Rapid Micro Biosystems Inc (RPID) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Novi and I will be your conference operator today. At this time. I would like to welcome everyone to the Rapid Micro Biosystems third quarter, 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question. Press star one again. Thank you. I would now like to turn the call over to Michael Beaulieu with investor relations. Please go ahead.

謝謝你的支持。我叫諾維，今天我將擔任你們的會議操作員。此時。歡迎大家參加 Rapid Micro Biosystems 2024 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。如果您想撤回您的問題。再按星號一。謝謝。我現在想將電話轉給負責投資者關係的 Michael Beaulieu。請繼續。

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

早安，感謝您參加 Rapid Micro Biosystems 2024 年第三季財報電話會議。與我一起參加電話會議的還有總裁兼執行長 Robert Spignesi 和財務長 Sean Wirtjes。

Earlier today, we issued a press release announcing our third quarter 2024 financial results. A copy of the release is available on the company's website at rapid microbio dotcom 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 年第三季的財務表現。新聞稿的副本可在該公司網站rapid microbio dotcom上的投資者新聞和活動部分找到。

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 1,995.

在我們開始之前。我想提醒您，本次電話會議期間所做的許多聲明可能被視為聯邦證券法含義內的前瞻性聲明，這些聲明是根據 1,995 年《私人證券訴訟改革法案》的安全港條款制定的。

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. Rapid Micro's goal of achieving positive cash flow without additional financing and the timing thereof expectations for and planned activities related to Rapid Micro's business development and growth, customer interest and adoption of the growth direct system and statements regarding rapid sterility.

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 的財務狀況假設有關的聲明，這些假設涉及未來財務業績、預期未來現金使用情況以及現金跑道指導。Rapid Micro 的目標是在無需額外融資的情況下實現正現金流，其時間安排與Rapid Micro 的業務發展和增長相關的預期和計劃活動、客戶興趣以及增長直接系統的採用以及有關快速無菌的聲明。

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.

由於與 Rapid Micro 業務相關的風險和不確定性的清單和描述的多種因素，實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。請參閱我們向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，該部分在我們隨後向 SEC 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 financial future performance.

我們敦促您考慮這些因素，並且您應該意識到這些報表僅應被視為估計，而不是未來財務表現的保證。

This conference call contains time sensitive information and is accurate only as of the live broadcast today, November 1st 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. And with that, I'll turn the call over to Rob.

本次電話會議包含時間敏感信息，僅截至今天（2024 年11 月1 日）直播時準確，Rapid Micro 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，除非法律要求，無論是因為新的資訊、未來事件或其他。然後，我會將電話轉給 Rob。

Thank you, Mike. Good morning everyone and thank you for joining us. I will begin this morning's call with an overview of our third quarter performance and highlights including a review of our progress in advancing our 2024 priorities.

謝謝你，麥克。大家早安，感謝您加入我們。我將在今天上午的電話會議開始時概述我們第三季度的業績和亮點，包括回顧我們在推進 2024 年優先事項方面取得的進展。

I will then turn the call over to Sean who will provide a more detailed review of our financial results as well as our full year guidance. Third quarter, total revenue increased 24% to $7.6 million compared to Q3 last year. This marked a quarterly revenue record for the company in their eighth consecutive quarter of exceeding our guidance based on the strong performance. We are reaffirming our full year 2024 revenue outlook of at least $27 million.

然後我會將電話轉給肖恩，他將對我們的財務業績以及全年指導進行更詳細的審查。第三季總營收比去年第三季成長 24%，達到 760 萬美元。這標誌著該公司的季度營收記錄連續第八個季度超出了我們基於強勁業績的指導。我們重申 2024 年全年收入前景至少 2,700 萬美元。

We placed seven growth direct systems across North America Europe and Asia Pacific marking our strongest placement quarter since Q3 2021 through September. We have now placed a total of 15 growth direct systems in 2024 bringing our total to 156 place systems on recent earnings calls. We have discussed our progress with customers deploying growth direct systems across our global manufacturing networks.

