Pacific Biosciences of California Inc (PACB) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the PacBio first quarter-2025 earnings conference call. (Operator Instructions) There's also not event is being recorded.

大家下午好，歡迎參加 PacBio 2025 年第一季財報電話會議。（操作員指示）也沒有記錄任何事件。

At this time, I'd like to turn the floor over to Todd Friedman, Investor Relations. Sir, please go ahead.

現在，我想把發言權交給投資者關係部的 Todd Friedman。先生，請繼續。

Good afternoon and welcome to PacBio's first-quarter 2025 earnings conference call.

下午好，歡迎參加 PacBio 2025 年第一季財報電話會議。

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 on 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結果。其副本可在我公司網站 www.pacb.com 的「投資者」部分找到，或在美國證券交易委員會網站 www.sec.gov 上的 8-K 表格中找到。我們的收益報告副本也可在我們網站的投資者部分找到。

With me today are Christian Henry, President and Chief Executive Officer; and Jim Gibson, Chief Financial Officer.

今天與我在一起的還有總裁兼執行長克里斯蒂安亨利 (Christian Henry)；以及財務長吉姆吉布森 (Jim Gibson)。

In today's call, we will be making forward-looking statements, including among others, statements regarding predictions, estimates, expectations, and guidance. You should not place undue reliance on forward-looking statements because they are subject to assumptions, risks, and uncertainties that could cause their actual results to differ materially from those projected or discussed. Please review our SEC filings, including our most recent forms 10-Q and 10-K, and our press releases to better understand the risks and uncertainties that could cause results to differ. We disclaim any obligation to update or revise these forward-looking statements except as required by law.

在今天的電話會議中，我們將做出前瞻性陳述，包括但不限於有關預測、估計、期望和指導的陳述。您不應過度依賴前瞻性陳述，因為它們受假設、風險和不確定性的影響，可能導致其實際結果與預測或討論的結果有重大差異。請查看我們的 SEC 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結果不同的風險和不確定性。除非法律要求，我們不承擔更新或修改這些前瞻性聲明的任何義務。

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. Reconciliation between historical US GAAP and non-GAAP results are presented in our earnings release which is available on the Investors section of our website. 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.

我們還將以非 GAAP 為基礎提供某些財務信息，這些信息並非根據全面的會計規則編制，僅應用於補充了解公司根據美國 GAAP 報告的經營業績。我們的收益報告列出了歷史美國 GAAP 和非 GAAP 結果之間的對帳情況，您可以在我們網站的「投資者」部分查閱該報告。對於未來期間，由於包括本年度內可能出現的某些收購相關項目在內的諸多事項存在不確定性，我們無法在不付出不合理努力的情況下調節非公認會計準則毛利率和非公認會計準則營業費用。

A recording of today's call will be available shortly after the live call in the Investor section of our website. Those electing to use the replay are cautioned that forward-looking statements may differ or change materially after the completion of the live call.

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。選擇使用重播的用戶請注意，在現場通話結束後，前瞻性陳述可能會有所不同或發生重大變化。

I will now turn the call over to Christian.

現在我將把電話轉給克里斯蒂安。

Thank you and good afternoon, everyone. Today I'll share our first-quarter 2025 results, highlight recent commercial and strategic progress, and outline our expectations for the remainder of the year. Following my remarks, Jim Gibson, our new Chief Financial Officer, will discuss our financial results and guidance in much more detail.

謝謝大家，下午好。今天，我將分享我們 2025 年第一季的業績，重點介紹最近的商業和策略進展，並概述我們對今年剩餘時間的期望。在我發言之後，我們的新任財務長吉姆·吉布森 (Jim Gibson) 將更詳細地討論我們的財務表現和指導。

We reported first-quarter 2025 revenue of $37.2 million, which is slightly above our preliminary estimates shared on April 9 and consistent with our internal expectations. Instrument revenue for the quarter was $11 million lower than compared to the prior year, largely reflecting increased uncertainty in academic funding, particularly in the United States. In total, we shipped 12 Revio systems and 28 Vega systems, bringing cumulative shipments to 282 Revio systems and 35 Vega systems.

我們報告的 2025 年第一季收入為 3720 萬美元，略高於我們 4 月 9 日分享的初步估計，並且與我們的內部預期一致。本季儀器收入比上年同期低 1,100 萬美元，這主要反映了學術資金的不確定性增加，尤其是在美國。我們總共出貨了 12 台 Revio 系統和 28 台 Vega 系統，累計出貨量達到 282 台 Revio 系統和 35 台 Vega 系統。

To provide more transparency into our customer dynamics, we've introduced new metrics on slides 4 and 5 of our investor presentation which break out shipment dollars by customer type. While we don't expect to share this segmentation every quarter, we believe it offers helpful context, particularly in light of the current market conditions.

為了更透明地了解客戶動態，我們在投資者簡報的第 4 張和第 5 張投影片中引入了新指標，按客戶類型細分了出貨金額。雖然我們並不期望每個季度都分享這種細分，但我們相信它提供了有用的背景信息，特別是考慮到當前的市場狀況。

As shown on slide 4 in our Q1 Academic and Research Institute segment represented the lowest percentage of Instrument shipments since the Revio launch. We believe that this is the direct result of increased funding pressures our customers are seeing with respect to capital equipment purchases. By contrast, Instrument shipments to our Other Customer segments have remained largely stable over the past several quarters. Notably, we saw growth among our Hospital and Clinic customers reflecting continued momentum for HiFi sequencing in clinical and translational research settings.

正如我們第一季學術和研究機構部分投影片 4 所示，自 Revio 推出以來，儀器出貨量百分比最低。我們認為，這是客戶在購買資本設備時資金壓力增加的直接結果。相較之下，過去幾季我們向其他客戶部門的儀器出貨量基本上保持穩定。值得注意的是，我們看到醫院和診所客戶數量的成長，反映了 HiFi 定序在臨床和轉化研究環境中的持續發展勢頭。

And despite broader funding headwinds, we continue to attract new customers to PacBio. Roughly half of all Vega and Revio systems shipped in Q1 went to new Instrument customers, further showing the expanding market appeal of our HiFi technology. While macroeconomic pressures weighed on system placements, Consumables showed strong growth in the quarter. In the first quarter of 2025, Consumable revenue reached a record $20.1 million, reflecting 26% year-over-year growth and steady utilization across our growing base of Revio systems.

儘管面臨更廣泛的資金阻力，我們仍繼續為 PacBio 吸引新客戶。第一季出貨的所有 Vega 和 Revio 系統中約有一半流向了新的儀器客戶，進一步表明我們的 HiFi 技術正在擴大市場吸引力。儘管宏觀經濟壓力對系統部署造成壓力，但本季消耗品仍表現出強勁成長。2025 年第一季度，消耗品收入達到創紀錄的 2,010 萬美元，年增 26%，我們不斷增長的 Revio 系統群的利用率保持穩定。

Typical fiscal year and purchasing in Japan also contributed to the strong performance. Notably, unlike Instrument shipments, Consumable demand from our academic and research institution customers remained stable compared to prior quarters, indicating more resilience in usage-driven spend versus capital purchases. Further underscoring HiFi adoption, total petabase output from PacBio long-read sequencers increased 37% year over year, highlighting continued scaling across our installed base.

典型的財政年度和日本的採購也促成了強勁的表現。值得注意的是，與儀器出貨量不同，來自學術和研究機構客戶的消耗品需求與前幾季相比保持穩定，顯示使用驅動的支出與資本購買相比更具彈性。進一步強調了 HiFi 的採用，PacBio 長讀定序儀的總千萬億位元組輸出量比去年同期增長了 37%，凸顯了我們安裝基礎的持續擴展。

Turning to our full-year outlook, the macroeconomic environment remains exceptionally challenging. Since our April press release, the impact of newly implemented tariffs between the US and China, combined with additional pressure from proposed NIH budget reductions for fiscal-year 2026, have introduced incremental risks that could have an impact on revenue in 2025.

展望全年前景，宏觀經濟環境仍極具挑戰性。自從我們四月發布新聞稿以來，美國和中國之間新實施的關稅的影響，加上美國國立衛生研究院 2026 財年預算削減提議的額外壓力，帶來了可能對 2025 年收入產生影響的增量風險。

In light of these developments, we are adjusting the lower end of our previously guided revenue range by $5 million. We now expect full-year 2025 revenue to be between $150 million and $170 million. The environment remains dynamic and should tariff conditions or academic funding further deteriorate, we may face additional headwinds.

鑑於這些發展，我們將先前指導的收入範圍的下限調整為 500 萬美元。我們現在預計 2025 年全年營收將在 1.5 億至 1.7 億美元之間。環境仍然動態，如果關稅條件或學術資金進一步惡化，我們可能會面臨更多阻力。

That said, we are confident in our strategic direction, anchored by strong customer interest in long-read sequencing, continued momentum in the adoption of HiFi, and a robust innovation map. We are also committed to our plan of turning cash flow positive as we exit 2027 and remain focused on discipline cost management to reduce our cash burn.

儘管如此，我們對我們的策略方向充滿信心，其基礎是客戶對長讀測序的濃厚興趣、HiFi 採用的持續勢頭以及強大的創新圖景。我們也致力於在 2027 年結束時實現現金流轉為正值的計劃，並繼續專注於嚴格的成本管理，以減少現金消耗。

In response to ongoing market uncertainty and headwinds in the industry, we announced and executed on a restructuring plan in April designed to narrow our strategic focus and reduce our operating costs. Though reductions in headcount and non-headcount related expenses across all functions in our organization, we expect to lower our annualized non-GAAP operating expense run rate by approximately $45 million to $50 million by year end.

