Bio-Techne Corporation (TECH) 2026 Q3 法說會逐字稿

Good morning, and welcome to the Bio-Techne Earnings Conference Call for the third quarter and fiscal Year 2026. (Operator Instructions)

早安，歡迎參加 Bio-Techne 2026 會計年度第三季暨 2026 會計年度財年盈餘電話會議。(接線員指示)

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

現在我想把電話交給 Bio-Techne 投資人關係副總裁 David Clair。請開始。

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. 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.

早安，感謝各位加入我們。今天早上與我一同出席電話會議的有：總裁兼執行長 Kim Kelderman，以及 Bio-Techne 財務長 Jim Hippel。在開始之前，我先簡要說明我們的安全港聲明。本次電話會議中的部分評論可能被視為前瞻性陳述，包括對公司未來業績的信念與預期。

The company's 10-K for fiscal 2025 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.

公司 2025 會計年度的 10-K 指出若干因素，可能導致公司實際結果與本次電話會議中前瞻性陳述所預測者出現重大差異。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 以及公司其他向 SEC 提交的文件，可於公司網站的投資人關係專區取得。

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.

在本次電話會議中，可能會使用非 GAAP 財務衡量指標，以提供與持續性營運表現相關的資訊。將這些指標與最可比 GAAP 指標進行調節的表格，已刊載於今天稍早發布的新聞稿中，可於 Bio-Techne Corporation 網站投資人關係專區（www.bio-techne.com）查閱。

Separately, in the coming weeks, we will be participating in the Bank of America and Jefferies Healthcare Conferences. We look forward to connecting with many of you at these upcoming events.

另外，在接下來幾週，我們將參加美國銀行（Bank of America）與 Jefferies 醫療健康會議。我們期待在這些即將到來的活動中與各位交流。

I will now turn the call over to Kim.

現在我把電話交給 Kim。

Thank you, Dave, and good morning, everyone. Welcome to Bio-Techne's third quarter earnings call for Fiscal 2026. The Bio-Techne team continued to execute with discipline in a dynamic and uneven end market environment. Our quarterly performance was supported by sustained strength from our large pharmaceutical customers and stable to improving trends in our US academic end market.

謝謝你，Dave，各位早安。歡迎參加 Bio-Techne 2026 會計年度第三季盈餘電話會議。在充滿變動且終端市場表現不均的環境下，Bio-Techne 團隊持續以紀律執行。本季表現受惠於大型製藥客戶的持續強勁，以及美國學術終端市場趨勢穩定至改善。

These positives were partially offset by continued softness in emerging biotech spending, resulting in a 2% organic revenue decline for the quarter. Importantly, we are seeing encouraging indicators that point to an ongoing improvement in the US academia and an eventual recovery in emerging biotech, which positions us well for a stronger fiscal 2027.

然而，新興生技支出持續疲弱，部分抵銷了上述正面因素，使本季有機營收年減 2%。重要的是，我們看到令人鼓舞的指標，顯示美國學術市場持續改善，且新興生技終將復甦，這使我們在 2027 會計年度有望更為強勁。

As discussed in our prior earnings call, order timing related to two cell therapy customers that received FDA Fast Track designation along with the timing of a large OEM commercial supply order created a 400 basis point headwind in the quarter.

如同我們在上一季盈餘電話會議所討論，兩家獲得 FDA 快速通道（Fast Track）資格的細胞治療客戶之訂單時點，以及一筆大型 OEM 商業供應訂單的時點，於本季造成 400 個基點的不利影響。

Excluding these factors, underlying organic revenue growth was 2%. There were several notable highlights during our third quarter, including the following our Spatial Biology portfolio delivered mid-teens growth and exited the quarter with another record backlog for our COMET platform.

若排除這些因素，基礎有機營收成長為 2%。第三季有幾項值得注意的亮點，包括：我們的空間生物學（Spatial Biology）產品組合實現約十幾%的成長，且 COMET 平台在季末再度創下創紀錄的在手訂單（backlog）。

Our GMP protein portfolio grew nearly 50% year-over-year when excluding the two fast track cell therapy customers. Within our proteomic analysis franchise, favorable instrument placements and utilization trends drove mid-single-digit growth. Our China end market achieved positive organic growth for the fourth consecutive quarter. And our largest end market, large pharma, delivered its sixth consecutive quarter of double-digit growth.

在排除兩家快速通道細胞治療客戶後，我們的 GMP 蛋白產品組合年增近 50%。在蛋白體分析（proteomic analysis）事業中，有利的儀器裝機與使用率趨勢帶動中個位數成長。我們的中國終端市場連續第四季達成正向有機成長。而我們最大的終端市場——大型製藥——則連續第六季維持雙位數成長。

We also remained highly focused on profitability. Adjusted operating margin in the third quarter was 34.2%, representing a 310 basis point sequential improvement over fiscal Q2. Jim will provide additional detail on our financial performance later in the call.

我們也持續高度聚焦於獲利能力。第三季調整後營業利益率為 34.2%，較 2026 會計年度第二季（Q2）季增 310 個基點。稍後 Jim 將在電話會議中提供更多財務表現細節。

Now I turn to our end markets, beginning with biopharma, excluding cell therapy. Here, we continue to see a divergence between the performance of large pharma and the performance of emerging biotech. Revenue from our large pharma customers grew low double digits, driven by sustained investment in discovery, translational research and manufacturing.

接著我談終端市場，先從生物製藥（不含細胞治療）開始。在此，我們持續看到大型製藥與新興生技之間的表現分歧。大型製藥客戶營收呈低雙位數成長，主要由研發探索、轉譯研究與製造的持續投資所帶動。

In emerging biotech, however, revenues declined high single digits reflecting the typical lag in spending following the funding constraints experienced in the first half of calendar 2025. Biotech funding activity has since rebounded meaningfully with estimate in cases of more than 90% and 50% in our fiscal Q2 and Q3, respectively.

然而在新興生技方面，營收下滑高個位數，反映出 2025 年曆年上半年資金受限後，支出通常會有落後效應。此後生技募資活動已明顯回升，我們估計在 2026 會計年度第二季與第三季分別回升超過 90% 與 50%。

Given the typical twoquarter to three quarter lag between funding and customer spending, we view this as a constructive setup for fiscal 2027. In academia, the team delivered low single-digit growth as the US academic market returned to growth in the third quarter. The improvement in NIH outlays new grant activity and the one trend increase to the NIH budget have reduced funding uncertainty and position this end market for continued stabilization.

鑑於資金到位與客戶支出之間通常存在兩到三季的落後期，我們認為這為 2027 會計年度提供了建設性的布局。在學術市場方面，團隊實現低個位數成長，因美國學術市場於第三季重回成長。NIH 支出改善、新增補助案活動，以及 NIH 預算呈現上升趨勢，已降低資金不確定性，並使該終端市場有望持續穩定。

From a geographic perspective, the Americas declined low single digits, while Europe achieved mid-single-digit growth. Our two largest fast track cell therapy customers are reported within the North America results. Asia delivered low single-digit growth with momentum in China continuing for the fourth consecutive quarter.

從地區來看，美洲地區下滑低個位數，而歐洲達成中個位數成長。我們兩家最大的快速通道細胞治療客戶計入北美結果之中。亞洲實現低個位數成長，其中中國動能連續第四季延續。

China is seeing increasing demand from biopharma and CRO customers focused on antibody drug conjugates, cell therapy and autoimmune disorders. These are areas where our reagents, instruments and analytical platforms are particularly well suited.

中國正看到來自生物製藥與 CRO 客戶的需求增加，聚焦於抗體藥物複合體（ADC）、細胞治療與自體免疫疾病。這些領域正是我們的試劑、儀器與分析平台特別適用之處。

In April, Bio-Techne announced a strategic brand alignment designed to streamline our portfolio from 10 brands down to three. This alignment simplifies how our customers engage with Bio-Techne across the research to clinical continuum.

4 月，Bio-Techne 宣布一項策略性的品牌整合，旨在將我們的產品組合從 10 個品牌精簡為 3 個。此整合簡化了客戶在從研究到臨床的連續流程中與 Bio-Techne 互動的方式。

Our three brands now include R&D systems, which integrates our full portfolio of research use only and GMP reagents alongside a proteomic analysis instruments previously branded as ProteinSimple. Bio-Techne spatial biology, which includes our RNA scope NC2 hybridization kits and reagents as well as our COMET Multiomic Spatial platform and biotech diagnostics, which encompasses our clinical controls and precision diagnostic solutions.

我們目前的三大品牌包括：R&D Systems，整合我們完整的僅供研究使用（RUO）與 GMP 試劑產品組合，並納入先前以 ProteinSimple 品牌銷售的蛋白體分析儀器；Bio-Techne Spatial Biology，涵蓋我們的 RNAscope NC2 原位雜交試劑盒與試劑，以及 COMET 多體學空間平台；以及 Bio-Techne Diagnostics，涵蓋我們的臨床對照品與精準診斷解決方案。

This structure better aligns our products and technologies with our customers progress from discovery through translational research into clinical and diagnostic applications. It also enhances the visibility of our solutions across digital and AI-driven platforms, making it easier for customers to identify and deploy the right tools within their workflows.

