Pacific Biosciences of California Inc (PACB) 2023 Q1 法說會逐字稿

Good day, and welcome to the PacBio First Quarter 2023 Earnings Conference Call. (Operator Instructions). Please note, this event is being recorded. I would now like to turn the conference over to Todd Friedman, Senior Director of IR. Please go ahead.

美好的一天，歡迎來到 PacBio 2023 年第一季度收益電話會議。 （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 IR 高級總監 Todd Friedman。請繼續。

Thanks, Fred. Good afternoon, and welcome to PacBio's First Quarter 2023 Earnings Conference Call.

謝謝，弗雷德。下午好，歡迎來到 PacBio 的 2023 年第一季度收益電話會議。

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 in the Investors section of our website at www.pacb.com, or is furnished on Form 8-K on the Securities and Exchange Commission website at www.sec.gov.

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，其副本可在我們網站 www.pacb.com 的投資者部分獲得，或在 8-K 表格中提供美國證券交易委員會網站 www.sec.gov。

With me today are Christian Henry, President and Chief Executive Officer; and Susan Kim, Chief Financial Officer.

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 financial guidance, our Revio and Onso systems and their commercialization plans 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 and expectations with respect to customer demand for our products and technologies and growth in our business.

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，包括有關預測、進展、估計、計劃、意圖、指導和其他方面的陳述，包括對我們的財務指導、我們的Revio 和 Onso 系統及其商業化計劃未來的可用性、用途、準確性、覆蓋範圍、優勢、質量或性能或使用 PacBio 產品或技術的好處或預期好處，包括我們的 Revio 和 Onso 系統以及對客戶需求的期望我們的產品和技術以及我們業務的增長。

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 than those projected or discussed, including those inherent in developing and commercializing new products.

您不應過分依賴前瞻性陳述，因為它們受到假設、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，包括開發和商業化新產品所固有的結果。

We refer you to our 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.

我們建議您參考我們向美國證券交易委員會提交的文件，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。

We will also present certain financial information on a non-GAAP basis during the call. The 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.

我們還將在電話會議期間以非 GAAP 為基礎提供某些財務信息。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。

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, Reconciliations between historical U.S. GAAP and non-GAAP results are presented in tables within our earnings release.

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基準比較，歷史美國 GAAP 和非 GAAP 結果之間的對賬列於我們的收益發布中的表格。

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 press 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.

對於未來期間，由於我們的新聞稿中指出的項目，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，今天的電話會議正在錄音中，電話會議結束後不久，我們網站的“投資者”部分將提供音頻重播。

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.

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。

Finally, we will be hosting a question-and-answer session after our prepared remarks today. We ask that analysts please limit themselves to one question only so that we could accommodate everybody in the queue.

最後，我們將在今天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。

And with that, I will now turn the call over to Christian.

有了這個，我現在將把電話轉給克里斯蒂安。

Thank you, Todd. Good afternoon, everyone, and thank you for joining our call today.

謝謝你，托德。大家下午好，感謝您今天加入我們的電話會議。

Last October, we unveiled Revio, a long-read sequencer that is 15x more powerful than our previous generation sequencer. The system enables researchers to analyze what we believe are the most complete genomes in the industry with paradigm-changing scale and economics. And as we saw in Q4, these features captured the imagination of scientists and researchers across the community, and we started 2023 with a backlog of 76 systems.

去年 10 月，我們推出了 Revio，這是一款長讀長測序儀，比上一代測序儀強大 15 倍。該系統使研究人員能夠分析我們認為是業內最完整的基因組，具有改變範式的規模和經濟性。正如我們在第四季度看到的那樣，這些功能激發了整個社區的科學家和研究人員的想像力，我們從 2023 年開始就積壓了 76 個系統。

In March, we began shipping the Revio system at scale to customers around the world. I'm pleased to say our launch of Revio is progressing extremely well and is ahead of our targets. The demand for our new system continues to be robust, so much so that orders for Revio in the first quarter outpaced our shipments of Revio, resulting in a net increase of instrument backlog.

3 月，我們開始向全球客戶大規模運送 Revio 系統。我很高興地說，我們推出的 Revio 進展非常順利，並且超前於我們的目標。對我們新系統的需求持續強勁，以至於第一季度 Revio 的訂單超過了我們的 Revio 出貨量，導致儀器積壓淨增加。

This sets us up favorably to deliver on our growth targets for the rest of 2023. During the first quarter, we delivered 32 Revio systems, surpassing our expectations and demonstrating that our robust manufacturing capabilities can scale and deliver on new instrument launches.

這使我們有利於實現 2023 年剩餘時間的增長目標。在第一季度，我們交付了 32 個 Revio 系統，超出了我們的預期，並證明了我們強大的製造能力可以擴展並交付新儀器。

With Revio manufacturing capacity scaling up in the first quarter and customers beginning to ramp down Sequel IIe and IIe consumable spending, PacBio still delivered record revenue of $38.9 million in the first quarter.

隨著 Revio 製造能力在第一季度擴大，客戶開始減少 Sequel IIe 和 IIe 消耗品支出，PacBio 在第一季度仍實現了創紀錄的 3890 萬美元收入。

The initial customer reception of Revio, its robust fuel performance and our ability to scale manufacturing has given us the confidence to raise our full year guidance. We now expect Revio to be $170 million to $185 million for the full year or 33% to 44% growth year-over-year.

Revio 的初始客戶接收、其強大的燃料性能和我們擴大製造的能力使我們有信心提高我們的全年指導。我們現在預計 Revio 全年將達到 1.7 億至 1.85 億美元，同比增長 33% 至 44%。

Interestingly, the 32 Revio shipments in Q1 nearly matched the total HiFi capacity in the market for our cumulative Sequel II and IIe installed base. This is extremely important for our growth as the increased demand for long-read sequencing is clear. And I believe our customers will ramp and fill their sequencers with both new projects and existing samples that may have been sequenced using other short-read technologies.

有趣的是，第一季度 32 台 Revio 的出貨量幾乎與我們累積的 Sequel II 和 IIe 安裝基礎市場上的 HiFi 總容量相當。這對我們的發展極為重要，因為對長讀長測序的需求增加是顯而易見的。而且我相信我們的客戶將用新項目和可能已經使用其他短讀長技術測序的現有樣本來增加和填充他們的測序儀。

Before I move on, I'd like to congratulate our global service and support teams. They were essential to the successful launch of the platform. I'm happy to report that all 32 instruments have been installed in all regions and have completed their first sequencing run.

在我繼續之前，我想祝賀我們的全球服務和支持團隊。它們對於平台的成功啟動至關重要。我很高興地向大家報告，所有 32 台儀器都已安裝在所有地區並完成了首次測序運行。

Additionally, the platform's early field performance has exceeded our expectations. For runs with sample libraries that are 15 kilobases and higher, our customers average above 90 gigabases of output per smart cell with many customers exceeding 100 gigabases per smart cell.

此外，該平台的早期現場表現超出了我們的預期。對於使用 15 千鹼基或更高的樣本庫運行，我們的客戶平均每個智能單元的輸出超過 90 千兆鹼基，許多客戶每個智能單元的輸出超過 100 千兆鹼基。

That's 400 gigabases per 24-hour run on Revio. To put that in perspective, Sequel IIe generates just 30 gigabases of sequence in 30 hours. The strong early fuel performance has given us the confidence to accelerate some shipments in April, and we are now actively shipping instruments according to our manufacturing plan.

在 Revio 上每 24 小時運行 400 GB。從正確的角度來看，Sequel IIe 在 30 小時內僅生成 30 GB 的序列。強勁的早期燃料表現讓我們有信心在 4 月份加快部分出貨，我們現在正在根據我們的製造計劃積極出貨儀器。

I'd like to take another minute to discuss the composition of customers who have already received Revio. They are a diverse group that spans 10 countries and includes commercial service providers, academic core labs, children's hospitals, pharma and agriculture.

我想再花一分鐘時間討論已經收到 Revio 的客戶的構成。他們是一個多元化的團隊，跨越 10 個國家，包括商業服務提供商、學術核心實驗室、兒童醫院、製藥和農業。

These customers are expected to use their Revio from large-scale human genome projects and human disease research to plant, animal and microbial research. The scalability and flexibility of Revio can power multiple Omic applications and is expected to ultimately drive a diversified customer and installed base as the product launch progresses.

預計這些客戶將使用他們的 Revio 從大規模人類基因組項目和人類疾病研究到植物、動物和微生物研究。 Revio 的可擴展性和靈活性可以為多個 Omic 應用程序提供支持，並有望隨著產品發布的進行最終推動多樣化的客戶和安裝基礎。

To highlight the specifics behind a few of our customers in the past quarter, we start with GrandOmics, a long-time pack bio service provider based in China who successfully implemented Revio and is now preparing to run large-scale cohort studies, pangenome projects and biodiversity sequencing efforts.

為了突出上個季度我們一些客戶背後的具體情況，我們從 GrandOmics 開始，GrandOmics 是一家位於中國的長期包裝生物服務提供商，成功實施了 Revio，目前正準備開展大規模隊列研究、泛基因組項目和生物多樣性測序工作。

In its first sequencing run, the company reported an average smart cell yield of over 102 gigabases per smart cell, with median Q scores of Q30 or better. Additionally, the Australian genome research facility, or AGRF, they plan to implement Revio to offer long reads at extraordinary scale and affordable cost to its customers. We've also shipped Revio to multiple sequencing centers that plan to use Revio to scale up long reads for the NIH's All of Us program.

在其第一次測序運行中，該公司報告稱每個智能細胞的平均智能細胞產量超過 102 千兆鹼基，Q 值中位數為 Q30 或更高。此外，澳大利亞基因組研究機構 (AGRF) 計劃實施 Revio，以超大規模和可承受的成本為其客戶提供長讀長。我們還將 Revio 運送到多個測序中心，這些中心計劃使用 Revio 為 NIH 的 All of Us 計劃擴大長讀長。

These examples were just a few as many other early Revio customers were willing to share their excitement for the platform and their initial experience on social media. I look forward to many more of these post this quarter and into the future.

這些例子只是 Revio 的許多其他早期客戶願意在社交媒體上分享他們對該平台的興奮和他們的初步體驗的一部分。我期待本季度和未來有更多這樣的帖子。

Revio opens the door to large-scale genomics, and we are currently tracking several multi-thousand sample genome project opportunities. Revio has already enabled us to win some of these projects, and we are in discussions with several other potential partners.

