Somalogic Inc (SLGC) 2022 Q4 法說會逐字稿

Welcome to SomaLogic's Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions) I will now turn the call over to Marissa Bych of Gilmartin Group for introductory disclosures.

歡迎來到 SomaLogic 的第四季度和 2022 年全年收益電話會議。 （操作員說明）我現在將電話轉給 Gilmartin Group 的 Marissa Bych 進行介紹性披露。

Thank you. Today, SomaLogic released financial results for the quarter and year ended December 31, 2022. A copy of the press release is available on the company's website.

謝謝。今天，SomaLogic 發布了截至 2022 年 12 月 31 日的季度和年度財務業績。新聞稿的副本可在公司網站上獲取。

Before we begin, I'd like to remind you that management will make forward-looking statements during this call within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間根據聯邦證券法的含義做出前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款制定的。任何本次電話會議中包含的與對未來事件、結果或業績的預期或預測相關的陳述均為前瞻性陳述。

All forward-looking statements, including, without limitation, those relating to our market opportunity, gross margin and future financial performance, protein content and database growth, customer base, diagnostic pipeline, expectations for hiring and growth in our organization, are based upon our current estimates and various assumptions.

所有前瞻性陳述，包括但不限於與我們的市場機會、毛利率和未來財務業績、蛋白質含量和數據庫增長、客戶群、診斷管道、我們組織的招聘和增長預期相關的陳述，均基於我們的當前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.

這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述預期或暗示的結果或事件存在重大差異。因此，您不應過分依賴這些陳述。

For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our Form 10-K filed with the Securities and Exchange Commission today.

有關與我們業務相關的風險和不確定性的列表和描述，請參閱我們今天向美國證券交易委員會提交的 10-K 表格中的風險因素部分。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, March 28, 2023. SomaLogic disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

此電話會議包含時間敏感的信息，僅在 2023 年 3 月 28 日今天的現場直播時準確無誤。除法律要求外，SomaLogic 不承擔更新或修改任何財務預測或前瞻性陳述的任何意圖或義務，無論是因為新信息、未來事件還是其他原因。

I will now turn the call over to Troy Cox, Executive Chairman of SomaLogic's Board of Directors.

我現在將把電話轉給 SomaLogic 董事會執行主席 Troy Cox。

Thanks, Marissa. Good afternoon and thanks for joining us. As a long-time believer in the potential of proteomics, I had the opportunity to join the SomaLogic Board in 2021 and was appointed Executive Chairman in October of last year. Before Adam and Shaun discuss our fourth quarter results and outlook for 2023, I'd like to address the management and leadership transition we announced today.

謝謝，瑪麗莎。下午好，感謝您加入我們。作為蛋白質組學潛力的長期信徒，我有機會在 2021 年加入 SomaLogic 董事會，並於去年 10 月被任命為執行主席。在 Adam 和 Shaun 討論我們第四季度的業績和 2023 年展望之前，我想談談我們今天宣布的管理層和領導層交接。

Roy Smythe has stepped down as CEO and Board member effective today, March 28. Roy has been an important contributor to the company, advancing the technology and overseeing the process to becoming a public company, and we'd like to thank him for his efforts.

羅伊·斯邁思 (Roy Smythe) 已辭去首席執行官和董事會成員的職務，從今天（3 月 28 日）起生效。羅伊一直是公司的重要貢獻者，推動技術進步並監督成為上市公司的過程，我們要感謝他所做的努力.

Over the last 6 months, working at a more operational level, I've gained a better understanding of the company and the people. Given my extensive background running commercial functions, it was clear that SomaLogic was at a stage that it needed seasoned leaders to accelerate market adoption.

在過去的 6 個月裡，我在更具操作性的層面上工作，對公司和員工有了更好的了解。鑑於我廣泛的商業職能背景，SomaLogic 顯然處於需要經驗豐富的領導者加速市場採用的階段。

Adam Taich is an example of that kind of talent, having joined SomaLogic over a year ago with highly relevant and diverse experience across multiple senior roles at Thermo Fisher Scientific. In the third quarter of last year, we promoted Adam to Senior Vice President of Life Sciences with ownership of all commercial activities and operations functions, which is about half of SomaLogic's employees.

Adam Taich 就是這種人才的一個例子，一年多前加入 SomaLogic，在 Thermo Fisher Scientific 的多個高級職位上擁有高度相關和多樣化的經驗。去年第三季度，我們將 Adam 提升為生命科學高級副總裁，負責所有商業活動和運營職能，約佔 SomaLogic 員工的一半。

There was more work to do, but together with Adam and the rest of the management team and Board, we made some really important decisions to focus the company and deliver results in a more efficient manner. Adam will talk about this as well as how he has strengthened our commercial foundation and pipeline.

還有更多的工作要做，但我們與 Adam 以及管理團隊的其他成員和董事會一起做出了一些非常重要的決定，以集中公司的注意力並以更有效的方式交付成果。亞當將談論這個以及他如何加強我們的商業基礎和管道。

Adam has earned the confidence of his peers and the Board that he's the right leader for SomaLogic as we make this important transition.

Adam 贏得了同行和董事會的信任，相信他是 SomaLogic 的正確領導者，因為我們正在進行這一重要的過渡。

To help fuel the company's next chapter, we are bringing some really impressive talent to the SomaLogic Board of Directors with the additions of industry veterans, Jason Ryan, Kathy Hibbs, Tom Carey and Tycho Peterson. I'm very pleased that Jason Ryan will join the Board as Chairman. I will remain on the Board and support Jason's transition.

為了幫助推動公司翻開新的篇章，我們正在為 SomaLogic 董事會帶來一些真正令人印象深刻的人才，其中包括行業資深人士 Jason Ryan、Kathy Hibbs、Tom Carey 和 Tycho Peterson。我很高興 Jason Ryan 將作為董事長加入董事會。我將留在董事會並支持 Jason 的過渡。

I personally had the opportunity to see Jason's unmatched ability to move from strategy to tactical execution and connect all the dots in between when we worked together at Foundation Medicine. Since then, Jason has further demonstrated his proven track record in expanded and diverse roles.

當我們在 Foundation Medicine 一起工作時，我個人有機會看到 Jason 無與倫比的從戰略到戰術執行的能力，以及將兩者之間的所有點聯繫起來的能力。從那時起，傑森進一步展示了他在擴大和多樣化角色方面的良好業績。

Kathy Hibbs will also join our Board, bringing towering strengths in many areas, such as regulatory, legal, compliance, quality, privacy, technology and public company considerations, all coming from diverse experiences in the areas of SomaLogic's focus. I've personally seen Kathy deliver impressive value from these strengths and much more over the last few years from our work together with SOPHiA GENETICS.

Kathy Hibbs 也將加入我們的董事會，在監管、法律、合規、質量、隱私、技術和上市公司考慮等許多領域帶來卓越的優勢，所有這些都來自 SomaLogic 關注領域的豐富經驗。我親眼看到 Kathy 從這些優勢中創造了令人印象深刻的價值，並且在過去幾年中我們與 SOPHiA GENETICS 的合作帶來了更多價值。

When it comes to people-related competencies, there's no one better than Tom Carey. I'm thrilled that Tom will also join our Board. Tom has strengthened leadership and teams across so many companies while gaining a deep knowledge of the landscape, players, strategies and adjacencies that will serve SomaLogic well. His expanded breadth via leadership in growth life science companies, including over 8 years on the Exact Sciences Board, will bring tremendous value.

