Pacific Biosciences of California Inc (PACB) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 PacBio 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Carrie Mendivil with Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的凱莉·門迪維爾 (Carrie Mendivil) 主持。請繼續。

Good afternoon, and welcome to PacBio's third-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. With me today are Christian Henry, President and Chief Executive Officer; and Jim Gibson, Chief Financial Officer.

下午好，歡迎參加 PacBio 2025 年第三季財報電話會議。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。您可以在我們網站 www.pacb.com 的「投資者關係」欄位中找到該新聞稿的副本，或者也可以從美國證券交易委員會網站 www.sec.gov 上取得包含相關資訊的 8-K 表格。我們的獲利簡報也可在我們網站的「投資者關係」欄位中找到。今天陪同我出席的有總裁兼執行長克里斯蒂安·亨利，以及財務長吉姆·吉布森。

On today's call, we will make 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，我們將發表前瞻性聲明，其中包括但不限於有關預測、估計、預期和指導的聲明。您不應過度依賴前瞻性陳述，因為它們受到假設、風險和不確定性的影響，這些因素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 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.

請查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-Q 表格和 10-K 表格以及我們的新聞稿，以便更好地了解可能導致結果出現差異的風險和不確定性。除法律要求外，我們不承擔更新或修改這些前瞻性聲明的任何義務。

We also present certain financial information on a non-GAAP basis, which is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company's operating results as reported under US GAAP.

我們也以非公認會計準則 (non GAAP) 為基礎列示某些財務信息，這些信息並非按照一套完整的會計準則編制，僅應用於補充理解公司根據美國公認會計準則 (US GAAP) 報告的經營業績。

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.

我們在獲利報告中列出了歷史美國通用會計準則和非美國通用會計準則結果之間的調節情況，該報告可在我們網站的投資者關係部分查閱。對於未來的期間，由於存在許多不確定性，例如本年度可能出現的某些收購相關項目，我們無法在不付出不合理努力的情況下調整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.

今天電話會議的錄音將在直播結束後不久發佈在我們網站的投資者關係版塊。選擇使用重播的聽眾請注意，前瞻性陳述在現場電話會議結束後可能會有所不同或發生重大變化。

I'll now turn the call over to Christian.

現在我將把電話交給克里斯蒂安。

Thank you, and good afternoon, everyone. Starting with our top line performance in the third quarter, revenue came in at slightly below our expectations at $38.4 million, primarily due to fewer than expected Vega shipments in Europe and lower than expected revenue on ASPs. However, our consumable revenue was well above our forecast and once again at an all-time high reaching $21.3 million, demonstrating strong progress towards our goal of increasing adoption of our long-read sequencing technology. As a result of this strength in consumables, non-GAAP gross margins were 42%, our highest level since 2022.

謝謝大家，大家下午好。從第三季的營收表現來看，營收略低於預期，為 3,840 萬美元，主要原因是歐洲 Vega 的出貨量低於預期，以及 ASP 收入低於預期。然而，我們的耗材收入遠超預期，再次創下歷史新高，達到 2,130 萬美元，這表明我們在提高長讀定序技術普及率的目標上取得了顯著進展。由於消耗品業務的強勁表現，非GAAP毛利率達到42%，創下2022年以來的最高水準。

Looking at our regional performance. At the beginning of the year, I said we expected EMEA to be our fastest-growing region in 2025. This continues to be the case and in Q3, EMEA saw growth of 18% on a year-over-year basis. The growth in EMEA was driven by approximately 50% year-over-year increase in consumable revenue that was partially offset by the miss in Vega placements. Our strong growth in consumables was driven primarily by our commercial and clinically-focused customers.

看看我們區域內的表現。年初的時候，我說我們預計 EMEA 將在 2025 年成為我們成長最快的地區。這種情況仍在持續，第三季度，歐洲、中東和非洲地區的年成長率為 18%。歐洲、中東和非洲地區的成長主要得益於耗材營收年增約 50%，但 Vega 的安裝量未達預期，部分抵銷了這一成長。我們耗材業務的強勁成長主要得益於我們以商業和臨床為重點的客戶群。

In the Americas, the funding environment continues to be challenging, especially for academic and government research customers who are dependent on NIH and other public budgets. As a result, procurement cycles continue to be elongated. In the third quarter, we did not see a significant end of government year budget spend in this region. We are anticipating a similar funding environment in 2026.

在美洲，資金環境依然充滿挑戰，尤其是對於依賴美國國立衛生研究院和其他公共預算的學術和政府研究客戶而言。因此，採購週期持續延長。第三季度，我們沒有看到該地區出現明顯的政府年度預算支出。我們預計 2026 年的融資環境將與現在類似。

Finally, in Asia Pacific, the funding environment continues to be challenged. However, we achieved our revenue forecast for the quarter, albeit at lower than expected ASPs. This was partially offset by exceeding our forecast for consumables in the region, and our largest customers continue to have very high utilization rates and pull-through.

最後，亞太地區的融資環境仍面臨挑戰。不過，儘管平均售價低於預期，但我們實現了本季的營收預測。但這部分被該地區耗材超出預期所抵消，而且我們最大的客戶仍然保持著非常高的利用率和銷售率。

Looking specifically at China, we exceeded our expectations and continue to see strength in the region. From a product perspective, we shipped 13 Revio systems and 32 Vega systems in the third quarter, bringing our cumulative shipments to 310 and 105 systems, respectively. Approximately 75% of the Revio shipments were to new customers. We placed several Revio instruments with key institutions at lower prices, which resulted in lower ASPs for the third quarter. However, we believe these strategic accounts will ultimately drive higher utilization and above average consumable pull-through.

具體來看中國市場，我們超出了預期，並且繼續看到該地區的強勁勢頭。從產品角度來看，我們在第三季出貨了 13 套 Revio 系統和 32 套 Vega 系統，使我們的累積出貨量分別達到 310 套和 105 套。Revio 的出貨量中約有 75% 是發給新客戶的。我們以較低的價格向主要機構投放了多款 Revio 產品，從而降低了第三季的平均售價。然而，我們相信這些策略客戶最終將推動更高的利用率和高於平均的消耗品拉動率。

For Vega, shipments came in below our forecast, particularly in Europe, as several instruments were stuck in procurement processes that extended beyond the end of the quarter. Encouragingly, we have already received purchase orders for some of those units that were originally forecast in Q3. Vega ASPs continue to be strong and were flat sequentially.

Vega 的出貨量低於我們的預期，尤其是在歐洲，因為一些儀器的採購流程被拖延到季度末之後。令人鼓舞的是，我們已經收到了一些原計劃在第三季交付的設備的採購訂單。Vega 的平均價格持續保持強勁，環比持平。

We're confident in the long-term opportunity of the Vega platform given its attractive price point and ability to bring new customers into the PacBio ecosystem. Importantly, approximately 60% of the Vega placements went to new-to-PacBio customers, and we continue to believe Vega will serve as both an entry point and an upsell opportunity for Revio over time.

鑑於 Vega 平台具有有吸引力的價格優勢，並且能夠為 PacBio 生態系統帶來新客戶，我們對 Vega 平台的長期發展前景充滿信心。值得注意的是，大約 60% 的 Vega 設備安裝給了 PacBio 的新客戶，我們仍然相信，隨著時間的推移，Vega 將成為 Revio 的入門級產品和追加銷售機會。

Turning to consumables. Revenue grew 15% year-over-year to $21.3 million in Q3, another record. This performance was supported by broad adoption of our SPRQ Chemistry and steady utilization across our growing installed base. This also led to a roughly 65% increase in total gigabases of sequencing output. Revio annualized pull-through was approximately $236,000 per system, near the high end of our guided range, a sign of durable demand from our customers. Over the course of the third quarter, our sales funnel improved, particularly for Revio.

轉向消耗品。第三季營收年增 15% 至 2,130 萬美元，再創佳績。這一業績得益於我們 SPRQ 化學技術的廣泛應用以及在我們不斷增長的裝機量中的穩定使用。這也導致定序輸出總量（以千兆鹼基為單位）增加了約 65%。Revio 的年化拉動收入約為每套系統 236,000 美元，接近我們指導範圍的高端，這表明我們的客戶需求持續旺盛。第三季度，我們的銷售管道有所改善，尤其是 Revio 的銷售管道。

Looking forward, we expect to ship more Revio and more Vega instruments in Q4 than we did in any other quarter this year. As a result, we expect total fourth quarter to grow both year-over-year and quarter-over-quarter with approximately 10% sequential growth. Given our Q3 performance, we are narrowing our revenue guidance for the full year of 2025 to the low end of our range and now expect revenue to be between $155 million to $160 million. Jim will provide more details on our expectations for the remainder of the year shortly.

展望未來，我們預計第四季 Revio 和 Vega 儀器的出貨量將超過今年其他任何一個季度。因此，我們預計第四季整體業績將年增，季增約 10%。鑑於我們第三季的業績，我們將 2025 年全年的營收預期範圍縮小到預期範圍的下限，目前預計營收將在 1.55 億美元至 1.6 億美元之間。吉姆稍後將提供更多關於我們對今年剩餘時間的預期細節。

Reducing our cash burn has also been a key focus this year. And in Q3, we achieved another quarter of sequential improvement, with cash burn totaling $16 million. We continue to expect total cash burn of approximately $115 million for 2025, an improvement of more than $70 million compared to 2024. As we continue to recognize benefits from our restructuring, our improvements to gross margin and continued expense discipline, I believe we are well on our way to achieving our goal of reaching cash flow breakeven as we exit 2027.

減少現金消耗也是我們今年的工作重點之一。第三季度，我們實現了連續第二季的改善，現金消耗總額為 1,600 萬美元。我們仍預期 2025 年的總現金消耗約為 1.15 億美元，比 2024 年減少超過 7,000 萬美元。隨著我們不斷從重組中獲益，毛利率不斷提高，以及持續的成本控制，我相信我們正朝著在 2027 年底實現現金流收支平衡的目標穩步前進。

Our team at PacBio continues to advance our core initiatives that will define the next phase of our growth. Let's start with our clinical opportunity. We are making significant advancements to deliver on our vision to lower barriers to adoption and enable clinicians worldwide to deliver more precise answers to patients and their families.

