Pacific Biosciences of California Inc (PACB) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the PacBio second-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 PacBio 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係總監 Todd Friedman。請繼續。

Good afternoon, and welcome to PacBio's second-quarter 2025 earnings conference call. 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 as furnished on Form 8-K available on the Securities and Exchange Commission website at www.sec.gov. A copy of our earnings presentation is also available on the Investors section of our website.

下午好，歡迎參加 PacBio 2025 年第二季財報電話會議。今天早些時候，我們發布了一份新聞稿，概述了我們將在今天的電話會議上討論的財務表現。新聞稿副本可在我們網站 www.pacb.com 的「投資者」板塊獲取，或以美國證券交易委員會網站 www.sec.gov 的 8-K 表格形式獲取。我們的獲利報告副本也可在我們網站的「投資者」板塊取得。

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

今天與我一起的還有總裁兼執行長 Christian Henry 和財務長吉姆吉布森 (Jim Gibson)。

On 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 our actual results to differ materially from those projected or discussed.

在今天的電話會議上，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，可能導致我們的實際結果與預測或討論的結果有重大差異。

Please review our SEC filings, including our most recent Forms 10-Q and 10-K and our press release 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.

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. Reconciliations 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。我們的收益報告中列出了歷史美國 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 Investors section of our website. Those electing to use a 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'll now turn the call over to Christian.

現在我將把電話轉給克里斯蒂安。

Thank you, Todd, and good afternoon, everyone. Our financial results in the second quarter demonstrate that we continue to make significant progress towards our goal of increasing the adoption of our long-read sequencing platforms and driving the company towards positive cash flows. We delivered both year over year and sequential revenue growth, reduced our quarterly cash burn, and we are on track to achieve the strategic initiatives that we laid out earlier this year.

謝謝你，托德，大家下午好。我們第二季的財務結果表明，我們在提高長讀定序平台的採用率和推動公司實現正現金流的目標上繼續取得重大進展。我們實現了同比和環比收入成長，減少了季度現金消耗，並有望實現今年稍早制定的策略性舉措。

We reported $39.8 million in revenue, up 7% sequentially and 10%, compared to Q2 of last year. This was driven by strong international growth with revenue in our APAC and EMEA regions combined, up 45% compared to Q2 of 2024.

我們報告的營收為 3,980 萬美元，較上季成長 7%，與去年第二季相比成長 10%。這是由強勁的國際成長推動的，我們亞太地區和歐洲、中東和非洲地區的總收入與 2024 年第二季度相比增長了 45%。

Non-GAAP gross margin was 38.3%, ahead of our expectations, driven by a favorable product mix with a better-than-expected contribution from consumables. And we ended the quarter with approximately $315 million in cash and investments, also above plan, reflecting our continued cost discipline and lower-than-expected operating expenses.

非公認會計準則毛利率為 38.3%，高於我們的預期，這得益於有利的產品組合以及消耗品的貢獻優於預期。本季末，我們的現金和投資約為 3.15 億美元，也高於計劃，這反映了我們持續的成本控制和低於預期的營運費用。

Second quarter instrument revenue was $14.2 million, up sequentially and down 4% year over year, as funding constraints, particularly with academic and government customers continue to pressure higher CapEx purchases. Consumables were strong during the quarter with revenue totaling $18.9 million, up 11% year over year and ahead of our expectations. Annualized Revio pull-through remained within our expected range of the low to mid-$200,000s per system, with steady utilization across our installed base.

第二季儀器收入為 1,420 萬美元，環比成長，年減 4%，原因是資金限制（尤其是學術和政府客戶）繼續對更高的資本支出購買施加壓力。本季消耗品表現強勁，總營收達 1,890 萬美元，年增 11%，超出我們的預期。Revio 的年化拉通率仍然在我們預期的範圍內，即每套系統 20 萬美元左右，並且在整個安裝基礎上保持穩定利用率。

Our recently launched SPRQ chemistry is driving growth and expanding HiFi adoption. Compared to prior chemistry, it increases throughput up to 33%, lowers the cost per genome and reduces DNA input requirements four-fold. As a result, sequencing gigabase output hit an all-time high in Q2, up approximately 66% year over year.

我們最近推出的 SPRQ 化學品正在推動成長並擴大 HiFi 的採用。與先前的化學方法相比，它將吞吐量提高了 33%，降低了每個基因組的成本，並將 DNA 輸入要求減少了四倍。因此，第二季千兆鹼基定序產量創下歷史新高，年增約 66%。

Turning to the full year outlook. At this point, we are starting to see the impact from tariffs in China to be lower than we expected last quarter. However, it continues to be difficult to predict how tariffs will ultimately impact our business, particularly in China.

展望全年前景。目前，我們開始看到中國關稅的影響低於我們上個季度的預期。然而，仍然很難預測關稅最終將如何影響我們的業務，尤其是在中國。

Capital spending remains constrained, particularly among US academic institutions, which continue to face government funding headwinds and NIH-related uncertainty. Taking these factors into account, we are maintaining the midpoint of our full year revenue guidance and narrowing the range to $155 million to $165 million, representing 1% to 7% growth over 2024.

資本支出仍然受到限制，尤其是美國學術機構，它們繼續面臨政府資金阻力和與 NIH 相關的不確定性。考慮到這些因素，我們維持全年營收預期的中點，並將範圍縮小至 1.55 億美元至 1.65 億美元，相當於 2024 年成長 1% 至 7%。

At the midpoint, this assumes mid-teen growth in consumables revenue as Revio utilization continues to ramp across a growing installed base, partially offset by mid-teen decline in instrument revenue due to the current macroeconomic environment, including uncertainty around academic funding.

中間值假設，隨著 Revio 利用率在不斷增長的安裝基數中持續攀升，消耗品收入將出現十幾歲的中段增長，但由於當前宏觀經濟環境（包括學術資金的不確定性）導致儀器收入出現十幾歲的中段下降，這一增長被部分抵消。

Despite these macroeconomic headwinds, we continue to see broad adoption of our HiFi sequencing platforms across research, translational, and clinical markets. In the second quarter, we shipped 15 Revio systems and 38 Vega systems, bringing our cumulative total of installed base to 297 Revio and 73 Vega systems.

儘管存在這些宏觀經濟逆風，我們仍然看到我們的 HiFi 定序平台在研究、轉換和臨床市場中廣泛應用。第二季度，我們出貨了 15 套 Revio 系統和 38 套 Vega 系統，使我們的累計安裝基數達到 297 套 Revio 系統和 73 套 Vega 系統。

On the Revio side, 60% of the placements went to brand-new customers and one-third were to LDT, diagnostic or hospital labs, encouraging signs that HiFi is gaining share in these labs, replacing a number of legacy technologies. This is especially true in genetic and rare disease testing.

在 Revio 方面，60% 的展示位置給了全新客戶，三分之一的展示位置給了 LDT、診斷或醫院實驗室，這令人鼓舞的跡象表明 HiFi 正在這些實驗室中獲得份額，並取代了許多傳統技術。在基因和罕見疾病檢測中尤其如此。

A few recent examples include: Variantyx, a diagnostics lab based in Boston and a new to PacBio customer that is seeking to improve key genetic disease assays by using Revio and PacBio HiFi sequencing in lieu of legacy sequencing technologies.

最近的一些例子包括：Variantyx，一家位於波士頓的診斷實驗室，也是 PacBio 的新客戶，它正在尋求透過使用 Revio 和 PacBio HiFi 定序代替傳統定序技術來改進關鍵的遺傳疾病檢測。

GeneDx also added another Revio to its fleet in the second quarter and plans to incorporate our PureTarget chemistry to further advance key tests. Additionally, we placed additional Revio systems into hospital systems in Northern Europe, where HiFi is being used to advance the understanding and improve solve rates for rare disease at scale.

GeneDx 也在第二季增加了另一台 Revio，並計劃結合我們的 PureTarget 化學技術進一步推進關鍵測試。此外，我們還在北歐的醫院系統中安裝了更多的 Revio 系統，在那裡，HiFi 被用來加深對罕見疾病的了解並提高對罕見疾病的大規模解決率。

Turning to Vega. The PacBio team has built a robust platform. We're extremely pleased with the system's continued momentum and strong performance in the field. In the second quarter, nearly 60% of Vega shipments were to new PacBio customers. And since launching in very late Q4 last year, Vega has brought over 40 new laboratories into the PacBio ecosystem, a number we expect to grow into the future.

轉向織女星。PacBio 團隊已經建立了一個強大的平台。我們對該系統在該領域的持續發展勢頭和強勁表現感到非常高興。第二季度，Vega 近 60% 的出貨量都來自 PacBio 的新客戶。自去年第四季末推出以來，Vega 已為 PacBio 生態系統帶來了 40 多個新實驗室，我們預計未來這個數字將繼續成長。

Importantly, Vega is not just broadening our customer base, it's also expanding the range of applications HiFi can support. We're seeing strong adoption among smaller labs and new market segments and approximately 70% of Vega customers are using the platform for non-whole genome applications, including small amplicon sequencing, targeted panels, and microbial genomics.

