Pacific Biosciences of California Inc (PACB) 2023 Q4 法說會逐字稿

Hello and welcome to the PacBio fourth-quarter 2023 earnings conference call.

大家好，歡迎參加 PacBio 2023 年第四季財報電話會議。

(Operator Instructions) I would now like to hand the call to Todd Friedman, Senior Director, Investor Relations.

（操作員說明）我現在想將電話轉給投資者關係高級總監 Todd Friedman。

Please go ahead.

請繼續。

Good afternoon, and welcome to PacBio's fourth-quarter 2023 earnings conference call.

下午好，歡迎參加 PacBio 2023 年第四季財報電話會議。

Earlier today, we issued a press release outlining the financial results we will be discussing on today's call.

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表現。

A copy of which is available on the Investors section of our website at www.pacb.com or as furnished on Form 8-K available on the Securities and Exchange Commission website at www.sec.gov. With me today are Christian Henry, President and Chief Executive Officer; and Susan Kim, Chief Financial Officer.

其副本可在我們網站 www.pacb.com 的投資者部分獲取，也可在美國證券交易委員會網站 www.sec.gov 上獲取 8-K 表格中提供的副本。今天與我在一起的有總裁兼執行長克里斯蒂安亨利 (Christian Henry)；和財務長蘇珊金。

On today's call, we will make forward-looking statements, including statements regarding predictions, progress, estimates, plans, intentions, guidance, and others, including expectations with respect to our growth potential, instrument and consumable sales, and GAAP and non-GAAP guidance.

在今天的電話會議上，我們將做出前瞻性聲明，包括有關預測、進展、估計、計劃、意圖、指導等的聲明，包括對我們的成長潛力、儀器和消耗品銷售以及公認會計準則和非公認會計準則的預期指導。

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.

您不應過度依賴前瞻性陳述，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有重大差異。

We refer you to our documents that we filed 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.

我們建議您參閱我們向 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。

We disclaim any obligation to update or revise these forward-looking statements except as required by law.

除法律要求外，我們不承擔任何更新或修改這些前瞻性聲明的義務。

We will also present certain financial information on a non-GAAP basis.

我們還將根據非公認會計原則提供某些財務資訊。

Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement in understanding of the company's operating results as reported under US GAAP.

非 GAAP 資訊並非根據一套全面的會計規則編制，僅用於補充了解根據美國 GAAP 報告的公司經營業績。

Management believes that non-GAAP financial measures combined with US GAAP financial measures, provide useful information to compare our performance relative to forecasts and strategic plans, and benchmark our performance externally against competitors.

管理層認為，非公認會計原則財務指標與美國公認會計原則財務指標相結合，可以提供有用的信息來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 US GAAP and non-GAAP results are presented in the tables within our earnings release.

我們的收益報告中的表格中列出了歷史美國公認會計原則和非公認會計原則結果之間的調節表。

For future periods, we're unbale to reconcile the non-GAAP gross margin and non-GAAP operating expenses without unreasonable efforts due to the uncertainty regarding, among other matters, certain acquisition-related items that may arise during the year, including future changes in fair value adjustments of contingent consideration and allocation of amortization expense attributable to certain acquired intangible assets.

對於未來期間，由於年內可能出現的某些收購相關項目（包括未來變化）的不確定性，我們無法在不做出不合理努力的情況下調節非公認會計原則毛利率和非公認會計原則營運費用或有對價的公允價值調整以及歸屬於某些收購的無形資產的攤銷費用的分配。

Please note that today's call is being recorded and will be available for replay on the Investors section of our website shortly after the call.

請注意，今天的電話會議正在錄音，電話會議結束後不久即可在我們網站的投資者部分重播。

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.

選擇使用音訊重播的投資者請注意，在現場電話會議結束後，今天電話會議中所做的前瞻性陳述可能會有所不同或發生重大變化。

(Operator Instructions) I will now turn the call over to Christian.

（接線員指示）我現在將電話轉給克里斯蒂安。

Thank you.

謝謝。

Thanks, everyone, for joining our call today.

感謝大家今天加入我們的電話會議。

I'll start by recapping our results for the year and the quarter.

我將首先回顧我們今年和本季的業績。

Then I'll discuss our commercial activity around Revio and Onso.

然後我將討論我們圍繞 Revio 和 Onso 的商業活動。

Finally, I'll discuss our latest product launches that we believe will further create value and differentiation around PacBio sequencing.

最後，我將討論我們最新推出的產品，我們相信這些產品將進一步圍繞 PacBio 定序創造價值和差異化。

I'll then pass it to Susan to discuss financials and guidance in more detail. 2023 marked PacBio's most transformative and successful year in our history.

然後我會將其傳遞給蘇珊，以更詳細地討論財務和指導。 2023 年是 PacBio 歷史上最具變革性和最成功的一年。

Our team executed aggressive goals to ramp Revio manufacturing and scale the installed base, which enabled PacBio to grow revenue 56% in 2023 to $200.5 million, which was ahead of our expectations.

我們的團隊執行了積極的目標，以提高 Revio 的產量並擴大安裝基礎，這使得 PacBio 在 2023 年的收入增長了 56%，達到 2.005 億美元，這超出了我們的預期。

For the quarter, revenue grew 113% year over year to $58.4 million, and we shipped 44 Revio instruments in the fourth quarter, bringing our installed base as of December 31, 2023, to 173 Revio systems.

本季營收年增 113%，達到 5,840 萬美元，我們在第四季出貨了 44 台 Revio 儀器，截至 2023 年 12 月 31 日，我們的安裝量達到 173 台 Revio 系統。

We also grew consumable revenue in the fourth quarter to $18.9 million, which included Revio consumables of approximately $12.4 million and represented an annualized consumable pull-through of around $385,000.

第四季我們的耗材收入也成長至 1,890 萬美元，其中包括約 1,240 萬美元的 Revio 耗材，年化耗材收入約為 385,000 美元。

The demand for long-read data continues to grow, as total giga base output on PacBio sequencers grew 68% in 2023 compared to 2022.

長讀資料的需求持續成長，2023 年 PacBio 定序儀的總千兆鹼基輸出較 2022 年成長了 68%。

We believe this momentum sets us up for another year of growth as we continue to see growing interest in HiFi for larger-scale human genomics and see it becoming more mainstream in genomic testing.

我們相信，這一勢頭將為我們帶來另一年的成長，因為我們繼續看到人們對大規模人類基因組學的 HiFi 越來越感興趣，並看到它在基因組測試中變得更加主流。

The market clearly demonstrates a shift towards long-read sequencing in a growing number of major applications, and I'll share some of the specific examples showing this shift today.

市場清楚地表明，越來越多的主要應用正在轉向長讀長定序，今天我將分享一些展示這種轉變的具體範例。

With that, our initial view on 2024 is that revenue will be between $230 million and $250 million, representing 15% to 25% growth compared to 2023.

因此，我們對 2024 年的初步預測是營收將在 2.3 億至 2.5 億美元之間，較 2023 年成長 15% 至 25%。

At the midpoint of this range, we expect Revio system shipments to be roughly flat to slightly up year over year.

在此範圍的中點，我們預計 Revio 系統出貨量將比去年同期大致持平或略有成長。

As we have previously communicated, customers have lengthened their capital purchasing time lines, which impacts the timing of instrument orders and the pace of Revio adoption.

正如我們之前所傳達的，客戶延長了資本購買時間，這影響了儀器訂單的時間和 Revio 採用的速度。

We do not anticipate these current macro trends to fundamentally impact customers' desire to sequence with HiFi long-reads.

我們預計當前的宏觀趨勢不會從根本上影響客戶使用 HiFi 長讀進行定序的願望。

Susan will touch more on our guidance later.

蘇珊稍後將詳細介紹我們的指導。

Now turning back to 2023, Revio, our flagship long-read sequencer, launched early last year is making significant progress in transforming how researchers look at the genome, and we're still in the early adoption curve.

現在回望 2023 年，去年初推出的旗艦長讀長定序儀 Revio 在改變研究人員看待基因組的方式方面取得了重大進展，而且我們仍處於早期採用曲線。

We've been especially pleased with the number of new customers adopting Revio, as nearly 30% of Revio systems ordered in the fourth quarter were from new PacBio customers and almost 40% of Revio systems ordered in 2023 were from new PacBio customers.

我們對採用 Revio 的新客戶數量感到特別滿意，因為第四季度訂購的 Revio 系統中有近 30% 來自新的 PacBio 客戶，而 2023 年訂購的 Revio 系統中有近 40% 來自新的 PacBio 客戶。

New customers in the fourth quarter included Karolinska University Hospital in Sweden, a HiFi Solves consortium member planning to use Revio to address the limitations of short-reads on structural variation, tandem repeats, and phasing to find more answers for genetic disease.

第四季度的新客戶包括瑞典卡羅林斯卡大學醫院，該醫院是HiFi Solves 聯盟的成員，計劃使用Revio 來解決短讀在結構變​​異、串聯重複和分階段尋找遺傳疾病更多答案方面的局限性。

The HiFi Solves consortium was just announced last quarter.

HiFi Sollves 聯盟於上季剛宣布成立。

And by creating this collaboration of 15 leading genomics research institutions across 10 countries, we expect best practices sharing to accelerate the impact HiFi can have on human health.

透過與 10 個國家的 15 家領先基因組學研究機構建立合作，我們期望分享最佳實踐，以加速 HiFi 對人類健康的影響。

We're also making solid progress on converting existing PacBio customers over to Revio as about one-third of our Sequel II and IIe customers have now ordered Revio.

我們在將現有 PacBio 客戶轉向 Revio 方面也取得了紮實進展，因為我們大約三分之一的 Sequel II 和 IIe 客戶現在已訂購 Revio。

We are still in the early product transition cycle and expect most Sequel II or IIe users to migrate over to Revio over time.

我們仍處於早期產品轉換週期，預計大多數 Sequel II 或 IIe 用戶隨著時間的推移會遷移到 Revio。

Additionally, we expect customers who have adopted Revio in 2023 to continue to expand their fleets as they fill their Revios to capacity.

此外，我們預計在 2023 年採用 Revio 的客戶將繼續擴大其車隊，因為他們的 Revios 已滿。

We're already starting to see this with some customers ordering their second or third Revios in the fourth quarter, like Radboud University, which took its second Revio expanding its fleet to ramp up its efforts in rare disease research.

我們已經開始看到這一點，一些客戶在第四季度訂購了第二個或第三個Revio，例如拉德堡德大學(Radboud University)，該大學使用了第二個Revio 擴大了其機隊，以加大在罕見疾病研究上的力道。

Additionally, Children's Mercy Hospital of Kansas City ordered its third Revio to continue its effort to consolidate test for genetics and epigenetics, increase efficiency, and improve solve rates while accelerating turnaround time.

