10X Genomics Inc (TXG) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the 10x Genomics Fourth Quarter Earnings Conference.

女士們，先生們，感謝你們的支持，歡迎來到 10x Genomics 第四季度財報大會。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker, Ms. Carrie Mendivil with Investor Relations.

我現在想將會議交給您的發言人，投資者關係部的 Carrie Mendivil 女士。

Please go ahead.

請繼續。

Thank you.

謝謝你。

Earlier today, 10x Genomics released financial results for the quarter and year ended December 31, 2019.

今天早些時候，10x Genomics 發布了截至 2019 年 12 月 31 日的季度和年度財務業績。

If you have not received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to investors@10xgenomics.com.

如果您還沒有收到此新聞稿，或者您想加入公司的分發名單，請發送電子郵件至investors@10xgenomics.com。

An archived webcast of this call will be available on the Investor tab of the company's website, 10xgenomics.com, for the next -- for at least the next 45 days following this call.

本次電話會議的存檔網絡廣播將在公司網站 10xgenomics.com 的“投資者”選項卡上提供，下一次 - 至少在本次電話會議後的 45 天內。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，這些聲明屬於聯邦證券法意義上的前瞻性聲明。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements.

這些陳述涉及可能導致實際結果或事件與預期存在重大差異的重大風險和不確定性，您不應過分依賴前瞻性陳述。

Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release 10x Genomics issued today and in the documents and reports filed by 10x Genomics from time to time with the Securities and Exchange Commission.

有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參見 10x Genomics 今天發布的新聞稿以及 10x Genomics 不時向證券交易委員會提交的文件和報告。

10x Genomics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

10x Genomics 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是因為新信息、未來事件或其他原因。

With that, I'd like to turn the call over to Serge Saxonov, the company's Co-Founder and Chief Executive Officer.

有了這個，我想把電話轉給公司的聯合創始人兼首席執行官 Serge Saxonov。

Serge?

嗶嘰？

Thanks, Carrie, and thank you, everyone, for joining us this afternoon.

謝謝嘉莉，謝謝大家今天下午加入我們。

I'm pleased to welcome you to 10x Genomics' earning call to review our fourth quarter and year-end 2019 results.

我很高興歡迎您參加 10x Genomics 的電話會議，以審查我們 2019 年第四季度和年底的業績。

Joining me today is Justin McAnear, our Chief Financial Officer.

今天加入我的是我們的首席財務官 Justin McAnear。

Brad Crutchfield, our Chief Commercial Officer, will join us for Q&A.

我們的首席商務官 Brad Crutchfield 將加入我們的問答環節。

On today's call, I will provide an update on our commercial execution, talk about our investments to drive future growth and we'll walk through some of the new capabilities in our pipeline then I will turn the call over to Justin for a more detailed look at our financials and outlook for 2020.

在今天的電話會議上，我將提供有關我們商業執行的最新信息，談論我們為推動未來增長而進行的投資，我們將介紹我們管道中的一些新功能，然後我將把電話轉給賈斯汀以進行更詳細的了解在我們的財務和 2020 年展望中。

2019 was a big year for 10x.

2019 年對於 10 倍來說是重要的一年。

Our revenues continue to grow and we ended the year with $245.9 million in total revenue, up 68% over 2018.

我們的收入繼續增長，到年底總收入為 2.459 億美元，比 2018 年增長 68%。

During the year, we also continued to see a large and rapidly growing body of scientific publications coming out of our customers' labs.

在這一年中，我們還繼續看到大量且快速增長的科學出版物從我們客戶的實驗室中出來。

The number of publications more than doubled during 2019, and there are now over 700 papers where our customers have made fundamental scientific discoveries using our products.

2019 年的出版物數量增加了一倍多，現在有超過 700 篇論文，我們的客戶使用我們的產品取得了基礎科學發現。

And even more exciting than the number of publications has been the breadth of areas where we have seen our customers do their work and the tremendous number of applications where our products are being used.

比出版物的數量更令人興奮的是我們看到客戶開展工作的領域的廣度以及使用我們產品的大量應用。

During the year, we have seen major discoveries in Alzheimer's, important studies of autoimmune diseases, fundamental breakthroughs in many types of cancers, fascinating work on age-related diseases.

在這一年中，我們見證了阿爾茨海默病的重大發現、自身免疫性疾病的重要研究、多種癌症的根本性突破以及與年齡相關疾病的精彩研究。

And while there are many great studies to choose from, I wanted to highlight a paper from last quarter that demonstrated a strikingly powerful approach to antibody discovery.

雖然有許多偉大的研究可供選擇，但我想強調上一季度的一篇論文，該論文展示了一種非常強大的抗體發現方法。

Researchers out of Vanderbilt University used our Immune Profiling solution to screen vast numbers of B cells from HIV-infected patients to quickly find HIV and influenza-specific antibodies while gaining an exquisite understanding of their specificities.

范德比爾特大學的研究人員使用我們的免疫分析解決方案篩選來自 HIV 感染患者的大量 B 細胞，以快速找到 HIV 和流感特異性抗體，同時深入了解它們的特異性。

We expect that this approach will become an integral tool for antibody discovery and for vaccine development across a wide range of therapeutic areas.

我們預計這種方法將成為抗體發現和廣泛治療領域疫苗開發的不可或缺的工具。

This kind of work by our customers demonstrates why we believe this is the century of biology, it shows how new technologies, new tools and new understanding will lead to cures.

我們客戶的這種工作證明了為什麼我們相信這是生物學的世紀，它展示了新技術、新工具和新理解將如何導致治愈。

These studies give profound meaning to the work we do at 10x and is a huge motivator for the team.

這些研究為我們在 10x 所做的工作賦予了深遠的意義，並且是團隊的巨大動力。

Now turning to commercial execution.

現在轉向商業執行。

Our products are organized around 2 core platforms: Chromium and Visium.

我們的產品圍繞 2 個核心平台進行組織：Chromium 和 Visium。

The Chromium platform enables single cell analysis.

Chromium 平台支持單細胞分析。

With Chromium, our customers are able to see what is happening in their samples at the right level of resolution, the single-cell resolution.

借助 Chromium，我們的客戶能夠以正確的分辨率水平（即單細胞分辨率）查看樣品中發生的情況。

The Visium platform enables spatial analysis.

Visium 平台支持空間分析。

With Visium, our customers are able to see where it is all happening, how are cells and molecules arranged with respect to each other in tissues.

借助 Visium，我們的客戶能夠看到這一切發生在哪裡，細胞和分子在組織中是如何相互排列的。

We began taking preorders for Visium in September and started shipment at the end of November.

我們於 9 月開始接受 Visium 的預訂，並於 11 月底開始發貨。

And remember that unlike Chromium, Visium does not require an instrument, which we believe will accelerate adoption of this platform.

請記住，與 Chromium 不同，Visium 不需要儀器，我們相信這將加速該平台的採用。

We're very excited about this product and its potential.

我們對這款產品及其潛力感到非常興奮。

Even though it is early days, the interest we're seeing from new customers has exceeded our initial expectations.

儘管還處於早期階段，但我們從新客戶那裡看到的興趣已經超出了我們最初的預期。

In fact, as of the year-end, Visium was already being used by more than 200 labs.

事實上，截至年底，Visium 已被 200 多個實驗室使用。

While we're excited by this early interest, the trajectory of Visium adoption will be a function of how our customers use these products and of their demonstrated success.

雖然我們對這種早期興趣感到興奮，但 Visium 的採用軌跡將取決於我們的客戶如何使用這些產品以及他們所取得的成功。

So far with Visium, we have seen interest across many different research areas.

到目前為止，我們已經看到了許多不同研究領域對 Visium 的興趣。

While our initial focus has been on discovery, Visium in particular has seen more interest among translational applications, most notably in oncology and in Alzheimer's.

雖然我們最初的重點是發現，但尤其是 Visium 在轉化應用中看到了更多的興趣，尤其是在腫瘤學和阿爾茨海默氏症方面。

Our customers are using Visium to study disease in patient samples, look for biomarkers and predict responses to therapy.

我們的客戶正在使用 Visium 研究患者樣本中的疾病、尋找生物標誌物並預測對治療的反應。

The first product launched on the Visium platform at the end of last year was for measuring gene expression, but this is just the first product.

去年年底在 Visium 平台上推出的第一款產品是用於測量基因表達的，但這只是第一款產品。

We have many more in the works to enable new applications, to measure additional biological analytes and to make improvements to the underlying platform.

