Twist Bioscience Corp (TWST) 2025 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to Twist Biosciences 2025 first quarter financial results Conference Call. (Operator Instructions) Please note that today's conference may be recorded.

再會。感謝您的支持。歡迎參加 Twist Biosciences 2025 年第一季財務業績電話會議。（操作員指示）請注意，今天的會議可能會被錄音。

I would now like to turn the conference over to Angela Bitting, SVP of Corporate Affairs. Please go ahead.

現在，我想將會議交給公司事務資深副總裁 Angela Bitting。請繼續。

Thank you, operator. Good morning, everyone. I would like to thank you for joining us for Twist Biosciences conference call to review our fiscal 2025 first quarter financial results and business progress. We issued our financial results press release before the market, and it is available at our website at www.twistbioscience.com.

謝謝您，接線生。大家早安。感謝您參加 Twist Biosciences 電話會議，回顧我們 2025 財年第一季的財務業績和業務進展。我們在市場上市前發布了財務業績新聞稿，您可以在我們的網站 www.twistbioscience.com 上查閱。

With me on the call today are Dr. Emily Leproust, CEO and Co-Founder of Twist; Adam Laponis, CFO of Twist; and Dr. Patrick Finn, President and COO of Twist. Today, we will discuss our business progress, financial and operational performance as well as growth opportunities. We will then open the call for questions. We ask that you limit your questions to only one and then requeue as a courtesy to others on the call. This call is being recorded. The audio portion will be archived in the Investors section of our website and will be available for two weeks.

今天與我一起參加電話會議的還有 Twist 執行長兼聯合創始人 Emily Leproust 博士； Twist 財務長 Adam Laponis；以及 Twist 總裁兼營運長 Patrick Finn 博士。今天，我們將討論我們的業務進展、財務和營運業績以及成長機會。然後我們將開始提問。我們要求您將問題限制為僅一個，然後為了方便通話中的其他人而重新排隊。本次通話正在錄音。音訊部分將存檔在我們網站的「投資者」部分，並提供兩週。

During today's presentation, we will make forward-looking statements within the meaning of the US Federal Securities Laws. Forward-looking statements generally relate to future events or future financial or operating performance. Our expectations and beliefs regarding these matters may not materialize, and actual results in financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include those set forward in the press release we issued earlier today as well as those more fully described in our filings with the Securities and Exchange Commission.

在今天的演示中，我們將根據美國聯邦證券法做出前瞻性陳述。前瞻性陳述通常與未來事件或未來財務或經營績效有關。我們對這些事項的期望和信念可能不會實現，且財務期間的實際結果受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。這些風險包括我們今天早些時候發布的新聞稿中提出的風險以及我們向美國證券交易委員會提交的文件中更詳細描述的風險。

The forward-looking statements in this prediction are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. We'll also discuss adjusted EBITDA, a financial measure that does not conform with generally accepted accounting principles. Information may be calculated differently than similar non-GAAP data presented by other companies. When reported, a reconciliation between GAAP and non-GAAP financial measures will be included in our earnings documents, which can be found on the Investors section of our website.

本預測中的前瞻性陳述是基於我們截至本預測之日可用的信息，我們不承擔更新任何前瞻性陳述的義務，除非法律要求。我們也將討論調整後的 EBITDA，這是一項不符合公認會計原則的財務指標。資訊的計算方式可能與其他公司提供的類似非 GAAP 數據不同。報告時，GAAP 和非 GAAP 財務指標之間的對帳將包含在我們的收益文件中，您可以在我們網站的「投資者」部分找到。

With that, I'll now turn the call over to our CEO and Co-Founder, Emily Leproust.

說完這些，我現在將電話轉給我們的執行長兼聯合創始人 Emily Leproust。

Thank you, Angela, and good morning, everyone. We are pleased to report yet another quarter of strong sequential growth in both revenue and gross margin, demonstrating our unwavering progress towards the milestone of adjusted EBITDA breakeven and subsequent growth.

謝謝你，安琪拉，大家早安。我們很高興地報告，本季我們的營收和毛利率又連續強勁成長，這表明我們在調整後 EBITDA 盈虧平衡和後續成長的里程碑方面取得了堅定的進展。

Driving our success is our cutting edge incents platform, a breakthrough innovation that not only powers our business, but also positions us to capitalize on a wide area of market opportunities. This platform is proprietary, differentiated, scalable and adaptable.

推動我們成功的是我們先進的激勵平台，這是一項突破性的創新，不僅為我們的業務提供動力，而且使我們能夠利用廣泛的市場機會。該平台具有專有性、差異性、可擴展性和適應性。

Importantly, the platform sales as the foundation for every product groups across the company. Years ago, we set an ambitious yet clear path to profitability. And today, we are proud to be delivering on that promise. Through discipline education and the momentum we have built across our initiatives, we remain firmly on course to achieve adjusted EBITDA breakeven with [gross margin] capital while continuing to invest in profitable growth opportunities for the future.

重要的是，平台銷售是整個公司每個產品組的基礎。多年前，我們就制定了一條雄心勃勃但明確的獲利路線。今天，我們很自豪能夠兌現這項承諾。透過紀律教育和我們在各項舉措中建立起來的勢頭，我們將繼續堅定地朝著調整後的 EBITDA 收支平衡的目標前進，同時繼續投資於未來的盈利增長機會。

Getting into the financials, we exceeded our guidance for revenue and margin reporting another quarter of record revenue of $88.7 million, an increase of 24% year-over-year and 5% sequentially. Gross margin for the quarter came in ahead of our guidance at 48.3% compared to 40.5% for the first quarter of fiscal 2024, demonstrating the leverage of fixed cost with higher volume as well as our ongoing commitment to continuous improvement and margin expansion initiatives. In addition, this is another quarter of showing that 75% to 80% of the incremental revenue on average drops to the gross margin line.

進入財務數據，我們的營收和利潤率超出了預期，本季營收再創歷史新高，達到 8,870 萬美元，年增 24%，環比成長 5%。本季毛利率高於我們的預期，為 48.3%，而 2024 財年第一季為 40.5%，這表明固定成本與更高銷售量的槓桿作用，以及我們對持續改善和利潤率擴大計劃的持續承諾。此外，本季也顯示，平均有75%至80%的增量收入落至毛利率線。

Revenue for SynBio increased to $34.4 million, an increase of 28% year-over-year with the growth of [deferral] group reflecting a diverse global customer base. We continue to see sequential growth in our Express portfolio, both in revenue and number of net new accounts. We continue to push our total time with the majority of gene fragments shipped within two days and clonal genes shipped within four days with the full Express portfolio benefiting from this speed.

SynBio 的營收增加至 3,440 萬美元，年增 28%，[延期]集團的成長反映了多樣化的全球客戶群。我們的 Express 產品組合在收入和淨新增帳戶數量方面持續保持連續成長。我們繼續縮短總時間，大多數基因片段在兩天內發貨，克隆基因在四天內發貨，整個 Express 產品組合都受益於此速度。

Our ability to deliver product quickly at a reasonable cost expand our customer base and also is expanding our wallet share within existing accounts. With our speed and price, we have seen new applications and innovations from researchers across the globe and will continue to be inspired by their drive to improve health and sustainability.

