Revvity, Inc. (RVTY) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Q2 2026 Revvity earnings conference call. (Operator Instructions)

各位女士、先生，感謝各位加入，歡迎參加 Revvity 2026 年第二季（Q2）財報電話會議。（接線員指示）

I will now hand the conference over to Steve Willoughby, Investor Relations. Steve, please go ahead.

現在我將把會議交給投資人關係部的 Steve Willoughby。Steve，請開始。

Thank you, operator. Good morning, everyone, and welcome to Revvity's second quarter 2026 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，接線員。各位早安，歡迎參加 Revvity 2026 年第二季財報電話會議。今天與我一同出席的有：我們的總裁暨執行長 Prahlad Singh，以及資深副總裁暨財務長 Max Krakowiak。

Before we begin, I'd like to remind you that today's call may include forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from our expectations. Please refer to the safe harbor statements in our earnings release and to our SEC filings for a detailed discussion of these risk factors. We assume no obligation to update these forward-looking statements in the future.

在開始之前，我想提醒各位，今天的電話會議可能包含前瞻性陳述，並受風險與不確定性影響。實際結果可能與我們的預期有重大差異。請參閱我們財報新聞稿中的安全港聲明，以及我們向美國證券交易委員會（SEC）提交的文件，以取得這些風險因素的詳細討論。我們不承擔未來更新這些前瞻性陳述的義務。

Additionally, we will refer to certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP measures are available in our earnings release.

此外，我們在本次電話會議中將提及若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表已載於我們的財報新聞稿中。

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

接下來我將把時間交給我們的總裁暨執行長 Prahlad Singh。Prahlad？

Thank you, Steve, and good morning, everyone. I'm pleased to report that Revvity delivered strong results in the second quarter with pro forma organic growth of 3%, resulting in total revenue being above the high end of our expectations.

謝謝你，Steve，各位早安。我很高興向各位報告，Revvity 在第二季交出強勁成果，備考口徑（pro forma）有機成長 3%，使得總營收高於我們預期區間的上緣。

Our pro forma adjusted earnings per share of $1.41, an was well above the high end of our guidance due to better-than-expected underlying operating performance, tax planning timing and the unanticipated contribution of tariff refunds we received in the quarter, which Max will touch on more in a bit.

我們的備考調整後每股盈餘為 1.41 美元，且明顯高於指引區間上緣，主要受惠於優於預期的基礎營運表現、稅務規劃時點，以及本季收到的關稅退稅所帶來的非預期貢獻；Max 稍後會再多談一些。

These results reflect the continued strength and resilience of our diagnostics franchise the third consecutive quarter of improving conditions across our pharma and biotech end markets, growing customer demand for tools that enable AI-driven science, and the continued momentum of our Signals software business.

這些結果反映出：我們診斷業務組合持續展現強勁與韌性；我們的製藥與生技終端市場連續第三季出現環境改善；客戶對能夠支援 AI 驅動科學的工具需求持續成長；以及我們 Signals 軟體業務的動能延續。

Given the stronger performance and our improved optimism for the second half, we are raising our pro forma guidance for organic growth, adjusted operating margin and adjusted EPS for the full year, which Max and I will provide additional detail on in a bit. Before I provide more detail on the operational progress we are making. I want to share a brief update on the status of the divestiture of our China immunodiagnostics business which we first announced last quarter.

鑑於表現更強勁且我們對下半年更為樂觀，我們上調全年備考指引中的有機成長、調整後營業利益率與調整後 EPS；Max 和我稍後會提供更多細節。在我進一步說明我們正在取得的營運進展之前，我想先簡要更新一下我們上季首次宣布的中國免疫診斷業務出售案進度。

We have now signed a definitive agreement with the buyer on terms consistent with our initial expectations and we continue to anticipate the transaction closing by the end of 2027. This divestiture is a deliberate strategic decision as China has represented a structurally more challenging environment for this part of our business of late and we are confident this transaction allows us to sharpen our focus on the end markets where our differentiated capabilities generate the highest and most durable returns for our shareholders.

我們目前已與買方簽署具約束力的最終協議，條款與我們最初的預期一致，並仍預期該交易將於 2027 年底前完成交割。此項出售是審慎的策略性決策，因為近來中國對於我們該業務而言屬於結構性更具挑戰的環境；我們有信心，此交易將使我們能更聚焦於那些能讓我們差異化能力為股東創造最高且最具持久回報的終端市場。

While our reported GAAP results will continue to include the contribution from this business until the transaction is completed next year. All of our non-GAAP and organic performance commentary and guidance are provided on a pro forma basis, which excludes the immunodiagnostics business in China that we have agreed to divest.

在明年交易完成之前，我們已申報的 GAAP 結果仍將持續納入該業務的貢獻。我們所有非 GAAP 與有機表現的評論與指引，皆以備考口徑提供，並排除我們已同意出售的中國免疫診斷業務。

Now turning to our end markets. I'm increasingly encouraged by what we continue to see. The gradual improvement in demand from our pharma and biotech customer base that we began to observe in recent quarters continued into the second quarter, and we are now seeing tangible signs of a more constructive spending environment.

接著談我們的終端市場。我對我們持續看到的情況愈來愈受到鼓舞。我們在近幾季開始觀察到的、來自製藥與生技客戶群的需求逐步改善，在第二季延續，我們現在也看到更具建設性的支出環境出現具體跡象。

In particular, we are seeing a definitive and progressively larger increase in orders directly related to AI, reflecting demand from both traditional pharma and biotech customers, as well as emerging demand from nontraditional customers that have not historically purchased from us. These organizations are building AI-driven drug discovery platforms and are seeking capabilities that sits squarely within Revvity's portfolio.

特別是，我們看到與 AI 直接相關的訂單出現明確且逐步擴大的增長，需求同時來自傳統製藥與生技客戶，也來自過去並非我們典型客戶、且歷來未曾向我們採購的新興客群。這些組織正在建置 AI 驅動的新藥研發平台，並尋求正好落在 Revvity 產品組合核心範圍內的能力。

That is why we are especially well positioned because AR may accelerate hypothesis generation, but those hypotheses still need to be tested, validated and advanced through real-world biological data generation, lab-based experimentation and software-enabled collaboration.

這也是為什麼我們具備特別有利的定位：AI 或許能加速假設的產生，但這些假設仍需要透過真實世界的生物資料生成、實驗室實驗，以及軟體支援的協作來進行測試、驗證並推進。

Together, this improving demand from existing customers and new demand from customers outside of our historical base contributed to a higher-than-normal level of instrument backlog exiting the second quarter, positioning us very well as we enter the second half of the year.

綜合而言，既有客戶需求的改善，以及來自我們歷史客群之外的新需求，使得我們在第二季結束時的儀器訂單積壓量高於正常水準，讓我們在進入下半年時具備非常有利的起點。

While we have touched on this over the past several quarters, demand for our high content screening instruments, particularly our recently introduced new flagship instrument the Opera Phenix OptIQ remains extremely robust with continued double-digit growth year over year despite more difficult year ago track comparisons.

雖然我們在過去幾季已提及，高內涵篩選（high-content screening）儀器的需求，特別是我們近期推出的新旗艦機種 Opera Phenix OptIQ，仍然極為強勁；即使去年同期比較基期更具挑戰，年增率仍維持雙位數成長。

Demand for high-content screening further accelerated during the second quarter with order velocity outpacing near-term production capacity despite dedicating additional resources as the quarter progressed to support customer demand.

第二季高內涵篩選需求進一步加速，訂單速度超越短期產能；儘管我們在季度進行期間投入更多資源以支援客戶需求，仍然如此。

As a result, while we may have left some further incremental upside on the table in the quarter, it positions us even better as we move into the third quarter and back half of the year. It is important to note that this build out by our customers of additional capacity will also result in future improvements in demand for our related high-content screening reagents.

因此，雖然本季我們可能在桌面上留下了一些額外的增量上行空間，但這讓我們在邁入第三季與下半年時具備更佳的有利位置。值得注意的是，客戶擴充產能也將在未來帶動我們相關高內涵篩選試劑需求的進一步改善。

Because high content screening is commonly used by customers to both generate new data and to validate existing hypothesis, it plays an increasingly important role in AI-driven discovery workflows where Lam generated insights can be fed back into AI models over time.

由於高內涵篩選常被客戶用於產生新資料並驗證既有假設，因此在 AI 驅動的探索工作流程中扮演愈來愈重要的角色；在這些流程中，實驗室產生的洞見可隨時間回饋至 AI 模型。

This acceleration in high-content screening demand is a tangible example of the AI adoption cycle I discussed with you last quarter, beginning to play out. At that time, I described how we expect AI to move from solely being in an infrastructure build-out phase to eventually a value creation phase where the real opportunity comes from generating, validating and translating new biological data.

