Pacific Biosciences of California Inc (PACB) 2022 Q2 法說會逐字稿

Welcome to the PacBio Second Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions).

歡迎參加 PacBio 2022 財年第二季度財報電話會議。 （操作員說明）。

I'd like now to turn the conference over to Mr. Todd Friedman, Director of Investor Relations. Please, go ahead.

我現在想將會議轉交給投資者關係總監 Todd Friedman 先生。請繼續。

Good afternoon, and welcome to PacBio's Second Quarter 2022 earnings Conference Call. Earlier today, we issued a press release outlining the financial results we will be discussing on today's call, a copy of which is available on the Investor's section of our website at www.pacb.com or as furnished on Form 8-K available on the Securities and Exchange Commission website, at www.sec.gov. With me today are: Christian Henry, President and Chief Executive Officer, and Susan Kim, Chief Financial Officer.

下午好，歡迎參加 PacBio 的 2022 年第二季度收益電話會議。今天早些時候，我們發布了一份新聞稿，概述了我們將在今天的電話會議上討論的財務業績，其副本可在我們網站 www.pacb.com 的投資者部分或提供的表格 8-K 上提供證券交易委員會網站，網址為 www.sec.gov。今天和我在一起的是：總裁兼首席執行官克里斯蒂安·亨利和首席財務官蘇珊·金。

Before we begin, I'd like to remind you that on today's call, we will be making forward-looking statements, including statements regarding predictions, progress, estimates, plans, expectations, intentions, guidance, and others, including expectations with respect to collaborations, cash flow, and product and technology launches. You should not place undue reliance on forward-looking statements because they are subject to assumptions, risks, and uncertainties and could cause actual outcomes and results to differ materially from currently anticipated results. These risks and uncertainties, as well as other risks and uncertainties are more fully described in our press release earlier today and in our Form 8-K, Form 10-Q, Form 10-K and other filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise these forward-looking statements, except as required by law.

在開始之前，我想提醒您，在今天的電話會議中，我們將做出前瞻性陳述，包括有關預測、進展、估計、計劃、預期、意圖、指導和其他方面的陳述，包括對合作、現金流以及產品和技術發布。您不應過分依賴前瞻性陳述，因為它們受假設、風險和不確定性的影響，並可能導致實際結果和結果與當前預期結果存在重大差異。這些風險和不確定性以及其他風險和不確定性在我們今天早些時候的新聞稿以及我們向美國證券交易委員會提交的 8-K 表格、10-Q 表格、10-K 表格和其他文件中進行了更全面的描述。除法律要求外，我們不承擔任何更新或修改這些前瞻性陳述的義務。

During the call, we will also present certain financial information on a non-GAAP basis. Management believes that non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information to compare our performance relative to forecasts and strategic plans, and to benchmark our performance externally against competitors. Reconciliations between U.S. GAAP and non-GAAP results are presented in tables within our earnings release.

在電話會議期間，我們還將根據非公認會計原則提供某些財務信息。管理層認為，非 GAAP 財務措施與美國 GAAP 財務措施相結合，可提供有用的信息來比較我們與預測和戰略計劃相關的業績，並在外部對我們的業績與競爭對手進行比較。美國 GAAP 和非 GAAP 結果之間的調節在我們的收益發布中的表格中列出。

In addition, please note that today's call is being recorded and will be available for audio replay on the Investor's section of our website shortly after the call. Investors electing to use the audio replay are cautioned that forward-looking statements made on today's call may differ or change materially after the completion of the live call.

此外，請注意今天的通話正在錄音，通話後不久將在我們網站的投資者部分提供音頻重播。選擇使用音頻回放的投資者請注意，在今天的電話會議上做出的前瞻性陳述可能會在現場電話會議結束後發生重大變化或發生重大變化。

I will now turn the call over to Christian.

我現在將把電話轉給克里斯蒂安。

Good afternoon, everybody. We appreciate you joining us today. On today's call, I'll provide an update on our 2022 revenue outlook, highlight the results for the second quarter of 2022, discuss some recent business and commercial successes, and then we will have Susan will get into our financial results and guidance in much more detail.

大家下午好。感謝您今天加入我們。在今天的電話會議上，我將提供我們 2022 年收入前景的最新信息，重點介紹 2022 年第二季度的業績，討論最近的一些業務和商業成功，然後我們將讓蘇珊深入了解我們的財務業績和指導更多詳情。

September will mark my 2 year anniversary at PacBio, and in that time, we have undergone a remarkable transformation. First, we've been able to build a talented and experienced team to lead the company and execute a strategy, that will leverage our technology and commercial scale to serve our customers around the globe and drive growth. We also acquired Omniome and Circulomics adding core products and technologies to our portfolio. As a result of these acquisitions and through our aggressive product development investments, we expect to be the first company to commercialize both highly accurate long read and short read technologies, providing our customers with the right product for their application of interest and, as a result, serving the entire genomic sequencing landscape.

9 月將是我在 PacBio 的 2 週年紀念日，在那段時間裡，我們經歷了非凡的轉變。首先，我們已經能夠建立一支才華橫溢且經驗豐富的團隊來領導公司並執行一項戰略，這將利用我們的技術和商業規模為全球客戶提供服務並推動增長。我們還收購了 Omniome 和 Circulomics，為我們的產品組合增加了核心產品和技術。由於這些收購和我們積極的產品開發投資，我們希望成為第一家將高精度長讀長和短讀長技術商業化的公司，為我們的客戶提供適合他們感興趣的應用的產品，因此，服務於整個基因組測序領域。

Additionally, we believe that our portfolio will create significant value for our customers, as we provide them with the capabilities required to discover novel biology, with unprecedented detail at compelling scale and economics. We have not only invested in developing new technologies, we've also continued to improve our highly accurate Sequel IIe platform to provide even more customer value. For example, just this past quarter, we launched the ability for our customers to look at epigenetic markers, with each sequencing run for no additional cost.

此外，我們相信我們的產品組合將為我們的客戶創造重要價值，因為我們為他們提供發現新生物學所需的能力，並以引人注目的規模和經濟性提供前所未有的細節。我們不僅投資於開發新技術，我們還繼續改進我們高度準確的 Sequel IIe 平台，以提供更多的客戶價值。例如，就在上個季度，我們為客戶推出了查看表觀遺傳標記的功能，每次測序運行都無需額外費用。

Compared to various short read sequencing technologies, this feature dramatically simplifies the ability to see epigenetic markers, because the workflow doesn't require multiple sequencing runs with different sample preparations to capture all the data. We've also collaborated with leading organizations to show how highly accurate, long reads can transform clinical research. I think you'll agree that the PacBio today looks a lot different than it did 2 years ago.

與各種短讀長測序技術相比，此功能極大地簡化了查看表觀遺傳標記的能力，因為該工作流程不需要使用不同樣品製備的多次測序運行來捕獲所有數據。我們還與領先的組織合作，展示高度準確的長讀取如何改變臨床研究。我想你會同意今天的 PacBio 看起來與 2 年前有很大不同。

There is no question, though, that we're operating in an uncertain macroeconomic environment. These macro issues do not change our, nor our customers', enthusiasm for PacBio sequencing. However, we're finding that these factors broadly play a role in customer purchasing patterns, and their ability to operate at scale, especially as our business is currently dependent on large capital purchases. As a result, we have reevaluated our current outlook for the year, to take these macroeconomic factors into account.

不過，毫無疑問，我們是在不確定的宏觀經濟環境中運營的。這些宏觀問題不會改變我們和客戶對 PacBio 測序的熱情。然而，我們發現這些因素在客戶購買模式及其大規模運營能力中廣泛發揮作用，尤其是在我們的業務目前依賴於大量資本購買的情況下。因此，我們重新評估了當前的年度展望，將這些宏觀經濟因素考慮在內。

Specifically, we expect EMEA to be lower than our original forecast, as we see the region to be most affected by longer purchasing cycles. In addition, foreign exchange headwinds and increased competition are expected to have a greater impact there than in other parts of the world. We're also seeing that some of our larger customers in the region are ramping their utilization to pre-Omicron levels at a slower-than-anticipated pace, due to staffing shortages, among other things. We believe this has and will continue to have an impact on our consumables revenue for the remainder of the year.

具體而言，我們預計 EMEA 將低於我們最初的預測，因為我們認為該地區受較長採購週期的影響最大。此外，外匯逆風和競爭加劇預計將比世界其他地區產生更大的影響。我們還看到，由於人員短缺等原因，我們在該地區的一些大客戶正在以低於預期的速度將他們的利用率提高到 Omicron 之前的水平。我們相信這已經並將繼續對我們今年剩餘時間的消耗品收入產生影響。

In China, the second quarter was impacted more than we expected from COVID lockdowns, and we expect it to take longer for customers to ramp back to pre-lockdown levels, in addition to ongoing risk of localized lockdowns that could be reintroduced. For example, lockdowns at certain customer locations prevented us from installing newly acquired Sequel IIe systems, which had an impact on consumable revenue in China. Excluding China, we're quite pleased with the performance in the rest of APAC, especially in Japan, where commercial investments made in 2021 are driving significant opportunities and growth for the region. As China returns to a more normal operating environment, we believe our strengthened commercial team will be able to drive diversified growth throughout APAC.

在中國，第二季度受到 COVID 封鎖的影響比我們預期的要大，我們預計客戶需要更長的時間才能恢復到封鎖前的水平，此外還有可能重新引入局部封鎖的持續風險。例如，某些客戶位置的封鎖使我們無法安裝新收購的 Sequel IIe 系統，這對中國的消費品收入產生了影響。除中國外，我們對亞太地區其他地區的表現感到非常滿意，尤其是在日本，2021 年的商業投資正在為該地區帶來重大機遇和增長。隨著中國恢復更正常的經營環境，我們相信我們強大的商業團隊將能夠推動整個亞太地區的多元化增長。

In the Americas, recession fears, volatile capital markets, and a growing number of sequencing entrants are slowing purchasing patterns as well. However, the region remains mostly resilient, as it posted record revenue and grew over 50% compared to the second quarter of last year, as we're growing in multiple markets; from human genome to gene editing, to microbiome. The strength and diversity of our customers in the U.S. market gives me confidence that other regional headwinds are only temporary, and will re-accelerate going into next year and beyond.

在美洲，對經濟衰退的擔憂、動蕩的資本市場以及越來越多的測序進入者也在減緩購買模式。然而，由於我們在多個市場都在增長，該地區仍然保持大部分彈性，因為它公佈了創紀錄的收入，並且與去年第二季度相比增長了 50% 以上；從人類基因組到基因編輯，再到微生物組。我們在美國市場的客戶實力和多樣性讓我相信，其他地區的逆風只是暫時的，並將在明年及以後重新加速。

Considering these broader issues, we have re-examined our full-year forecast, and we now expecting 2022 revenue to be in the range of $138 million to $145 million or about 8% year-over-year growth at the midpoint. We expect an improving environment throughout the balance of the year with both third and fourth quarter growing sequentially, both in total revenue and instruments placed. In fact, consumable shipments are off to a strong start for the quarter, with July being the strongest month one of any quarter this year.

