Pacific Biosciences of California Inc (PACB) 2022 Q1 法說會逐字稿

Good day, and welcome to the PacBio First Quarter Fiscal 2022 Financial Results Conference Call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Todd Friedman, Director of Investor Relations. Please go ahead.

美好的一天，歡迎參加 PacBio 2022 財年第一季度財務業績電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係總監 Todd Friedman。請繼續。

Thank you. Good afternoon, and welcome to PacBio's first quarter 2022 earnings conference call. Earlier today, we issued a press release outlining the financial results we will be discussing on today's call. A copy of which is available in the Investors section of our website at www.pacb.com, or is furnished on Form 8-K available on the Securities and Exchange Commission website at www.sec.gov.

謝謝你。下午好，歡迎參加 PacBio 2022 年第一季度財報電話會議。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業績。其副本可在我們網站 www.pacb.com 的“投資者”部分獲得，或在證券交易委員會網站 www.sec.gov 上的 8-K 表中提供。

With me today are Christian Henry, President and Chief Executive Officer; and Susan Kim, Chief Financial Officer.

今天和我在一起的是總裁兼首席執行官克里斯蒂安·亨利；和首席財務官 Susan Kim。

Before we begin, I'd like to remind you that on today's call, we will be making forward-looking statements, including statements regarding predictions, progress, estimates, plans, expectations, intentions, guidance, expectations for, including advantages and capabilities in connection with new product, technology and software development and launches, and the anticipated timing of such development and launches, expectations resulting from continued building and enablement of HiFi ecosystem, expectations with respect to our partnerships and collaborations, estimates, intentions, and plans to use the company's cash and investments to fund current development and commercialization initiatives until achieving positive operating cash flow without the need to raise additional capital and other information.

在我們開始之前，我想提醒您，在今天的電話會議中，我們將做出前瞻性陳述，包括關於預測、進展、估計、計劃、期望、意圖、指導、期望的陳述，包括在與新產品、技術和軟件開發和發布的聯繫，以及此類開發和發布的預期時間，對持續構建和啟用 HiFi 生態系統的期望，對我們的伙伴關係和合作的期望，估計，意圖和計劃使用公司的現金和投資為當前的開發和商業化計劃提供資金，直到實現正的經營現金流，而無需籌集額外的資金和其他信息。

You should not place undue reliance on forward-looking statements because they are subject to assumptions, risks and uncertainties and could cause actual outcomes and results to differ materially from currently anticipated results, including challenges inherent in developing manufacturing, launching, marketing, selling new products and achieving anticipated new sales, competition, unanticipated increases in costs or expenses, interruptions, or delays in the supply of components or materials for, or manufacturing of PacBio products and products under development, potential product performance and quality issues and potential delays in development timelines. The impact of the COVID-19 pandemic and risks associated with international operations, among others.

您不應過分依賴前瞻性陳述，因為它們受到假設、風險和不確定性的影響，並可能導致實際結果和結果與當前預期結果存在重大差異，包括開發製造、推出、營銷、銷售新產品所固有的挑戰實現預期的新銷售、競爭、成本或費用的意外增加、組件或材料的供應中斷或延遲，或 PacBio 產品和正在開發的產品的製造、潛在的產品性能和質量問題以及開發時間表的潛在延遲. COVID-19 大流行的影響以及與國際業務相關的風險等。

These risks and uncertainties as well as other risks and uncertainties are more fully described in our press release earlier today and in our Form 8-K, Form 10-Q and Form 10-K and other filings with the SEC. We disclaim any obligation to update or revise these forward-looking statements except as required by law.

這些風險和不確定性以及其他風險和不確定性在我們今天早些時候的新聞稿以及我們提交給 SEC 的 8-K、10-Q 和 10-K 表格以及其他文件中得到了更全面的描述。除法律要求外，我們不承擔任何更新或修改這些前瞻性陳述的義務。

During the call, we will also present certain financial information on a non-GAAP basis. Management believes that non-GAAP financial measures taken in conjunction with U.S. GAAP financial measures provide useful information to compare our performance relative to forecast and strategic plans to benchmark our performance externally against competitors. Reconciliations between U.S. GAAP and non-GAAP results are presented in tables within our earnings release.

在電話會議期間，我們還將根據非公認會計原則提供某些財務信息。管理層認為，非 GAAP 財務措施與美國 GAAP 財務措施相結合提供了有用的信息，可用於比較我們相對於預測和戰略計劃的績效，以便在外部對我們的績效與競爭對手進行基準比較。美國 GAAP 和非 GAAP 結果之間的調節在我們的收益發布中的表格中列出。

In addition, please note that today's call is being recorded and will be available for audio replay on the Investors section of our website shortly after the call. Investors electing to use the audio replay are cautioned that forward-looking statements made on today's call may differ or change materially after the completion of the call.

此外，請注意今天的電話會議正在錄音中，電話會議結束後不久將在我們網站的“投資者”部分提供音頻重播。選擇使用音頻重播的投資者請注意，在今天的電話會議上做出的前瞻性陳述可能會在電話會議完成後發生重大變化或發生重大變化。

I'll now turn the call over to Christian.

我現在把電話轉給克里斯蒂安。

Good afternoon, everybody. We appreciate you joining us today as we discuss our results for the first quarter of 2022 and our outlook going forward. As usual, I'll walk through some of the business and commercial highlights and then Susan will walk through financials and guidance in more detail, and then we'll open it up to Q&A.

大家下午好。感謝您今天加入我們，討論我們 2022 年第一季度的業績以及我們的未來展望。像往常一樣，我將介紹一些商業和商業亮點，然後蘇珊將更詳細地介紹財務和指導，然後我們將開放問答。

I'd like to start there by saying there are 3 key takeaways that I hope you come away with from our discussion today. First, we are executing on our core objective of rapidly expanding the installed base of Sequel II and IIe systems as evidenced by us achieving another record quarter of instrument shipments. This growth in our install base will enable more HiFi data reaching the market.

我想從這裡開始，我希望你從我們今天的討論中得到 3 個關鍵要點。首先，我們正在執行我們的核心目標，即迅速擴大 Sequel II 和 IIe 系統的安裝基礎，我們實現了另一個創紀錄的四分之一的儀器出貨量。我們安裝基礎的增長將使更多的 HiFi 數據進入市場。

Second, we are making excellent progress on our next-generation of short and long-read sequencers. Our mid throughput short-read SBB instrument is on track for commercial shipment in the first half of next year. And we continue to believe this will be the world's most accurate short-read platform. We're also achieving our internal milestones towards the development of our next-gen long-read sequencers.

其次，我們在下一代短讀長和長讀長測序儀方面取得了巨大進展。我們的中等通量短讀長 SBB 儀器有望在明年上半年進行商業出貨。我們仍然相信這將是世界上最準確的短讀平台。我們還在開發下一代長讀長測序儀方面取得了內部里程碑。

And third, PacBio is in a strong financial position based on -- and based on our estimates, we intend to fund the company's current development and commercialization plans using the cash and investments on our balance sheet, until we reach positive operating cash flows without the need to raise additional capital. With the volatility in the equity markets today, this puts us in a unique and desirable position.

第三，基於我們的估計，PacBio 處於強勁的財務狀況，我們打算使用資產負債表上的現金和投資為公司當前的發展和商業化計劃提供資金，直到我們在沒有需要籌集額外資金。隨著當今股市的波動，這使我們處於獨特而理想的位置。

Now, let's walk through our Q1 results and discuss how the team is on track to execute on our 2022 plan. The first quarter was a solid start to the year and in the upper end of our guidance range with revenue of $33.2 million, a 14% increase compared to the first quarter of last year. Given our revenue in the first quarter, we expect to continue full year revenues at approximately $160 million to $170 million for 2022 or 23% to 30% growth. Susan will touch on that later.

現在，讓我們回顧一下我們的第一季度業績，並討論團隊如何按計劃執行我們的 2022 年計劃。第一季度是今年的良好開端，收入為 3320 萬美元，位於我們指導範圍的上限，與去年第一季度相比增長 14%。鑑於我們第一季度的收入，我們預計 2022 年全年收入將繼續保持在約 1.6 億美元至 1.7 億美元之間，或增長 23% 至 30%。蘇珊稍後會談到這一點。

As we discussed on our last call, first quarter revenue was lower sequentially due to the COVID-19-related headwinds that disrupted our customer operations and our internal team's ability to act -- interact with customers. Additionally, typical first quarter seasonality was exacerbated by macroeconomic headwinds that delayed some capital purchases. Despite these headwinds, I'm pleased to share the team delivered another record instrument quarter with 50 Sequel II and IIe placements. This is the third consecutive quarter of record Sequel II and IIe placements and over 1/3 were to new PacBio instrument customers, which continues to underscore the expanding value proposition of HiFi sequencing. New customer applications range from gene editing to plant and animal, to reproductive health and other areas.

正如我們在上次電話會議中所討論的那樣，由於與 COVID-19 相關的不利因素擾亂了我們的客戶運營和我們內部團隊的行動能力——與客戶互動，因此第一季度收入環比下降。此外，延遲一些資本購買的宏觀經濟逆風加劇了典型的第一季度季節性。儘管有這些不利因素，我很高興與大家分享，該團隊以 50 個 Sequel II 和 IIe 展示位置交付了另一個創紀錄的樂器季度。這是連續第三個季度創紀錄的 Sequel II 和 IIe 放置，超過 1/3 是新的 PacBio 儀器客戶，這繼續強調了 HiFi 測序不斷擴大的價值主張。新的客戶應用範圍從基因編輯到植物和動物，再到生殖健康和其他領域。

We are gaining momentum in placing systems driven by our increased commercial presence, improved sales productivity and significant product enhancements. We started our aggressive investment in early 2021. And since then we've shipped more Sequel II and IIe than in the first 2 years of the platform launch.

由於我們增加的商業存在、提高的銷售效率和顯著的產品改進，我們在放置系統方面獲得了動力。我們在 2021 年初開始了積極的投資。從那時起，我們的 Sequel II 和 IIe 出貨量比平台推出的前 2 年還要多。

Our investment in expanding our sales force may lead to lower revenue per sales rep in the short-term, as new sales reps are spending significant amounts of time prospecting for new opportunities. This is a crucial step in building a sustainable sales pipeline in each territory. We believe this is temporary, and as our install base grows, it will drive consumable growth and expand the revenue per rep over the medium term.

