Quantum-Si Inc (QSI) 2024 Q3 法說會逐字稿

Okay. And thank you for standing by. Welcome to the 2024 3rd Quater Quantum-Si earnings call.

好的。感謝您的支持。歡迎參加 2024 年第三季量子矽財報電話會議。

(Operator instructions)

（操作員說明）

Please be advised that today's conference is being recorded. I would like to hand the conference over to your first speaker today, Doug Farrell, Vice President of Investment Relations. Please go ahead.

請注意，今天的會議正在錄製中。我想將會議交給今天的第一位發言人，投資關係副總裁道格法雷爾 (Doug Farrell)。請繼續。

Good morning, everyone and thank you for joining us earlier today Quantum-Si released financial results for the third quarter ended September 30, 2024. A copy of the press release is available on the company's website. Joining me today are Jeff Hawkins, our President and Chief Executive Officer, as well as Jeff Keyes, our Chief Financial Officer.

大家早安，感謝您今天早些時候加入我們，Quantum-Si 發布了截至 2024 年 9 月 30 日的第三季度財務業績。該新聞稿的副本可在該公司網站上取得。今天與我一起出席的有我們的總裁兼執行長傑夫霍金斯 (Jeff Hawkins) 以及我們的財務長傑夫凱斯 (Jeff Keyes)。

Before we begin, I would like to remind you that management will be making certain forward-looking statements within the meaning of federal securities laws these statements involve material risks and uncertainties that could cause actual results or events to differ materially from those anticipated.

在我們開始之前，我想提醒您，管理層將做出聯邦證券法含義內的某些前瞻性聲明，這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與預期存在重大差異。

Additional information regarding these risks and uncertainties appears in the section entitled forward-looking statements of our press release. For a more complete list and description of risk factors. Please see the company's filings made with the securities and exchange commission.

有關這些風險和不確定性的更多資訊請參閱我們新聞稿中標題為前瞻性陳述的部分。有關風險因素的更完整清單和描述。請參閱該公司向證券交易委員會提交的文件。

This conference call contains time sensitive information that is accurate only as of the live broadcast date today November 12, 2024, except as required by law, the company disclaims any intention or obligation to update or revise any forward-looking statements. During this call, we will be referring to certain financial measures that are not prepared in accordance with US generally accepted accounting principles or GAAP.

本次電話會議包含時間敏感訊息，僅截至今天直播日期 2024 年 11 月 12 日準確，除非法律要求，本公司不承擔任何更新或修改任何前瞻性陳述的意圖或義務。在本次電話會議中，我們將提及某些未依照美國公認會計原則或公認會計準則制定的財務指標。

The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the press release filed earlier today.

今天稍早提交的新聞稿中包含了這些非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的對帳。

Additionally, I'd like to remind everyone that we'll be hosting an Investor Day in New York City next Wednesday, November 20. You can find a link to register for the event on the investor relations section of our website. We'll also be participating in the Canaccord conference in New York City on November 21. We look forward to having the opportunity to meet with investors at both of these events.

此外，我想提醒大家，我們將於下週三（11 月 20 日）在紐約舉辦投資者日。您可以在我們網站的投資者關係部分找到註冊活動的連結。我們也將參加 11 月 21 日在紐約市舉行的 Canaccord 會議。我們期待有機會在這兩場活動中與投資者會面。

With that let me turn the call over to Jeff Hawkins.

接下來，讓我把電話轉給傑夫霍金斯。

Good morning and thank you for joining us on today's call we will provide a business update, review our operating results for the third quarter of 2024 and provide our guidance for the balance of the year after that we will open the call for questions.

早安，感謝您參加今天的電話會議，我們將提供業務更新，審查 2024 年第三季的營運業績，並提供今年剩餘時間的指導，之後我們將開始電話諮詢。

I will begin with an update on our three corporate priorities for 2024 to accelerate commercial adoption, to deliver on our innovation road map and to preserve our financial strength.

