Alpha Teknova Inc (TKNO) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the technova second-quarter 2025 financial earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Technova 2025 年第二季財務收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Jennifer Henry, Senior Vice President of Marketing. Please go ahead.

現在，我想將會議交給今天的第一位發言人，行銷高級副總裁 Jennifer Henry。請繼續。

Thank you, operator. Welcome to Technova's second-quarter 2025 earnings conference call. With me on today's call are Steven Gunstream, Technova's President and Chief Executive Officer, and Matt Lowell, Technova's Chief Financial Officer, who will make prepared remarks and then take your questions.

謝謝您，接線生。歡迎參加 Technova 2025 年第二季財報電話會議。與我一起參加今天電話會議的還有 Technova 總裁兼執行長 Steven Gunstream 和 Technova 財務長 Matt Lowell，他們將發表準備好的講話，然後回答大家的提問。

As a reminder, the forward-looking statements that we make during this call, including those regarding business goals and expectations for the financial performance of the company, are subject to risks and uncertainties that may cause actual events or results to differ. Additional information concerning these risk factors is included in the press release in the company that the company issued earlier today, and they are more fully described in the company's various filings with the SEC.

提醒一下，我們在本次電話會議中所做的前瞻性陳述，包括有關公司業務目標和財務績效預期的陳述，都受到風險和不確定性的影響，這些風險和不確定性可能導致實際事件或結果有所不同。有關這些風險因素的更多資​​訊包含在公司今天早些時候發布的新聞稿中，並且在公司向美國證券交易委員會提交的各種文件中有更詳細的描述。

Today's comments reflect the company's current views, which could change as a result of new information, future events, or other factors, and the company does not obligate or commit itself to update its forward-looking statements, except as required by law.

今天的評論反映了公司當前的觀點，這些觀點可能會因新資訊、未來事件或其他因素而改變，除非法律要求，否則公司沒有義務或承諾更新其前瞻性陳述。

The company's management believes that in addition to GAAP results, non-GAAP financial measures can provide meaningful insight when evaluating the company's financial performance and the effectiveness of its business strategy. We will therefore use non-gap financial measures of certain of our results during this call.

公司管理層認為，除了 GAAP 結果之外，非 GAAP 財務指標在評估公司財務表現和業務策略有效性時也能提供有意義的見解。因此，我們將在本次電話會議中使用非差距財務指標來衡量我們的某些績效。

Reconciliations of GAAP to non-GAAP financial measures are-included in the press release that we issued this afternoon, which is posted on both Technova's and the SEC's website. Non-GAAP financial measures should always be considered only as a supplement to and not as a substitute for or as superior to financial measures prepared in accordance with GAAP.

我們今天下午發布的新聞稿中包含了 GAAP 與非 GAAP 財務指標的對賬，該新聞稿發佈在 Technova 和 SEC 的網站上。非公認會計準則財務指標應始終被視為按照公認會計準則編制的財務指標的補充，而不能替代或優於按照公認會計準則編制的財務指標。

The non-GAAP financial measures in this presentation may differ from similarly named non-gap financial measures used by other companies. Please also be advised that the company has posted a supplemental slide deck to accompany today's prepared remarks. It can be accessed on the investor relations section of Technova's website.

本簡報中的非公認會計準則財務指標可能與其他公司使用的類似名稱的非差距財務指標不同。還請注意，該公司已發布補充幻燈片以配合今天的準備好的演講。您可以在 Technova 網站的投資者關係部分中存取它。

And now, I will turn the call over to Steven.

現在，我將把電話轉給史蒂文。

Thank you, Jen. Good afternoon and thank you everyone for joining us for our second-quarter 2025 earnings call. This is our 16 quarterly earnings call since our initial public offering in June 2021, and I want to kick off by discussing the progress we made in preparing Technova for long-term sustainable, above market growth.

謝謝你，Jen。下午好，感謝大家參加我們的 2025 年第二季財報電話會議。這是我們自 2021 年 6 月首次公開募股以來的第 16 次季度財報電話會議，我想首先討論一下我們在為 Technova 實現長期可持續、高於市場的增長做好準備方面所取得的進展。

First, we designed, built, and validated a state of the art facility for the manufacture of custom clinical reagents in batch sizes smaller than 2000 L. This purpose-built facility has enabled us to grow the number of clinical customers we support from 13 in 2020 to 48 in 2024.

首先，我們設計、建造並驗證了一套最先進的設施，用於生產批量小於 2000 公升的客製化臨床試劑。這座專門建造的設施使我們能夠將支援的臨床客戶數量從 2020 年的 13 個增加到 2024 年的 48 個。

With this new facility, we can not only generate more than $200 million in annualized revenue without significant additional capital investment.

有了這個新工廠，我們不僅可以創造超過 2 億美元的年收入，而且無需進行大量的額外資本投資。

But also deliver custom clinical grade reagents in weeks instead of months.

而且還可以在幾週內（而不是幾個月）交付客製化的臨床級試劑。

Second, we developed and validated automated manufacturing processes, integrated new IT infrastructure, and implemented lean production methods to drive operational efficiencies. These new capabilities will scale with the business, generating significant leverage in the P&L as revenue increases.

其次，我們開發並驗證了自動化製造流程，整合了新的 IT 基礎設施，並實施了精實生產方法來提高營運效率。這些新功能將隨著業務的擴展而擴大，隨著收入的增加，在損益表中產生顯著的槓桿作用。

Third, we established technova as a recognized leader in custom research and clinical reagents through our commercial investments, which included rebranding and repositioning the company, website enablement, lead generation, and establishing an efficient and effective commercial organization.

第三，我們透過商業投資將 Technova 打造為客製化研究和臨床試劑領域公認的領導者，這些投資包括公司品牌重塑和重新定位、網站支援、潛在客戶開發以及建立高效的商業組織。

These investments have allowed us to attract an onboard customers developing new therapies across multiple modalities, including cell therapy, gene therapy, mRNA, and monoclonal antibodies. Much like our operational infrastructure, our commercial infrastructure is set up to scale with minimal additional investment.

這些投資使我們能夠吸引開發多種方式的新療法的客戶，包括細胞療法、基因療法、mRNA 和單株抗體。與我們的營運基礎設施非常相似，我們的商業基礎設施也是透過最少的額外投資來擴大規模的。

Finally, we've we've achieved all of that while reducing our headcount by about 40% from its peak, cutting our annual operating expenses by approximately $18 million over the past 3 years, and exceeding consensus revenue estimates 15 out of 16 reported quarters during one of the most tumultuous periods in our industry's history.

最後，我們在實現所有這些目標的同時，將員工人數從巔峰時期減少了約 40%，在過去 3 年裡將年度營運費用削減了約 1800 萬美元，並且在我們行業歷史上最動蕩的時期之一的 16 個報告季度中，有 15 個季度的收入超過了普遍預期。

So I'm very confident about what we've built here at Technova and about the value we're positioned to deli to deliver for our customers and shareholders in the long term.

