Qiagen NV (QGEN) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I am Katie, your global [meet] call operator. Welcome, and thank you for joining Qiagen's Q2 2025 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. (Operator Instructions) At this time, I'd like to introduce your host, John Gilardi, Vice President, Head of Corporate Communications at Qiagen. Please go ahead.

女士們、先生們，感謝你們的耐心等待。我是 Katie，您的全球 [會議] 呼叫接線員。歡迎參加 Qiagen 2025 年第二季財報電話會議網路直播，感謝您的參與。（操作說明）請注意，本次通話是應 Qiagen 的要求進行錄音的，錄音內容將在其網站上公佈。（操作員說明）此時，我謹向大家介紹主持人，Qiagen 公司副總裁兼企業傳播主管 John Gilardi。請繼續。

Thank you, operator, and welcome to all of you to our call today for the second quarter of 2025. We appreciate your time and interest in Qiagen.

謝謝接線員，歡迎各位參加我們今天舉行的2025年第二季電話會議。感謝您抽空關注Qiagen。

Joining me 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. Today's call is being webcast live and will be archived in the IR section of our website at www.qiagen.com. A copy of the results press release and the presentation are also available on our website.

今天與我一同出席的有我們的執行長蒂埃里·伯納德和我們的財務長羅蘭·薩克斯。同時加入我們的還有來自我們IR團隊的Domenica Martorana博士。今天的電話會議將進行網路直播，並將存檔於我們網站 www.qiagen.com 的投資者關係板塊。業績新聞稿和簡報的副本也可在我們的網站上找到。

Before we begin, please note that this call will include forward-looking statements. Actual results may differ materially from those projected due to a number of factors outlined in our most recent Form 20-F and other filings with the US Securities and Exchange Commission. We will also refer to certain financial measures not prepared in accordance with US GAAP that provide additional insights into our performance. Reconciliations to the most directly comparable GAAP figures are in the release and presentation. All references to earnings per share refer to diluted EPS. And with that, let me turn over the call to Thierry.

在開始之前，請注意，本次電話會議將包含前瞻性陳述。由於我們在最新的 20-F 表格和向美國證券交易委員會提交的其他文件中列出的許多因素，實際結果可能與預測結果有重大差異。我們也會參考一些並非依照美國通用會計準則編製的財務指標，這些指標可以更深入地了解我們的表現。與最直接可比較的 GAAP 數據的調整表已在新聞稿和簡報中列出。所有提及的每股收益均指稀釋後每股收益。那麼，現在讓我把電話交給蒂埃里。

Thank you, John, and hello, good morning, good afternoon or good evening to everyone around the world. Thanks again for joining us.

謝謝你，約翰。向世界各地的人們問好，早安、下午好或晚上好。再次感謝您的參與。

Qiagen delivered another clean and solid quarter in Q2 of 2025. Indeed, our sales growth is among the highest in the industry. And on top of that, we are increasing our outlook for the year. This performance reflects focused execution and give us confidence to deliver on our upgraded 2025 targets. We are building a solid foundation to deliver more growth in 2026 on our path for solid and profitable growth against our 2028 targets.

Qiagen在2025年第二季再次取得了穩健的表現。事實上，我們的銷售成長率在業界名列前茅。除此之外，我們也提高了今年的業績預期。這項業績反映了我們專注的執行力，也讓我們有信心實現升級後的 2025 年目標。我們正為2028年穩健獲利成長目標奠定堅實基礎，以期在2026年實現更大成長。

So let me walk you through our four key messages for today. First, we exceeded our outlook for Q2 with solid growth and improved profitability. Net sales rose 7% to $534 million with 6% growth at constant exchange rates. Core sales are a more important metric for Qiagen since they exclude discontinued products like NeuMoDx and DIALUNOX. Those sales also grew 6% CER over the same period in 2024.

那麼，讓我帶大家來了解我們今天要傳達的四個關鍵訊息。首先，我們第二季業績超出預期，實現了穩健成長和獲利能力提升。淨銷售額成長7%至5.34億美元，以固定匯率計算成長6%。對 Qiagen 來說，核心銷售額是一個更重要的指標，因為它不包括已停產的產品，例如 NeuMoDx 和 DIALUNOX。2024 年同期，這些銷售額也以固定匯率計算成長了 6%。

Adjusted diluted EPS was $0.60 and $0.62 at CER, ahead of our target and driven by the strong improvements in operational profitability.

經調整後的稀釋每股收益為 0.60 美元，以固定匯率計算為 0.62 美元，高於我們的目標，這主要得益於營運獲利能力的強勁提升。

Second key message, our growth pillars performed strongly. QIAstat grew 41% at CER. This was driven by strong instrument placements that once again, exceeded our quarterly goal of at least 150 systems. We continue to see solid demand across all regions and benefits from our menu expansion initiatives for syndromic testing.

第二個重要訊息是，我們的成長支柱表現強勁。QIAstat 成長了 41%（以固定匯率計算）。這主要得益於強勁的儀器安裝量，再次超過了我們季度至少 150 套系統的目標。我們看到各個地區的需求持續強勁，並且我們從症狀檢測的菜單擴展計劃中受益。

QuantiFERON grew 11% CER supported by solid gains in the Americas but also in EMEA as we maintain momentum in driving conversion of latent TB testing for the traditional skin test. Let us remember that around 60% of the global market still relies on the skin test, and this underscores the significant remaining potential for conversion.

QuantiFERON 固定匯率增長 11%，這得益於美洲地區的穩健增長，以及 EMEA 地區的增長，因為我們保持了推動潛伏性結核病檢測從傳統皮膚試驗向其他檢測方法轉換的勢頭。我們必須記住，全球約 60% 的市場仍然依賴皮膚測試，這凸顯了轉換率仍有巨大的提升空間。

QIAcuity, our digital PCR platform delivered double-digit CER growth and supported by healthy demand for consumables, companion diagnostic deals while instrument placements were slightly below the prior year, reflecting cautious capital spending trends among customers.

我們的數位 PCR 平台 QIAcuity 實現了兩位數的 CER 成長，並得到了耗材和伴隨診斷交易的強勁需求的支持，而儀器的安裝量略低於上一年，反映出客戶謹慎的資本支出趨勢。

Qiagen Digital Insights, our bioinformatics business maintained momentum in a challenging environment. Here, we expect new growth in pulses from the acquisition of Genoox and the Franklin cloud platform for AI-driven interpretation of next-generation sequencing data for clinical labs. And in sample technologies, although total sales were flat against the second quarter of 2024, we saw

在充滿挑戰的環境下，我們的生物資訊學業務 Qiagen Digital Insights 保持了成長勢頭。在這裡，我們期待透過收購 Genoox 和 Franklin 雲端平台，為臨床實驗室提供人工智慧驅動的下一代定序資料解讀，從而實現脈衝訊號的新成長。在樣品技術領域，儘管總銷售額與2024年第二季持平，但我們看到

solid mid-single-digit growth in automated consumables. Our teams are moving ahead to launch three new platforms with first state in late 2025.

自動化耗材實現了穩健的中等個位數成長。我們的團隊正在推動三個新平台的推出，第一個階段將於 2025 年底完成。

Third key message, we have upgraded our full year '25 sales outlook based on the solid start to the year in a complex and volatile macro environment. We now expect 4% to 5% net sales growth at constant exchange rates, up from the previous target for about 4% growth. More importantly, we are now expecting 5% to 6% CER growth in our core portfolio, up from the prior outlook for about 5% growth.

第三個重要訊息是，鑑於今年在複雜多變的宏觀環境下取得的穩健開局，我們上調了 2025 年全年銷售預期。我們現在預計以固定匯率計算，淨銷售額將成長 4% 至 5%，高於先前約 4% 的成長目標。更重要的是，我們現在預計核心投資組合的固定匯率成長率將達到 5% 至 6%，高於先前約 5% 的預期成長率。

We are also confirming the adjusted earnings per share outlook of about $2.35 at CER, which, as you remember, we upgraded in April and represent an increase of $0.07 compared to our initial guidance for the year. So amid this external volatility we remain focused on execution and agility to deliver on our targets and capture the right growth opportunities.

我們還確認了以固定匯率計算的調整後每股收益預期約為 2.35 美元，正如您所知，我們在 4 月上調了這一預期，比我們年初的預期增加了 0.07 美元。因此，儘管外部環境動盪不安，我們仍將專注於執行和靈活應變，以實現我們的目標並抓住正確的成長機會。

And as a fourth point, we have an expanded range of ways to create value for shareholders, customers and all the stakeholders. Following our Annual General Meeting in June, we paid our first ever annual dividend and now have authorization for another synthetic share repurchase of up to $500 million over the coming 18 months.

第四點，我們擁有更廣泛的方式為股東、客戶和所有利害關係人創造價值。在 6 月的年度股東大會之後，我們派發了有史以來的第一筆年度股息，並且現在已獲得授權，在未來 18 個月內再進行高達 5 億美元的合成股票回購。

With about $650 million already returned to shareholders since 2024, we are well on track to reach our goal of returning at least $1 billion to shareholders by the end of '28, absent once again of significant M&A.

自 2024 年以來，我們已經向股東返還了約 6.5 億美元，如果沒有重大併購，我們預計在 2028 年底前實現向股東返還至少 10 億美元的目標。

At the same time, we are continuing to invest organically in the business. Our teams are also actively reviewing value-creating M&A opportunities. Our differentiated portfolio across diagnostics and life sciences is indeed strong and performing well. This is reflected in a strong record of execution and a clear commitment to implementing and executing on our strategy and creating value.