此架構能更好地使我們的產品與技術，對齊客戶從探索、轉譯研究到臨床與診斷應用的進程。同時也提升我們解決方案在數位與 AI 驅動平台上的可見度，使客戶更容易在其工作流程中辨識並部署合適的工具。

Speaking of artificial intelligence, we continue to see AI increasingly influence both how we operate internally and how our customers approach drug discovery. Internally, we are leveraging AI to design novel and (inaudible) proteins with enhanced properties, including improved heat stability, bioactivity and solubility relative to the natural occurring proteins.

談到人工智慧，我們持續看到 AI 日益影響我們的內部營運方式，以及客戶進行藥物探索的方法。在內部，我們正運用 AI 設計具備增強特性的全新（聽不清）蛋白質，包括相較於天然蛋白質更佳的耐熱穩定性、生物活性與溶解度。

As you are aware, AI tools are only as effective as the data that informs the model. Our models are trained on five decades of proprietary data, creating a meaningful competitive mode. And in parallel, we are deploying AI throughout the organization to improve productivity and customer engagement.

如各位所知，AI 工具的效能取決於用以訓練模型的資料品質。我們的模型以五十年的專有資料進行訓練，形成具實質意義的競爭護城河。同時，我們也在全組織推動 AI 應用，以提升生產力與客戶互動。

From a customer perspective, AI adoption is accelerating the earlier stages of drug discovery, particularly target discovery, which is expected to expand the number of viable programs and improve probabilities of success. The effectiveness of these models depends heavily on the generation of high-quality biological data, which is an area, where Bio-Techne is extremely well positioned.

從客戶角度來看，AI 的採用正在加速藥物探索的早期階段，特別是靶點探索，預期將擴大可行專案的數量並提高成功機率。這些模型的有效性高度依賴高品質生物資料的產出，而這正是 Bio-Techne 具備極佳優勢的領域。

As an example, a recently published collaboration between Providence Health and Microsoft on the GigaTIME AI framework used data sets generated on the Bio-Techne Spatial Biology platform COMET, to convert traditional H&E pathology images into virtual three dimensional tissue representations.

例如，Providence Health 與 Microsoft 最近發表的一項關於 GigaTIME AI 框架的合作，使用了在 Bio-Techne 空間生物學平台 COMET 上產生的資料集，將傳統 H&E 病理影像轉換為虛擬的三維組織呈現。

We view the growing demand for content-rich biological data sets as a durable tailwind for both our spatial biology and our proteomic analysis platforms. AI also acts as a downstream demand driver for our [UO] agent and assay portfolios. Every AI-enabled insight ultimately requires biological validation, which will fuel demand for highly specific antibodies functional assays and complex recombinant proteins in mechanism of action studies, biomarker validation and preclinical workflows. These applications align directly with the most differentiated and highest value sections of our portfolio.

我們認為，對內容豐富的生物資料集日益增加的需求，將成為我們空間生物學與蛋白質體分析平台的長期順風。AI 也會作為下游需求驅動因素，帶動我們的 [UO] 試劑與檢測（assay）產品組合需求。每一項由 AI 促成的洞見最終都需要生物學驗證，這將推動對高特異性抗體、功能性檢測，以及用於作用機制研究、標誌物驗證與臨床前工作流程中的複雜重組蛋白的需求。這些應用與我們產品組合中最具差異化且價值最高的部分直接契合。

Now let's turn to our segments, beginning with Protein Sciences, where organic revenue declined 4% in the quarter. After adjusting for order timing from the previously mentioned cell therapy and OEM commercial supply customers, underlying growth was 2%. Our differentiated portfolio of reagents, instruments and analytical technologies remains foundational to the development and manufacturing of advanced therapeutics, including cell therapies.

接下來我們談各業務部門，先從 Protein Sciences 開始，本季有機營收下滑 4%。在調整前述細胞治療與 OEM 商業供應客戶的訂單時點影響後，基礎成長為 2%。我們具差異化的試劑、儀器與分析技術產品組合，仍是先進療法（包括細胞治療）研發與製造的基礎。

As a reminder, two of our largest cell therapy customers received FDA Fast Track designation, which accelerated clinical time lines and reduce near-term GMP reagent demand as these customers had already secured the materials required to complete their clinical programs.

提醒一下，我們兩家最大的細胞治療客戶獲得 FDA 快速通道（Fast Track）資格認定，加速了臨床時程，並降低了短期 GMP 試劑需求，因為這些客戶先前已備妥完成其臨床計畫所需的材料。

Excluding the impact of these two customers, GMP protein revenue grew nearly 50% year-over-year. This strong performance from emerging cell therapy customers underscores the increasing reliance on GMP-grade cytokines and growth factors, as programs advance for early development through clinical trials and into manufacturing scale-up and commercialization.

若排除這兩家客戶的影響，GMP 蛋白營收年增近 50%。新興細胞治療客戶的強勁表現，凸顯隨著專案從早期開發推進至臨床試驗、並進入製造放大與商業化階段，市場對 GMP 等級細胞激素與生長因子的依賴日益提高。

Staying with cell therapy, I'd like to provide a brief update on Wilson Wolf. We currently own 20% of Wilson Wolf and remain on track to acquire the remainder of this manufacturer of the market-leading product line of single-use bioreactors called the G-Rex by the end of calendar 2027 or potentially earlier upon achievement of specific milestones. Despite the challenging biotech funding environment, Wilson Wolf delivered low double-digit growth on a trailing 12-month basis while maintaining EBITDA margins north of 70%.

延續細胞治療主題，我想簡要更新 Wilson Wolf 的情況。我們目前持有 Wilson Wolf 20% 股權，並仍按計畫在 2027 年曆年底前（或在達成特定里程碑後可能更早）收購其餘股權；Wilson Wolf 為市場領先的一次性生物反應器產品線 G-Rex 的製造商。儘管生技募資環境具挑戰，Wilson Wolf 以過去 12 個月（TTM）計算仍實現低雙位數成長，同時維持 70% 以上的 EBITDA 利潤率。

Turning to our proteomic analysis instruments. Growth was led by an operating increase in our Ella benchtop immunoassay platform. Ella automates traditional immunoassays into cartridge-based workflow, delivering rapid, highly reproducible protein quantification with minimal hands-on time.

接著談我們的蛋白質體分析儀器。成長主要由我們 Ella 桌上型免疫分析平台的裝機量增加所帶動。Ella 將傳統免疫分析自動化為以卡匣為基礎的工作流程，以極少的人工操作時間，提供快速且高度可重現的蛋白定量。

These attributes are driving strong adoption in neurodegeneration research, which is reflected in a three-year CAGR of 50% across our neurology assay portfolio. While this remains an emerging portion of the business, the recent launch of ultrasensitive capabilities strengthens Ella's position as a leading platform for blood-based neurological biomarker analysis.

這些特性正推動其在神經退化研究中的強勁採用，反映在我們神經學檢測產品組合三年 CAGR 達 50%。雖然這仍是業務中較新興的一部分，但近期推出的超高靈敏度能力，強化了 Ella 作為血液型神經學標誌物分析領先平台的地位。

During the quarter, we also achieved CE IVD marking for enabling hospitals, clinical laboratories or other European organizations to use Ella as a validated platform for clinical applications, in-house test development, clinical trials or other translational activities. We also saw continued traction across our biologics capitalization portfolio led by our Maurice platform.

本季我們也取得 CE IVD 標誌，使醫院、臨床實驗室或其他歐洲機構能將 Ella 作為經驗證的平台，用於臨床應用、院內檢測（LDT）開發、臨床試驗或其他轉譯活動。我們也看到在生物製劑表徵（characterization）產品組合方面持續取得進展，其中以 Maurice 平台為主。

Maurice is increasingly embedded into biopharma manufacturing workflows as a quality control and the capitalization tool. It is enabling faster and more consistent assessment of critical protein attributes, including size, charge and purity. This drove double-digit growth in both Maurice instruments and consumables.

Maurice 正日益深度嵌入生物製藥製造工作流程，作為品質控制與表徵工具。它可更快速且更一致地評估關鍵蛋白屬性，包括大小、電荷與純度。這帶動 Maurice 儀器與耗材皆實現雙位數成長。

Wrapping up Protein Sciences, our core reagent and assay portfolio, which includes more than 6,000 proteins and 400,000 antibody types declined mid-single digits in the quarter. Excluding the impact of order timing related to the previously referenced OEM commercial supply customer, organic growth declined low single digits.

在 Protein Sciences 的最後，我們的核心試劑與檢測產品組合（包含超過 6,000 種蛋白與 400,000 種抗體類型）本季下滑中個位數。若排除前述與 OEM 商業供應客戶相關的訂單時點影響，有機成長下滑低個位數。

Strength from large pharma customers was offset by continued softness in US academic demand and the lingering effects of last year's challenging biotech funding environment. As funding conditions continue to normalize in academia and recent improvements in biotech funding translate into customer spending, we believe that this core portfolio is well positioned to return to growth supported by its differentiated performance in bioactivity, lot-to-lot consistency and reproducibility.