因此，我對我們在 Technova 所取得的成就以及我們為客戶和股東長期創造的價值充滿信心。

Now, let's talk about the second-quarter. We delivered strong results across both top and bottom line. Revenue increased by 7% compared to the same period last year, making the 4th marking the 4th consecutive quarter of year over year growth.

現在，我們來談談第二季。我們在營收和利潤方面都取得了強勁的業績。營收較去年同期成長7%，連續第四個季度實現年增。

The growth was driven by strength and sales of our catalog products, revenue from which again grew in the low double digits.

這一成長主要得益於我們目錄產品的強勁銷售，其收入再次實現了兩位數的低成長。

We also executed extremely well operationally, achieving an adjusted EBITA of negative $0.8 million which is our best quarterly result since we began reporting as a public company in mid-2021.

我們的營運表現也非常出色，調整後的 EBITA 為負 80 萬美元，這是我們自 2021 年中期開始作為上市公司報告以來最好的季度業績。

Matt is going to talk about the outlook for the year, but before I turn it to him, I would like to provide my perspective on the progress we're making with our growth strategy and an update on the current and markets we serve.

馬特將談論今年的前景，但在我把話題轉向他之前，我想先談談我們成長策略的進展以及我們所服務的當前市場的最新情況。

Our strategy is built on two fundamental beliefs. First, we will continue to be a leader in essential research reagents by providing a diverse portfolio of catalog products that are critical to the life science community.

我們的策略建立在兩個基本信念之上。首先，我們將繼續透過提供對生命科學界至關重要的多樣化目錄產品組合，成為基本研究試劑領域的領導者。

And second, our ability to manufacture custom research and clinical grade reagents will enable us to acquire and support emerging therapeutic and diagnostic developers as they advance their products to commercialization.

其次，我們生產客製化研究和臨床級試劑的能力將使我們能夠在新興治療和診斷開發人員將其產品推向商業化的過程中獲得併支持他們。

Revenue from sales of our catalog products, which contributes approximately 60% of our annual revenue from more than 3,000 accounts, increased low double digits from the same period last year and has grown in the high single digits on a trailing 12 month basis.

我們的目錄產品銷售收入占我們來自 3,000 多個帳戶的年收入的約 60%，與去年同期相比增長了低兩位數，並且在過去 12 個月中增長了高個位數。

The revenue growth from the first half of 2025 is now in line with our average historical growth rate from 2009 to 2019 of 12% for this portion of our business.

2025 年上半年的營收成長與我們 2009 年至 2019 年該部分業務的平均歷史成長率 12% 一致。

While we served nearly every end market with these reagents, the past quarter's growth was driven by key accounts in large pharma and life science tools.

雖然我們幾乎為所有終端市場提供這些試劑，但過去一個季度的成長是由大型製藥和生命科學工具領域的關鍵客戶所推動的。

We do believe this growth is above market rates, and we attribute that to the investments we've made in the past couple of years into portfolio optimization, integration with third party purchasing systems, targeting marketing campaigns, and channel management.

我們確實相信這種成長高於市場水平，我們將其歸功於過去幾年我們在投資組合優化、與第三方採購系統的整合、目標行銷活動和通路管理方面的投資。

With respect to custom products, our strategy is to engage with early space developers and support them as they move through clinical trials to commercialization.

對於客製化產品，我們的策略是與早期太空開發商合作，並在他們從臨床試驗到商業化的過程中為他們提供支援。

As a reminder, our market research suggests that the average spend by a technova customer buying custom products increases approximately 30-fold between phase one and a therapy's commercialization.

提醒一下，我們的市場研究表明，從第一階段到治療商業化，Technova 客戶購買客製化產品的平均支出增加了約 30 倍。

Of course, this increase in spend plays out over years, not quarters, because clinical trials typically take 5 to 10 years to complete. We therefore view the number of clinical customers as a leading indicator of our success.

當然，這種支出的成長是幾年而不是幾個季度才能實現的，因為臨床試驗通常需要 5 到 10 年才能完成。因此，我們將臨床客戶的數量視為我們成功的領先指標。

Recent market conditions have been challenging for our small to mid-sized biotech customers with early stage therapy, and unfortunately, we expect that to remain the case for the remainder of 2025.

最近的市場狀況對於我們處於早期治療階段的中小型生物技術客戶來說是一個挑戰，不幸的是，我們預計這種情況在 2025 年剩餘時間內仍將持續。

Under the circumstances, we find it promising that the number of clinical customers we support continues to grow, including several with therapies in later stages, and that we are also attracting clinical customers in adjacent markets like monoclonal antibody therapeutics and diagnostics.

在這種情況下，我們發現，我們支援的臨床客戶數量持續成長，其中包括一些處於後期治療階段的客戶，我們也吸引了單株抗體治療和診斷等鄰近市場的臨床客戶。

With a strong foundation in our catalog products, we therefore believe that technova is well positioned for high value creation, as the more than 60 therapies we already support move closer to commercialization.

因此，我們相信，憑藉目錄產品的堅實基礎，technova 已做好充分準備創造高價值，因為我們已經支持的 60 多種療法正越來越接近商業化。

Lastly, we believe we can drive additional scale and profitability by executing on inorganic opportunities we are pursuing that leverage our operational and commercial infrastructure.

最後，我們相信，透過利用我們正在追求的無機機會，利用我們的營運和商業基礎設施，我們可以推動額外的規模和盈利能力。

These opportunities include both collaborations, where we work closely with early stage companies to bring products into our portfolio to build out robust biprocessing workflows and M&A, where we identify and integrate T and acquisitions.

這些機會包括合作，我們與早期公司密切合作，將產品納入我們的產品組合，以建立強大的雙處理工作流程和併購，我們識別和整合 T 和收購。

We're excited about the progress of our pipeline and expect to have further announcements in the coming quarters.

我們對我們的管道進展感到非常興奮，並期望在未來幾季發布進一步的公告。

Taken altogether, we feel good about both our 2025 guidance and about how the company is positioned for long-term growth.

總而言之，我們對 2025 年的預期以及公司長期成長的定位感到滿意。

I will now hand the call over to Matt to talk through the financials.

我現在將把電話交給馬特討論財務問題。

Thanks, Steven, and good afternoon, everyone. Revenue was up 7% for the second quarter of 2025 compared to the same quarter prior year. I'm also pleased with our progress on key profitability measures and cash usage. Overall, we delivered great financial results for the 2nd quarter of 2025.

謝謝，史蒂文，大家下午好。2025 年第二季的營收與去年同期相比成長了 7%。我對我們在關鍵獲利指標和現金使用方面取得的進展也感到滿意。總體而言，我們在 2025 年第二季取得了出色的財務表現。

Total revenue for the second quarter of 2025 was $10.3 million, a 7% increase from $9.6 million in the second quarter of 2024.