我們對擴大銷售隊伍的投資可能會導致短期內每位銷售代表的收入下降，因為新的銷售代表正在花費大量時間尋找新的機會。這是在每個地區建立可持續銷售渠道的關鍵一步。我們認為這是暫時的，隨著我們安裝基礎的增長，它將推動消費品增長並在中期擴大每個銷售代表的收入。

Additionally, as consumables generally carry higher gross margins than instruments, we will also benefit from gains in gross margin as our product mix changes. But revenue for sales rep is only one metric to drive sales productivity, and we've made excellent progress in improving the velocity of our sales cycle. For example, last quarter, we discussed our instrument turns metric to understand sales productivity, with over 90% of our instrument shipments in the quarter from current quarter sales. That trend continues as nearly all of our instrument shipments in the first quarter were turned within the quarter.

此外，由於消耗品的毛利率通常高於儀器，隨著產品組合的變化，我們還將受益於毛利率的增長。但銷售代表的收入只是提高銷售效率的一項指標，我們在提高銷售週期速度方面取得了顯著進展。例如，上個季度，我們討論了我們的儀器周轉指標以了解銷售效率，本季度我們超過 90% 的儀器出貨量來自當前季度的銷售額。這一趨勢仍在繼續，因為我們在第一季度的幾乎所有儀器出貨量都在本季度內完成。

Additionally, we are pleased to share that we delivered 18 additional Sequel IIe systems to the Broad Institute in the first quarter. Their investment in PacBio's HiFi technology positions them to address a breath of whole genome and transcriptome sequencing research initiatives with the largest installed base of Sequel IIes in the world.

此外，我們很高興地分享我們在第一季度向 Broad Institute 交付了 18 個額外的 Sequel IIe 系統。他們對 PacBio 的 HiFi 技術的投資使他們能夠利用世界上最大的 Sequel IIes 安裝基礎來解決全基因組和轉錄組測序研究計劃。

To further expand the range of addressable applications, last month we launched significant enhancements to the Sequel II and IIe platform, and we couldn't be more pleased with the customer reception. Our new products allow the detection of DNA methylation directly on the sequencing instrument with no added workflow steps or cost, a library protocol and on-instrument analysis support for recombinant adeno-associated virus, rAAV, genome sequencing for gene therapy research applications and significantly simplified library prep processes. Lab technicians can now go from DNA to sequencing in one shift and HiFi whole genome sequencing requires even lower input, just one microgram per smart cell. The new processes are also much more scalable and enable customers to run at higher throughput.

為了進一步擴大可尋址應用程序的範圍，上個月我們對 Sequel II 和 IIe 平台進行了重大改進，我們對客戶的接待非常滿意。我們的新產品允許直接在測序儀器上檢測 DNA 甲基化，無需額外的工作流程步驟或成本，庫協議和儀器分析支持重組腺相關病毒、rAAV、基因治療研究應用的基因組測序，並顯著簡化圖書館準備過程。實驗室技術人員現在可以在一個班次中從 DNA 到測序，而 HiFi 全基因組測序所需的輸入甚至更低，每個智能細胞只需 1 微克。新流程也更具可擴展性，使客戶能夠以更高的吞吐量運行。

We believe our DNA methylation offering will have a large impact in the field of epigenetics. Epigenetic differences in DNA methylation explain trades just as genetic differences in DNA sequence do. And HiFi sequencing now simultaneously characterizes both the genome and epigenome from a single sequencing library in a single run, approaches to measuring the epigenome with short reads, like whole genome bisulfite sequencing, need special sample preparation with separate sequencing runs for the genome and epigenome, which adds cost and time. And they don't address the whole genome.

我們相信我們的 DNA 甲基化產品將在表觀遺傳學領域產生巨大影響。 DNA甲基化的表觀遺傳差異解釋了交易，就像DNA序列的遺傳差異一樣。現在，HiFi 測序在一次運行中同時從單個測序文庫中表徵基因組和表觀基因組，用短讀長測量表觀基因組的方法，如全基因組亞硫酸氫鹽測序，需要特殊的樣品製備，對基因組和表觀基因組進行單獨的測序運行，這增加了成本和時間。而且他們沒有解決整個基因組。

Other long-read technologies fail to match HiFi sequencing in accuracy, particularly for insertion and deletion variant and for separating and phasing the 2 alleles, and require complex analysis to detect methylation. Our offering provides DNA methylation directly from the sequencing instrument with no additional effort.

其他長讀長技術在準確性上無法與 HiFi 測序相匹配，特別是對於插入和缺失變異以及分離和定相 2 個等位基因，並且需要復雜的分析來檢測甲基化。我們的產品直接從測序儀器提供 DNA 甲基化，無需額外的努力。

Our new methylation and our existing workflows like Iso-Seq are examples of how we're transforming into a multi-omic company. Children's Mercy Kansas City is expanding its collaboration with us to include these 2 features in its research study to understand the epigenetic and transcriptomic drivers of rare disease, in addition to exploring associated underlying genomic variance. They've already demonstrated how their use of HiFi has uncovered 4x more rare coding structural variants than short-read sequencing, and we expect adding PacBio methylation capabilities and isoform sequencing will further strengthen the use case for HiFi. We look forward to improving our Iso-Seq offering later this year with a new kit that we believe will dramatically increase throughput and power higher output transcriptomic research.

我們新的甲基化和我們現有的工作流程（如 Iso-Seq）是我們如何轉變為多組學公司的例子。堪薩斯城兒童慈善組織正在擴大與我們的合作，將這兩個特徵納入其研究，以了解罕見疾病的表觀遺傳和轉錄組驅動因素，此外還探索相關的潛在基因組變異。他們已經展示了他們對 HiFi 的使用如何發現比短讀長測序多 4 倍的罕見編碼結構變體，我們預計增加 PacBio 甲基化功能和異構體測序將進一步加強 HiFi 的用例。我們期待在今年晚些時候使用一種新試劑盒改進我們的 Iso-Seq 產品，我們相信該試劑盒將顯著提高通量並為更高產量的轉錄組研究提供動力。

We continue to add to our list of clinical research collaborators in the first quarter. And now we have over a dozen working collaborations with the goal of demonstrating HiFi utility across several applications. We're also pleased to offer our new AAV protocol, an analysis solution for AAV vector gene therapy research. AAV vector gene therapy is an exciting and rapidly growing area with over 150 companies working on AAV-based therapies today.

我們將在第一季度繼續增加我們的臨床研究合作者名單。現在我們有十幾個工作合作，目標是在多個應用程序中展示 HiFi 實用程序。我們也很高興提供我們新的 AAV 協議，這是一種用於 AAV 載體基因治療研究的分析解決方案。 AAV 載體基因治療是一個令人興奮且發展迅速的領域，目前有 150 多家公司致力於基於 AAV 的治療。

High accuracy and complete visibility are critical to the success of novel vector discovery, vector design, and manufacturing quality control for gene therapy products. We believe HiFi sequencing can play a critical role in gene therapy related research due to its ability to sequence full length AAV genomes at very high accuracy.

高精度和完整的可見性對於基因治療產品的新型載體發現、載體設計和製造質量控制的成功至關重要。我們相信 HiFi 測序可以在基因治療相關研究中發揮關鍵作用，因為它能夠以非常高的準確度對全長 AAV 基因組進行測序。

This is important because qPCR, short-reads and less accurate long-read technology can miss important changes that may be present in the AAV sequence, which could negatively impact our customer's research. Over the past 2 quarters, we've delivered 8 instruments to new PacBio customers working on AAV and have several more in our sales pipeline. This new feature is yet another example of how we are developing end-to-end solutions tailored to our customer specific application needs.

這很重要，因為 qPCR、短讀長和不太準確的長讀長技術可能會錯過 AAV 序列中可能存在的重要變化，這可能會對我們客戶的研究產生負面影響。在過去的兩個季度中，我們已經向從事 AAV 工作的新 PacBio 客戶交付了 8 台儀器，並且我們的銷售渠道中還有更多儀器。這一新功能是我們如何開發針對客戶特定應用需求量身定制的端到端解決方案的又一個例子。

PacBio HiFi sequencing has long been a go-to technology in plant and animal research due to their complex genomes and the value that highly accurate long reads bring to de novo assembly and building reference genomes. However, in order to enable broad adoption of HiFi sequencing in commercial agriculture, new resource efficient, higher throughput methods are required. To that end, we are working with Corteva Agriscience to develop end-to-end workflows for plant, test and microbial sequencing to further their seed development and crop protection research and production pipelines.

PacBio HiFi 測序長期以來一直是植物和動物研究中的首選技術，因為它們的基因組複雜，而且高度準確的長讀長為從頭組裝和構建參考基因組帶來的價值。然而，為了在商業農業中廣泛採用高保真測序，需要新的資源效率更高、通量更高的方法。為此，我們正在與 Corteva Agriscience 合作開發端到端的植物、測試和微生物測序工作流程，以進一步推進他們的種子開發和作物保護研究和生產流程。

We anticipate that these new high throughput agricultural protocols will be made broadly available to the community sometime in 2023. The length and accuracy of HiFi is critical to new seed product development, as these genomes tend to be more complex and are harder to sequence and assemble.

我們預計這些新的高通量農業協議將在 2023 年的某個時候向社區廣泛提供。HiFi 的長度和準確性對於新種子產品的開發至關重要，因為這些基因組往往更複雜，更難測序和組裝.

Moving on, I'd like to -- so I'd like to take a moment to describe 3 critical advantages of using native DNA: molecular integrity, absence of amplification steps, and simpler sample preparation in bioinformatics workflow. First, because native DNA molecules that are extracted from cells are directly submitted to the sequencing, the DNA fragment can be much longer compared to synthetic approaches, having longer and contiguous sequences lead to greater contiguity of information and improves the results in de novo genome assemblies, as well as metagenome communities, haplotype phasing, epigenetic phasing, and structural variant detection.

接下來，我想 - 所以我想花一點時間來描述使用天然 DNA 的 3 個關鍵優勢：分子完整性、無需擴增步驟，以及在生物信息學工作流程中更簡單的樣品製備。首先，由於從細胞中提取的天然 DNA 分子直接提交給測序，與合成方法相比，DNA 片段可以更長，具有更長和連續的序列導致信息的更大連續性並改善從頭基因組組裝的結果，以及宏基因組群落、單倍型定相、表觀遺傳定相和結構變異檢測。

Second, sequencing native DNA molecules by definition does not use DNA amplification or other molecular biology procedures, which are prone to biases and can introduce errors, fragmentation and other artifacts. Synthetic long reads require these procedures and risk confounding studies with artifacts that can provide potentially inaccurate information.

