Rapid Micro Biosystems Inc (RPID) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Dee, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rapid Micro Biosystems' second-quarter 2024 earnings conference call. (Operator Instructions)

謝謝你的支持。我叫 Dee，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Rapid Micro Biosystems 的 2024 年第二季財報電話會議。（操作員說明）

Thank you. I would now like to turn the call over to Michael Beaulieu with Investor Relations. Please go ahead.

謝謝。我現在想將電話轉給投資者關係部的 Michael Beaulieu。請繼續。

Good morning, and thank you for joining the Rapid Micro Biosystems' second-quarter 2024 earnings call. Joining me on the call are Rob Spignesi, President and Chief Executive Officer; and Sean Wirtjes, Chief Financial Officer. Earlier today, we issued a press release announcing our second-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.

早安，感謝您參加 Rapid Micro Biosystems 的 2024 年第二季財報電話會議。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。今天早些時候，我們發布了一份新聞稿，公佈了 2024 年第二季的財務表現。新聞稿的副本可在該公司網站 RapidMicroBio.com 的投資者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.

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。

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; assumptions regarding future financial performance; anticipated future cash usage and cash runway guidance for 2024, including revenue, expenses, gross margins, system placements, and validation activities; the anticipated impact of our operational efficiency program; our efforts to reduce our use of cash for operating activities with the goal of enabling the company to achieve positive cash flow without additional financing; 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 Rapid Sterility; and the potential impact of macroeconomic uncertainty on Rapid Micro's business.

本次電話會議中包含的任何與未來事件、結果或業績的預期或預測相關的聲明均為前瞻性聲明，包括但不限於與 Rapid Micro 的財務狀況相關的聲明；關於未來財務表現的假設； 2024 年預計未來現金使用情況和現金跑道指南，包括收入、費用、毛利率、系統佈局和驗證活動；我們的營運效率計劃的預期影響；我們努力減少經營活動中現金的使用，目標是使公司無需額外融資即可實現正現金流；對公司業務發展和成長的期望和計劃的活動；顧客興趣和成長直接系統的採用；關於快速無菌的聲明；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 the risks and uncertainties associated with Rapid Micro's business, please refer to the Risk Factors section of our most recent quarterly report on Form 10-Q 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 Rapid Micro 業務相關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季度報告 10-Q 表格中的風險因素部分，該報告會在我們的後續報告中不時更新。向SEC 提交的文件。

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, August 2, 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 8 月 2 日）直播時準確。除法律要求外，Rapid Micro 不承擔任何更新或修改任何財務預測或前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

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

然後，我會將電話轉給 Rob。

Thank you, Mike. Good morning, everyone. And thank you for joining us. As Mike mentioned, we issued a press release announcing our second-quarter financial results this morning. These results exceeded our guidance and included a statement that reaffirmed our full-year 2024 revenue outlook. As part of today's earnings release, we also announced an operational efficiency program.

謝謝你，麥克。大家早安。感謝您加入我們。正如麥克所提到的，我們今天早上發布了一份新聞稿，宣布了第二季的財務表現。這些結果超出了我們的指導，並包括重申我們 2024 年全年收入前景的聲明。作為今天財報發布的一部分，我們也宣布了一項營運效率計畫。

I will begin my discussion this morning with a review of our second-quarter performance and highlights, followed by an update on the progress we are making against our 2024 priorities. I will then discuss the operational efficiency program announced this morning and the key drivers we believe will meaningfully increase long-term shareholder value. I will then turn the call over to Sean, who will provide a more detailed review of our Q2 financial results, as well as our financial outlook.

今天早上我將首先回顧我們第二季度的業績和亮點，然後介紹我們在 2024 年優先事項方面取得的最新進展。然後，我將討論今天早上宣布的營運效率計劃以及我們認為將有意義地增加長期股東價值的關鍵驅動因素。然後我會將電話轉給肖恩，他將對我們第二季度的財務業績以及我們的財務前景進行更詳細的審查。

Starting with our second-quarter performance, total revenue increased to $6.6 million, representing growth of 32% compared to the second quarter of 2023. Total revenue exceeded the guidance we provided in May and was a record quarter for the company.

從第二季業績開始，總營收增至 660 萬美元，較 2023 年第二季成長 32%。總收入超出了我們 5 月份提供的指導，是公司創紀錄的季度收入。

We placed five Growth Direct systems in the second quarter, with placements in North America, Europe, and Asia Pacific. In June, we held our first Growth Direct Rapid Sterility Day, hosting potential customers at our Lexington Innovation Center and demonstration lab. Additionally, we are excited to announce that we placed our first Growth Direct Rapid Sterility system with one of our existing customers during the second quarter.

我們在第二季放置了五個 Growth Direct 系統，分佈在北美、歐洲和亞太地區。六月，我們舉辦了第一屆直接生長快速無菌日，在我們的列剋星敦創新中心和演示實驗室接待了潛在客戶。此外，我們很高興地宣布，我們在第二季度向我們的一個現有客戶放置了我們的第一個生長直接快速無菌系統。

With respect to gross margins, we continue to increase manufacturing efficiencies and reduce product costs. These initiatives resulted in near breakeven margins in the second quarter, which represented a significant sequential improvement from Q1. We remain on track for further margin improvement in Q3 and Q4.

在毛利率方面，我們持續提高製造效率並降低產品成本。這些舉措使第二季的利潤率接近盈虧平衡，與第一季相比有了顯著的連續改善。我們仍有望在第三季和第四季進一步提高利潤率。

Now I would like to discuss the progress we have made against our 2024 chief priorities, starting with the accelerating system placements. During the second quarter, our customer engagement efforts resulted in several significant advancements. We continue to move forward with multiple customers who are planning further deployment of the Growth Direct platform across our global manufacturing networks.

