Bio-Techne Corp (TECH) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Bio-Techne conference call for the second quarter of fiscal year 2025. (Operator Instructions) I would now like to turn the call over to David Clair, Bio-Techne's Vice President, Investor Relations.

早安，歡迎參加 Bio-Techne 2025 財年第二季電話會議。（操作員指示）現在，我想將電話轉給 Bio-Techne 投資者關係副總裁 David Clair。

Good morning, and thank you for joining us. On the call with me this morning are Kim Kelderman, President and Chief Executive Officer; and Jim Hippel, Chief Financial Officer of Bio-Techne.

早安，感謝您加入我們。今天早上與我一起通話的有總裁兼執行長 Kim Kelderman；以及 Bio-Techne 財務長 Jim Hippel。

Before we begin, let me briefly cover our Safe Harbor statement. Some of the comments made during this conference call may be consider ward-looking statements, including beliefs and expectations about the company's future results. The company's 10-K for fiscal year 2024 identify certain is that could cause the company's actual results to differ materially from those projected in the forward-looking statements made during this call.

在我們開始之前，讓我先簡單介紹一下我們的安全港聲明。本次電話會議中的一些評論可能被視為前瞻性陳述，包括對公司未來績效的信念和期望。該公司 2024 財年的 10-K 報告確定了某些因素，這些因素可能會導致公司的實際結果與本次電話會議中前瞻性陳述中預測的結果有重大差異。

The company does not undertake to update any forward-looking statements because of any new information or future events or developments. The 10-K as well as the company's other SEC filings are available on the company's website within its Investor Relations section.

本公司不承諾因任何新資訊或未來事件或發展而更新任何前瞻性陳述。10-K 報告以及該公司的其他 SEC 文件均可在公司網站的「投資者關係」部分查閱。

During the call, non-GAAP financial measures may be used to provide information pertinent to ongoing business performance. Tables reconciling these measures to most comparable GAAP measures are available in the company's press release issued earlier this morning on the Investor Relations section of our Bio-Techne Corporation website at www.bio-techne.com.

在電話會議中，可能會使用非公認會計準則財務指標來提供與持續業務表現相關的資訊。將這些指標與大多數可比較 GAAP 指標進行比較的表格，可在今天早上公司在 Bio-Techne Corporation 網站 www.bio-techne.com 的投資者關係部分發布的新聞稿中找到。

Separately, in the coming weeks, we will be participating in the Cowen, Leerink, and Barclays healthcare conferences. We look forward to connecting with many of you at these upcoming events. I will now turn the call over to Kim.

另外，在接下來的幾週內，我們將參加 Cowen、Leerink 和 Barclays 醫療保健會議。我們期待在即將舉行的活動中與你們中的許多人建立聯繫。現在我將電話轉給金。

Thanks, Dave, and good morning, everyone. Thank you for joining our second quarter conference call. I'm pleased to report that we delivered yet another strong fiscal quarter that exceeded the initial projections that we made at the beginning of our fiscal year, improving biopharma end market, particularly on the large pharma side benefited our GMP reagents in their protein analytical implementation. This, combined with continued traction in our ExosomeDx and spatial biology franchises drove our 9% organic revenue growth for the quarter.

謝謝，戴夫，大家早安。感謝您參加我們的第二季電話會議。我很高興地報告，我們又一個財季表現強勁，超出了我們在財年初做出的初步預測，生物製藥終端市場的改善，特別是大型製藥公司方面，使我們的 GMP 試劑在蛋白質分析實施中受益。再加上我們的 ExosomeDx 和空間生物學特許經營權的持續增長，推動我們本季度的有機收入增長了 9%。

We are also seeing the benefits of the organizational and operational efficiency improvements that we have implemented over the last 1.5 years. During the second quarter, our adjusted operating margin increased 110 basis points sequentially to 30.1%, and I'm confident that we are well positioned for ongoing improvement in our peer-leading operating margin profile as our end markets continue to recover. Jim will provide more details on these results later in the call.

我們也看到了過去一年半來實施的組織和營運效率改善所帶來的好處。在第二季度，我們的調整後營業利潤率較上季成長 110 個基點，達到 30.1%，我相信，隨著我們的終端市場持續復甦，我們有能力持續改善我們同業領先的營業利潤率狀況。吉姆將在稍後的電話會議中提供有關這些結果的更多詳細資訊。

I hope that many of you had a chance to see the latest corporate presentation we provided last month during the JPMorgan Healthcare Conference. For those that have not seen it, I would encourage you to visit the Investor Relations section of Bio-Techne's website. We presented the company's strategy through a slightly different lens this year by outlining three major challenges we help our customers solve.

我希望你們中的許多人都有機會看到我們上個月在摩根大通醫療保健會議期間提供的最新公司介紹。對於尚未看到的人，我鼓勵你去 Bio-Techne 網站的投資者關係部分。今年，我們從略有不同的角度介紹了公司的策略，概述了我們幫助客戶解決的三大挑戰。

Enabled the discovery of novel biological insights, we support the development and manufacturing of advanced therapeutics, and we enable precision diagnostics. Our product portfolio and solutions are uniquely positioned to reliably and efficiently support our customers in advancing science across these sectors.

我們推動發現新的生物學見解，支持先進療法的開發和製造，並實現精準診斷。我們的產品組合和解決方案具有獨特的優勢，能夠可靠、有效率地支援我們的客戶推動這些領域的科學進步。

Now let's review our Q2 results, beginning with an overview across our end markets and geographies. Sales to our biopharma end markets increased mid-teens in the quarter as we experienced strength in both the US and European regions. This strong performance included a notable improvement from large pharma customers with particular strength in both GMP and reagent orders as well as in our protein analysis instrument portfolio.

現在讓我們回顧一下第二季的業績，首先概述我們的終端市場和地區。由於我們在美國和歐洲地區表現強勁，本季我們生物製藥終端市場的銷售額實現了十五個百分點的增幅。這一強勁表現包括來自大型製藥客戶的顯著改善，尤其在 GMP 和試劑訂單以及我們的蛋白質分析儀器產品組合方面實力雄厚。

For our academic end market, the team delivered mid-single-digit revenue growth. As a reminder, our academic end markets grew upper single digits in the prior year period, and we achieved this quarter's mid-single-digit revenue growth despite the challenging comp as well as the reduced number of selling days related to the midweek holidays in December.

對於我們的學術終端市場，團隊實現了中等個位數的收入成長。提醒一下，我們的學術終端市場在去年同期實現了高個位數增長，儘管面臨著同店銷售挑戰以及 12 月份周中假期導致銷售天數減少的問題，本季度我們仍然實現了中個位數的收入增長。

Now for our regions. In the Americas, we grew low double digits for the quarter. This performance was primarily driven by the aforementioned strong demand from our cell therapy customers as well as the strength in our automated protein analysis portfolio. Our EMEA region grew low double digits as well, which was also driven by our automated protein analysis portfolio, which grew more than 20%.

現在談談我們的地區。在美洲，我們本季的銷售額實現了低兩位數的成長。這項業績主要得益於我們之前提到的細胞治療客戶的強勁需求以及我們自動化蛋白質分析產品組合的強勁成長。我們的 EMEA 地區也實現了低兩位數的成長，這也是得益於我們的自動蛋白質分析產品組合的成長超過 20%。

In addition, we expanded our geographic reach through two new distribution agreements. First, we announced a partnership of Leader Life Sciences to fortify access to our portfolio across the Gulf cooperating countries. We follow this with a distribution agreement with Medcomtech to expand access to our portfolio in Turkey and Azerbaijan.

此外，我們也透過兩項新的分銷協議擴大了我們的地理覆蓋範圍。首先，我們宣布與 Leader Life Sciences 建立合作夥伴關係，以加強我們在海灣合作國家/地區的產品組合的訪問權限。隨後，我們與 Medcomtech 簽訂了分銷協議，以擴大我們在土耳其和阿塞拜疆的產品組合覆蓋範圍。

In China, sales declined low single digits as the challenging economic environment remained a headwind to growth in the geography. It's worth noting that the Q2 performance is in line with our expectations that the negative growth would ease and will shift to modest positive growth in our fiscal Q3 due to the expectation that the targeted stimulus program and a modest improvement in government funding will slowly materialize.

在中國，由於嚴峻的經濟環境仍是該地區成長的阻力，銷售額出現個位數低幅下滑。值得注意的是，第二季的表現符合我們的預期，即由於預期有針對性的刺激計劃和政府資金的適度改善將慢慢實現，負增長將會緩解，並將在第三財季轉為溫和的正增長。

As a side note, Jim and I were just in China to visit our team and of course, to meet a variety of our customers. It was clear that our team remains extremely motivated and committed to our mission, and our customers continue to value the consistent quality across the breadth of our portfolio. In the long term, the modernization of health care will remain a high priority for the Chinese government and Bio-Techne is looking forward to playing a key role in enabling the evolution of health care for its citizens and the world.

順便說一句，吉姆和我剛剛來中國拜訪我們的團隊，當然也見了我們的各種客戶。顯然，我們的團隊仍然非常積極並致力於我們的使命，我們的客戶繼續重視我們整個產品組合的一致品質。從長遠來看，醫療保健現代化仍將是中國政府的首要任務，Bio-Techne 期待在推動中國公民乃至全球醫療保健發展方面發揮關鍵作用。

Now let's discuss our growth pillars, starting with our portfolio of cell therapy workflow solutions. During the quarter, we experienced robust growth within our GMP reagents portfolio as customers that are progressing their advanced therapeutics for later-stage clinical trials require materially more temper reagents. We now have over 500 customers lying on our GMP reagents for their cell therapy across all stages of development. Within this expanding customer base, 85 are in various phases of clinical trials, including 6 currently in Phase III.