考慮到這些更廣泛的問題，我們重新審視了我們的全年預測，我們現在預計 2022 年的收入將在 1.38 億美元至 1.45 億美元之間，或中點同比增長約 8%。我們預計今年餘下時間的環境會有所改善，第三季度和第四季度的總收入和放置的工具都將連續增長。事實上，本季度的消費品出貨量開局強勁，7 月是今年所有季度中表現最強勁的一個月。

While lower than we previously forecasted, I want to reiterate that we believe this is primarily due to macroeconomic factors, in particular outside of the United States, which we do believe to be transitory. Our market opportunity has not changed and we remain committed to our strategy to become a multi-platform company, enabling the most complete and accurate view of the genome. I am confident in our strategy, and I am excited about our progress, in developing our revolutionary long and short-read platforms, which we believe will be key drivers of our growth.

雖然低於我們之前的預測，但我想重申，我們認為這主要是由於宏觀經濟因素，特別是美國以外的因素，我們認為這只是暫時的。我們的市場機會沒有改變，我們仍然致力於成為一家多平台公司的戰略，實現最完整、最準確的基因組視圖。我對我們的戰略充滿信心，我對我們在開發革命性的長讀短讀平台方面取得的進展感到興奮，我們相信這將是我們增長的關鍵驅動力。

Also, our balance sheet remains strong. At quarter end, we had $899 million in cash and investments. And today, I am reaffirming our belief that, even in spite of the short-term macroeconomic challenges we've seen, we have the capital required on our balance sheet to execute on our current development and commercialization plans, which we believe will enable us to reach positive cash flow. This is a top priority for the company.

此外，我們的資產負債表依然強勁。在季度末，我們擁有 8.99 億美元的現金和投資。今天，我重申我們的信念，即使我們已經看到了短期的宏觀經濟挑戰，我們的資產負債表上仍有必要的資本來執行我們當前的發展和商業化計劃，我們相信這將使我們能夠達到正現金流。這是公司的首要任務。

Susan will expand further on guidance a little later, but first, I'd like to highlight the results of our second quarter. We reported $35.5 million in revenue in the second quarter, representing 16% year-over-year growth, which was in line with our guidance for sequential growth. Q2 was our sixth consecutive quarter of double-digit year-over-year growth, and as I previously mentioned, our Americas region posted record revenue. In Q2, we were pleased to see that about one-third of our Sequel IIe placements were brand new PacBio instrument customers across all of our target markets. This demonstrates that we continue to grow even amidst higher comps, a maturing product cycle, and broader macroeconomic factors.

蘇珊稍後將進一步擴展指導，但首先，我想強調我們第二季度的結果。我們報告第二季度收入為 3550 萬美元，同比增長 16%，這符合我們對連續增長的指導。第二季度是我們連續第六個季度實現兩位數的同比增長，正如我之前提到的，我們的美洲地區實現了創紀錄的收入。在第二季度，我們很高興看到 Sequel IIe 的約三分之一是我們所有目標市場的全新 PacBio 儀器客戶。這表明，即使在更高的薪酬、成熟的產品週期和更廣泛的宏觀經濟因素中，我們仍在繼續增長。

We've continued to see momentum in human applications as well, with over 40% of our revenue in the first half to customers working on human genomics, compared to just over a third of our revenue in 2021. This includes applications in genetic disease research, where highly accurate long reads can help better understand complex genomic variation. For example, another top-tier children's hospital in the United States, received its first Sequel IIe's in the second quarter to accelerate its studies into genetic disease. Notably, the customer cited our newly released methylation detection capability as a key differentiator in deciding to purchase these systems.

我們也繼續看到人類應用的發展勢頭，上半年我們超過 40% 的收入來自從事人類基因組學工作的客戶，而 2021 年我們的收入僅佔三分之一以上。這包括在遺傳疾病研究中的應用，其中高度準確的長讀可以幫助更好地理解複雜的基因組變異。例如，美國另一家頂級兒童醫院在第二季度收到了首個 Sequel IIe，以加速其對遺傳疾病的研究。值得注意的是，客戶將我們新發布的甲基化檢測能力作為決定購買這些系統的關鍵區別。

Additionally, we shipped Sequel IIe's to multiple genome centers in the second quarter, in support of whole genome research initiatives in the United States. And, in Japan we provided Sequel IIe's to a large-scale service provider in support of ongoing and upcoming cancer research initiatives in the country.

此外，我們在第二季度將 Sequel IIe 運送到多個基因組中心，以支持美國的全基因組研究計劃。而且，在日本，我們向一家大型服務提供商提供了 Sequel IIe，以支持該國正在進行和即將開展的癌症研究計劃。

Our customers continue demonstrating the power of PacBio HiFi sequencing, through numerous publications and preprints. Notably, the Human Pangenome Reference Consortium, or the HPRC, posted several preprints, describing the first human pangenome reference this past quarter. HiFi directly assembled this reference from 47 genetically diverse individuals. The transition from the single, linear reference commonly used today, to a pangenome reference, represents a paradigm shift in human genetics. It improves variant calling and resolution of complex regions, such as tandem repeats, segmental duplications and is more representative of a diverse population.

我們的客戶通過大量出版物和預印本繼續展示 PacBio HiFi 測序的力量。值得注意的是，人類泛基因組參考聯盟（HPRC）發布了幾份預印本，描述了上個季度的第一個人類泛基因組參考。 HiFi 直接從 47 個基因不同的個體中收集了這個參考。從今天常用的單一線性參考到泛基因組參考的轉變代表了人類遺傳學的範式轉變。它提高了複雜區域的變體調用和分辨率，例如串聯重複、節段重複，並且更能代表多樣化的人群。

Before building this reference, researchers first benchmarked the best sequencing approaches and determined that highly accurate long reads were the best-suited technology. Further, this is a shifting of the sequencing paradigm toward a fully-phased, 6-gigabase genome versus the commonly used 3-gigabase genome, which the HPRC shows HiFi is uniquely suited to assemble.

在構建此參考之前，研究人員首先對最佳測序方法進行了基準測試，並確定高度準確的長讀長是最適合的技術。此外，這是測序範式向全階段 6 GB 基因組的轉變，而不是常用的 3 GB 基因組，HPRC 表明 HiFi 非常適合組裝。

In plant and animal genomics, studies showed a sustained use case for HiFi, as accurate, long reads are best suited for assembling highly complex genomes. In a preprint last month, researchers from Utah State and other universities compared long read technologies and showed that 'HiFi reads consistently outperform all other data types for both plants and animals, and may represent a particularly valuable tool for assembling complex plant genomes.

在植物和動物基因組學中，研究顯示了 HiFi 的持續使用案例，因為準確、長讀取最適合組裝高度複雜的基因組。在上個月的預印本中，來自猶他州和其他大學的研究人員比較了長讀取技術並表明“HiFi 讀取始終優於植物和動物的所有其他數據類型，並且可能代表組裝複雜植物基因組的特別有價值的工具。

Moving to microbiology, BioPark, a service provider in Korea, purchased a Sequel IIe in the second quarter to advance human microbiome and drug-resistance microbial research with funding from the Korean government agency.

轉向微生物學，韓國服務提供商 BioPark 在第二季度購買了 Sequel IIe，以在韓國政府機構的資助下推進人類微生物組和耐藥微生物研究。

Other emerging applications, like AAV gene vector sequencing, with our latest protocol and on-instrument workflow, continued to drive placements, as we delivered multiple Sequel IIe's to customers working on vector validation and research.

其他新興應用，如 AAV 基因載體測序，以及我們最新的協議和儀器工作流程，繼續推動放置，因為我們向從事載體驗證和研究的客戶提供了多個 Sequel IIe。

In the second quarter, we've progressed our product development to enable more applications, better data, and higher levels of automation and standardization, all while making great progress towards future product launches. We've released custom, targeted and enrichment capabilities as part of our collaboration with Twist Bioscience. These panels can provide customers a cost-effective and high-throughput way to sequence particular genes of interest, delivering comprehensive detection of single nucleotide variants, structural variants, and indels for any genomic interval, including difficult-to-sequence or difficult-to-map regions of the genome.

在第二季度，我們推進了產品開發，以實現更多應用程序、更好的數據以及更高水平的自動化和標準化，同時在未來產品發布方面取得了巨大進展。作為與 Twist Bioscience 合作的一部分，我們發布了定制、靶向和富集功能。這些面板可以為客戶提供一種經濟高效且高通量的方式來對特定感興趣的基因進行測序，提供對任何基因組區間的單核苷酸變異、結構變異和插入缺失的全面檢測，包括難以測序或難以測序的基因。映射基因組區域。

We also reformatted and relaunched our Nanobind extraction technology from our Circulomics acquisition, to be integrated with HiFi, allowing for a more seamless sequencing workflow. As it was only launched a few years ago, most of our instrument customers have not yet used the Circulomics' Nanobind extraction. This integration opens up the opportunity to get the differentiated product into more customers' hands, and fully recognize the synergies between the 2 technologies.

我們還重新格式化並重新啟動了我們收購 Circulomics 的 Nanobind 提取技術，以與 HiFi 集成，從而實現更加無縫的測序工作流程。由於它僅在幾年前推出，我們的大多數儀器客戶尚未使用 Circulomics 的 Nanobind 提取。這種集成為將差異化產品提供給更多客戶提供了機會，並充分認識到這兩種技術之間的協同作用。

Also on the workflow side, we've partnered with iLAC and the Robotic Biology Institute to develop fully automated end-to-end workflows for PacBio's Sequel II and IIe HiFi long-read sequencing systems by employing advanced robotics. And in the backdrop of these enhancements, our field performance of SMRT cells continues to improve, as part of our most recent chemistry and software release earlier this year. In fact, the average yield per SMRT cell is hitting records with over 30% more gigabases of output per cell than we saw in 2021. This on-market improvement enables customers to do more sequencing with Sequel II, than ever before.

