OraSure Technologies Inc (OSUR) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the OraSure Technologies, Inc. 2025 first-quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 OraSure Technologies, Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jason Plagman, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係副總裁 Jason Plagman。請繼續。

Good afternoon, and welcome to OraSure Technologies first-quarter 2025 earnings call. Participating in the call today for OTI are Carrie Eglinton Manner, our President and Chief Executive Officer; and Ken McGrath, our Chief Financial Officer. As a reminder, today's webcast is being recorded, and the recording can be found on our Investor Relations website.

下午好，歡迎參加 OraSure Technologies 2025 年第一季財報電話會議。今天參加 OTI 電話會議的有我們的總裁兼執行長 Carrie Eglinton Manner；以及我們的財務長 Ken McGrath。提醒一下，今天的網路廣播正在錄製，錄音可以在我們的投資者關係網站上找到。

Before we begin, you should know that this call may contain certain forward-looking statements, including statements with respect to revenues, expenses, profitability, earnings or loss per share and other financial performance, product development, shipments and markets, business plans, regulatory filings and approvals, expectations and strategies.

在我們開始之前，您應該知道本次電話會議可能包含某些前瞻性陳述，包括有關收入、支出、盈利能力、每股收益或虧損和其他財務業績、產品開發、出貨量和市場、商業計劃、監管備案和批准、預期和戰略的陳述。

Actual results could be significantly different. Factors that could affect results are discussed more fully in OTI's SEC filings, its annual report on Form 10-K for the year ended December 31, 2024, its quarterly reports on Form 10-Q and its other SEC filings. Although forward-looking statements help to provide more complete information about future prospects, listeners should keep in mind that forward-looking statements are based solely on information available to management as of today. OTI undertakes no obligation to update any forward-looking statements to reflect events or circumstances after this call.

實際結果可能會大不相同。OTI 向美國證券交易委員會 (SEC) 提交的文件、截至 2024 年 12 月 31 日的年度報告 (10-K 表)、季度報告 (10-Q 表) 以及其他向美國證券交易委員會提交的文件中更詳細地討論了可能影響結果的因素。儘管前瞻性陳述有助於提供有關未來前景的更完整信息，但聽眾應記住，前瞻性陳述完全基於管理層截至今天掌握的信息。OTI 不承擔更新任何前瞻性聲明以反映本次電話會議後的事件或情況的義務。

With that, I am pleased to turn the call over to Carrie.

說完這些，我很高興將電話轉給 Carrie。

Thanks, Jason, and thank you to everyone for joining us today. We are pleased to provide an update on the progress OraSure is making on the three pillars of our transformation: one, strengthening our foundation; two, elevating our core growth; and three, accelerating profitable growth.

謝謝傑森，也謝謝大家今天加入我們。我們很高興地向您介紹 OraSure 在轉型的三大支柱上取得的進展：一、加強我們的基礎；二、提升核心成長；三是獲利成長加快。

Today, I'll discuss a few highlights from Q1 and our progress on key priorities for 2025. A few notable developments during the first quarter include the strength of OTI as demonstrated in our ability to navigate continued uncertainty due to external market factors. And examples of that are: we reported revenue in Q1 that was in the top half of our guidance range for both total revenue and core revenue.

今天，我將討論第一季的一些亮點以及我們在 2025 年關鍵優先事項上取得的進展。第一季的一些值得注意的發展包括 OTI 的實力，這體現在我們有能力應對外部市場因素造成的持續不確定性。例如：我們報告的第一季收入處於總收入和核心收入指導範圍的上半部。

The preference for our differentiated products across our customer base, which we continue to expand and diversify. We are also making good progress in advancing our innovation road map, including multiple new product milestones expected in 2025, as I'll describe in a few minutes. Integration of Sherlock Biosciences is off to a good start with a talented team of scientists and other professionals who are helping expand OTI's product pipeline with molecular diagnostics innovation, including a low-cost disposable platform on which we're advancing the clinical study for chlamydia and gonorrhea or CTNG as its initial test with others to follow.

我們客戶群對我們差異化產品的偏好，我們將繼續擴大和多樣化客戶群。我們在推進創新路線圖方面也取得了良好進展，包括預計在 2025 年實現的多個新產品里程碑，我將在幾分鐘後進行描述。Sherlock Biosciences 的整合工作取得了良好的開端，我們擁有一支才華橫溢的科學家和其他專業人員團隊，他們正在幫助透過分子診斷創新擴展 OTI 的產品線，其中包括一個低成本的一次性平台，我們正在該平台上推進衣原體和淋病或 CTNG 的臨床研究，作為其初步測試，其他測試將隨後進行。

Solid execution, providing seamless continuity for our customers as we in-source manufacturing of our SMS products from contract manufacturers to our facilities in Bethlehem, Pennsylvania. We expect to have this transition substantially complete by the end of Q2, which is months ahead of the expected time line when we initiated this project in early 2024.

穩健的執行，為我們的客戶提供無縫的連續性，因為我們將 SMS 產品的製造從合約製造商轉移到位於賓夕法尼亞州伯利恆的工廠。我們預計這一轉變將在第二季末基本完成，這比我們在 2024 年初啟動該專案時的預期時間提前了幾個月。

In late March, our Board authorized the repurchase of up to $40 million of our common stock over the next two years from the authorization date, which will be funded from cash on hand and aligns with our capital deployment strategy.

三月下旬，我們的董事會授權自授權日起的兩年內回購最多價值 4,000 萬美元的普通股，資金將來自現有現金，並符合我們的資本配置策略。

Diving into our core business. Q1 core revenue of $29.5 million was above the midpoint of our guidance range. Core revenue decreased 2% on a year-over-year basis and was flat compared to the prior year period after adjusting for our previously announced exit from the risk assessment testing business.

深入研究我們的核心業務。第一季核心營收為 2,950 萬美元，高於我們預期範圍的中點。核心營收年減 2%，在調整我們之前宣布退出風險評估測試業務後，與去年同期持平。

Diagnostics revenue grew 8% year over year and Sample Management Solutions revenue decreased 16%, with the year-over-year decline attributable to disruption at a large customer in the consumer genomics segment as we previewed on our earnings call in February.

診斷收入年增 8%，樣本管理解決方案收入下降 16%，年減歸因於消費者基因組學領域一位大客戶的業務中斷，正如我們在 2 月份的收益電話會議上預測的那樣。

Within our Diagnostics portfolio, growth was driven by our international business, including revenue from the initial orders we received last year for our WHO PQ listed hepatitis C self-test. We believe that delivering successful results through a pilot with a National Health Ministry in Africa will demonstrate the value of HCV self-testing programs and potentially lead to similar initiatives in additional countries in the year to come.

