Repligen Corp (RGEN) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Repligen Corporation's third-quarter of 2024 earnings conference call. My name is Chad, and I will be your coordinator. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Sondra Newman, Head of Investor Relations. Please go ahead.

女士們、先生們，大家好，歡迎參加 Repligen Corporation 2024 年第三季財報電話會議。我的名字是查德 (Chad)，我將擔任您的協調員。（操作員指示）請注意，此事件正在記錄中。現在，我想將會議交給投資者關係主管桑德拉紐曼 (Sondra Newman)。請繼續。

Thank you, and welcome to our third quarter of 2024 report. On this call, we will cover business highlights and financial performance for the three- and nine-month periods ending September 30, 2024, and we'll provide financial guidance for the full year 2024. Joining us on the call today are Repligen's President and Chief Executive Officer, Olivier Loeillot; and our Chief Financial Officer, Jason Garland. As a reminder, the forward-looking statements that we make during the call, including those regarding our business goals and expectations for the financial performance of the company, are subject to risks and uncertainties that may cause actual events or results to differ.

謝謝，歡迎閱讀我們的 2024 年第三季報告。在本次電話會議上，我們將介紹截至 2024 年 9 月 30 日的三個月和九個月的業務亮點和財務業績，並提供 2024 年全年的財務指導。今天參加電話會議的有 Repligen 總裁兼執行長 Olivier Loeillot；以及我們的財務長 Jason Garland。提醒一下，我們在電話會議中做出的前瞻性陳述，包括有關我們的業務目標和對公司財務表現的預期的陳述，都受風險和不確定性的影響，這些風險和不確定性可能導致實際事件或結果有所不同。

Additional information concerning risks related to our business is included in our quarterly reports on Form 10-Q, our annual report on Form 10-K and our current report on 8-K, including the report that we are filing today. and other filings that we make with the SEC. Today's comments reflect management's current views, which could change as a result of new information, future events or otherwise.

有關我們業務風險的其他資訊包含在我們的 10-Q 表季度報告、10-K 表年度報告和 8-K 當前報告（包括我們今天提交的報告）中。以及我們向美國證券交易委員會提交的其他文件。今天的評論反映了管理層當前的觀點，這些觀點可能會因新資訊、未來事件或其他原因而改變。

The company does not obligate or commit itself to update forward-looking statements, except as required by law. During this call, we are providing non-GAAP financial results and the items unless otherwise noted. Reconciliations of GAAP to non-GAAP financial measures are included in the press release that we issued this morning, which is posted to Repligen's website and on sec.gov.

除非法律要求，否則公司沒有義務或承諾更新前瞻性聲明。在本次電話會議中，我們將提供非 GAAP 財務結果和項目，除非另有說明。我們今天早上發布的新聞稿中包含了 GAAP 與非 GAAP 財務指標的對賬，該新聞稿已發佈在 Repligen 網站和 sec.gov 上。

Adjusted non-GAAP figures in today's report include the following: base revenue and organic revenue growth, cost of goods sold, gross profit and gross margin; operating expenses, including R&D and SG&A, income from operations and operating margin, tax rate on pretax income, net income, diluted earnings per share, EBITDA, adjusted EBITDA, and adjusted EBITDA margins. These adjusted measures should not be viewed as an alternative to GAAP measures but are intended to best reflect the performance of our ongoing operations.

今天的報告中調整後的非 GAAP 數據包括：基本收入和有機收入成長、銷售成本、毛利和毛利率；營業費用，包括研發和銷售、一般及行政費用、營業收入和營業利潤率、稅前收入稅率、淨收入、每股攤薄收益、EBITDA、調整後 EBITDA 和調整後 EBITDA 利潤率。這些調整後的指標不應被視為 GAAP 指標的替代，而旨在最好地反映我們持續經營的績效。

Now I'll turn the call over to Olivier.

現在我將電話轉給奧利維爾。

Thank you, Sandra. Good morning, everyone, and welcome to our Q3 earning calls. I'm very pleased to report strong third quarter results. Excellent team execution, coupled with improving market conditions, has enabled us to deliver 10% year-over-year sales growth and 6% order growth with orders pacing above sales by 4% despite the seasonality headwinds, we typically see in the third quarter.

謝謝你，桑德拉。大家早安，歡迎參加我們的第三季財報電話會議。我很高興地報告第三季的強勁業績。出色的團隊執行力，加上不斷改善的市場條件，使我們實現了同比增長 10% 的銷售額和 6% 的訂單增長，儘管第三季度通常會出現季節性逆風，但訂單量仍比銷售額高出 4%。

Most of the momentum we have seen in quarter two have carried into quarter three. In fact, we saw sequential improvements with our non-COVID sales up 3% versus last quarter and orders up 2%. We were especially encouraged to see a strengthening CDMO business which is a great indicator of the overall industry health. This business rebounded nicely and reached its highest revenue level in the last 18 months with orders dollars trading ahead of sales through the first nine months. Pharma and consumables continued to show solid sales and order growth, and we grew our opportunity funnel for equipment. It was a record revenue quarter for new modalities where we are tracking to the highest annual revenue and order intake to date.

我們在第二季度看到的大部分勢頭已經延續到了第三季度。事實上，我們看到了連續的成長，非 COVID 銷售額比上一季成長了 3%，訂單成長了 2%。我們尤其高興地看到 CDMO 業務不斷加強，這是整個行業健康狀況的良好指標。該業務強勁反彈，達到了過去 18 個月以來的最高收入水平，前 9 個月的訂單金額超過了銷售額。醫藥和消耗品持續呈現穩健的銷售和訂單成長，我們也擴大了設備的機會管道。這是新模式創紀錄的一個季度，我們正在追蹤迄今為止最高的年收入和訂單量。

At the franchise level, filtration led in revenue growth and chromatography delivered an exceptional quarter for orders. In total, for the nine months year-to-date, our orders are up 8% and if you include protein up 14%. During the third quarter, we managed to build backlog for the future. In addition, our order funnel is very healthy, setting us up for a solid exit to the year. Overall, we are really happy with the progress we're seeing. As we continue monitoring macro level trends with China, CapEx funding, and biotech funding.

在特許經營層面，過濾業務引領了收入成長，而色譜業務則在本季度取得了出色的訂單業績。總體而言，今年迄今的九個月裡，我們的訂單增加了 8%，如果包括蛋白質的話，則增加了 14%。在第三季度，我們成功為未來累積了訂單。此外，我們的訂單管道非常健康，為我們今年的順利結束打下了堅實的基礎。總的來說，我們對所看到的進展感到非常高興。我們將繼續監測中國、資本支出資金和生技資金的宏觀趨勢。

With this positive context, we are narrowing the range and confirming the midpoint of our full year revenue guidance. We now expect to finish 2024 with revenue in the range of $630 million to $639 million. For clarity, this includes close to $7 million of incremental revenue following our 8-K filing in September. Jason will provide an update on the related restatement process but please note that all of the figures being reported today do include the impact of this shift in revenue timing.

在這種積極的背景下，我們正在縮小範圍並確認全年收入預期的中點。我們目前預計 2024 年的營收將在 6.3 億至 6.39 億美元之間。需要清楚的是，這包括我們 9 月提交 8-K 報告後的近 700 萬美元的增量收入。傑森將提供相關重述過程的最新情況，但請注意，今天報告的所有數據都包括了收入時間轉變的影響。

Let us now deep dive a bit in the quarter and our year-to-date performance. Pharma delivered a solid growth in quarter three, with revenue up mid-single digits year over year. Orders were also strong at the highest level since 2021 and up high single digits sequentially, but flat year-over-year on a tough comp in quarter three 2023. Orders came primarily from our top biopharma customers.

現在讓我們深入了解本季和今年迄今的表現。製藥業在第三季度實現了穩健成長，營收年增了中個位數。訂單量也表現強勁，達到 2021 年以來的最高水平，環比增長高個位數，但由於 2023 年第三季度的艱難表現，訂單量與去年同期持平。訂單主要來自我們頂級生物製藥客戶。

Year-to-date, our pharma revenues are up high single digits and orders are up mid-teens. More importantly, pharma order dollars are tracking 12% above revenue in the quarter. CDMO revenue and orders grew approximately 20% year over year. CDMO sales are now back to 2022 levels, and our order intake year-to-date is up high single digits. In fact, over the last two quarters, orders are up mid-teens versus the same six months period last year.

今年迄今為止，我們的製藥收入成長了個位數，訂單量增加了百分之十幾。更重要的是，本季藥品訂單金額比收入高出 12%。CDMO營收和訂單年增約20%。CDMO 銷售額現已恢復至 2022 年的水平，今年迄今為止我們的訂單量已增長了個位數。事實上，過去兩個季度，訂單量比去年同期增加了百分之十幾。

It is good to see the activity level at some of our top 10 CDMOs picking up again and particularly at those where we have put a key account manager in place. In Q3, we also saw a more even distribution of orders coming from both larger Tier 1 and the smaller Tier 2 CDMOs. We look forward to getting further confirmation in the first quarter, but the situation has really improved from a year ago.

我們很高興看到我們的一些前十大 CDMO 的活動水平再次回升，特別是那些我們已經任命了大客戶經理的 CDMO。在第三季度，我們還看到來自較大的一級 CDMO 和較小的二級 CDMO 的訂單分佈更加均勻。我們期待在第一季得到進一步的確認，但情況比一年前確實有所改善。

Moving to consumables and equipment performance, Consumable momentum is still strong with revenues up 10% year-over-year and at the highest level in the last five quarters. Consumable orders were at the highest level they've been since Q1 of 2022, up high teens year-to-date, which furthers our belief that destocking is indeed behind us.

至於消耗品和設備表現，消耗品動能依然強勁，營收年增 10%，達到近五季以來的最高水準。消耗品訂單達到了 2022 年第一季以來的最高水平，今年迄今已成長了 10% 多，這進一步證實了我們的信念，即去庫存確實已經過去。

We continue to gain market share in capital equipments despite the challenging environments. Our sales were up mid-single digits year-on-year and low single digits sequentially. Sales and orders are now up mid- to high single digits year to date. While equipment orders have been slower to recover, we could not be happier with the funnel we have for our systems.

儘管面臨嚴峻挑戰，我們仍在資本設備領域持續擴大市場佔有率。我們的銷售額年增了中個位數，季增了低個位數。今年迄今，銷售額和訂單量已實現中高個位數成長。雖然設備訂單的恢復速度較慢，但我們對系統的管道感到非常滿意。

For example, several big pharma companies are adopting our PAT technology integrated with the systems to improve their productivity. In particular, these companies are platforming our system for new modalities. Speaking about new modality business, we delivered another great quarter with sales up more than 20% year over year. In fact, quarter three was the highest revenue quarter ever for new modalities.

例如，幾家大型製藥公司正在採用我們的 PAT 技術與系統整合來提高生產力。特別是，這些公司正在為我們的系統打造新模式的平台。談到新模式業務，我們又度過了一個出色的季度，銷售額年增超過 20%。事實上，第三季是新模式有史以來收入最高的一個季度。

Our orders were also up low double digits compared with quarter three of 2023. What is driving our success in this area is innovation and continued adoption at our top 20 accounts. It's become even more clear to me that Repligen has the best, most advanced portfolio of products to serve this important market. Our strategy to develop and launch tailored solutions for the different new modalities is very successful and with the expected rapid growth of these markets were ideally positioned.

與 2023 年第三季相比，我們的訂單也成長了兩位數。我們在此領域取得成功的推動力是創新以及我們在前 20 個帳戶中的持續採用。我更清楚地認識到，Repligen 擁有最優質、最先進的產品組合來服務這個重要的市場。我們為不同的新模式開發和推出客製化解決方案的策略非常成功，隨著這些市場的預期快速成長，我們處於理想的位置。

Our pending acquisition of Tantti will also enable us to develop unique and innovative purification solution for that market segment. As a percent of total revenue, new modalities continue to increase tracking to 20% for the full year compared with 18% in 2023. From a regional performance point of view, we are really happy about the progress we are seeing in the Americas and Asia, including China.

我們即將收購 Tantti，這也使我們能夠為該細分市場開發獨特、創新的淨化解決方案。作為總收入的百分比，新模式將繼續增加，全年追蹤率將從 2023 年的 18% 上升至 20%。從區域表現來看，我們對美洲和亞洲（包括中國）所取得的進展感到非常高興。

America revenues were up mid-teens in quarter three, while Asia ex China was up more than 40% in quarter three. China remains a big headwind for us this year and will only represent about 4% of our 2024 revenues. Asia will remain a critical focus for growth for us in 2025. Let us now deep dive into our third quarter franchise performance.

第三季度，美國市場收入成長 15% 左右，而中國以外的亞洲市場收入成長超過 40%。中國市場對我們今年來說仍然是一個巨大的阻力，僅占我們 2024 年收入的 4% 左右。2025 年，亞洲仍將是我們的重點成長點。現在讓我們深入了解我們第三季的特許經營表現。

Starting with our largest franchise, filtration. Q3 has been another successful quarter. Revenues were up mid-teens year-over-year and around 10% year to date. Orders were flat year-over-year on very tough comps, but up high single digits sequentially and up greater than 10% year to date. Our ATF revenues are up more than 50% this quarter as we capitalize on our ATF late-phase design-ins and significant consumable upticks. Our ATF technology was also designed into another blockbuster map during the quarter.