說到與人相關的能力，沒有人比湯姆·凱里更出色了。我很高興湯姆也將加入我們的董事會。 Tom 加強了眾多公司的領導力和團隊，同時深入了解將為 SomaLogic 服務的前景、參與者、戰略和鄰接關係。他通過領導成長型生命科學公司擴大了廣度，包括在 Exact Sciences 董事會任職 8 年多，這將帶來巨大的價值。

I don't think it's possible to be in our industry and not know Tycho Peterson, who will also join our Board. I'm excited for the Board and the company to benefit from his unprecedented experience from 23 years at JPMorgan as Managing Director and Lead Equity Analyst covering medical devices, life science tools and diagnostics. This experience is being leveraged and enriched from serving as the CFO of another innovative life sciences growth company, Adaptive Biotechnologies.

我認為在我們的行業中不可能不認識第谷彼得森，他也將加入我們的董事會。我很高興董事會和公司能夠受益於他在摩根大通擔任董事總經理和首席股票分析師 23 年的前所未有的經驗，涵蓋醫療設備、生命科學工具和診斷。作為另一家創新生命科學成長型公司 Adaptive Biotechnologies 的首席財務官，這一經驗得到了充分利用和豐富。

So welcome, Tycho, Tom, Kathy and Jason. Our next chapter is fueled by great leadership with some of industry's top talent. Before I turn it over to Adam, I want to reiterate what I said in the press release. We recognize that it is a dynamic time in the industry and a volatile one in the broader markets. It puts SomaLogic in a unique position.

非常歡迎，第谷、湯姆、凱西和傑森。我們的下一章是由一些行業頂尖人才的卓越領導力推動的。在我把它交給亞當之前，我想重申一下我在新聞稿中所說的話。我們認識到，這是該行業充滿活力的時期，也是更廣泛市場的動盪時期。它使 SomaLogic 處於獨特的地位。

Having an attractive and growing core market, combined with our strong balance sheet, we are well positioned to pursue strategic options. As mentioned, we plan to work with our advisers and our newly strengthened Board leadership to evaluate strategic and transformative opportunities and will provide updates as appropriate.

擁有一個有吸引力且不斷增長的核心市場，再加上我們強大的資產負債表，我們有能力尋求戰略選擇。如前所述，我們計劃與我們的顧問和我們新加強的董事會領導層合作，評估戰略和轉型機會，並將酌情提供最新信息。

Now, I'll turn the call over to Adam to review 2022 key achievements and strategic priorities looking forward.

現在，我將把電話轉給亞當，回顧 2022 年的主要成就和未來的戰略重點。

Great. Thank you, Troy, and thank you all for joining us here on the call this afternoon. I'm absolutely thrilled to have the opportunity to lead this company into the next phase of growth and evolution. Having taken on broader commercial leadership responsibilities in the third quarter of last year, I've been encouraged by the early momentum and opportunity to expand our reach in the proteomics market.

偉大的。謝謝你，特洛伊，感謝大家今天下午加入我們的電話會議。我非常高興有機會帶領這家公司進入下一階段的增長和發展。在去年第三季度承擔了更廣泛的商業領導職責後，我對擴大我們在蛋白質組學市場影響力的早期勢頭和機會感到鼓舞。

There is work to do, but the mandate is clear, and I'm committed to it, driving sustainable growth while importantly bringing improved operational discipline and cash management to this organization. I am accountable for this mandate.

有工作要做，但任務很明確，我致力於此，推動可持續增長，同時重要的是為該組織帶來更好的運營紀律和現金管理。我對這項任務負責。

Before I dive in, I'd first like to thank our committed teams across the globe. I took over broader leadership in the second half of last year and have watched the organization undergo significant changes in that time.

在開始之前，我首先要感謝我們在全球範圍內盡職盡責的團隊。去年下半年，我接任了更廣泛的領導職務，目睹了該組織在這段時間裡發生的重大變化。

While challenging, the team has been impressive in their dedication and focus. And I'm confident that as we navigate through this leadership transition, we will continue to remain focused on consistent execution and improving every day to meet our customers' needs and expand our commercial impact.

儘管充滿挑戰，但團隊的奉獻精神和專注力令人印象深刻。而且我相信，在我們經歷這次領導層交接的過程中，我們將繼續專注於始終如一的執行和每天的改進，以滿足客戶的需求並擴大我們的商業影響力。

Together with the Board, we are employing a deliberately simple business strategy: bringing an acute focus on delivering innovative solutions to our expanding global customer base of biopharma, academia and government institutions while maintaining tight expense and cash discipline.

我們與董事會一起採用了一種特意簡單的業務戰略：重點關注為我們不斷擴大的全球生物製藥、學術界和政府機構客戶群提供創新解決方案，同時保持嚴格的支出和現金紀律。

Everything flows from this strategy and is built on the core business belief that if we build an efficient and profitable business that can accelerate and improve customers' R&D productivity, we will, as a company, increase value for customers and importantly, for you, our shareholders.

一切都源於這一戰略，並建立在核心業務信念之上，即如果我們建立一個能夠加速和提高客戶研發生產力的高效且盈利的業務，我們將作為一家公司為客戶增加價值，重要的是，為您增加價值，我們的股東。

We need to recognize that while SomaLogic is a 25-year-old leading innovation company, it is only a 2-year-old commercially focused enterprise. It has been a journey to transition the company, but we are firmly on pace now. In the coming quarters and years, that pace will accelerate with a target of getting back to 20% top line growth exiting this year. That is our commitment.

我們需要認識到，雖然 SomaLogic 是一家擁有 25 年曆史的領先創新公司，但它只是一家只有 2 年曆史的商業化企業。這是公司轉型的旅程，但我們現在堅定地前進。在接下來的幾個季度和幾年裡，這一步伐將加快，目標是回到今年 20% 的收入增長。這是我們的承諾。

To help do it, we need the right people and right processes. Success is all about the team, and we recently brought on a new global commercial leader, Mike [Dominio], to add significant industry depth and global experience to the commercial effort. We have a great product. We just need to do the basic blocking and tackling of commercial execution to make that product easier and better for customers to use.

為了幫助做到這一點，我們需要合適的人員和正確的流程。成功全靠團隊，我們最近聘請了一位新的全球商業領袖 Mike [Dominio]，為商業工作增加重要的行業深度和全球經驗。我們有很棒的產品。我們只需要對商業執行進行基本的阻止和處理，以使該產品更容易更好地供客戶使用。

Mike and his team are doing the necessary work building the right processes, and early indications are that it is having an impact. And of course, if you can't measure it, you can't manage it. Simple yet informative metrics are now in place and visible daily to monitor our forward progress.

Mike 和他的團隊正在做必要的工作來構建正確的流程，早期跡象表明它正在產生影響。當然，如果無法衡量，就無法管理。簡單但信息豐富的指標現在已經到位並且每天都可以看到，以監控我們的前進進度。

To achieve commercial growth in our core after work-based proteomic solution, we must continue to make it easier to access our technology platform and we need to diversify the number of users on it.