我們能夠以合理的成本快速交付產品，從而擴大我們的客戶群，同時也擴大了我們在現有帳戶中的份額。憑藉我們的速度和價格，我們看到了來自全球研究人員的新應用和創新，並將繼續受到他們改善健康和永續性的動力的啟發。

For NGS, we reported $48.6 million in revenue, an increase of 23% year-over-year. The continued strength was driven primarily by customers commercializing liquid biopsy and rare disease assets. In addition, we see initial uptake in emerging applications of our differentiated library prep products along with other workflow components, as customers of Twist supply all reagents between the sample and the sequence. And during the quarter, we saw our first very significant conversion from microarray to Twist plus sequencing, this one in human health. By maintaining our sequential agnostic approach, meaning our workflow is compatible with different sequences based on our customers' preference. We remain a key partner providing NGS approach for many different applications in addition to liquid biopsy and minimal residual disease.

我們報告的NGS收入為4860萬美元，年增23%。持續強勁的表現主要得益於客戶對液體活檢和罕見疾病資產的商業化。此外，由於 Twist 的客戶提供樣本和序列之間的所有試劑，我們看到我們的差異化文庫製備產品以及其他工作流程組件在新興應用中的初步應用。在本季度，我們看到了從微陣列到Twist plus測序的首次非常重大的轉變，這是在人類健康領域。透過保持我們的順序不可知方法，意味著我們的工作流程可以根據客戶的偏好與不同的序列相容。除了液體活檢和微小殘留疾病之外，我們仍然是提供許多不同應用的 NGS 方法的重要合作夥伴。

Turning to biopharma services. Our revenue increased to $5.7 million with orders of $5.9 million. We remain cautiously optimistic as the funnel of opportunities continues to build. By leveraging our strategic fit across our SynBio and biopharma services portfolio, we continue to remain focused on delivering valuable services for our partners. Our data storage team continues to advance development of the technology working with water-based enzymatic chemistry to synthesize DNA on our CMOS-based chips for the terabyte scale product.

轉向生物製藥服務。我們的收入增加到 570 萬美元，訂單量達到 590 萬美元。隨著機會的不斷湧現，我們依然保持謹慎樂觀的態度。透過利用我們在合成生物學和生物製藥服務組合中的策略契合度，我們繼續專注於為合作夥伴提供有價值的服務。我們的資料儲存團隊繼續推進技術開發，利用水基酶化學在基於 CMOS 的晶片上合成 DNA，用於 TB 級產品。

I would now like to turn the call over to Patrick for commentary on gross margin and innovation.

現在，我想將電話轉給派崔克，請他評論毛利率和創新問題。

Thanks, Emily. As we look at the firm wide improved margins, we continue to see a majority of the improvement driven by revenue growth, while holding our fixed operating expenses relatively flat.

謝謝，艾米麗。當我們觀察公司整體利潤率的提高時，我們仍然看到大部分利潤率的提高是由收入成長所推動的，同時我們的固定營運費用保持相對穩定。

In addition, we continue to identify incremental areas of improvement in COGS. One example implemented in the first quarter is related to plastic tips. With an extreme automation, we use a large number of tips in our processes. In 2024, we identified an alternative technology that was compatible with our processes and allowed us to maintain performance in sample quality while significantly decreasing our cost.

此外，我們持續尋找可逐步改善銷貨成本的領域。第一季實施的一個例子與塑膠小費有關。透過極端自動化，我們在流程中使用了大量技巧。2024 年，我們找到了一種與我們的流程相容的替代技術，使我們能夠保持樣品品質的性能，同時顯著降低成本。

We implemented a new approach toward the end of the calendar year, and we are now seeing the pull-through of those savings as one more sequential step in our positive gross margin trajectory. Looking forward, we have a pipeline of activities that we anticipate will add to our gross margin incrementally while maintaining or improving the product benefits.

我們在年底實施了一種新方法，現在我們看到這些節省的資金為我們實現正毛利率軌跡的另一個連續步驟。展望未來，我們有一系列活動，預計這些活動將在保持或提高產品優勢的同時逐步增加我們的毛利率。

In addition, we've talked about enzymology as a future growth driver for the business. When applying our innovative platform to identify proprietary enzymes that deliver performance advantages within a specific product that we offer or to optimize their workflow for a particular application. We also expect gross margin leverage from these internally developed enzymes.

此外，我們也討論了酶學作為未來業務成長的動力。當應用我們的創新平台來識別在我們提供的特定產品中提供性能優勢的專有酶或針對特定應用優化其工作流程時。我們也預期這些內部開發的酵素將帶來毛利率槓桿作用。

Importantly, we see significant runway to leverage our synthesis portfolio to screen, optimize and implement new enzymes used within our current and future offerings with minimal investment required and significant resulting ROI.

重要的是，我們看到了巨大的潛力，可以利用我們的合成產品組合來篩選、優化和實施我們當前和未來產品中使用的新型酶，只需最少的投資就能獲得顯著的投資回報。

As we approach adjusted EBITDA breakeven, our focus will shift seamlessly to achieving cash flow positivity, maintaining our momentum while strategically investing in profitable growth opportunities powered by our relentless innovation engine.

隨著我們接近調整後的 EBITDA 盈虧平衡，我們的重點將無縫轉向實現現金流正值，保持我們的發展勢頭，同時戰略性地投資於由我們不懈的創新引擎驅動的盈利增長機會。

At this time, I'd like to turn the call over to Adam to discuss our financials.

現在，我想將電話轉給亞當，討論我們的財務狀況。

Thank you, Patty. Revenue for the first quarter of 2025 increased to $88.7 million growth of 24% year-over-year and approximately 5% sequentially. Gross margin came in higher than expected with 48.3%, primarily due to increased revenue and volume leverage on our platform.

謝謝你，帕蒂。2025 年第一季的營收增加至 8,870 萬美元，年增 24%，季增約 5%。毛利率高於預期，達到48.3%，主要由於我們平台的營收和銷售槓桿增加。

SynBio revenue increased to $34.4 million, growth of 28% year-over-year. NGS revenue for the first quarter grew to approximately $48.6 million, an increase of 23% year-over-year and 7% sequentially. For the quarter, revenue from our top 10 NGS customers accounted for approximately 39% of NGS revenue. We served 606 NGS customers in the quarter with 147 having adopted our products.

SynBio 營收增加至 3,440 萬美元，較去年同期成長 28%。第一季NGS營收成長至約4,860萬美元，較去年同期成長23%，較上季成長7%。本季度，來自我們前十大 NGS 客戶的收入約佔 NGS 收入的 39%。本季我們為 606 家 NGS 客戶提供服務，其中 147 家採用了我們的產品。

For biopharma, revenue was $5.7 million, with orders of $5.9 million. We had 89 active programs as of the end of December 2024 and we started 67 new programs during the quarter. Looking geographically, Americas revenue increased to approximately $53.7 million in the first quarter compared to $44 million in the same period of fiscal 2024, growth of 22% year-over-year.

生物製藥方面，收入為 570 萬美元，訂單金額為 590 萬美元。截至 2024 年 12 月底，我們有 89 個活躍項目，並且本季啟動了 67 個新項目。從地理來看，第一季美洲區營收增至約 5,370 萬美元，而 2024 財年同期為 4,400 萬美元，較去年同期成長 22%。

EMEA revenue rose to $28.3 million in the first quarter versus $21.2 million in the same period of fiscal 2024, growth of 33% year-over-year. APAC revenue increased to $6.7 million in the first quarter compared to $6.3 million in the same period of fiscal 2024, growth of 6% year-over-year. China continues to be a relatively small portion of our revenue at approximately 2% of total revenue for the first quarter of fiscal 2025.