同時，我們也持續對業務進行有機成長投資。我們的團隊也積極評估能夠創造價值的併購機會。我們在診斷和生命科學領域的差異化產品組合確實實力雄厚，表現良好。這體現在我們強大的執行力以及對實施和執行策略、創造價值的堅定承諾。

With that, I will hand it over to Roland for more on the financials.

接下來，我將把發言權交給羅蘭，讓他繼續介紹財務方面的情況。

Thank you, Thierry, and hello, everyone. We delivered strong financial results in the second quarter of 2025. Our profitability continued to improve, supported by disciplined execution and a clear focus on operational efficiencies. Let me take you through the key financial highlights now.

謝謝你，蒂埃里，大家好。我們在2025年第二季取得了強勁的財務表現。在嚴謹的執行和對營運效率的明確關注下，我們的獲利能力持續提高。現在讓我帶您了解主要的財務亮點。

First, we achieved another increase in our adjusted operating income margin. It rose to 29.9% of sales, up 1.5 percentage points from the same quarter last year. This improvement was driven by several factors. First and foremost, the efficiency initiative launched in 2024. This included the decision to discontinue NeuMoDx, which more than offset the adverse impact from currency movements against US dollar and the new tariffs.

首先，我們的調整後營業利潤率再次提高。該比例上升至銷售額的 29.9%，比去年同期成長了 1.5 個百分點。這項進步是由多種因素所推動的。首先，也是最重要的，是2024年啟動的效率提升計畫。這其中包括停止營運 NeuMoDx 的決定，足以抵消貨幣對美元波動和新關稅的不利影響。

Cost discipline across the organization played an important role. We have also maintained our focus on investing in growth and innovation. Based on the solid results for the first half of '25, we are tracking toward an adjusted operating income margin of about 30% for '25. Compared to '23, this would represent about 300 basis points of margin improvement, which underscores the scalability and strength of our operating model.

整個組織的成本控制發揮了重要作用。我們始終專注於投資成長和創新。根據 2025 年上半年的穩健業績，我們預計 2025 年的調整後營業利潤率將達到 30% 左右。與 2023 年相比，這將代表利潤率提高約 300 個基點，凸顯了我們營運模式的可擴展性和優勢。

Second, we delivered strong cash flow in the first half of '25 while absorbing cash payments for the efficiency program and portfolio decisions. Net cash from operating activities was USD 301 million, unchanged from the first half of '24. This reflected the solid business expansion and benefits from tighter working capital management.

其次，我們在 2025 年上半年實現了強勁的現金流，同時吸收了用於提高效率計劃和投資組合決策的現金支出。經營活動產生的淨現金為 3.01 億美元，與 2024 年上半年持平。這反映了公司業務的穩健擴張以及更嚴格的營運資金管理所帶來的益處。

Our balance sheet remains very strong, giving us flexibility to invest in innovation, pursue targeted M&A and continue returning capital to shareholders. This year, we have already returned over $350 million to shareholders through the $300 million share repurchase program in January and the $54 million of dividend paid in July.

我們的資產負債表依然非常強勁，這使我們能夠靈活地投資於創新、進行有針對性的併購並繼續向股東返還資本。今年，我們已透過 1 月份的 3 億美元股票回購計劃和 7 月份支付的 5,400 萬美元股息，向股東返還了超過 3.5 億美元。

Let me now walk you through some additional details on our sales performance in the quarter. Starting with sample technologies. Sales were broadly unchanged from the second quarter of '24. We saw good trends in our focus on automated consumables across several regions. Instrument sales held steady over the year ago period, supported by continued placements of our core platforms. Diagnostic solutions sales rose 11% at constant exchange rates with strong contributions across our regulated products and led by QIAstat-DX sales up 41% CER and QuantiFERON sales rising 11% CER. We also saw another quarter of double-digit revenue growth in companion diagnostic revenues.

現在讓我帶您詳細了解我們本季的銷售業績。從一些典型技術開始。銷售額與 2024 年第二季基本持平。我們在多個地區對自動化耗材的關注中看到了良好的發展趨勢。由於我們核心平台的持續佈局，儀器銷售額與去年同期相比保持穩定。診斷解決方案銷售額按固定匯率計算增長了 11%，受監管產品貢獻強勁，其中 QIAstat-DX 銷售額按固定匯率計算增長了 41%，QuantiFERON 銷售額按固定匯率計算增長了 11%。伴隨診斷收入也連續第二季實現了兩位數的成長。

In PCR and nuclear acid amplification sales grew 3% CER over the year ago period. QIAcuity saw a positive growth rate in consumables, but instrument sales were soft due to cautious customer spending.

PCR 和核酸擴增銷售額年增 3%（以固定匯率計算）。QIAcuity 的耗材業務實現了正成長，但由於客戶支出謹慎，儀器銷售疲軟。

Turning to the genomics and NGS product group. These sales were also stable in the year-over-year period. Hoping the Qiagen Digital Insights bioinformatics business reflected double-digit gains among clinical customers, which absorbed softer trends among research customers that are facing continued funding pressure. We are also working through the shift from the multiyear licenses to SaaS-based subscriptions.

接下來是基因組學和NGS產品組。這些銷售額與上年同期相比也保持穩定。希望 Qiagen Digital Insights 生物資訊學業務能夠反映出臨床客戶兩位數的成長，從而抵消研究客戶因持續面臨資金壓力而呈現的疲軟趨勢。我們目前也正在努力將多年期授權模式轉變為基於 SaaS 的訂閱模式。

Turning to the regions. Sales in the Americas rose 7% CER supported by strong growth in the US and Mexico. In the EMEA region, sales grew 8% CER, led by France and Italy growing at double-digit rates, along with contributions from Germany, Switzerland and the Middle East. The Asia Pacific region declined 4% CER with sales down at the low teens CER rate in China over the same period in '24.

接下來我們來看看各個地區。受美國和墨西哥強勁成長的推動，美洲地區的銷售額以固定匯率計算成長了 7%。在歐洲、中東和非洲地區，銷售額以固定匯率計算成長了 8%，其中法國和義大利實現了兩位數的成長，德國、瑞士和中東也做出了貢獻。亞太地區以固定匯率計算下降了 4%，其中中國銷售額以固定匯率計算下降了 10% 左右，與 2024 年同期相比有所下降。

Moving down the income statement. Adjusted operating income rose a strong 13% to $160 million and led to the adjusted operating income margin improving to 29.9% of sales in Q2 '25 from 28.4% in Q2 '24. On a constant exchange rate basis, the margin rose even more sharply to 30.8% in the '25 quarter. This improvement was driven by a combination of higher sales and ongoing efficiency initiatives. The adjusted gross margin benefited from the quarter with a solid product mix but had to absorb the impact of new tariffs and currency movements and declined to 66.7% from 67.2% in Q2 '24.

從損益表向下看。經調整後的營業收入強勁成長 13% 至 1.6 億美元，使得經調整後的營業利潤率從 2024 年第二季的 28.4% 提高到 2025 年第二季的 29.9%。以固定匯率計算，2025 年第一季利潤率上升幅度更大，達 30.8%。這項改善得益於銷售額的成長和持續的效率提升措施。經調整後的毛利率受益於本季穩健的產品組合，但必須承受新關稅和匯率波動的影響，從 2024 年第二季的 67.2% 下降至 66.7%。

R&D investments were 8.9% in Q2 '25 compared to 9.9% in the year ago period and aligned with a target for about 9% to 10% on an annual basis. Sales and marketing expenses were 22.1% compared to 23.1% in Q2 '24, reflecting efficiency gains while maintaining targeted customer engagement. General and administrative expenses were slightly lower at 5.7% in Q2 '25 compared to 5.8% a year ago. We have good cost discipline while continuing to support strategic IT upgrades.

2025 年第二季研發投資佔 8.9%，去年同期為 9.9%，與年度 9% 至 10% 的目標相符。銷售和行銷費用佔 2024 年第二季的 22.1%，而第二季為 23.1%，這反映出在維持有針對性的客戶互動的同時，效率有所提高。2025 年第二季一般及行政費用佔比略低，為 5.7%，去年同期為 5.8%。我們在維持良好成本控制的同時，也持續支援策略性IT升級。

In terms of adjusted EPS at constant exchange rates, these results were above the outlook and that was even with an adjusted tax rate at 20% against our target for about 19%, which continues to be our '25 goal.

以固定匯率計算的調整後每股收益，這些結果高於預期，即使調整後的稅率為 20%，而我們的目標稅率約為 19%，這仍然是我們 2025 年的目標。

Turning to cash flow. We generated $301 million in operating cash flow during the first half of '25 compared to $300 million in the '24 period. This performance is even more noteworthy given that the '25 results included about $36 million of cash restructuring payments related to our efficiency initiatives and portfolio streamlining actions.

接下來談談現金流。2025 年上半年，我們的營運現金流為 3.01 億美元，而 2024 年同期為 3 億美元。考慮到 2025 年的業績包含了與提高效率和簡化投資組合相關的約 3,600 萬美元現金重組付款，這一業績就更加值得關注了。

Free cash flow was $270 million, slightly below the $225 million in the first half of '24. This reflects higher planned investments into digital initiatives particularly the SAP system upgrade that is now in the implementation phase. We continue to improve our working capital management, thanks to operational discipline. Accounts receivable were unchanged at about 56 days compared to the end of '24 as our teams continue to improve in this area.

自由現金流為 2.7 億美元，略低於 2024 年上半年的 2.25 億美元。這反映出政府計劃增加對數位化措施的投資，特別是目前正在實施階段的 SAP 系統升級。由於嚴格的營運紀律，我們的營運資金管理水準持續提升。與 2024 年底相比，應收帳款週轉天數約為 56 天，保持不變，因為我們的團隊在這個領域持續改進。

At the same time, days of inventory decreased to 159 at the end of the second quarter of '25 compared to 193 days at the end of '24 in light of our efficiency initiatives.