重要的是，Vega 不僅擴大了我們的客戶群，還擴大了 HiFi 可以支援的應用範圍。我們看到小型實驗室和新市場領域對該平台的採用率很高，大約 70% 的 Vega 客戶正在使用該平台進行非全基因組應用，包括小型擴增子定序、靶向面板和微生物基因組學。

That's exactly the kind of accessibility and versatility we designed Vega to deliver, and it's performing exceptionally well. Customer runs consistently exceed our specifications across a range of insert sizes with HiFi read lengths and yields often surpassing expectations.

這正是我們設計 Vega 時所希望實現的可及性和多功能性，而且它的表現非常出色。在各種插入尺寸中，客戶的運作始終超出我們的規格，而 HiFi 讀取長度和產量通常超出預期。

At the Charles University in Prague, for example, one researcher shared how switching to Vega has significantly improved his lab's scientific output. By eliminating months of troubleshooting associated with incomplete short-read data, he's able to double his publication rate while significantly improving data quality, starting projects with complete chromosomes from the outset.

例如，在布拉格查理大學，一位研究人員分享瞭如何透過改用 Vega 顯著提高其實驗室的科學產出。透過省去數月與不完整短讀數據相關的故障排除工作，他能夠將出版率提高一倍，同時顯著提高數據質量，從一開始就啟動具有完整染色體的計畫。

With its lower capital cost, compact footprint and integrated analysis tools, we believe Vega is opening new segments of the genomics market to PacBio, including labs and institutions that were previously out of reach for long-read platforms.

我們相信，憑藉較低的資本成本、緊湊的佔地面積和整合的分析工具，Vega 正在為 PacBio 開闢基因組學市場的新領域，包括以前無法使用長讀平台的實驗室和機構。

Miami University in Ohio is another great example. Researchers at the institution shared that the system was intuitive to operate with streamlined informatics capabilities, and they plan to use the platform across a wide range of applications, including single cell, epigenetics, and immunology. They also noted that Vega is more cost effective than the leading low-throughput short-read next-generation sequencing platform with run costs that align well with the funding models common in many academic and translational research settings. We're also seeing growing momentum in population scale and multi-omic initiatives around the world.

俄亥俄州的邁阿密大學是另一個很好的例子。該機構的研究人員表示，該系統操作直觀，具有簡化的資訊學功能，他們計劃將該平台用於單細胞、表觀遺傳學和免疫學等廣泛的應用領域。他們還指出，Vega 比領先的低通量短讀下一代定序平台更具成本效益，其運作成本與許多學術和轉化研究環境中常見的資助模式非常吻合。我們也看到世界各地人口規模和多組學計劃的勢頭日益增強。

In July, PacBio HiFi technology powered the first Arab human pangenome published in Nature Communications. This study uncovered millions of previously undetected variants, reinforcing the importance of long-read accuracy when it comes to capturing genetic diversity and improving reference genomes. We believe studies like this demonstrate why highly accurate long-read sequencing is foundational to large-scale population genomics programs, especially those seeking to expand inclusion across historically underrepresented groups.

7 月，PacBio HiFi 技術輔助《自然通訊》雜誌發表首個阿拉伯人類泛基因組。這項研究發現了數百萬個以前未被發現的變異，強調了在捕獲遺傳多樣性和改進參考基因組時長讀取準確性的重要性。我們相信，這樣的研究證明了為什麼高度準確的長讀測序是大規模人口基因組學計畫的基礎，特別是那些尋求擴大歷史上代表性不足的群體的包容性的計畫。

We also recently announced that PacBio has joined the 1,000 Genomes Long-Read Project, a major global effort that is expanding beyond its original nanopore-only design to now include HiFi-based sequencing. As part of this next phase, PacBio plans to contribute full isoform -- full-length isoform RNA data from roughly 1,000 samples using our Kinnex RNA kits and Revio systems.

我們最近還宣布，PacBio 已加入 1,000 基因組長讀項目，這是一項重大的全球性努力，其範圍從最初的純奈米孔設計擴展到現在包括基於 HiFi 的測序。作為下一階段的一部分，PacBio 計劃使用我們的 Kinnex RNA 試劑盒和 Revio 系統貢獻來自約 1,000 個樣本的完整異構體 - 全長異構體 RNA 數據。

The program's leaders specifically selected Kinnex for its data quality, isoform resolution and throughput, offering what we believe is a clear advantage over existing short-read and long-read transcriptomic methods. With simplified prep, low RNA input requirements and scalable output, Kinnex is uniquely suited for large-scale multi-population studies.

該計畫的領導者特別選擇了 Kinnex，因為它的數據品質、異構體分辨率和吞吐量，我們認為它比現有的短讀和長讀轉錄組方法具有明顯的優勢。Kinnex 具有簡化的準備、低 RNA 輸入要求和可擴展的輸出，特別適合大規模多群體研究。

This collaboration highlights how researchers are increasingly turning to HiFi and Kinnex to drive deeper insight into gene regulation and transcript diversity at population scale. As previously mentioned, we re seeing continued progress in clinical sequencing applications as well. Quest Diagnostics, for example, announced that its Athena Diagnostics division is using PacBio HiFi sequencing to enhance its Ataxia movement disorder panel. Built on Revio and powered by our PureTarget chemistry, this assay can detect repeat expansions and complex variants that can be frequently missed by conventional shortread tests. It s a clear example of how HiFi sequencing is making its way into routine clinical workflows, enabling more comprehensive and accurate testing. We re also expanding our clinical footprint internationally.

此次合作凸顯了研究人員越來越多地利用 HiFi 和 Kinnex 來更深入了解群體規模的基因調控和轉錄多樣性。如前所述，我們也看到臨床定序應用不斷取得進展。例如，Quest Diagnostics 宣布其 Athena Diagnostics 部門正在使用 PacBio HiFi 定序來增強其共濟失調運動障礙面板。該檢測基於 Revio 並由我們的 PureTarget 化學技術提供支持，可以檢測傳統短讀測試經常遺漏的重複擴展和複雜變體。這是一個清晰的例子，說明 HiFi 定序如何進入常規臨床工作流程，以實現更全面、更準確的測試。我們也在國際上擴大我們的臨床影響力。

Recently, we announced a new agreement with Haorui Gene, a leading genomics distributor in China with deep expertise bringing long-read sequencing into clinical use. Haorui has already played a pivotal role in advancing HiFi-based testing in the region. They launched a HiFi-based HLA typing product in 2022 and they ve since deepened collaborations with major blood centers to expand national research efforts in rare blood classification and antigen mapping, applications that demand the high-resolution, allele-level accuracy that HiFi uniquely provides. Through this partnership, we expect to further grow our clinical presence in transfusion medicine and hematology in China. In translational research, we were honored to be selected by Target ALS to support the largest global ALS genomics study utilizing HiFi sequencing to date.

最近，我們宣布與中國領先的基因組學分銷商昊瑞基因達成一項新協議，昊瑞基因在將長讀定序引入臨床應用方面擁有深厚的專業知識。昊銳已經在推動該地區基於 HiFi 的測試方面發揮了關鍵作用。他們於 2022 年推出了基於 HiFi 的 HLA 分型產品，此後他們不斷深化與主要血液中心的合作，以擴大國家在稀有血液分類和抗原圖譜方面的研究力度，這些應用需要 HiFi 獨特提供的高分辨率、等位基因級準確度。透過此次合作，我們希望進一步擴大我們在中國輸血醫學和血液學領域的臨床影響力。在轉化研究領域，我們很榮幸被 Target ALS 選中，支持迄今為止利用 HiFi 定序進行的全球最大規模的 ALS 基因組學研究。

This project is expected to use Revio to generate whole genome data from thousands of ALS patient samples, aiming to uncover the complex genetic contributors to this devastating disease and generate the largest long-read open-access database for ALS.

該計畫預計將利用 Revio 從數千個 ALS 患者樣本中產生全基因組數據，旨在揭示這種毀滅性疾病的複雜遺傳因素，並產生最大的 ALS 長讀開放存取資料庫。

ALS presents a challenging genetic landscape, marked by structural variants, repeat expansions, and noncoding elements, many of which are invisible to traditional sequencing. We believe HiFi s length and accuracy make it particularly capable of resolving these difficult regions, helping researchers discover new links between genetic variation and disease progression. And because the data from this study will be made broadly available, it has the potential to accelerate discoveries that lead to better diagnostics, new therapeutic targets, and ultimately, hope for people living with ALS.

ALS 呈現出一種具有挑戰性的遺傳格局，以結構變異、重複擴展和非編碼元素為特徵，其中許多元素在傳統測序中是不可見的。我們相信 HiFi 的長度和準確性使其特別能夠解決這些困難區域，幫助研究人員發現基因變異和疾病進展之間的新關聯。由於這項研究的數據將被廣泛傳播，它有可能加速人們的發現，從而帶來更好的診斷方法、新的治療目標，並最終為 ALS 患者帶來希望。

And beyond HiFi adoption, we re also helping define the next generation of genomic benchmarking. Earlier this week, a study published in Nature Methods introduced the Platinum Pedigree benchmark, the most comprehensive, family-based variant dataset ever released. Developed by scientists at PacBio alongside collaborators at the University of Washington, University of Utah, and others, this benchmark characterizes not just simple variants, but also complex and repeat-rich regions that have traditionally been excluded from reference datasets. This resource was used to retrain Google s DeepVariant AI model, resulting in a 34% reduction in erroneous variant calls genome-wide, with even greater improvements in the most difficult regions. It s a powerful validation of how HiFi data is improving the performance of AI-based tools and reinforcing PacBio s position as a leader in sequencing accuracy.

