Revvity Inc (RVTY) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Q4 2025 Revvity earnings conference call. (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 年第四季財報電話會議。（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 fourth 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 年第四季財報電話會議。今天和我一起通話的是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 would like to remind you of the Safe Harbor statements in our press release issued earlier this morning in those in our SEC filings.

我想提醒各位注意我們今天早上發布的新聞稿以及提交給美國證券交易委員會的文件中包含的「安全港」聲明。

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.

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 a result 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績效有顯著差異，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 day after today.

我們不承擔未來更新這些前瞻性聲明的任何義務，即使我們的估計發生變化，因此您不應依賴今天的任何聲明來代表我們此後任何一天的觀點。

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

在本次電話會議中，我們將提及一些非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 will now turn it over to our President and Chief Executive Officer, Prahlad Singh. Prahlad?

現在我將把發言權交給我們的總裁兼執行長普拉拉德辛格。普拉拉德？

Thank you, Steve, and good morning, everyone. I'm glad you are able to join us to discuss our fourth quarter results and our initial outlook for 2026.

謝謝你，史蒂夫，大家早安。很高興您能加入我們，共同探討我們第四季的業績以及我們對 2026 年的初步展望。

Overall, 2025 proved to be a dynamic here, filled with both new challenges and significant opportunities for both our company and our customers.

總的來說，2025 年對我們來說是一個充滿活力的年份，既帶來了新的挑戰，也帶來了對我們公司和客戶而言的重大機會。

I'm pleased to share that in spite of the evolving circumstances we faced we closed the year on a high note with our fourth quarter revenue, organic growth, and adjusted EPS, also surpassing our expectations.

我很高興地告訴大家，儘管我們面臨著不斷變化的情況，但我們仍然以第四季度收入、內生增長和調整後每股收益的優異表現為這一年畫上了圓滿的句號，這些指標也都超出了我們的預期。

This strong fourth quarter performance enabled us to exceed our adjusted EPS guidance for the entire year, it's especially impressive that even with the factors such as changes in NIH funding, evolving tariffs, pharma policy uncertainty. The extended US government shutdown, foreign exchange movements and shifts in DIG related volumes affecting a diagnostics business in China.

第四季強勁的業績使我們超過了全年的調整後每股收益預期，尤其令人印象深刻的是，即使考慮到美國國立衛生研究院 (NIH) 資金變化、關稅變化、醫藥政策不確定性等因素，我們仍然取得了這樣的成績。美國政府長期停擺、外匯波動以及與DIG相關的業務量變化對中國一家診斷公司造成了影響。

We were still able to deliver $5.06 in adjusted EPS. So passing the initial guidance we provided a year ago. Additionally, a 3% organic growth for the year was also within our original guidance range, we outlined last January.

我們仍然實現了調整後每股收益 5.06 美元。所以，我們通過了一年前提供的初步指導。此外，3% 的年度有機成長率也符合我們去年 1 月提出的最初指引範圍。

Despite all the unexpected challenges we encountered throughout the year, our ability to achieve our initial organic growth guidance and exceed our EPS guidance in spite of these hurdles, speaks to Revvity's resilience, our agility, and our overall ability to execute in those areas that are more fully within our control.

儘管我們在這一年中遇到了許多意想不到的挑戰，但我們仍然實現了最初的有機增長目標，並且克服了這些障礙，超過了每股收益目標，這體現了 Revvity 的韌性、敏捷性以及在我們能夠完全掌控的領域中的執行能力。

We were able to accomplish all of this while still delivering strong outcomes for our customers, our employees and our shareholders. In the fourth quarter, we saw positive momentum continue across a dieted health immunodiagnostics performing better than anticipated.

我們能夠在實現所有這些目標的同時，仍然為我們的客戶、員工和股東帶來良好的成果。第四季度，我們看到積極的勢頭持續，飲食健康免疫診斷的表現優於預期。

This strength led to our diagnostic segment organic growth being up 7% in the quarter overall. In a life sciences segment, we also continue to see trends gradually move in the right direction across our end markets as our organic growth was flat, year over year, with positive low single-digit growth from a pharma customer and a low single-digit year over year decline in sales from our academic and government costs which included a modest headwind from the US government shutdown.

這一優勢使得我們診斷業務板塊的有機成長率在本季整體成長了 7%。在生命科學領域，我們也繼續看到各終端市場的趨勢逐漸朝著正確的方向發展，我們的有機增長與去年同期持平，來自一家製藥客戶的低個位數增長，而來自學術界和政府部門的銷售額同比下降了低個位數，其中包括美國政府停擺帶來的輕微不利影響。

Importantly, our sales of life sciences reagents and consumables were a bit better than we had expected and were flat year over year overall. We also saw continued improvements in demand for our life sciences instruments during the fourth quarter, as they were all roughly flat on a year over year basis.

值得注意的是，我們生命科學試劑和耗材的銷售額略優於預期，與去年同期相比基本持平。第四季度，我們對生命科學儀器的需求也持續改善，與去年同期相比基本持平。

This performance for our instruments represented a strong double-digit sequential increase in total revenue as compared to the third quarter and marked a meaningful organic growth improvement compared to the most significant declines we have seen with these products fairly consistently over the past three years.

與第三季相比，我們儀器的這一業績代表著總收入實現了強勁的兩位數環比增長，並且與過去三年這些產品持續出現的大幅下滑相比，標誌著有機增長的顯著改善。

Given the strong minister 2025 and the progress we've made over the past few years, we chose to reinvest a portion of this operating upside back into the company during the fourth quarter, with a particular focus on supporting our employees who have remained highly dedicated and productive throughout the year.

鑑於 2025 年強勁的發展勢頭以及我們在過去幾年取得的進步，我們選擇在第四季度將部分營運收益再投資於公司，尤其註重支持那些在過去一年中一直保持高度敬業和高效工作的員工。

This resulted in an adjusted operating margin in the quarter being 29.7%. When combined with some below the line favourability. This led to our adjusted earnings per share in the fourth quarter to be $1.70, which was $0.11 above the midpoint of our guidance, and $0.06 above the high end.

該季度調整後的營業利潤率為 29.7%。再加上一些線下有利因素。這使得我們第四季度的調整後每股收益為 1.70 美元，比我們預期的中點高出 0.11 美元，比預期的上限高出 0.06 美元。

In addition to the meaningful progress we've made operationally in 2025. I'm very proud of what we've been able to opportunistically accomplish from a capital deployment perspective as well. In 2025 alone, we've repurchased over $800 million worth of our shares.

除了我們在 2025 年營運方面取得的實質進展之外。從資本部署的角度來看，我們也取得了一些機會性的成就，我為此感到非常自豪。光是 2025 年，我們就回購了價值超過 8 億美元的股票。

Reducing our share count by $8.5 million shares overall, this brings our repurchase activities since becoming Revvity in the middle of 2023 to over $1.5 billion. Representing nearly $15 million repurchased shares or about 12% of our total share count at the time.

我們將股票數量減少了 850 萬股，自 2023 年年中成為 Revvity 以來，我們的股票回購活動總額已超過 15 億美元。這相當於回購了近 1,500 萬美元的股票，約佔當時我們總股本的 12%。

This robust repurchase activity, during a period of elevated in-market uncertainty demonstrates not only a continued confidence in our transformation and our medium and longer-term potential. But also, a continued disciplined stewardship of shareholder capital.

在市場不確定性加劇的時期，這種強勁的回購活動不僅顯示了我們轉型以及中長期潛力的持續信心。但同時，也要繼續對股東資本進行嚴格的管理。

We will continue to be both opportunistic and disciplined as we evaluate all capital deployment opportunities going forward both organically and inorganically, while we began to see some encouraging signs during the fourth quarter and take note of a few different promising market tailwinds of late. Such as stronger biopharma funding and the many activity and greater clarity on future NI funding.

我們將繼續保持機會主義和嚴謹的態度，評估未來所有資本部署機會，包括有機成長和非有機成長。同時，我們在第四季開始看到一些令人鼓舞的跡象，並注意到最近一些不同的、有前景的市場利好因素。例如，增加對生物製藥產業的投入，以及在國家創新基金方面進行更多活動並提高透明度。

We also want to remain cognizant in our initial outlook for 2026 that the signs of modest improvement we have seen to date have been only recent and we continue to operate in what is a fluid and market and policy environment.

我們也希望在對 2026 年的初步展望中保持清醒，因為我們迄今為止看到的些許改善跡像只是近期的，我們仍然在一個瞬息萬變的市場和政策環境中運作。

Consequently, while Max will provide more details in a bit, we are reiterating for our organic growth this year to be in the 2% to 3% range. As we are assuming recent market trends continue over the course of the year.

因此，雖然 Max 稍後會提供更多細節，但我們重申，今年的有機成長率將在 2% 到 3% 之間。我們假設近期的市場趨勢將在今年持續下去。

If these potentially favourable market conditions do result in cost demand recovering more than we currently anticipate in this outlook. We will look to appropriately update you on future quarterly earnings calls.

如果這些潛在的有利市場條件確實導致成本需求恢復程度超過我們目前在此展望中的預期。我們將在未來的季度財報電話會議上適當地向您通報最新情況。

I am happy to report that in mid-January, we closed on our previously announced acquisition of the software company ACD Labs. We are already in the process of integrating ACD into our signals business, and initial steps are underway to integrate its core product offerings.

我很高興地宣布，1月中旬，我們完成了先前宣布的軟體公司ACD Labs的收購。我們已開始將 ACD 整合到我們的訊號業務中，並已著手採取初步措施來整合其核心產品。

In our main signals one platform as well, we expect ACD to contribute a little over $20 million in total revenue this year, which adds another roughly 75 basis points to our overall revenue growth for the year. So, taking into account a 2% to 3% organic growth outlook and the expected tailwinds from ex and the ACD acquisition.

