Telesis Bio Inc (TBIO) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q4 2022 Telesis Bio Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持，歡迎來到 2022 年第四季度 Telesis Bio 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Jen Carroll, Telesis' Vice President of Investor Relations. You may begin.

我現在想把會議交給您今天的發言人，Telesis 的投資者關係副總裁 Jen Carroll。你可以開始了。

Thank you, Justin. Good afternoon, and thanks for joining us for Telesis Bio's Fourth Quarter and Year-end 2022 Earnings Call. With me on the call today are Telesis Bio Founder and Chief Executive Officer, Todd Nelson; Chief Operating Officer, Eric Esser; and Decky Goodrich, Senior Vice President of Commercial Operations. Our fourth quarter and full year 2022 financial results press release is now available on the Investors section of our website.

謝謝你，賈斯汀。下午好，感謝您加入我們參加 Telesis Bio 的第四季度和 2022 年底財報電話會議。今天與我通話的有 Telesis Bio 創始人兼首席執行官 Todd Nelson；首席運營官 Eric Esser；和商業運營高級副總裁 Decky Goodrich。我們的第四季度和 2022 年全年財務業績新聞稿現已發佈在我們網站的投資者部分。

Before we begin, I would like to inform you that certain statements we make during the call will be forward-looking statements that involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such factors include those referenced in the safe harbor statement included in our earnings release and in our filings with the SEC. This conference call contains time-sensitive information and is accurate only as of the live broadcast on March 21, 2023. Finally, any percentage changes we discuss will be on a year-over-year basis unless otherwise noted.

在我們開始之前，我想通知您，我們在電話會議期間所做的某些陳述將是前瞻性陳述，涉及已知和未知的風險和不確定性，可能導致實際結果與明示或暗示的結果存在重大差異。這些因素包括我們的收益發布和我們提交給美國證券交易委員會的文件中的安全港聲明中提到的那些因素。此電話會議包含時間敏感信息，僅在 2023 年 3 月 21 日直播時準確。最後，除非另有說明，否則我們討論的任何百分比變化都將按年計算。

And with that, I will hand the call over to our CEO, and we can get started.

有了這個，我會把電話交給我們的首席執行官，我們就可以開始了。

Thanks, Jen. Welcome, everyone. Thank you for joining today's call. First, I would like to thank our entire Telesis Bio team for their tremendous efforts resulting in a stellar 2022, where we exceeded revenue expectations, delivered meaningful expansion of gross margin and, in recognition of the current macroeconomic environment, delivered on reducing our operating expenses as a measure to extend our cash reserves. We have done this at the same time as funding our growth initiatives and executing commercially.

謝謝，珍。歡迎大家。感謝您參加今天的電話會議。首先，我要感謝我們整個 Telesis Bio 團隊付出的巨大努力，使我們在 2022 年取得了輝煌的成就，我們超出了收入預期，實現了毛利率的顯著增長，並認識到當前的宏觀經濟環境，減少了我們的運營費用作為擴大現金儲備的一項措施。我們在為我們的增長計劃提供資金和進行商業執行的同時完成了這項工作。

Our overall plan this year is to continue to expand our BioXp customer base and drive the adoption of new BioXp kits. And to do this, we'll be focused on 3 things. First, expanding access to the synthetic biology market. We will do this by introducing our Select kit line of BioXp products that will allow customers to use their own DNA as a starting point. Second, we'll be entering a new market for NGS library prep. We will launch an NGS library prep kit that will run on our existing BioXp installed base. And later in the year, we will launch a 9600 version for high throughput NGS sample prep. And third, we will expand in the fourth quarter, our genome engineering workflow applications through the launch of CRISPR guide RNA based upon our proprietary enzymatic DNA synthesis chemistry referred to as SOLA.

我們今年的總體計劃是繼續擴大我們的 BioXp 客戶群並推動採用新的 BioXp 試劑盒。為此，我們將專注於三件事。首先，擴大合成生物學市場准入。為此，我們將推出我們的 BioXp 產品精選套件系列，讓客戶可以使用自己的 DNA 作為起點。其次，我們將進入 NGS 文庫製備的新市場。我們將推出一個 NGS 文庫製備套件，該套件將在我們現有的 BioXp 安裝基礎上運行。今年晚些時候，我們將推出用於高通量 NGS 樣品製備的 9600 版本。第三，我們將在第四季度擴大我們的基因組工程工作流程應用，通過推出基於我們專有的酶促 DNA 合成化學（稱為 SOLA）的 CRISPR 嚮導 RNA。

Telesis Bio is a leader in automated multi-omic and synthetic biology solutions. At our heart, we are an instrumentation company offering unique first-to-market benchtop automation platforms that are driving production of DNA, mRNA and protein to the benchtop for a global customer base. Our systems enable decentralization of rapid, accurate and reproducible writing of biology.

