emphasis for both regulators and frontline workers.

第四，生物製藥新儀器資本支出的回報。有關生物製藥研發支出以及細胞和基因治療前景的市場報告讓我們相信該行業將恢復成長。對新型過程分析工具的需求是根本性的，並且仍然是監管機構和第一線工作人員關注的重點。

Last year, we launched 2 game-changing process analytical technology or PAT devices, MAVEN and MAVERICK. While we've had good customer engagement, we have seen prolonged product trials and evaluations. On the positive, our pipeline of engagements for MAVEN now includes multiple 12-plus unit opportunities across PD and GMP manufacturing, and we expect MAVERICK to follow suit.

去年，我們推出了 2 種改變遊戲規則的流程分析技術或 PAT 設備：MAVEN 和 MAVERICK。雖然我們擁有良好的客戶參與度，但我們也看到了長期的產品試驗和評估。從積極的方面來看，我們與 MAVEN 的合作管道現在包括跨 PD 和 GMP 製造的多個 12 多個單位機會，我們預計 MAVERICK 也會效仿。

We are expecting sequential improvements in desktops for Q4 and expect this pipeline to more significantly convert as funding headwinds lessen over the next 12 months.

我們預計第四季度桌上型電腦將出現連續改進，並預計隨著未來 12 個月資金阻力的減少，這一管道將實現更顯著的轉變。

Five, partner integrations reaching scale. We continue to believe an efficient path to market and scale for our desktop devices is through integration partnerships with the innovators of process equipment. We are working to secure design wins with multiple companies to enable our placements to scale with these partners. We have previously announced projects with Solaris and Terumo BTT, and we are progressing well with a pipeline of more than 6 others across biologics and cell therapy.

五是合作夥伴整合規模化。我們仍然相信，我們的桌面設備進入市場和擴大規模的有效途徑是透過與製程設備創新者的整合合作夥伴關係。我們正在努力確保與多家公司的設計合作，以使我們的展示位置能夠與這些合作夥伴一起擴大規模。我們之前已經宣布了與 Solaris 和 Terumo BTT 的項目，並且我們在生物製劑和細胞治療領域的其他 6 個以上管道項目進展順利。

For Q4, about half of our anticipated desktop orders are a result of this effort, which we started formally only in Q1 this year. Many of these growth elements are now coming into view as a result of the hard work and dedication of our team and the relentless pursuit of our 3 focus areas: market expansion, portfolio engagement and operational excellence. For that, I thank our entire team.

對於第四季度，我們預期的桌上型電腦訂單中約有一半是這項工作的結果，我們在今年第一季才正式開始這項工作。由於我們團隊的辛勤工作和奉獻精神，以及我們對市場擴張、投資組合參與和卓越營運這三個重點領域的不懈追求，許多這些成長要素現在已經成為人們關注的焦點。為此，我感謝我們整個團隊。

While we aren't expecting a V-shaped recovery in our demand environment, we see encouraging signs of improvement. Stepping back, strong second half seasonality has been the norm for our handheld portfolio since the 2017 launch of our flagship MX908 device.

雖然我們預計需求環境不會出現 V 型復甦，但我們看到了令人鼓舞的改善跡象。退一步來說，自 2017 年推出旗艦 MX908 設備以來，下半年強勁的季節性已成為我們手持設備產品組合的常態。

Our government sales team has done a fantastic job executing on these large multiunit government opportunities over the past 7 years, delivering a 27% organic revenue growth CAGR between 2018 and 2023. Handheld growth has certainly been and continues to be lumpy at times, evidenced by our Q3 results and expectations into Q4, but the positive trend line is clear and remains clear.

過去 7 年，我們的政府銷售團隊在執行這些大型多單位政府機會方面表現出色，在 2018 年至 2023 年間實現了 27% 的有機收入複合年增長率。我們第三季的業績和第四季的預期證明了手持設備的成長有時會持續不穩定，但正面的趨勢線是明確的，並且仍然是明確的。

New opportunities for growth paired alongside margin expansion opportunities in our fixed cost and manufacturing operations sets up 2025 to be a transformative year for us, and we plan to provide additional color related to our growth and margin trajectory in subsequent calls. With that, I'll now turn the call over to Joe for more detail on our financials.

新的成長機會與我們固定成本和製造業務中的利潤擴張機會相結合，使2025 年對我們來說是變革的一年，我們計劃在後續電話會議中提供與我們的成長和利潤軌跡相關的更多資訊。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 third quarter 2024 was $16.8 million, up 17% from $14.3 million in the prior year period, primarily driven by an increase in handheld device revenue. This included approximately $3.2 million of RedWave revenue. Excluding RedWave, revenue declined 5% year-over-year.

謝謝，凱文。2024 年第三季的營收為 1,680 萬美元，比去年同期的 1,430 萬美元成長 17%，主要受到手持設備營收成長的推動。其中包括約 320 萬美元的 RedWave 收入。不包括 RedWave，營收年減 5%。

Handheld revenue serving the forensics market was $14 million for the third quarter 2024, up 19% from $11.7 million for the third quarter 2023. This increase was driven primarily by revenue related to our recently acquired FTIR products and an increase in service revenue. We shipped 178 handheld devices in the third quarter, up from 117 devices in the third quarter of 2023, bringing our installed base to 2,796.

2024 年第三季度，服務於取證市場的手持設備收入為 1,400 萬美元，比 2023 年第三季的 1,170 萬美元成長 19%。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。我們第三季的手持設備出貨量為 178 台，高於 2023 年第三季的 117 台，使我們的安裝基數達到 2,796 台。

As a reminder, in the third quarter 2023, we recognized $2.4 million of revenue from our initial low-rate production delivery under the US Department of Defense AVCAD program.

提醒一下，在 2023 年第三季度，我們從美國國防部 AVCAD 計畫下的初始低速生產交付中確認了 240 萬美元的收入。

Our core handheld growth for the third quarter was 20% when we exclude the AVCAD delivery and contributions of Redwave in the third quarter of 2024. Revenue from our desktop products serving the life science instrumentation and bioprocessing markets for the third quarter 2024 was $2.8 million, increasing 8% from $2.5 million in the prior year period.

