Pacific Biosciences of California Inc (PACB) 2024 Q2 法說會逐字稿

Good day, and welcome to the PacBio second-quarter 2024 earnings conference call.

美好的一天，歡迎參加 PacBio 2024 年第二季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Todd Friedman, Senior Director of Investor Relations.

我現在想將會議交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 second quarter 2024 earnings conference call.

下午好，歡迎參加 PacBio 2024 年第二季財報電話會議。

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 Investors section of our website.

今天早些時候，我們發布了一份新聞稿，概述了我們將在今天的電話會議上討論的財務業績，您可以在我們網站www.pacb.com 的投資者部分獲取該新聞稿的副本，也表格可在www.pacb.com 上取得8-K。我們網站的投資者部分也提供了我們的收益報告副本。

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, estimates, expectations, and 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、估計、預期和指導的聲明。

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。

Please review our SEC filing, including our most recent Forms 10-Q and 10-K, and our press releases to better understand the risks and uncertainties that could cause actual results to differ.

請查看我們向 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, which 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.

我們還將在非公認會計原則的基礎上提供某些財務信息，這些信息不是根據一套全面的會計規則編制的，只能用於補充了解公司根據美國公認會計原則報告的經營業績。

Reconciliations between historical US GAAP and non-GAAP results are not presented in tables within our earnings release, which is available on the Investor Section of our website.

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對賬，該報告可在我們網站的投資者部分找到。

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.

對於未來期間，由於年內可能出現的某些收購相關項目的不確定性，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運費用。

A recording of today's call will be available shortly after the live call in the Investor Section of our website.

今天的電話會議錄音將在現場電話會議結束後不久在我們網站的投資者部分提供。

Those electing to use the replay are cautioned that forward-looking statements may differ or change materially after the completion of the live call.

選擇使用重播的人請注意，在現場電話會議結束後，前瞻性陳述可能會有所不同或發生重大變化。

I'll now hand it over to Christian.

現在我將把它交給克里斯蒂安。

Thank you, Todd, and thank you for joining us today.

謝謝你，托德，也謝謝你今天加入我們。

The first half of 2024 has been challenging for PacBio.

2024 年上半年對 PacBio 來說充滿挑戰。

However, early in Q2, we successfully initiated a significant restructuring, which we expect will reduce our non-GAAP operating expenses by more than $75 million on an annualized basis and significantly reduce our quarterly cash burn.

然而，在第二季初，我們成功啟動了重大重組，我們預計這將使我們的非公認會計準則營運費用按年化計算減少超過 7500 萬美元，並顯著減少我們的季度現金消耗。

Even with this restructuring, we are making significant progress in our product development pipeline and serving our customers with best-in-class support.

即使進行了重組，我們在產品開發管道方面仍取得了重大進展，並為客戶提供了一流的支援。

There were bright spots in many areas of the business in the quarter, including several customers adopting Revio in a clinical setting, and we are now seeing signs that lead us to believe we will see sequential growth throughout the remainder of the year.

本季許多業務領域都出現了亮點，包括幾位客戶在臨床環境中採用 Revio，我們現在看到的跡象使我們相信我們將在今年剩餘時間內看到連續成長。

I want to thank all of our employees for their dedication and support as we pursue our mission of enabling the promise of genomics to better human health.

我要感謝我們所有員工在我們追求使基因組學改善人類健康的承諾過程中所給予的奉獻和支持。

On our last call, I outlined the following four strategic priorities for the remainder of the year; number one, improving commercial execution to drive adoption of both Revio and Onso; number two, continuing the development of new platforms that are expected to broaden our product offering and drive revenue growth; number three, improving our gross margin and driving manufacturing efficiencies; and number four, reducing annualized non-GAAP run-rate operating expenses.

在我們上次的電話會議上，我概述了今年剩餘時間的以下四個策略重點：第一，提高商業執行力以推動 Revio 和 Onso 的採用；第二，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；第三，提高毛利率並提高製造效率；第四，減少年化非公認會計準則運作費用。

In my remarks today, I will comment on the progress we are making against the top two priorities, specifically focusing on our end markets and related commercial execution.

在今天的演講中，我將評論我們在兩大優先事項方面的進展，特別是我們的終端市場和相關商業執行。

Susan will then spend some time focused on our third and fourth priorities, outlining our financial results.

然後，蘇珊將花一些時間專注於我們的第三和第四個優先事項，概述我們的財務表現。

But first, let's do a quick overview of our second quarter results and updated guidance.

但首先，讓我們快速概述一下第二季的業績和更新的指導。

Total revenue in Q2 was $36 million, which was below our expectations.

第二季總營收為 3,600 萬美元，低於我們的預期。

Our revenue reflects a shortfall in instrument placements, which we believe is due to the ongoing impact of the difficult macro backdrop and elongated customer purchasing cycles.

我們的收入反映了工具投放的短缺，我們認為這是由於困難的宏觀背景和延長的客戶購買週期的持續影響。

Second quarter revenue included 24 Revio systems, representing four systems below our expectations.

第二季營收包括 24 個 Revio 系統，其中有四個系統低於我們的預期。

Although, we shipped fewer Revios than anticipated, the average selling price of Revio increased during the quarter.

儘管我們的 Revio 出貨量低於預期，但 Revio 的平均售價在本季有所上升。

We continued to see elongated instrument purchasing cycles in each of our regions during the quarter, which we believe is due to a number of factors; number one, several companies and organizations are awaiting funding for their systems, and we’re seeing that funding is increasingly delayed; number two, we continue to experience unanticipated delays in the procurement process, which include tenders in Europe and APAC that are taking longer than expected; and number three, sample volumes are not materializing as fast as we had expected for some potential Revio customers, causing them to delay their purchases.

本季我們繼續看到每個地區的儀器採購週期延長，我們認為這是由於多種因素造成的；第一，一些公司和組織正在等待為其係統提供資金，而我們發現資金越來越延遲；第二，我們在採購過程中繼續遇到意外的延誤，其中包括歐洲和亞太地區的招標時間比預期要長；第三，一些潛在 Revio 客戶的樣品量沒有達到我們預期的那麼快，導致他們推遲了購買。

On the consumable side of our business, we delivered revenue of $17 million, growing 24% year over-year and 7% sequentially as customers continue to ramp up their Revio usage.

在消耗品業務方面，隨著客戶不斷增加 Revio 使用量，我們實現了 1,700 萬美元的收入，年增 24%，較上季成長 7%。

We saw strength in EMEA, with consumable revenue growing 42% year-over-year and 50% quarter-over-quarter, hitting an all-time high.

我們看到了歐洲、中東和非洲地區的強勁表現，消費品收入較去年同期成長 42%，較上季成長 50%，創下歷史新高。

The growth in consumable revenue in EMEA was driven by new customers scaling long-read sequencing during the second quarter.

歐洲、中東和非洲地區耗材收入的成長是由第二季新客戶擴展長讀長定序所推動的。

Notable customers include the University of Tartu, sequencing for the Estonian Biobank, and Bioscentia, a leading global provider of clinical laboratory testing services in Germany, which is scaling its testing offerings.

著名的客戶包括塔爾圖大學、愛沙尼亞生物庫的定序公司和德國全球領先的臨床實驗室檢測服務供應商 Bioscentia，該公司正在擴大其檢測產品範圍。

We are further encouraged by the growing excitement for long reads in the region.

該地區對長篇閱讀的興趣日益濃厚，這進一步鼓舞了我們。

Novogene, for instance, has implemented Revio in its brand-new lab in Munich, Germany, to serve customers across the European scientific community.

例如，Novogene 在其位於德國慕尼黑的全新實驗室中實施了 Revio，為整個歐洲科學界的客戶提供服務。

Despite the total growth in consumables, revenue was slightly below our expectations, which we believe was primarily due to a large research project in the United States losing funding and weakness in the Asia Pacific region, notably China.

儘管消耗品整體成長，但收入略低於我們的預期，我們認為這主要是由於美國的一個大型研究項目失去資金以及亞太地區（尤其是中國）的疲軟。

Looking ahead, for the full year, we now believe revenue will be around the low end of our previously, guided range of $170 million to $200 million, which we believe is primarily due to the continuation of the headwinds we experienced in the first half of the year and the expectation that organizations continue to operate in a capital-constrained environment for the rest of 2024.

展望未來，我們現在認為全年收入將處於我們先前指導範圍 1.7 億至 2 億美元的低端附近，我們認為這主要是由於我們在上半年經歷的逆風持續存在。剩餘時間內繼續在資本緊張的環境中運作的期望。

Indeed, external challenges are affecting PacBio and others in the industry, particularly with respect to capital equipment purchases.

事實上，外部挑戰正在影響 PacBio 和業內其他公司，特別是在資本設備採購方面。

In order to drive instrument placements, we have implemented a number of programs to make HiFi long read sequencing more accessible than ever before, including promotions designed to ease customers' upfront capital expenditure requirements while maintaining PacBio's overall economic value.

為了推動儀器佈局，我們實施了一系列計劃，使 HiFi 長讀長定序比以往任何時候都更容易獲得，包括旨在緩解客戶的前期資本支出要求，同時保持 PacBio 整體經濟價值的促銷活動。

In the second quarter, we shipped several instruments to customers utilizing some of these promotions and are actively working to close several more deals in the second half of this year.

在第二季度，我們利用其中一些促銷活動向客戶運送了幾台儀器，並積極努力在今年下半年完成更多交易。

Additionally, we announced last week that our leasing partner, Mitsubishi Capital, is offering one of the most attractive deals on a Revio instrument through a 2-year rental agreement for eligible customers in the United States.

此外，我們上週宣布，我們的租賃合作夥伴 Mitsubishi Capital 將透過為期 2 年的租賃協議為美國符合資格的客戶提供 Revio 樂器最具吸引力的交易之一。

With this offer, Mitsubishi will purchase the Revio directly from PacBio and then rent the system to customers, with an option for the customer to buy the Revio at the end of the lease term.

透過此優惠，三菱將直接從 PacBio 購買 Revio，然後將系統出租給客戶，客戶可以選擇在租賃期結束時購買 Revio。

This program does not require a consumable purchase commitment which is appealing to research customers that are primarily project based.

該計劃不需要消耗品購買承諾，這對主要基於專案的研究客戶很有吸引力。

We expect this new promotion to make HiFi sequencing even more accessible to a broader range of customers.

我們預計這項新的促銷活動將使 HiFi 定序更容易被更廣泛的客戶所接受。

And for Onso, we launched a promotion for the system in late May to make it what we believe is the most attractive mid-throughput short-read instrument on the market.

對於 Onso，我們在 5 月下旬推出了該系統的促銷活動，使其成為我們認為市場上最具吸引力的中通量短讀儀器。

As a result, customers can trade in any NGS system and acquire an Onso for $99,000, with sequencing costs as low as $4 per gigabase.

