Revvity Inc (RVTY) 2023 Q1 法說會逐字稿

Hello, and welcome to the Q1 2023 Revvity, Inc. Earnings Conference Call. My name is Alex, and I'll be today for the call today. (Operator Instructions)

大家好，歡迎參加 Revvity, Inc. 2023 年第一季財報電話會議。我叫 Alex，今天我會出席這場電話會議。 （接線生指示）

I'll now hand over to your host, Steve Willoughby, SVP of Investor Relations. Please go ahead.

現在，我將把時間交給主持人、投資者關係高級副總裁史蒂夫·威洛比 (Steve Willoughby)。請開始吧。

Thank you, operator. Good morning, everyone, and welcome to Revvity's First Quarter 2023 Earnings Conference Call. On the call with me today are Prahlad Singh, our President and Chief Executive Officer; and Max Krakowiak, our Senior Vice President and Chief Financial Officer.

謝謝接線生。大家早安，歡迎參加 Revvity 2023 年第一季財報電話會議。今天與我一起參加電話會議的還有我們的總裁兼執行長 Prahlad Singh，以及我們的資深副總裁兼財務長 Max Krakowiak。

Before we begin, I'd like to remind everyone of the safe harbor statements that we have outlined in our press release issued earlier this morning and also those in our SEC filings. Statements or comments made on this call may be forward-looking statements which may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations or intentions. These matters involve certain risks and uncertainties. The company's actual results may differ significantly from those projected or suggested by any forward-looking statements due to a variety of factors, which are discussed in detail in our SEC filings. Any forward-looking statements made today represent our views as of today. We disclaim any obligation to update these forward-looking statements in the future, even if our estimates change. So you should not rely on any of today's forward-looking statements as representing our views as of any date after today.

在開始之前，我想提醒大家注意我們在今天早上發布的新聞稿以及我們提交給美國證券交易委員會 (SEC) 的文件中概述的安全港聲明。本次電話會議上的陳述或評論可能是前瞻性陳述，其中可能包括但不限於財務預測或公司計劃、目標、預期或意圖的其他陳述。這些事項涉及一定的風險和不確定性。由於各種因素，公司的實際業績可能與任何前瞻性陳述的預測或暗示存在顯著差異，這些因素在我們提交給美國證券交易委員會的文件中進行了詳細討論。今天所做的任何前瞻性陳述均代表我們截至今天的觀點。即使我們的估計發生變化，我們也不承擔將來更新這些前瞻性聲明的義務。因此，您不應將今天的任何前瞻性陳述視為代表我們截至今天之後任何日期的觀點。

During this call, we will be referring to certain non-GAAP financial measures. A reconciliation of the non-GAAP financial measures we plan to use during the call to the most directly comparable GAAP measures is available as an attachment to our earnings press release. To the extent we use non-GAAP measures during this call, which are not reconciled to GAAP, we will provide reconciliations promptly.

在本次電話會議中，我們將參考某些非公認會計準則 (non-GAAP) 財務指標。我們計劃在電話會議中使用的非公認會計準則 (non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳表，可作為我們業績新聞稿的附件取得。如果我們在本次電話會議中使用了未與公認會計準則 (GAAP) 進行對帳的非公認會計準則 (non-GAAP) 指標，我們將及時提供對帳表。

I'll now turn it over to our President and Chief Executive Officer, Prahlad Singh. Prahlad?

現在我將把發言權交給我們的總裁兼執行長 Prahlad Singh。 Prahlad？

Thanks, Steve, and good morning, everyone. It is great to be speaking to all of you for the first time as Revvity. We are here in Dallas today as we are hosting a global gathering of employees to officially launch the new company and brand this week. Our objective is to not only familiarize and engage our employees with the new brand but also to organize and collaborate in person for the first time as a collective group since before the pandemic.

謝謝，史蒂夫，大家早安。很高興第一次以 Revvity 的名義和大家交流。今天我們在達拉斯舉辦全球員工大會，本周正式啟動新公司和新品牌。我們的目標不僅是讓員工熟悉和參與新品牌，更是自疫情爆發以來，首次以集體形式進行組織和麵對面的合作。

The past 3 months have been incredibly busy as we have officially closed the latest chapter of our transformation. As you likely saw earlier this week, we launched Revvity as our new brand after receiving shareholder approval to change our company's name in late April.

過去三個月異常忙碌，因為我們正式開啟了轉型的新篇章。正如您可能在本週早些時候看到的，在4月底獲得股東批准更改公司名稱後，我們推出了新品牌「Revvity」。

To change the name and brand identity for a public company with a roughly $3 billion in revenue and over 11,000 employees is a significant undertaking but one that I'm confident in our ability to execute well, and I couldn't be more excited for what the future of Revvity holds. This follows the successful completion of the divestiture of our Analytical and Enterprise Solutions business in mid-March, which was also quite the undertaking in and of itself.

對於一家營收約30億美元、員工超過1.1萬名的上市公司來說，更改名稱和品牌形像是一項重大的任務，但我對我們出色執行的能力充滿信心，而且我對Revvity的未來充滿期待。先前，我們在3月中旬成功完成了分析和企業解決方案業務的剝離，這本身也是一項艱鉅的任務。

To give you some quick perspective of the process it entailed, we have to successfully transfer 96 separate facilities; create approximately 40 new legal entities; sign, convey or separate roughly 2,000 different contracts; and change the employer for over 5,500 people. Needless to say, it required substantial effort by many, and I'm proud that we completed this successfully and on time.

簡單介紹一下整個流程：我們必須成功轉移96個獨立設施；創建約40個新的法人實體；簽署、轉讓或拆分約2000份不同的合約；並更換超過5500名員工的雇主。毋庸置疑，這需要許多人付出巨大的努力，我很自豪我們能夠準時順利完成。

At its core, the vision for Revvity is founded on a belief that what is believed to be impossible can instead serve as our inspiration to help customers make new breakthrough scientific discoveries. Revvity is about being a leader in helping revolutionize science at an accelerated speed to improve people's lives everywhere.

Revvity 的核心願景建立在這樣一種信念之上：那些被認為不可能的事情，反而會成為我們的靈感，幫助客戶取得新的突破性科學發現。 Revvity 致力於成為引領科學革命的領導者，以更快的速度改善世界各地人們的生活。

As you know, challenging limits and reimagining the impossible are key to advancing science, but being able to do so rapidly, whether in the R&D lab or in the clinic, can have a profound impact on the development of a new drug or the next treatment for a patient. Not only will these elements be key to our success, but we will also further build solutions and technologies that cross over between our Life Sciences and our Diagnostics businesses.

眾所周知，挑戰極限、打破不可能是推動科學進步的關鍵，而無論是在研發實驗室還是在臨床實踐中，能夠快速實現這一目標，對新藥研發或患者新療法的研發都至關重要。這些因素不僅是我們成功的關鍵，還將進一步建構生命科學和診斷業務之間的交叉解決方案和技術。

We are increasingly seeing how the interplay across the health spectrum is shaping our customers' approaches to solving their greatest challenges. For example, as genomics and multiomics become even more established in pharmaceutical and academic research and development, we are focused on providing specific high-value tools that help bring this new science to life, while also being a leading innovator of difficult-to-develop clinical assays and systems.

我們日益看到，健康領域內的互動正在塑造客戶應對其最大挑戰的方法。例如，隨著基因組學和多組學在製藥和學術研發領域日益成熟，我們專注於提供特定的高價值工具，幫助這項新興科學的蓬勃發展，同時，我們也在高難度臨床檢測和系統的研發領域處於領先地位。

And if we look at our Life Sciences business today, we not only help our customers invent the next groundbreaking therapeutics, but also support their development to the point, they can enter human clinical trials. In the not-too-distant future, we will aim to work with our customers as they work to bring these new offerings all the way to commercialization. On top of that, we can combine some of the same innovative science with our robust know-how of developing novel diagnostic tools and assays, providing vital information to help specifically identify those patients who stand to benefit the most from these new therapies and cures.

綜觀我們今天的生命科學業務，我們不僅幫助客戶發明下一代突破性療法，還支持其研發直至進入人體臨床試驗階段。在不久的將來，我們將致力於與客戶攜手合作，將這些新產品推向商業化。此外，我們可以將一些相同的創新科學與我們在開發新型診斷工具和檢測方法方面的雄厚專業知識相結合，提供關鍵信息，幫助精準識別最有可能從這些新療法和新療法中獲益的患者。

This is what's so exciting about Revvity. We are in a unique position to embrace the impossible to improve lives everywhere.

這就是 Revvity 令人振奮的地方。我們擁有獨特的優勢，能夠擁抱不可能，改善所有人的生活。

While Revvity was borne from a significant portfolio transformation over the last few years, I think what is less known and more difficult to see externally is how much the company has also transformed internally at the same time. We have made meaningful progress in operating efficiency, R&D productivity, talent, diversity and development and company culture. Despite the impressive performance so far, we are still just scratching the surface of our potential.

雖然 Revvity 誕生於過去幾年的重大投資組合轉型，但我認為，外部鮮為人知且更難看到的是，公司內部也同時發生了多大的轉型。我們在營運效率、研發效率、人才、多元化與發展以及公司文化方面取得了顯著進展。儘管迄今為止的業績令人印象深刻，但我們的潛力才剛開始顯現。

In terms of how the business is performing today, we generated 6% organic growth in 1Q '23, excluding COVID, which was against a strong 13% comparison from a year ago. As we look ahead to the remainder of the year, while there are always moving pieces, we remain optimistic that the company is now extremely well positioned to outperform our underlying market growth and peer set in all types of macro environments.

就目前的業務表現而言，2023年第一季度，我們實現了6%的有機成長（不包括新冠疫情），而去年同期的有機成長則強勁，為13%。展望今年剩餘時間，儘管情況瞬息萬變，但我們仍然樂觀地認為，公司目前已處於極其有利的地位，能夠在各種宏觀環境下超越我們潛在的市場增長和同行業業績。

The 6% organic growth in the quarter, which was at the high end of our implied guidance, was despite our immunodiagnostics business in China, which represents 5% to 6% of our total company revenue, being softer than what we saw during 4Q and softer than our expectations coming into the quarter. This piece of our business has been significantly impacted by both the lockdowns and the subsequent infection wave following the reopening.

本季度，我們實現了6%的有機成長，處於我們隱含指引的高位，儘管我們在中國市場的免疫診斷業務（占我們公司總收入的5%至6%）低於第四季度的水平，也低於我們進入本季度時的預期。這部分業務受到了封鎖以及復工復產後隨之而來的疫情的嚴重影響。

While daily life appears to have returned to normal in the country, the non-acute diagnostic testing that we support still has not fully recovered. We continue to expect it to take until the second half of the year to more fully return to normal, which is consistent with our previous commentary and expectations.