Telesis Bio 是自動化多組學和合成生物學解決方案的領導者。在我們的核心，我們是一家儀器公司，提供獨特的率先上市的台式自動化平台，這些平台正在為全球客戶群推動 DNA、mRNA 和蛋白質的生產。我們的系統能夠分散快速、準確和可重現的生物學寫作。

Our vision at Telesis Bio has always been to provide researchers with the tools to build biology in their own laboratory without any constraints. The ability to create novel synthetic biology-enabled solutions allows us to address large unmet needs in our targeted markets. Scientists around the world are using our comprehensive solutions to accelerate a design-build-test paradigm for novel, high-value products for biologics and vaccine discovery, genome editing and cell and gene therapies, just to name a few.

我們在 Telesis Bio 的願景一直是為研究人員提供在他們自己的實驗室中不受任何限制地構建生物學的工具。創建新型合成生物學解決方案的能力使我們能夠解決目標市場中大量未滿足的需求。世界各地的科學家正在使用我們的綜合解決方案來加速新型高價值產品的設計-構建-測試範式，用於生物製劑和疫苗發現、基因組編輯以及細胞和基因治療，僅舉幾例。

Now moving on to our fourth quarter and year-end results. I'd like to remind everyone that our detailed financial results for the fourth quarter were also included in today's press release. Total revenue for the fourth quarter and full year 2022 was $9.5 million and $27.4 million, representing growth of 208% and 148% for the respective periods.

現在繼續我們的第四季度和年終業績。我想提醒大家，我們第四季度的詳細財務業績也包含在今天的新聞稿中。 2022 年第四季度和全年的總收入分別為 950 萬美元和 2740 萬美元，分別增長 208% 和 148%。

Notably, our core BioXp revenue, which consists of instruments and kits grew at 158% and 67% for the fourth quarter and full year, respectively. This strong growth was the direct result of demand for both the BioXp 3250 and our recently launched BioXp 9600 systems and increased utilization resulting from new kits launched during the year.

值得注意的是，我們的核心 BioXp 收入（包括儀器和試劑盒）在第四季度和全年分別增長了 158% 和 67%。這一強勁增長是對 BioXp 3250 和我們最近推出的 BioXp 9600 系統的需求以及年內推出的新套件導致利用率提高的直接結果。

In the fourth quarter, we sold a total of 19 BioXp units, representing 138% increase over Q4 of 2021. And similarly, for the year, we sold 66 additional instruments representing 32% growth, which brings the total installed base to in excess of 250 instruments.

在第四季度，我們共售出 19 台 BioXp 裝置，比 2021 年第四季度增長 138%。同樣，在這一年裡，我們又售出了 66 台儀器，增長了 32%，這使得總裝機量超過了250 種樂器。

Overall, we continue to be very pleased with the demand for the 3250 and the initial uptake within the market of the 9600. The launch of the BioXp 9600 system brings significant revenue potential stemming from higher instrument ASPs, higher BioXp kit utilization rates and an ability to expand into new and adjacent markets.

總的來說，我們對 3250 的需求和 9600 在市場上的初步採用感到非常滿意。BioXp 9600 系統的推出帶來了巨大的收入潛力，這源於更高的儀器平均售價、更高的 BioXp 套件利用率和能力擴展到新的和相鄰的市場。

Gross margins came in at 68% for the fourth quarter and 57% for the full year of 2022, reflecting positive mix shift in revenue towards higher-priced BioXp kits launched during the year for mRNA, long fragment builds, cell-free DNA scale-up as well as the receipt of Pfizer technical milestone payment resulting from the successful achievement of our first of 4 milestones.

第四季度的毛利率為 68%，2022 年全年的毛利率為 57%，反映了收入的積極組合轉向年內推出的用於 mRNA、長片段構建、無細胞 DNA 規模的更高價格的 BioXp 試劑盒-以及由於成功實現我們 4 個里程碑中的第一個而獲得的輝瑞技術里程碑付款。

Operating expenses were $14.3 million for the fourth quarter of 2022 compared to $13 million for the same period in the prior year. For the full year, operating expenses, including noncash charges, totaled $62 million, reflecting prudent efforts in the second quarter to reduce our annual run rate expenses. This increase in operating expenses was driven by personnel costs and expansion across our business, primarily our commercial organization to support our increased revenues.

2022 年第四季度的運營費用為 1430 萬美元，而去年同期為 1300 萬美元。全年，運營費用（包括非現金費用）總計 6200 萬美元，反映出第二季度我們為減少年度運營費用而做出的審慎努力。運營費用的增加是由人員成本和我們業務的擴張推動的，主要是我們的商業組織來支持我們增加的收入。

Net loss was $8.1 million for the fourth quarter 2022 compared to $12.5 million in the same period the prior year. The net loss per share was $0.27 for the fourth quarter compared to $0.43 for the corresponding year and for the full year period of $48 million compared to $39 million during the prior period.

2022 年第四季度淨虧損為 810 萬美元，而去年同期為 1250 萬美元。第四季度每股淨虧損為 0.27 美元，而去年同期為 0.43 美元，全年為 4800 萬美元，而去年同期為 3900 萬美元。

Cash and cash equivalents were $43.8 million as of December 31, 2022, noting also that the company has approximately $20 million worth of debt outstanding as of the end of the year.