大型藥廠客戶的強勁需求，被美國學術端需求持續疲弱以及去年生技募資環境艱困的延續影響所抵銷。隨著學術界資金狀況持續正常化，以及近期生技募資改善逐步轉化為客戶支出，我們相信這一核心產品組合具備良好條件重回成長，並將受惠於其在生物活性、批次間一致性與可重現性方面的差異化表現。

All of these are attributes that become increasingly critical as customer programs advance towards translational and regulated applications.

當客戶專案朝向轉譯與受監管的應用推進時，這些特性將變得愈發關鍵。

Shifting to diagnostics and spatial biology, the segment delivered 3% organic revenue growth in the quarter. Before discussing the performance in more detail, I'd like to congratulate Steve [Krause] on his promotion to President of the segment. We look forward to Steve building on his player success leading our analytical solutions business over the past five years.

轉到診斷與空間生物學，本部門本季有機營收成長 3%。在更詳細討論表現之前，我想祝賀 Steve [Krause] 晉升為本部門總裁。我們期待 Steve 延續他過去五年領導我們分析解決方案業務所取得的卓越成果。

Let's begin with our recently rebranded Bio-Techne Spatial Biology portfolio where we continue to strengthen our leadership in C2 hybridization and mid-plex multiomic applications across translational and clinical research.

先從我們近期重新品牌化的 Bio-Techne 空間生物學產品組合談起；我們持續強化在 C2 原位雜交（hybridization）以及中度多重（mid-plex）多體學（multiomic）應用方面、涵蓋轉譯與臨床研究的領導地位。

Strong order momentum over recent quarters translated into more than 65% growth for our COMET multiomic Spatial Platform. During the quarter, we installed the first COMET system in China, an important milestone as demand continues to build in the region.

近幾季強勁的訂單動能，帶動我們 COMET 多體學空間平台成長超過 65%。本季我們在中國安裝了第一套 COMET 系統；隨著區域需求持續升溫，這是一項重要里程碑。

We exited the quarter with another record backlog for the COMET, positioning the platform for continued growth. Performance within our RNA scope portfolio of in situ hybridization kits and reagents improved to high single-digit growth. Growth was driven by further customer adoption in EMEA and Asia as well as increasing use in clinical diagnostic patients in the US.

本季結束時，COMET 再度創下在手訂單（backlog）新高，使該平台具備持續成長的有利位置。我們 RNA scope 原位雜交試劑盒與試劑產品組合的表現改善至高個位數成長。成長動能來自 EMEA 與亞洲客戶進一步採用，以及在美國臨床診斷病患中的使用增加。

Finally, our diagnostics portfolio recently rebranded as Bio-Techne Diagnostics declined low single digits as order timing from certain large customers temporarily impacted our results. Given the concentration of large customers, this business can be lumpy from quarter-to-quarter. And therefore, I want to mention that on a trailing 12-month basis, growth for Bio-Techne Diagnostics remained in the low single digits.

最後，我們近期重新品牌化為 Bio-Techne Diagnostics 的診斷產品組合下滑低個位數，主因部分大型客戶的訂單時點暫時影響了結果。由於大型客戶集中，此業務在季度之間可能呈現波動。因此我想補充說明，以過去 12 個月（TTM）計算，Bio-Techne Diagnostics 的成長仍維持在低個位數。

In summary, the Bio-Techne team continued to execute effectively in a mix and market environment. Demand from large pharmaceutical customers remains strong. Our US academic business has stabilized, and we continue to build momentum in China and the broader APAC region. While emerging biotech spending has yet to fully reflect improving funding conditions, engagement and activity levels with this customer base continue to trend positively.

總結而言，Bio-Techne 團隊在產品組合與市場環境交錯的情況下，仍持續有效執行。大型製藥客戶需求依然強勁。我們的美國學術業務已趨於穩定，並持續在中國及更廣泛的亞太（APAC）地區累積動能。雖然新興生技客戶的支出尚未完全反映資金環境改善，但我們與此客群的互動與活動水準持續呈現正向趨勢。

We remain highly disciplined in how we operate the business, delivering sector-leading profitability while continuing to invest in the growth factors that will shape biotechy future. with improving funding visibility for our customers and strong positions across our core reagents, cell therapy, proteomic analysis and spatial biology solutions, we believe that Bio-Techne is well positioned for outperformance in the years ahead.

我們在營運上仍保持高度紀律，在持續投資將塑造生技未來的成長動能之同時，交付領先同業的獲利能力。隨著客戶資金能見度改善，以及我們在核心試劑、細胞治療、蛋白質體分析與空間生物學解決方案方面的強勢布局，我們相信 Bio-Techne 已具備在未來數年表現超越同業的良好條件。

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

接下來，我把電話交給 Jim。Jim？

Thanks, Kim. I'll begin with additional details on our Q3 financial performance, followed by thoughts on our forward outlook. Adjusted EPS for the quarter was $0.53, down $0.03 from the prior year with foreign exchange having a favorable $0.02 impact. GAAP EPS came in at $0.32, up from $0.14 in the prior year period. Total revenue for Q3 was [$311.4] million decreasing 2% on both an organic and reported basis.

謝謝，Kim。我將先補充我們第三季財務表現的更多細節，接著談談對未來展望的看法。本季調整後 EPS 為 0.53 美元，較去年同期下降 0.03 美元，其中外匯帶來 0.02 美元的正面影響。GAAP EPS 為 0.32 美元，高於去年同期的 0.14 美元。第三季總營收為 3.114 億美元，在有機與報告基礎上均下降 2%。

Foreign currency exchange was a 2% tailwind, while the prior divestiture of Exosome Diagnostics created a 2% headwind. The timing impact from our two largest cell therapy customers who received FDA Fast Track designation was a 3% headwind, while a large OEM commercial supply order that we typically receive in Q3 but received in Q2 of this year was an additional 1% headwind to revenue. Adjusting for these previously disclosed items, organic growth was plus 2% for the quarter.

外幣匯兌帶來2%的順風，而先前剝離 Exosome Diagnostics 則造成2%的逆風。我們兩大細胞治療客戶獲得 FDA 快速通道（Fast Track）資格認定所帶來的時點影響，對營收造成3%的逆風；此外，我們通常在第三季（Q3）收到、但今年在第二季（Q2）收到的一筆大型 OEM 商業供應訂單，亦對營收造成額外1%的逆風。剔除上述先前已揭露的項目後，本季有機成長為正2%。

From a geographic lens, North America declined low single digits as strength from large pharma and growth in academia was offset by order timing in cell therapy and a biotech end market that is yet to inflect from favorable funding trends. In Europe, revenue increased mid-single digits, including low single-digit growth in biopharma and mid-single-digit growth from our academic customers in the region.

從地區角度來看，北美營收小幅下滑（低個位數），大型製藥客戶的強勁表現與學術市場成長，被細胞治療訂單時點因素以及生技終端市場尚未因有利的募資趨勢而出現拐點所抵銷。歐洲方面，營收中個位數成長，其中生物製藥（biopharma）低個位數成長，而本區域學術客戶帶來中個位數成長。

We are encouraged by the fourth consecutive quarter of growth in China, where revenue increased low single digits. APAC, excluding China, also increased low single digits on a very strong comp as the Asian geography continues to show signs of sustained improvement.

我們對中國連續第四季成長感到鼓舞，營收低個位數增加。不含中國的亞太地區（APAC）在非常強勁的比較基期下亦低個位數成長，顯示亞洲地區持續出現改善並有望維持。

By end market, biopharma declined low single digits overall. However, excluding our largest cell therapy customers, Biopharma grew low single digits, driven by strong pharma demand, but partially offset by emerging biotech softness. Academia increased low single digits with the stabilization trends giving way to low single-digit growth in the US and Europe growing mid-single digits.

按終端市場來看，生物製藥整體低個位數下滑。然而，若排除我們最大的細胞治療客戶，生物製藥則低個位數成長，主要由強勁的製藥需求帶動，但部分被新興生技需求疲弱所抵銷。學術市場低個位數成長；穩定化趨勢轉為成長，美國低個位數成長，歐洲中個位數成長。

Below the revenue line, adjusted gross margin was 70.4%, down from 71.6% last year, but up 190 basis points sequentially. The year-over-year decline was driven by unfavorable product mix. Adjusted SG&A was 28.7% of revenue, down 30 basis points compared to 29% last year. R&D expense was 7.5% compared to 7.8% in the prior year. The operating leverage reflects the benefits of structural streamlining and disciplined expense management, partially offset by targeted investments in strategic growth initiatives.

在營收線以下，調整後毛利率為70.4%，較去年71.6%下降，但較前一季提升190個基點。年對年下滑主要由不利的產品組合所致。調整後銷售、一般及行政費用（SG&A）占營收比為28.7%，較去年29%下降30個基點。研發費用占比為7.5%，去年同期為7.8%。營運槓桿反映結構性精簡與嚴謹費用管理的效益，但部分被對策略性成長計畫的定向投資所抵銷。

Adjusted operating margin was 34.2%, down 70 basis points year-over-year. The decline was driven by unfavorable mix and volume deleverage, partially offset by the Exosome Diagnostics divestiture. Below operating income, net interest expense was $1.3 million, up $0.4 million year-over-year due to the expiration of interest rate hedges. Bank debt at quarter end to $200 million, down $60 million sequentially.