首先，我將介紹 2024 年我們三項企業優先事項的最新情況，以加速商業採用、實現我們的創新路線圖並保持我們的財務實力。

Our first corporate priority is to accelerate commercial adoption. During the third quarter of 2024 we made continued progress in the commercial ramp up of platinum. We believe that we are well positioned to be an industry leading company in the rapidly growing proteomic market.

我們公司的首要任務是加速商業採用。2024 年第三季度，我們在鉑金的商業成長方面取得了持續進展。我們相信，我們有能力成為快速成長的蛋白質體市場中的產業領先公司。

Our confidence comes from our best-in-class technology first mover advantage and robust intellectual property portfolio. We believe that our technology has the potential to create large new market opportunities that can drive our growth over the coming years.

我們的信心來自於我們一流的技術先發優勢和強大的智慧財產權組合。我們相信，我們的技術有潛力創造巨大的新市場機會，推動我們未來幾年的成長。

Consistent with the commentary from many of our peers, we observed some lengthening of the sales cycle in the third quarter. Our third quarter, 2024 revenue of $787,000 was below our expectations. While we did not lose any deals, we did see customers that opted to push out their purchase of an instrument to a later date than originally communicated at this early stage of commercialization. A small number of deals being delayed can be the difference between meeting our expectations or not.

與許多同行的評論一致，我們觀察到第三季的銷售週期有所延長。我們 2024 年第三季的營收為 787,000 美元，低於我們的預期。雖然我們沒有失去任何交易，但我們確實看到客戶選擇將購買儀器的日期推遲到商業化早期階段最初溝通的日期。少量交易的延遲可能會導致我們能否達到預期。

As we look to the fourth quarter, there are both headwinds and tailwinds to consider I am pleased to report that we have filled most of the open sales territories I mentioned on our last call that said there is a ramp up period in our industry of around 90 days for any new salesperson to become fully effective. So, we expect the full benefit of these new sales professionals to positively impact our results by early next year.

當我們展望第四季度時，有逆風和順風需要考慮，我很高興地報告說，我們已經填補了我在上次電話會議中提到的大部分開放銷售區域，該區域表示我們的行業有一個大約任何新銷售人員需要 90 天才能完全發揮作用。因此，我們預計這些新銷售專業人員的全部優勢將在明年初對我們的業績產生正面影響。

Further in September, we appointed Todd Bennett as our Chief Commercial Officer. Mr. Todd brings an outstanding track record with more than 30 years of experience in life sciences and diagnostics. And his background includes commercial leadership roles at Luminex Abbott Roche and [Iorp]. Todd has already taken steps to streamline our sales process bolster our training programs and enable new channel partners to extend our commercial reach.

此外，9 月，我們任命 Todd Bennett 為首席商務長。Todd 先生在生命科學和診斷領域擁有 30 多年的經驗，並擁有出色的業績記錄。他的背景包括在 Luminex Abbott Roche 和[奧爾普]。托德已經採取措施簡化我們的銷售流程，支持我們的培訓計劃，並使新的通路合作夥伴能夠擴大我們的商業範圍。

On the positive side, we are observing a rapid improvement in our sales force execution and an overall acceleration of our sales pipeline under Todd's leadership.

從正面的一面來看，我們觀察到在托德的領導下，我們的銷售團隊執行力迅速提高，銷售管道整體加速。

Additionally, our industry often sees an uptick in capital spending in the fourth quarter as customers look to deploy any remaining budget by year end. While it is not yet clear how significant this uptick may be, we are well positioned to benefit from any end of year capital purchasing given our instrument price point.

此外，由於客戶希望在年底前部署任何剩餘預算，我們的行業經常會看到第四季度的資本支出增加。雖然目前尚不清楚這種上升幅度有多大，但考慮到我們的工具價格點，我們處於有利地位，可以從任何年底的資本購買中受益。

On balance, it is likely that we will not achieve our full year revenue guidance that said we are confident that we will generate a sequential increase in revenue in Q4 of 2024 and expect to surpass $1 million in quarterly revenue for the first time, we are laser focused on commercial execution with clear strategies in place to try to get as close to our full year guidance as possible.

