Rapid Micro Biosystems, Inc. (RPID) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Rapid Micro Biosystems first-quarter 2026 earnings conference call. (Operator Instructions)

大家好，感謝您稍候。歡迎參加 Rapid Micro Biosystems 2026 年第一季財報電話會議。(接線員指示)

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mike Beaulieu, Investor Relations. Please go ahead.

請注意，今天的會議將被錄音。現在我想把會議交給今天的講者——投資人關係部的 Mike Beaulieu。請開始。

Thank you, Shannon. Good afternoon, and thank you for joining the Rapid Micro Biosystems First Quarter Earnings Call. We apologize for the delay as we are experiencing some technical difficulties on our end. Joining me on the call are Rob Spignesi, President and Chief Executive Officer; and Sean Wirtjes, Chief Financial Officer. This afternoon, we issued a press release announcing our first quarter results.

謝謝你，Shannon。各位下午好，感謝您參加 Rapid Micro Biosystems 第一季財報電話會議。我們對延遲致歉，因為我們這邊遇到一些技術問題。與我一同參與電話會議的有總裁暨執行長 Rob Spignesi，以及財務長 Sean Wirtjes。今天下午，我們已發布新聞稿公布第一季業績。

A copy of the release is available on the company's website at rapidmicrobio.com under Investors in the News and Events section. 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.

新聞稿可於公司網站 rapidmicrobio.com 的「投資人」之「新聞與活動」專區取得。在開始之前，我想提醒各位，本次電話會議中的許多陳述可能構成聯邦證券法所定義的前瞻性陳述，並依據 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的安全港條款作出。

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, statements related to the company's term loan facility, guidance for the second quarter and full year 2026, including revenue, expenses, gross margins, system placements and validation activities, expectations for and planned activities related to Rapid Micro's business development and growth, including the expected benefits from our distribution and collaboration agreement with MilliporeSigma, customer interest and adoption of the Growth Direct system and the impact of the Growth Direct system on their businesses and operations and statements regarding the potential impact of general macroeconomic conditions on our business and that of our customers.

本次電話會議中任何與對未來事件、結果或表現之預期或預測相關的陳述均屬前瞻性陳述，包括但不限於：與 Rapid Micro 財務狀況相關的陳述、對未來財務表現的假設、預期未來現金使用情形、與公司定期貸款融資安排相關的陳述、對 2026 年第二季及全年之指引（包括營收、費用、毛利率、系統裝機數與驗證活動）、對 Rapid Micro 業務拓展與成長之預期與規劃活動（包括與 MilliporeSigma 的經銷與合作協議所帶來的預期效益）、客戶對 Growth Direct 系統的興趣與採用情況、Growth Direct 系統對其業務與營運的影響，以及關於一般總體經濟狀況可能對本公司及客戶業務造成之潛在影響的陳述。

Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors, including our ability to meet publicly announced guidance, the impact of our existing and any future indebtedness on our ability to operate our business, our ability to assess any future tranches under our debt facility and to comply with all its obligations thereunder; our ability to deliver products to customers and recognize revenue and market and macroeconomic conditions.

由於多項因素，實際結果可能與前瞻性陳述中明示或暗示者存在重大差異，包括：我們達成已公開發布之指引的能力、現有及任何未來負債對我們營運能力的影響、我們在債務融資安排下取得任何未來分期/分段撥款(tranches)的能力以及遵循其項下所有義務的能力；我們向客戶交付產品並認列營收的能力，以及市場與總體經濟狀況。

For a more detailed 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. 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.

如需更詳細的風險與不確定性清單及說明，請參閱我們最近向美國證券交易委員會（SEC）提交之 Form 10-Q 季度報告中的「風險因素」章節，並以我們後續向 SEC 提交文件中不時更新之內容為準。我們敦促您考量這些因素；並請注意，這些陳述僅應視為估計，並不保證未來表現。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, May 13, 2026. 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.

本次電話會議包含具時效性的資訊，且僅在今日（2026 年 5 月 13 日）直播當下為準確。除法律要求外，Rapid Micro 不承擔亦不意圖更新或修訂任何財務預測或前瞻性陳述之義務或責任，不論係因新資訊、未來事件或其他原因所致。

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

接下來，我把電話交給 Rob。

Thank you, Mike. Good afternoon, everyone. I'll begin today's call with a brief overview of our first quarter performance and then discuss our priorities for the year before turning the call over to Sean for a more detailed review of our first quarter results and our Q2 and full year 2026 outlook. Today, we reported total revenue of $8 million, representing 11% year-over-year growth, driven by continued momentum across system placements and recurring revenue. During the quarter, we placed 6 Growth Direct systems.

謝謝你，Mike。各位下午好。我將先簡要概述第一季表現，接著在把電話交給 Sean 之前，說明我們今年的優先事項；Sean 將更詳細回顧第一季業績，以及我們對 2026 年第二季與全年展望。今天我們公布總營收為 800 萬美元，年增 11%，主要受系統裝機與經常性收入持續動能所帶動。本季我們裝機 6 套 Growth Direct 系統。

And as of March 31, we had 196 systems placed globally, including 160 fully validated systems. Placement activity in the quarter was led by multisystem follow-on order from Samsung Biologics, highlighting continued success with larger key customers.

截至 3 月 31 日，我們在全球已裝機 196 套系統，其中 160 套已完成全面驗證。本季的裝機活動主要由 Samsung Biologics 的多系統追加訂單所帶動，凸顯我們在大型關鍵客戶上的持續成功。

Product revenue increased 36% in the first quarter, driven by a record quarter for consumables, which grew more than 30%, reflecting increased utilization in a growing installed base. Service revenue was in line with the guidance we provided in March. Recurring revenue increased 28%, driven by strong growth across both consumables and service contract revenue and represented 63% of total revenue in the quarter. First quarter gross margin was 5%, consistent with our guidance, representing an 8 percentage point improvement from the fourth quarter of 2025.

