Qiagen NV (QGEN) 2023 Q4 法說會逐字稿

Good day. I'm Melinda, your PGI call operator. Welcome, and thank you for joining QIAGEN's Fourth Quarter 2023 Earnings Conference Call Webcast. (Operator Instructions) Please be advised that this call is being recorded at QIAGEN's request and will be made available on their Internet site. The prepared remarks will be followed by a question-and-answer session. (Operator Instructions) At this time, I'd like to introduce your host, John Gilardi, Vice President, Head of Corporate Communications and Investor Relations at QIAGEN. Please go ahead.

再會。我是 Melinda，您的 PGI 接線員。歡迎並感謝您參加 QIAGEN 2023 年第四季財報電話會議網路廣播。 （操作員說明）請注意，本次通話是應 QIAGEN 的要求進行錄音的，並將在其網站上公佈。準備好的發言之後將進行問答環節。 （操作員須知） 現在，我想介紹一下主持人，約翰·吉拉迪 (John Gilardi)，他是凱傑 (QIAGEN) 副總裁、企業傳播和投資者關係主管。請繼續。

Thank you, operator, and welcome to all of you today who are joining us for this call. We appreciate your interest in QIAGEN. Our speakers today are Thierry Bernard, our Chief Executive Officer; and Roland Sackers, our Chief Financial Officer. We also have Phoebe Loh from the IR team with us. This call is being webcast live and will be archived on the Investors section of our website at www.qiagen.com. You can also find a copy of the quarterly results press release and the presentation on our website. We'll begin with some remarks from Thierry and Roland, followed by a Q&A session.

謝謝您，接線員，並歡迎今天加入我們這次電話會議的所有人。我們感謝您對 QIAGEN 的興趣。今天的演講者是我們的執行長 Thierry Bernard；以及我們的財務長 Roland Sackers。與我們一起的還有 IR 團隊的 Phoebe Loh。本次電話會議正在進行網路直播，並將存檔在我們網站 www.qiagen.com 的投資者部分。您也可以在我們的網站上找到季度業績新聞稿和簡報的副本。我們將從蒂埃里和羅蘭的一些評論開始，然後是問答環節。

Before we start, let me note that we are going to have an Analyst and Investor Day on Monday, June 17 in New York. An invitation to the event will be going out in the next few weeks, but please mark this in your calendars. And also before we start, let's briefly go over the safe harbor statement. The views expressed during this conference call and the responses to your questions represent the perspectives of management as of today, February 7, 2024. We will be making statements and providing responses to your questions that convey our intentions, beliefs, expectations or predictions for the future.

在開始之前，請允許我指出，我們將於 6 月 17 日星期一在紐約舉行分析師和投資者日活動。活動的邀請將在接下來的幾週內發出，但請在您的日曆中標記這一點。在開始之前，讓我們先簡單回顧一下安全港聲明。本次電話會議中表達的觀點以及對您問題的答覆代表了截至今天（2024 年 2 月 7 日）管理層的觀點。我們將發表聲明並回答您的問題，以表達我們對未來。

These forward-looking statements fall under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. They involve risks and uncertainties, and actual results may differ materially from those suggested by these forward-looking statements. Factors that could influence results are mentioned in our filings with the U.S. Securities and Exchange Commission. These filings are available on the SEC website and also on our website. QIAGEN disclaims any intention or obligation to update any forward-looking statements. Additionally, we will refer to certain financial measures not prepared following generally accepted accounting principles, or GAAP. All references to EPS refer to diluted EPS. You can find a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in our press release and presentation. Now I'd like to hand over the call to Thierry.

這些前瞻性陳述屬於 1995 年《私人證券訴訟改革法案》的安全港條款。它們涉及風險和不確定性，實際結果可能與這些前瞻性陳述所暗示的結果有重大差異。我們向美國證券交易委員會提交的文件中提到了可能影響結果的因素。這些文件可在 SEC 網站和我們的網站上找到。 QIAGEN 不承擔任何更新任何前瞻性陳述的意圖或義務。此外，我們將參考未依照公認會計原則（GAAP）制定的某些財務指標。所有提及每股收益均指稀釋後每股收益。您可以在我們的新聞稿和簡報中找到這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節表。現在我想把電話轉給蒂埃里。

Thank you, John. Hello, and good morning, good afternoon or good evening, depending on where you are in the world, and thank you once again for joining us. Thank you for your continuous interest in our company, QIAGEN. We come to you today reporting another solid year and a strong performance in the fourth quarter. Amid the dynamic macro environment, our teams continue to execute, delivering solid sales and installed base growth. This is a further testament to how our strategy of balance and focus has positioned our portfolio well to expand our leadership in both Life Sciences and Molecular Diagnostics.

謝謝你，約翰。您好，早安、下午好或晚上好，取決於您在世界的哪個地方，再次感謝您加入我們。感謝您對我們公司 QIAGEN 的持續關注。今天我們向您報告又一個堅實的一年和第四季度的強勁業績。在動態的宏觀環境中，我們的團隊繼續執行，實現穩健的銷售和安裝基礎成長。這進一步證明了我們的平衡和專注策略如何很好地定位我們的產品組合，以擴大我們在生命科學和分子診斷領域的領導地位。

Let me go through the key messages for today as we dive into the details. First, we exceeded our outlook for net sales and adjusted EPS for the fourth quarter and achieved our full year outlook. Net sales for the fourth quarter were $503 million at CER, which exceeded our outlook for at least $500 million. Our non-COVID base business delivered one of the top performances in the industry with 8% CER sales growth over the prior fourth quarter. This was driven by ongoing strong demand for consumables that accounted for over 85% of total sales.

讓我在深入探討細節時介紹一下今天的關鍵訊息。首先，我們超越了第四季度淨銷售額和調整後每股盈餘的預期，並實現了全年預期。以固定匯率計算，第四季淨銷售額為 5.03 億美元，超出我們的預期至少 5 億美元。我們的非新冠疫情基礎業務取得了行業最佳業績之一，比上一季的固定匯率 (CER) 銷售額增長了 8%。這是由於對消耗品的持續強勁需求推動的，消耗品佔總銷售額的 85% 以上。

Net sales for the full year were $9.97 billion (sic) [$1.97 billion] at CER, and this was on point for our sales outlook for 2023. Our non-COVID sales also grew 8% CER for the year compared to the year 2022. Adjusted earnings per share for the fourth quarter were $0.55 CER, above the outlook for at least $0.53 CER. For the full year, adjusted diluted EPS were $2.09 CER, and above the outlook for at least $2.07 CER. Our second key message. Our teams executed well to deliver growth and build value in our portfolio, achieving some important milestones in our pillars of growth.

以CER 計算，全年淨銷售額為99.7 億美元（原文如此）[19.7 億美元]，這與我們2023 年的銷售前景相符。與2022 年相比，我們的非新冠疫情銷售額今年也增長了8% CER。第四季調整後每股收益為 0.55 美元 CER，高於至少 0.53 美元 CER 的預期。全年調整後攤薄每股收益為 2.09 美元 CER，高於預期至少 2.07 美元 CER。我們的第二個關鍵訊息。我們的團隊表現出色，在我們的投資組合中實現了成長並創造了價值，在我們的成長支柱中實現了一些重要的里程碑。

First, Sample Technologies capped the year with 6% CER growth in non-COVID related sales and over 1,500 new automation system placed in the market in 2023. The QuantiFERON latent TB test reached more than $400 million of annual sales for the first time and also had 3 consecutive quarters of sales above $100 million during the year. The QIAstat syndromic testing platform grew 7% CER in non-COVID sales for the full year 2023 and passed several key milestones. Over 1 million cartridges of QIAstat were shipped in 2023 and driven by double-digit CER sales growth outside the U.S.

首先，Sample Technologies 於 2023 年實現了非新冠肺炎相關銷售額 6% CER 的增長，並在市場上投放了 1,500 多個新自動化系統。QuantiFERON 潛伏性結核病測試的年銷售額首次超過 4 億美元，並且年內連續3季銷售額超過1億美元。 QIAstat 症候群檢測平台 2023 年全年非新冠肺炎銷售額成長了 7% CER，並實現了多個關鍵里程碑。受美國以外地區兩位數 CER 銷售成長的推動，2023 年 QIAstat 試劑盒的出貨量超過 100 萬個。

Globally, full year sales of meningitis and GI, our gastrointestinal panel doubled compared to 2022. In addition, the fourth quarter saw the highest number of quarterly placement for the year and bringing the total number of cumulative placement to over 4,000 systems. The QIAcuity digital PCR system also performed well, delivering double-digit full year sales growth at constant exchange rates and met the milestone of over 2,000 cumulative placements. Our third message, we again delivered a high level of profitability as we remain dedicated to investing into research and development.

在全球範圍內，我們的腦膜炎和胃腸道、胃腸道組合的全年銷售額與2022 年相比翻了一番。此外，第四季度的季度安置數量達到了全年最高，使累計安置總數超過4,000 個系統。 QIAcuity 數位 PCR 系統也表現出色，以固定匯率計算，全年銷售額實現兩位數增長，並達到了累計放置量超過 2,000 的里程碑。我們的第三個訊息是，我們再次實現了高水準的獲利能力，因為我們仍然致力於投資研發。

The adjusted operating income margin rose to 28% in the fourth quarter even as we continue to invest in expanding menus and driving innovation in our portfolio with about 9% of our sales going into research and development. And our last point. We have initiated full year '24 outlook taking into account the volatile macro environment against the solid trends of our non-COVID business. For 2024, we have set an outlook for at least $2 billion of sales at CER and for adjusted EPS of at least $2.10 CER again.