為了應對持續的市場不確定性和產業逆風，我們在 4 月宣布並執行了一項重組計劃，旨在縮小我們的策略重點並降低營運成本。儘管我們組織內所有職能部門的員工人數和非員工相關費用均有所減少，但我們預計到年底，年度非 GAAP 營運費用運行率將降低約 4,500 萬美元至 5,000 萬美元。

Following these cost-reduction measures, we are concentrating our efforts on our highest-impact long-read platform initiatives. We continue to advance development programs aimed at enhancing our existing platforms such as Revio and Vega, including the future launch of multi-use smart cells. This innovation is designed to further reduce sequencing costs for our customers to unlock higher-sequencing volume while simultaneously improving our Consumable gross margins. The development program is progressing quickly, and we've demonstrated high-quality repeatable-reuse results internally.

在採取這些成本削減措施後，我們將專注於開展最具影響力的長讀平台計畫。我們將繼續推動旨在增強我們現有平台（如 Revio 和 Vega）的開發計劃，包括未來推出的多用途智慧電池。這項創新旨在進一步降低客戶的定序成本，以獲得更高的定序量，同時提高我們的消耗品毛利率。開發計劃進展迅速，我們已經在內部展示了高品質的可重複使用結果。

Additionally, we are accelerating development efforts for ultra-high-throughput long-read sequencing system. This next generation platform is expected to significantly increase throughput, enabling whole human genome sequencing cost at or near price parity with short read techno technology.

此外，我們正在加快超高通量長讀定序系統的開發力道。預計下一代平台將顯著提高吞吐量，使整個人類基因組定序成本與短讀技術的價格持平或接近。

I'd also like to provide a brief update on how our restructuring initiative has impacted our short-read sequencing strategy. While we continue to see strategic value in providing both long-read and short-read sequencing technologies to the market, the current macroeconomic conditions necessitate focusing our resources and investments on areas where we believe we can achieve the greatest market share gains and hold the strongest competitive differentiation.

我也想簡單介紹一下我們的重組措施如何影響我們的短讀定序策略。雖然我們繼續看到向市場提供長讀和短讀測序技術的戰略價值，但當前的宏觀經濟條件要求我們將資源和投資集中在我們認為能夠實現最大市場份額增長和保持最強競爭差異化的領域。

Based on these criteria, we are prioritizing our HiFi technology and the long-read sequencing market and have made the decision to pause development of our high-throughput short-read sequencing platform. Although we have paused our development of the high-throughput short-read platform, we remain fully committed to selling the Onso platform and supporting our current Onso customers through ongoing commercial support and Consumable supply.

基於這些標準，我們優先考慮我們的 HiFi 技術和長讀定序市場，並決定暫停我們的高通量短讀定序平台的開發。儘管我們暫停了高通量短讀平台的開發，但我們仍然全力致力於銷售 Onso 平台，並透過持續的商業支援和耗材供應為我們現有的 Onso 客戶提供支援。

Moving on to product updates, in the first quarter, we continue to roll out our new SPRQ chemistry, which significantly enhances Revio's data output and performance while reducing the amount of DNA input required. Customer uptake has exceeded expectations with nearly 90% of our Revio re-agent kit shipments in the first quarter being SPRQ chemistry.

繼續進行產品更新，在第一季度，我們繼續推出新的 SPRQ 化學技術，這顯著增強了 Revio 的數據輸出和性能，同時減少了所需的 DNA 輸入量。客戶的接受度超出了預期，第一季我們 Revio 試劑盒出貨量中近 90% 都是 SPRQ 化學品。

And we're certainly pleased with our customers' response. Early adopters like Signios Biosciences, a global leader in genetic testing services, reported yield increases of 46% relative to their experience with the version 1 chemistry and emphasized how SPRQ's lower sample input requirements has unlocked the ability to sequence previously inaccessible samples. Similarly, the University of Bern highlighted substantial productivity and cost efficiency improvements across various genomic research applications.

我們對於客戶的回饋感到非常滿意。早期採用者，例如基因檢測服務的全球領導者 Signios Biosciences，報告稱相對於他們使用版本 1 化學的經驗，產量提高了 46%，並強調了 SPRQ 較低的樣本輸入要求如何釋放出對以前無法獲得的樣本進行測序的能力。同樣，伯恩大學也強調了各種基因組研究應用的生產力和成本效率的顯著提高。

Turning to Vega, early customer response has been very encouraging. Users are achieving strong yields, consistently exceeding our specification of 60 gigabases of HiFi data per smart cell and deploying the platform across a wide range of applications. For example, the integrated microbiome resource at [Dalus] University is using Vega for microbial genomics and EDNA amplicon sequencing for worldwide client samples, while [Elegen] is applying to amplicon sequencing in support of DNA synthesis workflows.

談到 Vega，早期客戶的反應非常令人鼓舞。用戶獲得了豐厚的收益，持續超出了我們對每個智慧單元 60 千兆位元組 HiFi 數據的規格要求，並將該平台部署到廣泛的應用中。例如，[Dalus] 大學的綜合微生物組資源正在使用 Vega 對全球客戶樣本進行微生物基因組學和 EDNA 擴增子定序，而 [Elegen] 正在應用擴增子定序來支持 DNA 合成工作流程。

We're also seeing the adoption in labs for gene editing research and targeted sequencing applications. These early use cases reflect Vega's accessibility, ease of use, and versatility, enabling us to broaden our customer base, expand into new markets, and bring HiFi sequencing into new labs beyond the traditional large-scale whole-genome application. Notably, approximately 50% of Vega shipments through Q1 were to new to PacBio Instrument customers.

我們也看到了實驗室中基因編輯研究和標靶定序應用的應用。這些早期用例反映了 Vega 的可訪問性、易用性和多功能性，使我們能夠擴大客戶群，拓展新市場，並將 HiFi 定序帶入傳統大規模全基因組應用之外的新實驗室。值得注意的是，第一季約有 50% 的 Vega 出貨量對於 PacBio Instrument 客戶來說都是新產品。

Looking ahead, we expect to continue ramping Vega manufacturing through the second quarter and reach a run rate production in the second half of 2025.

展望未來，我們預計第二季 Vega 產量將持續增加，並在 2025 年下半年達到正常生產水準。

On the informatics front, we recently announced a licensing agreement with the Chinese University of Hong Kong and the Center for Novostics to integrate advanced deep-learning models into our sequencing workflows, significantly enhancing methylation detection accuracy and enabling comprehensive analysis of critical epigenetic markers such as 5mC, 6mA, and native 5hmC. The ability to profile 5hmC, a dynamic tissue specific marker implemented in brain development, cancer, and neurodegenerative diseases, opens new opportunities in liquid biopsy, cancer detection, and cell-free DNA analysis.

在資訊學方面，我們最近宣布與香港中文大學和創新中心達成許可協議，將先進的深度學習模型整合到我們的測序工作流程中，顯著提高甲基化檢測的準確性，並能夠對關鍵表觀遺傳標記（如 5mC、6mA 和天然 5hmC）進行全面分析。5hmC 是一種用於腦部發育、癌症和神經退化性疾病的動態組織特異性標記，能夠對其進行分析，為液體活檢、癌症檢測和無細胞 DNA 分析開闢了新的機會。

Several customers, including clinical customers like GeneDx and Children's Mercy Kansas City Hospital, have recently implemented methylation analysis into their test, and we believe that the addition of these new models will further strengthen our platform's leadership in epigenetic sequencing and help enable clinical researchers to find greater insights from HiFi genomes.

包括 GeneDx 和堪薩斯城兒童仁慈醫院等臨床客戶在內的多家客戶最近已將甲基化分析應用到他們的測試中，我們相信這些新模型的加入將進一步加強我們平台在表觀遺傳測序方面的領導地位，並幫助臨床研究人員從 HiFi 基因組中找到更深入的見解。

Moving on to other recent highlights, we are proud to have been selected as the Technology Partner for the Davos Alzheimer’s Collaborative, North American Dementia Registry project. This initiative aims to build a comprehensive multiomics data set advancing global understanding of Alzheimer's genetics, especially within diverse and underrepresented populations.

談到其他近期亮點，我們很榮幸被選為達沃斯阿茲海默症協作組織、北美癡呆症登記計畫的技術合作夥伴。該計劃旨在建立一個全面的多組學數據集，促進全球對阿茲海默症遺傳學的了解，特別是在多元化和代表性不足的人群中。

We also continue to gain momentum with our new and existing clinically focused customers in the first quarter, especially with the hospital and clinic customer base. Revio placements in the quarter included leading institutions such as the Lurie Children's Hospital in Chicago, Imagine Institute in France, and the Institute of Medical Genetics at the University of Zurich. These institutions anticipate leveraging Revio primarily to improve genetic disease testing capabilities and solve more cases for variant detection previously mis missed with other technologies.

在第一季度，我們也繼續在新舊臨床客戶，尤其是醫院和診所客戶群中取得發展勢頭。Revio 本季的投資對象包括芝加哥盧裡兒童醫院、法國 Imagine Institute 和蘇黎世大學醫學遺傳學研究所等領先機構。這些機構希望利用 Revio 主要來提高遺傳疾病檢測能力，並解決更多以前其他技術遺漏的變異檢測案例。

Additionally, we've established a pioneering collaboration with Chulalongkorn University in Thailand to interrogate to integrate PacBio HiFi whole genome sequencing into their national newborn screening research program, the first initiative of its kind in Southeast Asia. This groundbreaking project aims to leverage HiFi 's unique capability to reveal previously undetected genetic variants, significantly enhancing the precision of early life genetic screening.

此外，我們也與泰國朱拉隆功大學建立了開創性合作關係，嘗試將 PacBio HiFi 全基因組定序整合到他們的國家新生兒篩檢研究計畫中，這是東南亞首個此類舉措。這個開創性的計畫旨在利用 HiFi 的獨特能力來揭示先前未被發現的基因變異，顯著提高早期生命基因篩檢的精確度。

Finally, we are also pleased to share the initial results from our annual customer survey which shows a net promoter score of over 50, which is widely considered an excellent rating, underscoring our commitment to customer satisfaction, innovative product development, and exceptional customer support.

