Pacific Biosciences of California Inc (PACB) 2024 Q1 法說會逐字稿

Hello and welcome to the PacBio first quarter 2024 earnings conference call.

您好，歡迎參加 PacBio 2024 年第一季財報電話會議。

(Operator Instructions) As a reminder this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

I would now like to hand the call to Todd Friedman, Senior Director of Investor Relations.

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 first quarter 2024 earnings conference call.

下午好，歡迎參加 PacBio 2024 年第一季財報電話會議。

Earlier today, we issued a press release outlining the financial results, we will be discussing on today's call, 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. A copy of our earnings presentation is also available on the Investor section of our website at www.pacb.com.

今天早些時候，我們發布了一份新聞稿，概述了財務業績，我們將在今天的電話會議上進行討論，該新聞稿的副本可在我們網站www.pacb.com 的投資者部分獲取，或在8-K 表格中取得。我們的收益報告副本也可在我們網站 www.pacb.com 的投資者部分取得。

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

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 be making 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, our commitment to create a sustainable cash flow positive company by the end of 2026, expectations with respect to certain customers being early in the ramp-up and measures to increase their utilization.

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、儀器和消耗品銷售的預期、我們對創建到2026 年底，公司將實現永續現金流為正值，對某些客戶的預期將儘早實現成長，並採取措施提高其利用率。

GAAP and non-GAAP guidance and expected benefits of using PacBio products or technologies and new product expectations.

GAAP 和非 GAAP 指導以及使用 PacBio 產品或技術的預期收益以及新產品預期。

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 the 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 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，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 not presented in tables within our earnings release.

我們的收益報告中的表格中沒有列出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 are unable 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（包括未來的變化）的不確定性，我們無法在不付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業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 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，今天電話會議中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.

最後，我們將在準備好的發言後舉辦問答環節。

We ask that analysts please limit themselves to one question, so we could accommodate everybody in the queue.

我們要求分析師只回答一個問題，這樣我們就可以容納隊列中的每個人。

I'll now turn the call over to Christian.

我現在會把電話轉給克里斯蒂安。

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

謝謝托德，也謝謝您今天加入我們的電話會議。

In today's remarks, we will discuss some of the factors that contributed to our previously announced revenue shortfall and revised full-year guidance.

在今天的演講中，我們將討論導致我們先前宣布的收入短缺和修訂後的全年指導的一些因素。

We will also discuss the steps we are taking to return to revenue growth and why we are confident in the assumptions underlying our updated financial forecasts.

我們還將討論我們為恢復收入成長所採取的步驟，以及為什麼我們對最新財務預測的假設充滿信心。

Finally, we will share our re-focused priorities for 2024, which we believe will position us to build PacBio into a sustainable, cash-flow-positive company with the ability to execute in any macro environment.

最後，我們將分享我們重新調整的 2024 年優先事項，我們相信這將使我們能夠將 PacBio 打造成一家可持續發展、現金流為正的公司，並有能力在任何宏觀環境下執行。

While we forecast near-term growth to be lower than our original guidance for 2024, we have never been more confident in the value of our platforms, our long-term growth potential, and our ability to capture market share in the multi-billion dollar sequencing opportunity.

雖然我們預測近期成長將低於 2024 年的最初指導，但我們對我們平台的價值、我們的長期成長潛力以及我們奪取數十億美元市場份額的能力從未如此有信心。

But first, let's recap the first quarter.

但首先，讓我們回顧一下第一季。

Consistent with our pre-announcement on April 16, revenue of $38.8 million for the first quarter was below expectations due to an increasing number of customers delaying instrument purchases and softness in consumable shipments.

與我們 4 月 16 日預先發布的公告一致，由於越來越多的客戶推遲購買儀器以及消耗品發貨疲軟，第一季的收入為 3880 萬美元，低於預期。

Based on the first quarter results and our expectation that some of these external factors will likely persist throughout 2024, we expect full-year revenue to be in the range of $170 million to $200 million.

根據第一季的業績以及我們對其中一些外部因素可能會持續到 2024 年的預期，我們預計全年營收將在 1.7 億美元至 2 億美元之間。

The instrument shortfall primarily resulted from elongated customer purchasing cycles, as the median sales cycle for Revio instrument purchases increased more than we expected in the first quarter of 2024.

儀器短缺主要是由於客戶購買週期延長，因為 Revio 儀器購買的中位數銷售週期增長超過我們在 2024 年第一季的預期。

More specifically, we believe that the sales cycle increased primarily because of uncertainty surrounding the timing of funding for new capital equipment, particularly in the United States and China, smaller Sequel II and IIe customers who are planning to upgrade to a Revio are waiting for the samples to drive that upgrade and an increasing proportion of the sales pipeline is comprised of new customers in the first quarter of 2024, which have proven to have longer sales cycles compared to those existing PacBio customers.

更具體地說，我們認為銷售週期的增加主要是由於新資本設備融資時間的不確定性，特別是在美國和中國，計劃升級到 Revio 的小型 Sequel II 和 IIe 客戶正在等待推動升級的樣品，以及2024 年第一季新客戶所佔銷售管道比例的增加，事實證明，與現有PacBio 客戶相比，新客戶的銷售週期更長。

While consumable revenue grew 15% year over year, it was also below our expectations.

雖然消費品收入年增 15%，但也低於我們的預期。

We believe this was primarily attributed to the slower-than-expected ramp-up in sequencing by our small and mid-sized customers, many of whom are new to PacBio.

我們認為，這主要是由於我們的中小型客戶的定序速度比預期慢，其中許多客戶是 PacBio 的新手。

The time for new Revio customers and new projects to reach full capacity has been slower than we anticipated.

新 Revio 客戶和新專案達到滿載生產的時間比我們預期的要慢。

Sample delays impacting sequencing volume in the quarter for certain large customers and some smaller service providers in China operating at lower utilization as a result of the challenging funding environment.

由於融資環境充滿挑戰，中國某些大客戶和一些小型服務供應商的使用率較低，因此樣本延遲影響了本季的定序量。

In Q1, more customers than we expected utilized their Revio systems at less than 20% capacity.

第一季度，使用 Revio 系統的客戶數量比我們預期的要多，但其容量不足 20%。

Many of these are newer customers and the average age of the systems in this category was less than four months, which we believe indicates that these customers are still early in their ramp up.

其中許多是新客戶，此類系統的平均使用期限不到四個月，我們認為這表明這些客戶仍處於起步階段。

The pace of the ramp is dependent on a number of factors including, the timing of sample availability, lab readiness, and funding among other reasons.

提升的速度取決於許多因素，包括樣品可用性的時間、實驗室準備和資金等原因。

We are putting measures in place that we believe will help these customers ramp to their full utilization as timely as possible, and help drive consumable growth going forward.

我們正在採取措施，我們相信這些措施將幫助這些客戶盡快充分利用，並有助於推動消費品的未來成長。

Moving on, we are implementing several strategies aimed at accelerating instrument and consumable revenue.

接下來，我們正在實施多項旨在加速儀器和消耗品收入的策略。

First is an intense focus on the customer to drive new sales opportunities, close existing deals, and accelerate consumable revenue ramp-up time.

首先是高度關注客戶，以推動新的銷售機會、完成現有交易並加快消費品收入的成長時間。

And among other activities, this involves, launching our PRISM customer-focused roadshows.

除此之外，這還包括啟動我們以客戶為中心的 PRISM 巡迴展。

These events include discussions and workshops with PacBio users and key opinion leaders in genomics where they'll engage and share the groundbreaking science that Revio is enabling.

這些活動包括與 PacBio 使用者和基因組學關鍵意見領袖的討論和研討會，他們將參與並分享 Revio 所實現的突破性科學。

We're organizing events across six global cities with approximately 1,000 registered attendees representing over 500 organizations many of whom we believe will become future Revio users.

我們正在全球六個城市組織活動，約有 1,000 名註冊參與者代表 500 多個組織，我們相信其中許多組織將成為未來的 Revio 用戶。

We're reducing the spans and layers in the commercial organization, which will allow leadership to get closer to and more involved in the sales process.

我們正在減少商業組織的跨度和層次，這將使領導層更接近並更多地參與銷售流程。

We're also establishing tiger teams to actively work with low-volume customers to accelerate their Revio ramp and collaborate with them to secure samples to feed their sequencer and, we're continuing to collaborate with customers to demonstrate the value of HiFi long-read sequencing to drive long-term durable revenue.

我們也正在建立老虎團隊，積極與小批量客戶合作，加速他們的 Revio 產能提升，並與他們合作確保樣品供應給他們的測序儀，並且我們將繼續與客戶合作，展示 HiFi 長讀的價值排序以推動長期持久的收入。

Second, we're addressing the upfront CapEx barrier some customers face when assessing HiFi, and we're doing this by, implementing promotions that ease customers' upfront CapEx requirements and we're doing this in ways that preserve PacBio's overall economic value.

其次，我們正在解決一些客戶在評估 HiFi 時面臨的前期資本支出障礙，我們透過實施促銷活動來緩解客戶的前期資本支出要求，並以保護 PacBio 整體經濟價值的方式做到這一點。

These promotions have already created more funnel opportunities, which we believe will close this year, and we're focusing our product development on a benchtop platform, which will allow for a lower CapEx entry and, upon launch, potentially open up PacBio HiFi sequencing to hundreds of new global customers.

這些促銷活動已經創造了更多的通路機會，我們相信這些機會將在今年結束，我們將產品開發的重點放在台式平台上，這將降低資本支出，並且在推出後，可能會向PacBio HiFi 測序開放數百個新的全球客戶。

Third, we're expanding the market and applications addressable with Revio and HiFi.

第三，我們正在擴大 Revio 和 HiFi 的市場和應用。

As I'll discuss shortly, we are investing in developing library prep and informatics solutions around Revio that enhance the platform's value proposition.

正如我稍後將討論的，我們正在投資開發圍繞 Revio 的圖書館準備和資訊學解決方案，以增強該平台的價值主張。

These launches include PureTarget for targeted clinical research applications and Kinnex for transcriptomics, and 16S metagenomics, and we're also developing future enhancements that we believe will further reduce DNA input requirements below 1 microgram of DNA for a 30X human whole genome, potentially opening up more existing samples and new projects to HiFi sequencing.

這些發表包括用於標靶臨床研究應用的PureTarget 和用於轉錄組學和16S 宏基因組學的Kinnex，我們也正在開發未來的增強功能，我們相信這將進一步將30X 人類全基因組的DNA 輸入要求降低到1 微克以下，從而有可能開放更多現有樣本和新項目用於 HiFi 定序。

Looking ahead, our pipeline of sales leads has continued to grow each quarter since we launched Revio.

展望未來，自推出 Revio 以來，我們的銷售線索管道每季都在持續成長。

We believe our current sales pipeline is sufficient to at least support the midpoint of our guide of 120 Revio systems, which provides further confidence in our revised revenue targets for 2024.

我們相信，我們目前的銷售管道至少足以支援我們 120 個 Revio 系統指南的中點，這為我們修訂後的 2024 年收入目標提供了進一步的信心。

There's no doubt that PacBio and our industry are facing increasing headwinds this year.

