Pacific Biosciences of California, Inc. (PACB) 2026 Q2 法說會逐字稿

Good day and welcome to PacBio's second-quarter of 2026 earnings call. (Operator Instructions)

各位好，歡迎參加 PacBio 2026 年第二季財報電話會議。(接線員指示)

Also, please be aware that today's call is being recorded.

另外，請注意今天的電話會議將被錄音。

I'd now like to turn the call over to Caylene Parrish from Gilmartin Group. Please go ahead.

現在我想把電話會議交給 Gilmartin Group 的 Caylene Parrish。請開始。

Good afternoon, and welcome to PacBio's second-quarter 2026 earnings conference call. With me today are Mark Van Oene, President and Chief Executive Officer; Jim Gibson, Chief Financial Officer; and Christian Henry, PacBio Board Member and Advisor.

各位下午好，歡迎參加 PacBio 2026 年第二季財報電話會議。今天與我一同出席的有總裁暨執行長 Mark Van Oene；財務長 Jim Gibson；以及 PacBio 董事會成員兼顧問 Christian Henry。

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.

今天稍早，我們發布了新聞稿，概述我們將在本次電話會議中討論的財務結果。新聞稿副本可於我們網站 www.pacb.com 的「投資人」專區取得，或以 8-K 表格提交並可於美國證券交易委員會網站 www.sec.gov 查閱。我們的財報簡報副本也可於網站的「投資人」專區取得。

On today's call, we will make forward-looking statements, including, among others, statements providing predictions, estimates, expectations, and guidance. You should not place due 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.

在今天的電話會議中，我們將作出前瞻性陳述，其中包括但不限於提供預測、估計、預期與指引的陳述。您不應過度依賴前瞻性陳述，因為其受制於各項假設、風險與不確定性，可能導致我們的實際結果與所預測或討論者出現重大差異。

Please review our SEC filings, including our most recent Form 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 SEC 提交的文件，包括最新的 10-Q 與 10-K 以及我們的新聞稿，以更充分了解可能導致結果不同的風險與不確定性。除法律要求外，我們不承擔更新或修訂這些前瞻性陳述的任何義務。

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. 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.

我們也以非 GAAP 基礎呈列某些財務資訊；該等資訊並非依據一套完整的會計規則編製，僅應用於補充理解公司依美國 GAAP 報告之營運結果。歷史美國 GAAP 與非 GAAP 結果之間的調節表載於我們的財報新聞稿中，可於網站「投資人」專區取得。

For future periods, we're unable to reconcile non-GAAP gross margin and non-GAAP operating expenses without unreasonable effort due to the uncertainty regarding, among other matters, during acquisition-related items that may arise during the year.

就未來期間而言，由於不確定性因素（包括但不限於年度內可能出現的併購相關項目），我們無法在不付出不合理努力的情況下調節非 GAAP 毛利率與非 GAAP 營運費用。

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

今天電話會議的錄音將於直播結束後不久在我們網站的「投資人」專區提供。選擇收聽重播者請注意，前瞻性陳述在直播結束後可能出現重大差異或變更。

I'll now turn the call over to Christian.

現在我把電話會議交給 Christian。

Thank you and good afternoon, everyone. Earlier today, we announced that I am stepping down as President and Chief Executive Officer of PacBio and that Mark Van Oene will lead the company as President and Chief Executive Officer effective immediately. I will remain on the Board of Directors and become an advisor to Mark as he drives PacBio's strategy forward.

謝謝，各位下午好。今天稍早，我們宣布我將卸任 PacBio 總裁暨執行長，並由 Mark Van Oene 即刻起擔任公司總裁暨執行長。我將繼續留任董事會，並成為 Mark 的顧問，協助他推動 PacBio 的策略向前發展。

Mark joined PacBio shortly after I did, and in that time, he has led the R&D, operations, and commercial organizations. His deep understanding of the genomics and clinical markets will be invaluable to the company as we move deeper into supporting clinical sequencing around the globe. Additionally, his ability to successfully lead strong teams will ensure that PacBio executes well into its future.

Mark 在我加入後不久也加入了 PacBio，在此期間，他領導了研發、營運與商業組織。他對基因體學與臨床市場的深刻理解，將在我們更深入支持全球臨床定序之際，為公司帶來無可取代的價值。此外，他成功帶領強大團隊的能力，將確保 PacBio 在未來持續良好執行。

I am proud of what we have accomplished over the nearly six years that I have had the privilege of leading PacBio. We have developed and launched groundbreaking new long-read sequencers that have dramatically improved the scale and economics of long-read sequencing.

我為自己在近六年有幸領導 PacBio 期間所完成的成果感到自豪。我們開發並推出了具突破性的全新長讀長定序儀，顯著改善了長讀長定序的規模與經濟性。

These platforms are enabling researchers and clinicians to dramatically improve their ability to understand the impact of genetic variation on disease, moving us closer to achieving our mission of enabling the promise of genomics to improve human health.

這些平台正協助研究人員與臨床醫師大幅提升其理解遺傳變異對疾病影響的能力，使我們更接近實現使命：釋放基因體學的承諾，以改善人類健康。

Finally, I want to thank our employees, customers, and collaborators for their support. I look forward to advising Mark as he leads the company into its next phase of growth and continuing to serve on the Board of Directors.

最後，我要感謝我們的員工、客戶與合作夥伴的支持。我期待在 Mark 帶領公司進入下一階段成長之際擔任其顧問，並持續在董事會服務。

With that, I'll now turn the call over to Mark. Mark?

接下來，我把電話會議交給 Mark。Mark？

Thank you and good afternoon, everyone. On behalf of the team, thank you, Christian, for your six years of leadership. I'm honored and excited to step into this seat, and I'm grateful for the support of you, our leadership team, and Board who I've been working closely with to execute the seamless transition.

謝謝，各位下午好。我代表團隊感謝 Christian 六年來的領導。我很榮幸也很振奮能接任這個職位，並感謝您、我們的領導團隊以及董事會的支持；我一直與各位密切合作，以確保順利無縫交接。

Since joining in 2021 as Chief Operating Officer, I had the pleasure of leading the R&D organization that built the Revio and Vega instruments, and more recently, oversaw development and rollout of the multi-use SPRQ-Nx chemistry.

自 2021 年以營運長身分加入以來，我很榮幸領導研發組織打造 Revio 與 Vega 儀器，並在近期監督多用途 SPRQ-Nx 化學試劑的開發與推出。

My recent commercial leadership focus has leveraged the strength of our clinical account engagement, which has proved particularly effective in the EMEA region. Looking ahead, my priorities will be directly built on this foundation, taking what's worked in EMEA and scaling it globally, driving SPRQ-Nx adoption across accounts, and growing our understanding of disease biology and biomarker discovery by enabling greater HiFi throughput, cost efficiency, and data access. I'm energized by the multiple catalysts in front of us and confident in what's ahead as we take PacBio into its next phase of growth.

我近期在商業領導上的重點，運用了我們在臨床客戶經營上的優勢，而這在 EMEA 地區尤其證明相當有效。展望未來，我的優先事項將直接建立在這個基礎之上：把在 EMEA 行之有效的做法擴展到全球、推動 SPRQ-Nx 在各客戶的採用，並透過提升 HiFi 產出量、成本效率與資料可及性，深化我們對疾病生物學與生物標記探索的理解。面對多項催化因素，我充滿幹勁，並對 PacBio 進入下一階段成長的前景充滿信心。

Part of that next phase means operating with a leaner team focused on our highest priority growth drivers. I want to address a targeted reorganization we initiated late last week. We are integrating our marketing organization more closely with the rest of our commercial organization to ensure we maximize the growth opportunities we continue to see in the clinical market. This new aligned structure will sharpen our focus and strengthen our support for our clinical customers.

下一階段的一部分意味著以更精實的團隊運作，聚焦於我們最優先的成長驅動因素。我想說明我們在上週稍晚啟動的一項針對性重組。我們正將行銷組織與其他商業組織更緊密整合，以確保我們能最大化持續在臨床市場看到的成長機會。這個新的對齊架構將使我們的聚焦更清晰，並強化對臨床客戶的支援。

We also reviewed the broader organization to reduce management spans and raters. Importantly, I want to reiterate that none of our key R&D platform projects were impacted by this reorganization.

