Maravai LifeSciences Holdings Inc (MRVI) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Tammy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Third Quarter 2023 Maravai LifeSciences Earnings Conference Call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫塔米，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Maravai LifeSciences 2023 年第三季財報電話會議。 （操作員說明）

I would now like to turn the conference over to Ms. Deb Hart. Please go ahead.

現在我想將會議交給黛布·哈特女士。請繼續。

Good afternoon, everyone. Thanks for joining us on our third quarter 2023 earnings call. Our press release and the slides that accompany today's call are posted on our website and are available at investors.maravai.com.

大家下午好。感謝您參加我們的 2023 年第三季財報電話會議。我們的新聞稿和今天電話會議附帶的幻燈片已發佈在我們的網站上，也可在 Investors.maravai.com 上取得。

As you can see on the agenda on Slide 2, joining me today are Trey Martin, Chief Executive Officer; and Kevin Herde, Chief Financial Officer. Drew Burch, President of Nucleic Acid Production, and Becky Buzzeo, our Executive Vice President and Chief Commercial Officer, will join the call for the question-and-answer session following our prepared remarks.

正如您在幻燈片 2 的議程中看到的，今天加入我的是首席執行官特雷·馬丁 (Trey Martin)；和財務長凱文·赫德。核酸生產總裁德魯·伯奇 (Drew Burch) 和我們的執行副總裁兼首席商務官貝基·布澤奧 (Becky Buzzeo) 將在我們準備好的發言後參加問答環節。

We remind you management will make forward-looking statements, and we refer you to GAAP and non-GAAP financial measures during today's call. It is possible that actual results could differ from management's expectations. We refer you to Slide 3 for more details on forward-looking statements and our use of non-GAAP financial measures. Our just issued press release provides reconciliations to the most directly comparable GAAP measures. Please also refer to Maravai's SEC filings for additional information on the risks and uncertainties that may impact our operating results performance and financial condition.

我們提醒您，管理階層將做出前瞻性陳述，並且我們在今天的電話會議中建議您參考公認會計原則和非公認會計原則財務指標。實際結果可能與管理階層的預期有所不同。我們建議您參閱投影片 3，以了解有關前瞻性陳述和我們使用非 GAAP 財務指標的更多詳細資訊。我們剛剛發布的新聞稿提供了與最直接可比較的公認會計準則衡量標準的對帳。另請參閱 Maravai 向 SEC 提交的文件，以了解更多可能影響我們經營業績和財務狀況的風險和不確定性的資訊。

Now I'll turn the call over to Trey.

現在我將把電話轉給特雷。

Thank you, Deb, and good afternoon, everyone. We appreciate having you join us for our call today. Let me give a quick recap of the third quarter, provide some color on the cost-cutting initiatives we announced today and highlight a few business updates before turning the call over to Kevin.

謝謝你，黛布，大家下午好。我們感謝您今天參加我們的電話會議。讓我快速回顧一下第三季的情況，對我們今天宣布的成本削減計劃進行一些介紹，並在將電話轉交給凱文之前強調一些業務更新。

Let's start with our third quarter results on Slide 5. Today, we reported $67 million in revenue for the quarter, $12 million in total adjusted EBITDA and a loss of $0.01 in adjusted fully diluted EPS for the quarter. Q3 results were below our expectations, with persistent macroeconomic and industry-specific conditions impacting the top line.

讓我們從幻燈片 5 上的第三季業績開始。今天，我們報告了該季度的收入 6700 萬美元，調整後的 EBITDA 總額為 1200 萬美元，調整後的完全稀釋每股收益虧損 0.01 美元。第三季的業績低於我們的預期，持續的宏觀經濟和產業特定條件影響了營收。

As we mentioned during our last quarterly update, and as referenced by many of our peers, we've seen continued softness as customers adjust their spending priorities in the wake of broader economic uncertainty and lower levels of venture and private equity-backed investment. As a result, key customers continue to focus on capital conservation efforts, which has constrained research and development budgets. This continues to result in a longer decision-making process, causing customers to strategically prioritize and stage their programs.

正如我們在上一季更新中提到的，以及許多同行提到的，隨著客戶在更廣泛的經濟不確定性以及風險和私募股權支持的投資水平下降之後調整他們的支出優先順序，我們看到了持續的疲軟。因此，主要客戶繼續專注於資本節約工作，這限制了研發預算。這繼續導致決策過程更長，導致客戶策略性地確定優先順序並分階段實施他們的計劃。

We are not seeing signs of near-term recovery that we expected when we provided prior guidance and expect those trends to persist at least through the end of 2023. Unfortunately, this has been a consistent theme throughout our industry.

我們沒有看到我們在提供先前指導時所預期的短期復甦跡象，並預計這些趨勢至少會持續到 2023 年底。不幸的是，這一直是整個行業的一致主題。

Our Nucleic Acid Production segment had revenue of $51 million in Q3. This includes an estimated $36 million of base Nucleic Acid Production revenue. The Biologics Safety Testing revenue was $16 million in the third quarter.

我們的核酸生產部門第三季的營收為 5,100 萬美元。其中包括估計 3,600 萬美元的基本核酸生產收入。第三季生物製劑安全測試收入為 1,600 萬美元。

Turning to Slide 6. As you're all aware, Maravai grew at an exceptional rate during the pandemic as we scaled the manufacturing of CleanCap to unprecedented quantities for mRNA-based COVID-19 vaccines in the global pandemic response. We rose to serve a critical global need and are immensely proud of our accomplishments in that regard. During this period, we were also able to significantly scale our GMP capabilities to build 4 new facilities, to increase R&D and commercial investments and to acquire the MyChem and Alphazyme businesses.

轉向幻燈片 6。正如大家所知，Maravai 在大流行期間以驚人的速度增長，因為我們在全球大流行應對中將 CleanCap 的生產規模擴大到了前所未有的數量，用於基於 mRNA 的 COVID-19 疫苗。我們致力於滿足全球的關鍵需求，並對我們在這方面所取得的成就感到非常自豪。在此期間，我們還能夠大幅擴展我們的 GMP 能力，建造 4 個新設施，增加研發和商業投資，並收購 MyChem 和 Alphazyme 業務。

As we evolve Maravai post pandemic, industry needs have changed. Upon taking over as CEO at the end of July, the leadership team and I have taken a hard look at our requirements moving forward. The actions we announce today will enable us to rebalance the organization by significantly reducing labor and discretionary costs and to focus on key strategic areas of investment to accelerate long-term and sustainable growth. We've made several difficult decisions, including resizing and reorganizing many teams throughout the company to ensure we're serving our customers' needs in the most nimble and efficient ways possible.

隨著 Maravai 在疫情後的發展，產業需求也發生了變化。七月底接任執行長後，我和領導團隊認真審視了我們未來的要求。我們今天宣布的行動將使我們能夠透過大幅減少勞動力和可自由支配成本來重新平衡組織，並專注於關鍵的策略投資領域，以加速長期和可持續的成長。我們做出了幾個艱難的決定，包括調整整個公司的許多團隊的規模和重組，以確保我們以最靈活、最高效的方式滿足客戶的需求。

Please refer to Slide 7 for details on the restructuring initiative. We are eliminating approximately 100 positions and making significant reductions to other nonlabor expense areas to enable more efficient operations while continuing to support investment in our high-growth focus areas. We are targeting at least $30 million in annualized cost reductions to be realized over the course of 2024 from these actions.

有關重組舉措的詳細信息，請參閱幻燈片 7。我們將裁減約 100 個職位，並大幅削減其他非人工費用領域，以實現更有效率的運營，同時繼續支持對我們高成長重點領域的投資。我們的目標是透過這些行動在 2024 年實現每年至少 3000 萬美元的成本削減。

It is difficult to say goodbye to the many talented and committed colleagues who are integral to our success through the pandemic, and I want to thank them for their many contributions. We will actively support them as they identify their next opportunities, and we look forward to what they will achieve as they bring their experience from Maravai to their next roles.

很難向許多才華橫溢、盡職盡責的同事說再見，他們是我們在疫情期間取得成功不可或缺的一部分，我要感謝他們所做的許多貢獻。我們將積極支持他們尋找下一個機會，我們期待他們將 Maravai 的經驗帶到下一個職位時將取得的成就。

Let's move to Slide 8 to provide more color on the organization's shape moving forward. As we resize the organization, we are streamlining and clarifying our organizational structure, roles and responsibilities to support our strategy, to enable sustainable growth and better serve our customers. Maravai has a strong reputation of making smart acquisitions and each of our company brands have a long history of being best-in-class. Customers rely on TriLink, Cygnus, Glen Research and Alphazyme to support their scientific endeavors. Moving forward, operating divisions have been redefined and renamed to reinforce our strong brands where we've specialized expertise, insight and experience needed by our customers to advance their work.

讓我們轉到投影片 8，為組織的未來發展提供更多的資訊。在調整組織規模時，我們正在精簡和明確我們的組織結構、角色和職責，以支持我們的策略、實現永續成長並更好地服務我們的客戶。 Maravai 在明智收購方面享有盛譽，我們公司的每個品牌都擁有成為一流品牌的悠久歷史。客戶依靠 TriLink、Cygnus、Glen Research 和 Alphazyme 來支持他們的科學事業。展望未來，營運部門已被重新定義和重命名，以強化我們的強大品牌，我們擁有客戶推進工作所需的專業知識、洞察力和經驗。

In our Nucleic Acid Production segment, or NAP, we now have 4 business units: TriLink Discovery, TriLink GMP, Glen Research and Alphazyme. Drew Burch has been promoted to the role of President for the Nucleic Acid Production segment. Each business unit within the NAP segment will be led by a General Manager who will drive focus around developing solutions that meet customer needs at the appropriate stage of their development.

