Qiagen NV (QGEN) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I am Taren, your GlobalMeet call operator. Welcome, and thank you for joining QIAGEN's Q4 2024 earnings conference call webcast.

女士們、先生們，感謝你們的支持。我是 Taren，您的 GlobalMeet 呼叫接線員。歡迎您，感謝您參加 QIAGEN 2024 年第四季財報電話會議網路直播。

(Operator Instructions) Please be advised that this call is being recorded at QIAGEN'S request and will be made available on their Internet site. (Operator Instructions)

（操作員指示）請注意，應 QIAGEN 的要求，本次通話將被錄音並將在其網站上發布。（操作員指令）

At this time, I would like to introduce your host, John Gilardi, Vice President, Head of Corporate Communications and Investor Relations at QIAGEN. Please go ahead.

現在，我想介紹您的主持人，QIAGEN 副總裁、企業傳播和投資者關係主管 John Gilardi。請繼續。

Thank you, operator, and welcome to all of you to our quarterly results call. We appreciate your time and interest in QIAGEN.

謝謝接線員，歡迎大家參加我們的季度業績電話會議。我們感謝您對 QIAGEN 的時間和關注。

On the call today are Thierry Bernard, our Chief Executive Officer; and Roland Sackers, our Chief Financial Officer. Also joining us is Dr. Domenica Martorana from our IR team. This call is being webcast live and will be archived in the IR section of our website at www.qiagen.com. A copy of the quarterly results, press release and the presentation are also available on our website.

今天參加電話會議的有我們的執行長 Thierry Bernard；以及我們的財務長羅蘭·薩克斯（Roland Sackers）。同樣加入我們的還有來自我們 IR 團隊的 Domenica Martorana 博士。本次電話會議將進行網路直播，並將存檔於我們網站 www.qiagen.com 的 IR 部分。季度業績、新聞稿和簡報的副本也可在我們的網站上查閱。

Before we begin, I'd like to remind you that this call will include forward-looking statements. Actual results may differ materially from those projected due to various factors. These risks and uncertainties are outlined in our most recent Form 20-F filed with the SEC and is available on our website.

在我們開始之前，我想提醒您，本次電話會議將包括前瞻性陳述。由於各種因素，實際結果可能與預測結果有重大差異。這些風險和不確定性在我們最近向美國證券交易委員會提交的 20-F 表中概述，可在我們的網站上查閱。

Additionally, we will refer to financial measures that are not prepared in accordance with US Generally Accepted Accounting Principles or GAAP. These non-GAAP measures provide useful insights for investors, and a reconciliation to the most directly comparable GAAP figures is included in our release. Please note that all references to earnings per share refer to diluted EPS.

此外，我們也將參考未依照美國公認會計原則或 GAAP 編製的財務指標。這些非公認會計準則指標為投資者提供了有用的見解，並且我們的發佈內容中包含了與最直接可比較的公認會計準則資料的調節。請注意，所有每股收益均指稀釋每股收益。

With that, let me hand over the call to Thierry.

說完這些，讓我把電話交給蒂埃里。

Thanks a lot, John, and hello, good morning, good afternoon or good evening, depending on where you are in the world, and thank you all for joining us.

非常感謝，約翰，你好，早安，下午好或晚上好，取決於你在世界的哪個地方，感謝大家加入我們。

I am very pleased to share that QIAGEN has once again delivered a strong performance in the fourth quarter, closing out 2024 on a strong note. Our results reflect both the resilience of our business and the trust of our customers, reinforcing our momentum as we move into 2025.

我很高興地告訴大家，QIAGEN 在第四季度再次取得了強勁的業績，以強勁的成績結束了 2024 年。我們的業績體現了我們業務的韌性和客戶的信任，增強了我們邁向 2025 年的勢頭。

We exceeded the targets for sales and adjusted earnings. We are again among the fastest-growing companies in our industry. Those results reflect the strength of our portfolio with over 85% of our sales coming from highly recurring revenues. They show as well our ability to deliver solid profitable growth in today's challenging and volatile environment.

我們超額完成了銷售額和調整後收益的目標。我們再次成為業界成長最快的公司之一。這些結果反映了我們產品組合的實力，其中超過 85% 的銷售額來自高度經常性收入。它們也展現了我們在當今充滿挑戰和動盪的環境中穩健獲利成長的能力。

I would like to take a moment to recognize the efforts of our teams who have been instrumental in delivering those achievements. And I would like also to acknowledge the impact of our customers whose work continues to advance science and improve health care across the globe. This being said, let me now highlight our key messages.

我想花點時間來讚揚我們團隊的努力，他們為實現這些成就做出了重要貢獻。我還要感謝我們的客戶所產生的影響，他們的工作持續推動科學的發展並改善全球的醫療保健狀況。話雖如此，現在讓我強調我們的關鍵訊息。

First, we exceeded our outlook for Q4 2024 in both net sales and adjusted earnings. Net sales were $521 million in the fourth quarter, growing 3% CER and surpassing our outlook for at least $520 million CER gain. Sales for our core business were up 4% CER when excluding discontinued products, in particular, the NeuMoDx and Dialunox systems.

首先，我們的淨銷售額和調整後收益都超出了我們對 2024 年第四季的預期。第四季淨銷售額為 5.21 億美元，以 CER 計算成長 3%，超過了我們預期的至少 5.2 億美元的 CER 增幅。如果不包括停產產品（尤其是 NeuMoDx 和 Dialunox 系統），我們核心業務的銷售額將成長 4% CER。

Adjusted diluted EPS was $0.61 CER, exceeding our target of at least $0.60 CER. For the full year 2024, we also exceeded our outlook for at least $1.985 billion CER in net sales and the latest upgrade of our adjusted EPS outlook for $2.19 CER.

調整後攤薄每股收益為 0.61 美元 CER，超過我們至少 0.60 美元 CER 的目標。對於 2024 年全年而言，我們的淨銷售額也超出了至少 19.85 億美元 CER 的預期，並且最新上調了我們對調整後每股收益預期至 2.19 美元 CER。

Second, we reached key milestones across our portfolio, positioning our company to deliver solid profitable growth towards our '28 targets. First, QIAstat Diagnostics had a very, very solid year with '25 CER growth in Q4 and over 660 new systems placement in 2024, this exceeded our target. Our teams achieved FDA clearances for 4 panels for use for the syndromic testing system during 2024. Now we have the full menu for the very important US market with panels covering the detection of many respiratory, gastrointestinal and meningitis/encephalitis conditions.

其次，我們的投資組合都達到了關鍵的里程碑，使我們的公司能夠實現穩健的獲利成長，邁向我們的『28』目標。首先，QIAstat Diagnostics 取得了非常非常穩健的業績，第四季度實現了 '25 CER 成長，2024 年將安裝超過 660 個新系統，這超出了我們的目標。我們的團隊於 2024 年獲得了 FDA 批准，可使用 4 個面板進行綜合測試系統。現在我們為非常重要的美國市場提供了全套產品，其中的檢測涵蓋了許多呼吸道、胃腸道和腦膜炎/腦炎疾病。

Second, QuantiFERON, the gold standard test for latent tuberculosis delivered 14% growth in Q4 and 11% CER growth for the year on gains in all regions, and this underscores the increasing adoption of this solution worldwide. We continue to see ample room for QuantiFERON to grow given that only about 40% of the global latent TB testing market is converted to blood-based testing. So we continue and execute on a clear strategy to drive further conversion.

其次，潛伏性結核病的黃金標準檢測 QuantiFERON 在第四季度實現了 14% 的增長，全年 CER 增長率為 11%，所有地區均實現了增長，這凸顯了該解決方案在世界範圍內的廣泛應用。鑑於全球潛伏性結核病檢測市場僅有約 40% 轉化為血液檢測，我們仍認為 QuantiFERON 有足夠的成長空間。因此，我們將繼續執行明確的策略來推動進一步的轉變。

For our listener in the US, for example, the recent tuberculosis outbreak in Kansas reminds us that this is a global epidemic, also impacting the most developed countries. To put this in context, the Kansas outbreak is the largest documented case of this potentially fatal bacterial disease since the CDC began counting cases in the 50s. Once again, this shows that tuberculosis might be silent but it's everywhere.

例如，對於我們在美國聽眾來說，最近堪薩斯州爆發的肺結核疫情提醒我們，這是一場全球流行病，也影響最發達國家。具體來說，堪薩斯州的疫情是自 1950 年代美國疾病管制與預防中心開始統計病例以來，有史以來這種可能致命的細菌性疾病的最大病例。這再次表明，結核病雖然無聲無息，但無處不在。

Three, moving to digital PCR. Our teams expanded the capabilities of the QIAcuity system with the launch of our QIAcuity Diagnostic for clinical use. Here, we are focusing on oncology and infectious disease applications, while also building on greater utilization over the 2,700 cumulative QIAcuity placement since launch.

三、轉向數位PCR。我們的團隊透過推出用於臨床的 QIAcuity Diagnostic 擴展了 QIAcuity 系統的功能。在這裡，我們專注於腫瘤學和傳染病應用，同時也在自推出以來累積 2,700 個 QIAcuity 應用的基礎上進一步提高利用率。

Fourth, in our Sample technologies portfolio, we achieved a significant milestone with over 1,000 cumulative placements of our new EZ2 Connect automated sample preparation instrument. We continue leading in automated sample processes as we capture opportunities in high-growth areas like liquid biopsy, minimal residual disease or microbiome as well.

第四，在我們的樣品技術組合中，我們新的 EZ2 Connect 自動樣品製備儀器的累積安裝量超過 1,000 次，取得了重要的里程碑。我們抓住了液體活檢、微小殘留疾病或微生物組等高成長領域的機遇，並繼續在自動化樣本流程中保持領先地位。

Our third key message for today, we continue to make significant improvements in profitability and free cash flow. In Q4 of 2024, our adjusted operating income margin rose by 2.6 percentage points and achieved 30.6% of sales. This was driven by efficiency gains across the business and obviously, the decision to phase out the NeuMoDx system by mid-2025.

我們今天的第三個關鍵訊息是，我們繼續在獲利能力和自由現金流方面取得重大進展。2024年第四季，我們的調整後營業收入利潤率上升了2.6個百分點，達到銷售額的30.6%。這是由整個業務效率的提高所推動的，顯然，還有到 2025 年中期逐步淘汰 NeuMoDx 系統的決定。

For the full year 2024, our adjusted operating income margin came in at 28.7%. We also generated extremely strong free cash flow of $506 million in 2024. This is up 63%, compared to 2023. Those results demonstrate again our ability to deliver growth and improve shareholder returns.

2024 年全年，我們的調整後營業收入利潤率為 28.7%。我們也在 2024 年創造了 5.06 億美元的強勁自由現金流。與 2023 年相比，這一數字增長了 63%。這些結果再次證明了我們實現成長和提高股東回報的能力。

As you have seen recently, early 2025, we completed a new synthetic share repurchase of approximately $300 million, building on the $300 million we already returned to shareholders early 2024. This once again reaffirms our commitment to return at least $1 billion to shareholders by the end of 2028. And that, of course, as we said in New York '24 is absent of significant M&A opportunities.

