Rapid Micro Biosystems Inc (RPID) 2022 Q4 法說會逐字稿

Good morning, and welcome to Rapid Micro Biosystems's Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早上好，歡迎來到 Rapid Micro Biosystems 的第四季度和 2022 年全年收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the call over to Mike Beaulieu, Vice President of Investor Relations and Corporate Communications. Thank you. Please go ahead, sir.

我現在想把電話轉給投資者關係和企業傳播副總裁 Mike Beaulieu。謝謝。請繼續，先生。

Good morning, and thank you for joining the Rapid Micro Biosystems's fourth quarter and full year 2022 earnings call. Joining me on the call are Rob Spignesi, President and Chief Executive Officer; and Sean Wirtjes, Chief Financial Officer.

早上好，感謝您參加 Rapid Micro Biosystems 的第四季度和 2022 年全年收益電話會議。與我一起參加電話會議的還有總裁兼首席執行官 Rob Spignesi；和首席財務官 Sean Wirtjes。

Earlier today, we issued a press release announcing our fourth quarter and full year 2022 financial results. A copy of the release is available on the company's website at rapidmicrobio.com under Investors in the News and Events section.

今天早些時候，我們發布了一份新聞稿，宣布了我們第四季度和 2022 年全年的財務業績。該新聞稿的副本可在公司網站 rapidmicrobio.com 的“新聞和事件”部分的投資者下獲取。

Before we begin, I'd like to remind you that many statements made during this call may be considered forward-looking statements within the meaning of federal securities laws which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements, including, but not limited to, statements relating to Rapid Micro's financial condition, anticipated year end cash balance, cash runway, and future revenue and system placements; expectations for business development and growth; customer interest and adoption of the Growth Direct system, expectations for our new RMBNucleus Mold Alarm; and the potential impact of macroeconomic uncertainty and the coronavirus pandemic on Rapid Micro's business.

在我們開始之前，我想提醒您，在本次電話會議中所做的許多陳述可能被視為聯邦證券法意義上的前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的. 本次電話會議中包含的與對未來事件、結果或業績的預期或預測有關的任何陳述都是前瞻性陳述，包括但不限於與 Rapid Micro 的財務狀況、預期年末現金餘額、現金跑道有關的陳述，以及未來的收入和系統佈局；對業務發展和增長的期望；客戶對 Growth Direct 系統的興趣和採用，對我們新的 RMBNucleus Mold Alarm 的期望；以及宏觀經濟不確定性和冠狀病毒大流行對 Rapid Micro 業務的潛在影響。

Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. For a list and description of the risks and uncertainties associated with Rapid Micro's business, please refer to the Risk Factors section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24th, 2022, as such risk factors are updated in our subsequent filings with the SEC. We urge you to consider these factors and you should be aware that these statements should be considered estimates only and are not a guarantee of future performance.

由於多種因素，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。有關與 Rapid Micro 業務相關的風險和不確定性的列表和描述，請參閱我們於 2022 年 3 月 24 日向美國證券交易委員會提交的 10-K 表格年度報告的風險因素部分，因為此類風險因素是在我們隨後向美國證券交易委員會提交的文件中進行了更新。我們敦促您考慮這些因素，您應該知道，這些陳述僅應被視為估計，不能保證未來的表現。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, March 3rd, 2023. Rapid Micro disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements whether because of new information, future events, or otherwise.

此電話會議包含時間敏感的信息，並且僅在 2023 年 3 月 3 日今天的現場直播時準確。Rapid Micro 不承擔更新或修改任何財務預測或前瞻性陳述的任何意圖或義務，除非法律要求無論是因為新信息、未來事件還是其他原因。

And with that, I'll turn the call over to Rob.

有了這個，我會把電話轉給羅布。

Thank you, Mike. Good morning, everyone, and thank you for joining us to review our fourth quarter and full year 2022 results. On today's call, I will begin with a summary of our Q4 performance and then discuss our growth strategy and why we believe that the actions we have recently taken position Rapid Micro for a return to solid growth in 2023. I will then turn the call over to Sean for a more detailed discussion of our financial results and our guidance.

謝謝你，邁克。大家早上好，感謝您與我們一起回顧我們的第四季度和 2022 年全年業績。在今天的電話會議上，我將首先總結我們第四季度的業績，然後討論我們的增長戰略，以及為什麼我們相信我們最近採取的行動使 Rapid Micro 在 2023 年恢復穩健增長。然後我將把電話轉過來向肖恩更詳細地討論我們的財務結果和我們的指導。

Total revenue was $4.4 million in the fourth quarter and $17.1 million for the full year. We placed 2 new systems in the fourth quarter, including 1 to a new top 20 pharma customer. These results are in line or better than our January preannouncement as well as the guidance we provided in August and reaffirmed on our third quarter call in November. On a cumulative basis, we have placed 125 systems, including 103 fully-validated systems, and have sold over 3 million consumables driving strong recurring revenue which grew by 40% to $11 million in 2022. Customers are clearly using the Growth Direct, which speaks to the strength of our value proposition and the robustness of our business model.

第四季度總收入為 440 萬美元，全年總收入為 1710 萬美元。我們在第四季度放置了 2 個新系統，其中 1 個用於新的前 20 大製藥客戶。這些結果符合或優於我們 1 月份的預告以及我們在 8 月份提供並在 11 月份的第三季度電話會議上重申的指導。在累計的基礎上，我們已經放置了 125 個系統，包括 103 個經過完全驗證的系統，並且已經售出超過 300 萬個消耗品，推動了強勁的經常性收入，到 2022 年增長了 40%，達到 1100 萬美元。客戶顯然正在使用 Growth Direct，這說明到我們價值主張的強度和我們商業模式的穩健性。

2022 proved to be a challenging year with our performance impacted by customer site access limitations and our own execution not meeting our expectations. In response to these challenges, we launched a comprehensive action plan to improve execution, drive efficiencies in the business, and enhance performance.

事實證明，2022 年是充滿挑戰的一年，我們的業績受到客戶站點訪問限制的影響，而且我們自己的執行沒有達到我們的預期。為了應對這些挑戰，我們推出了一項全面的行動計劃，以提高執行力、提高業務效率並提高績效。

As we look forward to 2023, our confidence stems from the improvements we have made in 4 key areas of our growth strategy. The first is accelerating Growth Direct system placements; the second is developing and commercializing new products; the third is expanding our gross margins by leveraging both internal cost initiatives and scaling the business; and fourth is a prudent management of our cash balance, which we recognize as one of our most important assets.

