Pacific Biosciences of California Inc (PACB) 2022 Q4 法說會逐字稿

Hello, and welcome to the PacBio Fourth Quarter 202 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Todd Friedman, Director of Investor Relations. Todd, please go ahead.

您好，歡迎來到 PacBio 第四季度 202 財年電話會議。所有參與者都將處於只聽模式。 （操作員說明）在今天的演示之後，將有機會提問。（操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係總監 Todd Friedman。托德，請繼續。

Good afternoon, and welcome to PacBio's Fourth 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 on the Investors section of our website, www.pacb.com or is 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，歡迎來到 PacBio 的 2022 年第四季度收益電話會議。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結果，其副本位於我們網站 www.pacb.com 的投資者部分，或在證券交易所提供的 8-K 表格中提供交易委員會網站 www.sec.gov。今天和我在一起的是總裁兼首席執行官 Christian Henry；和首席財務官 Susan Kim。

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, intentions, guidance and others, including expectations regarding our Revio and Onso systems in their commercialization time frames, the future availability uses accuracy coverage advantages, quality or performance of or benefits or expected benefits of using PacBio products or technologies, including our Revio and Onso systems. 

在我們開始之前，我想提醒您，在今天的電話會議上，我們將做出前瞻性陳述，包括關於預測、進展、估計、計劃、意圖、指導和其他的陳述，包括對我們的 Revio 和 Onso 系統的期望在他們的商業化時間框架內，未來可用性使用 PacBio 產品或技術（包括我們的 Revio 和 Onso 系統）的準確性覆蓋優勢、質量或性能或好處或預期好處。

You should not place undue reliance on forward-looking statements because they are subject to assumptions, risks and uncertainties that could cause our actual results to differ materially from those projected or discussed, including those inherent in developing and commercializing these products. We refer you to the documents that we file with the SEC, including our most recent forms 10-Q and 10-K and our recent press release to better understand the risks and uncertainties that could cause actual results to differ. We disclaim any obligation to update or revise these forward-looking statements, except as required by law. During the call, we will also present certain financial information on a non-GAAP basis. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company's operating results as reported under U.S. GAAP. Management believes that non-GAAP financial measures, combined with U.S. GAAP financial measures, provide useful information to compare our performance relative to forecast and strategic plans and benchmark our performance externally against competitors. 

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，這些假設、風險和不確定性可能導致我們的實際結果與預測或討論的結果存在重大差異，包括開發和商業化這些產品所固有的結果。我們建議您參考我們向 SEC 提交的文件，包括我們最新的 10-Q 和 10-K 表格以及我們最近的新聞稿，以更好地了解可能導致實際結果不同的風險和不確定性。除非法律要求，否則我們不承擔任何更新或修改這些前瞻性陳述的義務。在電話會議期間，我們還將在非 GAAP 基礎上提供某些財務信息。非 GAAP 信息不是根據一套全面的會計規則編制的，只能用於補充對根據美國 GAAP 報告的公司經營業績的理解。管理層認為，非 GAAP 財務措施與美國 GAAP 財務措施相結合，提供了有用的信息，可以將我們的業績與預測和戰略計劃進行比較，並將我們的業績與競爭對手進行外部比較。

Reconciliations between historical U.S. GAAP and non-GAAP results are presented in tables within our earnings release. For future periods, we are unable to reconcile the non-GAAP gross margin and non-GAAP operating expenses without unreasonable effort due to the items indicated in our earnings release. In addition, please note that today's call is being recorded and will be available for audio replay on the Investors 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. Finally, we will be hosting a question-and-answer session after our prepared remarks. We ask that analysts please limit themselves to one question so that we could accommodate everybody in the queue. And with that, I'll turn the call over to Christian.

歷史美國 GAAP 和非 GAAP 結果之間的對賬顯示在我們的收益發布中的表格中。對於未來期間，由於我們的收益發布中指出的項目，我們無法在沒有不合理努力的情況下協調非 GAAP 毛利率和非 GAAP 運營費用。此外，請注意，今天的電話正在錄音中，並且可以使用電話會議後不久，我們網站的投資者部分的音頻重播。選擇使用音頻重播的投資者請注意，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有所不同或發生重大變化。最後，我們將在準備好的發言後舉辦問答環節。我們要求分析師將自己限制在一個問題上，以便我們可以容納隊列中的每個人。有了這個，我會把電話轉給克里斯蒂安。

Thank you, Todd. Good afternoon, and welcome to our fourth quarter results and business highlights call. Thanks for joining us today. We have a lot of exciting news to share, and I'll kick things off with an update on our performance in the fourth quarter and 2022. I'll then delve into some exciting developments we've seen in the past few months and wrap up with an update on our market segmentation. Susan will then provide a more in-depth look at our financial results and our guidance. But first, a quick recap on Revio, our most transformative long-read sequencer to date. We are just a few weeks away from broad commercial availability of Revio, which is scheduled for next month. Currently, we have dozens of instruments on the manufacturing floor in our Menlo Park facility. And at this point, we don't see any serious supply chain constraints. As a result, I expect that we'll ship at least 25 Revio systems to customers prior to the end of the quarter. We will continue our manufacturing scale up through the second quarter, and I believe we will be at our planned production rate for 2023 by the end of Q2. This is good news as the Revie platform enables our customers to take on projects in the thousands to tens of thousands of samples. 

謝謝你，托德。下午好，歡迎來到我們的第四季度業績和業務亮點電話會議。感謝您今天加入我們。我們有很多令人振奮的消息要分享，我將首先介紹我們在第四季度和 2022 年的最新業績。然後我將深入研究我們在過去幾個月中看到的一些令人興奮的發展並總結更新我們的市場細分。然後，蘇珊將更深入地了解我們的財務業績和我們的指導。但首先，快速回顧一下我們迄今為止最具變革性的長讀長測序儀 Revio。我們距離 Revio 的廣泛商業可用性只有幾週的時間，該產品定於下個月推出。目前，我們在門洛帕克工廠的製造車間擁有數十台儀器。在這一點上，我們沒有看到任何嚴重的供應鏈限制。因此，我預計我們將在本季度末之前向客戶運送至少 25 個 Revio 系統。我們將在第二季度繼續擴大製造規模，我相信到第二季度末我們將達到 2023 年的計劃生產率。這是個好消息，因為 Revie 平台使我們的客戶能夠承擔數千到數万個樣本的項目。

With this scale, we believe Revio will be a game changer for scientists and clinical researchers. What would have taken years or even decades with long-read sequencing in the past, can now be completed in a fraction of the time and cost with the Revio platform. For years, the scientific community has relied on short-read genomes and exomes yielding valuable insights into the human genome. However, despite millions of short-read genomes being sequenced, much of the genome remains unactionable today and our understanding of our 20,000-plus genes and their role in driving disease is still quite limited. Further, we now know that phenotype is not solely determined by genes as mutations in non-coding regions can cause certain cancers. Our understanding of the impact of methylation on genetic disease is in its earliest stages, and we also recognize that the importance of both sequence length and accuracy in understanding disorders caused by tandem repeat expansions. 

有了這個規模，我們相信 Revio 將成為科學家和臨床研究人員的遊戲規則改變者。過去使用長讀長測序需要數年甚至數十年才能完成的工作，現在使用 Revio 平台只需花費一小部分時間和成本即可完成。多年來，科學界一直依賴短讀長基因組和外顯子組對人類基因組產生有價值的見解。然而，儘管對數百萬個短讀長基因組進行了測序，但許多基因組今天仍然無法操作，我們對 20,000 多個基因及其在驅動疾病中的作用的了解仍然非常有限。此外，我們現在知道表型不僅僅由基因決定，因為非編碼區域的突變會導致某些癌症。我們對甲基化對遺傳疾病的影響的理解還處於早期階段，我們也認識到序列長度和準確性對於理解串聯重複擴增引起的疾病的重要性。

It's clear that to better understand the human genome, researchers must be able to interrogate its full complexity with high accuracy. We expect that sequencing with the Revio platform will provide researchers with the most complete and accurate view of the genome in a single assay. With Revio, researchers will be able to interrogate the genome from telomere-to-telomere obtained phasing information, structural variation, epigenetic profiles and, of course, single nucleotide variants, all at the scale and affordability required for large projects. The early excitement around revenue and the immense possibility for genomics support our belief that we can grow our revenue towards our goal of a compound annual growth rate of 40% to 50% through 2026. As we work to achieve our revenue growth targets, we see 2023 as a year of product transition. We expect many Sequel II and 2E users will migrate over to Revio over the course of the year. These transitions are difficult to precisely predict. And as a result, we may see some temporary variability with respect to consumable revenue. 

很明顯，為了更好地了解人類基因組，研究人員必須能夠高度準確地審視其全部複雜性。我們期望使用 Revio 平台進行的測序能夠在單次檢測中為研究人員提供最完整、最準確的基因組視圖。借助 Revio，研究人員將能夠從端粒到端粒獲取基因組，獲得定相信息、結構變異、表觀遺傳圖譜，當然還有單核苷酸變異，所有這些都符合大型項目所需的規模和負擔能力。早期對收入的興奮和基因組學的巨大可能性支持我們的信念，即我們可以增加收入，實現到 2026 年復合年增長率為 40% 至 50% 的目標。在我們努力實現收入增長目標的過程中，我們看到2023年作為產品轉型的一年。我們預計許多 Sequel II 和 2E 用戶將在這一年中遷移到 Revio。這些轉變很難準確預測。因此，我們可能會看到消費品收入出現一些暫時的變化。

On the instrument side of our business, we expect to see continued strength for Revio throughout the year. Additionally, we do expect to place a modest number of Sequel IIe systems. And of course, Onso, our short-read sequencer remains on track for commercial shipments in Q2 of 2023. As a result, our initial guidance for 2023 is that we expect to achieve between $165 million to $180 million in revenue, which represents growth from 29% to 40%. Now turning to our results. In the fourth quarter, PacBio achieved revenue of $27.4 million, a 24% decrease compared to the previous year's quarter. The decline in revenue was primarily driven by the announcement of the launch of Revio in the fourth quarter, which impacted orders and shipments for Sequel IIe. We delivered 18 Sequel test systems during the fourth quarter, bringing our total installed base to 512 Sequel II and 2E systems as of December 31. 