除了 HiFi 的採用之外，我們還協助定義下一代基因組基準測試。本週早些時候，《自然方法》雜誌發表的一項研究推出了 Platinum Pedigree 基準，這是迄今為止發布的最全面的基於家庭的變異數據集。該基準由 PacBio 的科學家與華盛頓大學、猶他大學等機構的合作者共同開發，它不僅表徵簡單的變異，還表徵傳統上被排除在參考資料集之外的複雜且重複豐富的區域。此資源用於重新訓練 Google 的 DeepVariant AI 模型，使全基因組範圍內的錯誤變異調用減少了 34%，並且在最困難的區域中取得了更大的改進。這有力地驗證了 HiFi 數據如何提高基於 AI 的工具的性能，並鞏固了 PacBio 在定序準確性方面的領先地位。

Looking ahead, we re also making strong progress in the development of our multi-use SMRT Cell capability, a key innovation that will allow customers to run a Revio SMRT Cell, the most expensive component of our consumable, multiple times. This is a major step toward reducing the cost per genome for our customers, and at the same time, improving our own gross margin. We believe this capability will help unlock larger-scale projects, increase flexibility, and create more value for customers doing high-throughput research and clinical sequencing. We look forward to sharing more about this innovative technology at a later date. I ll now hand the call to Jim to discuss financials before I finish with some closing remarks.

展望未來，我們在多用途 SMRT Cell 功能的開發方面也取得了長足的進步，這是一項關鍵的創新，它將允許客戶多次運行 Revio SMRT Cell（我們耗材中最昂貴的組件）。這是降低客戶每個基因組成本的重要一步，同時也能提高我們自己的毛利率。我們相信，這種能力將有助於解鎖更大規模的項目，提高靈活性，並為進行高通量研究和臨床定序的客戶創造更多價值。我們期待日後分享更多有關這項創新技術的資訊。現在我將把電話交給吉姆來討論財務問題，然後再做最後的總結。

Jim?

吉姆？

Thank you, Christian. I will be discussing non-GAAP results, which include noncash stock-based compensation expense. I encourage you to review a reconciliation of GAAP to non-GAAP financial measures in our earnings press release. As discussed, we reported $39.8 million in product, service, and other revenue in the second quarter of 2025, compared to $36 million in the second quarter of 2024.

謝謝你，克里斯蒂安。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。如上所述，我們報告 2025 年第二季的產品、服務和其他收入為 3,980 萬美元，而 2024 年第二季為 3,600 萬美元。

Instrument revenue in the second quarter was $14.2 million, a decrease of 4% from $14.7 million in the second quarter of 2024 due to lower Revio unit shipments, partially offset by 38 Vega systems as we commenced shipping this platform late last year. We ended the quarter with 297 cumulative Revio system shipments and 73 cumulative Vega system shipments.

第二季的儀器收入為 1,420 萬美元，較 2024 年第二季的 1,470 萬美元下降 4%，原因是 Revio 單位出貨量下降，但因我們去年年底開始出貨該平台，共計 38 台 Vega 系統，部分抵消了這一影響。本季結束時，Revio 系統累積出貨量為 297 台，Vega 系統累積出貨量為 73 台。

Turning to consumables, revenue of $18.9 million in the second quarter increased 11% from $17 million in the second quarter of 2024, with annualized Revio pull-through per system at approximately $219,000. Vega consumables continue to grow sequentially with the expansion of the installed base, and we anticipate providing an expected pull-through range at a later date once there is a larger and more established installed base.

談到消耗品，第二季的營收為 1,890 萬美元，較 2024 年第二季的 1,700 萬美元成長 11%，每套系統的年化 Revio 營收約為 219,000 美元。隨著安裝基數的擴大，Vega 消耗品繼續連續成長，我們預計，一旦擁有更大、更穩定的安裝基數，我們將在以後提供預期的拉動範圍。

Finally, service and other revenue grew approximately 57% to $6.7 million in the second quarter, compared to $4.3 million in the second quarter of 2024 driven by an increase in Revio service contract revenue and revenue related to a large population sequencing program in Southeast Asia. From a regional perspective, Americas revenue of $17.7 million decreased 15% compared to the second quarter of 2024 with the region most affected by government funding headwinds and NIH funding uncertainty.

最後，第二季服務和其他收入成長約 57% 至 670 萬美元，而 2024 年第二季為 430 萬美元，這得益於 Revio 服務合約收入和與東南亞大型人口定序計畫相關的收入的成長。從區域角度來看，美洲的收入為 1,770 萬美元，與 2024 年第二季相比下降了 15%，該地區受政府資金阻力和 NIH 資金不確定性的影響最大。

We're pleased to see Vega making progress with this customer base as over half the systems went to academic or government customers. For Asia Pacific, revenue of $12.6 million increased 53% compared to the second quarter of 2024 driven by increased Revio and Vega placements and increased revenue from a population sequencing project in Southeast Asia. EMEA revenue of $9.5 million increased 35% compared to the second quarter of 2024. Building off momentum in the first quarter, the region continued to see strength in Revio placements in the hospital and clinical research customer base and growing demand for the Vega platform.

我們很高興看到 Vega 在這個客戶群中取得了進展，因為超過一半的系統是針對學術或政府客戶。亞太地區營收為 1,260 萬美元，較 2024 年第二季成長 53%，這得益於 Revio 和 Vega 的投放增加以及東南亞人口定序計畫收入的增加。歐洲、中東和非洲地區營收為 950 萬美元，與 2024 年第二季相比成長了 35%。在第一季的發展勢頭的基礎上，該地區 Revio 在醫院和臨床研究客戶群中的佈局繼續保持強勁，對 Vega 平台的需求也不斷增長。

Moving down the P&L. Second quarter 2025 non-GAAP gross profit of $15.2 million represented a non-GAAP gross margin of 38%, compared to a non-GAAP gross profit of $13.2 million or 37% in the second quarter of 2024 primarily due to higher consumable margins. Consumable margins improved in the quarter as a result of lower Revio consumable per unit costs. This was partially offset by lower instrument margin as we work toward shipping our production-rate Vega systems in the second half of 2025.

降低損益。2025 年第二季非 GAAP 毛利為 1,520 萬美元，非 GAAP 毛利率為 38%，而 2024 年第二季非 GAAP 毛利為 1,320 萬美元，非 GAAP 毛利率為 37%，這主要是由於消耗品利潤率較高。由於 Revio 消耗品單位成本降低，本季消耗品利潤率有所提高。由於我們致力於在 2025 年下半年交付生產率的 Vega 系統，因此這一增長被較低的儀器利潤率部分抵消。

Non-GAAP operating expenses were $58.1 million in the second quarter of 2025, representing an 18% decrease from non-GAAP operating expenses of $71 million in the second quarter of 2024. Operating expenses in the second quarter of 2025 included noncash share-based compensation of $11 million, compared to $16.1 million in the second quarter of 2024. The decrease in both non-GAAP operating expenses and noncash stock-based compensation was primarily due to the restructuring initiative we implemented earlier this year. Regarding headcount, we ended the quarter with 491 employees compared to 575 at the end of 2024 and 581 at the end of the second quarter of 2024.

2025 年第二季非公認會計準則營運費用為 5,810 萬美元，較 2024 年第二季非公認會計準則營運費用 7,100 萬美元下降 18%。2025 年第二季的營運費用包括 1,100 萬美元的非現金股權激勵費用，而 2024 年第二季為 1,610 萬美元。非公認會計準則營業費用和非現金股票薪酬的減少主要歸因於我們今年稍早實施的重組措施。就員工人數而言，本季末我們的員工人數為 491 人，而 2024 年底為 575 人，2024 年第二季末為 581 人。

Non-GAAP net loss was $40.0 million representing $0.13 per share, in the second quarter of 2025, compared to a non-GAAP net loss of $55.2 million, representing $0.20 per share in the second quarter of 2024.

2025 年第二季非公認會計準則淨虧損為 4,000 萬美元，即每股 0.13 美元，而 2024 年第二季非公認會計準則淨虧損為 5,520 萬美元，即每股 0.20 美元。

We ended the second quarter of 2025 with $314.7 million in unrestricted cash and investments, compared with $389.9 million at December 31, 2024 and $343.1 million at March 31, 2025.

截至 2025 年第二季度，我們的非限制性現金和投資為 3.147 億美元，而 2024 年 12 月 31 日為 3.899 億美元，2025 年 3 月 31 日為 3.431 億美元。

Turning to guidance. As discussed earlier, we are maintaining our revenue guidance midpoint, but narrowing the range to $155 million to $165 million, as we believe the prior downside scenario to China in 2025 has been significantly mitigated while the upside case continues to be pressured by the academic funding environment. Like last quarter, this continues to be an extremely dynamic macro environment, especially with respect to trade policy and uncertainty surrounding future NIH funding.

轉向指導。如前所述，我們維持收入指導中點不變，但將範圍縮小至 1.55 億美元至 1.65 億美元，因為我們認為 2025 年中國之前的下行情景已得到顯著緩解，而上行情景繼續受到學術資助環境的壓力。與上一季一樣，這仍然是一個極具活力的宏觀環境，尤其是在貿易政策和未來 NIH 資金的不確定性方面。

Our guidance midpoint assumes consumable revenue grows in the mid-teens compared to 2024, partially offset by a mid-teens decline in instrument revenue. Consistent with the first half of 2025, we expect annual pull-through per Revio system to be in the low to mid-$200,000s.