我們在北美、歐洲和亞太地區部署了七個成長直接系統，這是自 2021 年第三季到 9 月以來最強勁的部署季度。目前，我們在 2024 年總共部署了 15 個成長直接系統，在最近的財報電話會議上，我們的部署系統總數達到 156 個。我們已經與客戶討論了在我們的全球製造網路中部署成長直接系統的進展。

This morning, we reported third quarter results that included a multi system order from one of our existing TOP20 Pharma customers that is part of an ongoing global rollout.

今天早上，我們報告了第三季業績，其中包括我們現有 TOP20 製藥客戶之一的多系統訂單，這是持續全球推廣的一部分。

This placement is a clear example of our land and expand commercial strategy and is typical of how customers execute growth direct global rollouts.

此次佈局是我們土地和擴張商業策略的一個明顯例子，也是客戶如何執行成長直接全球推廣的典型例子。

I'd like to provide additional context on this commercial win.

我想提供有關這一商業勝利的更多背景資訊。

Our partnership with this customer began a few years ago with a multisystem order at a single site in North America.

我們與該客戶的合作始於幾年前，當時是在北美的一個地點簽訂了多系統訂單。

This customer is a global leader in the development of biologics and challenging therapies. They are focused on automating manufacturing processes including quality control to accelerate turnaround times and to ensure patients receive life saving therapies.

該客戶是生物製劑和挑戰性療法開發的全球領導者。他們專注於自動化製造流程，包括品質控制，以加快週轉時間並確保患者接受挽救生命的治療。

As the customer recognized the benefits of the growth direct such as full automation, fast turnaround times, reduced labor costs and increased accuracy.

由於客戶認識到直接成長的好處，例如完全自動化、快速週轉時間、降低勞動成本和提高準確性。

They place a second order for another US site this past quarter they expanded to a third site within their network to another multi system growth direct order including software services and consumables. We anticipate continued growth with this customer in the near term including further expansion across our global network.

他們在上個季度為另一個美國站點下了第二個訂單，並將其擴展到網路內的第三個站點，從而獲得了另一個多系統成長直接訂單，包括軟體服務和消耗品。我們預計短期內該客戶將持續成長，包括進一步擴展我們的全球網路。

Importantly, we remain actively engaged with several other customers planning to expand their growth direct footprint across our manufacturing networks.

重要的是，我們仍然積極與其他幾家客戶合作，計劃擴大他們在我們製造網路中的直接成長足跡。

We believe this momentum together with our existing base of nearly 160 place systems. Our strong presence among the TOP20 global pharma companies and our 100% position in FDA approved car T therapy manufacturers establishes the growth direct platform as a clear industry standard in automating pharmaceutical microbial quality control.

我們相信這一勢頭以及我們現有的近 160 個場所繫統的基礎。我們在全球 TOP20 製藥公司中的強大影響力以及我們在 FDA 批准的汽車 T 療法製造商中的 100% 地位，將 Growth direct 平台確立為自動化藥物微生物品質控制的明確行業標準。

Later this month we will attend our annual growth direct day.

本月晚些時候，我們將參加我們的年度成長直接日。

Last quarter, we announced that WZA one of the world's largest CAMOS who host this event near one of their manufacturing sites in the Netherlands.

上季度，我們宣布 WZA 是世界上最大的 CAMOS 之一，在其位於荷蘭的一個製造基地附近舉辦了這項活動。

As a reminder, this unique two day event will bring current and prospective customers together to share best practices, gain firsthand experience and increase their understanding of the value proposition of using the growth direct. We expect up to 100 attendees and look forward to this exciting event.

提醒一下，這個獨特的為期兩天的活動將把現有和潛在的客戶聚集在一起，分享最佳實踐，獲得第一手經驗，並加深他們對使用增長直接的價值主張的理解。我們預計將有多達 100 名與會者，並期待這項令人興奮的活動。

Turning to gross margins, the guidance we provided earlier this year included a positive inflection beginning in the third quarter.

談到毛利率，我們今年早些時候提供的指導包括從第三季開始的積極轉折點。

I'm pleased to report that we achieved a 35% point improvement year over year resulting in positive 8% gross margins to expand on this point. The total cost of revenue in the third quarter declined 10% year over year. Our total revenue increased by 24%.

