Bio-Techne Corp (TECH) 2025 Q4 法說會逐字稿

Good morning, and welcome to Bio-Techne earnings conference call for the fourth quarter and fiscal year 2025. (Operator Instructions)

早上好，歡迎參加 Bio-Techne 2025 財年第四季和年度財報電話會議。（操作員指示）

I would now like to turn the call over to David Clair, Bio-Techne's Vice President, Investor Relations.

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 和 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 considered forward-looking statements, including beliefs and expectations about the company's future results. The company's 10-K for fiscal year 2024 identifies certain factors that could cause the company's actual results to differ materially from those projected in the forward-looking statements made during this call. 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.

在我們開始之前，請允許我簡要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 報表確定了某些可能導致公司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的因素。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 報表以及該公司向美國證券交易委員會提交的其他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 UBS, Wells Fargo, Baird, Morgan Stanley, and Deutsche Bank Healthcare Conferences. We look forward to connecting with many of you at these upcoming events.

另外，在接下來的幾週內，我們將參加瑞銀、富國銀行、貝爾德、摩根士丹利和德意志銀行醫療保健會議。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。

I will now turn the call over to Kim.

現在我將把電話轉給金。

Thank you, Dave, and good morning, everyone. Welcome to Bio-Techne's Fiscal Fourth Quarter 2025 Earnings Call. I'm pleased to report that we delivered a solid quarter that was in line with our expectations. The team's continued execution drove 3% organic revenue growth in a dynamic operating environment. Our performance was once again fueled by strength in the biopharma end markets, particularly among large pharma customers, which fueled robust demand for our automated proteomic analytical instrumentation and cell therapy solutions.

謝謝你，戴夫，大家早安。歡迎參加 Bio-Techne 2025 財政年度第四季財報電話會議。我很高興地報告，我們本季的業績表現穩健，符合我們的預期。在動態營運環境中，團隊的持續執行推動了 3% 的有機收入成長。我們的業績再次受到生物製藥終端市場（尤其是大型製藥客戶）的強勁推動，這刺激了對我們的自動化蛋白質體分析儀器和細胞治療解決方案的強勁需求。

Our fourth quarter kept off a fiscal year in which we delivered 5% organic revenue growth. We reinforced our leadership across key markets through a series of innovative product launches and we positioned the company for sustained future growth. As a reminder, approximately 80% of Bio-Techne's revenue is derived from consumables, including those used for our proprietary instrumentation and this provides a strong foundation for durable growth.

我們第四季的有機收入保持了整個財年的 5% 成長。我們透過一系列創新產品的推出鞏固了我們在主要市場的領導地位，並為公司未來的持續成長做好了準備。提醒一下，Bio-Techne 約 80% 的收入來自消耗品，包括用於我們專有儀器的消耗品，這為持久增長提供了堅實的基礎。

This resilient revenue mix, combined with the critical value our customers place in our portfolio of tools for research, manufacturing and precision diagnostics was reflected in our differentiated financial performance despite uncertainties many of our customers face throughout 2025.

這種有韌性的收入組合，加上客戶對我們的研究、製造和精密診斷工具組合的重視，儘管我們的許多客戶在 2025 年面臨不確定性，但我們仍保持了差異化的財務表現。

This performance was once again achieved with a strong emphasis on profitability. The operational efficiencies, we continue to implement, contributed to an adjusted operating margin of 32% for the quarter. Our team remains focused on striking the right balance between investing for future growth and driving productivity across the organization. This disciplined approach enables us to maintain our industry-leading profitability while positioning Bio-Techne for long-term success.

這項業績的取得，再次反映了我們對獲利能力的高度重視。我們持續實施的營運效率使本季調整後的營業利潤率達到 32%。我們的團隊始終致力於在投資未來成長和提高整個組織的生產力之間取得適當的平衡。這種嚴謹的方法使我們能夠保持業界領先的獲利能力，同時為 Bio-Techne 的長期成功奠定基礎。

Before we delve into the quarterly performance, I want to highlight the strategic portfolio action that reflects our long-term financial and operational priorities. Last night, we announced the divestiture of our Exosome Diagnostics business, including the ExoDx prostate test and our CLIA-certified clinical laboratory to Mdxhealth, a recognized leader in urology and specifically prostate cancer diagnostics.

在深入研究季度業績之前，我想強調反映我們長期財務和營運重點的策略性投資組合行動。昨晚，我們宣布將我們的 Exosome Diagnostics 業務（包括 ExoDx 前列腺測試和我們經 CLIA 認證的臨床實驗室）剝離給 Mdxhealth，後者是泌尿科和前列腺癌診斷領域公認的領導者。

Following a thorough strategic assessment we concluded that a single high-performing CLIA test does not provide us the operational leverage needed to support our broader growth ambitions. We expect the transaction to close in the first quarters of fiscal 2026.

經過全面的策略評估，我們得出結論：單一的高效能 CLIA 測試無法為我們提供支援更廣泛的成長目標所需的營運槓桿。我們預計交易將於 2026 財年第一季完成。

Importantly, Bio-Techne will retain access to the proprietary Exosome-based technology used in a recently launched ESR1 mutation kit for breast cancer, the occurrence. We remain committed to leveraging this platform to expand our portfolio of exosome-based gene mutation kits further strengthening our position in precision diagnostics.

重要的是，Bio-Techne 將保留對最近推出的用於乳癌的 ESR1 突變試劑盒中使用的專有 Exosome 技術的使用權。我們將繼續致力於利用該平台擴展基於外泌體的基因突變試劑盒產品組合，進一步加強我們在精準診斷領域的地位。

Over the past five decades, Bio-Techne has built a market-leading portfolio of high-quality, high-margin, reagents, instruments and tools serving both to life sciences and the clinical diagnostic markets. The divestiture of Exosome Diagnostics represents a strategic repositioning of our portfolio and this enables us to redirect investments towards strengthening our core foundation and our growth verticals. This transaction also delivers an immediate uplift to our already sector-leading operating margin profile. Jim will provide additional detail on the financial implications of this deal later in the call.

在過去的五十年中，Bio-Techne 建立了市場領先的高品質、高利潤的試劑、儀器和工具產品組合，服務於生命科學和臨床診斷市場。剝離 Exosome Diagnostics 代表著我們產品組合的策略性重新定位，這使我們能夠將投資轉向加強我們的核心基礎和垂直成長領域。此次交易也將立即提升我們本已處於業界領先的營業利潤率。吉姆將在稍後的電話會議中提供有關這筆交易的財務影響的更多細節。

Let's now turn to our end markets, beginning with biopharma. Throughout fiscal 2025, we saw steady momentum in this segment, particularly among large pharmaceutical customers. However, decent commentary from the US administration regarding potential pharmaceutical tariffs and the proposed implementation of the most favorite nation drug pricing model has introduced a degree of uncertainty across the pharma landscape.

現在讓我們轉向終端市場，從生物製藥開始。在整個 2025 財年，我們看到該領域呈現穩定成長勢頭，尤其是在大型製藥客戶中。然而，美國政府對潛在藥品關稅以及擬議實施的最惠國藥品定價模式的良好評論給整個製藥業帶來了一定程度的不確定性。

Despite those evolving dynamics, including shifting time lines, changing tariff structures and dynamic messaging regarding policy intent, demand for Bio-Techne's broad portfolio remains strong. Large pharmaceutical companies continue to rely on our high-quality reagents and productivity enhancing tools to advance their pipeline initiatives, underscoring the essential role our solutions play in the research, development and manufacturing workflows. The growth driven by a large pharmaceutical customer base continued to be a key driver in the quarter.

儘管存在這些不斷變化的動態，包括時間線的變化、關稅結構的變化以及有關政策意圖的動態信息，但對 Bio-Techne 廣泛產品組合的需求仍然強勁。大型製藥公司繼續依賴我們的高品質試劑和提高生產力的工具來推進其管道計劃，強調了我們的解決方案在研究、開發和製造工作流程中發揮的重要作用。龐大的醫藥客戶群所推動的成長持續成為本季的主要驅動力。

However, this momentum was partially offset by more subdued performance from smaller biotech firms. These companies remain cautious with their spending and made a constrained funding environment. This strength is consistent with broader industry data, which indicates that biotech funding has declined more than 40% year-to-date compared to the 2024 levels. Despite these headwinds, our overall biopharma end market delivered high single-digit growth for both the fourth quarter and the full fiscal year.

然而，這一勢頭被小型生物科技公司的低迷表現部分抵消。這些公司在支出方面保持謹慎，並創造了受限的融資環境。這種強勁勢頭與更廣泛的行業數據一致，顯示今年迄今生物技術資金與 2024 年的水準相比下降了 40% 以上。儘管面臨這些不利因素，我們的整體生物製藥終端市場在第四季度和整個財年都實現了高個位數成長。

Turning to academia, a segment that continues to attract heightened attention across the life science tools industry. Revenue from our academic customers represents approximately 21% of our total business with US institutions contributing roughly 12%. Given the ongoing uncertainty surrounding the upcoming NIH budget, we conducted a comprehensive assessment to better understand our exposure to NIH-funded research, based on this evaluation, our new estimate is that less than one-third of our US academic revenue is directly tied to NIH grants.

