Maravai LifeSciences Holdings Inc (MRVI) 2026 Q1 法說會逐字稿

Hello and welcome everyone joining today's Maravai LifeSciences Q1 2026 earnings call. (Operator Instructions) Please note this call is being recorded. We are standing by if you should need any assistance.

各位好，歡迎大家參加今天 Maravai LifeSciences 2026 會計年度第一季財報電話會議。(接線員指示) 請注意，本次通話將被錄音。如您需要任何協助，我們隨時待命。

It is now my pleasure to turn the meeting over to Deb Hart, Head of Investor Relations. Please go ahead.

現在我很榮幸將會議交給投資人關係主管 Deb Hart。請開始。

Good afternoon, everyone. Thanks for joining us for our first-quarter 2026 earnings call. The press release and slides accompanying today's call are posted on our website and available at investors.maravai.com.

各位下午好。感謝各位參加我們 2026 年第一季財報電話會議。今日電話會議所搭配的新聞稿與簡報投影片已發布於我們的網站，並可於 investors.maravai.com 取得。

As you can see from the agenda on slide 2, our CEO, Bernd Brust, will provide a business update; and our CFO, Raj Asarpota, will review our financial results. Dr. Chanfeng Zhao, our Chief Scientific Officer, will join us for the Q&A session.

如同投影片第 2 頁議程所示，我們的執行長 Bernd Brust 將提供業務更新；我們的財務長 Raj Asarpota 將回顧財務結果。我們的首席科學長趙禪峰博士將加入問答環節。

Management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. It's possible that actual results could differ from expectations. We refer you to slide 3 for details on forward-looking statements and our use of non-GAAP financial measures.

管理團隊將在今日電話會議中發表前瞻性陳述，並提及 GAAP 與非 GAAP 財務衡量指標。實際結果可能與預期有所差異。關於前瞻性陳述以及我們使用非 GAAP 財務衡量指標的細節，請參閱投影片第 3 頁。

The press release provides reconciliations to the most directly comparable GAAP measures, and we also post reconciling schedules to our investor website. 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.

新聞稿提供與最直接可比之 GAAP 指標的調節表，我們也在投資人網站上公布調節明細。另請參閱 Maravai 向 SEC 提交的文件，以取得可能影響我們營運結果、績效與財務狀況之風險與不確定性的更多資訊。

Now I'll turn the call over to Bernd.

現在我將電話交給 Bernd。

Good afternoon, and thank you for joining us. We are very pleased with our first-quarter performance, which represents a strong start to 2026 and builds on the momentum we exited with last year. The quarter results reflect solid execution across the business and reinforce our confidence in the trajectory we outlined on our call in February.

各位下午好，感謝各位加入。我們對第一季的表現感到非常滿意，這代表 2026 年強勁的開局，並延續我們去年年底的動能。本季結果反映我們在各項業務上的扎實執行，也強化了我們對 2 月電話會議所概述之發展軌跡的信心。

Turning to Slide 5, we delivered total Q1 revenue of $65.8 million, that's 41% year-over-year growth and 10% year-over-year growth in our base business when you exclude COVID-related CleanCap revenue. This performance was driven by improved TriLink demand, steady contribution from Cygnus and continued progress against our strategic priorities.

接著看投影片第 5 頁，我們第一季總營收為 6,580 萬美元，年增 41%；若排除與 COVID 相關的 CleanCap 營收，我們的核心業務年增 10%。此表現主要來自 TriLink 需求改善、Cygnus 的穩定貢獻，以及我們在策略優先事項上的持續進展。

TriLink revenue grew 65% year over year with a base business growth of 15%, supported by strong demand in both GMP and discovery consumables.

TriLink 營收年增 65%，核心業務年增 15%，主要受惠於 GMP 與研發用耗材兩方面的強勁需求。

At Cygnus, revenue grew a little more than 1% year over year. We saw solid underlying momentum with high-single-digit growth in North America and low-single-digit growth in EMAA. Reinforcing our confidence in the positioning of the business. This was partially offset by lower contribution from China due to distributor ordering timing.

在 Cygnus 方面，營收年增略高於 1%。我們看到穩健的基本面動能，北美為高個位數成長，EMAA 為低個位數成長。這進一步強化我們對該業務定位的信心。但由於經銷商下單時點因素，中國地區的貢獻較低，部分抵銷了成長。

From a profitability standpoint, we delivered adjusted gross margin of 65.3% and adjusted EBITDA of $20.3 million. These results reflect the benefit of higher revenue, favorable product and customer mix. And the cost disciplines we have implemented across the organization.

從獲利能力角度來看，我們本季調整後毛利率為 65.3%，調整後 EBITDA 為 2,030 萬美元。這些結果反映較高營收、較佳的產品與客戶組合所帶來的效益。以及我們在全公司推動的成本紀律。

We also generated $4.2 million of positive free cash flow in the quarter, which is the first time the company has been cash flow positive since Q3 of 2024. We see this as another clear indication that the structural improvements we have made are taking hold.

本季我們也產生 420 萬美元的正自由現金流，這是公司自 2024 年第三季以來首次轉為正現金流。我們認為這是另一項明確指標，顯示我們所做的結構性改善正在發揮效果。

Given our strong start to the year and improved visibility into the balance of 2026. We are increasing the range for our full-year revenue expectations and substantially raising our EBITDA guidance. Raj will walk through that in more detail shortly.

鑑於今年強勁的開局，以及對 2026 年其餘期間能見度的提升。我們上調全年營收預期區間，並大幅提高 EBITDA 指引。Raj 稍後將更詳細說明。

Now, let's turn to slide 6 for an update on our performance against our three strategic pillars: commercial execution, operational excellence, and, of course, innovation.

現在，讓我們看投影片第 6 頁，更新我們在三大策略支柱上的執行情況：商業執行、營運卓越，當然還有創新。

Starting with commercial execution. We are seeing strong momentum across the business. Our increased focus on customer engagement is translating into better forecasting, improved visibility, and stronger order conversion. We are securing more annual and multi-quarter purchase orders, which is improving the stability and predictability of our revenue base.

先從商業執行開始。我們看到整體業務動能強勁。我們更聚焦於客戶互動，正轉化為更好的預測能力、更高的能見度，以及更強的訂單轉換率。我們取得更多年度與跨季度的採購訂單，進一步提升營收基礎的穩定性與可預測性。

This is a meaningful shift from where we were a year ago and reflects the effectiveness of the changes we have made in our commercial go-to-market approach. That said, our business has a disproportionate number of large orders that can result in quarter-over-quarter performance variation. Large orders tend to align with customer program progression, and as a result, revenue can vary between periods.

相較一年前，這是一項重要轉變，也反映我們在商業市場進入策略（go-to-market）上所做調整的成效。不過，我們的業務中大型訂單占比偏高，可能導致季度間表現波動。大型訂單往往與客戶專案進度相一致，因此各期間營收可能有所變動。

What gives us confidence is not the timing of any single order, but the strength and continued expansion of the underlying opportunity funnel.