當我們排除 AVCAD 交付和 Redwave 在 2024 年第三季的貢獻時，我們第三季的核心手持裝置成長為 20%。2024 年第三季度，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 280 萬美元，比去年同期的 250 萬美元成長 8%。

8 desktop devices were placed in the third quarter. We ended the third quarter 2024 with a cumulative handheld and desktop installed base of 3,253 devices, up 20% from 2,714 at the end of the third quarter 2023.

第三季投放了8台桌面設備。截至 2024 年第三季末，我們的手持設備和桌上型設備累積安裝量為 3,253 台，比 2023 年第三季末的 2,714 台設備增加了 20%。

Recurring revenue, which consists of consumables, accessories and service represented 70% or $2.5 million increase over the prior year period, largely driven by service. Recurring revenue in the third quarter consisted of $3.9 million related to handhelds and $2.2 million related to desktops. [Ravel] utilization remained at approximately a kit per month for our active users, which has been a consistent run rate.

經常性收入（包括消耗品、配件和服務）比去年同期成長了 70%，即 250 萬美元，這主要是由服務推動的。第三季的經常性收入包括與手持設備相關的 390 萬美元和與桌上型電腦相關的 220 萬美元。我們的活躍用戶的 [Ravel] 使用率保持在每月大約一個套件，這是一個穩定的運行率。

Looking ahead, we expect recurring revenue for our product portfolio to be in the mid-30s as a percent of product and service revenue for the full year 2024. Gross profit was $8.3 million for the third quarter of 2024 compared to $7.9 million for the prior year period. Gross margin was 50% for the third quarter of 2024 compared to 55% for the prior year period.

展望未來，我們預計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百分比將在 30 左右。2024 年第三季的毛利為 830 萬美元，而去年同期為 790 萬美元。2024 年第三季的毛利率為 50%，去年同期為 55%。

Adjusted gross profit was $9.3 million for the third quarter of 2024 compared to $8.1 million for the prior year period. Adjusted gross margin was 55% as compared 57% for the prior year period. The decreasing gross margin was partly due to a higher mix of service revenue and favorable manufacturing variances in the third quarter of 2023.

2024 年第三季調整後毛利為 930 萬美元，去年同期為 810 萬美元。調整後毛利率為 55%，去年同期為 57%。毛利率下降的部分原因是 2023 年第三季服務收入的增加和有利的製造差異。

For the first 9 months of 2024, adjusted gross margin was 56% as compared to 52% for the prior year period. Over the longer term, we continue to expect volume-based improvements to our gross margins as we achieve better leverage over fixed costs. Additionally, we expect adjusted gross margin to be in the mid 50s for the full year 2024 with further expansion in 2025 and beyond as we consolidate our manufacturing facilities.

2024 年前 9 個月，調整後毛利率為 56%，去年同期為 52%。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。此外，我們預計 2024 年全年調整後毛利率將在 50 多歲左右，隨著我們整合製造設施，2025 年及以後將進一步擴張。

Total operating expenses for the third quarter of 2024 were $38.5 million compared to $17 million in the prior year period. The increase in operating expenses was driven by a $30.5 million noncash goodwill impairment charge, the inclusion of operating expenses related to our acquisition of Redwave and stock-based compensation. This was offset in part by a $12.1 million credit for an adjustment to the valuation of our contingent consideration liability.

2024 年第三季的總營運費用為 3,850 萬美元，而去年同期為 1,700 萬美元。營運費用的增加是由 3,050 萬美元的非現金商譽減損費用推動的，其中包括與我們收購 Redwave 相關的營運費用和基於股票的薪酬。這被因調整或有對價負債估值而獲得的 1,210 萬美元信貸部分抵消。

Excluding the impact of the noncash goodwill impairment charge and contingent consideration liability, total operating expenses for the third quarter of 2024 increased $3.2 million, including a $0.5 million increase in stock-based compensation. The additional $2.7 million increase was primarily due to increased costs associated with the Redwave acquisition, our first full quarter of ownership.

排除非現金商譽減損費用和或有對價負債的影響，2024 年第三季的總營運費用增加了 320 萬美元，其中股票薪酬增加了 50 萬美元。額外增加 270 萬美元主要是由於收購 Redwave（我們第一個完整季度的所有權）相關的成本增加。

Net loss for the third quarter of 2024 was $29.3 million compared to $7.1 million in the prior year period. Adjusted EBITDA for the third quarter was a loss of $6.9 million compared to $5.7 million for the prior year period. We ended the third quarter of 2024 with $71.7 million in cash, cash equivalents and marketable securities with no debt outstanding.

2024 年第三季的淨虧損為 2,930 萬美元，而上年同期淨虧損為 710 萬美元。第三季調整後 EBITDA 虧損 690 萬美元，去年同期為 570 萬美元。截至 2024 年第三季末，我們擁有 7,170 萬美元的現金、現金等價物和有價證券，沒有未償債務。

We consumed less than $6 million of cash in the quarter and have used $27.6 million in operating cash during the first 9 months of 2024. We expect to finish the year with cash, cash equivalents and marketable securities in the mid-$60 million range. We remain well-resourced to operate in a lower growth environment and execute on our 2025 transformation and the 5 identified growth drivers.

我們本季消耗的現金不到 600 萬美元，2024 年前 9 個月使用的營運現金為 2,760 萬美元。我們預計到今年年底現金、現金等價物和有價證券將達到 6,000 萬美元左右。我們仍然擁有充足的資源，可以在較低的成長環境中運營，並執行 2025 年轉型和 5 個已確定的成長動力。

As Kevin shared earlier, in line with learnings from our first 6 months of RedWave ownership, we have implemented 3 structural adjustments to create a path for further cost efficiency and expanded gross margins for all of our products. This sets us up for more than $7.5 million of annual savings with approximately $4.2 million starting in 2025.