同時，由於我們採取了提高效率的措施，2025 年第二季末的庫存天數從 2024 年末的 193 天減少到 159 天。

As for the cash flow consideration in the second half of '25, keep in mind that the dividend payment was made in July. We also anticipate that about $500 million will be paid out in H2 '25 for the 2024 convertible notes due to a likely early redemption.

至於 2025 年下半年的現金流情況，請記住，股息已於 7 月支付。我們也預計，由於可能提前贖回，2025 年下半年將支付約 5 億美元用於 2024 年到期的可轉換債券。

In light of this topic, we are reviewing attractive non-dilutive refinancing opportunities during the second half of '25. One option under consideration is to issue cash shell convertible notes at favorable terms. As always, any refinancing will be aligned with our disciplined capital allocation strategy. In closing, our strong financial position supports our prudent capital allocation approach. This combines investing in strategic growth initiatives with increasing returns to shareholders. With that, let me hand the call back to Thierry.

有鑑於此，我們正在檢視 2025 年下半年有吸引力的非稀釋性再融資機會。正在考慮的方案之一是以優惠條件發行空殼可轉換債券。與以往一樣，任何再融資都將符合我們嚴格的資本配置策略。總之，我們穩健的財務狀況為我們審慎的資本配置方式提供了支撐。它將對策略性成長計劃的投資與提高股東回報相結合。那麼，我把電話交還給蒂埃里。

So in addition to executing on sales and profitability, we also execute on research and development. So, let's now take a quick look at progresses across our product portfolio, starting with sample technologies where we continue to advance our next wave of automation. We are making indeed steady progress on three new instruments. And I'm very pleased to report that we are perfectly on track, on budget, specification and timing for QIAsymphony Connect, QIAmini and QIAsprint Connect. Those systems are designed to deliver flexible throughput, improve automation and enhance digital connectivity across both clinical and research applications.

因此，除了在銷售和盈利方面取得進展外，我們還在研發方面取得進展。現在，讓我們快速了解我們產品組合的進展情況，首先從我們正在推進下一波自動化浪潮的範例技術開始。我們在三種新儀器的研發方面確實取得了穩定進展。我很高興地報告，QIAsymphony Connect、QIAmini 和 QIAsprint Connect 的進度、預算、規格和時間表都完全符合預期。這些系統旨在提供靈活的吞吐量，提高自動化程度，並增強臨床和研究應用領域的數位連接性。

The first of them, QIAsymphony Connect is on track for a controlled launch towards the end of 2025. This platform strengthens our position in high-value application such as liquid biopsy offering expanded capabilities and improved connectivity. QIAmini and QIAsprint Connect are planned for H1 2026, Together, those platforms will expand our installed base and address a broader range of customer needs with scalable, innovative sample preparation solution. Early field test for QIAsprint Connect and early feedback

其中第一個產品 QIAsymphony Connect 預計將於 2025 年底進行受控發布。該平台透過提供更強大的功能和更完善的連接性，增強了我們在液體活檢等高價值應用領域的地位。QIAmini 和 QIAsprint Connect 預定於 2026 年上半年推出。這兩個平台將共同擴大我們的安裝基礎，並透過可擴展、創新的樣品製備解決方案滿足更廣泛的客戶需求。QIAsprint Connect 的早​​期現場測試和早期回饋

from pharma companies have been extremely successful, and we are seeing strong interest in this high throughput system, reflecting broader customer demand for next-generation automation.

來自製藥公司的案例都取得了巨大的成功，我們看到人們對這種高通量系統表現出了濃厚的興趣，這反映出客戶對下一代自動化技術的廣泛需求。

Second, QIAstat-Dx, our syndromic testing platform has a growing footprint worldwide. As you know, we are now offering a broad menu of FDA-cleared syndromic panels across respiratory, gastrointestinal and meningitis target. This includes three mini panels tailored for outpatient settings, helping to address reimbursement challenges, specifically in North America. The strength of our assay portfolio has driven strong instrument placement. And in the first half of 2025 for example, we placed more QIAstat system in North America than in whole of 2024. With those developments, QIAstat continues to build momentum as a flexible and fast-growing solution in the syndromic testing market.

其次，我們的綜合徵檢測平台 QIAstat-Dx 在全球的影響力正在不斷擴大。如您所知，我們現在提供一系列經 FDA 批准的呼吸道、胃腸道和腦膜炎等綜合症檢測組合。其中包括三個專為門診環境量身定制的小型小組，有助於解決報銷方面的挑戰，尤其是在北美地區。我們強大的檢測產品組合推動了儀器的廣泛應用。例如，在 2025 年上半年，我們在北美安裝的 QIAstat 系統比 2024 年全年安裝的還要多。隨著這些發展，QIAstat 作為綜合徵檢測市場中靈活且快速增長的解決方案，繼續保持發展勢頭。

Turning to QuantiFERON now, where we continue to drive successful conversions for the traditional skin test. I cannot emphasize enough that customers continue to choose the superior solution built on QuantiFERON and the trusted DiaSorin liaison automation system. But we are not being complacent. We continue to strengthen this foundation with seamless lab integration through truly universal automation. We continue to invest and innovate our QuantiFERON test to improve both automation and ease of use. So stay tuned soon, we will be able to share some exciting news on this front.

現在讓我們來看看 QuantiFERON，我們繼續推動傳統皮膚測試的成功轉化。我必須強調，客戶們繼續選擇基於 QuantiFERON 和值得信賴的 DiaSorin 聯絡自動化系統的卓越解決方案。但我們絕不會自滿。我們透過真正通用的自動化技術，不斷加強這項基礎，實現實驗室的無縫整合。我們將繼續投資並創新 QuantiFERON 測試，以提高其自動化程度和易用性。敬請期待，我們很快就會分享這方面的一些令人興奮的消息。

Now to QIAcuity. Our digital PCR platform that continues to expand its presence in oncology resources, especially. As you might have seen, we recently announced new partnerships to develop and deliver multiplex assays optimized for QIAcuity and digital PCR. ID solutions, for example, is supporting assay development for cancer mutation detection in circulating free DNA and FFPE tissue samples.

接下來是QIAcuity。我們的數位 PCR 平台正在不斷擴大其在腫瘤資源領域的影響力，尤其是在腫瘤資源方面。正如您可能已經看到的，我們最近宣布了新的合作夥伴關係，以開發和提供針對 QIAcuity 和數位 PCR 優化的多重檢測。例如，ID solutions 正在支持循環遊離 DNA 和 FFPE 組織樣本中癌症突變檢測的檢測方法開發。

Another partnership, Tracer Biotechnologies is working with us on minimal residual disease tests for solid tumors to support decentralized clinical trials and future companion diagnostics. Third, in addition to that, GENCURIX is developing third-party IVD oncology assays for our QIAcuity diagnostic, including application in both tissue and liquid biopsies. Those partnerships will reinforce QIAcuity's role as a differentiated platform in oncology and will open further opportunities in areas such as transplant medicine, infectious disease and metabolic disorders.

我們與 Tracer Biotechnologies 建立了另一項合作夥伴關係，他們正在與我們合作進行實體瘤微小殘留病灶檢測，以支持分散式臨床試驗和未來的伴隨診斷。第三，除此之外，GENCURIX 正在為我們的 QIAcuity 診斷開發第三方 IVD 腫瘤檢測，包括應用於組織和液體活檢。這些合作關係將鞏固 QIAcuity 作為腫瘤學領域差異化平台的地位，並為移植醫學、傳染病和代謝紊亂等領域開闢更多機會。

If we turn now to precision medicine, where Qiagen continues to strengthen its position as a trusted pharma partner. In June, we announced a global partnership with Incyte to develop a next-generation sequencing base as for detecting CALR gene mutations in patients with a rare type of bone marrow cancer. This test will support Phase III clinical studies. We also began a collaboration with Foresight diagnostic to transition their next-generation sequencing-based CLARITY ctDNA assay for lymphoma. This collaboration will transition this test from a central lab service into a kit for use in clinical trials.

現在我們來談談精準醫療，凱傑公司正不斷鞏固其作為值得信賴的製藥合作夥伴的地位。6 月，我們宣布與 Incyte 建立全球合作夥伴關係，開發下一代定序技術，用於檢測患有罕見骨髓癌患者的 CALR 基因突變。這項測試將為III期臨床試驗提供支援。我們也與 Foresight diagnostic 展開合作，將他們基於下一代定序技術的 CLARITY ctDNA 淋巴瘤檢測方法進行轉換。此次合作將把這項檢測從中心實驗室服務轉變為可用於臨床試驗的試劑盒。

And finally, turning to our bioinformatic activities and Qiagen digital insights. We acquired Genoox in May, adding the Franklin cloud platform to our clinical genomics offering. Used in over 4,000 labs worldwide, Franklin expands our capability in scalable AI- based NGS interpretation and fully complements our QCI suites of solutions.

最後，我們來談談我們的生物資訊活動和 Qiagen 數位洞察。我們在 5 月收購了 Genoox，將 Franklin 雲端平台添加到我們的臨床基因組學產品中。Franklin 已在全球 4,000 多個實驗室中使用，擴展了我們基於可擴展 AI 的 NGS 解讀能力，並完全補充了我們的 QCI 解決方案套件。

Overall, with those developments across our portfolio. We are now targeting about $1.49 billion in aggregated sales from our five pillars of growth in 2025, which represent about 8% growth over the prior year. Based on the results from the first half, we are well on track to achieve this goal. And now back to Roland with the details on our outlook for 2025.