我們的指導中點假設與 2024 年相比，消耗品收入將增加 15% 左右，但儀器收入將下降 15% 左右，從而部分抵消了這一增長。與 2025 年上半年的情況一致，我們預計每個 Revio 系統的年銷售額將在 20 萬美元左右。

In the Americas, our guidance continues to assume significant uncertainty in the broader academic research community, especially in the near term with accelerating activity in the clinical market anticipated to offset some of the potential headwinds.

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，特別是在短期內，臨床市場活動的加速預計將抵消一些潛在的阻力。

For Asia Pacific, we continue to anticipate revenue growth in the region in 2025, though we expect a slight sequential decline in Q3 compared to Q2 due to modest tariff-related order acceleration in the first half of the year.

對於亞太地區，我們繼續預期該地區 2025 年的營收將成長，但由於上半年與關稅相關的訂單加速，我們預計第三季的營收將與第二季相比略有下降。

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.

隨著人口定序計畫規模擴大、臨床環境中全基因組定序的成長以及我們透過 Vega 擴大客戶群，我們繼續預期 EMEA 將成為 2025 年成長最快的地區。

Looking at Q3 revenue we expect revenue to be roughly flat on a sequential and year-over-year basis, partially due to a sequential decline in APAC after a strong Q2.

從第三季的營收來看，我們預計第三季的營收將與上一季和去年同期基本持平，部分原因是亞太地區在第二季表現強勁之後出現環比下滑。

Moving down the P&L, with the first half of 2025 coming in better than we expected and per unit cost reductions expected on Revio instrument and consumables and the Vega system in the second half, we are raising our 2025 non-GAAP gross margin guidance range and now expect it to be between 37% and 40%, and we continue to expect to exit the year above 40%.

繼續看損益表，2025 年上半年的業績好於我們的預期，預計下半年 Revio 儀器和耗材以及 Vega 系統的單位成本將降低，因此我們上調了 2025 年非 GAAP 毛利率指導範圍，目前預計在 37% 至 40% 之間，並且我們繼續預計今年年底的毛利率將超過 40%。

As mentioned, we are operating in an environment with trade policy uncertainty and if the US enacts 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.

如上所述，我們正處於貿易政策不確定的環境中，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。

As of now, our guidance does not factor in a material increase in COGS related to tariffs. We continue to be focused on our spend and we now expect non-GAAP operating expenses to be in the range of $235 million to $240 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.

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。我們將繼續關注我們的支出，目前我們預計非 GAAP 營運費用將在 2.35 億至 2.4 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 now expect interest and other income to be between $6 million and $8 million in 2025, and the weighted average share count for EPS for the full year to be approximately 298 million. We continue to expect our ending balance of cash and investments to be approximately $270 million at the end of 2025. 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.

我們現在預計 2025 年的利息和其他收入將在 600 萬美元至 800 萬美元之間，全年每股收益的加權平均股數約為 2.98 億股。我們繼續預計，到 2025 年底，我們的現金和投資期末餘額將達到約 2.7 億美元。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。

We remain on track towards our plan to achieve positive cash flow by the end of 2027 and believe our $315 million in cash and investments as of June 30 will fund us through this transition.

我們仍在按照計劃，到 2027 年底實現正現金流，並相信截至 6 月 30 日的 3.15 億美元現金和投資將為我們完成這項轉型提供資金。

I ll 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，請他做最後的評論。

To close, I want to come back to the core of why we believe the company is positioned to deliver long-term value to its stakeholders. HiFi technology is fundamentally different from anything else in the market. It enables researchers and clinicians to read native single DNA molecules at lengths up to 25 kilobases with exceptional accuracy, while simultaneously detecting epigenetic modifications, such as 5mC and 6mA, in the same sequencing run at no additional cost. We believe no other platform matches this level of biological insight at scale.

最後，我想回到我們為什麼相信公司能夠為其利害關係人帶來長期價值的核心問題。HiFi 技術與市場上的其他技術有著根本的不同。它使研究人員和臨床醫生能夠以極高的精度讀取長達 25 千鹼基的天然單一 DNA 分子，同時在同一定序運行中檢測表觀遺傳修飾，例如 5mC 和 6mA，且無需額外費用。我們相信，沒有其他平台能夠達到這種規模的生物學洞察。

With SPRQ chemistry, Kinnex RNA kits, PureTarget panels, and our upcoming multi-use SMRT Cell capability, we re delivering true end-to-end solutions, reducing barriers to adoption through improved cost efficiency, higher throughput, and workflow simplicity. Together, these innovations are setting the stage for broader adoption in clinical and population-scale genomics.

借助 SPRQ 化學、Kinnex RNA 試劑盒、PureTarget 面板以及我們即將推出的多用途 SMRT Cell 功能，我們提供真正的端到端解決方案，透過提高成本效率、提高吞吐量和簡化工作流程來減少採用障礙。總之，這些創新為臨床和人口規模基因組學的更廣泛應用奠定了基礎。

We believe that we are well on the path to supporting not just tens of thousands of genomes, but ultimately hundreds of thousands, to even millions of genomes. And we re doing this with focus and financial discipline. By investing efficiently and narrowing our strategic priorities, we've meaningfully reduced our cash burn and are tracking toward our goal of becoming cash flow positive as we exit 2027. That s the opportunity ahead. That s why we've refocused on long-read innovation.

我們相信，我們正朝著支持不僅數萬個基因組，而且最終數十萬個甚至數百萬個基因組的目標邁進。我們正在集中精力並嚴格遵守財務紀律來做到這一點。透過有效投資和縮小策略重點，我們大幅減少了現金消耗，並朝著 2027 年實現現金流為正的目標邁進。這就是未來的機會。這就是我們重新關注長讀創新的原因。

And that s why we believe PacBio is well positioned to lead the next chapter of genomic medicine. With that, I'd like the operator to begin the Q&A portion of this call.

這就是為什麼我們相信 PacBio 有能力引領基因組醫學的新篇章。現在，我希望接線員開始本次通話的問答部分。

(Operator Instructions) David Westenberg, Piper Sandler.

（操作員指示）David Westenberg，Piper Sandler。

Great job on the quarter. I want to start off with the tough macro situation in the US. Are you seeing it impact just instruments? Are you seeing any kind of differences in consumable behavior, either by stocking or even putting off?

本季表現非常出色。我想先談談美國嚴峻的宏觀情勢。您看到它只影響儀器嗎？您是否發現消費行為有任何差異，無論是透過囤貨還是延遲？

And then I just wanted to follow up on that one and just ask, the Senate definitely sounds like they support NIH and will not allow the cuts to go through. Are you hearing the actual labs feeling that way? Or do they really need to see the proof in the pudding here?

然後我只是想跟進這個問題，只是想問一下，參議院聽起來肯定支持 NIH，並且不會允許削減開支。您是否聽到實際實驗室有這樣的感受？或者他們真的需要親眼見證嗎？

Yes. Thanks, David, and I appreciate the kind words on the quarter. We're proud of what we accomplished in Q2. It is -- the macro continues to be tough in the US and that certainly impacts instruments.

是的。謝謝，大衛，我很感激你對本季的善意評價。我們對第二季的成就感到自豪。確實如此——美國的宏觀經濟情勢依然嚴峻，這肯定會對金融工具產生影響。

In fact, most of our Revio placements were to commercial type providers and not academic customers in the quarter. And I think that's going to continue until we get some more clarity around NIH.

事實上，本季我們的 Revio 大部分產品都針對商業類型的供應商，而不是學術客戶。我認為這種情況會持續下去，直到我們對 NIH 有了更清晰的了解。

Consumables is a little bit different. What we're seeing is consumable utilization across the board has been basically pretty healthy and even trending up in some modest increments here and there. But what we don't -- what it's always difficult to know is what experiments are customers putting off because of the NIH uncertainty. And that's -- there certainly is some of that. But so far in the United States, that hasn't hurt our consumable revenue.

消耗品有點不同。我們看到的是，整體消耗品利用率基本上保持健康，甚至還出現了小幅上升的趨勢。但我們不知道的是——始終很難知道的是，由於 NIH 的不確定性，客戶會推遲哪些實驗。確實有這樣的情況。但到目前為止，在美國，這並沒有損害我們的消費品收入。

And we think the back half of the year will continue to look strong on the consumable front.

我們認為，今年下半年消費品市場將持續保持強勁動能。

With respect to the government and NIH, I do think customers are cautious. They are skeptical of the government right now in general because of all the upheaval. When I talk to funding bodies and administrators, the people making the decisions, there still is confusion. There still is high levels of uncertainty when funding will happen. And so we've heard the same thing you have that the Senate is very supportive of the NIH.

對於政府和 NIH，我確實認為客戶是謹慎的。由於發生的所有動亂，他們目前總體上對政府持懷疑態度。當我與資助機構、管理人員和決策者交談時，他們仍然感到困惑。何時提供融資仍存在很大的不確定性。我們也聽到了與您相同的消息，即參議院非常支持 NIH。

We believe that the cuts probably won't be as dire as perhaps has been outlined earlier in the year, but we will have to wait and see.