正如 Kevin 之前分享的那樣，根據我們擁有 RedWave 的前 6 個月的經驗，我們實施了 3 項結構調整，為進一步提高成本效率並擴大所有產品的毛利率創造了道路。這將使我們每年節省超過 750 萬美元，從 2025 年開始節省約 420 萬美元。

Looking ahead in 2024, we now expect revenue to be in the range of $56 million to $58 million, representing reported growth of 11% to 15% over full year 2023. This compares to our prior range of $63 million to $65 million.

展望 2024 年，我們目前預計營收將在 5,600 萬美元至 5,800 萬美元之間，較 2023 年全年增長 11% 至 15%。相比之下，我們之前的範圍為 6,300 萬至 6,500 萬美元。

Our updated revenue guidance includes the following assumptions. First, we are lowering our revenue guidance for the core 908 business and now expect an 8% to 4% decline over full year 2023. Our previous guidance range included a number of 20-plus unit handheld orders expected to close before the US government fiscal year-end. A few of these larger deals did not materialize in the third quarter. And in one case, the last minute reduction in our customers' funding resulted in a smaller multiunit placement win.

我們更新的收入指引包括以下假設。首先，我們降低了核心 908 業務的收入指引，目前預計 2023 年全年營收將下降 8% 至 4%。我們先前的指導範圍包括預計在美國政府財政年度結束前完成的 20 多台手持設備訂單。其中一些較大的交易在第三季並未實現。在一個案例中，我們客戶的資金在最後一刻減少導致多單位安置獲勝較小。

Due to delays with the federal budget and based on our customer meetings in October, many of these opportunities are pushing into 2025 and will require a new budget to initiate purchases. The uncertainties of the election have also led to certain customers pausing available spending in a potential changing environment given a changing administration.

由於聯邦預算的延遲，並且根據我們 10 月的客戶會議，其中許多機會將推遲到 2025 年，並​​且需要新的預算來啟動採購。由於政府更迭，選舉的不確定性也導致某些客戶在潛在變化的環境中暫停可用支出。

Desktops are continuing to experience headwinds in the recovery market for preclinical instrumentation resulting in reduction in our fourth quarter expectations. We now expect a decline in year-over-year revenue in the low teens versus potential growth. That said, we're encouraged by positive signs of stabilization and demand environment and we are tracking towards sequential improvement in desktops in the four quarter.

桌上型電腦在臨床前儀器復甦市場中持續遇到阻力，導致我們第四季的預期下降。我們現在預計收入將年減幅度低於潛在成長。也就是說，我們對穩定和需求環境的積極跡象感到鼓舞，我們正在追蹤第四季度桌上型電腦的連續改善。

Second, we now expect approximately $10 million in 2024 reported revenue from RedWave, which represents approximately 10% pro forma growth and reflects 8 months of ownership. This compares to our prior expectations of $11 million. Reduction is mainly due to the timing of the international placements which are requiring a longer sales cycle and more nurturing than first anticipated.

其次，我們現在預計 2024 年 RedWave 的報告收入約為 1,000 萬美元，預計將成長約 10%，反映了 8 個月的所有權。相比之下，我們先前的預期為 1100 萬美元。減少的主要原因是國際配售的時間安排，這需要比最初預期更長的銷售週期和更多的培育。

On a pro forma basis, assuming RedWave ownership for the full year 2023, our updated revenu guidance implies a 5% to 2% year-over-year pro forma decline. For the full year, we continue to expect adjusted gross margins to be in the mid-50s range, possibly pulling back a bit from our 9-month adjusted gross margin of 56% due to a higher mix of international sales in the forth quarter 2024 and timing of our production builds in the year.

在預計的基礎上，假設 2023 年全年擁有 RedWave 所有權，我們更新後的收入指引意味著預計將年減 5% 至 2%。就全年而言，我們繼續預計調整後毛利率將在 50 多歲的範圍內，由於 2024 年第四季度國際銷售組合的增加，可能會比 9 個月調整後毛利率 56% 略有回落我們的生產時間安排在今年。

As Kevin mentioned, we expect 2025 to be a transformational year for 908. We've implemented a number of strategic initiatives targeting a reacceleration of top line growth, margin expansion and cost optimization. Combined with an improved market opportunity, we expect 2025 to represent a key transition year, supporting a group growth and scalability. At this point, I would like to turn the call back to Kevin.

正如 Kevin 所提到的，我們預計 2025 年將是 908 轉型的一年。我們實施了多項策略性舉措，旨在重新加速營收成長、擴大利潤率和優化成本。加上市場機會的改善，我們預計 2025 年將是關鍵的轉型年，支持集團的成長和可擴展性。此時，我想將電話轉回給凱文。

Thanks, Joe. I certainly recognize that Q3 orders did not fully meet our expectations, requiring a reset on our full year, but our multiyear growth trajectory remains healthy and sustainable. I further recognize that the integration with RedWave is hard work and can be disruptive. But these are near-term impacts, and the prize is realizing the clear operational efficiencies and benefits we have outlined and executing on the 5 identified drivers of growth to transform and scale our business.

謝謝，喬。我當然認識到第三季的訂單沒有完全達到我們的預期，需要對全年進行重置，但我們的多年成長軌跡仍然健康且可持續。我進一步認識到與 RedWave 的整合是一項艱苦的工作，並且可能會造成破壞。但這些都是短期影響，而獎勵是實現我們概述的明確營運效率和收益，並執行 5 個已確定的成長驅動因素，以實現業務轉型和規模化。

As we move forward, we will focus on these initiatives, accelerating synergies, further lowering our cost basis, expanding our margins and driving us towards profitability while being good stewards of cash and importantly, setting ourselves up to overperform and win. I'd like to emphasize that we are an innovation-driven company with a robust pipeline of products designed to outperform traditional tools and unlock new critical to life applications.