截至 2022 年 12 月 31 日，現金和現金等價物為 4,380 萬美元，同時還指出，截至年底，公司的未償債務約為 2,000 萬美元。

In summary, during 2022, we believe that we assembled the right executive team that can drive revenues, increased gross margin and stabilized base operating costs so that we can become a profitable company in the second half of 2024 and deliver value to our shareholders.

總之，在 2022 年期間，我們相信我們組建了合適的執行團隊來推動收入、增加毛利率和穩定基本運營成本，以便我們能夠在 2024 年下半年成為一家盈利的公司並為我們的股東創造價值。

Now I'd like to briefly cover our financial guidance for the full year 2023, which will be back-end weighted in the second half of the year due to our 2023 new product launches throughout the year. For the full year 2023, we're issuing the following guidance: Total revenue of greater than $45 million. Gross margin is expected to be in the mid- to high 50s on a percentage basis. Operating expenses, including onetime and noncash charges, are expected to be approximately $62 million to $64 million.

現在我想簡要介紹一下我們 2023 年全年的財務指導，由於我們全年推出 2023 年的新產品，該指導將在下半年進行後端加權。對於 2023 年全年，我們發布了以下指導意見：總收入超過 4500 萬美元。按百分比計算，毛利率預計在 50 % 左右。包括一次性費用和非現金費用在內的運營費用預計約為 6200 萬至 6400 萬美元。

Now let's walk through the things that will help us achieve this plan. First of all, on revenue growth, we have a robust series of BioXp product launches, including the launch of approximately 11 additional BioXp kits and 2 new BioXp systems for NGS library prep and the SOLA-powered system that will, for the first time, allow customers to achieve same-day turnaround results or CRISPR guide RNA.

現在讓我們來看看將幫助我們實現這個計劃的事情。首先，在收入增長方面，我們推出了一系列強勁的 BioXp 產品，包括推出大約 11 個額外的 BioXp 試劑盒和 2 個新的 BioXp 系統，用於 NGS 文庫製備和 SOLA 驅動的系統，這將是第一次，允許客戶在同一天獲得周轉結果或 CRISPR 嚮導 RNA。

The combination of our new product launches when layered on to our historical growth should, in our view, generate significant continued revenue growth in the next couple of years. And now some details on our commercial strategy. We anticipate launching several Select kits for both mRNA and cell-free DNA scale-up. These kits will add value -- will add to the value proposition offered by our de novo gene synthesis kits and for the first time, as mentioned, will allow scientists to use their own DNA as a starting point in experiment.

在我們看來，我們的新產品發布與我們的歷史增長相結合，應該會在未來幾年內產生顯著的持續收入增長。現在是我們商業戰略的一些細節。我們預計會推出多種用於 mRNA 和無細胞 DNA 放大的 Select 試劑盒。這些試劑盒將增加價值——將增加我們從頭基因合成試劑盒提供的價值主張，並且如前所述，這將是科學家們第一次使用他們自己的 DNA 作為實驗的起點。

We believe these make-to-stock kits will allow our current and future customers to use their BioXp systems more frequently, thus driving up recurring revenue growth rates. These kits should help us unlock the remainder of the synbio TAM of approximately $2.6 billion, which is estimated to be growing at a rate of 27%. And by opening up our systems for customers to use their own DNA as a starting point, we're providing scientists with further flexibility.

我們相信這些按庫存生產的套件將使我們當前和未來的客戶能夠更頻繁地使用他們的 BioXp 系統，從而推動經常性收入增長率。這些工具包應該可以幫助我們釋放大約 26 億美元的合成生物 TAM 的剩餘部分，估計將以 27% 的速度增長。通過為客戶開放我們的系統以使用他們自己的 DNA 作為起點，我們為科學家提供了更大的靈活性。

In addition to the BioXp Select kit, we anticipate launching an additional BioXp platform focused on NGS library prep, which gives us access to an additional market opportunity of $1.6 billion, growing at 25%.

除了 BioXp Select 套件外，我們還預計推出一個專注於 NGS 文庫製備的額外 BioXp 平台，這使我們能夠獲得 16 億美元的額外市場機會，增長率為 25%。

One final note on product revenue. We anticipate launching the first ever version of the BioXp 9600 that will have our proprietary enzymatic DNA synthesis technology referred to as SOLA as a reagent platform. The system will be the first-to-market product for CRISPR guides, enabling same-day turnaround. This, too, is a new market for us and represents an opportunity of approximately $1.5 billion, growing at 25%.

關於產品收入的最後一點說明。我們預計將推出首個版本的 BioXp 9600，該版本將採用我們專有的酶促 DNA 合成技術（稱為 SOLA）作為試劑平台。該系統將成為 CRISPR 指南的第一個上市產品，實現當天周轉。這對我們來說也是一個新市場，代表著約 15 億美元的機會，增長率為 25%。

Collaboration revenue, we anticipate continuing success with our partner, Pfizer, and we anticipate we will successfully achieve 2 additional milestones during the year.