讓我們有信心的不是任何單一訂單的時點，而是底層商機管道（opportunity funnel）的強度與持續擴張。

Within TriLink, our portfolio now spans enabling technologies such as CleanCap and ModTail, along with custom and catalog mRNA, enzymes, oligonucleotides, including guided RNAs, and a broad range of nucleotide chemistries, including NTPs. This breadth allows us to participate more deeply across the mRNA and gene therapy workflows.

在 TriLink 方面，我們的產品組合如今涵蓋 CleanCap 與 ModTail 等賦能技術，以及客製與目錄型 mRNA、酵素、寡核苷酸（包含引導 RNA），並提供廣泛的核苷酸化學品（包含 NTP）。這樣的廣度使我們能更深入參與 mRNA 與基因治療的工作流程。

We also recently launched all-in-one IVT kits, which simplify the production of capped RNA and provide early-stage researchers with easier access to our platform.

我們近期也推出一體化（all-in-one）的 IVT 試劑盒，可簡化加帽 RNA 的製備，並讓早期研究人員更容易使用我們的平台。

At TriLink, our model continues to work as intended. We establish relationships early in discovery, embed our technologies in customer workflows. And then grow with those programs as they advance into GMP. Mentions of trialing technologies and scientific publications remain strong, underscoring their role in customer workflows, which we view as an important leading indicator of future demand.

在 TriLink，我們的商業模式持續如預期運作。我們在研發探索階段即建立關係，將我們的技術嵌入客戶工作流程。接著隨著這些專案推進至 GMP 而共同成長。技術試用與科學論文中的提及仍然強勁，凸顯其在客戶工作流程中的角色；我們將其視為未來需求的重要領先指標。

A key highlight in the quarter is the continued adoption of ModTail. We now have more than 70 customers using this technology, across both large pharmaceutical companies and emerging biotechs. We are seeing growth in new customers, repeat orders, and increasing use across multiple applications.

本季的一項重點亮點是 ModTail 的持續採用。目前已有超過 70 家客戶使用此技術，涵蓋大型製藥公司與新興生技公司。我們看到新客戶增加、重複下單，以及在多種應用上的使用擴大。

We also see continued strength in our GMP funnel, with GMP customers expected to grow 22% in 2026, representing nine existing REO customers transitioning to GMP customers, two of which we have already converted this year. Many of these programs are progressing into later clinical stages, which supports the durability of the demand as a long-term GMP supplier.

我們也持續看到 GMP 商機管道的強勁表現，預期 2026 年 GMP 客戶將成長 22%，其中包括 9 家既有 REO 客戶轉為 GMP 客戶；今年我們已完成其中 2 家的轉換。許多專案正推進至較後期的臨床階段，這支持我們作為長期 GMP 供應商之需求的持久性。

At Cygnus, we saw growth from our newer DNA quantification and extraction kits, as well as from our Moxi product offering. These product lines extend us beyond our traditional HCP franchise into adjacent applications. While still early, we are encouraged by the traction we are seeing as customers look for high-quality analytical tools across their development and manufacturing workflows.

在 Cygnus，我們看到較新的 DNA 定量與萃取試劑盒，以及 Moxi 產品線帶來的成長。這些產品線使我們從傳統的 HCP 核心業務延伸至相鄰應用。雖然仍在早期階段，但看到客戶在其研發與製造工作流程中尋求高品質分析工具所帶來的進展，我們感到鼓舞。

And finally, at Cygnus, our kits continue to play a critical role in the market with a 100% attach rate supporting the safety testing of all 29 of the 29 FDA or EMA-approved CAR-T cell and gene therapies.

最後，在 Cygnus，我們的試劑盒在市場上仍扮演關鍵角色，具備 100% 的搭配率（attach rate），支援所有 29 項（29/29）獲 FDA 或 EMA 核准的 CAR-T 細胞與基因治療之安全性檢測。

Now turning to operational excellence. This remains a core focus and a key driver of our improved financial performance. The restructuring actions we implemented last year continue to deliver results, and we now expect to achieve more than $65 million in annual EBITDA savings.

接著談營運卓越。這仍是核心重點，也是我們財務表現改善的關鍵驅動因素。我們去年推動的重整措施持續帶來成果，目前我們預期每年可實現超過 6,500 萬美元的 EBITDA 節省。

These savings span labor, facilities, and controllable spend and are creating a more efficient and scalable cost structure. This is clearly reflected in our margins. We are benefiting from both cost discipline and a favorable product mix, particularly as higher-margin GMP consumables represent a larger portion of our revenue.

這些節省涵蓋人力、設施與可控支出，並正在打造更有效率且可擴展的成本結構。這在我們的利潤率上有清楚反映。我們同時受惠於成本紀律與有利的產品組合，特別是高毛利的 GMP 耗材占營收比重提高。

At the same time, our operating model is in our position to absorb incremental volume without significant increases in fixed costs, supporting continued margin expansion as we grow revenue.

同時，我們的營運模式使我們能夠在固定成本不顯著增加的情況下吸收新增的業務量，隨著營收成長，支持利潤率持續擴張。

We are also making progress on our digital and operational initiatives. Our e-commerce channel continues to expand with more customers placing orders directly through our platform, improving speed and efficiency.

我們在數位化與營運計畫方面也持續取得進展。我們的電子商務通路持續擴張，越來越多客戶透過我們的平台直接下單，提升速度與效率。

In Q1, our website delivered record revenue, reflecting both improved customer engagement and the scalability of our digital platform.

第一季，我們的網站創下營收新高，反映客戶互動的提升以及我們數位平台的可擴展性。

Finally, turning to R&D. Our focus remains on translating innovation into revenue and strengthening our competitive position across our customers' workflows.

最後，談到研發。我們的重點仍是將創新轉化為營收，並在客戶的工作流程中強化我們的競爭地位。

At TriLink, we are making strong progress on our enzymes portfolio. Our GMP facility has not been completed and we expect to launch GMP quality enzymes this quarter. Early customer engagement has been encouraging and we see this as an important extension of our capabilities.

在 TriLink，我們的酵素產品組合正取得顯著進展。我們的 GMP 設施尚未完工，並預期於本季推出 GMP 品質的酵素。早期客戶互動令人鼓舞，我們視此為我們能力的重要延伸。

With ModTail, we are building on the strong discovery adoption and expect to launch GMP-grade ModTail later this year. We are already seeing customer demand for GMP material to support clinical programs. This is a clear example of how our innovation pipeline feeds future revenue growth.