隨著我們的前進，我們將專注於這些舉措，加速協同效應，進一步降低我們的成本基礎，擴大我們的利潤並推動我們實現盈利，同時成為良好的現金管理者，更重要的是，讓我們自己做好超越表現並獲勝的準備。我想強調的是，我們是一家創新驅動型公司，擁有強大的產品線，旨在超越傳統工具並解鎖對生活至關重要的新應用。

We believe that the strategic update we announced today not only reduced its cost but more importantly positions us for sustainable, scalable growth as we aim to be the global leader in point-of- need chemical analysis across forensics, bioprocessing and life science research. I'm excited and enthusiastic for what lies ahead. With that, we'll now open it up for questions.

我們相信，我們今天宣布的策略更新不僅降低了成本，更重要的是使我們能夠實現可持續、可擴展的成長，因為我們的目標是成為法醫學、生物加工和生命科學研究領域的按需化學分析領域的全球領導者。我對未來感到興奮和熱情。現在，我們將開放提問。

(Operator Instructions)

（操作員說明）

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

First one, I understand the challenges of the life sciences end market. We've been seeing that for the last year, but the magnitude of the guide down at this point, even after accounting for AVCAD, I mean, it raises a question if there is any structural or competitive issues in the handheld market beyond the agencies that you're selling these products into.

首先，我了解生命科學終端市場的挑戰。去年我們就已經看到了這一點，但即使在考慮了AVCAD 之後，目前指南的幅度也有所下降，我的意思是，這提出了一個問題：除了機構之外，手持設備市場是否存在任何結構性或競爭性問題您要向其銷售這些產品的地方。

So just wanted to understand if is it largely the pushing out of the budgets because of political uncertainty, which is obviously not lost one that, but just wondering if it is, that is the primary driver, if there is any structure competition that you're seeing in the market? And on the desktop side, how should we think about the recovery in first half '25? You pointed sequential improvement here. Should we assume that sequential improvement to continue into first half?

因此，我只是想了解是否主要是由於政治不確定性而導致預算被推遲，這顯然不是一個問題，但只是想知道這是否是主要驅動因素，是否存在任何結構性競爭在市場上看到了嗎？在桌面方面，我們該如何看待 25 年上半年的復甦？您在這裡指出了連續改進。我們是否應該假設連續改善會持續到上半年？

Yes. Thanks, Puneet. Thanks for your questions there. Yes, absolutely, the life science is one part but I'll get to it in a moment but handheld placements did [push come in white] in Q3. And as you pointed out, if we strip out the $2.4 million in AVCAD revenues from the prior year period, MX908 actually did see a positive 20% growth in the quarter and we did see continued traction with multipliers enterprise accounts in US and international.

是的。謝謝，普尼特。感謝您的提問。是的，當然，生命科學是一部分，但我稍後會談到它，但手持設備的放置確實在第三季度[推動了白色]。正如您所指出的，如果我們剔除去年同期 240 萬美元的 AVCAD 收入，MX908 實際上在本季度確實實現了 20% 的正成長，而且我們確實看到美國和國際乘數企業帳戶的持續吸引力。

And we are also pleased today to talk about our largest account win here in APAC with the Vietnam Border Guard. So yes, I agree that it is a more of a timing with a budget uncertainties that really came into play here. And so some of the orders we saw really, call it, fall out of the quarter with that end of the US government fiscal year.

今天我們也很高興談論我們在亞太地區與越南邊防衛隊贏得的最大客戶。所以，是的，我同意這更多是一個預算不確定性真正發揮作用的時機。因此，我們看到的一些訂單確實在美國政府財政年度結束時超出了本季。

Joe mentioned in his prepared remarks a little bit around the election, some pausing, just some, call it, rethink there, always some uncertainty that can develop. And absolutely, I don't see any structural, any competitive, any other dynamic playing out here.

喬在他準備好的演講中提到，圍繞選舉，有一些暫停，只是有一些，稱之為重新思考，總是會出現一些不確定性。當然，我沒有看到任何結構性的、任何競爭性的、任何其他動態在這裡發揮作用。

Absolutely, I don't. These customers all have a very clear need for a certain number of devices and they're working to get budget to do that in a particular period. And -- some cases, they were able to win and with them and get an order this quarter. And in some cases, that order was a little bit smaller just due to, again, lack of timing, visibility and the ability to actually contract purchases in a very compressed government fiscal year. So no structural change there.

絕對，我不會。這些客戶都對一定數量的設備有非常明確的需求，並且他們正在努力獲得預算來在特定時期實現這一目標。在某些情況下，他們能夠贏得勝利，並在本季度獲得訂單。在某些情況下，訂單量會稍微小一些，這再次是由於缺乏時機、可見性以及在非常壓縮的政府財政年度中實際簽訂採購合約的能力。所以那裡沒有結構性變化。

From a desktop recovery perspective, yes, it is a little bit like we continued to see here headwinds in the desktop placements. And largely, we haven't seen much change to that. Sales cycle taking longer for our novel technology in that preclinical instrumentation space. We did mention that we do expect a quarter-over-quarter step-up in desktop device placements in Q3. And that really is being driven around our partnership initiative that we started formally earlier this year which gives us confidence in that. And it's really kind of, call it, a force multiplier as those partners win. So that's coming from, call it, some of the initial placements.

從桌面恢復的角度來看，是的，這有點像我們繼續在桌面展示位置中看到逆風。在很大程度上，我們還沒有看到這方面有太大的變化。我們在臨床前儀器領域的新技術的銷售週期需要更長的時間。我們確實提到，我們確實預期第三季桌面設備的投放量將較上季上升。這確實是圍繞我們今年早些時候正式啟動的合作夥伴計劃推動的，這讓我們對此充滿信心。當這些合作夥伴獲勝時，這確實是一種力量倍增器。所以這來自一些最初的展示位置。

And I think maybe first half of 2025, in desktop there is a bit of Q4 step up each year with the year-end budget each year can vary. So over the first half of '24, we're about $2.5 million a quarter to be able to get to that level in the first half makes sense but probably not at Q4 step up level of the $2.3 million in Q3.