合作收入，我們預計我們的合作夥伴輝瑞將繼續取得成功，我們預計我們將在這一年中成功實現另外 2 個里程碑。

Moving on now to gross margins. We have a 3-point plan for achieving our targets, which include: number one, contributions from a favorable mix of higher-margin products like the 9600 and Select kits; number two, in-sourcing initiatives related to raw materials; and three, similar in-sourcing initiatives related to the vertical integration of our instrument manufacturing.

現在轉到毛利率。我們有一個 3 點計劃來實現我們的目標，其中包括：第一，來自 9600 和 Select 套件等高利潤產品的有利組合的貢獻；第二，與原材料相關的內包計劃；第三，與我們儀器製造的垂直整合相關的類似內包計劃。

To this end, during the course of 2023, we anticipate further establishing an oligo production operation built around a fleet of proprietary oligo synthesis systems. When at full capacity, this operation will produce sufficient oligo volumes to meet our raw material needs, allowing us to effectively place existing supply from outside vendors. Additionally, we intend to internalize both the 3250 and 9600 instrument production lines throughout the year, which will also improve not only our supply chain and quality on our margins.

為此，在 2023 年期間，我們預計將進一步建立圍繞一系列專有寡核苷酸合成系統的寡核苷酸生產業務。當滿負荷運轉時，該操作將產生足夠的寡核苷酸數量來滿足我們的原材料需求，使我們能夠有效地從外部供應商處獲得現有供應。此外，我們打算全年將 3250 和 9600 儀器生產線內部化，這不僅會改善我們的供應鍊和利潤質量。

Moving on to base costs or OpEx. We anticipate base costs will remain relatively flat during the year as we're able to backfill growth in this category, resulting from several large onetime charges we experienced in 2022. As a reminder, as we continue to execute against our strategic plan, we continue to see a path to achieving profitability during 2024 but anticipate that we will seek access to additional capital during 2023 to further solidify our cash position.

繼續討論基本成本或運營支出。我們預計基本成本在這一年將保持相對平穩，因為我們能夠回填這一類別的增長，這是由於我們在 2022 年經歷的幾次大額一次性費用。提醒一下，在我們繼續執行我們的戰略計劃時，我們繼續看到在 2024 年實現盈利的途徑，但預計我們將在 2023 年尋求獲得額外資本以進一步鞏固我們的現金狀況。

Strong revenue growth and expanding gross margins when combined with stabilizing operating costs and an experienced execution-oriented management team provides us with a potential path to profitability within a 12- to 18-month window based on timing at year-end of 2022.

強勁的收入增長和不斷擴大的毛利率，加上穩定的運營成本和經驗豐富的以執行為導向的管理團隊，為我們提供了一條基於 2022 年底時間的 12 至 18 個月窗口內實現盈利的潛在途徑。

We are extremely pleased with the fourth quarter and full year results, and we remain encouraged by strong commercial execution and progress in our product pipeline. We are focused on executing against our near-term commercial goals, launching new products into 2 new markets, improving profit margins and decreasing costs, furthering new and existing partnerships and growing market share. We continue to stabilize operating expenses and make strategic and measured investments to drive long-term sustainable growth and a path toward profitability.

我們對第四季度和全年的業績感到非常滿意，我們對強大的商業執行力和產品線的進展感到鼓舞。我們專注於執行我們的近期商業目標，向 2 個新市場推出新產品，提高利潤率並降低成本，進一步發展新的和現有的合作夥伴關係並增加市場份額。我們繼續穩定運營費用，並進行戰略性和有計劃的投資，以推動長期可持續增長和盈利之路。

And with that, I will thank you for joining our call and ask the operator to open the call for questions. Thank you.

有了這個，我將感謝您加入我們的電話，並請接線員打開電話提問。謝謝。

(Operator Instructions) And our first question comes from Brandon Couillard from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Brandon Couillard。

Maybe just starting with guidance. Todd, can you give us a sense of what that embeds for new BioXp instrument placements? Any color on the mix between the 3250 and the 9600? And maybe an update on just kind of how the 9600 order book is developing. Any color in terms of new versus existing customers now that we're kind of 6 months into that rollout?

也許只是從指導開始。托德，你能告訴我們新的 BioXp 儀器放置嵌入了什麼嗎？ 3250 和 9600 之間的混合有什麼顏色？也許只是關於 9600 訂單簿發展情況的更新。既然我們已經推出了 6 個月，那麼新客戶與現有客戶之間有什麼區別嗎？

Yes. Thanks, Brandon. Appreciate the question. So let me start with the latter. First, on the 9600, we launched that effectively I think the last day of September. So in the fourth quarter, and I would say we sold 9 or 10 last year, and we disclosed that. We think the initial uptake is good. We're happy with the uptake of the 9600, and I think that's ramping up consistent with our expectations for this year.