我很高興地向大家報告，我們的毛利率年增了 35%，從而實現了 8% 的正成長。第三季總營收成本年減10%。我們的總收入成長了 24%。

The improvement in our cost structure reflects our ongoing efforts to reduce product costs enhance manufacturing efficiencies and improve service productivity. This positive inflection in our gross margin marked a significant milestone for the company. Looking ahead, we anticipate further improvements to our cost structure which will enable us to capitalize on the operating leverage in our business model.

我們成本結構的改善反映了我們不斷努力降低產品成本、提高製造效率和提高服務生產力。毛利率的積極變化標誌著公司的一個重要里程碑。展望未來，我們預計成本結構將進一步改善，這將使我們能夠利用業務模式中的營運槓桿。

Now I'd like to shift to a brief update on the commercial launch of growth, the directs rapid sterility. We continue to expand customer engagement through conferences such as last month's PDA microbiology conference, sterility focused webinars and on site demonstrations at our Lexington and European customer labs. Our commercial teams are receiving positive feedback on the rapids reality value proposition and these efforts continue to drive growth in our sales funnel.

現在我想談談成長的商業啟動的簡短更新，即直接快速不孕。我們繼續透過上個月的 PDA 微生物學會議、以無菌為重點的網路研討會以及列剋星敦和歐洲客戶實驗室的現場演示等會議擴大客戶參與度。我們的商業團隊正在收到有關急流現實價值主張的正面回饋，這些努力將繼續推動我們銷售管道的成長。

So wrapping up my prepared remarks, I'd like to summarize our key messages and takeaways from the third quarter.

因此，在結束我準備好的發言時，我想總結一下我們第三季的關鍵訊息和要點。

We are pleased to report record quarterly revenue marking our strongest quarter for system placements in the past three years and clearly demonstrating our strong business momentum.

我們很高興地報告創紀錄的季度收入，這是過去三年來系統佈局最強勁的季度，並清楚地展示了我們強勁的業務勢頭。

We continue to make significant progress with multiple customers who are planning global deployments of growth direct systems.

我們持續與計劃在全球部署成長直接系統的多個客戶取得重大進展。

Our focused efforts on costs and efficiencies have resulted in a positive inflection in gross margins which we expect to continue to expand.

我們對成本和效率的集中努力使毛利率出現了積極的變化，我們預計這種變化將繼續擴大。

We remain disciplined with respect to cash management with a focused goal of achieving positive cash flow by the end of 2027. Without additional financing. These strong fundamentals are underpinned by a business model that includes the highly differentiated growth direct system. That is clearly the industry standard is the only fully automated high capacity high frep data secure platform.

我們在現金管理方面保持嚴格的紀律，重點目標是在 2027 年底實現正現金流。無需額外融資。這些強大的基礎是由包括高度差異化的成長直接系統在內的商業模式所支撐的。這顯然是業界標準唯一的全自動高容量高頻率資料安全平台。

A demonstrated customer value proposition that can address all pharmaceutical manufacturing modalities and becomes embedded in manufacturing workflows and a robust business model with multiple revenue streams including a growing base of durable recurring revenue.

一個經過論證的客戶價值主張，可以解決所有藥品製造模式，並嵌入到製造工作流程中，以及具有多種收入來源（包括不斷增長的持久經常性收入基礎）的強大業務模式。

We are confident that collectively these fundamentals and business drivers combined with our consistent performance position us to create substantial shareholder value.

我們相信，這些基本面和業務驅動因素與我們一貫的業績相結合，使我們能夠創造可觀的股東價值。

And with that, I will turn the call over to Sean to discuss our third quarter performance and outlook in more detail, Sean.

接下來，我將把電話轉給肖恩，更詳細地討論我們第三季的業績和前景，肖恩。

Thanks Rob. Good morning. Everyone consistent with our previous calls. I'll begin my comments this morning with a review of our third quarter results followed by our current outlook for the full year 2024. We will then open the call up for questions.

謝謝羅布。早安.每個人都與我們先前的呼籲一致。今天早上我將首先回顧我們第三季的業績，然後是我們目前對 2024 年全年的展望。然後我們將開放提問。

Third quarter revenue increased 24% to $7.6 million compared to $6.1 million in Q3 2023.