從我們最大的特許經營權——過濾開始。第三季又是一個成功的季度。營收年增了 15% 左右，今年迄今已成長了 10% 左右。儘管訂單量與去年同期相比持平，但環比增長了高個位數，今年迄今增長了 10% 以上。由於我們利用 ATF 後期設計和消耗品的大幅上漲，本季我們的 ATF 收入成長了 50% 以上。本季度，我們的 ATF 技術也被設計到另一部轟動一時的地圖。

Our filtration systems portfolio is gaining market share at several large pharma accounts. In fact, we are starting to be platformed at some of these accounts, which will help us to generate ongoing growth, thanks to the recurring nature of the associated consumables.

我們的過濾系統產品組合正在幾家大型製藥公司的市場份額中獲得成長。事實上，我們已經開始在其中一些帳戶上進行平台化，這將有助於我們實現持續成長，這要歸功於相關消耗品的循環性。

Another reason for the positive traction is that we are seeing the integration of FlowVPX technology with our filtration system at several accounts, creating a new market need for this differentiated technology combination. Finally, our TangenX flat sheet cassettes portfolio grew greater than 15% this quarter, driven by large pharma wins. And with a strong funnel, we continue to work on several large-scale opportunities for the future.

另一個積極的原因是，我們看到 FlowVPX 技術與我們的過濾系統在多個帳戶上的集成，為這種差異化技術組合創造了新的市場需求。最後，受大型製藥公司勝利的推動，我們的 TangenX 平板盒式磁帶產品組合本季成長超過 15%。憑藉強大的管道，我們將繼續致力於未來的幾個大規模機會。

Moving to chromatography, we are very encouraged by our performance in quarter three. While revenue was down on a very tough comp, it was an exceptional quarter for orders, which were up 35% year over year. In fact, the last two quarters have been record quarters for order intake, driven by increased demand for both large scale and small tier OPUS Columns. So protein remains a roughly $32 million headwind for the year. The franchise had a strong quarter overall, with sales up 15% versus quarter three, 2023 and ordered flat.

談到色譜法，我們對第三季的表現感到非常鼓舞。雖然收入因嚴峻的競爭形勢而下降，但本季的訂單量卻表現突出，比去年同期成長 35％。事實上，由於對大型和小型 OPUS 柱的需求增加，過去兩個季度的訂單量創下了歷史新高。因此，蛋白質仍是今年約 3,200 萬美元的逆風。該特許經營店整體本季表現強勁，銷售額較 2023 年第三季增長 15%，訂單持平。

Ligand revenues and orders were as expected, with strength in growth factors and Avitide programs. Our Avitide customers ligand-funnel has strengthened over the last 12 months, as more customers implement the solution for custom and catalog products.

配體收入和訂單符合預期，生長因子和 Avitide 項目表現強勁。隨著越來越多的客戶為客製化和目錄產品實施解決方案，我們的 Avitide 客戶配體漏斗在過去 12 個月中得到了加強。

We're excited about the addition of Tantti to our portfolio and hope to close this deal here in the fourth quarter. The goal will be to launch some disruptive solution into the new modality space as we move into 2025. The work we are doing with Avitide, Tantti, new modalities combined with our mass collaboration positions us well to move beyond the known headwinds here in 2024 and reestablished growth for our protein business. Finally, process analytics also had a strong quarter with 7% top line growth and 6% of the growth. Our FlowVPX solution for measuring protein concentration drove the overall business growth across all modalities and compensated for a more difficult business environment for stand-alone systems.

我們很高興 Tantti 加入我們的投資組合，並希望在第四季度完成這筆交易。我們的目標是在 2025 年之際在新的模式領域推出一些顛覆性的解決方案。我們與 Avitide、Tantti 和新模式的合作，加上我們的大規模合作，使我們能夠在 2024 年克服已知的阻力，並重新實現蛋白質業務的成長。最後，流程分析也表現強勁，營收成長 7%，成長率為 6%。我們用於測量蛋白質濃度的 FlowVPX 解決方案推動了所有模式的整體業務成長，並彌補了獨立系統更困難的業務環境。

So our franchise did well across the board. Our unique and innovative products combined with the successful implementation of our key account strategy and focus on new modalities is generating a lot of new business opportunities for Repligen. As I wrap, I also wanted to share another highlight of the quarter. On September 23, we had the grand opening of the Repligen Training and Innovation center in Waltham, called RTIC. This dedicated space showcases all of our Repligen bioprocessing technologies with product exhibits, purpose-built demo areas, and technical training space. All designed to provide our customers with pre and post sales support and hands-on experience with our technologies.

因此我們的特許經營權在各方面都表現良好。我們獨特而創新的產品，加上我們成功實施的大客戶策略和對新模式的關注，為 Repligen 創造了許多新的商機。在結束之際，我還想分享本季的另一個亮點。9 月 23 日，我們在沃爾瑟姆隆重開設了 Repligen 培訓和創新中心（RTIC）。這個專用空間展示了我們所有的 Repligen 生物加工技術，包括產品展覽、專門建造的演示區和技術培訓空間。所有這些都是為了向我們的客戶提供售前和售後支援以及親身體驗我們的技術。

Every week, we're adding customers willing to open new doors to expand our business. This is reflected in our 50%-plus probability funnel, which is 30% greater than prior year. So in summary, I'm very pleased with the momentum we saw in quarter three and believe we are well positioned for achieving our full year goals. We are very encouraged by our order strength over the last nine months and a 10% year-on-year revenue growth in quarter three.

每週，我們都會增加願意開拓新業務的客戶。這反映在我們 50% 以上的機率漏斗中，比去年高出 30%。總而言之，我對我們在第三季度看到的發展勢頭感到非常滿意，並相信我們已做好準備實現全年目標。我們對過去九個月的訂單強勁以及第三季度同比增長 10% 的收入感到非常鼓舞。

With improving CDMO and capital equipment markets and continued strength in pharma, consumable and new modalities, we're excited about our markets and the future as we move into 2025. Finally, I really want to thank our entire Repligen team for delivering such a strong quarter. Over the last 6 to 12 months, we have added several experience leaders and talented people to an already high-performing team, and therefore, we are excited and confident about the future of our company.

隨著 CDMO 和資本設備市場的不斷改善以及製藥、消耗品和新模式的持續走強，我們對我們的市場和邁入 2025 年的未來感到興奮。最後，我真的要感謝我們整個 Repligen 團隊取得如此強勁的季度業績。在過去的 6 到 12 個月裡，我們為原本高效的團隊增加了幾位經驗豐富的領導者和人才，因此，我們對公司的未來感到興奮和自信。

It has also been a real pleasure meeting many of you over the past couple of months. I've enjoyed sharing my vision for the ongoing success of Repligen and look forward to our discussion in the months ahead. With this, I will hand over to Jason for the financial updates.

在過去的幾個月裡，我也很高興與你們中的許多人見面。我很高興分享我對 Repligen 持續成功的願景，並期待我們在未來幾個月的討論。現在，我將把財務更新交給 Jason。

Thank you, Olivier, and good morning, everyone. I'm pleased to share more details on our Q3 financial report and to step through the pieces of our updated financial guidance. As Olivier mentioned earlier, please note that all the financials discussed will be inclusive of the adjustments related to the required restatement we disclosed in September. At that point, we are only able to share how top line revenue timing would shift and the estimated impacts on operating income.

謝謝你，奧利維爾，大家早安。我很高興與大家分享我們第三季財務報告的更多細節，並逐步介紹我們更新後的財務指引。正如 Olivier 之前提到的，請注意，討論的所有財務數據都將包括與我們在 9 月披露的所需重述相關的調整。此時，我們只能分享營收時間將如何變化以及對營業收入的預期影響。

We can now share a detailed summary of our restated financials for the past six quarters, including GAAP to non-GAAP reconciliations. Please refer to the supplemental presentation posted today on the Investors section of our website for the summary, which is also included as an exhibit to the 8-K we filed this morning. The restated financials addressed the specific COVID-related contract modification that gave rise to the need for the restatement, along with some minor adjustments to the historical financials for certain other immaterial items.

我們現在可以分享過去六個季度重述的財務狀況的詳細摘要，包括 GAAP 與非 GAAP 的對帳。請參閱今天在我們網站的投資者部分發布的補充演示文稿以了解摘要，該摘要也作為我們今天早上提交的 8-K 文件的附件包含在內。重述的財務報表解決了與 COVID 相關的導致需要重述的具體合約修改，並對某些其他非重要項目的歷史財務報表進行了一些小調整。

I want to thank the team for working through a very detailed and robust process to get to this point. Given the effort required, we are still in the process of finalizing all the required amendments for the impacted 10-Qs and 10-K and we plan to file them as quickly as possible. Moving now to the third quarter of 2024. Revenue of $155 million marked a return to double-digit growth, up 10% year-over-year on a total reported basis, and up 7% organically.

我要感謝團隊透過非常詳細和嚴格的流程才達到這一點。考慮到所需的努力，我們仍在最終確定受影響的 10-Q 和 10-K 的所有必要修改，並計劃盡快提交這些修改。現在進入 2024 年第三季。1.55 億美元的營收重回兩位數成長，以報告總營收計算年增 10%，有機成長 7%。

Recent acquisitions contributed 3% of our reported growth with de minimis impact from currency. There were no COVID sales in the third quarter of 2024 or in the third quarter of 2023. Sequentially, from the second quarter, we were down approximately $4 million from $159 million but for context, Q2 now includes $5 million of additional sales due to the restatement.

最近的收購為我們報告的成長貢獻了 3%，且貨幣因素的影響很小。2024 年第三季和 2023 年第三季均沒有 COVID 銷售。與第二季相比，我們的銷售額較之 1.59 億美元下降了約 400 萬美元，但就背景而言，由於重新報表，第二季現在包括 500 萬美元的額外銷售額。

Year-to-date revenue was $467 million, in line with our updated expectations. This was flat year-over-year, but up about 5% if you exclude known COVID and protein headwinds. As Olivier shared color on our product franchise performance, I'll provide more detail on the performance across our global regions, starting with revenue, where we saw year-over-year growth across all regions during the quarter. North America represented approximately 51% of our global business in Q3, Europe represented 33%, and Asia Pacific and the rest of the world represented 16%.

年初至今的營收為 4.67 億美元，符合我們最新的預期。與去年同期相比，這一數字持平，但如果排除已知的 COVID 和蛋白質不利因素，則增長約 5%。正如 Olivier 分享了我們產品特許經營表現的情況一樣，我將提供更多有關我們全球各地區表現的詳細信息，首先是收入，我們在本季度看到所有地區都實現了同比增長。第三季度，北美約占我們全球業務的 51%，歐洲佔 33%，亞太地區和世界其他地區佔 16%。

Within Asia, China was down about 50% year-over-year and represented 3% of our total business in the quarter. We continue to expect China to be about $20 million headwind to revenue in 2024, as shared in July and to represent approximately 4% of our restated revenue. Excluding China, we saw a very strong year-over-year and sequential sales growth for the Asia Pacific region, up over 40% and 30%, respectively.

在亞洲，中國業務年減約 50%，占我們本季總業務的 3%。我們繼續預計，到 2024 年，中國市場將為我們的收入帶來約 2000 萬美元的阻力，正如 7 月所分享的那樣，這約占我們重述收入的 4%。除中國外，亞太地區的銷售額較去年同期成長非常強勁，分別成長了 40% 和 30% 以上。

Year-to-date, the strongest region was North America, up about 10% with healthy growth across all four franchises. On regional orders, North America and Asia ex China were both up double digit on orders year-to-date. Europe is down due primarily to proteins, and China continues to present a meaningful headwind, though we did see some slight order growth sequentially from the second to the third quarter after a decline for three quarters in a row.

今年迄今，表現最強勁的地區是北美，成長約 10%，四個特許經營店均有健康成長。就區域訂單而言，北美和中國以外的亞洲地區的訂單今年迄今均實現了兩位數成長。歐洲的訂單下滑主要由於蛋白質因素，而中國繼續呈現明顯的逆風，不過在連續三個季度下滑之後，我們確實看到第二季度至第三季度的訂單環比略有增長。

Transitioning to profit and margins. The third quarter 2024 adjusted gross profit was $78 million, a $19 million increase year-over-year on $14 million higher revenue. With this, we delivered a 50.7% adjusted gross margin. This is up 8.7 percentage points versus last year, driven by higher volume, year-over-year productivity and with some offset due to inflation. Sequentially, gross margin is down about 40 basis points from the second quarter.

