Revvity Inc (RVTY) 2025 Q2 法說會逐字稿

Welcome, and thank you for standing by. Today's conference call will begin shortly. (Operator Instructions)

歡迎您，感謝您的支持。今天的電話會議即將開始。（操作員指示）

Hello, everybody, and welcome to the Q2 2025 Revvity earnings conference call. My name is Elliot, and I'll be your coordinator for today. (Operator Instructions)

大家好，歡迎參加 2025 年第二季 Revvity 收益電話會議。我叫艾略特，今天我將擔任你們的協調員。（操作員指示）

I'd now like to hand over to Steve Willoughby, Senior Vice President of Investor Relations. Please go ahead.

現在我想把麥克風交給投資人關係資深副總裁 Steve Willoughby。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Revvity's second-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 年第二季財報電話會議。今天與我一起通話的有我們的總裁兼執行長 Prahlad Singh 和我們的高級副總裁兼財務長 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。

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.

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

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

Thanks, Steve, and good morning, everyone. The dynamic macro and market environment we experienced during the first quarter of the year continued through the second quarter and at this point, does not yet appear to be settling down as we enter the second half of the year. Despite these persistent and, in some cases, new challenges, Revvity continues to perform at a high level.

謝謝，史蒂夫，大家早安。我們在今年第一季經歷的動態宏觀和市場環境持續到了第二季度，而且在進入下半年時，這種環境似乎還沒有穩定下來。儘管面臨這些持續的、有時甚至是新的挑戰，Revvity 仍然保持著高水準的表現。

The strong performance exemplifies our unique businesses, which provided us with the proper balance to continue to generate results that were in line to above our expectations. I'm very proud and extremely impressed with our employees' ability to stay focused on our key objectives, quickly adapt to evolving obstacles, and capitalize on new opportunities as they arise.

強勁的表現體現了我們獨特的業務，這為我們提供了適當的平衡，以繼續產生符合甚至超越我們預期的業績。我對我們的員工能夠專注於我們的關鍵目標、快速適應不斷變化的障礙並抓住出現的新機會的能力感到非常自豪和印象深刻。

This strong performance and flexibility was in display in many ways during the second quarter, such as our ability to maneuver rapidly in the varying tariff environment, our strong levels of innovation, and our ability to swiftly manage and adjust our cost structure to ensure we continue to deliver for our shareholders. All these efforts culminated in our robust cash flow generation, which we have actively redeployed to return cash to our shareholders.

這種強勁的表現和靈活性在第二季度得到了多方面的體現，例如我們在變化的關稅環境中快速機動的能力、強大的創新水平以及快速管理和調整成本結構的能力，以確保我們繼續為股東帶來收益。所有這些努力最終為我們帶來了強勁的現金流，我們已積極重新部署這些現金流以向股東返還現金。

Despite the evolving market and regulatory environment, we were again able to achieve our objectives and deliver another solid quarter with 3% organic growth overall, which was right in line with our expectations. With a modestly stronger operating margin performance when excluding the impact from FX, we reported adjusted EPS in the quarter of $1.18, which was solidly above our expectations and guidance.

儘管市場和監管環境不斷變化，我們仍然再次實現了目標，並實現了另一個穩健的季度，整體有機成長率達到 3%，這完全符合我們的預期。在排除外匯影響後，營業利潤率表現略有增強，我們報告本季調整後的每股收益為 1.18 美元，遠高於我們的預期和指導。

Our performance in the quarter was led by our Life Sciences business, which grew 4% organically overall, led by approximately 30% growth in our Signals Software franchise. In addition to the strong performance in the quarter, our Software business also set a new record for orders in a single quarter, which bodes well for its future performance. This strength in Software helped drive mid-single-digit growth year over year with our pharma and biotech customers, an improvement from the low single-digit growth we experienced in the first quarter.

本季我們的業績主要由生命科學業務帶動，該業務整體有機增長 4%，其中信號軟體特許經營業務增長約 30%。除了本季的強勁表現外，我們的軟體業務還創下了單季訂單的新紀錄，這預示著其未來的表現良好。軟體方面的這一優勢幫助我們的製藥和生物技術客戶實現了同比中等個位數的成長，這比我們第一季經歷的低個位數成長有所改善。

This improved rate of growth from pharma and biotech was partially offset by continued weakness from academic and government customers, where our revenue again declined in the low single digits year over year globally, similar to the performance we saw in the first quarter. Sales into academic and government customers in the Americas region also declined in the low single digits, similar to the first-quarter performance.

製藥和生物技術行業的成長率有所提高，但被學術和政府客戶的持續疲軟所部分抵消，我們的全球收入同比再次出現低個位數下降，與第一季的表現類似。美洲地區學術和政府客戶的銷售額也出現了低個位數下降，與第一季的表現類似。

Our Diagnostics segment grew 2% organically, in line with our expectations as our Immunodiagnostics franchise faced more difficult multiyear comparisons, limiting its growth to the low single digits this past quarter. Around midway through the quarter, we began to face a new challenge in this business in China relating to an expansion and acceleration of a hospital lab reimbursement change known as the diagnosis-related groups or DRG.

我們的診斷部門有機成長了 2%，符合我們的預期，因為我們的免疫診斷特許經營面臨著更困難的多年比較，限制了其上個季度的增長率至個位數的低位。在本季中期，我們開始在中國的業務中面臨新的挑戰，這與醫院實驗室報銷變化（稱為診斷相關組或 DRG）的擴展和加速有關。

This expanded policy change is having an impact on the size of diagnostic panels ordered by physicians in the country, initially resulting in a reduction in overall volumes for some of our multiplex products. This is likely to drive an eventual increase in volume for more expensive single-plex tests, which we also offer. For the remainder of the year, we are now expecting a fairly meaningful pullback in our Immunodiagnostics business in China, which is incorporated into our updated outlook for the total company for the year.

這項擴大的政策變化對該國醫生要求的診斷面板的規模產生了影響，最初導致我們的一些多重產品的總量減少。這可能最終會推動更昂貴的單重測試數量的增加，我們也提供此類測試。在今年剩餘時間內，我們預計我們在中國的免疫診斷業務將出現相當大的回調，這已納入我們對今年整個公司的最新展望中。

While this policy change is a new headwind for us to contend with over at least the remainder of the year, with the strong performance in many other areas of our business, along with tight management of our expenses, it is only having a very modest impact on our outlook for the year.

雖然這項政策變化對我們來說至少在今年剩餘時間內是一個新的逆風，但考慮到我們業務的許多其他領域的強勁表現，以及對費用的嚴格管理，它對我們今年的前景只產生了非常小的影響。

We now expect our full-year organic growth to be in the 2% to 4% range, down 1% from our prior outlook, while our adjusted EPS for the year is now expected to be in the range of $4.85 to $4.95, which is also down a modest 1% compared to our previous expectation.

我們現在預計全年有機成長率將在 2% 至 4% 之間，較之前的預期下降 1%，而我們預計全年調整後的每股收益將在 4.85 美元至 4.95 美元之間，也比之前的預期小幅下降 1%。

Overall, the second quarter ended up playing out largely as we had expected, both from a top- and bottom-line perspective despite the new unforeseen headwinds in our Diagnostics business in China, which is a testament to our resilience and the differentiation our unique businesses provide.

總體而言，儘管我們在中國的診斷業務遇到了新的不可預見的阻力，但第二季度的業績基本上符合我們的預期，無論是從營收還是利潤的角度來看，這證明了我們的韌性以及我們獨特業務所提供的差異化。

In addition to the solid P&L results, we also continued to perform well with our cash flow conversion and generation. In the quarter, we generated another $115 million of free cash flow despite strategically moving and increasing inventories in some areas ahead of the potential tariff changes. This resulted in free cash flow conversion to our adjusted net income to continue to be in line with our longer-term aspirations and at 90% year-to-date.

除了穩健的損益結果外，我們的現金流量轉換和產生也持續表現良好。本季度，儘管我們在潛在關稅變化之前對某些地區進行了策略性轉移和增加庫存，但我們仍產生了另外 1.15 億美元的自由現金流。這導致自由現金流轉換為我們的調整後淨收入，繼續符合我們的長期願望，並且年初至今已達到 90%。

While we continue to actively evaluate redeploying this cash into potential M&A targets that we believe could make a strong strategic addition to the company, our disciplined multi-criteria process has not yet identified targets compelling enough from a financial profile and expected return perspective to move further forward with.

雖然我們繼續積極評估將這些現金重新部署到我們認為可能為公司帶來強大策略補充的潛在併購目標中，但我們嚴謹的多標準流程尚未從財務狀況和預期回報角度確定足夠引人注目的目標，以便進一步推進。

Given the strong and differentiated financial profile Revvity now has and our robust internal innovation pipelines, we will continue to remain active and aggressive in evaluating potential acquisition targets of all sizes. But we'll also remain disciplined, as we believe Revvity has been built into something that is truly special on its own.

鑑於 Revvity 目前擁有的強大且差異化的財務狀況以及我們強大的內部創新管道，我們將繼續積極主動地評估各種規模的潛在收購目標。但我們也會保持紀律，因為我們相信 Revvity 已經成為了真正獨特的產品。

With our longer-term expectations for the company remaining unchanged despite the challenges our industry has faced over the last few years, we continue to be opportunistic and use this period to become increasingly aggressive with our share repurchase activities. After repurchasing $150 million worth of stock in the first quarter, we repurchased another nearly $300 million worth of stock in the second quarter alone.