其次，根據定義對天然 DNA 分子進行測序不使用 DNA 擴增或其他分子生物學程序，這些程序容易產生偏差，並可能引入錯誤、片段化和其他偽影。合成長讀取需要這些程序，並有可能將研究與可能提供潛在不准確信息的偽影混淆。

Sequencing of native unaltered molecules enables our technology to look at genomes without these biases, resulting in better coverage uniformity, resolving diploid and polyploid genomes into fully phased alleles and achieving greater genome completeness. PacBio sequencing, therefore -- thereby accesses the whole genome, resolving structural variants in other regions of the genome considered difficult to sequence with short reads due to limitations of the sequencer itself, which can therefore not be overcome with synthetic long-read constructs. Further, amplification steps result in the complete loss of methylation information. Thus, by sequencing native DNA molecules, as I described earlier, PacBio provides both genetic and the epigenetic information simultaneously without any additional effort.

天然未改變分子的測序使我們的技術能夠在沒有這些偏差的情況下查看基因組，從而實現更好的覆蓋均勻性，將二倍體和多倍體基因組分解為完全定相的等位基因並實現更高的基因組完整性。因此，PacBio 測序可以訪問整個基因組，解決基因組其他區域的結構變體，這些區域由於測序儀本身的限製而被認為難以用短讀長測序，因此合成長讀長構建體無法克服這一問題。此外，擴增步驟會導致甲基化信息的完全丟失。因此，通過對天然 DNA 分子進行測序，如前所述，PacBio 無需任何額外努力即可同時提供遺傳和表觀遺傳信息。

And third, the sequencing of long native molecules significantly simplifies all workflow aspects from upfront sample and library preparation to bioinformatics at the back end. PacBio native long HiFi reads do not require bioinformatic recorrection steps, complicated read assembly steps, consensus computations from oversampling or subtractions from control samples.

第三，長天然分子的測序顯著簡化了從前期樣品和文庫製備到後端生物信息學的所有工作流程。 PacBio 原生的長 HiFi 讀取不需要生物信息學重新校正步驟、複雜的讀取組裝步驟、過採樣的一致性計算或對照樣本的減法。

We have seen time and time again, over the past decade, numerous attempts at synthetic long-read approaches, which were all eventually abandoned. We believe native long reads will continue to provide the most accurate, contiguous and complete genomic and epigenomic information with ever increasing applications.

在過去的十年中，我們一次又一次地看到，合成長讀長方法的無數嘗試最終都被放棄了。我們相信，隨著應用的不斷增加，原生長讀長將繼續提供最準確、連續和完整的基因組和表觀基因組信息。

Nothing has highlighted the limitations of short-read sequencing and whole genome sequencing more than the landmark publications from the telomere-to-telomere consortium, which completed the final 8% of the genome, something that short-read sequencing had been unable to do despite years of improvements in informatics and AI.

沒有什麼比端粒到端粒聯盟的里程碑式出版物更能突出短讀長測序和全基因組測序的局限性了，該聯盟完成了基因組的最後 8%，儘管短讀長測序無法做到這一點信息學和人工智能的多年改進。

So, then I often get the question, why isn't HiFi and long-read sequencing ubiquitous today? Why are genomes still being sequenced at all with incomplete and insufficient technology? Cost throughput and accuracy have historically given short-read technologies the edge and made short-read the de facto winner over the past decade. But just a few years ago with the launch of HiFi sequencing, PacBio became the leader in sequencing accuracy as evidenced by the data from the precision FDA and the association of biomolecular resource facilities.

那麼，我經常會問，為什麼 HiFi 和長讀長測序在今天沒有普及？為什麼在技術不完整和不充分的情況下仍然對基因組進行測序？成本吞吐量和準確性歷來賦予短讀技術優勢，並使短讀技術在過去十年中成為事實上的贏家。但就在幾年前，隨著 HiFi 測序的推出，PacBio 成為了測序準確性的領導者，這一點從精確 FDA 的數據和生物分子資源設施協會的數據中得到了證明。

Our improvements in accuracy have enabled much broader adoption of long-read sequencing outside of its historical niche areas. We've now seen increased HiFi adoption in human applications, as we discuss the handful of clinical research collaborations in genetic disease and the growing list of customers conducting research in oncology, gene editing and reproductive health. We expect our next-generation long-read sequencers equipped with HiFi will overcome the remaining 2 barriers of adoption, cost and throughput and mark the inflection point of large scale adoption of whole genome sequencing using HiFi.

我們在準確性方面的改進使得長讀長測序在其歷史利基領域之外得到更廣泛的採用。我們現在已經看到 HiFi 在人類應用中的應用越來越多，因為我們討論了少數遺傳疾病臨床研究合作，以及在腫瘤學、基因編輯和生殖健康方面進行研究的客戶越來越多。我們預計配備 HiFi 的下一代長讀長測序儀將克服採用、成本和吞吐量這兩個障礙，並標誌著使用 HiFi 大規模採用全基因組測序的拐點。

Moving onto short reads. We do remain on track to launch what we believe will be the most accurate short-read sequencer. We expect this sequencer will address other high growth areas in the genomics market where HiFi sequencing may not be necessary. As part of our strategy, we see this as the best way to address our customers' needs. We aim to develop the right instrument and chemistry for the right application and not force fit one sequencing technology to address the entire market.

轉向短讀。我們確實繼續按計劃推出我們認為最準確的短讀測序儀。我們預計這款測序儀將解決基因組市場中可能不需要高保真測序的其他高增長領域。作為我們戰略的一部分，我們認為這是滿足客戶需求的最佳方式。我們的目標是為正確的應用開發正確的儀器和化學試劑，而不是強制使用一種測序技術來滿足整個市場的需求。

It is these transformative products in development, along with the world-class team that we have built that give me confidence in PacBio's ability to deliver over the next several years. However, delivering on our mission requires substantial investment. And in today's uncertain market and financing environment, we are extremely fortunate to have nearly $1 billion in cash on our balance sheet. And as I earlier mentioned, we intend to fund our current development and commercialization programs using cash and investments that we currently have on the balance sheet until we reach positive operating cash flow without the need to access the capital markets.

正是這些正在開發的變革性產品，以及我們建立的世界級團隊，讓我對 PacBio 未來幾年的交付能力充滿信心。然而，實現我們的使命需要大量投資。在當今不確定的市場和融資環境中，我們非常幸運地在資產負債表上擁有近 10 億美元的現金。正如我之前提到的，我們打算使用我們目前在資產負債表上擁有的現金和投資來為我們當前的開發和商業化計劃提供資金，直到我們在不需要進入資本市場的情況下達到正的經營現金流。

Finally, I'd like to take a moment to update you on our collaboration with Invitae. As you may recall, we have partnered with Invitae to create an ultra-high throughput sequencer capable of sequencing tens of thousands of whole genomes each year. The development of this new platform is going very well and there continues to be great enthusiasm for the potential of adopting HiFi sequencing at scale in a clinical setting. However, given the difficult capital environment, Invitae has asked us, and we are planning to amend our agreement such that Invitae will no longer make payments during the research and development phase of the collaboration. In exchange, the pricing of the platform and related consumables to Invitae will be increased to be more in line with our expected market price. The other aspects of the collaboration will continue.

最後，我想花點時間向您介紹一下我們與 Invitae 的合作。您可能還記得，我們與 Invitae 合作開發了一種超高通量測序儀，每年能夠對數万個全基因組進行測序。這個新平台的開發進展順利，人們繼續對在臨床環境中大規模採用 HiFi 測序的潛力充滿熱情。然而，鑑於困難的資本環境，Invitae 已向我們提出要求，我們正計劃修改我們的協議，以便 Invitae 將不再在合作的研發階段付款。作為交換，Invitae 的平台和相關耗材的定價將提高，以更符合我們預期的市場價格。其他方面的合作將繼續進行。

For example, we expect Invitae will continue to leverage their internal resources to assist in the development of scaled workflows, bioinformatics pipelines and other aspects of the project. As a result of this amendment, we believe that Invitae will be on a more level playing field with other large scale users of our ultra-high throughput system. We expect to compete -- complete the amendment during the second quarter.

例如，我們預計 Invitae 將繼續利用其內部資源來協助開發規模化的工作流程、生物信息學管道和項目的其他方面。由於此次修訂，我們相信 Invitae 將與我們超高通量系統的其他大規模用戶處於更公平的競爭環境中。我們希望競爭——在第二季度完成修訂。

I want to reiterate that this proposed amendment is the result of the macroeconomic funding environment and does not reflect either company's enthusiasm for the collaboration, the development timelines, performance to date or other product specifications.

我想重申，這項提議的修訂是宏觀經濟融資環境的結果，並不反映兩家公司對合作的熱情、開發時間表、迄今為止的性能或其他產品規格。

With that, I'll hand the call off to Susan to talk about our financial results in more detail. Susan?

有了這個，我將把電話交給蘇珊，更詳細地談論我們的財務業績。蘇珊？

Thank you, Christian. As discussed, we reported $33.2 million in product and service revenue in the first quarter of 2022, which represented an increase of 14% from $29.0 million in the first quarter of 2021 and was at the high-end of our guidance range. Instrument revenue in the first quarter was $15.6 million, an increase of 4% from $14.9 million in the first quarter of 2021. We delivered a record 50 Sequel II and IIe systems during the first quarter growing the installed base to 424 systems as of March 31.

謝謝你，克里斯蒂安。如前所述，我們報告 2022 年第一季度的產品和服務收入為 3320 萬美元，比 2021 年第一季度的 2900 萬美元增長 14%，處於我們指導範圍的高端。第一季度的儀器收入為 1560 萬美元，比 2021 年第一季度的 1490 萬美元增長 4%。我們在第一季度交付了創紀錄的 50 台 Sequel II 和 IIe 系統，截至 3 月 31 日，安裝基數增加到 424 台.

Turning to consumables. Revenue of $12.7 million in the first quarter grew 22% from $10.4 million in the first quarter of last year and Sequel II and IIe consumables represented approximately 85% of our total consumable revenue in the first quarter, with the rest from older systems and other consumables. Annualized pull-through per system on the Sequel II and IIe install base in the first quarter was approximately $115,000.

