Rapid Micro Biosystems Inc (RPID) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is John and I will be your conference operator for today. (Operator Instructions) I would now like to turn the call over to Mike Beaulieu, Head of Investor Relations. Please go ahead.

謝謝你的支持。我叫約翰，我將擔任今天的會議接線生。（操作員指示）我現在想將電話轉給投資者關係主管 Mike Beaulieu。請繼續。

Good morning, and thank you for joining the Rapid Micro Biosystems first quarter 2024 earnings call. Joining me on the call are Rob Spignesi, President, and Chief Executive Officer; and Sean Wirtjes, Chief Financial Officer.

早安，感謝您參加 Rapid Micro Biosystems 2024 年第一季財報電話會議。與我一起參加電話會議的還有總裁兼執行長 Rob Spignesi；和財務長 Sean Wirtjes。

Earlier today, we issued a press release announcing our first quarter 2024 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 2024 年第一季的財務表現。新聞稿的副本可在該公司網站rapidmicrobio.com上的「投資者」下的「新聞和活動」部分取得。

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 future cash usage and cash runway, guidance for 2024, including revenues, expenses, gross margin, system placements, and validation activities, expectations for and planned activities related to the company's business development and growth, customer interest and adoption of the Growth Direct system, statements regarding the planned launch and commercialization of Rapid Sterility and the potential impact of macroeconomic uncertainty on Rapid Micro business.

在我們開始之前，我想提醒您，本次電話會議中所做的許多陳述可能被視為聯邦證券法含義內的前瞻性陳述，這些陳述是根據美國《私人證券訴訟改革法案》的安全港條款做出的。本次電話會議中包含的與未來事件、結果或業績的預期或預測相關的任何聲明均為前瞻性聲明，包括但不限於與Rapid Micro 的財務狀況、預期未來現金使用和現金跑道、2024 年指導相關的聲明，包括收入、費用、毛利率、系統佈局和驗證活動、與公司業務發展和增長相關的預期和計劃活動、客戶興趣和 Growth Direct 系統的採用、有關 Rapid Sterility 計劃推出和商業化的聲明以及宏觀經濟不確定性對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 these risks and uncertainties associated with Rapid Micro's business. Please refer to the Risk Factors section of our most recent annual report on Form 10-K filed with the Securities and Exchange Commission as updated from time to time in our subsequent filings with the SEC.

由於多種因素，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。有關與 Rapid Micro 業務相關的這些風險和不確定性的清單和描述。請參閱我們向美國證券交易委員會提交的最新 10-K 表格年度報告中的「風險因素」部分，該部分在我們隨後向美國證券交易委員會提交的文件中會不時更新。

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. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 3, 2024. 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.

我們敦促您考慮這些因素，並且您應該意識到這些陳述僅應被視為估計，而不是未來績效的保證。本次電話會議包含時效性訊息，僅截至今天（2024 年 5 月 3 日）直播時準確。Rapid Micro 不承擔任何意圖或義務，除非法律要求更新或修改任何財務預測或前瞻性陳述，無論是因為新資訊、未來事件或其他原因。

And with that I'll now turn the call over to Rod.

現在我將把電話轉給羅德。

Thank you, Mike. Good morning, everyone, and thank you for joining us. I will begin this morning's call with an overview of our first quarter performance and highlights followed by a review of our priorities for 2024. I will then turn the call over to Sean for a more detailed review of our financial results and outlook.

謝謝你，麥克。大家早安，感謝您加入我們。我將在今天早上的電話會議中概述我們第一季的業績和亮點，然後回顧我們 2024 年的優先事項。然後我會將電話轉給肖恩，以更詳細地審查我們的財務表現和前景。

First quarter total revenue increased 11% to $5.6 million compared to the first quarter of 2023. This performance is ahead of the guidance we provided in March and represents the sixth quarter in a row that our revenue exceeded guidance. We placed three Growth Direct systems in the quarter, also existing customers. First quarter recurring revenue increased 15% compared to Q1 2023. It has now grown by double digits in each of the 11 quarters since we became a public company.

與 2023 年第一季相比，第一季總營收成長 11%，達到 560 萬美元。這一業績超出了我們 3 月份提供的指導，並且代表我們的收入連續第六個季度超過了指導。我們在本季放置了三個 Growth Direct 系統，也是現有客戶。與 2023 年第一季相比，第一季經常性收入成長 15%。自我們成為上市公司以來，它在 11 個季度中每個季度都實現了兩位數的成長。

Consumable sales, which are part of recurring revenue increased 22% year-over-year and achieved a new quarterly record. Exceeding our prior record set in the second quarter of 2023. This strength in consumables demonstrates that customers are actively using their Growth Direct systems and are realizing value across their global manufacturing networks.