轉向利潤和利潤率。2024 年第三季調整後毛利為 7,800 萬美元，年增 1,900 萬美元，營收增加 1,400 萬美元。其中，我們實現了50.7%的調整後毛利率。這一數字比去年上升了 8.7 個百分點，主要由於產量增加、生產率同比上升，以及通貨膨脹的部分抵消。與第二季相比，毛利率下降了約 40 個基點。

But keep in mind that Q2 now includes the benefit of high-margin from approximately $5 million of restated COVID-related sales. Excluding those sales, our third quarter gross margin improved by 1.1 percentage points.

但請記住，第二季現在包括了約 500 萬美元重述的 COVID 相關銷售帶來的高利潤。除這些銷售額外，我們第三季的毛利率提高了 1.1 個百分點。

Looking at year-to-date, the first three quarters of 2024 adjusted gross margin is 50.3%. This is in line with achieving our total year guidance for gross margin which we are increasing today by 50 basis points to a range of 49.5% to 50.5%, entirely from the impact of the restatement.

從年初至今，2024 年前三個季度的調整後毛利率為 50.3%。這符合我們實現全年毛利率指導目標的目標，今天我們將其提高了 50 個基點，至 49.5％ 至 50.5％ 的範圍，這完全是由於重述的影響。

The implied midpoint guidance for the fourth quarter does suggest a drop from the third quarter. Even with the benefit we get at higher volumes and positive leverage in the fourth quarter 3Q benefited from higher-margin product sales that do not repeat in 4Q. This has a negative mix impact on the adjusted gross margin, essentially from higher material costs.

第四季的隱含中點指引確實顯示較第三季有所下降。儘管我們在第四季度獲得了更高的銷售和正槓桿率，但第三季度受益於利潤率更高的產品銷售，而第四季度卻沒有出現這種情況。這對調整後的毛利率產生了負面影響，主要是由於材料成本上升。

Continuing through the P&L, our adjusted income from operations was $23 million in the third quarter with significant improvement over last year, up approximately $18 million. This increase was driven by the fall-through of the $19 million increase in gross profit with an offset of $1 million of higher adjusted operating expenses. Though our adjusted operating expenses are up versus last year, primarily due to the return of incentive compensation in 2024. Sequentially, they are down approximately $5 million in the second quarter. This is in line with the projected reductions primarily in SG&A that we highlighted as part of our guidance in July's earnings call.

繼續查看損益表，我們第三季的調整後營業收入為 2,300 萬美元，較去年同期有顯著改善，增加了約 1,800 萬美元。這一增長是由於毛利增加 1900 萬美元，但調整後營業費用增加 100 萬美元所抵消。雖然我們的調整後營業費用較去年有所上升，這主要歸因於 2024 年激勵薪酬的回歸。與上一季相比，該公司第二季的虧損額下降了約 500 萬美元。這與我們 7 月收益電話會議上作為指引強調的主要銷售、一般及行政開支預計減少的幅度一致。

We continue to closely manage our operating expenses. From a run rate perspective, we do expect the fourth quarter to step up from the third quarter due to the timing of expenses but should still remain below the first half run rate. Our third quarter 2024 adjusted operating income margins are up more than 11 percentage points year-over-year, driven primarily by strong operating and OpEx productivity, higher volume some price tailwinds, offset by incentive compensation and inflation.

我們繼續密切管理我們的營運費用。從運行率的角度來看，我們確實預計第四季度的運行率將因費用的時間表而高於第三季度，但仍應低於上半年的運行率。我們 2024 年第三季的調整後營業收入利潤率年增超過 11 個百分點，主要得益於強勁的營運和營運支出生產力、銷量增加以及一些價格順風，但被激勵薪酬和通貨膨脹所抵消。

Operating margin also improved sequentially by approximately 200 basis points to nearly 15%, our third quarter 2024 adjusted EBITDA margin rate was approximately 21%, which reflects a greater than 5 percentage point drag from depreciation. The implied guidance at midpoint for fourth quarter adjusted operating margin is a small step up from 3Q, even with gross margin down sequentially as discussed earlier, we expect to see an increased impact on volume leverage at the adjusted operating margin level, which more than offsets the gross margin mix headwind.

營業利潤率也比上一季提高了約 200 個基點，達到近 15%，我們 2024 年第三季的調整後 EBITDA 利潤率約為 21%，這反映了折舊造成的 5 個百分點以上的拖累。第四季調整後營業利潤率中位數的隱含指引較第三季略有上升，即使毛利率如前所述環比下降，我們預期調整後營業利潤率水準的銷售槓桿影響將會增加，從而足以抵銷毛利率組合逆風的影響。

With cost optimization and margin expansion remaining a priority, we expect to continue to execute programs and evaluate the need for future optimization and restructuring actions. To this end, we incurred just under $3 million of restructuring charges in the third quarter, all of which were cash expenses. For clarity, these expenses are excluded from our adjusted results.

由於成本優化和擴大利潤率仍然是首要任務，我們預計將繼續執行計劃並評估未來優化和重組行動的必要性。為此，我們在第三季產生了近 300 萬美元的重組費用，全部都是現金費用。為了清楚起見，這些費用不包括在我們的調整結果中。

Adjusted net income for the third quarter was $24 million, up nearly $11 million versus last year. This was driven by the $18 million increase in adjusted operating income, offset by greater than $7 million of higher tax provisions. Our third quarter adjusted effective tax rate was 21.9% versus negative 5.8% last year. Our adjusted effective tax rate was also up over the first half, primarily due to a shift in our profit before tax mix being less US driven. With this increase in the quarter, we are maintaining our total year adjusted effective tax rate outlook and still expect it to be approximately 20%.

第三季調整後淨收入為 2,400 萬美元，較去年同期成長近 1,100 萬美元。這是由於調整後營業收入增加了 1800 萬美元，但被超過 700 萬美元的更高稅收準備金所抵消。我們第三季的調整後有效稅率為 21.9%，去年同期為-5.8%。我們的調整後有效稅率在上半年也有所上升，這主要是因為我們的稅前利潤組合受美國因素的影響較小。隨著本季的成長，我們維持全年調整後有效稅率預期，仍預計約為 20%。

Interest income, net of interest expense was up slightly over last year. We expect this to decline in the fourth quarter on decreasing interest rates though still see a path to higher interest income for the total year versus our prior guidance. There is no impact from the restatement. Adjusted fully diluted earnings per share for the third quarter was $0.43, compared to $0.23 in the same period of 2023.

扣除利息支出後的利息收入較去年同期略有增加。我們預計，隨著利率下降，第四季這一數字將會下降，但與我們先前的預期相比，全年利息收入仍將增加。重述不會產生任何影響。第三季調整後每股完全攤薄收益為 0.43 美元，而 2023 年同期為 0.23 美元。

Finally, our cash position at the close of the third quarter was $784 million, down $25 million sequentially. After using $70 million for the settlement of our remaining 2019 convertible notes, as previously discussed. This was partially offset by another quarter of strong cash flow from operations as we generated $49 million. As we end the year, we still expect Tantti acquisition to close in the fourth quarter and plan to fund the transaction with our available cash on hand.

最後，我們第三季末的現金狀況為 7.84 億美元，比上一季下降 2,500 萬美元。如同先前所討論的，在使用 7000 萬美元結算我們剩餘的 2019 年可轉換票據之後。這被我們另一個季度強勁的營運現金流（4900萬美元）部分抵消了。隨著今年的結束，我們仍然預計 Tantti 的收購將在第四季度完成，並計劃利用我們手頭上的現金為該交易提供資金。

I'll now move to an update on our guidance for the full year of 2024. I'll speak to adjusted financial guidance, but please note that our GAAP to non-GAAP reconciliations for our 2024 guidance are included in the reconciliation table in today's earnings press release. And for further clarity, our guidance is fully inclusive of the restatement and inclusive of the FlexBiosys and Metenova acquisitions we made in 2023 and but still excludes any impact from the pending acquisition of Tantti.

現在，我將更新我們對 2024 年全年的預期。我將談談調整後的財務指引，但請注意，我們 2024 年指引的 GAAP 與非 GAAP 對帳已包含在今天的收益新聞稿中的對帳表中。為了進一步說明，我們的指引完全包含了重述，並包括了我們在 2023 年進行的 FlexBiosys 和 Metenova 收購，但仍不包括即將進行的 Tantti 收購的影響。

As highlighted earlier by Olivier, we have updated our total year adjusted guidance ranges that we shared last July. We have tightened our revenue guidance range around the same midpoint of $634.5 million communicated in our restatement disclosure. We now expect total revenue in 2024 to be between $630 million and $639 million. As Olivier mentioned, this includes approximately $7 million of incremental revenue following our 8-K filing in September.

正如 Olivier 之前所強調的那樣，我們更新了去年 7 月分享的全年調整後指導範圍。我們已將營收預期範圍縮窄至重述揭露中所述的 6.345 億美元的中點左右。我們現在預計 2024 年的總營收將在 6.3 億至 6.39 億美元之間。正如 Olivier 所提到的，這包括我們 9 月提交 8-K 報告後的約 700 萬美元增量收入。

We still expect year-over-year revenue growth in the second half of the year. And even with the restatement, we still expect second half 2024 to be above the first half. At our midpoint, we expect total revenue growth in the second half of 2024 to be 5% higher than the second half of 2023 and 3% higher than the first half of '24. Excluding COVID, we expect revenue in the second half of 2024 to be 12% higher than the second half of 2023 and 7% higher in the first half of 2024.

我們仍然預計下半年營收將年增。即使經過重申，我們仍預期 2024 年下半年的業績將高於上半年。根據我們的中位數預測，我們預計 2024 年下半年的總收入成長將比 2023 年下半年高出 5%，比 2024 年上半年高出 3%。不包括 COVID，我們預計 2024 年下半年的營收將比 2023 年下半年成長 12%，比 2024 年上半年成長 7%。

Overall, for the full year, we expect growth in the range of 2% to 3% for our non-COVID business with M&A contributing approximately 3 percentage points of that growth. We now expect to deliver adjusted gross margins in the range of 49.5% to 50.5%, with the increase solely due to the restatement impact on the first half of 2024. We also expect our adjusted income from operations to be between $80 million to $85 million or 12.5% to 13.5% adjusted operating margin rate.

總體而言，我們預計全年非新冠疫情業務將成長 2% 至 3%，其中併購將貢獻約 3 個百分點的成長。我們現在預計調整後的毛利率將在 49.5% 至 50.5% 之間，這一增長完全是由於重述對 2024 年上半年的影響。我們也預期調整後的營業收入將在 8,000 萬美元至 8,500 萬美元之間，或調整後的營業利潤率為 12.5% 至 13.5%。

This 50 basis point increase from our guidance in July is driven by approximately 90 basis points of benefit from the restatement partially offset by a 40 basis point of headwind in our expected operating expenses versus our July outlook. This equates to about a $1 million higher SG&A than previously forecasted as we continue to balance making important investments for growth while driving prudent spending.

與 7 月份的預期相比，這一 50 個基點的增長是由重述帶來的約 90 個基點的收益所推動的，但與 7 月份的展望相比，預期運營費用出現了 40 個基點的逆風，部分抵消了這一增長。這相當於銷售、一般及行政開支比先前預測的高出約 100 萬美元，因為我們會繼續在為成長進行重要投資與推動審慎支出之間取得平衡。

Adjusted EBITDA margins are now expected to be in the range of 17.5% to 18.5% for the year reflected of the adjusted operating margin changes and no impact on our prior outlook of roughly 500 basis points of fixed depreciation costs from capacity expansions we have made. Our adjusted other income outlook has increased by $3 million to approximately $27 million, and our 2024 adjusted effective tax rate is unchanged at an estimated 20%. Incorporating all of the updates discussed above, our guidance for adjusted net income is now $85 million to $89 million, and our adjusted diluted earnings per share is $1.50 to $1.58.

調整後的 EBITDA 利潤率目前預計在 17.5% 至 18.5% 之間，這反映了調整後的營業利潤率變化，並且不會對我們先前預測的產能擴張帶來的約 500 個基點的固定折舊成本產生影響。我們調整後的其他收入預期增加了 300 萬美元至約 2700 萬美元，而我們 2024 年調整後的有效稅率保持不變，仍為預計的 20%。綜合上述所有更新內容，我們調整後的淨收入預期目前為 8,500 萬美元至 8,900 萬美元，調整後的每股攤薄收益為 1.50 美元至 1.58 美元。

In closing, we continue to be encouraged by the momentum we are seeing in the market and our performance in the third quarter. We believe that our focus on key accounts, delivering innovation, driving orders growth for the company, continuing to develop and acquire differentiated technologies and progressing on our revenue and profitability goals sets us up well for a successful exit to the year and into 2025.

最後，我們繼續對市場的發展動能和第三季的業績感到鼓舞。我們相信，我們專注於關鍵客戶，提供創新，推動公司訂單成長，繼續開發和獲取差異化技術，並不斷實現我們的收入和盈利目標，這些都為我們在今年和 2025 年的成功退出奠定了基礎。

With that, I will turn the call back to the operator to open the lines for questions.

說完這些，我將把電話轉回給接線員，以便開通熱線來回答問題。

(Operator Instructions) Dan Leonard, UBS.