正如您最近看到的，2025 年初，我們完成了約 3 億美元的新合成股票回購，這是在 2024 年初我們已經向股東返還 3 億美元的基礎上進行的。這再次堅定了我們在 2028 年底前向股東返還至少 10 億美元的承諾。當然，正如我們在《紐約 24 小時》中所說的那樣，缺乏重大的併購機會。

Last, we are focusing on delivering on our 2025 outlook, which is clearly aligned with our path to achieving our 2028 goals. For 2025, we expect net sales to grow by approximately 4% CER. And more important to us, to rise about 5% CER in our core portfolio. This is once again excluding discontinued products like NeuMoDx.

最後，我們專注於實現我們的 2025 年願景，這與我們實現 2028 年目標的道路完全一致。到 2025 年，我們預計淨銷售額將成長約 4% CER。對我們來說更重要的是，讓我們的核心投資組合的 CER 上升約 5%。這再次排除了 NeuMoDx 等停產產品。

Adjusted diluted EPS is expected to be at least at $2.28 CER. Those targets are really backed by our plans to make progress in developing and commercializing our differentiated portfolio. We continue to see significant opportunities ahead for QIAGEN as we target key markets to develop and maintain leadership positions. This is really putting us on the course to achieve our midterm targets for 2028, and they all come down to 7%, 31%, $2 billion and $1 billion.

調整後稀釋每股收益預計至少為 2.28 美元 CER。這些目標確實得到了我們在開發和商業化差異化產品組合方面取得進展的計劃的支持。隨著我們瞄準關鍵市場以發展並保持領導地位，我們繼續看到 QIAGEN 面臨巨大的機會。這確實使我們走上了實現 2028 年中期目標的道路，這些目標分別為 7%、31%、20 億美元和 10 億美元。

A 7% sales CAGR for '24 to '28 from our core business, excluding discontinued product like NeuMoDx. A 31% adjusted operating income margin by 2028 and we are very well on our way to achieving this. The $2 billion of sales from our group of growth pillars, which together already achieved $1.4 billion of sales in 2024, and at least $1 billion in return to shareholders, and we have already completed $600 million of that goal.

2024 年至 2028 年，我們核心業務的銷售額複合年增長率為 7%（不包括 NeuMoDx 等停產產品）。到 2028 年，調整後的營業收入利潤率將達到 31%，我們正在順利實現這一目標。我們的成長支柱組合的銷售額為 20 億美元，到 2024 年，這些支柱合計已實現 14 億美元的銷售額，並至少為股東帶來 10 億美元的回報，其中我們已經完成了 6 億美元的目標。

I would like now to hand over to Roland for a review of our financial results.

現在我想把我們的財務表現交給羅蘭來審查。

Thank you, Thierry. Hello, everyone. Thank you as well from me for joining our call. We are pleased with the results for the fourth quarter and for full year '24. So let me highlight a few key figures.

謝謝你，蒂埃里。大家好。我也感謝您參加我們的電話會議。我們對第四季和24年全年的業績感到滿意。因此，讓我重點介紹幾個關鍵人物。

Sales results for the second half of '24 showed 4% CER total growth, along with 5% CER growth in our core business that excludes discontinued products. And adjusted operating income margin in '24 of 28.7%, representing an increase of 1.8 percentage points from 2023 as we set a goal of at least 150 basis points of margin improvement in '25 to move above 30% for full year.

24年下半年的銷售結果顯示，CER 總成長了 4%，不包括停產產品的核心業務的 CER 成長了 5%。24 年調整後營業利益率為 28.7%，比 2023 年增加 1.8 個百分點，我們設定的目標是 25 年利潤率提高至少 150 個基點，使全年利潤率超過 30%。

A 63% increase in free cash flow for '24 to USD506 million. These results clearly put us on a strong course to deliver our commitments for 2025. And the outlook for '25 is clearly aligned with our '28 targets for solid profitable growth.

'24年的自由現金流增加了63%，達到5.06億美元。這些結果清楚地表明，我們正朝著實現 2025 年承諾的方向邁進。而25年的前景顯然與我們28年實現穩健獲利成長的目標一致。

Let me now give you some additional insights into our results and sales trends from the fourth quarter and for the full year '24. Among the product groups, we saw solid growth in Diagnostic solutions along with single-digit CER gains in PCR and Genomics.

現在，讓我向您提供一些有關我們第四季度和24年全年業績和銷售趨勢的更多見解。在產品組中，我們看到診斷解決方案的穩定成長以及 PCR 和基因組學的 CER 取得個位數成長。

In Sample technologies, sales declined slightly in the fourth quarter '24 as higher demand for consumables used on our instruments and forensic applications was offset by weaker instrument sales. For the full year, the 3% CER decline in Sample tech sales included the last headwinds from the pandemic, and we anticipate a swing to low single-digit CER growth in 2025.

在採樣技術方面，24年第四季的銷售額略有下降，因為我們的儀器和法醫應用上使用的消耗品的需求增加被儀器銷售的疲軟所抵消。就全年而言，樣本技術銷售額的 CER 下降了 3%，其中包括疫情帶來的最後阻力，我們預計 2025 年 CER 成長率將轉為低個位數。

Important to our midterm growth strategy is increasing the use of kits on an increasing installed basis of QIAGEN instruments. We are preparing three important new Sample tech system launches over the next 24 months and this will help to enhance midterm growth.

對於我們的中期成長策略而言，重要的是在不斷增加的 QIAGEN 儀器安裝基礎上增加試劑盒的使用。我們正準備在未來 24 個月內推出三個重要的新 Sample 技術系統，這將有助於促進中期成長。

In Diagnostic solutions, sales grew 10% CER in the fourth quarter and were up 12% CER excluding NeuMoDx. As we mentioned earlier, a key driver was the QuantiFERON TB test delivering 14% CER sales growth in Q4 as we saw solid growth in all regions. QIAstat-Dx grew 25% CER, driven by double-digit growth in both consumables and instrument sales. We surpassed our goal for at least 600 new system placements in '24 reaching over 4,600 cumulative placements since launch.

在診斷解決方案方面，第四季度銷售額按固定匯率計算增長了 10%，不包括 NeuMoDx 則增長了 12%。正如我們之前提到的，一個關鍵的驅動因素是 QuantiFERON TB 測試在第四季度實現了 14% 的 CER 銷售成長，因為我們看到所有地區都實現了穩健的成長。QIAstat-Dx 的 CER 成長了 25%，這得益於耗材和儀器銷售額的兩位數成長。我們超額完成了 24 年至少安裝 600 個新系統的目標，自推出以來累計安裝量已超過 4,600 個。

In the PCR product group, sales grew 3%, led by consumables for QIAcuity digital PCR system. In fact, consumables for use of QIAcuity achieved double-digit CER growth as we added over 100 new assays for use on this system and launched QIAcuityDx version for clinical applications.

在 PCR 產品組，銷售額成長了 3%，其中 QIAcuity 數位 PCR 系統的耗材成長最為顯著。事實上，隨著我們為該系統添加了 100 多種新檢測方法並推出了用於臨床應用的 QIAcuityDx 版本，QIAcuity 使用的消耗品實現了兩位數的 CER 成長。

Like others, we continue to see cautious spending by customers on new instruments. We continue to have confidence in the midterm growth opportunities given the advantages of digital PCR over the predecessor generation of PCR and next-generation sequencing.

與其他人一樣，我們繼續看到客戶在購買新儀器時保持謹慎。鑑於數位 PCR 相對於上一代 PCR 和下一代定序的優勢，我們仍然對中期成長機會充滿信心。

In the Genomics/NGS product group, sales grew 2% CER in the fourth quarter, supported by growth in the QIAGEN Digital Insight business as well as gains in sales of universal consumables used on the third-party NGS systems. The performance in QDI was driven by growth in the clinical portfolio, and this more than offset a modest decline in the discovery portfolio.

在基因組學/NGS產品組中，第四季度銷售額按固定匯率增長了2%，這得益於QIAGEN Digital Insight業務的增長以及第三方NGS系統上使用的通用耗材銷售額的增長。QDI 的表現得益於臨床投資組合的成長，足以抵消發現投資組合的輕微下滑。

As we have noted during the year, the results for QDI in '24 were adversely impacted by the ongoing transition to a SaaS, Software-as-a-Service subscription model, particularly in the pharmaceutical sector for long-term licensing agreements. We see this transition continuing during '25 as we work through converting the remaining licensing agreements into the SaaS model.

正如我們在今年所指出的那樣，QDI '24 年的業績受到向 SaaS（軟體即服務）訂閱模式的持續轉型的不利影響，特別是在製藥領域的長期授權協議。我們看到這種轉變將在25年繼續，因為我們正在努力將剩餘的授權協議轉換為SaaS模式。

Taking a look at our pillars as a group, and these are QIAcuity, QIAstat-Dx, QDI, Sample technologies in QuantiFERON, these delivered combined sales of USD1.39 billion in '24. This in aggregate was 99.3% of our target for the year. So we are moving in the right direction towards our goal for at least $2 billion from our growth pillars in '28.

將我們的支柱業務視為一個整體，其中包括 QIAcuity、QIAstat-Dx、QDI、QuantiFERON 中的採樣技術，它們在 24 年的總銷售額達 13.9 億美元。總體而言，這已達到我們今年目標的 99.3%。因此，我們正朝著正確的方向前進，實現2028年至少從成長支柱中獲得20億美元的目標。

Let's now move to results for the regions where we are sharpening our commercial concentration with specialized and empowered teams focused on the Americas, EMEA and Asia Pacific, Japan. In the Europe, Middle East, Africa region, sales rose 4% CER. The top-performing countries included France, Italy, Spain and Switzerland, and also in countries like Saudi Arabia and the United Arab Emirates.

現在讓我們來看看各個地區的業績，我們正在透過專注於美洲、歐洲、中東和非洲地區以及亞太地區和日本的專業和授權團隊來加強我們的商業集中。在歐洲、中東、非洲地區，銷售額以固定匯率上漲 4%。表現最好的國家包括法國、義大利、西班牙和瑞士，還有沙烏地阿拉伯和阿拉伯聯合大公國等國家。

In the Americas, sales rose 5% CER over the fourth quarter of '23, with solid growth in the key markets of the regions in the United States, Canada, Brazil and Mexico. In the Asia Pacific, Japan region, sales were down 5% CER in the fourth quarter, and this was slightly better than the full year decline of 7% CER.

在美洲，銷售額較23年第四季以固定匯率成長5%，其中美國、加拿大、巴西和墨西哥等地區的主要市場實現穩健成長。在亞太、日本地區，第四季銷售額按固定匯率下降 5%，略優於全年 7% 的降幅。

China sales declined at a low teens CER rate for the fourth quarter over the year ago period, and this mirrored the decline for the year. We continue to take a cautious view on predicting a path to market recovery in China, which is moving to less than 5% of total sales in '25.