展望 2023 年，我們的信心源於我們在增長戰略的 4 個關鍵領域取得的進步。首先是加速 Growth Direct 系統安置；第二是開發和商業化新產品；第三是通過利用內部成本計劃和擴展業務來擴大我們的毛利率；第四是審慎管理我們的現金餘額，我們認為這是我們最重要的資產之一。

Accelerating Growth Direct system placements remains our highest priority, and we have enhanced not only our sales processes but also our customer experience and service organizations. We have added focused resources and launched enhanced training programs and new sales methodologies. We are expanding our lead generation and marketing capabilities, and we have equipped our teams with new sales tools.

加速增長 Direct 系統安置仍然是我們的首要任務，我們不僅增強了銷售流程，還增強了我們的客戶體驗和服務組織。我們增加了重點資源並啟動了強化培訓計劃和新的銷售方法。我們正在擴大我們的潛在客戶生成和營銷能力，並且我們為我們的團隊配備了新的銷售工具。

Also, we continue to expand our focus on key accounts. This is important as we partner with our larger customers to support reference selling and in the development of scientific white papers and technical training webinars. Last month, we held our annual global sales meeting and the team is excited about the scale and scope of these efforts.

此外，我們繼續擴大對關鍵客戶的關注。這很重要，因為我們與更大的客戶合作以支持參考銷售以及科學白皮書和技術培訓網絡研討會的開發。上個月，我們召開了年度全球銷售會議，團隊對這些努力的規模和範圍感到興奮。

In 2023, we expect to attend over 20 events and conferences around the globe. Building on the success of the Growth Direct Day, which helped with both current and prospective customers in the fourth quarter, we are planning additional events globally in 2023. We are also planning to meaningfully increase the number of in-person customer events for Growth Direct demonstrations and system training at our Lowell and Lexington, Massachusetts locations. These sessions are focused events that seek to deepen our customers' knowledge of the Growth Direct system's capabilities and help them more robustly understand its value proposition and use cases.

2023 年，我們預計將參加全球 20 多個活動和會議。 Growth Direct Day 在第四季度為現有和潛在客戶提供了幫助，在取得成功的基礎上，我們計劃在 2023 年在全球範圍內舉辦更多活動。我們還計劃顯著增加 Growth Direct 面對面客戶活動的數量在我們位於馬薩諸塞州洛厄爾和列剋星敦的地點進行演示和系統培訓。這些會議是重點活動，旨在加深我們的客戶對 Growth Direct 系統功能的了解，並幫助他們更深入地了解其價值主張和用例。

We continue to have a robust funnel of system placement opportunities, which includes a strong mix of new and existing customers. Our expanded focus on key accounts is important as these customers make up our largest opportunity for multisystem orders within our funnel. By product category, biologics, including cell and gene therapies, make up the majority of our funnel as well as global opportunities within the CDMO segment.

我們繼續擁有強大的系統放置機會漏斗，其中包括新老客戶的強大組合。我們擴大對關鍵客戶的關注非常重要，因為這些客戶構成了我們漏斗中多系統訂單的最大機會。按產品類別劃分，包括細胞和基因療法在內的生物製劑構成了我們漏斗的大部分以及 CDMO 細分市場中的全球機會。

Geographically, opportunities in the U.S. and Europe continue to make up the majority of our funnel, but we are excited about the traction we are gaining in the Asia Pacific region, including a new customer win in the fourth quarter. We look forward to sharing highlights of our performance in this region with you over the course of 2023.

從地域上看，美國和歐洲的機會繼續構成我們渠道的大部分，但我們對在亞太地區獲得的牽引力感到興奮，包括第四季度贏得新客戶。我們期待在 2023 年期間與您分享我們在該地區的業績亮點。

Another major part of our growth strategy is the development of new products. We view innovation as a way to leverage the Growth Direct platform, increasing our value proposition to our customers, creating barriers to entry and, importantly, accelerating revenue growth. We were pleased to exit 2022 with momentum in our new product development efforts following the full market release of RMBNucleus Mold Alarm. Mold alarm is a software product that allows for the early detection of mold in the manufacturing environment and gives a Growth Direct system the ability to differentiate between mold and bacteria. Customers are especially interested in differentiating between the 2 as mold can grow quickly and require a significant and costly remediation plan. Mold alarm is capable of alerting customers to the presence of mold in as little as 1 day. Following the full release in December, we are executing against our commercialization plan, which includes fully training our sales and service teams and partnering with several of our larger customers for deployment across their networks.

我們增長戰略的另一個主要部分是新產品的開發。我們將創新視為利用 Growth Direct 平台、增加我們對客戶的價值主張、創造進入壁壘以及更重要的是加速收入增長的一種方式。在 RMBNucleus Mold Alarm 全面上市後，我們很高興在新產品開發工作中以強勁的勢頭結束 2022 年。黴菌警報是一種軟件產品，可以在製造環境中及早發現黴菌，並使 Growth Direct 系統能夠區分黴菌和細菌。客戶對區分兩者特別感興趣，因為黴菌可以快速生長並且需要重要且昂貴的補救計劃。黴菌報警器能夠在短短 1 天內提醒客戶黴菌的存在。在 12 月全面發布之後，我們正在執行我們的商業化計劃，其中包括對我們的銷售和服務團隊進行全面培訓，並與我們的幾個大客戶合作以在他們的網絡中進行部署。

Turning to our Rapid Sterility program. We continue to make steady progress with product development, including ongoing beta testing with one of our existing top 20 global customers. The sterility products will consist of a new consumable for the Growth Direct system, so again, leveraging our platform technology for growth. Sterility testing is typically the final step in the drug manufacturing process before the product is shipped to the market for patient use. The legacy method can take 14 days or longer, and we are targeting 5 to 7 days for final results and even faster to first detection, which will allow customers to release products significantly faster.

轉向我們的快速無菌程序。我們繼續在產品開發方面取得穩步進展，包括與我們現有的全球前 20 大客戶之一進行的持續 Beta 測試。無菌產品將包括用於 Growth Direct 系統的新消耗品，因此再次利用我們的平台技術促進增長。無菌測試通常是藥物生產過程中的最後一步，然後再將產品運往市場供患者使用。傳統方法可能需要 14 天或更長時間，我們的目標是在 5 到 7 天內獲得最終結果，甚至更快地進行首次檢測，這將使客戶能夠更快地發布產品。

Lastly, we are nearing the completion of our manufacturing expansion in our Lexington facility. This site will include a backup consumable manufacturing line and a Growth Direct demonstration lab for current and prospective customers. We are looking forward to hosting customers at this new facility this year.

最後，我們即將完成列剋星敦工廠的製造擴張。該站點將包括一條備用耗材生產線和一個面向當前和潛在客戶的 Growth Direct 示範實驗室。我們期待今年在這個新設施接待客戶。

So as we begin 2023, we are encouraged with the progress and execution of our growth strategy to accelerate system placements and further new product development. Customer engagement and site access has largely returned to pre-pandemic levels, which allows our teams to work more closely with customers, understand their micro QC workflows and challenges, and better demonstrate the manufacturing and regulatory benefits of the Growth Direct system.