在我們業務的儀器方面，我們預計 Revio 全年會持續走強。此外，我們確實希望放置適量的 Sequel IIe 系統。當然，Onso，我們的短讀長測序儀仍有望在 2023 年第二季度實現商業出貨。因此，我們對 2023 年的初步指導是我們預計將實現 1.65 億美元至 1.8 億美元的收入，這代表了從29% 到 40%。現在轉向我們的結果。第四季度，PacBio 實現收入 2740 萬美元，較上年同期下降 24%。收入下降的主要原因是第四季度宣布推出 Revio，這影響了 Sequel IIe 的訂單和出貨量。我們在第四季度交付了 18 個 Sequel 測試系統，截至 12 月 31 日，我們的總安裝基數達到 512 個 Sequel II 和 2E 系統。

However, what truly sets this past quarter apart is that we received orders for 76 Revio systems, a record-breaking start for a PacBio launch and far surpassing our expectations. We have seen a growing excitement around the potential of Revio as indicated by the positive feedback we have received from our customers. At the recent AGBT conference, many customers told us how Revio could help them scale their research and interrogate the genome at unprecedented levels. At the Plant and Animal Genome Conference in January, we saw a deep appreciation for the importance of HiFi sequencing and the enthusiasm for higher output long-read sequencing in the community. We hosted a packed workshop where researchers from Corteva, UCLA and HudsonAlpha discussed how PacBio sequencing advances their work in Agrigenomics, biodiversity and plant evolution. 

然而，真正讓上個季度與眾不同的是，我們收到了 76 個 Revio 系統的訂單，這是 PacBio 發布的破紀錄開端，遠遠超出了我們的預期。正如我們從客戶那裡收到的積極反饋所表明的那樣，我們已經看到人們對 Revio 的潛力越來越興奮。在最近的 AGBT 會議上，許多客戶告訴我們 Revio 如何幫助他們擴大研究規模並以前所未有的水平審視基因組。在一月份的植物和動物基因組會議上，我們看到了對 HiFi 測序重要性的深刻認識以及社區對更高輸出長讀長測序的熱情。我們舉辦了一場座無虛席的研討會，來自 Corteva、加州大學洛杉磯分校和 HudsonAlpha 的研究人員討論了 PacBio 測序如何推進他們在農業基因組學、生物多樣性和植物進化方面的工作。

We are thrilled to announce that the first early access Revio is in route to researchers at the Broad Institute. Over the next few weeks, the team at the Broad Institute will perform their first internal sequencing runs on the platform. And in March, we expect to begin full commercial shipments. LeBron's already ordered 10 Revio systems to scale long-read sequencing for programs like the NIH's, All of Us program. To put that in perspective, 10 Revio systems has the equivalent sequencing power of 150 Sequel IIes. We look forward to supporting this project and more population scale research initiatives to come. While on the topic of All of Us, I wanted to discuss a recent preprint from researchers involved in the program, which highlights the utility of long-read sequencing. The authors noted that HiFi reads produced the most accurate results for both small and large variants and concluded that , "Long reads have widespread value for generating complete and accurate variant calls." 

我們很高興地宣布，Broad Institute 的研究人員正在使用第一個搶先體驗版 Revio。在接下來的幾週內，Broad Institute 的團隊將在該平台上進行首次內部測序。 3 月份，我們預計將開始全面商業發貨。 LeBron 已經訂購了 10 個 Revio 系統來為 NIH 的 All of Us 計劃等計劃擴展長讀長測序。從正確的角度來看，10 個 Revio 系統的排序能力相當於 150 個 Sequel IIes。我們期待支持這個項目和更多人口規模的研究計劃。在談到我們所有人的話題時，我想討論參與該計劃的研究人員最近的一份預印本，它強調了長讀長測序的實用性。作者指出，HiFi 讀取對小型和大型變體都產生了最準確的結果，並得出結論，“長讀取對於生成完整和準確的變體調用具有廣泛的價值。”

The study also showed that PacBio is best-in-class for calling variants, even at lower coverage than other technologies. This supports our belief that even a PacBio genome at tenfold coverage can be more than sufficient for many research projects. At tenfold coverage, a Revio can sequence 12 human genomes in 24 hours or almost 4,000 genomes per year at a list price of approximately $330 per genome with methylation included. The demand for highly accurate loads is increasing as evidenced by the recognition of long-read sequencing has Nature Methods method of the year with innovative studies utilizing PacBio long reads from the Vertebrates Genome Project, Telomere to Telomere Consortium and the Human pan-genome Reference Consortium, we believe Revio can drive further discovery with its enhanced throughput and cost effectiveness.

該研究還表明，即使在覆蓋率低於其他技術的情況下，PacBio 在識別變體方面也是一流的。這支持了我們的信念，即即使是 10 倍覆蓋的 PacBio 基因組也足以滿足許多研究項目的需要。在十倍覆蓋率下，Revio 可以在 24 小時內對 12 個人類基因組進行測序，或者每年對近 4,000 個基因組進行測序，每個基因組的標價約為 330 美元，包括甲基化。對長讀長測序的認可證明了對高精度負載的需求正在增加，這是年度自然方法方法，其創新研究利用了來自脊椎動物基因組計劃、端粒到端粒聯盟和人類泛基因組參考聯盟的 PacBio 長讀，我們相信 Revio 可以通過提高吞吐量和成本效益來推動進一步的發現。

Our existing customers have also recognized the potential of Revio to accelerate their research. For example, Mohamad Bin Rashid University of Medicine and Health Sciences, or MBRU, purchased Sequel IEs last year and ordered multiple reviews in the fourth quarter to sequence for a very large-scale research project in Dubai. And the Wellcome Sanger Institute, a long-time user of PacBio for plant and animal research, now plans to increase its use of long reads in human applications such as single-cell transcriptomics and variant detection with the added power of Revio. 

我們現有的客戶也認識到了 Revio 加速他們研究的潛力。例如，Mohamad Bin Rashid 醫學與健康科學大學 (MBRU) 去年購買了 Sequel IE，並在第四季度訂購了多項審查，以便為迪拜的一個超大規模研究項目排序。 Wellcome Sanger Institute 是 PacBio 用於植物和動物研究的長期用戶，現在計劃增加其在人類應用中的長讀長的使用，例如單細胞轉錄組學和具有 Revio 附加功能的變異檢測。

Moving on to Onso, our beta program is in full swing at the Broad Institute, Corteva Agriscience and Weill Cornell, each evaluating how Onso's extraordinary accuracy can benefit their various genomic applications. Feedback so far has been excellent with one partner sharing that they've been extremely impressed by Onso's levels of accuracy and another saying how highly accurate reads will be transformative for many genomic applications, including oncology. We're pleased to announce that we're on schedule to begin commercialization of Onso in the second quarter with a launch specification of $400 million to $500 million reads and 200 cycle and 300 cycle kits. The expected specification for accuracy of over 90% of the bases at Q40 and the potential to reach Q50 through improved library preparation, we believe Onso will set a new standard in the industry. 

接下來是 Onso，我們的 beta 計劃正在 Broad Institute、Corteva Agriscience 和 Weill Cornell 全面展開，每個項目都在評估 Onso 的非凡準確性如何使其各種基因組應用受益。到目前為止，反饋非常好，一位合作夥伴分享了他們對 Onso 的準確性水平印象深刻，另一位合作夥伴表示高度準確的讀取將如何改變許多基因組應用，包括腫瘤學。我們很高興地宣布，我們將按計劃在第二季度開始 Onso 的商業化，推出規格為 4 億至 5 億美元的讀取和 200 個週期和 300 個週期套件。 Q40 鹼基準確率超過 90% 的預期規格以及通過改進文庫製備達到 Q50 的潛力，我們相信 Onso 將在行業中樹立新標準。

The system has a competitive list price of $259,000 with the 300 cycle kit listed at $1,995. We're collaborating with workflow partners across the short-read ecosystem and will provide library prep conversion kits so that any current short-read assay can move directly on to the Oso platform. Regarding its capabilities, we have validated Onso's performance through various testing methods, including the Sera-Seq cell-free DNA control with Agilent library prep and capture and our conversion kit. Internal results demonstrate that Onso is 2x more sensitive in detecting variant allele frequency of 0.05% and is 1.4x higher sensitivity even when applying Duplex OMI at 4x the coverage with other short-read sequencing technologies. These performance metrics highlight the exceptional value that Onso can bring to the market, offering high accuracy and sensitivity to meet the demands of various genomic applications, including cell-free DNA research. 

該系統具有 259,000 美元的競爭標價，300 週期套件的標價為 1,995 美元。我們正在與整個短讀生態系統中的工作流程合作夥伴合作，並將提供文庫製備轉換工具包，以便任何當前的短讀分析都可以直接轉移到 Oso 平台上。關於它的功能，我們已經通過各種測試方法驗證了 Onso 的性能，包括 Sera-Seq 無細胞 DNA 控制與安捷倫文庫製備和捕獲以及我們的轉換套件。內部結果表明，Onso 在檢測 0.05% 的變異等位基因頻率方面的靈敏度提高了 2 倍，即使在應用 Duplex OMI 的覆蓋率是其他短讀測序技術的 4 倍時，靈敏度也提高了 1.4 倍。這些性能指標突出了 Onso 可以為市場帶來的非凡價值，提供高精度和靈敏度以滿足各種基因組應用的需求，包括無細胞 DNA 研究。

In addition to cell-free DNA in collaboration with 10X Genomics, Onso achieved 99.8% of the basis at Q30 or better for single cell RNA reads, showing the potential use of ultra-high accuracy in single-cell workflows. We are dedicated to providing our customers with comprehensive and streamlined solutions for their sequencing workflows. This includes offering a range of tools and workflows that are designed to support their success from automation to sample preparation and informatics. Our recent initiatives include expanding our MAS-Seq program to support new assays on the Sequel II and IE and Revio sequencing systems. These kits, which build on the success of last year's MAS-Seq concatenation technology for single-cell isoform sequencing includes 16S and bulk Iso-Seq and will be available later this year. Additionally, our bioinformatics team is continuously improving interpretation tools, such as the recently launched paraphrase tool that helps characterize the dark regions of the genome linked to spinal muscular atrophy. On top of our internally developed products and tools, we're partnering throughout the ecosystem to make it more plug and play. As such, we recently introduced the PacBio compatible program designed to make PacBio sequencing more accessible, which includes partners across all ends of the sequencing workflow from automation and sample and library prep to secondary and tertiary analysis tools. 

