Somalogic Inc (SLGC) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to SomaLogic's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. I would now like to call over to Noah Corin with Gilmartin Group Investor Relations for introductory comments.

下午好，歡迎參加 SomaLogic 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音以供重播之用。我現在想致電吉爾馬丁集團投資者關係部的諾亞·科林 (Noah Corin)，徵求介紹性意見。

Thank you. Today, SomaLogic released financial results for the quarter ended September 30, 2023. A copy of the press release is available on the company's website.

謝謝。今天，SomaLogic 發布了截至 2023 年 9 月 30 日的季度財務業績。

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.

在我們開始之前，我想提醒您，管理層將在本次電話會議中做出聯邦證券法含義內的前瞻性聲明，這些聲明是根據1995 年《私人證券訴訟改革法案》的安全港條款制定的。

Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. 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.

本次電話會議中包含的任何與對未來事件、結果或績效的預期或預測相關的陳述均為前瞻性陳述。所有前瞻性陳述，包括但不限於與我們的市場機會、毛利率和未來財務表現、蛋白質含量和資料庫成長、客戶群、診斷管道、我們組織的招聘和成長預期相關的陳述，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. For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our latest Form 10-Q and 10-K filed with the Securities and Exchange Commission.

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有重大差異。因此，您不應過度依賴這些陳述。有關與我們業務相關的風險和不確定性的清單和描述，請參閱我們向美國證券交易委員會提交的最新表格 10-Q 和 10-K 的風險因素部分。

In addition, today's discussion will include references to non-GAAP financial measures, including adjusted EBITDA. This non-GAAP measure is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. 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.

此外，今天的討論將包括提及非公認會計準則財務指標，包括調整後的 EBITDA。此非公認會計原則衡量指標僅供補充資訊之用，不應被視為取代根據公認會計原則提出的財務資訊。請參閱我們截至今天下午向 SEC 提交的新聞稿，以了解 GAAP 淨虧損與非 GAAP 調整後 EBITDA 之間的對帳。

This call contains time-sensitive information and is accurate as of the live broadcast today, November 8, 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.

本次電話會議包含時間敏感信息，截至今天（2023 年11 月8 日）直播時準確無誤。因為新資訊、未來事件或其他。

And with that, I will now turn the call over to Adam Taich, Interim Chief Executive Officer.

現在，我將把電話轉給臨時執行長 Adam Taich。

Thanks, Noah. Good afternoon, and thank you for joining SomaLogic's Third Quarter 2023 Earnings Conference Call. I'm pleased to report another solid quarter marked by consistent progress on our commercial initiatives and increased operational rigor throughout the organization.

謝謝，諾亞。下午好，感謝您參加 SomaLogic 2023 年第三季財報電話會議。我很高興地報告又一個穩健的季度，其特點是我們的商業計劃取得了持續進展，整個組織的營運嚴謹性也有所提高。

Despite a challenging macroeconomic environment, we achieved third quarter revenue of $22 million, reflecting 14% year-over-year growth when excluding nonrecurring licensing revenue that we received in the third quarter of last year. Given our progress, we are raising our full year 2023 revenue expectations to $82 million to $85 million from the prior range of $80 million to $84 million.

儘管宏觀經濟環境充滿挑戰，我們第三季的營收仍達到 2,200 萬美元，剔除去年第三季收到的非經常性授權收入後，年增 14%。鑑於我們取得的進展，我們將 2023 年全年營收預期從先前的 8,000 萬美元至 8,400 萬美元提高到 8,200 萬美元至 8,500 萬美元。

Before turning to our results in more detail, I'd like to highlight our recent merger announcement. In early October, following a comprehensive review of strategic options, we announced our intention to combine in an all-stock merger with Standard BioTools, a leading provider of mass cytometry and microfluidic technologies. The merger establishes a leading platform of multi-omic technologies to power research insights across a broad and growing market while expediting SomaLogic's path to scale and cash flow breakeven.

在更詳細地討論我們的結果之前，我想先強調一下我們最近的合併公告。 10 月初，在對策略性選擇進行全面審查後，我們宣布打算以全股票合併方式與質量流式細胞儀和微流體技術的領先供應商 Standard BioTools 合併。此次合併建立了一個領先的多組學技術平台，為廣闊且不斷增長的市場提供研究見解，同時加快 SomaLogic 實現規模化和現金流收支平衡的道路。

It expands our commercial reach with cross-selling opportunities and complementary offerings. We believe the combined business will be positioned to meaningfully accelerate our path to probability, and we continue to expect the merger to close in the first quarter of 2024. We expect our proxy to be on file shortly, which will provide additional background and details regarding the transaction.