第三季營收成長 24%，達到 760 萬美元，而 2023 年第三季營收為 610 萬美元。

During the third quarter, we placed seven growth direct systems compared to five in the third quarter. Last year, we also completed four validations in the quarter which was consistent with Q3 last year product revenue which is comprised of systems and consumables increased 25% to $5.3 million compared to $4.2 million. In Q3 2023 systems revenue increased almost 50% due mainly to the higher number of system placements in the quarter. While consumable revenue grew in the mid single digits compared to Q3 last year.

在第三季度，我們部署了七個成長直接系統，而第三季度為五個。去年，我們也在本季完成了四項驗證，這與去年第三季的產品收入（包括系統和耗材）一致，增加了 25%，達到 530 萬美元，而先前的收入為 420 萬美元。2023 年第三季度，系統收入成長了近 50%，這主要是由於該季度系統部署數量增加。與去年第三季相比，消費品收入成長了中個位數。

Service revenue increased 21% to $2.3 million compared to $1.9 million. In Q3 2023. This growth was driven by higher revenue from both validation services and service contracts. The third quarter recurring revenue which consists of consumables and service contracts increased 8% to $3.7 million. Nonrecurring revenue which is comprised mainly of systems and validation revenue increased 44% to $3.9 million.

服務收入成長 21%，從 190 萬美元增至 230 萬美元。2023 年第三季。這一增長是由驗證服務和服務合約收入增加所推動的。第三季經常性收入（包括消耗品和服務合約）成長 8%，達到 370 萬美元。非經常性收入主要由系統和驗證收入組成，成長了 44%，達到 390 萬美元。

Turning to gross margins, product margins were near break even at negative 1%. This represents a $1.5 million or 34% point improvement compared to Q3 last year.

談到毛利率，產品利潤率接近損益兩平，為負 1%。與去年第三季相比，這意味著增加了 150 萬美元，即 34%。

Once again, this demonstrates the consistent and meaningful progress we are making on our initiatives to reduce product costs and increase manufacturing efficiency to drive continued improvement in our product margins. The higher volume of growth direct systems placed also positively impacted product margins in the quarter.

這再次表明我們在降低產品成本和提高製造效率以推動產品利潤持續提高的措施方面取得了持續且有意義的進展。成長直接系統投放量的增加也對本季的產品利潤率產生了正面影響。

Service margins were positive $0.7 million or positive 29% in the third quarter compared to negative $0.1 million or negative 7%. In Q3 last year, the 36% point margin improvement was driven by higher revenue and productivity as well as lower headcount and other service related costs on a combined basis. Our third quarter gross margin was positive $0.6 million or positive 8% compared to negative $1.6 million or negative 27% in Q3 last year. This represents a 35% point improvement. We are pleased to have delivered on our commitment to reach positive gross margins in Q3 and remain laser focused on building upon this milestone to drive continued and significant year over year gross margin expansion moving forward.

第三季服務利潤為正 70 萬美元，即正 29%，而第三季服務利潤為負 10 萬美元，即負 7%。去年第三季度，利潤率提高了 36%，這是由於收入和生產力的提高以及員工數量和其他服務相關成本的減少共同推動的。我們第三季的毛利率為正 60 萬美元，即正 8%，而去年第三季的毛利率為負 160 萬美元，即負 27%。這代表著 35% 的改進。我們很高興兌現了在第三季實現正毛利率的承諾，並繼續專注於這一里程碑的基礎上，以推動毛利率持續顯著的同比增長。

Moving down the P&L total operating expenses were $12.7 million in the quarter. While this was essentially flat with Q3 last year, it's important to note that this quarter's opexs included $0.6 million in one time severance and other expenses related to the operational efficiency program. We announced in August, operating expenses were down approximately 7% in the quarter. Excluding these expenses within OpEx R&D, expenses were $3.6 million representing an increase of approximately 16%. This increase was mainly associated with new product development activities including the commercialization of our new rapid sterility application.

