Mettler-Toledo International Inc (MTD) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Mettler-Toledo First Quarter 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions).

早上好，歡迎來到梅特勒-托利多 2023 年第一季度收益電話會議。今天的會議正在錄製中。 （操作員說明）。

At this time, I would like to turn the conference over to Adam Uhlman, Head of Investor Relations. Please go ahead.

此時，我想將會議轉交給投資者關係主管 Adam Uhlman。請繼續。

Thank you, Angela. Good morning, everyone. Thank you for joining us. On the call with me today is Patrick Kaltenbach, our Chief Executive Officer; and Shawn Vadala, our Chief Financial Officer.

謝謝你，安吉拉。大家，早安。感謝您加入我們。今天與我通話的是我們的首席執行官 Patrick Kaltenbach；和我們的首席財務官 Shawn Vadala。

Let me cover some administrative matters. This call is being webcast and is available for replay on our website at mt.com. A copy of the press release and the presentation that we will refer to today is available on our website. This call will also include forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934.

讓我談談一些行政事務。此電話會議正在進行網絡直播，可在我們的網站 mt.com 上重播。我們今天將提及的新聞稿和演示文稿的副本可在我們的網站上找到。本次電話會議還將包括 1933 年美國證券法和 1934 年美國證券交易法含義內的前瞻性陳述。

These statements involve risks, uncertainties and other factors that may cause our actual results, financial condition, performance and achievements to be materially different from those expressed or implied by any forward-looking statements.

這些陳述涉及風險、不確定性和其他因素，可能導致我們的實際結果、財務狀況、業績和成就與任何前瞻性陳述中明示或暗示的結果存在重大差異。

For a discussion of these risks and uncertainties, please see our recent annual report on Form 10-K and quarterly and current reports filed with the SEC. The company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements, except as required by law.

有關這些風險和不確定性的討論，請參閱我們最近向美國證券交易委員會提交的 10-K 表格年度報告以及季度和當前報告。除非法律要求，否則公司不承擔任何義務或承諾對任何前瞻性陳述提供任何更新或修訂。

On today's call, we will use non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is provided in the 8-K and is also available on our website. Let me now turn the call over to Patrick.

在今天的電話會議上，我們將使用非 GAAP 財務指標。 8-K 中提供了這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，也可在我們的網站上找到。現在讓我把電話轉給帕特里克。

Thanks, Adam, and good morning, everyone. We appreciate you joining our call today. Last night, we reported our first quarter earnings results, and I'm happy to share that we have started the year off strong with very good sales and profit growth.

謝謝，亞當，大家早上好。感謝您今天加入我們的電話會議。昨晚，我們公佈了第一季度的收益結果，我很高興地與大家分享，我們今年開局強勁，銷售額和利潤增長非常好。

The details of our financials are outlined for you on Page 3 of our presentation. Our sales growth was again broad-based this quarter as our team effectively leveraged (inaudible) to identify attractive growth opportunities across a wide variety of markets.

我們在演示文稿的第 3 頁為您概述了我們財務的詳細信息。由於我們的團隊有效地利用（聽不清）在廣泛的市場中發現有吸引力的增長機會，本季度我們的銷售增長再次實現了廣泛的增長。

I'm also pleased with the strong execution from our team on our margin initiatives and cost control, which resulted in solid earnings growth on top of excellent results in the prior year despite a very significant currency headwind.

我也很高興我們的團隊在保證金計劃和成本控制方面的強有力執行，儘管貨幣逆風非常大，但在上一年的出色業績之上實現了穩健的收益增長。

Our outlook for the year is largely unchanged from what we have provided earlier this year, although there is increased uncertainty in the economy and our end markets. However, I'm convinced that our team will continue to capitalize on growth opportunities and manage our cost effectively to help us live with solid results for the year.

儘管經濟和我們的終端市場的不確定性增加，但我們今年的展望與我們今年早些時候提供的展望基本沒有變化。但是，我相信我們的團隊將繼續利用增長機會並有效地管理我們的成本，以幫助我們在今年取得可觀的成果。

Let me now turn the call over to Shawn to cover the financial results and our guidance. And then I will come back with some additional commentary on the business and our outlook. Shawn?

現在讓我把電話轉給肖恩來報導財務結果和我們的指導。然後我會回來對業務和我們的前景進行一些額外的評論。肖恩？

Thanks, Patrick, and good morning, everyone. Sales in the quarter were $928.7 million, which represented a local currency increase of 7%. On a U.S. dollar basis, sales increased 3% as currency reduced sales growth by 4%. We estimate that the impact of not shipping to Russia was a headwind of almost 1% to sales growth.

謝謝，帕特里克，大家早上好。本季度銷售額為 9.287 億美元，按當地貨幣計算增長了 7%。按美元計算，銷售額增長了 3%，因為貨幣使銷售額增長減少了 4%。我們估計，不運往俄羅斯的影響對銷售增長造成了近 1% 的不利影響。

On Slide #4, we show sales growth by region. We had broad-based sales growth in Q1 as local currency sales increased 6% in both the Americas and in Europe and 10% in Asia/Rest of the World. Excluding Russia, our sales growth in Europe grew 9%. Local currency sales increased 9% in China in the quarter.

在幻燈片 #4 中，我們顯示了各地區的銷售增長情況。我們在第一季度實現了廣泛的銷售額增長，美洲和歐洲的本地貨幣銷售額增長了 6%，亞洲/世界其他地區增長了 10%。不包括俄羅斯在內，我們在歐洲的銷售額增長了 9%。本季度在中國以當地貨幣計算的銷售額增長了 9%。

On Slide #5, we summarize local currency sales growth by product area. For the quarter, lab sales increased 5%, industrial increased 7%, with core industrial and product inspection, both up 7%. Food Retail grew 36% in the quarter as we benefited from significant project activity in prior year comparisons.

在幻燈片 #5 中，我們按產品領域總結了本幣銷售增長。本季度，實驗室銷售額增長 5%，工業增長 7%，核心工業和產品檢驗均增長 7%。食品零售在本季度增長了 36%，因為我們受益於與去年同期相比的重大項目活動。

Let me now move to the rest of the P&L, which is summarized on Slide #6. Gross margin was 58.9%, an increase of a 100 basis points as pricing was partially offset by higher cost, business mix and currency. R&D amounted to $45.5 million in the quarter, which is a 9% increase in local currency over the prior year, reflecting increased project activity. SG&A amounted to $234.6 million, a 2% increase in local currency over the prior year.

現在讓我轉到幻燈片 #6 中總結的損益表的其餘部分。毛利率為 58.9%，增長 100 個基點，原因是定價被較高的成本、業務組合和貨幣部分抵消。本季度研發費用為 4550 萬美元，按當地貨幣計算比上年增長 9%，反映了項目活動的增加。 SG&A 為 2.346 億美元，按當地貨幣計算比上年增長 2%。

Adjusted operating profit amounted to $266.5 million in the quarter, a 10% increase. Currency reduced operating profit growth by approximately 7%. Adjusted operating margin was 28.7%, which represents an increase of 180 basis points over the prior year. A couple of final comments on the P&L. Amortization amounted to $17.8 million in the quarter, interest expense was $18.2 million and other income amounted to $0.4 million.

本季度調整後營業利潤為 2.665 億美元，增長 10%。貨幣使營業利潤增長減少了約 7%。調整後的營業利潤率為 28.7%，比上年增長 180 個基點。關於損益表的最後幾點評論。本季度攤銷總額為 1780 萬美元，利息支出為 1820 萬美元，其他收入為 40 萬美元。

Our effective tax rate was 18.5% in the quarter. This rate is before discrete items and adjusting for the timing of stock option exercises in the quarter, and we expect to maintain this rate for the full year. Fully diluted shares amounted to $22.3 million, which is approximately a 3.5% decline from the prior year. Adjusted EPS for the quarter was $8.69, a 10% increase over the prior year or an 18% increase, excluding unfavorable currency.

本季度我們的有效稅率為 18.5%。該比率未計入離散項目，並根據本季度股票期權行使的時間進行了調整，我們預計全年都將保持這一比率。完全攤薄後的股份總額為 2230 萬美元，較上年下降約 3.5%。本季度調整後每股收益為 8.69 美元，比上年增長 10% 或增長 18%，不包括不利貨幣。

On a reported basis in the quarter, EPS was $8.47 as compared to $7.55 in the prior year. Reported EPS in the quarter includes $0.23 of purchased intangible amortization and $0.16 of restructuring costs. We also had a $0.17 headwind due to the difference between our quarterly and annual tax rate due to the timing of stock option exercises that normalizes in the fourth quarter of every year.

根據本季度的報告，每股收益為 8.47 美元，而去年同期為 7.55 美元。本季度報告的每股收益包括 0.23 美元的已購無形資產攤銷和 0.16 美元的重組成本。由於股票期權行使的時間在每年第四季度正常化，我們的季度稅率和年度稅率之間存在差異，我們也有 0.17 美元的逆風。

That covers the P&L, and let me now comment on cash flow. In the quarter, adjusted free cash flow amounted to $135.3 million, up $60 million, helped by better inventory and accounts receivable trends as well as lower incentive payments. DSO was 38 days, while ITO was 3.6x.

這涵蓋了損益表，現在讓我評論一下現金流量。本季度，調整後的自由現金流為 1.353 億美元，增加了 6000 萬美元，這得益於更好的庫存和應收賬款趨勢以及較低的激勵付款。 DSO 為 38 天，而 ITO 為 3.6 倍。

Let me now turn to guidance. To start off, forecasting remains challenging and market conditions remain dynamic. As previously mentioned, there is uncertainty in the economy and our end markets. We're basing our guidance for the second quarter and the full year, assuming market conditions remain as they are today.