我們正在開展更多工作，以實現新應用、測量其他生物分析物並改進基礎平台。

Now looking at our Chromium platform, the transition to Next GEM architecture continues to progress well.

現在看看我們的 Chromium 平台，向 Next GEM 架構的過渡繼續順利進行。

At this point, all Chromium instruments that we sell operate exclusively with our Next GEM solutions.

目前，我們銷售的所有 Chromium 儀器都僅使用我們的 Next GEM 解決方案運行。

We have been careful not to disrupt existing studies of our customers using our legacy GEM products and expect the transition to be complete by the end of the year.

我們一直小心謹慎，不要破壞使用我們傳統 GEM 產品對客戶進行的現有研究，並希望在今年年底前完成過渡。

Across our 2 core platforms, Chromium and Visium, our customers averaged a pull-through of over $150,000 of annual consumable revenue in 2019.

在我們的 2 個核心平台 Chromium 和 Visium 中，我們的客戶在 2019 年平均獲得超過 150,000 美元的年度消費品收入。

And as of year-end, we have sold a cumulative 1,666 Chromium instruments around the world.

截至年底，我們已在全球累計售出 1,666 台 Chromium 樂器。

Going forward, we will invest in efforts both to increase the usage of our products by our existing customers and to increase the number of new customers.

展望未來，我們將努力增加現有客戶對我們產品的使用，並增加新客戶的數量。

We see a tremendous wealth of opportunities ahead and we are focused on scaling our business for the future.

我們看到了巨大的機遇，我們專注於為未來擴展我們的業務。

One of the core pillars of our competitive advantage is our innovation engine, which comprises both knowing what breakthrough products to build and the ability to build them at rapid velocity.

我們競爭優勢的核心支柱之一是我們的創新引擎，它既包括知道要構建什麼突破性產品，又包括快速構建它們的能力。

We have identified many exciting opportunities in the near and long term that have potential for exponential impact.

我們已經在近期和長期發現了許多令人興奮的機會，這些機會具有指數級影響的潛力。

To take advantage of these opportunities, we're executing on a rich product road map and are increasing our investment in R&D.

為了利用這些機會，我們正在執行豐富的產品路線圖，並正在增加對研發的投資。

Our team is working on a number of programs, some of which I will discuss today, and all of which can add substantially to our long-term growth.

我們的團隊正在製定一些計劃，其中一些我將在今天討論，所有這些都可以極大地促進我們的長期增長。

As the pioneer of single cell genomics, we now have over 700 patents issued or pending relating to our key innovations, including foundational patents in single cell analysis, epigenomics, spatial analysis and multi-omics.

作為單細胞基因組學的先驅，我們現在擁有超過 700 項與我們的關鍵創新相關的專利，包括單細胞分析、表觀基因組學、空間分析和多組學方面的基礎專利。

We continue to invest heavily in developing and defending this patent portfolio, which provide significant differentiation and protection.

我們將繼續大力投資開發和保護這一專利組合，從而提供顯著的差異化和保護。

We're also investing in our operational infrastructure to support our rapid growth.

我們還投資於我們的運營基礎設施，以支持我們的快速增長。

We are actively building out a new Singapore manufacturing site to support our global expansion and to ensure the continuity of our operations.

我們正在積極建設一個新的新加坡製造基地，以支持我們的全球擴張並確保我們業務的連續性。

We're also transitioning to a global ERP system after this year.

今年之後，我們還將過渡到全球 ERP 系統。

Our commercial organization ended 2019 with over 200 employees and over 75 commissioned sales executives.

截至 2019 年底，我們的商業組織擁有 200 多名員工和 75 多名委託銷售主管。

We sell direct in North America and Europe and employ a hybrid approach in Asia Pacific with local distribution partners working together with 10x employees to develop individual markets.

我們在北美和歐洲直接銷售，並在亞太地區採用混合方式，與當地分銷合作夥伴和 10 倍的員工一起開發個別市場。

Our commercial infrastructure complements our innovation engine to drive rapid global adoption of our products.

我們的商業基礎設施補充了我們的創新引擎，以推動我們產品在全球範圍內的快速採用。

And through close partnership with our customers, we have direct insight into their needs and their future questions.

通過與客戶的密切合作，我們可以直接洞察他們的需求和未來的問題。

This information feeds directly into our product development pipeline.

這些信息直接輸入到我們的產品開發管道中。

It allows us to both rapidly iterate our products to deliver an ever-improving customer experience and to identify new opportunities for future products.

它使我們能夠快速迭代我們的產品以提供不斷改進的客戶體驗，並為未來的產品發現新的機會。

And now, I will preview some of the capabilities we are working on, starting with our Chromium platform.

現在，我將預覽我們正在開發的一些功能，從我們的 Chromium 平台開始。

The single biggest request we have received from our customers is to be able to measure gene expression and epigenetics together from the same cell.

我們從客戶那裡收到的最大要求是能夠從同一個細胞中同時測量基因表達和表觀遺傳學。

With our existing capabilities, our customers have been able to read epigenetic programming across large numbers of cells.

憑藉我們現有的能力，我們的客戶已經能夠跨大量細胞讀取表觀遺傳編程。

But the next challenge is directly linking the epigenetic programming to its output, which is gene expression.

但下一個挑戰是將表觀遺傳編程與其輸出直接聯繫起來，即基因表達。

And that is precisely the capability we're going to launch with our next product.

這正是我們將在下一個產品中推出的功能。

For the very first time, our customers will be able to read both epigenetic programming using ATAC-seq and RNA gene expression across thousands to tens of thousands of cells in a single experiment.

我們的客戶將第一次能夠在一次實驗中讀取使用 ATAC-seq 的表觀遺傳編程和數千到數万個細胞的 RNA 基因表達。

Our customers have been intensely interested in this capability because it will allow them to start unlocking the rules of cellular programming and with it, one of the most fundamental challenges to addressing human health and disease.

我們的客戶一直對這種能力非常感興趣，因為這將使他們能夠開始解鎖細胞編程規則，並以此為解決人類健康和疾病的最基本挑戰之一。

The second focus of innovation for Chromium is to further broaden the reach of the platform.

Chromium 的第二個創新重點是進一步拓寬平台的覆蓋範圍。

Since ushering in the single cell revolution, one of our core tenets is to make our products accessible to all biologists.

自從迎來單細胞革命以來，我們的核心宗旨之一就是讓所有生物學家都能使用我們的產品。

While single cell research has been transforming the way that science is done across thousands of labs around the world, our next goal is to enable this approach for tens of thousands of new researchers who are just starting to be intrigued by this technology.

雖然單細胞研究一直在改變全球數千個實驗室的科學研究方式，但我們的下一個目標是為數以萬計剛剛開始對這項技術感興趣的新研究人員啟用這種方法。

And to that end, we will be launching 2 new capabilities to make single cell experiments less expensive and more flexible.

為此，我們將推出 2 項新功能，以使單細胞實驗成本更低、更靈活。

First, we will enable targeted sequencing.

首先，我們將啟用靶向測序。

This means that instead of sequencing the full transcriptome of each cell, our customers will now be able to sequence just a subset of genes.

這意味著，我們的客戶現在將能夠僅對基因子集進行測序，而不是對每個細胞的完整轉錄組進行測序。

This will dramatically reduce the cost of sequencing and significantly decrease the cost of overall single cell experiments.

這將顯著降低測序成本並顯著降低整體單細胞實驗的成本。

It will also allow experiments to be more focused on specific questions, opening up more validation and translational use cases.

它還將允許實驗更專注於特定問題，開闢更多驗證和轉化用例。

We're also launching a proprietary solution that will allow our customers to combine samples together into a single 10x lane.

我們還推出了一種專有解決方案，允許我們的客戶將樣品組合到一個 10 倍通道中。

This will increase the number of available samples for single cell analysis and allow experiments to be scaled beyond what is currently practical.

這將增加可用於單細胞分析的樣本數量，並允許將實驗規模擴大到超出目前實際可行的範圍。

And finally, the third area of focus for Chromium is to further increase throughput of single cell experiments.

最後，Chromium 的第三個重點領域是進一步提高單細胞實驗的通量。

The launch of this platform in 2016 allowed, for the first time, labs to run 1,000-cell experiments routinely.

該平台於 2016 年推出，首次允許實驗室定期運行 1,000 個細胞的實驗。

Since that point, we have helped our customers scale to 10,000-cell experiments and beyond.