Revio 打開了大規模基因組學的大門，我們目前正在跟踪幾個包含數千個樣本的基因組項目機會。 Revio 已經使我們贏得了其中一些項目，我們正在與其他幾個潛在合作夥伴進行討論。

Revio not only gets PacBio a seat at the table for these large-scale programs, but it makes us a top competitor as we can deliver what we believe is the most complete highest-value human genome. This means potentially more insights into genetic disease, a better understanding of cancer and ultimately improving human health. We take pride in delivering our customers the high-quality complete sequencing products and services. Delighting our customers after all is one of our core values and is a critical part of our mission.

Revio 不僅讓 PacBio 在這些大型項目中佔有一席之地，而且使我們成為頂級競爭對手，因為我們可以提供我們認為最完整、價值最高的人類基因組。這意味著可能對遺傳疾病有更多的了解，對癌症有更好的了解，並最終改善人類健康。我們為向客戶提供高質量的完整測序產品和服務而感到自豪。畢竟，取悅我們的客戶是我們的核心價值觀之一，也是我們使命的重要組成部分。

So I'm incredibly pleased with our initial results from our in-progress annual customer survey, showing a Net Promoter Score of over 60%, a significant improvement over last year and higher than other sequencing providers have reported. Our survey closes in a few days, and I look forward to relaying more feedback.

因此，我對正在進行的年度客戶調查的初步結果感到非常滿意，顯示淨推薦值超過 60%，比去年有了顯著改善，高於其他測序供應商報告的水平。我們的調查將在幾天后結束，我期待收到更多反饋。

We've also continued to see interest from new PacBio instrument customers as 1/3 of the Revio systems ordered in the first quarter were from brand-new customers and over 1/3 of the systems in our sales pipeline for the remainder of 2023, consists of new customers.

我們還繼續看到新的 PacBio 儀器客戶的興趣，因為第一季度訂購的 Revio 系統中有 1/3 來自全新客戶，而在 2023 年剩餘時間裡，我們銷售管道中超過 1/3 的系統，由新客戶組成。

In fact, our largest instrument order in Q1 was from a new customer, a European genomic testing lab looking to incorporate high genomes to investigate rare disease cases. The customer ordered multiple systems. They indicated that one of the key factors to implementing Revio was the ability to sequence thousands of HiFi genomes under $1,000 a genome so that they can shift from short read exomes directly to long-read genomes.

事實上，我們在第一季度最大的儀器訂單來自一位新客戶，這是一家歐洲基因組測試實驗室，希望整合高基因組來研究罕見疾病病例。客戶訂購了多個系統。他們表示，實施 Revio 的關鍵因素之一是能夠對數千個 HiFi 基因組進行測序，每個基因組的成本低於 1,000 美元，這樣他們就可以從短讀外顯子組直接轉移到長讀基因組。

Another new customer, a hospital in Canada decided to reallocate a portion of its budget for a high throughput short read sequencer towards acquiring a Revio and expanding its capabilities in highly accurate long-read sequencing. Revio is also reigniting legacy PacBio customers' interest in leveraging long reads as well Cornell Medical Center ordered Revio for their genomic score, which will be their first PacBio instrument since their RS II.

另一個新客戶，加拿大的一家醫院決定將其預算的一部分重新分配給高通量短讀測序儀，用於購買 Revio 並擴展其在高精度長讀測序方面的能力。 Revio 還重新點燃了傳統 PacBio 客戶對利用長讀長的興趣，康奈爾醫學中心也為他們的基因組評分訂購了 Revio，這將是他們自 RS II 以來的第一台 PacBio 儀器。

Their team is looking forward to partnering with PacBio and has shared with us that they plan to move several active short-read projects in applications like human whole genome, RNA and epigenetics to Revio once their system is installed. In the near term, we expect most Revio's shipments will be to existing Sequel II and IIe customers, which is why we've been investing so heavily in expanding our installed base over the past couple of years.

他們的團隊期待與 PacBio 合作，並與我們分享他們計劃在安裝系統後將人類全基因組、RNA 和表觀遺傳學等應用中的幾個活躍的短讀項目轉移到 Revio。在短期內，我們預計 Revio 的大部分出貨量將發給現有的 Sequel II 和 IIe 客戶，這就是為什麼我們在過去幾年中一直大力投資以擴大我們的安裝基礎。

Since the end of 2020, we have grown our Sequel IIe installed base by 150% and more than doubled our Sequel II and IIe customers. This has helped set the foundation for a multiyear product transition. After our strong launch, we believe the customer conversion cycle to Revio still has a long runway as only about 1/5 of our nearly 300 Sequel IIe customers have placed orders for Revio.

自 2020 年底以來，我們的 Sequel IIe 安裝基數增長了 150%，Sequel II 和 IIe 客戶增加了一倍多。這有助於為多年的產品過渡奠定基礎。在我們強勢推出後，我們相信客戶轉換到 Revio 的周期還有很長的路要走，因為我們近 300 名 Sequel IIe 客戶中只有大約 1/5 訂購了 Revio。

As we turn our focus to our groundbreaking short-read sequencer Onso, I'm pleased to report that our beta program has been quite successful, and our partners continue to sequence on their systems. We have recently enabled each site with our latest 2 150 paradigm chemistry, delivering increased sequencing robustness and reliability over our previous versions.

當我們將注意力轉向突破性的短讀長測序儀 Onso 時，我很高興地向大家報告，我們的測試計劃非常成功，我們的合作夥伴繼續在他們的系統上進行測序。我們最近為每個站點啟用了我們最新的 2150 化學範式，與我們以前的版本相比，提供了更高的測序穩健性和可靠性。

Regarding its performance, we're excited to share that the beta sites are seeing output that achieves our commercial specification of 800 million paired and reads and regularly gets over 90% of the reads between Q40 and Q50. Our beta partners are running samples where low variant allele detection is critical, such as circulating tumor DNA and gene editing analysis, and they're looking forward to sharing additional data from these challenging data sample types.

關於其性能，我們很高興與大家分享，測試站點的輸出達到了我們 8 億配對和讀取的商業規格，並且在 Q40 和 Q50 之間定期獲得超過 90% 的讀取。我們的 Beta 合作夥伴正在運行低變異等位基因檢測至關重要的樣本，例如循環腫瘤 DNA 和基因編輯分析，他們期待分享來自這些具有挑戰性的數據樣本類型的更多數據。

On the operational side, our manufacturing team is finalizing scale-up plans for Onso. We've completed our first Onso pilot manufacturing builds in-house with the first runs going well. And on the commercial front, I'm pleased to announce that we've already received multiple Onso orders as we continue to build our sales pipeline.

在運營方面，我們的製造團隊正在完成 Onso 的放大計劃。我們已經在內部完成了我們的第一個 Onso 試點製造構建，首批運行進展順利。在商業方面，我很高興地宣布，隨著我們繼續建立銷售渠道，我們已經收到了多個 Onso 訂單。

We believe Onso is likely to be available for commercial shipment around the end of the second quarter. As one would expect, there's been a lot of attention on Revio and Onso platforms, but we continue to make great progress on improving the sequencing workflow.

我們認為 Onso 可能會在第二季度末左右進行商業發貨。正如人們所預料的那樣，Revio 和 Onso 平台受到了很多關注，但我們在改進測序工作流程方面繼續取得重大進展。

During the quarter, we launched our latest high-throughput Nanobind extraction kits to enable fast, reliable and scalable large fragment DNA extraction across blood, cells and tissue samples. This new offering lowers extraction time to less than 2 hours, minimizes sample input and eliminates the need of harmful chemicals or mechanical homogenization.

本季度，我們推出了最新的高通量 Nanobind 提取試劑盒，以實現對血液、細胞和組織樣本的快速、可靠和可擴展的大片段 DNA 提取。這一新產品將提取時間縮短至不到 2 小時，最大限度地減少了樣品輸入並消除了對有害化學品或機械均質化的需要。

The new high-through protocol is automated for a complete walkaway solution, enabling labs to scale their PacBio sequencing. Also on the front-end workflow, we partnered with Corteva Agri Science. We released end-to-end workflows that streamline DNA extraction through library preparation, enabling thousands of samples to be sequenced annually. Corteva received its first reviews during the first quarter and is beginning to transition sequencing over to the platform.

新的高通量協議是自動化的完整無人值守解決方案，使實驗室能夠擴展其 PacBio 測序。同樣在前端工作流程上，我們與 Corteva Agri Science 合作。我們發布了端到端的工作流程，通過文庫製備簡化了 DNA 提取，使每年能夠對數千個樣本進行測序。 Corteva 在第一季度收到了第一批審查，並開始將排序轉移到平台上。

On the informatics front, we continue to develop the tools for researchers to make impactful discoveries. For example, some of the recent tools that we've been developed include smart analysis to phase de novo assemblies, Target or TRGT for tandem repeat genotyping and visualization, paraphrase to help call highly homologous genes and H HiFiCNV for identifying large copy number variants across the genome.

在信息學方面，我們繼續為研究人員開發工具以做出有影響力的發現。例如，我們最近開發的一些工具包括用於從頭組裝的智能分析、用於串聯重複基因分型和可視化的 Target 或 TRGT、用於幫助調用高度同源基因的釋義以及用於識別大拷貝數變異的 H HiFiCNV基因組。

Rolling out new and improved ways to interpret long-read data and collaborating with third-party providers is a key pillar to our informatics strategy and will help further drive adoption of our platforms. In addition to making the workflow more accessible, we developed kits to power customers' research across various OMIC applications.

推出新的和改進的方法來解釋長讀數據並與第三方提供商合作是我們信息學戰略的關鍵支柱，將有助於進一步推動我們平台的採用。除了使工作流程更易於訪問之外，我們還開發了工具包來支持客戶在各種 OMIC 應用程序中進行研究。

In transcriptomics, our recently launched MAS-Seq kit has already been ordered by 100 of our customers since its launch late last year. MAS-Seq addresses transcriptomics and single cell research, which are incredibly important and rapidly growing areas in sequencing.