現在讓我談談指導。首先，預測仍然具有挑戰性，市場狀況仍然充滿活力。如前所述，經濟和我們的終端市場存在不確定性。我們將第二季度和全年的指導作為基礎，假設市場狀況保持不變。

For the second quarter, we expect approximately 3% local currency sales growth. This level of growth reflects the challenging multiyear sales growth comparisons we faced in the second quarter as well as a growth headwind of approximately 2% from reduced sales in our pipette business.

對於第二季度，我們預計本幣銷售額增長約 3%。這一增長水平反映了我們在第二季度面臨的具有挑戰性的多年銷售增長比較，以及我們的移液器業務銷售額下降約 2% 的增長逆風。

We expect second quarter adjusted EPS to be in the range of $9.90 to $10, representing a growth rate of 5% to 7% or 10% to 11%, excluding unfavorable foreign currency.

我們預計第二季度調整後每股收益在 9.90 美元至 10 美元之間，增長率為 5% 至 7% 或 10% 至 11%，不包括不利的外匯。

For the full year 2023, we have left our local currency sales growth guidance of approximately 5% unchanged. We expect full year adjusted EPS to be in the range of $43.65 to $43.95 representing a growth rate of approximate -- of about 10% to 11% or approximately 12% to 13%, excluding unfavorable foreign currency. This compares to our previous guidance of adjusted EPS in the range of $43.55 to $43.95.

對於 2023 年全年，我們保持約 5% 的本幣銷售增長目標不變。我們預計全年調整後每股收益將在 43.65 美元至 43.95 美元之間，增長率約為 10% 至 11% 或約 12% 至 13%，不包括不利的外幣。相比之下，我們之前的調整後每股收益指導值在 43.55 美元至 43.95 美元之間。

Total amortization, including purchased intangible amortization is forecast to be $72 million. Purchased intangible amortization is excluded from adjusted EPS and is estimated at $26 million on a pretax basis or $0.92 per share.

包括購買的無形資產攤銷在內的總攤銷預計為 7200 萬美元。已購買的無形資產攤銷不包括在調整後的每股收益中，稅前估計為 2600 萬美元或每股 0.92 美元。

Now let's turn to cash flow. For 2023, we continue to expect free cash flow in the range of $900 million, and we still expect to repurchase approximately $1 billion of our shares this year. That's it from my side, and I'll now turn it back to Patrick.

現在讓我們轉向現金流。 2023 年，我們繼續預計自由現金流在 9 億美元左右，我們仍預計今年將回購約 10 億美元的股票。這就是我的問題，現在我將把它轉回給帕特里克。

Thanks, Shawn. Let me start with some comments on our operating businesses, starting with Lab which had good growth in the quarter, considering challenging prior year comparisons. We also had a larger-than-expected sales decline in our pipette business as customers continue to work down their inventories. We believe this headwind will continue in the second quarter and ease in the second half of the year.

謝謝，肖恩。讓我首先對我們的運營業務發表一些評論，從本季度增長良好的 Lab 開始，考慮到與前一年的比較具有挑戰性。由於客戶繼續減少庫存，我們移液器業務的銷售額降幅也大於預期。我們相信這種逆風將在第二季度持續，並在今年下半年有所緩解。

Outside of pipette, we had strong growth across most of our portfolio particularly as our team pursues growth opportunities in hot segments like lithium-ion batteries and sustainable polymers among others.

在移液器之外，我們的大部分產品組合都實現了強勁增長，尤其是當我們的團隊在鋰離子電池和可持續聚合物等熱門領域尋求增長機會時。

Turning now to our Industrial business. We had very strong growth across our core industrial products this quarter as we continue to benefit from strong demand for our solutions that automate customer processes and enhance productivity. Product inspection also had a strong quarter as it capitalized on stronger demand from food manufacturers in the Americas, while we experienced only modest growth in Europe.

現在轉向我們的工業業務。本季度我們的核心工業產品實現了非常強勁的增長，因為我們繼續受益於對我們自動化客戶流程和提高生產力的解決方案的強勁需求。產品檢驗也有一個強勁的季度，因為它利用了美洲食品製造商的強勁需求，而我們在歐洲僅經歷了溫和的增長。

While we are pleased with the good start to the year, our core industrial business is also not immune from the economy, and we expect softer results in product inspection as these customers face increased headwinds and we expect lower growth for the remainder of the year.

雖然我們對今年的良好開局感到滿意，但我們的核心工業業務也不能免受經濟的影響，並且我們預計由於這些客戶面臨越來越大的不利因素，產品檢驗的結果將更加疲軟，我們預計今年剩餘時間的增長將放緩。

Finally, Food Retail delivered very strong growth this quarter due to robust project activity in the Americas and Europe. Comparisons were also favorable as sales declined 14% in the first quarter of last year.

最後，由於美洲和歐洲的強勁項目活動，食品零售本季度實現了非常強勁的增長。由於去年第一季度的銷售額下降了 14%，因此比較也很有利。

Our Food Retail sales can be lumpy depending on our customers' project activity, and we would expect lower growth rates for the remainder of the year.

根據客戶的項目活動，我們的食品零售銷售額可能會起伏不定，我們預計今年剩餘時間的增長率會降低。

One final comment on the business. Service sales continued to show excellent momentum and grew 15% in the quarter. We continue to be very pleased with the growth in this important and probable part of our business.

關於業務的最後評論。服務銷售繼續表現出良好的勢頭，本季度增長了 15%。我們繼續對我們業務中這一重要且可能的部分的增長感到非常高興。

Now let me make some additional comments by geography. Sales in Europe increased 6% in the quarter or 9% excluding the impact of stopping shipments to Russia. Sales growth this quarter benefited from very strong growth from our food retail business as well as strong growth in our core industrial businesses, offset in part by a significant decline in pipette.

現在讓我按地域發表一些補充意見。本季度歐洲銷售額增長 6%，不包括停止向俄羅斯發貨的影響，增長 9%。本季度的銷售增長得益於我們食品零售業務的強勁增長以及我們核心工業業務的強勁增長，部分被移液器的大幅下滑所抵消。

Sales in the Americas was solid with strong growth across most of our businesses, especially Food Retail, offset in part by a significant decline in pipette. And finally, Asia and the Rest of the World had another quarter of good growth, led by the Lab business.

美洲的銷售額穩健增長，我們的大部分業務（尤其是食品零售）增長強勁，部分被移液器的大幅下滑所抵消。最後，在實驗室業務的帶動下，亞洲和世界其他地區實現了又一個季度的良好增長。

China grew 9% against very strong prior year growth rates with particular strong growth in Lab. Now speaking of China, at the end of March, I traveled to visit our operations in China, and I couldn't be more excited about the strength of the team we have in place and the substantial opportunity ahead of us. I'd like to share a few some additional insights on our business in China and why we are quite optimistic about our long-term growth opportunity there.

與去年非常強勁的增長率相比，中國增長了 9%，實驗室的增長尤為強勁。現在說到中國，三月底，我前往參觀了我們在中國的業務，我對我們現有團隊的實力和擺在我們面前的大量機會感到無比興奮。我想分享一些關於我們在中國的業務的一些額外見解，以及為什麼我們對我們在那裡的長期增長機會非常樂觀。

First, as an overview, we have a very long track record of operations in China using wholly owned subsidiaries there for more than 35 years. China represents 21% of our total global sales, and we design, manufacture and distribute products in China for the local market. We have 3 manufacturing locations in China, representing approximately 1/3 of our global production, again, over half of which is sold into the local market.

首先，總的來說，我們在中國擁有超過 35 年的全資子公司經營記錄。中國占我們全球總銷售額的 21%，我們在中國為當地市場設計、製造和分銷產品。我們在中國有 3 個製造基地，約占我們全球產量的 1/3，其中超過一半銷往當地市場。

China and the other emerging markets have historically been an important source of growth for our company, and we believe this will be a source of future growth. Our business in China overall has grown at a 13% CAGR over the last 20 years, including 14% growth in 2022 as the mix of our business has shifted to faster growing and more resilient industries. Customers in China increasingly seek out our most advanced solutions where we have a very strong competitive advantage and leverage our unique go-to-market approaches.

中國和其他新興市場歷來是我們公司增長的重要來源，我們相信這將是未來增長的來源。過去 20 年，我們在中國的業務整體以 13% 的複合年增長率增長，其中 2022 年增長了 14%，因為我們的業務組合已轉向增長更快、更具彈性的行業。中國的客戶越來越多地尋求我們最先進的解決方案，我們擁有非常強大的競爭優勢並利用我們獨特的上市方法。

Our portfolio is extremely well positioned to serve the demand for automated solutions -- automation solutions, drive for productivity and to help ensure compliance. We also benefit from the government's focus on developing a broader life sciences industry and other strategic market segments.

我們的產品組合非常適合滿足對自動化解決方案的需求——自動化解決方案，提高生產力並幫助確保合規性。我們還受益於政府對發展更廣泛的生命科學行業和其他戰略細分市場的關注。

Our colleagues in China are very agile to respond to local market needs with local application development and support of China-specific demand. We leveraged this unique approach with our cynical sales and marketing programs to capture growth in hot segments like lithium-ion batteries and I visited a large battery customer and saw firsthand how massive these investments in e-mobility and stationary power solutions are, but also, how our solutions are excellently positioned to provide substantial value to this rapidly growing industry.

我們在中國的同事非常敏捷地通過本地應用程序開發和支持中國特定需求來響應本地市場需求。我們利用這種獨特的方法和我們憤世嫉俗的銷售和營銷計劃來抓住鋰離子電池等熱門領域的增長，我拜訪了一個大電池客戶，親眼目睹了這些對電動汽車和固定電源解決方案的投資有多大，而且，我們的解決方案如何以出色的優勢為這個快速發展的行業提供巨大的價值。

Overall, our business in China remained strong during the first quarter, and our outlook for Q2 is also positive despite challenging multiyear comparisons.