現在讓我們討論一下我們的成長支柱，從我們的細胞治療工作流程解決方案組合開始。在本季度，我們的 GMP 試劑產品組合經歷了強勁成長，因為正在為後期臨床試驗推進先進療法的客戶需要更多的回火試劑。目前，我們有超過 500 位客戶使用我們的 GMP 試劑來進行各個開發階段的細胞治療。在這個不斷擴大的客戶群中，有 85 個客戶正處於不同階段的臨床試驗，其中 6 個目前處於第三階段。

For Q2, our GMP reagents revenue increased over 90%. As a reminder, our GMP reagents business can be lumpy as orders from customers further along their clinical trials can be much larger, therefore, order timing can make quarterly growth volatile. So we view trailing 12-month revenue as a better performance indicator. Our current TTM for our GMP reagents sits just over 40% organically.

第二季度，我們的 GMP 試劑收入增加了 90% 以上。提醒一下，我們的 GMP 試劑業務可能會不穩定，因為處於臨床試驗後期的客戶的訂單可能會大得多，因此，訂單時間可能會使季度成長不穩定。因此，我們將過去 12 個月的收入視為更好的績效指標。我們 GMP 試劑的目前 TTM 有機含量略高於 40%。

Now let's discuss our protein analysis growth pillar, where we experienced strong sales momentum across our portfolio of automated workflow solutions. Once again, the ease of use, precision and reproducibility offered by our Simple Western automated Western blood instrument, our Simple Plex automated multiplexing immunoassay system, and our spatial biologics platform drove strong consumable utilization on our installed base.

現在讓我們討論一下我們的蛋白質分析成長支柱，我們的自動化工作流程解決方案組合經歷了強勁的銷售勢頭。再次，我們的 Simple Western 自動化西方血液儀器、Simple Plex 自動化多路復用免疫分析系統和空間生物製劑平台所提供的易用性、精確度和可重複性推動了我們安裝基礎上的強大消耗品利用率。

Customers continue to appreciate the labor and cost savings these innovative platforms bring to their laboratories. Overall, instrument specific consumables increased high teens in the quarter. This marks eight out of the last nine quarters where we delivered at least double-digit consumable growth across our growing installed base.

客戶不斷讚賞這些創新平台為他們的實驗室帶來的勞動力和成本節省。整體而言，本季儀器專用耗材價格呈現高幅成長。這意味著，在過去九個季度中，我們有八個季度的消費品在不斷增長的安裝基數上實現了至少兩位數的成長。

It was not just consumables that showed strength, though. We also experienced growth in new instrument placements. Globally, our instruments increased low single digits for the quarter and grew mid-single digits, excluding China. This marks the first quarter in the last two years in which we delivered positive instrument growth.

然而，並非只有消耗品顯示出了實力。我們的新儀器安置數量也出現了增加。在全球範圍內，我們的儀器本季實現了低個位數成長，除中國外，其他地區均實現了中等個位數成長。這是我們兩年來第一個季度實現儀器業務正成長。

Separately, I'd like to congratulate the team on the successful early access launch of our next-generation, high-throughput Simple Western platform called LEO. The team capitalized on our growing order funnel and shipped several of these high-end LEO instruments at the end of the quarter.

另外，我要祝賀團隊成功推出我們的下一代高通量 Simple Western 平台 LEO 的早期版本。該團隊利用我們不斷增長的訂單管道，並在本季度末運送了幾台高端 LEO 儀器。

Wrapping up our platform discussion, I'd like to give an update on MauriceFlex. Our biopharma customers are increasingly utilizing MauriceFlex for protein analysis in a rapidly growing number of gene therapy applications as well as sample fractionation methods for mass spectrometry sample preparation. During the quarter, we announced a co-marketing agreement with Waters Corporation, aiming to expand the market awareness of the biotherapeutic characterization capabilities of the MauriceFlex.

結束我們的平台討論後，我想介紹一下MauriceFlex 的最新情況。我們的生物製藥客戶越來越多地利用 MauriceFlex 在快速成長的基因療法應用中進行蛋白質分析，以及利用樣品分餾方法進行質譜樣品製備。本季度，我們宣布與 Waters Corporation 達成聯合行銷協議，旨在擴大市場對 MauriceFlex 生物治療表徵能力的認知。

Now let's turn to our core portfolio of research use only, or RUO, proteomics reagents. Let me highlight that over the last [four to eight] years, we've amassed a catalog of over 6,000 proteins and 400,000 antibody types. This biological content is relied upon by customers across the globe to gain novel insights into biological pathways to develop and manufacture advance therapeutics and to enable precision diagnostics.

現在讓我們來談談僅供研究使用（或稱為 RUO）的核心產品組合—蛋白質體學試劑。我要強調的是，在過去的 [四到八] 年裡，我們累積了超過 6,000 種蛋白質和 400,000 種抗體類型的目錄。全球客戶依賴這些生物學內容來獲得有關生物學途徑的新見解，以開發和製造先進的治療方法並實現精準診斷。

Our everyday run rate business continued to modestly improve sequentially while larger bulk orders of our RUO reagents to biopharma customers also picked up in the quarter. We view this as an indicator that our end markets are gradually starting to improve. All in, our core portfolio of RUO reagents grew low single digits in the quarter.

我們的日常營運率業務繼續環比小幅改善，同時我們向生物製藥客戶提供的 RUO 試劑的大宗訂單在本季度也有所增加。我們認為這表明我們的終端市場正在逐步開始改善。總體而言，我們的核心 RUO 試劑產品組合在本季度實現了低個位數成長。

Sticking with our core reagent portfolio, I wanted to give an update on our AI initiatives within Bio-Techne. As we have mentioned in the past, we see tremendous potential leveraging AI to develop proteins and antibodies with enhanced functionality.

堅持我們的核心試劑產品組合，我想介紹一下 Bio-Techne 內部的 AI 計劃的最新進展。正如我們過去所提到的，我們看到利用人工智慧開發具有增強功能的蛋白質和抗體的巨大潛力。

During the quarter, we continued to utilize our internal know-how and our fast data set, which we generated over the last several decades to train our generative AI models and develop designer proteins. These patentable proteins are engineered to exhibit hyperactive properties, announced heat stability and other mobile features. These attributes are relevant for many applications, including cell therapies. We added four new designer proteins to our catalog in Q2, bringing the total portfolio to 6. You can expect a steady cadence of new designer protein launches going forward.

在本季度，我們繼續利用我們的內部專有技術和過去幾十年生成的快速資料集來訓練我們的生成式 AI 模型並開發設計蛋白質。這些可獲得專利的蛋白質經過設計，具有高活性、熱穩定性和其他移動特性。這些屬性與許多應用相關，包括細胞療法。我們在第二季的目錄中添加了四種新的設計蛋白質，使總產品組合增加至 6 種。未來您可以期待新型設計蛋白質的穩定推出。

Overall, I'm very excited for the Protein Sciences team as they delivered 8% organic revenue growth. This is the best performance of this segment since the market headwinds that were related to the aftermath of the pandemic began in the first quarter of our fiscal 2023.

總的來說，我對蛋白質科學團隊感到非常興奮，因為他們實現了 8% 的有機收入成長。這是自 2023 財年第一季疫情後果導致的市場逆風開始以來，該部門的最佳表現。

Now we will move to the growth pillars within our diagnostics and spatial biology segment, which delivered 12% organic growth in the quarter. That started with our spatial biology business, where we continue to make significant progress with the launch of the COMET system, a fully automated multiomic spatial biology instrument. As a reminder, we recently enabled our new scope capabilities on the COMET to allow for visualization of up to 24 proteins and 12 RNA targets simultaneously.

現在我們將轉向診斷和空間生物學部門內的成長支柱，該部門在本季度實現了 12% 的有機成長。這始於我們的太空生物學業務，隨著全自動多組學空間生物學儀器 COMET 系統的推出，我們繼續取得重大進展。提醒一下，我們最近在 COMET 上啟用了新的範圍功能，可以同時可視化多達 24 種蛋白質和 12 種 RNA 標靶。

We are actively upgrading COMET's installed base to enable researchers to fully leverage the multiomic capabilities of the platform. Additionally, we continue to launch Bio-Techne's RNA systems-branded antibodies for use on the COMET system. The RNA scope capabilities, paired with the growing portfolio of validated antibodies, will support a consumable stream that is expected to be the highest pull-through of any instrument under the Bio-Techne umbrella. During the quarter, our special biology revenue increased mid-teens, and we are positioned for continued leadership in this fast-evolving space.

我們正在積極升級 COMET 的安裝基礎，以使研究人員能夠充分利用該平台的多組學功能。此外，我們將繼續推出用於 COMET 系統的 Bio-Techne 的 RNA 系統品牌抗體。RNA 範圍功能與不斷增長的經過驗證的抗體組合相結合，將支持預計成為 Bio-Techne 旗下所有儀器中最高消耗品流。在本季度，我們的特殊生物學收入成長了百分之十幾，我們將繼續在這個快速發展的領域中保持領先地位。

Next, I'd like to give an update on our Precision Diagnostic tools business, previously referred to as a molecular diagnostics business. We believe the new name is a better reflection of the focus of this team, which is to provide clinical laboratories with precise diagnostic tools that leverage our exosome-based diagnostic technology combined with Asuragen's proprietary chemistries.