扣除損益表後，本季的總營運費用為 1,270 萬美元。雖然這與去年第三季基本持平，但值得注意的是，本季的營運支出包括 60 萬美元的一次性遣散費以及與營運效率計畫相關的其他費用。我們在 8 月宣布，該季度營運費用下降了約 7%。除去這些營運支出研發費用，費用為 360 萬美元，成長約 16%。這一增長主要與新產品開發活動有關，包括我們新的快速無菌應用的商業化。

Sales and marketing expenses were $3.4 million or down approximately 3% and G&A expenses were $5.7 million or down approximately 9% due mainly to lower head count related costs.

銷售和行銷費用為 340 萬美元，下降約 3%，一般管理費用為 570 萬美元，下降約 9%，主要是由於人員數量相關成本減少。

Net loss was $11.3 million in Q3. This compares to a net loss of $13.4 million in Q3 last year, net loss per share was $0.26 in Q3 compared to net loss per share of $0.31 in the prior year quarter.

第三季淨虧損為 1,130 萬美元。相比之下，去年第三季的淨虧損為 1,340 萬美元，第三季每股淨虧損為 0.26 美元，去年同期每股淨虧損為 0.31 美元。

With respect to non cash expenses and capital expenditures, depreciation and amortization expenses were $0.9 million. Stock compensation expense was $0.9 million and capital expenditures were $0.2 million. In the third quarter, we ended the quarter with approximately $61 million in cash and investments.

在非現金費用和資本支出方面，折舊和攤提費用為 90 萬美元。股票補償費用為 90 萬美元，資本支出為 20 萬美元。在第三季度，我們的現金和投資約為 6,100 萬美元。

Now I'll turn to our 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 to year revenue growth of at least 20%.

現在我將談談我們對 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%。

Looking at consumables, we expect Q4 revenue to be relatively consistent with Q3 due mainly to the timing of customer orders and shipments with respect to service. We expect revenue to be between $2.5 and $3 million in Q4 with variability primarily driven by the timing of validation activities. We are reaffirming our guidance of at least 16 validations in 2024 turning to margins. We expect growth margins to increase sequentially in Q4 with product margins relatively consistent with Q3 and service margins higher. Primarily due to increased service revenue.

就消耗品而言，我們預計第四季度的收入將與第三季度相對一致，這主要是由於客戶訂單和發貨的時間與服務有關。我們預計第四季的營收將在 250 至 300 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 個驗證轉向利潤的指引。我們預期第四季的成長利潤率將持續成長，產品利潤率與第三季相對一致，服務利潤率更高。主要是由於服務收入增加。

We now expect operating expenses to be between $51 million for the full year with savings from the operational efficiency program. We announced in August largely offset by related severance and other onetime costs.

現在，我們預計全年營運費用將在 5,100 萬美元之間，其中營運效率計畫將節省開支。我們在八月宣布的消息很大程度上被相關的遣散費和其他一次性費用所抵消。

We expect depreciation and amortization expense of approximately $3 million stock compensation expense of approximately $4 million CapEx of approximately $2 million and other income which is comprised primarily of interest income of approximately $3 million.

我們預計折舊和攤提費用約為 300 萬美元，股票補償費用約為 400 萬美元，資本支出約 200 萬美元，其他收入主要由利息收入組成，約 300 萬美元。

Finally, we continue to expect to burn roughly $40 million in cash for the full year 2024. Looking ahead, we continue to expect to meaningfully reduce cash burn over each of the next several years through a combination of revenue growth margin improvement and tight management of OpEx CapEx and working capital. With the goal of achieving positive cash flow by the end of 2027 without additional financing, that concludes my comments. So at this point, we'll open the call up for questions, operator.

最後，我們仍然預計 2024 年將全年消耗約 4,000 萬美元的現金。展望未來，我們繼續預計，透過提高收入成長率以及嚴格管理營運支出和營運資本，未來幾年將大幅減少現金消耗。我的評論到此結束，目標是到 2027 年底實現正現金流，無需額外融資。所以此時，接線員，我們將開始提問。

At this time, I would like to remind everyone in order to ask a question, please press star. Then the number one on your telephone keypad. Your first question comes from Brendan Smith with TD Cowen.