經常性收入中的消耗品銷售額年增 22%，創下季度新紀錄。超過了我們之前在 2023 年第二季創下的紀錄。這種消耗品的優勢表明，客戶正在積極使用其 Growth Direct 系統，並在其全球製造網路中實現價值。

In total, our first quarter results look like a solid start to 2024. And we are reaffirming our full year 2024 revenue guidance of at least $27 million, representing at least 20% growth and at least 20 system placements. We continue to execute against our strategic priorities of accelerating system placements, improving gross margins, commercializing innovative new products, and prudently managing our cash. I'd like to provide a brief update and context for these priorities.

總的來說，我們第一季的業績看起來是 2024 年的好開始。我們重申 2024 年全年收入指引至少為 2,700 萬美元，相當於至少 20% 的成長和至少 20 個系統佈局。我們持續執行加速系統佈局、提高毛利率、商業化創新新產品以及審慎管理現金的策略重點。我想提供有關這些優先事項的簡要更新和背景。

Over the past few months, I visited with customers across North America and Europe. These meetings are always productive. I would like to provide some recent customer feedback, the Growth Direct value proposition is resonating and customers are realizing meaningful benefits, they continue to plan further deployment of Growth Direct systems across our global manufacturing networks. The many benefits of the Growth Direct of automation include enhanced data integrity, improved accuracy, reduce human error and lower hands-on labor costs.

在過去的幾個月裡，我拜訪了北美和歐洲的客戶。這些會議總是富有成效的。我想提供一些最近的客戶回饋，Growth Direct 的價值主張正在引起共鳴，客戶正在實現有意義的利益，他們繼續計劃在我們的全球製造網路中進一步部署 Growth Direct 系統。自動化成長直接的許多好處包括增強資料完整性、提高準確性、減少人為錯誤和降低人力成本。

In addition, the Growth Direct offers operational efficiencies, which can enable faster product release, less waste and reduce inventories. Moreover, given the clear demand in the industry for increased manufacturing capacity, the Growth Direct speed and efficiency provide critical flexibility to manufacturing and quality control operations and can enable customers to unlock additional production capacity.

此外，Growth Direct 還可提高營運效率，從而加快產品發布速度、減少浪費並減少庫存。此外，鑑於業界對提高製造能力的明確需求，Growth Direct 的速度和效率為製造和品質控制營運提供了關鍵的靈活性，並使客戶能夠釋放額外的產能。

Importantly, these operational efficiencies, which are ideally suited for the advanced modalities of biologics and cell gene therapies are also effective for other segments such as vaccines, sterile injectables, and small-molecule manufacturing.

重要的是，這些非常適合生物製品和細胞基因療法的先進模式的運作效率對於疫苗、無菌注射劑和小分子製造等其他領域也有效。

The pace of growth in advanced modalities and the need for improved data integrity industry-wide is accelerating the adoption of automation as customers implement automation across their manufacturing networks. We are confident that the Growth Direct is an important part of the solution. We continue to expect an acceleration in system placements in the second half of the year. Our confidence is underpinned by the size and quality of our sales funnel, a fully staffed global sales team and visibility into Growth Direct purchases from our customers, senior level executives.

隨著客戶在其製造網路中實施自動化，先進模式的成長速度以及提高全行業資料完整性的需求正在加速自動化的採用。我們相信，成長直接是解決方案的重要組成部分。我們繼續預計下半年系統佈局將加速。我們的信心源自於我們銷售管道的規模和品質、人員齊全的全球銷售團隊以及對客戶和高階主管直接成長採購的了解。

Turning to our next priority, which is improving gross margins, we expect to continue to benefit from our initiatives, focus on product cost reduction, manufacturing efficiency and service productivity improvements. We remain on track for an inflection to positive gross margins in the second half of the year.

談到我們的下一個優先事項，即提高毛利率，我們預計將繼續受益於我們的舉措，重點關注產品成本降低、製造效率和服務生產力提高。我們仍有望在今年下半年實現正毛利率。

Next, we look forward to a successful launch and commercialization of Rapid Sterility, since our announcement earlier this year, customer interest for this breakthrough technology has been growing and has exceeded our expectations. Our commercial teams are trained and we are completing the technology transfer from R&D and into manufacturing with the associated scale-up activities.

接下來，我們期待快速無菌技術的成功推出和商業化，自從我們今年早些時候宣布以來，客戶對這項突破性技術的興趣一直在增長，並超越了我們的預期。我們的商業團隊接受過培訓，我們正在完成從研發到製造的技術轉移以及相關的擴大規模活動。

In June, we are hosting customers at our Lexington, Innovation Center, and demonstration lab for a live hands-on experience with a Growth Direct Rapid Sterility platform. We remain on schedule for a mid-2024 launch and look forward to providing an update on our second quarter earnings call in early August.