儘管我們繼續投資擴大菜單並推動產品組合創新，並將約 9% 的銷售額用於研發，但第四季度調整後的營業利潤率仍升至 28%。我們的最後一點。考慮到動盪的宏觀環境與我們非新冠業務的穩健趨勢，我們啟動了 24 年全年展望。對於 2024 年，我們預計銷售額至少為 20 億美元（以固定匯率計算），調整後每股收益至少為 2.10 美元（固定匯率）。

Roland will give you more details on our outlook assumptions later in the call. Before I hand over to Roland, I would like to welcome our 2 new members to our Supervisory Board. In March, Eva van Pelt will be joining the Board, bringing with her an extensive experience in our industry. Most recently, Eva served as Co-CEO of Eppendorf, a privately held German life science company. And before, held previous position with Siemens, Accenture, Hitachi Data Systems and Leica Microsystems.

羅蘭將在稍後的電話會議中向您提供有關我們的前景假設的更多詳細資訊。在我將權力移交給 Roland 之前，我謹歡迎兩位新成員加入我們的監事會。三月，Eva van Pelt 將加入董事會，她將帶來我們行業的豐富經驗。最近，Eva 擔任德國私人生命科學公司 Eppendorf 的聯合執行長。此前，曾在西門子、埃森哲、日立資料系統和徠卡顯微系統公司擔任職務。

A month later in April, Bert van Meurs will also be joining the Board. Bert is currently a member of the Executive Committee at Royal Philips N.V. in the Netherlands, where he's leading their image-guided therapy business as well as the precision diagnosis business. We are pleased to have Bert's industry experience, but also his knowledge of operating in the Netherlands. They both will be a very valuable addition to our diverse board, and we are looking forward to their contribution. Now I would like to hand over to Roland for a review of our results.

一個月後的四月，Bert van Meurs 也將加入董事會。 Bert 目前是荷蘭皇家飛利浦公司執行委員會的成員，負責領導影像導引治療業務以及精準診斷業務。我們很高興擁有伯特的行業經驗以及他在荷蘭運營的知識。他們都將成為我們多元化董事會中非常有價值的補充，我們期待他們的貢獻。現在我想請羅蘭審查我們的結果。

Thank you, Thierry. Hello, everyone. Thank you as well from me for joining our call. Let me first discuss our results for the fourth quarter and the full year and then share some views on our outlook for 2024. As you saw in our press release, net sales for the fourth quarter of '23 were USD 509 million, up 2% from the year ago period, even against a substantial decline in COVID-19 revenues. We saw modestly positive currency movements against U.S. dollar, so this helped sales at actual rates.

謝謝你，蒂埃里。大家好。我也感謝您加入我們的電話會議。讓我先討論我們第四季和全年的業績，然後分享我們對2024 年前景的一些看法。正如您在我們的新聞稿中看到的，23 年第四季的淨銷售額為5.09 億美元，成長2%與去年同期相比，儘管 COVID-19 收入大幅下降。我們看到貨幣兌美元匯率溫和上漲，因此這有助於以實際匯率計算的銷售。

Consumables and related revenues led the performance, rising 10% CER for non-COVID product groups. Sales of instruments declined 2% CER for the non-COVID product groups in the fourth quarter of '23, a signal of the conservative spending environment for capital sales. At the same time, we achieved some important milestones for placements, especially for QIAstat-Dx and QIAcuity as we continue to see good placement trends for reagent rental agreements with multiyear consumable contracts. Overall, sales for the full year showed a decline of 8% against '22 reflecting the drop off in COVID-19 testing, while we delivered 8% CER growth in the non-COVID portfolio that represented over 90% of total sales in '23.

消耗品和相關收入引領業績，非新冠疫情產品組的 CER 成長了 10%。 2023 年第四季度，非新冠疫情產品組的儀器銷售額下降了 2% CER，這是資本銷售支出環境保守的訊號。同時，我們在安置方面實現了一些重要的里程碑，特別是對於 QIAstat-Dx 和 QIAcuity，因為我們繼續看到具有多年消耗品合約的試劑租賃協議的良好安置趨勢。總體而言，全年銷售額比 22 年下降了 8%，反映出 COVID-19 測試的下降，而我們的非 COVID 產品組合的 CER 增長了 8%，佔 23 年總銷售額的 90% 以上。

Looking at the non-COVID growth for the year at 8% CER. This included the strong performance from QuantiFERON, growing well above our target rate for at least 10% CER while also having to absorb the volatility in our OEM business. Taking out both of these factors, non-COVID sales were still up 7% CER in '23 over '22.

看看今年非新冠疫情的成長率為 8% CER。這包括 QuantiFERON 的強勁表​​現，其成長遠高於我們至少 10% CER 的目標速度，同時也必須吸收 OEM 業務的波動性。考慮到這兩個因素，23 年非新冠疫情銷售額比 22 年仍成長了 7% CER。

Among our 4 product groups, the first is Sample Technologies, and this represents about 1/3 of total sales. For the non-COVID products, this sales growth at a mid-single-digit CER rate for both Q4 '23 and for full year over the same period in '22. Our second product group Diagnostic Solutions also represents about 1/3 of sales and delivered mid-single-digit CER sales growth in '23. Within this product group, the QuantiFERON TB test continued to capture growth from conversion of tuberculin skin testing to modern blood testing and finished an outstanding year with 24% CER growth over '22 and achieving more than $400 million for the first time.

在我們的4個產品組中，第一個是Sample Technologies，約佔總銷售額的1/3。對於非新冠疫情產品，23 年第 4 季和 22 年同期全年的銷售成長率均為中個位數 CER 率。我們的第二個產品組診斷解決方案也佔銷售額的約 1/3，並在 2023 年實現了中個位數的 CER 銷售額成長。在該產品組中，QuantiFERON TB 測試繼續抓住從結核菌素皮膚測試到現代血液測試的轉變的增長，並以2022 年CER 增長24% 的成績完成了出色的一年，並首次實現了超過4億美元的收入。

For the QIAstat-Dx system for syndromic testing, sales faced some headwinds from COVID-19 testing, but saw underlying non-COVID sales rising at a solid single-digit CER rate. Results for NeuMoDx, our integrated clinical PCR testing platform also reflected the significant headwinds from the high level of revenues from COVID-19 testing in '22. In the third group, which involves PCR nucleic acid amplification products, sales declined 1% CER in the fourth quarter. This was much better than the overall trend during the year with sales for '23 down more than 20% compared to '22.

對於用於綜合徵檢測的 QIAstat-Dx 系統，其銷售面臨來自 COVID-19 檢測的一些阻力，但潛在的非 COVID 銷售額以穩定的個位數 CER 率增長。我們的整合臨床 PCR 檢測平台 NeuMoDx 的結果也反映了 22 年 COVID-19 檢測高收入的重大阻力。第三組涉及PCR核酸擴增產品，第四季銷售額下降1% CER。這比年內的整體趨勢要好得多，23 年的銷售額比 22 年下降了 20% 以上。

As we have been mentioning, the reason for the sharp drop-off in the sales in '23 has been the volatility in orders from our OEM third-party customers that use our reagents for their own products. An important driver in the PCR nucleic acid product group is QIAcuity, our group of digital PCR platform. Here, we saw dynamic growth during '23 as our teams exceeded the goal for at least USD 70 million of annual sales. This growth was driven by increasing consumables pull-through along with new placements especially in the biopharma sector. Genomic NGS is our last product group. This includes our QIAGEN Digital Insights Bioinformatics business at the QIAC consumables portfolio designed for use with any third-party next-generation sequencer.

正如我們所提到的，23 年銷售額急劇下降的原因是我們的 OEM 第三方客戶的訂單波動，這些客戶在自己的產品中使用我們的試劑。 PCR 核酸產品組的一個重要推動者是 QIAcuity，我們的數位 PCR 平台組。在這裡，我們看到了 23 年的動態成長，因為我們的團隊超越了至少 7000 萬美元年銷售額的目標。這一增長是由消耗品的流通量增加以及新的安置（尤其是在生物製藥領域）所推動的。基因組 NGS 是我們的最後一個產品組。這包括 QIAC 耗材產品組合中的 QIAGEN Digital Insights 生物資訊業務，該產品組合設計用於任何第三方下一代定序儀。

The QDI business had another solid performance in Q4 and for the full year, delivering double-digit CER growth in '23 over '22. In terms of sales on a geographic basis, the Americas delivered mid-single-digit CER growth in the fourth quarter of '23 in terms of total sales with non-COVID product groups rising 9% CER over the fourth quarter of '22. We also had a similar trend on a full year basis with sales for non-COVID products groups rising 10% CER over '22 on the back of solid growth in QuantiFERON as well as the Life Science portfolio driven by QIAcuity.

QDI 業務在第四季和全年表現再次穩健，與 22 年相比，23 年的 CER 成長達到兩位數。就按地域劃分的銷售額而言，美洲地區在2023 年第四季度的總銷售額實現了中個位數的CER 增長，其中非新冠病毒產品組的CER 比2022 年第四季度增長了9% 。全年也出現了類似的趨勢，由於 QuantiFERON 以及 QIAcuity 推動的生命科學產品組合的穩健增長，非新冠肺炎產品組的銷售額在 22 年增長了 10% CER。

The Europe, Middle East, Africa region grew at a double-digit CER pace for both the fourth quarter and the full year when excluding COVID-19 headwinds. In terms of COVID-19 sales, the top performing -- in terms of non-COVID sales the top-performing countries for the fourth quarter included France, Germany, Italy and the United Kingdom. In the Asia Pacific, Japan region, sales in the fourth quarter were also affected by COVID-19 headwinds from '22. They were also modestly lower over the year ago period for the non-COVID product group as well. This was due to the double-digit CER sales decline in China where macro demand was weaker than expected in the fourth quarter.