為了實現基於工作的蛋白質組學解決方案的核心商業增長，我們必須繼續讓訪問我們的技術平台變得更容易，我們需要使平台上的用戶數量多樣化。

We have two strategies to do this: One is through the work we are doing with Illumina, which brings the flexibility and power of SomaScan to Illumina's market-leading installed base of instruments. Theirs is the largest installed base in the world, and there is already significant interest from customers to utilize our combined solution. Once our SomaScan assay is available on NGS, it will change the way proteomic research is done at scale across the world.

我們有兩種策略來做到這一點：一種是通過我們與 Illumina 的合作，它將 SomaScan 的靈活性和強大功能帶入 Illumina 市場領先的儀器安裝基礎。他們擁有世界上最大的安裝基礎，客戶已經對使用我們的組合解決方案產生了濃厚的興趣。一旦我們的 SomaScan 檢測可用於 NGS，它將改變蛋白質組學研究在全球範圍內進行大規模研究的方式。

Second, we are going to accelerate the expansion of our authorized sites or kits business and open up more SomaLogic-authorized sites to allow institutions around the world to run the SomaScan assay in their own labs. This is the type of format solution that other vendors use, and we've been slow to catch up.

其次，我們將加速拓展我們的授權站點或試劑盒業務，並開放更多 SomaLogic 授權站點，以允許世界各地的機構在他們自己的實驗室中運行 SomaScan 檢測。這是其他供應商使用的格式解決方案類型，而我們趕上來的速度很慢。

We only formally launched this initiative late last year but are now in full-scale launch of our authorized sites program and see growth in it over the years ahead. As of today, we have 8 authorized sites up and running, and we are expecting that number to more than double exiting the year.

我們去年年底才正式啟動這項計劃，但現在我們正在全面啟動我們的授權站點計劃，並在未來幾年看到它的增長。截至今天，我們有 8 個授權站點已啟動並運行，我們預計這一數字今年將增加一倍以上。

Across all of our biopharma engagements, we must continue to operate as a thoughtful partner to our customers, ingraining ourselves into their clinical, translational and early discovery projects by helping them understand how to maximize the application of our technology. In the long term, we expect our positioning with these key accounts to enable migration to larger multiyear partnerships.

在我們所有的生物製藥業務中，我們必須繼續作為客戶深思熟慮的合作夥伴運營，通過幫助他們了解如何最大限度地應用我們的技術，將自己融入到他們的臨床、轉化和早期發現項目中。從長遠來看，我們希望我們與這些關鍵客戶的定位能夠遷移到更大的多年合作夥伴關係。

We are also expanding our geographic reach to better serve the needs of the global scientific community. Our team is focused on establishing footholds in EMEA and Asia Pacific.

我們還在擴大我們的地理範圍，以更好地滿足全球科學界的需求。我們的團隊專注於在 EMEA 和亞太地區建立立足點。

In December of last year, Tokyo-based [Bonus Life Corporation] signed on as the first SomaLogic-authorized site in Asia. Early in 2023, G42 Healthcare became the first announced site in the Middle East. Many more agreements are in the works, with a substantial increase in our pipeline since we first announced the program.

去年 12 月，總部位於東京的 [Bonus Life Corporation] 成為亞洲第一個 SomaLogic 授權站點。 2023 年初，G42 Healthcare 成為中東第一個宣布的站點。更多的協議正在製定中，自我們首次宣布該計劃以來，我們的管道數量大幅增加。

It is critical to say that while growth is important, we must manage the business efficiently and with more disciplined cash management. As stewards of shareholder capital, I'm committed to diligent spending, tight investment prioritization and commercial initiatives that deliver results consistently.

重要的是要說，雖然增長很重要，但我們必須有效地管理業務並進行更嚴格的現金管理。作為股東資本的管理者，我致力於勤奮支出、嚴格的投資優先順序和能夠持續交付成果的商業計劃。

I recognize that our balance sheet is one of our key assets, and I and the team will make sure to protect it. Shaun will provide more details on our financial performance and historic spend, with some cash burn expectations later in the call.

我認識到我們的資產負債表是我們的重要資產之一，我和團隊將確保保護它。肖恩將提供有關我們財務業績和歷史支出的更多詳細信息，並在電話會議稍後提供一些現金消耗預期。

There are more efficiencies to drive in this business, and my day 1 focus is to deliver them. The life science tools business model, when run at scale and run well, is one of the most lucrative in the industry. We will do everything operationally, organically and, as Troy said, inorganically to get to that scale and profitability.

在這項業務中有更多的效率可以提高，我第一天的重點是交付它們。生命科學工具商業模式在大規模運行且運行良好時，是業內最賺錢的模式之一。我們將在運營上、有機地做所有事情，正如特洛伊所說的那樣，無機地做任何事情，以達到這樣的規模和盈利能力。

Now let me conclude with a couple of product development objectives for 2023 to look out for. The launch of our 10K SomaScan product is on track to launch by the end of the year, which will extend our leadership in proteomics measurement capabilities. We remain confident that our leadership and content allows our customers to discover even more biologically important proteins in a precise manner.

現在讓我總結一下 2023 年的幾個產品開發目標。我們的 10K SomaScan 產品有望在今年年底推出，這將擴大我們在蛋白質組學測量能力方面的領先地位。我們仍然相信，我們的領導地位和內容可以讓我們的客戶以精確的方式發現更俱生物學重要性的蛋白質。

Our work with Illumina to develop NGS proteomics products also remains on track, with expectations to fully commercialize in 2024. Based on the focused and disciplined approach I've just described, we are optimistic that we are repositioning the business for success. I look forward to providing updates on these strategic and product milestones over the coming year.

我們與 Illumina 合作開發 NGS 蛋白質組學產品的工作也仍在進行中，預計將在 2024 年完全商業化。基於我剛才描述的專注和嚴格的方法，我們樂觀地認為我們正在重新定位業務以取得成功。我期待在來年提供這些戰略和產品里程碑的更新。

I will now turn the call to Shaun Blakeman, CFO, to review our financial performance and outlook.

我現在將電話轉給首席財務官 Shaun Blakeman，審查我們的財務業績和前景。

Thanks, Adam. Turning to our financial results for the fourth quarter and full year, revenue for the 3 months ended December 31, 2022, was $18.8 million, an 18% decrease from $23 million in the same period of the prior year. Revenue for the full year of 2022 was $97.7 million, a 20% increase from $81.6 million in the prior year.

謝謝，亞當。談到我們第四季度和全年的財務業績，截至 2022 年 12 月 31 日止三個月的收入為 1880 萬美元，比去年同期的 2300 萬美元下降 18%。 2022 年全年收入為 9770 萬美元，比上年的 8160 萬美元增長 20%。

Fourth quarter 2022 revenue reflects early traction in our kit rollout, nearly tripling our kit business over Q4 2021, which, to echo what Adam said, is a critical component of our strategy to return to above-market growth.

2022 年第四季度的收入反映了我們套件推出的早期牽引力，我們的套件業務比 2021 年第四季度增長了近兩倍，這與 Adam 所說的相呼應，是我們恢復高於市場增長的戰略的關鍵組成部分。

But the current quarter also reflects the change in our New England Biolabs royalties recognition with [zero] recognized this quarter versus $1.9 million in the fourth quarter of 2021.