與去年同期相比，第四季度中國銷售額以 CER 率下降了 10% 左右，與全年的下降趨勢一致。我們對中國市場復甦路徑的預測仍持謹慎態度，中國市場在25年的總銷售額中佔比將不足5%。

Let's now review the rest of the income statement for the fourth quarter. As I mentioned earlier, adjusted operating income rose 12% to USD159 million. As a result, the adjusted operating income margin improved by 2.6 percentage points to 30.6% over the fourth quarter of 2023. These results underscore our commitment to solid profitable growth as we look for additional operating margin gains in '25, and we could reach our 31% target earlier than '28.

現在讓我們回顧一下第四季的其餘損益表。正如我之前提到的，調整後的營業收入成長 12% 至 1.59 億美元。因此，調整後的營業收入利潤率比 2023 年第四季提高了 2.6 個百分點，達到 30.6%。這些結果強調了我們對穩健獲利成長的承諾，我們期待在25年實現額外的營業利潤率成長，並且我們可能比28年更早實現31％的目標。

The adjusted gross margin improved to 67.1% of sales from 65.7% in Q4 '23, an increase of 1.4 percentage points and the key driver for the overall gain in adjusted operating income margin. A big contributor was again QIAstat-Dx, a trend we saw during '24. This product had a favorable impact on the consumable product mix, and we also had benefits from higher production capacity utilization.

調整後的毛利率從 23 年第四季的 65.7% 提高至 67.1%，增加了 1.4 個百分點，成為調整後營業利潤率整體成長的主要驅動力。其中一個重要貢獻者是 QIAstat-Dx，這是我們在 24 年看到的趨勢。該產品對消耗品產品結構產生了有利的影響，我們也受益於更高的生產能力利用率。

Additional contributions came from the Sample technologies consumables business and QIAcuity Digital PCR. We also saw here some benefits from the decision to discontinue NeuMoDx and more benefits are to come in '25.

其他貢獻來自 Sample technologies 耗材業務和 QIAcuity Digital PCR。我們也看到了停止 NeuMoDx 決定帶來的一些好處，而 25 年還會有更多好處。

R&D investments were 9.3% of sales, up slightly from 9% in the fourth quarter '23. We have generated benefits from the NeuMoDx decision while ramping up programs in other areas. Our target remains for R&D investments at about 9% to 10% of sales. Sales and marketing expenses declined about 1.2 percentage points to 21.8% of sales. Here, we saw the benefits of our efficiency programs while increasing our digitalization initiatives with over 60% of sales currently going through digital channels.

研發投資佔銷售額的 9.3%，略高於 23 年第四季的 9%。我們從 NeuMoDx 的決定中獲益，同時加強了其他領域的專案。我們的目標仍然是將研發投入維持在銷售額的 9% 到 10% 左右。銷售及行銷費用下降約1.2個百分點，至銷售額的21.8%。在這裡，我們看到了效率計劃帶來的好處，同時我們加大了數位化力度，目前超過 60% 的銷售額是透過數位管道進行的。

General and administrative expenses declined to 5.3% of sales from 5.6% in Q4 '23 as we maintain a high level of IT and cybersecurity investments combined with efficiency gains. Regarding the restructuring for NeuMoDx and related projects, we incurred about $21 million of the charges in the fourth quarter in line with our target for about $20 million to $25 million for this period.

由於我們保持高水準的 IT 和網路安全投資並提高效率，一般和行政費用從 23 年第四季的銷售額的 5.6% 下降至 5.3%。關於 NeuMoDx 和相關項目的重組，我們在第四季度發生了約 2,100 萬美元的費用，符合我們在此期間約 2,000 萬至 2,500 萬美元的目標。

Some remaining charges may come in the first half of '25 as we complete the program in line with the target for about $400 million of charges in total and while we noted that the vast majority were non-cash items. As we also said, about $100 million are expected to be cash charges, of which we incurred $30 million and expect about $70 million in '25.

一些剩餘的費用可能會在25年上半年出現，因為我們將按照目標完成該計劃，總計約4億美元的費用，同時我們注意到絕大多數都是非現金項目。正如我們所說，預計約有 1 億美元為現金費用，其中我們已發生 3,000 萬美元，預計 25 年將發生約 7,000 萬美元。

For the full year, the adjusted operating income margin was 28.7%, an increase of 1.8 percentage points from 26.9% in '23. Here again, we have reinvested some of the benefits from our efficiency programs into targeted growth opportunities while also seeing initial contributions from the decision to discontinue NeuMoDx.

全年調整後營業收入利潤率為28.7%，較23年的26.9%增加1.8個百分點。在這裡，我們再次將效率計畫的部分收益重新投資到有針對性的成長機會中，同時也看到了停止 NeuMoDx 的決定所帶來的初步貢獻。

As for the adjusted EPS, the results for the fourth quarter of '24 were $0.61 and also $0.61 at constant exchange rates. This was ahead of our target for at least $0.60 at CER. In fact, we were able to steadily increase our outlook during the course of '24, and we achieved $2.20 at CER compared to the initial target at $2.10 CER.

至於調整後的每股盈餘，24年第四季的結果為0.61美元，以固定匯率計算也為0.61美元。這至少高於我們 CER 0.60 美元的目標。事實上，我們在 24 年間穩步提升了我們的預期，實現了 2.20 美元的 CER，而最初的目標是 2.10 美元 CER。

Turning to cash flow. We delivered strong improvements during the course of '24. Operating cash flow rose 47% to USD674 million from USD459 million in '23, mainly due to reduced working capital requirements. We achieved this growth even after absorbing payments related to the restructuring decisions announced in '24.

轉向現金流。我們在 24 年間取得了長足的進步。營運現金流從 23 年的 4.59 億美元增加 47% 至 6.74 億美元，主要由於營運資金需求減少。即使在吸收了與24年宣布的重組決定相關的支出之後，我們仍然實現了這一增長。

We saw a steady improvement in working capital during the course of the year. This fell by about $282 million in '24 to 5.6% of total assets at the end of '24 compared to 9.8% at the end of '23. Accounts receivables trends are also contributed to the improved cash flow and stood at 55.6 days at the end of '24. Another contribution factor was a reduction in inventories, which decreased to 193 days at the end of '24 from 214 days at the end of '23.

我們看到，在這一年中，營運資金穩定改善。2024 年，這一數字下降了約 2.82 億美元，至 2024 年底總資產的 5.6%，而 2023 年底這一比例為 9.8%。應收帳款趨勢也促進了現金流的改善，截至 24 年底為 55.6 天。另一個因素是庫存減少，庫存從23年底的214天減少到24年底的193天。

Free cash flow rose at an even faster pace than operating cash flow, increased 63% to $506 million for the year over '23. This is particularly impressive, given the higher level of CapEx spending in '24 over the year ago period and mainly due to the upgrade of our SAP system. So we are very pleased with the solid cash flow results for '24 and are looking forward to another year of solid results in '25.

自由現金流的成長速度甚至超過了營運現金流，較23年成長了63%，達到5.06億美元。這是尤其令人印象深刻的，因為'24年的資本支出水準高於去年同期，這主要歸功於我們的SAP系統的升級。因此，我們對 24 年穩健的現金流結果非常滿意，並期待 25 年再次取得穩健的表現。

With that, I would like to hand back to Thierry.

說完這些，我想把麥克風交還給蒂埃里。

Thanks a lot, Roland. And Let's spend some time to discuss a bit on progresses our teams have made across the overall QIAGEN portfolio of products.

非常感謝，羅蘭。讓我們花點時間討論一下我們的團隊在整個 QIAGEN 產品組合中取得的進展。

Starting first with Sample technology, as we have highlighted at the beginning of this call, QIAGEN has surpassed over 1,000 placements of the EZ2 Connect sample preparation instrument. This system EZ2 Connect is unlocking new possibilities across diagnostic Genomics, cancer research, epidemiology and forensics as well.

正如我們在本次電話會議開始時所強調的那樣，從樣品技術開始，QIAGEN 的 EZ2 Connect 樣品製備儀器的部署已經超過 1,000 個。該系統 EZ2 Connect 為診斷基因組學、癌症研究、流行病學和法醫學領域開闢了新的可能性。

As we continue to drive laboratory automation, we placed more than 1,800 sample prep instruments in 2024. And as Roland said, looking ahead, we are planning to launch three new sample prep system by the end of 2026.

隨著我們繼續推動實驗室自動化，我們在 2024 年安裝了 1,800 多台樣品製備儀器。正如羅蘭所說，展望未來，我們計劃在 2026 年底推出三個新的樣品製備系統。

We are also strengthening our microbiome and liquid biopsy consumable capabilities with the launch of two new sample kits. Those advancements are opening up new frontiers for precision medicine and are further cementing our leadership in automated sample prep market.

我們也透過推出兩種新的樣本套件來增強我們的微生物組和液體活檢耗材能力。這些進步為精準醫療開闢了新的領域，並進一步鞏固了我們在自動化樣品製備市場的領導地位。

Moving to QuantiFERON, the market-leading test for latent tuberculosis detection. We said before, tuberculosis is still on the rise, not just in Kansas, not just in other areas of the US, not just in Europe but across the entire world.

轉向 QuantiFERON，這是市場領先的潛伏性結核病檢測測試。我們之前說過，結核病仍然在增加，不僅在堪薩斯州，不僅在美國其他地區，不僅在歐洲，而是在全世界。

Despite global progress, one in four people in the world carries latent tuberculosis, and skin test, an antiquated solution still account for 60% of testing, creating a significant market conversion opportunity for QuantiFERON. At QIAGEN, we continue to be committed to expanding access to testing as part of the global effort to end the tuberculosis epidemic by 2035.

儘管全球都在不斷進步，但全球仍有四分之一的人攜帶潛伏性結核病，而皮膚試驗這種過時的解決方案仍然占到檢測的60%，這為 QuantiFERON 創造了巨大的市場轉換機會。在 QIAGEN，我們將繼續致力於擴大檢測管道，作為到 2035 年消滅結核病流行的全球努力的一部分。

As an example, in 2024, we expanded screening awareness through our partnership with the International Panel Physicians Association in the US, which is critical for setting immigration screening standards. Additionally, we secured new American guidelines, allowing for the use of QuantiFERON in testing children of all ages and this expanded our potential growth of patients for conversion from the skin test.

例如，2024年，我們透過與美國國際小組醫生協會的合作擴大了篩檢意識，這對於制定移民篩檢標準至關重要。此外，我們獲得了新的美國指導方針，允許使用 QuantiFERON 對所有年齡層的兒童進行檢測，這擴大了我們皮膚測試轉換患者的潛在增長。

Beyond latent TB, we are still preparing to launch the Lyme disease test in partnership with DiaSorin. We continue to invest in a QIAreach QuantiFERON solution for emerging markets.

除了潛伏性結核病檢測外，我們也正在準備與 DiaSorin 合作推出萊姆病檢測。我們將繼續投資針對新興市場的 QIAreach QuantiFERON 解決方案。

Turning now to QIAstat, our syndromic testing solution that continues to expand its impact globally. As you have seen, we recently received FDA clearance for the QIAstat GI, Gastrointestinal Panel Mini B&V, and the B&V here means testing for bacterial and viral conditions. This mini panel is designed to support outpatient diagnostic for five common bacterial and viral infections.