儘管過去幾年我們的行業面臨挑戰，但我們對公司的長期預期保持不變，我們繼續抓住機會，利用這段時間越來越積極地開展股票回購活動。繼第一季回購了價值 1.5 億美元的股票後，光是第二季度，我們又回購了價值近 3 億美元的股票。

This brings our repurchases of stock through the first half of the year to just shy of $450 million. This equates to a reduction of over 4 million shares or nearly 4% of our total shares outstanding. Since the end of the second quarter last year, we have repurchased over $750 million of our stock, which has reduced our total average diluted shares outstanding by $7 million or an approximate 6% decline in our share count overall.

這使得我們今年上半年的股票回購額接近 4.5 億美元。這相當於減少 400 多萬股，或占我們流通股總數的近 4%。自去年第二季末以來，我們已回購了超過 7.5 億美元的股票，這使我們的平均稀釋流通股總數減少了 700 萬美元，或總股數減少了約 6%。

Our solid operational performance is driven by our strong levels of innovation, which allow us to consistently introduce important new offering to our customers. One example of this from the second quarter was the launch of our new IDS i20 analytical random access platform introduced through our EUROIMMUN business, which is part of our Immunodiagnostics portfolio.

我們穩健的營運表現源自於我們強大的創新水平，這使我們能夠持續向客戶推出重要的新產品。第二季的一個例子是我們透過 EUROIMMUN 業務推出了新的 IDS i20 分析隨機存取平台，該平台是我們免疫診斷產品組合的一部分。

This CE mark and FDA-listed device represents a breakthrough in specialty testing automation, allowing laboratories to consolidate up to 20 different analytes across six diagnostic specialties on a single instrument. The IDS i20 platform processes up to 140 tests per hour and enables labs to transition from manual or semi-automated methods to fully automated chemiluminescence immunoassay processing while offering continuous loading capabilities, an integrated reagent cooling allowing for nonstop operation.

該設備獲得 CE 標誌和 FDA 認證，代表了專業測試自動化領域的突破，使實驗室能夠在一台儀器上整合六種診斷專業的多達 20 種不同的分析物。IDS i20 平台每小時可處理多達 140 次測試，使實驗室能夠從手動或半自動方法過渡到全自動化學發光免疫測定處理，同時提供連續裝載功能，集成試劑冷卻可實現不間斷運行。

We believe this solution addresses critical laboratory needs for efficiency, versatility, and reliability in specialty testing areas, including endocrinology, allergy, Alzheimer's disease, autoimmune, and infectious diseases as well as therapeutic drug monitoring. The launch includes a strong initial lineup of assays, with many more expected to be added over the remainder of the year and into 2026.

我們相信，該解決方案能夠滿足實驗室在專業檢測領域（包括內分泌學、過敏症、阿茲海默症、自體免疫疾病和傳染病以及治療藥物監測）對效率、多功能性和可靠性的關鍵需求。此次發布包括一系列強大的初始檢測，預計在今年剩餘時間和 2026 年還會添加更多檢測。

Since launching in May, initial customer feedback from installations in key labs across Europe is quite promising. And we continue to believe that i20 will be a significant part of our chemiluminescence growth strategy in the coming years. Our ongoing innovation and strong execution are not only robust but also rooted in sustainability and integrity.

自五月推出以來，來自歐洲各地主要實驗室的初步客戶回饋非常樂觀。我們仍然相信，i20 將成為未來幾年我們化學發光成長策略的重要組成部分。我們持續的創新和強大的執行力不僅強勁，而且植根於永續性和誠信。

Our continuous improvement in areas impacting our sustainability, governance, and social priorities was recognized recently by MSCI, who increased their overall ESG rating for Revvity to AAA, which is the highest level. I see this progress and action every day at the company, but I'm proud that our achievements are being recognized externally as well.

我們在影響永續性、治理和社會優先事項領域的持續改進最近得到了 MSCI 的認可，MSCI 將 Revvity 的整體 ESG 評級提高至最高級別 AAA。我每天都能看到公司的進步和行動，但令我感到自豪的是，我們的成就也得到了外界的認可。

As we look ahead to the second half of the year, a number of our businesses are positioned to continue to perform at a very high level, such as our Signals Software franchise and our Reproductive Health business, which is starting to benefit from the ramp-up in July of sequencing volumes as part of the contract we were recently awarded from Genomics England for its generation study.

展望下半年，我們的多項業務都有望繼續保持高水準表現，例如我們的 Signals Software 特許經營權和生殖健康業務，這些業務將開始受益於 7 月份定序量的增加，這是我們最近與 Genomics England 簽訂的世代研究合約的一部分。

It's also encouraging to see our Life Sciences reagents and instruments businesses, demonstrating continued stability so far this year, with our full-year outlook for them remaining unchanged. We expect these promising signs to be partially offset by the new and unexpected challenges in our China Immunodiagnostics business as previously mentioned.

同樣令人鼓舞的是，我們的生命科學試劑和儀器業務今年迄今表現持續穩定，我們對該業務的全年展望保持不變。我們預計，這些令人鼓舞的跡象將被我們之前提到的中國免疫診斷業務中新的和意想不到的挑戰部分抵消。

Overall, the current macroeconomic and regulatory environment continues to present challenges. But it's in precisely this kind of environment that we've consistently risen to the occasion and thrived, just as we have throughout the past five years of Revvity's remarkable transformation.

整體來看，當前宏觀經濟和監管環境仍面臨挑戰。但正是在這樣的環境中，我們不斷應對挑戰、蓬勃發展，就像 Revvity 過去五年的非凡轉型一樣。

Our continued focus on executing at a high level on those items which are in our control while capitalizing on opportunities and managing through hurdles as they arise, has allowed Revvity to consistently outperform most of our peers over the last 2.5 years, which is something I expect will continue in the years to come. This is all because of the dedication of our 11,000 colleagues around the world, who are embracing the impossible to help improve lives everywhere.

我們持續專注於高水準地執行那些我們能夠控制的項目，同時利用機會並克服出現的障礙，這使得 Revvity 在過去 2.5 年裡一直優於大多數同行，我預計這種情況在未來幾年將繼續下去。這一切都歸功於我們遍布全球的 11,000 名同事的奉獻，他們勇於挑戰不可能，致力於幫助改善世界各地的生活。

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 continue to show good performance in the second quarter despite facing new and existing challenges which were unanticipated at the start of the year.

謝謝，普拉拉德，大家早安。正如普拉拉德所提到的，儘管面臨年初未曾預料到的新挑戰和現有挑戰，我們在第二季仍然表現良好。

From funding levels for academic research to country- and industry-specific tariffs, and now new challenges from regulations, which are limiting diagnostics volumes in China, our industry has faced many obstacles so far this year. Considering these developments, we have shown a strong ability to navigate them and respond quickly, allowing us to still deliver strong performance overall as was evident in our second-quarter results.

從學術研究的資助水準到特定國家和產業的關稅，再到現在限制中國診斷量的法規新挑戰，我們的產業今年迄今面臨許多障礙。考慮到這些發展，我們表現出了強大的駕馭能力和快速反應能力，這使我們能夠仍然整體上提供強勁的業績，這一點從我們第二季度的業績中可以看出來。

I'll start on tariffs. As we first mentioned last quarter, we have quickly taken significant operational actions to largely mitigate their impact, which were executed upon as expected and on time during the second quarter.

我先談關稅問題。正如我們在上個季度首次提到的那樣，我們已迅速採取重大營運行動，以在很大程度上減輕其影響，這些行動已在第二季度按預期按時執行。

While some tariffs were rolled back during the quarter, particularly with China, this relief did not meaningfully change their overall impact on us, given our mitigation efforts are operational in nature and still moving forward as previously planned. While the tariff situation continues to evolve, as evidenced by yesterday's announced preliminary pact between the US and Europe, our updated outlook assumes the tariffs that are in place as of last Friday, July 25.

儘管本季部分關稅有所降低，尤其是針對中國的關稅，但鑑於我們的減稅措施仍在按計劃實施，因此此次減稅並未顯著改變其對我們的整體影響。儘管關稅情況持續變化，正如昨天宣布的美國和歐洲之間的初步協議所證明的那樣，但我們最新的展望假設關稅是截至 7 月 25 日上週五生效的。

As it pertains to our updated outlook for the year, we are expecting continued stability from our pharma and biotech customers, and the headwinds our academic and government customers are facing to continue. Our assumptions for growth within our Life Sciences segment remain unchanged within our updated outlook and guidance.

就我們對今年的最新展望而言，我們預計製藥和生技客戶將繼續保持穩定，而學術和政府客戶面臨的阻力將持續存在。在我們更新的展望和指導中，我們對生命科學部門成長的假設保持不變。

However, as Prahlad mentioned, since the start of May, we have begun experiencing increasingly larger volume-related headwinds in our Immunodiagnostics business in China, which we now expect will continue over at least the remainder of the year.

然而，正如 Prahlad 所提到的，自 5 月初以來，我們在中國的免疫診斷業務開始遭遇越來越大的與銷售相關的阻力，我們預計這種阻力至少會持續到今年剩餘時間。

While we were able to mitigate and offset most of the impact from the DRG changes during the second quarter itself, as we move into the second half of the year, we are lowering our expectations for this business in China to account for the trends we are seeing in July, which we anticipate will continue over the coming months. As a result, our Immunodiagnostics business in China, which represents approximately 6% of total company revenue, is expected to now be down high teens for the full year.