高內涵篩選需求的這波加速，是我上季與各位討論的 AI 採用循環開始落地的一個具體例證。當時我描述，我們預期 AI 將從單純的基礎設施建置階段，最終走向價值創造階段；真正的機會來自於生成、驗證並轉譯新的生物資料。

We are now beginning to see that dynamic show up directly in customer behavior. As AI enables customers to identify and design, more therapeutic compounds and molecules that still need to be tested, screened and validated in the lab. That is where Revvity is especially well positioned because the need for high-quality biological data, physical validation and integrated scientific workflows placed directly to our core strengths.

我們現在開始看到這種動態直接反映在客戶行為上。隨著 AI 使客戶能夠辨識與設計更多治療性化合物與分子，這些仍需要在實驗室中進行測試、篩選與驗證。這正是 Revvity 特別具備優勢之處，因為對高品質生物資料、實體驗證以及整合式科學工作流程的需求，正好對應到我們的核心強項。

This concept where AI models become part of the experimental cycle itself, continuously learning from results suggesting next steps and compressing the time between hypotheses and insight, but importantly, generating more unique data than ever possible in the past, is increasingly being referred to by customers as a lab in the loop workflow. Revvity's instruments and reagents generate the data.

這個概念是：AI 模型成為實驗循環本身的一部分，持續從結果中學習、建議下一步，並壓縮從假設到洞見的時間；更重要的是，能產生過去前所未有的更多獨特資料。客戶愈來愈常將其稱為「lab in the loop」工作流程。Revvity 的儀器與試劑負責產生資料。

Signals on manages and structures it and our recently released Signals AI capabilities and our newly introduced entropic MCP connector now allow scientists to close that loop in ways that was simply not possible before.

Signals 則負責管理並結構化這些資料；而我們近期發布的 Signals AI 功能，以及新推出的 entropic MCP 連接器，現在讓科學家能以過去根本不可能的方式把這個迴圈閉合起來。

These examples highlight how Revvity helps power scientific intelligence as we support customers throughout this new discovery process, reinforcing why we are one of the best positioned companies in the entire industry to benefit from the AI-driven transformation of preclinical R&D that is only just beginning to take place.

這些例子凸顯 Revvity 如何在支持客戶完成這一全新探索流程的各個環節時，協助驅動科學智慧（scientific intelligence），並進一步強化我們為何是全產業中最具優勢的公司之一，能夠受惠於才剛開始發生的、由 AI 驅動的臨床前研發轉型。

Against this backdrop, our Signals software business remains a critical part of how we enable customers to manage and apply scientific data across their workflows. In the second quarter, Signals performed in line with our expectations against a very difficult year ago comparison with organic revenue declining approximately 20% year over year.

在此背景下，我們的 Signals 軟體業務仍是我們協助客戶在其工作流程中管理並運用科學數據的關鍵一環。第二季，Signals 的表現符合我們的預期，但由於去年同期比較基期非常艱難，有機營收年減約 20%。

We continue to expect a return to strong double-digit growth in the second half of the year in our software business as its ACD continues to grow in the double digits. As you have seen from our many new product announcements so far this year, the level of innovation in this business is robust and has only begun accelerating.

我們仍預期，隨著軟體業務的 ACD 持續以雙位數成長，下半年將回到強勁的雙位數成長。正如各位今年迄今看到我們多項新產品發布，該業務的創新力道強勁，且才剛開始加速。

Our large molecule workflow offering, Biodesign is now commercially available and beginning to gain traction. Our AI models as a service platform, Xynthetica began rolling out to initial beta customers last month and a novel workflow coordination layer offering, which spans discovery through manufacturing, logistics remains on track to be released later this year.

我們的大分子工作流程產品 Biodesign 現已商業化上市，並開始獲得市場牽引力。我們的 AI 模型即服務平台 Xynthetica 上月開始向首批 Beta 客戶推出；而一項涵蓋從探索到製造的全新工作流程協調層產品（並延伸至物流）也仍按計畫將於今年稍晚發布。

In the meantime, we also recently launched Signals AI which embeds leading LLM capabilities throughout our signals platform, allowing users to leverage AI capabilities within the core platform itself where their proprietary data already exists. In early July, we also announced a new connector with Anthropic, enabling customers to use their data along with other outside programs and data sets directly within cloud and cloud science itself.

同時，我們近期也推出 Signals AI，將領先的 LLM 能力嵌入整個 Signals 平台，使使用者能在其專有資料已存在的核心平台內直接運用 AI 能力。7 月初，我們也宣布與 Anthropic 的新連接器，讓客戶能在雲端以及 Cloud Science 本身，直接使用其資料並結合其他外部程式與資料集。

These two new capabilities are complementary to each other, and both expand the functionality of the core signals platform, while creating greater stickiness driving increased retention along with adding new consumption-based revenue streams over time.

這兩項新能力彼此互補，並共同擴展 Signals 核心平台的功能，同時提升黏著度、帶動更高留存，並隨時間推進新增以使用量為基礎的營收來源。

Finally, just two weeks ago, we announced a new initiative called Signals for start-ups which is a new commercial program designed to make our Signals platform accessible to even the smallest of biotechs. This allows these customers to adopt and incorporate our Signals platform with its predefined workflows right from the outset of their corporate journey, so they can more easily scale as their businesses take off.

最後，就在兩週前，我們宣布一項名為「Signals for start-ups」的新計畫，這是一個新的商業方案，旨在讓我們的 Signals 平台即使對最小型的生技公司也能更易取得。這讓這些客戶能在企業旅程一開始就採用並導入具預先定義工作流程的 Signals 平台，從而在業務起飛時更容易擴張。

I look forward to sharing more with you on all the exciting developments occurring within signals at our upcoming Investor Day on November 13 in New York City. The strength across our portfolio is also reflected in our Diagnostics business, which again delivered exceptional performance. Overall, Diagnostics grew 11% organically in the quarter, a further step-up from the high single-digit organic growth we saw from the segment in the first quarter.

我期待在 11 月 13 日於紐約市舉行的投資人日，與各位分享 Signals 內部正在發生的各項令人振奮的進展。我們產品組合的強勁也反映在診斷業務上，該業務再次交出卓越表現。整體而言，診斷業務本季有機成長 11%，較第一季該部門的高個位數有機成長再度提升。

It is important to highlight that this strong performance was broad-based and remains impressive, even when excluding the incremental contribution from our Genomics England sequencing contract which also continues to perform well.

需要強調的是，這項強勁表現是全面性的；即使排除我們與 Genomics England 定序合約所帶來的增量貢獻（該合約表現亦持續良好），仍然相當亮眼。

The consistency and durability of this franchise continues to be a defining strength of Revvity's overall business model as both reproductive health and Immunodiagnostics performed well, driven by ongoing strength in newborn screening and strong growth in immunodiagnostics outside of China. Reproductive health again grew in the mid-teens and immunodiagnostics growth outside of China accelerated into the high single digits despite continued latent TB pressures.

這項業務的穩定性與耐久性，持續成為 Revvity 整體商業模式的關鍵優勢；生殖健康與免疫診斷皆表現良好，主要受惠於新生兒篩檢的持續強勁，以及中國以外免疫診斷的強勁成長。生殖健康再度以中十位數成長；儘管潛伏性結核（TB）壓力仍在，中國以外的免疫診斷成長加速至高個位數。

As it pertains to our ongoing corporate transformation, I'm proud of the progress we are making with strong execution in a number of areas. First, the integration of the recently acquired ACD Labs software business is progressing faster than anticipated, with early momentum in synergy realization and product interoperability across the combined offerings.

就我們持續推進的企業轉型而言，我為我們在多個面向展現強勁執行力、取得的進展感到自豪。首先，近期收購的 ACD Labs 軟體業務整合進度快於預期，在協同效益實現與整合後產品之間的互通性方面已出現初步動能。

Second, we continue to drive our ongoing operational efficiency initiatives with implementation well underway. These initiatives will benefit us more here in the second half as well as into next year. We are also doing a good job managing our balance sheet as we generated significant cash in the quarter with exceptional cash flow conversion of our adjusted net income of 117%.

第二，我們持續推動營運效率提升計畫，且相關導入工作已在進行中。這些計畫將在今年下半年以及明年為我們帶來更大效益。我們在資產負債表管理方面也做得很好，本季產生可觀現金，調整後淨利的現金流轉換率高達 117%，表現出色。

In mid-July, we also paid off a EUR 500 million note we had coming due which we expect will result in our gross leverage being below 3 times by the end of the year, and a net leverage approaching 2 times overall.

7 月中旬，我們也償還了一筆到期的 5 億歐元票據；我們預期這將使年底的總槓桿倍數降至 3 倍以下，淨槓桿倍數整體接近 2 倍。

Finally, I'm proud to share that we recently published our 2026 annual impact report. This report reflects the meaningful progress Revvity has made across our environmental social and governance commitments, including continued absolute year-over-year reductions in our emissions, improvement in our internal employee mobility metrics, and our first-ever disclosure of our material Scope 3 emissions, which will allow us to have our targets verified by SBTI in the coming months.

