Pacific Biosciences of California Inc (PACB) 2024 Q3 法說會逐字稿

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

美好的一天，歡迎參加 PacBio 2024 年第三季財報電話會議。

(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 third quarter 2024 earnings conference call.

下午好，歡迎參加 PacBio 2024 年第三季財報電話會議。

Earlier today, we issued a press release outlining the financial results we'll be discussing on today's call, a copy of which is available in the Investors section of our website at www.pacb.com or is furnished on Form 8-K 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，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 表格中提供，表格可在美國證券交易委員會網站 www.sec.gov。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, among others, 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，其中包括有關預測、估計、期望和指導的聲明。

You should not place undue reliance on forward-looking statements because they are subject to risks and uncertainties that could cause actual results to differ materially from those projected or discussed.

您不應過度依賴前瞻性陳述，因為它們存在​​風險和不確定性，可能導致實際結果與預測或討論的結果有重大差異。

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

請參閱我們向 SEC 提交的文件，包括我們最新的 10-Q 和 10-K 表格以及我們的新聞稿 - 新聞稿，以更好地了解可能導致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 an 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，只能用於補充對根據美國公認會計原則報告的公司經營業績的理解。

Reconciliations between historical US GAAP and non-GAAP results in our -- are presented in our press release, which is available in the Investors section of our website.

我們的新聞稿中介紹了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，該新聞稿可在我們網站的投資者部分找到。

For future periods, we are unable to reconcile non-GAAP gross margin and non-GAAP operating expenses without unreasonable effort 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 Investors 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 the call over to Christian.

現在我將把電話轉給克里斯蒂安。

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。

We are excited to broadcast to you from Denver, Colorado, at the American Society of Human Genetics Annual Meeting.

我們很高興在美國人類遺傳學學會年會上從科羅拉多州丹佛向您廣播。

This week, we unveiled several new and exciting products to thousands of researchers and scientists in the Human Genetics community.

本週，我們向人類遺傳學界的數千名研究人員和科學家推出了幾款令人興奮的新產品。

I look forward to sharing those and other updates on today's call.

我期待在今天的電話會議上分享這些和其他最新消息。

Our goal is to leave you with the following takeaways.

我們的目標是為您留下以下收穫。

First, PacBio is delivering on its strategy to create a suite of platforms with turnkey end-to-end solutions, enabling our customers to access some of the most advanced sequencing technologies available.

首先，PacBio 正在實施其策略，創建一套具有交鑰匙端到端解決方案的平台，使我們的客戶能夠獲得一些最先進的定序技術。

Our latest launches significantly expand our addressable market in ways that PacBio has never seen before.

我們最新推出的產品以 PacBio 從未見過的方式顯著擴大了我們的目標市場。

Second, although we continue to operate in a difficult macroenvironment where customer capital expenditure budgets have been challenged and sales cycles prolonged, we have seen several positive signs that our business is returning to growth.

其次，儘管我們繼續在困難的宏觀環境中運營，客戶資本支出預算受到挑戰，銷售週期延長，但我們看到了一些積極的跡象，表明我們的業務正在恢復成長。

Third, Revio continues to drive new customers to long-read sequencing and open up new demand.

第三，Revio持續推動新客戶進行長讀長定序，並開拓新需求。

This is evident not only in the continued adoption by new PacBio customers, but also in the diversity of customers implementing PacBio and the adoption of HiFi sequencing by large population scale programs and diagnostic and LDT labs.

這不僅體現在新的 PacBio 客戶的持續採用上，而且還體現在實施 PacBio 的客戶的多樣性以及大規模人口規模項目以及診斷和 LDT 實驗室對 HiFi 測序的採用。

Finally, we are hyper-focused on building a sustainable, cash flow positive business and have made meaningful progress this year on driving the production costs of our products down, reducing expenses, lowering our cash burn and strengthening our balance sheet by reducing our total debt, while balancing dilution through our recently announced note exchange with SoftBank.

最後，我們高度重視建立可持續的、現金流為正的業務，今年在降低產品生產成本、減少開支、減少現金消耗以及透過減少總債務來強化資產負債表方面取得了有意義的進展，同時透過我們最近宣布與軟銀的票據交換來平衡稀釋。

We remain committed to our goal of being cash flow positive by the end of 2026.

我們仍致力於實現在 2026 年底實現正現金流的目標。

Now, let's discuss our product launches.

現在，我們來討論一下我們的產品發布。

Last week, we announced a significant upgrade to our Revio platform with a new chemistry we call SPRQ, or Spark.

上週，我們宣布對 Revio 平台進行重大升級，採用了我們稱為 SPRQ 或 Spark 的新化學物質。

This new chemistry leverages the power of our existing 25M SMRT Cell, increasing the data output per SMRT Cell by 33% from a target of 90 gigabases to 120 gigabases.

這種新化學物質利用了我們現有 25M SMRT Cell 的強大功能，將每個 SMRT Cell 的數據輸出量提高了 33%，從 90 GB 的目標提高到 120 GB。

This increase enables the Revio system to sequence up to 2,500 complete phased HiFi genomes a year at a cost below $500 a genome, offering what we believe is the most complete and economical genome on the market.

這一增加使 Revio 系統每年能夠對多達 2,500 個完整的定相 HiFi 基因組進行測序，每個基因組的成本低於 500 美元，提供我們認為是市場上最完整、最經濟的基因組。

Like any HiFi genome, methylation data is included with every run.

與任何 HiFi 基因組一樣，每次運行都包含甲基化數據。

This chemistry update, along with our software upgrades, improves the accuracy of existing 5-methylC capabilities by 10 percentage points and adds additional methylation calling abilities with 6-methylA for the Fiberseq assay, giving customers an even more in-depth view of the genome.

此次化學更新與我們的軟體升級一起，將現有5-甲基C 功能的準確性提高了10 個百分點，並為Fiberseq 檢測增加了6-甲基A 的額外甲基化識別能力，使客戶能夠更深入地了解基因組。

Importantly, SPRQ significantly lowers DNA input requirements for whole genome sequencing by fourfold to just 500 nanograms.

重要的是，SPRQ 將全基因組定序的 DNA 輸入要求顯著降低了四倍，僅為 500 奈克。

In fact, we have now reduced sample input requirements by 30-fold since I joined PacBio 4 years ago.

事實上，自從我 4 年前加入 PacBio 以來，我們現在已經將樣本輸入要求減少了 30 倍。

Many customers say this is perhaps the most intriguing update because it unlocks even more sample types, like saliva or tumor, to be sequenced with HiFi.

許多客戶表示，這可能是最有趣的更新，因為它解鎖了更多樣本類型，例如唾液或腫瘤，可以透過 HiFi 進行定序。

Building on this, we've expanded our Nanobind PanDNA kit capabilities for high molecular weight DNA extraction of saliva samples, allowing us to offer sample to answer workflows for one of the most common biological sample types.

在此基礎上，我們擴展了 Nanobind PanDNA 試劑盒的功能，用於唾液樣本的高分子量 DNA 提取，使我們能夠為最常見的生物樣本類型之一提供樣本回答工作流程。

We've received fantastic feedback from early access customers.

我們從搶先體驗的客戶那裡收到了非常好的回饋。

We expect SPRQ to ship globally next month, helping to enable the next wave of sample migration to long-read sequencing.

我們預計 SPRQ 將於下個月在全球範圍內發貨，幫助實現下一波樣本向長讀長測序的遷移。

Notably, we expect to deliver this throughput increase and cost reduction through innovation and manufacturing improvements, passing these benefits to our customers and at the same time, improving Revio's gross -- consumable gross margin profile.

值得注意的是，我們希望透過創新和製造改進來實現吞吐量的增加和成本的降低，將這些好處傳遞給我們的客戶，同時改善 Revio 的毛耗材毛利率狀況。

While we expect SPRQ chemistry to advance more large HiFi sequencing projects, we realized that some researchers do not have the capital budget to purchase a Revio, but they still need the extraordinary accuracy and completeness that Revio offers.

雖然我們期望 SPRQ 化學能夠推進更大型的 HiFi 定序項目，但我們意識到一些研究人員沒有資金預算來購買 Revio，但他們仍然需要 Revio 提供的非凡準確性和完整性。

So last night, we were thrilled to unveil our latest sequencing platform, Vega.

昨晚，我們很高興推出了我們最新的定序平台 Vega。

Priced at $169,000, Vega is a revolutionary new benchtop sequencer designed to make accurate long-read sequencing accessible to any laboratory and introduces a new sequencing paradigm in which customers don't have to sacrifice data quality for low capital investment.

Vega 的售價為169,000 美元，是一款革命性的新型桌上型定序儀，旨在使任何實驗室都能進行準確的長讀長測序，並引入了一種新的測序範例，使客戶不必為了低資本投資而犧牲數據品質。

With a run time of just 24 hours, users can sequence up to 60 gigabases of HiFi data and utilize onboard analysis with Google DeepConsensus, 5-methylC calling and demultiplexing, all at a cost of $1,100 per run.

只需 24 小時的運行時間，用戶就可以對多達 60 GB 的 HiFi 數據進行測序，並利用 Google DeepConsensus、5-methylC 呼叫和解復用進行板載分析，每次運行的成本為 1,100 美元。

Vega was developed with the customer in mind.

Vega 的開發始終以客戶為中心。

It offers the same HiFi data quality customers expect from PacBio.

它提供了客戶期望從 PacBio 獲得的相同 HiFi 數據品質。

In experiments comparing data from Vega and Revio, we see a correlation of 0.996, demonstrating nearly identical data between the 2 platforms and giving customers' confidence in the consistent high-quality data no matter what HiFi platform they use for their project.

在比較Vega 和Revio 數據的實驗中，我們發現相關性為0.996，這表明兩個平台之間的數據幾乎相同，並且無論客戶在專案中使用什麼HiFi 平台，他們都對一致的高品質數據充滿信心。

With only 2 simplified consumables, Vega gives users the flexibility and confidence to sequence almost anything from RNA sequencing with our Kinnex kits and targeted analysis with PureTarget to small-scale whole genome sequencing projects and microbial genomics.

只需2 種簡化的耗材，Vega 就為用戶提供了靈活性和信心，可以對幾乎所有內容進行測序，從使用我們的Kinnex 試劑盒進行RNA 測序和使用PureTarget 進行靶向分析，到小規模全基因組定序計畫和微生物基因組學。

Vega has the potential to attract thousands of customers to PacBio HiFi sequencing.

Vega 有潛力吸引成千上萬的客戶使用 PacBio HiFi 定序。

I'm happy to report that platform development is in its final stages, and we expect to commence shipping in the first quarter of 2025 and scaling manufacturing throughout next year.

我很高興地向大家報告，平台開發已進入最後階段，我們預計將於 2025 年第一季開始出貨，並在明年擴大生產規模。

Tying our platforms together for a seamless user experience is critical to broader adoption.