第一季度，EMEA 地區的營收增至 2,830 萬美元，而 2024 財年同期為 2,120 萬美元，年增 33%。第一季亞太區營收增至 670 萬美元，而 2024 財年同期為 630 萬美元，年增 6%。中國市場仍只占我們營收的一小部分，約佔 2025 財年第一季總營收的 2%。

Moving down the P&L. Our gross margin for the first quarter increased to 48.3%, an improvement of almost 8 margin points versus the first quarter of fiscal 2024, reflecting our strong revenue growth as well as our continuous process improvements while holding expenses relatively flat year-over-year. 81% of revenue growth compared to Q1 FY24 dropped to the gross margin line.

降低損益表。我們第一季的毛利率增至 48.3%，比 2024 財年第一季度提高了近 8 個點，這反映了我們強勁的收入增長以及持續的流程改進，同時費用與去年同期相比保持相對持平。與24財年第一季相比，營收成長81%，跌至毛利率線。

Operating expenses, excluding cost of revenues for the first quarter were approximately $77.5 million compared with approximately $75.9 million in the same period of 2024. Operating expenses included approximately $6.6 million for data storage in the first quarter. Q1 FY25 includes annual merit increases as well as payment of FY24 cash balances.

第一季不包括收入成本的營運費用約為 7,750 萬美元，而 2024 年同期約為 7,590 萬美元。第一季的營運費用包括約 660 萬美元的資料儲存費用。25 財年第一季包括年度績效加薪以及 24 財年現金餘額的支付。

Looking at our progress on our path to profitability. For the first quarter of fiscal 2025, adjusted EBITDA was a loss of approximately $16.3 million, an improvement of about $11.5 million versus the first quarter of fiscal 2024.

回顧我們在盈利道路上的進展。2025 財年第一季度，調整後的 EBITDA 虧損約為 1,630 萬美元，較 2024 財年第一季改善約 1,150 萬美元。

Cash flow from operating activities continues to improve and we are driving the adjusted EBITDA breakeven. We ended the quarter with cash, cash equivalents and short-term investments of approximately $270.8 million, inclusive of the $15 million of [fees earned] during the quarter versus $276 million as of September 30.

經營活動產生的現金流量持續改善，我們正在推動調整後的 EBITDA 達到損益兩平。截至本季末，我們的現金、現金等價物和短期投資約為 2.708 億美元，其中包括本季賺取的 1,500 萬美元 [費用]，而截至 9 月 30 日的成本為 2.76 億美元。

We are increasing our guidance for fiscal 2025. We're increasing the total revenue guide of $372 million to $379 million, up from $367 million to $377 million, now indicating growth of approximately 20% at the midpoint year-over-year.

我們正在上調 2025 財年的預期。我們將總收入預期從 3.67 億美元上調至 3.77 億美元，從 3.72 億美元上調至 3.79 億美元，目前顯示年成長率約為 20%。

We are increasing SynBio revenue guidance to $144 million to $147 million, growth of approximately 17% to 18% year-over-year. We are increasing revenue guidance for NGS revenue to the top of the range of $205 million to $209 million, growth of approximately 21% to 24% year-over-year. We are increasing biopharma revenue guidance to $23 million, growth of approximately 13% year-over-year.

我們將 SynBio 的營收預期上調至 1.44 億美元至 1.47 億美元，年增約 17% 至 18%。我們將 NGS 營收預期上調至 2.05 億美元至 2.09 億美元之間，年增約 21% 至 24%。我們將生物製藥收入預期上調至 2,300 萬美元，年增約 13%。

For Q2 fiscal 2025, we expect total revenue of approximately $91 million to $93 million growth of approximately 21% to 24% versus Q2 of fiscal 2024. SynBio revenue of approximately $35.5 million to $36 million, growth of approximately 19% to 21% year-over-year. NGS revenue of approximately $50 million to $51 million, growth of 23% to 25% year-over-year. Biopharma revenue of approximately $5.5 million to $6 million.

對於 2025 財年第二季度，我們預計總營收約為 9,100 萬美元至 9,300 萬美元，較 2024 財年第二季成長約 21% 至 24%。SynBio 營收約 3,550 萬美元至 3,600 萬美元，較去年同期成長約 19% 至 21%。NGS營收約5,000萬美元至5,100萬美元，較去年同期成長23%至25%。生物製藥收入約 550 萬至 600 萬美元。

For the full year of fiscal 2025, we expect gross margin of approximately 49% with quarterly sequential improvements in Q4 fiscal 2025 gross margin over 50%. We expect adjusted EBITDA loss of approximately $55 million to $60 million for fiscal 2025, an improvement of approximately $35 million to $40 million versus fiscal 2024. We expect Q2 fiscal 2025 adjusted EBITDA loss to be approximately $16 million with sequential improvement in subsequent quarters.

對於 2025 財年全年，我們預計毛利率約為 49%，2025 財年第四季毛利率將季增至 50% 以上。我們預計 2025 財年的調整後 EBITDA 虧損約為 5,500 萬至 6,000 萬美元，較 2024 財年改善約 3,500 萬至 4,000 萬美元。我們預計 2025 財年第二季調整後 EBITDA 虧損約為 1,600 萬美元，隨後幾季將有所改善。

With that, I'll turn the call back over to Emily.

說完這些，我就把電話轉回給艾蜜莉。

Thank you, Adam. At Twist, we often ask what makes you successful in this difficult market environment? I love these questions because I get to talk about all the things that makes Twist different. Our success is not riveted to a single factor, but a combination of groundbreaking innovations and strategic investments. At the core is our pioneering technology, which miniaturizes chemistry and enable genes synthesis on a silicon chip giving us a cost and scale advantage unparalleled in the industry.

謝謝你，亞當。在 Twist，我們經常問，是什麼讓您在如此艱難的市場環境中取得成功？我喜歡這些問題，因為我可以談論所有讓 Twist 與眾不同的事情。我們的成功並非取決於單一因素，而是突破性創新與策略投資的結合。我們的核心是我們的先進技術，它將化學反應微型化，並能夠在矽晶片上進行基因合成，為我們帶來業內無與倫比的成本和規模優勢。

To date, we've invested more than $1 billion to create infrastructure team and platform necessary to support our current achievements and propel future growth. Our innovative platform not only provides the foundation to launch differentiated products but also empowers us to industrialize custom solutions at scale.

迄今為止，我們已投資超過 10 億美元來創建必要的基礎設施團隊和平台，以支持我們當前的成就並推動未來的成長。我們的創新平台不僅為推出差異化產品提供了基礎，而且還使我們能夠大規模實現客製化解決方案的工業化。

Our relentless focus on innovation paired with deep understanding of our customer needs and end markets shapes the product road map that delivers meaningful impact. We've built efficient and scalable sales channels, standardized and activity processes for operational excellence and digitized workflow to ensure agility and efficiency across our supply chain.

我們堅持不懈地專注於創新，並深入了解客戶需求和終端市場，從而塑造了具有重大影響力的產品路線圖。我們建立了高效、可擴展的銷售管道、標準化和活動流程，以實現卓越營運和數位化工作流程，以確保整個供應鏈的靈活性和效率。

This (inaudible) extend to a diversified product groups, market and revenue channels, which mitigates risk while maximizing opportunity. By embracing customer diversity and market resilience, we have established a robust and adaptive revenue base. Our forward thinking operations group complement our commercial progress by focusing on continuous process improvements to expand capacity and drive gross margin growth.