因此，從 2023 年開始，我們對加速系統佈局和進一步開發新產品的增長戰略的進展和執行感到鼓舞。客戶參與和站點訪問已基本恢復到大流行前的水平，這使我們的團隊能夠與客戶更緊密地合作，了解他們的微 QC 工作流程和挑戰，並更好地展示 Growth Direct 系統的製造和監管優勢。

Now I would like to turn the call over to Sean to discuss our fourth quarter performance and our 2023 outlook. Sean?

現在我想把電話轉給肖恩，討論我們第四季度的業績和 2023 年的展望。肖恩？

Thanks, Rob, and good morning, everyone. This morning we reported fourth quarter 2022 commercial revenue of $4.4 million, which compares to $4.9 million of commercial revenue reported in Q4 2021. We placed 2 Growth Direct systems in the fourth quarter compared to 3 last year. Product revenue, which is comprised of systems and consumables, was $2.8 million in Q4 compared to $2.9 million in Q4 last year.

謝謝，Rob，大家早上好。今天早上，我們報告了 2022 年第四季度的商業收入為 440 萬美元，而 2021 年第四季度報告的商業收入為 490 萬美元。我們在第四季度放置了 2 個 Growth Direct 系統，而去年為 3 個。由系統和耗材組成的產品收入在第四季度為 280 萬美元，而去年第四季度為 290 萬美元。

Consumable sales grew approximately 20% in the quarter and offset the impact of 1 fewer system placement compared to Q4 last year. Service revenue was $1.5 million in Q4 compared to $2.0 million last year. We completed the validation of 3 systems in the quarter, bringing total validated systems to 103 at the end of 2022. While Q4 revenue was lower than last year due to less validation activity, service contract revenue increased approximately 40% due to our higher base of validated systems. Fourth quarter recurring revenue was $2.9 million, representing an increase of nearly 30% compared to the fourth quarter of 2021, driven by growth in both consumables and service contracts. Nonrecurring revenue was $1.5 million in Q4 compared to $2.6 million in Q4 last year as a result of 1 fewer system placement and lower validation activity.

本季度耗材銷售額增長約 20%，抵消了與去年第四季度相比系統佈局減少 1 的影響。第四季度的服務收入為 150 萬美元，而去年為 200 萬美元。我們在本季度完成了 3 個系統的驗證，到 2022 年底，已驗證系統總數達到 103 個。雖然由於驗證活動較少，第四季度收入低於去年，但由於我們的基數較高，服務合同收入增長了約 40%經過驗證的系統。受消耗品和服務合同增長的推動，第四季度經常性收入為 290 萬美元，與 2021 年第四季度相比增長近 30%。與去年第四季度的 260 萬美元相比，第四季度的非經常性收入為 150 萬美元，這是由於減少了 1 個系統放置和驗證活動。

Turning to gross margins. Product margins were negative $2.4 million in Q4 compared to negative $2.7 million in the fourth quarter last year. The improvement was a result of continued progress on our consumable manufacturing efficiency initiatives despite unfavorable product mix. On a sequential basis, product margins were consistent with Q3, while system margins were slightly negative in the quarter due mainly to lower system revenue and reduced production volumes, they improved meaningfully compared to Q3. Consumable margins declined in Q4 on both a year-over-year and sequential basis due to unplanned downtime on our automated manufacturing line.

轉向毛利率。第四季度產品利潤為負 240 萬美元，而去年第四季度為負 270 萬美元。儘管產品組合不利，但我們在消耗品製造效率計劃方面持續取得進展，這一改進是結果。從環比來看，產品利潤率與第三季度一致，而係統利潤率在本季度略有負數，這主要是由於系統收入下降和產量下降，與第三季度相比有顯著改善。由於我們自動化生產線的計劃外停機，第四季度消耗品利潤率同比和連續下降。

Service margins were negative $188,000 in Q4 compared to positive $48,000 last year. The decline was due to lower validation revenue as well as higher spending on personnel, travel, and materials associated with supporting a higher level of systems under service contracts. On a combined basis, our fourth quarter gross margin percentage was negative 59%. This was relatively flat compared to Q4 last year with better system margins and benefits from our consumables efficiency initiatives offset by unfavorable product mix, unplanned manufacturing downtime in consumables, and lower service margins. While we continue to see some inflationary headwinds in certain material, freight, and labor costs, they did not have a meaningful impact during the quarter.

第四季度服務利潤為負 188,000 美元，而去年為正 48,000 美元。下降的原因是驗證收入減少，以及與根據服務合同支持更高級別的系統相關的人員、差旅和材料支出增加。綜合來看，我們第四季度的毛利率為負 59%。與去年第四季度相比，這相對持平，系統利潤率更高，我們的耗材效率計劃帶來的好處被不利的產品組合、耗材的計劃外製造停機和較低的服務利潤率所抵消。雖然我們繼續看到某些材料、運費和勞動力成本方面存在一些通脹逆風，但它們在本季度並未產生重大影響。

Moving down the P&L. Total operating expenses were $14.7 million in the fourth quarter, consisting of $4.1 million in sales and marketing, $3.4 million in R&D, and $7.1 million in G&A. This compares to total operating expenses of $12.0 million in the fourth quarter of 2021. The increase was mainly due to $0.8 million in severance, employee benefits, and retention related to the restructuring plan we announced in August as well as $1.0 million in expenses related to the strategic review process we announced in August and concluded in December.

向下移動損益表。第四季度總運營費用為 1470 萬美元，其中銷售和營銷費用為 410 萬美元，研發費用為 340 萬美元，一般與行政費用為 710 萬美元。相比之下，2021 年第四季度的總運營費用為 1200 萬美元。增加的主要原因是與我們 8 月份宣布的重組計劃相關的 80 萬美元遣散費、員工福利和保留費用，以及 100 萬美元的相關費用我們在 8 月宣布並於 12 月結束的戰略審查流程。

Net loss was $16.4 million in Q4. This compares to a net loss of $14.6 million in the fourth quarter last year. The higher net loss in Q4 this year was primarily due to higher operating expenses as a result of the nonrecurring items I outlined a moment ago. Net loss per share attributable to common shareholders was $0.39 in Q4 2022 compared to a net loss of $0.35 in the prior year quarter. With respect to noncash expenses and capital expenditures, depreciation and amortization was $0.9 million, stock compensation expense was $1.1 million, and capital expenditures were $0.8 million in the fourth quarter of 2022. As of December 31st, we had $138.4 million in cash, cash equivalents and investments. We remain confident this provides us with cash runway at least into 2026.