將我們的平台結合在一起以獲得無縫的用戶體驗對於更廣泛的採用至關重要。

And we're pleased to announce our plans to launch our SMRT Link Cloud Solution in early 2025.

我們很高興地宣布計劃於 2025 年初推出 SMRT Link 雲端解決方案。

With this, customers can access, store and analyze their HiFi data without local hardware, making it easier for new and existing customers to ramp up their PacBio sequencing.

這樣，客戶無需本地硬體即可存取、儲存和分析其 HiFi 數據，從而使新客戶和現有客戶更容易提高其 PacBio 定序能力。

Additionally, DNAStack, a PacBio compatible partner, has expanded its offerings with its latest software launch, instruments.

此外，PacBio 相容合作夥伴 DNAStack 也透過推出最新的軟體和儀器擴展了其產品範圍。

This cloud solution is expected to integrate directly with Revio and Vega to automatically detect new samples and offer users best practice informatics pipelines.

該雲端解決方案預計將直接與 Revio 和 Vega 集成，以自動檢測新樣本並為用戶提供最佳實踐資訊學管道。

We believe that seamless and intuitive informatics tools like these can help build a thriving customer ecosystem around our growing installed base and solidify our position as a leading sequencing provider.

我們相信，諸如此類的無縫且直觀的資訊學工具可以幫助圍繞我們不斷增長的安裝基礎建立一個蓬勃發展的客戶生態系統，並鞏固我們作為領先測序提供者的地位。

Now, let's turn back to third quarter results.

現在，讓我們回到第三季的業績。

I'll give a quick update on our performance and discuss our commercial activity.

我將快速介紹我們的業績並討論我們的商業活動。

Total revenue was $40 million, up 11% from the second quarter of 2024, with sequential growth in instrument consumable and service revenue.

總收入為 4,000 萬美元，較 2024 年第二季成長 11%，儀器耗材和服務收入較上季成長。

Total long-read sequencing systems grew quarter-over-quarter as Q3 revenue included 22 Revio systems and 5 Sequel IIe systems.

長讀長定序系統總數較上季成長，第三季營收包括 22 個 Revio 系統和 5 個 Sequel IIe 系統。

Interestingly, we continue to see some demand for the Sequel IIe system, which is an encouraging sign that some customers are seeking a lower throughput platform like Vega, especially in areas like microbial genomics and gene therapy.

有趣的是，我們繼續看到對Sequel IIe 系統的一些需求，這是一個令人鼓舞的跡象，表明一些客戶正在尋求像Vega 這樣的較低吞吐量平台，特別是在微生物基因組學和基因治療等領域。

The 22 Revio systems were delivered to 22 different customers.

22 個 Revio 系統交付給 22 個不同的客戶。

And year-to-date, approximately 45% of Revio shipped were to new to PacBio instrument customers.

今年迄今為止，大約 45% 的 Revio 出貨量是為 PacBio 儀器新客戶提供的。

This was the second quarter in a row with the Revio unit book-to-bill of 1 or greater.

這是 Revio 單位訂單出貨比連續第二季達到 1 或更高。

Additionally, we had a record quarter for the Onso system with the most systems shipped since the platform launch last year.

此外，我們的 Onso 系統創下了季度創紀錄的紀錄，自去年平台推出以來，系統出貨量最多。

Consumable revenue of $18.5 million grew 10% year-over-year and 8% from the second quarter of 2024.

消費品收入為 1,850 萬美元，年增 10%，較 2024 年第二季成長 8%。

Annualized pull-through on the Revio platform was approximately $255,000, also in line with the past couple of quarters, with stable utilization and a similar pull-through distribution of what we experienced in the first half of this year.

Revio 平台的年化拉動約為 255,000 美元，也與過去幾季一致，利用率穩定，拉動分佈與我們今年上半年經歷的類似。

The output from PacBio long-read sequencers continues to grow with petabase sequences increasing 1.6-fold from Q3 of 2023.

PacBio 長讀長定序儀的輸出持續成長，拍鹼基序列比 2023 年第三季增加了 1.6 倍。

Stable unit book-to-bill and pull-through, new customer adoption, consumable growth and increased data output, are all encouraging signs that lead us to believe that we're past the trough we experienced in the first half of 2024.

穩定的單位訂單出貨量和出貨量、新客戶採用率、消耗品成長和數據輸出增加，都是令人鼓舞的跡象，使我們相信我們已經度過了 2024 年上半年經歷的低谷。

With the imminent launch of Vega and a more powerful Revio platform with SPRQ chemistry, we expect to return to growth in 2025 and beyond.

隨著 Vega 和採用 SPRQ 化學的功能更強大的 Revio 平台即將推出，我們預計將在 2025 年及以後恢復成長。

Vega product development is ahead of our previously anticipated schedule.

Vega 產品開發比我們之前預期的進度提早。

And while we don't expect Vega to cannibalize Revio meaningfully, we are mindful that there may be some cases where potential customers may take a little more time to assess our new offerings, which may prolong some sales cycles.

雖然我們預計 Vega 不會有意義地蠶食 Revio，但我們注意到，在某些情況下，潛在客戶可能需要更多時間來評估我們的新產品，這可能會延長一些銷售週期。

As a result, we expect fourth quarter revenue will be lower than previously anticipated and be flat to slightly up compared to third quarter of 2024, with Revio system placements and pull-through looking similar to that of Q2 and Q3 of this year.

因此，我們預計第四季營收將低於先前預期，與 2024 年第三季相比持平或略有上升，Revio 系統佈局和拉動情況與今年第二季和第三季類似。

Susan will touch more on our guidance later.

蘇珊稍後將詳細介紹我們的指導。

Looking back at the third quarter, I'm encouraged by the team's commercial successes, even as we continue to operate in this difficult capital environment.

回顧第三季度，儘管我們繼續在困難的資本環境中運營，但我對團隊在商業上的成功感到鼓舞。

Building on our success last quarter, we continue to see adoption from diagnostic and LDT labs and clinical research.

基於上季的成功，我們繼續看到診斷和 LDT 實驗室以及臨床研究的採用。

For example, using the Revio platform, Azenta Life Sciences recently launched a long-read whole genome sequencing test for clinical applications.

例如，Azenta Life Sciences 最近利用 Revio 平台推出了臨床應用的長讀長全基因組定序測試。

This test will enable precise detection of a range of complex genomic alterations undetectable by traditional sequencing approaches.

該測試將能夠精確檢測傳統定序方法無法檢測到的一系列複雜的基因組變化。

Additionally, Myriad Genetics acquired its first Revio system in the third quarter.

此外，Myriad Genetics 在第三季收購了其首個 Revio 系統。

This leading genetic testing and precision medicine company plans to use PacBio's PureTarget kit to develop a high-throughput automated targeted sequencing panel and consolidate current methods, such as PCR and capillary electrophoresis, for a subset of genes in their carrier screening test.

這家領先的基因測試和精準醫療公司計劃使用PacBio 的PureTarget 試劑盒開發高通量自動靶向測序面板，並整合目前的方法，例如PCR 和毛細管電泳，用於其載體篩選測試中的基因子集。

Genius Genomics is utilizing Revio in a Phase II clinical trial with Duke Health and Temple Health to test and further develop its bioinformatics platform, which provides comprehensive genomic profile and stratification of ALS patients for individualized treatments.

Genius Genomics 正在與 Duke Health 和 Temple Health 一起在 II 期臨床試驗中利用 Revio 來測試和進一步開發其生物資訊學平台，該平台提供全面的基因組圖譜和 ALS 患者的分層，以進行個體化治療。

The improved cost and throughput, coupled with the completeness of a HiFi genome is driving government-sponsored precision health and research projects to increasingly utilize long-read sequencing to gain a deeper understanding of the genetic diversity of their respective populations.

成本和吞吐量的提高，加上 HiFi 基因組的完整性，正在推動政府資助的精準健康和研究計畫越來越多地利用長讀長測序來更深入地了解各自人群的遺傳多樣性。

In September, the National Institute of Health of Korea announced that it plans to create a next-generation human reference pan-genome based on the Korean population to further research into undiagnosed diseases and difficult-to-sequence genes related to drug metabolism and strengthen its precision medicine capabilities.

9月，韓國國立衛生研究院宣布，計劃基於韓國人群創建下一代人類參考泛基因組，以進一步研究與藥物代謝相關的未確診疾病和難以測序的基因，並加強其研究。

The program aims to sequence over 1,000 individuals using long reads and PacBio is proud to be part of the pilot phase starting this year.

該計劃的目標是使用長讀長對 1,000 多個個體進行測序，PacBio 很榮幸能夠參與今年開始的試點階段。

Earlier this year, we announced that Singapore's National Precision Medicine Program, PRECISE, selected PacBio as a key sequencing provider.

今年早些時候，我們宣布新加坡國家精準醫學計畫 PRECISE 選擇 PacBio 作為主要定序提供者。

Today, we are excited to share that we've expanded this collaboration to include our Kinnex full-length RNA kit into the program.

今天，我們很高興與大家分享，我們已經擴大了這一合作範圍，將我們的 Kinnex 全長 RNA 試劑盒納入該計劃。

By incorporating full-length isoform data, researchers will have access to multi-omic data, which can lead to important discoveries about the social, environmental, lifestyle and genetic factors influencing public health and prevalent diseases in Singapore.

透過整合全長亞型數據，研究人員將能夠獲得多組學數據，這可以帶來關於影響新加坡公共衛生和流行疾病的社會、環境、生活方式和遺傳因素的重要發現。

Meanwhile, publications and evidence continue to demonstrate the utility of a highly accurate long-read sequencing.

同時，出版物和證據繼續證明高度準確的長讀長定序的實用性。

In genetic testing, researchers from Radboud and other institutions published a preprint with results concluding that long-read sequencing can be implemented as a first-tier diagnostic workflow for germline testing, potentially encouraging its increased use as a test for diagnosing individuals with rare diseases.

在基因檢測方面，來自Radboud 和其他機構的研究人員發表了一份預印本，其結果得出的結論是，長讀長定序可以作為種系檢測的一級診斷工作流程實施，這可能會鼓勵其更多地用作診斷罕見疾病個體的測試。

Similarly, in a [preprint], researchers at Boston Children's Hospital studying pediatric sensorineural hearing loss, where diagnostic rates have remained static for over a decade at around 40%, used HiFi to solve over 20% of a cohort of previously unsolved cases that had used exome and short-read whole genome sequencing.

同樣，在[預印本] 中，波士頓兒童醫院研究兒童感音神經性聽力損失的研究人員（十多年來診斷率一直穩定在40% 左右）使用HiFi 解決了一組先前未解決的病例中超過20% 的病例。

In microbial and metagenomics, researchers from the Salk Institute and others studied head-to-head comparisons of PacBio, nanopore, SBS and synthetic long reads on generating complete metagenome assembled genomes or MAGs from longitudinal pediatric microbiome samples.