此外，堪薩斯城兒童慈善醫院訂購了第三台 Revio，以繼續努力鞏固遺傳學和表觀遺傳學測試，提高效率並提高解決率，同時加快週轉時間。

These fleet expansions demonstrate the elasticity and the demand to move samples over to HiFi long reads.

這些機隊擴張證明了將樣本轉移到 HiFi 長讀取的彈性和需求。

2023 was also a landmark year for PacBio as we launched Onso, our second major sequencing platform just months after we started shipping Revio, enabling us to address a multibillion-dollar short read sequencing market.

2023 年對於 PacBio 來說也是具有里程碑意義的一年，我們在開始發貨 Revio 幾個月後推出了第二個主要測序平台 Onso，使我們能夠應對價值數十億美元的短讀長測序市場。

With Onso, we've gradually ramped up manufacturing capacity and grew shipments sequentially in the fourth quarter.

透過 Onso，我們逐漸提高了製造能力，並在第四季度連續增加了出貨量。

We have now received orders from a wide range of customers who plan to use it in applications ranging from oncology, including research into fragmentomics and targeted cell-free DNA panels to exome sequencing and metagenomics.

我們現已收到眾多客戶的訂單，他們計劃將其用於腫瘤學等各種應用，包括片段組學和靶向無細胞 DNA 組合的研究，以及外顯子組測序和宏基因組學。

One Onso customer is TGen, which is taking advantage of the platform's accuracy to detect rare populations associated with disease in a high background of non-disease material for applications like early cancer detection and infectious disease research.

TGen 是 Onso 的客戶之一，該公司正在利用該平台的準確性在非疾病材料的高背景中檢測與疾病相關的稀有群體，用於早期癌症檢測和傳染病研究等應用。

Last month, researchers from the Institute presented data that shows Onso is achieving well beyond its Q4 specification on customer liquid biopsy samples with the majority of bases over Q50 or one error in 100,000 basis of sequencing.

上個月，該研究所的研究人員提供的數據顯示 Onso 在客戶液體活檢樣本上的表現遠遠超出了其 Q4 規格，其中大多數鹼基超過 Q50 或 100,000 個定序鹼基中只有一個錯誤。

Since Onso's launch, peers in the industry have been increasingly discussing the value of accuracy, which we believe underscores accuracy as an unmet need that PacBio is differentially positioned to address with our sequencing by binding chemistry.

自 Onso 推出以來，業內同行越來越多地討論準確性的價值，我們認為這強調了準確性作為一個未滿足的需求，PacBio 具有獨特的定位，可以透過結合化學來解決我們的定序問題。

Moving on, as we do every year, I wanted to share an update on our internal market segmentation from the previous year.

接下來，就像我們每年所做的那樣，我想分享上一年我們內部市場區隔的最新情況。

Our customers use our products across a diverse set of sequencing applications.

我們的客戶在各種定序應用中使用我們的產品。

In 2023, human genomics was the largest portion of our business, accounting for approximately 40% of our revenue.

2023年，人類基因體學是我們業務的最大組成部分，約占我們收入的40%。

This includes a wide range of customers like UC Irvine and the GREGoR Consortium, looking to run a multi-thousand sample project in rare disease or Biosensia, who is now using HiFi for routine testing for certain sensory disorders.

這包括像加州大學歐文分校和 GREGoR Consortium 這樣的廣泛客戶，希望在罕見疾病或 Biosensia 中運行數千個樣本項目，Biosensia 現在正在使用 HiFi 對某些感官障礙進行常規測試。

Plant, animal, and agrigenomics, again, was the second largest part of our customer base, making up approximately 25% of our revenue as long reads have been well positioned to interrogate these often large and complex genomes.

植物、動物和農業基因組學再次成為我們客戶群的第二大組成部分，約占我們收入的 25%，因為長讀取已經能夠很好地詢問這些通常龐大而複雜的基因組。

This includes agricultural companies that are adopting Revio to incorporate low past genome sequencing to improve their workflows and get better insights into crop development and production.

其中包括採用 Revio 整合過去基因組定序的農業公司，以改善其工作流程並更好地了解作物開發和生產。

Microbiology and infectious disease makes up about 20% of our business and include a wide array of customers across public health labs, research institutes, and academic labs across a dynamic range of applications from pathogen surveillance to biology of host pathogen dynamics, drug resistance and more.

微生物學和傳染病約佔我們業務的 20%，包括公共衛生實驗室、研究機構和學術實驗室的廣泛客戶，涵蓋從病原體監測到宿主病原體動態生物學、抗藥性等一系列動態應用。

Cancer genomics was roughly 10%, and this is really an application that we believe can be further addressed with Onso's accuracy.

癌症基因組學大約是 10%，我們相信這確實是一個可以透過 Onso 的準確性進一步解決的應用。

For example, McGill University researchers used Onso, and preliminary results presented at the early detection of Cancer Conference in October indicate that Onso's ability to accurately sequence through homopolymer regions has the potential to increase the detection of microsatellite instability.

例如，麥吉爾大學的研究人員使用了 Onso，在 10 月的癌症早期檢測會議上公佈的初步結果表明，Onso 通過均聚物區域進行精確測序的能力有可能提高微衛星不穩定性的檢測。

The remaining approximately 5% of our revenue is from other and emerging markets, including biopharma.

我們剩餘約 5% 的收入來自其他新興市場，包括生物製藥。

And in the fourth quarter, it included a new gene editing customer planning to implement Revio as part of its cardiovascular disease therapeutic development.

第四季度，一個新的基因編輯客戶計劃實施 Revio，作為其心血管疾病治療開發的一部分。

Turning to product launches. last week at AGBT, we announced new library prep kits that eliminate bottlenecks in the high fly workflow and make PacBio long-read library prep on par with that of short-read sequencing, making it easier for our customers to make the most of their Revio systems.

轉向產品發布。上週在AGBT 上，我們發布了新的文庫製備試劑盒，該試劑盒消除了high-fly 工作流程中的瓶頸，並使PacBio 長讀長文庫製備與短讀長測序相當，使我們的客戶更容易充分利用他們的Revio系統。

Our HiFi Prep Kit and HiFi Plex Prep Kit 96 offers customers the potential for up to 60% decrease in workflow time and up to 40% reduction in costs and further lowers the DNA input requirements.

我們的 HiFi Prep Kit 和 HiFi Plex Prep Kit 96 可為客戶帶來高達 60% 的工作流程時間縮短和 40% 的成本降低，並進一步降低 DNA 輸入要求。

It also allows customers to automate the sometimes tedious library prep process by integrating with the Hamilton NGS Star system with other automation platform partners to be announced in the future.

它還允許客戶透過與 Hamilton NGS Star 系統以及未來宣布的其他自動化平台合作夥伴集成，自動化有時繁瑣的文庫製備流程。

In the fourth quarter, we launched our Kinnex kits for a scalable, cost-effective RNA sequencing.

在第四季度，我們推出了 Kinnex 試劑盒，用於可擴展、經濟高效的 RNA 定序。

We've been extremely pleased with our customer enthusiasm and uptake for these kits, and we now have orders from over 115 different customers.

我們對客戶對這些套件的熱情和接受感到非常滿意，現在我們已經收到了超過 115 個不同客戶的訂單。

An early adopter at UCSD's Sanford consortium commented on how demand for the full-linked RNA sequencing is outpacing genomic DNA sequencing and the customer shared that the Kinnex kit enables competitive pricing, high throughput, ease of use and automation, and has provided for consistent sequencing yields across various samples.

加州大學聖地牙哥分校桑福德聯盟的一位早期採用者評論說，對全連鎖RNA 定序的需求正在超過基因組DNA 測序，該客戶分享說，Kinnex 試劑盒具有有競爭力的價格、高通量、易於使用和自動化，並提供了一致的測序不同樣本的產量。

Kinnex can also help researchers glean more insights into RNA across various applications.

Kinnex 還可以幫助研究人員在各種應用中收集更多關於 RNA 的見解。

For example, another early user from a leading pediatric hospital in Columbus, Ohio, used Kinnex to study somatic mosaic diseases like cancer and epilepsy, and with Kinnex was able to pinpoint specific cell types harboring disease-causing genomic variants from single cell data.

例如，來自俄亥俄州哥倫布市一家領先兒科醫院的另一位早期用戶使用 Kinnex 研究癌症和癲癇等體細胞鑲嵌疾病，並且透過 Kinnex 能夠從單細胞數據中查明含有致病基因組變異的特定細胞類型。

The customer explained that Kinnex can help identify cell types harboring the mutation and then understand the mutations influence on the transcriptome, which could lead to a better basic biological understanding of how the disease occurs, but can also give clues into the timing of disease occurrence and the onset in children.

客戶解釋說，Kinnex可以幫助識別攜帶突變的細胞類型，然後了解突變對轉錄組的影響，這可以讓我們更好地了解疾病發生的基本生物學原理，同時也可以為疾病發生的時間和發生的時間提供線索。

These are just a couple of examples, and we believe Kinnex will continue to accelerate long-read sequencing as the preferred method in several RNA-Seq applications.

這些只是幾個例子，我們相信 Kinnex 將繼續加速長讀長定序，成為多種 RNA-Seq 應用的首選方法。

Lastly, we rolled out our v13.0 software for Revio last quarter and 93% of our Revio runs are using the new v13.0 software.

最後，我們在上個季度推出了 Revio v13.0 軟體，93% 的 Revio 運作都在使用新的 v13.0 軟體。

As a result, customers are getting a better user experience.

結果，客戶獲得了更好的使用者體驗。

We've seen over a four-fold decline in overloading, and customers are starting to realize increased yields on their smart cells

我們看到過載下降了四倍以上，客戶開始意識到智慧電池的產量有所提高

Finally, to wrap it up, last week was the annual Advances in Genome Biology and Technology Conference, or AGBT.

最後，總結一下，上週是一年一度的基因組生物學和技術進展會議（AGBT）。

And it was encouraging to see the impact that HiFi long-read sequencing had on the research community and the desire for researchers to look deeper and assemble more information from the genome than ever before.

看到 HiFi 長讀長定序對研究界的影響以及研究人員比以往任何時候都更深入地研究並從基因組中收集更多資訊的願望是令人鼓舞的。

Our team walked away from the conference feeling like an inflection point for HiFi sequencing has truly just begun.

我們的團隊在離開會議時感覺 HiFi 定序的轉折點才真正開始。

And with that, I'll pass the call to Susan to discuss our financials.

接下來，我會將電話轉給蘇珊，討論我們的財務狀況。

Susan?

蘇珊？

Thank you, Christian.

謝謝你，克里斯蒂安。

As discussed, we reported $58.4 million in product service and other revenue in the fourth quarter of 2023, which represented an increase of 113% from $27.4 million in the fourth quarter of 2022.