PacBio團隊將繼續推動我們的核心計劃，這些計劃將定義我們下一階段的成長。讓我們先從臨床機會說起。我們正在取得重大進展，以實現我們的願景，即降低採用門檻，使世界各地的臨床醫生能夠為患者及其家人提供更精確的答案。

Yesterday, we announced that the Sequel II CNDx system has received Class III Medical Device Registration approval from the National Medical Products Administration in China through our long-standing partnership with Berry Genomics. This marks the first known regulatory approval of a clinical-grade long-read sequencer anywhere in the world, signaling a new era for precision medicine and high-accuracy genomic testing in China. Berry plans to start by launching the Sequel II CNDx system, which will run their recently approved thalassemia test in hospitals throughout China.

昨天，我們宣布，透過與貝裡基因組公司的長期合作，Sequel II CNDx 系統已獲得中國國家藥品監督管理局頒發的 III 類醫療器材註冊批准。這是全球首個獲得監管部門批准的臨床級長讀長定序儀，標誌著中國精準醫療和高精度基因組檢測進入了一個新時代。貝瑞計劃首先推出 Sequel II CNDx 系統，該系統將在中國各地的醫院運行其最近核准的地中海貧血檢測。

Berry also intends to expand the use of HiFi technology to more clinical assays like congenital adrenal hyperplasia, fragile X syndrome, spinal muscular atrophy, Duchenne muscular dystrophy and other complex single-gene disorders and panels, and has indicated that these assays also work very well on the Vega system in clinical research applications.

Berry 也計劃將 HiFi 技術的應用擴展到更多臨床檢測，例如先天性腎上腺增生症、脆性 X 症候群、脊髓性肌肉萎縮症、杜氏肌肉營養不良症和其他複雜的單基因疾病和基因組合，並表示這些檢測在 Vega 系統上進行臨床研究應用也效果很好。

High-incidence genetic disorders such as thalassemia, spinal muscular atrophy and fragile X syndrome often involve complex variant types that are difficult or impossible to detect using short-read sequencing. With the Sequel II CNDx system, Chinese clinicians will be able to access all aspects of the genome, capturing single nucleotide variants, insertions and deletions, copy number variants, structural variants, repeat expansions and, of course, methylation with exceptional accuracy.

地中海型貧血、脊髓性肌肉萎縮症和脆性X症候群等高發生遺傳疾病通常涉及複雜的變異類型，這些變異類型很難或不可能用短讀定序檢測到。借助 Sequel II CNDx 系統，中國臨床醫生將能夠獲取基因組的各個方面，以極高的準確度捕獲單核苷酸變異、插入和缺失、拷貝數變異、結構變異、重複擴增以及甲基化。

We estimate that the potential testing market for thalassemia alone can be in the hundreds of thousands of samples per year in China. As demand for comprehensive genomic testing continues to grow, we are focused on expanding the potential clinical utility of HiFi sequencing.

我們估計，光是在中國，地中海貧血的潛在檢測市場每年就可能有數十萬份樣本。隨著對全面基因組檢測的需求不斷增長，我們致力於擴大 HiFi 定序的潛在臨床應用價值。

Earlier today, we were excited to share that the first major study demonstrating the clinical research power of HiFi genomes was published by the HiFi Solves EMEA Consortium. This study shows that PacBio HiFi sequencing, combined with Paraphase, a dedicated haplotype-based variant caller, uncovered all known clinically relevant variants present in the study population, even in the hardest to sequence regions of the genome, demonstrating its readiness to power the future of clinical discovery.

今天早些時候，我們很高興地宣布，HiFi Solves EMEA 聯盟發表了第一個證明 HiFi 基因組在臨床研究方面強大能力的重要研究。這項研究表明，PacBio HiFi 定序結合 Paraphase（一種專門基於單倍型的變異檢測器），發現了研究人群中所有已知的臨床相關變異，即使是在基因組中最難測序的區域，也發現了這些變異，這表明 PacBio HiFi 測序已準備好為未來的臨床發現提供動力。

As a result, we believe researchers and clinicians will be able to save time and significant cost by turning to HiFi first. HiFi genomes revealed a complete picture of genetic variation that can truly change how rare diseases are understood and studied. We believe that these findings position HiFi as the clear path forward toward clinical-grade genomics. Beyond expanding access and demonstrating clinical utility, we've also had several recent wins expanding the use of HiFi in the clinical research setting.

因此，我們相信研究人員和臨床醫生如果先選擇 HiFi，就能節省時間和大量成本。HiFi 基因組揭示了遺傳變異的完整圖景，這可以真正改變人們對罕見疾病的理解和研究方式。我們認為，這些發現表明 HiFi 是邁向臨床級基因組學的明確途徑。除了擴大應用範圍和證明臨床實用性之外，我們最近還在擴大 HiFi 在臨床研究環境中的應用方面取得了一些成功。

First, Children's Mercy hospital launched a single test HiFi-based assay for genetic disease diagnosis. This replaces multiple legacy workflows with one comprehensive test, providing faster time to answer and more accurate results for patients and their families. Additionally, Children's Mercy is expanding the use of HiFi into pediatric oncology.

首先，兒童慈善醫院推出了一種基於 HiFi 技術的單次檢測方法，用於診斷遺傳疾病。該測試以綜合測試取代了多個舊式工作流程，為患者及其家人提供了更快的測試結果和更準確的測試結果。此外，兒童慈善醫院正在將 HiFi 技術推廣到兒科腫瘤領域。

Additionally, in September, we launched the enhanced PureTarget portfolio, a family of products designed to target some of the most challenging regions of the genome. The family includes a carrier screening panel for inherited reproductive conditions, a repeat expansion disorder panel for neurological diseases and a control panel to support custom assay design and validation. These panels are available in 24 and 96 sample kit formats to meet the needs of a variety of clinical researchers. These kits enable labs to replace several specialized tests with one flexible workflow that works for both clinical and large-scale screening programs.

此外，我們在 9 月推出了增強型 PureTarget 產品組合，這是一系列旨在針對基因組中一些最具挑戰性區域的產品。此系列產品包括用於遺傳性生殖疾病的攜帶者篩檢組、用於神經系統疾病的重複擴增障礙組以及用於支持定制檢測設計和驗證的對照組。這些試劑盒提供 24 和 96 個樣本兩種規格，以滿足各種臨床研究人員的需求。這些試劑盒使實驗室能夠用一個靈活的工作流程取代幾個專門的測試，該工作流程既適用於臨床，也適用於大規模篩檢計畫。

Several of our customers are leveraging the PureTarget portfolio to develop specific assays for carrier screening. Carrier screening is one of the most widely ordered genetic tests worldwide with millions of couples screened each year. It is a large, durable and highly relevant market because identifying carriers before or during pregnancy can have a profound impact on family planning and medical decision-making.

我們的一些客戶正在利用 PureTarget 產品組合開發用於攜帶者篩檢的特定檢測方法。攜帶者篩檢是全球最廣泛進行的基因檢測之一，每年有數百萬對夫妻接受篩檢。這是一個規模龐大、持久且高度相關的市場，因為在懷孕前或懷孕期間識別出攜帶者會對家庭計劃和醫療決策產生深遠的影響。

Importantly, many of the most medically relevant genes in carrier screening are some of the most challenging to assay with short-read sequencing due to pseudogenes, repeats or structural complexity. HiFi sequencing works to resolve these challenges, providing complete, safe and highly accurate results where legacy approaches often fall short. With our new HiFi-based PureTarget portfolio, we believe PacBio is uniquely positioned to deliver a more reliable and comprehensive standard for this essential area of genetic testing and to support our customers in making carrier screening more accessible at scale.

重要的是，由於假基因、重複序列或結構複雜性，攜帶者篩檢中許多最具醫學意義的基因也是使用短讀定序進行檢測最具挑戰性的基因之一。HiFi定序技術能夠解決這些挑戰，提供完整、安全、高度準確的結果，而傳統方法往往無法做到這一點。憑藉我們全新的基於 HiFi 的 PureTarget 產品組合，我們相信 PacBio 擁有獨特的優勢，能夠為基因檢測這一重要領域提供更可靠、更全面的標準，並支持我們的客戶大規模地開展攜帶者篩檢。

Beyond the clinical research setting, our technology is uniquely positioned for large population scale studies. Our HiFi technology and integrated solutions have recently been selected for several of these types of large-scale studies.

除了臨床研究環境之外，我們的技術在大規模人群研究方面也具有獨特的優勢。我們高保真技術和整合解決方案最近被選中用於幾項此類大規模研究。

A great example of this is the recently announced long-life family study, a major project led by the National Institute on Aging. This project will employ Revio systems with SPRQ-Nx chemistry to generate comprehensive genomes and epigenomes from up to 7,800 participants. The goal is to help identify genetic and epigenetic clues underlying healthy aging and exceptional longevity, making this one of the world's largest long-read studies of aging to date.

最近宣布的長壽家庭研究就是一個很好的例子，這是由美國國家老齡研究所領導的重大計畫。該計畫將採用 Revio 系統和 SPRQ-Nx 化學方法，從多達 7,800 名參與者中產生全面的基因組和表觀基因組。其目標是幫助識別健康老化和超長壽背後的遺傳和表觀遺傳線索，使其成為迄今為止世界上規模最大的老長讀研究之一。

Another example is the Korean Pangenome Reference Project, which recently selected our HiFi sequencing technology as its primary platform. This study is a landmark national initiative led by the Korea Disease Control and Prevention Agency, a part of the National Institute of Health. It will generate the first large-scale telomere-to-telomere quality reference genomes representing the Korean population and integrate the data into the global Human Pangenome Reference Consortium.