在微生物和宏基因組學方面，索爾克研究所和其他研究人員研究了PacBio、奈米孔、SBS 和合成長讀長的頭對頭比較，以從縱向兒科微生物組樣本中生成完整的宏基因組組裝基因組或MAG。

They found that long-read approaches generated 51 to 72-fold more complete MAGs per gigabase pairs than legacy short-read approaches, while PacBio generated the most accurate, complete cMAGs at the lowest cost.

他們發現，長讀長方法每千兆鹼基對生成的完整 MAG 比傳統短讀長方法多 51 至 72 倍，而 PacBio 以最低成本產生最準確、完整的 cMAG。

We've always believed long reads to be the best suited sequencing method for microbial genomics.

我們始終相信長讀長是最適合微生物基因體學的定序方法。

And with low-cost platforms like Vega on the heels of validating studies like this, we are highly encouraged that PacBio can penetrate deeper into this market.

隨著像 Vega 這樣的低成本平台緊隨此類研究的驗證，我們對 PacBio 能夠更深入地滲透到這個市場感到非常鼓舞。

Let's shift gears to Onso and the short-read portfolio.

讓我們把話題轉向 Onso 和短讀作品集。

It was a record quarter for PacBio as we shipped the most Onso systems yet, 2/3 of which were to new PacBio customers.

對於 PacBio 來說，這是一個創紀錄的季度，因為我們交付了迄今為止最多的 Onso 系統，其中 2/3 是給新的 PacBio 客戶。

We also welcomed the Translational Genomics Research Institute, or TGen, as the first official service provider for SBB sequencing, helping our short-read SBB technology reach a broader clinical customer base.

我們也歡迎轉化基因組學研究所 (TGen) 成為 SBB 定序的首個官方服務供應商，幫助我們的短讀長 SBB 技術涵蓋更廣泛的臨床客戶群。

We also expanded the breadth of applications SBB can address by joining 10x Genomics's compatible partner program.

我們也透過加入 10x Genomics 的兼容合作夥伴計劃，擴大了 SBB 的應用範圍。

Integrating Onso into 10x's workflows will help extend the platform's ability to address the fast-growing single cell and spatial biology application.

將 Onso 整合到 10x 的工作流程中將有助於擴展該平台處理快速增長的單細胞和空間生物學應用的能力。

Finally, we were encouraged to see a peer-reviewed publication validating the accuracy of SBB chemistry and its ability to examine rare variants with extraordinary results.

最後，我們很高興看到一份同行評審出版物驗證了 SBB 化學的準確性及其檢查罕見變異並取得非凡結果的能力。

The study showed that SBB sequencing chemistry detected target SNPs down to 0.01% at 100,000-fold depth and 0.1% at 20,000-fold depth without any error correction methods.

研究表明，SBB 定序化學在 100,000 倍深度下檢測到的目標 SNP 低至 0.01%，在 20,000 倍深度下檢測到的目標 SNP 低至 0.1%，且沒有任何糾錯方法。

We've noted that traditional SBS sequencing is unable to achieve this accuracy without the use of sophisticated error correction tools.

我們注意到，如果不使用複雜的糾錯工具，傳統的 SBS 定序就無法達到這種準確性。

I'll wrap it up in a bit with some closing remarks.

我將用一些結束語來總結一下。

But before I pass the call to Susan, I wanted to share that Susan will be leaving PacBio in December to pursue another opportunity outside of life sciences.

但在我把電話轉給 Susan 之前，我想告訴大家，Susan 將於 12 月離開 PacBio，去尋找生命科學以外的另一個機會。

Susan has been a trusted partner over the past 4 years, and I want to thank her for her contributions and wish her every success.

過去 4 年來，蘇珊一直是值得信賴的合作夥伴，我要感謝她的貢獻並祝她一切順利。

We plan to immediately begin searching for Susan's full-time replacement.

我們計劃立即開始尋找蘇珊的全職替代者。

I'll now pass the call to Susan to review our financials in a little bit more detail.

現在我將把電話轉給蘇珊，讓她更詳細地審查我們的財務狀況。

Susan?

蘇珊？

Thank you, Christian.

謝謝你，克里斯蒂安。

I'm incredibly proud of what we've accomplished over the past 4 years and I'm excited for PacBio's future.

我對我們過去 4 年所取得的成就感到無比自豪，並對 PacBio 的未來感到興奮。

I am confident that under Christian's leadership, the team will continue to make tremendous strides in its mission to better human health through the promise of genomics.

我相信，在克里斯蒂安的領導下，該團隊將繼續在透過基因組學的承諾改善人類健康的使命中取得巨大進步。

With that, I'll now dive into the quarterly results.

接下來，我將深入探討季度業績。

I will be discussing non-GAAP results, which include noncash 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 $40.0 million in product, service and other revenue in the third quarter of 2024 compared to $55.7 million in the third quarter of 2023.

如同所討論的，我們報告 2024 年第三季的產品、服務和其他收入為 4000 萬美元，而 2023 年第三季為 5570 萬美元。

Instrument revenue in the third quarter was $16.8 million, a decrease of 52% from $34.7 million in the third quarter of 2023 due to lower Revio unit shipments.

由於 Revio 出貨量下降，第三季儀器營收為 1,680 萬美元，比 2023 年第三季的 3,470 萬美元下降 52%。

We ended the quarter with 247 cumulative Revio system shipments.

本季結束時，Revio 系統累積出貨量為 247 套。

Turning to consumables, revenue of $18.5 million in the third quarter increased 10% from $16.9 million in the third quarter of last year.

說到消耗品，第三季的營收為 1,850 萬美元，比去年第三季的 1,690 萬美元成長了 10%。

Approximately 77% of consumable revenue came from Revio systems and the remainder from other systems and other consumables.

約 77% 的耗材收入來自 Revio 系統，其餘部分來自其他系統和其他耗材。

Finally, service and other revenue was $4.7 million in the third quarter of 2024 compared to $4.1 million in the third quarter of 2023.

最後，2024 年第三季的服務和其他收入為 470 萬美元，而 2023 年第三季為 410 萬美元。

We continue to expect 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 decommission.

我們繼續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, Americas' revenue of $20.1 million decreased 31% compared to the third quarter of 2023 with a decline in Revio systems partially offset by record consumables in the third quarter.

從區域角度來看，美洲地區的營收為 2,010 萬美元，與 2023 年第三季相比下降了 31%，其中 Revio 系統的下降被第三季創紀錄的消耗品部分抵消。

For Asia Pacific, revenue of $10.8 million decreased 32% compared to the third quarter of 2023.

亞太地區營收為 1,080 萬美元，較 2023 年第三季下降 32%。

The region, however, exceeded our expectations.

然而，該地區超出了我們的預期。

And while we remained cautious on China, it was encouraging to see sequential quarterly growth for the country as well as sequential quarterly improvement of Revio instrument utilization.

儘管我們對中國保持謹慎態度，但令人鼓舞的是，該國的季度連續增長以及 Revio 儀器利用率的季度連續改善。

Finally, EMEA revenue of $9.1 million decreased 17% compared to the third quarter of 2023, with year-over-year growth in consumables, partially offsetting the year-over-year decline in instrument revenue.

最後，歐洲、中東和非洲地區營收為 910 萬美元，較 2023 年第三季下降 17%，消耗品年增，部分抵銷了儀器收入年減。

It was encouraging to see Revio utilization in the region hit an all-time high in the third quarter, primarily driven by momentum in population scale programs.

令人鼓舞的是，該地區的 Revio 使用率在第三季度創下歷史新高，這主要是由人口規模計劃的勢頭推動的。

Moving down the P&L.

損益表向下移動。

Third quarter 2024 non-GAAP gross profit of $13.0 million, represented a non-GAAP gross margin of 33% compared to a non-GAAP gross profit of $18.1 million or 32% in the third quarter of last year.

2024 年第三季非 GAAP 毛利為 1,300 萬美元，非 GAAP 毛利率為 33%，去年第三季非 GAAP 毛利為 1,810 萬美元，即 32%。

Sequential decline in non-GAAP gross margin from the second quarter of 2024 was primarily due to record Onso placements in the third quarter, which carry a lower gross margin with our promotional price offered in the third quarter.

非 GAAP 毛利率自 2024 年第二季以來連續下降，主要是由於第三季 Onso 配售量創紀錄，而我們在第三季提供的促銷價格導致毛利率較低。

Sequel IIe systems sold in the quarter at lower ASPs and lower Revio ASPs in the quarter.

Sequel IIe 系統在本季以較低的 ASP 和較低的 Revio ASP 銷售。

Non-GAAP operating expenses were $62.4 million in the third quarter of 2024, representing a 31% decrease from non-GAAP operating expenses of $90.9 million in the third quarter of 2023.

2024 年第三季非 GAAP 營運費用為 6,240 萬美元，比 2023 年第三季非 GAAP 營運費用 9,090 萬美元減少 31%。

Non-GAAP operating expenses also declined 12% sequentially compared to the second quarter of 2024 as we continue to realize cost savings related to our restructuring plan initiated earlier this year.

與 2024 年第二季相比，非 GAAP 營運費用也較上季下降了 12%，因為我們繼續實現與今年稍早啟動的重組計畫相關的成本節約。

And again, it represented our lowest non-GAAP operating expenses quarter since Q3 of 2021.

這再次代表了自 2021 年第三季以來我們非 GAAP 營運支出最低的季度。

Regarding headcount, we ended the quarter with 575 employees compared to 796 at the end of 2023 and 844 at the end of the third quarter of 2023.

就員工人數而言，本季末我們有 575 名員工，而 2023 年末為 796 名，2023 年第三季末為 844 名。

Operating expenses in the third quarter included noncash share-based compensation of $17.0 million compared to $18.6 million in the third quarter of last year.

第三季的營運支出包括 1,700 萬美元的非現金股份薪酬，而去年第三季的營運支出為 1,860 萬美元。

Non-GAAP net loss was $46.0 million, representing $0.17 per share in the third quarter of 2024 compared to a non-GAAP net loss of $67.9 million, representing $0.27 per share in the third quarter of 2023.

非 GAAP 淨虧損為 4,600 萬美元，相當於 2024 年第三季每股 0.17 美元，而非 GAAP 淨虧損為 6,790 萬美元，相當於 2023 年第三季每股 0.27 美元。

Turning to our balance sheet items.

轉向我們的資產負債表項目。

We ended the third quarter with $471 million in unrestricted cash and investments compared with $631.4 million on December 31, 2023.

截至第三季末，我們的非限制性現金和投資為 4.71 億美元，而 2023 年 12 月 31 日為 6.314 億美元。

Inventory balances decreased in the third quarter to $65.7 million, representing 1.6 inventory turns compared with $68.6 million at June 30, 2024, also representing 1.6 inventory turns.