雖然該國的日常生活似乎已恢復正常，但我們支持的非急性診斷檢測仍未完全恢復。我們仍然預計，疫情要到下半年才能更全面地恢復正常，這與我們先前的評論和預期一致。

With that being said, we are expecting sequential improvements in absolute demand in 2Q in our Diagnostics business in China. We were more than able to offset this continued pressure on our Diagnostics business in China as the rest of the company performed stronger than anticipated.

話雖如此，我們預計第二季中國診斷業務的絕對需求將較上季成長。由於公司其他業務的表現強於預期，我們完全有能力抵銷中國診斷業務持續面臨的壓力。

Our Life Sciences business grew in the high single digits overall, with low double-digit growth in reagents and an as-expected mid-single-digit decline in our Informatics business due to the previously mentioned timing of renewals this year.

我們的生命科學業務總體上實現了高個位數增長，試劑業務實現了低兩位數增長，而資訊學業務由於前面提到的今年續約時間而出現了預期中的個位數下降。

Our Diagnostics business grew in low single digits overall despite the pressures in China as our immunodiagnostics business outside of China, which is 3 to 4x the size of the business in China, grew in the mid-teens in the quarter. I think this shows the underlying strength and potential of this franchise once we get through the patient accessibility issues we faced over the last year or so.

儘管中國市場面臨壓力，我們的診斷業務整體仍實現了低個位數成長，而我們在中國以外的免疫診斷業務（其規模是中國市場的3到4倍）在本季度實現了15%左右的增長。我認為這表明，一旦我們克服了過去一年左右面臨的患者可及性問題，這項業務就將展現出其潛在的實力和潛力。

Revvity is a company that will be leading with innovation, and that was again apparent here in 1Q. At the SLAS conference in February, we launched the EnVision Nexus, which is the next-generation version of our most sophisticated multimode plate reader, which has dedicated and optimized reagents and software, providing a complete solution for our customers right from launch. Additionally, we are making good progress on our technology partnership and licensing opportunities and expect to be able to share more details later this year.

Revvity 是一家引領創新的公司，這一點在第一季再次體現。在二月的 SLAS 大會上，我們推出了 EnVision Nexus，這是我們最先進的多模式酶標儀的新一代產品，配備了專用且經過優化的試劑和軟體，從上市之日起就為客戶提供完整的解決方案。此外，我們在技術合作和授權方面也取得了良好的進展，預計將在今年稍後分享更多細節。

Finally, we have a robust near-term pipeline of additional new product introductions slated for over the remainder of the year across our businesses, which we are excited about and look forward to getting in customers' hands soon.

最後，我們計劃在今年剩餘時間內在各個業務領域推出一系列強勁的新產品，我們對此感到興奮，並期待很快將這些產品送到客戶手中。

As it pertains to our impact on the world overall, we are continuing to make good progress on our ESG journey, which is an integral part of Revvity and was reflected in a recent noteworthy improvement on our ESG rating with Moody's, which put us well above our peer group overall. And now that we've officially launched Revvity, we will look to get our current emission reduction targets certified by the Science-based Targets Initiative in the coming months.

就我們對整個世界的影響而言，我們在ESG領域持續取得良好進展，這也是Revvity計畫的重要組成部分，近期穆迪對我們ESG評級的顯著提升也體現了這一點，使我們的整體水平遠高於同行。 Revvity計畫現已正式啟動，我們將在未來幾個月內爭取科學碳目標倡議組織的認證，以達到我們目前的減排目標。

With the divestiture now complete, we have been busy preparing for, and starting to take steps, to redeploy the proceeds from the deal. While Max will share more details, we are appropriately aligning our balance sheet to maximize returns while also planning for upcoming debt maturities over the next 16 months. We have also recently increased our flexibility to opportunistically repurchase shares should we choose with a new $600 million authorization from our Board to replace what was left on our prior authorization.

隨著資產剝離的完成，我們一直在積極籌備並著手採取措施重新部署交易所得收益。 Max 會分享更多細節，但我們正在適當調整資產負債表，以實現收益最大化，同時規劃未來 16 個月內即將到期的債務。最近，我們還增加了靈活性，以便我們能夠擇機回購股票，董事會已批准 6 億美元新資金，以取代先前授權的剩餘資金。

However, our primary focus for capital deployment continues to be towards inorganic investment while also taking into account some of the incremental organic investments we are beginning to undertake, such as a new e-commerce platform and planning for additional GMP capacity.

然而，我們的資本配置主要重點仍是無機投資，同時也考慮到我們開始進行的一些增量有機投資，例如新的電子商務平台和額外的 GMP 產能規劃。

In closing, Revvity's future is extremely bright. We look forward to continuing to serve as a visionary partner to help solve the greatest health challenges, while also delivering market-leading financial performance at scale. With strong organic revenue growth and mid-teens adjusted EPS growth expected over the medium term, Revvity is poised to make a lasting and unique impact on the world in many ways going forward.

最後，Revvity 的未來一片光明。我們期待繼續作為富有遠見的合作夥伴，協助解決最嚴峻的健康挑戰，同時實現市場領先的規模化財務表現。憑藉強勁的有機收入成長和中期調整後每股盈餘的中雙位數成長，Revvity 預計將在未來以多種方式對世界產生持久而獨特的影響。

With that, I'll now turn the call over to Max.

說完這些，我現在將電話轉給馬克斯。

Thanks, Prahlad, and good morning, everyone. As Prahlad highlighted, it was a significant and transformational accomplishment to successfully complete the divestiture of our Analytical and Enterprise Solutions businesses during the first quarter. This was followed by officially launching the new brand as Revvity revenue just 2 days ago. There has been a tremendous amount of work and effort by so many over the last few years to complete this transformation of the business. But at the same time, it also feels like we are now just getting started and beginning to scratch the surface of our full potential.

謝謝，Prahlad，大家早安。正如Prahlad所強調的，在第一季成功剝離我們的分析和企業解決方案業務是一項重大的轉型成就。就在兩天前，我們正式推出了新品牌Revvity Revenue。過去幾年，為了完成這項業務轉型，我們付出了巨大的努力。但同時，我們也感覺自己才剛起步，才剛開始挖掘我們全部潛力。

It is a unique opportunity to name an existing business, and I'm excited about how the name Revvity links to our company's purpose. Rev comes from the concept of revolutionizing, while vity stems from the Latin word vita, which translates to life. This ability to help our customers revolutionize human life through science is both a humbling and energizing experience not only for me personally but for our entire company.

為現有企業命名是一個難得的機會，我很高興看到 Revvity 這個名字與我們公司的宗旨緊密相連。 Rev 源自於「革新」的概念，而 Vity 則源自拉丁文 vita，意為「生命」。能夠幫助客戶透過科學革新人類生活，不僅對我個人，而且對我們整個公司來說，都是一次謙卑又充滿活力的經歷。

As I begin to walk through our financial results, I wanted to remind you that all of my following commentary completely excludes the business that we divested and only includes our Life Sciences and Diagnostics businesses, which now make up Revvity.

當我開始介紹我們的財務表現時，我想提醒您，我接下來的所有評論都完全不包括我們剝離的業務，而只包括我們現在構成 Revvity 的生命科學和診斷業務。

Overall, the business performed well in the first quarter. Our adjusted revenues were $675 million, which was down 30% due to the significant drop in COVID-related revenues compared to a year ago. On a non-COVID basis, our organic growth was 6%, which was at the upper end of our expectations despite a slower-than-expected recovery so far in our China Diagnostics business. FX was a 3% headwind, which was a point worse than we had expected, and we had no contribution from recent acquisitions.

整體而言，第一季業務表現良好。我們的調整後收入為6.75億美元，由於新冠疫情相關收入與去年同期相比大幅下降，下降了30%。非新冠疫情期間，我們的有機成長率為6%，儘管迄今為止中國診斷業務的復甦速度低於預期，但仍處於預期的較高水準。外匯交易帶來了3%的不利影響，比我們預期的要差一個百分點，而且近期收購沒有帶來任何貢獻。

As previously mentioned, while we are now excluding all COVID revenue from our expectations and guidance, we did generate $3 million of COVID-related revenue in the first quarter, which is obviously a dramatic reduction from the $310 million of COVID-related revenue we had in the first quarter a year ago. As seen in the first quarter, we expect our COVID revenues going forward to be de minimis, which is why we are -- they are no longer included in our guidance.

如前所述，雖然我們現在將所有新冠疫情相關收入排除在預期和指引之外，但我們在第一季確實創造了300萬美元的新冠疫情相關收入，這顯然比去年同期3.1億美元的新冠疫情相關收入大幅減少。正如第一季的情況所示，我們預計未來的新冠疫情相關收入將微乎其微，因此我們不再將其納入指引。

As it relates to the P&L, we generated 28% adjusted operating margins in the quarter overall. This was driven by adjusted gross margins of 62.4% as we continue to see progress on our supply chain productivity and pricing initiatives. This was partially offset by product mix given that aforementioned headwinds in our Diagnostics business in China were greater than we had planned. As for pricing, we generated around 200 basis points of net price realization in the quarter as we started to lap some of the more significant pricing efforts we implemented a year ago. For the full year, we continue to expect at least 100 basis points of net pricing realization for the company overall.

就損益表而言，我們本季整體調整後營業利益率為28%。這得益於我們持續提升供應鏈效率和定價舉措，使調整後毛利率達到62.4%。鑑於我們中國診斷業務面臨的上述不利因素超出了我們的預期，產品組合部分抵消了這一成長。至於定價，由於我們開始逐步落實去年實施的一些較為重要的定價措施，本季我們實現了約200個基點的淨價格。我們預計全年公司整體淨價格將至少實現100個基點。

Looking below the operating line, we had net interest expense and other of $27 million in the quarter, and our adjusted tax rate was 21.5%. This all resulted in adjusted EPS in the first quarter of $1.01, which is at the upper end of our expectations.

從營業利益率來看，本季我們的淨利息支出及其他支出為2,700萬美元，調整後稅率為21.5%。所有這些因素共同作用，使得第一季調整後每股盈餘達到1.01美元，處於我們預期的上限。

Moving beyond the P&L, we generated adjusted free cash flow of $51 million in the quarter which, on a year-over-year basis, was pressured significantly from the meaningful drop in COVID-related revenues. Additionally, we had approximately $80 million of cash outflows related to our divestiture, rebranding and pension-related expenses. So on a normalized basis, our cash flow performance is off to a strong start so far this year.