但本季度也反映了我們新英格蘭生物實驗室特許權使用費確認的變化，本季度確認為[零]，而 2021 年第四季度為 190 萬美元。

Gross margin for the fourth quarter of 2022 was 31.1% compared to 54.5% in the fourth quarter the prior year. Gross margin for the full year 2022 was 55.6% compared to 59% in the prior year. Full-year margins were in line with expectations, and our fourth quarter gross margins were primarily in effect of Human Technopole, or HTI, volume, as signaled in previous earnings calls. Net of HTI, our core service margins remained approximately 50%.

2022 年第四季度的毛利率為 31.1%，而去年第四季度為 54.5%。 2022 年全年毛利率為 55.6%，上年為 59%。全年利潤率符合預期，我們第四季度的毛利率主要受 Human Technopole 或 HTI 銷量的影響，正如之前的財報電話會議所表明的那樣。扣除 HTI 後，我們的核心服務利潤率仍保持在 50% 左右。

Total operating expenses for the fourth quarter of 2022 were $60.4 million, a 48% increase from $40.9 million in the fourth quarter of 2021. Operating expenses for the full year 2022 were $230.1 million, an 89% increase from $121.5 million in the prior year. R&D expenses for the fourth quarter of 2022 were $22.6 million compared to $11.2 million in the fourth quarter of 2021. Full-year 2022 R&D expenses were $73.4 million compared to $43.5 million in the prior year.

2022 年第四季度總運營費用為 6040 萬美元，比 2021 年第四季度的 4090 萬美元增長 48%。2022 年全年運營費用為 2.301 億美元，比上年的 1.215 億美元增長 89%。 2022 年第四季度的研發費用為 2260 萬美元，而 2021 年第四季度為 1120 萬美元。2022 年全年研發費用為 7340 萬美元，上年同期為 4350 萬美元。

Sales, general and administrative expenses for the fourth quarter of 2022 were $37.8 million compared to $29.7 million in the fourth quarter of 2021. SG&A expenses for the full year 2022 were $156.6 million compared to $78 million in 2021. The year-over-year increase in our expenses was primarily associated with our commercial team expansion, public readiness and stock-based compensation charges associated with restructuring.

2022 年第四季度的銷售、一般和行政費用為 3780 萬美元，而 2021 年第四季度為 2970 萬美元。2022 年全年的 SG&A 費用為 1.566 億美元，而 2021 年為 7800 萬美元。同比增長在我們的開支中，主要與我們的商業團隊擴張、公眾準備和與重組相關的基於股票的補償費用有關。

Adjusted EBITDA for the fourth quarter of 2022 was a loss of $49.9 million compared to an adjusted EBITDA loss of $27.7 million in the fourth quarter of 2021. Full-year 2022 adjusted EBITDA was a loss of $160.5 million compared to an adjusted EBITDA loss of $63.6 million in 2021. Please see our press release on file with the SEC as of this afternoon for a reconciliation between GAAP net loss and non-GAAP adjusted EBITDA. And we ended the year with $539.6 million of cash, cash equivalents and short-term investments.

2022 年第四季度調整後 EBITDA 虧損 4990 萬美元，而 2021 年第四季度調整後 EBITDA 虧損 2770 萬美元。2022 年全年調整後 EBITDA 虧損 1.605 億美元，而調整後 EBITDA 虧損 63.6 美元百萬在 2021 年。請參閱我們截至今天下午向美國證券交易委員會備案的新聞稿，了解 GAAP 淨虧損與非 GAAP 調整後 EBITDA 之間的對賬。我們在年底擁有 5.396 億美元的現金、現金等價物和短期投資。

Turning to our full-year outlook. We project 2023 revenues to be within the range of $80 million to $84 million. Taking into effect the significant accounting impact of our new [NEB] agreement, this represents 12% to 17% growth on an apples-to-apples basis at the midpoint of our guidance.

轉向我們的全年展望。我們預計 2023 年的收入將在 8000 萬至 8400 萬美元之間。考慮到我們新 [NEB] 協議的重大會計影響，在我們指導的中點，這意味著在同類基礎上增長 12% 至 17%。

As we continue to ramp up our distributed kit business, our guidance is also driven by a return of substantial growth in our service business as we are starting to see the benefits of our commercial expansion with more sales reps in front of customers and an international presence.

隨著我們繼續擴大我們的分佈式套件業務，我們的指導也受到我們服務業務大幅增長回歸的推動，因為我們開始看到我們的商業擴張的好處，在客戶面前有更多的銷售代表和國際存在.

Our Q4 2022 results are reflective of operations going into Q1, so we expect similar revenue. In terms of gross margins, we expect full-year gross margins in the low 50% range, which is a result of our assumption for little or no [NAV] revenue this year.

我們 2022 年第四季度的業績反映了進入第一季度的運營情況，因此我們預計收入相似。就毛利率而言，我們預計全年毛利率將處於 50% 的低區間，這是我們假設今年很少或沒有 [NAV] 收入的結果。

However, there will be a phasing as we have some carryover in [ETI] sample [impact] in Q1, which will drive Q1 margins in the low 40% range, with subsequent quarters improving to drive the full-year number back over 50%.

然而，由於我們在第一季度的 [ETI] 樣本 [影響] 中有一些結轉，將會有一個階段，這將推動第一季度的利潤率在 40% 的低範圍內，隨後幾個季度將有所改善，使全年數字回升超過 50% .

And as promised, we made significant expense reductions for 2023 to reduce our cash burn. Excluding M&A-related cash burn, our Q3 2022 burn rate was an organic high point at nearly $40 million, and our expense reductions are expected to drive that down by 50% to a year-end burn rate of approximately $20 million in the quarter this year.

正如承諾的那樣，我們在 2023 年大幅削減了開支，以減少我們的現金消耗。不包括與併購相關的現金消耗，我們 2022 年第三季度的消耗率達到了近 4000 萬美元的有機高點，我們的費用削減預計將使本季度的年末消耗率下降 50% 至約 2000 萬美元年。

Keep in mind that in Q1, we'll see the cash impact of our 2022 restructuring items. But from there, expect our cash burn to start significantly declining to reflect our improved cost structure. Including these restructuring-related items, we still anticipate 2023 cash burn to be [less] than $120 million.

請記住，在第一季度，我們將看到 2022 年重組項目的現金影響。但從那時起，預計我們的現金消耗將開始大幅下降，以反映我們改善的成本結構。包括這些與重組相關的項目，我們仍然預計 2023 年的現金消耗將 [少於] 1.2 億美元。

As Adam expressed, our primary objective in 2023 is to continue to focus on applying process and fiscal discipline to the commercial strategy to remove costs and preserve cash. We see opportunities to make meaningful improvements over what is projected above and look forward to updating you in the coming quarters on our success.

正如 Adam 所表達的那樣，我們 2023 年的主要目標是繼續專注於將流程和財政紀律應用於商業戰略，以降低成本並保留現金。我們看到了對上述預測進行有意義的改進的機會，並期待在未來幾個季度向您介紹我們的成功。

At this point, I would like to turn the call back to Adam.

在這一點上，我想把電話轉回給亞當。

Great. Thank you, Shaun. Operator, we are now ready for Q&A.

偉大的。謝謝你，肖恩。接線員，我們現在可以進行問答了。

(Operator Instructions) And our first call -- question will be coming from Dan Brennan of Cowen.

（操作員說明）我們的第一個電話——問題將來自 Cowen 的 Dan Brennan。

Congrats on the new role, Adam and team. Maybe, Adam, could you start off? Just it was listed as interim CEO in the press release. It sounds like you are the full-time CEO. I just want to clarify, if you don't mind.