這（聽不清楚）延伸到多樣化的產品組、市場和收入管道，從而降低風險並最大限度地利用機會。透過包容客戶多樣性和市場彈性，我們建立了強勁且適應性強的收入基礎。我們具有前瞻性的營運團隊透過專注於持續的流程改善來擴大產能並推動毛利率成長，從而補充我們的商業進步。

Importantly, the habit of Twist is our incredible team. Our employees bring together expertise from diverse discipline, chemistry, biology, physics, bioinformatics, silicon engineering, chemical engineering, hardware engineering, electrical engineering, software development, finance, legal, human resources and more.

重要的是，Twist 的習慣是我們令人難以置信的團隊。我們的員工匯集了不同學科的專業知識，包括化學、生物學、物理學、生物資訊學、矽工程、化學工程、硬體工程、電氣工程、軟體開發、金融、法律、人力資源等。

Our interdisciplinary collaboration fuels our mission to deliver products that improve health and sustainability. Guided by a shared vision and a deep commitment to serving our customers, we continually overcome challenges and great [buyers].

我們的跨學科合作推動了我們提供改善健康和永續性的產品的使命。在共同願景和對服務客戶的堅定承諾的指引下，我們不斷克服挑戰，取得巨大[買家]。

Looking ahead, we remain steadfast in our mission to push the [bar] as far as possible. We will continue investing in research and development in a fiscally responsible manner, creating products that not only drive profitable growth, but also deliver value to our stakeholders.

展望未來，我們將繼續堅定不移地履行我們的使命，盡可能地提高[標準]。我們將繼續以財務負責的方式投資於研發，創造出不僅能推動獲利成長，還能為利害關係人帶來價值的產品。

With discipline and elimination, we are firmly committed to achieving adjusted EBITDA breakeven and delivering long-term growth. Together, we move forward, innovating, growing and building a better future.

透過紀律和消除，我們堅定地致力於實現調整後的 EBITDA 盈虧平衡並實現長期成長。我們共同前進、創新、成長、建立更美好的未來。

At this time, let's open up the call for questions. Operator?

現在，讓我們開始提問。操作員？

(Operator Instructions) Matt Sykes, Goldman Sachs.

（操作員指示）高盛的馬特·賽克斯（Matt Sykes）。

Maybe just to start out, could you just talk about some of the mix shift you're seeing in SynBio towards Express genes? And what your expectations are for the contribution over the course of the year and any progress you've made with that product, specifically with gene makers?

首先，您能否談談您在 SynBio 中看到的向表達基因轉變的一些混合趨勢？您對今年的貢獻有何期望，以及您在該產品方面取得了什麼進展，特別是在基因製造方面？

Matt, this is Adam. Thanks for the question. Happy to chat about it. We are seeing sequential improvement in the Express gene revenue quarter-on-quarter. And what we're also seeing, as we've hit on it, I think, previously, it is not longer just expressed genes, it's the Express portfolio. And so what we're seeing really is where in past someone might have bought fragment from us, and now they're buying Express genes or they might have bought clonal genes from us, and now they're buying perhaps or IgG Express.

馬特，這是亞當。謝謝你的提問。很高興聊聊這件事。我們看到 Express 基因收入逐季年增。而且我們也看到，正如我們所發現的，我認為，它不再只是表達基因，而是 Express 產品組合。因此，我們真正看到的是，過去有人可能會從我們這裡購買片段，現在他們購買 Express 基因，或者他們可能會從我們這裡購買克隆基因，現在他們可能會購買 IgG Express。

And so having that full express offering is really enabling us not only to expand our wallet share with existing customers but really move folks up where they might have been a previous buyer of genes and the maker of IgG, where now they are a buyer of IgG. So we're seeing that shift as well as we're seeing the continued improvement in the number of new customers coming into the business for the Express offering.

因此，提供這種全方位的快遞服務不僅能讓我們擴大現有客戶的錢包份額，還能讓人們從先前的基因買家和 IgG 製造商轉變為現在的 IgG 買家。因此，我們看到了這種轉變，同時也看到使用 Express 產品的新客戶數量持續增加。

Got it. And then just for a follow-up, just given the adjusted EBITDA beat, how are you thinking about the path to profitability in terms of timing? When do you plan on revisiting that view just in terms of what you've put up in terms of adjusted EBITDA and gross margin expansion?

知道了。然後只是為了後續的問題，考慮到調整後的 EBITDA 超出預期，您如何考慮在時間方面實現盈利的途徑？就調整後的 EBITDA 和毛利率擴張而言，您計劃何時重新審視這一觀點？

Matt, great question. And then we are committed to being sequential improvements as we move forward. And we've talked about being ahead of the 50% gross margin by Q4 and continuing to march down that path. I think coupled our growth in revenue and that expansion in gross margin with discipline on the OpEx line, like we've had for the last number of years, you can pretty much back and where things may end up, but we have not given that exact timeline, and we -- but we are steadfast in our north star of not going back to the market for any additional equity.

馬特，這個問題問得好。然後我們致力於在前進的過程中不斷改進。我們已經談到第四季度實現毛利率超過 50% 的目標，並且繼續朝著這個目標前進。我認為，將我們的收入成長和毛利率的擴大與營運支出方面的紀律結合起來，就像我們過去幾年所做的那樣，你幾乎可以回顧事情可能會走向何處，但我們沒有給出確切的時間表，但我們堅定不移地堅持我們的北極星，不會回到市場上尋求任何額外的股權。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

A couple here. Can you first talk about -- I get a lot of hits on this one on the -- your Canada, Mexico exposure and how you're thinking about potential tariff impacts there. I know that there's some chatter on like an 800 -- less than $800 million loophole being closed, and you guys, I assume they have less than a lot of your genes are shipped at less than $800 million. So just help frame how you guys are thinking about that with the policy.

這裡有一對夫婦。您能否先談談——我對此有很多疑問——您在加拿大、墨西哥的業務，以及您如何看待那裡潛在的關稅影響。我知道有人在談論 8 億美元以下的漏洞被堵塞，而你們，我猜他們運送的許多基因的價格都低於 8 億美元。所以只是幫助大家構思一下你們是如何考慮這項政策的。

Yes. Thank you, Luke. So (inaudible) to set the facts that we know. So now there's a 25% tariff on G&A -- on goods coming from Canada and Mexico, and there's an additional 10% tariff on goods coming from China. And there is, like you said, a removal of the de minimis rule where if you have a package that comes into the US, that's worth less than $800. It's -- in the past, it was not subject to tariffs, but now it is.

是的。謝謝你，盧克。因此（聽不清楚）陳述我們所知道的事實。因此，現在對來自加拿大和墨西哥的 G&A 商品徵收 25% 的關稅，對來自中國的商品還徵收 10% 的額外關稅。正如您所說，如果您有一個進入美國的包裹，其價值低於 800 美元，則最低限度規則將被取消。過去它不受關稅影響，但現在要徵收關稅了。

What that means for us is since we manufacture 100% of our products in the USA, that means that the price for our products in the US is stayed the same, but our competitors that produce outside of the US, they will have to really come through -- directly from China.

對我們來說，由於我們的產品 100% 都是在美國製造的，這意味著我們在美國的產品價格保持不變，但在美國以外生產的競爭對手則必須直接從中國進貨。

So we'll have to pay the 10% tax on NDA from China, plus the 6.5% tax that was there before and without the de minimis roots. And so what that means if there was a package coming from China from a competitor that was worth $500, they used in tariffs. And now there's a 16.5% tariff on it. So definitely a headwind for them.

因此，我們必須為來自中國的保密協議繳納 10% 的稅，再加上先前的 6.5% 的稅，並且不包括最低限度的稅。那麼這意味著，如果競爭對手從中國寄來一個價值 500 美元的包裹，他們就要繳關稅。現在對其徵收16.5%的關稅。這對他們來說無疑是個阻力。

We mentioned it before that we'll win by winning, our products are better, faster, higher quality. And so we win by winning, but it probably will be a headwind for them as price is a significant consideration for customers.

