Revvity Inc (RVTY) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to Revvity's fourth-quarter 2024 earnings call. My name is Lydia, and I will be your operator today. (Operator Instructions)

大家好，歡迎參加 Revvity 2024 年第四季財報電話會議。我的名字是 Lydia，今天我將擔任您的接線生。（操作員指令）

I'll now hand you over to Steve Willoughby, Senior Vice President of Investor Relations to begin. Please go ahead when you're ready.

現在我將把電話交給投資者關係高級副總裁史蒂夫·威洛比 (Steve Willoughby)。準備好後請繼續。

Thank you, operator. Good morning, everyone, and welcome to Revvity's fourth 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.

謝謝您，接線生。大家早安，歡迎參加 Revvity 2024 年第四季財報電話會議。今天與我一起通話的有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。

I'd like to remind you of the Safe Harbor statements outlined in our press release issued earlier this morning and those in our SEC filings. Statements or comments made on this call may be forward-looking statements, which may include, but may not be limited to, financial projections or other statements of the company's plans, objectives, expectations or intentions.

我想提醒您注意我們今天早上發布的新聞稿和美國證券交易委員會文件中概述的安全港聲明。本次電話會議上的聲明或評論可能是前瞻性聲明，可能包括但不限於財務預測或公司計畫、目標、期望或意圖的其他聲明。

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. 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. During this call, we will be referring to certain non-GAAP financial measures.

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很大差異，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。今天發表的任何前瞻性陳述均代表我們今天的觀點。即使我們的估計發生變化，我們也不承擔將來更新這些前瞻性聲明的任何義務。因此，您不應依賴今天的任何聲明來認為其代表了我們今天之後的任何觀點。在本次電話會議中，我們將參考某些非公認會計準則財務指標。

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

我們計劃在本次電話會議中使用的指標與最直接可比較的 GAAP 指標的對帳表可作為我們收益新聞稿的附件提供。現在我將把發言權交給我們的總裁兼執行長普拉拉德辛格 (Prahlad Singh)。普拉拉德？

Thank you, Steve, and good morning, everyone. In 2024, we made substantial progress towards achieving Revvity's full potential. We expect this progress to be even more evident externally once industry demand more fully normalizes, which I believe we are now on a solid path towards as we start 2025.

謝謝你，史蒂夫，大家早安。2024 年，我們在發揮 Revvity 的全部潛力方面取得了實質進展。我們預計，一旦產業需求更加正常化，這一進展將在外部更加明顯，我相信，在 2025 年伊始，我們已走在實現這一目標的堅實道路上。

We've made meaningful strides in the last year by more fully integrating our recent acquisitions, capitalizing on initial synergy opportunities, rightsizing our operations for the company we've now become, all while bringing significant new innovations to the market. We witnessed this progress every day within our organization, and it is becoming increasingly apparent externally as well.

過去的一年，我們透過更全面地整合近期收購的公司、利用初始的協同機會、根據公司現狀調整營運規模，同時為市場帶來重大創新，取得了有意義的進展。我們在組織內部每天都見證著這項進步，而且在外部也變得越來越明顯。

In 2024, we again outperformed most of our peers in terms of top line growth, margin expansion and adjusted EPS growth as our earnings per share were up a solid mid-single digits year-over-year. This differentiated performance was on display in the fourth quarter as we generated 6% organic growth overall, with over 30% adjusted operating margins.

2024 年，我們的每股盈餘較去年同期穩定成長了中個位數，在營收成長、利潤率擴張和調整後每股盈餘成長方面，我們再次超越了大多數同業。這種差異化表現在第四季度得到了充分體現，我們整體實現了 6% 的有機成長，調整後的營業利潤率超過 30%。

This led our adjusted EPS to be $1.42, which was solidly ahead of our expectations. I expect this outperformance will continue as we move forward due to Revvity's significant operating leverage potential and differentiated growth prospects, which we believe will really start to shine through as pharma biotech spending continues to normalize.

這使得我們的調整後每股收益達到 1.42 美元，大大超出了我們的預期。由於 Revvity 巨大的營運槓桿潛力和差異化的成長前景，我預計這種優異表現將繼續下去，我們相信，隨著製藥生物技術支出繼續正常化，這些表現將真正開始顯現。

We are encouraged by the pharma biotech customer behavior we saw in the fourth quarter as our Life Science consumables continued to grow both sequentially and year-over-year. Given the fairly early cycle and quick turnover nature of our consumables due to their high degree of specificity, this was a promising sign that restructurings and other meaningful reductions from our pharma customers may now be behind us.

我們對第四季度看到的製藥生物技術客戶行為感到鼓舞，因為我們的生命科學耗材繼續實現連續和同比增長。鑑於我們的消耗品由於其高度特異性而具有相當早的周期和快速的周轉性質，這是一個好兆頭，表明我們製藥客戶的重組和其他有意義的削減可能已經成為過去。

However, we have yet to see a complete return to more normalized customer behavior given our continued softer trends during the latter part of 2024, particularly for our high-ticket life science instrumentation. Consequently, as Max will touch on more in a bit, we expect the stabilized demand environment we have seen from our pharma customers over the last two quarters to continue for the time being as we enter 2025, particularly given the increased uncertainties which exist today.

然而，鑑於 2024 年下半年我們的趨勢持續走軟，尤其是對於我們的高價生命科學儀器而言，我們尚未看到客戶行為完全恢復正常化。因此，正如Max 稍後將詳細介紹的那樣，我們預計，進入2025 年，過去兩個季度我們從製藥客戶那裡看到的穩定需求環境將會持續下去，特別是考慮到當今存在的不確定性增加。

With the industry's rebalancing of demand over the last two years, we feel it is appropriate to assume the current environment continues until we actually begin to see more meaningful and concrete improvements in overall demand.

隨著過去兩年行業需求的重新平衡，我們認為可以假設當前的環境將持續下去，直到我們真正開始看到整體需求更有意義、更具體的改善。

With this backdrop, we are looking for our total company organic growth in 2025 to be in the 3% to 5% range, which would be an improvement compared to the past couple of years, but still not fully back to what we believe is our normalized growth rate. Should demand start to improve more quickly than we are currently contemplating in this guidance, we would look to update our outlook appropriately as the year progresses.

在此背景下，我們預計 2025 年公司整體有機成長率將達到 3% 至 5%，與過去幾年相比有所改善，但仍未完全恢復到我們認為的水平。如果需求開始以比我們目前在本指南中預期更快的速度改善，我們將隨著時間的推移適當更新我們的展望。

Following the last two years in which we actively manage our levels of internal spending, we are planning to step up our strategic internal investments in 2025 based on our expectation for organic growth to begin to improve this year.

在過去兩年積極管理內部支出水準之後，我們計劃在 2025 年加大策略性內部投資，因為我們預計今年有機成長將開始改善。

Despite this planned step-up in spending, we still expect adjusted operating margin expansion this year of approximately 20 to 40 basis points from the 28.3% we generated in 2024. We anticipate this will result in the third consecutive year of differentiated growth and margin performance within our industry.

儘管計劃增加支出，但我們仍預計今年調整後的營業利潤率將從 2024 年的 28.3% 增長約 20 至 40 個基點。我們預計這將使我們的行業連續第三年實現差異化成長和利潤表現。

It was great to see many of you in person out in San Diego recently at our Investor Day, with many others joining us online. As we showed during this event, Revvity is having a meaningful impact on the advancement of science and medicine, which is directly impacting and improving patients' lives. We also provided a more in-depth look into our business and explain what makes us so unique and why we are so confident about our future potential.

我們很高興最近在聖地牙哥的投資者日上親自見到了你們，還有許多人透過網路與我們同在。正如我們在本次活動中所展示的，Revvity 對科學和醫學的進步產生了有意義的影響，直接影響和改善了患者的生活。我們也對我們的業務進行了更深入的了解，並解釋了是什麼讓我們如此獨特以及為什麼我們對我們的未來潛力如此有信心。

You also had the opportunity to hear more about our innovation pipeline and how we are working collaboratively across the company and with our strategic customer partners to bring new and differentiated advancements to market.

您還有機會進一步了解我們的創新管道，以及我們如何在整個公司範圍內以及與我們的策略客戶合作夥伴合作，將新的和差異化的進步推向市場。

For those who joined us in person, you also had the opportunity to see our beautiful and impressive BioLegend campus which is now our reagent center of excellence for the company and gain a greater understanding of what makes us so unique and well-positioned to continue to capitalize on opportunities in the future.

對於親自加入我們的人來說，您還有機會參觀我們美麗而令人印象深刻的BioLegend 園區，這裡現在是我們公司的試劑卓越中心，並更好地了解是什麼讓我們如此獨特，並有能力繼續抓住未來的機會。

We finished off the year with another strong quarter of innovation with the introduction of several new key capabilities such as a unique sample processing offering for cell and gene therapy customers which leverages our existing capabilities and allows us to enter completely new and emerging opportunities and exciting areas of science.

我們以另一個強勁的創新季度結束了這一財年，推出了幾項新的關鍵功能，例如為細胞和基因治療客戶提供獨特的樣品處理服務，該服務利用了我們現有的能力，使我們能夠進入全新的新興機會和令人興奮的領域科學。

We also are seeing good initial traction with some of our other recently introduced software offerings such as our Phenologic.AI software. This new offering, which I first told you about last quarter, is being rapidly adopted by important partners in the preclinical CRO space, allowing them to both become more efficient and unlock new insights, which were not possible in the past.

我們也看到我們最近推出的一些其他軟體產品（例如 Phenologic.AI 軟體）取得了良好的初步進展。我上個季度首次向您介紹的這項新產品正被臨床前 CRO 領域的重要合作夥伴迅速採用，使他們不僅提高了效率，而且還獲得了過去不可能實現的新見解。

We have also seen good initial traction with our newly introduced offerings in our Signal software business such as Signals Clinical and Signals Synergy, with even more expected uptake of both of them this year. We also made good progress on continuing to execute on important strategic partnerships and joint new product introductions.

我們也看到，我們的 Signal 軟體業務中新推出的產品（例如 Signals Clinical 和 Signals Synergy）初步取得了良好的發展勢頭，預計今年這兩款產品的使用率都會更高。我們在繼續執行重要策略合作夥伴關係和聯合新產品推出方面也取得了良好進展。

In November, we announced an expansion of our long-running relationship with the UK government by broadening our relationship with Genomics England and its Generation Study, which aims to screen up to 100,000 newborns for approximately 200 rare genetic conditions.