轉向學術界，這一領域繼續引起整個生命科學工具產業的高度關注。來自學術客戶的收入約占我們總業務的 21%，其中美國機構貢獻約 12%。鑑於即將到來的 NIH 預算的持續不確定性，我們進行了全面評估，以更好地了解我們對 NIH 資助研究的接觸情況，基於此評估，我們的新估計是，我們在美國學術收入的不到三分之一與 NIH 資助直接相關。

In other words, our total company exposure to an NIH funded research is likely in the low single digits range. that is notably below our prior estimate of 5% to 6%. In light of recent reports of NIH grant cancellations, we also examined publicly available databases to identify which research areas are most affected. Encouragingly, our analysis revealed that funding for programs that are aligned with Bio-Techne's core portfolio remains largely intact.

換句話說，我們公司對 NIH 資助研究的總投資可能處於個位數的低位範圍內，明顯低於我們先前估計的 5% 至 6%。根據最近有關 NIH 取消撥款的報導，我們還檢查了公開的資料庫，以確定哪些研究領域受影響最大。令人鼓舞的是，我們的分析表明，與 Bio-Techne 核心產品組合一致的項目的資金基本上保持不變。

Areas such as proteomics, immunohistochemistry and Spatial Biology, cell culture, cell therapy and immunology have experienced relatively limited disruption. This reinforces the durability of our academic exposure, which is concentrated in fields of ongoing scientific and clinical importance. As a result, our academic end markets declined low single digits in the fourth quarter and increased low single digits for the full fiscal year.

蛋白質體學、免疫組織化學和空間生物學、細胞培養、細胞治療和免疫學等領域受到的干擾相對有限。這增強了我們學術曝光的持久性，集中在具有持續科學和臨床重要性的領域。結果，我們的學術終端市場在第四季度下降了低個位數，而整個財年則成長了低個位數。

From a geographic standpoint, performance was broadly consistent with expectations. The Americas delivered low single-digit growth. Europe expanded mid-single digits. In APAC, excluding China, grew low single digits as well. Noteworthy is that China delivered a positive surprise, increasing low double digits in the quarter has originally turned to growth ahead of anticipated tariff impacts.

從地理角度來看，業績表現與預期大致一致。美洲地區實現了低個位數成長。歐洲的成長率達到中等個位數。在亞太地區（不包括中國），成長率也只有個位數。值得注意的是，中國經濟表現令人驚喜，本季低兩位數的成長已超越預期的關稅影響，轉為成長。

This momentum was broad-based spending our portfolio of research and GMP reagents, analytical instrumentation and spatial biology solutions. Beyond the tariff-related activity, market signals suggest that China has stabilized and is well positioned for a gradual return to modest growth in the coming quarters.

這一勢頭源於我們對研究和 GMP 試劑、分析儀器和太空生物學解決方案的廣泛投入。除了與關稅相關的活動之外，市場訊號顯示中國經濟已經穩定下來，並預計在未來幾季逐步恢復溫和成長。

Now let's discuss the growth drivers in our Protein Sciences segment, where strong execution drove demand across a portfolio of proteomic analytical tools and cell therapy workflow solutions. And this enables 4% growth for the segment in the quarter.

現在讓我們討論一下蛋白質科學領域的成長動力，強勁的執行力推動了蛋白質體學分析工具和細胞治療工作流程解決方案組合的需求。這使得該部門本季實現了 4% 的成長。

Fiscal 2025 was marked by several key product launches that further strengthened our position in the market. These launches included the introduction of Leo, our next-generation simple western instrument, the introduction of PopVax, enabling the continued expansion of our GMP reagents portfolio and the introduction of AI-enabled designer proteins.

2025 財年我們推出了幾款關鍵產品，進一步鞏固了我們的市場地位。這些發布包括推出我們的下一代簡易西方儀器 Leo、推出 PopVax，從而繼續擴大我們的 GMP 試劑組合以及推出支援 AI 的設計蛋白質。

For full fiscal year 2025, our Protein Sciences segment increased revenues by 5%. The demand for cell therapy workflow solutions remains strong with over 550 customers relying on Bio-Techne's high-quality, consistent in highly bioactive GMP reagents to advance their preclinical and clinical programs.

2025 財年全年，我們的蛋白質科學部門營收成長了 5%。細胞治療工作流程解決方案的需求仍然強勁，超過 550 個客戶依靠 Bio-Techne 的高品質、高生物活性的 GMP 試劑來推進其臨床前和臨床計畫。

As mentioned, we introduced our PopVax GMP cytokine product line in fiscal year 2025. OpEx delivered precise cytokine concentrations to cell therapy manufacturers and support closed system CAR-T and TCR-T manufacturing workflows. These innovative cytokine delivery systems carry a value proposition that enables Bio-Techne to take share in later stage and potentially commercial stage programs.

如上所述，我們在 2025 財年推出了 PopVax GMP 細胞激素產品線。OpEx 向細胞療法製造商提供精確的細胞激素濃度，並支援封閉系統 CAR-T 和 TCR-T 製造工作流程。這些創新的細胞激素傳遞系統具有價值主張，使 Bio-Techne 能夠在後期和潛在商業階段的專案中佔有一席之地。

Our GMP reagent portfolio grew 20% in Q4 and exceeded 30% growth for the full fiscal year. Sticking with our cell therapy growth pillar, I also like to take this opportunity to give an update on the manufacturer of the leading GRx bioreactors, Wilson Wolf. Bio-Techne currently owns 20% of Wilson Wolf and is on track to acquire the remaining 80% by the end of calendar 2027 or earlier, contingent upon milestone achievements. Despite the ongoing softness in biotech funding, Wilson Wolf grew over 20% for fiscal 2025, while maintaining EBITDA margins north of 70% for the year.

我們的 GMP 試劑產品組合在第四季度成長了 20%，整個財年的成長率超過了 30%。堅持我們的細胞治療成長支柱，我也想藉此機會介紹領先的 GRx 生物反應器製造商 Wilson Wolf 的最新情況。Bio-Techne 目前擁有 Wilson Wolf 20% 的股份，並預計在 2027 年底或更早之前收購剩餘的 80% 股份，但前提是實現里程碑式的成就。儘管生技融資持續疲軟，Wilson Wolf 在 2025 財年仍實現了 20% 以上的成長，同時全年的 EBITDA 利潤率維持在 70% 以上。

Next, I'd like to highlight the continued strength for proteomic analytical instrument business. The productivity gains these platforms deliver combined with disciplined execution from our commercial teams drove high single-digit growth for both the quarter and the full fiscal year. Importantly, we saw mid-teens growth in instrument revenue, marking the third consecutive quarter of year-over-year growth in instrument placements.

接下來，我想強調蛋白質體分析儀器業務的持續強勁表現。這些平台帶來的生產力提升，加上我們商業團隊的嚴格執行，推動了本季和整個財年的高個位數成長。重要的是，我們看到儀器收入實現了中等幅度的成長，這標誌著儀器配置量連續第三個季度同比增長。

Turning to our Simple Western portfolio. Demand for our next-generation high-throughput instrument at Leo was strong in the quarter. The growing installed base, a robust order funnel and a higher consumable pull-through compared to the legacy Simple Western systems, all point to a promising future for this platform.

轉向我們的 Simple Western 產品組合。本季度，Leo 對新一代高通量儀器的需求強勁。與傳統的 Simple Western 系統相比，不斷增長的安裝基礎、強大的訂單管道和更高的消費品拉動率都表明該平台前景光明。

We're also seeing meaningful traction in expanding the use cases for the Simple Western technology. A recent example is a role of Simple Western place in supporting the FDA approval of Abeona Therapeutics cell-based gene therapy.

我們也看到了 Simple Western 技術在擴展用例方面取得的顯著進展。最近的一個例子是 Simple Western 在支持 FDA 批准 Abeona Therapeutics 細胞基因療法方面發揮的作用。

Our platform was used for GMP lot release testing of both the vital factor and the cell therapy, underscoring its grown relevance as a QC tool in therapeutic development and manufacturing. This is a clear signal that our instrumentation is not only driving productivity in research workflows, but it's increasingly being adopted in a regulated environment an important validation of our strategy.

我們的平台用於重要因素和細胞療法的 GMP 批發測試，強調了其作為治療開發和製造中的 QC 工具的日益重要性。這清楚地表明，我們的儀器不僅提高了研究工作流程的生產力，而且在受監管的環境中也越來越被採用，這是對我們策略的重要驗證。

I'd also like to highlight the continued strength we're seeing in our biologics business led by the Maurice platform. Maurice continues to gain share, driven by its ease of use, a producibility and strong data compliance, which are attributes that align closely with the needs of our pharma and bioprocessing customers.

我還想強調一下我們在莫里斯平台的帶領下生物製劑業務的持續強勁表現。Maurice 的市佔率持續成長，這得益於其易用性、可生產性和強大的數據合規性，這些特性與我們的製藥和生物加工客戶的需求緊密相關。

As a reminder, Maurice is spec-ed into pharmaceutical manufacturing lines as a QA/QC instrument and demand for bioprocessing instrumentation remains robust. This tailwind, combined with our commercial execution, has translated into consistent growth in both instrument placements and consumables pull-through.

