QuidelOrtho Corp (QDEL) 2025 Q1 法說會逐字稿

Welcome to the QuindelOrtho first-quarter 2025 financial results conference call and webcast. (Operator Instructions) Please note this conference call is being recorded. An audio replay for the conference call will be available on the company's website shortly after this call.

歡迎參加 QuindelOrtho 2025 年第一季財務業績電話會議和網路廣播。（操作員指示）請注意，本次電話會議正在錄音。電話會議的音訊回放將在會議結束後不久在公司網站上提供。

I would now like to turn the call over to Juliet Cunningham, Vice President of Investor Relations.

現在我想將電話轉給投資者關係副總裁朱麗葉·坎寧安 (Juliet Cunningham)。

Thank you. Good afternoon, everyone, and thanks for joining the QuindelOrtho first-quarter 2025 financial results conference call. Joining me today are Brian Blaser, President and Chief Executive Officer; and Joe Buskey, Chief Financial Officer.

謝謝。大家下午好，感謝您參加 QuindelOrtho 2025 年第一季財務業績電話會議。今天與我一起出席的還有總裁兼執行長 Brian Blaser 和財務長 Joe Buskey。

This conference call is being simultaneously webcast on the Investor Relations page of our website. To aid in the presentation, we also posted supplemental information on the Investor Relations page that will be referenced throughout this call.

本次電話會議將在我們網站的投資者關係頁面同時進行網路直播。為了幫助演示，我們還在投資者關係頁面上發布了補充信息，這些信息將在整個電話會議中參考。

This conference call and supplemental information contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not strictly historical, including the company's expectations, plans, financial guidance, future performance, and prospects, are forward-looking statements that are subject to certain risks, uncertainties, assumptions, and other factors. This includes the expected impact of tariffs and macroeconomic conditions. Actual results may vary materially from those expressed or implied, in these forward-looking statements.

本次電話會議及補充資料包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。非嚴格歷史性的陳述，包括公司的預期、計畫、財務指導、未來業績和前景，都是前瞻性的陳述，受某些風險、不確定性、假設和其他因素的影響。這包括關稅和宏觀經濟狀況的預期影響。實際結果可能與這些前瞻性陳述中所表達或暗示的結果有重大差異。

Information about potential factors that could affect our actual results is available in our annual report on Form 10-K for the 2024 fiscal year and subsequent reports filed with the SEC, including the risk factors section. Forward-looking statements are made as of today, May 7, 2025, and we assume no obligation to update any forward-looking statement except as required by law.

有關可能影響我們實際業績的潛在因素的信息，請參閱我們 2024 財年的 10-K 表年度報告以及隨後向美國證券交易委員會提交的報告中，包括風險因素部分。前瞻性陳述截至 2025 年 5 月 7 日做出，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

In addition, today's call includes discussion of certain non-GAAP financial measures. Tables reconciling these non-GAAP measures to their most directly comparable GAAP measures are available in our earnings release and the supplemental information, which are on the investor relations page of our website at twidelortho.com.

此外，今天的電話會議還討論了某些非公認會計準則財務指標。將這些非 GAAP 指標與最直接可比較的 GAAP 指標進行調節的表格可在我們的收益報告和補充資訊中找到，這些資訊位於我們網站 twidelortho.com 的投資者關係頁面上。

Lastly, unless stated otherwise, all year-over-year revenue growth rates given on today's call are on a constant currency basis.

最後，除非另有說明，今天電話會議上給出的所有同比收入增長率均按固定匯率計算。

Now I'd like to turn the call over to our CEO, Brian Blaser.

現在我想將電話轉給我們的執行長 Brian Blaser。

Thanks, Juliet, and good afternoon, everyone. As I reflect on my first anniversary since joining the company, I first want to thank all our employees and our leadership team for their unwavering support, as we implemented difficult but necessary changes to our business over the last year. Together, we refocused the organization on a narrow set of priorities and set in motion key initiatives to improve our performance and our cost structure.

謝謝，茱麗葉，大家下午好。回顧我加入公司一週年，我首先要感謝我們所有的員工和領導團隊，感謝他們在過去一年裡對我們業務實施的艱難但必要的變革給予的堅定支持。我們共同將組織的重點重新集中在一系列優先事項上，並啟動了關鍵措施來改善我們的績效和成本結構。

Our business faced unique challenges and increasingly dynamic environment. The organization came together around our common mission with our customers at the center of everything we do. The team's efforts played a critical role in the strong results we delivered in Q1, reinforcing my confidence in our strategy and operational discipline.

我們的業務面臨著獨特的挑戰和日益動態的環境。該組織圍繞著我們的共同使命而成立，以客戶為中心。團隊的努力對我們在第一季的強勁業績發揮了關鍵作用，增強了我對我們的策略和營運紀律的信心。

Let me start by taking a closer look at our first quarter results, followed by my thoughts on the evolving tariff situation. During Q1, we delivered solid, mid-single-digit revenue growth of 6%, excluding COVID and donor screening. This performance was primarily driven by our labs business, as well as stable growth in immunohematology and a strong flu season.

首先，讓我仔細看看我們的第一季業績，然後談談我對不斷變化的關稅狀況​​的看法。在第一季度，我們實現了穩健的中等個位數收入成長，達到 6%，不包括 COVID 和捐贈者篩檢。這一業績主要得益於我們的實驗室業務，以及免疫血液學的穩定成長和強勁的流感季節。

We also recognize cost savings from our previously announced initiatives that drove a 450-basis point year-over-year improvement in adjusted EBITDA margin and a 68% increase in adjusted diluted earnings per share compared to the prior year period.

我們也意識到，我們先前宣布的舉措帶來了成本節約，這些舉措推動調整後的 EBITDA 利潤率同比增長 450 個基點，調整後的每股攤薄收益與去年同期相比增長 68%。

From a business unit perspective, our labs business, which was 54% of total company revenue in Q1, achieved revenue growth of 7% with strength in both clinical chemistry and immunoassay testing. Our immunohematology business continued its global leadership position and consistent trajectory with 4% growth during the quarter. Our point-of-care business represented 25% of our Q1 revenue and grew 8%, excluding COVID.

從業務部門的角度來看，我們的實驗室業務佔第一季公司總收入的 54%，在臨床化學和免疫測定測試方面均表現出色，實現了 7% 的收入成長。我們的免疫血液學業務繼續保持全球領先地位，並在本季保持 4% 的穩定成長軌跡。我們的即時診斷業務占我們第一季營收的 25%，不包括 COVID，成長了 8%。

Q1 COVID testing was down compared to the prior year period, but flu sales were strong, resulting in 18% year-over-year growth. This performance was led by our COVID flu combo test, which has continued to deliver durable revenue. And our molecular diagnostics business grew 11%, excluding COVID, albeit off a smaller revenue base.

