Revvity Inc (RVTY) 2025 Q1 法說會逐字稿

Welcome, everyone, to the Q1 2025 Revvity Earnings Conference Call. My name is Sammy, and I will be coordinating your call today. (Operator Instructions)

歡迎大家參加 2025 年第一季 Revvity 收益電話會議。我叫薩米 (Sammy)，今天我將負責協調您的通話。（操作員指示）

I will now hand over to your host, Steve Willoughby, to begin. Please go ahead, Steve.

現在我將把主持人史蒂夫威洛比 (Steve Willoughby) 交給他開始。請繼續，史蒂夫。

Thank you, operator. Good morning, everyone, and welcome to Revvity's First Quarter 2025 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 2025 年第一季財報電話會議。今天與我一起通話的有我們的總裁兼執行長 Prahlad Singh；以及我們的資深副總裁兼財務長 Max Krakowiak。

I'd like to remind you our 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. 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.

我想提醒大家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。本次電話會議中發表的聲明或評論可能是前瞻性聲明，其中可能包括但不限於財務預測或公司計劃、目標、期望或意圖的其他聲明。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。

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.

今天所做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，我們將參考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。

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

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

Thank you, Steve, and good morning, everyone. The first quarter ended up being one of the more dynamic macroeconomic periods in recent history to navigate through, which has clearly continued during April. Our ability to continue to generate strong organic growth and better-than-expected earnings in this environment is a testament to the resilience of our business and the tremendous efforts of our people.

謝謝你，史蒂夫，大家早安。第一季成為近代史上最具活力的宏觀經濟時期之一，而這一趨勢在四月也得到了明顯延續。在這種環境下，我們能夠繼續實現強勁的有機成長和好於預期的獲利，證明了我們業務的韌性和員工的巨大努力。

While we expected uncertainties were likely to occur when we first provided our appropriately prudent guidance in January, the materiality and frequency of the changes that have transpired over the last 90 days in the global economy would have been difficult to fully contemplate and advance. Despite these new challenges, we remain very optimistic about Revvity's differentiated financial profile and our ability to continue to drive new innovations for our customers to help further the advancement of science.

雖然我們在一月份首次提供適當審慎的指導時就預料到可能會出現不確定性，但過去 90 天全球經濟發生的變化的實質性和頻率將難以充分考慮和推進。儘管面臨這些新挑戰，我們仍然對 Revvity 差異化的財務狀況以及我們繼續為客戶推動新創新以幫助進一步推動科學進步的能力感到非常樂觀。

The current environment is clearly challenging for most companies, but our unique offerings and ability to quickly adjust are allowing us to continue to deliver for both our customers and our shareholders. As we demonstrated both throughout the pandemic and over the last 2 years,when the industry has faced softer spending from pharma customers, Revvity is a nimble company which is well positioned to quickly respond to both challenges and opportunities, enabling us to continue to deliver strong relative performance. We have demonstrated that we are a team that prides are taking on challenges while continuing to execute at a very high level. I'm confident this adaptability and agility will continue, enabling us to sustain our strong performance throughout varying macroeconomic environments, including the remainder of this year.

當前的環境對大多數公司來說顯然充滿挑戰，但我們獨特的產品和快速調整的能力使我們能夠繼續為客戶和股東提供服務。正如我們在整個疫情期間以及過去兩年中所展示的那樣，當行業面臨來自製藥客戶的支出疲軟時，Revvity 是一家靈活的公司，能夠快速應對挑戰和機遇，使我們能夠繼續提供強勁的相對業績。我們已經證明，我們是一支敢於接受挑戰並繼續保持高水準執行力的團隊。我相信這種適應性和敏捷性將會持續下去，使我們能夠在不同的宏觀經濟環境中保持強勁的表現，包括今年剩餘時間。

Despite the volatility, we were able to generate solid 4% organic growth in the first quarter, which was right in line with our expectations. This performance shows the impressive balance of our company as areas of strength such as diagnostics and software were able to offset those areas facing unanticipated pressures from the dynamic environment we are experiencing in some of our end markets.

儘管存在波動，我們仍然能夠在第一季實現 4% 的穩健有機成長，這完全符合我們的預期。這項業績表明，我們公司具有令人印象深刻的平衡性，因為診斷和軟體等優勢領域能夠抵消我們在某些​​終端市場所經歷的動態環境中面臨的意外壓力。

In particular, our organic growth in the quarter was negatively impacted by unforeseen choppiness in demand from US academic customers throughout much of the quarter, primarily impacting our life science instruments. If it wasn't for this change in demand, our organic growth this quarter would have likely been at or above the upper end of our expectations. This solid top line performance was again combined with appropriate operational management, which led to adjusted EPS in the quarter of $1.01, solidly above $0.93 to $0.95 expectations.

具體而言，本季我們的有機成長受到美國學術客戶需求不可預見的波動的負面影響，這主要影響了我們的生命科學儀器。如果不是因為需求的這種變化，我們本季的有機成長可能會達到或超過我們的預期上限。穩健的營收表現與適當的營運管理相結合，使得本季調整後的每股盈餘達到 1.01 美元，遠高於預期的 0.93 美元至 0.95 美元。

In addition to strong income statement performance, we yet again had great results with our cash flow and balance sheet management. In the quarter, we delivered 97% free cash flow conversion of our adjusted net income and were again able to aggressively deploy this cash by repurchasing our shares. We bought back $154 million of our shares in the quarter, resulting in an outstanding share count exiting the quarter of 119.4 million. As we enter 2Q, we remain opportunistic and have been able to continue our repurchase efforts. I would highlight that we have now repurchased more than 7 million shares over the last 2 years, which represents a 6% decline in our total shares outstanding since we became Revvity in mid-2023.

除了強勁的損益表表現外，我們的現金流量和資產負債表管理再次取得了出色的成績。在本季度，我們實現了調整後淨收入的 97% 的自由現金流轉換，並再次透過回購股票積極部署這筆現金。我們在本季回購了價值 1.54 億美元的股票，導致本季流通股數達到 1.194 億股。進入第二季度，我們依然抓住機會，並能夠繼續進行回購努力。我要強調的是，我們在過去兩年中已經回購了超過 700 萬股股票，這意味著自 2023 年中期我們成為 Revvity 以來，我們的流通股總數下降了 6%。

From an end market perspective, we have continued to see stabilized lab activity from our pharma and biotech customers as their headcount reductions and restructurings have plateaued over the past several quarters. While instrumentation continues remain pressured, in part because of the recent academic uncertainties, we did see continued year-over-year growth in our reagents again this quarter. We also continued to see strong demand for our resilient Diagnostics franchise, which grew 5% organically in the quarter.

從終端市場的角度來看，我們繼續看到製藥和生物技術客戶的實驗室活動趨於穩定，因為過去幾季他們的員工削減和重組已經趨於穩定。儘管儀器儀表繼續面臨壓力，部分原因是最近學術上的不確定性，但本季我們確實看到試劑繼續同比增長。我們也繼續看到對我們彈性診斷特許經營權的強勁需求，該特許經營權在本季度有機增長了 5%。

As highlighted in the past calls, our specialty diagnostic businesses, a strong and durable underlying market growth drivers that are more immune to changes in the macroeconomic environment. Consequently, we continue to believe this segment of our company is already largely back to normal following the swings in demand during and following the pandemic.

正如過去電話會議中所強調的那樣，我們的專業診斷業務擁有強大而持久的潛在市場成長動力，更能抵禦宏觀經濟環境變化的影響。因此，我們仍然相信，在經歷了疫情期間和疫情之後的需求波動之後，我們公司的這一部門已經基本恢復正常。

A great example of our unique diagnostic businesses being at the forefront of scientific innovation is our recent announcement of our expanded alliance with Genomics England to further drive research into newborn genomic sequencing in England. Under the new agreement, Revvity will now provide DNA sequencing services to screen newborns for rare genetic conditions, building upon our existing collaboration for DNA extraction services. This integrated end-to-end solution, supported by our localized lab facility, will accelerate the screening process and advance newborn health as part of the generation study.

我們獨特的診斷業務處於科學創新前沿的一個很好的例子是我們最近宣布擴大與 Genomics England 的聯盟，以進一步推動英國新生兒基因組定序的研究。根據新協議，Revvity 將提供 DNA 定序服務，為新生兒篩檢罕見遺傳疾病，這將鞏固我們現有的 DNA 萃取服務合作。這種整合的端到端解決方案由我們本地化的實驗室設施提供支持，將加速篩檢過程並作為代際研究的一部分促進新生兒健康。

Genomics England landmark initiative, which aims to screen up to 100,000 newborns for over 200 rare genetic disorders. This collaboration strengthens our position as a leader in newborn genomic sequencing and sets a standard for future programs. We are proud to contribute to this critical program by delivering timely and reliable sequencing data to support newborn health in England over the next several years.

基因組學英格蘭里程碑計劃，旨在篩檢多達 10 萬名新生兒，以發現 200 多種罕見遺傳疾病。此次合作鞏固了我們在新生兒基因組定序領域的領先地位，並為未來的計畫樹立了標準。我們很榮幸能夠為這項重要計畫做出貢獻，提供及時可靠的定序數據，以支持未來幾年英格蘭的新生兒健康。

I'm also proud that earlier this month, we secured FDA approval for a more automated platform that is integrated with our T-SPOT latent TB test. This combination, which was initially launched outside the US late last year, allows laboratories to enhance productivity while maintaining superior clinical performance in latent tuberculosis detection. This milestone marks a significant advancement in the fight against TB, providing a faster high-throughput solution that delivers accurate diagnostic results to support timely treatment and containment both in the US and globally.