如同所討論的，我們報告 2023 年第四季的產品服務和其他收入為 5840 萬美元，比 2022 年第四季的 2740 萬美元增長了 113%。

Instrument revenue in the fourth quarter was $35.1 million, an increase of 475% from $6.1 million in the fourth quarter of 2022, driven by continued adoption of the Revio platform.

在 Revio 平台持續採用的推動下，第四季儀器營收為 3,510 萬美元，較 2022 年第四季的 610 萬美元成長 475%。

We ended the quarter with an installed base of 173 Revio systems.

本季結束時，我們的 Revio 系統安裝量為 173 套。

Turning to consumables, revenue of $18.9 million in the fourth quarter increased 13% from $16.7 million in the fourth quarter of last year and was a record for PacBio with approximately $12.4 million of consumable revenue coming from Revio Systems, reflecting an annualized pull-through for the Revio System of $385,000 and the remainder from other systems and other consumables.

談到耗材，第四季的營收為 1,890 萬美元，比去年第四季的 1,670 萬美元增長了 13%，創下了 PacBio 的紀錄，來自 Revio Systems 的耗材收入約為 1,240 萬美元，反映了Revio 系統385,000 美元，其餘部分來自其他系統和其他消耗品。

Finally, service and other revenue was $4.4 million in the fourth quarter compared to $4.6 million in the fourth quarter of 2022.

最後，第四季的服務和其他收入為 440 萬美元，而 2022 年第四季為 460 萬美元。

From a regional perspective, Americas revenue of $33.9 million grew 182% compared to the fourth quarter of 2022.

從地區角度來看，美洲地區營收為 3,390 萬美元，較 2022 年第四季成長 182%。

The region's record quarter was driven by continued growth in instruments and consumables from both new and existing customers.

該地區創紀錄的季度業績是由新客戶和現有客戶的儀器和消耗品持續成長所推動的。

For Asia-Pacific, revenue of $13.4 million grew 31% over the prior year, with consumables in the region growing nearly $2 million quarter over quarter, which was in part due to stocking orders and year-end budget spend.

亞太地區的收入為 1,340 萬美元，比上年增長 31%，該地區的消耗品環比增長近 200 萬美元，部分原因是庫存訂單和年終預算支出。

Finally, EMEA revenue of $11.1 million grew 114% over the prior year period.

最後，歐洲、中東和非洲地區的營收為 1,110 萬美元，比上年同期成長 114%。

Moving down the P&L, a GAAP gross profit of $9.6 million in the fourth quarter of 2023 represented a gross margin of 16% compared to a GAAP gross profit of $5.1 million in the fourth quarter of 2022, which represented a gross margin of 19%.

從損益表來看，2023 年第四季的 GAAP 毛利為 960 萬美元，毛利率為 16%，而 2022 年第四季的 GAAP 毛利為 510 萬美元，毛利率為 19%。

The GAAP gross profit in the fourth quarter of 2023 includes the amortization of acquired intangibles from the acquisition of Omniome as we allocate some of the amortization expense to the cost of goods sold now that we are generating revenue from the Onso product.

2023 年第四季的 GAAP 毛利包括收購 Omniome 所獲得的無形資產的攤銷，因為我們現在正在從 Onso 產品中產生收入，因此我們將部分攤銷費用分配到所售商品的成本中。

Fourth quarter 2023 non-GAAP gross profit of $11.1 million represented a non-GAAP gross margin of 19% compared to a non-GAAP gross profit of $5.3 million or 19% in the fourth quarter of last year.

2023 年第四季非 GAAP 毛利為 1,110 萬美元，非 GAAP 毛利率為 19%，去年第四季非 GAAP 毛利為 530 萬美元，即 19%。

Gross profit in the fourth quarter of 2023 and fourth quarter of 2022 included inventory reserves and loss on purchase commitments totaling approximately $9.3 million and $7.1 million, respectively, primarily due to the continued decline in Sequel II/IIe consumable demand in the transition to the Revio platform as well as the decline in Sequel II instrument demand from predominantly one customer in China.

2023 年第四季和2022 年第四季的毛利包括庫存儲備和採購承諾損失，總計分別約為930 萬美元和710 萬美元，主要是由於Sequel II/IIe 過渡到Revio 過程中消耗品需求持續下降平台以及主要來自中國一家客戶的 Sequel II 儀器需求下降。

GAAP operating expenses were $97.1 million in the fourth quarter of 2023 compared to $92.2 million in the fourth quarter of 2022.

2023 年第四季的 GAAP 營運費用為 9,710 萬美元，而 2022 年第四季為 9,220 萬美元。

Excluding change in fair value of contingent consideration, amortization of acquired intangible assets and merger-related expenses and restructuring costs, non-GAAP operating expenses were $88.4 million in the fourth quarter of 2023 compared to $87.6 million in the fourth quarter of 2022.

不包括或有對價公允價值變動、收購無形資產攤銷以及合併相關費用和重組成本，2023 年第四季非公認會計原則營運費用為 8,840 萬美元，而 2022 年第四季為 8,760 萬美元。

Regarding headcount, we ended the quarter with 796 employees compared to 844 at the end of Q3 2023 and 769 at the end of the fourth quarter of 2022.

就員工人數而言，本季末我們有 796 名員工，而 2023 年第三季末為 844 名，2022 年第四季末為 769 名。

Headcount declined following Q3 2023 due to a reorganization, primarily within our R&D organization, which resulted in a reduction of approximately 55 physicians in the fourth quarter.

由於重組（主要是在我們的研發組織內），2023 年第三季後員工人數下降，導致第四季減少了約 55 名醫生。

Operating expenses in the fourth quarter included non-cash share-based compensation of $15.4 million compared to $16.8 million in the fourth quarter of last year.

第四季的營運費用包括 1,540 萬美元的非現金股份薪酬，而去年第四季的營運費用為 1,680 萬美元。

GAAP net loss in the fourth quarter of 2023 was $82.0 million or $0.31 per share compared to a GAAP net loss of $84.4 million in the fourth quarter of 2022 or $0.37 per share.

2023 年第四季 GAAP 淨虧損為 8,200 萬美元，即每股 0.31 美元，而 2022 年第四季 GAAP 淨虧損為 8,440 萬美元，即每股 0.37 美元。

Non-GAAP net loss was $72.5 million, representing $0.27 per share in the fourth quarter of 2023 compared to a non-GAAP net loss of $79.6 million, representing $0.35 per share in the fourth quarter of 2022.

非 GAAP 淨虧損為 7,250 萬美元，相當於 2023 年第四季每股虧損 0.27 美元，而非 GAAP 淨虧損為 7,960 萬美元，相當於 2022 年第四季每股虧損 0.35 美元。

Turning to our balance sheet items.

轉向我們的資產負債表項目。

We ended the fourth quarter with $631.4 million in unrestricted cash and investments compared with $767.8 million at the end of the third quarter of 2023.

截至第四季末，我們的非限制性現金和投資為 6.314 億美元，而 2023 年第三季末為 7.678 億美元。

The decline reflects approximately $95.8 million in cash paid to the former Omniome shareholders in connection with the milestone achievement.

這一下降反映了為實現這一里程碑式成就而向前 Omniome 股東支付的約 9,580 萬美元現金。

Inventory balances decreased in the fourth quarter to $56.7 million, representing 2.9 inventory turns compared with $68.3 million at the end of the third quarter of 2023, representing 2.2 inventory turns.

第四季庫存餘額下降至 5,670 萬美元，相當於 2.9 倍庫存週轉率，而 2023 年第三季末庫存餘額為 6,830 萬美元，相當於 2.2 倍庫存週轉率。

Accounts receivable increased in the fourth quarter to $36.6 million compared with $30.5 million at the end of the third quarter of 2023.

第四季應收帳款增加至 3,660 萬美元，而 2023 年第三季末為 3,050 萬美元。

As of December 31, 2023, our total product backlog was approximately $18.7 million compared to $51.5 million as of December 31, 2022.

截至 2023 年 12 月 31 日，我們的產品積壓總額約為 1,870 萬美元，而截至 2022 年 12 月 31 日為 5,150 萬美元。

The decline was primarily related to our record starting backlog in 2023 and the ramp-up of manufacturing to deliver Revio to customers throughout 2023.

這一下降主要與我們在 2023 年創紀錄的開工積壓以及在 2023 年全年向客戶交付 Revio 的生產量增加有關。

As we've communicated before, we expect to share this backlog figure on an annual basis in our Form 10-K.

正如我們之前溝通過的，我們希望每年在 10-K 表格中分享這項積壓數據。

Now to expand a bit on financial guidance.

現在擴展一下財務指導。

As Christian indicated, we continue to expect Revio to drive growth in 2024 and expect full year revenue to be between $230 million to $250 million.

正如 Christian 所言，我們繼續預計 Revio 將在 2024 年推動成長，並預計全年營收將在 2.3 億美元至 2.5 億美元之間。

Compared to 2023, this represents a growth rate of approximately 15% to 25%, which we believe will be well above the sequencing market growth rate.

與 2023 年相比，成長率約為 15% 至 25%，我們認為這將遠高於定序市場的成長率。

At the midpoint of our guidance range, we expect Revio system shipments to be flat to slightly higher compared to the 173 units shipped in 2023.

在我們指引範圍的中點，我們預計 Revio 系統出貨量將與 2023 年的 173 台出貨量持平或略高。

Our growth expectations consider several macro factors that are impacting purchases of capital equipment.

我們的成長預期考慮了影響資本設備購買的幾個宏觀因素。

For example, the funding environment in China is impacting our ability to further expand our Revio installed base in the country, specifically with smaller volume academic labs.

例如，中國的融資環境正在影響我們進一步擴大 Revio 在該國安裝基礎的能力，特別是規模較小的學術實驗室。

Additionally, persistent inflation and high interest rates are lengthening sales cycles globally.

此外，持續的通貨膨脹和高利率正在延長全球銷售週期。

In terms of linearity, we expect approximately 45% of revenue in the first half and 55% in the second half.

就線性而言，我們預計上半年營收約為 45%，下半年約為 55%。

Based off what we've seen quarter-to-date, we expect the first quarter revenue to be lower compared to the fourth quarter of 2023 with Revio system shipments flat to slightly down sequentially with lower ASPs and total consumable revenue approximately flat.

根據我們本季迄今所看到的情況，我們預計第一季的營收將低於2023 年第四季，其中Revio 系統出貨量將持平或略有下降，平均售價較低，耗材總收入大致持平。

As we continue to expect Revio instruments and consumables to make up the majority of revenue, we do not expect to share Sequel IIe or Onso placements or pull through on a quarterly basis for these platforms this year.

由於我們仍然預期 Revio 儀器和耗材將佔收入的大部分，因此我們預計今年不會分享 Sequel IIe 或 Onso 的投放量，也不會按季度完成這些平台的投放。

Moving down the P&L, we expect the 2024 non-GAAP gross margin to be in the range of 36% to 39%.