第一季 COVID 檢測數量與去年同期相比有所下降，但流感疫苗銷售強勁，較去年同期成長 18%。這一業績主要得益於我們的 COVID 流感組合測試，該測試持續帶來了持久的收入。儘管收入基數較小，但不包括 COVID，我們的分子診斷業務成長了 11%。

We are currently in the last stages of the clinical trial for our Savanna Respiratory Panel and are completing verification and validation testing. Once our trial data has been fully successfully finalized, we expect to make our submission to the FDA this summer.

我們目前正處於 Savanna 呼吸道小組臨床試驗的最後階段，正在完成驗證和確認測試。一旦我們的試驗數據完全成功完成，我們預計今年夏天向 FDA 提交申請。

Our Q1 performance is further proof that the initiatives we launched in 2024 are having a positive impact on the performance of the business. As we look forward to the balance of 2025, we continue to be focused on our narrow set of strategic initiatives, including increasing the content and utility of our platforms, expanding margins, and commercial and operational execution. Our commercial teams are more focused than ever before on driving profitable growth by targeting the most attractive customers and market segments, where we can drive value with our unique solutions.

我們第一季的業績進一步證明，我們在 2024 年推出的舉措正在對業務業績產生正面影響。展望 2025 年，我們將繼續專注於我們的一系列策略舉措，包括增加我們平台的內容和實用性、擴大利潤率以及商業和營運執行。我們的商業團隊比以往任何時候都更加專注於透過瞄準最具吸引力的客戶和細分市場來推動獲利成長，我們可以利用我們獨特的解決方案來創造價值。

And we are on track to realize the remainder of the $100 million in annualized cost savings we defined in 2024 with $50 million in cost savings expected in the first half of 2025. And while much of our work last year was focused on staffing reductions, we have expanded our efforts to improve cash flow generation with initiatives targeting direct and indirect procurement, inventory utilization, capital expense management, and optimization of our cash conversion cycle. We expect these initiatives to yield an incremental $30 million to $50 million in cost savings in 2025.

我們預計將實現 2024 年設定的 1 億美元年度成本節約的剩餘部分，預計 2025 年上半年將節省 5,000 萬美元。雖然我們去年的大部分工作都集中在裁員上，但我們已加強改善現金流產生，並採取了針對直接和間接採購、庫存利用、資本支出管理和優化現金轉換週期的舉措。我們預計這些措施將在 2025 年帶來 3,000 萬至 5,000 萬美元的增量成本節約。

I'd now like to turn to the evolving developments at the macro level, including the expected impact on our business and the actions we're taking to address these challenges. Obviously, this is a very dynamic situation, so my comments reflect our assessment based on current information. Our business is based on a recurring revenue model with more than 90% of our sales coming from consumables and a small percentage coming from instrument placements.

現在，我想談談宏觀層面的不斷發展，包括對我們業務的預期影響以及我們為應對這些挑戰而採取的行動。顯然，這是一個非常動態的情況，因此我的評論反映了我們基於當前資訊的評估。我們的業務基於經常性收入模式，其中 90% 以上的銷售額來自消耗品，一小部分來自儀器安置。

The majority of our manufacturing is based in the United States. And over the past three years, we have invested nearly $1 billion in US-based manufacturing and R&D. Over half of our employees are based in the US and over the next several years, we expect to continue to invest and expand our capabilities to support the growth of our business both domestically and globally.

我們的大部分製造業務都在美國。過去三年來，我們已向美國製造和研發部門投資近 10 億美元。我們有一半以上的員工在美國，未來幾年，我們預計將繼續投資並擴大我們的能力，以支持我們在國內和全球的業務成長。

We also have company and third-party manufacturing located in the UK, China, Europe, and Mexico. These locations further our strategy of being close to our important customers, as well as reinforcing our business continuity objectives. With our global operating footprint, we estimate the potential tariff headwinds prior to mitigations is roughly $30 million to $40 million of impact in 2025.

我們在英國、中國、歐洲和墨西哥也設有公司和第三方製造廠。這些地點進一步加強了我們貼近重要客戶的策略，並強化了我們的業務連續性目標。根據我們全球的營運足跡，我們估計，在採取緩解措施之前，2025 年潛在的關稅阻力將造成約 3,000 萬至 4,000 萬美元的影響。

But since the discussion of tariffs began in 2024, we have been diligently working on plans to mitigate potential impacts. These plans include changing the origin of source materials, repositioning inventory, shifting our supply chain to alternate suppliers, as well as implementing select pricing actions and additional reductions to our controllable costs.

但自 2024 年開始討論關稅以來，我們一直在努力製定計劃以減輕潛在影響。這些計劃包括改變原材料的來源、重新定位庫存、將我們的供應鏈轉移到替代供應商，以及實施選擇性定價行動和進一步降低我們的可控成本。

Collectively, we believe the incremental actions we are taking are sufficient to fully offset the tariff impacts as they stand today. And while the environment can always change, we are maintaining our full-year 2025 financial guidance based on our current business outlook. We remain focused on our key priorities and achieving our previously communicated cost savings initiatives over and above any tariff-related offsets.

總的來說，我們相信，我們正在採取的漸進行動足以完全抵消目前的關稅影響。儘管環境總是會發生變化，但根據我們目前的業務前景，我們仍維持 2025 年全年財務指引。我們將繼續專注於我們的關鍵優先事項，並實現我們先前傳達的成本節約舉措，超越任何與關稅相關的抵銷。

So to wrap up, we are pleased with the strength of our first quarter results and the progress we have made in our key priorities over the last 12 months. We remain focused on supporting our customers and believe we are well-positioned to continue to drive consistent growth, while also expanding our profitability and value for shareholders in 2025 and beyond.

總而言之，我們對第一季的強勁業績以及過去 12 個月在關鍵優先事項上取得的進展感到滿意。我們始終專注於支持我們的客戶，並相信我們有能力繼續推動持續成長，同時在 2025 年及以後擴大我們的獲利能力和股東價值。

So thank you for your time and continued support. And with that, I'll now turn the call over to Joe to take you through our first quarter financials in more detail.

感謝您的時間和持續的支持。現在，我將把電話轉給喬，讓他更詳細地向您介紹我們第一季的財務狀況。

Joe?