除損益表外，本季我們實現了5,100萬美元的調整後自由現金流，但與去年同期相比，新冠疫情相關收入的大幅下降對其造成了巨大壓力。此外，我們因資產剝離、品牌重塑和退休金相關支出而產生了約8,000萬美元的現金流出。因此，在正常化基礎上，我們今年迄今的現金流表現開局強勁。

With regard to capital deployment, we've been much more active so far this year as we've deployed over $800 million year-to-date, which includes $130 million of share repurchases and approximately $700 million towards preparing for our $1.2 billion of remaining short-term debt maturities over the next 16 months. We continue to expect to arrange additional investments to align with these upcoming maturities over the coming weeks.

在資本配置方面，我們今年迄今更加積極，已部署超過8億美元，其中包括1.3億美元的股票回購，以及約7億美元用於準備未來16個月內剩餘的12億美元短期債務。我們預計將在未來幾週內安排更多投資，以配合這些即將到期的債務。

This left us with a net debt to adjusted EBITDA leverage ratio of 1.9x at the end of the quarter which is down from 2.7x at the end of the year and down from 2.3x a year ago. We are very well positioned from a capital structure standpoint and have ample flexibility to pursue those investments we believe are in the best long-term interest for our shareholders.

這使得我們本季末的淨債務與調整後EBITDA的槓桿率為1.9倍，低於去年末的2.7倍和去年同期的2.3倍。從資本結構的角度來看，我們處於非常有利的地位，並擁有充足的靈活性來追求我們認為符合股東長期利益的投資。

I'd now like to provide some commentary pertaining to our first quarter business trends. You'll see on our investor website a new quarterly earnings related slide deck that has been revamped for Revvity to provide some additional information on the financial performance of the company.

現在，我想就我們第一季的業務趨勢提供一些評論。您可以在我們的投資者網站上看到一份新的季度收益相關幻燈片，該幻燈片已針對 Revvity 進行了修改，旨在提供有關公司財務業績的更多資訊。

The 6% non-COVID organic growth generated in the quarter was comprised of 9% growth in our Life Sciences segment and 3% in Diagnostics. Geographically, we grew in the low single digits in the Americas, low double digits in Europe and mid-single digits in Asia Pac, with flat performance in China overall.

本季實現的非新冠疫情有機成長6%，其中生命科學部門成長9%，診斷部門成長3%。從地理來看，美洲地區實現了低個位數成長，歐洲地區實現了低兩位數成長，亞太地區實現了中等個位數成長，而中國市場整體表現持平。

Within China, we continue to see greater than 20% year-over-year organic growth in our Life Sciences business, which was offset by the larger than anticipated headwinds from the reopening-related infection wave on our diagnostics business. Overall, our Diagnostics segment in China declined in the low double digits, with immunodiagnostics declining in the high teens, which was worse than our low double-digit decline expectation. While we expect trends to improve sequentially in the second quarter for this pressure part of our Diagnostics business in China, we still do not expect volume trends to begin to fully normalize until the second half of the year, consistent with our previous expectations.

在中國，我們生命科學業務持續維持超過20%的年有機成長，但這一成長被復工復產相關疫情對診斷業務造成的超出預期的不利影響所抵消。總體而言，我們在中國的診斷業務部門的銷售額呈低兩位數下滑，其中免疫診斷業務的銷售額呈高兩位數下滑，低於我們預期的低兩位數下滑。雖然我們預計中國診斷業務中這一高壓力部門的銷售趨勢將在第二季度環比改善，但我們仍預計，銷售趨勢要到下半年才能完全恢復正常，這與我們先前預期的一致。

From a segment perspective, our Life Sciences business generated adjusted total revenue of $328 million in the quarter. This was up 7% year-over-year on a reported basis and up 9% on an organic basis against a strong 19% year ago comparison, and represented 49% of total company revenue overall.

從分部角度來看，我們的生命科學業務本季調整後總收入為3.28億美元。報告期間內，該營收年增7%，有機成長9%，去年同期則強勁成長19%。該收入占公司總收入的49%。

From a customer perspective, our sales in the pharma/biotech grew in the mid-single digits, while sales to academic and government grew in the strong double digits organically year-over-year.

從客戶角度來看，我們在製藥/生物技術領域的銷售額同比增長了中等個位數，而對學術界和政府領域的銷售額則實現了強勁的兩位數有機增長。

As it pertains to pharma/biotech, which makes up approximately 75% to 80% of our revenue in the Life Sciences segment, our business today is predominantly focused on preclinical R&D workflows, such as content development, discovery and target identification, target verification and preclinical QA/QC. Consequently, we are not overly impacted by changes or reductions in the number or scope of clinical trials but rather the amount of activity actually being performed in our customers' R&D labs.

就製藥/生物技術而言，該領域約占我們生命科學部門收入的75%至80%，我們目前的業務主要集中在臨床前研發工作流程，例如內容開發、發現和標靶識別、標靶驗證以及臨床前品質保證/品質控制。因此，臨床試驗數量或範圍的變化或減少不會對我們造成太大影響，反而會影響客戶研發實驗室實際進行的活動量。

In the first quarter, we saw continued strength in this earlier-stage R&D across our large midsized customers that make up the vast majority of our revenue. We did start to see some softening in trend from our smaller pre-revenue customers we estimate represent approximately 5% of total company revenue.

第一季度，我們看到大型中型客戶在早期研發方面持續強勁成長，這些客戶構成了我們收入的絕大部分。我們確實開始注意到，規模較小的未獲利客戶（我們估計約占公司總收入的5%）的研發趨勢有所減弱。

From a product perspective, our research reagents and specialty pharma services continued their strong performance and again grew in the low double digits organically in the quarter. Instrumentation and related services exceeded expectations by growing in the low double digits, while informatics declined in the mid-single digits in line with our expectations due to pressure from the timing of multiyear contract renewals. Despite this modest decline, our informatics business is still up in the teens on both a 2- and 3-year average basis.

從產品角度來看，我們的研究試劑和特殊製藥服務延續了強勁的業績，本季再次實現了兩位數的有機成長。儀器及相關服務實現了低兩位數的成長，超出預期；而資訊學業務則因多年期合約續約時機的壓力，出現了中等個位數的下滑，與我們的預期一致。儘管下滑幅度不大，但我們的資訊學業務在過去兩年和三年的平均成長率仍保持在兩位數左右。

Moving to our Diagnostics segment. We generated $347 million of total revenue in the quarter. This was down 47% year-over-year and down 44% organically due to the significant drop in COVID-related revenues versus a year ago. As previously mentioned, on a non-COVID basis, the Diagnostics business grew 3% versus a year ago. Excluding the low double-digit non-COVID organic decline, our overall Diagnostics business in China experienced in the quarter, our remaining diagnostics franchise outside of China would have grown 6% year-over-year.

談到我們的診斷業務。本季度，我們的總收入為3.47億美元。由於新冠疫情相關營收與去年同期相比大幅下降，年減47%，有機收入下降44%。如前所述，在非新冠疫情影響下，診斷業務較去年同期成長3%。若不計本季我們中國區診斷業務整體經歷的非新冠疫情導致的兩位數低有機收入下降，我們在中國以外的其他診斷業務的營收將年增6%。

From a business perspective, our reproductive health business was flat overall organically in the quarter, a slight improvement from the modest year-over-year declines we saw last quarter. We saw strong growth in our neonatal business, which offset declines in our genomic lab businesses. While we had seen a small positive inflection in birth rate trends this time a year ago, over the last several quarters, including here in the first quarter, we've seen the number of babies being born unfortunately begin to slow again. Our continued success with bringing novel new products to market and getting them on approved testing menus continues to be our playbook to help offset these continued demographic pressures.

從業務角度來看，本季我們的生殖健康業務整體有機成長持平，較上季較上季小幅下滑略有改善。新生兒業務強勁成長，抵消了基因組實驗室業務的下滑。雖然去年同期出生率趨勢略有好轉，但過去幾個季度，包括第一季度，我們不幸地發現嬰兒出生數量再次開始下降。我們持續成功地將新產品推向市場，並將其納入核准的檢測項目，這將繼續成為我們應對持續人口壓力的策略。

On a non-COVID basis, our immunodiagnostics business grew in the mid-single digits overall and was up mid-teens when excluding China. Our immunodiagnostics business in China, which represents around 20% to 25% of our overall immunodiagnostics business and 5% to 6% of total company revenue, declined in the high teens organically when excluding COVID which, as mentioned, was worse than our low double-digit expectation.

在非新冠疫情期間，我們的免疫診斷業務整體實現了中等個位數成長，若不計中國市場，則實現了中等雙位數成長。我們在中國市場的免疫診斷業務約占我們整體免疫診斷業務的20%至25%，占公司總收入的5%至6%。若不計新冠疫情，該業務的有機成長率則為高雙位數，如前所述，低於我們預期的低雙位數成長。

Given the non-acute nature of our immunodiagnostics testing business, as we had previously cautioned, it appears a rebound in this type of care is likely to come as a lag to other more acute medical needs that needs to be addressed more immediately. While we are expecting a meaningful sequential improvement in the second quarter, we still do not expect a full normalization in demand to be realized until the second half of the year.

正如我們先前所警告的那樣，鑑於我們免疫診斷檢測業務的非急性性質，此類護理的反彈可能會落後於其他需要更緊急應對的更緊急的醫療需求。雖然我們預計第二季將出現顯著的環比改善，但我們仍預計需求要到下半年才能完全恢復正常。

Finally, our applied genomics business slightly declined year-over-year on a non-COVID basis in the quarter, similar to its performance in the fourth quarter. Despite this slight year-over-year decline, this still resulted in double-digit average growth on both the 2- and 3-year average basis. Similar to last quarter, we continue to see double-digit organic growth in consumables, while instrumentation declined in the low double digits year-over-year, as it continues to go through an adjustment period, which could last all of 2023.

最後，本季度，我們的應用基因組學業務在非新冠疫情影響下同比略有下降，與第四季度的表現相似。儘管同比略有下降，但兩年和三年平均成長率均達到兩位數。與上一季類似，我們繼續看到耗材業務保持兩位數的有機成長，而儀器業務則同比略有下降，原因是該業務仍在經歷調整期，該調整期可能持續整個2023年。

Now moving on to guidance. we performed at the upper end of our expectations during the quarter despite some greater-than-expected headwinds in our Diagnostics business in China. We also successfully navigated the completion of the divestiture of our Analytical and Enterprise Solutions businesses, and began our initial capital redeployment activities.