六月，我們將在列剋星敦創新中心和展示實驗室接待客戶，讓他們親身體驗 Growth Direct Rapid Sterility 平台。我們仍按計劃於 2024 年中期推出產品，並期待在 8 月初的第二季財報電話會議上提供最新資訊。

Turning to cash management, we are focused on reducing our cash burn by tightly controlling operating expenses, capital expenditures, and working capital. So to summarize, our key messages from the first quarter was a solid start to 2024, including a record quarter in consumable revenue. The Grow Directly providing a strong value proposition by delivering full automation, operational efficiencies and improved data integrity, customers continue to plan further deployment of Growth Direct systems across our global manufacturing networks. Early customer interest and Rapid Sterility is strong, and we are on schedule for a midyear launch.

在現金管理方面，我們致力於透過嚴格控制營運費用、資本支出和營運資金來減少現金消耗。總而言之，我們第一季的關鍵訊息是 2024 年有一個良好的開端，包括創紀錄的季度消費品收入。Grow Direct 透過提供完全自動化、營運效率和改進的資料完整性提供了強大的價值主張，客戶繼續計劃在我們的全球製造網路中進一步部署 Growth Direct 系統。早期客戶的興趣和快速無菌技術很強烈，我們計劃在年中推出。

Wrapping up my prepared remarks, I remain excited about our long-term outlook. We have a world-class customer base, consisting of 70% of the top 20 global pharma companies, a proven technology with a strong value proposition that is embedded in customer workflows and attractive high-growth business model with durable recurring revenue. And we are focused on our path to profitability and expect our cost efficiency and productivity initiatives to lead to positive gross margins in the second half of 2024 with continued improvement thereafter.

在結束我準備好的演講時，我對我們的長期前景仍然感到興奮。我們擁有世界一流的客戶群，其中包括全球排名前20 名的製藥公司中的70%，擁有嵌入客戶工作流程中具有強大價值主張的成熟技術，以及具有持久經常性收入的有吸引力的高成長業務模式。我們專注於獲利之路，預計我們的成本效率和生產力措施將在 2024 年下半年實現正毛利率，並在此後持續改善。

And with that, I'll now turn the call over to Sean to discuss our first quarter performance, and our outlook in more detail. Sean?

現在，我將把電話轉給肖恩，更詳細地討論我們第一季的業績和我們的前景。肖恩？

Thanks, Rob, and good morning, everyone. I'll start my comments today with a review of our first quarter results and then discuss our second quarter and full year 2024 outlook. Q1 revenue increased 11% to $5.6 million compared to $5 million in Q1 2023. During the first quarter, we placed three Growth Direct systems compared to three in the first quarter last year. We also completed three validations in the quarter compared to two in the first quarter last year.

謝謝羅布，大家早安。今天我將首先回顧我們第一季的業績，然後討論我們第二季和 2024 年全年的展望。第一季營收成長 11%，達到 560 萬美元，而 2023 年第一季營收為 500 萬美元。在第一季度，我們放置了三個成長直接系統，而去年第一季是三個。我們也在本季完成了三項驗證，而去年第一季則完成了兩項驗證。

Product revenue, which is comprised of systems and consumables, increased 12% to $3.7 million in the quarter compared to $3.3 million in Q1 last year. The growth in product revenue was primarily driven by a record quarter in consumables as a result of continued growth in validated systems as well as several shipments made during Q1 that were originally expected in Q2.

本季由系統和消耗品組成的產品收入成長了 12%，達到 370 萬美元，而去年第一季為 330 萬美元。產品收入的成長主要得益於消耗品季度創紀錄的成長，這是由於經過驗證的系統的持續成長以及第一季的幾批發貨量（最初預計在第二季）實現的。

Service revenue increased 11% to $1.9 million in the first quarter compared to $1.7 million in Q1 last year. Service revenue growth was impacted in Q1 by some planned validation revenue that shifted into early Q2. The increase compared to the prior year quarter was primarily driven by a higher level of validation activity as well as higher revenue from service contracts due to the increase in the number of validated Growth Direct system.

第一季服務收入成長 11%，達到 190 萬美元，而去年第一季為 170 萬美元。第一季的服務收入成長受到一些轉移到第二季初的計劃驗證收入的影響。與去年同期相比，這一增長主要是由於驗證活動水平較高，以及由於經過驗證的 Growth Direct 系統數量增加而導致的服務合約收入增加。

First quarter recurring revenue, which consists of consumables and annual service contracts increased 15% to $3.7 million compared to $3.3 million in Q1 last year. Non-recurring revenue, which is comprised mainly of systems and validation revenue was $1.9 million in Q1 compared to $1.8 million in the prior year quarter.

第一季的經常性收入（包括消耗品和年度服務合約）成長了 15%，達到 370 萬美元，而去年第一季為 330 萬美元。第一季的非經常性收入（主要由系統和驗證收入組成）為 190 萬美元，而去年同期為 180 萬美元。

Turning to gross margins, product margins were negative $1.5 million in Q1 compared to negative $1.7 million in the first quarter last year. As we expected and as typical for our business, Q1 product margin stepped down from Q4 2023, mainly due to lower system placements and revenue, compared to Q1 last year the improvement was attributable to continued benefits from actions we've taken to lower product costs and increase manufacturing efficiency. These benefits were partially offset by some customer site readiness delays, which shifted $0.2 million in high-margin [limb] software revenue from Q1 into Q2 and unfavorable product mix due to the higher proportion of consumable revenue in Q1 this year. Service margins were slightly negative in the first quarter, largely due to non-recurring expenses. This compares to negative $0.1 million in the first quarter last year.