調整後營業利益率為34.2%，年對年下降70個基點。下滑主要由不利的組合與量能去槓桿（volume deleverage）所致，部分被剝離 Exosome Diagnostics 所抵銷。在營業利益以下，淨利息費用為130萬美元，年對年增加40萬美元，原因是利率避險到期。季末銀行借款為2億美元，較前一季減少6,000萬美元。

Other adjusted net operating income was $1.3 million, down $1.8 million from the prior year, primarily due to nonrecurring foreign exchange gains in the prior year related to overseas cash pulling arrangements. Our adjusted effective tax rate was 22.3%, up 80 basis points year-over-year, driven by geography mix.

其他調整後淨營業收入為130萬美元，較去年減少180萬美元，主要因去年與海外資金歸集安排相關的一次性匯兌收益。我們的調整後有效稅率為22.3%，年對年上升80個基點，主要由地理區域組合所驅動。

Turning to cash flow and capital deployment. We generated $86.7 million in operating cash flow with $9.1 million in net capital expenditures. Also during Q3, we returned $12.5 million to shareholders via dividends and ended the quarter with 157.4 million average diluted share outstanding down 1% year-over-year. Our balance sheet remains strong with $209.8 million in cash and a total leverage ratio well below 1 time EBITDA. M&A remains a top priority for capital allocation.

接著談現金流與資本配置。我們產生8,670萬美元的營運現金流，淨資本支出為910萬美元。此外在第三季（Q3），我們透過股利向股東回饋1,250萬美元，季末平均稀釋流通股數為1.574億股，年對年下降1%。我們的資產負債表仍然強勁，現金為2.098億美元，總槓桿比率遠低於 EBITDA 的1倍。併購（M&A）仍是資本配置的首要重點。

Now let's review our segment performance, beginning with Protein Sciences. Q3 reported sales were $226.2 million, a decrease of 1% year-over-year. Organic revenue declined 4% and with a 3% benefit from foreign exchange. Excluding cell therapy and OEM commercial supply timing impacts from our largest customers, organic growth was plus 2%.

現在我們來檢視各事業部表現，先從蛋白質科學（Protein Sciences）開始。第三季（Q3）申報銷售額為2.262億美元，年對年下降1%。有機營收下降4%，外幣匯兌帶來3%的助益。若排除最大客戶帶來的細胞治療與 OEM 商業供應時點影響，有機成長為正2%。

Growth was led by our proteomic analysis instrument franchise, which benefited from continued strength in large pharma paired with double-digit growth from our academic end market. As Kim mentioned, our core portfolio of research reagents and assays declined mid-single digits, reflecting a challenging biotech environment and the lingering impact of the US government shutdown on grant activity and fund outlays in the quarter. Excluding the timing impact of a large commercial supply customer, decline in the core portfolio was limited to low single digits.

成長主要由我們的蛋白質體分析儀器產品線帶動，受惠於大型製藥客戶持續強勁，同時學術終端市場呈現雙位數成長。如 Kim 所提及，我們核心的研究試劑與檢測（assays）產品組合中個位數下滑，反映生技環境具挑戰性，以及美國政府關門對本季補助金活動與資金撥付的遞延影響。若排除一位大型商業供應客戶的時點影響，核心產品組合的下滑幅度僅為低個位數。

Protein Sciences operating margin was 44.2%, down 140 basis points year-over-year, primarily due to unfavorable product mix and volume deleverage, partially offset by ongoing profitability initiatives. In our Diagnostics and Spatial Biology segment, Q3 sales were $85.6 million, down 4% year-over-year. The divestiture of Exosome Diagnostics negatively impacted reported growth by 8% and while foreign exchange had a favorable impact of 1%, resulting in 3% organic growth for the segment.

蛋白質科學事業部營業利益率為44.2%，年對年下降140個基點，主要因不利的產品組合與量能去槓桿所致，部分被持續的獲利改善計畫所抵銷。在我們的診斷與空間生物學（Diagnostics and Spatial Biology）事業部，第三季（Q3）銷售額為8,560萬美元，年對年下降4%。剝離 Exosome Diagnostics 對申報成長造成8%的負面影響，而外幣匯兌帶來1%的正面影響，使該事業部有機成長為3%。

Bio-Techne Diagnostics declined low single digits as order timing from certain large customers impacted growth. Spatial Biology grew mid-teens, including over 65% growth in our COMET platform, while our RNA scope portfolio increased high single digits. Segment operating margin improved to 12.1%, up from 9.4% last year driven by the Exosome Diagnostics divestiture and productivity initiatives, partially offset by unfavorable mix among our OEM customers. We expect continued margin expansion commensurate with the scaling of our COMET Spatial Biology platform.

Bio-Techne Diagnostics 因部分大型客戶的訂單時點影響，低個位數下滑。空間生物學中雙位數（約十幾%）成長，其中 COMET 平台成長超過65%，而 RNAscope 產品組合高個位數成長。事業部營業利益率提升至12.1%，高於去年的9.4%，主要由剝離 Exosome Diagnostics 與生產力提升計畫帶動，但部分被 OEM 客戶組合不利所抵銷。我們預期隨著 COMET 空間生物學平台規模擴大，利潤率將持續擴張。

As we look ahead to closing out the remainder of our fiscal year 2026, we remain focused on what we can control. This includes our operational and commercial execution, productivity and capital discipline and delivering sector-leading profitability while investing across our growth platforms. The state-of-art pharma end market remains strong. The stabilization and signs of gradual improvement in the US academic market are encouraging.

展望我們2026會計年度剩餘期間，我們仍聚焦於可控事項。包括營運與商業執行、生產力與資本紀律，以及在投資各成長平台的同時，交付產業領先的獲利能力。最先進（state-of-art）的製藥終端市場仍然強勁。美國學術市場的穩定化與逐步改善跡象令人鼓舞。

Funding levels for biotech have been very strong in the past two quarters, and commercial teams are reporting increased engagement and a higher opportunity funnel from these customers. However, given the timing lag between funding and spending by biotech customers, which typically is two to three quarters, we believe this end market is the biggest swing factor for growth to accelerate from here.

過去兩個季度生技募資水準非常強勁，商業團隊回報這些客戶的互動增加，且商機漏斗更為充實。然而，考量生技客戶從募資到支出的時點落差通常為兩到三個季度，我們認為該終端市場是未來成長加速與否的最大擺動因素。

While we can start to see improvement in the biotech end market as early as our June quarter, our base case is that we won't see a meaningful uptick in growth until the first half of our fiscal year 2027. As Kim mentioned earlier, we also remain encouraged by the progress of our largest cell therapy customers following FDA Fast Track designations.

雖然我們最早可能在6月季度就開始看到生技終端市場改善，但我們的基本情境（base case）是，直到2027會計年度上半年才會看到成長出現明顯回升。如 Kim 先前提到，我們也持續對最大細胞治療客戶在獲得 FDA 快速通道資格認定後的進展感到鼓舞。

While these designations temporarily reduce near-term GMP reagent demand as these customers advance through their Phase 3 trials, they meaningfully accelerate potential commercial time lines. This customer-specific headwind moderates in the fourth quarter, impacting growth by approximately 150 basis points year-over-year and will be fully out of our comparisons as we enter fiscal 2027.

雖然這些資格認定在客戶推進第三期（Phase 3）試驗期間，會暫時降低短期 GMP 試劑需求，但也會顯著加速潛在商業化時程。這項客戶特定的逆風在第四季趨於緩和，年對年約影響成長150個基點，並在我們進入2027會計年度時完全不再納入比較基期。

Taking these market and customer-specific dynamics into account, we expect organic growth in the fourth quarter to be approximately flat. Excluding the impact of the cell therapy headwinds and we anticipate low single-digit underlying growth across the remainder of the portfolio.

綜合考量上述市場與客戶特定動態，我們預期第四季有機成長約為持平。若排除細胞治療逆風的影響，我們預期其餘產品組合的基本成長為低個位數。

This outlook assumes end market conditions are broadly consistent with what we experienced in Q3. and any incremental stabilization or improvement in emerging biotech Spain could prove additive. Importantly, this near-term outlook positions us well for an acceleration in fiscal 2027.

此展望假設終端市場狀況大致與我們在第三季所經歷的情況一致，而新興生技（西班牙）若有任何額外的穩定或改善，可能會帶來正向加成。重要的是，這個短期展望讓我們在 2027 會計年度加速成長方面處於有利位置。

As biotech funding should more fully translate into customer spending, academic conditions continue to normalize, company-specific timing headwinds roll off, and we lap easier year-over-year comparisons. From a margin perspective, we remain focused on investing growth investments with operational efficiency and intend to close the last quarter of the year with approximately 100 basis points of margin expansion over the prior year.

隨著生技資金更充分地轉化為客戶支出、學術端環境持續正常化、公司特定的時點性逆風逐步消退，以及我們進入較容易的年對年比較基期。從毛利率角度來看，我們仍專注於在投入成長投資的同時提升營運效率，並計畫在本年度最後一季相較前一年實現約 100 個基點的利潤率擴張。

That concludes my prepared remarks. I'll turn the call back to the operator to open the line for questions.