2025 年第二季總營收為 1,030 萬美元，較 2024 年第二季的 960 萬美元成長 7%。

Lab Essentials products are targeted at the research use only or RUO market and include both catalog and custom products. Lab Essentials revenue was $7.8 million in the quarter of 22nd quarter of 2025 and a 2% increase from $7.6 million in the second quarter of 2024. The increase in lab Essentials revenue was attributable to an increased number of customers partially offset by slightly lower average revenue per customer.

Lab Essentials 產品僅針對研究用途或 RUO 市場，包括目錄產品和客製化產品。2025 年第二季度，Lab Essentials 的營收為 780 萬美元，比 2024 年第二季的 760 萬美元成長 2%。實驗室必需品收入的成長歸因於客戶數量的增加，但每位客戶的平均收入略有下降，部分抵消了這一增長。

Clinical solutions products are made according to good manufacturing practices or GMP quality standards and are primarily used by our customers as components or inputs in the development and manufacture of diagnostic and therapeutic products.

臨床解決方案產品是根據良好生產規範或 GMP 品質標準生產的，主要由我們的客戶用作診斷和治療產品開發和製造的組件或投入。

Clinical Solutions revenue was $2.1 million in the second quarter of 2025, a 32% increase from $1.6 million in the second quarter of 2024. The Increase in clinical solutions revenue was attributable to an increased number of customers, partially offset by lower average revenue per customer.

2025 年第二季臨床解決方案營收為 210 萬美元，較 2024 年第二季的 160 萬美元成長 32%。臨床解決方案收入的成長歸因於客戶數量的增加，但部分被每位客戶平均收入的下降所抵消。

We expect revenue per customer to increase over time as a subset of these customers ramp up their purchase volumes as they move through clinical trial phases. However, this metric can be affected by the addition of newer clinical or catalog customers who typically order less.

我們預計，隨著這些客戶的一部分在進入臨床試驗階段後增加購買量，每位客戶的收入將隨著時間的推移而增加。然而，這項指標可能會受到新增臨床或目錄客戶的影響，因為這些客戶的訂單量通常較少。

Just as a reminder, due to the larger average order size and clinical solutions compared to lab Essentials, there can be more quarter to quarter revenue lumpiness in this category.

需要提醒的是，由於與實驗室必需品相比，平均訂單規模和臨床解決方案更大，因此該類別的季度收入波動可能會更大。

To the income statement now, gross profit for the second quarter of 2025 was $4.0 million compared to $2.8 million in the second quarter of 2024. Gross margin was 38.7% in the second quarter of 2025, which is up from 29.2% in the second quarter of 2024. The increase in gross profit was driven by manufacturing efficiency gains and higher revenue.

現在的損益表顯示，2025 年第二季的毛利為 400 萬美元，而 2024 年第二季的毛利為 280 萬美元。2025 年第二季的毛利率為 38.7%，高於 2024 年第二季的 29.2%。毛利的成長得益於製造效率的提高和收入的增加。

Operating expenses for the second quarter of 2025 were $7.4 million compared to $7.9 million for the second quarter of 2024, excluding the non-recurring charge of $0.1 million recorded in the second quarter of 2024 related to the loss contingency. Operating expenses were down $0.5 million. The decrease was driven primarily by reduced spending, primarily on insurance and facility costs.

2025 年第二季的營運費用為 740 萬美元，而 2024 年第二季為 790 萬美元，不包括 2024 年第二季記錄的與損失或有事項相關的 10 萬美元的非經常性費用。營運費用下降了 50 萬美元。下降的主要原因是支出減少，尤其是保險和設施成本的減少。

At the end of the 2nd quarter of 2025, we had 171 total associates compared to 169 a year prior. Net loss for the second quarter of 2025 is $3.6 million or $0.07 per diluted share compared to a net loss of $5.4 million or negative $0.13 per diluted share for the second quarter of 2024. Adjusted EBITDA, a non-GAAP measure, was $0.8 million for the second quarter of 2025 compared to negative $2.6 million for the second quarter of 2024.

截至 2025 年第二季末，我們的員工總數為 171 名，去年同期為 169 名。2025 年第二季淨虧損為 360 萬美元，即每股攤薄虧損 0.07 美元，而 2024 年第二季淨虧損為 540 萬美元，即每股攤薄虧損 0.13 美元。2025 年第二季調整後 EBITDA（非 GAAP 指標）為 80 萬美元，而 2024 年第二季為負 260 萬美元。

The cash flow and balance sheet. Capital expenditures for the second quarter of 2025 were $0.2 million compared to $0.1 million for the second quarter of 2024. Free cash flow, a non-GAAP measure which we report as cash used in operating activities plus purchases of property, plant, and equipment was $2.3 million for the second quarter of 2025 compared to the $3.0 million for the second quarter of 2024.

現金流量和資產負債表。2025 年第二季的資本支出為 20 萬美元，而 2024 年第二季為 10 萬美元。自由現金流是一種非公認會計準則衡量指標，我們將其報告為經營活動中使用的現金加上購買的財產、廠房和設備，2025 年第二季度的自由現金流為 230 萬美元，而 2024 年第二季為 300 萬美元。

As planned, this quarter included a one-time use of $0.4 million of cash to settle our previously accrued loss contingency. Turning to the balance sheet as of June 30, 2025, we had $24.0 million in cash and cash equivalents and short-term investments and $13.2 million in total borrowings.

按照計劃，本季一次性使用 40 萬美元現金來清償我們先前累積的損失應急費用。截至 2025 年 6 月 30 日的資產負債表顯示，我們擁有 2,400 萬美元的現金和現金等價物以及短期投資，以及 1,320 萬美元的總借款。

Now on to our 2025 guidance and outlook, we are reiterating 2025 total revenue guidance of $39 million to $42 million.

現在談談我們的 2025 年指引和展望，我們重申 2025 年總收入指引為 3,900 萬美元至 4,200 萬美元。

At the midpoint, this implies 7% revenue growth compared to 2024. As mentioned in previous calls, given our limited exposure to NIH funding and limited business outside the United States, we experience very little direct impact from the geopolitical environment. Revenue from sales of our catalog products which represent a very broad customer base, was up low double digits again and higher than expected in the 2nd quarter, as spending on discovery work continues to be robust in certain pockets of the market.

從中點來看，這意味著與 2024 年相比收入成長 7%。正如先前的電話會議中所提到的，鑑於我們對 NIH 資金的接觸有限以及美國以外的業務有限，我們受到地緣政治環境的直接影響很小。我們的目錄產品代表著非常廣泛的客戶群，其銷售收入在第二季度再次實現了兩位數的低成長，並且高於預期，因為在某些市場領域，研發工作的支出持續強勁。

On the other hand, growth is lower than expected from custom products as the macro environment remains unfavorable for early stage small to mid-size biopharma customers and for their clinical work in particular.