同樣在工作流程方面，我們與 iLAC 和機器人生物學研究所合作，通過採用先進的機器人技術，為 PacBio 的 Sequel II 和 IIe HiFi 長讀長測序系統開發全自動端到端工作流程。在這些改進的背景下，作為我們今年早些時候發布的最新化學和軟件的一部分，我們的 SMRT 電池的現場性能繼續提高。事實上，每個 SMRT 細胞的平均產量正在創下紀錄，每個細胞的產量比我們在 2021 年看到的多 30% 以上。這種市場改進使客戶能夠使用 Sequel II 進行比以往更多的測序。

We made excellent progress toward the launch of new products, such as our Kitted MAS-Iso-Seq solution, which remains on track for commercial release in the fourth quarter. Early access customer sites have been identified and will begin using the product later this quarter. The commercialized kit is expected to have a higher and more robust throughput than the original MAS-Iso-Seq method outlined in a preprint last year, with reduced library preparation time and reagent use. The solution will come with a SMRTLink workflow, to produce isoform-level single-cell data, compatible with tertiary analysis tools and will enable the size and scope of experiments that have driven the breakout growth we've seen in single cell genomics. Meanwhile, early adopters of the MAS-ISO-Seq method, particularly in the oncology and neuro disease research space, tell us that they can now see critical, full-length isoform information missing from their short-read single-cell data.

我們在推出新產品方面取得了巨大進展，例如我們的 Kitted MAS-Iso-Seq 解決方案，該解決方案仍有望在第四季度進行商業發布。早期訪問客戶站點已確定，並將在本季度晚些時候開始使用該產品。與去年預印本中概述的原始 MAS-Iso-Seq 方法相比，該商業化試劑盒有望具有更高和更穩健的通量，同時減少文庫製備時間和試劑使用。該解決方案將附帶一個 SMRTLink 工作流程，以生成異構體級單細胞數據，與三級分析工具兼容，並將實現推動我們在單細胞基因組學中看到的突破性增長的實驗的規模和範圍。同時，MAS-ISO-Seq 方法的早期採用者，特別是在腫瘤學和神經疾病研究領域，告訴我們他們現在可以看到他們的短讀單細胞數據中缺少關鍵的全長異構體信息。

If we move to our Sequencing by Binding platform development, we shared some exciting data at AGBT around SBB's exquisite accuracy and variant calling performance. After speaking with customers, we left the conference feeling even more invigorated about how SBB's unparalleled accuracy can accelerate genomic discoveries. Our team remains on track for commercial launch in the first half of next year.

如果我們轉向我們的 Sequencing by Binding 平台開發，我們在 AGBT 上分享了一些關於 SBB 出色的準確性和變異檢出性能的令人興奮的數據。在與客戶交談後，我們對 SBB 無與倫比的準確性如何加速基因組發現感到更加興奮。我們的團隊仍有望在明年上半年進行商業發布。

We're in active discussions with potential beta sites and we anticipate beginning our full beta program in the next few months. We are also engaging with potential partners across the ecosystem, to ensure the system is user-friendly and compatible at launch. Meanwhile, our in-house systems continue to sequence incredibly well, achieving accuracy scores with over 90% of the bases at or above Q40, and the system has demonstrated both single-end 200 base pair read lengths and 2 by 150 paired-end read lengths.

我們正在與潛在的 Beta 站點進行積極討論，我們預計將在未來幾個月內開始我們的完整 Beta 計劃。我們還與整個生態系統中的潛在合作夥伴合作，以確保系統在發佈時易於使用且兼容。同時，我們的內部系統繼續進行令人難以置信的良好測序，超過 90% 的鹼基達到或高於 Q40 的準確度得分，並且該系統已展示了單端 200 鹼基對讀取長度和 2 x 150 對端讀取長度。

And lastly, I'm pleased that we reached an agreement with Invitae in June that provides a roadmap and incentives for them to accelerate their sequencing on PacBio HiFi and still leverages their expertise in our development of our ultra-high throughput sequencers. I believe these new technologies will be even more important in Invitae's refocused business, as they aim to deliver the most comprehensive genomes.

最後，我很高興我們在 6 月與 Invitae 達成協議，為他們提供了一個路線圖和激勵措施，以加速他們在 PacBio HiFi 上的測序，並且仍然利用他們在我們開發超高通量測序儀方面的專業知識。我相信這些新技術在 Invitae 重新聚焦的業務中將變得更加重要，因為它們旨在提供最全面的基因組。

Turning to other organizational updates, today we unveiled our first ESG Highlights Report. The report showcases our approach to environmental sustainability, social justice, and responsible governance and outlines our progress in these areas. Over the coming years, we expect to continue to invest in our ESG program, as a key component of our long-term business strategy.

談到其他組織更新，今天我們公佈了我們的第一份 ESG 亮點報告。該報告展示了我們在環境可持續性、社會正義和負責任治理方面的方法，並概述了我們在這些領域取得的進展。在未來幾年，我們預計將繼續投資於我們的 ESG 計劃，作為我們長期業務戰略的關鍵組成部分。

And finally, we look forward to welcoming our new Chief Commercial Officer, Jeff Eidel, later this month. I've personally worked with Jeff for over a decade, and his knowledge and experience in genomics will drive significant value across PacBio.

最後，我們期待本月晚些時候歡迎我們的新首席商務官 Jeff Eidel。我個人與 Jeff 共事了十多年，他在基因組學方面的知識和經驗將為 PacBio 帶來巨大的價值。

Now with that, I'll hand to call off to Susan to talk about our financial results in more detail. Susan?

現在，我將請蘇珊更詳細地討論我們的財務業績。蘇珊？

Thank you, Christian. As discussed, we reported $35.5 million in product and service revenue in the second quarter of 2022, which represented an increase of 16% from $30.6 million in the second quarter of 2021, and 7% sequential growth compared to $33.2 million in the first quarter of 2022.

謝謝你，克里斯蒂安。如前所述，我們報告 2022 年第二季度的產品和服務收入為 3550 萬美元，比 2021 年第二季度的 3060 萬美元增長 16%，與 2021 年第一季度的 3320 萬美元相比，環比增長 7% 2022 年。

Instrument revenue in the second quarter was $15.6 million, an increase of 9% from $14.3 million in the second quarter of 2021. In the second quarter we modified our agreement with Invitae, and recognized $3.7 million in instrument revenue related to Sequel IIe's delivered to Invitae in the quarter. We delivered a total of 36 Sequel II and Sequel IIe Systems during Q2, growing the installed base to 460 systems as of June 30, 2022.

第二季度的儀器收入為 1560 萬美元，比 2021 年第二季度的 1430 萬美元增長 9%。在第二季度，我們修改了與 Invitae 的協議，並確認了與 Sequel IIe 交付給 Invitae 相關的 370 萬美元儀器收入在本季度。我們在第二季度共交付了 36 台 Sequel II 和 Sequel IIe 系統，截至 2022 年 6 月 30 日，安裝基數增加到 460 台。

Turning to consumables; revenue of $14.6 million in the second quarter grew 19% from $12.2 million in the second quarter of last year and Sequel II and IIe consumables represented approximately 86% of total consumable revenue in the second quarter, with the rest from older systems and other consumables.

轉向消耗品；第二季度收入為 1460 萬美元，比去年第二季度的 1220 萬美元增長 19%，Sequel II 和 IIe 耗材約佔第二季度總耗材收入的 86%，其餘來自舊系統和其他耗材。

Annualized pull-through per system on the Sequel II and IIe installed base in the second quarter was approximately $120,000. Headwinds from pandemic-related lockdowns in China, continued through most of the second quarter. Additionally, new customers have been taking longer to get up to full speed, as supply chain constraints have affected other inputs in customers' workflow, such as servers and automation equipment. Finally, service and other revenue grew to $5.3 million in the second quarter compared to $4.1 million in the second quarter of 2021, reflecting our growing installed base.

第二季度每個系統在 Sequel II 和 IIe 安裝基礎上的年化收益約為 120,000 美元。中國與大流行相關的封鎖帶來的不利影響持續到第二季度的大部分時間。此外，由於供應鏈限制影響了客戶工作流程中的其他輸入，例如服務器和自動化設備，新客戶需要更長的時間才能達到全速。最後，第二季度服務和其他收入增長至 530 萬美元，而 2021 年第二季度為 410 萬美元，這反映了我們不斷增長的安裝基礎。

From a regional perspective, Americas had a record quarter with revenue of $21.7 million and grew 51% compared to the second quarter of 2021. We shipped Sequel IIe's to a growing and diverse set of customers in the quarter, including AnimalBiome, which is implementing PacBio HiFi and has plans to leverage concatenation for 16S sequencing in their industry leading direct-to-consumer pet microbiome tests. Human germline applications, though, were the primary driver with nearly half the region's instruments delivered to customers in this focus area.

從區域的角度來看，美洲的季度收入達到創紀錄的 2170 萬美元，與 2021 年第二季度相比增長了 51%。我們在本季度將 Sequel IIe 交付給了不斷增長和多樣化的客戶群，包括正在實施 PacBio 的 AnimalBiome HiFi 併計劃在其行業領先的直接面向消費者的寵物微生物組測試中利用串聯進行 16S 測序。然而，人類生殖系應用是該地區近一半的儀器交付給該重點領域客戶的主要驅動力。

Asia Pacific revenue of $8 million reflected a 18% decline over the prior-year period, primarily due to China, which was 30% lower compared to the second quarter of 2021. We were pleased to see that revenue growth in other APAC countries helped to offset some of the lower revenue in China.

亞太地區收入為 800 萬美元，較上年同期下降 18%，主要是由於中國，與 2021 年第二季度相比下降了 30%。我們很高興看到其他亞太國家/地區的收入增長有助於抵消了中國部分較低的收入。

Finally, EMEA revenue of $5.8 million was 12% lower compared to the prior year period, and was impacted by broader macro dynamics, which slowed customers' capital purchases. In addition, the region had an FX headwind of approximately 7% when compared to Q2 2021.

最後，EMEA 收入為 580 萬美元，與去年同期相比下降了 12%，並且受到更廣泛的宏觀動態的影響，這減緩了客戶的資本購買。此外，與 2021 年第二季度相比，該地區的外匯逆風約為 7%。

Moving down the P&L, GAAP gross profit of $16.2 million in the second quarter of 2022 represented a gross margin of 45.7%. Excluding amortization of intangible assets, second-quarter 2022 non-GAAP gross profit of $16.4 million represented a gross margin of 46.2%, compared to a GAAP and non-GAAP gross profit of $13.8 million or 44.9% in the second quarter of last year. The increase compared to the second quarter of last year was partially driven by a multi-instrument order at higher ASPs, as well as greater consumable and service revenue volume due to a growing installed base of Sequel II/IIe's in Q2 2022.

從損益表來看，2022 年第二季度 GAAP 毛利潤為 1620 萬美元，毛利率為 45.7%。不計無形資產攤銷，2022年第二季度非GAAP毛利潤為1640萬美元，毛利率為46.2%，而去年第二季度的GAAP和非GAAP毛利潤為1380萬美元或44.9%。與去年第二季度相比，增長的部分原因是平均售價較高的多儀器訂單，以及由於 2022 年第二季度 Sequel II/IIe 的安裝基數不斷增長，消耗品和服務收入增加。

GAAP operating expenses were $84.2 million in the second quarter of 2022; excluding change in fair value of contingent consideration of $5.4 million, non-GAAP operating expenses were $89.6 million. This represents a 74% increase from non-GAAP operating expenses of $51.3 million in the second quarter of last year, reflecting growth in headcount, operating expenses related to the acquisition of Omniome, increased R&D spend, and increased travel, as we transition out of the pandemic remote environment.