在 ModTail 方面，我們正延續強勁的探索階段採用動能，並預期於今年稍晚推出 GMP 等級的 ModTail。我們已看到客戶對 GMP 材料的需求，以支援臨床計畫。這清楚展現我們的創新管線如何帶動未來營收成長。

More broadly, our portfolio continues to diversify across custom mRNA kits and catalog mRNA, complementing our existing CleanCap and Oligo product lines. This strengthens our position and reduces reliance on any single product or customer.

更廣泛而言，我們的產品組合持續在客製化 mRNA 試劑盒與目錄型 mRNA 之間多元化，並與既有的 CleanCap 與 Oligo 產品線相互補強。這強化了我們的市場地位，並降低對任何單一產品或客戶的依賴。

At Cygnus, in addition to host cell protein assays, which remain the gold standard for clinical and commercial drug product lot release, we now offer an expanded suite of HCP analytical services utilizing advanced mass spectrometry methods and state-of-the-art instruments.

在 Cygnus，除了宿主細胞蛋白（HCP）檢測（其仍是臨床與商業化藥品成品批次放行的黃金標準）之外，我們現在也提供擴充的 HCP 分析服務組合，採用先進的質譜方法與最先進的儀器。

These innovative analytical capabilities deliver critical insights to customers throughout drug development and into commercialization, helping ensure their products remain safe and effective.

這些創新的分析能力可在藥物開發乃至商業化全程為客戶提供關鍵洞見，協助確保其產品維持安全且有效。

We continue to invest in and expand our IP portfolio across our core platforms, including CleanCap, ModTail, and Cygnus assays.

我們持續投資並擴充核心平台的智慧財產權組合，包括 CleanCap、ModTail 與 Cygnus 檢測。

During the first quarter, TriLink received two additional European patents, including one further strengthening protection around our CleanCap technology and methods for synthesizing RNA.

第一季期間，TriLink 新取得兩項歐洲專利，其中一項進一步強化對我們 CleanCap 技術及 RNA 合成方法的保護。

In addition, Cygnus was granted a new US patent related to its MVP mock viral particle technology, supporting our assay and analytical capabilities.

此外，Cygnus 也獲授一項與其 MVP 模擬病毒顆粒技術相關的美國新專利，支援我們的檢測與分析能力。

In summary, the first quarter represents an incredible start to the year. We are executing well across all three pillars, driving commercial momentum, delivering operational discipline, and advancing innovation.

總結而言，第一季為今年帶來令人振奮的開局。我們在三大支柱上均執行到位，推動商業動能、落實營運紀律，並推進創新。

The fundamentals of the business are strong, and we believe we are well-positioned for continued growth, margin expansion, and cash generation in 2026 and beyond.

本業基本面強勁，我們相信公司已具備良好條件，可在 2026 年及其後持續成長、擴大利潤率並創造現金。

I'll now ask Raj to provide details on our first quarter performance and our updated guidance. Raj?

接下來我請 Raj 說明第一季表現與我們更新後的財測指引。Raj？

Thank you, Bernd. Building on Bernd's comments, the first quarter reflects solid execution across both segments with improving base demand and strong margin flow-through. I'll focus on the key drivers behind the quarter, including revenue composition, profitability, and our updated outlook.

謝謝你，Bernd。延續 Bernd 的評論，第一季反映兩個事業部門皆有穩健執行，基礎需求改善，且利潤率的增量貢獻強勁。我將聚焦本季背後的關鍵驅動因素，包括營收組成、獲利能力，以及我們更新後的展望。

Let me start with a closer look at revenue on slide 8.

我先從投影片 8 更深入檢視營收。

Our business remains well-diversified across end markets. Base revenue by customer type was 32% biopharma, 31% life sciences and diagnostics, 4% academia, 7% CRO, CMO, CDMO, and 26% distributors. By geography, base revenue was 60% North America, 25% EMEA, 8% Asia-Pacific, excluding China, and 7% in China.

我們的業務在終端市場上仍維持良好多元化。按客戶類型劃分的基礎營收為：生物製藥 32%、生命科學與診斷 31%、學術 4%、CRO/CMO/CDMO 7%、經銷商 26%。按地區劃分，基礎營收為：北美 60%、EMEA 25%、亞太（不含中國）8%、中國 7%。

Turning to slide 9, our GAAP net loss before non-controlling interest was $6.4 million. This compares to a GAAP net loss before non-controlling interest of $52.9 million in the prior-year period.

接著看投影片 9，依 GAAP 計算、扣除非控制權益前的淨損為 640 萬美元。相較之下，去年同期依 GAAP 計算、扣除非控制權益前的淨損為 5,290 萬美元。

Adjusted EBITDA, a non-GAAP measure, was $20.3 million for Q1, exceeding our expectations and improving by more than $30 million year over year. This was driven by stronger revenue, favorable mix toward high-margin GMP and Discovery consumables and high-margin contribution from COVID CleanCap.

第一季調整後 EBITDA（非 GAAP 指標）為 2,030 萬美元，優於我們預期，且年增超過 3,000 萬美元。主要受更強勁的營收、高毛利的 GMP 與 Discovery 耗材之有利組合，以及 COVID CleanCap 的高毛利貢獻所帶動。

Basic and diluted loss per share in Q1 was $0.02 compared to a loss of $0.21 per share in Q1 2025. Adjusted EPS was positive $0.01 compared to a loss of $0.08 per share last year.

第一季基本與稀釋後每股虧損為 0.02 美元，去年第一季每股虧損為 0.21 美元。調整後 EPS 為正 0.01 美元，去年則為每股虧損 0.08 美元。

Moving to the balance sheet, cash flow, and other financial metrics on Slide 10, we ended the quarter with $165.9 million in cash and $242.9 million in long-term debt following the voluntary $50 million debt repayment during the quarter.

轉到投影片 10 的資產負債表、現金流與其他財務指標，本季末我們持有現金 1.659 億美元，長期負債 2.429 億美元；本季期間我們自願償還 5,000 萬美元債務。

We generated $4.2 million of positive free cash flow, reflecting improved EBITDA and disciplined capital management.

我們產生 420 萬美元的正自由現金流，反映 EBITDA 改善與嚴謹的資本管理。

Depreciation and amortization was $11.4 million, net interest expense was $3.9 million, and stock-based compensation, a non-cash charge, was $6.7 million for the quarter.

本季折舊與攤銷為 1,140 萬美元，淨利息費用為 390 萬美元，以股份為基礎的薪酬（非現金費用）為 670 萬美元。

Turning to segment performance on slide 11, TriLink represented 72% of total revenue in the quarter. Excluding COVID CleanCap, TriLink represented 64% of total revenue, with base growth of 15%. TriLink was a primary driver of adjusted EBITDA improvement, benefiting from high-margin product mix and improved operating leverage.

接著看投影片 11 的部門表現，TriLink 本季占總營收的 72%。若排除 COVID CleanCap，TriLink 占總營收的 64%，基礎業務成長 15%。TriLink 是調整後 EBITDA 改善的主要驅動因素，受惠於高毛利產品組合與營運槓桿提升。

The segment generated $17.3 million of adjusted EBITDA, representing an improvement of more than $26 million year over year.