雖然我們能夠在第二季度減輕和抵消 DRG 變化帶來的大部分影響，但隨著進入下半年，我們降低了對中國這項業務的預期，以反映我們在 7 月看到的趨勢，我們預計這種趨勢將在未來幾個月持續下去。因此，我們在中國的免疫診斷業務（約占公司總收入的 6%）預計全年收入將下降 15% 左右。

Our updated outlook for this business in China is driving the entirety of the change in our overall outlook for the company. Incorporating the impact of these new pressures, we are now looking for organic growth this year for the total company to be in the range of 2% to 4%, which is slightly below our previous expectations. While this is impacting most diagnostic players in the market, including domestic competitors, we have already begun to take additional near- and longer-term cost actions to help offset the impact to our bottom line.

我們對中國業務的最新展望正在推動我們對公司整體展望的全面改變。綜合考慮這些新壓力的影響，我們目前預計今年公司整體的有機成長率將在 2% 至 4% 之間，略低於我們先前的預期。雖然這影響了市場上大多數診斷參與者，包括國內競爭對手，但我們已經開始採取額外的短期和長期成本行動，以幫助抵消對我們底線的影響。

Those actions that are quicker to implement, including rightsizing the business in China, along with other immediate discretionary expense reductions, are now factored into our updated outlook. In addition to these near-term actions, we are also taking additional structural actions that, given their scope, will take into next year to be fully implemented.

那些可以更快實施的行動，包括調整中國業務規模以及其他可立即自由支配的開支削減，現在都已納入我們最新的展望中。除了這些近期行動外，我們還採取了額外的結構性行動，考慮到其範圍，這些行動將需要到明年才能全面實施。

While we are actively managing and offsetting a significant portion of the bottom-line impact, we do expect the drop in volume and some margin rate headwinds from recent changes in FX to have a modest impact on our overall operating margins and adjusted EPS for the year. I will provide additional details on our updated outlook in a moment. But the net impact of this is we now expect our 2025 adjusted earnings per share to be in a range of $4.85 to $4.95, down 1% from our prior outlook.

雖然我們正在積極管理和抵消很大一部分底線影響，但我們預計近期外匯變化導致的銷售下降和一些保證金率阻力將對我們今年的整體營業利潤率和調整後每股收益產生適度影響。我稍後將提供有關我們更新後的展望的更多詳細資訊。但其淨影響是，我們現在預計 2025 年調整後每股收益將在 4.85 美元至 4.95 美元之間，比我們先前的預測下降 1%。

Now turning to the specifics of our second-quarter performance, overall, the company generated revenue of $720 million in the quarter, resulting in 3% organic growth. FX was a 1% tailwind to growth, and we again had no incremental contribution from acquisitions.

現在談談我們第二季業績的具體情況，總體而言，該公司本季創造了 7.2 億美元的收入，實現了 3% 的有機成長。外匯對成長起到了 1% 的推動作用，而且我們再次沒有從收購中獲得增量貢獻。

While FX became more favorable to our top line as the quarter progressed, given the severity of the changes in rates and their geographical dispersion, the change in the top-line impact from FX is having a minimal corresponding impact to our adjusted net income, both in the second quarter and in our current outlook for the remainder of the year.

儘管隨著季度的進展，外匯對我們的收入變得更加有利，但考慮到利率變化的嚴重性和地域分散性，外匯對收入影響的變化對我們的調整後淨收入的影響卻微乎其微，無論是在第二季度還是在我們目前對今年剩餘時間的展望中。

As I mentioned, this is generating some pressure on our gross and operating margin rate for the year, given the associated increase in revenue dollars is without a corresponding increase in gross and operating profit dollars. As it relates to our P&L, we generated 26.6% adjusted operating margins in the quarter, which were down 210 basis points year over year and in line with our expectations.

正如我所提到的，這對我們今年的毛利率和營業利潤率產生了一些壓力，因為相關的收入增​​加並沒有帶來毛利率和營業利潤的相應增加。與我們的損益表相關，本季我們實現了 26.6% 的調整後營業利潤率，年減 210 個基點，符合我們的預期。

Our underlying operating margin performance was better than we had anticipated, as FX movements were a headwind to our margin rate and the impact from tariffs were in line with our expectations despite the changes that occurred midway through the quarter.

我們的基礎營業利潤率表現優於我們的預期，因為外匯變動對我們的利潤率產生了不利影響，儘管本季中期發生了一些變化，但關稅的影響符合我們的預期。

Looking below the line, our adjusted net interest and other expenses were $20 million in the quarter, which was modestly impacted by the increased share repurchase activity year-to-date, resulting in lower interest earnings on our cash balances. Our adjusted tax rate was 19.1% in the quarter, which was slightly lower than expected due to the favorable impact of recent tax planning initiatives.

從離線來看，本季我們的調整後淨利息和其他支出為 2000 萬美元，這在一定程度上受到年初至今股票回購活動增加的影響，導致我們的現金餘額的利息收入減少。本季我們的調整後稅率為 19.1%，由於近期稅務規劃措施的有利影響，略低於預期。

We also continue to remain active with our share repurchase program and averaged 117.5 million diluted shares in the quarter, which was down over 2.5 million shares sequentially. This all resulted in our adjusted EPS in the second quarter being $1.18, which was $0.04 above our expectations.

我們也持續積極推行股票回購計劃，本季平均回購 1.175 億股稀釋股，比上一季減少超過 250 萬股。這一切導致我們第二季的調整後每股收益為 1.18 美元，比我們的預期高出 0.04 美元。

Moving beyond the P&L, we generated free cash flow of $115 million in the quarter, resulting in 83% conversion of our adjusted net income. On a year-to-date basis, our $234 million of free cash flow equates to a solid 90% conversion of our adjusted net income. As we move into the back half of the year, I expect our absolute cash flow and its conversion to continue to remain strong and solidly above our 85% long-term expectations.

除了損益表之外，我們在本季產生了 1.15 億美元的自由現金流，導致調整後淨收入的轉換率為 83%。從年初至今，我們的 2.34 億美元自由現金流相當於我們調整後淨收入的 90%。隨著我們進入下半年，我預計我們的絕對現金流及其轉換將繼續保持強勁，並穩固地高於我們 85% 的長期預期。

Regarding capital deployment, we have stayed active so far this year with our buyback program as we repurchased $293 million worth of shares in the second quarter. As it relates to our balance sheet, we finished the quarter with a net-debt-to-adjusted-EBITDA leverage ratio of 2.6 times, with 100% of our debt being fixed rate, with a weighted average interest rate of 2.6%, and a weighted average maturity out another seven years.

關於資本部署，今年迄今為止，我們一直積極推行回購計劃，在第二季度回購了價值 2.93 億美元的股票。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 的槓桿率為 2.6 倍，其中 100% 的負債為固定利率，加權平均利率為 2.6%，加權平均期限為七年。

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

在評估資本配置時，我們將繼續保持靈活性，以便利用最高回報機會，同時保持我們的投資等級信用評級。我現在將對第二季度的業務趨勢提供一些評論，這也在我們的投資者關係網站上的季度幻燈片演示中進行了重點介紹。

The 3% growth in organic revenue in the quarter was comprised of 4% growth in our Life Sciences segment and 2% growth in Diagnostics. Geographically, we grew in the mid-single digits in both the Americas and Europe, while Asia declined in the mid-single digits, with China also declining mid-single digits.

本季有機收入成長 3%，其中生命科學部門成長 4%，診斷部門成長 2%。從地理上看，我們在美洲和歐洲都實現了中等個位數的成長，而亞洲則出現了中等個位數的下降，其中中國也出現了中等個位數的下降。

From a segment perspective, our Life Sciences business generated revenue of $366 million in the quarter. This was up 5% on a reported basis and 4% on an organic basis. From a customer perspective, sales to pharma and biotech customers grew in the mid-single digits, whereas sales in academic and government customers declined in the low single digits in the quarter.

從細分市場來看，我們的生命科學業務本季創造了 3.66 億美元的收入。以報告基礎計算，這一數字增長了 5%，以有機基礎計算，這一數字增長了 4%。從客戶角度來看，本季製藥和生技客戶的銷售額成長了中等個位數，而學術和政府客戶的銷售額則下降了低個位數。

Our Life Sciences Solutions business declined in the low single digits in the quarter overall, with declines in instrumentation partially offset by continued growth in reagents. Our Signals Software business was up a little over 30% year over year organically in the quarter and as Prahlad mentioned, had its largest quarter of orders in its history. The business also continued to perform exceptionally well from an ARR, APV, and net retention rate perspective as well, with all metrics solidly above levels from last year.

我們的生命科學解決方案業務在本季度整體下滑了個位數，其中儀器業務的下滑被試劑業務的持續成長部分抵消。我們的信號軟體業務本季同比增長略高於 30%，正如 Prahlad 所提到的，本季度的訂單量是其歷史上最高的。從 ARR、APV 和淨留存率的角度來看，該業務也持續表現優異，所有指標都遠高於去年的水平。

In our Diagnostics segment, we generated $354 million of revenue in the quarter, which was up 3% on a reported basis and 2% on an organic basis. From a business perspective, our Immunodiagnostics business grew low single digits organically during the quarter, which was in line with our expectations despite China declining more than we expected and being down in the low teens.