最後，我們也很高興與大家分享我們年度客戶調查的初步結果，結果顯示淨推薦值超過 50，這被廣泛認為是一個優秀的評級，突顯了我們對客戶滿意度、創新產品開發和卓越客戶支援的承諾。

We've also had the opportunity to connect directly with customers through our global PRISM 2025 event series, our flagship forum for engaging the genomics community and showcasing the future of long read sequencing. Events held across Asia, Europe, and the United States have brought together researchers, clinicians, and partners to explore the latest PacBio innovations and share real world insights.

我們還有機會透過我們的全球 PRISM 2025 活動系列直接與客戶聯繫，這是我們吸引基因組學社群並展示長讀測序未來的旗艦論壇。在亞洲、歐洲和美國舉辦的活動匯集了研究人員、臨床醫生和合作夥伴，共同探索最新的 PacBio 創新並分享現實世界的見解。

At each stop we've seen strong engagement and enthusiasm, particularly around the accessibility of Vega, the performance gains delivered by SPRQ, and the expanding role of HiFi sequencing in clinical research. We look forward to concluding this year's series next week in Boston.

在每一站，我們都看到了強烈的參與度和熱情，尤其是圍繞 Vega 的可訪問性、SPRQ 帶來的性能提升以及 HiFi 測序在臨床研究中不斷擴大的作用。我們期待下週在波士頓結束今年的系列賽。

Lastly, I'd like to introduce Jim Gibson, our new CFO, who joined PacBio on March 31. Jim brings over three decades of financial leadership experience across technology, healthcare, and life sciences, including at organizations like Apple, Tesla, and Netflix, as they went through significant transformation and growth. We look forward to his leadership and financial stewardship as we continue building PacBio into a scalable, profitable, and cash flow positive business.

最後，我想介紹我們的新任財務長 Jim Gibson，他於 3 月 31 日加入 PacBio。吉姆在科技、醫療保健和生命科學領域擁有超過三十年的財務領導經驗，曾在蘋果、特斯拉和 Netflix 等公司任職，幫助這些公司經歷了重大轉型和發展。我們期待他的領導和財務管理，繼續將 PacBio 打造為可擴展、盈利且現金流為正的企業。

With that, I will now hand the call over to Jim. Jim.

說完這些，我現在將電話交給吉姆。吉姆。

Thank you, Christian. I'm incredibly excited to join PacBio. The company's strategy and mission resonate deeply with me, and I believe we're just beginning to unlock the full potential of what this company can deliver to the lifestyle of this community. I look forward to meeting our customers, partners, and investors in the months ahead.

謝謝你，克里斯蒂安。我非常高興加入 PacBio。公司的策略和使命深深引起了我的共鳴，我相信我們才剛開始釋放這家公司為這個社區的生活方式所能帶來的全部潛力。我期待在未來幾個月與我們的客戶、合作夥伴和投資者見面。

Now turning to our financial results, I will be discussing non-GAAP results which include non-cash, stock-based compensation expense. I encourage you to review the reconciliation of GAAP to non-GAAP financial measures in our earnings press release.

現在談談我們的財務結果，我將討論非公認會計準則結果，其中包括非現金、股票薪資費用。我鼓勵您查看我們收益新聞稿中 GAAP 與非 GAAP 財務指標的對帳情況。

As discussed, we reported $37.2 million in products, service, and other revenue in the first quarter of 2025 compared to $38.8 million in the first quarter of 2024. Instrument revenue in the first quarter was $11 million, a decrease of 42% from $19 million in the first quarter of 2024 due to lower Revio system shipments. We shipped 12 Revio systems in the first quarter of 2025 compared to 28 Revio systems in the first quarter of 2024. Additionally, we shipped 28 Vega systems in the first quarter of 2025. We ended the quarter with 282 cumulative Revio system shipments and 35 cumulative Vega system shipments.

如上所述，我們報告 2025 年第一季的產品、服務和其他收入為 3720 萬美元，而 2024 年第一季為 3880 萬美元。第一季儀器營收為 1,100 萬美元，較 2024 年第一季的 1,900 萬美元下降 42%，原因是 Revio 系統出貨量下降。我們在 2025 年第一季出貨了 12 套 Revio 系統，而 2024 年第一季出貨了 28 套 Revio 系統。此外，我們在 2025 年第一季出貨了 28 套 Vega 系統。本季結束時，Revio 系統累積出貨量為 282 台，Vega 系統累積出貨量為 35 台。

Turning to Consumables, revenue of $20.1 million in the first quarter increased 26% from $16 million in the first quarter of last year, with annualized revenue pool through per system of approximately $236,000. Finally, Service and Other revenue was $6 million in the first quarter of 2025 compared to $3.8 million in the first quarter of 2024, driven by an increase in service contract revenue related to Revio.

談到消耗品，第一季的營收為 2,010 萬美元，比去年第一季的 1,600 萬美元成長了 26%，每個系統的年化收入池約為 23.6 萬美元。最後，2025 年第一季的服務和其他收入為 600 萬美元，而 2024 年第一季為 380 萬美元，這得益於與 Revio 相關的服務合約收入的增加。

From a regional perspective, each region reported year-over-year growth in Consumable revenue offset by Instrument headwinds. America's revenue of $16.3 million decreased 8% compared to the first quarter of 2024, with the region continuing to be impacted by government funding headwinds and NIH funding uncertainty.

從區域角度來看，每個地區的消耗品收入均較去年同期成長，但被儀器儀表的不利因素所抵銷。美國的收入為 1,630 萬美元，與 2024 年第一季相比下降了 8%，該地區繼續受到政府資金阻力和 NIH 資金不確定性的影響。

For Asia Pacific, revenue of $11.6 million decreased 9% compared to the first quarter of 2024. Consumables were particularly strong in the region as Revio system utilization increased to its highest level since its launch. Complementing the increased utilization, customers in Japan received their typical fiscal year-end stocking orders, and some customers in China made purchases ahead of potential tariffs. Finally, a mere revenue of approximately $9.3 million increased 11% compared to the first quarter of 2024. Europe in particular saw strong Revio placements in the hospital and clinic customer base.

亞太地區營收為 1,160 萬美元，與 2024 年第一季相比下降了 9%。由於 Revio 系統的利用率升至推出以來的最高水平，該地區的耗材銷售尤為強勁。除了利用率提高之外，日本客戶還收到了典型的財政年度結束時庫存訂單，而中國的一些客戶則在潛在關稅實施之前進行了採購。最後，僅約 930 萬美元的營收就比 2024 年第一季成長了 11%。在歐洲，Revio 在醫院和診所客戶群中佔有特別重要的地位。

Moving down the P&L first quarter 2025, non-GAAP gross profit of $15 million represented a non-GAAP gross margin of 40% compared to a non-GAAP gross profit of $12.6 million or a non-GAAP gross margin of 33% in the first quarter of last year. Non-GAAP gross margin increased year over year due to improved product mix as Consumables, which have higher gross margins, represented 54% of total revenue in the first quarter of 2025 compared to 41% of total revenue in the first quarter of 2024. In addition, we realized per unit cost savings from both Revio Instrument and Revio Consumables.

2025 年第一季的損益表中，非 GAAP 毛利為 1,500 萬美元，非 GAAP 毛利率為 40%，而去年第一季的非 GAAP 毛利為 1,260 萬美元，非 GAAP 毛利率為 33%。非公認會計準則毛利率年增率是由於產品組合改善，因為毛利率較高的消耗品在 2025 年第一季佔總收入的 54%，而 2024 年第一季佔總收入的 41%。此外，我們也實現了 Revio 儀器和 Revio 耗材的單位成本節約。

Non-GAAP operating expenses were $61.7 million in the first quarter of 2025, representing a 29% decrease from non-GAAP operating expenses of $87.2 million in the first quarter of [2024]. Operating expenses in the first quarter included non-cash share-based compensation of $8 million compared to $17.4 million in the first quarter of last year. The decrease in both non-GAAP operating expenses and non-cash stock-based compensation was primarily due to the restructuring initiative we implemented in the second quarter of [2020].

2025 年第一季的非 GAAP 營運費用為 6,170 萬美元，較 2020 年第一季的非 GAAP 營運費用 8,720 萬美元下降 29%。[2024]第一季的營運費用包括 800 萬美元的非現金股權激勵費用，而去年第一季為 1,740 萬美元。非公認會計準則營運費用和非現金股票薪資的減少主要歸因於我們在第二季實施的重組計劃。[2020]。

Regarding headcount, we ended the quarter with 570 employees compared to 575 at the end of 2024 and 787 at the end of the first quarter of 2024. As a result of our restructuring announced on April 9, we expect the second quarter ending headcount to be approximately 500.

就員工人數而言，本季末我們的員工人數為 570 人，而 2024 年底為 575 人，2024 年第一季末為 787 人。由於我們在 4 月 9 日宣布重組，我們預計第二季末員工人數約為 500 人。

Non-GAAP net loss was $44.4 million, representing $0.15 per share in the first quarter of 2025 compared to non-GAAP net loss of $71.4 million, representing $0.26 per share in the first quarter of 2024. We ended the first quarter with $343.1 million in unrestricted cash and investments compared with $389.9 million on December 31, 2024. First quarter 2025 cash payments included a $5 million license payment.

2025 年第一季非 GAAP 淨虧損為 4,440 萬美元，相當於每股 0.15 美元，而 2024 年第一季非 GAAP 淨虧損為 7,140 萬美元，相當於每股 0.26 美元。我們第一季末的非限制現金和投資為 3.431 億美元，而 2024 年 12 月 31 日為 3.899 億美元。2025 年第一季的現金支付包括 500 萬美元的許可費。

In the first quarter, we recorded several items related to our restructuring that impact our GAAP results. Our GAAP gross loss of $1.4 million included $4.3 million related to the amortization of acquired intangible assets, $4.1 million for a loss on purchase commitments, and $7.7 million related to inventory adjustments related to restructuring. Additionally, we recorded GAAP operating expenses of $427.6 million, which included $381.8 million of restructuring charges comprised primarily of $359.3 million of accelerated amortization of acquired intangible assets and $15 million of impairment charges. GAAP operating expenses also included an $18.7 million decrease in the change in the fair value of the contingent consideration.