11 月，我們宣布拓展與英國政府的長期合作關係，擴大與 Genomics England 及其 Generation Study 的關係，該研究旨在對多達 10 萬名新生兒進行約 200 種罕見遺傳疾病的篩檢。

Utilizing a lab in Manchester, UK we were chosen to provide all the DNA extraction services for this study using our high-performance chemagic 360 instruments and related consumables. This is an exciting project which is aimed to advance genetic understanding in a broad population with the ultimate goal of eventually providing earlier diagnosis and interventions for rare genetic conditions in newborns.

我們利用位於英國曼徹斯特的實驗室，使用高性能 chemagic 360 儀器和相關耗材為這項研究提供所有 DNA 萃取服務。這是一個令人興奮的項目，旨在提高廣大人群對遺傳學的理解，最終目標是為新生兒罕見遺傳疾病提供早期診斷和介入。

Revvity is honored to partner with Genomics England and contribute to this significant study, recognizing the profound potential it holds to positively impact the lives of future generations. Earlier this month, we also announced a strategic partnership with Element Biosciences to jointly commercialize an IVD workflow for neonatal sequencing.

Revvity 很榮幸與 Genomics England 合作並為這項重要研究做出貢獻，認識到該研究對子孫後代生活產生積極影響的巨大潛力。本月初，我們也宣布與 Element Biosciences 建立策略夥伴關係，共同將新生兒定序的 IVD 工作流程商業化。

This initiative builds on our recently launched NGS workflow for newborn sequencing, which utilizes Element's AVITI sequencing system. Once this cutting-edge IVD solution is approved and commercialized, it will highlight a continuation of our global leadership in newborn screening while supporting elements entry into the clinical diagnostic market.

該計劃以我們最近推出的新生兒定序 NGS 工作流程為基礎，利用 Element 的 AVITI 定序系統。一旦這一尖端的IVD解決方案獲得批准並商業化，它將凸顯我們在新生兒篩檢領域的全球領導地位，同時支持各界進入臨床診斷市場。

Now that we are well into our second year of our transformation as Revvity, we announced in mid-November that beginning in 2025, we will be resegmenting the majority of what was our Applied Genomics business and moving it from our Diagnostics Reporting segment into our Life Sciences segment.

現在，我們已經進入了Revvity 轉型的第二年，我們在11 月中旬宣布，從2025 年開始，我們將重新細分應用基因組學業務的大部分內容，並將其從診斷報告部門轉移到生命科學部門。

We expect this change to benefit us both operationally and commercially. As part of this new segmentation, we are establishing a new Life Science Solutions business unit within our Life Sciences segment, which will consist of the former Applied Genomics businesses and our existing life sciences instruments, consumables and technology and licensing businesses.

我們預期這項變更將使我們在營運和商業方面均受益。作為這個新細分市場的一部分，我們將在生命科學部門內建立一個新的生命科學解決方案業務部門，該部門將由先前的應用基因組學業務和我們現有的生命科學儀器、消耗品、技術和許可業務組成。

The new Life Sciences Solutions unit will represent approximately 85% of our overall Life Sciences segment, with the remainder accounted for by our Signals software business. As we previously highlighted, our financial reporting will reflect this change beginning with our first quarter '25 quarterly results, which we will release next quarter.

新的生命科學解決方案部門將占我們整個生命科學部門的約 85%，其餘部分則由我們的訊號軟體業務佔。正如我們之前所強調的那樣，我們的財務報告將從 2025 年第一季的季度業績開始反映這一變化，我們將於下個季度發布該業績。

Overall, it appears we are now solidly on an upward trajectory heading into 2025 compared to what we and our industry have experienced over the past two years. However, we still have some uncertainty as to what the slope of this recovery will look like over the full year. So for the time being, we are assuming that the current demand environment continues for the entirety of the year.

總體而言，與我們和我們的行業在過去兩年中經歷的情況相比，我們現在似乎正穩步走在通往 2025 年的上升軌道上。然而，我們對於全年復甦的趨勢仍存在一些不確定性。因此，目前，我們假設當前的需求環境將持續全年。

Revvity is a special company, one that is leveraging the impressive creativity, passion and knowledge base of our employees to allow us to be uniquely positioned to capitalize on where science and medicine are going in the future. We strongly believe that these efforts will result in both top-tier financial performance for our investors and dramatic advancements for patients around the world.

Revvity 是一家特殊的公司，它利用員工令人印象深刻的創造力、熱情和知識基礎，使我們佔據獨特的優勢，充分利用未來科學和醫學的發展。我們堅信，這些努力將為我們的投資者帶來頂級的財務業績，並為世界各地的患者帶來顯著的進步。

With that, I will 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 mentioned, we finished the year on a strong note as our fourth quarter results came in solidly above our expectations and guidance. While demand trends have not yet fully normalized amongst all our pharma customers, it does appear that they have at least stabilized and things may be starting to move in the right direction.

謝謝，普拉拉德，大家早安。正如普拉拉德所提到的，我們以強勁的業績結束了這一年度，因為我們的第四季度業績遠遠超出了我們的預期和指導。雖然我們所有製藥客戶的需求趨勢尚未完全正常化，但看起來至少已經穩定下來，事情可能開始朝著正確的方向發展。

As our markets continue to appear to be in a recovery phase, we remain diligent on those initiatives, which are more fully in our control. This was evident in both our quarterly adjusted operating margin performance of 30.3% and our high levels of cash generation.

由於我們的市場似乎繼續處於復甦階段，我們將繼續勤勉地執行這些舉措，這些舉措完全在我們的掌控之中。這在我們季度調整後的 30.3% 營業利潤率表現和高現金創造水平中得到了體現。

We leveraged our strong financial performance and balance sheet position to remain aggressive with our share repurchase activity in the quarter as we were able to buy back another $185 million worth of our shares.

我們利用強勁的財務業績和資產負債表狀況，在本季保持積極的股票回購活動，因為我們能夠再回購價值 1.85 億美元的股票。

As we look ahead to 2025, we continue to be well positioned to deliver the differentiated financial performance we have achieved over each of the last two years. In the fourth quarter, the company generated total adjusted revenues of $730 million, resulting in 6% organic growth, which was above the high end of our expectations.

展望 2025 年，我們將持續保持有利地位，延續過去兩年所取得的差異化財務表現。第四季度，公司調整後總營收為 7.3 億美元，有機成長 6%，高於我們預期的高點。

The organic revenue growth outperformance was fairly broad-based as both our Life Sciences and our Diagnostics segments performed slightly above our expectations in the quarter. Our life science reagents and software businesses performed above expectations, and we saw continued strength in our reproductive health business.

由於本季我們的生命科學和診斷部門的表現均略高於我們的預期，因此有機收入成長表現相當廣泛。我們的生命科學試劑和軟體業務表現超乎預期，生殖健康業務也持續保持強勁。

This was offset by persisting challenges in our instrumentation business and greater-than-anticipated FX headwinds. FX was a 1% headwind, which was nearly 200 basis points worse than our expectations due to the stronger dollar over the last several months. We also again had no incremental contribution from acquisitions.

但我們儀器儀表業務中持續存在的挑戰和超出預期的外匯逆風抵消了這一影響。外匯匯率下跌 1%，由於過去幾個月美元走強，比我們的預期低了近 200 個基點。我們再次沒有從收購中獲得增量貢獻。

For the full year, we generated $2.76 billion of total adjusted revenue, which was comprised of 1% organic growth modest FX headwinds and no impact from M&A. As it relates to our P&L, we generated 30.3% adjusted operating margins in the quarter which were in line with our expectations as some increased investments offset the organic growth upside.

全年，我們創造了 27.6 億美元的調整後總收入，其中包括 1% 的有機成長、適度的外匯逆風以及未受到併購影響。就我們的損益表而言，我們本季的調整後營業利潤率為 30.3%，這符合我們的預期，因為一些增加的投資抵消了有機成長的優勢。

For the full year, our adjusted operating margins were 28.3%, which represented approximately 30 basis points of expansion year-over-year and demonstrates the margin power of our business given our only 1% organic growth for the year.

全年而言，我們的調整後營業利潤率為 28.3%，比去年同期增長了約 30 個基點，鑑於我們全年的有機增長率僅為 1%，這充分錶明我們業務的利潤實力。

Looking below the line, we had adjusted net interest and other expense of $17 million, which was in line with our expectations and brought the full year adjusted net interest and other expense to $43 million. Our adjusted tax rate was 15.7% in quarter as we continue to see benefits from our recent tax planning initiatives.

從線下來看，我們調整後的淨利息和其他支出為 1700 萬美元，這符合我們的預期，並使全年調整後的淨利息和其他支出達到 4,300 萬美元。由於我們繼續看到近期稅務規劃措施帶來的好處，本季我們的調整後稅率為 15.7%。

This resulted in a full year adjusted tax rate of 18.4%. With an average diluted share count of $121.6 million in the quarter, this resulted in adjusted EPS in the fourth quarter of $1.42, which was $0.04 above the midpoint of our guidance and $0.02 above the high end despite approximately $0.03 of pressure from the unanticipated FX headwinds.

這使得全年調整後的稅率為18.4%。本季平均稀釋股數為1.216 億美元，導致第四季度調整後每股收益為1.42 美元，比我們預期的中點高出0.04 美元，比高端高出0.02 美元，儘管受到約0.03 美元的意外外匯逆風壓力。

For the full year, our adjusted EPS was $4.9, which was $0.25 above the midpoint of our initial guidance at the beginning of the year and represented 5% growth year-over-year. Moving beyond the P&L. We again had a strong quarter from a cash perspective, generating free cash flow of $151 million in the quarter. This brought our full year free cash flow to $578 million, equating to 96% conversion of our adjusted net income.

全年而言，我們的調整後每股收益為 4.9 美元，比年初的初始指引中位數高出 0.25 美元，年增 5%。超越損益表。從現金角度來看，我們本季再次表現強勁，產生了 1.51 億美元的自由現金流。這使我們的全年自由現金流達到 5.78 億美元，相當於我們調整後淨收入的 96%。

Our focus on cash is clearly paying off, and I am excited about the potential for additional improvements in this area as we enter 2025.