這時，我想提醒大家，想提問，請按star。然後是電話鍵盤上的數字 1。你的第一個問題來自 TD Cowen 的 Brendan Smith。

Hold on a moment, please go ahead.

請稍等一下，請繼續。

All right, I guess. Thanks for taking the questions and thanks for all the color on the call. Maybe just a quick one from us. I know you just touched on it a little bit there at the end. But I guess in the context of solid Q3 and keeping 24 guidance in place I mean how should we think maybe specifically about placements in Q4? Are you still kind of expecting top line growth into the end of the year or are there potentially some lumpy placement seasonal trends? We should keep in mind kind of really also curious like what you're kind of seeing that could kind of be driving some of the trends heading into next year too. Thanks very much.

好吧，我想。感謝您提出問題，也感謝電話中的所有色彩。也許只是我們的一個快速的。我知道你最後只是觸及了一點。但我想在第三季度穩健並保持 24 小時指導的背景下，我的意思是我們應該如何具體考慮第四季度的佈局？您是否仍預計到今年年底營收會成長，或者是否可能存在一些不穩定的季節性趨勢？我們應該記住，你所看到的也確實有點好奇，這可能會推動明年的一些趨勢。非常感謝。

Yeah Hey Brendan. Thanks for the question. So I think we're you know the guide is kind of where it is I think you know as we've talked about before and we're continuing with this approach that the guide is you know I think for us is prudent and we want to make sure it's achievable. You know that there is still some headwinds out there in the market that you know I think we're hopeful that what we're seeing and what others are seeing are some glimmers of positivity in terms of what's happening out there with trends. But we're still seeing you know elongated kind of in some cases purchasing cycles we're seeing you know more scrutiny of the purchasing process with some customers. So we want to be prudent in terms of what we put out there in terms of the guide for Q4. But clearly that also allows us some room for upside if we're able to execute on things in the fourth quarter that we're not currently contemplating. So, I think you know that's why I'd guide you for the fourth quarter right now.

是的，嘿布倫丹。謝謝你的提問。所以我認為我們是你知道的指南是在哪裡我想你知道正如我們之前討論過的，我們正在繼續採用這種方法，指南是你知道的我認為對我們來說是謹慎的，我們希望以確保它是可以實現的。你知道市場上仍然存在一些逆風，你知道我認為我們希望我們所看到的和其他人所看到的對於正在發生的趨勢來說是一些積極的曙光。但我們仍然看到您知道在某些情況下採購週期會延長，我們看到您知道對某些客戶的購買流程進行更多審查。因此，我們希望對第四季度指南的發布保持謹慎。但顯然，如果我們能夠在第四季度執行我們目前沒有考慮的事情，這也為我們提供了一些上升空間。所以，我想你知道這就是為什麼我現在會為你提供第四季度的指導。

And Brendan it's Rob. Thanks for the question, maybe a little more color. Yeah the trends that we're seeing, I think are consistent with generally with what you know other life science tools companies have been reporting and it's been consistent for you know the bulk of the year here. Some you know some tight budgets scrutiny on capital equipment purchasing that being said you know what we have seen. And I think what we've clearly demonstrated in our business is that compelling high Roy projects are being prioritized and funded. We think that's clear in our business and our view has been a has been a beneficiary of that. So you asked about kind of you know running into 2025 and that's what we you know, likely anticipate more of that And it's also what underpins our confidence for the balance of the year and going into 2025.

布倫丹是羅布。謝謝你的提問，也許顏色再多一點。是的，我認為我們所看到的趨勢與您所知道的其他生命科學工具公司所報告的情況大致一致，而且您知道今年的大部分時間都是一致的。您知道有些人對資本設備採購進行了嚴格的預算審查，這意味著您知道我們所看到的情況。我認為我們在業務中清楚地證明了引人注目的高 Roy 項目正在優先考慮並獲得資助。我們認為這在我們的業務中是顯而易見的，我們的觀點一直是這一點的受益者。所以你問到了 2025 年你所知道的情況，這就是我們所知道的，可能會預期更多，這也是我們對今年剩餘時間和進入 2025 年的信心的基礎。

Got it. All right. Makes sense. Thanks guys.