轉向消耗品。第一季度收入為 1,270 萬美元，比去年第一季度的 1,040 萬美元增長 22%，Sequel II 和 IIe 耗材約占我們第一季度耗材總收入的 85%，其餘來自舊系統和其他耗材.第一季度 Sequel II 和 IIe 安裝基礎上每個系統的年化拉動約為 115,000 美元。

In the first quarter, as we discussed on our last earnings call, we saw lower utilization largely due to the impact of COVID-19 slowing lab productivity. While we saw improvements in some regions towards the end of the quarter, the escalating cases in China and associated lockdowns impacted utilization throughout Q1.

正如我們在上次財報電話會議上討論的那樣，在第一季度，我們看到利用率下降主要是由於 COVID-19 減緩實驗室生產力的影響。雖然我們在本季度末看到一些地區的情況有所改善，但中國不斷升級的病例和相關的封鎖影響了整個第一季度的利用率。

As we discussed before, our record placement in Sequel II, IIe may have a short-term impact on pull-through, especially as we onboard new customers. Finally, service and other revenue grew to $4.9 million in the first quarter compared to $3.7 million in the first quarter of 2021, reflecting our growing installed base.

正如我們之前所討論的，我們在 Sequel II, IIe 中的創紀錄位置可能會對拉動產生短期影響，尤其是當我們加入新客戶時。最後，第一季度服務和其他收入增長至 490 萬美元，而 2021 年第一季度為 370 萬美元，這反映了我們不斷增長的安裝基礎。

Shifting to a regional view, Americas revenue of $19.1 million grew 57% compared to the first quarter of 2021, as the region delivered a record number of systems and grew consumables and service revenue commensurate with a larger install base of Sequel II and IIe.

從區域來看，美洲收入為 1,910 萬美元，與 2021 年第一季度相比增長了 57%，因為該地區交付的系統數量創歷史新高，並且消耗品和服務收入的增長與 Sequel II 和 IIe 的更大安裝基數相稱。

Moving to Asia-Pacific, revenue of $8.4 million reflected a 1% decline over the prior year period with lower instrument revenue partially offset by growth in consumables. Consumable growth was somewhat muted in the region with headwinds resulting from COVID-19 restrictions, particularly in China. Other parts of APAC saw strength with record consumables in Japan and our first system placement in Australia since Q2 of 2020, countries where we've been expanding our commercial reach.

移至亞太地區，收入為 840 萬美元，比去年同期下降 1%，儀器收入的下降部分被消耗品的增長所抵消。由於 COVID-19 限制帶來的不利因素，特別是在中國，該地區的消費品增長有所放緩。亞太地區的其他地區在日本的耗材創紀錄以及我們自 2020 年第二季度以來在澳大利亞的首次系統部署，我們一直在擴大我們的商業範圍的國家/地區看到了實力。

Finally, EMEA revenue of $5.7 million was 32% lower compared to the prior year period as the region was most impacted by the surge in coronavirus cases earlier in the quarter, both at our customer sites, as well as among our own employees in EMEA. While COVID-19 impacted both instrument and consumable sales, the team still made great progress growing our reach with 4 countries in the region taking their first Sequel II or IIe, including Israel, Serbia, Poland and Austria. We also delivered the first PacBio instrument to EMBL GeneCore, the European Molecular Biology Lab who is preparing to launch HiFi sequencing services across microbiology, human and plant and animal applications.

最後，歐洲、中東和非洲地區的收入為 570 萬美元，與去年同期相比下降了 32%，因為該地區受本季度早些時候冠狀病毒病例激增的影響最大，無論是在我們的客戶現場，還是我們在歐洲、中東和非洲地區的員工中。儘管 COVID-19 影響了儀器和消耗品的銷售，但該團隊在擴大我們的影響力方面仍然取得了長足進步，該地區的 4 個國家推出了他們的第一個 Sequel II 或 IIe，包括以色列、塞爾維亞、波蘭和奧地利。我們還向歐洲分子生物學實驗室 EMBL GeneCore 交付了第一台 PacBio 儀器，該實驗室正準備在微生物學、人類和植物和動物應用中推出 HiFi 測序服務。

Moving down to P&L. As a reminder, I will share both GAAP and non-GAAP results for gross margins, operating expenses and net loss. I encourage you to review the GAAP reconciliation of these non-GAAP measures, which can be found in today's release for more information.

向下移動到損益表。提醒一下，我將分享 GAAP 和非 GAAP 的毛利率、運營費用和淨虧損結果。我鼓勵您查看這些非公認會計原則措施的公認會計原則對賬，可以在今天的發布中找到更多信息。

GAAP gross profit of $14.2 million in the first quarter of 2022 represented a gross margin of 42.7%. Excluding amortization of intangible assets, first quarter 2022 non-GAAP gross profit of $14.3 million represented a gross margin of 43.2% compared to a GAAP and non-GAAP gross profit of $13.0 million or 44.8% in the first quarter of last year. The decline was predominantly due to the mix of instruments, reflecting the largest volume of quarterly multi instrument placement, as well as the Sequel I trade-in incentive in the quarter in Q1 2022, resulting in lower instrument average selling prices, partially offset by higher consumable volume.

2022 年第一季度 GAAP 毛利潤為 1420 萬美元，毛利率為 42.7%。不計無形資產攤銷，2022 年第一季度非公認會計原則毛利潤為 1430 萬美元，與去年第一季度的 GAAP 和非公認會計原則毛利潤 1300 萬美元或 44.8% 相比，毛利率為 43.2%。下降主要是由於工具的組合，反映了季度多工具放置的最大數量，以及 2022 年第一季度季度的 Sequel I 以舊換新激勵，導致工具平均售價下降，部分被較高的消耗量。

Moving on, GAAP operating expenses were $91.7 million in the first quarter of 2022. Excluding a credit of $1.1 million related to contingent consideration remeasurement, which was due primarily to an increase in the discount rate and expenses related to amortization of intangibles, non-GAAP operating expenses were $92.7 million. This represents a 99% increase from non-GAAP operating expenses of $46.7 million in the first quarter of last year, reflecting growth in headcount, operating expenses related to the acquisition of Omniome and non-headcount related R&D spend. In terms of headcount, we ended the quarter with 774 employees compared to 728 at the end of 2021.

繼續前進，2022 年第一季度 GAAP 運營費用為 9170 萬美元。不包括與或有對價重新計量相關的 110 萬美元的貸項，這主要是由於貼現率和與無形資產攤銷相關的費用增加，非 GAAP營業費用為 9,270 萬美元。這比去年第一季度 4670 萬美元的非 GAAP 運營費用增加了 99%，這反映了員工人數、與收購 Omniome 相關的運營費用以及與非員工人數相關的研發支出的增長。在員工人數方面，我們在本季度末有 774 名員工，而 2021 年底為 728 人。

GAAP and non-GAAP operating expenses in the first quarter included a total non-cash stock-based compensation of $20.9 million compared to $9.2 million in the first quarter of last year. GAAP net loss in the first quarter of 2022 was $81.5 million or $0.37 per share. Excluding change in fair value contingent consideration, amortization of intangible assets and the repayment of continuation advances to Illumina, non-GAAP net loss was $82.3 million, also representing $0.37 per share compared to a non-GAAP net loss of $35.4 million or $0.18 per share in the first quarter of 2021.

第一季度的 GAAP 和非 GAAP 運營費用包括 2090 萬美元的非現金股票薪酬總額，而去年第一季度為 920 萬美元。 2022 年第一季度的 GAAP 淨虧損為 8150 萬美元或每股 0.37 美元。不計公允價值或有對價變動、無形資產攤銷和償還給 Illumina 的持續預付款，非公認會計原則淨虧損為 8230 萬美元，也相當於每股 0.37 美元，而非公認會計準則淨虧損為 3540 萬美元或每股 0.18 美元在 2021 年第一季度。

Now turning to our balance sheet. We ended the first quarter with $963 million in unrestricted cash and investments compared with $1.04 billion at the end of 2021. Inventory balances increased in the first quarter to $29.6 million, representing 2.8 inventory turns compared with $24.6 million at the end of the fourth quarter of 2021, representing 3.6 inventory turns. The decline in inventory turns reflects our strategy of increasing safety stock levels to manage global supply chain risk, to continue to ensure we have the necessary raw materials to meet our customer demand.

現在轉向我們的資產負債表。我們在第一季度末的非限制性現金和投資為 9.63 億美元，而 2021 年底為 10.4 億美元。第一季度庫存餘額增加至 2960 萬美元，相當於 2.8 次庫存周轉，而第四季度末為 2460 萬美元2021 年，代表 3.6 個庫存周轉。庫存周轉率的下降反映了我們提高安全庫存水平以管理全球供應鏈風險的戰略，以繼續確保我們擁有滿足客戶需求所需的原材料。

Accounts receivable increased in the first quarter to $27.9 million, reflecting a DSO of 71 days compared with $24.2 million at the end of the fourth quarter of 2021, reflecting a DSO of 62 days with the increase primarily due to more revenue booked later in the quarter. Long-term deferred revenue remain relatively flat compared to the fourth quarter of 2021 at just over $25 million, as we did not receive incremental cash from Invitae in the quarter as Christian discussed earlier.

第一季度應收賬款增加至 2790 萬美元，反映 DSO 為 71 天，而 2021 年第四季度末為 2420 萬美元，反映 DSO 為 62 天，增加主要是由於本季度後期錄得更多收入.與 2021 年第四季度相比，長期遞延收入保持相對平穩，略高於 2500 萬美元，因為我們沒有像 Christian 之前討論的那樣在本季度從 Invitae 收到增量現金。

Moving to guidance. For the full year 2022, we continue to expect revenue in the range of $160 million to $170 million, representing a growth rate of approximately 23% to 30% compared to 2021. This guidance assumes there are no more significant or prolonged disruptions related to COVID-19 or its variant and it assumes the global supply chain constraints are not worsen. Specifically, our revenue guidance assumes the slower utilization we experienced in Q1 recovers and utilization in China improves by early summer. As such, our guidance assumes a back half of 2022 that is much stronger than the first half.

轉向指導。對於 2022 年全年，我們繼續預計收入在 1.6 億美元至 1.7 億美元之間，與 2021 年相比，增長率約為 23% 至 30%。該指導假設沒有與 COVID 相關的更重大或更長時間的中斷-19 或其變體，它假設全球供應鏈約束沒有惡化。具體來說，我們的收入指引假設我們在第一季度經歷的較慢的利用率恢復，而中國的利用率到初夏有所改善。因此，我們的指導假設 2022 年下半年遠強於上半年。

Specifically for the second quarter, we expect revenue to grow sequentially compared to the $33.2 million reported in the first quarter of 2022, with sequential growth in both Americas and EMEA, partially offset by a slight decline in APAC due to the record consumables revenue quarter we experienced in Japan for Q1.