總體而言，我們在中國的業務在第一季度保持強勁，儘管多年比較具有挑戰性，但我們對第二季度的前景也很樂觀。

We see continued investments in key segments like lithium-ion batteries, pharma, biopharma, but also healthy investments in industry as our customers look to reduce direct labor and improve productivity with automation investments.

我們看到對鋰離子電池、製藥、生物製藥等關鍵領域的持續投資，以及對工業的健康投資，因為我們的客戶希望通過自動化投資減少直接勞動力並提高生產率。

I would note that market -- I would note that market sentiment is also optimistic in anticipation of potential further government investments to support growth segments like e-mobility, expanding R&D capabilities with new Labs and long-term investments in pharma, biopharma to support better health care. Details of these are still limited, but I would note that the government has announced structural changes in its organization responsible for accelerating the pace of scientific development, highlighting the emphasis being placed on this important topic.

我會注意到市場 - 我會注意到市場情緒也很樂觀，因為預期政府可能會進一步投資以支持電動汽車等增長領域，通過新實驗室擴大研發能力以及對製藥，生物製藥的長期投資以更好地支持衛生保健。這些細節仍然有限，但我要指出的是，政府已宣布其負責加快科學發展步伐的組織結構發生變化，突出了對這一重要主題的重視。

As we think about these trends and how the impact of our business in China, we remain optimistic about our long-term growth opportunity in the region and would expect our business in China to grow at a faster pace than the overall business. However, as we always like to remind everyone, while we are optimistic for the long term and for 2023, China has historically been a more volatile market and things can change quickly in the short term.

當我們考慮這些趨勢以及我們在中國的業務的影響時，我們對我們在該地區的長期增長機會保持樂觀，並預計我們在中國的業務將以比整體業務更快的速度增長。然而，正如我們一直想提醒大家的那樣，雖然我們對長期和 2023 年持樂觀態度，但中國歷來是一個波動較大的市場，短期內情況可能會迅速發生變化。

In China, like the rest of the world, we believe our unique growth strategies, tremendous diversity and culture of operational excellence and agility position us very well to gain market share and deliver solid financial results in 2023. Now that concludes our prepared remarks. And now we would like to open the call to questions.

在中國，與世界其他地區一樣，我們相信我們獨特的增長戰略、巨大的多樣性以及卓越運營和敏捷性的文化將使我們在 2023 年獲得市場份額並取得穩健的財務業績。現在我們準備好的發言結束。現在我們想開始提問。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Josh Waldman with Cleveland.

你的第一個問題來自克利夫蘭的 Josh Waldman。

One for Shawn and then one for Patrick. Shawn, I wanted to start on the near-term organic growth guide and the implications for the quarterly cadence for the full year. Curious how the 3% local currency guide for Q2 compares to what you had previously penciled in for your full year assumptions. And then are there factors beyond destocking that have come into play since your last guide, they're leaving you more cautious on the second quarter?

一份給肖恩，一份給帕特里克。肖恩，我想從近期的有機增長指南和對全年季度節奏的影響開始。想知道第二季度 3% 的本地貨幣指南與您之前為全年假設所做的相比如何。自上次發布指南以來，除庫存外還有其他因素在發揮作用，它們讓您對第二季度更加謹慎嗎？

Yes. Sure. Thanks, Josh. So I think as we mentioned in the prepared remarks, destocking is a factor in Q2. So if you look at our 3% -- the decline that we expect in pipette, specifically in the second quarter, reduces our growth by about 2%. So excluding that headwind, our growth would be 5% and I think another important thing to comment on for the second quarter is that I think it's important to look at the multiyear comparison. So if we look back the last couple of years, our 3-year CAGR with the 3% is about 13% growth. So that's a CAGR of 13%, and that's actually very similar to what we did in Q1 of this year with the 7% growth.

是的。當然。謝謝，喬希。所以我認為正如我們在準備好的評論中提到的那樣，去庫存是第二季度的一個因素。因此，如果你看看我們的 3%——我們預計移液器的下降，特別是在第二季度，會使我們的增長減少約 2%。因此，排除不利因素，我們的增長率將為 5%，我認為對第二季度發表評論的另一個重要事項是，我認為審視多年比較很重要。因此，如果我們回顧過去幾年，我們 3% 的 3 年復合年增長率約為 13%。所以這是 13% 的複合年增長率，這實際上與我們在今年第一季度所做的 7% 的增長率非常相似。

So again, to put that in perspective, that we grew on top of 10% last year, but that 10% growth was on top of 27% in the prior year. So that very much is weighing on us as we think about the business. And then maybe to just kind of like walk through our typical guidance by business area and region. I can kind of go through that kind of quickly. So when we look at the LabX business, we're looking at low single-digit growth in the second quarter. Keep in mind, of course, Lab is dealing with this headwind in the pipette business. So that headwind for Q2 is probably estimated in the 4% kind of a range for the Lab business, so it would be high single digit, excluding that. And then for the full year, we're now looking at mid-single digit for the Lab business, and that's down a little bit from what we were thinking before because this headwind was a little bit more than expected.

因此，從另一個角度來看，我們去年的增長率超過了 10%，但 10% 的增長率高於前一年的 27%。因此，當我們考慮業務時，這給我們帶來了很大的壓力。然後也許就像按業務領域和地區瀏覽我們的典型指南一樣。我可以很快地完成那種。因此，當我們審視 LabX 業務時，我們看到的是第二季度的低個位數增長。當然，請記住，Lab 正在處理移液器業務中的這一逆風。因此，第二季度的逆風可能估計在實驗室業務的 4% 範圍內，因此它將是高個位數，不包括在內。然後對於全年，我們現在正在尋找實驗室業務的中等個位數，這比我們之前的想法有所下降，因為這種逆風比預期的要多一些。

When you look at the first quarter results of 7%, that includes about a 2.5% headwind from the decline in the pipette business.

當您查看第一季度 7% 的業績時，其中包括移液器業務下滑帶來的約 2.5% 的逆風。

Product inspection, we're looking at low single digit in the second quarter and then low to mid-single-digit for the full year. One of the things we're seeing in PI is we actually had a very good start to the year in PI in the Americas, but we are seeing maybe some more challenges and caution in investment activity in packaged foods. And as you can appreciate, there's a lot of headlines in that regard for that industry.

產品檢查，我們正在尋找第二季度的低個位數，然後是全年的低到中個位數。我們在 PI 中看到的一件事是，我們實際上在美洲 PI 的這一年開局非常好，但我們看到包裝食品投資活動可能面臨更多挑戰和謹慎。正如您所理解的那樣，該行業在這方面有很多頭條新聞。

For core industrial, low single digit for the second quarter and then mid-single digit for the full year. That's on a full year basis a little bit better than what we were expecting. We're just very -- continue to be very impressed with the resilience of that business and how well we've been executing there.

對於核心工業，第二季度為低個位數，然後全年為中個位數。這比我們預期的全年要好一點。我們非常 - 繼續對該業務的彈性以及我們在那裡的執行情況印象深刻。

And then Food Retailing, we're looking at mid-single digit for Q2 and then high single digit for the full year, obviously got off to a better-than-expected start with very strong project activity.

然後是食品零售，我們正在尋找第二季度的中個位數，然後是全年的高個位數，顯然項目活動非常強勁，開局好於預期。

And then for the regions, we're looking at low single digit for the Americas in Q2 and then low to mid-single digit for the full year. That business is a little bit more disproportionately hit with this headwind in the decline in pipette. Europe, we're looking at low single-digit for Q2 and then low to mid-single-digit for the full year, a little bit better than what we were looking for the full year last time we spoke, given the very strong start to the year in Q1 and then for China, we're looking at mid-single digit for Q2 and high single digit for the full year, which is consistent with what we were looking at the last time we spoke.

然後對於地區，我們正在尋找第二季度美洲的低個位數，然後是全年的低到中個位數。由於移液器數量下降的逆風，該業務受到了更大程度的打擊。歐洲，我們正在尋找第二季度的低個位數，然後是全年的低個位數，比我們上次發言時我們期待的全年要好一點，因為開局非常強勁到第一季度，然後是中國，我們正在尋找第二季度的中個位數和全年的高個位數，這與我們上次發言時的情況一致。

Got it. Appreciate all that, Shawn. And then Patrick, I appreciate the comments on China. I wondered if you could provide a bit more context on the cadence through the quarter, maybe what you're seeing by end market and I guess, whether or not you guys are seeing the stimulus benefits show up in the order book yet.

知道了。感謝這一切，肖恩。然後是帕特里克，我很欣賞關於中國的評論。我想知道您是否可以提供更多有關本季度節奏的背景信息，也許您在終端市場看到了什麼，我想，你們是否看到刺激收益出現在訂單簿中。

Good morning, Josh. Look, at the cadence in China, as you have seen, we started off strong in Q1 with 9% growth in China, so very solid results. And that, of course, was a quarter where, as you know, we had the COVID rate at the beginning of the quarter and yet our organization really executed extremely well and delivered strong results.

早上好，喬希。看看中國的節奏，正如你所看到的，我們在第一季度開局強勁，在中國增長了 9%，結果非常穩健。當然，那是一個季度，如您所知，我們在本季度初有 COVID 率，但我們的組織確實執行得非常好，並取得了強勁的成果。

As Shawn mentioned, the plan of schedule right now for Q2, mid-single-digit growth for China. And that is, of course, also based on the fact that we have very strong compares for Q2 and then for the full year, we have China still at high single-digit growth. So that's kind of the outline in terms of growth.