另一方面，客製化產品的成長低於預期，因為宏觀環境對早期中小型生物製藥客戶及其臨床工作仍然不利。

If current trends persist for the year, we would expect higher growth in catalog products and lower growth in custom products than anticipated. Our overall revenue guidance remains between $39 million and $42 million for 2025. As mentioned before, second quarter gross margin performance was driven by manufacturing efficiency gains and higher revenue compared to last year. We're particularly proud of the improvements in efficiency as the team has worked hard to capitalize on identified opportunities.

如果目前的趨勢持續到今年，我們預計目錄產品的成長將高於預期，而客製化產品的成長將低於預期。我們對 2025 年的整體營收預期仍為 3,900 萬美元至 4,200 萬美元之間。如前所述，第二季的毛利率表現得益於製造效率的提高和去年相比更高的收入。由於團隊努力利用已發現的機會，我們對效率的提高感到特別自豪。

While gross profit improved more than our previously communicated expectations of about 70% of incremental revenue, we still believe this is the best estimate over longer periods of time.

雖然毛利的成長超過了我們之前預期的約 70% 的增量收入，但我們仍然認為這是長期內的最佳估計。

We expect some of these efficiency gains to continue into the second half, but with less impact. Therefore, we are now increasing our gross margin target to the low 30s for fiscal year 2025.

我們預計部分效率提升將持續到下半年，但影響較小。因此，我們現在將 2025 財年的毛利率目標提高到 30% 以下。

Although we ended the 2nd quarter below target spending levels, partly due to timing considerations, we continue to expect operating expenses of at least $8 million per quarter in the second half, allowing us to moderately increase our investment in sales and marketing compared to last year, positioning ourselves for the market's broader recovery.

儘管我們第二季的支出低於目標水準（部分原因是出於時間方面的考量），但我們仍然預計下半年每季的營運費用至少為 800 萬美元，這使我們能夠與去年相比適度增加對銷售和行銷的投資，為市場更廣泛的復甦做好準備。

At these spending levels, we continue to believe it will become adjusted EBITDA positive in the range of $50 million to $55 million in annualized revenue. The company continues to expect free cash outflow of less than $12 million for the full year 2025. As we have communicated previously based on reasonable assumptions about future growth and spending plus current liquidity, we believe that we do not need to raise additional capital to execute on our organic growth strategy.

在這些支出水準下，我們仍然相信其調整後的 EBITDA 將達到正值，年化收入將在 5,000 萬美元至 5,500 萬美元之間。該公司繼續預計 2025 年全年自由現金流出將少於 1,200 萬美元。正如我們之前所傳達的，基於對未來成長和支出以及當前流動性的合理假設，我們認為我們不需要籌集額外資金來執行我們的有機成長策略。

With that, I will turn the call back to Steven.

說完這些，我就把電話轉回給史蒂文。

Thanks, Matt. We believe the long-term outlook for our end markets remains positive, and we are committed to helping our customers accelerate the introduction of novel therapies, diagnostics, and other products that improve human health.

謝謝，馬特。我們相信，我們的終端市場的長期前景仍然樂觀，我們致力於幫助我們的客戶加速推出改善人類健康的新療法、診斷方法和其他產品。

We will now take your questions.

我們現在將回答大家的提問。

Thank you. At this time, we will conduct the question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。（操作員指示）

Mark Masaro, BTIG.

BTIG 的馬克馬薩羅。

Hey guys, this is Vivian I'm for Mark. Thanks for taking the questions and congrats on the good print. I'm just curious, bio funding landscape has been more of a mixed bag. So curious if you could lay out what you believe has helped you manage through, these headwinds over some of your peers. I think you've previously discussed, minimal exposure NIH funding tariffs, as well as less price sensitivity from your customers, so just curious if I have those variables right.

嘿，大家好，我是薇薇安，我為馬克服務。感謝您回答這些問題，並祝賀您取得了良好的成績。我只是好奇，生物融資格局一直是好壞參半。我很好奇您是否可以闡述您認為是什麼幫助您克服了與同行相比所面臨的這些困難。我認為您之前已經討論過，NIH 資助關稅的最低曝光度以及客戶對價格的較低敏感度，所以我只是好奇我是否正確理解了這些變數。

Yeah, thanks, Vivian. I would say, biotech funding.

是的，謝謝，薇薇安。我想說的是生技融資。

Probably directly in well, direct or indirectly impacts our custom biopharma segment of our business which represents about 25% of the total revenue the most. And what we're seeing there is very similar to Q1, which is that the early stage, small mid-sized biotech companies are struggling the most there. And unfortunately, we started the strategy 5 years ago and now we're supporting, over 48 customers and over 60 therapies and some of which are later stage. So, we're able to balance some of those losses out with some expected spend from the larger companies or the later stage therapies.

可能直接或間接影響我們業務中的客製化生物製藥部門，該部門佔總收入的 25% 左右。我們看到的情況與第一季非常相似，即早期、中小型生技公司面臨的困境最為嚴重。不幸的是，我們 5 年前就開始實施這項策略，現在我們正在支持超過 48 位客戶和超過 60 種療法，其中一些已進入後期階段。因此，我們能夠透過大公司或後期療法的預期支出來平衡部分損失。

And we continue to add, so we are finding new customers in the segment. Often they're not just selling gene therapy, as I mentioned, we're finding some monoclonal antibodies, some other opportunities there. That still is a pretty challenged group though, right? So it's the fact that we're able to not be so far down in that segment. Is a pretty big positive for us.

而我們繼續增加，所以我們正在尋找該領域的新客戶。正如我所提到的，他們通常不僅銷售基因療法，我們還在那裡發現了一些單株抗體和其他一些機會。但這仍然是一個頗具挑戰性的群體，對嗎？所以事實上我們能夠不在這個領域落後太遠。對我們來說是一個非常大的利好。

But the other side of the business really this broad-based essential, reagents for the life science community is where we kind of buoy the entire foundation here, and that's where we're seeing some nice double digit growth, and that is really along the execution, internally on the marketing side, on the channel management, the portfolio optimization. As well as the fact that we all those diverse and markets and again, like you said, we do not face the headwinds directly from the geopolitical environment. So, taken together, that's why we feel pretty good about where we sit right now.

但業務的另一方面實際上是這種廣泛基礎的、生命科學界必需的試劑，這是我們支撐整個基礎的地方，也是我們看到一些不錯的兩位數增長的地方，這實際上是在執行過程中，在內部營銷方面，在渠道管理方面，在投資組合優化方面。事實上，我們擁有所有這些多元化的市場，正如您所說，我們不會直接面臨來自地緣政治環境的阻力。所以，總而言之，這就是我們對目前所處位置感覺相當滿意的原因。

Okay perfect thanks for the caller, and just some follow up, I think you've discussed in the prepared remarks, that you see, inorganic opportunities and potential tins. Just curious if you could expand a little bit, where you think you see holes, in your product portfolio today.