在第一季度，我們記錄了幾個與重組相關的項目，這些項目影響了我們的 GAAP 結果。我們的 GAAP 總虧損為 140 萬美元，其中包括與收購無形資產攤銷相關的 430 萬美元、購買承諾損失 410 萬美元以及與重組相關的庫存調整相關的 770 萬美元。此外，我們記錄的 GAAP 營運費用為 4.276 億美元，其中包括 3.818 億美元的重組費用，主要包括 3.593 億美元的收購無形資產加速攤銷和 1500 萬美元的減損費用。GAAP 營運費用還包括或有對價公允價值變動減少 1,870 萬美元。

It is important to note that the amortization of acquired intangible assets and impairment charges are non-cash accounting adjustments and do not impact our liquidity, operations, or ability to execute on our long-term strategy.

值得注意的是，收購無形資產的攤銷和減損費用是非現金會計調整，不會影響我們的流動性、營運或執行長期策略的能力。

Now turning to guidance. As we discussed earlier, we now expect revenues to be in the range of $150 million to $170 million. At the midpoint, this represents a growth rate of approximately 4% compared to 2024. As Christian indicated earlier, we lowered the bottom end of our range by $5 million as a result of uncertainty surrounding our ability to ship new instruments into China without significant tariffs. However, this continues to be an extremely dynamic macroenvironment especially with respect to trade policy and uncertainty surrounding future NIH funding.

現在轉向指導。正如我們之前討論的，我們現在預計收入將在 1.5 億美元至 1.7 億美元之間。從中點來看，與 2024 年相比，這代表著約 4% 的成長率。正如克里斯蒂安之前指出的那樣，由於我們不確定能否以較低的關稅將新儀器運往中國，我們將價格範圍的底端降低了 500 萬美元。然而，這仍然是一個極具活力的宏觀環境，特別是在貿易政策和未來 NIH 資金的不確定性方面。

Our guidance midpoint still assumes a decline in Revio shipments from 2024. However, this is offset with growth in Vega and consistent with the first quarter, we expect annual pull through for Revio system to be the low to mid 200,000s. In the Americas, our guidance continues to assume significant uncertainty in the broader academic research community, especially in the new term with accelerating activity in the clinical market anticipated to offset some of the potential headwinds.

我們的指導中點仍然假設 Revio 的出貨量從 2024 年開始下降。然而，這一成長被 Vega 的成長所抵消，並且與第一季一致，我們預計 Revio 系統的年銷量將達到 20 萬出頭至 20 萬中段。在美洲，我們的指導繼續假設更廣泛的學術研究界存在很大的不確定性，特別是在新學期，臨床市場活動的加速預計將抵消一些潛在的阻力。

For Asia Pacific, while we anticipate growth in the region in 2025, the funding dynamics in several countries continue to affect capital purchasing timelines for the Revio platform. Additionally, recently enacted tariffs may increase headwinds further in the region. We continue to expect EMEA to be the fastest growing region in 2025 as population sequencing programs scale. Whole genome sequencing in a clinical setting grows, and we expand our customer base with Vega. Looking at Q2, we are forecasting limited sales in China after April 10, and as a result, we expect revenue in the second quarter of 2025 to be flat compared to the first quarter of 2025.

對於亞太地區，雖然我們預計該地區將在 2025 年實現成長，但幾個國家的融資動態將繼續影響 Revio 平台的資本購買時間表。此外，最近實施的關稅可能會進一步增加該地區的阻力。隨著人口定序計畫的擴大，我們繼續預期 EMEA 將成為 2025 年成長最快的地區。臨床環境中的全基因組定序不斷發展，我們透過 Vega 擴大了我們的客戶群。展望第二季度，我們預測 4 月 10 日之後中國市場的銷售量將有限，因此，我們預計 2025 年第二季度的營收將與 2025 年第一季持平。

Moving down the P&L, we continue to expect the 2025 non-GAAP gross margin to be between 35% and 40%, representing an improvement of over 400 basis points compared to 2024, and we expect to exit the year above 40%. We continue to expect cost improvements in both the Revio system and Revio Consumables. Additionally, we expect Vega cost of goods sold per unit to improve as the platform moves from the pilot manufacturing line to the full production line later this year.

順著損益表往下看，我們繼續預計 2025 年非 GAAP 毛利率將在 35% 至 40% 之間，與 2024 年相比提高 400 個基點以上，並且我們預計今年年底毛利率將超過 40%。我們持續期待 Revio 系統和 Revio 耗材的成本得到改善。此外，隨著該平台今年稍後從試驗生產線轉向完整生產線，我們預計 Vega 每單位銷售成本將會改善。

We do not directly import any of our materials or components from China, although we do expect that our suppliers have some exposure. Should the US enact tariffs on certain countries in our supply chain, we could face incremental pressure to our cost of goods in the second half of this year. As of now, our guidance does not factor in a material increase in COGS related to tariffs.

我們不會直接從中國進口任何材料或零件，儘管我們確實希望我們的供應商能夠接觸到這些材料或零件。如果美國對我們供應鏈中的某些國家徵收關稅，我們今年下半年的商品成本可能會面臨越來越大的壓力。截至目前，我們的指導尚未考慮與關稅相關的 COGS 的大幅增加。

Looking at Q2, we expect non-gap gross margins to be lower compared to Q1, primarily due to product mixes, we expect Instrument revenue to make up a greater portion of total revenue. As a result of our restructuring, we now expect non-GAAP operating expenses to decline 14% to 17% compared to 2024 and be in the range of $240 million to $250 million. We expect to continue to realize savings in 2026 and as such anticipate 2026 non-GAAP operating expenses to be lower than in 2025.

展望第二季度，我們預計非差距毛利率將低於第一季度，這主要是由於產品組合，我們預計儀器收入將佔總收入的更大比例。由於我們的重組，我們現在預計非 GAAP 營運費用將比 2024 年下降 14% 至 17%，介於 2.4 億美元至 2.5 億美元之間。我們預計 2026 年將繼續實現節約，因此預計 2026 年非 GAAP 營運費用將低於 2025 年。

We continue to expect interest in other income to be between $5 million and $7 million in 2025, and the weighted average share count for EPS for the full year to be approximately $299 million. Additionally, following our restructuring, we expect our ending cash balance of cash and investments to be higher than previously anticipated and now expect to end the year with approximately $270 million.

我們繼續預期 2025 年其他收入的利息將在 500 萬美元至 700 萬美元之間，全年每股收益的加權平均股數約為 2.99 億美元。此外，經過重組，我們預計現金和投資的期末現金餘額將高於先前的預期，目前預計到年底將達到約 2.7 億美元。

When excluding the $5 million licensing payment in Q1, this implies a $115 million cash burn in 2025 or an improvement of $72 million in adjusted cash burn compared to 2024. We remain on track towards our plan to achieve cash flow positive by the end of 2027 and believe our $343 million in cash and investments as of March 31 will fund us through this transition.

如果不包括第一季的 500 萬美元授權費用，這意味著 2025 年的現金消耗將達到 1.15 億美元，或與 2024 年相比，調整後的現金消耗將改善 7,200 萬美元。我們仍在按照計劃，到 2027 年底實現現金流為正，並相信截至 3 月 31 日的 3.43 億美元現金和投資將為我們完成這項轉型提供資金。

I will now hand it back to Christian for some final remarks.

現在我將把發言權交還給克里斯蒂安，請他做最後的發言。

In closing, we had a nice start to the year, though we remain cautious given the current macroeconomic environment, including uncertainty around academic funding and the potential impact of trade policy developments. By proactively implementing our recent restructuring initiatives, we have emerged as a leaner, more focused organization positioned to successfully navigate these near-term challenges and execute on our long-term strategy.

最後，我們今年有一個良好的開端，但考慮到當前的宏觀經濟環境，包括學術資金的不確定性和貿易政策發展的潛在影響，我們仍然保持謹慎。透過積極實施我們最近的重組舉措，我們已經成為了一個更精簡、更專注的組織，能夠成功應對這些短期挑戰並執行我們的長期策略。

As we look ahead, our strategic priorities remain clear. First, we are committed to expanding the adoption of HiFi sequencing by building on the strong early enthusiasm for our Vega benchtop platform and by continuing to enhance our Revio platform through the ongoing rollout of SPRQ chemistry. Vega expands HiFi 's accessibility into a broader and more diverse customer base, while SPRQ allows Revio users to extract more data from their sequencing runs using significantly less DNA input.

展望未來，我們的戰略重點依然明確。首先，我們致力於擴大 HiFi 定序的應用，借助早期人們對 Vega 桌上型平台的強烈熱情，並透過持續推出 SPRQ 化學技術來增強我們的 Revio 平台。Vega 將 HiFi 的可及性擴展到更廣泛、更多樣化的客戶群，而 SPRQ 則允許 Revio 使用者使用較少的 DNA 輸入從定序運行中提取更多資料。

Second, we remain dedicated to innovation through future product launches, such as enabling multi-use chip functionality to further reduce sequencing costs. Concurrently, we are advancing our next-generation ultra-high-throughput long-read sequencing technology. These initiatives aim to deliver HiFi sequencing at or near price parity with short-read sequencing, significantly broadening our market potential.