我們對現金的關注顯然得到了回報，我對進入 2025 年時該領域進一步改善的潛力感到興奮。

As for deploying this capital, we remained active in the fourth quarter by repurchasing another $185 million worth of our shares. This brought our full year 2024 buyback activity to $370 million and nearly $750 million over the last two years combined.

至於部署這筆資金，我們在第四季保持活躍，又回購了價值 1.85 億美元的股票。這使得我們 2024 年全年的回購活動達到 3.7 億美元，過去兩年總計接近 7.5 億美元。

Between our fourth quarter repurchases and some additional activities so far in January, we now have approximately $800 million remaining on the new $1 billion repurchase authorization we just received from our Board in October.

在我們第四季度的回購和1 月份迄今為止的一些其他活動之間，我們現在還剩下大約8 億美元，這是我們10 月份剛從董事會獲得的10 億美元新的回購授權的剩餘金額。

Despite this activity, our balance sheet remains strong as we finish this year with a net debt to adjusted EBITDA leverage ratio of 2.3 times. I will now provide some commentary on our fourth quarter and full year business trends, which are also included in the quarterly slide presentation on our Investor Relations website.

儘管有這些活動，我們的資產負債表依然強勁，今年年底我們的淨債務與調整後 EBITDA 槓桿比率為 2.3 倍。我現在將對我們的第四季度和全年業務趨勢提供一些評論，這些評論也包含在我們投資者關係網站上的季度幻燈片演示中。

The 6% organic revenue growth in the quarter was comprised of 5% growth in our Life Sciences segment and 6% growth in Diagnostics. Geographically, we grew in the mid-single digits in the Americas grew in the low single digits in Europe and grew mid-single digits in Asia, with China up high single digits.

本季 6% 的有機收入成長包括生命科學部門 5% 的成長和診斷部門 6% 的成長。從地理上看，我們在美洲的銷售額增長了中等個位數，在歐洲的銷售額增長了低個位數，在亞洲的銷售額增長了中等個位數，而中國市場的銷售額增長了高個位數。

For the full year, we achieved 1% organic growth with 4% growth in Diagnostics and a 3% decline in Life Sciences. The Americas grew low single digit, Europe declined low single digits, and Asia grew low single digits, with China also declining low single digits for the whole year.

全年我們實現了 1% 的有機成長，其中診斷業務成長 4%，生命科學業務下降 ​​3%。美洲成長低個位數，歐洲下降低個位數，亞洲成長低個位數，其中中國全年也下降低個位數。

Within China in the quarter, we experienced low single-digit growth in Diagnostics with mid-single-digit growth in both immunodiagnostics and reproductive health, offset by double-digit declines in applied genomics.

本季度，在中國，診斷領域實現了低個位數成長，免疫診斷和生殖健康領域均實現了中等個位數成長，但應用基因組學領域則出現了兩位數的下降。

We saw mid-teens growth in Life Sciences with high single-digit growth in our reagents and consumables and double-digit growth for our instrumentation. For the full year, China declined in the low single digits organically with similar performance across both Diagnostics and Life Sciences, including mid-single-digit growth in our immunodiagnostics and life science reagent businesses in the region.

我們看到生命科學領域實現了中等程度的成長，其中試劑和消耗品實現了高個位數的成長，而儀器實現了兩位數的成長。就全年而言，中國地區的有機收入呈低個位數下滑，而診斷業務和生命科學業務的表現則較為相似，其中該地區的免疫診斷和生命科學試劑業務均實現了中等個位數增長。

From a segment perspective, our Life Sciences business generated total adjusted revenue of $336 million in the quarter, this was up 5% on both a reported and organic basis. For the full year, our Life Sciences business was down low single digits organically. From a customer perspective, sales into pharma biotech customers rose in the mid-single digits in the quarter and declined in the low single digits for the year.

從分部角度來看，我們的生命科學業務本季的調整後總收入為 3.36 億美元，按報告和有機基礎計算均增長 5%。就全年而言，我們的生命科學業務有機下滑了個位數。從客戶角度來看，本季製藥生技客戶的銷售額成長了中等個位數，而全年銷售額則下降了低個位數。

The mid-single-digit growth from pharma biotech in the fourth quarter was the first quarter of positive growth from this customer base since the first quarter of 2023. Sales into academic and government customers rose in the low single digits in the quarter and declined in the low single digits for the full year.

第四季製藥生物技術實現了中等個位數成長，這是自 2023 年第一季以來該客戶群首次實現正成長。本季度，學術和政府客戶的銷售額成長了低個位數，而全年銷售額則下降了低個位數。

Our Life Sciences instrument revenue represented about 27% of total Life Sciences revenue in 2024 and was down high single digits in the quarter and down low double digits for the full year. Our reagent licensing and specialty pharma services revenue represented about 57% of Life Sciences revenue in 2024 and grew mid-single digits in the quarter and declined in the low single digits for the year, which included an approximately 300 basis point headwind from lower technology and licensing revenue year-over-year.

我們的生命科學儀器收入約佔 2024 年生命科學總收入的 27%，本季下降了高個位數，全年下降了兩位數。我們的試劑許可和專業製藥服務收入約佔 2024 年生命科學收入的 57%，本季度增長了中個位數，全年下降了低個位數，其中包括來自較低技術和許可收入同比增長。

Finally, our Signal software business, which represented the remaining 16% of Life Sciences revenue in 2024, grew more than 30% in the quarter and was up in the low teens for the year.

最後，我們的 Signal 軟體業務（佔 2024 年生命科學收入的剩餘 16%）本季成長了 30% 以上，全年成長率維持在 10% 左右。

As it pertains to some of the software industry specific metrics, which we first highlighted at our recent Investor Day, our Signals business had over 30% growth in its SaaS annual recurring revenue in 2024 with 106% net retention rate in its renewals. This resulted in another year of double-digit growth in its annualized portfolio value.

至於我們在最近的投資者日首次強調的一些軟體產業特定指標，我們的訊號業務在 2024 年的 SaaS 年度經常性收入成長了 30% 以上，續約的淨留存率為 106%。這使得其投資組合價值再度實現兩位數成長。

In our Diagnostics segment, we generated $393 million of total adjusted revenue in the quarter, which was up 4% on a reported basis and 6% on an organic basis. For the full year, our Diagnostics business was up 4% organically. Our immunodiagnostics business represented 51% of our total diagnostic revenue in 2024, and grew organically in the mid-single digits in the quarter and was up high single digits for the full year.

在我們的診斷部門，我們本季創造了 3.93 億美元的總調整後收入，按報告基礎計算成長 4%，以有機基礎計算成長 6%。全年來看，我們的診斷業務有機成長了 4%。我們的免疫診斷業務佔 2024 年總診斷收入的 51%，本季實現了中等個位數的有機成長，全年實現了高個位數的成長。

Our reproductive health business, which represented about 35% of total Diagnostics revenue in 2024, grew in the high single digits organically in the quarter and was up mid-single digits for the full year. Finally, our applied genomics business, which represented the remaining roughly 14% of total Diagnostics revenue in 2024, grew in the low single digits organically during the quarter, which was slightly better than we had anticipated and was down in the low double digits for the full year.

我們的生殖健康業務佔 2024 年診斷總收入的 35% 左右，本季度實現了高個位數的有機成長，全年實現了中等個位數的成長。最後，我們的應用基因組學業務佔 2024 年診斷總收入的剩餘約 14%，本季有機成長率為個位數低位，略好於我們的預期，而 2019 年同期則下降了兩位數。全年。

This business continues to be impacted by lower levels of pharma biotech spend and the significant capacity build-out that occurred during the pandemic. However, it was encouraging to see a return to growth during the quarter, excluding COVID, for the first time since the third quarter of 2022.

該業務持續受到製藥生物技術支出水準下降和疫情期間產能大幅擴張的影響。然而，令人鼓舞的是，自 2022 年第三季以來，本季（不包括 COVID）首次恢復成長。

As a reminder, starting in 2025, most of our applied genomics business will be moving over to our Life Sciences segment with the remainder being folded into immunodiagnostics within our Diagnostics segment. Consequently, this will be the last quarter in which we specifically report on its quarterly performance as a business unit.

提醒一下，從 2025 年開始，我們的大部分應用基因組學業務將轉移到我們的生命科學部門，其餘部分將併入我們診斷部門內的免疫診斷。因此，這將是我們作為一個業務部門專門報告其季度業績的最後一個季度。

Now looking ahead to our outlook for 2025. As discussed, it does appear that demand trends from our Life Sciences customers have at least stabilized over the last few months and may be starting to show some signs of eventual improvement.

現在展望 2025 年。正如所討論的，看起來我們的生命科學客戶的需求趨勢至少在過去幾個月已經穩定下來，並且可能開始顯示出一些最終改善的跡象。

We expect this path towards more historically normal levels of demand to continue throughout this year. However, for the time being, given the current political and regulatory uncertainties that exist, we are not assuming any significant improvement in our end markets this year. If things start to more meaningfully improve, it would represent upside to our current expectations.

我們預計，今年全年需求將持續維持這種趨向歷史正常水準的趨勢。然而，鑑於目前存在的政治和監管不確定性，我們目前並不認為今年我們的終端市場會出現任何顯著改善。如果情況開始更有意義地改善，這將代表我們目前的預期有所上升。

With this backdrop, we are looking for an improvement in our total company organic growth this year as compared to the more modest growth we've experienced each of the last two years but we are not currently expecting that things will be back to the more normalized levels of 6% to 8% growth, which we assume in our long-range plan.

在此背景下，我們預計今年公司整體有機成長將有所改善，相比過去兩年的溫和成長，但我們目前並不認為情況會恢復到更正常的狀態。這是我們在長期計劃中假設的。

Consequently, our total company outlook for this year is for organic growth to be in the 3% to 5% range with balanced levels of growth expected throughout the year including 3% to 5% organic growth expected here in the first quarter of the year.

因此，我們對今年公司整體的預期是，有機成長率將在 3% 到 5% 之間，預計全年成長水準將更加均衡，其中今年第一季預計有機成長率為 3% 至 5%。

With the recent strength in the dollar, assuming exchange rates as of the end of December, FX is currently assumed to be a 1.5% headwind to our overall revenue for the year and an approximate 2% headwind here in the first quarter. This assumed FX headwind equates to an approximate $0.10 headwind to EPS for the year.