祝賀 Adam 和團隊擔任新角色。也許，亞當，你能開始嗎？只是它在新聞稿中被列為臨時 CEO。聽起來你是全職首席執行官。我只是想澄清一下，如果你不介意的話。

And then, b, you laid out a lot of the things that you've already seen in traction with in your current role. But I'm just wondering like as we look ahead, you talked about making products easier to use, better for customers to use them, building the right processes. Could you just maybe speak to as we think about '23 and '24 how you would articulate what are the kind of key changes or initiatives that you'll be deploying to drive more efficient growth?

然後，b，你列出了你在當前角色中已經看到的很多東西。但我只是想知道，就像我們展望未來一樣，你談到讓產品更易於使用，更好地讓客戶使用它們，建立正確的流程。在我們考慮'23 和'24 時，您能否談談您將如何闡明您將部署哪些關鍵變化或計劃以推動更有效的增長？

Sure. Thanks, Dan. Let me take the second part of the question first, and then I'll hand it over to Troy to speak to the interim title. In terms of the comments around making the products easier, it's really the pivot that we're making from what is almost entirely a services business today to a distributed solution, so really getting that kits or authorized sites business up and running.

當然。謝謝，丹。讓我先回答問題的第二部分，然後我將把它交給特洛伊來談談臨時標題。就使產品更容易的評論而言，這確實是我們從今天幾乎完全是服務業務到分佈式解決方案的轉變，因此真正讓該套件或授權站點業務啟動並運行。

Another item to mention as it relates to that sort of easier to use, frankly, is the technical support in bioinformatics required around our solution. And what we have here is not any more complex than other innovative market-leading solutions out there in the market. At the same time, I think we were underestimating the amount of lift that's required to get a customer up and running and confident on the platform.

坦率地說，與那種更易於使用相關的另一個要提及的項目是圍繞我們的解決方案所需的生物信息學技術支持。我們所擁有的並不比市場上其他市場領先的創新解決方案複雜。同時，我認為我們低估了讓客戶在平台上啟動和運行並對平台充滿信心所需的提升量。

And the last thing I would mention as we think about ease of use is really the incredible program we've got in place with our partner, Illumina. And so in part, ease of use is really just allowing and enabling our customers out there who have NGS systems in-house or considering buying one to be using an NGS format as the back-end readout.

當我們考慮易用性時，我最後要提到的是我們與合作夥伴 Illumina 共同製定的令人難以置信的計劃。因此，在某種程度上，易用性實際上只是允許並使我們的客戶能夠在內部擁有 NGS 系統或考慮購買一個使用 NGS 格式作為後端讀數的客戶。

Troy, do you want to touch on the first part of Dan's question?

特洛伊，你想談談丹問題的第一部分嗎？

Dan, it's Troy. The Board is confident in Adam. He's the right leader to further strengthen our pipeline and our performance as well as manage expenses and preserve our cash. We felt interim as simple as this was appropriate in the context of simultaneously bringing on 4 seasoned strategic leaders as new Board members.

丹，是特洛伊。董事會對 Adam 充滿信心。他是進一步加強我們的渠道和績效以及管理費用和保留現金的合適領導者。在同時聘請 4 位經驗豐富的戰略領導者作為新的董事會成員的背景下，我們認為臨時安排非常簡單。

Okay. So -- I'm sorry, so he's the full-time guy or you're not conducting a simultaneous search in addition to having Adam in the seat or you are?

好的。所以 - 對不起，所以他是全職人員，或者除了讓 Adam 坐在座位上之外，你沒有進行同步搜索，或者你是？

Yes. Adam's in charge of the company effective today as CEO. In the near term, we're going to focus on onboarding our new Board members and empowering Adam to execute on our strategy.

是的。 Adam 作為 CEO 負責管理公司，今天生效。在短期內，我們將專注於讓新的董事會成員入職並授權 Adam 執行我們的戰略。

Terrific. Great. And then maybe a follow-up. I know, Troy, you mentioned this at the onset, a unique position to leverage our balance sheet and new Board leadership to pursue strategic and transformational options for maximum shareholder value. Can you just maybe speak to that a little bit?

了不起。偉大的。然後也許是後續行動。我知道，特洛伊，你一開始就提到了這一點，這是一個獨特的職位，可以利用我們的資產負債表和新的董事會領導層來尋求戰略和轉型選擇，以實現股東價值最大化。你能談談嗎？

I mean the balance sheet is in great shape. The technology is terrific. You guys should have a real pathway ahead to accelerate growth, hopefully. But what else are you guys considering with the balance sheet? Are you guys looking to do big deals? Are you looking to be acquired? Just maybe a little more color on what the plans are here for this balance sheet.

我的意思是資產負債表狀況良好。技術太棒了。你們應該有一條真正的道路來加速增長，希望如此。但是你們還在考慮資產負債表嗎？你們想做大交易嗎？你想被收購嗎？可能只是對這個資產負債表的計劃有更多的顏色。

Sure. The overall context is, as you've mentioned, we're -- we find ourselves in a unique and fortunate position to expand our footprint further in a really super attractive and growing market of proteomics.

當然。正如您所提到的，總體背景是——我們發現自己處於一個獨特而幸運的位置，可以在一個真正超級有吸引力且不斷增長的蛋白質組學市場中進一步擴大我們的足跡。

And now with a strong team and Board in place and combine that with a healthy balance sheet, we have $539 million as of the end of 2022, the Board is committed to proactively pursuing strategic and transformational options that leverage that unique position. And it's all about maximizing the shareholder value.

現在，憑藉強大的團隊和董事會，並將其與健康的資產負債表相結合，截至 2022 年底，我們擁有 5.39 億美元，董事會致力於積極尋求利用這一獨特地位的戰略和轉型選擇。這一切都是為了最大化股東價值。

I think, to get into more specifics, Dan, is difficult, because I think this effort has diverse possible outcomes and will only be pursued if we meet that simple goal of maximizing shareholder value. So we'll keep you updated on key milestones and as we reach conclusions.

我認為，丹，要了解更多細節是困難的，因為我認為這項努力有多種可能的結果，並且只有在我們實現股東價值最大化這一簡單目標的情況下才會追求。因此，當我們得出結論時，我們會及時向您通報關鍵里程碑的最新情況。

And maybe if I can just sneak one more in just on the kit business and then the base service business. Can you just give us a little color on how you're thinking about the rollout of the kits? Like why is the rollout so gated? Is there a lot of technical complexity for a customer to adopt the kits? Are these ready for prime time? And is there a lot of interest rolling the summer [boy]?

也許如果我能再偷偷進入套件業務，然後是基礎服務業務。您能否簡單介紹一下您是如何考慮推出這些工具包的？比如為什麼推出如此封閉？客戶採用這些套件是否有很多技術複雜性？這些準備好迎接黃金時段了嗎？是否有很多人對滾動夏天 [男孩] 感興趣？

So maybe a little color on the rollout of -- how would we think about the split implicit in your guidance for the year, 80 to 84, between how much of that will be kit-generated versus the service-related?

所以也許在推出時有點顏色 - 我們如何考慮你今年的指導中隱含的分裂，80 到 84，其中有多少是套件生成的與服務相關的？

Sure, Dan. Let me just start with the second part of your question. So we're not going to break out that difference between kits and service. But what I would say is we still expect the services business here in 2023 to be the primary driver of our growth and of our business for this year.