另一個例子是韓國泛基因組參考項目，該項目最近選擇我們的 HiFi 定序技術作為其主要平台。這項研究是由韓國疾病管制與預防中心（隸屬於國立衛生研究院）主導的一項具有里程碑意義的國家級計畫。它將產生首個代表韓國人口的大規模端粒到端粒品質參考基因組，並將數據整合到全球人類泛基因組參考聯盟中。

Specifically, the study of more than 1,000 participants will utilize PacBio's integrated sequencing solution across the workflow, including HiFi whole genome sequencing, Kinnex full-length RNA analysis, enabling the precise transcriptome profiling and CiFi technology for chromosome-scale analysis, detecting structural variants and complex genomic features. By building a more inclusive and comprehensive reference, the initiative is expected to accelerate discovery of population-specific variants, help improve insights into unexplained diseases and support the development of precision diagnostics and therapies.

具體來說，這項針對 1000 多名參與者的研究將利用 PacBio 的整合定序解決方案貫穿整個工作流程，包括 HiFi 全基因組定序、Kinnex 全長 RNA 分析，從而實現精確的轉錄組分析和 CiFi 技術，用於染色體規模分析，檢測結構變異和複雜的基因組特徵。透過建構更具包容性和全面性的參考，該倡議有望加速發現特定人群的變異，幫助加深對不明疾病的了解，並支持精準診斷和治療的發展。

HiFi is an essential component of helping researchers explore the full spectrum of human genomic diversity in these types of large-scale studies. Another key example of how -- is a new study published by the All of Us Research Program, which is funded by the NIH to amass longitudinal health data and genome sequences of 1 million U.S. participants with the goal of advancing precision medicine research and fueling new insights into human health.

HiFi 是幫助研究人員在這些大規模研究中探索人類基因組多樣性全貌的重要組成部分。另一個關鍵例子是「我們所有人」研究計畫發布的一項新研究，該計畫由美國國立衛生研究院資助，旨在收集 100 萬美國參與者的縱向健康數據和基因組序列，以推進精準醫學研究並為人類健康提供新的見解。

Powered by PacBio technology, the study found that standard short-read sequencing only detected half of the disease-associated structural variants in their cohort. This revelation shows just how much of the human genome has remained out of view until now and fundamentally redefines what it means to truly see everything in the human genome.

研究利用 PacBio 技術發現，標準短讀定序僅能檢測到其族群中一半與疾病相關的結構變異。這項發現表明，人類基因組中有多少部分直到現在才被發現，並從根本上重新定義了真正了解人類基因組全部內容的意義。

Over the past several years, we've been very focused on productizing our technology and developing the sample-to-answer workflows that researchers and clinical laboratories demand. To do this, we have dramatically lowered DNA input requirements and enabled several different sample types, including saliva, buccal and even FFPE to our workflows. We've built the PacBio Compatible program to ensure robust automation solutions are available to our customers as we scale. And we've launched 2 new long-read sequencing platforms and developed a bioinformatics suite that helps our customers take advantage of HiFi technology.

過去幾年，我們一直非常專注於將我們的技術產品化，並開發研究人員和臨床實驗室所需的從樣本到結果的工作流程。為此，我們大幅降低了 DNA 輸入要求，並在我們的工作流程中加入了幾種不同的樣本類型，包括唾液、口腔拭子甚至 FFPE。我們建立了 PacBio 相容程序，以確保隨著我們規模的擴大，我們的客戶能夠獲得強大的自動化解決方案。我們還推出了 2 個新的長讀長定序平台，並開發了一套生物資訊套件，幫助我們的客戶充分利用 HiFi 技術。

With a robust end-to-end solution in place, we've turned our attention to dramatically lowering the cost of sequencing on our Revio platform through a groundbreaking new chemistry, SPRQ-Nx. Earlier this month at The American Society of Human Genetics Conference held in Boston, we unveiled our new SPRQ-Nx chemistry, marking a defining moment for PacBio. We believe that SPRQ-Nx will help dramatically lower the cost of a human genome sequencing to less than $300 per genome at scale, making our technology economically competitive with many short-read sequencing platforms.

憑藉強大的端到端解決方案，我們已將注意力轉向透過突破性的新化學方法 SPRQ-Nx 大幅降低 Revio 平台上的定序成本。本月初在波士頓舉行的美國人類遺傳學會會議上，我們推出了新的 SPRQ-Nx 化學技術，這標誌著 PacBio 的決定性時刻。我們相信，SPRQ-Nx 將有助於大幅降低人類基因組定序的成本，使其規模化後每個基因組的成本低於 300 美元，使我們的技術在經濟上能夠與許多短讀定序平台競爭。

Additionally, SPRQ-Nx is designed to improve our methylation-calling performance and adds the ability to automatically call methyl-hydroxy C, another important epigenetic marker. But we believe the most revolutionary aspect of SPRQ-Nx is the ability to use the SMRT Cell multiple times. The SMRT Cell is by far the most expensive component of our consumable. By reusing the SMRT Cell, we can reduce the cost of sequencing for our customers and improve our gross margins simultaneously, a rare win-win.

此外，SPRQ-Nx 旨在提高我們的甲基化檢測性能，並增加了自動檢測甲基羥基 C 的功能，這是另一個重要的表觀遺傳標記。但我們認為 SPRQ-Nx 最具革命性的方面是 SMRT 細胞可以多次使用。SMRT 晶片是我們耗材中最昂貴的組件。透過重複使用 SMRT 細胞，我們可以降低客戶的定序成本，同時提高我們的毛利率，這是一個難得的雙贏局面。

Multi-use SMRT Cells will be launched for Revio in a fully automated way, allowing for a seamless customer experience. Initially, customers will be able to reuse the SMRT Cell one additional time. And over the near term, we expect to increase the number of uses. More than 100 customers have already demonstrated interest in beta testing SPRQ-Nx on Revio.

Revio 將以全自動的方式推出多用途 SMRT 電池，為乘客帶來無縫的體驗。最初，乘客可以額外重複使用 SMRT 晶片一次。短期內，我們預期使用次數將會增加。已有超過 100 位客戶表示有興趣在 Revio 上進行 SPRQ-Nx 的 beta 測試。

We expect to initiate the beta testing program later this month and then move to an early access phase in 2026. This is not like a typical beta test as the beta test group is paying for the consumables, a strong signal as to the underlying demand for this new chemistry. Once the early access program is complete, we plan to roll out SPRQ-Nx to all Revio customers in 2026.

我們預計將於本月稍後啟動 beta 測試計劃，然後在 2026 年進入早期訪問階段。這與典型的beta測試不同，因為beta測試組需要付費購買耗材，這強烈顯示了市場對這種新化學物質的潛在需求。一旦早期訪問計劃完成，我們計劃在 2026 年向所有 Revio 客戶推出 SPRQ-Nx。

We are also continuing to broaden the application of HiFi sequencing. Most notably, we announced a new partnership with EpiCypher to integrate their Fiber-seq workflow into the PacBio Compatible program. Fiber-seq enables single molecule mapping of chromatin accessibility, methylation and sequence variation in one assay, adding another dimension of epigenetic insight to HiFi and complementing our existing strengths in the genome, transcriptome and methylome sequencing.

我們也不斷擴大HiFi定序的應用範圍。最值得一提的是，我們宣布與 EpiCypher 建立新的合作夥伴關係，將他們的 Fiber-seq 工作流程整合到 PacBio Compatible 程序中。Fiber-seq 能夠在一次檢測中實現染色質可及性、甲基化和序列變異的單分子定位，為 HiFi 增添了表觀遺傳學見解的新維度，並補充了我們在基因組、轉錄組和甲基化組測序方面的現有優勢。

In October, we also announced an expanded partnership with seqWell. Under this agreement, PacBio will distribute seqWell's LongPlex Kit, a scalable, easy-to-use sample preparation solution designed for HiFi sequencing. LongPlex streamlines DNA sharing and multiplexing, enabling hundreds of samples to be prepared in a single run. By reducing prep bottlenecks, this kit is designed to make long-read sequencing more accessible for low-pass whole genome sequencing, plasmid sequencing and microbial genomics.

10 月份，我們也宣布擴大與 seqWell 的合作關係。根據該協議，PacBio 將分銷 seqWell 的 LongPlex Kit，這是一種可擴展、易於使用的樣品製備解決方案，專為 HiFi 定序而設計。LongPlex 簡化了 DNA 共享和多重化，能夠在一次運行中製備數百個樣本。透過減少製備瓶頸，該試劑盒旨在使長讀定序更容易應用於低深度全基因組定序、質粒定序和微生物基因組學。

Together with our existing workflows, LongPlex gives researchers more choice across high-throughput applications and may help accelerate the adoption of HiFi for large-scale studies. Overall, I'm excited about the progress we are making to broaden our footprint and advance our technology to create more value for customers doing high-throughput research and clinical sequencing.

結合我們現有的工作流程，LongPlex 為研究人員在高通量應用中提供了更多選擇，並可能有助於加速 HiFi 在大規模研究中的應用。總的來說，我對我們在擴大業務範圍和推進技術方面取得的進展感到興奮，這將為從事高通量研究和臨床定序的客戶創造更多價值。

I'll now hand the call over to Jim to discuss our financials before I finish with a few closing remarks. Jim?

現在我將把電話交給吉姆，讓他來討論我們的財務狀況，最後我再做一些總結發言。吉姆？

Thank you, Christian. I will discuss 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.

謝謝你，克里斯蒂安。我將討論非GAAP業績，其中包括非現金股票選擇權費用。我建議您查看我們獲利新聞稿中 GAAP 與非 GAAP 財務指標的調整表。

We reported total revenue of $38.4 million in the third quarter of 2025 compared to $40 million in the third quarter of 2024. Instrument revenue in the third quarter was $11.3 million, a 33% decrease from the third quarter of 2024 and a 20% decrease from the second quarter of 2025. The year-over-year decrease was driven by lower Revio unit shipments, partially offset by 32 Vega systems as we began shipping this platform late last year.