提醒一下，Maurice 被指定為製藥生產線的 QA/QC 儀器，對生物加工儀器的需求仍然強勁。這種順風與我們的商業執行相結合，轉化為儀器安置和消耗品拉動的持續成長。

Wrapping up a Protein Sciences segment, I'd like to turn to our core reagent and assay portfolio. Our research use-only consumables, including our industry-leading catalog of 6,000 proteins and 400,000 antibody types grew low single digits in the quarter. Importantly, despite ongoing concerns around NIH outlays and uncertainties surrounding the fiscal 2026 NIH budget reagent sales to our US academic customers remained flat compared to the prior year period.

總結蛋白質科學部分，我想談談我們的核心試劑和檢測產品組合。我們的僅供研究使用的耗材，包括我們行業領先的 6,000 種蛋白質和 400,000 種抗體類型目錄，在本季度實現了低個位數增長。重要的是，儘管人們持續擔心 NIH 支出以及 2026 財政年度 NIH 預算的不確定性，但與去年同期相比，我們面向美國學術客戶的試劑銷售額仍然持平。

Another highlight is that we reinforced our leadership in RUO assays through a strategic distribution partnership with Spear Bio. Under this agreement, Bio-Techne will distribute Spear Bio's ultrasensitive immunoassays targeting key Alzheimer's disease biomarkers, including pTau-217, NFL and others. This collaboration builds on our earlier participation in Spear Bio's $45 million Series A funding round in 2024.

另一個亮點是，我們透過與 Spear Bio 建立策略性分銷合作夥伴關係，鞏固了我們在 RUO 檢測領域的領導地位。根據該協議，Bio-Techne 將分銷 Spear Bio 針對阿茲海默症關鍵生物標記的超靈敏免疫測定法，包括 pTau-217、NFL 等。此次合作建立在我們先前參與 Spear Bio 2024 年 4,500 萬美元 A 輪融資的基礎上。

Let's now turn to the growth pillars within Diagnostics and Spatial Biology segment. Organic revenue declined 1% in the fourth quarter, primarily due to order timing across all three businesses. For the full year, however, the segment delivered 6% organic revenue growth, reflecting the strength of our portfolio. special biology remains the area with the highest exposure to academic customers, and as such, has been more acutely impacted by the uncertainties surrounding NIH funding and a softer biotech funding environment.

現在讓我們來看看診斷和空間生物學領域的成長支柱。第四季有機收入下降 1%，主要原因是三項業務的訂單時間表。然而，就全年而言，該部門實現了 6% 的有機收入成長，反映了我們產品組合的實力。特殊生物學仍然是學術客戶接觸最多的領域，因此，受到 NIH 資金不確定性和較弱的生物技術資金環境的更大影響。

Additionally, order timing for several LUNAPHORE COMET systems weighed on our performance with geopolitical headwinds delaying instrument placements in the Middle East. As a result, Spatial Biology declined mid-single digits in Q4, but grew mid-single digits for the full fiscal year, including nearly 50% growth for LUNAPHORE.

此外，由於地緣政治逆風推遲了中東地區的儀器安裝，多個 LUNAPHORE COMET 系統的訂單時間對我們的業績產生了影響。因此，Spatial Biology 在第四季度的銷售額下降了中等個位數，但整個財年卻實現了中等個位數的成長，其中 LUNAPHORE 的成長接近 50%。

In summary, I'm incredibly proud of the consistent execution by the Bio-Techne team throughout fiscal year 2025, especially in the face of persistent macroeconomic challenges and policy-driven uncertainties. This past year showcased our innovation at scale with several high-impact product launches across both segments that position us well for future growth.

總而言之，我對 Bio-Techne 團隊在整個 2025 財年的一致執行力感到無比自豪，尤其是在面對持續的宏觀經濟挑戰和政策驅動的不確定性的情況下。過去的一年，我們大規模地展示了我們的創新，在兩個領域推出了多款具有高影響力的產品，為我們未來的成長奠定了良好的基礎。

Our portfolio remains tightly aligned with some of the most attractive and fastest-growing markets in life sciences and precision diagnostics. With a focused strategy and a world-class team, we are well equipped to capitalize on these opportunities and drive long-term value creation.

我們的產品組合與生命科學和精準診斷領域最具吸引力和成長最快的一些市場緊密結合。憑藉專注的策略和世界一流的團隊，我們有能力利用這些機會並推動長期價值創造。

Now with that, I'll pass the call over to Jim. Jim?

現在，我將把電話轉給吉姆。吉姆？

Thank you, Kim. I'll start with some additional details on our Q4 financial performance and then give some thoughts on the forward outlook.

謝謝你，金。我將首先介紹我們第四季財務業績的一些細節，然後談談對未來前景的一些看法。

Starting with the overall fourth quarter financial performance. Adjusted EPS was $0.53 compared to $0.49 in the prior year with foreign exchange having a favorable $0.03 impact. GAAP EPS for the quarter was a loss of $0.11 compared to a positive $0.25 in the prior year period. Q4 revenue was $317 million, an increase of 3% year-over-year on an organic basis and 4% reported.

從第四季的整體財務表現開始。調整後每股收益為 0.53 美元，而去年同期為 0.49 美元，外匯產生了 0.03 美元的有利影響。本季 GAAP EPS 虧損 0.11 美元，去年同期為正 0.25 美元。第四季營收為 3.17 億美元，年增 3%，報告成長 4%。

By geography, North America increased low single digits year-over-year, driven primarily by our pharma customers. Europe increased mid-single digits, led by strength from our biopharma customers and steady growth in academia. China increased low double digits as demand improved in front of tariff uncertainties, while the rest of Asia increased low single digits.

從地理來看，北美地區年增率低個位數，主要得益於我們的製藥客戶。歐洲實現了中等個位數成長，這主要得益於我們生物製藥客戶的強勁成長和學術界的穩定成長。由於關稅不確定性面前需求改善，中國實現了低兩位數成長，而亞洲其他地區則實現了低個位數成長。

By end market in Q4, biopharma increased high single digits, while academia decreased low single digits in the quarter. Below revenue on the P&L, total company adjusted gross margin was 70.1% in the quarter compared to 71.1% last year, down year-over-year primarily due to unfavorable product mix.

以第四季的終端市場來看，生物製藥產業實現了高個位數成長，而學術產業則出現了低個位數下降。損益表中的收入低於，本季度公司調整後總毛利率為 70.1%，而去年同期為 71.1%，年減主要由於產品組合不利。

Adjusted SG&A in Q4 was 30.2% of revenue compared to 29.8% in the prior year, while R&D expense in Q4 was 7.8% of revenue compared to 7.9% in the prior year. The overall stability in SG&A and R&D was driven primarily by the ongoing benefits of structural streamlining and diligent expense control, offset by the funding of strategic growth initiatives.

第四季調整後的銷售、一般及行政費用佔營收的 30.2%，去年同期為 29.8%，而第四季研發費用佔營收的 7.8%，去年同期為 7.9%。銷售、一般及行政費用和研發費用的整體穩定主要得益於結構精簡和嚴格費用控制的持續效益，但戰略增長計劃的資金投入抵消了這一影響。

Adjusted operating margin for Q4 was 32%, down 150 basis points compared to the prior year, primarily due to the impact of unfavorable product mix. We continue to execute cost containment measures and prioritize our growth initiatives to drive efficiencies throughout the organization with the goal of maximizing operating leverage while we are in this uncertain market environment.

第四季調整後營業利益率為32%，較前一年下降150個基點，主要受不利產品組合的影響。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，目標是在這種不確定的市場環境中最大限度地提高營運槓桿。

Looking at our numbers below operating income. Net interest expense in Q4 was $1.4 million, flat with the prior year. Our bank debt on the balance sheet as of the end of Q4 stood at $346 million. Other adjusted net operating income was $5.2 million in the quarter, an increase of $4.7 million compared to the prior year. The increase was driven by the foreign exchange impact related to our overseas cash point arrangements as well as our share of Wilson Wolf net income.

查看我們營業收入以下的數字。第四季淨利息支出為 140 萬美元，與上年持平。截至第四季末，我們資產負債表上的銀行債務為 3.46 億美元。本季其他調整後淨營業收入為 520 萬美元，較上年增加 470 萬美元。這一增長是由我們海外自動櫃員機安排以及我們在 Wilson Wolf 淨收入中所佔份額相關的外匯影響所致。

Moving further down the P&L. Our adjusted effective tax rate in Q4 was 21.5%, down 60 basis points compared to the prior year due to geographic mix.

進一步降低損益。我們第四季的調整後有效稅率為 21.5%，由於地理分佈原因，比前一年下降了 60 個基點。

Turning to cash flow and return of capital. $98.2 million of cash was generated from operations in the quarter, and our net investment in capital expenditures was $4.9 million. Also during Q4, we returned capital to shareholders by a way of $12.4 million in dividends and $100.1 million through stock buybacks. We finished the quarter with $155.8 million average diluted shares outstanding a decrease of 3% compared to the prior year.

談到現金流和資本回報。本季營運產生的現金為 9,820 萬美元，我們的資本支出淨投資為 490 萬美元。此外，在第四季度，我們透過股利 1,240 萬美元和股票回購 1.001 億美元的方式向股東返還了資本。本季末，我們平均攤薄流通股數為 1.558 億美元，較上年同期下降 3%。

Our balance sheet finished Q4 in a strong position with $162.2 million in cash, and our total leverage remains well below 1 times EBITDA. Going forward, M&A remains a top priority for capital allocation. Next, I'll discuss the performance of our reporting segments, starting with the Protein Sciences segment. Q4 reported sales were $226.5 million, with reported revenue increasing 6% compared to the prior year.