該部門創造 1,730 萬美元的調整後 EBITDA，年增改善超過 2,600 萬美元。

Cygnus represented 28% of total revenue or 36% of base revenue and continue to deliver strong profitability. Cygnus generated $13.6 million of adjusted EBITDA with margins of 73.8%.

Cygnus 占總營收的 28%，或占基礎營收的 36%，並持續展現強勁獲利能力。Cygnus 產生 1,360 萬美元的調整後 EBITDA，利潤率為 73.8%。

Corporate expenses impacting adjusted EBITDA were $10.5 million in the quarter. These expenses include HR, finance, legal, IT and public company costs.

本季影響調整後 EBITDA 的公司層級費用為 1,050 萬美元。這些費用包括人資、財務、法務、IT 以及上市公司相關成本。

Turning to our updated guidance on slide 12, our outlook reflects a strong first quarter and increased confidence in the base business trajectory.

接著看投影片 12 的更新指引，我們的展望反映第一季的強勁表現，以及對基礎業務走勢更高的信心。

We are raising our revenue range to $205 million to $215 million, representing growth of 10% to 16% over 2025. We expect trialing to grow in the high teens. Driven by continued strength in GMP consumables and a return to growth in discovery.

我們將營收區間上調至 2.05 億至 2.15 億美元，較 2025 年成長 10% 至 16%。我們預期 TriLink 將以高十位數成長。成長動能來自 GMP 耗材的持續強勁，以及 Discovery 業務恢復成長。

We do not currently expect additional high-volume COVID CleanCap revenue in 2026. However, we continue to view $10 million to $20 million of annual endemic demand as a reasonable baseline longer-term.

我們目前不預期 2026 年會有額外的大量 COVID CleanCap 營收。然而，從長期來看，我們仍認為每年 1,000 萬至 2,000 萬美元的地方性（endemic）需求是合理的基準水準。

For Cygnus, we continue to expect low to mid-single-digit growth, and we view the Q1 softness in China as timing- related.

就 Cygnus 而言，我們仍預期低至中個位數成長，並認為第一季中國市場的疲弱與時點因素相關。

We are substantially raising our full-year adjusted EBITDA guidance to $30 million to $32 million, representing an improvement of $61 million to $63 million year over year, primarily driven by performance in TriLink.

我們大幅上調全年調整後 EBITDA 指引至 3,000 萬至 3,200 萬美元，年增改善 6,100 萬至 6,300 萬美元，主要由 TriLink 的表現所驅動。

This reflects the composition of the growth we are seeing. We continue to see strong demand in higher-margin areas of the portfolio, particularly GMP consumables, our higher-margin Discovery consumables and key Cygnus product lines. That mix shift combined with structural improvements we've made is driving the outperformance in EBITDA.

這反映我們所看到的成長組成。我們持續看到產品組合中高毛利領域的強勁需求，特別是 GMP 耗材、我們較高毛利的 Discovery 耗材，以及 Cygnus 的關鍵產品線。該組合轉移，加上我們已完成的結構性改善，正推動 EBITDA 優於預期。

Additionally, we expect continued gross margin expansion of greater than 1,300 basis points supported by restructuring actions, cost discipline, and favorable product mix. The remainder of our guidance framework we provided in February's call is unchanged.

此外，我們預期毛利率將持續擴張超過 1,300 個基點，並由重組措施、成本紀律與有利的產品組合所支撐。我們在 2 月電話會議中提供的其餘指引架構維持不變。

Importantly, we expect to generate positive free cash flow for the remainder of the year, representing a meaningful improvement from 2025. Overall, we are encouraged by the momentum in the business. Improved commercial execution, a more efficient cost structure, and favorable mix are driving meaningful financial progress, and we remain confident in our outlook for 2026.

重要的是，我們預期在今年剩餘期間將產生正的自由現金流，這相較於2025年代表著顯著改善。整體而言，我們對業務動能感到鼓舞。更佳的商業執行、更有效率的成本結構以及有利的產品組合，正推動顯著的財務進展，我們對2026年的展望仍充滿信心。

With that, I'll turn the call back over to the operator for Q&A.

接下來，我把電話交回給接線員進行問答。

(Operator Instructions) Matt Hewitt, Craig-Hallum Capital Group.

(接線員指示) Matt Hewitt，Craig-Hallum Capital Group。

Well, congratulations on a very nice start to the year. Maybe first up, in real high level, I'm just curious what you're seeing from your pharma and customers, both in kind of segmented large versus small, and your expectations for those two groups as the year progresses.

嗯，恭喜今年開局非常漂亮。也許先從很高層次來問，我很好奇你們從藥廠客戶那邊看到什麼情況，包含大藥廠與小型藥廠的分項差異，以及你們對這兩個族群在今年後續發展的預期。

Obviously, the funding has improved, and there's been a lot of talk about that, but what are you seeing from a spending perspective for that, the smaller pharma and biotech group?

顯然資金狀況已改善，大家也談了很多，但就支出角度而言，你們在較小型的藥廠與生技族群那邊看到什麼？

Thanks for the comment, Craig -- or Matt, I'm sorry. When we look at that group, it's kind of consistent across the board. Big Pharma has been very healthy and specifically some larger discovery orders, but discovery or smaller biotech, smaller pharma has been pretty consistent as well.

謝謝你的評論，Craig——呃 Matt，抱歉。我們看這個族群時，整體上相當一致。大型藥廠一直非常健康，尤其有一些較大的探索（discovery）訂單；而探索端或較小型的生技、較小型藥廠也同樣相當穩定。

Across the board, I think the area where we still see the most significant softness is in this academic research world. It's not a huge part of our revenue any longer. But when it comes to pharma, biotech, it's pretty consistent, healthy.

整體來看，我認為我們仍看到最明顯疲弱的領域是在學術研究圈。這部分已不再占我們營收很大比重。但就藥廠、生技而言，表現相當一致且健康。

That's great. And then maybe just speaking to China, obviously there's a little bit of an order timing issue there, but it sounds like that's going to pick up. But as a whole, when you look at the year, is China starting to come back or what are you seeing?

很好。再談談中國，顯然那邊有一些訂單時點的問題，但聽起來會回升。整體來看，若看全年，中國是否開始回溫？你們看到什麼情況？

When you look at our Cygnus business, we have one distributor who represents us there, they're a solid company. We are certainly continuing to explore other commercialization options there, Raj and Dr. Zhao in China last week for both Cygnus and TriLink.