是的。謝謝，布蘭登。感謝這個問題。所以讓我從後者開始。首先，在 9600 上，我認為我們在 9 月的最後一天有效地推出了它。所以在第四季度，我會說我們去年售出了 9 或 10 個，我們披露了這一點。我們認為最初的吸收是好的。我們對 9600 的採用感到滿意，我認為這與我們今年的預期一致。

So getting to the first part of your question on what are we looking at for unit volumes, I would say that we sold approximately 66 units in -- or we sold 66 units in 2022, and we would expect that to just about double from a unit volume perspective.

因此，關於您的問題的第一部分，關於我們在尋找什麼單位數量，我會說我們售出了大約 66 個單位 - 或者我們在 2022 年售出了 66 個單位，我們預計這將是 2022 年的兩倍左右單位體積透視。

And on the mix, I think it's early to tell. But I think that we sold about 9 in the fourth quarter. There was some pent-up demand. So I'd expect that to -- the year will be back-end weighted for both the 3250 and the 9600 due to the kit launches. So I'd expect that to maybe not be 9 necessarily in the first or second quarter but ramping up after that.

在混合方面，我認為現在下結論還為時過早。但我認為我們在第四季度售出了大約 9 個。有一些被壓抑的需求。所以我預計，由於套件的推出，今年將對 3250 和 9600 進行後端加權。所以我預計第一或第二季度可能不一定是 9，但在那之後會增加。

Okay. Yes, that's my second question. You mentioned kind of a back-end loaded year. Any more, I guess, color on how you expect maybe the first half versus the second half in terms of the full year weighting?

好的。是的，這是我的第二個問題。你提到了後端加載的一年。我想，就全年權重而言，您對上半年與下半年的預期有何不同？

Yes. I mean I think we had a solid fourth quarter. And I think during the first half of the year, we're launching a number of BioXp Select kits. Those need to get out in the market. We're getting the 9600 out there. We're getting utilization up.

是的。我的意思是我認為我們有一個穩定的第四季度。我認為在今年上半年，我們將推出一些 BioXp Select 套件。那些需要退出市場。我們正在推出 9600。我們正在提高利用率。

So I'd say from a cadence perspective, I don't want to guide on cadence, but I think the rationale here is that we'll have a full year of 9600 but ramping up into the second half. So I'd expect the unit volumes to have a much higher cadence, I guess, in the second half of the year, and we'll get the benefit of the product launches on the BioXp kit line in the first half and the second half.

所以我想從節奏的角度說，我不想指導節奏，但我認為這裡的基本原理是我們將有全年 9600，但會在下半年增加。因此，我預計下半年的單位銷量會有更高的節奏，我們將在上半年和下半年受益於 BioXp 套件系列的產品發布.

So I don't know how helpful that is. I think from a cadence perspective, we'd expect more than half of the revenue for sure to be in the second half of the year.

所以我不知道這有多大幫助。我認為從節奏的角度來看，我們預計一半以上的收入肯定會出現在下半年。

Got you. Okay. And in terms of your in-sourcing some raw material production, what percent of oligos supply needs do you expect to be making in-house by the end of the year? And what will -- what impact will that ongoing shift have on gross margins as we look after '24?

明白了好的。就您的一些原材料生產外包而言，您預計到今年年底將在內部生產多少百分比的寡核苷酸供應需求？在我們關注 24 世紀之後，這種持續轉變將對毛利率產生什麼影響？

So I'll get started on this. We're fortunate to have Eric here. So I'll hand it over to him after I give you some high-level color. This is just the continued execution against something that was really important for the company, and that was to gain control over our supply chain, better control our quality and improve gross margins at the same time.

所以我要開始了。我們很幸運有 Eric 在這裡。所以我給你上個高級色之後就交給他了。這只是對公司真正重要的事情的持續執行，那就是獲得對我們供應鏈的控制，更好地控制我們的質量，同時提高毛利率。

So we've endeavored to build our own systems. We've invested significantly in that in the last few years. We now have a handful of systems Eric can walk through. Those are coming online throughout the course of 2023, and they will ramp up production throughout that time period.

所以我們努力構建我們自己的系統。在過去的幾年裡，我們在這方面投入了大量資金。我們現在有一些 Eric 可以通過的系統。這些將在 2023 年期間上線，他們將在這段時間內提高產量。

Overall, the accretion to gross margin will be mostly felt in 2024, where there should be significant accretion in gross margin as a result of that. I'll hand it over to Eric for some detailed comments.

總體而言，毛利率的增長將主要在 2024 年感受到，因此毛利率應該會顯著增長。我會將其交給 Eric 以徵求一些詳細的意見。

Yes. I think you covered most of it, Todd. So by the end of this year in Q4, we would expect something approaching 100% offset of our external supply of oligos. So internally, we'll have the capacity that we need to offset the vast majority of our external oligo -- of the needs today that we have for oligos that we currently purchase from outside vendors. And so as we look in 2024, most of our 2024 oligo supply will come from that internal capability.