排除 COVID-19 的不利因素，歐洲、中東和非洲地區第四季和全年的固定匯率均以兩位數的速度成長。就 COVID-19 銷售額而言，第四季表現最好的國家包括法國、德國、義大利和英國。在亞太地區、日本地區，第四季的銷售也受到 22 年以來的 COVID-19 不利因素的影響。非新冠病毒產品組的價格也較去年同期略有下降。這是由於中國第四季宏觀需求弱於預期，導致 CER 銷售額出現兩位數下降。

For the full year, China sales declined at a low-single-digit CER rate over '22, but this was more than offset by higher sales in the rest of the region especially South Korea and India. Let's now review the rest of the income statement. For the fourth quarter, adjusted operating income rose 6% at USD 142 million from the fourth quarter of '22, and we also generated higher operating income on a reported basis over the year ago period. This led to an adjusted operating income margin of 28% for the fourth quarter, up from 27.1% in the same period of '22.

22 年全年，中國銷售額以低個位數的固定匯率率下降，但這被該地區其他地區（尤其是韓國和印度）銷售額的成長所抵消。現在讓我們回顧一下損益表的其餘部分。第四季度，調整後營業收入比 2022 年第四季成長 6%，達到 1.42 億美元，而且我們在報告的基礎上也產生了比去年同期更高的營業收入。這導致第四季調整後營業利潤率為 28%，高於 2022 年同期的 27.1%。

We delivered this improvement despite the adjusted gross margin failing to 65.7% in the '23 quarter, a decline of about 1.3 percentage points from the fourth quarter of '22. This was due to an adverse change in product mix as well as low utilization levels for some manufacturing capacity that we have built up to support new product launches. We expect the gross margin to improve as we build up sales in these newer products. In terms of R&D expenses, this remained at a high level at 9% of sales and unchanged from the fourth quarter of '22. This was also in line with our '23 goal for investments at 9% to 10% rate.

儘管 23 年季度調整後的毛利率未能達到 65.7%，比 22 年第四季下降約 1.3 個百分點，但我們還是實現了這一改善。這是由於產品結構的不利變化以及我們為支援新產品發布而建立的一些製造能力的利用率較低。我們預計，隨著這些新產品銷售的增加，毛利率將會提高。研發費用方面，仍維持在銷售額9%的高位，與2022年第四季持平。這也符合我們 23 年 9% 至 10% 的投資目標。

Sales and marketing expenses benefited from improvement in greater focus on efficiency and customer engagement, especially through digital channels. These expenses were 23.1% of sales in the fourth quarter of '23, down about 1.4 percentage points from last year. General and administrative expenses were also less than in the fourth quarter of '22, falling to 5.6% of sales compared to 6.4% a year ago.

銷售和行銷費用受益於對效率和客戶參與度的更加關注，特別是透過數位管道。這些費用佔2023年第四季銷售額的23.1%，比去年下降約1.4個百分點。一般及管理費用也低於 2022 年第四季度，從去年同期的 6.4% 降至 5.6%。

For the full year, the adjusted operating income margin was 26.9% of sales compared to 30.6% in '22, supporting against a high level of R&D investments while absorbing investments to commercialization. We also faced a lower adjusted gross margin for the year at 66.4% of sales compared to 67.7% in '22. And again, for the reasons outlined earlier. To close out the income statement, adjusted EPS for the fourth quarter was $0.55 at constant exchange rates and above the outlook for at least $0.53 CER.

全年調整後營業利益率為銷售額的 26.9%，而 2022 年為 30.6%，支持高水準的研發投資，同時吸收商業化投資。我們今年調整後的毛利率也較低，為銷售額的 66.4%，而 22 年為 67.7%。再次，出於前面概述的原因。結束損益表時，以固定匯率計算，第四季調整後每股盈餘為 0.55 美元，高於預期至少 0.53 美元固定匯率。

For the full year, adjusted EPS was $2.07 at actual rates, while results at constant exchange rates were $0.02 better at $2.09 due to some adverse currency trends against U.S. dollar on a full year basis. As we have mentioned earlier, a key factor in '23 was the nonoperating income benefit to interest income due to the significant higher interest rate environment compared to '22. Turning to cash flow, the trends in '23 reflect the lower levels of sales and net income compared to '22 as we move beyond the pandemic.

全年調整後每股盈餘以實際匯率計算為 2.07 美元，而由於全年匯率兌美元匯率出現一些不利趨勢，以固定匯率計算的業績比全年高出 0.02 美元，達到 2.09 美元。正如我們之前提到的，23 年的一個關鍵因素是由於與 22 年相比利率環境顯著升高，營業外收入對利息收入的影響。談到現金流，23 年的趨勢反映出，隨著我們走出大流行，與 22 年相比，銷售額和淨利潤水平較低。

Operating cash flow was USD 459 million for '23 while free cash flow was USD 310 million. Beyond the impact of lower sales and profitability, we are in a period of higher working capital requirements. This is due to our decisions to maintain a relatively high level of inventories in light of the challenging geopolitical and macro environment. We want to ensure that QIAGEN can provide products to customers around the world without disruptions. This trend is also reflected in the ongoing high levels of inventories on the balance sheet.

23 年營運現金流為 4.59 億美元，自由現金流為 3.10 億美元。除了銷售額和獲利能力下降的影響之外，我們還處於營運資金需求較高的時期。這是由於鑑於地緣政治和宏觀環境充滿挑戰，我們決定維持相對較高的庫存水準。我們希望確保 QIAGEN 能夠不間斷地向世界各地的客戶提供產品。這一趨勢也反映在資產負債表上持續高水準的庫存上。

Continuing with the balance sheet, our liquidity position was about $1.1 billion at the end of '23 and this compares to $1.4 billion at the end of '22. Taking into consideration the recent synthetic share repurchase, which we returned about $300 million for QIAGEN shareholders. Our leverage ratio would be about 1.1x net debt to EBITDA compared to 0.6x at the end of '23 and 0.5x at the end of '22. Keep in mind, for '24 that we have about $600 million of debt reaching maturity and this builds on having repaid about $400 million of debt during '23 from existing cash reserves.

繼續看資產負債表，23 年底我們的流動性部位約為 11 億美元，而 22 年底我們的流動性部位為 14 億美元。考慮到最近的綜合股票回購，我們為 QIAGEN 股東返還了約 3 億美元。我們的槓桿率約為 EBITDA 淨債務的 1.1 倍，而 2023 年底為 0.6 倍，22 年底為 0.5 倍。請記住，24 年我們約有 6 億美元的債務即將到期，而這是建立在 23 年期間用現有現金儲備償還約 4 億美元債務的基礎上的。

We are reviewing other ways to deploy cash within our disciplined allocation strategy, which has proved its value over the last decade. Given our healthy balance sheet and strong cash flows, we want to continue creating value by investing internally into the business as we see with our announcements about the multiyear investment in the QIAGEN Digital Insight business, as well as through targeted bolt-on acquisitions that complement our portfolio. I would now like to hand back to Thierry.

我們正在審查在我們嚴格的分配策略中部署現金的其他方法，該策略在過去十年中已經證明了其價值。鑑於我們健康的資產負債表和強勁的現金流，我們希望透過內部投資業務來繼續創造價值，正如我們宣布的對 QIAGEN Digital Insight 業務的多年投資以及透過有針對性的補強收購來補充我們的投資組合。我現在想把話交還給蒂埃里。

Thank you, Roland. And now, as usual, please allow me to take a moment to go over some of the progress our teams have made in advancing our portfolios. First of all, we continue to build on our leading position in Sample Technologies with portfolio expansion and installed base growth. It is where we have a clear focus on key growth areas such as microbiome and liquid biopsy. In those areas, our deep expertise give us significant differentiation. This quarter, as an example, we have again expanded our best-in-class microbiome portfolio with the launch of the RNeasy PowerMax Soil Pro Kit for isolating RNA from challenging soil samples rich in PCR inhibitors.

謝謝你，羅蘭。現在，像往常一樣，請允許我花點時間回顧我們的團隊在推進我們的產品組合方面取得的一些進展。首先，我們透過產品組合擴展和安裝基礎成長，繼續鞏固我們在 Sample Technologies 的領先地位。我們明確關注微生物組和液體活檢等關鍵成長領域。在這些領域，我們深厚的專業知識使我們具有顯著的差異化優勢。例如，本季度，我們推出了 RNeasy PowerMax Soil Pro Kit，再次擴展了我們一流的微生物組產品組合，用於從富含 PCR 抑制劑的挑戰性土壤樣本中分離 RNA。

While you have heard companies in our industry talking about challenging trends in instrument demand, our teams all over the world have still made significant progress in the last year in placing new platforms. At the end of 2023, there are now over 40,000 cumulative placement of the QIAcube family and over 5,700 cumulative placement of EZ1 and EZ2, both extremely popular solution for low throughput sample prep automation.