（操作員指示）丹·倫納德（Dan Leonard），瑞銀。

Thank you. I have a question on the fourth quarter revenue ramp. Can you walk through some of the assumptions that are behind the ramp from a budget flush perspective or anything else?

謝謝。我對第四季營收成長有疑問。您能否從預算充裕的角度或其他角度闡述這一成長背後的一些假設？

Hey good morning, Dan. Olivier here. Yes, we said a couple of times already quarter four is always the highest quarter. It was always the highest quarter pre-COVID to seasonality and on our side, I mean, obviously, we've seen a nice ramp-up of orders during the entire year. We spoke to Bill around one, it's not above one during the -- every quarter, one after the other and quarter three being another good example here. We've grown our order intake consistently during the entire year, which is putting us in a very strong position to enter into quarter four and deliver the higher number that we have to deliver in quarter four versus the previous quarters.

嘿，早上好，丹。這裡是奧利維爾。是的，我們已經說過幾次了，第四季總是最高的季度。在疫情爆發之前，由於季節性因素的影響，這一直是銷售額最高的一個季度。我們與比爾談過，每個季度都不會超過一個，一個接一個，第三季就是另一個很好的例子。我們全年的訂單量都在持續增長，這使我們在進入第四季度時處於非常有利的地位，並且與前幾季度相比，我們在第四季度的交付數量會更高。

And the good news is October has been a very strong month as well. So that's why we decided to reduce the overall -- the guidance as we did in the range.

好消息是十月也是一個非常強勁的月份。這就是我們決定降低整體指導值（就像我們在範圍內所做的那樣）的原因。

Thanks. And as a follow-up, I think you mentioned that equipment revenue was up low single digits sequentially, which was better than we were expecting. Can you speak at all to -- and you mentioned you have a strong funnel as well. I'm curious if you could speak to funnel velocity. Are deals that are entering the funnel closing at the same rate? Are they closing faster? Any change on that front?

謝謝。作為後續問題，我想您提到過，設備收入環比增長了個位數，這比我們預期的要好。您能談談嗎—您提到您也有一個強大的漏斗。我很好奇您是否可以談談漏斗速度。進入頻道的交易是否以相同的速度完成？它們關閉得更快了嗎？這方面有什麼變化嗎？

Yeah. No, absolutely, Dan. So we were really happy to see some growth in what has been indeed a tough environment. And I mean we've heard that. We've even seen it ourselves.

是的。不，絕對不是，丹。因此，我們非常高興看到在艱難的環境中取得了一些進展。我的意思是我們已經聽說過了。我們甚至親眼見過。

But you're right, we have a great funnel. And if I look at the entire portfolio of products we have, partly the ARTeSYN portfolio has enabled us to gain quite significant market share.

但你說得對，我們有一個很棒的漏斗。如果我看一下我們擁有的整個產品組合，就會發現 ARTeSYN 產品組合讓我們獲得了相當大的市場份額。

And the good news is, particularly in new modalities, several big pharma companies have decided to platform us across the board for those new modalities with our systems. Also benefiting from the integration of our FlowVPX system. So yes, it's definitely a good position we are in right now. In terms of the time it takes between you generate a funnel and you close the deal, it really depends quite heavily from one customer to the other. But you would say typically it takes something between three to six months to close the smaller scale type of hardware and maybe six to nine months for the larger scale.

好消息是，特別是在新模式下，幾家大型製藥公司已決定透過我們的系統為這些新模式提供全面的平台。也受益於我們的 FlowVPX 系統的整合。是的，我們現在所處的狀態確實很好。就產生漏斗和完成交易之間所需的時間而言，這實際上很大程度上取決於不同的客戶。但你可能會說，通常關閉小規模的硬體需要三到六個月的時間，而關閉較大規模的硬體則可能需要六到九個月的時間。

Okay. Thank you.

好的。謝謝。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Morning, guys. Thanks for the questions. Olivier, sound pretty encouraged by the CDMO picture. If I go back to the end of last year, demand stepped up and then it took a step backwards in early 2024. What about the improvement that you're seeing here suggests that the path forward might be more sustainable? Is it breadth of orders, order size or frequency? Anything that gives you extra confidence entering next year on just the CDMO side specifically?

早安，大家。感謝您的提問。奧利維爾，聽起來 CDMO 的情況相當令人鼓舞。如果我回顧去年年底，需求上升，然後在 2024 年初出現倒退。您在這裡看到的改進是否表明前進的道路可能更加可持續？是訂單廣度、訂單規模還是頻率？有什麼事情可以讓您在明年 CDMO 更有信心嗎？

Yeah. Good morning, Daniel. I think we've repeated consistently like the health of the industry it's really at the highest level, when you see CDMO recovering. So from that point of view, we are really happy to see what we've seen now for, I would call it, even the last two quarters. In fact, when you look at the last two quarters, orders they are mid-teens versus the same last quarter -- the same two quarters last year.

是的。早上好，丹尼爾。我認為，我們一直在重複行業健康狀況，當你看到 CDMO 復甦時，它確實處於最高水平。因此從這個角度來看，我們真的很高興看到我們現在所看到的情況，甚至可以稱之為過去兩個季度的情況。事實上，當你看過去兩個季度時，你會發現訂單量與上一季（去年同期）相比處於中等水平。

So it's really a very significant improvement. In fact, our sales are back to the 2022 level at this stage. And what we're also very happy about is it's both large and small CDMOs that are really showing some very good performance. And when you look at large ones like Lonza or Samsung, they are announcing very significant deals lately but also some of the smaller ones are starting to probably benefit quite a bit from the biosecure act.

所以這確實是一個非常顯著的進步。事實上，我們現階段的銷售額已經恢復到 2022 年的水準。令我們高興的是，大型和小型 CDMO 都表現出了非常出色的表現。看看龍沙和三星這樣的大公司，他們最近都宣布了非常重要的交易，但一些小公司也可能開始從生物安全法案中受益匪淺。

So it is really an improvement across the board and other stuff, we are happy about. We were covering four of these CDMOs with our key account management team. And partly at those four accounts, we've seen incredible improvement over the last few quarters now.

所以這確實是一個全面的進步，我們對此感到高興。我們與大客戶管理團隊共同負責其中四個 CDMO。在這四個帳戶中，我們看到了過去幾個季度令人難以置信的改善。

Okay. And then Jason, as we think about next year, is it fair to say that the growth rate that might have been contemplated before the accounting change would now need to reflect the 100 basis point headwind from the $7 million that falls into '24 million? Or do you think you can offset that?

好的。然後傑森，當我們考慮明年時，是否可以說在會計變更之前可能已經考慮到的增長率現在需要反映 700 萬美元降至 2400 萬美元所帶來的 100 個基點的逆風？還是你認為你可以抵銷這一點？

And then as we think about the quarters for next year, what would you call our attention to when it comes to the impact of these changes? Just sort of trying to get ahead of any modeling surprises that might show up when revenues and costs move around. Thank so much.

然後，當我們考慮明年的季度時，您會讓我們關注這些變化的影響嗎？只是想提前預料到當收入和成本發生變化時可能出現的任何模型意外。非常感謝。

Yeah. I think that as we look into next year, we still are maintaining the view that we've shared before. I think that as we talk about next year, right? We certainly -- when you exclude COVID, which, again, most of the restating impact is in that bucket, that that's where we're going to focus on our continued growth. And I don't know if you want to share anything more on '25, Olivier?

是的。我認為，展望明年，我們仍然會堅持我們先前所分享的觀點。我想我們談的是明年，對嗎？當然，當你排除 COVID 時，大部分重述影響都在這個範圍內，這就是我們將專注於持續成長的地方。我不知道奧利維爾，您是否想分享更多關於『25』的資訊？

No, I think we're good here.

不，我認為我們在這裡很好。

Yeah, quarter-wise, we'll continue to look at that as we go through and release overall guidance. But I think as Olivier shared, we feel like we're seeing back more of the seasonality that may have been typical before COVID and would expect that we follow a similar pattern as we go into in '25.

是的，就季度而言，我們會繼續關注這一點，並發布整體指導。但我認為，正如 Olivier 所分享的，我們感覺我們看到了更多可能在 COVID 之前就很典型的季節性現象，並且預計在進入 25 年時我們會遵循類似的模式。

Okay. But Jason, just to be clear, when we show up 90 days later, you don't envision there being something that surprises the street, surprises investors, surprises analysts about the 4Q and 1Q dynamics that resulted from that accounting change.

好的。但是傑森，需要明確的是，當我們在 90 天後出現時，你不會想到會出現令華爾街、投資者和分析師對會計變更導致的第四季度和第一季動態感到驚訝的事情。

That's right.

這是正確的。

Okay. Thanks.

好的。謝謝。

Rachel Vatnsdal, JP Morgan.

摩根大通 (JP Morgan) 的 Rachel Vatnsdal。

Hey, perfect. Thank you, guys. First up, just on the order intake. You mentioned that orders grew 6% year on year. Can you also just give us what was sequential order growth given some of the COVID comps comps, especially in the first half? And then also, what was book-to-bill this quarter? Wasn't it truly above one? Thanks.

嘿，完美。謝謝你們。首先，我們來了解一下訂單量。您提到訂單年增了 6%。您能否告訴我們，考慮到一些 COVID 同類產品，尤其是上半年的連續訂單增長情況如何？另外，本季的訂單出貨比是多少？它真的不是高於一嗎？謝謝。

Yeah. Hey good morning, Rachel. So versus quarter two, our orders increased by 2%. In fact, year-to-date, our orders are up 8%, which is a very significant increase for us. And then we did mention like our orders were ahead of sales by 4% in quarter three, yeah.

是的。嘿，早上好，Rachel。因此與第二季相比，我們的訂單增加了 2%。事實上，今年迄今為止，我們的訂單成長了 8%，這對我們來說是一個非常顯著的成長。然後我們確實提到過，我們的訂單量在第三季比銷售額高出了 4％，是的。

Got it. And then just on my follow-up on 2025. I know Dan just pushed on top line, but maybe I wanted to look at margins a little bit more. You typically have grown gross margins by 100 to 200 basis points a year, give or take, you mentioned that this COVID restatement is margin accretive. So walk us through the moving pieces and really what that means for margin expansion in 2025 at this point?

知道了。然後就是我對 2025 年的後續關注。我知道丹只是在推動營收成長，但也許我想多看看利潤率。您的毛利率通常每年增長 100 到 200 個基點，或多或少，您提到這次 COVID 重述會增加利潤率。那麼請您向我們介紹其中的變化，以及這對於 2025 年的利潤擴張究竟意味著什麼？

Yeah. Really, there's no change in the dialogue we've been having about 2025. Again, we're not issuing guidance, but we do expect to be able to still achieve that 100 to 200 basis points of gross margin over the next few years. So no impact, in particular from an impact to restatement, certainly the step off becomes higher.

是的。確實，我們關於 2025 年的對話沒有任何變化。再次重申，我們不會發布指引，但我們確實預計未來幾年仍能實現 100 到 200 個基點的毛利率。因此沒有影響，特別是對重述的影響，當然步幅會變得更高。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

Yeah. Hi, guys. Thanks for the questions here. So first on, you pointed out both CDMOs and newer modalities. Can you talk about how much of that is an overlap between those two categories? And then -- if you can maybe help us understand how much of the business is picking up in your Phase I and II versus Phase III and commercial. Can you maybe just help us parse out both revenue and revenue growth and order growth that you're seeing? How much of that is Phase I and II versus later stages?

是的。嗨，大家好。感謝您提出的問題。首先，您指出了 CDMO 和較新的模式。您能談談這兩個類別之間有多少重疊嗎？然後 — — 如果您能幫助我們了解您在第一階段和第二階段的業務成長情況，以及第三階段和商業成長情況如何。您能否幫助我們分析您所看到的收入、收入成長和訂單成長？其中有多少屬於第一階段和第二階段以及後期階段？

Okay. Good morning, Puneet, Olivier here. Yeah. So we don't have the exact number of how much of our new modality sales is going through CDMO versus pharma. I would say there is no reason why it should be any different from the rest of the business because the only difference probably is that a lot of CDMOs active in new modalities are on the smaller hand of CDMO range as well, particularly on the gene therapy side, but we don't have the exact number here.

好的。早安，Puneet，我是 Olivier。是的。因此，我們無法準確掌握新模式銷售中有多少是透過 CDMO 而不是透過製藥公司進行的。我想說沒有理由認為它應該與其他業務有任何不同，因為唯一的區別可能是許多活躍於新模式的 CDMO 也處於 CDMO 範圍的較小範圍內，特別是在基因治療方面，但我們這裡沒有確切的數字。

What I think is important really to mention on the new modality side is we have about 20-plus customers that are really significant customer of ours and a big chunk of them are CDMOs indeed. But I don't have the exact number here to give you and then in terms of clinical phase, as you know, about 65% of our overall business is in a clinical phase slowly, but surely, obviously, some of these projects are moving from the early phase clinical to the later phase, which is why we're seeing a very nice consumable order uptick in sales during the last several quarters because we really have a tail end of this product moving to the layer phases.