總的來說，我們很可能無法實現全年收入指導，即我們有信心在 2024 年第四季度實現收入連續增長，並預計季度收入首次超過 100 萬美元，我們激光專注於商業執行，並製定明確的戰略，以盡可能接近我們的全年指導。

Beyond commercial execution, we have continued to push our scientific affairs initiatives including adding resources to our scientific affairs group to help customers integrate platinum into their research programs as well as generate new publications that increase the awareness of the unique capabilities of platinum.

除了商業執行之外，我們還繼續推動我們的科學事務計劃，包括向我們的科學事務小組增加資源，幫助客戶將鉑金融入他們的研究項目，並出版新的出版物，提高人們對鉑金獨特功能的認識。

These efforts will result in customer data being released at industry conferences and through peer reviewed publications and are important proof points that help accelerate adoption of our technology in the broader market.

這些努力將導致客戶數據在行業會議上和通過同行評審的出版物發布，並且是有助於加速我們的技術在更廣泛的市場中採用的重要證據。

Last month, we had a very productive meeting at the Human Proteome Organization World Congress in Germany this included poster presentations to highlight how platinum can address protein applications such as detecting variants and post translational modifications as well as protein barcoding.

上個月，我們在德國人類蛋白質組組織世界大會上舉行了一次非常有成效的會議，其中包括海報演示，以強調鉑如何解決蛋白質應用問題，例如檢測變異和翻譯後修飾以及蛋白質條碼。

We also hosted a session in which researchers from Northwestern University presented on integrating our platinum platform with top-down mass spectrometry to enhance proteo form analysis.

我們還舉辦了一場會議，來自西北大學的研究人員介紹瞭如何將我們的鉑金平台與自上而下的質譜法相結合，以增強蛋白質形式分析。

Overall, we are making great progress on the commercial front given the commercial execution improvements being made under Todd's leadership are relatively recent. The full impact of these changes is still in front of us. My optimism about our ability to expand adoption of our technology across all market segments is as high as it has ever been.

總體而言，鑑於托德領導下的商業執行改進相對較新，我們在商業方面取得了巨大進展。這些變化的全部影響仍然擺在我們面前。我對我們在所有細分市場中擴大技術採用的能力感到前所未有的樂觀。

Our second priority is to deliver on our innovation road map. Since, realigning our R&D programs last fall, we have jump started an exciting new cycle of innovation. I don't want to preempt our investor day next week, but you'll have the opportunity to learn more about exciting initiatives we have taken on to expand our technology capabilities and really shape the long-term future of Quantum-Si.

我們的第二要務是實現我們的創新路線圖。自從去年秋天重新調整我們的研發計畫以來，我們已經啟動了一個令人興奮的新創新週期。我不想搶佔下週的投資者日，但您將有機會更多地了解我們為擴展技術能力並真正塑造量子矽的長期未來而採取的令人興奮的舉措。

We plan to demonstrate groundbreaking advances in hardware consumables, chemistry and software that we believe puts us on a clear path to scale our output per sample to billions of reads. We believe these advancements will open large new market opportunities and will position us to become the clear overall frontrunner in proteomics.

我們計劃展示硬體消耗品、化學和軟體的突破性進展，我們相信這些進展使我們走上了一條清晰的道路，將每個樣本的輸出擴展到數十億次讀取。我們相信這些進步將開啟巨大的新市場機會，並使我們成為蛋白質體學領域明顯的整體領導者。

In addition, we will also showcase important new partnerships that will help accelerate the delivery of this cycle of innovation to the market.

此外，我們還將展示重要的新合作夥伴關係，這將有助於加速這個創新週期向市場的交付。

Next, I am pleased to report that our next version of library preparation kit and our barcoding kit are on track for launch during the fourth quarter. The new library preparation kit is expected to reduce the starting sample input amount, expand the range of proteins that are compatible with our system and increase the overall sample success rate.

接下來，我很高興地報告，我們的下一個版本的文庫製備套件和條碼套件預計將在第四季度推出。新的文庫製備試劑盒預計將減少起始樣品輸入量，擴大與我們系統相容的蛋白質範圍，並提高整體樣品成功率。

The bar-coding kit is expected to provide customers a significant reduction in sample preparation time prior to sequencing while also improving the sensitivity and dynamic range of the application.