雖然您已經聽到我們行業的公司談論儀器需求的挑戰趨勢，但我們世界各地的團隊去年在放置新平台方面仍然取得了重大進展。截至 2023 年底，QIAcube 系列累計放置量超過 40,000 次，EZ1 和 EZ2 累積放置量超過 5,700 次，這兩種解決方案都是非常受歡迎的低通量樣品製備自動化解決方案。

For higher throughput, there are now over 3,300 cumulative placements of our flagship system, the QIAsymphony. The upgrade for this platform is in development and will include new onboard connectivity elements together with additional features to even better enable high-demand, high-volume application such as liquid biopsy. In our diagnostic portfolio, we continue to see strong global expansion of our products while also facilitating growth through partnerships. For example, you may have seen the recent announcement of our expansion in the Middle East. This includes an agreement for the QuantiFERON latent TB testing to be used in Oman's new screening program where over 800,000 people will be tested over a span of 2 years.

為了實現更高的吞吐量，我們的旗艦系統 QIAsymphony 目前已累計放置超過 3,300 個。該平台的升級正在開發中，將包括新的板載連接元件以及其他功能，以更好地實現液體活檢等高需求、大容量的應用。在我們的診斷產品組合中，我們繼續看到我們的產品在全球範圍內強勁擴張，同時也透過合作夥伴關係促進成長。例如，您可能已經看到我們最近宣布的中東擴張計劃。其中包括一項在阿曼新篩檢計畫中使用 QuantiFERON 潛伏性結核病檢測的協議，該計畫將在 2 年內對超過 80 萬人進行檢測。

This represents the healthy trends we are seeing in the increase of global latent TB testing and the conversion from the old TB skin test to the modern blood-based testing. We have also signed an agreement with the Ministry of Health in Saudi Arabia to support their public health and infection control initiatives. In addition to the development of the new national latent TB screening program using the QuantiFERON-TB test, this includes an effort to eliminate meningitis through the WHO program using QIAstat diagnostic platform.

這代表了我們在全球潛伏性結核病檢測的增加以及從舊的結核病皮膚檢測向現代血液檢測的轉變中看到的健康趨勢。我們也與沙烏地阿拉伯衛生部簽署了一項協議，支持他們的公共衛生和感染控制措施。除了使用 QuantiFERON-TB 檢測制定新的全國潛伏性結核病篩檢計畫外，還包括透過使用 QIAstat 診斷平台的 WHO 計畫來消除腦膜炎。

This represents another good example of how syndromic testing is being employed more and more to detect meningiitis. In fact, we saw the highest quarterly sales yet for the QIAstat platform for meningitis in Q4 of 2023. Another example, through our Companion Diagnostic Program, QIAGEN and Myriad Genetics entered into a collaboration to provide next-generation sequencing and digital PCR solution to pharma companies for the development of cancer test. This adds to the over 30 active partnership we have with pharma companies, where we are one of the only companies to offer development of assays based on all 3 modalities: PCR, next-generation sequencing and digital PCR. In PCR and nucleic acid amplification, we have launched new kits and software updates for QIAcuity digital PCR to expand capabilities in pharma, biopharma and food and drug safety. The new kits ensure precise quantification, increased sensitivity and cost efficiency for applications specifically used by these customers. While the software update further equips QIAcuity to be especially well suited for labs that must meet GMP standard by helping to automate the critical task of documentation for reporting and audit trails.

這是如何越來越多地採用綜合徵檢測來檢測腦膜炎的另一個很好的例子。事實上，我們在2023 年第四季度看到了QIAstat 腦膜炎平台迄今為止最高的季度銷售額。另一個例子，透過我們的伴隨診斷計劃，QIAGEN 和Myriad Genetics 達成合作，為製藥公司提供下一代定序和數位PCR 解決方案公司開發癌症測試。這增加了我們與製藥公司建立的 30 多家積極合作夥伴關係，我們是少數提供基於所有 3 種模式（PCR、下一代定序和數位 PCR）檢測開發的公司之一。在 PCR 和核酸擴增方面，我們推出了 QIAcuity 數位 PCR 的新試劑盒和軟體更新，以擴展在製藥、生物製藥以及食品和藥品安全方面的能力。新套件可確保這些客戶專門使用的應用的精確定量、更高的靈敏度和成本效率。軟體更新進一步使 QIAcuity 特別適合必須滿足 GMP 標準的實驗室，幫助自動化報告和審計追蹤記錄的關鍵任務。

In our next-generation sequencing and genomics product group, we have recently entered into a new strategic partnership with Element Biosciences to offer NGS workflow on their AVITI system. This follows our strategy to offer platform-agnostic next-generation sequencing consumable and bioinformatics solution. In this way, QIAGEN has been systematically partnering with sequencing platform providers to enable the use of QIAGEN's QIAseq library prep kits and validated panels as well as QIAGEN Digital Insight solution on a very large range of sequencing instruments.

在我們的次世代定序和基因組學產品組中，我們最近與 Element Biosciences 建立了新的策略合作夥伴關係，在他們的 AVITI 系統上提供 NGS 工作流程。這遵循我們提供與平台無關的下一代定序耗材和生物資訊解決方案的策略。透過這種方式，QIAGEN 一直與定序平台提供者進行系統性合作，以便能夠在大量定序儀器上使用 QIAGEN 的 QIAseq 文庫製備試劑盒和經過驗證的試劑盒以及 QIAGEN Digital Insight 解決方案。

With regards to our QDI, our bioinformatics business, we have made the decision to accelerate our own investments with the goal of expanding this leading portfolio into new geographic regions and market segments. This investment is planned over the next 5 years and will support new product launches and also additional expansion of the knowledge bases that are powering our QDI solutions. Also planning this program is the extension of the use of artificial intelligence and augmented molecular intelligence as well as new solutions for rapid NGS analysis in clinical labs.

關於我們的生物資訊學業務 QDI，我們決定加速自己的投資，目標是將這個領先的投資組合擴展到新的地理區域和細分市場。這項投資計劃在未來 5 年內進行，將支援新產品的發布以及為我們的 QDI 解決方案提供支援的知識庫的進一步擴展。該計劃還計劃擴展人工智慧和增強分子智慧的使用，以及臨床實驗室快速 NGS 分析的新解決方案。

So as you can see, we continue to build value in our portfolio with a strategy that is leveraging our strong global footprint, deep network and innovation through expertise. And now back to Roland to give you more details on our outlook '24.

正如您所看到的，我們繼續透過利用我們強大的全球足跡、深厚的網路和專業知識創新的策略，在我們的投資組合中創造價值。現在回到 Roland，為您提供有關我們展望 '24 的更多詳細資訊。

Thank you, Thierry. Let me now provide more perspectives on our outlook for '24 and also for the first quarter. As noted earlier, we have set an outlook for at least $2 billion of sales in '24 at constant exchange rates. This reflects total growth of at least 2% CER that includes about 1 percentage point of headwinds as we overcome the last group of COVID-19 sales from the first quarter of '23. This means that we are expecting at least 3% CER growth from the non-COVID portfolio. .

謝謝你，蒂埃里。現在讓我對 24 年以及第一季的前景提供更多看法。如前所述，我們預計 24 年以固定匯率計算的銷售額至少為 20 億美元。這反映了至少 2% CER 的總成長，其中包括約 1 個百分點的阻力，因為我們克服了 2023 年第一季的最後一組 COVID-19 銷售。這意味著我們預計非新冠疫情投資組合的 CER 將成長至少為 3%。 。

In terms of how we see this year developing like others, we are anticipating a more muted start into the year with a return to solid mid-single-digit CER growth in the second half. Additionally, we have closely monitoring dynamic macro trends and geopolitical risk across the globe as to how they could impact our industry. For China, we continue to take a cautious view and expect a modest single-digit CER decline in total sales for the full year. The environment is not showing any signs of improvement yet. At the same time, this is not a market to ignore. We continue to implement our two-pronged strategy by commercializing the QIAGEN branded portfolio directly as well as offering a local brand product in China.

就我們如何看待今年的發展而言，我們預計今年的開局會更加平靜，下半年固定匯率將恢復到中個位數的穩定成長。此外，我們也密切關注全球動態宏觀趨勢和地緣政治風險，以了解它們對我們行業的影響。對於中國，我們繼續持謹慎態度，預計全年總銷售額將出現個位數小幅 CER 下降。環境還沒有出現任何改善的跡象。同時，這也是一個不容忽視的市場。我們持續實施雙管齊下的策略，直接將 QIAGEN 品牌產品組合商業化，並在中國提供本土品牌產品。

As we take a step back from '24, our conviction remains strong about the midterm growth perspective for QIAGEN in the markets that we serve. This is a topic we will address in our Analyst and Investor Day planned for June 17 in New York. In terms of profitability, we have set our outlook for adjusted EPS of at least $2.10 at constant exchange rates. For the adjusted operating income margin, we are planning for an improvement of at least 1 percentage point for the full year '24 from the '23 level of 27% of sales while continuing to invest in the business to support our business.

回顧 24 年，我們對 QIAGEN 在我們所服務的市場的中期成長前景仍然抱有堅定的信念。這是我們計劃於 6 月 17 日在紐約舉行的分析師和投資者日討論的主題。在獲利能力方面，我們將以固定匯率計算調整後每股盈餘至少設定為 2.10 美元。對於調整後的營業利潤率，我們計劃將 24 年全年的銷售額從 23 年 27% 的水平提高至少 1 個百分點，同時繼續投資業務以支持我們的業務。

This includes the investments into QDI business in '24 as we plan to add more than 50 new positions. Launch the sales of new products and expand our global presence. We see these multiyear investments helping to accelerate growth in this profitable business. As we noted in the quarterly report, we anticipate significant pressure from nonoperating income, and these factors represent about $0.10 of headwind for '24 results compared to '23.