第一季產品營收成長 36%，主要由耗材創下單季新高所帶動；耗材成長超過 30%，反映在裝機基礎擴大下的使用量提升。服務營收符合我們在 3 月提供的指引。經常性收入成長 28%，受耗材與服務合約收入雙雙強勁成長所帶動，且本季占總營收的 63%。第一季毛利率為 5%，符合我們的指引，較 2025 年第四季提升 8 個百分點。

With that overview, I'll now turn to our priorities and review our progress thus far in 2026, starting with accelerating Growth Direct system placements. We're off to a solid start in 2026. Our commercial team is expanding the funnel with continued momentum in multisystem opportunities and strong engagement, including global rollout discussions with large customers.

在完成上述概述後，我將轉向我們的優先事項，並回顧截至目前 2026 年的進展，首先是加速 Growth Direct 系統裝機。我們在 2026 年有一個穩健的開局。我們的商務團隊持續擴大商機漏斗，在多系統機會上維持動能並展現高度互動，包括與大型客戶就全球導入展開討論。

In early April, we hosted a Japan Growth Direct Day event in Tokyo that brought together current users and prospective customers, the first of three regional Growth Direct Day customer events planned for 2026. The program enabled robust peer-to-peer discussions regarding implementation and validation and highlight the operational benefits of automating and standardizing microbial QC on the Growth Direct platform. Following Japan, I visited South Korea and met with customers to discuss their QC automation road maps.

4 月初，我們在東京舉辦日本 Growth Direct Day 活動，匯聚現有使用者與潛在客戶，這是 2026 年規劃的三場區域性 Growth Direct Day 客戶活動中的第一場。該活動促成了關於導入與驗證的深入同儕交流，並突顯在 Growth Direct 平台上自動化與標準化微生物品質管制（QC）的營運效益。日本行程之後，我前往南韓並與客戶會面，討論其 QC 自動化路線圖。

Across these conversations, we discussed a clear intent in scaling Growth Direct deployments as customers accelerate their plans to adopt automation and enterprise-wide standardization of microbial QC. The Asia Pacific region is an important growth driver for Rapid Micro as we work to accelerate system placements and deepen relationships with large biopharma manufacturers. The engagement we're building in the region positions us well to become a long-term technology partner as the imperative to automate continues to broaden.

在這些對話中，我們看到客戶在擴大 Growth Direct 部署方面有明確意圖，因為客戶正加速推動自動化與企業範圍的微生物 QC 標準化。亞太地區是 Rapid Micro 重要的成長驅動力，我們正致力於加速系統裝機並深化與大型生物製藥製造商的關係。我們在該區域建立的互動與參與，使我們在自動化需求持續擴大的趨勢下，具備成為長期技術合作夥伴的良好定位。

We're also expanding our installed base across the region with system placements in markets such as Singapore and Australia. In addition, we placed our first Growth Direct system in China, where investment in advanced therapies, including cell and gene therapies, continues to increase and regulatory pathways are evolving to support accelerated review.

我們也在該區域持續擴大裝機基礎，於新加坡與澳洲等市場完成系統裝機。此外，我們在中國完成首套 Growth Direct 系統裝機；當地對先進療法（包括細胞與基因療法）的投資持續增加，且監管途徑也在演進，以支持加速審查。

Overall, our activities in Asia Pacific are strengthening customer relationships, building reference sites and supporting continued acceleration of system placements over time.

整體而言，我們在亞太地區的活動正在強化客戶關係、建立示範/參考據點，並支持系統裝機在時間推移下持續加速。

Looking ahead, in June, Amgen will sponsor our first North American Growth Direct Day. We expect the event to bring together existing and prospective customers and further support momentum in our core biopharma market. I look forward to providing an update on our second quarter earnings call. In addition to our direct commercial channel, our collaboration with MilliporeSigma continues to expand the opportunity for Growth Direct placements, not only in our core pharmaceutical market, but also adjacent markets such as personal care and medical devices. MilliporeSigma is prioritizing automation and digital technologies to help shape the future of the pharma QC lab.

展望未來，於6月，安進（Amgen）將贊助我們首場北美 Growth Direct Day。我們預期該活動將匯聚現有及潛在客戶，並進一步支撐我們核心生物製藥市場的成長動能。我期待在第二季財報電話會議上提供最新進展。除我們的直營商業通路外，我們與 MilliporeSigma 的合作亦持續擴大 Growth Direct 的導入機會，不僅在核心製藥市場，也涵蓋個人護理與醫療器材等鄰近市場。MilliporeSigma 正優先推動自動化與數位技術，以協助塑造製藥品管（QC）實驗室的未來。

This effort centers on improving productivity, reliability and data integrity. These are areas where the Growth Direct excels and delivers clear customer value. The Growth Direct platform complements MilliporeSigma's product portfolio, and we are pleased to be included within this broader automation framework. We also entered into a services agreement with MilliporeSigma that makes Rapid Micro the exclusive provider of validation, qualification and maintenance services to their customers that purchase Growth Direct systems.