除了與 10X Genomics 合作的無細胞 DNA 外，Onso 在 Q30 或更高的單細胞 RNA 讀取中實現了 99.8% 的基礎，顯示了超高精度在單細胞工作流程中的潛在用途。我們致力於為客戶的測序工作流程提供全面和簡化的解決方案。這包括提供一系列工具和工作流程，旨在支持他們從自動化到樣品製備和信息學的成功。我們最近的舉措包括擴展我們的 MAS-Seq 計劃，以支持在 Sequel II 和 IE 以及 Revio 測序系統上進行新的檢測。這些試劑盒基於去年用於單細胞亞型測序的 MAS-Seq 串聯技術的成功，包括 16S 和批量 Iso-Seq，將於今年晚些時候上市。此外，我們的生物信息學團隊正在不斷改進解釋工具，例如最近推出的釋義工具，該工具有助於表徵與脊髓性肌萎縮症相關的基因組暗區。除了我們內部開發的產品和工具之外，我們還在整個生態系統中開展合作，使其更加即插即用。因此，我們最近推出了 PacBio 兼容程序，旨在使 PacBio 測序更容易獲得，其中包括從自動化和样本和文庫製備到二級和三級分析工具的測序工作流程所有端的合作夥伴。

Moving on, I want to share an update on our internal market segmentation from the previous year. In 2022, human genomics was the largest portion of our business, accounting for nearly 40% of our revenue. Customers in this segment include GeneDx, who recently ordered a Revio to target difficult to sequence genes and sequence human whole genomes for rare diseases with previously inconclusive results. And Radwa University has leveraged PacBio technology to make numerous genetic discoveries and plans to ramp up from hundreds to thousands of genomes using review. Beyond human applications, we expect Revio to be utilized in applied markets like plant and animal genomics, which made up about 25% of our revenue in 2022. In this market, customers like Corteva Agriscience are utilizing PacBio to study plant genomes and identify microbial infectious diseases that affect these plants so they can improve crop yields and drive agricultural sustainability. 

繼續，我想分享我們去年內部市場細分的最新情況。 2022 年，人類基因組學是我們業務的最大部分，占我們收入的近 40%。該細分市場的客戶包括 GeneDx，該公司最近訂購了 Revio 以針對難以測序的基因和人類全基因組測序以治療罕見疾病，而此前這些疾病的結果尚無定論。拉德瓦大學利用 PacBio 技術進行了大量的基因發現，併計劃通過審查將基因組數量從數百個增加到數千個。除了人類應用，我們預計 Revio 將用於植物和動物基因組學等應用市場，到 2022 年，該市場將占我們收入的 25% 左右。在這個市場中，Corteva Agriscience 等客戶正在利用 PacBio 研究植物基因組並識別微生物傳染性影響這些植物的疾病，因此它們可以提高作物產量並推動農業可持續性。

Plant and animal genomics also include research programs like the Darwin Tree of Life project, which recently celebrated sequencing its 500 HiFi genome. The program aims to sequence 70,000 species of uteriotic organisms in Britain and Ireland, and we expect Revio to enable the researchers to progress towards this goal. Additionally, infectious disease in microbiology, which represented 20% of our revenue in 2022 includes customers like Bioengineering Lab, who plans to use Revio for metagenomics to discover and characterize communities of microbes for industrial and biomedical applications. About 10% of our 2022 revenue was from oncology applications with PacBio's highly accurate long reads allowing researchers to uncover novel isoforms, fusions and structural variants with exceptional accuracy. Looking ahead, we expect to address more of this large market with Onso potential for extraordinary sensitivity in liquid biopsy applications. The remaining portion of our revenue comes from other and emerging applications. This includes gene editing and gene therapy applications. 

植物和動物基因組學還包括達爾文生命之樹項目等研究項目，該項目最近慶祝對其 500 個 HiFi 基因組進行測序。該計劃旨在對英國和愛爾蘭的 70,000 種子宮生物進行測序，我們希望 Revio 能夠使研究人員朝著這一目標前進。此外，微生物學中的傳染病占我們 2022 年收入的 20%，包括像生物工程實驗室這樣的客戶，他們計劃使用 Revio 進行宏基因組學，以發現和表徵工業和生物醫學應用中的微生物群落。我們 2022 年收入的大約 10% 來自腫瘤學應用，PacBio 的高精度長讀長使研究人員能夠以極高的準確性發現新的亞型、融合和結構變異。展望未來，我們希望通過 Onso 在液體活檢應用中具有非凡敏感性的潛力來解決這個龐大的市場。我們收入的其餘部分來自其他和新興應用。這包括基因編輯和基因治療應用。

Finally, we are pleased with the support and interest from investors in our equity raise last month in an upsized offering, we raised $201 million in gross proceeds, which will further bolster our ability to grow our business and drive towards our goal of positive cash flows during 2026. With that, I'd like to turn the call over to Susan to discuss our financials and guidance in more detail. Susan?

最後，我們對投資者的支持和興趣感到高興，因為我們在上個月的增發中籌集了 2.01 億美元的總收益，這將進一步增強我們發展業務的能力，並推動我們實現正現金流的目標2026 年期間。有了這個，我想把電話轉給蘇珊，更詳細地討論我們的財務和指導。蘇珊？

Thank you, Christian. As discussed, we reported $27.4 million in product, service and other revenue in the fourth quarter of 2022, which represented a decrease of 24% from $36 million in the fourth quarter of 2021. Interim revenue in the fourth quarter was $6.1 million, a decrease of 62% from $16.2 million in the fourth quarter of 2021. The decline in revenue was primarily driven by the announcement of the launch of Revio in the fourth quarter, which impacted orders and shipments for Sequel IIe. We delivered 18 Sequel IIe systems during Q4, growing the install base to 512 Sequel II and IE-systems as of December 31, 2022. Turning to consumables. Revenue of $16.7 million in the fourth quarter grew 11% from $15.0 million in the fourth quarter of last year and was a record for PacBio. Sequel II and IIe consumables represented approximately 94% of our total consumable revenue in the fourth quarter, with the rest from older systems and other consumables. 

謝謝你，克里斯蒂安。如前所述，我們報告了 2022 年第四季度的產品、服務和其他收入為 2740 萬美元，比 2021 年第四季度的 3600 萬美元下降了 24%。第四季度的中期收入為 610 萬美元，減少與 2021 年第四季度的 1620 萬美元相比下降了 62%。收入下降的主要原因是第四季度宣布推出 Revio，這影響了 Sequel IIe 的訂單和出貨量。我們在第四季度交付了 18 個 Sequel IIe 系統，截至 2022 年 12 月 31 日，安裝基礎增加到 512 個 Sequel II 和 IE 系統。轉向消耗品。第四季度的收入為 1670 萬美元，比去年第四季度的 1500 萬美元增長了 11%，創下了 PacBio 的記錄。Sequel II 和 IIe 耗材佔第四季度耗材總收入的約 94%，其中從舊系統和其他消耗品中休息。

Annualized pull-through per system on the Sequel II and IIe installed base in the fourth quarter was approximately $127,000. We expect Sequel II and IIe pull-through to decline throughout 2023 as we begin shipping Revio and customers transition to the new system. Finally, service and other revenue was $4.6 million in the fourth quarter compared to $4.8 million in the fourth quarter of 2021. From a regional perspective, Americas revenue of $12.0 million declined 36% compared to the fourth quarter of 2021, primarily driven by lower Sequel II IIe placements with the recent announcement of the Revio launch. Asia Pacific revenue of $10.2 million grew 23% over the prior year. The region continued to recover with growth from both consumables and Sequel IIe system sales compared to the prior year period. With the launch of Revio, several customers also purchased the Revio's Sequel IIe bundle to progress their HiFi sequencing volume with plans to further expand upon the receipt of their first Revio. 

第四季度 Sequel II 和 IIe 安裝基礎上每個系統的年化收益約為 127,000 美元。我們預計隨著我們開始運送 Revio 和客戶過渡到新系統，Sequel II 和 IIe 的持續時間將在整個 2023 年下降。最後，服務和其他收入在第四季度為 460 萬美元，而 2021 年第四季度為 480 萬美元。從區域角度來看，美洲地區的收入為 1200 萬美元，與 2021 年第四季度相比下降了 36%，這主要是由於較低的續集II IIe 配售與最近宣布的 Revio 發布。亞太地區收入為 1020 萬美元，比上年增長 23%。與去年同期相比，隨著消耗品和 Sequel IIe 系統銷售額的增長，該地區繼續復甦。隨著 Revio 的推出，一些客戶還購買了 Revio 的 Sequel IIe 捆綁包以提高他們的 HiFi 測序量，併計劃在收到他們的第一個 Revio 後進一步擴展。

Finally, EMEA revenue of $5.2 million was 43% lower than the prior year period, also primarily driven by lower Sequel II and IIe placements. In addition, currency fluctuations in the pound sterling and euro drove a 7% headwind. In contrast, the region posted another record consumables quarter. Moving down the P&L. GAAP gross profit of $5.1 million in the fourth quarter of 2022 represented a gross margin of 19% compared to a GAAP gross profit of $16.8 million in the fourth quarter of 2021, which represented a gross margin of 47%. The fourth quarter 2022 non-GAAP gross profit of $5.3 million represented a non-GAAP gross margin of 19% compared to a non-GAAP gross profit of $16.9 million or 47% in the fourth quarter of last year. GAAP and non-GAAP gross profit in the fourth quarter reflects loss on purchase commitments and adjustments for excess inventory totaling approximately $7.1 million, primarily related to a faster-than-expected ramp in Revio demand, which resulted in a faster-than-expected decline in Sequel II 2E demand upon the launch of Revio. 