正如肖恩所提到的，第二季度的時間表計劃是中國的中個位數增長。當然，這也是基於我們對第二季度和全年的比較非常強勁的事實，我們認為中國仍處於高個位數增長。所以這就是增長方面的輪廓。

Now what we are seeing there, again, we have seen very strong growth for the Lab business. Specifically for analytical instruments, the analytical business is performing really well for us and also benefits from the hot segments. Shawn made a comment on the industrial business, the growth has moderated against really difficult comparisons. Again, a reminder, we grew almost 60% in industry in Q1 '21 and over 20% in Q1 2022. So those compares, of course, will also account for Q2 moving forward.

現在，我們再次看到實驗室業務的強勁增長。特別是對於分析儀器，分析業務對我們來說表現非常好，也從熱門領域中受益。肖恩對工業業務發表了評論，與真正困難的比較相比，增長有所緩和。再次提醒一下，我們在 21 年第一季度的行業增長了近 60%，在 2022 年第一季度增長了 20% 以上。因此，這些比較當然也將考慮第二季度的進展。

When we break it down, say, where does the growth come from, we still see a lot of interest in solid growth opportunities in the hot segments like the battery manufacturing, for example, it's really impressive how China is putting emphasis behind building out the industry beyond car. And I mentioned also the power grid and how they start producing large modules that it will place long power grids next 2 solar power plants at to take up excess energy and keep it back at night, et cetera. So I think there will be continued investment. And that goes along with the overall investment that we see in automation solutions across Lab industry.

當我們分解它時，比如說，增長來自哪裡，我們仍然看到很多人對電池製造等熱門領域的穩固增長機會感興趣，例如，中國如何重視建設汽車以外的行業。我還提到了電網以及他們如何開始生產大型模塊，它將在 2 個太陽能發電廠旁邊放置長電網，以吸收多餘的能量並在夜間保留，等等。所以我認為會有持續的投資。這伴隨著我們在整個實驗室行業的自動化解決方案中看到的整體投資。

China continues to look for productivity gains. They are facing an aging workforce and the fact that they will not have enough workforce moving forward. So they're proactively really looking for automation and productivity solutions, where our portfolio plays really well. That's where, again, our overall confidence in the China business comes from.

中國繼續尋求提高生產率。他們面臨著勞動力老齡化以及他們將沒有足夠的勞動力向前發展的事實。因此，他們正在積極主動地尋找自動化和生產力解決方案，而我們的產品組合在這些方面發揮得非常好。這也是我們對中國業務的整體信心的來源。

We are extremely well positioned with the team we have. And we are confident that the long-term trends that the government wants to follow up on them and drive growth and invest in a longer 5-year China growth plan, whether it's the health care, whether it's stronger research and development in China, all plays very well into our portfolio.

我們擁有的團隊非常有利。我們相信政府想要跟進的長期趨勢，推動增長和投資於更長的 5 年中國增長計劃，無論是醫療保健，還是在中國加強研發，所有在我們的投資組合中發揮了很好的作用。

You next question comes from the line of Jack Meehan with Nephron Research.

您的下一個問題來自 Jack Meehan 與 Nephron Research 的合作。

I was wondering if you could update us on how much pricing contributed in the quarter? And how is your full year expectation for that changed at all?

我想知道您是否可以向我們更新本季度定價的貢獻？您對此的全年期望有何變化？

Thanks, Jack. So pricing came in pretty much as we expected in the 6% kind of a range. We expected to get off to a good start this year given all the different actions that we took last year when we were kind of mitigating inflation. And as we look to the full year, we're still expecting about 4% growth for the full year. And as we look to Q2 specifically, we're looking at 4% growth. And so the reason why Q2 would be lower than Q1 is because of the timing of some of the actions we put in place last year.

謝謝，傑克。所以定價幾乎和我們預期的一樣，在 6% 的範圍內。考慮到我們去年在某種程度上緩解通貨膨脹時採取的所有不同行動，我們預計今年會有一個良好的開端。展望全年，我們仍預計全年增長約 4%。當我們特別關注第二季度時，我們正在尋找 4% 的增長。因此，第二季度低於第一季度的原因是因為我們去年採取的一些行動的時機。

Great. And either Shawn or Patrick, can you just elaborate a little bit more on the pipette destocking that you're seeing? Just to be clear, like how much of this do you think is specifically related to COVID and just how much visibility do you have into improvement in the second half of the year?

偉大的。無論是 Shawn 還是 Patrick，你能否詳細說明一下你所看到的移液器去庫存？需要明確的是，您認為其中有多少與 COVID 特別相關，以及您對下半年的改進有多大的了解？

I can take it. Look, I mean, the destocking effects not only the testing, COVID testing related markets, to be honest. I mean when there was this huge demand in the market last year, you should also appreciate that also the pharma, biopharma customers and others really loaded up inventory because there was a shortage in the market, and I think the whole industry, when I talk to whole industry, I say everybody who's using pipette actually is suffering from the fact now that they still have quite some inventory that they're working down. We do expect, as we said, this to be reduced in the second half. So we will get more back to normal volumes in the second half, but it will definitely be still a topic for Q2.

我可以接受。看，我的意思是，老實說，去庫存不僅影響測試，COVID 測試相關市場。我的意思是，當去年市場有如此巨大的需求時，你也應該意識到，製藥、生物製藥客戶和其他人確實因為市場短缺而大量增加庫存，我認為整個行業，當我談到對於整個行業，我說每個使用移液器的人實際上都在為這樣一個事實而苦惱，因為他們仍然有相當多的庫存需要處理。正如我們所說，我們確實預計下半年會減少。所以我們將在下半年恢復到正常數量，但這肯定仍然是第二季度的一個話題。

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

您的下一個問題來自 Dan Arias 與 Stifel 的合作。

Shawn, maybe just following on a question on pricing there. Can you kind of put a 1% volume year that's implied here with the guide in the context of prior years or prior periods where you had some macro or end market factors moving around. How often did you see flattish volume growth? And as we move through the year here, what about this year makes you think that that's most likely to be true.

肖恩，也許只是關注那裡的定價問題。你能不能把這裡暗示的 1% 的銷量年放在指南中，放在前幾年或前幾期的背景下，在那裡你有一些宏觀或終端市場因素在移動。您多久看到一次平穩的銷量增長？隨著我們在這裡度過這一年，今年有什麼讓你認為這最有可能是真的。

Well, I think what stands out this year, Dan, is we're just coming off of an unprecedented period of growth. I mean like the CAGRs that I mentioned before, 13% CAGR for the last 3 years is much higher than our -- how we envision ourselves for the longer term in terms of our algorithm. So we've always expected to see some level of moderation at some point during this year.

好吧，丹，我認為今年最突出的是我們剛剛結束前所未有的增長時期。我的意思是，就像我之前提到的複合年增長率一樣，過去 3 年 13% 的複合年增長率遠高於我們——我們如何根據我們的算法對自己的長期設想。因此，我們一直希望在今年的某個時候看到某種程度的緩和。

It's hard to compare it to maybe a historical precedent, but of course, in 2020, we had a slower start to the year when it came to volumes during COVID and then that kind of like reversed in the second half of the year. So I think we'll see how it plays out, but I think we have the comparisons, we've been kind of in a weak macro environment for quite some time now with PMIs below 50. It's hard to -- while we're -- while we've been resilient and executing very well, specific, particularly in our core industrial business, which has been historically more susceptible to the economy, we're also not resilient, right?

很難將它與歷史先例進行比較，但當然，在 2020 年，我們在 COVID 期間的交易量開局較慢，然後在下半年出現了逆轉。所以我認為我們會看到結果如何，但我認為我們已經進行了比較，我們在相當長一段時間內一直處於疲軟的宏觀環境中，PMI 低於 50。這很難——雖然我們- 雖然我們一直具有彈性並且執行得非常好，具體而言，特別是在我們的核心工業業務中，它在歷史上更容易受到經濟的影響，但我們也沒有彈性，對吧？

And so as headlines continue to come out, in our end markets, in particular, with some of the challenges that our end markets are facing, whether it be food manufacturing companies or chemical companies or other industries like biopharma, we do have a little bit of that on our mind as well.

因此，隨著頭條新聞不斷出現，特別是在我們的終端市場，我們的終端市場面臨著一些挑戰，無論是食品製造公司、化學公司還是生物製藥等其他行業，我們確實有一點我們也想到了這一點。

Yes. Okay. And then maybe just as a follow-up, small and emerging biotech is obviously getting a ton of attention these days. What would you call your exposure there? And can you kind of just describe your sensitivity to spending by that portion of the customer base? And then anything you would add to the conversation on how that's likely to evolve this year?

是的。好的。然後，也許作為後續行動，小型和新興生物技術最近顯然受到了大量關注。你會怎麼稱呼你在那裡的曝光？您能否描述一下您對這部分客戶群支出的敏感度？然後你會添加到關於今年可能如何發展的對話中？

Yes. I think our overall exposure to small biotech is relatively small. Of course, that affects a little bit of our rein in pipette business, but it's is generally a very small part of that business. So nothing in particular that I would call out.

是的。我認為我們對小型生物技術的總體敞口相對較小。當然，這會影響我們對移液器業務的控制，但它通常只佔該業務的很小一部分。所以我沒有特別要說的。

Your next question comes from Patrick Donnelly with Citi.

你的下一個問題來自花旗的 Patrick Donnelly。

I just wanted to follow up on -- I think it was Jack's question there on the pipette side. Patrick, can you just talk about, I guess, the visibility into the normalization in the back half? Is it a comp dynamic? Is it customer conversations that give you some level of confidence on a normalization just given the chatter across the market about this sector. I just want to make sure we have a good feel as to what gives you guys the confidence in terms of that second half run.

我只是想跟進 - 我認為這是傑克在移液器方面的問題。帕特里克，我想你能談談後半場正常化的可見性嗎？它是動態補償嗎？鑑於市場上關於該行業的喋喋不休，客戶對話是否讓你對正常化有一定程度的信心。我只是想確保我們對是什麼讓你們對下半場比賽充滿信心有一個良好的感覺。

Yes. Look, I think the true it's part of -- it's both, right? We, of course, look at historical data, the growth rates and the volumes we have come from. But we also, of course, are in conversations with customers, and we have clear signals that Q2 will be another destocking quarter, and then they should get back more to normal inventory levels, put it that way.