在我們的核酸生產部門 (NAP)，我們現在擁有 4 個業務部門：TriLink Discovery、TriLink GMP、Glen Research 和 Alphazyme。德魯·伯奇 (Drew Burch) 已晉升為核酸生產部門總裁。 NAP 部門內的每個業務部門將由一名總經理領導，總經理將專注於開發解決方案，以滿足客戶在適當發展階段的需求。

Our TriLink Discovery and internal GMP business units are now better positioned to respond to those different needs. Diving into the different needs of our customers, the TriLink Discovery business unit will be focused on working with customers at the front end of the funnel. TriLink Discovery will include all research use-only for RUO products and services, including all reagents, the MyChem custom chemistry business and mRNA manufacturing for screening and target discovery. This is where the majority of our TriLink customers are today, in discovery and preclinical position.

我們的 TriLink Discovery 和內部 GMP 業務部門現在能夠更好地回應這些不同的需求。為了深入了解客戶的不同需求，TriLink Discovery 業務部門將專注於與通路前端的客戶合作。 TriLink Discovery 將包括所有僅供研究使用的 RUO 產品和服務，包括所有試劑、MyChem 客製化化學業務以及用於篩選和目標發現的 mRNA 製造。這就是我們大多數 TriLink 客戶目前處於發現和臨床前階段的情況。

Our clients typically start working with us by purchasing research use-only grade mRNA or reagents. Many customers start with us in Discovery before they have identified their targets. With these inputs, they are screening, developing, scaling up their processes and overcoming development challenges. They want to get to market faster with the best possible candidates. They need rapid turnaround and would like to run larger screens at smaller scales.

我們的客戶通常會透過購買僅供研究使用的 mRNA 或試劑來開始與我們合作。許多客戶在確定目標之前就開始與我們合作。透過這些投入，他們正在篩選、開發、擴大流程並克服開發挑戰。他們希望與最好的候選人一起更快進入市場。他們需要快速週轉，並希望在較小的規模上運行較大的螢幕。

Once our customers have refined their targets and selected lead candidates, that is when TriLink GMP can step in seamlessly and help them progress through their clinical phases. TriLink GMP products and services are extremely important and highlight how we are partnering with customers throughout their journey into late-phase GMP manufacturing. We ensure that RUO-grade material provided in discovery can translate right to our GMP suites, including the new Flanders 1 and 2 facilities. Our TriLink GMP includes GMP CleanCap analogs, GMP NTPs, analytical services and GMP mRNA production services.

一旦我們的客戶完善了他們的目標並選擇了主要候選藥物，TriLink GMP 就可以無縫介入並幫助他們完成臨床階段。 TriLink GMP 產品和服務極為重要，凸顯了我們如何在客戶進入後期 GMP 製造的整個過程中與他們合作。我們確保發現中提供的 RUO 級材料可以直接轉化為我們的 GMP 套件，包括新的 Flanders 1 和 2 設施。我們的 TriLink GMP 包括 GMP CleanCap 類似物、GMP NTP、分析服務和 GMP mRNA 生產服務。

Our Biologics Safety Testing segment still comprises Cygnus Technologies and includes the MockV brand. Cygnus continues to be led by Executive Vice President Christine Dolan.

我們的生物製品安全測試部門仍然包括 Cygnus Technologies 和 MockV 品牌。 Cygnus 繼續由執行副總裁 Christine Dolan 領導。

We believe these changes better define roles and responsibilities for our leadership teams for decision-making agility and accountability for business success.

我們相信這些變化更好地定義了我們領導團隊的角色和職責，以提高決策的靈活性和對業務成功的責任感。

Moving to Slide 9. Our commercial team led by our Chief Commercial Officer, Becky Buzzeo, is evolving to ensure they are a comprehensive strategic organization that can provide critical functional and system support across all businesses. Our traditionally founder-based acquisitions are generally product- and technology-led and did not have mature commercial organizations or funnel systems. So we expect our new commercial organization to accelerate growth and increase visibility. This consolidated commercial engine will provide key enabling resources and tools to all of the Maravai businesses.

轉向投影片 9。我們的商務團隊由商務長 Becky Buzzeo 領導，不斷發展，以確保他們成為一個全面的策略組織，能夠為所有業務提供關鍵的功能和系統支援。我們傳統的創辦人收購一般都是以產品和技術為主導，沒有成熟的商業組織或漏斗系統。因此，我們期望我們的新商業組織能夠加速成長並提高知名度。這項整合的商業引擎將為 Maravai 的所有業務提供關鍵的支援資源和工具。

Becky oversaw the genesis of TriLink GMP, formerly referred to as Nucleic Acid Services, and helped recruit its General Manager Kevin Lynch. I want to thank her for pulling double-duty over the past year. And now this new structure will allow her to focus solely on sales and commercial execution.

Becky 監督了 TriLink GMP（以前稱為 Nucleic Acid Services）的起源，並幫助招募了總經理 Kevin Lynch。我要感謝她在過去的一年裡承擔雙重責任。現在，這個新結構將使她能夠專注於銷售和商業執行。

We will also continue to invest in our unique analytical capabilities. We have launched TriLink Analytical Sciences Center of Excellence, a centralized hub for advancing testing of nucleic acids to simplify mRNA drug substance characterization and accelerate critical therapeutic development. Leaning on decades of technical expertise, TriLink continues to lead the market with mRNA-specific analytical services, having developed and qualified 10 types of unique methods for the characterization of mRNA, covering 40 various constructs.

我們也將繼續投資於我們獨特的分析能力。我們推出了 TriLink 分析科學卓越中心，這是一個推進核酸測試的集中中心，旨在簡化 mRNA 藥物特性並加速關鍵治療藥物的開發。憑藉數十年的技術專業知識，TriLink 繼續以 mRNA 特異性分析服務引領市場，開發並鑑定了 10 種獨特的 mRNA 表徵方法，涵蓋 40 種不同的構建體。

With this expansion, the Center of Excellence builds upon TriLink's comprehensive method development for construct-specific assays and has added new instrumentation to enable NMR, next-gen sequencing and lipid nanoparticle characterization. The Center of Excellence will continue to be responsible for developing cutting-edge analytical methodologies, including mRNA fingerprinting and sequencing.

透過此次擴建，卓越中心以 TriLink 針對構建體特異性檢測的綜合方法開發為基礎，並添加了新儀器以實現 NMR、下一代定序和脂質奈米顆粒表徵。卓越中心將繼續負責開發尖端分析方法，包括 mRNA 指紋識別和定序。

We believe these changes better reflect our core strengths, highlight our best-in-class brands, support the different RUO and GMP needs of our customers and enable all of our teams to work effectively and grow sustainably.

我們相信這些變化更好地反映了我們的核心優勢，突出了我們一流的品牌，支持客戶不同的 RUO 和 GMP 需求，並使我們所有的團隊能夠有效工作並可持續發展。

Moving into our future growth on Slide 10. We see many opportunities ahead. And as we outlined at our Investor R&D Day in September, we have identified a path over the 5-year term to greater than $700 million in organic revenue. We will continue to focus on driving improvements to regain our industry-leading adjusted EBITDA margin, and we believe the cost realignment initiatives we are taking now will allow us to realize that goal even at today's volumes.

進入幻燈片 10 中我們未來的成長。我們看到未來有很多機會。正如我們在 9 月的投資者研發日上所概述的那樣，我們已經確定了一條在 5 年內實現有機收入超過 7 億美元的路徑。我們將繼續專注於推動改進，以重新獲得行業領先的調整後 EBITDA 利潤率，我們相信，我們現在採取的成本調整舉措將使我們能夠實現這一目標，即使在今天的產量下。

Our partnership agreements continue to expand. We entered into 5 new agreements in the third quarter, 2 for new kits, 1 clinical licensing agreement and 2 CDMO enablement agreements. On Slide 11, we highlight a few of these agreements.

我們的合作夥伴協議不斷擴大。我們在第三季簽訂了 5 項新協議，其中 2 項新試劑盒協議、1 項臨床許可協議和 2 項 CDMO 支援協議。在投影片 11 中，我們重點介紹了其中一些協定。

Our newly signed partnership agreement with Thermo Fisher has CleanCap incorporated into their bench scale Invitrogen mMESSAGE mMACHINE in vitro transcription kits. For those of you not familiar with these kits, the products are used by many researchers for in vitro transcription of RNA synthesis for a variety of purposes, including in vitro functional studies, labeling and tagging, small animal studies and therapeutics development. These types of partnerships allow Maravai to expand our product and technology reach and get into more customer workflows early to partner from discovery through commercialization.

我們與 Thermo Fisher 新簽署的合作協議已將 CleanCap 納入其實驗室規模的 Invitrogen mMESSAGE mMACHINE 體外轉錄試劑盒中。對於不熟悉這些試劑盒的人來說，許多研究人員使用這些產品進行 RNA 合成的體外轉錄，用於各種目的，包括體外功能研究、標記和標籤、小動物研究和治療方法開發。這些類型的合作夥伴關係使 Maravai 能夠擴大我們的產品和技術範圍，並儘早進入更多客戶工作流程，從發現到商業化進行合作。

We also signed a clinical license agreement with Precision BioSciences for them to utilize GMP inputs in their mRNA ARCUS genome editing platform. In vivo gene editing has the potential to permanently cure genetic diseases. ARCUS is a precise and versatile genome editing technology with a distinct potential to insert, excise or eliminate DNA in a broad spectrum of genetic diseases.