因此，客戶可以以 99,000 美元的價格購買任何 NGS 系統併購買 Onso，測序成本低至每千兆鹼基 4 美元。

This promotion has already garnered customer interest and increased the order opportunities in our sales pipeline.

此次促銷活動已經引起了客戶的興趣，並增加了我們銷售管道中的訂單機會。

Consequently, we anticipate a substantial ramp-up for the platform in the second half of the year.

因此，我們預計該平台將在今年下半年大幅成長。

In order to continue building our sales funnel, we held several major marketing events throughout the world during the quarter.

為了繼續建立我們的銷售管道，我們在本季度在世界各地舉辦了幾場重大行銷活動。

These PRISM marketing events were an overwhelming success.

這些 PRISM 行銷活動取得了巨大成功。

The six events attracted approximately 800 attendees and helped drive dozens of new Revio opportunities, some of which have already closed and others that we’re actively working on closing in the second half of this year.

這六場活動吸引了大約 800 名與會者，並幫助推動了數十個新的 Revio 機會，其中一些已經結束，另一些我們正在積極努力在今年下半年結束。

On the consumable side, we are seeing indications that give us confidence that consumables will continue growing in the second half of the year.

在消耗品方面，我們看到的跡象使我們相信消耗品將在今年下半年繼續成長。

For example, we are now seeing several large projects such as the University of Tartu, sequencing for the Estonian Biobank, the Singapore PRECISE project, and the GREGoR consortium project all scaling up.

例如，我們現在看到塔爾圖大學、愛沙尼亞生物庫定序、新加坡 PRECISE 計畫和 GREGoR 聯盟計畫等幾個大型計畫都在擴大規模。

In addition, we continue to see positive book-to-bill ratios for consumables, as customers are placing longer-term purchase orders for their SMRT cells and reagents, a potential leading indicator for quarterly growth.

此外，我們繼續看到消耗品的訂單出貨比呈正值，因為客戶正在為其 SMRT 細胞和試劑下長期採購訂單，這是季度成長的潛在領先指標。

While we remain cautious about the outlook in China for the remainder of the year, customer utilization trends have started to improve in the past couple of months and July marks the highest utilization month for the region this year.

雖然我們對今年剩餘時間中國的前景保持謹慎態度，但過去幾個月客戶利用率趨勢已開始改善，7 月是該地區今年利用率最高的月份。

On our call last quarter, we introduced a histogram chart of our Revio installed base by utilization rate.

在上個季度的電話會議上，我們介紹了按利用率劃分的 Revio 安裝基數的直方圖。

As a reminder, we can monitor the utilization of the majority of our Revio fleet.

提醒一下，我們可以監控大部分 Revio 車隊的使用率。

As one might expect, newer customers take longer to ramp utilization levels, and we continued to see this in Q2.

正如人們所預料的那樣，新客戶需要更長的時間才能提高利用率水平，而我們在第二季度繼續看到這種情況。

However, what was encouraging, is that compared to last quarter we saw more instruments move from the low utilization bucket into the medium or high utilization buckets and we saw increased pull through from both medium and high-utilization customers.

然而，令人鼓舞的是，與上季度相比，我們看到更多的儀器從低利用率桶轉移到中或高利用率桶，並且我們看到中和高利用率客戶的拉動都有所增加。

Our focus will be to continue simplifying our workflows and helping our customers get up to their planned utilization rate as fast as possible in order to maximize our consumable revenue opportunity.

我們的重點將是繼續簡化我們的工作流程並幫助我們的客戶盡快達到其計劃利用率，以最大限度地提高我們的消費品收入機會。

Now, let's look at some of the commercial highlights in the second quarter We continue to be encouraged by the growth in sequencing data as data produced from the Revio platform grew quarter-over-quarter, and total data output from PacBio sequencers grew 2.2x from the second quarter of last year.

現在，讓我們來看看第二季的一些商業亮點 我們繼續對定序資料的成長感到鼓舞，因為 Revio 平台產生的資料環比成長，PacBio 定序儀的總資料輸出成長了 2.2 倍。

Revio continues to be the fastest-growing instrument in our history, in part through its ability to gain market share via new customers.

Revio 仍然是我們歷史上成長最快的儀器，部分原因在於它能夠透過新客戶獲得市場份額。

In the first half of 2024, new customers accounted for nearly half of total shipments, highlighting the growing value proposition of HiFi sequencing and the expanding range of applications that Revio addresses.

2024 年上半年，新客戶佔總出貨量的近一半，凸顯了 HiFi 定序不斷增長的價值主張以及 Revio 解決的應用範圍不斷擴大。

At the same time, we see significant opportunities to drive adoption among the remaining 180+ Sequel II customers who have not yet ordered a Revio.

同時，我們看到了推動尚未訂購 Revio 的剩餘 180 多個 Sequel II 客戶採用的巨大機會。

Further encouraging are the results from our annual customer survey, which shows an NPS score of 56 among those surveyed.

我們的年度客戶調查結果更加令人鼓舞，該調查顯示受訪者的 NPS 得分為 56。

In addition, 9 out of 10 respondents reported being satisfied or very satisfied with the Revio system.

此外，九成的受訪者表示對 Revio 系統感到滿意或非常滿意。

We are pleased by the diversity of customer types that are adopting Revio.

我們對採用 Revio 的客戶類型的多樣性感到高興。

In the second quarter, we delivered multiple Revios to a range of customers, including research institutes, core labs, service providers, diagnostics and LDT labs, children's hospitals, human genetic research organizations, and pharmaceutical companies.

第二季度，我們向一系列客戶交付了多個 Revios，包括研究機構、核心實驗室、服務提供者、診斷和 LDT 實驗室、兒童醫院、人類基因研究組織和製藥公司。

This customer diversity is expected to lead to more applications and greater penetration into our end markets.

這種客戶多樣性預計將帶來更多應用並更大程度地滲透到我們的終端市場。

Additionally, we expect adoption by diagnostic and LDT labs can potentially establish a long-term revenue stream as these companies expand their testing menus.

此外，我們預計，隨著這些公司擴大其測試菜單，診斷和 LDT 實驗室的採用可能會建立長期的收入來源。

Notably, we delivered multiple Revios to Quest Diagnostics to support the Company's development of tests for neurological disorders, leveraging the advantages of our recently launched PureTarget repeat expansion panel.

值得注意的是，我們利用我們最近推出的 PureTarget 重複擴充面板的優勢，向 Quest Diagnostics 交付了多個 Revios，以支援該公司開發神經系統疾病測試。

Chulalongkorn University Faculty of Medicine in Thailand has adopted its second Revio system to scale its HiFi sequencing capabilities.

泰國朱拉隆功大學醫學院採用了第二套 Revio 系統來擴展其 HiFi 定序能力。

The organization plans to sequence 1,000 human genomes annually over the next 5-years to improve health outcomes.

該組織計劃在未來 5 年內每年對 1,000 個人類基因組進行定序，以改善健康狀況。

Health in Code, a leading company in genetic diagnostics, is bringing the first Revio system to Spain, becoming PacBio's first service provider in Southern Europe.

Health in Code 是基因診斷領域的領先公司，將首個 Revio 系統引入西班牙，成為 PacBio 在南歐的第一家服務提供者。

This system is expected to enable large-scale HiFi long reads to improve the detection of variants in complex regions for customers throughout the region.

該系統有望實現大規模HiFi長讀取，為整個地區的客戶改善複雜區域變異的偵測。

We're continuing to see the adoption of transcriptomics and single cell-RNA sequencing with our Kinnex Kits, which launched last December.

我們繼續看到轉錄組學和單細胞 RNA 定序與去年 12 月推出的 Kinnex 試劑盒的採用。

In Q2, Kinnex already surpassed $1 million in quarterly revenue and helped drive Revio placements, including a Revio system at a prominent cancer research center in Texas.

第二季度，Kinnex 的季度收入已超過 100 萬美元，並幫助推動了 Revio 的佈局，其中包括德克薩斯州一家著名癌症研究中心的 Revio 系統。

In the second quarter, we also started to see some of the early customers ramp up their use of Onso.

在第二季度，我們也開始看到一些早期客戶增加了 Onso 的使用。

The Hospital de Especialidades in Ecuador, for example, has sequenced 700 patient samples as part of a 2,000-sample oncology project and is looking to expand into other projects.

例如，厄瓜多爾的 Hospital de Especialidades 已對 700 個患者樣本進行了測序，作為 2,000 個樣本腫瘤學項目的一部分，並正在尋求擴展到其他項目。

In the second quarter, we also made significant progress in research and development.

第二季度，我們在研發方面也取得了重大進展。

For example, we are in the late stages of developing new Revio consumables, which we expect will meaningfully increase the system's throughput without the need for additional capital investment.

例如，我們正處於開發新 Revio 消耗品的後期階段，我們預計這將有意義地提高系統的吞吐量，而無需額外的資本投資。

The new consumables are also expected to significantly decrease input -- DNA input requirements, and add additional methylation-calling capabilities.

新的耗材預計還將顯著減少輸入——DNA 輸入要求，並增加額外的甲基化識別能力。

We believe these improvements will unlock more samples and increase Revio's capacity, providing our customers with more value than ever before.

我們相信這些改進將解鎖更多樣本並提高 Revio 的容量，為我們的客戶提供比以往更多的價值。

We look forward to sharing more about this consumable upgrade later this year.

我們期待在今年稍後分享有關此消耗品升級的更多資訊。

Additionally, we're continuing to make progress in our work to develop a low-throughput long-read platform and a high-throughput short-read system.

此外，我們在開發低通量長讀平台和高通量短讀系統方面也持續取得進展。

Finally, we're supporting our customers and R&D pipeline while reducing our costs and cash burn.

最後，我們支持我們的客戶和研發管道，同時降低我們的成本和現金消耗。

As we discussed last quarter, we initiated a restructuring plan to reduce our non-GAAP operating expenses and expect to exit this year with annualized run rate savings exceeding our previous non-GAAP target of $50 million to $75 million.

正如我們上季度討論的那樣，我們啟動了一項重組計劃，以減少我們的非GAAP 運營費用，並預計今年退出時，年化運行率節省將超過我們之前5000 萬至7500 萬美元的非GAAP 目標。

As a result of this restructuring, we believe our cash burn will continue to decline sequentially in the third quarter and fourth quarter this year.

由於此次重組，我們相信今年第三季和第四季我們的現金消耗將繼續下降。

With that, I'll hand the call to Susan to discuss the financials in some more detail, Susan?

這樣，我會把電話轉給蘇珊，更詳細地討論財務問題，蘇珊？

Thank you, Christian.

謝謝你，克里斯蒂安。

I will be discussing non-GAAP results, which include non-cash stock-based compensation expense.

我將討論非公認會計準則的業績，其中包括非現金股票補償費用。

I encourage you to review a reconciliation of GAAP to non-GAAP financial measures in our earnings press release.

我鼓勵您在我們的收益新聞稿中查看 GAAP 與非 GAAP 財務指標的調整表。

As discussed, we reported $36.0 million in product, service, and other revenue in the second quarter of 2024, compared to $47.6 million in the second quarter of 2023.

