Revvity Inc (RVTY) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Q3 2025 Revvity earnings conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions) I will now hand the conference over to Steve Willoughby, SVP, Investor Relations. Steve, please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加 Revvity 2025 年第三季財報電話會議。在今天的演講結束後，我們將進行問答環節。（操作說明）現在我將把會議交給投資者關係高級副總裁史蒂夫·威洛比。史蒂夫，請繼續。

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

謝謝接線生。各位早安，歡迎參加 Revvity 2025 年第三季財報電話會議。今天和我一起通話的還有我們的總裁兼執行長 Prahlad Singh，以及我們的資深副總裁兼財務長 Max Krakowiak。

I'd like to remind you of the Safe Harbor statements 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.

我想提醒各位注意我們今天早上發布的新聞稿以及我們提交給美國證券交易委員會的文件中提到的「安全港」條款。本次電話會議中發表的聲明或評論可能屬於前瞻性聲明，其中可能包括但不限於財務預測或公司計劃、目標、預期或意圖的其他聲明。

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.

由於各種因素的影響，公司的實際業績可能與預測或建議的業績有顯著差異，這些因素已在我們的美國證券交易委員會文件中進行了詳細討論。今天發表的任何前瞻性聲明均代表我們截至今天的觀點。

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.

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，您不應將今天發表的任何聲明視為我們此後任何日期的觀點。

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

在本次電話會議中，我們將提及一些非GAAP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 指標的調整表，已作為我們獲利新聞稿的附件提供。

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。普拉拉德？

Thank you, Steve, and good morning, everyone. I'm glad you're able to join us this morning to discuss our third quarter results and our updated outlook for the rest of the year. We continued to perform well during the third quarter and achieved our objectives during what continued to be a dynamic end market environment.

謝謝你，史蒂夫，大家早安。很高興您今天早上能和我們一起討論第三季業績以及我們對今年剩餘時間的最新展望。第三季我們繼續保持良好業績，並在持續變化的終端市場環境中實現了我們的目標。

We are consistently executing at a high level on those items which are more fully within our control, such as our margins, cash flow generation, opportunistic capital deployment, and a strong and consistent pipeline of bringing meaningful new innovations to market, which I will touch on more in a bit.

我們在那些我們能夠完全掌控的方面，如利潤率、現金流產生、機會主義資本部署以及持續不斷地將有意義的新創新推向市場，都保持著高水平的執行力，稍後我將對此進行更詳細的介紹。

While the current demand environment continues to remain stable, I'm increasingly optimistic that some of the larger industry overhangs we and others have been impacted by so far this year appear to be starting to gain clarity which should continue to improve customer confidence levels and lead to more robust levels of investment into science.

儘管目前的需求環境仍然穩定，但我越來越樂觀地認為，今年以來我們和其他企業所受到的一些較大的行業不利因素似乎開始變得明朗起來，這應該會繼續提高客戶的信心水平，並促使對科學進行更強有力的投資。

Our third quarter results overall were in line with our expectations, with 1% organic growth, being slightly offset by less favorable FX tailwinds due to the changes in currency throughout the quarter. Our Signals, Software business continued to perform extremely well, growing 20% organically in the quarter, which again included even stronger SaaS performance and conversion.

第三季整體業績符合預期，實現了 1% 的自然成長，但由於本季匯率波動帶來的不利外匯因素，部分抵銷了這一成長。我們的訊號軟體業務持續表現出色，本季實現了 20% 的自然成長，其中 SaaS 業務的表現和轉換率再次大幅提升。

Our reproductive health business also continued to perform exceptionally well and grew in the mid-single-digits year-over-year, with Newborn screening again growing in the high single-digits in the quarter. We anticipate continued strong performance in this business as we bring additional novel products and workflows to the market.

我們的生殖健康業務也持續表現出色，年成長了中等個位數，其中新生兒篩檢在本季度再次實現了高個位數成長。我們預計隨著更多創新產品和工作流程的推出，該業務將繼續保持強勁的成長動能。

A recent example of this is a new NeoLSD 7-plex kit, which recently received IVDR approval in Europe and is awaiting FDA clearance expected early next year. This expanded assay will complement our existing capabilities to now also include screening for MPS-II, otherwise known as Hunter's syndrome.

最近的一個例子是新型 NeoLSD 7 重檢測試劑盒，該試劑盒最近獲得了歐洲 IVDR 的批准，目前正在等待 FDA 的批准，預計將於明年初獲得批准。這項擴展的檢測將補充我們現有的能力，現在還可以包括 MPS-II（又稱亨特氏症候群）的篩檢。

We also remained diligent with our expenses in the quarter and generated 26.1% adjusted operating margins, which were modestly above our expectations. With some additional favorability below the line, we generated adjusted earnings per share of $1.18, which was $0.05 above the midpoint of our guidance. Additionally, we continue to have a strong focus on cash flow generation and our capital deployment priorities.

本季度，我們繼續嚴格控制支出，實現了 26.1% 的調整後營業利潤率，略高於我們的預期。加上一些其他有利因素，我們調整後的每股收益為 1.18 美元，比我們預期的中點高出 0.05 美元。此外，我們將繼續高度重視現金流的產生和資本部署的優先事項。

In the third quarter, we generated free cash flow of $120 million, and also received the final $38 million brand payment related to a large divestiture from two years ago. This free cash flow continued to represent approximately 90% of our adjusted net income, solidly above our longer-term expectations.

第三季度，我們產生了 1.2 億美元的自由現金流，也收到了兩年前一項大型資產剝離交易的最後一筆 3,800 萬美元品牌款項。這一自由現金流繼續占我們調整後淨收入的約 90%，遠超我們的長期預期。

Given our strong balance sheet position and disciplined M&A criteria, we again actively redeployed this cash by repurchasing our shares. In the third quarter, we spent $205 million repurchasing approximately 2.3 million shares. This brings our total buyback activity since we've completed the divestiture 2.5 years ago to 12.5 million shares or 10% of the total shares we had outstanding at the end of the first quarter of 2023.

鑑於我們強勁的資產負債表狀況和嚴格的併購標準，我們再次積極地透過回購股票的方式重新部署了這筆現金。第三季度，我們花費 2.05 億美元回購了約 230 萬股股票。這使得我們自 2.5 年前完成資產剝離以來的股票回購總量達到 1,250 萬股，佔 2023 年第一季末我們已發行股票總數的 10%。

Given our commitment to disciplined capital deployment, we recently received a new $1 billion share repurchase authorization from our Board, which will replace what was left on our existing program. This new share repurchase program will provide us plenty of capacity to continue to meaningfully deploy capital in this area over the next two years.

鑑於我們對嚴格資本部署的承諾，我們最近獲得了董事會新的 10 億美元股票回購授權，這將取代我們現有計劃中剩餘的部分。這項新的股票回購計畫將為我們提供充足的資金，以便在未來兩年內繼續在該領域進行有意義的資本部署。

As we look ahead to the fourth quarter and into next year, although end markets have continued to remain relatively stable, I am increasingly optimistic on our future performance, given recent signs that the impact from certain larger industry overhangs are becoming more transparent. However, for the time being, we want to remain prudent in our assumptions until we see sustained improvements in broader industry demand trends.

展望第四季和明年，儘管終端市場繼續保持相對穩定，但鑑於最近有跡象表明某些較大的行業不利因素的影響正變得越來越明顯，我對我們未來的業績越來越樂觀。然而，目前我們希望在做出假設時保持謹慎，直到我們看到更廣泛的行業需求趨勢持續改善。

While Max will provide more color on our updated guidance in a moment, at a high level, we are reiterating our 2% to 4% organic growth expectation for this year, while raising our adjusted earnings per share guidance to a new range of $4.90 to $5 to account for our outperformance in the third quarter.

雖然 Max 稍後會就我們更新後的業績指引提供更多細節，但總體而言，我們重申今年 2% 至 4% 的有機成長預期，同時將調整後的每股收益指引上調至 4.90 美元至 5 美元的新區間，以反映我們第三季度的優異表現。

As we view our markets today, our best and most prudent assumption for next year is that organic growth continues to remain similar to what it has been over the last several years in the 2% to 3% range. But we see opportunity for improvements once customers consistently return to more historically normal levels of spending.

從我們目前對市場的觀察來看，我們對明年的最佳和最謹慎的假設是，有機成長率將繼續保持在過去幾年2%至3%的範圍內。但我們認為，一旦顧客的消費水平持續恢復到更接近歷史正常水平，就有機會做出改進。

While we have started to see some promising signs with customer activity levels in October, we want to see how the remainder of the year plays out before factoring in potentially more robust levels of growth for next year. Within the 2% to 3% growth scenario, we also remain confident with our 28% adjusted operating margin baseline expectation for next year, given the restructuring activities that are already well underway.

雖然我們在 10 月的客戶活躍度方面看到了一些令人鼓舞的跡象，但我們希望看看今年剩餘時間的發展情況，然後再考慮明年可能更強勁的成長水平。在 2% 至 3% 的成長情境下，鑑於重組活動已經進展順利，我們對明年 28% 的調整後營業利潤率基準預期仍然充滿信心。

I'd now like to take a moment to share some perspective on how we've been executing at a high level both scientifically and commercially, as a number of the key initiatives we've highlighted publicly over the last year are now beginning to come to fruition. While the following are all great achievements on their own, I'd note a near term pipeline is even more exciting and potentially impactful for the company overall.

現在我想花點時間分享我們在科學和商業方面是如何高水準執行的，因為過去一年我們公開強調的一些關鍵舉措現在開始取得成果。雖然以下各項本身都是非常了不起的成就，但我要指出的是，近期專案儲備更加令人興奮，並且可能對公司整體產生更大的影響。

First, let me start with AI. While much has been said about how AI is being used or sometimes not used in the corporate world, at Revvity, we are bringing real-world AI based solutions to market for our customers at a rapid pace.