毫無疑問，PacBio 和我們的產業今年面臨越來越大的阻力。

However, we remain incredibly optimistic about our business and the prospects for long-read sequencing.

然而，我們對我們的業務和長讀長測序的前景仍然非常樂觀。

Our powerful sequencing technologies continue to play an important role in revolutionizing genomics, and the demand for and interest in our products indicates the tremendous market opportunity ahead.

我們強大的定序技術繼續在基因組學革命中發揮重要作用，對我們產品的需求和興趣表明了未來巨大的市場機會。

One encouraging indicator is the amount of data customers generate with their sequencers.

一個令人鼓舞的指標是客戶使用定序儀產生的數據量。

Growth in this metric demonstrates increasing utility and broader acceptance of the long-read HiFi technology.

此指標的成長顯示長讀 HiFi 技術的實用性不斷提高，並且被更廣泛的接受。

In the first quarter, total data generated from PacBio long-read sequencers grew 2.5 times from the first quarter of last year.

第一季度，PacBio長讀長定序儀產生的總數據比去年第一季成長了2.5倍。

This growth is a testament to the overall interest in Revio and the continued market share gain for long-reads.

這種增長證明了人們對 Revio 的整體興趣以及長讀物市場份額的持續增長。

As of March 31, just one year after commercialization, we surpassed 200 cumulative Revio shipments, marking the fastest installed base ramp in PacBio history.

截至 3 月 31 日，即商業化僅一年後，我們的 Revio 累計發貨量就超過了 200 台，標誌著 PacBio 歷史上最快的安裝量增長。

From a throughput perspective, this has the same power as over 3,000 Sequel IIe, our previous generation platform.

從吞吐量角度來看，它與我們上一代平台 3,000 多個 Sequel IIe 具有相同的性能。

This rapid scale-up demonstrates our customer's desire to sequence using PacBio HiFi more than ever, but it will take some time for them to migrate projects and samples to this newfound capacity.

這種快速擴大規模表明我們的客戶比以往任何時候都更渴望使用 PacBio HiFi 進行測序，但他們需要一些時間才能將專案和樣品遷移到這種新發現的容量。

We've been exceptionally pleased with the number of new customers adopting Revio as 57% of the systems shipped in the first quarter went to new PacBio instrument customers.

我們對採用 Revio 的新客戶數量感到非常滿意，因為第一季出貨的系統中有 57% 流向了新的 PacBio 儀器客戶。

These customers included the University of Tartu, host of Estonia's National Biobank.

這些客戶包括愛沙尼亞國家生物庫的所在地塔爾圖大學。

The team selected Revio exclusively over other short and long-read technologies to sequence 10,000 whole human genomes as part of their goal to adopt personalized medicine at scale and understand the underlying genetics of health, disease, and treatment outcomes.

該團隊專門選擇Revio，而不是其他短讀長和長讀長技術來對10,000 個完整人類基因組進行測序，作為大規模採用個性化醫療並了解健康、疾病和治療結果的潛在遺傳學的目標的一部分。

It also includes the first Revio in Latin America which will be used by a customer in support of a 1,000 sample human genome project.

它還包括拉丁美洲的第一個 Revio，客戶將使用它來支援 1,000 個樣本的人類基因組專案。

These new Revio customers add to the existing multi-thousand sample projects that we've shared over the past year, such as large-scale human genomics program in Singapore which is expected to start sequencing this quarter and continued sequencing from the All of Us and Million Veterans Program in the United States.

這些新的 Revio 客戶增加了我們在過去一年中共享的現有數千個樣本項目，例如新加坡的大規模人類基因組計劃，預計將於本季度開始測序，並繼續從 All of Us 和美國百萬退伍軍人計劃。

We're also pleased to announce that Ambry Genetics has joined the collaboration with the GREGoR Consortium and the University of California, Irvine and aims to sequence up to 7,000 long-read HiFi genomes over the next three years, focusing on developing new insights into rare disease etiology and treatment.

我們也很高興地宣布，Ambry Genetics 已加入與 GREGoR 聯盟和加州大學歐文分校的合作，目標是在未來三年內對多達 7,000 個長讀 HiFi 基因組進行測序，重點開發對罕見基因組的新見解。的病因及治療。

Revio enables more than just large-scale research studies.

Revio 不僅僅支持大規模研究。

Hospitals are increasingly seeking to implement Revio to achieve unprecedented insights into genetic and rare disease.

醫院越來越多地尋求實施 Revio，以獲得對遺傳和罕見疾病前所未有的見解。

It includes existing PacBio customers like Seoul National University Hospital, which utilized one of our recently announced instrument promotions and plans to use HiFi long read technology to improve its testing capabilities in rare disease and cancer.

其中包括現有的 PacBio 客戶，例如首爾國立大學醫院，該醫院利用了我們最近宣布的一項儀器促銷活動，併計劃使用 HiFi 長讀技術來提高其在罕見疾病和癌症方面的測試能力。

Also, a leading pediatric hospital in Canada purchased a Revio, its first PacBio system to sequence 1,500 rapid whole genomes of critically ill infants.

此外，加拿大一家領先的兒科醫院購買了 Revio，這是其首個 PacBio 系統，用於對 1,500 個危重嬰兒的快速全基因組進行測序。

HiFi was the clear choice for this clinical-oriented customer as the other long-read sequencing technology proved too high in error rate.

HiFi 是該臨床的客戶的明智選擇，因為事實證明其他長讀長定序技術的錯誤率太高。

To support these customers, we are continuously enhancing our software, launching new library prep, and sample prep solutions which make PacBio sequencing more turnkey and more accessible than ever.

為了支援這些客戶，我們不斷增強我們的軟體，推出新的文庫製備和樣品製備解決方案，使 PacBio 定序比以往更加統包且更易於使用。

Additionally, we believe these new products will help contribute to a recurring revenue stream outside the core SMRT cells and sequencing reagents used to run Revio.

此外，我們相信這些新產品將有助於為用於運行 Revio 的核心 SMRT 細胞和定序試劑以外的經常性收入來源做出貢獻。

We've seen tremendous interest in our recently launched Kinnex full-length RNA kits.

我們看到人們對我們最近推出的 Kinnex 全長 RNA 試劑盒產生了極大的興趣。

Launched in the fourth quarter of 2023, we've booked orders for 160 customers as of March 31, totaling over $1.5 million.

該產品於 2023 年第四季推出，截至 3 月 31 日已為 160 名客戶預訂訂單，總金額超過 150 萬美元。

The PacBio PureTarget panel was launched and began shipping in late March, allowing for comprehensive characterization of repeat expansions.

PacBio PureTarget 面板於 3 月底推出並開始出貨，可對重複擴增進行全面表徵。

Expansions of repetitive DNA sequences have been linked to over 50 monogenic disorders and cancers.

重複 DNA 序列的擴展已與 50 多種單基因疾病和癌症有關。

This kit enables customers to interrogate some of the most critical and hard-to-sequence genes related to these diseases and multiplex up to 192 samples on the Revio system.

該試劑盒使客戶能夠詢問與這些疾病相關的一些最關鍵和最難測序的基因，並在 Revio 系統上對多達 192 個樣本進行多重分析。

Combined with our TRGT repeat expansion caller and the Nanobind DNA extraction kit, it allows for an easy and scalable workflow to capture repeat expansions, bringing customers from sample to answer in three days.

與我們的 TRGT 重複擴增調用程序和 Nanobind DNA 萃取試劑盒結合，它可以實現簡單且可擴展的工作流程來捕獲重​​複擴增，使客戶在三天內從樣品到答案。

We just started shipping these kits in March, and we are already seeing great interest from customers ranging from pediatric hospitals to large commercial testing labs, biopharma, and academic labs.

我們在三月剛開始運送這些試劑盒，我們已經看到從兒科醫院到大型商業測試實驗室、生物製藥和學術實驗室等客戶的極大興趣。

Launched in the first quarter, our HiFi prep and plex library prep kits further enable our customers to automate and scale on Revio.

我們的 HiFi 準備和 plex 庫準備套件於第一季推出，進一步幫助我們的客戶在 Revio 上自動化和擴展。

These kits allow Revio customers to prepare up to 96 libraries at a time at lower cost per library, and some of our largest customers are adopting these kits to help them further scale their projects.

這些套件允許 Revio 客戶一次準備多達 96 個庫，每個庫的成本更低，我們的一些最大的客戶正在採用這些套件來幫助他們進一步擴展其專案。

We expect the kits to be particularly beneficial for microbial genome and low-pass large genome sequencing, where library prep costs are a large percentage of the overall workflow cost.

我們預計這些試劑盒特別有利於微生物基因組和低通大型基因組定序，其中文庫製備成本佔整個工作流程成本的很大一部分。

The Nanobind PanDNA kit developed from the Circulomics technology supports high molecular weight extraction from cells, bacteria, blood, tissue, insect, and plant nuclei.

Nanobind PanDNA 試劑盒採用循環組學技術開發，支持從細胞、細菌、血液、組織、昆蟲和植物細胞核中提取高分子量。

This new product consolidates the capabilities of our existing sample-specific offerings into a single solution for DNA extraction.

這款新產品將我們現有的特定樣本產品的功能整合到單一的 DNA 萃取解決方案中。

Since we acquired it in 2021, over 1,000 customers have ordered Circulomics kits.

自我們於 2021 年收購以來，已有 1,000 多家客戶訂購了循環組學試劑盒。

This product line helps us deliver solutions to the thousands of lower throughput long-read users and can potentially serve as a funnel for our future benchtop long-read sequencer.

該產品線幫助我們為數千名低通量長讀用戶提供解決方案，並有可能成為我們未來桌上型長讀定序儀的漏斗。

We continue to be pleased with the traction of our sample extraction offerings and excluding large OEM purchases from one customer, the first quarter was our most successful quarter for sample prep.

我們仍然對我們的樣品提取產品的吸引力感到滿意，並且排除來自一個客戶的大量 OEM 採購，第一季是我們樣品製備最成功的季度。

Finally, our version 13 software continues to improve the Revio user experience.

最後，我們的版本 13 軟體持續改進 Revio 使用者體驗。

Nearly all customers are utilizing the recently launched adaptive loading feature, which improves customer experience by preventing overloading of the SMRT cell, allowing customers to load DNA more confidently and achieve higher and more consistent yields.

幾乎所有客戶都在利用最近推出的自適應加載功能，該功能透過防止 SMRT 單元過載來改善客戶體驗，使客戶能夠更自信地加載 DNA 並實現更高、更一致的產量。

With v13 enabled on almost every Revio, the mean yield per SMRT Cell for whole genome sequencing runs in 2024 is approximately 5 gigabases higher than in 2023.

由於幾乎所有 Revio 都啟用了 v13，2024 年全基因組定序運行的每個 SMRT 細胞的平均產量比 2023 年高出約 5 GB。

We continue to see success with our Onso platform.

我們的 Onso 平台繼續取得成功。

Instrument shipments grew again in the first quarter, and the installed base now spans six continents.

