Revvity Inc (RVTY) 2024 Q1 法說會逐字稿

Hello, and welcome to the Q1 2024 Revvity Earnings Conference Call. My name is Carla, and I will be coordinating your call today.

您好，歡迎參加 2024 年第一季 Revvity 收益電話會議。我叫卡拉，今天我將協調您的電話。

(Operator Instructions)

（操作員說明）

I will now hand you over to your host, Stephen Willoughby to begin. Steve, please go ahead.

現在我將把你們交給主持人史蒂芬威洛比開始。史蒂夫，請繼續。

Thank you, operator. Good morning, everyone, and welcome to Revvity's First Quarter 2024 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. I'd like to remind you of our safe harbor statements outlined in our press release issued earlier this morning and also those in our SEC filings.

謝謝你，接線生。大家早安，歡迎參加 Revvity 2024 年第一季財報電話會議。今天與我通話的是我們的總裁兼執行長普拉拉德辛格 (Prahlad Singh)；以及我們的資深副總裁兼財務長 Max Krakowiak。我想提醒您注意今天早上早些時候發布的新聞稿中以及我們向 SEC 提交的文件中概述的安全港聲明。

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 due to a variety of factors, which are discussed in detail in our SEC filings.

本次電話會議中所做的陳述或評論可能是前瞻性陳述，其中可能包括但不一定限於財務預測或公司計劃、目標、期望或意圖的其他陳述。這些事項涉及一定的風險和不確定性。由於多種因素，公司的實際結果可能與預測或建議的結果有顯著差異，這些因素在我們向 SEC 提交的文件中進行了詳細討論。

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 statements as representing our views as of any date after today.

今天發表的任何前瞻性聲明均代表我們今天的觀點。即使我們的估計發生變化，我們也不承擔在未來更新這些前瞻性陳述的義務，因此您不應依賴今天的任何陳述來代表我們在今天之後的任何日期的觀點。

During this call, we will be referring to certain non-GAAP financial measures. A reconciliation of the measures we plan to use during this call to the most directly comparable GAAP measures is available as an attachment to our earnings press release.

在本次電話會議中，我們將提及某些非公認會計準則財務指標。我們計劃在本次電話會議中使用的衡量標準與最直接可比較的公認會計準則衡量標準的對帳可作為我們收益新聞稿的附件。

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

現在我將把它交給我們的總裁兼執行長普拉拉德辛格 (Prahlad Singh)。普拉拉德？

Thanks, Steve, and good morning, everyone. Following the company's transformation over the last several years, today marks the fourth quarter that we have reported our results as Revvity. And in 2 weeks, I look forward to celebrating with my colleagues, the 1-year anniversary of our new company unveiling. I'm proud to look back on all that we have accomplished in such a short period of time, and I'm excited to continue to build on the great progress we have been making towards reaching our ultimate potential.

謝謝史蒂夫，大家早安。經過過去幾年公司的轉型，今天是我們以 Revvity 報告業績的第四個季度。兩週後，我期待與同事們一起慶祝我們新公司揭幕一周年。我很自豪地回顧我們在如此短的時間內所取得的所有成就，並且我很高興能夠繼續在我們為實現最終潛力而取得的巨大進展的基礎上再接再厲。

We were extremely active during the first few months of the year as the team hit the ground running on a number of key initiatives, on which I thought I would provide some more insight this morning. First, from a market perspective, while we have begun to have more constructive conversations with our pharma and biotech customers over the last 45 to 60 days, their actual spending has not yet begun to meaningfully pick back up.

今年的前幾個月，我們非常活躍，團隊在許多關鍵舉措上迅速開展工作，我想今天早上我會提供一些更多的見解。首先，從市場角度來看，雖然我們在過去 45 至 60 天內開始與製藥和生物技術客戶進行更具建設性的對話，但他們的實際支出尚未開始有意義地回升。

So while it is promising to see continued stability, and there are a couple of potential trends on the horizon, which could turn into tailwinds, given we have yet to see a meaningful inflection in actual order trends, we are currently maintaining our outlook for the remainder of the year.

因此，儘管有希望看到持續的穩定，並且有一些潛在趨勢即將出現，這些趨勢可能會變成順風，但考慮到我們尚未看到實際訂單趨勢出現有意義的變化，但我們目前仍維持對今年剩餘時間。

Revvity's uniqueness was on display through -- in the first quarter as our Diagnostic businesses have continued to remain strong and performed well. Our Immunodiagnostics franchise, which is by far the largest piece of our Diagnostics segment driving the low double digits in the quarter.

Revvity 的獨特性在第一季就得到了體現，我們的診斷業務繼續保持強勁並表現良好。我們的免疫診斷業務是迄今為止我們診斷業務中最大的部分，推動本季實現低兩位數成長。

Our newborn Screening business also continued to perform well with mid-single-digit growth overall, including double-digit growth outside of China. This helped to offset the significant declines that occurred as we had anticipated in our Applied Genomics business.

我們的新生兒篩檢業務也持續表現良好，整體實現中個位數成長，其中包括中國以外地區的兩位數成長。這有助於抵消應用基因組學業務出現的大幅下滑。

The combination of these market environments led our performance overall to be better than we had anticipated with our organic revenue declining 3% ahead of our mid-single-digit decline expectation. Given the trends we experienced over the last few months of 2023, which continued into this year, we entered 2024, accelerating our efforts to eliminate stranded costs from our recent transformation and offset the return of variable expenses, which were reduced last year.

這些市場環境的結合使我們的整體業績優於我們的預期，我們的有機收入下降了 3%，超出了我們的中個位數下降預期。鑑於我們在 2023 年最後幾個月經歷的趨勢一直持續到今年，我們進入了 2024 年，加快努力消除近期轉型中的擱淺成本，並抵消去年減少的可變費用的回報。

These cost containment efforts continued through the first quarter and will help us further optimize the organization moving forward. Our newly formed enterprise operations team is making good progress on leading a number of initiatives to further streamline our business in the near term, while also setting us up to capitalize on more significant internal opportunities over the coming years, such as footprint consolidation, logistics optimization, vendor consolidation, and several very intriguing insourcing opportunities.

這些成本控制工作在第一季持續進行，並將幫助我們進一步優化組織向前發展。我們新組建的企業營運團隊在領導一系列舉措方面取得了良好進展，以在短期內進一步簡化我們的業務，同時也使我們能夠在未來幾年利用更重要的內部機會，例如足跡整合、物流優化、供應商整合以及一些非常有趣的內包機會。

Secondly, as part of this concerted effort to reach our full potential as quickly as possible, earlier this month, we realigned the management of a few of our business units. As part of these changes, I'm pleased to announce that Gene Lay, the founder of BioLegend, has now become the head of our overall Life Sciences segment. As we have mentioned in the past, we have intentionally taken a more flexible approach to the integration of our acquisitions in order to benefit from the strengths and the opportunities each of them uniquely provides.

其次，作為盡快充分發揮我們潛力的共同努力的一部分，本月早些時候，我們重新調整了一些業務部門的管理。作為這些變化的一部分，我很高興地宣布 BioLegend 的創始人 Gene Lay 現已成為我們整個生命科學部門的負責人。正如我們過去所提到的，我們有意採取更靈活的方式來整合我們的收購，以便從每項收購所提供的獨特優勢和機會中受益。

With this change, we have cemented the reverse integration process we have been working through in our Life Sciences business since we acquired BioLegend 2 years ago. This change in leadership is part of a broader streamlining of my direct organization and builds on the recently completed successful integrations of several acquisitions, including IDS, Oxford Immunotec and eXcelon.

透過這項變化，我們鞏固了自兩年前收購 BioLegend 以來我們在生命科學業務中一直在進行的反向整合流程。這次領導層變動是我的直接組織更廣泛精簡的一部分，並建立在最近成功完成的幾項收購整合的基礎上，其中包括 IDS、OxfordImmunotec 和 eXcelon。

With these changes, we are now poised for tremendous internal collaboration and the company will be in an even stronger position to drive key initiatives going forward, including aggressively bringing new innovations to market, capitalizing on new go-to-market opportunities, making consistent progress on our key areas of operational focus, and advantageously deploying capital both internally and externally.

透過這些變化，我們現在已準備好進行巨大的內部合作，公司將處於更有利的地位來推動未來的關鍵舉措，包括積極地將新的創新推向市場，利用新的上市機會，取得持續的進展聚焦我們的重點營運領域，並在內部和外部有利地部署資本。

For example, these organizational changes are intended to build an even stronger connection between our Life Sciences, Revvity Omics and Diagnostics businesses. I look forward to continuing the invaluable partnership Gene and I already have built as well as seeing the further progress that I expect will come from this evolution.

例如，這些組織變革旨在在我們的生命科學、Revvity Omics 和診斷業務之間建立更緊密的聯繫。我期待著繼續與吉恩和我已經建立的寶貴合作夥伴關係，並看到我期望從這一演變中取得進一步的進展。

From a financial standpoint, our strong focus on expense management during this current period of softer market conditions led our adjusted operating margins in the first quarter to be 25.5%, which is approximately 100 basis points above our expectations. We are making good progress in a number of areas, and I expect our margins in both our Diagnostics and Life Sciences segments will continue to improve over the remainder of the year.

從財務角度來看，在當前市場狀況疲軟的時期，我們對費用管理的高度重視導致我們第一季調整後的營業利潤率為 25.5%，比我們的預期高出約 100 個基點。我們在許多領域都取得了良好的進展，我預計我們在診斷和生命科學領域的利潤率將在今年剩餘時間內繼續提高。

The improvement in our Diagnostics margins will be a key factor in the years to come as we look to achieve our 75 basis points of annual margin expansion once organic revenue growth normalizes. Despite already having near industry-leading operating margins for the company overall, in just our first year as Revvity, it has been great to see the successful impact our actions over the last few quarters are already having. I'm confident in our ability to drive additional margin improvement over both the remainder of this year and in the years to come.