此項努力聚焦於提升生產力、可靠性與資料完整性。這些正是 Growth Direct 表現出色並能為客戶帶來明確價值的領域。Growth Direct 平台可補強 MilliporeSigma 的產品組合，我們很高興能納入此更廣泛的自動化架構之中。我們亦與 MilliporeSigma 簽訂服務協議，使 Rapid Micro 成為其購買 Growth Direct 系統之客戶在驗證、確認（qualification）與維護服務方面的獨家供應商。

In parallel, we are progressing toward a supply agreement as part of our margin expansion initiatives and continue to collaborate on joint new product development opportunities and enhancements to existing products. Turning to our priority of expanding gross margins. Our performance in 2026 continues to track in line with our expectations and within the framework we've previously outlined. Our primary driver for our full year 2026 gross margin guidance of approximately 20% is a meaningful improvement of consumable margins. We have already begun to realize more favorable pricing from several key suppliers, which is lowering our cost structure and meaningfully improving our visibility.

同時，作為我們毛利率擴張計畫的一部分，我們正推進供應協議，並持續就共同新產品開發機會及既有產品強化進行合作。接著談到我們擴大毛利率的優先事項。我們在2026年的表現持續符合預期，並落在我們先前所說明的框架之內。我們對2026全年約20%的毛利率指引，其主要驅動因素是耗材毛利率的顯著改善。我們已開始自數家關鍵供應商取得更有利的價格，這正在降低我們的成本結構，並顯著提升我們的能見度。

Combined with additional actions underway to improve systems manufacturing efficiency, this gives us confidence in an inflection to positive product gross margins beginning in the second quarter.

再加上我們正在推動的其他措施以提升系統製造效率，這讓我們有信心自第二季起產品毛利率將出現轉折並轉為正值。

Service margins, where we are currently meaningfully positive, are also expected to accelerate further in the second half of 2026 as revenue ramps, supporting our outlook for an overall gross margin rate in the fourth quarter in the mid-20% range. Looking further out, we remain focused on our long-term goal of 50% plus gross margins, supported by internal initiatives and our work with MilliporeSigma to reduce costs across systems and consumables. These efforts include manufacturing efficiencies, improved sourcing and supply chain optimization and overhead leverage as volume scale. Service margins are expected to continue improving through productivity gains and improved headcount leverage across a growing installed base.

服務毛利率方面，我們目前已顯著為正，且預期在2026年下半年隨營收攀升將進一步加速，支撐我們對第四季整體毛利率落在20%中段（mid-20%）區間的展望。放眼更長期，我們仍聚焦於50%以上毛利率的長期目標，並由內部計畫及與 MilliporeSigma 合作降低系統與耗材成本所支持。這些努力包括製造效率提升、採購改善與供應鏈最佳化，以及隨出貨量擴大帶來的間接費用槓桿。服務毛利率預期將透過生產力提升，以及在持續擴大的裝機基礎上改善人力配置槓桿而持續改善。

To conclude my remarks, customer demand remains strong with purchasing decisions increasingly strategic in nature and in many cases, focused on the Growth Direct as an enterprise priority. Our direct commercial organization is executing well and our collaboration with MilliporeSigma continues to advance. Supported by favorable industry tailwinds, including increased automation, U.S. reshoring initiatives and the growing complexity of advanced biomanufacturing, these dynamics are enhancing our visibility into our longer-term commercial pipeline extending into 2027 and 2028. Based on our first quarter performance and outlook, we are reaffirming our full year 2026 revenue guidance of $37 million to $41 million, including 30 to 38 system placements.

總結來說，客戶需求仍然強勁，採購決策日益具策略性，且在許多情況下將 Growth Direct 視為企業層級的優先事項。我們的直營商業團隊執行良好，與 MilliporeSigma 的合作也持續推進。在有利的產業趨勢支持下，包括自動化程度提升、美國回流生產（reshoring）倡議，以及先進生物製造日益增加的複雜性，這些動態正提升我們對更長期商業管線的能見度，並延伸至2027與2028年。基於第一季表現與展望，我們重申2026全年營收指引為3,700萬至4,100萬美元，其中包含30至38套系統導入（placements）。

With that, I'll turn the call over to Sean to discuss our first quarter performance and 2026 outlook in more detail. Sean?

接下來，我將把電話會議交給 Sean，請他更詳細說明我們第一季表現與2026年展望。Sean？

Thanks, Rob, and good afternoon, everyone. I'll begin with an overview of our first quarter 2026 results, followed by our outlook for the second quarter and full year. We will then open the call for questions. Total revenue for the first quarter increased 11% to $8 million compared to $7.2 million in the prior year period. We placed 6 Growth Direct systems in the quarter compared to 3 in Q1 2025.

謝謝你，Rob，各位下午好。我將先概述我們2026年第一季的業績，接著說明第二季與全年的展望。之後我們將開放提問。第一季總營收較去年同期的720萬美元成長11%至800萬美元。本季我們導入6套 Growth Direct 系統，相較於2025年第一季的3套。

Product revenue, which includes systems and consumables, increased 36% to $5.6 million compared to $4.1 million in Q1 2025. The increase was driven by strong consumable growth of more than 30% and higher system placements. Service revenue was $2.4 million compared to $3.1 million in Q1 2025. This was within the guidance range we provided in March.

產品營收（包含系統與耗材）較2025年第一季的410萬美元成長36%至560萬美元。成長主要由耗材超過30%的強勁成長以及較高的系統導入量所帶動。服務營收為240萬美元，較2025年第一季的310萬美元下降。此結果落在我們3月提供的指引區間內。

As a reminder, the timing of validation activities is typically the largest driver of quarter-to-quarter variability in service revenue. We completed 5 validations in the first quarter compared to 9 in the prior year period. Recurring revenue increased 28% to $5.1 million compared to $4 million in Q1 2025. Nonrecurring revenue, which is primarily comprised of systems and validation revenue, was $2.9 million compared to $3.2 million in the prior year period.

