OraSure Technologies Inc (OSUR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the OraSure Technologies Inc 2025 third-quarter earnings conference call. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待。現在，我謹代表 OraSure Technologies Inc. 宣布 2025 年第三季財報電話會議正式召開。 （操作說明）

I would now like to turn the conference over to Jason Plagman, VP of Investor Relations. You may begin.

現在我將會議交給投資人關係副總裁傑森‧普拉格曼先生。您可以開始了。

Good afternoon, and welcome to OraSure Technologies third 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.

下午好，歡迎參加 OraSure Technologies 2025 年第三季財報電話會議。今天代表 OTI 出席電話會議的有：總裁兼執行長 Carrie Eglinton Manner；以及財務長 Ken McGrath。

As a reminder, today's webcast is being recorded, and the recording can be found on our Investor Relations website. 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. Actual results could be significantly different.

提醒各位，今天的網路直播正在進行錄製，錄影可在我們投資者關係網站上找到。在直播開始前，請注意，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、每股收益或虧損以及其他財務業績、產品開發、出貨量和市場、業務計劃、監管文件和審批、預期和策略的陳述。實際結果可能與這些陳述有顯著差異。

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.

可能影響績效的因素在 OTI 向美國證券交易委員會提交的文件（截至 2024 年 12 月 31 日的 10-K 表格年度報告、10-Q 表格季度報告和其他美國證券交易委員會文件中進行了更全面的討論。

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.

儘管前瞻性陳述有助於提供關於未來前景的更完整信息，但聽眾應注意，前瞻性陳述僅基於管理層截至今日可獲得的信息。 OTI不承擔任何義務在本次電話會議之後更新任何前瞻性陳述以反映後續事件或情況。

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

接下來，我很高興把電話交給凱莉。

Thanks, Jason, and thank you to everyone for joining us today. Today, I will discuss some highlights from Q3 and our progress on key priorities for 2025 and beyond. Overall, we continue to significantly advance our strategic transformation and execute with discipline as we position OraSure for a return to growth in 2026. We have delivered meaningful progress and continued strengthening our foundation.

謝謝Jason，也謝謝各位今天蒞臨。今天，我將重點介紹第三季的一些亮點，以及我們在2025年及以後的關鍵優先事項方面取得的進展。整體而言，我們正持續大幅推動策略轉型，並以嚴謹的態度執行，為OraSure在2026年重回成長軌道做好準備。我們已取得顯著進展，並持續鞏固自身基礎。

We're also elevating our core growth by expanding and diversifying our product portfolio and customer relationships plus we're accelerating profitable growth through investments in internal R&D as well as acquisitions and partnerships that leverage our existing capabilities and to offer an attractive risk-adjusted ROI.

我們正透過擴大和多元化產品組合和客戶關係來提升核心成長，並透過投資內部研發以及利用我們現有能力的收購和合作來加速獲利成長，從而提供具有吸引力的風險調整後投資回報率。

Looking at our Q3 results, total revenue was $27.1 million, and core revenue was $27.0 million, which included Diagnostics revenue of $14.5 million and Sample Management revenue of $10.3 million. Broadly speaking, our key end markets remain mixed, and we continue to partner with customers that are navigating an environment with elevated levels of uncertainty related to funding for public health programs and research as well as the government shutdown in the US.

從第三季業績來看，總收入為2,710萬美元，核心收入為2,700萬美元，其中包括診斷業務收入1,450萬美元及樣本管理業務收入1,030萬美元。整體而言，我們的主要終端市場仍然喜憂參半，我們將繼續與客戶合作，幫助他們應對目前因公共衛生項目和研究經費以及美國政府停擺而帶來的高度不確定性。

That said, we view 2025 as a transition year, and we're excited about pipeline opportunities in attractive markets that align with our strengths to drive growth in 2026 and beyond. In our International Diagnostics business, we discussed on our last earnings call that we anticipated a slower pace of orders for our HIV test in the second half of the year as our in-country partners work through their existing inventory and national health programs adapt to changes in the funding environment. That trend played out as expected in Q3 and thus far in Q4.