喬？

Okay, thanks, Brian. And hello, everyone. I'll start by walking through our first quarter results which are detailed on slide three of the supplemental information available on the Investor Relations page of our website. And unless otherwise noted, all year-over-year revenue growth figures discussed today are presented on a constant currency basis.

好的，謝謝，布萊恩。大家好。我將首先介紹我們的第一季業績，這些業績在我們網站投資者關係頁面上的補充資訊第三張幻燈片中有詳細說明。除非另有說明，否則今天討論的所有年收入成長數據均以固定匯率計算。

As Brian noted, our first quarter performance was in line with our expectations, and we anticipate continued momentum through the rest of 2025, particularly with our labs business where we see strong recurring revenue with long contracts and a loyal customer base.

正如 Brian 所說，我們的第一季業績符合預期，我們預計 2025 年剩餘時間將繼續保持這一勢頭，尤其是我們的實驗室業務，我們看到長期合約和忠實的客戶群帶來強勁的經常性收入。

Let me begin by taking you through our first quarter performance followed by a discussion of our full year 2025 financial guidance which remains unchanged. After that, we'll open up the call for questions. Total reported revenue for the first quarter of 2025 was $693 million compared to $711 million in the prior year period. The year-over-year decrease in total revenue was primarily due to lower COVID revenue and lower donor screening revenue related to the planned wind-down of that business.

首先，我先向您介紹我們的第一季業績，然後討論我們保持不變的 2025 年全年財務指導。之後，我們將開始提問。2025 年第一季的總報告收入為 6.93 億美元，而去年同期為 7.11 億美元。總收入年減主要是由於 COVID 收入下降以及與計劃逐步停止該業務相關的捐贈者篩檢收入下降。

Excluding COVID and donor screening revenue, we achieved mid-single-digit revenue growth of 6%. This performance was primarily driven by strength in our labs business, as well as consistent growth in immunohematology and a strong flu season. Foreign currency translation had an unfavorable impact of 150 basis points during the first quarter.

不計 COVID 和捐贈者篩檢收入，我們的收入實現了 6% 的中等個位數成長。這一業績主要得益於我們實驗室業務的強勁增長，以及免疫血液學的持續增長和強勁的流感季節。第一季度，外幣折算產生了150個基點的不利影響。

From a regional perspective, our Q1 revenue performance was led by our other region, which is comprised of Japan, Asia Pacific, and Latin America, with 12% growth, driven by strong 17% growth in LABS revenue.

從區域角度來看，我們第一季的營收表現由其他地區領先，包括日本、亞太地區和拉丁美洲，成長了 12%，這得益於 LABS 收入強勁成長 17%。

And looking at our other regions, North America declined by 6%, compared to the prior year period due to the year-over-year decrease in COVID revenue and the ongoing wind down of our donor screening business. But absent these headwinds, North America grew by 5%.

看看我們的其他地區，由於新冠疫情收入同比下降以及我們捐贈者篩檢業務的持續縮減，北美地區的收入與去年同期相比下降了 6%。但如果沒有這些不利因素，北美經濟仍成長了 5%。

Europe, Middle East, and Africa grew 9%, driven by strong contribution from labs and immunohematology.

歐洲、中東和非洲成長了 9%，這得益於實驗室和免疫血液學的強勁貢獻。

Finally, China revenue was flat compared to the prior year period, primarily related to order timing, and a decrease in triage revenue related to lower reimbursement rates for certain cardiac markers. Labs revenue in China grew 2% with strong contribution from clinical chemistry testing. We continue to expect mid to high single-digit growth in China for the full year, assuming no change in the current tariff situation.

最後，中國區收入與去年同期相比持平，主要與訂單時間有關，以及與某些心臟標記的報銷率較低有關的分診收入的減少。中國實驗室收入成長 2%，其中臨床化學檢測貢獻巨大。假設當前關稅情況沒有變化，我們仍然預期中國全年經濟將實現中高個位數成長。

Now, looking at our non-respiratory business. In the first quarter of '25, revenue grew 2%. Now within that non-respiratory category, our labs business grew 7% driven by good performance in both clinical chemistry and immunoassay testing. We had strong recurring revenue growth, which was partially offset by an approximately $8 million decline in instrument revenue due to order timing.

現在，看看我們的非呼吸業務。25 年第一季度，營收成長了 2%。現在，在非呼吸道類別中，我們的實驗室業務成長了 7%，這得益於臨床化學和免疫測定測試的良好表現。我們的經常性收入成長強勁，但由於訂單時間原因導致儀器收入下降約 800 萬美元，部分抵消了這一增長。

Non-core revenue was flat year over year, with an increase in collaboration revenue offset by a timing of contract manufacturing revenue. In transfusion medicine, immunohematology revenue continued its consistent growth of 4%, with particular strength in Europe, Middle East, and Africa. Donor screening revenue declined by 62% due to the continued wind down of that business as expected. And then lastly, our triad of business performed nice, up 9% year over year.

非核心收入與去年同期持平，合作收入的成長被合約製造收入的成長所抵銷。在輸血醫學領域，免疫血液學收入持續維持 4% 的穩定成長，尤其在歐洲、中東和非洲表現強勁。由於該業務如預期持續萎縮，捐贈者篩檢收入下降了 62%。最後，我們的三大業務表現良好，年增 9%。

Turning now to our respiratory business, revenue of $120 million grew 11%, excluding COVID. We saw strong flu sales in Q1 with year-over-year growth of 18%. COVID revenue was $23 million during the quarter, which was a 53% year-over-year decline.

現在談談我們的呼吸業務，不包括 COVID，收入為 1.2 億美元，成長了 11%。我們看到第一季流感藥物銷售強勁，年增 18%。本季 COVID 收入為 2,300 萬美元，年減 53%。

Moving down the P&L, Q1 2025 adjusted gross profit margin was 50.1% versus 47.5% in the prior year period. The year-over-year increase was primarily driven by product mix with higher margin contribution from flu and COVID flu combo test.

以損益表計算，2025 年第一季調整後的毛利率為 50.1%，去年同期為 47.5%。年成長主要得益於產品組合的推動，其中流感和 COVID 流感組合測試的利潤貢獻更高。

Non-GAAP operating expenses of $233 million, including SG&A and R&D, decreased by net $18 million compared to the prior year period, which resulted primarily from our ongoing cost savings actions. The primary areas of savings included staffing reductions, decreased travel, and lower outside service expense.