在轉錄組學方面，我們最近推出的 MAS-Seq 套件自去年底推出以來，已有 100 家客戶訂購。 MAS-Seq 致力於轉錄組學和單細胞研究，這是測序領域非常重要且發展迅速的領域。

For example, in a preprint in March, researchers at UCLA and other institutions used PacBio Iso-Seq to build a full-length transcript atlas of the developing human brain. Mapping over 200,000 unique Iso-Seq forms, over 70% of which had never been detected before.

例如，在 3 月份的一份預印本中，加州大學洛杉磯分校和其他機構的研究人員使用 PacBio Iso-Seq 構建了發育中的人類大腦的全長轉錄本圖譜。映射超過 200,000 種獨特的 Iso-Seq 形式，其中超過 70% 以前從未檢測到。

This can allow us to understand better risk variances associated with neurodevelopmental disorders and help us reshape our understanding of brain development and disease.

這可以讓我們更好地理解與神經發育障礙相關的風險差異，並幫助我們重塑對大腦發育和疾病的理解。

And then just a few weeks ago, in cancer research, another preprint described the first isoform resolution colorectal cancer transcriptome atlas using PacBio Iso-Seq to identify several hundred disregulated transcript structures in tumor cells. Both studies used our legacy Iso-Seq solution on Sequel II, but with new solutions like MAS-Seq and the expansion into bulk Iso-Seq, along with the throughput of Revio, we can further enable these groundbreaking studies, which ultimately may translate into improved clinical research outcomes.

然後就在幾週前，在癌症研究中，另一份預印本描述了第一個同種型分辨率結直腸癌轉錄組圖譜，使用 PacBio Iso-Seq 識別腫瘤細胞中數百個失調的轉錄物結構。這兩項研究都使用了我們在 Sequel II 上的傳統 Iso-Seq 解決方案，但有了 MAS-Seq 等新解決方案和擴展到批量 Iso-Seq，以及 Revio 的通量，我們可以進一步實現這些突破性研究，最終可能轉化為改善臨床研究成果。

With that, I'll turn the call over to Susan to discuss our financial results in more detail. Susan?

有了這個，我會把電話轉給蘇珊，更詳細地討論我們的財務結果。蘇珊？

Thank you, Christian. As discussed, we reported $38.9 million in product, service and other revenue in the first quarter of 2023, which represented an increase of 17% from $33.2 million in the first quarter of 2022. Interest revenue in the first quarter was $20.7 million, an increase of 33% from $15.6 million in the first quarter of 2022.

謝謝你，克里斯蒂安。如前所述，我們報告了 2023 年第一季度的產品、服務和其他收入為 3890 萬美元，比 2022 年第一季度的 3320 萬美元增長了 17%。第一季度的利息收入為 2070 萬美元，同比增長從 2022 年第一季度的 1560 萬美元增長 33%。

The increase in revenue was primarily driven by the launch of Revio in the first quarter, which is sold at a higher ASP than our previous Sequel IIe and IIe platform. We ended the quarter with an installed base of 32 Revio systems and shipped 6 Sequel IIe systems. Turning to consumables.

收入增長的主要原因是第一季度 Revio 的推出，其售價高於我們之前的 Sequel IIe 和 IIe 平台。我們在本季度結束時安裝了 32 個 Revio 系統，並交付了 6 個 Sequel IIe 系統。轉向消耗品。

Revenue of $14.0 million in the first quarter grew 10% from $12.7 million in the first quarter of last year, with approximately 10% of consumable revenue coming from Revio systems and the remainder from other platforms and other consumables. We expect Revio as a percent of total consumables to increase throughout 2023 as we continue shipping Revio and customers transition to the new system.

第一季度的收入為 1400 萬美元，比去年第一季度的 1270 萬美元增長了 10%，其中約 10% 的消耗品收入來自 Revio 系統，其餘來自其他平台和其他消耗品。我們預計 Revio 佔總消耗品的百分比將在整個 2023 年增加，因為我們將繼續運送 Revio 和客戶過渡到新系統。

Finally, service and other revenue was $4.2 million in the first quarter compared to $4.9 million in the first quarter of 2022. From a regional perspective, America's revenue of $19.1 million was roughly flat compared to the first quarter of 2022 as the higher ASP and Revio offset a record Sequel II IIe placement quarter for the region in the first quarter of 2022.

最後，服務和其他收入在第一季度為 420 萬美元，而 2022 年第一季度為 490 萬美元。從區域角度來看，美國的收入為 1910 萬美元，與 2022 年第一季度大致持平，因為較高的平均售價和 Revio抵消了該地區 2022 年第一季度創紀錄的 Sequel II IIe 安置季度。

As a reminder, last year included 18 Sequel IIe delivered to the Broad Institute.

提醒一下，去年有 18 個 Sequel IIe 交付給了 Broad Institute。

For Asia Pacific, revenue of $12.0 million grew 43% over the prior year. China grew approximately 40% year-over-year and posted its highest revenue since the second quarter of 2021 as customers in the region are taking to Revio and as the country recovered from last year's COVID-19-related lockdown. Japan also showed strength as consumables continue to grow on top of its record consumable quarter in Q1 of 2022.

亞太地區的收入為 1200 萬美元，比上年增長 43%。隨著該地區的客戶轉向 Revio 以及該國從去年與 COVID-19 相關的封鎖中恢復過來，中國同比增長約 40% 並創下自 2021 年第二季度以來的最高收入。日本也表現出實力，因為消耗品在 2022 年第一季度創紀錄的消耗品季度基礎上繼續增長。

Finally, EMEA revenue of $7.9 million grew 38% over the prior year period with changes in FX rates representing approximately a 5% headwind in the region year-over-year. The region had its highest entrant revenue quarter in over a year as customers like the Wellcome Sanger Institute, Radboud University and MBRU received their first Revio to scale their long read genome projects.

最後，歐洲、中東和非洲地區的收入為 790 萬美元，比上年同期增長 38%，匯率變化對該地區的同比影響約為 5%。由於 Wellcome Sanger Institute、Radboud 大學和 MBRU 等客戶收到了他們的第一個 Revio 來擴展他們的長讀基因組項目，該地區的進入者收入季度創下一年多以來的最高水平。

Moving down the P&L. GAAP gross profit of $9.8 million in the first quarter of 2023 represented a gross margin of 25% compared to a GAAP gross profit of $14.2 million in the first quarter of 2022, which represented a gross margin of 43%.

向下移動損益表。 2023 年第一季度的 GAAP 毛利潤為 980 萬美元，毛利率為 25%，而 2022 年第一季度的 GAAP 毛利潤為 1420 萬美元，毛利率為 43%。

First quarter 2023 non-GAAP gross profit of $9.9 million represented a non-GAAP gross margin of 26% and compared to a non-GAAP gross profit of $14.3 million or 43% in the first quarter of last year. Gross margin declined year-over-year due in part to instrument mix as Revio instruments sold during the quarter had a lower margin primarily due to customer loyalty discounts provided and higher initial manufacturing costs.

2023 年第一季度非美國通用會計準則毛利潤為 990 萬美元，代表非美國通用會計準則毛利率為 26%，而去年第一季度的非美國通用會計準則毛利潤為 1430 萬美元或 43%。毛利率同比下降，部分原因是儀器組合，因為本季度銷售的 Revio 儀器的利潤率較低，這主要是由於提供的客戶忠誠度折扣和較高的初始製造成本。

Additionally, GAAP and non-GAAP gross profit in the first quarter reflect adjustments of approximately $3.5 million, primarily related to excess consumables inventory resulting from a faster-than-expected decline in demand for Sequel II IIe consumables due to the product transition to Revio.

此外，第一季度的 GAAP 和非 GAAP 毛利反映了大約 350 萬美元的調整，這主要與消耗品庫存過剩有關，這是由於產品向 Revio 過渡導致對 Sequel II IIe 消耗品的需求下降快於預期而導致的。

This accounted for an approximate 900 basis point headwind on gross margin in the quarter. While we expect gross margin to expand during the remainder of the year, gross margin could fluctuate depending on the pace at which Sequel IIe usage declines and Revio manufacturing is scaled.

這導致本季度毛利率下降約 900 個基點。雖然我們預計今年剩餘時間毛利率會擴大，但毛利率可能會波動，具體取決於 Sequel IIe 使用率下降和 Revio 製造規模擴大的速度。

GAAP operating expenses were $101 million in the first quarter of 2023 compared to $91.7 million in the first quarter of 2022. Non-GAAP operating expenses were $88.7 million in the first quarter of 2023, representing a 4% decrease from non-GAAP operating expenses of $92.7 million in the first quarter of 2022.

2023 年第一季度 GAAP 運營費用為 1.01 億美元，而 2022 年第一季度為 9170 萬美元。2023 年第一季度非 GAAP 運營費用為 8870 萬美元，比 2023 年第一季度的非 GAAP 運營費用減少 4% 2022 年第一季度為 9270 萬美元。

The increase in GAAP operating expenses primarily reflects an increase in the fair value of contingent consideration liability during the first quarter of 2023 of $12.3 million related to the milestone payment to Omniome shareholders.

GAAP 運營費用的增加主要反映了 2023 年第一季度與 Omniome 股東的里程碑付款相關的或有對價負債的公允價值增加 1230 萬美元。

Non-GAAP operating expenses declined year-over-year, primarily driven by the transition of Revio from development to commercialization. Regarding headcount, we ended the quarter with 793 employees compared to 769 at the end of Q4 2022 and 734 at the end of the first quarter of 2022.

非 GAAP 運營費用同比下降，這主要是受 Revio 從開發向商業化過渡的推動。關於員工人數，我們在本季度末擁有 793 名員工，而 2022 年第四季度末為 769 人，2022 年第一季度末為 734 人。

Operating expenses in the first quarter included noncash share-based compensation of $16.0 million compared to $20.9 million in the first quarter of last year. GAAP net loss in the first quarter of 2023 was $88.0 million or $0.36 per share compared to a GAAP net loss of $81.5 million in the first quarter of 2022 or $0.37 per share.

第一季度的運營費用包括 1600 萬美元的非現金股份補償，而去年第一季度為 2090 萬美元。 2023 年第一季度的 GAAP 淨虧損為 8800 萬美元或每股 0.36 美元，而 2022 年第一季度的 GAAP 淨虧損為 8150 萬美元或每股 0.37 美元。

Non-GAAP net loss was $75.5 million, representing $0.31 per share in the first quarter of 2023 compared to a non-GAAP net loss of $82.3 million, representing $0.37 per share in the first quarter of 2022.