此條碼試劑盒預計將顯著縮短客戶定序前的樣品製備時間，同時提高應用的靈敏度和動態範圍。

Our continued innovation has not gone unnoticed. We were recently honored by Frost and Sullivan with their prestigious technology innovation leadership award, an independent panel of experts selected QSI based on our pioneering technology and contribution to advancing the field of proteomic research. They also recognize our ongoing commitment to innovation and the robust portfolio of intellectual property that is foundational to our long-term success.

我們的持續創新並沒有被忽視。最近，我們榮獲 Frost and Sullivan 著名的技術創新領導獎，獨立專家小組根據我們的開創性技術和對推進蛋白質組學研究領域的貢獻而選擇了 QSI。他們也認可我們對創新的持續承諾和強大的智慧財產權組合，這是我們長期成功的基礎。

Additionally, last week, we attended the American Society of Human Genetics Conference where we showcased a collaboration with the University of California Santa Cruz. Researchers from Dr. Felton's lab demonstrated how they are using next generation protein sequencing with platinum to augment genomic and transcriptomic data and better capture the full complexity of biology.

此外，上週我們參加了美國人類遺傳學會會議，會上我們展示了與加州大學聖克魯斯分校的合作。Felton 博士實驗室的研究人員展示了他們如何使用新一代鉑蛋白定序來增強基因組和轉錄組數據，並更好地捕捉生物學的全部複雜性。

Overall, our innovation pipeline is on track and very exciting. Once we complete our Investor Day on November 20, we will be able to have deeper conversations on the details of our road map and how it is shaping up for the future.

總體而言，我們的創新管道正在步入正軌並且非常令人興奮。一旦我們完成 11 月 20 日的投資者日活動，我們將能夠就路線圖的細節以及未來的發展進行更深入的對話。

Our third priority is to preserve our financial strength. We continue to remain laser focused on financial discipline that balances maximum output of our innovation road map with preserving financial capital. Jeff will provide more details, but we are pleased with our progress, and we remain committed to the sufficient use of our capital.

我們的第三個優先事項是維持我們的財務實力。我們持續高度關注財務紀律，以平衡創新路線圖的最大產出與保護財務資本。傑夫將提供更多細節，但我們對我們的進展感到滿意，並且我們仍然致力於充分利用我們的資本。

I will now turn the call over to Jeff Keyes to review our financial results.

我現在將把電話轉給傑夫凱斯，以審查我們的財務表現。

Thanks Jeff. Now, I'll review the details of our operating results for the third quarter. Revenue in Q3 2024 was approximately $787,000 which consisted of revenue from our platinum instrument consumable kits and related services. Gross profit was $367,000 and gross margin was 47%.

謝謝傑夫。現在，我將回顧我們第三季的經營業績的詳細情況。2024 年第三季的收入約為 787,000 美元，其中包括來自我們的鉑金儀器耗材套件和相關服務的收入。毛利為 367,000 美元，毛利率為 47%。

As a reminder, our gross margin percentage will be somewhat variable for the near future as we work through our initial stages of commercialization and may be impacted by the timing and mix of instruments versus consumable sales.

提醒一下，隨著我們進入商業化的初始階段，我們的毛利率在不久的將來將會有所變化，並且可能會受到儀器與消耗品銷售的時間安排和組合的影響。

Our margin may also be impacted in the near term by acquisition costs and any accounting adjustments to underlying inventory that predates the commercial launch of platinum.

我們的利潤率在短期內也可能受到收購成本以及鉑金商業推出之前對基礎庫存的任何會計調整的影響。

Our gross margin for the third quarter of 2024 includes approximately a 4% impact for inventory utilized during the quarter that was carried at low or no value and dates back prior to the initial commercialization, we do expect to see more variances that will flow through our gross margin as we move forward, and I will highlight them if they are material.