我們也與 Precision BioSciences 簽署了臨床授權協議，讓他們在其 mRNA ARCUS 基因組編輯平台中使用 GMP 輸入。體內基因編輯有可能永久治癒遺傳疾病。 ARCUS 是一種精確且多功能的基因組編輯技術，在廣泛的遺傳疾病中具有插入、切除或消除 DNA 的獨特潛力。

In late September, we entered into a nonexclusive supply agreement for several of our CleanCap analogs to be used in the Elixirgen Scientific Japan, Inc. mRNA development and manufacturing services from preclinical through Phase III programs, including CleanCap M6, CleanCap AG and CleanCap AG 3' OMe. This agreement aligns with our objective to enable greater access worldwide to all CleanCap mRNA technologies.

9 月下旬，我們就幾種CleanCap 類似物簽訂了非獨家供應協議，這些類似物將用於Elixirgen Scientific Japan, Inc. 從臨床前到III 期項目的mRNA 開發和製造服務，包括CleanCap M6、CleanCap AG和CleanCap AG 3 ’噢。該協議符合我們的目標，即在全球範圍內更廣泛地使用所有 CleanCap mRNA 技術。

In addition, we also reviewed a multiyear supply agreement with Intellia Therapeutics, a pioneering genome editing company. This strategic collaboration ensures the consistent provision of cap analogs and other reagents and strengthens our partnership devoted to advancing the development of mRNA-based solutions in gene editing. We, along with Intellia, recognize the transformative potential of mRNA technologies and gene editing and are resolute in our joint endeavor for groundbreaking innovations. By combining our expertise in nucleic acid-based products with Intellia's groundbreaking genome editing capabilities, we are poised to make significant strides in shaping the future of medicine for bettering global human health.

此外，我們還審查了與基因組編輯先驅公司 Intellia Therapeutics 的多年供應協議。這項策略合作確保了帽類似物和其他試劑的一致供應，並加強了我們致力於推進基於 mRNA 的基因編輯解決方案開發的合作夥伴關係。我們與 Intellia 一起認識到 mRNA 技術和基因編輯的變革潛力，並決心共同努力實現突破性創新。透過將我們在核酸產品方面的專業知識與 Intellia 突破性的基因組編輯能力相結合，我們準備在塑造醫學的未來以改善全球人類健康方面取得重大進展。

Moving to Slide 12. Maravai's innovation in people continue to receive recognition. In this quarter, we were honored with several awards. Cygnus Technologies received the 2023 R&D 100 Award from R&D World Magazine in the analytical test category for the MockV RVLP Kit. The MockV RVLP Kit enables bioprocess scientists to determine retrovirus-like particle, or RVLP, removal during biopharmaceutical manufacturing in Chinese hamster ovary, or CHO, cell lines. By using the MockV RVLP kit, scientists can gain actionable insight into retroviral clearance whenever they wish from their own lab bench rather than requiring the use of a contract research organization and do their own testing at a fraction of the costs associated with prior viral clearance studies.

轉到幻燈片 12。Maravai 在人員方面的創新繼續獲得認可。本季度，我們榮獲多項獎項。 Cygnus Technologies 以 MockV RVLP 套件榮獲《R&D World》雜誌分析測試類別的 2023 年 R&D 100 獎。 MockV RVLP 試劑盒使生物製程科學家能夠確定在中國倉鼠卵巢（CHO）細胞系中生物製藥生產過程中類逆轉錄病毒顆粒（RVLP）的去除情況。透過使用MockV RVLP 試劑盒，科學家可以隨時從自己的實驗室工作台獲得對逆轉錄病毒清除的可行見解，而不需要使用合約研究組織，並以與先前病毒清除研究相關的成本的一小部分進行自己的測試。

CleanCap M6, our next-generation cap analog, received the 2023 Pharma Innovations Award from Pharma Manufacturing. We spoke about M6 during our last conference call and also highlighted its benefits during our R&D Day. But suffice it to say, we are really excited by the product and expect M6 to help developers and researchers maximize the impact of their mRNA programs while reducing overall manufacturing costs ultimately bringing life-changing medicines to the market faster.

我們的新一代瓶蓋類似物 CleanCap M6 榮獲 Pharma Manufacturing 頒發的 2023 年製藥創新獎。我們在上次電話會議中談到了 M6，並在研發日期間強調了它的優勢。但可以說的是，我們對該產品感到非常興奮，並期望M6 能夠幫助開發人員和研究人員最大限度地發揮其mRNA 項目的影響，同時降低總體製造成本，最終將改變生命的藥物更快地推向市場。

Drew Burch, who leads our Nucleic Acid Production segment, was named to the San Diego Business Journal's 2023 List of Leaders of Influence in Life Sciences. And our Chief Innovation Officer Dr. Kate Broderick was named to the 2023 PharmaVoice 100 List, which recognizes the most inspiring leaders in the life sciences. We couldn't be more proud of Drew and Kate and their accomplishments and for the industry's recognition of our innovative products.

領導我們核酸生產部門的 Drew Burch 被《聖地牙哥商業雜誌》評為 2023 年生命科學影響力領袖名單。我們的首席創新長 Kate Broderick 博士入選 2023 年 PharmaVoice 100 榜單，該榜單旨在表彰生命科學領域最鼓舞人心的領導者。我們為 Drew 和 Kate 及其成就以及業界對我們創新產品的認可感到無比自豪。

Turning to Slide 13. As we look ahead to the completion in 2023 and prepare for 2024, we believe we have the right technologies and are in the right markets to achieve long-term growth. We remain focused on growing our base business across all business units and on expanding margins through significant operating leverage. I remain excited about our future, our capabilities and what we can achieve together with the mission to make a meaningful impact to improving human health through the next generation of medicines. I'm confident that with the realignment of our businesses, we have the team, the organizational structures, technologies and talent to deliver on our long-term objectives.

轉向幻燈片 13。當我們展望 2023 年竣工並為 2024 年做準備時，我們相信我們擁有正確的技術並處於正確的市場來實現長期增長。我們仍然專注於發展所有業務部門的基礎業務，並透過重要的營運槓桿擴大利潤。我對我們的未來、我們的能力以及我們能夠實現的目標仍然感到興奮，我們的使命是透過下一代藥物對改善人類健康產生有意義的影響。我相信，隨著我們業務的重組，我們擁有團隊、組織結構、技術和人才來實現我們的長期目標。

As we close out the third quarter of the year, we remain focused on expanding our product portfolio, advancing our market leadership in the mRNA space and continuing to strategically invest in innovative R&D and our commercial operations to support our base business growth.

在今年第三季結束時，我們仍然專注於擴大我們的產品組合，提高我們在 mRNA 領域的市場領導地位，並繼續對創新研發和商業營運進行策略性投資，以支持我們的基礎業務成長。

Our revised outlook for 2023, which Kevin will discuss in greater detail in a moment, considers the Q3 results and more modest expectations for the fourth quarter due mainly to the broader market headwinds previously discussed.

我們對 2023 年的修訂展望（凱文稍後將更詳細地討論）考慮了第三季度的業績以及對第四季度更為溫和的預期，這主要是由於之前討論的更廣泛的市場阻力。

I'll now ask Kevin to provide the details on our third quarter performance and our updated guidance. Kevin?

我現在請凱文提供有關我們第三季業績和更新指導的詳細資訊。凱文？

Thank you, Trey, and good afternoon, everyone.

謝謝你，特雷，大家下午好。

Starting on Slide 15. As per our press release this afternoon, our Q3 2023 revenues were $67 million, below our expectations for the quarter, as the ongoing macro and industry-specific softness continues to pressure the base business across both segments.

從幻燈片15 開始。根據我們今天下午發布的新聞稿，我們2023 年第三季度的收入為6700 萬美元，低於我們對該季度的預期，因為持續的宏觀和特定行業的疲軟繼續給兩個細分市場的基礎業務帶來壓力。

As for earnings per share, both our GAAP basic and diluted EPS were at $0.05 per share loss. While adjusted fully diluted EPS was $0.01 per share loss for the quarter.

至於每股收益，我們的 GAAP 基本每股收益和稀釋後每股收益均為每股虧損 0.05 美元。調整後的完全攤薄後每股收益為 0.01 美元。

Our GAAP-based net loss for the amount attributable to noncontrolling interests was $15.1 million for the third quarter of 2023.

2023 年第三季度，我們基於 GAAP 的非控制權益淨虧損為 1,510 萬美元。

Adjusted EBITDA, a non-GAAP measure, was $11.9 million for Q3 up from $9.1 million in the most recently completed second quarter of 2023. Our adjusted EBITDA margin was 18% in the third quarter. For the first 9 months of 2023, our adjusted EBITDA, a non-GAAP measure, was $44.8 million, resulting in an adjusted EBITDA margin of 21%.

第三季調整後 EBITDA（非 GAAP 指標）為 1,190 萬美元，高於最近完成的 2023 年第二季的 910 萬美元。第三季調整後 EBITDA 利潤率為 18%。 2023 年前 9 個月，我們的調整後 EBITDA（非 GAAP 衡量標準）為 4,480 萬美元，調整後 EBITDA 利潤率為 21%。

As discussed in the last quarter, we remain focused on balancing our investment in our facilities and our labor to best position us for the future while also actively managing our expense structure to address our current revenue outlook. As we continue to see the soft market conditions, we decided it was necessary to realign our cost structure more aggressively to the current demand environment.