非 GAAP 淨虧損為 7550 萬美元，2023 年第一季度每股虧損 0.31 美元，而 2022 年第一季度非 GAAP 淨虧損為 8230 萬美元，每股虧損 0.37 美元。

Turning to our balance sheet items. We ended the first quarter with $875 million in unrestricted cash and investments compared with $772 million at the end of the fourth quarter of 2022.

轉向我們的資產負債表項目。第一季度結束時，我們擁有 8.75 億美元的不受限制的現金和投資，而 2022 年第四季度末為 7.72 億美元。

The change in cash reflects net proceeds from our public offering in January of approximately $189 million, less cash burn of approximately $86 million, which included our annual employee bonus payout and a prepayment for future inventory in the first quarter of 2023.

現金變化反映了我們 1 月份公開發售的淨收益約為 1.89 億美元，減去約 8600 萬美元的現金消耗，其中包括我們的年度員工獎金支付和 2023 年第一季度未來庫存的預付款。

As a reminder, we expect to pay the Omniome shareholders approximately $200 million in cash and equity dependent upon the achievement of a milestone in connection with the commercial shipments of the Onso platform.

提醒一下，我們預計將向 Omniome 股東支付約 2 億美元的現金和股權，具體取決於 Onso 平台商業出貨量達到的里程碑。

Inventory balances increased in the first quarter to $62.0 million, representing 2.1 inventory turns compared with $50.4 million at the end of the fourth quarter of 2022, representing 1.6 inventory turns.

第一季度庫存餘額增加至 6200 萬美元，庫存周轉率為 2.1，而 2022 年第四季度末為 5040 萬美元，庫存周轉率為 1.6。

The increase in inventory primarily reflects purchases of Revio and Onso instrument and consumables inventory. Accounts receivable increased in the first quarter of $29.6 million compared with $18.8 million at the end of the fourth quarter of 2022, while our DSO 56 days declined in the first quarter compared to a DSO of 70 days in the fourth quarter of 2022.

存貨的增加主要反映了 Revio 和 Onso 儀器和耗材存貨的採購。與 2022 年第四季度末的 1880 萬美元相比，第一季度的應收賬款增加了 2960 萬美元，而與 2022 年第四季度的 70 天 DSO 相比，第一季度我們的 DSO 56 天有所減少。

Turning to guidance. As discussed earlier, given the successful launch and positive customer reception towards Revio, we are increasing our guidance for 2023. We now expect revenue in the range of $170 million to $185 million, representing a growth rate of approximately 33% to 44% compared to 2022.

轉向指導。如前所述，鑑於 Revio 的成功發布和客戶的積極反響，我們正在增加對 2023 年的指導。我們現在預計收入在 1.7 億美元至 1.85 億美元之間，與去年同期相比增長率約為 33% 至 44% 2022.

The lower end of the range assumes -- continues to assume a year-over-year decline in consumables as customers transition to Revio. The high end assumes consumable revenue is slightly higher compared to 2022. Service and other revenue is still expected to be lower compared to 2022.

該範圍的下限假設——繼續假設隨著客戶轉向 Revio，消耗品同比下降。高端假設消費品收入略高於 2022 年。服務和其他收入預計仍低於 2022 年。

We continue to ramp up manufacturing capacity and expect to reach our planned production rate for 2023 during Q2. As such, we expect to continue to increase revenue shipments every quarter this year, and as a result, we expect revenue to be more weighted toward the second half.

我們繼續提高製造能力，並預計在第二季度達到我們 2023 年的計劃生產率。因此，我們預計今年每個季度的收入出貨量將繼續增加，因此，我們預計收入將更多地集中在下半年。

Moving down the P&L. We expect that 2023 non-GAAP gross margin, which will exclude the amortization of intangible assets to be lower than our previously guided range of 36% to 40% due to inventory reserves in Q1, resulting primarily from the decline in demand of Sequel II and IIe consumables due to customers' product transition to Revio.

向下移動損益表。我們預計 2023 年非美國通用會計準則毛利率（不包括無形資產攤銷）將低於我們之前指導的 36% 至 40% 的範圍，這是由於第一季度的庫存儲備，這主要是由於 Sequel II 的需求下降和由於客戶的產品過渡到 Revio 而導致的 IIe 耗材。

We expect margin expansion beyond 2023 as Revio places will help drive a mix shift towards higher-margin consumables and higher volume and optimization drive lower manufacturing unit costs. We continue to expect non-GAAP operating expenses to grow less than 5% in 2023 compared to 2022.

我們預計利潤率將在 2023 年以後擴大，因為 Revio places 將有助於推動向利潤率更高的消耗品和更高產量的混合轉變，並且優化會降低製造單位成本。與 2022 年相比，我們繼續預計 2023 年非 GAAP 運營費用增長將低於 5%。

Additionally, we expect interest and other expenses to have a minimal impact on our full year EPS as interest income on our cash and investments is expected to offset our interest expense from the convertible debt.

此外，我們預計利息和其他費用對我們全年每股收益的影響微乎其微，因為我們的現金和投資的利息收入預計將抵消我們從可轉換債券中支付的利息費用。

We expect the weighted average share count for EPS for the full year to be approximately 255 million, reflecting the recent sale of common shares and shares expected to be issued as part of the Omniome milestone later this year.

我們預計全年每股收益的加權平均股數約為 2.55 億美元，反映了最近出售的普通股和預計將在今年晚些時候作為 Omniome 里程碑的一部分發行的股票。

I'll hand it back to Christian for some final remarks. Christian?

我會把它交還給克里斯蒂安，讓他做最後的評論。基督教？

Thank you, Susan. As you can see from our prepared remarks, we're off to a strong start for the year. We're driving the rapid adoption of Revio with over 1/3 of our sales funnel being new to PacBio instrument customers and existing customers sharing how they plan to increase the amount of long-read sequencing with the platform's 15-fold throughput capacity increase.

謝謝你，蘇珊。正如您從我們準備好的評論中看到的那樣，我們今年開局良好。我們正在推動 Revio 的快速採用，我們超過 1/3 的銷售漏斗是 PacBio 儀器客戶和現有客戶的新客戶，他們分享了他們計劃如何通過該平台 15 倍的吞吐量增加來增加長讀測序的數量。

For also, our beta program is progressing well, and we are scaling our operations with an eye towards commercial launch at the end of this quarter. We look forward to more customers getting their hands on Q40 plus accuracy and becoming the only company with both leading long and short-read technologies in the market.

此外，我們的測試計劃進展順利，我們正在擴大業務規模，著眼於本季度末的商業發布。我們期待更多的客戶接觸到Q40 plus accuracy，成為市場上唯一一家同時擁有領先的長讀長和短讀長技術的公司。

Financially, we remain well positioned with $875 million in cash and investments on our balance sheet. We believe our strong financial position allows us to drive towards both our growth targets and our goal to become cash flow positive during 2026.

在財務上，我們的資產負債表上有 8.75 億美元的現金和投資，仍然處於有利地位。我們相信，我們強大的財務狀況使我們能夠實現我們的增長目標和我們在 2026 年實現現金流為正的目標。

2023 is the first step in this journey of becoming a multi-platform, multi-product company, and we look forward to updating you on Revio and also throughout the year. And with that, I'll turn it over to the operator so that we can begin the Q&A.

2023 年是成為多平台、多產品公司的第一步，我們期待在 Revio 和全年為您提供最新信息。有了這個，我會把它交給接線員，這樣我們就可以開始問答了。

(Operator Instructions) And the first question will come from Dan Brennan from TD Cowen.

我們現在開始提問。 （操作員說明）。而此時，我們將暫停片刻來組建我們的名冊。第一個問題將來自 TD Cowen 的 Dan Brennan。

Maybe just a couple. Christian, you kind of kicked it off, I think, saying Revio is exceeding your expectations. You've been obviously pretty optimistic given the profile of the box. Maybe just give us some flavor for look like where that is, how that is? Is it the pipeline? Is it the number of customers? Is it the initial kind of performance?

也許只是一對。克里斯蒂安，我想你有點開始了，說 Revio 超出了你的期望。考慮到盒子的輪廓，您顯然非常樂觀。也許只是給我們一些味道，看看它在哪裡，怎麼樣？是管道嗎？是客戶的數量嗎？是最初的那種表現嗎？

Just give us some color on kind of where -- kind of where it's more optimistic? And then I'm just wondering you guys -- I know you're not giving order numbers out, obviously, but you did talk about a record backlog. So obviously, orders were greater than what was placed. I'm just kind of trying to get a flavor for any other color around that in terms of the extent of that and/or the funnel, things of that nature? And then I might have a quick follow-up...

只是給我們一些關於哪裡更樂觀的顏色？然後我只是想知道你們——我知道你們顯然沒有給出訂單號，但你們確實談到了創紀錄的積壓。很明顯，訂單比下的訂單多。我只是想根據那種顏色和/或漏斗的範圍以及那種性質的東西來了解周圍任何其他顏色的味道？然後我可能會有一個快速跟進......

Great. Dan, thank you. So Revio is exceeding my expectations on a number of different fronts. First, our ability to execute and get the product shipped on time, get the products working in the hands of our customers with very almost straight out of the gate and then seeing the actual run performance, how our customers on real-world samples are getting at least 90 G per smart cell but oftentimes over 100.

偉大的。丹，謝謝你。所以 Revio 在許多不同方面都超出了我的預期。首先，我們能夠按時執行和交付產品，讓產品在我們的客戶手中工作，幾乎直接從大門出來，然後看到實際運行性能，我們的客戶在實際樣品上的表現如何每個智能手機至少 90 G，但通常超過 100 G。

So the overall performance of the system this early in the launch is actually quite encouraging for me and the ability for us to deliver on that. The second piece is the breadth of applications and the breadth of demand, quite frankly.

因此，該系統在發布初期的整體性能實際上對我來說非常鼓舞人心，而且我們有能力實現這一目標。第二塊是應用的廣度和需求的廣度，坦率地說。

I think that it demonstrates -- we've seen orders from people doing microbial research to whole human genomes, plant and animal research, really very broad. And I tried to highlight that in our written remarks that this really is a broad adoption of the platform and people really do need the throughput that Revio brings to bear.