是的。看，我認為它是真實的一部分——兩者都是，對吧？當然，我們會查看歷史數據、增長率和我們來自的數量。但當然，我們也在與客戶進行對話，我們有明確的信號表明第二季度將是另一個去庫存季度，然後他們應該更多地恢復到正常庫存水平，這樣說吧。

And the overall volumes that we expect, again, will then get back to, if you would normalize the growth rate over the last 3, 4 years, we would get back to that volume that we would expect for Q3 and Q4.

如果您將過去 3 年、4 年的增長率正常化，我們預計的總銷量將再次回到我們預期的第三季度和第四季度的銷量。

It's a mix of calculation saying, okay, what was the underlying market growth and what is our anticipated market share gains that we have. We have a very strong pipette and pipette portfolio, but even unique also (inaudible) business that has very strong market share, especially in the U.S. And if you take all these factors into account, then we basically look at a picture we say, yes, we will see more headwind again in Q2, but then in Q3 in Q4 getting back to normal growth rates again.

這是計算的混合體，好吧，潛在的市場增長是多少，我們預期的市場份額增長是多少。我們擁有非常強大的移液器和移液器產品組合，但即使是獨特的（聽不清）業務也具有非常大的市場份額，尤其是在美國。如果您將所有這些因素都考慮在內，那麼我們基本上會看一張圖片，我們會說，是的，我們將在第二季度再次看到更多逆風，但隨後在第四季度的第三季度再次恢復正常增長率。

Okay. Understood. And Shawn, maybe one following up on the pricing piece. On the margin side, can you talk about the expectations for 2Q? Obviously, the earnings came in a little light of where the Street was. And then just that similar to that ramp in the second half, just the moving pieces on the margins would be helpful.

好的。明白了。還有肖恩，也許有人會跟進定價部分。在保證金方面，你能談談對第二季度的預期嗎？顯然，收益與華爾街的情況有關。然後就像下半場的斜坡一樣，只是邊緣上的移動棋子會有所幫助。

Yes, sure. So I think one of the things to kind of keep in mind is that if we're looking at our gross margin, we grew about 130 basis points, excluding currency. Actually, I think it was 140 basis points, excluding currency in the quarter. So that wasn't that much different on a currency-neutral basis to what we were guiding. So currency clearly had an impact. We also had a little bit of unfavorable mix in the quarter between the different businesses. Of course, pipette is a more profitable business and retail is kind of on the other side of that.

是的，當然。所以我認為要記住的一件事是，如果我們看一下我們的毛利率，我們增長了大約 130 個基點，不包括貨幣。實際上，我認為這是 140 個基點，不包括本季度的貨幣。因此，在貨幣中性的基礎上，這與我們的指導沒有太大區別。因此，貨幣顯然產生了影響。我們在本季度的不同業務之間也有一些不利的組合。當然，移液器是一項更有利可圖的業務，而零售則處於另一面。

As we kind of like look towards the rest of the year, we're looking at our guidance for gross margin would be about 60 basis point improvement in the second quarter. And if you exclude currency on a currency-neutral basis, that would be about 100% improvement. And then for the full year, we're looking at a 70 basis point improvement, and again, on a currency-neutral basis, that's about 110 basis point improvement, which is just down slightly, like about 10 basis points from the last time that we spoke.

當我們有點像展望今年剩餘時間時，我們正在考慮我們對第二季度毛利率的指導將提高約 60 個基點。如果你在貨幣中性的基礎上排除貨幣，那將是大約 100% 的改進。然後對於全年，我們正在尋找 70 個基點的改善，而且，在貨幣中性的基礎上，這大約是 110 個基點的改善，只是略有下降，比上次下降約 10 個基點我們說話了。

And then on operating margins, we're looking at -- we got off to a very strong start to the year as we kind of expected. We're looking at about a 90 basis point improvement in the second quarter. And again, on a currency-neutral basis, that would be about a 180 basis point improvement. So again, another very good number to start the year. And then for the full year, we're still looking at about 130 basis point improvement, which is similar to last time, but what's a little bit different is that we, on a currency-neutral basis, were up about 200 basis points. So that's gotten a lot better.

然後在營業利潤率方面，我們正在考慮——正如我們預期的那樣，我們今年開局非常強勁。我們正在尋找第二季度約 90 個基點的改善。同樣，在貨幣中性的基礎上，這將提高約 180 個基點。再次，今年開始的另一個非常好的數字。然後對於全年，我們仍在尋找約 130 個基點的改善，這與上次相似，但有點不同的是，在貨幣中性的基礎上，我們上漲了約 200 個基點。所以這變得更好了。

Your next question comes from Vijay Kumar with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Vijay Kumar。

Maybe my first one, Patrick here. I think you've made some comments on the macro environment. It seems like a bit more cautious tone on this call but I see your industrial outlook did not change. So when you say macro taking a more cautious tone, can you give us a sense for -- is this specific regions or perhaps end markets because industrial is where I would have expected perhaps some change, but when you look at the guidance, all of the change came from Labs, so how should we think about the macro commentary?

也許是我的第一個，這裡是帕特里克。我想你已經對宏觀環境發表了一些評論。這次電話會議的語氣似乎更加謹慎，但我看到您的行業前景沒有改變。所以當你說宏觀採取更謹慎的語氣時，你能給我們一個感覺——是這個特定地區還是終端市場，因為工業是我預計可能會發生一些變化的地方，但是當你看指南時，所有變化來自實驗室，那麼我們應該如何看待宏觀評論？

Sure. Good question, Vijay. So if you look at the macro economy and the end markets, a couple of things I want to highlight to you. First, as you probably watch also the PMIs continue to really be very soft. And that's historically has been an indicator for us that the industry business might slow down. We are not yet fully hinting at, fortunately, because we have a strong portfolio, but it's a concern for us that the PMIs stayed pretty low. We have seen also more, I would say, negative headlines, for example, in the packaged food market. We said in Q1 that Europe is already a problem. Now we're hearing also in the U.S. that some of the customers actually are slowing down their investments and also their results are not as good as they used to be. Those headlines are also not too promising.

當然。問得好，維杰。因此，如果你看看宏觀經濟和終端市場，我想向你強調幾件事。首先，正如您可能還看到的那樣，PMI 仍然非常疲軟。從歷史上看，這一直是我們行業業務可能放緩的一個指標。幸運的是，我們還沒有完全暗示，因為我們擁有強大的投資組合，但我們擔心 PMI 保持在很低的水平。我想說，我們也看到了更多的負面新聞，例如，在包裝食品市場。我們在第一季度說過，歐洲已經是一個問題。現在我們在美國也聽說一些客戶實際上正在放慢他們的投資，而且他們的結果也不像以前那樣好。這些頭條新聞也不太樂觀。

And then the overall comment that already was made about biotech, why they're not broadly exposed in biotech, but as there's still in terms of end market who commented out there. There is concerns about biotech. And we, of course, factored in our total macroeconomic pictures as well.

然後是關於生物技術的總體評論，為什麼他們沒有在生物技術中廣泛曝光，但就終端市場而言，仍然有人發表評論。人們對生物技術感到擔憂。當然，我們也考慮了整體宏觀經濟情況。

When you look at the regions, I think Shawn outlined it before, Europe in the first quarter performed better than expected from our prospect. It was really strong, but we're still cautious about the impact of the war in Ukraine and what it might mean for the economy moving forward. So also there, we again, we keep our forecast for you still quite moderate. And then the U.S., with potential recession ahead, I think it's also you need to be a bit cautious about the outlook in the U.S. overall.

當你看這些地區時，我認為肖恩之前概述過，歐洲第一季度的表現好於我們預期的前景。它確實很強勁，但我們仍然對烏克蘭戰爭的影響及其對經濟向前發展可能意味著什麼持謹慎態度。因此，我們再次保持對您的預測仍然相當溫和。然後是美國，未來可能會出現衰退，我認為你也需要對美國的整體前景保持謹慎。

That's helpful, Patrick. And one follow-up here on -- I know the customer base that you serve, it's pretty large. So when you look at your daily run rate items like pipettes in order rates, did you do a survey of your customer base on when this order rates might pick up. I'm curious on when you thought about 2Q and the back half assumptions, what kind of customer feedback have you gotten that gives you confidence in the back half guide?

這很有幫助，帕特里克。還有一個後續行動——我知道你所服務的客戶群非常大。因此，當您查看訂單率中的移液器等日常運行率項目時，您是否對客戶群進行了調查，了解該訂單率何時可能回升。我很好奇你什麼時候想到 2Q 和後半部分假設，你得到什麼樣的客戶反饋讓你對後半部分指南充滿信心？

I think mainly refer here to number one, the compares will, of course, be easier for us all in the second half in terms of growth rate. We saw a very strong growth last year in the second quarter. That's why we see a stronger decline this year. And then in terms of customers we talk to, a lot of them are in pharma, biopharma research areas, their use of pipettes quite intensely. And from them actually, from some of the customers that we can really get good indications that overstocking issues will be less of an issue in the second half.

我認為這裡主要指的是第一點，當然，就增長率而言，下半年對我們所有人來說比較容易。去年第二季度我們看到了非常強勁的增長。這就是為什麼我們看到今年下降幅度更大。然後就我們與之交談的客戶而言，他們中的很多人都在製藥、生物製藥研究領域，他們非常頻繁地使用移液器。實際上，從他們那裡，我們可以從一些客戶那裡得到很好的跡象，表明下半年積壓問題將不再是一個問題。

Your next question comes from the line of Tim Daley with Wells Fargo.