談到毛利率，第一季的產品利潤率為負 150 萬美元，而去年第一季的產品利潤率為負 170 萬美元。正如我們預期的那樣，正如我們業務的典型情況一樣，第一季的產品利潤率較2023 年第四季度有所下降，主要是由於系統佈局和收入下降，與去年第一季度相比，這一改善歸因於我們為降低產品成本而採取的行動帶來的持續效益並提高製造效率。這些收益被一些客戶現場準備延遲所部分抵消，這導致20 萬美元的高利潤[limb] 軟體收入從第一季度轉移到第二季度，以及由於今年第一季消耗品收入比例較高而導致的不利產品組合。第一季服務利潤率略有下降，主要是由於非經常性費用。相比之下，去年第一季為負 10 萬美元。

On a combined basis, our first quarter gross margin was negative $1.5 million or negative 27% compared to negative $1.8 million or negative 36% in Q1 last year. We continue to expect our Q1 gross margins to be the lowest of the year. We then expect meaningful improvement as we work our way through the remaining quarters as volumes and revenue increase. And we continue to make progress on our initiatives focused on product cost reduction and manufacturing efficiency as well as service productivity. Continuing down the P&L total operating expenses were $12.8 million in the first quarter compared to $13.1 million in the prior year quarter, a reduction of approximately 3% versus the prior year period. R&D expenses were $3.8 million in Q1, an increase of 22% versus the prior year period, largely due to activities associated with the upcoming launch of Rapid Sterility.

綜合來看，我們第一季的毛利率為負 150 萬美元，即負 27%，而去年第一季的毛利率為負 180 萬美元，即負 36%。我們仍然預計第一季的毛利率將是今年最低的。然後，隨著銷售和收入的增加，我們預計在剩下的幾個季度中將取得有意義的改進。我們在致力於降低產品成本、提高製造效率以及服務生產力的措施上不斷取得進展。第一季損益總營運費用持續下降，為 1,280 萬美元，去年同期為 1,310 萬美元，比去年同期減少了約 3%。第一季的研發費用為 380 萬美元，比去年同期成長 22%，這主要是由於與即將推出的 Rapid Sterility 相關的活動。

Sales and marketing expenses were $3.3 million and G&A expenses were $5.6 million in the first quarter, representing a combined 10% reduction versus the prior year quarter as we tightly control spending in the business.

第一季的銷售和行銷費用為 330 萬美元，一般管理費用為 560 萬美元，由於我們嚴格控制業務支出，與去年同期相比減少了 10%。

Net loss was $13.3 million in Q1. This compares to a net loss of $13.9 million in Q1 last year. Net loss per share was $0.31 in Q1 compared to net loss per share of $0.32 in the prior year quarter. With respect to non-cash expenses and capital expenditures, depreciation and amortization expenses were $0.8 million. Stock compensation expense was $1.1 million and capital expenditures were $0.6 million in the first quarter. We ended the first quarter with approximately $80 million of cash and investments on our balance sheet. I'll now turn to our Q2 and full year 2024 outlook.

第一季淨虧損為 1,330 萬美元。相比之下，去年第一季淨虧損 1,390 萬美元。第一季每股淨虧損為 0.31 美元，而去年同期每股淨虧損為 0.32 美元。在非現金費用和資本支出方面，折舊和攤提費用為 80 萬美元。第一季股票補償費用為 110 萬美元，資本支出為 60 萬美元。第一季結束時，我們的資產負債表上有大約 8000 萬美元的現金和投資。現在我將談談我們對第二季和 2024 年全年的展望。

We continue to expect total revenue of at least $27 million for the full year 2024, which assumes that we will place at least 20 systems. This implies year-over-year revenue growth of at least 20%. This guidance continues to reflect some uncertainty related to the timing and scale of customer purchase decisions. For the second quarter, we expect total revenue of at least $6 million, which assumes at least for system placements. We then expect revenue and placements to increase sequentially in Q3 and peak in Q4, consistent with our typical annual cadence and the guidance we provided in March.

我們仍然預計 2024 年全年的總收入至少​​為 2,700 萬美元，假設我們將部署至少 20 個系統。這意味著收入同比增長至少 20%。該指南繼續反映了與客戶購買決策的時間和規模相關的一些不確定性。我們預計第二季的總收入至少​​為 600 萬美元，至少是系統佈局的假設。然後，我們預計收入和投放量將在第三季度連續成長，並在第四季度達到峰值，這與我們典型的年度節奏和我們在 3 月提供的指導一致。

Looking at consumables, we expect revenue to decrease sequentially in Q2 compared to Q1, due primarily to the timing of customer orders and shipments. We then expect consumable revenue to increase sequentially in Q3 and then again in Q4 as more new systems, complete validation and enter routine use. With respect to service, we expect revenues to be between $2 million and $2.5 million each quarter over the balance of the year, with variability within this range, primarily driven by the timing of validation activities. We are reaffirming our guidance of at least 16 validations in 2024, including at least 4 in the second quarter.