現在來談談 QIAstat，我們的全面測試解決方案正在繼續擴大其全球影響力。正如您所看到的，我們最近獲得了 FDA 對 QIAstat GI（Gastrointestinal Panel Mini B&V）的批准，這裡的 B&V 指的是細菌和病毒狀況的檢測。此迷你面板旨在支援五種常見細菌和病毒感染的門診診斷。

Another test for GI that will this time focus on five bacterial conditions has been submitted and is awaiting FDA clearance. Those developments in 2025 built on a strong year for QIAstat with four syndromic panels receiving FDA clearance in 2024.

另一項針對胃腸道的檢測已經提交，正在等待 FDA 批准，該檢測將重點放在五種細菌狀況。2025 年的發展建立在 QIAstat 強勁成長的基礎之上，2024 年 QIAstat 的四個綜合徵檢測小組獲得了 FDA 批准。

We are now offering a very comprehensive US test portfolio for respiratory GI meningitis conditions. This really marks another significant milestone as we continue to expand the footprint of QIAstat on the syndromic testing market. As you have seen last year, beyond infectious disease is diagnostic, we also advance companion diagnostic, securing partnership with Eli Lilly in Alzheimer's disease or AstraZeneca in chronic diseases.

我們現在提供針對呼吸道胃腸道腦膜炎病症的非常全面的美國測試組合。隨著我們繼續擴大 QIAstat 在綜合檢測市場的影響力，這確實標誌著另一個重要的里程碑。正如您去年看到的，除了傳染病診斷之外，我們還推進了伴隨診斷，並與禮來公司在阿茲海默症領域建立合作夥伴關係，或與阿斯特捷利康在慢性病領域建立合作夥伴關係。

Looking ahead in 2025 and beyond, the focus remains for QIAstat on expanding the portfolio, the menu and therefore, the market reach. We, therefore, plan to introduce a new QIAstat panel in Europe for blood culture testing, including pathogens that can cause sepsis.

展望 2025 年及以後，QIAstat 的重點仍是擴大產品組合、菜單以及市場範圍。因此，我們計劃在歐洲推出新的 QIAstat 面板用於血液培養測試，其中包括可導致敗血症的病原體。

In the US in 2025, we do plan to complete two submissions. The GI Mini Panel I just talked about, and again, the blood culture panel testing among other pathogen for some that are causing sepsis. At the same time, our team all over the world continue to work on our current installed base of more than 4,600 system and still the majority of those systems are outside of the America.

2025 年，我們確實計劃在美國完成兩次提交。我剛才談到了胃腸道微型檢測組，以及血液培養檢測組，它們可以檢測其他病原體，找出導致敗血症的病原體。同時，我們遍佈全球的團隊持續致力於目前已安裝的超過 4,600 個系統，其中大多數系統仍位於美國以外。

Meanwhile, we are advancing our high-throughput strategy with the QIAstat Rise system. After a successful launch in Europe in 2022, we are now preparing for the launch of this solution in the US, positioning us to enter the high-throughput market and, therefore, drive further adoption of syndromic testing.

同時，我們正在利用 QIAstat Rise 系統來推進我們的高通量策略。繼 2022 年在歐洲成功推出後，我們目前正準備在美國推出該解決方案，以進入高通量市場，從而進一步推動綜合檢測的普及。

Moving now to QIAcuity, our digital PCR platform, which continues to push the boundaries of precision and performance. In the fourth quarter of 2024, we took a very significant step forward by expanding QIAcuity's multiplexing capabilities from 5 to 12 targets per sample. This is extremely important in helping our customers to advance the use of application in translational research, microbiome analysis, pathogen detection or cell and gene therapies. QIAcuity adoption continues to accelerate, and we increasingly believe in the midterm potential of this breakthrough digital PCR system.

現在轉向我們的數位 PCR 平台 QIAcuity，它不斷突破精度和性能的界限。2024 年第四季度，我們邁出了非常重要的一步，將 QIAcuity 的多路復用能力從每個樣本 5 個目標擴展到 12 個目標。這對於幫助我們的客戶推進轉化研究、微生物組分析、病原體檢測或細胞和基因治療的應用極為重要。QIAcuity 的採用持續加速，我們越來越相信這款突破性數位 PCR 系統的中期潛力。

As you have seen, in 2024, we have also launched our QIAcuity Diagnostic, bringing digital PCR into the clinical world. And we also expanded our assay menu by introducing over more than 100 new digital PCR assays. Looking ahead, we plan to expand the menu with at least again 100 additional assays in 2025. We are now focusing on cell and gene therapy and pathogen research.

正如您所看到的，2024 年，我們還推出了 QIAcuity Diagnostic，將數位 PCR 引入臨床領域。我們還擴大了檢測菜單，引入了 100 多種新的數位 PCR 檢測方法。展望未來，我們計劃在 2025 年擴大菜單，至少再增加 100 種檢測方法。我們現在專注於細胞和基因治療以及病原體研究。

Closing with QDI, QIAGEN Digital Insight. Our bioinformatics business continued to enhance the power of next-generation sequencing data. In 2024, we enhanced our AI-driven bioinformatics with a new AI extension for ingenuity pathway analysis that is designed to streamline complex molecular analysis.

最後以 QDI、QIAGEN Digital Insight 結束。我們的生物資訊業務持續增強下一代定序資料的功能。2024 年，我們透過新的 AI 擴展增強了我們的 AI 驅動的生物資訊學，以實現獨創性通路分析，旨在簡化複雜的分子分析。

We also strengthened our role in clinical Genomics through, for example, our collaboration with Genomics England on the generation study. Here, we are supporting at the scale of an entire country the analysis and interpretation of more than 100,000 newborn genomes to screen for more than 200 genetic conditions.

我們也透過與 Genomics England 合作進行代際研究等方式加強了我們在臨床基因組學領域的作用。在這裡，我們在整個國家範圍內支持超過100,000個新生兒基因組的分析和解釋，以篩選超過200種遺傳疾病。

In 2024 -- 2025 for QDI, we continue to plan to launch new AI-driven application, all part of our plan to expand our portfolio to over 14 AI-enabled solutions by 2028.

對於 QDI 來說，2024 年至 2025 年，我們將繼續計劃推出新的人工智慧驅動的應用程序，這是我們到 2028 年將我們的產品組合擴展到 14 種以上人工智慧解決方案的計劃的一部分。

And now back to Roland for some details on our outlook 2025.

現在回到羅蘭，聽他詳細介紹我們 2025 年的展望。

Thank you, Thierry. Let me now provide more perspectives on our updated outlook for '25 and also for the first quarter.

謝謝你，蒂埃里。現在，讓我就我們對2025年以及第一季的最新展望提供更多觀點。

Our ambition is to generate another year of improved operational profitability as we execute on our commitment to solid profitable growth. We have initiated a full year outlook for '25 for sales growth of about 4% CER, which reflects 5% CER growth in our core business. We are expecting an acceleration over full year '24, where we had a core growth rate of 2% CER.

我們的目標是，在履行穩健獲利成長承諾的同時，再創一年的營運獲利能力提升新紀錄。我們已經制定了25年全年銷售額成長預期，預計將成長約4% CER，這反映了我們核心業務5% CER 的成長。我們預計24年全年核心成長率將加速，達到2% CER。

On adjusted earnings per share, our outlook for '25 is for at least $2.28 at CER. This reflects about 9% CER growth and adjusted EPS to about $2.37 CER, driven by the operational business expansion, which includes about $0.02 of accretion from the share repurchase. On the other hand, external factors present a headwind of approximately $0.05 CER, primarily due to lower adjusted net interest income compared to '24, and an anticipated increase in the adjusted tax rate for '25.

就調整後的每股盈餘而言，我們預計 25 年的 CER 至少為 2.28 美元。這反映了約 9% 的 CER 成長和調整後的 EPS 至約 2.37 美元 CER，這得益於營運業務的擴張，其中包括來自股票回購的約 0.02 美元的增值。另一方面，外部因素帶來約 0.05 美元 CER 的阻力，主要是由於調整後的淨利息收入與 24 年相比有所下降，以及預計 25 年調整後的稅率將會增加。

For the first quarter of '25, we have set an outlook for net sales growth of about 3% CER from sales of $459 million in the first quarter of '24. This translates to a 4% CER growth in the core business. We are taking a balanced view on the challenges and opportunities in the current macro environment. And our target for adjusted earnings per share in the first quarter is for at least $0.50 per share, also at CER saw another good improvement over results of $0.46 in the first quarter of '24.

對於25年第一季，我們預計淨銷售額將比24年第一季的4.59億美元成長約3% (固定匯率)。這意味著核心業務的 CER 成長率為 4%。我們對當前宏觀環境中的挑戰和機會持平衡看法。我們第一季調整後每股盈餘的目標是至少達到 0.50 美元，同時以 CER 計算，與 24 年第一季 0.46 美元的業績相比，也取得了良好的提升。

Let me also provide some perspectives on the currency trends against US dollar. For the full year, we currently expect an adverse impact of sales of about 2 percentage points at about $0.02 to $0.03 on adjusted EPS results, and for the first quarter, we currently expect an adverse impact on sales of about 2 percentage points and about $0.01 on adjusted EPS results.

我也想提供一些關於貨幣兌美元走勢的觀點。對於全年而言，我們目前預計銷售額將對調整後每股收益產生約 2 個百分點的不利影響，約為 0.02 至 0.03 美元；對於第一季度，我們目前預計銷售額將對調整後每股收益產生約 2 個百分點的不利影響，約為 0.01 美元。

I would like now to hand back to Thierry.

現在我想把麥克風交還給蒂埃里。

Thank you, Roland. We are coming at the end of our call and before the Q&A, let me summarize our key messages for today. First, we delivered again a strong performance in Q4 '24, exceeding our outlook for both net sales and adjusted earnings. Once again, those results are positioning our company as one of the fastest-growing company in our industry. Our heavily recurring revenues, making up over 85% of our sales continued to drive growth even in a challenging macro environment with cautious customer spending on instruments.

謝謝你，羅蘭。我們的通話即將結束，在問答環節之前，讓我總結一下我們今天的關鍵訊息。首先，我們在 24 年第四季再次取得了強勁的業績，淨銷售額和調整後收益都超出了我們的預期。這些業績再次使我們公司成為業界發展最快的公司之一。我們的經常性收入占我們銷售額的 85% 以上，即使在充滿挑戰的宏觀環境下，由於客戶對儀器的支出持謹慎態度，我們的經常性收入仍持續推動成長。

We were extremely pleased with a strong contribution from our diagnostic solution led by QuantiFERON and QIAstat-Dx as well by our growth in our PCR and Genomics. Those successes along with FMCC gain, drove a higher adjusted operating income margin of 30.6% and very solid improvement in cash flow generation. For the full year, we achieved our targets for total net sales, operational profitability and product development milestones while delivering another year outstanding cash flow.