現在我想討論我們在 2024 年主要優先事項方面取得的進展，首先是加速系統佈局。在第二季度，我們的客戶參與工作取得了幾項重大進展。我們繼續與計劃在我們的全球製造網路中進一步部署 Growth Direct 平台的多個客戶一起前進。

These are existing customers who have already realized the value proposition of our technology at multiple sites and are now planning to further standardize their workflows and processes across their global organizations. Also, one of our largest customers who has deployed Growth Direct systems globally has selected our platform as a core technology for their Lab of the Future strategy and is planning significant further system deployments over future quarters.

這些現有客戶已經在多個地點實現了我們技術的價值主張，現在正計劃在其全球組織中進一步標準化他們的工作流程和流程。此外，我們在全球部署 Growth Direct 系統的最大客戶之一已選擇我們的平台作為其未來實驗室策略的核心技術，並計劃在未來幾季進行進一步的重大系統部署。

This customer strategy incorporates the most advanced technology and automation into state-of-the-art biomanufacturing facilities and better positions it for the increasing demands and complexity of drug development. These are expanding developments that are expected to drive system orders and continue to strengthen the Growth Direct's position as the clear standard in pharmaceutical quality control globally.

該客戶策略將最先進的技術和自動化融入最先進的生物製造設施中，並更好地滿足藥物開發日益增長的需求和複雜性。這些不斷擴大的發展預計將推動系統訂單，並繼續加強 Growth Direct 作為全球藥品品質控制明確標準的地位。

Also, I would like to recognize a notable milestone. In July, we placed our 150th Growth Direct system with one of our existing customers. This system also represented our ninth placement for the year, putting us in a strong position to achieve our full-year guidance of at least 20 system placements.

另外，我想承認一個值得注意的里程碑。7 月，我們向一位現有客戶部署了第 150 個 Growth Direct 系統。該系統也代表了我們今年的第九次安置，使我們處於有利地位，能夠實現至少 20 次系統安置的全年指導。

Looking forward to the balance of 2024, we once again have two of our largest and best-attended customer events upcoming. In October, we will be exhibiting at the PDA Pharmaceutical Microbiology Conference in Washington, DC. And in November, we will be holding our annual Growth Direct Day in partnership with one of our major customers.

展望 2024 年，我們將再次舉辦兩場規模最大、參與人數最多的客戶活動。10 月，我們將參加在華盛頓特區舉行的 PDA 製藥微生物學會議。 11 月，我們將與我們的主要客戶之一合作舉辦年度直接增長日。

Similar to last year's Growth Direct Day, which was hosted by Johnson & Johnson, we are excited to announce that this year's two-day event will be hosted by Lonza, one of the world's largest CDMOs near their Maastricht site in the Netherlands.

與去年由強生主辦的直接增長日類似，我們很高興地宣布，今年為期兩天的活動將由 Lonza 主辦，Lonza 是世界上最大的 CDMO 之一，位於荷蘭馬斯特里赫特工廠附近。

Current and prospective customers will discuss the operational and data integrity benefits of the Growth Direct system, as well as share best practices for global deployment. Participants will also hear a variety of customer success stories, including patient impact stories from their peer companies in attendance.

現有和潛在客戶將討論 Growth Direct 系統的營運和資料完整性優勢，並分享全球部署的最佳實務。參與者還將聽到各種客戶成功故事，包括出席的同行公司對患者的影響故事。

Additionally, our new Rapid Sterility application will be a highlight of the event, and we expect strong customer interest. Participants will also tour the local Lonza site that includes a fully validated Growth Direct system in a GMP environment. With approximately 100 attendees expected, we look forward to this exciting event.

此外，我們新的快速無菌應用將成為本次活動的一大亮點，我們預期顧客會有濃厚的興趣。參與者還將參觀當地的 Lonza 工廠，其中包括在 GMP 環境中經過充分驗證的 Growth Direct 系統。預計約有 100 名與會者，我們期待這項令人興奮的活動。

Turning to gross margins, we continue to make significant progress and deliver near breakeven gross margins in the second quarter. We continue to drive leverage in our business through the combination of high revenue growth and focused cost reduction.

談到毛利率，我們繼續取得重大進展，並在第二季度實現接近盈虧平衡的毛利率。我們透過高收入成長和集中成本降低相結合，繼續提高業務槓桿率。

To highlight this dynamic, our second-quarter cost of revenue decreased 1%, while our revenue increased 32% as compared to the second quarter of 2023. We expect to sustain these trends and remain confident in our ability to achieve positive gross margins in the second half of 2024.

為了凸顯這一動態，我們第二季的營收成本下降了 1%，而我們的營收與 2023 年第二季相比成長了 32%。我們預計將維持這些趨勢，並對 2024 年下半年實現正毛利率的能力保持信心。

Next, we are excited to announce the commercial availability of Growth Direct Rapid Sterility. In fact, during the second quarter, we placed our first Rapid Sterility system with one of our existing top 10 global pharma customers. During the quarter, we hosted two sterility-focused online webinars and an in-person Rapid Sterility Day.

接下來，我們很高興地宣布 Growth Direct Rapid Sterility 已上市。事實上，在第二季度，我們向現有的全球十大製藥客戶之一放置了我們的第一個快速無菌系統。在本季度，我們舉辦了兩次以無菌為重點的線上網路研討會和現場快速無菌日。

This event included a hands-on demonstration of the new application, as well as expert-led discussions on topics that included rapid product release, automating workflows, and a regulatory environment. We continue to plan customer events and scale our manufacturing capability in the second half of 2024.

該活動包括新應用程式的實際演示，以及專家主導的主題討論，包括快速產品發布、自動化工作流程和監管環境。我們將在 2024 年下半年繼續規劃客戶活動並擴大我們的製造能力。

So in summary, our performance through the first half of 2024 has been strong, and we are encouraged by our outlook. We are on track for a positive inflection in gross margins in the second half of 2024, and customer interest and Rapid Sterility is high.

總而言之，我們 2024 年上半年的業績表現強勁，我們的前景令人鼓舞。我們預計 2024 年下半年毛利率將出現正面變化，客戶興趣和快速無菌技術也很高。

Building on our strong business momentum, we recently completed an enterprise-wide review of opportunities to realize operational efficiencies. Based on the results of this review, we are implementing actions that are expected to enable the company to achieve positive cashflow by the end of 2027 without additional financing.