我認為也許到 2025 年上半年，桌面領域每年第四季都會有所進步，每年的年終預算可能會有所不同。因此，在 24 年上半年，我們每季大約需要 250 萬美元，才能在上半年達到這一水平，但可能無法達到第三季 230 萬美元的第四季提升水平。

Okay. Then on the organization being lean, look, if I recall, 908 has always been -- traditionally been lean compared to most companies in the space. You had a workforce reduction earlier in the year as well and now additional 11% reduction. So just wondering the size of the organization, is it rightsized for the current times? And just wondering if the markets were to recover, would you be equipped with enough workforce to capitalize on that? And just wondering if the workforce reductions were within US or more outside of US.

好的。然後，關於組織的精實化，如果我沒記錯的話，與該領域的大多數公司相比，908 一直以來都是精實的。今年早些時候，你們也進行了裁員，現在又裁員了 11%。那麼只是想知道該組織的規模是否適合當前時代？只是想知道如果市場復甦，您是否擁有足夠的勞動力來利用這一點？只是想知道勞動力減少是在美國境內還是在美國境外更多。

Yes, absolutely. Always very sensitive to make sure that we have the capabilities to take on opportunities as they develop. We really believe we do, and we really believe that reducing the workforce, it was across sales and marketing, and it was across R&D and a little bit in COGS. US, but definitely some international, for sure.

是的，絕對是。始終非常敏感，以確保我們有能力抓住機會的發展。我們真的相信我們做到了，我們真的相信減少勞動力，涉及銷售和行銷、研發和銷貨成本。美國，但肯定是一些國際的，這是肯定的。

In the case of our desktops, really, we just needed to work on rightsizing that a bit. It's been a rough 8 quarters in that life science CapEx environment and the timing of that recovery is still a bit more maybe gradual than a sharp snapback. So with that, we really work to resize our team there. But we do think we have all the capabilities that we need to drive growth.

就我們的桌上型電腦而言，實際上，我們只需要稍微調整一下大小。生命科學資本支出環境經歷了艱難的 8 個季度，復甦的時機仍然比急劇回升更可能是漸進的。因此，我們確實在努力調整我們的團隊規模。但我們確實認為我們擁有推動成長所需的所有能力。

We are continuing to leverage a direct sales force in the US and we do have a hybrid direct distribution approach that we're now going to lean more on distribution across Europe to get a broader footprint than we've had before and then distribution in APAC, which has an interesting pipeline that's really been developing nicely for us.

我們將繼續利用美國的直銷隊伍，並且我們確實有一種混合直接分銷方法，我們現在將更多地依靠整個歐洲的分銷，以獲得比以前更廣泛的足跡，然後再在亞太地區進行分銷，它有一個有趣的管道，對我們來說確實發展得很好。

And then on top of that, as we mentioned, we're really pushing on those partnerships, really looking at a way to have a force multiplier on top of our direct efforts. So we believe that we're well-resourced for now and to drive growth in the future. And to be honest, I think by having a sharper focused team, we'll be able to drive efficiencies. And we are now at that point with new products in mixed environments you're doing a lot of testing and trails, connecting dots, senior level selling and I think we are going to be better equipped for that.

除此之外，正如我們所提到的，我們正在真正推動這些夥伴關係，真正尋找一種方法，在我們的直接努力之上增加力量倍增器。因此，我們相信我們目前資源充足，可以推動未來的成長。說實話，我認為透過擁有一支更專注的團隊，我們將能夠提高效率。我們現在正在混合環境中推出新產品，您正在進行大量測試和試驗、連接點、高級銷售，我認為我們將為此做好更好的準備。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

This is Sam Martin on for Matt Larew, William Blair. Just 2 quick questions. So one, just focusing it on really how [a new] administration may really change things on the handheld side in terms of priorities and timing and just kind of thinking about the different puts and takes there. What sort of impact are you anticipating initially in terms of further reductions, further pullback in spend?

我是薩姆·馬丁（Sam Martin），代表馬特·拉魯（Matt Larew），威廉·布萊爾（William Blair）。只是兩個簡單的問題。因此，只需將重點放在[新]政府如何真正改變手持設備的優先事項和時間安排，並考慮那裡的不同投入和收穫。您最初預計進一步削減支出會產生什麼樣的影響？

And is there any way that this new administration could also impact some of the demand and some spending on the desktop side, given their priorities in terms of funding might be a little bit different? And then on the desktop side, I think you referenced about 8 quarters of CapEx weakness in the life sciences space, so just in terms of the rationalization about [cross] arrangement, so near term, are you kind of looking at perhaps at your portfolio and seeing what might be still, what you might need to cut? And then long term, is it sort of changing what you invest in and what you're not investing and/or how you invest?

鑑於他們在資金方面的優先事項可能有點不同，新政府是否也能影響桌面端的一些需求和一些支出？然後在桌面方面，我認為您提到了生命科學領域大約 8 個季度的資本支出弱點，因此就[交叉]安排的合理化而言，短期內，您是否正在考慮您的投資組合看看哪些是靜止的，哪些是你可能需要剪掉的？從長遠來看，這是否會改變您投資的內容和不投資的內容和/或投資方式？

Yes, absolutely. So starting first with the handheld and the election piece there. Yes, I think when there is an election, it certainly can cause a little bit of a shift, particularly amongst the, call it, middle ranks that are getting their priorities depending upon the administration and of course, across those senior ranks. I think if you look across the DA and military spending since 2000s, you'd see that there's been a consistent low mid-single-digit growth range really regardless of administrations.

是的，絕對是。因此，首先從手持設備和選舉作品開始。是的，我認為，當選舉舉行時，它肯定會引起一些轉變，特別是在所謂的中層人員中，他們的優先事項取決於政府，當然還有那些高層人員。我認為，如果你縱觀 2000 年代以來的發展議程和軍事開支，你會發現無論哪屆政府，都一直保持著中低個位數的成長幅度。

So I think there are some experts out there predicting that we may have an increase in the US defense budget. And I think one of the areas that we may see a positive is on the contracting delays. We mentioned part of our Q3 difficulties in getting some of these opportunities closed within that window of time has been that the government has delays in their passing of their budgets each year, and that can last till spring. And then the money actually doesn't reach to our customers' accounts until approximately midyear.