整體而言，這些發展貫穿了我們的整個投資組合。我們現在的目標是到 2025 年，透過我們的五大成長支柱實現約 14.9 億美元的總銷售額，比前一年增長約 8%。根據上半年的成績來看，我們有望實現這個目標。現在請羅蘭為我們詳細介紹一下我們對 2025 年的展望。

Thank you, Thierry. Let me now provide some more perspectives on our outlook for '25 and the third quarter. Our ambition remains clear to deliver another year of solid profitable growth and continued improvement in operational efficiencies. We have upgraded our full year '25 outlook for total net sales to grow about 4% to 5% at constant exchange rates, up from the prior target of 4% growth. More important is that we have also increased our target for growth in our core portfolio that excludes revenues from discontinued products. These core sales are now expected to grow about 5% to 6% CER up from the prior target of 5%.

謝謝你，蒂埃里。現在讓我再就我們對 2025 年和第三季的展望提供一些看法。我們的目標依然明確，在新的一年裡實現穩健的獲利成長，並持續提高營運效率。我們將 2025 年全年淨銷售額預期以固定匯率計算成長約 4% 至 5%，高於先前 4% 的成長目標。更重要的是，我們也提高了核心產品組合的成長目標，而核心產品組合不包括已停產產品的收入。這些核心銷售額預計將比先前設定的 5% 的目標成長 5% 至 6%（以固定匯率計算）。

Let me point out that you will see a stronger difference between total and core sales in the second half of '25, given the discontinuation of NeuMoDx and DIALUNOX in June. So this represents about $20 million of headwind from the sales of these products in the second half of '24 that have been discontinued during the first half of '25.

我要指出的是，鑑於 NeuMoDx 和 DIALUNOX 已於 6 月停產，2025 年下半年總銷售額和核心銷售額之間的差距將會更大。因此，這代表著 2024 年下半年這些產品銷售額因 2025 年上半年停產而造成的約 2,000 萬美元的損失。

On adjusted earnings per share, we continue to expect results of about $2.35 at CER. We are increasing profitability ahead of sales as we see benefits from continuous contributions and efficiencies with a more stable favorable tax rate while also absorbing the impact of new tariffs.

以調整後的每股盈餘計算，我們仍然預期以固定匯率計算的績效約為 2.35 美元。由於持續的貢獻和更穩定、更有利的稅率帶來的效率提升，以及新關稅的影響，我們在提高銷售額之前就提高了獲利能力。

For full year '25, we anticipate tariffs to create a relative headwind of about 90 basis points on the adjusted gross margin as we are continuing to increase our mitigation strategy. We have taken a realistic view on growth for the second half of 25%, just as we did in the first half, reflecting the current macroeconomic environment. At the same time, we continue to see opportunities to deliver results above our targets. For the third quarter of '25, we are targeting at least 4% CER growth in total net sales and a faster rate at least 5% CER growth in the core portfolio.

預計 2025 年全年，關稅將對調整後的毛利率造成約 90 個基點的相對不利影響，因為我們將繼續增加緩解措施。我們對下半年的成長預期保持務實態度，預計為 25%，與上半年一樣，這反映了當前的宏觀經濟環境。同時，我們仍然看到有機會實現超出預期目標的業績。2025 年第三季度，我們的目標是總淨銷售額至少成長 4%（以固定匯率計算），核心產品組合的成長速度更快，至少成長 5%（以固定匯率計算）。

Adjusted EPS is expected to be at least $0.58 at constant exchange rates. As we look at the currency market trends, we expect a positive impact of about 1 percentage point on full year net sales but an adverse impact of about $0.02 on adjusted EPS given the headwinds in the first half of this year. For Q3, Currency is expected to have a positive impact of up to 1 percentage point on net sales, but be neutral on adjusted EPS.

以固定匯率計算，調整後每股盈餘預計至少為 0.58 美元。從貨幣市場趨勢來看，我們預計全年淨銷售額將受到約 1 個百分點的正面影響，但考慮到今年上半年的不利因素，調整後每股盈餘將受到約 0.02 美元的負面影響。第三季度，匯率預計將對淨銷售額產生最多 1 個百分點的正面影響，但對調整後的每股盈餘影響不大。

So in closing, we have now upgraded our initial sales and adjusted EPS targets for '25 and are committed to delivering on these goals as a foundation for further solid profitable growth in 2016 and the coming years. With that, I'll now hand it back to Thierry.

最後，我們已上調了 2025 年的初始銷售額和調整後每股收益目標，並致力於實現這些目標，以此作為 2016 年及未來幾年進一步穩健盈利增長的基礎。這樣，我現在就把它還給蒂埃里。

Thank you, Roland. So we are coming to the end of our presentation. And before your questions, let me briefly summarize the key messages for the second quarter of First, we delivered another solid clean quarter of results that were again above our outlook for both net sales and adjusted earnings. In fact, our sales growth is among the highest in the industry.

謝謝你，羅蘭。我們的演講即將結束。在你們提問之前，讓我先簡單總結一下第二季的主要訊息。首先，我們又實現了穩健的季度業績，淨銷售額和調整後收益均再次超出了我們的預期。事實上，我們的銷售成長率在業界名列前茅。

Second, our growth pillars are driving momentum across our portfolio from diagnostic to life science and across the world, we are addressing critical customer demand in highly attractive and growing market.

其次，我們的成長支柱正在推動我們從診斷到生命科學等各個領域的業務成長，在全球範圍內，我們正在滿足極具吸引力且不斷增長的市場中的關鍵客戶需求。

Third, based on the solid trends in the first half, we have upgraded our full year '25 net sales outlook based on the strong start of the year and we have also confirmed our adjusted EPS target following our increase in April.

第三，基於上半年的穩健趨勢，我們上調了 2025 年全年淨銷售額預期，因為年初開局強勁，並且繼 4 月份上調後，我們也確認了調整後的每股收益目標。

Fourth, we are advancing our capital allocation that balance investments in Qiagen with increasing shareholders' returns. At the same time, we continue to invest organically into the business in terms of innovation, digital infrastructure and targeted M&A deals.

第四，我們正在推進資本配置，以平衡對 Qiagen 的投資與提高股東回報。同時，我們繼續在創新、數位基礎設施和有針對性的併購交易方面對業務進行有機投資。

So in closing, we are moving into the second half of the year from a position of strength. Quarter by quarter, year after year, we are building long-term value for our shareholders, and we still are determined to achieve our ambitions for solid profitable growth. And before ending the call, I want to let you know that we will be having another virtual deep dive session this year, highlighting this time our growth pillar sample technology. We continue to receive excellent feedback on our two previous deep dives on QDI, if you remember last year in December and QuantiFERON, and we want to keep that very accurate short and winning format going. With that, thanks a lot for your attention. And I'd now like to hand back to John and the operator for the Q&A session.

最後，我們以強勁的勢頭進入下半年。我們每季、每年都在為股東創造長期價值，我們仍然決心實現穩健獲利成長的目標。在結束通話之前，我想告訴大家，今年我們將再次舉辦一次虛擬深度研討會，這次將重點放在我們的成長支柱範例技術。我們之前對 QDI 和 QuantiFERON 進行了兩次深入分析，如果您還記得的話，我們持續收到很好的回饋。我們希望繼續保持這種非常準確、簡短且有效的分析形式。非常感謝您的關注。現在我想把鏡頭交還給約翰和接線員，進行問答環節。

(Operator Instructions)

（操作說明）

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

This is Salem Salem on for Luke Sergott. Thanks for taking our question. Just one on the quarterly dynamics. In 3Q, you're lapping a tougher comp compared to the first half, so what's really driving the confidence in the guide from a visibility perspective? And then the 4Q guide seems to step down just a little bit to the 2-ish percent range on a CER growth basis. Anything that is worth calling out there on the perceived deceleration? Or is that sort of a risk-adjusted based on visibility two quarters ahead?

這是塞勒姆塞勒姆為盧克·塞爾戈特報道。感謝您回答我們的問題。僅就季度動態而言。在第三季度，你面對的是比上半季更艱難的競爭，那麼從能見度的角度來看，真正讓你對嚮導充滿信心的是什麼呢？然後，第四季的預期似乎略微下調，以固定匯率計算的成長預期約為 2%。關於這種明顯的減速現象，有什麼值得指出的地方嗎？或者說，這是根據未來兩季的可視性進行風險調整後的預測嗎？

So thanks, Luke. And that's a fair question. First of all, we are coming already from a quite high growth. So obviously, increasing based on that high growth, again, the guidance for the year is quite a performance. Second, we continue to operate in a very volatile environment. I strongly believe that the question of tariff is not completely sold. So it's still volatile. So we remain realistic but also ambitious. Last, do not forget, as Roland started to allude it to that what is interesting to look at, especially in Q4, will be the core growth rate. Because in Q4, especially, you will see that the impact of the discontinuation last year of NeuMoDx and DIALUNOX onto this year is going to become important. Roland, would you have to add something to that?

謝謝你，盧克。這是一個很合理的問題。首先，我們目前的成長速度已經相當快了。顯然，基於如此高的成長，今年的業績預期相當不錯。其次，我們仍然在非常不穩定的環境中運作。我堅信關稅問題還沒完全解決。所以它仍然波動不定。因此，我們既要保持務實，也要有雄心壯志。最後，別忘了，正如羅蘭開始暗示的那樣，值得關注的是，尤其是在第四季度，核心成長率將是關鍵指標。因為尤其是在第四季度，你會發現去年 NeuMoDx 和 DIALUNOX 停產對今年的影響將會變得非常重要。羅蘭，你還需要補充什麼嗎？

Yes. Thank you, Thierry. No, I think the one thing to hear that as well. I don't think there's -- you will not hear from Thierry and me today that there is any particular reason why Q4 should be in any way significantly different than Q3 in terms of growth rates, I'm not sure, again, as I said, focus on the core growth rate and then you see it is not a significant difference from today's perspective.