就我們的Cygnus業務而言，我們在那裡有一家代表我們的經銷商，是一家很穩健的公司。我們也確實持續在探索其他商業化選項；Raj和趙博士上週在中國，針對Cygnus與TriLink兩邊都在進行相關工作。

We look at China for this year probably still as a sort of mid-single-digits growth engine, and I think we should be able to get there. The problem is a little bit, these are all larger orders, right, there's not really any run rate modeling behind that, but we feel good in general about where that is sitting.

我們看中國今年大概仍會是中個位數成長的動能來源，我認為我們應該能達成。問題在於這些多是較大的訂單，對吧，背後其實沒有什麼可用的常態化（run rate）模型，但整體而言我們對目前的狀況感覺不錯。

On the trialing front, we really haven't done much business in China, what's actually the main purpose for being in China last week, we had some great interactions with customers there, I think you're going to see some progression happening there over the next months to come, and so China as a whole, revenue-wise, not a super critical component of the business, but certainly something we're going to continue to work on enhancing.

在TriLink這邊，我們其實在中國還沒有做太多生意；上週去中國的主要目的，是我們與當地客戶有一些很好的互動。我想接下來幾個月你會看到一些進展。因此就整體中國而言，從營收角度看並不是業務中極為關鍵的組成，但我們肯定會持續努力強化。

That's great, and congratulations again on the start of the year.

很好，也再次恭喜今年的開局。

Thank you very much.

非常感謝。

Matt Stanton, Jefferies.

Matt Stanton，Jefferies。

Hey, thanks. Maybe to go back to the demand question, just the base TriLink business mid-teens growth year over year, can you just unpack the demand a little bit more of what you saw in Discovery versus GMP? I think you said you expect GMP to grow over 20% for the year. Did you see that here in 1Q?

嗨，謝謝。回到需求的問題，TriLink基礎業務年增中十幾％，你能否再拆解一下你們在Discovery與GMP看到的需求狀況？我想你提到你們預期GMP全年成長超過20%。你們在第一季就看到這樣的表現了嗎？

And then the last quarter, you sounded pretty upbeat on kind of order trends, final activity. Would just kind of love to hear how that trended for the rest of 1Q and here into 2Q in terms of some of the future demand indicator. I assume pretty good just given the guidance rate, but we'd love to get any more anecdotal color just on some of the funnel and order activity as well for Discovery and GMP.

另外，上季你們對訂單趨勢、最終活動（final activity）聽起來相當樂觀。很想聽聽在第一季剩餘期間以及進入第二季後，作為未來需求指標的趨勢如何。我猜應該不錯，畢竟指引的成長率如此，但也希望能多聽一些軼事性的補充，包括Discovery與GMP在漏斗與接單活動方面的情況。

Hey, Matt, thanks for the question. I think when you look at TriLink, like we said, that grew 15%. And while that Q1 kind of base growth was strong. As you can extrapolate for the balance for the year, like we said, there's some variability in larger GMP orders.

嗨 Matt，謝謝你的問題。我想就TriLink而言，如我們所說，成長了15%。雖然第一季這種基礎成長很強。但如你可推估到今年其餘期間，我們也提到大型GMP訂單存在一些波動性。

We characterize that underlying growth in the second-half in trialing to be in the low to mid-single-digits, and we do remain very positive on the longer-term trajectory and as we kind of look for more consistent growth.

我們將TriLink在下半年（不含大型GMP訂單波動的）底層成長描述為低到中個位數；我們對長期走勢仍非常正面，也會持續朝更一致的成長努力。

We have -- we talked about ModTail as a particular callout on the R&D side that is starting to kind of get good traction, we've seen revenues from last year into this year steadily climbing. And then as that starts to turn into GMP level in the second-half, we should see some more positive growth as these programs get traction toward the end of the year and into next year.

我們——我們提到ModTail作為研發端的一個重點亮點，正開始取得不錯的牽引力；我們看到從去年到今年的營收穩步攀升。而當它在下半年開始轉入GMP等級時，隨著這些專案在年底及明年獲得更多進展，我們應該會看到更正面的成長。

And then maybe just on ModTail, just it sounds like how is that tracking to expectations? It sounds like maybe better 70 customers, new customers, repeat orders.

那再問一下ModTail，聽起來它的進展如何、是否符合預期？聽起來可能更好——70個客戶、新客戶、重複下單。

And then the scope to launch the GMP in the back half of the year, just how meaningful is that and has that kind of accelerated as it relates to what you've seen so far on the activity levels on that product?

另外，下半年推出GMP的範圍（scope），這有多重要？以及就你們目前看到該產品的活動水準而言，這是否有所加速？

Yeah, I think certainly ModTail is well. Performing above what our expectations are 70 customers is a pretty big number. I think the dollar amount is right in line with what we had expected for the whole year. That is still a fairly small portion of our total revenues, of course, it being a newly launched product.

是的，我認為ModTail確實表現良好。其表現高於我們的預期，70個客戶是相當大的數字。我認為金額與我們對全年預期大致一致。當然，作為新推出的產品，它目前仍只占我們總營收相對小的一部分。

But the fact that we have some larger customers already asking for GMP quality product is pretty unique so early on after launch. So yeah, we're moving quickly on that. Based on somebody's earlier customer indications, I don't think the GMP consumables in Mott Tail will have a material impact in 2026.

但在上市後這麼早就有一些大型客戶要求GMP品質的產品，這相當罕見。所以是的，我們正在快速推進。根據先前某些客戶的指示，我不認為ModTail的GMP耗材會在2026年產生重大影響。

But certainly, if you start seeing demand there, it should set us up for a very nice 2027 for that product life.

但當然，如果你開始看到那邊的需求，將使我們在該產品生命週期的2027年有非常漂亮的表現。

Great. Thank you.

很好。謝謝。

Justin Bowers, Deutsche Bank.

Justin Bowers，德意志銀行（Deutsche Bank）。

Hi. Good afternoon, everyone. Can you talk about the funnel and how that's shaping up and maybe any metrics around growth there and RFPs over the last few quarters, a few months, and then also what you're seeing in terms of decisions and timelines there, any change in the velocity?

嗨。各位下午好。你們能談談商機漏斗（funnel）以及它目前的形狀嗎？也許提供一些關於過去幾季、幾個月漏斗成長與RFP（提案邀請）方面的指標；另外也想了解你們在決策與時程上看到什麼情況，節奏（velocity）是否有任何變化？

Let me maybe give a high-level comment, and then I'll let Raj get maybe into some more details here.

我先做個高層次的評論，然後讓Raj再補充一些細節。

On the GMP front, the funnels continue to be good. I think we pointed out in our comments earlier that we have nine or so new discovery customers that are moving into clinical trials forecasted for this year. Two have already started.

在GMP方面，漏斗持續維持良好。我想我們先前的評論也指出，今年預計有大約九個新的Discovery客戶將進入臨床試驗。其中兩個已經開始。

The remainders we're expecting sometime in the remainder of this year to start. That funnel is always fairly easy to manage just because it has a fairly long outlook. And so we have a pretty good grasp on what's happening there, and it's good growth for the remainder of this year. On the larger discovery orders, it's been great philosophy.