我們認為，削減幅度可能不會像今年稍早所概述的那樣嚴峻，但我們還需拭目以待。

Where I want to leave this at least with the NIH is the reality is the rest of the business across the world is growing extremely strong. We saw our international growth at 45%. In fact, EMEA individually grew 35% in the quarter and APAC grew 53% in the quarter. So these are really strong results, and they're really driven by -- in EMEA -- well, actually in both territories, increasing adoption and utilization of Revio with Vega driving our ability to land and expand across a much broader array of accounts than we ever could. So we're very encouraged by the portfolio right now, and we just have to figure out how to keep moving in the US in this tough macro.

我想至少向 NIH 指出的是，現實情況是，全球其他地區的業務都在極其強勁地成長。我們的國際業務成長率達到了 45%。事實上，歐洲、中東和非洲地區在本季成長了 35%，亞太地區在本季成長了 53%。所以這些都是非常強勁的成果，而且它們實際上是由 EMEA 推動的——實際上在兩個地區，Revio 的採用和利用率不斷提高，而 Vega 則推動著我們獲得和擴展比以往更廣泛的帳戶的能力。因此，我們對目前的投資組合感到非常鼓舞，我們只需要弄清楚如何在這種艱難的宏觀環境下繼續在美國發展。

Got it. I wanted to follow up on Vega because I think instrument revenue probably beat all of us. Can you talk about the dynamics? I mean, before Vega, I think we had this conversation about overcapacity in the market. You did mention 60% are new to new customers.

知道了。我想跟進 Vega，因為我認為儀器收入可能超過了我們所有人。能談談動態嗎？我的意思是，在 Vega 之前，我認為我們已經討論過市場產能過剩的問題。您確實提到 60% 是新客戶。

So I'm curious if these were predominantly actually ones that were outsourcing to large institutions in the past and you actually are seeing that dynamic where instead of sending it out to insources, they're in-sourcing it and you're seeing not this kind of overcapacity. So supply and demand are more in equilibrium today than maybe a few years or a few quarters ago.

所以我很好奇，這些實際上主要是過去外包給大型機構的，而你實際上看到的是這種動態，他們不是將其發送給內部來源，而是將其內部採購，而你看到的並不是這種產能過剩的情況。因此，今天的供需比幾年前或幾個季度前更加平衡。

Yes. I think that it's always -- when you look at the new customers, most of the time, those customers probably have done some experiments that have been outsourced to get them into long reads, but not always. And it's really the array of applications, microbial, small amplicon sequencing, targeted panels, things like that, that -- where Vega is a perfect fit. And so they can -- those customers can implement it in their lab with much faster turnaround than if they were to outsource it. At $169,000 at list price, it's a great bargain.

是的。我認為情況總是如此——當你看到新客戶時，大多數時候，這些客戶可能已經做了一些外包實驗，讓他們進行長時間閱讀，但並非總是如此。它確實適用於一系列應用，包括微生物、小型擴增子定序、標靶面板等，Vega 是完美的選擇。因此他們可以——那些客戶可以在他們的實驗室中實施它，並且比外包的速度要快得多。標價 169,000 美元，非常划算。

And in fact, if you look at Vega compared to low throughput short-read sequencers, leading short-read sequencers, it's actually cheaper to run Vega than it is to run those other low-throughput platforms. And so we're seeing some customers saying, hey, I've always wanted to get into long reads. And now, I'm surprised at how inexpensive it is and how easy it is to use, as I kind of pointed out in my prepared remarks.

事實上，如果將 Vega 與低通量短讀定序儀、領先的短讀定序儀進行比較，運行 Vega 實際上比運行其他低通量平台更便宜。因此，我們看到一些顧客說，嘿，我一直想讀長篇文章。現在，我很驚訝它如此便宜且如此易於使用，正如我在準備好的演講中指出的那樣。

And so I do think there's a bit of balance in the market relative to a few quarters ago, as you kind of said. And it was -- this has been the strategy that we outlined in 2021, quite frankly, that you have a suite of sequencers that meet the customers where they are with a combination of throughput, cost and relative performance, but all of them with the hallmark of PacBio HiFi, highly accurate epigenetics in every run for free and single molecule sequencing so that you can do a lot more with the product, so we'll see.

因此我確實認為與幾個季度前相比，市場有所平衡，正如您所說。坦白說，這是我們在 2021 年概述的策略，即您擁有一套能夠滿足客戶需求的定序儀，它兼具吞吐量、成本和相對性能，但所有測序儀都具有 PacBio HiFi 的標誌，每次運行都具有高度準確的表觀遺傳學，並且免費提供單分子測序，因此您可以使用該產品做更多的事情，我們拭目以待。

Thanks for the questions Dave. Gary, we'll take the next question in the queue.

謝謝戴夫的提問。加里，我們將回答隊列中的下一個問題。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

I wanted to talk about clinical customer adoption. It felt like in the script, you made a lot of progress on that front over the last few quarters. Is it possible to get a rough estimate of how much of your consumables are coming from clinical now and just how that growth rate compares to the overall?

我想談談臨床客戶的採用。感覺就像在劇本中一樣，在過去的幾個季度裡你在這方面取得了很大的進展。能否粗略估計現在有多少消耗品來自臨床，以及該成長率與整體成長率相比如何？

Yes. I mean, right now, it's roughly 15% of our consumables are coming from those clinical customers. And that's a figure that's growing, and we expect to see that continue to grow. Most of these clinical customers are still in validation phase and developing their assays and preparing them for prime time. A few of them like Quest have launched products, which is super exciting to see.

是的。我的意思是，目前，我們大約 15% 的消耗品來自那些臨床客戶。而且這個數字還在成長，我們預計它還會繼續成長。大多數臨床客戶仍處於驗證階段，正在開發他們的檢測方法並為黃金時段做準備。其中一些公司，例如 Quest，已經推出了產品，這非常令人興奮。

But -- so I do think 15% is -- as a proportion, probably will grow over time here and will be a key driver of consumable growth overall.

但是 - 所以我確實認為 15% 作為一個比例可能會隨著時間的推移而增長，並將成為整體消費品增長的主要驅動力。

And when we factor in translational clinical research too, so like the ALS program we're part of, that's not included in the 15%. 15% is mainly Dx and LDT labs or direct in hospitals for genetic disease. There's -- if you add in clinical research on top of that, it's a much larger figure.

當我們將轉化臨床研究也考慮在內時，例如我們參與的 ALS 項目，這不包括在 15% 內。 15% 主要是 Dx 和 LDT 實驗室或直接在醫院進行遺傳疾病研究。如果你再加上臨床研究，這個數字會更大。

Got it. And then the Revio pull-through in the quarter, I know it can bounce around a little bit. It stepped down from 1Q. The guide assumes it picks up. I was just curious the dynamics around pull-through in the quarter. Do you think any of the funding issues might have impacted that? And also, how did the SPRQ rollout kind of influence overall consumables revenue?

知道了。然後 Revio 在本季度取得突破，我知道它可能會出現一點反彈。它從第一季開始下滑。導遊假設它會拾起。我只是好奇本季的動態。您認為資金問題可能會對此產生影響嗎？此外，SPRQ 的推出對整體消耗品收入有何影響？

Yes. So if we think about pull-through, as always, it does bounce around from quarter-to-quarter. And in the quarter, it did step down a little bit from Q1. But in Q1, we had the Japan impact for example, that had a very significant bump to -- Japan was year-end, and therefore, we had an inordinately high number of consumables going into Japan in the quarter. And so that kind of helped boost Q1.

是的。因此，如果我們考慮拉動效應，一如既往，它確實會從一個季度到另一個季度出現波動。本季度，其業績確實較第一季略有下降。但在第一季度，我們受到了日本的影響，例如，日本是年底，因此，本季我們有大量消耗品流入日本。這有助於推動第一季的業績。

Q2, we really -- it was a pretty normalized quarter. I suspect that it's kind of bouncing around in the range. I don't expect it to -- I do think it will continue to bounce around in that range through the rest of this year and probably a key change point will be as we were talking about before with clinical is as these bigger customers start to use it in routine ways, I suspect that might have an impact on it.

Q2，我們確實－這是一個相當正常的季度。我懷疑它在某種程度上是在範圍內波動。我並不指望它會——我確實認為它會在今年剩餘時間內繼續在這個範圍內波動，可能一個關鍵的變化點就是，正如我們之前談到臨床時所說的那樣，隨著這些大客戶開始以常規方式使用它，我懷疑這可能會對它產生影響。

If you look at SPRQ, the SPRQ chemistry has been quite remarkable, actually. We were seeing up to a 33% improvement. So that's basically lowering the cost per sample for our customers and enabling more samples to get on the system. Could that have a modest impact in the short run? Perhaps.

如果你看 SPRQ，你會發現 SPRQ 的化學性質其實相當優秀。我們看到了高達 33% 的改善。因此，這實際上降低了客戶的每個樣品的成本，並使更多的樣品能夠進入系統。這在短期內會產生適度的影響嗎？也許。

We're seeing probably, at this point, though, over 90% of our runs are with the SPRQ chemistry. And so any pull-through impact from that will probably normalize itself out over, say, this quarter, next quarter. We're kind of seeing all of that adoption effectively happening now. So we'll start to see a normalized rate from it, if that makes any sense.