其次，我們將繼續致力於透過未來的產品推出進行創新，例如實現多用途晶片功能以進一步降低定序成本。同時，我們正在推動下一代超高通量長讀定序技術。這些措施旨在使 HiFi 定序的價格與短讀定序的價格持平或接近，從而大大拓寬我們的市場潛力。

Finally, we are progressing our clinical strategy to improve outcomes and build long-term durability into our business. This includes expanding our kitted solutions like pure target to genetic testing labs and continuing to drive adoption at hospitals and medical centers around the world. With these clearly defined priorities, a streamlined organizational structure, and an increased focus on long read innovation, we are very well positioned to deliver sustained growth over the coming years and achieve our goal of turning [capital]-positive as we exit 2027.

最後，我們正在推進臨床策略，以改善結果並為我們的業務建立長期持久性。這包括將我們的配​​套解決方案（如純目標）擴展到基因檢測實驗室，並繼續推動世界各地醫院和醫療中心的採用。憑藉這些明確界定的優先事項、精簡的組織結構以及對長期創新的更多關注，我們完全有能力在未來幾年實現持續成長，並實現到 2027 年實現資本轉正的目標。

Thank you again for your continued support. We look forward to updating you on our progress in the quarters ahead.

再次感謝您一直以來的支持。我們期待在未來幾季向您通報我們的進展。

With that, I'll turn the call back to the operator to begin the Q&A session.

說完這些，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions)

（操作員指示）

Matthew Sykes, Goldman Sachs.

高盛的馬修·賽克斯（Matthew Sykes）。

Hi, thank you for taking my question. This is Jake on for Matt. Could you guys talk a little more about the clinical opportunity ahead of you and how much of this can offset some of the concerns around academic and government, particularly throughout the rest of this year? Thank you.

你好，謝謝你回答我的問題。這是傑克 (Jake) 為馬特 (Matt) 表演的。你們能否再多談談你們面臨的臨床機會，以及這些機會在多大程度上可以抵消學術界和政府方面的一些擔憂，特別是在今年剩餘時間？謝謝。

Yeah, hi Jake, thanks for the question. It is really an exciting opportunity and it really started in 2024 as we got the pure target panel out into the market and had significant customers like Quest and Myriad Genetics and others start to adopt that technology and what we're seeing is that the ability to see parts of the genome that short-read sequencers can't see has been really appealing to these companies, and they're developing LDT tests that sit alongside the short-read workflows and are eliminating other legacy type tests and technologies in their workflow.

是的，嗨，傑克，謝謝你的提問。這確實是一個令人興奮的機會，它真正開始於 2024 年，當時我們將純目標面板推向市場，Quest 和 Myriad Genetics 等重要客戶開始採用該技術，我們看到的是，能夠看到短讀測序儀無法看到的基因組部分，這對這些公司非常有吸引力，他們正在開發與短讀工作流程並行的 LDT 測試，並正在消除工作流程中的其他技術。

So first and foremost, these tests allow them to do things they couldn't do before using sequencing, and they make it more economical. And so when you look at where we are today, we're expanding that, we're continuing to add more genes to these panels, increase the level of multiplex. And what that does is it makes it more appealing to more of these diagnostic-type customers where we think we can get more durable revenue. And so we do think that's an area where we're effectively doubling down and really focusing on because we think the revenue opportunity there is significant, not just in 2025 but over the next several years.

因此，首先，這些測試使他們能夠做以前使用定序無法做到的事情，並且使其更加經濟。因此，當您回顧我們目前的狀況時，我們會不斷擴展，不斷在這些面板中添加更多基因，提高多重水平。這樣做的目的是讓它對更多的診斷型客戶更有吸引力，我們認為這樣我們就能獲得更持久的收入。因此，我們確實認為這是一個我們正在加倍努力並真正關注的領域，因為我們認為那裡的收入機會很大，不僅在 2025 年，而且在未來幾年。

The second aspect of this is in the rare-disease world where we continue to see remarkable results using Revio and now with the SPRQ chemistry. And we're seeing expansions of clinicians and clinical researchers use Revio in the hospital setting to look at -- to do research and looking at these rare disease population and patients.

第二個面向是在罕見疾病領域，我們繼續看到使用 Revio 以及現在的 SPRQ 化學方法所取得的顯著成果。我們看到越來越多的臨床醫生和臨床研究人員在醫院環境中使用 Revio 來觀察和研究這些罕見疾病族群和患者。

And so we're seeing that we're really seeing that grow aggressively in Europe where we're seeing -- in the Netherlands in Sweden, Denmark, other countries, and you know you just look at our placements in the first quarter of Revio, a lot of them went to that segment and so we do see this as a way to make up for the potential uncertainty around NIH funding in particular.

因此，我們看到，我們確實看到它在歐洲、荷蘭、瑞典、丹麥和其他國家都在迅速增長，你知道，只要看看 Revio 第一季的佈局，就會發現很多公司都進入了這一領域，因此，我們確實將此視為彌補 NIH 資金潛在不確定性的一種方式。

We'll take the next question.

我們將回答下一個問題。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Thank you and good afternoon. I was curious, if you -- I had two questions.

謝謝，下午好。我很好奇，如果你──我有兩個問題。

The first is within the 2025 guidance, if you could just share any rough expectations for what that might imply for Revio and Vega placements like what you'd be willing to share. And then second is appreciate all the swift actions you're taking you know as it pertains to the short-read assets. I was curious if this is something I know you're going to support on so but is this something you would consider monetizing? Is that something you're evaluating? Just any thoughts on that would be great thank you.

第一個是在 2025 年的指導範圍內，如果您可以分享任何粗略的預期，這對 Revio 和 Vega 的定位可能意味著什麼，您願意分享什麼。其次，感謝您採取的所有與短讀資產相關的快速行動。我很好奇，我知道您是否會支持這一點，但您是否會考慮將其貨幣化？這是你正在評估的事情嗎？對此有任何想法，我將非常感謝。

Yeah, thanks for the question. Certainly we won't give the specific unit numbers associated with where we see Revio and Vega, but we did say in the prepared remarks that, we do expect Revio shipments to be down in unit terms year over year and we do think Vega has a very significant opportunity to grow. And I think, the timing of Vega was right, was spot on in the sense that having a desktop platform with a lower capital cost in a challenging macroeconomic environment really has given us a lot of great opportunity and we've seen the funnel continue to grow. And so you know I do fully expect Vega to grow in unit placements, perhaps every quarter but certainly over Q1 levels as we grow in Q2, and we'll kind of update it as we get into the back half.

是的，謝謝你的提問。當然，我們不會給出 Revio 和 Vega 的具體銷量數字，但我們在準備好的評論中確實說過，我們預計 Revio 的出貨量將同比下降，而我們確實認為 Vega 具有非常顯著的增長機會。我認為，Vega 的時機是正確的，在充滿挑戰的宏觀經濟環境中擁有一個資本成本較低的桌面平台確實為我們帶來了很多絕佳的機會，而且我們已經看到管道繼續增長。所以你知道，我確實完全預計 Vega 的單位安置量會增長，也許每個季度都會增長，但隨著我們在第二季度的增長，肯定會超過第一季的水平，我們會在進入下半年時對其進行更新。

Additionally, what we're seeing of course is that we're as we achieve manufacturing scale up, the gross margin associated with Vega will improve over the course of the year. Which is great for us because we will have a significant cost reduction as we get to production scale moving from the R&D or prototype production line to the to the operational manufacturing line. And so we would expect not only placements to grow but profitability or gross margin per system to grow over the course of the year as well. So we're pretty excited about that.

此外，我們當然看到的是，隨著我們實現生產規模的擴大，與 Vega 相關的毛利率將在一年內提高。這對我們來說非常好，因為當我們從研發或原型生產線轉移到營運生產線並達到生產規模時，我們的成本將顯著降低。因此，我們預計，不僅投放量會成長，而且每個系統的獲利能力或毛利率也會在一年內成長。所以我們對此感到非常興奮。

With respect to short reads, it is a challenge, it is difficult to, given the environment to keep advancing both the long and the short read at the same time and so we did make the tough decision to really double down on long read where we have very significant competitive advantages and so we are evaluating all of our alternatives with respect to the short-read platform. We continue to support our customers in the field and with the high-throughput system, we have made a lot of progress with getting that system developed and so it is in a state now where it could be valuable. And so we'll explore that and as we have more information we'll certainly share it with you guys.

對於短讀取來說，這是一個挑戰，在同時推進長讀取和短讀取的環境下，這很困難，所以我們確實做出了艱難的決定，在長讀取方面加倍投入，因為我們有非常顯著的競爭優勢，所以我們正在評估短讀取平台的所有替代方案。我們將繼續為該領域的客戶提供支持，借助高通量系統，我們在開發該系統方面取得了很大進展，因此它現在處於可能有價值的狀態。因此，我們將對此進行探索，當我們獲得更多資訊時，我們一定會與大家分享。

Kyle Mikson, Canaccord Genuity.

凱爾米克森（Kyle Mikson），Canaccord Genuity。

Hi everyone, this is Alex on the line for Kyle Nixon. Thanks for taking my question. So I think one place to start would be if you could just kind of discuss what exactly you factored into your decision to pause the development of the high-throughput short-read sequencer, essentially it's just a mix of competition as well as the poor funding environment. Thanks.

大家好，我是亞歷克斯，代表凱爾·尼克森 (Kyle Nixon) 進行接線。感謝您回答我的問題。因此，我認為首先您可以討論一下您決定暫停高通量短讀測序儀開發的因素究竟是什麼，本質上這只是競爭和糟糕的資金環境的結合。謝謝。

Yeah, thank you for the question. I mean, certainly we, in making the decision, we had to consider several things. First, the macroeconomic environment and where our revenues and margins that are needed to fund development are. That was one thing we had to consider. Second, we had to consider, where are we strongest in the market and where do we see the biggest opportunities when you're evaluating your resources you want to put them up against projects where you believe you have the best chance to win and the most certainty around winning. And so that was something we considered. And then the third thing very importantly, the progress we've made in R&D on the long-read side has just been quite frankly breathtaking over the last 12 to 18 months.