接下來，我想介紹我們的精準診斷工具業務（以前稱為分子診斷業務）的最新情況。我們相信新名稱更好地反映了這個團隊的重點，即利用我們基於外泌體的診斷技術結合 Asuragen 的專有化學品為臨床實驗室提供精確的診斷工具。

During the quarter, we announced the launch of a test for ESR1 mutations in breast cancer. This is the first kitted test to utilize our exosome-based technology and Asuragen chemistries. We commercialized this test through a laboratory channel, which we also obtained for the acquisition of Asuragen. Meanwhile, our ExoDx prostate cancer test continues to enjoy rapid adoption as unit volume grew more than 30% in the quarter.

本季度，我們宣布推出針對乳癌 ESR1 突變的測試。這是第一個利用我們的基於外泌體的技術和 Asuragen 化學物質的套件測試。我們透過實驗室管道將測試商業化，這也是我們收購 Asuragen 時獲得的。同時，我們的 ExoDx 前列腺癌測試繼續迅速普及，本季單位數量增加了 30% 以上。

In summary, I'm extremely pleased with the execution by the Bio-Techne team across all our businesses globally. We believe that the strength of our growth pillars in cell and gene therapy and proteomics analysis, combined with the momentum that we saw in our core products, are indicative of an early-stage recovery in key biopharma end markets.

總而言之，我對 Bio-Techne 團隊在全球所有業務中的執行感到非常滿意。我們相信，我們在細胞和基因治療以及蛋白質組學分析方面的成長支柱的強勁增長，加上我們在核心產品中看到的勢頭，預示著主要生物製藥終端市場正處於早期復甦階段。

If you then add to that, the performance of our best-in-class spatial biology franchise and our high-value precision diagnostic tools platform, you will understand why I'm confident that we have positioned Bio-Techne for continued differentiated growth going forward.

如果您再加上我們一流的空間生物學特許經營權和高價值的精準診斷工具平台的表現，您就會明白為什麼我有信心我們已經為 Bio-Techne 未來持續實現差異化增長做好了準備。

With that, I will turn the call over to Jim. Jim?

說完這些，我會把電話轉給吉姆。吉姆？

Thank you, Kim. I'll start with some additional details on our Q2 financial performance and then give some thoughts on the financial outlook for the remainder of the fiscal year. Starting with the overall second quarter financial performance, adjusted EPS was $0.42 compared to $0.40 in the prior year, with foreign exchange having an unfavorable $0.02 impact. GAAP EPS for the quarter was $0.22 compared to $0.17 in the prior year. Q2 revenue was $297 million, an increase of 9% year-over-year on both a reported and organic basis.

謝謝你，金。我將首先介紹我們第二季財務表現的一些細節，然後對本財年剩餘時間的財務前景發表一些看法。從第二季的整體財務表現開始，調整後的每股收益為 0.42 美元，而去年同期為 0.40 美元，外匯產生了 0.02 美元的不利影響。本季的 GAAP EPS 為 0.22 美元，去年同期為 0.17 美元。第二季營收為 2.97 億美元，按報告基礎和有機基礎計算，年增 9%。

Recapping our organic growth by region and end market in Q2 that you previously heard from Kim, North America and Europe increased low double digits year-over-year, driven by strength from our biopharma customers particularly in our cell therapy and proteomic analysis portfolios, while China and APAC decreased low single digits.

正如您之前從 Kim 那裡聽到的，回顧我們第二季度按地區和終端市場劃分的有機增長情況，北美和歐洲同比增長了低兩位數，這得益於我們生物製藥客戶的強勁增長，特別是在我們的細胞治療和蛋白質組學分析產品組合方面，而中國和亞太地區則下降了低個位數。

By end market in Q2, excluding China, biopharma increased mid-teens and academia increased mid-single digits in the quarter. Our biopharma business benefited from larger reagent and instrument orders in our pharma and cell therapy end markets, while our run rate business in biopharma showed modest improvement year-over-year.

以第二季的終端市場計算，除中國外，生物製藥產業在本季實現了中等個位數的成長，學術產業則實現了中等個位數的成長。我們的生物製藥業務受益於製藥和細胞治療終端市場試劑和儀器訂單的增加，同時我們的生物製藥業務運作率比去年同期略有改善。

Below revenue on the P&L, total company adjusted gross margin was 70.5% in the quarter compared to 69.7% last year, driven by the impact of favorable product mix and productivity initiatives.

低於損益表上的收入，受有利的產品組合和生產力措施的影響，本季公司調整後的總毛利率為 70.5%，而去年同期為 69.7%。

Adjusted SG&A in Q2 was 32% of revenue compared to 31.2% in the prior year, while R&D expense in Q2 was 8.5% of revenue compared to 8.4% in the prior year. The increase in SG&A was driven primarily by the reinstatement of incentive compensation accruals, partially offset by the benefit of structural streamlining and diligent expense control.

第二季調整後的銷售、一般及行政支出佔營收的 32%，去年同期為 31.2%，而第二季研發費用佔營收的 8.5%，去年同期為 8.4%。銷售、一般及行政費用的增加主要由於恢復激勵性薪酬計提，但被結構精簡和嚴格費用控制的好處部分抵消。

Adjusted operating margin for Q2 was 30.1%, up 110 basis points sequentially and flat compared to the prior year due to the impact of favorable volume leverage and cost control, offset by the reinstatement of incentive compensation accruals. We continue to execute cost containment measures and prioritize our growth initiatives to drive efficiencies throughout the organization with the goal of optimizing operating leverage during the ensuing market recovery.

第二季調整後營業利潤率為 30.1%，比上一季成長 110 個基點，與去年同期持平，這主要得益於有利的銷售槓桿和成本控制的影響，但被恢復激勵性薪酬應計的影響所抵消。我們將繼續執行成本控制措施，並優先考慮我們的成長計劃，以提高整個組織的效率，目標是在隨後的市場復甦期間優化營運槓桿。

Looking at our numbers below operating income, net interest expense in Q2 was $0.7 million, decreasing $2.7 million compared to the prior year due to lower net debt levels. Our bank debt on the balance sheet as of the end of Q2 stood at $300 million, unchanged from last quarter. Other adjusted nonoperating expense was $1.3 million in the quarter, an increase of $4.4 million compared to the prior year. The increase was driven by the foreign exchange impact related to our overseas cash pooling arrangement.

查看我們營業收入以下的數字，第二季的淨利息支出為 70 萬美元，由於淨債務水平較低，比上年減少 270 萬美元。截至第二季末，我們資產負債表上的銀行債務為 3 億美元，與上一季持平。本季其他調整後的非營業支出為 130 萬美元，較前一年增加 440 萬美元。這一增長是由我們海外現金池安排相關的外匯影響所推動的。

Moving further down the P&L, our adjusted effective tax rate in Q2 was 21.5%, down 50 basis points compared to prior year due to geographic mix.

進一步看損益表，我們第二季的調整後有效稅率為 21.5%，由於地理分佈原因，比去年同期下降了 50 個基點。

Turning to cash flow and return of capital. $84.3 million of cash was generated from operations in the quarter, and our net investment in capital expenditures was $6.8 million. Also during Q2, we returned capital to shareholders by a way of $12.7 million in dividends and $75.6 million through a 1.1 million share stock buyback. We finished the quarter with 160.6 million average diluted shares outstanding.

轉向現金流和資本回報。本季經營活動產生的現金為 8,430 萬美元，資本支出淨投資為 680 萬美元。此外，在第二季度，我們透過股利 1,270 萬美元和透過 110 萬股股票回購 7,560 萬美元的方式向股東返還了資本。本季結束時，我們平均攤薄流通股數為 1.606 億股。

Our balance sheet finished Q2 in a strong position with $177.5 million in cash, and our total leverage ratio remains well below 1 times EBITDA. Going forward, M&A remains a top priority for capital allocation.

我們的資產負債表在第二季保持強勁，現金餘額為 1.775 億美元，我們的總槓桿率仍遠低於 EBITDA 的 1 倍。展望未來，併購仍是資本配置的重中之重。

Next, I'll discuss the performance of our reporting segments, starting with the protein sciences segment. Q2 reported sales were $211.6 million, with reported revenue increasing 7% compared to the prior year. The exclusion of the fetal bovine serum business, which was classified as held-for-sale business and subsequently divested in the quarter, unfavorably impacted reported segment revenue growth by 1%.

接下來，我將討論我們報告分部的表現，從蛋白質科學分部開始。第二季報告銷售額為 2.116 億美元，報告營收較上年同期成長 7%。胎牛血清業務被歸類為持有待售業務並於本季度剝離，這對報告的分部收入成長產生了 1% 的不利影響。

Thus, organic revenue for this segment increased 8%. As Kim previously mentioned, the strength in the segment's organic growth was driven by our protein analysis portfolio as well as our GMP protein business where several large orders that we initially expected to be placed in our third quarter were requested by our cell therapy customers in Q2.

因此，該部門的有機收入成長了 8%。正如 Kim 之前所提到的，該部門有機成長的強勁勢頭得益於我們的蛋白質分析產品組合以及我們的 GMP 蛋白質業務，其中我們最初預計將在第三季度下達的幾份大訂單實際上是在第二季度由我們的細胞治療客戶提出的。

Operating margin for the protein sciences segment was 41.2%, an increase of 90 basis points compared to prior year as the impact of favorable volume leverage, cost management, and structural alignment initiatives were partially offset by the reinstatement of incentive compensation accruals.

蛋白質科學部門的營業利潤率為 41.2%，比上年增加 90 個基點，因為有利的銷售槓桿、成本管理和結構調整舉措的影響被恢復激勵薪酬應計部分抵消。

Turning to the diagnostics and spatial biology segment, Q2 sales were $84.1 million, with both reported and organic growth increasing 12% compared to the same quarter last year. All three businesses within this segment are core diagnostics reagents, Facial Biology and Precision Diagnostic tools, all contributed nicely to growth.