第四季度淨虧損為 1640 萬美元。相比之下，去年第四季度淨虧損 1460 萬美元。今年第四季度較高的淨虧損主要是由於我剛才概述的非經常性項目導致運營費用增加。 2022 年第四季度歸屬於普通股股東的每股淨虧損為 0.39 美元，而去年同期為淨虧損 0.35 美元。關於非現金支出和資本支出，2022 年第四季度的折舊和攤銷為 90 萬美元，股票補償費用為 110 萬美元，資本支出為 80 萬美元。截至 12 月 31 日，我們擁有 1.384 億美元的現金、現金等價物和投資。我們仍然有信心這至少為我們提供了到 2026 年的現金跑道。

Now turning to our 2023 outlook. My comments will be focused on the full year and the first quarter. For the full year 2023, we expect our commercial revenue to be at least $22 million, which assumes that we will place at least 15 systems and represents growth of at least 30%. For Q1, we expect commercial revenue of at least $4 million, which assumes at least 2 system placements. From there, we expect to continue to build momentum as we move through the year with commercial revenue and system placements accelerating as we move into the second half, peaking in Q4. Having said that, we continue to be subject to quarter-to-quarter variability and the timing of system placements and therefore revenue.

現在轉向我們的 2023 年展望。我的評論將集中在全年和第一季度。對於 2023 年全年，我們預計我們的商業收入至少為 2200 萬美元，假設我們將放置至少 15 個系統並代表至少 30% 的增長。對於第一季度，我們預計商業收入至少為 400 萬美元，假設至少有 2 個系統佈局。從那時起，我們預計隨著我們進入下半年，隨著商業收入和系統佈局的加速，我們將在這一年中繼續建立勢頭，並在第四季度達到頂峰。話雖如此，我們仍會受到季度間變化和系統佈局時間以及收入的影響。

As Rob mentioned, most geographies are essentially back to pre-pandemic operations. However, we are still operating in a dynamic macroeconomic environment. As a result, our guidance reflects our expectation that we will continue to see uncertainty and variability in some customer purchase decisions, including longer-than-expected lead times for some multisystem orders. With respect to other revenue streams, we expect the fact that we place 9 systems in 2022 to result in lower revenue growth in service, mainly related to validations and to a lesser extent consumables in 2023 as compared to 2022. We expect to complete at least 14 validations in 2023 with at least 2 in the first quarter. Based on our revenue outlook, we expect our Q1 gross margin to be similar to Q4 2022 and then improve as the year progresses as cost reduction and manufacturing efficiency initiatives generate benefits and volume leverage increases.

正如 Rob 所提到的，大多數地區基本上都回到了大流行前的運作。然而，我們仍然在充滿活力的宏觀經濟環境中運營。因此，我們的指引反映了我們的預期，即我們將繼續看到一些客戶購買決策的不確定性和可變性，包括一些多系統訂單的交貨時間長於預期。關於其他收入來源，我們預計我們在 2022 年放置 9 個系統將導致服務收入增長放緩，這主要與驗證有關，與 2022 年相比，2023 年的消耗品在較小程度上與 2022 年相比。我們預計至少完成2023 年進行 14 次驗證，第一季度至少進行 2 次。根據我們的收入前景，我們預計第一季度的毛利率將與 2022 年第四季度相似，然後隨著成本降低和製造效率舉措產生收益以及產量槓桿的增加而隨著時間的推移而改善。

With respect to operating expenses, we expect quarterly OpEx to be between 12.5 and $13.5 million in 2023 with variability mainly driven by $1.8 million in nonrecurring restructuring-related expenses that will impact the first 3 quarters of the year as well as the timing of certain new product development activities. Finally, we expect cash burn to be roughly $40 million in 2023. This includes a meaningful positive contribution from working capital, particularly as a result of inventory reduction initiatives and approximately $2 million of CapEx spend. We expect this to put us at or slightly below $100 million in cash and investments at the end of 2023.

在運營費用方面，我們預計 2023 年季度運營支出將在 12.5 至 1350 萬美元之間，其變化主要受 180 萬美元的非經常性重組相關費用的驅動，這些費用將影響今年前 3 個季度以及某些新的時間安排產品開發活動。最後，我們預計 2023 年的現金消耗將約為 4000 萬美元。這包括營運資金的有意義的積極貢獻，特別是由於庫存減少計劃和大約 200 萬美元的資本支出支出。我們預計這將使我們在 2023 年底的現金和投資達到或略低於 1 億美元。

That concludes my comments on our full year and Q1 outlook. So, at this point, we'll open the call up for questions. Operator?

我對全年和第一季度展望的評論到此結束。所以，在這一點上，我們將公開提問。操作員？

(Operator Instructions) Our first question comes from Dan Arias from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Dan Arias。

Sean, maybe just to start on the guide, at least $22 million. Obviously, that leaves the door open to something higher. And Rob's initial comment sounded pretty confident I guess I would say, but you did highlight uncertainty on lead times that you'll be dealing with this year. So can you just talk to where you think the biggest swing factors are for the year? Is it macro related or is it more Rapid related? And then ultimately how conservative or not conservative you think this outlook?

肖恩，也許只是從指南開始，至少 2200 萬美元。顯然，這為更高層次的事物敞開了大門。 Rob 的最初評論聽起來非常自信，我想我會說，但你確實強調了今年你將要處理的交貨時間的不確定性。那麼你能談談你認為今年最大的搖擺因素在哪裡嗎？是宏相關還是更快速相關？然後最終您認為這種前景有多保守或不保守？

Dan, it's Rob. I'll take the first slice of that and Sean can weigh in. Our goal for guidance was to put up something that we believe is fully achievable. And I [can] go through how we thought about it. This may answer some other questions on the phone, but on the side that gives us confidence in what we're seeing is: #1, the environment, as we touched on it in our remarks, is basically back to pre-pandemic levels. The quality and type and frequency of customer interactions is robust and very encouraging to include in-person events, which is critical to our sales process as you know.

丹，是羅布。我將採取其中的第一部分，肖恩可以權衡。我們的指導目標是提出我們認為完全可以實現的目標。我 [可以] 了解我們的想法。這可能會回答電話中的其他一些問題，但另一方面，讓我們對所看到的情況充滿信心的是：#1，正如我們在評論中提到的那樣，環境基本上回到了大流行前的水平。客戶互動的質量、類型和頻率非常穩健，包括面對面的活動非常令人鼓舞，正如您所知，這對我們的銷售流程至關重要。

Critically, customers are engaged with us in the process, and we're seeing those leading indicators that gives us confidence customers going through facility planning, global coordination for multisite orders which tends to be a part of the process to getting multisite order as customers harmonize on our platform for site alignment. We're seeing business cases being developed and worked through procurement processes. That is a encouraging outlook for us.