我們也檢視了更廣泛的組織，以縮減管理幅度與評核層級。重要的是，我要重申，我們的任何關鍵研發平台專案都未受到此次重組影響。

Turning to discuss our recent performance and where I see the business going from here. Our second quarter was highlighted by the full global commercial rollout of our new SPRQ-Nx chemistry. Access to our SPRQ-Nx beta program was in high demand in Q1, and feedback was highly positive as we approached launch.

接著談談我們近期的表現，以及我對業務未來走向的看法。我們第二季的亮點是全新 SPRQ-Nx 化學試劑在全球的全面商業化推出。第一季對 SPRQ-Nx 測試版計畫的參與需求非常高，而在接近上市時收到的回饋也非常正面。

I am pleased to report that customer enthusiasm for SPRQ-Nx has remained strong since full launch. In fact, in June, over one-third of our install base opted into our new instrument software that facilitates usage of SPRQ-Nx, particularly its multi-use capabilities.

我很高興報告，自全面上市以來，客戶對 SPRQ-Nx 的熱情依然強勁。事實上，在 6 月，我們的裝機客戶中有超過三分之一選擇採用我們新的儀器軟體，以支援 SPRQ-Nx 的使用，特別是其多用途功能。

As a reminder, SPRQ-Nx provides a significant increase in frequency throughput per run. And new customers are now able to use each SMRT Cell up to 3 times. This improves the economics for our customers and enables us to compete for substantially larger projects where competitive economics are crucial to winning.

提醒一下，SPRQ-Nx 可在每次運行中大幅提升頻率通量。而新客戶現在可將每個 SMRT Cell 最多使用 3 次。這改善了客戶的經濟性，並使我們能競逐規模大得多的專案；在這些專案中，具競爭力的經濟性是贏得訂單的關鍵。

Many of our high-throughput customers are currently in the process of validating the new multi-use workflows in their own laboratories, and we expect to see them ramping up SPRQ-Nx usage over the coming months. As a result, we believe SPRQ-Nx will be a significant driver of volume in the second-half of the year and beyond.

我們許多高通量客戶目前正在其自有實驗室中驗證新的多次使用工作流程，我們預期未來幾個月將看到他們逐步提升 SPRQ-Nx 的使用量。因此，我們相信 SPRQ-Nx 將成為今年下半年及其後期間的重要出貨量驅動因素。

Against the backdrop of the SPRQ-Nx launch, our organization continued to execute on key priorities, including growing the evidence base of scientific validation for our HiFi platform through multiple significant publications. We believe these speak to the utility of long-read genome sequencing for rare disease diagnostics.

在 SPRQ-Nx 上市的背景下，我們的組織持續推進關鍵優先事項，包括透過多篇重要發表，擴增對我們 HiFi 平台的科學驗證證據基礎。我們相信，這些成果凸顯了長讀長基因體定序在罕見疾病診斷上的效用。

In addition, we continue to make progress commercially. We delivered $39 million in second quarter revenue, a step-up from Q1. Total revenue was roughly flat year over year, driven by growing consumables and new Revio and Vega placements as we commenced the full rollout of SPRQ-Nx chemistry.

此外，我們在商業化方面也持續取得進展。我們第二季營收達 3,900 萬美元，較第一季提升。在我們開始全面推廣 SPRQ-Nx 試劑化學的同時，受耗材成長以及新增 Revio 與 Vega 裝機帶動，總營收與去年同期大致持平。

Another benefit of the SPRQ-Nx economics is that we saw several customers expand their Revio fleet with multi-system orders to take on larger projects and programs. Additionally, we closed and shipped a significant order for several Revio systems to a new population-scale customer that we expect to begin sequencing in the third quarter.

SPRQ-Nx 經濟效益的另一項好處是，我們看到多位客戶以多台系統訂單擴充其 Revio 機隊，以承接更大型的專案與計畫。此外，我們也完成並出貨一筆重要訂單，向一位新的族群規模客戶交付多台 Revio 系統；我們預期該客戶將於第三季開始進行定序。

Looking closer at our consumables performance in the quarter, total consumable revenue for the quarter was $20.1 million compared to $18.9 million the prior year period. We continue to see strong adoption in the clinical market as shipments to clinical customers grew 67% year over year and represented a mid-teens percentage of total consumables shipments.

更細看本季耗材表現，本季耗材總營收為 2,010 萬美元，較去年同期的 1,890 萬美元增加。我們持續看到臨床市場的強勁採用，對臨床客戶的出貨量年增 67%，並占耗材總出貨量的中十位數百分比。

We expect clinical shipments to continue growing as customers move to full commercialization mode. Our install base. However, we now expect consumables pull-through for the full year to be $200,000 to $225,000 per Revio system due to the pace of demand we are experiencing today.

隨著客戶轉入全面商業化模式，我們預期臨床出貨將持續成長。我們的裝機基礎。然而，基於我們目前所經歷的需求節奏，我們現在預期全年每台 Revio 系統的耗材拉動（pull-through）將為 20 萬至 22.5 萬美元。

The narrow range reflects the timing of customer purchases as several accounts that received large Q1 shipments are now working through existing inventory while evaluating the multi-use feature. As we continue to roll out the SPRQ-Nx transition into late 2026 and 2027, we anticipate this range increasing.

此一較窄的區間反映客戶採購時點：部分在第一季收到大量出貨的帳戶，目前正消化既有庫存，同時評估多次使用功能。隨著我們在 2026 年下半年至 2027 年持續推進 SPRQ-Nx 轉換，我們預期此區間將上升。

We expect to see the first wave of SPRQ-Nx consumables reorders in the coming months as accounts work through their inventory. Long-term, we expect improved cost per genome economics should support higher utilization.

隨著各帳戶消化庫存，我們預期未來幾個月將看到第一波 SPRQ-Nx 耗材再訂購。長期而言，我們預期每個基因體成本（cost per genome）經濟性改善將支持更高的使用率。

Turning to instruments, we sold 20 Revio systems in the quarter. As I previously indicated, we had several multi-unit Revio shipments this quarter. These include a single new to PacBio customer, as well as two standing PacBio customers that were looking to further expand their Revio production fleets, which we believe is a testament to the appeal of Revio technology and SPRQ-Nx economics to new and existing customers. These deals, coupled with the Basecamp opportunity we announced in Q1, signal our entry into larger population-level genomics studies which have been unlocked with SPRQ-Nx.

談到儀器方面，本季我們售出 20 台 Revio 系統。如我先前所述，本季我們有數筆多台 Revio 的出貨。其中包括一位首次成為 PacBio 客戶的買家，以及兩位既有 PacBio 客戶希望進一步擴充其 Revio 量產機隊；我們認為這證明 Revio 技術與 SPRQ-Nx 經濟效益對新舊客戶皆具吸引力。這些交易，加上我們在第一季宣布的 Basecamp 機會，顯示我們已進入因 SPRQ-Nx 而得以解鎖的更大型族群層級基因體研究。

Further, we are now seeing specific clinical customers exit R&D mode and move into more routine production sequencing with our HiFi technology. Overall, 60% of revenue placements in Q2 were to new customers, and 45% of revenue placements in Q2 were sold as a part of multi-instrument purchase orders. Cumulative revenue shipments stand at 366 systems.

此外，我們現在也看到特定臨床客戶走出研發模式，開始以我們的 HiFi 技術進行更例行性的量產定序。整體而言，第二季 60% 的營收裝機來自新客戶，且第二季 45% 的營收裝機是以多儀器採購訂單的一部分售出。累計營收出貨達 366 套系統。

On Vega, we sold 26 Vegas in the second quarter, compared to 38 in the prior year period. Customer conversations remain constructive, but funding uncertainty in the US continues to constrain new orders.

在 Vega 方面，我們第二季售出 26 台 Vega，較去年同期的 38 台減少。與客戶的對話仍具建設性，但美國資金不確定性持續抑制新訂單。

There are two observations that speak to our continued conviction on Vega, despite these headwinds. First, Vega ASP has returned to normalized levels, demonstrating that we can drive demand and capture the data system's full value in the market without the promotional pricing offered in Q1.