當然，丹。讓我從你問題的第二部分開始。所以我們不會打破套件和服務之間的區別。但我要說的是，我們仍然預計 2023 年這裡的服務業務將成為我們增長和今年業務的主要驅動力。

In terms of some of those gating items that you mentioned, and I think the company mentioned it in the past, there were some supply chain challenges that sort of got in our way of getting the sites up and running. We're past that.

就你提到的一些門控項目而言，我認為公司過去曾提到過，在我們啟動和運行站點的過程中存在一些供應鏈挑戰。我們已經過去了。

So we're making incredible progress getting sites up and running. We've built out a field application support team that's really required to be there on site for about the week that it takes to get a site installed, trained and up and running. And the pipeline is tremendous in terms of the opportunities that we have.

因此，我們在網站啟動和運行方面取得了令人難以置信的進展。我們已經建立了一個現場應用程序支持團隊，該團隊確實需要在現場工作大約一周的時間來安裝、培訓和啟動並運行一個站點。就我們擁有的機會而言，管道是巨大的。

Our next question will be coming from Dan Arias of Stifel.

我們的下一個問題將來自 Stifel 的 Dan Arias。

Adam, welcome aboard. I wanted to ask a question about customer growth, if I could, Adam. You guys have done a really nice job growing out the account base. I think on the slide, it says 60%-plus over the last year. But obviously, the revenue growth is well below.

亞當，歡迎加入。亞當，如果可以的話，我想問一個關於客戶增長的問題。你們在擴大客戶群方面做得非常好。我想在幻燈片上，它說去年增長了 60% 以上。但顯然，收入增長遠低於此。

So where do you see the disconnect there? Is it just that the new accounts are taking time to contribute more to your less -- to your point, on sort of underestimating the ramp-up there? Or is it that they are contributing and it's just being offset by some that are existing and that are trending downward? And then I guess within that, if you could just talk to how you feel about volume growth at some of your sort of anchor pharma accounts, that would be great.

那麼你在哪裡看到斷開連接？僅僅是因為新賬戶正在花時間為你的更少貢獻更多——就你的觀點而言，有點低估了那裡的增長？還是他們正在做出貢獻，而只是被一些現有的並且呈下降趨勢的人所抵消？然後我想在其中，如果你能談談你對某些錨定製藥賬戶的銷量增長的看法，那就太好了。

Sure, Dan. Yes, I think, as you rightly noted, we've done a fantastic job, the commercial team out there building up the account base. And as you would expect in a business like this, the accounts that we onboard come in, and they come in typically with a small, maybe even a pilot study, so a fairly small amount of revenue. They go through the cycle of analyzing and understanding how to best use and utilize that information in their discoveries.

當然，丹。是的，我認為，正如您正確指出的那樣，我們做得非常出色，商業團隊在那裡建立了客戶基礎。正如你在這樣的企業中所期望的那樣，我們加入的賬戶進來了，他們通常會進行小規模的，甚至可能是試點研究，所以收入相當少。他們經歷了分析和理解如何在他們的發現中最好地使用和利用該信息的循環。

And then ideally, if we're doing our jobs around customer retention, they come back. And so yes, a lot of the customers that we onboarded during the course of last year do really start as small accounts.

然後理想情況下，如果我們圍繞客戶保留開展工作，他們就會回來。所以是的，我們在去年的過程中加入的很多客戶確實都是從小賬戶開始的。

What we have demonstrated is a track record, though, of bringing on customers. And if you go back and look at customers, for instance, that came on in the second half of 2021.

不過，我們所展示的是吸引客戶的良好記錄。例如，如果你回頭看看客戶，那是在 2021 年下半年出現的。

We've got a fairly good demonstrated track record of increasing from a sort of land-and-expand when you think about getting into the account and then expanding our reach within that, whether that's a different therapeutic area or whether that's moving from discovery into translation and translational, a pretty good track record of working through that. And so that's really what the expectation is, and we've got the right metrics in place to be measuring that.

當您考慮進入帳戶然後擴大我們在其中的影響範圍時，無論是不同的治療領域還是從發現轉向翻譯和翻譯，一個很好的工作記錄。因此，這確實是期望值，我們已經制定了正確的指標來衡量這一點。

As it relates to some of the larger accounts, we still have a tremendous relationship with Novartis, as an example, continues to be an incredible partner for us. And we would expect that some of those large orders could be lumpy from time to time, but that's why it's so important that we diversify the customer base, which is really where we've been focusing our time and effort, Dan.

由於它涉及一些較大的客戶，我們仍然與諾華（Novartis）保持著巨大的關係，例如，對我們來說仍然是一個令人難以置信的合作夥伴。我們預計這些大訂單中的一些可能會不時出現波動，但這就是為什麼我們使客戶群多樣化如此重要的原因，這確實是我們一直關注的時間和精力，Dan。

Okay. Helpful. And then maybe just from a strategic standpoint, I mean, as you think about what's most important over the next 12 or 24 months, how much of a priority do you see the work being done in the Precision Medicine Initiative? Obviously, a lot of promise in clinical proteomics, but assay development there is a heavy lift in a lot of ways. So just curious how we should think about that as a part of your investment focus over the next year or so.

好的。有幫助。然後也許只是從戰略的角度來看，我的意思是，當你思考未來 12 或 24 個月最重要的事情時，你認為精準醫學計劃中正在進行的工作有多重要？顯然，臨床蛋白質組學有很多希望，但分析開發在很多方面都有很大的提升。所以很好奇我們應該如何考慮將其作為您未來一年左右投資重點的一部分。

Yes. Dan, I think the best way to think about that, and this is Adam here, is really as we announced at the end of last year, we're going to execute really on our focus related to the Life Sciences side of our business.

是的。丹，我認為最好的思考方式是亞當，正如我們在去年年底宣布的那樣，我們將真正專注於與我們業務的生命科學方面相關的重點。

Now most certainly, some of our biopharma accounts -- and certainly, there are accounts in academia and government who do work into that Precision Medicine and those types of initiatives. But for us, it's really focusing on that core RUO research market, building out the strong commercial foundation we have and then continuing to expand the kits business.

現在可以肯定的是，我們的一些生物製藥賬戶——當然，學術界和政府中也有一些賬戶在從事精準醫學和那些類型的計劃。但對我們來說，它真正專注於核心 RUO 研究市場，建立我們擁有的強大商業基礎，然後繼續擴大套件業務。

Okay. Last one for me, if I could just sneak in an additional. I mean on the commercial team expansion, which I think for those of us that were thinking about the case around the time of the IPO, was one of the more compelling aspects of the business, just in the sense that I think you had 14 commercial folks in 2020. And that was going to something like 50 to 100.

好的。最後一個給我，如果我能再偷偷摸摸的話。我的意思是在商業團隊擴張方面，我認為對於我們這些在 IPO 前後考慮此案的人來說，這是業務中更引人注目的方面之一，就我認為你有 14 個商業團隊而言2020 年的人們。這將達到 50 到 100。

So where do you think from here, the commercial team adds will be most evident, when it comes to growing the revenue base? Is it overseas? Is it in a particular application? What should we look for just in terms of the impact that, that commercial scale-up can have?