最後，我很自豪地分享，我們近期發布了 2026 年度影響力報告。該報告反映 Revvity 在環境、社會與公司治理（ESG）承諾上取得的重大進展，包括排放量持續逐年絕對下降、內部員工流動性指標改善，以及首次揭露具重大性的範疇三（Scope 3）排放，這將使我們能在未來數月內讓 SBTi 驗證我們的目標。

The nature of our products inherently enables Revvity to make a meaningful positive contribution to society on a global scale. But we also remain committed to operating, innovating and creating long-term value in a sustainable way, while also providing attractive opportunities for our employees.

我們的產品本質上就使 Revvity 能在全球範圍內對社會做出有意義的正向貢獻。同時，我們也持續致力於以永續方式營運、創新並創造長期價值，並為員工提供具吸引力的發展機會。

As we look ahead to the second half of the year, given the strong diagnostic trends we have seen so far, when combined with what appears to be continuing improvement in pharma and biotech end market conditions, we are now more optimistic compared to 90 days ago. Consequently, we are now expecting total company organic growth this year of 4% to 5%, up from our prior 3% to 4% outlook. We expect to be able to generate adjusted operating margins of approximately 28.7% this year.

展望下半年，鑑於我們迄今看到的強勁診斷趨勢，再加上製藥與生技終端市場狀況似乎持續改善，我們相較於 90 天前更為樂觀。因此，我們目前預期今年全公司有機成長為 4% 至 5%，高於先前 3% 至 4% 的展望。我們預期今年可達成約 28.7% 的調整後營業利益率。

Due to the stronger organic growth we now expect for the year, combined with the impact of the tariff refunds we've received, which is being partially offset by incremental reinvestments we are making in our strategic initiatives, supply chain and in our people, which should allow us to capitalize on the end market recovery that we believe is now underway. This all results in our updated full year adjusted EPS outlook to now be in the range of $5.30 to $5.40, which is up $0.10 from our prior guidance.

由於我們目前預期全年有機成長更強，加上已收到的關稅退稅影響（部分將被我們在策略性計畫、供應鏈與人才方面的額外再投資所抵銷），這些投入應可讓我們把握我們認為已在進行中的終端市場復甦。綜合以上因素，我們更新後的全年調整後 EPS 展望為 5.30 至 5.40 美元，較先前指引上調 0.10 美元。

So in closing, the second quarter reinforced that Revvity is in a strong and increasingly differentiated position. Our diagnostics business continues to perform extremely well with consistency and resilience, our life science end markets are showing signs of improvement, and the investments we've made internally over the last few years are beginning to bear fruit as we are delivering new innovations to our customers at an accelerating rate.

總結而言，第二季再次證明 Revvity 處於強勁且差異化程度日益提升的有利位置。我們的診斷業務持續以高度一致性與韌性展現極佳表現；生命科學終端市場正顯示改善跡象；而我們過去幾年在內部所做的投資也開始開花結果，因為我們正以加速的速度向客戶交付新的創新。

We are extremely well positioned to deliver over the remainder of the year while capitalizing on the new opportunities presenting themselves, as preclinical science is redefined in the new AI world. I believe that the true potential of Revvity is beginning to be realized and shine through. With that, I will now turn the call over to Max.

我們具備極佳的條件在今年剩餘時間持續交付成果，同時把握不斷浮現的新機會，因為在新的 AI 世界中，臨床前科學正被重新定義。我相信 Revvity 的真正潛力正開始被實現並展現光芒。接下來，我將把電話會議交給 Max。

Thanks, Prahlad, and good morning, everyone. We are clearly seeing improving momentum across the business which is evident in both our performance in the quarter and our stronger outlook for the full year. Both of our diagnostic businesses continued to perform extremely well, and improving activity from our pharma and biotech customers supported solid life sciences performance and increased backlog heading into the second half of the year.

謝謝你，Prahlad，各位早安。我們清楚看到整體業務動能正在改善，這不僅反映在本季表現，也反映在我們對全年更強的展望上。我們兩項診斷業務皆持續表現極佳；而製藥與生技客戶活動回升，也支撐了生命科學業務的穩健表現，並使我們在進入下半年時的在手訂單增加。

As discussed, it is exciting to see tangible and accelerating signs of demand from customers tied to their increasing data generation needs as AI unlocks new ways to operate preclinical R&D labs. We are increasingly optimistic that not only is Revvity extremely well positioned to capitalize on the fundamental shift in how preclinical R&D is conducted but also that we are currently only seeing the very initial stages of that transformation.

如前所述，令人振奮的是，我們看到與客戶需求相關的具體且加速的跡象；隨著 AI 開啟臨床前研發實驗室的新運作方式，客戶對資料生成的需求正在提升。我們愈發樂觀：Revvity 不僅具備極佳條件把握臨床前研發執行方式的根本性轉變，而且我們目前看到的仍只是這場轉型非常初期的階段。

We continue to execute very well in the quarter from an operational standpoint as evidenced by our margin, earnings and cash flow performance, even when excluding the $16 million of tariff-related refunds we received in the quarter, which drove about half of the adjusted EPS upside, our pro forma adjusted operating margins were still above the 27% assumption in our guidance.

從營運角度來看，我們在本季度持續執行得非常出色，這可由我們的毛利率、獲利與現金流表現所證明。即使排除本季度收到的1,600萬美元與關稅相關的退稅（其約貢獻了調整後每股盈餘上修的一半），我們的備考調整後營業利益率仍高於我們指引中假設的27%。

With what appears to be an improvement in end market conditions underway, we have chosen to reinvest about half of this onetime benefit back into our strategic initiatives, supply chain and people to ensure we are well positioned to capitalize on the opportunities we see emerging as we head into the second half of the year and into 2027 given the significant actions we've taken over the last few years to mitigate, and offset the various pressures we faced without having to resort to passing on material price increases to our customers.

隨著終端市場狀況似乎正在改善，我們選擇將這項一次性利益約一半再投資回我們的策略性計畫、供應鏈與人才，以確保我們在進入今年下半年並展望2027年時，能夠把握我們所看到正在浮現的機會；這也得益於過去幾年我們採取的重大行動，用以緩解並抵銷所面臨的各種壓力，而無需將實質性的價格上漲轉嫁給客戶。

We are excited. We now have this opportunity to further invest in the business to drive even stronger performance over the longer term while still being able to deliver upside to our financial commitments for this year.

我們感到振奮。我們現在有機會進一步投資於業務，以在更長期推動更強勁的表現，同時仍能為今年的財務承諾帶來上行空間。

Finally, it was great to see that we executed a definitive agreement to divest our immunodiagnostics business in China on terms consistent with our initial expectations. With separation planning already well underway, we and the buyer are well positioned to complete the transaction by the end of 2027. Now turning to the specifics of our second quarter performance.

最後，很高興看到我們已就出售中國免疫診斷業務簽署具約束力的最終協議，條件與我們最初的預期一致。隨著分拆規劃已在積極推進中，我們與買方已具備良好條件，預計可於2027年底前完成交易。接下來我將說明第二季業績的具體細節。

As a reminder, given the pending divestiture of our immunodiagnostics business in China, all of the following commentary, and our updated guidance is provided on a pro forma basis, which excludes the impact of this business, we expect to divest next year.

提醒一下，鑑於我們在中國的免疫診斷業務即將出售，以下所有評論以及我們更新後的指引皆以備考（pro forma）基礎提供，排除我們預計明年將出售之該業務的影響。

Overall, we generated total revenue of $711 million in the quarter, resulting in strong 3% organic growth, which was slightly above the high end of our guidance. FX had an immaterial impact on reported growth and our recent software acquisition, ACD Labs, contributed approximately 75 basis points to growth which was in line with our expectations.

整體而言，我們本季度總營收為7.11億美元，帶來強勁的3%有機成長，略高於我們指引區間的上緣。匯率對報告成長的影響不大；而我們近期收購的軟體公司ACD Labs約貢獻了75個基點的成長，符合我們的預期。

As it relates to our P&L, we delivered strong operational performance in the quarter while also benefiting from the impact of tariff refunds. Overall, our adjusted operating margins were 29.3% in the quarter, well above our 27% outlook. While the majority of this outperformance was driven by the tariff refunds, operationally, our margins also came in better than we had anticipated.

就損益表而言，我們本季度展現強勁的營運表現，同時也受惠於關稅退稅的影響。整體來看，本季度調整後營業利益率為29.3%，顯著高於我們27%的展望。雖然大部分超出預期的表現來自關稅退稅，但就營運面而言，我們的利潤率也優於原先預估。

Looking below the line, our adjusted net interest and other expenses were $22 million in the quarter, in line with our expectations. Our adjusted tax rate was 16%, a couple of hundred basis points lower than expected due to the timing of discrete items being realized in the quarter that were previously anticipated to occur in the fourth quarter.