就消耗品而言，我們預計第二季的營收將比第一季環比下降，這主要是由於客戶訂單和出貨的時間安排。然後，隨著更多新系統完成驗證並進入常規使用，我們預計消耗品收入將在第三季連續成長，然後在第四季再次成長。在服務方面，我們預計今年剩餘時間內每季的收入將在 200 萬美元至 250 萬美元之間，在此範圍內存在變化，主要由驗證活動的時間決定。我們重申 2024 年至少 16 次驗證的指導，其中至少 4 次在第二季進行。

Turning to gross margins, we expect meaningful sequential improvement in the second quarter compared to the first quarter, but we still expect Q2 margins to be negative. Thereafter we continue to expect positive gross margins in both Q3 and Q4 as well as for the full year.

談到毛利率，我們預計第二季與第一季相比將出現有意義的環比改善，但我們仍然預期第二季利潤率為負。此後，我們繼續預計第三季和第四季以及全年的毛利率將為正值。

We expect product margins to improve each quarter based on ongoing cost reduction and manufacturing efficiency initiatives as well as increasing volume but remain negative. We expect double digit positive service margins in each of the remaining three quarters of the year. Based on higher revenue and improved productivity.

我們預計，基於持續的成本削減和製造效率措施以及銷售量的增加，產品利潤率每季都會有所改善，但仍為負數。我們預計今年剩餘三個季度的服務利潤率將分別達到兩位數的正值。基於更高的收入和更高的生產力。

Looking forward, we remain confident in our ability to meaningfully improve our gross margins in 2024 and beyond as we continue to grow revenue, reduce product costs, drive higher manufacturing efficiency, control manufacturing overhead costs and increased service productivity.

展望未來，我們仍然對在 2024 年及以後顯著提高毛利率的能力充滿信心，因為我們將繼續增加收入、降低產品成本、提高製造效率、控制製造間接成本並提高服務生產力。

We continue to expect operating expenses to be in a range of $48 million to $52 million in 2024, with depreciation and amortization expense of approximately $3 million, stock compensation expense of approximately $5 million, CapEx of approximately $3 million and other income, which is comprised primarily of interest income of approximately $4 million.

我們仍預計2024 年營運費用將在4,800 萬美元至5,200 萬美元之間，其中折舊和攤提費用約為300 萬美元，股票補償費用約為500 萬美元，資本支出約為300 萬美元，其他收入包括主要是約400萬美元的利息收入。

Finally, we continue to expect cash burn of roughly $40 million for the full year 2024. Looking out further, our goal is to reduce cash burn meaningfully over each of the next several years as we drive towards profitability through a combination of revenue growth, margin improvement and management of our OpEx, CapEx and working capital. This supports our expectation that our existing cash and investments provide us with runway at least into the second half of 2026.

最後，我們仍然預計 2024 年全年的現金消耗約為 4,000 萬美元。展望未來，我們的目標是在未來幾年中大幅減少現金消耗，同時透過收入成長、利潤率改善以及營運支出、資本支出和營運資本的管理來推動獲利。這支持了我們的預期，即我們現有的現金和投資至少為我們提供了 2026 年下半年的跑道。

That concludes my comments. So this point we'll open the call up for questions. Operator?

我的評論到此結束。因此，現在我們將開始提問。操作員？

(Operator Instructions) Tejas Savant, Morgan Stanley.

（操作員指令）Tejas Savant，摩根士丹利。

Good morning. This is Yuko on the call for Teja for taking your questions. Some of your peers have been seeing worsening budget pressure leading to further along [ration] of sales cycles. Could you elaborate on whether you're seeing a similar dynamic and what's your take on the customer sentiment with respect to large CapEx purchases.

早安.我是 Yuko，請 Teja 回答您的問題。您的一些同行已經看到預算壓力不斷惡化，導致銷售週期進一步延長。您能否詳細說明您是否看到了類似的動態，以及您對客戶對大筆資本支出購買的情緒有何看法。

Hey, Yuko it's Rob. So the our view and experience, with customer budget is similar to previous quarter. What we are seeing is as a continued budget scrutiny with regard to CapEx purchases in ours, at least for the quality control labs is on the larger end, so you can pick up the second part of your question as well. So no meaningful, the different changes over the past few quarters but we have seen more scrutiny. There's more cycles with regard to approval. Processes are slower to a bit slower to get to an answer as well that being said, where we're executing through it.