提醒各位，驗證（validation）活動的時點通常是造成服務營收季度間波動的最大因素。第一季我們完成5項驗證，去年同期為9項。經常性營收較2025年第一季的400萬美元成長28%至510萬美元。非經常性營收主要由系統與驗證營收構成，為290萬美元，去年同期為320萬美元。

Turning to margin. Total first quarter gross margin and gross margin percentage were relatively flat compared to Q1 last year at $0.4 million and 5%, respectively. This was in line with our guidance. Within this, Q1 product margin was negative 8% compared to negative 23% in Q1 last year. The 15 percentage point improvement was mainly driven by a 33 percentage point improvement in consumable margins resulting mainly from direct material cost reduction activities, increased manufacturing productivity and efficiency and operating leverage from higher volumes.

接著談毛利率。第一季總毛利與毛利率相較去年第一季大致持平，分別為40萬美元與5%。這與我們的指引一致。其中，第一季產品毛利率為負8%，相較去年第一季的負23%。毛利率提升15個百分點，主要來自耗材毛利率提升33個百分點，主因為直接材料成本降低措施、製造生產力與效率提升，以及在較高出貨量下的營運槓桿。

Q1 service margin was 34% in the first quarter compared to 43% in Q1 last year. The lower service margin was due to the lower service revenue in the period, which is partially offset by the positive impact of productivity improvements made over the past year.

第一季服務毛利率為34%，相較去年第一季的43%。服務毛利率較低係因本期服務營收較低所致，但部分被過去一年所推動的生產力改善帶來的正面影響所抵銷。

Moving down the P&L. Total operating expenses were $14.2 million in the first quarter compared to $12.1 million in Q1 2025. Within OpEx, R&D expenses were $3.4 million, sales and marketing expenses were $3.4 million and G&A expenses were $7.4 million, which included $0.9 million of severance and other nonrecurring corporate expenses. Interest income was $0.3 million and interest expense was $0.6 million in the first quarter. Q1 net loss was $14.3 million.

再往下看損益表。第一季總營業費用為1,420萬美元，較2025年第一季的1,210萬美元增加。在營業費用中，研發費用為340萬美元，銷售與行銷費用為340萬美元，一般及行政（G&A）費用為740萬美元，其中包含90萬美元的資遣費及其他非經常性公司費用。第一季利息收入為30萬美元，利息費用為60萬美元。第一季淨損為1,430萬美元。

This compares to a net loss of $11.3 million in Q1 last year. The larger net loss in Q1 this year was primarily attributable to the nonrecurring G&A costs I just mentioned as well as interest expense on the debt we issued in Q3 last year, lower interest income and higher noncash stock-based compensation expense.

這與去年第一季淨虧損 1,130 萬美元相比。今年第一季較大的淨虧損主要歸因於我剛提到的一次性 G&A 成本，以及我們去年第三季發行之債務所產生的利息費用、較低的利息收入與較高的非現金股票基礎薪酬費用。

In Q2, we expect net loss to step down and be comparable to the second quarter last year and then show progressive improvement in Q3 and Q4 compared to the comparable periods last year. Net loss per share was $0.31 in Q1 compared to net loss per share of $0.26 in the prior year quarter. With respect to noncash expenses and capital expenditures, depreciation and amortization expenses were $0.7 million, stock compensation expense was $1.2 million and capital expenditures were $0.4 million in the first quarter.

在第二季，我們預期淨虧損將下降，並與去年第二季相當，之後在第三季與第四季相較去年同期呈現逐步改善。第一季每股淨虧損為 0.31 美元，去年同期每股淨虧損為 0.26 美元。就非現金費用與資本支出而言，第一季折舊與攤銷費用為 70 萬美元，股票薪酬費用為 120 萬美元，資本支出為 40 萬美元。

Now I'll turn to our outlook for the second quarter and full year. For the full year 2026, we are reaffirming our total revenue guidance of $37 million to $41 million, which assumes 30 to 38 system placements. For Q2, we expect revenue of at least $7.7 million, which includes at least 4 system placements. We continue to expect to complete at least 25 validations in 2026. Turning to margins, we expect our Q2 gross margin as a percentage of revenue to be in the mid- to high teens.

接下來我將談談我們對第二季與全年展望。針對 2026 全年，我們重申總營收指引為 3,700 萬至 4,100 萬美元，該指引假設系統裝機量為 30 至 38 台。針對第二季，我們預期營收至少為 770 萬美元，其中包含至少 4 台系統裝機。我們仍預期在 2026 年完成至少 25 項驗證。就毛利率而言，我們預期第二季毛利率（占營收百分比）將落在十幾%的中段至高段。

For the full year, we continue to expect total gross margins of approximately 20% with a Q4 exit rate in the mid-20% range or better, product margin in the high single digits to low teens and service margin above 40%.

就全年而言，我們仍預期總毛利率約為 20%，第四季退出率（exit rate）在 20% 中段或更高；產品毛利率在高個位數至低十幾%，服務毛利率高於 40%。

We continue to expect quarter-to-quarter variability in gross margin to be driven by progress on our product cost reduction and service productivity initiatives, overall revenue volumes and the revenue mix between systems, consumables and service in each period. Continuing down the P&L for the full year, we now expect operating expenses of between $48 million and $52 million and $8 million in noncash expenses, including depreciation and amortization expense of $3 million and stock compensation expense of $5 million, $7 million of noncash expenses in OpEx and $1 million in cost of revenue. We also expect CapEx of $2 million, interest income of $1 million and interest expense of $2 million for the full year.