非公認會計準則營運費用為 2.33 億美元，包括銷售、一般及行政費用和研發費用，與去年同期相比淨減少 1,800 萬美元，主要得益於我們持續的成本節約措施。主要的節省領域包括裁減員工、減少差旅和降低外部服務費用。

Adjusted EBITDA was $160 million compared to $132 million in the prior year period. Adjusted EBITDA margin was 23%, a 450-basis point improvement, which again reflects the cost savings actions we have taken.

調整後的 EBITDA 為 1.6 億美元，而去年同期為 1.32 億美元。調整後的 EBITDA 利潤率為 23%，提高了 450 個基點，這再次反映了我們採取的成本節約措施。

And adjusted diluted EPS was $0.74 compared to $0.44 in the prior year period, which is a 68% year-over-year improvement.

調整後稀釋每股收益為 0.74 美元，去年同期為 0.44 美元，年增 68%。

Okay, turning now to the balance sheet on slide 5, we finished the quarter with $127 million in cash and $250 million in borrowings on our $800 million revolving credit facility. Reminder, our capital allocation priority continues to be debt pay down.

好的，現在轉到幻燈片 5 上的資產負債表，本季結束時，我們擁有 1.27 億美元現金和 8 億美元循環信貸額度中的 2.5 億美元借款。提醒一下，我們的資本配置重點仍然是償還債務。

Our first quarter of '25 adjusted free cash flow was $47 million, which represents 29% of our adjusted EBITDA and 94% of adjusted net income in the quarter. This is in line with our previously communicated targets.

我們 25 年第一季的調整後自由現金流為 4,700 萬美元，佔本季調整後 EBITDA 的 29% 和調整後淨收入的 94%。這與我們之前傳達的目標一致。

During Q1, our net debt to adjusted EBITDA ratio decreased sequentially from 4.4 times at year end '24 to 4.2 times. Our consolidated leverage ratio including pro forma EBITDA adjustments was 3.4 times as permitted and defined under our credit agreement.

在第一季度，我們的淨負債與調整後 EBITDA 的比率從 24 年底的 4.4 倍環比下降至 4.2 倍。我們的綜合槓桿率（包括備考 EBITDA 調整）為信貸協議允許和定義的 3.4 倍。

Now, turning to slide 6, based on our current business outlook, we are maintaining our full-year 2025 financial guidance as follows. We expect gross tariff impacts of $30 million to $40 million to be neutral to our overall financial results based on the expected mitigation plans that Brian discussed earlier. We continue to expect full-year 2025 total reported revenue of between $2.6 billion and 42.81 billion.

現在，翻到第 6 張投影片，根據我們目前的業務展望，我們維持 2025 年全年財務指引如下。根據 Brian 先前討論的預期緩解計劃，我們預計 3,000 萬至 4,000 萬美元的總關稅影響將對我們的整體財務表現產生中性影響。我們繼續預計 2025 年全年總報告收入將在 26 億至 428.1 億美元之間。

Note that the US dollar has weakened since year-end 2024, creating an opportunity for FX tailwinds of approximately $26 million. However, we are leaving total reported revenue guidance unchanged at this time due to current currency volatility.

請注意，自 2024 年底以來，美元已經走弱，為外匯順風創造了約 2,600 萬美元的機會。然而，由於目前貨幣波動，我們目前維持總報告收入指引不變。

We continue to expect COVID revenue of between $110 million to $140 million. This assumes that we see a summer slag of COVID activity as we've seen in the past two years. Of course, we will monitor this closely and will look to mitigate any impact with further cost reductions if the seasonal cases don't materialize as expected.

我們繼續預計 COVID 收入將在 1.1 億美元至 1.4 億美元之間。這假設我們會看到夏季 COVID 活動激增，就像過去兩年看到的那樣。當然，我們將密切關注這種情況，如果季節性情況沒有按預期出現，我們將尋求透過進一步降低成本來減輕影響。

We expect adjusted EBITDA between $575 million and $615 million, which equates to 22% adjusted EBITDA margin, which is a 250-basis point improvement over full year 24. and we expect adjusted diluted EPS of between $2.07 and $2.57.

我們預計調整後的 EBITDA 在 5.75 億美元至 6.15 億美元之間，相當於調整後的 EBITDA 利潤率為 22%，比 24 年全年提高 250 個基點。我們預計調整後的稀釋每股收益在 2.07 美元至 2.57 美元之間。

Other key points related to our assumptions for full-year 2025 guidance include, we assume a typical quarterly seasonality with Q2 revenue being our lowest quarter, Q4 being our highest quarter for revenue and margins, and further, we expect Q2 performance in China to be lower compared to the prior year period due to our decision to delay some shipments early in this quarter as the tariff situation evolved. Since then, regular shipments to China have resumed and we do not expect any impact on our full year 2025 guidance. Again, this is timing only between Q2 and second half 2025.

與我們對 2025 年全年指引的假設相關的其他關鍵點包括：我們假設典型的季度季節性，其中第二季度收入是我們收入最低的季度，第四季度是我們收入和利潤率最高的季度，此外，我們預計中國第二季度的業績將低於去年同期，因為隨著關稅情況的發展，我們決定在本季度初推遲一些發貨。自那時起，對中國的定期發貨已經恢復，我們預計這不會對 2025 年全年業績指引產生任何影響。再次強調，這只是 2025 年第二季至下半年之間的時間。

We assume cost savings of approximately $50 million in the first half of 2025 as part of our previously implemented $100 million annualized cost savings initiatives. We continue to expect incremental cost savings in 2025 between $30 million to $50 million primarily related to procurement efforts. And again, this is in addition to any tariff-related offsets.

作為我們先前實施的 1 億美元年度成本節約計畫的一部分，我們預計 2025 年上半年將節省約 5,000 萬美元的成本。我們繼續預計 2025 年增量成本節省將在 3,000 萬至 5,000 萬美元之間，主要與採購工作有關。再次強調，這是對任何與關稅相關的抵消的補充。

We assume positive adjusted pre-cash flow for the full year 2025 to be approximately 25% to 30% of adjusted EBITDA conversion and approximately 100% of adjusted net income. We expect higher cash flow in the second half of '25, which is in line with the seasonally higher revenue and the realization of our cost savings. And we continue to target free cash flow conversion of 50% of adjusted EBITDA on the same timeline as our margin improvements. We also continue to expect our net debt leverage ratio to between three and a half and four times by year end.