我們之前提到過，我們會透過勝利獲得勝利，我們的產品會更好、更快、更高品質。因此，我們贏得了勝利，但這對他們來說可能是阻力，因為價格是客戶考慮的重要因素。

These customers that want to buy DNA, frankly, they have two questions for me, when and how much, right? And so the speed is important, best in class with Express. And in terms of price, we were leading, but I think there's some headwinds for them.

這些想要購買 DNA 的顧客，坦白說，他們有兩個問題想問我，什麼時候買、買多少錢，對吧？因此速度很重要，Express 是同類產品中最好的。在價格方面，我們處於領先地位，但我認為他們也面臨一些阻力。

In terms of retaliation, we have a very, very limited exposure to Mexico. As far as if we go to Canada, it's a slow small couple percent. And as far as we know, in the Canadian retaliatory tariffs, there are no tariffs on DNA. So our DNA going into Canada is not subject to a Canadian tariff.

在報復方面，我們對墨西哥的接觸非常非常有限。如果我們去加拿大，速度會比較慢，只是百分之幾。據我們所知，加拿大的報復性關稅中沒有針對DNA的關稅。因此，我們的 DNA 進入加拿大不受加拿大關稅的約束。

So in the US, we're fine and potentially some headwinds for our competition. And as far as our -- many thanks for now (inaudible). We will follow closely. At the end there -- for us, again, just the headline, I would say, is heavy from that economy. Our products are better. And so we'll win by winning.

因此，在美國，我們的情況很好，但是我們的競爭可能會遇到一些阻力。就我們而言——現在非常感謝（聽不清楚）。我們將密切關注。最後 — — 對我們來說，我想說的是，頭條新聞是來自該經濟體的沉重打擊。我們的產品更好。這樣我們就能贏得勝利。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

My first one is, how much of this express dynamic was responsible for better-than-expected margins, fully realizing that this dynamic is likely to stay for the long term? And then I have a follow-up.

我的第一個問題是，這種快速發展的態勢在多大程度上導致了利潤率好於預期，同時是否充分認識到這種態勢可能會長期持續下去？然後我有一個後續問題。

So I think -- what we said is it clearly expresses having a contribution to the margins. What we're seeing primarily is as we continue to expand revenue and grow revenue, that's the majority of the driver of the gross margin expansion.

所以我認為——我們所說的清楚地表達了對利潤的貢獻。我們主要看到的是，隨著我們繼續擴大收入並增加收入，這是毛利率擴大的主要驅動力。

And so when we talk about at 75% to 80% on the average of the revenue growth dropping to the gross margin, that's the primary driver of the gross margin expansion, independent of whether it's coming from the SynBio side or the NGS side of the business. It's about equal.

因此，當我們談論平均 75% 到 80% 的收入成長下降到毛利率時，這是毛利率擴大的主要驅動力，無論它是來自合成生物學方面還是 NGS 業務方面。大致相等。

Obviously, the Express and also some of the initiatives Patti's talking about the process improvement are adding to that and we see it being sustainable and robust moving forward. So we're excited about where we are, and we expect it to continue.

顯然，《快報》以及帕蒂談到的流程改進的一些舉措都對此有所貢獻，我們看到它將持續且強勁地向前發展。所以我們對於目前的狀況感到很興奮，並且希望這種情況能持續下去。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Maybe just to continue on that topic, can you just talk to gross margin progression throughout the year? And for the process change around -- that Patti mentioned, how much could that benefit margins in your fiscal second quarter? And any other projects like that planned throughout the year that you could talk about?

也許只是為了延續這個話題，您能談談全年的毛利率進度嗎？對於帕蒂提到的流程改變，這對您第二財季的利潤率有多大幫助？您還可以談談全年計劃的其他類似項目嗎？

I'll start, and then maybe, Patty can talk to some of the operational activity that's going on. In terms of the gross margin forecast and expectations -- we expect our revenue to sequentially improve every quarter. And with it, we expect our gross margin to continue to sequentially improve.

我先開始，然後帕蒂也許可以談談正在進行的一些營運活動。就毛利率預測和預期而言，我們預計我們的營收每季都會逐步提高。因此，我們預計我們的毛利率將繼續連續提高。

We raised the midpoint of the guide to 49% for the year, and we expect to be ahead of the 50% mark by Q4. So I think that we should be seeing sequential improvement throughout the rest of the year, where I think the -- opportunity-wise, we are seeing the benefit of some of the initiatives Patty's talking about in terms of the Q1 performance, and we expect those benefits to continue into Q2 and beyond.

我們將今年的預期中位數上調至 49%，並預計到第四季將超過 50%。因此，我認為我們應該會看到今年剩餘時間內的連續改善，我認為，從機會角度來看，我們看到了帕蒂在第一季度業績方面談到的一些舉措帶來的好處，我們預計這些好處將持續到第二季​​度及以後。

Patty, anything you'd add?

帕蒂，您還有什麼要補充嗎？

All right. That was bang on. I mean, the team continues to execute well on gross margin activities. It's part of our culture, which has been spectacular towards that grow and expand across the organization. I'd say that there's more -- are multiple small, midsized opportunities to continue to improve and including the use of our own enzymes, which first of all, we're thinking about that for new and innovative products, but we can get some leverage internally to help us with margin expansion.

好的。太準確了。我的意思是，該團隊在毛利率活動方面繼續表現良好。這是我們文化的一部分，它對整個組織的發展和擴張有顯著的影響。我想說的是，還有更多——有多個小型、中型機會可以繼續改進，包括使用我們自己的酶，首先，我們正在考慮將其用於新的創新產品，但我們可以從內部獲得一些槓桿來幫助我們擴大利潤。

Brendan Smith, TD Cowen.

布倫丹·史密斯（TD Cowen）。

That's actually a perfect lead into my question, just because I wanted to ask a little bit more about -- kind of just double-click on the proprietary enzyme production that you all talked about now. Just wondering if you can speak a little bit more to the extent of GM leverage we might expect from this ongoing work? And I guess I'm really just looking to understand a bit better maybe which processes internally this could apply to more specifically and which was the -- you see as prime to improve with this and potentially thoughts on timing to some of those synergies that we might see just as we try to model out the next few quarters.

這實際上是對我的問題的一個完美引出，因為我想多問一點——就像雙擊你們現在談論的專有酶生產一樣。我只是想知道您是否可以再多談談我們可以從這項正在進行的工作中期待 GM 發揮多大的作用？我想我只是想更好地了解一下，也許這可以更​​具體地應用於內部的哪些流程，哪些是您認為可以改進的主要內容，以及在我們嘗試模擬未來幾個季度時，我們可能會看到的一些協同效應的時機選擇。

Good question. I mean we're a very, very high throughput synthesis company. And so there's some standard procedures internally that will really benefit from the internally manufactured enzyme. In addition, obviously, supply chain security and the ertical there is incredibly useful. We also see leverage into our product's top line growth, driving new and innovative products out to market that really serve the customer base well.

好問題。我的意思是我們是一家產量非常非常高的合成公司。因此，內部的一些標準程序確實受益於內部製造的酵素。此外，顯然，供應鏈安全和那裡的理論非常有用。我們也看到了我們產品營收成長的槓桿作用，推動新的創新產品推向市場，真正為客戶群提供良好的服務。

In terms of timing, it really is all baked into our guidance. So I think that said, we would be consistent with that. We've got a good portfolio of products coming. We're excited about that future and that product offering.