你的下一個問題來自富國銀行的蒂姆戴利。

Great. Just quickly, I know a lot of talk on Lab here, but can you guys just help us with the underlying regional forecasts that are rolling up to that growth guidance for the year within Lab.

偉大的。很快，我知道這裡有很多關於 Lab 的討論，但是你們能不能幫助我們進行基本的區域預測，這些預測正在匯總到 Lab 內今年的增長指導。

Yes, sure. Hey, I think as we kind of like look at Q2, so we had a low single-digit growth for LabX as a division. And I think we're kind of like looking in that low single-digit range for the Americas and Europe. Again, Europe -- I mean, Americas is going to be the most impacted region by this decline in pipette. So we'll probably see the softer growth in that region versus the other ones. And then China will probably be in the kind of mid- to high-single digit kind of a range there.

是的，當然。嘿，我想我們有點喜歡看第二季度，所以我們作為一個部門的 LabX 有一個低個位數的增長。而且我認為我們有點像在尋找美洲和歐洲的低個位數範圍。同樣，歐洲——我的意思是，美洲將成為受移液器數量下降影響最大的地區。因此，與其他地區相比，我們可能會看到該地區的增長更為疲軟。然後中國可能會處於中高個位數的範圍內。

And I think a lot of the Lab business, too, it's also important that we -- if you look at like the first quarter, as an example, we had actually double-digit growth in most of the other product categories. And we are still seeing good growth in a lot of these hot segments. It's just these multiyear comps and then this topic that we talked about with the headwind in pipette as we kind of enter the rest of the year.

而且我認為很多實驗室業務也很重要——如果你看第一季度，例如，我們在大多數其他產品類別中實際上實現了兩位數的增長。我們仍然看到許多這些熱門領域的良好增長。只是這些多年的比較，然後是我們在進入今年剩餘時間時用吸管逆風討論的話題。

All right. Great. And then just wanted to dig into the service and consumables line. How did I guess, service grow in the quarter. Can you help us understand how you're thinking about that contract versus value-add services growth for the year? And just kind of general commentary. I don't think we touched on that much in the earnings call today.

好的。偉大的。然後只想深入研究服務和消耗品系列。我怎麼猜到，服務在本季度增長。您能否幫助我們了解您如何看待該合同與今年增值服務增長的關係？只是一般性的評論。我不認為我們在今天的財報電話會議上談到了那麼多。

Yes. No, great question. I mean service is kind of really good story. We featured it on our last call. We grew last year at 12%, and we got off to a really good start this year with 15% growth. We continue to see great opportunity here when you kind of look at the overall installed base that we serve. And when you kind of put dollars to that in terms of what it could mean to our service business, it's a very significant opportunity. We have a very strong value proposition here with helping companies with uptime and compliance and accuracy of their results and reducing waste. And that -- those value propositions really are resonating very well in the marketplace. And we can also do a lot of very value-added activities like validating and certifying processes.

是的。不，很好的問題。我的意思是服務是一種非常好的故事。我們在上次通話中介紹了它。我們去年以 12% 的速度增長，今年我們以 15% 的增長率開了個好頭。當您查看我們服務的整體安裝基礎時，我們繼續在這裡看到巨大的機會。當您根據它對我們的服務業務可能意味著什麼來投入資金時，這是一個非常重要的機會。我們在這裡有一個非常強大的價值主張，可以幫助公司提高正常運行時間、合規性和結果的準確性，並減少浪費。而且——這些價值主張確實在市場上引起了很好的共鳴。我們還可以做很多非常增值的活動，比如驗證和認證流程。

And as we kind of go after these opportunities with our big data analytics, program and how we penetrate that [iBase] or whether we have gotten better at selling service at the point of sale by embedding these into our quotation process. We've seen very good traction in terms of the ability to capture this opportunity.

當我們通過大數據分析、程序以及我們如何滲透 [iBase] 來尋找這些機會時，或者我們是否通過將這些嵌入到我們的報價流程中，在銷售點銷售服務方面做得更好。就抓住這一機會的能力而言，我們已經看到了非常好的牽引力。

And then maybe 1 other final comment on services, like our Net Promoter Scores have continue to be at like all-time highs, and they were already high before. And so it just shows you how well our team executes around the world. And as we kind of look towards the rest of the year, we continue to be positive here. I wouldn't be surprised if we're in the 10% range again for Q2. And then for the full year, we'll see how it plays out.

然後也許還有其他關於服務的最後評論，比如我們的淨推薦值一直保持在歷史最高水平，而且之前已經很高了。因此，它只是向您展示了我們的團隊在全球的執行情況。當我們展望今年剩餘時間時，我們在這裡繼續保持積極態度。如果我們在第二季度再次處於 10% 的範圍內，我不會感到驚訝。然後對於全年，我們將看看它是如何發揮作用的。

Your next question comes from the line of Derik De Bruin with Bank of America.

你的下一個問題來自美國銀行的 Derik De Bruin。

Apologies if I missed this, but can you remind us what your FX assumptions are for the revenue impact in Q2 and for the full year now? Has that been updated?

抱歉，如果我錯過了這個，但你能提醒我們你的外匯假設對第二季度和現在全年的收入影響是什麼嗎？那更新了嗎？

Yes. Just a second. So -- okay. So FX on Q2 is just under 1%. And then for the full year, so that would be a detriment. And then for the full year, it's about neutral, maybe up modestly. I think Derik, just to make sure you got this one, the bigger 1 from my perspective is the FX impact on EPS. And so that's a 4% headwind we mentioned, I think, in the press release for Q2, and it's about a 2% headwind to EPS for the full year. In our previous guidance, it was like that's like a 1.5% worse than prior guidance.

是的。等一下。所以——好吧。因此，第二季度的外匯匯率略低於 1%。然後是全年，所以這將是不利的。然後全年，它是中性的，可能會適度上升。我想德里克，只是為了確保你得到這個，從我的角度來看，更大的 1 是外匯對每股收益的影響。因此，我認為，這是我們在第二季度的新聞稿中提到的 4% 的逆風，這對全年 EPS 來說大約是 2% 的逆風。在我們之前的指導中，這比之前的指導低了 1.5%。

Yes. Got that. And can you remind us the split in PI versus core industrial and also just sort of like the margin differentials between Lab and Industrial. Just trying to once again sort of like think back about the margin activity -- the margin progression for the year?

是的。了解。你能否提醒我們 PI 與核心工業的分裂，也有點像實驗室和工業之間的利潤差異。只是想再次回想一下保證金活動——今年的保證金進展？

Yes. So in terms of the -- yes, in terms of the split, our core industrial business is about 60% of our industrial exposure and PI is about 40%. It might be a little bit more than 60% and a little bit less than 40%. I don't know the exact math, but it's probably in that kind of a range. And then as we kind of think about the margin differentials. Our Lab business does have higher margins than the rest of the business. And then within that, of course, pipettes is a higher-margin business.

是的。所以就 - 是的，就拆分而言，我們的核心工業業務約占我們工業風險的 60%，PI 約佔 40%。它可能比 60% 多一點，也可能比 40% 少一點。我不知道確切的數學，但它可能在那種範圍內。然後當我們考慮保證金差異時。我們實驗室業務的利潤確實高於其他業務。當然，在其中，移液器是一項利潤率更高的業務。

Right. Great. And have you seen, I guess, any cancellations? I mean I know your business is more short cycle and quarters are sort of build a buyback of backlog. But have you seen any sort of cancellations, particularly in any of your instruments, people not buying PH meters, just hesitation at all in buying? Or does the -- are things still looking relatively healthy?

正確的。偉大的。我猜你有沒有看到任何取消？我的意思是我知道您的業務週期更短，而且季度有點像積壓回購。但是你有沒有看到任何形式的取消，特別是在你的任何儀器中，人們不購買 PH 計，只是在猶豫購買？或者 - 事情看起來仍然相對健康嗎？

Not seeing any cancellations. Q1 was actually quite good. Of course, hard to talk about if there hesitant or not, I think we'll see all those types of things play out, but in terms of cancellations, not seeing anything like that.

沒有看到任何取消。 Q1實際上相當不錯。當然，很難談論是否有猶豫，我認為我們會看到所有這些類型的事情發生，但就取消而言，不會看到這樣的事情。

And then just one final one. What was the actual growth percentage in pipette and price of analytics in the first quarter?

然後是最後一個。第一季度移液器和分析價格的實際增長百分比是多少？

So for pipettes, our business was down high teens and pipettes is just over 10% of our business. And what was the other part of you question? Analytics process?

因此，對於移液器，我們的業務下滑了十幾歲，移液器僅占我們業務的 10% 以上。你的另一部分是什麼問題？分析過程？

Process analytics, Yes.

過程分析，是的。

Process Analytics actually had a very good quarter. I think they were up double digit in Q1. And if you kind of like get into the -- if you're trying to like look for insight on bioprocessing there because a lot of that business is bioprocessing. A lot of the business is holding up actually quite well. Of course, there are some vaccine production comps that we have to deal with in that business. But the one area where we have seen weakness is in single-use sensors and -- but that, of course, is a much smaller part of our business and portfolio.

Process Analytics 實際上有一個非常好的季度。我認為他們在第一季度增長了兩位數。如果你有點喜歡進入——如果你想在那裡尋找對生物加工的洞察力，因為很多業務都是生物加工。許多業務實際上都保持得很好。當然，我們必須在該業務中處理一些疫苗生產組合。但我們看到弱點的一個領域是一次性傳感器——當然，這在我們的業務和產品組合中所佔的比例要小得多。

Your next question comes from the line of Catherine Schulte with Baird.

你的下一個問題來自 Catherine Schulte 與 Baird 的對話。

You talked about services growing 15% in the quarter. How did consumables perform both overall and then excluding pipette tips?