我們假設 2025 年全年調整前現金流量為正，約佔調整後 EBITDA 轉換的 25% 至 30%，約佔調整後淨收入的 100%。我們預計 25 年下半年的現金流將會更高，這與季節性收入增加和成本節約的實現相一致。我們將繼續以利潤率提高的同時，實現調整後 EBITDA 50% 的自由現金流轉換率為目標。我們也預計，到年底，我們的淨債務槓桿將達到三倍半到四倍之間。

And since our credit facility matures in May of 2027, we plan to refinance the debt sometime in the second half of 2025 or early 2026. Timing of this refinancing, of course, depends upon market conditions.

由於我們的信貸額度將於 2027 年 5 月到期，我們計劃在 2025 年下半年或 2026 年初的某個時候進行債務再融資。當然，再融資的時機取決於市場狀況。

So in summary, our continued operational improvements played a meaningful role in our performance this quarter. We're actively navigating a fluid macro environment and believe our current business outlook is in lockstep with our 2025 full-year financial guidance. Looking ahead, we remain focused on execution, commercial excellence, and cost savings initiatives to deliver profitable growth. And despite recent macro challenges and the impact of tariffs, we continue to see a clear pathway to our adjusted EBITDA margin goal in the mid-to-high 20% range over the next couple of years.

總而言之，我們持續的營運改善對本季的業績發揮了重要作用。我們正在積極應對不斷變化的宏觀環境，並相信我們當前的業務前景與 2025 年全年財務指引保持一致。展望未來，我們將繼續專注於執行、商業卓越和成本節約舉措，以實現獲利成長。儘管近期面臨宏觀挑戰和關稅的影響，我們仍然看到未來幾年內調整後的 EBITDA 利潤率目標在 20% 中高範圍內有明確的實現路徑。

With that, I'll ask the operator to please open up the line for questions.

好了，我請接線生開通熱線以便我們解答疑問。

(Operator Instructions) Conor McNamara, RBC.

（操作員指示）Conor McNamara，RBC。

Hey, guys. Thanks for taking the question and congrats on a solid quarter. Just wanted to dig into the tariff impact a little bit more. You've got a lot of business that's on reagent rental contracts, so to the extent that you're able to pass through pricing, how much of the tariffs can you offset with that if they already get worse from here? I'll start there.

嘿，大家好。感謝您回答這個問題，並祝賀本季業績表現穩健。只是想更深入地探討一下關稅的影響。你們有很多業務都是簽訂試劑租賃合約的，所以在你們能夠轉嫁定價的範圍內，如果關稅已經變得更糟，你們能用多少來抵消關稅呢？我就從那裡開始。

Hey, Connor. Thanks for the question. Yeah, you know, we are looking at selected pricing actions, where we can take them. But these are competitive markets, and we have to be concerned about the impact there. I would say the business has had some experience in doing this during the pandemic when the business went through some -- the high inflation time period. And we were able to pass some of that through. So I think we'll be doing it on a selective basis as we can.

嘿，康納。謝謝你的提問。是的，你知道，我們正在研究可以採取的選定的定價行動。但這些都是競爭激烈的市場，我們必須擔心其影響。我想說的是，在疫情期間，當企業經歷了高通膨時期時，企業在這方面有一些經驗。我們能夠傳遞其中的一些內容。所以我認為我們會盡可能有選擇地去做。

Great, thanks for that. And then, again, appreciate the color on plans for mitigating some of the tariff impacts. But longer term, is this likely to impact any of your longer-term manufacturing build-out plans by region?

太好了，謝謝。然後，再次讚賞減輕部分關稅影響的計劃。但從長遠來看，這是否會影響您按地區制定的長期製造業建設計劃？

At this point, I don't expect any change in our overall manufacturing footprint. Obviously, it's a fluid situation, so we need to understand how things develop. We have, as we said, major manufacturing centers in the United States, UK, China, and some third-party manufacturing in Mexico. Those sources and that global footprint has served us well as we tried to get closer to our customers and also manage some of our supply continuity risk. So we'll continue to utilize that network. And as we always do, make modifications as we see the dynamics change here.

目前，我預計我們的整體製造足跡不會有任何變化。顯然，這是一個不穩定的情況，所以我們需要了解事態如何發展。正如我們所說，我們在美國、英國、中國設有主要製造中心，在墨西哥也有一些第三方製造中心。當我們試圖更接近我們的客戶並管理我們的一些供應連續性風險時，這些來源和全球足跡為我們提供了良好的服務。因此我們將繼續利用該網路。正如我們一貫的做法，隨著動態的變化，我們會做出修改。

Great. Thanks for the questions. I appreciate it.

偉大的。感謝您的提問。我很感激。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey, guys. Thank you for taking the questions. Joe, maybe another one just on the tariff side. Again, encouraging to see the offsets here.

嘿，大家好。感謝您回答這些問題。喬，也許還有另一個關於關稅的問題。再次，很高興看到這裡的抵消。

Can you just talk about the exposures? Obviously, the China-to-US or US-to-China piece, I should say, was a big concern coming in. How are you thinking about you know just quantifying that, and again, how the offsets the confidence level that you guys can get there again I think maintaining the guidelines with a good outcome here?

能簡單談談這些曝光嗎？顯然，我應該說，中美之間或美中之間的問題是一個大問題。您如何看待量化這一點，以及如何抵消您可以再次達到的信心水平，我認為保持指導方針會取得良好的結果？

Hey, Patrick, thanks for the question. Yeah, so we said in the remarks most of our products are actually manufactured in the US and so our largest tariff impacts are immunoassay products that are manufactured in the U.K. and shipped to the US. We also ship products to China, but we're only seeing that a small portion of these are being subject to tariffs.

嘿，派崔克，謝謝你的提問。是的，我們在評論中說過，我們的大多數產品實際上都是在美國製造的，因此對我們最大的關稅影響是在英國製造並運往美國的免疫測定產品。我們也向中國運送產品，但我們發現只有一小部分產品需要繳納關稅。

And then finally, I would say we have some impact of some sub-component materials that are purchased around the world that are being surcharges as we come in. So that is what makes up the gross $30 million to $40 million tariff impact that we just mentioned. That again is fully mitigated through identifying incremental controllable costs that we can take down, as well as passing on, where it's appropriate, some of these tariffs to our customers and moving, realigning inventories and changing suppliers.

最後，我想說，我們受到了一些在世界各地購買的子組件材料的影響，這些材料在我們進入時會被加價。這就是我們剛才提到的3000萬至4000萬美元的總關稅影響。透過確定我們可以降低的增量可控成本，以及在適當的情況下將部分關稅轉嫁給我們的客戶以及轉移、重新調整庫存和更換供應商，可以完全緩解這一問題。

So through all those actions that we feel really comfortable with and confident in, because we've identified them all and we've implemented them all, that we feel we can fully mitigate the tariff impacts and leave our financial guidance as is.