這包括 24 年對 QDI 業務的投資，因為我們計劃增加 50 多個新職位。啟動新產品的銷售並擴大我們的全球業務。我們看到這些多年投資有助於加速這項獲利業務的成長。正如我們在季度報告中指出的，我們預計非營業收入將帶來巨大壓力，與 23 年相比，這些因素對 24 年業績造成約 0.10 美元的不利影響。

First, adjusted net interest income is expected to be between $25 million and $27 million for '24. This is half the '23 levels of USD 55 million. The decline is due to the fact that we have lower cash on our balance sheet, along with expectations for modestly lower interest rates during the year compared to '23. The second factor involves our expectations for an adjusted tax rate for about 19% to 20% in '24. This is up from 18% in '23. The increase is due to higher profit shares in higher tax jurisdictions as well as countries taking actions to implement the OECD initiatives known as Pillar 2. The Netherlands implemented this at the end of '23.

首先，24 年調整後的淨利息收入預計在 2,500 萬美元至 2,700 萬美元之間。這是 23 年 5500 萬美元水準的一半。下降的原因是我們資產負債表上的現金較少，以及與 23 年相比，今年利率將小幅下降的預期。第二個因素涉及我們對 2024 年調整後稅率約 19% 至 20% 的預期。這比 23 年的 18% 有所上升。這一增長是由於高稅收管轄區的利潤份額較高以及各國採取行動實施被稱為第二支柱的經合組織舉措。荷蘭於 23 年底實施了這一舉措。

As for currency movements and based on rates as of January 31, we expect a neutral impact on full year net sales, but for an adverse impact of about $0.01 per share on adjusted EPS results. Moving to the first quarter. Our outlook is for net sales of about USD 455 million CER. Keep in mind that this will be a period with significant COVID sales in '23. Adjusted earnings per share are expected to be at least $0.44 per share also at CER. I would like to now hand back to Thierry.

至於匯率變動，根據截至 1 月 31 日的匯率，我們預期對全年淨銷售額的影響為中性，但對調整後每股盈餘結果產生約 0.01 美元的不利影響。轉到第一季。我們預計淨銷售額約為 4.55 億美元固定匯率。請記住，這將是 2023 年新冠肺炎銷量顯著的時期。以固定匯率計算，調整後每股盈餘預計至少為 0.44 美元。我現在想把話交還給蒂埃里。

Well, thank you, Roland. And we are getting now into the Q&A session. So let me provide you with a quick summary. First, amid the ongoing volatile macro environment, QIAGEN has delivered another quarter of meeting or beating our outlook. We exceeded our outlook for the fourth quarter for both net sales and adjusted EPS. We also achieved our full year 2023 sales outlook driven by top-tier growth in our non-COVID portfolio. Our performance in 2023 definitely shows the relevance and power of our portfolios of solutions to customers around the world and the impact of our strategy.

好吧，謝謝你，羅蘭。我們現在進入問答環節。因此，讓我為您提供一個快速總結。首先，在持續波動的宏觀環境中，QIAGEN 又一個季度業績達到或超越了我們的預期。我們對第四季度淨銷售額和調整後每股收益的預期都超出了預期。在非新冠疫情投資組合的頂級成長的推動下，我們也實現了 2023 年全年銷售預期。我們 2023 年的業績無疑地展示了我們解決方案組合對全球客戶的相關性和力量以及我們策略的影響。

Second, throughout 2023, our teams all over the world continue to execute on our goals to build value in our portfolio, meeting key milestones on sales growth and solid installed base expansion. This includes over 1,500 sample preparation instruments. Over 700 QIAstat platform and over 700 QIAcuity newly placed in 2023, all fueling strong consumables growth going forward.

其次，在整個 2023 年，我們世界各地的團隊將繼續執行我們的目標，在我們的產品組合中創造價值，實現銷售成長和穩固的安裝基礎擴張方面的關鍵里程碑。其中包括 1,500 多種樣品製備儀器。 2023 年將新增 700 多個 QIAstat 平台和 700 多個 QIAcuity，所有這些都將推動消耗品的強勁成長。

Third, we again delivered a high level of profitability while also maintaining our commitment to disciplined capital deployment, as you saw with the ongoing high level of R&D, research and development, investment in 2023. The multiyear investment plan for our bioinformatics business and the $300 million recently returned to shareholders. And last, we have announced an outlook for 2024 that demonstrates the strength of our portfolio amid a challenging macroenvironment. While we fully acknowledge a shift in the first part of the year 2024, this takes into account the more subdued market demand in the first half given the current condition such as lack of visibility on funding and conservative spending in labs going into election year into many countries. But we expect a marked improvement as the year unfolds as we return to a strong mid-single-digit CER sales growth for the second half of the year.

第三，我們再次實現了高水準的獲利能力，同時保持了對嚴格資本部署的承諾，正如您在2023 年持續高水準的研發、研究和開發投資中所看到的那樣。我們生物資訊學業務的多年投資計畫和300 美元近萬元返還給股東。最後，我們宣布了 2024 年展望，展示了我們投資組合在充滿挑戰的宏觀環境中的實力。雖然我們完全承認 2024 年上半年會出現轉變，但考慮到當前情況，例如資金缺乏可見性以及進入選舉年的實驗室支出保守等，上半年市場需求更加疲軟。國家。但我們預計，隨著下半年我們將恢復強勁的中個位數固定匯率銷售成長，今年的情況將顯著改善。

We strongly believe that this sets up QIAGEN for solid midterm sales growth and improving profitability. We are, therefore, very well positioned to continue delivering a compelling growth profile in our industry. With that, I now would like to hand back to John and the operator for the Q&A session. Thank you all.

我們堅信，這將使 QIAGEN 實現中期銷售穩健成長並提高獲利能力。因此，我們完全有能力繼續在我們的行業中實現引人注目的成長。至此，我現在想將問答環節交還給約翰和接線生。謝謝你們。

(Operator Instructions) The first question comes from Derik De Bruin of Bank of America.

（操作員指令）第一個問題來自美國銀行的 Derik De Bruin。

Just curious, can you elaborate a little bit more on the OEM headwind and sort of like how you see that coming through for 2024 on what's there. And I know you're going to have an Analyst Day in June. But I think when you look at a more normalized market environment, do you feel comfortable in sort of returning to mid- to high-single-digit consistently CER growth rate once markets normalize on a MER basis?

只是好奇，您能否詳細說明一下 OEM 逆風，以及您如何看待 2024 年的情況。我知道六月會有分析師日。但我認為，當你看到一個更正常化的市場環境時，一旦市場在 MER 的基礎上正常化，你是否願意恢復到中高個位數的持續 CER 成長率？

Thank you, Derik. Regarding, first, the OEM question. As you have always understood, this is a specific business in our portfolio. It's made on very large deliveries, most of the time in bulk to a rather limited number of customers. So you have and we have always disclosed that to the market volatility year-on-year. The average revenue pre-COVID for our OEM business was around $80 million to $90 million.

謝謝你，德里克。關於，首先，OEM問題。正如您一直了解的那樣，這是我們投資組合中的一項特定業務。它的交付量非常大，大多時候是大量交付給數量相當有限的客戶。因此，我們一直向市場逐年波動的情況揭露這一點。新冠疫情爆發前，我們 OEM 業務的平均收入約為 8,000 萬至 9,000 萬美元。

During COVID, it shot up to around $170 million. We are now getting back to normalization, but take into account that in 2023, we achieved close to $100 million with this business. So we expect in '24 a headwind compared to our normal performance of around $15 million to $20 million. This should normalize as the year goes by. Further, starting in '25, you should expect that business coming back to normally $75 million, $80 million year-on-year.

新冠疫情期間，這一數字飆升至約 1.7 億美元。我們現在正在恢復正常化，但考慮到 2023 年，我們透過這項業務實現了接近 1 億美元的收入。因此，我們預計 24 年我們的正常表現將出現 1500 萬至 2000 萬美元左右的逆風。隨著時間的推移，這種情況應該會正常化。此外，從 25 年開始，您應該預期業務將恢復到正常水準 7,500 萬美元，比去年同期 8,000 萬美元。

To your question of our growth profile, we believe that we are building systematically for the last 5 years, a stronger QIAGEN. We have the people, we have the product portfolio to systematically grow above market growth regardless of where that market growth is. So if the market is back to let's say, mid-single-digit growth profile, we will be there, and we will be able to probably be slightly above that.

對於您關於我們成長概況的問題，我們相信我們在過去 5 年裡正在系統地打造一個更強大的 QIAGEN。我們擁有人才和產品組合，可以系統地超越市場成長，無論市場成長在哪裡。因此，如果市場回到中等個位數的成長態勢，我們就會達到這個水平，而且我們可能會略高於這個水平。

Our next question comes from Odysseas Manesiotis with Berenberg. .

我們的下一個問題來自 Odysseas Manesiotis 和 Berenberg。 。

First of all, this time last year, you mentioned you would be negotiating renewal terms with DSR and for your QuantiFERON partnership. Have these negotiations ended? And is it reasonable to assume you'll be getting slightly better financial in terms of the results? And secondly, looking at the NeuMoDx guidance it seems you're expecting this one to outgrow most of your growth pillars this year. Taking into account your commentary that instrument placements shouldn't recover strongly in the near term, what will drive that significant consumables pull-through increase for these instruments?