談到診斷和空間生物學領域，第二季的銷售額為 8,410 萬美元，與去年同期相比，報告成長和有機成長均增加了 12%。該部門的三項業務是核心診斷試劑、臉部生物學和精準診斷工具，均對成長做出了良好貢獻。

Moving on to the diagnostics and spatial biology segment operating margin, at 3.9%, the segment's operating margin decreased compared to the prior year's 6%. Excluding the impact of incentive compensation accrual reinstatement, operating margins would have expanded approximately 200 basis points year-over-year due to the impact of favorable volume leverage. We anticipate improvement in the diagnostics and spatial biology operating margin as Lunaphore continues to scale.

診斷和太空生物學部門的營業利潤率為 3.9%，與去年同期的 6% 相比有所下降。排除激勵性薪酬應計恢復的影響，由於有利的銷售槓桿的影響，營業利潤率將比去年同期擴大約 200 個基點。隨著Lunaphore不斷擴大規模，我們預期診斷和太空生物學的營業利潤率將會提高。

In summary, Q2 was a very solid quarter. Earlier than expected in the fiscal year, we saw improvements in all types of order activity from our larger pharma customers, including CapEx spend for instruments, bulk order reagents requests, and increased daily run rate purchases. We view this as a positive sign that much of the R&D pipeline repositioning by our large pharma customers is behind us, and that a more broad-based increase in R&D funding from discovery through the clinic is more likely in calendar year 2025.

總而言之，第二季度是一個非常穩健的季度。在本財年，比預期更早，我們看到來自大型製藥客戶的所有類型的訂單活動都有所改善，包括儀器的資本支出、批量訂購試劑請求以及每日運行率採購的增加。我們認為這是一個積極的信號，表明我們的大型製藥客戶對大部分研發管道的重新定位已經完成，而且在 2025 年，從發現到臨床的整個過程中，研發資金更有可能出現更廣泛的增長。

We also saw continued outperformance in our GMP protein business in Q2, although much of this unexpected upside came from the timing of large orders by several cell therapy customers who are progressing their programs through clinical trials. Thus, the organic growth outlook for the second half of fiscal year '25 that we've provided the past two quarters is still intact. For Q3 specifically, this means the upper range of mid-single-digit organic growth.

我們也看到第二季的 GMP 蛋白質業務繼續表現出色，儘管這種意外的成長很大程度上來自於幾家正在透過臨床試驗推進其計畫的細胞療法客戶的大訂單的時機。因此，我們過去兩季提供的 25 財年下半年有機成長前景仍然完好無損。具體來說，對於第三季而言，這意味著中等個位數有機成長的上限。

As you think about our expected organic growth performance in Q3 relative to Q2, there are a couple of headwinds to consider. First, the year-over-year comp in Q3 is more difficult by 4 percentage points than it was in Q2 as our revenue declined 2% in Q2 of last year and then grew 2% the following Q3. Also, the previously mentioned timing of several large GMP protein orders that we had in our recent Q2 are not expected to reoccur in Q3.

當您考慮我們第三季相對於第二季的預期有機成長表現時，有幾個不利因素需要考慮。首先，第三季的年增速比第二季困難了 4 個百分點，因為我們的營收在去年第二季下降了 2%，然後在第三季成長了 2%。此外，先前提到的我們最近第二季的幾個大型 GMP 蛋白質訂單的時間預計不會在第三季再次出現。

However, on a more positive note, the earlier than expected momentum we are seeing from our larger pharma customers, as well as an expected return to growth in China in Q3, allows us to hold the organic revenue outlook that we shared since the beginning of our fiscal year. The early improvement in large pharma activity also strengthens our confidence that we can exit our Q4 with organic growth in the high single digits as we have predicted all year.

然而，從積極的一面來看，我們從大型製藥客戶那裡看到的勢頭早於預期，加上中國市場預計第三季將恢復成長，這使我們能夠保持自財年開始以來一直保持的有機收入前景。大型製藥公司業務活動的早期改善也增強了我們的信心，我們相信，正如我們全年預測的那樣，我們可以在第四季度實現高個位數的有機成長。

As it pertains to reported revenue growth, with the recent strengthening of the US dollar at current foreign exchange rates, we do expect a headwind of approximately 1% of sales in the back half of our fiscal year. As much of the top line foreign exchange falls directly to the bottom line of our P&L, we do expect a negative impact to adjusted operating margins by approximately 50 basis points.

就報告的收入成長而言，由於近期美元按當前匯率走強，我們預計本財年下半年的銷售額將出現約 1% 的逆風。由於大部分頂線外匯直接影響到我們的損益表底線，我們預期調整後的營業利潤率將受到約 50 個基點的負面影響。

Thus, we are now forecasting adjusted operating margins in the second half of fiscal year '25 to be between 50 and 150 basis points higher than the prior year. This still represents a significant step-up in margin from the first half of the fiscal year due to higher volume leverage, continued improving product mix, and the full impact from productivity initiatives.

因此，我們現在預測25財年下半年的調整後營業利益率將比前一年高出50至150個基點。由於銷售槓桿率提高、產品結構持續改善、以及生產力舉措的全面影響，這仍然代表著利潤率較本財年上半年有顯著提高。

That concludes my prepared comments. And with that, I'll turn the call back over to the operator to open the line for questions.

我的準備好的評論到此結束。說完這些，我將把電話轉回給接線員，以便開通熱線來回答問題。

(Operator Instructions)

（操作員指令）

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

Yeah, hi guys. Thanks for taking my questions. First of all, congrats on the quarter here, really strong. But can you talk a little bit about the pull forward that you saw from 3Q to 2Q in cell and gene therapy GMP products? You seem to be talking about essentially the biopharma momentum continuing, China also improving, so that is offsetting. But can you elaborate a bit on where you have more confidence in recovery among those sort of 3 vectors that you talked about? Where you think you'll have recovery in the third quarter, whereas were there things could be more -- a little bit softer just given the backdrop of the market right now and sort of the concerns around NIH as well?

是的，大家好。感謝您回答我的問題。首先，恭喜本季取得如此強勁的業績。但是，您能否談談細胞和基因療法 GMP 產品從第三季到第二季的拉動？您似乎在談論生物製藥業的發展勢頭持續不斷，中國也在不斷進步，因此這是一種抵消作用。但是，您能否詳細說明一下，在您談到的這 3 個方面中，您對哪個方面的恢復更有信心？您認為第三季經濟將會出現復甦嗎？

Yeah, Puneet, thank you very much for your question. First of all, I think let me talk about the cell and gene therapy orders you mentioned. Fortunately, we're very happy to see that there is tremendous traction there, right? We grew about 90% on the GMP proteins. And some of these larger orders, right, from customers that are further down in their clinical studies we have anticipated for the second half of the fiscal year.

是的，Puneet，非常感謝您的提問。首先，我想先談談您提到的細胞和基因治療命令。幸運的是，我們很高興地看到那裡有巨大的吸引力，對吧？我們在 GMP 蛋白質上成長了約 90%。我們預計其中一些較大的訂單來自臨床研究進展較慢的客戶，將在本財年下半年收到。

And upon customers' demand, these were pulled into Q2 and were delivered earlier than we originally anticipated. This, of course, drove several points of growth, and we feel confident that this is also a very positive sign for the overall markets, and we're quite happy with the traction we have there.

根據客戶的需求，這些產品被納入第二季度，並且比我們最初預期的更早交付。當然，這推動了幾個成長點，我們相信這對整體市場來說也是一個非常積極的信號，我們對我們在那裡取得的進展感到非常滿意。

Going to China, we did see that the replacement funding, some early effects in our Q2 and a handful of instruments were sold related to this replacement funding. We know it's a three-year plan so we expect continued traction related to the funding.

到中國後，我們確實看到了替代資金、我們第二季度的一些早期影響以及與該替代資金相關的少量工具的銷售。我們知道這是一項三年計劃，因此我們期待與資金相關的持續推動。

And then the interesting thing is that the China National Science funding, which you can apply for during the calendar Q1 and the deadline is March 20, that should also provide some additional lift in China that eventually, our forecast or our original projection that we anticipated for China, where we would go from slightly negative to positive growth in Q3, we're still very confident with that view. And maybe, Jim, you want to add something?

有趣的是，您可以在第一季申請中國國家科學基金，截止日期為 3 月 20 日，這也應該為中國經濟帶來一些額外的提振，最終，我們對中國經濟的預測或最初的預測是，第三季度經濟將從略微負增長轉為正增長，我們仍然對這一觀點非常有信心。吉姆，也許你想補充一點什麼？

Yes, sure. So Puneet, think the only thing I'd add is that it gives us confidence with regards to holding our forecast in Q3 despite the timing of the cell and gene therapy of large orders is really the broad-based strength we saw across pharma. As I mentioned in my comments, it wasn't just cell and gene therapy. We saw it, of course, in our instrument portfolio -- our Protein Simple franchise did phenomenally well, especially in large pharma.

是的，當然。因此，Puneet，我想我唯一要補充的是，儘管細胞和基因治療的大訂單時機確實是我們在整個製藥行業看到的廣泛優勢，但它讓我們對保持第三季度的預測充滿信心。正如我在評論中提到的，它不僅僅是細胞和基因療法。當然，我們在我們的儀器產品組合中看到了這一點——我們的 Protein Simple 特許經營表現非常好，特別是在大型製藥公司。

And even our run rate business within the large pharma also improved from our prior quarter. So it's -- that's what gives us some confidence that it's a broad-based large pharma start of recovery. It's not back to normal yet. Our run rates aren't back to normal, but it was a noticeable improvement from the prior quarter.