我們 2024 年第三季的毛利率包括該季度使用的庫存約 4% 的影響，這些庫存價值較低或沒有價值，並且可以追溯到初始商業化之前，我們確實預計會看到更多差異毛利率是我們前進的方向，如果它們很重要，我會強調它們。

GAAP total operating expenses for the third quarter of 2024 $28.5 million compared to $27.3 million in the third quarter of 2023. While adjusted operating expenses were $26 million for the third quarter of 2024 compared to $23.9 million for the third quarter of 2023.

2024 年第三季的 GAAP 總營運費用為 2,850 萬美元，而 2023 年第三季為 2,730 萬美元。2024 年第三季調整後營運費用為 2,600 萬美元，而 2023 年第三季調整後營運費用為 2,390 萬美元。

Overall operating expenses increased year over year for the quarter based on the continued ramp of our commercial operations year-to-date 2024 our total operating expenses were $78.9 million compared to $83.6 million in the prior year a decrease of about 6%. This includes R&D expenses$ 42.7 million as compared to $50.6 million for the same period in 2023 a decrease of about 16%.

由於 2024 年迄今我們商業營運的持續成長，本季的整體營運費用年增，我們的總營運費用為 7,890 萬美元，與前一年的 8,360 萬美元相比下降了約 6%。其中研發費用為 4,270 萬美元，較 2023 年同期的 5,060 萬美元減少約 16%。

If you recall, we initiated an R&D realignment in August 2023 that streamlined and focused our R&D efforts on focused product delivery to the market.

如果您還記得，我們​​於 2023 年 8 月啟動了研發重組，簡化了我們的研發工作，並將其重點放在向市場交付重點產品上。

The year over year change reflects the impact of those changes. While at the same time, funding ramping up our commercial operations. Net loss for the third quarter of 2024 was $25.3 million compared to $24.7 million in the third quarter of 2023. And our adjusted EBITDA for the third quarter of 2024 was negative $24.5 million as compared to negative $22.6 million in the third quarter of 2023.

逐年變化反映了這些變化的影響。同時，資金也加強了我們的商業運作。2024 年第三季的淨虧損為 2,530 萬美元，而 2023 年第三季的淨虧損為 2,470 萬美元。2024 年第三季調整後 EBITDA 為負 2,450 萬美元，而 2023 年第三季為負 2,260 萬美元。

Our dividend and interest income in the third quarter of 2024 was approximately $2.7 million compared to $2.6 million in the third quarter of 2023. As of September 30, 2024, we had $196.3 million in cash and cash equivalents and investments in marketable securities based on our financial discipline and focused efforts on capital allocation. We expect our existing cash and cash equivalents, and marketable securities will provide runway into the second half of 2026.

我們 2024 年第三季的股利和利息收入約為 270 萬美元，而 2023 年第三季為 260 萬美元。截至 2024 年 9 月 30 日，根據我們的財務紀律和資本配置的重點，我們擁有 1.963 億美元的現金和現金等價物以及有價證券投資。我們預計現有的現金和現金等價物以及有價證券將為 2026 年下半年提供支援。

Jeff already commented on full year 2024 revenue, but I'd also like to add some color on adjusted operating expenses and cash guidance. For the full year 2024 we now expect adjusted operating expenses of approximately $100 million versus our original guidance of less than $103 million and net cash usage of about $92 million versus our original guidance of less than $100 million.

Jeff 已經對 2024 年全年收入發表了評論，但我還想對調整後的營運支出和現金指導進行一些說明。對於2024 年全年，我們預計調整後的營運費用約為1 億美元，而我們最初的指引為不到1.03 億美元，淨現金使用量約為9,200 萬美元，而我們最初的指引為不到1億美元。

Now, I'll turn the call over to the operator to open the line for questions.

現在，我將把電話轉給接線員以打開提問線路。

(Operator Instructions)

（操作員說明）

Kyle Mikson, Canaccord Genuity LLC.

凱爾米克森 (Kyle Mikson)，Canaccord Genuity LLC。

Hi guys, thanks for the questions. Jeff just since it's been some since the kind of initial launch as well as the full commercial launch and then you so you're putting up I guess place numbers that are aren't huge but there so it's more measured. So, it feels like can you talk about why the visibility wasn't quite there in the third quarter. Maybe like excluding some of these macro headwinds and then and maybe kind of going forward why you're confident in some of the million-dollar revenue, quarterly revenue, kind of guidance that you put out there. Thanks.