我認為在新模式方面真正值得一提的是，我們有大約 20 多個客戶，他們是我們的真正重要客戶，其中很大一部分確實是 CDMO。但我沒有確切的數字可以提供給您，就臨床階段而言，如您所知，我們整體業務的約 65％ 處於臨床階段，雖然進展緩慢，但顯然其中一些項目正在從早期臨床階段轉向後期臨床階段，這就是為什麼我們看到過去幾個季度的消耗品訂單銷售額出現非常好的增長，因為我們確實有這款產品的尾端轉向了了。

But here, again, I can't give you exactly the exact number. Typically, at the end of the year, we do a reconciliation of where our sales went during the entire year, and we will probably be able to give you more granularity during the next call on the split between the early phase and the later phase here.

但在這裡，我再次無法給出確切的數字。通常，在年底，我們會對全年的銷售情況進行核對，並且我們可能能夠在下次電話會議中為您提供有關早期階段和後期階段劃分的更詳細資訊。

Okay. That's helpful. And then just on M&A, I mean, there have been significant speculation lately, and I think that's been an important question for investors as well. I understand it's always challenging to address any near-term discussions. But just wanted to see and get a view from you on your M&A approach. And if you can provide any clarity on that and your ability to deploy capital for the right asset?

好的。這很有幫助。然後就併購而言，我的意思是，最近出現了很多猜測，我認為這對投資者來說也是一個重要的問題。我知道解決任何近期討論總是很有挑戰性的。但只是想看看並聽聽您對併購方法的看法。您能否對此做出澄清，並說明您為正確資產部署資本的能力？

Yeah. So as you all know, I mean, M&A has been absolutely critical for the growth of Repligen in the past. And there is no reason why we are going to stop that. So we are having a very active funnel of opportunities. One of the messages we've conveyed over the last few months is we are indeed a bigger company today than we were 5 to 10 years ago, so which is why we are definitely looking at potential bigger targets today than we were 5 to 10 years ago.

是的。所以大家知道，我的意思是，併購對於 Repligen 過去的發展至關重要。我們沒有理由阻止這一點。因此，我們擁有非常活躍的機會。我們在過去幾個月中傳達的訊息之一是，我們今天的公司確實比五到十年前更大，這就是為什麼我們今天肯定會尋找比五到十年前更大的潛在目標。

What that remains similar is we are looking for very unique technologies that will really enable us to further differentiate ourselves in the market. So we are not into the me-too type of products. So we are not interested to acquire businesses that we wouldn't bring something that is really going to be very differentiating and differentiating means in the very short term or by adding it to the rest of the portfolio we already have where we can create something that's going to be very differentiating in the short to midterm with that acquisition.

相似之處在於，我們都在尋找非常獨特的技術，這些技術能夠真正讓我們在市場上進一步脫穎而出。所以我們不喜歡那種「我也一樣」類型的產品。因此，我們對收購那些不能帶來真正差異化的產品的企業不感興趣，差異化意味著在短期內，或者透過將其添加到我們已經擁有的其他投資組合中，我們可以利用收購在短期到中期內創造出非常具有差異化的產品。

So nothing really has been changing heavily on that side. We have a very strong funnel of opportunities and Tantti, by the way, which is the latest acquisition we've done is a good example of the fact we are still interested by bolt-on acquisition as well because even though it doesn't bring us a lot of top line in the very short term, the complementarity to our current portfolio gigantic and will enable us to speed up the growth of the Avitide ligand customized offering.

因此，這方面實際上並沒有發生重大變化。我們擁有非常強大的機會管道，順便說一下，Tantti 是我們最近進行的收購，這是一個很好的例子，說明我們仍然對附加收購感興趣，因為儘管它不會在短期內給我們帶來很多收入，但它與我們目前的投資組合具有巨大的互補性，並將使我們能夠加快 Avitide 配體定制產品的增長。

Okay. Thank you. Appreciate it, Olivier.

好的。謝謝。非常感謝，奧利維爾。

Thanks.

謝謝。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

Hi, good morning. Olivier, you mentioned part of the growth driven, especially in equipment by in platformed at big pharma. Obviously, the enterprise sales strategy has been a focus for the last couple of years. are these totally new accounts to Repligen? Are they account for perhaps you existed in a small way, but now have a much bigger opportunity? It sounds like the ATF and FlowVPX were entry points. Can you just maybe provide a bit more color on the success in big pharma in the quarter.

嗨，早安。奧利維爾，您提到了部分成長動力，尤其是由大型製藥公司的平台驅動的設備成長。顯然，企業銷售策略一直是過去幾年的關注重點。這些對於 Repligen 來說都是新帳號嗎？它們是否說明也許你曾經存在過，但現在卻擁有了更大的機會？聽起來 ATF 和 FlowVPX 是入口點。能否詳細介紹本季大型製藥公司的成功？

Yeah. No, absolutely. And you nailed it well, Matt. I mean we obviously have been very active with the key account management organization. In fact, today, we are up to a team of seven people covering 20 accounts, 16 pharma, 4 CDMOs.

是的。不，絕對不是。你說得太好了，馬特。我的意思是，我們顯然一直非常積極地參與大客戶管理組織的工作。事實上，今天，我們的團隊由 7 人組成，負責 20 個帳戶、16 個製藥公司和 4 個 CDMO。

And this has given us really a lot of traction and yeah, you phrased it very well, which is like we typically potentially had only one part of the business covered with those big accounts and slowly but surely. Now we are working on two, three, sometimes four of the different parts of the portfolio we have.

這確實給了我們很大的推動力，是的，你說得很好，就像我們通常只用那些大帳戶來覆蓋業務的一部分，而且進展緩慢但穩定。現在我們正在處理投資組合中的兩個、三個，有時甚至是四個不同部分。

So this has really enabled us to grow much faster -- but also what's very important to consider with those big accounts is we want to get access to the C-suite level people and that there is nothing better than having one person who has the ability to present the overall portfolio because then suddenly, you get access to those higher level decision-maker in that as those big accounts.

因此，這確實使我們能夠更快地發展——但對於這些大帳戶，同樣需要考慮的非常重要的一點是，我們希望接觸到高階主管級別的人，而沒有什麼比擁有一個能夠展示整體投資組合的人更好的了，因為這樣一來，你就可以接觸到那些大帳戶中更高級別的決策者。

And particularly for a company like ours that has got very differentiating innovation, you really want to make sure you get access to the key decision-maker because sometimes company are a little bit reluctant to embed changes. So having access to the -- this higher-level decision maker has enabled us to speed up then picking up on the innovation we are launching every year.

特別是對於像我們這樣擁有差異化創新的公司，你確實希望確保能夠接觸到關鍵的決策者，因為有時公司不太願意做出改變。因此，能夠接觸到這個更高層級的決策者使我們能夠加快並掌握每年推出的創新。

Okay. Thank you. And then on China, you referenced 3% in the quarter. I think some speculation about potential stimulus activity for the space, how that might affect things next year where it might come through. But you also referenced to an earlier question, I think a positive impact from some CDMOs related to BIOSECURE, which I don't know sort of as maybe an offset to sort of what's going on in China.

好的。謝謝。然後關於中國，您提到本季成長了 3%。我認為一些關於該領域潛在刺激活動的猜測，以及這些猜測可能會如何影響明年的事情。但您也提到了先前的一個問題，我認為一些與 BIOSECURE 相關的 CDMO 產生了積極影響，我不知道這是否可能抵消了中國正在發生的事情。

Just curious if you could, one, sort of provide current thoughts on the go-forward business in China; and two, maybe flesh out a bit more what your customers are telling you about the positive impact from BIOSECURE?

我很好奇，您能否先提供中國未來業務的最新想法？第二，能否進一步詳細說明您的客戶告訴您有關 BIOSECURE 的正面影響？

Yeah. So absolutely. So I think we are all thinking and hoping that China is bouncing along the bottom at this stage. And you're right. I mean, slowly but surely, it has reached like a very small portion of our overall revenue about 3% in quarter three.

是的。絕對是這樣。因此我認為，我們都在想並且希望中國現階段能夠觸底反彈。你說得對。我的意思是，雖然緩慢但很穩定，它在第三季度已經佔了我們總收入的一小部分，約 3%。

We think probably a little bit less than 4% for the overall year. What's great, by the way, and I just take a very short -- takeaway. The rest of Asia is doing very well. I mean, in fact, our sales outside of China were up 40% in quarter three.

我們認為全年增幅可能略低於 4%。順便說一句，很棒的事情是，我只想簡短地說一下外賣。亞洲其他地區表現都很好。我的意思是，事實上，我們第三季在中國以外的銷售額成長了 40%。

But back to China, we need to focus more on that market for sure in the upcoming few months because we think there will be a rebound coming sooner or later. Yes, you're right, the stimulus that seems to be hitting more every quarter. I mean, I think in August, there was a specific announcement made for equipment for bioproduction, which we start to see reaching some of the potential customers in China.

但回到中國，我們肯定需要在未來幾個月更加關注該市場，因為我們認為遲早會出現反彈。是的，你說得對，刺激措施似乎每季都在加強。我的意思是，我認為在八月份，有一個針對生物生產設備的具體公告，我們開始看到該設備接觸到中國的一些潛在客戶。

So we hope indeed to see some positive impact coming from that side. And in terms of the BIOSECURE Act, what I was talking about earlier is, yes, there have been some companies, some pharma companies who have started inquiring with alternative CDMO sources. And very often, the smaller hand of CDMOs considering projects as they are considering moving faster might be the early Phase I. So it's a fact like a few of the small in the US have been really benefiting from a probably much higher opportunity funnel intake during the last two quarters.

因此，我們確實希望看到來自這方面的一些正面影響。關於《BIOSECURE 法案》，我之前談到的是，是的，已經有一些公司、一些製藥公司開始向替代 CDMO 來源進行諮詢。而且很多時候，由於考慮加快進度，CDMO 中規模較小的項目可能處於 I 期早期階段。

And I mean, we start to even see some M&A activities in the small CDMO arena in the US, as you've seen Avid being acquired by a private equity company. So there are quite a lot of stuff happening on that side for sure right now.

我的意思是，我們甚至開始看到美國小型 CDMO 領域的一些併購活動，正如你所看到 Avid 被一家私募股權公司收購。所以現在那邊肯定發生了很多事。

Okay. Thank you.

好的。謝謝。

Jacob Johnson, Stephens.

雅各約翰遜，史蒂芬斯。

Hey, thanks. Good morning. Maybe just on clinical demand. I think that's been a focus area for investors and perhaps some concern there that we could see a slower recovery in clinical next year versus commercial. I think one of your larger peers called out needed growth from earlier stage demand earlier this quarter. You guys are pointing to improving demand from CDMOs.

嘿，謝謝。早安.也許只是臨床需求。我認為這一直是投資者關注的領域，也許有人擔心明年臨床的復甦速度可能會比商業復甦速度慢。我認為，你們的一位較大的同行在本季早些時候就指出，早期階段的需求需要成長。你們指出 CDMO 的需求正在增加。

I think last quarter, maybe also earlier-stage customers. Can you just talk about what you're seeing in the clinical piece of the business, and do you think that business could hold up relatively well even if they bought for Repligen specifically even if the broader space is a bit more muted next year.

我認為上個季度也可能是早期客戶。您能否談談您對臨床業務的看法？

Hey good morning, Jacob, yeah, as usually, you're spot on here. Yeah, if there is one area that is probably still a bit of concern, including for us as well right now, it's with emerging biotech. And then you're absolutely right, like in Q2, we mentioned we saw a very significant improvement. There is only one subsegment of our overall business that didn't do very well in quarter three that was the emerging biotech. And we've been trying to really understand what was going on, obviously, both from a funding of biotech point of view, but as well as from a clinical trial staff point of view.

嘿，早上好，雅各布，是的，和往常一樣，你在這裡說得很對。是的，如果有一個領域可能仍然有點令人擔憂，包括我們現在也是如此，那就是新興生物技術。你說得完全正確，就像在第二季度，我們提到我們看到了非常顯著的改善。我們整體業務中只有一個子部門在第三季表現不佳，那就是新興生物技術。顯然，我們一直在試圖真正了解到底發生了什麼，不僅從生物技術資金的角度，也從臨床試驗人員的角度。

And I mean you might remember we changed a bit on that, where quarter one saw a very nice increase in biotech funding to -- I think we said something like USD18 billion, then quarter two went down to [$15 billion]. And then quarter three and four, it went down to [$12 billion]. So even though year-to-date, we are still up 44% versus last year, we've seen like a constant decline of biotech funding this year and then in order to try to better understand what the pattern might be, we will look in that clinical trial start this year.