儘管面臨這些逆風，仍有兩點觀察支持我們對 Vega 的持續信心。第一，Vega 平均售價（ASP）已回到正常化水準，顯示即使沒有第一季提供的促銷定價，我們仍能帶動需求並在市場中捕捉該資料系統的完整價值。

And second, US Public Health Labs, the segment we deliberately built out, purchased Vega instruments this quarter, and we expect more consistent utilization from these accounts as they ran. Overall, 81% of Vega shipments in Q2 went to new customers. Cumulative Vega shipment stands at 200 systems.

第二，我們刻意建立的美國公共衛生實驗室（US Public Health Labs）客群，本季採購了 Vega 儀器；隨著其開始運行，我們預期這些帳戶將有更一致的使用率。整體而言，第二季 81% 的 Vega 出貨流向新客戶。Vega 累計出貨達 200 套系統。

Regionally, the EMEA continued to grow. And we expect it will remain our fastest-growing region in 2026. America's revenue declined on academic and government funding constraints, while Asia Pacific consumables also declined as customers worked through existing SPRQ inventory in preparation for the SPRQ-Nx transition.

就區域而言，EMEA 持續成長。我們預期其在 2026 年仍將是我們成長最快的區域。美洲營收因學術與政府資金限制而下滑；亞太地區耗材亦下滑，因客戶在為 SPRQ-Nx 轉換做準備之際，正消化既有 SPRQ 庫存。

What's encouraging is the reception of SPRQ-Nx. Customers across the region are actively evaluating it ahead of stepping up to volume purchases, and we expect that evaluation activity to convert into more routine ordering as the year progresses.

令人鼓舞的是，市場對 SPRQ-Nx 的反應良好。各區域客戶在提升至大量採購之前，正積極評估；我們預期隨著年度推進，這些評估活動將轉化為更例行性的下單。

As a reminder, SPRQ-Nx's core advantage is reusing SMRT Cells multiple times. Per genome, US list price drops to $345 per 20x HiFi human genome, a 30% reduction versus our previous SPRQ chemistry achieved without compromising the accuracy or comprehensiveness that makes HiFi valuable.

提醒一下，SPRQ-Nx 的核心優勢在於可多次重複使用 SMRT Cells。以每個基因體計算，美國定價表價格降至每個 20x HiFi 人類基因體 345 美元，較我們先前的 SPRQ 試劑化學降低 30%，且不會犧牲使 HiFi 具價值的準確性或完整性。

Expanded methylation detection and advances in DeepConsensus, our AI-powered consensus algorithm developed with Google, further improves accuracy, run performance, and the biological information generated from each read.

擴增的甲基化偵測能力，以及我們與 Google 共同開發、由 AI 驅動的共識演算法 DeepConsensus 的進展，進一步提升準確度、跑次表現，以及每次讀取所產生的生物資訊。

SPRQ-Nx has changed the math for high-throughput revenue customers who have been waiting for long-read sequencing to become economically viable at scale, and feedback has been overwhelmingly positive. The first full month of full commercial rollout, customers have found that HiFi yield is near identical across the first two uses, with a slight decline on the third.

SPRQ-Nx 改變了高通量營收型客戶的成本計算方式；這些客戶一直在等待長讀長定序在規模化時具備經濟可行性，而回饋極為正面。在全面商業化推廣的第一個完整月份，客戶發現前兩次使用的 HiFi 產出（yield）幾乎相同，第三次則略有下降。

In June, over one-third of our install base opted into our new software that facilitates usage of SPRQ-Nx. As these customers continue these evaluations, we expect to see an expansion of SPRQ-Nx usage, which will in turn enable more throughput and expand gross margins. We anticipate over half of our install base will have adopted SPRQ-Nx software by the end of the third quarter and the vast majority to have opted in by year end.

6 月時，我們的裝機基礎中有超過三分之一選擇採用可促進 SPRQ-Nx 使用的新軟體。隨著這些客戶持續評估，我們預期 SPRQ-Nx 使用量將擴大，進而提升吞吐量並擴大毛利率。我們預期到第三季末，將有超過一半的裝機基礎採用 SPRQ-Nx 軟體，並在年底前絕大多數客戶都會選擇加入。

We are also excited to report that we will launch the SPRQ-Nx chemistry on the Vega system later in August. This chemistry will enable higher throughput, about the 90 gigabases per run and lower the DNA input requirements, harmonizing the SPRQ-Nx chemistry across both instruments for consistency of data quality and operations.

我們也很高興報告，我們將於 8 月稍晚在 Vega 系統上推出 SPRQ-Nx 試劑化學。此試劑化學將帶來更高吞吐量（每次跑約 90 gigabases），並降低 DNA 輸入量需求，使兩款儀器的 SPRQ-Nx 試劑化學一致化，以確保資料品質與作業的一致性。

Turning to the growing validation of our differentiated technology, two recent publications reinforced that HiFi long-read sequencing delivers better, more comprehensive results than the existing standard of care, which typically requires a multi-test process. The scientific validation strengthens our conviction that we can shift the standard of care paradigm entirely, benefiting patients and providers alike.

談到我們差異化技術日益增強的驗證，近期兩篇發表再次強化：HiFi 長讀長定序能提供比現行照護標準更佳、更全面的結果；而現行標準通常需要多項檢測的流程。這些科學驗證強化了我們的信念：我們能夠徹底改變照護標準的典範，讓病患與醫療提供者皆受益。

On June 13, the New England Journal of Medicine published an article called Clinical Long-Read Genome Sequencing for Rare Disease Diagnostics by Bitter, et al., which is one of the strongest pieces of evidence for our thesis on the value of long-read sequencing, especially in the clinical setting.

6 月 13 日，《新英格蘭醫學期刊》（New England Journal of Medicine）發表了一篇題為〈用於罕見疾病診斷的臨床長讀長基因體定序〉（Clinical Long-Read Genome Sequencing for Rare Disease Diagnostics）的文章，由 Bitter 等人撰寫；這是支持我們「長讀長定序價值」論點的最有力證據之一，尤其是在臨床情境中。

Overall, the results were compelling. Concordance between long-read genome sequencing and standard of care was 96.4%. Long-read improved or refined diagnoses in 3.4% of cases, while standard of care only caught variants that long reads missed in 0.2% of cases.

整體而言，結果相當有說服力。長讀長基因體定序與現行照護標準之間的一致性為 96.4%。長讀長在 3.4% 的案例中改善或精煉了診斷；而現行照護標準僅在 0.2% 的案例中捕捉到長讀長所漏掉的變異。

The publication demonstrates that HiFi long read sequencing is a clinically effective first tier diagnostic test that improves diagnostic yield while also simplifying the laboratory workflow, reducing turnaround time, and enhancing the overall economics of rare disease diagnostics.

該篇發表顯示，HiFi 長讀長定序作為臨床上有效的第一線診斷檢測，可提升診斷命中率，同時簡化實驗室工作流程、縮短檢測周轉時間，並改善罕見疾病診斷的整體經濟效益。

Hundreds of millions of people globally have rare disease. And most of them spend years seeing specialists and being submitted to testing with little resolution to their issues. We believe a publication of this caliber in the New England Journal of Medicine also carries real weight with payers and health systems. It's the kind of evidence that accelerates the transition away from legacy diagnostic workflows to us.

全球有數以億計的人罹患罕見疾病。而其中多數人多年來奔波於各專科門診並接受各種檢測，卻很少能真正解決其問題。我們相信，能在《新英格蘭醫學期刊》發表如此水準的文章，也會對保險支付方與醫療體系產生實質影響力。這類證據將加速從傳統診斷工作流程轉向我們的方案。

The second article was published in Nature Genetics entitled Near-Perfect Genome Sequencing in Medical Genetics by Sabbagh, et al. In the article, the authors proposed that long-read genome sequencing should be considered as one pillar of the broader technological convergence encompassing diploid genome assembly, pangenome references, and AI-driven variant interpretation termed near-perfect genome sequencing.

第二篇文章發表於《Nature Genetics》，題為〈Near-Perfect Genome Sequencing in Medical Genetics〉，作者為 Sabbagh 等人。文中作者提出，長讀長全基因體定序應被視為更廣泛技術匯流的一大支柱；該匯流涵蓋二倍體基因體組裝、泛基因體參考，以及由 AI 驅動的變異解讀，並將其稱為「近乎完美的基因體定序」。

They also highlighted the potential that near-perfect genome sequencing across postnatal, prenatal, and oncological settings while also outlining a staged implementation roadmap toward this one-test paradigm. Like the New England Journal of Medicine article, this article similarly supports the move to the one-test paradigm given the diagnostic completeness of long-read sequencing technology like HiFi.