首先，讓我從人工智慧談起。儘管關於人工智慧在企業界的使用情況（有時甚至是不使用人工智慧）已經有很多討論，但在 Revvity，我們正在快速地為客戶將基於人工智慧的現實解決方案推向市場。

This is not just automated note taking or digital image creation, but rather through productivity improvements for our customers, in addition to new solutions which are changing and advancing how science is being done.

這不僅僅是自動記筆記或創建數位影像，而是透過提高客戶的生產力，以及提供改變和推進科學研究方式的新解決方案來實現。

In the past year alone, we have commercially launched new AI focused software offerings such as Signals One in our Signals business, Transcribe AI in reproductive health, and Phenologic.AI in a high content screening franchise.

光是在過去一年裡，我們就推出了以人工智慧為中心的新軟體產品，例如 Signals 業務中的 Signals One、生殖健康領域的 Transcribe AI 以及高內涵篩檢領域的 Phenologic.AI。

We have also entered into a new collaboration with Profluent Bio to offer novel AI engineered enzymes with a pinpoint-based editing system. And only a month ago, we announced the introduction of our new Living Image Synergy AI software platform for use with in-vivo imaging instruments.

我們也與 Profluent Bio 展開了新的合作，提供採用精準編輯系統的新型人工智慧工程酶。就在一個月前，我們宣布推出全新的 Living Image Synergy AI 軟體平台，用於活體成像儀器。

This new offering helps reduce the time needed for scientists to manually review and highlight images of potential interest for further evaluation from several hours to a few minutes, freeing up significant capacity for these scientists to focus more of their time on uncovering even higher-level insights.

這項新服務有助於將科學家手動審查和突出顯示潛在感興趣圖像以進行進一步評估所需的時間從幾個小時縮短到幾分鐘，從而為這些科學家騰出大量精力，讓他們能夠將更多的時間用於發現更高層次的見解。

While these are all great examples of how we are rapidly embedding AI's capabilities into new offerings for our customers, our development pipeline for additional new AI-based products is even more robust. We believe some of the novel solutions we are currently working on, which are not all that far away from coming to market have the potential to truly change scientific paradigms and how preclinical discovery is done.

以上都是我們如何迅速將人工智慧的功能融入為客戶提供的新產品中的很好的例子，但我們針對更多基於人工智慧的新產品的開發計劃更加強大。我們相信，我們目前正在研究的一些新穎解決方案，距離上市並不遙遠，有可能真正改變科學範式和臨床前發現的方式。

I know that is a bold statement. But I could not be more excited about how our teams are embracing the power and potential of AI internally. But even more so, what we are working on externally for our customers and the advancement of science. I look forward to sharing more on this with you in the coming months.

我知道這話說得有點大膽。但我對我們的團隊如何在內部擁抱人工智慧的力量和潛力感到無比興奮。但更重要的是，我們正在為我們的客戶進行外部工作，並推動科學進步。我期待在接下來的幾個月與您分享更多相關資訊。

In addition to delivering on our own innovation commitments, we are also making strong progress in bringing our strategic partnerships to fruition. Many of these collaborations have been years in the making and were first highlighted externally at our Investor Day last November.

除了履行我們自身的創新承諾外，我們在實現策略合作夥伴關係方面也取得了顯著進展。這些合作項目大多歷經數年籌備，並於去年 11 月的投資者日上首次對外公佈。

One recent example includes a sequencing partnership with Genomics England and its larger generation study announced earlier this year, with work beginning in the third quarter. When I visited our new lab in Manchester earlier this month, I learned about a powerful real-life example that's already come out of the study, which was recently featured by the BBC.

最近的一個例子是與英國基因組學公司 (Genomics England) 的測序合作，以及今年早些時候宣布的更大規模的世代研究，該研究將於第三季度開始。本月初我去曼徹斯特參觀我們的新實驗室時，了解到這項研究已經產生了一個強有力的現實生活案例，BBC 最近對此進行了報告。

Baby Freddie was among the first infants screened through the program. Within his first month of life, clinicians were able to identify a genetic condition linked to a rare form of eye cancer because of his participation in the study.

小弗雷迪是首批透過該計畫接受篩檢的嬰兒之一。在他出生後的第一個月內，由於他參與了這項研究，臨床醫生就能夠確定他患有一種與罕見眼癌相關的遺傳疾病。

Although he showed no symptoms and had no family history, follow-up testing confirmed he had a tumor on his eye. Thanks to the early detection, Freddie received laser and chemotherapy treatment, greatly improving his chances of normal vision as he grows up.

雖然他沒有出現任何症狀，也沒有家族病史，但後續檢查證實他的眼睛上長了一個腫瘤。由於及早發現，弗雷迪接受了雷射和化療治療，大大提高了他長大後擁有正常視力的機會。

While Freddie's story reflects the broader impact of the study, it highlights why our collaboration with Genomics England matters so deeply, enabling transformative discoveries that can change and even save lives before families know there's a problem.

弗雷迪的故事反映了這項研究的更廣泛影響，同時也突顯了我們與英國基因組學公司的合作為何如此重要，這種合作能夠帶來變革性的發現，在家庭意識到問題之前就能改變甚至拯救生命。

A second key partnership was just announced earlier this month in collaboration with Sanofi. In this new relationship, we are developing and seeking global regulatory approvals for a new 4-plex assay for the early screening of type 1 diabetes, while at the same time, working to expand availability of our existing RDU assay within our global clinical lab network.

本月初，公司宣布與賽諾菲建立第二項重要的合作關係。在這種新的合作關係中，我們正在開發一種用於早期篩檢 1 型糖尿病的新型 4 重檢測方法，並尋求全球監管部門的批准，同時，我們也在努力擴大我們現有的 RDU 檢測方法在我們全球臨床實驗室網絡中的可用性。

With Sanofi's disease modifying therapy for delaying the onset of type 1 diabetes, T's yield, now approved in many jurisdictions around the world, including the US and with recent regulatory advancements such as Italy's new requirement to screen all children in the country for the disease. We believe this new assay has the potential to be a meaningful contributor to our diagnostics franchise once it receives regulatory approvals.

賽諾菲的疾病改善療法可以延緩 1 型糖尿病的發病，目前已在包括美國在內的世界許多地區獲得批准，並且隨著義大利等國家最近出台的新法規要求對該國所有兒童進行該疾病篩檢，T 的產量也隨之增加。我們相信，一旦獲得監管部門的批准，這項新的檢測方法有望成為我們診斷業務的重要組成部分。

While these are two recent examples of our strategic partnership efforts coming to fruition, our pipeline of additional projects continue to remain very active. And I expect you will hear more from us on these opportunities quite soon.

雖然以上是我們策略合作努力取得成果的兩個最新例子，但我們的其他專案儲備仍然非常活躍。我相信不久之後，我們會就這些機會向您提供更多消息。

I also wanted to take a moment to highlight the recent publication of our annual impact report, which showcases how our work is not only advancing science and healthcare, but is doing so in a sustainable way that keeps the best interests of our employees and communities we serve front and center.

我還想藉此機會重點介紹我們最近發布的年度影響力報告，該報告展示了我們的工作不僅推動了科學和醫療保健的發展，而且還以可持續的方式，將我們員工和我們所服務社區的最大利益放在首位。

Highlights from this year's report include the company having a 6% reduction in our Scope 1 and 2 emissions in 2024, and how we were able to divert 47% of our waste from landfills last year ahead of our multi-year goal.

今年的報告亮點包括該公司在 2024 年將範圍 1 和範圍 2 的排放量減少 6%，以及我們去年提前實現了 47% 的廢物從垃圾掩埋場轉移出去的目標。

We achieved a 77% employee satisfaction rate in our recent all-employee survey, which was above our target. And we were able to expand our STEM Scholarship initiatives to two additional universities in China and the UK.

在最近一次全體員工調查中，我們的員工滿意度達到了 77%，高於我們的目標。我們得以將 STEM 獎學金計劃擴展到中國和英國的另外兩所大學。

These efforts are being recognized as we recently received a AAA rating from the well-known ESG rating agency, MSCI, which is its highest possible rating and is above most of our peers. I couldn't be more proud of our efforts in this area.

這些努力得到了認可，我們最近獲得了知名 ESG 評級機構 MSCI 的 AAA 評級，這是其最高評級，高於我們的大多數同行。我為我們在這一領域所做的努力感到無比自豪。

Overall, we are making tangible progress on some of our key strategic partnerships and new product launch initiatives, with even more significant announcements hopefully coming very soon. We have done a good job navigating the dynamic market environment so far this year and are managing the business appropriately to continue to deliver on our earnings expectations for the year, while setting us up for even stronger financial performance in the future.

總體而言，我們在一些關鍵策略合作夥伴關係和新產品發布計劃方面取得了切實進展，希望很快能有更多重大消息公佈。今年以來，我們很好地應對了瞬息萬變的市場環境，並採取了適當的業務管理措施，以繼續實現我們今年的獲利預期，同時為未來更強勁的財務業績奠定基礎。

I am increasingly optimistic that several key market uncertainties are beginning to ease, positioning us to benefit as demand eventually returns to more normalized levels. We are performing well and the future is extremely bright for Revvity as we help shape how drug discovery and development is done in new ways in the years to come.

我越來越樂觀地認為，幾個關鍵的市場不確定因素正在開始緩解，這將使我們受益於需求最終恢復到更正常的水平。我們目前表現出色，Revvity 的未來一片光明，我們將在未來幾年以全新的方式幫助塑造藥物發現和開發的方式。

While also driving advancements in specialty clinical diagnostics, which are having a meaningful impact on human health. With that, I will now turn the call over to Max.