它透過交叉銷售機會和補充產品擴大了我們的商業範圍。我們相信合併後的業務將能夠有意義地加速我們的機率之路，我們仍然預計合併將在2024 年第一季度完成。多背景和詳細資訊交易。

Now shifting to our third quarter results, starting with our core SomaScan services offering. Customer retention and acquisition remain the focus of our commercial efforts, and we are finding new ways to validate the therapeutic pipelines of our customers. For example, the recent rise in GLP-1 agonists have increased interest in the use of SomaScan to identify early indications of efficacy across clinical trial candidates.

現在轉向我們的第三季業績，首先是我們的核心 SomaScan 服務產品。客戶保留和獲取仍然是我們商業努力的重點，我們正在尋找新的方法來驗證客戶的治療管道。例如，最近 GLP-1 激動劑的興起增加了人們對使用 SomaScan 來確定臨床試驗候選者療效的早期跡象的興趣。

In a recent paper published by Diabetes Care, investigators were able to identify meaningful changes in cardiovascular risk, glucose tolerance, liver fat, body fat and cardiopulmonary fitness as a result of weight loss intervention by utilizing the SomaScan platform. By attaining an early read on efficacy, pharma investigators can allocate resources to the most promising therapeutic candidates before expensive and time-consuming longitudinal studies are undertaken. This represents just one of the many promises of the SomaScan platform.

在《糖尿病照護》最近發表的一篇論文中，研究人員能夠識別出利用 SomaScan 平台進行減肥幹預後，心血管風險、葡萄糖耐受性、肝臟脂肪、身體脂肪和心肺健康方面發生的有意義的變化。透過早期了解療效，藥物研究人員可以在進行昂貴且耗時的縱向研究之前將資源分配給最有前景的治療候選藥物。這只是 SomaScan 平台的眾多承諾之一。

In the third quarter, we continued to execute on our authorized site strategy. The primary goal of this strategy is to expand the ways in which customers can adopt and utilize SomaScan. We've been especially focused on expansion in Europe and Asia Pacific, as it is often more difficult for customers in those regions to send samples into our world-class services lab in Boulder, Colorado. As we establish more sites and generate higher sample volumes, we expect our authorized sites to offer more predictable and higher-margin revenue while reducing sample delivery times for researchers globally.

第三季度，我們繼續執行授權站點策略。該策略的主要目標是擴大客戶採用和使用 SomaScan 的方式。我們特別關注歐洲和亞太地區的擴張，因為這些地區的客戶通常更難將樣品送到我們位於科羅拉多州博爾德的世界一流的服務實驗室。隨著我們建立更多的站點並產生更多的樣本量，我們期望我們的授權站點能夠提供更可預測和更高的利潤收入，同時減少全球研究人員的樣本交付時間。

In March, we shared that we had established 8 distinct authorized sites, and we committed to doubling that base by year-end. As of today, we have 14 sites up and running, and we remain on track to meet our commitment.

3 月份，我們宣布我們已經建立了 8 個不同的授權站點，並承諾到年底將這個數量增加一倍。截至目前，我們已啟動並運行 14 個站點，並且我們仍將繼續履行我們的承諾。

Turning to progress with Illumina. In the third quarter, we also advanced our effort to grow our distributed business through our partnership with Illumina. The partnership is focused on delivering a co-exclusive, co-branded NGS-based distributed solution.

轉向 Illumina 的進展。第三季度，我們也透過與 Illumina 的合作，進一步努力發展分散式業務。此次合作的重點是提供共同排他、聯合品牌的基於 NGS 的分散式解決方案。

Our work remains on track, and we continue to expect early access for customers in Q1 of 2024. This joint proteomics product will combine Illumina's market-leading installed base and commercial force with the breadth and depth of the SomaScan assay to deliver differentiated insights to researchers across a wide range of customer segments.