我認為這表明——我們已經看到從微生物研究到整個人類基因組、植物和動物研究的人們的訂單，真的非常廣泛。我試圖在我們的書面評論中強調，這確實是該平台的廣泛採用，人們確實需要 Revio 帶來的吞吐量。

And so although I was hopeful that would happen to see it actually happening and at the level that it's happening across the entire community, it's gratifying and also kind of sets us up well for looking out into the future demand.

因此，儘管我希望看到它真正發生並且在整個社區發生的水平上發生，但它令人欣慰，也讓我們為展望未來的需求做好了準備。

When you talk about orders, of course, we've been very clear that we're not going to give quarter-to-quarter order numbers. But what we tried to say is that the actual order book was very strong in Q1. It was well above what we shipped, which is fantastic and sets us up well for the rest of the year.

當然，當你談論訂單時，我們已經非常清楚我們不會給出季度訂單數字。但我們想說的是，第一季度的實際訂單非常強勁。它遠高於我們的出貨量，這太棒了，讓我們在今年餘下的時間裡做好了準備。

The funnel continues to be healthy with lots of new customers coming into the product, lots of customers that are thinking about scale. And so when you look at the outlook into the future for Revio and how it's going to continue its growth trajectory, it gives me a lot of excitement and a lot of opportunity.

隨著許多新客戶進入該產品，許多正在考慮擴大規模的客戶，渠道繼續保持健康。因此，當你展望 Revio 的未來前景以及它將如何繼續其增長軌跡時，它給了我很多興奮和很多機會。

Of course, we always have a lot of work to do, but I do think we're in a very, very good position. So hopefully, that answers your question, Dan.

當然，我們總是有很多工作要做，但我確實認為我們處於非常非常好的位置。所以希望這能回答你的問題，丹。

Yes, that's super helpful. And maybe just a quick follow-up. I know it's obviously super early. It's May 2. You just -- first customers got this at the end of March. But in terms of kind of filling the boxes and when we think about what Revio could do, I think you discussed maybe 4 quarters out is when you actually could see a run rate pull through.

是的，這非常有幫助。也許只是快速跟進。我知道這顯然太早了。現在是 5 月 2 日。第一批客戶在 3 月底收到了這個。但就填充盒子的類型以及當我們考慮 Revio 可以做什麼時，我認為你討論過也許 4 個季度後你實際上可以看到運行率通過。

Just kind of what are you hearing from customers on that front in terms of the box can generate, I think, sequence 1,300 genomes. So as we think about modeling out pull-through and the early users and kind of the demand trends, like what would be -- that early traction suggests about the utilization of revenue?

我認為，就盒子而言，你從客戶那裡聽到的那種東西可以生成 1,300 個基因組的序列。因此，當我們考慮對拉動和早期用戶以及需求趨勢進行建模時，就像什麼一樣 - 早期牽引力表明收入的利用？

Yes. Dan, it is really impossible for me to really kind of predict the future. But a couple of things that I can kind of comment on, first of all, the consumable shipments for Revio were higher than we had modeled even straight out of the gate.

是的。丹，我真的不可能真正預測未來。但有幾件事我可以評論一下，首先，Revio 的消耗品出貨量甚至比我們剛開始時模擬的還要高。

And so what that says is there's enthusiasm to get going. Second, in my prepared remarks, we talked a lot about there are lots of customer conversations that we have where people are moving short-read projects to long read.

因此，這說明有繼續前進的熱情。其次，在我準備好的發言中，我們談了很多關於我們有很多客戶對話，人們正在將短讀項目轉移到長讀。

And so what that means to me is that, first of all, they see utility and long reads and utility on Revio. But secondly, it means that samples exist to make that transition happen reasonably quickly. And so those are both 2 encouraging signs.

所以這對我來說意味著，首先，他們在 Revio 上看到了實用性、長讀和實用性。但其次，這意味著存在可以使這種轉變相當迅速地發生的樣本。因此，這兩個都是令人鼓舞的跡象。

So far, since -- as you said, most of these systems were delivered anywhere from mid to late March. And so it's still way too early to really have a read. But -- the one other thing I would say is people are using their systems.

到目前為止，正如您所說，這些系統中的大多數都是從 3 月中旬到下旬在任何地方交付的。因此，現在真正閱讀還為時過早。但是——我要說的另一件事是人們正在使用他們的系統。

Hundreds of smart cells have been run, hundreds upon hundreds of been run. And overall, the results are -- the performance is quite high, which gives us -- which helps the new instrument funnel, of course, but it also helps you say, "Hey, this is going to be a robust product that customers can run hard and over time."

已經運行了數百個智能單元，運行了數百個。總的來說，結果是——性能相當高，這給了我們——這當然有助於新儀器漏斗，但它也有助於你說，“嘿，這將是一個強大的產品，客戶可以隨著時間的推移努力奔跑。”

So that's about all I can say on it now, but we'll watch from quarter-to-quarter and try to give color where we can. And as we get a few quarters into this, start to report some of those kind of pull-through metrics and our perspective on where they're going, but it's a bit early yet, Dan.

所以這就是我現在能說的全部內容，但我們會逐季觀察，並儘力在可能的地方賦予色彩。當我們進入這幾個季度時，開始報告一些這樣的拉動指標以及我們對它們的發展方向的看法，但現在還為時過早，丹。

And the next question will come from David Westenberg from Piper Sandler.

下一個問題將來自 Piper Sandler 的 David Westenberg。

Congrats on this really great instrument orders and placements here. I want to start off with the gross margin here. I know that you had some people that bought Sequel II in year like last year, I think they got a discount. And then I was just wondering here, how should we think about gross margins?

恭喜您在這裡獲得了非常棒的樂器訂單和安置。我想從這裡的毛利率開始。我知道你們有一些人在去年購買了 Sequel II，我想他們得到了折扣。然後我只是想知道，我們應該如何考慮毛利率？

When do we start to really see the leverage of the manufacturing? And as we get into 2024, maybe you roll off that discount and you're going to see higher ASPs and better gross margins? And then last one on the gross margin side. That $3.5 million of inventory coming off. Is that all -- is that all the headwind in the guidance for this year? Or is there more than that? And I guess I think all those questions are probably for Susan actually...

我們什麼時候開始真正看到製造業的影響力？當我們進入 2024 年時，也許你會取消折扣，你會看到更高的平均售價和更好的毛利率？然後是毛利率方面的最後一個。那 350 萬美元的存貨減少了。這就是今年指南中的所有逆風嗎？還是不止於此？我想我認為所有這些問題實際上可能是給蘇珊的……

Well, I'll take a stab at starting and then maybe we'll pass it to Susan. But first of all, the strategy -- the pricing strategy and launch strategy for Revio was really developed around the notion of delighting our customers and making sure that the transition from Sequel to Revio was as painless as absolutely possible.

好吧，我會嘗試開始，然後也許我們會把它傳遞給 Susan。但首先，策略——Revio 的定價策略和發布策略實際上是圍繞取悅我們的客戶並確保從 Sequel 到 Revio 的過渡盡可能無痛的概念而製定的。

Through lots of experience that we've had over the years, we know these product transitions are tough. And so we set up a loyalty discount program that says you get x amount of discount if you bought a sequencer in '22, x minus something for '21, and I believe even for 2020. So we gave all of our installed base a bit of a discount with the heaviest discounts being that in 2022. The -- so as a result, the first 76 orders were virtually all discounted pretty reasonably.

通過我們多年來積累的大量經驗，我們知道這些產品轉換是艱難的。因此，我們建立了一個忠誠度折扣計劃，說如果你在 22 年購買了一個音序器，你將獲得 x 的折扣，x 減去 21 年的折扣，我相信即使到 2020 年也是如此。所以我們給了我們所有的安裝基礎一點折扣最大的是 2022 年的折扣。因此，前 76 個訂單幾乎都打了相當合理的折扣。

And that program ended in February. And so when we look at our financials and our projections over the year, we would expect the low watermark of ASP to be this quarter, Q1, and then Q2, Q3 and Q4, we expect ASPs to improve and then probably kind of normalize at their normalized rate in the first part of 2024.

該計劃於二月結束。因此，當我們查看全年的財務狀況和預測時，我們預計 ASP 的低水位線將出現在本季度、第一季度，然後是第二季度、第三季度和第四季度，我們預計 ASP 會有所改善，然後可能會正常化他們在 2024 年上半年的正常化率。

So we think that's how ASPs are going to unpack themselves as we ship all of the systems out of our backlog. If you move to the gross margin and the charge, the charge that we took in Q1 was really based on the consumable demand expectations for Sequel II. And so what I mean by that is we're seeing customers transition to Revio faster than maybe we had predicted because these things are extremely difficult to predict, and we needed to make sure we had enough inventory capability if the transition was slow or if it was fast.

因此，我們認為這就是 ASP 在我們將所有系統從積壓中運出時如何打開自己的包裝。如果你轉向毛利率和費用，我們在第一季度收取的費用實際上是基於對續集 II 的消耗品需求預期。所以我的意思是，我們看到客戶過渡到 Revio 的速度可能比我們預期的要快，因為這些事情極難預測，我們需要確保在過渡緩慢或過渡緩慢時我們有足夠的庫存能力很快。

It seems as though it's happening faster than we would than we modeled. And as a result, we took about a $3.5 million charge, most of that amount is related to consumables. Back in Q4, if you remember, we did take a charge as well, and that was for the Sequel II instrument. And so at this point, we anticipate that we're through most of those excess inventory issues. And so we don't see significant material amounts of issue going forward, I guess, is the best way to characterize it.

似乎它的發生速度比我們模擬的要快。結果，我們收取了大約 350 萬美元的費用，其中大部分與消耗品有關。回到第 4 季度，如果您還記得的話，我們也確實收取了費用，那是針對 Sequel II 樂器的。因此，在這一點上，我們預計我們將解決大部分庫存過剩問題。因此，我想，我們沒有看到未來出現重大問題，這是描述它的最佳方式。

I think the one thing that I'll add, David, that you were asking, just in terms of when do you start to get the leverage on gross margins. So we talked a lot about the consumable mix being a big part of helping to get that leverage on gross margins.

我想我要補充的一件事，大衛，你問的是你什麼時候開始獲得毛利率的影響力。因此，我們談了很多關於消耗品組合是幫助獲得毛利率槓桿的重要部分。

And so with the growth of the installed base and as you can tell from our guidance, this is a very instrument revenue heavy year. And so next year, you start to see more of the consumable revenue as our installed base for Revio has grown. And so that's going to help in terms of our gross margin expansion that you'll start to see more of in 2024 relative to this year.