同時，也在推動專業臨床診斷的進步，這對人類健康產生了重大影響。接下來，我將把通話交給馬克斯。

Thanks, Prahlad, and good morning, everyone. As Prahlad highlighted, our teams performed well in the quarter, as was evident in our operating margins coming in slightly above our expectations, delivering another strong quarter of cash flow generation and opportunistic capital deployment.

謝謝普拉拉德，大家早安。正如 Prahlad 所強調的那樣，我們的團隊在本季度表現出色，營業利潤率略高於預期，這再次證明了我們本季度的強勁現金流和機會性資本部署。

Given this performance, potentially improving signs of customer activity, and solid progress on our productivity initiatives, it positions us well to have a strong finish to the year with positive momentum as we head into 2026.

鑑於此業績、客戶活躍度可能改善的跡像以及我們在生產力提升計劃方面取得的穩步進展，我們預計將在今年取得強勁的收官，並在邁向 2026 年之際保持積極的勢頭。

While Prahlad highlighted how we are delivering new AI-driven solutions for our customers commercially, I wanted to provide you some perspective on how we are currently leveraging AI capabilities internally. Our use of AI in our operations is already delivering significant value for both our employees and our customers, but also our financial performance.

Prahlad 重點介紹了我們如何為客戶提供商業化的全新人工智慧驅動解決方案，而我想從另一個角度談談我們目前如何在內部利用人工智慧能力。我們在營運中使用人工智慧已經為我們的員工、客戶以及財務表現帶來了巨大的價值。

First, earlier this year, we deployed Revvity AI for all of our 11,000 employees. This custom built, fully secure environment leverages leading large language models to drive both efficiencies and increase commercial opportunities across our business.

首先，今年早些時候，我們為所有 11,000 名員工部署了 Revvity AI。這個客製化的、完全安全的環境利用領先的大型語言模型來提高我們業務的效率並增加商業機會。

For example, we have now deployed over 30 custom AI agents which are being used in areas such as commercial sales, customer care, technical service and repair, software development, HR, and financial operations, and we expect to have over 50 agents in place by the end of the year.

例如，我們目前已部署了 30 多個客製化 AI 代理，這些代理正在商業銷售、客戶服務、技術服務和維修、軟體開發、人力資源和財務營運等領域中使用，我們預計到今年年底將有 50 多個代理投入使用。

By leveraging our platform, our sales reps are now seeing a 3 to 4 times improvement in their lead generation conversion rates. In our software businesses, we are already seeing a 5% to 10% reduction in overall development timelines by leveraging our AI capabilities, allowing us to bring new offerings to market even faster than what was previously possible.

透過利用我們的平台，我們的銷售代表的潛在客戶開發轉換率現在提高了 3 到 4 倍。在我們的軟體業務中，透過利用人工智慧技術，我們已經看到整體開發週期縮短了 5% 到 10%，這使我們能夠比以前更快地將新產品推向市場。

Within finance, our new custom built AI agents are having a fairly immediate and material impact on our collections, directly improving our cash flow generation. While these are just a few specific examples of how we are already harnessing the potential of AI in our day to day operations, they represent just a small sample of how AI is transforming our business. And I believe we are just scratching the surface on its ultimate impact.

在金融領域，我們新客製化的 AI 代理對我們的收款產生了相當直接和實質的影響，直接改善了我們的現金流。雖然以上只是我們在日常營運中如何利用人工智慧潛力的幾個具體例子，但它們僅僅代表了人工智慧如何改變我們業務的一小部分。我相信我們目前所看到的只是它最終影響的冰山一角。

As Prahlad mentioned, AI at Revvity is not just a theory or a long range goal, but has become part of our operating model that we are actively leveraging both internally with our employees and externally in our products on a daily basis.

正如 Prahlad 所提到的，人工智慧在 Revvity 不僅僅是一種理論或一個長遠目標，它已經成為我們營運模式的一部分，我們每天都在積極地將其應用於內部員工和外部產品。

Now turning to the specifics of our third quarter performance, overall, the company generated revenue of $699 million in the quarter, resulting in 1% organic growth. FX was an approximate 1% tailwind of growth, a modest headwind compared to our assumptions 90 days ago, and we again had no incremental contribution from acquisitions.

現在來看看我們第三季的具體業績，總體而言，公司本季創造了 6.99 億美元的收入，實現了 1% 的有機成長。外匯波動對成長起到了約 1% 的順風作用，與我們 90 天前的假設相比，這是一個適度的逆風，而且我們再次沒有從收購中獲得任何增量貢獻。

As it relates to our P&L, we generated 26.1% adjusted operating margins in the quarter, which were down 220 basis points year-over-year, but modestly above our expectations. Margins were pressured on a year over year basis from tariffs, FX, and lower volume leverage, particularly as it pertains to the weakness from our Diagnostics business in China. This was partially offset by a modestly better than expected impact from recently implemented cost containment initiatives.

就我們的損益而言，本季我們實現了 26.1% 的調整後營業利潤率，年減了 220 個基點，但略高於我們的預期。受關稅、匯率和銷售槓桿作用下降的影響，利潤率較去年同期承壓，尤其是由於我們在中國診斷業務的疲軟。近期實施的成本控制措施帶來的效果略優於預期，部分抵銷了上述不利影響。

Looking below the line, our adjusted net interest and other expenses were $22 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.

從財務報表來看，本季我們調整後的淨利息和其他支出為 2,200 萬美元，這在一定程度上受到了年初至今股票回購活動增加的影響，導致我們現金餘額的利息收入下降。

Our adjusted tax rate was 15% of the quarter, and we continue to remain active with our share repurchase program as we average 115.5 million diluted shares in the quarter, which was down over 2 million shares sequentially, and was down nearly 8 million shares year-over-year. This all resulted in our adjusted EPS in the third quarter being $1.18, which was $0.05 above the midpoint of our expectations.

本季調整後的稅率為 15%，我們繼續積極推行股票回購計劃，本季平均回購稀釋後股票數量為 1.155 億股，較上季減少 200 多萬股，年減近 800 萬股。這一切使得我們第三季的調整後每股收益為 1.18 美元，比我們預期的中位數高出 0.05 美元。

Moving beyond the P&L, we generated free cash flow of $120 million in the quarter, resulting in 88% conversion of our adjusted net income. On a year-to-day basis, our $354 million of free cash flow equates to a solid 89% conversion of our adjusted net income.

除了損益表之外，我們本季產生了 1.2 億美元的自由現金流，實現了調整後淨收入的 88%。以年計算，我們 3.54 億美元的自由現金流相當於我們調整後淨收入的 89%。

Regarding capital deployment, we continue to remain active with our buyback program as we repurchase another $205 million worth of shares in the third quarter. This brings our repurchase activity through September to nearly $650 million, which allowed us to buy back 7 million shares so far this year overall.

在資本部署方面，我們繼續積極推動股票回購計劃，第三季將再回購價值 2.05 億美元的股票。這使得我們截至 9 月的股票回購活動總額接近 6.5 億美元，使我們今年迄今總共回購了 700 萬股股票。

As it relates to our balance sheet, we finished the quarter with a net debt to adjusted EBITDA leverage ratio of 2.7 times, with 100% of our debt being fixed rate, with a weighted average interest rate of 2.6%, and weighted average maturity out another six years. As we evaluate capital deployment, we will continue to remain both flexible and disciplined in order to capitalize on the highest return opportunities while ensuring we maintain 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 2.7 倍，我們的負債 100% 為固定利率，加權平均利率為 2.6%，加權平均到期日還有六年。在評估資本部署時，我們將繼續保持靈活和自律，以抓住回報最高的投資機會，同時確保我們維持投資等級信用評級。

I will now provide some commentary on our third quarter business trends, which are also highlighted in the quarterly slide presentation on our Investor Relations website. The 1% growth in organic revenue in the quarter was comprised of flat performance in our Life Sciences segment and 2% growth in Diagnostics.

接下來，我將對我們第三季的業務趨勢進行一些評論，這些趨勢也在我們投資者關係網站上的季度投影片簡報中重點介紹。本季有機收入成長 1%，其中生命科學部門業績持平，診斷部門成長 2%。

Geographically, we grew in the low single-digits in the Americas, grew in the mid-single-digits in Europe, while Asia declined in the mid-single-digits, with China declining in the low teens.

從地理來看，我們在美洲實現了個位數低成長，在歐洲實現了個位數中成長，而亞洲則出現了個位數中下降，其中中國的下降幅度更是達到了十幾個百分點。

From a segment perspective, our Life Sciences business generated revenue of $343 million in the quarter. This was up 1% on a reported basis, and roughly flat on an organic basis.

從業務板塊來看，我們的生命科學業務在本季創造了 3.43 億美元的收入。以報告數據計算，成長了 1%；以自然成長計算，基本上持平。

From a customer perspective, sales to pharma and biotech customers were up low single-digits, whereas sales into academic and government customers declined in the low single-digits in the quarter.

從客戶的角度來看，本季對製藥和生技客戶的銷售額實現了低個位數成長，而對學術界和政府客戶的銷售額則出現了低個位數下降。

Our Life Science solutions business declined in the low single-digits in the quarter overall, which was in line with our expectations. Our Signals Software business was up 20% year-over-year organically in the quarter, and as Prahlad mentioned, continues to be a bright spot of the remedy portfolio. The business also continued to perform exceptionally well with an ARR of over 40%, an APV of 12%, and net retention rate of more than 110%, with all metrics solidly above levels from last year.

本季度，我們的生命科學解決方案業務整體下滑幅度為個位數百分比，這與我們的預期相符。本季度，我們的訊號軟體業務實現了同比增長 20% 的有機增長，正如 Prahlad 所提到的，它仍然是解決方案組合中的亮點。該業務也持續表現出色，年度經常性收入超過 40%，年度現值達到 12%，淨留存率超過 110%，所有指標均遠高於去年的水平。

In our Diagnostics segment, we generated $356 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 declined in the low single-digits organically during the quarter, which was in line with our expectations.