我也感到自豪的是，本月早些時候，我們獲得了 FDA 批准，可以開發與我們的 T-SPOT 潛伏性結核病檢測相結合的更自動化的平台。該組合於去年底首次在美國以外推出，可幫助實驗室提高生產力，同時保持潛伏性結核病檢測的卓越臨床表現。這一里程碑標誌著對抗結核病的重大進步，提供了更快的高通量解決方案，可提供準確的診斷結果，以支持美國和全球的及時治療和控制。

By automating T-SPOT TB testing, we equip laboratories with increased throughput and reliability, ultimately leading to better patient outcomes. Considering the US market represents slightly more than half of all latent TB tests performed globally, this is an important launch in the most important market in the world for latent TB testing. I'm excited to see this new offering in the US ramp up over the coming months and quarters.

透過實現 T-SPOT 結核病檢測的自動化，我們提高了實驗室的吞吐量和可靠性，最終帶來了更好的患者治療效果。考慮到美國市場佔全球潛伏性結核病檢測總量的一半多一點，此次發布對於全球最重要的潛伏性結核病檢測市場來說具有重要意義。我很高興看到這項新產品在未來幾個月和幾季內在美國推廣。

I now want to take a minute and shine a spotlight on a fantastic Signals software business, which I think does not garner the appreciation from the investor community that it should. This business, which represents approximately 8% of our total revenue, grew slightly more than 20% organically in the first quarter, and we expect even stronger growth for it in the second quarter. This performance positions Signals to deliver another year of strong double-digit growth overall.

現在我想花一點時間來介紹一下出色的 Signals 軟體業務，我認為它並沒有得到投資者群體應有的讚賞。該業務約占我們總營收的 8%，第一季有機成長率略高於 20%，我們預期第二季的成長將更加強勁。這一業績使得 Signals 全年有望實現強勁的兩位數成長。

In addition to the commercial execution, it was also exciting to see the launch of our new Signals One offering earlier this month. Signals One is a newly reimagined version of the core Signals data platform, an all-in-one solution designed to manage data across our customers' scientific workflows with new and expanded AI capabilities. This offering builds on our new product launches last year of Signals Clinical and Signals Synergy, which are off to strong starts in their first year on the market.

除了商業執行之外，本月稍早推出我們的新產品 Signals One 也令人興奮。Signals One 是核心 Signals 資料平台的全新版本，它是一個一體化解決方案，旨在透過全新和擴展的 AI 功能管理客戶科學工作流程中的資料。該產品以我們去年推出的新產品 Signals Clinical 和 Signals Synergy 為基礎，這兩款產品在上市的第一年就取得了良好的開端。

Looking ahead, Signals continues to have a very promising new product pipeline with the upcoming launches of LabGistics and additional biologic related offerings, which we expect to bring to the market in the coming quarters. It was also great to secure a recent court ruling in our favor to ensure uninterrupted access and business as usual for our Spotfire customers for many years into the next decade.

展望未來，Signals 將繼續擁有非常有前景的新產品線，即將推出 LabGistics 和其他生物相關產品，我們預計這些產品將在未來幾季推向市場。我們也很高興最近獲得了一項對我們有利的法院裁決，以確保我們的 Spotfire 客戶在未來十年的許多年裡都能不間斷地訪問並照常開展業務。

Finally, it was encouraging to see a recent sale transaction announced for one of our key competitors in this space, which reflects the tremendous value and capabilities our offerings provide to our customers. Signals has an even stronger growth rate and a more ingrained enterprise footprint than anyone else in our industry and benefits from the entrenched customer relationships of our broader Life Sciences franchise. By leveraging our internal R&D capabilities to provide unique and responsive assistance for new product development, and capitalizing on our broader pharma and customer relationships, along with favorable market trends, Signals is in a great position to continue to generate very strong results for a very long time in the future.

最後，我們很高興地看到，我們在該領域的一個主要競爭對手最近宣布了一項出售交易，這反映了我們的產品為客戶提供的巨大價值和能力。Signals 的成長率比我們行業中的任何其他公司都要高，企業足跡也更加根深蒂固，並且受益於我們更廣泛的生命科學特許經營的根深蒂固的客戶關係。透過利用我們的內部研發能力為新產品開發提供獨特且響應迅速的幫助，並利用我們更廣泛的製藥和客戶關係以及有利的市場趨勢，Signals 處於有利地位，能夠在未來很長一段時間內繼續產生非常強勁的業績。

Overall, we had an eventful but successful start to the year. The power of Revvity's specialized offerings and importance of delivering significant innovation to our customers was clearly on display. As we have shown during periods of disruption over the last few years, we have a unique capability to navigate these unforeseen challenges and continue to execute.

整體而言，我們今年的開局充滿波折，但也很成功。Revvity 專業產品的強大功能以及為客戶提供重大創新的重要性得到了清晰的展示。正如我們在過去幾年的混亂時期所展示的那樣，我們擁有獨特的能力來應對這些不可預見的挑戰並繼續執行。

While no company is completely immune from broader end market trends and geopolitical developments, I'm confident that Revvity will continue to be able to show differentiated performance amongst our peers and with our customers.

雖然沒有任何一家公司能夠完全免受更廣泛的終端市場趨勢和地緣政治發展的影響，但我相信 Revvity 將繼續能夠在同行和客戶中展現差異化的表現。

I also want to provide you some thoughts and comments as it pertains to the current tariff situation and its potential impact on Revvity. First, this is clearly a very dynamic situation, which seems to be changing on a nearly daily basis. So it is a bit of a constantly moving target. Second, we have had a cross-functional task force evaluating a variety of scenarios since shortly after the election. So we have been contingency planning for many different potential outcomes well before the first week of April.

我還想就當前的關稅情況及其對 Revvity 的潛在影響向您提供一些想法和評論。首先，這顯然是一個非常動態的情況，似乎每天都在改變。所以它是一個不斷移動的目標。其次，自選舉後不久，我們就成立了一個跨職能工作小組來評估各種情況。因此，我們在四月第一週之前就已經針對許多不同的潛在結果做好了應急計畫。

Third, as soon as the initial round of tariffs was announced, our teams immediately started taking a number of actions in an effort to mitigate potential impacts. These efforts include proactive inventory positioning, geographical manufacturing adjustments, engaging alternative suppliers and selective pricing actions. In addition to these efforts, we have also implemented some additional temporary cost actions to offset the impact from the remaining unmitigated tariff-related pressures in the second half of the year.

第三，第一輪關稅宣布後，我們的團隊立即開始採取一系列行動，努力減輕潛在影響。這些努力包括主動庫存定位、地理製造調整、聘請替代供應商和選擇性定價行動。除了這些努力之外，我們還實施了一些額外的臨時成本措施，以抵消下半年剩餘的未緩解的關稅相關壓力的影響。

Based on our actions to date, which will largely be implemented by the end of this quarter, we expect to be able to mitigate most of the currently contemplated tariff impact by the end of June. Consequently, while we foresee a headwind from the current tariffs here in the second quarter, we expect we will have largely offset their impact on our 2025 results by the time we enter the second half of the year and will work to minimize any lingering effects in the future years.

根據我們迄今為止採取的行動（大部分將在本季末實施），我們預計到 6 月底將能夠減輕目前預期的大部分關稅影響。因此，雖然我們預計第二季現行關稅將帶來阻力，但我們預計，到今年下半年，我們將在很大程度上抵消其對我們 2025 年業績的影響，並將努力將未來幾年的任何揮之不去的影響降至最低。

While Max will provide more details in a bit, based on the current tariff situation, if we would not have taken any actions, we would expect to see a gross impact of approximately $135 million this year to our adjusted operating income. However, based on what we know today, with the aggressive actions we are taking, we expect to be able to mitigate the vast majority of this potential impact. We currently expect the net impact from the current tariff situation will negatively impact our adjusted operating margins by approximately 60 basis points this year.

雖然 Max 稍後會提供更多細節，但根據目前的關稅情況，如果我們不採取任何行動，我們預計今年調整後的營業收入將受到約 1.35 億美元的總影響。然而，根據我們目前所了解的情況，透過我們正在採取的積極行動，我們預計能夠減輕絕大多數潛在影響。我們目前預計，當前關稅情勢的淨影響將對我們今年的調整後營業利潤率產生約 60 個基點的負面影響。

As mentioned, we anticipate the vast majority of the headwind to occur here in the second quarter as our tariff-related initiatives fully ramp up by the time we enter the second half. We are able to offset this near-term pressure with favorable below-the-operating-line execution and a less severe headwind from FX. Consequently, we are reaffirming our full year adjusted EPS outlook of $4.90 to $5.

如上所述，我們預計絕大多數逆風將出現在第二季度，因為進入下半年時我們的關稅相關舉措將全面展開。我們能夠透過有利的低於營運線的執行和不太嚴重的外匯逆風來抵消這種短期壓力。因此，我們重申全年調整後每股收益預期為 4.90 美元至 5 美元。

In a sign to the uniqueness and durability of our business, we are also reaffirming our full year organic growth outlook of 3% to 5% as the academic and instrumentation headwinds we are factoring in for the remainder of the year are offset by even stronger expected performance from our software business and increased growth in reproductive health due to recent commercial partnership successes. Overall, we are keeping a close eye on the dynamic macro environment, and we'll continue to pivot as necessary to execute at a high level in all market conditions.