你談到服務在本季度增長了 15%。耗材在整體性能和除移液器吸頭之外的性能如何？

Yes. So good question. So our -- let me just make sure I get the right number here. So our consumable business was down about 12%, and that was almost entirely due to the decline that we saw in pipette. I think we had growth in all of our other consumable categories.

是的。好問題。所以我們 - 讓我確保我在這裡得到正確的號碼。因此，我們的耗材業務下降了約 12%，這幾乎完全是由於我們在移液器中看到的下降。我認為我們在所有其他消耗品類別中都有增長。

Okay. And then it sounds like core industrial is trending better than you expected coming into the year. Can you just talk to what kind of trends you're seeing there? And any order book commentary that gives you confidence to raise that full year despite some of the macro weakness that we're seeing.

好的。然後聽起來核心工業的趨勢比你預期的要好。你能談談你在那裡看到什麼樣的趨勢嗎？儘管我們看到了一些宏觀疲軟，但任何訂單評論都能讓您有信心提高全年。

Yes, I'll take that, Catherine. Look, again, an industry comes down to our portfolio and solutions to help customers automate processes. And we see still a very healthy investment and interest in our product portfolio, and I think we compete extremely well. Especially also with the new products that we released last year with the Industry 360, I think we talked about it at the Investor Day, a very successful product and also the overall OEM business for us is doing really well.

是的，我會接受的，凱瑟琳。再次看，一個行業歸結為我們的產品組合和解決方案，以幫助客戶實現流程自動化。我們仍然看到對我們產品組合的非常健康的投資和興趣，我認為我們的競爭非常激烈。特別是我們去年與 Industry 360 一起發布的新產品，我想我們在投資者日談到了它，這是一個非常成功的產品，而且我們的整體 OEM 業務也做得非常好。

We see strong demand. I think, again, around the world, there's still a lot of interest in building out automated solutions. And we play a significant part as a supplier in this segment. So that gives us quite some confidence moving forward that industry will besides a very negative PMI trend will not be affected as badly as the PMI looks, but again we are pointing to low single-digit growth in Q2 because it's also tough compares. Don't forget, we are really looking at super tough compares on a 3-year basis here for industry. We have massive growth in China over the last 3 years in the industry. We had very good investments in Europe, in the U.S. And of course, this compares to put additional positive growth in it means quite something.

我們看到強勁的需求。我再次認為，在世界範圍內，人們對構建自動化解決方案仍然很感興趣。作為該領域的供應商，我們發揮著重要作用。因此，這給了我們相當大的信心，即行業除了非常負面的 PMI 趨勢外，不會像 PMI 看起來那樣受到嚴重影響，但我們再次指出第二季度的低個位數增長，因為它也很難比較。別忘了，我們真的在為行業尋找 3 年的超級艱難比較。過去 3 年，我們在中國的行業取得了巨大的增長。我們在歐洲和美國進行了非常好的投資。當然，這與在其中投入額外的正增長相比意義重大。

Your next question comes from Matt Sykes with Goldman Sachs.

你的下一個問題來自高盛的馬特賽克斯。

Patrick, maybe the first one for you. Just as we're going through this pretty significant normalization, particularly in the Lab business, and then looking at your comments on services and the growth that you've shown last year and then obviously this quarter, could you maybe help us understand a little bit more the historical 3-year CAGR or longer on services, just so we can understand essentially the algorithm post this normalization and the contribution that services could actually make to the overall group growth algorithm, meaning if it's services are sort of 20-ish percent, please correct me if I'm wrong on that, but growing at a higher rate without the comp difficulty that the rest of the business has, could that actually change the longer-term growth algorithm for Mettler if services were to continue to grow at the rate it's growing at?

帕特里克，也許是第一個給你的。正如我們正在經歷這種非常重要的正常化，特別是在實驗室業務中，然後看看您對服務的評論以及您去年和本季度所展示的增長，您能否幫助我們了解一下服務的歷史 3 年 CAGR 或更長，這樣我們就可以從本質上理解這種規範化後的算法，以及服務實際上可以對整體群體增長算法做出的貢獻，這意味著如果它的服務是 20% 左右，如果我錯了，請糾正我，但在沒有其他業務所面臨的競爭困難的情況下以更高的速度增長，如果服務繼續增長，這是否真的會改變梅特勒的長期增長算法它的增長速度？

Yes. Actually, I forward you to Shawn on this question because he has the growth numbers in front of him.

是的。實際上，我將這個問題轉給了肖恩，因為他面前有增長數據。

Yes. Thanks, Matt. So I mean, of course, we're very pleased with the growth we've been seeing in service. And as I mentioned before, we see that as a really good opportunity. If we kind of look at how we started the year, it's like a 10% 3-year CAGR. And -- but we were kind of exited last year with maybe a 7% CAGR in Q4. So I don't have the full year number in front of me. But I certainly wouldn't want to characterize this as a double-digit business going forward, although we're pleased with it, and we're going to challenge the organization to do well this year. But I think kind of going forward, I would just characterize it as above corporate average and -- which would imply high single digit. And it certainly will have -- should have benefits and upside to our overall algorithm over time. But nothing that I would highlight differently than how we've thought about historically other than we're just executing very well at the moment.

是的。謝謝，馬特。所以我的意思是，當然，我們對我們在服務方面看到的增長感到非常滿意。正如我之前提到的，我們認為這是一個非常好的機會。如果我們看一下今年的開始，它就像 10% 的 3 年復合年增長率。而且——但我們去年有點退出，第四季度的複合年增長率可能為 7%。所以我面前沒有完整的年度數字。但我當然不想將其描述為未來兩位數的業務，儘管我們對此感到滿意，並且我們將挑戰該組織今年做得好。但我認為在某種程度上向前發展，我只是將其描述為高於公司平均水平——這意味著高個位數。隨著時間的推移，它肯定會對我們的整體算法產生好處和好處。但除了我們目前執行得非常好之外，我要強調的與我們從歷史上考慮的方式沒有什麼不同。

Got it. And then just on automation, that space. You guys typically compete against within fragmented markets. Is automation any different from that? I'm just thinking of sort of the larger European players or Japanese players automation as you sell into China and other regions. Is that a different type of competitive landscape that you guys are facing in automation? Or is it similar? Or are you going to find other ways to compete.

知道了。然後就是自動化，那個空間。你們通常在分散的市場中競爭。自動化與此有什麼不同嗎？當你向中國和其他地區銷售產品時，我只是在考慮更大的歐洲玩家或日本玩家的自動化。你們在自動化領域面臨的是一種不同類型的競爭格局嗎？或者是相似的？還是您會尋找其他競爭方式。

Think it's different. And maybe I'll start and let Patrick jump in. But like a lot of our automation, we're selling the system integrators. And so there's a whole business model that has to do with not only quality and all that kind of stuff, but how easy are you to integrate into their solutions. And so that's an area where we have a lot of competitive advantage as well.

想想就不一樣了。也許我會開始讓帕特里克加入。但就像我們的許多自動化一樣，我們正在銷售系統集成商。因此，有一個完整的商業模式不僅與質量和所有類似的東西有關，而且與您集成到他們的解決方案中的難易程度有關。因此，這也是我們擁有很多競爭優勢的領域。

I agree, I mean it's about how easy our sensors and our terminals plug in and both into the system, but also the overall software environment that the end user has and I think we have a very strong portfolio there and very up-to-date portfolio that resonates very well with the system integrators.

我同意，我的意思是，這關乎我們的傳感器和終端插入系統的難易程度，以及最終用戶擁有的整體軟件環境，我認為我們在那裡擁有非常強大的產品組合，並且是最新的與系統集成商產生共鳴的產品組合。

Your next question comes from Lisa Garcia with UBS.

你的下一個問題來自瑞銀的 Lisa Garcia。

So I guess just talking about customer types, even if you -- just more broadly on the pharma, I think there's like a lot of questions on pharma more broadly. I know you spoke a little bit earlier on the sensors. But could you just talk about kind of what you're seeing in the pharma environment more broadly and the growth trends there even if qualitatively?

所以我想只是談論客戶類型，即使你 - 更廣泛地涉及製藥業，我認為更廣泛地涉及製藥業的很多問題。我知道你早些時候談到了傳感器。但是，您能否更廣泛地談談您在製藥環境中看到的情況，以及那裡的增長趨勢，即使是定性的？

Yes. I can start with that, yes. And when you look at pharma and biopharma, the first thing you should appreciate is our diverse exposure given the broad portfolio there, so we serve customers in R&D, with broad-based analytics portfolio was also with pipette. But when you go downstream with solutions to scale up manufacturing, other [Autocam] business is pretty strong in pharma as well. And then the whole pro business bioprocessing that we have plastic industry portfolio when it comes to downstream in industry. So I think we have a really broad-based exposure. What we are seeing, I think, is continued investment -- long-term investment anyway, into pharma, biopharma. Yes, there was a slowdown in, of course, (inaudible) manufacturing and we see -- we saw some of that exposure in biopharma, and I think Shawn related -- referred to this as well. But for example, with PendoTECH, we saw for single-use sensors with (inaudible) that are used in biopharma process, we saw a slowdown there. But we see still really healthy demand on the R&D side, healthy investment and also on the QA/QC side, there's a huge installed base of instruments out there that we also serve. And there's a continuous replacement business that we also addressed on our portfolio that addresses pharma on a broader scale.