2022 年第二季度的 GAAP 運營費用為 8420 萬美元；不計或有對價公允價值變動 540 萬美元，非公認會計原則運營費用為 8960 萬美元。這比去年第二季度的 5130 萬美元的非 GAAP 運營費用增加了 74%，反映了員工人數的增長、與收購 Omniome 相關的運營費用、研發支出的增加以及旅行的增加，因為我們從大流行的偏遠環境。

In terms of headcount, we ended the quarter with 782 employees compared to 728 at the end of 2021. GAAP and non-GAAP operating expenses in the second quarter included a total non-cash stock-based compensation of $18 million, compared to $13.9 million in the second quarter of last year. GAAP net loss in the second quarter of 2022 was $71.4 million, or $0.32 per share. Excluding amortization of acquired intangibles and change in fair value of contingent consideration, non-GAAP net loss was $76.6 million, representing $0.34 per share compared to a GAAP and non-GAAP net loss of $41 million or $0.21 per share in the second quarter of 2021.

在員工人數方面，我們在本季度末有 782 名員工，而到 2021 年底為 728 人。第二季度的 GAAP 和非 GAAP 運營費用包括 1800 萬美元的非現金股票薪酬，而 1390 萬美元去年第二季度。 2022 年第二季度的 GAAP 淨虧損為 7140 萬美元，即每股 0.32 美元。不計收購無形資產的攤銷和或有對價公允價值的變化，非公認會計原則淨虧損為 7660 萬美元，相當於每股 0.34 美元，而 2021 年第二季度的公認會計準則和非公認會計原則淨虧損為 4100 萬美元或每股 0.21 美元.

Now, turning to our Balance Sheet; we ended the second quarter with $899 million in unrestricted cash and investments, compared with $963 million at the end of the first quarter of 2022. Inventory balances increased in the second quarter to $36.1 million, representing 2.3 inventory turns, compared with $29.6 million at the end of the first quarter of 2022, representing 2.8 inventory turns. Similar to last quarter, the decline in inventory turns reflects our strategy of increasing safety stock levels to manage global supply chain risk, to continue to ensure we have the necessary materials on hand, to meet our customer demand.

現在，轉向我們的資產負債表；我們在第二季度末的非限制性現金和投資為 8.99 億美元，而 2022 年第一季度末為 9.63 億美元。第二季度庫存餘額增加至 3610 萬美元，相當於 2.3 次庫存周轉，而上一季度為 2960 萬美元2022 年第一季度末，庫存周轉率為 2.8。與上個季度類似，庫存周轉率的下降反映了我們提高安全庫存水平以管理全球供應鏈風險的戰略，以繼續確保我們手頭有必要的材料，以滿足我們的客戶需求。

Accounts Receivable decreased in the second quarter to $27.1 million, reflecting a DSO of 70 days, compared with $27.9 million at the end of the first quarter of 2022, reflecting a DSO of 71 days.

第二季度應收賬款減少至 2710 萬美元，反映 DSO 為 70 天，而 2022 年第一季度末為 2790 萬美元，反映 DSO 為 71 天。

Long-term deferred revenue declined approximately $23 million and current deferred revenue increased approximately $21 million for a net change of approximately $2 million in Q2, primarily as a result of: a multi-instrument order from Invitae in the quarter as well as future credits awarded to Invitae via the amendment to the co-development agreement.

長期遞延收入下降約 2300 萬美元，當前遞延收入增加約 2100 萬美元，第二季度淨變化約 200 萬美元，主要是由於：本季度來自 Invitae 的多儀器訂單以及授予的未來信用通過對共同開發協議的修訂來邀請 Invitae。

Moving to guidance, we are updating our expectation for full year 2022 revenue to be approximately $138 million to $145 million, or 8% growth at the midpoint. While we continue to see increasing customer enthusiasm for our technology and products, broader macroeconomic dynamics including rising inflation, global supply chain constraints, volatile capital markets, and lockdown restrictions associated with COVID-19, have lengthened customer sales cycles, particularly for capital purchases. Therefore, we expect to ship fewer instruments this year, than we originally expected.

轉向指導，我們將 2022 年全年收入的預期更新為約 1.38 億美元至 1.45 億美元，或中點增長 8%。雖然我們繼續看到客戶對我們的技術和產品的熱情不斷提高，但更廣泛的宏觀經濟動態，包括通脹上升、全球供應鏈限制、資本市場動盪以及與 COVID-19 相關的鎖定限制，已經延長了客戶銷售週期，尤其是在資本購買方面。因此，我們預計今年的儀器出貨量將低於我們最初的預期。

With respect to consumable revenue, lockdowns in China have led to lower-than-previously-anticipated consumable revenue in the region, as customers have difficulty accessing labs, as well as lower sample volume from which to sequence. In addition, placing instruments with more new customers has lowered our average consumable pull through, and a lower than previously forecasted installed base has lowered consumable revenue estimates for the year.

在消耗品收入方面，中國的封鎖導致該地區的消耗品收入低於此前預期，因為客戶難以進入實驗室，而且測序的樣本量減少。此外，與更多新客戶一起放置儀器降低了我們的平均消耗品拉動率，低於先前預測的安裝基數降低了今年的消耗品收入預期。

On a quarterly basis, we expect the third quarter revenue to be slightly higher sequentially, as we expect higher Sequel IIe placements and pull through to be partially offset with lower ASPs.

按季度計算，我們預計第三季度收入將環比略高，因為我們預計更高的 Sequel IIe 安置和拉動將被較低的 ASP 部分抵消。

We expect non GAAP gross margin to be 44% to 45%, slightly lower than our previous guidance range, reflecting lower revenue volume and increasing costs associated with ongoing global supply chain constraints and rising inflation.

我們預計非 GAAP 毛利率為 44% 至 45%，略低於我們之前的指導範圍，反映出與持續的全球供應鏈限制和通脹上升相關的收入減少和成本增加。

For OpEx, we have significantly reduced the pace of hiring in the second half of the year relative to our previous forecasts. However, we continue to make excellent progress on our next generation platforms, and will continue to prioritize these investments. As such, we now expect non-GAAP operating expenses to be between 350 and $360 million. We expect that slowing our pace of hiring will translate into lower run rate of operating expenses entering 2023, while still giving us flexibility to make appropriate investments in R&D and commercial, to fuel our growth in '23 and beyond.

對於運營支出，相對於我們之前的預測，我們已顯著降低了下半年的招聘步伐。但是，我們將繼續在下一代平台上取得出色進展，並將繼續優先考慮這些投資。因此，我們現在預計非 GAAP 運營費用將在 350 至 3.6 億美元之間。我們預計，放緩招聘步伐將轉化為進入 2023 年的運營費用運行率降低，同時仍使我們能夠靈活地對研發和商業進行適當的投資，以推動我們在 23 年及以後的增長。

Interest and other expense is unchanged and expected to be approximately $15 million for the full year, reflecting interest expense and amortization of debt issuance costs for our convertible notes issued in 2021. We expect the weighted average share count for purposes of EPS for the full year to be approximately 225 million shares.

利息和其他費用保持不變，預計全年約為 1500 萬美元，反映了我們 2021 年發行的可轉換票據的利息費用和債務發行成本的攤銷。我們預計全年每股收益的加權平均股數約為2.25億股。

With that, I will turn the call back to Christian. Christian?

有了這個，我會把電話轉回克里斯蒂安。基督教？

Thank you, Susan. I hope your takeaway from our prepared remarks today is that PacBio remains extremely well-capitalized and well positioned to execute on our strategy, despite the short-term volatility and uncertainty we see in the market. We sit in front of a huge multi-billion-dollar market opportunity, with multiple technologies that we believe will uniquely position us, to provide customers with products capable of delivering genomic insights, unimaginable with the current status quo of sequencing. We look forward to engaging with our customers at ASHG in late October. And with investors, we hope to connect at the many conferences lined up in Q3, and we're hosting our first Analyst Day in November, which we will be sharing details about next month.

謝謝你，蘇珊。我希望你從我們今天準備好的評論中得到的收穫是，儘管我們在市場上看到了短期波動和不確定性，但 PacBio 仍然資本充足，並且能夠很好地執行我們的戰略。我們面臨著數十億美元的巨大市場機會，我們相信多種技術將使我們處於獨特的地位，為客戶提供能夠提供基因組洞察力的產品，這在目前的測序現狀下是無法想像的。我們期待在 10 月下旬與我們的客戶在 ASHG 進行交流。與投資者一起，我們希望在第三季度的許多會議上進行交流，我們將在 11 月舉辦我們的第一個分析師日，我們將在下個月分享詳細信息。

Now with that, I'd like to turn it back to the operator, so that we can begin the Q&A.

現在有了這個，我想把它還給接線員，這樣我們就可以開始問答了。

(Operator Instructions) Our first question comes with Ross Osborn with Cantor Fitzgerald. It appears Mr. Osborn has disconnected.

（操作員說明）我們的第一個問題來自羅斯·奧斯本（Ross Osborn）和康托·菲茨杰拉德（Cantor Fitzgerald）。看來奧斯本先生已經斷線了。

So our next question comes with Kyle Mikson with Canaccord.

因此，我們的下一個問題來自與 Canaccord 的 Kyle Mikson。

I hope you're doing well. So just want to talk about the guidance, not a huge surprise. I thought a lot of the factors that you called out, Christian, makes sense. But maybe could you just break down the guidance assumptions, maybe like quantitatively, when you think about the macro factors like China lockdown setbacks, inflation, supply chain. Just want to understand anything -- how you're thinking about that, maybe in the near term here? And then also maybe for Susan on the product breakdown, you didn't really quantify that instruments can pull through. How could that really trend in the second half of the year as well?

我希望你一切都好。所以只是想談談指導，並不是一個巨大的驚喜。克里斯蒂安，我認為你提到的很多因素都是有道理的。但是，當您考慮中國封鎖挫折、通貨膨脹、供應鍊等宏觀因素時，也許您可以像定量地分析指導假設。只是想了解任何事情——你是怎麼想的，也許在短期內？然後也許對於蘇珊來說，關於產品細分，你並沒有真正量化儀器可以通過。下半年怎麼會真的有這種趨勢呢？

Sure, Kyle. So I'm not going to break down the delta and guidance based on -- I'm not going to try to ascribe a value specifically to each macroeconomic factor. But qualitatively, what we're seeing, is that the Americas is actually doing extremely well. But we did -- in the first -- if you look back on the first half, the first part of the year, we had COVID impacting consumable pull-through, which we saw the numbers have been lower than what they've been historically. But overall, the Americas has done extremely well and compensated and will continue to compensate primarily for the weakness in Europe.