第一季儀器出貨量再次成長，安裝基礎現已遍及六大洲。

We've completed our consolidation of Onso instrument and consumable manufacturing into our Menlo Park facility, which allows us to fully leverage our operational infrastructure.

我們已經完成了將 Onso 儀器和消耗品製造整合到我們的門洛帕克工廠，這使我們能夠充分利用我們的營運基礎設施。

So now let's look ahead and discuss our four strategic priorities going forward.

現在讓我們展望未來並討論我們未來的四個策略重點。

First, improving our commercial execution to drive adoption of both Revio and Onso, we are placing a greater focus on the value proposition of HiFi sequencing and increasing collaboration with customers, purchasing departments, and decision-makers.

首先，為了提高我們的商業執行力以推動 Revio 和 Onso 的採用，我們更加關注 HiFi 定序的價值主張，並加強與客戶、採購部門和決策者的合作。

We are also working to improve our partnership with customers post-instrument purchase to ensure that they are getting samples into their lab to feed their Revio.

我們也致力於在購買儀器後改善與客戶的合作關係，以確保他們將樣品送入實驗室來餵養他們的 Revio。

With respect to Onso, in the first quarter, we scaled the manufacturing of the platform, enabling us to deliver instruments based on demand much more rapidly, which will help drive our ability to sell the system.

就 Onso 而言，我們在第一季擴大了平台的製造規模，使我們能夠更快地根據需求交付儀器，這將有助於提高我們銷售系統的能力。

Additionally, we've identified opportunities to drive manufacturing improvements and lower the unit cost of consumables, which gives us the flexibility to lower the list price on Onso flow cells and reagents to as low as $8 per gigabase.

此外，我們還發現了推動製造改進和降低消耗品單位成本的機會，這使我們能夠靈活地將 Onso 流通池和試劑的標價降低至每千兆鹼基 8 美元。

With these advances, along with a more focused and targeted selling effort, we believe that we can be very competitive in this market.

憑藉這些進步，再加上更集中和有針對性的銷售努力，我們相信我們可以在這個市場上具有強大的競爭力。

Second, continuing the development of new platforms that are expected to broaden our product offering and drive revenue growth, we continue to believe that developing a multi-platform portfolio is important for our success, enabling us to reach more customers and drive technology adoption.

其次，繼續開發新平台，預計將擴大我們的產品範圍並推動收入成長，我們仍然相信開發多平台產品組合對於我們的成功非常重要，使我們能夠接觸更多客戶並推動技術採用。

While we expect the Revio platform to be the primary contributor to revenue over the next few years, we are aggressively pursuing the development of a long-read benchtop system, which will have a much lower capital cost, enabling us to reach a new subset of lower throughput customers and provide flexibility to existing Revio customers through fleet expansion.

雖然我們預計 Revio 平台將成為未來幾年收入的主要貢獻者，但我們正在積極開發長讀取桌上型系統，該系統的資本成本將低得多，使我們能夠達到新的子集降低吞吐量的客戶，並透過機隊擴展為現有Revio 客戶提供靈活性。

We believe that this instrument will address a market of over 1,000 potential customers.

我們相信該儀器將滿足 1,000 多個潛在客戶的市場需求。

We are also developing a high-throughput short-read platform that is expected to enable us to serve high-throughput labs with our leading sequencing by binding technology.

我們也正在開發一個高通量短讀平台，預計將使我們能夠透過領先的結合定序技術為高通量實驗室提供服務。

This highly accurate technology is perfect for needle-in-a-haystack applications, such as liquid biopsy.

這種高精度技術非常適合大海撈針應用，例如液體活檢。

We believe it will be highly competitive in terms of both throughput and cost relative to other high-throughput offerings.

我們相信，相對於其他高吞吐量產品，它在吞吐量和成本方面都將具有高度競爭力。

The addressable market for this platform is estimated to be over $1 billion per year.

該平台的潛在市場預計每年超過 10 億美元。

We are also continuing to develop our next generation SMRT cell.

我們也持續開發下一代 SMRT 電池。

This cell is expected to power a new, extremely high-throughput long-read platform, enabling throughput dramatically higher than that of the Revio system.

該單元預計將為新型、極高吞吐量的長讀取平台提供動力，使吞吐量顯著高於 Revio 系統。

Third, we're implementing projects to improve our gross margin and drive manufacturing efficiencies.

第三，我們正在實施旨在提高毛利率和提高製造效率的專案。

A cornerstone of our path to cash flow breakeven is our ability to improve gross margins through revenue mix and unit cost reduction.

我們實現現金流損益平衡的基石是我們透過收入組合和降低單位成本來提高毛利率的能力。

We've already reduced the production cost of both the Revio instrument and a 25M SMRT cell and expect more improvements this year and beyond.

我們已經降低了 Revio 儀器和 25M SMRT 單元的生產成本，並預計今年及以後會有更多改進。

Outside of our next-generation platforms, this is a critical R&D and operations effort that we will continue to invest in.

除了我們的下一代平台之外，這是我們將繼續投資的關鍵研發和營運工作。

Finally, we're reducing annualized run-rate operating expenses.

最後，我們正在減少年化運行費用。

Last week, we began implementing our restructuring plan to reduce operating expenses.

上週，我們開始實施重組計劃以減少營運費用。

As part of that, we made the difficult decision to reduce our total headcount by approximately 25% or 195 employees, and close our San Diego office.

作為其中的一部分，我們做出了艱難的決定，將總人數減少約 25%，即 195 名員工，並關閉我們的聖地牙哥辦公室。

Virtually all functions within the company were impacted.

事實上，公司內​​的所有職能部門都受到了影響。

The reductions are being made based on our refocused priorities that I discussed above.

這些削減是根據我上面討論的我們重新確定的優先事項進行的。

As a result, I believe that we have the resources required to achieve our near-term priorities.

因此，我相信我們擁有實現近期優先事項所需的資源。

With these reductions, along with other non-headcount related savings, we now expect to lower our non-GAAP operating expenses on an annualized run rate basis by more than the $75 million reduction by year-end.

透過這些削減以及其他非人員相關的節省，我們現在預計到年底，按年化運行率計算的非 GAAP 營運費用將減少 7,500 萬美元以上。

This is above the range we provided in our pre-announcement on April 16.

這高於我們在 4 月 16 日預先公告中提供的範圍。

We believe that it positions us to deliver on our commitment to our plan to create a sustainable, cash-flow-positive company by the end of 2026 and enable us to continue to provide scientists with some of the best technologies that push the boundaries of biological discovery.

我們相信，這使我們能夠兌現我們對計劃的承諾，即到 2026 年底創建一家可持續發展、現金流為正的公司，並使我們能夠繼續為科學家提供一些突破生物領域界限的最佳技術。 。

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 previously mentioned, we reported $38.8 million in product, service, and other revenue in the first quarter of 2024, compared to $38.9 million in the first quarter of 2023.

如前所述，我們報告 2024 年第一季的產品、服務和其他收入為 3880 萬美元，而 2023 年第一季為 3890 萬美元。

Instrument revenue in the first quarter was $19.0 million, a decrease of 8% from $20.7 million in the first quarter of 2023.

第一季儀器收入為 1,900 萬美元，比 2023 年第一季的 2,070 萬美元下降 8%。

The decrease was due to lower Revio unit shipments.

下降的原因是 Revio 單位出貨量下降。

We ended the quarter with an installed base of 201 Revio systems.

本季結束時，我們的 Revio 系統安裝量為 201 個。

Turning to consumables, we delivered revenue of $16.0 million in the first quarter, a 15% increase from $14.0 million in the first quarter of last year.

說到消耗品，我們第一季的營收為 1,600 萬美元，比去年第一季的 1,400 萬美元成長了 15%。

Approximately 69% of consumable revenue came from Revio systems, which reflected an annualized pull-through of the Revio system of $254,000 and the remaining consumable revenue from other systems and other consumables.

大約 69% 的耗材收入來自 Revio 系統，這反映了 Revio 系統的年化拉動額為 254,000 美元，剩餘的耗材收入來自其他系統和其他耗材。

We expect Sequel II and IIe's share of total consumables to continue declining as we continue shipping Revio and customers transition to the new system.

我們預計，隨著我們繼續交付 Revio 以及客戶過渡到新系統，Sequel II 和 IIe 在消耗品總量中所佔的份額將繼續下降。

Finally, service and other revenue was $3.8 million in the first quarter compared to $4.2 million in the first quarter of 2023.

最後，第一季的服務和其他收入為 380 萬美元，而 2023 年第一季為 420 萬美元。

The decline was primarily due to customers transitioning to the Revio system, which includes a first-year warranty and opting not to renew their Sequel II, IIe service plans.

下降的主要原因是客戶過渡到 Revio 系統（該系統包含第一年保固）並選擇不續訂其 Sequel II、IIe 服務計劃。

From a regional perspective, revenue in the Americas was $17.7 million, a 7% decrease compared to the first quarter of 2023.

從地區來看，美洲地區營收為1,770萬美元，較2023年第一季下降7%。

This was driven by a decline in Revio shipments as Revio system sales took longer to close.

這是由於 Revio 系統銷售需要更長的時間才能完成，導致 Revio 出貨量下降。

We believe the majority of Revio system opportunities that slipped out of the first quarter pipeline encountered challenges with funding.

我們認為，第一季流失的大部分 Revio 系統機會都遇到了資金上的挑戰。

Consumable growth in the quarter was partially offset by delays in large project spending and sample availability at high-utilization sites.

本季度消耗品的成長部分被大型專案支出和高利用率站點的樣品可用性的延遲所抵消。

For Asia Pacific, revenue was $12.8 million, up 7% versus the prior year with headwinds in China partially offsetting growth in other countries, including Japan.

亞太地區的收入為 1,280 萬美元，比上年增長 7%，其中中國的不利因素部分抵消了包括日本在內的其他國家的增長。

We believe China Revio sales were impacted by capital funding challenges and lower Revio sequencing pricing offered by large service providers, delaying the need to directly purchase Revio instruments by the smaller labs.

我們認為，中國 Revio 的銷售受到資本融資挑戰和大型服務提供者提供的較低 Revio 定序定價的影響，從而推遲了小型實驗室直接購買 Revio 儀器的需求。

Looking ahead, we're encouraged by new modernization initiatives in China.

展望未來，我們對中國新的現代化舉措感到鼓舞。

We believe these will boost R&D capital spend, including sequencing instruments as several potential customers have already applied for Revio funding under this program, albeit it's too soon to factor this into our 2024 expectations.

我們相信這些將增加研發資本支出，包括定序儀器，因為一些潛在客戶已經根據該計劃申請了 Revio 資金，儘管現在將其納入我們 2024 年的預期還為時過早。

Finally, EMEA revenue was $8.4 million, up 6% over the prior year period, but was lower than previously anticipated as some instrument deals were delayed and for some new system orders shipped, the associated consumable orders were pushed to the following quarter after installation.

最後，歐洲、中東和非洲地區的收入為840 萬美元，比上年同期增長6%，但低於先前的預期，因為一些儀器交易被推遲，而且對於發貨的一些新系統訂單，相關耗材訂單在安裝後被推遲到下一個季度。

Moving down the P&L, a GAAP gross profit of $11.3 million in the first quarter of 2024 represented a gross margin of 29% compared to a GAAP gross profit of $9.8 million in the first quarter of 2023, which represented a gross margin of 25%.