好的，非常感謝您的來電，只是一些後續問題，我想您已經在準備好的評論中討論過了，您看到了無機機會和潛在的罐頭。我只是好奇您是否可以稍微擴展一下，看看您目前的產品組合中有哪些漏洞。

Thanks. Yeah, particularly, on the therapeutic side, we'll talk about first, right, from an inorganic opportunity we kind of put it in two buckets. One is collaborations, similar to what we've done with heuristics where we're looking at smaller companies with great technologies that need either commercial operational scale. We can bring those in and they can fill out some gaps there.

謝謝。是的，特別是在治療方面，我們先討論一下，從無機機會的角度，我們把它分成兩類。一是合作，類似我們採用啟發式方法的做法，我們正在尋找擁有先進技術、需要商業營運規模的小公司。我們可以把它們引入進來，它們可以填補那裡的一些空白。

And then on the M&A side it's a lot more around things we can manufacture in-house or leverage our commercial organization and get some some pretty good cost synergies out. From a portfolio whole perspective, we tend to do a lot of downstream. So, a lot of the GMP custom buffers for purified an antibodies or for gene therapies or whatever you, in that, in the downstream side.

然後在併購方面，我們更關注的是內部生產的產品或利用我們的商業組織並獲得一些相當不錯的成本協同效應。從整個投資組合的角度來看，我們傾向於做很多下游業務。因此，許多 GMP 客製化緩衝液用於純化抗體或用於基因療法或任何下游用途。

On the upstream side, the self culture media, obviously transaction reagents, preservation agents, those types of things. Would be really nice and their formulations that we can make internally. So that we're working to build out, obviously a cell therapy one, maybe some gene therapy, maybe monoclonal antibody, but we can go all the way through even life sciences.

在上游，有自培養基、顯然還有交易試劑、保存劑等這類東西。這真的很好，而且我們可以在內部製作它們的配方。因此，我們正在努力開發一種細胞療法，也許是某種基因療法，也許是單株抗體，但我們甚至可以擴展到生命科學領域。

Okay, great, thanks so much for taking the questions.

好的，太好了，非常感謝您回答這些問題。

Mac Etoch, Stevens Inc.

Mac Etoch，Stevens 公司

Hey, good afternoon, and I appreciate y'all taking my questions. Maybe to start just on the RUO plus initiative, and I know it's been a handful of quarters since, you all launched that, but any updated thoughts on how these efforts are trending now?

嘿，下午好，感謝你們回答我的問題。也許只是從 RUO plus 計劃開始，我知道你們已經啟動了幾個季度了，但是對於這些努力現在的趨勢有什麼最新的想法嗎？

Yeah, I would say that they're trending, as anticipated for us, and I think from a RUO RUO plus GMT as the three different, essentially quality, opportunities for customers to select into, introducing REO plus is a really nice solution for us because we had many customers that were bridging towards clinical, didn't want to finalize their formulations, wanted to try it maybe some smaller batches, but really wanted it made in our new facility in an animal origin free, environment and with the same equipment and. Processes that we would do under GMP so it's quicker to scale but give them the flexibility there.

是的，我想說它們正在流行，正如我們預期的那樣，我認為從 RUO、RUO plus 和 GMT 三個不同的、本質上是質量的機會供客戶選擇，推出 REO plus 對我們來說是一個非常好的解決方案，因為我們有許多客戶正在走向臨床，不想最終確定他們的配方，想嘗試一些較小的環境，但真正希望使用它在我們的新工廠中的產品。我們將按照 GMP 進行流程，以便更快地擴展規模，同時為他們提供靈活性。

So we have a number of customers actually purchasing in that which is really nice for us because it gets them, into our processes, maybe a little bit stickier, but then when they want to go to GMP, it'll be pretty quick. So a lot of our preclinical customers choose that as an option and of course, we do more there so we can charge a little bit more for that rather than just the audio side. So I think that's playing out, really well for us and it it helps us see that pipeline coming through.

因此，我們有許多客戶實際上在購買，這對我們來說真的很好，因為它讓他們融入我們的流程，可能有點棘手，但是當他們想要採用 GMP 時，它會非常快。因此，我們的許多臨床前客戶都選擇了這個選項，當然，我們在這方面做得更多，因此我們可以收取更高的費用，而不僅僅是音訊方面。所以我認為這對我們來說真的很好，它幫助我們看到管道的通暢。

Appreciate it and apologies I've been jumping between calls this afternoon but and so if you address this in the prepared remarks my apologies, but is there any timing or abnormal order patterns to call out within clinical solutions?

非常感謝，也很抱歉，今天下午我一直在打電話，但如果您在準備好的評論中提到了這一點，我很抱歉，但是在臨床解決方案中是否存在需要指出的時間或異常順序模式？

Yeah, I'll take that one, Steven. Yeah, I would say that I mean that's still a phenomenon for us Mac right? We have larger order sizes in that part of the business and relatively fewer customers compared to the labs essentials so.

是的，我會接受這個，史蒂文。是的，我想說這對我們 Mac 來說仍然是一種現象，對吧？與實驗室必需品相比，我們這部分業務的訂單量較大，但客戶相對較少。

Last quarter the clinical part of our business was was lower than the previous few quarters this time it's up a little bit so I mean I think overall we're seeing general, long term improvement in that area but sometimes they're just timing issues related to when customers want product or when they're conducting internal activities that require the product at a certain time so I would say.

上個季度，我們業務的臨床部分低於前幾個季度，而這次略有上升，所以我的意思是，我認為總體而言，我們看到了該領域的總體、長期改善，但有時它們只是與客戶何時需要產品或何時進行需要在特定時間使用產品的內部活動有關的時間問題，所以我想說。

That's the case here. We're kind of right in range where we would expect to be, and it's a bit higher than, where we were a year ago and even more so compared to the previous quarter, but all more or less within the normal fluctuations.

這裡的情況就是這樣。我們處於預期範圍內，比一年前略高，與上一季相比更高，但或多或​​少都在正常波動範圍內。

Appreciate the color.

欣賞色彩。

Brendan Smith of TD Cohen. Your line is now open.

Brendan Smith 的 TD Cohen。您的線路現已開通。

Hey guys, thanks for taking the questions. Congrats on the quarter. It's really good to see, yeah, I wanted to actually ask maybe more qualitatively, I think just given recent trends kind of across fi from us spending and priorities in general kind of talk about slowing down certain programs and focusing more on others. I'm kind of just wondering if there's anything you're noticing in conversations with those guys that maybe you call out. As especially notable in in driving some of those decisions, fully appreciate it's maybe not the first thing that's coming up when you got to talk to them, but, really just trying to understand how we should think about to what extent any of those shifting priorities could potentially push orders towards certain segments versus others. Thanks.