在我們的診斷部門，本季我們創造了 3.54 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 2%。從業務角度來看，儘管中國市場的下滑幅度超出我們的預期，且降幅在十幾個百分點以下，但我們的免疫診斷業務在本季度仍實現了低個位數的有機增長，這符合我們的預期。

Excluding China, the other 80% of our Immunodiagnostics business continued to perform very well, especially in Americas, which grew organically in the mid-teens, while Immunodiagnostics in Europe grew in the solid mid-single digits.

除中國外，我們其餘 80% 的免疫診斷業務繼續表現良好，尤其是在美洲，其有機增長率達到了十幾歲，而歐洲的免疫診斷業務則實現了穩健的中個位數增長。

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, which have again intensified so far this year, particularly in China.

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，這是由於出色的營運和商業執行所致，因為全球出生率持續受到阻力，今年迄今為止全球出生率再次上升，尤其是在中國。

As it pertains to China specifically, overall, we incurred a mid-single-digit organic decline in the second quarter, driven by our Diagnostics business being down in the low double digits as it began to face the impact of the DRG-related declines in volume. This was partially offset by strong mid-single-digit growth in our Life Sciences business in China as we saw improvements in year-over-year growth in both reagents and instruments in the region.

具體到中國，總體而言，我們在第二季度出現了中等個位數的有機下滑，這是因為我們的診斷業務開始面臨與 DRG 相關的銷量下降的影響，導致其出現了低兩位數的下滑。由於我們看到該地區試劑和儀器的同比增長有所提高，我們在中國的生命科學業務實現了強勁的中等個位數增長，從而部分抵消了這一增長。

Now moving on to guidance, as mentioned, we are updating our organic growth outlook for the back half of the year to account for the new volume-related pressures we are seeing from DRG changes in China in our Diagnostics business. This change is leading to our total company organic growth outlook for the year to now be in the range of 2% to 4%.

現在轉到指導，正如所提到的，我們正在更新下半年的有機成長前景，以考慮到我們診斷業務在中國看到的 DRG 變化帶來的新的與數量相關的壓力。這項變化導致我們對今年公司整體有機成長的預期目前處於 2% 至 4% 的範圍內。

We continue to expect our Life Sciences segment to grow in the low single digits unchanged from our prior outlook. But we now expect Diagnostics to also grow in the low single digits, down from our previous mid-single-digit outlook.

我們繼續預期生命科學部門將以低個位數成長，與我們先前的預測一致。但我們現在預期診斷業務也將以低個位數成長，低於我們先前預測的中位數個位數成長。

With the continued weakening of the dollar so far this year, we now anticipate the impact from FX to be an approximately 1% tailwind to revenue for the full year compared to our previous assumption of it being a 50-basis-point headwind. As mentioned, given the makeup of the changes in FX, we do not expect it to have a material flow-through in our P&L for the year. We expect these changes to our outlook for organic growth and FX to result in our total revenue this year to now be in the range of $2.84 billion to $2.88 billion overall.

由於今年迄今美元持續走弱，我們現在預計外匯對全年收入的影響將約為 1% 的順風，而我們之前假設的是 50 個基點的逆風。如上所述，考慮到外匯變化的組成，我們預計它不會對我們今年的損益產生重大影響。我們預計，對有機成長和外匯前景的這些變化將導致我們今年的總收入達到 28.4 億美元至 28.8 億美元之間。

Moving down the P&L, we now expect our adjusted operating margins to be in a range of 27.1% to 27.3%, which is down from our prior outlook due to the changes in FX and the impact from lower volume of high-margin diagnostic tests, which is being partially offset by the additional cost actions we are currently implementing.

在降低損益表後，我們現在預計調整後的營業利潤率將在 27.1% 至 27.3% 之間，由於外匯變化和高利潤診斷測試量下降的影響，低於我們先前的預期，但我們目前正在實施的額外成本行動部分抵消了這一影響。

We expect the more significant structural cost actions we are beginning to take to be fully implemented in 2026. We anticipate the impact from these actions will allow us to offset the incremental margin pressures we are now facing this year and to be able to enter next year with a 28% operating margin baseline, which we would then expect to further expand upon, commensurate with the level of organic growth we experienced.

我們預計，我們開始採取的更重要的結構性成本行動將於 2026 年全面實施。我們預計這些措施將使我們能夠抵消今年目前面臨的增量利潤壓力，並能夠以 28% 的營業利潤率基準進入明年，然後我們預計該基準將進一步擴大，與我們經歷的有機增長水平相稱。

Consequently, because of these initiatives, we anticipate our overall operating margin expansion next year to be greater than what we would typically be expected in a given year, enabling us to recoup the impact from the new headwinds we are facing this year.

因此，由於這些舉措，我們預計明年的整體營業利潤率成長將高於我們通常預期的某一年的水平，使我們能夠收回今年面臨的新逆風帶來的影響。

Below the operating line, we now expect our net interest and other expense to be around $80 million this year, driven by some incremental pressure from lower interest income. We are continuing to make good progress with our tax planning initiatives and now expect our adjusted tax rate this year to be approximately 18%, down from our prior 19% outlook and the 20% we had assumed at the beginning of the year.

在營業線以下，由於利息收入下降帶來的一些增量壓力，我們現在預計今年的淨利息和其他支出約為 8,000 萬美元。我們的稅務規劃措施正在繼續取得良好進展，目前預計今年的調整後稅率約為 18%，低於我們先前預測的 19% 和年初假設的 20%。

With our increased share buyback activity, we now also expect an average diluted share count of approximately 117 million for the year overall. This all results in our adjusted earnings per share for the year expected to be in a range of $4.85 to $4.95.

隨著我們股票回購活動的增加，我們現在預計全年平均稀釋股數約為 1.17 億股。所有這些導致我們今年的調整後每股收益預計在 4.85 美元至 4.95 美元之間。

Regarding our outlook for the third quarter, we anticipate organic growth to be in the 0% to 2% range, resulting in total expected revenue in the range of $690 million to $705 million. We anticipate our adjusted operating margins to be approximately 26% in the third quarter. And we are assuming a tax rate of approximately 18%, with roughly 116 million average diluted shares outstanding for the quarter. We expect this to result in our adjusted EPS in the third quarter to be in the range of $1.12 to $1.14.

關於我們對第三季的展望，我們預計有機成長率將在 0% 至 2% 之間，預計總收入將在 6.9 億美元至 7.05 億美元之間。我們預計第三季調整後的營業利潤率約為 26%。我們假設稅率約為 18%，本季平均流通股數約為 1.16 億股。我們預計這將導致我們第三季的調整後每股收益在 1.12 美元至 1.14 美元之間。

Overall, we performed well in the second quarter despite facing new and existing challenges, which we are actively working to counter and offset. Our levels of innovation and investment remain strong, which when combined with the additional cost actions we are taking, positions us well to execute at a high level through all market environments while always still delivering for our customers.

總體而言，儘管面臨新的和現有的挑戰，我們在第二季度表現良好，我們正在積極努力應對和抵消這些挑戰。我們的創新和投資水平仍然強勁，再加上我們正在採取的額外成本行動，使我們能夠在所有市場環境中保持高水準執行，同時始終為客戶提供服務。

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

接線員，現在我們想開始提問環節。

(Operator Instructions) Vijay Kumar, Evercore ISI.

（操作員指示） Vijay Kumar，Evercore ISI。

Hi, guys. Thanks for taking my question. Maybe first one on the guidance change here on organic, I know you mentioned this was China, this change in DRG. Was that anything else beyond DRG, anything on VBP? Because when we're doing the math, I think the exit rate is low singles. Should that be the ballpark here for fiscal '26, given some of these headwinds should persist in '26?

嗨，大家好。感謝您回答我的問題。也許首先是關於有機指導變化的問題，我知道您提到這是中國，是 DRG 的變化。除了 DRG 之外，還有什麼其他內容嗎？還有什麼關於 VBP 的內容嗎？因為當我們進行計算時，我認為退出率很低。考慮到其中一些不利因素在 2026 年仍將持續存在，這是否應該是 2026 財年的大致情況？

Hey, good morning, Vijay. Essentially, a majority of what we are seeing is from DRG. In late April, this policy went into effect, which is called the debundle policy. That is specifically impacting the multiplex tests that we have. In the mid- to longer term, the way to think of it is, with autoimmune testing, you look for a needle in a haystack.

嘿，早安，維傑。本質上，我們所看到的大部分內容都來自 DRG。四月下旬，這項政策開始生效，被稱為「拆分政策」。這對我們的多重測試產生了特別的影響。從中期到長期來看，我們可以這樣想，透過自體免疫測試，就像大海撈針一樣。

And essentially, with the debundling policy, it lowers the test volumes, which essentially means that they have to look for a needle in half the haystack, is one way to think of it. But really, what it does is in the longer run, we think that this potentially offsets because there'll be more single-plex tests that will be needed, which also tend to be more expensive on a per-assay basis.

從本質上講，分割政策降低了測試量，這實際上意味著他們必須大海撈針，這是一種思考方式。但實際上，從長遠來看，我們認為這可能會產生抵消作用，因為需要進行更多的單重測試，而每次檢測的成本往往更高。

So from a company perspective, we are working across with thought leaders, KOLs, doctors, and hospitals to see if this could potentially reverse some of the changes because of the impact that it has on patient care. But majority of what you see is from DRG.