從損益表來看，我們預期 2024 年非 GAAP 毛利率將在 36% 至 39% 之間。

We do believe that gross margins will improve over the course of the year.

我們確實相信毛利率將在今年有所改善。

As a reminder, inventory reserve charges associated with the decline in Sequel II/IIe demand in place of higher Revio demand represented a headwind of approximately 700 basis points in 2023.

需要提醒的是，與 Sequel II/IIe 需求下降取代 Revio 需求增加相關的庫存儲備費用在 2023 年將帶來約 700 個基點的逆風。

Additionally, compared to the 2023 non-GAAP gross margin, we expect improvement driven by a mix shift toward higher-margin consumables and higher consumable manufacturing volumes as well as instant manufacturing optimization, helping to drive lower manufacturing unit costs.

此外，與 2023 年非 GAAP 毛利率相比，我們預計，向高利潤消耗品和更高消耗品製造量的混合轉變以及即時製造優化將推動毛利率的改善，從而有助於降低製造單位成本。

We expect non-GAAP operating expenses to grow less than 5% compared to 2023, which is consistent with our long-term guidance.

我們預計非 GAAP 營運費用將比 2023 年增長不到 5%，這與我們的長期指導一致。

We expect interest and other income to be between $5 million and $10 million in 2024 and the weighted average share count for EPS for the full year to be approximately $273 million.

我們預計 2024 年利息和其他收入將在 500 萬至 1,000 萬美元之間，全年每股收益加權平均股數約為 2.73 億美元。

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

我會把它交還給克里斯蒂安，讓他做最後的評論。

Christian?

基督教？

Thanks, Susan.

謝謝，蘇珊。

As we move forward in 2024, I want to reiterate our strategic priorities that I laid out last month.

在我們邁向 2024 年之際，我想重申我上個月制定的策略重點。

Our top priority is increasing the adoption of our technology by driving more Revio placements at new customers, converting existing Sequel II and IIe accounts and expanding Revio fleets at current customers.

我們的首要任務是透過在新客戶中推動更多 Revio 展示位置、轉換現有 Sequel II 和 IIe 帳戶以及在現有客戶中擴大 Revio 機群來提高我們技術的採用率。

Additionally, as we expect to complete our scaling of Onso manufacturing this quarter, we will aggressively drive placements of the Onso platform so that our leading SPB chemistry can get into the hands of more customers globally.

此外，由於我們預計本季將完成 Onso 製造規模的擴大，因此我們將積極推動 Onso 平台的佈局，以便我們領先的 SPB 化學品進入全球更多客戶的手中。

Another important priority is continuing to build the momentum for sales into the clinical and translational market.

另一個重要的優先事項是繼續增強臨床和轉換市場的銷售動能。

Earlier in the call, we discussed a few of our customers who are starting to use their Revio's in this setting, including Bioscientia and Children's Mercy Kansas City, and we aim to expand our support in this market in 2024.

在電話會議的早些時候，我們討論了一些開始在這種情況下使用 Revio 的客戶，包括 Bioscientia 和 Children's Mercy Kansas City，我們的目標是在 2024 年擴大對該市場的支持。

Additionally, we are progressing the development of our groundbreaking technologies.

此外，我們正在推動突破性技術的開發。

We launched two transformative platforms in 2023, but our work is far from complete.

我們在 2023 年推出了兩個變革性平台，但我們的工作還遠遠沒有完成。

I previewed three other instruments we're working on that we plan to launch over the coming years, and we expect to make meaningful progress on all of these this year.

我預覽了我們正在開發的其​​他三種工具，我們計劃在未來幾年推出這些工具，我們預計今年將在所有這些工具上取得有意義的進展。

I look forward to sharing more about these instruments when they near their completion.

我期待在這些工具接近完成時分享更多有關它們的資訊。

Finally, we intend to continue building our business with the goal of becoming cash flow positive during 2026.

最後，我們打算繼續發展我們的業務，目標是在 2026 年實現正現金流。

On top of our long-term revenue target of reaching at least $500 million in 2026, we have several gross margin initiatives that are expected to lower production costs, better utilized manufacturing overhead, and improve our supply chain efficiency.

除了在 2026 年達到至少 5 億美元的長期收入目標之外，我們還有幾項毛利率計劃，預計將降低生產成本、更好地利用製造費用並提高我們的供應鏈效率。

These programs, along with the product mix shift towards consumables are expected to improve our gross margins.

這些計劃以及產品組合向消耗品的轉變預計將提高我們的毛利率。

Further, we expect to continue to be disciplined on how we deploy our operating expenses and make investments in the future of our business.

此外，我們希望繼續嚴格控制營運費用的部署以及對業務未來的投資。

I continue to be encouraged by our customers' enthusiasm for our products and look forward to updating everyone on our progress as we continue to drive adoption of our technologies this year.

我繼續為客戶對我們產品的熱情所鼓舞，並期待向大家通報我們今年繼續推動技術採用的最新進展。

So with that, let's start the Q&A.

那麼，就讓我們開始問答吧。

(Operator Instructions) Dan Brennan, TD Cowen.

（操作員說明）Dan Brennan，TD Cowen。

Great.

偉大的。

Thanks for taking the questions guys.

感謝你們提出問題。

And Susan, maybe just on the headwind that you talked about, implicit in the guidance, you talked about China and close rates again.

蘇珊，也許只是在您談到的逆風中，隱含在指導中，您再次談到了中國和接近利率。

Can you give some more color on China?

能多介紹一下中國嗎？

What it do in the quarter?

本季做什麼？

What are you baking in for China for '24 on the funding side?

在資金方面，您為24世紀中國準備了什麼？

Is that worsening?

情況正在惡化嗎？

Is it stable in terms of these close rates?

就這些成交率而言，它是否穩定？

Have you seen any change there?

你看到那裡有什麼改變嗎？

Yes, Dan, thank you for that.

是的，丹，謝謝你。

We won't talk about the Q4 China's break that out separately.

我們不會單獨談論第四季中國的突破。

We actually had a decent Q4 in China.

事實上，我們在中國的第四季表現不錯。

We had some of our large service providers go with new multi-system orders, some of which were delivered in Q4.

我們的一些大型服務提供者接受了新的多系統訂單，其中一些已在第四季度交付。

Some will be delivered over the course of the first half year.

有些將在上半年交付。

But what we see in China is -- we do see funding challenges in China that are making it difficult for the smaller labs to drive into Revio.

但我們在中國看到的是——我們確實看到中國面臨資金挑戰，這使得小型實驗室很難進入 Revio。

And as a result, they're sending out their samples to the large service providers and driving the business that way.

因此，他們將樣品發送給大型服務提供者並以此方式推動業務發展。

And so although the consumables will be strong, the instruments are not as strong in China as perhaps we would be hoping for.

因此，儘管消耗品將會很強大，但中國的工具並不像我們希望的那樣強大。

And as a result, in our guidance, we significantly took down our forecast for China for the year.

因此，在我們的指引中，我們大幅下調了今年對中國的預測。

It's actually one of the biggest areas of challenge for us as we look into 2024.

展望 2024 年，這實際上是我們面臨的最大挑戰領域之一。

Kyle Mikson, Canaccord.

凱爾米克森，Canaccord。

Yeah.

是的。

Hey, guys.

嘿，夥計們。

Thanks for the question.

謝謝你的提問。

Congrats on the year.

恭喜過年。

Maybe just, Susan, could you talk about the gross margin cadence in 2024 as you reduce production costs for the Revio and increase Revio consumables revenue as well given the expanding installed base?

蘇珊，您能否談談 2024 年的毛利率節奏，因為您降低了 Revio 的生產成本，並增加了 Revio 消耗品收入，同時考慮到安裝基礎的擴大？

And how does this funnel into cash burn this year as well, just given you have that 2026 target?

鑑於您已經設定了 2026 年的目標，今年的現金消耗又是如何發生的呢？

Thanks.

謝謝。

Yeah.

是的。

Thank you for the question, Kyle.

謝謝你的提問，凱爾。

So you're right.

所以你是對的。

What's implied in our guidance is that our gross margins will improve this year.

我們的指導暗示今年我們的毛利率將會提高。

And our gross margins this year will come from a combination of activities, some of which we've actually already initiated, which is going to help to reduce not only the instrument cost but also the consumable costs.

我們今年的毛利率將來自一系列活動，其中一些活動我們實際上已經啟動了，這不僅有助於降低儀器成本，還有助於降低消耗品成本。

These initiatives include consolidating manufacturing facilities, such that we have better overhead allocation across more products, which helps to lower the unit cost, initiatives such as better balancing of insourcing and outsourcing, which will help to lower the cost on the instrument.

這些舉措包括整合製造設施，以便我們在更多產品上更好地分配管理費用，這有助於降低單位成本，以及更好地平衡內包和外包等舉措，這將有助於降低儀器成本。

And of course, improving manufacturing yields and value engineering to drive down the bill of materials further especially on the insurance side but also on the consumables side.

當然，提高製造產量和價值工程可以進一步降低材料成本，特別是在保險方面和消耗品方面。

We're going to start to see some of these cost reductions as early as Q2, and then we'll continue to improve even in the subsequent quarters such that the second half, our gross margins continue to improve relative to the first half.

我們最早將在第二季開始看到其中一些成本下降，然後我們將在接下來的幾季中繼續改善，以便下半年我們的毛利率相對於上半年繼續提高。

And this is a key part of our path to getting to cash flow positive as you had alluded to, Kyle, improving gross margins and also being very disciplined with respect to our OpEx.

正如您所提到的，凱爾，這是我們實現正現金流的關鍵部分，提高毛利率，並對我們的營運支出也非常嚴格。

So as part of our OpEx, we do not expect our OpEx to grow more than 5% this year, which is part of our journey to get to cash flow positive out in 2026, which is what our long-term guidance we had indicated.

因此，作為我們營運支出的一部分，我們預計今年的營運支出成長不會超過 5%，這是我們在 2026 年實現正現金流的過程的一部分，這也是我們所指出的長期指導。

John Sourbeer, UBS.

約翰‧索比爾，瑞銀集團。

Hi, good evening and thanks for taking the questions.

你好，晚上好，感謝您提出問題。

Maybe just digging in a little bit further on maybe some of the assumptions that changed on Revio placements being up versus the midpoint being roughly flat here.

也許只是進一步挖掘 Revio 排名上升與中點大致持平的一些假設發生的變化。

Beyond China, any other color you can provide on that and insight that gives you confidence into getting that flat placement for the year?

除了中國之外，您還可以提供任何其他顏色和見解，讓您有信心獲得今年的公寓安置嗎？

Thanks.

謝謝。

John, thanks for the question.

約翰，謝謝你的提問。

One of the things we're seeing is we're seeing a lot of opportunities, particularly for larger sized projects.

我們看到的一件事是我們看到了很多機會，特別是對於大型專案。

And those will drive not only consumable demand but also increased unit placements.