在我們的主要訊號平台中，我們預計 ACD 今年將貢獻略高於 2000 萬美元的總收入，這將使我們今年的整體收入成長再增加約 75 個基點。因此，考慮到 2% 至 3% 的有機成長前景以及來自 ex 和 ACD 收購的預期利好因素。

It brings our total expected revenue this year to be in a range of $2.96 billion to $2.99 billion. As we've highlighted in the past, we are making good progress with various cost efficiency initiatives and remain on pace for them to be fully completed by the end of the second quarter.

這將使我們今年的總預期收入在 29.6 億美元至 29.9 億美元之間。正如我們過去所強調的，我們在各項成本效益措施方面取得了良好進展，並有望在第二季末全面完成這些措施。

These programs include significant footprint consolidations deeper commercial and operational integrations and greater supply chain and logistical synergies, while they are impact will increase as the year goes on especially in the second half of the year.

這些計劃包括大幅縮小業務規模、深化商業和營運整合以及增強供應鏈和物流協同效應，而且隨著時間的推移，其影響將會擴大，尤其是在下半年。

We continue to expect these initiatives to result in our adjusted operating margins this year being 28% overall. We expect this all to result in a 2026 adjusted earnings per share to be in the range of $5.35 to $5.45 representing high single-digit adjusted EPS growth for the year.

我們仍預期這些措施將使我們今年的調整後營業利潤率達到 28%。我們預計這一切將使 2026 年調整後每股收益在 5.35 美元至 5.45 美元之間，這意味著該年度調整後每股收益將實現高個位數成長。

So overall, we are positioned well as we enter 2026 and I am optimistic that our end markets should begin to recover as we go through the year which would provide even greater opportunities for us and our shareholders.

因此，總的來說，我們在進入 2026 年時處於有利地位，我樂觀地認為，隨著時間的推移，我們的終端市場應該會開始復甦，這將為我們和我們的股東提供更大的機會。

Another item we are extremely excited about as we move into 2026 is our recent introduction an upcoming launch of our AI models as a service platform signals Xynthetica.

展望 2026 年，我們還有一件非常令人興奮的事情，那就是我們最近推出的 AI 模型即服務平台即將上線，Xynthetica 表示。

Our signals, software business is perfectly positioned to, as it is the central repository and workflow engine for nearly all major pharma preclinical R&D activity across the globe and increasingly for many biotech's and small to mid-sized pharma companies as well.

我們的訊號和軟體業務處於非常有利的地位，因為它是全球幾乎所有主要製藥公司臨床前研發活動的中央儲存庫和工作流程引擎，而且越來越多地也是許多生物技術公司和中小型製藥公司的中央儲存庫和工作流程引擎。

Pre-clinical scientists work with the signals one every day to create new data analyse results and seamlessly share it with colleagues, with the introduction of Xynthetica we are providing a platform where Ben scientists will be able to seamlessly leverage in industry-leading AI and ML models that are both publicly and privately available.

臨床前科學家每天都在處理訊號，以創建新的數據分析結果並與同事無縫分享。隨著 Xynthetica 的推出，我們提供了一個平台，使 Ben 科學家能夠無縫利用業界領先的 AI 和 ML 模型，這些模型既有公開的，也有私有的。

Directly within their existing workflows the insights gained by leveraging these AI models will be used by scientists to more quickly iterate and improve their drug candidates and development. Both in the wet lab and virtually enabling a lab in the loop approach to drug development.

科學家可以直接在現有的工作流程中利用這些人工智慧模型所獲得的見解，從而更快地迭代和改進他們的候選藥物和研發工作。無論是在濕實驗室或虛擬實驗室，都能實現藥物開發的實驗室在環法。

We expect this repeating loop of faster and more frequent refinement and advancements of drugs in development will ultimately accelerate drug development timelines versus previous methods as part of our synthetic launch.

我們期望這種藥物研發過程中更快、更頻繁的改進和進步的循環，最終將比以往的方法加快藥物研發進度，這是我們合成藥物上市計畫的一部分。

We also announce our important collaboration with Lilly and TuneLab initiative. Lilly TuneLab AI models are built on knowledge and insights from over a billion dollars of R&D investment by the company over the last decade.

我們也宣布與禮來公司和TuneLab計畫進行重要合作。Lilly TuneLab AI 模型建立在公司過去十年超過十億美元的研發投資所帶來的知識和見解之上。

Lilly is not only making these models available to smaller biotech's in exchange for them sharing data back into the platform, but they are also co-funding with us access to our signals platform and providing Xynthetica modelling credits to biotech users.

禮來公司不僅向規模較小的生物技術公司提供這些模型，以換取他們將數據共享回平台，而且還與我們共同資助訪問我們的信號平台，並向生物技術用戶提供 Xynthetica 建模積分。

Exemplifying our shared commitment to driving adoption and engagement of both platforms.

這體現了我們共同致力於推動兩個平台的普及和用戶參與的承諾。

Signals is embedded in nearly all major pharma companies around the world already and now with synthetica, and our collaboration with Lilly TuneLab we can uniquely deliver functional AI capabilities directly to scientists in a completely transformative way.

Signals 已嵌入全球幾乎所有主要製藥公司，現在透過與 Syntheta 以及 Lilly TuneLab 的合作，我們可以以完全變革性的方式，將功能性 AI 能力直接獨特地提供給科學家。

So in closing I'm excited that the power differentiation and momentum that we have built at Revvity over the last several years is increasingly garnering more and more appreciation amongst our customers, our Investors and even our competitors.

最後，我很高興地看到，Revvity 在過去幾年中建立起的差異化優勢和發展勢頭，正日益受到我們的客戶、投資者甚至競爭對手的認可。

Driven by leading innovation coupled with strong and consistent operational and commercial execution. Revvity on a strong path with a bright future, especially as key and markets likely continue to recover over the coming months and quarters.

以領先的創新能力以及強大而穩定的營運和商業執行力為驅動力。Revvity發展勢頭強勁，前景光明，尤其是在未來幾個月和幾個季度，關鍵市場可能會繼續復甦。

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

接下來，我將把通話交給馬克斯。

Thanks, Prahlad, and good morning everyone. As Prahlad highlighted, we navigated and overcame many obstacles during 2025 and were able to finish the year on a strong note in the fourth quarter, as both are organic growth and adjusted earnings per share came in better than we expected with this stronger finish, we were also able to take the opportunity to further reinvest back into our people, while keeping our adjusted operating margins consistent with our expectations overall.

謝謝普拉拉德，大家早安。正如 Prahlad 所強調的那樣，我們在 2025 年克服了許多障礙，並在第四季度取得了強勁的業績，實現了有機增長，調整後的每股收益也超出了我們的預期。憑藉這一強勁的收官表現，我們也能夠藉此機會進一步投資於我們的員工，同時保持調整後的營業利潤率與我們的預期保持一致。

I am proud of what we were able to accomplish last year, as we're able to achieve both our organic growth and adjusted EPS expectations that were either in line to above our guidance coming into the year, despite significant headwinds versus our initial assumptions. From an innovation perspective, we introduced several very exciting new offerings and collaborations during the quarter.

我為我們去年的成就感到自豪，儘管面臨與我們最初假設相比的巨大不利因素，我們仍然實現了有機增長和調整後每股收益的預期，並且這些預期都達到了或超過了我們年初的指導方針。從創新角度來看，本季我們推出了幾項非常令人興奮的新產品和服務以及合作項目。

Particularly in the areas of software and AI and we remain opportunistically disciplined with our capital deployment by announcing the acquisition of the software firm ACD Labs, which closed a few weeks ago, as well as by repurchasing another $168 million of our shares.

尤其是在軟體和人工智慧領域，我們仍然保持著機會主義的資本部署紀律，宣布收購軟體公司 ACD Labs（該收購已於幾週前完成），並回購了價值 1.68 億美元的股票。

As we continue to remain extremely confident in the medium and longer-term potential of Revvity, we use this opportunity to dramatically reduce our share count. I think this will bode extremely well for our shareholders once end markets more fully normalize and our overall financial performance moves back towards our long-range plan in the upcoming years.

鑑於我們對 Revvity 的中長期潛力依然充滿信心，我們藉此機會大幅減少我們的股份數量。我認為，一旦終端市場更加全面恢復正常，並且我們整體的財務表現在未來幾年內重回長期計劃軌道，這將對我們的股東來說是一個極其好兆頭。

Our ability to opportunistically deploy capital like we have the direct results of our strong free cash flow generation and conversion over the last several years since becoming Revvity

我們之所以能夠像現在這樣靈活運用資本，直接得益於自Revvity成立以來，過去幾年我們強勁的自由現金流產生和轉換率。

Combined with our strong balance sheet both of which I expect to continue as we look to the future, we will continue to take a balance and disciplined approach to deploying capital with a focus on pursuing the highest potential return opportunities in front of us as we have shown in the past.

結合我們強勁的資產負債表（我預計這兩點在未來都會繼續保持），我們將繼續採取平衡和嚴謹的資本部署方式，專注於追求我們面前最具潛在回報的機會，正如我們過去所展現的那樣。

I expect this will continue to represent an appropriate and balanced mix of buybacks, M&A, and internal investments while I will provide more specifics on our guidance for 2026 in a bit.

我預計這將繼續代表回購、併購和內部投資的適當且平衡的組合，稍後我將提供更多關於我們 2026 年業績指引的具體資訊。

As we look ahead to the future, I'm optimistic that our key end markets, which have been under pressure, are beginning to show some signs of potential initial recovery which would compare favourably to our current expectations that our end market demand trends continue to remain fairly similar to what they have been over the last three years.

展望未來，我樂觀地認為，我們主要的終端市場（此前一直承受著壓力）開始出現一些潛在的初步復甦跡象，這與我們目前的預期相符，即我們的終端市場需求趨勢將繼續與過去三年的情況保持相當相似。

Now turning to the civics of our fourth quarter performance.