因此，隨著安裝基礎的增長，正如您從我們的指導中可以看出的那樣，這是儀器收入非常高的一年。因此，明年，隨著我們 Revio 用戶群的增長，您將開始看到更多的消費品收入。因此，這將有助於我們的毛利率擴張，你將在 2024 年看到比今年更多的毛利率。

But the other thing, Susan, we probably should point out is that we expect this to be the low water market gross margins for this Q1 being the low watermark for this year. We expect it to improve quarter by quarter and then get the leverage like to talk about really in '24.

但另一件事，Susan，我們可能應該指出的是，我們預計第一季度的低水市場毛利率是今年的低水位線。我們預計它會一個季度一個季度地改善，然後在 24 年獲得像真正談論的槓桿作用。

Exactly.

確切地。

We expect it to improve quarter by quarter and then get the leverage like to talk about really in '24.

我們預計它會一個季度一個季度地改善，然後在 24 年獲得像真正談論的槓桿作用。

The next question will come from Kyle Mikson from Canaccord.

下一個問題將來自 Canaccord 的 Kyle Mikson。

Congrats on the strong start out of the gate here looking out the hype so far. I wanted to just ask 2, I guess, more (inaudible) question. First, on the guidance update, you literally raised the guide by the in the first quarter yet revenues ahead of expectations.

恭喜你看到到目前為止的炒作，從一開始就取得了良好的開端。我想我只想問 2 個更多（聽不清）的問題。首先，關於指導更新，您確實在第一季度提高了指導，但收入超出預期。

And you said, I think, Christian, the 32 review has matched the total HiFi capacity in the field currently, pretty interesting data point. Maybe just provide a bit more detail on some of the assumptions for the remainder of the year at this point, both like company Pacific and macro. And just to kind of frame that, I'm curious like how much conservatism you're baking in.

你說，我認為，克里斯蒂安，32 篇評論與當前該領域的 HiFi 總容量相匹配，非常有趣的數據點。也許現在就今年剩餘時間的一些假設提供更多細節，比如太平洋公司和宏觀公司。只是為了某種框架，我很好奇你在烘烤多少保守主義。

Maybe it's too early. What would kind of like you beat this $185 million high end? And then secondly, just you received over 32 Revio orders in the first quarter. That compares to the 76 you put up after that huge ASHG coming out of event. I guess how are you thinking about orders going forward? I mean, could run rate be half this $32 number? Just kind of curious about that. And I guess, importantly, would you end the year still at like with the backlog of instruments?

也許現在還為時過早。您會怎樣擊敗這個價值 1.85 億美元的高端產品？其次，您在第一季度收到了超過 32 份 Revio 訂單。相比之下，你在那個巨大的 ASHG 退出比賽后投入了 76 個。我想你如何看待未來的訂單？我的意思是，運行率可以是這個 32 美元數字的一半嗎？只是有點好奇。而且我想，重要的是，您是否會像積壓儀器一樣在年底結束？

Okay. Kyle, that's a lot to unpack, I guess. So first of all, -- and by the way, thanks for joining us, Kyle. The guidance, we -- you could see what we did was we still have a pretty broad range of guidance. And the reason why we have that broad range is really driven by still trying to understand how fast the Sequel II consumable decline affects us and how fast Revio wraps up.

好的。凱爾，我想這有很多東西要拆開。所以首先，- 順便說一句，感謝你加入我們，Kyle。指導，我們 - 你可以看到我們所做的是我們仍然有相當廣泛的指導。我們之所以擁有如此廣泛的範圍，實際上是因為仍在努力了解 Sequel II 消耗品下降對我們的影響有多快，以及 Revio 結束的速度有多快。

And so that's still a question mark for us tactically in the course of 2023 and our revenue performance for the year. The good news is that we -- right now, we see a lot of excitement, and we see a lot of revenue ramp-up. So if you look kind of into the future of the company, it bodes extremely well for us to grow our consumables significantly over the next several years and grow our gross margins like Susan was talking about before.

因此，這對我們在 2023 年的戰術和我們今年的收入表現來說仍然是一個問號。好消息是我們 - 現在，我們看到了很多興奮，我們看到了很多收入增長。因此，如果您對公司的未來有所了解，這預示著我們在未來幾年內顯著增加我們的消耗品並增加我們的毛利率，就像蘇珊之前所說的那樣。

So we left the range pretty wide because of that. We did increase the guide modestly. We had a very nice quarter and a strong beat, and you're right, we raised to buy that amount roughly. And the thinking there is that we do see an incredible funnel continuing to build, and we do see continued opportunity to do really, really well this year.

因此，我們將範圍留得很寬。我們確實適度增加了指南。我們有一個非常好的季度和強勁的節拍，你是對的，我們籌集了大致購買的金額。那裡的想法是，我們確實看到了一個令人難以置信的漏斗繼續建立，我們確實看到今年繼續有機會做得非常非常好。

But we're also cognizant of -- there are a lot of macroeconomic factors lingering out there, and we don't have a crystal ball. And we figure -- we had great performance in the first quarter. We see very strong demand for the second quarter, which gave us some confidence to raise here.

但我們也認識到——有很多宏觀經濟因素揮之不去，我們沒有水晶球。我們認為 - 我們在第一季度表現出色。我們看到第二季度的需求非常強勁，這讓我們有信心在這裡籌集資金。

But it is the first part of the year. And what we want to do is see how the year unfolds. And if there's opportunity to clarify the guidance on the high end further over the course of the year as we get deeper in, we will. But it was the first quarter it was a great result. I'm really proud of the team. The demand curve continues to look strong. The order book continues to look really robust. And so we definitely see a lot of opportunity this year.

但這是今年的第一部分。我們想做的是看看這一年如何展開。如果有機會在我們深入研究的過程中在這一年中進一步闡明高端指南，我們會的。但這是第一季度，這是一個很好的結果。我真的為球隊感到驕傲。需求曲線看起來繼續強勁。訂單簿繼續看起來非常強勁。因此，我們今年肯定會看到很多機會。

But right now, we're just taking -- we're taking stock of the fact that we had a great Q1, and we'll see how the rest of the next few quarters unfold. Let's see, did I get all of that. The -- so as I said before, we did have more than 32 orders in Q1 and -- the reality is, our objective is to be shipping much more than that on a -- or getting orders for much more than that on a quarter-by-quarter basis. But the revenue -- but the orders in any particular quarter are going to likely be variable dependent on a lot of different factors.

但現在，我們只是——我們正在評估我們有一個偉大的第一季度的事實，我們將看到接下來幾個季度的剩餘時間如何展開。讓我們看看，我是否得到了所有這些。 - 正如我之前所說，我們在第一季度確實有超過 32 個訂單 - 現實情況是，我們的目標是出貨量遠遠超過 - 或者獲得比季度更多的訂單- 按季度計算。但收入 - 但任何特定季度的訂單可能會因許多不同因素而變化。

And so I think when you look out towards the remainder of this year, our objective is to, of course, do better than what we did for orders in Q1. But it may be lumpy from quarter-to-quarter. But on balance, I see that growing over the course of the year and into next year.

因此，我認為當你展望今年剩餘時間時，我們的目標當然是比第一季度的訂單做得更好。但它可能會從一個季度到另一個季度起伏不定。但總的來說，我看到這一年和明年都會增長。

The next question will come from Tejas Savant from Morgan Stanley.

下一個問題將來自摩根士丹利的 Tejas Savant。

So Christian, one on the hardware side and then a couple of the consumables. So on the instrument side for the Revio, can you just walk us through what your key learnings were in terms of the customer feedback you received during that April shipment pause that you had called out earlier in the year?

所以克里斯蒂安，一個是硬件方面的，然後是幾個消耗品方面的。因此，在 Revio 的儀器方面，您能否向我們介紹一下您在今年早些時候宣布的 4 月發貨暫停期間收到的客戶反饋方面的主要經驗？

And then on the consumable side of things, you've talked about sort of Max pull-through on the box being about 400,000 or so, so about 30%, 35% of the Max pull through rather. Any early insights from these placements around the slope of that ramp? Is this sort of a 2-year dynamic in your mind? Or could it be sort of more of a longer-term thing?

然後在消耗品方面，你談到了盒子上的 Max pull-through 大約是 400,000 左右，所以大約 30%，35% 的 Max pull-through。從坡道斜坡周圍的這些佈置中獲得的任何早期見解？在您看來，這是一種 2 年的動態嗎？或者它可以是更長期的事情嗎？

And then my final sort of consumables question here is, can you just share some color around the process and duration of the workflow for long-read sequencing? I mean, you highlighted the new Nanobind extraction kits. But are there any other sort of key areas you feel you need to do work in to support the higher throughput that the Revio enables?

然後我的最後一個消耗品問題是，你能分享一些關於長讀長測序工作流程和持續時間的顏色嗎？我的意思是，您強調了新的 Nanobind 提取套件。但是，您是否認為需要在其他關鍵領域開展工作以支持 Revio 實現的更高吞吐量？

Yes, Tejas, thank you for the questions. So the pause was quite modest, quite frankly. We were excited to continue shipping because the system is performing so well. But the key learnings were -- there were some software issues that any launch will typically have.

是的，Tejas，謝謝你的提問。因此，坦率地說，停頓非常適度。我們很高興能繼續發貨，因為系統運行良好。但關鍵的經驗是——任何發布通常都會遇到一些軟件問題。

So we did some patches for bug squashing which are mostly behind us now. We also just wanted to see how the first runs would be going in the field. And as I've said, probably too many times already on this call, the runs have gone really well, and we're seeing above spec output generally across all of our customers.

所以我們做了一些用於錯誤壓縮的補丁，現在大部分都在我們身後。我們還只是想看看現場的首次運行情況。正如我所說，可能在這個電話會議上已經進行了太多次，運行非常順利，我們看到我們所有客戶的輸出普遍高於規格。

We are seeing -- one of the challenges, I guess, if there was one I would point out is that the loading characteristics of loading your DNA onto the smart cell to get the optimal performance out of the 25 smart cell is a little bit different than the ADM. So our customers have been getting up to speed basically for their sample type or their application, optimizing the amount of DNA loading that has to happen.