甚至我們大型製藥公司的運作率業務也比上一季有所改善。所以，這讓我們有信心，大型製藥業正在全面開始復甦。還沒有恢復正常。我們的運作率尚未恢復正常，但與上一季相比有明顯改善。

And you mentioned NIH and concern around that, so I'll kind of hit that head on as well. It is very early days and all the kind of noise and chatter and a lot of what's happening, what we're reading is that's not all that unusual in terms of what happens in administrative change with regards to kind of freezing or holding certain department funds as the new administration comes in and assess.

您提到了 NIH 及其周圍擔憂，因此我也會正面談論這個問題。現在還為時過早，各種各樣的噪音、閒聊和正在發生的很多事情，我們看到的是，在行政變革方面發生的事情並不少見，比如在新政府上台並進行評估時凍結或扣留某些部門的資金。

All I can tell you is that so far in January, we've seen no -- we've actually seen improvement in our academic overall growth rates and improvement in our run rate as well. So we're not overly concerned about the noise you're hearing out of Washington right now regarding NIH.

我只能告訴你們，到 1 月為止，我們的學術整體成長率和運作率實際上都有所提高。因此，我們並不太擔心您現在聽到的華盛頓有關 NIH 的言論。

Got it. Just quickly, if I could ask on your updated thoughts on M&A, your ability to lever just given the backdrop of the market and some of the challenges that some of the small cap tools companies are seeing, how does that shape your opportunity base when looking at M&A?

知道了。簡單來說，如果我可以問一下您對併購的最新想法，考慮到當前的市場背景以及一些小型工具公司面臨的一些挑戰，您的槓桿能力如何，在考慮併購時，這如何塑造您的機會基礎？

Yeah, M&A will continue to be a priority for capital deployment. And during the JPMorgan Healthcare Conference, we've been relatively clear as to our strategy and where we feel we would like to add to our portfolio. Fortunately, we don't really have any huge gap so it's not that we have to move. But we do like the area of discovery of novel biological insights, right? There are various analytical platforms that we will be interested in.

是的，併購將繼續成為資本配置的重點。在摩根大通醫療保健會議期間，我們相對明確了我們的策略以及我們想要擴大投資組合的範圍。幸運的是，我們之間並沒有太大的差距，所以我們沒有必要搬家。但我們確實喜歡發現新穎的生物學見解的領域，對嗎？我們對各種分析平台都有興趣。

And we would love to continue to support the development and manufacturing of advanced therapeutics. And you ought to think about any processes that are sitting before and/or after the G-Rex and any other analytical tools that would support the cell and gene therapy workflows. So those are really the areas that we are very interested in.

我們很樂意繼續支持先進療法的開發和製造。您還應該考慮 G-Rex 之前和/或之後的任何流程以及任何其他支持細胞和基因治療工作流程的分析工具。所以這些確實是我們非常感興趣的領域。

And we do have a nice timeframe here between the acquisition of Wilson Wolf at the end of 2027. And right now, with a very strong balance sheet and a very, very precise strategy and capable management to integrate a new M&A activity.

從 2027 年底收購 Wilson Wolf 開始，我們確實有一個很好的時間框架。目前，我們擁有非常強勁的資產負債表、非常精確的策略和有能力的管理層來整合新的併購活動。

It's good, helpful guys. Thank you.

非常好，對大家很有幫助。謝謝。

Thank you.

謝謝。

Daniel Leonard, UBS.

瑞銀的丹尼爾·倫納德（Daniel Leonard）。

Thank you. I want to circle back on a couple of Puneet's points. I guess, first off, when you think about your current run rate business, where do you think you're currently trending? Is it that upper mid-single-digit figure you talked about for Q3, and then you need progressive market improvement to hit the high single digit for Q4? Is that the way to -- the right way to normalize what you called out as being positive lumps in the December quarter?

謝謝。我想回顧一下 Puneet 的幾個觀點。我想，首先，當您考慮目前的運行率業務時，您認為當前的趨勢是什麼？您談到的第三季的銷售額是否達到了中高個位數，然後您需要逐步改善市場才能在第四季達到高個位數？這是使您所說的 12 月季度的正值正常化的正確方法嗎？

I'll try to answer your question, if I understand it correctly. It's about our run rate. So our day-to-day run rate business is going to perform closer to the overall market, and it's our growth vectors, our growth pillars that we talk about that really caused us to have the differentiation and the acceleration versus the market. And so the way to think about that is that our run rate is performing closer to market, but the market is gradually improving and thus so are our run rates.

如果我理解正確的話，我會盡力回答您的問題。這與我們的運行率有關。因此，我們的日常運作率業務將更接近整體市場，而我們所說的成長載體、成長支柱真正使我們實現了與市場的差異化和加速。所以，考慮這個問題的方式是，我們的運行率更接近市場，但市場正在逐步改善，因此我們的運行率也在改善。

So our run rate growth is lagging the overall company growth. In a normalized market of mid-single-digit growth, we do expect our run rate business to be at least mid-single-digit growth. And when it is, we expect to be a double-digit growth company because of our growth vectors and the acceleration that provides, if that helps?

因此我們的運行率成長落後於公司整體成長。在中等個位數成長的正常化市場中，我們確實預期我們的營運率業務至少能實現中等個位數的成長。當它實現時，我們預計將成為一家實現兩位數成長的公司，因為我們的成長向量和提供的加速度，這有幫助嗎？

Okay. And just a quick follow-up, Jim. The comment you made on January run rate, was that in academic -- a US academic and government comment specifically? Or were you more commenting broadly on your run rate business in the month of January?

好的。還有一個簡短的後續問題，吉姆。您對一月份的運行率評論是否是學術界性的——特別是美國學術界和政府的評論？或者您對一月份的運行率業務做出了更廣泛的評論？

That was a specific comment regarding the US academic market.

這是針對美國學術市場的具體評論。

Dan, This is Kim. I would like help you quantify the NIH exposure. Jim was talking about the overall academic market globally, which represents about 21% of our revenues. And then if you think about the US portion of that is about half of that, which is 11%. And then if you think about NIH exposure, you would say it about more or less half of that. So that would be mid-single digits. And then revenue directly related to NIH itself would be less than 1% of our revenue. So that really kind of scopes for you the exposure there.

丹，我是金。我想幫助您量化 NIH 曝光。吉姆談論的是全球整體學術市場，這約占我們收入的 21%。如果你想想美國的份額，那大約是其中的一半，也就是 11%。然後，如果您考慮 NIH 的曝光率，您會說它大約是其中的一半。因此這將是中等個位數。那麼與 NIH 本身直接相關的收入將不到我們收入的 1%。因此，這確實可以為你提供在那裡曝光的機會。

Sure, thank you, but the January comment was specific to that 10%-ish of revenue that's US academia government, correct?

當然，謝謝，但是 1 月的評論具體是針對美國學術界政府的 10% 左右的收入，對嗎？

Yeah, that is correct.

是的，正確。

All right, perfect. Thank you.

好的，完美。謝謝。

Jacob Johnson, Stephens.

雅各約翰遜，史蒂芬斯。

Hi, Thanks for taking the question. This is actually Hannah on for Jacob. How much of a benefit from larger cell therapy customers? Do you think there was in the quarter? Is there any way you could quantify this for us?

你好，謝謝你回答這個問題。這其實是漢娜 (Hannah) 為雅各 (Jacob) 而作。更大的細胞治療客戶能帶來多大的益處？您認為本季有這種情況嗎？您能為我們量化一下嗎？

Yeah. I can give it an initial shot, and then Jim can follow up. The -- so I don't think we really quantify the mix there, but we did see a very nice traction of our customers in general. So overall order rate from our by now 500 customers in this field is doing really well. But in the meantime, several of these customers are moving up the chain if it comes to their clinical studies. And we used to talk about 57 of those being in clinicals rather than in preclinicals. And by now, those are 85 customers that are in the clinical stages, of which 13 or so in Phase II, and then a little bit more than a handful, 6 to 8 that are sitting in the Phase III clinical stages.

是的。我可以先進行初步嘗試，然後 Jim 可以跟進。所以我不認為我們真正量化了那裡的組合，但我們確實看到總體而言我們的客戶群具有非常好的吸引力。因此，到目前為止，我們在這個領域的 500 個客戶的整體訂單率表現非常好。但同時，如果涉及臨床研究，這些客戶中的一些正在向上層邁進。我們過去常說其中 57 個處於臨床階段，而不是臨床前階段。到目前為止，已有 85 個客戶處於臨床階段，其中約 13 個處於第二階段，還有 6 到 8 個處於第三階段臨床階段。

And of course, these -- the customers that are sitting in these later-stage clinical trials, those orders are also relatively larger and that creates some of the lumpiness that we've talked about in the past. But nonetheless, we are growing 40% organically if you look at the 12 months trailing, which is very encouraging and that's also where we hope or expect to be.

當然，這些處於後期臨床試驗階段的客戶的訂單也相對較大，這就造成了我們過去談到的一些不平衡現象。但儘管如此，如果回顧過去 12 個月，我們的有機成長率仍達到 40%，這是非常令人鼓舞的，這也是我們希望或預期的水平。

And I'll just add a little bit to an answer Kim gave to Puneet around the same topic around the larger cell and gene therapy customers and what got accelerated into Q2 that was originally forecasted in Q3. There was about 2 points of overall growth that was attributed to that for cell and gene therapy. I think Kim mentioned 3, but that's because there was probably another point of revenue that also moved within our core diagnostics reagent division.

