10X Genomics Inc (TXG) 2022 Q3 法說會逐字稿

Good evening, and thank you for attending today's 10x Genomics Third Quarter 2022 Earnings Conference Call. My name is Daniel, and I will be your moderator for today's call. (Operator Instructions). I would now like to pass the conference over to our host, Cassie Corneau, Head of Investor Relations and Strategic Finance. Cassie, please proceed.

晚上好，感謝您參加今天的 10x Genomics 2022 年第三季度收益電話會議。我的名字是丹尼爾，我將擔任今天電話會議的主持人。 （操作員說明）。我現在想將會議轉交給我們的主持人，投資者關係和戰略財務主管 Cassie Corneau。卡西，請繼續。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the third quarter ended September 30, 2022. If you have not received this news release or if you would like to be added to the company's distribution list, please send an e-mail to investors@10xgenomics.com. An archived webcast of this call will be available on the Investor tab of the company's website, 10xgenomics.com, for at least 45 days following this call.

謝謝大家，大家下午好。今天早些時候，10x Genomics 發布了截至 2022 年 9 月 30 日的第三季度財務業績。如果您尚未收到此新聞稿或希望被添加到公司的分發名單中，請發送電子郵件至 Investors@10xgenomics .com。本次電話會議後的至少 45 天內，將在公司網站 10xgenomics.com 的投資者選項卡上提供本次電話會議的存檔網絡廣播。

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. 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.

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。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. 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.

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 不時向美國證券交易委員會提交的文件和報告。 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。

Joining the call today are Serge Saxonov, our CEO and Co-Founder; and Justin McAnear, our Chief Financial Officer. With that, I will now turn the call over to Serge.

今天加入電話會議的是我們的首席執行官兼聯合創始人 Serge Saxonov；和我們的首席財務官 Justin McAnear。有了這個，我現在將把電話轉給 Serge。

Thanks, Cassie. Good afternoon, and thank you for joining us. Today, I will start with a brief overview of our performance during the third quarter. Next, I will discuss our progress, momentum and the exciting opportunities we have ahead in each of our 3 platforms. I'll touch on what we're seeing in the market from a commercial perspective and then hand the call over to Justin for a more detailed look at our financials, business trends and outlook as we get ready to close out the year.

謝謝，卡西。下午好，感謝您加入我們。今天，我將首先簡要概述我們在第三季度的表現。接下來，我將討論我們在 3 個平台中的每一個平台的進展、動力和令人興奮的機會。我將從商業角度談談我們在市場上看到的情況，然後將電話轉交給賈斯汀，以便在我們準備結束這一年時更詳細地了解我們的財務、業務趨勢和前景。

Revenue for the third quarter was $131 million, up 5% year-over-year and 14% sequentially. Our sequential results were driven by a recovery outside of the U.S. and strong growth in instrument sales, fueled by Visium CytAssist in its first full quarter since launch. Let me share more about our recent progress and pipeline in each of our 3 platforms, starting with Chromium, the unambiguous leader in single cell analysis.

第三季度收入為 1.31 億美元，同比增長 5%，環比增長 14%。我們的連續業績受到美國以外地區的複蘇和儀器銷售強勁增長的推動，這得益於 Visium CytAssist 自推出以來的第一個完整季度。讓我分享更多關於我們在 3 個平台中的每個平台的最新進展和管道，從 Chromium 開始，Chromium 是單細胞分析的明確領導者。

In Q3, we once again saw solid demand for Chromium X Series instruments among both new and existing customers. More than a year after the platform is launched, researchers continue to value the X Series for its expanded capabilities and exclusive menu, including access to the Fixed RNA Profiling Kit.

在第三季度，我們再次看到新老客戶對 Chromium X 系列儀器的強勁需求。該平台推出一年多後，研究人員繼續重視 X 系列的擴展功能和獨家菜單，包括使用固定 RNA 分析試劑盒。

Turning to consumables. We know the breadth of performance and ease of use of our assays is an important differentiator that creates real value for our customers. This quarter, we saw a continued shift towards our high-throughput kits which offer researchers the flexibility to analyze more samples or more cells at a size and scale previously considered unattainable.