我們的資產負債表在第四季度表現強勁，擁有 1.622 億美元現金，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。接下來，我將討論我們報告部門的表現，從蛋白質科學部門開始。第四季報告銷售額為 2.265 億美元，報告營收比上年增長 6%。

Organic revenue growth was 4% for the quarter, with foreign currency exchange having a favorable impact of 2%. The segment's organic growth was driven by strong performances in our cell therapy and protein analytical tools businesses, especially from large pharma customers.

本季有機收入成長 4%，其中外匯匯率帶來 2% 的有利影響。該部門的有機成長得益於我們的細胞治療和蛋白質分析工具業務的強勁表現，尤其是來自大型製藥客戶的強勁表現。

Operating margin for the Protein Sciences segment was 43.6%, an increase of 60 basis points compared to the prior year, primarily due to the impact of favorable volume leverage, cost management and ongoing structural alignment initiatives.

蛋白質科學部門的營業利潤率為 43.6%，比前一年增加 60 個基點，主要得益於有利的銷售槓桿、成本管理和持續的結構調整措施的影響。

Turning to the Diagnostics and Spatial Biology segment. Q4 sales were $89.7 million with both reported and organic growth decreasing 1% compared to the same period last year. Growth in a surgeon, our ExoDx prostate cancer test and our diagnostic reagents business was offset by the impact of macro uncertainties on our spatial biology portfolio and the timing of projects from our companion diagnostics customers. For modeling purposes, total Exosome Diagnostics revenue was $25.9 million in fiscal 2025 with an unfavorable impact of 200 basis points on our corporate adjusted operating margin.

轉向診斷和空間生物學部分。第四季銷售額為 8,970 萬美元，報告成長和有機成長均與去年同期相比下降 1%。外科醫生、我們的 ExoDx 前列腺癌測試和診斷試劑業務的成長被宏觀不確定性對我們的空間生物學產品組合和伴隨診斷客戶專案時間的影響所抵消。為了建模目的，Exosome Diagnostics 2025 財年的總收入為 2,590 萬美元，對我們公司調整後的營業利潤率產生 200 個基點的不利影響。

As Kim mentioned in his remarks, we reached a definitive agreement to divest the Exosome Diagnostics business to Mdxhealth, and the business will be classified as a business held for sale until the anticipated close of the transaction during the first quarter of our fiscal 2026.

正如 Kim 在演講中提到的那樣，我們達成了最終協議，將 Exosome Diagnostics 業務剝離給 Mdxhealth，並且該業務將被歸類為持有待售業務，直到我們 2026 財年第一季度預計完成交易為止。

Moving on to the Diagnostics and Spatial Biology segment operating margin, which was 6% compared to the prior year's 12.5%. The decrease in margin was primarily due to unfavorable product mix. We expect this unfavorable product mix within this segment to start to reverse in Q1 of fiscal year '26 and we anticipate an immediate improvement in the diagnostics and Spatial Biology operating margin following the Exosome Diagnostics divestiture.

診斷和太空生物學部門的營業利潤率為 6%，而前一年為 12.5%。利潤率的下降主要是因為產品組合不佳所致。我們預計該部門內不利的產品組合將在 26 財年第一季開始扭轉，並且我們預計在外泌體診斷業務剝離後，診斷和空間生物學的營業利潤率將立即提高。

In summary, Q4 was in line with our expectations, and our teams continue to execute extremely well, especially considering the turbulent market conditions induced by biotech funding challenges as well as NIH funding and tariff uncertainties potentially impacting our customers. Prior to the emergence of NIH funding and tariff uncertainties, our business was on its way back towards double-digit organic growth. which we continue to view as a long-term growth rate of our business under normal market conditions.

總而言之，第四季度符合我們的預期，我們的團隊繼續表現非常出色，特別是考慮到生物技術資金挑戰以及 NIH 資金和關稅不確定性可能影響我們的客戶而引起的動盪市場條件。在 NIH 資金和關稅不確定性出現之前，我們的業務正在重返兩位數的有機成長之路。我們繼續將其視為正常市場條件下我們業務的長期成長率。

Looking ahead, predicting when these uncertainties will be resolved and when we might see more stabilized end markets remains challenging. We are hopeful that the ongoing House and Senate appropriations process will bring greater clarity to the government's fiscal 2026 NIH budget. Encouragingly, select members of Congress continue to express support for NIH funding, though the final outcome is unlikely to be known before this fall.

展望未來，預測這些不確定性何時會解決以及何時我們才能看到更穩定的終端市場仍然具有挑戰性。我們希望眾議院和參議院正在進行的撥款程序將使政府 2026 財政年度的 NIH 預算更加清晰。令人鼓舞的是，部分國會議員繼續表示支持 NIH 的資助，儘管最終結果可能在今年秋天之前才能知道。

In the meantime, additional risks are emerging, including the potential for budget, precision and a shift toward multiyear grant funding by the executive branch. These factors are contributing to cautious purchasing behavior among our US academic customers, and we expect this dynamic to persist until there is more certainty around funding.

同時，其他風險也不斷出現，包括預算、精確度以及行政部門轉向多年期撥款的可能性。這些因素導致我們的美國學術客戶採取謹慎的購買行為，我們預計這種動態將持續下去，直到資金更加確定。

Turning back to our pharma end market. uncertainty remains around the potential tariff exposure our pharmaceutical customers may face under the current US administration. While the recently announced US EU trade agreement, which includes a blank at 15% tariff on pharmaceuticals, is a constructive step, the US administration is still proposing up to a 250% tariff on pharmaceutical companies in the future. Compounding this uncertainty is the administration's recent push for most favored nation pricing, which could impact the profitability of the largest pharmaceutical companies and in turn, their reinvestment into R&D.

回到我們的製藥終端市場。在現任美國政府的政策下，我們的製藥客戶可能面臨的潛在關稅風險仍存在不確定性。儘管最近宣布的美歐貿易協定（其中包括對藥品徵收15%的空白關稅）是建設性的一步，但美國政府仍提議未來對製藥公司徵收高達250%的關稅。加劇這種不確定性的是政府最近推行的最惠國定價政策，這可能會影響大型製藥公司的獲利能力，進而影響它們對研發的再投資。

And finally, turning to our biotech end market. This segment is responding cautiously to the broader uncertainty impacting innovation and commercialization. Concerns around reduced innovation from the academic sector coupled with potentially lower returns on invested capital from clinical pipelines are weighing on sentiment. These pressures stem the possibility of diminished profitability post commercialization due to policy shifts such as MFM pricing.

最後，轉向我們的生物技術終端市場。該部門對影響創新和商業化的更廣泛的不確定性做出了謹慎的反應。人們擔心學術界創新減少，加上臨床管線投資資本回報率可能下降，影響了市場情緒。這些壓力源自於由於MFM定價等政策變化導致商業化後獲利能力下降的可能性。

As Kim noted, biotech funding has been notably soft year-to-date with industry reports estimating a decline of over 40% compared to 2024 levels. We do not anticipate a meaningful rebound in funding for smaller biotech companies until there is greater clarity around NIH appropriations, tariff policies and drug pricing reforms. Taking all of these factors into account, we believe Bio-Techne has navigated a highly dynamic and uncertain market environment with disciplined and resilience, delivering low single-digit organic growth in the most recent quarter.

正如 Kim 所指出的，今年迄今生物技術資金明顯疲軟，產業報告估計與 2024 年的水準相比下降了 40% 以上。我們預計，在 NIH 撥款、關稅政策和藥品定價改革更加明朗之前，小型生技公司的資金不會大幅反彈。考慮到所有這些因素，我們相信 Bio-Techne 以嚴謹的態度和韌性應對了高度動態和不確定的市場環境，並在最近一個季度實現了低個位數的有機成長。

Moving forward, we anticipate that our organic growth will remain in a low single-digit range until the current headwinds across our end markets begin to subside. That said, we maintain a high degree of confidence that our end markets will return to the long-term historical growth trajectories once these uncertainties are resolved.

展望未來，我們預計我們的有機成長將保持在較低的個位數範圍內，直到我們終端市場的當前逆風開始消退。儘管如此，我們仍然高度相信，一旦這些不確定性得到解決，我們的終端市場將恢復到長期歷史成長軌跡。

The underlying secular drivers an aging global population, increasing demand for improved quality life and the accelerating pace of scientific breakthroughs in life sciences remain firmly intact and continues to support the long-term growth outlook for our business.

全球人口老化、對改善生活品質的需求不斷增長以及生命科學領域科學突破的步伐加快等潛在的長期驅動因素依然牢固不變，並繼續支持我們業務的長期成長前景。

In terms of adjusted operating margin, we remain committed to balancing strategic investments that fuel future growth with productivity initiatives that enhance profitability in today's dynamic environment. A portion of these strategic investments will be funded through the reallocation of resources previously dedicated to the ExoDX franchise, now redirected toward our core growth pillars.