從那時起，我們已經幫助我們的客戶擴展到 10,000 個細胞的實驗甚至更多。

In fact, many labs are now actually running 100,000-cell experiments routinely.

事實上，許多實驗室現在實際上正在例行進行 100,000 個細胞的實驗。

But biology is very complex and the way to address this complexity is through scale.

但是生物學非常複雜，解決這種複雜性的方法是通過規模。

We have now heard from our customers an interest in running millions of experiments.

現在，我們從客戶那裡聽說有興趣進行數百萬次實驗。

And over the next 2 years, we will be launching multiple features, capabilities and products to enable this type of scale.

在接下來的 2 年中，我們將推出多種特性、功能和產品來實現這種規模。

And in fact, we see the future going well beyond 1 million cells.

事實上，我們看到未來將遠遠超過 100 萬個細胞。

We expect to develop our technology to the point where we could enable 10 million-cell experiments.

我們希望將我們的技術發展到可以進行 1000 萬個細胞實驗的程度。

This will transform many of the applications where single cell analysis is currently used.

這將改變目前使用單細胞分析的許多應用。

This massive scale at single cell resolution will also enable experiments across new research areas, like enormous drug screens, massively parallel genome pathway analyses, large-scale cohort and population-scale studies.

這種大規模的單細胞分辨率也將使跨新研究領域的實驗成為可能，例如巨大的藥物篩選、大規模平行基因組通路分析、大規模隊列和人口規模研究。

Turning now to Visium.

現在轉向 Visium。

With the launch of Visium, we brought high throughput molecular analysis to tissue slices and pathology workflows.

隨著 Visium 的推出，我們為組織切片和病理學工作流程帶來了高通量分子分析。

The standard way that pathologists analyze their tissues is using IHC or immunohistochemistry, which uses fluorescence to measure protein markers.

病理學家分析其組織的標準方法是使用 IHC 或免疫組織化學，它使用熒光來測量蛋白質標記。

We're now planning to launch a new capability that will allow our customers to do both the IHC and Visium gene expression from the same tissue, from the same sample, at the same time.

我們現在計劃推出一項新功能，使我們的客戶能夠同時從同一組織、同一樣本中進行 IHC 和 Visium 基因表達。

This will significantly increase the amount of information that our customers can get from their samples.

這將顯著增加我們的客戶可以從他們的樣品中獲得的信息量。

But even more importantly, will serve as a bridge from the traditional world of pathology to the new world of rich, high-throughput molecular analysis that we're delivering with Visium.

但更重要的是，它將充當從傳統病理學世界到我們使用 Visium 提供的豐富、高通量分子分析的新世界的橋樑。

IHC is great for measuring 1 protein marker, maybe 2, but it can't really scale much further.

IHC 非常適合測量 1 個蛋白質標記物，也許是 2 個，但它不能真正擴大規模。

To address this fundamental limitation, we're bringing our Feature Barcoding technology to Visium.

為了解決這一基本限制，我們將我們的特徵條碼技術引入 Visium。

With Feature Barcoding, customers will be able to measure the very high plex levels of protein targets using oligo-tagged antibodies.

借助 Feature Barcoding，客戶將能夠使用寡核苷酸標記的抗體來測量蛋白質靶標的高度複雜度。

This technology can be pushed to the point where our customers could be measuring hundreds, potentially even thousands of proteins at the same time together with gene expression on the same sample.

這項技術可以推廣到我們的客戶可以同時測量數百種甚至可能數千種蛋白質以及同一樣本上的基因表達的地步。

We believe this capability will be transformative to the kind of information our customers can extract from biological samples and tissues.

我們相信這種能力將對我們的客戶可以從生物樣本和組織中提取的信息類型產生變革。

And finally, our early focus with Visium has been grounded squarely in foundational discovery and research.

最後，我們早期對 Visium 的關注完全基於基礎發現和研究。

That said, we have already received a great deal of interest from translational and clinical researchers.

也就是說，我們已經收到了轉化和臨床研究人員的極大興趣。

For these customers, the most important type of sample is formalin-fixed paraffin-embedded or FFPE, which is the standard way that patient samples are collected and stored in human pathology.

對於這些客戶，最重要的樣本類型是福爾馬林固定石蠟包埋或 FFPE，這是在人體病理學中收集和存儲患者樣本的標準方式。

Now FFPE is fine for visualizing tissues, but it is absolutely awful for the kinds of things it does to molecules in a sample.

現在 FFPE 可以很好地可視化組織，但它對樣本中的分子所做的事情絕對是糟糕的。

Our current Visium product was not initially designed to be compatible with FFPE.

我們當前的 Visium 產品最初並未設計為與 FFPE 兼容。

However, given the incredible amount of interest, we have now internally developed the capability for the platform to work with FFPE and we will be releasing this as a product in the future.

然而，鑑於令人難以置信的興趣，我們現在已經在內部開發了該平台與 FFPE 合作的能力，我們將在未來將其作為產品發布。

We're very excited for what is ahead.

我們對即將發生的事情感到非常興奮。

I look forward to providing more details on each of these new capabilities next week at the AGBT Conference.

我期待在下週的 AGBT 會議上提供有關這些新功能的更多詳細信息。

This has been a very eventful year at 10x Genomics.

對於 10x Genomics，今年是非常多事的一年。

I'm very proud of the progress our team has made to date.

我為我們團隊迄今為止所取得的進步感到非常自豪。

Looking ahead to 2020, we expect revenue for the full year to be in the range of $350 million to $360 million.

展望 2020 年，我們預計全年收入將在 3.5 億美元至 3.6 億美元之間。

I'm confident that we are well positioned to continue to execute on our strategy in 2020 and well into the coming decade as we usher in the century of biology.

我相信，我們有能力在 2020 年和未來十年繼續執行我們的戰略，因為我們迎來了生物學世紀。

And with that, I will now turn the call over to Justin McAnear for more detail on our financials.

有了這個，我現在將把電話轉給賈斯汀麥卡尼爾，以了解更多關於我們財務狀況的細節。

Thank you, Serge.

謝謝你，塞爾吉。

Total revenue for the 3 months ended December 31, 2019 was $75.3 million compared to $50.6 million for the prior year period, representing a 49% increase.

截至 2019 年 12 月 31 日止 3 個月的總收入為 7530 萬美元，而去年同期為 5060 萬美元，增長了 49%。

Similar to prior years, our revenue in 2019 was more heavily weighted to the back half of the year, particularly Q4, due to the budgetary cycles of our customer base.

與往年類似，由於我們客戶群的預算週期，我們在 2019 年的收入更多地分配到了下半年，尤其是第四季度。

Consumables revenue was $64.7 million, which increased 69% over the prior year period.

消耗品收入為 6470 萬美元，比去年同期增長 69%。

Instrument revenue was $9.4 million, which decreased 18% over the prior year period.

儀器收入為 940 萬美元，比去年同期下降 18%。

Service revenue was $1.1 million, which increased 51% over the prior year period.

服務收入為 110 萬美元，比去年同期增長 51%。

The decrease in instrument revenue was driven primarily by the consolidation of our instrument product line into one full-featured, lower-priced instrument in early 2019.

儀器收入的下降主要是由於我們在 2019 年初將儀器產品線整合為一款功能齊全、價格較低的儀器。

North America revenue for the fourth quarter was $42.5 million, representing 51% growth over the prior year period.

第四季度北美收入為 4250 萬美元，比去年同期增長 51%。

EMEA revenue for the fourth quarter was $21.4 million, representing 54% growth over the prior year period.

第四季度歐洲、中東和非洲地區的收入為 2140 萬美元，比去年同期增長 54%。

APAC revenue for the fourth quarter was $11.5 million, representing 35% growth over the prior year period.

第四季度亞太地區收入為 1150 萬美元，比去年同期增長 35%。

Gross profit for the fourth quarter of 2019 was $58.7 million compared to a gross profit of $35.7 million for the prior year period.

2019 年第四季度的毛利潤為 5870 萬美元，而去年同期的毛利潤為 3570 萬美元。

Gross margin for the fourth quarter was 78% compared to 71% for the fourth quarter of 2018.

第四季度毛利率為 78%，而 2018 年第四季度為 71%。

The gross margin increase was driven primarily by lower accrued royalties related to ongoing litigation.

毛利率增加主要是由於與正在進行的訴訟相關的應計特許權使用費減少。

Total operating expenses for the fourth quarter of 2019 were $66.8 million, a decrease of 40% from $110.6 million for the fourth quarter of 2018.

