賽默飛世爾科技 (TMO) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2024 second-quarter conference call. (Operator Instructions) I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor Relations. Mr. Tejada, you may begin the call.

早安，女士們、先生們，歡迎參加賽默飛世爾科技 2024 年第二季電話會議。 （操作員說明）我想介紹我們的電話會議主持人，投資者關係副總裁 Rafael Tejada 先生。 Tejada 先生，您可以開始通話了。

Good morning and thank you for joining us. On the call with me today is Marc Casper, our Chairman, President and Chief Executive Officer; and Stephen Williamson, Senior Vice President and Chief Financial Officer.

早安，感謝您加入我們。今天與我通話的是我們的董事長、總裁兼執行長 Marc Casper；和資深副總裁兼財務長史蒂芬·威廉森。

Please note this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com under the heading News Events and Presentations until August 7, 2024. A copy of the press release of our second quarter 2024 earnings is available in the investor section of our website under the heading, Financials.

請注意，本次電話會議正在進行網路直播，並將在2024 年8 月7 日之前存檔在我們網站Thermofisher.com 投資者部分的「新聞活動和演示」標題下。新聞稿的副本在我們網站的投資者部分，標題為「財務」。

So before we begin, let me briefly cover our Safe Harbor statement. Various remarks that we may make about the company's future expectations, plans and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's most recent annual report on Form 10-K and subsequent quarterly report on Form 10-Q, which are on file with the SEC and available in the Investors section of our website under the heading financials, SEC filings. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

因此，在開始之前，讓我先簡單介紹一下我們的安全港聲明。我們可能對公司的未來預期、計劃和前景所做的各種評論構成前瞻性陳述，以符合1995 年《私人證券訴訟改革法案》中的安全港條款。結果存在重大差異由於各種重要因素而導致的報表，包括公司最近的10-K 表格年度報告和隨後的10-Q 表格季度報告中討論的內容，這些因素均已向SEC 備案，並可在我們網站的投資者部分查看在財務標題下，向美國證券交易委員會提交的文件。雖然我們可能選擇在未來某個時候更新前瞻性陳述，但我們特別聲明不承擔任何這樣做的義務，即使我們的估計發生變化。因此，您不應依賴這些前瞻性陳述來代表我們截至今天之後任何日期的觀點。

Also during this call, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our second quarter 2024 earnings and also in the Investors section of our website under the heading, Financials. So with that, I'll now turn the call over to Marc.

此外，在本次電話會議中，我們也將提及某些未依照公認會計原則或公認會計準則制定的財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表可在我們 2024 年第二季收益的新聞稿中以及我們網站的投資者部分的「財務」標題下找到。因此，我現在將把電話轉給馬克。

Raf, thank you. Good morning, everyone, and thanks for joining us today for our second quarter call. As you saw in our press release, we had great results for the quarter. We're making excellent progress to deliver differentiated results for the year. I'm proud of our team as they executed at a very high level to enable our customers to make the world healthier, cleaner, and safer. This continued success is a result of our proven growth strategy and our PPI Business System.

拉夫，謝謝你。大家早安，感謝您今天參加我們的第二季電話會議。正如您在我們的新聞稿中看到的，我們本季取得了出色的業績。我們正在取得巨大進展，以實現今年的差異化業績。我為我們的團隊感到自豪，因為他們以非常高的水平執行任務，幫助我們的客戶讓世界變得更健康、更乾淨、更安全。這種持續的成功得益於我們行之有效的成長策略和 PPI 業務系統。

So first, let me recap the financials. Our revenue in the quarter was $10.54 billion. Our adjusted operating income was $2.35 billion. Adjusted operating margin increased in Q2 to 22.3%. And we delivered another quarter of strong adjusted EPS performance, achieving a 4% increase year-over-year to $5.37 per share. Our performance in the second quarter is allowing us to raise our guidance once again and continues our track record of delivering differentiated results.

首先，讓我回顧一下財務狀況。我們本季的營收為 105.4 億美元。調整後的營業收入為 23.5 億美元。第二季調整後營業利益率增至 22.3%。我們又一個季度的調整後每股收益表現強勁，年增 4% 至每股 5.37 美元。我們第二季的表現使我們能夠再次提高我們的指導，並繼續我們提供差異化業績的記錄。

Turning to our performance by end market. In the second quarter, underlying market conditions played out as we'd expected. Our team's excellent execution drove share gain in the quarter, and we delivered a sequential improvement in growth in all four of our end markets.

轉向我們終端市場的表現。第二季度，基本市場狀況正如我們預期的那樣發展。我們團隊的出色執行力推動了本季的份額成長，並且我們在所有四個終端市場的成長都取得了連續改善。

Let me provide you with some additional context. Starting with pharma and biotech. We declined in the low single digits for the quarter. The vaccine and therapy revenue runoff resulted in a four-point headwind for this customer segment. Performance in the second quarter was led by our biosciences and clinical research businesses.

讓我為您提供一些額外的背景資訊。從製藥和生物技術開始。本季我們的跌幅為低個位數。疫苗和治療收入的流失導致該客戶群面臨四個百分點的阻力。第二季的業績由我們的生物科學和臨床研究業務引領。

In academic and government and in industrial and applied, we grew in the low single digits during the quarter. In both these end markets, we delivered strong growth in our electron microscopy business.

在學術和政府以及工業和應用領域，本季我們的成長都處於較低的個位數。在這兩個終端市場，我們的電子顯微鏡業務實現了強勁成長。

Finally, in diagnostics and healthcare, we declined in the low single digits. As a reminder, the reported growth in this end market is impacted by the runoff of COVID-19 testing-related revenue. During the quarter, the team delivered good core revenue growth, highlighted by our transplant diagnostics and immunodiagnostics businesses as well as our healthcare market channel.

最後，在診斷和醫療保健領域，我們的下降幅度為低個位數。提醒一下，該終端市場報告的成長受到與 COVID-19 測試相關的收入流失的影響。在本季度，該團隊實現了良好的核心收入成長，特別是我們的移植診斷和免疫診斷業務以及我們的醫療保健市場管道。

As I reflect on our performance during the quarter and on a year-to-date basis, I feel very good about the progress we've made at the halfway point of the year. Our end markets are playing out as we expected, and our team's execution has been excellent.

當我回顧我們本季和年初至今的業績時，我對我們在今年中期的進展感到非常滿意。我們的終端市場正在按照我們的預期發展，我們團隊的執行力也非常出色。

I'll now turn to an update on our growth strategy. As a reminder, our strategy consists of three pillars. High-impact innovation, our trusted partner status with customers, and our unparalleled commercial engine.

我現在將介紹我們的成長策略的最新情況。提醒一下，我們的策略由三個支柱組成。高影響力的創新、我們值得客戶信賴的合作夥伴地位以及我們無與倫比的商業引擎。

Starting with the first pillar. It was a fantastic quarter of innovation as we launched a number of high-impact new products across our businesses. I'll begin with the new technologies we launched at the American Society for Mass Spectrometry Conference, further strengthening our industry-leading position in analytical instruments.

從第一個支柱開始。這是一個精彩的創新季度，我們在各個業務領域推出了許多具有高影響力的新產品。我將從我們在美國質譜學會會議上推出的新技術開始，進一步加強我們在分析儀器領域的行業領先地位。

At the conference, we introduced the Thermo Scientific Stellar mass spectrometer, which extends our leadership in proteomics. The Thermo Scientific Stellar is used to validate biomarker candidates. It offers unprecedented analytical capabilities for targeted quantitation, enabling the insights needed by researchers to advance their work.

在會議上，我們推出了 Thermo Scientific Stellar 質譜儀，它擴展了我們在蛋白質體學領域的領先地位。 Thermo Scientific Stellar 用於驗證候選生物標記。它為目標定量提供了前所未有的分析能力，使研究人員能夠獲得推進工作所需的見解。

It's a perfect complement to our groundbreaking Thermo Scientific Orbitrap Astral used for protein discovery that we launched last year. It was incredibly exciting to hear the customer count -- testimonials sharing the power of the Orbitrap Astral. To date, we've had more than 40 publications that incorporated the impact of this breakthrough, and we're really just getting started.

它是我們去年推出的蛋白質發現的突破性 Thermo Scientific Orbitrap Astral 的完美補充。聽到客戶數量分享 Orbitrap Astral 的力量的感言真是令人難以置信的興奮。到目前為止，我們已經有 40 多篇出版物介紹了這項突破的影響，而我們實際上才剛開始。

Also at ASMS, we launched three new build-for-purpose additions of the Thermo Scientific Orbitrap Ascend Tribrid mass spectrometer. Tailored to specific applications for multiomics, structural biology, and biopharma. These instruments continue to elevate our industry-leading Thermo Scientific Orbitrap portfolio by offering enhanced speed and sensitivity to detect and characterize the most difficult protein samples, including complex biologics.

同樣在 ASMS 上，我們推出了 Thermo Scientific Orbitrap Ascend Tribrid 質譜儀的三款新的專用配件。專為多組學、結構生物學和生物製藥的特定應用而量身訂做。這些儀器透過提供更高的速度和靈敏度來檢測和表徵最困難的蛋白質樣品（包括複雜的生物製劑），繼續提升我們行業領先的 Thermo Scientific Orbitrap 產品組合。

This quarter, we also launched products to help our customers meet their own sustainability goals. In our bioproduction business, we introduced a first of its kind bio-based film for our single-use technologies. These new bioprocess containers use plant-based material rather than fossil fuel materials to provide lower carbon solutions for the manufacture of biologics. And in our laboratory products business, we launched a new line of ENERGY STAR-certified Thermo Scientific TSX Universal Series ULT Freezers that deliver industry-leading performance and energy efficiency to help labs meet their sustainability goals.