特別是對於第二季度，我們預計收入將比 2022 年第一季度報告的 3,320 萬美元環比增長，美洲和歐洲、中東和非洲地區的環比增長，部分被亞太地區由於創紀錄的消耗品收入季度而略有下降所抵消Q1 在日本有經驗。

Moving down the P&L, we expect the non-GAAP gross margin to be at the lower end of our previously guided range of between 45% and 47%, mainly reflecting increasing supply chain costs. For operating expenses, we expect the full year to now be in the range of $355 million to $365 million. The increase primarily reflects a non-recurring non-cash stock-based compensation expense true up due to lower than expected employee attrition we observed in Q1.

向下移動損益表，我們預計非公認會計準則毛利率將處於我們之前指導範圍 45% 至 47% 之間的低端，主要反映供應鏈成本的增加。對於運營費用，我們預計全年將在 3.55 億美元至 3.65 億美元之間。這一增長主要反映了由於我們在第一季度觀察到的低於預期的員工流失率而導致的非經常性非現金股票薪酬支出。

We continue to expect interest and other expense to be approximately $15 million for the full year, reflecting interest expense and amortization of debt issuance costs for our convertible notes issued in 2021. We expect the weighted average share count for purposes of EPS for the full year to be approximately 225 million shares.

我們繼續預計全年的利息和其他費用約為 1500 萬美元，這反映了我們 2021 年發行的可轉換票據的利息費用和債務發行成本的攤銷。我們預計全年每股收益的加權平均股數約為2.25億股。

With that, I will turn the call back to Christian. Christian?

有了這個，我會把電話轉回克里斯蒂安。基督教？

Thank you, Susan. The team executed tremendously in the first quarter amidst one of the most trying macro environments we've ever seen. With a third year behind us, we believe that we are on track to meet our revenue target we set forth at the beginning of the year. Our product roadmap is full of exciting and innovative products that we can't wait to share with the genomics world. And by our estimate, we intend to fully commercialize these exciting new products using the cash and investments that we currently have on the balance sheet. And in turn, we believe that will drive us to operating cash flow positive in the future.

謝謝你，蘇珊。在我們見過的最艱難的宏觀環境之一中，該團隊在第一季度的表現非常出色。在過去的第三年，我們相信我們有望實現年初設定的收入目標。我們的產品路線圖充滿了令人興奮的創新產品，我們迫不及待地想與基因組學世界分享。根據我們的估計，我們打算使用我們目前在資產負債表上擁有的現金和投資將這些令人興奮的新產品完全商業化。反過來，我們相信這將推動我們未來的經營現金流為正。

With that, I'd like to invite the operator to open the floor to Q&A.

有了這個，我想請接線員開始問答環節。

(Operator Instructions) And our first question today will come from Dan Brennan with Cowen.

（操作員說明）我們今天的第一個問題將來自 Dan Brennan 和 Cowen。

Congrats. Maybe just a couple of tactical ones short-term and then some bigger picture ones. Just on -- I know there's a lot of discussion on China, you guys summed it up there in the concluding comments. And I'm just wondering, did you say what China did in Q1? And what -- specifically, it sounds like you're assuming by the end of the quarter Q2, it's kind of getting back on track. Kind of what's assumed in Q2 and for the rest of the year for China?

恭喜。也許只是一些短期的戰術，然後是一些更大的圖景。就在——我知道有很多關於中國的討論，你們在結論性評論中進行了總結。我只是想知道，你有沒有說中國在第一季度做了什麼？什麼 - 具體來說，聽起來你假設到第二季度末，它有點回到正軌。第二季度和今年餘下時間對中國的假設是什麼？

Yes. I think, in Q1, China probably represented about 15% of the business. And for the rest of the year, we're hopeful that, as it recovers, I suspect second quarter might be a little lighter than that, given the lockdowns and the environment right now. But as Susan pointed out, if things kind of start to moderate in the summer, that gives us some good belief that we're going to achieve the $160 million to $170 million that we've outlined.

是的。我認為，在第一季度，中國可能佔業務的 15% 左右。在今年剩下的時間裡，我們希望隨著它的複蘇，考慮到目前的封鎖和環境，我懷疑第二季度可能會比這更輕一些。但正如蘇珊指出的那樣，如果事情在夏天開始緩和，這讓我們相信我們將達到我們所概述的 1.6 億至 1.7 億美元。

Got it. Just one more tactical one, since you brought it up last quarter, I didn't hear a mention of it today, but just to get it off the table, like emerging biopharma, you guys had cited some noise coming into the year. I'm not even quite sure how big that is as a percentage of revenues, but just to kind of check the box here. Was there any impact? What was the trend in that customer base as the year started off in the first quarter?

知道了。還有一個戰術性的，自從你上個季度提出以來，我今天沒有聽到有人提到它，但只是為了把它從桌面上拿下來，就像新興的生物製藥一樣，你們提到了今年的一些噪音。我什至不太確定這佔收入的百分比有多大，但只是在這裡打勾。有沒有影響？從第一季度開始，該客戶群的趨勢是什麼？

Yes. I think, it was consistent with what we were talking about back in January. Any of the smaller emerging companies that are not generating positive cash flows and that are sitting in this macro environment are definitely longer sales cycles right now. And they were that way throughout the first quarter. And quite frankly, I don't expect them to change over the balance of the year. We consider that when we're talking about our guidance and how we're thinking we're going to build the business. Obviously, we're really excited in areas like AAD, where there are some smaller customers that are smaller in terms of size and balance sheet customers there, that have been rapidly adopting the products, because the Sequel IIe really serves them well across what they're trying to do.

是的。我認為，這與我們在一月份談論的內容一致。任何沒有產生正現金流並且處於這種宏觀環境中的小型新興公司現在肯定是更長的銷售週期。他們在整個第一季度都是這樣。坦率地說，我不希望他們在今年的餘額中發生變化。當我們談論我們的指導以及我們如何思考我們將如何建立業務時，我們會考慮這一點。顯然，我們對 AAD 等領域感到非常興奮，那裡有一些規模較小且資產負債表客戶較小的客戶，他們一直在迅速採用這些產品，因為 Sequel IIe 確實為他們提供了很好的服務。 '正在嘗試做。

But some of the emerging, kind of more traditional pharmas, I still think that, that business is going to be tough for us for -- until -- as they manage their own balance sheets. And I suspect that will continue -- that will start to improve as the world normalizes, but Q1, as I'm sure you understand, Dan, was a pretty big shock to the system for all of us.

但是一些新興的、更傳統的製藥公司，我仍然認為，在他們管理自己的資產負債表之前，這項業務對我們來說將是艱難的。而且我懷疑這種情況會繼續 - 隨著世界正常化，這種情況將開始改善，但我相信你理解，第一季度對我們所有人來說都是一個相當大的系統衝擊。

Got it. And then, Christian, you spent a fair amount of time in the prepared remark, discussing all the advantages that native long-read sequencing platform has over something that is deemed to be synthetic. But I'm just wondering, like, did you see any pause at all? Is there any pent-up demand for placements, such that as we get through AGBT and we see kind of more details about Infinity, is there -- could there be either an unlock event with some customers that are on the sidelines right now? Just maybe give a little color for kind of what the sales force was seeing during the first quarter?

知道了。然後，Christian，您在準備好的評論中花了相當多的時間，討論了原生長讀長測序平台相對於被認為是合成的東西的所有優勢。但我只是想知道，你有沒有看到任何停頓？對展示位置是否有任何被壓抑的需求，例如當我們通過 AGBT 並且我們看到有關 Infinity 的更多詳細信息時，是否存在 - 是否有一些現在在場邊觀望的客戶的解鎖活動？或許只是為銷售人員在第一季度看到的情況提供一點顏色？

Yes. Obviously, I ask that question a lot, and really been laser focused on it. And what we've seen is, in general, it hasn't really slowed the sales cycles down, perhaps maybe a little bit in Europe, more than in the United States and in APAC. And I do think there's probably potential for a bit of an unlock as you kind of -- as folks start to understand what other techniques might look like. But when you really sit and talk to the customers, they parried back to me all the things I just pointed out on the -- in the prepared remarks that, if we're serious about doing long-read sequencing, we need to be using PacBio because there you just get the -- you get more complete information, you resolve the biology in a more detailed way. And they know that we are continuing to approve, as evidenced by the direct methylation launch that we had just a few weeks ago. And so, they just see that there's -- there are significant limitations. But that doesn't mean they're not learning about this. And I think, at the end of the day, our growth is likely to be unhindered by Infinity.

是的。顯然，我經常問這個問題，並且真的很專注於它。我們所看到的是，總的來說，它並沒有真正減緩銷售週期，也許在歐洲可能會放緩一點，而不是在美國和亞太地區。而且我確實認為，隨著人們開始了解其他技術可能是什麼樣子，可能會有一些解鎖的潛力。但是當你真正坐下來與客戶交談時，他們迴避了我剛剛指出的所有事情——在準備好的評論中，如果我們認真對待進行長讀長測序，我們需要使用PacBio 因為在那裡你得到了——你得到了更完整的信息，你以更詳細的方式解決了生物學問題。他們知道我們正在繼續批准，正如我們幾週前進行的直接甲基化啟動所證明的那樣。因此，他們只是看到存在 - 存在重大限制。但這並不意味著他們沒有了解這一點。而且我認為，歸根結底，我們的增長可能不會受到 Infinity 的阻礙。

Great. And then maybe one last one, just on the new high throughput platform, I think we're expected to get some data or a look at it in the back half of this year. Just could you remind us specifically, like what we're going to see, when we're going to see it? And how should we be thinking about -- obviously, Sequel IIe is doing well, you have a big opportunity ahead of you, but net-net, I think there's potentially building excitement for what the new platform could be and do. So just maybe an update on what we're going to see and how we think about what the potential opportunity is versus -- number one, there's an upgrade opportunity obviously, but like what's the -- how do we think about the potential new customers that this could draw in into the long-read market?