轉向消耗品。我們知道，我們檢測的廣泛性能和易用性是為我們的客戶創造真正價值的重要差異化因素。本季度，我們看到了向高通量試劑盒的持續轉變，它為研究人員提供了分析更多樣本或更多細胞的靈活性，其大小和規模以前被認為是無法實現的。

While it's still early, we're really pleased with the initial adoption of positive feedback on both our Nuclei Isolation Kit and our Fixed RNA Profiling Kit. Both of these recent launches are a testament to how our continued integration around sample preparation and workflow simplification can open up more samples and more sample types for single cell analysis.

雖然現在還為時過早，但我們對我們的 Nuclei Isolation Kit 和 Fixed RNA Profiling Kit 最初採用的積極反饋感到非常高興。這兩項近期發布都證明了我們圍繞樣品製備和工作流程簡化的持續集成如何為單細胞分析開闢更多樣品和更多樣品類型。

The Nuclei Isolation Kit with a simple and scalable workflow helps researchers extract clean nuclei from their samples. It opens up new possibilities for customers working with frozen tissues and other previously challenging sample types. We're excited by the initial uptake and traction we're seeing for this product, particularly among multiome users.

Nuclei Isolation Kit 具有簡單且可擴展的工作流程，可幫助研究人員從樣本中提取乾淨的細胞核。它為使用冷凍組織和其他以前具有挑戰性的樣本類型的客戶開闢了新的可能性。我們對該產品的初步接受和牽引力感到興奮，特別是在多組用戶中。

In addition, there's increasing enthusiasm for our Fixed RNA Profiling Kit, which addresses a critical need for many of our customers and helps expand the potential of single cell analysis and larger-scale multi-site studies and translational research. This product has a number of breakthrough capabilities.

此外，人們對我們的固定 RNA 分析試劑盒的熱情越來越高，它滿足了我們許多客戶的迫切需求，並有助於擴大單細胞分析和更大規模的多站點研究和轉化研究的潛力。該產品具有多項突破能力。

It enables researchers to lock in cell states at the point of sample collection, removing time and transfer constraints typically associated with single cell workflows due to the need to work with live tissues. It also unlocks FFPE preserved samples for single cell analysis and new-to-world capabilities that opens up large volumes of archival tissues.

它使研究人員能夠在樣本採集點鎖定細胞狀態，消除通常與單細胞工作流程相關的時間和轉移限制，因為需要使用活組織。它還解鎖了用於單細胞分析的 FFPE 保存樣本和打開大量檔案組織的新功能。

This kit includes built-in multiplexing to enable parallel processing in multiple samples with an easy workflow and at a lower price per sample. And it is both our highest sensitivity and most sequencing efficient assay yet. Together, these features make it an incredibly powerful product. Our customers are starting to experience this first hand as they continue their pilot studies and benchmark against our flagship gene expression assays.

該套件包括內置的多路復用功能，可通過簡單的工作流程以較低的每個樣品價格對多個樣品進行並行處理。它是我們迄今為止靈敏度最高、測序效率最高的檢測方法。總之，這些功能使它成為一個非常強大的產品。我們的客戶在繼續他們的試點研究並以我們的旗艦基因表達檢測為基準時，開始親身體驗這一點。

This process takes time, as we knew it would. And there's work to be done to further educate a new pool of researchers on how they, too, can get so much out of this product's capabilities and expand single cell analysis to previously inaccessible sample types and research questions.

正如我們所知，這個過程需要時間。還有工作要做，以進一步教育新的研究人員庫，了解他們如何也可以充分利用該產品的功能，並將單細胞分析擴展到以前無法訪問的樣本類型和研究問題。

While it's still early, the word from customers so far has been very positive, including comments that this is the best product we've ever launched. Given this exceptional feedback, we believe the Fixed RNA Profiling Kit has the potential to be truly transformative to the Chromium franchise over the long term.