其餘的我們預期會在今年剩餘期間的某個時間點啟動。這個漏斗通常相對容易管理，因為它的能見度相當長。因此我們對那邊的進展掌握得很清楚，而且今年剩餘期間會有不錯的成長。至於較大的Discovery訂單，表現一直非常好。

In fact, it's been faster than we had expected customers that we were expecting to buy later in the year, bought earlier in the year. Hopefully, that's a good indication around them accelerating their experiments, their work and further growth moving forward.

事實上，進展比我們預期更快；我們原本預期會在今年稍晚才購買的客戶，反而在年初就提前下單了。希望這能是個好跡象，代表他們正在加速實驗、推進工作，並在未來帶動進一步成長。

The challenge in that part of this is a little bit is for us that the average sales cycle there is like two or three months. And so with GMP, we pretty much know in advance what's going to happen. On the large discovery segment.

這部分的挑戰在於，對我們來說，那裡的平均銷售週期大約是兩到三個月。因此在 GMP 方面，我們幾乎可以事先知道會發生什麼。在大型 Discovery（探索）區隔也是如此。

We don't quite grasp yet what's going to happen in Q3 and Q4, just given, again, the sales cycle that comes with this. The trajectory has been great. We see no reason why that shouldn't continue that way.

但我們還無法完全掌握第三季與第四季會發生什麼，主要還是因為這裡的銷售週期因素。目前的成長軌跡非常好。我們看不出有任何理由不會以同樣方式延續下去。

Certainly, that's what we are seeing in the first 4.5 months or now of this year. But all in all, great growth trajectory in both areas.

當然，這也是我們在今年前 4.5 個月左右所看到的情況。總體而言，兩個領域的成長軌跡都很強勁。

No, I think you covered it, Bernd. I mean, maybe on Discovery, again, if you resegment those under $15,000 in greater than $15,000 orders. And as we've always said, under $15,000, those orders are predominantly academic and early-stage research.

不，我想你已經涵蓋到了，Bernd。我的意思是，或許在 Discovery 方面，再次把訂單重新分段為低於 15,000 美元與高於 15,000 美元。而且如同我們一直說的，低於 15,000 美元的訂單主要來自學術界與早期研究。

And that segment, like we said, is still recovering. But it's consistent with our broader funding environment, and we did see modest growth in this segment in Q1.

而那個區隔，如我們所說，仍在復甦中。但這與我們更廣泛的資金環境一致，而且我們確實在第一季看到該區隔有溫和成長。

And then on greater than $15,000 discovery orders, those are kind of dominated by biopharma and biotech development programs, and those are seeing really healthy growth, like Baron said.

至於高於 15,000 美元的 Discovery 訂單，則多由生物製藥與生技的開發計畫主導，正如 Baron 所說，這部分呈現非常健康的成長。

Subbu Nambi, Guggenheim.

Subbu Nambi，Guggenheim。

Thank you for taking my question. How did the CDMO customer orders perform in the quarter, particularly for Cygnus?

謝謝讓我提問。本季 CDMO 客戶訂單表現如何，特別是 Cygnus 的部分？

CDMO and Cygnus, I don't think we've reported out necessarily. If you talk about CDMO and some of our work we're doing with TriLink, that business is fairly steady. We have a couple of great programs in there. It's a pretty small part of our business yet, and as we shared last year, we restructured that organization a little bit just to control our costs. But the programs that are there are doing well.

CDMO 和 Cygnus，我不認為我們有特別對外揭露。如果談到 CDMO，以及我們與 TriLink 合作進行的一些工作，那塊業務相當穩定。我們那裡有幾個很不錯的專案。它目前仍是我們業務中相當小的一部分，而且如同我們去年分享的，我們稍微重整了那個組織，以便控制成本。但現有的專案進展良好。

It's not a very large group, so there's a lot of lumpiness again in there as well. But that's probably the only CDMO we break out. I don't know if we break CDMO out customer-wise for Cygnus. I don't think we have it in the past, no.

那不是一個很大的團隊，所以同樣也會有相當程度的波動性。但那大概是我們唯一會拆分出來談的 CDMO。至於 Cygnus，我不確定我們是否會按客戶別拆分 CDMO。我想過去沒有，對。

Okay, that's helpful. And then when we think of Metabyte, just zooming out, and we want to look at leading indicators, where would should investors lean on? Should it be smaller biotech that are working on biologics? Should it be cell and gene therapy companies, or in general, the whole bioprocessing end market?

好的，這很有幫助。接著談到 Metabyte，若拉高一個層次來看、並想找領先指標，投資人應該著重在哪裡？是做生物製劑的小型生技公司嗎？是細胞與基因治療公司嗎？或是整體生物製程的終端市場？

I would go with your last suggestion. I think that the health across the board is starting to get much better. Like we said, we see that weakness still and it's such a small part of our business, but it is in the academic, smaller research world.

我會選你最後一個建議。我認為整體各面向的健康度都開始明顯改善。如同我們所說，我們仍看到一些疲弱，而那是我們業務中非常小的一部分，主要在學術界與較小型的研究領域。

Perfect. Thank you so much.

太好了。非常感謝。

Matthew Parisi, KeyBanc Capital Markets.

Matthew Parisi，KeyBanc Capital Markets。

Hi, yes, this is Matthew Parisi on for Paul Knight. Congrats on the quarter, and thanks for taking my question. As a percentage of revenue, APAC decreased pretty meaningfully in the quarter compared to the fourth quarter. I was wondering what drove that change, and then is that a trend that you can expect for the rest of 2026?

嗨，是的，我是 Matthew Parisi，代替 Paul Knight 提問。恭喜本季表現，也謝謝讓我提問。以營收占比來看，亞太地區（APAC）本季相較第四季下降得相當明顯。我想了解是什麼驅動了這個變化，以及這是否會成為 2026 年剩餘期間的趨勢？

I'll let Raj go to the details here, but my guess is that's largely through sickness, because there's not a lot of TriLink activity in that part of the world. So Raj, keep me honest there.

我先請 Raj 補充細節，但我猜主要是因為「sickness」（我們談到的中國那部分），因為在那個地區 TriLink 的活動並不多。所以 Raj，請幫我確認一下。

TriLink -- or I'm sorry, sickness, we talked about China. I think the other area was Korea, South Korea, where we saw some softness. I don't know whether we have great data behind that?

TriLink——呃抱歉，是「sickness」，我們談到的是中國。我想另一個地區是韓國、南韓，我們看到一些疲弱。我不確定我們是否有很充分的數據支持這點？

Really, it's not that meaningful and again, going back to China, that current softness that we saw in the first quarter is really kind of distributor ordering pattern and it's not end customer driven. We typically have good line of sight to what the end demand is and that is not impacted, this is purely a timing issue.