在我們的診斷產品組合中，成長是由我們的國際業務推動的，包括我們去年收到的 WHO PQ 列出的丙型肝炎自我檢測的首批訂單的收入。我們相信，透過與非洲國家衛生部合作的試點計畫所取得的成功將證明丙型肝炎病毒自我檢測計畫的價值，並有可能在未來一年促使其他國家採取類似措施。

As you may recall, we received WHO prequalification status in July of 2024, and our OraQuick HCV self-test is the only hepatitis C self-test to earn this designation. With current pressure on aid funding for public health, we believe that the proven success of interventions and documented health economic data demonstrating their value will help the industry, including OTI through a transition to increasingly durable sources of funding. Shifting to Sample Management Solutions, or SMS.

您可能還記得，我們​​在 2024 年 7 月獲得了 WHO 預認證，我們的 OraQuick HCV 自我檢測是唯一獲得此頭銜的丙型肝炎自我檢測。鑑於當前公共衛生援助資金的壓力，我們相信，幹預措施的成功經驗和證明其價值的記錄在案的健康經濟數據將有助於包括 OTI 在內的行業過渡到日益持久的資金來源。轉向樣本管理解決方案或 SMS。

Revenue in Q1 was consistent with our expectations given the impact of a disrupted ordering pattern from the consumer genomics customer. Excluding the impact of that singular decline, SMS revenue grew on a year-over-year basis in the first quarter. Overall market trends in SMS remain mixed with growth in clinical genomics and animal health, offset by anticipated softness in academic and research labs related to uncertainty with NIH funding as we previewed in February.

考慮到消費者基因組學客戶訂購模式中斷的影響，第一季的收入與我們的預期一致。除去這項單項下滑的影響，第一季簡訊收入年增。SMS 的整體市場趨勢仍然混合，臨床基因組學和動物保健領域有所增長，但正如我們在二月份預測的那樣，由於 NIH 資金的不確定性，學術和研究實驗室預計會出現疲軟。

At a high level, we continue to believe it's a matter of time when, not if genomics end segments return to consistently stronger growth, driven by scientific advancements and greater clinical adoption of precision medicine, while customers continue to demonstrate their preference for our OTI products. On that note, we are delighted to announce that Myriad Genetics has renewed their agreement, reaffirming their trust in our products and services.

從高層次上講，我們仍然相信，在科學進步和精準醫療臨床應用的推動下，基因組學終端領域恢復持續強勁增長只是時間問題，而客戶將繼續表現出對我們的 OTI 產品的偏好。就此而言，我們很高興地宣布 Myriad Genetics 已續簽協議，重申了他們對我們的產品和服務的信任。

We believe that this renewal underscores the value and reliability of our FDA-cleared Oragene Dx saliva collection kits in supporting a number of Myriad screening tests. Additionally, Fulgent Genetics, a long-time customer and collaborator with DNA Genotek, recently renewed their commitment to continue to offer our FDA-cleared ORAcollect Dx saliva collection device as an option for their advanced genetic testing and research.

我們相信，此次續約凸顯了我們經 FDA 批准的 Oragene Dx 唾液收集試劑盒在支持多項 Myriad 篩檢測試方面的價值和可靠性。此外，DNA Genotek 的長期客戶和合作夥伴 Fulgent Genetics 最近重申承諾，將繼續提供我們經 FDA 批准的 ORAcollect Dx 唾液收集設備，作為其高級基因檢測和研究的一種選擇。

This decision demonstrates Fulgent's focus on providing convenient at-home solutions that ensure accurate and efficient saliva collection, which is critical for their cutting-edge work in genomics. like these and other examples we've shared across the quarters demonstrate OTI's leadership and customer loyalty earned by the quality of our devices and consistent service delivery by our team over many years. We continue to focus on strengthening our customer relationships while also expanding and diversifying them, and we continue to closely monitor ongoing developments amidst existing market uncertainty, including funding across our key segments.

這項決定表明 Fulgent 專注於提供便利的家庭解決方案，確保準確、高效的唾液收集，這對於他們在基因組學領域的前沿工作至關重要。就像這些以及我們在各個季度分享的其他例子一樣，證明了 OTI 的領導地位和客戶忠誠度，這是透過我們設備的品質以及我們團隊多年來始終如一的服務交付而贏得的。我們將繼續致力於加強與客戶的關係，同時擴大和多樣化我們的客戶關係，並將繼續密切關注現有市場不確定性中的持續發展，包括對我們主要部門的融資。

Our international Diagnostics business remains steady, even while our growth rate has been impacted by the elevated uncertainty related to US funding for global public health initiatives that we discussed in February. Over the last few months, there has been disruption in USAID and PEPFAR-sponsored programs. Yet in spite of on-the-ground staffing challenges for implementation, we do see some continued activity, which we attribute to the value of these life-saving programs and their history of proven success with rapid self-tests that are easy to use and interpret at the point of need, at home and really anywhere.

儘管我們的成長率受到了我們在二月份討論過的美國為全球公共衛生計劃提供資金的不確定性增加的影響，但我們的國際診斷業務仍然保持穩定。過去幾個月，美國國際開發署和美國總統防治愛滋病緊急救援計畫 (PEPFAR) 資助的計畫出現了中斷。儘管在實施過程中面臨著實地人員配備方面的挑戰，我們確實看到了一些持續的活動，我們將其歸因於這些拯救生命的計劃的價值及其通過快速自我測試所取得的成功的歷史，這些測試在需要時、在家中以及實際上任何地方都易於使用和解釋。

As we previewed in February, we have seen less disruption to date in multilateral funded aid programs, such as the global funds to fight AIDS, tuberculosis and malaria. But we continue to closely monitor the situation and expect that these programs are likely to tighten budgets. We continue to support execution of test-to-treat efforts, Diagnostic testing is critical in any successful HIV initiative. While international diagnostics remains stable at this time, I'll repeat that we continue to frequently engage with our partners and closely monitor the situation.

正如我們在二月預測的那樣，迄今為止，我們看到多邊資助的援助計畫（例如全球抗愛滋病、結核病和瘧疾基金）受到較少的干擾。但我們將繼續密切關注局勢，並預計這些項目的預算可能會收緊。我們將繼續支持實施檢測治療工作，診斷檢測對於任何成功的愛滋病防治措施都至關重要。雖然目前國際診斷情勢保持穩定，但我要重申，我們將繼續與合作夥伴頻繁接觸，並密切監測局勢。

In the US, on the other hand, headwinds in our Diagnostics business have increased over the last few months. Public health organizations at the federal, state and local levels in the US are dealing with elevated uncertainty given potential cuts to their budgets and significant reductions in staffing at HHS, CDC and other agencies that administer public health programs.