那麼，在增加收入基礎方面，商業團隊補充說，您認為從哪裡開始最明顯？是在國外嗎？它在特定的應用程序中嗎？就商業規模擴大可能產生的影響而言，我們應該尋找什麼？

Sure, Dan. Yes. And this is Adam again. You're absolutely right. I think building out that team, I think it took -- it has taken longer, particularly if you're selective, which I think we have been in ensuring we get the right professionals on board. It takes time.

當然，丹。是的。這又是亞當。你是絕對正確的。我認為建立這個團隊，我認為花了更長的時間，特別是如果你有選擇性的話，我認為我們一直在確保我們得到合適的專業人員。這需要時間。

We're in a really good spot right now as it relates to the team that we have in North America, both from a sales and a service and support standpoint. We're continuing to expand here in 2023 in EMEA, which is a focus area of growth and a particular focus on the authorized site front.

從銷售、服務和支持的角度來看，我們現在處於一個非常好的位置，因為它與我們在北美的團隊有關。 2023 年，我們將繼續在歐洲、中東和非洲地區擴張，這是增長的重點領域，特別關注授權站點前端。

And then we're building up from what was effectively a team of 1 or 2 last year in APAC to a more substantial team. We're being selective there. We want to make sure that we're targeting the markets that are already ripe for high-flex proteomics, but there's plenty of opportunities for us to continue to build there in APAC.

然後我們正在從去年在亞太地區的 1 或 2 人有效團隊建立到一個更強大的團隊。我們在那裡是有選擇性的。我們希望確保我們的目標市場已經成熟，適合高靈活蛋白質組學，但我們有很多機會繼續在亞太地區建立市場。

And our next question is coming from Brandon Couillard of Jefferies.

我們的下一個問題來自 Jefferies 的 Brandon Couillard。

Maybe it's a question for Adam. Could you just touch on the Novartis contract revision? Why now? What do you get out of the new terms? And you have any better line of sight in terms of the annual minimums associated with that contract? Will those be higher or lower now than they were before?

也許這是亞當的問題。你能談談諾華公司的合同修訂嗎？為什麼現在？你從新條款中得到了什麼？就與該合同相關的年度最低限額而言，您有更好的視線嗎？那些現在會比以前高還是低？

Yes. Thanks, Brandon. It's Adam here. I think the key point I want to mention as it relates to Novartis, we've had a long history with them, an extremely deep relationship with Novartis in various areas of their research, various geographic areas in which we serve them. And the key thing that we were working through, as it relates to that, was the extension, right?

是的。謝謝，布蘭登。我是亞當。我想我想提到的關鍵點與諾華有關，我們與他們有著悠久的歷史，在他們研究的各個領域以及我們為他們服務的各個地理區域與諾華有著極其深厚的關係。我們正在努力解決的關鍵問題是擴展，對吧？

And so from a Novartis perspective, we're very excited to be their proteomics provider of choice for many, many years to come. And we continue to try to find ways -- innovative ways to add value to that partnership.

因此，從諾華的角度來看，我們很高興能在未來許多年內成為他們首選的蛋白質組學供應商。我們繼續努力尋找方法——為這種夥伴關係增加價值的創新方法。

Okay. Then maybe one for Shaun, just in terms of the revenue outlook for the year. Any color in terms of phasing? I mean '22 was more of a seesaw pattern. But historically, your revenues have been more 4Q-weighted. How do you see '23 playing out? And how would you sort of describe the degree of maybe added conservatism you've embedded in the outlook, given all the change going on in the organization right now?

好的。然後也許是肖恩，就今年的收入前景而言。相位方面有任何顏色嗎？我的意思是 22 更像是一個蹺蹺板模式。但從歷史上看，您的收入更多地是 4Q 加權的。您如何看待 23 年的比賽？考慮到組織中目前正在發生的所有變化，您將如何描述您在前景中嵌入的可能增加的保守主義程度？

Yes. I mean I would say, we've always kind of put out there that as a service business. It's hard sometimes to predict any given quarter. And we don't really factor in a certain significant material seasonality. I mean you heard in my remarks that I put that Q1 will look substantially like Q4, going into this year.

是的。我的意思是我會說，我們總是將其作為服務業務推出。有時很難預測任何給定的季度。而且我們並沒有真正考慮到某種重要的物質季節性。我的意思是你在我的評論中聽到我說 Q1 看起來會很像 Q4，進入今年。

And so I would model it with kind of really a mild phase going up. I wouldn't -- we don't expect to have any particular quarter that's heavy. We don't have a backloaded forecast. There will be a slight ramp up, driven more or less by more kits coming online. But as Adam pointed out, that's not a huge material number, so it's not adding this huge [ones] at the end.

所以我會用一種非常溫和的上升階段來模擬它。我不會 - 我們不希望有任何特別沉重的季度。我們沒有後載預測。會有輕微的上升，或多或少是由更多的工具包上線推動的。但正如 Adam 指出的那樣，這不是一個很大的數字，所以它不會在最後添加這麼大的 [ones]。

And our next question will be coming from Kyle Mikson of Canaccord.

我們的下一個問題將來自 Canaccord 的 Kyle Mikson。

Congrats to Adam. So let me just ask one, I guess, for Troy here, about kind of like the why now and then -- and why now is the right time for this [evolution], these Board additions as well. You mentioned there was not enough seasoned market leaders. I mean the company's performance has been not spectacular, but not really terrible either.

恭喜亞當。所以讓我想問一個問題，我想，這裡是特洛伊，關於為什麼時不時地——以及為什麼現在是這個[進化]的正確時機，這些董事會成員也是如此。你提到沒有足夠的經驗豐富的市場領導者。我的意思是公司的業績並不出色，但也不是很糟糕。

So just given that trajectory you were seeing, like what are the main areas you want the company to improve on, going forward, whether that's profitability, the account productivity or diversifying the customer base? I guess, basically, like what was not going up to your guys standards? And what will the company be laser-focused on, kind of going forward?

因此，鑑於您所看到的軌跡，例如您希望公司在未來改進的主要領域是什麼，無論是盈利能力、客戶生產力還是使客戶群多樣化？我想，基本上，就像什麼不符合你們的標準？公司將專注於什麼，向前發展？

Kyle, it's Troy. Our announcements are grounded on we want to do the most with the resources and assets that we have. And at the center of that is something really special. There's a special sauce with regards to our technology at SomaLogic and particularly how we advance that technology, going forward. So we have a great deal of confidence in our business.

凱爾，這是特洛伊。我們的公告是基於我們希望利用我們擁有的資源和資產做最多的事情。而其核心是一些非常特別的東西。關於我們在 SomaLogic 的技術，特別是我們如何推進該技術，向前發展，有一種特殊的調味料。因此，我們對我們的業務充滿信心。

And I've personally seen Adam take the reins from mid-last year. And you'll see that if you look at our corporate deck, how he has moved the needle on the key metrics. And indeed, the cycle -- the sales cycle time, it can be lengthy, but Adam has done all the right things and has helped bend those curves in terms of bringing on new customers and pulling on our land-and-expand strategy.

我親眼目睹了亞當從去年年中開始掌權。你會發現，如果你看一下我們的公司平台，他是如何在關鍵指標上取得進展的。事實上，週期——銷售週期時間，可能會很長，但亞當做了所有正確的事情，並在吸引新客戶和推動我們的土地擴張戰略方面幫助扭轉了這些曲線。

In terms of the strategies of how to grow the company going forward, Adam has a clear plan for that. And I'll turn it over to him.