其實這並不是那麼重要；而且回到中國，我們在第一季看到的當前疲弱，主要是經銷商的下單節奏所致，並非終端客戶需求驅動。我們通常對終端需求有很好的能見度，而終端需求並未受到影響；這純粹是時間點問題。

So we don't see any significant shift for the balance of the year. And that demand is not impacted. So we feel pretty good about recovering the demand and the balance of the year.

因此我們不認為今年剩餘期間會有任何顯著的變化。而且需求沒有受到影響。所以我們對於需求回補以及今年剩餘期間的表現相當有信心。

Thank you. And I'd like to just squeeze in one more. I was just wondering about kind of how the engagement has been with the new mRNA builder.

謝謝。我想再擠一個問題。我想了解一下，新的 mRNA builder 的互動/使用情況大概如何？

Great. I mean, so early days, obviously, we saw the highest increase in online activity with the business in this quarter.

很好。我的意思是，顯然還在早期階段；但我們在本季看到線上活動量出現了最高幅度的成長。

Our total e-commerce revenues is still under 10% for the business, so it's still a long runway to go here. But good engagement, we've seen our first non-contact orders coming through and highly optimistic that that will be a big driver, specifically as the academic world will bounce back at some point here that allows us to touch those customers without really increasing any kind of human interaction.

我們的電商總營收占比仍低於 10%，所以這裡還有很長的成長跑道。但互動情況良好，我們已看到第一批「非接觸式」訂單進來；我們也非常樂觀，這會成為一個重要驅動力，特別是當學術界在某個時間點回溫後，讓我們能在不真正增加任何人員互動的情況下觸及這些客戶。

That's awesome. Thanks for taking my questions.

太棒了。謝謝回答我的問題。

(Operator Instructions) Dan Arias, Stifel.

（接線員指示）Dan Arias，Stifel。

Hey, guys. This is [Rohan] on for Dan. Thanks for the questions. Last year, you were pretty adamant that high-volume clean cab visibility was near zero without binding purchase orders. And today, you've pinned the COVID-19 revenue at exactly $14.3 million. What specifically changed in your forecasting methodology or customer contracts that allows for this level of precision now?

嘿，各位。我是 [Rohan]，代替 Dan 提問。謝謝讓我提問。去年你們相當堅持地表示，若沒有具約束力的採購訂單，高產量 clean cab 的能見度幾乎為零。而今天你們把 COVID-19 營收精準地定在 1,430 萬美元。你們的預測方法或客戶合約具體有哪些改變，讓現在能有這種精準度？

I think that's a misunderstanding, guys. I think we shared last year that we expect COVID in 2026 to be between $10 million and $20 million, and we expect that to be the same number kind of moving forward.

我想這裡有些誤解，各位。我想我們去年分享的是，我們預期 2026 年的 COVID 相關營收會在 1,000 萬到 2,000 萬美元之間，而且我們預期往後也大致會是同樣的區間。

We received orders in that this is the dollars that came in, and so we don't expect any other order for the rest of the year. I don't think we ever said that we would not have any further COVID-related orders in 2026. We would have said that for 2025.

我們已收到訂單，而這就是進來的金額，因此我們不預期今年剩餘時間還會有其他訂單。我不認為我們曾說過 2026 年不會再有任何 COVID 相關訂單。我們會那樣說的是 2025 年。

Thanks for the clarity on that.

謝謝釐清。

And you raised the midpoint of adjusted EBITDA guidance by $12 million or so at the midpoint, right, while only raising revenue by $5 million. Well, aside from. The restructuring savings, how much of this kind of change or delta is driven by a higher margin mix from MODPEL or the GMP enzymes versus just kind of pure cost cutting?

另外，你們把調整後 EBITDA 指引的中位數上調了大約 1,200 萬美元（在中位數層級），但營收只上調了 500 萬美元。那麼，除了重整帶來的節省之外，這種變化或差額有多少是由 MODPEL 或 GMP 酵素帶來的較高毛利組合所驅動，而不是單純的成本削減？

Okay, so for EBITDA, I think in Q1, we saw -- the EBITDA disproportionately tied to revenue, we are seeing great benefits like we mentioned from our commercial strategy, kind of focusing on high-value customers and programs.

好的，關於 EBITDA，我認為在第一季，我們看到——EBITDA 與營收的連動性不成比例地更高；如同我們提到的，我們的商業策略帶來了很大的效益，重點放在高價值客戶與專案。

We've improved our pricing discipline and just managed that longer tail of lower-valued transactions. So that coupled with the favorable mix that we're seeing on GMP on the higher margin orders is kind of improving. The quality of revenue and the flow of EBITDA through that.

我們改善了定價紀律，並且把較低價值交易的長尾部分管理得更好。再加上我們在較高毛利訂單上所看到的 GMP 有利組合正在改善。營收品質以及 EBITDA 的穿透/轉化也因此提升。

On top of that, our operating expenses are tracking to plan and the cost reset that we did on the restructuring is fully embedded as we modeled and we're continuing to see savings there. So those are some of the drivers on the EBITDA performance.

此外，我們的營運費用符合計畫，而我們在重組中所做的成本重置也已如我們建模般完全反映在數字中，並且我們持續看到相關節省。以上是 EBITDA 表現的一些驅動因素。

We do potentially. Putting a little risk on some of our lower-margin service businesses, not tied to commercialization, just tied to project and how well the success of those projects be.

我們確實可能會。在一些較低毛利的服務型業務上承擔一點風險，這不涉及商業化，而是與專案本身以及這些專案成功與否有關。

If you see some softness there, it won't impact our margins really in any material way. So the product mix is truly a material impact of why we're seeing such great EBITDA performance.

如果那裡出現一些疲軟，實際上不會對我們的利潤率造成任何實質性的影響。因此，產品組合才是真正對我們看到如此出色的 EBITDA 表現產生重大影響的原因。

Okay, thank you for that. And just if I could squeeze in one more question, you have GMP enzymes launched in Q2. How much of the 2026 guidance raised is contingent on this launch? And do you have any pre-orders in place from existing Flanders to customers?

好的，謝謝你的說明。另外如果我可以再問一個問題，你們在第二季推出了 GMP 酵素。你們上調的 2026 年指引有多少是取決於這次上市？以及你們是否已經有來自既有 Flanders 客戶的任何預購？

Zero is tied to that revenue up call. We had assumed this is going to happen. We have orders in hand for GMP. We're running our engineering runs at the moment. I think we would start delivering those GMP orders toward the end of this quarter into early next quarter.

這次上調營收的部分，與它的關聯是零。我們原本就假設這會發生。我們手上已經有 GMP 的訂單。我們目前正在進行工程批次（engineering runs）。我想我們會在本季末到下季初開始交付這些 GMP 訂單。

Okay. Thank you, guys.