由於美元近期走強，假設匯率以 12 月底為準，目前認為外匯將對我們今年的整體收入造成 1.5% 的阻力，並在第一季造成約 2% 的阻力。假設外匯逆風相當於今年每股盈餘 (EPS) 出現約 0.10 美元的逆風。

This results in our reported revenue growth for the full year 2025 expected to be in the 1.5% to 3.5% range given no assumed contribution from acquisitions. We expect this all to result in our 2025 total revenue to be in a range of $2.8 billion to $2.85 billion overall.

這意味著，在沒有收購貢獻的情況下，我們預計 2025 年全年營收成長率將在 1.5% 至 3.5% 之間。我們預計這一切將使我們 2025 年的總收入達到 28 億至 28.5 億美元之間。

As Prahlad mentioned, after two years of restructuring and more restricted levels of investment spending, we are planning to step up our strategic internal investments in 2025. Despite this planned step-up in investments, the power of our margin potential is still expected to be on display as we are assuming 20 to 40 basis points of operating margin expansion overall this year, resulting in our adjusted operating margins being in the 28.5% to 28.7% range overall.

正如普拉拉德所提到的，經過兩年的重組和更嚴格的投資支出限制後，我們計劃在 2025 年加大戰略內部投資。儘管計劃加大投資力度，但我們的利潤潛力仍有望得到充分展示，因為我們預計今年整體營業利潤率將擴大 20 至 40 個基點，從而使我們的調整後營業利潤率達到 28.5%。 %的範圍。

We had fantastic performance as it pertains to our cash generation in 2024, which, I anticipate, will continue this year. However, we will have a significantly lower level of interest income this year given our lower cash balances after paying off over $700 million in low-cost debt last year and lower overall returns on our cash following recent rate cuts.

就 2024 年的現金創造而言，我們有著出色的表現，我預計今年這種表現還會持續下去。然而，由於去年償還了超過 7 億美元的低成本債務後我們的現金餘額較低，而且最近降息後我們的現金整體回報率較低，因此今年我們的利息收入水平將大幅下降。

Consequently, we expect our net interest expense and other to be approximately $70 million this year, up from the $43 million net expense we had last year, but consistent with the quarterly run rate shown here in the fourth quarter.

因此，我們預計今年的淨利息支出和其他支出約為 7,000 萬美元，高於去年的 4,300 萬美元淨支出，但與第四季顯示的季度運行率一致。

As we had also previewed at our Investor Day in November, we expect recent global tax reform to have some modest upward pressure on our tax rate this year, which we are actively working to offset through our planning initiatives.

正如我們在 11 月投資者日上預測的那樣，我們預計最近的全球稅收改革將對今年的稅率產生適度上行壓力，我們正在積極努力透過我們的規劃舉措來抵消這一壓力。

We currently expect the net impact of this to result in our full year adjusted tax rate to be approximately 20%, up from the 18.4% we had in 2024. Lastly, we are anticipating a full year average diluted share count of approximately $120 million, which assumes modest repurchase activity continues throughout the year.

我們目前預計，這項淨影響將導致我們的全年調整後稅率約為 20%，高於 2024 年的 18.4%。最後，我們預計全年平均稀釋股票數量約為 1.2 億美元，假設全年持續進行適度的回購活動。

We expect all of this to result in our full year 2025 adjusted earnings per share to be in a range of $4.90 to $5, with approximately 19% of our full year earnings to occur in the first quarter given a higher initial tax rate expected to start the year.

我們預計，所有這些因素將使我們2025 年全年調整後每股收益達到4.90 美元至5 美元之間，鑑於預計第一季的初始稅率將有所提高，我們全年收益的約19% 將發生在第一季。

Given our strong focus and continued progress on our cash generation initiatives, we expect this to result in free cash flow of approximately $500 million this year, which does not include an additional approximate $50 million of anticipated proceeds we expect to receive from the AES divestiture.

鑑於我們對現金創造計畫的高度重視和持續進展，我們預計今年將產生約 5 億美元的自由現金流，其中還不包括我們預計從 AES 資產剝離中獲得的額外約 5000 萬美元的預期收益。

Overall, we had a strong finish to 2024 and expect to see improving trends in 2025, which should position us well to move back to more normal levels of growth in the future. Despite our planned step-up in investment spending, we expect another solid year of margin expansion with even more opportunities in front of us once we return to more robust levels of top line growth.

總體而言，我們在 2024 年取得了強勁成績，並預計 2025 年將出現改善趨勢，這將使我們在未來能夠很好地恢復到更正常的成長水平。儘管我們計劃增加投資支出，但我們預計利潤率仍將再穩定提高一年，一旦我們恢復更強勁的營收成長水平，我們將面臨更多的機會。

Overall, Revvity is starting to externally show its transformed and differentiated financial potential as a company while continuing to deliver significant new innovations to the market, which are having a profound impact on patients' lives.

總體而言，Revvity 開始向外界展示其作為一家公司的轉型和差異化財務潛力，同時繼續向市場提供重大的新創新，對患者的生活產生了深遠的影響。

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。

(Operator Instructions) Doug Schenkel, Wolfe Research.

（操作員指示）Doug Schenkel，Wolfe Research。

All right. There's two topics I'd like to address. First, as you noted, you closed the year with better than peer growth and better margin expansion than we've seen across the group. You also noted that the industry and a lot of your end markets and categories are continuing to normalize, and you expect continued improvement as especially pharma and biotech normalized this year. At the same time, your guidance prudently assumes a continuation of current market conditions.

好的。我想談兩個話題。首先，正如您所說，你們今年的業績成長優於同行，利潤率擴張也比整個集團好。您還指出，該行業以及許多終端市場和類別正在繼續正常化，並且您預計將繼續改善，尤其是隨著製藥和生物技術今年的正常化。同時，您的指導謹慎地假設當前市場狀況將持續下去。

With all that in mind, I'm wondering if you would be willing to talk about what you are seeing in a bit more detail? And what I mean by that is, as you specifically look at your key end markets, your key product categories and geographic exposure, what are the major areas where you would say things are back to normal, where are the things were -- or areas where you would say we're getting close? And what are the key areas that are lagging in recovery? And I guess, what could happen to accelerate the recovery, for example, maybe things like a better funding environment for early-stage biopharma? So that's the first, and I know that's a lot, but I think that will be helpful as we kind of think about the error bars around guidance.

考慮到所有這些，我想知道您是否願意更詳細地談論您所看到的情況？我的意思是，當你具體看看你的主要終端市場、主要產品類別和地理分佈時，你認為哪些主要領域已經恢復正常，哪些領域的情況——或者哪些領域您覺得我們離目標有多近了？復甦滯後的關鍵領域有哪些？我想，什麼可以加速復甦呢？這是第一個，我知道這很多，但我認為當我們考慮指導周圍的誤差範圍時，這會有所幫助。

The second topic is, I'll probably ask the first of many questions on China. You had a notably strong end to the year with high single-digit growth, I believe. What does your guidance assume for core growth within the region this year? How are you thinking about stimulus within the context of guidance? And what about VBP? How are you treating that in guidance? That's obviously a key area of focus coming out of earlier earnings reports this week.

第二個主題是，我可能會問有關中國的許多問題中的第一個。我相信，你們以高個位數的成長為今年畫上了非常強勁的句點。您對今年該地區的核心成長有何預期？您如何在指導的背景下考慮刺激措施？那麼 VBP 又如何呢？您是如何在指導中處理這個問題的？這顯然是本週稍早收益報告關注的重點領域。

Doug, there's a lot to unpack there. Hopefully, I won't forget the second half by the time I start addressing the first half of the question. Look, it's a very good question and very pertinent as to the way we lay out our assumptions on the guidance. Let me just start at the higher level. We clearly see that we are getting to a path to recovery.

道格，那裡有很多東西要處理。希望當我開始解決這個問題的前半部分時，我不會忘記後半部分。看，這是一個非常好的問題，並且與我們在指導中闡述假設的方式非常相關。讓我從較高的層次開始講。我們清楚地看到，我們正在走上復甦之路。

However, as we've continuously said, the pace of return to what normal looks like is still a little uncertain. And given that uncertainty, it's only prudent for us to assume that the current environment continues over all of 2025 for now.

然而，正如我們一直說的那樣，恢復正常的步伐仍然有點不確定。考慮到這種不確定性，我們謹慎的做法是假設當前的環境將持續到 2025 年全年。

Having said that, to specifically address your question around what's normal and what's close to normal and what still needs some work, I think as you saw, this is the second quarter in a row on the Life Sciences reagent side that we've started seeing mid-single-digit growth.

話雖如此，具體回答你關於什麼是正常的、什麼是接近正常的、什麼還需要做一些工作的問題，我認為正如你所看到的，這是我們連續第二個季度在生命科學試劑方面開始看到中等個位數成長。

In terms of what is closer, what is normal, let's go back and look at our Diagnostics business. That is where we are in our LRP, where we see around 6% growth.

為了了解什麼是更接近的、什麼是正常的，讓我們回過頭來看看我們的診斷業務。這就是我們的 LRP 現狀，我們看到了約 6% 的成長率。

Our software business, that's in what is normal. It's in the low double digits growth. I think the reagents, as I said, is the piece that is getting closer to normal and the Life Sciences instruments where a lot of the CapEx spending comes from is still not on path to what we assume normalcy or path to recovery.

我們的軟體業務，這是正常的。它的成長速度處於兩位數的低點。我認為，正如我所說，試劑是越來越接近正常的部分，而大量資本支出來自的生命科學儀器仍然沒有走上我們假設的正常或復甦之路。

On the China side, and I think the way to assume is that we expect that we will return to growth for the Life Sciences instruments in 2025 in China. We saw modest orders coming in from the stimulus impact in the 4Q expectation. Our expectation for China overall is to be in line with what our company growth is. Anything I'm missing from his question list, Max?

就中國方面而言，我認為可以假設的是，我們預計2025年中國的生命科學儀器將恢復成長。我們看到，受第四季刺激計畫影響，訂單量有所回升。我們對中國的整體預期與我們公司的成長保持一致。馬克斯，我遺漏了他的問題清單中的什麼內容了嗎？

No, I think the only other piece I'd add is, so the expectation again for China overall for 2025 is in line with the company average. So call it 3% to 5%. Life Sciences is probably at the higher end of that expectation, diagnostics at the lower end of that range. I think to address your question on BBD, as we've mentioned and been consistent, our assumption in immunodiagnostics in China is for mid-single-digit growth. That's what we've embedded in there for 2025, and that includes a mid-single-digit pricing headwind that we've been facing over the past couple of years.