本季度，我們也推出了產品來幫助我們的客戶實現自己的永續發展目標。在我們的生物生產業務中，我們為我們的一次性技術推出了首款生物基薄膜。這些新型生物製程容器使用植物材料而不是化石燃料材料，為生物製劑的製造提供低碳解決方案。在我們的實驗室產品業務中，我們推出了經過能源之星認證的新系列 Thermo Scientific TSX 通用系列超低溫冰箱，可提供業界領先的性能和能源效率，幫助實驗室實現永續發展目標。

Turning to the highlights of our second and third pillars of our growth strategy. During the quarter, we continue to strengthen our industry-leading commercial engine and the trusted partner status we've earned with our customers. Our customers rely on us to help accelerate their innovation, increase their productivity, and advance their important work.

轉向我們成長策略的第二和第三支柱的亮點。在本季度，我們繼續加強業界領先的商業引擎以及我們與客戶贏得的值得信賴的合作夥伴地位。我們的客戶依靠我們來幫助他們加速創新、提高生產力並推動他們的重要工作。

I spent a lot of time connecting with customers to understand their near- and long-term priorities so that we can enable their success. As a result of these unique relationship, we continue to advance our capabilities to be an even stronger partner for our customers.

我花了很多時間與客戶聯繫，了解他們的近期和長期優先事項，以便我們可以幫助他們取得成功。由於這些獨特的關係，我們不斷提高我們的能力，成為客戶更強大的合作夥伴。

Let me give you a couple of examples from the second quarter. We expanded our leading clinical trial supply services with a new ultra-cold facility in Bleiswijk in the Netherlands to offer pharma and biotech customers tailored end-to-end support throughout the clinical supply chain for high-value therapies, including cell and gene therapies, biologics, antibodies, and vaccines.

讓我舉幾個第二季的例子。我們在荷蘭布萊斯韋克建立了一個新的超冷設施，擴大了我們領先的臨床試驗供應服務，為製藥和生物技術客戶在整個臨床供應鏈中提供定制的端到端支持，以實現高價值療法，包括細胞和基因療法、生物製品、抗體和疫苗。

We also opened a state-of-the-art innovation lab at our site in Center Valley, Pennsylvania to showcase our innovative solutions for global clinical trial supply, including new packaging solutions, real-time tracking and tracing and enhanced clinical trial set up and planning.

我們也在賓州中心谷開設了一個最先進的創新實驗室，展示我們的全球臨床試驗供應創新解決方案，包括新的包裝解決方案、即時追蹤和追蹤以及增強的臨床試驗設置和規劃。

In addition, we advanced partnerships and collaborations with our customers during the quarter. Let me give you a couple of examples in the Asia Pacific region.

此外，我們在本季度推動了與客戶的合作夥伴關係和協作。讓我舉幾個亞太地區的例子。

To support Indonesia's growing investments in healthcare, scientific research, and renewable energy, we further expanded our presence and capabilities in the country. We are collaborating with the National Battery Research Institute to advance battery technology and energy storage as well as with the Mandaya Hospital Group to help advance stem cell research and cell therapy development.

為了支持印尼在醫療保健、科學研究和再生能源方面不斷增長的投資，我們進一步擴大了我們在該國的業務和能力。我們正在與國家電池研究所合作，推進電池技術和能源存儲，並與曼達亞醫院集團合作，協助推進幹細胞研究和細胞療法的開發。

In Singapore, we announced a collaboration with the National University Hospital and MiRXES, a local RNA technology company, to develop and clinically validate advanced next-generation sequencing genomic testing solutions specifically made to address the needs of the Southeast Asian population. So another strong quarter of executing our growth strategy.

在新加坡，我們宣布與國立大學醫院和當地 RNA 技術公司 MiRXES 合作，開發和臨床驗證專門為滿足東南亞人口需求而設計的先進的下一代定序基因組測試解決方案。這是執行我們成長策略的另一個強勁季度。

Let me now turn to our PPI Business System, which enabled excellent execution during the quarter. PPI engages and empowers all of our colleagues to find a better way every day. During the quarter, I had the opportunity to see the PPI efforts to further improve manufacturing of our lab equipment products, and I came away incredibly impressed with the progress to drive operational efficiency in this business. It's also great to see how PPI has been adopted in our clinical research business, where it is driving meaningful improvements in our efficiency and customer allegiance.

現在讓我談談我們的 PPI 業務系統，該系統在本季度實現了出色的執行。 PPI 每天都讓我們所有的同事參與並賦予他們尋找更好方法的能力。在本季度，我有機會看到 PPI 為進一步改進我們的實驗室設備產品的製造所做的努力，我對推動該業務營運效率的進展印象深刻。我們也很高興看到 PPI 如何在我們的臨床研究業務中採用，它推動了我們的效率和客戶忠誠度的有意義的提高。

Ultimately, you see the positive impact of our PPI Business System in our Q2 results, reflected in strong profitability and cash flow that we delivered in the quarter. We also advanced our corporate social responsibility priorities during the quarter. As a mission-driven company, we help to make the world a better place by enabling the important work of our customers. We also created a positive impact by supporting our communities and being a good steward of our planet.

最終，您將在第二季的業績中看到我們的 PPI 業務系統的正面影響，這反映在我們本季交付的強勁獲利能力和現金流上。我們也在本季推進了企業社會責任優先事項。作為一家以使命為導向的公司，我們透過支持客戶的重要工作來幫助世界變得更美好。我們也透過支持我們的社區並成為地球的好管家來產生積極的影響。

We continue to make progress on our environmental sustainability road map in Q2. As part of our commitment to safeguarding the world's natural resources, we have set targets for 2025, which include zero waste certification for 30 manufacturing and warehouse sites. During the quarter, three more of our sites achieved zero waste certification, and we're on track to achieve our goals.

我們在第二季度繼續在環境永續發展路線圖上取得進展。作為我們保護世界自然資源承諾的一部分，我們設定了 2025 年的目標，其中包括為 30 個製造和倉庫場所進行零廢棄物認證。本季度，我們的另外三個工廠獲得了零廢棄物認證，我們正在實現我們的目標。

You can learn much more about our progress in our 2023 corporate social responsibility report, which was published during the quarter. The report provides a transparent account of our journey as we fulfill our commitment to society and all of our stakeholders.

您可以在本季發布的 2023 年企業社會責任報告中了解更多有關我們進展的資訊。該報告透明地描述了我們履行對社會和所有利害關係人的承諾的歷程。

Let me now give you an update on capital deployment. We continue to successfully execute our disciplined capital deployment strategy, which is a combination of M&A and returning capital to our shareholders.

現在讓我向您介紹一下資本部署的最新情況。我們繼續成功執行嚴格的資本部署策略，該策略將併購與向股東返還資本結合。

Shortly after the quarter ended, we completed our acquisition of Olink, and it was great to welcome our new colleagues to the company earlier this month. As you know, Olink is a leading provider of next-generation proteomic solutions. The addition of Olink's proven and transformative technology is highly complementary for our industry-leading mass spectrometers.

本季結束後不久，我們完成了對 Olink 的收購，很高興在本月初歡迎我們的新同事加入公司。如您所知，Olink 是下一代蛋白質組解決方案的領先提供者。 Olink 經過驗證的變革性技術的加入對我們業界領先的質譜儀具有高度的補充作用。

Olink further advances our leadership as it is a great addition to our differentiated protein research ecosystem. Our world-class commercial engine will enable us to bring this technology to scientists around the world.

Olink 進一步提升了我們的領導地位，因為它是我們差異化蛋白質研究生態系統的重要補充。我們世界一流的商業引擎將使我們能夠將這項技術帶給世界各地的科學家。

By increasing the use of next-gen proteomics and providing industry-leading quantitative data quality at scale -- excuse me, data quality at scale, we're in a great position to further enhance the understanding of human biology and meaningfully accelerate scientific breakthroughs. So as I reflect on the quarter, I'm proud of what our team accomplished and grateful to their contributions for our success.

透過增加下一代蛋白質體學的使用並提供業界領先的大規模定量數據品質（對不起，大規模數據品質），我們處於有利地位，可以進一步增強對人類生物學的理解並有意義地加速科學突破。因此，當我回顧本季時，我為我們團隊所取得的成就感到自豪，並感謝他們為我們的成功做出的貢獻。

Let me now turn to our guidance. Given our strong performance in the second quarter, we're raising our 2024 guidance. We now expect revenue to be in the range of $42.4 billion to $43.3 billion and adjusted EPS to be in the range of $21.29 to $22.07 per share. Stephen will take you through the details in his remarks.

現在讓我談談我們的指導。鑑於我們第二季的強勁表現，我們上調了 2024 年的指引。我們目前預計營收將在 424 億美元至 433 億美元之間，調整後每股收益將在 21.29 美元至 22.07 美元之間。史蒂芬將在他的演講中向您詳細介紹。

So to summarize our takeaways from Q2, we delivered another quarter of strong results driven by our proven growth strategy and PPI Business System. We continue to enable our customer success, and this reinforces our trusted partner status and industry leadership.

因此，總結第二季的收穫，在我們經過驗證的成長策略和 PPI 業務系統的推動下，我們又取得了強勁的季度業績。我們繼續幫助客戶取得成功，這鞏固了我們值得信賴的合作夥伴地位和行業領導地位。

Our strong results in Q2 allowed us to raise our guidance again for the year. We're well positioned to deliver differentiated performance in 2024 as we continue to create value for all of our stakeholders and build an even brighter future for our company. With that, I'll now hand the call over to our CFO, Stephen Williamsons. Stephen?