我們的診斷利潤率的提高將是未來幾年的關鍵因素，因為一旦有機收入成長正常化，我們希望實現 75 個基點的年度利潤率擴張。儘管公司整體營運利潤率已經接近行業領先，但在 Revvity 成立的第一年，我們很高興看到我們在過去幾季的行動已經產生了成功的影響。我對我們在今年剩餘時間和未來幾年推動利潤率進一步提高的能力充滿信心。

Now that the majority of our divestiture and rebranding activities are behind us, I was also very pleased to see that our cash generation performance was again quite strong in the first quarter of the year. During the first quarter, we generated over $130 million of free cash flow for the second quarter in a row.

現在我們的大部分剝離和品牌重塑活動已經過去，我也很高興看到我們的現金產生表現在今年第一季再次相當強勁。第一季度，我們連續第二季度創造了超過 1.3 億美元的自由現金流。

While the first quarter of the year is typically the lightest from a cash flow generation standpoint, it was great to see such strong performance this quarter. This is a testament to the keen attention being paid by the team on all things that impact our cash flow, such as purchasing and inventory, improving collections, strong management of our payables and an otherwise tight focus on our spending. We expect these positive cash flow trends to continue over the remainder of the year and be supplemented by additional meaningful inflows related to the divestiture that are due to us in the coming months.

雖然從現金流產生的角度來看，今年第一季通常是最清淡的，但很高興看到本季表現如此強勁。這證明了團隊對影響我們現金流的所有事情都給予了強烈關注，例如採購和庫存、改善收款、強有力的應付帳款管理以及對支出的嚴格關注。我們預計這些積極的現金流趨勢將在今年剩餘時間內持續下去，並輔以未來幾個月與我們剝離相關的額外有意義的資金流入。

In addition to our better-than-expected financial performance in the first quarter, we also had an extremely robust first few months from an innovation perspective. Starting in our Revvity Signals Software business, we launched 3 new SaaS-based offerings, two of which, Signals Clinical and Signal Synergy, enter us into new adjacent markets for which we have not previously served. Our Signals business is off to a strong start this year by growing a better-than-expected high-single digits in the first quarter, and is well positioned to continue to perform well, both from a financial standpoint and an innovation standpoint over the remainder of the year.

除了第一季的財務表現優於預期之外，從創新的角度來看，我們前幾個月的表現也非常強勁。從 Revvity Signals 軟體業務開始，我們推出了 3 個基於 SaaS 的新產品，其中 Signals Clinical 和 Signal Synergy 兩個產品讓我們進入了我們以前從未服務過的新的相鄰市場。我們的訊號業務今年開局強勁，第一季度實現了好於預期的高個位數增長，並且無論從財務角度還是從創新角度來看，我們都處於有利地位，將繼續表現良好。

Also software-related, we launched our next-generation sequencing solution for newborn screening during the first quarter. This new optimized RUO workflow will build on our already strong market leadership position in newborn screening as the technology continues to develop.

同樣與軟體相關的是，我們在第一季推出了新生兒篩檢的下一代定序解決方案。隨著技術的不斷發展，這種新的優化的 RUO 工作流程將鞏固我們在新生兒篩檢領域業已強大的市場領導地位。

One initial success story of this offering is our recently announced collaboration with a large nonprofit research institute, RTI, thereby their groundbreaking early check research study for newborn screening will benefit from Revvity's genomic sequencing capabilities starting in May. These are the types of cutting-edge collaborations with the world's leading scientists that Revvity excels at.

該產品的一個最初的成功案例是我們最近宣布與一家大型非營利研究機構 RTI 合作，因此他們用於新生兒篩檢的突破性早期檢查研究將從 5 月開始受益於 Revvity 的基因組定序功能。 Revvity 擅長與世界頂尖科學家進行這些尖端合作。

Finally, we again had a strong quarter of innovation in our Life Sciences Reagents business. As our GMP reagent capacity expansion begins to fully come online, we launched a number of new GLP recombinant proteins in addition to several products incorporating our new next-generation UV dies.

最後，我們的生命科學試劑業務再次實現了強勁的季度創新。隨著我們的 GMP 試劑產能擴張開始全面上線，除了採用我們新的下一代 UV 模具的幾種產品外，我們還推出了許多新的 GLP 重組蛋白。

I'm also proud to announce that our BioLegend business was awarded several grants from the Michael J. Fox Foundation to become one of their main partners in helping to commercialize the profound scientific breakthroughs from Parkinson's disease that their impactful work is producing.

我還很自豪地宣布，我們的BioLegend 業務獲得了邁克爾·J·福克斯基金會的多項資助，成為他們的主要合作夥伴之一，幫助將他們富有影響力的工作所產生的帕金森氏症的深刻科學突破商業化。

So in closing, now that we are almost at 1 year since becoming Revvity, and having already crossed over the first anniversary of completing a significant divestiture, with those time-consuming activities now largely behind us, I see every day how the company is beginning to hit its stride. We are making more profound advancement in our operating structure and our go-to-market strategy, which will both enable us to properly weather the current industry environment as well as set us up to accelerate our financial performance as more normalized demand returns, hopefully, starting in the second half of this year.

最後，現在我們成為 Revvity 已經快一年了，並且已經過了完成重大剝離的一周年，那些耗時的活動現在基本上已經過去了，我每天都看到公司是如何開始的邁出步伐。我們正在營運結構和進入市場策略方面取得更深遠的進步，這將使我們能夠正確應對當前的行業環境，並讓我們能夠隨著需求回歸正常化而加速我們的財務業績，希望，從今年下半年開始。

I wanted to share that we plan to provide additional insight on our significant potential and the progress we are making at an Investor Day, we will host this November both in-person and virtually from our BioLegend campus in San Diego. We look forward to being able to provide an even deeper dive on our key operational initiatives and the status of the transformation that has already occurred.

我想告訴大家的是，我們計劃在投資者日提供有關我們巨大潛力和所取得進展的更多見解，我們將於今年 11 月在聖地亞哥 BioLegend 園區以現場和虛擬方式舉辦。我們期待能夠更深入地了解我們的關鍵營運舉措以及已經發生的轉型的狀況。

We also plan to share more perspective on our new product pipelines and key strategic partnerships as well as how our capital deployments, both internally and externally over the last few years have set up the company for consistent industry-leading financial performance in the years to come. We will communicate more details on this event in the coming months, but wanted to put it on everyone's radar screen now.

我們還計劃分享更多關於我們的新產品管道和關鍵戰略合作夥伴關係的觀點，以及我們過去幾年的內部和外部資本部署如何使公司在未來幾年保持行業領先的財務業績。我們將在未來幾個月內傳達有關此活動的更多細節，但現在希望將其放在每個人的雷達螢幕上。

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

現在，我將把電話轉給馬克斯。

Thanks, Prahlad, and good morning, everyone. During the first quarter, we continued to execute at a high level despite the continued challenges in the pharma/biotech industry. As we face these headwinds, the strength of our Immunodiagnostics, newborn and software businesses allowed us to exceed our organic revenue expectations and also overcome some incremental FX pressure.

謝謝普拉拉德，大家早安。在第一季度，儘管製藥/生物技術行業持續面臨挑戰，但我們繼續保持高水準執行。當我們面對這些逆風時，我們的免疫診斷、新生兒和軟體業務的實力使我們能夠超越我們的有機收入預期，並克服一些增量的外匯壓力。

As we've been discussing over the last several quarters, during this period of software, pharma and biotech spending, we have had a concerted effort on controlling those items that are more directly within our control, specifically our operational efficiency and our cash flow generation. It was great to see both of these focus areas really performing well in the first quarter, with our adjusted operating margins of 25.5% being approximately 100 basis points above our expectations, and our $132 million of free cash flow being well over 100% of our adjusted net income in the quarter.

正如我們過去幾個季度一直在討論的那樣，在軟體、製藥和生物技術支出的這段時期，我們齊心協力控制那些更直接在我們控制範圍內的項目，特別是我們的營運效率和現金流生成。很高興看到這兩個重點領域在第一季確實表現良好，調整後的營業利潤率為25.5%，比我們的預期高出約100 個基點，我們的1.32 億美元的自由現金流遠遠超過我們的100%。

As I begin to walk through our financials for the quarter, I wanted to remind everyone that 2023 revenues related to COVID were de minimis, and as such, we will no longer be referencing non-COVID revenue. Instead, I will focus my commentary in our disclosed results solely on our organic performance.

當我開始回顧本季的財務數據時，我想提醒大家，2023 年與新冠肺炎相關的收入微乎其微，因此，我們將不再參考非新冠疫情收入。相反，我將在我們披露的業績中僅針對我們的有機表現發表評論。

Overall, the company generated total adjusted revenues of $650 million in the quarter, resulting in a 3% decline in organic revenue, which was above our expectations. FX was a modest year-over-year headwind, roughly 100 basis points, worse than we had assumed, and we again had no incremental contributions from acquisitions.

總體而言，該公司本季調整後總收入為 6.5 億美元，導致有機收入下降 3%，超出了我們的預期。外匯同比逆風不大，大約下降了 100 個基點，比我們想像的還要糟糕，而且我們再次沒有從收購中獲得增量貢獻。

As it relates to our P&L, we generated 25.5% adjusted operating margins in the quarter as we continued to focus on controlling our operational costs while accelerating the elimination of divestiture-related stranded costs, leading to stronger margins this quarter. We incurred a favorable pricing impact of approximately 100 basis points in the quarter, and we continue to expect at least 100 basis points of favorable price annually going forward.

就我們的損益表而言，我們在本季度實現了25.5% 的調整後營運利潤率，因為我們繼續專注於控制營運成本，同時加速消除與資產剝離相關的擱淺成本，從而導致本季利潤率上升。我們在本季度產生了約 100 個基點的有利價格影響，我們繼續預計未來每年至少有 100 個基點的有利價格影響。

Looking below the line, we had adjusted net interest and other expense of $11 million and an adjusted tax rate of 22.2%, both in line with our expectations. With an average diluted share count of 123.5 million for the quarter, this resulted in adjusted EPS in the first quarter of $0.98, which was $0.05 above the midpoint of our expectations.