這些不僅會推動消費品需求，還會增加單位安置。

And so as those projects get started and get going, we would expect to see those being truly incremental to what we've seen in the past and therefore, additive to the Revio placements.

因此，隨著這些項目開始並開始進行，我們希望看到這些項目真正是我們過去所見的增量，因此是 Revio 展示位置的補充。

Of course, China is challenged.

當然，中國也面臨挑戰。

We've talked about that.

我們已經討論過了。

We've been talking about this for several quarters now.

我們已經討論這個問題好幾個季度了。

It has gotten a little bit worse, I would say.

我想說，情況變得更糟了。

And so when I think about 2024, can we get back to the placement rate what we were seeing in 2023?

因此，當我想到 2024 年時，我們能否恢復到 2023 年的安置率？

I absolutely think we can.

我絕對認為我們可以。

I think at this point, we're very focused on driving adoption and kind of taking a balanced perspective because the macro conditions have been pretty tough.

我認為目前我們非常專注於推動採用並採取平衡的觀點，因為宏觀條件相當艱難。

Jack Meehan, Neffron Research.

傑克·米漢，Neffron 研究公司。

Thank you.

謝謝。

Good afternoon.

午安.

Christian or Susan, I was wondering if you could lay for us what the assumptions are for consumables in 2024?

Christian 或 Susan，我想知道您能否為我們說明 2024 年消費品的假設是什麼？

And just as you can add the visibility into that as you sort of add up the different projects you see going on?

就像您可以在添加您所看到的不同項目時添加可見性一樣？

Thanks.

謝謝。

Yes.

是的。

When I think about the consumables, Jack -- thanks for the question.

當我想到消耗品時，傑克，謝謝你的提問。

When I think about consumables, we're going to be growing consumables this year pretty significantly.

當我想到消耗品時，我們今年的消耗品將會大幅成長。

And the reason for that, of course, is first of all, we shipped a lot of systems in 2023, and we're going to get the layering impact of those systems as they get up to full utilization or their planned utilization I should say.

當然，原因首先是，我們在 2023 年交付了很多系統，當這些系統達到充分利用率或計劃利用率時，我們將獲得這些系統的分層影響（我應該說） 。

And then as we ship new systems in 2024, those as they scale up.

然後，當我們在 2024 年推出新系統時，這些系統就會擴大規模。

So that's how you start to see truly the mix shift, the growth in consumables because you're layering on new system placements from one year, and now we're moving towards the second year.

因此，這就是您開始真正看到混合轉變和消耗品成長的方式，因為您從一年開始就對新系統進行了分層，現在我們正在邁向第二年。

By the end of this quarter, we'll have been shipping the Revio system for one year.

到本季末，我們將交付 Revio 系統一年。

And so that's how you're going to see that.

這就是你將看到的情況。

The other thing is we also are adding consumable kits.

另一件事是我們還添加了消耗品套件。

And so you saw we just recently launched some new kits, and those kits are additive to the consumable revenue line, and we've seen strong uptake on particularly the Kinnex kit, which we've talked about.

所以你看到我們最近剛推出了一些新套件，這些套件是消耗品收入線的補充，我們已經看到特別是我們已經討論過的 Kinnex 套件的強烈採用。

Over 115 customers have ordered from us at this point.

目前已有超過 115 位顧客向我們訂購。

And so that's another positive factor that drives consumables up.

這是推動消耗品上漲的另一個正面因素。

And then finally, the large projects, When you start to see some of these larger projects, for example, in Q2, I would expect us to start seeing the Singapore population project that we're part of start to do their sequencing.

最後，大型項目，當你開始看到一些大型項目時，例如，在第二季度，我希望我們開始看到我們參與的新加坡人口項目開始進行排序。

So you'll see a ramp in consumables there, which would be additive.

所以你會看到那裡的消耗品不斷增加，這將是附加的。

So, there's several factors that are driving the positive side of the consumable growth explicitly in 2024.

因此，有幾個因素明顯推動 2024 年消費品成長的正面面向。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good afternoon and thanks for taking the question.

下午好，感謝您提出問題。

So, I guess just a couple of loose ends I want to click through.

所以，我想我只是想點擊一下一些未解決的問題。

First, a follow-up on the gross margin question from earlier.

首先，跟進之前的毛利率問題。

It seems like you're assuming an exit rate in the mid-40s for gross margins, just doing some math there, which is obviously important in the context of building confidence in the trajectory of your long-term targets?

您似乎假設毛利率在 40 多歲左右，只是在那裡做了一些數學計算，這對於建立對長期目標軌蹟的信心顯然很重要？

And then also doing some math, recognizing the placement numbers you gave out for Revio.

然後也做一些數學計算，識別您為 Revio 提供的安置編號。

It's not clear to me that your guidance embeds an assumption for a big jump in consumable revenue per box.

我不清楚你的指導是否包含了每盒消費品收入大幅成長的假設。

I just want to make sure that's the case because typically, there's a toggle, right?

我只是想確保情況確實如此，因為通常會有一個切換，對吧？

If you're placing a lot more instruments and going deeper into the customer pyramid, the pacing of that and the types of customers are probably going to spend less, at least initially.

如果您放置更多的工具並深入客戶金字塔，​​那麼其節奏和客戶類型可能會減少支出，至少在最初是這樣。

But if you're placing fewer boxes year over year, I'd assume the consumables per box to go up.

但如果你每年放置的盒子數量減少，我認為每盒的消耗品會增加。

So I'd just love to understand the logic behind that just to make sure we're looking at this as a potential source of upside for the year?

所以我只是想了解背後的邏輯，以確保我們將其視為今年上漲的潛在來源？

Thank you.

謝謝。

Yeah, sure.

是的，當然。

Thank you, Doug.

謝謝你，道格。

Okay.

好的。

So first with gross margins, I do expect over the course of the year, we are going to see gross margins improving.

首先是毛利率，我確實預計在這一年中，我們將看到毛利率有所改善。

And therefore, you get into exit rates.

因此，你會遇到退出率問題。

We gave our guidance at 36% to 39%, which means we're certainly moving towards the 40s.

我們給出的指導值為 36% 至 39%，這意味著我們肯定會朝著 40 年代邁進。

Whether we get there or not this year, we'll see.

無論我們今年能否實現這一目標，我們拭目以待。

But we certainly see the opportunity to keep moving up on gross margins for lots of all the reasons that Susan outlined.

但由於蘇珊概述的許多原因，我們當然看到了繼續提高毛利率的機會。

One thing she mentioned, but I also wanted to really point out, we're actually innovating a lot and that innovation is getting translated into reducing costs by, in particular, decreasing the compute costs associated with Revio.

她提到的一件事，但我也想真正指出，我們實際上正在進行大量創新，並且創新正在轉化為降低成本，特別是降低與 Revio 相關的計算成本。

And that's a big source of opportunity.

這是一個巨大的機會來源。

That's tens of thousands of dollars per system kind of opportunity for gross margin improvement.

每個系統都有數萬美元的毛利率改善機會。

So, you couple those things along with factory consolidation and product consumable mix changes.

因此，您可以將這些事情與工廠整合和產品消耗品組合變化結合起來。

That's how you start to move towards those 40s and beyond.

這就是您開始邁向 40 歲及以上的方式。

And of course, our objective is to get up to 55% to 60%, as we said, for 2026.

當然，正如我們所說，我們的目標是到 2026 年達到 55% 到 60%。

And I do believe we still see a pathway to get there.

我確實相信我們仍然看到了實現這一目標的途徑。

With respect to the placement numbers and the relationship between that and consumable pull-through, as you know, it's a compound problem.

如您所知，關於放置數量及其與消耗品拉通之間的關係，這是一個複合問題。

There's lots of variables.

有很多變數。

On one hand, you are right, as you place more systems, you think you're placing them deeper into the market and therefore, to lower utilization customers.

一方面，您是對的，當您放置更多系統時，您認為您正在將它們更深入地投放到市場中，從而降低利用率的客戶。

However, we're still early in the adoption of Revio, particularly with respect to the larger projects, right.

然而，我們仍處於採用 Revio 的早期階段，特別是對於較大的項目，對吧。

Projects from anywhere from 1,000 to 10,000 sample projects.

來自任何地方的專案有 1,000 到 10,000 個範例專案。

And quite frankly, what we've seen from the conferences, from ASHG, and from recently from AGBT, there is more interest in large-scale projects than ever in the history of the company.

坦白說，我們從會議、ASHG 以及最近的 AGBT 中看到，人們對大型專案的興趣比公司歷史上的任何時候都高。

And so as those projects -- it takes a long time for these projects to get funded and then won and then started.

因此，這些項目需要很長時間才能獲得資金，然後贏得並啟動。

But as those projects get going, we fully expect to see people utilizing their systems at a very high clip in those projects because they're usually scaled laboratories and they're used to operating at high sample volumes.

但隨著這些專案的開展，我們完全希望看到人們在這些專案中以非常高的速度利用他們的系統，因為它們通常是規模化的實驗室，並且習慣於在高樣本量下運作。

So they're competing.

所以他們在競爭。

Those two factors are competing at some level.

這兩個因素在某種程度上是相互競爭的。

As I said last week at AGBT, we still believe -- we don't really know where consumable pull-through is going to shake itself out here.

正如我上週在 AGBT 上所說，我們仍然相信——我們真的不知道消耗品的拉通將在哪裡擺脫困境。

We've said that we think it's kind of in the $300,000 to $400,000 range, where it fits.

我們說過，我們認為它的價格在 30 萬美元到 40 萬美元之間是合適的。

I think we still don't know that answer.

我想我們仍然不知道這個答案。

I think it will be several quarters yet before you really know that answer definitively.

我認為你還需要幾個季度才能真正確切地知道答案。

But there's lots of different competing forces here.

但這裡有很多不同的競爭力量。

So it is a compound puzzle we're trying to unravel just like you guys are.

所以這是一個複合難題，我們正像你們一樣試圖解開。

But what I do know is the number of samples coming on to this system is accelerating, and it's more than ever in the history of the company.

但我所知道的是，進入該系統的樣本數量正在加速，而且比公司歷史上的任何時候都多。

And I think that's at a fundamental level that bodes well for driving revenue growth, driving adoption, driving gross margin expansion, and then driving really ubiquity in the market, which is really our core objective in this phase of our strategic plan, right, driving adoption, building the confidence in the data type and demonstrating why HiFi is really the way to go with respect to germline genomics.

我認為這從根本上來說是推動收入成長、推動採用、推動毛利率擴張、然後推動市場真正普及的好兆頭，這確實是我們戰略計劃這一階段的核心目標，對吧，推動採用，建立對資料類型的信心，並證明為什麼HiFi 確實是種系基因組學的最佳選擇。

Sung Ji Nam, Scotiabank.

宋志南，豐業銀行。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

So Christian, you mentioned your outlook for this year.