第二季的強勁業績使我們能夠再次提高今年的指引。我們有能力在 2024 年實現差異化業績，繼續為所有利害關係人創造價值，並為公司打造更光明的未來。現在，我將把電話交給我們的財務長史蒂芬威廉森 (Stephen Williamsons)。史蒂芬？

Thanks, Marc, and good morning, everyone. I'll take you through an overview of our second quarter results for the total company then provide color on our four business segments. And I'll conclude by providing our updated 2024 guidance.

謝謝，馬克，大家早安。我將帶您概述整個公司第二季的業績，然後提供我們四個業務部門的詳細資訊。最後，我將提供我們更新的 2024 年指南。

Before I get into the details of our financial performance, let me provide you with a high-level view on how the second quarter played out versus our expectations at the time of our last earnings call. As Marc mentioned in the quarter, market conditions were as we expected. We had another quarter of excellent execution, and this enabled us to deliver Q2 financials ahead of what we'd assumed in our prior guidance.

在詳細介紹我們的財務表現之前，讓我先向您簡要介紹第二季的業績與我們上次財報電話會議時的預期相比。正如馬克在本季提到的那樣，市場狀況符合我們的預期。我們又一個季度表現出色，這使我們能夠提前交付第二季度的財務數據，超出了我們先前指導中的假設。

Starting with the top line. Core organic revenue growth was a little over 0.5 percentage point ahead of what we'd assumed in the prior guide for Q2. That translates to approximately $60 million of revenue, which is partially offset by slightly higher FX revenue headwind.

從頂線開始。核心有機收入成長比我們在先前的第二季指南中假設的略高 0.5 個百分點。這相當於約 6,000 萬美元的收入，但部分被外匯收入略有上升的不利因素所抵消。

Turning to the bottom line. Adjusted EPS was $0.25 ahead of what we assumed in the prior guide for Q2. $0.08 was from strong operational performance, $0.06 was from favorable FX and timing of discrete tax planning benefits within the year and $0.11 was from the beat -- was from lower net interest expense.

轉向底線。調整後每股收益比我們先前第二季指南中的假設高出 0.25 美元。 0.08 美元來自強勁的營運業績，0.06 美元來自有利的外匯和年內離散稅務規劃福利的時機，0.11 美元來自節拍——來自較低的淨利息支出。

In my prior guidance, I took a prudent approach to the Olink transaction from a financing cost standpoint. We're also executing well on free cash flow generation. Year-to-date free cash flow was 68% higher than the same period last year. So we'll continue to deliver strong performance, and we're well positioned at the halfway point of the year.

在我之前的指導中，我從融資成本的角度對Olink交易採取了謹慎的態度。我們在自由現金流產生方面也表現良好。年初至今的自由現金流比去年同期高出 68%。因此，我們將繼續提供強勁的業績，並且我們在今年過半時處於有利位置。

Let me now provide you with some additional detail on Q2, beginning with the earnings per share. In the quarter, adjusted EPS grew by 4% to $5.37. GAAP EPS in the quarter was $4.04, up 15% from Q2 last year.

現在讓我向您提供第二季的一些額外細節，首先是每股收益。本季度，調整後每股收益成長 4%，達到 5.37 美元。該季度 GAAP 每股收益為 4.04 美元，比去年第二季成長 15%。

On the top line, in Q2, reported revenue was 1% lower year over year. The components of our Q2 reported revenue change included 1% lower organic revenue, a 1% headwind from foreign exchange and a slight contribution from acquisitions.

從營收來看，第二季報告營收年減 1%。我們報告的第二季收入變化的組成部分包括有機收入下降 1%、外匯帶來的 1% 阻力以及收購帶來的輕微貢獻。

We delivered another strong sequential improvement in core organic revenue growth this quarter. And in Q2, core organic revenue growth rounded up to flat on a year-over-year basis.

本季我們的核心有機收入成長再次強勁改善。第二季度，核心有機收入較去年同期成長持平。

In the quarter, pandemic-related revenue was approximately $115 million. This was mainly from vaccines and therapies. This represents a 3% headwind to organic revenue growth.

該季度與大流行相關的收入約為 1.15 億美元。這主要來自疫苗和療法。這意味著有機收入成長將受到 3% 的阻礙。

Turning to our organic revenue performance by geography. In Q2, North America declined mid-single digits, Europe grew low single digits. And Asia Pacific grew mid-single digits, which includes China, which also grew mid-single digits.

轉向我們按地理位置劃分的有機收入表現。第二季度，北美出現中個位數下降，歐洲出現低個位數成長。亞太地區實現了中個位數成長，其中中國也實現了中個位數成長。

With respect to our operational performance, we delivered $2.3 billion of adjusted operating income in the quarter. And adjusted operating margin was 22.3%, 10 basis points higher than Q2 last year and 30 basis points higher than Q1 2024.

就我們的營運表現而言，本季我們實現了 23 億美元的調整後營運收入。調整後營業利益率為22.3%，比去年第二季高10個基點，比2024年第一季高出30個基點。

Total company adjusted gross margin in the quarter came in at 42.1%, 110 basis points higher than Q2 last year. In the quarter, we continued to deliver very strong productivity, reflecting our continued focus on cost management as well as the carryover benefit from the cost actions put in place last year. This enabled us to more than offset the impact of lower volumes, while appropriately funding investments to further advance our industry leadership.

該季度公司調整後總毛利率為 42.1%，比去年第二季高出 110 個基點。本季度，我們繼續提供非常強勁的生產力，反映出我們對成本管理的持續關注以及去年採取的成本行動的結轉效益。這使我們能夠抵消銷量下降的影響，同時適當地資助投資以進一步提升我們的行業領先地位。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 16.6% of revenue. Total R&D expense was $340 million in Q2, reflecting our ongoing investments in high-impact innovation. R&D as a percent of our manufacturing revenue was 7.1% in the quarter.

繼續討論損益表的詳細資訊。本季調整後的 SG&A 佔營收的 16.6%。第二季的總研發費用為 3.4 億美元，反映了我們對高影響力創新的持續投資。本季研發占我們製造收入的百分比為 7.1%。

Looking at our results below the line. Our Q2 net interest expense was $59 million, which is $89 million lower than Q2 2023 due to higher cash and investment balances. Our adjusted tax rate in the quarter was 10%. And average diluted shares were 383 million in Q2, approximately 5 million lower year-over-year driven by share repurchases, net of option dilution.

看看我們的線下結果。由於現金和投資餘額增加，我們第二季的淨利息支出為 5,900 萬美元，比 2023 年第二季減少了 8,900 萬美元。我們本季調整後的稅率為 10%。第二季平均稀釋後股票為 3.83 億股，由於股票回購（扣除選擇權稀釋），較去年同期減少約 500 萬股。

Turning to free cash flow and the balance sheet. Year-to-date cash flow from operations was $3.2 billion. Year-to-date free cash flow was $2.6 billion after investing $630 million of net capital expenditures. We ended the quarter with $8.8 billion in cash and short-term investments and $35.4 billion of total debt. Our leverage ratio at the end of the quarter was 3.3 times gross debt to adjusted EBITDA and 2.5 times on a net debt basis. Concluding my comments on our total company performance, adjusted ROIC was 11.8%, reflecting the strong returns on investment that we're generating across the company.

轉向自由現金流和資產負債表。年初至今，營運現金流為 32 億美元。投資 6.3 億美元的淨資本支出後，年初至今的自由現金流為 26 億美元。截至本季末，我們的現金和短期投資為 88 億美元，總債務為 354 億美元。截至本季末，我們的槓桿率為總債務與調整後 EBITDA 的 3.3 倍，以淨負債計算為 2.5 倍。總結我對公司整體績效的評論，調整後的投資報酬率為 11.8%，反映了我們在整個公司產生的強勁投資回報。

Now I'll provide some color on our performance of our four business segments, starting with life sciences solution. Q2 reported revenue in this segment declined 4%, and organic revenue was 3% lower than the prior year quarter. Growth in this segment was led by our biosciences business. That was more than offset by the impact of the pandemic.

現在，我將從生命科學解決方案開始，對我們的四個業務部門的表現進行一些介紹。第二季該部門的收入下降了 4%，有機收入比去年同期下降了 3%。該領域的成長由我們的生物科學業務帶動。這被大流行的影響所抵消。

Q2 adjusted operating income for life sciences solution increased 6%. And adjusted operating margin was 36.7%, up 350 basis points versus the prior year quarter.

第二季生命科學解決方案調整後營業收入成長 6%。調整後營業利益率為 36.7%，比去年同期成長 350 個基點。

During Q2, we delivered exceptionally strong productivity, which was partially offset by unfavorable volume pull-through. The team continues to do an excellent job to appropriately manage the cost base and deal with the unwind of the pandemic.

第二季度，我們實現了異​​常強勁的生產力，但部分被不利的銷售拉動所抵消。該團隊繼續出色地管理成本基礎並應對疫情的緩解。

In the analytical instruments segment, reported revenue grew 2%, and our organic growth was 3% higher than the prior year quarter. We continue to deliver very strong growth in our electron microscopy business.

在分析儀器領域，報告收入成長了 2%，我們的有機成長比去年同期高出 3%。我們的電子顯微鏡業務持續保持強勁成長。

In this segment, Q2 adjusted operating income increased 1%. And adjusted operating margin was 24.6%, 10 basis points lower year over year. In the quarter, we delivered strong productivity, which is more than offset by unfavorable mix and strategic investments.