你可能還記得我們對此做了一些修改，第一季生物技術資金大幅增加，我想我們說的是 180 億美元，而第二季度則下降到[150億美元]。然後第三季和第四季度，情況下降到[120億美元]。因此，儘管今年迄今為止，我們仍比去年增長了 44%，但我們看到今年生物技術資金持續下降，為了更好地了解這種模式，我們將研究今年開始的臨床試驗。

And in fact, year-to-date clinical trial starts in the US have gone down by about 20% to 25% versus last year. So there seems to still be a little bit of a story here. And if I look at our own business, indeed, the only rate figures we have across the entire portfolio, whether from a business unit point of view, whether from a market segment point of view, this is really still with emerging biotech. So we're hoping to see some improvement coming from that side, hopefully, in the next few quarters.

事實上，今年迄今美國臨床試驗的啟動數量與去年相比下降了約 20% 至 25%。所以這裡似乎還有一些故事。如果我看一下我們自己的業務，事實上，我們整個投資組合中唯一的利率數據，無論是從業務部門的角度，還是從細分市場的角度，這實際上仍然與新興生物技術有關。因此，我們希望在接下來的幾個季度看到這方面有所改善。

Okay. Thanks for that, Olivier. And then, Jason, just one maybe last question on 2025. You talked about gross margins in response to Rachel's question. But as we think about the OpEx side of things, the OpEx was down nicely sequentially. It seems like maybe it will pick up a little bit in 4Q.

好的。謝謝你，奧利維爾。然後，傑森，也許只剩下最後一個問題了，關於 2025 年。在回答 Rachel 的問題時，您談到了毛利率。但當我們考慮營運支出方面時，營運支出則是環比下降。看起來可能在第四季會略有回升。

But as we look into next year, should we assume that maybe you get kind of some benefit from the savings in the back half of this year that helps margin expansion in the first half of next year?

但是當我們展望明年時，我們是否應該假設您可能會從今年下半年的節省中獲得一些好處，從而有助於明年上半年的利潤率擴大？

Or is there -- are there any moving parts on the OpEx side of things like incentive comp that we need to pay attention to as we're thinking about modeling next year? Thank you.

或者——在我們考慮明年的建模時，我們需要關注營運支出方面的變動因素，例如激勵補償？謝謝。

Yeah. I mean, obviously, we'll get more clarity as we issue our 2025 guidance in February. But yeah, there will be moving parts. I mean, we do expect to get some additional leverage at the op margin level. But yeah, and I don't know that I'd say there's a particular timing sort of dynamic but yeah, we need to sort through all those different pieces. But we'll get the leverage from the improvement at the gross margin level, see that fall through as maybe some additional OpEx leverage as well.

是的。我的意思是，顯然，當我們在 2 月發布 2025 年指引時，我們會得到更清晰的答案。但是，是的，會有活動部件。我的意思是，我們確實希望在營業利潤率水平上獲得一些額外的槓桿。但是是的，我不知道我是否會說存在一種特定的時間動態，但是是的，我們需要對所有這些不同的部分進行分類。但是，我們將從毛利率水準的提高中獲得槓桿作用，並將其轉化為可能的一些額外的營運支出槓桿作用。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Thanks.

謝謝。

Conor McNamara, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的康納‧麥克納馬拉 (Conor McNamara)。

Hey, guys. Thanks for taking the question. One just quick housekeeping, and this is a follow-up on margins going into next year. But just first off, what is your Q4 implied base revenue growth ex COVID? And then what's your Q4 implied EBITDA margins? And are both of those a good jumping off point as we go into next year?

嘿，大家好。感謝您回答這個問題。這只是簡單的整理，這是對明年利潤率的後續跟進。但首先，您第四季隱含的基本收入成長（不包括 COVID）是多少？那麼您第四季的隱含 EBITDA 利潤率是多少？這對我們進入明年來說是否是一個好的起點？

So do you want to start on margin

那你想從保證金開始嗎

No, go ahead on that revenue.

不，繼續獲得這些收入。

Yeah. So on the revenue side, if you exclude COVID, our growth for quarter four is going to be in the 12% to 13% range at midpoint of the guidance, Conor.

是的。因此在收入方面，如果不考慮 COVID，我們第四季度的成長率將在預期中位數 12% 至 13% 之間，康納。

Yeah. I have op margin in front of me. I don't have it at the EBITDA level, but the implied is probably just over 15% for 4Q for op margin. Again, I think there's going to be always ebbs and flows as you look at OpEx levels through the course of a given year. And so we'll determine how that transitions into 2025. But that's the fourth quarter implied at the op margin.

是的。我面前還有操作餘地。我沒有 EBITDA 水準的數據，但隱含的第四季營業利潤率可能略高於 15%。再次，我認為，當你觀察一年中的營運支出水準時，總是會出現起伏。所以我們將確定如何過渡到 2025 年。但這是第四季隱含的營業利潤率。

Okay. Thanks for that. And then you talked about a couple of big platform wins with large pharma. Are those competitive wins? Or are you seeing more activity at the overall market with large pharma?

好的。謝謝。然後您談到了與大型製藥公司合作的幾個重大平台勝利。這些是競爭性的勝利嗎？或者您看到大型製藥公司在整個市場上表現得更加活躍？

It's a bit of both, Conor. I mean, as you know, we've launched a couple of new systems that are particularly focusing on new modalities about four months ago or so. So you would say like in that specific case, there is not really a lot of competition to date. But there are also cases where we know we are gaining market share. And what we love about the FlowVPX offering is when people didn't know about it, obviously, they didn't think they would need it.

兩者都有，康納。我的意思是，如你所知，大約四個月前我們推出了幾個特別注重新模式的新系統。所以你會說，在那個特定的案例中，迄今為止的競爭實際上並不多。但也有一些情況我們知道我們的市場佔有率正在增加。我們喜歡 FlowVPX 產品的原因在於，當人們不知道它時，顯然他們認為他們不需要它。

But like when you buy a new feature on one of your high-tech products, once you start using the feature and you appreciate it, you realize you can't live without it. So what I think we're starting to really benefit from very strongly on the system side that people realize like having that feature is becoming absolutely critical for them, which is why for the next buy of equipment, they are just not considering going anywhere else than at Repligen because they want to have that feature offered with the system here.

但是，就像你購買了一款高科技產品的新功能一樣，一旦你開始使用並欣賞它，你就會意識到你不能沒有它。因此，我認為我們開始從系統方面真正受益匪淺，人們意識到擁有該功能對他們來說變得絕對關鍵，這就是為什麼對於下次購買設備，他們不會考慮去 Repligen 以外的任何地方，因為他們希望這裡的系統能夠提供該功能。

Great. Thanks for the color. Appreciate it guys.

偉大的。謝謝你的顏色。感謝你們。

Brandon Collard, Wells Fargo.

富國銀行的布蘭登·科拉德。

Hey guys, this is Evan on for Brandon. How's it going? Thanks for the question. A lot has been covered here. One thing I do want to -- I think we just kind of touched it on the last question. But in terms of your system strategy. So you put these systems in there and then you have these I think fairly high-priced consumables that get attached to them that are there -- it's pretty -- it's only -- you're only able to put on Repligen produce consumables.

嘿夥計們，我是 Evan，代替 Brandon。怎麼樣了？謝謝你的提問。這裡已經涵蓋了很多內容。我確實想說一件事——我想我們剛剛在最後一個問題上談到了它。但就你的系統策略而言。所以你把這些系統放進去，然後你就會有這些我認為相當高價的消耗品附在它們上面——它很漂亮——它只是——你只能把 Repligen 生產的消耗品放進去。

Can you maybe just talk about how that strategy is helping you guys and how that maybe is helping you to gain share, which is something you talked about previously?

您能否談談該策略如何幫助您以及如何幫助您獲得份額，這是您之前談到的？

Yeah. No, you're absolutely right. I mean what's beautiful about the system portfolio with not only your selling a system once, but you're generating future recurrence sales of consumables. And by the way, not only consumable services as well. So what you want to reinsure is like indeed, the consumable, you're joining to your systems are going to really enable customers to run their processes in a very efficient manner and one of the reasons why we differentiated ourselves on the system side is because we are really indeed enabling customers to deal with lower volume products than they were capable of dealing with the other system, for example.

是的。不，你完全正確。我的意思是，系統組合的優點在於，您不僅可以銷售一次系統，還可以產生未來消耗品的重複銷售。順便說一句，不僅僅是消耗性服務也是如此。因此，您要確保的是，您加入系統的消耗品確實能夠讓客戶以非常高效的方式運行他們的流程，而我們在系統方面脫穎而出的原因之一是，我們確實能夠讓客戶處理比使用其他系統時更少量的產品。

So where you're right, there will be a recurrent sales of consumables over the next several years. We're also making sure like from a productivity yield point of view, our customers benefit from a state-of-the-art system that enables them to be much more efficient, much more productive than they were with the other systems they got access to. So it's really a win-win on both sides here.

因此，您說得對，未來幾年，消耗品的銷售將會反覆出現。我們也確保從生產力效益的角度來看，我們的客戶能夠從最先進的系統中受益，這使他們比使用其他系統時更有效率、更高。因此，這對雙方來說確實是雙贏的。

Got you. Thank you. And then I guess as my follow-up, I don't think anyone touched on this yet, but you did mention a nice win for ATF, I believe, in what you described as a blockbuster drug. I guess now that I think about it, I mean, I guess, ATF would generally be integrated further down the path as you're looking to kind of increase yields and you're later in the clinical stage. But maybe to touch on, is that the right way to think about it? And then two, like how big of an opportunity could this blockbuster drug be as we look into next year. Thanks.

明白了。謝謝。然後我想作為我的後續行動，我認為還沒有人談及這一點，但我相信你確實提到了 ATF 在你所描述的轟動性藥物方面取得了不錯的勝利。我想現在我想起來了，我的意思是，我想，ATF 通常會在以後的道路上進行整合，因為您希望提高產量，並且您已經進入了臨床階段的後期。但也許可以觸及一下，這是正確的思考方式嗎？第二，展望明年，這種重磅藥物能帶來多大的機會。謝謝。

Yeah. No, actually, the beauty of ATF is if you can start using it more or less at any stage. I mean, you can start using it at early stage with the latter scale equipment we have for ATF to become familiar with the technology itself, testing it on early phase project to figuring out what it can really bring you at the lab scale level, but you can also use it at a very large scale.

是的。不，實際上，ATF 的美妙之處在於您可以在任何階段開始或多或少地使用它。我的意思是，您可以在早期階段開始使用它，使用我們為 ATF 提供的後期規模設備來熟悉該技術本身，在早期專案中對其進行測試，以弄清楚它在實驗室規模上真正能為您帶來什麼，但您也可以在非常大的範圍內使用它。

And in fact, it's particularly interesting for a very large-scale type of products because as the name process intensification means you can get higher productivity with the same manufacturing plant just by adding an ATF loop to your manufacturing plant. So what we've seen, and we mentioned it in quarter one of this year is we've seen a lot of large-scale biopharmaceutical products or even biosimilars starting to implement ATF to improve in this.

事實上，這對超大規模產品來說尤其有趣，因為顧名思義，製程強化意味著您只需在製造工廠中添加 ATF 循環，就可以在同一製造工廠內獲得更高的生產率。因此，我們看到，我們在今年第一季提到，我們已經看到許多大型生物製藥產品甚至生物相似藥開始實施 ATF 來改善這一點。

The productivity and the cost of goods. We mentioned we got designing in about nine late-phase projects at the beginning of this year, this quarter three, we were very happy to get designed into a blockbuster, which is really one of the top 10 biopharmaceutical drug because obviously, this is not only generating short-term significant equipment sales, but in the longer term, a very nice flow of consumable for the next several years as well.

生產力和商品成本。我們提到，今年年初我們參與了大約 9 個後期項目的設計，第三季度，我們非常高興能夠設計出一款轟動性的藥物，它確實是十大生物製藥之一，因為很明顯，這不僅可以在短期內產生可觀的設備銷售，而且從長遠來看，也會在未來幾年產生非常好的消耗品流。

But really, ATF can be used not only late or early phase but also with different type of modalities from monoclonal antibody to some of the new modalities as well. We are very happy as we mentioned, we have great traction. I mean our sales grew by more than 50% in quarter three. So that's really a very well performing business for us.

但實際上，ATF 不僅可用於晚期或早期，還可以與從單株抗體到一些新模式的不同類型模式一起使用。我們非常高興，正如我們所提到的，我們擁有巨大的發展動力。我的意思是我們的銷售額在第三季成長了 50% 以上。所以對我們來說這確實是一項表現非常出色的事業。

Matt Hewitt, Craig-Hallum Capital Group.

Matt Hewitt, Craig-Hallum Capital Group.

Good morning and thanks for taking the questions. Maybe first up for the sake of consistency, I feel like you've talked about go-forward expectations on a half basis, you talked about one half '24 being better than the second half of last year. To half '24 being up versus first half. As we look out at next year, I realize you haven't provided guidance, but are you anticipating further growth first half versus second half of '24?