知道了。好的。有道理。謝謝你們。

Your next question comes from Dan Arias with Stifel.

您的下一個問題來自 Stifel 的 Dan Arias。

Please go ahead.

請繼續。

Morning guys. Thanks for the questions, Rob, what are your expectations for accounts that are focused on new modalities? I mean we've talked about usage there being more intensive than in other areas, but some of those customers still seem to be a bit shaky but less on the large BioPharma side. So if you kind of net all that out, do you think those applications over the next 12 months are accretive, dilutive kind of in line with everybody else?

早安各位。感謝您提出問題，羅布，您對專注於新模式的帳戶有何期望？我的意思是，我們已經討論過那裡的使用比其他領域更加密集，但其中一些客戶似乎仍然有點不穩定，但在大型生物製藥方面較少。那麼，如果你把所有這些都算出來，你認為未來 12 個月的這些申請是否會像其他人一樣增加、稀釋？

Just curious about the pace of uptake amongst some of your higher end users.

只是想知道一些高階用戶的使用速度。

And then when you say we say higher end users, you mean the biologics and cell and gene therapies?

那麼，當您說我們說高端用戶時，您指的是生物製劑、細胞和基因療法嗎？

Yeah. Exactly

是的。確切地

Yeah. I mean again, the bulk of our business is in that space and the multi system order ongoing order with a growing customer, we a large one that we mentioned this quarter is in that biologic and selling gene space. So, you know generally we're performing, you know quite well and uptake continues to be strong. And I think as importantly the outlook in our funnel with the multisystem orders that we've spoken about are largely driven around the larger I would say large primarily but also midsize biopharmaceutical companies as well as well as cdmos, as I mentioned on the last call, sterility is reinforcing that that funnel bill. But also allowing us, I would say better access and funnel bill in areas that we've been, I would say relatively less represented in such as sterile, injectable stero generics, things of that nature. I don't know if that answered the question or not but that's how we see it right now.

是的。我的意思是，我們的大部分業務都在這個領域，多系統訂單正在與不斷增長的客戶合作，我們本季提到的一個大訂單是在生物和銷售基因領域。所以，你知道我們總體上表現良好，你很清楚，而且採用率仍然很高。我認為，同樣重要的是，我們談到的多系統訂單漏斗中的前景主要是圍繞較大的公司驅動的，我想說的是，主要是大型生物製藥公司，但也包括中型生物製藥公司以及CDMOS，正如我在上次電話會議中提到的那樣，不孕症正在強化這項漏斗法案。但我想說的是，這也讓我們在我們去過的領域有更好的准入和漏斗賬單，我想說的是在無菌、注射類固醇仿製藥等此類性質的領域中代表相對較少。我不知道這是否回答了問題，但這就是我們現在的看法。

Yeah, it does I mean II guess I'm just trying to ask about, you know the area of the end market mix where you know, that when things really ramp up, they can they can be accretive to the overall average consumables usage just knowing that it's kind of fits and starts in some of those corners of the market depending on who you talk to.

是的，我的意思是我想我只是想問一下，你知道終端市場組合的領域，當事情真正增加時，它們可以增加總體平均消耗品使用量要知道，在市場的某些角落，這種情況會時斷時續，這取決於你與誰交談。

Yeah, so on consumables, we you know the good news is in the biologics and selling gene categories. In that order they tend to be the higher volume categories. So those systems especially our em application but also the water and environment burn applications tend to be high yielding systems for us. So the way I look at the funnel right now, it's a largely the global pharma companies, but we have again, a nontrivial amount of other segments in it. And a lot of many of those, the majority of those you know, will be and should be high yielding consumable. So certainly a creative from a, you know, consistent with or, you know, potentially accretive to our our current set.