是的。謝謝你，蒂埃里。不，我覺得聽到這件事也挺好的。我不認為——今天你不會從我和蒂埃里那裡聽到任何關於第四季度增長率與第三季度有任何顯著差異的具體原因，我不確定，再說一遍，就像我說的，關注核心增長率，然後你會發現從今天的角度來看，它並沒有顯著差異。

Got it. That's super helpful. And then one on --

知道了。這太有幫助了。然後還有一個--

Sorry, it's one question. Let's move to the next question.

抱歉，就一個問題。我們來看下一個問題。

Aisyah Noor, Morgan Stanley.

艾莎‧努爾，摩根士丹利。

Hi, thanks for taking my question. I'll keep it to one. Just on QIAstat. Could you unpack the 41% growth a little bit. How much was flu-related respiratory demand versus new pull-through on the GI and ME panels and versus new account wins in the US. And I'll ask my follow-up as well to this, which is, are you able to disclose the install base for QIAstat as of the latest quarter?

您好，感謝您回答我的問題。我只說一個。僅針對 QIAstat。能否稍微解釋一下這41%的成長率？在美國，流感相關呼吸道疾病的需求量與 GI 和 ME 面板上的新拉動需求量以及新客戶獲取量相比如何？我還有一個後續問題，那就是，您能否透露一下截至最新季度的 QIAstat 安裝基數？

So thanks, Aisyah, for your question. So if you remember, the specificities of this market for syndromic. More than 70% of the market is made of respiratory. So respiratory remains the main test driving that growth and that performance. But from a purely percentage, even if the base is lower, we are extremely pleased with the growth of testing on GI and now also meningitis specifically in Europe, and starting in the US.

謝謝艾莎的提問。所以如果你還記得的話，這個綜合徵市場的特殊性。呼吸系統產品佔據了超過70%的市場。因此，呼吸系統仍然是推動成長和表現的主要因素。但從純粹的百分比來看，即使基數較低，我們也對歐洲（以及美國）的胃腸道疾病檢測和腦膜炎檢測的增長感到非常滿意。

We start also in that 41% to see the impact of the mini panels in the US. You remember that we are a unique company in the sense that we can offer both large panels and also many panels. Fourth, there is also a good impact of capital sales and placement in those numbers. As we have said, First of all, we are way ahead of our quarterly objective of 150 systems. And as we said today, if you just take the example of the US in H1 of 2025. We put more system, more QIAstat on the market than in the full year of '24.

我們也從這 41% 的比例開始，看看迷你太陽能板在美國的影響。您應該記得，我們​​是一家獨特的公司，因為我們既可以提供大型面板，也可以提供大量面板。第四，資本銷售和配置對這些數字也有著良好的影響。正如我們所說，首先，我們遠遠超額完成了季度目標 150 套系統。正如我們今天所說，就以 2025 年上半年的美國為例。我們推出市場的系統和 QIAstat 產品數量比 2024 年全年還要多。

So it's basically what is driving this performance. I'd like to finish by saying as well that even if QIAstat is the only syndromic system, which has been endorsed by pharma company, for companion diagnostics, there is no influence of companion diagnostic in the growth of H1 and the growth of Q2. It's purely testing and instrument placement performance.

所以，這基本上就是推動這項表現的因素。最後我還想說，即使 QIAstat 是唯一獲得製藥公司認可的伴隨診斷綜合症系統，伴隨診斷對 H1 和 Q2 的成長也沒有影響。純粹是測試和儀器擺放性能。

Jan Koch, Deutsche Bank.

Jan Koch，德意志銀行。

Good afternoon. Thanks for taking my questions. My first question is on your product group other. Could you remind us of what is included here? And could you quantify the revenue from the discontinued system within that line in H1? And should we expect a return to a more normalized growth rate from Q3 onwards? And then secondly, a follow-up on QIAstat-Dx. Could you speak a bit about the regional breakdown of that growth we have seen in Q2?

午安.謝謝您回答我的問題。我的第一個問題是關於你們的其他產品組。您能提醒我們這裡都包含哪些內容嗎？能否量化一下上半年該產品線中已停產系統的收入？我們是否應該預期從第三季開始，成長率會恢復到較正常的水平？其次，我們將對 QIAstat-Dx 進行後續研究。您能否談談我們在第二季度看到的成長的區域分佈？

I will let Roland answer for other and the discontinuation. But remember that in previous calls, we gave you the numbers for what was, for example, NeuMoDx in H1 of this year. By the way, NeuMoDx is fully discontinued as of June '25. We closed the termination of this instrument. Roland, for this first question on the quantification and other, and then I will come back to you with QIAstat split geography.

至於其他問題和停產事宜，我會讓羅蘭來回答。但請記住，在先前的電話會議中，我們曾經向您提供過例如今年上半年 NeuMoDx 的數據。順便一提，NeuMoDx 已於 2025 年 6 月完全停止營運。我們已經完成了該工具的終止程序。羅蘭，關於量化和其他方面的第一個問題，我稍後會用 QIAstat 分割地理資料來回答你。

Yes. I think overall, as we said, we're clearly going to stop it down. And we had also I think in the first half were both combined is probably around $20 million, also the delta compared to last year is also a $20 million number. So it is a sizable impact for us. That's the reason why we, again, focus on the overall impact in terms of core growth rates and focus on the core numbers because that is real apple-to-apple.

是的。我認為總的來說，正如我們所說，我們顯然會阻止它繼續蔓延。而且我認為上半年兩項加起來可能在 2,000 萬美元左右，與去年同期相比的差額也是 2,000 萬美元。所以這對我們來說影響相當大。這就是為什麼我們再次關注核心成長率的整體影響，並專注於核心數據，因為這才是真正的同類比較。

On your second question on what is other? It is a mix of several factors. Therefore, it's other. It is starting from freight reimbursements. It has also to do, of course, with certain reallocations we get from the freight all the way down to certain onetime deals we do with certain customer groups. It's a bit more bumpy.

關於你的第二個問題，即「其他」是什麼？這是多種因素共同作用的結果。因此，它是其他的。首先從運費報銷開始。當然，這也與我們獲得的貨運重新分配，以及我們與某些客戶群達成的某些一次性交易有關。路面有點顛簸。

Thank you, Roland. And for the geography split of QIAstat, so pleased to report that all the regions are benefiting and contributing to this growth. Europe despite the strong market share that we have is growing double digit. North America is accelerating. We have fully reorganized the leadership, the team with fully specialized people on the field now. And what we find interesting, Jan, to your question as well, is that we see countries that are becoming quite significant in terms of revenues in some emerging areas. I would give you a couple of examples. South Africa, for example, Saudi or part of Middle East, where we have significant market shares. So this is a bit the geographic contribution.

謝謝你，羅蘭。至於 QIAstat 的地理分佈，令人欣慰的是，所有地區都從中受益並為這一增長做出了貢獻。儘管我們在歐洲擁有強大的市場份額，但歐洲市場仍以兩位數的速度成長。北美正在加速發展。我們已經徹底重組了領導階層，現在團隊裡都是各領域的專業人員。Jan，對於你的問題，我們也覺得有趣的是，我們看到一些新興地區的國家在收入方面變得相當重要。我給你舉幾個例子。例如南非、沙烏地阿拉伯或中東部分地區，我們在這些地區擁有相當大的市場份額。所以這其中也包含一些地理因素的影響。

Tycho Peterson, Jefferies

泰科·彼得森，傑富瑞

Hey, thanks. I want to probe on maybe just your views on QIAcuity for the back half of the year. Keeping in mind your target for 600 to 1,000 systems this year. Can you just talk about expectations for the back half of the year, how you're feeling about kind of pharma uptake? And then thoughts on competitive dynamics. Your main competitor did an acquisition of Stilla. They have some new launches and are targeting kind of the lower end of the market, with improved automation complexity. So just curious how you feel about competitive dynamics. And then before I jump off, just one clarification. Did you lower the target for QDI from $200 million to $240 million by '28? I think I heard that.

嘿，謝謝。我想了解您對 QIAcuity 下半年發展前景的看法。請記住您今年的目標是 600 到 1000 套系統。您能否談談對下半年的預期，以及您對藥品市場接受度的看法？然後是對競爭動態的思考。你的主要競爭對手收購了Stilla。他們推出了一些新產品，目標市場是中低階市場，並提高了自動化複雜度。所以，我很好奇你對競爭格局有何看法。在我離開之前，還有一點需要澄清。你們是否將2028年QDI的目標從2億美元下調至2.4億美元？我好像聽到了。

So Tycho, thanks a lot for the question. We did not review any target that we gave for 2028, not for QDI or not for any other portfolio priorities. Second, on the back end of H2 for QIAcuity.

泰科，非常感謝你的提問。我們沒有審查我們為 2028 年設定的任何目標，無論是 QDI 還是任何其他投資組合優先事項。其次，在 QIAcuity 的 H2 後端。

On one hand, we are confident that we can achieve our targets because when you look at the number of instruments we have to achieve compared to what we put on the market in H2 of 2024, it is very comparable. So we did it in '24. I see no reason not to do it in '25.

一方面，我們有信心實現我們的目標，因為當我們把我們必須實現的儀器數量與我們在 2024 年下半年投放市場的產品數量進行比較時，就會發現兩者非常接近。所以我們在 2024 年做到了。我認為沒有理由不在 2025 年做這件事。

Of course, as we always said, we operate in an environment where there is cautious capital expense spending especially in research and academia lab. But against that headwind, we believe that we can achieve our target.