嘿夥計們，感謝你們回答問題。恭喜本季取得佳績。是的，看到這一點真的很好，我實際上想問一個更定性的問題，我認為考慮到最近美國的金融支出趨勢和優先事項，我們一般會談論放慢某些項目的速度，更多地關注其他項目。我只是有點好奇，在與這些人交談時，您是否注意到了什麼，也許您會大聲說出來。在推動某些決策時尤其值得注意的是，充分認識到這可能不是你與他們交談時首先想到的事情，但實際上只是想了解我們應該如何思考這些不斷變化的優先事項在多大程度上可能會將訂單推向某些細分市場而不是其他細分市場。謝謝。

Yeah thanks Brandon you know there's there's nothing specific that they call out I think almost every.

是的，謝謝布蘭登，你知道他們沒有什麼特別的呼喊，我認為幾乎每個人都是這樣的。

Customer we talked to has a different view of which modality is going to be the best, and I think the reality there is that there's a different modality that's the best depending on the target disease that you're after. But I will say there's obviously a trend here which is, whether or not they can raise money, and there are certain, there's certain areas where it's very difficult for some of these small ones to raise money in right now, and I think you can see the shift toward less risky modalities, whether it's some of the sort of the newer monoclonal antibodies like ADCs and multi-specifics or Just proven other vehicles that are out there. But, at this point in time, it's very much around the early stage. I think the positive side of this is that if you're in a later stage, therapy for the most part, not entirely across the board, but for the most part those are continuing on, and they are able to get funding and and go and so those customers that we had in that in those so the later stage are executing to the plan they laid out at the beginning of the year.

我們交談過的客戶對於哪種治療方式最好有不同的看法，我認為實際情況是，根據你所針對的目標疾病，有不同的最佳治療方式。但我要說的是，這裡顯然存在一種趨勢，即他們是否能夠籌集資金，在某些領域，一些小公司現在很難籌集資金，我認為你可以看到向風險較低的模式轉變，無論是某些較新的單克隆抗體，如 ADC 和多特異性抗體，還是已經證明的其他載體。但目前，它還處於早期階段。我認為這件事積極的一面是，如果你處於後期階段，大部分治療都會繼續進行，雖然不是全面治療，但大部分治療都會繼續進行，而且他們能夠獲得資金，所以我們在後期階段的那些客戶正在執行他們在年初制定的計劃。

Got it. Okay, makes sense. Thanks guys.

知道了。好的，有道理。謝謝大家。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

Good afternoon. You, your customers perhaps aren't affected by NH and you don't, really sell in China, but they obviously are affected by maybe this set of clouds overhanging the space, concerns around MFN pharma tariffs, obviously the ability to raise money in part tied to interest rates and risk appetite, as you're talking to customers and even in your comments you reference and market conditions, tough for all small customers.

午安.您的客戶可能不受 NH 的影響，而且您實際上也不在中國銷售產品，但他們顯然受到了籠罩在空間上的這組陰雲的影響，對最惠國藥品關稅的擔憂，顯然籌集資金的能力部分與利率和風險偏好有關，正如您在與客戶交談時所提到的，甚至在您提到的評論中，市場狀況對所有小客戶來說都很艱難。

What are you hearing from those customers who might be hesitant or waiting on orders about how that spend is going to be unlocked and it may be a kind of a mosaic, all those things, but as you kind of stacking what you're hearing the most and what's most important, what do you hear from customers.

您從那些可能猶豫不決或等待訂單的客戶那裡聽到了什麼關於如何解鎖支出的信息，它可能是一種馬賽克，所有這些事情，但是當您將聽到最多的和最重要的信息堆積起來時，您從客戶那裡聽到了什麼。

Yeah, it's a pretty broad answer across the board. I think in many cases, I would say it's just predictability and stability, which we haven't had yet this year. So, and I think when we get some of these moments where things are, feel like they're about settled, you can start to feel things pick up, and I would say that even the last 2 or 3 weeks we've seen some positive engagement from customers and if that continues for a couple months, I would say that could be potentially upside of things recovering, but I'm hesitant to even even think about it that way at the moment.

是的，這是一個相當廣泛的答案。我認為在很多情況下，這只是可預測性和穩定性，而今年我們還沒有實現。所以，我認為，當我們遇到一些事情感覺差不多穩定下來的時候，你就會開始感覺到事情在好轉，我想說，即使在過去的兩三周里，我們也看到了一些客戶的積極參與，如果這種情況持續幾個月，我想說，這可能是事情復甦的潛在好處，但目前我甚至都不願意這樣想。

The rest are very much around, okay, when do we want to pull the trigger to actually start executing this? At some point we had a couple conversations with customers when it was just kind of, in the mode of, well, we're going to have to do something this year, we gotta get going. So, at some point they decide either we're going to spend or we're not going to spend and I think we're in that mode now where there maybe the first half of the year or the first quarter or third of the year was very much around.

其餘的都差不多了，好吧，我們什麼時候開始真正執行這個？在某個時候，我們與客戶進行了幾次交談，當時我們的想法是，好吧，我們今年必須做點什麼，我們必須開始行動了。因此，在某個時候他們會決定我們是否要花錢，我認為我們現在就處於這種模式，可能上半年或第一季或第三季的情況就是這樣。

Let's wait and see and I think now people are making decisions and you can see it coming through in terms of either massive cost cuts in some of these customers or cost cuts and in action and we're starting to get less of the we're just going to wait and see. Hopefully that helps a little bit there.

讓我們拭目以待，我認為現在人們正在做出決定，你可以看到它要么大幅削減一些客戶的成本，要么削減成本並付諸行動，我們開始得到更少的我們只是拭目以待。希望這能有所幫助。

That that helps. You referenced also in your comments your belief that you're that you're taking share and part evidence by your growth in both of your segments, the dollar per customer was down year every year and I'm sure again some of that may be macro nature and I would say clinical solutions is lumpy, so it sounds like a lot of this is new account growth.

這有幫助。您在評論中還提到，您相信自己正在佔據市場份額，並且部分證據來自於您在兩個細分市場的增長，每位客戶的收入逐年下降，我確信其中一些可能是宏觀因素，我想說臨床解決方案是不穩定的，所以聽起來其中很多是新帳戶的增長。

So I would just be curious. A couple of years ago when you came up, you didn't have much in the way of sales force, online presence, you've done as you lived through quite a bit of work there maybe just give a sense for what kind of the account growth has looked like and maybe the inbound versus outbound work and how that's changed based on some of the investments you've made.