首先，去年的這個時候，您提到您將與 DSR 以及 QuantiFERON 合作夥伴關係就續約條款進行談判。這些談判結束了嗎？就結果而言，假設您的財務狀況會稍微好一些，是否合理？其次，看看 NeuMoDx 指南，您似乎預計今年這項指南將超過您的大部分成長支柱。考慮到您的評論，即儀器放置量不應在短期內強勁復甦，那麼什麼將推動這些儀器的消耗品大幅成長？

Thank you, Odysseas. And going directly to the second part of your question, and then I will finish with QuantiFERON. On the NeuMoDx, it's not that the percentage outgrow, yes, the percentage of growth is -- but it's starting from a lower base. We're starting from slightly over $40 million, and we go over $50 million in our plan for 2024. Why? Because as you have seen, for example, we start to add menu in the U.S. You have seen the recent approval of our CT/NG in addition to our capabilities on LDTs that gives a factor of growth. Second, because we already have something like 330 platforms all over the world. We have very significant menu availabilities in Europe, so we expect the pull-through on this installed base to grow. And this is explaining our assumptions for NeuMoDx.

謝謝你，奧德賽。直接進入你問題的第二部分，然後我將以 QuantiFERON 結束。在 NeuMoDx 上，並不是百分比成長太快，是的，成長百分比是——但它是從較低的基數開始的。我們的起始資金略高於 4000 萬美元，到 2024 年的計劃將超過 5000 萬美元。為什麼？因為正如您所看到的，例如，我們開始在美國添加菜單。除了我們在 LDT 方面的能力之外，您還看到最近我們的 CT/NG 獲得批准，這帶來了成長因素。其次，因為我們已經在全球擁有 330 個平台。我們在歐洲擁有非常重要的菜單可用性，因此我們預計該安裝基礎的拉動量將會成長。這解釋了我們對 NeuMoDx 的假設。

But at the same time, as you know, Odysseas, we have disclosed to the market that we are currently reviewing any kind of evolution for this portfolio for the NeuMoDx within our portfolio. And we'll come back to you in due time on the results of those evaluations. On DiaSorin, I think we need to clarify. What we said since 2023 is that starting 2023 in Europe, and '24 in the U.S., QIAGEN has the possibility by contract to add another partner together with DiaSorin.

但同時，如您所知，Odysseas，我們已向市場披露，我們目前正在審查我們產品組合中 NeuMoDx 的該產品組合的任何形式的演變。我們將及時向您回饋這些評估的結果。關於迪亞索林，我認為我們需要澄清。我們自 2023 年以來所說的是，從 2023 年開始在歐洲、從 24 年開始在美國，QIAGEN 有可能透過合約與 DiaSorin 一起增加另一個合作夥伴。

The situation at the moment is that as we have proven with our members, this partnership and this exclusivity with DiaSorin works very well. Any time we convert a customer to DiaSorin, we are able to do it at a premium price. This partnership partially drives the performance that you have seen over the last 3 years for QuantiFERON. So at the moment, while we always continue to review opportunities, we believe that this exclusivity is very justified and is generating positive results for both partners. As far as the financials, we constantly work with DiaSorin to optimize the financials for both parties.

目前的情況是，正如我們與會員所證明的那樣，與 DiaSorin 的合作夥伴關係和排他性效果非常好。每當我們將客戶轉化為 DiaSorin 時，我們都能以高價完成。這種合作關係在一定程度上推動了過去 3 年中 QuantiFERON 的表現。因此，目前，雖然我們一直在繼續審查機會，但我們相信這種排他性是非常合理的，並且正在為雙方合作夥伴帶來積極的成果。就財務而言，我們不斷與 DiaSorin 合作，優化雙方的財務狀況。

Our next question comes from Casey Woodring with JPMorgan.

我們的下一個問題來自摩根大通的凱西‧伍德林。

So I was hoping that you guys could dig into the 1Q guide a little bit more. Roland, I think you said in the prepared, you're assuming conditions are softer in the first half versus the second half, but you just grew 8% non-COVID in 4Q. So does seem to be a bit off trend. Maybe can you just elaborate on maybe what you're expecting as an OEM headwind in 1Q specifically? And then just as a follow-up, curious on QIAcuity, do you guys think you're taking share there? And maybe can you split out the competitive share gains between pharma and academic if you're seeing particular strength in pharma or if it's more across the board?

所以我希望你們能夠深入研究 1Q 指南。羅蘭，我想你在準備中說過，你假設上半年的情況比下半年要軟一些，但第四季度的非新冠疫情影響下你只增長了 8%。所以看起來確實有點偏離趨勢。也許您能詳細說明一下您對第一季 OEM 逆風的具體預期嗎？然後，作為一個後續行動，對 QIAcuity 感到好奇，你們認為你們在那裡分享了份額嗎？如果您看到製藥業的特殊優勢或更全面，您是否可以將製藥業和學術界之間的競爭份額收益分開？

Yes, Casey, a couple of facts here. And I think we clearly cited and you have heard that from many other companies in our industry as well, the overall macro environment in general. But clearly, Pacific also a couple of trends which we have seen also more or less falling up in the last couple of weeks/months, it's quite obvious, but for capital expenditures, particular for the bigger ticket environment. Things right now are more difficult. We clearly see a certain increased demand for reagent rentals, where the capital sales environment is clearly somewhat more difficult.

是的，凱西，這裡有一些事實。我認為我們清楚地引用了總體宏觀環境，而且您也從我們行業的許多其他公司那裡聽到了這一點。但顯然，太平洋航空​​也有一些趨勢，我們在過去幾週/幾個月也或多或少地看到了下降，這是相當明顯的，但對於資本支出，特別是對於更大的門票環境。現在的事情更加困難。我們清楚地看到試劑租賃的需求增加，而資本銷售環境顯然更加困難。

As I said before, we believe that is something that is rather more on the temporary side, and we expect to return to a more solid mid-single-digit trend over the course of the year. Nevertheless, it is not an easy environment. Specifically, in OEM, I think we are somewhat down in the high-single-digit area. I think somewhere between $8 million and $10 million in the first quarter compared to the rest -- compared to '23. Nevertheless, it's also important to understand, and I actually looked it up now for the years 2016 to actually including 2019, so more or less 4 years pre-COVID, the drop in absolute revenues between the fourth quarter and the first quarter was always around about $50 million plus. So not very different.

正如我之前所說，我們認為這更多是暫時的，我們預計在今年內將恢復到更穩定的中位數趨勢。然而，這並不是一個輕鬆的環境。具體來說，在 OEM 領域，我認為我們在高個位數區域有所下降。我認為與其他季度相比，第一季的收入在 800 萬至 1000 萬美元之間——與 23 年相比。儘管如此，理解這一點也很重要，我實際上現在查了一下2016 年的數據，實際上包括2019 年，所以在新冠疫情爆發之前的4 年左右，第四季度和第一季度之間的絕對營收下降幅度始終在2019 年左右。約5000萬美元以上。所以差別不大。

Our next question comes from Aisyah Noor of Morgan Stanley.

我們的下一個問題來自摩根士丹利的艾莎·努爾。

I'm sorry, I need to interrupt you. We're going to get back to your question. There was a second half of the question, which was on QIAcuity, which we did not answer yet. So I'm going to take that one, and we go back immediately to your question. Is that okay? Very good. So on QIAcuity, yes, we do obviously can see show with our numbers that we are taking share, and we are taking market shares of our competition. Why? First of all, because our technology different from the traditional droplet technologies is more cost efficient and allows faster results.

抱歉，我需要打斷你。我們將回到你的問題。問題的後半部是在 QIAcuity 上的，我們還沒有回答。所以我要回答這個問題，然後我們立即回到你的問題。可以嗎？非常好。因此，在 QIAcuity 上，是的，我們確實可以透過我們的數據清楚地看到我們正在佔據份額，並且我們正在佔據競爭對手的市場份額。為什麼？首先，因為我們的技術與傳統的液滴技術不同，更具成本效益，並且可以更快獲得結果。

Second, because if you remember, we cover with 3 different instruments, 3 kind of different throughput needs. Low throughput, one plate; mid throughput, 4 plates; 8 throughput, larger plates. Fourth -- three, sorry, because we have already developed a menu which is covering application needed in academia, but also in the pharmacy also the pharma business sector. This is definitely our target, main target for the months to come. And this is why you have seen a constant improvement of our digital PCR menu over the last 2 years, dedicated to the Pharma segment.

其次，因為如果您還記得的話，我們涵蓋了 3 種不同的儀器、3 種不同的吞吐量需求。通量低，一塊板；中等吞吐量，4 個板； 8 吞吐量，更大的板。第四——三，抱歉，因為我們已經開發了一個菜單，涵蓋學術界、藥房和製藥商業領域所需的應用。這絕對是我們的目標，未來幾個月的主要目標。這就是為什麼您在過去兩年中看到我們致力於製藥領域的數位 PCR 菜單不斷改進的原因。

And fourth, why do we believe so much into our digital PCR solution for the coming years as well is that not only can we leverage the growth of those applications in the life science market, but as you know, in 2024, we are going to make it a diagnostic, a clinical solution as well.