現在來看看業績指引。儘管我們在中國診斷業務遭遇了一些超出預期的不利因素，但本季我們的業績仍達到了預期的上限。我們也成功完成了分析和企業解決方案業務的剝離，並啟動了初步的資本重組工作。

As we look ahead to the remainder of the year, we continue to expect it to be a very strong year overall but are adjusting our non-COVID organic growth outlook to now be in the high single-digit range year-over-year to account for the dynamic market environment we are now all clearly facing. While there remains a path to the 9% organic growth we initially expected at the beginning of the year, we felt it would be prudent to take a slightly more conservative approach to our outlook given the slower-than-expected ramp in our Diagnostics business in China so far this year, and what appears to be some increased uncertainty among some in pharma/biotech and the Genomic lab industries.

展望今年剩餘時間，我們依然預計今年整體業績將非常強勁，但考慮到我們目前面臨的動態市場環境，我們調整了非新冠疫情期間的有機增長預期，目前預期同比增幅將保持在高個位數區間。雖然我們仍有可能實現年初最初預期的9%有機增長，但考慮到今年迄今為止我們在中國的診斷業務增長低於預期，以及製藥/生物科技和基因組實驗室行業部分人士的不確定性有所增加，我們認為對業績展望採取略微保守的做法是明智之舉。

We are still expecting FX to have a neutral impact to the full year and no impact from M&A. We are only taking into account in our guidance the modest $3 million of COVID revenue we did in the first quarter, which all results in our 2023 total revenue now expected to be in the range of $2.9 billion to $2.94 billion. From a profitability perspective, we continue to expect 30% operating margins this year, unchanged from our previous guidance.

我們仍預期外匯對全年業績的影響為中性，併購不會產生影響。我們的指引僅考慮了第一季因新冠疫情帶來的300萬美元收入，因此我們2023年的總收入目前預計在29億美元至29.4億美元之間。從獲利能力的角度來看，我們預計今年的營業利潤率仍為30%，與先前的指引持平。

Below the line, we have a few moving pieces which largely offset each other. First, now that we have received the proceeds from our recent divestiture, we are actively working on repatriating those funds to the most appropriate geographic jurisdictions to be effectively redeployed in the future. This process is already underway and is likely to take at least through the end of the year to be fully complete. In the meantime, we have already begun to reinvest some of the proceeds as we have repurchased approximately $130 million of shares year-to-date. We have also been appropriately aligning and investing our excess cash to fund our upcoming debt maturities over the next 16 months.

總體而言，我們有幾個變化因素，它們在很大程度上相互抵消。首先，既然我們已經收到了近期資產剝離的收益，我們正在積極努力將這些資金匯回最合適的地區，以便未來有效地重新部署。這個過程已經在進行中，可能至少要到年底才能完全完成。同時，我們已經開始將部分收益再投資，因為年初至今我們已經回購了約1.3億美元的股票。我們也一直在適當地調整和投資我們的剩餘現金，以支付未來16個月即將到期的債務。

Given the more favorable interest rate environment as of late and the fixed nature of all of our debt, we now expect net interest expense and other to be approximately $80 million this year, down from our prior $90 million expectation. However, this is being largely offset by a slightly higher expected tax rate of 21% compared to our previous 20% outlook, as the impact from our strategic tax planning initiatives that are already underway will largely fall outside of 2023.

鑑於近期利率環境趨於有利，且我們所有債務均為固定資產，我們目前預計今年淨利息及其他支出約為8,000萬美元，低於先前預期的9,000萬美元。然而，這項預期稅率略高於先前預期的20%，因此基本上抵銷了這一影響，因為我們目前已在進行的策略性稅務規劃措施的影響將主要體現在2023年之後。

With our year-to-date share repurchases, we now expect our average shares outstanding for the year to be approximately 126 million, down 0.5 million shares from our previous outlook. At this point, we are not assuming any future repurchases or reductions in our share count in our guidance but do plan to remain flexible with our capital deployment activities to ensure our actions maximize long-term shareholder value creation.

考慮到年初至今的股票回購情況，我們預期全年平均流通股數約為1.26億股，較先前的預期減少50萬股。目前，我們的預期中並未設定未來任何回購或減持股份的計劃，但計劃在資本配置方面保持靈活性，以確保我們的行動能夠最大限度地創造長期股東價值。

All of this guidance now results in an expected EPS range of $4.85 to $5.05 for the full year and is detailed on the second to last page of our earnings presentation.

所有這些指引現在導致全年預期每股收益範圍為 4.85 美元至 5.05 美元，並在我們的收益報告的倒數第二頁中有詳細說明。

For pacing throughout the year, we now expect non-COVID organic growth in the second quarter to be fairly similar to the first quarter as Diagnostics volumes are still working to fully recover and to account for some of the increased market uncertainties that have recently been highlighted in certain areas. We continue to expect our non-COVID organic growth to improve in the back half given an anticipated return to normal in our Diagnostics business in China, and a return to growth in our software business. As for margins, we expect in the second quarter to be up sequentially from the 28% we generated in the first quarter and slightly and below our full year outlook.

就全年成長節奏而言，我們目前預計第二季非新冠疫情期間的有機成長將與第一季基本持平，因為診斷業務的銷售仍在努力全面恢復，並考慮到近期某些領域凸顯的一些市場不確定性因素。鑑於我們在中國診斷業務預計將恢復正常，且軟體業務也將恢復成長，我們預計下半年非新冠疫情期間的自然成長將有所改善。至於利潤率，我們預計第二季的利潤率將較第一季的28%環比成長，但略低於全年預期。

Below the line, we expect second quarter to represent the lowest quarter of the year for our net interest income given will have an entire quarter of our cash being reinvested, resulting in about half of the net interest expense as compared to $27 million we incurred here in the first quarter. We expect our net interest expense to increase sequentially in the third and further increase again in the fourth quarter.

總體而言，我們預計第二季度將是全年淨利息收入最低的季度，因為我們將有整整四分之一的現金用於再投資，這將導致淨利息支出約為第一季2700萬美元的一半。我們預計第三季淨利息支出將環比成長，並在第四季進一步上升。

As for tax, we expect the second quarter to represent the high point for our adjusted tax rate for the year and likely to come in approximately 100 basis points or so above our updated 21% full year outlook. We expect this to result in adjusted EPS in the second quarter to represent approximately 24% of our updated full year outlook.

至於稅率，我們預計第二季將達到今年調整後稅率的最高點，並可能比我們更新後的21%的全年預期高出約100個基點。我們預計，這將導致第二季調整後每股盈餘約占我們更新後的全年預期的24%。

With that, operator, we would now like to open up the call for questions.

接線員，現在我們想開始提問環節。

(Operator Instructions) Our first question for today comes from Patrick Donnelly of Citi.

（操作員指示）我們今天的第一個問題來自花旗的帕特里克·唐納利。

You got Jason on for Patrick. Maybe first, just on China, you noted a little bit worse than you had initially anticipated there in immunodiagnostics. I guess maybe just talk to what you're seeing there on the ground and kind of what the expectation is for the second quarter.

您請傑森接替帕特里克。首先，關於中國，您提到免疫診斷領域的情況比您最初預期的要差一些。我想，您能否談談您目前在中國看到的情況，以及對第二季的預期？

Again, as Max said in his prepared remarks, China was coming into the quarter slightly worse than what our expectations were. But we've started seeing signs of improvement there, and as we've said, we expect the full normalization to come back into the second half of the year.

正如馬克斯在準備好的發言中所說，中國本季的表現略遜於我們的預期。但我們已開始看到那裡出現改善的跡象，正如我們之前所說，我們預計下半年將全面恢復正常化。

Got it. Okay. And then maybe just on the applied genomics business. Just thinking about that ramp throughout the year, I think you had guided 1Q to be similar to that of 4Q. So just what are we expecting there for the remainder of the year?

明白了。好的。然後我們再談應用基因組學業務。考慮到全年的成長，我認為您之前預測第一季的成長速度與第四季度相似。那麼，我們對今年剩餘時間的成長有何預期？

Yes. That's correct, Jason. So the first quarter did play out similar to the fourth quarter of last year. And I think as we look out for the rest of the year, we're probably anticipating that to be in sort of the low single digits. Obviously, we're sort of -- there is a little bit of instrumentation challenges and headwinds that we had coming into this year, and that is playing out as expected.

是的，沒錯，傑森。所以第一季的表現確實與去年第四季相似。展望今年剩餘時間的表現，我認為我們預計成長率可能會在個位數左右。顯然，我們今年在儀器儀表方面遇到了一些挑戰和阻力，但這些都在預期之中。

Our next question comes from Catherine Schulte from Baird.

下一個問題來自貝爾德的凱瑟琳·舒爾特。

Congrats on becoming Revvity. I guess, first, you saw a deceleration in pharma and biotech after several quarters of double-digit growth there. Can you just talk to what kind of trends you're seeing? How much were the pre-revenue customers down? And how do you expect that market to play out for the rest of the year? And I guess maybe just given the investments you've made on the cell and gene therapy side specifically, any comments on that market category?

恭喜您成為 Revvity 的 CEO。首先，您看到製藥和生物科技產業在經歷了幾個季度的兩位數成長後出現了成長放緩。您能談談您觀察到的趨勢嗎？營收前客戶數下降了多少？您預計今年剩餘時間該市場將如何發展？考慮到您在細胞和基因療法方面的投資，您對這個市場類別有何看法？

Yes. So from a pharma/biotech perspective, I'd say maybe a couple of dynamics to call out. So I'd say first is that from an instrumentation standpoint, we actually exceeded expectations here in the first quarter, growing in the low double digits. Now I do expect that those spending levels, we're expecting to be a little bit more cautionary in the second quarter, and that is factored into our current guidance. And then if you look at the reagents business, the reagents continue to perform very well in the first quarter, and we expect that to continue for the rest of the year. So it did low double digits here in the first quarter, and we're pleased by the performance of that group.

是的。從製藥/生技的角度來看，我想提幾個動態。首先，從儀器的角度來看，我們在第一季實際上超出了預期，實現了兩位數的成長。我確實預計，在第二季度，我們會對這些支出水準更加謹慎，這已計入我們目前的業績指引中。然後，如果您看一下試劑業務，我們會發現試劑在第一季的表現仍然非常出色，我們預計這種勢頭將在今年剩餘時間持續下去。因此，試劑在第一季實現了低兩位數的成長，我們對該部門的表現感到滿意。

To your second question on sort of the pre-revenue customers, if you remember, that's only about 10% of our overall Life Sciences revenue. And so for us, it is a relatively smaller piece of the pie. We do think that, that faced some headwinds here in the first quarter. It was down about mid-teens. We expect that to probably continue here at least for the next couple of quarters. But then overall, if you look at our large pharma, that group continued to perform well. And we expect that trend, specifically on the reagent side to continue throughout the rest of the year.