所以我只是好奇。幾年前，當您剛開始創業時，您的銷售隊伍和網絡業務還不多，您在那裡做了大量的工作，也許只是讓您了解一下帳戶增長情況，也許是入站與出站工作，以及根據您所做的一些投資，這種情況是如何變化的。

Yeah, I think there is some product mix in there in terms of spend, right? So you say average spend per customer, I think like you said, we are gaining customers, and I mentioned that both on the clinical side but also the research side where we're we're attracting new customers. I think that's a direct, directly related to the efforts we put. On the commercial side, right?

是的，我認為就支出而言，其中存在一些產品組合，對嗎？所以你說的是每個客戶的平均支出，我想就像你說的，我們正在獲得客戶，我提到，無論是在臨床方面，還是在研究方面，我們都在吸引新客戶。我認為這與我們付出的努力直接相關。從商業角度來說，對嗎？

Whereas I think we're a lot more reactive 4 or 5 years ago. We're now proactive. The brand is out there. People are recognizing us before people knew us for a plates, and now we're getting people proactively finding us as a solution provider on these tests of things. And so I think that's helped quite a bit. So those efforts are helping us attracting new customers, and I think if we didn't have those new customers, we wouldn't be growing.

而我認為四、五年前我們的反應要正面得多。我們現在採取了積極主動的態度。該品牌就在那裡。人們在知道我們車牌之前就已經認識我們了，現在人們主動將我們視為這些測試的解決方案提供者。所以我認為這有很大幫助。這些努力有助於我們吸引新客戶，我認為如果我們沒有這些新客戶，我們就不會發展。

As fast, I think the thing that's driving the the spend per customer down is just the macro environment, right, the limited funding, while we have little exposure to the government NIH, we can definitely see some impact there. There's other areas like the the small midsize biotech in the in the discovery side that you can see some impact there as well. So, I think the commercial efforts that we put in and the investment is paying off, it's just hard to see because it's masked a little bit by the general macro environment.

我認為，導致每位客戶支出下降的因素只是宏觀環境，對，資金有限，雖然我們很少接觸政府 NIH，但我們絕對可以看到一些影響。您還可以看到其他領域，例如發現方面的中小型生物技術公司也受到一些影響。所以，我認為我們付出的商業努力和投資正在獲得回報，只是很難看出，因為它被整體宏觀環境所掩蓋。

Because the last one for for Matt just printed a gross margin quarter almost at 39%, 31% last quarter, I think to get to the midpoint of your guidance, or you know in that range low 30s, gross margins would step down pretty decently in the back half of the year. I think maybe there's some mix from catalog versus custom, but.

因為 Matt 上一季的毛利率幾乎達到 39%，上一季為 31%，我認為要達到您指導的中間值，或者您知道的 30% 以下的範圍內，毛利率會在下半年大幅下降。我認為也許目錄和自訂之間存在一些混合，但是。

That also sounds like there wasn't a big pull for it in the second quarter. So just as you're thinking about gross margin drop through in the back half and then I guess in the '26 and beyond, do you feel like there's an opportunity to continue to expand gross margins, pretty sequentially, or again as we're thinking Q2 to Q3 in the back half, what are maybe the seasonal or other pieces that might push it down.

這聽起來也像是第二季沒有受到太大的吸引力。因此，正如您所考慮的，下半年毛利率會下降，然後我猜在 26 年及以後，您是否覺得有機會繼續擴大毛利率，相當連續地，或者再次考慮下半年的第二季度到第三季度，可能有哪些季節性或其他因素會將其壓低。

Yeah sure Matt and.

是的，當然，馬特和。

Yeah, we're really excited about the performance that we had this quarter, of course, and that was for very good reasons of course the biggest reason is one we've talked about which is we've got these high fixed cost base incremental revenue drops through and that's definitely happening right? And we did have year on year revenue growth so definitely a significant portion was was due to that.

是的，我們對本季的業績感到非常興奮，當然，這是有充分理由的，最大的原因就是我們已經討論過的，那就是我們的高固定成本基礎增量收入下降了，這肯定會發生，對吧？我們的收入確實同比增長，所以很大一部分肯定歸功於此。

We also had some other things in this in this quarter and a little bit last quarter as well where we had, there's always these, some favorable and unfavorable items at the lower levels and sometimes a few of those shine through more than others in this case we had a few more of the favorables than the unfavorables, which was great and I think it's really the culmination of work that our team has been doing not just in this quarter but over the last several quarters to.

我們在本季度和上個季度也遇到了一些其他問題，在較低層面上總是存在一些有利和不利因素，有時其中一些因素比其他因素更為突出，在這種情況下，有利因素比不利因素多，這很好，我認為這確實是我們團隊不僅在本季度而且在過去幾個季度所做工作的頂峰。

Become a very effective manufacturing organization compared to where we used to be and and that's been paying off so we've got things like where you know we've had some lower scrap rates and better management inventory and less less reserving required there we've looked at some of our processes and and made improvements where we're. We're able to use, a few of your supplies or use make, run fewer tests, for example, things that don't affect the product quality. So there's been a lot of little stuff as it happens for people that know manufacturing companies that have been adding up and you know I think what we're saying is.

與以前相比，我們已經成為一家非常高效的製造企業，並且取得了成效，我們已經取得了一些成績，例如廢品率降低了，庫存管理得到了改善，所需的儲備金減少了，我們研究了一些流程，並在其中做出了改進。我們可以使用您的某些供應品或進行較少的測試，例如，不影響產品品質的東西。因此，對於了解製造公司的人來說，有很多小事一直在累積，你知道，我認為我們所說的是。

We don't want to bet on all those things continuing to go the right way for the rest of the year. There could be some still good things left that skew towards that direction, so I would characterize it as saying there could be some upside in the second half gross margin compared to what I've said, but I think given that a few of these are not as easy to predict, we're we're just saying that, at this point we're not expecting it to go as well as it did in this quarter, but still, making those improvements and heading towards.

我們不想打賭今年餘下的時間裡所有這些事情都會繼續順利進行。可能還有一些好的事情偏向這個方向，所以我認為下半年的毛利率可能比我所說的有一些上升空間，但我認為考慮到其中一些並不容易預測，我們只能說，目前我們並不期望它像本季度那樣順利，但仍然在進行這些改進並朝著這個方向前進。

Higher gross margins with that 70% drop through in the long term as you think about '26 and and beyond. So we have a great opportunity there and we're seeing, a peak here early, but it's, I think it's going to keep going.

如果你考慮 26 年及以後的情況，那麼長期來看，70% 的毛利率將會下降。因此，我們在那裡有一個很好的機會，我們看到，這裡早早就達到了頂峰，但我認為它會繼續下去。

Great to hear. Thanks.

很高興聽到這個消息。謝謝。

Thank you.

謝謝。

Matthew Parisi of Key Bank. Your line is now open.