不過，目前我們可能看到，超過 90% 的運作都採用了 SPRQ 化學方法。因此，由此產生的任何拉動動作用可能都會在本季或下季逐漸恢復正常。我們現在看到所有這些採用都正在有效地進行。因此，如果有意義的話，我們將開始看到一個標準化的利率。

Kyle Mikson, Canaccord.

凱爾米克森（Kyle Mikson），Canaccord。

Congrats on the quarter. I'm going to ask a multipart question. The first is on the clinical, just as a follow-up to Jack. You said 33% or I guess, one-third of the Revio placements were to LDT or hospital labs and you're replacing legacy tech. I just want to ask if these labs are typically using multiple long-read technologies. I'm curious if you're winning head-to-head or permanently displacing legacy shorter long read.

恭喜本季取得佳績。我要問一個由多個部分組成的問題。第一個是關於臨床的，只是作為對傑克的後續。您說的是 33% 或我猜，三分之一的 Revio 部署是到 LDT 或醫院實驗室，而且您正在替換傳統技術。我只是想問一下這些實驗室是否通常使用多種長讀取技術。我很好奇您是否在正面交鋒中獲勝，或者是否永久地取代了傳統的短篇閱讀。

And then secondly, on the placements, I mean, the instruments were great in the quarter, as Dave said before. How are you thinking about placements going forward? Was there any pull forward, I guess, from areas besides Asia, for example, in the second quarter?

其次，關於配置，我的意思是，正如戴夫之前所說的，本季的工具非常棒。您對未來的安置有何考慮？我想，第二季度除了亞洲以外，其他地區是否也出現了拉力？

Kyle, can you repeat the second part of the question again because I didn't quite -- I didn't get it all written down actually.

凱爾，你能再重複問題的第二部分嗎？因為我沒有——實際上我沒有把它全部寫下來。

Yes. I just asked two upfront to avoid being taken off. So just instrument placements going forward, given it was -- you were ahead of expectations, at least our expectations in the second quarter. And I was thinking there might have been like a pull forward or like an acceleration from 3Q to 2Q. So just thinking about like a run rate for placements going forward if we should use the second quarter as a good basis.

是的。我只是提前問了兩個，以免被帶走。因此，就儀器的部署而言，鑑於這一點——您已經超出了預期，至少超出了我們第二季度的預期。我認為可能會出現從第三季到第二季的提前或加速。因此，我們只需考慮一下未來的安置運行率是否應該以第二季度作為一個良好的基礎。

Okay. Fair enough. Okay. We'll start with the clinical labs. So these -- many of these labs are using multiple technologies, multiple sequencing technologies. Most of them certainly use short-read sequencing technologies. And what's happening is that they're implementing our technology alongside the short-read sequencing technology to help them get answers that they couldn't get, and we're replacing legacy molecular biology techniques, such as various PCR, southern blot, other things.

好的。很公平。好的。我們將從臨床實驗室開始。因此，許多實驗室正在使用多種技術、多種定序技術。其中大多數肯定使用短讀測序技術。現在的情況是，他們正在將我們的技術與短讀測序技術結合使用，以幫助他們獲得以前無法獲得的答案，我們正在取代傳統的分子生物學技術，例如各種 PCR、Southern blot 等。

In some of the labs where we've won head-to-head, we are replacing other long-read technologies, which is exciting. But in many labs, they're running -- they're definitely running multiple technologies. What we're hearing from our customers is now that we've achieved the innovation with PureTarget and with SPRQ Chemistry, the economics of running Revio in a clinical setting are fit within their envelopes and the accuracy and the performance of our system and the ease of informatics is significantly better than other long-read technologies, which will help them be more efficient, save money and get better answers to patients.

在一些我們已經取得直接勝利的實驗室中，我們正在取代其他長讀技術，這是令人興奮的。但在許多實驗室中，他們正在運作——他們肯定正在運行多種技術。我們現在從客戶那裡聽到的是，我們已經透過 PureTarget 和 SPRQ Chemistry 實現了創新，在臨床環境中運行 Revio 的經濟性符合他們的要求，而且我們系統的準確性和性能以及資訊學的簡易性明顯優於其他長讀取技術，這將幫助他們提高效率、節省資金並為患者提供更好的答案。

And so we're very excited about what's happening in the clinical accounts. And we've designed our products to be very, very robust and very easy to use with clinical aspirations. And given the -- where most of the team has come from, you can imagine that's kind of just ingrained in what we're all about. So very excited about that.

因此，我們對臨床報告中發生的事情感到非常興奮。我們設計的產品非常堅固，並且非常容易用於臨床。考慮到團隊中大多數成員的出身，你可以想像這已經深深融入我們的理念中。我對此感到非常興奮。

If you look at instrument placements into the back half of the year, we expect to see Vega continue to grow. And we don't think we've hit the steady-state placement rate by any stretch. We do think there's a lot of opportunity there. The sales funnel continues to grow. One of the things that we're really excited about with respect to Vega is that we're seeing the sales cycle be much faster than Revio.

如果您查看下半年的儀器部署情況，我們預計 Vega 將持續成長。而且我們認為，無論如何，我們都沒有達到穩定的安置率。我們確實認為那裡有很多機會。銷售漏斗持續成長。對於 Vega，讓我們真正感到興奮的一件事是，我們發現它的銷售週期比 Revio 快得多。

And we're seeing lots of opportunities crop up in the first month of the quarter, for example, and close intra-quarter, which isn't that common, quite frankly, with Revio. And so, the velocity of sales of Vega is helping us, and I do expect to see us grow in the back half.

例如，我們看到很多機會出現在季度的第一個月，並且在季度內結束，坦白說，這對 Revio 來說並不常見。因此，Vega 的銷售速度對我們很有幫助，我確實希望看到我們下半年成長。

Vega will be dependent -- I mean, Revio will be dependent on how NIH funding kind of emerges. We still see tremendous amounts of opportunity internationally. And as we've said -- even as we said back in February, we thought Europe would be our fastest-growing region this year. We continue to believe that. A lot of that is based on rare disease work with Revio.

Vega 將依賴——我的意思是，Revio 將依賴 NIH 資金的來源方式。我們仍然看到國際上存在大量機會。正如我們所說的——甚至正如我們在二月所說的那樣，我們認為歐洲將是我們今年成長最快的地區。我們仍然相信這一點。其中很大一部分是基於 Revio 對罕見疾病的研究。

So I think that we will see -- our forecast now are kind of flattish on Revio sorts of placements as a baseline and maybe we'll do a little better some quarters, a little lower in some other quarters, if that helps.

所以我認為我們會看到——我們現在的預測以 Revio 類型的佈局為基準，是比較平緩的，也許在某些季度我們會做得更好一些，而在其他季度則會做得稍差一些，如果這有幫助的話。

Douglas Schenkel, Wolfe Research.

道格拉斯‧申克爾，沃爾夫研究中心。

Thanks for taking my questions. So my first question is just on -- not really trying to get a --?

感謝您回答我的問題。所以我的第一個問題只是──並不是真的想得到--？

Mr. Schenkel, (multiple speakers) your sound is breaking up.

申克爾先生，（多位發言者）您的聲音斷斷續續。

Doug, you broke up. Can you start over for us?

道格，你們分手了。你能為我們重新開始嗎？

Is that any better, guys?

各位，這樣好些了嗎？

Yes, it is, actually.

是的，確實如此。

Guys, can you hear me now?

夥計們，現在能聽到我說話嗎？

We can.

我們可以。

Okay. Very sorry about that. So the first one is on -- I was going to say backlog, but it's not really backlog. It's almost like the activity that's really close to officially getting an order on Vega and on Revio. I'm asking because I'm just wondering like how close you are to getting orders that you think would turn into orders and ultimately revenue if we get a good or better than bad or better than worst case NIH funding scenario.

好的。對此我深感抱歉。所以第一個是──我本來想說積壓，但其實不是積壓。這幾乎就像 Vega 和 Revio 上非常接近正式獲得訂單的活動。我之所以問這個問題，是因為我只是想知道，如果我們獲得好的、比壞的或比最壞的 NIH 資助方案更好的資助方案，您認為這些訂單最終會轉化為收入，您認為這些訂單有多接近最終的收入。

I'm wondering like if there's any way to quantify almost the pent-up demand that exists pending resolution. And I'm also wondering if that's a potential source of revenue upside this year or if that's something we should be contemplating as we look ahead to 2026.

我想知道是否有任何方法可以量化等待解決的被壓抑的需求。我還想知道這是否是今年收入成長的潛在來源，或者這是否是我們在展望 2026 年時應該考慮的事情。

Yeah. Doug, that's -- boy, that is a crystal ball question. No question about it. And thank you for that. The -- Todd and I were actually just talking about that before the call, looking at the third quarter forecast, and where we are right now. And what's really interesting is that the number of near forecasted opportunities is significant, much bigger than what we normally see.

是的。道格，那是－－小伙子，這是一個水晶球問題。毫無疑問。對此我表示感謝。實際上，托德和我剛才在電話會議之前就討論過這個問題，我們討論了第三季的預測以及我們目前的狀況。真正有趣的是，接近預測的機會數量非常多，比我們通常看到的要多得多。

And I think I would probably -- I'm speaking principally of Vega, by the way. And I would characterize that as probably what you're trying to get to. And I can't give you a number really. I don't think that really makes sense. But you are right that we're seeing a lot of opportunities that are near opportunities that we will -- that are not in the official forecast, but are near the forecast.