就時間安排而言，這確實已完全融入我們的指導中。所以我認為，我們會堅持這一點。我們即將推出一系列優質產品。我們對未來和產品感到興奮。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

I just had one, I guess, guidance, P&L-related question. The gross margins here in Q1, when you look at the sequential performance, even if sequential revenues dropped down at 100%, I think we're having a hard time getting to 48%. Were there any one-offs that drove the 48% gross part in the quarter and the related sort of guidance question.

我想我剛才有一個指導性的、損益相關的問題。如果你看第一季的連續表現，你會發現即使連續收入下降了 100%，我認為我們也很難達到 48%。是否有任何一次性事件推動了本季 48% 的毛利以及相關的指導問題。

The beat mostly came from NGS and biopharma, but I think the guide raise is more coming from SynBio and biopharma. So any -- I know you stopped disclosing order activity levels, but anything from a customer activity levels that gives you confidence in why SynBio should be better and NGS perhaps is perhaps in line with your prior guidance?

這個節拍主要來自NGS和生物製藥，但我認為指導性提升更多來自SynBio和生物製藥。所以任何——我知道你停止披露訂單活動水平，但從客戶活動水平來看，是否有任何信息讓你相信為什麼 SynBio 應該更好，而 NGS 也許符合你之前的指導？

Vijay, thanks for the question. I'll try to hit on each of the points, but I'll ask others to jump in. In terms of the gross margin, it was accelerated this quarter, a step up. We almost see roughly 3 points of improvement quarter-on-quarter. When you look at it, I think there is -- obviously, we're starting to see the real benefits of the continuous process improvements along with the revenue growth. Nothing in it, it's onetime in nature. And other than as we continue to activate the cost improvement programs, we expect more of that moving forward. But I'd say the step-up we saw was outsize of this quarter, but it should be sustainable.

Vijay，謝謝你的提問。我將盡力闡述每一個要點，但也會請其他人參與。從毛利率來看，本季毛利率加速上升。我們幾乎看到季度較上季大約有 3 個百分點的改善。當你看到它時，我認為——顯然，我們開始看到持續流程改善和收入成長的真正好處。這裡面什麼都沒有，它是自然界中一次性的東西。除了我們持續啟動成本改進計畫之外，我們也期待未來能有更多進展。但我想說，我們看到的增幅超出了本季的水平，但它應該是可持續的。

In terms of the products in the guide, yeah, we did see what -- we're encouraged by the progress, not just in terms of revenue but also on orders on the biopharma side of the business. And while it's still early and the business is still -- we're finding our early shoots of opportunity, we definitely see some more confidence in that side of the business. So that's why we're stepping up the guidance.

就指南中的產品而言，是的，我們確實看到了——我們對進展感到鼓舞，不僅在收入方面，而且在生物製藥業務方面的訂單方面。儘管現在還為時過早，業務也還處於起步階段——我們正在尋找早期的機遇，但我們對業務的這一方面確實看到了更多的信心。這就是我們加強指導的原因。

And the SynBio side, I think what we're seeing is better visibility into the later quarters of the year. I think as we initiated the guide, we were appropriately had less visibility to how things are progressing, particularly on some of our new innovation launches. And as we're seeing that take hold and traction, we're adjusting the guidance accordingly. So a lot of confidence across all three areas of product lines, and we expect to continue to see that sequential improvement across then in subsequent quarters.

就合成生物學方面而言，我認為我們看到的是今年後幾季的更好的可見度。我認為，當我們啟動指南時，我們對事情的進展了解較少，特別是對於我們的一些新創新發布。當我們看到這種趨勢逐漸顯現和發展時，我們會相應地調整指導方針。因此，我們對這三個產品線領域都充滿信心，並且我們預計在接下來的幾個季度中將繼續看到連續的改善。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

I want to get back to the Express portfolio. You're now about one year -- a little over one year since you launched, starting with Express genes. Just curious if there's any data points you can share around sort of new customers relative to legacy customers converting retention rate or wallet share conversion for those that were initial early adopters?

我想回到 Express 產品組合。現在距離你們推出 Express 基因計畫已經過去大約一年了——一年多一點。只是好奇，您是否可以分享一些數據點，關於新客戶相對於老客戶的轉換保留率或最初採用者的錢包份額轉換率？

And then obviously, you've had a couple of competitors, since you launched, come out with sort of products in response and so maybe just anything around win rate or what you've observed in the market as customers have been able to compare your Express offerings versus others?

然後顯然，自從您推出產品以來，您已經有幾個競爭對手，他們推出了一些產品來應對，所以可能只是圍繞成功率或您在市場上觀察到的情況，因為客戶能夠將您的 Express 產品與其他產品進行比較？

Thank you, Matt, for the question. Yeah, it released more than a year, been a great year. The Express portfolio broadly has been definitely one for the record books at this. The most important thing I need to start is that in those what it says on the (technical difficulty) And so it's all about, at the end of the day, customer satisfaction, and we try to be very clear in what our products will do, and we want to make sure that the experience that we get is what we had told them, which is not always the case more broadly in the industry. So that's number one. It says what it does and it does what it says.

謝謝馬特提出的問題。是的，它發布已經一年多了，這是偉大的一年。總體而言，Express 的投資組合絕對是創下紀錄的。首先我要說的最重要的事情是，在技術難度方面，這一切都是為了客戶滿意度，我們試圖清楚地說明我們的產品可以做什麼，我們希望確保我們獲得的體驗與我們告訴他們的一致，但在行業中，情況並非總是如此。這是第一點。它說到做到，並且做到了它所說的。

The second thing is everything we do is Express. So it's not just that we are skipping the line. It's not just that for a small fraction of the capacity, it's -- everything, it's made Express to fit the lifestyle. And that leads me to the third is that because of those 2 things, customer satisfaction has been really, really high. And so we were able to achieve all of our objectives, which was ramp revenue, to ramp gross margins. We're very pleased that 75% to 80% of revenue growth has been dropping to the gross margin line for many quarters in a row and Express gene has been a contributor to that. Actually, this year or this quarter, we did 81%. But don't hold us to it, we are going for 75% to 80% quarter-over-quarter and in broad net new customers.

第二件事是，我們所做的一切都是快遞。所以，這不僅僅是我們插隊的事情。這不僅僅是一小部分容量，而是一切，它都是 Express 來適應生活方式。這讓我想到了第三點，由於這兩件事，客戶滿意度一直都非常非常高。因此，我們能夠實現所有目標，即增加收入、增加毛利率。我們非常高興地看到，75%至80%的營收成長已經連續多個季度下降到毛利率線，而Express基因對此做出了貢獻。實際上，今年或本季度，我們完成了 81%。但請不要對我們施加壓力，我們的目標是實現季度環比增長 75% 至 80% 的廣義淨新客戶數。

So overall, a great success. In terms of competitor response, we saw the press release like everybody else. I think our competitors had Express offerings before. But their Express offering was limited in terms of capacity, and we don't think that has changed. And the price point that we offer is the differentiated. And so frankly, we don't really see that. So it's probably made for a good press release. But at the end of the day, we are only as good as best (inaudible) And when we study their earnings report, the numbers are going the same direction as ours.