我們的工作仍按計劃進行，我們繼續期望客戶在2024 年第一季儘早使用。研究人員提供差異化的見解涵蓋廣泛的客戶群。

While attending the American Society of Human Genetics meeting in Washington, D.C. last week, I had the opportunity to speak to a number of prospective customers who are really excited about being able to leverage their Illumina NGS instrumentation to gain deeper proteomic insights in their research. The energy around this effort is palpable, and the level of interest from customers is high.

上週在華盛頓特區參加美國人類遺傳學會會議時，我有機會與一些潛在客戶交談，他們對能夠利用 Illumina NGS 儀器在研究中獲得更深入的蛋白質組學見解感到非常興奮。這項工作的能量是顯而易見的，客戶的興趣也很高。

Finally, we are incredibly excited to announce the commercial launch of the 11K SomaScan assay. The new high-plex platform provides 11,000 total protein measurements and is the largest proteomics offering available on the market. We now have the ability to measure more than half of the human proteome in a single assay.

最後，我們非常興奮地宣布 11K SomaScan 檢測的商業化推出。新的高複數平台可提供 11,000 種總蛋白質測量，是市場上最大的蛋白質體學產品。我們現在有能力在一次測定中測量一半以上的人類蛋白質組。

Following the 7K SomaScan offering, our prior core technology, the 11K SomaScan platform is expected to give researchers a considerable edge in the discovery of biomarkers and drug targets for translational medicine. Proteins make up more than 90% of all known drug targets. And having a broader view of the human proteome provided by this expanded platform gives our customers more opportunities to make unique and novel biological discoveries.

繼我們先前的核心技術 7K SomaScan 產品之後，11K SomaScan 平台預計將為研究人員在發現轉化醫學的生物標記和藥物標靶方面提供相當大的優勢。蛋白質佔所有已知藥物標靶的 90% 以上。透過這個擴展平台對人類蛋白質組有更廣泛的了解，使我們的客戶有更多機會做出獨特而新穎的生物發現。

The aptamer-based platform retains the previous version's low coefficient of variation, which is the standard measure of reproducibility versus the 10% to 20% in antibody-based platforms. This improves accuracy with fewer, smaller samples, which is often critical in population studies with limited sample volumes.

基於適配體的平台保留了先前版本的低變異係數，這是再現性的標準衡量標準，而基於抗體的平台為 10% 至 20%。這可以提高更少、更小的樣本的準確性，這在樣本量有限的人群研究中通常至關重要。

As early innovators in this space, we know that the discovery and development of disruptive therapeutics benefit substantially from a more complete view of the proteome. We look forward to driving adoption of this platform for the benefit of researchers across our customer base.

作為該領域的早期創新者，我們知道破壞性療法的發現和開發大大受益於對蛋白質組的更完整的了解。我們期待推動該平台的採用，以造福整個客戶群的研究人員。

Now before I turn the call over to Eliot Lurier, our Interim Chief Financial Officer, I'd like to reiterate that we are making strong progress towards our business objectives. And we remain excited for our future as part of the combined company with Standard BioTools. We look forward to the close of our merger and the realization of shareholder value that we can unlock together.

現在，在我將電話轉給我們的臨時財務長 Eliot Lurier 之前，我想重申，我們正在朝著我們的業務目標取得重大進展。作為與 Standard BioTools 合併後的公司的一部分，我們對未來仍然感到興奮。我們期待合併的完成以及我們可以共同釋放的股東價值的實現。

With that, I'll turn the call over to Eliot Lurier, our Interim Chief Financial Officer, to review our financials.

接下來，我會將電話轉給我們的臨時財務長 Eliot Lurier，以審查我們的財務狀況。

Thank you, Adam. Revenue for the 3 months ended September 30, 2023, was $22 million as compared to $41.7 million in the third quarter of 2022, a 47% year-over-year decline on a GAAP basis. Excluding $22.3 million in royalty revenue in the third quarter of 2022 from NEB, our revenue increased by 14% year-on-year.

謝謝你，亞當。截至 2023 年 9 月 30 日的三個月收入為 2,200 萬美元，而 2022 年第三季的營收為 4,170 萬美元，以 GAAP 計算年減 47%。剔除 2022 年第三季來自 NEB 的 2,230 萬美元特許權使用費收入，我們的營收年增 14%。

Our underlying third quarter performance was driven by increasing adoption of the SomaScan platform as well as an increase in revenue through our authorized sites. Product revenue associated with our authorized site strategy was up close to $2.5 million versus Q3 '22 and up $0.5 million or 17% sequentially from Q2 of this year.