關於您關於尚未獲利的客戶（pre-revenue customer）的第二個問題，如果您還記得的話，這僅占我們生命科學業務整體收入的10%左右。因此，對我們來說，這部分收入相對較小。我們確實認為，這部分收入在第一季面臨一些阻力，下降了約15%左右。我們預計這種情況至少會持續到接下來的幾個季度。但總體而言，如果您看看我們的大型製藥公司，該集團的表現仍然良好。我們預計這種趨勢，尤其是在試劑方面，將在今年剩餘時間內持續下去。

Okay. Great. And then, Prahlad, as you mentioned, it's a significant undertaking to rebrand the company. How did the new revenue brand come about? What do you want your new identity to stand for? And how do you make sure that this rebrand transition goes smoothly with customers?

好的。太好了。 Prahlad，正如您所說，重塑公司品牌是一項重大工程。新的收入品牌是如何誕生的？您希望新的品牌形象代表什麼？您如何確保這次品牌重塑的過渡能夠順利進行，並讓客戶滿意？

Great question, Catherine. Our Chief Commercial Officer, Miriame Victor, is on the call with us. So I'll let her answer the question.

凱瑟琳，這個問題問得好。我們的首席商務官米麗亞姆·維克托（Miriame Victor）也參與了我們的電話會議。所以我請她來回答這個問題。

So maybe let me start off how we came up with the name. We have listened to our employees, our customers around the globe, through a number of focus groups, creation workshops. And there are 3 main themes that came through, and that was consistent across the globe. They wanted something that is unconventional, precise and united. So we wanted a name really that is unconventional for the company we would be, representing us as a category of one. And we wanted to show the world our quality of work and the precision of our breakthrough innovation and to be united with all the capabilities we have added through the acquisitions over the last 5 years.

那麼，讓我先來談談我們是如何構思這個名字的。我們透過一系列焦點小組和創意研討會，傾聽了全球員工和客戶的意見。最後我們得到了三個主要主題，而這些主題在全球範圍內都是一致的。他們想要一個標新立異、精準統一的名字。所以我們想要一個真正符合我們公司定位、標新立異的名字，代表我們獨樹一格的風格。我們希望向世界展示我們卓越的工作品質和突破性創新的精準度，並與我們過去五年來透過收購所累積的所有能力相融合。

So Revvity in itself was created from 2 words. Rev as in revolutionizing human science at an accelerated speed and vita, which means life in Latin. So at its core, the name itself means revolutionizing life. Now in terms of the implementation moving forward, we've got a very robust plan. I think our unregulated Life Sciences products will go faster. And then we are working through the registration of some of the regulated products that will come probably by the end of the year.

Revvity 本身是由兩個字組成的。 Rev 代表加速革新人類科學，vita 在拉丁文中意為生命。所以，從本質上講，這個名字本身就意味著革新生命。就未來的實施而言，我們有一個非常穩健的計劃。我認為我們不受監管的生命科學產品將會更快上市。然後，我們正在著手註冊一些受監管的產品，預計在今年年底前完成。

Our next question comes from Michael Ryskin of Bank of America.

我們的下一個問題來自美國銀行的邁克爾·里斯金。

This is Mike on for Derik. Going back to pharma/biotech, anything you can comment in terms of stocking levels or inventory levels on any of your consumables in the lab? It's just -- it's been a focal point not just [for reagent] products, obviously, but just broader lab consumables. So I'm just wondering what you're seeing there in terms of inventory levels, orders versus activity levels? Any color you can provide there?

我是 Mike，Derik。回到製藥/生技領域，您能談談實驗室耗材的庫存水準嗎？顯然，這不僅僅是試劑產品，而是更廣泛的實驗室耗材。所以，我想知道您在庫存水準、訂單量和活動量方面的情況如何？能提供一些細節嗎？

Mike, this is Prahlad. Again, as you know, majority of our revenue stream now comes from reagents and consumables, which have a very short shelf life and customers generally don't have a lot of space to keep our products in that sense. So really, there is not a whole lot of inventory building that we have seen. And as I've shared earlier, most of our products, and if you take BioLegend as an example, it's shipped overnight to customers. So there is not really a whole lot of scope to see stocking in the product profile that we have.

Mike，我是 Prahlad。再說一次，如你所知，我們現在的大部分收入來自試劑和耗材，這些產品的保質期很短，客戶通常沒有足夠的空間來存放我們的產品。所以，我們實際上並沒有看到大量的庫存累積。正如我之前分享的，我們的大多數產品，以 BioLegend 為例，都是隔夜出貨給客戶的。因此，就我們現有的產品組合而言，庫存空間並不大。

Got it. And a follow-up question on some of your capital deployment comments as well. You sort of indicated, you've got some onus to deploy some of the capital you're bringing in. I'm just wondering, one, is if you could give us a little bit more color on some of the areas that you're interested in and what you're seeing out there. But two also, on your comments you've given, you're going through, like you said, a rebranding, a lot of operational things to get Revvity up and running. So what's the capacity to be taking on M&A and potential integration on top of that?

明白了。還有一個關於您關於資本部署的評論的後續問題。您似乎暗示過，您有責任部署您引入的部分資本。我想知道，第一，您能否詳細介紹一下您感興趣的領域以及您目前所看到的情況。第二，關於您先前的評論，正如您所說，您正在進行品牌重塑，並進行許多營運工作，以使 Revvity 順利運作。那麼，在此基礎上，您具備什麼樣的能力進行併購和潛在的整合呢？

It's a great question, Mike. I think let me just sort of take it a little at the macro level, right? We feel really good about our first quarter performance, which was strong and at the high end of our expectations despite evolving macro conditions and what we talked about China DX. As you pointed out, we have completed 2 successful undertakings, the divestiture and the brand launch. Just to be clear, the divestiture is done. We are closed. There are a few TSAs in place, but that's as part of any norm that would be at such a significant undertaking.

麥克，這個問題問得很好。我想讓我從宏觀層面稍微談談，對吧？我們對第一季的業績非常滿意，儘管宏觀環境不斷變化，而且我們談到了中國DX，但第一季的業績仍然強勁，超出了我們的預期。正如您所指出的，我們已經成功完成了兩項工作：資產剝離和品牌發布。需要明確的是，資產剝離已經完成。我們已經完成了。目前有一些TSA（交易安排協議），但這是如此重大的舉措的常規操作。

And the brand launch is more an excitement. The teams are more energized, inspired and excited by it rather than it being a distraction. So we actually see it more as an accelerator for the company looking forward. And I think to the question that you asked around the inorganic aspect of it, look, we are an acquisitive company, we have been and will continue to be. I think the focus that we have is around developing the relationships, building the right pipeline. So at the right time, we would make the acquisition. So there is no hurry. No rush for us. And when the right opportunity strikes, we will be there to take advantage of them.

品牌發布本身就更令人興奮。團隊因此更加充滿活力、備受鼓舞、興奮不已，而不是分心。所以我們實際上將其視為公司未來發展的加速器。至於你提到的關於「無機」方面的問題，我想說的是，我們是一家積極收購的公司，過去如此，將來也將繼續如此。我認為我們的重點是發展關係，打造合適的管道。所以，在適當的時機，我們會進行收購。所以，我們不急，也不急。當合適的機會出現時，我們會抓住機會。

Our next question comes from Jack Meehan of Nephron Research.

我們的下一個問題來自 Nephron Research 的 Jack Meehan。

First question I wanted to ask about immunodiagnostics on a core basis. So the first quarter in the mid-single digits, you should have easy comps in the second half of the year. Can you just talk about what does guidance assume in terms of the ramp of the business throughout the year?

我想問的第一個問題是，免疫診斷業務的核心業務。所以，第一季的業績成長在個位數左右，下半年的業績應該會比較好。您能否談談，對於全年業務的成長，公司對業績指引的預期是如何的？

Yes. Sure, Jeff. So from an immunodiagnostics standpoint, maybe the best place to start is just the overall business. So you're correct, first quarter was about mid-single digits. As we look out to the rest of the year, we expect to be in the low double digits to sort of low teens from an organic growth rate perspective. .

是的，當然，傑夫。所以從免疫診斷的角度來看，也許最好的起點就是整體業務。所以你說得對，第一季的成長率大約是中等個位數。展望今年剩餘時間，我們預期有機成長率將在兩位數到十幾位之間。

To maybe zoom in on that, right, talk specifically about immunodiagnostics within China, so as I mentioned in my prepared remarks, we do expect the second quarter to be a sequential increase in terms of volume dollars versus the first quarter. But it is still not, I would say, at a normalized volume in terms of testing. That we do not expect to happen until the second half, which was our original assumption coming into the year, and we are still confident that we are seeing that sort of volumes and expectations for the second half.

或許可以更詳細地談談這一點，例如我之前提到的中國免疫診斷市場。我們確實預計第二季的銷售額將環比第一季有所成長。但我認為，就檢測量而言，目前仍未達到正常水平。我們預計這種情況要到下半年才會出現，這也是我們年初最初的假設。我們仍然有信心，下半年的銷售和預期將達到正常水平。

Great. And then 2 questions on reproductive health. First, you called out slower birth trends. Can you just talk about the regional dynamics you're seeing? And then second, can you give an update on Vanadis and customer uptake?

太好了。接下來有兩個關於生殖健康的問題。首先，您提到了生育率下降的趨勢。您能談談您所觀察到的區域動態嗎？其次，您能介紹一下 Vanadis 和客戶接受度的最新情況嗎？

Yes. I mean the birth trends have been not any dissimilar than what we have seen across the globe. And as we've talked about earlier, Jack, I mean I think U.S. is, I would say, flat to slightly negative, and China has been where it is. But that's what is already in our assumptions, so there is no change to that and the growth that we expect is from the geographic expansion and menu expansion with the new NPIs that we have coming out.

是的。我的意思是，出生趨勢與我們在全球範圍內看到的並沒有什麼不同。正如我們之前提到的，傑克，我認為美國的出生率持平或略有下降，而中國的情況也是如此。但這已經是我們假設的，所以不會改變。我們預期的成長來自於地理擴張、菜單擴展以及我們即將推出的新產品。

Vanadis, again continues to do very well, and we see that traction coming through. And that's also the reason that, as we look forward -- the way to measure the success of Vanadis is to look at our reproductive health growth profile over the next few years. And California is a good example of how that has started taking traction, and we see a good momentum coming out of it.

Vanadis 再次表現優異，我們看到了其發展勢頭。這也是我們展望未來的原因——衡量 Vanadis 成功與否的標準是觀察未來幾年生殖健康的成長。加州就是一個很好的例子，它已經開始獲得關注，我們看到了良好的發展勢頭。

Our next question comes from Vijay Kumar of Evercore.