總體而言，這是一次巨大的成功。就競爭對手的反應而言，我們和其他人一樣看到了新聞稿。我認為我們的競爭對手以前就提供過 Express 產品。但其 Express 服務的容量有限，我們認為這種情況並沒有改變。我們提供的價格點是有差異的。坦白說，我們確實沒有看到這一點。因此它可能適合作為一份好的新聞稿。但到最後，我們只能做到最好（聽不清楚）當我們研究他們的收益報告時，發現數字與我們的走勢一致。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

Thanks for the questions here. So appreciate the gross margin comments and it's good to see the improvement there, but my question is more about the overall growth given the backdrop of the market and what you're hearing from your customers.

感謝您提出的問題。因此，我很感謝您對毛利率的評論，很高興看到那裡的改善，但我的問題更多的是關於在市場背景下的整體增長情況以及您從客戶那裡聽到的情況。

I mean, is it fair to say that the NGS and liquid biopsy remains a important growth driver for you. And I mean, when we look at that guide, you didn't raise the top end of the guide, you raised -- you narrowed the guide on the bottom end. So just wondering, I mean, when you look at the backdrop of the academic market, which is under pressure, the clean tech markets and Bio (inaudible) some of that is under pressure, too.

我的意思是，是否可以說 NGS 和液體活檢仍然是您重要的成長動力。我的意思是，當我們查看該指南時，您並沒有提高指南的頂端，而是提高了 - 您縮小了指南的底端。所以只是好奇，我的意思是，當你看看學術市場的背景時，它正面臨壓力，清潔技術市場和生物（聽不清楚）其中一些也面臨壓力。

And just given the challenges there, the fact that you have divested assets in biopharma already. How should we think about the growth in the NGS and diagnostic customers, just given the context of the guide? Is it just -- I mean, are we early in the year that's why you want to be prudent there? Or is there -- could you elaborate a little bit more on the NGS guide and how you thought about it?

考慮到那裡的挑戰，事實上你們已經剝離了生物製藥領域的資產。僅從指南的背景來看，我們應該如何看待NGS和診斷客戶的成長？是不是只是──我的意思是，今年還處於早期階段，所以你才想要謹慎行事？或者—您能否更詳細地闡述NGS指南以及您對此的看法？

A quick clarification. I don't think we divested biopharma asset, I think the way we referred to it is we monetized it. And so we sold half of the future (inaudible) and royalties in the exchange of $15 million, which we've received. So that was presenting to add a little bit of exclusion and make sure that we can achieve our goal of EBITDA breakeven without trading capital.

快速澄清一下。我認為我們並沒有剝離生物製藥資產，我認為我們提到它的方式是將其貨幣化。因此，我們出售了一半的未來（聽不清楚）和特許權使用費，換取了 1500 萬美元，我們已經收到了這筆錢。因此，這樣做是為了增加一點排除項，並確保我們可以在沒有交易資本的情況下實現 EBITDA 收支平衡的目標。

In terms of the guide, we always want to be prudent. And you are correct that there is some uncertainty. But I think if we look back to the last few years, we believe in the uncertainty of biopharma funding. I think we've done really well there. And I don't think it's by accident we just have, over the year, field products that are highly differentiated, thanks to our technology. So the technology plus the formation with our commercial balance means that in any market we'll do well and in a market where there is turbulance, maybe we have the opportunity to do better. So I think that's how we are going into this.

在引導方面，我們始終要謹慎行事。您說得對，確實存在一些不確定性。但我認為，如果我們回顧過去幾年，我們相信生物製藥資金的不確定性。我認為我們在那裡做得很好。而且我認為，這並非偶然，由於我們的技術，我們一年來推出的產品具有高度的差異化。因此，科技加上我們的商業平衡的形成意味著，在任何市場我們都會做得很好，而在動盪的市場中，也許我們有機會做得更好。所以我認為這就是我們要做的事情。

Again, we -- fundamentally, we have great products with very low viable cost structure. And I think we'll use our differentiation in these products and our channels to be able to ramp topline. And as we ramp topline, we see now it's always in the road that gross margin goes up. And the last thing for us to do is to exercise -- protect this thing which we've done. So the goal is to, frankly, do more of the same and use our winning readily.

再說一次，從根本上來說，我們擁有優質的產品，可行成本結構非常低。我認為我們將利用這些產品和通路的差異化來提高營收。隨著我們營收的成長，我們發現毛利率總是在上升。我們要做的最後一件事就是行使——保護我們已經完成的事情。因此，坦白說，我們的目標是做更多相同的事情，並充分利用我們的勝利。

Doug Schenkel, Wolfe Research.

道格‧申克爾（Doug Schenkel），沃爾夫研究公司。

Just two things I want to talk about real quick. First, your number of customers increased by 11% year-over-year, which in itself is impressive. What I think potentially get lost in that number is the possibility of more deeply moving into customer accounts. And what I'm getting at there is, I believe the way you define a customer is something like a total university or a total company and I think what gets lost in that metric is the opportunity to penetrate multiple labs or so-called sub customers within each customer.

我只想快速談兩件事。首先，你們的客戶數量比去年同期成長了 11%，這本身就令人印象深刻。我認為該數字中可能忽略的是更深入地了解客戶帳戶的可能性。我要說的是，我相信您定義客戶的方式就像是整個大學或整個公司，而我認為該指標所忽略的是滲透到每個客戶中的多個實驗室或所謂的子客戶的機會。

Are we thinking about that right? And if so, where are you in more deeply penetrating accounts and capturing share after you establish a beachhead. Is that a metric you track and I guess the second thing I just wanted to ask is, given the geopolitical backdrop, NIH uncertainty, all those sorts of things, how are you kind of drawing the error bars around guidance is essentially in the face of uncertainty, how are you capturing that in guidance that's maybe a little bit different than in years past.

我們這樣想對嗎？如果是這樣，那麼在建立灘頭陣地之後，您將如何更深入地滲透到客戶中並奪取市場份額？這是您追蹤的一個指標嗎？

Thanks, Doug. Great question. So I'll handle the first question and Adam will cover the second one. In terms of some accounts, you're thinking about it exactly right. That's what's happening. I'll take the example of (inaudible) because they're in our backyard. That's also a [important] customer.

謝謝，道格。好問題。因此，我來回答第一個問題，亞當來回答第二個問題。就一些帳戶而言，你想的完全正確。這就是正在發生的事情。我以（聽不清楚）為例，因為它們就在我們後院。這也是一位[重要]客戶。

But as our commercial results progresses we are gaining more and more labs in Central. But in terms of our reported numbers, the number stays the same. And so the way we look at it internally is number one, applying growth, right? So it's sort of a revenue growth within an account, and that's important. And the second is bringing new users from that one accountant.

但隨著我們的商業成果不斷進步，我們在中央的實驗室越來越多。但就我們報告的數字而言，這個數字保持不變。因此，我們從內部看待這個問題的方式是第一位的，實現成長，對嗎？所以這可以說是帳戶內的收入成長，這很重要。第二是從那一位會計師那裡帶來新用戶。

So that number is not important, but that is something that we are definitely tracking internally. I think you now said it eloquently, we have seen two things. One, we have to plan on new accounts, so get on more [digits] and then the ones were on each, we want to penetrate that account as quickly as possible. And particularly, we get in through one lab, but as we delayed our customers to our products, (technical difficulty) auto labs buy from us, and that's how we get more wallet share.

所以這個數字並不重要，但這是我們肯定在內部追蹤的事情。我認為您現在說得很好，我們已經看到兩件事。首先，我們必須規劃新帳戶，因此需要獲得更多的數字，然後是每個數字，我們希望盡快滲透到該帳戶。具體來說，我們透過一個實驗室進入市場，但由於我們推遲了客戶對我們產品的需求，（技術困難）自動實驗室就會從我們這裡購買，這就是我們獲得更多錢包份額的方式。

To discuss the guidance portion of it, think it's important to take a step back and think about where is our customer mix. And so when we were building our guidance, and we're thinking about it, one of the things we recognize is academics, although an extremely important element of the business, is a relatively small portion of the business.