如同所討論的，我們報告 2024 年第二季的產品、服務和其他收入為 3,600 萬美元，而 2023 年第二季為 4,760 萬美元。

Instrument revenue in the second quarter was $14.7 million, a 51% decrease from $29.9 million in the second quarter of 2023 due to lower Revio unit shipments.

由於 Revio 出貨量下降，第二季儀器收入為 1,470 萬美元，比 2023 年第二季的 2,990 萬美元下降 51%。

We ended the quarter with an installed base of 225 Revio systems.

本季結束時，我們的 Revio 系統安裝量為 225 套。

Turning to consumables.

轉向消耗品。

Revenue of $17.0 million in the second quarter increased 24% from $13.7 million in the second quarter of last year.

第二季營收為 1,700 萬美元，比去年第二季的 1,370 萬美元成長 24%。

Approximately 74% of consumable revenue came from Revio systems, which reflected an annualized pull-through of the Revio system of approximately $251,000 with the remainder coming from a mix of other systems.

大約 74% 的消費品收入來自 Revio 系統，這反映了 Revio 系統的年收入約為 251,000 美元，其餘部分來自其他系統的組合。

Finally, service and other revenue was $4.3 million in the second quarter, compared to $3.9 million in the second quarter of 2023.

最後，第二季服務和其他收入為 430 萬美元，而 2023 年第二季為 390 萬美元。

We expect to see modest sequential increases in service and other revenue as the commencement of Revio service contracts is expected to more than offset the decrease in service contract revenue resulting from Sequel II and IIe decommissions.

我們預計服務和其他收入將出現小幅環比增長，因為 Revio 服務合約的啟動預計將足以抵消因 Sequel II 和 IIe 退役而導致的服務合約收入下降。

From a regional perspective, the Americas revenue of $20.8 million exceeded our internal expectations due to greater Revio placements, but represents a decrease of 13% compared to the second quarter of 2023.

從地區角度來看，由於 Revio 投放量增加，美洲地區的營收達到 2,080 萬美元，超出了我們的內部預期，但與 2023 年第二季相比下降了 13%。

Growth in consumables was offset by lower Revio placements compared to last year.

與去年相比，消耗品的成長被 Revio 投放量的減少所抵消。

For Asia Pacific, revenue of $8.2 million decreased 36% over the prior year, driven mainly by lower revenue in China, which continues to face challenges with funding in a weaker macroeconomic environment.

亞太地區的收入為 820 萬美元，比上年下降 36%，這主要是由於中國收入下降，而在宏觀經濟環境疲軟的情況下，中國繼續面臨融資挑戰。

We expect many of our customers to benefit from the government-announced stimulus program, though we don't expect any impact from such programs until 2025 at the earliest.

我們預計許多客戶將從政府宣布的刺激計劃中受益，儘管我們預計此類計劃最早要到 2025 年才會產生任何影響。

Finally, EMEA revenue of $7.0 million decreased 35% over the prior year.

最後，歐洲、中東和非洲地區的收入為 700 萬美元，比前一年下降了 35%。

As we discussed, the region saw record consumables as customers ramped up their Revio usage, which was offset by lower Revio placements.

正如我們所討論的，隨著客戶增加 Revio 使用量，該地區的消耗品數量創歷史新高，但 Revio 投放量的下降抵消了這一影響。

Moving down the P&L.

損益表向下移動。

Second quarter 2024 non-GAAP gross profit of $13.2 million represented a non-GAAP gross margin of 37%, compared to a non-GAAP gross profit of $15.7 million, or 33% in the second quarter of last year.

2024 年第二季非 GAAP 毛利為 1,320 萬美元，非 GAAP 毛利率為 37%，去年第二季非 GAAP 毛利為 1,570 萬美元，即 33%。

The second quarter's non-GAAP gross margin improved approximately 400 basis points from the first quarter of 2024 as Revio ASPs improved, and in particular, as we continued to realize production cost savings on the Revio instrument builds.

隨著 Revio 平均售價的提高，特別是我們繼續實現 Revio 儀器製造的生產成本節約，第二季度的非 GAAP 毛利率較 2024 年第一季提高了約 400 個基點。

Non-GAAP operating expenses were $71.0 million in the second quarter of 2024, representing an 18% decrease from $86.7 million in the second quarter of 2023.

2024 年第二季非 GAAP 營運費用為 7,100 萬美元，比 2023 年第二季的 8,670 萬美元下降 18%。

Non-GAAP operating expenses also declined 19% sequentially compared to the first quarter of 2024, as we began to realize cost savings related to our restructuring plan initiated last quarter and represented our lowest non-GAAP operating expenses quarter since Q3 of 2021.

與2024 年第一季相比，非GAAP 營運費用也較上季下降了19%，因為我們開始實現與上季啟動的重組計畫相關的成本節約，這是自2021 年第三季以來我們非GAAP 營運費用最低的季度。

Regarding headcount, we ended the quarter with 581 employees compared to 796 at the end of 2023, and 818 at the end of the second quarter of 2023.

就員工人數而言，本季末我們有 581 名員工，而 2023 年末為 796 名，2023 年第二季末為 818 名。

Our restructuring reduced our non-GAAP operating expenses, some of which was a result of a 25% reduction in total headcount.

我們的重組減少了非 GAAP 營運費用，部分是由於總人數減少 25%。

Operating expenses in the second quarter included non-cash share-based compensation of $16.1 million, compared to $16.7 million in the second quarter of last year.

第二季營運費用包括 1,610 萬美元的非現金股份薪酬，而去年第二季為 1,670 萬美元。

Non-GAAP net loss was $55.2 million, representing $0.20 per share in the second quarter of 2024, compared to a non-GAAP net loss of $65.6 million, representing $0.26 per share in the second quarter of 2023.

非 GAAP 淨虧損為 5,520 萬美元，相當於 2024 年第二季每股虧損 0.20 美元，而非 GAAP 淨虧損為 6,560 萬美元，相當於 2023 年第二季每股虧損 0.26 美元。

Non-GAAP net loss excluded $93.2 million in non-cash goodwill impairment charge due to the decline in stock price among other factors, $18.0 million of restructuring expenses, and $6.9 million related to the amortization of acquired intangible assets.

非公認會計原則淨虧損不包括因股價下跌等因素導致的 9,320 萬美元非現金商譽減損費用、1,800 萬美元重組費用以及與所收購無形資產攤銷相關的 690 萬美元。

Turning to our balance sheet items.

轉向我們的資產負債表項目。

We ended the second quarter with $509.8 million in unrestricted cash and investments, compared with $631.4 million at December 31, 2023.

截至第二季末，我們的非限制性現金和投資為 5.098 億美元，而截至 2023 年 12 月 31 日為 6.314 億美元。

Inventory increased slightly in the second quarter to $68.6 million, representing 1.6 inventory turns, compared with $67.3 million at March 31, 2024, representing 1.7 inventory turns.

第二季庫存小幅增加至 6,860 萬美元，相當於 1.6 倍庫存週轉率，而截至 2024 年 3 月 31 日的庫存為 6,730 萬美元，相當於 1.7 倍庫存週轉率。

Accounts receivable increased in the second quarter to $32.4 million, compared with $30.3 million at March 31, 2024.

第二季應收帳款增加至 3,240 萬美元，而 2024 年 3 月 31 日為 3,030 萬美元。

Turning to guidance.

轉向指導。

As Christian mentioned earlier, we expect full year 2024 revenue to be around the low end of the previously guided range of $170 million and $200 million.

正如 Christian 之前提到的，我們預計 2024 年全年收入將約為先前指導範圍 1.7 億美元至 2 億美元的下限。

The low end of the full year guidance range assumes $80 million of instrument revenue, which includes 115 Revio shipments.

全年指引範圍的下限假設儀器收入為 8,000 萬美元，其中包括 115 台 Revio 出貨量。

We expect $72 million in consumable revenue, which assumes an annual pull-through of $260,000 for the Revio platform.

我們預計消費品收入為 7,200 萬美元，假設 Revio 平台的年收入為 26 萬美元。

With revenues at the low end of our range, we also expect non-GAAP gross margin to be around the low end of our previously guided 35% to 38% range.

由於收入處於我們範圍的低端，我們也預計非 GAAP 毛利率將約為我們先前指導的 35% 至 38% 範圍的低端。

As we discussed, we have made significant progress on improving the per unit production cost of both Revio instruments and Revio consumables and expect both to end the year approximately 20% lower than when we launched the platform.

正如我們所討論的，我們在提高 Revio 儀器和 Revio 耗材的單位生產成本方面取得了重大進展，預計到今年年底，兩者將比我們推出該平台時降低約 20%。

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

我們預計這些成本和營運改善將持續到 2024 年後，並預計將推動今年及今後的季度毛利率擴張。

However, our total gross margins in the second half may fluctuate quarter-to-quarter based on product mix, customer project mix, and ASPs.

然而，我們下半年的總毛利率可能會根據產品組合、客戶專案組合和平均售價而出現季度波動。

Moving to operating expenses, we remain diligent in our efforts to lower cash burn and spend profile, and expect non-GAAP operating expenses to be around the lower end of our $300 million to $310 million range.

至於營運費用，我們仍然努力降低現金消耗和支出狀況，並預計非 GAAP 營運費用將在 3 億至 3.1 億美元範圍的下限左右。

The low end of the operating expense guidance range assumes $140 million in non-GAAP research and development expenses and $160 million in non-GAAP selling, general and administrative expenses.

營運費用指引範圍的下限假設非 GAAP 研發費用為 1.4 億美元，非 GAAP 銷售、一般和管理費用為 1.6 億美元。

We continue to expect full year non-GAAP operating expenses to decline in 2025 compared to 2024 and expect to exit the year at a full year run rate that reflects savings significantly above the high-end $75 million non-GAAP reduction target.

我們仍預計 2025 年全年非 GAAP 營運費用將比 2024 年有所下降，並預計全年營運費用將大幅高於 7,500 萬美元非 GAAP 高端削減目標。

We expect interest and other income to be around the high end of our $5 million to $10 million range.

我們預計利息和其他收入將在 500 萬至 1000 萬美元範圍的高端左右。

Our operating expense and cash management discipline is allowing us to maintain our ending cash, cash equivalents and investments guidance in the range of $435 million to $450 million, representing a cash burn of $189 million at the midpoint.

我們的營運支出和現金管理紀律使我們能夠將期末現金、現金等價物和投資指引維持在 4.35 億美元至 4.5 億美元的範圍內，這意味著中點現金消耗為 1.89 億美元。

But more importantly, our expected quarterly cash burn exiting this year will be reduced materially, helping to set up 2025 with a much lower cash burn than 2024.

但更重要的是，我們預計今年的季度現金消耗將大幅減少，有助於 2025 年的現金消耗遠低於 2024 年。

We still expect 273 million in weighted average shares outstanding for the full year 2024.