現在來談談我們第四季的業績表現。

Overall, the company generated revenue of $772 million in the quarter. Resulting in 4% organic growth. FX was an approximate 2% tailwind to growth, and we again had no incremental contribution from acquisitions for the full year, we generated $2.86 billion of revenue which was comprised of 3% organic growth, a 1% tailwind from FX and no impact from M&A.

該季公司總營收為7.72億美元。最終實現了4%的有機成長。外匯波動對成長起到了約 2% 的推動作用，全年收購業務也沒有帶來任何增量貢獻，我們創造了 28.6 億美元的收入，其中包括 3% 的內生成長、1% 的外匯波動帶來的推動作用，以及併購業務的無影響。

As it relates to our P&L, we generated 29.7% adjusted operating margins in the quarter, which were down 60 basis points year over year, but in line with our expectations for the full year, our adjusted operating margins were 27.1% which were down 120 basis points year over year as margins were pressured from tariffs, FXs and lower volume leverage

就損益表而言，本季調整後營業利益率為29.7%，較去年同期下降60個基點。但與我們對全年的預期一致，全年調整後營業利潤率為27.1%，年減120個基點，主要原因是關稅、匯率波動和銷售下降對利潤率造成了壓力。

This was partially offset by an increasing contribution from recently implemented cost containment initiatives. Looking below the line are adjusted net interests and other expenses were $23 million in the quarter. This brought the full year adjusted net interest and other expense to $84 million.

近期實施的成本控制措施帶來的貢獻增加，部分抵銷了上述影響。從帳面價值來看，本季調整後的淨利息和其他支出為 2,300 萬美元。這使得全年調整後的淨利息和其他支出達到 8,400 萬美元。

Our adjusted tax rate was 6.5% in the quarter, which benefited from the timing of discrete items which happen to primarily fall within the fourth quarter this 14.5% as we have previously mentioned.

本季調整後的稅率為 6.5%，這得益於一些特殊項目的時機安排，這些項目恰好主要集中在第四季度，正如我們之前提到的，該季度稅率為 14.5%。

We continue to remain active with our share repurchase program as we averaged $113.2 million diluted shares in the quarter which was down over $2 million shares sequentially and resulted in our adjusted EPS in the fourth quarter, being $1.70 which exceeded the high end of our expectations.

我們繼續積極推進股票回購計劃，本季平均回購了 1.132 億美元的稀釋股票，比上一季減少了 200 多萬美元，使得我們第四季度的調整後每股收益達到 1.70 美元，超過了我們預期的上限。

For the full year, our adjusted EPS was $5.06 which is above the high end of our initial guidance at the beginning of the year, and represented 3% growth year over year.

全年調整後每股收益為 5.06 美元，高於年初我們最初預期的上限，年增 3%。

Moving beyond the P&L, we generated free cash flow of $162 million in the quarter.

除了損益表之外，我們本季還產生了 1.62 億美元的自由現金流。

Resulting in 84% conversion of our adjusted net income, this brought our full year free cash show to 515 million equating to 87% conversion of our adjusted net income.

這使得我們調整後的淨收入轉換率達到 84%，全年自由現金流達到 5.15 億美元，相當於我們調整後的淨收入轉換率達到 87%。

Our balance sheet remains strong as we finished the year with a net debt to adjusted EBITDA leverage ratio of 2.7 times with 100% of our debt being fixed rate with the weighted average interest rate of 2.6% and weighted average maturity out another six years.

我們的資產負債表依然穩健，年底淨負債與調整後 EBITDA 的槓桿比率為 2.7 倍，100% 的負債為固定利率，加權平均利率為 2.6%，加權平均到期日還有六年。

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. I will now provide some commentary on our 4th quarter and full year business trends which are also highlighted in the quarterly slide presentation on our investor relations website.

在評估資本部署時，我們將繼續保持靈活和自律，以把握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。接下來，我將對我們第四季度和全年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幻燈片演示中重點介紹。

The 4% growth in organic revenue in the quarter was comprised of flat performance in our life sciences segment, and 7% growth in diagnostics. Geographically, we had flat performance in both the Americas and APAC, and we grew double digits in Europe for the full year, we achieved 3% organic growth.

本季有機收入成長 4%，其中生命科學部門業績持平，診斷部門成長 7%。從地理上看，我們在美洲和亞太地區的業績持平，而我們在歐洲全年實現了兩位數的成長，有機成長率達到 3%。

With 4% growth in diagnostics and 2% growth in life sciences the Americas grew low single-digits, Europe grew high single-digits, and Aack declined in the low single-digits. From a segment perspective, our life sciences business generated revenue of $382 million dollars in the quarter.

診斷領域成長了 4%，生命科學領域成長了 2%，美洲實現了個位數低成長，歐洲實現了個位數高成長，而 Aack 則出現了個位數低下降。從業務板塊來看，我們的生命科學業務在本季創造了 3.82 億美元的收入。

This was up 2% on a reported basis and flat on an organic basis. For the full year, our life sciences business was up 2% organically. From a cost perspective, sales in the form of biotech rose in the low single-digits in both the quarter and for the year

以報告數據計算，成長了 2%；以自然成長計算，持平。全年來看，我們的生命科學業務實現了 2% 的有機成長。從成本角度來看，生技產品的銷售額在本季和全年均實現了個位數低成長。

While sales into academic and government declined and the low single-digits, both in the quarter and for the year. Our signal software business was flat year over year organically in the quarter, driven by the timing of renewals and difficult year go comps, when the business grew in the mid-thirties.

雖然本季和全年面向學術界和政府部門的銷售額均有所下降，降幅僅為個位數。本季度，由於續約時間以及去年同期業績基數較高（當時業務成長了30%左右），我們的訊號軟體業務較去年同期持平。

For the full year, our signals business grew in the high 10s organically. As it pertains to some of the software industry-specific metrics are SAAS pipeline continues to grow with nearly 40% ARR growth as compared to last year with SAAS now representing approximately 35% of the overall business.

全年來看，我們的訊號業務實現了接近百分之十的自然成長。就一些軟體產業特定指標而言，SAAS 業務持續成長，ARR 與去年相比成長了近 40%，SAAS 目前約佔整體業務的 35%。

Signals again had double-digit APD growth versus the prior year and maintain net retention rate of more than 110%. In our diagnostic segment, we generated $390 million of revenue in the quarter, which was up 10% on a reported basis and 7% on an organic basis.

Signals 的 APD 再次實現了兩位數的成長，與前一年相比，淨留存率保持在 110% 以上。在我們的診斷業務部門，本季度我們創造了 3.9 億美元的收入，按報告數據計算增長了 10%，按有機增長計算增長了 7%。

For the full year, our diagnostics business grew 4% organically. From a business perspective, our immunodiagnostics business grew in the high single-digits organically in the quarter, and in the mid-single-digits for the full year.

全年來看，我們的診斷業務實現了 4% 的有機成長。從業務角度來看，我們的免疫診斷業務在本季度實現了接近兩位數的有機成長，全年實現了中等個位數的成長。

Strong performance outside China was partially offset by double-digit declines for the business in China for the full year, as we've continued to face DRG related volume pressures, which we expect will continue until we anniversary them around the end of the second quarter this year.

儘管中國以外地區的業績表現強勁，但由於我們持續面臨與DRG相關的銷售壓力，部分抵消了全年中國業務兩位數的下滑。我們預計這種情況將持續到今年第二季末DRG週年紀念日左右。

A reproductive health business grew mid-single-digits organically in the quarter, and for the full year newborn screening continued to perform well and grew in the mid-single-digits in the quarter and then the high single-digits for the full year.

生殖健康業務在本季度實現了中等個位數的有機成長，全年來看，新生兒篩檢業務繼續表現良好，本季度實現了中等個位數的成長，全年實現了高個位數的成長。

Our reproductive health business has continued a meaningfully outperform underlying birth rate trends through fantastic operational and commercial execution and an increasing contribution from our work with Genomics England.

我們的生殖健康業務憑藉著出色的營運和商業執行力，以及與英國基因組學公司合作的不斷增長的貢獻，持續顯著優於潛在的出生率趨勢。

Now turning to our initial outlook for 2026. As we recently highlighted at a Celite Conference just a few weeks ago while we may be starting to see some modest improvements in pharma and biotech customer sentiment

現在來看看我們對 2026 年的初步展望。正如我們幾週前在Celite大會上強調的那樣，儘管我們可能開始看到製藥和生物技術客戶情緒出現一些小幅改善，但

For the time being, we are expecting a continuation of the major and market trends that we've been experiencing over the last two to three years to continue as we move into 2026 should demand trends sustainably improve more than this initial outlook.

就目前而言，我們預計過去兩到三年來的主要市場趨勢將在2026年繼續保持，前提是需求趨勢能夠持續改善，超過目前的預期。

We would look to update you at an appropriate time with this backdrop, we are reiterating our outlook for 2% to 3% total company organic growth in 2026.

在此背景下，我們將在適當的時候向您更新訊息，我們重申我們對 2026 年公司整體有機成長 2% 至 3% 的預期。

Using FX rates as of the end of December, we expect the impact from exchange rates to be an approximate 1% tailwind to our revenue, given the weaker dollar with us closing the ACD lab software acquisition in mid-January.

根據 12 月底的匯率，鑑於美元走軟，加上我們將在 1 月中旬完成對 ACD 實驗室軟體的收購，我們預計匯率的影響將對我們的收入產生約 1% 的利好作用。

We expect this acquisition to add approximately 75 basis points to our overall company revenue growth this year. We expected all the results in our 2026 total revenue to be in a range of $2.96 billion to $2.99 billion overall.

我們預計此次收購將使公司今年的整體營收成長增加約 75 個基點。我們預計 2026 年的總收入將在 29.6 億美元至 29.9 億美元之間。

As we've discussed at length over the past few quarters given some of the unexpected headwinds we faced last year, such as tariffs, diagnostic volume pressures, and FX.