第三季庫存餘額減少至 6,570 萬美元，相當於 1.6 倍庫存週轉率，而截至 2024 年 6 月 30 日的庫存餘額為 6,860 萬美元，也相當於 1.6 倍庫存週轉率。

Accounts receivable decreased in the third quarter to $29.4 million compared with $32.4 million at June 30, 2024.

第三季應收帳款減少至 2,940 萬美元，而截至 2024 年 6 月 30 日為 3,240 萬美元。

Before I discuss guidance, I wanted to share the details of our note exchange with SoftBank.

在討論指導之前，我想先分享我們與軟銀交換票據的細節。

As more fully disclosed in our 8-K that we filed today, we signed an agreement to exchange the $459 million aggregate principal amount of the PacBio 1.5% convertible senior notes due 2028 for $200 million principal amount of newly issued 1.5% convertible senior notes due August of 2029, approximately 20.5 million shares of common stock, which represents dilution of less than 7% and $50 million of cash.

正如我們今天提交的8-K 中更全面披露的那樣，我們簽署了一項協議，將2028 年到期的PacBio 1.5% 可轉換高級票據本金總額4.59 億美元兌換成新發行的1.5% 可轉換高級票據本金總額2 億美元至 2029 年 8 月，約有 2,050 萬股普通股，稀釋率低於 7%，現金為 5,000 萬美元。

We are pleased to announce this transaction, which once closed, is expected to reduce the total notes outstanding by $259 million as well as extend the duration by another 18 months, giving us tremendous operational flexibility going forward and is expected to close on or about November 21, 2024.

我們很高興地宣布這項交易，一旦完成，預計將減少未償還票據總額 2.59 億美元，並將期限再延長 18 個月，為我們未來的營運提供巨大的靈活性，預計將於 11 月左右完成2024 年21 日。

Now turning to guidance.

現在轉向指導。

As Christian mentioned earlier, we expect the fourth quarter revenue will be flat to slightly up compared to the third quarter of 2024, with full year revenue lower than our previous estimate of approximately $170 million.

正如 Christian 之前提到的，我們預計第四季營收將與 2024 年第三季持平或略有上升，全年營收低於我們先前估計的約 1.7 億美元。

Additionally, we expect Revio system placements and pull-through similar to Q2 and Q3 of this year.

此外，我們預計 Revio 系統的佈局和拉動與今年第二季和第三季類似。

We expect the full year non-GAAP gross margin to be between 34% and 35%.

我們預計全年非 GAAP 毛利率將在 34% 至 35% 之間。

We continue to improve our per unit cost of Revio instruments and consumables significantly.

我們持續大幅降低 Revio 儀器和耗材的單位成本。

We expect to end the year with Revio instrument standard COGS over 10% lower than when we launched the platform and consumable unit costs over 20% lower.

我們預計到今年年底，Revio 儀器標準 COGS 比我們推出該平台時降低 10% 以上，耗材單位成本降低 20% 以上。

These costs and operational improvements are expected to continue beyond 2024, driving quarterly gross margin expansions in '25 and beyond as some of our recent cost improvements are expected to be realized in 2025.

這些成本和營運改善預計將持續到 2024 年後，推動 25 年及以後的季度毛利率擴張，因為我們最近的一些成本改進預計將在 2025 年實現。

We now expect full year 2024 non-GAAP operating expenses to be $285 million to $290 million.

我們現在預計 2024 年全年非 GAAP 營運費用為 2.85 億至 2.9 億美元。

This assumes a modest step-up in the fourth quarter of 2024, primarily due to a onetime benefit in Q3 related to our bonus accrual that we do not expect to occur in Q4.

這假設 2024 年第四季略有增加，主要是由於第三季與我們的獎金應計相關的一次性收益，我們預計不會在第四季度發生。

We continue to expect full year non-GAAP operating expenses to decline in 2025 compared to 2024.

我們繼續預期 2025 年全年非 GAAP 營運費用將比 2024 年下降。

We expect full year interest and other income to be approximately $10 million.

我們預計全年利息和其他收入約為 1000 萬美元。

We expect our ending cash, cash equivalents and investments to be approximately $385 million, reflecting the expected $50 million cash payment and other fees related to the note exchange with SoftBank.

我們預計期末現金、現金等價物和投資約為 3.85 億美元，反映了預計 5,000 萬美元的現金支付以及與軟銀票據交換相關的其他費用。

Excluding this payment, our updated guidance is at the low end of our previous $435 million to $450 million range.

不包括這筆付款，我們的更新指引處於先前 4.35 億美元至 4.5 億美元範圍的低端。

We expect 276 million in weighted average shares outstanding for the full year 2024, reflecting additional shares to be issued related to the note exchange with SoftBank.

我們預計 2024 年全年加權平均流通股數為 2.76 億股，反映與軟銀票據交換相關的額外發行股票。

Finally, we remain committed to our plan of turning the business cash flow positive by the end of '26 under various revenue scenarios, which include revenue growth in '25 and beyond, with new products and growing consumables of an increasing Revio installed base, expanding gross margins with reduced manufacturing per unit cost and a continued mix shift to consumables and lower non-GAAP operating expenses in '25 compared to '24 with minimal growth expected thereafter.

最後，我們仍然致力於實現我們的計劃，即在各種收入情景下，到26 年底將業務現金流轉為正數，其中包括25 年及以後的收入增長，隨著Revio 安裝基礎的不斷增加，新產品和消耗品不斷增加，與 24 年相比，25 年單位製造成本降低、持續向消耗品組合轉變以及非 GAAP 營運費用降低，毛利率提高，預計此後增長極小。

We will provide more details behind our assumptions and our updated long-term guidance at a later date and more details about our 2025 guidance early next year.

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，並在明年初提供有關 2025 年指導的更多細節。

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

我會把它交還給克里斯蒂安，讓他做最後的評論。

Christian?

基督教？

Thanks, Susan.

謝謝，蘇珊。

In closing, I'd like to discuss our progress on the 4 strategic priorities we outlined earlier this year.

最後，我想討論一下我們在今年稍早概述的 4 個策略重點方面取得的進展。

The first was to improve our commercial execution to drive the adoption of both Revio and Onso.

第一個是改善我們的商業執行力，以推動 Revio 和 Onso 的採用。

As I discussed, I believe we're past the trough our business experienced in the first half, with several green shoots in our business that support our belief that revenue will grow in 2025.

正如我所討論的，我相信我們已經度過了上半年業務的低谷，我們的業務出現了一些新芽，這支持了我們對 2025 年收入將增長的信念。

Onso notched a record quarter.

Onso 創下了創紀錄的季度業績。

Approximately 45% of Revio placements this year are to new customers and clinical customers in large-scale research programs continue to adopt long-read sequencing at a pace we've never seen before.

今年約 45% 的 Revio 佈局面向新客戶，大規模研究計畫中的臨床客戶繼續以我們從未見過的速度採用長讀長定序。

Second was continuing the development of new platforms that are expected to broaden our portfolio and drive revenue growth.

其次是繼續開發新平台，預計將擴大我們的產品組合併推動收入成長。

As discussed with our launches of SPRQ and Vega and SMRT Link Cloud, we've strengthened the value proposition of Revio, opening up HiFi sequencing to more customers than ever and developed a cloud environment for any user to scale their PacBio projects.

正如我們在推出SPRQ 和Vega 以及SMRT Link Cloud 時所討論的那樣，我們強化了Revio 的價值主張，向比以往更多的客戶開放HiFi 測序，並為任何用戶開發了一個雲環境來擴展其PacBio 項目。

And this is just the beginning.

而這只是開始。

We continue to develop our high-throughput short-read platform and ultra-high throughput long-read platform with the goal of addressing customers with both long and short-read systems across a full [system] -- a full spectrum of throughput.

我們持續開發高通量短讀平台和超高通量長讀平台，目標是為客戶提供跨完整[系統]（全系列吞吐量）的長讀和短讀系統。

Third, we are focused on improving gross margin and driving manufacturing efficiencies.

第三，我們專注於提高毛利率和提高製造效率。

As we discussed, we've lowered our per unit COGS on Revio systems and consumables with a road map for further reduction in 2025.

正如我們所討論的，我們降低了 Revio 系統和耗材的單位銷售成本，並製定了 2025 年進一步降低的路線圖。

Additionally, we developed Vega with gross margin in mind and expect it to be accretive to the company's gross margin as we scale the platform next year.

此外，我們在開發 Vega 時考慮到了毛利率，並預計隨著我們明年擴展該平台，它將增加公司的毛利率。

And finally, reduce non-GAAP operating expenses.

最後，減少非公認會計準則營運費用。

As Susan mentioned, we've lowered our full year non-GAAP operating expense guidance by an additional $10 million [to] $10 million to $15 million.

正如 Susan 所提到的，我們已將全年非 GAAP 營運費用指導額外下調了 1000 萬美元至 1000 萬至 1500 萬美元。

Our operating cash burn continues to decline each quarter this year.

今年每季我們的營運現金消耗持續下降。

And we expect a further decline in non-GAAP operating expenses in 2025.

我們預計 2025 年非 GAAP 營運費用將進一步下降。

Building a cash flow positive business remains the front and center in our minds and we're committed to our plan of turning cash flow positive by the end of 2026.

建立正現金流業務仍然是我們的首要任務和中心，我們致力於實現 2026 年底實現正現金流的計畫。

Further, we signed an agreement with SoftBank to meaningfully reduce and extend the duration of our long-term debt, while balancing shareholder dilution and impact on our cash.

此外，我們與軟銀簽署了一項協議，以有意義地減少和延長我們的長期債務期限，同時平衡股東稀釋和對我們現金的影響。

This exchange underscores our commitment to our shareholders and customers to optimize our capital structure and build a long-term sustainable business around our industry-leading technologies.

此次交換強調了我們對股東和客戶的承諾，即優化我們的資本結構，並圍繞我們行業領先的技術建立長期可持續的業務。

With the earliest debt maturities now due in August of 2029, this strengthens our financial position and gives us even greater flexibility.

目前最早的債務到期日為 2029 年 8 月，這增強了我們的財務狀況，並為我們提供了更大的靈活性。

So with that, I'd like to open it up for questions.

因此，我想公開提問。

Operator, why don't we start the Q&A section?

接線員，我們為什麼不開始問答部分呢？

(Operator Instructions) Tejas Savant, Morgan Stanley.

（操作員指令）Tejas Savant，摩根士丹利。

Maybe, Christian, I'll start with one on the SPRQ side of things.

克里斯蒂安，也許我會從 SPRQ 方面開始。

It's unlocking that $500 per genome price point for you.

它為您解鎖了每個基因組 500 美元的價格點。

That's pretty darn close to the $200 per genome that the short-read side of things offers.