正如上個季度所討論的，我們仍然專注於平衡對設施和勞動力的投資，以便為未來做好最佳定位，同時積極管理我們的費用結構，以解決我們當前的收入前景。隨著我們繼續看到疲軟的市場狀況，我們決定有必要更積極地調整我們的成本結構，以適應當前的需求環境。

As Trey previously covered, today, we announced a structured initiative that is targeting at least a $30 million reduction in our annualized spend based on recent expense levels. These decisions are never easy but we feel reflecting necessary adjustment to address the broader business pressure we've all been faced with in 2023 and heading into 2024. We will be actively reducing our labor force by approximately 15% or about 100 employees, primarily in the Nucleic Acid Production operations areas and in our supporting general and administrative functions. This reduction yields roughly $23 million in lower labor expenses that will be realized in 2024.

正如 Trey 之前報導的那樣，今天，我們宣布了一項結構化計劃，目標是根據最近的費用水平將我們的年度支出減少至少 3000 萬美元。這些決定絕非易事，但我們認為，這反映了必要的調整，以應對2023 年和2024 年我們都面臨的更廣泛的業務壓力。我們將積極減少約15% 或約100 名員工，主要是在核酸生產營運領域以及我們的支持性一般和行政職能。這項減少將在 2024 年實現約 2,300 萬美元的勞動成本降低。

In addition to these reductions, we've identified another $7 million in nonlabor expense reductions to achieve a minimum of $30 million in total annualized cost savings. We believe these cost reductions help to align our cost structure to the current environment and our prudent actions as we wait the broader market conditions to improve and return to revenue growth over time that we are confident in given the markets we serve and the strength and quality of our technology, products and services.

除了這些削減之外，我們還確定了另外 700 萬美元的非人工費用削減，以實現每年至少 3000 萬美元的總成本節省。我們相信，這些成本削減有助於使我們的成本結構適應當前環境和我們的審慎行動，因為我們等待更廣泛的市場條件改善並隨著時間的推移恢復收入增長，鑑於我們服務的市場以及實力和質量，我們對此充滿信心我們的技術、產品和服務。

Now let's turn to Slide 16. We ended Q3 with $580 million in cash, a level flat to the end of the second quarter. Gross debt, which has a term until late 2027 is at $534 million.

現在讓我們轉向投影片 16。第三季結束時，我們擁有 5.8 億美元現金，與第二季末持平。總債務期限至 2027 年底，總負債為 5.34 億美元。

Our adjusted free cash flow for the quarter was $0.4 million. Adjusted free cash flow is a non-GAAP measure that we define as adjusted EBITDA less capital expenditures. The free cash flow in the quarter reflected our adjusted EBITDA less net capital expenditures of $11.5 million tied to the ongoing outfitting of our Nucleic Acid Production GMP facilities at our Flanders location in San Diego.

本季調整後的自由現金流為 40 萬美元。調整後自由現金流為非公認會計準則衡量標準，我們將其定義為調整後 EBITDA 減去資本支出。本季的自由現金流反映了我們調整後的 EBITDA 減去與聖地牙哥佛蘭德斯工廠核酸生產 GMP 設施持續裝備相關的 1,150 萬美元淨資本支出。

Now turning to Slide 17. I'll now provide some more insights into our business segment financial performance for the quarter. The Nucleic Acid Production business revenues were $51 million in the third quarter, down slightly from the $53 million for the second quarter. Nucleic Acid Production represented 77% of the company's total revenue in the quarter and generated $17 million in adjusted EBITDA in the quarter, a segment margin of 32%. On a year-to-date basis, adjusted EBITDA for this segment was $59 million, a margin of 35% on the 9-month revenues of $166 million. Included in the results of the Nucleic Acid Production segment for the third quarter is our estimate of CleanCap revenues from our large COVID-19 vaccine customers of $15 million, consistent with our previously discussed expectations for the quarter.

現在轉向投影片 17。我現在將提供有關本季度我們業務部門財務業績的更多見解。第三季核酸生產業務收入為 5,100 萬美元，略低於第二季的 5,300 萬美元。核酸生產佔該季度公司總營收的 77%，調整後 EBITDA 為 1,700 萬美元，部門利潤率為 32%。年初至今，該部門的調整後 EBITDA 為 5,900 萬美元，與 9 個月的收入 1.66 億美元相比，利潤率為 35%。第三季核酸生產部門的業績包括我們對大型 COVID-19 疫苗客戶的 CleanCap 收入的估計，為 1500 萬美元，這與我們之前討論的該季度的預期一致。

Our Biologics Safety Testing business revenues were $16 million in the third quarter, contributing 23% of our total revenues. Our Biologics Safety Testing business contributed $11 million of adjusted EBITDA in the quarter, a margin of 72%. For the first 9 months of 2023, our BST segment recorded adjusted EBITDA of $35 million on revenues of $49 million, a 72% adjusted EBITDA margin.

第三季我們的生物製品安全測試業務收入為 1,600 萬美元，占我們總收入的 23%。我們的生物製品安全測試業務在本季貢獻了 1,100 萬美元的調整後 EBITDA，利潤率為 72%。 2023 年前 9 個月，我們的 BST 部門調整後 EBITDA 為 3,500 萬美元，營收為 4,900 萬美元，調整後 EBITDA 利潤率為 72%。

Corporate expenses that are not included in the segment adjusted EBITDA totals I just spoke were $16 million in the quarter, in line with recent apertures.

本季未包含在我剛才談到的部門調整後 EBITDA 總額中的公司費用為 1600 萬美元，與最近的數據一致。

Now turning to Slide 18 and our updated financial guidance for 2023. We are lowering our expected range of total revenues for 2023 to between $275 million to $285 million at the midpoint. This is slightly more than a $30 million reduction in revenues for the year. This is disappointing given the reduction in the full year 2023 guidance from our last quarter call but reflects our view that we are a little less optimistic about signs of near-term recovery in the broader markets. We expect our base business to remain around the recent quarterly levels in Q4.

現在轉向投影片 18 和我們更新的 2023 年財務指引。我們將 2023 年總收入的預期範圍降低至中點 2.75 億美元至 2.85 億美元之間。這比今年的收入減少了 3000 萬美元多一點。鑑於我們上一季電話會議下調了 2023 年全年指引，這一結果令人失望，但反映出我們的觀點，即我們對更廣泛市場的近期復甦跡像不太樂觀。我們預計第四季度的基礎業務將保持在最近的季度水準附近。

To break this down a little further, on the top line, we see the Nucleic Acid Production segment at around $213 million to $221 million, which includes an estimate of $61 million in CleanCap sales for COVID-related vaccine demand. As you recall on our prior call, we have stated we had $65 million in CleanCap POs for the year and that those POs all remain. However, one customer has communicated that they anticipated using about half of their orders to support non-COVID programs that are advancing in clinical trials. Thus, we have adjusted our estimate for the fiscal year down $4 million to best reflect what we understand to be our customers' COVID vaccine-specific demand for CleanCap.

為了進一步細分，我們認為核酸生產部門的營收約為 2.13 億至 2.21 億美元，其中包括用於滿足新冠病毒相關疫苗需求的 CleanCap 銷售額估計為 6,100 萬美元。正如您在先前的電話會議中所記得的那樣，我們曾表示，今年我們有 6500 萬美元的 CleanCap 採購訂單，並且這些採購訂單全部保留。然而，一位客戶表示，他們預計將使用大約一半的訂單來支援正在進行臨床試驗的非新冠項目。因此，我們將本財年的預估下調了 400 萬美元，以最好地反映我們所了解的客戶對 CleanCap 的新冠疫苗特定需求。

As we have discussed previously, our CleanCap franchise has multiple chemical analogs, which are not target specific and thus can be used across indications by our end customers. We feel this dynamic likely extended the usage of existing inventory by our customers across their mRNA programs, thus further complicating the assessment of end market demand and future large volume CleanCap visibility. Now removing the $61 million estimated COVID demand, our base NAP segment is estimated at about $156 million of projected revenues for fiscal year 2023 at the midpoint. This reflects a decline of roughly 27% from 2022 levels.

正如我們之前所討論的，我們的 CleanCap 特許經營權有多種化學類似物，這些化學類似物不具有特定目標，因此可以由我們的最終客戶跨適應症使用。我們認為這種動態可能會擴大我們的客戶在其 mRNA 專案中對現有庫存的使用，從而使對終端市場需求和未來大量 CleanCap 可見性的評估更加複雜。現在除去估計的 6,100 萬美元的新冠肺炎需求，我們的基本 NAP 部門預計 2023 財年中點收入約為 1.56 億美元。這比 2022 年的水準下降了約 27%。

We expect our Biologics Safety Testing revenues this year to be about $62 million to $64 million, shifting slightly lower than our previous estimate of $65 million to $70 million for 2023. The business continues to see the leveling of demand in the $15 million to $18 million per quarter ranges that we have seen since Q2 of 2022, and we've also seen fourth quarter levels dip a little bit historically tied to CDMO manufacturing cycles.

我們預計今年的生物製品安全測試收入約為6,200 萬美元至6,400 萬美元，略低於我們先前估計的2023 年6,500 萬美元至7,000 萬美元。該業務的需求持續穩定在1,500 萬美元至1,800 萬美元之間自 2022 年第二季以來我們看到的每季範圍，我們也看到第四季的水平在歷史上與 CDMO 製造週期相關。

Based on this updated full year guidance and the 9 months that are in the books, the resulting expectations for the fourth quarter are for total revenues of between $60 million and $70 million with the NAP segment at around $51 million at the midpoint of our range, including an estimate of $18 million of CleanCap COVID vaccine revenues; and our BST segment to be around $14 million or so at the midpoint of our range for Q4.