儘管如此，我們仍將2025年視為過渡之年，並對與我們優勢相符的、極具吸引力的市場中的專案儲備機會感到興奮，這些機會將推動2026年及以後的成長。在國際診斷業務方面，我們在上次財報電話會議上討論過，由於我們在各國的合作夥伴需要消化現有庫存，且各國衛生項目需要適應資金環境的變化，我們預計下半年HIV檢測產品的訂單量將有所放緩。這一趨勢在第三季和第四季迄今都如預期般發展。

For the full year 2025, we now expect that revenue from our International Diagnostics business will be in the low to mid-$30 million range, representing a decline of approximately 20% compared to 2024, which was a record year for International Diagnostics.

我們現在預計，2025 年全年國際診斷業務的收入將在 3,000 萬美元左右，與 2024 年（國際診斷業務創紀錄的一年）相比下降約 20%。

Staying with our International business, we are pleased to share that OTI signed a definitive agreement to acquire BioMedomics. This tuck-in acquisition expands OTI's Diagnostic portfolio by adding Sickle SCAN, a rapid point-of-need test for sickle cell disease that is sold outside the US. The global sickle cell testing market, particularly in high burden regions in developing markets, is underserved and fragmented. We believe Sickle SCAN addresses this need with a high-quality, affordable rapid point-of-care test and there is support from government agencies and global health organizations to increase access to sickle cell testing at the point of need.

繼續我們的國際業務，我們很高興地宣布，OTI已簽署最終協議收購BioMedomics。此次收購將透過新增Sickle SCAN——一種在美國以外地區銷售的快速即時鐮狀細胞疾病檢測產品——來擴展OTI的診斷產品組合。全球鐮狀細胞疾病檢測市場，尤其是在發展中國家的高負擔地區，服務不足且分散。我們相信，Sickle SCAN憑藉著高品質、價格合理的快速即時檢測產品，能夠滿足這項需求。此外，政府機構和全球衛生組織也正在支持提高鐮狀細胞疾病檢測的可近性。

We see an opportunity to expand the reach and adoption of Sickle SCAN by leveraging OTI's strength including our international sales channels and our existing relationships with national health programs, particularly in Africa and Latin America. Furthermore, many of our international customers and partners have expressed interest in a reliable, low-cost, rapid diagnostic test for sickle cell disease.

我們看到了一個機會，可以利用OTI的優勢，包括我們的國際銷售管道以及與各國衛生機構（尤其是在非洲和拉丁美洲）的現有合作關係，來擴大Sickle SCAN的覆蓋範圍和應用。此外，我們的許多國際客戶和合作夥伴都表示，他們需要一種可靠、低成本、快速的鐮狀細胞疾病診斷測試。

Transitioning to our US Diagnostics business. Our public health customers are adapting to significant reductions in staffing at HHS, CDC, SAMHSA and other federal agencies that support public health programs, along with budgetary uncertainty and challenges related to the federal government shutdown.

過渡到我們的美國診斷業務。我們的公共衛生客戶正在適應美國衛生與公眾服務部 (HHS)、疾病管制與預防中心 (CDC)、藥物濫用和精神健康服務管理局 (SAMHSA) 以及其他支持公共衛生計畫的聯邦機構的大幅裁員，同時也要應對預算的不確定性和聯邦政府停擺帶來的挑戰。

We are continuing, however, to see traction with our syndemic approach that leverages our portfolio of rapid tests across multiple conditions. And we are expanding our customer base in nonpublic health markets such as urgent care, hospital emergency rooms and correctional facilities for rapid hepatitis C testing plus online channels specializing in consumer-initiated testing.