正如我們在過去幾季中詳細討論的那樣，鑑於去年我們面臨的一些意想不到的不利因素，例如關稅、診斷量壓力和外匯波動。

We chose to implement an accelerate additional cost efficiency measures in the second half of the year which we anticipate will take until close to the end of the second quarter of this year to be fully implemented.

我們選擇在今年下半年加快實施額外的成本效益措施，預計這些措施要到今年第二季末才能全面實施。

It is because of these actions that we expect to be able to generate 28% adjusted operating margins this year, up from the 27.1% we reported for 2025. As we've also highlighted in the past if we are able to generate upside to our organic revenue growth outlook this year, above our initial 2% to 3% expectation.

正是由於這些措施，我們預計今年的調整後營業利潤率將達到 28%，高於我們先前預測的 2025 年的 27.1%。正如我們過去也強調的，如果我們能夠使今年的有機收入成長預期超過我們最初 2% 至 3% 的預期，那麼我們將取得更大的成功。

We would anticipate some additional leverage in margin expansion above this initial outlook as well. We had another strong cash generation and conversion year in 2025, which I anticipate will continue going forward.

我們預計，在初步預期的基礎上，利潤率擴張方面還會有一些額外的槓桿作用。2025 年我們又迎來了一個現金流充裕且轉換率高的年份，我預期這種情況將持續下去。

As a reminder, we do have a low cost EUR500 million bond that is maturing this July, which we will look to retire because we will lose this currently favourable spread on our cash versus this low-cost debt and also have lower average cash balances as a result of our 2025 share repurchases.

提醒一下，我們有一筆低成本的 5 億歐元債券將於今年 7 月到期，我們將考慮償還這筆債券，因為我們將失去目前現金與這筆低成本債務之間的有利利差，而且由於我們在 2025 年回購股票，我們的平均現金餘額也會降低。

We anticipate our net interest expense in other to be approximately $95 million this year, up from $84 million in 2025. We clearly had some strong performance from our tax planning initiatives as we moved into the second half of 2025.

我們預計今年其他領域的淨利息支出約為 9,500 萬美元，高於 2025 年的 8,400 萬美元。進入 2025 年下半年，我們的稅務規劃措施顯然取得了顯著成效。

While we could again see some benefit from our tax planning programs as we move throughout 2026, we are not going to assume any benefit from them in our initial outlook.

雖然隨著我們進入 2026 年，我們的稅務規劃方案可能會再次帶來一些好處，但在我們最初的展望中，我們不會假設它們會帶來任何好處。

Consequently, we are assuming an 18% adjusted tax rate in our initial 2026 guidance. I'll be generated this year while the timing impact from discrete tax items can vary year to year. I am still very proud of the progress we've been making as it pertains to our overall tax structure over the last few years.

因此，我們在 2026 年的初步預測中假設調整後的稅率為 18%。今年我將產生相關數據，但個別稅務項目的具體影響時間每年可能有所不同。我對過去幾年我們在整體稅收結構方面取得的進展感到非常自豪。

Given our progress, normal annual tax rate has now been lowered to approximately 18% down from a previous 20% level, just a year or two ago. Lastly, given our significant share repurchase activity throughout 2025.

鑑於我們取得的進展，目前的正常年度稅率已從一兩年前的 20% 降至約 18%。最後，鑑於我們在 2025 年將進行大量的股票回購活動。

We expect our diluted average share count to be approximately $112 million in 2026. We expect all of this to result in our full year 2026, adjusted earnings per share to be in a range of $5.35 to $5.45 here in the first quarter, we expect our organic growth to be in line with our full year 2% to 3% outlook, and a sizable 3% tailwind from FX, given the weaker dollar year over year while movements in FX do not typically have a meaningful impact on our adjusted EPS.

我們預計到 2026 年，我們的稀釋後平均股份數量約為 1.12 億美元。我們預計所有這些因素將使我們 2026 年全年調整後每股收益在 5.35 美元至 5.45 美元之間。在第一季度，我們預計我們的有機成長將與我們全年 2% 至 3% 的預期一致，由於美元同比走軟，匯率波動將帶來 3% 的顯著利好，儘管匯率波動通常不會對我們的調整後每股收益產生重大影響。

They can't have an impact on both our revenue as well as our adjusted operating margins consequently, between FX our first quarter this year having 14 operating weeks. Tariffs, and not all of our cost efficiency projects yet being fully complete.

由於外匯交易，它們不會對我們的收入和調整後的營業利潤率產生影響，我們今年的第一季有 14 個營業週。關稅問題，以及我們所有的成本效益項目尚未完全完成。

We expect our adjusted operating margins here in the first quarter to be approximately 23%. Before stepping up in the second quarter, and then further stepping up in the back half of the year. Our margin expansion will improve as we go throughout 2026, as we will increasingly benefit from the cost programs currently underway.

我們預計第一季的調整後營業利潤率約為 23%。在第二季開始提升，然後在下半年進一步提升。隨著我們逐步從目前正在實施的成本控制計畫中受益，2026 年我們的利潤率擴張將會改善。

Well, anniversary tariff impacts and will not have as large of a headwind from FX beyond one quarter assuming current rates continue. This all results in our first quarter adjusted earnings per share expected to represent approximately 19% of our full year earnings.

週年關稅的影響，以及假設當前利率持續下去，超過一個季度後匯率波動帶來的不利影響，都不會像現在這樣大。綜上所述，我們預計第一季調整後每股盈餘將約佔全年收益的 19%。

Overall, we finished off 2025 on a strong note with momentum into 2026, we are well positioned to capitalize as end market trends recover, while still also being appropriately prudent with our initial outlook for this year, giving continued market uncertainties and the dynamic environment we've experienced over the last three years.

總體而言，我們在 2025 年取得了強勁的收官成績，並將勢頭延續到了 2026 年。隨著終端市場趨勢的復甦，我們已做好充分準備，把握機會。同時，考慮到市場持續的不確定性以及過去三年我們所經歷的動態環境，我們對今年的初步展望也保持了適當的謹慎態度。

We have positioned the business well for the future, given our dedication to innovation and our ability to consistently deliver for our customers. When combined with our ongoing cost efficiency programs and robust share repurchase activity.

憑藉我們對創新的執著追求和持續為客戶提供優質服務的能力，我們已經為公司的未來發展做好了充分準備。再加上我們正在實施的成本效率計劃和強有力的股票回購活動。

We are well situated to see outsized performance should and markets recover more than we are currently anticipating.

我們已做好充分準備，迎接超預期的業績表現，市場復甦幅度也將超過我們目前的預期。

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) Dan Brennan, TD Cowan.

（操作員說明）Dan Brennan，TD Cowan。

Congrats on the quarter, Prahlad and Max. Maybe just on the 2% to 3% organic guide, I know you started talking about it back, I think, early September. And this was prior to the first MFN deal by Pfizer. I think we've had 13 other science and send. So there are definitely signs the biotech market is improving as well.

恭喜 Prahlad 和 Max 取得季度佳績。或許可以參考一下 2% 到 3% 的有機指導方針，我知道你大概在九月初就開始談論這個話題了。而這還是在輝瑞公司達成第一筆最惠國待遇協議之前。我認為我們已經發送了 13 個其他科學項目。因此，生物技術市場也確實出現了好轉的跡象。

So just -- I know you've talked about it throughout this call about the arguable conservative nature to start hearing you leaving room for upside. But nonetheless, given you had that anchored back then and things haven't improved, I'm just wondering if you could provide more color on this 2% to 3% framework and kind of what the potential upside could be as the year unfolds?

所以——我知道你在整個通話過程中都在談論保守主義的本質，開始聽到你為上漲留出空間。但是，鑑於你當時已經設定了那個目標，而情況並沒有好轉，我只是想知道你是否可以更詳細地解釋一下這個 2% 到 3% 的框架，以及隨著這一年的發展，潛在的上漲空間會有多大？

Thanks, Dan. Look, I think as we think about our 2026 guidance, to your point, it is consistent with the framework that we provided back in September. And yes, there have been some positive signs in our end markets since September. Therefore, I think as we look at the guidance for 2026, we do believe that there are multiple paths to potential upside across both revenue and EPS.

謝謝你，丹。我認為，正如您所說，當我們考慮 2026 年的指導方針時，它與我們 9 月提供的框架是一致的。是的，自 9 月以來，我們的終端市場出現了一些正面的跡象。因此，我認為，在展望 2026 年的業績指引時，我們相信在營收和每股盈餘方面都有多種潛在的成長途徑。

When you look at things from a revenue organic growth perspective, some of those paths, starting first on the Life Sciences side, so one, we aren't really modelling any improvement in the preclinical markets across both pharma biotech and academic and government.

從收入有機成長的角度來看，其中一些路徑，首先從生命科學方面來看，首先，我們並沒有真正預測到製藥生物技術、學術界和政府部門的臨床前市場會有任何改善。

I think we continue to see positive trends in pharma biotech, whether that's around the MFN deals and the certainty that brings our customers, the biotech funding environment, the M&A environment, there's definitely been some positive indicators over the past couple of months and look, it's tough to believe that academic and government is going to be as challenged as it was last year.

我認為我們繼續看到醫藥生物技術領域的積極趨勢，無論是最惠國待遇交易及其為客戶帶來的確定性，還是生物技術融資環境、併購環境，過去幾個月確實出現了一些積極的跡象。而且，很難相信學術界和政府會像去年一樣面臨如此大的挑戰。

The second thing, from a software perspective, we have the launch of some new products at the end of '25, early '26. We are not embedding any material benefit from those software launches in 2026, but obviously, there's a potential that those could accelerate quicker.