作為我們業務獨特性和持久性的標誌，我們也重申了全年 3% 至 5% 的有機成長預期，因為我們在今年剩餘時間內考慮的學術和儀器逆風被我們軟體業務更強勁的預期表現和生殖健康業務因近期商業合作成功而增加的成長所抵消。總體而言，我們密切關注動態的宏觀環境，並將根據需要繼續調整，以確保在所有市場條件下都能保持高水準的執行。

Revvity was built to thrive during periods such as this, which will only make us even stronger once the current macro uncertainty subsides.

Revvity 的建立是為了在這樣的時期蓬勃發展，一旦當前的宏觀不確定性消退，我們只會變得更加強大。

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, while we have been navigating an evolving and dynamic macro environment so far this year, we were still able to deliver very solid first quarter results because of our strong execution on those items which are more fully within our control and our unique mix of businesses.

謝謝，普拉拉德，大家早安。正如普拉拉德所提到的，儘管今年到目前為止我們一直在不斷變化和動態的宏觀環境中前行，但我們仍然能夠取得非常穩健的第一季度業績，因為我們對那些完全在我們控制範圍內的項目執行得非常出色，而且我們擁有獨特的業務組合。

Our industry has faced a multitude of headwinds over the last 2.5 years, which have continued so far in 2025. During this time, we have still been able to grow our top line organically, increase our margins through synergy realization and optimizations and drive below-the-line improvements, which have helped support our earnings per share performance during this period. As you are likely well aware, our industry has also faced new challenges over the last few months, which were unanticipated when we first provided our intentionally prudent guidance in late January.

過去兩年半里，我們的產業面臨許多阻力，這些阻力一直持續到 2025 年。在此期間，我們仍然能夠有機地增長我們的營業收入，透過實現協同效應和優化來提高我們的利潤率，並推動線下改進，這有助於支持我們在此期間的每股收益表現。您可能很清楚，我們的行業在過去幾個月中也面臨著新的挑戰，這些挑戰是我們在 1 月底首次提供謹慎的指導時未曾預料到的。

First, given the changing landscape as it pertains to academic funding in the US, we have seen customers pull back with their spending for both instrumentation and consumables given the increased uncertainty over the future of their funding. While the executive order to reduce indirect funding levels is currently held up in the courts and funding currently remains intact, we have seen it have an impact on buying behavior over the last few months. For the time being, we expect this more cautious level of spending from our US academic customers to persist until there is more clarity and stability regarding their future funding levels. As a reminder, revenue from our academic customers in the US

首先，鑑於美國學術資助情勢的變化，我們發現客戶因未來資金的不確定性增加而減少了對儀器和消耗品的支出。儘管減少間接融資水準的行政命令目前在法院受阻，且資金目前保持不變，但我們已經看到它在過去幾個月對購買行為產生了影響。目前，我們預計美國學術客戶將保持這種更謹慎的支出水平，直到他們未來的資金水平更加清晰和穩定。提醒一下，來自美國學術客戶的收入

represents a little over 5% of our total company revenue overall.

占我們公司總收入的5%多一點。

As it pertains to the ever-evolving tariff situation, Revvity is well positioned overall. Based on the situation as it currently exists today, I see three main focus areas that we are appropriately navigating, first, for those products which we historically have manufactured in the US and sold in to China, which represents the majority of the $135 million gross tariff impact estimated this year; and then secondly, those products which are manufactured in Europe and sold in the US Lastly, we are focused on how we leverage our operational agility to capitalize on potential opportunities that arise from the changing macro landscape.

就不斷變化的關稅形勢而言，Revvity 總體上處於有利地位。根據目前的情況，我認為我們正在適當關註三個主要重點領域：首先，對於那些我們過去在美國生產並銷往中國的產品，這些產品佔今年估計的 1.35 億美元總關稅影響的大部分；其次，那些在歐洲生產並在美國銷售的產品最後，我們專注於如何利用我們的營運敏捷性來利用不斷變化的宏觀格局中出現的潛在機會。

As it pertains to those products currently made in the US and sold in China, through a number of initiatives, many of which were already underway before the new administration took office, we expect to almost fully neutralize this impact operationally within the next 2 months. For the impact stemming from those products made in Europe and the U.K. which are sold in the US, we are aggressively taking a number of different actions to offset the impact, including adjusting our manufacturing, working with suppliers, implementing selective pricing actions and taking incremental temporary cost actions across the entire business so long as these headwinds remain this year.

對於目前在美國製造並在中國銷售的產品，透過一系列措施（其中許多措施在新政府上任之前就已經在實施），我們預計在未來 2 個月內幾乎可以完全消除這種影響。對於那些在歐洲和英國生產並銷往美國的產品所造成的影響，我們正在積極採取一系列不同的措施來抵消影響，包括調整我們的生產方式、與供應商合作、實施選擇性定價措施以及在整個業務範圍內採取增量臨時成本措施，只要這些不利因素在今年仍然存在。

So as Prahlad mentioned, we do expect to incur some impact from the current tariffs here in the second quarter, but we will have our initiatives fully in place over the next 2 months to counter their impact as we enter the second half of the year. We are also able to offset the associated approximate $0.12 adjusted EPS impact from the tariffs through our continued successful tax planning initiatives and more favorable FX, allowing us to reiterate our adjusted EPS outlook for the year of $4.90 to $5.

正如普拉拉德所提到的，我們確實預計第二季度現行關稅會對我們產生一些影響，但我們將在未來兩個月內全面實施舉措，以在進入下半年時抵消其影響。我們還能夠透過持續成功的稅務規劃舉措和更有利的外匯來抵消關稅帶來的約 0.12 美元調整後每股收益的影響，這使我們能夠重申我們對今年調整後每股收益 4.90 美元至 5 美元的預期。

Now turning to the specifics of our first quarter performance. Overall, the company generated revenue of $665 million in the quarter, resulting in 4% organic growth. FX was a 1% headwind to growth, and we again had no incremental contribution from acquisitions. As it relates to our P&L, we generated 25.6% adjusted operating margins in the quarter, which was up modestly year-over-year and above our expectations. This was driven by strong expense management and favorable mix.

現在來談談我們第一季業績的具體情況。總體而言，該公司本季實現了 6.65 億美元的收入，有機成長 4%。外匯對成長造成了 1% 的阻力，而且我們再次沒有從收購中獲得增量貢獻。就我們的損益表而言，我們在本季實現了 25.6% 的調整後營業利潤率，年比略有成長，且高於我們的預期。這是由強大的費用管理和良好的產品組合推動的。

We will continue to closely monitor our expense structure given the current macro environment in an effort to maintain our strong profitability levels while still continuing to invest internally in areas with high return potential.

鑑於當前的宏觀環境，我們將繼續密切監控我們的費用結構，以努力保持強勁的獲利水平，同時繼續在具有高回報潛力的領域進行內部投資。

Looking below the line, our adjusted net interest and other expense was $18 million in the quarter, which was slightly impacted by higher-than-expected FX volatility. Our adjusted tax rate was 19.5% in the quarter, which was lower than our expectations due to the favorable impact of recent tax planning initiatives. We also continue to remain active with our share repurchase program, an average of 120.2 million diluted shares in the quarter, which was down nearly 1.5 million shares sequentially. This all resulted in our adjusted EPS in the first quarter being $1.01, which was $0.07 above our expectations.

從離線來看，本季我們的調整後淨利息和其他支出為 1,800 萬美元，略微受到高於預期的外匯波動的影響。本季我們的調整後稅率為 19.5%，由於近期稅務規劃措施的有利影響，該稅率低於我們的預期。我們也持續積極推行股票回購計劃，本季平均回購 1.202 億股稀釋股，比上一季減少近 150 萬股。這一切導致我們第一季的調整後每股收益為 1.01 美元，比我們的預期高出 0.07 美元。

Moving beyond the P&L. We had another strong quarter from a cash perspective as we generated free cash flow of $118 million in the quarter, resulting in 97% conversion of our adjusted net income. Cash remains a bright spot as we continue to diligently manage our working capital, and we expect to receive additional divestiture-related inflows in the second half of the year.

超越損益表。從現金角度來看，我們又度過了一個強勁的季度，因為我們在本季度產生了 1.18 億美元的自由現金流，導致調整後淨收入的轉換率為 97%。由於我們繼續認真管理營運資金，現金仍然是一個亮點，我們預計今年下半年將獲得與資產剝離相關的額外資金流入。

As I mentioned regarding capital deployment, we have stayed active so far this year with our buyback program as we repurchased $154 million worth of shares in the first quarter and have continued to remain opportunistic during these periods of increased uncertainty given our confidence in our long-term potential.

正如我所提到的關於資本部署，今年到目前為止，我們一直積極實施回購計劃，我們在第一季度回購了價值 1.54 億美元的股票，並且鑑於我們對長期潛力的信心，在這些不確定性增加的時期，我們繼續保持機會主義。

As it relates to our balance sheet, we finished the quarter with a net debt to adjusted EBITDA leverage ratio of 2.4x with 100% of our debt being fixed rate with a weighted average interest rate of 2.6% and maturity out another 7 years. As we evaluate capital deployment, we will continue to remain flexible in order to capitalize on the highest return opportunities while maintaining our investment-grade credit rating.

就我們的資產負債表而言，本季末我們的淨負債與調整後 EBITDA 槓桿率為 2.4 倍，其中 100% 的負債為固定利率，加權平均利率為 2.6%，到期日為 7 年。在評估資本配置時，我們將繼續保持靈活性，以便利用最高的回報機會，同時保持我們的投資等級信用評級。

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. The 4% growth in organic revenue in the quarter was comprised of 2% growth in our Life Sciences segment and 5% growth in Diagnostics. Geographically, we grew in the mid-single digits in both the Americas and Europe, while Asia grew in the low single digits with China also growing low single digits.