不，我想我要補充的唯一一點是，對 2025 年中國整體的預期再次與公司平均值一致。所以稱之為 3% 到 5%。生命科學可能處於該預期的較高端，而診斷學則處於該範圍的較低端。我想回答你關於 BBD 的問題，正如我們所提到的並且始終如一的那樣，我們對中國免疫診斷的假設是中等個位數增長。這就是我們為 2025 年制定的計劃，其中包括過去幾年我們一直面臨的中等個位數定價阻力。

And when you look on the Life Sciences side, in terms of stimulus, as Prahlad mentioned, we did see some modest orders come through in the fourth quarter. We are assuming modest performance from stimulus in 2025, but it's not material to the overall company. Things continue to work their way through the system. But until we see continued more traction there. I think we have a modest assumption in our guidance for now.

正如普拉拉德所提到的那樣，從生命科學方面的刺激來看，我們確實看到第四季度有一些適度的訂單。我們預計 2025 年刺激方案將帶來適度表現，但對整個公司而言並不重要。事情繼續按照系統進行。但直到我們看到那裡繼續有更多的牽引力。我認為我們目前的指導中有一個適度的假設。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Maybe my first one is, the guide of 2% to 5%, how did the segment outlooks compare relative to 3% to 5% and perhaps what drives the low end versus the high end? What changes?

也許我的第一個問題是，2% 到 5% 的指導，相對於 3% 到 5% 而言，各部分前景如何，以及是什麼推動了低端與高端？有什麼變化？

Yes. I think as we look at the guidance for the full year, Vijay, the breakdown for the segments would be, Diagnostics would be above the 3% to 5% average for the company, so call it at the upper end of mid-single digits. And then for Life Sciences, sort of in the middle of that low single-digit range.

是的。Vijay，我認為當我們看全年的指引時，各個部門的細分情況是，診斷業務將高於公司 3% 到 5% 的平均水平，因此可以將其稱為中等個位數的上限。對於生命科學而言，其成長率處於低個位數範圍的中間水準。

I think in terms of your question in terms of the upsides and downsides, I would point you back to some of our overall just assumptions and how we thought about the guidance and that its overall fairly balanced and that we're not assuming any real change to the current market environment and that we've got some, I would say, prudency baked in there, just given some of the uncertainty right now from a regulatory and geopolitical standpoint. So I think our guide is fairly balanced.

我認為，關於你關於利弊的問題，我會指出我們的一些總體假設，以及我們如何看待指導意見，以及它總體上是相當平衡的，我們沒有假設任何真正的變化對於當前的市場環境，我想說，我們已經採取了一些審慎態度，只是考慮到目前監管和地緣政治方面的一些不確定性。所以我認為我們的指南是相當均衡的。

There could be things that go one way or the other across both our Life Sciences and Diagnostics business, but we've taken sort of a prudent and balanced approach for our current guidance assumptions.

我們的生命科學和診斷業務可能會出現一些不同的結果，但我們對目前的指導假設採取了審慎和平衡的方法。

Understood. And Prahlad, a follow-up for you. Reagents looks like it did quite well, mid-singles. It feels like it's doing slightly better than perhaps some of the numbers we've seen within the peer set. I'm curious, are you gaining any market share here within reagents? And how should we think of reagents growth in fiscal '25, given you said pharma customers were acting a little bit better?

明白了。還有普拉拉德 (Prahlad)，我們將為您跟進。試劑看起來效果很好，中等單打。感覺它的表現比我們在同行中看到的一些數字要好一些。我很好奇，你們的試劑市佔率正在成長嗎？鑑於您說製藥客戶的表現稍好一些，我們該如何看待 25 財年的試劑成長？

Again, Vijay, as we talked about at our Investors Day, the portfolio that we have around reagents that has some -- a lot of our innovation going in. I think we've been gaining share there over a period of time. And I think you are seeing the impact of that. We are also -- the way our reagent flow happens, when we get on a program, it is there for several quarters and you see the impact of that quarter-over-quarter. So the portfolio continues to do very well. The innovation there is starting to yield dividends to us. So we feel really good about how our reagents business is performing.

再說一次，維傑，正如我們在投資者日上談到的那樣，我們的試劑產品組合中融入了一些——很多我們的創新。我認為我們在一段時間內一直在擴大市場份額。我想您已經看到了它的影響。我們也是－我們的試劑流動的方式，當我們開始一個專案時，它會存在幾個季度，你會看到它逐季度的影響。因此，該投資組合繼續表現良好。那裡的創新開始為我們帶來紅利。因此，我們對試劑業務的表現感到非常滿意。

Sorry, the fiscal '25, is that mid-singles for reagents?

抱歉，財政年度 25 年，這是試劑的中間單打嗎？

Yes. So I think if you look at our guidance for '25, Vijay, again, I mentioned Life Sciences should be in the low single digits overall for the full year. And underneath that, Life Sciences Solutions, began as our new reporting segment, we have an assumption of low single digits and then our software business assumption for '25 is low double digits. And then when you look at the reagents and instruments mix underneath Life Sciences Solutions, reagents should be growing faster than the overall Life Sciences Solution and platforms will be slightly below it.

是的。因此，我認為，如果你看看我們對 25 年的指導，Vijay，我再次提到，生命科學全年總體增長應該處於個位數的低位。在這之下，生命科學解決方案作為我們的新報告部門，我們有一個低個位數的假設，而我們對'25 年的軟體業務假設是低兩位數。然後，當您查看生命科學解決方案下的試劑和儀器組合時，試劑的增長速度應該比整體生命科學解決方案更快，而平台的增長速度將略低於它。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Max, maybe one for you. I got a few questions on the 1Q guide being a little bit below expectations. Can you just talk about kind of the offset hitting that earnings number in 1Q and visibility on the margin build as we go through the year, to your point there, reagents seem to be coming back a little bit. That helps with the margins. I'm sure FX is an offset. So it would be helpful just to talk about kind of the op margins in 1Q and then just the moving pieces as we work our way through the year?

馬克斯，也許有一個適合你。我對第一季指南略低於預期有一些疑問。您能否談談第一季獲利數字的抵銷情況，以及全年利潤率的可見性，正如您所說，試劑似乎有所回升。這有助於提高利潤。我確信 FX 是一種抵消。因此，討論一下第一季的營業利潤率，然後討論一下全年的變動情況，這會很有幫助嗎？

Yes, sure, Patrick. So I think maybe I'll just start with a little bit of commentary just on the overall full year cadence. I think it will help answer some of the questions, particularly around Q1. As we look at the cadence for the full year, we've mentioned that, one, organic growth should be relatively consistent as we go throughout the year. Two, when you look at it from an operating margin standpoint, I would point you to a similar cadence that happened in 2024, where Q1 is below the full year average.

是的，當然，派崔克。因此，我想我可能只是對全年的整體節奏做一些評論。我認為它將有助於回答一些問題，特別是圍繞問題 1 的問題。當我們回顧全年的節奏時，我們提到，第一，全年的有機成長應該相對穩定。其次，從營業利益率的角度來看，我會指出 2024 年也出現過類似的情況，即第一季的利潤低於全年平均。

The second and third quarters are roughly in line to the full year average and the fourth quarter is the strongest from an op margin perspective due to your volume leverage. I think then, if you go look at below the line, interest and others should be relatively consistent as we go throughout the year. And then our assumption on tax rate timing, which does impact the first quarter should also be similar to what it was in 2024, where the tax rate is heaviest here in the first quarter and sort of steps down and progress as we go throughout the year. So that's what I would say on the cadence.

第二季和第三季與全年平均大致一致，而由於銷售槓桿的作用，從營業利潤率的角度來看，第四季是最強勁的。我認為，如果你看一下線下情況，你會發現全年利息和其他方面應該保持相對一致。然後，我們對稅率時機的假設（這確實會影響第一季）也應該與 2024 年的情況類似，第一季的稅率最高，並且隨著全年的推移逐漸下降和提高。這就是我想說的節奏。

And I think as once you sort of model those out for the first quarter, you should get a little better understanding of what's driving the what you call the softer EPS, but I think it's really kind of right in line with our normal cadence.

我認為，一旦你對第一季的這些情況進行建模，你就應該會更好地理解是什麼導致了所謂的每股收益下降，但我認為這確實符合我們的正常節奏。

Yes, it’s fair. I was just looking at the street, but I agree the cadence is pretty normal. And then maybe just on the ImmunoDx side. Can you just talk about the 2025? It sounds like mid-single-digit growth for that piece coming off 4Q, the moving pieces there.

是的，很公平。我只是看著街道，但我同意節奏很正常。然後可能只是在 ImmunoDx 方面。能談談 2025 年嗎？從第四季開始，這聽起來像是中等個位數的成長，那裡有變動的部分。

It sounds like China performing pretty well, but would love to just talk through the expectations on ImmunoDx side and what you guys are seeing there?

聽起來中國的表現相當不錯，但我想談談對 ImmunoDx 方面的期望以及你們在那裡看到的情況？

Yes, absolutely. So again, I'll start kind of with the overall full year assumptions. Diagnostics, you mentioned we get the upper end of mid-single digits for 2025. When you look at the split between reproductive health and immunodiagnostics, we have immunodiagnostics assumed actually high single digits. I think you said mid-single, but our assumption in guidance is high single digits.

是的，絕對是如此。因此，我將再次從全年總體假設開始。診斷，您提到到 2025 年我們將獲得中等個位數的上限。當您觀察生殖健康和免疫診斷之間的差距時，我們假設免疫診斷的比例實際上高達個位數。我認為您說的是中等個位數，但我們的指導假設是高個位數。

And then we've got reproductive health and low single digits. I think when you look at immunodiagnostics overall, China is playing out as we anticipated, both -- finished for '24, but also in line with our LRP for 2025. And then if you look at the performance ex-US, it continues to be a low teens to mid-teens grower from a performance perspective, which is really a testament again to both the innovation as well as the continued geographic expansion through predominantly our autoimmune business.

然後我們得到了生殖健康和低個位數。我認為，從整體來看免疫診斷，中國的發展正如我們預期的那樣，既完成了 24 年的目標，也符合我們 2025 年的 LRP。然後，如果你看看美國以外的表現，從業績角度來看，它仍然處於低十幾歲到中十幾歲的增長階段，這再次證明了我們的創新以及透過自身免疫力持續的地域擴張商業。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

First, I want to ask on applied genomics. I think you said this is the last quarter you're going to be talking about it openly since something being shuffled around. So I figured I'd get a question on that. You called on return to growth. That's been a little bit of a headwind for you for a couple of quarters, a little bit longer than that actually.