2019 年第四季度的總運營費用為 6680 萬美元，比 2018 年第四季度的 1.106 億美元下降 40%。

The fourth quarter of 2018 included $40.1 million of in-process R&D as well as an incremental $30.4 million in accrued contingent liabilities related to ongoing litigation.

2018 年第四季度包括 4010 萬美元的進行中研發，以及與正在進行的訴訟相關的應計或有負債增加的 3040 萬美元。

R&D expenses for the fourth quarter of 2019 were $27.9 million compared to $13.1 million for the fourth quarter of 2018, excluding in-process R&D expenses related to acquisitions.

2019 年第四季度的研發費用為 2790 萬美元，而 2018 年第四季度為 1310 萬美元，其中不包括與收購相關的研發費用。

The increase was primarily attributable to higher personnel, lab materials and infrastructure costs.

增加的主要原因是人員、實驗室材料和基礎設施成本增加。

SG&A expenses for the fourth quarter were $38.8 million compared to $26.9 million for the fourth quarter of 2018.

第四季度的 SG&A 費用為 3880 萬美元，而 2018 年第四季度為 2690 萬美元。

The increase was primarily due to personnel costs, facilities, driven by construction of our new global headquarters as well as higher professional services and insurance costs associated with our status as a publicly traded company.

這一增長主要是由於我們新的全球總部建設所推動的人員成本、設施以及與我們作為上市公司的地位相關的更高的專業服務和保險成本。

Operating loss for the fourth quarter was $8.1 million compared to a loss of $75 million for the fourth quarter of 2018.

第四季度的運營虧損為 810 萬美元，而 2018 年第四季度的虧損為 7500 萬美元。

This includes $5.1 million of stock-based compensation for the fourth quarter of 2019 compared to $1.1 million for the fourth quarter of 2018.

這包括 2019 年第四季度 510 萬美元的股票薪酬，而 2018 年第四季度為 110 萬美元。

Net loss for the period was $7.1 million compared to a net loss of $75.5 million for the fourth quarter of 2018.

該期間的淨虧損為 710 萬美元，而 2018 年第四季度的淨虧損為 7550 萬美元。

Turning to our full year results.

談到我們的全年業績。

Total revenue for the full year ended December 31, 2019 was $245.9 million compared to $146.3 million for 2018, representing a 68% increase.

截至 2019 年 12 月 31 日的全年總收入為 2.459 億美元，而 2018 年為 1.463 億美元，增長 68%。

Consumables revenue was $206.9 million, an increase of 92% over the prior year.

消耗品收入為 2.069 億美元，比上年增長 92%。

Instrument revenue was $34.9 million, a decrease of 4% over the prior year.

儀器收入為 3490 萬美元，比上年下降 4%。

Service revenue was $4.1 million, an increase of 89% over the prior year.

服務收入為 410 萬美元，比上年增長 89%。

As of year-end, we have sold a cumulative total of 1,666 Chromium instruments, up 645 instruments from 1,021 instruments at the end of 2018.

截至年底，我們累計售出了 1,666 台 Chromium 儀器，比 2018 年底的 1,021 台增加了 645 台。

The decrease in instrument revenue was, again, driven by the consolidation of our instrument product line into one full-featured, lower-priced instrument in early 2019.

儀器收入的下降再次是由於我們的儀器產品線於 2019 年初整合為一款功能齊全、價格較低的儀器。

Our average annual instrument pull-through was $158,000 for 2019, up from $148,000 for 2018.

2019 年，我們的儀器年均支出為 158,000 美元，高於 2018 年的 148,000 美元。

Average annual instrument pull-through was calculated from the simple average of the quarterly pull-throughs and also includes Visium.

平均年度儀器拉動是根據季度拉動的簡單平均值計算的，還包括 Visium。

North America revenue for the full year was $139.8 million, representing 64% growth over the prior year.

北美全年收入為 1.398 億美元，比上年增長 64%。

EMEA revenue for the full year was $58 million, representing 62% growth over the prior year.

EMEA 全年收入為 5800 萬美元，比上年增長 62%。

APAC revenue for the full year was $48.1 million, representing 89% growth over the prior year.

亞太地區全年收入為 4810 萬美元，比上年增長 89%。

Gross profit for 2019 was $184.9 million compared to a gross profit of $117.7 million for 2018.

2019 年的毛利潤為 1.849 億美元，而 2018 年的毛利潤為 1.177 億美元。

Gross margin for 2019 was 75% compared to 80% for 2018.

2019 年的毛利率為 75%，而 2018 年為 80%。

The decrease in gross margin was driven primarily by higher accrued royalties related to ongoing litigation which impacted cost of revenue for full year 2019 whereas these accruals only impacted cost of revenue in the fourth quarter of 2018.

毛利率下降的主要原因是與正在進行的訴訟相關的應計特許權使用費增加，這影響了 2019 年全年的收入成本，而這些應計費用僅影響了 2018 年第四季度的收入成本。

Total operating expenses for 2019 were $215.4 million, a decrease of 6% from $228.4 million for 2018.

2019 年的總運營費用為 2.154 億美元，比 2018 年的 2.284 億美元下降 6%。

Operating expenses for 2018 included $62.4 million of in-process R&D as well as an incremental $29.1 million for accrued contingent liabilities.

2018 年的運營費用包括 6240 萬美元的進行中研發費用以及增加的 2910 萬美元的應計或有負債。

R&D expenses for 2019 were $83.1 million compared to $47.5 million for 2018, excluding in-process R&D expenses related to acquisitions.

2019 年的研發費用為 8310 萬美元，而 2018 年為 4750 萬美元，其中不包括與收購相關的研發費用。

The increase was primarily attributable to higher investments in personnel, lab materials and infrastructure.

這一增長主要歸因於對人員、實驗室材料和基礎設施的投資增加。

SG&A expenses for 2019 were $130.8 million compared to $87.9 million for the prior year.

2019 年的 SG&A 費用為 1.308 億美元，而上一年為 8790 萬美元。

The increase was primarily due to personnel costs with increased hiring across all SG&A functions, along with increased facilities costs due to the transition to our new global headquarters.

這一增長主要是由於人員成本以及所有 SG&A 職能部門的招聘增加，以及由於向我們新的全球總部過渡而導致的設施成本增加。

Operating loss for 2019 was $30.6 million compared to a loss of $110.8 million for 2018.

2019 年的經營虧損為 3060 萬美元，而 2018 年的虧損為 1.108 億美元。

This includes $13.3 million of stock-based compensation for full year 2019 as compared to $2.7 million for full year 2018.

這包括 2019 年全年 1330 萬美元的股票薪酬，而 2018 年全年為 270 萬美元。

Net loss for 2019 was $31.3 million compared to a net loss of $112.5 million for 2018.

2019 年的淨虧損為 3130 萬美元，而 2018 年的淨虧損為 1.125 億美元。

We ended 2019 with $424.2 million in cash and cash equivalents.

我們在 2019 年結束時擁有 4.242 億美元的現金和現金等價物。

Turning to our outlook for 2020.

轉向我們對 2020 年的展望。

As Serge mentioned, we expect full year revenue for 2020 to be in the range of $350 million to $360 million, representing growth of 42% to 46% over full year 2019.

正如 Serge 所說，我們預計 2020 年全年收入將在 3.5 億美元至 3.6 億美元之間，比 2019 年全年增長 42% 至 46%。

This outlook is based upon the latest market conditions and our best views of timing of upcoming new product launches.

這一展望基於最新的市場狀況和我們對即將推出的新產品發佈時間的最佳看法。

As in prior years, we expect revenue to be heavily weighted toward the back half of 2020 with modest sequential increases in the first half of the year.

與往年一樣，我們預計收入將在 2020 年下半年佔很大比重，上半年將出現適度的連續增長。

We are excited about the size and growth of opportunities in front of us in the near term, throughout the next decade and beyond.

在短期內，在未來十年及以後，我們對擺在我們面前的機會的規模和增長感到興奮。

This conviction has led us to increase our investments at this stage.

這種信念使我們在這個階段增加了投資。

We have a robust product pipeline with a multitude of new products at various stages of development.

我們擁有強大的產品線，其中有大量處於不同開發階段的新產品。

We are increasing R&D headcount and expanding our laboratory and manufacturing facilities.

我們正在增加研發人員並擴大我們的實驗室和製造設施。

We continue to expand our commercial organization, increasing coverage in direct markets to build stronger relationships with existing customers while onboarding new customers.