偉大的。然後也許是最後一個，就在新的高吞吐量平台上，我認為我們有望在今年下半年獲得一些數據或查看它。你能具體提醒我們，比如我們將要看到什麼，我們什麼時候看到它？我們應該如何考慮——顯然，Sequel IIe 做得很好，你面前有一個很大的機會，但是 net-net，我認為新平台可能會做什麼和做什麼可能會讓人興奮。因此，也許只是更新我們將要看到的內容以及我們如何看待潛在機會與 - 第一，顯然有升級機會，但就像是 - 我們如何看待潛在的新客戶這可以吸引到長期閱讀的市場嗎？

Yes, Dan, that's a good question. Thank you for it. I think the one thing that we've seen time and time again, as you can start to offer advances in the technology that are very significant to long different axes, whether that's accuracy, throughput cost, you get to see major traction in the market and you see a bit of a replacement cycle, you see new customers coming into the market and our intent -- and it's basically the same strategy that I described to investors when I first joined is to build a multi-product portfolio with different instruments at different price points and throughput capabilities that give more and more customers access to the power of long reads and the power of HiFi sequencing. And this is part of that journey. And we're obviously moving towards the higher end first, because we see incredible opportunity in whole genome sequencing, in particular, at -- with higher throughput platforms, the ability to reach the sub-$1,000 cost, that we've talked about in the past.

是的，丹，這是個好問題。謝謝你。我認為我們一次又一次看到的一件事，因為您可以開始提供對長不同軸非常重要的技術進步，無論是準確性，吞吐量成本，您都會看到市場的主要吸引力你會看到一些更換週期，你會看到新客戶進入市場以及我們的意圖——這與我第一次加入時向投資者描述的策略基本相同，即在不同的價格點和通量能力，讓越來越多的客戶能夠獲得長讀取的強大功能和 HiFi 測序的強大功能。這是旅程的一部分。我們顯然首先向高端邁進，因為我們在全基因組測序中看到了難以置信的機會，特別是在 - 具有更高通量的平台，能夠達到低於 1,000 美元的成本，我們已經討論過過去。

And when you start to think about our development programs, our programs are progressing well, the teams are working hard. And as I pointed out, I guess, at JPM in 2021, these would -- these platforms would take a few years to get out. And I think we're largely on track. And so, later on, this year, I suspect we'll give more information, but today I don't want to let the cat out of the bag, so to speak.

當您開始考慮我們的開發計劃時，我們的計劃進展順利，團隊正在努力工作。正如我所指出的，我想，在 2021 年的摩根大通，這些平台將需要幾年時間才能推出。我認為我們基本上走上了正軌。所以，今年晚些時候，我懷疑我們會提供更多信息，但今天我不想讓貓從袋子裡出來，可以這麼說。

And our next question will come from David Westenberg with Piper Sandler.

我們的下一個問題將來自 David Westenberg 和 Piper Sandler。

So my first question is actually a follow-up on the high throughput platform, but instead like the collaboration with Invitae. I totally appreciate, it has to do a lot with Invitae's cash position is what kind of a reading into it. But -- and sorry if I'm hard-headed here, but if they're not funding this and you're not changing your guidance, except for, like there was $5 million that was stock-based comp, how is this platform getting funded? And is this maybe a 2023 funding event? I'm sorry if I'm missing that, maybe I'm too hard-headed here.

所以我的第一個問題實際上是對高通量平台的跟進，而是像與 Invitae 的合作。我完全理解，這與 Invitae 的現金狀況有很大關係，這是一種什麼樣的解讀。但是 - 抱歉，如果我在這裡頭腦不清醒，但如果他們沒有為此提供資金並且你沒有改變你的指導，除了，比如有 500 萬美元是基於股票的補償，這個平台怎麼樣獲得資助？這可能是 2023 年的資助活動嗎？如果我錯過了，我很抱歉，也許我在這裡太頑固了。

No, it's a great question. It's probably good to take a moment to just clarify. So if you think about it, the way we're doing the accounting for the Invitae payments, what they really are, are prepayments for buying the actual system. And so, what they -- what we've been doing is, as they pay us, we put that into deferred revenue and we're still paying the -- we're still recording the R&D expense on our P&L. So the P&L doesn't change at all. We've been investing all along and recording R&D expense. We'll continue to do that. And then, you've got this building deferred revenue.

不，這是一個很好的問題。花點時間澄清一下可能是件好事。因此，如果您考慮一下，我們對 Invitae 付款進行會計處理的方式，實際上是購買實際系統的預付款。因此，他們 - 我們一直在做的是，當他們支付給我們時，我們將其計入遞延收入並且我們仍在支付 - 我們仍在將研發費用記錄在我們的損益表中。所以損益表根本沒有變化。我們一直在投資並記錄研發費用。我們將繼續這樣做。然後，你得到了這座建築的遞延收入。

And so, we are working with Invitae such that all we're really doing is changing the timing of when they make payments to give them some flexibility on their cash. And that's why it's really important to understand this. What's really happening is we increase the pricing of the final product, such that we'll actually capture more gross margin, more -- if you look at the NPV of this particular project, if you look at other project, we actually will make more profit and more cash flow under this amendment than we otherwise would've made. And the other thing that's really beneficial to us is that their pricing will be such that others will be able to compete with them a little bit better. I mean they're still going to have incredible pricing. They're completely committed to the relationship and they're still investing their internal resources. But we've just reallocated how they pay for the machines by paying at the end of development instead of along the way. And so, that's really the difference and the R&D expense continues to be recorded as it has been.

因此，我們正在與 Invitae 合作，我們真正要做的就是改變他們付款的時間，從而為他們的現金提供一些靈活性。這就是為什麼理解這一點非常重要。真正發生的是我們提高了最終產品的定價，這樣我們實際上會獲得更多的毛利率，更多——如果你看看這個特定項目的 NPV，如果你看看其他項目，我們實際上會賺更多在這項修正案下的利潤和更多的現金流量比我們原本會獲得的要多。對我們真正有益的另一件事是，他們的定價將使其他人能夠更好地與他們競爭。我的意思是他們仍然會有令人難以置信的定價。他們完全致力於這種關係，並且仍在投資內部資源。但是我們剛剛重新分配了他們為機器付款的方式，方法是在開發結束時而不是在開發過程中付款。因此，這確實是不同之處，研發費用繼續按原樣記錄。

Got it. Appreciate it. I had a gap in my coverage of you guys when that was signed. So thanks for the reminder there. And then, in terms of pull-through, I think Susan laid out some of the omicron in January, and then kind of what was happening in China. Would you again maybe give us a sense for what you had in pull-through in maybe March or April? I mean I'm just trying to get a sense of, is this pull-through normalizing as we're heading further into the quarter and it looks like it's behind you or, anything like that.

知道了。欣賞它。簽署時，我對你們的報導存在差距。所以感謝那裡的提醒。然後，在拉通方面，我認為 Susan 在 1 月份展示了一些 omicron，然後是中國正在發生的事情。您能否再次讓我們了解您在 3 月或 4 月完成的任務？我的意思是我只是想了解一下，隨著我們進一步進入本季度，這種突破是否正常化，看起來它已經落後於你，或者類似的東西。

Well, I don't think we're going to give individual months, because any individual month could be aberration. But what we can say is that pull-through is improving over what we reported in Q1. And now, pull-through is a metric that's dominated by both the numerator and the denominator. And so, at some level, as we sell more instruments per quarter, the pull-through will likely go down, particularly when we're selling to so many new customers. One of the things that, in our executive business review this quarter, was uncovered is that the time to get a new customer to run their first chips or first smart cells could be as much as 90 days from when it's installed, because they're working on workflows, et cetera, et cetera. And then, from there, it's training and scale up with samples. And so, as you're seeing us get so many new customers, that puts pressure on the short-term pull-through. And as we sell so many more instruments, obviously that hurts the denominator.

好吧，我認為我們不會給出單獨的月份，因為任何單獨的月份都可能是異常的。但我們可以說的是，與我們在第一季度報告的相比，拉動正在改善。而現在，拉通是一個由分子和分母共同主導的指標。因此，在某種程度上，隨著我們每季度銷售更多的樂器，拉動可能會下降，特別是當我們向這麼多新客戶銷售時。在我們本季度的執行業務審查中發現的一件事是，讓新客戶運行他們的第一個芯片或第一個智能電池的時間可能在安裝後長達 90 天，因為它們是從事工作流程等工作。然後，從那裡開始訓練和擴大樣本。因此，當您看到我們獲得如此多的新客戶時，這給短期拉動帶來了壓力。隨著我們銷售的樂器越來越多，顯然這會損害分母。

Now, when we sell through a very high throughput or high throughput capable customer, like the Broad Institute at such a large scale, that will likely help the pull-through, but it will be somewhat offset because they have -- they get great pricing because they do so much volume and you have that whole mix. But at the end of the day, we think that pull-through will increase from here. And also, China, right? China has been -- we did okay in APAC, because we sold a lot of instruments. The pull-through in China was well below our expectation during the quarter. And as that recovers, that will bring the number up as well. So there's a lot of different factors at play. But I do think, on balance, you're going to see the number improve from here. And we'll go from there.

現在，當我們通過非常高吞吐量或具有高吞吐量能力的客戶進行銷售時，比如 Broad Institute 如此大規模，這可能會有助於實現成功，但它會在一定程度上被抵消，因為他們有——他們得到了很好的定價因為它們的音量很大，而您擁有完整的混音。但歸根結底，我們認為拉動會從這裡增加。還有，中國，對吧？中國一直——我們在亞太地區做得很好，因為我們賣了很多樂器。本季度中國市場的拉動遠低於我們的預期。隨著這種情況的恢復，這也會使人數增加。所以有很多不同的因素在起作用。但我確實認為，總的來說，你會看到這個數字從這裡有所改善。我們將從那裡開始。

Perfect. That was a really nice detailed answer there. I'm just going to ask really one, because I think it's going to be very short. The 1/3 to new customers, was that inclusive or net of that big order to the Broad Institute.

完美的。那是一個非常好的詳細答案。我只想問一個，因為我認為它會很短。新客戶的 1/3 是 Broad Institute 大訂單的總和或淨額。

That's inclusive of. We take the whole -- we shipped 50 systems, so it's 1/3 of those 50 systems.

這包括在內。我們採取了整體——我們運送了 50 個系統，所以它是這 50 個系統的 1/3。

So it's closer to more than half.

所以接近一半以上。

And our next question will come from Tejas Savant with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Tejas Savant。

So I want to go back to that Broad order you mentioned, Christian. As you sort of had framed the guide on your 4Q call, was that sort of already contemplated, or was that all upside, which came through late in the quarter? And then, as you think about your order funnel or your instrument backlog here heading into the back half of the year, can you just give us a sense for the breadth of the demand versus any other sort of like large multi-unit orders that we should be thinking about?