雖然現在還為時過早，但到目前為止，客戶的評價非常積極，包括評論說這是我們推出的最好的產品。鑑於這種特殊的反饋，我們相信固定 RNA 分析試劑盒有可能在長期內真正改變 Chromium 特許經營權。

We're also preparing for the introduction of our new Barcode Enabled Antigen Mapping product known as BEAM. We're on track to begin taking preorders for both BEAM-Ab and BEAM-T later this month as planned. This offering, which is built on top of our Immune Profiling assay, will enable researchers to analyze up to millions of B or T cells to determine their antigen binding at high plex and high resolution.

我們還準備推出我們稱為 BEAM 的新的啟用條形碼的抗原映射產品。我們有望按計劃在本月晚些時候開始接受 BEAM-Ab 和 BEAM-T 的預訂。該產品建立在我們的免疫分析分析之上，將使研究人員能夠分析多達數百萬個 B 或 T 細胞，以確定它們在高倍數和高分辨率下的抗原結合。

Precisely because of this scale, throughput and resolution, we believe BEAM can revolutionize the process of antibody and T cell discovery and help researchers quickly translate the power of natural immune response into new therapeutics. We believe this product will be particularly relevant to our pharma and biotech customers.

正是由於這種規模、通量和分辨率，我們相信 BEAM 可以徹底改變抗體和 T 細胞發現的過程，並幫助研究人員快速將自然免疫反應的力量轉化為新的治療方法。我們相信該產品將與我們的製藥和生物技術客戶特別相關。

Now I'd like to share more about Visium, the leading platform for unbiased spatial discovery. While it's still early in the Visium life cycle, we're proud of our Q3 progress and we're pleased with the initial momentum we're seeing with CytAssist.

現在我想分享更多關於 Visium 的信息，這是一個無偏見的空間發現的領先平台。雖然它仍處於 Visium 生命週期的早期階段，但我們為第三季度的進展感到自豪，我們對 CytAssist 看到的最初勢頭感到高興。

CytAssist, our first spatial instrument, was designed to solve the key challenges our customers have faced with the Visium workflow. We believe the ease of use, overall experience and performance of CytAssist will enable more routine use of the Visium platform.

CytAssist 是我們的第一款空間儀器，旨在解決客戶在 Visium 工作流程中面臨的主要挑戰。我們相信 CytAssist 的易用性、整體體驗和性能將使 Visium 平台的日常使用成為可能。

In addition, CytAssist will open up the archives of tissue sections previously stored on standard glass slides, significantly expanding the number of samples that can be run on Visium. Again, it's early, but we are encouraged by the positive feedback we've heard so far from customers who have completed their initial runs.

此外，CytAssist 將打開以前存儲在標準載玻片上的組織切片檔案，顯著增加可在 Visium 上運行的樣本數量。同樣，現在還為時過早，但到目前為止，我們從已完成初始運行的客戶那裡聽到的積極反饋令我們感到鼓舞。

And with the exclusive launch of Visium FFPE version 2 on CytAssist, we saw FFPE continue its growth trajectory, outpacing fresh frozen in sales. This new version helps researchers take full advantage of CytAssist's ease-of-use and achieve higher performance, thanks to a better, more reliable workflow and the added flexibility of larger capture areas.

隨著在 CytAssist 上獨家推出 Visium FFPE 第 2 版，我們看到 FFPE 繼續其增長軌跡，超過了新的凍結銷售額。這個新版本有助於研究人員充分利用 CytAssist 的易用性並獲得更高的性能，這要歸功於更好、更可靠的工作流程和更大的捕獲區域增加的靈活性。

We finished Q3 with confidence in our leadership in spatial biology, driven by both new customer adoption and record reorders from existing customers. Visium has now been cited in more than 365 papers and preprints, demonstrating the growing traction we're seeing with researchers worldwide as they increasingly turn to Visium to uncover new biological discoveries.