從損益表來看，2024 年第一季的 GAAP 毛利為 1,130 萬美元，毛利率為 29%，而 2023 年第一季的 GAAP 毛利為 980 萬美元，毛利率為 25%。

First quarter 2024 non-GAAP gross profit of $12.6 million represented a non-GAAP gross margin of 33%, compared to a non-GAAP gross profit of $9.9 million or 26% in the first quarter of last year.

2024 年第一季非 GAAP 毛利為 1,260 萬美元，非 GAAP 毛利率為 33%，去年第一季非 GAAP 毛利為 990 萬美元，即 26%。

Non-GAAP gross profit in the first quarter excludes approximately $1.3 million of expenses for the amortization of acquired intangible assets.

第一季非公認會計準則毛利不包括約 130 萬美元的收購無形資產攤銷費用。

Gross margin increased year over year primarily due to adjustments of approximately $3.5 million recognized in the first quarter of 2023 primarily related to excess Sequel II, IIe consumables inventory that resulted from a faster-than-expected decline in demand for Sequel II, IIe due to the product transition to Revio.

毛利率年增主要是由於 2023 年第一季確認的約 350 萬美元的調整，主要與 Sequel II、IIe 消耗品庫存過剩有關，而 Sequel II、IIe 的需求下降速度快於預期，這是由於產品過渡到Revio。

We are pleased to have completed the consolidation of our short read consumable manufacturing for reagents and flow cells from San Diego to Menlo Park during the quarter, helping to lower production costs for every consumable kit we manufacture starting in Q2 2024.

我們很高興在本季度完成了從聖地牙哥到門洛帕克的試劑和流通池短讀耗材製造的整合，這有助於降低我們從 2024 年第二季開始生產的每個耗材套件的生產成本。

In addition, we transitioned the build of a key component on the Revio system in-house, which, since being implemented in March, has helped reduce the contract manufacturing overhead expenses on each Revio instrument built by tens of thousands of dollars.

此外，我們在內部過渡了 Revio 系統上關鍵組件的構建，自 3 月實施以來，已幫助減少了每台 Revio 儀器的合約製造管理費用數萬美元。

GAAP operating expenses were $92.6 million in the first quarter of 2024 compared to $101.0 million in the first quarter of 2023.

2024 年第一季 GAAP 營運費用為 9,260 萬美元，而 2023 年第一季為 1.010 億美元。

Non-GAAP operating expenses were $87.2 million in the first quarter of 2024.

2024 年第一季非 GAAP 營運費用為 8,720 萬美元。

This represents a 2% decrease from non-GAAP operating expenses of $88.7 million in the first quarter of 2023.

這比 2023 年第一季的非 GAAP 營運費用 8,870 萬美元減少了 2%。

Operating expenses in the first quarter included non-cash share-based compensation of $17.4 million, compared to $16.0 million in the first quarter of last year.

第一季的營運費用包括 1,740 萬美元的非現金股份薪酬，而去年第一季為 1,600 萬美元。

Regarding headcount, we ended the quarter with 787 employees compared to 796 at the end of 2023 and 793 at the end of the first quarter of

就員工人數而言，本季末我們有 787 名員工，而 2023 年末為 796 名，2023 年第一季末為 793 名。

[2023].

[2023]。

As a reminder, in April, we began implementing reductions in our headcount by approximately 195 employees and, therefore, expect to end the second quarter and full-year 2024 with a headcount of less than 600.

謹此提醒，我們在 4 月開始裁員約 195 名員工，因此預計 2024 年第二季末和全年的員工人數將少於 600 人。

GAAP net loss in the first quarter of 2024 was $78.2 million or $0.29 per share, compared to a GAAP net loss of $88 million in the first quarter of 2023 or $0.36 per share.

2024 年第一季 GAAP 淨虧損為 7,820 萬美元，即每股 0.29 美元，而 2023 年第一季 GAAP 淨虧損為 8,800 萬美元，即每股 0.36 美元。

Non-GAAP net loss was $71.4 million, representing $0.26 per share, in the first quarter of 2024, compared to a non-GAAP net loss of $75.5 million, representing $0.31 per share in the first quarter of 2023.

2024 年第一季非 GAAP 淨虧損為 7,140 萬美元，相當於每股 0.26 美元，而 2023 年第一季非 GAAP 淨虧損為 7,550 萬美元，相當於每股 0.31 美元。

Turning to our balance sheet items.

轉向我們的資產負債表項目。

We ended the first quarter with $561.9 million in unrestricted cash and investments, compared to $631.4 million on December 31, 2023.

截至第一季末，我們的非限制性現金和投資為 5.619 億美元，而 2023 年 12 月 31 日為 6.314 億美元。

Inventory balances increased in the first quarter to $67.3 million, representing 1.7 inventory turns, compared to $56.7 million on December 31, 2023, representing 2.9 inventory turns.

第一季庫存餘額增加至 6,730 萬美元，相當於 1.7 倍庫存週轉率，而 2023 年 12 月 31 日為 5,670 萬美元，相當於 2.9 倍庫存週轉率。

The increase in inventory primarily reflects purchases of Revio and Onso instruments and consumables inventory.

庫存的增加主要反映了 Revio 和 Onso 儀器和消耗品庫存的採購。

Accounts receivable decreased in the first quarter of $30.3 million compared with $36.6 million at December 31, 2023.

第一季應收帳款減少 3,030 萬美元，而截至 2023 年 12 月 31 日為 3,660 萬美元。

Now, to expand a bit on our financial guidance.

現在，擴展一下我們的財務指導。

Consistent with our pre-announcement on April 16, we believe full-year 2024 revenue to be between $170 million and $200 million.

與我們 4 月 16 日的預先公告一致，我們認為 2024 年全年收入將在 1.7 億美元至 2 億美元之間。

At the midpoint of this guidance, we assume $85 million of instrument revenue, which includes 120 Revio shipments making Revio still the fastest-growing sequencer in PacBio history.

在本指南的中期，我們假設儀器收入為 8,500 萬美元，其中包括 120 台 Revio 出貨量，使 Revio 仍然是 PacBio 歷史上成長最快的定序儀。

We expect $80 million in consumable revenue, which assumes an annual pull-through of $290,000 for the Revio platform.

我們預計消費品收入為 8,000 萬美元，假設 Revio 平台的年收入為 290,000 美元。

Moving down the P&L to gross margin, we now expect full-year gross margin to be between 35% and 38%, lower by one point at the midpoint from our prior guidance due to lower volumes and revenue.

將損益表向下看至毛利率，我們現在預計全年毛利率將在 35% 至 38% 之間，由於銷量和收入下降，比我們之前的指導值中位數低 1 個百分點。

We have made significant progress on improving the per unit cost of both Revio instruments and Revio consumables and expect to end the year with Revio instrument costs 10% lower than when we launched the platform and consumable unit costs over 25% lower.

我們在降低 Revio 儀器和 Revio 耗材的單位成本方面取得了重大進展，預計到今年年底，Revio 儀器成本將比我們推出平台時降低 10%，耗材單位成本將降低 25% 以上。

These cost and operational improvements will continue beyond 2024, and are expected to drive quarterly gross margin expansion this year and going forward.

這些成本和營運方面的改進將持續到 2024 年之後，預計將推動今年及今後的季度毛利率成長。

Moving to operating expenses, we now expect non-GAAP operating expenses to decline year over year from the $355 million we reported in 2023, and be approximately $300 million to $310 million.

至於營運費用，我們現在預計非 GAAP 營運費用將從 2023 年報告的 3.55 億美元逐年下降，約 3 億至 3.1 億美元。

Specifically, at the midpoint, we expect $150 million in non-GAAP research and development expenses and $155 million in non-GAAP selling, general and administrative expenses.

具體來說，我們預計非 GAAP 研發費用為 1.5 億美元，非 GAAP 銷售、一般和管理費用為 1.55 億美元。

As mentioned, we expect the non-GAAP annualized amount of these savings to be above the high end of our $50 million to $75 million range by year-end, and, as a result, we expect full-year non-GAAP operating expenses to decline in 2025 compared to 2024.

如前所述，我們預計到年底，這些節省的非 GAAP 年化金額將高於 5,000 萬至 7,500 萬美元範圍的上限，因此，我們預計全年非 GAAP 營運費用將達到與2024 年相比，2025年將有所下降。

We continue to expect $5 million to $10 million in interest and other income, [273 million] in weighted average shares outstanding for the full-year 2024, and we continue to expect ending cash, cash equivalents, and investments to be in the range of $435 million to $450 million, representing a cash burn of $189 million at the mid-point.

我們繼續預計 2024 年全年的利息和其他收入為 500 萬至 1000 萬美元，加權平均已發行股票為 [2.73 億]，並且我們繼續預計期末現金、現金等價物和投資將在4.35 億美元至4.5 億美元之間，相當於中點現金消耗1.89 億美元。

As a reminder, we announced that we were unlikely to achieve our previous long-term guidance.

作為提醒，我們宣布我們不太可能實現先前的長期指導。

While we are not providing updated figures today, we remain committed to our plan of turning the business cash flow positive by the end of 2026 under various revenue scenarios, which include revenue growth in 2025 and beyond with new products and growing consumables off increasing Revio installed base, expanding gross margins with reduced manufacturing per unit costs, and continued mix shift to consumables, and lower non-GAAP operating expenses in 2025 compared to 2024 with minimal growth thereafter.

雖然我們今天沒有提供最新數據，但我們仍然致力於在各種收入情景下到2026 年底實現業務現金流為正的計劃，其中包括2025 年及以後透過新產品和增加Revio 安裝量來增加消耗品帶來的收入成長基礎，透過降低單位製造成本擴大毛利率，繼續向消耗品組合轉變，以及與 2024 年相比，2025 年非 GAAP 營運費用降低，此後增長最小。

We will provide more details behind our assumptions and our updated long-term guidance at a later date.

我們將在稍後提供我們的假設和更新的長期指導背後的更多細節。

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

現在我將把它轉回給克里斯蒂安，讓其做最後的評論。

Christian?

基督教？

Before we move to Q&A, I just wanted to leave you with three things I hope you take away from our call.

在我們進行問答之前，我只想告訴您三件事，希望您能從我們的通話中得到啟發。

One, our business and industry are facing headwinds, which we believe are short-term.

第一，我們的業務和產業面臨阻力，我們認為這是短期的。

Two, we have a clear plan to address these issues, which includes proactively working with our customers and focusing our talented people and resources on our highest-potential technologies.

第二，我們有一個明確的計劃來解決這些問題，其中包括積極與客戶合作，並將我們的人才和資源集中在最具潛力的技術上。

It also involves right sizing our organization and expenses to align with lower near-term revenue expectations.

它還涉及正確調整我們的組織和費用規模，以適應較低的近期收入預期。

We are also firmly committed to our plan of achieving positive cash flow exiting 2026.