我們仍預期毛利率將呈現季對季波動，主要受產品成本降低與服務生產力提升計畫的進展、整體營收量，以及各期間系統、耗材與服務之間的營收組合所驅動。在損益表方面，針對全年，我們目前預期營業費用介於 4,800 萬至 5,200 萬美元，非現金費用為 800 萬美元，其中包含折舊與攤銷費用 300 萬美元與股票薪酬費用 500 萬美元；非現金費用中有 700 萬美元計入營業費用（OpEx），另有 100 萬美元計入營收成本。我們也預期全年資本支出（CapEx）為 200 萬美元、利息收入 100 萬美元，以及利息費用 200 萬美元。

I'll now turn to our balance sheet. We used $15 million of cash in the first quarter and ended the period with $23 million. Q1 is typically our highest cash use quarter due to seasonal revenue and margin patterns and certain annual payments. This year, Q1 cash usage also reflects 2 notable timing items. First, Q1 cash collections were lower than usual due to stronger collections in Q4 2025, including the receipt of 100% of the cash associated with our record 16 system placements, which helped reduce Q4 cash usage to $3 million.

我現在轉到資產負債表。我們在第一季使用了 1,500 萬美元現金，期末現金為 2,300 萬美元。第一季通常是我們現金使用量最高的季度，原因在於季節性的營收與毛利率型態，以及某些年度性付款。今年第一季的現金使用也反映了兩項值得注意的時點因素。第一，第一季現金收款低於往常，因為 2025 年第四季收款較強，包括收取與我們創紀錄的 16 台系統裝機相關的 100% 現金，這有助於將第四季現金使用降至 300 萬美元。

And second, the previously mentioned $0.9 million of severance and other nonrecurring corporate expenses included in our G&A expense. For the balance of 2026, we expect cash usage to decline sequentially each quarter as revenue increases, margins continue to expand and operating expenses step down to levels generally consistent with the comparable quarterly periods in 2025. We also expect lower cash usage to be supported by disciplined management of CapEx and working capital. With our $23 million in existing cash and $25 million of remaining availability under our Trinity Capital credit facility, we are well positioned to execute our strategy and we'll continue to actively and prudently manage our balance sheet.

第二，前述計入我們 G&A 費用中的 90 萬美元資遣費與其他一次性公司費用。在 2026 年剩餘期間，隨著營收增加、毛利率持續擴張，以及營業費用下降至大致與 2025 年可比季度期間一致的水準，我們預期現金使用將逐季下降。我們也預期較低的現金使用將受益於對資本支出與營運資金的嚴謹管理。憑藉現有 2,300 萬美元現金以及 Trinity Capital 信貸額度下尚可動用的 2,500 萬美元，我們具備良好條件來執行策略，並將持續積極且審慎地管理資產負債表。

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

以上是我的評論。接下來，我們將開放提問。接線員？

(Operator Instructions) Paul Knight, KeyBanc.

(接線員指示) KeyBanc 的 Paul Knight。

Rob, can you talk to the Millipore JV expansion by what more services? Could you help us understand what that is all about?

Rob，你能談談 Millipore 合資（JV）擴張會帶來哪些更多的服務嗎？你能幫我們理解這整件事的重點是什麼嗎？

Yes, Paul. So basically, that agreement is linked to Growth Directs that MilliporeSigma sells that we will be the provider of all services associated, installation, qualification, all the way through routine use services. So the takeaway is that, that service revenue would be recorded by us. The best way to think about it is no matter where a Growth Direct is sold in the world, we will perform all the installation and qualification services, whether it's through our direct channel or through the MilliporeSigma channel.

好的，Paul。基本上，那項協議與 MilliporeSigma 銷售的 Growth Direct 系統相關，而我們將成為所有相關服務的提供者，從安裝、驗證（qualification），一直到例行使用的服務。因此重點是，該等服務營收將由我們入帳。最好的理解方式是：無論 Growth Direct 在全球哪裡售出，我們都會執行所有安裝與驗證服務，不論是透過我們的直銷通路或透過 MilliporeSigma 的通路。

And then the scale on consumables, is it you need more volume of consumables? Or is it some technical issue that they're getting solved on the Millipore side?

那在耗材的規模方面，是你們需要更大的耗材出貨量嗎？還是 Millipore 那邊正在解決某些技術問題？

Yes. In terms of margin improvement opportunity, Paul?

是的。你是指毛利改善的機會，Paul？

Yes.

是的。

Yes. I think -- yes, it's a little bit of both. I think there's clearly opportunity for us to work with them and source from them over time. So that's the expectation that we have. We do not source anything from them for our consumables right now, and they make some of the largest components of the products.

是的。我想——是的，兩者都有一些。我認為我們顯然有機會與他們合作，並隨時間推進向他們採購。這就是我們的預期。我們目前在耗材方面完全沒有向他們採購，而他們生產的是產品中一些最大的組件。

So that's a very large opportunity for us. But they have expertise in that product as well. And part of the deal with them on distribution is that they're going to increase the volume and the growth. So I think all of that fits together into a nice package for us that we expect is going to help drive margin improvement going forward.

因此這對我們而言是非常大的機會。但他們在該產品上也具備專業能力。而我們與他們在經銷方面交易的一部分，是他們將提高銷量與成長。所以我認為這些都能很好地整合成一個對我們有利的方案，我們預期將有助於推動未來的毛利改善。

As I touched on in my remarks, Paul, we're collaborating with them now on what that could look like with regard to that purchasing to drive gross margin improvement. Separately, the team has done a nice job with our current supply base to make sure we've got the right leverage, which we've given the forward view for the full year on margins. So that was incorporated. Then of course, the -- we have quite a bit of operating leverage in our business, whether it's consumables or systems manufacturing, given our fixed cost leverage in the business. So all that is colluding to come together to present our gross margin outlook, which Sean walked through.