我們報告稱，2025 年第三季總收入為 3,840 萬美元，而 2024 年第三季為 4,000 萬美元。第三季儀器收入為 1,130 萬美元，比 2024 年第三季下降 33%，比 2025 年第二季下降 20%。年比下降的原因是 Revio 設備出貨量減少，但隨著我們去年底開始出貨 Vega 平台，32 套 Vega 系統部分抵消了這一降幅。

Turning to consumables. Revenue increased to a new record of $21.3 million in the third quarter, an increase of 15% compared to the third quarter of 2024. This represented a 12% sequential increase. Annualized Revio pull-through per system was approximately $236,000, an increase compared to approximately $219,000 in the second quarter of 2025 due to increased utilization in our top accounts.

轉向消耗品。第三季營收創下 2,130 萬美元的新紀錄，比 2024 年第三季成長 15%。這比上一輪增加了12%。由於頂級客戶的使用率提高，Revio 系統每年的拉動收入約為 236,000 美元，比 2025 年第二季的約 219,000 美元有所增加。

Vega consumables grew sequentially with the expansion of the installed base. As we do with the Revio, we anticipate providing an expected pull-through range for Vega as we get further into the commercial launch and have a more established installed base. Finally, service and other revenue grew approximately 25% to $5.8 million in the third quarter compared to $4.7 million in the third quarter of 2024, driven by an increase in Revio service contract revenue.

隨著安裝基數的擴大，Vega 耗材也隨之成長。就像我們對 Revio 所做的那樣，我們預計隨著 Vega 商業推廣的深入和裝機量的進一步穩定，我們將提供預期的拉動範圍。最後，服務和其他收入在第三季成長了約 25%，達到 580 萬美元，而 2024 年第三季為 470 萬美元，這主要得益於 Revio 服務合約收入的成長。

From a regional perspective, Americas revenue of $18.1 million decreased 10% year-over-year and increased 2% sequentially. The year-over-year decline was primarily driven by continued caution in academic capital spending, which weighed on Revio demand. We were encouraged by Vega's momentum as Q3 marked our highest U.S. placements to date, with 69% going to new PacBio customers.

從區域角度來看，美洲地區的營收為 1,810 萬美元，年減 10%，較上季成長 2%。年比下降的主要原因是學術界資本支出持續謹慎，這抑制了 Revio 的需求。Vega 的發展勢頭令人鼓舞，第三季我們在美國的產品銷量創下歷史新高，其中 69% 的銷量來自 PacBio 的新客戶。

For Asia Pacific, revenue of $9.6 million decreased 11% compared to the third quarter of 2024 and decreased 24% sequentially. The year-over-year decline reflected fewer Revio placements compared to the prior year. EMEA revenue of $10.7 million increased 18% compared to the third quarter of 2024 and increased 14% sequentially. The year-over-year increase was led by approximately 50% growth in consumables, supported by higher utilization and an expanding Revio installed base.

亞太地區營收為 960 萬美元，與 2024 年第三季相比下降 11%，季減 24%。與前一年相比，Revio 的安裝量有所下降，年比有所減少。EMEA 營收為 1,070 萬美元，比 2024 年第三季成長 18%，季增 14%。年增幅主要由耗材成長約 50% 推動，這得益於更高的利用率和 Revio 安裝基礎的擴大。

Moving down the P&L. Third quarter 2025 non-GAAP gross profit of $16.2 million represented a non-GAAP gross margin of 42%, compared to a non-GAAP gross profit of $13 million or 33% in the third quarter of 2024. Non-GAAP gross margin increased year-over-year due to improved product mix as consumables have higher gross margins and represented approximately 55% of total revenue in the third quarter of 2025 compared to approximately 46% in the third quarter of 2024.

向下移動損益表。2025 年第三季非 GAAP 毛利為 1,620 萬美元，非 GAAP 毛利率為 42%，而 2024 年第三季非 GAAP 毛利為 1,300 萬美元，毛利率為 33%。由於消耗品毛利率較高，產品組合改善，非GAAP毛利率年增，2025年第三季佔總營收的約55%，而2024年第三季約為46%。

We transitioned our Vega system to full-scale production and realized lower per unit manufacturing costs. Additionally, Revio SMRT Cell manufacturing yields improved and trended above historical levels in the quarter. Non-GAAP operating expenses were $53.9 million in the third quarter of 2025, representing a 14% decrease from non-GAAP operating expenses of $62.4 million in the third quarter of 2024.

我們將 Vega 系統投入全面生產，實現了更低的單位製造成本。此外，Revio SMRT 電池的生產良率在本季有所提高，並呈現高於歷史水準的趨勢。2025 年第三季非 GAAP 營運費用為 5,390 萬美元，比 2024 年第三季非 GAAP 營運費用 6,240 萬美元減少了 14%。

Operating expenses in the third quarter of 2025 included non-cash share-based compensation of $10.1 million compared to $17 million in the third quarter of 2024. The decrease in both non-GAAP operating expenses and non-cash stock-based compensation was primarily due to the recent restructuring initiatives. Regarding headcount, we ended the quarter with 490 employees compared to 575 at the end of 2024.

2025 年第三季的營運費用包括 1,010 萬美元的非現金股份支付，而 2024 年第三季為 1,700 萬美元。非GAAP營運費用和非現金股票選擇權補償金的減少主要是由於最近的重組舉措。就員工人數而言，本季末我們共有 490 名員工，而到 2024 年底，員工人數將達到 575 名。

Non-GAAP net loss was $36.8 million, representing $0.12 per share in the third quarter of 2025 compared to a non-GAAP net loss of $46 million, representing $0.17 per share in the third quarter of 2024. We ended the third quarter of 2025 with $298.7 million in unrestricted cash and investments compared with $389.9 million at December 31, 2024, and $314.7 million at June 30, 2025.

2025 年第三季非 GAAP 淨虧損為 3,680 萬美元，合每股虧損 0.12 美元，而 2024 年第三季非 GAAP 淨虧損為 4,600 萬美元，合每股虧損 0.17 美元。截至 2025 年第三季末，我們擁有 2.987 億美元的非限制性現金和投資，而截至 2024 年 12 月 31 日為 3.899 億美元，截至 2025 年 6 月 30 日為 3.147 億美元。

Turning to guidance. As Christian shared, we expect a stronger Q4 with revenue growing approximately 10% sequentially. The strength in revenue growth is expected to be driven by more Revio placements and a continuation of the strength in consumables we have seen over the course of this year. We are particularly encouraged by the durability of our consumables business and the growing momentum we are seeing in clinical applications. As a result of our Q3 performance, we are narrowing our revenue guidance for the full-year 2025 to the low end of our range and now expect revenue to be between $155 million to $160 million.

尋求指導。正如克里斯蒂安所說，我們預計第四季業績將更加強勁，營收將季成長約 10%。預計營收成長的強勁勢頭將得益於 Revio 設備安裝量的增加以及今年以來耗材銷售強勁勢頭的延續。我們尤其對耗材業務的持續發展以及在臨床應用領域日益增長的勢頭感到鼓舞。由於第三季業績表現不佳，我們將 2025 年全年營收預期範圍縮小至預期範圍的下限，目前預計營收將在 1.55 億美元至 1.6 億美元之間。

Moving down the P&L. We continue to expect to exit the year with non-GAAP gross margin above 40%. We expect our ending balance of cash and investments to be greater than $270 million at the end of 2025. When excluding the $5 million licensing payment in Q1, this implies approximately $115 million cash burn in 2025 or an improvement of more than $70 million compared to 2024. We believe, based on our current assumptions, our $299 million in cash and investments as of September 30 is sufficient to reach cash positive cash flow by the end of '27.

向下移動損益表。我們仍預計今年的非GAAP毛利率將超過40%。我們預計到 2025 年底，我們的現金和投資餘額將超過 2.7 億美元。如果排除第一季 500 萬美元的許可費，這意味著 2025 年現金消耗約為 1.15 億美元，比 2024 年減少了 7,000 多萬美元。根據我們目前的假設，我們認為截至 9 月 30 日，我們擁有的 2.99 億美元現金和投資足以在 2027 年底實現正現金流。

I'll now hand it back to Christian.

現在我把它還給克里斯蒂安。

Thanks, Jim. Our focus centers on one goal, increasing adoption of HiFi long-read sequencing across the sequencing market, especially in clinical applications and large-scale whole genome projects. As we close out 2025, I believe PacBio is well positioned to deliver long-term value to our stakeholders. Our HiFi technology is fundamentally different than anything else in the market, supporting our mission to enable the promise of genomics to better human health.

謝謝你，吉姆。我們的重點在於一個目標，即提高 HiFi 長讀定序在定序市場的普及率，尤其是在臨床應用和大規模全基因組計畫。2025 年即將結束，我相信 PacBio 已做好充分準備，為我們的利害關係人創造長期價值。我們的 HiFi 技術與市場上其他任何技術都截然不同，這有助於我們實現基因組學造福人類健康的使命。

With the upcoming launch of our new SPRQ-Nx chemistry with multi-use SMRT Cells, we believe we can dramatically improve the economics for long-read sequencing, which will help us penetrate the clinical market and expand our opportunity into large population scale programs.

隨著我們即將推出採用多用途 SMRT 細胞的新型 SPRQ-Nx 化學技術，我們相信可以大幅提高長讀定序的經濟效益，這將有助於我們打入臨床市場，並將我們的機會擴展到大規模人口計畫。

And finally, we are investing efficiently by focusing on our strategic priorities. This has resulted in meaningful reduction in our cash burn, and we are tracking toward a goal of achieving positive cash flows exiting 2027. We believe our strategy positions PacBio for long-term growth, and we are confident in our ability to lead the next era of genomics.

最後，我們透過專注於策略重點進行高效投資。這使得我們的現金消耗大幅減少，我們正朝著在 2027 年底實現正現金流的目標穩步前進。我們相信，我們的策略將使 PacBio 實現長期成長，並且我們有信心引領基因組學的下一個時代。

With that, we will now open it up for questions. Operator?

接下來，我們將開放提問環節。操作員？

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Hey guys, thanks for the questions. So on instruments, a little soft in the quarter, I guess. I heard all the dynamics going on. But I just wanted to break that down into the two products. So with Revio, ASPs looks like a little bit weaker this quarter, less than $500,000 per share versus the list price of $599,000. Maybe just talk about what that could be going forward. If you could quantify that, that would be great.