這與短讀端提供的每個基因組 200 美元的價格非常接近。

What has been the feedback from customers on the cost trade-off versus the additional resolution that long-read offers?

客戶對於成本權衡與長讀提供的額外解析度有何回饋？

Of course, there's a difference.

當然，還是有差別的。

I think it's about an eightfold difference on throughput as well.

我認為吞吐量也有大約八倍的差異。

So just curious as to what the feedback has been from the field since launch?

只是想知道自推出以來現場的回饋如何？

And on that point you made earlier on the lowering of the DNA input requirement, can you just help us dimension how much of an opportunity that unlocks for you?

關於您先前提出的降低 DNA 輸入要求的觀點，您能否幫助我們衡量為您帶來多少機會？

Yes, Tejas, thank you for the question.

是的，Tejas，謝謝你的提問。

I think the feedback on SPRQ has been remarkable, quite frankly.

坦白說，我認為 SPRQ 的回饋非常出色。

And I think the $500 list price is really a big deal and enables -- it catalyses more projects to get started, quite frankly.

我認為 500 美元的標價確實是一件大事，坦白說，它能夠促進更多項目的啟動。

What -- you think about this.

什麼——你想想這個。

You only have to run 2 genomes to get $500 a genome.

您只需運行 2 個基因組即可獲得每個基因組 500 美元的價格。

There's -- I can't think of any other technologies that have that kind of pricing.

我想不出有任何其他技術具有這樣的定價。

And when you start to think about, if you're running large-scale programs, you're likely going to get a discount off the $500.

當您開始考慮時，如果您正在運行大型程序，您可能會獲得 500 美元的折扣。

And so in reality, you're going to be paying a lot less than the $500 for a large-scale project.

因此，實際上，您為大型專案支付的費用將遠低於 500 美元。

And you're going to get all of the benefits of single molecule native long-read sequencing.

您將獲得單分子天然長讀長定序的所有優勢。

And I think that the customers really have reacted positively and are starting to plan.

我認為客戶確實做出了積極的反應並開始計劃。

I've had several meetings here at ASHG talking about larger projects that are enabled by the $500 price.

我在 ASHG 召開過幾次會議，討論透過 500 美元的價格實現的大型專案。

But perhaps just as important is the lowering DNA input.

但也許同樣重要的是 DNA 輸入的降低。

At 500 nanograms now, we can -- 500 nanograms, there hasn't been a single customer that I've spoken to that says, wow, this doesn't unlock a tremendous amount of new demand.

現在，在 500 納克的水平上，我們可以——500 納克，在我交談過的客戶中，沒有一個客戶說，哇，這並不能釋放大量的新需求。

And I really do think it could be on the order of potentially millions of samples over time.

我確實認為隨著時間的推移，它可能會產生數百萬個樣本。

When you think about what we've heard from our customers historically is that a significant proportion of their samples that they're trying to get on to a Revio aren't -- there isn't enough DNA coming through the sample process in order -- a high molecular weight DNA being extracted to get through the sample prep process and get on to the sequencer.

想想我們過去從客戶那裡聽到的情況，他們試圖進入 Revio 的樣本中有很大一部分不是這樣的——樣本過程中沒有足夠的 DNA 按順序進行。 -- 提取高分子量DNA，以完成樣品製備過程並進入測序儀。

With 500 nanograms, that completely changes everything.

500 納克就徹底改變了一切。

So the combination of the pricing and associated with the increased throughput and the price as well as the lowering of the DNA input amount really does open a lot of doors that perhaps we couldn't reach before.

因此，定價與增加的吞吐量和價格以及 DNA 輸入量的降低相結合確實打開了許多我們以前可能無法到達的大門。

Got it.

知道了。

That's helpful.

這很有幫助。

And then, switching to the Vega launch here.

然後，切換到此處的 Vega 發布。

Just a couple of quick clean-ups actually.

實際上只需進行幾次快速清理即可。

In terms of just the max theoretical pull-through, Christian, we're sort of thinking of it as $1,100 per run into 52 weeks, gets you to about -- approaching about $300,000.

就最大理論拉力而言，克里斯蒂安，我們認為 52 週內每次運行 1,100 美元，可以讓你接近 30 萬美元。

Is that the right sort of ballpark math?

這是正確的大致數學嗎？

And second, the deeper question here is that Revio is already at most large service providers out there.

其次，這裡更深層的問題是 Revio 已經是大多數大型服務提供者了。

The smaller labs generally outsource to these providers today for their long-read needs.

如今，較小的實驗室通常會外包給這些提供者來滿足其長期閱讀的需求。

So paint us a picture for the appetite among this decentralized setting to access long-read in-house for presumably a higher price point versus sending the samples to the larger labs?

那麼，請為我們描繪一幅這樣的畫面：在這種分散的環境中，與將樣本發送到更大的實驗室相比，以可能更高的價格訪問內部長時間閱讀的需求？

Yes.

是的。

It's a real interesting dynamic, right, with respect to what does Vega do for some of those service providers.

關於 Vega 為其中一些服務提供者所做的事情，這是一個非常有趣的動態，對吧。

And I think what it will do is, first of all, it will likely open up more demand to the service providers over time because more and more people will get their hands on HiFi because Vega exists, which will open up more projects over time, and you'll see that.

我認為它的作用是，首先，隨著時間的推移，它可能會為服務提供者帶來更多的需求，因為越來越多的人會接觸到HiFi，因為Vega 的存在，隨著時間的推移，這將帶來更多的項目，你會看到的。

But there will be initially probably some tension between the service providers and new Vega users because historically, the service providers, they haven't really reduced their prices as fast as we've been able to reduce our prices.

但服務提供者和新 Vega 用戶之間最初可能會出現一些緊張關係，因為從歷史上看，服務提供者降價的速度並沒有像我們降價的速度那麼快。

And I think that Vega will put some pressure on them to reduce prices, which will enable more samples to hit the service provider.

我認為 Vega 會給他們一些降低價格的壓力，這將使更多的樣品能夠到達服務提供者。

And as Vega gets -- makes sequencing more ubiquitous, that will also help.

隨著 Vega 的發展，定序變得更加普遍，這也會有所幫助。

So in the long run, I think it will help pretty significantly.

因此，從長遠來看，我認為這將有很大幫助。

Your question on Vega pull-through, Vega pull-through is probably, theoretical max is more around $250,000, give or take, when you think about it.

你關於 Vega pull-through 的問題，Vega pull-through 可能是，理論最大值大約是 250,000 美元左右，當你考慮一下時，給予或接受。

I don't think -- I would -- I don't think that people should be thinking about $250,000 pull-through, of course.

當然，我不認為——我會——我認為人們不應該考慮 25 萬美元的轉折。

We are not going to make any comments today with respect to pull-through.

我們今天不會就拉動做出任何評論。

We want to see what the demand for the system will be first, and then see which customers and what projects kind of go on to it.

我們希望先了解對該系統的需求是什麼，然後再了解哪些客戶和哪些項目會使用該系統。

But certainly, it will be pulled through at high margin, which will be accretive to our total gross margin.

但可以肯定的是，它將以高利潤率實現，這將增加我們的總毛利率。

Kyle Mikson, Canaccord.

凱爾米克森，Canaccord。

Congrats on the Vega launch.

恭喜 Vega 發射。

Congrats to Susan.

恭喜蘇珊。

Good luck to you, really good working with you the past 4 years or so. [Bummer] to see you go, but I'm sure great things lie ahead.

祝你好運，在過去四年左右的時間裡與你合作非常愉快。 [真遺憾]看到你離開，但我相信美好的事情就在前面。

So 2 questions I want to ask upfront; one about the overlap between Vega and Revio; the other about the debt, which was good to see.

所以我想提前問兩個問題；一是關於 Vega 和 Revio 之間的重疊；另一個是關於債務，這是很高興看到的。

On the overlap, any early examples or conversations that have kind of refined your thoughts on potential cannibalization between the 2 platforms?

關於重疊部分，有沒有任何早期的例子或對話可以讓您對這兩個平台之間潛在的相互蠶食的想法有所改進？

And how long that could take to lapse and how the funnel will evolve?

這可能需要多長時間才能失效以及漏斗將如何演變？

And will you bundle, will orders convert to Vega, things like that?

你會被捆綁，訂單會轉換成 Vega 之類的嗎？

And on the debt, the stock is down over 10% after hour.

由於債務問題，該股盤後下跌超過 10%。

It seems like investors aren't really appreciating that refi and the maturity extension there.

投資者似乎並不真正欣賞再融資和期限延長。

Could you, Christian, just speak to like why now is the right time for you and SoftBank to do this?

克里斯蒂安，你能談談為什麼現在是你和軟銀這樣做的合適時機嗎？

And why that provides you with some cushion and flexibility and just to kind of operate with that freedom given the healthier balance sheet?

為什麼這為您提供了一些緩衝和靈活性，並且在資產負債表更健康的情況下可以自由地進行操作？

Yes.

是的。

Thanks, Kyle. 2 very different questions, but I can -- I think I can handle both of them.

謝謝，凱爾。兩個截然不同的問題，但我可以——我想我可以處理這兩個問題。

First of all, with respect to the overlap and potential cannibalization, what's been really interesting in the conversations that I've had with customers that have seen Vega now and that are existing Revio users or potential Revio users, people that run -- want to run any scale, quite frankly, don't see any -- really any overlap at all.

首先，關於重疊和潛在的蠶食，我與現在已經看到 Vega 的客戶進行的對話中真正有趣的是，他們是現有的 Revio 用戶或潛在的 Revio 用戶，那些運行的人 - 想要坦率地說，運行任何規模，都看不到任何重疊——實際上根本沒有任何重疊。

They do see bundling opportunities, because they see Vega as a potential walk-up in the lab kind of for top-ups and other kind of.

他們確實看到了捆綁銷售的機會，因為他們認為 Vega 是實驗室中潛在的補充品和其他類型的產品。

It's so easy to use that it can just be put in the lab and then people just walk up and use it.

它非常易於使用，只需將其放在實驗室中，然後人們就可以走上前使用它。

But when you think about it, it's 60 gigabases, which is basically less than -- that's basically 1/8 the output of a Revio run.

但仔細想想，它是 60 GB，基本上小於 Revio 運行輸出的 1/8。

So there's a very large difference in the run, the -- in terms of the throughput.

因此，就吞吐量而言，運行存在很大差異。

The economics for Revio, although the capital is a lot more expensive, the consumables are under $500 a genome now.

Revio 的經濟效益雖然資金貴得多，但現在每個基因組的消耗品不到 500 美元。

Of course, launching SPRQ and Vega, it's not a coincidence that we're launching them at the same time, because we're demonstrating that we're adding value to Revio.

當然，推出 SPRQ 和 Vega，我們同時推出它們並不是巧合，因為我們正在證明我們正在為 Revio 增加價值。

And that we'll continue to do that as part of our strategy to build a portfolio of sequencers of benchtop mid to high throughput and then ultra-high throughput.