在新客戶的採用和現有客戶創紀錄的重新訂購的推動下，我們對我們在空間生物學領域的領導地位充滿信心，從而完成了第三季度。 Visium 現在已在超過 365 篇論文和預印本中被引用，這表明隨著全球研究人員越來越多地轉向 Visium 來發現新的生物學發現，我們看到的吸引力越來越大。

Last month, we took time to celebrate a few of these key discoveries at our second annual Spatial Biology Symposium. We had an enthusiastic crowd on hand as we brought together leading researchers and pioneers in the field to discuss the future of spatial biology and to share more about Xenium, our upcoming platform for in situ analysis.

上個月，我們在第二屆年度空間生物學研討會上花時間慶祝了其中一些重要發現。當我們召集該領域的領先研究人員和先驅者討論空間生物學的未來並分享更多關於 Xenium（我們即將推出的原位分析平台）的信息時，我們手頭有一群熱情的人。

We continue to make great progress on the Xenium platform and expect to begin shipping by the end of the year as planned. As we get closer to launch, more and more customers have seen Xenium data, and we recently made data broadly available on our website for the first time. We've been really pleased with the initial customer reviews, and it's clear that the advantages of our platforms are resonating well.

我們繼續在 Xenium 平台上取得巨大進展，預計將按計劃在年底前開始發貨。隨著我們接近發布，越來越多的客戶看到了 Xenium 數據，我們最近首次在我們的網站上廣泛提供數據。我們對最初的客戶評論非常滿意，很明顯我們平台的優勢正在引起共鳴。

Customers have been impressed with the key capabilities inherent in how we designed the system, both for launch and longer term, backed by a robust pipeline innovation track record. Ahead of launch, the platform's advantages and sensitivity and specificity and throughput have emerged consistently in our conversations.

客戶對我們設計系統所固有的關鍵功能印象深刻，無論是發布還是長期，都得到了強大的管道創新記錄的支持。在發布之前，該平台的優勢、敏感性、特異性和吞吐量一直在我們的談話中出現。

In addition, our gene panel strategy, based on the extensive input from customers, is increasingly validated in the field. Our approach combines a growing menu of focused panels targeted to tissue type and application with the capability to add in large numbers of custom genes. Coupled with Xenium's high sensitivity and specificity, we believe this approach will best enable customers to answer their specific research questions.

此外，我們基於客戶廣泛投入的基因面板策略在該領域得到越來越多的驗證。我們的方法結合了針對組織類型和應用的不斷增長的集中面板菜單，以及添加大量定制基因的能力。再加上 Xenium 的高靈敏度和特異性，我們相信這種方法將最好地幫助客戶回答他們的具體研究問題。

Importantly, Xenium is designed to leave the tissue morphology intact, a differentiator that's resonating well with customers. This will enable additional insights from the same tissue section post-run through H&E or IF staining, so researchers can look at correspondences between the molecular data and the morphological images.

重要的是，Xenium 旨在保持組織形態完整，這是一種與客戶產生良好共鳴的差異化因素。這將使通過 H&E 或 IF 染色從同一組織切片運行後獲得更多見解，因此研究人員可以查看分子數據和形態圖像之間的對應關係。

It's also becoming clear to researchers that Xenium's ability to rapidly process substantial numbers of samples will help them use the system routinely and get their answers faster. We enabled routine use in 2 key ways: First, we believe from launch, Xenium will have the highest throughput of any in situ instrument in its class. Researchers will be able to use the instrument to analyze the most tissue area of single molecule resolution in the least amount of time.

研究人員也越來越清楚，Xenium 快速處理大量樣本的能力將幫助他們日常使用該系統並更快地獲得答案。我們通過兩種關鍵方式實現了日常使用：首先，我們相信從發布之日起，Xenium 將擁有同類產品中任何原位儀器中最高的吞吐量。研究人員將能夠使用該儀器在最短的時間內分析單分子分辨率的最大組織區域。

Second, Xenium builds on our track record of software leadership to shorten the path from instrument to insight. We will know the complexity and size of data needed for in situ analysis is enormous. Yet these are precisely the kind of hard problems we built 10x to address.