然而，我們持續看到，我們針對多種疾病採用的快速檢測組合，結合我們豐富的聯合流行病學策略，取得了顯著成效。同時，我們也在非公共醫療市場拓展客戶群，例如急​​診中心、醫院急診室和懲教機構，為這些機構提供C型肝炎快速檢測服務，此外，我們也透過專注於消費者自主檢測的線上管道拓展客戶群。

Overall, for the full year 2025, we expect our US Diagnostics business to generate revenue in the low to mid-$30 million range representing a low single-digit percentage decline compared to 2024. We also wanted to provide an update on Together Take Me Home, a collaboration funded by the federal government that makes HIV self-test available through the mail in order to advance the President's goal of ending the HIV epidemic.

整體而言，我們預計2025年全年美國診斷業務的收入將在3,000萬美元左右，較2024年下降幅度僅為個位數百分比。此外，我們也想向大家報告「攜手帶我回家」（Together Take Me Home）計畫的最新進展。該計畫由聯邦政府資助，旨在透過郵寄方式提供愛滋病毒自檢試劑盒，以推進總統終結愛滋病流行的目標。

We are pleased to share that this highly effective life-saving program was renewed by the Trump administration with strong bipartisan support in Congress. As a result, Together Take Me Home is continuing for program year 4, which runs from October 2025 to the end of September 2026. We expect to recognize approximately $1.8 million of revenue from Together Take Me Home in Q4 and anticipate a similar pace of quarterly revenue in 2026.

我們很高興地宣布，這項卓有成效的救生計劃已獲得川普政府的續期，並得到了國會兩黨的大力支持。因此，「攜手回家」計畫將繼續實施第四個年度，從2025年10月持續到2026年9月底。我們預計「攜手回家」計畫在第四季將帶來約180萬美元的收入，並預計2026年各季度的營收成長速度將與此相近。

Switching gears to our Sample Management business. The overall trend continues to be mixed. SMS revenues increased on a quarter-over-quarter basis in Q3, but we anticipate a sequential decline in Q4, which is consistent with the typical seasonal ordering pattern for this business. For the full year, we expect revenue from Sample Management products in the high $30 million range, which would be approximately flat compared to 2024, if you exclude the impact of the decline in orders from a large consumer genetics customer.

接下來談談我們的樣品管理業務。整體趨勢依然喜憂參半。第三季樣品管理業務收入環比成長，但我們預計第四季將出現環比下滑，這與該業務典型的季節性訂單模式相符。全年來看，我們預計樣品管理產品的收入將在3000萬美元以上，如果排除一家大型消費基因檢測客戶訂單下降的影響，這一數字與2024年基本持平。

Looking ahead, we are confident that the Sample Management business is positioned to return to growth in 2026 and beyond. As genomic end segments gradually return to stronger growth driven by clinical adoption of precision medicine. Our confidence is also supported by continued scientific and technological advancements such as the increasing utilization of short-read and long-read genomic sequencing, the decline in unit costs for sequencing and analysis and advancements in areas such as proteomics.

展望未來，我們有信心樣本管理業務將在2026年及以後恢復成長。隨著基因組末端領域在精準醫療臨床應用的推動下逐步恢復強勁成長，我們對此前景充滿信心。此外，持續的科學技術進步也增強了我們的信心，例如短讀長和長讀長基因組定序技術的日益普及、定序和分析單位成本的下降以及蛋白質組學等領域的進展。

We are also seeing early signs of positive trends in some international markets, such as the Middle East, that are planning to invest in population health studies using novel sample collection devices in order to accelerate precision health and life sciences research in the region.

我們也看到一些國際市場，如中東，出現了積極趨勢的早期跡象，這些市場計劃投資於使用新型樣本採集設備的人口健康研究，以加速該地區的精準健康和生命科學研究。

We're also pleased to share that the ENDO 100 projects has selected multiple kits from our OMNIgene and Colli-Pee product lines for the collection and stabilization of a variety of sample types, including saliva, urine, stool and vaginal swab. The ENDO 1000 project is a United Kingdom wide initiative aimed at accelerating discovery and advancing data-driven research into the diagnostics and personalized treatment of endometriosis.