在調整後的營業利潤率方面，我們仍然致力於平衡推動未來成長的策略性投資與在當今動態環境中提高獲利能力的生產力舉措。這些策略投資的一部分將透過重新分配先前專用於 ExoDX 特許經營的資源來資助，現在這些資源將轉向我們的核心成長支柱。

These include advancing the next generation of our automated proteomic analysis and spatial biology platforms expanding applications in cell therapy and reinvigorating our core reagents portfolio with targeted investments in organic research and AI-driven protein development. Even with this redirected investment, we expect adjusted operating margin expansion of approximately 100 basis points in fiscal year '26 compared to fiscal 2025, starting flat year-over-year in our first quarter and ramping to roughly 200 basis points higher by Q4.

這些包括推進我們的下一代自動蛋白質組學分析和空間生物學平台，擴大其在細胞治療中的應用，並透過對有機研究和人工智慧驅動的蛋白質開發的有針對性的投資來重振我們的核心試劑組合。即使進行了這筆重新定向投資，我們預計 2026 財年的調整後營業利潤率將比 2025 財年擴大約 100 個基點，從第一季開始與去年同期持平，到第四季將上升至約 200 個基點。

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生，以便解答疑問。

(Operator Instructions) Puneet Souda, Leerink Partners.

（操作員說明）Puneet Souda，Leerink Partners。

First one on the guide. I just wanted to clarify and the outlook comments you made. Are you expecting low single digit for the full year fiscal '26, and if you could talk a little bit about the cadence of that over the next four quarters. How should we think about the Protein Sciences segment growth within that context versus the DSS growth?

指南上的第一個。我只是想澄清一下你提出的觀點和評論。您是否預期 26 財年全年的銷售額將為低個位數，能否談談未來四季的銷售額成長節奏？在這樣的背景下，我們該如何看待蛋白質科學領域的成長與 DSS 的成長？

So first of all, to clarify, the guidance was not necessarily for full year fiscal '26 growth of low single digits. It was that we expect low single-digit growth until there is more certainty around the various administration policies out there on academic funding, and pharmaceutical tariffs and FM pricing. And if that takes the full fiscal year to become more certain, then yes, that would translate to a full fiscal year '26.

因此，首先需要澄清的是，該指引並不一定是針對 26 財年全年的低個位數成長。我們預計，在學術資助、藥品關稅和 FM 定價等各種管理政策更加確定之前，成長率將保持在較低的個位數。如果這需要整個財政年度才能更加確定，那麼是的，這將轉化為整個 26 財政年度。

But to be clear, I'm not necessarily anticipating that will take the full year for that starting to become more known. With regards to the Life segment, as you know, we don't give guidance specifically by segment. I think there's some puts and takes within both the segments, but I wouldn't expect a big material change in the growth rates in either one under this environment.

但要明確說明的是，我並不一定期望這消息需要一整年的時間才能開始為人所知。關於生活部分，如您所知，我們不會根據具體部分提供指導。我認為這兩個領域都存在一些利弊，但我預計在這種環境下，任何一個領域的成長率都不會發生重大變化。

Okay. That's helpful. And then on the pharma, large pharma segment, it appears instrumentation did well. That's in contrast to some of the things that we're seeing from the peers. Maybe can you talk a little bit about what instruments are driving growth there? LUNAPHORE was obviously weak in academic setting, but -- just wanting to understand what was what's picking up in instrumentation. And how should we think about the overall antibodies and cytokines business to perform this year because obviously, that's consumables and should be more resilient despite the somewhat challenging market backdrop?

好的。這很有幫助。然後在製藥、大型製藥領域，儀器錶現良好。這與我們從同行那裡看到的一些情況形成了鮮明對比。您能否稍微談談哪些工具正在推動那裡的成長？LUNAPHORE 在學術設置方面顯然較弱，但是——只是想了解儀器中所拾取的東西是什麼。我們應該如何看待今年整體抗體和細胞激素業務的表現，因為顯然這是消耗品，儘管市場背景有些挑戰，但它應該更具彈性？

Puneet, thanks for the question. The instruments indeed, to are delighted really well in large pharma. And we have seen that trend over the last couple of quarters. because we know that our instrumentation are getting more and more utilized, not only in the early discovery phases, but also in the QA and QC applications for production. And there we're getting spec in and we definitely see strong growth in the biologics product lines.

Puneet，謝謝你的提問。這些儀器確實在大型製藥公司中很受歡迎。在過去的幾個季度中我們已經看到了這種趨勢。因為我們知道我們的儀器越來越被利用，不僅在早期發現階段，而且在生產的 QA 和 QC 應用中。我們正在獲得規格，並且確實看到生物製劑產品線的強勁增長。

And then on top of that, we've launched the Simple Western high-throughput system called Leo, which is kind of tailored to large pharma users because it has much higher throughput and that's one attribute the successes to for serving the large pharma customers.

除此之外，我們還推出了名為 Leo 的 Simple Western 高通量系統，該系統專為大型製藥用戶量身定制，因為它具有更高的吞吐量，這也是我們成功服務大型製藥客戶的原因之一。

On the LUNAPHORE side, yes, we had strong traction in my prepared remarks, I ready mentioned that we were pretty unlucky with three placements of the instruments where we couldn't execute on the -- putting them in commission in the Middle East due to political turbulence.

在 LUNAPHORE 方面，是的，我們在我準備好的發言中表現出了很強的吸引力，我之前提到過，由於政治動盪，我們在三個儀器的放置上非常不走運，無法在中東地區執行這些儀器的部署。

And therefore, we will have to push out those instruments to the next quarter. But in the meantime, if I look at the win-loss rate and the order book for that product line, we're looking pretty strong.

因此，我們必須將這些工具推遲到下個季度。但同時，如果我看一下該產品線的勝負率和訂單簿，我們看起來相當強勁。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

I appreciate we're in an uncertain environment. But when you're thinking about the outlook, Kim, would you still commit to that market plus 500 basis points of growth that you've talked about previously?

我知道我們處在一個不確定的環境。但是當您考慮前景時，金，您是否還會致力於該市場以及您之前談到的 500 個基點的成長？

In an extreme environment, Dan, and thanks for your question. It's obviously harder or less predictable to outperform exactly out 500 basis points or more. We obviously have a track record where we've done so for a couple of years. But yes, if markets dry up or are really turbulent, it could be different. However, over the quarters were definitely hope and see that there will be more clarity around the two or three topics Jim mentioned earlier. I have no doubt that we will have the same differentiation to our peer group but also a very much intact long-range model where we will be growing 500 basis points or more compared to market, and that will then naturally also bring us back to double digits.

在極端環境下，丹，謝謝你的提問。顯然，要準確超越 500 個基點或更多是比較困難或難以預測的。顯然，我們已經有好幾年這樣做的紀錄了。但是，如果市場枯竭或真的動盪起來，情況可能會有所不同。然而，在過去幾個季度中，我們確實希望並看到 Jim 之前提到的兩個或三個主題會更加清晰。我毫不懷疑，我們將與同行保持同樣的差異化，但同時也會有一個非常完整的長期模型，與市場相比，我們將增長 500 個基點或更多，這自然也會使我們回到兩位數。

Understood. And then my follow-up on your operating margin expansion. I'm curious how you can accomplish 100 basis points of operating margin expansion on low single-digit growth. Is that due specifically to the divestiture of Exosome? Or is that something that you could commit to at that growth level?

明白了。然後我會跟進您的營業利潤率擴張情況。我很好奇你如何在低個位數成長的情況下實現 100 個基點的營業利潤率擴張。這是不是具體由於 Exosome 的剝離？或者這是您在該增長水平上可以承諾的事情？

It is being driven by the divestiture of Exosome. As we mentioned, Exosome was a headwind of about 200 basis points to our margin in fiscal year '25. But we are making strategic moves to reinvest some of the money we had put next is on prior into other growth pillars. So we think we can do that and continue to fortify our positions for growth going forward in our core growth pillars, while still providing some margin expansion back to investors, hence, the 100 basis points.

這是由 Exosome 的剝離所推動的。正如我們所提到的，Exosome 對我們的利潤率造成了約 200 個基點的阻力，這在 25 財年是一筆不小的損失。但我們正在採取策略性舉措，將先前投入的部分資金重新投資於其他成長支柱。因此，我們認為我們可以做到這一點，並繼續鞏固我們未來在核心成長支柱中的成長地位，同時仍為投資者提供一些利潤率擴張，因此是 100 個基點。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Thanks for the questions. I appreciate you doing the legwork to understand the NIH exposure there. low single-digit exposure is actually pretty low. Can you expand on where the funding is coming from for the two-third of the academic customers that aren't tied to the NIH, is it pharma? Is it private sources? Where are these guys getting their money from?

感謝您的提問。我很感激您付出努力來了解 NIH 的曝光率。低個位數的曝光率實際上相當低。能否詳細說明與 NIH 無關的三分之二學術客戶的資金來自哪裡，是製藥公司嗎？是私人來源嗎？這些人的錢是從哪裡來的？

Yeah. based on the research we've done, Dan, and you probably can see the same as a lot of surveys out there that has been published with regards to where academic institutions in the US do get their money from. And pretty consistent that roughly 50%, 55% of their funding comes from federal sources, and all those federal sources, roughly 50% comes from NIH. So that equates to roughly less than a third of the academic research funding coming from, specifically NIH. So that's the math behind that number. And for us, of course, U.S. academic is only 12% of our business. So.