縱觀線下，我們調整了 1,100 萬美元的淨利息和其他費用，調整後的稅率為 22.2%，兩者都符合我們的預期。該季度平均攤薄後股票數量為 1.235 億股，導致第一季調整後每股收益為 0.98 美元，比我們預期的中點高出 0.05 美元。

Moving beyond the P&L, as I mentioned, we generated free cash flow of $132 million in the quarter. I'm encouraged by the strong cash performance and diligent execution across all teams. We expect this momentum to continue given our recent AI-driven cash collection investments and an increased focus on inventory management. In addition to this internally generated cash flow, we are anticipating some divestiture-related outflows from last year to be reversed and return to us in the coming months, further strengthening our balance sheet.

正如我所提到的，除了損益表之外，我們在本季創造了 1.32 億美元的自由現金流。我對所有團隊強勁的現金表現和勤奮的執行力感到鼓舞。鑑於我們最近的人工智慧驅動的現金收集投資以及對庫存管理的日益關注，我們預計這種勢頭將持續下去。除了內部產生的現金流之外，我們預計去年一些與資產剝離相關的流出將在未來幾個月內逆轉並返回我們，從而進一步加強我們的資產負債表。

As for capital deployment, we remain active in the first quarter. We repurchased $11 million of shares in the quarter and remained active in evaluating potential inorganic opportunities that are of interest to us. As a reminder, we continue to hold a significant amount of U.S. treasuries, which are term match to the remainder of the $800 million bond we have coming due this September. We finished the quarter with a net debt to adjusted EBITDA leverage ratio of 2.7x.

在資本配置方面，我們第一季仍然保持活躍。我們在本季回購了 1,100 萬美元的股票，並繼續積極評估我們感興趣的潛在無機機會。提醒一下，我們繼續持有大量美國國債，這些債券的期限與我們今年 9 月到期的 8 億美元債券的剩餘部分相符。本季末，我們的淨負債與調整後 EBITDA 槓桿率為 2.7 倍。

I will now provide some commentary on our first quarter business trends, which is also included in the quarterly slide presentation on our Investor Relations website.

我現在將對我們第一季的業務趨勢提供一些評論，這些趨勢也包含在我們投資者關係網站上的季度幻燈片演示中。

The 3% decline in organic revenue in the quarter was comprised of an 8% decline in our Life Sciences segment and 1% growth in Diagnostics. Geographically, we declined in the low single digits in the Americas, declined in the mid-single digits in Europe and declined low single digits in Asia, with China declining mid-single digits.

本季有機收入下降 3%，其中生命科學部門下降 8%，診斷部門成長 1%。從地理來看，我們在美洲出現低個位數下降，在歐洲出現中個位數下降，在亞洲出現低個位數下降，其中中國出現中個位數下降。

From a segment perspective, our Life Sciences business generated adjusted revenue of $303 million in the quarter. This was down 8% on both a reported on an organic basis. From a customer perspective, sales to pharma/biotech customers declined in the low double digits in the quarter, while sales to academic and government customers declined low single digits.

從細分市場來看，我們的生命科學業務本季調整後營收為 3.03 億美元。根據有機報告，這兩個數字均下降了 8%。從客戶角度來看，本季對製藥/生技客戶的銷售額下降了兩位數，而對學術和政府客戶的銷售額則下降了個位數。

Our Life Sciences instrument revenue was down mid-teens in the quarter, and our reagents technology licensing and specialty pharma services revenue declined high single digits. We saw delays in our pharma customers finalizing their budgets for this year and continued lower overall lab activity levels.

本季我們的生命科學儀器收入下降了十幾位數，我們的試劑技術許可和專​​業製藥服務收入下降了高個位數。我們看到製藥客戶推遲了今年的預算最終確定，並且整體實驗室活動水準持續下降。

As Prahlad mentioned, while we now do have more insight into what customers' budgets look like for this year than we did 90 days ago, and are observing pockets of more favorable trends, we have not yet seen this result in a meaningful improvement in underlying order rates outside of normal seasonality.

正如普拉拉德所提到的，雖然我們現在確實比90 天前更深入地了解了今年客戶的預算情況，並且正在觀察一些更有利的趨勢，但我們尚未看到這導致基礎設施方面出現有意義的改善。

Our Signal Software business grew high single digits in the quarter, which was a bit ahead of our expectations. We continue to have very strong growth in our SaaS offerings, which bodes well for the long-term potential of this business, especially as we continue to bring new SaaS offerings to market as we have demonstrated with our multiple launches so far this year.

我們的訊號軟體業務在本季度實現了高個位數成長，略高於我們的預期。我們的 SaaS 產品繼續保持強勁成長，這預示著該業務的長期潛力，特別是我們繼續將新的 SaaS 產品推向市場，正如我們今年迄今為止的多次發布所證明的那樣。

In our Diagnostics segment, we generated $347 million of adjusted revenue in the quarter, which was flat on a reported basis and grew 1% on an organic basis. From a business perspective, our Immunodiagnostics business grew in the low double digits organically during this quarter. This consisted of high-teens organic growth in China and high single-digit growth outside of China. The strong performance marks another quarter of above-market growth, which is driven by the uniqueness of the markets we play in as well as capitalizing on our strong menu and geographic expansion opportunities.

在我們的診斷部門，本季調整後營收為 3.47 億美元，與報告基礎持平，有機成長 1%。從業務角度來看，我們的免疫診斷業務在本季以低兩位數有機成長。其中包括中國的高雙位數有機成長和中國以外的高個位數成長。強勁的業績標誌著又一個季度高於市場的成長，這是由我們所處市場的獨特性以及利用我們強大的菜單和地理擴張機會推動的。

Our Reproductive Health business grew in the low single digits organically in the quarter. This was driven by stabilization in our revenue Omics lab business as it has now anniversaried the contract completions and new project delays, which pressured growth last year. Our Newborn Screening continued to perform well and grew in the mid-single digits in the quarter globally.

我們的生殖健康業務在本季以較低的個位數自然成長。這是由我們的 Omics 實驗室業務收入穩定所推動的，因為該業務現已迎來合約完成周年紀念日和新項目延遲，這給去年的成長帶來了壓力。我們的新生兒篩檢持續表現良好，本季全球以中個位數成長。

Finally, as we had expected, the pressures our Applied Genomics business experienced in the latter half of 2023 continued into this year, resulting in this business declining in the mid-20s year-over-year. Clinical customers continued to absorb the instrumentation they purchased for COVID testing and our pharma customer spending remains subdued. We expect our Applied Genomics performance to improve as the year progresses, and we continue to expect a high single-digit decline in the business for the full year.

最後，正如我們所預期的那樣，我們的應用基因組業務在 2023 年下半年經歷的壓力持續到了今年，導致該業務在 1920 年代中期同比下降。臨床客戶繼續吸收他們購買的用於新冠病毒檢測的儀器，而我們的製藥客戶支出仍然低迷。我們預計我們的應用基因組學業績將隨著今年的進展而改善，並且我們仍然預計全年業務將出現高個位數下降。

As it pertains to China specifically, as mentioned, our revenue in the country overall declined in the mid-single digits year-over-year, which was in line with our expectations. This consisted of a high single-digit decline for Diagnostics in the quarter, with high-teens growth in Immunodiagnostics, offset by a significant decline in Reproductive Health. Our Chinese Reproductive Health business faced incremental headwinds as birth rates came under more pressure related to the COVID lockdowns ending and the impact from the reopening wave.

就中國而言，如上所述，我們在該國的收入總體同比下降了個位數，這符合我們的預期。其中包括本季診斷業務出現高個位數下降，免疫診斷業務出現高雙位數成長，但被生殖健康業務的大幅下降所抵消。由於新冠疫情封鎖結束以及重新開放浪潮的影響，出生率面臨更大壓力，我們的中國生殖健康業務面臨越來越大的阻力。

Our Life Sciences business in China declined mid-single digits, which was slightly better than we had anticipated. While there has been talk regarding additional stimulus, which could impact our industry, at this point, we have not yet seen this show up in orders. Consequently, while we are ready to capitalize on any opportunities that could arise, we are remaining cautious as it pertains to our assumptions on the potential impact to our business this year.

我們在中國的生命科學業務下降了中個位數，略好於我們的預期。儘管有人談論可能會影響我們行業的額外刺激措施，但目前我們尚未看到這一點出現在訂單中。因此，雖然我們已準備好利用可能出現的任何機會，但我們仍保持謹慎態度，因為這與我們對今年業務潛在影響的假設有關。

In regards to our outlook for the remainder of the year, we are encouraged by our Q1 results, but are maintaining our full year assumptions, which includes organic growth in the 1% to 3% range. While feedback from our pharma partners is now more constructive, these insights are leading us to assume that the softer end market environment that we've experienced over the last 6 months will continue.

關於我們對今年剩餘時間的展望，我們對第一季的業績感到鼓舞，但維持我們的全年假設，其中包括 1% 至 3% 範圍內的有機成長。雖然我們的製藥合作夥伴的回饋現在更具建設性，但這些見解使我們認為過去 6 個月經歷的疲軟終端市場環境將持續下去。

Given how dynamic things have been, we will want to see clear signs of recovery before potentially making any adjustments to our outlook for the remainder of the year. As a result, we expect the company won't return to positive organic growth until the second half of this year as we expect our organic revenue to decline in the low single digits in the second quarter.

考慮到情況的動態，我們希望在對今年剩餘時間的前景進行任何調整之前看到明顯的復甦跡象。因此，我們預計該公司要到今年下半年才能恢復正向有機成長，因為我們預計第二季的有機收入將出現低個位數下降。

Given the increased fluctuation in currency rates over the last few months, we now anticipate FX to have a neutral impact to our revenues this year, down from our previous 1% tailwind assumption. This results in our full year revenue now expected to be in the range of $2.76 billion to $2.82 billion.

鑑於過去幾個月匯率波動加劇，我們現在預計外匯對我們今年的收入產生中性影響，低於我們之前 1% 的順風假設。這導致我們的全年收入目前預計在 27.6 億美元至 28.2 億美元之間。

Moving down the P&L, we continue to expect to hold our operating margins this year roughly flat at 28% as our recent cost actions are offsetting the return of some variable expenses. We continue to expect our operating margins to be fairly similar in the second and third quarters and slightly below our full year average before improving sequentially in the fourth quarter.