因此，從公司的角度來看，我們正在與思想領袖、關鍵意見領袖、醫生和醫院合作，看看這是否會因其對病人照護的影響而扭轉一些變化。但您所看到的大部分內容來自 DRG。

Understood. And then, Max, maybe one for you on the margin change. I think you made some comments about '26 margins being above your typical range, right? Can you just remind us what is your typical range? What volumes do they assume?

明白了。然後，馬克斯，也許我可以跟你講一下關於保證金變化的問題。我認為您對 26 的利潤率超出您的典型範圍發表了一些評論，對嗎？您能否提醒我們一下您的典型範圍是多少？他們假設的數量是多少？

And when you think about margins for next year being slightly better on cost actions, is that assuming -- what kind of volumes or revenue growth is that assuming? Thank you.

當您認為明年的利潤率會因成本行動而略有提高時，這是假設——這是假設什麼樣的銷售或收入成長？謝謝。

Yeah. Hey, Vijay. So look, I think you kind of mentioned it yourself, right? I think the intent of the comments was to establish that next year, our baseline will be a 28% operating margin. And then from there, depending upon the level of organic growth, we would have the corresponding margin expansion.

是的。嘿，維傑。所以你看，我想你自己也提到過這一點，對吧？我認為這些評論的目的是確定明年我們的基準營業利潤率將是 28%。然後從那時起，根據有機成長水平，我們將實現相應的利潤擴張。

As a reminder, our LRP, right, assumes a couple of hundred basis points above market growth, which if you call it mid-single digits, it would be a high single-digit organic growth. And with that growth level, we would expect to expand margin 75 basis points in a normal year.

提醒一下，我們的 LRP（右）假設比市場成長率高出幾百個基點，如果你稱之為中等個位數，那將是高個位數的有機成長。在這樣的成長水準下，我們預期在正常年份利潤率將提高 75 個基點。

If growth is mid-single digits for us next year, that would probably be closer to 50 basis points margin expansion. And so I think that's been the framework we provided. And I think, again, the intention on this call was just to establish that our baseline OM for next year will be starting at 28% with these structural cost actions.

如果明年我們的成長率達到中個位數，那麼利潤率擴張可能接近 50 個基點。所以我認為這就是我們提供的框架。我認為，這次電話會議的目的只是為了確定，透過這些結構性成本行動，我們明年的基準 OM 將從 28% 開始。

Understood. Thank you, guys.

明白了。謝謝你們。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good morning. I just want to ask questions on two topics. First is just guidance assumptions for this year from a revenue pacing standpoint and then a follow-up on China.

早安.我只想就兩個話題提問。首先是從收入節奏的角度對今年的指導假設，然後是對中國情況的後續觀察。

So on guidance, it looks like you're assuming similar revenue pacing to last year. I just want to make sure that's right. And if so, what is embedded into guidance for things like a year-end budget flush and NIH funding? So that's on guidance.

因此，根據指導，您似乎假設收入成長速度與去年相似。我只是想確認這是正確的。如果是這樣，那麼對於年終預算充裕和 NIH 資助等方面的指導意見中都包含哪些內容？這就是指導。

And then on China, the incremental reimbursement pricing headwind is just getting going. When would you expect this to annualize? Do you have visibility on whether or not this is the last cut? And when would a move to signal -- sorry, single-marker panels start to help your business? Thank you.

然後在中國，增量報銷定價逆風才剛開始。您預計什麼時候會年化？您是否知道這是否是最後一次裁員？那麼什麼時候這項舉措會發出信號——抱歉，單標記面板會開始對您的業務有所幫助？謝謝。

Yeah. Hey, Doug. I'll take the first question there on the revenue pacing. I think as you look at the sort of Q3 versus Q4 dynamic in the back half here, I would say it is sort of normal seasonality, just a high single-digit ramp in both our Life Sciences Solutions and our Diagnostics business.

是的。嘿，道格。我將回答有關收入節奏的第一個問題。我認為，當您觀察下半年第三季與第四季的動態時，我會說這是一種正常的季節性，我們的生命科學解決方案和診斷業務都呈現較高的個位數成長。

The other two, I would say, sort of unique differences for us as a company is, one, you do have the ramp-up of gel in the fourth quarter. And then two, although the Signals' organic growth will be lower in the fourth quarter, it is always a larger quarter from a volume perspective for there. So that is adding additional ramp between Q3 and Q4.

我想說的另外兩個對我們公司來說獨特的差異是，第一，第四季凝膠的產量確實增加。其次，儘管 Signals 的有機成長率在第四季度會較低，但從銷售角度來看，這始終是一個較大的季度。因此這在 Q3 和 Q4 之間增加了額外的坡道。

And, Doug, to your second question, as I said, we started seeing the impact of this in late April, early May. So we would like to -- likely to see an impact continue until we anniversary this. Or as you said, potentially, the regulation is either rolled back or altered. Just to put it in perspective, IDx in China is now less than 6% of our total revenue and will likely be less than 5% in '26.

道格，關於你的第二個問題，正如我所說，我們在 4 月底 5 月初就開始看到這種影響了。因此，我們希望——很可能看到影響持續下去，直到我們紀念這一周年。或者正如您所說，該法規可能會被撤銷或修改。客觀來看，IDx 在中國的收入目前不到我們總收入的 6%，到 ​​26 年可能還不到 5%。

Thank you.

謝謝。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Great. Thank you. Maybe just on the Life Sciences side, since that did well in the quarter, you kind of beat your expectation, made some positive comments. I'm wondering, could you give any color underneath the hood about reagents and instruments? I know you said [grew and] were weak.

偉大的。謝謝。也許只是在生命科學方面，由於該領域在本季度表現良好，所以您有點超出了預期，並做出了一些積極的評價。我想知道，能否詳細介紹試劑和儀器？我知道你說過[長大了並且]變得虛弱了。

And then was it a contemplation that raised the guidance there at all? Just kind of wondering if you could speak to kind of overall the trends that you were seeing, particularly on biopharma.

那麼，這是否是一種引發指導的沉思？我只是想知道您是否可以談談您所看到的整體趨勢，特別是在生物製藥領域。

Maybe I'll start with the trends that we are seeing, and then, Max, you can jump in. I think, Dan, if you just think of it, as we've said, pharma-biotech continues to show stability. There's mid-single-digit growth in the second quarter. And just to put it in perspective, our Life Sciences reagents business has now grown five consecutive quarters. So I think that bodes well.

也許我會從我們看到的趨勢開始，然後，馬克斯，你可以加入。丹，我想，如果你仔細想想，正如我們所說的，製藥生物技術繼續表現出穩定性。第二季度實現了中等個位數的成長。客觀地說，我們的生命科學試劑業務現已連續五個季度成長。所以我認為這是個好兆頭。

As we look forward, obviously, there continues to be impact on the capital equipment spend as we are seeing. But overall, we continue to be optimistic with five consecutive quarters of reagents growth that we have seen in the business.

展望未來，顯然，正如我們所看到的，這將持續對資本設備支出產生影響。但整體而言，我們對試劑業務連續五季的成長保持樂觀。

Okay. Terrific. So maybe just on the Reproductive Health business, it sounds like the newborn screening business continues to do really well. Just kind of remind us how you're thinking about that business in the back half of the year.

好的。了不起。因此，也許僅就生殖健康業務而言，聽起來新生兒篩檢業務繼續表現良好。只是提醒我們您對今年下半年的業務有何看法。

And, Max, I know you alluded to the gel impact. Just kind of -- can you frame exactly what we're thinking about by the fourth quarter, and kind of what's the visibility on that? Thank you.

馬克斯，我知道你提到了凝膠效應。只是有點——您能否準確地描述一下我們對第四季度的想法，以及對此的預見性如何？謝謝。

Yeah. I think when you look at the Reproductive Health business, in the first half here, it grew low single digits. Again, we mentioned on the call, the newborn screening business continues to perform incredibly well despite continued global birth rate pressures.

是的。我認為，當你觀察生殖健康業務時，你會發現上半年它的成長率只有個位數。我們再次在電話會議上提到，儘管全球出生率壓力持續存在，但新生兒篩檢業務仍然表現得非常好。

I would say, as you look at the back half, the third quarter will probably be similar levels of which you saw in the first half as gel is still ramping up. And then in the fourth quarter, we do expect Reproductive Health to grow in the high single digits, which is really a combination of, one, the ramp-up of gel; and then two, there's a little bit of a comp dynamic in the fourth quarter.

我想說的是，當你看後半部分時，第三季度的水平可能與上半部分相似，因為凝膠仍在增加。然後在第四季度，我們確實預計生殖健康業務將實現高個位數成長，這實際上是多種因素的結合，第一，凝膠業務的成長；第二，第四季有一點競爭動態。

But that essentially sums up our expectations for the second half. In terms of visibility on gel, I'd say the launch is going incredibly well so far. Again, we're almost now -- almost a full month into it. And we've got pretty good levels of visibility into the expected volume ramps here for the rest of the year.

但這基本上總結了我們對下半年的期待。就凝膠的可見性而言，我想說到目前為止發布進展非常順利。再說一次，我們現在已經快一個月了。我們對今年剩餘時間的預期銷售成長有相當好的了解。

Great. Thank you.