如同我在發言中提到的，Paul，我們目前正與他們合作，討論在採購方面可能的樣貌，以推動毛利率改善。另外，團隊也在我們現有供應基礎上做得很好，確保我們具備適當的議價與槓桿，我們也已提供全年毛利率的前瞻展望。因此那部分已納入考量。當然，我們的業務也具有相當程度的營運槓桿，不論是耗材或系統製造，因為我們的業務具有固定成本槓桿。所以這些因素共同作用，形成我們的毛利率展望，而 Sean 已經逐項說明。

Okay. And then lastly, Sean, the trending line of credit remaining available of $25 million, what are the terms on that?

好的。最後，Sean，剩餘可用的 2,500 萬美元循環信用額度，目前的條款是什麼？

Yes. So we have -- which terms are specifically interested in, Paul, I'm happy to kind of walk through the things that will be helpful.

是的。所以我們有——Paul，你特別關心哪些條款？我很樂意帶你逐項說明哪些內容會有幫助。

I mentioned $25 million line of credit available...

我提到有 2,500 萬美元的信用額度可用……

So the remaining $25 million, we have 2 different tranches that are potentially available to us, and then there's $5 million of additional capital there that is at the lenders' option. So if you think about the structure of the tranches, the first tranche is potentially available to us later this year. There are some financial metrics that we would need to satisfy to unlock it. We expect to do that by the end of the year and have that be available to us. The next tranche is another $10 million that we could unlock as early as roughly middle of 2027, and we are trending towards that as well.

所以就剩餘的 2,500 萬美元而言，我們有兩個不同的分段（tranche）可能可供動用，另外還有 500 萬美元的額外資金是由放款人選擇是否提供。如果你從分段結構來看，第一段可能在今年稍晚可供我們動用。我們需要滿足一些財務指標才能解鎖。我們預期在年底前達成，並讓該額度可供我們使用。下一段是另外 1,000 萬美元，最早大約在 2027 年年中即可解鎖，我們也正朝那個方向推進。

So $10 million toward the end of this year, another $10 million middle of next year, potentially available to us and then $5 million of unallocated that we could work with the lender to unlock as well.

所以今年年底約 1,000 萬美元、明年年中再 1,000 萬美元可能可供我們動用，然後還有 500 萬美元未分配的部分，我們也可以與放款人合作來解鎖。

Dan Arias, Stifel.

Dan Arias，Stifel。

Rob, is there something to be said or a conclusion to be drawn from the kind of performance that you saw in consumables this quarter, 30%-plus growth? Is that part of an acceleration trend? Or do you see that as more episodic to start the year?

Rob，對於你們本季在耗材方面看到的表現——成長超過 30%——是否有什麼可以說的，或可以得出什麼結論？這是否是加速趨勢的一部分？還是你認為這比較像是年初的階段性（episodic）現象？

It's -- what we're seeing, Dan, is a few things in the business, the continued growth in the Growth Direct footprint, efficiencies and our ability to validate. It's one of our fulcrum capabilities. So the faster we validate and the more efficiently we do it, the faster our customers get into routine use. But I would say the most exciting thing is that customers are really using these systems to drive ROIs in their business, which is extending conversations to more Growth Direct rollouts. So it's a really good leading indicator.

Dan，我們看到的是幾個面向：Growth Direct 佈建版圖的持續擴張、效率提升，以及我們的驗證能力。這是我們的關鍵能力之一。所以我們驗證得越快、越有效率，客戶就越快進入例行使用。但我認為最令人振奮的是，客戶確實在使用這些系統來推動其業務的投資報酬率（ROI），這也把對話延伸到更多 Growth Direct 的擴大部署。所以這是一個非常好的領先指標。

If you see that in our business, it means customers are happy in using the system and most importantly, getting an ROI and that activates more and more discussions.

如果你在我們的業務中看到這點，代表客戶很滿意地在使用系統，更重要的是，正在取得 ROI，而這會促成越來越多的討論。

And increasingly, I touched on my trip in Asia and other conversations. Increasingly, the discussions have become more strategic in nature at senior levels. And it's exciting to see many of our customers thinking about enterprise-wide automation and integration of automation technology. So the market is definitely trending in the right direction.

而且我也提到我在亞洲的行程以及其他對話。越來越多的討論在高階層面變得更具策略性。看到許多客戶在思考企業範圍的自動化，以及自動化技術的整合，這令人振奮。所以市場確實正朝正確方向發展。

Okay. All right. And then, Sean, on the 30 to 38 systems for the year, what portion of that comes from systems that are part of orders that you have in hand, Samsung, et cetera? Basically, I'm trying to understand how much new business you need to win in order to get there. It feels like you're on a pretty decent trajectory here, but curious to how you explain it.

好的。好。接著，Sean，關於今年 30 到 38 套系統的目標，其中有多少是來自你們手上已在手的訂單（例如 Samsung 等）所包含的系統？基本上我想了解，為了達到這個目標，你們還需要贏得多少新業務。感覺你們目前的軌跡相當不錯，但想知道你們如何解釋。

Yes. So Samsung was in Q1. I think you're asking about backlog, which isn't something we've historically talked about. But I think it's -- if we look out over the balance of the year, Rob talked about the funnel. I think we feel good about the funnel.

是的。Samsung 是在第一季。我想你問的是在手訂單（backlog），這不是我們過去慣常討論的項目。但我認為——如果我們看今年剩餘期間，Rob 談到了漏斗（funnel）。我想我們對這個漏斗感覺良好。

Obviously, MilliporeSigma is part of that as well, and we have very tight connectivity with them. So I'd say we feel good about where that range is set at this point. That's why we're reiterating it. And a good part of that is based on what we see out over the balance of the year. So -- and remember, we tried to clarify a little bit last quarter. There's some variability in that range, right? 8 systems is a decent sized range there.