在營業利益以下項目方面，本季度調整後淨利息及其他費用為2,200萬美元，符合我們的預期。調整後有效稅率為16%，較預期低約數百個基點，主要因為本季度認列了原先預計在第四季才會發生的一次性項目。

This change is just timing related as our full year tax rate outlook of 18% is unchanged. We averaged 111.6 million diluted shares in the quarter as we continue to benefit from our share repurchase activity over the last 12 months. Following the end of the quarter, in mid-July, we retired the EUR 500 million note we had maturing, which resulted in a meaningful drop in our gross leverage overall.

此變動僅屬時點差異，我們對全年18%的稅率展望維持不變。本季度稀釋後加權平均股數為1.116億股，反映我們過去12個月持續進行庫藏股回購所帶來的效益。在季度結束後的7月中旬，我們償還了到期的5億歐元票據，使我們整體總槓桿率明顯下降。

Our pro forma adjusted earnings per share in the quarter was $1.41 and which was well above the high end of our guidance due to the stronger top line, better-than-expected underlying margin performance, tax timing and the tariff-related refunds.

本季度備考調整後每股盈餘為1.41美元，因營收更強、基礎利潤率表現優於預期、稅務時點以及與關稅相關的退稅，而顯著高於我們指引區間的上緣。

To quantify the moving pieces for you. Approximately half of the upside in the quarter was from the tariff refunds, roughly one-third was from the lower tax rate we saw, which will have an offsetting impact in the fourth quarter, and the remainder was from the combination of stronger revenue and underlying operating margins.

為了量化各項變動因素。本季度上修幅度約有一半來自關稅退稅，約三分之一來自較低的稅率（其將在第四季產生相反方向的影響），其餘則來自更強的營收與基礎營業利益率的組合。

Moving beyond the P&L, we generated robust free cash flow of $184 million in the quarter, resulting in an outstanding 117% conversion of our adjusted net income. On a year-to-date basis, we've now generated nearly $300 million in free cash flow with a conversion rate of 108% of our adjusted net income.

不僅止於損益表，我們本季度產生強勁的自由現金流1.84億美元，使調整後淨利的現金轉換率達到出色的117%。以年初至今來看，我們已產生近3億美元的自由現金流，現金轉換率為調整後淨利的108%。

Our balance sheet remains strong as we finished the quarter with a net debt to adjusted EBITDA leverage ratio of 2.5 times. As mentioned, we retired our Eurobond in July and are still targeting a gross leverage ratio of below 3 times as we exit the year.

我們的資產負債表仍然穩健，本季度末淨負債對調整後EBITDA的槓桿比率為2.5倍。如前所述，我們已於7月償還歐元債，並仍以年底時總槓桿比率低於3倍為目標。

Following this recent repayment, our outstanding debt stack continues to remain very well positioned as 100% of our long-term debt remains fixed rate with a weighted average interest rate of 2.3% and weighted average maturity out another six years. I will now provide some commentary on our second quarter business trends, which are also highlighted in the quarterly slide presentation on our Investor Relations website.

在近期償還後，我們未償債務結構仍維持非常良好的配置：長期債務100%為固定利率，加權平均利率為2.3%，加權平均到期年限約為6年。接下來我將就第二季的業務趨勢提供一些評論，相關內容亦在我們投資人關係網站的季度簡報投影片中重點呈現。

Again, these results are on a pro forma basis and exclude our immunodiagnostics business in China and are comparable to the guidance we provided 90 days ago.

再次說明，這些結果皆以備考基礎呈現，排除我們在中國的免疫診斷業務，並可與我們90天前提供的指引相互比較。

The 3% growth in total company organic revenue in the quarter was comprised of 11% organic growth in our Diagnostics segment and a 3% organic decline in our Life Sciences segment. Geographically, Europe continued its double-digit growth.

本季度公司整體有機營收成長3%，其中診斷（Diagnostics）部門有機成長11%，生命科學（Life Sciences）部門有機下滑3%。就地區而言，歐洲持續維持雙位數成長。

APAC grew in the low single digits, and the Americas experienced a low single-digit decline due to software comps and continued latent TB pressures. From a segment perspective, Life Sciences generated revenue of $359 million in the quarter. This was down 2% on a reported basis and 3% on an organic basis.

亞太地區（APAC）成長為低個位數；美洲地區則因軟體比較基期以及潛伏結核（latent TB）相關壓力持續，而出現低個位數下滑。從部門角度來看，生命科學本季度營收為3.59億美元。以報告基礎計算下滑2%，以有機基礎計算下滑3%。

From a business perspective, the decline in Life Sciences was driven by the approximately 20% decline in our Signal software business as we had expected due to contract timing and comps from a year ago. Outside of these comp dynamics, the business continued to perform well as its APV again grew in the double digits and ARR was in the mid-20s.

從業務面來看，生命科學的下滑主要由我們的Signal軟體業務約20%的下滑所致，這符合我們的預期，原因在於合約時點以及去年同期的比較基期。排除這些比較基期因素後，業務表現仍然良好，因其APV再次呈現雙位數成長，ARR則在20%中段水準。

Life Sciences Solutions grew low single digits organically in the quarter with both reagents and instrumentation growing in that range as stronger instrument performance was held back by timing of shipments which is leading to the stronger backlog we have entering the second half of the year.

生命科學解決方案（Life Sciences Solutions）本季度有機成長為低個位數，試劑與儀器皆在該區間成長；較強的儀器表現受到出貨時點影響而有所遞延，這也導致我們在進入下半年時擁有更強的在手訂單（backlog）。

From a customer perspective, sales in the pharma and biotech declined in mid-single digits due to difficult comp we had in our software business in the quarter. Excluding software, sales into pharma and biotech grew in the low single digits.

從客戶面來看，製藥與生技客戶的銷售額因本季度軟體業務面臨較高的比較基期而下滑中個位數。若排除軟體因素，對製藥與生技客戶的銷售額則呈現低個位數成長。

As software returns to stronger growth in the second half of the year, and as more of the instrument orders translate to revenue, we expect to see improved performance from this customer base over the remainder of the year. Sales to academic and government customers were down low single digits year over year due to software-related year-ago comparisons.

隨著軟體在下半年恢復較強成長，以及更多儀器訂單轉化為營收，我們預期今年剩餘期間該客戶族群的表現將有所改善。對學術與政府客戶的銷售額因軟體相關的去年同期比較因素而年減低個位數。

In our Diagnostics segment, we generated $352 million of revenue in the quarter, which was up 12% on a reported basis and 11% on an organic basis. From a business perspective, both our immunodiagnostics and reproductive health businesses performed exceptionally well and grew above our expectations. Immunodiagnostics grew in the high single digits organically in the quarter with broad-based strength.

在診斷部門方面，我們本季度營收為3.52億美元，以報告基礎計成長12%，以有機基礎計成長11%。從業務面來看，我們的免疫診斷與生殖健康業務表現皆極為出色，成長高於我們的預期。免疫診斷本季度有機成長為高個位數，且呈現廣泛的強勁動能。

Reproductive health again grew in the double digits organically as it benefited from another strong quarter in newborn screening and from the incremental contribution from our work with Genomics England. Now moving to our updated guidance for the year. Again, our updated guidance is on a pro forma basis, excluding the business we are planning to divest as this is the most appropriate way to view the company and its performance going forward.

生殖健康業務在有機成長方面再次達到兩位數成長，受惠於新生兒篩檢再度出現強勁的一季表現，以及我們與英格蘭基因組計畫（Genomics England）合作所帶來的增量貢獻。接下來談我們更新後的全年指引。同樣地，我們的更新指引是以備考（pro forma）基礎呈現，排除我們計畫剝離的業務，因為這是最適合用來看待公司及其未來表現的方式。

Overall, many things appear to be moving in the right direction across the business. Right now is our organic growth, operating margins and EPS all came in solidly above our expectations in the second quarter, even when excluding the impact of the tariff refund.

整體而言，業務各方面有許多事情看起來都正朝著正確方向發展。目前，我們第二季的有機成長、營業利潤率與每股盈餘（EPS）皆明顯優於我們的預期，即使排除關稅退稅的影響亦然。

Given this momentum, we are now more optimistic about our expected performance over the remainder of the year as compared to a quarter ago. We now expect our organic growth for the year to be in the 4% to 5% range up from our prior 3% to 4% outlook.

基於這股動能，相較於一季前，我們對今年剩餘期間的預期表現更為樂觀。我們現在預期全年有機成長將落在4%至5%區間，高於先前3%至4%的展望。

FX is still expected to contribute approximately 50 basis points for the full year while the ACD Labs acquisition is still on track to add another 75 basis points to our revenue growth this year. We expect this to now result in our 2026 pro forma total revenue being in the range of $2.83 billion to $2.86 billion.

外匯（FX）仍預期在全年貢獻約50個基點，而ACD Labs收購案也仍按計畫進行，預期今年將再為我們的營收成長增加75個基點。我們預期這將使我們2026年備考總營收落在28.3億至28.6億美元區間。

We now anticipate our pro forma adjusted operating margins this year to be 28.7% which is up 30 basis points from our prior guidance. This improved outlook is due to two primary drivers. First, the impact from tariff refunds, partially offset by reinvestments we are making; and second, leverage from our stronger organic growth outlook for the year, of which a portion was realized in the second quarter.