在該部門，第二季調整後營業收入成長了 1%。調整後營業利益率為24.6%，較去年同期下降10個基點。本季度，我們實現了強勁的生產力，但不利的組合和策略投資足以抵消這一影響。

Turning to specialty diagnostics. In Q2, both reported and organic revenue were 1% higher than the prior year quarter. In Q2, we continue to see strong underlying growth in the core led by our transplant diagnostics and immunodiagnostics businesses as well as in our healthcare market channel.

轉向專業診斷。第二季度，報告收入和有機收入均比去年同期高出 1%。在第二季度，我們繼續看到以移植診斷和免疫診斷業務為主導的核心業務以及醫療保健市場管道的強勁潛在成長。

Q2 adjusted operating income for specialty diagnostics increased 1%. And adjusted operating margin was 26.7%, which was flat compared to Q2 2023. During the quarter, we delivered good productivity, which is offset by strategic investments.

第二季調整後的專業診斷營業收入成長了 1%。調整後營業利潤率為 26.7%，與 2023 年第二季度相比持平。

And finally, in the laboratory products and biopharma services segment, both reported revenue and organic growth decreased 1% in Q2 versus the prior year quarter. This is driven by the runoff of vaccines and therapies revenue. Growth in this segment in Q2 was led by our clinical research business.

最後，在實驗室產品和生物製藥服務領域，第二季的營收和有機成長均比去年同期下降了 1%。這是由疫苗和治療收入的流失所推動的。第二季該細分市場的成長是由我們的臨床研究業務所帶動的。

Q2 adjusted operating income declined 10%. And adjusted operating margin was 12.9%, which is 120 basis points lower than Q2 2023, flat sequentially to Q1 2024. In the quarter, we delivered strong productivity, which is more than offset by unfavorable volume mix and strategic investments.

第二季調整後營業收入下降 10%。調整後營業利潤率為 12.9%，比 2023 年第二季度低 120 個基點，與 2024 年第一季持平。

Turning now to guidance. As Marc outlined, given our strong performance in Q2, we're raising our 2024 full year guidance. We now expect revenue to be in the range of $42.4 billion to $43.3 billion and adjusted EPS to be in the range of $21.29 to $22.07. The improved revenue guidance does not change the core organic revenue growth rounding for the year, so we still continue to assume core organic revenue growth will be in the range of minus 1% to positive 1% for 2024. And we continue to assume that the market declined low single digits this year.

現在轉向指導。正如 Marc 所概述的，鑑於我們在第二季度的強勁表現，我們正在提高 2024 年全年指引。我們現在預計營收將在 424 億美元至 433 億美元之間，調整後每股收益將在 21.29 美元至 22.07 美元之間。改進後的營收指引不會改變今年的核心有機收入成長四捨五入，因此我們仍繼續假設 2024 年核心有機收入成長將在負 1% 到正 1% 的範圍內。

Our proven growth strategy and PPI Business System execution will enable us to continue to take share once again. Our 2024 updated guidance range assumes an adjusted operating income margin between 22.5% and 22.8%, slightly higher than the prior guide. Our PPI Business System is continuing to enable excellent execution, manage costs appropriately, and fund the right long-term investments to enable us to further advance our industry leadership.

我們經過驗證的成長策略和 PPI 業務系統執行將使我們能夠繼續再次佔據市場份額。我們的 2024 年更新指引範圍假設調整後的營業利潤率在 22.5% 至 22.8% 之間，略高於先前的指引。我們的 PPI 業務系統將繼續實現卓越的執行、適當的管理成本並為正確的長期投資提供資金，使我們能夠進一步提升我們的行業領導地位。

We now expect net interest cost to be in the range of $380 million to $400 million for the year. And the raise to our adjusted EPS guidance range reflects a $0.15 increase on the low end and a $0.05 increase on the high end, which results in an increase in the midpoint by $0.10. So another strong quarter of execution, enabling an increase in the guidance outlook for the year. We remain really well positioned to continue to deliver differentiated performance.

我們現在預計今年的淨利息成本將在 3.8 億美元至 4 億美元之間。我們調整後每股收益指引範圍的上調反映出低端增加了 0.15 美元，高端增加了 0.05 美元，這導致中點增加了 0.10 美元。因此，又一個強勁的季度執行力，使得今年的指導前景得以提高。我們仍然處於有利地位，可以繼續提供差異化的績效。

I thought it'd be helpful to remind you of some of the key underlying assumptions behind the guide that remain unchanged from the previous guidance. In 2024, we're assuming just under $100 million of testing revenue and $300 million to $400 million of vaccines and therapies related revenue. In total, this represents a year-over-year headwind of $1.3 billion to $1.4 billion or 3% of revenue.

我認為提醒您該指南背後的一些關鍵基本假設會有所幫助，這些假設與先前的指南保持不變。到 2024 年，我們假設測試收入將接近 1 億美元，疫苗和治療相關收入將達到 3 億至 4 億美元。總的來說，這意味著年比損失 13 億至 14 億美元，佔收入的 3%。

We see that FX would be roughly neutral year-over-year to both revenue and adjusted EPS. And we're assuming that the $0.03 FX-adjusted EPS beat that we saw in Q2 is offset for the remainder of the year, leading to no change for the year as a whole for FX versus the prior guidance.

我們認為，外匯對營收和調整後每股盈餘的影響年比大致呈現中性。我們假設第二季的 0.03 美元的外匯調整後每股收益在今年剩餘時間內被抵消，導致全年外匯與先前的指導相比沒有變化。

We continue to expect adjusted income tax rate will be 10.5% in 2024. And for the year, we're assuming between $1.3 billion and $1.5 billion of net capital expenditures and free cash flow in the range of $6.5 billion to $7 billion.

我們仍預期 2024 年調整後的所得稅率為 10.5%。

In terms of capital deployment, we're assuming $3 billion of share buybacks, which were already completed in January. We expect to return approximately $600 million of capital to shareholders this year through dividends, and we deployed $3.1 billion to acquire Olink shortly after the Q2 close. Full year average diluted share count is assumed to be approximately 383 million shares.

在資本部署方面，我們假設股票回購規模為 30 億美元，該回購已於 1 月完成。我們預計今年將透過股息向股東返還約 6 億美元的資本，並在第二季結束後不久部署了 31 億美元收購 Olink。假設全年平均稀釋股數約為 3.83 億股。

Finally, I wanted to touch on quarterly phasing to help you with your modeling. Relative to the midpoint of the guide, I recommend modeling Q3 organic revenue growth 1% higher than we delivered in Q2. Also good to model core organic revenue growth in Q3 1% higher than we delivered in Q2. And in terms of adjusted EPS in Q3, I recommend modeling it to be just over 24% of the full year.

最後，我想談談季度階段，以幫助您進行建模。相對於指南的中點，我建議將第三季有機收入成長建模為比第二季高 1%。也很好地模擬了第三季核心有機收入成長比我們第二季交付的高 1%。就第三季調整後每股盈餘而言，我建議將其建模為略高於全年的 24%。

So to conclude, we continue to deliver on our commitments. And at the halfway point, we're in a great positioned to deliver differentiated performance for all our stakeholders in [2020]. With that, I'll turn the call back over to Raf.

總而言之，我們將繼續履行我們的承諾。到了一半，我們處於有利位置，可以在 [2020] 年為所有利害關係人提供差異化的績效。這樣，我會將電話轉回給 Raf。

Operator, we're ready for the Q&A portion of the call.

接線員，我們已準備好進行通話的問答部分。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指令）Michael Ryskin，美國銀行。

Great. Thanks for taking the question, guys. Congrats on the quarter. Marc, a high-level one for you to start off maybe. At our Vegas Healthcare Conference in May, you made some initial comments about 2025 market expectations. I think you said that you expect the tools market next year would be just below the four to six level it has historically been, just given the way the year is playing out, how you're exiting 2024, entering 2025.

偉大的。謝謝你們提出問題，夥伴們。恭喜本季。馬克，也許你可以從一個高級別開始。在我們 5 月的維加斯醫療保健會議上，您對 2025 年市場預期做出了一些初步評論。我認為您說過，考慮到這一年的發展方式以及您如何退出 2024 年、進入 2025 年，您預計明年的工具市場將略低於歷史上的四到六級水平。

It's been a couple of months since then. You've got, hopefully, a clear view of how '24 is going to play out. So given where you sit now, do you have more confidence in that 2025 market assumption and maybe how Thermo can deliver differentiated performance above that?

從那以後已經過去幾個月了。希望您已經清楚地了解 '24 將如何進行。那麼，考慮到您現在所處的位置，您對 2025 年的市場假設更有信心嗎？

Mike, thanks for the question. It was a pleasure to be in -- with you earlier in the quarter. So let me start actually one level up, just kind of just frame a few of my general thoughts, and I'll talk about 2025.

麥克，謝謝你的提問。很高興在本季度早些時候與您共事。因此，讓我從上一層開始，簡單闡述我的一些整體想法，然後我將討論 2025 年。

So when I think about Q2, team executed really well. Really good financial performance. It was ahead of our expectations. It allowed us to raise our guidance.

所以當我想到第二季時，團隊執行得非常好。財務業績確實不錯。這超出了我們的預期。它使我們能夠提高我們的指導。

The other aspect of the performance is the actual performance as opposed to relative to expectations. Clearly, very differentiated and very strong. It was good to see that core has now elevated to -- it's now flat, which is great, 4% adjusted EPS growth and expansion of margins. So I feel very good about the performance.

績效的另一個面向是實際績效而不是相對於預期的績效。顯然，非常差異化且非常強大。很高興看到核心現在已經上升到持平，這很好，調整後的每股收益增長 4%，利潤率擴大。所以我對錶演感覺非常好。

And when I think about the market, yeah, they were in line with our expectations. So it's good to see the visibility that we've enjoyed for decades as returns in terms of how the market is playing out. And when I think about our own performance within the markets, it was good to see that all four of our markets, we had sequential improvement in our growth across all four. So really a very positive development.