根據更新後的全年指引和帳簿中的 9 個月，第四季度的總收入預期為 6,000 萬至 7,000 萬美元，其中 NAP 部門的收入約為 5,100 萬美元，處於我們範圍的中點，其中包括預計1800 萬美元的CleanCap COVID 疫苗收入；我們的 BST 部分約為 1400 萬美元左右，處於第四季度範圍的中點。

Due to the lower revenue expectations for 2023, we are updating our estimated earnings metrics. We now anticipate adjusted fully diluted EPS in the range of a $0.01 loss to $0.01 per share in earnings and our adjusted EBITDA to be between $55 million and $60 million and adjusted EBITDA margin of about 20% to 21% on our updated revenue guidance.

由於 2023 年營收預期較低，我們正在更新預計獲利指標。我們現在預計調整後的完全攤薄每股收益將在每股收益虧損0.01 美元至0.01 美元之間，調整後的EBITDA 將在5500 萬美元至6000 萬美元之間，根據更新後的收入指引，調整後的EBITDA 利潤率約為20% 至21%。

Additionally, we expect the following financial expectations as listed on Slide 19. Interest expense, net of interest income, between $16 million and $18 million; depreciation and amortization between $40 million and $42 million; stock-based compensation, which we show as a reconciling item from GAAP to non-GAAP EBITDA, to be between $34 million and $36 million. This also includes an as-if fully converted share count of about 252 million shares and an adjusted effective tax rate of about 24%.

此外，我們預期幻燈片 19 中列出的財務預期如下。扣除利息收入後的利息支出在 1,600 萬美元至 1,800 萬美元之間；折舊和攤提在 4,000 萬至 4,200 萬美元之間；基於股票的薪酬，我們將其作為 GAAP 與非 GAAP EBITDA 的調整項目，介於 3,400 萬美元至 3,600 萬美元之間。這也包括約 2.52 億股的假定完全轉換股數和約 24% 的調整後有效稅率。

Now before I turn it back over to Trey, I want to mention that due to limited 2024 demand visibility from our larger customers, combined with the ongoing work surrounding our cost realignment initiative, we do not yet have the level of confidence to provide initial guidance for next year as we have historically done on our Q3 call. We believe it prudent to focus on closing out the current year, executing our cost reduction work and continuing to work with our customers to understand their 2024 needs. We anticipate providing 2024 guidance in the early part of next year.

現在，在我將其轉回給Trey 之前，我想提一下，由於我們的大客戶對2024 年需求的了解有限，再加上圍繞我們的成本調整計劃正在進行的工作，我們還沒有足夠的信心來提供初步指導正如我們在第三季電話會議上歷來所做的那樣，明年的情況。我們認為，謹慎的做法是專注於結束本年度、執行成本削減工作並繼續與客戶合作以了解他們 2024 年的需求。我們預計在明年初提供 2024 年指引。

I will now turn the call back over to Trey. Trey?

我現在將把電話轉回給特雷。特雷？

Thanks, Kevin. So to wrap up our prepared remarks on Slide 21, we believe the cost-cutting initiatives we announced, while difficult, position us well for the future. Our overall base of customers is expanding and diversifying. This, along with our new corporate structure that is better equipped to serve those customers' needs, will support a future of sustainable growth.

謝謝，凱文。因此，為了總結我們在投影片 21 上準備好的發言，我們相信我們宣布的成本削減措施雖然很困難，但為我們的未來奠定了良好的基礎。我們的整體客戶群正在擴大和多樣化。這與我們能夠更好地滿足客戶需求的新公司結構一起，將支持未來的可持續成長。

Though market conditions remain challenging in the near term, we are confident in the expected long-term growth rates for biologics, for mRNA medicines, for gene editing and gene and cell therapy. We believe our serviceable addressable market will double over the next 5 years, and we expect to be able to outpace market growth with differentiated technology, products and services. We will continue to put our cash flow and balance sheet to work with select organic investments in our facilities and analytics and product innovations. We will also continue to look for opportunities for inorganic investment to bolster our market position and provide our customers with additional solutions.

儘管短期內市場狀況仍充滿挑戰，但我們對生物製劑、mRNA 藥物、基因編輯以及基因和細胞治療的預期長期成長率充滿信心。我們相信，我們的可服務可尋址市場將在未來 5 年內翻一番，我們預計能夠透過差異化的技術、產品和服務超越市場成長。我們將繼續將現金流量和資產負債表與我們的設施、分析和產品創新中的精選有機投資結合。我們也將繼續尋找無機投資機會，以鞏固我們的市場地位，並為我們的客戶提供更多解決方案。

We are committed to building a strong foundation for long-term, profitable and sustainable growth for our base business.

我們致力於為基礎業務的長期、獲利和永續成長奠定堅實的基礎。

Kevin, Becky, Drew and I are all happy to answer your questions. So now I'll turn the call back over to the operator for instructions.

凱文、貝琪、德魯和我都很樂意回答您的問題。現在我會將電話轉回接線生以獲取指示。

(Operator Instructions) Your first question comes from the line of Tejas Savant with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的Tejas Savant 線。

Maybe I'll start with one big picture one on Trey and just the visibility, particularly into the pharma customer base, right? So emerging biotech, I believe, is about 30% of your total revenue exposure. Can you share just some color on the customer conversations there that you're hearing, especially through November here? And you also mentioned some key customers focusing on capital conservation. It sounds like it's a very similar dynamic at your larger biopharma customers as well. Is that a fair interpretation?

也許我會從特雷的一張大圖片開始，只是可見性，特別是製藥客戶群，對吧？因此，我相信新興生物技術約佔總收入的 30%。您能否分享一下您所聽到的客戶對話的一些色彩，尤其是 11 月的情況？您也提到了一些注重資本節約的關鍵客戶。聽起來您的大型生物製藥客戶也有非常相似的動態。這是一個公平的解釋嗎？

Tejas, yes, thank you. Your number is about right for a small-to-mid public company exposure of around 30% of our revenue year-to-date and also correct that the activity through large-cap pharma has continued consistently. There have been actually quite a few recent licensure announcements that I'm sure everyone has noticed. But we see, again, that rationalization of program progression and, of course, a completely different time frame expectations than we experienced through the pandemic for that progression and a return to normalcy that I think we all in the industry hope is somewhere in between the rapid the rapid progression of the pandemic and the time before.

特哈斯，是的，謝謝。對於中小型上市公司而言，您的數字大約是正確的，該公司今年迄今為止的收入占我們收入的 30% 左右，也正確地表明，透過大型製藥公司進行的活動一直在持續進行。事實上，最近有很多許可公告，我相信每個人都已經注意到了。但我們再次看到了計劃進展的合理化，當然，與我們在大流行期間經歷的進展和恢復正常的時間框架預期完全不同，我認為我們整個行業都希望介於兩者之間。疫情的快速發展和之前的時間相比。

But I would say probably the best person for me to add color there might be Becky who has just recently had some pretty high-level large pharma customer visits.

但我想說，最適合我添加色彩的人可能是貝基，她最近剛拜訪了一些相當高級的大型製藥客戶。

Yes. We've been talking to many clients, big pharma, small biotech, even academic clients. For sure, budgets are tight. We also are getting a lot of information around program rationalization, so slowing new entrants into their pipeline and really progressing programs that have the best view of a positive outcome. There are continual conversations around derisking programs. So many times what this means is getting additional development data packages so that the filing is successful. So with that, we're seeing some delay in filing those initial INDs and instead kind of going back and doing further optimization on sequences and analytics.

是的。我們一直在與許多客戶交談，包括大型製藥公司、小型生技公司，甚至是學術客戶。可以肯定的是，預算很緊張。我們還獲得了大量有關計劃合理化的信息，從而減緩了新進入者進入渠道的速度，並真正推進了最能取得積極成果的計劃。關於去風險專案的討論一直在進行。很多時候，這意味著獲得額外的開發資料包，以便備案成功。因此，我們發現提交這些初始 IND 存在一些延遲，而是返回並對序列和分析進行進一步優化。

Next question comes from the line of Catherine Schulte with Baird.

下一個問題來自凱瑟琳·舒爾特與貝爾德的關係。

This is Tom Peterson on for Catherine. I was wondering, to start, if you could first speak to what you saw throughout the business as the quarter progressed, particularly in September. I guess what was the exit rate in the quarter? And what have you seen in October?

這是凱瑟琳的湯姆彼得森。首先，我想知道您是否可以先談談隨著本季度的進展，特別是在 9 月份，您在整個業務中看到的情況。我猜這個季度的退出率是多少？十月你看到了什麼？

Yes, sure. We have a bit of a third month effect. I think we've described that previously where we have rescheduled shipments that go out at the end of each quarter. Largely speaking, though, part of the reason for our guide down is, I would say, a particularly soft July and August, more in line with that July. So September, again, with the third month effect, was relatively strong, actually, but we are now guiding to essentially a constant rate for the rest of the year of what we saw in Q3.

是的，當然。我們有一點第三個月的影響。我想我們之前已經描述過，我們重新安排了每個季度末發貨的時間。不過，從很大程度上來說，我想說，我們的指導下降的部分原因是七月和八月特別疲軟，這更符合那個七月。因此，9 月份，由於第三個月的影響，實際上相對強勁，但我們現在指導今年剩餘時間的利率基本上保持在第三季度的水平。

Our next question comes from the line of Matt Larew with William Blair.