首先，我想問一下應用基因體學。我想你說過這是自從一些事情發生變動以來你最後一個季度公開談論這個問題。所以我想我會就此提出一個問題。您呼籲恢復增長。這對你們來說是一個小小的阻力，持續了幾個季度，實際上持續時間更長。

Anything you can say about what you're seeing in that in terms of underlying end market maybe positioning, just sort of how that's trended through the quarter and maybe any forward expectations for that? Is it the beginning of a recovery, just how that's progressing?

您能談談您對終端市場定位的看法嗎？這是復甦的開始嗎？

Mike, I mean, you're right. The Applied Genomics business is moving to the Life Sciences Solutions portfolio, just given the alignment that we have there commercially and operationally with our customers on there. So it just makes a whole lot more sense to align it there.

麥克，我的意思是，你是對的。鑑於我們與客戶在商業和營運方面的一致性，應用基因組學業務正在轉移到生命科學解決方案產品組合中。因此，將其對齊到那裡更有意義。

I think that's a portfolio which obviously had a lot of pressure given the impact that the COVID had around buying patterns and it has taken time to recover. But we are really enthused and optimistic that sort of we've seen the bottom there and we are starting to see the path to recovery. So overall, I would say that both on the clinical side and on the pharma biotech side, Applied Genomics will start seeing recovery as we go into 2025.

我認為，鑑於 COVID 對購買模式的影響，這個投資組合顯然承受著很大的壓力，而且需要一段時間才能恢復。但我們確實充滿熱情和樂觀，因為我們已經看到了底部，並且開始看到復甦的道路。因此總的來說，我想說，無論是在臨床方面還是製藥生物技術方面，應用基因組學都將在 2025 年開始復甦。

Okay. And then for my follow-up, I think you talked about 20 to 40 bps operating margin expansion. First, just real quick, could you pick out how much of the FX headwind you have on margins? Just will help us model underline a little bit better. And also, you talked about part of that -- part of the reason it's 20 to 40 is you emphasize stepping up investments this year.

好的。然後，在我的後續問題中，我想您談到了 20 到 40 個基點的營業利潤率擴大。首先，您能否快速判斷外匯逆風對利潤的影響有多大？只會幫助我們更好地模擬底線。而且，您也談到了其中的一部分——比例為 20 到 40 的部分原因是您強調今年要加大投資。

Any additional color on that, whether it's in technology, commercial organization, R&D? And just sort of could you help frame those investments in -- just take a step back and frame it in a multiyear view? Is this a little bit of a catch-up versus 2024? Is this a little bit of a pull forward? Just help us think through where and how that's going?

對此還有什麼其他詳細資訊嗎，無論是在技術、商業組織或研發方面？您能否幫助我們建立這些投資框架——退一步來看看，並從多年的視角來建立它？與 2024 年相比，這是否有點追趕？這是否有點向前拉呢？只是幫我們思考事情會如何發展嗎？

Absolutely, Mike. So I'd say, first, maybe just to clearly the deck on one of your questions. F for us does not really have a material impact on our operating margins. So I guess just to clear that, that is not a headwind that currently assumed within our guidance. In terms of the 20 to 40 basis points and really the step-up we've mentioned on our strategic inventions, a couple of thoughts there.

當然，麥克。因此我想說，首先，也許只是為了清楚地回答你的一個問題。對我們來說，F 實際上不會對我們的營業利潤率產生重大影響。因此，我想澄清的是，這並不是我們目前指導中假設的逆風。關於我們在戰略發明中提到的 20 到 40 個基點以及真正的提升，我有幾點想法。

One, I think we've consistently said that if our growth were only in the mid-single digits, we would be expanding operating margins roughly 50 basis points. Based off our guidance, we are slightly below that, and you're seeing an operating margin expansion guidance that is slightly below that 50 basis points.

首先，我想我們一直在說，如果我們的成長率只有中等個位數，我們的營業利潤率就會增加約 50 個基點。根據我們的預期，我們略低於這一水平，而且您會看到營業利潤率擴張預期略低於 50 個基點。

I would also say that we're really encouraged by the progress that we've made on our productivity and transformation initiatives. If you look back at 2024, we just expanded 30 basis points operating margin while only growing 1%. And I think you're starting to see the benefits of the work that we put in across the Board.

我還要說，我們在生產力和轉型措施方面所取得的進展確實令我們感到鼓舞。如果回顧 2024 年，我們的營業利潤率僅擴大了 30 個基點，而成長僅為 1%。我想您已經開始看到我們在董事會各部門所做努力所帶來的效益。

I think as you look at 2025 in terms of us stepping up some of the strategic investments, I would say that it's really us want to continue to invest ourselves as we look over the next three to five years in what we want to accomplish as a company. I think where you look at it in terms of the investment, particularly in 2025, there's probably a couple of areas.

我認為，當你展望2025 年時，我們會增加一些策略性投資，我想說的是，我們真的想繼續投資，因為我們著眼於未來三到五年，希望實現我們作為一個整體所要實現的目標。我認為從投資角度來看，特別是在 2025 年，可能有幾個領域。

One is predominantly a step-up in our digital investments across both e-commerce and AI capabilities. I think the second, there is some, I would say, additional investments on expanding sales channels and adjacent high-growth markets. For example, looking at markets outside of pharma biotech for software as well as continuing to expand our sort of downstream commercial capacity related to things like GMP, all --, et cetera. But I'd say that's really sort of the composition of where we're investing in 2025.

一是主要加大對電子商務和人工智慧領域的數位投資。我認為第二點是，我們會在擴大銷售管道和鄰近的高成長市場方面進行一些額外投資。例如，專注於製藥生物技術以外的軟體市場，並繼續擴大與 GMP 等相關的下游商業能力。但我想說，這其實是我們 2025 年投資的組成。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

So, just first one on software. I mean obviously, some very strong growth there, but easier comps too. Wondering if you can elaborate if there was any one timers in the quarter. Any upside from Signals versus ChemDraw licenses?

因此，首先要討論的是軟體。我的意思是，顯然那裡的成長非常強勁，但比較起來也更容易。想知道您是否可以詳細說明本季是否有任何一次性事件。Signals 與 ChemDraw 授權相比有哪些優勢？

Generally, it's been lumpy through the year, but just wondering what your expectations are for the first quarter? I think you said for the full year, it's low double digit, but correct me if I'm wrong on that?

整體來說，今年的情況不太順利，想知道您對第一季的預期是什麼嗎？我記得您說的是全年數據，低於兩位數，但如果我錯了，請糾正我？

Yes, maybe just to clear the deck from a numbers perspective, Puneet. So it is low double digits for the full year for software, which is a similar performance here in the first quarter.

是的，也許只是為了從數字的角度澄清事實，Puneet。因此，全年軟體銷售額的成長幅度為低兩位數，與第一季的表現類似。

Mean overall, as we've said on the software business, Puneet, that's a very predictable pattern on the number of our licenses and contracts that come up for renewal. So we have a pretty good line of sight, and that's what we have also indicated on the November 4 call for what it would look like for 4Q.

總體而言，正如我們在軟體業務中所說的那樣，Puneet，我們需要續約的許可證和合約的數量呈現非常可預測的模式。因此，我們有一個相當好的視線，這也是我們在 11 月 4 日的電話會議上所指出的第四季度的情況。

So pattern is pretty clear. For us, about 34% of our business is SaaS and still is a good chunk of our business that is on-prem contract -- multiyear contract renewals. So we have a pretty good sense of what's coming down the pipe.

因此模式非常清晰。對我們來說，大約 34% 的業務是 SaaS，而且我們的很大一部分業務仍然是本地合約——多年合約續約。因此，我們非常清楚即將發生的事情。

That tends to be lumpy from a quarter perspective. But overall, I think when we look at the NPV for the net contract value for the year. That is what we sort of use more as a metric than what it does from a quarterly performance perspective.

從季度角度來看，這往往是不穩定的。但總的來說，我認為當我們看一下該年度淨合約價值的 NPV 時。我們更多地將其作為一種衡量標準，而不是從季度績效的角度來衡量。

The ATV was low double digits in 2024, and it was strong in 2023 as well even though the organic growth just due to the timing wasn't as strong in 2023. But as Prahlad mentioned, that's really the more important metric for our software business.

2024 年的 ATV 為低兩位數，2023 年的表現同樣強勁，儘管 2023 年由於時機原因的有機增長並不那麼強勁。但正如普拉拉德所提到的，這確實是我們軟體業務更重要的指標。

Got it. That's helpful. And then I know you were expecting this question around NIH and the pauses and unpauses and other [noices] that we're seeing there. I mean the question is more about -- I think your exposure is small, but just indirect exposure that you have and just given the sort of the funding challenge that might arise there, just could you elaborate what you're baking in for that in Q1 and for the full year? And any additional thoughts on how you expect to manage any sort of headwinds that might arise on the academic side?

知道了。這很有幫助。然後我知道你在期待有關 NIH 的這個問題以及我們在那裡看到的暫停、取消暫停和其他 [噪音]。我的意思是，問題更多的是——我認為你的曝光率很小，但只是間接曝光，考慮到那裡可能出現的融資挑戰，你能否詳細說明你為此做了哪些準備？季度和全年的情況如何？您對於如何應對學術方面可能出現的任何阻力還有什麼其他想法嗎？

Yes, Puneet, as you pointed out, our exposure to direct exposure to NIH is pretty small, close to 1%. But even if you look at our indirect exposure, our estimate it is not more than 5%. And then I think the other very important aspect to keep in mind that given the exposure, most of what we sell are reagents and small ticket items. So it really does not have that much of a material impact from a budgetary perspective because you still need the experimentation to go on the Life Sciences side and reagents are the key driver there. So it does not really have a material impact for us.