當我想到市場時，是的，它們符合我們的預期。因此，很高興看到我們幾十年來享有的知名度作為市場表現的回報。當我想到我們自己在市場中的表現時，很高興看到我們所有四個市場的成長都取得了連續改善。所以這確實是一個非常積極的發展。

PPI Business System is really delivering outstanding impact and ultimately feel good about the performance. Capital deployment has been active and good. We've deployed over $6 billion of capital through the first half of the year, half of it on return of capital and half of them a very exciting acquisition of Olink. We're very well positioned at this point to deliver strong results.

PPI 業務系統確實產生了卓越的影響，並且最終對性能感到滿意。資本佈局積極良好。今年上半年我們已經部署了超過 60 億美元的資本，其中一半用於資本回報，其中一半是對 Olink 的非常令人興奮的收購。我們目前處於非常有利的位置，可以交付強勁的成果。

When I think about 2025, I think the way I would just think about it is we're going to give you that in January of 2025 when we have the benefit of the year behind us, and we're focused on delivering a great year. We'll be able to give you a view of not only our performance, but how we saw the underlying market conditions.

當我想到 2025 年時，我認為我會在 2025 年 1 月為您提供這一點，屆時我們將享受這一年的好處，並且我們將專注於創造美好的一年。我們不僅能讓您了解我們的業績，還能讓您了解我們如何看待潛在的市場狀況。

The year is progressing as we expected. So we expect that the market will continue to improve modestly in the back half of the year, this quarter being a little better than the quarter before. And -- but our performance will also continue to step up, and that will give us momentum going into '25. And the details we'll give you that -- we'll give you in a few months' time.

這一年的進展正如我們所預期的。因此我們預期下半年市場將持續小幅改善，本季略優於上季。而且 - 但我們的表現也將繼續提高，這將為我們進入 25 年提供動力。我們將在幾個月後向您提供詳細資訊。

Okay. Fair enough. And then for my follow-up, I want to focus on China. I think if I heard correctly, you called out that it grew mid-single digits in the quarter. I want to make sure I heard that right, but if so, that's a bit surprising. Anything you can say in terms of what you're seeing there? Is that also ahead of your expectations? And is this just a temporary bump in the quarter or something onetime? Or are you seeing some real traction here, and you think that can continue into your end?

好的。很公平。接下來，我想重點關注中國。我想如果我沒聽錯的話，你說本季它成長了中個位數。我想確保我沒聽錯，但如果是這樣，那就有點令人驚訝了。就你在那裡看到的情況你能說些什麼嗎？這是否也超出了你的預期？這只是本季的暫時性成長還是一次性的？或者你在這裡看到了一些真正的吸引力，並且你認為這可以持續到你的結局嗎？

Yeah, your hearing is excellent. So yes, we delivered mid-single-digit growth in the quarter. Team did a nice job, really good execution. Comparison was relatively easy in the quarter. So -- and I would still characterize the conditions as muted in terms of the environment, but a nice job by the team to deliver a very solid Q2 result. Thanks, Mike.

是的，你的聽力非常好。所以，是的，我們在本季實現了中個位數成長。團隊做得很好，執行力非常好。本季的比較相對容易。因此，我仍然認為環境條件很溫和，但團隊做得很好，提供了非常可靠的第二季結果。謝謝，麥克。

Jack Meehan.

傑克·米漢.

Thanks. Good morning, guys. I wanted to start by asking about LSS. So this had some nice sequential improvement in the growth rate. I heard biosciences led the growth. Can you talk about the relative improvement you're seeing there, also genetic sciences and bioprocessing. And any updates on where you think your customers stand in terms of destock?

謝謝。早上好傢伙。我想先詢問 LSS。因此，這對成長率產生了一些不錯的連續改善。我聽說生物科學引領了成長。您能談談您在那裡看到的相對進步嗎，還有遺傳科學和生物加工。您認為您的客戶在去庫存方面有何最新進展？

Sure, Jack. Thanks for the question. When I think about probably the most important points on our life science solutions segment, nice to see the growth in our biosciences business. That's every lab every day, really nice adoption in the pharma and biotech segment there. So that was very -- a nice, positive development terms there.

當然，傑克。謝謝你的提問。當我想到生命科學解決方案領域最重要的一點時，很高興看到我們生物科學業務的成長。每個實驗室每天都是如此，製藥和生物技術領域的採用非常好。所以這是一個非常好的、正面的發展條款。

And maybe I'll dive a little bit into bioproduction, which is always an area of great interest to our investors. The business is actually progressing really exactly as we expected, really nice quarter of performance.

也許我會深入研究生物生產，這始終是我們投資者非常感興趣的領域。該業務的進展實際上完全符合我們的預期，季度業績非常好。

So when I think about the most salient facts around bioproduction, sequentially, really nice revenue growth in Q2. When I look at orders, we had really nice sequential growth in orders. We had year-over-year growth in orders, and we had a favorable book-to-bill, so progressing well.

因此，當我思考有關生物生產的最突出的事實時，第二季的收入成長確實非常好。當我查看訂單時，我們的訂單連續成長非常好。我們的訂單年增，訂單出貨比也良好，因此進展順利。

And when I look at others that have reported, I feel very good about our performance. So when I think about the life science solutions segment, those are two of the drivers. And then you've seen some announcements in the previous few months about important companion diagnostics. Our clinical sequencing business is doing quite well. So Jack, thanks for the question on LSS.

當我看到其他人的報道時，我對我們的表現感到非常滿意。因此，當我想到生命科學解決方案領域時，這是兩個驅動因素。然後您在過去幾個月中看到了一些有關重要伴隨診斷的公告。我們的臨床定序業務表現相當不錯。傑克，謝謝你提出關於 LSS 的問題。

Excellent. Okay. And then wanted to rotate to AI. So this also came in a bit better than I was expecting. Can you talk about how the book-to-bill was in the segment in the quarter and just updates on customer spending patterns? Thanks.

出色的。好的。然後想轉向AI。所以這也比我的預期好一些。您能否談談本季該細分市場的訂單到帳單狀況以及客戶支出模式的最新情況？謝謝。

Yes. So when I think about analytical instruments, it was nice to see the 3% growth in the quarter and very positive. Yeah, I would say the market conditions also are playing out pretty much as we expected and not at the normal levels yet, and we certainly see the impact of the muted conditions in China.

是的。因此，當我想到分析儀器時，很高興看到本季 3% 的成長，而且非常積極。是的，我想說，市場狀況也與我們預期的差不多，但尚未達到正常水平，而且我們當然看到了中國低迷狀況的影響。

We have really excellent momentum in those differentiated products that we have where innovation matters, on orders as well as on revenue. When you look at electron microscopy, you look at the Orbitrap Astral, just the cutting-edge work, you've seen incredibly strong momentum there. So that's where the highlights are, and I would say in the more routine-ish aspects of the portfolio, you see more muted conditions.

我們在那些創新至關重要的差異化產品方面擁有非常強勁的勢頭，無論是訂單還是收入。當你觀察電子顯微鏡時，你會看到 Orbitrap Astral，這是尖端的工作，你會看到那裡令人難以置信的強大動力。這就是亮點所在，我想說的是，在投資組合的更常規方面，您會看到更多平靜的情況。

Thanks, Jack.

謝謝，傑克。

Rachel Vatnsdal, JPMorgan.

雷切爾·瓦特斯達爾，摩根大通。

Perfect. Hi, good morning, guys. Thanks so much for taking the question. Wanted to follow up on some of the China comments. You mentioned that China grew mid-single digits, partly due to the comp there. Can you just walk us through what are you seeing from China stimulus? We heard that this first tranche of funding was released earlier this quarter.

完美的。嗨，早上好，夥計們。非常感謝您提出問題。希望跟進一些中國評論。您提到中國的成長達到中個位數，部分原因是那裡的比較。您能否向我們介紹一下您對中國刺激計畫的看法？我們聽說第一筆資金已於本季早些時候發放。

So have you seen any new orders related to China stimulus? Do you think that you'll benefit from this first tranche? And then also, have you seen any customers holding back spending related to the stimulus program? Kind of getting at this like air pocket that we've heard some of your peers talk about. Any comments there would be helpful.

那麼您有看到任何與中國刺激措施相關的新訂單嗎？您認為您會從第一批資金中受益嗎？另外，您是否看到任何客戶抑制與刺激計劃相關的支出？有點像我們聽到一些同行談論的氣穴。那裡的任何評論都會有幫助。

Thanks, Rachel, for the question. It's an important question. So let me start at the sort of high level and then get down to the stimulus and then try to provide as much transparency as I possibly can.

謝謝雷切爾的提問。這是一個重要的問題。因此，讓我從較高的層面開始，然後開始討論刺激措施，然後嘗試提供盡可能多的透明度。

First of all, I think the world was surprised at how weak China was economically as this year unfolded. The stimulus programs announced early in the year was a sign that the government wanted to get the economy going, which is a good thing, right, in terms of sort of what is the macro backdrop in terms of a tough economic environment.

首先，我認為全世界對今年中國經濟的疲軟程度感到驚訝。今年年初宣布的刺激方案顯示政府希望讓經濟繼續發展，就嚴峻的經濟環境的宏觀背景而言，這是一件好事。

When I think about stimulus in our industry and what we're seeing, tremendous amount of activity with our customers actually to help them with figuring out what to apply for. And so we know there's quite a bit of interest in our products from a stimulus perspective, and we're helping our customers in that process.