第四，為什麼我們對未來幾年的數位 PCR 解決方案如此有信心，因為我們不僅可以利用生命科學市場中這些應用的成長，而且如您所知，到 2024 年，我們將使其成為一種診斷和臨床解決方案。

In the first half of 2024, this platform will be FDA and IVDR approved. And in the second half of the year, we are planning to launch our first assay regulated for onco-hematology application, BCR-ABL. So as we have said since the beginning of the launch of that solution, we believe that we have the team dedicated, the solution to take the #1 position in this market.

2024年上半年，該平台將獲得FDA和IVDR批准。今年下半年，我們計劃推出第一個針對腫瘤血液學應用監管的檢測方法 BCR-ABL。正如我們自推出解決方案以來所說的那樣，我們相信我們擁有專注的團隊，該解決方案將在該市場佔據第一的位置。

Okay. I can ask my question now, if that's okay. If you could talk a little bit about China and help us unpack the drivers of the weakness there. My understanding was you had a softer comp in Q4 2022 because of the COVID lockdowns. And from what your peers are saying this quarter, it sounds like a lot of the weakness is down to the life sciences market, which I believe is about half your China business. So could you clarify whether the China Diagnostics business is also in decline in the quarter? Just trying to understand the market dynamics within the different customer segments. And I'll leave it there first.

好的。如果可以的話，我現在可以問我的問題。如果您能談談中國，並幫助我們找出導致中國疲軟的因素。我的理解是，由於新冠疫情封鎖，2022 年第四季的業績比較疲軟。從您的同行本季的言論來看，聽起來大部分弱點都歸因於生命科學市場，我相信該市場約佔您中國業務的一半。那麼您能否澄清一下，中國診斷業務在本季是否也出現了下滑？只是想了解不同客戶群的市場動態。我先把它留在那裡。

Thank you for your questions. First of all, just to highlight, our life science business in China is more than half of our activities for this market. And it is true that the life science sector in China are still not as bounce back from the COVID period. At the same time, we have constantly said that China is such a large market that it cannot be ignored. It is a specific market as well where you need to localize your activities, if you want to continue to be selected in many tenders, where the market is also sometimes affected by price constraints, it's what we call the VBP policy.

謝謝您的提問。首先，需要強調的是，我們在中國的生命科學業務占我們在該市場的活動的一半以上。確實，中國的生命科學產業仍未從新冠疫情時期恢復過來。同時我們也不斷地說，中國市場這麼大，不容忽視。這也是一個特定的市場，你需要在地化你的活動，如果你想繼續在許多招標中被選中，這個市場有時也會受到價格限制的影響，這就是我們所說的VBP政策。

In this regard, we have always said consistently since 2022, that the market will come back very progressively, and we were not expecting a return to growth at least before the end of '24. We believe that we are very well equipped to take position in this market for 3 reasons. First of all, the premium brand of QIAGEN for the top tier of the labs in China. Second, because to localize our product, we have a research development and manufacturing operations site. And third, and this is probably also very differentiated compared to competition because we have a second brand also in China, fully owned by QIAGEN, but operationally in China independent from our QIAGEN activities. They have their own management, they're all sales force, and those are products developed in China, manufactured in China and sold to Chinese customers.

在這方面，我們自 2022 年以來一直一致表示，市場將非常逐步地恢復，我們預計至少在 2024 年底之前不會恢復成長。我們相信，我們有能力在這個市場佔有一席之地，原因有三。首先，QIAGEN是中國頂級實驗室的優質品牌。其次，為了使我們的產品在地化，我們有一個研發和製造營運基地。第三，與競爭對手相比，這可能也是非常差異化的，因為我們在中國還有第二個品牌，由 QIAGEN 全資擁有，但在中國的營運獨立於我們的 QIAGEN 活動。他們有自己的管理，都是銷售人員，產品在中國開發，在中國製造，賣給中國客戶。

So with those 3 assets, we believe that, as I said before, we can take position, but at the same time, we always insisted that if pre-COVID we were expecting a normal 10% growth year after year from the Chinese market, post COVID progressively we would expect a mid-single-digit growth. This will not come before 2025.

因此，對於這3 個資產，我們相信，正如我之前所說，我們可以採取立場，但同時，我們始終堅持認為，如果在新冠疫情之前，我們預計中國市場將年復一年地實現10% 的正常成長，疫情過後，我們預計將出現中個位數成長。這不會在 2025 年之前實現。

Understood. And then the second question was just on M&A and your appetite to deploy capital from here given the recent share buyback program. Obviously, M&A activity among your peers has also picked up in the recent quarter. And then just quickly, if you could give us a contribution from Verogen in 2023, just to help us out with our models.

明白了。第二個問題是關於併購以及考慮到最近的股票回購計劃，您從這裡部署資本的意願。顯然，同業之間的併購活動在最近一個季度也有所增加。然後很快，如果您可以在 2023 年為我們提供 Verogen 的捐款，以幫助我們解決模型問題。

So on M&A, we confirm our traditional strategy. You see that -- you know that we have a rich history essentially, especially of bolt-on acquisition. We have always said that we don't want to do M&A for the sake of M&A. We want to do M&A, not to spread the company (inaudible). We are constantly working, looking at opportunities that fit in our current portfolio and especially would reinforce our pillars of growth. So it's a very focused M&A strategy. We have also said many times that we are looking at opportunities that could be during a short period of time, dilutive to our P&L, but should be in a very visible time frame, accretive.

所以在併購方面，我們確認了我們的傳統策略。你看，你知道我們本質上有豐富​​的歷史，特別是在補強收購方面。我們一直說，我們不想為了併購而併購。我們想要進行併購，而不是分散公司（聽不清楚）。我們不斷努力，尋找適合我們目前投資組合的機會，尤其是能夠加強我們成長支柱的機會。所以這是一個非常有針對性的併購策略。我們也多次說過，我們正在尋找可能在短時間內稀釋我們的損益的機會，但應該在非常明顯的時間範圍內增值。

We always said that we give it normally around 2 years before becoming accretive. And so we continue to clearly look at opportunities. We also said that given the strength of our balance sheet, we would or we could also be looking at stronger or bigger than just bolt-on acquisition. So this is a work in progress. Once again, what you have to keep in mind, it will have to be very much fitting into our existing portfolio and existing strategy. As regard to Verogen, we were expecting a contribution of around $20 million for the year 2023, and this is where we landed.

我們總是說，我們通常會給予它大約兩年的時間，然後開始增值。因此，我們繼續清晰地尋找機會。我們也表示，考慮到我們資產負債表的實力，我們會或我們也可能會考慮比單純的補強收購更強大或更大的收購。所以這是一項正在進行的工作。再次強調，您必須牢記的是，它必須非常適合我們現有的投資組合和現有策略。至於 Verogen，我們預計 2023 年的捐款約為 2000 萬美元，這就是我們的目標。

Our next question comes from Doug Schenkel of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的道格·申克爾。

Thanks for sharing so much on your guidance philosophy for the year. I know there's been a couple of questions on this and pacing. I want to take a different angle. So it's an uncertain time to say the least, and you would have been an outlier if you guided more aggressively in Q1. So to me, while the Q1 guides lower than what we see in consensus models, I think the good thing is on the surface, it seems pretty derisked factoring in comments that you've made on OEM headwinds, China dynamics and how pharma growth is expected to pace in an election year.

感謝您分享了今年的指導理念。我知道關於這個和節奏有幾個問題。我想換個角度。因此，至少可以說，這是一個不確定的時期，如果你在第一季採取更積極的指導，那麼你就會變成一個異常值。因此，對我來說，雖然第一季的指導低於我們在共識模型中看到的水平，但我認為表面上看是好事，但考慮到您對OEM 逆風、中國動態以及製藥公司增長方式所做的評論，這似乎相當危險。預計將在選舉年加快步伐。

I guess my question is, where could we be wrong? What's the biggest risk to Q1 as we sit here today? And then looking past Q1, if you don't meet or even beat Q1 expectations, does the rest of the year start to look aspirational because it is really back-end loaded in terms of how you guided relative to the norm. Again, I get it. But again, I wanted to see what the risk is to Q1, if any, and then get your take on what we need to see beyond a strong Q1 to have more confidence in the outlook for the year in terms of you meeting or even beating expectations.

我想我的問題是，我們哪裡可能錯了？當我們今天坐在這裡時，第一季最大的風險是什麼？然後回顧第一季度，如果你沒有達到甚至超過第一季度的預期，那麼今年剩下的時間是否開始看起來充滿希望，因為就你相對於常態的指導方式而言，它確實是後端加載的。我再次明白了。但同樣，我想看看第一季的風險是什麼（如果有的話），然後了解您對除了強勁的第一季度之外我們需要看到什麼的看法，以便對今年的前景更有信心，達到甚至超過期望。

I think -- thanks, Derik. I think Roland and I can take -- Doug, I'm sorry, can take that question. In terms of risk for Q1. Honestly, I don't see a specific portfolio risk for Q1. The risk that I would highlight, and it's not just impacting QIAGEN, if that happened, is the overall economic situation. Again, let's not forget that half of the world is moving into election this year, that we believe that labs are still a bit slow to building up again their purchasing capacity. So this is for me the main challenge.