我現在將對我們的第一季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。本季有機收入成長 4%，其中生命科學部門成長 2%，診斷部門成長 5%。從地理來看，我們在美洲和歐洲都實現了中等個位數的成長，而在亞洲則實現了低個位數的成長，其中中國也實現了低個位數的成長。

From a segment perspective, our Life Sciences business generated revenue of $340 million in the quarter. This was up 1% on a reported basis and 2% on an organic basis. From a customer perspective, sales to pharma biotech customers grew in the low single digits, whereas sales into academic and government customers declined in the low single digits in the quarter. Our Life Science Solutions business declined in the low single digits in the quarter, with continued declines in instrumentation offset by solid growth in reagents. Our Signals software business was again a highlight in the quarter as it was up a little over 20% year-over-year organically.

從細分市場來看，我們的生命科學業務本季創造了 3.4 億美元的收入。以報告基礎計算，成長了 1%，以有機基礎計算，成長了 2%。從客戶角度來看，本季對製藥生技客戶的銷售額成長了低個位數，而對學術和政府客戶的銷售額則下降了低個位數。我們的生命科學解決方案業務在本季出現低個位數下滑，儀器業務的持續下滑被試劑業務的穩健成長所抵消。我們的訊號軟體業務再次成為本季的一大亮點，其有機成長率略高於 20%。

The business continued to perform well from an ARR, APV and net retention rate perspective as well with all metrics at or slightly above full year levels from last year.

從 ARR、APV 和淨留存率的角度來看，該業務繼續表現良好，所有指標均達到或略高於去年全年水準。

In our Diagnostics segment, we generated $324 million of revenue in the quarter, which was up 3% on a reported basis and 5% on an organic basis. From a business perspective, our immunodiagnostics business grew high single digits organically during the quarter, which was in line with expectations. The business continues to perform well as its strong growth this quarter was driven by continued strength in the Americas and solid uptake of recent menu expansions. Our reproductive health business grew low single digits organically in the quarter. Newborn screening continued to perform well and grew high single digits globally, which was driven by outstanding operational and commercial execution,given continued headwinds from global birth rates.

在我們的診斷部門，本季我們創造了 3.24 億美元的收入，以報告基礎計算成長 3%，以有機基礎計算成長 5%。從業務角度來看，我們的免疫診斷業務在本季度實現了高個位數有機成長，符合預期。該業務繼續表現良好，本季的強勁成長得益於美洲市場的持續強勁成長以及近期菜單擴展的穩步推進。本季度，我們的生殖健康業務實現了低個位數有機成長。新生兒篩檢持續表現良好，全球範圍內實現了高個位數成長，這是由於在全球出生率持續下滑的情況下，出色的營運和商業執行所推動的。

In regards to China specifically, we had low single-digit organic growth overall in the first quarter, which consisted of a decline in Life Sciences, offset by high single-digit growth in Diagnostics. Stimulus was not a significant factor in our business to start the year as instrumentation in the region remain pressured. Looking ahead, we are only assuming a modest amount of stimulus over the rest of the year coming from programs, which have already been announced and are currently being dispersed.

具體到中國，第一季我們整體實現了低個位數有機成長，其中生命科學業務的下滑被診斷業務的高個位數成長所抵消。由於該地區的儀器儀表仍然面臨壓力，因此刺激措施並不是我們年初業務的重要因素。展望未來，我們預計今年剩餘時間內將有少量刺激措施出台，這些措施來自已經宣布並正在實施的計劃。

I now want to provide some additional color as it pertains to our updated outlook for the full year. As mentioned, we are reaffirming our organic growth outlook for the year of 3% to 5% growth but with a slightly different composition than we had previously assumed. First, we are now factoring in slower demand from our academic customers, particularly in the US, which is largely impacting our instrumentation but is also having some impact on the demand for our reagents as well. This slightly slower assumed growth for the full year in our Life Science Solutions unit is resulting in a 100 basis point headwind to total company organic growth for the year.

現在，我想提供一些與我們對全年的最新展望相關的額外資訊。如上所述，我們重申今年有機成長前景為 3% 至 5%，但成長組成與我們先前假設的略有不同。首先，我們現在考慮到學術客戶的需求放緩，特別是在美國，這在很大程度上影響了我們的儀器，但也對我們試劑的需求產生了一定的影響。我們生命科學解決方案部門全年預計的成長速度略有放緩，導致全年公司整體有機成長遭遇 100 個基點的阻力。

However, this headwind is being fully offset by even more robust expected growth in our software business and stronger performance in reproductive health, given the recent success of a number of commercial partnerships coming to fruition. This resiliency speaks to the uniqueness of our company and our ability to continue to generate differentiated financial results throughout varying macro environments as well as our appropriately prudent initial outlook to start the year.

然而，鑑於最近一系列商業合作的成功，我們軟體業務預期將實現更強勁的成長，生殖健康領域也將表現得更出色，這將完全抵消這一不利因素的影響。這種韌性體現了我們公司的獨特性、我們在不同的宏觀環境下繼續創造差異化財務表現的能力，以及我們在年初適當審慎的初步展望。

With the weaker dollar impacting FX, we now anticipate our revenue this year to be in the range of $2.83 billion to $2.87 billion.

由於美元疲軟對外匯產生影響，我們預計今年的營收將在 28.3 億美元至 28.7 億美元之間。

Moving down the P&L. We now expect our adjusted operating margins to be in the range of 27.9% to 28.1%, which is down 60 basis points from our prior outlook due to the tariff-related pressures we expect to incur predominantly in the second quarter. This impact equates to an approximate $0.12 headwind to our full year adjusted EPS. If the tariffs were to subside in the coming months, we would likely look to maintain most of our new manufacturing footprint flexibility while rolling back the majority of the temporary belt-tightening actions we are currently taking. Consequently, we would not expect to meaningfully change the operating margin or full year earnings outlook that we have provided here today.

降低損益。我們現在預計調整後的營業利潤率將在 27.9% 至 28.1% 之間，比我們先前的預測下降了 60 個基點，原因是我們預期主要在第二季出現的關稅相關壓力。這一影響相當於我們全年調整後每股收益遭受約 0.12 美元的不利影響。如果關稅在未來幾個月內消退，我們可能會尋求保持大部分新製造足跡的靈活性，同時撤銷我們目前正在採取的大部分臨時緊縮措施。因此，我們預計不會對今天提供的營業利潤率或全年獲利前景做出重大改變。

As mentioned, due to our continued successful tax planning initiatives, along with less of a headwind from FX, we expect to be able to fully offset this impact to our earnings. We now forecast our adjusted tax rate this year to be 19%, our net interest and other to be approximately $75 million and an average diluted share count of approximately 119 million. This all results in our adjusted earnings per share for the year expected to continue to be in the range of $4.90 to $5.

如上所述，由於我們持續成功的稅務規劃舉措，加上外匯不利因素的減少，我們預計將能夠完全抵消這項對我們收益的影響。我們現在預測今年的調整後稅率為 19%，淨利息和其他收入約為 7,500 萬美元，平均稀釋股數約為 1.19 億股。這一切導致我們今年的調整後每股盈餘預計將繼續在 4.90 美元至 5 美元之間。

Regarding our outlook for the second quarter, we anticipate organic growth to be in the positive 2% to 4% range, resulting in total expected revenue in the range of $700 million to $715 million. We anticipate our below-the-line items in the second quarter to be fairly similar to those we just reported for the first quarter with an approximate 119 million average diluted share count. We expect this to result in our adjusted EPS in the second quarter to be in the range of $1.13 to $1.15.

關於我們對第二季的展望，我們預計有機成長率將在 2% 至 4% 之間，預計總收入將在 7 億美元至 7.15 億美元之間。我們預計第二季的離線項目與我們剛剛報告的第一季專案非常相似，平均稀釋股數約為 1.19 億股。我們預計這將導致第二季調整後的每股收益在 1.13 美元至 1.15 美元之間。

Overall, we had a strong start to the year as we were able to overcome a number of unforeseen challenges. The macro environment is currently in a period of elevated volatility and uncertainty, which is limiting what would have likely been an even stronger year than we had contemplated 90 days ago. As we look ahead, we will remain diligent and execute on those items which are more fully within our control by quickly pivoting to capitalize on commercial opportunities that present themselves while also responding operationally to mitigate new challenges that arise.

總體而言，我們今年開局良好，因為我們能夠克服許多不可預見的挑戰。宏觀環境目前正處於波動性和不確定性加劇的時期，這限制了今年的經濟表現可能比我們 90 天前預期的還要強勁。展望未來，我們將繼續勤奮並執行那些我們能夠完全控制的項目，透過快速轉變來利用出現的商業機會，同時在營運上做出反應以緩解出現的新挑戰。

Revvity has a strong team and a differentiated business, which allows us to continue to perform at a high level through evolving macro environments while remaining well positioned to benefit when market trends become more favorable.

Revvity 擁有強大的團隊和差異化的業務，這使我們能夠在不斷變化的宏觀環境中繼續保持高水準的表現，同時在市場趨勢變得更加有利時保持有利地位。

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

接線員，現在我們想開始提問環節。

Thank you very much. (Operator Instructions)

非常感謝。（操作員指示）

Patrick Donnelly from Citi.