因此，透過所有這些我們感到非常舒適和有信心的行動，因為我們已經確定了所有這些行動，並且我們已經實施了所有這些行動，我們認為我們可以完全減輕關稅的影響並保持我們的財務指導不變。

Okay, that's helpful. And then maybe just on Savanna, you know, just an update there. I guess the commitment, the ongoing commitment to that program, how are you thinking about that piece? You know, if there are additional push-outs, do you guys walk away from it?

好的，這很有幫助。然後也許只是在 Savanna，你知道，只是那裡的一個更新。我想，對於這個計劃的承諾、持續的承諾，您是如何看待這一點的？你知道，如果有額外的延遲，你們會放棄嗎？

What's the right way to think about just the commitment level and the confidence in some of those timelines, and what should we be keeping an eye on that piece? Thank you, guys.

如何正確思考承諾程度和對某些時間表的信心，以及我們應該關注哪些方面？謝謝你們。

Thanks, Patrick. What I can say at this point is really we are just so focused on getting our RBT4x submission into the FDA, that I really don't want to speculate on outcomes beyond that. Molecular continues to be one of the fastest-growing segments in diagnostics. We want to participate in that and benefit from that. And so we're just laser focused on getting the job done here. And we'll update you accordingly, as we make our progress.

謝謝，派崔克。我現在可以說的是，我們真的只是專注於將我們的 RBT4x 提交給 FDA，我真的不想對除此之外的結果進行猜測。分子診斷仍然是診斷領域中成長最快的領域之一。我們希望參與其中並從中受益。因此，我們只是全神貫注於完成這裡的工作。隨著我們取得進展，我們會及時向您通報最新進展。

Understood. Appreciate it, guys.

明白了。非常感謝，夥計們。

Andrew Brackmann, William Blair.

安德魯布拉克曼、威廉布萊爾。

Hi, guys. Good afternoon. Thanks for taking the questions. Joe, I think in the assumptions you said that China is still expecting to grow mid- to high-single digits for the year. What sort of underpins your confidence in that growth rate? And is there anything that you can share with respect to maybe what you've seen in the region in April which supports that? Thanks.

嗨，大家好。午安.感謝您回答這些問題。喬，我認為在你所說的假設中，中國今年的經濟仍有望實現中高個位數的成長。您對此成長率的信心是基於哪些因素？您能否就您四月在該地區看到的情況分享一些支持這一觀點的證據？謝謝。

Yeah. Hey, Andrew. Again, thanks for the question. You know, even though we're seeing some softness in the triads, sales due to the reimbursement rates on certain cardiac markers, we are seeing good growth in labs and immunohematology. And as you know, those businesses have good visibility to us forecasting going forward. So that's really what gives us the confidence that our China team can hit that mid- to high-single-digit growth target for the full year.

是的。嘿，安德魯。再次感謝您的提問。您知道，儘管我們看到三聯體銷售額因某些心臟標記的報銷率而出現一些疲軟，但我們看到實驗室和免疫血液學銷售額出現良好增長。如您所知，這些業務對於我們未來的預測具有良好的可視性。因此，這確實讓我們有信心，我們的中國團隊能夠實現全年中高個位數的成長目標。

And again, as we've said many times, the VBP is not really having an impact on us, as it is with others in our space. And so that's not really a concern for us right now. So it's just really the visibility to that non-respiratory business that we have in China that gives us the confidence that we can still hit those numbers.

而且，正如我們多次說過的，VBP 對我們並沒有真正的影響，就像對我們領域中的其他人一樣。所以這對我們來說現在不是真正關心的問題。因此，正是我們在中國的非呼吸業務的可見性讓我們有信心仍然可以達到這些數字。

Okay, appreciate that. And then maybe just a clarification to your answer to Patrick's question. I think you said only a small percentage of products being shipped to China are subject to tariffs right now. Are those exemptions that are specifically called out or any color on why you're not seeing those be subject to tariffs? Thank you.

好的，非常感謝。然後也許只是澄清一下你對帕特里克問題的回答。我想您說過，目前只有一小部分運往中國的產品需要繳納關稅。這些豁免是否被特別指出，或者為什麼您沒有看到這些豁免受到關稅的影響？謝謝。

Yeah. Really, all we can say at this point is that with all of the shipments that have gone into the country over the last couple of weeks since the tariffs went into effect, we're really just seeing a small number of those being subjected to the tariffs in practicality.

是的。實際上，我們現在可以說的是，自關稅生效以來的過去幾週內，所有進入美國的貨物中，實際上只有少數貨物受到了關稅的影響。

Okay, I got it. Thank you.

好的，我明白了。謝謝。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Thank you, good afternoon. Wanted to start by asking about the respiratory sales in the quarter. So you hit our forecast, but got there in a way, wasn't exactly expecting less COVID, more flu combo.

謝謝，下午好。首先想詢問一下本季的呼吸產品銷售情況。因此，您達到了我們的預測，但在某種程度上達到了這個目標，並沒有完全預期到 COVID 會減少，流感組合會增加。

Brian, I was curious, do you think we're seeing some sort of permanent shift here toward combo slash Sophia? And maybe for Joe, what are the implications for the guide? If COVID came down, do you think you can make up for it on the other respiratory piece?

布萊恩，我很好奇，你認為我們在這裡看到了某種向組合斬索菲亞的永久轉變嗎？那麼對於喬來說，這對指南有何影響？如果 COVID 疫情爆發，您認為可以在另一個呼吸道疾病上彌補嗎？

Hi, Jack. Thanks for the question. We did see COVID down year over year, and flu is up. I think we're still expecting that $110 million to $140 million range that we provided in the guidance, which includes the summer spike that's happened for the last couple of years. So we'll be monitoring that very carefully to see what happens here.

你好，傑克。謝謝你的提問。我們確實看到新冠疫情逐年下降，而流感疫情則上升。我認為我們仍然預計在指導下提供 1.1 億至 1.4 億美元的範圍，其中包括過去幾年夏季出現的峰值。因此，我們將密切監視，看看會發生什麼。

But I would say on the COVID flu question, that test has just been very durable now for the last couple of years. And we've just seen very stable performance from it.