我們繼續擴大我們的商業組織，擴大直接市場的覆蓋範圍，以在新客戶加入的同時與現有客戶建立更牢固的關係。

This is in addition to developing the channels to support our global expansion.

這是除了開發渠道以支持我們的全球擴張之外。

We are deliberately accelerating our investments and are focusing on our top line revenue growth.

我們正在刻意加速我們的投資，並專注於我們的收入增長。

These near-term investments will help drive continued revenue growth and will deliver what we expect to be best-in-class operating margins over the long term.

這些近期投資將有助於推動收入的持續增長，並將在長期內實現我們預期的同類最佳營業利潤率。

At this point, I would like to turn the call back to Serge for closing comments.

在這一點上，我想將電話轉回 Serge 以結束評論。

Thanks, Justin.

謝謝，賈斯汀。

I'm very proud of our team for such an incredible year.

我為我們的團隊度過瞭如此不可思議的一年感到非常自豪。

During 2019, we successfully navigated a number of major transitions, including rebuilding a completely new product architecture with Next GEM and taking the company public in the third quarter, all while successfully launching our second platform technology with Visium and delivering exceptional revenue growth.

2019 年，我們成功完成了多項重大轉型，包括使用 Next GEM 重建全新的產品架構並在第三季度將公司上市，同時通過 Visium 成功推出了我們的第二個平台技術並實現了出色的收入增長。

With these transitions largely behind us, we look forward to continuing our rapid pace of innovation in 2020, which is truly what is at the core of our vision at 10x.

隨著這些轉變在很大程度上已經過去，我們期待在 2020 年繼續快速創新，這確實是我們 10 倍願景的核心。

The capabilities I outlined earlier are just a glimpse of what is ahead.

我之前概述的功能只是對未來發展的一瞥。

This is the century of biology.

這是生物學的世紀。

Our goal is to build technologies to measure every aspect of biology and make these technologies available to everyone, whether for academic research, for development of new medicines or for treating patients.

我們的目標是建立技術來測量生物學的各個方面，並使這些技術可供所有人使用，無論是用於學術研究、開發新藥還是用於治療患者。

Our vision is that in the end, given any biological sample, you should be able to measure every analyte of relevance at the right resolution with all the necessary context because that is how we will achieve understanding, that's how we will arrive at cures.

我們的願景是，最終，給定任何生物樣本，您應該能夠在所有必要的背景下以正確的分辨率測量每種相關分析物，因為這是我們實現理解的方式，也是我們達到治愈方法的方式。

With that, we will now open it up to questions.

有了這個，我們現在將對問題開放。

Operator?

操作員？

(Operator Instructions) Our first question comes from Tycho Peterson with JP Morgan.

（操作員說明）我們的第一個問題來自摩根大通的 Tycho Peterson。

This is Eleni on for Tycho.

這是第谷的 Eleni。

In terms of this quarter, the beat relative to our model primarily came from Services revenues while Instrument sales came in a bit shy.

就本季度而言，相對於我們模型的節拍主要來自服務收入，而儀器銷售則略顯遜色。

Just wondering whether we should be modeling the business a bit differently going forward in light of the Visium launch and higher throughput Chromium Connect rollout this year.

只是想知道鑑於今年 Visium 的推出和更高吞吐量的 Chromium Connect 推出，我們是否應該對業務進行一些不同的建模。

And just wondering if you can parse out the assumptions underpinning your 2020 guidance across Instruments, Consumables and Services segment sales.

只是想知道您是否可以分析出支撐您在儀器、消耗品和服務部門銷售中的 2020 年指導的假設。

And in particular, are you anticipating continued double-digit declines in Instrument sales for the full year as a result of these dynamics?

特別是，由於這些動態，您是否預計全年儀器銷售額將持續兩位數下降？

So this is Justin.

這就是賈斯汀。

There was a lot there.

那裡有很多。

I guess let's go back to the beginning and start with the beat compared to the consensus.

我想讓我們回到開始，從與共識相比的節拍開始。

The beat was primarily due to increased revenue coming from Consumables.

節拍主要是由於來自消耗品的收入增加。

That was the largest contributor overall.

這是總體上最大的貢獻者。

As far as how you should model this going forward, as I mentioned, we've taken market conditions, our assessment of demand, timing of new products and our own ability to deliver into account when developing the guidance model.

至於你應該如何為未來建模，正如我所提到的，我們在開髮指導模型時已經考慮了市場條件、我們對需求的評估、新產品的時間安排以及我們自己的交付能力。

We would expect the instrument placements to increase year-over-year, and we would expect similar consumable pull-through to how we've been guiding you and other analysts all along, which is around or just above $150,000 on an annual basis.

我們預計儀器放置將逐年增加，並且我們預計與我們一直以來指導您和其他分析師的方式類似的消耗品拉動，每年大約或略高於 150,000 美元。

Can you please repeat the other parts of your question?

你能重複你問題的其他部分嗎？

How we should be thinking about the guidance framework.

我們應該如何思考指導框架。

I think I just answered that.

我想我剛剛回答了這個問題。

Yes.

是的。

So yes, that's helpful.

所以是的，這很有幫助。

And then I was just wondering, around 15% of your business comes from Asia.

然後我只是想知道，你們大約 15% 的業務來自亞洲。

So just wondering whether you're seeing any disruptions from the coronavirus outbreak and how we can dimension the risk for your business and in particular for 1Q.

因此，只是想知道您是否看到冠狀病毒爆發造成的任何干擾，以及我們如何衡量您的業務風險，尤其是第一季度的風險。

Also wondering if you're embedding any conservatism into your 2020 guide.

還想知道您是否將任何保守主義嵌入到您的 2020 年指南中。

So we'll take the coronavirus question first.

因此，我們將首先解決冠狀病毒問題。

So we've been assessing the impact of that on both our expected sales and the supply chain.

因此，我們一直在評估這對我們的預期銷售額和供應鏈的影響。

We're going to continue to monitor the situation, but we do see some potential impact for Q1 with up to about 5% of our expected revenue at risk.

我們將繼續監控情況，但我們確實看到了第一季度的一些潛在影響，我們預期收入的約 5% 面臨風險。

We've accounted for this within the range of our annual guidance estimate.

我們已經在我們的年度指導估計範圍內考慮了這一點。

In terms of the supply chain, we're not yet aware of any impact to the supply chain, but some impact could be possible if the virus were to spread and impact our operations in Singapore.

在供應鏈方面，我們尚未發現對供應鏈有任何影響，但如果病毒傳播並影響我們在新加坡的運營，可能會產生一些影響。

Okay.

好的。

That's helpful color.

這是有用的顏色。

And then lastly, on Chromium Connect.

最後，在 Chromium Connect 上。

I was wondering whether you have started to roll out to early sites.

我想知道您是否已經開始向早期站點推出。

And if so, what the feedback has been so far?

如果是這樣，到目前為止的反饋是什麼？

Can you also give us an early read of the funnel of preorders and what proportion are from biopharma customers?

您能否讓我們提前了解一下預購渠道以及來自生物製藥客戶的比例是多少？

And lastly, wondering whether capital expenditure has come up as a barrier to broader adoption during your discussions or are clients comfortable with justifying the capital expenditure with higher levels of pull-through?

最後，想知道在您的討論中資本支出是否已成為更廣泛採用的障礙，或者客戶是否願意通過更高水平的拉動來證明資本支出的合理性？

This is Brad.

這是布拉德。

I'll take that question.

我會回答這個問題。

We plan to begin delivering Chromium Connect in the next few weeks.

我們計劃在接下來的幾週內開始提供 Chromium Connect。

The early demand has been heavily skewed to pharma, but several large genome centers have also purchased or placed an order for the instrument.

早期的需求嚴重偏向製藥公司，但幾個大型基因組中心也購買或訂購了該儀器。

In terms of funnel, we're really not going to disclose that, but we have seen good demand.

在漏斗方面，我們真的不會透露，但我們看到了良好的需求。

The list price for the instrument is $260,000.

該儀器的標價為 260,000 美元。

That's well within the capital constraints of virtually any customer that would be contemplating higher-throughput, single-cell experiments.

這幾乎在任何考慮進行更高通量單細胞實驗的客戶的資金限制範圍內。

Our next question comes from Derik De Bruin with Bank of America.

我們的下一個問題來自美國銀行的 Derik De Bruin。

This is Mike Ryskin on for Derik.