我只想對 Kim 向 Puneet 回答的同一主題做一些補充，即關於更大的細胞和基因治療客戶，以及最初在第三季度預測的增長在第二季度加速的情況。整體成長約有 2 個百分點，這歸功於細胞和基因治療。我認為 Kim 提到了 3，但那是因為可能還有另一個收入點也轉移到了我們的核心診斷試劑部門。

So we talk about that, we talk about that for years. It's a very lumpy business and it's not always easy to predict exactly when those orders will come through from our large customers there, and we saw some orders there come in earlier than expected as well, and that won't necessarily repeat either. So I'd say about 2 points that's coming from cell and gene therapy large customers and about 1 point is from our diagnostic reagents [to visit] core division.

所以我們談論這個問題，我們談論這個問題好幾年了。這是一項非常不穩定的業務，我們並不總是能夠準確預測出何時會從那裡的大客戶那裡下達訂單，而且我們發現有些訂單比預期的要早，而且這種情況也不一定會重演。因此，我認為大約有 2 分來自細胞和基因治療大客戶，大約 1 分來自我們的診斷試劑[訪問]核心部門。

Thanks, and then you also mentioned that instruments grew in 2Q. Could you just talk about, is this comment around placements growing again versus consumables?

謝謝，然後您也提到第二季儀器有所成長。您能否談談，這個評論是否與展示位置相對於消耗品再次增長有關？

Yes, it is. We're very proud that we, on the consumables side, have had eight out of the last nine quarters in which we grew double digits on the consumables side. And we always anticipated that such growth in consumables kind of indicates a capacity constraint eventually in the market, and therefore, we anticipated that at some point in placements of our instruments would be growing again. And this quarter, we indeed went back into the black when it comes to growth in our installment base.

是的。我們非常自豪，在消耗品方面，過去九個季度中有八個季度我們的消耗品銷售額都實現了兩位數的成長。我們一直預計，消耗品的這種成長最終將表明市場產能受限，因此，我們預計在某個時候我們的儀器的配置量將再次成長。本季度，我們的分期付款基礎成長確實重新扭虧為盈。

All right. Thanks. I'll leave it there.

好的。謝謝。我就把它留在那裡。

Matt Larew, William Blair

馬特拉魯，威廉布萊爾

Hi good morning, You referenced the academic market and mentioned that within biopharma, mid-teens. Wondering if you could break that out? Is it still -- it sounds like it's mainly large pharma where most of the recovery is. What, if any, recovery are you seeing in terms of the smaller customers for the biotech customers? Or if not, are you seeing any signs of green shoots?

早上好，您提到了學術市場，並提到在生物製藥領域，處於十幾歲的階段。想知道你是否能打破這個局面？聽起來，大部分復甦主要發生在大型製藥公司嗎？就生物技術客戶中的小型客戶而言，您看到什麼復甦跡象嗎？如果沒有，您是否看到任何復甦的跡象？

I can answer high level and then have Jim double-click on it. The overall, the biotech portion of our end markets, which is around 30% of our revenues, was more or less recovering in line with our expectations. And you might remember how we laid out the year and our expectations in the different markets. And we certainly expected some of the good biotech funding to trickle through into that market. And that is happening in line with our expectations.

我可以回答高層次的問題，然後讓吉姆雙擊它。總體而言，我們終端市場中的生物技術部分（約占我們收入的 30%）的復甦基本上符合我們的預期。您可能還記得我們如何規劃這一年以及對不同市場的期望。我們確實希望一些優質的生物技術資金能夠流入該市場。這一切都符合我們的預期。

A little bit better than expected is large pharma. And that's driving some additional momentum in our Q2 at the last quarter of the calendar year. And we're quite happy to see that momentum. It gives us confidence that our second half will also roll out in line with our expectations.

大型製藥公司的表現比預期好一些。這為我們在日曆年的最後一個季度的第二季度帶來了一些額外的發展動力。我們很高興看到這種勢頭。這使我們有信心，下半年也將按照我們的預期發展。

Yeah. The only thing I would add, Kim, is that we're not claiming full recovery mode yet in either one of those markets. But we did continue to see the smaller biotechs gradually progress. And as Kim alluded to, what was a nice surprise was with the beginning of the recovery in larger pharma that we weren't really expecting until April, May time frame, we started to see that already here in our Q2, which was nice.

是的。金，我唯一想補充的是，我們還沒有宣稱這兩個市場都已進入全面復甦模式。但我們確實看到規模較小的生技公司正在逐步進步。正如 Kim 所提到的，令人驚訝的是，大型製藥公司開始復甦，而我們原本預計要到 4 月、5 月才會出現這種情況，但我們在第二季就看到了這種復甦，這是件好事。

Okay. And then flipping to the Diagnostics and Spatial side. I want to focus on Lunaphore. Obviously, there's been a couple of mergers in the space in the past six months. You now are about a year or so into launching the multiomic solutions to RNAscope. What is your assessment of the competitive landscape at this point?

好的。然後翻轉至診斷和空間方面。我想專注於Lunaphore。顯然，過去六個月該領域已經發生了幾起合併事件。現在，您已經向 RNAscope 推出多組學解決方案大約一年了。您對於目前的競爭格局有何評價？

And then what's key to flipping that from really a significant operating margin headwind into more of a tailwind? Is it just a function of consumable pull-through? Or are you having any issues on the manufacturing side with the instruments? Good to get a sense for how that will progress throughout the year?

那麼，將顯著的營業利潤率逆風轉變為順風的關鍵是什麼？它只是消耗品拉動的功能嗎？或是您在儀器製造上遇到了什麼問題？很高興知道全年進展如何？

Yeah. Thanks for the question. So there has been activity in the market, which we deem positive. A positive sign overall that spatial biology is a market to be in. Yes, a year ago, we launched the COMET, and we have been very happy with the uptake and the capabilities of an instrument.

是的。謝謝你的提問。因此，市場出現了活躍跡象，我們認為這是積極的。總體而言，這是一個積極的信號，表明空間生物學是一個值得進入的市場。是的，一年前我們發射了COMET，我們對該儀器的普及度和功能感到非常滿意。

I do want to correct you a little bit that the RNAscope capabilities, at least in the multiomic setting, have been launched last quarter. So those are rolling out as we speak. And then we've also been able to launch 45 R&D systems-branded antibodies on the instrument. And with that, we expect the pull-through of consumables on the COMET to be one of the higher pull-through instruments in our portfolio.

我確實想稍微修正一下，RNAscope 功能，至少在多組學設定中，已於上個季度推出。正如我們所說，這些都是在陸續推出。然後我們也能夠在該儀器上推出 45 種研發系統品牌抗體。因此，我們預期 COMET 上的消耗品拉動將成為我們投資組合中拉動能力較高的工具之一。

We do not have any manufacturing constraints anymore on this product line, which is good to know. And I forgot the third leg of your question. But do you mind repeating that part?

我們很高興得知，該產品線不再受到任何製造限制。我忘了你問題的第三部分。但你介意重複這個部分嗎？

Oh yeah, just had you've obviously called it out as a headwind to operating parts and in on that site and so I mean [that's flipping], yes.

哦，是的，剛才你顯然已經將其稱為操作零件和現場的阻力，所以我的意思是[那是翻轉]，是的。

Yes. So the two components there, of course, will help. And one is continued uptake of selling the instruments, right? And then the pull-through, if it comes to the reagents. And both will be very important going forward to us. So we are measuring us against hitting certain milestones. And we see positive traction in both these aspects as well. So our profitability will increase as a result of those finding the traction.

是的。因此，那裡的兩個組成部分當然會有所幫助。一是繼續銷售這些樂器，對嗎？如果涉及到試劑，則進行拉通。對我們來說，這兩點都非常重要。因此，我們會根據某些里程碑的達成情況來衡量我們。我們也看到了這兩方面的正面進展。因此，隨著人們找到牽引力，我們的獲利能力將會提高。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Hey guys, thanks for the questions. Maybe first on China. What was regent performance versus instrumentation in the quarter? And how do you expect that to trend in 3Q as that region returns to growth?

嘿夥計們，謝謝你們的提問。也許首先談論的是中國。本季的攝政表現與儀器表現如何？隨著該地區恢復成長，您預計第三季的趨勢將如何？

I would say that the growth was relatively comparable for the two. Again, it was very stable at low single-digit declines in China, and we see it gradually improving and turning to the black in our Q3. And I think it will be very comparable again, both on the instrument side as well as the reagents. So not a notable difference there.

我想說，兩者的成長是相對可比的。再次，中國業務保持穩定，降幅保持在個位數以下，我們看到業務在第三季度逐漸改善並扭虧為盈。我認為，無論是儀器方面還是試劑方面，都將再次具有可比性。因此，這裡沒有明顯的差異。

Okay. Great. And then maybe for RUO reagents, you said up low single digits in the quarter. What was academic versus pharma performance there? And what's your expectation for that as we get into the back half of the year?

好的。偉大的。然後也許對於 RUO 試劑來說，您說本季的成長幅度為個位數。學術界和製藥業的表現如何？當我們進入下半年時，您對此有何期望？

I'm sorry, Katherine, academic versus pharma performance with regards to what?

抱歉，凱瑟琳，學術界與製藥業的表現相比，究竟有何差異？

Within RUO region?

在 RUO 區域內？

RUO reagents. Actually, it was, again, relatively comparable, but slightly stronger in Europe with respect to the RUO run rate reagents both in biopharma and in academic. But again, both our European and US growth totals were like within 1 point or 2 of each other. So we're not talking about a massive difference.

RUO 試劑。實際上，兩者再次相對具有可比性，但就生物製藥和學術領域的 RUO 運行率試劑而言，歐洲略強一些。但歐洲和美國的成長總額都只相差 1 到 2 個百分點。所以我們談論的並不是巨大的差異。

Great. Thank you.