我們第三季的基本業績是由 SomaScan 平台的採用率增加以及我們授權網站的收入增加所推動的。與我們的授權網站策略相關的產品收入比 22 年第三季增加了近 250 萬美元，比今年第二季連續增加了 50 萬美元，即 17%。

Gross margin for the third quarter of 2023 was 47.2%, a decrease from 72% in the prior year period. Excluding the NEB royalty revenue in the third quarter of 2022, gross margin increased by 7.4% year-on-year. As we noted earlier in the year, we continue to expect full year 2023 gross margins in the mid-40% range and expect our margin profile to improve long term from our combined distributed solution and future royalty revenues.

2023年第三季毛利率為47.2%，較上年同期的72%下降。剔除2022年第三季NEB特許權使用費收入，毛利率年增7.4%。正如我們今年稍早指出的那樣，我們繼續預計2023 年全年毛利率將在40% 左右，並預計我們的利潤率狀況將因我們的組合分散式解決方案和未來的特許權使用費收入而長期改善。

Total operating expenses for the third quarter of 2023 were $38.5 million, a 46% decrease from $70.7 million in the third quarter of 2022. R&D expenses for the third quarter of 2023 were $10.5 million compared to $19.4 million in the third quarter of 2022.

2023年第三季的總營運費用為3,850萬美元，比2022年第三季的7,070萬美元下降46%。為1940萬美元。

Selling, general and administrative expenses for the third quarter of 2023 were $23.9 million compared to $49.5 million in the third quarter of 2022. Transaction expenses for the third quarter of '23 were $4.2 million compared to (inaudible) in the third quarter of 2022. Transaction costs in third quarter are related to our upcoming (technical difficulty) Q3 '22 were related to the (inaudible).

2023 年第三季的銷售、一般及管理費用為2,390 萬美元，而2022 年第三季為4,950 萬美元。為420 萬美元。

Lastly, I would like to note the prior year's operating expenses include (technical difficulty). Our third quarter results reflect substantial progress across ongoing expense reduction initiatives. We remain on track to recognize approximately $170 million in full year operating expenses.

最後，我想指出去年的營運費用包括（技術難度）。我們第三季的業績反映了正在進行的費用削減計劃取得的重大進展。我們仍有望確認全年營運費用約 1.7 億美元。

Adjusted EBITDA for the third quarter of 2023 was a loss of $20.1 million compared to an adjusted EBITDA loss of $30.2 million in the third quarter of 2022. Accounting for the NEB royalty in Q3 '22, the adjusted EBITDA would have been a loss of $52.5 million.

2023 年第三季調整後 EBITDA 虧損 2,010 萬美元，而 2022 年第三季調整後 EBITDA 虧損 3,020 萬美元。 。

We ended the third quarter with $454 million of cash, cash equivalents and short-term investments. Our cash burn in the quarter was $20 million, reflecting a significantly sequential decrease as we implement greater spending control.

截至第三季末，我們的現金、現金等價物和短期投資為 4.54 億美元。本季我們的現金消耗為 2000 萬美元，隨著我們實施更嚴格的支出控制，現金消耗量顯著下降。

We anticipate ending the year with approximately $430 million in cash, equivalents and short-term investments, implying a significantly lower cash burn rate than we had originally guided for the year. Ending with our full year outlook, as Adam mentioned, we are raising our 2023 revenue guidance to $82 million to $85 million.

我們預計年底時將擁有約 4.3 億美元的現金、等價物和短期投資，這意味著現金消耗率將顯著低於我們今年最初的預期。正如 Adam 所提到的，在我們的全年展望結束時，我們將 2023 年的收入指引提高至 8,200 萬美元至 8,500 萬美元。

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

此時，我想將電話轉回給 Adam。

Thanks, Eliot. In a moment, I will turn the line over to our operator, Shannon, to open up the queue for questions. Before I do, I would like to ask that our audience to focus our questions on our third quarter business results and progress rather than on the announced merger with Standard BioTools as our proxy statement has not yet been filed.

謝謝，艾略特。稍後，我會將線路轉給我們的接線員香農 (Shannon)，以開放提問隊列。在此之前，我想請我們的聽眾將問題集中在我們第三季度的業務業績和進展上，而不是在宣布與 Standard BioTools 合併上，因為我們的代理聲明尚未提交。

Shannon, we're now ready for questions.