是的。我想你涵蓋了大部分內容，托德。因此，到今年第四季度末，我們預計我們的外部寡核苷酸供應將接近 100%。因此，在內部，我們將擁有抵消我們目前從外部供應商處購買的寡核苷酸的絕大多數外部寡核苷酸所需的能力。因此，當我們展望 2024 年時，我們 2024 年的大部分寡核苷酸供應將來自該內部能力。

And as Todd said, the margin impact will be mostly felt in 2024 because we are ramping up through this year. And I think we're -- on a total blended product basis, we'll be expanding pretty significantly multiple hundred basis points in 2024.

正如托德所說，利潤率的影響將在 2024 年主要體現出來，因為我們今年正在加速增長。而且我認為我們 - 在總混合產品的基礎上，我們將在 2024 年顯著擴大數百個基點。

Got it. And then lastly, just to confirm in terms of the Pfizer technical milestones, so I think there's 3 left. How many have you contemplated in the guide? Just want to confirm -- each of them are $2.5 million, is that right? And then what's left to recognize in '24 from that?

知道了。最後，只是為了確認輝瑞的技術里程碑，所以我認為還剩下 3 個。您在指南中考慮了多少？只是想確認一下——他們每個人都是 250 萬美元，對嗎？然後在 24 年還剩下什麼？

Yes. So in '24 or '23?

是的。那麼在 24 年還是 23 年？

That's right. I think there's another tranche in '24.

這是正確的。我認為 24 年還有另一批。

Yes. Okay. So -- yes, sorry, Brandon, I understand the question. Yes, so we had an $8 million upfront technology access fee that will continue to be amortized throughout the course of 2023, but that will go away at the end of the research period which is the fourth quarter roughly of 2023.

是的。好的。所以-- 是的，對不起，布蘭登，我明白這個問題。是的，所以我們有 800 萬美元的前期技術訪問費，將在整個 2023 年期間繼續攤銷，但這將在研究期結束時消失，大約是 2023 年第四季度。

During 2023, we'd anticipate achieving 2 additional Pfizer milestones, and they're all, to the best of my knowledge, priced about the same, if you will, from an accomplishment perspective. And the first one that we disclosed was about $2.5 million. Then there will be another one that we'd anticipate achieving in 2024. So there's typically a milestone and then a little bit of time to do the work and then another milestone. So just noting that we accomplished the first milestone in the fourth quarter of 2022.

在 2023 年期間，我們預計將實現 2 個額外的輝瑞里程碑，據我所知，從成就的角度來看，如果你願意的話，它們的價格都差不多。我們披露的第一個金額約為 250 萬美元。然後會有另一個我們預計在 2024 年實現的里程碑。因此通常有一個里程碑，然後有一點時間來完成工作，然後是另一個里程碑。所以請注意，我們在 2022 年第四季度實現了第一個里程碑。

And our next question comes from Harrison Schrage from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Harrison Schrage。

Congrats on the great quarter. If I could just follow up on the Pfizer milestone payments. I think I understand generally what that's going to be here in FY '23 but if you could just provide a little bit more detail into '24 and '25 on that.

祝賀這個偉大的季度。如果我能跟進輝瑞的里程碑付款就好了。我想我大致了解 23 財年會發生什麼，但如果你能在 24 和 25 財年提供更多細節的話。

Yes, Harrison, I don't know how much -- so we've disclosed, I think, publicly, generally at a high level what those categories are. So just again, by way of review, the Pfizer deal had an upfront fee that we're amortizing. And I just mentioned that there are 4 milestones that need to be achieved during the research period.

是的，哈里森，我不知道有多少——所以我認為我們已經公開地公開了這些類別，一般來說，這些類別是什麼。因此，再次回顧一下，輝瑞交易有一筆我們正在攤銷的預付費用。我剛才提到在研究期間需要實現 4 個里程碑。

And then there are some pretty significant milestones in 2024 related to potentially exclusivity or non-exclusivity. And then after that, there are commercial milestones as well as clinical milestones and royalties on sales.

然後在 2024 年有一些與潛在排他性或非排他性相關的非常重要的里程碑。然後是商業里程碑以及臨床里程碑和銷售特許權使用費。

So the cadence of revenue from '24 and '25, I think we're anticipating the successful achievement of a milestone in '24. And then there's the opportunity for us to receive some additional large onetime milestones related to the exercise of exclusivity, if appropriate. And then I would say for '24, that's it, and then '25 would kick in some commercial milestones and clinical milestones.

因此，'24 和 '25 的收入節奏，我認為我們期待在'24 中成功實現里程碑。如果合適的話，我們還有機會獲得一些與排他性行使相關的額外的大型一次性里程碑。然後我會說 24 年，就是這樣，然後 25 年將開始一些商業里程碑和臨床里程碑。

I think what we disclosed also is that per exclusive product, it all adds up to about $280 million per product.

我認為我們披露的還有每件獨家產品，每件產品總計約 2.8 億美元。

Got it. Okay. That's helpful. And then again on the guide, I think we understand the systems outlook here pretty well, but it seems like your kits are certainly starting to gain some traction. And so if you could just kind of quantify what you're expecting in terms of kit revenue or kit growth in '23. And then maybe directionally, how we should be thinking about kits into '24 and beyond, and then same with the services business as well?