早上好，感謝您回答問題。也許首先為了保持一致性，我覺得您已經談到了對半年的未來預期，您談到了 24 年下半年會比去年下半年更好。至 24 年上半場，比上半場上升。展望明年，我知道您沒有提供指引，但您是否預計 24 年上半年將比下半年有進一步成長？

Yeah. So obviously, yes, we are growing much more in the second half of this year than in the first half of this year, obviously. Talking about 2025, you know we are always waiting for the February call to give formal guidance for the next year. But obviously, we are very encouraged by the way the year has played out overall. I mean we had very positive momentum starting in quarter two.

是的。顯然，今年下半年我們的成長速度比上半年快得多。說到 2025 年，您知道我們一直在等待二月份的電話會議來為下一年度提供正式指導。但顯然，我們對今年的整體表現感到非常鼓舞。我的意思是我們從第二季開始就擁有非常積極的勢頭。

It kept on going in quarter three as we are reporting out today. And the first month of quarter four has been very strong as well. So again, our H2 growth, excluding COVID, is about 12%. We grew 13% in quarter three. The gross ex COVID in quarter four is going to be 13% so we're in a much better spot today than we were 12 months ago, for sure. I mean, we just want to wait for the CDMO and the hardware improvement we've seen ourselves in quarter three to be confirmed in quarter four.

正如我們今天報告的那樣，這種情況在第三季度仍在繼續。第四季的第一個月也表現非常強勁。因此，不包括 COVID，我們的下半年成長率約為 12%。我們在第三季成長了13%。第四季的扣除新冠疫情後的總額將達到 13%，因此，我們現在的狀況肯定比 12 個月前好得多。我的意思是，我們只是想等待 CDMO 和我們在第三季度看到的硬體改進在第四季度得到確認。

But overall, yeah, we are like in a much better spot today than we were a year ago. And also keep in mind the seasonality that I know we've all forgotten during COVID because we had so much backlog for several quarters that nobody cared about seasonality anymore. Quarter three has always been the weakest quarter for bioprocessing company, which is why we are very happy about the performance we had because we even managed to show growth between quarter two and quarter three, but we know quarter four is always the strongest quarter in the year by far.

但總的來說，我們今天的狀況比一年前好多了。另外請記住季節性，我知道我們都在 COVID 期間忘記了這一點，因為我們幾個季度的積壓訂單太多，以至於沒有人再關心季節性了。對於生物加工公司來說，第三季度一直是最疲軟的季度，這也是我們對目前的業績感到非常滿意的原因，因為我們甚至在第二季度和第三季度之間實現了增長，但我們知道第四季度始終是今年迄今為止最強勁的季度。

Got it. And then maybe in a similar vein, I think pre-COVID, you typically had good six-month visibility. Like you had a very good idea based on order flows and backlog on how things are going to shake out and then COVID hit and then the reprioritization of pipelines and all these different things that have hit over the past couple of years. Do you feel like you're getting back to that level of visibility that you had pre-COVID, where you've got a pretty good sense for how things can shake out over the next one, two or even three quarters. So kind of back to normal?

知道了。然後可能與此類似，我認為在 COVID 之前，你通常有良好的六個月的可見性。就像你根據訂單流和積壓情況對事情將如何發展有一個很好的想法，然後是 COVID 的衝擊，然後是管道的重新優先化，以及過去幾年發生的所有這些不同的事情。您是否覺得自己已經恢復到了疫情之前的可見度水平，即您對未來一、二甚至三個季度的情況將如何發展有了相當好的了解。那麼恢復正常了嗎？

Yeah. So in fact, the pre-COVID, it's a typical backlog a bioprocessing company would have -- would always be in the range of three to four months. And then indeed during COVID, getting bombarded by customer orders and so on, those backlog went up to sometime up to 10 months or so. So in fact, you could say we had more visibility during COVID than before and after. But obviously, the 10 months backlog was not a normal situation you are in when you are a bioprocessing company.

是的。因此，事實上，在新冠疫情之前，生物加工公司的訂單積壓時間通常總是在三到四個月左右。事實上，在疫情期間，由於受到客戶訂單等的轟炸，這些積壓訂單有時甚至長達 10 個月左右。因此事實上，你可以說我們在 COVID 期間的可見度比之前和之後更高。但顯然，對於一家生物加工公司來說，10 個月的積壓並不是正常情況。

So just back to your question, we are like back to the normal pattern we experienced before COVID for the previous 10 years before COVID and probably one of the reason why we've been doing very well on the book-to-bill ratio side ourselves now for the last five quarters is because probably we've been back to the normal situation ourselves already for almost a year now. But yes, the real visibility, you always have is typically four months of backlog in that industry.

回到你的問題，我們就像回到了新冠疫情爆發前十年所經歷的正常模式，而我們過去五個季度的訂單出貨比方面一直表現良好的原因之一可能是因為我們自己可能已經恢復正常狀態近一年了。但是的，真正可見的是，該行業通常有四個月的積壓訂單。

That's helpful. Thank you.

這很有幫助。謝謝。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Hey, guys. Thank you for taking my question. Following up on Puneet's question on M&A. You mentioned product differentiation but for operating margin improvements, would you consider businesses that would probably help with operating margin despite not drastically changing top line growth rate?

嘿，大家好。感謝您回答我的問題。跟進 Puneet 關於併購的問題。您提到了產品差異化，但為了提高營業利潤率，您是否會考慮那些雖然不會大幅改變營收成長率但可能有助於提高營業利潤率的業務？

Yeah. I mean you know what I keep on saying is you never have the perfect M&A opportunity, Subbu, I mean. And you are looking really, first of all, at a differentiating technology that will not only add to your portfolio in the short term, but potentially in the midterm as well because it's very complementary to something else you have as a perfect example of the Tantti acquisition that combined to Avitide is going to give us tons of upside on the resin market side is the example of the Metenova acquisition, where acquiring what is mostly a stainless steel mixing business that now number to our single-use business is going to enable us to launch a state-of-the-art single-use mixing technology, which is the best in the industry. So you always start with technology.

是的。我的意思是，你知道我一直在說，你永遠不會有完美的併購機會，Subbu，我的意思是。首先，您真正要尋找的是一種差異化技術，它不僅會在短期內豐富您的投資組合，而且可能在中期也有益，因為它與您擁有的其他產品非常互補，收購 Tantti 就是一個很好的例子，它與 Avitide 結合起來，將給我們在樹脂市場帶來巨大的上升空間，收購 Metenova 就是一個例子，我們將一次性是一次性的因此你總是從技術開始。

And then the second piece you want to look at is how is this really going to complement potentially or aide to the offering by adding maybe an offering in some areas where you didn't have much yet, that will enable you to broaden the workflow of offering you have. And then obviously, you always look at financials and financials, you look at it from two angles. You want to bring something that's going to bring you growth for the reason I mentioned earlier because it's very complementary to your portfolio of products. And it's a very fast-growing business, but we also want to look at somebody something that's going to bring you also a margin and better margin maybe than what you already have.

然後您要考慮的第二點是，這實際上如何潛在地補充或幫助產品，透過在某些您尚未提供的領域添加產品，這將使您能夠拓寬所提供的工作流程。顯然，你總是從兩個角度來看財務和財務狀況。你想帶來一些能帶給你成長的東西，原因如我之前提到過，因為它與你的產品組合有很好的互補性。這是一項成長非常快速的業務，但是我們也希望找到一些可以為您帶來利潤甚至比現有利潤更好的利潤的東西。

So ideally, you find the targets that tick all of these boxes. In reality, sometimes it's ticking only three of the four boxes, and you have to make a decision that at the end of the day, the three boxes you're ticking are so positively impacting your business that the fourth one is going to be mitigated. But everything, all of that is very important for us.

因此，理想情況下，您會找到符合所有這些條件的目標。事實上，有時只需要勾選四個框中的三個，並且您必須做出決定，到最後，您勾選的三個框會對您的業務產生積極影響，以至於第四個框的影響將會減輕。但一切，這一切對我們來說都非常重要。

Perfect. Makes sense. I'll hop back in the queue.

完美的。有道理。我將重新回到隊列中。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

Hi. Good morning, everyone. So just taking a step back, as we think about 2025, I think most of your peers have characterized it as a year of normalization for the industry? And in your perspective, is that still the case? And what are some of the swing factors that would drive growth sort of at the high end or low end or outside of those ranges into 2025?

你好。大家早安。那麼退一步來說，當我們展望 2025 年時，我想大多數同行都將其描述為行業正常化的一年？從您的角度來看，情況仍然如此嗎？那麼，哪些影響因素會導致 2025 年的成長處於高端、低端或超出上述範圍呢？

Yeah. No, absolutely. And I mean, again, that's what I was saying earlier, I mean the situation we are in today versus 12 months ago is very different. I mean, totally different, I should say, even. I mean look at the traction we've had on CDMOs the last four quarters.

是的。不，絕對不是。我的意思是，這就是我之前所說的，我的意思是我們今天所處的情況與 12 個月前的情況非常不同。我甚至應該說，我的意思是完全不同。我的意思是看看我們過去四個季度在 CDMO 方面取得的進展。

In fact, three out of the four last quarter were really good on the CDMO side. There was only one that was a little bit behind. Pharma's, who are already doing very well beginning of this year, have just improved constantly over the entire year.

事實上，上個季度的四個季度中，有三個在 CDMO 方面表現非常好。只有一個人稍微落後了一點。製藥業從今年年初就表現得非常好，並且全年都在不斷進步。

I mean if I look at quarter three, I mean, we had the highest level of orders since 2021 on pharma. Our orders are up mid-teens year-to-date on the pharma side. So pharma are doing very well. the consumable business, we had the highest sales in the last five quarters on consumables. We had the highest orders for the last two years on consumable as well.

我的意思是，如果我看第三季度，我們的製藥訂單量是自 2021 年以來最高的。今年迄今為止，我們在製藥方面的訂單量已增加了 15% 左右。製藥業表現非常好。在消耗品業務方面，我們在過去五個季度的消耗品銷售額最高。我們在消耗品方面的訂單在過去兩年中也是最高的。

Equipment, when you say about the watch out, equipment might be one. But from our side, we had a really good performance in quarter three again, the funnel we have is the highest we ever had. So which is why we're also very confident about a real turnaround, but probably one area to watch out a little bit. And then finally, on new modalities, we had a record quarter in quarter three, we never had such a high level of sales. So again, when I look at where we are today versus 12 months ago, I mean, we're in a much, much better spot we've all learned to be just a little bit careful because the recovery has taken much more time than expected.

裝備，當你說到注意的時候，裝備可能就是其中之一。但從我們的角度來看，我們在第三節再次表現得非常出色，我們所擁有的漏斗是我們有史以來最高的。這就是為什麼我們對真正的好轉非常有信心，但可能有一個領域需要稍微注意。最後，就新模式而言，我們在第三季創下了創紀錄的銷售水平，我們從未有過如此高的銷售水平。所以，當我再次將我們現在的狀況與 12 個月前進行比較時，我的意思是，我們的狀況要好得多，我們都學會了要小心一點，因為復甦所花的時間比預期的要長得多。

When I -- at least I look at it from the Repligen point of view, we feel like we're in a very good spot today versus where we were 12 months ago for sure. And the only other little watch out I would have really, as I mentioned earlier, with Jacob on the smaller biopharmaceutical company. It is a fact that we've seen some kind of softness still there. We wish doesn't impact us too much. I mean, as you know, a small biotech business is only 10% of our overall business.

當我 — — 至少從 Repligen 的角度來看，我們感覺我們今天處於一個非常好的位置，與 12 個月前相比肯定是這樣的。正如我之前提到的，我真正需要注意的一點是，雅各布 (Jacob) 在一家規模較小的生物製藥公司工作。事實上，我們看到那裡仍然存在某種疲軟現象。我們希望這不會對我們造成太大影響。我的意思是，如你所知，小型生物技術企業僅占我們整體業務的 10%。

But that is something we still need to watch out a little bit. But overall, we think we're in a very good spot today, for sure.

但我們仍需對此稍加註意。但總體而言，我們認為今天我們的情況肯定非常好。

Appreciate it. And then one quick follow-up. Are you seeing any -- like how are activity levels changing for process development and that part of the value chain within your portfolio?

非常感謝。然後進行一次快速的跟進。您是否看到任何變化——例如，流程開發和投資組合中價值鏈的那一部分的活動水平如何變化？

Yeah. No. Honestly, I think there might be more constraint on that side for the reason I mentioned earlier, maybe lower number of clinical starts and where funding of biotech is significantly higher this year than it was last year. It hasn't probably been declining now for two quarters in a row. We don't see really a lot of the impact from our side because, I mean, we're just doing a lot of lunch and learn with customers right now with the traction we have with bigger account in particular.

是的。不。老實說，我認為這方面可能有更多限制，原因如我之前提到的那樣，可能是臨床啟動數量較少，而且今年對生物技術的資助比去年高得多。現在可能還沒有連續兩季下降。我們並沒有看到我們這邊的太多影響，因為，我的意思是，我們現在只是和客戶一起吃午餐，一起學習，特別是我們對大帳戶的吸引力。

So we managed to bring a lot of people from the PD group that will probably be more than ever. I mean we just had an event last week on the West Coast. We have another one coming. I mean I think we are probably 3 times more PD people than we would have had in the past and so on. So we don't seem to be suffering from that a lot -- we're just watching out in terms of the clinical trial start to make sure like the funding and clinical trial starts are going to recover again in quarter four and beyond. But overall, we were not particularly worried about that ourselves.