至關重要的是，客戶在這個過程中與我們互動，我們看到這些領先指標讓我們對客戶進行設施規劃、多站點訂單的全球協調充滿信心，這往往是隨著客戶協調而獲得多站點訂單的過程的一部分在我們的網站對齊平台上。我們看到正在通過採購流程開發和處理業務案例。這對我們來說是一個令人鼓舞的前景。

The team deployment training is going well. We're just coming off our global sales meeting and the team's engaged and going after it. We touched on this in the remarks as well. But our Asia Pacific region is, call it, up and running largely, and we do expect contribution from North America, Europe, and Asia in 2023 and our funnel again has a good mix of new and existing opportunities to include multi-system opportunities for both new and existing customers.

團隊部署培訓進展順利。我們剛剛結束全球銷售會議，團隊正在積極參與並全力以赴。我們在評論中也提到了這一點。但我們的亞太地區在很大程度上已經啟動並運行，我們確實希望北美、歐洲和亞洲在 2023 年做出貢獻，我們的漏斗再次很好地結合了新的和現有的機會，包括多系統機會新客戶和現有客戶。

So the sum total of that gives us good confidence in the year, offset by generally the macroeconomic overlay that's out there that can create headwinds in certain budgeting processes and availability, cost of capital, and we have seen last minute or late-breaking budget moves. So that's also weighing. But the sum total of this, bit of a long answer, I wanted to give you a full perspective on how we thought about the year.

因此，總的來說，這讓我們對今年充滿信心，但通常會被宏觀經濟疊加所抵消，這些疊加可能會在某些預算流程和可用性、資本成本方面造成不利因素，而且我們已經看到了最後一刻或最新的預算變動.所以這也在權衡。但總的來說，這個答案有點長，我想給你一個關於我們如何看待這一年的完整視角。

Yes. No, that's helpful context. I guess to your last point, are you -- do you feel like the budget, at this point, as we stand here in the beginning of March, are generally set and so you've gotten past the period of budgeting uncertainty, or are you still dealing with that factor as we head into the end of 1Q, and so it's just a matter of how that shapes up for the next couple of months?

是的。不，這是有用的上下文。我想你的最後一點，你是否覺得預算，在這一點上，正如我們在 3 月初站在這裡，一般已經確定，所以你已經度過了預算不確定的時期，或者是當我們進入第一季度末時，您仍在處理這個因素，所以這只是接下來幾個月的情況如何？

Yes, I think it's generally set, Dan, but there's always some risk, especially when our customers are going through their year as well and their results come in. So there's always some chance of that, or some other critical priority comes up, I would say, unrelated to the macro economy, facilities related, that can always delay things or move budget around. So I would say, budgets are -- we've got decent clarity on budgets generally, but the macroeconomic environment does seem to be weighing on, I'll call it, some of our customers' minds.

是的，我認為這通常是確定的，丹，但總會有一些風險，特別是當我們的客戶也在經歷他們的一年並且他們的結果出現時。所以總是有這樣的機會，或者出現其他一些關鍵優先事項，我可以說，與宏觀經濟無關，與設施相關，總是可以延遲事情或改變預算。所以我想說，預算是——我們總體上對預算有相當清晰的認識，但宏觀經濟環境似乎確實在影響，我稱之為，我們的一些客戶的想法。

Yes, okay. If I could just ask one follow up. Sean, on the revenue mix, can you just help us with the way that you see that trending over time? I know you don't want to get too far into a long-term forecast, but one of the things that was attractive at the time of the IPO was just the way that the P&L was shaping up when it comes to the percentage of sales that were coming from recurring revenues. I think you had a goal of getting to 50% by 2026, I believe. Is there anything you can help us with as far as like a refreshed view or an updated view on just the progression and the shift that you see there?

是的，好的。如果我可以問一個跟進。肖恩，關於收入組合，你能否幫助我們了解隨著時間的推移趨勢？我知道你不想對長期預測做得太深，但在 IPO 時最吸引人的事情之一就是當涉及到銷售額百分比時損益表的形成方式這些來自經常性收入。我認為你的目標是到 2026 年達到 50%，我相信。就您在那裡看到的進展和轉變而言，您有什麼可以幫助我們的，比如刷新視圖或更新視圖？

Yes, I think with what we've experienced with placements over the past 5, 6 quarters, we actually are way ahead of schedule if you look at the revenue mix in terms of recurring. So I think we had 40% recurring revenue growth in 2022. That was a point of importance strength for us. So I think we're going to stay a little bit ahead of where we thought we'd be. We shouldn't be -- I think if you look over the course of this year, that's still going to be well over 50% of the revenue recurring. I wouldn't expect that to continue over time. I'd expect us to more balance out.

是的，我認為根據我們在過去 5、6 個季度的安置經驗，如果你從經常性的角度來看收入組合，我們實際上已經提前了很多。所以我認為我們在 2022 年有 40% 的經常性收入增長。這對我們來說是一個重要的優勢點。所以我認為我們會比我們想像的要領先一點。我們不應該——我認為如果你回顧今年的整個過程，它仍然會遠遠超過經常性收入的 50%。我不希望這種情況會隨著時間的推移而持續下去。我希望我們能夠更加平衡。

So I think the critical thing, as we look at the business, and I think Rob touched on this, #1 priority for us is getting system placements going again. If you look back a couple of years, I think the kind of mix of revenue that we saw then is something that we're working to get back to, to a large extent, where we drive placement growth, placement growth drives validation and service growth, that service growth then drives consumable growth, and that recurring -- that percentage drifts up with that. So I think, Dan, we were back -- I think we were down in the 40% range in terms of recurring a couple of years ago, maybe even a little bit below that. We're well above 50% now. I expect that to even out over the longer term as we get back to more significant placement growth, and we get that engine running again with service and consumables.

所以我認為關鍵的事情是，當我們審視業務時，我認為 Rob 談到了這一點，我們的第一要務是讓系統安置再次進行。如果你回顧幾年，我認為我們當時看到的那種收入組合是我們正在努力恢復的，在很大程度上，我們推動安置增長，安置增長推動驗證和服務增長，服務增長然後推動消費品增長，並且這種情況經常發生——這個百分比隨之上升。所以我認為，丹，我們回來了——我認為我們在幾年前的重複率下降了 40%，甚至可能略低於這個水平。我們現在遠高於 50%。我希望隨著我們恢復更顯著的安置增長，並且我們讓該引擎通過服務和消耗品再次運行，從長遠來看，這會趨於平衡。

Our next question comes from Tejas Savant from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Tejas Savant。

This is Yuko on the call for Tejas. Could you outline priorities for investment in light of focus on cash preservation and cost cuts? And then, also, are you putting in any contribution from new products, namely the RMBNucleus Mold Alarm software into the guide?