花旗銀行的 Patrick Donnelly。

Maybe one, not surprisingly, to start off on the tariff side. Can you guys talk about that piece, the US into China? It sounds like a $135 million gross impact. You're going to neutralize that, I think you said, within 2 months.

或許，這並不令人意外，首先要從關稅方面著手。你們能談談美國進入中國這個問題嗎？這聽起來像是 1.35 億美元的總影響。我想你說過，你會在兩個月內消除這種影響。

Can you talk about, first, what those products are, what you guys are doing to shift around and offset that and just how you're able to do it so quickly? I mean, other companies are talking about a far longer time line to shift around some manufacturing footprint and get around some of that US to China. So would love to just talk to what you're doing, what those products are and the confidence level you can contain that into 2Q.

首先，您能否談談這些產品是什麼，你們正在做什麼來改變和抵消這種影響，以及您是如何如此迅速地做到這一點的？我的意思是，其他公司正在討論更長的時間來轉移一些製造足跡，並將部分生產從美國轉移到中國。所以我很想談談您正在做什麼，那些產品是什麼，以及您可以將其納入第二季的信心水平。

Patrick, let me start and then Max will chime in. As we mentioned in our prepared remarks, we didn't start this in April, right? We started this just right after the election. And the process of moving products, building redundancy in our supply chain and ensuring product availability into China specifically has been an ongoing exercise for us over the last few months. And then that's why sort of we have built that resiliency in our supply chain.

派崔克，讓我先開始，然後馬克斯再插話。正如我們在準備好的演講中提到的那樣，我們不是在四月開始做這件事的，對嗎？我們在選舉後立即開始了這項工作。在過去的幾個月裡，我們一直在持續進行產品運輸、供應鏈冗餘建設以及確保產品能夠供應中國市場的工作。這就是我們在供應鏈中建立這種彈性的原因。

Max?

最大限度？

Yes. I think the piece I'd add too is I think we continue to prove that we are an agile and nimble company and that we are able to sort of quickly navigate what is a very dynamic macro environment. I think the other piece, just to answer your question in terms of what products, Patrick, if you remember, most of our Diagnostics business is in China for China. And so you really are talking about the life science products that are being sold into China.

是的。我想補充的是，我們將繼續證明我們是一家敏捷、靈活的公司，我們能夠快速應對非常動態的宏觀環境。我認為另一點，只是為了回答你關於產品的問題，帕特里克，如果你還記得的話，我們的大部分診斷業務都在中國，面向中國。所以你實際上談論的是銷往中國的生命科學產品。

Okay. Got it. That's helpful. And then maybe the Life Science Solutions guide, Max, I know you talked a little bit about the moving pieces there. I think overall, that segment is low single previously.

好的。知道了。這很有幫助。然後也許是生命科學解決方案指南，馬克斯，我知道您談到了那裡的活動部分。我認為總體來說，那個部分以前是低單身的。

Sounds like instruments move lower, software, maybe a little higher. I think software was low double before. Can you just talk through the moving pieces there?

聽起來樂器的聲音低了一點，軟體的聲音可能高了一點。我認為之前的軟體是低雙倍的。您能簡單談談那裡發生的事情嗎？

And then the reagents, you mentioned the academic piece is maybe a little bit affected. I believe that was kind of a 3% or 4% growth guide before. Can you talk about that piece, what you're seeing academic versus biopharma? Would love to just break down that segment a little bit.

然後是試劑，您提到的學術部分可能會受到一點影響。我相信這之前是一種 3% 或 4% 的成長指引。您能談談這一點嗎？您認為學術界和生物製藥界有何不同？我很想稍微分解一下這個部分。

Yes, sure. So I think when you look at the Life Sciences guide overall for the full year, it does remain unchanged mostly from what we had said 90 days ago, maybe a little bit slightly lower. Remember, in Life Science Solutions, now we have two components. You have the Life Science Solutions business and then you have our software business. I think as we mentioned in our prepared remarks, on the Life Science Solutions side, instrumentation is more pressured versus our assumption 90 days ago.

是的，當然。因此，我認為，當您查看全年生命科學指南時，它與我們 90 天前所說的基本保持不變，可能略低一些。請記住，在生命科學解決方案中，現在我們有兩個組成部分。您有生命科學解決方案業務，然後您有我們的軟體業務。我認為，正如我們在準備好的評論中提到的那樣，在生命科學解決方案方面，與我們 90 天前的假設相比，儀器面臨的壓力更大。

I would say on the reagent side, we still are expecting solid growth for the year, albeit maybe a little bit slower on the pressure from academic and government, but still [solid] growth for the year. And then I think on the software side, that's where you're really seeing the majority of the offset, where we are now expecting stronger growth versus the low double digits we had assumed 90 days ago.

我想說，在試劑方面，我們仍然預計今年將實現穩健成長，儘管由於學術界和政府的壓力可能會稍微放緩，但今年仍將實現穩健成長。然後我認為在軟體方面，這是你真正看到大部分抵消的地方，我們現在預計成長將比我們 90 天前假設的低兩位數更強勁。

Dan Brennan from TD Cowen

TD Cowen 的 Dan Brennan

Maybe the first one, just on China. Think you said low single digits in the quarter. Just kind of wondering if you can unpack how you expect 2Q residue to play up in China? And are you seeing any impact from the government towards Revvity and your other Western vendors just given the heightened political tensions that have been introduced here under the Trump administration?

也許是第一個，只關於中國。想想你所說的本季的低個位數。我只是有點想知道您是否可以解釋一下您預計第二季殘留物將如何影響中國？鑑於川普政府執政期間政治緊張局勢加劇，您是否認為政府對 Revvity 和您的其他西方供應商產生了任何影響？

Yes, Dan. I mean, I wouldn't classify it as any heightened pressure or attention specific to Revvity. Overall, there is obviously a sense of awareness as to what's happening in the marketplace. If you recall, for our Diagnostics business, all our reproductive health in China is in China for China. We've done that over the past decade.

是的，丹。我的意思是，我不會將其歸類為 Revvity 的任何增強壓力或關注。總體而言，人們顯然對市場正在發生的事情有了一定的了解。如果您還記得的話，對於我們的診斷業務而言，我們在中國的所有生殖健康業務都是在中國為中國開展的。過去十年來我們一直這樣做。

And on the immunodiagnostic side, most of our -- all of our products goes from Europe into China. So we pretty much have had that in place for a period of time.

在免疫診斷方面，我們的大部分產品都從歐洲運往中國。所以我們基本上已經實施了一段時間了。

And on the Life Sciences side, to Patrick's question, as Max mentioned earlier, that's the one where we have been working over the last few months to ensure that there is supply chain redundancy in market to ensure that we have a smooth supply of products into China on the Life Sciences side of the business.

在生命科學方面，正如馬克斯之前提到的，回答帕特里克的問題，過去幾個月我們一直在努力確保市場上有供應鏈冗餘，以確保我們在生命科學業務方面能夠順利向中國供應產品。

Yes. And then just to add from a numbers perspective, Dan, I think as we look at China for the rest of the year, our expectation for the full year is positive low single-digit growth in China. Life Sciences, we expect to have a slight decline year-over-year. And then on the Diagnostics side, we are anticipating roughly mid-single-digit growth. So not too much change from our previous assumptions.

是的。然後，丹，從數字的角度補充一下，我認為，當我們展望今年剩餘時間中國經濟的表現時，我們對全年的預期是中國經濟將實現低個位數正增長。生命科學方面，我們預計將比去年同期略有下降。在診斷方面，我們預期成長率約為中等個位數。因此與我們先前的假設相比沒有太大變化。

Got it. And then maybe just a follow-up to the first question. Just maybe unpacking a little bit more of the changes. So just kind of doing the math. So for US

知道了。然後也許只是第一個問題的後續回答。可能只是解開了更多一點的變化。所以只是做一下數學計算。因此對美國來說

academic and government, you guys said 5% of revenues. What's kind of baked in now for the year from that front? And on the flip side, you talked about a positive offset being reproductive health and these new partnerships. Just wondering if you can unpack that a little bit and kind of what's changed on the outlook on that front.

學術界和政府，你們說的是收入的 5%。從這方面來看，今年的計畫是怎麼樣的？另一方面，您談到了生殖健康和這些新的夥伴關係帶來的正面影響。只是想知道您是否可以稍微解釋一下這一點以及這方面的前景發生了哪些變化。

Thanks.

謝謝。

Yes. So I guess, first on the academic and government expectations, we don't guide by end market, Dan, but we are factoring in now the slower expectations from academic and governments, particularly in the US I think, again, as you look at the full year overall, right, we've baked in about a 100 basis point headwind from the epidemic and government customers. And that's being offset half by our software business and then half by our reproductive health business.

是的。所以我想，首先關於學術界和政府的預期，丹，我們不會以終端市場為指導，但我們現在正在考慮學術界和政府的預期放緩，特別是在美國，我認為，再說一次，當你看全年總體情況時，我們已經消化了來自疫情和政府客戶約 100 個基點的逆風。其中一半由我們的軟體業務抵消，另一半則由我們的生殖健康業務抵消。

I think on reproductive health in particular, we've mentioned the extension or expansion of the contract and partnership with [Genomics England]. And then as you saw from the first quarter results, newborn screening continues to perform well globally.

我認為特別是在生殖健康方面，我們提到了與[英國基因組學]。正如您從第一季的結果中看到的，新生兒篩檢在全球範圍內繼續表現良好。

Operator, next question.