他們也強調「近乎完美的基因體定序」在出生後、產前與腫瘤學等情境中的潛力，同時勾勒出邁向此「一項檢測」典範的分階段導入路線圖。如同《新英格蘭醫學期刊》的文章，這篇文章同樣支持轉向「一項檢測」典範，因為 HiFi 等長讀長定序技術具備診斷上的完整性。

Beyond rare diseases, we also announced a preprint from the HiFi Solve Sub-fertility Consortium in Asia Pacific, which marks the first major study from that group. Sub-fertility affects around one in six couples globally, and yet the genetic evaluation most couples receive today is fragmented.

除罕見疾病之外，我們也宣布亞太地區 HiFi Solve 次生不孕聯盟（Sub-fertility Consortium）的一篇預印本，這是該團隊的首項大型研究。次生不孕影響全球約每六對伴侶中的一對，但目前多數伴侶所接受的遺傳評估仍相當零散。

Multiple sequential tests often require months or years of evaluation that frequently result in no definitive explanation. The data demonstrates that HiFi genome sequencing can provide a complete view of reproductive genetics in a single workflow, representing another long-term clinical opportunity for us.

多項依序進行的檢測往往需要數月甚至數年的評估，且經常無法得到明確的解釋。數據顯示，HiFi 全基因體定序可在單一工作流程中提供生殖遺傳學的完整視角，這也代表我們另一項長期的臨床機會。

Additionally, our collaboration to run samples for Basecamp Research has been going very well. Samples are in-house, and we are sequencing and delivering hundreds of samples to Basecamp each week. We expect Basecamp to contribute more meaningfully in 2027 when the majority of the samples will be processed.

此外，我們與 Basecamp Research 合作進行樣本測序的進展非常順利。樣本已在內部處理，我們每週為 Basecamp 定序並交付數百個樣本。我們預期 Basecamp 將在 2027 年做出更具實質性的貢獻，屆時大多數樣本將完成處理。

I'll now turn the call over to Jim. Jim?

接下來我把電話會議交給 Jim。Jim？

Thank you, Mark. I will discuss non-GAAP results, which include non-cash stock-based compensation expenses. I encourage you to review the reconciliation of GAAP to non-GAAP financial measures in our earnings press release. Unless otherwise noted, all growth rates are year over year. We reported total revenue of $39 million in the second quarter of 2026, compared to $39.8 million in the second quarter of 2025.

謝謝你，Mark。我將說明非 GAAP 結果，其中包含非現金的股票基礎薪酬費用。我建議各位查閱我們財報新聞稿中 GAAP 與非 GAAP 財務衡量指標的調節表。除非另有說明，所有成長率皆為年對年。我們在 2026 年第二季的總營收為 3,900 萬美元，較 2025 年第二季的 3,980 萬美元下降。

Instrument revenue in the second quarter was $12.8 million, a decrease of 9% from $14.2 million in the second quarter of 2025, primarily reflecting a lower average selling price driven by customer mix, including lower priced strategic revenue placements to key accounts and fewer Vega system shipments as academic and government funding constraints continued to pressure capital purchases.

第二季儀器營收為 1,280 萬美元，較 2025 年第二季的 1,420 萬美元下降 9%，主要反映因客戶組合所致的平均售價下降，其中包括以較低價格進行的策略性營收布建至關鍵客戶，以及在學術與政府資金限制持續壓抑資本支出採購之下，Vega 系統出貨量減少。

We sold 20 Revio systems, up from 15 in the prior year, and 26 Vega systems, down from 38, ending the quarter with cumulative shipments of 366 Revio systems and 200 Vega systems.

我們售出 20 套 Revio 系統，高於去年同期的 15 套；Vega 系統售出 26 套，低於去年同期的 38 套。本季結束時，累計出貨達 Revio 366 套、Vega 200 套。

Turning to consumables. Revenue of $20.1 million in the second quarter increased 6% from $18.9 million in the second quarter of 2025, with annualized Revio pull-through per system at approximately $202,000. Consumables revenue increased primarily due to the growth in the install base and continued utilization of Revio systems, particularly among clinical customers. Growth was partially offset as customers worked through existing inventory and completed SPRQ-Nx's workflow validation prior to the broader adoption.

接著談耗材。第二季耗材營收為 2,010 萬美元，較 2025 年第二季的 1,890 萬美元成長 6%，每套系統的 Revio 年化拉動（pull-through）約為 202,000 美元。耗材營收增加主要來自裝機基礎擴大，以及 Revio 系統使用率持續提升，特別是在臨床客戶之間。成長部分被抵銷，原因是客戶消化既有庫存，並在更廣泛採用前完成 SPRQ-Nx 的工作流程驗證。

Finally, service and other revenue was $6.1 million in the second quarter, compared to $6.7 million in the second quarter of 2025, reflecting continued growth in Revio's service contracts as our install base expanded, offset by lower revenue as we completed a population sequencing program.

最後，服務與其他營收在第二季為 610 萬美元，較 2025 年第二季的 670 萬美元下降；反映隨著裝機基礎擴大，Revio 服務合約持續成長，但在我們完成一項族群定序計畫後，相關營收下降而被抵銷。

From a regional perspective, America's revenue of $17.6 million was down slightly compared to the second quarter of 2025, as ongoing NIH and broader academic funding uncertainty continued to weigh on capital purchasing decisions. Clinical and commercial customer activity remained resilient, and we continued expanding our Vega install base within public health laboratories.

從區域來看，美洲營收為 1,760 萬美元，較 2025 年第二季略為下降，因 NIH 及更廣泛的學術資金不確定性仍持續影響資本採購決策。臨床與商業客戶活動仍具韌性，我們也持續在公共衛生實驗室擴大 Vega 裝機基礎。

For Asia Pacific, revenue of $7 million decreased 45% compared to the second quarter of 2025, primarily reflecting the conclusion of a significant population sequencing program, continued academic and government funding headwinds, and the lower consumables demand as customers completed SPRQ-Nx workflow validation and worked through existing reagent inventory.

亞太地區營收為 700 萬美元，較 2025 年第二季下降 45%，主要反映一項重要族群定序計畫結束、學術與政府資金逆風持續，以及客戶完成 SPRQ-Nx 工作流程驗證並消化既有試劑庫存，導致耗材需求降低。

EMEA revenue of $14.4 million increased 52% compared to the second quarter of 2025, reflecting continued clinical adoption as hospitals and clinical customers transitioned from pilot programs into routine production, together with growing demand for the Vega platform and a significant strategic multi-system revenue placement supporting a large-scale national genomics initiative.

EMEA 營收為 1,440 萬美元，較 2025 年第二季成長 52%，反映隨著醫院與臨床客戶從試點計畫轉入例行量產，臨床採用持續提升；同時 Vega 平台需求增加，並有一項重要的策略性多系統營收布建，以支持一項大規模國家基因體計畫。

Moving down the P&L, second quarter non-GAAP gross profit of $13.9 million represented a non-GAAP gross margin of 36%, compared to a non-GAAP gross profit of $15.2 million or a gross margin of 38% in the second quarter of 2025.

往下看損益表，第二季非 GAAP 毛利為 1,390 萬美元，非 GAAP 毛利率為 36%；相較之下，2025 年第二季非 GAAP 毛利為 1,520 萬美元、毛利率為 38%。

Non-GAAP gross margin declined primarily due to previously discussed compute cost inflation and lower manufacturing volumes. In addition, gross margin was impacted by $1.1 million in costs associated with transitioning Vega manufacturing in-house from our contract manufacturer.

非 GAAP 毛利率下滑主要是先前提及的運算成本通膨與製造量較低所致。此外，毛利率亦受到 110 萬美元成本影響，該成本與我們將 Vega 製造從委外代工廠轉為內部生產的轉換相關。

These transition costs are expected to conclude by the end of 2026. Separately, cash outflows were higher due to strategic purchases of memory components to support future production. Importantly, these purchases are largely timing related, and we now expect to have sufficient memory to support operations through the end of 2026.