我們現在預期今年備考調整後營業利潤率為28.7%，較先前指引上調30個基點。此一改善的展望主要來自兩項驅動因素。第一，關稅退稅的影響，部分被我們正在進行的再投資所抵銷；第二，來自全年更強的有機成長展望所帶來的營運槓桿，其中一部分已在第二季實現。

We continue to make good progress on our major cost initiatives and still expect their impact to be realized starting here in the third quarter as we have already received the majority of the tariff refunds we applied for in the second quarter. Any additional refunds we may receive are anticipated to be immaterial to our results overall.

我們在主要成本計畫上持續取得良好進展，並仍預期其影響將自第三季開始反映，因為我們在第二季申請的關稅退稅已收到大部分。我們可能收到的任何額外退稅，預期對整體結果的影響不大。

We still anticipate net interest and other expense to be approximately $90 million and our full year adjusted tax rate assumption also remains unchanged at approximately 18% as the favorability we experienced in the second quarter was timing related, and is expected to be offset in the fourth quarter. We also still expect our diluted average share count to be approximately $112 million.

我們仍預期淨利息與其他費用約為9,000萬美元，而全年調整後有效稅率假設也維持不變，約為18%，因為我們在第二季經歷的有利因素屬於時點性影響，預期將在第四季被抵銷。我們也仍預期稀釋後加權平均股數約為1.12億股。

This all results in us now expecting that our adjusted earnings per share this year will be in the range of $5.30 to $5.40, up $0.10 from our prior outlook. This $0.10 increase to our full year adjusted EPS guidance is roughly half from the net impact of tariff refunds, offset by planned reinvestment spending, and half from stronger revenue and underlying operating margins compared to our prior outlook as our full year tax rate remains the same.

綜合以上，我們目前預期今年調整後每股盈餘將落在5.30至5.40美元區間，較先前展望上調0.10美元。這0.10美元的全年調整後EPS指引上調，約一半來自關稅退稅的淨影響（並被計畫中的再投資支出所抵銷），另一半則來自較先前展望更強的營收與基礎營業利潤率表現，因為我們全年稅率維持不變。

For the third quarter, we expect our organic growth to be in the 4% to 6% range. Assuming FX rates as of the end of June and the incremental contribution from the ACD Labs acquisition, this puts our expected revenue for the third quarter in the range of $685 million to $700 million.

就第三季而言，我們預期有機成長將落在4%至6%區間。假設採用6月底的外匯匯率，以及ACD Labs收購案帶來的增量貢獻，我們預期第三季營收將落在6.85億至7.00億美元區間。

We continue to look for approximately 29% pro forma adjusted operating margins in the third quarter which is unchanged from our prior outlook despite some incremental reinvestment spending now being planned. We expect net interest and other expense to be approximately $23 million and our adjusted tax rate to be 19%. This should all result in our pro forma adjusted EPS in the third quarter to be approximately 24% of our full year outlook.

我們仍預期第三季備考調整後營業利潤率約為29%，儘管目前規劃了一些額外的再投資支出，但此一預期與先前展望一致。我們預期淨利息與其他費用約為2,300萬美元，調整後有效稅率為19%。綜合以上，第三季備考調整後EPS應約為全年展望的24%。

In closing, we had a strong second quarter with increasing momentum as we head into the second half of the year. It appears that our pharma and biotech customers are beginning to return to more normalized patterns while increasing AI-related work is creating incremental demand which did not exist in the past.

最後總結，我們第二季表現強勁，且在邁入下半年之際動能持續增強。看起來我們的製藥與生技客戶正開始回到較為正常化的模式，同時AI相關工作量的增加也正在創造過去不存在的增量需求。

Our diagnostic business performance remains robust and software continues to grow its annualized portfolio value in the double digits with the return to robust organic growth starting this quarter. Our execution on our operational initiatives remain strong and our recent capital deployment and portfolio rationalization actions will benefit us over the longer term.

我們的診斷業務表現依然穩健，而軟體業務也持續以兩位數成長其年化投資組合價值，並自本季起恢復強勁的有機成長。我們在營運計畫上的執行力依舊強勁，近期的資本配置與投資組合精簡行動將在長期為我們帶來效益。

As Prahlad mentioned, we believe the true potential of what Remedy has become is only now beginning to be realized. While we know that we have a lot of additional opportunity still in front of us.

如Prahlad所提到的，我們相信Remedy目前所具備的真正潛力，才正要開始被實現。同時我們也知道，前方仍有許多額外的機會。

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

接下來，接線員，我們想開放提問。

(Operator Instructions) Dan Brennan, TD Cowen.

(接線員指示) TD Cowen的Dan Brennan。

Maybe first question, I was hoping you can just -- congrats on the quarter guys. Maybe just unpack the Life Science business in the quarter and the outlook. So you referenced several times just instrument backlog.

也許先問第一個問題，我希望你們可以——先恭喜各位本季表現。也許請你們拆解一下本季生命科學業務的表現以及展望。你們多次提到儀器訂單積壓（backlog）。

Kind of what can that -- how big is that? What can that contribute? And as we think about the outlook in the back half, you talked a lot about pharma and biotech demand getting better. I'm just wondering how we might think within your new guide, what instruments and reagents to in the back half?

那大概有多大？能貢獻多少？另外，當我們思考下半年的展望時，你們談到製藥與生技需求正在改善。我想了解在你們新的指引之下，我們該如何看待下半年儀器與試劑的表現？

Yes. So Dan, let me just give you -- from an order perspective, we definitely started seeing an acceleration in orders as the quarter progressed. I would say starting 3Q from probably the strongest position that we have seen in terms of backlog we've had in the past three to four years. Obviously, there's been some timing of deliveries that were pushed into 3Q.

好的。Dan，我先從訂單角度說明——我們確實在本季進行過程中開始看到訂單加速。我會說，進入第三季時，我們的訂單積壓處於過去三到四年來最強的位置。當然，也有一些交付時點被推遲到第三季。

As you know, we launched OptIQ a few months ago, and it's one of the more complex instruments, and you can't turn these $1 million-plus instruments around quickly. So from that perspective, on the instrument side, we've had a strong backlog.

如你所知，我們幾個月前推出了OptIQ，它是較為複雜的儀器之一，而這些單價超過100萬美元的儀器不可能快速周轉交付。因此，就儀器端而言，我們有相當強的訂單積壓。

But also on the reagent side, we've started seeing backlog build due to some larger screening-related orders, which won't get fulfilled until here in 3Q. So I think both of these are great signs though, of what is happening in the market now. Max, do you want to add anything?

但在試劑端，我們也開始看到因一些較大型的篩檢相關訂單而形成的積壓，這些訂單要到第三季才會交付完成。因此我認為這兩者都是市場目前正在發生變化的良好訊號。Max，你要補充嗎？

Yes, I would just say for some of the numbers specifics, if you look at the second quarter performance from a Life Sciences perspective, we had positive growth in both our reagents and platforms business. I think as you look at the full year outlook, we are now anticipating an uptick in our platform's performance for the full year.

是的，我只想就一些數字細節補充：若你看第二季生命科學的表現，我們的試劑與平台業務都呈現正成長。而就全年展望而言，我們現在預期平台業務的全年表現將有所上修。

Previously, we were assuming positive low single-digit growth for our platforms business. But now given the incremental commentary and performance from an orders perspective, we are increasing that to positive mid-single-digit growth for the full year. And so that's really, I would say, our updated second half outlook assumptions.

先前我們對平台業務的假設是正的低個位數成長。但現在基於訂單面新增的評論與表現，我們將全年預期上調至正的中個位數成長。因此我會說，這就是我們更新後對下半年展望的假設。

And the platforms business, that's the instrument side or that's the Total Life Science?

那平台業務，是指儀器端，還是指 Total Life Science（生命科學整體）？

That the instrument side, that's correct.

是儀器端，沒錯。

Got it. Okay. And then maybe just a follow-up, just moving over to Diagnostics, another really strong quarter, like obviously, ImmunoDX is keeping the momentum going.

了解。好。接著可能再追問一下，轉到診斷業務，這一季也非常強勁，顯然 ImmunoDX 持續維持動能。

Just could you unpack reproductive health a little bit. I know that the initial guide, it looks like you guys were assuming a decel in the back half of the year on that business, although the results have been really strong. So just in the quarter, how big was Gel? And what do you guys assume in the back half for reproductive health.

能否再多拆解一下生殖健康？我知道你們最初的指引看起來是假設該業務在下半年會減速，儘管實際結果一直很強。所以就本季而言，Gel 的規模有多大？以及你們對下半年生殖健康的假設是什麼？

Yes. I would say, again, as you mentioned, Dan, reproductive health continued to perform incredibly well in the quarter. I think it's not only the contribution from Genomics in England, but our newborn screening business continues to perform extremely well.