當然，凱爾。因此，我不會根據 - 我不會試圖為每個宏觀經濟因素專門賦予一個價值來分解增量和指導。但從質量上講，我們看到的是美洲實際上做得非常好。但我們確實做到了——在第一年——如果你回顧上半年，今年上半年，我們有 COVID 影響消耗品的拉動，我們看到這個數字低於歷史上的水平.但總體而言，美洲做得非常好，彌補了並將繼續主要彌補歐洲的疲軟。

That's actually the area where we have the most -- where we've had the most impact, and it's a number of different things. It's absolutely -- the currency headwind is significant. We had, I believe, over $0.5 million of currency impact in the quarter, principally driven -- and if you look at the economy on a [year-over-year] basis, principally driven from EMEA. We also have COVID still being -- having an impact in EMEA and the inflation/fears of recession/ kind of the situation in Ukraine, all of those different at-- all of those different factors are just slowing the purchasing process now.

這實際上是我們擁有最多的領域——我們影響最大的領域，這是許多不同的事情。絕對是——貨幣逆風很大。我相信，我們在本季度產生了超過 50 萬美元的貨幣影響，主要是受驅動的——如果你以 [同比] 的方式觀察經濟，主要受歐洲、中東和非洲的驅動。我們還有 COVID 仍然存在——對 EMEA 和通貨膨脹/對經濟衰退的擔憂/烏克蘭的某種情況產生影響，所有這些不同的因素——所有這些不同的因素現在都在減緩採購過程。

The good news is that, our demand and our funnel looks very encouraging. And so if you look at the balance of our written remarks -- on balance, all things considered, the company is actually doing -- I'm pretty happy with what -- how the company is doing. But I do think Europe is going to continue to be challenged for the rest of this year, and I think that's really the big driver of why we think we wanted to reduce the guidance going forward.

好消息是，我們的需求和我們的渠道看起來非常令人鼓舞。因此，如果您查看我們書面評論的平衡 - 總的來說，考慮到所有因素，公司實際上正在做 - 我對公司正在做的事情感到非常滿意。但我確實認為歐洲將在今年餘下時間繼續受到挑戰，我認為這確實是我們認為我們希望減少未來指導的主要驅動力。

China continues to be, I think, a bit choppy. I do think we saw -- in the quarter, we saw some -- at the end of the quarter, like we expected to see some improvement in China. We talked about that on our last call last quarter about the notion that, we thought the lockdowns would maybe start to side in the June-ish timeframe. I think that's true, but what we're finding it is a bit lumpy and I think that -- what's interesting is the knock-on effect of not being able to get into the labs. I talked about it in my written remarks, the whole concept of -- we had several instruments that we had shipped to customers in China at the end of Q1, that we just couldn't install in Q2 because they were locked down. Now those instruments are now installed. People are starting to ramp back up a little bit, and so I think the back half is encouraging. But the balance of all these factors made it prudent for us to reduce our outlook for the rest of this year. Hopefully, that helps, Kyle?

我認為，中國仍然有點波濤洶湧。我確實認為我們看到 - 在本季度，我們看到了一些 - 在本季度末，就像我們預計中國會有所改善一樣。我們在上個季度的最後一次電話會議上談到了這個想法，我們認為封鎖可能會在 6 月左右的時間框架內開始。我認為這是真的，但我們發現它有點混亂，我認為 - 有趣的是無法進入實驗室的連鎖反應。我在書面評論中談到了整個概念——我們在第一季度末向中國客戶發貨了幾台儀器，但由於它們被鎖定，我們無法在第二季度安裝。現在這些儀器已經安裝好了。人們開始回升一點，所以我認為後半部分令人鼓舞。但所有這些因素的平衡使我們謹慎地降低今年剩餘時間的前景。希望這有幫助，凱爾？

Yes. I mean that was a great [question]. Susan, did you want to talk about like instruments as far as pull through maybe, how that could trend? Or if not, it's fine, we could just move on.

是的。我的意思是這是一個很好的[問題]。蘇珊，你想談談像樂器一樣的東西嗎？這可能是怎麼回事？或者如果沒有，沒關係，我們可以繼續前進。

No, happy to Kyle, I was trying to unmute. So just to give you an idea, so we talked a lot about the fact that there's a lot of enthusiasm by our customers in terms of our technology, which is great. Our pipelines continue to be strong. So because -- mostly because of the macroeconomic dynamics that we talked about, sales cycles have lengthened. Having said that, some of the orders that we had forecasted in Q2, is pushing into Q3 for capital purchases. And then in Q3, you do have the government fiscal year-end, which is going to help on the back end. So we do see that interim placements in Q3, we expect to be sequentially higher in Q3, relative to Q2.

不，凱爾很高興，我正試圖取消靜音。所以只是給你一個想法，所以我們談了很多關於我們的客戶對我們的技術有很多熱情的事實，這很棒。我們的管道繼續強勁。所以因為 - 主要是因為我們談到的宏觀經濟動態，銷售週期已經延長。話雖如此，我們在第二季度預測的一些訂單正在進入第三季度進行資本購買。然後在第三季度，您確實有政府財政年度結束，這將對後端有所幫助。因此，我們確實看到第三季度的臨時配售，我們預計第三季度相對於第二季度將依次增加。

You also have the fiscal year-end associated with the calendar year-end. And so we further believe that Q4 will be higher interim placements relative to what we have seen in Q2. So we can model that out in terms of what it means for instrument revenue. Also based off of consumable shipments, especially for what we had seen in July, we're off to a great start. While I don't believe that consumable pull-through will return to the levels we saw in 2021, I do believe that the second half consumable pull-through will be sequentially higher than what we had seen in the first half, just based off of how we're tracking for the month of July. But again, probably lower than what you're used to seeing at the end of 2021.

您還擁有與日曆年終關聯的會計年度終了。因此，我們進一步認為，相對於我們在第二季度看到的情況，第四季度的中期配售將更高。因此，我們可以根據它對儀器收入的意義進行建模。同樣基於消耗品出貨量，特別是對於我們在 7 月份看到的情況，我們有了一個良好的開端。雖然我不相信消耗品拉動會回到我們在 2021 年看到的水平，但我確實相信下半年消耗品拉動將連續高於我們在上半年看到的水平，這只是基於我們如何跟踪 7 月份的情況。但同樣，可能低於您在 2021 年底看到的情況。

Okay. That was great. And I guess, Christian, I'm just thinking about like the issues that could be maybe internal or like specific to PacBio? You didn't really mention anything there, which was obviously positive, but some of your peers in this sector have had some leadership changes on the commercial team in recent quarters. Those have kind of appeared to lead to consistent execution in some cases. Your execution has been pretty good recently. But I'm just kind of wondering, what gives you confidence that you can like basically smoothly transition with Jeff as the new Chief Commercial Officer? And is there any like structure or strategy change of the new kind of commercial leadership, now that he has been appointed?

好的。那很棒。我想，克里斯蒂安，我只是在想可能是內部問題或 PacBio 特有的問題？你沒有真正提到那裡的任何東西，這顯然是積極的，但你在這個領域的一些同行在最近幾個季度對商業團隊的領導層進行了一些變化。在某些情況下，這些似乎會導致一致的執行。你最近的執行力非常好。但我只是想知道，是什麼讓您有信心在 Jeff 擔任新的首席商務官後基本順利過渡？既然他已被任命，新的商業領導層是否有類似的結構或戰略變化？

You know it's a great question, Kyle. And I think the one reason why I have a lot of confidence is, first, I know, Jeff and Mark knows Jeff, and we've worked with Jeff for a very long time, so we know what kind of leader he is and what kind of capabilities he brings to the table. And then on top of that, the other thing is that, I'm a former Chief Commercial Officer, Mark is a former Chief Commercial Officer. And we're still -- we're about 800 people, but we're not that big a company. We are intimately involved in all aspects of the business. And so I think we will be important to that transition, in the sense that we have been -- we were very closely tied to our prior CCO, and helping to manage the activities of the business, and to the point of even negotiating larger deals and really being engaged with the team. But -- and so that will continue with Jeff.

你知道這是一個很好的問題，凱爾。而且我認為我有很大信心的一個原因是，首先，我知道，傑夫和馬克認識傑夫，我們和傑夫一起工作了很長時間，所以我們知道他是一個什麼樣的領導者以及什麼他帶來的那種能力。最重要的是，另一件事是，我是前首席商務官，馬克是前首席商務官。而且我們仍然 - 我們大約有 800 人，但我們不是那麼大的公司。我們密切參與業務的各個方面。因此，我認為我們對這種過渡很重要，從某種意義上說，我們一直與我們之前的 CCO 緊密相連，幫助管理業務活動，甚至談判更大的交易並真正與團隊互動。但是 - 所以傑夫將繼續這樣做。

The other thing I would say is, Jeff also knows all of the general managers of the different regions, and has worked with the general managers in the different regions for many years as well. And so, he comes in as a highly respected, capable executive, and he will come in and evaluate the organization as he sees it. And we may or may not make any changes. I really like the fact that we have created a scaled commercial organization, that can operate all around the world. We talked about sales in Korea. We talked about expansion in Japan.

另外我要說的是，Jeff 也認識各個地區的所有總經理，並且和各個地區的總經理也合作了很多年。因此，他作為一個備受尊敬、有能力的高管進來，他會進來並評估他所看到的組織。我們可能會也可能不會做出任何改變。我真的很喜歡我們創建了一個規模化的商業組織，可以在世界各地運作。我們談到了在韓國的銷售。我們談到了在日本的擴張。

Our European business has covered better than ever, although the performance isn't quite what we wanted. And then in Americas, we're growing at 50% and that's because we have a highly capable team. And when you think about the backdrop of emerging competition, we're extremely well positioned there, because we have great products already. We have new products on the horizon. We have a team in place and the launch products, that we can launch immediately at scale. And I just think that gives us a significant leg up and Jeff as an executive is going to fit right in.

我們的歐洲業務比以往任何時候都覆蓋得更好，儘管性能並不是我們想要的。然後在美洲，我們以 50% 的速度增長，那是因為我們擁有一支能力很強的團隊。當您考慮新興競爭的背景時，我們在這方面處於非常有利的位置，因為我們已經擁有出色的產品。我們即將推出新產品。我們有一個團隊和發布產品，我們可以立即大規模發布。我只是認為這給了我們很大的幫助，而傑夫作為一名高管將很適合。

That was great. I almost forgot, Christian, your background. So he has 2 great sequencing CCOs to learn from that. That's great. I'll ask a final one here, just kind of lumping 2 thoughts in at the end here. So the first being, you mentioned, Christian, there's a growing number of new sequencing entrants that pressured the Americas results, from what I understand, there's no like pure-play long-read companies that are going to market any time soon. Could you just talk about that a bit? Is that more on the short read side, I guess? And then secondly, ASP was obviously pretty high this quarter. In the past, public labs, trade-in programs, those dragged down ASP. What should we expect going forward, I guess?