以上是我事先準備的發言。我把電話交回給接線員，開放提問。

(Operator Instructions)

（接線員指示）

Matt Larew, William Blair.

Matt Larew，William Blair。

I wanted to follow-up on emerging biotech that was down mid-single digits in the fiscal second quarter, and you mentioned down high single digits this quarter. acknowledging the improvement in funding may materialize later in the year. just given that step down, various what you saw from sort of an intra-quarter trend perspective and if you've seen any improvement sort of from January through to March and then now into April?

我想追問一下新興生技：你們在會計年度第二季是中個位數下滑，而你提到本季是高個位數下滑，同時也承認資金改善可能會在今年稍晚才反映出來。就這個下滑幅度的變化而言，從單季內的趨勢角度，你們看到了什麼？以及你們是否看到從 1 月到 3 月、再到現在 4 月有任何改善？

Matt, thank you for the question. Yes, the biotech end market was indeed our surprise. So I appreciate you owning in on it. we had, of course, very clear visibility to how the funding had been. And as you remember, funding was relatively small in the first half of 2025, calendar 2025.

Matt，謝謝你的問題。是的，生技終端市場確實是我們的意外。所以我很感謝你聚焦在這點。我們當然對資金狀況有非常清楚的能見度。而如你所記得的，2025 年上半年（曆年 2025 年）資金相對偏少。

it recuperated a little bit to low single digits in the third quarter and then actually had a real step up 90% growth in Q4. And then we rolled into a new calendar year with yet another good quarter in funding. Underneath that, we saw our two large quarters at negative mid-single digits, two times in a row, indicating some sort of stabilization you take on top of that, that we saw that the funding was up. We know interest rates were stabilizing. M&A deals were up in biotech and licensing deals just as well.

第三季回升到低個位數，然後第四季實際上大幅跳升，Q4 成長 90%。接著我們進入新的曆年，資金又有另一個不錯的季度。在此背景下，我們看到連續兩個大季度呈現中個位數負成長，顯示某種程度的穩定；再加上我們看到資金是上升的。我們知道利率正在趨於穩定。生技領域的併購（M&A）交易增加，授權交易也同樣增加。

We also had a little bit of visibility to commit bookings being positive there. So we assume the slight improvement in the biotech end market to maybe negative low single digits. But you're right. It did step down to negative high single digits instead. And that really is the whole for our quarter, and it fits very nicely to exactly the gap in our biotech end market.

我們也對承諾訂單（commit bookings）轉為正成長有一些能見度。因此我們原本假設生技終端市場會略有改善，可能到低個位數負成長。但你說得對。結果反而下滑到高個位數負成長。而這基本上就是我們本季的全部落差，且與我們生技終端市場的缺口完全吻合。

And there, of course, we double clicked and you can see that funding was substantially up in late-stage biotech but early-stage biotech where a larger portion of our core reagents have a direct read on that early stage funding was actually down if you tease that apart.

在那裡，我們當然進一步深入分析，你可以看到晚期生技的資金大幅上升；但若把它拆開來看，早期生技（我們核心試劑較大一部分會直接反映早期資金狀況）其實是下滑的。

And that is where our surprise came in. The trend during the quarter, we hear from our sales force that there are more interaction and dialogue about possible orders and investments. But for now, we are assuming that with two negative mid-single-digit quarters going to high negative singles we can't assume that there is a clear stabilization or improvement. So for now, we're keeping our forecast at flattish because we don't have clear indicators that there is an improvement.

這就是我們意外出現的地方。就季度內的趨勢而言，我們從銷售團隊聽到的是，關於可能的訂單與投資，有更多互動與對話。但目前，我們的假設是：在連續兩個中個位數負成長之後又轉為高個位數負成長，我們不能假定已出現明確的穩定或改善。因此目前我們維持預測大致持平，因為沒有明確指標顯示正在改善。

Okay. Okay. Fair enough. And then you talked about the outlook here for the calendar second quarter. I think through the way some of your larger peers have characterized both that quarter and then the rest of the year unfolding, given the OEM timing cell therapy headwinds being removed on your comps, some improvement in A&G.

好的。好的。可以理解。另外你談到對曆年第二季的展望。我想，從一些較大型同業對該季度以及今年其餘時間走勢的描述來看，考量 OEM 時點與細胞治療的逆風在你們的比較基期中將被移除，以及 A&G 有所改善。

I would just be curious if you're thinking that sort of the mid-single-digit range by the end of the year, again, kind of consistent with improvement in others are citing, if that's reasonable or if there's another range we should be thinking about? And that's all for me.

我只是好奇，你們是否認為到年底能回到中個位數的區間——同樣地，這與其他公司所提到的改善大致一致——這樣的看法是否合理？或是我們應該考慮另一個區間？我就這些問題。

This is Jim. Thanks for the question. If I understand your question correctly, you're asking about the end of calendar '26.

我是 Jim。謝謝你的問題。如果我理解正確，你是在問曆年 2026 年年底的情況。

Yes. That's right. Yes. Just given how sort of peers have from the calendar second quarter relative to the balance of the year.

是的。沒錯。是的。主要是考量同業對曆年第二季相對於全年其餘時間的看法。

Yes, sure. Yes, I mean, again, we won't be giving any kind of even soft guidance around '27 until next quarter. But as I've mentioned in my prepared comments, we're very encouraged about the upcoming fiscal year. So many of these headwinds that are company-specific will now finally be behind us. And we're seeing -- we have seen a definite stabilization in the North American academic market.

好的，當然。是的，我的意思是，我們要到下個季度才會對 2027 年提供任何形式的（即便是較為寬鬆的）指引。但如我在事先準備的發言中提到的，我們對即將到來的會計年度感到非常振奮。許多公司特定的逆風終於將成為過去。而且我們看到——我們已經看到北美學術市場明顯趨於穩定。

And of course, pharma remains strong. So it really comes down to for us to biotech. And admittedly, I think we were probably a little bit -- we saw two quarters of stabilization in biotech and thought perhaps the worst was behind us.

當然，製藥端仍然強勁。所以對我們而言，關鍵就回到生技。坦白說，我想我們可能有點——我們看到生技連續兩季穩定，就以為最糟的情況可能已經過去。

But in retrospect, we may have been a little bit -- got the cart a little too far ahead of the horse on that one in the sense that the reality is, let's call it, the two- to three quarter lag really hasn't happened yet, given that it's only been two quarters -- two recent quarters, we've had strong funding.

但回頭看，我們可能有點——有點操之過急；因為現實是，所謂兩到三季的落後效應其實還沒真正發生，畢竟我們也才剛有兩個季度——最近兩個季度的資金表現強勁。

But it does -- if history is any guide, it does bode very well for the second half of calendar '26 with respect to the biotech market. And of course, that's our first fiscal quarter of '27. And it's also encouraging to hear from our peers who've already announced that they're also expecting an uptick in momentum in the back half of the year, and we tend to agree that thesis.

但如果以歷史作為參考，這確實對曆年 2026 年下半年生技市場的表現非常有利。而那也正是我們 2027 會計年度的第一季。同時，聽到已經公告的同業也預期今年下半年動能回升，這也令人鼓舞；我們大致同意這個論點。

Puneet, Leerink Partners.

Puneet，Leerink Partners。

So Jim, first for you, you're one quarter away from fiscal '27 just given we've been in these markets for some time, the challenges you're well aware of those. Can we still do mid-single-digit growth? Can Bio-Techne do with mid-single-digit growth still in fiscal '27. I think it's an important question just given how we have ended so far.

Jim，先問你：距離 2027 會計年度只剩一季，考量我們在這些市場已經一段時間，你也很清楚相關挑戰。我們還能做到中個位數成長嗎？Bio-Techne 在 2027 會計年度仍能做到中個位數成長嗎？鑑於目前的收尾情況，我認為這是個重要問題。

And on the biotech side, I understand, but just trying to understand, given the end market challenges, was there something that surprised you later in the quarter? Or is this more about the way you're building the overall forecasting because -- I don't think investors were expecting a surprise at this point given that GMP Fast Track designations already surprised two quarters ago?

另外在生技方面，我理解你的說法，但我想釐清：在終端市場挑戰之下，是不是在季度後段有什麼讓你們意外的事情？還是這更多是你們建立整體預測方式的問題？因為——我不認為投資人會在這個時間點還期待有意外，畢竟 GMP Fast Track 指定在兩季前就已經帶來過意外了？

Yes. Puneet, thanks for the question. This is Jim. So with regards to fiscal year '27, I mean, based off the wins we have right now, we think we'd be disappointed if we didn't do at least mid-single-digit growth because all the indicators are pointing towards a gradual normalization of the market.

是的。Puneet，謝謝你的問題。我是 Jim。關於 2027 會計年度，我的意思是，基於我們目前已取得的勝利（wins），如果我們至少做不到中個位數成長，我們會感到失望，因為所有指標都指向市場將逐步回歸正常化。

And I'll remind everyone that put these company-specific items aside, which amounts to three customers, we were in low single-digit growth even in this environment we're in today with a tough biotech end market. So yes, I think we'd be disappointed.