在我們的診斷業務部門，本季度我們創造了 3.56 億美元的收入，按報告數據計算增長了 3%，按有機增長計算增長了 2%。從業務角度來看，本季我們的免疫診斷業務有機成長幅度為個位數百分比，這與我們的預期相符。

China Immunodiagnostics declined in the mid-twenties, with the impact from DRG playing out as we had expected. Excluding China, the other 80% of our Immunodiagnostics business continued to perform very well and grew in the high single-digits, with mid-teens growth in the Americas.

中國免疫診斷業務在1920年代中期出現下滑，DRG的影響正如我們預期的那樣顯現出來。除了中國以外，我們免疫診斷業務的其他 80% 繼續表現良好，實現接近兩位數的成長，其中美洲地區的成長達到兩位數中段。

Our reproductive health business grew mid-single-digits organically in the quarter. Newborn screening continued to perform well and grew high single-digits globally, which was again driven by fantastic operational and commercial execution and the initial contribution from our work with Genomics England.

本季度，我們的生殖健康業務實現了中等個位數的有機成長。新生兒篩檢持續表現良好，在全球範圍內實現了接近兩位數的成長，這再次得益於出色的營運和商業執行以及我們與英國基因組學公司合作的初步貢獻。

As it pertains to China specifically overall, we incurred a low teens organic decline in the third quarter, driven by our Diagnostics business being down over 20% as it continues to face the impact of the DRG related declines in volume. This was partially offset by low single-digit growth in our Life Sciences business in China, where we continue to see solid year-over-year growth in reagents.

就中國整體而言，由於診斷業務持續受到與 DRG 相關的銷量下降的影響，導致其銷量下降超過 20%，因此我們在第三季度出現了兩位數的有機下滑。但這部分被我們在中國生命科學業務的個位數低成長所抵消，我們在試劑業務方面繼續保持穩健的同比增長。

Now moving on to guidance, as Prahlad mentioned, we are reiterating our organic revenue growth outlook of 2% to 4% for the full year, with the fourth quarter expected to play out largely as we had previously expected.

現在來說說業績指引，正如 Prahlad 所提到的，我們重申全年有機收入成長預期為 2% 至 4%，預計第四季業績將基本符合我們先前的預期。

We continue to expect both our Life Sciences and Diagnostic segments to each grow in the low single-digits for the full year, and we now see the tailwind from FX being slightly less than a 1% benefit to our full year revenue. We expect this to result in our full year total revenue to be in the range of $2.83 billion to $2.88 billion overall.

我們仍然預期生命科學和診斷業務全年都將實現個位數低成長，目前我們認為外匯利好對全年營收的貢獻將略低於 1%。我們預計這將使我們全年的總收入在 28.3 億美元至 28.8 億美元之間。

Moving down the P&L, we continue to expect our adjusted operating margins to be in the range of 27.1% to 27.3%, unchanged from our prior outlook and assumes the tariff environment as of today. Below the operating line, we now expect our net interest expense and other to be approximately $83 million, up slightly from our prior outlook due to lower expected interest income due to recent rate cuts and the impact from our continued share repurchase activity.

從損益表來看，我們仍然預期調整後的營業利潤率將在 27.1% 至 27.3% 之間，與我們先前的預期相同，並假設目前的關稅環境不變。在營運支出項下，我們現在預計淨利息支出和其他支出約為 8,300 萬美元，比我們先前的預期略有上升，原因是近期降息導致預期利息收入下降，以及我們持續的股票回購活動的影響。

We now expect a full year adjusted tax rate of approximately 17%, down 100 basis points from our previous assumption. And an average diluted share count of a little under 117 million for the full year. This all results in our adjusted earnings per share for the year to now be expected in a range of $4.90 to $5, up $0.05 from our prior outlook.

我們現在預計全年調整後稅率約為 17%，比我們先前的假設下降了 100 個基點。全年平均稀釋後股數略低於 1.17 億股。綜上所述，我們預計本年度調整後的每股盈餘將在 4.90 美元至 5 美元之間，比我們先前預期的高出 0.05 美元。

Overall, our third quarter organic growth results were in line with our expectations, and our outlook for the full year remains largely unchanged. As Prahlad highlighted, we are making great progress with a number of our key new product launches and strategic partnership initiatives, while taking appropriate cost actions to achieve our goals for next year.

整體而言，我們第三季的有機成長表現符合預期，我們對全年的展望基本上保持不變。正如 Prahlad 所強調的，我們在多項關鍵新產品發布和策略合作計劃方面取得了巨大進展，同時採取了適當的成本控制措施，以實現我們明年的目標。

We will continue to have a strong focus on our operational and commercial execution as we navigate the dynamic and market while remaining opportunistically disciplined with our capital deployment. This all positions us extremely well heading into next year and in the years to come.

我們將繼續高度重視營運和商業執行，以應對不斷變化的市場環境，同時在資本部署方面保持審慎的態度。這一切都讓我們在明年以及未來幾年都處於非常有利的地位。

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

現在，我們想透過這位接線生開啟提問環節。

(Operator Instructions) Patrick Donnelly, Citi.

（操作說明）Patrick Donnelly，花旗銀行。

Hey guys, thank you for taking the questions. Prahlad, maybe to start on the '26 commentary, I appreciate the preliminary thoughts there, sounds like maybe 2% to 3%. Can you just talk about the moving pieces? Obviously, you have the China Diagnostics piece. I think a lot of focus is on that.

各位，謝謝你們回答問題。Prahlad，或許可以開始評論 '26 了，我很欣賞你初步的想法，聽起來大概是 2% 到 3%。能只談談其中的關鍵環節嗎？顯然，你們有中國診斷這部分。我認為大家的關注點都集中在這一點上。

I think Max hit on that being down, somewhere in the teens there this quarter, or maybe even 20%. I guess how do you think about that piece into '26? Obviously, Software has been a big growth driver for you, up 20% in the quarter. You're going to come up against those comps. Do you mind just high level talk about those moving pieces into '26?

我認為 Max 的說法是對的，這個季度可能會下降十幾個百分點，甚至可能下降 20%。我想問你對26年那段劇情有什麼看法？顯然，軟體業務一直是你們的主要成長動力，本季成長了 20%。你一定會遇到這些競爭對手。您能否就2026年的相關變數進行一些高層次的討論？

And then Max, just the confidence on a low single-digit, 2% to 3% type growth rate to be able to hold that 28% margin and the key levers there. Thank you.

然後，Max，只要有信心維持個位數（2% 到 3%）的成長率，就能維持 28% 的利潤率，以及其中的關鍵槓桿。謝謝。

Sure, good morning, Patrick. Let's -- just starting with 2026, when our assumption around the 2% to 3% is being prudent, we've started seeing signs of activity, especially around the instrument side, and then if that customer behavior continues to normalize, that is only going to get better.

當然，早上好，派崔克。讓我們從 2026 年開始，假設 2% 到 3% 的成長是比較謹慎的，我們已經開始看到一些活動的跡象，尤其是在儀器方面，如果客戶行為繼續正常化，情況只會越來越好。

Especially around the China piece that you pointed out, if you look at the trend starting with 3Q, while China was down mid-20s, ex-China, it continues to be up in the high single-digits. So overall, the Diagnostics business is performing very well, whether it's in reproductive health or Immunodiagnostics ex China.

特別是你提到的中國部分，如果你觀察從第三季開始的趨勢，雖然中國市場下降了20%左右，但除中國以外，其他地區的市場繼續保持著接近兩位數的成長。整體而言，診斷業務表現非常出色，無論是生殖健康或中國以外的免疫診斷。

On the Life Sciences side, you pointed out to the software piece. And in instrument side, as Max said in his prepared remarks, we are starting to see signs of increasing activity with customers, especially in September and October.

在生命科學方面，您提到了軟體部分。而就儀器方面而言，正如馬克斯在事先準備好的演講稿中所說，我們開始看到客戶活動日益增多的跡象，尤其是在 9 月和 10 月。

And we expect that to start -- starting to result in actual demand coming into 2026. So I feel really good and confident about what we have put out there and only see signs of that going -- getting better as customer behavior continues to be more normalized.

我們預計這種情況將從 2026 年開始出現，並最終轉化為實際需求。所以我對我們推出的產品感到非常滿意和充滿信心，而且隨著客戶行為的日益規範化，我看到的情況只會越來越好。

Max, you want to talk on the 28%?

馬克斯，你想談談那28%嗎？

Yeah. Hey Patrick. So look, I think as we think about the margins for next year, as we've previously commented, a 28% operating margin baseline for 2026, we're feeling very good about that target. We've got actions already underway, that are going to help us achieve that 28% baseline.

是的。嘿，派崔克。所以你看，我認為當我們考慮明年的利潤率時，正如我們之前評論過的，2026 年的營業利潤率基準為 28%，我們對這個目標感到非常樂觀。我們已經採取了一些行動，這些行動將有助於我們實現 28% 的基準目標。

I think there's even been some of them out there in the publications as you look at some of the Northeast consolidation actions we've already taken. And so again, I think we're feeling very confident as a company in our ability to hit the 28%.

我認為，在我們已採取的一些東北地區整合措施中，甚至已經有一些相關報道流傳了出來。所以，我認為我們公司對實現 28% 的目標非常有信心。

I think your subsequent question on, how do you think about organic growth and the impact to the 28%. I would say the 28% baseline is tied to the 2% to 3% organic growth. Should there be additional tailwinds to that organic growth, we would expect to be able to then start generating additional operating margin expansion off of that baseline, but that obviously that is dependent on exactly how much further up the organic growth chart we were -- we would achieve.