接線員，下一個問題。

Matt Sykes from Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Maybe just for my first question, to focus on the Signals business, software business. Just given it's now becoming -- even though it's 8% of total revenues, it's now becoming a pretty important offset this year just given all the macro headwinds, could you maybe kind of give us a refresh on the competitive landscape, how you're winning business? And what is sort of the margin impact as that business scales to the group? And what -- how you can drive margin expansion just from that business? Or is it too small currently to be able to be a big driver this year?

也許我的第一個問題只是專注於訊號業務、軟體業務。考慮到它現在正在成為——儘管它佔總收入的 8%，但考慮到今年所有的宏觀不利因素，它現在已經成為一個非常重要的抵消因素，您能否讓我們重新回顧一下競爭格局，看看您是如何贏得業務的？當該業務擴大到集團時，對利潤率有何影響？那麼—您如何能夠僅透過該業務來推動利潤率的擴大？或者它目前規模太小，無法成為今年的主要動力？

Matt, our software business continues to benefit from favorable market dynamics given the growing adoption. But more importantly, if you look at the drivers across the board, we continue to have strong new business wins, opportunity to upsell and expand with a very strong retention rate, the new NPIs, Signals Synergy and Signals Clinical that we've talked about have had good initial success, and we also are looking at the opportunity to expand into the material science markets.

馬特，隨著軟體採用率的不斷提高，我們的軟體業務繼續受益於有利的市場動態。但更重要的是，如果你全面審視這些驅動因素，我們會發現我們繼續擁有強勁的新業務勝利、追加銷售和擴張的機會以及非常高的保留率，我們談到的新 NPI、Signals Synergy 和 Signals Clinical 都取得了良好的初步成功，我們也在尋找擴展到材料科學市場的機會。

But if you look at the portfolio, this is really a crown jewel in our portfolio that I hope gets the attention that it deserves. Because what it also provides for us is a company is strong synergies and the benefit that we have by having Signals as part of our portfolio, along with Life Science Solutions franchise. Because both, from a new product development perspective, the Signals business leverages the capability of what our Life Sciences portfolio brings to fore. So overall, I think we benefit in the marketplace. We have a strong competitive position.

但如果你看一下投資組合，這確實是我們投資組合中的一顆明珠，我希望它能得到應有的關注。因為它也為我們提供了強大的協同效應，並且透過將 Signals 作為我們投資組合的一部分以及生命科學解決方案特許經營權，我們獲得了好處。因為從新產品開發的角度來看，訊號業務充分利用了我們的生命科學產品組合所帶來的能力。所以總的來說，我認為我們在市場上受益。我們擁有強大的競爭地位。

And we look for the disruption that is right now going through in that marketplace.

我們正在尋找目前市場上正在經歷的混亂。

Got it. And then just maybe just drilling down on ImmunoDx. Pretty decent result in the quarter. Could we just kind of maybe get some regional color? Wondering if the US

知道了。然後也許只是深入研究 ImmunoDx。本季的業績相當不錯。我們能不能加入一些地域色彩？想知道美國

had any kind of tariff pull forward just given the acceleration of high single digits? Or was it a comp effect or just sort of the market getting back to normal?

鑑於高個位數的成長速度，是否有任何形式的關稅上調？還是這是競爭效應，還是只是市場恢復正常？

And given your comments of sort of return to normalization overall for Diagnostics, is sort of that mid-single-digit growth kind of what we should assume is what you would classify as normal given market conditions?

鑑於您對診斷業務整體恢復正常化的評論，在市場條件下，我們是否應該假設這種中等個位數的成長是正常的？

Thanks.

謝謝。

From a neurodiagnostic standpoint, Matt, I mean, the business continues to perform well globally. I think when you look in the US, it continues to be a strong quarter of growth. And I think that you'll continue to see that trend persist as we go throughout the year here. I wouldn't say that there's anything you need to call out in terms of a pull forward or anything of that nature in regards to our first quarter results.

馬特，從神經診斷的角度來看，該業務在全球範圍內繼續表現良好。我認為，當你看美國時，這是一個持續強勁成長的季度。我認為，隨著我們全年的發展，您將繼續看到這種趨勢持續下去。我不會說你需要對我們的第一季業績進行任何提前預測或諸如此類的呼籲。

Yes. And specifically, Matt, as I pointed out earlier, more on the Diagnostics side, everything is either in China for China or going from Europe into China. So there is no pull forward from a tariff perspective.

是的。具體來說，馬特，正如我之前指出的，在診斷方面，一切要么在中國為中國服務，要么從歐洲進入中國。因此從關稅角度來看，並不存在任何提前作用。

Alright, thank you.

好的，謝謝。

Vijay Kumar from Evercore.

Evercore 的 Vijay Kumar。

Congrats on a nice execution here. The -- I guess my first question, going back to tariffs, the $135 million. That's a north of 450 basis points of gross -- headwinds to gross margins. That seems slightly higher versus what we've heard from some of your peers so far. So maybe just talk about what is the updated gross margin assumption?

恭喜您在這裡取得了出色的表現。我的第一個問題是關於關稅，1.35 億美元。這對毛利率來說是 450 個基點的阻力。與我們目前從一些同行那裡聽到的相比，這似乎略高一些。那麼也許只是談論更新後的毛利率假設是什麼？

And how are we offsetting north of 450 basis points of GP headwinds? Is there some new cost actions that's being planned?

那我們要如何抵消 450 個基點以上的 GP 逆風呢？是否有一些新的成本行動正在計劃中？

Let me just start and then Max will join in. Vijay, the $135 million number was assuming we would have not done anything. So just to provide a level of clarity, it would assume that we would just be on an as-is basis beginning of the year, and we will continue to do business as usual and not make any changes. So I just want to make sure you guys don't get hang up on any numbers. The idea was to give what the string of reference would have been had we not done anything.

讓我先開始，然後馬克斯再加入。維傑，1.35 億美元這個數字是假設我們不會採取任何行動。因此，為了提供一定程度的清晰度，我們假設我們在年初將保持現狀，並且我們將繼續照常開展業務，不會做出任何改變。所以我只是想確保你們不會被任何數字所困擾。這個想法是，如果我們什麼都沒做的話，給出參考字串會是什麼。

Obviously, as we said, over the past 4 months, we've taken a significant number of actions to ensure that there's a redundancy in our supply chain, and we have mitigated a vast majority of that.

顯然，正如我們所說，在過去的 4 個月裡，我們已經採取了大量的措施來確保我們的供應鏈中存在冗餘，並且我們已經減輕了絕大多數的冗餘。

Yes. And then I think in terms of the financials, Vijay, obviously this will provide a headwind from a gross margin perspective. I would expect our 2Q gross margin to be closer to 60% versus what it's been historically running at over the past couple of quarters of 61.5% to 62.5%. So I think from that perspective, you would see that sort of pop up here in the second quarter. But as Prahlad mentioned, we've been taking sort of quick proactive measurements to counteract the tariff impact.

是的。然後我認為，從財務角度來看，Vijay，這顯然會從毛利率的角度帶來阻力。我預計我們的第二季毛利率將接近 60%，而過去幾季的毛利率為 61.5% 至 62.5%。所以我認為從這個角度來看，你會在第二季看到這種情況的出現。但正如普拉拉德所提到的，我們一直在採取一些快速主動的措施來抵消關稅的影響。

We are taking some additional belt tightening here in the second half for any unmitigated tariff impact that there might be exiting in the second quarter. And I think we're really sort of proud of the way we as a team here have really reacted and put ourselves in an extremely competitive position to take advantage of the potential disruption here with tariffs.

我們將在下半年採取進一步的緊縮政策，以應對第二季可能出現的未緩解的關稅影響。我認為，我們真的為我們團隊的反應方式感到自豪，我們讓自己處於極具競爭力的地位，以利用關稅帶來的潛在幹擾。

That's helpful, Max. Maybe Prahlad, one on pharma. I know you don't guide by the end markets, but we've been getting some questions on potential perhaps R&D to slow down here. What is -- can you just remind us, what is pharma as a percentage of total company revenues? And where is this exposure?

這很有幫助，馬克斯。也許是 Prahlad，一位從事製藥業的人士。我知道您不以終端市場為指導，但我們一直在詢問有關潛在的研發可能在這裡放緩的問題。您能否提醒我們一下，製藥業務占公司總收入的百分比是多少？那麼這種曝光在哪裡呢？

Is this R&D versus clinical? And what trends you're seeing from your customers? What are the customers telling you right now?

這是研發還是臨床？您從客戶身上看到了什麼趨勢？客戶現在告訴您什麼？

Yes, Vijay, just let me probably give you a sense of the broad trends. Again, most of what we sell in our captive audience continues to be on the preclinical side still, right? And as we pointed out in our prepared remarks, we continue to see stabilization, I would say, on the reagents side of the business, and the impact of what we've seen quarter-over-quarter has continued to be sustained. The question, Max, highlight on the numbers?

是的，維傑，讓我大概跟你介紹一下整體趨勢。再說了，我們向目標受眾銷售的大部分產品仍屬於臨床前階段，對嗎？正如我們在準備好的評論中指出的那樣，我想說，我們繼續看到試劑業務的穩定，我們所看到的季度環比影響仍在持續。問題是，馬克斯，突出顯示數字嗎？

Yes. In terms of the overall exposure for pharma biotech, it's roughly 35% of total company revenue, Vijay.

是的。就製藥生物技術的整體曝光而言，它約占公司總收入的 35%，Vijay。

Fantastic thank you.

非常感謝。

Catherine Schulte from Baird.