我也要提醒大家，先把這些特定公司層面的項目撇開不談（合計是三位客戶），即便在我們今天所處、且生技終端市場艱困的環境下，我們仍然是低個位數成長。所以是的，我認為我們會感到失望。

And I think in terms of what we're looking for in terms of indicators, -- we talked about the fact that in academic, we really saw an uptick in growth in our proteomic analysis instrument portfolio as well as in our spatial portfolio. And you've heard us say this before, Puneet, that those two, in particular, those two growth vectors for us are where we are kind of indicators for us when we step to see the markets come back, that's where the money often flows first.

我想就我們在指標上所關注的部分而言——我們談到在學術市場，我們的蛋白質體分析儀器產品組合以及空間產品組合的成長確實出現了上升。而且你之前也聽我們說過，Puneet，特別是這兩個、這兩個成長向量對我們而言，某種程度上是我們用來觀察市場回溫的指標；資金往往會先流向這些領域。

And it's exactly where we saw some very nice growth in US academic this quarter, which gives us added confidence that our customer base is getting more confidence in their funding there. And so that's also what we're looking for with regards to our biotech customers in terms of an indicator for that inflection point. And again, it's too early to call it at this point, which is why we're being, I think, rather prudent about our Q4 forecast in terms of kind of holding it steady in terms of overall base improvement.

而這正是我們本季在美國學術市場看到相當不錯成長的地方，這也讓我們更有信心，認為我們的客戶群對其資金到位的信心正在提升。因此，這也是我們在生技客戶端用來觀察那個拐點的指標。不過再說一次，現在要下定論仍為時過早，這也是為什麼我認為我們在第四季展望上相當審慎，整體上是以維持穩健、在基礎改善上先按兵不動的方式來處理。

But it was encouraging to hear from our businesses and our commercial leads that the interest in -- particularly in our proteomic analysis as well as our spatial biology offerings has picked up recently among our biotech customers, and the funnels there are starting to grow again. So we'll see if that translates into more orders in Q4 for higher revenue in early fiscal year '27. Those are the things we'll be looking for out of our biotech end market.

但令人鼓舞的是，我們的事業單位與商務主管回饋，近期生技客戶對——特別是我們的蛋白質體分析以及空間生物學產品——的興趣有所回升，相關的商機漏斗也開始再次擴大。所以我們會觀察這是否會在第四季轉化為更多訂單，並在27財年初帶來更高營收。這些就是我們在生技終端市場會關注的重點。

Got it. And then -- that's helpful. And then, look, on the REO or reagent side, I think you counted that, that business is soft, partly biotech being -- or emerging biotech being the reason. But we have seen two readouts from two competitors so far. One of them under as an opco under a larger entity in their businesses recovering there.

了解。這很有幫助。另外，你看，在 REO 或試劑端，我想你提到那塊業務偏軟，部分原因是生技——或新興生技——所致。但我們目前已看到兩家競爭對手的兩個讀數。其中一家是在大型集團旗下作為營運公司（opco），其業務正在復甦。

Another one that is a strong in flow cytometry is also showing signs of growth. So how should we -- what gives you confidence that this is not any share loss in R&D Systems and Novus Biologicals.

另一家在流式細胞儀領域很強的公司也顯示出成長跡象。所以我們該如何——是什麼讓你有信心，這不是 R&D Systems 和 Novus Biologicals 的市占流失？

Yes, Puneet, thanks Yes, very good question. The -- in fact, a couple of dynamics here. The one order we had talked about that got booked in Q2 versus Q3, the 100 basis point what we've talked about previously in this earnings call is actually in that number sits in that core reagents area.

是的，Puneet，謝謝。是的，這是個非常好的問題。這裡其實有幾個動態。我們先前提到那筆從第三季改在第二季入帳的訂單——也就是我們在本次法說中先前談到的那 100 個基點——其實就包含在核心試劑那一塊的數字裡。

And if you look at our comparables with double-digit growth last year, it's almost 20% last year. and compared to some of the other companies that you're talking about having negative numbers to compare against -- we've done our math in our homework and also, of course, our market work and we're relatively confident that we're actually still pretty well of. And that is the situation for that core business. .

如果你看我們在去年有雙位數成長的可比基期，去年幾乎接近 20%；而你提到的其他一些公司，對比基期是負成長——我們做過計算、做過功課，當然也做了市場研究，我們相對有信心，我們其實仍然表現得相當不錯。這就是核心業務的情況。.

Yes. I'll add there, Puneet, just a little bit so that when people think about our core reagents, they typically think about our proteins and antibodies portfolio rightfully so. But we also include that. There's some other small molecules, there's assays, core ELISA assays, et cetera.

是的。我再補充一點，Puneet，當大家想到我們的核心試劑時，通常會理所當然地想到我們的蛋白與抗體產品組合。但我們也把它納入。另外還有一些小分子、檢測（assays）、核心 ELISA 檢測等。

But as it pertains specifically to that protein and antibody's portfolio, after you take out this very large one customer OEM order that happened to impact that portion of our portfolio, both our proteins antibodies combined grew low single digits this quarter.

但就蛋白與抗體產品組合本身而言，在剔除那筆非常大的單一客戶 OEM 訂單（剛好影響到我們該部分產品組合）之後，我們的蛋白與抗體合計在本季仍是低個位數成長。

Patrick Donnelly, Citi.

Patrick Donnelly，花旗。

Kim, maybe one on the China piece continues to show a little bit of growth there. Can you just talk about what you're seeing and then the expectations visibility going forward? Are you feeling you're in a pretty good spot there as we head into '27? We would like some more detail just on the overall backdrop and expectations there.

Kim，或許問一下中國的部分，那邊仍持續呈現一些成長。你能談談你看到的情況，以及未來的能見度與預期嗎？在邁向 27 年之際，你覺得你們在那邊處於相當好的位置嗎？我們希望你能就整體背景與預期多提供一些細節。

Patrick, thank you for the question. Yes, we are quite excited that we have, for the fourth time positive growth in China. And Obviously, Jim and I were earlier this quarter in China, meeting with government officials exploring how we can further support sins of medicine in the country.

Patrick，謝謝你的問題。是的，我們非常振奮，因為這是我們第四次在中國實現正成長。而且很明顯地，Jim 和我在本季稍早也到中國，與政府官員會面，探討我們如何能進一步支持該國的醫藥創新。

We connected with customers in academic as well as in the new companies that are working on new therapeutics, including CROs and CDMOs. And there's a lot of activity. You can clearly see a momentum in the market, especially around the advanced therapeutics.

我們也與學術端以及致力於新療法的新公司客戶交流，包括 CRO 與 CDMO。市場活動非常熱絡。你可以清楚看到市場動能，特別是在先進療法周邊。

And so for us, we are not surprised that we are in growth mode again. We call that one right a year ago. And there's no reason to believe that is going to weaken, I would expect a continued momentum and strengthening of that particular end market, specifically after our visit. We are direct in the market and our team is really well connected with customers on both sides on the biotech as well as pharma as well as the academic side. And yes, it's a positive all around.

因此，對我們而言，我們再次回到成長模式並不意外。我們一年前就判斷對了。而且沒有理由相信這會轉弱；我預期這個終端市場的動能會持續並進一步增強，尤其是在我們此行之後。我們在當地是直營模式，我們的團隊與客戶端——無論是生技、製藥或學術端——都維持非常緊密的連結。是的，整體而言都是正面的。

Okay. That's helpful. And then maybe just one more on the biotech piece. Again, a surprising step down there. I guess in terms of your customer conversations, what are you hearing.

好的。這很有幫助。那再問一個關於生技的問題。那邊又出現一個令人意外的下滑。我想就你們與客戶的對話而言，你們聽到的是什麼？

I mean, the funding has looked quite good for over 6 months here. Typically, that does cause an inflection higher for you guys. Just curious, I guess, on the visibility, the customer conversations, how you're feeling about that market as you head into '27.

我的意思是，資金面看起來已經相當不錯超過 6 個月了。通常這會帶動你們出現向上的拐點。只是好奇，就能見度、客戶對話而言，你們在邁向 27 年時對這個市場的感受如何？

It feels like it should have been a nice tailwind, certainly going into the next quarter in '27. Obviously, it's lagged a little bit. Just trying to figure out what that could look like as we work our way forward here over the next six months to nine months? .

感覺這本來應該是個不錯的順風，尤其是進入 27 年的下一季。顯然它有點落後。只是想了解，當我們接下來 6 到 9 個月往前推進時，這可能會呈現什麼樣貌？.

Yes. Patrick, I think Jim already touched on it, right? So we were quite surprised to step down -- after further analysis and if you look at the funding levels for early-stage biotech and later stage biotech, we understand -- but you're right, the funding levels were very encouraging. And as I mentioned, interest rates, M&A deals, all those we're pointing in the right direction. I already mentioned that the conversations are getting better.

是的。Patrick，我想 Jim 已經提到過了，對吧？所以我們對這次下滑相當意外——在進一步分析後，如果你看早期生技與後期生技的資金水位，我們理解——但你說得對，資金水位確實非常令人鼓舞。而且如我提到的，利率、併購交易等都朝正確方向發展。我也已經提到，對話正在變得更好。

Interest levels from the biotech markets are improving. And last quarter, we have two times negative mid-single digits. We thought stabilization improvement was there, but to step down we're going back to, okay, stabilization is our next point typically because we need to see the ship turn the corner. And therefore, we are somewhat careful and I think that's the right thing to do. But you're right, all the indicators, including the dialogue with customers are positive.