憑藉我們強勁的業務勢頭，我們最近完成了對實現營運效率機會的全企業範圍審查。根據此次審查的結果，我們正在採取行動，預計將使公司在 2027 年底前實現正現金流，而無需額外融資。

This operational efficiency program is consistent with our priority to prudently manage our cash and improve the company's financial strength. This program is in addition to our ongoing and focused efforts to reduce product costs, drive higher manufacturing efficiencies, and increase service productivity.

這項營運效率計畫與我們審慎管理現金和提高公司財務實力的首要任務是一致的。該計劃是我們持續專注於降低產品成本、提高製造效率和提高服務生產力的努力的補充。

Sean will provide some additional details, but before turning over the call, I would like to highlight why we continue to believe Rapid Micro is well positioned to deliver significant shareholder value. These key drivers and catalysts include our leading, highly differentiated Growth Direct technology as undergoing global adoption by the world's largest and most sophisticated biopharmaceutical companies, oftentimes implemented in their mission-critical, high-value biologics and cell and gene therapy products.

Sean 將提供一些額外的細節，但在轉交電話之前，我想強調為什麼我們仍然相信 Rapid Micro 處於有利地位，可以提供顯著的股東價值。這些關鍵驅動因素和催化劑包括我們領先的、高度差異化的Growth Direct 技術，該技術正在被世界上最大、最先進的生物製藥公司在全球範圍內採用，通常應用於其關鍵任務、高價值生物製劑以及細胞和基因治療產品中。

A clear value proposition that becomes embedded in workflows, which enables customers to operate more efficiently and securely and allows them to move their microbial quality control operations into the 21st century with a fully automated data secure platform.

嵌入工作流程中的明確價值主張，使客戶能夠更有效率、更安全地操作，並允許他們透過全自動資料安全平台將微生物品質控製作業轉移到 21 世紀。

Broad commercial penetration, including a global growing base of 150 systems across North America, Europe, and Asia, which represents clear progress against our goal of becoming the industry standard in pharmaceutical quality control.

廣泛的商業滲透，包括在北美、歐洲和亞洲擁有 150 個系統的全球不斷增長的基礎，這代表我們在成為藥品品質控制行業標準的目標方面取得了明顯進展。

A powerful business model, which includes not only strong revenue growth but a significant and growing base of durable recurring revenue with rapidly improving gross margins. And finally, our operational efficiency program announced today further increases the company's financial strength by providing a clear path to achieving positive cash flow.

強大的商業模式，不僅包括強勁的收入成長，還包括重要且不斷增長的持久經常性收入基礎，毛利率迅速提高。最後，我們今天宣布的營運效率計畫透過提供實現正現金流的明確途徑，進一步增強了公司的財務實力。

Based on these drivers, our consistent performance over the last two years, and expected outlook, we strongly believe we are positioned to create substantial shareholder value. We will reinforce these messages about our business momentum, outlook, and strong customer value proposition to increase investor outreach, including upcoming meetings and conferences.

基於這些驅動因素、我們過去兩年的一貫業績以及預期前景，我們堅信我們有能力創造可觀的股東價值。我們將強化這些有關我們的業務動能、前景和強大的客戶價值主張的訊息，以擴大投資者的影響力，包括即將舉行的會議和會議。

And with that, I will now turn the call over to Sean to discuss our second-quarter performance and 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二季的業績和前景。肖恩？

Thanks, Rob. And good morning, everyone. I'll start my comments today with a review of our second-quarter results. I'll then review our third-quarter and full-year 2024 outlook, followed by additional color on the operational efficiency program we announced this morning.

謝謝，羅布。大家早安。我今天將首先回顧我們的第二季業績。然後，我將回顧我們的第三季和 2024 年全年展望，然後對我們今天早上宣布的營運效率計劃進行更多說明。

Q2 revenue increased 32% to $6.6 million, compared to $5 million in Q2 2023. During the second quarter, we placed five Growth Direct systems, including our first Rapid Sterility system, compared to two in the second quarter last year. We also completed five validations in the quarter, compared to three in the second quarter last year.

第二季營收成長 32%，達到 660 萬美元，而 2023 年第二季營收為 500 萬美元。在第二季度，我們部署了五個 Growth Direct 系統，包括我們的第一個快速無菌系統，而去年第二季度只有兩個系統。我們也在本季完成了五項驗證，而去年第二季為三項。

Product revenue, which is comprised of systems and consumables, increased 43%. to $4.5 million in the quarter compared to $3.2 million in Q2 last year. The growth in product revenue was primarily driven by the higher number of Growth Direct systems placed in the quarter. The Q2 consumables revenue growth rate was in the single digits compared to what was at the time record revenue in Q2 last year.

由系統和消耗品組成的產品收入成長了 43%。本季的銷售額從去年第二季的 320 萬美元增至 450 萬美元。產品收入的成長主要是由於本季放置的成長直接系統數量增加所致。與去年第二季創紀錄的收入相比，第二季消耗品收入成長率僅為個位數。

Service revenue increased approximately 14% to $2.1 million in the second quarter compared to $1.8 million in Q2 last year. This growth is driven by higher validation and service contract revenue. Second-quarter recurring revenue, which consists of consumables and service contracts, increased 7% to $3.8 million compared to $3.6 million in Q2 last year.

第二季服務收入成長約 14%，達到 210 萬美元，去年第二季為 180 萬美元。這一增長是由更高的驗證和服務合約收入推動的。第二季的經常性收入（包括消耗品和服務合約）成長了 7%，達到 380 萬美元，而去年第二季為 360 萬美元。

Non-recurring revenue, which is comprised mainly of systems and validation revenue, increased 97% to $2.8 million compared to $1.4 million in the prior-year quarter. Turning to gross margins, product margins were negative $0.4 million, or negative 8% in Q2, compared to negative $1.5 million, or negative 48% in the second quarter last year.