那很棒。我差點忘了，克里斯蒂安，你的背景。所以他有 2 個很棒的測序 CCO 可以從中學習。那太棒了。我會在這裡問最後一個，只是在這裡最後將兩個想法混為一談。所以首先是，你提到的，克里斯蒂安，越來越多的新測序進入者給美洲的結果帶來了壓力，據我了解，沒有像純粹的長閱讀公司那樣很快就會上市。你能談談這個嗎？我猜這更多的是在短讀方面嗎？其次，本季度的 ASP 顯然相當高。過去，公共實驗室、以舊換新項目拖累了 ASP。我猜我們應該期待什麼？

Yes. Those are good questions. I think that regardless of whether the entrants are long and short read, the excitement about and buzz about the sequencing industry and space, is encouraging everyone to stop and look at the totality of what problems they're trying to solve, and how they -- what technologies can help them solve them. And so I think the emerging entrants definitely creates some conversations.

是的。這些都是好問題。我認為，無論參賽者是長讀還是短讀，對測序行業和空間的興奮和嗡嗡聲都在鼓勵每個人停下來看看他們試圖解決的全部問題，以及他們如何—— - 哪些技術可以幫助他們解決這些問題。所以我認為新興的進入者肯定會創造一些對話。

What's so great is that, we've been -- we have what we believe is the best long read platform in the market, and it's -- the data is becoming more and more clear every day that our short-read technology that we'll bring to market next year, have some serious advantages over these emerging competitors and the existing [incumbents]. So I've been in several sales discussions just this quarter already, where we're talking about bundled sales. I want to buy the long-read sequencer, because I want to do a highly accurate whole genome sequencing. I want to buy the short-read sequencer because it goes -- I can look exquisitely deep with exquisite sensitivity and therefore, I can find the answers, the needles in a haystack. And I think that's going to serve us -- I do think that's going to serve us really well.

很棒的是，我們一直 - 我們擁有我們認為是市場上最好的長讀平台，而且 - 數據每天都變得越來越清晰，我們的短讀技術明年將推向市場，與這些新興競爭對手和現有 [incumbents] 相比具有一些嚴重的優勢。所以我已經在本季度進行了幾次銷售討論，我們正在討論捆綁銷售。我想買長讀長測序儀，因為我想做一個高度準確的全基因組測序。我想購買短讀測序儀，因為它可以——我可以以極高的靈敏度看起來非常深邃，因此，我可以找到答案，大海撈針。而且我認為這將為我們服務 - 我確實認為這將為我們提供非常好的服務。

And going forward, we continue to have some trade-ins from Sequel I to Sequel IIs, which impact ASP. That will change in any given quarter. The APAC region has been extremely successful, with some promotional programs to make those conversions, and I think EMEA and the U.S. and AMR are trying to emulate some of that. So there'll be probably some of that. But you're right, ASPs in the quarter were generally pretty strong, and I think that, that has to do somewhat with product mix as well. We're selling to commercial customers in some places, for example, in AAV.

展望未來，我們繼續從 Sequel I 到 Sequel IIs 進行一些折價，這會影響 ASP。這將在任何給定的季度發生變化。亞太地區非常成功，通過一些促銷計劃來實現這些轉換，我認為 EMEA 和美國以及 AMR 正在嘗試效仿其中的一些。所以可能會有一些。但你是對的，本季度的 ASP 普遍相當強勁，我認為這也與產品組合有關。我們在某些地方向商業客戶銷售產品，例如在 AAV 中。

They typically have more capacity to buy the equipment. And so that helps. So I think it's the customer mix in any given quarter, that will help or hurt the ASP. What's really important, is that we build the installed base and as Susan pointed out, we have 460 units out there now, which is I think a real accomplishment in the short time that I've been the CEO, and I'm looking forward to cracking through the 500 barrier soon. So hopefully, that helps a little bit, Kyle.

他們通常有更多的能力購買設備。所以這有幫助。因此，我認為任何給定季度的客戶組合都會幫助或損害 ASP。真正重要的是，我們建立了安裝基礎，正如蘇珊指出的那樣，我們現在有 460 台，我認為這是我擔任 CEO 的短時間內真正的成就，我很期待很快就能突破500關口。所以希望，這會有所幫助，凱爾。

The next question comes with Julia Qin with JPMorgan.

下一個問題來自摩根大通的 Julia Qin。

This is [Amy] calling on Julia. So I have a couple of questions. So the first one is related to the guidance. I want to go back to the China market. Do you guys have any idea like what's the outlook for the China market? Do you have any signs that when will the market bounce back?

這是 [Amy] 拜訪 Julia。所以我有幾個問題。所以第一個與指導有關。我想回到中國市場。你們對中國市場的前景有什麼想法嗎？您是否有任何跡象表明市場何時會反彈？

Well, I know -- [Julie], I don't think we have a crystal ball. And so therefore, we're taking more conservative views on China. As I think folks on the phone know, we -- historically, China has been a significant part of our revenues, as we grow globally, that we will be less reliant on China. But we do see lots of opportunity going forward in the second half of the year and into next year. But the timing of potential lockdowns and other macroeconomic factors, I think we can't predict that, and so we've taken a conservative view.

嗯，我知道——[朱莉]，我不認為我們有水晶球。因此，我們對中國的看法更為保守。我想電話裡的人都知道，我們——從歷史上看，中國一直是我們收入的重要組成部分，隨著我們在全球範圍內的發展，我們將減少對中國的依賴。但我們確實在下半年和明年看到了很多機會。但我認為我們無法預測潛在封鎖的時機和其他宏觀經濟因素，因此我們採取了保守的觀點。

We didn't break out -- we're not giving guidance by region. I don't want to move down that pathway, but we have taken a pretty conservative view on China and APAC as a whole -- as we said, APAC as a whole, though, is getting buoyed by improvements in Japan and the rest of APAC. And what's so encouraging about that, if you look at the growth in the U.S., plus the growth outside of China, you're really starting to see a step-up, where as China improves, we can accelerate our revenue growth. And then if we can see Europe return to some sense of normalcy, then I think we're really positioned well for long-term growth.

我們沒有爆發——我們沒有按地區提供指導。我不想走這條路，但我們對中國和整個亞太地區採取了相當保守的看法——正如我們所說，整個亞太地區受到日本和其他地區改善的鼓舞亞太地區。令人鼓舞的是，如果你看看美國的增長，加上中國以外的增長，你真的開始看到一個進步，隨著中國的改善，我們可以加速我們的收入增長。然後，如果我們能看到歐洲恢復某種常態，那麼我認為我們確實為長期增長做好了準備。

On top of that, the product just keeps getting better. And I think the Sequel's unique platform, although it has been around for quite a while, as I said, we've improved the output of that platform with our latest release [byte]. We're seeing, what, 30% improvements in the actual output and throughput of the system. So customers are getting more value. They're getting the ventilation capability. So for free with every single run, they get more data than ever before, and more types of data that positions us very well against competitors, and encourages others to get engaged with us on the long read platform.

最重要的是，產品不斷變得更好。而且我認為 Sequel 的獨特平台，儘管它已經存在了很長一段時間，正如我所說，我們已經通過我們的最新版本 [byte] 改進了該平台的輸出。我們看到，系統的實際輸出和吞吐量提高了 30%。因此，客戶獲得了更多價值。他們正在獲得通風能力。因此，每次運行都是免費的，他們獲得了比以往更多的數據和更多類型的數據，這些數據使我們能夠在競爭對手中脫穎而出，並鼓勵其他人在長讀平台上與我們互動。

So overall, the outlook looks really, I think, strong for the company, but we do have to recognize that we are in a pretty uncertain environment. And therefore, from a guidance perspective, we would rather be thoughtful and considerate of these headwinds. And as -- if we do a little bit better because the headwinds are less, then we'd be sure to tell you. But I think we're trying to take a pretty conservative view on how we think about the world right now.

所以總的來說，我認為公司的前景看起來確實很強勁，但我們必須認識到我們處於一個非常不確定的環境中。因此，從指導的角度來看，我們寧願考慮和考慮這些不利因素。而且 - 如果我們因為逆風較小而做得更好一點，那麼我們一定會告訴你。但我認為我們正試圖對我們現在如何看待世界採取相當保守的觀點。

Okay. Yes, that's very helpful. So my next question is relating to the pipeline. So first is for those -- new high-throughput platform, right. So what kind of updates are we going to see and when? And how should we think about those updates? The second is with the short read platform, the Omniome platform. So the spec looks very impressive, like I'm very impressed by the accuracy. So I'm just curious, like based on your initial market research and market intelligence, what's the customers' appetite to pay a premium for just higher accuracy in their day-to-day works?

好的。是的，這很有幫助。所以我的下一個問題是關於管道的。首先是那些——新的高通量平台，對。那麼我們會在什麼時候看到什麼樣的更新呢？我們應該如何看待這些更新？第二個是短讀平台，Omniome平台。所以規格看起來非常令人印象深刻，就像我對準確性印象深刻一樣。所以我很好奇，比如根據您最初的市場調查和市場情報，客戶願意為日常工作中的更高準確性支付溢價嗎？

Yes. Okay. Well, maybe I'll address the short read platform first, and then I'll talk about the long-read platform. With respect to SBB, we were -- we were, quite frankly, enthusiastic about the response at AGBT and how customers really came up to us, and really we're excited about getting involved, getting into beta program, feeding the data for themselves because they see -- they see this as the next paradigm in short read resequencing.

是的。好的。好吧，也許我會先解決短讀平台，然後再談談長讀平台。關於 SBB，我們坦率地說，我們對 AGBT 的反應以及客戶如何真正找到我們充滿熱情，我們真的很高興參與進來，進入測試計劃，為自己提供數據因為他們看到了——他們認為這是短讀重測序的下一個範例。

The accuracy matters a lot. And the reality is, that accuracy can actually make costs more effective, because it's not about the cost per gigabase, which is the traditional way in which sequencing companies have talked about, the consumable cost, how much -- what's your cost per gig. And the reason why they have that, is everyone's accuracy has kind of been in the same range. if your accuracy is 15-fold better than the incumbents in the world, the discussion needs to turn to price per answer, because with higher accuracy, you need less coverage. With less coverage, you can turn a mid-throughput sequencer into a higher throughput sequencer, and therefore, you can operate at higher multiplex and lower price per answer.