所以我想回到你提到的廣義秩序，克里斯蒂安。正如您在第 4 季度電話會議上製定的指南那樣，是否已經考慮過這種情況，或者這一切都在本季度末實現？然後，當您考慮到今年下半年的訂單漏斗或儀器積壓時，您能否讓我們了解需求的廣度與我們的任何其他類型的大型多單元訂單相比應該思考什麼？

Yes. Okay, a couple things. So with the 1Q guide, some of the Broad order was contemplated, but not all of it. And we were hedging a bit in our internal thinking because when it's an order that big, you never know when it's going to -- the timing of which it was going to actually manifest itself. So some was, but not all. And then, if you think about the back half of the year, one of the things that's really exciting and one of the things that is driving why we made these commercial investments is the number of named opportunities for new instruments is at one of its largest -- if not its largest level ever in the history of the company.

是的。好的，有幾件事。因此，對於 1Q 指南，考慮了一些廣泛的訂單，但不是全部。我們在內部思考中進行了一些對沖，因為當它是一個如此大的訂單時，你永遠不知道它什麼時候會發生——它會在什麼時候真正顯現出來。所以有些是，但不是全部。然後，如果您考慮今年下半年，真正令人興奮的事情之一是推動我們進行這些商業投資的原因之一是新工具的命名機會的數量是其最大的之一——如果不是公司歷史上最大的水平。

And what that means is that we have more sales coverage or more coverage of potential instrument sales to meet our forecast and meet our guidance. And let's face it, that's because we've hired more sales reps and those sales reps are, in fact, prospecting. And so there's lots of ways to look sales force productivity. And I tried to highlight that on -- in the prepared marks. Hopefully that was effective. But it's revenue per rep over time. It's sales velocity. It's how big is the sales funnel and the quality of the leads you're getting. All 3 of those things are generally improving for the company and give us a strong pathway to growth for a long time to come. And that's what's so powerful.

這意味著我們有更多的銷售覆蓋面或更多的潛在儀器銷售覆蓋面，以滿足我們的預測和指導。讓我們面對現實吧，那是因為我們僱傭了更多的銷售代表，而這些銷售代表實際上是在尋找潛在客戶。因此，有很多方法可以查看銷售人員的生產力。我試圖在準備好的標記中強調這一點。希望那是有效的。但隨著時間的推移，它是每個代表的收入。這是銷售速度。這是銷售漏斗的大小和您獲得的潛在客戶的質量。所有這三件事對公司來說總體上都在改善，並為我們提供了一條在未來很長一段時間內實現增長的強大途徑。這就是如此強大的原因。

I guess, the last thing I'd say with respect to the funnel, when you do an 18-unit sale to the Broad that now they have 23 instruments in their fleet, that's really a lighthouse account. And that's a validation of the technology, a validation of where the technology's going, the applications. They see lots of opportunity in numbers of samples and projects and that lighthouse (inaudible) genome centers and that might be competitive with them. And so, that's actually -- that's one reason why it's such a powerful win for us during the quarter. And the other reason is, we really enjoy working with the Broad. They're very collaborative and they will help push us as much as anyone else. So that's really great.

我想，關於漏斗，我要說的最後一件事是，當您向 Broad 出售 18 台儀器時，他們現在在他們的機隊中有 23 台儀器，這真的是一個燈塔帳戶。這是對技術的驗證，對技術的發展方向和應用的驗證。他們在樣本和項目的數量以及燈塔（聽不清）基因組中心中看到了很多機會，這可能與他們競爭。所以，這實際上是 - 這就是為什麼它在本季度對我們來說如此強大的勝利的一個原因。另一個原因是，我們真的很喜歡與 Broad 合作。他們非常合作，他們會像其他人一樣幫助推動我們。所以這真的很棒。

Got it. Super helpful. And then, appreciate the color you've shared on China, Christian. But I guess one of the questions that we've been getting is, what's sort of like driving your confidence, perhaps conversations with local government authorities, or your marquee sort of customers in the region there, that makes you assume that things get better by the summer? It seems like it's a pretty fluid situation. And the lockdowns kind of like ebb and flow, at least in Shanghai and Beijing, et cetera. So I'm just curious as to how you thought about that when you made that assumption in the guide of a summer recovery and normalized utilization and placements there in the back half.

知道了。超級有幫助。然後，欣賞你在中國分享的色彩，克里斯蒂安。但我想我們得到的一個問題是，是什麼讓你信心倍增，也許是與當地政府當局的對話，或者你在該地區的大客戶類型，這讓你認為事情會變得更好夏天？這似乎是一個非常不穩定的情況。封鎖有點像潮起潮落，至少在上海和北京等地是這樣。所以我很好奇當你在夏季恢復和後半場的正常使用和安置指南中做出這個假設時你是怎麼想的。

Well, I think, one of the reasons why we've made some of these assumptions is we actually hired a really highly qualified country manager in China now, who is phenomenal. And in fact, he was a big reason why we had such a nice quarter on instruments. We had a lot of trade-ins from Sequel I to Sequel IIe. And so we were building a little bit -- I mean, better than the company's ever had intel on the ground, which helps us kind of understand that. But as Susan said in her comments, look, we don't know -- we -- none of us know exactly when things will return to normal. We probably air on the optimistic side instead of the absolute pessimistic side.

嗯，我認為，我們做出這些假設的原因之一是我們現在實際上在中國聘請了一位非常合格的國家經理，他非常出色。事實上，他是我們在樂器方面表現如此出色的一個重要原因。從 Sequel I 到 Sequel IIe，我們進行了很多以舊換新。所以我們正在建設一點點——我的意思是，比公司在地面上擁有的情報要好，這有助於我們理解這一點。但正如蘇珊在她的評論中所說，看，我們不知道——我們——我們都不知道事情什麼時候會恢復正常。我們可能會表達樂觀的一面，而不是絕對悲觀的一面。

But we also see our business growing throughout APAC. And we also see -- like we talked about, China had a -- I mean Japan had a fantastic quarter. We finally sold an instrument in Australia. We're starting to build out some of these other territories that can help offset some of the challenge in China, should China not recover as we expect. And if China -- and as Susan also said, look, if China doesn't recover, it will clearly put pressure on our guidance at some point. But we have a lot of -- as I said before, our opportunity funnel is very significant and we will work to mitigate that and grow on top of that, as you guys would expect us to.

但我們也看到我們的業務在整個亞太地區都在增長。我們還看到——就像我們談到的那樣，中國有一個——我的意思是日本有一個很棒的季度。我們終於在澳大利亞賣了一個樂器。如果中國不能像我們預期的那樣復甦，我們將開始建設其他一些領土，以幫助抵消中國的一些挑戰。如果中國——正如蘇珊所說，看，如果中國不復蘇，它顯然會在某個時候對我們的指導施加壓力。但是我們有很多 - 正如我之前所說，我們的機會漏斗非常重要，我們將努力減輕它並在此基礎上發展，正如你們所期望的那樣。

Got it. And then one final one for me on just traction for that HiFiViral kit. I think on the last call, Christian, you'd mentioned sort of high single-digit millions in COVID contributions. This year you'd -- that was last year, and this year you'd expect that to skew more towards consumables. Is there the possibility of a little bit of upside there, given how that kit perhaps did, thanks to the omicron variant? Or how are you feeling about that contribution at this stage of the year?

知道了。然後是我的最後一個關於 HiFiViral 套件的牽引力。我想在最後一次電話會議上，克里斯蒂安，你提到了對 COVID 捐款的高個位數數百萬。今年你會 - 那是去年，今年你預計會更傾向於消耗品。由於 omicron 變體，考慮到該套件可能是如何做到的，那裡是否有一點上漲的可能性？或者你對今年這個階段的貢獻感覺如何？

I think that -- I think it has potential to contribute, but I don't think it's going to be a significant contribution to make our year or not make our year. And one of the reasons for that is, particularly in the United States, testing is down a bit, or surveillance has been down a little bit. The time to implement a new technology, some labs are -- they love the assay. They want to be engaged, but they're not -- there's a lot of uncertainty of how much further surveillance there'll be in funding. And so, although, it's been an incredible learning experience for us and generated some good revenue and been able to get a us into public health labs where we had no chance of getting into before, I don't expect it to be a major contributor to our revenue for the balance of the year. I could be wrong if we have another surge, but that's kind of where we sit on that.

我認為 - 我認為它有潛力做出貢獻，但我不認為這對我們的一年或不成為我們的一年有重大貢獻。其中一個原因是，特別是在美國，測試有所下降，或者監控有所下降。是時候實施一項新技術了，一些實驗室是——他們喜歡這種檢測方法。他們想參與進來，但他們不是——在資金方面會有多少進一步的監督存在很大的不確定性。因此，儘管這對我們來說是一次令人難以置信的學習經歷，並產生了一些可觀的收入，並且能夠讓我們進入我們以前沒有機會進入的公共衛生實驗室，但我不認為它會成為主要貢獻者我們今年餘下的收入。如果我們再次激增，我可能是錯的，但這就是我們所處的位置。

(Operator Instructions) And our next question will come from Kyle Mikson with Canaccord.

（操作員說明）我們的下一個問題將來自 Canaccord 的 Kyle Mikson。

Congrats on the quarter. I wanted to start with the next-gen kind of -- so the PacBio products like the next-gen kind of tools you're going to be kind of launching, hopefully soon. It has been 3 years or so since the launch of the 8M chip in the Sequel II, and earlier on the call, you were pretty vocal about developing at least a next-gen sequencer pretty soon, so that would probably require a higher density smart cell. And I know that per genome costs and throughput are kind of like the critical factors you're assuming. And when you became CEO, Christian, in 2020, you talked about, I think, increasing your throughput by 25x and reducing costs by like, I think, sevenfold or so. So are those metrics -- those kind of threshold that's still kind of reasonable for the smart technology in near-term? And these next-gen kind of PacBio products, could those be launched this year in '22 or is that more of a '23 kind of story?

祝賀本季度。我想從下一代開始——所以像下一代工具這樣的 PacBio 產品將會推出，希望很快。自 Sequel II 中推出 8M 芯片以來已經 3 年左右了，在電話會議的早些時候，您非常直言要盡快開發至少下一代音序器，因此可能需要更高密度的智能細胞。而且我知道每個基因組的成本和吞吐量有點像你假設的關鍵因素。當你在 2020 年成為 CEO 時，Christian，你談到了，我認為將你的吞吐量提高了 25 倍，並將成本降低了七倍左右。那麼這些指標——短期內對於智能技術來說仍然是合理的閾值嗎？這些下一代 PacBio 產品會在今年 22 年推出，還是更像是 23 年的故事？

Yes. So we have not said, Kyle, exactly when we're going to launch these products and when development will be finished, nor have we given specific specifications. And clearly, it's because the Sequel IIe is performing extremely well in the market. Customers are very excited about it. But at some point, we will continue to advance the technology to the state where -- you're talking orders of magnitude and levels of throughput, et cetera, I don't want to quote specific numbers today.