所以我認為有一些專家預測我們可能會增加美國的國防預算。我認為我們可能看到積極的領域之一是合約延遲。我們提到，在第三季的時間窗口內完成其中一些機會的部分困難在於，政府每年都會推遲通過預算，這種情況可能會持續到春季。然後這筆錢實際上要到年中左右才會到達我們客戶的帳戶。

And then our customers know what the priority is, and then they know what there is to work on, and they only really have 4 to 5 months to get through the purchasing process, which can be quite complex for these larger enterprise opportunities. And so I think if you look from the election results and you look at maybe the alignment, House, Senate and the presidential side, you may see that there could be a chance to maybe accelerate some of that process, perhaps get budgets actually done on time at the end of the fiscal year in September. So I think maybe there's more positives than negatives where we're at right now on that.

然後我們的客戶知道優先事項是什麼，然後他們知道要做什麼，他們只有 4 到 5 個月的時間來完成採購流程，這對於這些較大的企業機會來說可能相當複雜。因此，我認為，如果你從選舉結果來看，看看眾議院、參議院和總統方面的聯盟，你可能會發現，可能有機會加速某些進程，也許可以實際完成預算時間是九月份的財政年度結束時。所以我認為我們現在在這方面的正面因素可能多於負面因素。

And I think there's also a feeling out there that there's a -- maybe the pace of acceleration of new tech could -- maybe some barriers might go down there. So that, we'll have to wait and see on that. And there is a ripple effect just regardless of the administration, but obviously, international is important to us for our business. It has been a growing percent of our business over time.

我認為還有一種感覺——也許新技術的加速步伐可以——也許一些障礙可能會消失。因此，我們必須拭目以待。無論政府如何，都會產生連鎖反應，但顯然，國際對我們的業務很重要。隨著時間的推移，它在我們業務中所佔的比例一直在不斷增長。

And now I think with the NATO, with uncertainty, unrest across Middle East, it does put pressure on the NATO countries to step up, and there has been pronouncements there around investments in new major equipment modernization. So I think, perhaps, internationally, there could be some positives as well.

現在我認為，對於北約來說，中東地區存在不確定性和動盪，這確實給北約國家施加了壓力，要求其採取行動，而且那裡已經有關於投資新的主要設備現代化的聲明。所以我認為，也許在國際上也可能存在一些正面的因素。

In terms of the desktops, most of our desktops are coming from the preclinical area of biopharma, not directly from the start. We have some, of course, that are start-up NIH funded, but a lot of ours, we're really focused on developing accounts across the largest top 20 pharma. So I'm not sure I see a direct election correlation I could speak of in a meaningful way here today. But hope that gives you some color on your question.

就桌面而言，我們的大多數桌面都來自生物製藥的臨床前領域，而不是直接從一開始。當然，我們有一些是由 NIH 資助的新創公司，但我們的許多，我們真正專注於在最大的 20 家製藥公司中開發客戶。因此，我不確定今天是否能在這裡以有意義的方式談論直接的選舉相關性。但希望這能讓你對你的問題有所了解。

Yes, that's helpful. And then just my second question on really kind of priorities across the desktop portfolio and where you're looking to.

是的，這很有幫助。然後是我的第二個問題，關於整個桌面產品組合的真正優先事項以及您想要的地方。

Yes, absolutely. Yes, on that one, sorry, I didn't address that immediately here. Yes, so we're really excited that we have a pretty fresh desktop portfolio, right? We've got 4 products, 2 released just last year. These are all PAT tools. They're fundamentally driven by the needs to control the process and better those outcomes.

是的，絕對是。是的，關於這一點，抱歉，我沒有立即在這裡解決這個問題。是的，所以我們真的很興奮我們有一個非常新鮮的桌面產品組合，對吧？我們有 4 款產品，其中 2 款是去年剛發布的。這些都是PAT工具。它們從根本上是由控制流程和改善結果的需求所驅動的。

Yes, we don't really see a change in that or a rationalization of those products. A lot of hard work is going on, as I said, to get through test and evaluation. We mentioned that some of our MAVEN pipeline now that we're, call it, a couple of years into that product is starting to develop. We are talking more about GMP deployments. We are talking more about things on our multiunit orders and opportunities within our pipeline. So really, we're heads down there, trying to smartly get through evaluations and engage folks on how this can be deployed across process development and manufacturing.

是的，我們並沒有真正看到這方面的變化或這些產品的合理化。正如我所說，為了通過測試和評估，正在進行大量艱苦的工作。我們提到，我們的一些 MAVEN 管道現在我們稱之為該產品幾年後才開始開發。我們更多地討論 GMP 部署。我們正在更多地討論我們的多單元訂單和管道中的機會。所以說，我們確實正在埋頭苦幹，試圖巧妙地完成評估，並讓人們了解如何在流程開發和製造中部署這項技術。

Jacob Johnson, Stephens.

雅各約翰遜、史蒂芬斯。

This is Hannah Hefley on for Jacob. On the CTT end market, you've announced a number of partnerships with hardware innovators in this space. How should we think about these relationships driving desktop growth in coming years? And is there any way to frame up any initial contributions from these relationships?

這是雅各的漢娜·赫夫利。在 CTT 終端市場上，您已宣布與該領域的硬體創新者建立多項合作夥伴關係。我們應該如何看待這些在未來幾年推動桌面成長的關係？有什麼方法可以從這些關係中建構任何初步貢獻嗎？

Yes. Thanks, Hannah. Certainly, that area of strategic collaborations and these partnerships in the cell and gene space, but even more broadly in some of the biologic hardware innovators, too, there can be some near-term revenue impact, but we really believe that it creates a lot of value longer term as we get through and scale with these partners.

是的。謝謝，漢娜。當然，在細胞和基因領域的策略合作和這些夥伴關係領域，但更廣泛地說，在一些生物硬體創新者中，也可能會產生一些短期收入影響，但我們真的相信它創造了很多隨著我們與這些合作夥伴的合作並擴大規模，從長遠來看，它會具有更長期的價值。

We're working to get our technologies designed in, partnered or in some cases, more of a co-marketing relationship with these organizations, really working to get this new novel technologies develop in by our collaborators. We announced [celaris] in Terumo and that we're actively engaged with those accounts, but we're working with a handful of others that are quite exciting to us as well and really trying to get alliances there for the simple automated PET tools that we provide.