我們仍預期 2024 年全年加權平均流通股數為 2.73 億股。

Finally, we remain committed to turning the business cash flow positive by the end of 2026.

最後，我們仍致力於在 2026 年底前實現業務現金流轉正。

We intend to do this by executing on our strategic priorities, which are anticipated to result in revenue growth in 2025 and beyond with new products and consumables expansion from the increasing Revio installed base, expanding gross margins with lower per unit production costs and continued mix shift to consumables, and lower nonâ€GAAP operating expenses in 2025 with minimal growth thereafter.

我們打算透過執行我們的策略優先事項來實現這一目標，預計將透過不斷增加的Revio 安裝基礎來擴展新產品和消耗品、透過降低單位生產成本來擴大毛利率以及持續的組合轉變，從而在2025年及以後實現收入成長消耗品，並在 2025 年降低非 GAAP 營運費用，此後成長極小。

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

我們將在稍後提供有關我們的假設和更新的長期指導的更多詳細資訊。

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？

Thank you, Susan.

謝謝你，蘇珊。

While the first half of 2024 has certainly been challenging, I'm encouraged that we're taking the difficult but necessary steps to streamline our business by reducing non-GAAP operating expenses and driving costs out of our manufacturing.

雖然 2024 年上半年確實充滿挑戰，但令我感到鼓舞的是，我們正在採取困難但必要的步驟，透過減少非 GAAP 營運費用和降低製造成本來簡化我們的業務。

I am also encouraged by the incredible progress that we continue to make in our product development pipeline.

我也對我們在產品開發管道中不斷取得的令人難以置信的進展感到鼓舞。

We continue to improve the performance of the Revio platform, which will provide more value to our customers than ever before, and we have made substantial progress on our low-throughput long-read platform, which will enable us to reach a broader customer base.

我們不斷提高Revio平台的效能，這將為我們的客戶提供比以往更多的價值，並且我們在低吞吐量長讀平台上取得了實質進展，這將使我們能夠覆蓋更廣泛的客戶群。

Commercially, we are seeing increasing adoption of Revio in more clinically focused accounts as these customers are leveraging the platform in applications that are extremely difficult for short-read sequencing technologies.

在商業上，我們看到 Revio 在更多以臨床為重點的客戶中得到越來越多的採用，因為這些客戶在短讀長定序技術極其困難的應用中利用該平台。

We're also seeing signs that we will return to growth in the second half of the year as we've seen several customers choose to expand their Revio fleet, and we continue to see a large number of our Revio purchases from new customers.

我們也看到有跡象表明我們將在今年下半年恢復成長，因為我們已經看到一些客戶選擇擴大他們的 Revio 機隊，我們繼續看到新客戶大量購買 Revio。

We remain optimistic about our business and the prospects for both our long and short-read sequencing technologies.

我們對我們的業務以及長讀長和短讀長定序技術的前景保持樂觀。

I firmly believe that we are on a path to building PacBio into a leader in life science tools and that we are on track to becoming cash flow positive by the end of 2026.

我堅信，我們正在將 PacBio 打造成生命科學工具領域的領導者，並且我們預計在 2026 年底前實現正現金流。

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

至此，我想開始問答環節。

Operator?

操作員？

(Operator Instructions) Dan Brennan, TD Cowen.

（操作員說明）Dan Brennan，TD Cowen。

This is Tom on for Dan.

這是湯姆替丹發言。

I want to focus on your consumables ramp for the back half of the year.

我想重點關註今年下半年的消耗品成長。

It looks like you're taking a more measured look at that.

看來你對此採取了更謹慎的態度。

I want to understand maybe given the installed base is a bit more mature and a lot of the new installs will be instruments that are new to -- customers that are new to PacBio, kind of what gives you confidence coming into 2025 that you do get that utilization up?

我想了解的是，也許考慮到安裝基礎更加成熟，許多新安裝的儀器對於 PacBio 的新客戶來說是新的，這會讓您對進入 2025 年充滿信心。

And maybe talk through a bit about that sample comment you made earlier on in the prepared remarks?

也許可以談談您之前在準備好的評論中發表的範例評論？

Sure.

當然。

So I think -- what we saw in the second quarter was we did have a reasonably good consumable result, and we saw some pretty exciting pockets such as what's happening in Europe right now.

所以我認為，我們在第二季度看到的是，我們確實取得了相當不錯的消費品業績，並且我們看到了一些非常令人興奮的情況，例如歐洲目前正在發生的事情。

And what gives me some confidence that we're seeing those trends and we expect those trends to continue is really a couple of different things.

讓我相信我們正在看到這些趨勢並且我們預計這些趨勢將持續下去的因素確實有一些不同的因素。

First, we're seeing customers that have been in low utilization bucket, which are traditionally the new customers, are actually moving into kind of the mid-utilization bucket and then and some even into the higher utilization bucket.

首先，我們看到一直處於低利用率類別的客戶（傳統上是新客戶）實際上正在進入中等利用率類別，然後有些甚至進入較高利用率類別。

And what we're seeing is in the mid and high utilization in the second quarter is we actually saw higher consumable pull-through.

我們在第二季的中高利用率中看到的是，我們實際上看到了更高的消耗品拉動。

That higher consumable pull-through is really related to larger projects that are starting to get up to speed, which we announced a number of those.

更高的消耗品拉動確實與開始加速的大型項目有關，我們宣布了其中的一些項目。

And then some kinds of customers are starting to be those clinical-type customers that run very consistent and have that consistent revenue stream.

然後，某些類型的客戶開始成為那些運作非常穩定且具有穩定收入流的臨床類型客戶。

As we move into 2025, I fully expect us to see even more of that, more clinical customers adopting our long-read technology, because it can do things that short-read technologies just can't do.

當我們進入 2025 年時，我完全希望我們能看到更多這樣的情況，更多的臨床客戶採用我們的長讀技術，因為它可以做短讀技術無法做到的事情。

And we're starting to see more of the big projects.

我們開始看到更多的大型專案。

Now, in the second quarter and for 2024, there is a mitigating factor.

現在，在第二季和 2024 年，有一個緩解因素。

One of the large projects in the United States lost a lot of its funding or most of its funding, which will impact our back half of 2024 some, but on balance, we're seeing more consumable utilization and more consumable usage, which I think bodes well for future instrument pull-through and improving, significant improvement from where we are today.

美國的一個大型計畫損失了大量資金或大部分資金，這將對我們 2024 年下半年產生一些影響，但總的來說，我們看到消耗品利用率和消耗品使用量都在增加，我認為這預示著未來儀器的突破和改進，比我們今天的水平有了顯著的改進。

And if I could just follow-up on that kind of POPSEQ topic, some experts we've spoken to are excited about the ability to run larger-scale studies on lower coverage, but that they've run into some sentiment in the community that people are still focused on doing a 30x depth genome.

如果我能跟進這類 POPSEQ 主題，我們採訪過的一些專家對能夠對較低覆蓋率進行更大規模的研究感到興奮，但他們在社區中遇到了一些情緒：人們仍然專注於製作30 倍深度的基因組。

I guess, what do you think changes that?

我想，你認為什麼會改變這一點？

And over what time frame do you think that changes?

您認為這種情況會在什麼時間範圍內改變？

Well, it's interesting.

嗯，這很有趣。

This has been one of the big questions that we've had to address over the last few years.

這是過去幾年我們必須解決的重大問題之一。

If you -- for those of you that have been following this space for a long time, 30x has been around and was really somewhat of an arbitrary level of coverage.

如果您——對於那些長期關注這個領域的人來說，30x 已經存在，並且實際上是一個任意程度的覆蓋範圍。

As we know, in the real world, customers do experiments at a whole range of coverages, some much higher than 30x and some much lower than 30x.

我們知道，在現實世界中，客戶會在整個覆蓋範圍內進行實驗，有些遠高於 30 倍，有些遠低於 30 倍。

But what we've done is pretty extensive titration experiments comparing PacBio HiFi sequencing to other technologies at 30x and lower.

但我們所做的是相當廣泛的滴定實驗，以 30 倍或更低的倍率將 PacBio HiFi 定序與其他技術進行比較。

And what we consistently see is that customers are very comfortable below 20x, even, comparing a HiFi genome to an alternative genome.

我們一直看到，即使將 HiFi 基因組與替代基因組進行比較，客戶也對低於 20 倍感到非常滿意。

And so I think the community has more papers continue to get published with those lower coverage levels, that will build more confidence.

因此，我認為社區將繼續發表更多覆蓋率較低的論文，這將建立更多的信心。

But even if the coverage stays at 30x, we continue to improve the Revio system.

但即使覆蓋範圍保持在 30 倍，我們也會繼續改進 Revio 系統。

I talked about really for the first time today, talked about new consumables that we will be shipping at the end of this year, roughly.

我今天第一次真正談論我們將在今年年底發貨的新消耗品。

That will significantly improve the throughput of the Revio, which will drive the cost per gigabase down even further.

這將顯著提高 Revio 的吞吐量，從而進一步降低每 GB 的成本。

And also significantly lower the DNA input amounts.

並且也顯著降低了 DNA 輸入量。

I'm not going to give too many of the specifics today, because we want to save that for when we get in front of customers, but it is quite exciting.

今天我不會透露太多細節，因為我們想把這些細節留到我們在客戶面前時再講，但它非常令人興奮。

And so we have the -- we are continuing to increase the throughput, which will drive the cost per gigabase down, which will give customers even more flexibility, whether they want to sequence at 10x, 20x, 30x, 50x, whatever they decide.

因此，我們正在繼續提高吞吐量，這將降低每GB 的成本，這將為客戶提供更大的靈活性，無論他們想要以10 倍、20 倍、30 倍還是50 倍的速度進行定序，無論他們決定什麼。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

This is Yuko on a call for Tejas.

我是 Yuko，正在呼叫光輝號。

Could you provide early feedback on the new PacBio Capital program announced?

您能否對宣布的新 PacBio Capital 計劃提供早期反饋？

And provide indicators that make you believe that access to capital is the key hurdle for Revio placements rather than the excess capacity enabled by substantially higher throughput with Revio?

並提供指標讓您相信獲得資金是 Revio 佈局的關鍵障礙，而不是 Revio 大幅提高吞吐量帶來的過剩產能？

Yes.

是的。

So we -- several of the 24 systems that we closed in Q2 were under our various promotional programs.

因此，我們在第二季關閉的 24 個系統中，有幾個系統處於我們的各種促銷計劃之下。

Some of those are through the PacBio Capital.

其中一些是透過 PacBio Capital 進行的。

We announced a new program last week with Mitsubishi Capital where there's no reagent commitment and it's just a straight rental, which is great for some research organizations.

上週我們與三菱資本宣布了一項新計劃，其中沒有試劑承諾，只是直接租賃，這對一些研究組織來說非常有用。

And the reason why we feel it's still more capital-driven than excess capacity in the market is that when we go through the instruments that didn't close in the quarter that we were hoping to close, almost all of them or the vast majority were due to funding constraints or timing around the funding and not the decision to purchase, because they have too much capacity.