我們很高興地宣布，ENDO 100 計畫已從我們的 OMNIgene 和 Colli-Pee 產品線中選擇了多個試劑盒，用於採集和穩定多種類型的樣本，包括唾液、尿液、糞便和陰道拭子。 ENDO 100 計畫是一項涵蓋全英國的計劃，旨在加速子宮內膜異位症診斷和個人化治療領域的發現，並推進數據驅動的研究。

By collecting biological samples and lifestyle data from participants over two years, the study seeks to uncover patterns that can inform more effective individualized care strategies. The inclusion of our sample collection kits in this landmark study underscores their value in enabling high-quality research and positions us for continued growth in the Precision Health and Clinical Research segment.

這項研究透過收集參與者兩年的生物樣本和生活方式數據，旨在揭示能夠指導更有效的個人化護理策略的模式。我們的樣本採集工具包被納入這項里程碑式的研究，凸顯了其在支持高品質研究方面的價值，並為我們在精準醫療和臨床研究領域的持續發展奠定了基礎。

Now I'll transition to our exciting pipeline of innovation, including an update on several products targeting attractive markets. Midyear, we launched a blood collection tube with stabilization chemistry for research use only, or RUO, markets in the burgeoning field of proteomics.

接下來，我將介紹我們令人振奮的創新產品線，包括幾款瞄準極具吸引力市場的產品的最新進展。年中，我們推出了一款採用穩定劑的血液採集管，專供新興的蛋白質體學領域的研究用途（RUO）市場。

We also anticipate near-term milestones for Colli-Pee urine collection, initially for sexually transmitted infection, or STI, indications and future expansion in the liquid biopsy. And our Sherlock Molecular Diagnostics Rapid Test platform whose first assay is expected to serve the large and growing chlamydia and gonorrhea, or CT/NG, segments of STI. As we discussed last quarter, our HEMAcollect PROTEIN product launched in July 2025 in the RUO market, like I just mentioned.

我們也預期Colli-Pee尿液採集技術將在近期取得里程碑式進展，該技術最初用於性傳染感染（STI）的檢測，未來將拓展至液體切片領域。此外，我們的Sherlock分子診斷快速檢測平台的首個檢測項目預計將服務於性傳染感染中規模龐大且不斷增長的衣原體和淋病（CT/NG）感染群體。正如我們上個季度所討論的，我們的HEMAcollect PROTEIN產品將於2025年7月在研究用藥（RUO）市場上市，正如我剛才提到的。

Since this launch, we've received positive and insightful feedback from our customers and early adopters that will help inform our road map as we enhance our proteomics product line and build additional momentum in 2026. Additionally, OTI is presenting at the upcoming Human Proteome Organization World Congress to highlight HEMAcollect PROTEIN's proprietary stabilization capabilities and its performance across a range of proteomics technology platforms.

自產品發布以來，我們收到了來自客戶和早期用戶的積極且富有洞見的回饋，這將有助於我們完善產品路線圖，從而增強我們的蛋白質組學產品線，並在2026年取得更大的發展勢頭。此外，OTI將在即將舉行的人類蛋白質體組織世界大會上進行演講，重點介紹HEMAcollect PROTEIN的專有穩定化技術及其在各種蛋白質組學技術平台上的卓越性能。

Moving to our Colli-Pee device, which is designed for first-void urine collection. We plan to submit clinical trial data to the FDA for STI indications by late 2025 or early 2026. Receipt of approvals for these applications subject to regulatory review, would be in addition to our existing Colli-Pee RUO product and is expected to further strengthen our competitive position in novel urine collection.

接下來，我們將介紹專為收集首次排尿而設計的Colli-Pee設備。我們計劃在2025年底或2026年初向FDA提交針對性傳染感染適應症的臨床試驗數據。如果這些申請獲得批准（需經監管部門審查），將補充我們現有的Colli-Pee RUO產品，並有望進一步鞏固我們在新型尿液收集領域的競爭地位。

Our analytical and clinical studies are demonstrating strong performance and flexibility across multiple target analytes. We're in advanced discussions with leading diagnostics platform providers that are interested in enabling self-collected noninvasive testing across large and growing markets, including STIs, HPV and other disease states.