這是 Derik 的 Mike Ryskin。

First off, congrats on the quarter.

首先，祝賀本季度。

But I want to follow up on some of the moving pieces you talked about in both in 4Q and for the forward-looking guide.

但我想跟進你在第四季度和前瞻性指南中談到的一些動人的作品。

Not sure if you're going to be able to disclose this, but at least directionally, maybe you could talk to the magnitude of the Visium contribution in 4Q?

不確定您是否能夠透露這一點，但至少在方向上，也許您可以談談 Visium 在第四季度的貢獻程度？

And then also, when we think about how that should scale over the course of 2020, I mean, is this to the point where by the end of 2020 it's going to be on its own, sort of a meaningful number?

然後，當我們考慮在 2020 年應該如何擴大規模時，我的意思是，到 2020 年底，這是否會成為一個有意義的數字？

I know when you talked about the 2019 numbers like, for example, the $158,000 pull-through, you mentioned that Visium is included in that.

我知道當您談到 2019 年的數字時，例如 158,000 美元的預付款，您提到其中包含 Visium。

So just wondering how that number is going to ramp and how the contribution could grow over the next year.

所以只是想知道這個數字將如何增加，以及明年的貢獻將如何增長。

Yes.

是的。

So Mike, this is Justin.

邁克，這是賈斯汀。

I'll take that.

我會接受的。

So as far as Visium being included in our pull-through, we made the decision to combine that metric because basically, from a business perspective, we expect that our sales of Visium would go primarily to existing customers.

因此，就 Visium 包含在我們的拉動中而言，我們決定合併該指標，因為基本上，從業務角度來看，我們預計 Visium 的銷售將主要面向現有客戶。

As far as how we can think about the contributions of Visium in the future, it's pretty early in the life cycle now.

至於我們如何考慮未來 Visium 的貢獻，現在還處於生命週期的早期階段。

Very early, in fact.

事實上，很早。

While initial orders have exceeded our internal expectations, we're starting to see reorders come through now.

雖然最初的訂單超出了我們的內部預期，但我們現在開始看到重新訂購。

But it's going to be some time before we have a firm handle on how to model and project Visium.

但是，我們還需要一段時間才能確定如何對 Visium 進行建模和投影。

What it really depends upon is the success of our customers as reflected in their publications.

它真正依賴的是我們客戶的成功，正如他們的出版物所反映的那樣。

Okay.

好的。

That's helpful.

這很有幫助。

That actually knocks out one of my follow-up questions in terms of the type of orders.

這實際上解決了我在訂單類型方面的一個後續問題。

You also mentioned that you had really positive uptake in the first couple months.

你還提到你在最初的幾個月裡有非常積極的吸收。

Could you talk a little bit about your manufacturing supply, making sure you have capacity for Visium and then also for Chromium going forward the next couple of years?

您能否談談您的製造供應，確保您有能力生產 Visium 以及未來幾年的 Chromium？

And then I got one last one follow-up after that.

然後我得到了最後一次跟進。

Yes.

是的。

So with the transition to Next GEM, just talking about products broadly overall, the amount of SKUs that we've had to manage internally has basically doubled when we released that product line.

因此，隨著向 Next GEM 的過渡，僅從廣義上談論產品，當我們發布該產品線時，我們必須在內部管理的 SKU 數量基本上翻了一番。

So it has been challenging for us to manage it, but the operations and manufacturing, logistics teams have done a great job managing that.

因此，管理它對我們來說一直具有挑戰性，但運營和製造、物流團隊在管理上做得很好。

As we mentioned before, we are going to continue to expand our manufacturing operations in Singapore now, later on domestically.

正如我們之前提到的，我們現在將繼續在新加坡擴展我們的製造業務，然後在國內擴展。

And that's to add capacity and also for risk mitigation to provide a redundant source for mostly our entire product line.

那是為了增加容量並降低風險，為我們的整個產品線提供冗餘資源。

For the near term, at least from what we can see, we don't see any major risk to either our supply chain or manufacturing capacity.

在短期內，至少從我們所看到的情況來看，我們認為我們的供應鍊或製造能力都沒有任何重大風險。

In fact, because of the seasonality of our business, we really plan to build out in a much higher capacity than we need from quarter-to-quarter.

事實上，由於我們業務的季節性，我們確實計劃建立比我們每季度所需的容量更高的容量。

Okay.

好的。

One last one, if I could.

如果可以的話，最後一個。

Really appreciate the color you provided, Serge, on some of the new capabilities you're working on.

非常感謝您提供的顏色，Serge，您正在開發的一些新功能。

I'm just curious for any of those, are they built into the guidance assumptions for 2020?

我只是對其中任何一個感到好奇，它們是否包含在 2020 年的指導假設中？

Or -- also if you could provide any, even directional comments on expectation of timing.

或者 - 如果您可以就時間預期提供任何甚至是方向性的評論。

Is this next 6 months, 12 months, 3 to 5 years, just to sort of gauge?

這是接下來的 6 個月、12 個月、3 到 5 年，只是為了衡量嗎？

And then, yes, sort of when do you think they'll start showing up in the numbers?

然後，是的，你認為他們什麼時候會開始出現在數字中？

So I'll start.

所以我要開始了。

I mean, the products are contemplated fully within the guidance that Justin gave.

我的意思是，這些產品完全在賈斯汀給出的指導範圍內。

In terms of more detail around timing, these are not like far out capabilities.

就時間方面的更多細節而言，這些並不是遙不可及的功能。

The specifics of this timing, we'll be sharing next week at AGBT.

這個時間的細節，我們將在下週的 AGBT 上分享。

Our next question comes from Doug Schenkel with Cowen.

我們的下一個問題來自 Doug Schenkel 和 Cowen。

This is Adam Wieschhaus on for Doug.

這是 Doug 的 Adam Wieschhaus。

It was a strong placement quarter to end the year with also a strong close on the pull-through side of things.

這是年底的一個強勁的安置季度，也有很強的收盤價。

How should we think about the near-term balance of instrument placement growth with pull-through growth?

我們應該如何看待工具配置增長與拉動增長的近期平衡？

In other words, continue to decentralize your product within an institution, which would drive new placements but also likely pressure instrument pull-through.

換句話說，繼續在機構內分散您的產品，這將推動新的展示位置，但也可能會給儀器帶來壓力。

Should we, therefore, expect that instrument placement growth will outpace pull-through growth, at least for the next few years, considering there remains ample opportunity to penetrate deeper within many institutions?

因此，考慮到仍有充足的機會深入許多機構，我們是否應該期望至少在未來幾年內，工具放置的增長將超過拉動式增長？

Well, it's really a good question.

嗯，這確實是一個好問題。

There's multiple dynamics embedded in our market adoption.

我們的市場採用中嵌入了多種動力。

We are going to be pushing forward and placing more instruments.

我們將繼續推進並放置更多儀器。

It's certainly a core part of our strategy.

這當然是我們戰略的核心部分。

At the same time, we will also work on increasing usage and pull-through.

同時，我們還將努力提高使用率和拉動率。

A lot of our -- also in terms of just helping our customers ramp up and releasing new applications and new products.

我們的很多 - 也是在幫助我們的客戶提升和發布新應用程序和新產品方面。

We know that kind of historically, when we look at the different cohorts, people who have had the instruments for longest used reagents the most and they keep ramping.

我們知道從歷史上看，當我們查看不同的隊列時，擁有最長時間使用試劑的儀器的人最多，而且他們一直在增加。

And the next kind of high-usage cohort is the next set of customers who adopted the system.

下一類高使用人群是下一批採用該系統的客戶。

There's multiple dynamics going on under this average pull-through, and we're going to be pressing all the levers going forward.

在這種平均拉動下，存在多種動態，我們將推動所有槓桿向前發展。

Okay.

好的。

I appreciate the color.

我很欣賞這種顏色。

You announced that Visium had stronger-than-expected uptake in the translational setting and your upcoming targeted sequencing application, FFPE compatibility, which is expected in the near term could have roles in the translational workflows as well.

您宣布 Visium 在轉化環境中的使用率強於預期，您即將推出的靶向測序應用 FFPE 兼容性預計在短期內也可能在轉化工作流程中發揮作用。

So maybe a question for Brad.

所以也許是布拉德的一個問題。

How do you view the near-term opportunity in the translational setting versus your core academic customers from a commercial standpoint?

從商業角度來看，您如何看待轉化環境中的近期機會與您的核心學術客戶？

That's a really good question and it's, again, one that we thought would be further out.