香農，我們現在準備好提問了。

(Operator Instructions) Our first question comes from the line of Kyle Mikson with Canaccord Genuity.

（操作員說明）我們的第一個問題來自 Canaccord Genuity 的 Kyle Mikson。

So looking at the enhanced (inaudible) library, I was just curious sort of new indications that you've seen (inaudible). I know it's, obviously, very early days. And I guess more so (inaudible).

因此，看著增強的（聽不清楚）庫，我只是好奇您已經看到的某種新跡象（聽不清楚）。我知道這顯然還處於早期階段。我想更是如此（聽不清楚）。

Shannon, I think as you just saw from the -- Eliot and I are unable to -- we weren't able to hear the question.

香農，我想正如你剛才看到的——艾略特和我無法——我們無法聽到這個問題。

We're hearing a lot of background static.

我們聽到很多背景噪音。

Kyle, could you please repeat your question?

凱爾，你能重複一下你的問題嗎？

Yes. So (inaudible). So regarding the enhanced protein library, I was just curious what new indications that you're seeing researchers use the library for? I know it's early days, but just kind of curious kind of where -- what type of research to (inaudible)?

是的。所以（聽不清楚）。因此，關於增強型蛋白質庫，我只是很好奇您看到研究人員使用該庫有哪些新跡象？我知道現在還為時過早，但只是有點好奇——在哪裡進行什麼類型的研究（聽不清楚）？

Yes. (inaudible) But we also wanted to ensure that we were looking on (inaudible) in the areas of scientific interest (inaudible) gathering proteins with new menu. I hope that's audible. And I'll defer that, Shannon, to you.

是的。 （聽不清楚）但我們也想確保我們正在（聽不清楚）在科學感興趣的領域（聽不清楚）用新菜單收集蛋白質。我希望這是可以聽到的。香農，我會把這個交給你。

Got it. I could definitely hear you loud and clear. And then my other question just would be I guess looking at the performance, would you say that this (inaudible). Would you say some of this performance is driven more so the (inaudible) research or like on the biopharma?

知道了。我絕對可以清楚地聽到你的聲音。然後我的另一個問題是我想看看表演，你會說這個（聽不清楚）。您是否會說，這種績效的一部分更多是由（聽不清楚）研究或生物製藥方面的研究所驅動的？

Yes. I would say most of the -- we're seeing fantastic growth in both customer segments, but we're really starting to accelerate and penetrate more deeply in the biopharma. Those, as I've discussed earlier, can oftentimes (inaudible) along the road, and then you'll see those customer bases. And we're starting to see more and more growth different therapeutic areas (inaudible) discovery aspect all the way (inaudible) highlighted on GLP-1 in our comments. We're finding ourselves also in those clinical discussions as well.

是的。我想說的是，我們在這兩個客戶群中都看到了驚人的成長，但我們確實開始加速並更深入地滲透到生物製藥領域。正如我之前所討論的，這些通常可以（聽不清楚）沿著道路出現，然後您就會看到這些客戶群。我們開始看到越來越多不同的治療領域（聽不清楚）發現方面的成長（聽不清楚）在我們的評論中強調了 GLP-1。我們發現自己也參與了這些臨床討論。

Our next question is coming from the line of Dan Brennan with TD Cowen.

我們的下一個問題來自 Dan Brennan 和 TD Cowen。

It's Kyle on for Dan. I had one on the kits business in regards to the authorized sites. You said you're up to 14 sites. How is the activity level with each of those sites? And do you have plans to expand this in '24?

凱爾替補丹。我有一份關於授權網站的套件業務。你說你最多有14個站點。這些站點的活動量如何？你們有計劃在 24 年擴大這個範圍嗎？

Yes. So (inaudible) some of those new sites that we've gotten up and running, but (inaudible) one of the things we've tried to do over the last several quarters is selecting great partner. And we've done so thus far. So activity level is great and (inaudible).

是的。因此（聽不清楚）我們已經建立並運行了一些新網站，但（聽不清楚）我們在過去幾季嘗試做的事情之一是選擇優秀的合作夥伴。到目前為止我們已經這樣做了。所以活動量很高（聽不清楚）。

Got it. And how should we sort of think about the Q-over-Q growth in the kits business? It picked up sequentially. And I think you guys beat the quarter by about $1.5 million relative to The Street and raised the midpoint of the guide. Should we just carry the speed sort of over in Q4? The Street numbers look relatively fine where they are. How should we think about that?