另一方面，在美國，過去幾個月我們的診斷業務面臨的阻力增加。由於預算可能被削減，衛生與公眾服務部、疾病預防控制中心和其他管理公共衛生計畫的機構的人員也大幅減少，美國聯邦、州和地方各級公共衛生組織面臨更大的不確定性。

To that point, we understand that the Together Take Me Home program is scheduled to end later this year due to funding impact of CDC budget and staff reductions. We are working with our partners in the program as well as the broader HIV and public health communities to explore alternative avenues to continue this meaningful work beyond the program's scheduled termination at the end of the current federal fiscal year on September 30. OTI's revenue from the Together Take Me Home program was $8 million in 2024 and is expected to be approximately $4 million in 2025, which includes $1.5 million of revenue in Q1. While the market in the US

就此而言，我們了解到，由於 CDC 預算和人員削減對資金的影響，「一起帶我回家」計劃計劃於今年晚些時候結束。我們正在與該計劃的合作夥伴以及更廣泛的愛滋病毒和公共衛生界合作，探索其他途徑，以便在該計劃於 9 月 30 日本聯邦財政年度結束時預定終止後繼續開展這項有意義的工作。OTI 從「一起帶我回家」計畫中獲得的收入在 2024 年為 800 萬美元，預計在 2025 年將達到約 400 萬美元，其中包括第一季的 150 萬美元收入。雖然美國市場

faces elevated uncertainty, our position enables us to focus on strengthening our customer relationships and establishing new ones to continue expanding the markets we serve with our rapid diagnostics. Over the last few quarters, we have focused on growing our base of customers who are less reliant on public health funding, such as specialty pharmacies, hospitals and medical centers plus DTC testing and telehealth companies, which we've described as part of our business-to-business to consumer or B2B2C priority.

面臨著更大的不確定性，我們的地位使我們能夠專注於加強與客戶的關係並建立新的關係，以繼續擴大我們透過快速診斷服務的市場。在過去的幾個季度中，我們一直致力於擴大不太依賴公共衛生資金的客戶群，例如專業藥房、醫院和醫療中心以及 DTC 檢測和遠距醫療公司，我們將這些公司描述為我們的企業對企業對消費者或 B2B2C 重點業務的一部分。

We are pleased to note that a growing number of the new customers we signed in Q1 were in categories that are not historically reliant on public health funding, demonstrating early momentum with this initiative. For example, our HCV business saw solid growth in Q1, driven by expanded use of our OraQuick HCV test in emergency room settings and our OraQuick OTC HIV test now available through Everlywell. Switching gears to Sample Management.

我們很高興地註意到，我們在第一季簽約的新客戶中，越來越多的客戶屬於歷史上不依賴公共衛生資金的類別，這表明這一舉措具有早期發展勢頭。例如，我們的 HCV 業務在第一季實現了穩健成長，這得益於我們的 OraQuick HCV 測試在急診室環境中的使用範圍擴大以及我們的 OraQuick OTC HIV 測試現在可透過 Everlywell 獲得。切換到樣本管理。

The overall trend is mixed. It's muted but stable outside of significant disruption concentrated in the single large customer mentioned previously. While we built good momentum over the past years in diversifying our customer base, growth with new customers in SMS isn't yet offsetting that headwind.

整體趨勢好壞參半。除了前面提到的單一大客戶造成的嚴重干擾外，其他方面表現平淡但穩定。儘管過去幾年我們在客戶群多元化方面建立了良好的勢頭，但 SMS 新客戶的成長尚未抵消這一不利因素。

Additionally, the NIH funding environment remains uncertain with budgets and projects proceeding but in an uneven study-by-study basis. We are encouraged that our academic and research customers are beginning to see some positive movement in the grant review and funding process.

此外，NIH 的資助環境仍然不確定，預算和專案都在進行，但各個研究之間並不均衡。我們很高興地看到，我們的學術和研究客戶開始看到撥款審查和資助過程中的一些積極進展。

Regarding tariffs, for now, we expect minimal impact on OTI, and we continue to monitor it. Our current supply chain is highly concentrated in the US and Canada and has fairly limited exposure in the current tariff environment.

關於關稅，目前，我們預計對 OTI 的影響很小，我們會繼續關注。我們目前的供應鏈高度集中在美國和加拿大，在當前的關稅環境下，其風險敞口相當有限。

In part, we are well positioned because our transition to in-sourcing of contract manufacturing from Canada to Pennsylvania is on track for substantial completion in Q2, well ahead of our expected time line when we kicked off the project in early 2024. We are currently capable of producing more than half of all global SMS volume in our Bethlehem, Pennsylvania facilities.

在某種程度上，我們處於有利地位，因為我們從加拿大到賓夕法尼亞州的合約製造內部採購的過渡預計將在第二季度基本完成，遠遠提前於我們在 2024 年初啟動該專案時的預期時間表。目前，我們位於賓州伯利恆的工廠能夠生產全球一半以上的簡訊。

And by the end of Q2, we will be capable of producing the vast majority of SMS volume in Pennsylvania, consistent with our plan that also maintains existing partnerships in Canada for surge capacity, redundancy and potential mitigation of other global reciprocal tariffs. We expect that our operating efficiencies from the transition to in-house manufacturing will ramp in the second half of 2025 and into 2026.

到第二季末，我們將能夠在賓州處理絕大多數的簡訊量，這與我們的計劃一致，該計劃還維持與加拿大的現有合作夥伴關係，以實現激增容量、冗餘度並可能減輕其他全球互惠關稅的影響。我們預計，從轉向內部製造開始，我們的營運效率將在 2025 年下半年和 2026 年大幅提升。

Overall, these are fluid situations impacted by the changing dynamics of the federal government. While we do not have full visibility right now, we wanted to provide updates on evolving external factors as we closely monitor them along the way. Switching gears to growth opportunities with our innovation that serves customer needs from research to clinical and beyond, including customer innovations, leveraging our technologies along with life cycle expansion and new product launches.