我想我可能會——順便說一下，我主要談論的是 Vega。我認為這可能是您想要達到的目的。我真的無法給你一個數字。我認為這確實沒有什麼意義。但您說得對，我們看到了很多接近我們預期的機會——這些機會不在官方預測中，但接近預測。

And so depending on, for example, let's say that there is a budget flush in the third quarter, some of those could probably come to fruition, which would likely be a source of upside for us. We're not anticipating any budget flush. I don't think that it -- until we get some resolution on what's going on with the NIH, it's difficult to know. But it certainly could be a source of opportunity. We're also seeing that outside -- even outside the United States, because the sales funnels are improving overall.

因此，舉例來說，假設第三季度出現預算充裕的情況，那麼其中一些可能會實現，這可能會為我們帶來好處。我們預計不會有任何預算激增的情況。我認為，除非我們能弄清楚 NIH 到底出了什麼問題，否則很難知道。但它無疑可能是個機會之源。我們也看到外部——甚至美國以外的地區——出現這種情況，因為銷售管道總體上正在改善。

And so what will be interesting for us to execute on in the second half is how do we accelerate those near opportunities into real opportunities that close that may not be completely dependent on NIH. They might be dependent on other macro factors. And I do think that, that's a source of potential upside for 2025 and certainly sets the stage for 2026.

因此，對我們來說，下半年要執行的有趣事情是，我們如何將這些即將出現的機會加速轉化為真正的機會，而這些機會可能不完全依賴 NIH。它們可能依賴其他宏觀因素。我確實認為，這是 2025 年的潛在上升空間，無疑為 2026 年奠定了基礎。

Okay. Super helpful. One technology road map question. You've talked about development of reusable SMRT Cells, understanding those would help reduce costs for customers. I'm just wondering which type of customers -- essentially, which customer class do you think would be more open to this? Is this something that you think could work on the research side? But as you think about clinical endeavors, is it really less relevant in that category?

好的。超有幫助。一個技術路線圖問題。您談到了可重複使用的 SMRT 單元的開發，了解這些將有助於降低客戶成本。我只是想知道哪種類型的客戶——本質上，您認為哪種客戶類別對此更開放？您認為這在研究方面可以發揮作用嗎？但是當您考慮臨床努力時，它在該類別中真的不太相關嗎？

Yeah, Doug. No, we've had lots of conversations with all kinds of different customers and customers are really excited about it, whether it's clinical customers or research customers. So we think it will be a broad adoption of this capability.

是的，道格。不，我們已經與各種不同的客戶進行過多次交談，客戶對此都非常興奮，無論是臨床客戶還是研究客戶。因此我們認為該功能將會被廣泛採用。

Now, we will -- we're going to be very thoughtful about how we roll this technology out because it is real innovation, and the industry hasn't seen this before in a meaningful sort of way. And so we will focus on our higher volume, high throughput customers likely first because they'll get the most benefit out of it. The way we will implement the technology will be in a very automated way. So it's very customer-friendly and simple, consistent with everything we try to do here at PacBio.

現在，我們將非常認真地考慮如何推廣這項技術，因為它是真正的創新，而且業界以前從未以有意義的方式見過它。因此，我們將首先關注我們的更大容量、高吞吐量客戶，因為他們將從中獲得最大的利益。我們將以高度自動化的方式實施該技術。因此，它非常方便客戶且簡單，與我們在 PacBio 嘗試做的一切一致。

And so we do think that that will really help those higher throughput customers, both on the clinical side and on the research side. And the beautiful thing about this technology is not only does it lower the cost per sample for our customers, it substantially increases our gross margin at the same time. So it's one of those unique innovations that provides a double win, lower prices and higher gross margins, which is what we're looking for.

因此，我們確實認為這將真正幫助那些更高吞吐量的客戶，無論是在臨床方面還是在研究方面。這項技術的妙處在於它不僅降低了客戶的每個樣品的成本，同時也大幅提高了我們的毛利率。因此，這是雙贏的獨特創新之一，即更低的價格和更高的毛利率，這正是我們所追求的。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

You saw a really strong performance outside the US, and I know you're assuming status quo with tariff environment. But how much growth internationally is factored into your guidance with respect to tariffs? And is there any risk that outperformance internationally could be a risk to guidance?

您看到了美國以外地區非常強勁的表現，我知道您假設關稅環境維持現狀。但是，在關稅方面的指導中，國際成長佔有多少呢？國際市場的優異表現是否會對市場指引造成風險？

Yes, Subbu, that's a great question. We've considered -- we have been thoughtful about how we think about tariffs and so we're not saying tariffs that we're out of the woods on tariffs. And so we've taken a pretty conservative view on that. In spite of that, we've seen substantial growth in the first half, and we think that will continue in the second half.

是的，Subbu，這是一個很好的問題。我們已經考慮過了——我們已經認真考慮過如何看待關稅問題，所以我們不會說我們已經擺脫了關稅困境。因此我們對此持相當保守的看法。儘管如此，我們還是看到了上半年的大幅成長，我們認為下半年將繼續保持這種成長動能。

Especially with respect to China, we've been -- the situation continues to be volatile and none of us really know where the answers are. So we have built our guidance around more conservative cases than less, but perhaps not as conservative as we were last quarter is the best way to see that. And the reality is we're already halfway through the year.

特別是對於中國，局勢持續動盪，我們誰也不知道答案在哪裡。因此，我們根據較保守的情況制定了指導方針，但也許不像上個季度那樣保守，這是最好的方式。而事實上，今年已經過去一半了。

So when you were looking into Q2, starting with Q2, you were -- if you remember, when we gave the guidance then, we were still all trying to grapple with Liberation Day and what China was saying, what we were saying and China was saying and what the US was saying about China. We think it's a little bit more clear now, but not much. So we didn't overreach on that at all. We're still taking a very conservative view with our guidance.

因此，當您研究第二季度時，從第二季度開始，您 - 如果您還記得的話，當我們當時給出指導時，我們仍在努力應對解放日以及中國所說的話、我們所說的話和中國所說的話以及美國對中國所說的話。我們認為現在情況稍微清楚了一點，但還不夠清楚。所以我們根本沒有做過多的嘗試。我們的指導仍非常保守。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

This is Priya on for Tycho. Just a question on pricing. Are you able to take price to account for tariff dynamics? I know one of your competitors had called out a 5% tariff surcharge. So I was wondering what your thoughts are on pricing there.

這是 Priya 為 Tycho 表演的。只是一個關於定價的問題。您能用價格來解釋關稅動態嗎？我知道你們的一個競爭對手已經要求徵收 5% 的關稅附加費。所以我想知道您對那裡的定價有何看法。

So we have not adjusted pricing for any tariff dynamics. And quite frankly, we're not really seeing any tariff impacts. And so -- at this point, and so I think that's masked as just a price increase, not a tariff surcharge. I think if we really were seeing tariff -- a significant impact from tariffs, we would certainly have to evaluate whether we either change our price or add a surcharge as others will do. But at this point, I don't think we've seen any substantial impact to merit kind of evaluating that, but we would if we needed to.

因此，我們沒有根據任何關稅動態調整定價。坦白說，我們實際上並沒有看到任何關稅影響。所以 — — 從這一點來看，我認為這只是價格上漲，而不是關稅附加費。我認為，如果我們真的看到關稅——關稅帶來的重大影響，我們肯定必須評估是否像其他人一樣改變價格或增加附加費。但目前，我認為我們還沒有看到任何值得評估的實質影響，但如果需要的話我們會這樣做。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

A lot has been asked here, but maybe I'll just stick to one. You've highlighted how some of these larger scale projects like the Estonia Biobank have helped driven strength in Europe. How concentrated, I guess, is 2025 revenue in these types of initiatives? And do you see similar opportunities, similar POPSEQ projects on the horizon that could sustain EMEA growth into 2026?

這裡已經問了很多問題，但也許我只會堅持一個。您強調了愛沙尼亞生物庫等一些較大規模的項目如何幫助增強歐洲的實力。我猜想，2025 年的收入在多大程度上集中在這些類型的計畫？您是否看到了類似的機會、類似的 POPSEQ 項目，可以維持 EMEA 地區在 2026 年的成長？

Yes. Great question, Mason. Thank you so much. So you're right, the larger scale like the Estonia project has helped buoy some of the growth in Europe. But one thing I'll point out is in the second quarter, the European team placed Revio's into several hospitals in the Nordic region for rare disease, clinical -- routine clinical rare disease, starting with translational research, but really moving into what you could consider national programs for rare disease.

是的。好問題，梅森。太感謝了。所以你說得對，像愛沙尼亞計畫這樣規模更大的計畫確實幫助促進了歐洲的一些成長。但我要指出的一點是，在第二季度，歐洲團隊將 Revio 放入北歐地區的幾家醫院，用於治療罕見疾病、臨床——常規臨床罕見疾病，從轉化研究開始，但實際上進入了可以考慮的國家罕見疾病計畫。

And so the growth in Europe has actually been much broader based than just the Estonia project. It has been with principally in what we're seeing in a rare disease in the hospital setting. So this is all clinical, and it's happening throughout the Nordics and into the continent of Europe itself. And so we're actually pretty excited about that.