其次，Xenium 建立在我們在軟件領域的領先記錄的基礎上，縮短了從儀器到洞察力的路徑。我們將知道原位分析所需的數據的複雜性和規模是巨大的。然而，這些正是我們構建 10 倍來解決的難題。

Xenium will offer an on-instrument primary and secondary data analysis, including cell segmentation in parallel with instrument run. It will process data in slide so that it can be quickly and easily transferred to all the instruments for further analysis and interactive visualization using our new Xenium Explorer desktop application.

Xenium 將提供儀器上的主要和次要數據分析，包括與儀器運行並行的細胞分割。它將處理幻燈片中的數據，以便使用我們新的 Xenium Explorer 桌面應用程序將其快速輕鬆地傳輸到所有儀器以進行進一步分析和交互式可視化。

This project greatly reduces the complication of burden on the customer. It is yet another example of how we bring together our multidisciplinary expertise, R&D capabilities and relentless customer focus to solve hard challenges and develop solutions that just work. Together, this unique combination of performance advantages gives us full confidence in Xenium's differentiated position, both at launch and as we look ahead at our comprehensive long-term road map for the platform.

該項目大大降低了客戶負擔的複雜性。這是我們如何將我們的多學科專業知識、研發能力和不懈的客戶關注結合起來以解決艱鉅的挑戰並開發行之有效的解決方案的又一個例子。總之，這種獨特的性能優勢組合讓我們對 Xenium 的差異化地位充滿信心，無論是在發佈時還是在我們展望我們全面的平台長期路線圖時。

We've often said that we believe having all 3 technological approaches, Chromium, Visium, Xenium, together will create real value and impact for the research community. Last month, we published a preprint on bioRxiv that demonstrates this. The preprint explores the power of our combined technologies to reveal biological insights not attainable using any one technology or method alone.

我們經常說，我們相信將 Chromium、Visium、Xenium 這三種技術方法結合在一起將為研究界創造真正的價值和影響。上個月，我們在 bioRxiv 上發布了一個預印本，證明了這一點。預印本探索了我們組合技術的力量，以揭示僅使用任何一種技術或方法無法獲得的生物學見解。

More specifically, we show the unique insights that can be gained when analyzing human breast cancer FFPE tissue using Chromium's Fixed RNA Profiling, Visium CytAssist and Xenium Analyzer, which DeciBio deemed as study trifecta. This is precisely the kind of work our customers have been looking to do. It shows how they can get answers to the exact questions they've been [trying] to ask.

更具體地說，我們展示了在使用 Chromium 的固定 RNA 分析、Visium CytAssist 和 Xenium Analyzer 分析人類乳腺癌 FFPE 組織時可以獲得的獨特見解，DeciBio 將其視為研究三重奏。這正是我們的客戶一直希望做的工作。它顯示了他們如何獲得他們一直 [試圖] 提出的確切問題的答案。

The preprint showcases the strikingly powerful Xenium data representative of what customers can expect at launch. It also demonstrates how the high resolution and sensitivity of our combined technologies can uncover additional molecular detail not identified with existing tools. And that's the thing that's really powerful here. What Xenium revealed could have changed how this cancer was classified and perhaps even how the patient was diagnosed and treated.

預印本展示了強大的 Xenium 數據，代表了客戶在發佈時的預期。它還展示了我們組合技術的高分辨率和靈敏度如何能夠發現現有工具無法識別的其他分子細節。這就是這裡真正強大的東西。 Xenium 所揭示的可能改變了這種癌症的分類方式，甚至可能改變了患者的診斷和治療方式。

This is one of the main examples showing the long-term clinical potential of our technology. Across our 3 platforms, 2022 is on track to be the most ambitious and exciting year of product launches in our history. We built 10x to be an innovation engine. We see our team's ability to rapidly build breakthrough products as a core competitive advantage.