是的。根據我們所做的研究，丹，你可能也看到很多已經發表的關於美國學術機構資金來源的調查結果。並且相當一致的是，大約 50% 到 55% 的資金來自聯邦政府，而所有這些聯邦政府資金中，大約 50% 來自 NIH。因此，這相當於大約不到三分之一的學術研究經費來自 NIH。這就是這個數字背後的數學原理。當然，對我們來說，美國學術僅占我們業務的 12%。所以。

Yeah. Okay. And then maybe on Wilson Wolf, since you guys touched on that. Obviously, the top line performance that would trigger the change of control is something that you can only do so much about, but the EBITDA threshold could be managed to, especially since I think that's the one that's actually closer to hitting the target. Do you have a sense for whether that business is going to be run with a sooner rather than later take out in mind? Or is it really just kind of it will do what it does and that change will take place whenever that happens to happen?

是的。好的。然後也許是關於威爾遜沃爾夫，因為你們談到了這一點。顯然，觸發控制權變更的營收表現是你所能做的有限的，但 EBITDA 門檻是可以控制的，特別是因為我認為這實際上更接近目標。您是否知道這項業務是否會以盡快完成而不是稍後完成為目的？或者它真的只是會做它該做的事，並且當發生這種情況時，變化就會發生？

Yes, Dan, I think, of course, we keep a close eye on it because we are quite interested in having the assets under management because it's a fantastic product portfolio are very synergistic with not only RV reagents, but also with our top and bottom line. So EBITDA, to your question, it's going to be close.

是的，丹，我認為，當然，我們會密切關注它，因為我們對管理資產非常感興趣，因為這是一個非常棒的產品組合，不僅與 RV 試劑具有協同作用，而且與我們的頂線和底線也具有協同作用。因此，對於您的問題，EBITDA 將會很接近。

I think, if there's a little bit of tailwind in the business, it's definitely possible that the EBITDA threshold will be triggered and that we would be right to owners of the asset earlier than the December 31 of '27, which is the date where we would get it no matter what, right? It's going to be close. So we keep an eye on it, and we, of course, are routing for Wilson Wolf to achieve it.

我認為，如果業務有一點順風，那麼 EBITDA 門檻就絕對有可能被觸發，並且我們將在 27 年 12 月 31 日之前成為資產所有者，無論發生什麼，這都是我們都會獲得資產的日期，對嗎？很快就要結束了。因此，我們會密切關注此事，當然，我們也希望威爾遜·沃爾夫能夠實現這一目標。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

You referenced a set of unknowns that's driving the low single-digit outlook. And I think it's likely that those are not resolved simultaneously and probably there's some cadence to how that occurs. It sounds like you did a lot of customer outreach and surveys over the course of the last few months. What did you learn about budget unlock and what will really kind of catalyze spend from those different sets of uncertainties that are influencing the outlook?

您提到了一系列導致低個位數前景的未知因素。我認為這些問題可能不會同時解決，而且這些問題的解決可能有一定的節奏。聽起來您在過去幾個月裡做了很多客戶拓展和調查。您對預算解鎖有何了解？什麼將真正促進影響前景的各種不確定因素的支出？

Well, I think from the academic perspective, Matt, it comes down to this customer behavior. We're hearing that despite the NIH funding being less than a third of what actually fund these academic institutions, natural behavior is to kind of overreact and hold back on everything, being concerned of where money might come from in the future. And so we're hearing about at least temporary budgets being cut 10%, 15% across the board in terms of not cut, but just in terms of holding back on spending in anticipation of what may or may not happen.

嗯，馬特，我認為從學術角度來看，這取決於客戶行為。我們聽說，儘管 NIH 的資金不到這些學術機構實際資金的三分之一，但自然的行為是反應過度並對一切保持觀望，擔心未來資金從何而來。因此，我們聽說臨時預算至少要削減 10%、15%，但這並不意味著全面削減，而只是在預測可能發生或不可能發生的情況時控制支出。

So I think our actual belief after talking to many customers and hearing a bunch of surveys around this is that what we're experiencing now in academic is from a behavior perspective, might be worse than any actual negative outcome of the funding. So I actually view a resolution of, call it, certainty of where the NIH budgets fall out, whether that's flat, whether that's minus 10% or even minus 15%, I actually view that as upside once that unknown becomes known because we believe customers are actually behaving more conservative than even the worst-case scenario.

因此，我認為，在與許多客戶交談並聽取了大量相關調查後，我們真正的信念是，從行為角度來看，我們現在在學術上所經歷的情況可能比資金的任何實際負面結果更糟糕。因此，我實際上看到了一個解決方案，可以稱之為確定性，即 NIH 預算的下降方向，無論是持平，還是下降 10% 甚至 15%，一旦這個未知數被知曉，我實際上就將其視為上行空間，因為我們相信客戶的行為實際上比最壞的情況更為保守。

Okay. So obviously, the Exosome divestment followed the -- an early one, the Atlanta Biologics one a couple of years ago. You referenced M&A remains a key focus. In light of some of the portfolio reshaping that's going on, you referenced sort of renewed focus on margin profile. How are you thinking about M&A, be it by segment, be it by stage of company or relative profitability and potential?

好的。顯然，Exosome 的撤資是繼幾年前亞特蘭大生物製劑公司的撤資之後的另一個撤資。您提到併購仍然是重點。鑑於正在進行的一些投資組合重組，您提到重新關注保證金狀況。您如何看待併購，是按細分市場、按公司階段還是相對獲利能力和潛力？

Yeah. Thank you, Matt. Well, M&A is still the highest priority and will be for the capital deployment. And yes, we would be very interested in getting product lines and companies that are aligned with our strategy, right, high-margin, high-volume products that we can ship through our channels globally. And therefore, investing in our core -- the core reagents, adding to that is very likely a desirable scenario.

是的。謝謝你，馬特。嗯，併購仍然是重中之重，並將用於資本配置。是的，我們非常有興趣獲得符合我們策略的產品線和公司，對的，高利潤、大批量的產品，我們可以透過我們的全球管道出貨。因此，投資我們的核心——核心試劑，並在此基礎上進行增加很可能是一個理想的情況。

Cell therapy, there are still many capabilities that we could add to our very successful cell therapy franchise. And then we have a very strong portfolio in instrumentation and related consumables in the ProteinSimple franchise. And there, we also see capabilities that we could add. And yes, therefore, we're keeping a very precise list of targets that we are nurturing and definitely would be very eager to act on it.

細胞療法，我們仍然可以為我們非常成功的細胞療法特許經營增添許多功能。我們在 ProteinSimple 特許經營領域擁有非常強大的儀器和相關耗材產品組合。在那裡，我們還看到了可以添加的功能。是的，因此，我們保留了一份非常精確的目標清單，我們正在培養這些目標，並且非常渴望採取行動。

Kyle Boucher, TD Cowen.

凱爾·布歇 (Kyle Boucher)，TD Cowen。

I wanted to just dig in a little bit on trends you're seeing between large pharma and biotech, and maybe how they sort of trended throughout the quarter? And then maybe on the large pharma side, some peers have been a little bit more positive on large pharma that it's stable, if not steadily improving a little bit. So I guess just in the context of your low single-digit growth expectation, how does pharma fit within that framework?

我想稍微深入了解您在大型製藥公司和生技公司之間看到的趨勢，以及它們在整個季度中的趨勢如何？然後也許在大型製藥公司方面，一些同行對大型製藥公司的態度更加積極一些，認為該公司的狀況穩定，甚至略有改善。因此，我猜想，在您對低個位數成長的預期下，製藥業如何適應這個框架？

Yeah. So even this most recent quarter, we had low single-digit growth and yet our pharma -- large pharma grew double digit. So large pharma has been very robust for us as well. And our guidance going forward basically assumes more of the same. Is there a risk that could soften a bit with the MFN concerns and so forth? Yes. We feel like that's balanced with somewhat from academic being a bit overly conservative right now with regards to what the eventual outcome there could be.

是的。因此，即使在最近這個季度，我們的成長也只是個位數，而我們的製藥公司——大型製藥公司卻實現了兩位數的成長。因此，大型製藥公司對我們來說也非常強大。我們未來的指導基本上也假設了更多相同的情況。是否有因最惠國待遇問題等而可能有所緩和的風險？是的。我們感覺這與學術界目前對於最終結果有點過於保守的態度是平衡的。

So our -- the low single digit basically is more of the same that we saw this current quarter. We just lived through a quarter of some of the largest uncertainties we faced in the life science tools industry in quite a long time. And those uncertainties haven't gone away. They haven't gotten any worse, but they haven't gotten any better. And so we kind of expect more of the same in all three of our major end markets until these uncertainties are resolved.

因此，我們的低個位數基本上與我們本季看到的情況相同。我們剛剛經歷了生命科學工具產業長期以來面臨的最大不確定性的四分之一。這些不確定性至今仍未消失。情況沒有變得更糟，但也沒有變得更好。因此，在這些不確定性得到解決之前，我們預計我們三個主要終端市場的情況將大致相同。

Got it. And then maybe a quick clarification on China, pretty impressive growth there in the fiscal fourth quarter. Could you quantify how much maybe pull forward you saw in the fiscal fourth quarter? I think you mentioned that activity sort of picked up ahead of potential tariff impacts. Is that right?