我們對 QuantiFERON 和 QIAstat-Dx 主導的診斷​​解決方案的強大貢獻以及 PCR 和基因組學的增長感到非常高興。這些成功加上 FMCC 的成長，推動調整後營業收入利潤率上升至 30.6%，現金流產生也得到了穩定改善。全年，我們實現了總淨銷售額、營運獲利能力和產品開發里程碑的目標，同時又實現了一年的優秀現金流。

QIAGEN continues to deliver. This gives us confidence that we can achieve our goals for 2025 and position QIAGEN for solid profitable growth in the years ahead. We even believe that should our environment become less volatile, this outlook 2025 offers some potential for upside.

QIAGEN 繼續交付。這使我們有信心實現 2025 年的目標，並使 QIAGEN 在未來幾年實現穩健的獲利成長。我們甚至相信，如果我們的環境變得不那麼動盪，2025年的前景將帶來一些上行潛力。

Before ending the call, I would like to let you know that we will be having more virtual deep dive session in '25, highlighting our growth pillar. We received excellent feedback on our inaugural deep dive on the QDI business in December, and we want to continue and keep that format going into 2025.

在結束通話之前，我想讓你們知道，我們將在 25 年舉行更多的虛擬深度探討會議，並專注於我們的成長支柱。我們在 12 月首次深入研究 QDI 業務時收到了非常好的回饋，我們希望繼續將這種方式延續到 2025 年。

With that, thanks a lot and handing back to John and the operator for Q&A session. Thank you.

最後，非常感謝，我們將把話題交還給 John 和接線員，進行問答環節。謝謝。

(Operator Instructions)

（操作員指令）

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

First question on QuantiFERON. Terrific growth there. Are you kind of willing to underwrite double-digit growth this year? And then obviously, you had a key patent win in the German courts earlier this week. Could this effectively block newer entrants from the EU?

關於 QuantiFERON 的第一個問題。那裡的發展令人驚嘆。您是否願意保證今年實現兩位數的成長？顯然，本週早些時候您在德國法庭上贏得了一項重要的專利勝利。此舉能否有效阻止歐盟新進者？

And then the second question is just on QIAcuity and some of the pharma traction, I think with the 12 plex launch, you're maybe taking more share from NGS. Can you just talk a little bit about the sustainability of that? And when you think instruments overall may pick up for QIAcuity, they were a little soft in the quarter?

第二個問題是關於 QIAcuity 和一些製藥行業的吸引力，我認為隨著 12 plex 的推出，您可能會從 NGS 中獲得更多份額。能稍微談談它的可持續性嗎？當您認為 QIAcuity 的儀器可能會在整體上回暖時，它們在本季表現有點疲軟嗎？

Thanks, Tycho, and very quickly, yes, I mean, we are extremely pleased with the double-digit performance of QuantiFERON again on '24. Another example of the performance and positioning of this solution is again a quarter at above $100 million revenues. And therefore, indeed, to your point, we are forecasting a double-digit growth this year as well, low double digit but this is what we want to execute.

謝謝，Tycho，很快，是的，我的意思是，我們對 QuantiFERON 在 24 年再次取得的兩位數表現感到非常滿意。該解決方案的性能和定位的另一個例子是，四分之一的收入超過 1 億美元。因此，確實，正如您所說，我們預測今年也會實現兩位數的成長，雖然是低兩位數，但這就是我們想要實現的。

Now as far as the IP, the recent press release from QIAGEN is just showing that we have a strong IP, and we really want to execute on it. On QIAcuity, we have been saying for the last two years that we believe that this unique solution because of its differentiation, automation and cost of ownership for our customers his position in QIAGEN to become the number 1 in digital PCR.

現在就 IP 而言，QIAGEN 最近發布的新聞稿表明我們擁有強大的 IP，而且我們確實希望能夠實施它。關於 QIAcuity，我們過去兩年一直在說，我們相信這種獨特的解決方案由於其差異化、自動化和對客戶的擁有成本，將在 QIAGEN 中佔據數位 PCR 第一的位置。

The 12 plex solution is helping, like increasing the menu for life science customers is definitely helping, like introducing that solution into the clinical world is also definitely helping. We are really on our way to execute on our target of $250 million revenues for digital PCR by 2028.

12 plex 解決方案是有幫助的，例如增加生命科學客戶的菜單肯定是有幫助的，將解決方案引入臨床領域也肯定是有幫助的。我們正朝著 2028 年實現數位 PCR 收入 2.5 億美元的目標邁進。

Last but not least, Tycho, we acknowledge in full transparency that yes, we were impacted by a softer capital expense context in many labs, especially life science labs. But let's also consider facts, in Q4, QIAGEN has been able to put once again more than 200 digital PCR system on the market. That shows the strength despite that difficult environment of that solution.

最後但並非最不重要的一點是，Tycho，我們完全透明地承認，是的，我們受到許多實驗室，特別是生命科學實驗室的資本支出環境較弱的影響。但我們也要考慮事實，在第四季度，QIAGEN 已經能夠再次將 200 多種數位 PCR 系統推向市場。這表明，儘管環境艱難，但解決方案仍然具有力量。

Michael Ryskin, Bank of America Securities.

美國銀行證券公司的麥可‧里斯金 (Michael Ryskin)。

I'm going to ask both upfront. First is just something you just touched on at the end there in terms of the market conditions in '24, how that impacted QIAcuity. I just want to get a sort of a big picture view, your thoughts on how that trends into 2025. I mean, especially on the instrument side. I know you don't have a lot of exposure there but that's where you saw some of the weakness this past year. Just any early indications or maybe just an update on what your expectations are for that instrument CapEx spending from pharma throughout this year, expectations for improvement or anything like that, that would be helpful.

我將提前詢問這兩個問題。首先，您剛才提到了 24 年的市場狀況以及這對 QIAcuity 有何影響。我只是想了解一下整體情況，了解一下您對 2025 年趨勢的看法。我的意思是，特別是在儀器方面。我知道你在那裡沒有太多的曝光率，但你在那裡看到了過去一年的一些弱點。任何早期跡象，或只是今年全年製藥業資本支出的預期更新，對改進的預期或諸如此類的事情，都會有所幫助。

And then second question would be on the margins, you're talking about over 30% operating margin in 2025, really nice step up. It seems like that's a combination of both NeuMoDx and just efficiency gains. So maybe you could expand on that a little bit. But also you reaffirmed 31% -- greater than 31% in 2028. so you're at 30% in 2025. So just -- is there any reason that it can't be significantly above that? Just seems like you're only giving us 100 bps for the next three years. Just to unpack that a little bit longer-term margin trajectory?

第二個問題是關於利潤率，您說的是 2025 年的營業利潤率將超過 30%，這是一個非常好的進步。這似乎是 NeuMoDx 和效率提升的結合。所以也許你可以稍微擴展一下這一點。但您也重申了 31%——高於 2028 年的 31%。那麼——有什麼理由不能大大高於這個數字呢？看起來你只會在未來三年給我們 100 個基點。只是為了揭示一點長期利潤軌跡？

Those are two fair questions, Michael, and I will let Roland answer on the margin and give you our view on our potential of our upsides there as well. But first on the market condition. Michael, I always repeated the same. We always repeated the same for the last four years. The fundamentals of our markets, both clinical and research or academia are still very solid. For many reasons that we covered in the past, aging population, increasing power of technology, increasing application, microbiome, liquid biopsy, minimal resi disease, the fundamentals of what is really under control of QIAGEN's are very solid.

邁克爾，這是兩個合理的問題，我將讓羅蘭稍微回答一下，並就我們在那裡的潛力給出我們的看法。但首先要討論的是市場狀況。邁克爾，我總是重複同樣的話。過去四年我們總是重複同樣的事情。我們的市場基礎，無論是臨床、研究或學術，仍然非常穩固。由於我們過去討論過的許多原因，人口老化、技術力量的增強、應用的增加、微生物組、液體活檢、微小殘留疾病，QIAGEN 真正控制的基礎非常牢固。

I'm more worried and I'm more concerned by the challenging volatile political or financial environment. And this, what is driving what some of you sometimes are considering like a cautious guidance for 2025. I still believe that achieving 5% growth sales in our core business, excluding NeuMoDx, would be a very solid performance and one of the best of the market.

我更擔心和關注充滿挑戰、動盪的政治或金融環境。這就是你們中的一些人有時正在考慮的對 2025 年做出謹慎指導的原因。我仍然相信，我們的核心業務（不包括 NeuMoDx）實現 5% 的銷售額成長將是一個非常穩健的表現，也是市場上最好的表現之一。

But we have said also in 2024, that yes, we were, like many other companies, impacting by a kind of sluggish capital expense environment in many labs, especially life science. We explained that this was probably driven by the fact that in '24, more than 50% population -- of the population in the world was under election. This always creates uncertainties. Therefore, we said that we see capital expense in labs normalizing progressively, especially starting in H2 of 2025.

但我們也在 2024 年說過，是的，我們和許多其他公司一樣，受到許多實驗室（尤其是生命科學領域）低迷的資本支出環境的影響。我們解釋說，這可能是由於 1924 年，世界上超過 50% 的人口正在接受選舉。這總是會引發不確定性。因此，我們說我們看到實驗室的資本支出將逐步正常化，尤其是從 2025 年下半年開始。

We always said as well, if this is taking more time that might create some delays for QIAGEN, but the fundamentals of the growth are still there. So that's what I can say and I confirm that statement.

我們也總是說，如果這需要更多時間，可能會為 QIAGEN 帶來一些延遲，但成長的基本面仍然存在。這就是我可以說的並且我確認這一說法。

Now moving on the margin and the margin potential. I hand it over to Roland.

現在討論利潤和利潤潛力。我把它交給羅蘭。

Yes. Thank you, Thierry. Michael, yes, as I said before, it's clearly, I think, a strong commitment of QIAGEN to improve profitable growth. And as we said before, it will be -- it was 180 basis points for last year, it will be at least 150 basis points for this year. So clearly going nicely around 300 basis points on a 24-month basis.

是的。謝謝你，蒂埃里。邁克爾，是的，正如我之前所說，我認為這顯然是 QIAGEN 對提高獲利成長的堅定承諾。正如我們之前所說，去年的利率是 180 個基點，今年的利率至少會達到 150 個基點。因此，以 24 個月為基礎，利率顯然會在 300 個基點左右平穩運行。

I think it's important to know, and I think that's for a very valuable question you asked that probably only around 45% of that margin improvement for the two-year period is driven by the NeuMoDx decision. The majority is actually coming from quite a number of efficiency projects we are doing within the company, plus, of course, underlying improvement in gross margin for QIAGEN, which we believe is going to continue.

我認為了解這一點很重要，而且我認為您提出的一個非常有價值的問題，即兩年期間利潤率的提高可能只有約 45% 是由 NeuMoDx 的決定推動的。大部分的成長實際上來自於我們在公司內部進行的大量效率項目，當然還有 QIAGEN 毛利率的潛在提高，我們相信這種提高將會持續下去。

It's also important to realize that we do believe that the margin improvement does not stop in '25. We rather believe that we have a very solid track record and path in front of us to improve margins significantly and beyond that. And if we going down in the revenue growth rate as we plan to do, I do see not any reason that it shouldn't be a double-digit operational profit improvement also beyond '25, and I do think it's even more important as we said before.