就如何發展公司的戰略而言，亞當對此有明確的計劃。我會把它交給他。

Sure. Yes. Thanks, Troy

當然。是的。謝謝，特洛伊

Yes, Kyle, this -- the strategy is fairly straightforward for us in terms of growth here, really, when you think about it from a short-term perspective. We've got to execute, right? So we had arguably too many priorities, and we were spreading ourselves fairly thin. We've got an incredibly talented and passionate employee base.

是的，凱爾，這個 - 就這裡的增長而言，這個戰略對我們來說相當簡單，真的，當你從短期的角度考慮它時。我們必須執行，對嗎？所以我們可以說有太多的優先事項，而且我們分散了自己的精力。我們有一個非常有才華和熱情的員工基礎。

At the same time, if everyone is working on 7 to 10 programs, it's tough to do any of them as well. So we've made a significant shift there. We've really focused on a far fewer set of priorities, focused on serving our Life Sciences customers.

同時，如果每個人都在從事 7 到 10 個程序，那麼也很難做到其中任何一個。所以我們在那裡做出了重大轉變。我們真正關注的優先事項要少得多，專注於為我們的生命科學客戶提供服務。

The second thing is really continue to build out and strengthen that commercial foundation. I touched on that earlier in terms of where we're expanding geographically, and I also touched on what we need to be doing to really support our customers in both that presales and post-sales journey.

第二件事是真正繼續建立和加強商業基礎。我早些時候談到了我們在地理上擴張的地方，我還談到了我們需要做些什麼才能在售前和售後旅程中真正支持我們的客戶。

And lastly, from a strategic perspective, it gives us the confidence in expanding our offering. So we've got the authorized sites program up and running, a great pipeline to be getting those sites installed, giving customers the convenience of either sending in samples to us in [Boulder] or running the SomaScan assay in the comfort of their own labs as well as what we're doing with Illumina.

最後，從戰略角度來看，它讓我們有信心擴大我們的產品範圍。所以我們已經啟動並運行了授權站點程序，這是安裝這些站點的一個很好的管道，讓客戶可以方便地在[博爾德]向我們發送樣本或在他們自己的實驗室舒適地運行 SomaScan 檢測以及我們與 Illumina 的合作。

And I'd be remiss if I didn't mention because there's been a heck of a lot of hard work going, frankly, for years here at SomaLogic to launch the 10K SomaScan assay by the end of this year, which will continue to extend our market leadership as it relates to content, which we are highly confident will provide greater discoveries for our customer base.

如果我不提的話，我會失職，因為坦率地說，SomaLogic 多年來一直在努力工作，以在今年年底前推出 10K SomaScan 分析，並將繼續擴展我們在內容方面的市場領導地位，我們非常有信心將為我們的客戶群提供更多發現。

Okay. That was great. And then Adam, just one for you on -- I'm just kind of wondering, would you have to make any structural changes, I guess, to the company as a sense today in order to kind of enable and potentially accelerate the decentralized kits strategy? And then related to that, is there any update on the diagnostics strategic alternative strategy that was announced 2 months ago?

好的。那很棒。然後是 Adam，只是給你一個 - 我只是想知道，你是否必須對公司進行任何結構性改變，我想，從今天的意義上說，以便啟用並可能加速去中心化工具包戰略？然後與此相關，兩個月前宣布的診斷戰略替代戰略是否有任何更新？

Sure, Kyle. I think as it relates to the structural changes, those are well inflight. Those are consistent with what we mentioned at the end of last year in advance of JPMorgan, meeting. We're going to focus on the Life Sciences side of our business.

當然，凱爾。我認為，因為它與結構變化有關，所以這些變化正在進行中。這些與我們去年年底在摩根大通會議之前提到的一致。我們將專注於我們業務的生命科學方面。

So we have pivoted the organization fairly firmly in a way that's focused on serving both that customer base commercially as well as ensuring that the innovation, the product that we've got in our R&D pipeline and product management pipeline are all focused really on that Life Sciences core set of customers.

因此，我們以一種專注於為客戶群提供商業服務以及確保創新、我們在研發渠道和產品管理渠道中獲得的產品都真正專注於生活的方式，相當堅定地調整了組織科學核心客戶群。

As it relates to the Dx side, I think as we mentioned, we were going to explore strategic options there, and we did that. And at this point, we don't intend to formally spin out our Dx platform. It's absolutely critical to the continuum and the needs of many of our biopharma Life Sciences customers, and it's a key differentiator for us.

由於它與 Dx 方面有關，我認為正如我們提到的那樣，我們將在那裡探索戰略選擇，並且我們做到了。在這一點上，我們不打算正式推出我們的 Dx 平台。這對我們許多生物製藥生命科學客戶的連續性和需求絕對至關重要，也是我們的關鍵差異化因素。

So we want to be able to continue to support their needs on that entire journey from discovery all the way through translational and clinical.

因此，我們希望能夠在從發現到轉化和臨床的整個過程中繼續支持他們的需求。

Got you. If I could just ask one more. Was curious about the commitment to Palamedrix. I noticed that it's in your long-term kind of roadmap here. 2025 is when that chip-based prototype could be announced. But Adam, you were with the company when it was -- the deal was announced. Troy, you came on after I believe.

明白了如果我能再問一個就好了。對對 Palamedrix 的承諾感到好奇。我注意到它在您的長期路線圖中。 2025 年是可以宣布基於芯片的原型的時候。但是亞當，當交易宣佈時你就在公司。特洛伊，我相信你就來了。

How excited are you guys for that asset? And are there other companies or technologies that they kind of have your eyes on, like for the future that, just given your balance sheet, could be attractive, kind of going forward?

你們對這項資產有多興奮？他們是否還有其他公司或技術讓你關注，比如未來，只要考慮到你的資產負債表，它可能會很有吸引力，有點向前發展？

Sure, Kyle. Yes. And you're right, I was on board when that deal was announced and closed. I'm extremely excited about the work that team in San Diego was doing.

當然，凱爾。是的。你是對的，當那筆交易宣布和完成時我就在船上。我對聖地亞哥團隊所做的工作感到非常興奮。

In addition to strong intellectual property and other intangible assets, we've got an incredibly smart group of scientists and professionals there. And so diversifying our base of operations just modestly out of the Boulder area into that team there in San Diego, we're already seeing some amazing synergy and really some amazing output from that team.

除了強大的知識產權和其他無形資產，我們還有一群非常聰明的科學家和專業人士。因此，將我們的運營基地從博爾德地區適度擴展到聖地亞哥的那個團隊，我們已經看到了一些驚人的協同作用，並且確實從該團隊中獲得了一些驚人的產出。

That concludes today's Q&A session. I would like to turn the call over to Adam Taich for closing remarks. Please go ahead.

今天的問答環節到此結束。我想將電話轉給 Adam Taich 作結束語。請繼續。

Great. Thank you so much, operator. And thank you, everyone, just for listening in. I want to give a special thanks to the investment community, our dedicated employees and, of course, our customers. Thank you very much. Goodbye.

偉大的。非常感謝，接線員。感謝大家傾聽。我要特別感謝投資界、我們敬業的員工，當然還有我們的客戶。非常感謝。再見。

This concludes today's conference call. Thank you all for joining. You may disconnect now, and please enjoy the rest of your evening.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接，請享受您晚上剩下的時間。