當我想到我們行業的刺激措施以及我們所看到的情況時，與客戶進行的大量活動實際上是為了幫助他們弄清楚要申請什麼。因此，我們知道從刺激的角度來看，人們對我們的產品相當感興趣，我們正在這個過程中為我們的客戶提供幫助。

When I think about how do I expect it to play out, my expectation is that it's largely going to show up in revenue in 2025 and likely to have some small effect in the fourth quarter of 2024 as well.

當我思考預計它會如何發揮作用時，我的預期是它主要會在 2025 年體現在收入中，也可能在 2024 年第四季產生一些小影響。

I did ask the question about air pocket to the team, and I'm actually heading off to China in a couple of weeks' time. So I'm looking forward to that. Our team didn't highlight any air pocket or anything like that. So it's kind of muted conditions, and customers are working on looking at the investments associated with the additional government funding. So we didn't see any pauses in the activity, and I'm proud of the team's mid-single-digit growth in the quarter.

我確實向團隊詢問了有關氣穴的問題，實際上我將在幾週後前往中國。所以我很期待這一點。我們的團隊沒有強調任何氣穴或類似的東西。因此，情況比較平靜，客戶正在考慮與政府額外資助相關的投資。因此，我們沒有看到活動有任何暫停，我對團隊在本季實現中個位數成長感到自豪。

Great. And then just as a follow-up here. On the CRO, you called out clinical research was an outperformer this quarter that drove some of the growth. So we've seen a few volatile prints from your peers. So can you walk us through what have you seen from an RFP standpoint and book-to-bill in the quarter for PPD? And then have we turned the quarter on emerging biotech funding and kind of how is that flowing through the model as well? Thanks.

偉大的。然後作為後續行動。在 CRO 方面，您指出本季臨床研究表現出色，推動了部分成長。所以我們看到了你們同行的一些不穩定的印刷品。那麼，您能否向我們介紹一下您從 RFP 角度以及本季 PPD 訂單到帳單情況看到的情況？然後，我們是否已經在本季度轉向了新興生物技術融資，以及該資金在該模型中的流動情況如何？謝謝。

Yes. So Rachel, team has done a really nice job executing very well in our clinical research business. And when I think about our performance, we delivered positive organic revenue growth despite a really substantial headwind from the runoff of vaccines and therapies in that activity. So team is doing a nice job.

是的。因此，Rachel 團隊在我們的臨床研究業務中表現非常出色。當我想到我們的業績時，我們實現了積極的有機收入成長，儘管該活動中的疫苗和療法的流失確實帶來了巨大的阻力。所以團隊做得很好。

Commercial execution was very strong in the quarter, right? And customers value our capabilities. And when I sort of went under the details of the commercial performance and looked at some of the underlying trends, it was very clear that in Q2, we really did see some of the biotech funding activity that we talked about is a green shoot in Q1 that would give us confidence that the year in aggregate across our business would be improving from a market perspective.

本季的商業執行力非常強勁，對吧？客戶也看重我們的能力。當我詳細了解商業表現並研究一些潛在趨勢時，很明顯，在第二季度，我們確實看到我們談論的一些生物技術融資活動在第一季度出現了萌芽這將使我們相信，從市場角度來看，今年我們的業務總體將會有所改善。

We saw that in Q2 actually translate into an acceleration of authorizations in our biotech customer base. And that really does bode well for that. And as you know well this business, that really translates more into revenue in '25 and '26 in terms of how long it takes to get the clinical trials up and going, but the authorization momentum very encouraging in the quarter. Thank you, Rachel.

我們在第二季度看到，這實際上轉化為我們生物技術客戶群授權的加速。這確實是個好兆頭。正如您所了解的那樣，這項業務實際上更多地轉化為 25 和 26 年的收入，即臨床試驗啟動和進行所需的時間，但本季度的授權勢頭非常令人鼓舞。謝謝你，雷切爾。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Okay, thank you and good morning, everybody. Marc, when we look at two-year stacks and calculate CAGRs going back pre-pandemic, it seems like most business lines within Thermo continue to trend positively. I think your commentary is consistent with that on the call this morning.

好的，謝謝大家，大家早安。馬克，當我們查看兩年的堆疊併計算大流行前的複合年增長率時，Thermo 內的大多數業務線似乎繼續呈積極趨勢。我認為你的評論與今天早上電話會議上的評論是一致的。

With that in mind, I think one of the key questions is, what's going to be the pace of improvement from here? So with that in mind, two questions. First, where is the recovery occurring more quickly than you may have expected? Where are things lagging? And I'm kind of thinking about this both in terms of how you guided for the year, but also just based on what you've seen through previous cycles. So that's one question.

考慮到這一點，我認為關鍵問題之一是，今後的改進步伐是怎樣的？考慮到這一點，有兩個問題。首先，哪些地方的復甦速度比您預期的還要快？哪些地方落後了？我既根據您今年的指導方式來思考這個問題，也根據您在之前週期中所看到的情況來思考這一點。這是一個問題。

And then the second would be just keeping in mind your assumption that this market grows 4% to 6% on a normalized basis, is it fair to assume that recognizing you're making progress here, but just seeing what the pacing is, is it fair to assume that the move back into that range is going to be gradual versus a snapback? And essentially that this move into the 4% to 6% range, it's going to take several quarters?

然後第二個就是記住你的假設，即這個市場在正常化的基礎上增長 4% 到 6%，假設認識到你在這裡取得了進展，但只是看看節奏是什麼，是公平的嗎？是否可以公平地假設，與快速回升相比，回到該區間將是漸進的？本質上來說，進入 4% 到 6% 的範圍，需要幾個季度的時間？

Yeah. So Doug, there's a lot in that question. It's a good question. So let me just start with I think the things that are around the market and our performance which is important to our investors, right?

是的。道格，這個問題牽涉到很多內容。這是一個好問題。那麼，讓我先談談我認為市場周圍的事情以及我們的業績對我們的投資者來說很重要，對嗎？

Pre-2023, holding aside some of the amazing market and our performance in the pandemic period, a very predictable, visible market without a lot of volatility and really a great underlying set of growth, right? So there's never debates about market growth sort of pre-pandemic or even in the early parts of the pandemic.

2023 年之前，拋開一些令人驚嘆的市場和我們在大流行期間的表現不談，這是一個非常可預測、可見的市場，沒有很大的波動性，而且確實有一個巨大的潛在增長，對嗎？因此，在大流行前甚至在大流行的早期階段，從來沒有關於市場成長的爭論。

So -- and then obviously, a difficult year for the industry in 2023, comparisons and a lot of other factors related to the pandemic directly and indirectly. So when I think about what we're seeing in the industry now for three quarters in a row, the visibility is pretty good. Like we have a good feel for what's going on. It's playing out as we expected. There's always things a little better, a little worse, also irrelevant on the margin. They're all in the factor of the aggregate. So I feel very good about the progression.

因此，很明顯，2023 年對該行業來說是艱難的一年，比較以及許多其他因素都與這場流行病直接或間接相關。因此，當我想到我們現在連續三個季度在該行業所看到的情況時，可見度非常好。就像我們對正在發生的事情有很好的感覺。事情正在按照我們的預期進行。總是有一些事情好一點，壞一點，也有一些無關緊要的事情。它們都是整體因素。所以我對進展感覺非常好。

What's embedded in our guidance in the markets, right, is that for the full year is that it continues to step up a little bit more in Q3 and further in Q4. And when I think about what we've assumed in the market growth and back in the January timeframe when we gave our guidance is we said the market was going to be down low single digits. But when you looked at sort of the phasing implied, it probably is flattish, maybe up slightly in the fourth quarter in terms of the market progression.

我們對市場的指導中包含的內容是，全年的市佔率將在第三季繼續上漲，並在第四季進一步上漲。當我想到我們對市場成長的假設以及我們在一月份給出指導時的假設時，我們說市場將出現較低的個位數下跌。但是，當您查看隱含的分階段時，您會發現，就市場進展而言，第四季度的情況可能會持平，甚至可能略有上升。

That's -- we don't have a perfect crystal ball, but that's sort of what's implied in there. And so it's progressing well. When I think to how it's going to progress exactly each quarter thereafter, when we get to January, I will have a much better feel for it.

那就是——我們沒有一個完美的水晶球，但這就是其中所暗示的。所以它進展順利。當我想到此後每個季度它將如何進展時，當我們到一月份時，我會對它有更好的感覺。

But I think what's really relevant is how do I feel about the 4% to 6%, right? And I'm looking forward to Investor Day. I feel great about the long-term 4% to 6%. That doesn't mean I can predict it to a quarter or the specific year, but when talking a three- to five-year timeframe, and do I believe that the market growth is going to be 4% to 6%? 100% confidence in that.

但我認為真正相關的是我對 4% 到 6% 的感受如何，對嗎？我很期待投資者日的到來。我對長期 4% 到 6% 感覺很好。這並不意味著我可以預測某個季度或具體年份，但在談論三到五年的時間框架時，我是否相信市場成長率將為 4% 到 6%？對此有100%的信心。

But underlying scientific drivers are phenomenal in terms of our industry, what's going on in pipelines, our customer base, fantastic, right? So I don't lose any sleep over that. And I always question it because it's important. It's not like just take it from a dramatic standpoint, but from a fact and underlying drivers, I feel great about it.