非經常性收入主要由系統和驗證收入組成，與去年同期的 140 萬美元相比，成長了 97%，達到 280 萬美元。毛利率方面，第二季產品利潤率為負 40 萬美元，即負 8%，而去年第二季產品利潤率為負 150 萬美元，即負 48%。

This 40-percentage-point improvement demonstrates the meaningful progress we are making on our initiatives to reduce product costs and increase manufacturing efficiency. The higher volume of Growth Direct systems placed also positively impacted growth margins in the quarter.

這項 40% 的改進顯示我們在降低產品成本和提高製造效率的措施方面取得了有意義的進展。成長直接系統投放量的增加也對本季的成長利潤產生了正面影響。

Service margins were positive $0.2 million or positive 9% in the second quarter compared to negative $0.4 million or negative 20% in the second quarter last year, with a 29-percentage-point increase driven by higher revenue and productivity.

第二季服務利潤為正 20 萬美元，即正成長 9%，而去年第二季服務利潤為負 40 萬美元，即負 20%，在營收和生產力提高的推動下成長了 29 個百分點。

On a combined basis, our second-quarter gross margin was negative $0.2 million or negative 3% compared to negative $1.9 million or negative 38% in Q2 last year. This represents a 35-percentage-point improvement.

綜合來看，我們第二季的毛利率為負 20 萬美元，即負 3%，而去年第二季的毛利率為負 190 萬美元，即負 38%。這代表著 35 個百分點的改進。

Continuing down the P&L, total operating expenses were $13.2 million in Q2, which was flat compared to the prior quarter. Within OpEx, R&D expenses and sales and marketing expenses were $3.7 million and $3.6 million, respectively, representing a combined increase of approximately 15%.

從損益表來看，第二季的總營運費用為 1,320 萬美元，與上一季持平。在營運支出中，研發費用以及銷售和行銷費用分別為 370 萬美元和 360 萬美元，合計成長約 15%。

This increase was mainly associated with the commercialization of our new Rapid Sterility application as well as other new product development activities in our new R&D Innovation Center and demo lab in Lexington, Massachusetts.

這一增長主要與我們新的快速無菌應用的商業化以及我們位於馬薩諸塞州列剋星敦的新研發創新中心和演示實驗室的其他新產品開發活動有關。

At the same time, G&A expenses were down approximately 14% to $5.8 million in Q2 as a result of focused ongoing efforts to reduce spending in this area. These savings allowed us to hold total OpEx spending flat in the quarter. Net loss was $12.6 million in Q2. This compares to a net loss of $14 million in Q2 last year. Net loss per share was $0.29 in Q2 compared to net loss per share of $0.33 in the prior-year quarter.

同時，由於持續努力減少該領域的支出，第二季的一般管理費用下降了約 14% 至 580 萬美元。這些節省使我們能夠在本季保持營運支出總額持平。第二季淨虧損為 1,260 萬美元。相比之下，去年第二季淨虧損 1,400 萬美元。第二季每股淨虧損為 0.29 美元，去年同期每股淨虧損為 0.33 美元。

With respect to non-cash expenses and capital expenditures, depreciation and amortization expenses were $0.8 million in the quarter, stock compensation expense was $1.2 million in the quarter, and capital expenditures were $0.5 million in the second quarter. We ended the second quarter with approximately $70 million of cash and investments.

在非現金費用和資本支出方面，本季折舊和攤提費用為 80 萬美元，本季股票補償費用為 120 萬美元，第二季資本支出為 50 萬美元。第二季結束時，我們擁有約 7,000 萬美元的現金和投資。

Now I'll turn to our Q3 and full-year 2024 outlook. We continue to expect total revenue of at least $27 million for the full-year 2024, which assumes 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.

現在我將談談我們對第三季和 2024 年全年的展望。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。

For the third quarter, we expect total revenue of at least $6 million, which assumes at least four system placements and reflects typical summer seasonality. We continue to expect revenue and placements to peak in Q4, consistent with our typical annual cadence and the guidance we originally provided in March.

對於第三季度，我們預計總收入至少​​為 600 萬美元，假設至少有四個系統佈局並反映了典型的夏季季節性。我們仍然預計收入和安置將在第四季度達到峰值，這與我們典型的年度節奏和我們最初在 3 月提供的指導一致。

Looking at consumables, we expect Q3 revenue to be relatively consistent with Q2, subject to some normal variability from the timing of customer orders and shipments within the quarter. We then expect consumables revenue to increase sequentially in Q4.

就消耗品而言，我們預計第三季的營收將與第二季相對一致，但會受到本季客戶訂單和出貨時間的一些正常變化的影響。我們預計第四季消耗品收入將季增。

With respect to service, we continue to expect revenue to be between $2 million and $2.5 million in both Q3 and Q4, with variability primarily driven by the timing of validation activities. We are reaffirming our guidance of at least 16 validations in 2024, including at least three in the third quarter.

在服務方面，我們仍然預計第三季和第四季的營收將在 200 萬美元至 250 萬美元之間，其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，其中至少在第三季進行 3 次驗證。

Turning to gross margins, we continue to expect gross margins to be positive in both Q3 and Q4, as well as for the full year. We expect product margins to improve sequentially in Q3, driven by ongoing cost reduction and manufacturing efficiency initiatives, as well as increasing volumes. We expect higher service margins in Q3, based on higher revenue and increased productivity compared to Q2.

談到毛利率，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。我們預計，在持續的成本削減和製造效率措施以及銷售增加的推動下，第三季產品利潤率將持續改善。與第二季相比，由於收入增加和生產力提高，我們預計第三季的服務利潤率將更高。

We continue to expect operating expenses to be in a range of $48 million to $52 million in 2024, with savings from the operational efficiency program largely offset by related severance and other one-time costs over the remainder of 2024.

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，營運效率計畫帶來的節省大部分被 2024 年剩餘時間內的相關遣散費和其他一次性成本所抵銷。

For the full year, we expect depreciation and amortization expense of approximately $3 million, stock compensation expense of approximately $5 million, CapEx of approximately $2 million, and other income, which is comprised primarily of interest income, of approximately $3 million.