大家好，感謝你們的提問。所以，樂器演奏方面，我覺得四分之一音符有點輕柔。我聽到了所有正在發生的事情。但我只是想把它拆分成兩個產品。因此，Revio 本季的平均售價似乎略顯疲軟，每股不到 50 萬美元，而其標價為 59.9 萬美元。或許可以討論一下未來可能的發展方向。如果能量化這一點，那就太好了。

And then with Vega, interesting to see that kind of sequentially decline this early in the launch. How many placements were pushed out to future quarters due to the EMEA challenges? Thanks.

然後是 Vega，很有趣的是，在發布初期就出現了這種連續的下滑趨勢。由於 EMEA 地區的挑戰，有多少職位被推遲到未來幾季？謝謝。

Yes. Thanks, Kyle, for the questions. I'll start with Revio. Revio ASPs were lower this quarter. And my expectation is fourth quarter ASPs will actually recover. And when we look at where we placed the systems, we placed them into some very strategic accounts. So, they ended up with lower ASPs, but we believe that they will have high throughput. And so as a result, you'll see better consumable usage, which will drive revenue there. So, that's generally a smart decision.

是的。謝謝凱爾的提問。我先從Revio說起。本季Revio的平均售價有所下降。我預計第四季平均售價將會回升。當我們審視這些系統的部署位置時，會發現我們將它們部署到了一些非常具有戰略意義的客戶。因此，他們的平均售價較低，但我們相信他們的吞吐量會很高。因此，你會看到耗材使用率提高，這將推動相關收入的成長。所以，這通常是個明智的決定。

And then with respect to Vega, we did have a shortfall in Vega. And there was roughly half a dozen or so instruments that were in Europe that were stuck in various stages of procurement. None of those are lost as opportunities. As I said in the written remarks, some of them have already gotten through and are now POs. And I don't know if they've been shipped yet or not, but they'll be shipped in Q4. And so I think that was a temporary issue with procurement processes.

至於Vega，我們確實有Vega短缺的問題。當時歐洲大約有六、七台儀器處於採購的不同階段。這些機會都不會白白浪費。正如我在書面發言中所說，其中一些已經通過審核，現在已經成為採購官員。我不知道它們是否已經發貨，但它們將在第四季度發貨。所以我認為這只是採購流程中的暫時性問題。

I do think that the big opportunity continues to be really strong and the funnels are strong. So it's really a question of the timing from quarter-to-quarter. The one other comment I will make, we did have one Revio system that unfortunately failed installation testing, and so it didn't get recognized. It will be recognized in Q4, and that one had a much, much higher ASP. So, that would have pulled the numbers up a little bit. We'll see that in Q4, and that's really just a timing thing.

我認為，龐大的商機依然非常強勁，銷售管道也很暢通。所以這實際上是季度之間的時間安排問題。我還要補充一點，我們確實有一套 Revio 系統不幸未能通過安裝測試，因此沒有被識別出來。第四季將會體現出來，而且那款產品的平均售價要高得多。這樣一來，數字應該會稍微上升一些。我們將在第四季度看到結果，這真的只是時間問題。

Yeah, I think we're ready for the next question.

是的，我想我們已經準備好回答下一個問題了。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

This is Madeline Mollman on for Doug. I just wanted to touch on the gross margin. It was a little bit stronger in the quarter than I think we were expecting, and it was above your full-year guide. Can you just sort of bucket out how much of that was mix versus some of the other things you called out? It looks like maybe services gross margin was a little stronger this quarter as well. And then thinking -- how should we be thinking about gross margin as we head into 2026?

這裡是 Madeline Mollman，替 Doug 為您報道。我只想簡單談談毛利率。本季業績比我們預期的要好一些，也高於你們的全年預期。你能大致說明一下，其中有多少是混合物，又有多少是你提到的其他成分嗎？看來本季服務業的毛利率可能也略有成長。然後思考－展望 2026 年，我們該如何看待毛利率？

Yeah. Thank you for the question, Madeline. Gross margin was really strong in the quarter, and it was above our internal forecast. Part of that is really related to the shortfall in instruments, of course, because the product mix is really the biggest contributor to pushing gross margins forward. We did see nice -- we -- our yields in SMRT Cell manufacturing are basically at all-time highs right now. We saw cost reductions -- we're seeing cost reductions on the Vega system on the Revio system as well. So the production side, we're really focused on driving costs down, and that's helping. But the biggest contributor to the outperformance in the quarter was the strength in consumables.

是的。謝謝你的提問，瑪德琳。本季毛利率表現非常強勁，超出了我們的內部預期。當然，其中一部分原因確實與儀器短缺有關，因為產品組合才是推動毛利率成長的最大因素。我們看到了一個好消息——目前我們的SMRT電池製造良率基本上達到了歷史最高水準。我們看到了成本降低——Vega 系統和 Revio 系統的成本也都降低了。所以在生產方面，我們真正專注於降低成本，這很有幫助。但本季業績超預期的最大貢獻因素是消費品產業的強勁表現。

We had an all-time record for consumables and coupled with the production costs being better, that bodes really well for us. When we look forward into '26, we're not going to give any guidance on gross margin, but we certainly think that as consumables becomes a bigger part of the story, gross margins have a very strong chance of growing even from here. And I think that, that's really the beginning of the story.

我們的耗材消耗量創歷史新低，再加上生產成本降低，對我們來說真是個好兆頭。展望 2026 年，我們不會給出任何關於毛利率的指導，但我們當然認為，隨著消耗品在業務中所佔比例越來越大，毛利率很有可能從現在開始繼續增長。我認為這才是故事的真正開始。

We've made a tremendous amount of progress on the gross margin line in the last 4 or 5 quarters. And I do think we're going to continue improving as consumables continue growing and as instruments get to more normalized revenue levels, the lower production cost. One thing I will also say is in third quarter, we didn't see a major impact on tariffs in the quarter really. However, the Vega system is experiencing some tariff that it's not material enough to pass on to customers at this point, but we're watching that.

在過去的四、五個季度裡，我們的毛利率取得了巨大的進步。而且我認為，隨著耗材的持續成長和儀器收入水準的逐步正常化，以及生產成本的降低，我們將繼續進步。我還要補充一點，第三季度，我們並沒有看到關稅受到重大影響。然而，Vega 系統目前存在一些關稅問題，但這些問題還不足以轉嫁給客戶，不過我們正在密切關注。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢美術館。

Hey guys, this is Thomas. You made some initial remarks on funding for '26, but just can you talk through what your assumptions are at this point for the instrument environment for next year? Just some more color on funding funnel strength and any updated feedback you've heard from customer channels would be helpful.

大家好，我是托馬斯。您就 2026 年的資金問題做了一些初步評論，但您能否詳細說明一下您目前對明年儀器環境的假設是什麼？如果您能提供更多關於資金管道實力方面的細節信息，以及您從客戶管道收到的任何最新反饋，那就太好了。

Well, I think I said back in September that it does seem like the environment is kind of stabilizing and settling, and we're kind of -- I think what I said was we're bouncing along the bottom a little bit here. I don't think that's really changed since we made those comments in September. And when I talk to customers, I think the funding environment is going to be challenged next year. I think that we're going to continue to see uncertainty in the academic funding environment. Although the longer we're stable, the more purchasing agents will be comfortable releasing purchasing and funding in -- particularly in the United States.

嗯，我想我在九月說過，環境似乎正在趨於穩定和穩定，而我們現在的情況有點——我想我說過，我們現在正處於底部徘徊的狀態。我認為自從我們在九月發表那些評論以來，情況並沒有真正改變。當我與客戶交談時，我認為明年的融資環境將面臨挑戰。我認為學術資助環境的不確定性將會持續存在。雖然我們保持穩定的時間越長，採購代理商就越願意釋放採購和資金——尤其是在美國。

One of the things that we're doing is we're really pivoting into clinical and these other areas of our business, and we're seeing great traction there. You saw a lot of my written remarks today about that. The funding is a lot more robust there. We have a very strong product offering there now. And so I think for us, our expectation for '26 is that it will certainly in the first half continue to be challenging and perhaps all year, but we'll give more guidance and color when we get there. And to keep us growing and moving in the right direction, we're really moving a lot of our effort and focus into these clinical applications, these clinical customers and we're seeing great traction in the United States and in Europe. So, I'm excited about that progress we're making.

我們正在做的一件事就是真正轉型進入臨床和其他業務領域，而我們在這方面看到了巨大的進展。今天你們看到了我很多關於此事的書面發言。那裡的資金更加充足。我們目前在那裡的產品陣容非常強大。因此，我認為對我們來說，我們對 2026 年的預期是，上半年肯定會繼續充滿挑戰，也許全年都會如此，但到時候我們會給出更多指導和細節。為了保持我們的成長並朝著正確的方向前進，我們正在將大量的精力和注意力投入到這些臨床應用和臨床客戶中，並且我們在美國和歐洲都看到了巨大的進展。所以，我對我們所取得的進展感到興奮。

Next question?

下一個問題？

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

Great, thanks for the question, guys. I appreciate the update there on Revio. But as you look at the consumables, and I know this is not a normal environment for you guys, but any kind of early look that you have from a Vega pull-through as we kind of think about the pace here and as you guys place a couple -- a few more instruments in 4Q, what that could look like and then -- or what you guys are looking for internally?

太好了，謝謝大家的提問。感謝您提供的關於Revio的最新消息。但是，就你們的耗材而言，我知道這對你們來說不是一個正常的環境，但是，你們對 Vega 的早期進展有什麼了解嗎？我們正在考慮這裡的節奏，你們在第四季還會推出一些其他產品，那會是什麼樣子？或者你們內部正在尋找什麼？

And then I guess on the SPRQ-Nx, bringing the cost of sequencing down there, can you talk about some of the data fidelity when you're running multiple runs on the same SMRT chip? And then from the beta testers on the SPRQ-Nx, like the -- I know that's starting in November. So, how many beta testers are you guys looking for? And any early feedback or demand that you can call out?