這些轉換成本預期將於 2026 年底前結束。另外，由於策略性採購記憶體元件以支援未來生產，現金流出較高。重要的是，這些採購多屬時點因素；我們目前預期記憶體供應足以支撐營運至 2026 年底。

Non-GAAP operating expenses were $56.1 million in the second quarter of 2026, a 3% decrease from $58.1 million in the second quarter of 2025. The year-over-year decline reflects continued expense discipline across the organization while maintaining investment in our highest strategic priorities. Operating expenses in the second quarter included $8.6 million of non-cash share-based compensation compared to $11 million in the prior year period.

2026 年第二季非 GAAP 營業費用為 5,610 萬美元，較 2025 年第二季的 5,810 萬美元下降 3%。年對年下降反映我們在全組織持續維持費用紀律，同時仍保留對最高策略優先事項的投資。第二季營業費用包含 860 萬美元的非現金股票基礎薪酬，較去年同期的 1,100 萬美元為低。

Regarding headcount, we ended the quarter with 492 employees compared to 485 at the end of 2025 and 491 at the end of the second quarter of 2025. As Mark discussed, we recently initiated a restructuring designed to further align our cost structure with our strategic priorities. This action is expected to reduce our workforce by approximately 40 employees and lower our ongoing operating expense base while preserving investment in our highest priority growth initiatives.

在人力方面，本季結束時員工數為 492 人，較 2025 年底的 485 人增加，與 2025 年第二季末的 491 人相近。如 Mark 所述，我們近期啟動一項重整計畫，旨在使成本結構更進一步與策略優先事項對齊。此舉預期將使人力約減少 40 名員工，並降低持續性的營業費用基礎，同時保留對最高優先成長計畫的投資。

Non-GAAP net loss was $41.9 million, representing $0.14 per share in the second quarter of 2026, compared to a non-GAAP net loss of $40 million, representing $0.13 per share in the second quarter of 2025. We ended the second quarter with approximately $236.9 million in unrestricted cash, cash equivalents, and investments, compared with $279.5 million at December 31, 2025.

非 GAAP 淨損為 4,190 萬美元，2026 年第二季每股為 0.14 美元；相較之下，2025 年第二季非 GAAP 淨損為 4,000 萬美元、每股為 0.13 美元。第二季結束時，我們持有約 2.369 億美元的不受限制現金、約當現金與投資，較 2025 年 12 月 31 日的 2.795 億美元下降。

Turning to our full year outlook, given the dynamics that Mark cited, we are lowering our revenue expectations for 2026 to $155 million to $165 million. Our revised outlook assumes consumables will remain the driver of growth, supported by continued utilization from clinical customers and the expanding of Revio and Vega install base.

談到我們的全年展望，鑑於 Mark 所提到的動態因素，我們將 2026 年的營收預期下調至 1.55 億至 1.65 億美元。我們修訂後的展望假設耗材仍將是成長的主要驅動力，並由臨床客戶持續的使用量以及 Revio 與 Vega 裝機基數的擴大所支撐。

At the same time, we expect SPRQ-Nx adoption to build progressively through the second-half as customers complete workflow validation and transition existing reagent inventories. We continue to assume no meaningful recovery in academic and government funding, particularly in the Americas and a more gradual recovery in China than we had previously anticipated. We now expect non-GAAP gross margin to be in the range of 35% to 37% for 2026.

同時，我們預期 SPRQ-Nx 的採用將在下半年隨著客戶完成工作流程驗證並轉換既有試劑庫存而逐步提升。我們仍假設學術與政府資金不會出現有意義的復甦，尤其是在美洲地區；且中國的復甦將比我們先前預期更為緩慢。我們目前預期 2026 年非 GAAP 毛利率將落在 35% 至 37% 的區間。

This revised outlook reflects temporary Vega manufacturing transition costs of approximately $2.5 million, elevated compute and memory costs, a more gradual SPRQ-Nx adoption curve, and the margin impact of lower price strategic revenue placements.

此修訂後的展望反映了約 250 萬美元的 Vega 製造轉換暫時性成本、偏高的運算與記憶體成本、更為漸進的 SPRQ-Nx 採用曲線，以及較低價格的策略性營收佈署對毛利率的影響。

Turning to our cash outlook, we expect to end the year with approximately $175 million to $185 million in cash, reflecting our updated revenue outlook, continued investments in SPRQ-Nx, the temporary manufacturing costs and working capital impacts we discussed today, and the cost reduction initiatives Mark outlined earlier.

談到我們的現金展望，我們預期年底現金約為 1.75 億至 1.85 億美元，反映我們更新後的營收展望、對 SPRQ-Nx 的持續投資、我們今天討論的暫時性製造成本與營運資金影響，以及 Mark 先前概述的成本削減措施。

Non-GAAP operating expenses are expected to be in the range of $215 million to $220 million, a reduction of $5 million from the range we guided in Q1 and down from 2025 levels. Looking ahead, we expect cash burn to step down meaningfully in 2027. In addition to the benefits of our restructuring, which we expect to reduce compensation-related expenses by approximately $15 million to $20 million next year, we expect to realize approximately $15 million to $20 million of additional annual savings as we move past development spending on our high-throughput platform.

非 GAAP 營業費用預期將落在 2.15 億至 2.20 億美元區間，較我們在第一季所提供的指引區間下調 500 萬美元，並低於 2025 年水準。展望未來，我們預期 2027 年的現金消耗將顯著下降。除了重整帶來的效益（我們預期明年可使薪酬相關費用降低約 1,500 萬至 2,000 萬美元）之外，隨著我們度過高通量平台的研發支出高峰，我們也預期可實現每年約 1,500 萬至 2,000 萬美元的額外節省。

While these actions significantly improve our cash profile, our outlook also reflects the continued impact of elevated compute costs and a more gradual gross margin improvement than we previously anticipated. As a result, we now expect to achieve cash flow breakeven in 2028 compared to our prior expectation of the end of 2027.

雖然這些行動大幅改善了我們的現金狀況，但我們的展望也反映了偏高運算成本的持續影響，以及毛利率改善速度較我們先前預期更為漸進。因此，相較於先前預期在 2027 年底達成，我們現在預期將在 2028 年達到現金流損益兩平。

Based on our current operating plan, we believe our existing cash resources provide sufficient flexibility to execute our strategic priorities, support the commercialization of our new high-throughput platform, and fund the business through cash flow breakeven.

基於我們目前的營運計畫，我們相信現有現金資源提供足夠的彈性，以執行我們的策略優先事項、支持新高通量平台的商業化，並為公司提供資金直至現金流損益兩平。

I will now turn the call back to Mark for closing remarks.

接下來我把電話交回給 Mark 作結語。

Thanks, Jim. I'm energized about this next chapter for PacBio. The catalysts we built toward, including SPRQ-Nx's full rollout, expanding clinical adoption, and our entry into population-scale genomics are now converging. My focus as CEO is straightforward: scale is driving growth, sharpen our execution, and run a leaner, more focused organization built around our highest conviction growth drivers. I've spent five years in this business and I understand both its potential and what it takes to realize it. I'm confident in our team, our technology, and our path forward.

謝謝你，Jim。我對 PacBio 的下一個篇章感到振奮。我們一路打造的催化因素，包括 SPRQ-Nx 的全面推廣、臨床採用的擴大，以及我們進入人口規模基因體學領域，現在正同時匯聚。我作為執行長的重點很明確：以規模帶動成長、強化執行力，並打造更精實、更聚焦、圍繞我們最有把握的成長驅動因素所建立的組織。我在這個業務領域已經五年，我了解它的潛力，也了解要如何把潛力實現。我對我們的團隊、技術以及前進的道路充滿信心。

With that, we'll open the line. Jim and I are available for questions.

接下來我們開放提問。Jim 和我都可以回答問題。

(Operator Instructions) Kyle Mikson, Canaccord Genuity.

（接線員指示）Kyle Mikson，Canaccord Genuity。

Hey, guys. Thanks for the questions. Nice quarter. Christian, it's great working with you past several years. There's been the highs and the lows, but it's been overall a really impressive job. Mark, congrats on the role. It's going to be great to see how the strong quarter. So thanks, guys, for everything.