第二件事，從軟體角度來看，我們將在 2025 年底、2026 年初推出一些新產品。我們沒有從 2026 年的這些軟體發布中獲得任何實質利益，但顯然，這些軟體的發布速度可能會加快。

And then I think when you look at things from a Diagnostic side, on the newborn screening [ time ] in particular, we're assuming more LRP-type performance for that business as opposed to the outperformance that it's driven over the past couple of years. There's nothing fundamentally changing their other than just a more prudent assumption to start off the year.

然後，我認為，從診斷的角度來看，特別是新生兒篩檢（時間），我們假設該業務的表現將更接近長期風險規劃（LRP）類型，而不是像過去幾年那樣表現出色。除了年初採取了更謹慎的假設之外，他們的策略並沒有什麼根本性的改變。

And then secondly, from an immunodiagnostics side, we are taking a little bit more, I would say, a conservative and prudent approach on some of the expectations for our China IDX business, which you know, at the end of 2026, will be less than 5% of total company revenue, but we are taking, I would say, a more prudent assumption there.

其次，從免疫診斷的角度來看，我們對中國IDX業務的一些預期採取了更保守和謹慎的態度。您知道，到2026年底，該業務將不到公司總收入的5%，但我們對此採取了更謹慎的假設。

So then from an EPS perspective, right, a couple of potential opportunities for upside. One, as it relates to from a margin perspective, I just talked about multiple paths from an organic growth upside. If those were to come through, we've previously mentioned that we would expect that to come with incremental margin expansion above the 28% baseline that's embedded in our guidance.

所以從每股盈餘的角度來看，對吧，有幾個潛在的上漲機會。第一，就利潤率而言，我剛才談到了多種實現有機成長的途徑。如果這些目標能夠實現，我們之前已經提到過，我們預計這將帶來高於我們預期中 28% 基準線的利潤率成長。

And then secondly, from an EPS perspective, I'd say there's opportunity from upside from a below-the-line perspective. Obviously, we finished 2025 with a lot of momentum in terms of some of our tax planning initiatives.

其次，從每股盈餘的角度來看，我認為從線下營運的角度來看，有上漲空間。顯然，我們在 2025 年底在一些稅務規劃措施方面取得了很大的進展。

And as we've mentioned in the prepared remarks, we're not really embedding any further upside or execution from a tax planning perspective or any benefits from any discrete items from the year, which we generally have a track record of being able to execute on. So I think that's how I think about it in terms of the upside, both from an organic growth perspective and also from an EPS perspective.

正如我們在準備好的發言稿中所提到的，我們並沒有從稅務規劃的角度進一步增加收益或執行，也沒有從本年度的任何具體項目中獲得任何好處，而我們通常在這方面都有良好的記錄。所以我認為，無論從內生成長的角度來看，還是從每股盈餘的角度來看，這就是我對它前景的看法。

Great. And then maybe just as a follow-up, just on the Life Science side. Is it really just preclinical spending recovering that's going to drive the strength in instruments and reagents? Are there any share potential there? And what can we be watching to get ahead of like when those businesses could start to turn up? Thank you.

偉大的。然後，或許可以作為後續，專門談談生命科學方面的問題。難道只是臨床前支出的回升就能推動儀器和試劑價格的上漲嗎？這其中是否存在股票投資潛力？那麼，我們該關注哪些方面才能搶得先機，例如這些企業何時可能開始恢復營業？謝謝。

Yes. Look, so I think from a preclinical perspective, I think one -- a big part of that is just continued momentum in the end market. I talked about some of the positive signs we're seeing there. And so really just a continuation of the demand development of those positive indicators.

是的。所以，從臨床前角度來看，我認為其中一個重要因素是終端市場的持續成長動能。我談到了我們在那裡看到的一些積極跡象。因此，這其實只是這些正面指標的需求發展的延續。

In terms of your comment on share, I would argue we've been taking share over the past couple of years, continuously in the preclinical market, particularly within the reagents business. And so I think that's something that we look to continue to execute upon.

關於您提到的市場份額問題，我認為過去幾年我們一直在臨床前市場，尤其是在試劑業務領域，不斷擴大市場份額。所以我認為這是我們接下來要繼續努力的方向。

Dan Arias, Stifel. (Operator Instructions)

Dan Arias，Stifel。（操作說明）

Okay. There we go sorry about that Max, on software, to your point, you have a handful of new products that you're launching here. Can you just sort of refresh us on the timing of coming to market and then what you’re up trajectory might be?

好的。好了，抱歉，Max，關於軟體方面，正如你所說，你這裡有一些新產品即將推出。能否簡單介紹一下你們的產品上市時間以及未來的發展軌跡？

I mean it doesn't sound like you have much baked in for this year, but what should we think about the curve looking like? And then how quickly do you think that gets you back to the 9% to, I believe, 11% range that you've laid out as an LRP for software?

我的意思是，聽起來你們今年並沒有做太多規劃，但我們該如何看待疫情曲線的走勢呢？那麼，你認為這樣多久才能回到你為軟體製定的長期發展規劃（LRP）中設定的 9% 到 11% 的範圍呢？

Yeah. Let me take that, Dan. As you saw in our results for last year, in our Signals business, obviously, overall, is doing extremely well. And as you pointed out, with the upcoming launch of BioDesign, the introduction of Xynthetica and the launch later this year of LabGistics, our Signals business actually is in the midst of the most significant new product introduction phase in its history.

是的。丹，讓我來接吧。正如您在我們去年的業績報告中所看到的，我們的訊號業務整體而言顯然表現得非常好。正如您所指出的，隨著 BioDesign 即將推出、Xynthetica 即將上市以及 LabGistics 將於今年稍後上市，我們的訊號業務實際上正處於其歷史上最重要的新產品推出階段。

Despite historically it being focused primarily on small molecule workflows, its revenue CAGR is solidly in the double digits. And as you pointed out, above our LRP assumption of 9% to 11%. So even before all these new product launches, the advent of AI or how we might participate there, the business is already performing better than we expect from it over the coming years.

儘管該公司歷史上主要專注於小分子工作流程，但其收入複合年增長率仍穩定在兩位數。正如您所指出的，高於我們 LRP 假設的 9% 到 11%。因此，即使在所有這些新產品發布、人工智慧的出現或我們如何參與其中之前，該業務在未來幾年的表現已經比我們預期的要好。

Now I would say, as you pointed out to these new product launches and our new focus to also start gaining traction in other end markets such as material sciences, there is good potential for our growth rates in this business to accelerate even further despite having to grow off a larger base of revenue.

正如您所指出的，隨著這些新產品的推出以及我們新的重點轉向在材料科學等其他終端市場獲得發展動力，儘管我們需要在更大的收入基礎上實現增長，但我們在該業務領域的增長率仍有很大的提升空間。

So obviously, while we are not going to revise our LRP assumption of a particular business on an earnings call, I would reiterate, as I've said in the past, but we would be really disappointed if this business does not at least double in revenue over the next four to five years, which would imply something closer to a 15% organic growth, right?

顯然，雖然我們不會在財報電話會議上修改我們對特定業務的長期預期，但我還是要重申，正如我過去所說，如果該業務在未來四到五年內收入沒有至少翻一番，我們會非常失望，這意味著有機增長率接近 15%，對吧？

Okay. Helpful. And then maybe just on biopharma, Prahlad. You referenced biotech funding improvements as something that can help the recovery here. You're not alone, several of your peers have done that, too.

好的。很有幫助。然後或許就只專注在生物製藥領域了，Prahlad。您提到改善生物技術資金狀況可以幫助這裡的復甦。你並不孤單，你的幾個同齡人也這樣做過。

I'm just curious, if you dig into the order book, are you finding that some of the early uptick signals that you're talking about, are they coming from the companies that have successfully raised money, and so that makes you kind of feel okay about the thesis?

我只是好奇，如果你深入研究訂單簿，你是否發現你所說的早期上漲訊號，是否來自那些成功籌集資金的公司，這是否讓你對這個論點感到比較放心？

Or is that a trend at all that you're seeing in the discovery space? I'm just trying to understand whether better biotech funding is actually something that we can count on for 2026?

或者說，這是你在發現領域中觀察到的趨勢嗎？我只是想了解一下，到2026年，我們是否真的可以指望生物技術方面的資金投入會更多？

Yeah. Then I would say it's a combination of both. Obviously, we started seeing some modest improvement in the fourth quarter from these customers. I think it's a lot more clarity and confidence in the policy and regulatory environment that we saw compared to the earlier part of '25, which is allowing more action and more meaningful decisions.

是的。那我認為是兩者的結合。顯然，我們在第四季開始看到這些客戶出現了一些小幅改善。我認為，與 2025 年上半年相比，我們現在看到的政策和監管環境更加清晰、更有信心，這使得我們可以採取更多行動，做出更有意義的決定。

And on the behaviour that we see with the uptick in biotech M&A improvement in the funding, I think all of these are contributing. So I wouldn't say that there is one lever, but definitely, there's just the confidence that you are seeing and consistency. But we've got to see the this for a longer period of time before we make a call on a true durable uptick. But I'm optimistic that these customers are starting to move on the right path.

而我們看到的生物技術併購活動增加、融資狀況改善等現象，我認為所有這些因素都起到了作用。所以我不會說只有一個關鍵因素，但肯定存在你現在看到的這種自信和穩定性。但我們需要觀察更久才能判斷是否出現了真正持久的成長。但我樂觀地認為，這些客戶正開始走上正確的道路。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hi guys, thank you for taking my question. My first one maybe on the guidance 2% to 3%. How are you thinking about Life Science versus Diagnostics relative to that 2% to 3% corporate. Your exit rate was 4%, diagnostics, 7%. Anything one-off in the diagnostics 7% in the Q4?

大家好，感謝你們回答我的問題。我的第一個預測可能是2%到3%。您如何看待生命科學與診斷產業相對於那2%到3%的企業市佔率？您的退出率為 4%，診斷率為 7%。第四季診斷數據中是否存在任何一次性因素導致 7% 的偏差？

Yeah, hey Vijay, look, so I think as you think about the framework of the 2% to 3% organic growth for 2026, right, I would say Life Sciences is embedded in sort of a low single digit as well as Diagnostics.