是的，所以在消耗品方面，我們知道好消息是在生物製劑和銷售基因類別。按照這個順序，它們往往是容量較大的類別。因此，這些系統，尤其是我們的電磁應用，以及水和環境燃燒應用，對我們來說往往是高產量系統。所以我現在看待這個漏斗的方式，主要是全球製藥公司，但我們也有大量的其他細分市場。其中很多，你知道的大多數，將是而且應該是高收益消費品。因此，肯定是來自與我們當前的集合一致的創意，或者您知道的，可能會增加我們當前的集合。

Yeah. Okay. And then since you mentioned sterility, I I know it's early days, I'm sure you're not trying to get ahead of yourself on expectations. But does your, does what you're seeing in terms of adoption lead you to believe that when it comes to the model for 2025 sterility can be something that's, that shows up as an accretive or an incremental positive at the revenue line for you guys. Is it going to be enough to move the needle next year?

是的。好的。既然你提到了不孕症，我知道現在還為時過早，我相信你不會試圖超越自己的期望。但是，您在採用方面所看到的情況是否會讓您相信，當談到 2025 年不孕模型時，這可能會為您的收入帶來增值或增量積極的結果。明年是否足以取得進展？

Yeah. So I can give you the qualitative now and we'll reserve sort of the quantitative for later. But from a qualitative, you know, early days in the launch, you know, the value proposition is hitting high notes with customers. So we're hitting, you know the interest level is high. As I touched on the prepared remarks, we're actively engaged with customers across a multitude of areas. You know, the feedback is you know is quite positive. Now, clearly our job is to translate that into business and revenue that that'll show up in our business in 2025. But the leading indicators to include the funnel build are currently where we want them to be.

是的。所以我現在可以給你定性的信息，我們將在以後保留定量的信息。但從定性的角度來看，在產品發布的早期，價值主張就受到了客戶的高度關注。所以我們正在努力，你知道人們的興趣很高。當我談到準備好的演講時，我們正在積極與多個領域的客戶接觸。你知道，回饋是非常正面的。現在，顯然我們的工作是將其轉化為業務和收入，並將在 2025 年體現在我們的業務中。但包括漏斗建構在內的領先指標目前正處於我們希望的位置。

Okay. Last one for me showing on gross margins for products. Do you feel like you've crossed the Rubicon here such that you can be positive on a quarterly basis going forward barring some big change in the picture?

好的。我的最後一張展示的是產品的毛利率。您是否覺得自己已經跨過了盧比孔河，除非情況發生重大變化，否則您可以對每個季度的發展持積極態度？

Yeah, I wouldn't guide to that Dan, but I think we're definitely on the right trajectory for that to happen in the near term, you know mix is important for that as you know systems are at a much higher gross margin rate right now than consumables are. So depending on volume and mix within product that can bounce, still bounce around a little bit But the trajectory is similar to what we're kind of reporting overall. So within the categories within that. So I think we're definitely on the right track there you know we're close. Now. Do we get there in Q4 or not? I think there's a chance to get there in Q4, you know and as volumes go up from there, I think we should be able to push it up and continue to drive up beyond, you know, well into positive territory as we continue to drive the growth. So it'll be driven by volume, obviously, but also by the continued progress that we're making on the cost downs and the efficiency programs that we have going on within the, within the operations team here.

是的，我不會引導丹，但我認為我們肯定在短期內實現這一點，你知道混合對此很重要，因為你知道系統的毛利率要高得多現在比消耗品還多。因此，根據可以反彈的產品的數量和組合，仍然會有一點反彈，但軌跡與我們總體報告的情況類似。因此，在該類別內。所以我認為我們絕對走在正確的軌道上，你知道我們已經很接近了。現在。我們能否在第四季實現這一目標？我認為有機會在第四季度達到這個目標，你知道，隨著銷量的增加，我認為我們應該能夠推動它，並繼續超越，你知道，隨著我們繼續推動，進入積極的領域的成長。因此，顯然，這將受到數量的推動，但也受到我們在成本下降和營運團隊內部正在進行的效率計劃方面所取得的持續進展的推動。

Okay. Thank You guys.

好的。謝謝你們。

Okay.

好的。

Well, thank you all for your time and attention this morning and thank you Dan and Brandon for your questions with that. We're going to wrap the call up and we look forward to speaking with many of you soon.

好的，謝謝大家今天早上的時間和關注，也感謝丹和布蘭登提出的問題。我們將結束通話，並期待很快與你們中的許多人交談。

Thank you.

謝謝。

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。現在可以斷開連線。