我們將繼續這樣做，作為我們建立桌上型中高通量和超高通量定序儀產品組合策略的一部分。

And there's enough separation there, both in economics and in throughput that I don't expect to see a lot of cannibalization for people that have scaled projects.

無論是在經濟上還是在吞吐量上，那裡都有足夠的分離，我不希望看到已經擴大項目規模的人被大量蠶食。

But what I do see is that customers that are looking to get into HiFi have an easier avenue to get in and over time scale up their sequencing into Revio from Vega.

但我確實看到的是，想要進入 HiFi 領域的客戶有更容易的進入途徑，並且隨著時間的推移，他們可以將音序從 Vega 擴展到 Revio。

And I think this is a really important story that we've seen play out in the sequencing market time and time again, where customers kind of move up the value chain, so to speak, with respect to sequencers as their experience with the sequencing technology increases.

我認為這是一個非常重要的故事，我們在定序市場上一次又一次地看到，客戶在價值鏈上向上移動，可以說，就定序儀而言，他們對定序技術的體驗增加。

And so, that's part of the -- important part of the strategy here.

所以，這是戰略的重要組成部分。

And the good news on Vega, we've already -- we had someone in the booth come up and actually put down a credit card and we accepted the credit card.

關於 Vega 的好消息是，我們已經 - 我們已經有人在攤位上實際放下了一張信用卡，然後我們接受了信用卡。

So we already have -- there -- that's the kind of excitement we're seeing.

所以我們已經看到了——這就是我們所看到的那種興奮。

We already have POs.

我們已經有 PO了。

So it's been a fun 24 hours here post-launch.

所以發布後的 24 小時非常有趣。

We had over 200 people, 200 different potential customers demoing Vega last night at our launch event.

昨晚，我們的發布會上有 200 多人、200 名不同的潛在客戶演示了 Vega。

So I do think there's a lot of excitement around the product and I'm excited to see how that unfolds into demand over time.

所以我確實認為這個產品有很多令人興奮的地方，我很高興看到隨著時間的推移它會如何轉化為需求。

With respect -- Moving to the debt, we've always had a strategy to manage this debt burden over time.

恕我直言——說到債務，我們一直有一個策略來隨著時間的推移管理這項債務負擔。

And that was evidenced as what we did last year with the note exchange for the first half of the debt and pushing that out to 2030.

我們去年透過票據交換上半年債務並將其推遲到 2030 年就證明了這一點。

And we had a real opportunity this time to work with SoftBank to set up an arrangement to basically reduce our debt burden by $259 million for $50 million of cash and $50 million of stock.

這次我們有一個真正的機會與軟銀合作，達成一項安排，透過 5000 萬美元現金和 5000 萬美元股票，基本上減少 2.59 億美元的債務負擔。

We have basically the same terms as what we had before.

我們的條款與先前的條款基本相同。

So we have 1.5% coupon.

所以我們有 1.5% 的優惠券。

And so we have positive carry on that amount right now.

所以我們現在有這個數額的正結轉。

And we have the duration pushed out to August, 2029.

我們將持續時間推遲到 2029 年 8 月。

And for those of you that are concerned about dilution, one of the features of the notes is that they have full flexible settlement.

對於那些擔心稀釋的人來說，票據的特點之一是它們具有完全靈活的結算方式。

And so, that means that we can settle the notes either in equity or cash.

因此，這意味著我們可以以股本或現金結算票據。

And as we get closer and closer to being cash flow positive and as we turn cash flow positive, the ability to settle some or all of the notes in cash becomes a real possibility.

隨著我們越來越接近正現金流，並且當我們將現金流轉為正時，以現金結算部分或全部票據的能力就成為真正的可能性。

And so, that will -- we'll see how that goes over time.

因此，我們將看看隨著時間的推移情況會如何發展。

With respect to the exact timing of doing it today versus doing it next year or sometime out in the future, we feel that our business right now is at a point where we do think we're going to return to growth.

就今天進行這項工作與明年或將來某個時候進行這項工作的確切時間而言，我們認為我們的業務現在正處於我們確實認為將恢復增長的階段。

But as we've all seen, the market has been uncertain -- The stock market has been uncertain.

但正如我們都看到的，市場一直是不確定的——股市一直是不確定的。

The market for capital equipment has been uncertain.

資本設備市場一直存在不確定性。

And when we weighed this opportunity to take such a meaningful portion of the debt down, we thought -- we felt that this was a trade that really strengthened the company, gave us a lot more flexibility.

當我們權衡這個機會來減少如此大一部分債務時，我們認為——我們認為這是一項真正增強了公司實力的交易，給了我們更多的靈活性。

And quite frankly, so many of our investors have been -- this has been one of the top questions that they've been asking us.

坦白說，我們的許多投資者一直在問我們最重要的問題之一。

And so we were listening to some investor feedback as well.

因此，我們也聽取了一些投資人的回饋。

I'll just add.

我就補充一下。

So another reason also, Kyle, for why now is it is $259 million of a reduction in our debt, which is almost 30% of the total debt we had outstanding.

凱爾，還有另一個原因，為什麼現在我們的債務減少了 2.59 億美元，幾乎占我們未償債務總額的 30%。

And we paid the $50 million of cash at closing and then 7% dilution.

我們在交易結束時支付了 5000 萬美元現金，然後稀釋了 7%。

We believe that we would not have been able to reduce the debt by as much if we waited to later.

我們相信，如果我們再等等的話，我們將無法減少那麼多債務。

And to pay the same amount in terms of cash and equity, we wouldn't have been able to reduce by -- the debt by as much if we waited in the future.

如果我們在未來等待，以現金和股本支付相同金額的債務，我們就無法減少那麼多的債務。

Also, keep in mind, because of the lower principal, if you look out over the next 3 years, the interest payments that we are making now, it is -- it's about $12 million less than we would have been making if we just kept the debt outstanding.

另外，請記住，由於本金較低，如果您關注未來 3 年，我們現在支付的利息將比我們繼續支付的利息少 1200 萬美元。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Maybe just a few clarifications here on Vega.

也許只是對 Vega 進行一些澄清。

You've talked about scaling manufacturing next year.

您談到了明年擴大生產規模。

So is the right way to think about the adoption ramp more similar to Onso?

那麼，考慮採用率上升的正確方法是否與 Onso 更相似？

Is there any dynamic of pent-up demand we should be taking into consideration?

我們是否應該考慮任何被壓抑的需求動態？

Well, I hope we will have that conversation as we get to quarter end.

好吧，我希望我們能在季度末時進行這樣的對話。

We just announced the system last night.

我們昨晚剛剛宣布了該系統。

We have received some purchase orders.

我們收到了一些採購訂單。

So we'll see what the demand curve will look like with actual orders as we go into year-end.

因此，當我們進入年底時，我們將看到實際訂單的需求曲線會是什麼樣子。

But I would actually think about the manufacturing ramp closer to what happened in Revio, where we were able to scale manufacturing over time.

但我實際上會認為製造規模更接近 Revio 所發生的情況，在那裡我們能夠隨著時間的推移擴大製造規模。

The product itself is in its very late stages of development and basically verification now.

該產品本身正處於開發的最後階段，現在基本上處於驗證階段。

And so, we should be able to start shipping it in early in Q1 as opposed to the end of Q1, but that depends on how well the verification goes.

因此，我們應該能夠在第一季初開始發貨，而不是第一季末，但這取決於驗證的進展。

And we will -- and then we will ramp manufacturing accordingly.

我們將會—然後我們將相應地提高生產規模。

And so, part of us highlighting that to investors is to say that we believe that we will have a sequential growth in units of Vega over the course of next year as we see what the demand curve looks like and we scale our manufacturing, if that helps.

因此，我們向投資者強調這一點的一部分是，我們相信，隨著我們看到需求曲線的外觀並擴大我們的製造規模，我們相信明年 Vega 的數量將會連續增長，如果這樣的話有幫助。

Got it.

知道了。

That's helpful.

這很有幫助。

And then on the comment around building it to be accretive to gross margin.

然後是關於將其建設為增加毛利率的評論。

Could you just clarify whether that's from launch or once you scale?

您能否澄清一下這是從發佈時開始還是在規模擴大後？

That's -- It's really over the course of next year.

那是——這真的是明年的事了。

The first units we ship in Q1 and perhaps some in Q2 will be a bit lower gross margin, because they are -- they will be the units that were manufactured at the very end of the development process and become [saleable] units.

我們在第一季發貨的第一批設備，也許在第二季度發貨的一些設備，毛利率會稍低一些，因為它們將是在開發過程最後階段製造的設備，並成為[可銷售]裝置.

And when you're in the late stages of development, those units actually cost a lot more to produce.

當你處於開發的後期階段時，這些單元的生產成本實際上要高得多。

The full routine production -- those earlier units are actually made on a different manufacturing line and therefore, they're more expensive.

完整的常規生產——那些早期的設備實際上是在不同的生產線上生產的，因此它們更昂貴。

When you move -- when you transfer that to the regular production line, that's when you see the benefits of cost reduction and then the margins will go up.

當你移動時－當你將其轉移到常規生產線時，你會看到成本降低的好處，然後利潤就會上升。

And so, when you look out over the course of next year, we do expect them to be accretive to gross margin for the whole year.

因此，當你展望明年時，我們確實預計它們將增加全年的毛利率。

But it will be -- it might be dilutive in the first quarter or so and then improve from there.

但它會——它可能會在第一季左右被稀釋，然後從那裡開始改善。

That's exactly right.

完全正確。

And then on the consumables side, we should -- it should be accretive from a consumables perspective.

然後在消耗品方面，我們應該——從消耗品的角度來看，它應該是增值的。

On day one.

第一天。

On day one, exactly.

確切地說，是在第一天。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Congrats on all the good momentum here.

祝賀這裡所有的良好勢頭。

Maybe just first one, just on the kind of fourth quarter outlook and kind of what it portends.

也許只是第一個，只是關於第四季度的前景及其預示的情況。

I think you said what, pull-through the same.

我想你說了什麼，拉過去一樣。

I know, Christian, in the prepared remarks you talked about a lot of good momentum in terms of kind of what you're seeing in the market.

我知道，克里斯蒂安，在準備好的發言中，您談到了市場上看到的許多良好勢頭。

So could you just give us a sense on kind of consumables being flat sequentially?

那麼您能否讓我們了解消耗品的類型是否連續持平？

Is that conservative kind of from what you're seeing?

從你所看到的來看，這是保守的嗎？

Or just maybe put that in the context of kind of your commentary about the demand environment?

或者只是將其放在您對需求環境的評論中？

And then using that as a jumping off point, I know you talked about we'll grow in 2025.

然後以此為起點，我知道您談到我們將在 2025 年實現成長。

The Street right now, I think, is about 25% top line growth.