我們正在努力讓我們的技術與這些組織合作設計，或者在某些情況下更多地與這些組織建立聯合行銷關係，真正努力讓我們的合作者開發這種新技術。我們在Terumo 宣布了[celaris]，我們正在積極與這些客戶合作，但我們正在與其他一些對我們來說也非常令人興奮的客戶合作，並真正嘗試在那裡建立簡單的自動化PET 工具的聯盟，我們提供。

So -- as you know, cell therapies really need to address cost and access, and we believe we're really directly contributing to that, and we're providing these real-time monitoring solutions, and we really don't have sampling risk on it. So ultimately, this strategy really should impact our revenue. And I mentioned in Q4, we do expect it to be helpful to us. And those are really should be thought of as, call it, initial collaborator placements, initial engagements, call it, the first steps with those companies.

因此，如您所知，細胞療法確實需要解決成本和獲取問題，我們相信我們確實對此做出了直接貢獻，並且我們正在提供這些即時監控解決方案，而且我們確實沒有抽樣風險在它上面。因此，最終，這項策略確實應該會影響我們的收入。我在第四季提到，我們確實希望它對我們有幫助。這些確實應該被視為與這些公司合作的第一步。

But this integration strategy could create an inflection point for us as we go because, again, it's really an ability for us to scale out in a little more efficient way. And then yes, so I think it's a great strategic effort for us. It's an effort we started just formally in Q1, and it's already starting to bear fruit, and we've become more and more convinced it's the right thing to layer on to our direct sales.

但這種整合策略可能會為我們創造一個拐點，因為這確實是我們以更有效的方式擴展的能力。是的，所以我認為這對我們來說是一項偉大的策略努力。這是我們在第一季才正式開始的努力，並且已經開始取得成果，我們越來越相信，在我們的直銷基礎上進行分層是正確的事情。

All right. And then as it relates to desktop demand, have you seen any changes in the competitive landscape for desktops? Or do you think that this is still just largely macro driven? And then could you update us on how consumable pull-through is trending for desktops?

好的。那麼，就桌面需求而言，您是否看到桌面競爭格局發生了任何變化？或者您認為這仍然主要是宏觀驅動的？那麼您能否向我們介紹一下桌上型電腦耗材直通的最新趨勢？

Yes. I haven't seen a change in the competitive dynamics. I mean I think when we think of the macros and look across, definitely some encouraging signs with consumable-driven companies and organizations with some of our large tool peer set there. And I think that's a positive indicator of things kind of normalizing out.

是的。我沒有看到競爭動態發生變化。我的意思是，我認為當我們考慮宏觀因素並縱觀全局時，消費品驅動的公司和組織以及我們的一些大型工具同行肯定會出現一些令人鼓舞的跡象。我認為這是事情趨於正常化的正面指標。

But maybe not a perfect read through for us because our recurring elements of our desktops was about 10% of our total revenues in the quarter and maybe 14% over our first 9 months. So consumables are important, but the placements are incredibly needed and to grow.

但對我們來說，這可能不是一個完美的通讀，因為我們桌面的經常性元素約佔本季總收入的 10%，在前 9 個月可能佔 14%。因此，消耗品很重要，但展示位置的需求非常大，而且還在持續成長。

And so that device placement, life science instrumentation into preclinical, we've just seen those challenges with prolonged cycles with the availability of CapEx. So I wouldn't say there's any competitive dynamic we've seen. We're not seeing anything or new surprises on that. Of course, we've got new technologies. So you have to always go out and prove your worth compared to what's out there with our MAVEN and our MAVERICK, but nothing new or concerning to report there on my radar.

因此，在設備放置、生命科學儀器進入臨床前階段時，我們剛剛看到了隨著資本支出的可用性而出現的周期延長的挑戰。所以我不會說我們看到了任何競爭動態。我們沒有看到任何東西或新的驚喜。當然，我們有新技術。因此，你必須始終走出去，與我們的 MAVEN 和 MAVERICK 相比，證明你的價值，但在我的雷達上沒有什麼新的或令人擔憂的報告。

And from a consumable revenue perspective or recurring revenue, it's really been consistent over the last 8 quarters, An on level utilization. It's remained at about half a kit per month for our active users and our recurring revenues in total, about $6.2 million for the quarter, about $2 million of that was related to our desktop. So we're seeing a path to being in the mid-30s as a percent of total product and service sales. A lot of that is service driven, but also an important piece is the desktop consumables, which I mentioned, it's about $2 million in the quarter.

從消費品收入或經常性收入的角度來看，過去 8 個季度的使用率確實保持穩定。我們的活躍用戶每月收入約為半個套件，本季的經常性收入總額約為 620 萬美元，其中約 200 萬美元與我們的桌面相關。因此，我們看到產品和服務銷售額佔總銷售額的百分比將達到 30 多歲。其中很大一部分是服務驅動的，但也很重要的是桌面消耗品，我提到過，本季約為 200 萬美元。

Chad Wyrowski, TD Cowen.

查德·懷羅斯基 (Chad Wyrowski)，TD 考恩 (TD Cowen)。

This is Chad on for Brendan Smith. Just on the MX908 sort of next-gen instrument, what are the main pain points that you're seeing that would drive that replacement cycle among existing customers? And then beyond that, would the product enhancements also have the chance of expanding that market?

這是查德 (Chad) 替補布倫丹史密斯 (Brendan Smith)。就 MX908 這類新一代儀器而言，您認為推動現有客戶更換週期的主要痛點是什麼？除此之外，產品改進是否也有機會擴大該市場？

Yes. Thanks for the question. The next generation of our MX is certainly an exciting one for us. I mean if you just think of our handheld devices, when we launched our MX908 it's now been about 7 years, and we were able to have a CAGR of 27% between that 2018 and 2023. So good growth there. And now we have over 25 -- 2,700 actually, more than 2,700 of our MX908 out there. So we really think it is a great opportunity to disrupt that once again and kind of bring an upgrade cycle.