我認為你接下來的問題是關於，你如何看待有機增長以及對 28% 人群的影響。我認為 28% 的基準線與 2% 到 3% 的自然成長率相關。如果有機成長還有其他利好因素，我們預期能夠在此基礎上進一步擴大營業利潤率，但這顯然取決於我們有機成長曲線的上升幅度——我們將取得怎樣的成就。

Okay. Got it. That's helpful. And then maybe just inside the Life Science business this quarter, can you just talk about the reagents versus instruments piece? What did reagents do in the quarter in particular, and then expectations for that moving forward, what do you hear from the customers there, it would be helpful. Thank you guys so much.

好的。知道了。那很有幫助。那麼，在本季生命科學業務方面，您能否談談試劑與儀器之間的關係呢？本季試劑業務的具體表現如何？未來對該業務有何預期？您從客戶那裡聽到了什麼回饋？這些資訊將很有幫助。非常感謝大家。

Yeah. Look -- I think as you look at the third quarter results, our Life Sciences Solutions business was mostly in line with our expectations. I would say there was a little bit of geography between the instrumentation and reagents.

是的。你看——我認為，從第三季的業績來看，我們的生命科學解決方案業務基本上符合我們的預期。我認為儀器和試劑之間存在一定的地理距離。

Reagents were modestly lower than what we had previously anticipated as the summer months. We're just a little bit lighter from a run rate perspective, but I would say the overall lab activity, we continue to see sort of continued progress as we had in the first half of the year.

試劑用量比我們先前預期的夏季月份略低。從運行速度的角度來看，我們的工作量稍微減少了一些，但我想說的是，就整體實驗室活動而言，我們繼續看到與上半年一樣的持續進步。

I think as you look at the fourth quarter, just out of prudence, I think we are assuming a similar market environment to what we experienced in the third quarter, and we have also baked in some modest impact from the government shutdown, and we'll always have to see how that plays out over the quarter here.

我認為，展望第四季度，出於謹慎考慮，我們假設市場環境與第三季度類似，並且我們也考慮到了政府停擺帶來的一些輕微影響，至於這在本季度會如何發展，我們還需要拭目以待。

Thank you.

謝謝。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hey guys, thank you for taking my question. Prahlad, my first question is on your comments around October customer activity levels picking up. You're seeing some signs. Can you elaborate that on -- is it like pharma? Is it academic and government customer base? Is that showing up in reagents or instruments? Any color on the improvement that you're seeing? And was this -- I'm curious, was this tied to the Pfizer enhancement? Or was it just more anecdotal?

各位好，感謝你們回答我的問題。Prahlad，我的第一個問題是關於你之前提到的10月份客戶活躍度有所回升的評論。你已經開始看到一些跡象了。能詳細說說嗎——它和製藥業類似嗎？它的客戶群是學術界和政府機構嗎？這是在試劑中還是在儀器中檢測到的？關於你看到的改進情況，有什麼具體的說法嗎？我很好奇，這是否與輝瑞公司的改進措施有關？或者這只是一些軼事？

Hey Vijay, good morning. When I mentioned the increasing signs of activities with customers as we are seeing it, it is more on the pharma biotech side and not obviously on the academia and government side, and it's particularly in the pockets of instruments.

嘿，維傑，早安。當我提到我們看到的客戶活動日益增多時，這更體現在製藥生物技術方面，而不是學術界和政府方面，而且尤其體現在儀器設備方面。

I would say that it's not like broad change and a lot of actual demand coming through, but there is definitely increasing pockets of activity that is happening on the instrument side, and that's a clear trend that we have started seeing in the pharma biotech.

我認為，這不像是一場廣泛的變革，也沒有出現大量的實際需求，但儀器方面確實出現了越來越多的活躍點，這是我們在製藥生物技術領域開始看到的明顯趨勢。

Understood. And then maybe, Max, one for you on your fiscal '26 comments were helpful. But should that 2% to 3% organic or 28% OP margins translate to high singles EPS for '26? And then I know share repo has helped you guys. But how you're thinking about FX or below the line, et cetera, for next year?

明白了。那麼，Max，也許可以問你一個問題，關於你 2026 財年的評論是否對你有幫助。但是，2% 到 3% 的有機成長或 28% 的營業利潤率能否轉化為 2026 年較高的每股盈餘？而且我知道共享倉庫對你們有幫助。但您對明年外匯市場或線下市場等方面有何看法？

Yeah, hey Vijay. Yes, to answer your question, it would imply sort of a high single-digit EPS growth year-over-year at the 2% to 3% and the 28% operating margin baseline, I think in terms of below the line, if you think about some of the assumptions, interest and others should be relatively flat year-over-year.

嗨，維傑。是的，回答你的問題，這意味著每股盈餘年增將達到個位數，基準成長率為 2% 至 3%，營業利潤率為 28%。我認為，就線下營運而言，考慮到一些假設，利息和其他因素應該與去年同期相比保持相對穩定。

From a tax rate perspective, we have mentioned that our tax planning has sort of created a new sort of 18% baseline from a company, which is significantly improved from where we previously were around 20%. And so I'd probably point you to that sort of starting point for 2026, and we'll see what happens with any discrete items for next year.

從稅率的角度來看，我們已經提到，我們的稅務規劃為公司創造了一個新的 18% 的基準稅率，這比我們之前 20% 左右的稅率有了顯著提高。因此，我可能會建議你們以 2026 年的這個起點作為參考，至於明年具體項目的情況，我們再看吧。

And then I think from a share count perspective, obviously, we've done a lot of progress this year and return a lot of capital to the shareholders through our buyback programs. And so I think when you factor in the lower share count for next year, all those below the items should point you to a high single-digit EPS growth for 2026 based on those assumptions.

然後，我認為從股份數量的角度來看，顯然，我們今年取得了很大的進展，並透過我們的股票回購計畫向股東返還了大量資金。因此，我認為，考慮到明年較低的股份數量，以下所有因素都應該表明，基於這些假設，2026 年每股收益將實現高個位數成長。

Yeah. And just to add to that, Vijay, that high single-digit EPS growth is before assuming any additional capital deployment.

是的。Vijay，我還要補充一點，這個接近兩位數的每股收益增長是在假設任何額外資本投入之前實現的。

That's helpful for that. Thank you guys.

那對那方面很有幫助。謝謝大家。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Hey, can you hear me now?

嘿，現在你聽得到我說話嗎？

Yes.

是的。

Okay, that works better. Thanks, guys. I want to drill into the 4Q quarter ramp specifically. I know you said 3Q kind of came in generally in line with expectations. But if you look at the both organic 3Q to 4Q and on the margins, it's still a pretty steep ramp, probably even steeper than it was before. So I know you talked about Genomics England coming online in the fourth quarter.

好的，這樣效果好多了。謝謝各位。我想重點深入研究一下第四季的成長曲線。我知道你說過第三季整體上符合預期。但如果你看一下第三季到第四季的有機成長以及利潤率，你會發現成長速度仍然相當快，甚至可能比以前還要快。我知道您曾提到 Genomics England 將在第四季上線。

There are some other moving pieces, there's some dynamics with the comps. Could you just give us the bridge again and sort of walk us through what gives you confidence in that, especially given, like you said, you've got DRG still going on. Reagents came in a little bit softer in 3Q. So just give us confidence in that 3Q to 4Q ramp this year?

還有一些其他因素，比賽也存在一些動態變化。您能否再給我們講講這段話，並解釋一下是什麼讓您對它充滿信心，特別是考慮到，正如您所說，您還有 DRG 專案正在進行中。第三季試劑的供應量略為偏低。所以，請給我們一些今年第三季到第四季業績成長的信心？

Yeah, sure. So two pieces of that one, you asked about the ramp on organic growth and then the ramp on margins. I'd say, first, from a margin standpoint, there's been no change to our previous assumption. It's still 30% operating margins.

當然可以。所以，你問到了有機成長的加速和利潤率的加速，這其中有兩個面向。首先，從利潤率的角度來看，我們先前的假設並沒有改變。營業利益率依然是30%。

The fourth quarter is always the biggest margin quarter for us as the company is it's our highest volume quarter of the year. And so I'd say there was no real changes there, Mike. I mean, if you think about holding costs relatively flat and the higher volumes, you're going to get to the 30% margins.

第四季一直是我們公司利潤率最高的季度，也是我們一年中銷量最高的季度。所以我覺得那裡沒有什麼真正的變化，麥克。我的意思是，如果成本保持相對穩定，銷售量較高，那麼利潤率就能達到 30%。

I think when you look at it from an organic growth standpoint and the ramp between the third and the fourth quarter, I would say there's really a couple of key pieces of that ramp. One is on the IDX comps as we've talked about, assuming the same sort of multiyear stack performance as we've seen through the first three quarters of the year. So that's one dynamic.

我認為，從有機成長的角度來看，以及從第三季到第四季的成長，我認為這個成長過程實際上包含幾個關鍵因素。一是按照我們之前討論過的IDX比較指數計算，假設其多年累計表現與我們今年前三個季度所看到的類似。這是其中一個動態因素。

The second is Software will have a ramp between the third and the fourth quarter, although we expect a step down in organic growth, we do expect a higher nominal dollar amount for software in the fourth quarter. And the third piece is you do see a little bit of seasonality just in terms of our instrument volumes between the third and the fourth quarter. So I would say those are probably the three biggest pieces, Mike.

第二點是，軟體業務將在第三季和第四季之間實現成長，儘管我們預計內生成長會放緩，但我們預計第四季度軟體業務的名義美元金額會更高。第三點是，從第三季到第四季度，我們的樂器銷售確實呈現出一些季節性變化。所以我覺得這大概是最重要的三件事，麥克。

Okay. And then following up on the China DRG comments. I mean if you look at China Dx, China ImmunoDx, I think it was down mid-teens or low teens in 2Q, it's down 20% or more in the third quarter. So by the time we exit this year, could you give us sort of a snapshot of what's left in the portfolio for China ImmunoDx? And what the incremental risk in risk or downside in 2026 is just sort of frame how much further headwind that will be next year for that? Thanks.