嗨，各位。謝謝讓我提問。這一季表現不錯。Christian，過去幾年和你合作很愉快。有高峰也有低谷，但整體而言你做得非常出色。Mark，恭喜你擔任這個職務。很期待看到這個強勁季度之後的發展。所以謝謝各位所做的一切。

Back to the quarter and the questions there. So I guess on the Revios and the Vegas, interesting to see how many are still coming from new customers. I'm just curious how many are clinical customers. That would be interesting to see if most of these new customers are clinical in nature and how that's looking and shaping going forward. Thanks.

回到本季以及相關問題。我想就 Revio 和 Vega 而言，看到仍有不少來自新客戶很有意思。我只是好奇其中有多少是臨床客戶。如果這些新客戶大多屬於臨床性質，以及未來的走勢與形塑情況，會很有參考價值。謝謝。

Thanks, Kyle. It's going to be fun working with you as well. It's really my pleasure. And I just want to start, just a quick thank you again to Christian and to recognize his contributions to PacBio. His industry knowledge and experience really has transformed PacBio. We've got a portfolio of products. We've got the commercial scale now, workflows and service clinical markets.

謝謝你，Kyle。我也很期待和你一起合作。這真的是我的榮幸。我想先簡短地再次感謝 Christian，並肯定他對 PacBio 的貢獻。他的產業知識與經驗確實改造了 PacBio。我們已經擁有一個產品組合。我們現在也具備商業化規模、工作流程與服務臨床市場的能力。

And really I'll just be building off of that foundation and he's going to continue to be a great partner to me as he becomes a member of the Board or stays a member of the Board and advises me through this transition.

而我基本上會在這個基礎上繼續推進；當他成為董事會成員，或持續擔任董事會成員，並在這段過渡期間給我建議時，他也會繼續成為我很好的夥伴。

You're speaking specifically about the Revios and Vegas, and maybe I'll start with Revio because it was a good rebound for the Revio. As you can see, we shipped 20 Revios this quarter. The majority of those to new customers, it's a multi-system placements, which I think is a really important part of the SPRQ-Nx thesis title to make sure that that economic is driving scaling of existing customers as well as bringing the new customers.

你特別提到 Revio 和 Vega，我可能先從 Revio 談起，因為這一季 Revio 的反彈表現不錯。如你所見，我們本季出貨了 20 台 Revio。其中大多數是出給新客戶，且屬於多系統佈署；我認為這是 SPRQ-Nx 論點中非常重要的一部分，確保其經濟效益能推動既有客戶擴大規模，同時也帶來新客戶。

In terms of the clinical adoption, the majority of those Revios are going to clinical accounts and so we continue to see the momentum in the business there, not just on the growth in consumables, but on the instrument platform.

就臨床採用而言，這些 Revio 的大多數是出給臨床客戶，因此我們持續看到該業務的動能，不僅體現在耗材成長，也體現在儀器平台上。

Likewise, in the Vega, we had a smaller number than last year, but I think consistent with last quarter's overall Vega units. The majority of these are to brand new customers to PacBio, which again, that was the idea with the Vega platform launch was decentralize the HiFi sequencing, expose more of the globe to our technology. And so, we continue to do that.

同樣地，在 Vega 方面，我們的數量比去年少一些，但我認為與上一季的 Vega 整體出貨台數一致。其中大多數是提供給 PacBio 的全新客戶；這也再次呼應 Vega 平台上市的初衷：讓 HiFi 定序去中心化，讓全球更多地區接觸到我們的技術。因此，我們仍在持續推進這件事。

And again, Vega is still smaller targeted applications in terms of applications. I think what we noted there is, the health labs are starting to pick up Vega. So we're starting to see some momentum in wastewater testing and your non-traditional uses of HiFi genome for higher throughput whole genome type applications. So really encouraged by the Vega new customer demand as well as the clinical and public health lab adoption of it.

另外，Vega 仍主要聚焦在較小、較具針對性的應用。我們注意到的是，健康實驗室開始採用 Vega。因此，我們開始在廢水檢測，以及一些非傳統的 HiFi 基因體用途上看到動能，這些用途偏向更高通量的全基因體類型應用。所以我們對 Vega 的新客戶需求，以及其在臨床與公共衛生實驗室的採用都感到非常鼓舞。

Subbu Nambi, Guggenheim.

Subbu Nambi，Guggenheim。

Hey, guys. This is Thomas on for Subbu. Thanks for taking our question. On Revio, you said you placed some boxes to customers doing population scale sequencing. You gave some comments on the consumables timing. Just thinking about those factors and some clinical accounts, can you just walk us through what you're expecting on pull through sequentially from here? Just what does the second-half look like in terms of third quarter, fourth quarter? Thanks so much.

嗨，各位。我是代 Subbu 提問的 Thomas。謝謝你們回答我們的問題。關於 Revio，你們提到有一些設備佈署給從事人口規模定序的客戶。你們也對耗材的時間點做了一些評論。綜合這些因素以及一些臨床客戶，你們能否帶我們了解一下，從現在開始你們預期耗材拉動（pull-through）在序列上會如何表現？也就是下半年第三季、第四季大概會是什麼樣子？非常感謝。

Yeah, on the population genome opportunity that we mentioned, we'll disclose who that is when the timing is right for that. So expect for some further updates there. On the clinical customer scaling, this is where you start to see the scaling with much faster uptake of the consumables, again, driven with the SPRQ-Nx economics here again. So we expect those to start to implement and scale through the back half of this year.

是的，關於我們提到的人口基因組（population genome）機會，我們會在時機成熟時揭露對方是誰。所以請期待後續會有一些更新。至於臨床客戶的擴張，這裡你會開始看到耗材的採用速度更快、帶動規模化成長，同樣是由 SPRQ-Nx 的經濟性所驅動。因此我們預期這些客戶會在今年下半年開始導入並擴大規模。

In terms of the overall timing of the SPRQ-Nx and consumable scaling, we are going through this transition. You saw we were relatively flat quarter over quarter on our consumables revenue. I would expect that to continue through this next quarter and then start scaling as we get through the back end of this year.

就 SPRQ-Nx 與耗材擴張的整體時程而言，我們正在經歷這個轉換期。你們看到我們的耗材營收季對季相對持平。我預期這種情況會延續到下一季，之後隨著我們進入今年後段就會開始放量成長。

These SPRQ-Nx customers are optimizing their workflows. They're getting used to running our SMRT Cells multiple times and hardening the validation of that. And so I expect this transition to last through this quarter and then start to scale towards the back end of the year.

這些 SPRQ-Nx 客戶正在優化他們的工作流程。他們逐漸習慣多次使用我們的 SMRT Cells 進行運行，並強化相關驗證。因此我預期這個轉換會持續到本季，然後在年底前後開始擴大規模。

Jack Meehan, Operon Research.

Jack Meehan，Operon Research。

Thanks. Good afternoon, guys. And Mark, congrats on the new role. My question is for Jim. I was wondering if it was possible to talk about gross margins for memory. How much of your supply is locked in now for the second-half in 2027? And can you talk about like what any incremental headwinds could be if the spot pricing holds. Maybe just on the positive side, you've talked about multiuse SMRT Cells potentially improving PacBio gross margins. When do you think that's going to start to show up? Thanks.

謝謝。各位下午好。Mark，恭喜你擔任新職務。我的問題想請教 Jim。我想問是否可以談談記憶體（memory）的毛利率影響。你們目前有多少供應量已經鎖定到 2027 年下半年？如果現貨價格維持不變，能否談談可能出現的額外逆風？另外從正面來看，你們提到多次使用的 SMRT Cells 可能改善 PacBio 的毛利率。你認為這會在什麼時候開始反映出來？謝謝。

Tahnks, Jack. So first, let's talk about the memory impact and its implications for this quarter and going on. So from the standpoint of supply, we are supplied through the end of 2026 based on our current forecast. So we have memory coverage, GPU coverage through then.