我們預計全年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 200 萬美元，其他收入（主要由利息收入組成）約為 300 萬美元。

To wrap up, I'll review the operational efficiency program we announced today as well as our revised expectations relating to our longer-term outlook and cash runway. The program involves focused reductions in our current workforce and planned hiring as well as reductions in other non-headcount-related expenses across the business.

最後，我將回顧我們今天宣布的營運效率計劃，以及我們對長期前景和現金跑道的修訂預期。該計劃涉及集中削減我們現有的勞動力和計劃的招聘，以及減少整個企業的其他非人員相關費用。

We expect these actions to result in an approximate $7 million reduction in our annual expenses and cash burn. These savings are in addition to those being generated by our existing programs to reduce product costs, drive higher manufacturing efficiency, control manufacturing overhead costs, and increase service productivity.

我們預計這些行動將使我們的年度開支和現金消耗減少約 700 萬美元。這些節省不包括我們現有的降低產品成本、提高製造效率、控制製造間接成本和提高服務生產力的計畫所產生的成本。

Through the combination of these actions, along with our assumptions for revenue growth, we expect to achieve positive cash flow by the end of 2027 without additional financing. A few assumptions regarding our financial performance over the next several years underpin this expectation.

透過這些行動的結合，再加上我們對營收成長的假設，我們預計到 2027 年底將實現正現金流，而無需額外融資。關於我們未來幾年財務表現的一些假設支撐了這個預期。

First, average annual revenue growth rates between the mid-20s and 30%; second, continued meaningful annual improvement in our gross margins, reaching mid-double digits by the end of 2027; third, after a notable step down in 2025 as a result of our operational efficiency program, relatively flat operating expenses over the following few years; and fourth, maintenance levels of CapEx and relatively minor cash impacts from changes in working capital each year.

首先，平均年收入成長率在20%到30%之間；其次，我們的毛利率年度持續顯著改善，到 2027 年底達到中兩位數；第三，由於我們的營運效率計劃，在 2025 年顯著下降之後，接下來幾年的營運費用相對持平；第四，資本支出的維持水準以及每年營運資本變動帶來的相對較小的現金影響。

All of the above assumptions are based on our current 2024 guidance as a starting point, including our expectation that we will burn roughly $40 million in cash for the full-year 2024. It's also important to point out that we expect our P&L to include approximately $8 million in non-cash depreciation and amortization and stock compensation expenses, which have no impact on cash as well as a positive contribution from cash interest income each year.

上述所有假設均以我們目前 2024 年的指引為起點，包括我們預計 2024 年全年將消耗約 4,000 萬美元的現金。還需要指出的是，我們預計損益表將包括約 800 萬美元的非現金折舊和攤銷以及股票補償費用，這些費用對現金沒有影響，並且每年都會有現金利息收入的積極貢獻。

We are planning to host an investor event in November, during which we intend to provide additional color supporting the assumptions I've just outlined. In summary, we believe the operational efficiency program we announced today is an important step in reducing cash burn meaningfully over each of the next several years.

我們計劃在 11 月舉辦投資者活動，在此期間我們打算提供額外的資訊來支持我剛才概述的假設。總之，我們相信我們今天宣布的營運效率計劃是在未來幾年有意義地減少現金消耗的重要一步。

Together with our expectation of continued strong revenue growth and significant gross margin improvement, as well as active management of OpEx, CapEx, and working capital, this gives us confidence in achieving our goal of positive cash flow by the end of 2027 without additional financing.

再加上我們對營收持續強勁成長和毛利率顯著改善的預期，以及對營運支出、資本支出和營運資本的積極管理，這讓我們有信心在2027 年底前實現正現金流的目標，而無需額外融資。

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

我的評論到此結束。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 Tejas. Thank you for taking our questions. With the announcement of new targets along with the operational efficiency program, could you comment on working capital initiatives to improve cash uses?

早安.我是 Yuko，正在為光輝號通話。感謝您接受我們的提問。隨著新目標和營運效率計畫的宣布，您能否對改善現金使用的營運資本措施發表評論？

You previously called out inventory as one of the key levers. How did that trend this quarter? And how are you balancing inventory reduction and stocking to get customers comfortable that there will be consumables readily available?

您之前曾指出庫存是關鍵槓桿之一。本季這趨勢如何？您如何平衡庫存減少和庫存，以使客戶放心，有現成的消耗品？

Hey, Yuko. It's Sean. So I think we are very focused on inventory as we look forward in terms of managing working capital. I'd say that for the first half of the year, we're actually up a little bit. It involves a couple of different things that I'd say are kind of rebalancing, which will set us up well, we believe, for the second half of the year to be a period where we see meaningful reduction in inventory.

嘿，優子。是肖恩。因此，我認為我們非常關注庫存，因為我們期待管理營運資金。我想說，今年上半年，我們實際上有所上升。它涉及到一些不同的事情，我認為這是一種再平衡，我們相信，這將為我們做好準備，讓我們在今年下半年看到庫存大幅減少。

We have always maintained safety stock levels to make sure that we have inventory across the product offerings that we have to ensure that we have no disruptions. I think if you look back to the COVID period, a lot of people did have supply chain and inventory management issues. We did not, and we would attribute that to the practices we have around making sure we maintain those safety stock levels and expect to continue to do that going forward.

我們始終保持安全庫存水平，以確保我們擁有所有產品的庫存，以確保我們不會中斷。我認為，如果你回顧一下新冠疫情時期，很多人確實遇到了供應鏈和庫存管理問題。我們沒有，我們將其歸因於我們確保維持這些安全庫存水準的做法，並預計未來將繼續這樣做。

Yes, Yuko, it's Rob. We also have what we call customer business reviews with customers. And part of that review is our inventory performance. And we continually receive extremely strong feedback about the quality and timeliness of our supply chain globally from our customers.