我們的分析和臨床研究表明，我們的產品在多種目標分析物方面均表現出色且靈活。我們正與領先的診斷平台供應商進行深入洽談，他們有意在包括性傳染感染、人類乳突病毒 (HPV) 和其他疾病在內的龐大且不斷增長的市場中推廣無創自取樣檢測。

Next in product innovation. Regarding our Sherlock over-the-counter Molecular Diagnostics self-test platform and its first assay for CT/NG, we are making good progress in our clinical trial and our plan for submission to the FDA in late 2025 or early 2026. We anticipate gaining momentum for our product launches for innovation, and it's the work we've done in transforming our enterprise that also allows us to invest in creating a pipeline of earlier-stage opportunities in high-value growth markets that fit well with our strengths and our product platforms where we can compete and win.

接下來是產品創新方面。關於我們的非處方分子診斷自測平台Sherlock及其首個CT/NG檢測產品，我們的臨床試驗進展順利，並計劃於2025年底或2026年初向FDA提交申請。我們預計創新產品的上市動能將更加強勁。正是我們在企業轉型方面所做的工作，使我們能夠投資於高價值成長市場早期階段的研發機會，這些機會與我們的優勢和產品平台高度契合，使我們能夠參與競爭並取得成功。

Examples include categories where we already have a presence like in infectious disease and STIs plus in newer ones like liquid biopsy or say antimicrobial resistance, where rapid tests and differentiated chemistries have outsized potential to create and add value. We look forward to sharing more details as new product opportunities progress through our development process.

例如，在傳染病和性傳染感染等我們已有業務的領域，以及液體活檢或抗菌素抗藥性等新興領域，快速檢測和差異化化學技術都具有巨大的創造和增值潛力。隨著新產品研發進程的推進，我們期待與大家分享更多細節。

With that, I'll turn the call over to Ken to discuss our financial results and guidance.

接下來，我會把電話交給 Ken，讓他來討論我們的財務表現和未來展望。

Thanks, Carrie. Total revenue in the third quarter was $27.1 million. Core revenue, which excludes COVID-19 products and the molecular services and the risk assessment testing businesses that we exited was $27 million. Diagnostic products generated $14.5 million of revenue in Q3, and Sample Management Solutions revenue was $10.3 million.

謝謝，凱莉。第三季總營收為2,710萬美元。核心營收（不包括我們已退出的COVID-19產品、分子檢測服務和風險評估檢測業務）為2700萬美元。診斷產品在第三季創造了1,450萬美元的營收，樣本管理解決方案的營收為1,030萬美元。

Excluding the headwind from the consumer genomic -- genetics customer, Sample Management revenue from the rest of our customer base grew on a year-over-year basis in Q3. Our GAAP gross margin in the third quarter was 43.5% and non-GAAP gross margin was 44.2%, which was slightly better than our expectations due to lower scrap expenses.

剔除消費者基因組學（遺傳學）客戶帶來的不利影響，第三季其他客戶的樣本管理收入較去年同期成長。第三季GAAP毛利率為43.5%，非GAAP毛利率為44.2%，略高於預期，主要得益於報廢成本的降低。

GAAP operating expenses in the third quarter were $27.9 million, which includes $2.8 million of noncash stock compensation expense and $376,000 of expense related to an increase in the estimated fair value of acquisition-related contingent consideration. Depreciation expense was $2.6 million in the quarter. Our GAAP operating loss in Q3 was $16.1 million, and our non-GAAP operating loss was $12.7 million.

第三季GAAP營業費用為2,790萬美元，其中包括280萬美元的非現金股權激勵費用和37.6萬美元與收購相關或有對價公允價值估計增加相關的費用。該季度折舊費用為260萬美元。第三季GAAP營業虧損為1,610萬美元，非GAAP營業虧損為1,270萬美元。

Looking at our balance sheet. We ended Q3 with zero debt and total cash and cash equivalents of $216 million. Operating cash flow in the third quarter was negative $10 million, which was consistent with Q2 and our expectations given our investments in the Sherlock platform, the CT/NG clinical trial as its first assay and other innovation projects.