偉大的。謝謝。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah. Hi, Prahlad and Max. Thanks for taking my question. So just briefly on the Software side. Can you talk a little bit about how much of that was installed in new contracts versus continuing licensing and service? And what's the expectation of growth for Software in the second half? And remarkably strong here, but wondering how sustainable that is? And why is that not a tailwind to gross margins?

是的。你好，Prahlad 和 Max。感謝您回答我的問題。簡單介紹一下軟體方面。您能否稍微談談其中有多少是透過新合約安裝的，有多少是透過持續許可和服務安裝的？下半年軟體的成長預期如何？這裡表現得非常強勁，但想知道它的可持續性如何？但為什麼這對毛利率來說不是一個推動因素呢？

Yeah. Hey, Puneet, look, as I mentioned -- as we mentioned in our prepared remarks, our Signals Software business continues to do extremely well. We had record quarters for the orders. This is, I think, the longest -- the highest we had in the history with -- also from a growth perspective, 32% organic growth.

是的。嘿，Puneet，看，正如我提到的 - 正如我們在準備好的發言中提到的，我們的信號軟體業務繼續表現非常好。我們的訂單量創下了季度紀錄。我認為這是我們歷史上持續時間最長、最高的一次，從成長角度來看，有機成長率達到 32%。

But I think it's not really as much as what we look at organic growth, but more around net retention, our ARR, and APV. We've had a 21% uplift with 115% net retention in the business. Our APV has grown by 13%. That is driven by a strong SaaS booking. We had nearly more than one-third of our businesses now SaaS.

但我認為這實際上並不像我們所關注的有機成長那麼多，而是更關注淨保留率、我們的 ARR 和 APV。我們的業務成長了 21%，淨留存率達到了 115%。我們的 APV 成長了 13%。這是由強勁的 SaaS 預訂推動的。我們現在有超過三分之一的業務都是 SaaS 業務。

So overall, when we look at the business, the benefits of the investments that we have made in the business and as the new product launches come up, that gives us the confidence that this business is continuing to grow very well.

因此，總體而言，當我們審視業務時，我們對業務進行的投資所帶來的好處以及新產品的推出，讓我們有信心這項業務將繼續保持良好的成長。

Got it. And then (multiple speakers) --

知道了。進而（多位發言者）——

Puneet, can you repeat the second question for us?

Puneet，您能為我們重複第二個問題嗎？

Yeah. Margin side, why shouldn't we expect improved margins from the Software side, just given the -- generally, those are better margins on the gross margin side?

是的。利潤率方面，為什麼我們不應該期望軟體方面的利潤率會提高，因為——一般來說，毛利率方面的利潤率更高？

Yeah. I think, look, we're factoring in, obviously, the mix of our businesses as we look at our operating margin for the year. Really, what you're having an impact of on the operating margin side is the magnitude of the volume drop on what were extremely high-margin diagnostic assays for our China Immunodiagnostics business.

是的。我認為，我們在考慮今年的營業利潤率時顯然會考慮我們的業務組合。實際上，對營業利潤率產生影響的是，我們中國免疫診斷業務中利潤率極高的診斷檢測量下降的幅度。

Okay. And then, Prahlad, a high level -- an important question for you. I didn't hear as much on the portfolio resiliency as you've talked about in prior calls since the transformation. I mean, Diagnostics was supposed to be the support or the ballast in these challenging time in tools. But it's turning out to be no different than what peers are seeing in terms of the DRG impact in China.

好的。然後，普拉拉德，一個高層的問題——對你來說是一個重要的問題。自從轉型以來，我沒有聽到您在之前的電話會議中談到的有關投資組合彈性的太多內容。我的意思是，診斷工具應該是這些充滿挑戰的時期的支撐或壓艙物。但就 DRG 對中國的影響而言，這與同行所見並沒有什麼不同。

Can you talk a little bit about where the portfolio is? And how do you see the position of -- your position in China, IDx overall, and your presence in China? And how that fits into the portfolio mix that you want to have in terms of the resiliency? Thank you.

能稍微談談投資組合的狀況嗎？您如何看待您在中國的地位、IDx 整體地位以及您在中國的存在？就彈性而言，這與您想要的投資組合如何契合？謝謝。

Yeah, Puneet, I think we are very confident and very optimistic with our total portfolio. I mean, we talked about the strength that we have seen in our Life Sciences business, with five consecutive growth or five consecutive quarters of growth on reagent from pharma-biotech in a tough market environment.

是的，Puneet，我認為我們對我們的整體投資組合非常有信心，非常樂觀。我的意思是，我們談到了我們在生命科學業務中看到的優勢，在艱難的市場環境下，製藥生物技術試劑實現了連續五個季度的成長。

We have a Signal Software business that has grown 30%-plus organic growth in the quarter. Our Reproductive Health business continues to do very well in a tough birth rate market environment. And even our IDx business outside of China grew very well. I think the fact is that DRG came up, and we saw this unexpected debundling policy that was implemented in the middle of the quarter.

我們的 Signal Software 業務本季實現了 30% 以上的自然成長。在嚴峻的出生率市場環境下，我們的生殖健康業務持續表現良好。甚至我們在中國以外的IDx業務也成長得很好。我認為事實是 DRG 出現了，我們看到了本季中期實施的意外拆分政策。

So our focus really is that how do we address this with KOLs and with hospitals to, A, figure out how to reverse these changes because it is going to have an impact on patient care. There are many things that have gone and taken place in China around VBP, Sunshine Act. But really the one that has impacted us is DRG. And our focus really is to ensure that we address that because in the longer term, we are confident this is going to impact patient care.

因此，我們的重點實際上是如何與 KOL 和醫院一起解決這個問題，A，弄清楚如何扭轉這些變化，因為這將對患者護理產生影響。中國圍繞著「陽光法案」（VBP）已經發生了很多事情。但真正對我們影響最大的是DRG。我們的重點實際上是確保解決這個問題，因為從長遠來看，我們相信這將影響患者護理。

Okay. Thank you.

好的。謝謝。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Thank you. I want to make sure I understood the comment on the difficult multiyear comps in Immunodiagnostics. Could you elaborate there?

謝謝。我想確保我理解了關於免疫診斷中困難的多年期比較的評論。能詳細說明一下嗎？

Sure. I mean, I think when we look at our guidance here for the second half, again, if you look at the multiyear stacks between Q3 and Q4 for our IDx business outside of China, they're basically the same at low double digits. And so that's what we mean by when we say there's a little bit of a comp dynamic. But on a multiyear basis, they're at the same level between Q3 and Q4.

當然。我的意思是，我認為，當我們再次查看下半年的指導時，如果您查看我們在中國以外的 IDx 業務在第三季度和第四季度之間的多年堆疊，它們基本上保持在低兩位數的水平。這就是我們所說的有一點競爭動態的意思。但從多年來看，第三季和第四季之間的水平是相同的。

Okay. And a clarification on foreign currency, Max. The foreign currency movements haven't been that dramatic since late April when you last reported. So what's the -- I'd just like to better understand the driver of foreign currency on the EBIT margin percentage, if possible.

好的。關於外幣的澄清，馬克斯。自從您上次報告以來，四月底外匯波動並沒有那麼劇烈。那麼，如果可能的話，我只是想更了解外幣對息稅前利潤率百分比的影響。

Yes. Well, I'd say a couple of things on that, Dan. One is that it was as of March 31 is the FX rates, we moved in -- I don't know maybe your definition of materiality. But I think it's been a quite significant weakening of the US dollar from the end of March. So I think it's been pretty material.

是的。好吧，丹，關於這一點我想說幾點。一是截至 3 月 31 日的外匯匯率，我們進入了 - 我不知道你對重要性的定義。但我認為自三月底以來美元已經明顯走弱。所以我認為這是非常重要的。

I'd say second, when you look at the operating margin drop, I mean, the biggest pieces I mentioned, though, is really the volume drop of incredibly high-margin assays in our Diagnostics business for IDx China.

我想說的第二點是，當你看到營業利潤率下降時，我的意思是，我提到的最大的部分實際上是我們 IDx 中國診斷業務中利潤率極高的檢測數量的下降。

Got it. Thank you.

知道了。謝謝。

Michael Ryskin, (technical difficulty).

邁克爾·里斯金，（技術難度）。

Yeah. Mike Ryskin with Bank of America, but close enough. Thanks, guys. On the -- I want to go back on the DRG changes that you talked about. You made a comment a couple of times that you think that this could actually lead to a change in how diagnostics is done, with moving away from some of these more multiplexed panels going on individual testing.

是的。美國銀行的 Mike Ryskin，但也差不多了。謝謝大家。關於——我想回顧一下您談到的 DRG 變化。您曾多次表示，您認為這實際上可能會導致診斷方式的改變，不再使用一些更加多路復用的面板進行單獨測試。

I'm just wondering sort of what makes you think that's the direction it's going to? I mean, couldn't you interpret this as just another step to reduce cost and reduce spending? So while people might -- while you might try to replace them with single-plex panels, it doesn't seem like it's going to be a durable change if, again, the end goal was to cut costs. So I don't know if you've seen any evidence for that or any early anecdotes. Just talk about the long-term shift there.