我們的下一個問題來自 Evercore 的 Vijay Kumar。

Prahlad, maybe first one for you. Q1 came in at the high end of your guidance, Q2 looks like perhaps in line or even better than Q1. I think the midpoint of your annual guidance implies the back half needs to be about 350 to 400 basis points above first half. With your comments on China ImmunoDX improving, I think that's a 100, 150 basis point step-up versus first half. Where is the remaining acceleration coming from? If we're doing the math correctly, the second half needs to be low doubles versus first half to hit the midpoint of the guidance. Is that just an easier comp? Or are we assuming certain end markets to improve in the back half?

Prahlad，也許首先要問您。第一季的業績達到了您指引的高位，第二季看起來可能與第一季持平，甚至更好。我認為您年度指引的中點意味著下半年的業績需要比上半年高出350到400個基點。考慮到您提到的中國英莫諾DX的業績有所改善，我認為下半年的業績比上半年高出100到150個基點。剩下的成長動力來自哪裡？如果我們的計算正確的話，下半年的業績需要比上半年低一倍才能達到指引的中點。這只是一個比較容易比較的指標嗎？還是我們假設某些終端市場會在下半年改善？

Yes. I think, again, reiterating what you said, we really -- we thought our 1Q performance was pretty strong. But I think the intent really is to align our full year guidance to account for the evolving market dynamics that we are seeing. Our intent really here is to maintain consistency of performance by either meeting or exceeding our guidance. You are right, that one of the aspects really is we are seeing our China Diagnostics improve, but the recovery is still not expected until the second half of the year.

是的。我想，再次重申您說的，我們確實認為第一季的業績相當強勁。但我認為我們真正的目的是調整全年業績指引，以反映我們所看到的不斷變化的市場動態。我們真正的目的是透過達到或超過我們的業績指引來保持業績的一致性。您說得對，其中一個方面是，我們看到中國診斷業務有所改善，但預計要到下半年才能復甦。

Max, anything to add?

馬克斯，還有什麼要補充的嗎？

Yes. So to further elaborate on that point, right, so I think coming into this year, we said that we were going to do 9% for the full year. We've obviously expanded that range now to account for some of the different end market trends that we are seeing. But if you look at it, nothing has really changed about our second half assumptions versus the initial point in the year. What we basically now factor into the guidance is a little bit more cautionary spending levels here in the second quarter.

是的。為了進一步闡述這一點，我想，進入今年以來，我們曾表示全年支出將達到9%。現在，我們顯然擴大了這個範圍，以反映我們看到的一些不同的終端市場趨勢。但如果你仔細觀察，你會發現我們對下半年的預期與年初相比並沒有什麼改變。我們現在在業績指引中考慮的因素，基本上是第二季略微謹慎的支出水準。

And when you look to the ramp of the second half, it's going to come in, one, immunodiagnostics China, as you mentioned. The second area is that we are expecting our informatics business to do better in the second half because it has easier comps. And then the third dynamic is that we are expecting for our U.S. genomics labs business. The second quarter will also be the lowest point of the year, and we are excited about the pipeline that we have there in the second half and are confident in our ability to execute against it.

展望下半年的成長，首先，正如您所提到的，免疫診斷業務在中國市場將迎來成長。其次，我們預期資訊學業務在下半年會表現得更好，因為它的可比性更高。第三，我們對美國基因組學實驗室業務的預期。第二季也將是今年的最低點，我們對下半年在美國市場的產品線感到興奮，並對我們能夠克服挑戰的能力充滿信心。

Understood. And Max, one for you on -- it looks like the cash and marketable securities balance here are close to $2.5 billion. What are you assuming for share repo? I think you mentioned 130 million year-to-date, what's the pacing of share repo here? And I think you mentioned strategic tax planning. How truly think of tax rates going forward in the out-year?

明白了。 Max，我想問你一個問題——看起來這裡的現金和有價證券餘額接近25億美元。你對股票回購的預期是多少？我記得你提到了年初至今的1.3億美元，股票回購的節奏是如何的？我記得你提到了策略性稅務規劃。你真正考慮過未來幾年的稅率嗎？

Yes. So maybe to address the first question on share repurchases for the remainder of the year. Right now, our guidance assumes no further repurchases. Obviously, we have authorization from the Board that we've received to up to $600 million. Right now, that is more of an optionality for us, and we'll continue to evaluate all of our capital deployment opportunities. But right now, in our guidance, we are assuming no further share repurchases. To your question on the tax rate planning, as we mentioned in my prepared remarks, those are probably, I would say, not delayed. It's just taking a little bit longer to get done. We still expect our midterm sort of tax rate to be in the high teens rate, and we are confident in our ability to get there.

是的。所以也許可以先回答第一個問題，關於今年剩餘時間的股票回購。目前，我們的指導假設不會進一步回購。顯然，我們已獲得董事會授權，最多可回購6億美元。目前，這對我們來說更像是一種選擇，我們將繼續評估所有資本配置機會。但目前，在我們的指導中，我們假設不會進一步回購股票。關於您關於稅率規劃的問題，正如我在準備好的演講中提到的，我想說，這些可能不會被推遲。只是需要更長的時間才能完成。我們仍然預計中期稅率將達到15%左右，我們有信心實現這一目標。

Our next question comes from Dan Arias of Stifel.

下一個問題來自 Stifel 的 Dan Arias。

Congrats on the new identity. Maybe just to that point, a high-level question for Max. Max, a lot of moving parts for you as you walked in the door there as CFO. Do you feel like the heavy lifting on the math around the divestiture and just sort of the complex elements of the overall business transition are behind you at this point? Or are there still some things that need to be worked through just when it comes to cost allocation, head count investment, et cetera? How many variables are still in the mix for you?

恭喜您獲得新的職位。至於這一點，我想問Max一個比較宏觀的問題。 Max，從您出任CFO以來，經歷了許多變數。您是否覺得剝離業務相關的繁重計算以及整體業務轉型的複雜因素已經過去了？還是說，在成本分配、人員投入等方面，還有一些事情需要處理？您還面臨多少變數？

Yes. I mean, look, it's been a fun, I would say, first 9 or 10 months here on the job. There's definitely a lot of moving pieces. But I'd say we're extremely confident in the position that we are in today. Obviously, the first step was to get the divestiture done and get the new company brand launch done on time and executed well, and I think we've done that.

是的。我的意思是，我覺得，我在這裡工作的前九十個月過得還挺有趣的。當然，有很多事情需要處理。但我想說，我們對目前的狀況非常有信心。顯然，第一步是完成資產剝離，並按時、順利地推出新的公司品牌，我認為我們已經做到了。

Now in terms of the trail on activities, obviously, there is some still work to do. But if you remember back to some of our previous conversations, there isn't a lot of, I would say, heavy entanglement or trailing activities that we need to get done. It was a relatively clean split at the time of the divestiture. Obviously, there's some cost reduction actions that we are taking. But I wouldn't say it's something that's requiring an extreme amount of effort and energy from this team at this point in time. We're now focused on the new company and where we need to go going forward.

現在就後續活動而言，顯然還有一些工作要做。但如果你回顧我們之前的一些對話，你會發現，我們需要完成的繁瑣工作或後續活動並不多。在剝離時，業務拆分相對清晰。當然，我們正在採取一些成本削減措施。但我認為目前這不需要團隊投入過多的精力和努力。我們現在專注於新公司以及未來的發展方向。

Okay. Great. And then maybe just on pharma and the small biotech dynamic, the stretch of M&A that you guys went on coming out of COVID had you acquiring just a bunch of assets that play into that drug development arena that this focus segment focuses on. Can you just maybe help us with where things are softer, stable, better when it comes to SIRION, Nexcelom, Horizon, BioLegend? Visibility there is just a little tough to come by, so it just feels like it would be helpful if we could get a little bit of a refreshed update on some of those acquired assets.

好的。太好了。那麼，就製藥和小型生物科技產業的動態而言，你們在新冠疫情之後進行的一系列併購，收購了一些與藥物開發領域相關的資產，而這些領域正是我們關注的重點。您能否幫助我們了解一下，在SIRION、Nexcelom、Horizo​​n和BioLegend方面，哪些方面的情況更溫和、更穩定、更好？目前對這些領域的了解比較困難，所以如果我們能稍微更新一下這些收購資產的最新情況，感覺會很有幫助。

Yes. Dan, I mean, yes, we did quite a bunch of acquisitions, as you said, on the Life Sciences side of the segment. But again, those were all thought-out and strategic in nature. Despite all of that, as Max has pointed out, only 5% of nearly total company revenue is in pre-pharma/biotech, and that is inclusive of all the acquisitions. So if you look at our total Life Sciences business, including the acquisitions that have been made, only 10% of the revenue comes from pre-pharma and biotech in the Life Sciences. So we are very well protected from that perspective.

是的。丹，我的意思是，正如你所說，我們在生命科學領域進行了相當多的收購。但這些收購都是經過深思熟慮且具戰略意義的。儘管如此，正如馬克斯所指出的，公司總收入中只有近5%來自製藥前/生技領域，這也包含了所有收購。所以，如果你看看我們整個生命科學業務，包括已經進行的收購，你會發現只有10%的收入來自生命科學領域的製藥前和生物技術領域。所以從這個角度來看，我們受到了非常好的保護。

And even from SIRION, if you take the example of SIRION, most of those are licensing opportunities, it's a licensing model, and the companies that they go for, there is a milestone payment based revenue model, and they have been doing well. So we feel -- again, as Max said, we feel really confident. And just taking the example of BioLegend and the Life Sciences reagent business, for us, overall, it continues to do well.

甚至就 SIRION 而言，以 SIRION 為例，其中大部分都是授權機會，這是一種授權模式，他們合作的公司採用基於里程碑付款的收入模式，而且他們一直表現良好。所以我們——正如 Max 所說，我們感到非常有信心。就拿 BioLegend 和生命科學試劑業務來說，對我們來說，總體而言，它繼續表現良好。

Okay. So Prahlad, I'm going to take that comment to mean that all of these acquired assets are performing the way that you thought they would at the time of acquisition. There's nothing that you would call out that, a quarter or so down the road, we might be thinking about as underperforming or outperforming, such that the outlook is now different. I mean I guess what I'm saying is you did this M&A, you did it for a reason, there isn't a lot of visibility on it again. So are you saying that everything that's been acquired is trending the way that you thought it would be? And coming out of COVID, things are not really different than they were when you acquired them?