因此，歐洲的成長實際上比愛沙尼亞計畫更為廣泛。這主要與我們在醫院環境中觀察到的罕見疾病有關。所以這都是臨床現象，它發生在整個北歐地區和歐洲大陸。因此我們對此感到非常興奮。

Looking at the rest of the world, there are several POPSEQ programs that are percolating around and moving forward, whether that's the Precise CRISPR program continuing on in Singapore, programs in Thailand, programs in other parts of the world as well. These are all significant opportunities, and I wouldn't be surprised if in 2026, some of these projects actually start driving PacBio's revenue growth.

看看世界其他地區，有幾個 POPSEQ 項目正在滲透和推進，無論是新加坡正在繼續進行的 Precise CRISPR 項目，還是泰國的項目，以及世界其他地區的項目。這些都是重大機遇，如果到 2026 年，其中一些項目實際上開始推動 PacBio 的收入成長，我不會感到驚訝。

We haven't -- I don't want to report on anything we don't -- any projects we don't have yet, but I do think that there's a lot of substantial opportunity. And there's -- and these are principally outside the United States where there's funding available. So stay tuned on that, and I look forward to keeping you posted.

我們沒有——我不想報道任何我們尚未開展的項目，但我確實認為有很多實質的機會。而且 — — 這些主要都在美國境外，那裡有可用的資金。因此請繼續關注，我期待向您通報最新情況。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

This is [Jake] on for Luke. So you mentioned not being able to supply some customers with SPRQ reagents at the end of 1Q, so you had some back orders. Have those capacity constraints been addressed? And could you quantify how much of 2Q consumable revenue was pushed out from 1Q, if it was material?

這是 [Jake] 為 Luke 表演的。所以您提到在第一季末無法向一些客戶提供 SPRQ 試劑，所以您有一些積壓訂單。這些容量限制是否已解決？如果這是實質的話，您能否量化第二季消耗品收入中有多少是第一季的？

Yes. I mean I think we had -- we did have some back order in Q1, and we resolved a lot of that during the quarter. It's not really a material push into Q3 at this point. I think we've solved the vast majority of the issues.

是的。我的意思是，我認為我們在第一季確實有一些積壓訂單，我們在本季解決了其中的大部分問題。目前，這實際上並沒有對第三季產生實質的推動作用。我認為我們已經解決了絕大多數問題。

Tom Stevens, Cowen and Company.

湯姆史蒂文斯，考恩公司。

Just another one on the reusable flow cell. So are you guys still committed to scaling throughput longer term? Or has the model switched to kind of consistent throughput but much higher gross margin? And then I've got another follow-up on kind of your unit costs.

這只是可重複使用流動池上的另一個。那麼你們是否仍致力於長期擴大吞吐量？或者該模式是否已轉變為吞吐量穩定但毛利率較高的模式？然後，我將對您的單位成本進行另一次跟進。

Yes. No. So consistent with our strategy, our objective is to deliver not only lower cost and higher gross margin, but also higher throughput. Our objective is to get close to price parity with short-read sequencing and at the same time, get close to parity with the scale of short-read sequencing, too. We think the future will require both for us to achieve both of those aspects.

是的。不。因此，與我們的策略一致，我們的目標不僅是降低成本、提高毛利率，還要提高產量。我們的目標是使價格與短讀定序接近平價，同時使規模與短讀定序接近平價。我們認為未來我們需要兩者兼顧才能實現這兩個面向。

We're starting with -- we have programs in place to develop a higher throughput sequencer. You can imagine we're always working on those kinds of projects. And then at the same time, we are developing the multi-use SMRT Cell that will enable lower prices. And so the combination will enable us to be successful at competing for the millions of samples that are available in the market for us to go after. So we've got both going on.

我們已經開始——我們已經制定了開發更高吞吐量定序儀的計劃。你可以想像我們一直在從事這類專案。同時，我們正在開發多用途 SMRT Cell，以降低價格。因此，這種結合將使我們能夠成功競爭市場上數百萬個可供我們追求的樣品。所以，我們兩個都在進行。

That's really helpful. And then just a quick one on kind of unit costs. You've obviously made really, really good progress here in a kind of low revenue environment. Have you changed how you guys are perceiving the long-term gross margin outlook given kind of the effective unit cost cuts you've been able to make in the last couple of quarters? Or is this just executing on a plan you guys already had in place?

這真的很有幫助。然後簡單介紹一下單位成本。顯然，在低收入環境下，你們已經取得了非常非常好的進展。鑑於過去幾季你們已經有效地削減了單位成本，你們對長期毛利率前景的看法是否發生了變化？或者這只是執行你們已經制定的計劃？

Well, I think we haven't updated our long-term gross margin guidance, and perhaps we'll do that at another time. But of course, our objective is to dramatically increase our gross margins from here. And part of that is making fundamental innovation improvements, both on the SMRT Cell side and on the instrument side. And we're making progress every quarter on driving the cost of instrumentation down, increasing the yields of SMRT Cells. We had near record yields for SMRT Cells in the second quarter, which is helping push us forward.

嗯，我想我們還沒有更新我們的長期毛利率指導，也許我們會在另一個時間更新。但當然，我們的目標是大幅提高我們的毛利率。其中一部分是對 SMRT 單元和儀器方面進行根本性的創新改進。我們每季都在降低儀器成本、提高 SMRT 電池產量方面取得進展。SMRT Cells 在第二季度的收益率接近歷史最高水平，這有助於推動我們向前發展。

And so what we're doing is we're putting all of the fundamental cost improvements in place. And then as we scale, we'll get the economies of scale benefits, which will be a further push to help gross margins. But we haven't updated the guidance for the long run. But at this point, we're laser-focused on exceeding -- exiting the year exceeding 40%. And then I'm sure we'll communicate at the right time the next rung on the ladder up in '26.

因此，我們正在做的是實施所有根本性的成本改進措施。隨著規模的擴大，我們將獲得規模經濟效益，這將進一步推動毛利率的提高。但我們尚未更新長期指導。但目前，我們專注於超越——在今年年底前實現 40% 以上的成長。然後我相信我們會在適當的時候溝通 26 年的下一個升級階段。

But I do think there is substantial opportunity to significantly increase gross margin here over the next few years.

但我確實認為，未來幾年有很大機會大幅提高毛利率。

Yuko Oku, Morgan Stanley.

奧裕子，摩根士丹利。

This is [Jason] on for Yuko. A lot has been asked. I'm just going to stick to one. So I just want to understand the type of applications on Vega. How similar or different are those applications compared to the main ones on Revio?

這是 [Jason] 為 Yuko 表演的。已經問了很多問題。我只會堅持一個。所以我只是想了解 Vega 上的應用程式類型。這些應用程式與 Revio 上的主要應用程式有何相似或不同之處？

Are the applications similar enough where Vega customers could transition to Revio in the long run if they need higher throughput? Or are some applications just more economical to run on Vega?

如果 Vega 客戶需要更高的吞吐量，那麼這些應用程式是否足夠相似，以便他們可以長期過渡到 Revio？或者某些應用程式在 Vega 上運行更經濟？

Yes, that's a great question. So the great thing about our technology, it's the applications are applicable across the instrument portfolio. Some may choose, for example, microbial applications, 60 gigabases of sequencing of HiFi sequencing is pretty -- is a substantial amount of sequencing. But if they need more scale, we have multiplex technologies that will allow them to multiplex more samples and take advantage of the throughput of Revio. And so it really becomes what is the scale of samples that the customer is looking at and how -- and what is the flow of samples in their labs.

是的，這是一個很好的問題。我們的技術的優點在於其應用程式可適用於整個儀器組合。例如，有些人可能會選擇微生物應用，60 千兆鹼基的 HiFi 定序是相當大量的定序。但如果他們需要更大的規模，我們有多重技術，可以讓他們多路復用更多的樣本並利用 Revio 的吞吐量。因此，問題實際上變成了客戶所查看的樣品的規模是多少、如何查看——以及他們實驗室中的樣品流程是怎樣的。

And so for example, you don't really get -- and this happens with other vendors, too, where it requires an incredible amount of samples to get on a flow cell, for example, to -- in order to get the lowest price per sample that you can, we would face the same -- some of the same things, some of the same challenges on Revio in certain very small genome applications.

舉例來說，你實際上並不明白——其他供應商也存在這種情況，例如，需要將大量的樣本放入流動槽中——為了盡可能地獲得每個樣本的最低價格，我們會面臨同樣的問題——在某些非常小的基因組應用中，Revio 會面臨同樣的問題和挑戰。

So if you have a lot of samples, it'd be no problem. And if you have a lot of samples consistently, it'd be even easier. But it is such that the customers can easily go from Vega to Revio and Revio back to Vega depending on what their needs are at the specific time.

因此，如果您有很多樣本，那就沒有問題。如果您擁有大量持續的樣本，那麼這會變得更加容易。但顧客可以根據自己在特定時間的需求，輕鬆地從 Vega 切換到 Revio，再從 Revio 切換回 Vega。

Yes. So we're at the top of the hour. So we'll wrap it up here. Thank you, everybody, for all the questions. We look forward to connecting with you at several conferences later this quarter and when we report our Q3 results next quarter.

是的。我們現在正處於整點。我們就到此為止吧。謝謝大家提出的所有問題。我們期待在本季度稍後的幾次會議上以及下個季度報告第三季度業績時與您聯繫。

Have a good one.

祝你一切順利。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。