知道了。好的。這很有幫助。然後再次在指南中，我認為我們非常了解這裡的系統前景，但看起來您的套件肯定開始獲得一些牽引力。因此，如果您可以量化您對 23 年套件收入或套件增長的期望。然後也許在方向上，我們應該如何考慮進入 24 世紀及以後的套件，然後與服務業務一樣？

Yes. So let me handle the products first in the order that you've asked on the BioXp kit side. And just by way of review, we've got, right now, everything that we've done at the company has been built around de novo gene synthesis and 8 or so kits that do that. We're now adding beginning in the first quarter of this year to that, the Select kits, which will allow customers to use their own DNA as a starting point, including NGS, and we expect to launch about 11 kits during the course of this year, that being 2023.

是的。因此，讓我先按照您在 BioXp 套件方面要求的順序處理產品。僅通過回顧，我們現在在公司所做的一切都是圍繞從頭基因合成和 8 個左右的試劑盒構建的。我們現在從今年第一季度開始添加 Select 試劑盒，這將允許客戶使用他們自己的 DNA 作為起點，包括 NGS，我們預計在此期間推出大約 11 個試劑盒年，即 2023 年。

I believe revenue for kits grew at approximately 64% to 67% for a year-on-year period. We'd expect that category to continue to grow, being the de novo gene synthesis category at about that same rate or higher and would layer on top of that the additional revenue from the Select kits. So overall revenue guide of $45 million, I think you can back into a product number that's kind of in the -- you can get there by backing out the Pfizer milestones and the royalties.

我認為套件收入同比增長約 64% 至 67%。我們預計該類別將繼續增長，以大約相同或更高的速度成為從頭基因合成類別，並將在此基礎上增加來自 Select 試劑盒的額外收入。所以 4500 萬美元的總收入指南，我認為你可以回到一個產品編號——你可以通過退出輝瑞里程碑和特許權使用費來實現。

And then on services, that business, the plan for the Eton business is to grow that business in the Sanger sequencing business this year. And then with excess capacity that we have for oligo production off of our proprietary systems to give those systems then and any excess capacity to Eton to enter into the oligo market, and that will happen in 2024.

然後是服務，即業務，Eton 業務的計劃是今年在 Sanger 測序業務中發展該業務。然後，我們擁有從專有系統生產寡核苷酸的過剩產能，然後將這些系統和任何過剩產能提供給 Eton 進入寡核苷酸市場，這將在 2024 年發生。

Got it. Okay. And then last one for me, just on the instruments and new systems outlook. I think you guys have previously talked about the BioXp oligo printer as well as the DBC platforms and possibly delaying them in light of the cost-cutting measures. Could you just kind of refresh the timing and outlook of new systems to be released?

知道了。好的。然後是我的最後一個，只是關於儀器和新系統的展望。我想你們之前已經討論過 BioXp 寡核苷酸打印機和 DBC 平台，並且可能會因為削減成本的措施而推遲它們。您能否稍微更新一下要發布的新系統的時間和前景？

Sure. Happy to. So as far as systems go in 2023, we're looking at a third quarter launch of a proprietary 9600-based, purpose-built system for NGS library prep. In the fourth quarter, we pivoted our larger DBC program to CRISPR guide RNAs to get something onto the market but with a limited scope, and that would be in the fourth quarter. That product will have on board SOLA chemistry. So that will enable same-day turnaround of CRISPR guides.

當然。高興。因此，就 2023 年的系統而言，我們正在考慮第三季度推出專有的基於 9600 的專用系統，用於 NGS 文庫製備。在第四季度，我們將更大的 DBC 計劃轉向 CRISPR 指導 RNA，以便將某些東西推向市場，但范圍有限，這將在第四季度進行。該產品將具有 SOLA 化學成分。因此，這將實現 CRISPR 指南的當天周轉。

So 2 systems this year, 1 in the third quarter for NGS, 1 for CRISPR guide based upon DBC technology and SOLA reagents in the fourth quarter.

所以今年有 2 個系統，第三季度有 1 個用於 NGS，1 個用於基於 DBC 技術的 CRISPR 指南和第四季度的 SOLA 試劑。

Got it. And then, Todd, I'm so sorry, if I could just sneak one more in. On those new systems, I mean, would we expect that 9600 system in the third quarter to generally have a similar ASP to the regular 9600 that you launched during this last year as well as consumable pull-through? I mean, how should we think of ASPs and [pull-throughs] on these?

知道了。然後，托德，我很抱歉，如果我能再偷偷溜進去。在那些新系統上，我的意思是，我們是否期望第三季度的 9600 系統通常具有與您的常規 9600 相似的 ASP去年推出的以及消耗品直通？我的意思是，我們應該如何考慮這些方面的 ASP 和 [pull-throughs]？

You're talking about the system that we just called on the launch for NGS? I think we're working through price discovery there and the business model around that. So we've got placeholders in there that I think are generally -- I don't want to misspeak actually, Harrison. I may have to get back to you on that, but I think they're generally in line with the current price of the 9600 to maintain market continuity.