從損益表來看，我們繼續預計今年的營業利潤率將大致持平在 28%，因為我們最近的成本行動正在抵消一些可變費用的回報。我們仍然預計第二季和第三季的營業利潤率將相當相似，略低於全年平均水平，然後第四季將連續改善。

Below the operating line, we now expect a few moving pieces, which largely offset each other. First, we now expect our net interest and other expenses for the year to be approximately $60 million, down $10 million from our prior outlook. However, this will be offset by a modestly higher-than-expected tax rate, which we expect to still round to approximately 20%.

在操作線下方，我們現在預計會出現一些移動的部分，這些部分在很大程度上相互抵消。首先，我們現在預計今年的淨利息和其他費用約為 6,000 萬美元，比先前的預期減少了 1,000 萬美元。然而，這將被略高於預期的稅率所抵消，我們預計稅率仍將接近 20% 左右。

Our average diluted share count, we still assume will be 123.5 million shares this year. For the second quarter specifically, we expect our below-the-line items to be similar to what we have just reported in the first quarter. This results in our adjusted EPS guidance for the year remaining unchanged in the range of $4.55 to $4.75 as the $0.05 outperformance here in the first quarter is largely being offset by the increased FX headwinds we are now facing.

我們仍假設今年的平均稀釋股數為 1.235 億股。具體來說，對於第二季度，我們預計我們的離線專案將與我們剛剛報告的第一季類似。這導致我們今年調整後的每股盈餘指引保持在 4.55 美元至 4.75 美元的範圍內不變，因為第一季 0.05 美元的優異表現在很大程度上被我們現在面臨的外匯逆風加劇所抵消。

In closing, the company has performed well over the first several months of 2024 despite a continued challenging end market. We did a great job executing on those items that are more fully in our control, such as managing our expenses and driving strong cash flow. When combined with our success in bringing significant innovation to the market, the improvements we have made on both our transformation initiatives and key processes across our organization are positioning us extremely well to deliver differentiated performance in the years to come.

最後，儘管終端市場持續充滿挑戰，但該公司在 2024 年前幾個月表現良好。我們在那些更完全由我們控制的項目上執行得很好，例如管理我們的費用和推動強勁的現金流。結合我們在為市場帶來重大創新方面所取得的成功，我們對整個組織的轉型計劃和關鍵流程所做的改進使我們能夠在未來幾年提供差異化的績效。

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

話雖如此，接線員，我們現在要開始提問。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自美國銀行的 Michael Ryskin。

I want to ask one big picture, one sort of qualitative, and then I'll follow up, drill in with a little bit more specifics. So in terms of how the quarter played out, it seems like there's still a decent number of surprises. You talked about Reagents coming out a little worse, pharma and biotech being a little bit worse, but then China was a little bit better, Diagnostics was better. So it just seems like there was a lot of moving pieces. I know we're still operating in a pretty volatile end market environment, but how do you feel about your confidence in terms of predicting growth going forward, in terms of the visibility? Is this something that you anticipate will improve? Is this just -- is this temporary? Or is it something a little more inherent to the business mix as it is?

我想問一個大局，一種定性的問題，然後我會跟進，深入探討更多細節。因此，就本季的表現而言，似乎仍然有很多驚喜。你談到試劑的情況稍差，製藥和生物技術的情況稍差，但中國的情況好一點，診斷更好。所以看起來有很多移動的部分。我知道我們仍然在一個相當不穩定的終端市場環境中運營，但是您對預測未來成長和可見性方面的信心有何看法？您預計這會有所改善嗎？這只是──這是暫時的嗎？或者說它是業務組合中更固有的東西？

Mike, I think it's a great question. As both myself and Max said in our prepared remarks, overall, I would say that the market has stabilized. Obviously, our Diagnostics business has done -- continues to shine in light of that. But you'll got to break it down into pieces. You are right on the Reagent side, the Life Sciences, but we had some licensing comp, which pressured things. But excluding that, our core reagents were down only mid-single digits.

麥克，我認為這是一個很好的問題。正如我和馬克斯在我們準備好的發言中所說的那樣，總的來說，我認為市場已經穩定下來。顯然，我們的診斷業務已經做到了——鑑於此，繼續發光發熱。但你必須把它分解成碎片。你是在試劑方面，即生命科學方面，但我們有一些許可競爭，這給事情帶來了壓力。但排除這一點，我們的核心試劑只下降了中個位數。

We did see a slower start to the year as customers delayed their finalizing their budgets and lab activity that continues to have some pockets of volatility. However, given the trends that we have seen now in March and so far here in April, we feel much more optimistic and have not changed our assumption for the full year and continue to expect core reagents to be up in the mid-single digits.

我們確實看到今年開局較慢，因為客戶推遲了最終確定預算，而實驗室活動仍然存在一些波動。然而，考慮到我們在 3 月和 4 月迄今為止看到的趨勢，我們感到更加樂觀，並且沒有改變我們對全年的假設，並繼續預計核心試劑將出現中個位數的增長。

On the Diagnostic side of the business, yes, Newborn Screening was pressured in China. But outside of China, Newborn Screening actually grew in the double digits. Software business continued to be better than our expectations. So I think, all in all, you are right that there are quite a few moving pieces. But as you said, at a high level, the differentiation of our portfolio actually shines in markets like this where there is pressure some place else, something else picks it up. So overall, we feel pretty good about where we are.

在診斷業務方面，是的，新生兒篩檢在中國面臨壓力。但在中國以外，新生兒篩檢實際上以兩位數成長。軟體業務持續好於我們的預期。所以我認為，總而言之，你是對的，有很多令人感動的部分。但正如您所說，從高水準來看，我們投資組合的差異化實際上在這樣的市場中表現出色，因為其他地方存在壓力，其他因素會加劇這種情況。總的來說，我們對自己的處境感覺很好。

Okay. That's helpful. And then the follow-up, I do want to drill in exactly into that, Life Science business, the reagents, pharma and biotech. I mean there's a lot of overlap between that, but it seems like that was an area that was a little bit weaker than you thought. And it sounds like it was a little bit weaker than what we've seen from some of your peers reporting. Your mix is a little bit different there. I mean BioLegend alone is a good chunk of that reagents business. But anything in particular you want to call out there?

好的。這很有幫助。接下來，我確實想深入探討生命科學業務、試劑、製藥和生物技術。我的意思是，這之間有很多重疊，但似乎這個領域比你想像的要弱一些。聽起來它比我們從一些同行報告中看到的要弱一些。你的混音有點不同。我的意思是 BioLegend 本身就佔了試劑業務的很大一部分。但有什麼特別想指出的嗎？

You talked about the licensing comps. Could you provide some clarity on that? How that's going to phase as you go through the rest of the year? And just what gives you confidence that, that business can reaccelerate, pharma and biotech and reagents specifically?

您談到了許可補償。您能否澄清一下？在今年剩下的時間裡，這將如何發展？是什麼讓您相信該業務能夠重新加速發展，特別是製藥、生技和試劑業務？

Yes, Mike, I mean, I don't have too much further to add on to what Prahlad already mentioned. I guess if you were to break it down a little bit further, if you look at our performance of the reagent business between academic and government and pharma/biotech, academic and government still grew in the quarter for us from a reagent perspective, which is predominantly the BioLegend portfolio. I think when you look at pharma/biotech, it really goes back to some of Prahlad's comments around, it was just a slower overall start for the year. We have seen good progress through March and April, and we're confident in our full year outlook.

是的，麥克，我的意思是，對於普拉拉德已經提到的內容，我沒有更多的補充。我想如果你進一步細分一下，如果你看看我們在學術界和政府以及製藥/生物技術之間的試劑業務的表現，從試劑的角度來看，學術界和政府在本季度仍然增長，這是主要是 BioLegend 產品組合。我認為當你審視製藥/生物技術時，它確實可以追溯到普拉拉德的一些評論，這只是今年整體開局較慢的情況。我們在三月和四月看到了良好的進展，我們對全年前景充滿信心。

Our next question comes from Matt Sykes from Goldman Sachs.

我們的下一個問題來自高盛的馬特賽克斯。

Prahlad, maybe big-picture question for you on capital allocation. If you kind of look back to over the past couple of years, the acquisitions that you've made that you're now integrating, given what you know now about the environment, both on the capital equipment and just pharma/biotech, is there anything you would have done differently in terms of those acquisitions in the (technical difficulty) business? Or do you feel like a better position -- the business position today is just a macro-related issue and that they should start outperforming going forward?

普拉拉德，也許是關於資本配置的大問題。如果你回顧過去幾年，考慮到你現在對環境的了解，無論是資本設備還是製藥/生物技術，你現在正在整合的收購都在那裡對於（技術難度）業務的收購，您會採取哪些不同的做法？還是你覺得自己的處境比較好──今天的業務狀況只是一個與宏觀相關的問題，他們應該開始超越未來？

It's a good, great question, Matt. I mean, I think if you look at the acquisition that we did, majority of our acquisitions were in Life Sciences reagents related to biomolecules and large molecules and cell and gene therapy. And I think the longer-term trend that if you look in the marketplace, that is where a majority of the investment is going to go. As you pointed out, there are some headwinds in the market right now, but we are very confident in our strategy about the acquisitions that we have made.

這是一個很好的問題，馬特。我的意思是，我認為如果你看看我們所做的收購，我們的大部分收購都是與生物分子和大分子以及細胞和基因治療相關的生命科學試劑。我認為長期趨勢是，如果你觀察市場，你會發現大部分投資都會流向市場。正如您所指出的，目前市場存在一些阻力，但我們對我們的收購策略非常有信心。

Again, going back, what it has done is it has put us in a place where 80% of our revenue is coming on a recurring basis. Life Sciences, Software and even in the Diagnostics area where we play, we have a portfolio that we feel is very differentiated. And I think it is going to serve us well.