那麼，關於 SPRQ-Nx，既然定序成本已經降低，您能否談談在同一 SMRT 晶片上進行多次定序時的資料保真度問題？然後是 SPRQ-Nx 的 beta 測試人員，例如——我知道它從 11 月開始。那麼，你們需要多少名beta測試人員呢？您有什麼早期回饋或要求可以提出嗎？

Yes. Great questions. You gave me a mouthful. So, let's start here at the top. When we look at Vega -- we'll start with Vega. We aren't commenting on Vega pull-through yet. I think we want to get a full year under our belt before we start seeing -- start really trying to set what the target will really be. But your expectation for a product like this based on others and my experience in the industry is somewhere between, say, $25,000 and $45,000 a year of pull-through per system. We'll see where we shake out. We haven't commented on it yet, and we're just going to wait and we'll do that next quarter, perhaps to kind of wrap up the year or sometime in 2026.

是的。問得好。你讓我吃了一口苦水。那麼，我們就從頂部開始吧。當我們研究織女星時——我們就從織女星開始。我們目前暫不對Vega的拉動發表評論。我認為我們需要整整一年的時間才能開始真正著手設定目標。但根據其他人的經驗以及我在該行業的經驗，你對這類產品的預期大概在每個系統每年的拉動成本在 25,000 美元到 45,000 美元之間。我們拭目以待。我們尚未對此發表評論，我們打算等待，下個季度可能會對此發表評論，或許會在今年年底或 2026 年的某個時候。

Revio, we had -- we were at the higher end of our pull-through targets that we established this year. We're seeing good utilization, steady utilization across the installed base and the high runner customers are really running their machines. And so I think that's actually very encouraging. What that means is that I would expect as we place more Revio systems that, that will be additive to our consumable revenue because we haven't seen a major drop-off in the end customer being a lower throughput customer for Revio. And so I'm actually quite encouraged by that in the $236,000 that we have this quarter. It's going to bounce around every quarter as it has this year. But I do think customers are utilizing their systems, and I think that bodes well for consumable growth in 2026.

Revio，我們達到了今年設定的銷售目標的較高水準。我們看到所有已安裝設備的利用率都很高，而且運行頻率高的客戶也都在充分利用他們的機器。所以我覺得這其實非常令人鼓舞。這意味著，隨著我們部署更多 Revio 系統，預計這將增加我們的耗材收入，因為我們沒有看到 Revio 的最終客戶（低吞吐量客戶）大幅下降。因此，我對本季 23.6 萬美元的收入感到非常鼓舞。就像今年一樣，它每個季度都會出現波動。但我認為客戶正在充分利用他們的系統，我認為這預示著 2026 年消費品市場將迎來良好成長。

When you look at SPRQ-Nx and data fidelity, one of the most exciting parts about this is that we're seeing very consistent levels of throughput from use to use to use and the same high-quality, very comprehensive data. So whether it's the first use or the second use, you get all the methylation, the structural variation, all of the hallmarks of what HiFi brings to the table. With each use, you get very little carryover. So, there's not a lot of carryover from run to run. That's one thing customers have asked me a little bit about and quite frankly, investors, too. And I have to remind people that when we wash -- this is a fully automated protocol on the Revio system.

從 SPRQ-Nx 和資料保真度來看，最令人興奮的部分之一是，我們看到每次使用都能獲得非常穩定的吞吐量，並且資料品質和完整性都非常高。所以無論是第一次使用還是第二次使用，你都能獲得所有的甲基化、結構變化以及HiFi帶來的所有標誌性特徵。每次使用後，殘留量都很少。所以，每次比賽之間並沒有太多的延續。這是客戶問過我一些問題的問題，坦白說，投資人也問過我這個問題。我必須提醒大家，我們清洗時——這是 Revio 系統上的全自動程序。

And when we wash the SMRT cell for the -- get prepared for the second run, we're actually -- all we have to do is clean 25 million single molecules, whereas in other environments or other technologies that are amplification-based perhaps, for example, short-read sequencers, you're looking at billions upon billions of molecules. And so it's a very different paradigm. Also, our customers are running indexed samples almost exclusively. So, we feel very confident and comfortable about reuse, both from a throughput perspective, quality of the data and the fidelity. And so we're really excited about that.

當我們清洗 SMRT 細胞以準備進行第二次運行時，實際上我們只需要清洗 2500 萬個單分子，而在其他環境或其他基於擴增的技術中，例如短讀測序儀，你面對的是數十億個分子。所以這是一種截然不同的模式。此外，我們的客戶幾乎全部都在運行索引樣本。因此，無論從吞吐量、資料品質或保真度來看，我們都對重用性感到非常有信心和放心。所以，我們對此感到非常興奮。

From a beta testing perspective, in my written remarks, I indicated that there's over 100 customers that have expressed interest. We've signed the first group of customers up already, and they're going to be receiving their materials here very shortly. I don't think I want to describe how many customers because I know there's a lot of customers that really just want to get going. We're going to start with a pretty small group of customers here through year-end and then expand it as we get into early '26 and manage an early access phase. And then throughout '26, we'll expand it so that all customers can get access to this important technology.

從 beta 測試的角度來看，我在書面意見中指出，已有超過 100 位客戶表示了興趣。我們已經簽下了第一批客戶，他們很快就會收到他們的材料。我不想描述客戶數量，因為我知道有很多客戶只想盡快開始使用。我們將從今年年底開始，先從一小群客戶入手，然後在 2026 年初擴大規模，並進入早期訪問階段。然後在整個 2026 年，我們將擴大規模，以便所有客戶都能獲得這項重要技術。

Next question?

下一個問題？

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

Hey team, this is Lauren on for Tycho. Just a little bit of more clarity around the SPRQ chemistry rollout. Are you guys expecting to drive kind of incremental revenue there or primarily to improve margins? And kind of what's the near-term target for pull-through for Revio as the SPRQ chemistry rolls out?

大家好，我是Lauren，代表Tycho為您報道。關於 SPRQ 化學技術的推廣，也需要一些更清楚的說明。你們是希望透過這種方式增加收入，還是主要為了提高利潤率？隨著 SPRQ 化學技術的推出，Revio 的近期銷售目標是什麼？

And then second, around the PureTarget HiFi assays, which can now cover difficult-to-sequence genomes. What are some of the additional clinical or research applications there in addition to carrier screening that you're targeting for expansion? Thanks.

其次，圍繞 PureTarget HiFi 檢測，現在可以覆蓋難以定序的基因組。除了帶因者篩檢之外，您還計劃拓展哪些其他臨床或研究應用？謝謝。

So with respect to how pull-through will be impacted by the SPRQ-Nx chemistry, we're going to wait and see what that looks like. I'm going to -- I'll probably provide more commentary when we get into January, February after the beta program is completed. So, I'm going to pause on that one. But the point of SPRQ-Nx chemistry is to drive increased adoption of our technology, more samples coming to our platform and driving revenue growth. That is the principal driver of this is revenue growth. We will see a substantial benefit in gross margin as well because the cost of the SMRT Cell is such a large component of the total consumable cost, every time you can use that SMRT Cell over, you amortize a pretty significant cost into the next run. So it really is truly a win-win situation.

所以，關於 SPRQ-Nx 化學對拉出效應的影響，我們將拭​​目以待。我打算——我可能會在測試版專案結束後，也就是一月或二月的時候，提供更多評論。所以，我先暫停一下這個問題。但 SPRQ-Nx 化學的意義在於推動我們技術的普及應用，讓更多樣品進入我們的平台，進而推動營收成長。而這背後的主要驅動力就是營收成長。由於 SMRT 電池的成本在總耗材成本中佔比很大，因此我們也將在毛利率方面獲得顯著收益。每次重複使用 SMRT 電池，都可以將相當可觀的成本攤銷到下一次運轉中。所以這確實是一個雙贏的局面。

Customers are going to get better pricing. We're going to get better consumable gross margin, with the entire point being increasing our market penetration by being very competitive with short-read technologies. Because most customers, when you talk to them, they would love to be using long-read sequencers in applications where they're using short reads today, but they've always been hesitant because of cost. This takes that completely off the table, gives them the ability to have a more comprehensive view of the genome, drive deeper insight at much better economics. And so I think that's going to be a really powerful growth driver for the company. But we'll comment on the specifics of what pull-through might look like. We'll do that later next year.

顧客將獲得更優惠的價格。我們將獲得更高的耗材毛利率，而關鍵在於透過在短讀技術方面保持強大的競爭力來提高我們的市場滲透率。因為大多數客戶在與你交談時都會表示，他們很想在目前使用短讀測序儀的應用中使用長讀測序儀，但由於成本問題，他們一直猶豫不決。這完全排除了這種可能性，使他們能夠更全面地了解基因組，並以更好的經濟效益獲得更深入的見解。所以我認為這將成為公司強勁的成長動力。但我們會具體討論一下拉出式安裝的具體形式。我們明年晚些時候會做這件事。

With respect to PureTarget, our customers are using the PureTarget in lots of different ways. They're looking at not only -- they're looking at not only carrier screening, but they're also using it for single-gene type tests where you're looking at, say, ataxias, for example, or other neurodegenerative disorders. Anywhere where you have a single-gene disorder or a multi-gene disorder where there's challenges with respect to looking at them with short reads, that's an opportunity for PureTarget.

關於 PureTarget，我們的客戶正在以多種不同的方式使用它。他們不僅在研究——他們不僅在研究攜帶者篩檢，而且還將其用於單基因類型測試，例如，研究共濟失調或其他神經退化性疾病。在任何單基因疾病或多基因疾病中，如果使用短讀長定序進行研究存在挑戰，那麼 PureTarget 就有機會發揮作用。

And it's a portfolio of products. It's not just one kit. It's several different kits, targeted kits that enable customers to look specifically at carrier screening or other difficult-to-sequence tandem repeat, et cetera. And so it's a pretty broad portfolio, and it really is helping drive Revio placements into clinical accounts. And it will be an important growth driver for carrier screening, for example, in 2026 revenue and beyond.