同樣重要的是要認識到，我們確實相信利潤率的提高不會在25年停止。我們堅信，我們擁有非常可靠的業績記錄和路徑，可以大幅提高利潤率，甚至超越這個數字。如果我們按照計畫降低營收成長率，我認為沒有理由不在25年後實現兩位數的營運利潤成長，而且正如我們之前所說的，我確實認為這更為重要。

Unfortunately, in '25, some of the external factors are most likely working against that on interest rate and on tax rates. I would consider them rather one-offs for '25, so it should also drop down to EPS starting in '26 and beyond.

不幸的是，在'25年，一些外部因素很可能對利率和稅率產生不利影響。我認為它們是'25年的一次性產品，因此從'26年及以後開始它也應該下降到 EPS。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Maybe I'll just ask the two upfront as well. Maybe first role, maybe it will be for Thierry. On Sample tech, it seems like the guidance is for flattish growth for '25. Can you just talk about what you're seeing there, the moving pieces? Obviously, a large part of the business hasn't been the growthiest recently. So just want to talk through the moving pieces and then the right way to think about that one going forward.

或許我也應該提前問他們兩個。也許是第一個角色，也許是給蒂埃里。就樣本技術而言，似乎預期是 25 年將出現持平的成長。您能談談您在那裡看到的那些移動的東西嗎？顯然，很大一部分業務最近都沒有實現最快的成長。因此，我只想討論一下正在發生的變化，以及未來正確的思考方式。

And then the second would just be around some of the administration changes here. Any implications you guys have seen to start the year, whether it's US academic or on the China side, just it would be helpful to talk through those pieces as you think about '25?

第二個問題與這裡的一些行政變革有關。你們看到了今年年初的任何影響，無論是美國學術還是中國方面，在思考 25 年時討論這些方面會有所幫助嗎？

Thanks, Patrick. And obviously, if Roland wants to chime in, feel free. But on the Sample tech guidance, I will insist on two things, Patrick. Our strategy for the last four years is really to invest into automated sample tech. This is why we are continuing to take market share. This is why we are strengthening our leadership. And if you look at the growth pattern throughout our portfolio, manual automated in 2024, you see that automotive Sample tech is growing in 2024. And this is our bet.

謝謝，派崔克。顯然，如果羅蘭想加入的話，請隨意。但是在樣本技術指導上，我會堅持兩件事，派崔克。我們過去四年的策略實際上是投資自動化樣品技術。這就是我們不斷佔領市場份額的原因。這就是我們加強領導力的原因。如果您觀察我們整個投資組合的成長模式（2024 年的手動自動化），您會發現汽車樣品技術在 2024 年正在成長。這是我們的賭注。

And therefore, we continue to invest into automation. We said today and we confirm that we will be launching three new instruments in the coming two years. At the end of 2025, you will see the succession of the leading Sample tech instrument in the market, which is QIAsymphony. We call it QIAsymphony Connect. Early 2026, we will launch a high throughput automated system, we call it QIAsprint. And around mid-2026, we will launch a very small throughput benchtop one-shot Sample tech system, we call it QIAmini.

因此，我們繼續在自動化方面進行投資。我們今天表示並確認未來兩年內將推出三種新儀器。到 2025 年底，您將看到市場領先的採樣技術儀器 QIAsymphony 的繼任。我們稱之為 QIAsymphony Connect。2026 年初，我們將推出一個高通量自動化系統，我們稱之為 QIAsprint。大約在 2026 年中期，我們將推出一款非常小通量的桌上型一次性樣品技術系統，我們稱之為 QIAmini。

So '25 is a year of transition, stabilization on manual Sample tech, continues growth on automated, and with the launches of the new instrumentation, I believe that we are on our way to execute on the guidance we gave for Sample tech for the 2024-2028 CAGR.

因此，'25 是一個過渡的一年，手動採樣技術趨於穩定，自動化持續增長，隨著新儀器的推出，我相信我們正在執行我們為 2024-2028 年複合年增長率的採樣技術給出的指導。

Moving to the political environment or what you qualified the administration change. I'm really calling for keeping a cool head. We continue to believe that it's too early to judge. We are in the change of an administration. Many of the decisions that have been taken by the Trump administration are classical decision, in a transition, topping some expenses, wait and see, putting in place the new people. It's far too early to say that many budget will be cut forever.

轉向政治環境或您定義的行政變革。我確實呼籲保持冷靜的頭腦。我們仍然認為現在判斷還為時過早。我們正處於政府更替之中。川普政府做出的許多決定都是經典的決定，處於過渡期，增加一些開支，觀望，任命新人。現在說許多預算將永遠被削減還為時過早。

By the way, if you look at the first President Trump's administration, a significant budget like the NIH budget has systematically and every year increased in his first term.

順便說一句，如果你看看川普第一任總統的政府，你會發現像 NIH 預算這樣的重要預算在他的第一個任期內每年都在系統地增加。

China, as you know, QIAGEN has a small or relatively small exposure to China, it's between 5% and 6% of our business. We always said over the last three years, that we do not believe that the Chinese market will bounce back before 2026. We consider China as too big of a market and the potential to be ignored but too specific of the market; and two, let's say, dedicated to local champions to become a focus of investment. We don't believe that this is going to change in 2025. And therefore, in China, we plan on a negative -- slightly negative to flattish growth.

中國，如您所知，QIAGEN 在中國的業務很小或相對較小，占我們業務的 5％ 至 6％。我們過去三年一直說，我們不相信中國市場會在 2026 年之前反彈。我們認為中國市場太大，潛力不容忽視，但又太過特殊；二是致力於培育本土龍頭企業，使其成為投資重點。我們認為，到 2025 年，這種情況也不會改變。因此，在中國，我們計劃實現負增長——略微負增長至持平增長。

Roland, would you like to add something?

羅蘭，你想補充一點嗎？

Yes, probably a bit on the European perspective. As you know, there's clearly also here, I would say, overall, some momentum Germany in a few weeks as an election. But if you go to, for example, here in Germany to the programs of the major parties, there's clearly always quite an innovation focus. So I would assume also once we have here the clarity and again, elections are down to three weeks here. I really do think that some of this wait-and-see alternatives, particularly on the CapEx side, it's not a consumable topic, might rather get into a more supportive environment.

是的，可能有點從歐洲的角度來理解。正如你所知，我想說，總的來說，德國在幾週後的選舉中顯然具有一些勢頭。但如果你去看看德國各主要政黨的綱領，你會發現它們顯然總是非常注重創新。因此，我認為，一旦我們再次明確這一點，選舉時間就會縮短到三週。我確實認為，一些觀望的替代方案，特別是在資本支出方面，這不是一個可消耗的話題，可能會進入一個更有利的環境。

Doug Schenkel, Wolfe Research.

道格‧申克爾（Doug Schenkel），沃爾夫研究公司。

I have two. First, what are your growth assumptions by end market in 2025, essentially, what's embedded into guidance? And then secondly, if market conditions become more challenging, do you have the levers available to protect the 150 basis points of margin expansion that you're targeting? And conversely, if the top line is better than expected, should we expect margins to go higher? Will you let it flow through?

我有兩個。首先，您對 2025 年終端市場的成長假設是什麼？其次，如果市場條件變得更具挑戰性，您是否有足夠的手段來保護您所設定的 150 個基點的利潤率擴大目標？相反，如果營業收入好於預期，我們是否應該預期利潤率會更高？你會讓它流過嗎？

Doug, thanks for the two questions. I think we can take those two questions, the two of us, Roland and I. On the end market, we still believe, as I said five minutes ago that the fundamentals of our market, the diagnostics and the research market are very solid for the reason I explained. I still believe that we are in a recovery process because we are expecting capital sales to accelerate. I said before that I see that in H2 of 2025. And so the market, I think, is bouncing back progressively and seeing a market growth at the moment between 4% to 5%. I think it's a reliable number.

道格，謝謝你提出這兩個問題。我想我們可以回答這兩個問題，我們兩個人，羅蘭和我。我仍然相信我們正處於復甦過程中，因為我們預計資本銷售將加速。我之前說過，我認為在 2025 年下半年就會實現。因此，我認為市場正在逐步反彈，目前市場成長率在 4% 至 5% 之間。我認為這是一個可靠的數字。

If growth happens clearly, as I said before, if our environment, the political financial volatility is getting clarified. I said that our guidance 2025 offers some potential for upside. But we first need to execute on our current guidance for 5% growth core and for $2.28 EPS CER.

如果成長明顯，正如我之前所說，我們的環境、政治金融波動就會變得明朗。我說過，我們 2025 年的預期具有一定的上升潛力。但我們首先需要執行目前 5% 核心成長和 2.28 美元每股盈餘 (CER) 的指導目標。

But Ronald could also expand on the potential for margin expansion depending on the market condition.

但羅納德也可以根據市場狀況擴大利潤率擴大的潛力。

Yes. Doug, I just think the best way to answer your question is actually just referenced what we did in the past, right? And I think if you look backwards, and I know that you're following QIAGEN for quite some time, I think we always had the benefit of our cost structure being quite variable. And therefore, we very typically will always deliver on our profitability goals. And I have no reason to believe that '25 should be different.

是的。道格，我認為回答你的問題的最好方法實際上是參考我們過去所做的事情，對嗎？而且我認為，如果回顧過去，而且我知道您已經關注 QIAGEN 很長一段時間了，您會發現我們始終受益於成本結構相當靈活。因此，我們通常總是能夠實現我們的獲利目標。我沒有理由相信『25年應該有所不同。

But I think it's also important to note the way around. Just look on last year, we started into the year with an EPS guidance of $2.10. We increased it 3x, we ended and finished the year as a $2.20 EPS guidance, while we were still keeping a very high level of R&D investments. I do think that is the way we look at our business.

但我認為注意周圍的環境也很重要。看看去年，我們年初的每股收益預期為 2.10 美元。我們將其增加了 3 倍，年底和年末的每股收益預期為 2.20 美元，同時我們仍然保持著非常高的研發投資水準。我確實認為這就是我們看待業務的方式。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Just thinking a little bit about QIAstat and the portfolio expansion here. Roland or Thierry, I know it's probably tough to compare because you launched the product in this weird post-COVID period that we're in here. But for the higher throughput, QIAstat Rise instruments, how would you compare annualized pull-through for that system in Europe to the mid-throughput system once a customer is up and running.

只是稍微思考了一下 QIAstat 和這裡的投資組合擴充。羅蘭 (Roland) 或蒂埃里 (Thierry)，我知道這可能很難比較，因為你們在我們目前所處的這個奇怪的後疫情時期推出了該產品。但是對於吞吐量更高的 QIAstat Rise 儀器，一旦客戶啟動並運行，您如何比較該系統在歐洲的年化拉動量與中等吞吐量系統。

And I ask just because I'm trying to understand how the consumable stream might change here as the menu has built out. And then the bigger question is, can we think about overall consumables generation on QIAstat moving higher from an annualized pull-through standpoint? Is that something that you think happens as we push towards the end of the year?