顯然，MilliporeSigma 也是其中一部分，而且我們與他們的連結非常緊密。所以我會說，就目前而言，我們對這個區間設定感到有信心。這也是我們重申該指引的原因。其中很大一部分是基於我們對今年剩餘期間所看到的情況。所以——也請記得，我們在上季試著再澄清一點。那個區間本身是有一些變動性的，對吧？8 套系統的區間幅度其實不小。

And I think there are opportunities for us to drive some good movement within that range by getting large multisystem orders that we haven't assumed and where we end up with MilliporeSigma this year in terms of what they deliver against their commitment and the overall environment, which we're obviously watching closely these days. So we're trying to drive to the top end of it, but we feel good about the range in general.

而且我認為，我們有機會透過取得我們尚未納入假設的大型多系統訂單，來推動該區間內的良好上移；另外也取決於 MilliporeSigma 今年在履行其承諾方面的交付情況，以及整體環境——這些我們近期都在密切關注。所以我們會努力朝區間上緣推進，但整體而言我們對這個區間是有信心的。

Okay. But no additional Samsung placements after 1Q?

好的。但第一季之後就沒有額外的 Samsung 佈點了嗎？

Yes, I don't think we can comment on that at this point. I mean there's definitely opportunity with Samsung going forward. Whether that happens this year or not, I don't think we comment on at this point, Dan.

是的，我想我們目前無法對此發表評論。我的意思是，未來與 Samsung 的確有機會。至於是否會在今年發生，我想我們目前不便評論，Dan。

(Operator Instructions) Brendan Smith, TD Cowen.

（接線員指示）Brendan Smith，TD Cowen。

Maybe just another one on kind of margin story here. I guess wondering how we should think about any potential inflection and kind of the impact from consumables and services revenue over the coming quarters? I guess is there maybe a sweet spot number of total placements that you expect to ultimately kind of hit that tipping point where consumables read-through starts to kind of outweigh new device placements? Or really just any kind of color on how to think about the push and pull there on margins?

我再問一個關於毛利的問題。我想了解，未來幾季耗材與服務營收可能帶來的影響，以及我們應該如何看待任何潛在的拐點？是否存在一個你們預期最終會達到的總佈點數「甜蜜點」，在那之後耗材的帶動效應（read-through）開始超過新設備佈點？或是任何關於毛利拉鋸（push and pull）的補充說明也可以。

So Brendan, it's Sean. So for consumable margins, I think if you go back to what we said back in March, it still holds true. I think we expect to see that moving in a positive direction in the second half, driven in part by volume, but I think also driven very much by the other factors that I think both Rob and I have talked about, which is getting material costs out of the products, including the significant vendor pricing reductions we achieved recently, but also increasing volume and leverage that goes with that from an operating standpoint.

Brendan，我是 Sean。就耗材毛利而言，我認為如果你回顧我們在 3 月所說的內容，現在仍然成立。我們預期下半年會朝正向方向改善，部分由量的提升所帶動，但我也認為更大程度是由我和 Rob 都談過的其他因素所驅動，也就是降低產品的材料成本，包括我們近期取得的顯著供應商降價，同時也包括銷量增加以及隨之而來的營運槓桿。

Service, I think as we've talked about before, is driven -- it is sensitive to volume. And as we said last quarter, the expectation right now is that we're going to have a heavier second half than the first half in terms of service revenue with validations. But we had the big Q4 last year. Those systems seem to be teeing up to be more second half than first half in terms of validation. So that revenue is going to come in the second half, and that will have a positive impact on margins in the second half.

至於服務，我想如同我們之前談過的，它是由——它對量是敏感的。而且如同我們上季所說，目前的預期是：就驗證而言，下半年的服務營收會高於上半年。但我們去年第四季很強。那些系統看起來在驗證時點上更偏向下半年而非上半年。因此那部分營收會在下半年進來，並對下半年的毛利帶來正面影響。

Got it. Great. And then maybe just -- I know you noted some of the acceleration in cell and gene therapy programs. I guess just wanted to maybe get your take on kind of the recent overhaul in leadership at FDA. Do you expect any kind of notable changes there?

了解。很好。接著可能就是——我知道你提到細胞與基因治療專案有一些加速。我想只是想請你談談最近 FDA 領導層大幅調整的看法。你預期那邊會有任何顯著的變化嗎？

Or just anything you're kind of watching over the coming weeks to maybe signal how that momentum shifts if it does?

或者接下來幾週你們會特別關注哪些事情，可能用來判斷那股動能是否、以及如何發生變化？

Yes, it's Rob. We watch actively the approvals. As you know, we have very high penetration into the cell therapies CAR-T market in particular. I think our last reading was 86% of the FDA-approved manufacturers are using our system. So as you know, it's a very, very, very good fit.

是的，我是 Rob。我們會積極關注核准情況。如你所知，我們在細胞治療、尤其是 CAR-T 市場的滲透率非常高。我記得我們上次看到的數據是，86% 的 FDA 核准製造商都在使用我們的系統。所以如你所知，這是非常、非常、非常契合的。

So we watch it actively. And I'm not sure if there's anything we've observed in the past few weeks as far as acceleration or deceleration of approvals. But we like generally the pipeline, as I touched on, also regionally speaking, to include Asia. So we are -- we believe we're well positioned to win cell and gene business broadly, whether it's through the principal manufacturers or through the CDMOs.