是的，Puneet，正如您所指出的，我們對 NIH 的直接接觸非常小，接近 1%。但即使看看我們的間接風險敞口，我們估計也不會超過 5%。然後我認為要記住的另一個非常重要的方面是，考慮到曝光率，我們銷售的大部分是試劑和小件商品。因此，從預算角度來看，它實際上並沒有那麼大的實質影響，因為您仍然需要在生命科學方面進行實驗，而試劑是關鍵的驅動因素。所以它實際上對我們來說並沒有實質的影響。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Maybe just to start out on instrument expectations. I mean I think we're all well aware of the CapEx constraints in the environment. But what are you looking for in terms of leading indicators in terms of seeing that turn? And also, what is the sort of conversations been with customers on the pharma side or on the academic side in terms of instrumentation and CapEx plans over the course of this year? Do you get a sense that we could see a recovery in the back half of this year in instruments?

也許只是開始對儀器抱持期望。我的意思是，我認為我們都很清楚環境中的資本支出限制。但是，為了看到這種轉變，您在領先指標方面尋找什麼呢？此外，今年在儀器和資本支出計劃方面與製藥業或學術界的客戶進行了什麼樣的對話？您是否覺得今年下半年我們會看到儀器產業的復甦？

It's just hard to call at this point based on some of the conversations you're having? Or do you feel like it still remains to be -- you remain prudent in terms of how you're looking at that potential recovery over the course of '25?

根據您正在進行的一些對話，現在很難做出判斷嗎？或者您覺得，對於如何看待 25 年期間的潛在復甦，您仍持謹慎態度？

Matt, as we've talked at the Investor Day at length on this, are the instrument portfolio that we have tend not to be a commodity offering and tends more specific in terms of what we bring to our customer base, whether it's in academia, government or on the pharma side.

馬特，正如我們在投資者日上詳細討論的那樣，我們的工具組合往往不是商品產品，而是更加具體地為我們給客戶群帶來什麼，無論是在學術界，政府或製藥業。

So you have to break it down regionally, right? So when we think of China, obviously, we will see some modest stimulus impact, as Max pointed out earlier. But that will sort of also offset some of the weakness -- continued weakness that we see on the pharma biotech. In terms of the second part of your question, the conversations are ongoing.

所以你必須按地區進行細分，對嗎？因此，當我們想到中國時，顯然我們會看到一些適度的刺激效應，正如馬克斯之前指出的那樣。但這也會在一定程度上抵消我們在製藥生物技術領域看到的一些持續疲軟。關於你問題的第二部分，對話仍在進行中。

Because even from the pharma biotech perspective, there is an expectation that this will start coming back to normal or as we've said earlier, we are on a path to recovery. But I don't -- we are not assuming any sudden shift or a trend in our guidance in terms of its recovery snapping back to normal. So I mean, I think that's probably the best way I can give you an indicator as to what our expectation is and what we've assumed in our guidance.

因為即使從製藥生物技術的角度來看，人們也預期這一切將開始恢復正常，或者正如我們之前所說的那樣，我們正走在復甦的道路上。但我不會——我們並沒有假設我們的指導方針會出現任何突然的轉變或趨勢，即經濟復甦將迅速恢復正常。所以我的意思是，我認為這可能是我可以向您提供我們的期望是什麼以及我們在指導中假設了什麼的最佳方式。

Got it. That's very helpful. And then just in terms of the exit rate you saw in Q4, which is pretty impressive and the recovery that your -- nascent recovery you're seeing in sort of the biopharma, was there any element of budget flush or any one-off impact in Q4 to drive that growth rate as to why you're not necessarily extrapolating that x-rate into '25? Should we just be aware of sort of any of those issues that you saw in Q4?

知道了。這非常有幫助。然後就您在第四季度看到的退出率而言，這是非常令人印象深刻的，而您在生物製藥領域看到的復甦，是否有預算充裕或一次性影響的因素？推動這一成長率，為什麼你不一定會將該x 比率推斷到'25 年？我們是否應該意識到您在第四季度看到的任何這些問題？

Absolutely none. We did not -- I would say -- I would answer that question is we did not see any budget flush in Q4 and that has any impact as to how we have factored our guidance. Our guidance, as I said earlier, Matt, we see the path to recovery. We see the signs and indicators of that. You look at our Diagnostics business, it continues to do very well.

絕對沒有。我們沒有 - 我想說 - 我的回答是，我們沒有看到第四季度有任何預算激增，這對我們如何考慮我們的指導產生了任何影響。我們的指導，正如我之前所說，馬特，我們看到了復甦的道路。我們看到了這方面的跡象和指標。看看我們的診斷業務，它繼續表現良好。

You look at our software business, it continues to do very well. The Life Sciences reagents business, we've seen two consecutive quarters of mid-single-digit growth. So there are enough signs even on the Life Sciences side that we are getting on the path to recovery.

看看我們的軟體業務，它繼續表現得很好。生命科學試劑業務已連續兩季呈現中等個位數成長。因此，即使在生命科學領域也有足夠的跡象表明我們正在走上復甦之路。

But again, we are not assuming that normalcy comes back and the timing around that. We just are assuming that the current market that is there will continue in 2025. And if the market were to turn, that will be upside to what we've guided today.

但同樣，我們也不假設情況會恢復正常，也不假設具體時間。我們只是假設目前的市場將持續到 2025 年。如果市場出現轉變，那將比我們今天的指導水準更高。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

I just want to start off on the -- you talked about the biotech customer, and you might have answered this in one of Doug's questions. But you see growth there for the first quarter since 1Q '23. Any kind of color on when you started to see that demand turn because you guys have a pretty short-cycle business? But is it coming from more reagent side? Are you starting to see pickups there like cell imaging and animal imaging, in vivo imaging, et cetera, or like high content screening? Just like what's the durability of maybe that this is the beginning of that part of the recovery for that part of the market?

我只是想開始——你談到了生物技術客戶，你可能已經在 Doug 的一個問題中回答了這個問題。但你會看到，自23年第一季以來，第一季出現了成長。由於你們的業務週期相當短，所以當你們開始看到需求轉變時，有什麼具體資訊嗎？但它是否來自更多的試劑方面？您是否開始看到諸如細胞成像和動物成像、體內成像等或高內涵篩選等新進展？就像對於該部分市場來說，這可能是復甦的開始，這種持續性是什麼？

Yes. Luke, I would say, as you look at sort of the fourth quarter performance, you mentioned pharma biotech turning positive in the fourth quarter for the first time in several quarters. You guys remember too, a lot of that was driven by, I would say, the software performance growing very strongly in the fourth quarter. If you sort of exclude that, it was still a challenging environment from a pharma biotech standpoint.

是的。盧克，我想說，當你回顧第四季的表現時，你提到製藥生物技術在第四季幾個季度以來首次轉為正成長。你們也記得，我想說，這很大程度上是由於第四季度軟體效能的強勁成長。如果排除這一點，從製藥生物技術的角度來看這仍然是一個充滿挑戰的環境。

I think where we really started to see the turn though has been in our reagents portfolio. And I think we at least started to see that over the summer once the restructurings had really sort of, I would say, going back to more normalized levels, you start to see the lab activity pick back up and that was consistent in the third quarter. We saw again that pick up sequentially in the fourth quarter.

我認為我們真正開始看到轉變是在我們的試劑產品組合中。我認為我們至少在夏季開始看到，一旦重組真正回到更正常的水平，你就會開始看到實驗室活動回升，這與第三季的情況一致。我們在第四季再次看到這一趨勢連續回升。

And I think Prahlad has sort of outlined, our assumption is that is the steady state that sort of continues here in '25 and what our guidance assumes. But there are enough signs in the or some positive signs that things are starting to turn a corner here.

我認為普拉拉德已經概述了我們的假設，即這種穩定狀態將在 25 年繼續保持，這也是我們的指導假設。但有足夠多的跡像或一些積極的跡象表明事情正在開始出現轉機。

All right. Great. And then, I guess, kind of like a follow-up on that with regards to your guide. I mean you look at the rest of the reports and kind of what's the preannouncements this month and about how all those guides really have this kind of continued ramp? And what you're talking about right now sounds like that momentum is building and kind of supports that ramp.

好的。偉大的。然後，我想，這有點像是對您的指南的後續跟進。我的意思是，你看看其餘的報告，看看本月的預告是什麼，以及所有這些指南是如何真正實現這種持續成長的？而您現在所談論的聽起來就像是這種勢頭正在增強，並且在某種程度上支持這種增長。

But your guide seems really conservative and just kind of straight lining what you're seeing now out further. So from a downside perspective, or what do you think that could derail that momentum going forward? Is it a policy? Or just kind of -- is this just ultra like, look, we're just going to run rate what we have from an order rate route right now and anything else is upside?

但是您的指南似乎非常保守，並且只是直接描述您現在所看到的內容。那麼從不利的角度來看，或者您認為什麼可能會破壞未來的發展動能？這是一項政策嗎？或者只是有點 - 這是否只是超級的，看，我們現在只是要按照訂單率路線運行，還有其他什麼好處嗎？

Look, I think it's a good question. I would say, just in general, we mentioned a little bit in the prepared remarks, there is still a certain amount of uncertainty right now as you look at it from a geopolitical and regulatory landscape perspective. And I think just given that there still is that overhang of uncertainty, we wanted to be prudent in our guidance approach here for 2025.

瞧，我認為這是個好問題。我想說，總的來說，我們在準備好的發言中提到一點，從地緣政治和監管格局的角度來看，目前仍然存在一定程度的不確定性。我認為，鑑於仍然存在不確定性，我們希望對 2025 年採取謹慎的指導方針。

So yes, there could be things that create a little bit of downward pressure, but then we are also prudent on the Diagnostics side. And I think it goes back to the punch sign of us really wanting to put out here for 2025, a balanced guide that reflects the current market environment. And so that's probably the best way to answer your question.

所以是的，有些事情可能會造成一點下行壓力，但我們在診斷方面也非常謹慎。我認為這又回到了我們真正希望為 2025 年提出的一個目標，即一個能夠反映當前市場環境的平衡指南。這可能是回答你的問題的最佳方式。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

Maybe to ask a question in a little bit different way. As you talk about some positive signs and some noise as well in the prudence in the guidance, what are you actually hearing from customers in terms of are they a little bit more uneasy with some of the regulatory and administration changes that are playing out sort of as we speak? Are they talking about holding back budgets maybe for later in the year to see where things sit? Or just what are you really hearing from your sales force out there kind of actually on the street talking to folks?