我是 Yuko，正在為 Tejas 打電話。鑑於對現金保全和成本削減的關注，您能否概述投資的優先事項？然後，您是否也將新產品（即 RMBNucleus Mold Alarm 軟件）的任何貢獻納入指南？

Yes. So with regard to investment priorities in the business, it's consistent with our core planks of our business strategy. #1 is accelerating system placements, so that's investment in commercial and related activity. Investment in new product development is a clear priority as well, and investment in efficiency activities constitute the bulk of our investment approach in portfolio. I'll pass to Sean for the second part of that question.

是的。因此，關於業務的投資優先級，這與我們業務戰略的核心板塊是一致的。 #1 正在加速系統佈局，因此這是對商業和相關活動的投資。對新產品開發的投資也是一個明確的優先事項，對效率活動的投資構成了我們投資組合投資方法的主體。我將把這個問題的第二部分交給肖恩。

Yes. And just on that first point, I'd say obviously, Yuko, we did a restructuring back in August to take some cost out of the system here. And within those investment areas, we're going to be very targeted. So every decision we make around investments is grounded in being responsible stewards of our cash. So that is top of mind in every discussion around investment that we have, but we are going to continue to make those investments going forward. That's the plan.

是的。關於第一點，我想說的很明顯，Yuko，我們在 8 月份進行了重組，以從這裡的系統中減少一些成本。在這些投資領域內，我們將非常有針對性。因此，我們圍繞投資做出的每一個決定都是基於負責任地管理我們的現金。因此，這是我們圍繞投資進行的每次討論中的首要考慮因素，但我們將繼續推進這些投資。這就是計劃。

On new product contribution, specifically mold alarm, our goal for 2023 with mold alarm is to basically get it out there in the market, work with a number of our customers to get them using the product so that they're in a spot where when we get to 2024, they're ready to sign up for recurring annual subscriptions to that software. Having said that, we do have a bit of a contribution. I'd say it's very modest in our forecast for this year in our guidance, but I'd expect that to be much more meaningful as we move out of '23 and get more into those annual subscription periods in '24 and beyond.

在新產品貢獻方面，特別是黴菌報警器，我們 2023 年的目標是將黴菌報警器基本上推向市場，與我們的許多客戶合作，讓他們使用該產品，這樣他們就可以在需要時到 2024 年，他們已準備好註冊該軟件的定期年度訂閱。話雖如此，我們確實做出了一些貢獻。我想說我們在指導中對今年的預測非常溫和，但我希望隨著我們離開 23 年並更多地進入 24 年及以後的年度訂閱期，這將更有意義。

Got it. That was helpful. And your prior comments indicate a gross margin positive potentially by late '23 if you place high-single-digit placements in 4Q. Is achieving gross margin positive in late '23 embedded into your guidance?

知道了。那很有幫助。你之前的評論表明，如果你在第四季度放置高個位數的配售，到 23 年底毛利率可能為正。在 23 世紀末實現毛利率為正是否包含在您的指導中？

Yes. So I'd say the guidance would get us very close but not quite there in Q4. I think high-single-digit systems would likely get us there in Q4. I think what we have said and just to reiterate is if we look at the full year '24, we expect the year to be positive. So based on where our guidance is right now, we would not anticipate getting there in Q4. We'd be very close, and with some upside, we could potentially get there.

是的。所以我想說，該指導將使我們非常接近，但在第四季度還沒有完全實現。我認為高個位數係統可能會讓我們在第四季度達到目標。我認為我們已經說過並重申的是，如果我們看一下 24 年全年，我們預計這一年將是積極的。因此，根據我們目前的指導，我們預計不會在第四季度到達那裡。我們會非常接近，並且有一些好處，我們有可能到達那裡。

Okay, great. And then one more if I may. You mentioned 14 validations expected in '23, but given lag between system placements and validation and soft system placements last year, could you help us think about how you're thinking about pace of validating systems in '23? Should we expect that to be spread roughly evenly across the quarters or more backend weighted?

好的，太好了。如果可以的話，再來一張。您提到了 23 年預計進行的 14 次驗證，但鑑於去年系統部署和驗證與軟系統部署之間存在滯後，您能否幫助我們考慮一下您如何考慮 23 年驗證系統的速度？我們是否應該期望它在各個季度或更多後端加權中大致均勻分佈？

A bit more backend weighted, but I wouldn't overstate that. I think there's a couple important things to say on this topic, Yuko, that I'll hit. One is we do have more than the number of systems we validated last year in our validation backlog, either in process or waiting to start. Just to hit that question head on, we do have some customers, I'd say it's the minority, but there are some where they're waiting for some type of construction, anything from getting air and power and data into a room to a complete site build. That means the customer's got a system that's waiting to go in and there's the delay as we wait for that construction to be completed. So that is a factor that you should be aware of that contributes to that number being a little bit higher than what we've placed in the last year plus.

後端權重更高一些，但我不會誇大這一點。 Yuko，我認為關於這個話題有幾件重要的事情要說，我會說的。一是我們在驗證積壓工作中確實擁有超過去年驗證的系統數量，無論是在處理中還是在等待啟動。直面這個問題，我們確實有一些客戶，我會說這是少數，但有些客戶正在等待某種類型的建設，從將空氣、電力和數據送入房間到完成網站建設。這意味著客戶有一個等待進入的系統，並且在我們等待構建完成時存在延遲。所以這是一個你應該意識到的因素，它導致這個數字比我們去年加上的數字高一點。

And then as we go forward, as you think about the systems that we place this year, we are working very hard, as you know, to shrink the time to get a validation completed and that differs between new customers and existing customers typically. So that's an important mix question as you think about modeling it. But typically, as you look at placements in the second half of the year, there aren't many of those that are going to get fully validated before you hit the end of the year. So our opportunity to complete validation on systems placed this year is really going to be focused on the front part of the year. And that, as we've indicated, the sequencing for the guidance is going to be the lower end of the system placements in the year. So those are important things I think to keep in mind as you think about the question you asked.

然後，隨著我們的前進，當您考慮我們今年放置的系統時，如您所知，我們正在非常努力地縮短完成驗證的時間，這通常在新客戶和現有客戶之間有所不同。所以當你考慮建模時，這是一個重要的混合問題。但通常情況下，當您查看今年下半年的展示位置時，在您年底前得到充分驗證的展示位置並不多。因此，我們在今年放置的系統上完成驗證的機會實際上將集中在今年的前半部分。而且，正如我們已經指出的那樣，指南的排序將是今年系統佈局的低端。因此，當您考慮您提出的問題時，我認為這些是重要的事情。

Our next question comes from Rachel Vatnsdal from JP Morgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

This is Casey on for Rachel. I guess can you elaborate on the unplanned downtime that contributed to flat sequential margins here on the gross line? Can you maybe quantify how much of a headwind this was? Why it was unplanned? And then just maybe the cadence of gross margin expansion embedded in the guide. I think you mentioned that you're going to see flat gross margins in 1Q. Is there more downtime embedded in there and how should we think about that?