但就我們的行業而言，潛在的科學驅動力是驚人的，管道中發生的事情，我們的客戶群，太棒了，對吧？所以我不會因此而失眠。我總是質疑它，因為它很重要。這不僅僅是從戲劇性的角度來看，而是從事實和潛在的驅動因素來看，我對此感覺很好。

And then the other thing that's important to me, important to our 125,000 colleagues and actually quite important to our investors is our customers meaningfully choosing us more often than their other choices. And the ability to grow 3% faster than the market, I feel great about. And we have an incredible track record this quarter, at least looking at what we've seen so far, once again delivered on that.

另一件對我、對我們 125,000 名同事、對我們的投資者也非常重要的事情是，我們的客戶比其他選擇更頻繁地有意義地選擇我們。而且能夠以比市場快 3% 的速度成長，我對此感覺很棒。本季我們取得了令人難以置信的業績記錄，至少從我們迄今為止所看到的情況來看，我們再次實現了這一目標。

So hopefully, that puts it in the context of my enthusiasm. And we'll provide you transparency as the year wraps up to what do we see as a reasonable assumption for the next year. And I think our forecast accuracy is pretty good.

所以希望這能把它放在我的熱情的背景下。隨著這一年的結束，我們將向您提供透明度，告訴您我們認為明年的合理假設是什麼。我認為我們的預測準確度相當不錯。

Okay. And Marc, if I can ask one more high-level follow-up. Over the years and in working with you and following Thermo, one of the neat things has been in these tougher periods in the market, Thermo and you specifically have -- you've played offense when others have played defense.

好的。馬克，我可否再詢問一位高層跟進人員。多年來，在與您合作並追隨 Thermo 的過程中，最棒的事情之一就是在市場最困難的時期，Thermo 和您尤其做到了——當其他人採取防守時，您採取了進攻。

Recognizing every cycle is difficult and different, I would say the last 1.5 year has been maybe tougher than normal even for Thermo. As things start to improve a little bit, but again, it's gradual, do you feel you're in a position now to maybe get even more aggressive like you have in previous cycles when it comes to capital deployment, evolving the business, and other initiatives? Are you feeling more comfortable, more confident in making those moves that we've seen in the prior cycles? Thank you.

認識到每個週期都是困難且不同的，我想說，即使對 Thermo 來說，過去 1.5 年也可能比正常情況更艱難。隨著情況開始有所改善，但同樣，這是漸進的，您是否覺得現在在資本部署、發展業務和其他方面可能會變得更加激進，就像您在之前的周期中所做的那樣倡議？在採取我們在先前週期中看到的那些措施時，您是否感到更自在、更有信心？謝謝。

Doug, thanks for the question. When I think about the company's strategy and the trusted partner status that we've earned with our customers over many, many years, we're able to take a long-term perspective while holding ourselves accountable for delivering excellent short-term results. And I love periods where not everybody is performing at the same level. It creates opportunities.

道格，謝謝你的提問。當我思考公司的策略以及我們多年來與客戶贏得的值得信賴的合作夥伴地位時，我們能夠以長遠的眼光看待，同時對提供出色的短期業績負責。我喜歡不是每個人都達到同一水平的時期。它創造了機會。

I love during the fact that the pandemic, we were able to accelerate our investments in innovation. Well, I mean I talked probably for 5 minutes of my 15 minutes today on innovation. And I had to truncate it because the list was so long. It is super cool.

我喜歡在疫情期間我們能夠加速創新投資。嗯，我的意思是，我今天的 15 分鐘大概有 5 分鐘是關於創新的。我不得不截斷它，因為清單太長了。太酷了。

And our job is to differentiate our competitive position to deliver superior organic growth to the others and translate it into great results. And I'm very excited about our ability to continue to do that and further differentiate our industry leadership going forward. So thanks for the question, Doug.

我們的工作是使我們的競爭地位與眾不同，為其他公司帶來卓越的有機成長，並將其轉化為偉大的成果。我對我們有能力繼續這樣做並進一步區分我們的行業領導地位感到非常興奮。謝謝你的提問，道格。

Tycho Peterson.

第谷·彼得森。

Thanks. Hey Marc, a question on operating margins or maybe for Stephen. In the lab products and services, obviously, you felt the headwinds from the vaccine and therapy roll off, but it was effectively at a two-year low. So just curious about how you think about margins for lab products going forward?

謝謝。嘿，馬克，一個關於營業利潤率的問題，或者可能是問史蒂芬的問題。顯然，在實驗室產品和服務中，您感受到了疫苗和治療的不利影響，但實際上處於兩年來的最低水平。所以只是想知道您如何看待實驗室產品未來的利潤率？

And then as we think about 2025, if TPD and Patheon can grow above the corporate average, do you still have the ability to drive 40 bps to 50 bps of margin expansion or potentially could it be higher or lower? Thanks.

然後，當我們考慮 2025 年時，如果 TPD 和 Patheon 的成長能夠高於企業平均水平，您是否仍有能力推動利潤率擴張 40 至 50 個基點，或者可能更高或更低？謝謝。

Tycho, thanks for the question, and good to hear from you again. So in terms of the margin profile in the quarter, we're going through largely the impact of the transition of the vaccine-related capacity in sterile fill finish and translating into other modalities. So that's probably the biggest factor that you see there.

第谷，謝謝你的提問，很高興再次收到你的來信。因此，就本季的利潤狀況而言，我們主要經歷了疫苗相關產能在無菌填充領域的轉變以及轉化為其他模式的影響。所以這可能是您在那裡看到的最大因素。

And I think about the margin profile for our businesses, I feel good about the ability to drive strong margin expansion as we -- the top line growth comes back in certain parts of the business where we've appropriately adjusted the cost base down and where volumes have come down. And as those volumes come back, we're going to get some good pull-through that comes from that.

我想到了我們業務的利潤狀況，我對推動利潤率強勁擴張的能力感到滿意，因為我們在業務的某些部分恢復了頂線增長，在這些部分我們適當調整了成本基礎，並且在這些部分成交量已經下降。隨著這些銷量的恢復，我們將從中獲得一些良好的拉動。

So look forward to giving the details on '25 when we get to the January call. But yeah, in terms of the margin profile and kind of the mix of business, I feel good about the ability to expand our margins.

因此，期待在 25 年 1 月的電話會議上提供詳細資訊。但是，是的，就利潤狀況和業務組合而言，我對擴大利潤的能力感到滿意。

Okay. And then one follow-up on CDMO capacity. You doubled fill finish over the last couple of years. Just curious, Marc, how you think about additional capacity expansion, how you think about capacity utilization in the industry and how actively you may look at some of the capacity that could get freed up from some of the recent M&A or potentially around biosecure in the US?

好的。然後是 CDMO 能力的一項後續行動。在過去的幾年裡，您的填充完成度翻了一番。只是好奇，馬克，你如何看待額外的產能擴張，你如何看待行業的產能利用率，以及你如何積極地看待可能從最近的一些併購或潛在的生物安全領域釋放的一些產能。

Yeah. So Tycho, when I think about our pharma services business and our capacity, where we play, I feel very good about our position. We've had very strong demand for our sterile fill finish capabilities, which is our largest activity, and we're doing well there. We've been expanding the number of lines we have at our sites, and demand has been strong for that. So I feel good about that outlook.

是的。因此，第谷，當我想到我們的製藥服務業務和我們的能力以及我們的業務時，我對我們的地位感到非常滿意。我們對無菌填充能力的需求非常強烈，這是我們最大的活動，我們在這方面做得很好。我們一直在擴大我們站點的生產線數量，對此的需求一直很強勁。所以我對這種前景感覺良好。

In the clinical trials, supplies, which is the other really large portion of our business and where we really have an unparalleled position, I highlighted a couple of examples of capabilities we're expanding.

在臨床試驗和供應方面，這是我們業務的另一個非常大的部分，我們確實擁有無與倫比的地位，我強調了幾個我們正在擴展的能力的例子。

Effectively, we make sure that our capacity lines up with our forecasted demand. So it's not really an overcapacity viewpoint. And then on the other parts of the business, I feel okay about our position and nothing of note there. So that's pretty positive.

實際上，我們確保我們的產能符合我們的預測需求。所以這並不是真正的產能過剩觀點。然後在業務的其他部分，我對我們的立場感覺還不錯，沒有什麼值得注意的地方。所以這是非常積極的。

And what we're going through right now, as a reminder, is we're transitioning a lot of the COVID-related activities to the normal therapies. And the team is doing a good job. It certainly impacts our growth in terms of headwind in 2024, but it becomes better in '25 and '26 as the new therapies and the tech transfers are complete and new lines come on place. So pretty good times ahead.

提醒一下，我們現在正在經歷的是，我們正在將許多與新冠病毒相關的活動轉變為正常療法。團隊做得很好。這肯定會影響我們 2024 年的成長，但隨著新療法和技術轉移的完成以及新生產線的到位，25 和 26 年情況會變得更好。未來的美好時光。

Thanks. I appreciate the color.

謝謝。我很欣賞它的顏色。

Thanks, Tycho.

謝謝，第谷。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah. Hi, thanks. Marc and Stephen, thanks for taking the question. So Marc, a higher-level question for you, maybe with your -- when you have conversations, the C-suite conversation with therapeutics teams out there, what are you seeing and hearing from your larger biopharma customers, and maybe to some extent, these mid-cap ones as well versus the smaller and earlier-stage customers? How much of a divergence are you seeing within these groups? And when can that divergence narrow?

是的。你好謝謝。馬克和史蒂芬，感謝您提出問題。所以，馬克，向你提出一個更高層次的問題，也許是與你的——當你與治療團隊進行對話時，最高管理層的對話，你從大型生物製藥客戶那裡看到和聽到了什麼，也許在某種程度上，這些中型企業以及小型和早期客戶的情況如何？您在這些群體中發現了多少差異？那麼這種差距什麼時候才能縮小呢？

Yes. So Puneet, thanks for the question. So when I think about the things that jump out to me the patterns, if you will, and I see lots of customers, and I'm looking forward to being back on the road tomorrow, seeing our customers is a great thing.