再說一遍，它的作用是讓我們 80% 的收入來自經常性收入。生命科學、軟體，甚至在我們所涉足的診斷領域，我們都有一個我們認為非常與眾不同的產品組合。我認為這對我們很有幫助。

Got it. And then if I could just kind of understand a little bit better the dynamics behind the instruments. I know that in Life Sciences, a mid-teens decline might have been a little bit better than expectations. But could you just characterize instrument demand, whether it's in Life Sciences or Applied Genomics in terms of the stabilization that occurred during Q1? Or did things actually incrementally get worse in terms of demand? And what is your outlook for capital equipment demand and the impact on revenue over the course of the year, whether it's phasing of growth over the year or stabilization versus recovery? Just would love to kind of get your view on instrument capital equipment demand as we trend through '24.

知道了。如果我能更理解這些儀器背後的動力就好了。我知道在生命科學領域，十幾歲左右的下降可能比預期好一些。但是，您能否根據第一季發生的穩定情況來描述儀器需求，無論是生命科學領域還是應用基因組學領域？或者就需求而言，情況實際上是否逐漸變得更糟？您對今年資本設備需求的前景以及對收入的影響是什麼，無論是年內的階段性成長還是穩定與復甦？只是想了解您對 24 年趨勢中儀器資本設備需求的看法。

Yes. Matt, so as we look at the instrumentation for the rest of the year, we are still basically assuming across both Applied Genomics business as well as our Life Science instrumentation business that it will be down mid- to high single digits for the full year. That was consistent with our previous outlook. I'd actually say for the first quarter, it was an improvement versus what we were anticipating heading into the period. So it was encouraging to see that uptick. And when you really look at the assumptions for the rest of the year, we aren't assuming a recovery in the market. It is kind of assuming a steady-state environment from what we are facing today. And that's, again, consistent with our assumptions we had 90 days ago.

是的。馬特，因此，當我們審視今年剩餘時間的儀器時，我們基本上仍然假設應用基因組學業務以及生命科學儀器業務全年將下降中到高個位數。這與我們先前的展望是一致的。我實際上想說，第一季的情況與我們對該時期的預期相比有所改善。因此，看到這種上升是令人鼓舞的。當你真正考慮今年剩餘時間的假設時，我們並沒有假設市場會復甦。從我們今天所面臨的情況來看，這是一種穩態環境的假設。這再次與我們 90 天前的假設一致。

Our next question comes from Patrick Donnelly from Citi.

我們的下一個問題來自花旗集團的派崔克唐納利。

Prahlad, I just want to follow up on Mike's question on the reagent piece. Can you just talk a little bit more about what you saw in the quarter, how things trended specifically on BioLegend, just what the growth was there? And then what the expectations are in 2Q? I know you called out the licensing headwind in 1Q. Just trying to get a sense for what this business could look like 2Q and going forward as we work our way through the year here?

Prahlad，我只想跟進麥克關於試劑的問題。您能否多談談您在本季看到的情況，BioLegend 上的具體趨勢如何，以及成長情況如何？那麼第二季的預期是什麼呢？我知道您在第一季指出了許可方面的逆風。只是想了解這項業務在第二季會是什麼樣子，並在我們全年工作的過程中繼續前進？

Yes, Patrick. I mean, again, starting with, as I said earlier, right to Mike's question, we expect our core reagents business to be up mid-single digits for the year. And I think also, the trends that we saw in March and April make us optimistic to keep that profile. As I mentioned, we had licensing comps, which pressured this, excluding that, the reagents are down mid-single. I think the way I would take it is that some of the budget finalization that happened with our pharma/biotech customers, typically, they would happen in December. But I think that sort of bled into January and the release of the budgets happen a little later into the year than as it typically happens.

是的，派崔克。我的意思是，正如我之前所說，針對麥克的問題，我們預計今年我們的核心試劑業務將實現中個位數成長。我還認為，我們在三月和四月看到的趨勢使我們對保持這一形象持樂觀態度。正如我所提到的，我們有許可補償，這給這一點帶來了壓力，排除這一點，試劑的價格下降到了中單。我認為我會採取的方式是，我們的製藥/生物技術客戶的一些預算最終確定通常會在 12 月進行。但我認為這種情況會持續到一月份，預算的發布會比平常晚一些。

And I think that's where we saw some initial volatility. But again, March and April, it has come back to where we would have expected it to be. So hopefully, that gives you a bit of a flavor of how we relate that.

我認為這就是我們看到一些最初波動的地方。但三月和四月，它再次回到了我們預期的位置。希望這能讓您了解我們如何將其連結起來。

Okay. And just maybe just the trend on how to think about it for 2Q and the year?

好的。也許只是如何思考第二季和今年的趨勢？

Yes. For the second quarter, Patrick, we do expect the core reagents business to return to positive low single-digit growth in the second quarter. And then in order to get to the mid-single digits growth for the full year, you can do the math in the back half.

是的。對於第二季度，帕特里克，我們確實預計核心試劑業務將在第二季度恢復到低個位數的正成長。然後，為了實現全年中個位數成長，您可以在後半段進行數學計算。

Yes. Perfect. And then maybe just quickly on the biopharma conversation firming up in the last 2 months, to your point, Prahlad. Have you seen this before in the last 1.5 years? I'm just wondering if you're seeing some false starts where things sound good and then they tightened back up? Or is this one of the more encouraging signs you've seen over the past few quarters and you feel that visibility is improving?

是的。完美的。然後，也許在過去兩個月裡，關於生物製藥的對話很快就變得堅定起來，就你的觀點而言，Prahlad。您在過去 1.5 年內見過這種情況嗎？我只是想知道你是否看到一些錯誤的開始，事情聽起來不錯，然後又收緊了？或者這是您在過去幾個季度中看到的更令人鼓舞的跡象之一，並且您認為可見度正在提高？

Yes, Patrick. I think there is more solidity to the conversations, and I think that's more encouraging trend than what we have seen earlier. But as Max said earlier, I mean, they haven't yet converted into orders, so it's not clearly at a point where we can say there's an inflection. But I think the discussions are much more solid and much more prolonged. So that's probably a flavor around what the encouragement that we have on the order trend for the Life Sciences instrument side.

是的，派崔克。我認為對話更加紮實，而且我認為這比我們之前看到的趨勢更令人鼓舞。但正如馬克斯之前所說，我的意思是，它們還沒有轉化為訂單，所以目前還不清楚我們可以說存在拐點。但我認為討論更紮實、更持久。因此，這可能是我們對生命科學儀器方面的訂單趨勢的鼓勵。

Our next question comes from Andrew Cooper from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的安德魯庫柏。

Maybe just first, you had a lot of news in terms of Software in the quarter. Maybe just high level, how big do you think that business can get over the next few years? And how much of that growth relies on sort of additional new rollouts versus what you've now launched out there in the market today in terms of getting to that long-term business?

也許首先，本季有很多軟體方面的新聞。也許只是高水準，您認為未來幾年業務能發展到多大？就獲得長期業務而言，這種成長有多少依賴額外的新推出，而不是您現在在市場上推出的產品？

That's a great question, Andrew. I think we are very positive on our Software Signals business. And as you pointed out, we had several launches in the year. And I think, as I've said earlier, the product launches that happened in our Software business are a direct correlation of the user group and voice of customer meetings that we have at least twice a year in different continents. So basically, it's direct output of what our customers asks are and that's why there is a solid trend related to it. The expansion that we had with Signal Clinicals, it takes us outside of the preclinical environment to support customers on the analytics and the data that is generated from clinical trials.

這是一個很好的問題，安德魯。我認為我們對軟體訊號業務非常樂觀。正如您所指出的，我們今年推出了幾次產品。我認為，正如我之前所說，我們軟體業務中發生的產品發布與用戶群和客戶會議的聲音直接相關，我們每年在不同的大陸至少舉行兩次會議。所以基本上，它是我們客戶要求的直接輸出，這就是為什麼有與之相關的堅實趨勢。我們與 Signal Clinicals 的擴展使我們脫離了臨床前環境，為客戶提供分析和臨床試驗產生的數據支援。

In addition, these are SaaS-only, so that gives a more longer-term certainty around the revenue. And we've seen good initial traction with that. Similarly on Signal Synergy, which was launched in mid-April, that connects the data back for our customers between the pharma and the CRO. Again, this is something that I've talked about earlier. There is always -- one of the biggest needs for our pharma customers is the unstructured form in which the data comes through. This product helps them transfer unstructured data, provide the analytics and visualization that our customers are looking for. So pretty promising launches, and I think they will continue to be -- launches that'll come through from our Signals portfolio simply because we are -- we have taken a modular approach as to how we bring our product profile into the customers.

此外，這些都是 SaaS 服務，因此可以為收入提供更長期的確定性。我們已經看到了良好的初步吸引力。同樣，四月中旬推出的 Signal Synergy 也為我們的客戶在製藥公司和 CRO 之間連接資料。同樣，這是我之前討論過的事情。我們製藥客戶的最大需求之一始終是資料的非結構化形式。該產品可幫助他們傳輸非結構化數據，提供客戶所需的分析和視覺化。非常有前途的發布，我認為它們將繼續 - 將從我們的信號產品組合中推出，因為我們 - 我們已經採取了模組化方法來將我們的產品概況介紹給客戶。

Yes. I think if you look at it long term, Andrew, I think we've already come out with the LRP growth assumptions for our Software business. It's high single digits to low-double-digits growth per year. It's what we are expecting here in 2024. And so depending on how long you're trying to model out, you can get to how big this business is, given that it's roughly a $200 million business for us today.

是的。我認為，如果你從長遠來看，安德魯，我認為我們已經為我們的軟體業務提出了 LRP 成長假設。每年的成長率為高個位數到低兩位數。這就是我們對 2024 年的預期。

Fair enough. That's super helpful. Maybe just one kind of on some of the numbers here. You called out free cash flow normally weakest in the first quarter, but obviously, pretty strong here. There's some divestiture kind of inflows that are a little bit more onetime in terms of not repeating in '25 maybe, but should we think about higher each quarter for the rest of the year from here? And maybe on a normalized basis, is that same seasonality still what we should expect on a go-forward basis as well?