因此，我們成功地從 PD 組招募了很多人，人數可能比以往任何時候都多。我的意思是我們上週剛在西海岸舉辦了一場活動。我們還有另一個要來。我的意思是，我認為我們現在的 PD 人員數量可能比過去多 3 倍等等。因此，我們似乎並沒有受到太多影響——我們只是關注臨床試驗的開始，以確保資金和臨床試驗的開始將在第四季度及以後再次恢復。但總的來說，我們自己並不特別擔心這一點。

Okay. Thanks so much. I'll jump back in the queue.

好的。非常感謝。我將重新回到隊列中。

Paul Knight, KeyBanc.

保羅奈特（Paul Knight），KeyBanc。

Thank you very much, Olivier. Looking at 2025, what would you say will be kind of your dynamic growth drivers? Will it be Protein A may be getting traction above historical level? Will it be OPUS, will it be FlowVPE? What are the kind of the two, three products you think are kind of secret to 2025?

非常感謝，奧利維爾。展望 2025 年，您認為您的動態成長動力是什麼？蛋白質 A 的吸引力是否會超過歷史水平？它會是 OPUS 嗎？您認為這兩、三種產品是 2025 年的秘密嗎？

Yeah. And then probably it's a bit of all of that. But I'll start by saying, as you all know, we had a lot of headwind entering into 2024. And remember, and obviously, with the restatement, the headwind have changed slightly down probably to about $60 million to $65 million only, but it's still $60 million to $65 million of headwind, which we will have more or less no less next year. So at least on that side, that's going to put us in a much better shape to start 2025.

是的。那麼可能就是所有這些的結合。但首先我要說的是，眾所周知，進入 2024 年我們面臨著許多阻力。請記住，顯然，隨著重述的進行，逆風已經略有下降，可能僅為 6,000 萬至 6,500 萬美元左右，但逆風仍然為 6,000 萬至 6,500 萬美元，明年我們或多或少都會面臨這個數字。所以至少從這個方面來看，這將使我們以更好的狀態迎接 2025 年。

And if I had to pick up fully within the different franchises, I mean, we are very excited about most of them right now. But if I would have to pick up probably two or three, I would restart with ATF, where indeed all of this design in we've managed to achieve over the last several years. This giving us a lot of tailwind in terms of consumable order uptick in sales for 2025. I'm also very excited about the systems. And I know the industry is having some changes, but the uptick of orders and funnel we've had is absolutely very, very good in this difficult environment already for whatever reason, funding on CapEx improved significantly. We should really see a huge increase coming from that side next year, hopefully.

如果我必須全面了解不同的系列，我的意思是，我們現在對其中的大多數系列感到非常興奮。但如果我必須選擇兩三個的話，我會從 ATF 重新開始，事實上，我們在過去幾年中已經成功實現了所有這些設計。這為我們 2025 年消耗品訂單銷售上漲提供了很大的助力。我對這些系統也感到非常興奮。我知道這個行業正在發生一些變化，但無論出於何種原因，在這種困難的環境下，訂單和管道的成長絕對非常非常好，資本支出的資金也顯著改善。希望明年我們真的能看到這方面的巨大成長。

And then finally, on Proteins, yes, it has been a tough business for us this year. It's really reset year for us with no more (inaudible) sales and very limited from the second big player. We have so much traction now coming from our Avitide/Tantti product offering that we think that's going to be a real big tailwind for us. We are launching our first resin combining Tantti and Avitide technology as early as quarter four of this year, and we are really very positive that this is going to be also generating a lot of growth for the future as well here.

最後，關於蛋白質，是的，今年對我們來說是一項艱難的業務。對我們來說，這確實是重置的一年，沒有更多的（聽不清楚）銷售，而且第二大參與者的銷售量非常有限。現在，我們的 Avitide/Tantti 產品線獲得了極大的關注，我們認為這對我們來說將是一個巨大的推動力。我們將於今年第四季推出首款結合 Tantti 和 Avitide 技術的樹脂，我們非常有信心這款樹脂也將為未來帶來巨大的成長。

Okay. And then lastly, cell and gene therapy what portion of revenue in that market getting better or no?

好的。最後，細胞和基因治療在該市場的收入佔比是多少？

Yeah. So like we've aggregated all new modalities together. So now what we call new modalities also include mRNA, so cell, gene therapy, mRNA, in particular. We've always said like we were in the range of 18% to 20% of our total revenue going into new modalities for 2024, it will be the upper end of that range.

是的。所以，我們將所有新模式聚合在一起。所以現在我們所說的新模式也包括 mRNA，尤其是細胞、基因治療、mRNA。我們一直說，到 2024 年，我們將把總收入的 18% 到 20% 投入新模式中，這將是這個範圍的上限。

It's not maybe even slightly above. So I have to say this new modality business for us has been a huge tailwind during the last several quarters. I did mention that quarter three was the higher sales we ever had but even on the order intake side, I mean our order intake year-to-date on new modalities are high teens growth versus 2023. So it's really going very well for us across the board on that side. What I think is making us successful is, first of all, we have a very tailored-focused offering for that market.

或許甚至沒有稍微高一點。因此，我不得不說，這種新模式業務在過去幾季為我們帶來了巨大的推動力。我確實提到過，第三季的銷售額是我們有史以來最高的，但即使在訂單量方面，我的意思是，與 2023 年相比，我們今年迄今為止在新模式上的訂單量也實現了高成長率。所以從這方面來看我們各方面的進展確實非常順利。我認為我們之所以成功是因為我們首先針對該市場提供了非常客製化的產品。

And then secondly, we decided to play across all of these new modalities. You don't want to be only in one or the other because the life is teaching you like. It's always going in wave where there is the first very positive wave, then there might be a slowdown and then come the second wave and antibody-drug conjugate, our perfect example where second wave now is gigantic, and it's very good to be selling products for that type of product line as well right now.

其次，我們決定嘗試所有這些新模式。你不會想只停留在其中一個層面，因為生活正在教你喜歡什麼。它總是一波一波地發展，有第一波非常積極的浪潮，然後可能會出現放緩，然後是第二波和抗體-藥物偶聯物，我們的完美例子是現在的第二波浪潮是巨大的，現在銷售這種類型的產品線的產品也非常好。

Thank you.

謝謝。

Matt Stanton, Jefferies.

傑富瑞的馬特史丹頓。

Hey, thanks. Maybe first one for you, Olivier. I want to follow up to one of your answers to one of the questions on phasing between the half. I think you said that there's good momentum that's continued into the first half or the first month of 4Q here. I guess, did I hear that right? And then any color on either demand or orders you'd be willing to give for October, just given a bit of a later reporting period this time around with the accounting adjustments? Thanks.

嘿，謝謝。奧利維爾，這可能是你第一個。我想跟進一下您對半程之間分階段問題的回答。我想您說過，這裡的良好勢頭一直延續到上半年或第四季的第一個月。我想，我沒聽錯吧？那麼，考慮到本次會計調整的報告期間稍晚，您願意透露 10 月份的需求或訂單狀況嗎？謝謝。

Yeah. No, we won't give any numbers for the timing for sure. But yeah, we had a very strong start of the quarter. We were very, very happy with the October order intake and so on, which is why we are very confident about the guidance for the year 2024, and the fact we're going to be able to enter into 2025 in a strong position here as well.

是的。不，我們不會給出任何確定的時間數字。不過是的，我們本季的開局非常強勁。我們對 10 月份的訂單量等非常滿意，這就是為什麼我們對 2024 年的預期非常有信心，而且我們也將能夠在 2025 年保持強勁勢頭。

Thanks. And then I know you guys have disclosed this a bit in the past, but any color on what new products added either in 3Q or year to date? And how that's trended versus historical? And I would love to get an update on some of the newer launches in case of the first quarter, you were -- full quarter you were selling to RS10. If we start to think about 2025, would you expect the new product cohort to fare better given a more normalized demand backdrop? Or is that cohort of products launched last few years actually held up maybe a bit better even though we've seen some weaker industry demand more broadly? Thank you.

謝謝。然後我知道你們過去已經披露過一些這方面的信息，但是有沒有透露第三季度或今年迄今為止增加了哪些新產品？與歷史相比，趨勢如何？而我很想了解一些新產品的更新情況，因為在第一季度，你們的銷售量達到了 RS10。如果我們開始考慮 2025 年，您是否認為在更正常化的需求背景下，新產品群會表現得更好？或者，儘管我們看到整個行業需求減弱，但過去幾年推出的一批產品實際上表現可能更好？謝謝。

Yeah. No. The impact of new products this year is very similar to the impact it had last year, and we're exactly in the same range. We're tracking products that have been launched over the last three to four years and how much of the total sales of the current year, they represent. And the overall percentage is very similar to what it was last year. So no real big changes. If I'm more really specific about some of the key launches we had this year, and you mentioned RS10, which for us has been a really great success story because indeed, it's mostly focused on the new modalities, partly on the gene and cell therapy mRNA side of the business.

是的。不。今年新產品的影響與去年非常相似，而且完全處於同一範圍內。我們正在追蹤過去三到四年內推出的產品以及它們佔當年總銷售額的多少。整體百分比與去年非常相似。因此，沒有什麼真正的大改變。如果我更具體地說明我們今年的一些主要產品發布，您提到了 RS10，這對我們來說是一個真正偉大的成功故事，因為它確實主要集中在新模式上，部分集中在基因和細胞治療 mRNA 業務方面。

And the beauty of this product line back to the stickiness to consumable is it's generating a significant amount of consumable sales very early because the beauty of new modality is you need to run many batches because more or less every single patient is a single batch. So we see a lot of traction, not only coming from the hardware piece but also with significant order intake in terms of consumable as well on the RS10 side.

該產品線的魅力在於其對消耗品的黏性，它很早就能產生大量的消耗品銷售，因為新模式的魅力在於你需要運行多個批次，因為或多或少每個病人都是一個批次。因此，我們看到了很多的牽引力，不僅來自硬體部分，而且在 RS10 方面，在消耗品方面也有大量的訂單量。

And then back to FlowVPX, which we are now offering across the vast majority of our ARTeSYN portfolio, we've been delighted to see like now a lot of the new order we're getting on system are including FlowVPX. I mean were like convinced that in the midterm, it's probably going to be one system out of two that will include FlowVPX. We are not there yet but the traction with other has been very significant. And again, we feel like that's become a feature that this is becoming so important for customers that they won't even imagine not having it included in the system they buy in the future.

然後回到 FlowVPX，我們現在在絕大多數 ARTeSYN 產品組合中提供該功能，我們很高興看到現在我們在系統上收到的許多新訂單都包含 FlowVPX。我的意思是，我們確信在中期，兩個系統中的一個可能會包含 FlowVPX。我們還沒有到達那裡，但與其他人的合作已經非常顯著。而且，我們覺得這已經成為一個功能，它對客戶來說變得如此重要，以至於他們甚至無法想像將來購買的系統中不包含它。

So really good traction on that side finally. And I mentioned briefly about it with the acquisition of Tantti, we're going to be able to launch our first resin, including both Tantti and Avitide part of the offering quarter four of this year. And on this specific resin, we are getting a lot of traction as well already, even though it has not been officially launched yet. Lots of good things coming from NPI.

因此，那側的牽引力最終確實很好。我簡單地提到了這一點，透過收購 Tantti，我們將能夠推出我們的第一款樹脂，包括 Tantti 和 Avitide，它們將在今年第四季上市。對於這種特定的樹脂，儘管尚未正式推出，但我們已經獲得了巨大的發展動力。NPI 帶來了很多好東西。

Next year, it's going to be an exciting year. We're launching our single-use mixers, and we're going to be launching products more or less across the entire portfolio in every single business unit. So it's going to be a very strong year next year as well.

明年，將會是令人興奮的一年。我們正在推出一次性攪拌器，並且我們將在每個業務部門推出或多或少涵蓋整個產品組合的產品。因此明年也將是非常強勁的一年。

Super. Thank you.

極好的。謝謝。

And ladies and gentlemen, this concludes today's question-and-answer session. I will turn the conference back over to Olivier Loeillot for any closing remarks.

女士們、先生們，今天的問答環節到此結束。我將把會議交還給 Olivier Loeillot 並請他作最後發言。

So I would just like to thank you so much for joining our quarter three call. We are really looking forward to seeing many of you at the coming events starting earlier this week. And then on our Q4 call in February, we expect to share our first formal guidance for the year 2025. Have a good great day, all. Thank you.

因此，我非常感謝您參加我們第三季的電話會議。我們非常期待在本週早些時候開始的活動中見到你們。然後，在二月的第四季電話會議上，我們預計將分享 2025 年的第一個正式指導。祝大家有美好的一天。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。