我只是想知道是什麼讓您認為這就是它的發展方向？我的意思是，您難道不能將此解讀為降低成本和減少開支的另一個舉措嗎？因此，儘管人們可能會——儘管您可能會嘗試用單層面板替換它們，但如果最終目標是削減成本，那麼這似乎不是一個持久的改變。所以我不知道您是否看到任何證據或任何早期的軼事。只談那裡的長期轉變。

Sure. Hey, Mike, welcome to the team. Good morning. I would just say that you're right. The debundling policy or the minimum sufficiency principle as they say, the primary driver for this is cost. And that's what we are assuming that this is going to have an impact. And we have assumed in our guidance that this impact will continue until we anniversary this.

當然。嘿，麥克，歡迎加入團隊。早安.我只想說你是對的。正如他們所說，拆分政策或最低限度充足原則的主要驅動力是成本。這就是我們所假設的，這將會產生影響。我們在指導中假設這種影響將持續到我們週年紀念。

The fact of the matter is that as you think from a patient care perspective, you do need to find out what is the cause for the autoimmune disease that a patient might have. So from that perspective, they will eventually have to get a single-plex test to confirm.

事實上，從患者護理的角度思考，您確實需要找出患者可能患有自體免疫疾病的原因。因此從這個角度來看，他們最終必須進行單重測試來確認。

And again, I use the needle-in-a-haystack example to sort of illustrate as to how this plays a role. But you are right. From our perspective, we have assumed that this impact is going to continue, and we will anniversary this.

我再次使用大海撈針的例子來說明它是如何發揮作用的。但你是對的。從我們的角度來看，我們假設這種影響將會持續下去，並且我們將紀念這一點。

Okay. All right. Fair enough. And then on the Life Sciences side of things, the declines in instruments are not super surprising, given what we know about the end market. Just curious if you could give us anything on the order trends, book-to-bill.

好的。好的。很公平。從生命科學方面來看，考慮到我們對終端市場的了解，儀器銷售的下降並不令人意外。我只是好奇您是否可以向我們提供有關訂單趨勢、訂單出貨比的資訊。

I know you don't like to give specifics. But just any forward demand trends that you saw during the quarter to give you any sense for how -- when the instruments might return to growth, if they'll return to growth by the end of the year or if we should really look for that in 2026? Thanks.

我知道你不喜歡透露具體細節。但是，您在本季看到的任何未來需求趨勢是否可以讓您了解這些工具何時可能恢復成長，它們是否會在年底前恢復成長，或者我們是否應該在 2026 年真正期待這種成長？謝謝。

Yeah. Hey, Mike, look, I think as you look at our platform assumptions for the remainder of the year, we're really not anticipating a different market environment than what we've experienced so far in the first half of the year, which will be continuing to be a cautious environment, but one that is relatively stably cautious.

是的。嘿，麥克，你看，我認為當你看看我們對今年剩餘時間的平台假設時，我們實際上並沒有預料到與今年上半年迄今為止經歷的市場環境會有所不同，這將繼續是一個謹慎的環境，但相對穩定謹慎。

And so that's kind of our assumption here for the second half. I think we'll have to continue to see how things play out here over the back half of the year and what that ultimately means for 2026. But at least our assumption for the remainder of this year is that it's going to remain relatively cautious here.

這就是我們對下半年的假設。我認為我們必須繼續觀察今年下半年的情況如何，以及這最終對 2026 年意味著什麼。但至少我們對今年剩餘時間的假設是，它將保持相對謹慎。

Got it. Thank you.

知道了。謝謝。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Thank you for taking the questions. Maybe just a follow-up on the reagent side. Can you just talk about not only what you saw in the quarter but expectations going forward? I know you serve some different end markets there. So just curious what you're seeing in each vertical and again, expectations for the remainder of the year on the reagent side, what you're seeing there.

感謝您回答這些問題。也許只是試劑方面的後續行動。您能否談談本季的情況以及未來的期望？我知道你們在那裡服務一些不同的終端市場。所以我只是好奇你在每個垂直領域看到了什麼，以及對今年剩餘時間試劑的預期，你看到了什麼。

Yeah. So from a reagent perspective, I think, as Prahlad mentioned, it's been five straight quarters now of sequential growth, which is obviously a positive sign. I think as you look at what our expectation is for the back half of the year, Patrick, it's very similar to what we saw from the first half, again, similar to what I just mentioned on platforms.

是的。因此，從試劑的角度來看，我認為，正如普拉拉德所提到的那樣，現在已經連續五個季度實現成長，這顯然是一個積極的信號。派崔克，我認為，當你看看我們對今年下半年的期望時，它與我們上半年看到的非常相似，同樣，也類似於我剛才在平台上提到的情況。

We're not really assuming a change in the underlying market environment. And things continue to be stable and modestly improving, though we're definitely not back at what we consider normal levels. I think when you look at the different splits between pharma-biotech and academic and government on the reagent side, pharma-biotech is doing slightly better from a reagent standpoint.

我們實際上並沒有假設潛在的市場環境會改變。儘管我們肯定沒有恢復到我們認為的正常水平，但情況繼續保持穩定並略有改善。我認為，當你觀察製藥生物技術與學術界和政府在試劑方面的不同分歧時，從試劑的角度來看，製藥生物技術的表現略好。

Obviously, the academic and government headwinds, we're not immune to. But although we are selling reagents, we are, I would say, a little bit more insulated there from an academic and government standpoint. But things are, I would say, relatively stable. We've been there as we've kind of progressed through the second quarter.

顯然，我們也無法免於學術和政府阻力的影響。但是，儘管我們銷售試劑，但我想說，從學術和政府的角度來看，我們受到的保護要小一些。但我想說，情況相對穩定。隨著第二季的進展，我們已經到達了這一水平。

Okay. That's helpful. And then moving on the cap deployment side, you guys talked a little bit about a little more aggressive on the share repo. Can you just talk about the appetite on the deal side? It's been topical.

好的。這很有幫助。然後談到上限部署方面，你們談到了在股票回購方面採取更積極的措施。能談談交易方面的興趣嗎？這已經成為熱門話題。

We've seen a few larger deals going to come through in the group. Can you just talk about your appetite, what you've seen, and what the funnel looks like at the moment? Thank you, guys.

我們已經看到該集團即將達成幾筆較大的交易。您能否談談您的胃口、您所看到的情況以及目前的漏斗情況？謝謝你們。

Yeah, Patrick. We continue to actively evaluate redeploying our cash into potential M&A targets, as I've talked about earlier. But really, where our focus is on making strong strategic additions to the company. And this is sort of where our disciplined multi-criteria process plays a role.

是的，派崔克。正如我之前提到的，我們將繼續積極評估將現金重新部署到潛在的併購目標。但實際上，我們的重點是為公司做出強而有力的策略補充。這就是我們嚴謹的多標準流程發揮作用的地方。

We've not really identified targets yet that are compelling enough from both a financial profile and expected return perspective to move forward with. I mean, given the strong and differentiated financial profile that we have now put in place for Revvity and our strong internal innovation pipeline, we'll continue to remain active and aggressive in looking at opportunities and targets of all shapes and sizes.

我們尚未真正確定從財務狀況和預期回報角度來看足夠引人注目的目標。我的意思是，鑑於我們現在為 Revvity 建立的強大且差異化的財務狀況以及我們強大的內部創新管道，我們將繼續保持積極主動的態度，尋找各種形式和規模的機會和目標。

But we'll also remain disciplined, as we believe that what we've built at Revvity is now something that is truly special on its own. So we continue to look. We have an active pipeline. But really, we haven't found anything that has been compelling enough for us to make the jump.

但我們也會保持自律，因為我們相信，我們在 Revvity 所建構的東西現在已經是真正特別的東西了。因此我們繼續觀察。我們有一個活躍的管道。但實際上，我們還沒有找到任何足以讓我們做出這項轉變的東西。

Understood. Thank you, guys.

明白了。謝謝你們。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Hi. Good morning, you guys. Thanks so much for taking the questions. I wanted to kind of pivot here and talk a little bit about your tariff assumptions. You mentioned that your guide was really assuming the tariff as of Friday. But you also acknowledged the tariff deal that was announced over the weekend to EU, given EU tariffs are now going to be 15% instead of 10%.

你好。大家早安。非常感謝您回答這些問題。我想在這裡稍微談談您的關稅假設。您提到您的導遊實際上是假設週五的關稅。但您也承認週末與歐盟宣布的關稅協議，歐盟關稅現在將為 15%，而不是 10%。

So can you help unpack for us a little bit what is currently assumed in terms of dollar amounts for what's going to be pressuring the EU? And then talk about some of the incremental offsets that we can see there, given just that's an important geography for you guys.

那麼，您能否幫助我們稍微解釋一下，就美元金額而言，目前對歐盟施加壓力的假設是什麼？然後討論我們可以在那裡看到的一些增量補償，因為那對你們來說是一個重要的地理位置。

Yeah, hey, Rachel. Thanks for the question. Look, I think as you look at the tariff situation, obviously, it's rapidly evolving as we saw the news come across the desk yesterday. I'd say, look -- and there's still some details that have to get finalized here in terms of the exact scope of what is agreed upon in this framework.

是的，嘿，Rachel。謝謝你的提問。你看，我認為當你觀察關稅情況時，顯然它正在迅速發展，就像我們昨天看到的新聞一樣。我想說，看——關於該框架中商定的具體範圍，還有一些細節需要最終確定。

But if we take the assumption that it's a 15% tariff here between the Europe and US, that's probably the gross impact for us in the second half of $0.03 to $0.05. However, I would say we're already actively putting in place offsetting mitigation actions to sort of abate these potential headwinds.