我們看到 - 我想，如果有挑戰的話，我想指出的挑戰之一是，將 DNA 加載到智能細胞上以從 25 智能細胞中獲得最佳性能的加載特性有點不同比ADM。因此，我們的客戶基本上已經加快了他們的樣本類型或應用的速度，優化了必鬚髮生的 DNA 加載量。

So that's an area where we probably have learned a little bit and perhaps and put some new processes in place to make that big -- better. And particularly as we scale to even higher density smart cells down the road, we'll take that learning and implement it into our development program. So those are some of the things. On balance, the launch is going extremely well. It's actually been excellent.

因此，這是一個我們可能已經學到了一些東西的領域，也許並製定了一些新流程來使它變得更大——更好。特別是當我們在未來擴展到更高密度的智能單元時，我們將學習並將其實施到我們的開發計劃中。所以這些就是一些事情。總的來說，發射進行得非常順利。它實際上非常好。

And I think customers so far are pretty darn satisfied. With any particular -- we're still going to have run failures, run failures are at our target spec right now, which is good.

我認為到目前為止，客戶非常滿意。對於任何特定的 - 我們仍然會遇到運行失敗，運行失敗現在處於我們的目標規格，這很好。

We actually think we can do better. And over the course of this quarter, we'll make further enhancements to the platform to decrease run failures. But they're really a very small portion of all the runs that have heart failures at this point.

我們實際上認為我們可以做得更好。在本季度，我們將進一步增強平台以減少運行失敗。但在此時出現心力衰竭的所有跑步中，它們實際上只佔很小的一部分。

So we launched the system in a very, very robust way. With respect to Max pull-through and early insights, the truth is there's not enough run date out there for -- to even glean those insights. The only data, so to speak, is the enthusiasm of the customer base and there -- that they have been buying their consumables probably faster than I expected, which is good, and they're running their systems, getting into most of the time for the higher throughput labs, what they'll do is they'll run the systems in kind of development mode until they really lock the workflow down, and then they'll really scale up.

因此，我們以非常非常穩健的方式啟動了該系統。關於 Max pull-through 和早期見解，事實是沒有足夠的運行日期來收集這些見解。可以說，唯一的數據是客戶群的熱情——他們購買消耗品的速度可能比我預期的要快，這很好，而且他們正在運行他們的系統，大部分時間都在使用對於更高吞吐量的實驗室，他們會做的是他們將以某種開發模式運行系統，直到他們真正鎖定工作流程，然後他們才會真正擴大規模。

And so we're seeing that happen with our higher throughput customers, which is encouraging and people starting to set target dates and, "hey, I'm going to start my full scale up on this date or that date." So those are all pretty good. But we're not going to really have any fundamental insights.

因此，我們看到這種情況發生在我們更高吞吐量的客戶身上，這是令人鼓舞的，人們開始設定目標日期，“嘿，我將在這個日期或那個日期開始全面擴展。”所以這些都很好。但我們不會真的有任何基本的見解。

The one thing I would say is you kind of mentioned a 2-year time horizon to potentially get to kind of the optimal throughput or pull-through for a particular customer. First, I think that number is going to be highly variable amongst the customer base. But more importantly, I think that ramp will be much faster than 2 years.

我要說的一件事是你提到了 2 年的時間範圍，可能會為特定客戶達到最佳吞吐量或拉動。首先，我認為這個數字在客戶群中變化很大。但更重要的是，我認為增長速度將比 2 年快得多。

I think it's -- I think we should be thinking kind of in the, I don't know, somewhere between 12 and 18 months to where you see you start to see that. So hopefully, that gives you a little bit of color there.

我認為 - 我認為我們應該考慮在 12 到 18 個月之間的某個時間，你看到你開始看到它。所以希望這能給你一些顏色。

And then lastly, on improving the process upfront for automation. We do -- the system today is fully automated. We do have protocols. The Nanobind was the latest in improving workflow for (inaudible). But we -- the biggest bottlenecks are in sharing and size selection.

最後，關於改進自動化的前期流程。我們做到了——今天的系統是完全自動化的。我們確實有協議。 Nanobind 是改進（聽不清）工作流程的最新成果。但我們 - 最大的瓶頸在於共享和尺寸選擇。

And we continue to innovate and work on new ways in which we can do that the overall sequencing workflow isn't much longer than short-read technologies. And so it's not really a major -- the time is not really a major consideration. It's really just making sure that it's automated so that you're able to walk away, get high-quality libraries put them on the sequencer. And with the way we design Revio, you can load your next run at any time while the sequence is running.

我們繼續創新並致力於新的方法，使整個測序工作流程不會比短讀長技術長很多。所以這並不是真正的專業——時間並不是真正的主要考慮因素。它真的只是確保它是自動化的，這樣你就可以走開，獲得高質量的庫並將它們放在音序器上。通過我們設計 Revio 的方式，您可以在序列運行時隨時加載下一次運行。

And so to really maximize the capability of the sequencer, you could load the sequencer every day and basically run the sequencer 24 hours a day, 7 days a week. So that's what we're focused on continuing that. And then as I said, I guess I'll go one step further. The -- on the back end, we continue to launch lots of new tools to help drive sample throughput through the sequencer.

因此，要真正最大限度地發揮音序器的功能，您可以每天加載音序器，基本上每週 7 天、每天 24 小時運行音序器。所以這就是我們專注於繼續的事情。然後正如我所說，我想我會更進一步。 - 在後端，我們繼續推出許多新工具，以幫助通過測序儀提高樣品吞吐量。

And the next question will come from Sung Ji Nam from Scotiabank.

下一個問題將來自豐業銀行的 Sung Ji Nam。

And congratulations on the quarter as well. I was curious, Christian, in terms of -- it's really nice to see the Revio installed base are already up and running very well. Just curious if there are differences in terms of how quickly the customers are ramping up between the existing Sequel customers, Hi-Fi users versus new to PacBio customers.

並祝賀本季度。 Christian，我很好奇——很高興看到 Revio 安裝基礎已經啟動並運行良好。只是好奇現有 Sequel 客戶、Hi-Fi 用戶與 PacBio 新客戶之間的客戶增長速度是否存在差異。

And then including the customers achieving performance characteristics above your expectations, if there are any differences between new users versus existing users? And also just on once, if you're seeing kind of the orders related to bundling with the revenue at this point?

然後包括實現超出您預期的性能特徵的客戶，新用戶與現有用戶之間是否存在任何差異？而且就一次，如果您此時看到與收入捆綁相關的訂單類型？

Yes. Great. So with respect to new versus existing customers, -- the workflow is essentially the same for Sequel II to Revio, and that's a real benefit of Revio. And so we are seeing the existing Sequel II customers typically can get ramped up a bit faster than the new customers.

是的。偉大的。因此，對於新客戶和現有客戶，Sequel II 到 Revio 的工作流程基本相同，這是 Revio 的真正優勢。因此，我們看到現有的 Sequel II 客戶通常可以比新客戶更快地增長。

But the system has a lot of innovations to make it easier to use relative to any product that we've ever had in the past. And I think that will help our new customers make sure they get very high quality -- very high-quality DNA out of the gate using our Nanobind technology and then get those high-quality samples onto the sequencers.

但是該系統有很多創新，使其相對於我們過去擁有的任何產品都更易於使用。我認為這將幫助我們的新客戶確保他們使用我們的 Nanobind 技術從一開始就獲得非常高質量的 DNA，然後將這些高質量的樣本放到測序儀上。

And so -- I don't -- I do think the ramp for new customers will be longer before they're kind of at full capacity, probably, I don't know, 30%, 40%, 50% longer maybe. But I don't think given the ease of use of Revio. I don't think it's going to be -- I don't think it's going to really be that (inaudible), quite frankly.

所以——我不——我確實認為新客戶在達到滿負荷之前的增長時間會更長，我不知道，可能會長 30%、40%、50%。但考慮到 Revio 的易用性，我不認為。坦率地說，我不認為它會是——我不認為它真的會那樣（聽不清）。

It's still a bit early, but that's the early experience. With respect to Onso, it is really interesting, lots of conversations going on about bundling. We've had orders, but we also had orders of single Onso systems straight out of the gate.

現在還有點早，但這是早期的經驗。關於 Onso，這真的很有趣，很多關於捆綁的對話正在進行。我們已經收到訂單，但我們也直接收到了單個 Onso 系統的訂單。

And it's really exciting to see the demand curve and the power of our sales channel starting to ramp up. And so now we're finishing the late stages of development, getting ready for manufacturing at global scale and full commercialization. And our target date is by the end of the quarter, like we've been talking about. And I think it's going to be right there or right around there.

看到需求曲線和我們銷售渠道的力量開始增強，真是令人興奮。因此，現在我們正在完成後期開發，為全球範圍內的製造和全面商業化做好準備。我們的目標日期是本季度末，就像我們一直在談論的那樣。我認為它會就在那里或附近。

And I think we're going to have a lot to talk about with respect to Onso, which is -- when you think about it, launching 2 major platforms in the same year with a little company like PacBio is a pretty significant task and when we get it done, hopefully, a pretty significant achievement.

而且我認為我們將有很多關於 Onso 的討論，那就是 - 當你考慮它時，在同一年與像 PacBio 這樣的小公司一起推出 2 個主要平台是一項非常重要的任務，什麼時候我們完成了它，希望這是一個非常重要的成就。

So look forward to telling you about it more on our next call after hopefully, we have orders shipping the product, and then it's getting out in the wild.

所以期待在我們下一次電話中告訴你更多關於它的信息，希望我們有訂單運送產品，然後它就會在野外消失。

The next question will be from Julia Qin from JPMorgan.

下一個問題將來自摩根大通的 Julia Kan。

Congrats on a strong quarter. Christian, you mentioned on the prepared remarks about POPSEQ programs that are being brewed in the pipeline. Obviously, we appreciate the strength at the growth for all of us that you mentioned. But could you give us more color on the other POPSEQ programs and where we are in terms of discussion and the cycle?

祝賀一個強勁的季度。 Christian，你在準備好的評論中提到了正在醞釀中的 POPSEQ 程序。顯然，我們感謝您提到的我們所有人的成長力量。但是你能給我們更多關於其他 POPSEQ 程序的顏色以及我們在討論和周期方面的進展嗎？

And then regarding the Revio mix, 1/3 being from short lead users, is that a positive surprise to you? And how are you thinking about this mix going forward as probably both the cost on both the short and low reset continue to go down?