大家好，謝謝您的提問。傑夫，自從最初的發布以及全面的商業發布以來，已經有一些了，然後你就提出了，我想這些數字並不大，但也有更多的衡量標準。所以，感覺你能談談為什麼第三季的能見度不那麼高嗎？也許就像排除一些宏觀阻力，然後也許是向前看，為什麼你對一些百萬美元的收入、季度收入以及你在那裡提出的指導充滿信心。謝謝。

Yes, thanks for the question, Kyle. So, I'll start by saying as we said in the prepared remarks, the, the revenue in the quarter was a bit below our expectations and it really ties to the remark which was a couple of sales that move in or out really are the difference you're, you're talking about an instrument with a list price around $85,000 and one or two of those moving in or out can be the difference between hitting that expectation. And in this case, we had we thought we had good line of sight to the timing, we were getting consistent feedback from the customer but in the end, some of these deals are moving out by a month or so and that can really change the outcome from just a couple of deals as we look at Q4.

是的，謝謝你的提問，凱爾。因此，我首先要說的是，正如我們在準備好的評論中所說，本季度的收入略低於我們的預期，這確實與以下評論相關：進出的幾筆銷售確實是區別在於，您談論的是標價約為85,000 美元的樂器，其中一兩個移入或移出可能會導致達到該預期的差異。在這種情況下，我們認為我們對時機有很好的洞察力，我們從客戶那裡得到了一致的反饋，但最終，其中一些交易將推遲一個月左右，這確實可以改變當我們回顧第四季度時，僅幾筆交易的結果。

Kyle, I think we're really looking at the forecast from our commercial team, we're assessing those various headwinds and tailwinds. We're also really looking at the potential for some level of budget flush to occur. We're not expecting that to be a significant level, but we are seeing some indications that we might see a couple of deals that, that could materialize in such a way.

凱爾，我認為我們確實在關注商業團隊的預測，我們正在評估各種逆風和順風。我們也在認真研究某種程度的預算充裕的可能性。我們預計這不會達到一個顯著的水平，但我們看到一些跡象表明我們可能會看到一些交易可以以這種方式實現。

And I think our on balance, we really look at it and we say, okay what's the potential paths here. Are there reasonable paths to get back to or very close to our guidance. We think there are some ways to get very close to that number and we feel very confident that we'll surpass that million it's really the question of where in that range will we fall from sort of a million on the low end to hitting the low end of our guidance. And we have confidence, there's plans to land us in that range and we're going to push of course, as hard as we can to get to the to the guidance.

我認為，總的來說，我們認真研究了它，然後說，好吧，這裡的潛在路徑是什麼。是否有合理的途徑可以回到或非常接近我們的指導。我們認為有一些方法可以非常接近這個數字，並且我們非常有信心我們將超過這個百萬，這實際上是一個問題，即我們將在這個範圍內從低端的一百萬下降到觸及低點我們的指導結束了。我們有信心，有計劃讓我們達到這個範圍，我們當然會盡我們所能地推動，以達到指導。

All that was helpful and then maybe like just going a bit deeper from like an end user perspective, what are some of the bottlenecks that still kind of exist given it's pretty early in this whole sequencing kind of paradigm. The bottlenecks that exist that are preventing people from or preventing you guys from having quotas where you're having double digit placements or something like that. I mean, what is really what, what's after what is it that you kind of need, is that the evidence, the publications or is it like your consumables, like the output and range issues, yield things like that. I mean, just not to kind of get too nitty gritty because I know you have the yesterday, next week but just kind of curious what silver is like a remains to be seen like what could prove the technology further.