當然，正如我們一直所說，我們所處的環境對資本支出非常謹慎，尤其是在研究和學術實驗室方面。但即便麵臨這些不利因素，我們相信我們也能實現目標。

Now increase or renewed competition, we welcome that, Tycho. First of all, for us, it proves that this is a very attractive and dynamic market. We believe that, that market is still growing at double digit. The fundamentals of our competitive positioning have not changed. Simpler system to use, much more automated than any competition and greater cost of ownerships. This has not changed. We fully acknowledge that Bio-Rad has made an acquisition. We fully respect Bio-Rad. I don't think that the market shares of [Stila] were basically disruptive of what's going to be basically a competition between our two companies. This being said, I have said many times that I believe that this system, the quality of QIAcuity deserve to become the number 1 in digital PCR and I still hold to that statement that we will become number 1 in that market.

泰科，我們歡迎競爭加劇或重新燃起。首先，這對我們來說證明這是一個非常有吸引力且充滿活力的市場。我們認為，該市場仍將以兩位數的速度成長。我們的競爭地位的基本面並沒有改變。系統使用更簡單，自動化程度遠高於任何競爭對手，但擁有成本更高。這一點沒有改變。我們完全承認 Bio-Rad 已經完成了一項收購。我們非常尊敬Bio-Rad公司。我不認為[Stila]的市佔率會對我們兩家公司之間的競爭造成根本性的干擾。話雖如此，我曾多次說過，我相信 QIAcuity 的這套系統，其品質足以成為數位 PCR 領域的第一名，我仍然堅持這一觀點，我們終將成為該市場的第一名。

Harry Gillis, Berenberg.

哈里·吉利斯，貝倫貝格。

Thank you very much for taking the questions. You talked about the very encouraging feedback for your new instruments in sample technologies. Could you provide some more color on how we should think about the trajectory of their contribution to revenue growth over the next few years? And then related to that, just wondering if you're still seeing any deferrals of orders in sample technologies ahead of these launches. I'm asking because the sort of flat instrument growth this quarter looks like a sequential improvement versus last quarter. So just trying to piece together the different moving parts here.

非常感謝您回答這些問題。您談到了您的新儀器在樣品技術領域獲得的非常令人鼓舞的回饋。您能否進一步闡述一下，我們應該如何看待它們在未來幾年對營收成長的貢獻軌跡？另外，我想問一下，在這些產品發布之前，您是否仍然看到樣品技術訂單出現任何延期的情況？我這麼問是因為本季這種平穩的成長態勢看起來比上個季度有所改善。所以，我只是想把這裡不同的組成部分拼湊起來。

That's a fair question. And you are right. Why are we confident? Because our strategy that we have reaffirmed in our Capital Market Day last year is to invest in automation for sample tech. And if you look at Q2 results, we see automated consumables growing around mid-single digit. This is very encouraging. Of course, this happens once again, in an environment where capital expenses, especially in the area of academia and life science are depressed. Nonetheless, being able to grow positively in Q2 on automated sample tech is encouraging.

這是一個很合理的問題。你說得對。我們為什麼如此自信？因為我們在去年的資本市場日上重申的策略是投資於樣品技術的自動化。如果你看第二季的業績，我們會發現自動化耗材的成長速度約為個位數中段。這非常令人鼓舞。當然，這種情況再次發生，尤其是在學術界和生命科學領域的資本支出低迷的情況下。儘管如此，第二季自動化樣品技術能夠實現正成長，令人鼓舞。

Now in addition to that, we are coming with three new systems. No other company on the market active in sample tech has this kind of investment and innovation. So, impact on our numbers have been described in our Capital Market Day last year, we said that our ambitions by 2028, will be to grow to $650 million revenue for sample tech, which will give us 2% to 3% CAGR until then, and this will mainly come from those instruments.

除此之外，我們還將推出三個新系統。市場上其他任何一家從事樣品技術的公司都沒有這種投資和創新能力。因此，我們在去年的資本市場日上描述了這對我們財務數據的影響，我們表示，到 2028 年，我們的目標是樣品技術的收入增長到 6.5 億美元，這將使我們在此之前實現 2% 至 3% 的複合年增長率，而這主要將來自這些儀器。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you very much. Thierry, you talked about continued automation efforts with QuantiFERON and said, stay tuned. What are you alluding to? Are you able to broaden your partnerships and automation beyond DiaSorin? Or is there any contractual exclusivity that would prevent you from doing so?

非常感謝。Thierry，你談到了與 QuantiFERON 繼續推進自動化工作，並說敬請期待。你指的是什麼？您能否將合作夥伴關係和自動化範圍擴展到 DiaSorin 以外的地區？或者是否存在任何合約排他性條款會阻止你這樣做？

Well, we are very happy with our partnership with QuantiFERON. We repeated that a lot. The situation works very well. We see no need at the moment for adding necessarily other partners but that doesn't prevent us from continuing to invest on the test. How do you invest on the test? One, you make it simpler to use. Second, you increase the potential throughput of the kit. This is two things we are working on. And by the way, together also with DiaSorin. It's a bit early to give you all the details. But in the coming, let's say, two quarters, you'll know more. Third, as you know, we are also developing a new QuantiFERON for emerging countries. We call it the QIAreach. This is due to be launched around 2027, we are still on track. So this is the way. It's not necessarily adding a new partner. The partnership with DiaSorin works very well. is making the test even better, quicker, able to spend more volumes and easier to use.

我們對與 QuantiFERON 的合作感到非常滿意。我們反覆強調過這一點。這種情況進展非常順利。我們目前認為沒有必要增加其他合作夥伴，但這並不妨礙我們繼續投資這項測試。你如何為這次考試做準備？第一，讓它更易於使用。其次，您可以提高試劑盒的潛在通量。這是我們正在努力做的兩件事。順便一提，也和 DiaSorin 合作。現在透露所有細節還為時過早。但在接下來的兩個季度裡，你就會了解更多。第三，如您所知，我們也正在為新興國家開發一種新的 QuantiFERON。我們稱之為 QIAreach。預計 2027 年左右推出，目前一切進展順利。這就是方法。不一定是指增加一位新合夥人。與DiaSorin的合作非常成功，讓測試更加完善、快速、容量更大、使用更方便。

Jack Meehan, Nephron.

Jack Meehan，腎臟病。

Thank you. I wanted to talk about the operating margin forecast for the year. Just like a slightly lower at approximately 30% for the year. Can you just talk about tariff assumptions, FX versus like kind of operational factors, how things are looking through the year?

謝謝。我想談談今年的營業利益率預測。就像今年略微下降到大約 30% 一樣。您能談談關稅假設、匯率波動以及類似的營運因素，以及今年的發展前景嗎？

Yes. Jack, as I said on the call, for the [all] I do think we had a very good one also in the second quarter, and we do not expect it to be in any way different in the second half of the year, we improved 150 basis points in the second quarter, ex currencies and I do think, while absorbing headwind from tariffs. As you know, we said that a couple of times for 2025, we feel very comfortable that it doesn't change our absolute numbers. There's a lot of mitigation underway, again, from changing our internal supply ways to the way we produce, discussion with suppliers to way we distribute transfer pricing all the way to sharing with customers. Nevertheless, relatively, of course, it has an impact because. Again, if you pay a certain tariff amount and of course, we do comply with the laws and the far paying tariffs as well. And you only get reimbursed to a certain extent, it has a relative impact, not necessarily absolute down to EPS.

是的。傑克，正如我在電話會議上所說，我認為我們在第二季度也取得了非常好的成績，我們預計下半年也不會有任何不同。第二季度，我們剔除匯率因素後提高了 150 個基點，而且我認為，儘管我們承受了關稅帶來的不利影響。如您所知，我們曾多次表示，對於 2025 年，我們非常有信心，這不會改變我們的絕對數字。目前正在進行大量的緩解措施，包括改變我們的內部供應方式、生產方式、與供應商的討論、轉移定價的分配方式，以及與客戶分享資訊。然而，相對而言，它當然會產生影響。再說一遍，如果您支付一定的關稅金額，當然，我們也會遵守法律和支付關稅的規定。而且你只能獲得一定程度的補償，它的影響是相對的，不一定能直接影響到每股盈餘。

So long story short, we do believe that probably for this year, it is around about a 90 basis point impact. We still continue to see even more mitigation coming in, so it might be a bit better, but of course, you see that has an impact. So I would say right now, we are aiming to the 30%. We might be there. We might be a tick lower than that. Nevertheless, there a significant improvement. Absolute dollar-wise, EPS-wise, is still very strong, very happy with the $2.35, which is out there.

簡而言之，我們認為今年的影響可能在 90 個基點左右。我們仍然看到更多緩解措施出台，所以情況可能會好轉一些，但當然，你也能看到這會產生影響。所以我覺得目前我們的目標是達到 30%。我們或許會在那裡。我們可能比這略低一些。然而，情況已經有了顯著改善。從絕對美元價格和每股盈餘來看，業績依然非常強勁，我對目前的 2.35 美元股價非常滿意。

I think one more comment to one of the questions I heard before. One second because I don't think that I answered it before correctly. I think one thing what I do think is important to stress as well. If you look on the five pillars of growth, the combined goal for this year, as you know, is a combined $1.49 million. We feel very well on our way to make and probably even beat that number as well.

我想就之前聽到的一個問題再補充一點。稍等一下，因為我覺得我之前回答得不對。我認為還有一點非常重要，需要強調。如你所知，從五大成長支柱來看，今年的總目標是 149 萬美元。我們感覺很有希望達到甚至超過這個數字。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Thank you for taking my questions. Two topics. First, on M&A. Given the strength of the business, the strength of the balance sheet, your cash flow. How are you thinking about the M&A funnel as we sit here today? And what are the parameters that we should expect you're applying as you look at potential deals. So that's the first topic.