偉大的。謝謝。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Morning guys. Thanks for the questions, Jim, two for you on GMP reagents, if I could. Number 1 is, what kind of growth expectations do you have for that piece next quarter? Obviously, you have the pull forward that you mentioned, but it does sound like you like the overall direction that, that business is headed in. So just given how wide the range has been for that piece, it will be helpful if you could kind of put some guardrails just on what we might see there.

早安，大家。謝謝你的提問，吉姆，如果可以的話，我想問你兩個關於 GMP 試劑的問題。第一，您對下個季度的該部分業務有什麼樣的成長預期？顯然，您有提到的向前推動力，但聽起來您確實喜歡這項業務發展的整體方向。因此，考慮到該部分的範圍有多廣，如果您能對我們可能看到的內容設置一些護欄，那將會很有幫助。

And then the second question is, can you comment on where the margin profile for that business is? I mean, I know you don't get too specific on individual parts of the portfolio, but it's a piece that's moving the needle and so it would just be helpful to understand the mix impact that, that business has as it accelerates. Thanks so much.

第二個問題是，您能否評論一下該業務的利潤狀況？我的意思是，我知道你不會太具體地談論投資組合的各個部分，但這是一個推動發展的部分，因此了解該業務在加速發展過程中產生的組合影響會很有幫助。非常感謝。

Sure. I appreciate the question, Dan. As you know, we don't give guidance down to that level of fidelity. What I'd say is that it is -- as we talk about with these large orders, it can be very lumpy. If you back out the larger orders, the underlying growth of our customers continues to increase every quarter in cell and gene therapy and the revenues do as well.

當然。我很感謝你提出這個問題，丹。如您所知，我們不會提供如此高保真度的指導。我想說的是——正如我們談論的這些大訂單一樣，它可能會非常不穩定。如果你放棄較大的訂單，我們的客戶在細胞和基因治療方面的潛在成長每季都會繼續增加，收入也會增加。

We talked about the TTM being roughly 40%. I cannot necessarily say it's going to be that next quarter, but it will definitely not be the large contributor to growth that it was this quarter, which, again, I think as I said a lot about the underlying strength of the rest of the business and the end markets improving and the fact that we can still hold our forecast for Q3 that we've been saying all year.

我們討論的 TTM 大約是 40%。我不能肯定地說下個季度就會如此，但它肯定不會像本季度那樣成為增長的主要貢獻者，再次，我認為，正如我多次談到的，其餘業務的潛在實力和終端市場的改善，以及我們仍然可以維持我們全年一直所說的第三季度預測。

With regards to the margin profile, it is a very nice profitable business for us and not quite as profitable as our core RUO reagents, but very, very close. It's probably the second most profitable product line within our business. But again, we're not necessarily calling that out as any kind of margin issue for Q3, even though that mix will change just because we do see continued improvement within our RUO business that will compensate for that.

就利潤率狀況而言，這對我們來說是一項非常有利可圖的業務，雖然不如我們的核心 RUO 試劑那麼有利可圖，但也非常接近了。這可能是我們業務中第二大利潤最高的產品線。但是，我們不一定將此稱為第三季的利潤率問題，儘管這種組合將發生變化，因為我們確實看到 RUO 業務的持續改善將彌補這一缺陷。

Okay. Just to maybe get you on the growth. So it sounds like for GMP reagents, we can model that up, decently up, but not anywhere near where it's been for the first half of the year? Is that fair?

好的。只是為了讓你成長。所以聽起來對於 GMP 試劑來說，我們可以對其進行建模，雖然建模得相當好，但還遠遠達不到上半年的水平？這樣公平嗎？

That's fair.

這很公平。

That's fair. Okay, thank you.

這很公平。好的，謝謝。

Conor McNamara, RBC.

康納·麥克納馬拉（RBC）。

Hey guys, thanks for the time and congrats on a really strong quarter. First off, on the handful of programs in cell gene therapy that are in late-stage Phase II or Phase III, is there any way you could quantify or give us color on those programs and the incremental opportunity as those advance either from Phase II to Phase III or as they come to market?

嘿夥計們，感謝你們的時間，並祝賀你們本季度取得了強勁的業績。首先，對於處於 II 期或 III 期後期階段的少數細胞基因療法項目，您能否量化或向我們介紹這些項目的情況，以及它們從 II 期進展到 III 期或進入市場後的增量機會？

That's really hard, Conor. The -- so in general, you would see roughly double the size and orders that each time there is a clinical progress to the next stage. But then again, it really varies with how often the customer orders and how large the clinical study really is. So there's -- it's really hard to give you a standard template there. It really depends on each customer.

這真的很難，康納。一般來說，每當臨床進展到下一階段時，你會看到規模和訂單量大約增加一倍。但話又說回來，這確實因客戶訂購的頻率和臨床研究的實際規模而異。因此——很難給你一個標準模板。這確實取決於每位顧客。

Okay. That two axes. That's helpful. And then just on cell and gene therapy strength, how did Wilson Wolf do in the quarter? And can you remind us if there's any opportunity to consolidate that prior to 2027 given this rebound you're seeing in that end market? Thanks for that.

好的。那兩把斧頭。這很有幫助。那麼僅就細胞和基因治療實力而言，Wilson Wolf 在本季的表現如何？鑑於您在終端市場看到的反彈，您能否提醒我們，在 2027 年之前是否有機會鞏固這一地位？謝謝。

Yeah, I'll take that one. So with regard to Wilson Wolf, I would say that their core growth business mean they're noncommercial wise businesses was consistent with our earlier stage growth. So we're seeing consistency across the cell and gene therapy market there.

是的，我會選擇這個。因此，就 Wilson Wolf 而言，我想說，他們的核心成長業務意味著他們的非商業業務與我們早期的成長一致。我們看到細胞和基因治療市場呈現一致性。

I will remind you that they have five customers now that are commercialized and just the preliminary forecast from just the -- from three of those alone will be enough to put them into very, very, very solid double-digit growth for calendar year 2025. So future is very bright there.

我要提醒大家的是，他們現在有五個已經實現商業化的客戶，僅從其中三個客戶的初步預測就足以讓他們在 2025 日曆年實現非常非常穩健的兩位數增長。所以那裡的前景非常光明。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thanks for taking the questions. Maybe a follow-up on China. I know you guys mentioned you were over there last month. Can you just talk about, I guess, what you saw in terms of the environment, confidence level in terms of the recovery. Obviously, a lot of noise over there. Just curious from the ground, what you guys saw and the expectations there?

嘿夥計們，感謝你們回答問題。也許是對中國的後續關注。我知道你們曾經提到你們上個月在那裡。您能否談談您所看到的環境和復甦信心程度？顯然，那邊很吵。只是從實地好奇，你們看到了什麼以及對此有何期待？

Yeah. I think a couple of aspects. We -- the drive to continue the research in life sciences continues to be there. I am certain in the country would love to make big steps forward in in designing treatments and helping the Chinese citizens as well as the world getting access to better treatments.

是的。我認為有幾個面向。我們 — — 繼續進行生命科學研究的動力一直持續著。我確信，中國願意在治療方案設計上取得重大進展，幫助中國公民乃至世界人民獲得更好的治療。

On the other hand, we are encouraged that there are some more activities on the funding, government funding level, which historically has been elevated compared to the last couple of years. So we do see some increased activity there again, and that's also why our expectations are that China is going to be back into the positive growth slightly.

另一方面，我們很高興看到在資金方面開展了一些活動，政府資助水準與過去幾年相比有所提高。因此，我們確實看到那裡的經濟活動再次增加，這也是我們預期中國經濟將略微恢復正成長的原因。

But on the other hand, there is no doubt that there is a tough economic environment in China and that things are not all in the green just yet. And we just continue to hope that things will improve and that -- and Bio-Techne will be ready to support all the science activities in order to get to a better situation there.

但另一方面，毫無疑問，中國的經濟環境依然嚴峻，一切還未完全好轉。我們只是繼續希望事情會有所改善——Bio-Techne 將準備好支持所有科學活動，以便讓那裡的情況變得更好。

Okay. That's helpful. And then, Jim, maybe one for you. It sounds like the margins in 2H, FX is a little bit of an offset there. Can you just talk about the moving pieces, the expansion opportunity, and again, anything else under the hood other than FX in terms of the shift for 2H? Thank you guys.

好的。這很有幫助。那麼，吉姆，也許有一個適合你。聽起來下半年的利潤率、外匯有一點抵銷。您能否簡單談談移動部件、擴展機會，以及除了 FX 之外的 2H 轉變的其他任何內容？謝謝你們。

Yeah, sure. So nothing's changed with regards to our outlook in the second half margin. We knew we initially guided to 100 to 200 basis points higher in the beginning of the year. Now with the changes in FX, as you heard me say in this call earlier, there's about a 50-point headwind into that, but still significant margin improvement year-over-year at 50 to 150 basis points, in that range. And the even more significant step-up when you think about it sequentially from the first half of the second half.

是的，當然。因此，我們對下半年的前景沒有改變。我們知道，我們在年初最初預計利率將上漲 100 到 200 個基點。現在隨著外匯的變化，正如您之前在電話會議上聽到我所說的那樣，這方面面臨大約 50 點的阻力，但利潤率與去年同期相比仍有顯著提高，在 50 至 150 個基點之間。如果你按順序從上半場到下半場來思考，你會發現進步更加顯著。

And it just shows the power of our contribution margin that comes from our products. So with the -- both the seasonality and the continued acceleration of our growth year-over-year, but also sequentially seasonality wise, that step-up in revenue has very nice pull-through. And we've done a lot to make organizational efficiencies over the past 1.5 years to be ready -- more ready than ever for margin expansion when the growth returns. So that's been the story all year and hasn't changed.