是的，嘿 Vijay，你看，我認為當你考慮 2026 年 2% 到 3% 的有機增長框架時，對吧，我認為生命科學和診斷領域的增長率都處於個位數低位。

Breaking it down further within the Life Sciences business, we've got life sciences solutions at low single digits and then software at mid-single digits. Within that life science solutions bucket, we anticipate low single-digit growth in our reagents business and flattish performance from our instrumentation.

進一步細分生命科學業務，我們發現生命科學解決方案佔只有個位數，而軟體佔比則為個位數。在生命科學解決方案領域，我們預計試劑業務將實現個位數低成長，而儀器業務的表現將保持穩定。

And then as we look at things from a Diagnostics side, we've got, again, low single-digit overall for DX. And then embedded underneath that, you have reproductive health growing at mid-single digits, in immunodiagnostics growing at low single digits given the headwinds from China. But outside of China, we still expect our immunodiagnostics business to grow in the high single digits for 2026.

然後，從診斷的角度來看，DX 的總體數值再次只有個位數。此外，生殖健康領域以個位數中段的速度成長，而免疫診斷領域由於受到來自中國的不利因素，以個位數低段的速度成長。但除中國以外，我們仍預計到 2026 年，我們的免疫診斷業務將實現高個位數成長。

That's helpful, Max. Maybe, Prahlad, one for you on M&A environment. I'm curious how you're thinking about deal size? I know you mentioned returns metrics have to clear the hurdles. What is the potential for a merger of equals would that be on the table?

那很有幫助，Max。或許，Prahlad，你可以了解併購環境的知識。我很想知道你是如何考慮交易規模的？我知道你曾提到收益指標必須克服重重障礙。平等合併的可能性有多大？這種可能性是否擺在桌面上？

Yes, Vijay, obviously, we continue to evaluate redeploying cash into potential M&A targets. But it has to make a strong strategic addition to the company, not just for size and scale. Our focus is on software and life sciences reagents, primarily. And then as you pointed out, with our multidisciplined criteria, we haven't seen yet any targets that are compelling enough, either from a financial profile or an expected return perspective to move forward with.

是的，Vijay，很顯然，我們會繼續評估將現金重新部署到潛在的併購目標。但它必須對公司產生強大的策略影響，而不僅僅是規模和體積。我們主要專注於軟體和生命科學試劑。正如您所指出的，根據我們多學科的標準，我們還沒有看到任何足夠有吸引力的目標，無論是從財務狀況還是預期回報的角度來看，我們還沒有推進任何目標。

Josh Waldman, Cleveland Research.

Josh Waldman，克利夫蘭研究公司。

Great. Thanks for taking my questions. Two for you, Prahlad, I wondered if you could provide more detail on what you saw within pharma biotech within the Life Science Solutions business. I believe you mentioned no budget flush. Was the improvement in the quarter fairly evenly dispersed over the three months.

偉大的。謝謝您回答我的問題。Prahlad，我有兩個問題想請教你。我想請你詳細介紹一下你在生命科學解決方案業務的製藥生物技術領域看到了什麼。我記得你有提到沒有預算沖銷。本季業績的改善是否在三個月內較為均勻分佈？

And then were these more like longer-term projects that started to flip to orders? Or did you see the actual new opportunities coming into the pipeline start to ratchet up?

然後，這些項目是否更像是長期項目，後來才開始轉化為訂單？或者你看到真正湧現的新機會開始逐步增加？

Hey Josh, let me give you an overall color. And again, I think it's very similar to what I've said during Dan's question. I think overall, what we have seen is cautious optimism and consistency in terms of order trending. I wouldn't say that there was a budget flush. I think that's the way I would think of it.

嘿，喬希，我來給你描述整體顏色。而且，我認為這和我回答丹的問題時所說的非常相似。我認為總體而言，我們看到的是謹慎樂觀和訂單趨勢的穩定性。我不會說當時預算出現了大幅削減。我想我會這麼想的。

But what I would say, a lot more clarity and confidence in policy and regulatory environment enables our pharma biotech customers to plan appropriately and with more degree of confidence as we get into 2026.

但我想說的是，政策和監管環境的更加清晰和穩定，使我們的製藥生物技術客戶能夠在進入 2026 年之際，更有信心地進行適當的規劃。

Yeah. I would just say from a financial perspective in the fourth quarter, Josh, when you look at the performance of Life Sciences Solutions, it really kind of came in line with our expectation. Reagents were a little bit better than we had anticipated in the fourth quarter, coming in at approximately flattish versus a down low single-digit assumption heading into the fourth.

是的。喬希，從財務角度來看，第四季生命科學解決方案的業績實際上基本上符合我們的預期。第四季試劑的情況比我們預期的要好一些，基本上持平，而我們在第四季開始時的預期是低個位數。

And then from an instruments perspective, although it was significantly improved from the trends that we saw over the past 12 quarters, it was a little bit lighter than what we had anticipated, but it also came in at around flattish for the fourth quarter, which again was a significant improvement versus the trends we've seen over the past three years.

從儀器的角度來看，雖然與過去 12 個季度的趨勢相比有了顯著改善，但比我們預期的要輕一些，不過第四季度也基本保持平穩，這與我們過去三年的趨勢相比又是一個顯著的改善。

Okay. And then on the Diagnostics business, can you run through the areas that came in better than expected, either from a product angle within the subsegments or geographic? And then how durable do you think this is going into '26? Do you think Diagnostics could also be a source of upside to the 2% to 3%? Or is it more really the Life Science business on the back of pharma biotech that could produce the upside?

好的。那麼，關於診斷業務，您能否詳細介紹哪些領域的表現超出了預期，無論是從細分市場的產品角度還是地理角度？那麼，你認為這種設計到 2026 年還能維持多久？你認為診斷業務也可能帶來 2% 到 3% 的上漲空間嗎？或者，真正可能帶來成長的是依賴製藥生物技術的生命科學業務？

Yes. So I think as you look at the Diagnostics performance in the fourth quarter, it did come in better than expectations. We had expected about positive mid-single-digit growth, and it came in at a high single-digit growth. When you really look at the drivers of that, I would say, one, we did have continued strength globally in newborn screening, which was a tailwind to us versus our expectations. And then the second component was immunodiagnostics did a little bit better globally as well.

是的。所以我覺得，從第四季的診斷業務表現來看，它確實比預期要好。我們原本預期會有中位數個位數的正成長，而實際成長達到了較高的個位數。當你真正審視其背後的驅動因素時，我會說，第一，我們在全球新生兒篩檢方面持續保持強勁勢頭，這比我們預期的要好得多，對我們來說是一個有利因素。其次，免疫診斷這項在全球也表現得略好。

Some of that though was around instrument-related timing, and so there was a little bit of additional tailwind from that. As you think about how that then dovetails into 2026, as I mentioned in the response, I think it was to Dan's initial question on where is upside, we definitely think we have some upside in the Diagnostics business.

不過，其中一些因素與儀器計時有關，因此也帶來了一些額外的有利因素。當你思考這如何與 2026 年銜接時，正如我在回復中提到的，我認為這是為了回應 Dan 最初提出的關於增長點在哪裡的問題，我們絕對認為我們在診斷業務方面有一些增長點。

The first area, as I mentioned, we have a more prudent assumption around newborn screening versus what we've seen over the past couple of years. Again, nothing is fundamentally changing there. Just a more prudent assumption to start the year that's more in line with our LRP.

正如我之前提到的，在第一個方面，我們對新生兒篩檢採取了更謹慎的假設，這與過去幾年我們看到的情況有所不同。同樣，那裡的一切都沒有根本性的改變。年初伊始，我們採取了一個更為謹慎的假設，這更符合我們的長期規劃。

And then the second dynamic is around immunodiagnostics. We've mentioned that we've taken, again, a little bit more of a conservative assumption on immunodiagnostics in China, just given some of the uncertainty there that's happened over the past couple of years, but nothing is fundamentally changed. And should it have played out, we could see some potential benefit there as well. So that's how I kind of think about the upside for Diagnostics in '26. It's not just related to the Life Sciences business.

第二個動態是圍繞著免疫診斷展開的。我們之前提到過，鑑於過去幾年中國免疫診斷領域出現了一些不確定性，我們對中國的免疫診斷採取了更保守的假設，但從根本上來說，情況並沒有改變。如果這種情況真的發生，我們或許也能從中看到一些潛在的好處。所以，這就是我對 2026 年診斷產業發展前景的看法。這不僅與生命科學產業有關。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

Yeah. All right, cool. Thanks, guys. Just wanted to follow up on that last China DX question on the IDX. I understand that you're taking a little bit more prudent outlook here. Does that have anything to do with kind of what peers are talking about from potential increasing of DRG or EBP plans over there to get into cancer or oncology testing? I don't imagine you have a lot of exposure to those types of tests.

是的。好的，酷。謝謝各位。我想就IDX上關於中國DX的最後一個問題做個後續說明。我明白你現在採取的是一種比較謹慎的態度。這是否與同行們正在討論的，透過增加DRG或EBP計劃來進入癌症或腫瘤檢測領域的想法有關？我想你對這類測試應該不太熟悉。

But just -- what do you guys see in over there from that perspective? And how you know? Is that -- that's what's leading to that prudence?

但是──從那個角度來看，你們看到了什麼？你怎麼知道的？這就是──這就是導致他謹慎的原因嗎？

Yeah, hey Luke, look, as I think about China IDX, Again, I think the first thing I want to call it is, again, this will represent less than 5% of the total company revenue in 2026. So this continues to just become an overall smaller piece of the portfolio.