好的。 Prahlad，我認為你的意思是，所有這些收購資產的表現都和你收購時預想的一樣。你並沒有指出，大約一個季度後，我們可能會認為這些資產表現不佳或優異，以至於現在的前景已經不同了。我的意思是，我想說的是，你進行這筆併購是有原因的，現在看來，它的未來前景並不明朗。所以，你是說，所有被收購的資產的走勢都跟你預想的一樣嗎？疫情過後，情況和你收購時並沒有什麼不同嗎？

On the Life Sciences side, absolutely, Dan. I would say on the Diagnostics side, there was the Oxford acquisition that we've talked about that is taking a long time to come back. And especially as you look at latent TB testing in China and now that it has started picking up in Japan, that's the one -- as we've talked about earlier, that's the one that did not go to expectations at the beginning. And now we hope that as the market opens up in China and as latent TB testing gets going there and in Japan, we will start that turnaround to be seen. So yes, on the Life Sciences side, I would agree. On the Diagnostics side, no, we didn't have all of them go exactly as planned.

就生命科學方面而言，絕對如此，丹。我想說的是，就診斷方面而言，我們之前談到的收購牛津大學，這需要很長時間才能恢復。尤其是考慮到中國的潛伏性結核病檢測，現在它在日本也開始興起，就像我們之前提到的，一開始並沒有達到預期。現在我們希望，隨著中國市場的開放，以及潛伏性結核病檢測在中國和日本的推廣，我們能夠開始扭轉局面，拭目以待。所以，是的，就生命科學方面而言，我同意。至於診斷方面，我們並沒有完全按照計劃進行。

Our next question comes from Josh Waldman of Cleveland.

我們的下一個問題來自克利夫蘭的喬許·沃爾德曼。

Just 2 for you. First, Max, I wanted to follow up on the moving pieces to the lower non-COVID organic guide. I guess could you quantify how much of the softer outlook is attributed to China ImmunoDx? Then I think you said you're being more prudent given the macro environment, but are there areas where you're starting to see softer purchasing here, maybe in March or April? Or is this you being more prudent at this time?

只問你兩個問題。首先，Max，我想跟進非新冠疫情期間有機銷售下調指南的影響。你能量化一下疲軟的前景在多大程度上歸因於中國艾美諾迪嗎？然後，我想你說過，考慮到宏觀環境，你會更加謹慎，但你是否看到一些地區的購買力開始減弱，例如在三月或四月？還是這只是你目前更謹慎的表現？

So okay, so maybe to again further elaborate, I think you called out the key pieces there. So there's basically two reasons why we are being more prudent in expanding the range of outcomes, and it does come down to really the second quarter. Again, our second half expectations have not really changed. So for the second quarter, I'd say there's a couple of drivers. One is that, although the immunodiagnostics business in China is improving sequentially versus the first quarter, it is a little bit lighter than what we had initially anticipated coming into the year. The second is that we are seeing more cautionary spending levels, particularly on our instrumentation business in the pharma/biotech space. And the third, as I had previously mentioned, is that the second quarter will be the trough for both our informatics and U.S. genomic lab business.

好的，也許我再進一步闡述一下，我想你已經指出了關鍵點。我們在擴大業績預期範圍時更加謹慎，主要有兩個原因，而這實際上取決於第二季度。同樣，我們對下半年的期望並沒有太大變化。因此，對於第二季度，我認為有幾個驅動因素。首先，儘管中國的免疫診斷業務較上季有所改善，但比我們最初預期的今年略有下降。其次，我們看到支出水準更加謹慎，尤其是在製藥/生技領域的儀器業務。第三，正如我之前提到的，第二季將成為我們資訊學和美國基因組實驗室業務的低谷。

But for both of those businesses, on informatics and the U.S. genomic labs, if you look at it on a 3-year sort of average growth basis, both of them are in the mid-teens. We're excited about the pipeline that we have for those businesses in the second half, and we're confident in our ability to execute against it.

但就資訊學和美國基因組實驗室這兩項業務而言，如果以三年平均成長率來看，它們的成長率都在15%左右。我們對下半年這些業務的後續發展充滿期待，並且對實現目標的能力充滿信心。

Got it. Then Prahlad, I guess, wondering if you could give us an update on how synergies between the two segments are evolving. Maybe talk through any recent examples of synergies that teams have been able to identify, either on the cost front or revenue synergy side.

明白了。那麼，Prahlad，我想問一下，您能否向我們介紹這兩個部門之間協同效應的最新進展。您可以談談團隊最近發現的一些協同效應的例子，無論是在成本方面還是收入方面。

Yes. I mean, Josh, as we've said earlier, right, the team is the same, right? On the commercial side was the first one as we went in 2 markets and areas where the acquisitions did not have a lot of direct presence, we've been able to leverage our foot -- feet on the ground. And on the technology side is where we've seen the biggest uplift, right? The launch of Celleca from the Nexcelom and the Revvity and BioLegend team was one example that came out. And hopefully, there will be a few more other examples coming out. And then the insourcing of oligos antibodies from Horizon and from BioLegend by the teams on both the Diagnostics and Life Sciences side of the business are, as I've said earlier, better than the expectation that we have from a synergy perspective.

是的。 Josh，就像我們之前說的，團隊還是一樣，對吧？商業方面是第一個，因為我們進入了兩個市場和領域，而這些市場和領域的收購並沒有太多的直接影響力，我們能夠利用我們的實力——腳踏實地。技術方面是我們看到了最大的提升，對吧？ Nexcelom、Revvity 和 BioLegend 團隊推出的 Celleca 就是一個例子。希望以後還會有更多其他的例子出現。然後，正如我之前所說，診斷和生命科學業務團隊從 Horizo​​n 和 BioLegend 內部購買寡核苷酸抗體，從協同效應的角度來看，效果比我們預期的要好。

Our next question comes from Luke Sergott of Barclays.

我們的下一個問題來自巴克萊銀行的 Luke Sergott。

I love the new look by the way. So can you give us an update on BioLegend and how that was in the quarter? And then any update you guys have for that business throughout the year, given your commentary on the macro and everything?

順便說一句，我喜歡新的形象。您能跟我們介紹一下BioLegend的最新情況嗎？以及本季的業績如何？考慮到您對宏觀經濟和其他方面的看法，你們對BioLegend全年的業績有什麼更新嗎？

Yes. So I think as we've previously mentioned, we're not going to specifically talk about individual business growth rates, but BioLegend is a major part of our overall reagents business, which continued to grow in the low double digits during the first quarter, and we expect that trend to continue for the rest of the year.

是的。正如我們之前提到的，我們不會具體討論單一業務的成長率，但BioLegend是我們整體試劑業務的重要組成部分，該業務在第一季度繼續保持低兩位數的成長，我們預計這一趨勢將在今年剩餘時間內持續下去。

And if I could just add to that -- Luke, by the way, thanks for the comment on the brand look. We're really happy and proud with it. As Max mentioned, if you look at our reagents business, it grew double digits in the first quarter, and BioLegend is nearly 50% of that revenue. So that should be a good indicator for you as to how the business is doing. It's doing very well.

我想補充一點——順便說一句，盧克，謝謝你對品牌形象的評論。我們對此感到非常高興和自豪。正如馬克斯所提到的，如果你看看我們的試劑業務，它在第一季實現了兩位數的成長，而BioLegend貢獻了近50%的收入。所以這應該可以很好地反映出我們的業務表現。它做得非常好。

Awesome. And then specifically again on -- I know it's another business, but with the latent TB testing in China, is this more -- for that to come on, does there need to be regulatory approval there from China? Or like what's the gating factor for that coming back?

太棒了。然後具體來說——我知道這是另一回事，但考慮到中國潛伏性結核病檢測的開展，這是否更……要開展這項服務，是否需要獲得中國監管機構的批准？或者說，這項服務恢復的門檻因素是什麼？

No it's just for acute diagnostic testing to come back to normal. It's very similar to what is with the Diagnostics business look, acute diagnostic testing needs to come back. And latent TB testing is categorized as acute -- non-acute. I'm sorry. I'm saying acute, but non-acute diagnostic testing.

不，這只是為了讓急性診斷檢測恢復正常。這和診斷業務的情況非常相似，急性診斷檢測需要恢復。潛伏性結核病檢測被歸類為急性—非急性。抱歉。我說的是急性，但不是急性診斷檢測。

Our next question comes from Matt Sykes of Goldman Sachs.

下一個問題來自高盛的馬特·賽克斯。

Congrats on the transition to Revvity. My first question is just on the academic end market. We've been hearing similar data points from others in terms of the strength there. Could you maybe just remind us in terms of the academic exposure within Life Sciences? And then just any comments on the durability of that growth as it factors into your outlook for '23?

恭喜您成功轉型至 Revvity。我的第一個問題是關於學術終端市場的。我們聽到其他公司也提供類似的數據，顯示市場發展強勁。能否簡單談談生命科學領域在學術領域的曝光？然後，您能否談談這種成長的持久性，因為這會影響您對 2023 年的展望？

Matt, so from an academic and government perspective, I think it's a 10% of -- high single digits, 10% of the overall company revenue. And so from that perspective, a big component of it is the reagents business, with BioLegend being a major part of that. And so as we continue to see strength in our reagents business, a big proponent of that is through the academic and government end markets.

馬特，從學術和政府的角度來看，我認為占公司總收入的10%——大概是高個位數的10%。從這個角度來看，試劑業務是其中的重要組成部分，而BioLegend是其中的重要組成部分。因此，隨著我們試劑業務持續強勁成長，其一大支柱就是學術和政府終端市場。

Got it. And then maybe a higher-level question. Just on the commercial transformation. You've obviously transformed the business pretty dramatically and reduced sort of the heavy capital equipment instruments that you're selling. But just would love to find out about sort of the transition from a commercial side, kind of the integration of the different companies and the commercial teams that came with that, plus also the transition to a higher recurring revenue model and what that entails. And kind of any additional color on how that transformation of the commercial team is going.

明白了。接下來或許可以問一個更高層次的問題。關於商業轉型。顯然，你們已經大幅改變了業務，減少了銷售的重型資本設備。但我還是想了解商業方面的轉型，包括不同公司和商業團隊的整合，以及向更高經常性收入模式的轉型以及這意味著什麼。請問您能否進一步說明商業團隊轉型的進展？

Yes. Matt, Miriame is on the call, as you know, as I've said, the transition has gone really well. I will take -- I will say that on her behalf that the team took its own time to ensure that we have the right planning in place. Because we were actually -- as we were continuing with the divestment process, that was an integral part. We were going from an instrument-heavy focused business to a more reagent-based model. And right now, to give you an example, it's now much more akin to what the reproductive health business does for -- as an example.