謝謝你，Jack。首先，我們先談記憶體的影響，以及對本季與後續的意涵。就供應面而言，依照我們目前的預測，我們的供應可支撐到 2026 年底。因此在那之前，我們的記憶體供應與 GPU 供應都有覆蓋。

We'll probably enter the market to start purchasing more memory tail end of this year. So as we're looking, and part of the reason we've adjusted our gross margin guidance down to 35% to 37% is we do expect the memory impact to persist through the rest of this year. We don't have good visibility into '27 yet. That's part of what drove some of the actions that Mark talked about in the restructuring.

我們可能會在今年年底開始進入市場採購更多記憶體。因此在我們評估時，也正是我們把毛利率指引下修到 35% 到 37% 的部分原因：我們預期記憶體的影響會持續到今年剩餘期間。我們目前對 2027 年的能見度還不高。這也是促使 Mark 在重組中提到採取部分行動的原因之一。

Number two is the other piece that's actually impacting our margins for the rest of this year is the transition costs with the Vega. One of the things we're really trying to do is cut costs in the long-term as we insource manufacturing and bring down a number of suppliers.

第二個在今年剩餘期間實際影響我們毛利率的因素，是 Vega 的轉換成本。我們真正想做的一件事，是透過把製造內製化並減少供應商數量，來在長期降低成本。

So part of that transition, we're incurring some unanticipated costs. However, it's allowing us to accelerate that transition to Vega to our in-house manufacturing. So that's something we are doing to help us look a lot better moving into '27.

因此在這個轉換過程中，我們產生了一些未預期的成本。不過，這也讓我們能加速把 Vega 轉到我們的內部製造。這是我們正在做的事情，目的是讓我們在邁入 2027 年時表現看起來會好很多。

And then the third part of your question is, as Mark mentioned, we do expect the SPRQ-Nx ramp to increase more in the latter half of the second-half of the year. So that will be offsetting some of those persistent memory costs and those transition costs.

第三個部分是，如同 Mark 提到的，我們確實預期 SPRQ-Nx 的爬坡會在今年下半年、尤其是下半年後段更為加速。因此這將抵消部分持續性的記憶體成本以及這些轉換成本。

So we're excited to get the transition behind us. I think we're excited to see memory stabilize. I don't think we're going to necessarily see a decrease in memory, but I think one of the things we've been impacted by is the fluctuations in spot markets and how that's impacting or impacting our supply chain. So that's part of the reason we have some of the unanticipated impacts in the latter half of the year, but I think some of the early indicators are is that starting to stabilize.

所以我們很期待把這段轉換期走完。我們也很期待看到記憶體價格趨於穩定。我不認為記憶體價格一定會下降，但我們受到影響的一點是現貨市場的波動，以及這些波動如何影響、或正在影響我們的供應鏈。因此這也是我們在今年下半年出現一些未預期影響的原因之一；不過我認為一些早期指標顯示，情況正開始穩定下來。

Thank you.

謝謝。

Mason Carrico, Stephens.

Mason Carrico，Stephens。

Hey, guys. Thanks for taking the question here. So on SPRQ-Nx, I guess, could you just talk about the early signals and signs, I guess, that you're seeing from customers on whether that 30% to 40% cost reduction is expanding sample volumes. To more than offset that pricing discount and how we should be thinking about maybe the sequential pacing of that playing out as we get into the back half of the year.

各位好。謝謝讓我提問。關於 SPRQ-Nx，我想請你們談談目前從客戶端看到的早期訊號與跡象：那 30% 到 40% 的成本降低是否正在擴大樣本量，以至於足以抵消價格折讓；以及當我們進入今年下半年時，應該如何看待這個過程在季度間的推進節奏。

Yeah, thanks, Mason, for the question. So this part next launch is critical for us to establish both ourselves in these larger scale programs, which we're seeing the indication of with some of these multi-system revenue deals.

好的，謝謝你提問，Mason。這次的下一代（next）上市對我們至關重要，因為它能讓我們在這些更大規模的計畫中站穩腳步；我們也從一些多系統的營收交易中看到這樣的跡象。

But also for that gross margin expansion that you talk about. The 30% price decrease I do expect us to overcome here as we work through the growth in the back half of this year. And so I think the timing is relatively short-term.

同時，這也關係到你提到的毛利率擴張。我確實預期，隨著我們在今年下半年推動成長，我們將能克服這 30% 的降價影響。因此我認為時程相對偏短期。

We mentioned that we've already seen one-third of our customers upgrade the software to enable the SPRQ-Nx, and so the demand is there. We have seen in Asia Pac, the drop in consumables in the second quarter was them burning down their SPRQ inventory and getting ready to take on the shipments of SPRQ-Nx at scale.

我們提到過，目前已經有三分之一的客戶升級了軟體以啟用 SPRQ-Nx，因此需求確實存在。我們也看到在亞太地區，第二季耗材下滑是因為他們在消化既有的 SPRQ 庫存，並準備以規模化方式接收 SPRQ-Nx 的出貨。

So the early indicators are there and the excitement is there, as well as the opportunity for involvement of some of these larger projects. So we've looked for that gap to be closed as we work through this quarter and then exit the back end of this year.

因此早期指標已經出現、熱度也在，同時也有機會參與其中一些更大型的專案。所以我們預期在本季推進的過程中縮小這個落差，並在今年後段結束時把差距補上。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

Hi. Pradeep on for Dan. This transition phase with the SPRQ-Nx chemistry on Revio with the existing inventory and the validation phase, do you similarly expect that with vega consumables? A few months after launch or not so much because that's different from base of customers? Thank you.

你好。我是 Pradeep，代 Dan 提問。Revio 上 SPRQ-Nx 化學試劑的這段轉換期，包含既有庫存與驗證階段，你們是否也預期 Vega 耗材會出現類似情況？也就是上市後幾個月會有同樣的動態，還是不太會，因為客戶基礎不同？謝謝。

Yeah, I don't expect the same dynamic with Vega, mostly because Vega utilization is less than that of Revio. And so I don't think you'll see the same impact on utilization with Vega. I think what you'll see with Vega is an opportunity for the SPRQ-Nx to expand the application set that Vega is used for. In this launch, we're increasing the throughput of Vega to be able to deliver 90 gigabases of yield versus the 60 with the on-market version of Vega.

是的，我不預期 Vega 會有相同的動態，主要是因為 Vega 的使用率低於 Revio。因此我不認為你會在 Vega 上看到同樣的使用率影響。我認為你會在 Vega 上看到的是：SPRQ-Nx 有機會擴大 Vega 的應用範圍。在這次上市中，我們把 Vega 的通量提升，使其可提供 90 gigabases 的產出，相較於目前市售版本 Vega 的 60。

And so we do think that that increase in data is going to enable people to start thinking about larger panels of genes, larger amplicon sets, the occasional whole genome, whether that's human or non-human genome. So more than anything, I think the SPRQ-Nx on Vega with the higher throughput and the lower DNA input requirements is going to open up the applications that we see on that and drive utilization upwards.

因此我們確實認為，資料量的提升將使人們開始考慮更大的基因 panel、更大的 amplicon 組合，以及偶爾的全基因組（無論是人類或非人類基因組）。所以最重要的是，我認為搭配更高通量與更低 DNA 輸入需求的 Vega 版 SPRQ-Nx，將會打開我們在其上看到的應用，並推動使用率上升。

Dave Westenberg, Piper Sandler.

Dave Westenberg，Piper Sandler。

Hi, thanks. This is [Sky] on for Dave. Thanks for the question. Maybe just more generally, as the industry is shifting now towards multiomics, can you talk about the advantage of PacBio's long read technology? What are you seeing from your biopharma partners? What are they looking for and where are the demands there? Thanks.

嗨，謝謝。我是代替 Dave 的 [Sky]。謝謝讓我提問。也許更概括地說，隨著產業現在正轉向多組學（multiomics），你能談談 PacBio 長讀長技術的優勢嗎？你們從生物製藥合作夥伴那邊看到了什麼？他們在尋找什麼、需求在哪裡？謝謝。

Yeah. So this is where I really do believe that we are most differentiated. We have the most comprehensive clinical genome or whole genome, that lets us look at, if you think about multiomics in the sense of different varying classes. And so we're seeing a lot of interest in the repeat expansions and the structural variation that you see and the diploid genomics that lead to the publications like the near-perfect genome paper.