克里斯蒂安，你提到了你對今年的展望。

Obviously, it's much higher than the overall sequencing market growth.

顯然，它遠高於整體定序市場的成長。

Just curious, I don't know if it's too early to tell, but just how much of that growth do you think for you guys this year is coming from potentially taking share from the short-read sequencing market versus expanding into new territories with long-read sequencing, given the new library prep launch recently, the HiFi consortium you talked about in all these large-scale studies that you are saying that there is more interest than ever.

只是好奇，我不知道現在下結論是否為時過早，但你們認為今年的增長有多少來自於潛在的短讀長測序市場份額，而不是擴展到長讀長測序的新領域。鑑於最近推出了新的文庫製備，您在所有這些大規模研究中談到的HiFi 聯盟，您說人們比以往任何時候都更感興趣。

So I'm just kind of curious, do you have a sense at a high level, how much Terry might be taking from the short read versus creating new markets?

所以我只是有點好奇，你是否有高水準的感覺，特里可能會從短讀中獲得多少收益，而不是創造新市場？

Yeah.

是的。

I think it's a great question.

我認為這是一個很好的問題。

I think that most of our new customers are already doing short-read sequencing.

我認為我們大多數的新客戶已經在進行短讀測序。

And so you can imagine that they're generally allocating dollars from short-read sequencing to long-read sequencing most of the time.

因此，您可以想像，大多數時候他們通常將資金從短讀長定序分配到長讀長定序。

But sometimes, for example, in a rare disease, short-read approaches have been used and to some success, but long-read sequencing gives you so much more information, dramatically increases the solid rates, decreases cost.

但有時，例如，在罕見疾病中，短讀長方法已被使用並取得了一些成功，但長讀長測序可以為您提供更多信息，顯著提高固體率，降低成本。

And as a result, the question is, are you building a new market there or are you replacing and being additive to short reads.

因此，問題是，你是在那裡建立一個新市場，還是取代或補充短讀。

And I think it's a bit of in the eyes of the beholder.

我認為這有點情人眼裡出西施。

But I also think that what we see is that at a high level, we are winning projects that were slated for short reads.

但我也認為，我們看到的是，在高水準上，我們正​​在贏得那些預定短讀的項目。

And what's happening is exactly how we outlined it would happen.

正在發生的事情正是我們所描述的。

At first, it would be we win a portion of a project and long reads would do a portion and short read would do the remaining.

首先，我們贏得了專案的一部分，長讀將完成一部分，短讀將完成剩餘的部分。

But now we're actually seeing accounts.

但現在我們確實看到了帳戶。

Believe that with Revio, now there's enough experience in the market of the scale.

相信有了Revio，現在在規模市場上已經有了足夠的經驗。

We've launched the automation with these new kits.

我們已經透過這些新套件啟動了自動化。

We're seeing customers that say, hey, it's totally plausible.

我們看到客戶說，嘿，這完全有道理。

I can do a 10,000 sample project entirely on revenue or even more.

我可以完全靠收入甚至更多來完成一個 10,000 個範例專案。

And so as a result, we're actually starting to see customers saying, hey, if you can fit within this economic envelope, we are transferring our entire project to long reads.

因此，我們實際上開始看到客戶說，嘿，如果你能適應這個經濟範圍，我們正在將整個專案轉移到長讀。

And I think that's really, really exciting.

我認為這真的非常非常令人興奮。

And I'm looking forward as we get deeper into the year and some of these projects get going to sharing that with you guys.

我期待著隨著今年的深入，其中一些項目將與大家分享。

Eve Burstein, Bernstein Research.

伊芙‧伯斯坦，伯恩斯坦研究中心。

Hi, there.

你好呀。

Thanks a lot for the question.

非常感謝您的提問。

We talked about gross margins in 2024, but one clarifying question on the gross margin for this quarter.

我們討論了 2024 年的毛利率，但有一個關於本季毛利率的澄清問題。

If I'm doing the math right, even if we account for the charges on inventory reserve and loss on purchase commitments and amortization, we still get to about 35%.

如果我算得正確的話，即使我們考慮了庫存儲備費用以及購買承諾和攤銷損失，我們仍然會達到 35% 左右。

And we know that ASP was unusually high for Revio.

我們知道 Revio 的平均售價異常高。

So if you normalize for that, it looks like a normalized gross margin this quarter of about 32%.

因此，如果對此進行標準化，本季的標準化毛利率約為 32%。

So why is this flat first last quarter if the consumables went up as a percent of revenue?

那麼，如果消耗品佔收入的百分比上升，為什麼上個季度會出現持平呢？

And then is there any color you can give on gross margin for consumables versus instruments or for Revio versus Sequel?

那麼，對於消耗品與儀器或 Revio 與 Sequel 的毛利率，您可以給出什麼顏色嗎？

Yeah.

是的。

So just to try to clarify the question, try to know if you -- I'll just trust your math.

因此，為了澄清這個問題，試著知道你是否——我會相信你的數學。

I didn't redo your math.

我沒有重做你的數學。

But in the fourth quarter, we have had some yield challenges on the consumables, which have impacted us a little bit that wouldn't be factored into your calculation.

但在第四季度，我們在消耗品方面遇到了一些產量挑戰，這對我們產生了一些影響，但不會計入您的計算中。

So even with consumables being higher, we did have some yield challenges in the fourth quarter.

因此，即使消耗品價格較高，我們在第四季度確實遇到了一些產量挑戰。

Nothing that significant, but probably had some impact there.

沒什麼重要的，但可能會有一些影響。

Those things have been largely resolved.

這些事情已經基本解決了。

And so as you look into Q1 and beyond here, I fully expect us to start moving the gross margins up on a quarterly basis.

因此，當您回顧第一季及以後的情況時，我完全預期我們將開始按季度提高毛利率。

Ross Osborn, Cantor Fitzgerald.

羅斯·奧斯本，康托·菲茨杰拉德。

Hi.

你好。

Thanks for taking the questions.

感謝您提出問題。

So on the call, you mentioned consumables stocking in APAC.

在電話會議上，您提到了亞太地區的消耗品庫存。

Did stocking occur in other geographies?

其他地區是否也出現放養現象？

And is this a normal phenomenon?

這是正常現象嗎？

And if not, could you provide some more color here.

如果沒有，您可以在這裡提供更多顏色嗎？

So I think that with respect to consumable stocking, fourth quarter, we didn't have that much stocking.

所以我認為就消耗品庫存而言，第四季我們沒有那麼多庫存。

There's always a little bit in the fourth quarter.

第四節總是有一點。

And APAC, for example, because they have holidays in Q1, they may be ordering some of their consumables earlier so they get a good head start before they go on the holidays.

以亞太地區為例，由於他們在第一季放假，他們可能會提前訂購一些消耗品，以便在假期之前獲得良好的開端。

But there was nothing really major.

但並沒有什麼真正重大的事情。

We had some of our large customers put in blanket, large blanket POs that will ship over the course of 2024.

我們已經為一些大客戶提供了一攬子大型採購訂單，這些訂單將在 2024 年發貨。

And they did take some of those POs in Q4 as well.

他們確實在第四季也拿下了其中一些採購訂單。

And so I think on balance, it wasn't a super heavy stocking quarter for the company.

因此，我認為總的來說，這對公司來說並不是一個庫存超多的季度。

We're ready for the next question.

我們準備好回答下一個問題了。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

Hi.

你好。

This is Evi on for Matt.

這是 Evi 為 Matt 做的。

Thanks for taking my question.

感謝您提出我的問題。

So I know you said your sales cycles are extended with general weakness in the funding environment.

所以我知道您說您的銷售週期因融資環境普遍疲軟而延長。

But is there a recovery baked into your guide for 2024?

但您的 2024 年指南中是否包含了復甦？

And are you expecting a continuation of the current trends throughout the year?

您預計當前趨勢全年都會持續嗎？

I think we've taken a pretty moderate view towards sales cycles.

我認為我們對銷售週期持相當溫和的看法。

I suspect we're hopeful by year end that we're seeing sales cycles shrink back down to more normal levels.

我懷疑我們希望到年底我們會看到銷售週期縮小到更正常的水平。

But the reality is that we are prepared to manage through longer sales cycles throughout 2024.

但現實情況是，我們已準備好應對 2024 年更長的銷售週期。

And we tried to give guidance that would contemplate.

我們試著提供可以思考的指導。

Things outside of our control are just that they're outside of our control and that we should be able to try to execute accordingly.

超出我們控制範圍的事情只是它們超出了我們的控制範圍，我們應該能夠嘗試相應地執行。

Now, things get a lot worse.

現在，事情變得更糟了。

Of course, things could change.

當然，事情可能會改變。

If things get better, could we do better inside of our guidance range?

如果情況好轉，我們能否在指導範圍內做得更好？

Of course.

當然。

But where we sit today, we tried to kind of create a balanced set of guidance based on -- it's a tough funding environment across the board.

但我們今天的立場是，我們試圖基於全面艱難的融資環境來制定一套平衡的指導方針。

We still -- even if you take, for example, the United States, we're still operating under continuing resolutions, and we still don't really have a budget.

我們仍然——即使以美國為例，我們仍然根據持續的決議運作，而且我們仍然沒有真正的預算。

There's all kinds of noise about where the NIH budget will end up, which obviously NIH funding is an important part of our business.

關於 NIH 預算最終的去向有各種各樣的聲音，顯然 NIH 資金是我們業務的重要組成部分。

And so I'm sure that creates some friction in the sales selling process.

所以我確信這會在銷售過程中造成一些摩擦。

We talked about outside the United States.

我們談到了美國以外的情況。

We talked about China a lot already today.

今天我們已經談了很多關於中國的話題。

And we've emphasized that but also even in Europe.

我們已經強調了這一點，甚至在歐洲也是如此。

Interest rates and the funding environment still continue to be challenged.

利率和融資環境仍持續面臨挑戰。

Europe had a great year last year for us.

去年歐洲對我們來說是美好的一年。

And we expect to have a good year in Europe and continue growing, but there is that friction in the system.

我們預計歐洲將迎來美好的一年並繼續成長，但係統中存在摩擦。

The good news, as I said in my prepared remarks is there is no shortage of interest for Revio and for HiFi sequencing in general.

好消息是，正如我在準備好的演講中所說，人們對 Revio 和 HiFi 測序總體上並不缺乏興趣。

In fact, at AGBT last week, our social teams track social impressions.

事實上，在上週的 AGBT 上，我們的社交團隊追蹤社交印象。

And I was told we had 2.3 million social impressions and the next highest person was like almost 10 times lower than where we were.

我被告知我們有 230 萬次社交印象，而第二高的人幾乎比我們低了 10 倍。

And so what does that mean?

那麼這意味著什麼呢？

And how does that translate into sales?