好的。然後，就中國DRG的評論進行後續討論。我的意思是，如果你看看中國診斷（China Dx）、中國免疫診斷（China ImmunoDx），我認為它在第二季度下降了15%或10%左右，而第三季度下降了20%甚至更多。那麼到今年年底，您能否為我們簡單介紹中國 ImmunoDx 的產品組合還剩下哪些內容？2026 年新增風險或下行風險究竟有多大，這就能大致估算出明年將會面臨多大的阻力？謝謝。

Yeah, Mike, look, I think, look, the DRG situation has been playing out as we had anticipated. We had sort of foreshadow that IDX China would be down sort of mid-20%s here in the third quarter. That's what played out in the third quarter. I think as you look for the impact into 2026 and even the fourth quarter here, we don't expect much change in DRG.

是的，麥克，你看，我認為，DRG 的情況一直按照我們預期的那樣發展。我們之前就預料到，IDX China指數在第三季會下跌20%左右。第三節比賽的情況就是這樣。我認為，展望 2026 年乃至本季度，我們預計 DRG 不會有太大變化。

We do expect that once we lap sort of the anniversary in the second quarter of 2026, we do expect that business to return to more sort of muted levels of growth in the back half of the year. And so I think, again, no real change from our previous communication on the DRG situation in China.

我們預計，在 2026 年第二季度迎來週年紀念日之後，該業務將在下半年恢復到較溫和的成長水準。所以我認為，就中國DRG情況而言，我們之前的溝通並沒有實質變化。

All right, thanks.

好的，謝謝。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you very much. I was hoping you could talk a little bit about what type of growth outlook for your Software business is embedded into your 2026 framework, given the offsetting factors of difficult comps, but I think you also have a big new product launch coming before year-end?

非常感謝。我希望您能談談考慮到比較基數較高等不利因素，您在 2026 年規劃框架中對軟體業務的成長前景有何展望。另外，我認為您在年底前還會推出一款重要的新產品？

Yeah, absolutely. So look, as you look at Software, to your point, 2026 will be coming off a challenging comp here in 2025 from an organic standpoint. In 2025, we expect the business to finish in the high teens, 20% growth. So it will be a significant comp. Two things I'd say of that, one, in '26, we probably expect organic growth to be more in the mid-single digits.

是的，絕對的。所以你看，就軟體產業而言，正如你所說，從自然成長的角度來看，2026 年將面臨 2025 年的嚴峻挑戰。我們預計到 2025 年，該業務將實現 20% 以上的成長。所以這將會是一場意義重大的比較。關於這一點，我想說兩點：第一，我們預期 2026 年的有機成長率可能在個位數中段。

I would say we expect some contribution from the NPIs. But as you know, software NPIs take a little bit longer to ramp as they get released. And customers really start learning about the new tools and adopting them, et cetera. So there's some impact in there, but I wouldn't say it's a huge impact for '26. And if things pick up faster, that would be, I would say, upside to the mid-single-digit organic growth.

我認為我們應該期待非藥物幹預措施做出一些貢獻。但如您所知，軟體新產品發布後，需要更長的時間才能全面推廣。客戶開始真正了解並採用新工具等等。所以這其中肯定有一些影響，但我不會說這對 2026 年的影響很大。如果成長速度加快，我認為這將有利於實現個位數中等水準的有機成長。

The second thing I'd say is organic growth is always not maybe the best metric to look at when you're evaluating a software business. And I think as you look at the performance around ARR, your APV, which again just normalizes for revenue recognition, and then also our net retention rate, those metrics continue to perform extremely well for us as a business, and we are incredibly excited about the Software business in 2026 and beyond.

第二點我想說的是，在評估軟體公司時，有機成長可能並不總是最好的衡量指標。我認為，從 ARR、APV（再次強調，APV 只是對收入確認進行了標準化處理）以及淨留存率來看，這些指標對我們公司而言繼續表現得非常好，我們對 2026 年及以後的軟體業務充滿信心。

Yeah, and just to add to that, Dan, just as we saw previously, last year, we launched Signals Synergy and Signals Clinical, and it took some time for it to get traction and now it started really contributing. Similarly, as we bring in lab design -- bio design and lab just ex NPIs, it takes a few quarters for it to start ramping up and we start seeing contributions from that -- those new NPIs.

是的，丹，補充一點，正如我們之前看到的，去年我們推出了 Signals Synergy 和 Signals Clinical，它們花了一些時間才獲得市場認可，現在它們開始真正發揮作用了。同樣，當我們引入實驗室設計——生物設計和實驗室只是NPI時，需要幾個季度才能開始加速發展，我們才能開始看到這些新NPI的貢獻。

Understood, thank you. And Prahlad, can you talk a little bit about your M&A thoughts in light of how big you're going with the share repo?

明白了，謝謝。Prahlad，鑑於你們此次股票回購規模如此之大，能否談談你們在併購方面的想法？

Yeah. I mean, again, we continue to be disciplined in our approach around M&A deployment. We've -- we have an active pipeline done, and we continue to look for opportunity. We will be in this environment pretty prudent in how we deploy it.

是的。我的意思是，我們仍然會在併購部署方面保持嚴謹的態度。我們已經建立了一個活躍的專案管道，我們將繼續尋找機會。在這種環境下，我們會非常謹慎地進行部署。

And honestly, the best opportunity right now from a return on capital investment is our share buyback. We think that's the most attractive opportunity in front of us, and we are fully taking advantage of that opportunity, while keeping a very fertile pipeline and looking for opportunity for doing acquisitions.

說實話，目前資本投資報酬的最佳機會就是我們的股票回購。我們認為這是我們面前最有吸引力的機會，我們正在充分利用這個機會，同時保持非常活躍的專案儲備，並尋找收購機會。

Okay, thank you.

好的，謝謝。

Thank you, Dan.

謝謝你，丹。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

Hey guys, thanks. I want to probe a little more on reagents. I know you said modestly below expectations. Did rates actually decline? I mean, Software was up 20%, instruments down mid-single, implied reagents were down low singles. So is that the right interpretation?

嘿，夥計們，謝謝。我想對試劑方面再深入探討。我知道你說略低於預期。利率真的下降了嗎？我的意思是，軟體價格上漲了 20%，儀器價格下跌了 10%，而隱含試劑價格下跌了 10%。所以這種解釋正確嗎？

And then how do we think about kind of go-forward incremental margins on the reagents business? I know you've previously talked about 60%, 70%, I guess, given the pricing backdrop in inflation, just talk a little bit about the margin profile for reagents going forward too.

那麼，我們該如何看待試劑業務未來的獲利成長呢？我知道您之前談過 60%、70% 的利潤率，我想，考慮到通貨膨脹的價格環境，也請您談談試劑未來的利潤率。

Yeah, absolutely, Tycho. So look, I think as you look at the reagents performance in the third quarter, they were down very slightly year-over-year. I would say that, again, as I mentioned in the call, the summer months were a little bit lighter. We've taken a prudent approach to our fourth quarter guidance.

是的，絕對正確，泰科。所以你看，我認為當你觀察第三季試劑的表現時，會發現它們比去年同期略有下降。我想再次強調，正如我在電話會議中提到的，夏季月份的工作量會稍微少一些。我們對第四季業績預期採取了謹慎的態度。

But we still see, I would say, stronger levels of underlying lab activity when you look at things year-over-year. So again, I don't think we're saying that there's been some huge shift here really in lab activity.

但我認為，從年比來看，我們仍然可以看到實驗室活動量更高。所以，我再次強調，我們並不是說實驗室活動真的發生了巨大的轉變。

The second thing I'll answer is on the margin side and the incrementals. I would also say there's no change in the power of our incremental margins in our reagents business. Yes, it is a little bit of a tighter pricing environment, but we are still holding in there from a pricing perspective. And I think as the lab activity continues to ramp here, we are going to see the margin benefit as we get upside from those incrementals.

我要回答的第二個問題是關於邊際效益和增量效益的。我還要說，我們試劑業務的增量利潤率並沒有改變。是的，目前的定價環境確實有些趨緊，但我們仍然堅持目前的定價策略。我認為隨著實驗室活動的持續增加，我們將從這些增量中獲得利潤成長，從而帶來利潤率的提升。

Okay. That's helpful. And then maybe just -- I know you've had a number of questions on instruments. I'm just curious, budget flush in the year-end from pharma, is that baked in or not? How are you thinking about that on the back of these announcements? I know you talked about activity picking up. But how do you think about near-term kind of budget flush here? Is that a call option on the fourth quarter?

好的。那很有幫助。然後也許就——我知道你有很多關於樂器的問題。我只是好奇，在年底醫藥行業的預算盈餘，這是否已經包含在預算中了？鑑於這些公告，您對此有何看法？我知道你之前說過活動量會增加。但您如何看待近期預算緊張的情況？那是第四季的看漲期權嗎？

Yeah. I think, look, as you look at the budget flush and what's sort of assumed in guidance here, you do always have a modest seasonal step-up for instruments between Q3 and Q4. I wouldn't say it was back to all the way of historical levels of budget flush, but you do definitely see an increase between the third and the fourth quarter.

是的。我認為，你看，當你審視預算充裕情況以及這裡所作的預期時，你會發現，在第三季到第四季之間，金融工具總會有一個適度的季節性成長。我不會說預算已經完全恢復到歷史水平，但你確實可以看到第三季和第四季之間有所增長。

And as Prahlad mentioned, there is -- we have definitely seen an uptick in the activity level in our instrumentation pipeline. It was a little bit better here in the third quarter, and we do believe that there's some opportunity here for us in the fourth quarter as well.