我們之所以認為它仍然更多地由資本驅動而不是市場產能過剩，是因為當我們檢查那些在我們希望關閉的季度內未關閉的工具時，幾乎所有或絕大多數都被關閉了。限製或圍繞資金的時間安排而不是決定購買，因為他們有太多的能力。

Now, in some cases, with some service providers, that's certainly the case where they've acquired a Revio and it's so much more powerful than the Sequel IIe that it takes them time to order their second Revio.

現在，在某些情況下，對於某些服務提供者來說，他們肯定已經購買了 Revio，而且它比 Sequel IIe 強大得多，以至於他們需要時間訂購第二台 Revio。

But we still see quite frankly in the deals that didn't close in the second quarter, the vast majority were funding-related and timing of receiving that funding.

但我們仍然坦率地看到，在第二季未完成的交易中，絕大多數與資金和接收資金的時間有關。

And then, separately, last quarter you talked about improvements in manufacturing providing you the flexibility to lower list price on Onso flow cells.

然後，上個季度您談到了製造方面的改進，使您能夠靈活地降低 Onso 流通池的標價。

Have you passed on any of the cost savings from manufacturing improvements to customers to catalyze greater adoption?

您是否將製造改善所節省的成本轉嫁給客戶以促進更廣泛的採用？

We certainly have.

我們當然有。

With respect to Onso in particular, we've done a couple of things.

特別是對於 Onso，我們做了一些事情。

We've introduced promotional pricing in late May with respect to the capital.

我們在五月下旬針對首都推出了促銷價格。

And now right now, you can trade in any other NGS system and get a $99,000 Onso, but we've also lowered the cost per gigabase to now as low as $4.

現在，您可以用任何其他 NGS 系統進行交易並獲得價值 99,000 美元的 Onso，但我們還將每 GB 的成本降至目前低至 4 美元。

And when we launched the product, we launched it at $15 a gig.

當我們推出該產品時，我們以每場演出 15 美元的價格推出。

So, yes, we've taken some of that benefit, quite frankly, the majority of that benefit, and passed it on to our customers to drive adoption with respect to Onso.

所以，是的，我們已經採取了一些好處，坦白說，大部分好處，並將其傳遞給我們的客戶，以推動 Onso 的採用。

And to kind of go back to the long-read portfolio, we certainly are doing some of the same things.

回到長期閱讀的作品集，我們當然也在做一些相同的事情。

Our yields have been improving on consumables, which are helping to drive our ability in bigger projects to give very nice pricing, but also drive better margins over time.

我們的消耗品產量一直在提高，這有助於提高我們在大型專案中提供非常優惠的定價的能力，而且隨著時間的推移也能帶來更好的利潤。

And as Susan pointed out, and probably one of the things that the operations group is especially proud of, is they've significantly taken the cost of Revio out, production cost of Revio down.

正如 Susan 指出的那樣，營運團隊特別引以為傲的事情之一可能是他們大幅降低了 Revio 的成本，降低了 Revio 的生產成本。

And that's resulting in a lot more price flexibility.

這帶來了更大的價格彈性。

Turns out in the second quarter, we really didn't need that.

結果到了第二季度，我們真的不需要了。

We -- the ASPs were up a bit, but it is part of our whole plan to get the cash flow break even, drive our gross margins up, and I think you're seeing early indications with the 400 basis point improvement this quarter that we're on a path to make that happen.

我們的平均售價略有上升，但這是我們整個計劃的一部分，旨在實現現金流收支平衡，提高毛利率，我認為您已經看到了本季度 400 個基點改善的早期跡象，我們正在努力實現這一目標。

Thank you.

謝謝。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢。

That production.

那個生產。

I apologize, Subbu.

我很抱歉，蘇布。

Can you please repeat your question there?

您能在那裡重複一下您的問題嗎？

Sure.

當然。

This is Rikki on for Subbu at Guggenheim.

這是 Rikki 在古根漢為 Subbu 所做的表演。

You mentioned that you're expecting a 20% reduction in the Revio instrument and consumable costs by the end of the year, and you're expecting that to continue beyond 2024.

您提到，預計到今年年底 Revio 儀器和耗材成本將減少 20%，並且預計這種情況將持續到 2024 年之後。

So, how much more room is there to reduce the costs from there?

那麼，還有多少空間可以降低成本呢？

And then with respect to the source of the cost reductions, how much of this is due to scaling up production volumes?

那麼，就成本降低的來源而言，其中有多少是因為擴大產量所致？

And how much of it is from more production-based actions that you could carry across to other products as you launch them?

其中有多少來自更多基於生產的行動，您可以在推出其他產品時將其推廣到這些產品上？

Yeah, that's a great question.

是的，這是一個很好的問題。

And Rikki, to be clear, we talked about a 20% drop in Revio production costs, not the consumables per se.

Rikki，需要明確的是，我們談論的是 Revio 生產成本下降 20%，而不是消耗品本身。

The consumables are going down as well, so we're going to see significant improvements.

消耗品也在減少，因此我們將看到顯著的改善。

Those are both durable improvements that will persist, and they were not due to -- not really due to increases in manufacturing volumes.

這些都是持久的改進，將持續存在，而且它們並不是由於製造量的增加而造成的。

On the Revio instrument side, those reductions are due to innovation that we've been able to do to take -- move the bomb and make the bomb less expensive.

在 Revio 儀器方面，這些減少歸功於我們能夠採取的創新——移動炸彈並降低炸彈的成本。

So, that's improved algorithms which drive less the requirements for less compute or less -- fewer GPUs, which drive cost down.

因此，改進的演算法可以減少對更少計算或更少 GPU 的需求，從而降低成本。

They also include manufacturing changes in how we manufacture, the relationship between our contract manufacturer and ourselves.

它們還包括我們製造方式的製造變化、我們的合約製造商和我們自己之間的關係。

We're in-sourcing more of the production.

我們正在內購更多的生產。

And as a result, we're able to eliminate the margin that our contract manufacturer would receive, which is substantial, and still have a very high-quality product and meet the production.

因此，我們能夠消除合約製造商將獲得的大量利潤，並且仍然擁有非常高品質的產品並滿足生產要求。

On the consumable -- Revio consumable side, the benefits we're seeing, we're seeing increased yields.

在消耗品方面－Revio 消耗品方面，我們看到了好處，我們看到了產量的增加。

And so, yields have been improving, which are a direct impact on the level of cost.

因此，產量一直在提高，這直接影響成本水準。

And then we have new -- we're tightening up our supply chain, which is also giving us benefits.

然後我們有新的——我們正在收緊我們的供應鏈，這也為我們帶來了好處。

So, you're seeing durable impacts that will subsist into -- or persist into 2024 and beyond.

因此，您將看到持久的影響將持續到 2024 年及以後。

I think the one thing that I'll add to that as well is that our restructuring, it also entailed a restructuring of our service organization, which enabled us to take out some costs, which is, again, structural going forward in terms of us being able to support more service revenue on a lower cost base, which is going to help improve our gross margin.

我認為我還要補充的一件事是我們的重組，它還需要對我們的服務組織進行重組，這使我們能夠削減一些成本，這對我們來說又是結構性的進步能夠以較低的成本基礎支持更多的服務收入，這將有助於提高我們的毛利率。

Yeah.

是的。

That's a good point, Susan.

這是一個很好的觀點，蘇珊。

And just as a follow-up, can you confirm how much of those cost reductions are baked into your guidance?

作為後續行動，您能否確認您的指導中包含了多少成本削減？

Well, we certainly are anticipating them, and they're very real.

嗯，我們當然期待它們，而且它們非常真實。

So, they're generally in our guidance, right, Susan?

所以，它們通常都在我們的指導之下，對吧，蘇珊？

That's right.

這是正確的。

And so, Christian had talked about in-sourcing a key component, which we initiated in Q2.

因此，克里斯蒂安談到了我們在第二季度啟動的一個關鍵組件的內購。

There are other ideas that our manufacturing team has that we're more confident that we're going to enforce more.

我們的製造團隊還有其他一些想法，我們更有信心執行更多。

A lot of that is not baked into our guidance.

其中很多內容並未納入我們的指導中。

It could be upside for this year.

今年可能會有上漲空間。

But if not, it will come into 2025.

但如果沒有的話，也要到2025年了。

But we still have improvements in reducing the bomb that is embedded in our guidance that is reflected in the graph that you see in the earnings presentation.

但我們在減少炸彈方面仍有改進，這體現在我們的指導中，您在收益報告中看到的圖表中反映了這一點。

Great.

偉大的。

Thanks so much.

非常感謝。

Jack Meehan, Nephron Research.

傑克·米漢，腎單位研究。

I wanted to ask Christian just about your confidence around growing sales sequentially into year-end.

我想問克里斯蒂安，您對年底銷售額持續成長的信心如何。

Even if you land at the low end of $170 million, I think that implies something like $45 million, $50 million per quarter in the back half.

即使你達到 1.7 億美元的低端，我認為這也意味著後半段每季 4500 萬美元、5000 萬美元。

So, I was just curious, did you build any backlog in the quarter?

所以，我只是很好奇，你們本季有積壓訂單嗎？

Or is this just really like timing, you can see the orders, and they're going to start coming in, in the second half?

或者這真的就像時間安排一樣，你可以看到訂單，並且它們將在下半年開始進入？

Yeah.

是的。

It's a good question, Jack.

這是個好問題，傑克。

We did actually -- our book-to-bill ratio was over 1 in the quarter, so we did build a little bit of backlog.

實際上我們確實做到了——本季度我們的訂單出貨比超過 1，所以我們確實積壓了一點。

But really, it's -- we see the sales funnels, and we see -- we have building confidence that our consumables are going to grow and that instruments are expected to improve from where we are right now.

但實際上，我們看到了銷售管道，我們看到，我們對我們的消耗品將會成長以及儀器預計會比現在的情況有所改善充滿信心。

I would expect the third quarter to be lower than the fourth quarter.

我預計第三季將低於第四季。

And also, in the third quarter, we may see some government year-end spending as well as, in the fourth quarter, kind of general year-end spending.

此外，在第三季度，我們可能會看到一些政府年終支出，以及第四季度的一般年終支出。

So, that might help us.

所以，這可能對我們有幫助。

And actually, if you look at the mix of revenue for the year versus most other years, it's not really that far out of line.

事實上，如果你看看這一年的收入組合與大多數其他年份的收入組合，你會發現其實沒有那麼離譜。

Typically, you see $45 million, $55 million, or in terms of percentages of the year, we're not that far off from those kinds of metrics.

通常情況下，您會看到 4500 萬美元、5500 萬美元，或者按照年度百分比計算，我們距離這些指標並不遙遠。

So, if you look at the past, it's not unreasonable to kind of think of how this is going to play out.