這是一個產品組合。這不僅僅是一套工具包。它包含幾種不同的試劑盒，有針對性的試劑盒，可以讓客戶專門進行攜帶者篩檢或其他難以定序的串聯重複序列等檢測。因此，這是一個相當廣泛的產品組合，並且確實有助於推動 Revio 在臨床客戶中的應用。例如，到 2026 年及以後，它將成為載體篩檢收入的重要成長驅動力。

Next question?

下一個問題？

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Hey, good afternoon. This is Ben on for Mason. Could you talk about how the funnel for your population scale programs has evolved? Just wondering if the multi-use announcement has potentially accelerated any existing conversations you're having or resulted in any new opportunities there? And then just as a quick follow-up on your comment of Revio ASPs reverting higher in Q4. Should we assume that ASP remains stable in 2026?

嘿，下午好。這是本為梅森報道。您能否談談貴公司面向人口規模專案的推廣管道是如何演變的？我想知道這項多用途公告是否有可能加速你們正在進行的任何現有對話，或帶來任何新的機會？然後，我想快速補充您關於 Revio ASP 在第四季度回升的評論。我們是否應該假設2026年平均售價維持穩定？

Yes. Thank you, Jason, for the -- sorry, Ben. Thank you for the questions. Yes, we have -- the excitement around reuse or multi-use and the lower pricing certainly has driven some new conversations just since ASHG on major population scale programs. And so we'll see how that goes. The funnel of programs that we've been working on continues to progress. These take a long time to get done.

是的。謝謝你，傑森——抱歉，是本。謝謝大家的提問。是的，我們已經有了——自 ASHG 會議以來，人們對再利用或多次利用的熱情以及較低的價格，無疑推動了一些關於大規模人口計劃的新討論。所以，我們拭目以待。我們一直在推進的專案流程持續進展。這些事情需要很長時間才能完成。

But I would say the funnel is expanding. And I do feel comfortable to say that some of these are actually going to get across the line here in the near term and really give us an opportunity to grow with these programs because these would be very large sequencing programs that would be completely additive to our growth and generally outside of our guidance because the timing of those are always -- they're highly variable.

但我認為通路正在擴大。而且我可以很肯定地說，其中一些項目實際上會在近期內獲得通過，並真正給我們帶來發展的機會，因為這些是非常大型的測序項目，將完全促進我們的發展，而且通常超出我們的指導範圍，因為這些項目的實施時間總是——它們具有很大的可變性。

So it's very difficult to provide them into our guidance. So, we'll keep you posted as we keep moving along. But they are broad in nature. They're global, and there are new opportunities that have come up even since ASHG when we made the announcement. Revio ASPs were down in the third quarter. I do think they will recover in the fourth quarter.

因此，很難將它們納入我們的指導方針中。所以，我們會隨時向您報告最新進展。但它們的性質很廣泛。它們具有全球性，而且自 ASHG 宣布以來，又出現了新的機會。Revio 的平均售價在第三季有所下降。我認為他們會在第四節反彈。

And I do think ASPs in the first half of next year would be generally in a stable sort of range. The good news is that we've taken production costs out of the Revio system. So the impact to gross margin perhaps isn't as bad as people might think. But yes, I do think that we're going to see stability in the Revio gross margins -- I mean, in the Revio ASPs for the foreseeable future, and we'll go from there.

而且我認為明年上半年的平均售價整體上會處於一個比較穩定的範圍內。好消息是，我們已經從 Revio 系統中消除了生產成本。因此，對毛利率的影響或許沒有人們想像的那麼糟。但是，我確實認為 Revio 的毛利率將會保持穩定——我的意思是，在可預見的未來，Revio 的平均售價將會保持穩定，我們再從那裡開始。

And the last part of your question, I actually -- I didn't get it written down. It was something else with respect to (inaudible), if I missed it.

至於你問題的最後一部分，我其實──我沒有記下來。如果我錯過了什麼，那就是關於（聽不清楚）的另一件事。

No, I think you got it. It was on the ASPs heading into 2026.

不，我覺得你明白了。這是2026年平均售價的預測。

Cool. Yes, I just want to make sure I answered all your questions. Thanks Ben.

涼爽的。是的，我只是想確保我回答了你所有的問題。謝謝你，本。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Hey guys, this is Tom on for Dan here. Maybe just one on your approach to AI. I think historically, when you've launched something, it's taken a while to get integrated into use just as yield things are ironed out, et cetera, et cetera. Are you taking any precautions or kind of what time line should we be thinking for when this is kind of ready for prime time given this is going to be a much more kind of high-throughput flow cell? And then I've got one more follow-up from there. Thank you.

大家好，我是湯姆，這裡是丹的頻道。或許可以問你一個關於人工智慧方法的問題。我認為從歷史上看，當你推出某項產品時，需要一段時間才能將其整合到使用中，就像產量問題需要解決一樣，等等。鑑於這將是一個高通量流動池，你們是否採取了任何預防措施？或者我們應該考慮一下，當它準備就緒可以投入使用時，大概需要多長時間？然後我還有一個後續問題。謝謝。

Yeah. So, I just want to confirm the question was you really trying to understand the thinking around the SPRQ-Nx rollout and when it will truly be ready for prime time. Is that what the question was? Because you kind of cut out for part of it.

是的。所以，我只是想確認一下，你的問題是不是真的想了解 SPRQ-Nx 的推出思路，以及它何時才能真正準備好投入使用。這就是問題所在嗎？因為你某種程度上錯過了其中的一部分。

Yeah, that's fine.

好的，沒問題。

Okay. Great. Well, yes, so I think we are taking a very measured approach to this for lots of reasons. First, we want to make sure our customers have a fantastic experience with this rollout, and we want to give them time to plan their projects so that they can take full advantage of the lower pricing and more samples can come into the market. We also want to see how the customers actually use the technology. And so that will be happening in the beta program and maybe the first part of the early access program.

好的。偉大的。是的，我認為我們出於諸多原因，對此事採取了非常謹慎的態度。首先，我們希望確保我們的客戶在此次推廣活動中擁有絕佳的體驗，並且我們希望給他們時間來規劃他們的項目，以便他們能夠充分利用較低的價格，並且市場上可以有更多的樣品。我們也想看看客戶實際上是如何使用這項技術的。因此，這將在測試版計劃和早期體驗計劃的第一部分中實現。

The technology and the -- what we have to do with respect to the instrument? All we have to do is upgrade the software, so the firmware and the system will be upgraded. So, that part is actually really straightforward. And so we will see how the market adopts the technology and roll it into early access. And depending on how fast new samples come into the market, we will eliminate the early access part of this. It's important to note that we will continue to sell the single-use SMRT cells alongside the multi-use SMRT Cells because in some situations, customers may want to use the single-use SMRT Cells as opposed to the multi-use SMRT Cells for certain applications where perhaps they don't have as much throughput. So the customer will have flexibility in that sort of way. We will be monitoring how samples come into the technology with the whole intent of growing our consumable revenue next year.

這項技術以及──就儀器而言，我們必須做什麼？我們只需要升級軟體，韌體和系統就會跟著升級。所以，那部分其實很簡單。因此，我們將觀察市場如何接受這項技術，並將其推向早期體驗階段。根據新樣品進入市場的速度，我們將取消提前體驗環節。值得注意的是，我們將繼續銷售一次性 SMRT 電池以及多次使用的 SMRT 電池，因為在某些情況下，客戶可能希望在某些吞吐量可能不高的應用中使用一次性 SMRT 電池而不是多次使用的 SMRT 電池。因此，客戶在這方面將擁有一定的靈活性。我們將密切關注樣品如何進入該技術領域，其最終目的是在明年提高我們的耗材收入。

Nathan Bolanos, UBS.

瑞銀集團的 Nathan Bolanos。

We're over a month into the US government shutdown, a lot of agencies have furloughed employees. I'm just curious if this has had any impact on order volumes, how you're sort of framing it for Q4 and beyond? And is there any potential uplift if we get things back up and running? Thank you.

美國政府停擺已經超過一個月了，許多機構都讓員工暫時休假。我只是好奇這是否對訂單量產生了任何影響，你們對第四季及以後的情況作何預期？如果一切恢復正常運轉，是否會有任何潛在的提升？謝謝。

Thanks, Nathan. That's a good question. When we were thinking about -- so far, we haven't seen a material impact from the shutdown. I do think if the shutdown persists, we could see some impact. But the reality is our US academic NIH-funded business has been challenged all year. So, we've been driving our revenue from lots of other sources. And so, therefore, the impact would be more muted anyways.

謝謝你，內森。這是個好問題。我們當時在考慮──到目前為止，我們還沒有看到停工帶來實質的影響。我認為如果停擺持續下去，可能會產生一些影響。但現實情況是，我們由美國國立衛生研究院資助的學術業務全年都面臨挑戰。所以，我們一直在從許多其他管道獲取收入。因此，其影響無論如何都會比較有限。

I would expect, though, the longer it goes, maybe it doesn't have that much of an impact in Q4, but perhaps it has a bigger impact in Q1 or Q2 as just the timing of when things get started again. That said, if the government got back to work and people wanted to catch up, so to speak, you're right, that could have a positive impact.

不過，我估計，時間越長，可能對第四季的影響就越小，但對第一季或第二季的影響可能會更大，因為這取決於何時重新啟動。也就是說，如果政府恢復運轉，人們也想趕上進度，那麼你說得對，這可能會產生正面的影響。

The guidance we gave for Q4 does not contemplate that positive impact, but also doesn't assume the government stays shut down for the rest of the year. But I would say that our revenue isn't as dependent on US government-funded sources today as it has been in the past. So the impact is actually not as big anyway if that makes any sense.

我們對第四季的業績指引並未考慮到這一正面影響，但也沒有假設政府會在今年餘下的時間裡一直處於停擺狀態。但我認為，如今我們的收入對美國政府資助的依賴程度已不如過去。所以，如果這麼說你能理解的話，實際上影響並沒有那麼大。

Next question?