整體而言，這些都是受聯邦政府動態變化影響的不穩定局勢。雖然我們目前還沒有完全掌握情況，但我們希望在密切監測不斷變化的外部因素的同時，提供最新資訊。利用我們的創新轉向成長機會，滿足客戶從研究到臨床及其他方面的需求，包括客戶創新、利用我們的技術以及生命週期擴展和新產品發布。

While our Oragene and ORAcollect products remain the only 510(k) cleared saliva collection devices for use in clinical applications beyond COVID-19, they are also used to enable innovation in critical research applications. A recent example that we are pleased to highlight is a study published in the New England Journal of Medicine on a new at-home saliva test to identify men at high risk for prostate cancer. The study named Barcode 1 was carried out by the Institute of Cancer Research London and the Royal Marsden NHS Foundation Trust to help diagnose prostate cancer earlier and more accurately.

雖然我們的 Oragene 和 ORAcollect 產品仍然是唯一獲得 510(k) 批准可用於 COVID-19 以外臨床應用的唾液收集設備，但它們也用於推動關鍵研究應用的創新。我們很高興強調的一個例子是《新英格蘭醫學雜誌》上發表的一項研究，該研究是關於一種新的家庭唾液測試，用於識別患有前列腺癌高風險的男性。這項名為「條碼 1」的研究由倫敦癌症研究所和皇家馬斯登 NHS 基金會信託開展，旨在幫助更早、更準確地診斷前列腺癌。

The DNA extracted from samples collected using Oragene research use only saliva kits was used to calculate the polygenic risk scores based on 130 variants associated with an increased risk of prostate cancer. This innovative approach utilizing saliva collection allowed for more accurate and effective identification of individuals at high risk of developing aggressive cancers compared to the traditional PSA or prostate-specific antigen blood test.

使用 Oragene 研究僅使用唾液試劑盒收集的樣本中提取的 DNA 用於根據與前列腺癌風險增加相關的 130 種變異計算多基因風險評分。與傳統的 PSA 或前列腺特異性抗原血液檢測相比，這種利用唾液收集的創新方法可以更準確、有效地識別出惡性癌症高風險的個體。

Further studies will test this approach to ensure it works at scale and for men of all ethnicities. Additionally, ORAcollect saliva collection is being used in the Generation Victoria or GEN-V study, which is the largest longitudinal study of children and their parents in Australia with the aim of developing a better approach to child health, development and well-being in the state of Victoria. By supporting research through the integration of our saliva collection devices in breakthrough studies like these, OraSure is proud to contribute to early discovery and innovation in health care diagnostics with a promise of better patient outcomes, in addition to our leadership role in saliva collection for clinical applications. Moving to our Colli-Pee urine collection device. We continue to make progress toward our stated goal of submitting for FDA clearance in 2025.

進一步的研究將測試這種方法，以確保它適用於所有種族的男性。此外，ORAcollect 唾液收集系統也用於「維多利亞一代」（GEN-V）研究，這是針對澳洲兒童及其父母的最大規模縱向研究，旨在為維多利亞州的兒童健康、發展和福祉制定更好的方法。OraSure 透過在此類突破性研究中整合我們的唾液收集設備來支持研究，除了在臨床應用唾液收集方面發揮領導作用外，還自豪地為醫療診斷的早期發現和創新做出了貢獻，並承諾為患者帶來更好的治療效果。轉向我們的 Colli-Pee 尿液收集裝置。我們將繼續朝著 2025 年提交 FDA 審批的既定目標邁進。

In the meantime, we are proud to support Color Health following the recent approval from the New York State Department of Health of their at-home cervical cancer risk screening test that utilizes Colli-Pee. Cervical cancer is a preventable disease, yet it often goes undetected until it is advanced. Traditional screenings can be costly and uncomfortable, leading many women to avoid them. Our Colli-Peedevice plays a crucial role in this test by enabling the self-collection and transport of first void urine. With the addition of New York, the Color Health HPV test is available in all 50 states.

同時，我們很榮幸能夠支持 Color Health，因為紐約州衛生部最近批准了他們使用 Colli-Pee 進行家庭子宮頸癌風險篩檢測試。子宮頸癌是一種可預防的疾病，但它往往直到晚期才被發現。傳統的篩檢費用昂貴且不舒適，導致許多女性不願意接受。我們的 Colli-Peedevice 透過實現第一次排尿的自行收集和運輸，在該測試中發揮至關重要的作用。隨著紐約州的加入，Color Health HPV 檢測已涵蓋全美 50 個州。

We are also excited to announce the upcoming release of our new microbiome extraction products scheduled for June. These products are designed to meet the diverse extraction needs of researchers and clinicians working with challenging microbiome samples, particularly for those with low or medium biomass. These proprietary extraction solutions have been optimized for use with microbiome collection devices from DNA Genentech, ensuring seamless integration and reliable results.

我們也很高興地宣布，我們計劃在六月發布新的微生物組萃取產品。這些產品旨在滿足研究人員和臨床醫生處理具有挑戰性的微生物組樣本的多樣化萃取需求，特別是對於低或中等生物量的樣本。這些專有的萃取解決方案已經針對 DNA Genentech 的微生物組收集設備進行了最佳化，確保了無縫整合和可靠的結果。

Success with difficult low biomass samples like vaginal or skin samples could unlock large potential markets such as women's health, cosmetic and dermatology applications. OTI's extraction innovation represents a significant advancement in support of microbiome research, offering enhanced capabilities and optimized performance across a wide range of sample types in this still small but promising segment.

成功處理陰道或皮膚樣本等困難的低生物質樣本可以打開巨大的潛在市場，例如女性健康、化妝品和皮膚病學應用。OTI 的萃取創新代表了對微生物組研究的支持方面的重大進步，為這一規模雖小但前景廣闊的領域中的各種樣本類型提供了增強的功能和優化的性能。

Next, after acquiring Sherlock in December, we have been executing well together. Integrating the product pipeline and our teams has been remarkably smooth with talented employees who are great additions to our OTI family. And part of what OTI lends to Sherlock is our experience and expertise in sexual health diagnostics. Here, we are in the process of accelerating the clinical trial for our low-cost disposable molecular diagnostics platform and its initial test for CT&G. We remain on track to submit for its regulatory clearance by the end of 2025.

其次，自去年 12 月收購 Sherlock 以來，我們一直合作順利。產品線和團隊的整合非常順利，優秀的員工為我們的 OTI 大家庭增添了新的活力。OTI 為 Sherlock 提供的幫助之一就是我們在性健康診斷方面的經驗和專業知識。目前，我們正在加速推進低成本一次性分子診斷平台的臨床試驗及其對CT&G的初步測試。我們仍有望在 2025 年底前提交監管審批。

Wrapping my commentary, I'll turn the call over to Ken to discuss our financial results and guidance.