這是一個非常好的問題，而且這也是我們認為會更進一步的問題。

But again, with the new capabilities that have been announced and just in general, there's been such a pull in the marketplace, we're definitely seeing the sort of translational networks.

但同樣，隨著新功能的發布，總的來說，市場如此拉動，我們肯定會看到這種轉化網絡。

And we're in the process of enabling those.

我們正在啟用這些功能。

And we'll talk a little bit more about that next week at AGBT because, again, this is somewhat of a new customer segment for us or a different call point but we're preparing to sort of be proactive in that area as well.

下週我們將在 AGBT 上進一步討論這一點，因為這對我們來說又是一個新的客戶群或不同的呼叫點，但我們也準備在該領域採取積極主動的態度。

Okay.

好的。

And just one last one for me.

對我來說只有最後一個。

The strong gross margin in the quarter were attributed to some progress with the Next GEM conversions.

本季度強勁的毛利率歸因於 Next GEM 轉換的一些進展。

Maybe I missed it, but are you still targeting the year-end of 2020 for all customers to be converted or is it possible this can occur sooner?

也許我錯過了，但您是否仍將目標定在 2020 年底讓所有客戶轉換，或者這可能會更早發生？

Yes.

是的。

So we're still targeting by year-end having all customers converted.

所以我們的目標仍然是在年底之前讓所有客戶都轉化。

In fact, we've let our customers know that that's what we're targeting.

事實上，我們已經讓我們的客戶知道這就是我們的目標。

We started shipping Next GEM at the end of Q2 of 2019, beginning of Q3.

我們於 2019 年第二季度末第三季度初開始發貨 Next GEM。

And so really, we'd look at it as a 6-quarter transition with basically a linear progression of adoption of Next GEM over that 6 quarters.

所以真的，我們將其視為 6 個季度的過渡，在這 6 個季度內採用 Next GEM 基本上呈線性進展。

Our next question comes from Luke Sergott with Evercore.

我們的下一個問題來自於 Evercore 的 Luke Sergott。

Guys, just wanted to follow up on that last question on the translational -- we all -- on Visium.

伙計們，只是想跟進關於翻譯的最後一個問題——我們所有人——關於 Visium。

We expected the discovery side to be the near-term opportunity and it's turning out that it's kind of the translational is coming sooner.

我們預計發現方面將是近期的機會，事實證明它的轉化速度即將到來。

Just -- are you seeing any competitive win rates versus Genomic?

只是 - 您是否看到與 Genomic 相比有競爭力的勝率？

And then was it more of a decision to get into this market, was it more of a pull from the customer side or was it just you guys saw this opportunity and decided to go for it?

然後進入這個市場更多的是一個決定，更多的是來自客戶方面的拉動，還是只是你們看到了這個機會並決定去爭取它？

Luke, this is Brad.

盧克，這是布拉德。

I'll take that.

我會接受的。

We really haven't had any direct competitive situations.

我們真的沒有任何直接競爭的情況。

Obviously, with Genomics, we know that we have customers that are using both so we haven't looked at that as strictly a competitive situation.

顯然，對於 Genomics，我們知道我們的客戶同時使用這兩種方法，因此我們並未將其視為嚴格的競爭情況。

And to your second question, we were absolutely being pulled into by people that are looking at clinical studies and validation studies.

對於你的第二個問題，我們絕對被那些正在研究臨床研究和驗證研究的人拉進來。

So this was something that, again, the majority of our customers initially were people that have used our single cell products.

因此，我們的大多數客戶最初都是使用過我們的單細胞產品的人。

But again, as we pointed out, we were somewhat surprised that so quickly we'd be asked to support these other kinds of applications.

但是，正如我們所指出的，我們對這麼快就被要求支持這些其他類型的應用程序感到有些驚訝。

Okay.

好的。

And are you seeing differences in pull-through between the translational and discovery customers?

您是否看到轉化客戶和發現客戶之間的拉動差異？

It is way too early at this point -- at this stage.

在這一點上還為時過早 - 在這個階段。

It's too early, okay.

太早了，好吧。

That's fair.

這還算公平。

The commentary, Serge, on expanding outside the 10,000 cell experiments going up to 1 million, 10 million, it's kind of like when the genome analyzer into the HiSeq, into the X Ten.

Serge 評論說，將 10,000 個細胞實驗擴展到 100 萬、1000 萬個，這有點像基因組分析儀進入 HiSeq，進入 X Ten。

Would you -- how should we think about that in terms of pull-through?

你會 - 我們應該如何看待這一點？

I mean, I'm sure it's not linear compared to the exponential ramp of cells per experiment.

我的意思是，與每個實驗的細胞指數斜坡相比，我確信它不是線性的。

Well, I think we will be talking about, again, the details of this road map and what it means for our customers next week, the AGBT.

好吧，我想我們將再次討論這個路線圖的細節以及下週對我們的客戶意味著什麼，AGBT。

And there's multiple moving pieces under it in terms of applications and capabilities.

就應用程序和功能而言，它下面有多個移動部件。

I -- we are, as I said earlier, we are looking to expand the market and the usage across all the different vectors.

我 - 正如我之前所說，我們正在尋求擴大市場和所有不同載體的使用。

The cell scale is one of those, but there's others that we're also working on.

細胞規模就是其中之一，但我們也在研究其他方面。

Okay.

好的。

And lastly, for the supply chain and the ERP changes, is there any additional incremental cost outside of what -- outside of the traditional model that we've discussed earlier?

最後，對於供應鍊和 ERP 的變化，除了我們之前討論過的傳統模型之外，是否還有任何額外的增量成本？

This is Justin.

這是賈斯汀。

I'll take that.

我會接受的。

Nothing outside of what we've talked about before.

除了我們之前討論的內容之外，沒有其他內容。

There are some costs with the IT implementation and the ramping of the Singapore plant, but nothing new past those 2 things.

IT 實施和新加坡工廠的擴建會產生一些成本，但在這兩件事之後並沒有什麼新鮮事。

Our next question will come from Patrick Donnelly with Citi.

我們的下一個問題將來自花旗銀行的 Patrick Donnelly。

Maybe just one for Serge.

也許只有一個給 Serge。

Justin mentioned some increased spend this year, not surprising given the breadth of opportunities you guys have.

賈斯汀提到今年的支出有所增加，考慮到你們擁有的廣泛機會，這並不奇怪。

Can you just talk about where the R&D priorities are?

您能談談研發重點在哪裡嗎？

How focused you guys are on a few different big projects versus kind of spreading it out over a bunch of different opportunities?

你們對幾個不同的大項目的關注程度如何，而不是把它分散到一堆不同的機會上？

Well, so we -- being focused is one of our core principles here.

好吧，所以我們 - 專注是我們這裡的核心原則之一。

Having said that, yes, we -- I mean, as I mentioned, we do have a diversity of opportunities.

話雖如此，是的，我們 - 我的意思是，正如我所提到的，我們確實有各種各樣的機會。

We're investing both on the Chromium side and on the Visium side and both on the interim and long term.

我們在 Chromium 方面和 Visium 方面以及中期和長期方面都進行了投資。

So it's a balance.

所以這是一個平衡。

I wouldn't say there's any particular thing that we're investing well above everything else.

我不會說我們投資的任何特定事物都遠高於其他事物。

It's a balance, and we drive to stay focused while at the same time, making sure that we have a good span of opportunities.

這是一種平衡，我們努力保持專注，同時確保我們擁有良好的機會。

Okay.

好的。

And then, Justin, maybe one for you just on the gross margins.

然後，賈斯汀，也許只是毛利率上的一個給你。

Can you just help us on the cadence through the year?

你能幫我們調整全年的節奏嗎？

I know you have some puts and takes with Next GEM obviously being a positive, things like the Singapore ramp, maybe a little bit of an offset on the build-out there.

我知道你對 Next GEM 有一些看跌期權，顯然是積極的，比如新加坡坡道，可能對那裡的擴建有一點抵消。

Can you just help us think about kind of the ramp throughout the year in 2020?

你能幫我們想想 2020 年全年的坡道嗎？

Sure.

當然。

The biggest driver of gross margin is going to be the transition over to Next GEM.

毛利率的最大推動力將是向 Next GEM 的過渡。

And we talked about that progressing over the 6 quarters on a linear progression.

我們談到了在 6 個季度中的線性進展。

I would expect that the transition in Next GEM would probably be a little bit slower in Q1, but then would accelerate more in Q2 and Q3 to finish out the year.