我之所以問這個問題，只是因為我想了解選單建置完成後這裡的消耗流可能會發生怎樣的變化。那麼更大的問題是，從年度拉動角度來看，我們是否可以考慮 QIAstat 上的整體消耗品產量會更高？您認為隨著年底的臨近，會發生這樣的事情嗎？

Well, it's a fair question Dan but the way I invite you to think about it is that anytime we think about the QIAstat Rise, when you compare it with a normal QIAstat, it's an equivalent of 8 QIAstat. That's the way you should see it. And I'm not going to give numbers of pull-through because it heavily depends on geographies and condition, but obviously, that help increasing one, obviously, the pull-through per system.

嗯，丹，這是一個公平的問題，但我請你這樣思考：每當我們想到 QIAstat Rise 時，當你將它與普通的 QIAstat 進行比較時，它相當於 8 個 QIAstat。你應該這樣看待它。我不會給出拉通量的數字，因為這在很大程度上取決於地理位置和條件，但顯然，這有助於增加每個系統的拉通量。

And second, obviously, the volume generated on QIAstat consumables and we insist today to show that one of the impact on the improvement also on our operational efficiency is the improvement of the QIAstat cost of goods.

其次，顯然，QIAstat 耗材的產量，以及我們今天堅持表明對我們營運效率的改進的影響之一是 QIAstat 商品成本的改善。

Last but not least, and I will insist on something. Why is QIAstat growing so fast above 20% in '24 after an excellent year in '23? Because it is by far the simplest instrument to use on the market. Between collecting the sample and putting the cartridge on the system, it's less than two minutes time.

最後但同樣重要的一點是，我要堅持一件事。為什麼 QIAstat 在 23 年表現出色之後，24 年的成長速度卻超過 20%？因為它是目前市面上使用最簡單的儀器。從收集樣本到將墨盒放入系統只需不到兩分鐘的時間。

So imagine when you are implementing that efficiency and unique differentiation in higher throughput system and this is why we are confident. Any time we are bringing the rise into high-volume customers, the even more than normal customer see the significant workflow differentiation compared to competition.

想像一下，當您在更高吞吐量系統中實現這種效率和獨特的差異化時，這就是我們充滿信心的原因。任何時候，當我們將業務拓展到大批量客戶時，與競爭對手相比，比普通客戶更多的人會看到明顯的工作流程差異。

Dan Brennan, TD Cowen.

丹布倫南（Dan Brennan），TD Cowen 公司。

Maybe I'll just ask the two right here. Just on dPCR, you obviously called out the weaker instrument trends that were, I guess, the culprit this year for the coming in below plan but you also cited really strong placements. So I'm just -- could you help walk through the 30% type growth that you're expecting for next year? Is that the second half instrument recovery? Is it pull through? Is it clinical? So maybe some color on that.

也許我應該就此問問他們兩個。僅在 dPCR 上，您顯然指出了較弱的儀器趨勢，我猜這是今年低於計劃的罪魁禍首，但您也提到了非常強勁的佈局。所以我只是——您能幫我講一下您預計明年的 30% 的增長嗎？這是下半場的儀器恢復嗎？是拉過來的嗎？這是臨床症狀嗎？因此也許對此有一些了解。

And then just high level, nothing from the new administration on EU import tariffs. But just any way to think about your exposure and to the extent we see a 10% or 20% import tariff, kind of how we think about the impact to QIAGEN?

高層方面，新政府並未對歐盟進口關稅發表任何新言論。但是，無論如何考慮您的風險，以及我們看到 10% 或 20% 的進口關稅的程度，我們如何看待對 QIAGEN 的影響？

Thank you, Dan. So I'm going to start with the digital PCR question, and I will ask Roland also to share the views that we have explained already on the potential tariff decision in the US administration.

謝謝你，丹。因此，我將從數位 PCR 問題開始，同時我還將請羅蘭分享我們已經解釋過的有關美國政府潛在關稅決定的觀點。

First, digital PCR. When you look at 2024, even if we acknowledge that capital sales were a bit weaker, the growth coming from consumables is remarkable. We are way above the double-digit mark for the full year. And therefore, this will continue. And what is fueling this is the progresses we are making every year by either increasing assays or developing new applications, 100 new assays for life science and research in 2024, development of solutions for what we call the BioPharma application or cell and gene therapy.

第一，數位PCR。展望 2024 年，即使我們承認資本銷售略弱，但來自消耗品的成長卻是顯著的。我們的全年業績遠高於兩位數。因此，這種情況將會持續下去。推動這一進程的是我們每年透過增加檢測或開發新應用所取得的進步，到 2024 年，我們將為生命科學和研究提供 100 種新的檢測方法，並開發我們所謂的 BioPharma 應用或細胞和基因治療的解決方案。

We said today that in December, we launched that new increased plexing capabilities from 5 to 12. This is giving you even more opportunities in the pharma world and once again, cell and gene therapies. We are launching now the system into the clinical world with some achievement in oncology and also offering that solution for labs wishing to do LDT, laboratory developed tests. So this is the bulk of our growth.

我們今天表示，12 月，我們推出了新的複合功能，從 5 增加到 12。這將為您在製藥領域以及細胞和基因療法領域提供更多機會。我們現在正在將該系統推向臨床領域，並在腫瘤學方面取得了一些成就，同時也為希望進行 LDT 和實驗室開發測試的實驗室提供解決方案。這是我們成長的主要部分。

Obviously, this will even be strengthened if we see, as we said before, a normalization of capital expenses in labs. But do not forget that in clinical world, this is probably a solution that we will have to place rather than sell. And so indeed, in life science, where we are mostly selling, an acceleration of capital sales in H2 will help us achieving our target.

顯然，如果我們看到實驗室資本支出正常化（如我們之前所說），這種勢頭還會進一步加強。但請不要忘記，在臨床領域，這可能是我們必須放置而不是出售的解決方案。因此，在我們主要進行銷售的生命科學領域，下半年資本銷售的加速將有助於我們實現目標。

Roland, on customers?

羅蘭，顧客呢？

Yes. I do think with the new administration, there is most likely a lot of different impacts, which are discussed, right? And I do think one of the most likely one, which is important for us is actually on the corporate tax side because as we all know, we have a significant footprint in the US, not only roughly around 50% of our revenues here, we have also more or less a majority of our people in the meantime in US. So any reduction in terms of corporate tax rate should be actually beneficial for us, particularly in an environment where we so far rather I have to plan with an increase in tax rate. So I hope that gets done.

是的。我確實認為新政府很可能會帶來很多不同的影響，這些影響我們已經討論過了，對嗎？我確實認為最有可能的問題，對我們來說也是最重要的問題，實際上是在企業稅方面，因為眾所周知，我們在美國佔有重要地位，不僅大約 50% 的收入來自這裡，而且我們的大多數員工都在美國。因此，任何企業稅率的降低實際上對我們來說都是有利的，特別是在我們迄今為止寧願提高稅率的環境下。我希望這能夠完成。

On the other hand, of course, the tariff situation is very unclear but I do think it's important that people differentiate between -- and I know that it's not easy for people who are on the outside, there's a significant difference where you produce and where you create your values, particularly in the industry like health care where you have, for example, IP companies and others that might be sometimes very different.

另一方面，當然，關稅情況仍然非常不明朗，但我確實認為人們需要區分——我知道對於局外人來說這並不容易，生產的地方和創造價值的地方有著顯著的不同，特別是在醫療保健等行業，例如，知識產權公司和其他有時可能非常不同的公司。

So I do think it really comes down to how the tariffs are structured and how things are getting implemented. We do think clearly that we plan a lot of different actions and interactions, but so far, it's hard to get for us.

因此我確實認為這實際上取決於關稅如何構建以及如何實施方案。我們確實想得很清楚，我們計劃了很多不同的行動和互動，但到目前為止，我們很難做到。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Just two quick ones. Thierry, first for you on QDI. What is your expectation in terms of timing to get through that transition to SaaS licenses? And could we see an acceleration in growth in the second half of 2025 and maybe any commentary on the potential exit rate for that business in '25?

只需簡單兩點。蒂埃里，首先向您介紹 QDI。您對完成向 SaaS 許可證過渡的時間有什麼期望？我們是否會看到 2025 年下半年的成長加速，並且對於 25 年該業務的潛在退出率有何評論？

And then Roland, just on the margin expansion target, how are you thinking about the level and phasing of OpEx in '25, assuming R&D sticks around that 9% level. So specifically on SG&A, how should we think about that over the course of the year?

然後羅蘭，僅就利潤率擴大目標而言，假設研發保持在 9% 左右的水平，您如何考慮 25 年的營運支出水平和分階段？那麼具體到銷售、一般和行政費用，我們該如何考慮全年的情況？

Yes, Matt, those are two valid questions. So first on QDI, the first thing is we continue to believe in that market. You remember that we triggered an investment plan dedicated to QDI, more than a year ago, we called it a Golden Gate investment plan. We are still investing in adding marketing capabilities, sales capabilities, product development capabilities. And as I said during this presentation today, AI-enabled solution.

是的，馬特，這兩個問題都很合理。首先關於 QDI，我們首先要繼續相信這個市場。您記得，一年多前我們啟動了一項專門針對 QDI 的投資計劃，我們稱之為金門投資計劃。我們仍在投資增強行銷能力、銷售能力和產品開發能力。正如我今天在演講中所說的那樣，這是一個人工智慧解決方案。

As we have been saying for the last four months, we see the transition to the SaaS business, normalizing progressively starting H2 and impacting really our performance in 2026. And then I believe that this is again high single -- high single-digit market potential -- growth, I'm sorry, potential low double digit.

正如我們過去四個月一直在說的那樣，我們看到了向 SaaS 業務的轉型，從下半年開始逐步正常化，並對我們 2026 年的業績產生真正的影響。然後我相信這再次是一個高個位數的市場潛力成長，對不起，是潛在的低兩位數成長。

Roland need to answer the margin expansion. Yes.

羅蘭需要回答利潤率擴張的問題。是的。

Yes, exactly. Just on the margin expansion I do think it's important to note that we rather expect that we will actually see already quite an increase here in the first quarter compared to normal first quarter. So I wouldn't be surprised if we already see in the first quarter, an EBIT margin north of 28%, and going quickly into the direction maybe even above the 30% already in the second quarter. So it's a very typical allocation H1, H2. So therefore, I would say, something that rather is earlier than you probably would have planned for before.

是的，確實如此。僅就利潤率擴張而言，我認為值得注意的是，我們預計第一季與正常第一季相比實際上會看到相當大的成長。因此，如果我們在第一季看到息稅前利潤率超過 28%，並且在第二季度迅速上升甚至可能超過 30%，我不會感到驚訝。所以這是一個非常典型的分配 H1、H2。因此，我想說，這比你之前計劃的要早。

Casey Woodring, JPMorgan.