是的。所以我確實相信這正是我們差異化最明顯的地方。我們擁有最全面的臨床基因組或全基因組能力，讓我們可以觀察——如果你把多組學理解為不同且多樣的類別。因此我們看到很多人對重複擴增（repeat expansions）、結構變異（structural variation），以及導致像「近乎完美基因組」論文那樣發表成果的二倍體基因組學（diploid genomics）非常感興趣。

The methylation is starting to expand in knowledge and the reference sets around that and the methylation signatures are starting to expand the desire for the methylation that comes with our genome analysis. So in the multiomic sense of the DNA and we're starting to see a lot of progress including that in chromatin architecture.

甲基化（methylation）方面的知識與相關參考資料集正在開始擴展，而甲基化特徵（methylation signatures）也正在提升大家對於隨我們基因組分析一併提供之甲基化資訊的需求。因此在 DNA 的多組學意義上，我們也開始看到很多進展，包括把這些納入染色質架構（chromatin architecture）。

In the RNA world, the desire for isoforms and looking at the impact of isoforms across development and conditions is continuing to increase, which is driving the transcriptomics field into more of a transcriptomics rather than gene expression field. And so the combination of DNA and RNA is working really well for us.

在 RNA 領域，對同功型（isoforms）的需求，以及觀察同功型在發育與不同狀態下影響的需求持續增加，這正推動轉錄組學領域更偏向「轉錄組學」而不只是「基因表達」領域。因此 DNA 與 RNA 的結合對我們非常有利。

When I talk about how important it is for us to drive our data into better data sets and model training in the future, it is the comprehensiveness and the multiomic nature of the data that makes this so attractive to people.

當我談到推動我們的資料在未來進入更好的資料集與模型訓練有多重要時，正是資料的全面性與多組學特性，使其對人們如此具有吸引力。

Now how can they look at something that's going to be future-proofed so that they can go there and use our data for AI model development as we've seen with the base and work there. So comprehensiveness and quality and multi-omics is only becoming more and more prevalent in the. That we have with biopharma and/or just the biology research community.

現在他們如何能看見一個具備「面向未來」（future-proofed）的方向，讓他們可以前往並使用我們的資料來做 AI 模型開發——就像我們在 base 以及相關工作中所看到的那樣。所以，全面性、品質與多組學只會在我們與生物製藥和／或更廣泛的生物研究社群的合作中變得越來越普遍。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Hey, team. This is [Lauren] on for Tycho. Mark, congrats on the new role. Thanks for taking the question. Mine is around the guidance, so you lowered it since last quarter, but that's despite having the SPRQ-Nx launch on both systems now, ramp in the back half of the year, new population scale customer, accelerating Revio placements. Could you just talk about what's not showing up in these positive signals that resulted the confidence to come down? Thanks.

嗨，各位團隊好。我是代替 Tycho 的 [Lauren]。Mark，恭喜你接任新職務。謝謝讓我提問。我的問題是關於財測指引：你們相較上季下調了指引，但這是在 SPRQ-Nx 已在兩套系統上推出、下半年將放量、又有新的族群規模（population scale）客戶、Revio 裝機加速的情況下。你能談談這些正向訊號中，有哪些沒有反映在結果裡，導致信心下修嗎？謝謝。

Yeah, thanks for the question. I do believe that the guidance that we provided, $155 million to $165 million, those reflect the confidence in our ability to execute. While we do see the traction and a lot of positivity, this is in the context of the SPRQ-Nx transition. And so I think because of that, I think it's appropriate that we have this guidance range on the revenue side.

是的，謝謝提問。我確實相信我們提供的指引——1.55 億到 1.65 億美元——反映了我們對執行能力的信心。雖然我們確實看到動能與許多正向因素，但這是在 SPRQ-Nx 轉換的背景之下。因此我認為，基於這點，我們在營收端給出這樣的指引區間是合適的。

The impact on the cost of compute that Jim was talking about is real. And while we're looking at different ways to mitigate that and we've done some pre-purchasing on that, I do think that the guidance on the gross margin is also better reflected with just the uncertainty we have and some of the real headwinds that exist there.

Jim 提到的運算成本（cost of compute）影響是真實存在的。雖然我們正在尋找不同方式來緩解，且也做了一些預先採購，但我確實認為，在我們所面臨的不確定性以及一些實際存在的逆風之下，毛利率指引也更能反映現況。

So to me, it's the SPRQ-Nx transition headwinds and the cost of compute headwinds that we just want to make sure that we're properly accounting for. And because of that, we've ended up lowering or extending our expectations on cash flow break-even into 2028. And so I think we take a really balanced view given the backdrop of what we're working through over the back half this year.

所以對我而言，就是 SPRQ-Nx 轉換的逆風，以及運算成本的逆風；我們只是想確保把這些因素適當納入考量。也因此，我們把現金流損益兩平（cash flow break-even）的預期下調或延後到 2028 年。因此，考量到今年下半年我們正在處理的整體背景，我們採取非常平衡的觀點。

(Operator Instructions) Luke Sergott, Barclays.

（接線員指示）Luke Sergott，Barclays。

Great. Thanks. Mark, congratulations, long time coming. Christian, I hope you'll see you at AGBT. Perennial on the dance floor out there.

很好。謝謝。Mark，恭喜你，等很久了。Christian，希望在 AGBT 見到你。你在那邊的舞池可是常客。

I guess just on the commercial reorg, what spurred the changes and what's the new look going to be like? I mean, I understand that the want to be more focused and agile for the clinical customers, but you guys have AI customers now, you have PopC customers, just what other investments are you going to need to make or what's that structure going to look like?

我想問商業組織重整：是什麼促成了這些變更？新的樣貌會是什麼？我的意思是，我理解你們希望對臨床客戶更聚焦、更敏捷，但你們現在也有 AI 客戶、也有 PopC 客戶；那你們還需要做哪些投資，或這個架構會長什麼樣子？

Yeah. Thanks, Luke. And I'm sure we'll play some beer pong. The clinical team is doing really well and it's really leveraging what we're seeing in Europe and the clinical traction we're getting in Europe. And how can I more effectively take that out in a really positive combined motion into the rest of the world?

是的。謝謝你，Luke。我相信我們會玩幾局啤酒乒乓。臨床團隊做得非常好，而且確實在充分運用我們在歐洲看到的情況，以及我們在歐洲取得的臨床動能。那我如何能更有效地把這股非常正向、整合的推進動能帶到世界其他地區？

So the restructure was a lot around the marketing organization to really focus them on the clinical workflows, the clinical marketing, how we're going to drive the understanding. The usefulness of HiFi unit around that clinical market.

因此這次重整很大一部分是圍繞行銷組織，讓他們真正聚焦在臨床工作流程、臨床行銷，以及我們要如何推動市場理解。HiFi 單位在臨床市場上的實用性。

And so it is really alignment of marketing and sales motions and sales and towards that clinical opportunity that we're really starting to see the early stages of success in Europe and then expanding that. So don't expect a massive change.

所以這其實是讓行銷與銷售的推進方式（motions）對齊，並把行銷與銷售都對準這個臨床機會——我們在歐洲已開始看到早期成功的跡象，接著再擴大。所以不要預期會有巨大的變動。

We're going to continue to always support the plant, animal and the research community if the research budgets start to unlock here. But it's really just the education and awareness that's required right now for us to focus on that clinical opportunity.

如果研究預算開始在這裡解凍，我們也會一如既往持續支持植物、動物以及研究社群。但目前真正需要我們聚焦的是，針對這個臨床機會所需的教育與市場認知。

When you talk about biopharma and data strategies, those are large lumpier deals that are handled more in a business development or corporate development piece of the company. And so I don't see that as a major distraction. I really think it's just a united force making sure that we're stepping into this clinical opportunity that I see ahead for us.

當你談到生物製藥與資料策略時，那些是更大型、金額更不均勻（更具波動性）的交易，通常更多由公司內的商務開發或企業發展部門來處理。因此我不認為那會造成重大分心。我真的認為這只是整合力量，確保我們能踏入我所看到、在我們前方的這個臨床機會。

And this will conclude our question-and-answer session in addition to today's call. Thank you all for attending and participating in today's presentation. You may now disconnect your lines and have a great day.

以上結束我們的問答環節以及今天的電話會議。感謝各位出席並參與今天的簡報。您現在可以掛斷電話，祝您有美好的一天。