結束我的評論後，我將把電話轉給肯，討論我們的財務表現和指導。

Thanks, Carrie. I'm happy to discuss our first quarter results and financial outlook. Total revenue in Q1 was $29.9 million. Core revenue, which excludes COVID-19 products and the molecular services business that we exited was $29.5 million and decreased 2% compared to the prior year period. As Carrie mentioned, core revenue in the first quarter was flat on a year-over-year basis after adjusting for the impact of our decision to exit the risk assessment testing business.

謝謝，嘉莉。我很高興討論我們的第一季業績和財務前景。第一季總營收為 2,990 萬美元。核心收入（不包括 COVID-19 產品和我們退出的分子服務業務）為 2,950 萬美元，與去年同期相比下降了 2%。正如 Carrie 所提到的，在調整了我們退出風險評估測試業務的決定的影響後，第一季的核心收入與去年同期持平。

Within core revenue, diagnostic products generated $17.7 million of revenue in Q1 and grew 8% year-over-year. Sample management revenue in the first quarter was $9.1 million and decreased 16% compared to the prior year period. As Carrie mentioned, and as we have previewed on our last earnings call, the year-over-year decline in SMS revenue was due to the disruption at a customer in consumer genomics.

在核心收入中，診斷產品在第一季創造了 1,770 萬美元的收入，年增 8%。第一季樣品管理收入為 910 萬美元，較去年同期下降 16%。正如 Carrie 所提到的，以及我們在上次財報電話會議上預測的那樣，簡訊收入同比下降是由於消費者基因組學客戶的業務中斷造成的。

Excluding that headwind, sample management revenue from the rest of our customer base grew on a year-over-year basis in Q1. COVID-19 products contributed $500,000 of revenue in the first quarter, which was consistent with our expectations.

除此之外，我們來自其他客戶群的樣品管理收入在第一季同比增長。COVID-19 產品在第一季貢獻了 50 萬美元的收入，這與我們的預期一致。

Revenue in Q1 from the risk assessment testing business was $1.4 million. We divested certain assets related to the risk assessment product line at the end of Q1, and we expect to complete our exit from that business in Q2.

第一季風險評估測試業務的收入為 140 萬美元。我們在第一季末剝離了與風險評估產品線相關的某些資產，預計將在第二季完成退出該業務。

Our GAAP gross margin in the first quarter was 41.1%. Non-GAAP gross margin was 41.7%, which was consistent with our expectations. GAAP operating expenses in the quarter were $30 million, which includes $2.7 million of noncash stock compensation expense, a $1 million gain on the sale of fixed assets and a $478,000 expense related to an increase in the estimated fair value of acquisition-related contingent consideration. Our GAAP operating loss in Q1 was $17.8 million, and our non-GAAP operating loss was $15.3 million.

我們第一季的 GAAP 毛利率為 41.1%。非公認會計準則毛利率為41.7%，符合我們的預期。本季的 GAAP 營運費用為 3,000 萬美元，其中包括 270 萬美元的非現金股票薪酬費用、100 萬美元的固定資產出售收益以及與收購相關或有對價的估計公允價值增加相關的 478,000 美元費用。我們第一季的 GAAP 營業虧損為 1,780 萬美元，非 GAAP 營業虧損為 1,530 萬美元。

Looking at our balance sheet. We ended Q1 with 0 debt and total cash and cash equivalents of $248 million. Operating cash flow in the first quarter was negative $19.7 million, which was in line with our expectations given our investments in innovation and the Sherlock clinical trial that we discussed on our last earnings call. Our Q1 operating cash flow also includes a $9 million outflow related to typical seasonality in working capital that was primarily driven by the timing of annual incentive compensation payments and Canadian tax payments.

查看我們的資產負債表。我們第一季結束時的債務為 0，現金和現金等價物總額為 2.48 億美元。第一季的營運現金流為負 1,970 萬美元，符合我們根據上次收益電話會議上討論的創新和 Sherlock 臨床試驗的投資所做出的預期。我們第一季的營運現金流量還包括與營運資本典型季節性相關的 900 萬美元流出，這主要是受年度激勵薪酬支付和加拿大稅收支付時間的影響。

Overall, we remain focused on maintaining the breakeven level for cash flow from operations for our core business as we move through 2025. Switching to capital deployment. In late March, OraSure's Board of Directors authorized the repurchase of up to $40 million of our common stock over the next two years from the authorization date, which will be funded from cash on hand. Consistent with our capital deployment strategy, we also continue to evaluate inorganic growth opportunities that would expand our product portfolio, especially with commercialized innovation and accelerate near-term revenue growth. Turning to guidance.

整體而言，到 2025 年，我們仍將專注於維持核心業務經營現金流的損益平衡水準。轉向資本配置。3 月底，OraSure 董事會授權自授權日起的兩年內回購價值高達 4,000 萬美元的普通股，資金將來自現有現金。與我們的資本配置策略一致，我們還將繼續評估能夠擴大我們的產品組合的無機成長機會，特別是透過商業化創新並加速近期收入成長。轉向指導。

We are guiding to second quarter total revenue of $28.5 million to $32.5 million. We expect core revenue in Q2 to be $28 million to $32 million and COVID-19 and risk assessment testing revenues of approximately $500,000. Our Q2 guidance factors in a variety of scenarios regarding the impact of uncertainty associated with the funding for testing programs and academic and research budgets.

我們預計第二季總營收為 2,850 萬美元至 3,250 萬美元。我們預計第二季的核心收入為 2,800 萬至 3,200 萬美元，COVID-19 和風險評估測試收入約為 50 萬美元。我們第二季的指導考慮了與測試項目資金以及學術和研究預算相關的不確定性的影響的各種情景。

Our guidance also assumes continued disruption in ordering patterns from our large customer in the consumer genomics industry. This customer represented approximately $3 million of revenue in Q2 2024, and we don't expect significant revenue from them in Q2 this year.

我們的指導也假設我們在消費者基因組學行業的大客戶的訂購模式將繼續中斷。該客戶在 2024 年第二季的營收約為 300 萬美元，我們預計今年第二季不會帶來可觀的收入。

We expect our gross margin percentage in Q2 to be flat to up slightly compared to Q1 and then expand in the second half of the year, with potential expansion primarily driven by growth in volumes. Additionally, we expect to realize incremental operating efficiencies from automation, site consolidation and in-sourcing.

我們預計第二季的毛利率將與第一季持平或略有上升，然後在下半年擴大，潛在的擴大主要受銷售成長的推動。此外，我們希望透過自動化、站點整合和內部採購來實現營運效率的提升。

Moving to operating expenses. In Q2, we expect core operating expenses in the low $20 million range plus $10 million of investments in innovation, which includes $7 million to $8 million of investments related to Sherlock.