最後，歐洲、中東和非洲地區的收入為 520 萬美元，比上年同期下降 43%，這也主要是受到較低的 Sequel II 和 IIe 安置的推動。此外，英鎊和歐元的貨幣波動帶來了 7% 的逆風。相比之下，該地區發布了另一個創紀錄的消耗品季度。下調損益表。2022 年第四季度的 GAAP 毛利潤為 510 萬美元，毛利率為 19%，而 2021 年第四季度的 GAAP 毛利潤為 1680 萬美元，毛利率為 47%。 2022 年第四季度非 GAAP 毛利潤為 530 萬美元，非 GAAP 毛利率為 19%，而去年第四季度的非 GAAP 毛利潤為 1690 萬美元或 47%。第四季度的 GAAP 和非 GAAP 毛利反映了採購承諾損失和過剩庫存調整總計約 710 萬美元，這主要與 Revio 需求增長快於預期有關，這導致下降快於預期在 Revio 推出後的 Sequel II 2E 需求中。

GAAP operating expenses were $92.2 million in the fourth quarter of 2022 compared to $81.4 million in the fourth quarter of 2021. Non-GAAP operating expenses were $87.6 million in the fourth quarter of 2022, representing a 10% increase from non-GAAP operating expenses of $79.9 million in the fourth quarter of 2021. Increased GAAP and non-GAAP operating expenses primarily reflect higher sales and marketing-related expenses. In terms of headcount, we ended the quarter with 769 employees compared to 771 at the end of Q3 2022 and 728 at the end of last year's fourth quarter. Operating expenses in the fourth quarter included total noncash share-based compensation of $16.8 million compared to $17.5 million in the fourth quarter of last year. GAAP net loss in the fourth quarter of 2022 was $84.4 million or $0.37 per share compared to GAAP net loss of $69.3 million in the fourth quarter of 2021 or $0.31 per share. Non-GAAP net loss was $79.6 million, representing $0.35 per share in the fourth quarter of 2022 compared to a non-GAAP net loss of $66.4 million, representing $0.30 per share in the fourth quarter of 2021. 

2022 年第四季度 GAAP 運營費用為 9220 萬美元，而 2021 年第四季度為 8140 萬美元。2022 年第四季度非 GAAP 運營費用為 8760 萬美元，比 2022 年第四季度的非 GAAP 運營費用增長 10% 2021 年第四季度為 7990 萬美元。GAAP 和非 GAAP 運營費用的增加主要反映了銷售和營銷相關費用的增加。在員工人數方面，我們在本季度末擁有 769 名員工，而 2022 年第三季度末為 771 人，去年第四季度末為 728 人。第四季度的運營支出包括總計 1680 萬美元的非現金股份薪酬，而去年第四季度為 1750 萬美元。 2022 年第四季度的 GAAP 淨虧損為 8440 萬美元或每股 0.37 美元，而 2021 年第四季度的 GAAP 淨虧損為 6930 萬美元或每股 0.31 美元。非 GAAP 淨虧損為 7960 萬美元，2022 年第四季度每股虧損 0.35 美元，而 2021 年第四季度非 GAAP 淨虧損為 6640 萬美元，每股虧損 0.30 美元。

Now turning to our balance sheet. We ended the fourth quarter with $772 million in unrestricted cash and investments compared with $834 million at the end of the third quarter of 2022. Our ending cash and investments exclude gross proceeds of approximately $201 million resulting from the sale of shares of our common stock in a follow-on public offering in January 2023. Inventory balances increased in the fourth quarter to $50.4 million, representing 1.6 inventory turns compared with $43.5 million at the end of the third quarter of 2022, representing 1.9 inventory turns. The increase in inventory primarily reflects purchases of Revio and Onso, instrument and consumables inventory. Accounts receivable decreased in the fourth quarter to $18.8 million, reflecting a DSO of 70 days compared with $22.8 million at the end of the third quarter of 2022, reflecting a DSO of 71 days. 

現在轉向我們的資產負債表。截至第四季度末，我們擁有 7.72 億美元的不受限制現金和投資，而 2022 年第三季度末為 8.34 億美元。我們的期末現金和投資不包括因出售我們的普通股而產生的約 2.01 億美元的總收益2023 年 1 月的後續公開發行。第四季度庫存餘額增加至 5040 萬美元，庫存周轉率為 1.6，而 2022 年第三季度末為 4350 萬美元，庫存周轉率為 1.9。存貨的增加主要反映了購買 Revio 和 Onso、儀器和消耗品存貨。第四季度應收賬款減少至 1880 萬美元，DSO 為 70 天，而 2022 年第三季度末為 2280 萬美元，DSO 為 71 天。

Moving to guidance. For the full year 2023, we expect revenue in the range of $165 million to $180 million, representing a growth rate of approximately 29% to 40% compared to 2022. -- the lower end of the range assumes that a reduction in Sequel II 2E consumables from a faster-than-expected ramp down more than offset a ramp in revenue consumable revenue later in the year. The high end assumes consumable revenue is flat to slightly higher compared to 2022 and greater revenue shipments in the year. In both high and low ends of the range, we expect service revenue to decline compared to 2022 as customers decommission their Sequel I and 2E. For the first quarter of 2023, we expect to ship at least 25 Revio instruments as we build and ramp manufacturing capacity. We expect manufacturing capacity scale through the second quarter reaching our planned production rate for 2023 by the end of Q2. 

轉向指導。對於 2023 年全年，我們預計收入在 1.65 億美元至 1.8 億美元之間，與 2022 年相比增長率約為 29% 至 40%。該範圍的下限假設 Sequel II 2E 減少消耗品的下降速度快於預期，抵消了今年晚些時候收入消耗品收入的增長。高端假設消費品收入與 2022 年相比持平或略高，並且當年的收入出貨量增加。在該範圍的高端和低端，我們預計服務收入與 2022 年相比將下降，因為客戶將其 Sequel I 和 2E 退役。在 2023 年第一季度，隨著我們建立和提升製造能力，我們預計將出貨至少 25 台 Revio 儀器。我們預計第二季度的製造產能規模將在第二季度末達到我們 2023 年的計劃生產率。

Please note that with the annual guidance in place, we do not expect to share instrument backlog or order numbers on a regular basis going forward. Moving down the P&L, we expect 2023 non-GAAP gross margin to be between 36% and 40%, which will exclude the amortization of intangible assets. Lower margins result from a higher concentration of revenue weighted towards instruments with the early shipments of Revio at lower margins due to the combination of lower ASPs from customer loyalty discounts, coupled with higher costs during a new platform launch. We expect margin expansion beyond 2023 and maintain our long-term guidance of 55% to 60% plus in 2026. We expect operating expenses to be in line with long-term guidance, and therefore, non-GAAP operating expenses will grow less than 5% in 2023 compared to 2022. We expect the weighted average share count for EPS for the full year to be approximately 255 million shares, reflecting the recent sale of common shares and shares expected to be issued as part of the Omnia milestone later this year. With that, I will turn the call back to Christian. Christian?

請注意，根據年度指南，我們預計今後不會定期共享儀器積壓或訂單號。向下移動 P&L，我們預計 2023 年非 GAAP 毛利率將在 36% 至 40% 之間，這將不包括無形資產的攤銷。較低的利潤率是由於收入更集中於工具，Revio 的早期出貨利潤率較低，這是由於客戶忠誠度折扣導致的平均售價較低，加上新平台發布期間的成本較高。我們預計利潤率將在 2023 年以後擴大，並在 2026 年維持我們 55% 至 60% 以上的長期指導。我們預計運營費用將與長期指導一致，因此，非 GAAP 運營費用增長將低於 5與 2022 年相比，2023 年的百分比。我們預計全年每股收益的加權平均股數約為 2.55 億股，反映了最近出售的普通股和預計將作為今年晚些時候 Omnia 里程碑的一部分發行的股票。有了這個，我會把電話轉回克里斯蒂安。基督教？

Thank you, Susan. During last month's JPMorgan Healthcare Conference, I outlined our strategic goals for this year, focusing on delivering results to our stakeholders. Our first priority is to drive widespread adoption of our Revio sequencer by converting existing Sequel I and 2E customers and attracting new PacBio customers. We're off to a strong start with 76 systems in our backlog as of year-end and approximately 30% of our sales pipeline consisting of new customers as of year-end. Second, we aim to demonstrate the unparalleled accuracy of Onso in customers' hands and show its ability to transform research in several genomic applications. As discussed, our internal data shows that Onso's accuracy can detect variants at far greater depth than SBS, and beta partners are sharing that they're having an excellent user experience. Third, we're committed to continuing to develop our long-read sequencing technology, including ultra-high throughput and benchtop systems and a next-generation SPB sequencer. This year marks the first step in our journey for offering multiple systems across the sequencing spectrum with Revio and Onso leading the way. 

謝謝你，蘇珊。在上個月的摩根大通醫療保健會議上，我概述了我們今年的戰略目標，重點是為我們的利益相關者提供成果。我們的首要任務是通過轉換現有的 Sequel I 和 2E 客戶並吸引新的 PacBio 客戶來推動我們 Revio 測序儀的廣泛採用。截至年底，我們的積壓訂單中有 76 個系統，開局良好，截至年底，我們約 30% 的銷售管道由新客戶組成。其次，我們的目標是在客戶手中展示 Onso 無與倫比的準確性，並展示其在多個基因組應用中轉變研究的能力。正如所討論的，我們的內部數據顯示 Onso 的準確性可以檢測比 SBS 更深入的變體，並且測試版合作夥伴分享他們擁有出色的用戶體驗。第三，我們致力於繼續開發我們的長讀長測序技術，包括超高通量和台式系統以及下一代 SPB 測序儀。今年標誌著我們在 Revio 和 Onso 的帶領下，在整個測序範圍內提供多個系統的旅程邁出了第一步。

Next, we will leverage the current infrastructure to drive towards positive cash flow. As Susan shared, with our OpEx guidance, we're going to prioritize and focus on spending on the areas that matter the most. Finally, we plan to expand our partnerships across the ecosystem and workflow to increase customer adoption of SBB and HiFi. With the launch of the PacBio compatible program, we have a framework in place to onboard the best partners in the sequencing workflow. Our long-term goal is to exceed $500 million in revenue in 2026, and we believe that 2023 is the start of a multiyear growth story towards achieving this. I look forward to keeping you all updated on our progress throughout the year. And with that, Operator, would you please start the Q&A portion of our call.