謝謝您回答我的問題。兩個話題。首先，我們來談談併購。鑑於企業的實力、資產負債表的穩健性以及現金流狀況。您目前對併購流程有何看法？那麼，在評估潛在交易時，我們應該預期您會應用哪些參數呢？這是第一個話題。

The second is on margins. You're clearly trending ahead of the LRP targets for '28 that you laid out at the Investor Day. Where are you seeing the most upside to initiatives pursuant to margin improvement? And how should we think about the sustainability of those trends?

第二點是關於頁邊距的。你們目前的表現明顯超過了在投資者日上製定的 2028 年長期投資計畫 (LRP) 目標。您認為在提高利潤率方面，哪些措施最具潛力？那我們該如何看待這些趨勢的可持續性呢？

Thank you, Doug. We can take that question, the two of us with Roland. First of all, on M&A, we do not change our approach. We are used to do successful bolt-on acquisition. Genoox is the latest example. Our pipeline for interesting opportunities from now to the coming months is extremely solid. The criterias. First of all, it has to be synergistic with our growth priorities and pillars of growth. this company has been heavily focusing over the last six years. We are not going to use M&A to spread the company thin again. So focus and synergies with where we are currently with customers to allow us to take more share of wallet at customers is key.

謝謝你，道格。我們可以和羅蘭一起回答這個問題。首先，在併購方面，我們不會改變我們的方法。我們習慣於成功進行補充收購。Genoox 就是最新的例子。從現在到未來幾個月，我們有很多令人感興趣的專案機會可供選擇，而且這些機會非常充足。評判標準。首先，它必須與我們的成長重點和支柱相契合。過去六年，公司一直高度重視這一點。我們不會再利用併購來分散公司資源了。因此，關鍵在於集中精力，並與我們目前與客戶的合作情況進行協同，從而提高我們在客戶錢包中的份額。

Second, those deals needs to make financial sense for the company and therefore, create value for our shareholders. In other words, we have the strength to accept some dilution for some time, I would say, two years up to maximum three years, but we see and we need to see a clear pathway to accretion and profitability. Those are the two main criteria. And on the gross margin, you remember that -- and in the EBIT margin, in the LRP, we presented a clear pathway and waterfall of where we were acting to improve that target of 31%. So Roland can describe where we believe we have more upside.

其次，這些交易必須對公司有財務意義，進而為我們的股東創造價值。換句話說，我們有能力接受一段時間的股權稀釋，我認為是兩到三年，但我們需要看到一條清晰的成長和獲利之路。這是兩個主要標準。至於毛利率，您還記得嗎？在息稅前利潤率方面，在長期規劃中，我們提出了一個清晰的路徑和步驟，說明我們正在採取哪些行動來提高 31% 的目標。所以羅蘭可以描述我們認為哪些方面更有發展潛力。

Yes. And I think it's very clear also presenting here now from today's number that we are clearly tracking well ahead of that. Nevertheless, we clearly also are in an environment where the macroeconomics gets more difficult to forecast. Therefore, as you know, we decided not only for this year, but also probably last year, it served us quite well to rather take a realistic view on the environment, giving us some flexibility so that we, I would say, can deliver on the numbers as we promise and hopefully come in as we did now a couple of times, even nicely better, so we haven't changed our policy around that now moving into the second half.

是的。而且我認為，從今天公佈的數據也非常清楚地表明，我們顯然遠遠領先於預期。然而，我們顯然也身處在一個宏觀經濟越來越難以預測的環境。因此，正如您所知，我們決定不僅在今年，而且可能去年也是如此，對環境採取務實的態度對我們非常有利，這給了我們一定的靈活性，這樣我們就能兌現承諾，實現業績目標，並有望像現在這樣取得更好的成績，所以進入下半年，我們並沒有改變這方面的政策。

Nevertheless, I do think what is going to drive us and help us also north of '26 into the more or less '28 environment is on the one hand side, our digital initiatives. We are rolling out quite a number of digital initiatives within Qiagen, but also facing and customer- facing. Also, there's a good set of AI opportunities for us. So there is, I would say, quite a number of AI initiatives, which might make a difference for us as well. There's clearly still certain smaller footprint optimizations possible within Qiagen. You have seen some already coming through. So that's ongoing.

不過，我認為一方面，推動我們前進並幫助我們從 2026 年左右過渡到 2028 年左右的環境的，是我們的數位化舉措。我們正在 Qiagen 內部推出相當多的數位化舉措，同時也針對客戶推出相關舉措。此外，人工智慧領域也為我們提供了一系列不錯的機會。所以，我認為，目前有許多人工智慧項目，這些項目也可能對我們產生影響。顯然，Qiagen 內部還有一些較小的空間優化空間可以實現。你們已經看到一些了。所以這件事還在進行中。

Scale comes by in brackets by itself. So I do think the margin inspection is for us rather the question is when to communicate not necessarily how to achieve that. And if you would ask me today, what is the most likely framework. I would probably say, okay, early next year, we have to give a guidance for the year. That's probably the latest point. I would say if some of the macro environment challenges get addressed to a high degree, even earlier, that might be also a good point then in the, I don't know, third or fourth quarter. It is within that period, it is very much driven on macro news and once we have that out of the way.

規模單獨用括號括起來。所以我認為，對我們來說，利潤率檢查的問題在於何時溝通，而不是如何溝通。如果你今天問我，最有可能的框架是什麼。我可能會說，好的，明年年初，我們必須給出全年的指導方針。這大概是最新進展了。我認為，如果一些宏觀環境挑戰能夠得到較好的解決，甚至更早一些，那麼在第三季或第四季度，這可能也是一個好時機。在此期間，它很大程度上受宏觀新聞的影響，一旦我們解決了這個問題。

Hugo Solvet, BNP Paribas.

Hugo Solvet，法國巴黎銀行。

Hi guys, thanks for taking my questions. Congrats on the quarter given how tough it is out there for a lot of people. So just on NIH, could you discuss how NIH account evolved in Q2 and share maybe some early feedback on academia and life science customers following Congress vote last week and whether or not you believe that more significant budget flush in life science is something that could happen upon improving visibility?

大家好，感謝你們回答我的問題。考慮到現在很多人面臨的困境，恭喜你本季能取得這樣的成績。那麼，就美國國立衛生研究院 (NIH) 而言，您能否談談 NIH 帳戶在第二季度的發展情況，並分享一些關於上週國會投票後學術界和生命科學客戶的早期反饋，以及您是否認為隨著可見度的提高，生命科學領域可能會出現更大規模的預算投入？

Thank you, Hugo, for the question. So as we keep saying for the last, I think, now probably two quarters, it's interesting to note that the direct sales of Qiagen to agencies like NIH or the CDC are doing well. We are not impacted at the moment by so-called budget cuts. It is probably because, first of all, what they are using from Qiagen are not big, big capital expense or budget. So I believe that we are probably below the radar screen when it comes to cuts and also because as they use mainly a lot of components like enzyme, oligos or sample prep, it's very difficult to substitute those products.

謝謝你的提問，雨果。正如我們在過去兩個季度一直強調的那樣，值得注意的是，Qiagen 直接向 NIH 或 CDC 等機構的銷售情況良好。我們目前尚未受到所謂預算削減的影響。首先，這可能是因為他們從 Qiagen 採購的產品並不需要大量的資本支出或預算。所以我認為，在切割方面，我們可能處於不為人知的境地，而且由於他們主要使用酶、寡核苷酸或樣品製備等大量成分，因此很難取代這些產品。

Nonetheless, we are observing carefully the situation, and it's clear that if those sales direct to NIH and CDCs are not impacted, we are in a quite sluggish context in research and academia, especially on capital sales. I wouldn't say for everything, but for capital sales, we have said that many times.

儘管如此，我們正在密切關注形勢，很明顯，即使直接向美國國立衛生研究院 (NIH) 和美國疾病管制與預防中心 (CDC) 的銷售不受影響，我們在研究和學術界，尤其是在資本銷售方面，也處於相當低迷的環境中。我不會說對所有事情都是如此，但對於資本銷售，我們已經多次說過這一點。

Now coming to what happened to the Congress recommendation and vote last week. I think it's still early to say. I think it's also fair to insist that at the moment in the US, there is one main decision-maker and that decision maker is the President. So let's observe what's going to happen in the coming negotiation. Qiagen will probably budget -- decrease budget for NIH next year. But we also believe that the cuts will probably be less drastic than what was rumored a month or two months ago. So long story short, probably still a decrease in '26, probably to a lesser magnitude than what was said some time ago, but let's remain cautious and observed.

現在來說說上週國會的建議和投票結果。我覺得現在下結論還太早。我認為也有理由堅持認為，目前在美國，只有一個主要的決策者，那就是總統。那麼，讓我們觀察一下接下來的談判將會發生什麼。Qiagen公司明年可能會削減對美國國立衛生研究院的預算。但我們也認為，實際的裁員幅度可能不會像一兩個月前傳聞的那麼劇烈。簡而言之，2026 年可能仍會下降，但幅度可能比之前所說的要小，不過我們還是要保持謹慎和觀察。

Dan Brennan, TD Cowen

丹布倫南，TD Cowen

Great, thank you. Thanks for the questions. Maybe just one just on the guide. I know it was asked earlier, and Thierry, you just kind of mentioned it, but given the fourth quarter guide does imply that like kind of flattish core growth. Like are you seeing anything today that would suggest it? Or is it just pure conservatism on that front? And then could you just give us what the breakout is for the discontinued product, like how much that's contributing to core growth in the back half of the year? And then the final point, I know Roland, you talked about you feel the guide

太好了，謝謝。謝謝大家的提問。或許指南上就只有一條。我知道之前有人問過這個問題，蒂埃里，你也只是提了一下，但是鑑於第四季度的業績指引確實暗示著核心增長比較平緩。你今天有沒有看到任何跡象表明這一點？或者說，這方面純粹是保守主義？那麼，您能否具體說明已停產產品的具體情況，例如，它在下半年對核心成長的貢獻有多大？最後一點，我知道羅蘭，你之前說過你感覺到指引了。

is conservative, just kind of if you look at your five pillar guidance, which you've kind of maintained, what -- which area would you point to as the most conservative?