我預計 Next GEM 的過渡在第一季度可能會稍微慢一些，但隨後會在第二季度和第三季度加速，以結束這一年。

So that's the biggest -- basically positive factor for gross margin this year.

所以這是今年毛利率的最大 - 基本上是積極因素。

There are some headwinds around Singapore manufacturing.

新加坡製造業存在一些不利因素。

That's going to impact gross margin in Q2, Q3 as we're ramping up the facilities there and also our spend on the ERP project that we expect to go live here in the latter part of this year.

這將影響第二季度和第三季度的毛利率，因為我們正在增加那裡的設施以及我們預計在今年下半年投入使用的 ERP 項目上的支出。

And then also some of our new product introductions that have lower gross margins than existing products.

然後還有我們推出的一些新產品，它們的毛利率低於現有產品。

For example, Chromium Connect, there is higher gross profit per instrument but lower gross margins due to the cost and selling price.

例如，Chromium Connect，每台儀器的毛利潤較高，但由於成本和售價，毛利率較低。

And then also Visium has a slightly lower gross margin than our current product lineup.

而且 Visium 的毛利率也略低於我們目前的產品陣容。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe one just on Visium.

然後也許只是在 Visium 上。

Definitely encouraging to hear kind of 200 lab number.

聽到 200 個實驗室號碼絕對令人鼓舞。

I didn't hear.

我沒聽見。

Is it still tracking around kind of 20% of customers are new to 10x?

它是否仍在跟踪大約 20% 的客戶是 10 倍的新手？

And if so, what's the feedback then kind of what's drawing these customers in?

如果是這樣，反饋是什麼，那麼是什麼吸引了這些客戶？

Are the early customers kind of similar to those early adopters you saw in single cell as well?

早期客戶是否也與您在單細胞中看到的那些早期採用者類似？

So this is Brad.

這就是布拉德。

I'll take that.

我會接受的。

Yes, initially, we do have that roughly 20% of customers are new to 10x.

是的，最初，我們確實有大約 20% 的客戶是 10 倍的新手。

But even within the core customers, what we've really been excited about is the -- their ability to work with tissue.

但即使在核心客戶中，我們真正感到興奮的是——他們使用紙巾的能力。

I mean, these customers traditionally don't come from tissue as a starting material and we've put a lot of effort in, in training, training videos.

我的意思是，這些客戶傳統上不是來自組織作為起始材料，我們在培訓、培訓視頻方面投入了大量精力。

We have a tissue optimization kit.

我們有一個組織優化工具包。

And what's been amazing is how successful they've been.

令人驚奇的是他們取得了多麼成功。

We actually encourage customers to send in their optimization slides or at least a picture, we'll help them choose the best conditions.

我們實際上鼓勵客戶發送他們的優化幻燈片或至少一張圖片，我們將幫助他們選擇最佳條件。

And it's just been remarkable.

而且這非常了不起。

So what's happened is that because we have a 1-day workflow, so we're ready for a sequencer at the end of the first day.

所以發生的事情是，因為我們有一個為期 1 天的工作流程，所以我們已經準備好在第一天結束時使用音序器。

And so we're seeing more and more customers reorder, which certainly is reflective of the fact that they're seeing success.

因此，我們看到越來越多的客戶重新訂購，這當然反映了他們看到成功的事實。

And we do have a follow-up question from Derik De Bruin with Bank of America.

我們確實有來自美國銀行的 Derik De Bruin 的後續問題。

It's Mike again.

又是邁克。

Just want to squeeze a follow-on.

只是想擠一個後續。

Following up on some of the operating expense comments you made.

跟進您所做的一些運營費用評論。

As we think about SG&A going forward with some of the new products you highlight and then some of the move into a little bit more of a translational setting and move into some of the pathology customers, do you anticipate having to expand sales force more than you would have otherwise?

當我們考慮 SG&A 與您強調的一些新產品，然後一些進入更多的轉化環境並進入一些病理客戶時，您是否預計必須比您更多地擴大銷售隊伍否則會有嗎？

Sort of is there any incremental spend as we go forward to support some of those new product launches or how does that fit into the model?

在我們繼續支持其中一些新產品的發佈時，是否有任何增加的支出，或者這如何適應模型？

This is Brad.

這是布拉德。

I'll take that.

我會接受的。

We factored all of the products into our sort of growth plans in terms of the operating expense in growing up a sales organization.

就發展銷售組織的運營費用而言，我們將所有產品都納入了我們的增長計劃。

I mean clearly, as we get further down the road, we might very well start looking at a more specialized, targeted force as we move more towards the pathologist.

我的意思很清楚，隨著我們走得更遠，我們很可能會開始尋找更專業、更有針對性的力量，因為我們更傾向於病理學家。

But right now, in terms of 2020, I think we're well covered and are not planning anything incremental at this stage.

但是現在，就 2020 年而言，我認為我們已經得到了很好的覆蓋，並且在這個階段沒有計劃任何增量。

Yes, this is Justin.

是的，這是賈斯汀。

Just to add to that, you asked about some of the OpEx trends.

除此之外，您還詢問了一些 OpEx 趨勢。

Just due to our ongoing litigation, there are some legal expenses that will hit in different parts throughout the year.

僅由於我們正在進行的訴訟，全年不同部分都會產生一些法律費用。

So for example, we just won a case with the ITC and there's a success fee that's associated with that.

例如，我們剛剛在 ITC 贏得了一個案件，並且有與此相關的成功費用。

And you could see payments like that spread out throughout the year.

你可以看到這樣的付款全年都在分散。

Okay.

好的。

That's helpful.

這很有幫助。

And that's actually, Justin, that's the perfect bridge.

實際上，賈斯汀，那是一座完美的橋樑。

One last one I want to squeeze in was, if you could provide some update on some of the ongoing litigation.

我想擠進的最後一個問題是，如果你能提供一些正在進行的訴訟的最新情況。

There was some rulings in December.

12月有一些裁決。

You had the news that hit just a couple of days ago with the ITC about the ddSEQ products.

幾天前，ITC 收到了有關 ddSEQ 產品的消息。

Anything you can say across the board there, sort of just to make sure we're not missing anything.

您可以在那裡全面地說任何話，只是為了確保我們沒有遺漏任何內容。

So this is Serge.

這就是塞爾吉。

I'll take that.

我會接受的。

I mean, so the rulings that have come out over the last few months have been largely in line with what we have been communicating and what we have been expecting.

我的意思是，過去幾個月的裁決基本上與我們一直在溝通的內容和我們的預期一致。

The ITC ruling back in December in our defensive case explicitly once again confirmed that Next GEM does not infringe.

ITC 去年 12 月在我們的辯護案件中作出的裁決再次明確確認 Next GEM 沒有侵權。

Those patents then also had an additional exclusion for our existing customers to keep using some of the applications.

然後，這些專利還為我們現有的客戶提供了額外的排除，以繼續使用其中的一些應用程序。

The ruling that just came out a few days ago was where the ITC Commission -- The International Trade Commission found that Bio-Rad single cell products infringed on 3 of our patents.

幾天前剛剛發布的裁決是 ITC 委員會 - 國際貿易委員會發現 Bio-Rad 單細胞產品侵犯了我們的 3 項專利。

And so the ITC issued an exclusion order on Bio-Rad.

因此，ITC 對 Bio-Rad 發布了排除令。

And -- so I mean, we see that things kind of unfolding as roughly as we expected.

而且 - 我的意思是，我們看到事情的發展大致如我們預期的那樣。

As I mentioned earlier, we are the pioneer in single cell genomics and we're pleased that the court recognized our core patents were valid and were infringed.

正如我之前提到的，我們是單細胞基因組學的先驅，我們很高興法院承認我們的核心專利是有效的並且被侵犯了。

And as I said, at this point, we have over 700 patents issued or pending and that is a big source of growing competitive advantage for us.

正如我所說，在這一點上，我們有超過 700 項專利已發布或正在申請中，這是我們不斷增長的競爭優勢的重要來源。

Thank you.

謝謝你。

Speakers, I'm showing no further questions in the queue at this time.

發言者們，我目前在隊列中沒有其他問題。

I would now like to turn the call back over to Serge Saxonov for any closing remarks.

我現在想將電話轉回給 Serge Saxonov，以聽取任何結束語。

Well, thank you, everyone, and have a good evening.

好的，謝謝大家，祝大家晚上愉快。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。