轉向營運費用。在第二季度，我們預計核心營運費用將在 2,000 萬美元左右，加上 1,000 萬美元的創新投資，其中包括與 Sherlock 相關的 700 萬至 800 萬美元的投資。

With that, I'll turn the call back to Carrie to conclude.

說完這些，我會把電話轉回給 Carrie 來結束演講。

Thanks, Ken. While most organizations are navigating market turbulence, many of us in health care share passion for this industry's purpose, to help deliver better care, outcomes, quality of life for more people. We rally around health care's meaningful purpose with the stamina to weather uncertainty. And in OTI, our stamina is bolstered by a very healthy balance sheet. We've worked hard to build it, and we'll continue to thoughtfully manage it and deploy our capital for long-term value creation.

謝謝，肯。雖然大多數組織都在應對市場動盪，但我們醫療保健領域的許多人都對這個行業的目標充滿熱情，幫助更多人提供更好的護理、結果和生活品質。我們團結一致，致力於醫療保健的有意義的目標，以抵禦不確定性。在 OTI，非常健康的資產負債表增強了我們的耐力。我們努力建立它，並將繼續精心管理它並部署我們的資本以創造長期價值。

We are well positioned. In diagnostics, we are well positioned with differentiated proven products that deliver high-quality rapid results and our multiproduct systemic approach is resonating with customers. We are building momentum with Diagnostics Direct's Syphilis Health check, and we have good progress with our Sherlock molecular diagnostics platform with our CT/NG clinical trial for our initial test that is currently ramping to planned submission by the end of the year and with our increasing pipeline of diagnostic tests. In SMS, we are well positioned with market-leading products today and an expanding portfolio, adding more sample types, analytes and applications.

我們處於有利地位。在診斷領域，我們憑藉差異化的成熟產品佔據優勢地位，能夠提供高品質、快速的結果，而且我們的多產品系統方法也得到了客戶的共鳴。我們正在透過 Diagnostics Direct 的梅毒健康檢查累積發展勢頭，我們的 Sherlock 分子診斷平台在 CT/NG 臨床試驗方面也取得了良好進展，我們的初步測試目前正在按計劃在年底前提交，並且我們的診斷測試渠道也在不斷增加。在 SMS 領域，我們擁有當今市場領先的產品和不斷擴展的產品組合，增加了更多的樣品類型、分析物和應用，佔據了有利地位。

In 2025, we have planned product launches with microbiome extraction kits and blood proteomics sample stabilization, and we are extending our leadership position into new sample types such as urine with Colli-Pee and blood with our proteomics offering, plus our entrance into the small volume self-collected blood segment later this year through our partnership with Sapphiros, who submitted Satio for regulatory clearance in April.

2025 年，我們計劃推出微生物組萃取試劑盒和血液蛋白質體學樣本穩定產品，並將我們的領導地位拓展到新的樣本類型，例如使用 Colli-Pee 檢測尿液，使用蛋白質組學產品檢​​測血液。此外，我們還將在今年稍後透過與 Sapphiros 合作進入小量自採血液領域，Sapphiros 已於 4 月向監管部門提交了 Satio 申請。

In addition to our product portfolio, we continue to expand and diversify market segments, geographies and our customer base, strengthening relationships with existing customers, such as Myriad Genetics and Fulgent Genetics while also cultivating many new ones. Overall, we are confident that OTI has the capabilities, products, customer relationships, commercial channels and strong balance sheet to emerge from the current environment as a stronger enterprise, one that thrives while delivering on the purpose that motivates us. With that, I'm pleased to turn the call over to the operator for Q&A. Gigi?

除了我們的產品組合之外，我們還繼續擴大和多樣化市場領域、地理和客戶群，加強與現有客戶（如 Myriad Genetics 和 Fulgent Genetics）的關係，同時也培養許多新客戶。總體而言，我們相信 OTI 擁有能力、產品、客戶關係、商業管道和強大的資產負債表，能夠在當前環境中脫穎而出，成為一家更強大的企業，一家在實現激勵我們的目標的同時蓬勃發展的企業。說完這些，我很高興將電話轉給接線生進行問答。吉吉？

(Operator Instructions) Patrick Donnelly, Citi.

（操作員指示）花旗銀行的 Patrick Donnelly。

This is Brendan on for Patrick. To start, I want to talk about the guidance, specifically the international revenue. How have conversations been like with possible alternative funding sources? And then specifically on the HIV testing, how should we think about those testing demands kind of moving forward given the funding uncertainty there?

這是布倫丹 (Brendan) 代替派崔克 (Patrick)。首先，我想談談指導意見，特別是國際收入。與可能的替代資金來源的對話情況如何？然後具體到愛滋病毒檢測，考慮到資金的不確定性，我們該如何看待這些檢測需求的進展？

Yes. So Brandan, thanks for that. We talked in February about the USAID and PEPFAR-funded programs. And the impact that we had called out was just under $1 million of revenue that we saw moving. We have very close conversations with multiple funding sources, whether it be the US

是的。所以布蘭登，謝謝你。我們在二月討論了美國國際開發署和美國總統防治愛滋病緊急救援計畫 (PEPFAR) 資助的計畫。而我們所指出的影響是，我們看到的收入減少了將近 100 萬美元。我們與多個資金來源進行了非常密切的對話，無論是美國

funding sources or quite frankly, countries themselves, their departments of health. Those are going well. And what we're seeing is movement that had sort of stopped for a while, but that is restarting. And it's why we refer to it as, I'd say, steady but flat. So I think a little bit better than we'd expected.

資金來源，或者坦白說，是各國本身及其衛生部門。一切進展順利。我們看到的是曾經一度停止的運動正在重新開始。這就是為什麼我們稱之為穩定但平坦。所以我認為這比我們預期的要好一點。

And then on that, the global funding, multilateral funding sources, again, we see more stability there because they come from multiple countries. So I'd describe it as we were on a trajectory of 2023 being the biggest year in international, then it was '24, and we really saw that continuing into '25 until the uncertainty that we've been talking about, and that's where you kind of see it flattish and flattish from Q1 and Q2. So that's how I'd describe both international broadly and really that represents that HIV portfolio that you asked about.