這如何轉換為銷售額？

Well, I think what it does mean is there's a lot of interest which is helping build our funnels, which gives us opportunities to execute, which we're going to be focused on this year.

嗯，我認為這確實意味著有很多興趣正在幫助建立我們的管道，這給了我們執行的機會，這是我們今年的重點。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

Hey, guys.

嘿，夥計們。

Good evening.

晚安.

Christian, I want to follow up a little bit on that question, take a slightly different tack.

克里斯蒂安，我想對這個問題做一些跟進，採取稍微不同的策略。

So as you think about the low end of the guide, right, I think it probably makes in around 60-odd sort of Revios at the low end.

因此，當您考慮指南的低端時，對吧，我認為它可能在低端大約有 60 多種 Revios。

Can you just walk us through what you see -- you've talked in the past of backlog not being the best leading indicator, but perhaps you can talk about the qualified lead pipeline or some other metrics that drive your confidence at the low end of the range?

您能否向我們介紹一下您所看到的情況- 您過去曾說過積壓訂單不是最好的領先指標，但也許您可以談論合格的領先管道或其他一些指標，這些指標可以在低端提高您的信心範圍？

And then on the Onso, my question there is really related to the value proposition and the product market fit, given some of the emerging sequencing vendors bumping up their Fred scores as well on the bench tops and you've got the XLEAP coming out on the NextSeq.

然後關於 Onso，我的問題確實與價值主張和產品市場契合度有關，因為一些新興定序供應商也在桌上型電腦上提高了 Fred 分數，而 XLEAP 即將問世下一個序列。

So is the benchtop market essentially in a little bit of a frozen state at the moment?

那麼，桌上型市場目前基本上處於凍結狀態嗎？

Yeah.

是的。

That's a good question.

這是個好問題。

Thank you, Tejas.

謝謝你，特哈斯。

So thinking about -- obviously, when we put the guide together at $230 million to $250 million, where we're talking today, we certainly consider the quality and strength of our sales funnel for Revio, and for Onso, and for consumables, for all of our products.

因此，顯然，當我們將指南放在 2.3 億至 2.5 億美元之間時，我們今天討論的，我們當然會考慮 Revio、Onso、消耗品、消費品的銷售管道的品質和實力。

And at the low end and even at the high end, we have coverage in our sales funnels.

在低端甚至高端，我們的銷售管道都有覆蓋。

The explanation for the range of possible outcomes really comes down to timing of orders, timing of when funding comes for projects.

可能結果範圍的解釋實際上取決於訂單的時間、專案資金到位的時間。

Of course, our own sales execution and the ability, our own execution in terms of the ability to manufacture the products and get them out to customers on a timely basis.

當然，我們自己的銷售執行力和能力，我們自己的執行力，即製造產品並及時將產品交付給客戶的能力。

So, when you put the guidance together, you really try to think through all of those different things and give a responsible range where you think you might end up for the year.

因此，當您將指南放在一起時，您確實會嘗試考慮所有這些不同的事情，並給出一個您認為今年可能結束的負責任的範圍。

Now, if the funnels and the excitement is enough such that you could actually exceed the top end of the range.

現在，如果漏斗和興奮足夠，您實際上可以超過範圍的上限。

But of course, there could be risks that are out there, perhaps outside of your control that make it so you end up towards the lower end of the range.

但當然，可能存在一些風險，也許超出了您的控制範圍，導致您最終陷入範圍的下限。

And so it is -- we consider all of those different factors.

事實也是如此——我們考慮了所有這些不同的因素。

We certainly have a pipeline that is encouraging for us, which is how we came up with the range.

當然，我們有一個令人鼓舞的產品線，這就是我們推出該系列的原因。

Quite frankly, you start there and you work backwards to all the other areas of execution.

坦白說，你從這裡開始，然後向後執行所有其他領域。

The value proposition with respect to Onso, I would argue that the first thing I'd want to say is that the reality is most of the bases that come off the sequencer off of the Onso are actually over Q50.

關於 Onso 的價值主張，我想說的第一件事是，現實是 Onso 定序儀上的大多數鹼基實際上都超過 Q50。

Now, we expect it at 90% of the base is over Q40, and I would submit to you that our competitors have not put a formal specification in to say they get 90% of their bases over Q40 or Q50.

現在，我們預計 90% 的鹼基會超過 Q40，我想向您提交的是，我們的競爭對手尚未制定正式規範，表明他們的鹼基 90% 超過 Q40 或 Q50。

I think what they've done is perhaps they've demonstrated a run or some runs.

我認為他們所做的可能是他們展示了一次跑步或一些跑步。

I will let each of those competitors describe themselves how they define their quality.

我會讓每位參賽者描述他們如何定義自己的品質。

But what we are seeing in actual fact is that in customers' hands, for example, like TG, and I talked about today, they see a lot of data that's well over Q50.

但我們實際看到的是，在客戶手裡，比如說像我今天講的TG，他們看到很多遠遠超過Q50的數據。

And that data is allowing them to see parts of the genome and see variants that no one else could see.

這些數據使他們能夠看到基因組的一部分，並看到其他人看不到的變異。

And I think that's where the value proposition starts.

我認為這就是價值主張的起點。

And so I don't think the opportunity is frozen.

所以我認為這個機會並沒有被凍結。

On the other hand, I do see the market for those mid-throughput sequencers is a huge market.

另一方面，我確實看到那些中通量定序儀的市場是一個巨大的市場。

And every year, there's many, many, many sequencers sold.

每年都有很多很多定序儀被賣出。

And so I think for us to capture our appropriate share according to our strategy, if you remember our strategy, we're trying to make Onso a sequencer that fits into very specific needle-in-a-haystack applications and not necessarily every application.

因此，我認為，為了根據我們的策略獲得適當的份額，如果您還記得我們的策略，我們正在努力使Onso 成為適合非常特定的大海撈針應用程式的定序儀，但不一定適用於每個應用程式.

We think that the opportunity is very strong.

我們認為這個機會非常大。

What's been interesting to us as we see the funnel for Onso grow and as we see customers using Onso is that they're using it in a ways that we didn't quite anticipate.

當我們看到 Onso 的漏斗成長以及客戶使用 Onso 時，我們感興趣的是他們正在以我們沒有預料到的方式使用它。

So for example, one of our customers is using it for wastewater testing, which makes total sense because that's where the earlier you detect a variant that identifies a pathogen, that obviously has benefits for the community.

例如，我們的一位客戶正在使用它進行廢水檢測，這完全有意義，因為越早檢測到識別病原體的變體，顯然對社區有好處。

So that makes perfect sense.

所以這是完全有道理的。

We're seeing other customers focus on oncology research and whether it's MRD or it's actually oncology screening, there's a lot of research going on and an opportunity there.

我們看到其他客戶專注於腫瘤學研究，無論是 MRD 還是實際上的腫瘤學篩檢，都有大量研究正在進行，並且存在機會。

So the combination for Onso is we have a lot of market opportunity.

因此，對於 Onso 來說，我們擁有很多市場機會。

I feel like our quality is still the best in the market so much so that we specify it in our specifications.

我覺得我們的品質仍然是市場上最好的，因此我們在規格中指定了它。

I'm not sure the other competitors are doing that yet.

我不確定其他競爭對手是否正在這樣做。

But I do think at the end of the day, the market is significant, and we enjoy competing in it.

但我確實認為，歸根究底，這個市場很重要，我們喜歡參與其中。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢。

Hi.

你好。

Thank you for taking my question.

感謝您回答我的問題。

Following up on Doug's question on consumable revenue per Revio, your guidance seems to imply that you're assuming $300,000 per box in full year guidance.

繼 Doug 關於每個 Revio 的消耗品收入的問題之後，您的指導似乎意味著您假設全年指導中每盒的收入為 300,000 美元。

Is that right?

是這樣嗎？

And if so, keeping in mind what you described on this call and in AGBT last week, are you expecting this will build momentum in the second half of the year and heading into 2025?

如果是這樣，請記住您在本次電話會議和上週 AGBT 中所描述的內容，您是否預計這將在今年下半年並進入 2025 年形成勢頭？

And then I have more follow-up.

然後我還有更多後續行動。

Okay.

好的。

So with respect to the pull-through, there's lots of ways to get to the guidance.

因此，就拉通而言，有很多方法可以獲得指導。

And so we won't comment on whether our model says $300,000, $350,000, $400,000.

因此，我們不會評論我們的模型是否顯示 300,000 美元、350,000 美元、400,000 美元。

What we've said is that we don't know where our pull-through is going to end up.

我們已經說過，我們不知道我們的拉通最終會在哪裡。

But like, for example, last week at AGBT, I did say I believe it's going to be in the $300,000 to $400,000 range.

但就像上週在 AGBT 上一樣，我確實說過我相信它會在 30 萬美元到 40 萬美元之間。

And there's lots of factors, of course, that would influence one way or another that I've already kind of been through on this call.

當然，有很多因素會以某種方式影響我在這次電話會議中已經經歷過的事情。

But I won't explicitly comment on whether it's our model to get to the guidance was $300,000 a box or not.

但我不會明確評論我們的模型是否達到每盒 30 萬美元的指導價。

A more general comment I'll make about the business in general is that we do see more of the revenue coming in the second half of the year as opposed to the first half.

我對整個業務的一般性評論是，我們確實看到下半年的收入比上半年更多。

Now this is not an uncommon phenomenon.

現在這種現象並不少見。

And we don't expect, as Susan pointed out, [45-55] is the split, which isn't really uncommon in life science business.

正如蘇珊指出的那樣，我們並不認為 [45-55] 是分裂，這在生命科學行業中並不罕見。

But we do see the business strengthening throughout the year because of these large projects, because of the growth in consumables, because of the actual opportunity set we see for Revio and Onso over the course of the year.

但由於這些大型項目、消耗品的成長以及我們在這一年中看到的 Revio 和 Onso 的實際機會集，我們確實看到全年業務有所加強。

And so we're excited about our ability to grow faster than the market.

因此，我們對自己能夠比市場成長得更快的能力感到興奮。

We do think our competitive positioning is extremely strong right now, and we just have to go execute.

我們確實認為我們現在的競爭地位非常強大，我們只需要執行。

That makes perfect sense.

這是完全有道理的。

And Christian, like you said, there was lots of enthusiasm even in our checks at AGBT last week.

克里斯蒂安，就像你說的，即使是上週我們在 AGBT 的檢查中也充滿了熱情。

That said, there was the need for lower cost and more streamlined solution adjacent to sequencing costs came up and even the sequencing process.

也就是說，除了定序成本甚至定序過程之外，還需要更低的成本和更簡化的解決方案。

And you, of course, launched the HiFi kit, the new kits that you launched last week to address that same exact friction.

當然，您也推出了 HiFi 套件，您上週推出的新套件就是為了解決相同的問題。

What else should we think about is in the pipeline to address the same issue?