是的，優子，我是羅布。我們也與客戶進行所謂的客戶業務審查。審查的一部分是我們的庫存績效。我們不斷收到客戶對我們全球供應鏈的品質和及時性的強烈回饋。

Great. Thank you for that color. And then also, could you elaborate more on the customer who placed the Sterility system and underlying factors that drove them to place that system?

偉大的。謝謝你的那個顏色。另外，您能否詳細介紹一下放置無菌系統的客戶以及促使他們放置該系統的潛在因素？

Given Sterility is a low-volume application, although it comes with higher pricing, is the benefit of automated system potentially less attractive in that study versus environmental? Could you elaborate on any key differences in the workflow that may make the incentive to adopt Growth Direct perhaps a slightly different value prop in the Sterility settings versus other applications?

鑑於無菌是一種小批量應用，儘管其價格較高，但與環境相比，自動化系統的優勢在該研究中是否可能不那麼有吸引力？您能否詳細說明工作流程中的任何關鍵差異，這些差異可能會促使採用 Growth Direct 在無菌設定中與其他應用程式的價值支柱略有不同？

Sure, sure. I think that's a good question, Yuko. So yes, as you touched on, the EM is a higher-volume type of test where automation plays a role in automating a high-volume kind of repetitive task. Although the value proposition of Growth Direct, I'll remind folks listening, is clearly full automation but also strong data integrity, data management, data security -- and automation, even in a lower volume environment, is very important for reduction in errors.

當然，當然。我認為這是一個很好的問題，尤科。所以，是的，正如您所提到的，EM 是一種大批量的測試類型，其中自動化在自動化大批量重複性任務中發揮作用。我要提醒各位聽眾，儘管Growth Direct 的價值主張顯然是完全自動化，但也具有強大的資料完整性、資料管理、資料安全性，而且即使在容量較小的環境中，自動化對於減少錯誤也非常重要。

So while automation plays a different role, I would say, in a high-volume setting versus a low-volume setting, the data integrity, the lower amount of hands-on time, and just the improved quality is incredibly important, again, in low volume or high volume.

因此，雖然自動化扮演著不同的角色，但我想說，在高容量設定與低容量設定中，資料完整性、更少的動手時間以及改進的品質再次變得非常重要。

However, the additional extremely strong value proposition that Sterility has -- Rapid Sterility has on our Growth Direct system is time to result. If you recall, as little as one day, we can give time to detection to a contamination; and as little as three days, final time to result. This compares generally to about two weeks if things go well to the legacy method.

然而，Sterility 所具有的額外的極其強大的價值主張——Rapid Sterility 在我們的 Growth Direct 系統上的作用是時候體現出來了。如果你還記得的話，我們可以給時間來偵測污染，只要一天；短短三天，就是得出結果的最後時間。如果傳統方法一切順利的話，這通常需要大約兩週的時間。

So customers are getting not only all the benefits of a fully automated platform technology, which more and more of the planet -- of the universe of customers is getting used to, but they have the incremental benefit with regard to Sterility of the very fast time to detection and time to release, which in some cases is gating for release to patients and business implications too with regard to revenue recognition and things of that nature. So the value proposition of Sterility is very strong.

因此，客戶不僅可以獲得全自動化平台技術的所有好處（地球上越來越多的客戶已經習慣了這種技術），而且他們還獲得了快速滅菌方面的增量好處檢測和釋放時間，在某些情況下，這會限制向患者釋放，並且也會對收入確認和此類性質的業務產生影響。因此，無菌的價值主張非常強烈。

And this is under the -- again, just another reminder, our strategy here is to build the next-generation infrastructure for quality control across pharma. So we are automating, and Sterility is a key part of this, the full -- essentially the full suite of daily routine use tests across environmental monitoring, testing, water testing, bioburden or product testing, and now sterility testing, all under the ages, if you will, the value proposition of the Growth Direct platform.

這是在——再次提醒，我們的策略是為整個製藥公司的品質控制建立下一代基礎設施。因此，我們正在實現自動化，而無菌是其中的關鍵部分，是完整的——本質上是全套日常使用測試，涵蓋環境監測、測試、水質測試、生物負載或產品測試，以及現在的無菌測試，所有這些都在各個年齡段，如果您願意的話，Growth Direct 平台的價值主張。

Thank you.

謝謝。

Dan Arias, Stifel.

丹·阿里亞斯，斯蒂菲爾。

Hey. Good morning, guys. Thanks for the questions. Rob, maybe just following up on Sterility, now that you've gotten some customers together on it, how are you feeling about uptake there in general? What do you think will be the difference between those that adopt that system or that capability versus those that don't within the existing user base, so those that you've connected with and you've convinced that Growth Direct is something that they need to have?

嘿。早安，夥計們。感謝您的提問。羅布，也許只是在跟進《無菌》，既然你已經讓一些客戶聚集在一起，你對那裡的整體吸收感覺如何？您認為採用該系統或功能的用戶與現有用戶群中不採用該系統或功能的用戶（即那些與您建立聯繫並確信“直接增長”是他們所需要的東西）的用戶之間有什麼區別？

Yes, so Dan, I wouldn't rule anyone out of using it at this point. So the -- it's early days in the commercial availability of the product. We're excited about what we're seeing from the feedback. You heard the remarks about our Sterility Day. We're having webinars and significant global customer connections, and the feedback is strong. The funnel build is very strong.

是的，所以丹，我不會排除任何人在這一點上使用它。所以，現在該產品還處於商業化的早期階段。我們對從回饋中看到的內容感到興奮。您聽到了關於我們的不孕日的言論。我們正在舉辦網路研討會和重要的全球客戶聯繫，並且回饋很強烈。漏斗建置非常強大。

So within the existing customer base, I would say, universally strong feedback. We did place a system in the quarter to a large existing customer, and we would expect that trend to continue. It is a capital equipment sales process, so it will have some of those features with regard to the sales cycle timing.