知道了。我們該如何看待套件業務的環比成長？它依次拾起。我認為你們本季比《華爾街日報》領先了約 150 萬美元，並提高了指南的中點。我們應該在第四季繼續保持這種速度嗎？街道號碼看起來相對較好。我們該如何思考這個問題？

I apologize. Can you repeat the question?

我道歉。你能重複一下這個問題嗎？

Yes, we might be having some technical difficulties here. So you beat the quarter by about $1.5 million rate at the midpoint of the guide, about $1.5 million. Are you comfortable where The Street is for the fourth quarter? Or I guess what are sort of the puts and takes of 4Q?

是的，我們在這裡可能會遇到一些技術困難。因此，您以指南中位數（約 150 萬美元）的價格比本季的價格高出約 150 萬美元。您對《華爾街日報》第四季的表現感到滿意嗎？或者我猜第四季度的看跌期權和看跌期權是什麼樣的？

Yes. I think part of the reason that we increased guidance is we're expecting the fourth quarter to look more similar to the third quarter. And so we're feeling good about that. Our business (inaudible).

是的。我認為我們增加指導的部分原因是我們預計第四季度看起來與第三季度更加相似。所以我們對此感覺良好。我們的業務（聽不清楚）。

(Operator Instructions) Our next question comes from the line of Daniel Arias with Stifel.

（操作員說明）我們的下一個問題來自 Daniel Arias 和 Stifel 的線路。

It's Paul on for Dan. Apologies if this has been asked. I'm having trouble hearing, but I think the audio (inaudible). Just wondering in terms of setting up these authorized sites, now that you're up to 14 becoming, I guess, a little more frequent. Can you talk about -- are you starting to see any improvement in terms of faster pace of training or customers staying up to speed and sort of in terms of the normalized pull-through. Is that kind of something that you're seeing as more and more authorized sites are getting out there? Or is it just more status quo as new customers (inaudible)?

保羅換下丹。如果有人問這個問題，我們深表歉意。我聽不清，但我認為音頻（聽不清楚）。只是想知道如何設定這些授權站點，現在您已經達到 14 個，我想，變得更頻繁了。您能否談談——您是否開始看到在更快的培訓節奏或客戶跟上速度以及標準化拉通方面有任何改進。隨著越來越多的授權網站出現，您是否看到了這種情況？還是新客戶只是維持現狀（聽不清楚）？

No, I think (inaudible) as we learn (inaudible). We continue to increase in the site (inaudible).

不，我認為（聽不清楚）我們學習（聽不清楚）。我們繼續增加站點（聽不清楚）。

Okay. Great. And then the last one is in terms of the guidance raise, is that something that -- is there a specific geography that's contributed more so to that? Or you're seeing more strength than you expected a quarter ago or is that relatively broad-based?

好的。偉大的。最後一個是關於指導性的提高，是否有特定的地理位置對此做出了更大的貢獻？或者您看到的實力比您一個季度前的預期要強，或者基礎相對廣泛？

It's fairly broad based, to be honest with you. It isn't any ERP. In particular, I think (inaudible) so what we're seeing is really more broad-based growth as we extend our (inaudible) in Europe historically, we're seeing really nice uptick in (inaudible).

老實說，它的基礎相當廣泛。它不是任何 ERP。特別是，我認為（聽不清楚），隨著我們歷史上在歐洲的擴展（聽不清楚），我們看到的確實是更廣泛的增長，我們看到了（聽不清楚）的真正良好增長。

I would now like to turn the call back over to Adam Taich for closing remarks.

現在我想將電話轉回給 Adam Taich，讓其致閉幕詞。

Great. Thanks, Shannon. And apologies for a little bit of technical difficulty right at the Q&A. I hope it's audible. I just really want to thank you for your time and your efforts to join this call. And we look forward to another strong quarter and closing the merger with Standard BioTools. Thank you so much.

偉大的。謝謝，香農。對於問答中出現的一點技術困難，我們深感抱歉。我希望它能被聽見。我真的想感謝您花費時間和精力參加這次電話會議。我們期待著另一個強勁的季度並完成與 Standard BioTools 的合併。太感謝了。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。