然後關於 Revio 組合，1/3 來自短期領先用戶，這對您來說是一個積極的驚喜嗎？您如何看待這種組合的發展，因為短期重置和低重置的成本可能都在繼續下降？

Yes. I think that -- so thanks, Julia. I'm going to try to be quick here. But with respect to the Revio mix and short samples coming on to the platform that's not surprising at all because we've achieved the economics and throughput that's enabling and it's actually kind of the fundamental piece of the thesis here is that we're going to be able to take market share and be able to expand the market with the unique capabilities of Revio.

是的。我認為——非常感謝，朱莉婭。我將在這裡嘗試快速。但是關於進入平台的 Revio 混合和短樣本一點也不奇怪，因為我們已經實現了經濟和吞吐量，這實際上是本文的基本部分，我們將能夠利用 Revio 的獨特功能佔領市場份額並擴大市場。

So I think it just helps the taking samples from existing projects helps us helps us grow faster and get the Revio further up to speed sooner, but I'm not that surprised by it because of the capabilities.

所以我認為它只是幫助從現有項目中抽樣幫助我們幫助我們更快地成長並讓 Revio 更快地加速，但由於功能，我對它並不感到驚訝。

With respect to POPSEQ, there are lots of projects that are percolating right now. I don't want to get into specifics of any one project because for competitive reasons, quite frankly. But there are early stage and they're mid-stage, and there are some late-stage projects.

關於 POPSEQ，現在有很多項目正在滲透。坦率地說，出於競爭原因，我不想詳細介紹任何一個項目。但是有早期和中期，還有一些後期項目。

The later stage 1s are the ones probably we could focus on, and we expect -- we would expect to be achieving or basically winning or participating in those programs as early as later this year.

後期階段 1 可能是我們可以關注的，我們預計 - 我們預計最早在今年晚些時候實現或基本上贏得或參與這些計劃。

So it was important to talk about in the prepared remarks to give people a sense of the Revio has made it such that we could be a strong competitor. And the projects are -- have taken notice of Revio. And so not only are we reaching out, people are reaching out to us.

因此，重要的是要在準備好的評論中談論，讓人們感覺到 Revio 已經做到了，我們可以成為一個強大的競爭對手。這些項目已經註意到了 Revio。因此，不僅我們在伸出援手，人們也在向我們伸出援手。

And I think it's that combo that's really powerful. And if we can win some of these deals, of course, that will be great for our growth. So that's what I'll say about that for today.

我認為這是真正強大的組合。當然，如果我們能贏得其中一些交易，那將對我們的發展大有裨益。這就是我今天要說的。

The next question is from John Sourbeer from UBS.

下一個問題來自瑞銀的 John Sourbeer。祝賀這個季度。

Congrats on the quarter. Just a couple of quick clarifying ones here. China was pretty strong in the quarter. Just any thoughts on how that ramps throughout the year in reopening? And then just a follow-up to that last question. On the 1/3 of new customers to PacBio, are those all new to long-read customers? Do you have a sense on how many of those might be maybe existing Oxford Nanopore customers that are converting over?

這裡只是幾個快速澄清的問題。中國在本季度相當強勁。關於全年重新開放的情況有何想法？然後只是對最後一個問題的跟進。 1/3 的 PacBio 新客戶，都是長讀客戶的新客戶嗎？您是否知道其中有多少可能是正在轉變的現有 Oxford Nanopore 客戶？

Yes. So first of all, yes, China was a really strong result, 40% growth in the quarter, and really it continues to be strong. China is always can -- as we've learned over the last 24 months could be variable, but I do think Revio and actually Onso are both helping us allay any headwinds that are -- that maybe other companies have with respect to China. So new product portfolio certainly helps there.

是的。所以首先，是的，中國是一個非常強勁的結果，本季度增長了 40%，而且確實繼續保持強勁勢頭。中國總是可以——正如我們在過去 24 個月中了解到的那樣可能會發生變化，但我確實認為 Revio 和實際上 Onso 都在幫助我們減輕任何不利因素——也許其他公司對中國的不利因素。因此，新產品組合肯定會有所幫助。

So we see that business continuing to be strong in the year. With respect to new customers, yes, most of those -- when we talk about new customers are generally new to long read. There's certainly -- they may have done some long reprogram projects with service providers, but they're generally new to long read, and some of them have tried to Oxford and some of them haven't, but I don't know the exact breakdown.

因此，我們看到該業務在這一年繼續保持強勁勢頭。關於新客戶，是的，其中大多數——當我們談論新客戶時，他們通常是長期閱讀的新客戶。當然有——他們可能已經與服務提供商一起完成了一些長期的重新編程項目，但他們通常是長期閱讀的新手，他們中的一些人嘗試過牛津，一些人還沒有，但我不知道確切的分解。

What's interesting is that although we both have long-read technologies, we both attack different parts of the market. And so we don't see each other as much as maybe one might think. We still do, but maybe not as much as one might think. But it's exciting to see the industrialization, the scale, the cost advantages of Revio excite even Oxford Nanopore customers.

有意思的是，雖然我們都有長讀技術，但我們都在攻擊不同的市場部分。因此，我們並不像人們想像的那樣經常見面。我們仍然這樣做，但可能不像人們想像的那麼多。但令人興奮的是，Revio 的產業化、規模化和成本優勢甚至讓 Oxford Nanopore 的客戶興奮不已。

And the next question will be from Ross Osborn from Cantor Fitzgerald.

下一個問題將來自 Cantor Fitzgerald 的 Ross Osborn。

Coming back to the quarter. So I guess first off, I'll reask Kyle's question regarding color on your comments that Revio place as matched HiFi demand in the market, I do not believe it was stressed, but I did think that was an interesting comment.

回到本季度。所以我想首先，我會重新問 Kyle 關於顏色的問題，你的評論是 Revio 認為市場上匹配的 HiFi 需求，我不認為這是有壓力的，但我確實認為這是一個有趣的評論。

And then for my question, can you just walk us through how you're balancing meetings shorter than anticipated Revio demand while trying to launch Onso without cannibalizing the strong revenue demand?

然後對於我的問題，你能否向我們介紹一下你如何平衡比預期 Revio 需求短的會議，同時嘗試在不蠶食強勁收入需求的情況下推出 Onso？

Sure. Those are good questions, Ross. So just a little bit of color. What we were trying to point out with that comment was that -- with Revio launching, we are now increasing the capability for customers to generate HiFi data. And we think that the more HiFi data that is created, that will drive demand for even more HiFi data.

當然。這些都是很好的問題，羅斯。所以只是一點點顏色。我們試圖通過該評論指出的是——隨著 Revio 的推出，我們現在正在提高客戶生成 HiFi 數據的能力。我們認為，創建的 HiFi 數據越多，將推動對更多 HiFi 數據的需求。

And so Revio really is the beginning of the flywheel that drives a fundamental paradigm shift in our mind of how research think about their projects and how long read-technology can really go toe to toe wish our re-technology and build up significant market.

因此，Revio 確實是飛輪的開始，它推動了我們思想中的根本範式轉變，即研究如何思考他們的項目，以及閱讀技術真正能夠從頭到腳地發展多久，希望我們的再技術和建立重要的市場。

And I think that was -- the point was really that, hey, now we're starting to get that kind of capacity into the world. And from our perspective, that's essential to driving the flywheel for long-term growth. So that was really the reason for the comment.

我認為那是 - 關鍵是，嘿，現在我們開始讓這種能力進入世界。從我們的角度來看，這對於驅動飛輪實現長期增長至關重要。所以這確實是發表評論的原因。

The last question of balancing demand and thinking about making sure we have a great Onso launch, that's something that I think about every single day. I think it's really important right now is Onso is showing a lot of promise, and we do think there's a lot of good opportunities.

最後一個問題是平衡需求和考慮確保我們有一個很棒的 Onso 發布，這是我每天都在考慮的事情。我認為現在非常重要的是 Onso 表現出很大的希望，我們確實認為有很多好的機會。

And the way we're managing that is that we have specialist folks that are focusing principally on onto. We still have one unified commercial organization, but we're definitely ramping up the intensity of focus on Onso. We don't think that is impacting our Revio -- our Revio focus.

而我們管理的方式是我們擁有主要專注於 onto 的專家。我們仍然有一個統一的商業組織，但我們肯定會加大對 Onso 的關注力度。我們認為這不會影響我們的 Revio——我們對 Revio 的關注。

And in particular, if you look at over the last 6 months, we've really pushed the Revio story hard so that we could drive and create a big funnel and now we can execute on it. And now we're in a position to continue executing on that funnel. And we're building the Onso funnel.

特別是，如果你看看過去 6 個月，我們真的很努力地推動 Revio 的故事，這樣我們就可以推動並創建一個大漏斗，現在我們可以執行它。現在我們可以繼續在該漏斗上執行。我們正在建造 Onso 漏斗。

We still need to continue to demonstrate the power of Onso and the data. And so you'll see us continue to publish a lot more data, and that will help drive the commercialization. But you're right, it is a balancing act, and it's going to require good execution for us to stay focused.

我們仍然需要繼續證明 Onso 和數據的力量。所以你會看到我們繼續發布更多數據，這將有助於推動商業化。但你是對的，這是一種平衡的行為，我們需要良好的執行才能保持專注。

The good news is that our team has a lot of experience with multiple platform selling and it really -- and thinking about how you sell solutions rather than just products, and I think that will serve us well. But it's something we have to stay focused on. So I appreciate you highlighting it, Ross.

好消息是我們的團隊在多平台銷售方面擁有豐富的經驗，而且確實如此 - 並且考慮如何銷售解決方案而不僅僅是產品，我認為這對我們很有幫助。但這是我們必須保持專注的事情。所以我感謝你強調它，羅斯。

And ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Talk Friedman for any close remarks.

女士們，先生們，我們的問答環節到此結束。我想將會議轉回 Talk Friedman 以獲得任何結束語。

Thanks, Chad, and thank you all for joining our call. That concludes it for today. We look forward to catching up with many of you at our conferences and investor events this quarter and updating you on our Q2 progress this summer. Thank you, and talk soon.

謝謝查德，感謝大家加入我們的電話會議。今天就到此結束。我們期待在本季度的會議和投資者活動中與你們中的許多人見面，並向您介紹今年夏天我們第二季度的最新進展。謝謝你，很快再談。

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。