我們也堅定致力於在 2026 年實現正現金流的計畫。

And finally, we remain optimistic about our technology and the power of our differentiated platforms.

最後，我們對我們的技術和差異化平台的力量保持樂觀。

We are confident that we have the right plan in place that will enable us to capitalize on the long-term growth and value-creation opportunity ahead of us for the benefit of scientists and clinical researchers around the world.

我們相信，我們制定了正確的計劃，使我們能夠利用擺在我們面前的長期成長和價值創造機會，造福世界各地的科學家和臨床研究人員。

We continue to be energized by the countless stories of customers utilizing our technologies to look deeper into the genome and uncover biological insights that are otherwise undetectable.

無數的客戶利用我們的技術更深入地研究基因組並發現原本無法檢測到的生物學見解，這讓我們繼續充滿活力。

With that, I'd like to open the call up to Q&A.

至此，我想開始問答環節。

Operator?

操作員？

(Operator Instructions) Kyle Mikson, Canaccord.

（操作員說明）Kyle Mikson，Canaccord。

Hey guys.

嘿夥計們。

Thanks for the questions.

感謝您的提問。

Good to chat with you.

很高興和你聊天。

So Christian, a few years ago you said these really exciting medium-term growth and margin targets, right?

克里斯蒂安，幾年前您說過這些非常令人興奮的中期成長和利潤目標，對吧？

And since then you've had to withdraw those, you just went over that.

從那時起你就不得不撤回那些，你只是回顧了這一點。

You're probably not going to come close to hitting those numbers.

您可能無法接近達到這些數字。

I think you probably seem confident on cash breakeven, but we'll see what happens there.

我認為您似乎對現金收支平衡充滿信心，但我們會看看那裡會發生什麼。

So definitely there's been some external factors.

所以肯定有一些外部因素。

A lot of it seems to be due to changes in the Revio forecast, maybe some of the other products as well that you plan on watching.

其中很大一部分似乎是由於 Revio 預測的變化，也許還有您計劃觀看的其他一些產品。

I guess Christian, just how do you kind of regain investor confidence and support in both the demand for the Revio as well as these future long read sequencers as well as PacBio's ability to provide appropriate and achievable financial guidance going forward?

我想 Christian，您如何重新獲得投資者對 Revio 和這些未來長讀測序儀的需求以及 PacBio 提供適當且可實現的財務指導的能力的信心和支持？

Yeah, thank you for the question, Kyle.

是的，謝謝你的提問，凱爾。

Obviously, regaining investor confidence is front and center for us.

顯然，恢復投資者信心是我們的首要任務。

And I think the first thing we've done is we've recognized that our revenue trajectory is not what we had forecast.

我認為我們所做的第一件事是我們認識到我們的收入軌跡與我們的預測不同。

And we made aggressive moves quickly to right-size our spend envelope, so that we can confidently say that we're committed to being cash flow positive in 2026.

我們迅速採取積極行動來調整我們的支出規模，這樣我們就可以自信地說，我們致力於在 2026 年實現正現金流。

And being cash flow positive in 2026, as Susan pointed out, we do have some expectations like we do believe that we are going to be able to grow revenue.

正如 Susan 指出的那樣，2026 年現金流為正，我們確實有一些期望，就像我們相信我們將能夠增加收入一樣。

But we believe we can achieve positive cash flows with really a modest revenue ramp from here.

但我們相信，我們可以透過適度的收入成長來實現正現金流。

And so I want to make sure that that's well-understood that we are not planning to achieve the moon to get the positive cash flows.

因此，我想確保人們充分理解我們不打算登月以獲得正現金流。

But we are looking to be very disciplined about how we match our expenses with our revenue growth.

但我們希望在如何將支出與收入成長相匹配方面保持嚴格的紀律。

So that's the first thing with investors is demonstrating our commitment to running this business responsibly.

因此，投資者的首要任務就是展現我們負責任地經營這項業務的承諾。

The second thing is to continue on the path.

第二件事是繼續走這條路。

Our strategy of building a leading long-read technologies and building a short-read business as well is still intact in our view.

我們認為，我們建構領先的長讀技術和短讀業務的策略仍然完好無損。

We still see on the long-read side tremendous excitement and adoption of the technologies.

我們仍然看到長期閱讀方面的巨大興奮和技術的採用。

As I pointed out in my remarks, we saw in the quarter, we saw 2.5 times more sequencing than happening and data being generated than in just 12 months ago.

正如我在演講中指出的那樣，我們在本季度看到，測序數量和生成數據量是 12 個月前的 2.5 倍。

That's pretty incredible when you think about where we're going and you think about what our competitors are saying.

當你想到我們的發展方向以及我們的競爭對手在說什麼時，這真是令人難以置信。

So we do think that there is a broad excitement about long-reads.

所以我們確實認為長篇閱讀會引起廣泛的興趣。

Now the translation of that excitement into revenue is really focused.

現在，我們真正關注的是如何將這種興奮轉化為收入。

We're focusing our efforts on working with our customers to try to shrink the purchase cycle as much as we can, given the macroeconomic constraints that we've been under.

鑑於我們一直面臨的宏觀經濟限制，我們正集中精力與客戶合作，盡可能縮短採購週期。

And that's why you saw us implement some promotional programs to reduce capital expenditure requirements.

這就是為什麼您看到我們實施一些促銷計劃來減少資本支出要求。

But one thing I'll point out there is that the way we've done these promotions, we still end up in the same economic place.

但我要指出的一件事是，按照我們進行這些促銷活動的方式，我們最終仍然處於相同的經濟地位。

It's really a timing of the cash flows issue for the company.

這確實是公司現金流問題的時機。

So we're reducing the barriers to get into the technology.

因此，我們正在減少進入該技術的障礙。

So those are just a couple of things that we're doing.

這些只是我們正在做的幾件事。

At the end of the day to regain investor confidence, I think it is pretty straightforward.

歸根結底，要恢復投資者的信心，我認為這是非常簡單的。

It demonstrates financial discipline, exhibits market leadership, and then deliver revenues as we expect and then revenues improving gross margins and ultimately profits and positive cash flow.

它展示了財務紀律，展示了市場領導地位，然後按照我們的預期交付收入，然後收入提高毛利率，最終實現利潤和正現金流。

So a lot of work to do, Kyle, but we have a lot of excitement about what we're doing.

凱爾，還有很多工作要做，但我們對我們正在做的事情感到非常興奮。

It's certainly frustrating and it was certainly disappointing to have to make such a big move, but we made the move aggressively early, which gives us a great opportunity to get to positive cash flows.

不得不採取如此大的舉措確實令人沮喪，也令人失望，但我們很早就採取了積極的舉措，這為我們提供了獲得正現金流的絕佳機會。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Great.

偉大的。

Thank you.

謝謝。

Thanks for taking the question.

感謝您提出問題。

Maybe a two-parter.

也許是二人制吧

Maybe just the first one, Christian, just on, PacBio has been developing in the long-read technology for over 10 years, and you guys are really differentiated there.

也許只是第一個，Christian，PacBio 在長讀技術方面發展了 10 多年，你們在這方面真的很與眾不同。

And in this iteration, the Revio is there's a lot of excitement on the marketplace.

在這一迭代中，Revio 在市場上引起了很多關注。

So I'm just wondering, given the balance sheet and given where the stock is and given the opportunity ahead on long-read and all the demand and interest, and you're just trying to refine the curve to kind of meet the demand in the right way.

所以我只是想知道，考慮到資產負債表、股票的位置、長期閱讀的機會以及所有的需求和興趣，你只是想完善曲線以滿足需求正確的方法。

How come -- is it the right strategy to still be so committed to the short-read portfolio?

為什麼仍然如此致力於短讀投資組合是正確的策略嗎？

At this point where Onso is differentiated with the kind of the accuracy, but we really don't see kind of what the numbers are on Onso even, and then you're still committed to the high throughput.

此時，Onso 在準確性方面有所不同，但我們實際上甚至看不到 Onso 上的數字，然後您仍然致力於高吞吐量。

And so I'm just wondering, given the pressure on the company and given the opportunity you had on long-read, not only on Revio, but on the mid-throughput, I'm just wondering why not cut back significantly on short-read to give investors more confidence in the path to this positive free cash flow?

所以我只是想知道，考慮到公司面臨的壓力，以及你在長讀方面的機會，不僅在 Revio 上，而且在中吞吐量上，我只是想知道為什麼不大幅削減短讀 -閱讀以讓投資者對實現正自由現金流的道路更有信心？

And then the second part, it would just be on Revio as we think ahead, this year and next year on placements, just any color you can give us about how you're thinking about trying to kind of optimize your go-to-market strategy to kind of give us confidence towards growth in placements?

然後是第二部分，它只是在 Revio 上，因為我們未來會考慮今年和明年的展示位置，您可以向我們提供任何顏色，說明您正在考慮如何嘗試優化您的市場推廣策略如何讓我們對展示位置的成長充滿信心？

Thank you.

謝謝。

Yeah, Dan, thanks for the question.

是的，丹，謝謝你的提問。

And sure, of course, we've been thinking long and hard about how do we manage our business in light of our financial situation and in light of where the market is right now.

當然，我們一直在認真考慮如何根據我們的財務狀況和目前的市場狀況來管理我們的業務。

And the good news, we'll start with this.

好消息是，我們將從這裡開始。

We have $562 million of cash on the balance sheet.

我們的資產負債表上有 5.62 億美元現金。

So we are very well-capitalized right now.

所以我們現在資本非常充足。

We have a strong business and we believe we have both leading technologies on the long-read side and the short-read side.

我們擁有強大的業務，我們相信我們在長讀端和短讀端都擁有領先的技術。

So we do believe we have a lot of assets and opportunities.

因此，我們確實相信我們擁有大量資產和機會。

The short-read side is certainly more competitive than it's been and ever been.

短讀方面的競爭肯定比以往任何時候都更加激烈。

And so we did have to ask ourselves, do we keep going?

所以我們必須問自己，我們會繼續前進嗎？

And what I would say to that specifically is, first, we just scaled up our production capability for the Onso systems.

我要具體說的是，首先，我們剛剛擴大了 Onso 系統的生產能力。

So the reality is that we've seen increasing shipments each quarter to 3Q, 4Q, Q1.

因此，現實情況是，我們看到每季的出貨量都在增加，包括第三季、第四季、第一季。

But we've been manufacturing constrained and we had some late development that we had to finish to make the chemistry even better.

但我們的製造一直受到限制，我們必須完成一些後期開發才能使化學反應變得更好。

And so the reality is we're still just getting started in this opportunity.

所以現實是我們在這個機會中才剛開始。

And we in conversations with customers, customers are excited about testing out the accuracy.

在我們與客戶的對話中，客戶對測試準確性感到興奮。

Customers are seeing interest and value in it.

客戶看到了其中的興趣和價值。

But we haven't been able to deliver to that yet.

但我們還無法實現這一點。

And so I think that the way we're thinking about this is that we aggressively drive our marketing activities and our commercialization efforts right now on Onso.

所以我認為我們思考這個問題的方式是我們現在在 Onso 上積極推動我們的行銷活動和商業化工作。

We think we can do that without sacrificing any of the commercialization opportunity with respect to Revio, and so we are going to be aggressively marketing the product over the next several quarters.