我想——謝謝，德里克。我想羅蘭和我可以回答──道格，對不起，可以回答這個問題。就第一季的風險而言。老實說，我認為第一季沒有特定的投資組合風險。我要強調的風險是，如果發生這種情況，它不僅會影響 QIAGEN，還會影響整體經濟狀況。再次強調，我們不要忘記今年世界一半地區即將進入大選，我們相信實驗室在重新建立購買能力方面仍然有點緩慢。所以這對我來說是主要的挑戰。

Roland in his explanation on 2024 guidance clearly also disclosed that indeed, we have an acceleration, especially between H1 and H2, clearly. Missing Q1 obviously is not our objective now. We want to continue to execute, but even if Q1 was a bit slow, I wouldn't say necessarily that it would question the full year. It would be far too early. Because once again, you see a logic sequential quarter-by-quarter acceleration of our performance. And my last rational argument would also be that do not forget that most of our new launches or expected extra contribution to our performance 2023 is coming in H2. We plan to have GI for QIAstat in the U.S. starting in H2. We plan to have meningitis in the U.S. for QIAstat in Q4 of the year. And we plan to have the real impact of our QIAcuity clinical diagnostic also in H2. Those are my assumptions. But Roland, please.

Roland 在他對 2024 年指導的解釋中也明確透露，確實，我們明顯有加速，特別是在 H1 和 H2 之間。錯過第一季顯然不是我們現在的目標。我們希望繼續執行，但即使第一季有點慢，我也不一定會說它會質疑全年。現在還為時過早。因為你再一次看到我們的業績以邏輯順序逐季度加速。我最後一個理性的論點是，不要忘記，我們的大多數新產品或預期對 2023 年業績的額外貢獻都將在下半年出現。我們計劃從下半年開始在美國為 QIAstat 提供 GI。我們計劃今年第四季在美國進行 QIAstat 腦膜炎治療。我們計劃在下半年也讓 QIAcuity 臨床診斷產生真正的影響。這些是我的假設。但羅蘭，拜託。

Just a few additions and welcome back. As I said before, I also looked a bit backwards more or less the years pre-COVID because they are probably good indications to what we have seen before were. And the revenue profitability share H1, H2 for '24 is actually in the same ratio as we have seen more or less for the years '16 to '19. So I would say it's quite normal in terms of ramp for the year. Second, and I do think that is important as well, again, I would not -- I would rather turn it around what you said before. It is -- you can now argue (inaudible) I would rather say we expect rather back to normal in the second part of the year. So the off is rather in the first half of the year is the normal if you compare it also to the full year 2013 or even to the second half of 2023, that is what we expect to happen in the second part of the year.

只是一些補充，歡迎回來。正如我之前所說，我也或多或少地回顧了新冠疫情爆發前的幾年，因為它們可能很好地預示了我們之前所看到的情況。 24 年上半年和下半年的收入獲利份額實際上與我們在 16 年至 19 年看到的比例大致相同。所以我想說，就今年的成長而言，這是很正常的。其次，我確實認為這也很重要，我不會——我寧願扭轉你之前所說的。是的——你現在可以爭論（聽不清楚）我寧願說我們預計在今年下半年恢復正常。因此，如果你將其與 2013 年全年甚至 2023 年下半年進行比較，那麼上半年的下滑是正常的，這就是我們預計在今年下半年發生的情況。

The next question comes from Falko Friedrichs of Deutsche Bank.

下一個問題來自德意志銀行的法爾科·弗里德里希斯。

My question is on QIAstat-Dx please, which was a little bit slower in Q4 than what we are used to from this platform. Can you speak a bit about the dynamics in the fourth quarter also from a regional perspective? And outside of the test menu expansion that you've just referenced, what makes you confident that 2024 will be another step forward for the platform.

我的問題是關於 QIAstat-Dx，第四季的速度比我們習慣的這個平台要慢一些。您能否從區域角度談談第四季的動態？除了您剛剛提到的測試選單擴充功能之外，是什麼讓您相信 2024 年該平台將又向前邁出一步。

Thank you, Falko. First of all, you see when you ask about the geographic, we have to be very clear. Because of the delay of GI registration in the U.S., most of the growth currently for QIAstat is coming from Europe, from also Middle East and Asia Pacific. Those are the 3 contributions mainly to QIAstat. At the same time, it's quite humbling to see that with one panel respiratory in the U.S., we continue to place system and take market against competition, which shows the strength of the platform.

謝謝你，法爾科。首先，當你詢問地理時，我們必須非常清楚。由於美國地理標誌註冊的延遲，目前 QIAstat 的成長大部分來自歐洲、中東和亞太地區。這些是主要對 QIAstat 的 3 項貢獻。同時，看到在美國有一個面板出現呼吸困難的情況下，我們繼續放置系統並在競爭中佔領市場，這非常令人謙卑，這顯示了該平台的實力。

So why are we confident? First, because we do expect, as I said before, GI and meningitis to come in the U.S. in 2024. And if by the end of '24, you have the 3 normal, I would say, or traditional panel for syndromic testing available in the U.S., you completely changed the dynamic of growth of QIAstat in that kit market. And I remind you that North America is still the first market in volume for syndromic testing.

那我們為什麼要有信心呢？首先，因為我們確實預計，正如我之前所說，胃腸道和腦膜炎將在 2024 年出現在美國。如果到 24 年底，我會說，你有 3 個正常值，或者傳統的綜合症測試面板在美國，您徹底改變了QIAstat 在該試劑盒市場的成長動力。我提醒您，北美仍然是症狀檢測數量第一的市場。

Second, because we have also improved our high-throughput QIAstat solution, the system that we call QIAstat rise, and we are relaunching it in 2024 in Europe, but also in the U.S. So long story short, as we have said on our last Investor Day, December 8, 2020, QIAstat is a solution with a double-digit growth profile, definitely, and we are moving to take the second position on that market. If I would have told you we would be #1 on syndromic, it would be purely aspirational, but positioning QIAstat to really become the #2 in that market is the objective, and this is the objective we are going to achieve.

其次，因為我們也改進了我們的高通量QIAstat 解決方案，我們稱之為QIAstat 的系統崛起了，我們將於2024 年在歐洲和美國重新啟動它。長話短說，正如我們在上一篇投資者中所說的那樣2020 年 12 月 8 日，QIAstat 無疑是一個具有兩位數成長的解決方案，我們正在努力佔據該市場的第二位。如果我告訴您我們將在綜合徵領域排名第一，那純粹是一種願望，但 QIAstat 的目標是真正成為該市場的第二名，這也是我們要實現的目標。

And we take our final question from Matt Sykes with Goldman Sachs.

我們回答高盛的馬特·賽克斯提出的最後一個問題。

Just one for me. Just can you appreciate the capital equipment environment you guys outlined in relation to the guidance in Q1 and '24. But maybe just on the level of recurring revenue that you have and a lot of that is expressed in Sample Technologies. Could you maybe just give us a little bit more color on the cadence and your view on Sample Technologies over the course of the year, you obviously gave a full year guide for that business, but I would just love to understand how the cadence of that business is going to do over the course of the year, particularly in Q1 and then the back half of this year?

只給我一個。您能欣賞一下你們根據第一季和 24 年的指導概述的資本設備環境嗎？但也許只是取決於您擁有的經常性收入水平，其中許多都體現在樣本技術中。您能否給我們更多關於這一年的節奏以及您對示例技術的看法，您顯然為該業務提供了全年指南，但我只是想了解該業務的節奏如何全年業務將如何發展，特別是第一季和今年下半年？

I think as we described for the rest of the business, we expect a sequential acceleration here as well. Taken if you especially consider the purely non-COVID part of that Sample Tech business, we will be completely aligned with the guidance once again that we gave on December 8, '20 portfolio, which is between low- to mid-single digit. We were very close or slightly above mid in 2023. We expect to be slightly lower this year, but still in that guidance of mid- to -- of low- to mid-single digits. .

我認為正如我們對其他業務所描述的那樣，我們預計這裡也會出現連續加速。如果您特別考慮樣本技術業務中純粹的非新冠疫情部分，我們將再次完全符合我們在20 年12 月8 日投資組合中給出的指導，該指導介於低個位數到中個位數之間。我們非常接近或略高於 2023 年的中期水準。我們預計今年會略有下降，但仍處於中低個位數的指導範圍內。 。

Third, Sample Tech is definitely the portfolio where, in addition to our current leadership, we want to continue to be on the attack. And what I mean by this is that not only are we the only company which has systematically upgraded its instrument for the last 3 years, QIAcube becoming QIAcube Connect, EZ1 becoming EZ2, every time with new features. As we said today, again, we will launch an upgraded version of QIAsymphony, our (inaudible) platform by the end of 2025. And we are also planning new development in Sample Tech automation that we will probably disclose during our Investor Day on June 17.

第三，除了我們目前的領導地位之外，Sample Tech 絕對是我們希望繼續發動攻擊的產品組合。我的意思是，我們不僅是過去 3 年來唯一一家對其儀器進行系統升級的公司，QIAcube 升級為 QIAcube Connect，EZ1 升級為 EZ2，每次都有新功能。正如我們今天所說，我們將在2025 年底之前推出QIAsymphony 的升級版本，這是我們的（聽不清楚）平台。我們還計劃在Sample Tech 自動化方面進行新的開發，我們可能會在6 月17 日的投資者日期間披露這一點。

Thank you, Thierry. And with that, I'd like to end this call. If you have any questions or comments, please don't hesitate to reach out to Phoebe and me, and we're always available to help you. Bye-bye.

謝謝你，蒂埃里。我想結束這通通話。如果您有任何問題或意見，請隨時聯繫菲比和我，我們隨時為您提供協助。再見。

Ladies and gentlemen, this concludes the conference call. Thank you for joining, and have a pleasant day.

女士們、先生們，電話會議到此結束。感謝您的加入，祝您有個愉快的一天。