這是瑞秋的凱西。我想您能否詳細說明計劃外停機導致毛線連續利潤率持平？你能量化一下這是多大的逆風嗎？為什麼它是計劃外的？然後可能就是指南中嵌入的毛利率擴張節奏。我想你提到你將在第一季度看到持平的毛利率。那裡是否有更多的停機時間，我們應該如何考慮？

Yes. Sure, Casey. So, we do have some downtime that's planned. This was not what we encountered in this particular situation. We've looked at the causes of the unplanned downtime. We understand them, we've addressed them, and we feel good that they won't recur. We'll continue to focus on that and make sure that we do what we can to make sure that's what actually rolls out.

是的。當然，凱西。所以，我們確實有一些計劃中的停機時間。這不是我們在這種特殊情況下遇到的情況。我們已經研究了計劃外停機的原因。我們理解它們，我們已經解決了它們，我們很高興它們不會再次發生。我們將繼續關注這一點，並確保我們盡我們所能確保這就是實際推出的內容。

So, as you think about '23 guidance, we have not assumed that we see recurrence of that. We believe we've addressed what we ran into in Q4. In terms of the impact, it was meaningful. We're not going to give a quantified number, but I would say, it's the #1 contributor of our variance from what we expected in the fourth quarter in terms of margin performance compared to what we thought going into the quarter.

因此，當您考慮 23 年指南時，我們並未假設我們會再次看到這種情況。我們相信我們已經解決了第四季度遇到的問題。就影響而言，它是有意義的。我們不會給出量化數字，但我會說，與我們對本季度的預期相比，它是我們在第四季度的利潤率表現與我們預期差異的第一大貢獻者。

Got it.

知道了。

And then you asked about cadence.

然後你問了節奏。

Yes.

是的。

Sorry, Casey, didn't mean to interrupt. You asked about cadence in '23. You're right. We guided that we think Q1 will look a lot like Q4. I think that's true for the quarter in general. And then as we work our way through the year, given what I said a few minutes ago, we expect to end the year getting pretty close to positive in Q4. So I think if you roll out the revenue guidance we gave and the sequencing there, with the volume increases that should come along with that. I'd expect to see the margins follow pretty closely in terms of the step up as you work your way through the year.

對不起，凱西，我不是故意打擾的。你在 23 年詢問了節奏。你說得對。我們指導我們認為第一季度看起來很像第四季度。我認為整個季度都是如此。然後，在我們努力度過這一年的過程中，鑑於我幾分鐘前所說的話，我們預計今年第四季度將接近正數。所以我認為，如果你推出我們給出的收入指導和那裡的排序，那麼數量的增加應該隨之而來。我希望看到利潤率在您全年工作的過程中緊隨其後。

Got it. That's helpful. And then just on the pull through per instrument on the consumable side, I think this year was around $80,000 per system. At our conference you talked about pull-through increasing high-singles to potentially mid-teens in 2023. I guess, can you just walk through what's embedded in the 2023 guidance from a instrument pull-through perspective and then what needs to happen for you guys to get to the high end of that range? Yes, just like puts and takes into that range.

知道了。這很有幫助。然後就消耗品方面的每台儀器而言，我認為今年每個系統的成本約為 80,000 美元。在我們的會議上，你談到了在 2023 年將高單身人士增加到潛在的青少年中期。我想，你能不能從儀器拉通的角度來看一下 2023 年指南中嵌入的內容，然後需要為你發生什麼伙計們要達到那個範圍的高端？是的，就像在那個範圍內投入和投入一樣。

Yes. So we did finish the year in '22 around that $80,000. The guidance has built into it I think in the high single digits in terms of the full year growth in that metric. And I'd expect us to start the year in the first half below where that would put us and to finish the year above where that would put us. I think the things -- moving validations ahead in line with what we expect is critical to make sure that happens, as is some of the things we're working on around what we refer to as Project Rapid where we're doing things to reduce the amount of time it takes to actually get a validation completed.

是的。所以我們確實在 22 年以 80,000 美元左右的價格結束了這一年。我認為就該指標的全年增長而言，該指南已納入高個位數。我希望我們在今年上半年開始時低於我們的水平，並在今年結束時高於我們的水平。我認為事情 - 根據我們的預期提前進行驗證對於確保發生這種情況至關重要，正如我們正在圍繞我們所說的 Project Rapid 所做的一些事情一樣，我們正在做一些事情來減少實際完成驗證所需的時間。

So I'd say we haven't assumed heroics on those things to get to the guidance number, so there is potentially upside there if we can over execute on that. But those are the main things that would drive our ability to get to that range and that high-single-digit type growth number for the year versus the $80,000.

所以我想說我們沒有假設在這些事情上表現出英雄氣概來達到指導數字，所以如果我們可以過度執行它，那可能會有好處。但這些是推動我們達到該範圍的能力的主要因素，以及與 80,000 美元相比，今年的高個位數類型增長數字。

Got it. And then maybe just how should we think about instrument ASP in 2023? Just curious if you have a plan on moving price around just given the macroenvironment one way or the other?

知道了。那麼也許我們應該如何考慮 2023 年的儀器 ASP？只是想知道您是否有計劃根據宏觀環境以一種或另一種方式改變價格？

Yes. We have a mix -- we generally took prices up this year. I'm not going to get into a lot of specifics, but I think as we look at ASPs on systems, we do expect a modest increase in ASPs as we compare '23 to '22.

是的。我們有一個組合——我們今年普遍提高了價格。我不打算談太多細節，但我認為當我們查看系統上的 ASP 時，我們確實預計 ASP 會適度增加，因為我們將 23 年與 22 年進行比較。

Okay, got you. And maybe if I can just squeeze one last one in. The guidance is pretty backend loaded. Just can you talk generally about your visibility into those placements in the back half of the year, 2 placements in 1Q, 15 on the year. So to get to that high-single-digit placement number in 4Q, I guess, how much visibility do you have into that from a customer conversation perspective?

好的，明白了。也許如果我能擠進最後一個。指南是非常後端加載的。您能否大致談談您對今年下半年這些安置的可見性，第一季度有 2 個安置，今年有 15 個安置。因此，為了在第四季度獲得高個位數的安置數字，我想，從客戶對話的角度來看，你對此有多少了解？

Casey, it's Rob. As I touched on in the intro question by Dan, what's giving us confidence in the guide is the conversations we're having with customers and in some cases regarding their purchase intentions on multiple systems and just the shape of the process and when we expect things to land and, of course, we're still ramping into the year, as well as a broader mix of other opportunities we have in our funnel across all of our regions. So the sum total of this gives us the confidence in the outlook, and it also, just practically speaking, is how we think about the year rolling out with a bit more on the backend -- the backend weighting.