我們認為我們可以在不犧牲 Revio 任何商業化機會的情況下做到這一點，因此我們將在接下來的幾個季度積極行銷該產品。

And we'll see how the product does in the market.

我們將看看該產品在市場上的表現如何。

I think we're really just getting our feet under us, so to speak there.

我認為我們真的只是剛剛站穩腳跟，可以這麼說。

On the short-read high throughput side, we are already -- I'm very encouraged with the development we're making with the Apton technology that we acquired.

在短讀高通量方面，我們已經——我對我們利用我們獲得的 Apton 技術所做的開發感到非常鼓舞。

We're already sequencing billions of reads at high accuracy.

我們已經對數十億個讀數進行了高精度測序。

I was just in the lab late last week looking at new optical systems and advanced abilities for us to actually get super high resolution images, which will really enable us to sequence fast at very, very high capability.

上週晚些時候，我剛剛在實驗室研究新的光學系統和先進的能力，以便我們能夠真正獲得超高解析度影像，這將使我們能夠以非常非常高的能力快速測序。

And so then we've had customers come in actually into the office to look at the Apton technology, large lab type customers.

因此，我們讓客戶實際進入辦公室查看 Apton 技術，大型實驗室類型的客戶。

And the first conversations are after they look at the data, when can we get an early access machine?

他們查看資料後的第一個對話是，我們什麼時候可以獲得早期存取機器？

So all that being said, what this means is that we are early in this journey.

話雖如此，這意味著我們還處於這趟旅程的早期階段。

I believe strategically it's an important market for us, particularly these needle-in-a-haystack applications.

我相信從戰略上講，這對我們來說是一個重要的市場，特別是這些大海撈針的應用程式。

And I do think we have both the resources financially and personnel wise, even after the reductions to execute on this portfolio.

我確實認為，即使在執行該投資組合的削減之後，我們也擁有財務和人員的資源。

Of course, we will be very focused on how we do in the market in the next several quarters and evaluate it at the end of the year.

當然，我們會非常關注未來幾季的市場表現，並在年底進行評估。

So it's not like we are going to have both eyes open as we aggressively pursue this.

因此，當我們積極追求這一目標時，我們不會睜大眼睛。

The second part of your question, and I know that was a long answer to the short-read question, but I know a lot of people have that same question in their mind.

你問題的第二部分，我知道這是對短讀問題的一個很長的回答，但我知道很多人心裡都有同樣的問題。

With respect to Revio and driving demand, as I said in my prepared remarks, the funnel's been increasing every single quarter, but the sales cycle's been lengthening and a lot of it is new customers.

關於 Revio 和推動需求，正如我在準備好的演講中所說，漏斗每季都在增加，但銷售週期一直在延長，而且很多都是新客戶。

So we're seeing new customers take 9 to 12 months to get through a purchase decision.

因此，我們發現新客戶需要 9 到 12 個月才能做出購買決定。

And so I think that, that we didn't anticipate it would be that long.

所以我認為我們沒有預料到會那麼長。

And so we're working on ways in which we can lower the barriers to entry through the capital, improve the proved HiFi proof cases, for example, with our PRISM events and how we're getting more customers engaged with our high runner customers.

因此，我們正在研究如何降低資本進入門檻，改善經過驗證的 HiFi 證明案例，例如，透過我們的 PRISM 活動以及如何讓更多客戶與我們的高跑者客戶互動。

And so that they could see how they could get up to scale and take advantage of this incredible technology.

這樣他們就可以看到如何擴大規模並利用這項令人難以置信的技術。

And so we have a lot of aggressive marketing and really hand on the ground conversations that are going on right now to help these new customers to shorten the sales cycle and then also help customers kind of in the middle of the market get more samples to their Revio, so they can drive their utilization up, so that they get ready to buy their second Revio.

因此，我們進行了大量積極的行銷活動，並真正進行了實地對話，以幫助這些新客戶縮短銷售週期，然後幫助處於市場中間的客戶獲得更多樣品。他們準備購買第二個Revio。

And we still have a significant number of instruments of Sequel IIe that we can go after, and we're hopeful that some of the capital reduction plans that we've put in place will help us unlock some of that demand sooner rather than later.

我們仍然擁有大量可追求的 Sequel IIe 工具，我們希望我們已經實施的一些資本削減計劃將幫助我們盡快釋放部分需求。

So those are just a few other things, Dan, and I appreciate the question.

這些只是其他一些事情，丹，我很欣賞這個問題。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hey everybody, thanks for taking my question.

大家好，感謝您提出我的問題。

Listen, it was a tough start to the year and you had to make some tough decisions quickly.

聽著，今年是一個艱難的開始，你必須迅速做出一些艱難的決定。

So I hope that is appreciated.

所以我希望這一點得到讚賞。

It's always tough to start the year this way.

以這種方式開始新的一年總是很困難。

And I appreciate you moving quickly.

我很感謝你行動迅速。

With that in mind, it's good to hear that you think you can get to cash flow breakeven in 2026.

考慮到這一點，很高興聽到您認為自己可以在 2026 年實現現金流收支平衡。

And maybe this is asking Dan's question a different way or just trying to take it up a level.

也許這是用不同的方式問丹的問題，或者只是試圖將其提升一個層次。

But if I oversimplify things a little bit, you kind of got two levers.

但如果我把事情過於簡化一點，你就會有兩個槓桿。

You cut costs or you try to kind of grow into the infrastructure that you built.

您削減成本，或嘗試發展自己建造的基礎設施。

And it seems like you've kind of veered now to the former cutting cost.

看來你現在已經轉向前者的削減成本了。

But that ultimately hurts your ability to kind of scale up to be a bigger company.

但這最終會損害你擴大規模成為更大公司的能力。

And there's a toggle between those things, right?

這些東西之間有一個切換，對吧？

And what I don't hear is kind of a pruning of the portfolio.

我沒有聽到投資組合的修剪。

So I'm trying to figure out how do you cut costs and how do we balance that.

所以我想弄清楚如何削減成本以及我們如何平衡成本。

We want you to do that, but if you're cutting costs and you're not pruning the portfolio, simply put, it kind of feels like you're still trying to thread the needle a little bit.

我們希望你這樣做，但如果你在削減成本而不是修剪投資組合，簡單地說，感覺就像你仍在嘗試一點點穿針引線。

And if you're not investing as much and you don't have as much infrastructure, it kind of just hurts the probability of success with essentially everything other than Revio, I think.

我認為，如果你沒有投入那麼多資金，也沒有那麼多基礎設施，那麼除了 Revio 之外，基本上所有其他項目的成功機率都會受到影響。

So help us understand, Christian, maybe I'm wrong, but if I'm not, is this a sign that you're in a way viewing the situation as something like don't let a good crisis go to waste and you feel like you can kind of level set and right size and still kind of have the same vision for the company remain intact.

所以幫助我們理解，克里斯蒂安，也許我錯了，但如果我沒有錯，這是否表明你在某種程度上將這種情況視為不要讓一場好的危機白白浪費，並且你覺得就像你可以設定水平和合適的規模，並且仍然對公司保持相同的願景。

It's just delayed a little bit.

只是延遲了一點點而已。

Sorry, that was a lot.

抱歉，已經很多了。

But just want to kind of make sure we understand the logic here.

但只是想確保我們理解這裡的邏輯。

Thank you.

謝謝。

Yeah, Doug, it's a great question.

是的，道格，這是一個很好的問題。

I do think in challenging times it forces you to be even more focused.

我確實認為在充滿挑戰的時期它會迫使你更加專注。

It forces you to push the teams to move faster.

它迫使你推動團隊更快行動。

And also from a pragmatic practical perspective, you need to right-size to match revenues and to create sustainability as a business.

而且從務實的角度來看，您需要調整規模以匹配收入並創造企業的可持續性。

And so the levers, you are right, there's two fundamental levers.

所以槓桿，你是對的，有兩個基本槓桿。

There's actually really three, right?

實際上真的有三個，對吧？

There's drive revenue growth, improve gross margins, and decrease costs.

這可以推動收入成長、提高毛利率並降低成本。

Those are the three.

這是三個。

When we started this project, I talked about the ability to develop multiple platforms simultaneously.

當我們開始這個專案時，我談到了同時開發多個平台的能力。

And so we have a very large R&D budget.

所以我們有非常大的研發預算。

And we have done a lot of that work already to develop next generation products that are in parallel with Revio.

我們已經做了很多工作來開發與 Revio 並行的下一代產品。

And so what this really says is that our benchtop system is pretty far along and we're leveraging other technologies coming from Revio for example to make that system fly.

因此，這真正說明的是，我們的桌上型系統已經取得了很大進展，我們正在利用 Revio 等其他技術來使該系統運作起來。

And then we're also focused on -- we've been developing for a long time the high throughput long-read capability.

然後我們也專注於——我們長期以來一直在開發高吞吐量長讀取能力。

And so those projects have already been in motion.

因此，這些項目已經開始實施。

And by making some of the reductions, we're just recognizing that we've already put some of that bolus of work together.

透過進行一些削減，我們只是認識到我們已經將其中一些工作放在一起。

And it isn't going to impact our ability to get those products out on a reasonable time horizon.

這不會影響我們在合理的時間範圍內推出這些產品的能力。

So it's something that I think a lot about is that how do you manage this.

所以我常常思考的是如何管理這個問題。

I don't believe, if you look at where we did the reductions, we actually did the reductions just as much in G&A as a percentage, just as much in G&A and commercial as we did in R&D.

我不相信，如果你看看我們在哪裡進行了削減，你會發現我們實際上在一般行政費用方面的削減幅度與我們在研發方面的削減幅度一樣多。

And that is getting us.

這就是我們的目標。

Those reductions are focused on making us leaner, more flexible, the ability to move faster.

這些削減的重點是讓我們變得更精簡、更靈活、行動更快。

We had to spend the first few years in this role as we build a new team to build the infrastructure to be able to manage the business as we grow.

我們必須在最初幾年擔任這個角色，因為我們建立了一個新團隊來建立基礎設施，以便能夠隨著我們的發展管理業務。

A lot of that work is done.

很多工作已經完成。

Of course, you can always get better and do more, but the core abilities for us to monitor our revenue, manage our customers, drive commercialization relationships, and marketing activities.

當然，你總是可以變得更好、做得更多，但這是我們監控收入、管理客戶、推動商業化關係和行銷活動的核心能力。

Those things are -- that infrastructure is built and now we're able to leverage that infrastructure and reduce costs as a result of that.

這些事情是——基礎設施已經建成，現在我們能夠利用該基礎設施並因此降低成本。

So you see cost coming down broadly across the whole company.

所以你會看到整個公司的成本普遍下降。

I don't believe, and I said very explicitly in my remarks, I don't believe that we have cut so deeply that we're sacrificing the product portfolio.

我不相信，而且我在演講中非常明確地說，我不相信我們的削減幅度如此之大，以至於我們正在犧牲產品組合。

Now, of course, there are some areas where we are reducing some investment for a while, and that'll be kind of the nice to have kind of the nice to have things.