正如 Prahlad 所提到的，確實如此——我們肯定已經看到儀器管道的活動水平有所上升。第三節情況有所好轉，我們相信第四節我們也有機會。

Okay. And then just lastly on the tax rate, 18% baseline for 2026. Is there an opportunity for more leverage there? And how sustainable? I mean, I think you're going to be at 15% here in the back half of this year. I know you saw a step down in the back half of last year. So how do we think about maybe additional tax leverage beyond that 18% baseline?

好的。最後說說稅率，2026 年的基準稅率為 18%。那裡是否還有機會獲得更多籌碼？可持續性如何？我的意思是，我認為今年下半年你們這裡的成長率會達到 15%。我知道你看到了去年下半年球隊狀態下滑的情況。那麼，除了18%的基準稅率之外，我們該如何考慮額外的稅收槓桿作用呢？

Yeah. Look, I'd say, look, our tax team has done a tremendous job, I think, in resetting what we even consider baseline from where we were a couple of years ago. Again, it was 20%, and now we're at sort of an 18% baseline here.

是的。我認為，我們的稅務團隊做得非常出色，他們重新設定了我們幾年前設定的基準線。之前是 20%，現在我們這裡大概穩定在 18% 左右。

I think just from a -- in terms of a forecasting and guidance approach, we don't really roll in any expected sort of one-time benefits. We kind of take our baseline and see how the year progresses, and that's how I'd encourage you to think about '26 as well.

我認為，就預測和指導方法而言，我們並沒有真正考慮任何預期的一次性收益。我們通常會設定一個基準線，看看這一年會如何發展，我也鼓勵你們這樣看待 2026 年。

Okay, thank you.

好的，謝謝。

Doug Schenkel, Wolfe.

道格·申克爾，沃爾夫。

Okay, good morning, everybody, and thank you for taking my questions. Two topics I wanted to ask about. The first is China Diagnostics. So I guess, three parts to this one. One, I believe China Diagnostics is down to about 5% of total sales exiting Q3. I want to make sure that's right.

好的，各位早安，感謝你們回答我的問題。我想問兩個問題。第一家是中國診斷公司。所以，我想，這應該分成三個部分。第一，我認為中國診斷業務在第三季末的總銷售額中佔比已降至 5% 左右。我想確認一下是否正確。

Two, it sounds like we should model that down 20% to 25% due to the changes in multiplex reimbursement, so down 20% to 25% year-over-year, and I think we should do that through Q2? And then third, can we confidently model that returning to growth thereafter? Or is there any reason to be more cautious than that?

第二，由於多廳影院報銷政策的變化，我們似乎應該將該指標下調 20% 至 25%，也就是同比下調 20% 至 25%，我認為我們應該在第二季度之前都這樣做？第三，我們能否有信心預測此後的成長前景？或者說，還有什麼理由讓我們更謹慎嗎？

There have been a few head fakes there in China, as we know, and you got folks like Abbott and Danaher who are telling folks to model incremental headwinds in 2026. How do you see it from there?

我們知道，中國方面出現了一些虛晃一槍的情況，像雅培和丹納赫這樣的人告訴人們，預計 2026 年將出現漸進式的逆風。從那裡你看會是什麼樣子？

Yeah, hey, Doug. Yeah, so a couple of different questions in there. So I think, look, as you look at the China as a percent of revenue, you had mentioned 5%, I think it's closer to 6%, which is probably what I would use as you think about exiting this year.

是啊，嘿，道格。是的，裡面有幾個不同的問題。所以我覺得，你看，如果你把中國市場的收入佔比看作是 5%，我認為它更接近 6%，這可能是我在考慮今年退出中國市場時會使用的數字。

I think, again, we've already kind of talked about the fact and what our expectations are for DRG is to continue to see the headwinds here from what we saw in the third quarter continuing until we anniversary in the second quarter.

我認為，我們已經討論過這個問題，我們對 DRG 的預期是，從第三季開始，我們將持續面臨不利因素，直到第二季週年紀念日。

I think we've also talked about how we have in our LRP, the assumption of closer to low single-digit growth for our IDX business in China. And so I would continue to have that sort of same thought process as you sort of think about the second half of 2026.

我認為我們也討論過，在我們的長期規劃中，我們假設中國IDX業務的成長接近個位數低段。所以，在思考 2026 年下半年時，我也會繼續保持這種思考方式。

I'd also say again, on the Immunodiagnostics side, the business outside of China continues to perform incredibly well. Now I know there's the focus on China right now with DRG, but IDX ex China continued to grow high single digits. The Americas was up mid-teens. And so that business continues to perform incredibly well and one we are excited. They can keep performing well in '26 and beyond.

我還要再次強調，在免疫診斷方面，中國以外的業務表現依然非常出色。我知道目前市場關注的焦點是中國的DRG指數，但除中國外的IDX指數持續維持了高個位數的成長。美洲地區上漲了十幾個百分點。因此，這項業務持續表現出色，我們對此感到非常興奮。他們預計在2026年及以後繼續保持良好的表現。

Okay, sounds good. I'll leave it at that. Thank you guys.

好的，沒問題。我就說到這兒吧。謝謝大家。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Yeah, hi guys. Thanks for taking my question. So first one on -- just wanted to clarify on the instrumentation side. The recovery of the improvement that you're seeing in this quarter, is it more of the China tariffs impacted situation from the last quarter or actually, our customers telling you that we're purchasing more this quarter and into the next quarter.

嗨，大家好。謝謝您回答我的問題。首先，我想澄清一下儀器方面的一些問題。您在本季看到的改善，是更多地受到上個季度中國關稅的影響，還是實際上我們的客戶告訴您，我們本季和下季的採購量都在增加？

Maybe just help us understand sort of what you're hearing versus a sequential improvement because of tariffs and other concerns between the US and China that happened in 2Q?

或許您可以幫我們理解一下，您聽到的消息與第二季度由於中美關稅及其他問題導致的業績環比改善之間究竟有何區別？

Yeah. Hey, good morning, Puneet. No, the answer is the latter part of your comment. What we are seeing is more of a broader activity, and it was not -- it is not specific to any China tariff-related opportunity and then significantly from pharma biotech customers. So what we are really seeing is a broader level of activity and discussion on pharma biotech on the Life Sciences instrument side.

是的。嘿，早上好，普尼特。不，答案在你評論的後半部。我們看到的是一種更廣泛的活動，它並非——它並非專門針對任何與中國關稅相關的機遇，而且主要來自製藥生物技術客戶。因此，我們真正看到的是生命科學儀器領域在製藥生物技術領域更廣泛的活動和討論。

Got it. Okay. And then just on the academic and government side, I know the reagent is there. So just trying to understand if the grants are fewer next year just with the -- given the five year funding in some of the grants and early funding that's happening. Maybe just help us understand how are you thinking about the overall reagent growth into '26?

知道了。好的。而且就學術界和政府方面而言，我知道所需的條件已經具備了。所以，我只是想了解一下，考慮到一些撥款的五年期資助和正在進行的早期資助，明年的撥款是否會減少。或許您可以幫我們了解一下您是如何看待 2026 年試劑整體成長的？

And then just one more question, if I may. Could you remind us how much of your manufacturing for China sales is in China? Localization is emerging as an important theme beyond the BBP and DRG. So if you could elaborate on that. Thank you.

如果可以的話，我最後一個問題。請問貴公司銷往中國的產品的生產有多少是在中國完成的？定位正在成為 BBP 和 DRG 之外的重要主題。如果您能詳細說明一下就太好了。謝謝。

Yeah, sure. On the manufacturing side, all of our reproductive health and Newborn screening is in China, for China over the past decade, we have moved all of that. And on the IDX side, Puneet, more than half of it now is local in China, for China, and the rest that we are shipping from Germany are specific and very unique assays where we have a minimal local competition.

當然可以。在生產製造方面，我們所有的生殖健康和新生兒篩檢業務都在中國進行；過去十年，我們已經把所有這些業務轉移到中國了。至於IDX方面，Puneet，現在超過一半的產品是在中國本地生產的，專供中國市場；其餘的產品是從德國發貨的，是一些非常特殊且獨特的檢測方法，我們在本地幾乎沒有競爭對手。

Yeah. And I think, look, the other thing point I'll add to that too, is we have the capacity and the availability to move that additional product into China if we need to from a competitive or local requirement perspective. So I think we remain confident in our ability to handle anything there from a localization standpoint. I think as you look at the other question, Puneet, on the --

是的。而且我認為，你看，我還要補充一點，如果我們出於競爭或本地需求方面的原因需要，我們有能力和資源將額外的產品運往中國。所以我認為，從本地化的角度來看，我們仍然有信心處理那裡的任何事情。我認為，當你審視另一個問題時，普尼特，關於…--

Multi-year.

多年。

Yeah, and the reagents and sort of how we think about 2026. Look, I think from reagents perspective, again, as we've mentioned 2% to 3%, we're really anticipating, I would say a similar-ish environment to what we're currently seeing.

是的，還有試劑以及我們對 2026 年的展望。你看，我認為從試劑的角度來看，正如我們之前提到的 2% 到 3%，我們確實預計，環境將與我們目前看到的情況大致相似。

Obviously, we'll have to see what happens from an NIH and budget perspective. But our 2% to 3% organic growth guidance for next year is not expecting some huge ramp-up or change in the underlying market activity. If that were to be change in the positive, we continue to see increasing momentum build, that's not necessarily something we thought 2% to 3%.