接下來，我們將利用當前的基礎設施來推動正現金流。正如 Susan 分享的那樣，根據我們的運營支出指南，我們將優先考慮並專注於最重要領域的支出。最後，我們計劃在整個生態系統和工作流程中擴展我們的合作夥伴關係，以增加客戶對 SBB 和 HiFi 的採用。隨著 PacBio 兼容計劃的推出，我們擁有了一個框架，可以在測序工作流程中加入最佳合作夥伴。我們的長期目標是在 2026 年實現收入超過 5 億美元，我們相信 2023 年是實現這一目標的多年增長故事的開始。我期待著讓大家了解我們全年的最新進展。那麼，接線員，請開始我們通話的問答部分。

Yes, of course. We will now begin the question-and-answer session. (Operator Instructions) As a reminder, in the interest of time, we ask that you please limit yourself to one question. At this time, we will pause momentarily to assemble our roster. The first question this evening comes from Kyle Mikson with Canaccord.

是的當然。我們現在開始問答環節。 （操作員說明）作為提醒，為了節省時間，我們要求您將自己限制在一個問題上。這時候，我們會暫時停下來整理我們的花名冊。今晚的第一個問題來自 Canaccord 的 Kyle Mikson。

So I guess on the guidance, this is kind of the range a lot we're expecting. Two questions about this, I guess, within my one here. On instruments, does this kind of assume you're just straight-lining the 25 Revios in the first quarter? Just curious if you could kind of talk about like the cadence of the orders and the shipments and the Revio going forward? And maybe like within that, like beyond the shipment bolus and Marsh and the recommencement of the shipments and maybe like May and June, there's going to be probably like an assumption for inventory instrument terms in the second half. So I'm just curious about that. That's for instruments. On consumables, maybe just pull-through dynamics for Sequel II, 127,000, I think in 4Q, I mean, how quickly could that decline? Could that be like $80 to 90,000 by the end of the year? And I think you mentioned Susan, Revio pull-through could be -- you're assuming some consumables there. What are you thinking about there? Curious about that.

所以我想根據指導，這是我們期待的範圍。關於這個的兩個問題，我想，在我這裡。在儀器方面，這種假設您只是在第一季度直線排列 25 Revios 嗎？只是好奇你是否可以談談訂單和發貨的節奏以及 Revio 的發展？也許就像在那裡面一樣，就像在裝運 bolus 和 Marsh 之外以及重新開始裝運，也許像 5 月和 6 月一樣，下半年可能會有庫存工具條款的假設。所以我對此很好奇。那是為了樂器。在消耗品方面，也許只是 Sequel II 的拉動動態，127,000，我認為在第四季度，我的意思是，下降的速度有多快？到年底會是 80 到 90,000 美元嗎？我想你提到過 Susan，Revio 可能是——你假設那裡有一些消耗品。你在想什麼？對此很好奇。

All right. A lot to unpack there, Kyle. And thanks. I am back in the saddle. So I'm sorry, I missed everyone at AGBT last week. But let's talk about the guidance a little bit and how we thought about it. The -- we do expect that on a quarter-by-quarter basis, Revios will improve throughout the year. We don't give quarterly guidance on Revio. So I'm not -- other than to say that I do think that we're going to see us grow over the course of the year and probably going to stop there. With respect to Revio shipments, 25 is really just the start. And we're prepared to produce and ship more than that per quarter. We're starting at 25% because we want to make sure we have an incredible customer experience with these early shipments as we scale up. So I wouldn't assume that it's a linear kind of outlay quarter after quarter after quarter. But I would say that 25 is a good starting point for us to really get the system out in the field and start to see how it impacts both consumables with Sequel IIe, but also the utilization of Revio itself. 

好的。凱爾，那裡有很多東西要打開。謝謝。我回到了馬鞍上。所以我很抱歉，上週我想念 AGBT 的每個人。但是讓我們稍微談談指南以及我們是如何考慮它的。 - 我們確實預計，按季度計算，Revios 將在全年有所改善。我們不會對 Revio 提供季度指導。所以我不是 - 除了說我確實認為我們會在一年中看到我們的成長並且可能會停在那裡。關於 Revio 出貨量，25 真的只是一個開始。我們準備好每季度生產和發貨更多。我們從 25% 開始，因為我們想確保在我們擴大規模時，我們對這些早期發貨有令人難以置信的客戶體驗。所以我不會假設這是一個季度又一個季度的線性支出。但我會說 25 是一個很好的起點，讓我們真正將系統投入實地，並開始了解它如何影響 Sequel IIe 的消耗品，以及 Revio 本身的利用。

With respect to the pull-through dynamics, as I've said a couple of times, we aren't going to know really what the pull-through dynamics look like for several quarters. And so the truth is we're not going to try to speculate or guess. What we do know is that some of our largest customers are early adopters of Revio. And so that will have our assumption is that they will use Revio and they will start to slow down the usage of Sequel IIe. It may not go totally to 0 with those customers, but it will certainly decline as they move to the scale and cost effectiveness of Revio.

關於拉動動態，正如我已經說過幾次，我們不會真正知道幾個季度的拉動動態是什麼樣的。所以事實是我們不會試圖推測或猜測。我們所知道的是，我們的一些最大客戶是 Revio 的早期採用者。因此，我們假設他們將使用 Revio，並且他們將開始減慢 Sequel IIe 的使用速度。對於這些客戶，它可能不會完全變為 0，但隨著他們轉向 Revio 的規模和成本效益，它肯定會下降。

And so that could have an impact on -- and it's likely that it will have an impact on Sequel IIe pull-through probably over the next couple of quarters. Where that ultimately settles out, I think you quoted $80 to 90,000. We don't know, and we're not going to make a -- we're not going to try to guess at that today. We're going to see how this unfolds over the course of the over the course of the year. I do think that Revio utilization will likely grow over the course of the year, and particularly as we start to ship to the larger scale customers first. And then what we will see is we will start to see some sort of normalization of that. I suspect based on past experiences, it's probably going to take us 3 or 4 quarters to really see where that settles out. So hopefully, Kyle, that answers your questions and gives you a sense of how we're thinking about the guidance with respect to the instruments and consumables.

因此，這可能會對 - 並且很可能會在接下來的幾個季度內對 Sequel IIe 的突破產生影響。最終解決的地方，我想你的報價是 80 到 90,000 美元。我們不知道，我們不會做出 - 我們今天不會嘗試猜測。我們將在這一年的過程中看到這是如何展開的。我確實認為 Revio 的利用率在今年可能會增長，尤其是當我們開始首先向更大規模的客戶發貨時。然後我們將看到的是我們將開始看到這種情況的某種正常化。我懷疑根據過去的經驗，我們可能需要 3 到 4 個季度才能真正看到它在哪裡解決。因此，Kyle，希望這能回答您的問題，並讓您了解我們是如何考慮有關儀器和耗材的指南的。

The next question is from Julia Qin with JPMorgan.

下一個問題來自摩根大通的 Julia Qin。

So in terms of the manufacturing capacity for Revio, you said 25 in 1Q and then fully ramped up by 2Q. So where do you think the supply will stand at run rate in the second half of the year? And then in terms of the Revio pull-through ramp, I believe you previously mentioned that you expect a barbell distribution in terms of the customer kind of in the volume. So is it fair to expect that the lower throughput customers will onboard later this year? Or do you think that's more of a 2024 and beyond dynamic?

因此，就 Revio 的製造能力而言，您說第一季度為 25，然後在第二季度全面提升。那麼，您認為下半年的供應量將保持在什麼水平？然後就 Revio 直通斜坡而言，我相信你之前提到過你希望在客戶數量方面出現槓鈴分佈。那麼，預計吞吐量較低的客戶將在今年晚些時候加入是否公平？還是您認為這更像是 2024 年及以後的動態？

Julia, thank you for the questions, and it's good to talk to you. First of all, thinking about the run rate on manufacturing. The good news is that we have enough production capacity today to satisfy a very wide range of outcomes with respect to demand. And we're going to scale our production and get to kind of our steady state by the end of Q2. But that doesn't mean we couldn't scale further in Q3 or Q4 and beyond. But what we're trying to do is not put us in a situation where we produce a lot of instruments at one time and then reduce the steady state. We'd much rather be a little bit more kind of consistent over time because that's how we'll get the best efficiency out of the plant, and that's how we'll get the best -- the lowest COGS and improve gross margin. Part of Revio is not only the enablement of the of this new technology for our customers, but it's also for us to drive our gross margin improvement, both through the instrument itself over time, but also -- and especially because it can be a much higher pull-through instrument, which will drive product mix. And when we think about that barbell distribution, as you were talking about with respect to consumables, you're right that typically, in these markets, you end up with a kind of maybe a bimodal distribution of very high throughput customers with very high utilization and then lower throughput customers. 

朱莉婭，謝謝你提出問題，很高興和你交談。首先，考慮製造業的運行率。好消息是，我們今天有足夠的生產能力來滿足廣泛的需求結果。我們將擴大生產規模，並在第二季度末達到穩定狀態。但這並不意味著我們無法在第三季度或第四季度及以後進一步擴大規模。但我們要做的不是讓我們一次生產很多儀器，然後降低穩態。隨著時間的推移，我們寧願更加一致，因為這就是我們從工廠獲得最高效率的方式，也是我們獲得最佳——最低銷貨成本和提高毛利率的方式。 Revio 的一部分不僅是為我們的客戶啟用這項新技術，而且還通過工具本身隨著時間的推移推動我們的毛利率提高，而且 - 特別是因為它可以是一個很大的更高的牽引力儀器，這將推動產品組合。當我們考慮槓鈴式分佈時，正如你在談論消耗品時，你是對的，通常在這些市場中，你最終會得到一種可能是具有非常高利用率的非常高吞吐量客戶和較低吞吐量客戶的雙峰分佈。

Our expectation is with Revio that sure, the earliest shipments will probably be to the higher throughput and highest throughput, and that will probably be mostly through Q1 and even a lot of Q2. But we're going to -- it's really important that we provide this technology to all of our customers. And so we're going to try really hard to be -- to get some of our lower throughput customers, which we think will be the high throughput customers of tomorrow, the system as soon as we can. And of course, we're going to serve our very large customers and large projects because they really enable the next sets of large projects to come through to build the business. And so I would expect to see a pretty broad distribution of customers over the course of this 2023, and it will continue on in '24.