您是在談論我們剛剛在 NGS 發佈時調用的系統嗎？我認為我們正在研究那裡的價格發現和圍繞它的商業模式。所以我們在那裡有佔位符，我認為通常是——我實際上不想說錯，哈里森。我可能不得不就此回复您，但我認為它們總體上與 9600 的當前價格一致，以保持市場連續性。

And our next question comes from Steven Mah from Cowen.

我們的下一個問題來自 Cowen 的 Steven Mah。

Great. Congrats on the quarter. A lot of ground already covered. So just some follow-up questions, mostly on gross margin. So I believe you said the gross margins in 2022 were 57% and then the guide for '23 is about around that range. Just trying to reconcile that because given you're going to be launching kind of 11 kits. The 9600, I believe, has a better gross margin profile. Just trying to understand the gross margin guide for 2023. Is that just being conservative on your part?

偉大的。祝賀這個季度。很多地面已經覆蓋。所以只是一些後續問題，主要是關於毛利率。所以我相信你說 2022 年的毛利率是 57%，然後 23 年的指南大約在這個範圍內。只是試圖調和這一點，因為考慮到您將推出 11 個套件。我認為 9600 的毛利率更高。只是想了解 2023 年的毛利率指南。這只是您的保守做法嗎？

Well, I think part of it is just related to the timing of the ramp-up for the internal oligo production, which will predominantly have -- it's linear. But I think from a production perspective, let's say it's linear with respect to getting the systems up and going but nonlinear with respect to capacity and uptime and things like that, so more of an emphasis on gross margin accretion later in the year from the oligo in-sourcing initiatives.

好吧，我認為部分原因只是與內部寡核苷酸生產的加速時間有關，這主要是——它是線性的。但我認為從生產的角度來看，假設它在啟動和運行系統方面是線性的，但在容量和正常運行時間等方面是非線性的，所以更多地強調今年晚些時候寡頭的毛利率增長內包舉措。

And then I think on the mix, we said like mid- to high 50s. And I think that is generally good place for us to be right now. I wouldn't say it's necessarily inconsistent. We're ramping up the sale of the 9600. And yes, that has a higher price point. We need to see how the mix between the 9600 and the 3250 works out. Our anticipation is that because it has higher margins, any contribution from that will be accretive to where we're at.

然後我認為在混音上，我們說的是 50 年代中期到中期。我認為這對我們現在來說通常是個好地方。我不會說這一定是不一致的。我們正在加大 9600 的銷售力度。是的，它的價格更高。我們需要了解 9600 和 3250 之間的組合效果如何。我們的預期是，因為它有更高的利潤率，所以任何貢獻都將增加我們所處的位置。

And then on the kits, 11 kits throughout the year. But again, from a cadence perspective, a lot of them will be in the second half. Now that is all good stuff and headed in the right direction from a margin perspective. That's also offset slightly at the same time by a very rapidly growing gene synthesis business from our de novo kits, which has generally a lower gross margin.

然後在球衣上，全年11個球衣。但同樣，從節奏的角度來看，他們中的很多人將在下半場。現在這些都是好東西，並且從利潤率的角度來看正朝著正確的方向前進。同時，我們的 de novo 試劑盒的基因合成業務增長非常迅速，這也略微抵消了這一點，該業務的毛利率通常較低。

So as the company works to operationalize these systems for our own internal oligo production to accrete to gross margin, launches new kits throughout the course of the year. We're also -- we need to recognize that we've got a very rapidly growing business. It's growing in excess of 60%, which has a typically lower gross margin for gene fragments and gene synthesis products.

因此，隨著公司努力將這些系統用於我們自己的內部寡核苷酸生產以增加毛利率，我們在全年推出了新的試劑盒。我們也——我們需要認識到我們的業務增長非常迅速。它的增長率超過 60%，基因片段和基因合成產品的毛利率通常較低。

Okay. That's helpful. And then on the cadence of these 11 kits, yes, you said it's going to be mostly second half, but getting within in the second half, should we be thinking it going to be weighted more to Q4 or...

好的。這很有幫助。然後根據這 11 個套件的節奏，是的，你說它主要是下半場，但在下半場進入，我們是否應該認為它會更多地集中在第四季度或......

I'll hand it over to Eric. I think the peanut butter is pretty well spread between the year. I get the sense there's a lot going on in the second and third quarters, but I'll hand it over to Eric.

我會把它交給埃里克。我認為花生醬在一年之間分佈得很好。我感覺第二節和第三節發生了很多事情，但我會把它交給埃里克。

Yes, that's right. Of the 11, let's see, we have a couple that are launching in Q1, the majority launch in late Q2 and Q3. And then one of those kits, the last one launches together with the DBC in Q4.

恩，那就對了。在這 11 個中，讓我們看看，我們有幾個在第一季度推出，大部分在第二季度末和第三季度推出。然後是其中一個套件，最後一個套件將在第四季度與 DBC 一起發布。

And thank you. And I'm showing no further questions. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。我沒有再提出任何問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

Thank you, everyone.

謝謝大家。