因此，如果你回顧過去，思考這將如何發展並不是沒有道理的。

And if you look at the detailed sales funnels, we see Revio instrument placements improving.

如果您查看詳細的銷售管道，我們會發現 Revio 儀器的展示位置有所改善。

We see the Onso funnel is significantly bigger than it's been, which should help.

我們看到 Onso 漏斗比以前大得多，這應該會有所幫助。

And then, also, the consumables, we're getting more -- we have nice bookings in Q2.

然後，還有消耗品，我們得到了更多——我們在第二季度有很好的預訂。

Some of those will -- a lot of those will ship in Q3 and all through -- for the next 12 months as more customers are getting on standing purchase agreements, which allows us to really have so much better visibility into the consumable number.

隨著越來越多的客戶簽訂長期採購協議，其中一些將在未來12 個月內（其中許多將在第三季度甚至整個季度發貨），這使我們能夠真正更好地了解消耗品數量。

So, we have building confidence.

因此，我們正在建立信心。

The economic environment is still tough.

經濟環境仍嚴峻。

I think most of our peers have been talking about a tough capital environment on their calls this quarter.

我認為我們的大多數同行在本季的電話會議上都在談論嚴峻的資本環境。

We don't see -- I mean, we think it's going to be difficult the rest of the year.

我們不認為——我的意思是，我們認為今年剩下的時間會很困難。

And when we considered our guidance, we considered it was still going to be tough.

當我們考慮我們的指導時，我們認為這仍然會很困難。

Great.

偉大的。

And just one follow-up.

只有一個後續行動。

Is the build of revenue into year-end, is this predominantly coming from Revio?

年底的營收成長是否主要來自 Revio？

I know you talked about the new program as it relates to Onso for trade-ins.

我知道您談到了與 Onso 以舊換新相關的新計劃。

Is there any color you can share on what's embedded for Onso in terms of second half versus first half?

對於 Onso 下半場與上半場的嵌入內容，您有什麼可以分享的嗎？

Yes.

是的。

I think, I mean, Onso -- we haven't -- we don't break out Onso revenue, but Onso revenue is forecast to be significantly better than it was in the first half.

我認為，我的意思是，Onso - 我們沒有 - 我們沒有公佈 Onso 的收入，但 Onso 的收入預計將明顯好於上半年。

So, that will -- when you look at growth, that will be one of our fastest growth areas if our forecasts hold.

因此，當你考慮成長時，如果我們的預測成立，這將是我們成長最快的領域之一。

But most on a relative basis, right, the Revio instruments a lot more revenue per unit.

但大多數情況下，相對而言，Revio 的單位收入要高得多。

And so, I would expect Revio instrumentation, as well as the scale-up in growth in consumables, those will be the predominant drivers of growth in the back half.

因此，我預計 Revio 儀器儀表以及消耗品成長規模的擴大將成為下半年成長的主要動力。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

This is Madeline Mollman on for Doug.

我是道格的瑪德琳‧莫爾曼。

Gross margin improvement is one of the keys to financial viability of PacBio.

毛利率的提高是 PacBio 財務可行性的關鍵之一。

Just wondering, how are you thinking about the exit rate for gross margin, given that you now expect to be at the low end of the guide?

只是想知道，考慮到您現在預計毛利率處於指南的低端，您如何看待毛利率的退出率？

Susan, you want to answer that one?

蘇珊，你想回答這個問題嗎？

Yes.

是的。

So, you're right that we had guided the year's gross margins to be at the low end of the 35% to 38% gross margins.

所以，你說得對，我們將今年的毛利率指導在 35% 至 38% 毛利率的低端。

And our gross margins, we are structurally reducing the cost base of manufacturing our instruments and our consumables.

就我們的毛利率而言，我們正在結構性地降低製造儀器和消耗品的成本基礎。

And it's very much front and center when we think about the new products we're developing and how we -- what components we include and how we think about the pricing and margin at launch.

當我們考慮我們正在開發的新產品以及我們如何包含哪些組件以及我們如何考慮發佈時的定價和利潤時，它是非常重要的。

And so, overall, our gross margins will expand as our revenue grows.

因此，總體而言，我們的毛利率將隨著收入的成長而擴大。

That 35%, of course, if you look at how we've done in the first half, does assume that there's some fluctuation quarter-to-quarter.

當然，如果你看看我們上半年的表現，你會發現這個 35% 確實存在著季度與季度之間的一些波動。

And as my prepared remarks describe, sometimes you do have some fluctuations in gross margins related to ASP mix, customer project mix, revenue mix.

正如我準備好的評論所述，有時毛利率確實會出現一些與 ASP 組合、客戶專案組合、收入組合相關的波動。

That can change some of the quarter-to-quarter gross margins.

這可能會改變一些季度毛利率。

But I think the important takeaway is that, structurally, our cost base is coming down, such that when you look at '25 and '26, as our revenue continues to grow, our gross margins will expand and we'll get nice leverage on our gross margin as our revenues continue to grow.

但我認為重要的一點是，從結構上講，我們的成本基礎正在下降，因此，當你看到'25和'26時，隨著我們的收入持續增長，我們的毛利率將會擴大，我們將獲得良好的槓桿作用我們的毛利率隨著我們的收入持續增長。

I think that one thing I would add to that is, revenue mix is essential here.

我認為我要補充的一件事是，收入組合在這裡至關重要。

PacBio for its entire existence has been so dependent on instruments, which carry lower gross margins than consumables.

PacBio 的整個存在都非常依賴儀器，而儀器的毛利率低於消耗品。

And Revio for the first time, truly gives us the ability to have -- to generate consumable revenues that are high enough that really positively contribute to the gross margin.

Revio 第一次真正讓我們有能力產生足夠高的消費品收入，從而真正對毛利率做出積極貢獻。

So, although we may exit '20 -- the year '24, kind of at the lower end of the guidance, when you look at the whole year, as consumables continue to grow, that will provide a natural uplift.

因此，儘管我們可能會在 20 年 - 24 年退出，有點處於指導的較低端，但當你縱觀全年時，隨著消耗品的持續增長，這將提供自然的提升。

Also, we fully expect the new products that we're developing to carry higher gross margins than our existing products.

此外，我們完全期望我們正在開發的新產品能夠比我們現有的產品帶來更高的毛利率。

And so, those will all be contributing, too, as we start to look at 2025 and 2026.

因此，當我們開始展望 2025 年和 2026 年時，這些都會做出貢獻。

It's a front and center issue for us, no question about it.

毫無疑問，這對我們來說是一個首要和中心的問題。

Great.

偉大的。

Thank you.

謝謝。

David Westenberg, Piper Sandler.

大衛‧韋斯特伯格，派珀‧桑德勒。

This is John on for Dave.

這是約翰替戴夫發言。

First, I'd just like to ask about your headcount reduction.

首先，我想問一下你們裁員的狀況。

Could you give any thoughts on how confident you are that the reduction won't impact sales growth?

您能否談談您對此次降價不會影響銷售成長的信心有多大？

Well, I think you asked the question for sales growth in the headcount reduction specifically.

嗯，我認為您專門問了裁員中銷售成長的問題。

And so, I'll address that first.

因此，我將首先解決這個問題。

But we did make cuts across the organization.

但我們確實對整個組織進行了削減。

And truly, the sales organization was impacted some.

確實，銷售組織受到了一些影響。

But it was less impacted than some of the other groups.

但它比其他一些團體受到的影響要小。

And so we spent a lot of time building out a commercial infrastructure to support the long run of the company.

因此，我們花了很多時間建立商業基礎設施來支持公司的長期營運。

And what we've done is, in this last restructuring, we reorganized the commercial organization a bit so that we can have fewer spans and layers and have much more executive touch, so to speak, at -- with the customers directly.

我們所做的是，在最後一次重組中，我們對商業組織進行了一些重組，這樣我們就可以擁有更少的跨度和層次，並有更多的管理接觸，可以說，直接與客戶接觸。

And so, I feel pretty confident that that's helping and that's driving conversations.

因此，我非常有信心這會有所幫助並推動對話。

Of course, Q2 is when we executed all this.

當然，第二季是我們執行這一切的時候。

So, we'll see over the next few quarters how we do.

因此，我們將在接下來的幾個季度中看看我們的表現如何。

But the early signs are pointing to that we are maintaining those customer relationships.

但早期跡象顯示我們正在維持這些客戶關係。

We're building new relationships.

我們正在建立新的關係。

And we are acting faster, which is encouraging.

我們的行動速度更快，令人鼓舞。

If you look at the rest of the business, we also cut very significantly across R&D.

如果你看看其他業務，你會發現我們在研發方面也大幅削減。

But we were very focused on -- focusing -- making sure that we invested appropriately in the near term revenue driving projects like the new platforms.

但我們非常專注於確保我們對新平台等近期收入驅動項目進行適當投資。

And those new platforms, are fully staffed and we're making great progress.

這些新平台配備齊全，我們正在取得巨大進展。

And, quite frankly, when you look at Q2, the revenue result was not what we expected.

而且，坦白說，當你看第二季時，收入結果並沒有達到我們的預期。

But the R&D result was actually ahead of what I was expecting.

但研發結果其實超出了我的預期。

And so, I'm very excited about the progress we're making even though we had to make some very painful decisions with respect to the restructuring.

因此，我對我們正在取得的進展感到非常興奮，儘管我們不得不在重組方面做出一些非常痛苦的決定。

Great.

偉大的。

Thank you.

謝謝。

And if you could give any thoughts that you have on what the pipeline that looks like for population sequencing projects globally and what the appetite is for long read sequencing generally?

您是否可以對全球群體定序專案的流程以及長讀長定序的整體需求有何想法？

That'd be great.

那太好了。

I missed the second part of that question.

我錯過了這個問題的第二部分。

Yeah, Pop Gen was the first part.

是的，《Pop Gen》是第一部。

What was the second part?

第二部分是什麼？

Oh, appetite for long-read sequencing in general.

哦，總體來說對長讀測序的興趣。

So, with respect to Pop Gen, we're still tracking many, many, many 10,000 plus sample projects that are working their way through the system.

因此，就 Pop Gen 而言，我們仍在追蹤許多、許多、許多 10,000 多個正在透過系統運行的範例項目。

We are very happy to see some of the bigger projects get off the ground in Q2.

我們很高興看到一些較大的項目在第二季啟動。

So, the Estonian Biobank project started sequencing.

於是，愛沙尼亞生物銀行計畫開始定序。

The GREGoR Consortium project started sequencing.

GREGoR 聯盟計畫開始定序。

Precise started sequencing.

精準啟動測序。

So, those are all strong projects that are really starting to scale.

所以，這些都是真正開始規模化的強大項目。

We see lots of opportunities around the world.

我們在世界各地看到了很多機會。

And it really comes down to these projects take a long time to get the sample cohorts in place as well as all the funding and all the infrastructure required to execute on them.

這實際上歸結為這些項目需要很長時間才能獲得樣本隊列以及執行它們所需的所有資金和所有基礎設施。

But with respect to, seeing more of those later this year, I wouldn't be surprised to see us announce some other projects this year.