嘿，優子，我是羅布。因此，我們對客戶預算的看法和經驗與上一季相似。我們看到的是，我們對資本支出採購進行了持續的預算審查，至少對於品質控制實驗室來說是在更大範圍內，所以您也可以回答問題的第二部分。因此，過去幾個季度的不同變化沒有任何意義，但我們看到了更多的審查。審批週期更多。如上所述，我們執行過程中得到答案的速度要慢一些。

And moreover, another important dynamic to understand with Rapid Micro Biosystems is the Growth Direct in many cases is considered a strategic project and program that impacts multiple sites around a customer's global manufacturing network. So although it doesn't insulate from these dynamics, we have seen notable cases where our projects for Growth Direct purchases have continued to be prioritized.

此外，需要了解 Rapid Micro Biosystems 的另一個重要動態是，Growth Direct 在許多情況下被視為影響客戶全球製造網路周圍多個站點的策略項目和計劃。因此，儘管它並不能免受這些動態的影響，但我們已經看到了一些值得注意的案例，其中我們的成長直接購買項目繼續被優先考慮。

Got it. Thank you for that color. And then separate follow-up question with Sterility launch expected in the mid-year timeframe. Could you elaborate on the remaining to do before commercial launch? And then also is this something that you're actively communicating to your customer or is it something you're holding until the customer event if you are actively communicating the upcoming launch already, could you give us a sense for the customer interest you're seeing?

知道了。謝謝你的那個顏色。然後是預計在年中推出無菌產品的單獨後續問題。能否詳細說明一下商業發布之前還需要做什麼？然後，這也是您正在積極與客戶溝通的東西，還是您在客戶活動之前一直持有的東西（如果您已經在積極地溝通即將推出的產品），您能否讓我們了解您對客戶的興趣？看見？

So in reverse order we have been, communicating the customers, we were communicated this at recent tradeshow of the PDA annual show earlier this year. And the interest is, as we expected quite strong, it reaffirms our belief in our voice of customer, our work that the market needs a Rapid Sterility automated system that has what I would call differentiated features from what's available on the market today, that's faster time to detection, much faster time to results, full automation and the full complement of value proposition that the Growth Direct provides, walkaway full automation data integrity.

因此，我們一直以相反的順序與客戶溝通，我們在今年早些時候的 PDA 年度展會上最近的貿易展上傳達了這一點。正如我們所預期的那樣，人們的興趣非常濃厚，它重申了我們對客戶聲音的信念，我們的工作，即市場需要一個快速無菌自動化系統，該系統具有我所說的與當今市場上可用的系統不同的功能，速度更快檢測時間、更快獲得結果、完全自動化以及 Growth Direct 提供的價值主張的完整補充、無人值守的全自動化資料完整性。

Those it's our view those features are not available in, I'll call it other technology-enabled solutions in the market today and certainly not in the legacy companion manual method, which is still the majority of the market. The first part of your question, the do is with regard to this really launch our final or the final elements of our development process to include the transfer to manufacturing. So think of this as the final stages of the R&D process and then the progressive handoff to the manufacturing organizations that will be charged with scaling up the product for commercial release and shipment to customers.

我們認為這些功能不可用，我將其稱為當今市場上的其他技術支援的解決方案，當然不是傳統的配套手動方法，後者仍然佔市場的大多數。你問題的第一部分，要做的是真正啟動我們開發過程的最終或最後要素，包括轉移到製造。因此，可以將其視為研發過程的最後階段，然後逐步移交給製造組織，製造組織將負責擴大產品規模以進行商業發布並運送給客戶。

Great. Thank you very much.

偉大的。非常感謝。

Thank you

謝謝

(Operator Instructions) Dan Arias, Stifel.

（操作員說明）Dan Arias，Stifel。

Morning, guys. Thanks for the questions. Rob, can you maybe just talk a little bit about the confidence that you have in the acceleration of the instrument placement trajectory?

早安，夥計們。感謝您的提問。Rob，您能否簡單談談您對儀器放置軌跡加速的信心？

I think by the end of the year, you're looking for something higher than where you are just based on that comment alone, but should we think one to two systems higher or by the time fork you rolls around can you be I actually have you had more than double what you did in 1Q. So just checking to make sure that you're on a path and that the sales funnel is suggestive of getting more than just a couple of boxes higher so that the full year kind of jives with where we are?

我認為到今年年底，您正在尋找比僅基於該評論更高的東西，但我們是否應該考慮一到兩個更高的系統，或者當您滾動時，您可以嗎？的兩倍多。因此，只需檢查一下以確保您走在正確的道路上，並且銷售漏斗是否暗示要提高不止幾個框，以便全年與我們所處的位置一致？

Yeah. So I'm competent standing behind our full year guidance of at least 20 system placements and competence is driven by a number of factors, the sales teams in the field executing globally, a fully staffed team. The funnel in particular, it looks like we want it to look on to backstop our guidance, the size and the composition, the geographic diversity of the customer, diversity of it.