是的。普尼特，謝謝你的提問。因此，當我想到那些跳出我的模式的事情時，如果你願意的話，我看到了很多客戶，我期待著明天回到路上，看到我們的客戶是一件很棒的事情。

In our larger customers, which -- and these will be the companies with many products that are both commercial and in their pipeline, you're seeing a few things. One, they're focused on resiliency of their supply chain. So where maybe historically pre-pandemic, they would have had single site in-house manufacturing, you're seeing much more of the second site, leveraging our capabilities. And that's great in terms of just making sure that they can meet their customer demand, if you will, for medicines.

在我們的大客戶中，這些客戶將是擁有許多商業產品和正在開發中的產品的公司，您會看到一些事情。第一，他們專注於供應鏈的彈性。因此，在歷史上，在大流行前，他們可能有單一地點的內部製造，你會看到更多的第二個地點，利用我們的能力。這對於確保他們能夠滿足客戶對藥品的需求（如果你願意的話）是非常好的。

You're also seeing the desire for how do we help them be more innovative and productive. And you basically fund all of the exciting things in their pipeline by just helping them really prioritize the most important work and do that in the most effective way. So it's really about helping them do more to maximize the impact of what's in their pipeline.

您還看到了我們如何幫助他們提高創新性和生產力的願望。基本上，您只需幫助他們真正優先考慮最重要的工作並以最有效的方式完成工作，就可以為他們的流程中所有令人興奮的事情提供資金。因此，這實際上是為了幫助他們做更多的事情，以最大限度地發揮其管道中產品的影響。

When I think about the smaller customers because we had gone through a period in 2023 where funding was challenged, right, a lot of the tone was around how do they get through the period. When I think about the first six months of dialogue, much higher confidence, right?

當我想到小客戶時，因為我們在 2023 年經歷了資金受到挑戰的時期，對吧，很多話題都是圍繞著他們如何度過這段時期。當我想到前六個月的對話時，我的信心要高得多，對嗎？

Funding is happening, but also the confidence that funding will be available really at a very different spot. And you're seeing that really translate into the earliest indicators of that, which is authorizations of new clinical trials and new activity. But I would expect that, that would sort of flow through the rest of the types of work we do as the year continues to unfold and as we get into '25. So I think that's a very positive development.

資金正在籌集，但人們也相信資金將在一個非常不同的地方真正獲得。您會看到，這確實轉化為最早的指標，即新臨床試驗和新活動的授權。但我預計，隨著這一年的繼續展開以及進入 25 年，這將貫穿我們所做的其餘類型的工作。所以我認為這是一個非常積極的發展。

Okay. Great. And just a follow-up for Stephen. On the EPS beat, it was about $0.25 at the midpoint and -- but you raised the guide only by $0.10. So just wondering how much of that is a reflection of the end market versus what's within your control in terms of cost management? Or is there anything specific that you would point out to?

好的。偉大的。這只是史蒂芬的後續行動。就每股收益而言，中點約為 0.25 美元，但您僅將指導值提高了 0.10 美元。那麼只是想知道其中有多少是終端市場的反映以及您在成本管理方面的控制範圍？或是您有什麼具體需要指出的嗎？

Yes. So Puneet, so $0.06 of the beating in Q2 is really timing-related. When I think about the FX rates and kind of the outlook for the rest of the year, $0.03 of that $0.06 could be offset in the second half.

是的。所以 Puneet，所以第二季 0.06 美元的擊敗確實與時間相關。當我考慮匯率和今年剩餘時間的前景時，這 0.06 美元中的 0.03 美元可能會在下半年被抵消。

And then from a tax standpoint, we're not assuming the change in the overall rate for the year. That's timing with that. So that $0.06 is good beat in Q2, but it's net neutral for the year as a whole.

然後從稅收的角度來看，我們不會假設今年的總體稅率發生變化。這就是時機。因此，0.06 美元在第二季度是不錯的表現，但對全年來說是淨中性的。

And then with the rest, we've raised the low end $0.15, and we raised at the high end $0.05. And I think that's a strong raise at this point and think it's appropriate and enables us to be better positioned for the second half of the year. And I wouldn't really read anything else into that. It's just -- I think that's just appropriate at this point.

然後，我們在低端提高了 0.15 美元，在高端提高了 0.05 美元。我認為目前這是一個強有力的加薪，並且認為這是適當的，並使我們能夠在今年下半年處於更好的位置。我不會真正讀到任何其他內容。我認為這在這一點上是合適的。

Got it. --

知道了。 --

Thanks, Puneet.

謝謝，普尼特。

Thank you.

謝謝。

Operator we have time for one more question.

接線員，我們還有時間再問一個問題。

Dan Arias, Stifel.

丹·阿里亞斯，斯蒂菲爾。

Good morning, guys. Thank you. Marc, where do you think the academic markets are headed here? Some mixed data points there, and AH budget isn't particularly robust this year. So curious what expectations we should have for the second half and then into the next cycle.

早上好傢伙。謝謝。馬克，您認為學術市場將走向何方？有些數據點好壞參半，今年的預算也不是特別強勁。很好奇我們對下半年以及下一個週期應該有什麼期待。

Yeah. I was encouraged by what I saw in academic and government in Q2. We had low single-digit growth, a relatively challenging comparison. So the team did a good job.

是的。第二季學術界和政府部門的情況令我深受鼓舞。我們的成長率較低，這是一個相對具有挑戰性的比較。所以團隊做得很好。

What I'm seeing is on the high-end differentiated products, customers are getting money. I mean if I think through, customers get money for the really great innovation. And given our track record on innovation, we're seeing strong demand for the Orbitrap Astral. And I know that there's a lot of excitement around the Thermo Scientific Stellar mass spectrometer and the Eclipse series.

我看到的是，在高端差異化產品上，客戶正在賺錢。我的意思是，如果我想清楚，客戶會因為真正偉大的創新而賺錢。鑑於我們在創新方面的記錄，我們看到了對 Orbitrap Astral 的強勁需求。我知道 Thermo Scientific Stellar 質譜儀和 Eclipse 系列令人興奮不已。

These are really -- or (inaudible) series. These are really, really positive developments. And so I think it's good. I always think long term academic and government globally, it was kind of a low single-digit growth market, sometimes a little better than that. And for -- our performance is playing out in line with that right now.

這些確實是——或者（聽不清楚）系列。這些都是非常非常正面的進展。所以我認為這很好。我一直認為，從長期來看，全球學術界和政府界，這是一個低個位數成長的市場，有時比這好一點。因為——我們現在的表現與此相符。

Okay. And then if I guess -- just as a follow-up on your comments on China stimulus and the ability to see money gets spent there. Do you see that as primarily just a function of time, customers need time to have it flow and get to them? Or are there sort of discrete triggers and specific things that need to happen in order to have demand to actually make its way to you? Thanks.

好的。然後，如果我猜的話——就像您對中國刺激措施以及看到資金花在中國的能力的評論的後續行動一樣。您是否認為這主要只是時間的函數，客戶需要時間來讓資訊流動並到達他們身邊？或者是否存在某種離散的觸發因素和特定的事情需要發生才能讓需求真正到達您的手中？謝謝。

Yeah. I mean the process is they have to apply, and there's a central government funding and matched by their other funding sources, usually provincial or it could be local depending on the institution. So they're going through that process. As it gets approved, they then have the ability to go out and place the order. So that's the view.

是的。我的意思是，這個過程是他們必須申請，並且有中央政府的資金以及與其他資金來源相匹配的資金來源，通常是省級的，也可能是地方性的，這取決於機構。所以他們正在經歷這個過程。一旦獲得批准，他們就可以出去下訂單。這就是我們的觀點。

I think because these institutions are funded by the government in all times, whether it's stimulus or not, I think they have a mechanism to understand what's likely to happen. So this is not a giant mystery to them. I think they're working through it and is kind of normal from that perspective.

我認為因為這些機構一直由政府資助，無論是否有刺激措施，我認為他們有一個機制來了解可能發生的情況。所以這對他們來說並不是一個巨大的謎團。我認為他們正在解決這個問題，從這個角度來看這是很正常的。

And what we're doing is reminding them of the importance of the important instrumentation that we've launched and the relevance of it. So that they prioritize their funding request to support our instrumentation.

我們正在做的就是提醒他們我們推出的重要工具的重要性及其相關性。這樣他們就可以優先考慮他們的資金請求來支持我們的儀器。

Dan, thanks for the question, and I'll turn to just wrapping up. So thanks, everyone, for joining us on the call today. Pleased to deliver another strong quarter, well positioned to deliver differentiated performance as we continue to create value for all of our stakeholders, and we'll build an even brighter future for our company.

丹，謝謝你的提問，我要結束了。謝謝大家今天加入我們的電話會議。我們很高興再次實現強勁的季度業績，我們將繼續為所有利益相關者創造價值，從而提供差異化的業績，我們將為公司打造更光明的未來。

We're looking forward to talking about that bright future at our upcoming Investor Day on September 19 in New York and updating you on our third quarter performance in October. As always, thank you for your support of Thermo Fisher Scientific.

我們期待在即將於 9 月 19 日在紐約舉行的投資者日上談論這個光明的未來，並向您介紹我們 10 月第三季的最新業績。一如既往，感謝您對 Thermo Fisher Scientific 的支持。

Thank you very much. This concludes today's call. You may now disconnect your lines.

非常感謝。今天的電話會議到此結束。現在您可以斷開線路。