知道了。然後我們來快速澄清一下中國的情況，中國在第四財季的成長相當令人印象深刻。您能否量化一下您在第四財季看到的可能提前的程度？我想您提到過，在潛在的關稅影響之前，活動有所回升。是嗎？

Yeah. That was definitely something that we saw. Like in China, there were a couple of dynamics. One is that we had some benefit from funding that was being released. That was a tailwind. And then China itself was, of course, aware that there was a deadline looming when it comes to the tariffs, and there might have been some behavior in pulling in purchases before these deadlines expire and before the tariffs would be enacted. And that's what drove our double-digit results.

是的。這確實是我們親眼所見的。就像在中國一樣，也存在著一些動態。一是我們從發放的資金中獲得了一定的好處。那是順風。當然，中國自己也意識到關稅的最後期限即將到來，並且可能在最後期限到期和關稅實施之前採取一些拉貨行為。這就是我們取得兩位數業績的動力。

And we wanted to make sure that, that's not something we feel that the region would deliver every quarter from now, but that we would see, if you take those out, a very stable China that is inching forward and accelerating again to modest growth. So that's how we would look at it.

我們希望確保，這不是我們認為該地區從現在起每個季度都會實現的目標，但是，如果將這些因素排除在外，我們會看到一個非常穩定的中國，它正在緩慢前進，並再次加速實現適度增長。這就是我們看待這個問題的方式。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

I just want to clarify on the margin outlook. I think you talked about 200 basis points in the second half of the year. Does that assume an accelerating top line outlook? And if you could just touch on what's embedded for net pricing and any tariff headwinds for the year, it would be helpful.

我只是想澄清一下利潤前景。我認為您談到了下半年的 200 個基點。這是否意味著營收前景將加速成長？如果您能簡單談談淨定價的內容以及今年的任何關稅阻力，那將會很有幫助。

Yeah. Just so to clarify specifically, we expect there to be about 200 basis points of improvement by the time we get to Q4. So not necessarily the entire second half, but by the time we get to Q4. And the ramp of going from flat to 200 basis points is a combination of the timing of Exosome Diagnostics completely rolling off of our ledger and ongoing productivity initiatives that we're implementing right now that will gain traction in terms of hitting the bottom line as the year progresses.

是的。為了具體說明，我們預計到第四季將有大約 200 個基點的改善。因此不一定是整個下半年，但到第四季時就會如此。從持平到 200 個基點的上升是 Exosome Diagnostics 完全從我們的賬簿中退出的時間和我們目前正在實施的持續生產力計劃的結合，這些計劃將隨著時間的推移在實現盈利方面獲得動力。

And then the natural lift of revenues that we have from a seasonality perspective in the back half of the year versus the front half of the year. So it's really a combination of all three of those things that allow for that margin expansion to accelerate throughout the year.

從季節角度來看，下半年的收入相對於上半年而言自然有所提升。因此，這三項因素的結合實際上使得利潤率全年加速擴張。

Great. And just one follow-up on China in the quarter, low double-digit growth. How would that kind of break down between consumables and instruments? And was there any stimulus benefit in the period?

偉大的。本季僅有一個國家跟進中國市場，成長率低於兩位數。消耗品和儀器之間該如何劃分？期間有沒有什麼刺激政策？

Yeah, there was a handful of instruments that we shipped related to stimulus. And yes, the breakout between consumables and instruments, we usually don't give, but it's relatively similar.

是的，我們運送了一些與刺激措施相關的儀器。是的，我們通常不會給出消耗品和儀器之間的細分，但它們相對相似。

Yeah. What I'd add to that is that I think the growth we saw in China was driven a little bit by the stimulus, as Kim mentioned, but also by the instruments that we believe customers were ordering in anticipation of tariffs, which never really materialized. And we talked about the fact that we think overall, the Chinese market is stabilizing to a market growth that's roughly flat going forward and maybe slightly positive, and that would be more consistent with how our reagents performed.

是的。我想補充的是，我認為我們在中國看到的增長在一定程度上受到了刺激政策的推動，正如金提到的那樣，但也受到了我們認為客戶在預期關稅的情況下訂購的工具的推動，但關稅從未真正實現。我們談到這樣一個事實：我們認為總體而言，中國市場正在趨於穩定，市場成長未來大致持平，甚至可能略有成長，這與我們的試劑表現更加一致。

Daniel Markowitz, Evercore ISI.

丹尼爾·馬科維茨（Daniel Markowitz），Evercore ISI。

I had two. The first one, as you think through the drivers of margin expansion in fiscal '26, it seems like the guide is assuming low single-digit organic. And it's hard to expand margins at that kind of top line growth. But of course, you have a couple of tailwinds coming from the tariff offsets and the ExoDx divestiture. Is the plan to toggle the amount of ExoDx reinvestments depending on top line? Or would any upside to the organic top line lead to upside to margin expansion as well?

我有兩個。第一個問題，當您思考 26 財年利潤率擴張的驅動因素時，似乎指南假設的是低個位數有機成長率。在這種營收成長的情況下，利潤率很難提高。但當然，關稅抵銷和 ExoDx 資產剝離也會帶來一些有利因素。該計劃是否根據營業收入來調整 ExoDx 再投資的金額？或者有機營業收入的任何上升是否也會導致利潤率的擴大？

So I'd say that our base case that we're operating right now is low single-digit growth until the markets improve. And I can't predict when exactly that will be, but we are managing the business under that low single-digit growth environment, taking productivity actions as you would expect us to do in that situation. Those productivity actions, combined with Exosome Diagnostics no longer being in our results gives us margin headroom for reinvestment back into our businesses when the markets do return. So that's how we're managing the business today.

所以我想說，我們目前營運的基本情況是低個位數成長，直到市場好轉。我無法預測具體時間，但我們正在低個位數成長環境下管理業務，採取生產力行動，正如您期望我們在這種情況下所做的那樣。這些生產力行動，加上 Exosome Diagnostics 不再出現在我們的業績中，為我們提供了利潤空間，以便在市場復甦時重新投資於我們的業務。這就是我們今天管理業務的方式。

Now if you're asking when these uncertainties become get resolved, and we should see some tailwinds from that, we will decide when that happens, what next investments are on deck to make and the trade-offs between reinvesting that upside into future growth platforms and/or giving them some more margin back to the investors.

現在，如果您問這些不確定性何時會得到解決，我們應該從中看到一些順風，我們將決定何時發生這種情況，下一步將進行哪些投資，以及將這種優勢再投資於未來的成長平台和/或將更多的利潤返還給投資者之間的權衡。

So we will continue to have that balancing act as the markets return back to normal. But right now, we're managing the business under a low single-digit growth environment and through productivity actions and ExoDx allowing us to still reinvest for growth while expanding margins.

因此，隨著市場恢復正常，我們將繼續保持這種平衡。但目前，我們在低個位數成長環境下管理業務，並透過生產力行動和 ExoDx 使我們能夠在擴大利潤率的同時繼續進行再投資以實現成長。

That's helpful. And then the second one, just on cell and gene therapy. I know you called out Wilson Wolf plus-20% and called out strength in cell therapy in the press release and on the call. Was this similar across the rest of the cell and gene portfolio?

這很有幫助。第二個是關於細胞和基因治療。我知道您在新聞稿和電話會議上都提到了 Wilson Wolf 的盈利增長了 20%，並且強調了細胞療法的優勢。這與其他細胞和基因組合相似嗎？

Yeah, I'm sorry, could you repeat the question one more time? I'm not quite sure we understood the context.

是的，很抱歉，您能再重複一次這個問題嗎？我不太確定我們是否理解了上下文。

Sorry. Yeah, you called out Wilson Wolf about 20% growth. Was that similar growth profile across the rest of the cell and gene portfolio?

對不起。是的，您提到威爾遜沃爾夫的成長率為 20%。其餘細胞和基因組合的生長情形是否相似？

Yes, it was. It was almost identical.

是的。幾乎一模一樣。

Yes.

是的。

Mac Etoch, Stephens.

麥克·埃托赫，史蒂芬斯。

Maybe just following up on the previous question around cell and gene therapy. Can you maybe flesh out some of the puts and takes around this end market just given the current challenges?

也許只是跟進之前關於細胞和基因治療的問題。考慮到目前的挑戰，您能否詳細說明這個終端市場的一些優點和缺點？

Yeah, I didn't hear the question. Do you mind repeating it?

是的，我沒有聽到問題。你介意再說一次嗎？

Yeah, apologies. I was just saying I just wanted to follow up on the prior question. I was just hoping to see if you all could flesh out some of the puts and takes around the cell and gene therapy end market just given the current challenges.

是的，抱歉。我只是說我只是想跟進前面的問題。我只是希望看看你們是否能夠針對當前的挑戰，詳細闡述細胞和基因治療終端市場的一些優點和缺點。

Yeah. So we're actually -- we know that the biotech markets are depressed from a funding level, but the later-stage companies still invest in their programs. And that's really what's driving the results. I think it could be better with a broader, healthier market in biotech and pharma. But overall, I'm impressed with the resilience of our cell and gene therapy franchise, which we will hope accelerate at some point. But with 20% growth, it's in constrained market. It's showing its value, and it's showing that many companies are still investing behind the cell therapy solutions.