這顯示了我們產品的利潤貢獻能力。因此，無論是季節性因素還是我們同比成長的持續加速，以及連續的季節性因素，收入的成長都具有非常好的拉動作用。在過去的一年半里，我們為提高組織效率做了很多工作，為經濟恢復成長時利潤率的擴大做好了比以往任何時候都更充分的準備。這就是全年的故事，並沒有改變。

And that, coupled with, not just the volume leverage, but also the mix improvement as we saw this quarter when PSS returned to solid growth, you can see the great pull-through that we get from that. And we expect that to continue in the second half.

而且，不僅加上銷售槓桿，還有本季我們看到的組合改善，當 PSS 恢復穩健成長時，您可以看到我們從中獲得的巨大拉動。我們預計這種趨勢將在下半年持續下去。

Thank you, guys.

謝謝你們。

Sung Ji Nam, Scotiabank

Sung Ji Nam，加拿大豐業銀行

Hi, thanks for taking the questions. Maybe on the AI capabilities and the new designer proteins, would you be able to comment on kind of how Bio-Techne stacks up against competitors on that front? How game-changing is this capability in this industry right now? And kind of what the competitive advantages are moving forward?

嗨，感謝您回答這些問題。也許就人工智慧功能和新型設計蛋白質而言，您能否評論一下 Bio-Techne 在這方面與競爭對手相比的優勢？這種能力目前對這個產業有多大的改變？未來的競爭優勢是什麼？

Thank you for the question. We do believe that this -- the AI engineered antibodies as well as proteins will -- are truly a stepwise change in innovation. We do believe there are sustainable advantages because these products are patentable. And we have combined our tremendous internal know-how and the fast database that we build over last couple of decades and invested very early in the AI capabilities. And you really need all three to be successful there.

感謝您的提問。我們確實相信，人工智慧設計的抗體和蛋白質將真正帶來創新的逐步改變。我們確實相信這些產品具有可持續的優勢，因為這些產品是可以申請專利的。我們結合了豐富的內部專業知識和過去幾十年來建立的快速資料庫，並在很早的時候就對人工智慧能力進行了投資。要獲得成功，您確實需要這三者兼而有之。

And I know that we were uniquely positioned to grab this opportunity and run with it. And if you think about the benefits of having these AI engineered proteins, the hyperactivity, temperature stable, so you can really boost your cell-based work. And then the enhanced receptor binding are all very differentiated features and really things that were not possible in the past.

我知道，我們擁有獨特的優勢，可以抓住這個機會並加以利用。如果你考慮到這些人工智慧工程蛋白質的好處，例如過度活躍、溫度穩定，那麼你就可以真正促進基於細胞的工作。增強的受體結合都是非常差異化的特徵，這在過去是不可能發生的事。

And yeah, we think we will create a real nice stepping ladder for customers where you would normally be constrained to only RUO versions of these proteins, but now you can get enhanced activities by picking the AI designed proteins. And then of course, you can step up to the GMP versions of our proteins, and eventually, we will launch the GMP AI engineered proteins. So we will have a real nice continuum for customers to lean on.

是的，我們認為我們將為客戶創建一個真正好的階梯，通常您只能限制使用這些蛋白質的 RUO 版本，但現在您可以透過選擇 AI 設計的蛋白質來獲得增強的活性。然後當然，您可以升級到我們蛋白質的 GMP 版本，最終我們將推出 GMP AI 工程蛋白質。因此，我們將為客戶提供真正良好的連續性依賴。

Great. That's super helpful. And then just on the spatial bio side. The RNAscope assays on the comment that you just launched. Just curious, how quickly do you expect the customers to adopt the multiomics capabilities? Whether that would require further market development? And then also how -- for the clinical market, I think you're gaining good traction there as well, whether the multiomic capabilities also will be a competitive advantage? Thank you.

偉大的。這非常有幫助。然後只是在空間生物方面。RNAscope 對您剛剛發布的評論進行分析。只是好奇，您預期客戶多快能夠採用多組學功能？這是否需要進一步的市場開發？那麼對於臨床市場，我認為你們也在那裡獲得了良好的發展勢頭，多組學能力是否也將成為競爭優勢？謝謝。

Thanks for that question as well. Yeah, I think that having the multiomic capability, and we're truly the only provider of multiomics in the spatial market where our customers can look at 12 RNA targets and 24 protein targets, all in parallel on the same slide. And then having the COMET with the features of very high throughput, you can use off-the-shelf antibodies that you've been using in the past so you don't have to change your experiments. 4 slides simultaneously that will give you 20 slides throughput in a week. Those are all market-leading performances. And I think that we're really set up to continue to do really well in the spatial market.

也感謝您提出這個問題。是的，我認為擁有多組學能力，我們確實是空間市場上唯一的多組學提供者，我們的客戶可以在同一張幻燈片上並行查看 12 個 RNA 靶標和 24 個蛋白質靶標。然後利用具有極高通量特性的 COMET，您可以使用過去一直在使用的現成的抗體，這樣您就不必改變您的實驗。同時處理 4 張投影片，一週內即可處理 20 張投影片。這些都是市場領先的表現。我認為我們確實已經準備好在空間市場繼續取得良好的表現。

The -- currently, we have key opinion leaders really working with the multiomic capabilities, and we envision this rolling out throughout the market. The instrument is very stable, easy to use and so are reagents. So I don't feel that there's a lot of market development to be done. It was truly the rollout of the product and the solution.

目前，我們擁有真正致力於多組學能力的關鍵意見領袖，我們設想將其推廣到整個市場。儀器穩定，試劑使用方便。因此我覺得不需要進行太多的市場開發。這確實是產品和解決方案的推出。

And then last, but not least, you're right, our footprint in clinical has continued to outpace the growth of this overall spatial biology market. So we're really happy that our RNAscope product line, for example, is stable enough and relevant enough to perform in the clinical markets. And also there, we feel that we're one of the few spatial biology solutions that have been successful in the clinical space. So I think we're very, very confident that we're really well positioned to continue to outperform there.

最後，但並非最不重要的一點是，您說得對，我們在臨床領域的足跡一直超過整個空間生物學市場的成長速度。因此，我們真的很高興我們的 RNAscope 產品線足夠穩定且足夠相關，可以在臨床市場上發揮作用。而且，我們認為我們是少數在臨床領域取得成功的空間生物學解決方案之一。因此我認為，我們非常有信心，我們完全有能力繼續在那裡取得優異表現。

Paul Knight, KeyBanc.

保羅奈特（Paul Knight），KeyBanc。

Hi. This is Lucas on for Paul Knight. Just kind of sticking with the theme of the previous question. In the press release, you called out signs of improvement for some of your instrumentation businesses. Was the COMET one of those instruments you saw an uptick in interest for? And how are placements for that trending generally? Thanks.

你好。這是盧卡斯 (Lucas) 替換保羅奈特 (Paul Knight)。只是堅持上一個問題的主題。在新聞稿中，您指出部分儀器儀表業務出現了改善的跡象。COMET 是否是您發現人們對其興趣有所增加的儀器之一？那麼，這些位置的整體趨勢是怎麼樣的呢？謝謝。

Yes. When we talk about our instruments, we really talk mostly about our protein analytical instrumentation portfolio, which we were very encouraged about getting back into the black. And this is excluding the special biology COMET platform. That still sits and gets reported in the spatial biology vertical, if that answers your question?

是的。當我們談論我們的儀器時，我們實際上主要談論的是我們的蛋白質分析儀器組合，我們非常高興能夠重新獲利。這還不包括專門的生物COMET平台。這仍然存在並在空間生物學垂直領域得到報導，這回答了你的問題嗎？

I'll just follow on to say that the interest in that still remains very, very high and the growth rates are still very, very, very strong. So yeah.

我還要說的是，人們對此的興趣仍然非常高，成長率仍然非常非常強勁。是的。

And then just one final question. I believe you were expecting China stimulus to primarily benefit your automated western blot equipment. Is that still what you are seeing? Or as interest broaden out to other product groups?

最後一個問題。我相信您預期中國的刺激計劃將主要惠及您的自動化蛋白質印跡設備。您看到的還是那樣嗎？或興趣擴大到其他產品組？

I think you're correct that that will be the primary product line that we will see traction. But then again, we have really good traction in the biological platform as well. So we feel that all three of our platforms will be in a much better position in China going forward.

我認為您說得對，這將是我們即將看到的主要產品線。但話說回來，我們在生物平台上也擁有良好的發展動能。因此我們認為，未來我們三個平台在中國的地位都會更有利。

Excellent. That's all I had.

出色的。這就是我所擁有的一切。

Thank you. Mr. Kelderman, I would now like to turn the floor back over to you for closing comments.

謝謝。凱爾德曼先生，現在我想把發言權交還給您，請您發表最後評論。

Yeah. Thank you, and thanks, everybody, for joining the call today, and of course, for your insightful questions. I'm extremely proud of the accomplishments and the results the Bio-Techne team has been able to deliver this quarter.

是的。謝謝大家今天參加電話會議，當然也謝謝大家提出的深刻問題。我對 Bio-Techne 團隊本季的成就和成果感到非常自豪。

And our differentiated portfolio addresses some of the highest growth markets in life sciences and is positioned to deliver best-in-class performance for all our stakeholders going forward. So with that, I want to thank you, and have a great day.

我們差異化的產品組合涵蓋了生命科學領域中一些成長最快的市場，並致力於為所有利害關係人提供一流的績效。因此，我要向你們表示感謝，並祝福你們有個愉快的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與，祝您有美好的一天。