很公平。這非常有幫助。也許只是這裡某些數字的一種。您指出，第一季的自由現金流通常最弱，但顯然，這裡相當強勁。有一些資產剝離類型的資金流入可能會在 25 年不再重複，但一次性的資金流入會更多一些，但我們是否應該考慮從這裡開始今年剩餘時間每個季度的資金流入會更高？也許在正常化的基礎上，同樣的季節性仍然是我們應該在未來的基礎上預期的嗎？

Yes. Look, I mean, from a cash flow perspective, there will always be some quarterly notes to some extent just given business activity. I think as you look at this year, though, the second and third quarter, I would anticipate to be probably lower than the fourth quarter, but we're still maintaining our overall expectation this year to be greater than $475 million of free cash flow conversion.

是的。我的意思是，從現金流的角度來看，考慮到業務活動，在某種程度上總是會有一些季度票據。我認為，從今年第二季和第三季的情況來看，我預計可能會低於第四季度，但我們仍然維持今年自由現金流超過 4.75 億美元的整體預期轉換。

Our next question comes from Josh Waldman from Cleveland Research.

我們的下一個問題來自克利夫蘭研究中心的喬許·沃爾德曼。

One for Max and one for Prahlad. First, Max, can you talk a bit more on the drivers to the op margins coming in better than expected? I mean, it sounds like it was supported by cost efforts and I assume organic upside. I'm curious, how much of the cost benefit was onetime in nature? And I guess what would you need to see to start to pull up your margin outlook either for the year or longer term?

一份給麥克斯，一份給普拉拉德。首先，Max，您能多談談營運利潤率優於預期的驅動因素嗎？我的意思是，聽起來它是受到成本努力的支持，我認為有有機的好處。我很好奇，有多少成本效益是一次性的？我想您需要看到什麼才能開始提高今年或長期的利潤前景？

Yes. So I think if you look back at what we had mentioned for the outlook for this year, we had mentioned that, from a margin profile perspective, our operating expenses for the full year were going to be very similar kind of quarter-over-quarter off of our Q4 exit, and that's kind of what you saw here in the first quarter. And again, that's just a function of us taking permanent cost reduction actions to offset the variable expenses that we knew would be coming back this year. And so I don't think that outlook has changed where the upside was in the first quarter was really more on the gross margin side.

是的。因此，我認為，如果你回顧一下我們提到的今年的前景，我們曾提到，從利潤率角度來看，我們全年的營運支出將與上一季度非常相似。來看，這就是你在第一季看到的情況。再說一次，這只是我們採取永久性成本削減行動來抵消我們知道今年會回來的可變費用的結果。因此，我認為前景沒有改變，第一季的上漲實際上更體現在毛利率方面。

Again, as you look at the seasonality or I guess, the phasing over the rest of this year, the gross margin rate will uptick as we go throughout the year based on volume, which is what gets you to that then 28% operating margin for the full year.

再說一次，當你考慮季節性因素，或者我猜，今年剩餘時間的分階段時，毛利率將會隨著全年銷量的增加而上升，這就是為什麼你可以達到 28% 的營業利潤率。年。

And I think when you look at in terms of what could push us above the 28% for the full year, it's going to be a combination of just better volume or on the gross margin line, again, as our operating expenses will be relatively flat over the course of the year.

我認為，當你考慮什麼因素可以推動我們全年的利潤率超過 28% 時，你會發現，這將是銷量或毛利率更好的組合，因為我們的營運費用將相對持平在這一年中。

Got it. Okay. And then, Prahlad, a couple on China. Within the Life Science segment, curious, any trends you've seen, positive or negative, on the reagent side as the quarter played out and then here into April? And then within instrument, curious, have you seen any sign of stimulus showing up in the funnel or customer activity?

知道了。好的。然後是普拉拉德（Prahlad），一對關於中國的夫婦。在生命科學領域，好奇的是，從本季度到四月份，您在試劑方面看到了任何趨勢，無論是積極的還是消極的？然後在工具中，好奇，您是否看到漏斗或客戶活動中出現任何刺激跡象？

And then I guess, lastly, on the Diagnostics side, curious if there's any change in how you're thinking about China Dx for the year? And within that, any change to what you're seeing from a pricing dynamics, anything like VBP or local competition showing up? Or is pricing in China has been fairly stable?

最後，我想在診斷方面，想知道您對今年中國 Dx 的看法是否有任何變化？其中，您從定價動態中看到的任何變化，例如 VBP 或本地競爭的出現？或者說中國的定價一直相當穩定？

I'll try to remember all 4 or 5 of the questions that you've got in there, Josh. I think the reagent side pretty much played out on the Life Sciences side as we had expected. And to your second question around the stimulus, as some of our peers have mentioned, there has been talk and discussion about it, but that's not something that we are banking or assuming in any of our assumptions so far.

喬什，我會盡力記住您提出的所有 4 或 5 個問題。我認為試劑方面幾乎在生命科學方面發揮了作用，正如我們所預期的那樣。關於刺激計畫的第二個問題，正如我們的一些同行所提到的，已經有過相關的討論和討論，但這並不是我們迄今為止在任何假設中所持有或假設的內容。

On the Diagnostic side of the business, as we've pointed out earlier, we are going to continue to have some volatility related to VBP. And the price declines that we have laid out, that is assumed in our LRP. On the Reproductive Health side, as we mentioned, that birth rates declined more than 20% in the latter half of 2023.

在商業診斷方面，正如我們之前指出的，我們將繼續面臨與 VBP 相關的一些波動。我們所列出的價格下降是在我們的 LRP 中假設的。在生殖健康方面，正如我們所提到的，2023 年下半年出生率下降了 20% 以上。

So we do expect that softness to continue through 2Q, but as most of you know, we expect that to change in the second half of the year given that it's the year of the dragon in which we have traditionally seen a noticeable increase in the number of babies born, which run through the first quarter of next year. And to some extent, we have already started seeing some signs of this occurring from our prenatal business in China. So there is an indication that the birth rate trend in China is going to improve a bit in the second half of the year. I think I got most of them.

因此，我們確實預計這種疲軟狀態將持續到第二季​​度，但正如你們大多數人所知，我們預計這種情況會在今年下半年發生變化，因為今年是龍年，傳統上我們看到數量顯著增加出生的嬰兒數量將持續到明年第一季。在某種程度上，我們已經開始從我們在中國的產前業務中看到這種情況的一些跡象。因此有跡象表明，下半年中國的出生率趨勢將會有所改善。我想我已經得到了大部分。

Yes. And maybe just one other piece to add just, I guess, from an overall numbers perspective, our outlook on China for the full year has not changed. Again, the first quarter was mostly in line with our expectations. And for the full year, we are assuming China to be roughly flat for the full year. So there's no change to that assumption.

是的。也許我想補充一點，從整體數據的角度來看，我們對中國全年的展望沒有改變。同樣，第一季基本上符合我們的預期。對於全年而言，我們假設中國全年的情況大致持平。所以這個假設沒有改變。

Our next question comes from Doug Schenkel from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的道格·申克爾。

Just a couple of quick cleanup questions on guidance. I just want to make sure we understand all the moving parts. So just starting on revenue, you reiterated full year organic revenue guidance and Q2 was guided about as expected. Yet you acknowledge biotech and pharma demand has yet to rebound as maybe hoped. So I think that's a relative bad guy. What's the good guy specifically? What's getting better than what you expected relative to where we started the year?

只是幾個關於指導的快速清理問題。我只是想確保我們了解所有的活動部分。因此，從收入開始，您重申了全年有機收入指導，第二季的指導符合預期。但您承認生物技術和製藥需求尚未如預期那樣反彈。所以我認為這是一個相對壞的人。好人具體是什麼？與年初相比，哪些方面比您的預期更好？

And then turning to margins, coming into the year, you had guided Q2 and Q3 operating margin to be about in line with the full year guidance target. I think you actually said Q2 might be even a little bit below that. Just doing the math there, I think it implies Q4 operating margin will be in the low 30s, I get to 31%. Is that math right? And if so, can you just help us with what makes you confident in that type of ramp given we're starting at 25.5% coming out of Q1?

然後轉向利潤率，進入今年，您指導第二季和第三季的營業利潤率與全年指導目標大致一致。我認為你實際上說過第二季度可能會比這個低一點點。只要算一下，我認為這意味著第四季的營業利潤率將在 30 左右，我達到了 31%。這個數學正確嗎？如果是這樣，考慮到第一季我們的成長率為 25.5%，您能否幫助我們了解是什麼讓您對這種類型的成長充滿信心？

Yes. So I'll work backwards to your questions there, so maybe starting on the margin one. I mentioned it to Josh's question earlier, but really, the margin story or assumptions we had coming to you are unchanged. Operating expenses are going to be flat. And as we move throughout the year, it is just a volume dynamic moving up our gross margin percentage. In terms of the quarterly phasing that you had mentioned, yes, that's probably about right if you do modestly lower second and third quarter operating margins that would imply a fourth quarter, that's around 30.5%, 31% OM. And again, that's kind of consistent with our business practice and our business seasonality as the volume steps up sequentially as we go throughout the year.

是的。因此，我將向後回答您的問題，所以也許可以從邊緣問題開始。我之前在喬許的問題中提到過這一點，但實際上，我們向您提供的保證金故事或假設並沒有改變。營運費用將持平。隨著我們全年的發展，這只是銷量動態提高了我們的毛利率百分比。就您提到的季度分階段而言，是的，如果您適度降低第二季和第三季的營業利潤率（這意味著第四季度的營業利潤率約為30.5% 和31% OM），那麼這可能是正確的。再說一次，這與我們的業務實踐和業務季節性是一致的，因為我們的業務量在全年中依次增加。

I think when you look at it on an organic growth perspective, I think, to maybe use your own words, yes, we were -- everyone was hoping that margins had recovered -- the markets have recovered more strongly here in the first quarter, but that's not what our guidance had assumed. Our guidance had actually assumed that it was a relatively stable -- consistent outlook for what we saw in the fourth quarter, which is what played out here in the first quarter, and we expect to play out for the rest of the year. So I don't know that it necessarily got worse in terms of what our guidance assumptions were.