但就今年稍後看到的更多項目而言，如果我們今年宣布一些其他項目，我不會感到驚訝。

Certainly over the next -- certainly over the next 18 months, there are lots of projects and lots of fleet expansions that we are seeing that I think are real, opportunities for the company.

當然，在接下來的 18 個月裡，我們會看到很多專案和機隊擴張，我認為這對公司來說是真正的機會。

One thing I would say that is really encouraging and probably the brightest spot in the quarter is just the amount of clinical adoption we're starting to see is really fantastic.

我想說的一件事確實令人鼓舞，而且可能是本季最亮點的就是我們開始看到的臨床採用量確實非常棒。

And it was really driven off of, we launched a new product called PureTarget, which is a panel, which a lot of the clinical diagnostic companies are leveraging that panel and creating their own versions of the panel to do everything from carrier testing to neurology and other kinds of clinical testing.

我們確實推出了一款名為 PureTarget 的新產品，這是一個面板，許多臨床診斷公司正在利用該面板並創建自己的面板版本，以完成從攜帶者測試到神經病學等所有工作。測試。

These are going to be, very large customers over time for us.

隨著時間的推移，這些將成為我們非常大的客戶。

That's our expectation.

這是我們的期望。

And they will be running thousands and thousands of samples, which will create a durable source of revenue.

他們將運行成千上萬的樣品，這將創造持久的收入來源。

And I think that's happening on a timeline, quite frankly, faster than I would have expected.

坦白說，我認為這發生的時間比我預期的要快。

So, encouraged by the population sequencing, also very encouraged by sequencing uptake in general.

因此，受到群體定序的鼓勵，也受到整體定序採用的鼓勵。

I do think that we are still absorbing some capacity, particularly with service providers and kind of the classic academic core labs.

我確實認為我們仍在吸收一些能力，特別是服務提供者和經典學術核心實驗室的能力。

And so, we're working hard with them to help them get projects so that they can fill their instruments up.

因此，我們正在努力與他們合作，幫助他們獲得項目，以便他們能夠充實自己的樂器。

And eventually, we'll have the low-throughput long-read instrument, which will be a great complement to Revio.

最終，我們將擁有低通量長讀儀器，這將是 Revio 的一個很好的補充。

And we'll see, I wouldn't be surprised to see many customers have Revio and the low-throughput instrument in their labs.

我們將會看到，如果看到許多客戶在他們的實驗室中擁有 Revio 和低通量儀器，我不會感到驚訝。

And then, other customers are allowing a more distributed long-read sequencing capability using HiFi with the low-throughput instrument.

然後，其他客戶允許使用 HiFi 和低通量儀器實現更分散式的長讀長定序功能。

So, looking forward to getting that product out the door, too.

因此，我們也期待著該產品的推出。

Great.

偉大的。

Thank you very much.

非常感謝。

Yves Bernstein, Bernstein.

伊夫伯恩斯坦，伯恩斯坦。

This is Alberto on for Yves.

這是阿爾貝託替伊夫發言。

I remember having a discussion with you on customers in China generally having very high utilization rates.

我記得和大家討論過，中國的客戶普遍使用率非常高。

Yesterday, one of your competitors said that stimulus in China would not affect NGS, while you mentioned that it could be actually a tailwind.

昨天，您的一位競爭對手錶示，中國的刺激措施不會影響NGS，而您提到這實際上可能是一種順風。

So, how are the conversations going with these customers and potentially other customers in the region?

那麼，與這些客戶以及該地區其他潛在客戶的對話進展如何？

And what do you guys expect for 2025, especially after a rough year in China, for everyone, not only you?

你們對 2025 年有什麼期望，尤其是在中國經歷了艱難的一年之後，對每個人，而不僅僅是你，都有什麼期望？

Yes.

是的。

That's a good question.

這是個好問題。

I don't think the -- you know, I think the funding, any stimulus funding, wouldn't necessarily be a tailwind.

我不認為──你知道，我認為資金，任何刺激資金，不一定是順風。

I think it's maybe perhaps a bit of a more of a return to normalcy.

我認為這也許更像是回歸常態。

You know, our business is very different than some of our competitors in China, in particular, in that we have several large service providers as our primary customers, and then they market out into the Chinese market, and it's mostly a service business for us.

你知道，我們的業務與我們在中國的一些競爭對手有很大不同，特別是我們有幾家大型服務提供者作為我們的主要客戶，然後他們向中國市場進行行銷，這對我們來說主要是一項服務業務。

The implications of that are that, that we perhaps get more aggregated revenue into a concentrated customer base.

其意義是，我們可能會從集中的客戶群中獲得更多的總收入。

Those service providers have been having a tough year this year, but we do think the stimulus just will add more projects, which will help those service providers, and as we get the low-throughput instrument into the market as well, give the -- give other Chinese customers the opportunity for that low-throughput instrument.

這些服務提供者今年經歷了艱難的一年，但我們確實認為刺激措施只會增加更多項目，這將幫助這些服務提供商，並且當我們將低吞吐量儀器推向市場時，給予--為其他中國客戶提供使用這種低通量儀器的機會。

If you look at the rest of Asia Pacific, there are a few bright spots, but actually Asia Pacific as a whole has been pretty tough.

如果你看看亞太地區的其他地區，你會發現有一些亮點，但實際上整個亞太地區的情況相當艱難。

Korea is not in very good standing.

韓國的地位不太好。

Japan is doing okay.

日本表現還不錯。

The rest of Southeast Asia, at least for us, is doing maybe just a bit below expectation, but not radically strong either.

至少對我們來說，東南亞其他地區的表現可能略低於預期，但也不是非常強勁。

So, Asia is really a tough market for us overall this year, mainly driven by that China -- the China challenge.

因此，今年亞洲對我們來說確實是一個艱難的市場，主要是由中國的挑戰——中國挑戰所推動。

Do I think 2025 will be better than 2024?

我認為 2025 年會比 2024 年更好嗎？

I do think the stimulus will help.

我確實認為刺激措施會有幫助。

Some new products will help, and, we'll go from there.

一些新產品會有所幫助，我們將從那裡開始。

And another question I had, I saw from your graph and also from your comment that actually the Quest partnership is going very well.

我還有另一個問題，我從你的圖表和評論中看到，實際上 Quest 合作夥伴關係進展得非常順利。

General, how would you articulate your strategy around clinical market and partnership?

一般而言，您將如何闡明您圍繞臨床市場和合作夥伴關係的策略？

We've seen other -- like, your main competitor having a large partnership with equity investments in there.

我們看到其他的——例如，你的主要競爭對手在那裡建立了大規模的股權投資夥伴關係。

How would you articulate your strategy in the clinical market, and what are the -- aside from neurological applications, what are the main areas in which you're seeing the most interest that could actually really scale to the next level?

您將如何闡明您在臨床市場的策略？ 除了神經學應用之外，您認為最感興趣的主要領域是什麼，實際上可以真正擴展到下一個層次？

Yes.

是的。

So, in the clinical market, our strategy is to, develop products and kits and technologies that, that really compete and do things that short-read short-read sequencing can't do very well, first and foremost, and use that as a beachhead to get into those accounts and then demonstrate that the power of HiFi can supplant, you know, even short-read sequencing.

因此，在臨床市場，我們的策略是，開發真正具有競爭力的產品、試劑盒和技術，並完成短讀長定序無法很好地完成的事情，並將其用作搶灘登陸這些帳戶，然後證明HiFi 的力量甚至可以取代短讀長定序。

This is evident, for example, at BioCentia in Germany where they're converting many tests into one HiFi whole genome test, and they're eliminating -- and for them, economically, it makes incredible sense because they're eliminating all of these other tests and using a long-read whole genome to get the result.

這一點很明顯，例如，在德國的BioCentia，他們正在將許多測試轉換為一個HiFi 全基因組測試，他們正在消除——對他們來說，從經濟上來說，這具有令人難以置信的意義，因為他們正在消除所有這些其他測試並使用長讀全基因組來獲得結果。

And so, our strategy is to penetrate with applications that are difficult for short-reads to accomplish, if not impossible, and then spread by demonstrating our value -- our value proposition and our competitive costs and economics across the entire workflow.

因此，我們的策略是滲透短讀難以完成（如果不是不可能的話）的應用程序，然後透過在整個工作流程中展示我們的價值——我們的價值主張以及我們有競爭力的成本和經濟性來進行傳播。

So, that's the fundamental strategy.

所以，這就是基本策略。

The early applications where we're seeing the most traction are, of course, in rare and undiagnosed disease where we're seeing, institutes like Children's Mercy to continue expanding their fleet, and they've now -- they're now using a HiFi whole genome as the first-line diagnostic for these kids coming in with rare disease, which is just, quite frankly, very gratifying and quite remarkable.

當然，我們看到最受關注的早期應用是在罕見和未確診的疾病中，我們看到像兒童慈善機構這樣的機構繼續擴大他們的車隊，他們現在正在使用HiFi 全基因組作為這些患有罕見疾病的孩子的一線診斷，坦率地說，這是非常令人高興和非常了不起的。

We're also seeing customers interested in various long-read panels, particularly in carrier testing where we can do -- where we can, long-read sequencing can be much more effective at many different disorders or potential diagnostic problems when thinking about having a baby than what short-read sequencing can do.

我們也看到客戶對各種長讀長組感興趣，特別是在我們可以做的載體測試方面——在我們可以做的情況下，長讀長定序可以更有效地解決許多不同的疾病或潛在的診斷問題。

And then, the third is this whole genome approach where you do a whole genome and you replace a battery of other tests.

然後，第三種是全基因組方法，您可以進行整個基因組並替換一系列其他測試。

And so, the combination of those is where we're seeing a lot of traction, and really, we saw -- that was certainly one of the biggest bright spots for us in Q2.

因此，這些因素的結合使我們看到了極大的吸引力，實際上，我們看到了——這無疑是我們第二季度最大的亮點之一。

Over time, we think we're going to see more oncology testing, particularly in the blood cancers using long reads.

隨著時間的推移，我們認為我們將看到更多的腫瘤學測試，特別是使用長讀數的血癌測試。

As we drive our sample input requirements down with the new radio consumable, that will enable us to do more than we ever have before as well.

當我們使用新的無線電消耗品來降低樣本輸入要求時，這將使我們能夠做得比以前更多。

So, we see the clinical opportunity as fundamentally really important.

因此，我們認為臨床機會從根本上來說非常重要。

We're very focused on it right now by providing technologies that no one else really has, and we can do things that others can't.

我們現在非常專注於提供其他人真正擁有的技術，並且我們可以做其他人無法做到的事情。

Sung Ji Nam, Scotiabank.