為了解決同樣的問題，我們還應該考慮什麼？

And how big an opportunity is this reduction of friction both in terms of reducing activation energy, but also capturing more revenue?

就減少活化能和獲取更多收入而言，減少摩擦是一個多大的機會？

Yeah, that's a great question.

是的，這是一個很好的問題。

Thank you for it.

謝謝你。

You're right.

你說得對。

The new kits, we've been really focusing on automation and reducing the friction and cost of the upfront workflow.

在新套件中，我們一直專注於自動化並減少前期工作流程的摩擦和成本。

We continue to lower the DNA input requirements, which gives you more access to more kinds of samples, more samples.

我們不斷降低DNA輸入要求，這讓您能夠更多地獲得更多種類的樣本、更多的樣本。

All those things are critical.

所有這些事情都很關鍵。

Other things that we're doing to decrease friction and enable revenue growth is on the bioinformatics side.

我們正在做的其他事情是在生物資訊學方面，以減少摩擦並實現收入成長。

And so we continue to build out more applications that really highlight the benefits of HiFi sequencing and using long reads.

因此，我們繼續建立更多應用程序，真正突出 HiFi 定序和使用長讀長的優勢。

And the more of those applications that are out there, the more we can reach more and more customers.

這類應用程式越多，我們就越能接觸到越來越多的客戶。

We're also doing things on the market development side.

我們也在做市場開發方面的事。

So we created the HiFi Solves consortium so that customers can work together to solve rare diseases, to show how they can benefit from seeing some particular variant in a particular sample because by definition, rare disease, each single one of them is rare.

因此，我們創建了 HiFi Solves 聯盟，以便客戶可以共同努力解決罕見疾病，展示他們如何從特定樣本中看到某些特定變異中受益，因為根據定義，罕見疾病，每一種都是罕見的。

And so enabling the community is an important thing.

因此，為社區提供支持是一件重要的事情。

And then finally, of course, we have a bench-top sequencer, a long-read sequencer in development now.

最後，當然，我們有一個桌上型定序儀，一個正在開發的長讀定序儀。

And once that product comes to market, that will change the capital barriers, of course, of the system and enable us to even broaden our customer base further.

一旦產品進入市場，這當然會改變系統的資本壁壘，並使我們能夠進一步擴大我們的客戶群。

And we haven't given specific timing on that, but we will certainly share updates as they are warranted.

我們還沒有給出具體時間，但我們肯定會在必要時分享更新。

So thank you for the question.

謝謝你的提問。

Rachel Vatnsdal, JPMorgan.

雷切爾·瓦特斯達爾，摩根大通。

Perfect.

完美的。

Good afternoon and thanks for squeezing me in.

下午好，謝謝你讓我進來。

So I wanted to ask, at AGBT, you talked about some of this cautious capital spending that you're seeing at customers.

所以我想問一下，在 AGBT，您談到了您在客戶身上看到的一些謹慎的資本支出。

And so you noted that you're starting to explore giving discounts to customers on Revio, but then requiring higher minimum spend on consumables to alleviate some of that capital purchasing dollars.

因此，您指出，您開始探索向 Revio 客戶提供折扣，但隨後要求提高消耗品的最低支出，以減輕部分資本購買費用。

It's almost more of a reagent rental model.

這幾乎更像是一種試劑租賃模式。

So can you spend a minute talking about that for us?

您能花一點時間為我們談談這個問題嗎？

Have you started to use that go-to-market strategy this year?

您今年開始使用這種進入市場策略了嗎？

And then if so, how should we think about that impacting ASP as we model Revio for this year as well?

如果是這樣，當我們為今年的 Revio 建模時，我們應該如何考慮這對 ASP 的影響？

Thank you.

謝謝。

Rachel, it's a great question.

雷切爾，這是一個很好的問題。

Thank you.

謝謝。

Yeah, we are exploring alternative business models or economic arrangements that still get us to the same place with respect to Revio.

是的，我們正在探索替代的商業模式或經濟安排，這些模式或經濟安排仍然讓我們在 Revio 方面達到了相同的目標。

But perhaps, the customer pays more for consumables and less for their instrument.

但也許，客戶為消耗品支付更多費用，而為儀器支付更少費用。

Last year, we implemented a new leasing partner.

去年，我們引進了新的租賃合作夥伴。

That new leasing partner gives us the ability to do more creative financing arrangements where the leasing partner takes some of the financial exposure, but we obviously get the benefit to our customers and we still get healthy revenue from that.

新的租賃合作夥伴使我們能夠做出更有創意的融資安排，其中租賃合作夥伴承擔一些財務風險，但我們顯然可以為我們的客戶帶來好處，並且我們仍然從中獲得可觀的收入。

And so we’re managing through this period by starting to think about how we experiment with different models to see how we continue to catalyze and grow the market.

因此，我們正在透過開始思考如何嘗試不同的模型來管理這段時期，以了解如何繼續催化和發展市場。

The vast majority of our sales are still going to be traditional sales as we've historically done.

正如我們歷史上所做的那樣，我們的絕大多數銷售仍將是傳統銷售。

And so I don't think anyone should be thinking that we're fundamentally altering how we think about generating revenue and the geography of revenue on the P&L.

因此，我認為任何人都不應該認為我們正在從根本上改變我們對創收方式以及損益表中收入分佈的看法。

But I do think at the margin, some customers might benefit from more reagent rental type programs.

但我確實認為，在邊際上，一些客戶可能會從更多的試劑租賃類型計劃中受益。

And the implication of that would be that you would likely have higher consumable revenues.

這意味著你可能會獲得更高的消費品收入。

And effectively, what the Street would see is lower instrument ASP, maybe a little bit.

實際上，華爾街會看到工具平均售價下降，也許會下降一點點。

But I think that when you think about 2024, the real impact to ASPs and consumable revenue probably isn't that significant really.

但我認為，當你考慮 2024 年時，對平均售價和消費品收入的真正影響可能沒那麼重大。

I think at the end of the day, it ends up being much more of a marketing tool and a way to get into customers, and then they will decide how to deploy whatever opportunity that we provide them.

我認為最終，它更多地成為一種行銷工具和一種進入客戶的方式，然後他們將決定如何部署我們為他們提供的任何機會。

So we'll see how it goes, and we'll keep you guys posted.

所以我們會看看事情進展如何，我們會及時通知大家。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Hey, guys.

嘿，夥計們。

Sorry if this has been asked already, I hopped on a little bit late here.

抱歉，如果已經有人問過這個問題了，我來晚了一點。

But you guys have talked about these larger sequencing projects coming online in the back half of the year.

但你們已經談到了今年下半年上線的這些更大的測序項目。

Is there any way to frame up the magnitude of these projects in terms of the growth implied in the guide.

有沒有辦法根據指南中隱含的成長來確定這些項目的規模。

Ultimately, I think the question is how derisked is the revenue baked into the guide related to these projects?

最終，我認為問題是與這些項目相關的指南中的收入風險如何降低？

How much visibility do you have into the timing and ramp of these customers scaling them up in the back half?

您對這些客戶在後半段擴大規模的時間和進度有多少了解？

Thank you, Mason, for the question.

謝謝梅森提出的問題。

It's a good question.

這是一個好問題。

And the reality is any time you have a large project, large projects are highly variable with respect to when they start.

現實情況是，任何時候當你有一個大型專案時，大型專案的啟動時間都會有很大的變化。

But once they start, they crank.

但一旦他們開始，他們就會發動。

And so watching when they actually start, of course, we are doing everything we can to accelerate them.

因此，當然，觀察它們何時真正開始，我們正在盡一切努力加速它們。

Some of these projects that we're seeing certainly already have samples banked and ready to go and those most likely to get going sooner than others.

我們看到的其中一些項目肯定已經儲存了樣品並準備好啟動，而那些最有可能比其他項目更快啟動。

That might be prospective kinds of studies.

這可能是前瞻性研究。

When you think about, okay, what's the magnitude of any particular project, probably the best way to think about it is to apply a cost per genome, for example, and then multiply it by the number of samples that the particular project is.

例如，當您考慮任何特定項目的規模有多大時，考慮它的最佳方法可能是應用每個基因組的成本，然後將其乘以特定項目的樣本數。

So if you have a 5,000 sample project at a $750 price per genome or whatever price you want to use, you can do the math and figure out what that looks like.

因此，如果您有一個 5,000 個樣本項目，每個基因組的價格為 750 美元或您想要使用的任何價格，您可以進行數學計算並弄清楚它是什麼樣的。

And then you have to assume they have to buy capital along to run.

然後你必須假設他們必須購買資金才能運作。

So that can give you a sense of what's the magnitude of any particular project.

這樣您就可以了解任何特定項目的規模。

With respect to our guide, we were actually pretty -- because the volatility or the variability of when any particular project starts, we took a pretty conservative view as we're baking in those projects into our guide because we really want to make sure that we put out responsible guidance.

就我們的指南而言，我們實際上做得很好——因為任何特定項目開始時的波動性或可變性，當我們將這些項目納入我們的指南時，我們採取了相當保守的觀點，因為我們真的想確保我們提出了負責任的指導。

And we're not so dependent on one project or one as maker break for the year so to speak.

可以這麼說，我們並不那麼依賴一個專案或一個今年作為創客中斷的專案。

But I do think in 2024, you're really going to start to see the turning point here, where several of these projects start to get kicked off.

但我確實認為，到 2024 年，你真的會開始看到轉折點，其中幾個項目開始啟動。

We already are seeing some, right?

我們已經看到一些了，對吧？

All of us is moving along.

我們所有人都在前進。

We talked about the GREGoR Consortium project.

我們討論了 GREGoR 聯盟計畫。

And so we talked about Singapore starting later this year.

所以我們從今年晚些時候開始討論新加坡。

And so we're really seeing it.

所以我們確實看到了這一點。

And it's super exciting because every time we go to one of these conferences, more samples get added to the funnel and significantly more samples.

這是非常令人興奮的，因為每次我們參加這些會議之一，都會有更多的樣本添加到漏斗中，並且樣本數量顯著增加。

And so now it's a question of timing and execution.

所以現在是一個時間和執行的問題。

And you can be assured we're ready to go.

您可以放心，我們已準備就緒。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn back to management for any closing remarks.

我想請管理階層做總結發言。

All right.

好的。

Well, we want to thank everyone for hanging in with us.

好吧，我們要感謝大家與我們在一起。

I know we're a few minutes over time today.

我知道今天時間晚了幾分鐘。

We expect 2024 to be an exciting year for the company, and we appreciate everyone's support.

我們預計 2024 年對公司來說將是令人興奮的一年，我們感謝大家的支持。

We look forward to seeing you at the various conferences over the course of the quarter and on our next earnings call.

我們期待在本季的各種會議以及下一次財報電話會議上見到您。

With that, we will end this call.

至此，我們就結束這通通話。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your line.

現在您可以斷開線路。