是的。我會說，如你提到的，Dan，生殖健康在本季持續表現得非常出色。我認為不僅是來自英格蘭 Genomics 的貢獻，我們的新生兒篩檢業務也持續表現非常好。

I think as you look at the first half versus second half split, first half, reproductive health was in a mid-teens organic growth performance. I think as you look at the back half, no real change to our previous assumptions as we did anticipate that slowing down to the low to mid-single digits growth for the second half.

我想如果看上半年與下半年的分布，上半年生殖健康的有機成長表現約在十幾%的中段。而看下半年，我們先前的假設沒有實質改變；我們原本就預期下半年會放緩到低到中個位數的成長。

I think it's really a timing of two things. One, you start to pick up the gel comps year over year in the back half. And then two, it was a little bit of a heavier instrument placement cycle in the first half for that business, which obviously bodes well for us in the long term as those platforms or instruments will continue to get utilized over the coming years.

我認為主要是兩件事的時間點影響。第一，下半年開始會遇到 Gel 的年對年比較基期。第二，該業務在上半年儀器裝機（placement）週期相對更集中一些；這顯然對我們長期有利，因為這些平台或儀器在未來幾年會持續被使用。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Prahlad, first one is on -- related to your comments on orders coming in from nontraditional customers. Could you elaborate on who these customers are? And does it change your LSS outlook in the medium term, just given it feels like something has changed here.

Prahlad，第一個問題是關於——你提到有來自非傳統客戶的訂單。能否說明這些客戶是哪些？以及就中期而言，這是否會改變你們對 LSS（生命科學解決方案）的展望？因為感覺這裡似乎出現了一些變化。

And like how do you tie this right, that optimism versus the second quarter performance when we look at your peers, life sciences in general be and it looks like you guys had some timing element impacting second quarter. Maybe just square the second quarter performance versus this optimism that you're expressing.

另外，該如何把這種樂觀情緒與第二季的表現連結起來？當我們看你們同業時，整體生命科學看起來——而你們似乎有一些時間點因素影響第二季。能否把第二季的表現與你們現在表達的樂觀做個對照說明？

Yes. So let me break it down into a couple of pieces here, Vijay, which a great question. So I think let me start first on the trend. As we -- in response to Dan's question, as we said, we clearly saw an acceleration in orders as the quarter progressed. And from a backlog perspective, as I mentioned, it's the strongest position we've been in the last three to four years.

好的。Vijay，我把它拆成幾個部分來說，這是個很好的問題。我先從趨勢談起。如同回應 Dan 的問題時我們提到的，我們確實看到訂單在本季進行過程中加速。而從積壓訂單（backlog）的角度，如我所說，這是我們過去三到四年來最強的位置。

Obviously, it's an issue of timing, and it's spilled into the 3Q. But I think the more important question is that we clearly are seeing a trend, which is a strong indicator of drug candidates that are now coming from creating -- being created by AI and as they move into the validation phase, customers are building out the infrastructure that they would require for data generation and for validation of these drug candidates.

當然，這是時間點的問題，並且延續到第三季。但更重要的是，我們清楚看到一個趨勢：由 AI 生成的藥物候選物正在增加；當它們進入驗證階段時，客戶正在建置他們所需的基礎設施，用於資料生成以及對這些藥物候選物的驗證。

In addition to our traditional pharma biotech customers, we are also now seeing orders coming directly tied to this AI data generation during the first quarter, which is now becoming a clear trend -- orders specific from AI customers who are building out these massive data sets, nonprofits focused on AI, pharma companies that are directly saying that they are now trying to figure out how this lab in the loop workflow model works.

除了我們傳統的製藥與生技客戶之外，我們也開始看到與 AI 資料生成直接相關的訂單在第一季出現，而現在正成為明確的趨勢——也就是來自 AI 客戶的特定訂單：他們正在建置龐大的資料集；也有專注於 AI 的非營利組織；以及製藥公司直接表示，他們正在嘗試弄清楚這種「lab in the loop」工作流程模型如何運作。

So there are -- it's not just one avenue that we could point to and saying that this is the strong pipeline, but there are several avenues that are open -- that have opened up for customers wanting to create this data.

所以——我們不能只指向單一管道說這就是強勁的管線來源；而是有好幾條路徑正在開啟——客戶希望建立這些資料的需求來自多個面向。

That's helpful, Prahlad. And Max, maybe one for you on this EPS ratio it looks like you just carried forward the tariff refence rate, your organic expectations for the year were raised, why aren't we seeing a little bit stronger fall through to the bottom line?

這很有幫助，Prahlad。Max，可能也問你一題：就 EPS 的比率來看，你們似乎只是沿用了關稅參考稅率；你們也上調了全年有機成長預期，為什麼我們沒有看到更強的獲利落底（flow-through）？

Yes, Vijay. So I think as you look at the EPS guidance for the full year, again, we took up $0.10 at the midpoint. That $0.10 raise is half of the net tariff of reinvestments that we are flowing through for the full year.

是的，Vijay。我想如果看全年 EPS 指引，我們在中位數上調了 0.10 美元。這 0.10 美元的上調，有一半來自我們在全年將淨關稅影響扣除再投資後所反映的增量。

And then the other half is due to the incremental contribution from the higher organic growth for the full year. And I think when you do the math on the incremental margins there, you're right around 40 -- low 40%s percentage wise, which is right in line with our historical average.

另一半則來自全年更高有機成長所帶來的額外貢獻。而如果你去計算這部分的增量利潤率，你會落在約 40%——40%出頭的區間，這與我們的歷史平均水準一致。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行。

I want to follow up on the Life Science Solutions performance. The life sciences results, especially in reagents. You kept alluding to a regrow. But if software declined 20% by our math, it comes down to the rest of that segment was maybe a 1% growth number. So I can understand some of the instrument backlog and timing there.

我想追問生命科學解決方案（Life Science Solutions）的表現。生命科學的結果，尤其是試劑（reagents）。你們一直提到會恢復成長（regrow）。但如果按我們的計算，軟體下滑了 20%，那就意味著該事業群其餘部分可能只有約 1% 的成長。所以我能理解儀器積壓訂單與時間點的因素。

But that reagents is -- we thought there'd be a little bit more acceleration as you go through the year. Just a little if you could discuss that a little bit. whether that's competitive dynamics or if there are any timing effects there to unpack the performance in the quarter and expectations for reagents through the rest of the year?

但試劑這塊——我們原本以為隨著年度推進會有更明顯的加速。能否請你稍微談談：這是否與競爭動態有關，或是否有任何時間點效應，能拆解一下本季表現以及對今年剩餘期間試劑的預期？

Yes, Mike. Look, I think as we look at the reagents performance, I think we remain incredibly encouraged by what we're hearing and seeing from our customers. I think as you look at the progression of our organic growth as we move throughout the year, the reagents business was low single digits here in the first half of this year.

是的，Mike。我想就試劑表現而言，我們對從客戶那裡聽到與看到的情況仍然非常受到鼓舞。隨著我們在今年逐季推進來看有機成長的走勢，試劑業務在今年上半年是低個位數成長。

And then I think as you look in the third quarter, we expect a similar low single-digit growth performance. but then we do expect a step-up in the performance in the fourth quarter, exiting this year at a mid-single-digit organic growth rate.

而第三季我們預期會是類似的低個位數成長表現。

And then maybe I'll ask a follow-up on Gel Genomics England. You -- I think you made some similar marks of performance was good, but results would have been ahead even excluding that. It would just be great to unpack that.

另外我想追問 Gel Genomics England。我記得你提過類似的說法：表現不錯，但即使不包含它，結果也會更超前。希望能請你拆解一下。

What was Gel in the quarter? How that trended? And just any expectations updated expectations for the rest of the year?

本季 Gel 的規模是多少？它的趨勢如何？以及對今年剩餘期間是否有任何更新後的預期？

Yes. I think when you look at it from a genomics sequence standpoint, it came in line with expectation in the second quarter, so similar performance to what it was for the first quarter of this year. I think from a full year perspective, we now probably anticipate it being closer to $25-ish million of full year revenue for us, and then we expect it to continue contractually through the first half of this year.

是的。我想從基因體定序的角度來看，第二季的表現符合預期，與今年第一季的表現相近。以全年角度來看，我們現在可能預期全年營收更接近約 2,500 萬美元左右；並且我們預期依合約會持續到今年上半年。

And as we have previously discussed, we are in active discussions in terms of expanding that partnership, extending the relation the agreement here from a genomic sequencing standpoint. And I think we'll remain focused in execution of the partnership.