我們的下一個問題來自馬特·拉魯和威廉·布萊爾的對話。

One thing you reiterated today was the long-term guidance through 2028. And assuming that the COVID contribution you gave at the R&D Day holds, that would require a base business CAGR of 25% over that time frame. The base business grew around 23% from 2018 to 2022, so this would be a faster CAGR on a larger base through 2028. So given how much uncertainty there is in the end markets, could you just maybe speak to the confidence level in the long-term trajectory? And understanding you're not giving 2024 guidance, at those levels, we have to start growing again at some point. So when do you really start tracking back or working your way back to that level of growth that's required to hit those long-term targets?

您今天重申的一件事是到 2028 年的長期指導。假設您在研發日提供的新冠疫情貢獻保持不變，則需要在該時間範圍內實現 25% 的基本業務複合年增長率。從2018 年到2022 年，基礎業務成長了約23%，因此到2028 年，在更大的基礎上，複合年增長率將更快。因此，考慮到終端市場存在多少不確定性，您能否談長期的信心水準- 長期軌跡？並且了解您沒有給出 2024 年的指導，在這些水平上，我們必須在某個時候再次開始成長。那麼，您什麼時候真正開始回溯或努力回到實現這些長期目標所需的成長水平呢？

Yes, sure. Thanks, Matt. This has obviously been a bit of a correction year, and we are, I think from a correction standpoint, the TAM and SAM markets, the estimates that people use, including us, will probably be adjusted down for a bit of a step down. And as you say, it's about what the growth rates are coming back out. And as you identified, we have our base business and we have the COVID program material. I would say the example we had where we took the single-digit millions out of the COVID is a good example of how we see activity already starting to shift across a broader base of non-COVID programs. And again, our material inputs are fungible in that way. We do definitely have 2023's booked COVID CleanCap to work around. But we also have a lot of confidence in the long-term growth rates and, in particular, look forward to as we announce 2 partnerships that are in the CRISPR gene editing area today.

是的，當然。謝謝，馬特。今年顯然是修正的一年，我認為從修正的角度來看，TAM 和 SAM 市場，包括我們在內的人們使用的估計可能會稍微下調。正如你所說，這與成長率的恢復有關。正如您所指出的，我們有我們的基礎業務，我們有新冠肺炎計劃材料。我想說的是，我們從新冠疫情中剔除數百萬美元的例子就是一個很好的例子，說明我們如何看待活動已經開始在更廣泛的非新冠項目基礎上發生轉變。再說一次，我們的物質投入是可以互換的。我們確實有 2023 年預訂的 COVID CleanCap 來解決這個問題。但我們對長期成長率也充滿信心，特別是當我們今天宣佈在 CRISPR 基因編輯領域建立 2 個合作夥伴關係時，我們非常期待。

We look forward to what we've seen will be a very exciting growth and market uptake for CRISPR gene editing, which is both a therapy in itself and a tool to make cell gene therapies. And I think a lot of the activity there has been well publicized. So we're looking forward to a much broader and less concentrated customer base with many more programs progressing and are very optimistic about the growth in the mRNA gene cell therapy and CRISPR gene editing markets over that 5-year period.

我們期待 CRISPR 基因編輯將出現非常令人興奮的成長和市場吸收，它本身既是一種療法，也是細胞基因療法的工具。我認為那裡的許多活動都得到了很好的宣傳。因此，我們期待更廣泛、更不集中的客戶群，以及更多計畫的進展，並對 mRNA 基因細胞療法和 CRISPR 基因編輯市場在這 5 年期間的成長非常樂觀。

Our next question comes from the line of Michael Ryskin with Bank of America.

我們的下一個問題來自美國銀行的 Michael Ryskin。

I'm actually going to ask a two part. First, I want to follow up on exactly the last point, but maybe I'll just drill in on the near term a little bit more, on the non-COVID piece. I mean you've had, just on dollar terms, declines there for 3 or 4 quarters in a row now and you're guiding to another decline in 4Q, I believe. Can that segment grow next year? Or have you sort of zeroed out all the adjustments and all the rebasing that needs to happen? Just because there was a period of such an elevated growth in the prior years, and especially as you say, some of that stuff can move between COVID and non-COVID pretty easily, I'm just trying to figure out what the right floor for that is when that can start growing again, this year, in the 150s. Is that a floor? Or is there still some more excess non-COVID to come out of that?

我實際上要問兩個部分。首先，我想跟進最後一點，但也許我會在近期、非新冠疫情部分進一步深入探討。我的意思是，僅以美元計算，該地區的經濟已經連續 3 或 4 個季度下降，我相信，您將導致第四季度再次下降。該細分市場明年能成長嗎？或者您已將所有需要進行的調整和重新調整歸零？僅僅因為前幾年有一段如此高的增長時期，特別是正如你所說，其中一些東西可以很容易地在新冠病毒和非新冠病毒之間移動，我只是想找出合適的樓層到了今年，也就是150 年代，這一數字可以再次開始成長。那是地板嗎？或者是否還會產生更多非新冠疫情影響？

And then if I can squeeze in a second part. I want to ask about the cost cuts, the $30 million. First, I want to make sure, is any of that having a benefit in 4Q? Or is it only really kicking in next year? And if you could just provide a little bit more specifics, it sounds like it was pretty heavily on the manufacturing side, but also on SG&A. If you could just sort of break that through across the different buckets, how we should think about it, that would be helpful.

如果我能擠出第二部分的話。我想問一下關於削減成本的問題，即 3000 萬美元。首先，我想確定一下，這些對第四季有好處嗎？還是明年才真正開始？如果您能提供更多細節，聽起來這在製造方面非常重要，但在銷售、管理和管理方面也很重要。如果你能在不同的方面打破這一點，我們應該如何思考它，那會很有幫助。

Yes. Mike, I'll start with the second part of your question on the cost realignment initiative. Yes, I would say geographically, on the P&L, it's roughly going to be 50% hitting the COGS line. The operational reductions primarily in our Nucleic Acid Production segment sort of rightsize those operations to the post-pandemic volumes that we're seeing and the other 50% predominantly is going to hit our SG&A line. The focus is a little bit more on the G&A component as we continue to see the appropriate investments in our commercial channel paying dividends for us over time. So basically 50-50 split between COGS and SG&A.

是的。麥克，我將從您關於成本調整計劃的問題的第二部分開始。是的，我想說的是，從地理角度來看，在損益表上，大約有 50% 會達到銷貨成本線。主要是我們核酸生產部門的營運削減，在某種程度上將這些營運規模調整到了我們所看到的大流行後的產量，而另外 50% 主要將用於我們的 SG&A 線。隨著時間的推移，我們繼續看到對我們商業管道的適當投資為我們帶來獎金，因此重點更多地放在一般管理費用部分。因此，COGS 和 SG&A 基本上各佔 50-50。

We have been cognizant certainly of the revenue declines throughout the course of this year and have cut back certain discretionary spend items. And actually, yesterday was the primary day in which we took action on the elimination of roughly the 100 positions. So those certainly will incur a onetime severance charge here in our fourth quarter and roughly be out of our ongoing P&L for a portion of this quarter. That's why I think when you see the decline in our revenue guidance, you see that coming in with a little less dynamic impact to the EBITDA guidance that we have previously given in previous quarters. It's partially mitigated by some of the conscientious cost controls as well as the impact of the layoffs that we did yesterday.

我們肯定已經意識到今年全年收入的下降，並削減了某些可自由支配的支出項目。事實上，昨天是我們採取行動消除大約 100 個部位的第一天。因此，這些肯定會在我們第四季產生一次性遣散費，並且大致不在我們本季部分時間的持續損益表中。這就是為什麼我認為當你看到我們的收入指引下降時，你會發現這對我們之前在前幾個季度給出的 EBITDA 指引的動態影響稍微小一些。一些認真的成本控制以及我們昨天進行的裁員的影響在一定程度上緩解了這種情況。

I don't know, Trey, I don't know if you want to comment on the revenue progression.

我不知道，特雷，我不知道你是否想對收入進展發表評論。

Yes. I mean a big part, admittedly, in the first 90 days here for me has been looking at our monthly revenue progression and performance and focusing really on the reorg and restructure activities. Facing the reality that we see today, we are certainly optimistic that, let's say, the leg down in July and August will set the stage for the next level of growth. But we are certainly not ready to call that pivot point. So again, the reorg, the realignment, has been based on the first 3 months where I've been in seat here which, unfortunately, have been 3 lower months of revenue compared to the past. But we're on a, we're on, I think, a relatively stable keel now going forward and have taken basically a more of the same approach for Q4 for the rest of the year, which is the reason for the guide down.

是的。誠然，我的意思是，在前 90 天裡，我一直在關注我們每個月的收入進度和績效，並真正專注於重組和重組活動。面對我們今天看到的現實，我們當然樂觀地認為，七月和八月的下跌將為下一階段的成長奠定基礎。但我們當然還沒準備好稱之為樞軸點。再說一次，重組、重新調整是基於我任職的前 3 個月，不幸的是，與過去相比，這 3 個月的收入較低。但我認為，我們現在正處於一個相對穩定的龍骨上，並且在今年剩餘時間內對第四季度採取了基本相同的方法，這就是指南下調的原因。

Our next questions come from the line of Conor McNamara with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場部的康納·麥克納馬拉 (Conor McNamara)。

I think I've got one for each of you around the $30 million cost cuts. First, Trey, if you think about those cost cuts, I mean, it sounds like they're in manufacturing and probably some in sales. How does that, if any, impact your ability to hit the growth rates that you've talked about historically? And at your R&D Day, if you're still going to hit that target, will these cuts allow that? And then as a follow-up, Kevin, just assuming you still can't hit your revenue, should we just think about that $30 million helps that, whatever your EBITDA margin target was that you had outlined for those plans?