是的。因此，我有能力支持我們至少 20 個系統佈局的全年指導，能力是由多種因素驅動的，在全球範圍內執行的銷售團隊是一個人員配備齊全的團隊。特別是漏斗，看起來我們希望它能支持我們的指導、規模和組成、客戶的地理多樣性和多樣性。

The customers continue to spend a lot of time with customers and this is where quite a bit of the confidence comes from as well is customers are increasingly planning continuing to plan deployments across our manufacturing networks. And increasingly, I'm seeing automation being viewed as a critical strategic priority across customers' networks. To include our automation.

客戶繼續花費大量時間與客戶在一起，這也是相當大的信心的來源，客戶越來越多地計劃繼續規劃在我們的製造網路中的部署。我越來越常看到自動化被視為整個客戶網路的關鍵策略優先事項。包括我們的自動化。

I mentioned as well, which is helpful for our guide. As we continue to get access to senior level executives a customers, we are becoming more of a strategic, a platform and be a larger spend from a practical standpoint and some of these large customers, quality manufacturing operations and accordingly, we get better access to senior level decision makers, and that's where I spend quite a bit of my time as well. So that provides insight and confidence as well. The last one would be Sterility I think we've mentioned we don't -- we're not -- sort of expecting an enormous impact in the year, but we're serving the right for upside. So a number of these elements are collude in to give us confidence in our guide notwithstanding that, the potential impact that of Yukos question of budget scrutiny.

我也提到過，這對我們的指南很有幫助。隨著我們不斷接觸高階主管和客戶，我們越來越成為一個策略、一個平台，從實際角度來看，我們的支出更大，其中一些大客戶、高品質的製造業務，因此，我們可以更能接觸高層決策者，這也是我花費大量時間的地方。這也提供了洞察力和信心。最後一個是不育，我想我們已經提到過，我們沒有——我們沒有——預計今年會產生巨大的影響，但我們正在為上行提供權利。因此，儘管尤科斯公司預算審查問題的潛在影響，但這些因素中的許多因素共同使我們對我們的指南充滿信心。

Yeah. Okay. And then maybe on the consumable side might be a question for Sean. But can you just talk a little bit about the consistency of where you are here going forward, embedded with that or within that is a question about the customer that had sold the site, I believe last quarter, which was the impactful. Can you talk about that this quarter and then whether you're gaining some visibility on what that reacceleration at that one customer might look like?

是的。好的。然後也許在消耗品方面可能是肖恩的一個問題。但是，您能否談談您未來的一致性，嵌入其中或其中包含有關出售網站的客戶的問題，我相信上個季度，這是有影響力的。您能否談談本季的情況，然後您是否對某個客戶的重新加速可能會是什麼樣子有了一些了解？

Yeah, sure. So I think this quarter, as we mentioned in the prepared remarks, we did have some things that we expected in Q2 happened in Q1. So the growth that Rob mentioned, 22% was to get into the highest growth in the business, kind of amongst the different product and service lines. And that does reflect a tough comp because of that customer site sale that you mentioned. So that didn't -- we did not have benefit from that in Q1. We clearly did have consumable sales into that site that kind of an ongoing high level in Q1 last year. So that 22% would have been higher if were not for that challenging comp as a result.

好，當然。因此，我認為本季度，正如我們在準備好的發言中提到的那樣，我們確實在第二季度預期的一些事情在第一季發生了。因此，Rob 提到的成長 22% 是為了進入業務中最高的成長，在不同的產品和服務線。由於您提到的客戶網站銷售，這確實反映出了一個艱難的競爭。所以我們在第一季沒有從中受益。顯然，去年第一季我們該網站的消費品銷售確實處於持續高水準。因此，如果沒有那個具有挑戰性的比賽，22% 的比例會更高。

So looking forward, guided down sequentially in Q2, largely based on the timing of the orders and the shipments of the consumables. So you've seen it the past couple of years. We do have a tendency to bounce around from quarter to quarter. I think more important to look at the annual trends and kind of where things are going and the pull through -- was above 80% in the quarter. We talked last quarter about it had that pull through for the year looking relatively flat this year in part because of that on that site sale last year part of the way through the year -- through the year, excuse me.

因此，展望未來，第二季的指引將依序下降，主要取決於訂單時間和消耗品的出貨情況。所以你在過去幾年已經看到了。我們確實有逐季反彈的趨勢。我認為更重要的是專注於年度趨勢以及事情的進展以及本季超過 80% 的情況。我們上個季度談到，今年的業績看起來相對平穩，部分原因是去年該網站的銷售量在全年中有所增長，請原諒。

So I think with them we are in touch with them. I do expect we will see some contribution from them more in the second half of the year. I don't think it's going to be a particularly close to the level that site bought at in 2023 or the first half of 2023, but it is a positive sign for us that it feels like things are going in a direction where there will be coming of zero and moving up into some revenue contribution from that site in the second half.