準確性很重要。現實情況是，準確性實際上可以使成本更有效，因為它與每千兆鹼基的成本無關，這是測序公司談論的傳統方式，消耗品成本，多少 - 你每演出的成本是多少。他們之所以有這個，是因為每個人的準確度都在同一個範圍內。如果你的準確率比世界上的現有公司高 15 倍，那麼討論需要轉向每個答案的價格，因為準確度越高，你需要的覆蓋範圍就越小。由於覆蓋範圍更小，您可以將中等通量測序儀轉變為更高通量測序儀，因此，您可以以更高的多重性和更低的每個答案的價格運行。

And I think that's going to be an important message for us to drive as we get these products into the market. And so I'm really excited about that. I don't -- in other words, I don't believe our pricing is going to be higher than others when you look at all the factors of getting to an answer, not just processing some sequencing.

我認為隨著我們將這些產品推向市場，這將是我們推動的重要信息。所以我對此感到非常興奮。我不 - 換句話說，當您查看獲得答案的所有因素時，我不相信我們的定價會比其他定價更高，而不僅僅是處理一些排序。

So if you move to the short read side and of course, stay tuned because we'll be getting into the beta phase of our development program, in the next couple of months. And so I suspect we'll likely have some updates at ASHG, which is at the end of October, and we're well on our way to getting this product out the door. And so I'm very excited about that.

因此，如果您轉向短讀方面，當然，請繼續關注，因為我們將在接下來的幾個月內進入開發計劃的 beta 階段。因此，我懷疑我們可能會在 10 月底的 ASHG 上進行一些更新，我們正在順利推出這款產品。所以我對此感到非常興奮。

If you look at the long read side, the Sequel IIe, as I said in the last couple minutes, has really made dramatic improvements over the last few years. But you're right, we do have new products and new ideas and new technologies in development. And we haven't said publicly when those would launch. And I'm not going to do that on this call. We will do that in a good time. But what I can tell you is that, when I joined the company, I said that we would embark on a strategy to drive product development, so that we could get kind of on the range of orders of magnitude of improvement in terms of throughput on long-read sequencing, so that our customers could operate at higher scale and leverage the power of long reads across larger sample cohorts.

如果您從長篇閱讀的角度來看，正如我在最後幾分鐘所說的那樣，Sequel IIe 在過去幾年中確實取得了巨大的進步。但你是對的，我們確實有新產品、新想法和新技術正在開發中。而且我們還沒有公開說明它們何時發布。我不會在這次電話會議上這樣做。我們會在適當的時候做到這一點。但我可以告訴你的是，當我加入公司時，我說過我們將著手推動產品開發的戰略，這樣我們就可以在吞吐量方面獲得數量級的改進。長讀長測序，以便我們的客戶可以在更大的規模上運營，並在更大的樣本群中利用長讀長的力量。

And I also said that we would be going for achieving the $1,000 genome or better -- and I'm happy to report today, that our development programs and our research is definitely showing us that we have the capabilities to do that. And so we -- at the right time, we will talk about these next-generation research programs in much more detail, and we'll share it then. But for now, we keep focused on the Sequel IIe platform. It's a great platform. Like I said, we're not that far away from having 500 units in the installed base, and we keep adding value to it. And so that's what's -- that's going to be front and center commercially here, over the next couple of quarters.

我還說過，我們將努力實現 1000 美元或更高的基因組——我今天很高興地報告，我們的開發計劃和研究肯定向我們展示了我們有能力做到這一點。所以我們 - 在適當的時候，我們將更詳細地討論這些下一代研究計劃，然後我們將分享它。但就目前而言，我們繼續專注於 Sequel IIe 平台。這是一個很棒的平台。就像我說的那樣，我們離擁有 500 台設備的安裝基數不遠，而且我們會不斷為其增加價值。所以這就是 - 在接下來的幾個季度中，這將成為商業的前沿和中心。

Your next question comes with Tejas Savant with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Tejas Savant。

Christian, just following up on your remarks there on the product pipeline. Obviously, it's a point of investor focus here. I know you don't want to commit to specific timelines just yet. But is there an interim instrument that you think needs to be launched before you get to that sub-$1,000 price point? Or do you feel confident just given what you said about your internal efforts that you can get there with the next version of the Sequel?

克里斯蒂安，只是跟進你在產品管道上的評論。顯然，這是投資者關注的焦點。我知道你現在還不想承諾具體的時間表。但是，您認為在價格低於 1,000 美元之前需要推出一種臨時工具嗎？或者，您是否對您所說的關於您可以通過下一個版本的續集實現的內部努力感到自信？

Yes. I do think at a fundamental level, Tejas, that we have the technology now to deliver the $1,000 genome, and without incremental steps. One of the strategies here, of course, is to develop a multiproduct portfolio with -- on the long read platform side, that offers customers much more flexibility than we have historically, so that customers that are sensitive to the capital cost, offering a low capital cost, offering with high-value consumables, customers that are doing extremely large cohorts, having the capability to run lots of samples, with a reasonably sized lab at under that $1,000 genome 'price point.' And then that middle ground where you're doing a diversity of applications or you're looking at lots of seeds, but you have high multiplex and you can use kind of that mid-throughput system.

是的。我確實認為，從根本上講，Tejas，我們現在擁有交付 1000 美元基因組的技術，而且無需額外的步驟。當然，這裡的策略之一是開發一個多產品組合——在長讀平台方面，它為客戶提供比我們歷史上更多的靈活性，以便對資本成本敏感的客戶提供低資本成本、提供高價值的消耗品、進行超大型群組的客戶、有能力運行大量樣本、擁有合理規模的實驗室、低於 1,000 美元的基因組“價格點”。然後是中間地帶，你正在做各種各樣的應用程序，或者你正在查看很多種子，但你有高複用性，你可以使用那種中等吞吐量的系統。

That's still fundamental to our strategy long term. And the good news is that, we are thinking much more modular than we've ever thought about before. And I think that will give us a range of products and capabilities and also improve -- lower the cost of the customer, but also improve the company's ability to serve those customers and drive growth in gross margin, which ultimately drives us to cash flows.

這仍然是我們長期戰略的基礎。好消息是，我們正在考慮比以前想像的更加模塊化。而且我認為這將為我們提供一系列產品和功能，並提高 - 降低客戶成本，同時提高公司為這些客戶提供服務並推動毛利率增長的能力，最終推動我們實現現金流。

Got it. Super helpful. And then one, on the instrument and consumable side of things. On the instrument side, Susan, just a quick point of clarification. That $3.7 million you mentioned, I think, on Invitae, was that for instruments placed in this quarter, or was that sort of a payment for instruments in past quarters? And then on the consumable side of things, Christian, to your point around higher throughput applications coming through as you launch the new version of the Sequel here. Do you expect sort of getting back to that $175,000 pull-through range at perhaps the back half of '23, is that a reasonable assumption? Or do you think it's really contingent on the new box being launched and getting some decent traction with customers?

知道了。超級有幫助。然後是儀器和消耗品方面。在儀器方面，蘇珊，請快速澄清一下。我認為，您在 Invitae 上提到的 370 萬美元是用於本季度放置的工具，還是用於支付過去幾個季度的工具？然後在消耗品方面，Christian，當您在此處啟動新版本的 Sequel 時，您會談到更高吞吐量的應用程序。您是否期望在 23 年下半年回到 175,000 美元的拉高區間，這是一個合理的假設嗎？還是您認為這真的取決於新盒子的推出並在客戶中獲得一些不錯的牽引力？

Yes, real quick, on the $3.7 million for Invitae, that is because of a handful of Sequel IIe's that Invitae purchased in Q2, that they took delivery in Q2.

是的，真的很快，Invitae 的 370 萬美元，這是因為 Invitae 在第二季度購買的少數 Sequel IIe，他們在第二季度交付。

Right. And then -- and Tejas, with respect to pull-through expectations, it's probably not appropriate for me to speculate on that yet. But you could imagine, if we had platforms that had more throughput, and you could do more runs per year, for example, or many more samples per year, that you would be able to drive the consumable pull-through number up. But I'm not going to speculate as to the timing or the level yet, because I think it's premature. And with the Sequel IIe, if we get specific on the Sequel IIe, we've been running, what, $115,000, kind of in the low $115,000, $120,000 range.

正確的。然後 - 和 Tejas，關於實現預期，我可能還不適合推測這一點。但是您可以想像，如果我們的平台具有更高的吞吐量，並且您可以每年進行更多的運行，或者每年更多的樣本，那麼您將能夠推動消耗品的直通數量增加。但我不打算推測時間或水平，因為我認為現在還為時過早。對於 Sequel IIe，如果我們具體了解 Sequel IIe，我們一直在運行，115,000 美元，在 115,000 美元到 120,000 美元之間。

We are expecting to see that improve a little, particularly as some of the instruments that have shipped in the last 6 months finally start getting ramped up to speed, and some of our customers that have had significant staffing challenges are finally starting to resolve some of those. And so I think it will improve. But I think as Susan said, we don't necessarily expect it to get back to the level that it was at Q4. And that's partially because, the mix of customers. We're reaching more customers than ever before, because of our commercial scale.

我們期待看到情況有所改善，特別是在過去 6 個月內出貨的一些儀器終於開始加速，我們的一些面臨重大人員配備挑戰的客戶終於開始解決一些問題那些。所以我認為它會有所改善。但我認為正如蘇珊所說，我們不一定期望它恢復到第四季度的水平。這部分是因為客戶的組合。由於我們的商業規模，我們接觸到的客戶比以往任何時候都多。

And not every customer is going to be running the sequencer 24 hours a day, 7 days a week. And so it will -- and as you tend to get to the -- towards the end of a product cycle, you're reaching the lower edge of those of those customers, so to speak, that may not be -- they may need the technology and want to use the technology, but they may not be thinking of the same scale of projects. And so I do think it's going to be -- I do think it's likely to be better in the second half than the first half, but I don't think it's going to return to Q3, Q4 levels of last year, anytime soon.

並不是每個客戶每週 7 天、每天 24 小時都在運行測序儀。所以它會 - 當你傾向於達到 - 在產品週期結束時，你正在達到那些客戶的下邊緣，可以說，這可能不是 - 他們可能需要技術和想用的技術，但他們可能想的項目規模不一樣。所以我確實認為它會 - 我確實認為下半年可能會比上半年好，但我認為它不會很快回到去年第三季度，第四季度的水平。

Your next question comes from Dan Brennan with Cowen.

您的下一個問題來自 Dan Brennan 和 Cowen。

I had one on Europe and China and then one on the pipeline. Maybe Christian, just to start on Europe and China. So on Europe, could you just unpack a little bit more of kind of what the issues are there? You kind of talked about staffing, competition, macro utilization and things like that. But could you just give us a sense of what were the kind of biggest issue, if you will. And I know you talked about the issue being transitory, but I believe you also talked about utilization being pressured for the year? And then a similar question on China as well. It sounded like you're flagging mostly the inability to get into labs to do installations. So presumably, this improves. So I'm wondering if you can give some flavor on maybe what the exit rate is and kind of how things have paced in July? And then I have a follow-up on the pipeline.