凱西，是羅伯。正如我在 Dan 的介紹問題中提到的那樣，讓我們對指南充滿信心的是我們與客戶進行的對話，在某些情況下還涉及他們在多個系統上的購買意向，以及流程的形式和我們預期的時間登陸，當然，我們仍在進入這一年，以及我們在所有地區的漏斗中擁有的其他機會的更廣泛組合。因此，總的來說，這讓我們對前景充滿信心，而且實際上，這也是我們如何考慮在後端推出更多的年度 - 後端權重。

Our last question comes from Max Massucci from TD Cowen.

我們的最後一個問題來自 TD Cowen 的 Max Massucci。

Hi, this is Stephanie on from Max. Most of my questions have already been asked. If I can ask a couple of quick ones. So you mentioned in your prepared remarks that you have about 20 or so events and conferences planned for the year, which is great to hear. As you head into 2023, what are the key catalysts and milestones that we should be keeping an eye on for the year?

嗨，我是來自 Max 的斯蒂芬妮。我的大部分問題都已經被問過了。如果我可以問幾個快速的。所以你在準備好的發言中提到你今年計劃舉辦大約 20 場活動和會議，這很高興聽到。在您邁入 2023 年之際，今年我們應該關注的關鍵催化劑和里程碑有哪些？

So the key milestones we have in our year with regard to external-facing shows, our largest one is end of the year which is PDA -- Stephanie, if your question is referring to the publicly-facing or open tradeshows? If not, please steer me. But with regard to milestones, PDA is a big one. We've got a collection of other events around the world that we'll attend. We're always excited about our Growth Direct Day, which is a chance to bring together a number of new and prospective customers. Typically, this is centered around Europe. We're hopeful to have one in the U.S. this year as well, which is a really good chance to bring the ecosystem together -- to come together and do all things Growth Direct for a full day. I wouldn't call it a catalyst, per se, but it's certainly a milestone as we think about interacting with key customers around the world.

因此，我們今年在面向外部的展覽方面取得的關鍵里程碑，我們最大的里程碑是年底，即 PDA -- 斯蒂芬妮，如果你的問題是指面向公眾或開放的貿易展覽？如果沒有，請引導我。但就里程碑而言，PDA 是一個大里程碑。我們收集了一系列我們將參加的世界各地的其他活動。我們總是對我們的增長直接日感到興奮，這是一個將許多新客戶和潛在客戶聚集在一起的機會。通常，這以歐洲為中心。我們希望今年在美國也能有一個，這是一個很好的機會，可以將生態系統聚集在一起——聚集在一起，用一整天的時間做所有的事情。就其本身而言，我不會將其稱為催化劑，但在我們考慮與全球主要客戶互動時，這無疑是一個里程碑。

Got it. No, that's helpful. And then on the consumable utilization side, I know this has already been touched on a bit in the Q&A, but how quickly have existing customers been ramping on that consumable utilization versus your expectations? Do you see that there could be potential for further acceleration versus your expectations for the year?

知道了。不，那很有幫助。然後在耗材利用率方面，我知道問答中已經提到了一點，但是現有客戶在耗材利用率方面的增長速度與您的預期相比有多快？與您對今年的預期相比，您是否認為有可能進一步加速？

Yes, I'll start and maybe Rob will have a comment as well. I think it depends on the customer. I think, in general, we are improving in terms of how we work with our customers to help them make that transition more quickly. But a lot of times it is heavily dependent upon their situation and resourcing and plan. Having said that, that's getting better. I would also say that we are continuing to work with customers to find different ways to -- even when they're in routine use and pulling through where we originally expected them to, to increase that utilization.

是的，我會開始，也許 Rob 也會發表評論。我認為這取決於客戶。我認為，總的來說，我們正在改進與客戶合作的方式，以幫助他們更快地實現這一轉變。但很多時候，這在很大程度上取決於他們的情況、資源和計劃。話雖如此，情況正在好轉。我還要說的是，我們將繼續與客戶合作，尋找不同的方法——即使他們在日常使用中，並通過我們最初預期的方式來提高利用率。

So whether it's new applications, we have customers who are adding products or they're getting new indications to existing products where they need more capacity or they have the ability to utilize more capacity on the system. So that's also a way that we believe over time we're going to be able to get that pull-through number higher for the business.

因此，無論是新應用程序，我們都有客戶在添加產品，或者他們正在為現有產品獲得新的指示，他們需要更多的容量，或者他們有能力在系統上利用更多的容量。所以這也是我們相信隨著時間的推移我們將能夠為企業獲得更高的拉動數字的一種方式。

Just a couple other comments on that, Stephanie. We have a dedicated sales people/consultants that work with our customers across our regions to do just that, so ramp them as quickly as possible into routine use after validations, any training required, but certainly any ordering required, standing orders, or basically to be easy to work with and grease the gears to move consumables through more quickly. And to Sean's point, we also track the capacity in any systems and seek to sell, if you will, new applications onto any open capacity. And, of course, look for opportunities inside any manufacturing plant. If a customer, for example, has automated environmental monitoring, there's opportunities to further automate water and bioburden applications, which could be put on existing capacity, or many times triggers the purchase of a new system. So think of it as an organic sale to a customer. In most cases, it's opportunity within an actual manufacturing plant. That's how we seek to maximize pull through and it's also a great lead source for new system opportunities as well.

斯蒂芬妮，就此發表一些其他評論。我們有專門的銷售人員/顧問與我們地區的客戶合作來做到這一點，因此在驗證後儘快將他們投入常規使用，需要任何培訓，但肯定需要任何訂購，長期訂單，或者基本上易於使用和潤滑齒輪以更快地移動消耗品。就 Sean 的觀點而言，我們還跟踪任何系統的容量，並尋求在任何開放容量上銷售新應用程序（如果您願意）。當然，還要在任何製造工廠內部尋找機會。例如，如果客戶擁有自動化環境監測，則有機會進一步自動化水和生物負載應用，這可以放在現有容量上，或者多次觸發購買新系統。因此，將其視為對客戶的有機銷售。在大多數情況下，這是在實際製造工廠內的機會。這就是我們尋求最大化拉動的方式，它也是新系統機會的重要來源。

Got it. Really helpful color there.

知道了。那裡的顏色真的很有幫助。

Great. Well, thanks, Stephanie, again. So we're going to wrap the live call now. As a reminder, we are attending the TD Cowen Healthcare Conference in Boston next Wednesday, March 8th and look forward to speaking with many of you in the coming weeks. Thanks to everyone for joining us today. And Julianne, we'll close the call now.

偉大的。好吧，再次感謝斯蒂芬妮。所以我們現在要結束現場通話。提醒一下，我們將於下週三（3 月 8 日）參加在波士頓舉行的 TD Cowen 醫療保健會議，並期待在接下來的幾週內與你們中的許多人交談。感謝大家今天加入我們。 Julianne，我們現在結束通話。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。