顯然，我們得看看美國國立衛生研究院和預算方面會發生什麼。但我們對明年 2% 至 3% 的有機成長預期，並不指望基礎市場活動大幅成長或變化。如果情況朝著正面的方向發展，我們將繼續看到勢頭不斷增強，這並非我們之前認為的 2% 到 3%。

Got it. Okay, thank you.

知道了。好的，謝謝。

Dan Arias, Stifel.

Dan Arias，Stifel。

Hey, good morning guys. Thank you. Max, on the gel contributions, which I think you've kind of pointed to as being heavily weighted in 4Q for $10 million or so, how should we model that sequentially in the quarters after that? Is there a drop down? Or do you think there's some level of stability into the front half of 2026?

嘿，各位早安。謝謝。Max，關於凝膠貢獻，我認為你已經指出，第四季度凝膠貢獻額高達 1000 萬美元左右，那麼在接下來的幾個季度中，我們應該如何按順序建模呢？是否有下拉式選單？還是您認為2026年上半年會維持一定程度的穩定？

Yeah, hey Dan. So the $10 million per gel was actually the initial sort of second half contribution -- full second half. So we did start to see the -- a little bit there in the third quarter as the contract and lab came online.

嗨，丹。所以，每凝膠 1000 萬美元實際上是最初的下半年投入——完整的下半年投入。所以，隨著合約和實驗室上線，我們在第三季開始看到一些成效。

We do expect a little bit of sequential pick up here in the fourth quarter. I think as you look at sort of 2026, I wouldn't anticipate too much further ramp from what we currently have assumed in there in the fourth quarter, and that will sort of be a consistent quarterly number as we think about it for 2026.

我們預計第四季會有小幅回升。我認為，展望 2026 年，我預計第四季度不會比我們目前假設的水平有太大的增長，而且在我們考慮 2026 年時，這將成為一個相對穩定的季度數字。

Okay. And then maybe, Prahlad, on your slide on biotech comments. Can you elaborate a little bit on the biotech element and just how much of the incremental enthusiasm that you might be pointing to is due to some of the larger biotech companies versus some of the smaller and emerging players that might be getting a little bit more enthusiastic about what they might do? Thanks.

好的。然後，Prahlad，也許你可以在你關於生物技術的幻燈片上發表評論。您能否詳細說明生物技術領域的情況，以及您所指出的這種日益高漲的熱情究竟有多少是由於一些大型生物技術公司，又有多少是由於一些規模較小、新興的公司，它們對自身業務的熱情有所提升？謝謝。

Yeah, I think that's a key differentiation. I mean most of the louder activity we are seeing is on the typical large and mid-sized biotech, while the conversations are ongoing with the smaller ones, Dan, it's not at the same level as you would see with the mid- and large-size biotechs.

是的，我認為這是關鍵區別。我的意思是，我們看到的大部分活躍度都集中在典型的大型和中型生物技術公司上，而與小型生物技術公司的對話也在進行中，丹，但其活躍程度遠不及中型和大型生物技術公司。

Okay, thank you.

好的，謝謝。

Who tend to be more of our traditional customers anyway.

他們本來就是我們比較傳統的客戶群。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Hey guys, thanks for the questions. Maybe first, just for the 2% to 4% organic for the full year and it creates a pretty wide range for the fourth quarter. So should we be anchoring more towards the lower end of that range? And how should we think about performance by segment for the fourth quarter?

大家好，感謝你們的提問。或許首先，全年有機成長率可能在 2% 到 4% 之間，這將導致第四季的成長率範圍相當寬。那麼我們是否應該將目標值更傾向於該範圍的下限呢？那麼，我們該如何看待第四季各業務部門的業績表現呢？

Yeah, hey Catherine, thanks for the question. Look, I think as you look at the full year range, the 2% to 4%, I don't think it's an uncommon practice to have sort of that range for the fourth quarter. I think as you kind of look at the midpoint of what we have for the fourth quarter in terms of our full year guidance, that would sort of point you to a 2% to 3% organic growth for the fourth quarter in order to reach that midpoint for the full year.

嗨，凱瑟琳，謝謝你的提問。你看，我認為，如果你縱觀全年，2%到4%的範圍，那麼第四季度出現這樣的範圍並不罕見。我認為，如果你看一下我們第四季全年業績指引的中點，你會發現第四季需要達到 2% 到 3% 的有機成長才能達到全年業績指引的中點。

Okay. Great. And then maybe how did US academic and government perform in the quarter, and you mentioned baking in the government shutdown impact in guidance? Anyway to size kind of how you're thinking about that?

好的。偉大的。那麼，美國學術界和政府部門在本季的表現如何呢？您提到已將政府停擺的影響納入業績預期？總之，你是怎麼考慮尺寸問題的？

Yeah. So first, in terms of the academic and government performance in the Americas for the third quarter, it was down mid-single digits in the third quarter. Again, as we've talked about, most of the instrument activity pickup we're mostly seeing is on the pharma biotech side versus academic and government, so that was a bit of a headwind for us in the period.

是的。首先，就美洲地區第三季的學術和政府表現而言，第三季出現了個位數中段的下滑。正如我們之前討論過的，我們看到的大部分儀器活動增加都發生在製藥生物技術方面，而不是學術界和政府方面，所以這在當時對我們來說是一個不利因素。

I think as you then look at the government shutdown, I think the bigger impact there right now that we're seeing is more so on the reagent side, which we have baked in some modest assumptions there for the fourth quarter. I would say, again, it's modest. It's not something that is a huge number to embed into the guidance.

我認為，就政府停擺而言，目前我們看到的更大影響更多地體現在試劑方面，而我們在第四季度已經對此做出了一些較為保守的假設。我再次強調，這很謙虛。這並非一個需要納入指導方針的龐大數字。

Subbu Nambi, Guggenheim.

蘇布南比，古根漢美術館。

Hey guys, thank you for taking my question. In your prepared remarks, you talked about how AI is improving your operating efficiency. As your customers implement AI, do you view this as a threat or as an opportunity, meaning if AI improves their efficiency and reduces their risk, are you seeing any signs that this leads to more or less demand for Revvity products?

各位好，感謝你們回答我的問題。在您事先準備好的演講稿中，您談到了人工智慧如何提高您的營運效率。當您的客戶實施人工智慧時，您認為這是一個威脅還是一個機會？也就是說，如果人工智慧提高了他們的效率並降低了他們的風險，您是否看到任何跡象表明這會導致 Revvity 產品的需求增加或減少？

It's a great question, Subbu. I think if you were to look in the short to midterm, and by that, I define over the next three to five years, I think it will result in increased demand on the reagent and instrument side because I think not just traditional pharma biotech companies but also AI-focused companies on life sciences will want to correct and create more and more look data in order to sort of look at what modeling capabilities that you need to have, what AI models that you need to build.

Subbu，你問得好。我認為，如果從中短期來看，也就是未來三到五年，試劑和儀器方面的需求將會增加，因為不僅傳統的製藥生物技術公司，而且生命科學領域專注於人工智慧的公司也希望修正和創建越來越多的數據，以便了解需要哪些建模能力，需要建立哪些人工智慧模型。

But I think over the second half of the decade, I would venture to say that the Signals business is very well positioned on the AI side of drug discovery. We are in every lab, every researcher in pharma, big pharma biotech has Signals at their fingertips, and if we are able to provide the capability and ability for pharma biotech customers to use the Signals infrastructure and incorporate AI capability into that it becomes a natural tool in the hands of researchers who don't need to be computer specialists to do drug discovery and that's where we have the opportunity, both in the short to midterm with our reagents and instruments portfolio and in mid- to long term with our Signals business.

但我認為，在接下來的十年後半段，Signals 業務在人工智慧藥物發現領域佔據了非常有利的地位。我們已滲透到每個實驗室，每個製藥研究人員，大型製藥生物技術公司都能輕鬆使用 Signals。如果我們能夠為製藥生物技術客戶提供使用 Signals 基礎設施的能力，並將人工智慧功能融入其中，它將成為研究人員進行藥物發現的自然工具，而無需成為電腦專家。這就是我們的機會所在，無論是在短期到中期內憑藉我們的試劑和儀器產品組合，還是在中長期內憑藉我們的 Signals 業務。

Thank you for that, Prahlad. And just as a follow-up. You described some signs of instrument recovery in your prepared remarks. If that continues to take hold, what instruments would you expect to be the first to participate in that recovery? Would you consider providing book-to-bill data on instruments heading into 2026 as we get to year-end?

謝謝你，普拉拉德。作為後續補充。你在事先準備好的演講稿中描述了一些儀器恢復的跡象。如果這種趨勢持續下去，您認為哪些儀器會率先參與復甦過程？在年底之際，您能否考慮提供2026年相關金融工具的帳面出票資料？

Yeah, I think the benefit or the advantage that we have, Subbu, is most of the Life Sciences instruments that we provide are non-commoditized products. And the initial uptick that we start seeing is especially on the cellular imaging capabilities that we provide to our customers, looking at cellular imaging, our high-content screening specifically. We've never provided book-to-bill ratio. And generally, that's not -- is something that we look at either.

是的，Subbu，我認為我們的優勢在於，我們提供的大多數生命科學儀器都是非商品化產品。我們首先看到的成長主要體現在我們為客戶提供的細胞成像能力上，特別是細胞成像和高內涵篩選方面。我們從未提供過訂單出貨比。而且一般來說，我們也不會考慮這一點。

Thank you so much.

太感謝了。

There are no further questions at this time. I will now turn the call back to Steve for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給史蒂夫，請他作總結發言。

Thank you, Nicole, and thank you for everybody joining us this morning. We look forward to catching up with more of you over the coming weeks and months and at conferences over the rest of the year. Have a good day.

謝謝你，妮可，也謝謝今天早上所有收看節目的朋友們。我們期待在接下來的幾週和幾個月裡，以及今年剩餘時間的會議上，與更多的人見面交流。祝你有美好的一天。