所有這些都是有幫助的，然後也許只是從最終用戶的角度更深入一些，考慮到在整個排序範式中還處於早期階段，仍然存在哪些瓶頸。存在的瓶頸會阻止人們或阻止你們獲得兩位數的展示位置或類似的配額。我的意思是，真正的是什麼，你需要的是什麼，是證據、出版物還是像你的消耗品，例如輸出和範圍問題，會產生這樣的東西。我的意思是，只是不要太具體，因為我知道你昨天、下週都有，但只是有點好奇白銀是什麼樣的，還有待觀察，比如什麼可以進一步證明這項技術。

Yes, I think Kyle, it's a good question. There's probably a mix of things that, that impact the rate which would, we're bringing on new customers. I would say that there's not sort of like one thing I would say that is the hang up for customers. Certainly to your point, more evidence coming out which I think you've seen more of our customers presenting at conferences, posters in sessions and, and most recently with the preprint that has been issued from the University of Virginia, I think those things will help, but I don't want to overlook the fact that we also have a very, a reasonably new number of sales professionals in the US.

是的，我認為凱爾，這是一個很好的問題。可能有多種因素會影響我們吸引新客戶的速度。我想說的是，沒有一件事是讓客戶感到困惑的。當然，就您的觀點而言，有更多的證據出現，我認為您已經看到更多我們的客戶在會議上展示，會議上的海報，以及最近弗吉尼亞大學發布的預印本，我認為這些事情將會有所幫助，但我不想忽視這樣一個事實：我們在美國也有相當數量的新銷售專業人員。

Really, we talked about that back in the second quarter earnings call that we were expanding that team. We filled most of those roles during Q3 and those folks are not yet fully ramped as we discussed in our prepared remarks they've been on board and they've been trained, they're out in the field really building their pipelines and advancing deals through the, through the funnel. So, I don't think we've seen their full capability to sort of contribute to that revenue either at this stage. So, I really think it's got a lot to do with just that scale of activity, the number of people that are out there and productive, not some specific limitation in in technology or some missing a piece of evidence. It really is just about getting those folks out there, getting them trained, working a larger number of opportunities at a time to see that acceleration in the revenue we can deliver every quarter.

確實，我們在第二季的財報電話會議上談到了我們正在擴大該團隊。我們在第三季度填補了大部分職位，這些人還沒有完全成熟，正如我們在準備好的評論中討論的那樣，他們已經加入並接受了培訓，他們在現場真正建立自己的管道並推進交易通過，透過漏斗。因此，我認為現階段我們還沒有看到他們為該收入做出貢獻的全部能力。所以，我真的認為這與活動規模、參與工作的人數和生產力有很大關係，而不是技術上的某些特定限製或某些證據的缺失。這實際上只是讓這些人出去，對他們進行培訓，一次提供更多的機會，以看到我們每季可以提供的收入加速成長。

Got it. That's great and on that point, it has the sales to the placement to date for platinum, have they been direct sales driven or like distribution partner driven.

知道了。這很好，就這一點而言，它擁有迄今為止白金版的銷售量，它們是直接銷售驅動的還是由分銷合作夥伴驅動的。

We've had a mix of both obviously we're direct in the United States and we're direct in some of the key markets in Western Europe but we're of course also expanding our distribution network. So, there's been a mix of both and some of our early distribution partners that we talked about back at the start of the year some of those distribution partners have also started to place instruments and sell instruments into the end users. So, there's a mix of directly placed boxes, our distribution partners, directly selling to end users and then some of us selling to our new channel partners as well.

我們將兩者結合起來，顯然我們在美國有直接銷售，在西歐的一些主要市場也有直接銷售，但我們當然也在擴大我們的分銷網絡。因此，我們在年初談到了這兩種方式以及我們的一些早期分銷合作夥伴，其中一些分銷合作夥伴也開始向最終用戶放置儀器並向最終用戶銷售儀器。因此，有直接放置的盒子、我們的分銷合作夥伴直接銷售給最終用戶，然後我們中的一些人也銷售給我們的新通路合作夥伴。

Got it. Okay. And yes, maybe I want I was curious about the version three kits and how that was sort of like ramping or any feedback you've gotten so, far given that was launched you three months ago or so, anything you can share on that.