是的。馬特，米麗亞姆也在電話裡，如你所知，我之前說過，過渡進展非常順利。我代表她承認，團隊花了不少時間來確保我們制定了正確的計劃。因為我們實際上——在我們繼續進行資產剝離的過程中，這是不可或缺的一部分。我們當時正從以儀器​​為主的業務模式轉向以試劑為主的模式。現在，舉個例子，它現在更類似於生殖健康業務——舉個例子。

So really now with the integration of the commercial forces in the 3 regions, there is 80% of our revenue plus is coming from the reagent side. The biggest driver for us is as we are going to continue to make the investment into the digital side, e-commerce is going to be a big driver for us. And that's why, if you recall, we've talked about the capital investment around e-commerce because that's going to be a key driver as we can use these opportunities around the synergies for the reagent side of the business or for the overall consumer side.

所以，現在隨著三個地區商業力量的整合，我們80%以上的收入都來自試劑業務。我們最大的驅動力在於，我們將繼續在數位領域進行投資，而電子商務將成為我們業務的一大驅動力。所以，如果你還記得的話，我們之前談到過圍繞電子商務的資本投資，因為這將是一個關鍵驅動力，我們可以利用這些機會，為試劑業務或整個消費者業務創造協同效應。

Our next question comes from Dan Brennan of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Dan Brennan。

Great. Maybe if I could, just on ImmunoDX in China again. Sorry, I know there's been a few questions, but it would be really helpful just to get a bit more granularity, if you could. So I know in the first quarter, you were looking for down low double, and it was down high teens. So just in terms of the full year, I know you were expecting not to see like a significant overage in the back half, even though you're up against easy comps. So what was the original guide for the year? Was it like low double and now you're assuming high single? Just trying to quantify just how much of that change is a headwind to the overall organic, and then I have a follow-up.

太好了。如果可以的話，我再問一下ImmunoDX在中國的情況。抱歉，我知道大家有幾個問題，但如果可以的話，能更詳細地講一下就更好了。我知道在第一季度，您預計銷售額會翻一番，但實際上卻下降了十幾倍。所以就全年而言，我知道您預計下半年不會大幅超額，即使您面對的是容易競爭的對手。那麼，您最初對全年的預期是什麼？是說銷售額翻一番，現在又假設銷售額單倍成長嗎？我想量化一下，這種變化對整體有機成長的阻力有多大，然後我再問一個後續問題。

Dan, yes, your math is correct. The initial assumption coming into the year was low double digits for the immunodiagnostics business in China, and now we are expecting high single digits. And the reason for that drop is just a slower first half ramp recovery. Again, we are seeing positive signs from a volume perspective, and it's going to step up here in 2Q, and we still expect to return to normal for the second half.

丹，是的，你的計算是正確的。我們最初預計今年中國免疫診斷業務的成長將達到兩位數左右，但現在我們預計會達到個位數左右。下降的原因只是上半年產能恢復較慢。不過，從銷售來看，我們看到了正面的跡象，第二季銷售量將有所回升，我們仍然預計下半年銷售將恢復正常。

Great. And then, sorry, just back to also like pre-commercial. So it sounds like even though that's a small part of the business, that's really been the biggest headwind, I guess, to the guide, correct, because that was down you said mid-teens. So what were you expecting there? I mean I don't know if you really had an expectation for pre-commercial originally, maybe now you baked something in just given the change. But can you just help us kind of do that same walk on the pre-commercial biotech?

太好了。然後，抱歉，回到商業化前階段。聽起來，儘管這只是業務的一小部分，但實際上卻是最大的阻力，我想，對指南來說，沒錯，因為當時你說的下降幅度在十幾歲左右。那你當時的預期是什麼呢？我的意思是，我不知道你最初是否真的對商業化前階段有所期待，也許現在考慮到變化，你又融入了一些東西。但是，你能幫我們在生技商業化前階段做同樣的嘗試嗎？

Yes. So Dan, to your point, we did not. Given it to a small part of our overall business, we didn't have a specific number in mind. I think the down mid-teens was a little bit larger than what I think we would have been expecting. And so that is now factored into what we're considering more of a cautionary spending level for the rest of the year.

是的。丹，正如你所說，我們沒有。考慮到這只占我們整體業務的一小部分，我們並沒有設定一個具體的數字。我認為15%左右的下降幅度比我們預期的要大一些。所以現在我們已經將這一點納入了我們今年剩餘時間的謹慎支出水準中。

Got It. And then maybe one final one just given -- how would you characterize the new guide in terms of allowing room for things maybe to change still? Just any commentary on kind of what you baked in and where you could see some cushion if things don't come back as fast as planned?

明白了。最後再問一個問題—您覺得新指南在為未來可能的變化留出什麼空間方面做得如何？能否談談您制定了哪些措施？如果情況沒有像計劃那樣快速恢復，您認為哪些方面可以提供緩衝？

Yes. Look, Dan, to that point, I think what we wanted to do coming into the guidance was to give a realistic range given the macro environment. And we still have a path to what we think we can achieve to our original guidance of the 9% and the $5.05. And yes, there is the case that as the macro environment continues to trend downward, we must see a little bit softer results. But I think overall, we are confident in the position that we are sitting in today and confident in our team's ability to execute against our pipeline.

是的。丹，就這一點而言，我認為我們在製定業績指引時，希望根據宏觀環境給出一個切合實際的區間。我們仍然有辦法實現最初9%的業績指引和5.05美元的目標。當然，隨著宏觀環境持續下行，我們的業績肯定會略有下降。但我認為，整體而言，我們對目前的狀況充滿信心，也對我們團隊執行現有產品線的能力充滿信心。

Our next question comes from Rachel Vatnsdal from JPMorgan.

下一個問題來自摩根大通的 Rachel Vatnsdal。

Congrats on the new name. So I wanted to follow up on Dan's question there around some of these pre-revenue customers. You said those customers declined mid-teens in Life Sciences during 1Q. So can you walk us through how that customer segment trended by month throughout the quarter? And then have you started to see any recovery here in April at all? And then I have a follow-up as well.

恭喜新名稱。我想跟進Dan關於一些尚未盈利的客戶的問題。您提到，在第一季度，生命科學領域的這些客戶數量下降了15%左右。您能否介紹一下該客戶群在整個季度的月度趨勢？ 4月份，您是否開始看到復甦跡象？然後我還有一個後續問題。

Yes. So Rachel, I don't think we're going to discuss by-month trends for such a small portion of our overall business. And then I think as we started looking here in Q2, again, I think it's factored into our guidance that we're being cautious based on the trends of what we saw in the first quarter.

是的。 Rachel，我認為我們不會討論我們整體業務中這麼小一部分的逐月趨勢。然後，我認為當我們開始展望第二季度時，我認為基於第一季的趨勢，我們保持謹慎的態度，這一點已經反映在我們的業績指引中了。

Noted. And then on operating margins, you were able to reiterate that 30% OPM for the year despite some of these puts and takes on the top line. So can you just remind us of margin profile of ImmunoDX, especially in China, and then of some of these emerging biotech pre-revenue customers within Life Sciences? And how should those kind of offset throughout the P&L to be able to reiterate that 30% OPM guide?

注意到了。然後，關於營業利潤率，儘管有一些調整，但您仍然能夠重申全年30%的營業利潤率。那麼您能否簡單介紹一下ImmunoDX的利潤率狀況，尤其是在中國市場，以及生命科學領域一些新興的生物技術未獲利客戶的利潤率？這些因素在損益表中該如何抵消，才能重申30%的營業利益率指引？

Yes. So from an overall margin perspective, to your point, we are holding the 30% for the year. We're obviously going to manage our costs appropriately based on what we do from a revenue perspective. We're also going to protect our long-term investments. And I think it just goes through our ability to execute that we're able to hold the 30% for the year despite the new range from an organic growth standpoint.

是的。所以從整體利潤率的角度來看，正如您所說，我們今年的利潤率是30%。我們顯然會根據收入狀況，適當地管理成本。我們也會保護我們的長期投資。我認為，儘管從有機成長的角度來看，新的利潤範圍讓我們能夠維持今年30%的利潤率，這完全取決於我們的執行能力。

To your question on sub-business unit profitability, we're not going to get into those specifics. I would say, overall, we are a high reoccurring mix business and the reagents are a higher-margin product for us. And so as those volumes wane, yes, there is, I would say, either decremental or incremental margins that are above the company average, but we are managing those appropriately.

關於您關於子業務單位獲利能力的問題，我們不會深入討論這些細節。我想說，總的來說，我們的業務是高重複性混合業務，試劑對我們來說是利潤率較高的產品。因此，隨著這些業務的銷量下降，我認為利潤率會下降或上升，但高於公司平均水平，但我們正在妥善管理這些利潤率。

Our next question comes from Brandon Couillard from Jefferies.

下一個問題來自 Jefferies 的 Brandon Couillard。

Just one quick one for you, Max. How are we thinking about free cash flow conversion for the year? And where do you expect that leverage of land exiting '23?

馬克斯，我只想問你一個問題。我們怎麼看待今年的自由現金流轉換？你預計23年後土地槓桿率會達到多少？

So from a free cash flow perspective, I would say we're actually off to a strong start for the year. And so if you look at our first quarter performance, our adjusted free cash flow was about $50 million. That did include about $80 million of AES and pension-related cash outflows. So if you sort of normalize for those, our free cash flow conversion in the first quarter would have been greater than 100%. And so we are pleased by that execution. I think as we look for the full year, we do expect the business on a normalized basis to be above 85%, and we expect that we're now, I would say, on track to do so. So we're encouraged by the cash flow performance here in the first quarter. And in terms of your question on leverage, I think that we expect to be probably sub-2 as we exit the year here. And so that's where our current model is.

從自由現金流的角度來看，我認為我們今年的開局確實很強勁。如果你看我們第一季的業績，調整後的自由現金流約為5000萬美元，其中包括約8000萬美元的AES和退休金相關現金流出。如果將這些指標標準化，我們第一季的自由現金流轉換率應該會超過100%。我們對這樣的表現感到滿意。展望全年，我們預期業務在標準化基礎上的轉換率將超過85%，我們預計現在正朝著這個目標邁進。因此，我們對第一季的現金流表現感到鼓舞。至於你提到的槓桿率，我預計到年底時，我們的槓桿率可能會低於2%。這就是我們目前的模型。

I will now turn the call back over to Steve Willoughby for any further remarks.

現在我將把電話轉回給史蒂夫·威洛比，讓他發表進一步的評論。

Thanks, Alex. Thanks, everyone, for your time today and your questions this morning, and we look forward to speaking with you over the coming weeks and months and, again, next quarter. Have a good day.

謝謝，亞歷克斯。感謝大家今天抽出時間，也感謝大家今天早上的提問。我們期待在未來幾週、幾個月以及下個季度再次與你們溝通。祝大家有美好的一天。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。您現在可以掛斷電話了。