但我想說，關於新冠流感問題，過去幾年來，這種測試一直非常有效。我們剛剛看到它的表現非常穩定。

Yeah. And Jack, I would just add to what Brian said. Even though we did see COVID come down in the quarter year over year, we did expect COVID to be less this year. We took it down from $185 million down to a midpoint of $125 million, and most of that decline was due to the lack of a government order fulfillment this year versus last year, and then a decline in retail.

是的。傑克，我只是想補充布萊恩所說的話。儘管我們確實看到本季度 COVID 的數量同比有所下降，但我們確實預計今年的 COVID 數量會更少。我們將其從 1.85 億美元降至中間值 1.25 億美元，而這一下降主要是由於今年與去年相比缺乏政府訂單履行，以及零售額下滑。

So we expected a decline, and we still think that our range is a reasonable place to be for the full year. But as I said in the prepared remarks, we'll obviously keep a close eye on it as we move through the year.

因此，我們預計會下降，並且我們仍然認為我們的範圍對於全年而言是合理的。但正如我在準備好的發言中所說的那樣，我們顯然會在年內密切關注此事。

Got it. Okay. And I did want to follow up on Patrick's question related to Savanna. It sounds like the trial might be wrapping up. Was curious if you've seen any of the data? Was it a success? And if it's too early for that, I was also curious how the engagement's been with the FDA around submission? There's been some discussion around kind of turnover in the approval office. I was curious if you've seen any of that and just thoughts on if that could delay the approval at all.

知道了。好的。我確實想跟進帕特里克關於薩凡納的問題。聽起來審判可能要結束了。好奇您是否看過任何數據？成功了嗎？如果現在還為時過早，我還想知道與 FDA 的提交合作情況如何？審批辦公室已經就人員流動問題進行了一些討論。我很好奇您是否見過這些情況，並想知道這是否會延遲批准。

Yeah, no, we're just -- Jack, in the last stages of our process here before submission, doing some of our studies around reproducibility, shelf life, et cetera. We need to get those completed.

是的，不，我們只是——傑克，在提交之前的最後階段，我們對可重複性、保質期等進行了一些研究。我們需要完成這些。

We really haven't seen any sort of negative impact in terms of our interactions with FDA. We are hearing things in the industry that pre-submission meetings are taking a while or being delayed, but nothing that is affecting the submission process itself. That's obviously something we're going to have our finger on very carefully here as we go through the process. But that's really what I can share at this point about where we're at in the process.

就我們與 FDA 的互動而言，我們確實沒有看到任何負面影響。我們聽到業內人士說，提交前的會議需要一段時間或被推遲，但這並沒有影響提交過程本身。顯然，這是我們在整個過程中要非常小心地關注的事情。但這確實是我現在可以分享的關於我們目前所處進程的資訊。

Okay. Appreciate all the feedback. Thank you.

好的。感謝所有回饋。謝謝。

Lu Li, UBS.

盧莉，瑞銀。

Great, thank you for taking my questions. So on the mitigation effort, are we going to see some timing impact here? Like maybe some of the mitigation impact not going to show up in Q2 and then more in the second half? I was just wondering how the margin progression on this one.

太好了，謝謝你回答我的問題。那麼在緩解措施方面，我們會看到一些時間影響嗎？例如，一些緩解措施的影響可能不會在第二季顯現，而是在下半年才會顯現更多？我只是想知道這個的利潤率進展如何。

Yeah, hey Lu, it's Joe. Yeah, I don't think there's going to be a lot of timing impact, because I think we've got the mitigation actions pretty well paired up with the impacts of the tariffs, the gross impact of the tariffs. So I don't think there's any real timing impact there to speak of, maybe a little bit, but nothing significant. I do think that the only real timing impact is going to be in Q2, because we did slow down shipments to China early this quarter as we waited for the tariff situation to evolve.

是的，嘿，盧，我是喬。是的，我認為不會對時間產生太大影響，因為我認為我們已經把緩解措施與關稅的影響，也就是關稅的整體影響，就很好地結合起來了。因此，我認為這不會對時間產生任何實際影響，也許有一點，但並不顯著。我確實認為唯一真正的時間影響將在第二季度，因為我們在本季初確實放慢了對中國的出貨量，等待關稅情況的發展。

We're doing our best to catch up on those shipments, but I don't think we're going to fully catch up. I do think we'll see some softness in China revenue in Q2 that will make up as timing in Q3 and Q4. I think that's really the only timing in fact that we'll see from the tariffs.

我們正在盡最大努力趕上這些貨物，但我認為我們無法完全趕上。我確實認為，我們會看到第二季度中國收入出現一些疲軟，但第三季和第四季的時機將彌補這一不足。我認為這實際上是我們從關稅中看到的唯一時機。

Okay, got it. And then I assume the 30 to 40 growth impact is mostly 2025 numbers. So I wonder if anything will linger into 26 and then are you maintaining your 23 to 24% EBITDA margin that you presented a few months ago?

好的，明白了。然後我假設 30 到 40 的成長影響主要是 2025 年的數字。所以我想知道是否有任何事情會持續到 26 歲，然後您是否會保持幾個月前提出的 23% 至 24% 的 EBITDA 利潤率？

Yeah, Lu, good question. Yeah, the numbers that we talked about, the 30 to 40 million, that is a 2025 impact number. Obviously, the annualized impact would be a little larger than that, but the tariff impacts, the mitigation impacts, I should say, that we talked to will fully offset the annualized impacts as well. And so there's no change to our margin targets and where we expect to be for 2026.

是的，盧，這個問題問得好。是的，我們談到的數字，3000萬到4000萬，這是2025年的影響數字。顯然，年度化影響會比這稍大一些，但是我們應該說，我們談到的關稅影響和緩解影響也將完全抵消年度化影響。因此，我們的利潤目標和 2026 年的預期沒有改變。

No change. Thank you.

沒有變化。謝謝。

Casey Woodring, JP Morgan.

凱西‧伍德林，摩根大通。

Great. Thank you for taking my questions. I'll just stick to one. Can you just elaborate on the shipments into China and only a small percentage of those subject to tariffs right now? Why is that exactly? And what's your visibility into that continuing? And is there any kind of risk that a larger percentage would eventually get hit with tariffs here? Just kind of curious on that. on that piece. Thank you.

偉大的。感謝您回答我的問題。我只堅持一個。能否詳細說明一下運往中國的貨物狀況？目前只有一小部分貨物需要繳關稅？這究竟是為什麼呢？您對此有何看法？那麼，是否存在更大比例的商品最終會被徵收關稅的風險呢？只是有點好奇這個。關於那件作品。謝謝。

Yeah. Hi, Casey. Thank you for the question. You know, again, I can really only say that our experience here over the last several weeks in what has been a very fluid situation is that we aren't experiencing the tariffs on the bulk of our products going in. It's just a small subset of where we're seeing that. And we'll look to understand if that changes, but it looks like that's going to be the case for a while. There's no indication that it's not the case at this point, that it's not going to be permanent.