宋志南，豐業銀行。

A lot of my questions have been answered, but just wondering about your existing Sequel customers, and this might be, I might not be doing the math fast enough, but the ones that have not converted yet to Revio that are kind of waiting for funding or whatnot, are they still utilizing consumables kind of at a pretty steady rate, and do you expect them to continue to do so, or has there been any slowdown in terms of consumable pull-through for that segment of your customers?

我的許多問題都得到了解答，但只是想知道你們現有的 Sequel 客戶，這可能是，我可能計算得不夠快，但那些尚未轉換為 Revio 的客戶正在等待資金或者諸如此類的，他們是否仍在以相當穩定的速度使用消耗品，您是否期望他們繼續這樣做，或者您的該客戶群的消耗品拉動是否有任何放緩？

Yes.

是的。

I mean, the customers that are still Sequel users are generally using their instruments.

我的意思是，仍然是 Sequel 用戶的客戶通常都在使用他們的樂器。

The pull-through of the install base has gone down -- down some.

安裝基礎的牽引力已經下降——下降了一些。

So, they are using them less, but the reality is they're still using consumables.

因此，他們使用的較少，但現實是他們仍在使用消耗品。

They're still regularly using them, and, I would expect over time, they will move on to Revio, or they'll move on to the low-throughput system when that's available.

他們仍然經常使用它們，而且我預計隨著時間的推移，他們將轉向 Revio，或在可用時轉向低吞吐量系統。

I would suspect some of those SQL customers are also outsourcing maybe perhaps their bigger projects to Revio, Revio Core Labs, which is okay, but it's another indication that we need to keep pushing, long-read samples into the market so we can drive -- so that we can really take advantage of the throughput and the capability of the Revio system.

我懷疑其中一些 SQL 客戶也可能將他們更大的項目外包給 Revio、Revio Core Labs，這沒關係，但這也表明我們需要繼續將長期閱讀的示例推入市場，以便我們可以推動 - - 這樣我們就可以真正利用Revio 系統的吞吐量和功能。

Got you.

明白你了。

And then, just on the low-throughput long-read, just as a clarification, that's what you used to call bench-top long-read sequencer.

然後，就低通量長讀而言，作為澄清，這就是您過去所說的台式長讀定序儀。

Is that correct?

這是正確的嗎？

And then, sorry if I missed it, but what's the timing in terms of the launch there, and is that a platform where you expect to do some sort of an early access program to get a sense of kind of the customer feedback, or is that something that you can just launch, and it's a plug-and-play?

然後，抱歉，如果我錯過了，但是在那裡發布的時間是什麼，以及您是否希望在該平台上進行某種早期訪問計劃以了解客戶反饋，或者是您可以直接啟動它，並且它是即插即用的？

Yes.

是的。

So, the low-throughput system is certainly the bench-top system.

因此，低通量系統當然是桌上型系統。

You're right.

你說得對。

Maybe we should have used that terminology.

也許我們應該使用這個術語。

With respect to an early access program, the reality is that it uses the -- the bench-top system uses the exact same consumables as the Revio.

對於搶先體驗計劃，實際情況是它使用的桌上型系統使用與 Revio 完全相同的耗材。

So, it uses, the 25M flow cell -- or smart cell as the principle tool there.

因此，它使用 25M 流動池（或智慧池）作為主要工具。

And so, we expect, we expect it to basically -- it's going to work with all applications straight out of the box.

因此，我們期望，我們期望它基本上能夠開箱即用地與所有應用程式一起使用。

So, I don't think we'll have a very extensive early access program.

因此，我認為我們不會有非常廣泛的搶先體驗計劃。

I think we'll go pretty much straight to market.

我認為我們將直接進入市場。

We're deep in our development right now.

我們現在正在深入開發。

We haven't -- we haven't announced the launch date, so I'm not going to use an earnings call to do that.

我們還沒有——我們還沒有宣布發布日期，所以我不會透過財報電話會議來宣布這一點。

But I do think, it is an -- it is a mission-critical platform for us.

但我確實認為，這對我們來說是一個關鍵任務平台。

We've made a lot of progress, and we're not that far away.

我們已經取得了很大進展，離實現目標並不遙遠。

Super helpful.

超有幫助。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

Just in the interest of time, we've just got two quick ones.

只是為了節省時間，我們只有兩個快速的。

I'll ask them both up front.

我會提前問他們兩個。

The first one's just, Christian, on ASPs.

第一個是 Christian，關於 ASP。

You've made a couple of mentions of higher ASPs in the quarter.

您多次提到本季平均售價的提高。

One, what's driving that higher ASP?

第一，是什麼推動了平均售價的上漲？

What are your expectations of ASPs going to the back half?

您對ASP下半年的期待是什麼？

And just given the mix of programs you have to onboard customers, is there any particular program that's driving that?

考慮到您必須為客戶提供的計劃組合，是否有任何特定計劃在推動這一點？

And then, secondly, just on the demand and your comments on re-acceleration in the back half, you outlined a couple of points for Q2 that are hurting demand, two of which the delays in procurement and the sample volumes.

其次，就需求和您對下半年重新加速的評論而言，您概述了第二季度損害需求的幾點，其中兩個是採購和樣品量的延遲。

Do you expect those to improve, or do you expect more to persevere through those issues that could last throughout the course of the year?

您是否期望這些問題能夠改善，或者您期望更多人能夠堅持解決這些可能持續一整年的問題？

Yes, good questions, Matt.

是的，好問題，馬特。

First of all, ASPs were higher.

首先，平均售價較高。

ASPs are going to vary from quarter-to-quarter.

平均售價 (ASP) 每季都會有所不同。

The reason why I highlighted that on the call was I just wanted to point out that, you know, ASPs, although we didn't have a great unit quarter relative to our internal expectations, we also didn't give away the farm to get to the numbers, that we got to.

我之所以在電話會議上強調這一點，是因為我只是想指出，你知道，ASP，儘管相對於我們的內部預期，我們沒有一個很好的單位季度，但我們也沒有放棄農場來獲得我們必須做到的數字。

And that was important.

這很重要。

I think that ASPs will probably stick around the same range we're in right now, give or take, for the rest of the year.

我認為，在今年剩餘時間內，平均銷售價格可能會保持在我們目前所處的同一範圍內，無論有多少。

The promotional programs, you know what's important about those?

促銷計劃，你知道其中重要的是什麼嗎？

Usually what happens is you get some deals on those promotional programs, but the most important part of these promotions is it gives us opportunities to market the products and it drives building the funnel, drives interest.

通常情況下，您會在這些促銷計劃中獲得一些優惠，但這些促銷活動最重要的部分是它為我們提供了行銷產品的機會，並推動了管道的建立，激發了興趣。

Some customers can take advantage of the promos, like we have a promo now where you don't pay any money down for the instrument, but you have to take a certain amount of consumables, every month, so to speak, and basically the price of the instrument is baked into the price of the consumables.

有些客戶可以利用促銷活動，就像我們現在有一個促銷活動，您不需要為儀器支付任何首付，但是您必須每月攜帶一定數量的消耗品，可以這麼說，基本上是價格儀器的成本已計入消耗品的價格中。

Some customers can do that because they have a steady stream and they know where, you know, they know where they're going.

有些客戶可以做到這一點，因為他們有源源不絕的流量，而且他們知道要去哪裡，你知道，他們知道要去哪裡。

Other customers can't because they run from project to project and they worry that, you know, that they may not have a use for the consumables in, you know, the off month, so to speak.

其他客戶則不能，因為他們從一個項目跑到另一個項目，他們擔心，你知道，他們可能無法使用這些消耗品，你知道，可以這麼說。

That's why I'm so excited about this Mitsubishi program where it's a straight rental.

這就是為什麼我對三菱的直接租賃計劃如此興奮。

I haven't seen that done very much in our field in the past, and so that'll be interesting to see, how research customers take that up.

過去我在我們的領域還沒有看到太多這樣的事情，所以看看研究客戶如何接受這一點將會很有趣。

But either way, it's a really good way for people to, for us to get out there and be in front of our customers, demonstrating flexibility and driving sales.

但無論哪種方式，這對人們、對我們來說都是一種很好的方式，可以讓我們走出去，站在客戶面前，展現靈活性並推動銷售。

With respect to kind of the challenges with accelerating demand, procurement and numbers of samples, I think procurement is an area where you just have to persevere.

對於需求加速、採購和樣品數量等方面的挑戰，我認為採購是你必須堅持的領域。

I think the capital market is -- the market for capital equipment is going to still be tough.

我認為資本市場－資本設備市場仍然會很艱難。

It's probably going to be tough all next year and perhaps even in the next year, so we just have to be very much in tune with our customers and understand everything it takes to get a sale done and through the procurement process, so that we can, number one, forecast accurately, but number two, accelerate the deals as fast as we practically can.

明年甚至下一年可能會很艱難，所以我們必須與客戶保持密切配合，了解完成銷售和採購流程所需的一切，這樣我們才能第一，準確預測，但第二，盡可能快地加速交易。

With respect to samples, I think samples are continuing to increase.

關於樣本，我認為樣本還在持續增加中。

One of the metrics Todd kept talking to me about was the fact that we sequenced, we sequenced over 2.2-fold more sequence, in the last year when you compare on a year-over-year basis.

Todd 一直在跟我談論的一個指標是，去年我們定序的序列數量是去年同期的 2.2 倍。

That's dramatic, and it shows that Long-reads, it demonstrates that Longreads really are taking hold in the market and becoming a very important part of the market.

這是戲劇性的，它表明了長讀，它表明長讀確實正在市場上佔據一席之地，並成為市場中非常重要的一部分。

What we, I do think more and more samples are coming into the market, and so that one I think can be -- will be rectified probably much faster, and also as we continue to develop new applications, those new applications drive even more samples.

我確實認為越來越多的樣品正在進入市場，因此我認為可以更快地糾正，而且隨著我們繼續開發新的應用程序，這些新應用程式會驅動更多的樣品。

We talked about with the Revio -- new Revio consumables that are coming, the DNA input requirements are going to go down very, very significantly, and that is also going to drive more samples into the Revio platform.

我們談到了 Revio——即將推出的新 Revio 耗材，DNA 輸入要求將非常非常顯著地下降，這也將推動更多樣本進入 Revio 平台。

So, I'm much more bullish on samples coming into the market than solving the procurement challenge, to be honest.

因此，老實說，我更看好樣品進入市場，而不是解決採購挑戰。

Got it.

知道了。

Very helpful.

非常有幫助。

Thanks, Christian.

謝謝，克里斯蒂安。

Okay.

好的。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Todd Friedman for any closing remarks.

我想將會議轉回托德·弗里德曼（Todd Friedman）發表閉幕詞。

Sure.

當然。

Thanks, Dave, and thanks everybody for the questions and the time today.

謝謝戴夫，也謝謝大家今天提出的問題和時間。

We look forward to connecting with many of you later this quarter at the various conferences, and we'll talk soon.

我們期待在本季度晚些時候的各種會議上與你們中的許多人聯繫，我們很快就會進行討論。

Take care.

小心。

The conference is 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.

您現在可以斷開連線。