這是顯示我們技術的長期臨床潛力的主要例子之一。在我們的 3 個平台上，2022 年有望成為我們歷史上最雄心勃勃、最激動人心的產品發布年。我們將 10x 打造成為創新引擎。我們將團隊快速構建突破性產品的能力視為核心競爭優勢。

Our team has already delivered several major new products this year, and we're looking forward to capping off 2022 with the launches of BEAM and Xenium. And yet, we're still just getting started. That's never been more clear than when we're spending time with customers, as I've personally been doing in recent months.

我們的團隊今年已經交付了幾款主要的新產品，我們期待著在 2022 年推出 BEAM 和 Xenium。然而，我們才剛剛開始。正如我個人最近幾個月一直在做的那樣，當我們與客戶共度時光時，這一點從未如此清晰。

The enthusiasm for our technologies is palpable. It's incredibly energizing to hear all of the exciting things researchers worldwide are planning with our products. And it was particularly validating to have the head of a leading cancer center [allocate] to me that Xenium is the future of clinical diagnostics and that every biopsy will one day need to be analyzed on our platform.

對我們技術的熱情是顯而易見的。聽到世界各地的研究人員正在用我們的產品計劃的所有令人興奮的事情，真是令人振奮。讓一家領先的癌症中心的負責人 [分配] 給我，Xenium 是臨床診斷的未來，而且有一天每一次活檢都需要在我們的平台上進行分析，這一點尤其有效。

We continue to see increasing evidence that single cell and spatial methods will ultimately become the standard for a large fraction of life science research. One notable example is the recent formation of the NIH BRAIN Initiative, a new global collaboration formed through $500 million in funding. This [popular] effort led by the Allen Institute will map out the first comprehensive cell atlas of the human brain.

我們繼續看到越來越多的證據表明，單細胞和空間方法最終將成為大部分生命科學研究的標準。一個值得注意的例子是最近成立的 NIH BRAIN Initiative，這是一項通過 5 億美元資金形成的新的全球合作。艾倫研究所領導的這項[受歡迎的]工作將繪製出第一個全面的人腦細胞圖譜。

September's edition of Nature Medicine features another example, a joint article we published with Parker Institute for Cancer Immunotherapy and other leaders from academia and industry. That article outlined the road map of single cell and spatial tools to accelerate the development of cell therapies.

9 月版的《自然醫學》以另一個例子為特色，我們與帕剋癌症免疫療法研究所以及學術界和工業界的其他領導者共同發表了一篇文章。那篇文章概述了單細胞和空間工具的路線圖，以加速細胞療法的發展。

Examples like these further strengthen my conviction in the endpoint. We firmly believe that in the future, just about all tissue samples, whether for basic research or for clinical diagnostics, will need to be analyzed on single cell resolution with spatial context and at scale. Our goal, shared by the scientific and clinical community, is to bring this future forward.

像這樣的例子進一步加強了我對終點的信念。我們堅信，在未來，幾乎所有的組織樣本，無論是用於基礎研究還是臨床診斷，都需要在具有空間背景和規模的單細胞分辨率上進行分析。科學界和臨床界的共同目標是推動這一未來發展。

We are working to put the commercial systems and infrastructure in place to deliver this future and scale for the next levels of growth and impact. We're implementing better tools and better processes, so we can be a better partner for a broader base of researchers. We're working rapidly with a solid starting point and a passionate team. This is a top priority for us, and we're excited about how things are shaping up.

我們正在努力將商業系統和基礎設施部署到位，以實現這一未來並擴大規模以實現更高水平的增長和影響。我們正在實施更好的工具和更好的流程，因此我們可以成為更廣泛的研究人員的更好合作夥伴。我們正以堅實的起點和充滿激情的團隊迅速開展工作。這是我們的首要任務，我們對事情的發展方式感到興奮。

I continue to have full confidence in both our vision and our approach to achieving that vision. Our fundamentals are incredibly strong. We're navigating a dynamic and uncertain environment right now, yet we're doing so from a solid foundation. Our team is staying fully focused on driving executional excellence and building on the strengths that have always differentiated us.