我認為，華爾街目前的營收成長率約為 25%。

I know it's early, but maybe you can just characterize a little bit about what grow means?

我知道現在還為時過早，但也許你可以簡單描述一下成長的含義？

Yes.

是的。

Well, we'll start with Q4 consumables.

好吧，我們將從第四季的消耗品開始。

We do think Q4 consumables will be sequentially up over Q3.

我們確實認為第四季的消耗品將比第三季連續成長。

So we are seeing utilization levels, particularly in Europe.

因此，我們看到了利用率水平，特別是在歐洲。

Europe has a lot of -- the Estonia project and MBRU.

歐洲有很多——愛沙尼亞計畫和 MBRU。

There's a lot of large-scale programs where -- even

有很多大型專案——甚至

[Sanger].

[桑格]。

These customers are using their instruments at a pretty good

這些客戶正在以非常好的方式使用他們的儀器

[cliff].

[懸崖]。

So I would expect to see pretty good utilization in Europe in Q4.

因此，我預計第四季度歐洲的利用率會相當高。

But I think in totality, you're going to see consumables grow sequentially over Q3 levels.

但我認為總體而言，您將看到消耗品在第三季的水平上連續增長。

When we start to talk about Q4, I promised Todd, I wouldn't talk about Q4 guidance yet -- '25 guidance.

當我們開始談論第四季度時，我向托德保證，我不會談論第四季度的指導——'25 的指導。

Yes, sorry.

是的，抱歉。

That's what I meant.

這就是我的意思。

But I do think we -- I do think there, all the signs point to growth.

但我確實認為我們——我確實認為所有跡像都表明增長。

We have a new product cycle with SPRQ -- with both SPRQ and with Vega.

我們使用 SPRQ 建立了一個新的產品週期－同時使用 SPRQ 和 Vega。

We have increasing installed base driving consumables.

我們的驅動消耗品安裝基數不斷增加。

Even if the consumables stay at the same pull-through per unit, that will result in growth year-over-year.

即使每單位消耗品保持相同的拉力，這也會導致同比增長。

And then I do think, although it's difficult to see in the first half how the macroenvironment really looks, I'm an optimist and I believe that the macroenvironment will improve somewhat over the course of 2025.

然後我確實認為，雖然上半年很難看到宏觀環境的實際情況，但我是一個樂觀主義者，我相信宏觀環境在 2025 年會有所改善。

And so, when you put all those factors together, I do think even if the macroenvironment kind of stays the same, we're poised for growth.

因此，當你把所有這些因素放在一起時，我確實認為即使宏觀環境保持不變，我們也準備好成長。

And if we see any improvement in the macro, that gives us the ability to grow beyond that.

如果我們看到宏觀方面有任何改善，這將使我們有能力超越這一點。

Today, I'm not going to talk about what does it mean in terms of percentages or where the Street is now.

今天，我不打算談論百分比意味著什麼或華爾街現在的位置。

We will -- what I want to see is how we do in Q4, what the interest is in Vega.

我們將 - 我想看到的是我們在第四季度的表現，Vega 的興趣是什麼。

And so that way, when we unfold our guidance formally in 2025, we can have a lot of confidence around it.

這樣，當我們在 2025 年正式公佈我們的指導意見時，我們就可以對此充滿信心。

Got it.

知道了。

Okay.

好的。

And then maybe just on the path to cash flow breakeven, both on margins and OpEx.

然後也許就在利潤率和營運支出方面都走上了現金流盈虧平衡的道路。

I know you talked about a lot already in terms of the benefits of these new platforms on gross margins.

我知道您已經談論了很多關於這些新平台對毛利率的好處。

But maybe you can just spell out a little bit just -- you're not going to quantify it.

但也許你可以簡單地說明一下——你不會量化它。

But just maybe characterize gross margins in terms of the new programs, in terms of the other COGS initiatives you have ongoing?

但也許只是根據新計劃、您正在進行的其他銷貨成本計劃來描述毛利率？

And then on the OpEx [cut] program you have in place which is making good progress, just kind of, how are you managing that in terms of taking those costs out while still being able to invest for growth?

然後，在您實施的營運支出[削減]計劃上，該計劃正在取得良好進展，只是，您如何在消除這些成本的同時仍然能夠投資增長方面進行管理？

Yes, it's a great question, Dan.

是的，這是一個很好的問題，丹。

And I think with respect to gross margins, I'll start with Revio.

我認為就毛利率而言，我將從 Revio 開始。

And I'll actually talk a little bit about Revio consumables because we see a lot of innovation that's happening inside the company.

實際上，我會稍微談談 Revio 消耗品，因為我們看到公司內部正在發生很多創新。

That will continue to drive the production costs or the value of the kits in terms of cost of producing consumable kits down.

這將繼續降低生產成本或套件的價值（以生產消耗品套件的成本）。

And that will -- a combination of increasing throughput of Revio plus driving the production cost down, we'll end up probably passing some of those benefits on to the customer, but starting to keep some of them to expand our gross margin.

Revio 吞吐量的增加加上生產成本的降低，我們最終可能會將其中一些好處轉嫁給客戶，但開始保留其中一些好處以擴大我們的毛利率。

And so, that will give us some real opportunity in '25 to see consumable gross margin expansion.

因此，這將為我們帶來一些真正的機會，讓我們在 25 年看到消費品毛利率的擴張。

We also -- as we continue now the -- and SMRT cell production grows, we'll get more economies of scale with respect to SMRT cell production.

我們也—隨著我們現在的持續—SMRT電池產量的成長，我們將在SMRT電池生產方面獲得更多的規模經濟。

And therefore, that will help the consumables as well.

因此，這也將有助於消耗品。

And so, that's just an area in particular, where we expect to see gross margins improve in '25 and likely again in '26.

因此，這只是一個特別的領域，我們預計毛利率將在 25 年有所改善，並可能在 26 年再次出現。

And I think that, that's a real strong opportunity.

我認為，這是一個真正強大的機會。

With respect to OpEx, I think we -- the team has done an amazing job of making the hard decisions and staying focused so that we could reduce -- do the hard work of reducing the cost this year.

就營運支出而言，我認為我們團隊在做出艱難決策和保持專注方面做得非常出色，以便我們能夠減少今年降低成本的艱苦工作。

And we'll get the full year benefit of it next year, of course.

當然，明年我們將獲得全年收益。

But also I see there's more opportunity for us to even stay more focused, focusing on the most important R&D activities that will drive short-term growth and drive margin expansion and then getting -- continuing to build a more effective commercial organization.

但我也看到，我們有更多機會保持更專注，專注於最重要的研發活動，這些活動將推動短期成長並推動利潤率擴張，然後繼續建立一個更有效的商業組織。

I do think that there's opportunities there to get more leverage out of the commercial organization.

我確實認為有機會從商業組織中獲得更多的影響力。

So although you may not cut expenses there, if you can generate more revenue per dollar of commercial spend, that's -- quite frankly, that's the best of all worlds.

因此，儘管你可能不會削減那裡的開支，但如果你能夠以每美元的商業支出產生更多的收入，坦白說，那就是世界上最好的事情。

And so, I do think that there are opportunities there.

所以，我確實認為那裡有機會。

And when we start to roll out 2025, I think we'll be able to talk about some of those different kinds of things.

當我們開始推出 2025 年時，我認為我們將能夠討論其中一些不同類型的事情。

Jack Meehan, Nephron Research.

傑克·米漢，腎單位研究。

Christian, I was wondering if you could talk about another announcement you had last night, which was the Revio list price, I guess, now $599,000.

Christian，我想知道您是否可以談談您昨晚發布的另一項公告，我猜這是 Revio 標價，現在為 599,000 美元。

What was, I guess, the thought process that went behind bringing that down?

我想，導致這種情況發生的背後的思考過程是什麼？

And I don't know if there's any interplay with the Vega launch there, but I'd just love to get color on that?

我不知道與 Vega 的發布是否有任何相互作用，但我只是想了解一下？

Yes.

是的。

It's a good question.

這是一個好問題。

And it is -- I'm glad you highlight $599,000 because this is a milestone for us to be able to offer the system at $599,000.

我很高興您強調 599,000 美元，因為這是我們能夠以 599,000 美元提供該系統的里程碑。

We've taken -- we're sharing some of the productivity improvements that we've made with our customers there.

我們正在與那裡的客戶分享我們所取得的一些生產力改進。

But if you look at our actual ASPs, this isn't very different than our actual ASPs.

但如果您看看我們實際的 ASP，您會發現這與我們實際的 ASP 沒有太大不同。

And our expectation is that we'll have a little bit more ASP discipline around the $599,000.

我們的預期是，我們將在 599,000 美元左右有更多的 ASP 紀律。

So we don't really expect dramatic changes in dollars realized for Revio going into next year.

因此，我們並不真正期望 Revio 明年的營收會發生巨大變化。

But it was apparent to us that customers wouldn't even inquire about going to long reads because they heard the instrument was $779,000, which, as you guys know, the ASPs are -- have been lower, much lower than that.

但我們很明顯，客戶甚至不會詢問是否要進行長讀，因為他們聽說該工具的價格為 779,000 美元，正如你們所知，平均售價 - 一直低於這個數字，遠低於這個數字。

And so what we wanted to do is establish a new list price because the reality is we've taken so much cost out of the system that we can afford to do that and drive further demand.

因此，我們想要做的是製定一個新的標價，因為現實是我們已經從系統中節省了很多成本，我們有能力這樣做並推動進一步的需求。

So that's the real driver behind the change.

這就是變革背後的真正驅動力。

We do expect ASPs to remain reasonably consistent with where they are kind of right now over the course of 2025.

我們確實預期 ASP 在 2025 年期間將與目前的情況保持合理一致。

So from a financial perspective, I don't think it's really going to hurt us from an ASP perspective.

因此，從財務角度來看，我認為從 ASP 角度來看，這不會真正傷害我們。

But it's a huge opportunity to drive more demand and drive the message that PacBio HiFi sequencing is the most advanced sequencing technology.

但這是一個巨大的機會，可以推動更多需求，並傳達 PacBio HiFi 定序是最先進定序技術的訊息。

And now it's very affordable with all the advancements we've made.

現在，隨著我們取得的所有進步，它的價格非常實惠。

And you give a mouse a cookie, you got to ask for milk when it comes to new products.

當你給老鼠一塊餅乾時，當談到新產品時你必須要牛奶。

I was wondering if there was any color you could share around just timing for high throughput short-read?

我想知道您是否可以分享有關高通量短讀時間的任何顏色？

Give an inch, they'll take a mile.

退一步，他們就會退一英里。

I think that -- I think today, the program continues to go well inside of our R&D program.

我認為，我認為今天，該計劃在我們的研發計劃中繼續進展順利。

It's in its scale-up phase right now and it keeps moving on.