知道了。好的。是的，也許我想對第三版套件感到好奇，以及這有點像升級或您收到的任何反饋，到目前為止，考慮到三個月前左右推出了您可以分享的任何內容。

Yes, I think on the version three kit similar to what we've seen in past releases when we bring out a new release like this, given the increase in performance that, that customers see we had a very smooth and rapid transition from the prior version to this version. So, our customers have moved over to the version three. I think what we're seeing is showing up in those posters and in that paper and in other presentations, which is that customers are capable of going after each of those new applications. They want to they want to pursue they're seeing better output, they're seeing that consistent sort of reproducibility between the lots that they get, it's just that general lift and overall performance improvement opens up more applications and really makes their research move forward in a very smooth way.

是的，我認為第三版套件與我們在過去的版本中看到的類似，當我們推出這樣的新版本時，考慮到性能的提高，客戶看到我們從之前的版本進行了非常平穩和快速的過渡版本到這個版本。因此，我們的客戶已轉向第三版。我認為我們看到的內容出現在這些海報、論文和其他簡報中，即客戶有能力追求每個新應用程式。他們希望他們想要追求他們看到更好的輸出，他們看到他們得到的批次之間一致的再現性，只是總體提升和整體性能改進開闢了更多應用並真正使他們的研究向前發展以非常順利的方式。

Okay. And I guess, maybe just find one looking again to next week. How, what's at this point. What are your thoughts, the company's thoughts on kind of the clinical potential of this protein sequencing when that could occur. And that's kind of like it sort of overlaps with the therapeutic potential. I feel like it's kind of penetrating the biopharm world, it sounded like in past quarters, how these two areas sort of like at the stand today and what's the most near-term opportunity for you.

好的。我想，也許下週再找一個人看看。怎麼樣，現在是什麼情況。您對此有何看法？這有點像它與治療潛力有重疊。我覺得它有點滲透到生物製藥領域，聽起來就像過去幾個季度一樣，這兩個領域在今天的展位上的情況如何，以及對您來說最近的機會是什麼。

Yes, it's a good question, Kyle, we'll save some of the discussion on that for the Investor Day. I will say that you're correct. We're continuing to see adoption in both smaller biotech as well as, larger Pharma, as we mentioned in our remarks, we had our first, contract manufacturer, adopt the product that services that space.

是的，這是一個很好的問題，凱爾，我們將在投資者日進行一些討論。我會說你是對的。我們繼續看到小型生物技術公司和大型製藥公司的採用，正如我們在評論中提到的，我們有我們的第一個合約製造商，採用為該領域提供服務的產品。

So, we're very pleased with the traction there, we've talked about on prior calls, some of those opportunities they take longer to work through the funnel and materialize. So, what we've delivered so far is not the end where we in many of those processes with other large pharma and biotech opportunities. So, we feel good about the potential of our product in that market segment. Exactly, when that intersects with a clinical stage program or intersects with a clinical diagnostic, I think that's still out in the future a bit, but we'll get into that in a little more detail at our Investor Day.

因此，我們對那裡的吸引力感到非常滿意，我們在之前的電話中討論過，其中一些機會需要更長的時間才能通過管道並實現。因此，到目前為止，我們所交付的成果並不是我們在許多流程中與其他大型製藥和生物技術機會的終點。因此，我們對我們的產品在該細分市場中的潛力感到滿意。確切地說，當它與臨床階段計劃或臨床診斷交叉時，我認為這在未來仍然存在，但我們將在投資者日更詳細地討論這一點。

Alright, great. Look forward to it. Yes, thanks a lot.

好吧，太棒了。敬請期待。是的，非常感謝。

Thank you.

謝謝。

Thank you. I'm showing no further questions at this time. I'll now turn it back to Jeff Hawkins for closing marks.

謝謝。我目前沒有提出任何進一步的問題。現在我將把它轉回傑夫霍金斯以獲取結束語。

Thank you, everyone for attending today. We look forward to providing you more updates on our innovation pipeline at our November 20, Investor Day and at future conference calls.

謝謝大家今天的出席。我們期待在 11 月 20 日投資者日和未來的電話會議上為您提供有關我們創新管道的更多最新資訊。

For participation in today's conference. This does conclude the program. You may now disconnect.

參加今天的會議。這確實結束了該程式。您現在可以斷開連線。