Key Bank 的 Matthew Parisi。您的線路現已開通。

Hi, yeah, this is Matthew Prey on for Paul Knight at Key Bank. Congrats again on the great quarter. Started off, I just wanted to ask about, the catalog business you had mentioned on the first quarter call that you expect the single digit growth in the, 2025. However, you saw low double digit growth, in that quarter, and then you said again today that you saw low double digit growth in that quarter. Can we assume still mid single digits growth for the catalog business for the remainder of the year.

大家好，我是 Matthew Prey，為 Key Bank 的 Paul Knight 表演。再次恭喜本季取得的優異成績。首先，我只是想問您在第一季電話會議上提到的目錄業務，您預計到 2025 年該業務將實現個位數成長。然而，在那個季度，你看到了低兩位數的成長率，然後你今天又說，你在那個季度看到了低兩位數的成長率。我們是否可以預期今年剩餘時間內目錄業務仍將維持中個位數成長？

No, I think that just you know the math.

不，我認為只有你懂數學。

Yeah I'm glad to say that, yeah.

是的，我很高興這麼說，是的。

Yeah, I did make some reference to this in in my remarks, and you know we've been really pleased obviously with the performance in the catalog business that low double digits we did start off the year saying that we were expecting more in the mid-single digits so you know at this point it looks like we're going to be doing better than the mid-single digits for the year, depending on how the back half turns out it could be high single digits, it could be double digits throughout the year.

是的，我在發言中確實提到了這一點，你知道，我們對目錄業務的表現感到非常滿意，年初我們確實實現了低兩位數的增長，我們預計今年的增長將達到中等個位數，所以你知道，目前看來，我們今年的表現將優於中等個位數，這取決於下半年的情況，可能是高個位數，也可能是全年的兩位數。

So I think we're still. Not pinning it exactly because the environment is very fluid, but, if we were to continue, obviously we've had 22 quarters of double digits and so we're expecting something above the mid single digits either high or low doubles as we continue throughout the year.

所以我認為我們仍然如此。由於環境變化很大，因此無法準確預測，但如果我們繼續下去，顯然我們已經有 22 個季度實現了兩位數的增長，因此我們預計全年的增長將保持在中等個位數以上，無論是高雙數還是低雙數。

Awesome thank you so much and then a quick question about the clinical solutions segment so I know you had a 30% increase this quarter, and that's following a 30% decline in Q1. On the 11 call you referenced that this, 30% decline was due to a large order delivered to a single customer in 2024, and it was attributable to customer timing, so it wasn't, it did not take place in 125. I'm wondering is this customer order what took place in 2 to cause the 30% increase.

太棒了，非常感謝。然後我想問一個關於臨床解決方案部門的簡短問題，我知道本季你們的銷售額成長了 30%，而第一季則下降了 30%。在 11 日的電話會議上，您提到，30% 的下降是由於 2024 年向單一客戶交付的一筆大訂單造成的，這是由於客戶的時間安排造成的，所以它不是，它沒有在 125 年發生。我想知道這個客戶訂單在 2 中發生了什麼，導致了 30% 的成長。

Yeah, I would say that this, I was just going to chalk this up to that general trend of of lumpiness, there wasn't one particularly large order in this quarter and we have orders of all sizes, of course, so it wasn't one particular customer driving this, but in in in any case, in any quarter, there are things that come in and out and when we have a large one, it's notable and we called it out last quarter when we had one in the year on year comparison.

是的，我想說的是，我只是想把這歸因於總體的波動趨勢，本季度沒有一個特別大的訂單，當然，我們有各種規模的訂單，所以這不是由某個特定的客戶推動的，但無論如何，在任何一個季度，都有進進出出，當我們有一個大訂單時，這是值得注意的，我們在上個季度與去年同期進行比較時就提到了這一點。

In this case there's no large order a year ago or in this quarter in particular that really skewed it again a combination of a bunch of smaller things adding up, but in terms of a driver I wouldn't say it was a factor in either either the Q2 this year or last year.

在這種情況下，一年前或本季度沒有大訂單，特別是這個季度，這再次扭曲了它，這是一系列小因素的綜合作用，但就驅動因素而言，我不會說這是今年第二季度或去年的一個因素。

So you could kind of say that like kind of higher like 1, low 2 would be kind of the new like base for clinical.

因此，您可以說，較高（例如 1）和較低（例如 2）將成為臨床的新基礎。

Yeah, I mean, we're kind of in this range now in the last several quarters where we've been usually in the $1.5 million to $2 million range and that's kind of where the business is at the moment, but, in any given quarter it could be in that range or below it or maybe we'll we'll get even above that at some point here, but that's kind of the.

是的，我的意思是，在過去的幾個季度裡，我們的收入一直處於這個範圍內，通常在 150 萬美元到 200 萬美元之間，這就是目前的業務狀況，但在任何一個季度，它都可能處於這個範圍內，或者低於這個範圍，或者也許我們會在某個時候甚至高於這個範圍，但這就是情況。

The normal pacing of the business at in this environment and where we are right now.

在這種環境下以及我們目前所處的位置，業務的正常節奏。

Alright, thank you so much. And then just one last question, kind of with the phasing of, revenue for the back half, I know we only see a dip in, the fourth quarter. I'm just wondering if we should expect to see that again.

好的，非常感謝。然後最後一個問題，隨著下半年收入的逐步下降，我知道我們只會看到第四季的收入下降。我只是想知道我們是否應該再次看到這種情況。

Yeah, I would just say general outlook for the revenue for for the second half. I mean, we have maintained our guidance, so I'd say, we're probably expecting the first second half to be very similar to the to the first half in terms of revenue. The environment hasn't changed that much. We are seeing some signs of Steven's reference to that that could be good, but as we sit here today too early to call that that would push us anywhere.

是的，我只想說一下下半年收入的整體前景。我的意思是，我們一直維持我們的指導方針，所以我想說，我們可能會預計下半年的收入將與上半年非常相似。環境並沒有太大的變化。我們看到史蒂文提到的一些跡象，這可能是件好事，但我們現在還不能斷言這會對我們造成什麼影響。

Other than what we've seen for the, second half, and I would say to your point we generally have a softer Q4 in terms of revenue compared to Q3 only because of the fact that we have fewer business days and the shutdown week in there where that affects the the kind of run rate catalog type of revenue that we have in a quarter generally so so we do say that the 4th quarter is usually lower than the 3rd quarter.

除了我們在下半年看到的情況之外，我想說的是，就收入而言，與第三季度相比，我們第四季度的收入通常較弱，這是因為我們的工作日較少，並且有停工週，這會影響我們在一個季度內的收入運行率目錄類型，因此我們確實說第四季度的收入通常低於第三季度。

Sounds great. Thanks again for answering my questions. And congrats again on the great quarter.

聽起來很棒。再次感謝您回答我的問題。再次恭喜本季取得的優異成績。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

This does conclude the question answer session. I would now like to thank you for participating in today's conference. This does conclude the program. You may now disconnect.

問答環節到此結束。現在我要感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。