我們對 Revio 的期望是，可以肯定的是，最早的出貨量可能會達到更高的吞吐量和最高的吞吐量，而且這可能主要是通過第一季度，甚至很多第二季度。但我們打算——向所有客戶提供這項技術真的很重要。因此，我們將非常努力地成為——盡快讓我們的一些吞吐量較低的客戶，我們認為這些客戶將成為明天的高吞吐量客戶。當然，我們將為我們非常大的客戶和大型項目提供服務，因為它們確實使下一組大型項目能夠通過建立業務來實現。因此，我希望在 2023 年期間看到相當廣泛的客戶分佈，並將在 24 年繼續下去。

Got you. That's very helpful. And just one follow-up on the Sequel pull-through, if I may. I think you mentioned that there might be some near-time volatilities in the Sequel utilization because there is an initial wave of inventory destocking, but then if customers early orders aren't fulfilled, they might kind of have a rebound in utilization. I'm just curious, has the -- your expected or reasonable expectation of Revio supply constrained in that initial year being communicated to these customers in an attempt to kind of maybe smooth out their inventory management of legacy Sequel II. And how does that kind of tie to the best case and worst-case scenario of sequel pull-through that's embedded in your guidance?

明白了這很有幫助。如果可以的話，只是關於續集的後續行動。我想你提到過 Sequel 的利用率可能會出現一些近期波動，因為最初存在一波庫存去庫存，但如果客戶的早期訂單沒有得到履行，他們的利用率可能會出現反彈。我只是好奇，是否有——您對 Revio 供應的預期或合理預期在第一年被傳達給這些客戶，以試圖理順他們對遺留續集 II 的庫存管理。這種情況如何與您指南中嵌入的續集的最佳情況和最壞情況聯繫起來？

Yes. So we have been very clear with our customers, and we are -- one of the things we are trying to do is we are laser-focused on our customers. It's one of our core values and helping them understand timing of when they're going to receive Revio, when they utilize utilization of Sequel II consumable and 2 and 2E consumables, we really tried to work at the grassroots level, each customer so that they can optimize their experience. Some customers that have ordered, say, recently, it's likely that they're not going to get their Revio for a while. So they're going to continue to run their projects on Sequel 2E. So we're going to want to make sure we help them manage that transition. And it could have -- like I said in my prepared remarks, there could be some variability or volatility around the consumable revenue as we go through this transition. 

是的。所以我們對我們的客戶非常清楚，而且我們 - 我們正在努力做的事情之一就是我們專注於我們的客戶。這是我們的核心價值觀之一，幫助他們了解何時會收到 Revio，當他們利用 Sequel II 耗材以及 2 和 2E 耗材時，我們真的嘗試在基層工作，每個客戶都讓他們可以優化他們的體驗。例如，最近訂購的一些客戶很可能暫時不會收到 Revio。所以他們將繼續在 Sequel 2E 上運行他們的項目。所以我們要確保我們幫助他們管理這種轉變。它可能 - 就像我在準備好的發言中所說的那樣，在我們經歷這一轉變的過程中，消費品收入可能會有一些變化或波動。

The good news is that by the -- really, by the end of the year, this volatility is likely behind us, and we're scaling our utilization on Revio, and you're starting to see the consumable pull-through from Revio. We're starting to understand what those numbers look like and have more sense. But the next few quarters, it is going to be transitioned, and we're just managing that the best we can. The good news is -- the other piece of good news is that we have, we've done a really good job on producing 25 smart cells, and we're in an excellent inventory position already. And if you -- if most of you recall, we actually completed the 25 smart cell over a year ago at this point. So we've got a lot of experience with it. Yields are already coming up in the manufacturing plant. And so our ability to supply the market at really any level of demand that we're kind of seeing is already in place effectively, which is super exciting.

好消息是——真的，到今年年底，這種波動可能已經過去了，我們正在擴大對 Revio 的利用，你開始看到 Revio 的消耗品拉動。我們開始了解這些數字是什麼樣的，並且更有意義。但在接下來的幾個季度，它將進行過渡，我們只是盡我們所能來管理它。好消息是——另一個好消息是，我們在生產 25 個智能電池方面做得非常好，而且我們的庫存狀況已經很好。如果你們——如果你們大多數人還記得的話，我們實際上在一年前的這一點上完成了 25 個智能電池。所以我們在這方面有很多經驗。製造工廠的產量已經上升。因此，我們能夠有效地滿足我們所看到的任何需求水平的市場需求，這非常令人興奮。

The next question comes from Tejas Savant with Morgan Stanley.

下一個問題來自摩根士丹利的 Tejas Savant。

And Christian, it's good to hear your voice. We missed you at AGBT, especially after the sun went down as a lot of people told you I'm sure. On the Revio, first to kick things off, you've got 76 orders in backlog. You're shipping 25 here and essentially a month here. You've got the April pause as well, which you -- Mark talked about at AGBT is not particularly impactful from a number standpoint. But could we actually see you ship all of the current orders in backlog by the end of the second quarter? Or do you see that as more of a third quarter or a mid-third quarter situation? And then my second question here is on Onso. So first, easy one for Susan. What exactly are you baking into the guide for Onso, perhaps any color on the number of shipments here in the back half? And I think you showed really good data at AGBT. I think it was something like $600 million to sort of 730 million reads, higher than your $400 million to $500 million target range. So what exactly remains to be done there over the next few months other than just incorporating some of the learnings from your beta users?

克里斯蒂安，很高興聽到你的聲音。我們在 AGBT 想念你，尤其是在太陽落山之後，正如很多人告訴你的那樣，我敢肯定。在 Revio 上，首先開始，您有 76 個積壓訂單。你在這裡運送 25 件，基本上是一個月。你也有四月的暫停，你——馬克在 AGBT 上談到的，從數字的角度來看並不是特別有影響。但是我們真的能看到你們在第二季度末之前發貨所有當前積壓的訂單嗎？或者你認為這更像是第三季度或第三季度中期的情況？然後我的第二個問題是關於 Onso。所以首先，對 Susan 來說很簡單。您究竟在 Onso 指南中加入了什麼，也許後半部分的出貨量有任何顏色？我認為你在 AGBT 上展示了非常好的數據。我認為這大約是 6 億美元到 7.3 億次閱讀，高於你 4 億美元到 5 億美元的目標範圍。那麼在接下來的幾個月裡，除了從您的測試版用戶那裡吸取一些教訓之外，還有什麼要做的呢？

Yes. Okay. A lot to unpack there, Tejas. Thank you for the questions. First of all, I want to -- you're right, we had 76 orders in backlog at the end of December, but the truth is we have more orders in backlog than we did at the end of December today. And the reason why I start by that is that the reality is that we expect to continue getting more and more orders over the course of the year. And so shipping the 76 by a certain amount of time, I would expect us to carry backlog for quite a while, actually, because I do think the order -- the demand for the product is quite substantial. And so what we're doing is we're working to ship to 25 -- at least 25 units is what I said specifically this quarter to get started. And then you're right, in April, we're still going to be manufacturing systems all through April. So it's not like -- when we say pause, all we're doing is making sure the field is that we're very satisfied with how customers are ramping up on Revio. It has nothing to do with anything other than that. And so we'll -- it has exactly 0 impact on our ability to deliver revenue in Q2. 

是的。好的。那裡有很多東西要打開，Tejas。謝謝你的問題。首先，我想——你是對的，我們在 12 月底有 76 個訂單積壓，但事實是我們的積壓訂單比今天 12 月底的訂單還要多。我之所以從這裡開始，是因為現實是我們希望在這一年中繼續獲得越來越多的訂單。因此，在一定時間內運送 76，我希望我們能夠積壓很長一段時間，因為我確實認為訂單 - 對產品的需求非常大。所以我們正在做的是我們正在努力運送到 25 個——至少 25 個單位是我本季度特別提到的開始。然後你是對的，在四月份，我們仍然會在整個四月份製造系統。所以它不像——當我們說暫停時，我們所做的就是確保現場是我們對客戶在 Revio 上的增長方式非常滿意。它與除此之外的任何事情無關。因此，我們將 - 它對我們在第二季度實現收入的能力的影響完全為零。

I just want to make that crystal clear because it does seem like some analysts have really kind of drilled into that, and I don't -- what we're focused on is having an incredible launch, and that's part of how you plan these things out to do it exceptionally well. And so we're not -- I'm not really going to say when the 76 gets all shipped. But what I am going to say is that I do expect us to run in backlog for several quarters this year. And that's partially because I think the order book is going to be very strong all year. And so that's how we think about that. Let's see, talked about the pause -- on -- with respect to -- I'll pass the guidance to Susan in a second, but just to comment on the Onso, what do we have left to do. You are right. We've seen some great results from our beta customers with respect to the density. What we have to do now is we're really in the phase of making sure that the instrument, we can produce the instrument at scale, making sure that we can make sure the chemistry is hardened so that it can get to a very -- a broad diversity of customers, working on, making sure we get production of flow cells right so that we can deliver to our customers consistently and at scale. And so it really is -- there's still some software work to do as there always is. So there is a lot of work to do still to get to full commercialization. 

我只想說清楚，因為看起來有些分析師確實對此進行了深入研究，但我沒有——我們關注的是令人難以置信的發布，這是你計劃這些的一部分把事情搞得格外出色。所以我們不是——我真的不會說 76 什麼時候全部發貨。但我要說的是，我確實預計我們今年會積壓幾個季度。這部分是因為我認為全年訂單將非常強勁。這就是我們的想法。讓我們看看，談到暫停——關於——關於——我會在一秒鐘內將指導傳遞給蘇珊，但只是對 Onso 發表評論，我們還剩下什麼要做。你是對的。在密度方面，我們已經從我們的測試版客戶那裡看到了一些很好的結果。我們現在要做的是，我們確實處於確保儀器的階段，我們可以大規模生產儀器，確保我們可以確保化學成分得到硬化，以便它可以達到非常——廣泛多樣的客戶致力於確保我們正確生產流通池，以便我們能夠始終如一地大規模交付給我們的客戶。確實如此——仍然有一些軟件工作要做，一如既往。因此，要實現完全商業化，還有很多工作要做。

But the good news is that you're seeing the chemistry starting to perform, you're seeing the densities improve in getting the commercial specifications. You're seeing the incredible accuracy even in the hands of our beta customers. So out in the field on customer samples, you're seeing that. So all of those signs are really encouraging for us. It will just be about the ramp scale, finalizing the development, taking feedback from those beta customers and integrating it into the product. And part of this also is making sure that the Onso launch doesn't interfere with the Revio launch, too. We want to make sure that we do both launches exceptionally well because we think both products are critical to pushing the state of the community forward and allow us to really grow and take a leadership position in this community. And Susan, do you want to comment on Onso into the guidance?