是的。因此，我們實際上——我們知道生物技術市場在融資層面上處於低迷狀態，但後期公司仍在投資他們的專案。這才是真正推動結果的因素。我認為，如果生物技術和製藥市場更加廣闊、更健康，情況會更好。但總的來說，我們的細胞和基因治療特許經營的彈性給我留下了深刻的印象，我們希望這種彈性在某個時候能夠加速。但儘管成長率為 20%，但其市場仍受到限制。它顯示了它的價值，也表明許多公司仍在投資細胞治療解決方案。

Appreciate that. And then you also highlighted the cell and gene therapy opportunity for the Ella and Simple Western instruments. Is there any way to frame up how much of your instrument revenue comes from the cell and gene therapy end market or what this can mean for growth going forward?

非常感謝。然後您也強調了 Ella 和 Simple Western 儀器的細胞和基因治療機會。有沒有辦法確定您的儀器收入有多少來自細胞和基因治療終端市場，或者這對未來的成長意味著什麼？

It's hard for us. We typically don't divulge that information. We -- because customers could order an instrument and use it in several applications. We do notice from the interest in the different application nodes that we release that there has been clearly a tilt towards the applications in cell therapy.

這對我們來說很難。我們通常不會洩露該資訊。我們—因為客戶可以訂購一種儀器並在多種應用中使用它。我們確實從發布的不同應用節點的興趣中註意到，人們明顯傾向於細胞治療中的應用。

Yeah. And I'd also say that the strength in our ProteinSimple franchise was driven this most recent quarter, but for several quarters now by both our Simple Western and our Maurice platforms. And we know that -- and from both large pharma and smaller biotech customers, both. And so we know that the applications that those are being used for and can tend to be more downstream in nature, whether that's in biologics or whether that's in cell therapies. So I think to Kim's point, the cell therapy clinical tends to be more later stage, and that's where the money is still going.

是的。而且我還想說，我們的 ProteinSimple 特許經營的優勢是在最近一個季度推動的，但在過去幾個季度裡，我們的 Simple Western 和 Maurice 平台都發揮了同樣的作用。我們知道這一點——無論是大型製藥公司還是小型生技公司的客戶都了解這一點。因此，我們知道這些應用的用途在本質上更傾向於下游，無論是在生物製劑中還是在細胞療法中。所以我認為，正如 Kim 所說，細胞療法臨床往往處於後期階段，資金仍將流向該階段。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Maybe on China, helpful to talk through -- it seems like maybe a little bit of some pull forward. Can you talk about, I guess, what you saw underlying in the quarter and then the expectations going forward? Where are we in that region? How are you thinking about in terms of that low single-digit growth going forward, how China plays into that would be helpful.

也許就中國而言，進行討論是有幫助的——這似乎可能有點向前推進。您能否談談您對本季的基本看法以及對未來的預期？我們在該地區的什麼位置？您如何看待未來低個位數成長，中國將如何發揮其作用？

Yeah. Thank you, Patrick. Right. There's a couple of dynamics going on in China. And I think the most important one for us is, of course, the funding has been a long storyline over the last couple of years, but we always knew that we were -- with the most recent funding that it was going to be a slight impact -- positive impact for us, not the main driver. Then we have the China for China market, which is a positive driver for us, which we feel is stabilizing.

是的。謝謝你，派崔克。正確的。中國正在發生一些動態。我認為對我們來說最重要的當然是，過去幾年來資金一直是一個漫長的故事情節，但我們始終知道，最近的資金對我們來說將產生輕微的影響——積極的影響，而不是主要驅動力。然後我們有中國市場，這對我們來說是一個積極的推動力，我們認為它正在穩定下來。

And then last but not least, we now have quite some activity, a high activity level in China out-licensing technologies and therapies globally. And that is really what is driving some of the heightened activity level. And that's also what we feel is going to be the true driver for the upcoming growth where we feel that there will be a continued recovery in the China region to get back to modest growth.

最後但同樣重要的一點是，我們現在在中國開展了相當多的活動，在全球範圍內高水平地授權技術和療法。這確實是推動活動水準提高的因素。我們也認為這將是未來成長的真正動力，我們認為中國地區將繼續復甦，恢復適度成長。

Okay. That's helpful. And then maybe one for Jim. Just in terms of the guide, obviously, I get the kind of the short term, low single digits. I guess in terms of the visibility, are you guys just -- is it just the biotech and academic piece, just a little bit of caution there and want to wait and see before calling any sort of inflection? What are you guys looking for in terms of gaining a little more visibility and ramping back to maybe a little bit more of the normal growth rates we're used to seeing from you guys?

好的。這很有幫助。然後也許還有一個給吉姆。僅就指南而言，顯然我得到的是短期、低個位數的數據。我想就可見性而言，你們只是——這只是生物技術和學術部分，只是有一點謹慎，想在稱之為任何形式的拐點之前等待和觀察嗎？為了獲得更多的知名度並恢復到我們習慣看到的正常成長率，你們希望得到什麼？

No. I mean, Patrick, that's exactly right. I mean rather than sit here and try to call an inflection point and call a point in time of when the decisions are going to be made around NIH funding and how the executive branch is going to manage to that and when funding will actually return back to biotech, I mean, I'm not a sus any more than anyone else is.

不。我的意思是，帕特里克，這是完全正確的。我的意思是，與其坐在這裡試圖指出一個轉折點，指出一個時間點，指出何時將圍繞 NIH 資金做出決定，以及行政部門將如何管理這些決定，以及何時資金將真正回到生物技術領域，我的意思是，我和其他人一樣，都不是懷疑者。

So those are the key indicators we're looking for. We do believe that once all this noise around NIH funding and settles down, we think our customers in academic will also settle down and regroup.

這些就是我們正在尋找的關鍵指標。我們確實相信，一旦圍繞 NIH 資助的所有喧囂平息下來，我們認為我們的學術客戶也會安定下來並重新集結。

And we do think right now, we're experiencing the worst of it. So I see that as upside when that happens. And hopefully, that happens early this fall, but we all know they can drag out longer than that. So we'll have to wait and see.

我們確實認為，現在我們正在經歷最糟糕的情況。因此，當這種情況發生時，我認為這是有好處的。希望這能在今年秋初發生，但我們都知道他們可能會拖延更久。因此我們只能拭目以待。

And then biotech funding, same thing. We're monitoring that. The good news is the past couple of months, it appears as though the funding is starting to come back a bit, but it's still down a lot year-over-year from a year-to-date perspective. So two months doesn't make a trend, but we are encouraged by that.

然後是生技融資，同樣的事情。我們正在監控此事。好消息是，過去幾個月，資金似乎開始回升，但從年初至今的角度來看，年比仍然下降很多。因此兩個月的時間並不能形成一種趨勢，但我們對此感到鼓舞。

But we do believe the biotech funding sentiment follows kind of a combination of both the academic sentiment and the large pharma sentiment. So -- and it can accelerate otherwise. So I think getting resolution on the pharma tariffs, the pharma MFN pricing and how that's going to play out. Once those are more known, I think those will all be inflection points for stabilization of our markets and confidence to reinvest in R&D.

但我們確實相信，生技融資情緒是學術界情緒和大型製藥公司情緒的結合。所以——否則它就會加速。因此我認為應該解決藥品關稅、藥品最惠國定價問題以及如何實施這些問題。一旦這些被更多人所知，我認為這些都將成為穩定我們的市場和重新投資研發的信心的轉捩點。

Thank you. We have reached our allotted time for the question-and-answer session. I would now like to turn the call back over to Kim Kelderman for any additional or closing remarks.

謝謝。我們已經達到了問答環節的分配時間。現在，我想將電話轉回給 Kim Kelderman，請他發表任何補充意見或結束語。

Thank you for joining today's earnings call. As mentioned, I'm extremely proud of the Bio-Techne team for their continued execution during this prolonged period of uncertainty across our markets. Our differentiated financial performance reflects the strong value our customers place on our uniquely positioned portfolio of research reagents, proteomic analysis tools, cell therapy workflow solutions and diagnostic and spatial biology products.

感謝您參加今天的收益電話會議。如上所述，我為 Bio-Techne 團隊在市場長期不確定的時期內持續表現感到非常自豪。我們差異化的財務表現反映了客戶對我們獨特定位的研究試劑、蛋白質組學分析工具、細胞治療工作流程解決方案以及診斷和空間生物學產品組合的高度重視。

In fiscal 2025, we strengthened our portfolio through several innovative product launches and reshaped the business with the divestiture of nonstrategic assets. These strategic moves enhance our competitive positioning and allow us to focus investment on our core products and our key growth pillars and with that, unlocking sustainable value creation for all our stakeholders. Thank you again, and I wish you all a great day.

在2025財年，我們透過推出多款創新產品加強了產品組合，並透過剝離非策略性資產重塑了業務。這些策略舉措增強了我們的競爭地位，使我們能夠集中投資於我們的核心產品和關鍵成長支柱，從而為所有利害關係人釋放可持續的價值創造。再次感謝大家，祝福大家有個愉快的一天。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful day.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，並享受美好的一天。