是的，嘿，路克，你看，當我考慮中國IDX時，我想說的第一點是，到2026年，它將占公司總收入的不到5%。因此，這部分投資在整個投資組合中所佔的比重越來越小。

I would say from a market perspective, we've not seen anything fundamentally change in the past 90 days. There has been, I think, some noise around potential theoretical new policies that could come in place. But again, those are theoretical and no real details have really been released. And then as you mentioned, some of the policy changes related to oncology, et cetera, it really don't impact our business. So I would say the punchline for us is nothing has really fundamentally changed.

從市場角度來看，過去90天我們沒有看到任何根本性的改變。我認為，圍繞著可能出台的理論性新政策，已經出現了一些爭議。但這些都只是理論上的推測，目前還沒有公佈任何實際細節。正如您所提到的，一些與腫瘤學等相關的政策變化，實際上對我們的業務並沒有影響。所以我覺得，對我們來說，關鍵在於一切都沒有根本的改變。

This is really just a matter of us taking a more prudent assumption for what's going to happen in China IDX for 2026.

這其實只是我們對2026年中國印尼指數(IDX)走勢做出更謹慎的假設的問題。

All right. Great. And then on the interest piece, life science instruments, you guys are assuming that flat for '26. Can you just give us a look at like what the -- and what kind of the backlog looks like or the demand is like? Just kind of mirroring, I guess, the last year, any type of pacing or pickup that you guys see throughout the year?

好的。偉大的。然後，關於生命科學儀器這部分，你們假設 2026 年價格持平。可以為我們介紹一下目前的情況嗎？例如積壓訂單的情況或需求狀況？我猜這有點像是在呼應去年的情況，你們在這一年中有沒有看到任何節奏變化或加速提升的跡象？

No. Look, I would say from an instruments perspective, nothing particular to call out. Again, most of our projects generally have four to five months lead time. Most of our instrumentation is customized. And so we have generally good visibility from a funnel perspective.

不。從樂器角度來看，沒有什麼特別值得一提的。同樣，我們的大多數專案通常需要四到五個月的準備時間。我們的大部分儀器都是客製化的。因此，從銷售漏斗的角度來看，我們通常具有良好的可視性。

Again, we had talked about the funnel strength we were seeing heading into the fourth quarter. Again, that mostly largely played out as anticipated. It was still a really good performance for our instruments business in the fourth quarter. And so I would say, as you think about the flattish assumption, again, this is assuming a similar CapEx environment that we just faced in 2025, and I think there's been some real indicators that things could be improving, but we need to see it over the course of a couple of quarters before we start rolling that into the numbers.

我們之前也討論過進入第四季時所看到的銷售漏斗強度。同樣，事情的發展基本上符合預期。第四季度，我們儀器業務的表現依然非常出色。因此，我想說，在考慮較為平穩的假設時，再次強調，這是假設資本支出環境與我們在 2025 年遇到的情況類似，我認為已經有一些跡象表明情況可能會有所改善，但我們需要觀察幾個季度才能將其納入數字。

Andrew Cooper, Raymond James.

Andrew Cooper，Raymond James。

Hey, everybody, thanks for the questions. Maybe just to start with margins. Can you just give a little bit more of a breakdown of some of the moving parts for the year, especially the first quarter. I mean, we're used to some drop from 4Q to 1Q, but what would you call normal versus the tariffs, versus FX, versus cost saving program costs? Just help us size some of those moving pieces would be great.

大家好，感謝大家的提問。或許可以先從邊際效益入手。能否更詳細地介紹今年的一些關鍵環節，特別是第一季的情況？我的意思是，我們已經習慣了第四季度到第一季之間出現一些下降，但是與關稅、匯率、成本節約計劃成本相比，您認為什麼才算是正常下降？幫我們確定一下其中一些活動部件的尺寸就太好了。

Yeah. Absolutely, Andrew. So I think, look, when you think about things from an operating margin perspective, it is, to your point, normal for us to have Q1 be, I would say, several hundred basis points below our full year operating margin. Then normally Q2, Q3 is kind of in line with the full year and the fourth quarter is several hundred basis points above our full year operating margin.

是的。當然，安德魯。所以我覺得，從營業利潤率的角度來看，正如你所說，我們第一季的營業利潤率比全年低幾百個基點是正常的。通常情況下，第二季和第三季與全年基本持平，而第四季則比全年營業利潤率高出幾百個基點。

I think as you look at 2026, both the first quarter and the second quarter would be, I would say, lighter than normal, and there's for a couple of reasons for that. First, as you look at the first quarter, you do have the impact of the extra week, which is an operating margin headwind for us. And then secondly, as we mentioned in the prepared remarks, our cost actions are going to continuously be executed throughout the first half of the year without being fully completed until the end of the second quarter. So you will get a little bit of a cost productivity benefit in the second half once those are 100% actioned.

我認為展望 2026 年，第一季和第二季都會比正常情況要輕鬆一些，這有兩個原因。首先，從第一季來看，額外一週的影響確實存在，這對我們的營業利潤率帶來了不利影響。其次，正如我們在準備好的發言稿中所提到的，我們的成本控制措施將在今年上半年持續執行，直到第二季末才會完全完成。因此，一旦這些措施100%落實到位，下半年您將獲得一些成本效益的優勢。

Okay. Helpful. And then maybe just as a follow-up. High-level launching products sometimes into what we'd all admit is still a challenging kind of end market is always a little bit tricky. I mean how have you guys calibrated some of the software launch expectations?

好的。很有幫助。然後或許可以作為後續跟進。將高端產品推向我們都承認仍然充滿挑戰的終端市場，總是有點棘手。我的意思是，你們是如何調整一些軟體發布預期的？

And is it different given, I think all the new launches are more Saas-oriented versus kind of on-prem upfront license fee. But how does this constrained capital environment impact the way you go to market with these newer products, if at all?

而且情況是否有所不同呢？我認為所有新推出的產品都更偏向 SaaS 模式，而不是那種需要預先支付授權費用的本地部署模式。但是，在這種資本受限的環境下，這些新產品的市場推廣方式會受到怎樣的影響呢？如果有影響，又會受到怎樣的影響呢？

Yes. Andrew, I mean, the way our software business is set up, is you just -- essentially, you have an installed base and most of these product launches go into the Signals suite. So it is more of an upsell opportunity that comes in. And then that rolls over, in some cases, when the contracts come up for renewal, in some cases, based on the customers' needs that they might have an immediate need for it.

是的。Andrew，我的意思是，我們軟體業務的設定方式是這樣的——本質上，你有一個已安裝的用戶群，而這些產品發布大多都屬於 Signals 套件。所以這更像是一個追加銷售的機會。然後，在某些情況下，當合約到期續約時，或者在某些情況下，根據客戶的需求，他們可能立即需要該服務，這種情況就會發生。

And as we've talked about earlier, right, most of what you -- our product launches, whether it's around BioDesign or LabGistics, are based on customers' demand and asks from the user group that the team puts in place.

正如我們之前討論過的，我們的大部分產品發布，無論是 BioDesign 還是 LabGistics，都是基於客戶的需求和團隊建立的用戶群的要求。

So there has been more of a pull for these than a push of a new NPI. So we expect them to start gaining traction earlier as we move from small molecules to larger molecules with BioDesign, but generally, it takes a few quarters for them to start gaining traction.

因此，這些產品的拉動動作用大於對新藥上市的推動作用。因此，我們預計隨著生物設計從小分子向大分子發展，它們會更早開始獲得市場認可，但通常情況下，它們需要幾個季度才能開始獲得市場認可。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you very much. I've got another China diagnostic question. Fully appreciate that China immunodiagnostics is less than 5% of your revenue. But how confident are you that this returns to growth in the second half of the year?

非常感謝。我還有一個關於中國診斷的問題。請充分認識到，中國免疫診斷業務僅佔您收入的不到 5%。但您有多大信心認為下半年經濟會恢復成長？

Yeah. Dan, thanks for the question. Again, it's on China IDX, I would say that as we have taken a more prudent assumption, I would say we are no longer forecasting a return to low single-digit growth in the second half of the year. We expect it to now be, I would say, down slightly in the second half of the year. And again, that just goes to what we're calling a more prudent and conservative assumption as we head into 2026, nothing has fundamentally changed about the underlying market conditions.

是的。丹，謝謝你的提問。再說一遍，就中國IDX指數而言，我認為，由於我們採取了更謹慎的假設，我們不再預測下半年將恢復到個位數低成長水準。我認為，我們預計下半年這一數字會略有下降。再說一遍，這也反映了我們邁向 2026 年時所採取的更為謹慎和保守的假設，即基本市場狀況並沒有根本性的變化。

And an unrelated follow-up, I could just use some help better understanding how you're framing the economic opportunity for that AI drug discovery offering in software.

另外，還有一個無關的後續問題，我希望您能幫助我更好地理解您是如何建立人工智慧藥物發現軟體的經濟機會的。

Yeah, Dan. I mean, look, the fact is that as we talked about at a health care conference earlier during the year, and we went through what Xynthetica does. We really feel it's a very exciting area for us as a company. And I think -- I would be bold enough to say for the industry as a whole.

是的，丹。我的意思是，你看，事實是，正如我們在今年早些時候的一次醫療保健會議上討論的那樣，我們詳細介紹了 Xynthetica 的業務。我們公司認為這是一個非常令人興奮的領域。而且我認為——我甚至敢說，對於整個行業也是如此。

Xynthetica for me is not an AI. It's even more potentially important in the near term as it is in the longer term because what it does is it brings to action how drug discovery happens.

對我來說，Xynthetica 不是人工智慧。它在短期內可能比在長期內更重要，因為它將藥物發現的過程付諸實踐。

When you think of it today, you move from only being a wet lab to doing in silico modeling and being able to then link it back to what happens in the wet lab, bring it back on to the Xynthetica platform.