就全球資金、多邊資金來源而言，我們再次看到它們更加穩定，因為它們來自多個國家。因此，我認為我們的發展軌跡是 2023 年成為國際上最大的一年，然後是 24 年，我們確實看到這種情況持續到 25 年，直到我們一直在談論的不確定性，這就是你看到它從第一季和第二季趨於平緩的地方。這是我對國際範圍的廣泛描述，實際上它代表了您所詢問的愛滋病毒組合。

And just to build on what Carrie is saying, we have 10 years of a proven track record with a product that's easier to administer. It's a rapid test, oral test, and we have strong relationships within international. And recall that for some of these funding cuts, one of the things that was waived were testing and treat. So now it's a matter of, yes, there's some disruption in getting the product there. But because our product is a self-test, it's oral and rapid, it's easier to distribute and the infrastructure required isn't as significant.

並且，基於 Carrie 所說的，我們有 10 年的成功經驗，產品更容易管理。這是一種快速測試、口語測試，我們與國際上有著密切的關係。回想一下，在削減部分資金時，免除的項目之一就是檢測和治療。所以現在的問題是，是的，產品運送到那裡確實遇到了一些中斷。但由於我們的產品是自我測試，它是口服的並且快速的，因此更容易分發，並且所需的基礎設施也不是那麼重要。

Got it. And then sticking with the international piece. In the quarter, did you guys see any pull forward in demand ahead of any possible tariffs being put in place? And are there any like indicators you guys are really watching to see just how to track like future ordering trends?

知道了。然後堅持國際化。在本季度，你們是否看到在可能實施的關稅之前需求增加？你們是否真正關注過類似的指標來了解如何追蹤未來的訂購趨勢？

We didn't see pull forward. We were monitoring the tariff situation really closely, having a manufacturing facility that we've been transitioning from Canada to the US and having made a big in-sourcing decision from around the world prior to that. So I don't know if I'm asking the question -- I'm sorry, if I'm answering it exactly how you meant it, Brendan, but we didn't see pull forward. And I'd say the tariff situation for us, we're seeing minimal impact at this point because we're so heavily concentrated in the US

我們沒有看到向前拉。我們一直在密切關注關稅情況，我們的製造工廠一直在從加拿大轉移到美國，並且在此之前我們已經做出了從世界各地進行內部採購的重大決定。所以我不知道我是否在問這個問題 - 對不起，如果我的回答完全符合你的意思，布倫丹，但我們沒有看到向前拉。我想說，對我們來說，關稅情況目前影響很小，因為我們的業務主要集中在美國

with that Canadian in-sourcing having already started.

加拿大內部採購已經開始。

Yes. To Carrie's point, the only impact you may see from us is we did a little bit of a buildup of inventory at the end of Q1 just as we were withholding some shipments just with some of the uncertainty, but that was about it for us. But because of --

是的。正如 Carrie 所說，您可能從我們這裡看到的唯一影響是，我們在第一季末增加了一些庫存，因為出於一些不確定性，我們暫停了一些貨物的發貨，但對我們來說僅此而已。但由於--

In preparation.

正在準備中。

Preparation.

準備。

April. Beginning of April.

四月。四月初。

Correct. In the preparation. But to the point, as you recall, right, our strategy over 1.5 years ago was to bring in in-source manufacturing into Bethlem, Pennsylvania. So we've been, I guess, ahead of this curve as far as getting manufacturing within the United States and specifically within Bethlam, Pennsylvania.

正確的。正在準備中。但正如你記得的那樣，我們一年半前的策略是將內部製造引入賓州的伯利恆。所以我想，就在美國境內，特別是在賓州貝斯蘭進行製造而言，我們一直處於領先地位。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

This is Daniel on for Vijay. The first one, I wanted to ask on the Together Take Me Home initiative. It sounds like that's a $4 million headwind here in fiscal '25. Does that assume no contribution in 4Q given the September termination? And then you also talked about alternative avenues once the work is terminated.

這是丹尼爾 (Daniel) 代替維傑 (Vijay)。第一個問題，我想問「一起帶我回家」倡議。這聽起來像是 25 財年的一個 400 萬美元的逆風。鑑於 9 月的終止，這是否意味著第四季度不會有任何貢獻？然後您也談到了工作終止後的替代途徑。

If you could discuss those, that would be really helpful, too.

如果您可以討論這些問題，那也會非常有幫助。

Yes. So you're correct in your statement -- some of your statements, let me go through it. So what we said was about $4 million for the year, about $1.5 million in Q1 and the remaining split between Q2 and Q3. And then as far as the ending of the program, it is at the end of Q3 and the end of funding. And now to your point about alternatives, obviously, we believe that the program has demonstrated value in identifying positive patients with HIV.

是的。所以你的陳述是正確的——你的一些陳述，讓我來分析一下。因此，我們說全年約為 400 萬美元，第一季約為 150 萬美元，剩餘部分將在第二季和第三季之間分配。至於該計劃的結束時間，是在第三季末和資金結束時。現在回到您提到的替代方案，顯然，我們相信該計劃在識別愛滋病毒陽性患者方面已證明具有價值。

So we think there is value there within the program and what's been established. So yes, we are exploring alternatives to continuing that program.

因此我們認為該計劃和已建立的計劃具有價值。是的，我們正在探索繼續該計劃的替代方案。

Got it. That's helpful. And then for my follow-up, I was curious on the SMS genomics customer, the lumpy one that was called out. What are you seeing in terms of their inventory levels and ordering activity? I know you said lower here in the second quarter, but any read-through to the second half based on conversations and order activity?

知道了。這很有幫助。然後，為了跟進，我對 SMS 基因組學客戶感到好奇，那個被叫出來的笨重客戶。您看到他們的庫存水準和訂購活動如何？我知道您說過第二季會下降，但是根據對話和訂單活動，對下半年的情況有什麼了解嗎？

Yes. So you are correct in that we called out no volume in Q2 is what we anticipate. We don't have good visibility to any future ordering potential. So what I'd say is they're a very good partner. We stay very close, and we'll share any of that as we have it.

是的。所以您說得對，我們預計第二季的銷售量為零。我們對未來的訂購潛力沒有很好的預見。所以我想說，他們是非常好的合作夥伴。我們保持著非常密切的關係，我們會分享我們所知道的一切。

But it's not just low volume. We have called out no volume for Q2. And while we don't have visibility beyond that, we stay very connected to them, and we'll share any of that as we have it. We normally don't provide guidance -- full year guidance anyway, but I think we'll share what we have when we have it.

但這不僅僅是音量低的問題。我們預計第二季的銷量為零。儘管我們無法了解更多信息，但我們與他們保持著密切的聯繫，並且會分享我們所掌握的任何信息。我們通常不提供指導——無論如何，全年指導，但我認為我們會在有指導時分享我們所擁有的資訊。

And from a positive kind of financial perspective and a small positive financial, we don't have any outstanding AR. So there's no collection risk or uncertainty associated with that.