我想我已經為你們每人準備了一份，成本削減約 3000 萬美元。首先，特雷，如果你考慮這些成本削減，我的意思是，聽起來他們是在製造方面，可能還有一些在銷售方面。這（如果有的話）如何影響您實現歷史上談到的成長率的能力？在研發日，如果您仍要達到該目標，這些削減是否允許？然後，凱文，作為後續行動，假設您仍然無法達到收入目標，我們是否應該考慮一下 3000 萬美元會有所幫助，無論您為這些計劃制定的 EBITDA 利潤率目標是什麼？

Yes, I'll take the second part of that and just touch on it. Yes, again, those reductions are about half in the operating lines and about half in the SG&A line, but predominantly more in G&A, and not on the commercial side as, again, we continue to invest there. It's also important, I think, as we went through this exercise, we looked at the business in a couple different manners. We looked at the overall reduction in kind of cash costs, which are predominantly labor and variable costs, and it's around a 20% reduction of those to the company. But we are very specific in targeting areas that we thought we could reduce without impacting our ability to grow at the rates in the modeling in which we're projecting going forward. And I think we've done that.

是的，我將討論第二部分。是的，同樣，這些削減大約有一半來自營運業務，大約一半來自SG&A業務，但主要是在G&A方面，而不是商業方面，因為我們繼續在這方面進行投資。我認為，當我們進行這項練習時，我們以幾種不同的方式看待業務，這也很重要。我們研究了現金成本的整體下降情況，主要是勞動力和變動成本，公司的現金成本下降了 20% 左右。但我們在目標領域非常具體，我們認為我們可以減少這些領域，而不會影響我們按照我們預測的未來模型的速度成長的能力。我認為我們已經做到了。

And all the teams across the company and the new leadership that we have came together to agree on a plan that both had financial targets but also made sense operationally and made sense to Trey as he's reorganizing the company in the manner that we want to move going forward. So yes, I think we feel we've made the right reductions that are real estate improved based on what revenue currently has but does not hamstring us to hit our long-term growth objectives. So I'll leave that component of the question there.

公司所有團隊和新領導層齊聚一堂，就一項計劃達成一致，該計劃不僅有財務目標，而且在運營上也有意義，而且對Trey 來說也有意義，因為他正在按照我們希望的方式重組公司。向前。所以，是的，我認為我們已經做出了正確的削減，即根據目前的收入改善了房地產，但不會妨礙我們實現長期成長目標。所以我將把問題的這個部分留在那裡。

Yes. And I'll add. It's an insightful question. I'd say, again, 50-50 between operations and G&A. So there are two elements to it. From an operations footprint perspective, this is all essentially fixed labor where you set up shifts and have capacity available, whether it's chemistry production or contracting RNA and so on. And I would say the level that we made changes there is really a function of two overlapping principles, one being that we were holding some capacity for residual COVID business and the decline of the residual legacy type pandemic, COVID businesses faster than expected over the last 2 quarters, so that's a faster decline; and then the diversifying on next-generation Maravai business, we're essentially doubling in a slower potential growth rate of that in conjunction with the faster decline in COVID.

是的。我補充一下。這是一個富有洞察力的問題。我想說，營運和一般行政費用之間的比例是 50-50。所以它有兩個要素。從營運足跡的角度來看，這基本上都是固定勞動力，您可以在其中設定班次並擁有可用的產能，無論是化學生產還是承包 RNA 等。我想說的是，我們所做的改變的程度實際上是兩個重疊原則的作用，一個是我們為剩餘的新冠疫情業務保留了一定的產能，以及剩餘的遺留類型大流行病的下降，新冠疫情業務的下降速度比過去的預期快2個季度，所以下降得更快；然後是下一代 Maravai 業務的多元化，隨著新冠肺炎疫情的加速下降，我們的潛在成長率基本上翻了一番。

So it is an insightful question because we certainly have the capacity and capability needed for the broader and more diversified customer group to do many more things with mRNA. Unfortunately, it will not be 70% of sales for one compound for one customer like it was in '21 to '22. It will be a much more diversified group of smaller projects, which I hope brings stability and predictability of the business.

所以這是一個富有洞察力的問題，因為我們當然擁有更廣泛、更多元化的客戶群所需的能力和能力，可以利用 mRNA 做更多事情。不幸的是，不會像 21 至 22 年那樣，為一位客戶提供一種化合物的銷售額的 70%。這將是一個更加多元化的小型專案組，我希望這能為業務帶來穩定性和可預測性。

On the G&A side, it's a similar, I would say, realization that our company and its current size that you're all very well aware of can't afford or sustain necessarily the level of corporate shared services that we had imagined at a size of 3 to 4x our current size. So we do obviously intend to be a high-growth, high adjusted EBITDA company. And as we grow at a slower rate back from this place, we will have the ability to incrementally add. Our fundamental structural capabilities and operations are still there where they need to be strategically aligned.

在一般行政費用方面，我想說的是，我們認識到我們公司及其目前的規模（你們都非常清楚）無法負擔或維持我們所想像的規模的企業共享服務水平是我們當前尺寸的3 到4倍。因此，我們顯然打算成為一家高成長、高調整後 EBITDA 公司。當我們從這個地方以較慢的速度成長時，我們將有能力逐步增加。我們的基本結構能力和營運仍然存在，需要進行策略調整。

Yes. And specific to the question on margin, Conor, I mean, certainly, one way to look at this is certainly look at this as if it sort of had occurred at the beginning of this year, which would take sort of on an adjusted basis are roughly low 20% margin that we're talking about today in our guidance and increasing that to roughly 30% or so. And I think that from our perspective, it's the right thing to do in the current environment. I will tell you that we are not a big cost structure company. So this was a big reduction for us. And a lot of our ability to drive margin expansion from the levels we're at now will certainly come from top line growth, and that will continue to be the case.

是的。具體到保證金問題，康納，我的意思是，當然，看待這個問題的一種方法肯定是將其視為發生在今年年初的事情，這需要在調整的基礎上進行調整：我們今天在指導中討論的利潤率約為20%，並將其提高到大約30% 左右。我認為從我們的角度來看，在當前環境下這樣做是正確的。我會告訴你，我們不是一家大型成本結構公司。所以這對我們來說是一個很大的減少。我們推動利潤率從目前水準擴大的能力在很大程度上肯定來自於營收成長，而且情況將繼續如此。

But we did feel obviously that it is prudent to adjust our cost structure and be able to reset, streamline our operations in light of the tough macro environment and just, frankly, because certainly, a good visibility to this return to growth is still hazy for most people in our industry and not overly clear. I don't think anyone is assuming that there is a spring back January 1, 2024. I think it's going to continue to be working with our customers, understanding their needs and positioning ourselves to support that. That's what we're currently doing, and that's certainly one of the main reasons we're deferring our 2024 guidance until we complete those discussions and get as good of an understanding as we can have heading into '24 and completing that year.

但我們確實明顯感覺到，鑑於嚴峻的宏觀環境，調整我們的成本結構並能夠重新調整、簡化我們的運營是明智的，坦率地說，因為當然，對於這種恢復增長的良好可見性仍然是模糊的。我們這個行業的大多數人並不太清楚。我認為沒有人會假設 2024 年 1 月 1 日會到來。我認為我們將繼續與我們的客戶合作，了解他們的需求並做好準備以支持這一需求。這就是我們目前正在做的事情，這當然是我們推遲 2024 年指導的主要原因之一，直到我們完成這些討論並在進入 24 世紀並完成那一年之前獲得盡可能好的理解。

Our next question comes from the line of Dan Arias with Stifel.

我們的下一個問題來自 Dan Arias 和 Stifel 的對話。

Trey or Kevin, can you just maybe talk to Biologics Safety performance in China? And then outside of China, if you can kind of compare what's going on there and then how you might expect those 2 buckets to trend into year-end. I imagine China is the softer of the two, but curious about what the difference might actually look like there?

Trey 或 Kevin，您能談談中國的生物製劑安全表現嗎？然後在中國之外，如果你能比較那裡發生的事情，然後你預計這兩個桶到年底的趨勢如何。我想中國是兩者中較軟的一個，但很好奇那裡實際上有什麼區別？

Yes. Yes. Thank you. We, looking specifically at China BST, which again was a big growth driver for them in '21 and '22. Really, the difference between what we've been talking about so far at that is that the leg down for China and BST really started in the second half of last year. And having just looked at a lot of the numbers, obviously, we are, I would say, relatively stable at this new level. So there are year-over-year comparisons from growth that are now steady that were harder for us certainly in the second half last year and the first half of this year. So we see China so far not taking any further steps down but at a relatively stable rate for the past 3 quarters in BST specifically.

是的。是的。謝謝。我們特別關注中國 BST，這再次成為他們在 21 和 22 年的巨大成長動力。事實上，我們到目前為止所討論的不同之處在於，中國和 BST 的下滑實際上是從去年下半年開始的。剛剛查看了很多數字，顯然，我想說，我們在這個新水平上相對穩定。因此，與去年同期相比，目前穩定的成長對我們來說在去年下半年和今年上半年肯定更加困難。因此，我們認為中國迄今沒有採取任何進一步的措施，但在過去的三個季度中，BST 的速度相對穩定。

Yes. And just to put some numerical context there, in the second quarter of 2022, when we first saw this decline that Trey alluded to, China was about 19.5% of revenues for our BST business. In the most recently concluded quarter, China was 19.5% of the revenues in the BST business, and its ranged from 18.4% to 22.9% in those periods that I just spoke to. So it's leveled out. We don't have, we believe, ongoing exposure to see that go much lower than that. I think that's the level that's going to support the current environment that we're seeing for biologic manufacturing in China.