是的，謝謝你的提問。我的意思是，我們在做決定時當然必須考慮幾件事。首先，宏觀經濟環境以及我們資助發展所需的收入和利潤在哪裡。這是我們必須考慮的一件事。其次，我們必須考慮，我們在市場上的優勢在哪裡，以及在評估資源時我們在哪裡看到最大的機會，您希望將它們與您認為最有可能獲勝並且最有把握獲勝的項目進行比較。所以這是我們考慮的事情。第三件非常重要的事情是，在過去的 12 到 18 個月裡，我們在長讀研發方面取得的進展確實令人驚嘆。

You saw that we launched the SPRQ chemistry last year, in my prepared remarks we talked about one customer that's seeing, 46% increase in throughput per smart cell that we're seeing consistent improvement across the board relative to where customers were before SPRQ chemistry. And so you know we see the opportunity to add more value to that platform and so we certainly want to keep investing.

您看到我們去年推出了 SPRQ 化學，在我準備好的發言中，我們談到了一位客戶，他的每個智能單元的吞吐量增加了 46%，與客戶採用 SPRQ 化學之前的情況相比，我們看到了全面的持續改善。所以你知道我們看到了為該平台增加更多價值的機會，所以我們當然希望繼續投資。

And then when we start to look at the advances we continue to make in preparing for the ultra-high-throughput long-read platform, things like multi-use, things like advances in our next-generation smart cell programs, things have gone perhaps faster than we expected, which means that we could get a new platform to market sooner. And in all of our conversations with our core customers, there's not a single customer that I talked to that says, gosh, I would like more throughput and more -- and better pricing, and we think that our next generation of products here.

然後，當我們開始審視我們在準備超高通量長讀平台方面所取得的進展時，例如多用途、下一代智慧單元程式的進步，事情的進展可能比我們預期的要快，這意味著我們可以更快地將新平台推向市場。在我們與核心客戶的所有對話中，沒有一個客戶會說，天哪，我想要更高的吞吐量和更好的價格，我們認為我們的下一代產品就在這裡。

With the with the progress that we've made, we'll get us close to price parity with short read genomes and provide very significant amounts of throughput so that even the highest-scale labs in the world could consider long-read sequencing as -- in germline genomics in particular, and we believe that we certainly have the technical capability and the market presence to win a significant portion of that germline genetics business say over the next five years.

隨著我們所取得的進展，我們將使價格接近短讀基因組，並提供非常顯著的吞吐量，以便即使是世界上規模最大的實驗室也可以考慮長讀測序 - 特別是在生殖系基因組學中，我們相信我們肯定擁有技術能力和市場佔有率，可以在未來五年內贏得生殖系遺傳學業務的很大一部分。

And so those were the decisions -- those were the factors that went into the decision. It's never an easy decision, we're encouraged by what we've done on the short side, but when you're sitting in an environment like this right now, being lean, being focused and prioritizing is absolutely essential, and that's what we did.

這些就是決定──這些就是做出決定的因素。這從來都不是一個容易的決定，我們對我們在短時間內所做的事情感到鼓舞，但是當你現在處於這樣的環境中時，精簡、專注和優先考慮是絕對必要的，這就是我們所做的。

Alright, thank you very much. One last one for me.

好的，非常感謝。對我來說還有最後一個。

So we're essentially six months post-Vega launch announcement. Can you just discuss what there's been cannibalization of Revio by Vega. And then importantly, what's your level of confidence in being able to eventually transition Vega customers into more Revio placements. Thank you.

因此，我們基本上已經是 Vega 發布六個月後了。您能否討論一下 Vega 對 Revio 的蠶食有哪些影響？然後重要的是，您對最終讓 Vega 客戶轉向更多 Revio 客戶有多大信心。謝謝。

Yeah, that's a good question. And so, you're right, we announced Vega back in November, I believe, early November, and we started shipping the product in December and you know we've seen very strong demand from a funnel building as well as -- in this environment to place the number of systems we did in Q1. I was actually quite pleased with that.

是的，這是個好問題。所以，您說得對，我們早在 11 月就宣布了 Vega，我相信是在 11 月初，我們在 12 月開始發貨產品，而且您知道，我們看到了來自漏斗建設的非常強勁的需求——在這種環境下，我們在第一季度完成了許多系統的工作。我實際上對此感到非常高興。

And I think what we're seeing is we're not seeing cannibalization of Revio from Vega, but we are seeing situations where a customer may want is certainly wants a Vega, but they don't have the funds right now and so they decide to get -- they decide to buy a Vega instead. And we've seen that in several cases in Q1 and we continue to see that a bit. But I wouldn't call it cannibalism that, hey I I've decided that Vega is all I need and not Revio. It's I need Revio , but I can't afford Revio right now for funding considerations, but I can get started with Vega and we're seeing that.

我認為，我們所看到的並不是 Revio 和 Vega 之間的競爭，而是我們看到的情況是，客戶可能確實想要一台 Vega，但他們現在沒有足夠的資金，所以他們決定購買 Vega。我們在第一季的幾個案例中已經看到了這種情況，並且這種情況還會繼續出現。但我不會稱之為同類相食，嘿，我已經決定我需要的只是 Vega，而不是 Revio。我需要 Revio，但由於資金原因，我現在買不起 Revio，但我可以開始使用 Vega，我們正在考慮這一點。

So I believe that those customers over the next few years as the funding environment improves, we'll see Revio sitting right alongside Vega and vice versa. In fact, we are seeing customers that have Revio by Vegas, and the reason why they do that is for kind of rapid turnaround or their Vega is already fully occupied and they want to have additional sequencing capacity available to them. And so I do think they're symbiotic, they're not really cannibalizing and so we really haven't seen that.

因此我相信，隨著未來幾年融資環境的改善，我們將看到 Revio 與 Vega 並駕齊驅，反之亦然。事實上，我們看到客戶擁有 Vegas 的 Revio，他們這樣做的原因是為了快速週轉，或者他們的 Vega 已經完全被佔用，他們希望有額外的測序能力可用。所以我確實認為它們是共生的，它們並沒有真正地互相蠶食，所以我們確實沒有看到這種情況。

And then I think the last thing is I just would mention if you look at the funnel, I think our funnel is well over 50% new customers. And so the strategy of penetrate -- broadening our reach through Vega and then ultimately transitioning to getting those customers to transition to Revio over time. It's certainly working at this point, particularly in this challenging macroeconomic climate.

然後我想最後要說的是，如果你看漏斗，我認為我們的漏斗中有超過 50％ 是新客戶。因此，滲透策略是透過 Vega 擴大我們的覆蓋範圍，然後最終過渡到讓這些客戶隨著時間的推移轉向 Revio。目前，這種方法確實有效，特別是在當前充滿挑戰的宏觀經濟環境下。

Thanks, Alex.

謝謝，亞歷克斯。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Great. This is Harrison on for Mason. Good afternoon and thanks for taking the questions.

偉大的。這是哈里森 (Harrison) 代替梅森 (Mason) 上場。下午好，感謝您回答問題。

I wanted to start with how much visibility you think you have into the Vega funnel and how does your confidence in the outlook there compared to that of revenue are the error bars there around the Vega placements more narrow.

我想先問一下，您認為您對 Vega 漏斗的了解程度如何，以及與收入相比，您對前景的信心如何，Vega 位置周圍的誤差範圍是否更窄。

Okay, we'll start there with visibility. Now it's interesting when you have a lower-cost capital Instrument, you have many more units that are sitting in the funnel, so that gives you many more shots on goal in any given quarter to achieve the unit numbers and as a result, the revenue. And so I do think the quarter-to-quarter visibility is pretty reasonable right now in the near term. As you get further out of course they become more -- these are conversations and they progress from quarter to quarter. And so overall I would say our visibility is pretty strong.

好的，我們將從可見性開始。現在有趣的是，當你擁有一種低成本的資本工具時，你就有更多的單位處於漏斗中，因此，這讓你在任何給定的季度中都有更多的機會實現目標，以實現單位數量，從而實現收入。因此我確實認為，就短期而言，季度間的可見度是相當合理的。當然，隨著你進一步深入，它們會變得更加——這些都是對話，而且它們會逐季度取得進展。所以總的來說，我認為我們的知名度相當高。

We've just had these PRISM events that I discussed in my prepared remarks. And in the Asia Pacific, with a meeting held in Vietnam, there were several POs that -- or PO commitments that were that came in right during the meeting. And another thing is we've had bluebird kind of, deals come in for Vega systems that no one was expecting, and they just are coming in. And so I think that that's additive to improving your visibility around how you're forecasting. And you know if you are thoughtful in how you put your forecast together, you certainly have enough to get some reasonable confidence that you can achieve your forecast numbers. And so I feel pretty good about it right now.

我們剛剛經歷了這些棱鏡事件，我在準備好的發言中對此進行了討論。在亞太地區，在越南舉行的一次會議上，有幾項採購訂單或採購訂單承諾是在會議期間提出的。另一件事是，我們達成了藍鳥之類的 Vega 系統交易，這是沒人預料到的，而且這些交易正在順利進行中。所以我認為這有助於提高您對預測方式的了解程度。而且你知道，如果你在製定預測時深思熟慮，你肯定有足夠的信心實現你的預測數字。所以我現在感覺很好。

I think we are, just like all of our peers, we're wrestling with trade policy and tariffs and you know what does that mean for demand outside the United States. As I think most of you know about half of our revenue comes -- a little more than half of the revenue comes from outside the United States and so you know we've done a lot of work on thinking about tariffs from the revenue perspective as well as from the cost perspective. And as we put our guidance together, we tried to certainly consider all of those dynamics.