但如果假設歐美之間徵收15%的關稅，下半年對我們造成的總影響可能在0.03美元到0.05美元之間。不過，我想說，我們已經在積極實施抵銷性措施，以減輕這些潛在的不利因素。

And then longer term, as we're looking at our overall cost structure, this is going to be a major factor as we sort of look at -- as we evaluate our global manufacturing footprint and what sort of permanent changes we may need to make there.

從長遠來看，當我們審視我們的整體成本結構時，這將是一個主要因素——當我們評估我們的全球製造足跡以及我們可能需要在那裡做出什麼樣的永久性改變時。

Great. That's helpful. And then just on NIH. You talked about some of the pressure that you were seeing in academic and government, and that's kind of playing out in line with your expectations here.

偉大的。這很有幫助。然後就談 NIH。您談到了您在學術界和政府中看到的一些壓力，這在某種程度上符合您的預期。

But can you just walk us through what's the house view for Revvity's end on how you see the budgets playing out? Do you think we'll have a continuing resolution here? What are your expectations for NIH in regards to funding next year?

但是，您能否向我們介紹一下 Revvity 對預算執行情況的看法？您認為我們會在這裡達成持續的解決方案嗎？您對 NIH 明年的資金投入有何期望？

Yeah. I think anyone's response would be as good as mine in trying to speculate what 2026 NIH budget would look like, Rachel.

是的。雷切爾，我認為任何人的反應都會和我一樣好，試圖推測 2026 年 NIH 預算會是什麼樣子。

From our expectation right now for the rest of the year, we are assuming that it will continue to -- the academic and government performance will continue to stay weak and stay stabilized at the lower level for the rest of this year. And we just have to see how things pan out in the second half to be able to comment on 2026.

根據我們目前對今年剩餘時間的預期，我們假設這種情況將繼續下去——學術和政府表現將繼續保持疲軟，並在今年剩餘時間內穩定在較低水平。我們只需要觀察下半年的情況如何，就能對 2026 年做出評論。

Next question, operator.

下一個問題，接線生。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Great. Thanks. I just wanted to touch a little bit on the Life Sciences margin side. You had a little bit of -- on the GM, you talked about like the weakness there. But you have really strong software. Reagents were up. Like we said, instruments, we talked a little bit about that.

偉大的。謝謝。我只是想稍微談談生命科學的邊緣面。您談到了 GM 的一點弱點。但你的軟體確實很強大。試劑已上漲。就像我們說的，樂器，我們對此進行了一點討論。

Just kind of the puts and takes of what's going on. I assume that there's probably a little bit of volume there. But like I said, you had strong reagents and software, and kind of how this is going to trend throughout the year.

這只是正在發生的事情的大概內容。我認為那裡可能有一點音量。但就像我說的，你有強大的試劑和軟體，而且可以知道全年的趨勢如何。

Yeah. I think as you look at our Life Sciences operating margin, I'd say a couple of dynamics are at play. One, you've got the tariff headwinds, obviously, that we've talked about. There's more of an impact in DX, but LS isn't completely immune.

是的。我認為，當您查看我們的生命科學營業利潤率時，我會說有幾個動態因素在起作用。首先，顯然我們已經討論過關稅阻力。DX 的影響更大，但 LS 並非完全不受其影響。

I'd say the second thing is we did talk a little bit of the FX pressure that's impacting both of our businesses. And then the third one, I would say, is there was a little bit of specific product mix within the reagents business here in the second quarter, that led to a little bit of some margin pressure for that business.

我想說的第二件事是，我們確實談到了影響我們兩家公司業務的外匯壓力。然後我想說的第三點是，第二季試劑業務中有一些特定的產品組合，這給該業務的利潤率帶來了一些壓力。

But I think as we look over the long term -- and there's nothing really that's sort of structurally changed how we view the operating margin performance or entitlement of our Life Sciences business.

但我認為，從長遠來看，我們對生命科學業務的營業利潤率表現或權利的看法並沒有結構性改變。

Okay. And then on the additional cost actions you guys are taking out, is this, essentially, you guys looking at it and saying, all right, well, this is a tougher environment; we can kind of pull forward some of those cost actions we were looking to implement on the out years? Or is this going to be incremental to those?

好的。然後，關於你們正在採取的額外成本行動，從本質上講，你們是不是在看著它並說，好吧，這是一個更加艱難的環境；我們可以提前實施一些我們希望在未來幾年實施的成本行動？或者這對那些人來說會是增量的？

I think it's a combination of things. One, I think there is a little bit of what you talked about on maybe pulling in some additional structural actions that were already planned in future years. I think, two, as I've mentioned, we are reevaluating our global manufacturing footprint, which, just given that we have some regulated sites, can take a little bit of time.

我認為這是多種因素共同作用的結果。首先，我認為您所談到的可能涉及在未來幾年採取一些已經計劃好的額外結構性措施。我認為，第二，正如我所提到的，我們正在重新評估我們的全球製造足跡，考慮到我們有一些受監管的站點，這可能需要一點時間。

But, one, now with some of these tariff rates, it probably makes a little bit more financial sense to pull the trigger on. And then I'd say, third, we are looking at some specific sales and marketing channels, given the specific drops in IDx China and making some very, I would say, targeted actions in that location.

但是，首先，現在有了一些關稅稅率，採取這些措施可能在經濟上更有意義。然後我想說，第三，考慮到 IDx 中國的具體下降，我們正在研究一些特定的銷售和行銷管道，並在該地區採取一些非常有針對性的行動。

Thank you.

謝謝。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Good morning, guys. Thank you. Prahlad, you mentioned VBP in your China comments. Can you just sort of explicitly update us on the confidence that you have in that business not getting caught up there?

大家早安。謝謝。普拉拉德，您在對中國的評論中提到了越南石油公司。您能否明確告訴我們，您對該業務不會陷入困境的信心？

I mean, the message, I think, has been pretty consistently that that shouldn't be an issue, just given the nature of the business and some of the competitive dynamics. But obviously, there are surprises afoot here. So just checking to make sure that that's still the view that you have.

我的意思是，我認為，一直以來傳達的訊息都是，考慮到業務性質和一些競爭動態，這不應該成為問題。但顯然，這裡還有令人驚訝的事情發生。因此，只需檢查以確保這仍然是您所持有的觀點。

Yes, Dan. What we have seen, again, as I said, has been more around the DRG policy rather than on VBP. I mean, VBP, we haven't seen any impact from it going forward. But at the end of the day, one way or the other, the whole focus of the government clearly is how do you debundle, whether you use the Sunshine Act or VBP or DRG, to bring costs down.

是的，丹。正如我所說，我們所看到的更多是圍繞 DRG 政策而不是 VBP。我的意思是，VBP，我們還沒有看到它未來的任何影響。但最終，不管怎樣，政府的整個關注點顯然是如何進行拆分，無論是使用陽光法案、VBP 還是 DRG，來降低成本。

The question really comes from our perspective, the guidance that we have assumed, is that impact will continue until we anniversary this. But longer -- mid- to longer term, our focus is around patient care. Because from an autoimmune perspective, as I said, at the end of the day, you have to find what the specific autoimmune disease is.

這個問題實際上來自於我們的觀點，我們所假設的指導是，影響將持續到我們週年紀念。但從中長期來看，我們的重點是病患照護。因為從自體免疫的角度來看，正如我所說，最終你必須找到具體的自體免疫疾病是什麼。

And without multiplex and going to single plex, this is going to, in the mid- to longer term, add to the cost or rather at the most, be neutral to the cost structure that they are trying to put in place right now and not really significantly bring it down.

如果不採用多廳影院，而採用單廳影院，從中長期來看，這將增加成本，或者最多對他們現在試圖建立的成本結構保持中性，而不會真正顯著地降低成本。

Okay. All right. That's helpful. And then maybe on Genomics England and the expanded program there, can you just help us with what the ramp-up periods look like for volumes and maybe what kind of contributions you assumed for the back half?

好的。好的。這很有幫助。然後也許關於 Genomics England 和那裡的擴展計劃，您能否幫助我們了解產量的增長期是什麼樣的，以及您認為後半部分會有什麼樣的貢獻？

I think we had circled like 10 million or so. So just checking to make sure that, Max, that's an okay number. Thanks.

我認為我們已經圈出了大約 1000 萬個左右。所以只是檢查一下，以確保 Max，這是一個可以接受的數字。謝謝。

Yeah. Hey, Dan. I think that's an okay number. And again, as I mentioned, we've got pretty good visibility on what the ramp is. We've already a month into the program. It's going extremely well.

是的。嘿，丹。我認為這是一個不錯的數字。正如我所提到的，我們對坡道的情況有相當好的了解。該計劃已實施一個月了。一切進展非常順利。

But I think the split that you mentioned are appropriate in terms of 10 million overall for the back half. Most of that will be in the fourth quarter, though.

但我認為，就後半部分總計 1000 萬而言，您提到的分割是合適的。不過，其中大部分將發生在第四季。

Okay. Thank you.

好的。謝謝。

This concludes our Q&A. I'll now hand back to Steve Willoughby for any final remarks.

我們的問答到此結束。現在我將把最後的發言權交還給史蒂夫·威洛比。

Thank you, Elliott. We look forward to speaking with everyone over the remainder of today and over the coming weeks. Have a good day.

謝謝你，艾略特。我們期待在今天剩餘的時間以及未來幾週與大家交談。祝你有美好的一天。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。