所以我認為我們與他們保持聯繫。我確實預計下半年我們會看到他們做出更多貢獻。我認為這不會特別接近該網站在 2023 年或 2023 年上半年購買的水平，但這對我們來說是一個積極的信號，感覺事情正在朝著一個方向發展，下半年該網站的收入貢獻為零，並上升為一些收入貢獻。

Okay. And just to finish that thought it feels like it's I know we're still in the first half of 2024. But if I think about 2025, are you okay feeling like we're not going to have to sort of explain away that situation come the beginning of the year and that actually against the comps of this year it can be a tailwind?

好的。最後，我覺得我知道我們仍處於 2024 年上半年。但如果我考慮一下 2025 年，你覺得我們不需要解釋年初出現的情況，而且實際上相對於今年的比較，這可能是一種順風，你覺得可以嗎？

Yeah, I don't see why that would I mean if anything, it should be a little bit of a tailwind next year on the comp. So yeah, I don't think it will be a negative discussion item in '25.

是的，我不明白為什麼我的意思是，如果有的話，明年的比賽應該會有點順風順水。所以，是的，我認為這不會成為 25 年的負面討論項目。

Okay, super. Thank you.

好吧，超級。謝謝。

Thanks Dan.

謝謝丹。

(Operator Instructions) Steven Mah, TD Cowen.

（操作員說明）Steven Mah，TD Cowen。

Great. Thanks for taking the questions. On Rapid Sterility on the June demo, can you give us a sense for the interest and types of organizations that are going to be attending?

偉大的。感謝您提出問題。關於 6 月演示的快速無菌，您能否讓我們了解將要參加的組織的興趣和類型？

Yeah. So we're still compiling all the customers, Steve, but we expect a representation from our current customer base, which is [leans] towards biologics and cell and gene therapies, but also customers from other segments such as sterile injectable manufacturing, where a bit less represented in our current placement. So the approach and strategy around Sterility is certainly penetration within our current customers, which is significant. As you know, we have majority of the global top 20, I would say, attracting new global top 20 companies that we don't have to include new segments as well. So we do expect a broad array and a diverse group of customers for those events.

是的。因此，史蒂夫，我們仍在收集所有客戶，但我們希望能夠代表我們當前的客戶群，這些客戶群[傾向於]生物製劑、細胞和基因療法，但也包括來自其他領域的客戶，例如無菌注射劑製造，其中在我們目前的展示位置中，代表性較少。因此，圍繞無菌的方法和策略肯定會滲透到我們目前的客戶中，這一點意義重大。如你所知，我想說的是，我們擁有全球前 20 強中的大多數公司，吸引了新的全球前 20 強公司，而我們不必也將新的細分市場納入其中。因此，我們確實希望這些活動能夠吸引廣泛且多元化的客戶群。

Yes. Okay, great. Thanks. And then maybe sticking on Rapid Sterility, I think you mentioned before in a prior call that there would be a technical presentation at a conference, was at the trade show that you mentioned.

是的。好的，太好了。謝謝。然後也許會堅持快速無菌，我想您之前在之前的電話會議中提到過，在您提到的貿易展覽會上將有一個技術演示。

It was. We had --

它是。我們有--

Okay. (multiple speakers) was that data published somewhere or white paper?

好的。 （多個發言者）該資料是在某處發布的還是白皮書？

No, we have some internal documentation that's been publicly furnished at the show but we don't have a formalized, I would call white paper that we would ultimately plan to do either with our internal groups or with a customer what we do have is our internal test data and our top level product claims at this point available.

不，我們有一些在展會上公開提供的內部文件，但我們沒有正式的，我稱之為白皮書，我們最終計劃與我們的內部團隊或客戶一起做，我們所擁有的是我們的目前已提供內部測試數據和我們的頂級產品聲明。

Okay, great. And then last one for me or sticking on Rapid Sterility on the dedicated Rapid Sterility sales force, is that sales force now fully staffed to ramped up and ready for the launch?

好的，太好了。最後一個對我來說還是堅持快速無菌專門銷售團隊的快速無菌，該銷售團隊現在是否配備齊全，可以加強並準備好發布？

Yeah. So we touched on this last call, our core commercial approach is to leverage our existing sales force, who's been trained and continues to be increasingly trained on the platform we will likely have a sterility specialist or specialist that can help with specific elements of the application discussion with customers we don't vision and standing up a dedicated stand-alone sterility sales force per se.

是的。因此，我們談到了最後一個電話，我們的核心商業方法是利用我們現有的銷售人員，他們已經接受過培訓，並將繼續在平台上接受越來越多的培訓，我們可能會擁有一名無菌專家或專家，可以幫助解決應用的特定要素與我們沒有預見的客戶進行討論，並建立一支專門的獨立無菌銷售團隊。

Okay, great. Thanks for the clarification.

好的，太好了。感謝您的澄清。

Great. Well thanks to the question, Steve, and everyone. So thank you all for on for joining today. Have a great weekend.

偉大的。謝謝史蒂夫和大家的提問。感謝大家今天的加入。週末愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。