是的。我可以從那開始，是的。當你看製藥和生物製藥時，你首先應該欣賞的是我們擁有廣泛的產品組合，因此我們為研發客戶提供廣泛的分析產品組合以及移液器。但是，當您向下游提供擴大製造規模的解決方案時，其他 [Autocam] 業務在製藥領域也非常強大。然後是整個專業的商業生物加工，當涉及到工業下游時，我們擁有塑料工業組合。所以我認為我們有一個非常廣泛的曝光。我認為，我們看到的是持續投資——無論如何，對製藥、生物製藥的長期投資。是的，當然，（聽不清）製造業出現了放緩，我們看到——我們看到了生物製藥領域的一些風險敞口，我認為肖恩相關——也提到了這一點。但是例如，對於 PendoTECH，我們看到生物製藥過程中使用的一次性傳感器（聽不清），我們看到了那裡的放緩。但我們看到研發方面的需求仍然非常健康，健康的投資以及 QA/QC 方面的需求，我們也有大量的儀器安裝基礎。還有一個持續的替代業務，我們也在我們的產品組合中解決了更廣泛的製藥問題。

Regionally, I would say we see no big slowdown at the moment of pharma, biopharma in the U.S. in sales in Q1, but in China, it looks similar. We had actually quite good sales in Q1 into the segment. Now what it means moving forward, whether there will be a change in biopharma, which could be one of the segments in China that you could look at that on a more preesure. But again, given the broad portfolio we have, I think we are very well positioned to capture the growth opportunities.

從區域上看，我認為美國第一季度的製藥、生物製藥銷售額沒有大幅放緩，但在中國，情況類似。實際上，我們在第一季度對該細分市場的銷售額非常好。現在這意味著向前邁進，生物製藥是否會發生變化，這可能是中國的細分市場之一，你可以更謹慎地看待它。但同樣，鑑於我們擁有廣泛的產品組合，我認為我們完全有能力抓住增長機會。

Just to clarify his comment on U.S. was excluding the pipette we talked to both.

只是為了澄清他對美國的評論不包括我們與雙方交談過的移液器。

Okay. Helpful. And then just -- you talked about lithium-ions and sustainable polymers in that business, and I know it may be a bit of a smaller. But can you talk about kind of how you think about a bit of a longer-term question, like how you think about the runway there? And how many -- how we should think about the growth outlook there?

好的。有幫助。然後 - 你談到了該業務中的鋰離子和可持續聚合物，我知道它可能有點小。但是你能談談你如何看待一個更長期的問題，比如你如何看待那裡的跑道嗎？有多少——我們應該如何看待那裡的增長前景？

Yes, absolutely. Look, I mean there's a lot of investment in that area and a lot of research going on in the area of sustainable polymers and new materials that we serve with a broader portfolio. Again, a lot of it is on the Lab business. If you look at our material characterization portfolio. We are very closely working with our customers to understand the demand and the workflows that (inaudible) and what solutions they are looking for.

是的，一點沒錯。看，我的意思是在該領域有大量投資，並且在我們提供更廣泛產品組合的可持續聚合物和新材料領域正在進行大量研究。同樣，其中很多都與實驗室業務有關。如果您查看我們的材料表徵產品組合。我們正在與客戶密切合作，以了解需求和工作流程（聽不清）以及他們正在尋找的解決方案。

Given where we are in terms of the overall market trend, I think it's still in the early innings. There's a lot of demand and opportunities to come up with solutions to, I would say, standard plastic, for example, and also more sustainable materials moving forward. So we are confident that will be while it's still a small segment for us. It's 1 of these hot segments, similar to what we see -- what we have seen in and continue to see with lithium-ion batteries that if we are early enough there to customers and provide them with the right solutions and the right workflows, we can be a leader participating in that growth as they build out research later on manufacturing and of course, also (inaudible). That's what we have done in, for example, with the battery segment. We have been very early with all these customers to understand what their needs are and now we are participating really nicely in the growth opportunities, both on the R&D but also now on the manufacturing side in terms of 2 or 3 areas.

鑑於我們在整體市場趨勢方面所處的位置，我認為它仍處於早期階段。有很多需求和機會提出解決方案，例如，標準塑料，以及更可持續的材料。所以我們有信心，雖然它對我們來說仍然是一小部分。這是這些熱門領域之一，類似於我們所看到的——我們已經看到並繼續看到的鋰離子電池，如果我們足夠早地為客戶提供服務並為他們提供正確的解決方案和正確的工作流程，我們可以成為參與這種增長的領導者，因為他們後來在製造方面進行了研究，當然，也（聽不清）。例如，這就是我們在電池領域所做的。我們很早就與所有這些客戶一起了解他們的需求，現在我們正在很好地參與增長機會，無論是在研發方面，還是在 2 或 3 個領域的製造方面。

Your next question comes from Brandon Couillard with Jefferies.

你的下一個問題來自 Jefferies 的 Brandon Couillard。

Just one for you, Shawn. Do we split out the Lab versus industrial business in China in the first quarter? And any update on the forecast for those 2 subsegments for the year.

只給你一個，肖恩。我們是否會在第一季度將中國的實驗室業務與工業業務分開？以及今年這 2 個子細分市場的任何預測更新。

And then Patrick, any change in local competition or dynamics on the ground there that you care to call out?

然後帕特里克，當地競爭或當地動態的任何變化你想呼籲嗎？

Okay. Good. Brandon, I'll take the first part of that question then. So for Q1, we actually had a really good start to the year in our Lab business. We were up mid-teens. We saw a lot of growth throughout the portfolio with the exception of they also have a pipette headwind, but it's a smaller part of their business.

好的。好的。布蘭登，我將回答這個問題的第一部分。因此，對於第一季度，我們的實驗室業務實際上在今年開局非常好。我們已經十幾歲了。我們在整個投資組合中看到了很多增長，除了他們也有吸管逆風，但這只是他們業務的一小部分。

In the Lab business in China, we -- like a lot of our other businesses, we also have been benefiting from a lot of these hot segments that we were just talking about, like lithium-ion batteries is a good example, in which really felt a very strong growth in our analytical instrument business.

在中國的實驗室業務中，我們 - 就像我們的許多其他業務一樣，我們也一直從我們剛剛談論的許多這些熱門領域中受益，例如鋰離子電池就是一個很好的例子，其中真正我們的分析儀器業務增長強勁。

And then on our industrial side, we grew low single digit in the quarter, and I think that's important to put that in context with the comparison. So that's on top of about 24% growth in Q1 of last year, but on top of 63% growth in the year before that. So China is lapping some very, very challenging comparisons in the first half of the year for their industrial business.

然後在我們的工業方面，我們在本季度增長了低個位數，我認為將其與比較結合起來很重要。因此，這高於去年第一季度約 24% 的增長率，但高於前一年 63% 的增長率。因此，中國在今年上半年對其工業業務進行了一些非常非常具有挑戰性的比較。

And as we kind of like look towards Q2 and the rest of the year, we're kind of looking at low single digit again in Industrial for Q2 given challenging comps also in the second quarter, but we're expecting better results in the second half as the comparisons improve. So probably still thinking of that business is low to mid for the full year, which is kind of similar to how we were thinking before.

當我們有點像展望第二季度和今年剩餘時間時，考慮到第二季度的競爭也具有挑戰性，我們在第二季度再次看到工業第二季度的低個位數，但我們預計第二季度會有更好的結果一半隨著比較的改進。所以可能仍然認為全年業務處於中低水平，這與我們之前的想法有點相似。

And then Lab might have some moderation also because of some comp topics on a multiyear basis in Q2. Maybe it's more in the mid- or mid- to high single-digit kind of a growth range, but still optimistic for the full year, especially given the strong start in Q1. So still thinking that double digit for the full year on the Lab side.

然後，由於第二季度的多年基礎上的一些補償主題，實驗室可能會有一些節制。也許它更多地處於中高個位數的增長范圍內，但對全年仍持樂觀態度，尤其是考慮到第一季度的強勁開局。所以仍然認為實驗室方面全年的兩位數。

I think a topic there like a lot of other regions, but especially in China, it's going to be how to -- with all the investment that they've had in COVID, what is that looking like for the rest of the year. And given the fact that they just went through the reopening, we'll kind of see how that plays out.

我認為那裡的一個話題與許多其他地區一樣，但尤其是在中國，這將是如何——利用他們在 COVID 方面的所有投資，今年餘下時間的情況如何。考慮到他們剛剛經歷了重新開放，我們將看看結果如何。

Brandon, maybe from my side, you asked about the competitive situation in China with the market, but there's a significant change. I would say no. Look, it's a very competitive market. We have local players there as well, but you have to -- I want to remind you, we have a really strong history in China. We have a strong R&D and manufacturing base there. We -- as I said in my remarks, we manufacture a lot of the products locally in China and also tailor some of the applications to the local market needs. That helps us to really effectively compete with the product portfolio and our sales and marketing team uses the very same cynicle sales and marketing approach to really go after the growth opportunities, identify those in the China market. I mentioned that example about the battery segment. and they have been very successful to do those.

布蘭登，也許在我這邊，你問過中國市場的競爭狀況，但有一個重大的變化。我會說不。看，這是一個競爭非常激烈的市場。我們在那裡也有本地球員，但你必須——我想提醒你，我們在中國有著非常悠久的歷史。我們在那裡擁有強大的研發和製造基地。我們 - 正如我在發言中所說，我們在中國本地生產很多產品，並根據當地市場需求定制一些應用程序。這有助於我們真正有效地與產品組合競爭，我們的銷售和營銷團隊使用非常相同的憤世嫉俗的銷售和營銷方法來真正追求增長機會，確定中國市場的機會。我提到了關於電池部分的例子。他們在這方面做得非常成功。

So yes, the market is competitive, but I would say it hasn't changed dramatically for us. Our team is well positioned to continue to compete and we made, from my perspective, also a lot of good investments to make sure that we have the right portfolio to compete effectively in the market.

所以是的，市場競爭激烈，但我會說它對我們來說並沒有發生巨大變化。我們的團隊處於繼續競爭的有利地位，在我看來，我們也進行了大量良好的投資，以確保我們擁有正確的投資組合，能夠在市場上有效競爭。

With no further questions, we will conclude today's conference. Thank you for your participation. You may now disconnect.

沒有其他問題，我們將結束今天的會議。感謝您的參與。您現在可以斷開連接。