是的。為了提供一些數位背景，在 2022 年第二季度，當我們第一次看到 Trey 提到的下降時，中國約占我們 BST 業務收入的 19.5%。在最近結束的季度中，中國市場佔 BST 業務收入的 19.5%，而在我剛才談到的那些時期，這一比例在 18.4% 到 22.9% 之間。所以就拉平了。我們相信，我們沒有持續的風險敞口來看到比這低得多的風險。我認為這個水準將支持我們目前在中國看到的生物製造環境。

Our next question comes from the line of Matthew Sykes with Goldman Sachs.

我們的下一個問題來自高盛的馬修‧賽克斯 (Matthew Sykes)。

This is Evie on for Matt. Any updates on the progress of Flanders 2? And how are you thinking about bringing on additional capacity in a year where demand is being impacted by destocking, COVID rolling off and weaker pharma spend?

這是埃維為馬特代言的。 《法蘭德斯 2》有最新進展嗎？在需求受到去庫存、新冠肺炎疫情消退和製藥支出疲軟影響的一年裡，您如何考慮增加產能？

Yes, I'll start. Yes, certainly, not ideal to bring online additional capacity in this year, but these are decisions you make at least 2 years in advance just given the length it takes to some of these facilities. And frankly, it's still necessary, and we still think it was the right decision to have redundancy for our manufacturing of CleanCap. Flanders 1 accomplishes that. And obviously, it was funded through our BARDA grant. Flanders 2, again, a big part of our commercial strategy, and I'll let the others in the room comment on that, but that's certainly something that we're not rushing to finish, obviously, given the demand. But it is certainly something that in the context of commercial discussions is an incredibly important asset that we need to have. It's, frankly, table stakes to be a competitor in the Nucleic Acid Solutions part of our business.

是的，我要開始了。是的，當然，今年增加線上容量並不理想，但考慮到其中一些設施所需的時間，這些都是您至少提前兩年做出的決定。坦白說，這仍然是必要的，我們仍然認為為我們的 CleanCap 製造提供冗餘是正確的決定。 Flanders 1 實現了這一點。顯然，它是透過我們的 BARDA 補助金資助的。 Flanders 2 再次成為我們商業策略的重要組成部分，我會讓房間裡的其他人對此發表評論，但顯然，考慮到需求，這肯定不是我們急於完成的事情。但在商業討論的背景下，它無疑是我們需要擁有的極為重要的資產。坦白說，成為我們業務核酸解決方案部分的競爭對手是我們的賭注。

Yes. So Flanders 2 specifically is where the mRNA services happen at Phase II and beyond. We have our existing GMP services for chemistry and for mRNA all in the Wateridge facility that there's a nice picture of it on our deck here. So as we talk through customer program progression, we have the ability to turn that on at the right time for the right customers. And obviously, with all the work we've done this quarter on rightsizing and realigning our operations footprint, we have not proactively leaned into Flanders 2 until we have solid bookings scheduled.

是的。因此，Flanders 2 是 II 期及以後階段 mRNA 服務發生的地方。我們現有的化學和 mRNA GMP 服務都在 Wateridge 設施中，我們的甲板上有一張漂亮的照片。因此，當我們討論客戶計劃進度時，我們有能力在正確的時間為正確的客戶啟動該計劃。顯然，儘管我們本季在調整規模和重新調整營運足跡方面所做的所有工作，但在我們安排了可靠的預訂之前，我們還沒有主動轉向 Flanders 2。

Becky can probably just add a few comments because that's been our primary focus here in this last quarter.

貝基可能只能添加一些評論，因為這是我們上個季度的主要關注點。

Yes, sure. I mean, look, we're incredibly excited about the Flanders 2 building. And I think that you're always going to be building ahead when you're offering more of that GMP manufacturing facility footprint. We have a number of customers that have come through our research use-only manufacturing services. They then progressed to file an IND, and we've made that GMP material for them. And now they have interest and they're going in to Phase II and then sometimes it's a Phase II/III combo. And so in those cases, where it lines up that we're going to be GMP-ready mid-next year, those are the customers that we're engaging with that are on that same pathway to need that clinical material for Phase II or a Phase II/III combo. And so we continue to progress that. And I think that's definitely a great development in our ability to continue to service customers and be best in making CleanCap mRNA, which is what is really what we do well.

是的，當然。我的意思是，看，我們對 Flanders 2 大樓感到非常興奮。我認為，當您提供更多 GMP 生產設施足跡時，您總是會領先。我們有許多客戶透過我們的僅供研究使用的製造服務。然後他們提交了 IND 申請，我們為他們製作了 GMP 材料。現在他們有興趣，他們將進入第二階段，有時是第二/第三階段的組合。因此，在這些情況下，我們將在明年年中為 GMP 做好準備，這些客戶就是我們正在接觸的客戶，他們也同樣需要 II 期或II/III 期組合。所以我們繼續在這方面取得進展。我認為，這絕對是我們繼續為客戶提供服務並在製造 CleanCap mRNA 方面做到最好的能力的巨大發展，而這正是我們真正擅長的領域。

Next question comes from the line of Justin Bowers with Deutsche Bank.

下一個問題來自德意志銀行的賈斯汀·鮑爾斯 (Justin Bowers)。

As you look at the composition of the NAP revenue to date and the funnel that you have now, is there a way to help us think about what proportion is sort of recurring revenue or a way to think about visibility going forward. That's sort of like part one. And then part two would be just any thoughts on the competitive landscape. I know that your lead times have come down a lot, and there's also been a lot of capacity that has come online across the industry as well. It'd just be helpful to have a sense of your perspective on the landscape there as well?

當您查看迄今為止 NAP 收入的組成以及現在的漏斗時，是否有一種方法可以幫助我們思考經常性收入的比例是多少，或者是考慮未來可見性的方法。這有點像第一部分。第二部分將是對競爭格局的任何想法。我知道你們的交貨時間已經縮短了很多，整個產業也有大量產能上線。了解您對那裡風景的看法也會有幫助嗎？

Yes, I'll take a quick stab at the competitive landscape and then hand it to Drew for your first question. So as we focus on the front end of the development funnel, there's more diffused competition there. Where the competition, in services specifically, has come up significantly is really at the large CDMO level where there are fewer programs, so the competitive landscape is sort of meeting in the middle with large CDMOs who have recently brought mRNA capacity to the market, reaching back into earlier phases, and discovery folks such as us progressing from discovery through Phase I through Phase II and so on. Since about 2/3 of our TriLink revenue is discovery, we are really, I think, being more affected there by new project starts, slowdowns or delays than specific competition.

是的，我將快速了解競爭格局，然後將其交給德魯回答你的第一個問題。因此，當我們專注於開發漏斗的前端時，那裡的競爭就會更加分散。特別是在服務方面，競爭顯著加劇的地方實際上是在項目較少的大型 CDMO 層面，因此競爭格局在某種程度上與大型 CDMO 相遇，這些大型 CDMO 最近將 mRNA 產能推向市場，達到了回到早期階段，像我們這樣的發現人員從發現到第一階段再到第二階段等等。由於我們大約 2/3 的 TriLink 收入來自發現，我認為，與特定競爭相比，我們確實更容易受到新專案啟動、放緩或延遲的影響。

So then I'll hand it to Drew for the first part of your question.

那我將把你問題的第一部分交給德魯。

Sure. Thanks, Trey. Look, I think it's difficult to put a precise percentage on it in recurring revenue terms. I think there are customers in discovery order from us on a regular basis and it tends to recur. We have some platforms that were built into that do it on a quarterly basis and that was supplied regularly. As you get further into clinical trials, whether we're supporting with reagents like CleanCap or whether we're supporting with clinical trial services, it may be a recurring piece of business so long as that program continues to advance through the clinic. But the advancement of that program through the clinic may not occur on a regular quarterly basis. So there may be stocking events at certain phases of the clinical trial, and there may be manufacturing events at certain phases of the clinical trial. So hopefully, that helps get to your question, but it's really a mix of both and not always in a consistent quarterly pattern on the clinical trial activities.

當然。謝謝，特雷。聽著，我認為很難在經常性收入方面給出一個精確的百分比。我認為定期有客戶向我們提出發現訂單，而且這種情況往往會反覆出現。我們有一些內建的平台，每季進行一次，並且定期提供。隨著您進一步深入臨床試驗，無論我們是提供 CleanCap 等試劑支持，還是提供臨床試驗服務支持，只要該計劃在診所繼續推進，它就可能是一項重複性業務。但該計劃透過診所的推進可能不會定期按季度進行。因此，在臨床試驗的某些階段可能會出現庫存事件，並且在臨床試驗的某些階段可能會出現製造事件。希望這有助於解答您的問題，但這實際上是兩者的混合體，臨床試驗活動並不總是採用一致的季度模式。

I'd like to turn the call back over to Deb Hart, Senior Director, Investor Relations.

我想將電話轉回給投資者關係高級總監 Deb Hart。

Thank you, Tammy, and thanks, everyone, for your time today and for joining the call. We'll be at a couple of conferences next week and hope to catch up with many of you there. Have a good evening.

謝謝你，塔米，也謝謝大家今天抽出時間參加這次電話會議。下週我們將參加幾個會議，希望能與那裡的許多人見面。祝你晚上愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。