為了討論其中的指導部分，認為退一步思考我們的客戶組合在哪裡是很重要的。因此，當我們制定指導意見並思考這個問題時，我們認識到的一件事是，學術雖然是業務中極其重要的元素，但卻只佔業務的一小部分。

Globally, about 20% of our volume is in academia and only a fraction of that is in the US. And so what we are looking at and we're seeing is while there is some uncertainty with the short term in funding, I think Emily said it really well, we see that uncertainty as an opportunity to take market share and specifically, I'll look at something like NIH, where we know we are very under indexed in NIH-funded activity. And so therefore, we are actually seeing an opportunity to take share and given the opportunity for -- at lower price, higher speed, we offer the opportunity for more shots on goal.

在全球範圍內，我們的約 20% 業務量來自學術界，而其中只有一小部分在美國。因此，我們正在關注和看到的是，雖然短期內資金方面存在一些不確定性，但我認為 Emily 說得很好，我們將這種不確定性視為搶佔市場份額的機會，具體來說，我會關注 NIH 之類的機構，我們知道我們在 NIH 資助的活動中處於非常低的指數水平。因此，我們實際上看到了搶佔市場份額的機會，並且有機會——以更低的價格、更快的速度，我們提供更多射門的機會。

So the science won't stop, and we'll continue to take market share. And I think if you look at our guide, our confidence in these uncertain times is that our vast array of offerings across a wide type spectrum of customers is inherently -- protects us and insulates us from some of the noise, but also any uncertainty we see as a long-term opportunity to take share. And so we're very bullish on the outlook, but we also recognize that in any given week, if things move, we've got to be able to respond to that as well.

因此科學研究不會停止，我們將繼續佔領市場份額。我認為，如果你看一下我們的指南，你會發現我們對這些不確定時期的信心在於，我們為廣泛類型的客戶提供的廣泛產品本質上可以保護我們並使我們免受一些噪音的影響，同時也將任何不確定性視為長期獲取份額的機會。因此，我們對前景非常樂觀，但我們也認識到，在任何一周，如果情況發生變化，我們也必須能夠對其做出反應。

Sung Ji Nam, Scotia Bank.

加拿大豐業銀行的 Sung Ji Nam。

Sorry if I missed it, but are there specific milestones anticipated for the DNA storage segment over the next 12 to 24 months?

抱歉，如果我錯過了，但在未來 12 到 24 個月內，DNA 儲存領域是否有預期的具體里程碑？

Yeah. Thank you, Sung Ji, for the question. So the technical milestone that I expected are all related to being able to sort data at a terabyte scale using our technology. So there's a few components to that -- and doing that in a data in, data out manner. So the first one is definitely the CMOS silicon chip. So we demonstrated the technology for the gigabyte scale, but now we're here in the terabit skin.

是的。感謝 Sung Ji 提出這個問題。因此，我所期待的技術里程碑都與能夠使用我們的技術對 TB 級資料進行排序有關。因此，這其中有幾個組成部分 — — 以資料輸入、資料輸出的方式進行。所以第一個肯定是CMOS矽晶片。我們演示了千兆位元組規模的技術，但現在我們已進入太比特規模的技術。

Second one, second aspect to it is developing the enzymatic business method to build DNA on the silicon chip. We are the leader of chemistry for gene synthesis, but for data storage, we do need an enzymatic approach such that our synthesizer would be able to sit in data center. So there is no reliability. And we're making very, very good progress on the technology there, we have a great team doing that.

第二個方面是開發酶促商業方法在矽晶片上建構 DNA。我們是基因合成化學領域的領導者，但對於數據存儲，我們確實需要一種酶方法，以便我們的合成器能夠放置在數據中心。所以沒有可靠性。我們在該技術上取得了非常非常好的進展，我們有一個很棒的團隊在做這件事。

So those I'd say are probably the two most prominent milestones. But in addition, we also need a ladde of a [additional] instrument. So our hardware are right there where the silicon chip sits on and where the enzymatic chemistry happens. And so we're working on that.

因此，我認為這可能是兩個最突出的里程碑。但除此之外，我們還需要一套[附加]儀器。所以我們的硬體就在矽晶片所在的地方，也是酵素化學發生的地方。所以我們正在努力解決這個問題。

And then maybe the last element is the software, placing the manufacturing with system that we have for the rest of our operations, we do need -- first we have to keep track of the data, the information, the tumor where the DNA ends up in. And there's always a question of you (inaudible) or do you make it yourself. And historically, we've done the analysis that our needs are focused on the -- that are needed, it is better to build it. That's what we've done.

然後也許最後一個要素是軟體，將製造與我們其餘操作的系統結合起來，我們確實需要——首先我們必須追蹤數據、資訊以及 DNA 最終進入的腫瘤。總有個問題問你（聽不清楚）或你自己做嗎。從歷史上看，我們已經進行了分析，我們的需求集中在需要的東西上，最好是建造它。這就是我們所做的。

Our manufacturing system is a key component of our success. And so we also have to work on the integration of those four things. Silicon, chemistry, the hardware and then the software. So those are the milestones. It sounds daunting, but it's not -- it's just really hard engineering -- hard engineering in what we do.

我們的製造系統是我們成功的關鍵因素。因此，我們也必須致力於將這四件事結合起來。矽、化學、硬件，然後是軟體。這些都是里程碑。這聽起來很嚇人，但事實並非如此——這只是我們所做的艱難工程。

And maybe the last thing I'll say is that because we are quite discipline in our spending, we are at a point where progress in data storage is proportional to the amount invested. If we were -- as you know, there are some time in projects, you spend more money, you don't go faster, but we are past that. So now in data storage, if we could spend more money, we will be able to go faster. But we make the decision as management around capital allocation, is probably one of the most important decisions we have to make. And right now, we are not allocating as much capital to data storage as they could use. I think it's the right decision to do. There is no fast follower. And -- but that means that progress is in fact expedite. However, I think all in all, that's what we need to make sure that we had [seen our product] breakeven.

我最後要說的是，由於我們在支出方面非常自律，所以我們現在的資料儲存進度與投資金額成正比。如果我們——如你所知，在專案中有時你會花費更多的錢，但進展並不會更快，但我們已經度過了那個階段。因此現在在資料儲存方面，如果我們能夠投入更多的資金，我們就能加快速度。但我們作為資本配置管理者所做的決定可能是我們必須做出的最重要的決定之一。而現在，我們分配給資料儲存的資金還不夠。我認為這是正確的決定。沒有快速的跟隨者。而且——但這意味著進展實際上正在加快。然而，我認為總的來說，這就是我們需要的，以確保我們的產品達到收支平衡。

Thank you. That concludes our Q&A session. I will now turn the call back over to Dr. Emily Leproust for any closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話轉回給 Emily Leproust 博士，請她做最後發言。

Thank you for your time and thoughtful questions today. We're excited about the opportunities ahead as we continue to innovate, execute and drive value for our customers and shareholders. Thank you.

感謝您今天抽出時間並提出深思熟慮的問題。我們將繼續創新、執行並為我們的客戶和股東創造價值，對未來的機會感到非常興奮。謝謝。

Thank you for your participation in today's conference. This does conclude today's call, and you may now disconnect.

感謝大家參加今天的會議。今天的通話到此結束，您可以掛斷電話了。