下一個問題？

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

Hi, this is [Sky] on for Dave. First, on revenue growth. Should we start with flat revenue growth for 2026? I know you mentioned Revio ASP kind of recovering in Q4, maybe stable in the first half of 2026. But anything there on revenue growth?

大家好，這裡是[Sky]為您帶來的Dave節目。首先，關於營收成長。我們是否應該先假設 2026 年的營收成長將持平？我知道你提到Revio ASP在第四季有所回升，也許在2026年上半年會保持穩定。但營收成長有什麼消息嗎？

And then could you provide some more color on the geographic distribution of Revio placements and consumable sales, maybe where you anticipate placing more Revio and then the primary research applications that are driving the current demand? Thanks.

那麼，您能否更詳細地介紹 Revio 的部署和耗材銷售的地理分佈情況，例如您預計在哪些地方部署更多 Revio，以及目前推動需求的主要研究應用是什麼？謝謝。

So we'll start with -- we aren't going to give any real color on 2026 today. So, we'll stay tuned on that. I do think we're going to see a strong Q4. We're expecting 10% sequential growth. And I think that, that would be a nice strong year end of the year and give us some momentum going into 2026. I do think the fundamental aspects of our business, we've been increasing our instrument placements, which is likely to drive consumable growth next year. We continue to place instruments at a pretty consistent clip. And so if you just take that onto itself, you would expect that we would be growing in 2026 and not flat. But we'll give formal guidance in 2026 when we get to that point.

所以，我們先來談談──今天我們不會對 2026 年做出任何具體的預測。所以，我們會繼續關注此事。我認為第四季業績會很強勁。我們預計將季增10%。我認為，這將是一個非常強勁的年終總結，並為我們進入 2026 年奠定良好的基礎。我認為，就我們業務的基本面而言，我們一直在增加儀器的投放量，這很可能會在明年推動耗材的成長。我們持續以相當穩定的速度投放樂器。因此，如果僅考慮這一點，你會預期我們在 2026 年會保持成長而不是停滯不前。但我們會等到 2026 年再給予正式指引。

With respect to the geographic distribution of Revios, they're pretty broad. They're pretty balanced across the world right now. And as we kind of look out into Q4 and beyond, I think that most of the Revios are being placed into commercial and clinical type accounts, not so much NIH funded. I believe in Q3, we only had one system placed in a kind of an NIH-type funded environment. So hence, my comments -- my previous comments about government shutdowns and the impact on us. I do think that, that will continue with the -- we will -- I do think we're going to see expanded fleets in '26 as some of our clinical customers continue to scale up, launch their LDTs and start to drive volume. I think that's a real source of opportunity for us.

就Revios的地理分佈而言，它們分佈得相當廣泛。目前它們在全球的實力相當均衡。展望第四季度及以後，我認為大部分 Revio 都將用於商業和臨床類型的帳戶，而不是美國國立衛生研究院 (NIH) 資助的帳戶。我相信在第三季度，我們只有一個系統被放置在類似美國國立衛生研究院資助的環境中。所以，我之前關於政府停擺及其對我們的影響的評論，就此作罷。我確實認為，這種情況將會持續下去——我們將——我確實認為，隨著我們的一些臨床客戶繼續擴大規模、推出他們的實驗室自建檢測 (LDT) 並開始推動業務量，我們將在 2026 年看到車隊規模擴大。我認為這對我們來說是一個真正的機會。

Our funnels have been improving in Europe as well. As I said in my written remarks, Europe has been our bright spot of the year in terms of regional growth, and we had a very strong growth quarter in Q3 despite the missing a few Vega instruments. And so I think that Europe will continue to grow into next year. And as the U.S. funding environment improves, that will certainly help us get back to a more normalized level. So, that's how I see it right now.

我們在歐洲的銷售漏斗也一直在改進。正如我在書面發言中所說，就區域成長而言，歐洲是我們今年的亮點，儘管缺少一些 Vega 工具，但我們在第三季度實現了非常強勁的成長。所以我認為歐洲明年將繼續成長。隨著美國資金環境的改善，這肯定有助於我們恢復到更正常的水平。這就是我目前的看法。

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Hey guys, thanks for the follow-up. I want to follow up on the -- that question, just the last question there about the kind of the growth for '26. So, I think what the Street had like mid-teens. I know you're not talking about the actual quantification of it all. But when you think about it like qualitatively, there's a few factors I would just love for your input on. You got the flat -- NIH budget could be flat, could be recession-type actions.

嘿，各位，謝謝你們的後續跟進。我想就最後一個問題——關於 2026 年的成長情況——再補充一點。所以，我認為華爾街當時的水平大概在十度左右。我知道你指的不是這一切的實際量化。但從定性角度考慮，我非常希望您能就以下幾個因素發表意見。你明白了——美國國立衛生研究院的預算可能會保持不變，也可能採取類似經濟衰退的措施。

You got the impact of POPSEQ project, which you have a bunch of at this point. You have possible market freezing or longer sales cycles due to some competing products coming up soon, then you have -- China has removed the ban for Illumina. So wondering if that gives you any more optimism over there. If you could just comment on these things and how you're looking at it kind of exiting this year, entering next year, it would be good to hear. Thanks.

你已經感受到了 POPSEQ 專案的影響，目前你手邊有很多這樣的專案。由於一些競爭產品即將上市，可能會出現市場凍結或銷售週期延長的情況，但同時，中國已經解除了 Illumina 的禁令。所以我想知道這是否能讓你們那邊多一些樂觀情緒。如果您能就這些事情以及您如何看待今年的結束和明年的開始發表一些看法，那就太好了。謝謝。

Yeah, Kyle. It's a nice way you framed it up. I mean the reality is that if you look at 2025, the contribution of our revenue from kind of NIH-funded sources has been really small relative to kind of historical expectation. And so any improvement in NIH is going to help drive growth at all. Even quite frankly, just certainty about keeping things flat is going to help drive growth for us. The POPSEQ programs, I do believe some of them are going to go live in 2026, and that will certainly drive our growth as well.

是的，凱爾。你這樣描述挺好的。我的意思是，現實情況是，如果你看看 2025 年，我們從 NIH 資助來源獲得的收入貢獻相對於歷史預期來說非常小。因此，美國國立衛生研究院的任何改進都將有助於推動經濟成長。坦白說，僅僅是能夠維持現狀這一點，就將有助於推動我們的成長。我相信 POPSEQ 的一些項目將在 2026 年上線，這肯定也會推動我們的成長。

As the funding environment improves a little, I do think the sales cycles will shorten somewhat, not elongate further. And I also think that other sequencers that are coming on to the market are actually not going to have a significant impact on us in '26, principally from the clinical side of the world because we are already expanding rapidly with the power of long-read sequencing, replacing all of these legacy technologies in the workflow.

隨著融資環境略有改善，我認為銷售週期會略微縮短，而不是進一步延長。而且我認為，即將上市的其他定序儀實際上不會在 2026 年對我們產生重大影響，主要是在臨床方面，因為我們已經憑藉長讀測序的強大功能迅速擴張，取代了工作流程中的所有傳統技術。

There's no other -- there's really no other technology out there today that can do as good a job as we can of replacing all the legacy technologies in a clinical lab workflow. And what that means is that we're going to be more efficient for the lab. We have great economics already, but the economics of the lab are going to get better, not just from introducing a product, but by eliminating steps in all the other workflows. And I think that's a really big deal.

目前市面上真的沒有其他技術能夠像我們一樣，如此出色地取代臨床實驗室工作流程中的所有傳統技術。這意味著我們的實驗室效率將會更高。我們已經擁有良好的經濟效益，但實驗室的經濟效益將會變得更好，這不僅是透過推出產品，而且是透過消除所有其他工作流程中的步驟。我認為這真的是一件大事。

When you look at China, China, we had a very -- we continue to do well in China. I think the launch of the Berry CNDx -- Sequel II CNDx is very indicative of, that's a market that has a great opportunity for us in long-read sequencing on the clinical side, starting with the single-gene tests that Berry is launching, but we also have a very strong HLA testing business with Haorui. We have a very strong -- our service providers in China continue to run very high rates of utilization, which lends itself to expanding their Revio fleets some in 2026.

當你審視中國，我們在中國一直做得很好——我們在中國繼續發展得很好。我認為 Berry CNDx 的推出——Sequel II CNDx 的推出非常能說明，這是一個長讀測序市場，在臨床方面為我們提供了巨大的機會，首先是 Berry 推出的單基因檢測，但我們與 Haorui 合作的 HLA 檢測業務也非常強大。我們在中國擁有非常強大的實力——我們的服務提供者繼續保持非常高的利用率，這有利於他們在 2026 年擴大 Revio 車隊規模。

So the outlook for China for us is strong regardless of what happened with Illumina today. I would imagine that probably only helps us in terms of maybe easing the relationship or at least creating a little more certainty around the risk profile associated with doing business in China.

所以，無論今天 Illumina 發生了什麼，我們對中國市場的前景仍然看好。我想這可能只會幫助我們緩和關係，或至少讓大家對在中國開展業務的風險狀況有更多確定性。

So, I think there's a lot of -- we have made a lot of progress this year, and I think it sets us up really well for growth in '26, but we'll certainly provide a lot more detail and color as we get early into '26. Right now, our focus is finishing 2025 really strong, driving significant sequential growth of 10% or so and really preparing to make multi-use and SPRQ-Nx a really impactful launch. And I know the team is ready to do it.

所以，我認為今年我們取得了很大的進步，我認為這為我們在 2026 年的成長奠定了良好的基礎，但隨著 2026 年的到來，我們肯定會提供更多細節和更豐富的資訊。目前，我們的重點是強勁地完成 2025 年，實現 10% 左右的顯著環比增長，並真正做好準備，使多用途產品和 SPRQ-Nx 的發布產生重大影響。我知道團隊已經準備好了。

So, that's where I'll leave it.

好了，我就說到這裡吧。

This concludes today's conference. Thank you for attending today's presentation. You may now disconnect.

今天的會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。