因此，我想說，在現有的客戶群中，普遍存在強烈的回饋。我們確實在本季向現有的大客戶部署了一個系統，我們預計這種趨勢將持續下去。這是一個資本設備銷售流程，因此它將具有一些與銷售週期時間相關的特徵。

That being said, we also expect new customers, new customer segments, which we touched on in previous calls, right? So some of the -- we're very, very strong, as you know, in biologics and cell and gene therapy. The Sterility application does address quite strongly segments such as sterile injectables, for example, and vaccine categories.

話雖這麼說，我們也期待新客戶、新客戶群，我們在之前的電話會議中談到過，對吧？如你所知，我們在生物製劑、細胞和基因治療方面非常非常強大。無菌應用確實涉及相當廣泛的領域，例如無菌注射劑和疫苗類別。

So it's also excitingly opening up conversations, I would say, with incremental and new, very large customer segments for us. And there's a recent example where we're having a Sterility conversation with a customer in one of these new categories. And it's triggered a sales process around environmental monitoring.

因此，我想說，這也令人興奮地為我們開啟了與增量、新的、非常大的客戶群的對話。最近有一個例子，我們正在與這些新類別之一的客戶進行無菌對話。它也引發了圍繞環境監測的銷售流程。

So a bit back to the comments I made at the end of Yuko's question is the -- our strategy here is to bring a platform technology that automates effectively the majority of the microbial quality control requirements of companies. So our sales team now globally is equipped to have conversations up and down that workflow to help the customer solve their microbial QC problems. And we're starting to see the benefit of that already with the launch of Sterility.

回到我在 Yuko 問題末尾發表的評論是——我們的策略是引入一種平台技術，可以有效地自動化公司的大多數微生物品質控制要求。因此，我們的全球銷售團隊現在能夠在工作流程中進行上下對話，以幫助客戶解決微生物品質控制問題。隨著 Sterility 的推出，我們已經開始看到它的好處。

Okay. I just need to dig in on that a little bit more. I understand that hypothetically, everybody could be or should be interested, but that's probably unlikely to be the case for a while. So what I'm kind of trying to understand is when you talk to your sales team or you look at those that you gathered together, what are the characteristics of those that feel like they're most likely adopters versus either less likely or adopters down the road? I know everybody should use it, but that's probably not going to happen anytime soon.

好的。我只需要再深入一點。我理解，假設每個人都可能或應該感興趣，但暫時不太可能出現這種情況。因此，我想要了解的是，當您與銷售團隊交談或查看聚集在一起的人員時，那些感覺自己最有可能成為採用者的人與不太可能採用者或採用者人數較少的人有什麼特徵路？我知道每個人都應該使用它，但這可能不會很快發生。

Yes, okay, so fair enough. So the most likely customers to adopt earlier in the cycle will be largely the larger companies that know us well. I don't think that's a hard and universal rule because the funnel does have new customers in new segments.

是的，好吧，很公平。因此，最有可能在周期早期採用的客戶主要是熟悉我們的大公司。我不認為這是一個硬性且普遍的規則，因為漏斗確實在新的細分市場中有新客戶。

But if you think about it, again, consistent with our approach, we have a number of customers globally out there in the biologics and cell and gene that have higher value applications that know the Growth Direct, know the benefit of the Growth Direct, have implemented the Growth Direct, have managed the data around Growth Direct. And this is an extension of the menu around it.

但如果你再想一想，與我們的方法一致，我們在全球範圍內擁有許多生物製品、細胞和基因領域的客戶，他們擁有更高價值的應用，他們了解生長直接，了解生長直接的好處，擁有實施了成長直接，管理了圍繞成長直接的數據。這是圍繞它的菜單的擴展。

So that would be -- if I could kind of point out what I would expect to be the earlier adopters and consistent with the placement we had, it is an existing large customer. It would be our existing customer base. I do want to highlight, though, the funnel has got a non-trivial amount of, I would say, new customer and new customer segments in it.

所以，如果我能指出我所期望的早期採用者，並且與我們的定位一致，那就是現有的大客戶。這將是我們現有的客戶群。不過，我確實想強調一下，我想說的是，這個漏斗中有大量的新客戶和新客戶群。

Okay, all right. That's helpful. And then Sean, on the gross margin trajectory, you sound pretty confident there. It's not hard to see how you flip to positive for the back half.

好吧，好吧。這很有幫助。然後肖恩，在毛利率軌跡上，你聽起來相當有信心。不難看出你如何在後半場轉為積極。

But in order to get positive for the full year, I do need to be in the mid to high single-digit range in 3Q, and then actually the high teens range in 4Q on total gross margins. So is that the right level of increase? If not, help me out. And if so, I just need to understand a little better how the incremental improvement materializes from here.

但為了獲得全年的積極業績，我確實需要在第三季度將總毛利率保持在中高個位數範圍內，然後實際上在第四季度將總毛利率保持在高兩位數範圍內。那麼這樣的成長水準合適嗎？如果沒有，請幫幫我。如果是這樣，我只需要更好地理解漸進式改進是如何從這裡實現的。

Yes, Dan. I think about it as the second half, probably a little less specific to Q3 and Q4. And that high single-digit to low-teens number range makes sense based on where we see things right now.

是的，丹。我認為這是下半年，可能不太具體到第三季和第四季。根據我們現在所看到的情況，這個高個位數到低十位數的數字範圍是有意義的。

Okay. And then, just -- if I could sort of extend the thought, so -- and I know we'll talk to 2025 at a later date, but how do you feel about 4Q? Because you have some nice things working for you on the gross margin line very clearly. I mean, you'll be up -- if that cadence holds, you'll be up a good 20-plus percent from 2Q to 4Q. So is there anything you can say about 4Q as a jumping-off point for gross margins next year?

好的。然後，如果我可以擴展這個想法，那麼我知道我們稍後會討論 2025 年，但您對第四季度有何看法？因為在毛利率線上有一些非常好的東西對你有用。我的意思是，你會上漲——如果這種節奏保持下去，從第二季度到第四季度，你會上漲 20% 以上。那麼，對於將第四季作為明年毛利率的起點，您有什麼想說的嗎？

Yes. I mean, I think one thing to point out is our typical seasonality is just volume still matters. I mean, we're obviously making a lot of progress on the internal initiatives we have across our revenue areas to get margins up. If we follow our typical seasonality, there will be some pressure on margins sequentially from Q4 to Q1. But we would still expect to be positive in Q1 and then build even more from there.