如同我們先前討論過的，我們正就擴大該合作夥伴關係進行積極洽談，從基因體定序的角度來看，也包括延長此處協議的合作關係。我認為我們仍將專注於把合作夥伴關係落實到位並確實執行。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

I'll wrap it in one. First of all, on the backlog, could you outline how much of that is high content analysis, Opera Phenix and related instruments. Obviously, those are the ones that are being utilized in lab and look workflow and bio FMs and foundation models that are being built out there. Could you maybe just elaborate what's the visibility you have into that order book? And lastly, on the software side, what gives you the confidence in recovery in the second half?

我把問題合併成一個來問。首先，關於積壓訂單（backlog），你能否說明其中有多少是高內涵分析（high content analysis）、Opera Phenix 及相關儀器？顯然，這些儀器正被用於實驗室與工作流程，以及正在建立的生物 FM（基礎模型）與 foundation models。你能否再多談談，你們對這些訂單簿的可見度（visibility）如何？最後，在軟體方面，是什麼讓你們對下半年復甦有信心？

Maybe just talk to us about the integration of Signals with the leading LLM and other alpha fold, and other programs and other tools that are meaningful in the marketplace today for the scientists.

也請談談 Signals 與主流 LLM 的整合，以及與 AlphaFold、其他程式與其他對當今市場科學家而言具重要性的工具之整合情況。

Puneet, lot to unpack here. Let me at least hopefully, I recall on the -- starting with the -- on the platform side. We really -- most of what we sell on the instrumentation side, our noncommoditized products and instrumentation, which are, as you pointed out, high content screening being the primary one of them.

Puneet，這裡面要拆解的點很多。我先從——希望我記得清楚——先從平台面開始談。我們在儀器端銷售的，多數是非商品化（noncommoditized）的產品與儀器；如你所指出，其中最主要的一項就是高內涵篩選（high content screening）。

Now obviously, these are big ticket items, and they are complex to make and they take time. But we have a very good and strong and robust pipeline on that, as I mentioned, and some of that did spill into 3Q.

很明顯，這些都是高單價項目，而且製造複雜、需要時間。但如我提到的，我們在這方面有非常良好、強健且穩健的管線（pipeline），其中一部分確實延後到第三季。

In regards to the software side, the second half, the confidence comes from, obviously, the contract renewals, which are up for renewal in the second half. So it's a natural progression of the bumpiness that we see quarter over quarter in the organic growth, and that's reflected in our guidance.

至於軟體端，下半年信心主要來自於——很明顯——合約續約，因為有一批合約會在下半年到期續約。因此，我們看到的有機成長在各季之間的波動，是一個自然的進程，而這也反映在我們的財測指引中。

And in regards to our partnerships, as you saw, we announced the connector with Cloud. We announced the launch of Signals AI, and we've got LabGistics coming to four in the second half of the year. So we have a very active pipeline.

另外在合作夥伴關係方面，如你所見，我們宣布了與 Cloud 的連接器（connector）。我們也宣布推出 Signals AI，而 LabGistics 會在今年下半年推出。所以我們有非常活躍的產品/合作管線。

We continue to try and work with all LLM providers and those that are developing models and put them on the Signals platform because that is the natural place for all of these two reside and to be used by researchers and research scientists for the work that they are doing.

我們持續嘗試與所有 LLM 供應商，以及那些正在開發模型的夥伴合作，並把它們放到 Signals 平台上，因為這是所有這些工具最自然的落點，讓研究人員與科學家能在其工作中使用。

Josh Waldman, Cleveland Research.

Josh Waldman，Cleveland Research。

I wondered if you could comment on more on the types of products you're seeing benefits from customer AI investments. And then I guess, do you think this is something that really only impacts instruments? Or are you starting to see reagent pull through? And then I guess any way to start to frame the potential magnitude of the opportunity?

我想請你多評論一下，你們看到哪些類型的產品正受惠於客戶的 AI 投資。另外我想問，你認為這真的只影響儀器嗎？還是你們也開始看到試劑（reagent）的拉動效應（pull-through）？最後，有沒有什麼方式可以開始框定這個機會的潛在量級？

For example, if you look at the magnitude of order growth on the Opera Phenix, is that a good framework? Or are there other ways you're starting to put bookings around the AI infrastructure buildout opportunity for you guys?

例如，如果看 Opera Phenix 的訂單成長幅度，這是否是一個好的衡量框架？或者，你們是否開始用其他方式，來衡量/歸類（put bookings around）這個 AI 基礎設施建置對你們的接單機會？

Yes, Josh, I think the way to look at it is you look at some of our industry peers that went out a few days ago. Those that are at the more front end of developing drug candidates, right?

是的，Josh，我認為可以這樣看：看看我們一些產業同業在幾天前的表現。那些更偏前端、在開發藥物候選物（drug candidates）的公司，對吧？

As you see the growth coming into them, that builds the pipeline for those drug candidates that will need to go into the validation phase for testing, for looking at the cellular analysis. And I think with OptIQ, the new NPI that we launched, it's the instrumentation itself gives a whole lot more data in a much shorter period of time.

當你看到他們的成長進來時，就會為這些藥物候選物建立管線，而這些候選物接下來需要進入驗證階段，進行測試、做細胞分析。我認為隨著我們推出的新 NPI——OptIQ——儀器本身能在更短時間內產出大量更多的數據。

And with using AI, you are able to get a more comprehensive look at the cellular analysis and the performance of these drug candidates as to how viable they are. for the therapeutics that they are being looked for.

而透過 AI，你能更全面地檢視細胞分析結果，以及這些藥物候選物的表現，來判斷它們在所尋求的治療用途（therapeutics）上有多可行。

So from a trend perspective, I think we are right behind what you are seeing from some of the earlier companies that are now seeing that growth phase come in because of AI. And I think that's why I'm saying we are at the very early innings of this growth trajectory that has just started.

因此從趨勢角度來看，我認為我們正緊跟在你所看到的那些較早期公司之後；那些公司現在因 AI 而進入成長階段。這也是我說我們仍處於這條成長軌跡非常早期階段的原因——而這條軌跡才剛開始。

And the -- Sorry, Josh. Just to -- your second part to the question was ordering agents. And the reagents is a follow-up that as soon as these CapEx are put in place, the natural requirement will be for the reagents that we go through these flow through because without reagents, those instruments are not going to be of any use anyway.

另外——抱歉，Josh。補充你問題的第二部分，是關於訂購試劑（reagents）。試劑的拉動效應會在這些資本支出（CapEx）到位後隨之而來；因為沒有試劑，這些儀器反正也無法發揮作用，所以試劑需求會自然跟進並形成消耗性收入（flow-through）。

Got it. Okay. And Prahlad, do you think it's still too early to start to again, put bookings around how impactful this could be for you guys, I guess, be it either on the instrument side, the initial instrument build-out or the reagent pull through?

了解。好。那 Prahlad，你是否認為現在仍太早，還無法開始把接單（bookings）與這件事對你們可能造成的影響連結起來？也就是說，不論是儀器端的初期建置，或是試劑的拉動效應？

Honestly, Josh, I think it's so early, and it is -- the growth spurt is just at the very beginning here. So that is very going to be very tough even for us to put our arms around it and try to say what the magnitude and scope of it is.

老實說，Josh，我認為現在真的還非常早，而且——這波成長爆發才剛剛開始。所以即使對我們而言，也很難真正掌握並評估其量級與範圍到底有多大。

Yes, it makes sense. Okay. Fair enough. And then, Max, I mean, it sounds like pharma biotech is improving more broadly. I guess, is this something that you guys have factored into your guide?

是的，合理。好。可以理解。另外，Max，聽起來製藥與生技整體正在改善。我想問，這部分你們是否已經納入指引？

I mean do you think this hits revenue in '26 or more likely to be a '27 driver?

你的看法是，這會在 2026 年反映到營收，還是更可能成為 2027 年的驅動因素？

Yes, it's a great question. Look, I think maybe I can take a second just break down the different pieces of the updated full year guide. So if you look at the full year guide for us, we've got 4% to 5% organic growth now overall, which is up 100 basis points from our previous outlook.

是的，這是個很好的問題。我想我可以花點時間把我們更新後的全年指引拆解成不同部分。如果看我們的全年指引，目前整體有機成長為 4% 到 5%，較先前展望上調了 100 個基點。

I think when you look at the different segments, we are anticipating Life Sciences to grow low single digits for the full year and Diagnostics to go high single digits. Within the Life Sciences, I already talked through our back half assumptions on Dan's question.

再看不同事業部，我們預期生命科學（Life Sciences）全年為低個位數成長，而診斷（Diagnostics）為高個位數成長。在生命科學方面，我先前在回覆 Dan 的問題時已談過我們對下半年的假設。

But we are anticipating now a stronger performance across both reagents but also on the instrumentation side of things. within Life Sciences.

但我們現在預期生命科學在試劑以及儀器端都會有更強的表現。

I would say the market assumptions there are still what we're seeing today. That's not anticipating a further acceleration of end market environment. So if this momentum to build and improve from today, that's not what it is assumed within our guidance on the Life Sciences side.