也許可以用稍微不同的方式來提出問題。當你談到指導意見中的一些積極跡象和一些噪音時，你實際上從客戶那裡聽到了什麼，他們是否對正在實施的一些監管和管理變化感到有些不安？他們是不是在談論將預算推遲到今年晚些時候，以觀察情況如何？或者您實際上從銷售人員在街上與顧客交談時聽到了什麼？

Andrew, I think the thing is the way you've got to look at it is in perspective to our portfolio. Look on the Diagnostic side, it doesn't really have a big impact. Our Diagnostics business, and as I said earlier, we've assumed that, that will continue to grow what is in line with our LRP. Our software business, we do not expect to have much of an impact. Our reagents business, as I said earlier, we've seen two consecutive quarters of mid-single-digit growth and that we assume will continue.

安德魯，我認為你必須從我們的投資組合的角度來看待這個問題。從診斷方面來看，它實際上並沒有太大的影響。我們的診斷業務，正如我之前所說，我們假設它將繼續按照我們的 LRP 成長。我們預計我們的軟體業務不會受到太大影響。正如我之前所說，我們的試劑業務已連續兩個季度實現中等個位數成長，我們認為這種成長還會持續下去。

The issue really comes around CapEx spending. And as you know, that is now less than 20% of our portfolio, which is around instrumentation. So this is where you start seeing the power of the portfolio and the impact that it is having.

問題實際上圍繞著資本支出。如您所知，這部分產品目前在我們的產品組合中佔比不到 20%，這些產品都是圍繞著儀器儀表的。從這裡您就能開始看到投資組合的力量及其產生的影響。

In regards to what we are hearing from customers, our assumption really is based around the uncertainty in the market environment. It will settled down, hopefully, in a quarter or two, in terms of what a regular and a more stable market environment will look like.

根據我們從客戶那裡聽到的信息，我們的假設確實是基於市場環境的不確定性。希望一兩個季度後，市場環境能夠逐漸穩定下來，走向正常和更穩定的狀態。

And from our perspective, as Max pointed out earlier, we are being prudent enough and assuming that the current market environment will continue. And as we have said earlier, if it starts to go in a better direction in terms of growth. Obviously, we will come back and readdress this towards the middle of the year.

從我們的角度來看，正如 Max 之前指出的那樣，我們足夠謹慎，並假設當前的市場環境將會持續下去。正如我們之前所說，如果它開始朝著更好的成長方向發展。顯然，我們將在今年年中回來重新解決這個問題。

Okay. That's helpful. Then maybe just shifting to the margin side of things. I think, Max, you pointed out, you had talked about mid-single digit and call it, 50 bps of expansion if that was the growth rate, you're a little bit lower on both but you do have this sort of step-up in investment. So is it safe to say you do see this year is actually a little bit above that trend you talked about before, absent those investments in kind of a true underlying manner? And maybe what's allowing for that to be the case if that takeaway is correct?

好的。這很有幫助。然後也許只是轉向事物的邊緣面。我認為，馬克斯，你指出，你曾談到中等個位數，並稱之為50 個基點的擴張，如果這是增長率，那麼這兩個數字都會略低一些，但你確實有這種步驟-增加投資。那麼，是否可以肯定地說，您確實看到今年的實際趨勢略高於您之前談到的趨勢，而沒有真正潛在的投資？如果這結論正確，那麼可能是什麼原因導致這種情況的發生呢？

Yes. I would say that's fair -- a fair summary of it, Andrew. I'd also maybe just again point out the fact, too, that I think that from an operating margin expansion standpoint, we're really encouraged by the progress we're making. I think this year, there's, again, the one-offs of some strategic investments that we're intentionally making here. But on the flip side of it, we've got some opportunities from a gross margin perspective that should provide a little bit of tailwind to help offset some of those investments we're making this year.

是的。我想說，這是公平的 - 對它的一個公平的總結，安德魯。我可能還想再次指出一個事實，我認為從營業利潤率擴張的角度來看，我們所取得的進展確實令我們感到鼓舞。我認為今年我們又會有意進行一些一次性的策略投資。但另一方面，從毛利率的角度來看，我們也有一些機會，這些機會應該會提供一點順風，以幫助抵消我們今年進行的一些投資。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Maybe first just on guidance. Starting the year with 3% to 5% organic growth in the first quarter seems a lot better than what we're seeing from some other peers, but not assuming acceleration throughout the year. So just as we think about fourth quarter exit rate, you think we should at least be towards the high end of that 3% to 5% range? And maybe just talk about how you think about the path back to that 6% to 8% long-term outlook?

也許首先只是提供指導。今年第一季的有機成長率為 3% 至 5%，這似乎比其他一些同行好得多，但我們並不認為全年都會加速成長。那麼，當我們考慮第四季度的退出率時，您認為我們至少應該達到 3% 到 5% 範圍的高端嗎？或許您可以談談您如何看待重返 6% 至 8% 長期前景的途徑？

Very good question, Catherine. I think at this point, we are assuming 3% to 5%, and we are assuming it to be a steady state throughout the year. It might be a bit more unique. Generally, we tend to have a much more flush in the fourth quarter, and hopefully, that comes through. And as I said earlier, if that comes through, we'll readdress it towards the middle -- the latter half of this year.

非常好的問題，凱瑟琳。我認為目前我們假設成長率為 3% 到 5%，並且我們假設全年保持穩定狀態。它可能會更獨特一些。總體而言，我們傾向於在第四季度表現更加強勁，希望能夠實現這一目標。正如我之前所說，如果這個目標得以實現，我們將在今年中、下半年重新解決這個問題。

But just given somewhat the uncertainty in the current market environment, both from a regulatory and from an administration perspective, we thought it was prudent to be steady in terms of our forecasting.

但考慮到當前市場環境從監管和管理角度來看都存在一定的不確定性，我們認為保持預測穩定是明智之舉。

Okay. And then maybe on pharma, nice to see a return to growth here in the quarter. Can you just talk to what you're expecting for pharma and biotech in the first quarter and the full year?

好的。然後也許在製藥業方面，很高興看到本季恢復成長。您能談談對第一季和全年製藥和生物技術領域的預期嗎？

Yes. So we generally don't give breakdowns between pharma biotech assumptions and academic and government assumptions, Catherine. I would say, again, if you look at the Life Sciences cadence here, I know it's going to be relatively consistent throughout the year. And so I would say pharma biotech is the largest part of our Life Sciences business. And so I would say that's again, it's going to be the biggest driver of the performance.

是的。因此，我們通常不會對製藥生物技術假設與學術和政府假設進行細分，凱瑟琳。我想說，如果你再看看這裡的生命科學節奏，我知道它在全年都會相對一致。因此我想說，製藥生物技術是我們生命科學業務中最大的部分。因此我想說，這將會成為業績表現的最大推手。

Dan Brennan, TD Cowen.

丹布倫南（Dan Brennan），TD Cowen 公司。

Maybe the first one just on reproductive health, nice finish to the year. I think you're talking about low single-digit growth next year. Just can you give us some of the puts and takes on how the quarter ended up and kind of what goes into that outlook?

也許第一個只是關於生殖健康，為今年畫下一個圓滿的句點。我認為你談論的是明年的低個位數成長。您能否向我們介紹本季的收尾情況以及前景？

Yes. So I think as you look at the fourth quarter specifically, again, it was high single digits in the fourth quarter. As we've talked about newborn screening is the biggest part of our reproductive health portfolio. It's generally grown faster than reproductive health overall. That can continue to be true here in the fourth quarter.

是的。因此，我認為，當你具體看一下第四季時，你會發現，第四季的成長率仍是一個高個位數。正如我們所討論的，新生兒篩檢是我們生殖健康組合中最重要的部分。它的成長速度通常比整體生殖健康的速度要快。第四季這種情況仍將持續。

There's a really strong finish to the year for our newborn screening business. As you look at the assumptions for 2025, it is low single digits. That's in line with our LRP. And I would say similar to that tune, newborn screening should be the fastest-growing part of our reproductive health franchise, again in 2025.

今年我們的新生兒篩檢業務取得了非常強勁的成績。當你看一下 2025 年的假設時，它是一個低個位數。這與我們的 LRP 一致。我想說的是，與此類似，到 2025 年，新生兒篩檢應該會再次成為生殖健康領域中成長最快的部分。

Got it. Okay. And then I know Prahlad you talked about a handful of times on the call already, but you're signaling (technical difficulty) geopolitical regulatory factors, you kind of called out a few times. Just wondering, are you seeing pharma pause? Are you seeing any shift in there kind of spending or kind of when budgets get released right now in terms of this macro?

知道了。好的。然後我知道，您在電話會議上已經多次談到了普拉拉德，但您在暗示（技術難度）地緣政治監管因素，您已經提到過幾次了。只是想知道，您是否看到製藥業暫停？從宏觀角度來看，您是否看到支出方面或預算發佈時有任何變化？

Just trying to get some flavor from what you're hearing from customers? Or is it more just you're looking at the kind of announcements that the Trump administration are making and you're just assuming that, that could cause some kind of pausing or some demand in back?

只是想從顧客口中了解一些狀況嗎？或者您只是在關注川普政府所發布的聲明，並認為這些聲明可能會導致某種暫停或某種需求？

Yes, Dan, I wouldn't say that we are hearing pausing or slowing down of spending from our customers. I think it's just prudent on our part just given the uncertainty in the environment. I think that's the best way I would forecast this and look forward. Again, assuming things get stable and certain and we get back to what normal looks like, it will obviously be an upside. But just given where we sit today, we need to -- we are being just prudent in the way we guide for the year.

是的，丹，我不會說我們聽到客戶暫停或放緩支出的聲音。我認為，考慮到環境的不確定性，我們這樣做是謹慎的。我認為這是我預測和展望的最佳方式。再說一次，假設事情變得穩定和確定，我們恢復到正常狀態，這顯然會是一個好處。但考慮到我們目前所處的狀況，我們需要——我們對今年的指導方式非常審慎。

We have no time for further questions. So I'll turn the call back over to Steve for any closing comments.

我們沒有時間回答其他問題。因此，我將把電話轉回給史蒂夫，請他發表任何結束語。

Thank you, Lydia. We look forward to touching base with all of you over the coming weeks and months, and I hope everyone has a good weekend. Take care.

謝謝你，莉迪亞。我們期待在接下來的幾週和幾個月與大家保持聯繫，並祝大家週末愉快。小心。

This concludes our call today. Thank you very much for joining. You may now disconnect your lines.

今天的通話到此結束。非常感謝您的加入。現在您可以斷開線路了。