從資產負債表來看，第三季末我們零負債，現金及現金等價物總額為2.16億美元。第三季經營現金流量為負1000萬美元，與第二季持平，符合我們的預期，這得益於我們對Sherlock平台、CT/NG臨床試驗（作為其首個檢測項目）以及其他創新項目的投資。

We deployed $5 million during the third quarter to repurchase approximately 1.5 million shares of our common stock. Consistent with our capital deployment strategy, we also continue to evaluate organic and inorganic growth opportunities. As Carrie mentioned, we have signed a definitive agreement to acquire BioMedomics as a tuck-in commercial stage acquisition for $4 million upfront and potential contingent consideration upon achievement of revenue milestones.

第三季度，我們投入500萬美元回購了約150萬股普通股。根據我們的資本部署策略，我們也將繼續評估內生式和外延式成長機會。正如Carrie所提到的，我們已簽署最終協議，將以400萬美元的預付款收購BioMedomics，作為商業化階段的補充收購，並可能根據營收里程碑支付或有對價。

BioMedomics is currently approaching $1 million of annual revenue, and we believe OTI has the potential to grow back to several million dollars of annual revenue over the next few years. BioMedomics is expected to be cash flow breakeven with a path to a very attractive ROI as revenue grows over the next few years.

BioMedomics目前的年收入接近100萬美元，我們相信OTI未來幾年有潛力將年收入恢復到數百萬美元。隨著未來幾年營收的成長，BioMedomics有望實現現金流收支平衡，並帶來極具吸引力的投資報酬率。

We anticipate minimal incremental operating expense for OTI given that BioMedomics can be plugged into OTI's international commercial organization and leverage our administrative and regulatory capabilities to expand availability and adoption of the Sickle SCAN rapid test.

我們預計 OTI 的營運費用增量將很小，因為 BioMedomics 可以連接 OTI 的國際商業組織，並利用我們的行政和監管能力來擴大 Sickle SCAN 快速檢測的可用性和普及程度。

Turning to guidance. We are guiding to fourth quarter revenue of $25 million to $28 million, which includes less than $100,000 of COVID-19 testing revenues. Our guidance also assumes continued disruption in ordering patterns from our SMS customer in the consumer genetics industry. This customer represents approximately $4 million of revenue in Q4 last year.

關於業績指引，我們預計第四季營收為2,500萬美元至2,800萬美元，其中包括不到10萬美元的新冠病毒檢測收入。此外，我們的績效指引也假設來自消費者基因檢測產業的簡訊客戶的訂單模式將持續受到干擾。該客戶去年第四季為我們貢獻了約400萬美元的營收。

We expect our gross margin percentage in Q4 to be in the low 40% range, which is slightly lower than third quarter due to typical seasonality and a greater mix of international revenue as a percentage of total revenue in Q4. Moving to operating expenses. In Q4, we expect core operating expenses of approximately $20 million, plus $10 million of investments in innovation, which includes $7 million to $8 million of investments related to Sherlock.

我們預計第四季度毛利率將在40%左右，略低於第三季度，這主要是由於季節性因素以及第四季度國際收入佔總收入的比例較高所致。接下來是營運費用。第四季度，我們預計核心營運費用約為2,000萬美元，另加1,000萬美元的創新投資，其中包括與Sherlock相關的700萬至800萬美元投資。

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

最後，我將把電話轉回給凱莉，讓她來結束今天的通話。

Thanks, Ken. We'll plan to exit the transition year of 2025 and head into 2026 with important near-term catalyst for growth as we advance into the next phase of our multiyear strategy. We've done the work in the last three years that gives us the confidence and the capabilities we need to achieve our goals. We have delivered cost productivity at the business level and product level, develop our people and infuse new talent in the organization, leveraged our commercial strength to diversify our customer base and implemented enterprise-wide rigor and built a strategic innovation road map, strengthened our cash flow profile while maintaining a strong balance sheet that has allowed us to invest in attractive innovation pipeline opportunities, including internal product development along with M&A.