摩根大通的凱西‧伍德林 (Casey Woodring)。

I'll just ask two quickly upfront. So on QIAstat, you guys placed more than 660 instruments in '24 following up on more than 700 placed in '23. So can you -- you continue to see strong placement demand post pandemic. Just curious what you expect replacements in '25 there and if gastro and meningitis approvals have unlocked new placement opportunities?

我只想提前快速問兩個問題。因此，在 QIAstat 上，你們在 24 年放置了超過 660 種儀器，而在 23 年則放置了超過 700 種儀器。所以你也可以－你會繼續看到疫情後強勁的安置需求。只是好奇您對 25 年的替代者有何期望，以及胃腸病和腦膜炎的批准是否開啟了新的安置機會？

And then my second one is just can you touch on the reorg going to two functional teams that are centered around product portfolio and innovation and then commercial operations? Just -- what's the rationale there? And what sort of incremental benefits do you expect to see from these moves in the near and longer term?

然後我的第二個問題是，您能否談談重組為兩個以產品組合和創新以及商業運營為中心的職能團隊？只是──那裡的理由是什麼？您預計這些措施在短期和長期內會帶來哪些增量效益？

Thank you, Casey. I think that taking into account my previous comment on always making sure that we are comparing apple-to-apple, now that we are also accelerating the launches of our QIAstat Rise, anytime we put a Rise it's an equivalent at least of 8 units on the normal QIAstat. So take this into account. But if we can be in that rhythm, especially now that we have more menu in the US of more than 600 systems per year, I would be satisfied. It's a good growth trajectory.

謝謝你，凱西。我認為，考慮到我之前關於始終確保我們進行同類比較的評論，現在我們也在加速推出我們的 QIAstat Rise，任何時候我們推出 Rise 都相當於普通 QIAstat 上至少 8 個單位。因此，請考慮到這一點。但如果我們能夠保持這種節奏，特別是現在我們在美國每年有超過 600 個系統的菜單，我會感到滿意。這是一條良好的成長軌跡。

On the reorganization. At QIAGEN, we do not believe that there is a bad or good organization. This company has been organized around business unit for many years, and it served its purpose. We had life science business unit, a clinical diagnostic business unit and the bioinformatics. We are just considering now that the market is changing. Our customers are changing.

關於重組。在 QIAGEN，我們不相信有好或壞的組織。該公司多年來一直以業務部門為中心進行組織，並且已經實現了其目的。我們有生命科學業務部門、臨床診斷業務部門和生物資訊學。我們現在只是考慮市場正在改變。我們的客戶正在發生變化。

In many sites, it's very difficult to define whether the customer is purely a research or it's a clinical. In many, many situations, those are hybrid customers. Therefore, for me, being organized still into business unit was not the right way to answer our customer needs.

在許多站點，很難定義客戶是純粹的研究人員還是臨床研究人員。在很多情況下，這些都是混合客戶。因此，對我來說，仍然按照業務部門進行組織並不是滿足客戶需求的正確方式。

Another example, we said in New York, that beyond addressing needs for life science research and academia or for clinical, what QIAGEN does is building sustainable leading ecosystem that are covering many needs, needs in research, needs in academia, needs in pharma, needs in biotechs, needs in clinical labs also needs in crime investigation for example. This is what we mean by successful, sustainable ecosystem.

另一個例子，我們在紐約說過，除了滿足生命科學研究、學術或臨床的需求之外，QIAGEN 所做的是建立可持續的領先生態系統，涵蓋許多需求，例如研究的需求、學術的需求、製藥的需求、生物技術的需求、臨床實驗室的需求，還有犯罪調查的需求。這就是我們所說的成功、永續的生態系統。

Sample tech is a clear ecosystem. You can give it to an academic club. You can give it to clinical labs. Digital PCR, the importance for digital PCR for QIAGEN is not to waste time thinking should it be a life science or the clinical application. What is important for us is to prove the value of digital PCR, against, for example, qPCR or next-generation sequencing. And therefore, a common investment here makes sense.

樣本技術是一個清晰的生態系統。你可以把它捐給學術俱樂部。您可以將其提供給臨床實驗室。數位 PCR，數位 PCR 對於 QIAGEN 的重要性在於不要浪費時間思考它應該用於生命科學還是臨床應用。對我們來說，重要的是證明數位 PCR 的價值，例如相對於 qPCR 或次世代定序。因此，在這裡進行共同投資是有意義的。

Latent tuberculosis, what is important is to push it beyond just latent tuberculosis. If you look at QIAstat, it was mainly clinical. Now it's becoming also a pharma added value solution because of the companion diagnostic agreement that we signed with AstraZeneca or Eli Lilly. So this is where I invite you to see our priorities. This answer the needs of our customers much better.

潛伏性結核病，重要的是要將其推向超越潛伏性結核病的程度。如果你看一下 QIAstat，它主要是臨床性的。現在，由於我們與阿斯特捷利康和禮來簽署了伴隨診斷協議，它也成為了製藥增值解決方案。因此，我請您了解我們的優先事項。這更好地滿足了我們客戶的需求。

Hugo Solvet, BNP Paribas.

法國巴黎銀行的 Hugo Solvet。

I have a couple of follow-ups. First, on NeuMoDx, Roland, maybe can you give us the numbers -- the sales numbers that you expect for 2025? That will be my first.

我還有一些後續問題。首先，關於 NeuMoDx，羅蘭，您能否給我們一些數字——您預計 2025 年的銷售數字？那將是我的第一次。

On the 2028 targets, that will be second question, can you maybe expand a bit on the levers from incremental margin progression that should drive double-digit growth beyond 2025 and I guess, the trajectory for the gross margin here?

關於 2028 年的目標，這是第二個問題，您能否稍微擴展一下增量利潤率增長的槓桿，以推動 2025 年後實現兩位數的增長，我想，這裡的毛利率軌跡是怎樣的？

Hugo, I'm glad to see that you solve your IT issues, and I will have Roland getting the second question on NeuMoDx, it's very simple. See it like this, by 2025, H2, the second half of the year, there should not be any sales of NeuMoDx, and we expect the maximum revenues of around basically between $8 million to $10 million for 2025.

雨果，我很高興看到你解決了你的 IT 問題，我會讓羅蘭回答有關 NeuMoDx 的第二個問題，這非常簡單。這樣看，到 2025 年下半年，NeuMoDx 應該不會有任何銷售，我們預計 2025 年的最大收入基本上在 800 萬至 1000 萬美元之間。

Roland, on the margin expansion?

羅蘭，關於利潤率的擴大？

Yes. And on the margin expansion, as I said, there's a couple of drivers which are -- I think we are just elaborating even more on that and one which I think is very critical for us is around our IT infrastructure. And it's actually both. It is on the one hand side, our ERP system. As you know, in the middle of integrating our SAP system into the new SAP HANA environment, go from two instances to one global setup. But at the same time, of course, a significant digital infrastructure.

是的。關於利潤率的擴大，正如我所說，有幾個驅動因素——我想我們正在進一步闡述這一點，其中對我們來說非常關鍵的因素是我們的 IT 基礎設施。事實上兩者兼而有之。一方面是我們的 ERP 系統。如您所知，在將我們的 SAP 系統整合到新的 SAP HANA 環境的過程中，從兩個實例轉變為一個全域設定。但同時，當然也需要重要的數位基礎設施。

As you know, we have now roughly about 60% of our revenues coming in, getting more or less handled fully digitalized, and we do believe we can expand on that as well. And of course, that has a significant impact to a company where 85% of the business are very resilient consumable sales because they are very much recurring and having a sales force who rather can focus on lead generation instead of writing monthly reordering for consumables is a big thing for a company like that.

如您所知，現在我們大約 60% 的收入都或多或少地實現了完全數位化處理，而且我們相信我們也可以在這方面取得進展。當然，這對一家 85% 的業務都是非常有彈性的消耗品銷售的公司來說具有重大影響，因為這些銷售是非常經常性的，擁有一支可以專注於潛在客戶開發而不是每月為消耗品寫重新訂購的銷售人員對這樣的公司來說是一件大事。

I think one thing we shouldn't underestimate is actually also the underlying trend for our gross margin improvement because, while I would say, particular last year, the larger part of the margin improvement for the company on the EBIT level came from the operational side, I do think that particular looking forward, a significant incremental contribution comes from the gross margin side.

我認為我們不應該低估的一件事實際上也是我們毛利率改善的潛在趨勢，因為雖然我會說，特別是去年，公司息稅前利潤水平的利潤率改善大部分來自營運方面，但我確實認為，特別是展望未來，顯著的增量貢獻來自毛利率方面。

One has to do with the mix. It's quite obvious that some of the diagnostic products grow faster than the life science products. And typically, you have a somewhat higher gross margin contribution than here.

其中一個與混合有關。很明顯，有些診斷產品的成長速度比生命科學產品更快。通常來說，你的毛利率貢獻會比這裡稍微高一點。

But we also have some extra situations here. Most important for us is the volume growth on QIAstat-Dx. As you know, we clearly are still here not on a margin where we believe we have anyway close to what is a company average. So there is a nice room for us to grow. And that is much more volume growth and utilization stories than anything else.

但這裡我們還遇到了一些額外的情況。對我們來說最重要的是 QIAstat-Dx 的銷售成長。如您所知，我們的利潤率顯然仍未接近公司平均水平。因此，我們有很好的成長空間。這比其他任何事情都更能體現出銷量成長和利用率的故事。

And of course, the portfolio expansion helps here a lot because if you can use the same kind of production lines for just having instead of two product lines, four or five different topics, that makes a significant difference.

當然，產品組合擴展在這裡有很大幫助，因為如果你可以使用相同類型的生產線，而不是兩條產品線，四到五個不同的主題，那將產生顯著的差異。

Another important topic for us that some of our instruments also have increase in gross margin. A good example is, for example, QIAcuity instruments. As you know, we do believe we'll do much better going forward. And that is, for example, one of the instruments, which was a high gross margin contribution. So I would say a lot of piecing adding up, giving us the confidence on overall margin improvement not only on the operational expense side but also with gross margin contributions.

對我們來說另一個重要的課題是我們的某些儀器的毛利率也有所增加。一個很好的例子是 QIAcuity 儀器。如您所知，我們確實相信未來我們會做得更好。例如，這是毛利率貢獻較高的工具之一。所以我想說，很多零散的部分加起來，讓我們對整體利潤率的提高充滿信心，不僅是在營運費用方面，而且還有毛利率的貢獻。

This concludes our question-and-answer session. Please continue with any other points you wish to raise.

我們的問答環節到此結束。請繼續提出您希望提出的任何其他觀點。

Thank you, operator. I'd like to thank all of you for your participation in the call, and please keep in touch and contact Domenica and me if you have any questions. Bye-bye.

謝謝您，接線生。我感謝大家參加此次電話會議，如果您有任何問題，請保持聯繫並與 Domenica 和我聯繫。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，本次電話會議到此結束。感謝您的加入並祝您有愉快的一天。