從正面的財務角度和小幅正面的財務角度來看，我們沒有任何未償還的應收帳款。因此不存在與此相關的收款風險或不確定性。

Yes. And Daniel, you didn't ask, but I will point out without that disruption, the business did grow year-over-year. So while that is significant disruption at a single customer. We've spent the last couple of years really diversifying and expanding that customer base to ensure that those green shoots could help feed the business broadly. And so we absolutely see that.

是的。丹尼爾，你沒有問，但我要指出的是，如果沒有這種幹擾，業務確實會逐年成長。儘管這對單一客戶來說是一個重大的干擾。過去幾年，我們一直在努力實現客戶群的多元化和擴大，以確保這些新的成長點能夠廣泛地促進業務發展。我們確實看到了這一點。

And it's why we called out without that, there was growth in SMS.

這就是為什麼我們說即使沒有這些，簡訊業務仍然會成長。

Right, right. Okay. That's really helpful and encouraging to hear. The last one I had, and then I'll get in the back of the queue is on PEPFAR and some of the funding disruptions. I think you were looking for a $1 million headwind in 1Q, and you said it came in a little bit better.

對，對。好的。聽到這個消息真的很有幫助，也很鼓舞人心。我最後要談的是關於總統防治愛滋病緊急救援計畫 (PEPFAR) 和一些資金中斷問題。我認為您預計第一季將出現 100 萬美元的逆風，而您說情況會稍微好一點。

Just if you could quantify that? And then what should we expect in 2Q and going forward? Is it like a $1 million type headwind a reasonable assumption to make?

您是否可以量化這一點？那我們對第二季及未來有何期待？這是否像 100 萬美元那樣的逆風是一個合理的假設？

So just to state what came in better. So it materialized as we thought. So the PEPFAR impact for Q1 was a combination. It was about $750,000 of PEPFAR and we called out another $150 of NIH. That materialized in Q1 to be around $1 million as we had thought.

因此，我們僅說明什麼是更好的。原來事情正如我們所想的那樣實現了。因此，PEPFAR 對第一季的影響是多種因素共同作用的結果。總統防治愛滋病緊急救援計畫 (PEPFAR) 的捐款約 75 萬美元，我們又呼籲美國國立衛生研究院 (NIH) 捐助 1.5 億美元。正如我們所想，這一數字在第一季實現了約 100 萬美元。

What's come in a little bit better than we anticipated based on that was Q2 being at around the same amount. So we had called out PEPFAR volumes in case that continued to accelerate rather than accelerate, Daniel, we'd see that hold steady. So we would call that out as around the same level for Q2.

基於此，第二季的業績比我們預期的要好一些，約為相同的金額。因此，我們呼籲 PEPFAR 的援助量，以防其繼續加速，而不是加速，丹尼爾，我們會看到它保持穩定。因此我們認為第二季的水平大致相同。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

This is Noah on for Andrew. I guess first one, it's good to see your buyback program, I think it was $40 million. Do you have any like time line over the next two years that you want to deploy that? Is it going to be more this year? Or are you kind of waiting to see the stock at a certain level from here?

這是諾亞為安德魯表演的。我想首先，很高興看到您的回購計劃，我認為是 4000 萬美元。您是否對未來兩年內要部署該功能有任何時間表？今年會更多嗎？或者您是否在等待股價達到目前的某個水平？

Yes. So some of the details we said was $40 million over two years. And last -- when we talked about last, we mentioned that you can think of it as evenly being spread. So think about 8 quarters divided by 40 kind of thing, so $5 million a quarter. And just for Q1, because we initiated it at the end of Q1, and there's a 30-day cooling off period, we didn't do any purchases in Q1.

是的。因此，我們所說的一些細節是兩年內 4000 萬美元。最後——當我們談到最後時，我們提到你可以認為它是均勻分佈的。想像一下 8 個季度除以 40 的情況，那麼每季就是 500 萬美元。就第一季而言，由於我們在第一季末啟動了該計劃，並且有 30 天的冷靜期，所以我們在第一季沒有進行任何購買。

Okay. Awesome. And then kind of sticking on the capital deployment end. You still have a pretty significant cash balance. Are you still looking at assets in the market?

好的。驚人的。然後堅持資本部署的終點。您仍然擁有相當可觀的現金餘額。您還在關注市場上的資產嗎？

Are you still focused on the Shurelock investments? Other players in the space have called out maybe dislocation on the M&A end where there's better valuation. So just trying to get a feel for what you're thinking on that end and if there's a particular area you would like to target.

您還專注於 Shurelock 投資嗎？該領域的其他參與者指出，併購交易可能出現錯位，因為估值較高。所以只是想了解您在這方面的想法，以及是否有您想要針對的特定領域。

Yes, you nailed it, Noah, with where we're focused. M&A and the potential to accelerate innovation and our growth through innovation into the strong portfolio we have, the customer channel we have, the manufacturing capacity and capabilities we've built. So we're very much focused on M&A opportunities as well as delivering on the opportunities of Sherlock. So we've called out those investments bringing that molecular diagnostics platform and our first test being CT&G, the clinical trial that's underway, that is a clear priority in the business as well. So you hear us talk about the investment in innovation, both internally with Sherlock and beyond the other product launches we've talked about this year and submission to FDA as well as M&A.

是的，諾亞，你說對了，我們關注的重點在哪裡。併購以及透過創新加速創新和成長的潛力融入我們擁有的強大產品組合、我們擁有的客戶管道、我們建立的製造能力和能力。因此，我們非常關注併購機會以及 Sherlock 的機會。因此，我們呼籲進行這些投資，引入分子診斷平台，我們的第一個測試是 CT&G，即正在進行的臨床試驗，這也是業務的明確優先事項。所以，您可以聽到我們談論對創新的投資，包括 Sherlock 內部的投資，以及我們今年談論的其他產品發布、提交給 FDA 以及併購。

At this time, I would now like to turn the conference back over to Carrie Eglinton Manner, CEO, for closing remarks.

現在，我想將會議交還給執行長 Carrie Eglinton Manner 做閉幕發言。

Thank you, Gigi, and thank you to everyone for participating in today's call. We appreciate your continued interest in OTI and wish each of you a great week. Thanks. Gigi, we'll close it with that.

謝謝你，吉吉，也謝謝大家參加今天的電話會議。我們感謝您對 OTI 的持續關注，並祝大家度過愉快的一周。謝謝。吉吉，我們就此結束。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。