謝謝，肯。我們計劃在2025年順利結束過渡期，並在2026年迎來重要的短期成長催化劑，從而推進我們多年策略的下一階段。過去三年，我們所做的工作使我們擁有了實現目標所需的信心和能力。我們在業務和產品層面提高了成本效益，培養了員工並為公司注入了新鮮血液，利用我們的商業優勢實現了客戶群的多元化，並在全公司範圍內實施了嚴格的流程，制定了戰略創新路線圖，增強了現金流狀況，同時保持了穩健的資產負債表，這使我們能夠投資於具有吸引力的創新項目，包括內部產品開發和併購。

We've also refreshed our Board with the addition of three new independent directors over the last three years, including last week's announcement, adding Steven K. Boyd as a Director and appointing Jack Kenny as Chair of the Board. Also, we'd like to thank Mara Aspinall, who has decided to step down after over 8 years of service to pursue new opportunities. We're grateful for her many contributions and wish her the very best.

過去三年，我們透過新增三位獨立董事對董事會進行了重組，其中包括上周宣布的任命：史蒂文·K·博伊德先生擔任董事，傑克·肯尼先生擔任董事會主席。此外，我們也要感謝瑪拉·阿斯皮納爾女士，她在服務八年多後決定卸任，以尋求新的發展機會。我們感謝她多年來的貢獻，並祝福她一切順利。

Our foundation is strong, but our work is not done. We recognize that in order to capitalize on the many opportunities ahead of us, we must continue to execute on our priorities and deliver more innovation. Our entire team is working with urgency and is aligned in purpose to decentralize diagnostics and connect people to care that is more accessible, convenient, private and personalized to create long-term value for customers and shareholders. We're confident in the path ahead. With that, I'm pleased to turn the call over to the operator for Q&A. Operator?

我們的基礎很穩固，但我們的工作遠未結束。我們體認到，為了掌握眼前的諸多機遇，我們必須持續推動各項優先事項，並不斷創新。我們整個團隊正以緊迫感全力以赴，目標一致，致力於分散診斷流程，讓人們能夠獲得更便利、更私密、更個人化的醫療服務，從而為客戶和股東創造長期價值。我們對未來的道路充滿信心。接下來，我很高興將電話交給接線員進行問答環節。接線生？

(Operator Instructions)

（操作說明）

Mac Etoch, Stephens Inc.

Mac Etoch，Stephens 公司

I appreciate you taking my questions. just a few for me, and I'll let others ask some. But maybe could you just discuss this bio -- sorry, apologize if I am pronouncing incorrectly, BioMedomics acquisition and what attracted you to that asset just to start, and I'll follow up on that.

感謝您回答我的問題。我只問幾個，其他人也可以問。不過，您能否先談談這家公司——抱歉，如果我發音有誤，請見諒——BioMedomics 的收購案，以及是什麼吸引您關注這家公司？我之後會繼續追問。

Yeah. It's a really nice tuck-in that aligns precisely with our portfolio internationally. So rapid diagnostic testing for underserved markets -- the strength we have in Africa, including -- we don't talk as much about Latin America. But for low-cost tests that identify pressing health care challenges whether it's the infectious disease success we've had in HIV or HCV, sickle cell is one of those opportunities where the populations in those underserved regions are often undiagnosed.

是的。這確實是一個不錯的補充，與我們在全球的業務組合完美契合。例如，針對服務不足市場的快速診斷檢測——我們在非洲等地區擁有優勢——我們很少談及拉丁美洲。但對於能夠識別緊迫醫療保健挑戰的低成本檢測，無論是我們在愛滋病毒或丙型肝炎病毒等傳染病領域取得的成功，鐮狀細胞貧血都是一個充滿機會的領域，因為在這些服務不足的地區，鐮狀細胞貧血症患者往往未被診斷出來。

So we had heard that need. We've been talking with BioMedomics for many years and working with them. And so the opportunity to bring that -- to tap that into our portfolio, leverage the strength of our relationships, our commercial distribution and reach and just put it right into the portfolio made a ton of sense. So a very promising potential for what we think are smart capital deployment.