是的。謝謝你的提問。下一代 MX 對我們來說無疑是令人興奮的。我的意思是，如果你只考慮我們的手持設備，當我們推出 MX908 時，現在已經過去了大約 7 年，從 2018 年到 2023 年，我們的複合年增長率為 27%。那裡的成長非常好。現在我們有超過 25 台——實際上是 2,700 台，超過 2,700 台 MX908。因此，我們確實認為這是一個很好的機會，可以再次顛覆這一現狀，並帶來升級週期。

These customers do value outside of, call it, just CapEx refreshment cycles, which you would expect will be in that 7- to 10-year period, right? We're getting up on that now. But you can also drive some of these cycles earlier in our opinion, by operating a step change of things. It could be size, weight, performance in terms of simplicity, workflow, user operations.

這些客戶確實重視資本支出更新周期之外的價值，您預計資本支出更新週期將在 7 到 10 年期間，對嗎？我們現在正在著手解決這個問題。但我們認為，你也可以透過逐步改變事物來推動其中一些週期。它可以是尺寸、重量、簡單性方面的效能、工作流程、使用者操作。

We're working to do all those things and at the same time, trying to do it with a lower cost of goods and having technology and connectivity capabilities in there to help us further have recurring revenue opportunities over time that we can develop on it. So

我們正在努力做所有這些事情，同時嘗試以更低的商品成本來做到這一點，並擁有技術和連接能力，以幫助我們隨著時間的推移進一步獲得經常性收入機會，我們可以在此基礎上發展。所以

to us, it's a major new release that will be coming in the next couple of years, and it's absolutely one of our priority R&D projects for us, and we think it should get exciting given the growth we've seen over the last 7 years and then the number of placements that are out there.

對我們來說，這是一個將在未來幾年推出的重要新版本，它絕對是我們的優先研發項目之一，考慮到我們在過去7 年中看到的成長，我們認為它應該會令人興奮然後是那裡的展示位置數量。

But then in addition, I would say we're very fortunate and pleased that we have a fuller portfolio with the RedWave acquisition. We now have 4 products across that space, including our Explorer that we made in the prepared remarks that's been growing really, really nicely. So I think all of these help broaden the groups that we can get to, broaden out the number of customers that we can get to as well as addressing those immediate replacement cycles.

但除此之外，我想說我們非常幸運和高興，因為收購 RedWave 後我們擁有了更完整的產品組合。我們現在在這個領域有 4 種產品，包括我們在準備好的評論中所說的 Explorer，它的成長非常非常好。因此，我認為所有這些都有助於擴大我們可以接觸的群體，擴大我們可以接觸的客戶數量，以及解決那些立即更換週期的問題。

And then just on some of the updated commercial strategy, like are these try before you buy program and approaches that you've taken from RedWave, are these built in place today and able to be executed? Or is this going to take a few quarters to build out these technologies and transition them over to the legacy 908 devices?

然後，就一些更新的商業策略而言，例如您從 RedWave 採取的購買前嘗試程序和方法，這些策略今天是否已經建立並能夠執行？或者是否需要幾個季度的時間來構建這些技術並將其過渡到舊版 908 設備？

Yes. Look, I mean, we're 6 months into the acquisition. I think we're still very excited about it. We see all sorts of synergies that we tried to articulate today, definitely revenue synergies in addition to cost synergies. Definitely learnings that we can do to better our ability to get more efficiently at these customers.

是的。聽著，我的意思是，我們已經進行了 6 個月的收購。我想我們仍然對此感到非常興奮。我們看到了今天試圖闡明的各種協同效應，除了成本協同效應之外，肯定還有收入綜效。當然，我們可以學習如何提升我們的能力，更有效地服務這些客戶。

You touched on 2 that we think are straight out of the Redwave playbook, if you will, try before you buy, more virtual demos, a little bit into your last question as we kind of broaden with the Explorer, the number of customers that can see and need and capability requirement for it. It helps us get there.

您談到了我們認為直接來自Redwave 劇本的2 個內容，如果您願意，請在購買之前嘗試一下，更多虛擬演示，稍微深入一下您的最後一個問題，因為我們通過Explorer 拓寬了可以使用的客戶數量。它幫助我們實現這一目標。

So yes, one of the 3 structural adjustments that we're talking about today is really to align all of our sales force efforts, desktops teams, but also within our handheld team to take advantage of such programs. And you're right, those are preexisting for RedWave products. We're going to look to see how far we can use those in the -- with MX908 products.

所以，是的，我們今天討論的 3 項結構調整之一實際上是協調我們所有的銷售人員、桌上型電腦團隊以及我們的手持設備團隊的工作，以利用此類計劃。您是對的，這些是 RedWave 產品中預先存在的。我們將看看我們可以在 MX908 產品中使用這些技術到什麼程度。

But importantly, making sure that we're embracing and scaling those within the 908 commercial engine for the FTIR products as we go forward. So yes, it will take takes some time. Obviously, we're 6 months in. I think we've made great strides on the integration. We announced some further big steps we're taking today there. But yes, a lot more to come.

但重要的是，確保我們在前進的過程中在 908 商業引擎中採用並擴展 FTIR 產品的這些功能。所以是的，這需要一些時間。顯然，我們已經 6 個月了。我認為我們在整合方面取得了長足進步。我們宣布了今天要採取的一些進一步的重大步驟。但是，是的，還會有更多的事情發生。

We have no further questions. So I'll now hand back to Kevin Knopp for any final remarks.

我們沒有其他問題了。現在我將把最後的評論交還給凱文諾普。

Yes. Thank you all. Thank you all for joining our call today, and we appreciate it, and have a great day.

是的。謝謝大家。感謝大家今天加入我們的電話會議，我們對此表示感謝，並祝您有美好的一天。

Ladies and gentlemen, today's call has 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。