是的。所以我們沒有說，凱爾，我們將在何時推出這些產品以及何時完成開發，也沒有給出具體的規格。很明顯，這是因為 Sequel IIe 在市場上的表現非常出色。客戶對此非常興奮。但在某個時候，我們將繼續將技術推進到這樣的狀態——你說的是數量級和吞吐量水平等等，我今天不想引用具體數字。

But it is kind of -- our mantra, right, is we have to increase the throughput very significantly so we can enable scaled science, whether that's in clinical research applications or in kind of whole genome surveillance kinds of projects or genomic signaling like projects, et cetera. And so it will be important for us to get there and get there soon. We will unpack that more. The development programs are going very well. And we continue to hit our internal milestones. And so we're right on track for that. But at the right time, we will unveil it more wholesomely. But we want to make sure that we maximize our opportunity with the Sequel IIe platform while we have it, if that makes sense.

但這有點——我們的口頭禪，對，我們必須非常顯著地增加吞吐量，這樣我們才能實現規模化的科學，無論是在臨床研究應用中，還是在全基因組監測項目或基因組信號類項目中，等等。所以對我們來說，盡快到達那裡很重要。我們將更多地打開包裝。發展計劃進展順利。我們繼續達到我們的內部里程碑。所以我們在這方面是正確的。但在適當的時候，我們會更健康地揭開它的面紗。但我們希望確保在我們擁有 Sequel IIe 平台的同時，最大限度地利用我們的機會，如果這有意義的話。

Okay. Yes. That was great. That's fair, Christian. Appreciate that. And maybe just on Omniome, kind of similarly, this has been touched on before. I just want to revisit it because the beta launch, I think, should be ongoing. Can you provide any more -- maybe details on the specs for the Omniome platform, maybe for the beta units right now? There's been talk about flexibility obviously in the marketplace. Like how many flow cells per run are you thinking, maybe cost per G, Per flow cell even?

好的。是的。那很棒。那是公平的，克里斯蒂安。感謝。也許只是在 Omniome 上，類似地，這已經被觸及過。我只是想重新審視它，因為我認為測試版的發布應該正在進行中。您能否提供更多信息——也許是關於 Omniome 平台規格的詳細信息，也許是現在的 beta 單元？顯然，市場上一直在談論靈活性。就像您在考慮每次運行多少個流動槽，也許每 G 成本，甚至每個流動槽？

And I guess, overall, like how should we and how should investors really think about some of these metrics as they stand out and kind of stack up versus the emerging or the existing kind of short-read companies, for example, cost per gig basis, 5 to 50 gig -- per gig nowadays? And so, I'm just curious to hear, any more clarity there, given the market is obviously becoming a little bit more crowded.

我想，總的來說，就像我們應該如何以及投資者應該如何真正考慮其中一些指標，因為它們脫穎而出並且與新興或現有的短讀公司相比，例如，每演出成本基礎，5 到 50 場演出——現在每場演出？因此，鑑於市場顯然變得更加擁擠，我只是想知道那裡是否更清晰。

Yes. So it's a good question, Kyle. I'm sure we'll talk about it more at AGBT. And so hopefully, if you're there, we'll spend a lot of time on it, I'm sure. But in a nutshell, we see the platform as being highly competitive with any of the emerging players. It'll be a mid throughput system, as we've talked about. It will have accuracy -- Q40 accuracy. 90% of the reads will be Q40 is our expectation right now. And in terms of cost per G, it will be competitive with the emerging players and the existing players.

是的。這是個好問題，凱爾。我相信我們會在 AGBT 上更多地討論它。所以希望，如果你在那裡，我們會花很多時間在上面，我敢肯定。但簡而言之，我們認為該平台與任何新興參與者都具有很強的競爭力。正如我們所討論的，這將是一個中等吞吐量的系統。它將具有準確度——Q40 準確度。 90% 的讀取將是 Q40 是我們目前的預期。並且在每G成本方面，它將與新興玩家和現有玩家競爭。

But one of the things that we're going to -- our accuracy is so much higher than the competition that we really want to change the narrative, because we not only want to talk about the price per answer, because if you can -- even if you're selling at $5 to $7 a G, let's just use that hypothetically, that you said, what really matters is how many Gs do you need to get that answer? And that's really the -- that's really where I think we're going to shine more than the other emerging players. I mean on a straight cost per G, it'll be competitive, absolutely. But -- and we'll still be able to generate more gross margins, that will make sense for us. But it's really about the offering to the customer. How many Gs of sequencing or how many samples can I put in a flow cell to get the answers I want, because that's what really drives the economics. And the accuracy drives the level of coverage and less coverage, obviously, means less sequencing, less sequencing means less cost, also means more speed, which gives us a lot of competitive advantages that I think will make the platform very compelling.

但是我們要做的一件事——我們的準確性比競爭對手高得多，我們真的想改變敘述，因為我們不僅想談論每個答案的價格，因為如果你能——即使您以每 G 5 到 7 美元的價格出售，讓我們假設性地使用它，您說過，真正重要的是您需要多少 G 才能得到這個答案？這真的是——這真的是我認為我們將比其他新興球員更閃耀的地方。我的意思是按每 G 的直接成本計算，它絕對具有競爭力。但是 - 我們仍然能夠產生更多的毛利率，這對我們來說是有意義的。但這實際上是關於向客戶提供的產品。我可以將多少 G 測序或多少樣品放入流動槽中以獲得我想要的答案，因為這才是真正推動經濟發展的因素。準確度決定了覆蓋率，而更少的覆蓋率顯然意味著更少的測序，更少的測序意味著更少的成本，也意味著更快的速度，這給了我們很多競爭優勢，我認為這將使平台非常引人注目。

Okay. Sounds great. I look forward to hearing more at AGBT. And maybe just finally, I wanted to touch on some of the new workflows that kind of transformed the Sequel IIe into like a 5-base sequencer, without all the kind of additional costs and time and effort. I guess I'm just kind of wondering like what the 5-base functionality does for your clinical efforts. And I know that Children's Mercy values epigenetic modifications for pediatric rare disease. I think that you were alluding to that earlier. But ultimately, do you think that the direct [methylcholan] could improve diagnostic yield of long-read treatment for different diseases?

好的。聽起來很棒。我期待在 AGBT 聽到更多。也許就在最後，我想談談將 Sequel IIe 轉變為 5 鹼基測序儀的一些新工作流程，而無需任何額外的成本、時間和精力。我想我只是想知道 5-base 功能對您的臨床工作有什麼作用。而且我知道 Children's Mercy 重視兒科罕見病的表觀遺傳修飾。我想你之前提到過。但最終，您認為直接 [甲基膽鹼] 是否可以提高針對不同疾病的長讀長治療的診斷率？

Absolutely. I mean, we'll stick with the Children's Mercy example for a minute. I mean they were one of the early access users and even the first runs that they're getting, they're seeing allele specific or haplotype specific epigenetic profiles that give them indication and clues into disease. And so, I think that, at a fundamental level, changing the narrative of what a complete genome is, what a clinical-grade genome is, the utility from the genome, it's all of these different tools, whether it's structural variant analysis, whether it's methylation, whether epigenetic status, whether it's the ability to call the haplotype's without having to do any extra work.

絕對地。我的意思是，我們將堅持一分鐘的兒童慈悲示例。我的意思是他們是早期訪問用戶之一，甚至他們獲得的第一次運行，他們看到等位基因特異性或單倍型特異性表觀遺傳圖譜，這些圖譜為他們提供了疾病的跡象和線索。因此，我認為，從根本上講，改變關於什麼是完整基因組、什麼是臨床級基因組、基因組的效用的敘述，是所有這些不同的工具，無論是結構變異分析，還是它是甲基化，是否是表觀遺傳狀態，是否是無需做任何額外工作即可調用單倍型的能力。

And starting to see all of these genetic picture in one assay with one informatic workflow, really changes the game and helps us resolve the biology. And at the end of the day, that's going to be one of the core value propositions of the long-read sequencing in general versus short-read. And as we get throughput and cost down, it would be surprising to see -- to not see very significant transition, particularly in clinical applications when you want to -- you just want to see more of the genome to understand what's going on.

並且開始通過一個信息化工作流程在一次分析中看到所有這些遺傳圖片，真正改變了遊戲規則並幫助我們解決了生物學問題。歸根結底，這將是長讀長測序與短讀長測序相比的核心價值主張之一。當我們降低吞吐量和成本時，會令人驚訝地看到——沒有看到非常顯著的轉變，特別是在你想要的臨床應用中——你只想看到更多的基因組以了解正在發生的事情。

And this will conclude our Question-and-Answer Session. I'd like to turn the conference back over to Christian for any closing remarks.

我們的問答環節到此結束。我想把會議轉回克里斯蒂安的任何閉幕詞。

Great. Thank you. Thanks everyone for the questions. After 2 years of limited travel, we're finally excited to get back on the road and interact with our customers and investors. Right now, we're in the midst of our Discoveries Roadshow, where we're traveling to 20 cities around the world to put HiFi sequencing on display. I invite you to look at our schedule on our Events webpage and join us for one of our meetings, if you're available. We're also excited to see you at AGBT next month. We'll be having an investor meet-and-greet and panel Q&A with our leadership team to kick the event off. So we hope you can make it.

偉大的。謝謝你。謝謝大家的提問。經過 2 年的有限旅行，我們終於很高興能重新上路並與我們的客戶和投資者互動。現在，我們正在進行 Discoveries 路演，我們將前往全球 20 個城市展示 HiFi 測序。我邀請您在我們的活動網頁上查看我們的日程安排，如果您有空，請加入我們的會議。我們也很高興在下個月的 AGBT 見到您。我們將與我們的領導團隊舉行投資者見面會和小組問答，以啟動此次活動。所以我們希望你能做到。

Thank you. And we look forward to continuing to update you on our progress throughout the year. Thank you.

謝謝你。我們期待繼續向您介紹我們全年的進展情況。謝謝你。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。你現在可以在這個時候斷開你的線路。