來自貝爾德的凱瑟琳·舒爾特。

Thank you for the very clear messaging around tariffs. It's been very helpful. Maybe just on that topic, as we think about the mitigation actions you guys are taking, any way to kind of quantify what's coming from changing manufacturing versus cost actions versus pricing or just kind of a general thought around those pieces?

感謝您就關稅問題發出的非常明確的訊息。這非常有幫助。也許只是關於這個話題，當我們考慮你們正在採取的緩解措施時，有什麼方法可以量化改變製造、成本行動和定價所帶來的影響，或者只是圍繞這些部分的一般想法？

Yes. I would say, as you look at the sort of the mitigation of, again, the gross $135 million tariff headwind. The majority of the offset there, I would say, is actually on the supply chain side and changing a little bit how we do our manufacturing, Catherine. I would say that takes care of roughly 75%, 80% of the number. I would say the remaining portion of it is a combination of either changing out suppliers or passing on selective pricing actions.

是的。我想說的是，當你再次看到總額 1.35 億美元的關稅逆風得到緩解。我想說，那裡的大部分抵消實際上是在供應鏈方面，並且稍微改變了我們的製造方式，凱瑟琳。我想說這可以解決大約 75% 到 80% 的問題。我想說剩下的部分是更換供應商或採取選擇性定價行動的組合。

And then as we've mentioned, there is a little bit of additional belt tightening here on overall expenses in the second half of the year. But again, the vast majority is really around the supply chain manufacturing.

然後，正如我們所提到的，今年下半年總體支出方面會稍微收緊一些。但同樣，絕大多數確實圍繞著供應鏈製造。

Okay. Great. And then you mentioned latent TB in your prepared remarks. How much of that business is tied to migrants and immigrants? And any concerns just given some of the actions taken by this administration?

好的。偉大的。然後您在準備好的演講中提到了潛伏性結核病。這些業務有多少與移民和移民有關？鑑於本屆政府採取的一些行動，您有什麼擔憂嗎？

Yes. Great question, Catherine. I think as you look at the latent TB market, again, if you remember where we play from a TB perspective, we are more heavily indexed to outside the US It is a strategic initiative for us to become more focused in the US which, with the recent announcement on the automated workflow, we expect to start to gain more traction in the US

是的。很好的問題，凱瑟琳。我認為，當你再次審視潛伏性結核病市場時，如果你還記得我們從結核病角度所處的位置，我們更專注於美國以外的市場。這是我們的一項策略性舉措，旨在更加專注於美國市場。隨著最近宣布的自動化工作流程，我們預計該舉措將開始在美國獲得更多關注。

So from that standpoint, if there is any noise around the immigration in the US in particular, it's not something that would have a material impact on us as a company overall.

因此從這個角度來看，如果美國移民問題出現任何動靜，這不會對我們公司整體產生實質影響。

Dan Arias from Stifel.

來自 Stifel 的 Dan Arias。

Prahlad or Max, on the Signals business, which sounds like it's doing pretty well right now, what kind of step-down should we assume in the back half of the year? It seems like you're north of 20% for the first half of the year. So you could move down to mid-single-digit level and you'd still be in the mid-teens range by just some rough math. So how should we think about the full year for Signals?

Prahlad 或 Max，關於訊號業務，聽起來現在做得相當不錯，我們應該假設下半年會出現什麼樣的下降？看起來今年上半年你的成長率已經超過 20%。因此，即使你降至中等個位數水平，通過一些粗略的計算，你仍然會處於十幾歲的中間水平。那我們該如何看待 Signals 的全年表現呢？

And I guess, longer term, just given the trajectory of the business and how confident you sound in it, is there a potential upside to, I think, the 9% to 11% you laid out at the Analyst Day for the LRP there?

我想，從長遠來看，考慮到業務的發展軌跡以及您對此的信心，我認為，您在分析師日為 LRP 提出的 9% 到 11% 的成長率是否有潛在的上升空間？

Thanks.

謝謝。

Yeah, hey, Dan. So I think as we mentioned in the prepared market, we are incredibly excited about the performance of our signals business. It's an incredibly strong first quarter. We expect the rest of the year to be strong. When you look at it from a financial perspective, I would say the second half is still going to be strong, sort of double digit growth here. I think for the full year, it's probably closer to, upper 10s level from an organic growth standpoint. In terms of your question on the LRP, I think we've been, appropriate in our expectation over the long term of how we expect this business to perform. I think as we've mentioned, there can be some ebbs and flows within a given year, but again, in the metrics that we really look at from a software perspective around, our ARR, the net retention rate, what the APV growth is, the business that continues to perform extremely well, and we believe that this Portfolio is a real differentiator for us as a company.

是的，嘿，丹。所以我認為，正如我們在準備好的市場中提到的那樣，我們對訊號業務的表現感到非常興奮。第一季表現異常強勁。我們預計今年剩餘時間的表現將會強勁。從財務角度來看，我認為下半年仍將維持強勁成長，達到兩位數成長。我認為，從有機成長的角度來看，全年可能更接近 10% 以上的水平。關於您關於 LRP 的問題，我認為我們對這項業務的長期表現的預期是合理的。我認為，正如我們所提到的，在某一年內可能會有一些起伏，但同樣，從軟體角度來看，我們的 ARR、淨留存率、APV 成長率、持續表現極佳的業務等指標，我們相信，這個投資組合對於我們公司來說是一個真正的差異化因素。

Okay. Helpful. Prahlad, maybe just strategically on M&A, can you just touch on where you see your appetite for deals? We've gotten questions, I'm sure much like others, on just some of the assets that are in the market, some on the larger side. Do you see yourself as being potentially acquisitive and particularly on something larger than maybe a bolt-on over the next 12 to 18 months?

好的。很有幫助。普拉拉德，也許只是從併購策略的角度來說，您能否談談您對交易的興趣？我相信，我們和其他人一樣，也收到了一些關於市場上某些資產的問題，有些問題比較大。您是否認為自己在未來 12 到 18 個月內具有收購潛力，尤其是收購比附加項目更大的項目？

Yeah, then, as a practice we don't comment on any particular deal whether we have an interest in it or not, but as a company, as we, as you've seen and observed, we continue to evaluate, areas of investment both organically and inorganically. I mean, over the past 3.5 years since the bile and acquisition in 2021, we've been mostly organic in nature in terms of our investment, but we have a very, active and a fertile pipeline.

是的，按照慣例，我們不會對任何特定交易發表評論，無論我們是否對其感興趣，但作為一家公司，正如您所看到和觀察到的，我們會繼續評估有機和無機投資領域。我的意思是，自 2021 年收購以來的 3.5 年裡，我們的投資基本上都是有機的，但我們擁有非常活躍和豐富的管道。

But I think the more important part is post the transportfolio transformation, we really don't need M&A to be financially successful. We have a strong organic profile now, which may not have been the case pre-transformation, so we feel really good with what we have today.

但我認為更重要的是，在運輸組合轉型之後，我們真的不需要併購就能獲得財務上的成功。我們現在擁有強大的有機形象，這在轉型前可能並非如此，因此我們對目前所擁有的感到非常滿意。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Thank you very much. First question on China, I appreciate that you've been planning countermeasures since the election on the tariff front, but can you help me better understand how you're managing the reagent exposure specifically? Having just toured by a legend, it doesn't seem like that that's something you could spin up locally in a short period of time.

非常感謝。關於中國的第一個問題，我很欣賞您自大選以來一直在關稅方面計劃應對措施，但您能否幫助我更好地了解您具體是如何管理試劑風險的？剛結束了一場傳奇性的巡演，這似乎不是短時間內可以在當地掀起的風潮。

Well, Dan, I'm glad you asked that question. But that demonstrates the agility of our company. I can tell you with a high degree of confidence that we have been able to do that and we have mitigated that by having availability of product into China, not from the US for all our reagents and instrumentation. That speaks volumes to the redundancy in our supply chain that we have put in place and the agility that this company has been able to do and hopefully the execution around that, that you guys have observed since the portfolio transformation.

好吧，丹，我很高興你問了這個問題。但這體現了我們公司的敏捷性。我可以非常自信地告訴你們，我們已經能夠做到這一點，並且我們通過將所有試劑和儀器供應到中國而不是從美國供應來減輕這一影響。這充分說明了我們已經實施的供應鏈冗餘以及該公司能夠實現的靈活性，以及​​自投資組合轉型以來你們所觀察到的圍繞這一點的執行情況。

Understood. And then a quick follow-up on the Signals business. Can you give us an update on your conversion to a SaaS model? And is it safe to assume that the progression towards SaaS has reverted a bit given the magnitude of the growth you just reported and expect for the full year?

明白了。然後快速跟進信號業務。您能否向我們介紹一下您向 SaaS 模式轉變的最新進展？考慮到您剛剛報告的增長幅度以及對全年的預期，是否可以安全地認為 SaaS 的發展已經有所回落？

Yes. Dan, in terms of the overall SaaS journey, I think it continues to be going as planned, and we continue to make good traction in the conversion. Roughly probably at about 1/3 of the portfolio now has been converted to SaaS. In terms of the dynamics within specifically 2025, there is still a piece of the portfolio that is still on-prem. And so that is some part of the revenue performance here in 2025.

是的。丹，就整個 SaaS 歷程而言，我認為它正在繼續按計劃進行，並且我們在轉換過程中繼續取得良好的進展。目前大約有 1/3 的投資組合已經轉換為 SaaS。就 2025 年的具體動態而言，仍有一部分投資組合仍在本地。這就是 2025 年部分收入表現。

But again, as I mentioned, organic growth is just one of the metrics that we really look at in terms of the overall Signals business.