我認為，就像我們所有的同行一樣，我們正在努力應對貿易政策和關稅，你知道這對美國以外的需求意味著什麼。我想大多數人都知道，我們的一半收入——略多一點的收入來自美國以外，所以你們知道，我們從收入角度和成本角度對關稅問題做了大量思考。當我們制定指導意見時，我們盡力考慮所有這些動態因素。

Got it. And sticking to your guidance there, given the fluid market backdrop, could you just speak to some of the upside and downside scenarios of Revio pull through this year? I know there's lots of moving parts there, but what's really baked into the pull through guide this year, does it rely on any large-scale projects starting up in the back half? And if so, how much visibility do you have into those?

知道了。並且堅持您的指導，考慮到不斷變化的市場背景，您能否談談 Revio 今年的一些上行和下行情景？我知道這裡面有很多活動部件，但今年的拉動指南真正包含的內容是什麼？它是否依賴下半年啟動的任何大型專案？如果是的話，您對此了解多少？

Yeah, we've taken a very conservative approach where most large-type projects would be upside to our forecasts. I think that that's certainly the right way to play that and the reason why we do that is because the timing of when a large project gets agreed to, contracted, the systems installed and the samples starting to flow can be highly variable. And so when you start to think about it in the context of your financial guidance, you would much rather see that as kind of upside as opposed to core and so we've generally taken that approach.

是的，我們採取了非常保守的方法，大多數大型專案都會超出我們的預測。我認為這當然是正確的做法，我們這樣做的原因是因為一個大型專案獲得同意、簽訂合約、安裝系統和開始流動的樣品的時間可能會大不相同。因此，當您開始從財務指導的角度考慮這個問題時，您更願意將其視為優勢，而不是核心優勢，因此我們通常採取這種方法。

One of the things we pointed out in our deck is that consumable revenue with principally -- and that's really Revio at this point, has been pretty consistent across our customer base so each customer segment, we haven't seen dramatic changes in in consumable usage and so when you think about our assumptions and the guidance with respect to pull through, we've been using that low-200s, the kind of mid-200s, pull through assumption in preparing our guidance, and of course we go a lot more granular than that.

我們在簡報中指出的一件事是，主要消耗品收入 - 目前實際上是 Revio - 在我們的客戶群中一直非常一致，因此每個客戶群中，我們都沒有看到消耗品使用情況發生顯著變化，因此當您考慮我們的假設和關於拉動的指導時，我們在準備指導時一直使用 200 以下、200 中期更詳細的地方。

We look in each territory, we try to look -- evaluate different account types. And as we continue to place more Revios into commercial accounts, diagnostic accounts, clinical accounts, they're pretty consistent users of the product and they're not as project-driven and so that can give you better confidence and certainty around the utilization slash pull through levels and so we tried to show a little bit about that.

我們考察每個地區，嘗試評估不同的帳戶類型。隨著我們繼續將更多的 Revios 投入到商業帳戶、診斷帳戶和臨床帳戶中，他們是該產品相當穩定的用戶，而且他們不像專案那樣受專案驅動，因此這可以讓您對利用率和拉動水平更有信心和確定性，所以我們嘗試展示一些關於這方面的內容。

If you look at our revenue picture, the challenge is really on, Instrument placements in uncertain in an uncertain time. The second challenge is of course China where, right now we're able to ship reagents into the country, but without a significant burden of tariffs, but Instruments are subject to tariff right now and certainly that's had an impact. And so that will be something that we'll be monitoring.

如果你看一下我們的收入狀況，你會發現真正的挑戰在於，儀器的配置在不確定的時間內是不確定的。第二個挑戰當然是中國，目前我們可以將試劑運往中國，而且沒有嚴重的關稅負擔，但儀器現在要繳納關稅，這肯定會產生影響。所以這是我們要監控的事情。

And it's the real reason why we lowered the bottom end of the guidance. If China stays shut off and NIH -- the NIH budget, has a hard time getting approved or has such a massive cut that it will force most people to pause, you know those could certainly have an impact on us, and we tried to consider it. When we gave our original guidance for the year, we gave a pretty wide range, knowing this uncertainty, and that's why we felt comfortable that we didn't have to make significant change to our guidance.

這也是我們下調指導底線的真正原因。如果中國繼續關閉，而美國國立衛生研究院（NIH）的預算很難獲得批准，或者被大幅削減，以致於迫使大多數人暫停研究，你知道這些肯定會對我們產生影響，我們也試圖考慮這一點。當我們給出今年的原始指導時，我們給出了相當廣泛的範圍，因為我們知道這種不確定性，這就是為什麼我們感到放心，我們不必對我們的指導做出重大改變。

The upsides to our plan would be certainly more clinically driven placements of Revio, maybe a little bit higher utilization than what we're forecasting, and then of course being able to ship instruments into China would certainly be a positive tailwind for us.

我們計劃的優勢肯定是 Revio 的臨床應用會更加廣泛，利用率可能比我們預測的要高一點，當然，能夠將儀器運往中國肯定會給我們帶來積極的推動作用。

Great. That all makes sense.

偉大的。這一切都是有道理的。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

All right, close enough. Thank you very much for taking the question.

好的，夠接近了。非常感謝您回答這個問題。

So let me maybe just talk about some of the pull through. It's been kind of in that mid-2000 range. Obviously the theoretical max is higher than that, and I think you have a lot of good amount of customers that are doing that. So you can talk about maybe some of the strategic plans on getting it up to maybe above 300,000 a placement. And you know what that could do with adjusted -- some of some of the gross margins if you were able to kind of get that up. And I got a couple more. Thanks.

因此，讓我來簡單談談其中的一些內容。它大概處於 2000 年中期的範圍內。顯然，理論最大值要高於這個數字，而且我認為有很多客戶都在這樣做。因此，您可以談論一些戰略計劃，以將其提升到 300,000 以上。你知道，如果你能提高毛利率的話，這會對調整後的部分毛利率產生什麼影響嗎？我又得到了幾個。謝謝。

Yeah, well, I mean, first and foremost, Obviously this is fundamental to the business. You saw gross margins were much higher than expectation in the quarter, and that's because -- for a couple of reasons. The first reason is that the product mix is improving, and this is what we've talked about over and over again that as consumables become a greater proportion of revenues, we will see significant lift up in gross margins.

是的，嗯，我的意思是，首先，這顯然對業務至關重要。您會看到本季的毛利率遠高於預期，這是因為——出於幾個原因。第一個原因是產品結構正在改善，這也是我們反覆談論的，隨著消耗品在收入中所佔的比例越來越大，我們將看到毛利率的顯著提升。

And so going from the mid-200s to 300, 1,000-plus is front and center and there's probably two fundamental things that we need to do. Number one, we need to continue to make the product easier to use out of the gate so a new customer, doesn't take three to six months to really get up to speed and running at some level of capacity. If we can do that every little bit will accelerate.

因此，從 200 多到 300、1000 多是重中之重，我們可能需要做兩件基本的事情。首先，我們需要繼續使產品更容易使用，以便新客戶不需要三到六個月的時間才能真正掌握並達到某種程度的運行速度。如果我們能做到這一點，每一點都會加速。

In fact, (inaudible) what we really need is one more run per customer per month to change, to go from say the mid-200s to 300,000-plus. So that's what we're talking about, one more run per customer per month. 12 more runs per customer per year and we're there. So it's driving the early phases of adoption, driving to customers that are high-utilization customers like the diagnostic, like the Quest lab courses, myriads of the world, driving the rare disease in the hospitals, in other words, making more and more samples accessible.

事實上，（聽不清楚）我們真正需要的是每位客戶每月多運行一次，從 200 次左右增加到 300,000 次以上。這就是我們所談論的，每個客戶每月多運行一次。每年每位顧客再跑 12 次，我們就達到目標了。因此，它正在推動採用的早期階段，推動那些高利用率的客戶，例如診斷、Quest 實驗室課程、世界各地的無數客戶，推動醫院中的罕見疾病，換句話說，使越來越多的樣本可用。

And then the last piece, of course, we did some of it last year by significantly reducing DNA input. We opened up Revio to effectively millions of samples that we could not sequence before because we required too much DNA and so that's you know that was important because that enabled more projects to get on and then it's enabling more applications. So for example, at our PRISM conference yesterday they showed great results using FFPE -- FFP samples on our sequencers which many people thought that that wasn't really feasible and at the conference there was a talk yesterday that showed fantastic (technical difficulty) FFP.

最後一點，當然，我們去年已經透過大幅減少 DNA 輸入完成了部分工作。我們向 Revio 開放了數百萬個樣本，這些樣本我們以前無法測序，因為我們需要太多的 DNA，所以這很重要，因為它可以讓更多的項目得以開展，然後可以實現更多的應用。例如，在昨天的 PRISM 會議上，他們展示了在我們的定序儀上使用 FFPE - FFP 樣本的出色結果，許多人認為這實際上並不可行，但在昨天的會議上，有一場演講展示了出色的（技術難度）FFP。

So adding more applications will drive more opportunities to use the system. Lowering DNA input allows more samples to get on. Proving the execution and the ease of use to make it easier and then selling to those customers that are really the high runners. All of those aspects can contribute to one more run per customer per month and now you're over 300k in pull through and of course the gross margins are already higher than the instruments, so that will certainly drive the whole picture. So it's very doable. We are making progress on all the key points. Now we just need to see -- we need some time to see it manifest.

因此，添加更多應用程式將帶來更多使用該系統的機會。降低 DNA 輸入量可使更多的樣本得以取得。證明執行力和易用性，使其更容易，然後銷售給那些真正的高跑者客戶。所有這些方面都有助於每個客戶每月多運行一次，現在您的銷售額已超過 30 萬，當然毛利率已經高於儀器，因此這肯定會推動整體情況的發展。所以這是非常可行的。我們在所有關鍵點上都取得了進展。現在我們只需要看看——我們需要一些時間來看到它顯現。

Got it. I'll just ask maybe a quick one on tariffs here. Has this been able -- have you had any problems with maybe some of the inputs or cost reductions or see that coming in. Can you remind us US-based manufacturing versus where you are outside the US? And then another regards to tariffs, I do know that one of your competitors had a tariff surcharge or plans on implementing one. Is there any opportunities, assuming you do have more US manufacturing and won't be subject to much to kind of compete a little bit more on price. Thank you, and I'll take it offline from there.