來自生技市場的興趣程度正在改善。而上一季我們連續兩次是負的中個位數。我們原本以為已經出現穩定改善，但這次又下滑，讓我們回到「好吧，下一個觀察點通常是先看到穩定」，因為我們需要看到這艘船真正轉過彎。因此我們會比較謹慎，我認為這樣做是對的。但你說得對，所有指標——包括與客戶的對話——都是正面的。

And if I could, I'll just add a little bit. I mean kind of going back to my cart before the horse comment, it's will kind of trying to throw a needle here with regards to exactly what quarter you see the inflection point. And we've said that we've looked at our history over the last several decades and look at different ebbs and flows of biotech funding and the range is anywhere between one quarter and as many as four quarters. But the average of the mean is somewhere between two and three. And -- the reality is, it's only been two quarters of solid funding.

如果可以的話，我再補充一點。我的意思是，回到我先有車後有馬的那個評論，要精準判斷你看到拐點出現在哪一個季度，其實有點像在穿針引線。我們也說過，我們回顧了過去幾十年的歷史，觀察生技資金的不同起伏循環，範圍大概介於一個季度到最多四個季度。但平均值大約落在兩到三個季度之間。而且——現實是，穩健的資金挹注才剛持續兩個季度。

So we're kind of right at that median point now. And we're we'll see whether we're seeing that pickup in Q4 or not. Right now, our base case is that it does not, but it doesn't necessarily get any worse from here either. But it does, again, bode well for back half of this calendar year, which is the first half of our fiscal year because at that point in time, you start to get to the, call it, the tail end of the bell curve, but when we usually start to see that flow through.

所以我們現在大概正好在那個中位數的位置。接下來就看第四季是否會出現回升。目前我們的基本情境是假設不會回升，但也不一定會比現在更糟。不過，這仍然對本曆年下半年有利；而那段期間其實是我們會計年度的上半年，因為到那個時間點，你會開始走到所謂鐘形曲線的尾端，而我們通常會在那時開始看到資金傳導到需求端。

Justin Bowers, Deutsche Bank.

Justin Bowers，德意志銀行。

Just going to stick with the current line of questions. But Jim, can you update us on your view for fourth quarter for the different end markets? So what's the view for academic, US academic, biotech, et cetera? And then also, when you double-click on the funding analysis, what sort of competitive dynamics, if any, did you uncover?

我就沿著目前這條問題線繼續問。Jim，你能否更新一下你對第四季各個終端市場的看法？例如學術端、美國學術端、生技等等，你的看法是什麼？另外，當你深入檢視資金分析時，你有沒有發現任何競爭動態（如果有的話）？

And then part three of that would just be what parts of the portfolio would you start to see the recovery the soonest from the EVP customers?

第三部分是：在 EVP 客戶那邊，你認為投資組合中哪些部分會最早看到復甦？

Well, I'll take the first one and the third and I'll let Kim jump in on the second point. Really quite simple without going through end market by end market. The very simple answer is our base case is we're assuming basically the same level of performance across all our end markets in Q4 that we saw in Q2. Pharma already is very strong. Academic is going in the right direction, albeit slowly.

第一個和第三個我來回答，第二點我請 Kim 補充。其實很簡單，不用逐一按終端市場細講。我們的基本情境是假設第四季各終端市場的表現，大致與第二季看到的水準相同。製藥端本來就非常強勁。學術端正朝正確方向走，只是速度較慢。

So therefore, we don't see a meaningful move but nonetheless, continued progress. And then with biotech, we're assuming the same kind of performance we saw in Q3 for Q4. As we talked about in my opening comments, that would be the -- that will be if there's any potential upside, that's where we think we might see it as in biotech.

因此我們不預期會有明顯的變動，但仍會持續改善。至於生技端，我們假設第四季會延續第三季看到的那種表現。如同我在開場談到的，如果有任何潛在上行空間，我們認為最可能出現在生技端。

But right now, that's not our base case. So that's really how we're viewing the end markets. With regards to -- I saw going to take the third bullet term of what it was now, it was around remind me --

但目前那不是我們的基本情境。所以我們對終端市場的看法大致如此。至於——我剛剛要回答第三點是什麼來著，提醒我一下——

Just around the parts of the portfolio, would you start to see the recovery for biotech,

就是關於投資組合中哪些部分會開始看到生技復甦。

Thank again, as I mentioned in answering an earlier question, -- we look at our -- we look at the performance, particularly our proteomic analysis business, our spatial business, those two growth vectors, cell therapy kind of beats to its own drum, but that's doing -- that's already doing very well.

好的，正如我在回答先前問題時提到的——我們會看我們的表現，特別是蛋白體分析業務、空間（spatial）業務，這兩個成長向量；細胞治療有點像走自己的節奏，但那塊目前——已經表現得非常好。

Those two growth vectors for us, we believe, is usually an early indicator for us with regards to a turn in the markets when we see those start to inflect. And just as we saw those two parts of our business do very well with double-digit growth in our US academic markets this most recent quarter, that's what we're looking for the inflection point in biotech as well.

對我們而言，這兩個成長向量通常是市場轉折的早期指標：當我們看到它們開始出現拐點時，就代表市場可能在轉向。而就像最近一季我們看到這兩塊業務在美國學術市場有雙位數成長一樣，我們也在生技端尋找同樣的拐點訊號。

And like I said, I don't want to get ahead of us, but it was encouraging to hear that the interest level and funnels among our biotech customers for those two portions of our portfolio have picked up here in the last several months.

而且如我所說，我不想操之過急，但令人鼓舞的是，過去幾個月我們聽到生技客戶對我們投資組合中這兩個部分的興趣程度與銷售漏斗（pipeline/funnel）都有所回升。

Just to your second question -- oh, go ahead.

至於你的第二個問題——喔，你先請。

No. Go ahead, Kim.

不用。Kim，你請。

Yes. Your second question was around the trends in biotech, right? So yes, over the last year, funding mix has shifted. And the year before, you could clearly see 75% of all the funding going into late-stage work, clinical development, [Phase 1 to Phase 3] and that have 82% of the funding.

好的。你的第二個問題是關於生技的趨勢，對吧？是的，過去一年資金結構（funding mix）已經發生轉移。而在前一年，你可以很清楚看到 75% 的資金流向後期工作、臨床開發，[第一期到第三期]，而那部分拿到了 82% 的資金。

And the same happened in reverse for the early-stage discovery, which used to be 25% of budgets and now being 18% of all the funding. So that took a step down the early discovery part. And that's really what we bumped into with our corporate portfolios, specifically the assays that Jim mentioned. I don't think that is, by definition, a change in competitive trends and just a change in where the money gets spent.

同樣地，早期探索（early-stage discovery）則反向發生：過去占預算 25%，現在只占全部資金的 18%。所以早期探索這一塊確實下滑了一階。而這正是我們在企業端產品組合中遇到的情況，特別是 Jim 提到的那些 assay。我不認為這本質上是競爭趨勢的改變，而是資金花在哪裡的改變。

Kyle Boucher, TD Cowen.

Kyle Boucher，TD Cowen。

I know you touched on this a little bit, but I wanted to ask another -- just a clarification question on the guide. You said flat organic in fiscal Q4 and sort of implying low single-digit underlying growth, excluding the GMP headwinds.

我知道你稍早有提到一點，但我想再問一個——關於指引的釐清問題。你說會計年度第四季有機成長持平，並且暗示若排除 GMP 的逆風，底層成長大概是低個位數。

But it sounds like there's fewer sort of discrete items in the fiscal fourth quarter. The GMP reagent headwind is pretty small at 150 basis points, the OEM reagent timing headwinds out of the way and you face the easiest comparison year-over-year on organic. I guess beyond biotech performance, I mean, is there anything else that's sort of getting worse?

但聽起來會計年度第四季的離散項目（discrete items）比較少。GMP 試劑的逆風很小，只有 150 個基點；OEM 試劑時點的逆風也已經過去；而且你面對的是有機成長最容易的年對年比較。我想問，除了生技表現之外，還有其他什麼是在惡化嗎？

I can give a slide by and then Jim can double click. No, I'll look at the our end markets. First, the pharma has been double digits and funding have been stable there, maybe slightly improving. So we think our entitlement continues to be double digits. Biotech, we discussed in detail here.

我可以先簡單帶過，然後 Jim 再深入說明。不，我先看我們的終端市場。首先，製藥端一直是雙位數成長，而且那邊的資金一直穩定，甚至可能略有改善。所以我們認為我們的應得成長（entitlement）仍會維持雙位數。生技端我們剛剛已經詳細討論過。

Academic, we see a slight improvement, and we are excited that we're back in positive territory for the first time. It's still a frail market. It's certainly not a going to be a V-shaped recovery, I think, but stabilizing and improving is a fair assumption there. In China, we've already discussed with four times in positive territory and continued momentum.