當然，現在在某些領域我們會暫時減少一些投資，這將是一件好事。

But we are still very, very focused on.

但我們仍然非常非常專注。

We need building a multi-product portfolio because we think that's fundamental to create a robust business.

我們需要建立多產品組合，因為我們認為這是創建穩健業務的基礎。

But we're still focused on creating incredible customer experiences.

但我們仍然專注於創造令人難以置信的客戶體驗。

And the first principles we actually started with when we went into the reductions, number one, we have to take care of our customers and delight and consistent with our values.

當我們進行削減時，我們實際上開始的首要原則是，第一，我們必須照顧我們的客戶，讓他們感到高興，並與我們的價值觀保持一致。

Number two, we have to improve our commercial execution.

第二，我們必須提高商業執行力。

We need to get better as a commercial organization to be able to forecast and then execute on these deals in spite of tough macroeconomic environment.

作為一個商業組織，我們需要變得更好，以便能夠在宏觀經濟環境嚴峻的情況下預測並執行這些交易。

And then number three, we need to develop this product portfolio because we do believe that this product portfolio will give us the ability to create $500 million-plus of revenue.

第三，我們需要開發這個產品組合，因為我們確實相信這個產品組合將使我們有能力創造 5 億美元以上的收入。

Perhaps it's not on the same timeframe that we've talked, that we're hoping for, but we still fundamentally believe it.

也許這與我們所談論的、我們所希望的時間框架不同，但我們仍然從根本上相信這一點。

So I appreciate the question and I can understand the concern.

所以我很欣賞這個問題，也能理解大家的擔憂。

But I do think that our strategy right now is laser-focused and the cost reductions we've made give us a great opportunity with very modest revenue growth to get to cash flow breakeven, which is very important right now in this market environment, which is just different than it was two or three years ago.

但我確實認為，我們現在的策略是聚焦於雷射的，我們所做的成本削減為我們提供了一個很好的機會，透過非常溫和的收入成長來實現現金流收支平衡，這在目前的市場環境中非常重要，只是與兩三年前不同。

Next question, please.

請下一個問題。

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。

For your benchtop long-read sequencer under development, Christian, appreciate that could alleviate some of the capital spending constraints in the current environment.

對於正在開發的桌上型長讀定序儀，Christian 表示讚賞，這可以緩解當前環境下的一些資本支出限制。

But was curious what the overlap might be there for the addressable market.

但很好奇目標市場可能有哪些重疊。

You mentioned a 1,000 or so labs, so with your existing customer base.

您提到了 1,000 個左右的實驗室，以及您現有的客戶群。

Are the two segments meaningfully differentiated?

這兩個細分市場是否有有意義的差異？

And then over the longer term, how do you see the benchtop versus high throughput segments evolving for long-read sequencing?

長遠來看，您如何看待台式定序與高通量定序在長讀長定序的發展？

Could it kind of mirror what we're seeing currently for the short-read market?

它能反映我們目前所看到的短讀市場嗎？

Or do you anticipate something different?

或者你預計會發生什麼不同的事情？

Thank you.

謝謝。

Yeah.

是的。

These are great questions.

這些都是很好的問題。

Thank you for them.

謝謝你們。

The first thing is we do believe that there's over a 1,000 customers that could be opportunities for the benchtop long-read system.

首先，我們確實相信有超過 1,000 家客戶可能有機會使用桌上型長讀系統。

They're always in these product portfolios, there's perhaps a little bit of overlap say between Revio and the benchtop.

它們總是在這些產品組合中，Revio 和桌上型電腦之間可能有一點重疊。

But the reality is, what happens is oftentimes is when a customer wants the higher throughput system, but doesn't have the demand yet for that.

但現實情況是，經常發生的情況是，客戶想要更高吞吐量的系統，但還沒有這種需求。

They may buy the lower throughput system and then within a reasonable period of time, say the next 24 months, within a year or two, they end up scaling up.

他們可能會購買吞吐量較低的系統，然後在合理的時間內（例如接下來的 24 個月、一兩年內）最終擴大規模。

And so when you think about locking a customer in for the long-term with upsell opportunities, it's really a great way to get in.

因此，當您考慮透過追加銷售機會長期鎖定客戶時，這確實是一個很好的進入方式。

And we've seen that in the past in other places where you sell a less expensive piece of gear.

我們過去在其他地方也看到過這種情況，你可以出售較便宜的裝備。

And then over time they migrate up to a more expensive higher throughput pieces of gear.

然後隨著時間的推移，他們會遷移到更昂貴的更高吞吐量的設備。

I think that's exactly the same thing.

我認為那是完全一樣的事。

I don't think the specifications on the long-read system, which we haven't published yet, there is no overlap.

我認為我們尚未發布的長讀系統的規範不存在重疊。

Revio is completely a different system.

Revio 是一個完全不同的系統。

And so I don't think there's going to be a tremendous amount of cannibalization, so to speak with the Revio.

因此，我認為不會出現大量的蠶食，就 Revio 而言。

The benchtop system will be very powerful we believe in the clinical markets particularly in the smaller types of clinical labs, maybe not the highest throughput labs.

我們相信，桌上型系統在臨床市場中將非常強大，特別是在小型臨床實驗室中，可能不是最高吞吐量的實驗室。

But it will have a number of different applications in those clinical labs.

但它在這些臨床實驗室中將有許多不同的應用。

When we talk about the benchtop system with our high throughput customers today, every single one I've spoken to so far literally has said we want to have the benchtop system sitting right next to our Revio so that when we have an experiment that just makes sense to do on the benchtop system, they can do that and have that flexibility.

今天，當我們與高通量客戶談論桌上型系統時，迄今為止與我交談過的每一位客戶都表示我們希望將桌上型系統放在 Revio 旁邊，這樣當我們進行實驗時，在桌上型系統上做有意義的事情，他們可以做到並且具有靈活性。

So we actually see many of the higher throughput labs having both systems in place.

因此，我們實際上看到許多吞吐量較高的實驗室都配備了這兩種系統。

And if you look across the industry with other players, that's certainly the case.

如果你看看整個產業的其他參與者，情況肯定是這樣。

Many customers have different kinds of systems from the same company doing same technology with different throughput levels for different reasons.

許多客戶擁有來自同一家公司的不同類型的系統，由於不同的原因採用相同的技術，但具有不同的吞吐量等級。

So we see that.

所以我們看到了這一點。

Now the question is whether or not the benchtop long-read system narrows our short-read opportunity?

現在的問題是台式長讀系統是否會縮小我們短讀的機會？

I don't think so at all.

我完全不這麼認為。

I think our focus in short-reads is on needle-in-a-haystack applications.

我認為我們短讀的重點是大海撈針的應用程式。

And what that means is that we will be focused in areas where the benchtop long-read system really won't have a lot of strategic capability.

這意味著我們將專注於桌上型長讀系統確實不具備太多戰略能力的領域。

And so I do think that they will be very separate.

所以我確實認為它們會非常分開。

Next question, please.

請下一個問題。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

This is Sam on for Luke.

這是盧克的山姆。

Thanks for the questions.

感謝您的提問。

I think you've mentioned before that some of the benefits from the Revio promotion would start to come through in the second quarter.

我想您之前已經提到過 Revio 促銷活動的一些好處將在第二季開始顯現。

And that should be fully realized by the end of the year.

這應該在今年年底前完全實現。

How do you see this promotion kind of affecting a cadence of placements this year?

您認為這次促銷活動對今年的安置節奏有何影響？

Are you kind of see more in 2Q, given when the promotion kind of began?

考慮到促銷活動何時開始，您是否會在第二季看到更多？

And then you mentioned some sample delays impacting sequencing volumes in the quarter for some large customers.

然後您提到一些樣本延遲影響了一些大客戶本季的定序量。

Could you kind of give us some granularity there?

您能給我們一些詳細的資訊嗎？

And did those come from proxy projects?

這些是來自代理商專案嗎？

Thanks.

謝謝。

Yeah, that's a good question.

是的，這是一個好問題。

So when you think about the promotions, the promotions are spurring new demand into the funnel, which has a lead time.

因此，當您考慮促銷活動時，促銷活動正在刺激新的需求進入管道，而管道有一個前置時間。

And then perhaps getting that middle of the funnel closer to the tipping point, so to speak.

可以這麼說，然後也許讓漏斗的中間更接近臨界點。

And so I would not be surprised if the promotions start helping in Q2 and continue throughout the year.

因此，如果促銷活動在第二季度開始發揮作用並持續全年，我不會感到驚訝。

But I would also not be surprised to see if the promotions really have their biggest impact in the second half of the year just because of the sales cycles.

但如果促銷活動真的因為銷售週期而在下半年產生最大影響，我不會感到驚訝。

And I think that we've seen these elongated sales cycles.

我認為我們已經看到了銷售週期的延長。

This will probably help push people across the finish line and shrink the sales cycle some.

這可能有助於推動人們衝過終點線並縮短一些銷售週期。

So perhaps it'll have some impact in the second quarter.

所以也許它會在第二季產生一些影響。

We're not giving specific Q2 guidance today.

我們今天不會給出具體的第二季指引。

But I do think the environment is still tough in Q2.

但我確實認為第二季的環境仍然嚴峻。

And when I look at the year, I look at the year, the second half definitely getting better than the first half.

當我回顧這一年時，我回顧這一年，下半年肯定比上半年好。

And so we definitely see that partially because, one, we see where the funnels are, but also because the larger scale proxy type projects will be -- they should mostly be fully operational in the second half of the year.

因此，我們肯定看到了這一點，部分原因是，第一，我們看到了漏斗在哪裡，而且還因為更大規模的代理類型項目將在今年下半年全面投入運營。

And so that goes to your second question where some of the sample delays, they were from some of the larger type population scale type projects.

因此，這涉及第二個問題，其中一些樣本延遲，它們來自一些較大類型的人口規模類型項目。

And I do think some of those will start in the second quarter.

我確實認為其中一些將在第二季開始。

We've already seeing the Singapore project, it's slated to start this quarter.

我們已經看到了新加坡項目，預計本季啟動。

All of Us project has been continuing.

「我們所有人」計畫一直在繼續。

The MVP project, Veterans project is continuing, and the Estonia projects actually ramping really quickly.

MVP 計畫、退伍軍人計畫仍在繼續，愛沙尼亞計畫實際上進展得非常快。

We've installed the systems, they've been trained, they're amazing people to work with, they have a lot of sequencing capability.

我們已經安裝了系統，他們已經接受過培訓，他們是很棒的合作夥伴，他們有很強的測序能力。

And so we'll see how that project ramps.

我們將看看該專案如何進展。

But we're pretty darn excited about that.

但我們對此感到非常興奮。

And so hopefully this quarter that will get up and ramped as well and then grow over the course of 2024.

因此，希望本季這一數字也能有所成長，並在 2024 年繼續成長。

So the back half definitely looks a lot more promising than Q2, but Q2 we are continuing to build the funnels and we're continuing to improve our execution over Q1.