我在歐洲和中國有一個，然後一個在管道上。也許克里斯蒂安，只是從歐洲和中國開始。那麼在歐洲，你能不能稍微解釋一下存在哪些問題？你談到了人員配備、競爭、宏觀利用等等。但是，如果您願意的話，您能否讓我們了解一下最大的問題是什麼。我知道你談到這個問題是暫時的，但我相信你也談到了今年的利用率壓力？然後還有一個關於中國的類似問題。聽起來您主要是在標記無法進入實驗室進行安裝。因此，據推測，這會有所改善。所以我想知道你是否可以對退出率和 7 月份的進展情況有所了解？然後我對管道進行了跟進。

Yes, sure. So with respect to EMEA, when you look at -- if you just kind of dive into Q2, we had several instruments in the near-term funnel that we are in, what we call our commit bucket, that didn't -- that ultimately for whatever reason, the purchasing cycle got extended. And as a result, the revenue didn't happen. The deal didn't go away, but the deal didn't get across the finish line in June. And so that's what we mean by extended purchasing cycles. And I do think that, that was an impact in EMEA.

是的，當然。因此，關於歐洲、中東和非洲地區，當你看到 - 如果你只是深入到第二季度，我們在近期漏斗中有幾個工具，我們稱之為我們的提交桶，但沒有 - 那最終無論出於何種原因，購買週期都延長了。結果，收入沒有發生。這筆交易並沒有消失，但這筆交易並沒有在六月完成。這就是我們所說的延長採購週期的意思。我確實認為，這對 EMEA 產生了影響。

Another impact in EMEA has been in some of our flagship accounts, they've had significant turnover and not -- and as a result, haven't been running the sequencers as much. And so that affects the consumables. In other parts of -- other parts of both, on the continent and in the U.K., we've had purchasing agents or tenders extend longer than we expected or purchasing folks just taking more time, because quite frankly, there's a lot of uncertainty with respect to their funding and the actual cost of the sequencer because of the FX changes, and they moved a lot in a very short window.

歐洲、中東和非洲的另一個影響是我們的一些旗艦客戶，他們的營業額很大，但沒有——因此，沒有那麼多地運行測序儀。所以這會影響消耗品。在大陸和英國的其他地區，我們的採購代理或招標時間比我們預期的要長，或者採購人員只需要更多時間，因為坦率地說，存在很多不確定性由於 FX 的變化，他們的資金和音序器的實際成本，他們在很短的時間內移動了很多。

And so those are the things that have impacted us in EMEA, and that's why when you look at those each individually, don't give me significant concern, that this is a systemic long-term problem. This is a problem because of the environment we sit in. And we think that it will resolve itself. And in fact, the customer I was referring to, with lots of turnover, they've actually started running their sequencers again in July. And that -- so we saw -- and I said in my general comment -- I'm not going to make July specific comments about any particular region, but we did see a strong July in consumables, and we're off to the best start of any first month of any point this year. So that's an encouraging sign that things are going okay.

所以這些都是在歐洲、中東和非洲影響我們的事情，這就是為什麼當你單獨看待這些事情時，不要給我很大的擔憂，這是一個系統性的長期問題。由於我們所處的環境，這是一個問題。我們認為它會自行解決。事實上，我所指的客戶，營業額很大，他們實際上已經在 7 月份再次開始運行他們的測序儀。而且——我們看到了——我在我的一般性評論中說過——我不會對 7 月份的任何特定地區發表具體評論，但我們確實看到 7 月份的消耗品表現強勁，我們即將開始今年任何時候第一個月的最佳開始。所以這是一個令人鼓舞的跡象，表明事情進展順利。

In China, I don't want to give you the impression, the sole reason was, we didn't get some systems installed that could have been running consumables. That's more of an illustrative example of the totality of the lockdowns, how they not only impact our customers acquiring samples, because most of our business in China is through service providers, who rely on their customers to provide them with samples, so that they can sequence them. And the lockdowns had a pretty far-reaching effect. They weren't able to get samples from their customers. They weren't even able to go into the lab to run the sequencer. Our sales folks weren't able to get out into the community to be selling. So the impact of COVID is pretty broad, it's not just one little piece.

在中國，我不想給你留下印象，唯一的原因是，我們沒有安裝一些本來可以運行消耗品的系統。這更像是整個封鎖的一個說明性例子，它們不僅影響我們的客戶獲取樣品，因為我們在中國的大部分業務都是通過服務提供商進行的，他們依靠客戶向他們提供樣品，以便他們能夠對它們進行排序。封鎖產生了相當深遠的影響。他們無法從客戶那裡獲得樣品。他們甚至無法進入實驗室運行測序儀。我們的銷售人員無法進入社區進行銷售。所以COVID的影響是相當廣泛的，它不僅僅是一小部分。

But lastly, I think it was -- and maybe it was Kyle, actually, who talked about supply chain. The one thing I do want to give a shout out to, is our internal supply chain folks have worked really hard to keep us with product to ship. And as you saw, Susan pointed out, we have a little bit higher inventory levels than we've had, and that's because -- partially because of pricing of the inflationary impact on us, but also because we have really worked hard to make sure that we have product for our customers. And as a result, we're carrying a little bit more inventory.

但最後，我認為是——實際上，也許是凱爾談到了供應鏈。我確實想大聲疾呼的一件事是，我們的內部供應鏈人員非常努力地工作，以使我們能夠運送產品。正如你所看到的，蘇珊指出，我們的庫存水平比以前高一點，這是因為 - 部分是因為通貨膨脹對我們的影響的定價，但也因為我們確實努力確保我們為客戶提供產品。結果，我們攜帶了更多的庫存。

So I said a lot there, Dan. Hopefully, that helps you a little bit. And then you said you had another question.

所以我在那裡說了很多，丹。希望這對您有所幫助。然後你說你還有一個問題。

Christian, that was helpful for sure. Maybe just one on the pipeline. Obviously, we'll hear more about it next year in terms of getting below $1,000 on a long-lead genome. How do we think about, as the pace of the price cuts on the short REIT side, continuing we see what happens this fall with Illumina, like as that gap really widens, even though you're going to shrink it again, is the gap still going to be wide enough, such that, that dilutes maybe the uptake or the impact of, say, $800 or $900 long read genome?

克里斯蒂安，這肯定是有幫助的。也許只有一個在管道上。顯然，我們將在明年聽到更多關於它的長期領先基因組價格低於 1,000 美元的消息。我們如何看待，作為空頭 REIT 方面的降價步伐，繼續我們看到今年秋天 Illumina 會發生什麼，就像這個差距真的擴大了，即使你要再次縮小它，是差距嗎仍然會足夠寬，以至於可能會稀釋 800 美元或 900 美元長讀長基因組的吸收或影響？

I mean, we'll have to see how the world unfolds. But I believe very strongly that it won't. And the reason is, today, not only is the price per genome significantly different on our platform versus a short read platform, but also the throughput is a lot lower than what you can do on a short read platform. So really, it's a combination of not just the pricing, but the throughput. And as we narrow the gap on both, I do think you see accelerated adoption; because, one, you can do the large projects using long read. 2, everyone is seeing, now we talked about the pangenome, the HPRC, in my written remarks.

我的意思是，我們將不得不看看世界是如何展開的。但我堅信它不會。原因是，今天，我們平台上的每個基因組的價格與短讀長平台相比存在顯著差異，而且吞吐量也比短讀長平台上的低很多。所以真的，這不僅僅是價格的組合，還有吞吐量。隨著我們縮小兩者之間的差距，我確實認為您會看到加速採用；因為，一，您可以使用長讀來完成大型項目。 2、大家都在看，現在我們在我的書面評論中談到了泛基因組，HPRC。

The reality is, is that the reference genome now is changing, such that it will demonstrate that short reads are insufficient for whole genome sequencing. They just are. And I think that, as we get the economics and throughput improve, it will completely change the paradigm. And on top of that, if we can continue to deliver epigenetic information, telomere-to-telomere sequencing, with SNVs and Indels and all the structural variation at very highly accurate levels, why -- you would have to do multiple assays, which in the -- even if the short read sequencer was charging a $100, let's say for their sequence, you'd still have to run another sample prep to get the epigenetic data, for example. And I'll just it, the second you do that, you're actually more expensive than what we're talking about here, as we kind of break through the $1000 genome barrier.

現實情況是，參考基因組現在正在發生變化，這將證明短讀長不足以進行全基因組測序。他們只是。而且我認為，隨著經濟和吞吐量的提高，它將徹底改變範式。最重要的是，如果我們能夠繼續提供表觀遺傳信息、端粒到端粒測序、SNV 和 Indels 以及所有結構變異在非常高度準確的水平上，為什麼 - 你必須進行多種分析，這在- 即使短讀測序儀收費 100 美元，比如說他們的序列，你仍然需要運行另一個樣本準備來獲取表觀遺傳數據，例如。我會說，你這樣做的第二個，你實際上比我們在這裡談論的要貴，因為我們有點突破了 1000 美元的基因組障礙。

And so for us, I'm very encouraged about the progress we're making in R&D, about the state of the market and the state of the market being the proof points of why long reads matter. One of the core strategies that I had coming into the company was, to do enough collaborations, so that everyone could see the power of HiFi sequencing and the power of long reads versus short reads. I think all of those proof statements are becoming overwhelming, quite frankly. And now it comes, it's incumbent for us to get the products to market that will enable, enable the scale and the economics that will make a dent in that short read market, so to speak.

所以對我們來說，我對我們在研發方面取得的進展感到非常鼓舞，市場狀況和市場狀況是為什麼長讀很重要的證據。我進入公司的核心策略之一是，做足夠的合作，讓每個人都能看到 HiFi 測序的力量，以及長讀與短讀的力量。坦率地說，我認為所有這些證明陳述都變得勢不可擋。現在它來了，我們有責任將產品推向市場，從而實現規模和經濟性，從而在短讀市場中產生影響，可以這麼說。

This concludes our question-and-answer session. I would like now to turn the conference back over to Todd Friedman for any closing remarks. Please go ahead.

我們的問答環節到此結束。我現在想把會議轉回托德弗里德曼的任何結束語。請繼續。

Thank you. As a reminder, replay of this call will be available in the Investors section of our website. Thank you all for joining us today. This now concludes our call and we look forward to updating you on our progress in the third quarter.

謝謝你。提醒一下，本次電話會議的重播將在我們網站的“投資者”部分提供。感謝大家今天加入我們。現在我們的電話結束了，我們期待在第三季度向您更新我們的進展情況。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Have a great day.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。祝你有美好的一天。