比較保守，如果你看看你一直堅持的五大支柱指導方針，你會指出哪個領域最保守？

Well, Dan, I appreciate your stamina and push a lot, but I mean, I don't think that I heard Roland speaking about conservatism. Realism, I think, is the terminology used and we are already performing better than the market. In addition to that, we are increasing our sales guidance for the year. So it's very solid. Obviously, if we can beat that, you'll be the first to know. And again, in Q4, where I will focus is the core growth because in Q4, this is where also we might have a better base impact from NeuMoDx and DIALUNOX. And so this is where probably the divergence between the total growth and the core growth will be higher. And I don't think that we said that it would be flattish for core growth in Q4. Not at all. This is not in our new guidance.

丹，我很欣賞你的毅力和幹勁，但是，我好像沒聽過羅蘭談過保守主義。我認為，這裡用「務實」一詞來形容最為貼切，而我們目前的表現已經優於市場平均。除此之外，我們也提高了今年的銷售預期。所以它非常堅固。顯然，如果我們能打破這個紀錄，你會第一時間知道。再次強調，在第四季度，我將重點放在核心成長，因為在第四季度，NeuMoDx 和 DIALUNOX 也可能對核心成長產生更好的影響。因此，總成長與核心成長之間的差距可能在這裡會更大。而且我認為我們並沒有說過第四季核心成長會趨於平穩。一點也不。我們的新指南中沒有這條內容。

Yes. On your question, Dan, on the details for the five pillars of growth and I think you're absolutely right. We feel very comfortable that we're going to deliver as promised, the 14%, 19% for an aggregate. I think it's also quite obvious to see that some of them are doing very well. We talked today at length on QIAstat and QuantiFERON, and it is not hard to predict that both probably do somewhat better than predicted. I think it's also very clear to say that QIAcuity on the one hand side has very good positive growth rate in terms of consumables. But I think Thierry also alluded on the call, the instrumentation environment in the life science remains probably somewhat challenging. So that might come in probably close by, might be a bit lower. We will see that. But all in, we are above that. On the others, I think they are more or less on target. So I would say that is probably the -- if you're looking for a trade-off, which is probably a positive trade-off, that it's a trade-off we are probably most likely going to face.

是的。丹，關於你提出的問題，關於成長的五大支柱的細節，我認為你完全正確。我們非常有信心能夠以承諾交付，總回報率為 14% 或 19%。顯而易見，他們中的一些人做得非常出色。今天我們詳細討論了 QIAstat 和 QuantiFERON，不難預測，它們的實際表現可能比預期的要好一些。我認為很明顯，QIAcuity 在耗材方面擁有非常良好的正成長率。但我認為蒂埃里在電話中也暗示過，生命科學領域的儀器環境可能仍然具有一定的挑戰性。所以結果可能差不多，也可能略低。我們會看到的。但總而言之，我們高於這一切。至於其他方面，我認為他們的說法基本上正確。所以我覺得，如果你在尋找一種權衡，而這可能是一種積極的權衡，那麼這可能是我們最有可能面臨的權衡。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Great. Thanks for taking the question. I've got two. I'll just ask them both together. One, I think in the prepared remarks, you guys flagged China was down, I want to say mid- teens. If you could just segment or product line, sort of your expectations in China for the rest of the year? And then second would be the earnings season, I think it's obligatory for someone to ask if there was a pull forward or not, and I didn't hear that. So if you could just comment on any indications from any of your customers of stocking, any unusual timing on purchasing decisions, just given concerns on tariffs and other things down the road, just confidence that there's no weird ordering patterns.

偉大的。感謝您回答這個問題。我有兩個。我直接問他們兩個吧。第一，我認為在事先準備好的發言稿中，你們提到中國經濟下滑了，我想說的是下滑到了十幾個百分點。如果可以的話，請您具體談談您對今年剩餘時間在中國市場的預期？其次就是財報季了，我覺得大家一定會問有沒有提前公佈財報，但我沒聽到這方面的消息。所以，如果您能就您的客戶在庫存、採購決策時間等方面的任何跡象發表一下看法，考慮到關稅和其他未來可能出現的問題，只是想確認一下是否存在奇怪的訂購模式。

Thanks, Michael. And we lost you for something like five or six seconds. So I believe I got your question on China, especially in which field we were believing that it was more depressed or not. So China for us, we haven't changed our mind. We don't see the market bouncing back at least before the second half of 2026. It is now less than 4% of our revenues. We know that the local government is trying to help the market by proving some incentives, for example, on capital expenses. At the same time, they continue also to push international company to localize and it's also the VBP program. So I would keep the same attitude for China. It's too big of a market to be ignored, it's too specific to make it an investment priority.

謝謝你，麥可。我們大概有五、六秒鐘沒見到你。所以我想我明白了你關於中國的問題，特別是我們認為中國在哪些領域比較蕭條或不那麼蕭條。所以，對於中國，我們的想法沒有改變。我們預計市場至少在 2026 年下半年前不會反彈。現在它只占我們收入的不到4%。我們知道地方政府正在努力透過提供一些激勵措施來幫助市場，例如在資本支出方面。同時，他們也持續推動國際公司進行在地化，這也是價值導向型採購 (VBP) 計畫的一部分。所以我對中國也會保持同樣的態度。市場規模太大，不容忽視；但市場性質太特殊，不足以成為投資重點。

We see China being negative to the end of the year in the same basically percentage than H1. We don't see it really bouncing back in 2026. And as we always said, even when China will stabilize and normalize, we will not expect more than single -- mid-single-digit growth from this country when it will normalize. That's our plan for China.

我們預期中國經濟在年底前的負成長幅度與上半年基本持平。我們認為它在 2026 年不會真正反彈。正如我們一直所說，即使中國經濟穩定正常化，我們也不會期望這個國家在經濟正常化後能實現超過個位數或中等個位數的成長。這就是我們對中國的計畫。

For your question on QIAstat, no, there is absolutely no pool or inventory building from a customer ahead of the respiratory testing season. It's too early to say that it's going to be or it might be a strong respiratory season this year. We are observing what is happening, for example, in geographies like New Zealand, Australia and so on. But there is absolutely no -- not normal built on the numbers at 41% growth for Q2.

關於您提出的 QIAstat 問題，答案是否定的，在呼吸道檢測季開始前，絕對不會有客戶建立檢測池或庫存。現在斷言今年呼吸道疾病是否會成為嚴重季節還為時過早。我們正在觀察例如紐西蘭、澳洲等地區正在發生的事情。但第二季 41% 的成長率絕對不是正常的。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

Great, thanks for fitting me in guys. I appreciate it. So I have two as well. The first one is just from a regional perspective. I think you said Europe grew 8%, but sample tech in EMEA was down low singles. So just curious on the dynamics at play in Europe across the business? And then on QDI, how should we think about the back half and the cadence between 3Q and 4Q with the SaaS transition? And can you just remind us what the exposure is between clinical and research customers there? It seems like clinical is clearly doing well, while research is seeing some pressure in the market. So any color on those pieces?

太好了，謝謝你們安排我參加。謝謝。我也有兩個。第一個問題僅從區域角度來看。我想你說過歐洲成長了 8%，但 EMEA 地區的科技股單價卻很低。所以，我很好奇歐洲商業領域正在發生的各種動態變化？那麼，關於 QDI，我們應該如何看待後半段以及第三季和第四季之間 SaaS 轉型帶來的節奏變化呢？您能否提醒我們一下，臨床客戶和研究客戶之間的風險敞口是多少？臨床領域似乎發展良好，而研究領域則面臨一些市場壓力。這些部件有顏色嗎？

So for sample tech, once again, EMEA is also contributing to the growth for automated solution. That's what I would highlight for this call, and this is where our strategy is, if that answers your questions.

因此，就樣品技術而言，歐洲、中東和非洲地區也再次為自動化解決方案的成長做出了貢獻。這就是我這次電話會議要重點強調的內容，也是我們的策略所在，希望這能解答您的疑問。

For QDI, the split life science or what we call discovery for QDI and clinical is still slightly in favor of discovery but we are moving progressively to 50%, 50% split of sales or remarkably well balanced split between clinical and research and academia. And for the split of transition to [DSIS], I mean it varies a bit quarter-by-quarter because sometimes those are deals that are signed for a longer period. So you saw that we accelerate that transition in Q1. It slowed down a bit in Q2 and we expect basically a continuous move now in Q3 and Q4.

對於 QDI 而言，生命科學（或我們稱之為 QDI 的發現）和臨床的劃分仍然略微偏向發現，但我們正在逐步朝著 50% 的銷售額劃分，或者說臨床、研究和學術界之間非常均衡的劃分邁進。至於過渡到 [DSIS] 的具體時間安排，我的意思是，每個季度都會略有不同，因為有時這些協議的簽署期限會更長。所以你們可以看到，我們在第一季加快了這項轉型。第二季增速放緩，我們預計第三季和第四季將基本保持持續成長。

So with that, we're going to end the call here. Thank you very much for your participation. If you have any questions or comments, please do not hesitate to reach out to Domenica and me. Thank you very much.

那麼，我們的通話就到此結束了。非常感謝您的參與。如果您有任何問題或意見，請隨時與我和多米尼卡聯繫。非常感謝。

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

女士們、先生們，本次電話會議到此結束。感謝您的參與，祝您有個愉快的一天。再見。