是的。我的意思是，我認為需要指出的一件事是，我們典型的季節性只是數量仍然很重要。我的意思是，我們在收入領域的內部措施上顯然取得了巨大進展，以提高利潤率。如果我們遵循典型的季節性，從第四季到第一季度，利潤率將依次面臨一些壓力。但我們仍然預期第一季會取得積極進展，然後再進一步發展。

I think -- not going to give guidance at this point, but we did talk today about what we expect over the next several years across the business, and gross margins was part of that. And we've given a kind of endpoint by the end of '27 to get to mid double-digit margins. I think that gives you some feel for where we think '25, '26, '27 will be on average.

我認為，目前不會提供指導，但我們今天確實討論了我們對未來幾年整個業務的預期，毛利率是其中的一部分。我們已經給出了到 27 年底達到兩位數利潤率的終點。我認為這讓您對我們認為“25”、“26”、“27”的平均水平有所了解。

So I think -- if you think about where we could exit Q4, maybe a step down in Q1, but then we're building up positively throughout 2025 to get to a point where that overall full-year number for '25 is a meaningful step up from the overall '24 number.

所以我認為，如果你考慮我們可以在哪裡退出第四季度，也許是第一季度的下降，但我們會在 2025 年積極積累，以達到 25 年全年總體數字有意義的程度比24 年的總體數字有所提高。

Yes, that makes sense. I can work with that. Okay. Last one, if I could just to slip in a question on the operational efficiency, how does that impact anything that you might do when it comes to just expansion of the commercial team?

是的，這是有道理的。我可以處理這個問題。好的。最後一個問題，如果我可以順便問一個關於營運效率的問題，那麼這對您在擴大商業團隊時可能做的任何事情有何影響？

You've got some important new products here. I think you still have ambitions of growing the sales coverage outside the US. So can you maybe just talk about the cash conservation? That sounds like it's important in the context of still growing out the franchise, still touching more customers. Thanks.

你們這裡有一些重要的新產品。我認為你們仍然有擴大美國以外銷售覆蓋範圍的雄心。那麼您能談談節省現金的問題嗎？這聽起來在特許經營權仍在不斷發展、仍在接觸更多客戶的背景下很重要。謝謝。

Yes, Dan. It's Rob. So our commercial team is in place. So we don't see meaningful growth to the team. We've answered on previous calls, we do have a Sterility specialist. But we really view our sales team -- we train them to be consultative sales professionals. So they're able to position and work with customers on the full range of applications, again, all of environmental monitoring, water, bioburden, and Sterility applications.

是的，丹。是羅布。所以我們的商業團隊已經就位。所以我們沒有看到團隊有任何有意義的成長。我們已經回覆過之前的電話，我們確實有一位無菌專家。但我們真正重視我們的銷售團隊—我們將他們培訓為諮詢型銷售專業人員。因此，他們能夠在全方位的應用中定位並與客戶合作，同樣是所有環境監測、水、生物負載和無菌應用。

So we view our team in place globally, fully constituted teams in North America, Europe, and Asia. So we don't see meaningful growth in the near term and are comfortable with the coverage we have and the ability to drive to not only the near-term guide but also the longer-term outlook that Sean walked through in the prepared remarks.

因此，我們認為我們的團隊遍布全球，在北美、歐洲和亞洲都有完整的團隊。因此，我們在短期內看不到有意義的增長，並且對我們所擁有的覆蓋範圍以及不僅推動近期指南而且推動肖恩在準備好的講話中闡述的長期前景的能力感到滿意。

Yes. Okay, great. Thank you, guys.

是的。好的，太好了。謝謝你們，夥計們。

Yes. Any questions? Okay, I think that's the end of the question. So thank you, everyone, for the questions today. Appreciate the continued interest in our business.

是的。有疑問嗎？好吧，我想問題就到此結束了。謝謝大家今天提出的問題。感謝您對我們業務的持續關注。

Listen, we're just going to wrap things up. We're very excited about the business and what we see in both the shorter term and over the horizon here with regard to some elements of our outlook, a longer-term outlook that you heard today from a commercial standpoint, increasing customer discussions with senior-level customers about multi-system orders.

聽著，我們只是要把事情總結。我們對這項業務以及我們在短期和未來的展望感到非常興奮，包括我們的展望的某些要素，您今天從商業角度聽到的長期展望，增加了與高級客戶的討論關於多系統訂單的級別客戶。

I think you heard some of that in the prepared remarks, so we're quite encouraged what we're seeing there with regard to the funnel builds and conversations globally, and specifically negotiations with customers currently on multi-system orders. Margin improvement is clearly one of our additional top priorities, and I think you can see clear and demonstrable progress there.

我認為您在準備好的發言中聽到了其中的一些內容，因此我們對在全球管道建立和對話方面所看到的情況感到非常鼓舞，特別是與目前就多系統訂單進行的客戶談判。利潤率的提高顯然是我們額外的首要任務之一，我認為您可以在那裡看到明顯且明顯的進展。

Our third pillar of focus, new products, very excited about Rapid Sterility. And certainly, great early returns and more to follow. And then consistent with our fourth pillar of prudent cash management, excited about the operational efficiency program and what that means for the business with regard to achieving positive cash flow without additional financing.

我們的第三個重點支柱是新產品，對快速無菌技術感到非常興奮。當然，早期回報也很可觀，而且後續還會有更多回報。然後，與我們審慎現金管理的第四個支柱一致，我們對營運效率計劃以及這對企業在無需額外融資的情況下實現正現金流的意義感到興奮。

So again, thank you for your time. We'll wrap the call up now, and we look forward to speaking with many of you shortly.

再次感謝您抽出時間。我們現在就結束通話，期待很快與你們中的許多人交談。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。