我認為，當你從有機成長的角度來看它時，我想，也許用你自己的話來說，是的，我們——每個人都希望利潤率已經恢復——市場在第一季恢復得更強勁，但這不是我們的指導方針所假設的。我們的指引實際上假設這是一個相對穩定的——與我們在第四季度看到的情況一致的前景，這就是第一季的情況，我們預計今年剩餘時間也會如此。所以我不知道就我們的指導假設而言，情況一定會變得更糟。

Okay. That's super helpful. And one, I think somewhat related follow-up. Applied genomics, I think that accounts for roughly 1/4 of Diagnostics. Hopefully, I'm not too far off there. That was down, I think, mid-20s in the quarter. If it weren't for that headwind, I think that means Diagnostics would have grown 5%, 6% mathematically. As we kind of think about things getting better as the year progresses, my guess is that's a big part of the math that makes you feel better about an acceleration in the second half in that business, essentially just annualizing some of the headwinds that you're fighting through right now specific to Applied Genomics, is that right?

好的。這非常有幫助。第一，我認為有些相關的後續行動。應用基因組學，我認為大約佔診斷學的 1/4。希望我離那裡不太遠。我認為，本季 20 多歲左右的情況有所下降。如果沒有這種逆風，我認為這意味著 Diagnostics 從數學上講將會成長 5%、6%。當我們思考隨著時間的推移事情會變得更好時，我的猜測是，這是數學的一個重要部分，它讓你對該業務下半年的加速感覺更好，本質上只是將你所遇到的一些逆風年化。

That's exactly right. And I would say as we get going throughout the rest of the year for Applied Genomics, it will improve from the first quarter. The fourth quarter will be its worst performance from an overall organic growth perspective. But when you look at multi-year stacks, although it's still improving in a discrete organic growth for the second through fourth quarters, the multiyear stack, we are actually assuming a little bit slower than the multiyear stack we had in the first quarter, which gives us confidence in terms of the rebound for that business for the rest of the year.

完全正確。我想說，隨著我們在今年剩餘的時間裡應用基因組學的進展，它將比第一季有所改善。從整體有機成長的角度來看，第四季將是最差的表現。但是，當您查看多年堆疊時，儘管第二季度到第四季度的離散有機增長仍在改善，但我們實際上假設多年堆疊比第一季的多年堆疊慢一點，這讓我們對今年剩餘時間該業務的反彈充滿信心。

Our next question comes from Vijay Kumar from Evercore.

我們的下一個問題來自 Evercore 的 Vijay Kumar。

Prahlad, just on the second quarter, I think you mentioned organic is down low singles. And I think reagent are expected to be up. So what drives that low singles, right? If reagents improved sequentially, is there some timing of VBP impact? Like when is VBP supposed to hit? Did we see any impact in Q1?

普拉拉德，就在第二季度，我想你提到有機單曲下降了。我認為試劑預計會上漲。那麼是什麼導致單打如此低，對吧？如果試劑持續改進，VBP 影響是否存在某個時間點？例如VBP應該什麼時候打？我們在第一季看到任何影響嗎？

Vijay, I think on the VBP question, what we've said, we've assumed mid-single-digit price declines on an annual basis, and that's what we continue to see. So it's not a sudden swing that we are seeing, but we're just seeing a leak on the pricing. And that's what we've assumed and what we've shared earlier. I think if the Life Sciences reagent are going to improve sequentially from the Q1 to Q2, the instrument side of the business is still pressured. And I think that's what's assumed in our low-single-digit guidance and hopefully, it will be better.

Vijay，我認為關於 VBP 問題，我們已經說過，我們假設價格每年會下降中個位數，這就是我們繼續看到的情況。因此，我們看到的並不是突然的波動，而是我們看到了定價的洩漏。這就是我們的假設以及我們之前分享的內容。我認為如果生命科學試劑要從第一季到第二季依序改善，儀器方面的業務仍然會受到壓力。我認為這就是我們的低個位數指導中所假設的，希望情況會更好。

Yes. I think maybe just to add more specifics to it, Vijay, in terms of what's changed in Q1 to Q2. To your point, reagents will get a little bit better as well Applied Genomics per my response to Doug. Really, what we're not assuming repeats in the second quarter, I think, is the robust growth we saw in both the Newborn business and Immunodiagnostics outside of China, they both continue to grow low double digits, mid-teens, respectively. And so I think we're just being a little bit more conservative in the assumptions for those in the second quarter.

是的。我想也許只是添加更多細節，Vijay，關於第一季到第二季的變化。就你的觀點而言，根據我對道格的回應，試劑和應用基因組學都會變得更好。事實上，我認為，我們在第二季度不會重複的情況是，我們在中國以外的新生兒業務和免疫診斷業務中看到了強勁的增長，它們分別繼續保持低兩位數和十幾歲左右的增長。因此，我認為我們只是對第二季的假設更加保守。

Understood. And then a follow-up to that, Max, on China, down mid-singles in Q1 -- sorry, did we see that 500 basis points of pricing pressure in Q1? Or is that something that's supposed to come in the back half? And I think your guidance for China is up low singles for the year. So what drives that back half? Is that just a comp issue or perhaps timing of VBP?

明白了。然後是關於中國的後續行動，Max，在第一季度的中間單打中下降 - 抱歉，我們是否在第一季度看到了 500 個基點的定價壓力？還是這是應該在後半部出現的東西？我認為你們今年對中國單打的指導是低的。那麼是什麼推動了後半部呢？這只是補償問題還是 VBP 的時間安排問題？

No. I mean I don't think there's discrete quarterly timing around the pricing there, Vijay. It's kind of a consistent pricing headwinds that we face over the course of the year. So I don't think there's anything specifically there to call from a corporate perspective.

不，我的意思是，我認為定價方面沒有離散的季度時間，Vijay。這是我們在這一年中面臨的持續的定價逆風。因此，我認為從企業角度來看沒有特別需要注意的地方。

Our next question comes from Jack Meehan from Nephron Research.

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

I wanted to ask about pharma and biotech maybe through a different lens. I know you're not seeing improvement in orders at this point, but is there any commentary you can share across the different businesses? I'm curious if some of the more production-oriented businesses like a surprising discovery or SIRION are doing better than the lab-oriented areas?

我想從不同的角度詢問製藥和生物技術。我知道您目前沒有看到訂單有所改善，但是您可以在不同的業務中分享任何評論嗎？我很好奇一些以生產為導向的業務（例如令人驚訝的發現或 SIRION）是否比以實驗室為導向的領域做得更好？

I think I would say that we see maybe from a general commentary perspective, the pressure is still more on the higher-ticket items around the single cell imaging and analysis, but probably not as much on the lower-ticket item. So again, it continues to be a CapEx story around instrumentation, and I think that's where the pressure was assumed and that continues to be there.

我想我想說的是，我們可能從一般評論的角度來看，圍繞單細胞成像和分析的高價項目的壓力仍然更大，但低價項目的壓力可能沒有那麼大。所以，這仍然是一個圍繞儀器的資本支出故事，我認為這就是壓力所在，並且仍然存在。

Okay. Got it. And then on -- I was just curious, operationally with Spotfire, I know there was some disruption that was caused back in March. How are things going there? I know it's a small business, but just -- how's the customer impact? How is that going?

好的。知道了。然後，我只是好奇，在 Spotfire 的運作中，我知道 3 月造成了一些中斷。那裡的情況怎麼樣？我知道這是一家小型企業，但是—對客戶的影響如何？進展如何？

Yes. I mean, Jack, as you know, and as we have reported, we quickly got an injunction -- received an injunction, which essentially maintains the previous status quo as the litigation plays out. And to your point, any initial customer inquiries and questions have died down significantly. And at the end of the day, we still have an agreement in place into the next decades with renewals beyond that.

是的。我的意思是，傑克，正如你所知，正如我們所報導的，我們很快就收到了一項禁令——收到了一項禁令，隨著訴訟的進行，該禁令基本上維持了之前的現狀。就您而言，任何最初的客戶詢問和問題都已大大減少。最終，我們仍然達成了未來幾十年的協議，並在此基礎上續約。

Our next question comes from Catherine Schulte from Baird.

我們的下一個問題來自貝爾德 (Baird) 的凱瑟琳舒爾特 (Catherine Schulte)。

Maybe just one more on pharma. Last week, Roche mentioned that it had removed about 20% of the molecules in its pipeline over the last 3 quarters. And that doesn't seem like a dynamic that's been weak to them. So I guess, where do you think we are in this pipeline reprioritization across large pharma? And when do you think the dust settles there?

也許只是再一篇關於製藥的文章。上週，羅氏表示，在過去 3 個季度中，該公司已去除了管道中約 20% 的分子。對他們來說，這似乎不是一種弱勢的動力。所以我想，您認為我們在大型製藥公司的管道重新優先順序中處於什麼位置？你認為什麼時候塵埃落定？

Yes. Catherine, I think the pipeline realignment is happening, and it will continue to happen. I mean from our perspective, just as we look at preclinical research and discovery, both on the small molecules and on the biomolecule side, and as I've pointed out, the funnel has to be broad enough at the beginning for it to narrow down. I think as they realign their portfolio, they will continue to optimize cost measures as they go further into development from preclinical research and into clinical. But in order to get into development and clinical, they have to have a broad enough funnel.

是的。凱瑟琳，我認為管道重組正在發生，而且將會繼續發生。我的意思是，從我們的角度來看，就像我們關注小分子和生物分子的臨床前研究和發現一樣，正如我所指出的，漏斗在開始時必須足夠寬，才能縮小範圍。我認為，隨著他們重新調整其產品組合，他們將繼續優化成本措施，進一步從臨床前研究發展到臨床。但為了進入開發和臨床，他們必須有足夠廣泛的管道。

So I think mid- to longer term, we don't see that having much of an impact on our business. I think the key will be how do we continue to help our pharma/biotech customers continue to optimize and make it more efficient for them to bring candidates from discovery into development.