但好消息是你看到化學反應開始發揮作用，你看到密度在獲得商業規格方面有所提高。即使在我們的測試版客戶手中，您也會看到令人難以置信的準確性。所以在客戶樣品的現場，你看到了。所以所有這些跡像對我們來說真的很鼓舞人心。這將只是關於坡道規模、完成開發、從那些測試版客戶那裡獲取反饋並將其集成到產品中。其中一部分還包括確保 Onso 的發布不會干擾 Revio 的發布。我們希望確保我們將這兩個發布都做得非常好，因為我們認為這兩個產品對於推動社區發展至關重要，並使我們能夠真正成長並在這個社區中佔據領導地位。蘇珊，你想在指南中評論 Onso 嗎？

Sure. So I think with that backdrop, we are super excited by the positive customer feedback on Onso, customer interest in terms of the Revio-Onso bundle. But in terms of the year, this is a Revio year in terms of our guidance. I guess, to provide some perspective in terms of Onso, what is baked into our guidance is basically a modest number of Onso shipments in the year, but it's not a material contribution to the overall revenue number as this year again, is mostly driven by Revio.

當然。因此，我認為在這種背景下，我們對客戶對 Onso 的積極反饋、客戶對 Revio-Onso 捆綁包的興趣感到非常興奮。但就這一年而言，就我們的指導而言，這是 Revio 的一年。我想，為了提供一些關於 Onso 的觀點，我們的指導中包含的基本上是當年 Onso 出貨量的適度數量，但這對今年的總收入數字沒有實質性貢獻，主要是由雷維奧。

Yes, particularly most of the growth.

是的，尤其是大部分增長。

Most of the growth, exactly.

確切地說，大部分增長。

The next question comes from Dan Brennan with Cohen.

下一個問題來自 Dan Brennan 和 Cohen。

Great. I guess maybe I'll stick with one, but I guess the multiparter, that's easier. In terms of consumables, that was really helpful to give some color in the total guide about how to think about consumables at the high end of the guide. And while I appreciate the Sequel IIe roll-off is a hard thing to predict, like can you give us any more color within that guidance range, like what are the barriers on Sequel IIe consumables? And then, b, Christian, certainly can appreciate that the orders didn't stop at year-end. You discussed 76 orders from 43 countries and 30% of those from new customers. That was as of the end of the fourth quarter. Can you just give us some color maybe about how the order book has evolved since early January. And I'll leave it there.

偉大的。我想也許我會堅持使用一個，但我想多方，這更容易。就消耗品而言，在整個指南中提供一些關於如何在指南的高端考慮消耗品的顏色真的很有幫助。雖然我很欣賞 Sequel IIe 的下滑是一件很難預測的事情，但你能否在該指導範圍內給我們更多的顏色，比如 Sequel IIe 消耗品的障礙是什麼？然後，b，Christian，當然可以理解訂單並沒有在年底停止。您討論了來自 43 個國家的 76 個訂單，其中 30% 來自新客戶。那是截至第四季度末。你能給我們一些關於自 1 月初以來訂單如何演變的顏色嗎？我會把它留在那裡。

Yes. I mean I think we're going to try to -- I mean, realistically, we're going to try to stay out of looking at backlogs and order books and this and that. But to color what's happened since year-end, we've had 2 very, very, very successful conferences, the planned Animal Genome Conference, AGBT, and if anything, the funnels are strengthening the perspective, lots of customers or many customers have actually run samples inside of our labs now in our applications labs. So the customers are getting more confidence around it really is what we say it is. And I think that's really exciting. And so the funnel continues to strengthen. It is a global funnel. And there are a lot of new customers. And I think that's one thing that's really important to me is not only do we want to get all of our existing customers to scale up with Revio, but it is really important for us to show new customers and see these new customers get engaged with the technology and -- so far, I think the -- I think we've seen a lot of that internally with our customers. And perhaps maybe most interestingly is the scale people are starting to talk about is different than ever before in the history of PacBio. And so are starting -- people are contemplating 10,000 sample projects, 20,000 sample project, larger scale, large-scale transcriptomics projects, large-scale whole genome projects. And I think that's going to be -- that's extremely encouraging to kind of prove out the thesis that we needed to get to higher throughput, and we needed to get to transcriptomes that enable that through enabled scale. 

是的。我的意思是我認為我們將嘗試 - 我的意思是，實際上，我們將盡量避免查看積壓訂單和訂單簿等等。但是為了說明自年底以來發生的事情，我們舉行了 2 次非常非常非常成功的會議，計劃中的動物基因組會議 AGBT，如果有的話，漏斗正在加強觀點，很多客戶或許多客戶實際上已經現在在我們的應用實驗室中運行我們實驗室內的樣品。因此，客戶對它越來越有信心，這確實是我們所說的。我認為這真的很令人興奮。因此漏斗繼續加強。這是一個全球漏斗。並且有很多新客戶。而且我認為這對我來說非常重要的一件事不僅是我們希望讓所有現有客戶擴大 Revio 的規模，而且對我們展示新客戶並看到這些新客戶參與進來也非常重要技術 - 到目前為止，我認為 - 我認為我們已經在客戶內部看到了很多。也許最有趣的是人們開始談論的規模與 PacBio 歷史上以往任何時候都不同。因此正在開始——人們正在考慮 10,000 個樣本項目、20,000 個樣本項目、更大規模、大規模的轉錄組學項目、大規模的全基因組項目。而且我認為這將是 - 這非常令人鼓舞，可以證明我們需要獲得更高吞吐量的論點，並且我們需要通過啟用的規模獲得能夠實現這一目標的轉錄組。

We already -- and we continue to do it with the best accuracy. And as that all of us preprint showed, quite frankly, the HiFi sequencing right now is the most accurate and most complete sequencer you can get. And so that's all been really well. I know that doesn't help you kind of build your model per se, but anecdotally, it makes us feel a lot better. I didn't understand, Dan, your question really on guidance barriers on Sequel II. Maybe could you ask that question again?

我們已經 - 我們將繼續以最準確的方式做到這一點。正如我們所有人的預印本所示，坦率地說，現在的 HiFi 音序器是您可以獲得的最準確和最完整的音序器。所以這一切都非常好。我知道這本身並不能幫助你建立模型，但有趣的是，它讓我們感覺好多了。我不明白，丹，你的問題真的是關於續集 II 的指導障礙。也許你能再問一次那個問題嗎？

I think Susan talked about consumables at the high end of the guide would be flat to up. But that -- I presume you were referring to total consumables, so Revio plus Sequel. And I just wanted to clarify that. And if it was, I was just trying to think through on Sequel itself within the guidance, any color on how we're thinking about Sequel IIe consumables at the high end and the low end of the guide?

我認為 Susan 在指南的高端談到消耗品會持平。但那——我想你指的是總消耗品，所以 Revio 加上 Sequel。我只是想澄清一下。如果是的話，我只是想在指南中考慮 Sequel 本身，關於我們如何在指南的高端和低端考慮 Sequel IIe 消耗品的任何顏色？

Yes. So yes, Susan was talking about the total consumable number, which make the total number is actually the hard number to predict, right, because you don't know how fast equal to is going to decline. You do know that Revio is going to accelerate, and it will continue to accelerate throughout the year. But we don't really know yet how that will transpire exactly. And so that's why when we think about our guidance, we have contemplated that volatility in the range of different outcomes. I think that's probably the easiest way to put it.

是的。所以是的，蘇珊在談論總消費量，這使得總數量實際上是一個很難預測的數字，對吧，因為你不知道下降的速度有多快。您確實知道 Revio 會加速發展，而且全年都會繼續加速。但我們還不知道這將如何發生。這就是為什麼當我們考慮我們的指導時，我們已經考慮了不同結果範圍內的波動性。我認為這可能是最簡單的表達方式。

The next question comes from David Westenberg with Piper Sandler.

下一個問題來自 David Westenberg 和 Piper Sandler。

I go everybody sentiment when I said we really missed you at AGBT. Let's start with the -- I think you've got the number of 30% new to PacBio. Would you be willing to discuss whether they might be existing long-read customers using maybe Onso that are looking for maybe accuracy at a lower cost or if this would be short read customers that really are looking for long reads because for all that it offers and the kind of projects that they're looking at. Is there any way to describe that 30% of customers?

當我說我們在 AGBT 真的很想念你時，我對每個人都充滿了感情。讓我們從——我想你有 30% 的 PacBio 新手。您是否願意討論他們是否可能是使用 Onso 的現有長讀客戶，他們正在以較低的成本尋找准確性，或者這是否是真正正在尋找長讀的短讀客戶，因為對於它提供的所有內容和他們正在尋找的項目類型。有什麼方法可以描述這 30% 的客戶嗎？

Yes. I can't -- I don't have the breakout in front of me, so I can't give you kind of specifics. But the reality is that, there has been a lot of conversations and I'm getting the second half because I wasn't at AGBT, unfortunately. But at AGBT, there were lots of conversations where customers were kind of expressing their need to move to Revio from their existing long-read sequencing paradigm because they see the accuracy, because they see the completeness and the other thing is they believe in the robustness of the platform that we bring to bear, given their market experience with Sequel IIe. And so we've seen that. But the predominant portion will still be short lead customers moving to long reads. And what everyone has to realize is that virtually every lab that's doing sequencing has a short-read sequencer today. Or is -- that's the predominant phenotype in the world. And it's -- what's happening is that they will bring a Revio machine into their lab and they'll start to move projects away from short reads to long reads for exactly what you said, the benefits of completeness, structural variation, being able to see phasing straight out of the gate without any tricks, epigenetics. It's just become so apparent that there's so much advantage to looking at long reads over short reads in most applications that you're starting to see a lot of people start to make that switch and move forward. I think you're going to see Revio machines sitting right alongside existing short-read sequencers. And the Revio machines are going to be capturing more and more of the dollars in many different applications where we clearly have significant competitive advantage. And now we have the scale and the economics to enable our customers.