因此，後半段看起來肯定比第二季更有希望，但第二季我們將繼續建立管道，並且我們將繼續提高第一季的執行力。

I think one other thing that I'll add is, Sam, if you see in the earnings presentation, we had included a histogram of our install base and what is across the horizontal axis was the utilization of the instruments in our install base.

我想我要補充的另一件事是，Sam，如果您在收益演示中看到，我們已經包含了安裝基礎的直方圖，橫軸上的是我們安裝基礎中儀器的使用率。

But a key driver of that utilization, what you'll notice in the metric below that is that the month or the age in which that instrument was installed and how long it's been in installation is also a driver.

但這種利用率的一個關鍵驅動因素，您會在下面的指標中註意到，儀器安裝的月份或年齡以及安裝的時間也是一個驅動因素。

So one of the things that we fully expect to happen is that the low utilization, which actually have been installed more recently, are going to start to move to the right.

因此，我們完全期望發生的事情之一是，實際上最近安裝的低利用率將開始向右移動。

And that's going to help to grow our consumable revenue going forward.

這將有助於增加我們未來的消費品收入。

Yeah, that's a good point, Susan.

是的，這是一個很好的觀點，蘇珊。

All right, next question.

好吧，下一個問題。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

Hey guys, good evening, and thanks for taking my question here.

嘿夥計們，晚上好，感謝您在這裡提出我的問題。

Christian, sort of sticking with the needle threading and pipeline pruning theme here.

克里斯蒂安，這裡有點堅持穿針引線和管道修剪主題。

So I want to start with the COGS side, right?

所以我想從 COGS 方面開始，對嗎？

So you talked about some good cost cuts on both the Revio unit as well as consumables.

您談到了 Revio 設備和消耗品的一些良好的成本削減。

Can you just share how much will be passed on to customers via further price cuts and promotions and so on, and how much goes towards better margins to get you to that cash flow breakeven target for 2026?

您能否分享一下，將透過進一步降價和促銷等方式向客戶傳遞多少資金，以及有多少資金用於提高利潤率，以幫助您實現 2026 年現金流盈虧平衡目標？

And then on the pipeline, just taking a different tack on some of those earlier questions, I know you mentioned work on that next-gen SMRT cell for the ultra-high throughput long-read instrument.

然後在管道上，只是對之前的一些問題採取了不同的策略，我知道您提到了用於超高通量長讀儀器的下一代 SMRT 單元的工作。

But in a sense, I mean, is more long-read capacity in the market really the priority that you need to solve for when it sounds like, if anything the fact that there's too much long-read capacity is what's hamstringing sales here a little bit beyond just the macro.

但從某種意義上說，我的意思是，市場上更多的長讀容量確實是你需要解決的優先事項，如果有的話，事實上，長讀容量太多是阻礙這裡銷售的一點有點超出了宏觀的範圍。

And maybe the solution is, helping those applications for long-read mature and scale versus just place more boxes.

也許解決方案是幫助這些長讀應用程式成熟並擴展規模，而不是僅僅放置更多盒子。

I think you alluded to some of that on the commercial org side of things, but perhaps you can just elaborate on what you plan to do differently there?

我認為您提到了商業組織方面的一些內容，但也許您可以詳細說明您計劃在那裡採取哪些不同的做法？

Thank you.

謝謝。

Yeah.

是的。

Tejas, thank you.

特哈斯，謝謝你。

Those are good questions.

這些都是好問題。

Let's start with the cost cuts and the improvement.

讓我們從成本削減和改進開始。

What we're really seeing is we have been laser focused on reducing the production costs of Revio, and we're doing that through a couple of different things.

我們真正看到的是，我們一直專注於降低 Revio 的生產成本，而我們正在透過一些不同的事情來做到這一點。

First, we're just getting more efficient and more effective in our manufacturing.

首先，我們的製造變得更有效率和更有效率。

We have pulled back some of the stuff that we've been outsourcing to in-sourcing which lowers the cost.

我們已經將一些外包的東西撤回了內包，這降低了成本。

We've been improving our supply chain and doing a lot of work around that, that's driving the cost down.

我們一直在改善我們的供應鏈，並為此做了很多工作，這正在降低成本。

But second, we've actually been improving our software and our technology, which has given us the ability to reduce the amount of compute required or the power of the compute required in the instrument.

但其次，我們實際上一直在改進我們的軟體和技術，這使我們能夠減少儀器所需的計算量或所需的運算能力。

And so we're on a path -- a glide path to be able to buy cheaper GPUs, less expensive GPUs and get the job done.

因此，我們正走在一條道路上——一條能夠購買更便宜的 GPU、更便宜的 GPU 並完成工作的滑行道路。

So those are things that are starting to get realized now in Q2, and we'll continue to get realized through the rest of the year.

因此，這些事情現在在第二季開始實現，我們將在今年剩餘時間內繼續實現。

Some of that will get passed on to the customers.

其中一些將轉嫁給客戶。

Some of it will drop the margin.

其中一些會降低利潤。

It really depends on the situation.

這確實取決於具體情況。

I don't have the exact breakdown in front of me because it'll be dependent on the customers.

我面前沒有確切的細目，因為這取決於客戶。

But certainly, we're taking advantage of that to improve our gross margins.

但當然，我們正在利用這一點來提高我們的毛利率。

And in cases where it makes sense, get that Revio installed and up and running consumables faster because the long run that will drive better margin to the whole business.

在有意義的情況下，更快地安裝 Revio 並啟動和運行消耗品，因為從長遠來看，這將為整個業務帶來更好的利潤。

So we're doing a little bit of both.

所以我們兩者都做一點。

On the 25M we continue to make efficiency gains and improvements, yields have been getting better.

在 25M 上，我們不斷取得效率提升和改進，良率也越來越好。

That's where we've been taking a lot of cost out is, yields are starting to get better.

這就是我們一直在削減大量成本的地方，收益率開始變得更好。

We're improving our efficiency there.

我們正在提高那裡的效率。

That's really great because that simplifies -- it simplifies our plan, but it also enables us to price wherever we need to price and improve our gross margin.

這真的很棒，因為這簡化了——它簡化了我們的計劃，但它也使我們能夠在任何需要定價的地方進行定價並提高我們的毛利率。

A lot of that is going to our improvements in gross margin.

其中很大一部分歸功於我們毛利率的提高。

So that's exciting.

所以這很令人興奮。

With respect to the pipeline, the next generation SMRT Cells actually really important to the company, I agree that there is more capacity in the market in the last 12 months than ever before in the history of long-reads.

就管道而言，下一代 SMRT 單元實際上對公司非常重要，我同意過去 12 個月市場上的容量比長讀歷史上的任何時候都要多。

And customers are absorbing that capacity.

客戶正在吸收這種能力。

And it will take time, as I said in my prepared remarks.

正如我在準備好的演講中所說，這需要時間。

But I also believe that we have to be planning for the future.

但我也相信我們必須為未來做好計劃。

And the next generation SMRT Cells have been in development for a couple of years now.

新一代 SMRT 電池已經開發了幾年。

And these are very long development programs and we're pretty much at the end of the development of the SMRT Cell itself.

這些都是非常漫長的開發計劃，我們的 SMRT 單元本身的開發已經接近尾聲。

Once we have the SMRT Cells, then we can decide when we develop the system around that and launch it into the market.

一旦我們擁有了 SMRT 單元，我們就可以決定何時圍繞它開發系統並將其推向市場。

But it is important to have that core technology available to us.

但擁有核心技術對我們來說很重要。

So the reason why we're continuing on investing in it right at this moment is that the SMRT Cell itself is almost done.

所以我們現在繼續投資它的原因是 SMRT Cell 本身已經快完成了。

And we're working with external partners that we want to maintain those relationships with.

我們正在與希望維持這些關係的外部合作夥伴合作。

But then that also gives us the flexibility to decide how and when to launch an ultra-high throughput system.

但這也使我們能夠靈活地決定如何以及何時啟動超高吞吐量系統。

And that will be dependent on how the market moves.

這將取決於市場的走勢。

Rachel Vatnsdal, JPMorgan.

雷切爾·瓦特斯達爾，摩根大通。

Hello.

你好。

This is (inaudible) on for Rachel from JPMorgan.

這是摩根大通的 Rachel 的（聽不清楚）。

Thank you for taking my question.

感謝您回答我的問題。

I just wanted to touch quickly on Revio backlog here.

我只是想快速談談這裡的 Revio 積壓工作。

At the end of 4Q you shared that the total product backlog was $19 million, most of it was Revio.

在第四季末，您透露產品積壓總額為 1,900 萬美元，其中大部分是 Revio。

So can you reconcile for us the 13 Revios that slipped in the quarter with the 28 placements, and what that really means for your backlog at the end of 1Q?

那麼，您能否為我們協調本季下滑的 13 個 Revios 與 28 個展示位置，以及這對您在第一季末的積壓工作真正意味著什麼？

Thank you.

謝謝。

Susan, you want to take that one?

蘇珊，你想拿那個嗎？

Yeah.

是的。

So I might have missed the second half of the question.

所以我可能錯過了問題的後半部。

But -- so at the end of the year, last year we did have $19 million in product backlog.

但是，去年年底，我們確實有 1,900 萬美元的產品積壓。

We disclose our backlog once a year.

我們每年都會揭露一次積壓訂單。

We're not disclosing it on a quarterly basis.

我們不會按季度披露。

But one of the things that we have said that this year is going to be a year in which there is going to be more book ship, more turns in the year than we had last year.

但我們說過的一件事是，今年將是比去年更多的圖書運輸、更多轉數的一年。

That's just the nature of being in the second year of a new product launch.

這就是新產品發布第二年的本質。

So that is part of our assumption.

這是我們假設的一部分。

And that is also included in our updated revenue guidance.

這也包含在我們更新的收入指導中。

One other trend that we have seen, which started in the second half of last year is that customers are placing more standing orders for consumables, which has been a nice trend.

我們看到的另一個趨勢是去年下半年開始的，客戶對消耗品的長期訂單越來越多，這是一個很好的趨勢。

And so customers when they purchase the Revio instruments, some are choosing to go ahead and place an order for consumables with a ship schedule.

因此，當顧客購買 Revio 儀器時，有些顧客會選擇繼續依照出貨時間表訂購消耗品。

And also one thing on the instrument side is that we did not ship all of the instrument backlogs.

在儀器方面還有一件事是我們沒有運送所有儀器積壓的訂單。

So we do still have instrument backlogs.

所以我們還是有儀器積壓。

And we plan to continue to maintain instrument backlogs throughout the year.

我們計劃全年繼續保持儀器積壓。

But that kind of gives you some of the characteristics that's embedded in our setting.

但這給了你一些我們環境中固有的特徵。

Great.

偉大的。

All right.

好的。

Please go ahead.

請繼續。

Thank you, everybody, for joining us today.

謝謝大家今天加入我們。

That's going to conclude our call for today, and we look forward to connecting with you throughout the quarter and updating you on our Q2 results later this summer.

我們今天的電話會議到此結束，我們期待在整個季度與您聯繫，並在今年夏天晚些時候向您通報我們第二季度的最新業績。

Good one.

好一個。

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 lines.

現在您可以斷開線路。