因此，我認為從中長期來看，我們認為這不會對我們的業務產生太大影響。我認為關鍵是我們如何繼續幫助我們的製藥/生物技術客戶繼續優化，並使他們更有效地將候選藥物從發現轉化為開發。

Okay. And then could you just talk through your expectations for pharma and biotech for the second quarter? And when do you think we could see a return to growth in that end market?

好的。那麼您能否談談您對第二季度製藥和生物技術行業的預期？您認為我們什麼時候可以看到該終端市場恢復成長？

Yes, as a reminder, too, we don't necessarily give outlooks on an end-market basis. And so, look, I think as you can hear from our executives that assuming a general change in the overall end market for pharma/biotech as we go throughout the course of this year. So that's probably the best insight I can give you on that question.

是的，同樣提醒一下，我們不一定會給出終端市場的前景。因此，我認為，正如您從我們的高管那裡聽到的那樣，我們假設製藥/生物技術的整體終端市場將在今年發生普遍變化。這可能是我能為您提供的關於這個問題的最佳見解。

Our next question comes from Dan Brennan from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Dan Brennan。

Maybe just on Immunodiagnostics, solid first quarter, again, comps do get more difficult as we go through the year. Can you just walk us through maybe the Q2 expectation and the outlook for the second half? And anything we should be considering, anything notable whether new products or pricing that support the outlook?

也許只是在免疫診斷方面，第一季表現強勁，但隨著我們度過這一年，比較確實變得更加困難。您能否向我們介紹第二季的預期和下半年的前景？我們應該考慮什麼，有什麼值得注意的事情，無論是新產品還是支持前景的定價？

Yes. I think as you -- as we look at the outlook for IDX, to your point, it was another strong first quarter here. We continue to expect the business to continue to perform well, even both in China for the rest of the year as well as outside of China. And so our expectation is that for the business for the full year, it's still going to grow in the high single digits. It's multiyear stack, they're still in line with our LRP. And it's really a combination of both the geographic expansion of our Immunodiagnostics portfolio, but then also the wave of innovation and menu expansion that we've been driving for the past couple of years.

是的。我認為，當我們審視 IDX 的前景時，就您的觀點而言，這是另一個強勁的第一季。我們仍然預計該業務將繼續表現良好，無論是在今年剩餘時間內在中國還是中國境外。因此，我們的預期是，全年業務仍將以高個位數成長。這是多年的堆棧，它們仍然符合我們的 LRP。這其實是我們免疫診斷產品組合地理擴張的結合，也是我們過去幾年一直推動的創新和菜單擴展浪潮的結合。

And just to add to what Max said, U.S. continues to also be a very good growth driver for us for the Immunodiagnostics business. I know we tend to talk about China, but U.S. for us is probably the fastest grower for our Immunodiagnostics business.

補充馬克斯所說的，美國仍然是我們免疫診斷業務的一個非常好的成長動力。我知道我們傾向於談論中國，但對我們來說，美國可能是我們免疫診斷業務成長最快的國家。

Got it. And then maybe just one on costs. You had a lot of comments in the prepared remarks on new programs, it sounded like, or maybe some emerging programs to take costs out, talked about stranded costs. Can you just elaborate a little bit? Like it sounds like maybe those impacts are going to come after '24? Maybe we'll learn more at the Investor Day, but just kind of any impact in '24 baked in from some of these additional focus on costs? And if not, kind of how do we think about the magnitude of upside beyond?

知道了。然後也許只是成本問題。您在關於新計劃的準備好的評論中發表了很多評論，聽起來像是一些旨在消除成本的新興計劃，談到了擱淺成本。能詳細說明一下嗎？聽起來這些影響可能會在 24 年後發生？也許我們會在投資者日了解更多信息，但是這些對成本的額外關注會對 24 世紀產生什麼影響嗎？如果不是，我們如何看待未來上漲的幅度？

Yes, it's a great question. So I would say from a cost perspective and really our operating margin initiatives, there is the short term and the long-term bucket. I think when we've talked about short term really for 2024, it's the structural actions we've been taking to remove the stranded costs really in relation to our SG&A functions. And so that has worked, has already mostly been done in the fourth and first quarter here. It's baked into our assumption for the full year. I think then when you look at it long term, it's a lot of the topics that we had mentioned in our prepared remarks this morning, really around in-sourcing, freight lane optimization, vendor consolidation, rooftop consolidation. And so those will continue to be areas that we're focused on executing over the next couple of years. It's part of our playbook for our LRP operating margin expansion. And so that's really probably the way I would think about those 2 different cost actions.

是的，這是一個很好的問題。因此，我想說，從成本角度以及我們的營運利潤率措施來看，存在短期和長期目標。我認為，當我們談論 2024 年的短期目標時，我們實際上正在採取結構性行動，以消除與我們的 SG&A 職能相關的擱淺成本。所以這已經奏效了，已經在第四季和第一季完成了大部分工作。它已融入我們全年的假設中。我認為，當你從長遠來看時，我們在今天早上準備的演講中提到了很多主題，實際上是圍繞內包、貨運通道優化、供應商整合、屋頂整合。因此，這些將繼續成為我們未來幾年重點執行的領域。這是我們 LRP 營業利潤擴張策略的一部分。所以這可能就是我思考這兩種不同成本行動的方式。

And our final question comes from Luke Sergott from Barclays.

我們的最後一個問題來自巴克萊銀行的盧克·塞爾戈特。

Great. I just want to follow-up, Prahlad, on what you just talked about from the U.S. and IDX being the fastest grower. I mean, this has kind of been the long-term thesis here on EUROIMMUN in general. And so can you just talk about what's driving the accelerated growth here? How big the U.S. is now as a region for EUROIMMUN? And do you guys think that you are close to the critical mass when thinking about the menu or the menu expansion needs to really start to drive share gain here?

偉大的。 Pralahad，我只想跟進您剛才談到的美國和 IDX 是成長最快的公司的情況。我的意思是，這基本上是關於 EUROIMMUN 的長期論文。那麼您能談談是什麼推動了這裡的加速成長嗎？作為 EUROIMMUN 的一個地區，美國現在有多大？你們是否認為在考慮菜單或菜單擴展需要真正開始推動這裡的份額增長時，你們已經接近臨界點了？

I think if you look at our Immunodiagnostics business in the U.S., it has grown at a 20% CAGR since the acquisition. And I don't think we have really gone to where we would say that we have reached close to critical mass so that it would plateau out. It's gone from being 5% to nearly 15% of our overall Immunodiagnostics business. But there is still a lot of growth that we have to cover in the U.S. And I would say that we are still in the early phases of growth that this business is going to see over the next several years in the U.S.

我認為，如果你看看我們在美國的免疫診斷業務，自收購以來，它的複合年增長率為 20%。我認為我們還沒有真正達到可以說我們已經達到了接近臨界質量的程度，從而趨於穩定。它占我們整個免疫診斷業務的比例從 5% 增加到近 15%。但我們在美國仍有很大的成長空間。

And it is all a direct correlation of how many products that we can get onto the panel and get through the FDA approval process into the U.S., and the team is working very hard and diligently on that.

這與我們可以進入小組並通過 FDA 批准程序進入美國的產品數量直接相關，我們的團隊正在為此非常努力和勤奮地工作。

All right. Great. And then just another follow-up here on the Diagnostics side from -- you guys came out with the automated tuberculosis testing. Can you talk about any recent tenders that you've won, any that are coming up throughout the rest of this year? And then I guess, how does the new automated system compared to the quantiferon and the liaison?

好的。偉大的。然後是診斷方面的另一個後續行動——你們推出了自動結核病檢測。您能談談您最近贏得的招標以及今年剩餘時間內即將進行的招標嗎？然後我想，新的自動化系統與 Quantiferon 和 liaison 相比如何？

It's a great question, Luke. Again, we don't talk on specific tenders, but I'm happy to talk about the launch that we just did and announced at any -- it was even at a current show that's going on. There's a complete workflow that has a specialized liquid handler added to it. It builds on the T-SPOT Select, which has added now chemagic extraction and cell counting ability. So I think the workflow that this product uses, the benefit is that it uses all our other offerings, too, including silica cell counting, the EUROIMMUN reader, which will eventually connect it also the EuroLabs software in the future. It essentially reduces our hands-on time by 50% versus the current existing T-SPOT Select. And it has a reduction of approximately 80% in technician touch points. So this was one of the major hurdles that T-SPOT Select was facing in the market in terms of hands-on and technician time, and the intent really is to significantly eliminate that. And now if you combine for day 1 and day 2, it essentially has lesser total hands-on time versus the competitor's product offering that you talked about.

這是一個很好的問題，盧克。再說一次，我們不會談論具體的招標，但我很高興談論我們剛剛完成並宣布的發布 - 甚至在當前正在進行的展會上。有一個完整的工作流程，其中添加了專門的液體處理程序。它建立在 T-SPOT Select 的基礎上，現在增加了化學萃取和細胞計數功能。因此，我認為該產品使用的工作流程的好處是它也使用了我們所有其他產品，包括二氧化矽細胞計數、EUROIMUN 讀取器，它最終將在未來將其連接到 EuroLabs 軟體。與目前現有的 T-SPOT Select 相比，它基本上減少了 50% 的操作時間。技術人員接觸點減少了約 80%。因此，這是 T-SPOT Select 在實際操作和技術人員時間方面在市場上面臨的主要障礙之一，我們的真正目的是顯著消除這一障礙。現在，如果您將第一天和第二天結合起來，與您談到的競爭對手的產品相比，它的總實踐時間基本上更少。

We currently have no further questions. I will hand back to Steve Willoughby for final remarks.

目前我們沒有進一步的問題。我將把最後的發言交還給史蒂夫·威洛比。

Thank you, Carla. Thanks, everyone, for your time this morning. We look forward to touching base with everyone over the coming weeks. Have a good day.

謝謝你，卡拉。謝謝大家今天早上抽出時間。我們期待在未來幾週內與大家取得聯繫。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。