是的。你好，凱西。謝謝你的提問。你知道，我再說一次，我們只能說，過去幾週在非常不穩定的情況下的經驗是，我們的大部分進口產品都沒有被徵收關稅。這只是我們所見的一小部分。我們將拭目以待，看看這種情況是否會改變，但看起來這種情況還會持續一段時間。目前沒有跡象表明這種情況不會發生，也沒有跡象表明這種情況不會永久持續下去。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

Thanks for the question. Maybe first, just If I think back to a couple years ago, visiting the Rochester and did some IA manufacturing capacity, if I remember right, with COVID grants there, can you just give us a sense, what are you able to manufacture in the US for immunoassay versus relying on that Wales facility to support this country's utilization there?

謝謝你的提問。首先，如果我回想幾年前，我訪問了羅徹斯特，並做了一些免疫分析製造能力的考察，如果我沒記錯的話，那裡有 COVID 撥款，您能否讓我們了解一下，您可以在美國生產什麼用於免疫分析，而不是依靠威爾士的工廠來支持這個國家在那裡的使用？

Yeah, we do have some immunoassay manufacturing capacity in our Rochester facility, but the bulk of it is in the UK at this point.

是的，我們的羅徹斯特工廠確實擁有一些免疫測定生產能力，但目前大部分都在英國。

Okay. And then maybe just to touch on China again as well. You called out the 2% growth and called out clinical chemistry especially. I know IA has historically been smaller for you in China, but any change in win rates there across put in chemistry versus IA? Can you give us a sense for the penetration of integrated instruments in China versus globally?

好的。然後也許我們再談一下中國。您提到了 2% 的成長，並特別提到了臨床化學。我知道在中國，IA 一直以來對你來說規模較小，但與 IA 相比，那裡的化學勝率有變化嗎？能否介紹一下中國和全球綜合儀器的普及率情況？

Andrew, we can start with the penetration of integrated instruments. Our business there is primarily clinical chemistry. So most of what we have there are standalone clin chem boxes. And so we've got plenty of runway to expand our, you know, assay presence there.

安德魯，我們可以從綜合儀器的滲透開始。我們在那裡的業務主要是臨床化學。所以我們那裡的大部分都是獨立的臨床化學盒。因此，我們有足夠的空間來擴大我們在那裡的分析業務。

And in terms of the results that we saw in the quarter, our growth rate there was primarily impacted by triage. We did see lower clinical chemistry growth, but I would say that some of that is kind of shift across the quarters, and I wouldn't read too much into that.

就我們在本季看到的結果而言，我們的成長率主要受到分類的影響。我們確實看到了臨床化學成長的下降，但我想說，其中一些是跨季度的變化，我不會對此進行過多的解讀。

A lot's been covered. I'll stop there. I appreciate it.

已經涵蓋了很多內容。我就到此為止。我很感激。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. Wondering if you can maybe just talk a little bit more on, you know, some of the strengths you're seeing on CoreLab, and any noticeable change among your hospital customers given some of the funding uncertainties ahead?

嘿，謝謝。想知道您是否可以再多談一談您在 CoreLab 上看到的一些優勢，以及考慮到未來資金的一些不確定性，您的醫院客戶是否發生了任何明顯的變化？

Yeah, Tycho, thank you. Appreciate the question. We really saw across the board, you know, strong performance in labs, 7% overall growth. And then you look across North America, EMEA, our LATAM area, all reporting pretty strong growth there in the lab segment. We can continue to have a very strong value proposition in the lower volume setting, where customers value our technology value proposition with the dry slides as well as our immunoassay capabilities. So strong growth in Q1, no real significant competitive headwinds at this point , and we continue to really just drive our value proposition there to continue to drive growth.

是的，Tycho，謝謝你。感謝你的提問。我們確實看到了實驗室的全面強勁表現，整體成長率為 7%。然後你看看北美、歐洲、中東和非洲以及我們的拉丁美洲地區，這些地區的實驗室領域都報告了相當強勁的成長。我們可以在較低容量的環境中繼續擁有非常強大的價值主張，客戶重視我們透過乾式玻片實現的技術價值主張以及我們的免疫測定能力。因此，第一季成長強勁，目前沒有真正顯著的競爭阻力，我們將繼續推動我們的價值主張，以繼續推動成長。

And maybe a follow-up on that, on the competitive front. Others have tried mass spec and not had much success. Roche is obviously going to try to go at this, I think with 50 analytes at first, but they talked about scaling up to thousands. Can you just touch on how you view mass spec as a competitive technology going forward?

或許在競爭方面會對此採取後續行動。其他人嘗試過質譜法，但沒有太大成功。羅氏顯然會嘗試這樣做，我認為一開始會使用 50 種分析物，但他們談到擴大到數千種。您能否簡單談談您如何看待質譜作為未來競爭技術？

Yeah. I saw the launch of their new product. It's really focused on a testing segment that is not mainstream and not in our sort of central area of competition. So it's not something that we're overly concerned about. It seems to have a specialty utilization. I do know they have aspirations for it, but I think it's going to take some time for them to provide an alternative there that really competes with kind of mainstream Core Laboratory technology at this point.

是的。我看到了他們的新產品的發布。它真正關注的是非主流的測試領域，而不是我們的核心競爭領域。所以這並不是我們過度擔心的事情。它似乎有特殊的用途。我確實知道他們對此有抱負，但我認為他們需要一些時間才能提供真正能與主流核心實驗室技術競爭的替代方案。

Okay, thank you.

好的，謝謝。

We have no more questions waiting at this time, so I'll pass the call back over to Brian Blaser.

我們目前沒有其他問題需要回答，因此我將把電話轉回給 Brian Blaser。

Well, thank you, operator. And thanks, everyone, for your interest in the company. We're very pleased with our first quarter results. We are going to keep focused on our key priorities, and we look forward to updating you on our progress in the coming quarters. So thank you very much.

好的，謝謝您，接線生。感謝大家對公司的關注。我們對第一季的業績非常滿意。我們將繼續專注於我們的重點優先事項，並期待在未來幾季向您通報我們的進展。非常感謝。

That concludes the conference call. Thank you for your participation. Enjoy the rest of your day.

電話會議到此結束。感謝您的參與。享受剩餘的一天。