但正如我所提到的，有機成長只是我們在整個訊號業務中真正關注的指標之一。

I think the metrics, again, around the ARR growth, the net retention rate and the annual portfolio value growth are really the metrics that focus on the underlying performance of the business, and those continue to perform well. And so from that regard, I wouldn't say anything in terms of a change in our customer behavior. It's really been as planned for the Signals business and continues to outperform.

我認為，圍繞 ARR 成長、淨留存率和年度投資組合價值成長的指標才是真正關注業務基本表現的指標，而這些指標持續表現良好。因此從這個角度來看，我不會說我們的客戶行為發生了任何變化。信號業務確實按照計劃進行，並且繼續表現出色。

Appreciate that. Thank you.

非常感謝。謝謝。

Luke Sergott from Barclays.

巴克萊銀行的 Luke Sergott。

Great, thanks guys. I actually want to ask a little bit of a longer-term question here. So I appreciate the moving manufacturing around for the tariffs here in 2Q and avoiding that. But as you think about your operating margin potential here longer term, this is one of the better selling points of the story. So are the investments that you're taking now, does that kind of -- and the shifting of the manufacturing, is that potential put any pressure or inability to hit those longer-term margin targets or maybe even kind of accelerate that, make it better? Just kind of walk through the puts and takes on that.

太好了，謝謝大家。我實際上想在這裡問一個比較長期的問題。因此，我很欣賞在第二季度轉移製造業以應對關稅並避免這種情況。但當你考慮長期的營業利潤潛力時，這是故事中較好的賣點之一。那麼，您現在進行的投資以及製造業的轉移是否會對實現長期利潤目標造成壓力或阻礙，或者甚至可能加速這一進程，使情況變得更好？只要大致了解其中的利弊即可。

Yes.Luke, in terms of the LRP and our operating margin expectations, I would say those are largely remain unchanged. I think when you go and look at the 75 bps of operating margin expansion that we're calling out as a company long term, the breakdown of it is 25 bps from the gross margin line and 50 bps from the operating margin line. That 50 bps from the operating margin line is really around the SG&A volume leverage as our growth does not really need a significant amount of investments from an SG&A perspective.

是的。盧克，就 LRP 和我們的營業利潤率預期而言，我想說這些基本上保持不變。我認為，當你看到我們公司長期以來所呼籲的 75 個基點的營業利潤率擴張時，其細分是來自毛利率線的 25 個基點和來自營業利潤線的 50 個基點。營業利潤率線上的 50 個基點實際上與銷售、一般和行政費用 (SG&A) 數量槓桿有關，因為從銷售、一般和行政費用 (SG&A) 角度來看，我們的成長實際上並不需要大量投資。

And so nothing about the tariff situation really changes that algorithm. I think in terms of the additional redundancy costs, I don't think it's meaningful enough for us long term where that's going to create a headwind to our operating margin target. As you mentioned in your sort of opening comments there, we think our operating margins over the long term will continue to be a bright spot and differentiator for us as a company.

因此，關稅情況不會真正改變該演算法。我認為，就額外的裁員成本而言，從長遠來看，這對我們來說意義不大，而且會對我們的營業利潤率目標造成阻力。正如您在開場白中提到的那樣，我們認為長期來看我們的營業利潤率將繼續成為我們公司的亮點和差異化因素。

Awesome. And then last on the repro side. It was up low singles off of a high single second half growth. And then you have the Year of the Dragon. You had strong prenatal in that second half, you think a little bit more coming into the neonatal.

驚人的。最後是複製方面。這是下半年單曲高成長的低檔單曲。然後你就迎來了龍年。您在後半段的產前準備工作做得很好，因此您認為新生兒的準備工作會更加到位。

Just talk about the various dynamics that you're seeing there and kind of the outlook for repro for the year?

只談一下您在那裡看到的各種動態以及今年複製的前景？

I think as you look at reproductive health for the full year, I would say there's really two things. One is that we do have the expansion of the commercial partnerships, particularly with Genomics England that we've mentioned in our prepared remarks. The second dynamic and the largest piece of our reproductive health business is our newborn screening business. And I think it's been a consistent strong performer over the past really 10 quarters or so in terms of really being able to outpace the global birth rates.

我認為，當你審視全年的生殖健康時，我會說實際上有兩件事。一是我們確實擴大了商業夥伴關係，特別是與我們在準備好的發言中提到的 Genomics England 的合作。我們的生殖健康業務的第二個動態和最大的部分是我們的新生兒篩檢業務。我認為，在過去 10 個季度左右的時間裡，中國的出生率一直保持強勁增長，超過了全球出生率。

And that's a testament to, one, the geographic expansion; and two, the menu expansion, whether that's us coming out with new NPIs or getting additional states or government to expand their additional testing capabilities -- or additional menu that they're testing for. So in that regard, that business just continues to perform incredibly well. And so I wouldn't say anything has really sort of fundamentally changed there. It's just continued strong performance on newborn screening, and then you've got the expansion of the commercial partnerships.

這證明了，第一，地理擴張；第二，菜單擴展，無論是我們推出新的 NPI，還是讓更多州或政府擴大他們的額外測試能力——或者他們正在測試的額外菜單。因此從這個方面來看，該業務繼續表現得非常好。因此我不會說那裡發生了任何根本性的改變。它在新生兒篩檢方面繼續表現強勁，商業合作夥伴關係不斷擴大。

Great thanks.

非常感謝。

Tycho Peterson from Jefferies

傑富瑞的 Tycho Peterson

I want to go back and visit the pharma instrument question. Just curious what you're assuming for the full year. Obviously, there's some concerns around pharma R&D cuts in response to tariffs. And then there's obviously FDA plans to phase out animal testing. That's a long phase-in period, but you do have in vivo imaging.

我想回去看看製藥儀器問題。只是好奇你對全年的期望是什麼。顯然，人們對因關稅而削減製藥研發經費有些擔憂。顯然，FDA 計劃逐步淘汰動物試驗。這是一個漫長的過渡期，但確實有體內影像。

I think that's 25% of the Life Sciences business. You also have organoid offering cell imaging. So how much -- how do you think your portfolio is positioned longer term for that trend as well?

我認為這佔生命科學業務的25%。您還擁有提供細胞成像的類器官。那麼，您認為您的投資組合在長期內如何適應這一趨勢？

Yes. Tycho, I think from our perspective, the way we look at facility as you called out the in vivo offerings, it's usually -- I mean, as you know, it's used in its early research stage, not late-stage safety studies which the policy may eventually impact. From our perspective, the road map calls out actually a number of areas which plays to our strength. If you look at high-throughput cell-based screening, looking at refined in vivo methods for transition, micro dosing capabilities or looking at ex vivo human tissues.

是的。泰科，我認為從我們的角度來看，正如您所說，我們看待體內試驗設施的方式通常是——我的意思是，如您所知，它用於早期研究階段，而不是政策最終可能影響的後期安全研究。從我們的角度來看，路線圖實際上指出了一些能夠發揮我們優勢的領域。如果您研究高通量細胞篩選、研究精細的體內轉變方法、微劑量能力或研究離體人體組織。

So actually, if you think of it, our focus, which is more around small rodents and not in the monkey business, it really helps refine and reduce the larger animal experiments that takes place. And the cell analysis portfolio is also well positioned to drive the FDA 3.0 agenda. So to -- from our -- the way we look at this is actually, it's more of a tailwind to us than a headwind.

所以實際上，如果你想想，我們的重點更多地放在小型囓齒動物而不是猴子實驗上，這確實有助於改進和減少進行的大型動物實驗。細胞分析產品組合也有利於推動 FDA 3.0 議程。因此，從我們的角度來看，這對我們來說實際上更像是順風而不是逆風。

Okay. And then concerns around R&D cuts for pharma and the outlook for the year?

好的。那麼，您對製藥業研發支出削減和今年前景的擔憂是什麼？

Again, if it will impact, it will continue to be on the CapEx side of the funding. Our reagents business, especially on the pipeline that we have had, has done well over the last several quarters and it continues to show improvement quarter-over-quarter.

再說一次，如果它會產生影響，它將繼續處於資金的資本支出方面。我們的試劑業務，特別是我們現有的產品線，在過去幾個季度表現良好，並且繼續呈現逐季改善的勢頭。

Okay. And then a follow-up on consumables. You were up. A lot of your peers were down. I guess, can you say whether that was price capture?

好的。然後跟進消耗品。你醒了。你的很多同齡人都情緒低落。我想，您能說一下這是否是價格捕獲嗎？

Is it share gains? If so, where you think you're pulling share on the consumables side?

是股票收益嗎？如果是這樣，您認為您在消耗品方面的份額是多少？

Yes, I think it's always tough to speculate in terms of whether it's share gain and other's results. And I think as we look at our portfolio and the things that are more within our control, we continue to focus on our product differentiation. From a reagents perspective, we continue to focus on how we engage with our customers. And I think we continue to be pleased with the results of that business and our commercial execution.

是的，我認為，對於是否會帶來股價上漲以及其他結果，總是很難推測。我認為，當我們審視我們的產品組合和我們能控制的事情時，我們會繼續關注我們的產品差異化。從試劑的角度來看，我們持續專注於如何與客戶互動。我認為我們繼續對該業務的結果和我們的商業執行感到滿意。

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

今天的電話會議到此結束。非常感謝您的加入。現在您可以斷開線路了。