如今，我們從單純的濕實驗室轉向電腦模擬，並能夠將其與濕實驗室中發生的事情聯繫起來，然後將其導入 Xynthetica 平台。

The Signals suite provides a platform or a marketplace where all of this can happen in one place without you having to being a software expert. I think that's the value of Xynthetica. It provides a federated model where you are able to curate, put AI modules on one platform that are validated, and be able to use them and enable drug discovery to happen in an accelerated form.

Signals 套件提供了一個平台或市場，所有這些操作都可以在一個地方完成，而無需您成為軟體專家。我認為這就是 Xynthetica 的價值所在。它提供了一個聯邦模型，您可以在一個平台上整理、放置經過驗證的 AI 模組，並能夠使用它們，從而加速藥物發現。

I think in the longer term, the benefit of what you will see from that is not just on productivity and efficiency, but also acceleration of drug discovery. So we really are, needless to say, very excited about Xynthetica and then the first one of, hopefully, a few, is the partnership that we have announced with Lilly on that initiative.

我認為從長遠來看，這樣做的好處不僅體現在生產力和效率上，也體現在藥物研發的加速上。所以，毋庸置疑，我們對 Xynthetica 感到非常興奮，而第一個（希望只是幾個）合作專案就是我們宣布與禮來公司就該專案進行的合作。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Hey, good morning. Thanks for taking the questions. Just one for me. Max, free cash flow conversion has improved for the last two years. I didn't hear you talk about a target for this year, but just kind of give us a little more color on kind of the levers to improvement there and kind of where you're seeing free cash flow shake out for '26?

嘿，早安。謝謝您回答問題。我只留一個。Max，自由現金流轉換率在過去兩年有所提高。我沒聽到你談到今年的目標，但能否更詳細地介紹一下改善業績的槓桿作用，以及你對2026年自由現金流的預期？

Brandon, yeah, look, I think from a free cash flow conversion standpoint, we've continued to execute, I would say, incredibly well over the past couple of years. I think if you look on average over the past couple of years, it's been close to a 90% free cash flow conversion for us, which is obviously, again, a dramatic change from where we were.

布蘭登，是的，你看，我認為從自由現金流轉換率的角度來看，在過去幾年裡，我們的執行力一直非常出色。我認為，如果從過去幾年的平均情況來看，我們的自由現金流轉換率接近 90%，這顯然與我們之前的情況相比發生了巨大的變化。

If you go back a handful of years ago, we were hovering kind of around 70% conversion. And I think there's really been a couple of drivers of that. One, we continue to execute on some of the working capital initiatives that we have across the company.

幾年前，我們的轉換率大概在 70% 左右徘徊。我認為背後主要有兩個原因。第一，我們繼續在公司內部執行一些營運資金計畫。

Two, I would say it's a benefit of the portfolio we have now with the higher reoccurring mix of product. And then three, we really made sure that everyone across the company is incentivized and has targets from a cash flow perspective, which is really starting to pay a lot of dividends.

第二，我認為這得益於我們目前的產品組合中較高的經常性產品比例。第三，我們真正確保公司裡的每個人都受到激勵，並從現金流的角度設定了目標，這真的開始帶來豐厚的回報。

I think as you look at 2026 and the expectation, we do expect to have continued momentum. Our LRP kind of calls for 85% conversion or greater on a given year. And I think that's the expectation we have for 2026 as well.

我認為，展望 2026 年，我們預計這一勢頭將繼續保持下去。我們的長期投資計畫要求每年的轉換率達到 85% 或更高。我認為這也是我們對 2026 年的期待。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Hey guys, thanks for the question. Just one for me as well. Can you just size how much benefit 1Q organic growth has from the extra week? And any other pacing commentary on how to think about organic growth for the rest of the year, maybe what's implied in the guide for a 4Q exit rate?

嘿，各位，謝謝你們的提問。我也只想要一個。你能估算一下第一季自然成長從多出來的一周中獲得了多大收益嗎？對於如何看待今年剩餘時間的有機成長，還有其他任何節奏方面的評論嗎？例如，指南中暗示的第四季退出率是多少？

Yeah, hey Catherine, look, I'll actually answer the second part there first. From an organic growth cadence over the course of the year, we're calling for 2% to 3% here in the first quarter, which is in line with the full year. I would say we're expecting relatively consistent performance around that 2% to 3% for each quarter of the year. So it's relatively consistent there.

是啊，凱瑟琳，聽著，我先回答第二個問題。根據全年的自然成長節奏，我們預計第一季成長率為 2% 至 3%，與全年成長率一致。我認為我們預計全年每季的業績都會相對穩定在 2% 到 3% 左右。所以這方面比較穩定。

And then I think as you look at the extra week financials, just to talk through some of the different moving pieces across the entire P&L. From an organic growth perspective, we expect it to be about 100 bps tailwind to OG in the first quarter.

然後，我認為，當你查看額外一周的財務數據時，就應該討論一下整個損益表中一些不同的變動因素。從內生成長的角度來看，我們預計這將為 OG 在第一季帶來約 100 個基點的利好。

That's roughly 20 basis points for the full year. The benefit from a revenue perspective, the majority of that tailwind is really from our life sciences reagents business as we pick up a couple of extra selling days. And then there's a little bit of service and software contract amortization. We are not expecting an impact across our DX or CapEx purchases from our customers.

全年大約是 20 個基點。從收入角度來看，這主要得益於我們的生命科學試劑業務，因為我們增加了幾個銷售日。此外，還有一些服務和軟體合約攤提費用。我們預計不會對我們的數位轉型或資本支出採購產生影響。

I think then when you look at it from a margin perspective, it is a headwind for us as you do have an extra week of cost, which is predominantly labour driven. Obviously, you have to pay your employees for that extra week. And so that ends up actually being a margin headwind for us, which is again leading to the lighter than normal Q1 margins.

我認為，從利潤率的角度來看，這對我們來說是一個不利因素，因為會增加一週的成本，而這主要是勞動成本。顯然，你必須支付員工額外一週的薪水。因此，這最終實際上對我們的利潤率構成了不利影響，這也再次導致了第一季利潤率低於正常水平。

And then from an EPS perspective, it's roughly about a $0.06 headwind that we're facing for the first quarter related to that extra week due to the margin, and then there's a little bit of extra net interest expense below the line as well.

從每股收益的角度來看，由於利潤率的原因，第一季我們將面臨約 0.06 美元的不利影響，這與額外一周的營業額有關；此外，還有一些額外的淨利息支出。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

Hey, thanks. I want to just touch on reagents. I appreciate all the color in 4Q a little bit better. But just curious, last quarter, there was noise on margins, discounting, promotional activity by some of your peers. Can you just talk a little bit about competitive dynamics on the reagent side, how you're thinking about pricing and margins there on consumables, if the top line does come back a bit?

嘿，謝謝。我只想簡單談談試劑。我對第四季的所有色彩有了更深的欣賞。但我很好奇，上個季度，你們的一些同行在利潤率、折扣和促銷活動方面出現了一些波動。您能否談談試劑的競爭動態，如果營收有所回升，您是如何考慮耗材的定價和利潤率的？

Yeah. Tycho, I think as Max pointed out, we feel very good about the way the business has been playing out. And I think we've taken some share. So we've not seen any margin dilution per se on the reagents business, and it continues to do well for us and bodes well for the way we are looking at how it is positioned in 2026. So I wouldn't say that from our perspective, there was any noise either in terms of margins or share. I think we did well on both.

是的。Tycho，我認為正如 Max 所指出的那樣，我們對公司目前的經營狀況感到非常滿意。我認為我們已經取得了一些市場份額。因此，試劑業務本身並沒有出現任何利潤率稀釋，而且它繼續為我們帶來良好的業績，這對我們展望其在 2026 年的定位來說是一個好兆頭。所以從我們的角度來看，無論是利潤率還是市場份額，都沒有任何波動。我認為我們在這兩方面都做得很好。

Okay. And then the second question and last one is just on instruments. Curious if we can give a little more color just on the various buckets, how you're thinking about liquid handling in vivo, high-content screening, obviously, some GLP benefit there. Maybe just talk about the four buckets on the instrument side and what's baked in for each of those this year.

好的。第二個問題，也是最後一個問題，是關於樂器的。我很好奇能否更詳細地介紹一下各個容器，您是如何考慮體內液體處理的，高內涵篩選，顯然，這其中也包含一些 GLP 方面的好處。或許可以談談樂器方面的四個類別，以及今年每個類別包含哪些內容。

Yeah, Tycho. Look, from an instruments perspective, we're not going to guide by subproduct line. But I think as you think about the trends, right, particularly around high content screening, high-content screening for us, we had mentioned, was looking at a strong fourth quarter. It did end up being strong, I would say, double-digit growth in the fourth quarter as we continue to see momentum there, which again really is sold into the pharma biotech environment.

是的，泰科。從儀器的角度來看，我們不會按子產品線來指導。但我認為，當你思考這些趨勢時，特別是關於高內容放映的內容，我們之前提到過，高內容放映對我們來說，預計第四季會表現強勁。第四季最終實現了強勁的兩位數成長，我們繼續看到這種成長勢頭，這再次證明了醫藥生物技術領域的蓬勃發展。

And so from that perspective, we expect the high content screening momentum to continue in 2026 and I would say the rest of the portfolio, again, we expect it to be, I would say, relatively flattish as we kind of come off the lower baseline here exiting 2025.

因此從這個角度來看，我們預計高內容放映的勢頭將在 2026 年繼續保持，而我認為，其餘的投資組合，我們預計會相對平穩，因為我們從 2025 年的較低基線中逐漸恢復過來。

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. Thanks, everyone. We look forward to catching up with you over the remainder of this week and hopefully see you in person at upcoming conferences in the next month or so. Have a good day.

謝謝你，妮可。謝謝大家。我們期待在本週剩餘時間與您交流，並希望在接下來的一個月左右的時間裡，能在即將舉行的會議上見到您。祝你有美好的一天。