所以我們會密切關注。而就核准速度的加快或放緩而言，我不確定過去幾週我們是否觀察到任何變化。但我們整體上看好這個產品管線，正如我提到的，也包括區域面向，涵蓋亞洲。因此我們——我們相信自己在廣泛贏得細胞與基因業務方面具備良好位置，不論是透過主要製造商或透過 CDMO。

As you know, we've got a good footprint there. And we're also very well positioned to win that business globally, sort of region independent. So we'll continue to report out on what we see. But the takeaway for us right now is we are -- and our intent is to remain well positioned to win in the cell and gene market and cell therapy in particular.

如你所知，我們在那裡有不錯的佈局。而且我們也非常有利於在全球範圍內贏得這些業務，某種程度上不受區域限制。所以我們會持續回報我們所看到的情況。但我們目前的重點結論是：我們——以及我們的意圖是——持續保持在細胞與基因市場、尤其是細胞治療領域的競爭優勢。

Thomas Flaten, Lake Street Capital Markets.

Thomas Flaten，Lake Street Capital Markets。

I was wondering if there's any way you could characterize the Millipore sales funnel from an industrial vertical perspective, what's their focus? What are they looking at? And any way you could -- and I know you don't talk about backlog, but just give us a sense of what kind of number of potential placements you're looking at in the coming months here, however you want to phrase it?

我想請問，你們是否能從工業垂直領域的角度，描述一下 Millipore 的銷售漏斗，他們的重點是什麼？他們在看哪些方向？另外你們是否能——我知道你們不談積壓訂單（backlog），但能否讓我們大概了解一下，未來幾個月你們可能會看到多少潛在的裝機/導入（placements），用你覺得合適的方式表達即可？

Yes. Kind of in reverse order, I won't -- this is Rob. Thomas, I won't speak to the placement number. We haven't released that via -- with regard to Millipore. But I can tell you one thing I'm extremely excited what I'm seeing with regard to the global connectivity and activity and momentum that team is building, the Merck Millipore team.

好的。我先倒過來回答——我是 Rob。Thomas，我不會談具體的裝機/導入數量。我們尚未就 Millipore 相關內容對外發布這個數字。但我可以告訴你一點：就 Merck Millipore 團隊正在建立的全球連結、活動量與動能而言，我看到的情況讓我非常、非常振奮。

Very happy with how our teams are collaborating. It's a larger company. It's a much larger sales force. So it took a little bit of time to, if you will, get up to flying speed, but we're there, and I'm very, very excited about it. MilliporeSigma has hired and focused specialists within their regions, North America, Europe and Asia.

我對我們團隊之間的協作方式非常滿意。他們是一家更大的公司。他們的銷售團隊規模也大得多。所以要花一點時間才能（如果你願意這麼說）進入全速運轉，但我們已經到了，而且我對此非常、非常興奮。MilliporeSigma 已在其各區域——北美、歐洲與亞洲——聘用並聚焦專業人員。

Their funnels are growing and their relationships are deep and broad, which is activating and building funnel.

他們的漏斗正在成長，關係也更深更廣，這正在帶動並建立銷售漏斗。

The next step will be seeing that funnel convert and close and potentially the acceleration of sales cycle. So that's TBD at this point, to be fair. But the -- I would say the conditions are present and the predicate steps have been put in place for this to be a very successful collaboration. The story is still being written, of course, but I think it's -- I'm very excited about the leading indicators that I'm seeing, and that's globally. It's not in any one region.

下一步將是看到這個漏斗轉化、成交，並可能加速銷售週期。所以就目前而言，這仍有待觀察（TBD），公平地說。但——我會說，成功合作所需的條件已經具備，且前置步驟也已到位，讓這成為一次非常成功的合作。當然，故事仍在書寫中，但我對我所看到的領先指標非常興奮，而且這是全球性的。並非只發生在某一個地區。

With regard to end markets, there is focus currently, not complete, but I would say a majority of focus within the broader pharmaceutical markets. We're in a lot of places, but we're also not in a lot of customers, and they have reach far beyond ours and there are many, many labs. So there's a net to match. We've got good brand in pharma. So that's a natural starting area.

就終端市場而言，目前的重點是在更廣泛的製藥市場——不是全部，但我會說大多數重點在那裡。我們覆蓋很多地方，但也還沒有進入很多客戶；而他們的觸及範圍遠超過我們，且有非常非常多的實驗室。所以有一張網可以去匹配。我們在製藥領域有不錯的品牌。因此那是很自然的起點。

But they also can go deep in other verticals, which are also very large markets, such as personal care, cosmetics, medical device. Those can tend to be, in some cases, more scattered markets.

但他們也能深入其他垂直領域，而那些同樣是非常大的市場，例如個人護理、化妝品、醫療器材。在某些情況下，這些市場往往更分散。

You need a broader and larger team to get after and brand and capability. So that was another reason why this partnership made sense for us. So that expands our TAM meaningfully. So more to tell there, but the report card right now with regard to the, I'll call it, the leading indicators, actual activities I'm seeing is I'm personally very, very excited about it.

你需要更廣、更大的團隊去推進品牌與能力。所以這也是為什麼這個合作夥伴關係對我們有意義。因此它顯著擴大了我們的 TAM（可服務總市場）。後續還會有更多可以分享，但就目前而言，關於我所稱的領先指標、也就是我看到的實際活動，我個人非常、非常興奮。

Okay. No other questions, we're going to wrap today's call. Thanks, everyone, for your time and attention, and we look forward to speaking with many of you shortly. Thank you.

好的。沒有其他問題的話，我們就結束今天的電話會議。感謝各位撥冗與關注，我們也期待很快能與各位中的許多人再度交流。謝謝。

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

今天的會議到此結束。感謝各位的參與。您現在可以掛線。