是的。我不能——我面前沒有突破口，所以我不能給你一些細節。但現實是，已經進行了很多對話，不幸的是，我得到了下半場，因為我不在 AGBT。但在 AGBT，有很多對話表明客戶表達了他們需要從現有的長讀長測序模式轉移到 Revio，因為他們看到了準確性，因為他們看到了完整性，而另一件事是他們相信穩健性考慮到他們在 Sequel IIe 方面的市場經驗，我們帶來了平台的影響。所以我們已經看到了。但主要部分仍將是轉向長閱讀的短引導客戶。每個人都必須意識到，如今幾乎每個進行測序的實驗室都有一個短讀長測序儀。或者是——這是世界上主要的表型。而且——正在發生的事情是，他們會將一台 Revio 機器帶入他們的實驗室，他們將開始將項目從短讀轉移到長讀，以實現您所說的完整性、結構變化的好處，能夠看到沒有任何技巧，表觀遺傳學，直接走出大門。越來越明顯的是，在大多數應用程序中，看長讀比看短讀有很多優勢，你開始看到很多人開始做出這種轉變並向前邁進。我想你會看到 Revio 機器與現有的短讀長測序儀並排放置。 Revio 機器將在我們明顯具有顯著競爭優勢的許多不同應用中獲得越來越多的收益。現在我們有規模和經濟能力來支持我們的客戶。

The next question comes from Sooji Nam with Scotiabank.

下一個問題來自豐業銀行的 Sooji Nam。

I can totally appreciate that this is the year for Revio. But given the really positive feedback on Onso and also the really attractive bundles that you're offering. I was just kind of curious what your thoughts are in terms of the attachment rate, if you will, in the outer years? And also in order -- what would you think might be kind of the biggest barrier in terms of customers really adopting Onso at this point? Are they looking for more data in comparing Onso to other short-read platforms. If you could talk about those.

我完全理解今年是 Revio 的一年。但鑑於對 Onso 的真正積極反饋以及您提供的真正有吸引力的捆綁包。我只是有點好奇你對依戀率的看法，如果你願意的話，在外面的幾年裡？而且按順序 - 您認為目前客戶真正採用 Onso 的最大障礙是什麼？他們是否正在尋找更多數據來比較 Onso 與其他短讀平台。如果你能談談這些。

Yes. I think you're right. This is the -- there is a lot of excitement about Onso because really for the first time in a very long time, there is significant differentiation in the short read space with Onso, and customers see that. They see the bundle pricing and offering that we have as something unique and no one else can provide that. And so exactly why our strategy of becoming the only company with highly accurate long and short read technologies gives us the ability to talk to every customer in the space and really ask them what questions are they trying to answer and provide them solutions that answer their questions. And that's going to be really powerful, not only as we get out of the gate here, but over the next several years, in particular. And what I think customers are going to be excited about is getting Onso into the lab to see what it can do and then watching our ability to increase the power of the technology through increases in density, driving more reads per run, which would create more value than ever before. And it's really that differentiation. 

是的。我想你是正確的。這是 - Onso 令人興奮，因為在很長一段時間內，Onso 的短閱讀空間確實存在顯著差異，客戶看到了這一點。他們認為我們擁有的捆綁定價和產品是獨一無二的，沒有其他人可以提供。這就是為什麼我們成為唯一一家擁有高度準確的長讀和短讀技術的公司的戰略使我們能夠與該領域的每一位客戶交談並真正詢問他們試圖回答的問題並為他們提供解決方案來回答他們的問題.這將非常強大，不僅是因為我們走出大門，而且在接下來的幾年裡，尤其如此。我認為客戶會感到興奮的是讓 Onso 進入實驗室，看看它能做什麼，然後觀察我們通過增加密度來增加技術力量的能力，每次運行推動更多的讀取，這將創造更多價值比以往任何時候都高。這真的是差異化。

I think the barriers today are probably the biggest barriers we have to get the product to market to be maybe a little tongue-in-cheek, but that's really what it is. I think that there's a lot of excitement around the product. We need to finalize the development, make it a highly robust and have an amazing launch. And that's really what we're going to do here over the next -- as we get Revio out the door and prepare for Onso. And then you're going to see us continue to focus over the second half of the year and into next year on how you integrate with bundles, how you increase the performance of both radio and on, so quite frankly, and then increase our value to the customers. And that's really the plan of attack here. I'm very enthusiastic about it. I mean we are -- from a guidance perspective, we are taking a modest view because we want to make sure we get this right. We know that there's a lot of choice in the market. We believe we have a highly differentiated offering, but we also want to be practical and responsible about how we give our financial guidance.

我認為今天的障礙可能是我們將產品推向市場所面臨的最大障礙，可能有點開玩笑，但事實確實如此。我認為圍繞該產品有很多令人興奮的地方。我們需要完成開發，使其非常強大，並有一個驚人的發布。這就是我們接下來要做的事情——當我們推出 Revio 並為 Onso 做準備時。然後你會看到我們在今年下半年和明年繼續關注如何與捆綁包集成，如何提高無線電和其他設備的性能，坦率地說，然後增加我們的價值給客戶。這真的是這裡的攻擊計劃。我對此非常熱心。我的意思是我們 - 從指導的角度來看，我們持謹慎態度，因為我們想確保我們做對了。我們知道市場上有很多選擇。我們相信我們提供高度差異化的產品，但我們也希望對我們如何提供財務指導採取務實和負責任的態度。

The next question is from John Sourbeer with UBS.

下一個問題來自瑞銀的 John Sourbeer。

Maybe just a question for Susan. And you're on the greater than 25 shipments in the first quarter, do you think you can recognize those in revenue? Or could you remind us how the revenue recognition is on the shipments? And then a follow-up. It sounds like the broad for the Revio has been shipped out the door. Have they actually received it and up and running? And if so, any early feedback on the installation there in software.

也許只是蘇珊的一個問題。你在第一季度的出貨量超過 25 件，你認為你能認出這些收入嗎？或者您能否提醒我們如何在發貨上確認收入？然後是跟進。聽起來 Revio 的廣泛使用已被運出門外。他們真的收到並啟動並運行了嗎？如果是這樣，任何關於軟件安裝的早期反饋。

Yes. So John, at least 25, those will be recognized as revenue because the predominance of our shipments are the predominance of the instruments we deliver to customers is recognized upon delivery. So that is meant for revenue recognition in the quarter.

是的。所以約翰，至少 25 歲，這些將被確認為收入，因為我們的出貨量占主導地位，我們交付給客戶的儀器占主導地位，在交付時得到確認。因此，這意味著本季度的收入確認。

And then on the Revio going to the broad, it was -- we sent it via truck. So the trucks arriving -- No, I think it's arriving actually in the next couple of days. And so the truck will arrive and they'll install it next week, and then the -- they're very, very capable. So I wouldn't be surprised if before the end of the month, we're starting to see runs off of the machine, assuming the installation goes well.

然後在 Revio 走向廣泛的時候，它是——我們通過卡車發送它。所以卡車到了——不，我認為它實際上會在接下來的幾天內到達。所以卡車將到達，他們將在下周安裝它，然後 - 他們非常非常有能力。因此，如果在月底之前，我們開始看到機器運行不正常，我不會感到驚訝，前提是安裝進展順利。

The final question this evening comes from Ross Osborn with Cantor Fitzgerald.

今晚的最後一個問題來自 Ross Osborn 和 Cantor Fitzgerald。

So just curious to hear your view on China. You said the border is opening, but cases increasing. Revio strong instrument demand, but any insight into overall activity would be appreciated.

所以很想听聽您對中國的看法。你說邊境正在開放，但病例在增加。 Revio 強烈的儀器需求，但任何對整體活動的洞察力將不勝感激。

Yes. So right now, overall activity has been pretty good. We had very strong demand for Revio in China, and I think that's going to -- that will help us with our Chinese revenue in the quarter. You're right, when I give guidance, one of the things I do worry about is how does China play itself out this year because we all -- none of us really know how that will completely play itself out. What buoys my confidence is the fact that we have a new product cycle and a lot of enthusiasm and a lot of orders already for Revio, so that will help. But you're right, potential closures, COVID, those kinds of things, there's still headwinds that we face in the market. And when we were thinking about our guidance, we are trying to think through that there still are headwinds sitting out there that we're concerned with in watching. But so far, our view on China right now is that we expect it to be operations as normal. We will be shipping some Revios to China this quarter. And so that will help and get those customers started. But right now, there's nothing extraordinary to report, but we are watching, as is, I'm sure all of our competitors and peers how that will unfold over the next several quarters.

是的。所以現在，整體活動非常好。我們在中國對 Revio 的需求非常強勁，我認為這將有助於我們在本季度的中國收入。你是對的，當我給出指導時，我確實擔心的一件事是中國今年如何發揮自己的作用，因為我們所有人——我們都不知道這將如何完全發揮作用。使我充滿信心的是，我們有一個新的產品週期，並且對 Revio 已經有了很大的熱情和很多訂單，所以這會有所幫助。但你是對的，潛在的關閉，COVID，諸如此類的事情，我們在市場上仍然面臨阻力。當我們考慮我們的指導時，我們正在努力思考仍然存在我們關注的不利因素。但到目前為止，我們目前對中國的看法是我們希望它能夠正常運作。本季度我們將向中國運送一些 Revios。因此，這將有助於並讓這些客戶開始。但現在，沒有什麼特別的報告，但我們正在觀察，我相信我們所有的競爭對手和同行在接下來的幾個季度將如何展開。

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

我們的問答環節到此結束。我想將會議轉回給 Todd Friedman，聽取任何閉幕詞。

All right. Thank you all for joining us today. We look forward to connecting with many of you later this quarter at our several investor events and updating you on our progress this year. As a reminder, a replay will be available on our website. And this now concludes our call. Thank you.

好的。感謝大家今天加入我們。我們期待在本季度晚些時候在我們的幾場投資者活動中與你們中的許多人聯繫，並向你們介紹我們今年的進展。提醒一下，重播將在我們的網站上提供。現在我們的電話就此結束。謝謝。

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

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。