學術端我們看到些微改善，我們也很振奮，因為這是我們首次回到正成長區間。但這仍是個脆弱的市場。我認為它肯定不會是 V 型復甦，但「趨於穩定並逐步改善」是合理的假設。中國方面，我們也已經談過，已連續四個季度在正成長區間，且動能持續。

So from that point of view, I'm relatively comfortable and the one that we are -- have been talking about and we feel could be a detractor still in the biotech area. From a portfolio point of view, our core has been doing good, except for these areas that we discussed. And if you look at our verticals, I couldn't be more positive as cell therapy. We know about the two customers, but you take those out, underlying growth was 50%. We're looking at 17% 12 trailing months. And that looks stable. We would like that to be 20% minimum. So it's heading there.

所以從這個角度來看，我相對有信心；而我們一直在談、也認為仍可能拖累的，還是在生技領域。從產品組合角度看，我們的核心業務表現一直不錯，除了我們討論過的那些區塊。如果你看我們的垂直領域（verticals），我對細胞治療的看法再正面不過。我們知道那兩個客戶的情況，但把它們排除後，底層成長是 50%。我們看過去 12 個月（TTM）是 17%。而且看起來很穩定。我們希望至少能到 20%。所以正朝那個方向前進。

Spatial, as you know, was back to mid-double digits with the reagents improving and COMET instrument at 65% growth. Protemoic analysis. Right now, it's at mid-single digits. And we do know that it belongs in double digits -- deep in double digits. So there, we feel that the biotech uptake would be the trigger to get it back into the zone very long in mid-double digits.

如你所知，Spatial 回到中雙位數水準，試劑表現改善，且 COMET 儀器成長達 65%。蛋白質體分析。目前則在中個位數。而我們確實知道它應該在雙位數——而且是深度雙位數。因此，我們認為生技客戶的採用將會是觸發因素，使其回到區間，並在相當長一段時間維持在中雙位數。

And then the diagnostics area, it was negative for the quarter. especially the diagnostics -- molecular diagnostics products. And that was clearly a timing issue. So there, I do have some positive post backdrop as well that it can come back to normal growth rates.

接著是診斷領域，本季為負成長，尤其是診斷——分子診斷產品。那顯然是時點問題。因此，我也看到一些正面的後續背景因素，讓它有機會回到正常的成長率。

so that's the flyby on the product lines. So overall, comfortable with, of course, be careful for your next quarter, but with a strong trajectory to normalization.

以上就是對各產品線的快速帶過。整體而言，我們感到放心；當然，對下一季仍需謹慎，但正常化的軌跡相當強勁。

Got it. And maybe just on the GMP reagent business and even space on the Lunaphore side, pretty impressive growth rates almost 50% on the GMP agent side, over 60% for Lunaphore. And how sustainable do you think these levels of growth are going forward? I mean, did they face easy comps year-over-year?

了解。另外，可能就 GMP 試劑業務，甚至 Lunaphore 端的空間（spatial）業務來看，成長率相當亮眼：GMP 端接近 50%，Lunaphore 超過 60%。你認為未來這樣的成長水準有多可持續？我的意思是，年對年比較基期是否較容易？

Yes. So the -- taking the two customers out, we clearly look at the funnel underneath -- we have 700 plus customers. The number of customers has increased mid-single digits. So that's not carrying it. But customers going deeper into their projects and spending more is clearly the driver.

是的。所以——把那兩個客戶排除後，我們清楚地看底層的漏斗——我們有 700 多位客戶。客戶數量增加了中個位數。所以並不是客戶數在帶動。而是客戶在其專案中投入更深、支出更多，這顯然才是驅動因素。

We have 85 programs, the same like last quarter in clinical. However, 18 are in Phase 2, and that used to be 15 and still the same six customers in Phase 3. So there is a progress that the customers are making that drives the growth.

我們有 85 個計畫，與上季在臨床中的數量相同。不過，其中 18 個在第二期（Phase 2），過去是 15 個；而第三期（Phase 3）仍是同樣的 6 家客戶。因此，客戶所取得的進展正在推動成長。

If you look at the cell therapy trials, globally are also increasing significantly. There has been a mix shift from gene therapy to cell therapy, and that's where we're benefiting as well. So we do believe that the 20% growth as a minimum for a 12-month trailing would be the right bar to set. And of course, we can always look at our Wilson Wolf numbers. We talked about mid-single-digit growth this last quarter, and that was over a comparable of 25% growth.

如果你看細胞治療試驗，全球也在顯著增加。從基因治療轉向細胞治療的組合移轉正在發生，而我們也因此受益。所以我們確實認為，以過去 12 個月（rolling 12 months）來看，至少 20% 的成長會是合適的門檻。當然，我們也可以隨時參考 Wilson Wolf 的數據。我們談到上季是中個位數成長，而那是在可比基期為 25% 成長的情況下。

And last year, -- but the number of brands that we're writing there is impressive. We are happy that there is a more or less 50% attachment rates with Bio-Techne cytokines and proteins. So overall, we're comfortable with the market underlying activity levels, progress of the pipeline and number of customers that we are putting into the funnel.

而去年——但我們在那裡所簽入的品牌數量令人印象深刻。我們很高興 Bio-Techne 的細胞激素與蛋白質有大約 50% 的搭配（attachment）率。因此整體而言，我們對市場底層活動水準、管線進展，以及我們導入漏斗的客戶數量感到放心。

Matt Etoch, Stephens Inc.

Matt Etoch，Stephens Inc.

Maybe just one for me and following up on the last question I asked on GMP proteins and cell therapies. Could you just maybe break down how much of those how much of the growth that you're seeing is coming from maybe new program wins versus expansion of existing customers? I would really appreciate that.

我這邊可能就一題，延續我上一題關於 GMP 蛋白與細胞治療的問題。你能否拆解一下，你們看到的成長中，有多少來自新計畫的贏單（new program wins），又有多少來自既有客戶的擴張？我會非常感謝。

Yes. I just touch based on it. Thanks for the question. Our overall number of customers increased 3% over the last couple of quarters, we saw a rotation. Some customers rotated out, and they started two, three years ago with a setup that turned out maybe not be a winning strategy within the stell therapy.

可以。我剛剛有稍微提到。謝謝你的問題。我們整體客戶數在過去幾季增加了 3%，我們也看到一個輪替。有些客戶退出了，他們在兩、三年前開始採用的一套配置，結果在細胞治療中可能不是一個成功的策略。

But others have come in and it's all about are you able to scale, are you able to make it cost-effective, and we are certainly helping our customers doing so with the will move G-Rex and cytokines proteins as well as the form factor of the (inaudible) that we've launched a quarter or two ago.

但也有其他客戶進來，重點在於你是否能夠擴產、是否能做到具成本效益；而我們確實正透過 G-Rex 的擴增（scale-up）以及細胞激素蛋白，並搭配我們在一、兩季前推出的（聽不清）之形式規格（form factor），協助客戶達成這些目標。

So overall, we feel that the increase in customers, including the churn is encouraging. The number of clinical studies is increasing, and there is progress in the pipeline from by the customers from clinicals one into two and three. So we see positive trends in all three of those dimensions.

整體而言，我們認為客戶數的增加（包含流失）是令人鼓舞的。臨床研究數量正在增加，且客戶的管線也在推進，從臨床一期進到二期與三期。因此，我們在這三個面向都看到正向趨勢。

At this time, we've reached our allotted time for questions. I will now turn the program back over to our presenters for final remarks.

目前我們已到達提問時間上限。我現在把會議交回給簡報人員做最後結語。

Thank you, everyone, for joining today's call. I want to recognize the Bio-Techne team for their continued focus and execution through what has been an extended period of market and customer-specific challenges.

感謝各位參加今天的電話會議。我也要肯定 Bio-Techne 團隊，在這段市場與特定客戶挑戰延長的期間，仍持續專注並有效執行。

We are encouraged by the improving bioelectronic visibility, stabilization in the US academia, sustained engagement from our large pharmaceutical customers and continued momentum across China and the broader APAC region.

我們對生物製藥能見度的改善、美國學術市場的穩定、大型製藥客戶的持續投入，以及中國與更廣泛亞太（APAC）地區的持續動能感到鼓舞。

As we move through Bio-Techne's 50th year, we do so with a portfolio that has never been better aligned with the direction of science and medicine. Our combination of high quality agents analytical platforms and enabling technologies supports critical workflows from early discovery through translational research and manufacturing.

在 Bio-Techne 邁入第 50 年之際，我們擁有一個與科學與醫療發展方向前所未有地高度契合的產品組合。我們結合高品質試劑、分析平台與賦能技術，可支援從早期探索到轉譯研究與製造的關鍵工作流程。

Continued investments across cell therapy, proteomic analysis, spatial biology and precision diagnostics position us well to support our customers and capture attractive long-term growth opportunities.

我們在細胞治療、蛋白質體分析、空間生物學與精準診斷上的持續投資，使我們能更好地支援客戶，並掌握具吸引力的長期成長機會。

Thank you again for your interest in Bio-Techne, and we look forward to updating you on our progress next quarter.

再次感謝各位對 Bio-Techne 的關注，我們期待在下季向各位更新我們的進展。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。您現在可以斷線。