我會說，我們對市場的假設仍是基於目前所看到的情況。這並未預期終端市場環境會進一步加速。因此，如果從今天起這股動能持續累積並改善，那並不是我們在生命科學指引中所假設的情境。

Luke Sergott, Barclays.

Luke Sergott，Barclays。

I wanted to talk about more about the software side. And so you continue to build out the software suite and you have all these different applications and different customer bases and end markets. Can you talk a little bit more about the cohesion that you're trying to build in there so that some of these pieces can start talking to each other.

我想更深入談談軟體端。你們持續擴充軟體產品組合，擁有許多不同的應用、不同的客戶群與終端市場。你能否多談一些你們想建立的整體一致性（cohesion），讓這些不同模組/產品能開始彼此互通、互相對話？

I know it's not going to be a perfect like Microsoft Office suite because of the way that the industry is structured. But any other type of investment or launches that you guys would come up over the next year that you can have this stuff have greater adoption and more synergy?

我知道，因為產業結構的關係，它不可能像微軟 Office 套件那樣完美整合。但在未來一年，你們是否還有其他類型的投資或產品發布，能讓這些東西獲得更高的採用率並帶來更多協同效應？

Luke, I think Signals AI and the Anthropic Connector are actually start of the complementary capabilities that we are building to expand the functionality and value of the core Signals platform in itself. For example, Signals AI now allows customers to use leading capabilities of LLM directly within the signals environment. And that can be done now without even moving the proprietary preclinical data outside of the platform.

Luke，我認為 Signals AI 和 Anthropic Connector 其實是我們正在打造的互補能力的起點，用以擴展核心 Signals 平台本身的功能與價值。例如，Signals AI 現在讓客戶能在 signals 環境中直接使用領先的 LLM 能力。而且現在甚至不需要把專有的臨床前資料移出平台之外就能做到。

So I think that's the benefit that this core signal platform brings to forth and there are many such examples with the connector that allows the leveraging of cloud capabilities within the data sets of the platform. And I think as logistics come to four, that allows our research scientists to use that, again, as a connector across different workflows that they are working on.

所以我認為這就是這個核心 Signals 平台所帶來的好處，另外還有很多類似的例子，例如這個 connector 讓我們能在平台的資料集內運用雲端能力。而且我認為，隨著相關流程逐步到位，這也讓我們的研究科學家能再次把它當作跨不同工作流程的連接器，串起他們正在進行的各種工作。

So I mean I could go on and take up all the time, but I think the capabilities that we are building allows for the vision of signals being the core functionality that one will need to use in the new AI world.

所以我的意思是，我可以繼續講下去把時間都占滿，但我認為我們正在打造的能力，讓 Signals 有望成為在新的 AI 世界中人們所需要使用的核心功能平台。

Great. And then a follow-up there on the AI side. It seems like things are starting to pick up there. We hear a lot about the LLMs. Can you just give us a sense of how many AI customers you guys have right now that are either foundational model or LLM plug-ins, however you want to cut it, but then -- and give us a sense of what that pipeline or funnel looks like, so we get some idea how that continues to build?

很好。接著在 AI 方面再追問一下。看起來那邊的進展開始加速。我們聽到很多關於 LLM 的消息。你能否讓我們了解一下，你們目前有多少 AI 客戶——不論是基礎模型或 LLM 外掛，隨你怎麼分類——另外也請談談那個管線或漏斗大概長什麼樣子，讓我們對它如何持續累積有個概念？

No. Luke, I'd say, look, as we mentioned on the previous one, we are at the very beginning of this AI momentum. And I think it will be a little bit too early to call to start sizing up how much opportunity I think we're incredibly excited about what we're hearing from customers.

不。Luke，我會說，如同我們在上一題提到的，我們正處於這波 AI 動能的非常早期階段。我認為現在就開始估算機會規模還是有點太早，但我們對客戶回饋所傳達的訊息感到非常興奮。

I think as we've reiterated, we believe Revvity is perfectly positioned to take advantage of this across the instrumentation reagent and software pieces of our portfolio and so I think we'll continue to be focused on executing it and delivering for our customers.

我想正如我們一再重申的，我們相信 Revvity 在我們產品組合中的儀器、試劑與軟體三個面向都具備絕佳定位，能把握這個趨勢；因此我們會持續專注於落實執行，並為客戶交付成果。

Jack Meehan, Nephron Research.

Jack Meehan，Nephron Research。

I wanted to follow up on Josh's questions and was just looking for a little bit more commentary around the high content screening business. So you talked about orders outpacing manufacturing capacity there. I was wondering if you could just flag like what was the growth rate of that business? And what are the plans to expand manufacturing capacity for it?

我想延續 Josh 的問題，再多請教一些關於高內涵篩選（high content screening）業務的看法。你提到那邊的訂單成長速度超過了製造產能。我想請你們說明一下，那項業務的成長率大概是多少？以及你們擴充其製造產能的計畫是什麼？

Jack, look, I think as we look at the high content stream as you mentioned, this is one of the areas that's benefiting the most from the AI drug discovery build out here. So again, for this quarter, it was double-digit order and organic growth performance for that business. I think as we look in the future, we expect again to continue to have momentum around our high content screening.

Jack，你提到的高內涵篩選，我認為這是目前最受益於 AI 藥物研發建置的一個領域。所以同樣地，就本季而言，該業務的訂單與有機成長表現都是雙位數。展望未來，我們預期高內涵篩選仍將持續保持動能。

I do think when you go back and look at some of the areas that we are looking for investments on some of the tariff refunds that we did receive in the second quarter, the capacity build-out relating to both, I would say, the screening instrumentation, but also from a screening reagent standpoint and making sure we're ready to meet the building customer demand is one of the areas we'll look to invest in.

我確實認為，回頭看我們正在尋找投資的幾個方向——包括我們在第二季收到的一些關稅退稅——其中一個我們會考慮投入的領域，就是與產能擴建相關的部分：我會說，既包括篩選儀器端的產能，也包括篩選試劑端的產能，確保我們已準備好滿足客戶需求的持續成長。

And then on the diagnostics side, just as I was looking at the quarter, newborn -- or, I'm sorry, reproductive health was clearly better than I was expecting -- understand the gel dynamics, but can you talk about what you're seeing in terms of newborn screening in terms of birth rates and menu expansion? Like how durable is performance you're seeing there?

另外在診斷業務方面，我在看這一季時，新生兒——呃，不好意思，是生殖健康——顯然比我預期的更好；我理解凝膠的動態因素，但你能談談你們在新生兒篩檢方面看到的情況嗎？例如出生率與檢測項目（menu）擴充。你們目前看到的表現有多持久？

Yes. So look, I think even when you look at things from a newborn screening side, it continued to perform well in the period, it grew double digits. As I mentioned, and one of the other responses, there was some instrument timing.

是的。所以你看，即使從新生兒篩檢的角度來看，它在本期仍持續表現良好，成長達到雙位數。如我在其他回覆中提到的，這裡有一些儀器出貨/裝機時點的因素。

We did have some additional instrument placements in the first half. But if you even look at just the reagent growth performance on newborn screening, and what is still a declining birth rate environment, reagents grew high single digits for our newborn screening business here in the second quarter, which was consistent with its performance in the first quarter of the year as well.

我們在上半年確實有一些額外的儀器裝機。但即便只看新生兒篩檢的試劑成長表現，在出生率仍處於下滑的環境下，我們第二季新生兒篩檢業務的試劑仍達到高個位數成長，這也與今年第一季的表現一致。

And we're on a trend that we really expect to continue over the back half of this year. I think when you look at the drivers of the reagent performance, it's really a combination of, one, again, continued geographic expansion in the areas that didn't have screening program; and two, further menu adoption from those countries that are already running screening programs today.

而且我們預期這個趨勢在今年下半年會持續。我認為，推動試劑表現的因素主要是兩個面向的組合：第一，持續在尚未建立篩檢計畫的地區進行地理擴張；第二，對於目前已在運行篩檢計畫的國家，進一步提升檢測項目（menu）的採用。

And just to add to that, Jack. As Max said earlier, the more of these instruments we place the more it bodes well for the future of the newborn screening business because they eventually end up using our reagents on those, and that's why the instrument placements happen. And congrats, by the way, for kicking off Opera.

再補充一下，Jack。如 Max 先前所說，我們投放的這些儀器越多，對新生兒篩檢業務的未來就越有利，因為客戶最終會在那些儀器上使用我們的試劑，而這也是進行儀器裝機的原因。另外也恭喜你，順便說一下，祝賀你啟動 Opera。

That is all the time today we have for questions. I will now turn the call back to Steve for closing remarks.

今天的提問時間就到這裡。我現在把電話會議交回 Steve 做結語。

Thank you, Karina, and thank you, everyone, for this morning. I know it's a busy morning, and so we look forward to catching up with you later on today and in the coming days. Take care.

謝謝你，Karina，也謝謝各位今天早上參與。我知道今天早上大家都很忙，因此我們期待在今天稍晚以及接下來幾天再與各位交流。保重。