目前正處於擴大規模階段，並且仍在持續發展中。

We are routinely sequencing with billions of reads at high quality.

我們定期對數十億條讀數進行高品質測序。

There are some technical hurdles that we still have to overcome to get that product to market.

為了將該產品推向市場，我們仍然需要克服一些技術障礙。

Today, I'm not going to game out a launch date.

今天，我不打算確定發布日期。

I think today, we're really focused on driving the SPRQ chemistry and the Vega launch and making that successful.

我認為今天，我們真正專注於推動 SPRQ 化學反應和 Vega 的發射，並使其成功。

But we still have the resources we need to develop a very high-quality, high-throughput system.

但我們仍然擁有開發高品質、高通量系統所需的資源。

And as that project matures a little bit more, I will share more with everyone.

隨著該專案更加成熟，我將與大家分享更多。

Ross Osborn, Cantor Fitzgerald.

羅斯·奧斯本，康托·菲茨杰拉德。

This is Matthew Park on for Ross today.

我是馬修·帕克，今天為羅斯發言。

Just one question from us.

我們只有一個問題。

It was good to see sequential improvement in China.

很高興看到中國的連續改善。

I was wondering if you guys can speak on the general appetite for Revio in China as we move into 2025 and how you foresee the launch of Vega driving incremental adoption in the region?

我想知道，隨著我們進入 2025 年，你們能否談談中國對 Revio 的整體需求，以及您如何預見 Vega 的推出將推動該地區的逐步採用？

Yes, it's a great question and thanks, Matthew, for the question.

是的，這是一個很好的問題，謝謝馬修提出這個問題。

I do think we are seeing expansion of sample demand in China, which will drive Revio demand, particularly with the big service providers that are really the core of our customer base there.

我確實認為我們看到中國樣品需求的擴大，這將推動 Revio 需求，特別是對於那些真正是我們客戶群核心的大型服務提供者。

What will be interesting to see is we've already heard a tremendous amount of excitement around Vega.

有趣的是，我們已經聽到了大量關於織女星的令人興奮的消息。

In fact, we had one of our early access partners in our lab, a Chinese customer in our lab testing Vega, what was that last week, I guess, or 2 weeks ago before the earnings.

事實上，我們實驗室有一位早期訪問合作夥伴，一位中國客戶在我們的實驗室測試 Vega，我猜是上週，或者是財報發布前兩週。

And they were over the moon such that I suspect they could be a major customer of Vega.

他們欣喜若狂，我懷疑他們可能是 Vega 的主要客戶。

And the profile of Vega fits the Chinese market really well at $169,000, very high accuracy, great ability to do epigenetics, structural variation, phased genomes.

Vega 的外形非常適合中國市場，售價為 169,000 美元，精度非常高，具有進行表觀遺傳學、結構變異、定相基因組的強大能力。

And I think it's an opportunity for us to penetrate deeper than just the service providers we have.

我認為這對我們來說是一個機會，可以比我們現有的服務提供者更深入地滲透。

So it will be interesting to see how the -- our team in China really drives that opportunity for us.

因此，看看我們在中國的團隊如何真正為我們帶來這個機會將會很有趣。

And it has the potential to drive potentially hundreds of instruments over time and we'll see how we do.

隨著時間的推移，它有可能驅動數百種儀器，我們將拭​​目以待。

Subhalaxmi Nambi, Guggenheim Securities.

蘇巴拉克米‧南比 (Subhalaxmi Nambi)，古根漢證券公司。

Vega opens up more of the market pyramid for you.

Vega為您開啟更多的市場金字塔。

That said, as you go deeper into the market pyramid, it gets wider, which typically means going into a higher number of accounts.

也就是說，當你深入市場金字塔時，它會變得更寬，這通常意味著進入更多的帳戶。

So then, how do you balance the desire to go after this opportunity with the typical need to increase commercial investment to go into that new segment of the market?

那麼，您如何平衡抓住這一機會的願望與增加商業投資以進入新市場領域的典型需求？

Well, that is such a great question.

嗯，這是一個很好的問題。

And my field service team has been asking that question for about 1 year now.

我的現場服務團隊已經問這個問題大約一年了。

And so -- you're exactly right.

所以——你是完全正確的。

As we widen our customer base, which is fundamental to what we're trying to achieve as a company, by the way, is we have to be thoughtful about the support burden and how do you build a commercial infrastructure to support that.

順便說一句，隨著我們擴大客戶群，這是我們作為一家公司努力實現的目標的基礎，我們必須考慮支持負擔以及如何建立商業基礎設施來支持這一負擔。

And the way you start is you start by designing a product from the ground up that is as simple to use and is focused on this new customer base.

開始的方式是從頭開始設計一款產品，既易於使用，又專注於這個新的客戶群。

Vega has only 2 consumables and they are -- and the way Vega is set up, it's set up that it's very difficult to make mistakes as you're loading the system.

Vega 只有 2 個消耗品，而且它們是——而且 Vega 的設定方式是，在載入系統時很難犯錯。

The cartridges have been completely reimagined.

墨盒經過徹底重新設計。

So you have everything you need to sequence right there.

因此，您擁有測序所需的一切。

One of the breakthroughs we've had is we've been able to develop capabilities in the system that allow us to almost always deliver 60 gigabases of data even for new users, and that consistency will give the newer users more and more confidence.

我們所取得的突破之一是我們能夠在系統中開發一些功能，使我們幾乎總是能夠提供60 GB 的數據，甚至對於新用戶也是如此，而且這種一致性將為新用戶帶來越來越多的信心。

And so, kind of what you're hearing is that a lot of the innovation was geared towards simplicity, miniaturization, ease of use.

所以，你聽到的是，很多創新都是為了簡化、小型化、易用性。

And then we've -- then of course, we added SMRT Link in the cloud.

然後我們——當然，我們在雲端添加了 SMRT Link。

And SMRT Link in the cloud gives users much deeper access into where they put their data, so that they could stream their data directly up to the cloud and then to a secondary or tertiary analysis software program, because the support burden is actually much more than just thinking about, are the instruments working.

雲端中的 SMRT Link 使用戶能夠更深入地存取他們放置資料的位置，以便他們可以將資料直接傳輸到雲端，然後傳輸到二級或三級分析軟體程序，因為支援負擔實際上比只是想一想，儀器是否正常運作。

It's about helping the customers get the answers they need so that they can continue to run their next experiments.

這是為了幫助客戶獲得他們需要的答案，以便他們可以繼續下一個實驗。

And as we build out our installed base with Vega, simplifying the automatics pipelines, we've done a lot of that over the last year to develop these pipelines, continuing to integrate it through the cloud.

當我們使用 Vega 建立我們的安裝基礎、簡化自動化管道時，我們在去年做了很多工作來開發這些管道，並繼續透過雲端進行整合。

These are all things -- all steps that we're taking that will help balance the commercial investment with customer success.

這些都是我們正在採取的所有步驟，將有助於平衡商業投資與客戶成功。

And with the endgame of Vega customers having such a great experience, they want to move up to Revio as their science dictates.

隨著 Vega 客戶獲得如此出色的體驗，他們希望按照他們的科學指示升級到 Revio。

We also see an opportunity for Sequel II customers that are still using their instrument, that haven't yet been ready to upgrade to Revio.

我們也為仍在使用其儀器但尚未準備好升級到 Revio 的 Sequel II 客戶看到了機會。

That gives us an opportunity to also upgrade them to Vega before they ever upgrade to Revio.

這讓我們有機會在升級到 Revio 之前將它們升級到 Vega。

And so, that's our existing customer base.

這就是我們現有的客戶群。

And then, we're trying to be very thoughtful about expanding the commercial organization as we see the momentum with new customers.

然後，當我們看到新客戶的勢頭時，我們會非常認真地考慮擴大商業組織。

So that's going to be another aspect.

所以這將是另一個方面。

And then, of course, in certain regions, selling through distributors also gives us increased leverage from that perspective.

當然，在某些地區，從這個角度來看，透過經銷商進行銷售也為我們帶來了更大的影響力。

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。

I just wanted to touch on Revio placements, which came in, I think, a little bit below our and Street expectations.

我只是想談談 Revio 的排名，我認為它的排名略低於我們和華爾街的預期。

I know last quarter, you mentioned some placements that were supposed to close in Q2, got pushed out due to timing and customer funding.

我知道上個季度，您提到了一些本應在第二季度結束的展示位置，但由於時間表和客戶資金而被推遲。

Just wondering if those orders did close in Q3, if they've been pushed out again or if you're seeing any cancellations?

只是想知道這些訂單是否在第三季結束，是否再次被推遲，或者您是否看到任何取消？

Yes.

是的。

We have not seen any cancellations, which is great.

我們沒有看到任何取消，這很好。

Some of the orders from Q2 did come in, in Q3, some did not.

第二季的一些訂單確實進來了，第三季的一些訂單沒有進來。

And they're still in the funnel, hopefully to close in Q4 or -- that's kind of where -- I need to look at each one to know exactly.

它們仍在漏斗中，希望在第四季度結束，或者——這就是——我需要查看每一個才能確切地知道。

But the other thing that happened in Q3 specifically, there were some tenders in Europe that got delayed at the 11th hour.

但第三季發生的另一件事是，歐洲的一些招標在第 11 個小時被推遲。

And so -- delayed in late September, and therefore, they didn't close.

所以——推遲到九月下旬，因此，他們沒有關閉。

We expect some of those to close in Q4 and then maybe -- and then perhaps another one of them to close in Q1.

我們預計其中一些將在第四季度關閉，然後可能 - 然後也許其中另一個將在第一季關閉。

And so, yes, the instruments were a little short of our expectations, really driven by those tenders that I'm talking about.

因此，是的，這些工具有點低於我們的預期，這實際上是由我正在談論的那些招標推動的。

That said, from quarter-to-quarter, you do have things moving in and out.

也就是說，從一個季度到另一個季度，確實會有一些東西進進出出。

And so, part of our challenge has been really these prolonged sales cycles really creating certainty on when the deals will close and also expanding the total funnel.

因此，我們面臨的部分挑戰實際上是這些延長的銷售週期確實為交易何時結束創造了確定性，並擴大了總漏斗。

I think SPRQ will -- the new SPRQ chemistry will drive an expansion of the funnel, which will enable us to get back to more historical order levels as we move in 2025.

我認為 SPRQ 將——新的 SPRQ 化學反應將推動漏斗的擴展，這將使我們能夠在 2025 年時回到歷史更高的訂單水平。

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。

Well, thank you, everybody, for joining us on the call today.

好的，謝謝大家今天加入我們的電話會議。

We're going to be at several investor events this quarter.

本季我們將參加幾場投資者活動。

So hope to connect with several of you there, and have a good one.

所以希望能與你們中的一些人建立聯繫，並祝你們有一個愉快的時光。

Take care.

小心。

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.

您現在可以斷開連線。