我們早就了解這種需求。多年來，我們一直與 BioMedomics 保持溝通和合作。因此，將這項業務納入我們的產品組合，利用我們強大的關係網絡、商業分銷管道和市場覆蓋面，直接將其整合到產品組合中，這無疑是一個絕佳的機會。我們認為，這對於明智的資本配置而言，是一個非常有前景的投資機會。

And Mac, we also -- we think it has a strong return on invested capital. You noticed in the deal structure, we said it's a small upfront with some contingent considerations if they achieve certain milestones, three to five years out. We believe that structure allows us to really deliver value. We mentioned also that it will be breakeven cash flow. And what that -- as Kerry mentioned, it's leveraging a lot of our capabilities. So we really don't need to add a lot to deliver this and to put it into our channel. And then as we grow the revenue, we'll be able to leverage and be accretive going forward.

而且，我們認為Mac的投資報酬率很高。正如您在交易結構中看到的，我們提到預付款較少，但如果他們在未來三到五年內達到某些里程碑，則需支付部分款項。我們相信這種結構能夠真正創造價值。我們也提到過，這將實現收支平衡。正如Kerry所說，這充分利用了我們的許多能力。因此，我們無需投入太多資源即可交付產品並將其引入我們的管道。隨著收入的成長，我們將能夠進一步利用這些優勢，並在未來實現增值。

I appreciate the context there. And then secondly, pretty good cost management on your part, both at the gross margin level and in terms of OpEx. Just given where revenues fell, can you just highlight some of the puts and takes around gross margins and then given the in-sourcing was completed in 2Q, are there any lingering costs that might have fallen into the quarter?

我感謝您提供的背景資訊。其次，貴公司在成本控制方面做得相當出色，無論是毛利率還是營運支出方面。鑑於營收有所下降，您能否重點說明毛利率方面的一些調整和變化？另外，由於內部化工作已於第二季完成，是否存在任何遺留成本計入本季？

Yeah, that's a great question. Yes, for gross margins, we did do a little bit better than guided than expected. A lot of that was driven by our lower scrap than expected, which is really a complement to our operations team and their continued automation and operational efficiencies. As far as OpEx, that was in line with our spend. And really, our core business essentially is breakeven and what we -- where we do choose to spend our dollars beyond that are on innovation.

是的，這是一個很好的問題。毛利率方面，我們確實略高於預期。這主要得益於廢品率低於預期，這要歸功於我們的營運團隊及其持續推進的自動化和營運效率提升。至於營運支出，則與我們的預算相符。實際上，我們的核心業務基本上實現了損益平衡，而我們選擇將資金投入創新領域。

And in this case, innovation focused on delivering our Sherlock CT/NG clinical trial submission as well as internal innovation. And then a little bit other benefits of gross margins, there was a little bit of a mix benefit in Q3. And we did mention we guided in Q4 that will be a little bit below Q3. Part of that is the mix, seasonality and the mix change where we expect to see a little bit more international revenue in Q4 as a mix, which will lower the margins a bit.

在這種情況下，創新主要集中在提交 Sherlock CT/NG 臨床試驗申請以及內部創新。此外，毛利率方面也有一些其他優勢，第三季產品組合略有成長。我們之前提到過，預計第四季毛利率將略低於第三季。部分原因是產品組合的變化、季節性因素以及產品組合調整。我們預計第四季度國際收入佔比將略有上升，這將導致毛利率略微下降。

(Operator Instructions)

（操作說明）

There are no further questions at this time. I would now like to turn the call back over to Carrie Eglinton Manner for closing remarks.

目前沒有其他問題了。現在我將把電話交還給凱莉·埃格林頓·曼納，請她作總結發言。

Thank you, Mac, for your questions and everybody for participating today. We appreciate your continued interest in OTI. And with that, we'll close the call. Thank you.

謝謝Mac的提問，也謝謝各位今天的參與。感謝大家一直以來對OTI的關注。那麼，今天的電話會議就到此結束。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。