知道了。我只是想在這裡快速問一個有關關稅的問題。這是否能夠實現——您是否遇到過一些與某些投入或成本削減有關的問題，或者預見了這些問題的發生。您能否提醒我們美國本土的製造業與美國境外的製造業有何不同？關於關稅，我確實知道你們的一個競爭對手已經徵收了關稅附加費或計劃徵收關稅附加費。假設您確實擁有更多的美國製造業，並且不會受到太多影響，那麼是否存在機會在價格上進行更多競爭？謝謝，我將從那裡將其下線。

Yeah, I think that -- so we've been evaluating tariffs from every direction, like all of our peers, I'm certainly sure they have been and at this point we certainly could implement a surcharge. At this point, we feel like our supply chain is in a position where we don't think there's a significant impact and therefore we don't need to burden our customers with a price increase unless we really start to feel the effects.

是的，我認為——所以我們一直在從各個方向評估關稅，就像我們所有的同行一樣，我確信他們已經這樣做了，而且在這一點上我們肯定可以實施附加費。目前，我們認為我們的供應鏈不會受到重大影響，因此，除非我們真正開始感受到影響，否則我們不需要透過漲價來加重客戶的負擔。

When you think about where our supply chain on chips, on smart cells, that's a long supply chain, so we carry a fair bit of inventory that won't be subject to terror for quite a while here. We have -- most of our inbound products, we don't source a lot from China, so you know perhaps some of our suppliers do and we will ultimately see some impact for that but so far you know we haven't seen a dramatic impact.

當你考慮我們的晶片、智慧電池供應鏈時，這是一個很長的供應鏈，所以我們持有相當多的庫存，這些庫存在相當長的一段時間內不會受到恐怖攻擊。我們的大部分進口產品並不大量來自中國，所以你知道也許我們的一些供應商會這樣做，我們最終會看到一些影響，但到目前為止，我們還沒有看到顯著的影響。

And if we do, we may have to implement a surcharge like others might, but we want to make sure that we continue to grow our opportunity and you know one of the things we've been trying to do is make the system more economical and so to the extent we can manage our gross margins within the ranges that we expect. And we can ship our products globally around the world. We're going to really support our customers here and continue to grow our business. But if we do see some real challenges, we may have to implement something like that down the road, but we're just going to keep monitoring. At this point we feel pretty good about what we're doing.

如果我們這樣做，我們可能必須像其他人一樣徵收附加費，但我們希望確保我們繼續增加機會，而且您知道我們一直在努力做的事情之一就是使系統更加經濟，從而我們可以將毛利率控制在我們預期的範圍內。我們可以將產品運往世界各地。我們將真正支持我們的客戶並繼續發展我們的業務。但如果我們確實看到一些真正的挑戰，我們可能不得不在未來實施類似的措施，但我們會繼續監控。目前，我們對自己所做的事情感到非常滿意。

Thank you.

謝謝。

Thanks for the, yeah.

是的，謝謝你。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Hi, this is William Ruby on for Dan. Thank you for the questions. I've got two questions. One would just be if you could just kind of walk through your demand trends in EMEA in your funnel there. And then there's a broader question on your long-term plans to get the free cash flow positive. What are the key drivers for this? What has to happen for this to happen, and how is the current environment impacting your ability to get there? Thank you.

大家好，我是 William Ruby，代表 Dan。謝謝您的提問。我有兩個問題。其中一個方法是，您可以在那裡的頻道中瀏覽一下 EMEA 地區的需求趨勢。然後還有一個更廣泛的問題，關於您實現自由現金流為正的長期計劃。造成這現象的關鍵驅動因素是什麼？為了實現這一目標，需要做什麼？當前的環境如何影響您實現這一目標的能力？謝謝。

Yeah, good question, William. First, EMEA, we expect EMEA to be our fastest growing region for the year, and that's really driven by the rare disease market. We're seeing a great uptake in Revio in EMEA because that's where -- they really are leading the rare disease charge and leveraging the power of HiFi to drive rare disease and we're seeing that in the Netherlands, we're seeing in Sweden, we're seeing in Denmark. I believe Zurich, an order from Zurich this quarter came in for that exact reason. We're seeing it in Germany. So it's a pretty broad institute in France this quarter had a in Q1 had a Revio as, well.

是的，威廉，問得好。首先，我們預計歐洲、中東和非洲地區將成為我們今年成長最快的地區，而這主要是由罕見疾病市場所推動的。我們看到 Revio 在歐洲、中東和非洲地區 (EMEA) 的普及度大幅提升，因為那裡是罕見疾病治療領域的真正領導者，他們利用 HiFi 的力量推動罕見疾病治療，我們在荷蘭、瑞典和丹麥都看到了這一點。我相信蘇黎世，本季來自蘇黎世的訂單正是因為這個原因。我們在德國看到了它。因此，這是法國一個相當廣泛的機構，本季在第一季也有一個 Revio。

So it's being -- it seems as though that's accelerating and if you look at the demand, I think that's -- in Europe in particular, that's really where we're seeing some strong Revio opportunities, but we're also seeing Vega opportunities with the smaller customers, new customers in the UK, which has traditionally been driven by Sanger as our biggest customer, but now we're getting traction across the board there. So I think EMEA, we do expect it to be our fastest-growing region for the year and we'll see how that's going.

所以它正在 — — 看起來好像正在加速，如果你看一下需求，我認為 — — 特別是在歐洲，我們確實看到了一些強大的 Revio 機會，但我們也看到了 Vega 在英國的小客戶和新客戶方面的機會，傳統上，Sanger 是我們最大的客戶，但現在我們正在那裡全面獲得發展。因此我認為，我們確實預計 EMEA 將成為我們今年成長最快的地區，我們將拭​​目以待其發展。

With respect to free cash flow, what has to happen for us to get to cash flow break even in 2027? There's really a couple of fundamental things. First, we do have to grow from here on the top line. So Revio has to continue growing. Consumables have to continue growing. Just to reiterate, right, we had an all-time record Q1 quarter, $20.1 million in Consumables. That's going to really help us as we as we see consistent Consumable usage growing in that area. So I think that that has to keep going.

就自由現金流而言，我們需要做些什麼才能在 2027 年達到現金流收支平衡？確實存在一些基本的事情。首先，我們確實必須從現在開始實現營收成長。因此 Revio 必須繼續發展。消耗品必須持續成長。重申一下，我們第一季的消耗品銷售額創下了歷史新高，達到 2,010 萬美元。這將對我們有很大幫助，因為我們看到該地區消耗品的使用量持續成長。所以我認為這必須繼續下去。

Second, we have to continue to drive innovation to make Revio more valuable so we can continue to drive placements, which will improve our top line and then third, we do expect that the ultra-high-throughput short-long read system will start to contribute to revenue in this horizon and so it's important to get revenue from that as well. So we need to see our revenues grow. We do need to see our gross margin expand from where we were in 2024 and you know we do think we have a very strong pathway to make that happen and you saw Q1, we're after a great start there at over 40%, so I'm actually really proud of that.

其次，我們必須繼續推動創新，使 Revio 更有價值，這樣我們才能繼續推動佈局，從而提高我們的營收。第三，我們確實預期超高吞吐量短長讀取系統將開始為這一領域的收入做出貢獻，因此從中獲取收入也很重要。所以我們需要看到我們的收入成長。我們確實需要看到我們的毛利率在 2024 年的基礎上有所擴大，而且您知道我們確實認為我們有非常強大的途徑來實現這一目標，而且您看到第一季度，我們的毛利率超過了 40%，這是一個良好的開端，所以我對此感到非常自豪。

And then we have to be tight and manage expenses. We saw -- we had a significant reduction in spending last year. We have another significant spending this year. We'll get the full benefit of the restructuring in April through the remainder of this year, but really the whole benefit will be felt in '26. And I think the combo of those is really what sets us up to get the cash flow break even by the end of Q4 of 2027.

然後我們必須嚴格控制開支。我們看到——去年我們的支出大幅減少。今年我們還有另一項重大支出。我們將在今年 4 月到今年剩餘時間內充分享受重組的好處，但真正感受到全部好處要到 2026 年。我認為這些因素的結合確實使我們在 2027 年第四季末實現現金流收支平衡。

You saw that our cash burn this year is roughly what, $115 million for guidance -- our guided cash burn, and so we've made dramatic strides in improving our cash burn and we will continue to do so and so we have a lot of there's a lot of excitement. We have to grow our revenues from here in order to make all of this work. There's no doubt about that, but we have the products, we have the innovation. And I do think even in this challenging environment, customers are using their sequencers and those sequencers are driving Consumable revenue, which is good gross margin. So hopefully that helps.

大家看到了，我們今年的現金消耗大約是 1.15 億美元的指導金額——我們的指導現金消耗，所以我們在改善現金消耗方面取得了巨大進步，我們將繼續這樣做，所以我們有很多的興奮。為了使這一切順利進行，我們必須從現在開始增加收入。毫無疑問，我們有產品，我們有創新。我確實認為，即使在這個充滿挑戰的環境中，客戶仍在使用他們的定序儀，而這些定序儀正在推動消耗品收入，這是良好的毛利率。希望這能有所幫助。

Thank you, yes.

謝謝，是的。

Cool. So we're at the bottom of the hour here, so we'll wrap up the call.

涼爽的。現在時間已經到了，我們該結束通話了。

Thank you, everybody, for joining. Looking forward to connecting with you all at the conferences and meetings ahead this quarter and have a good day. Bye-bye.

謝謝大家的參與。期待在本季的會議中與大家聯繫，祝大家有個愉快的一天。再見。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。感謝您的加入。現在您可以斷開線路了。