好的。謝謝各位。

Matt Larew, William Blair.

Matt Larew，William Blair。

Hi, good afternoon. The new team, bearing in mind, you've been in place, obviously, the focus has been on restructuring, right-sizing, kind of improving the operational health. And last quarter and this quarter too, the business clearly has turned a corner and markets are improving as well.

嗨，午安。新的團隊——當然你們已經就位一段時間——重點一直放在重組、規模調整，以及改善營運健康狀況，對吧。而且上一季以及這一季，業務顯然已經轉折向上，市場也在改善。

You mentioned being over in China recently to talk about trialing some new business development opportunities, some benefits from the website in terms of record sales or new product launches upcoming.

你提到最近去中國，討論試行一些新的業務開發機會，以及網站帶來的一些效益，例如創紀錄的銷售，或即將推出的新產品。

I guess as you think about the shifting in the organization sort of velocity or trajectory from one of restructuring and right-sizing to attacking new growth opportunities, what areas do you think are sort of the highest return or more significant things that you can do as, again, the market recovers and customers, fingers crossed, are looking to continue to spend more?

我想問的是，當你思考組織的速度或軌跡，從重組與規模調整轉向進攻新的成長機會時，隨著市場復甦、也希望客戶（但願如此）願意持續增加支出，你認為哪些領域的回報最高，或是你們能做的更重要的事情是什麼？

I think it's a great question. I think maybe pointing out first and foremost, I'd like to really think the team that we've put together here, and this was in July, August last year, really combined its focus both on the restructuring while at the same time focusing on how do we commercially grow this business again.

我覺得這是個很好的問題。我想先指出最重要的一點：我真的想肯定我們在這裡組建的團隊——那是在去年 7、8 月——他們把重點同時放在重組上，也同時聚焦於如何讓這個業務重新實現商業成長。

I think at the product front, you saw a great example from our R&D team in launching Mottail and the great response to that product, on the commercial front, you've seen the restructured organization bringing these products to the customers very effectively with more than 70 customers in place right now.

在產品端，你看到我們研發團隊推出 Mottail 的一個很好的例子，以及市場對該產品的熱烈回應；在商業端，你也看到重整後的組織非常有效地把這些產品帶給客戶，目前已經有超過 70 家客戶。

And so I think the restructuring has happened really in parallel with this commercial effort. I wouldn't say that that's what started first, and now we are shifting. That shift has happened for some time, and I think that's why they're seeing the results. I think as far as where do we see the biggest wins, clearly you're seeing automation and AI coming into play with our smaller academic basic research orders.

因此，我認為重組其實是與這項商業化努力並行發生的。我不會說是先開始做重組，然後現在才轉向。這個轉變已經進行一段時間了，我想這也是為什麼你們會看到成果。至於我們在哪裡看到最大的勝利，顯然你們看到自動化與 AI 正在我們較小型的學術、基礎研究訂單中發揮作用。

We try to avoid having as we want to have as little interaction, human interaction with those types of orders. And so the biggest windfalls, the biggest gains, I think clearly sit with big pharma, small pharma, biotech in this large discovery space where there's just a lot of uptick in activity and when we listen to our commercial teams, a lot of interaction with customers there.

我們希望盡量避免——也就是希望在這類訂單上盡可能少有人為互動。因此，最大的紅利、最大的增益，我認為很明顯是在大型藥廠、中小型藥廠、以及生技公司這個大型探索（discovery）領域，因為活動量正在明顯回升；而且當我們聽取商業團隊的回饋時，他們在那裡與客戶有大量互動。

And then clearly, the bet here is that a lot of that effort will lead into future GMP activities where these programs enter some stage of clinical trials.

然後很明顯，我們在這裡的押注是：這些努力有很大一部分會導向未來的 GMP 活動，因為這些專案會進入臨床試驗的某個階段。

And clearly, that's the entire approach for our business, how do you get your discovery consumables and the GMP consumables, and we're seeing a great future for that. As far as geographic is concerned.

而且很明顯，這就是我們整個業務的方法：如何把探索用耗材與 GMP 耗材串起來；我們也看到這方面很好的未來。至於地理區域方面。

Obviously, we're spending the majority of our time today between North America and EMEA. I think you will start seeing an increased shift in focusing more on Asia. I think there are opportunities there that we haven't captured. I think it's a little bit early days. I would say in timing of where we have chosen to spend our time, it has been to.

很明顯，我們今天大部分時間投入在北美與 EMEA。我想你們會開始看到我們更明顯地把重心轉向亞洲。我認為那裡有一些我們尚未掌握的機會。我覺得現在談還稍早。我會說，就我們選擇投入時間的節奏而言，一直是為了。

Obviously, right-size the business, but also focus commercially on the regions I just mentioned. So Asia, for sure, will see more effort. I think it's a little early to kind of talk about what that looks like.

很明顯是要把業務規模調整到合適水準，同時也在我剛提到的區域聚焦商業拓展。所以亞洲肯定會投入更多努力。但我覺得現在要談具體會長什麼樣子，還有點早。

Matt Hewitt, Craig-Hallum.

Matt Hewitt，Craig-Hallum。

All right. With Matt not on the line, why don't we turn it back to Bernd for some closing remarks?

好的。既然 Matt 不在線上，我們把時間交回給 Bernd 做一些結語，好嗎？

Thank you, Deb. I'll keep this short here as well. Thanks, everybody, for taking the time today to listen to our Q1 results and some great questions.

謝謝你，Deb。我也會簡短說明。謝謝各位今天撥冗聆聽我們第一季的結果，也謝謝大家提出一些很棒的問題。

Like the results showed in Q1, we feel great about where the business is heading. When we came in last year and the changes we were bringing forward that always leave some concern for instability, and we really haven't seen any of that. All of us have kind of commented here also on a positive momentum in the market, specifically in pharma and biotech, which is really our bread and butter.

如同第一季的結果所顯示的，我們對業務的發展方向感到非常樂觀。我們去年加入時，推動的變革難免會讓人擔心不穩定，但我們其實完全沒有看到那種情況。我們大家也在這裡提到市場的正向動能，特別是在製藥與生技領域，這確實是我們的核心本業。

And so great Q1, we feel absolutely solid about the remainder of this year, and we feel great about the market. So, Asia, I think the question has come up a couple of times. I think there's opportunity for us rather than downsides just because our exposure isn't that great there yet.

因此，第一季表現很棒；我們對今年剩餘期間非常有信心，也對市場感到很樂觀。至於亞洲，我想這個問題已經被問了幾次。我認為對我們而言是機會多於風險，因為我們目前在那裡的曝險還不算高。

But all in all, we feel great about the business, appreciate your support, and look forward to speaking again in about three months.

總而言之，我們對業務感到非常樂觀，感謝各位的支持，也期待大約三個月後再次與各位交流。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。您現在可以斷線。