我繼續對我們的願景和實現這一願景的方法充滿信心。我們的基本面非常強大。我們現在正處於一個動態和不確定的環境中，但我們是在堅實的基礎上這樣做的。我們的團隊始終專注於推動卓越執行，並利用始終使我們與眾不同的優勢。

First, driving our innovation engine and delivering on our R&D road map. Second, providing a superior customer experience. And finally, investing in the long term with both discipline and focus. The scope of our ambitions requires us to take the long view, which is what we've always done since the earlier days of the company.

首先，推動我們的創新引擎並實現我們的研發路線圖。其次，提供卓越的客戶體驗。最後，以紀律和重點進行長期投資。我們的雄心壯志要求我們放眼長遠，這是我們自公司成立初期以來一直在做的事情。

We firmly believe our team's relentless pursuit of our mission and our behavior and commitment to our customers will put 10x in the best position to get absolutely everything out of the incredible opportunity we have. With that, let me turn it over to Justin for more details on our financials.

我們堅信，我們團隊對我們使命的不懈追求以及我們對客戶的行為和承諾將使 10x 處於最佳位置，從我們擁有的難以置信的機會中獲得絕對的一切。有了這個，讓我把它交給賈斯汀，了解更多關於我們財務的細節。

Thank you, Serge. Total revenue for the 3 months ended September 30, 2022, was $131.1 million compared to $125.3 million for the prior year period, increasing 5% year-over-year, primarily driven by higher volume of units sold and growth due to new customers, partially offset by unfavorable foreign exchange fluctuations.

謝謝你，塞爾吉。截至 2022 年 9 月 30 日止 3 個月的總收入為 1.311 億美元，而去年同期為 1.253 億美元，同比增長 5%，主要是由於銷量增加和新客戶帶來的增長，部分原因是被不利的外匯波動所抵消。

Quarter-over-quarter, revenue increased 14%, consistent with the expectations that we shared on our August earnings call. Consumables revenue was $108.1 million, increasing 2% over the prior year period and up 10% from the second quarter of this year.

收入環比增長 14%，與我們在 8 月財報電話會議上分享的預期一致。消耗品收入為 1.081 億美元，比去年同期增長 2%，比今年第二季度增長 10%。

Instrument revenue was $20.9 million, increasing 22% from the prior year period and up 42% from the second quarter of this year. The increase in the instrument revenue was mainly driven by CytAssist sales, with over 100 placements in its first full quarter of launch. Service revenue was $2.1 million, flat year-over-year.

儀器收入為 2090 萬美元，比去年同期增長 22%，比今年第二季度增長 42%。儀器收入的增長主要受 CytAssist 銷售的推動，在推出的第一個完整季度有超過 100 個展示位置。服務收入為 210 萬美元，同比持平。

Looking at our regional results. Revenue for the Americas was $77.6 million, increasing 10% over the prior year period. EMEA revenue for the third quarter was $27.9 million, increasing 8% over the prior year period. Finally, APAC revenue for the third quarter was down -- was $25.6 million, decreasing 13% from the prior year period.

查看我們的區域結果。美洲的收入為 7760 萬美元，比去年同期增長 10%。第三季度歐洲、中東和非洲地區的收入為 2790 萬美元，比去年同期增長 8%。最後，第三季度亞太地區收入下降——為 2560 萬美元，比去年同期下降 13%。

While APAC revenue decreased year-over-year, it was the largest contributor to the quarter-over-quarter increase, with regional revenue increasing 41% over Q2. As expected, this was driven by increased activity levels in China. The results are encouraging, but rolling lockdowns, travel restrictions and other disruptions are ongoing and may continue to have adverse impacts.

雖然亞太地區的收入同比下降，但它是環比增長的最大貢獻者，區域收入比第二季度增長了 41%。正如預期的那樣，這是由中國活動水平的增加推動的。結果令人鼓舞，但滾動封鎖、旅行限制和其他干擾仍在繼續，並可能繼續產生不利影響。

Turning to the rest of the income statement. Gross profit for the third quarter was $100.7 million compared to a gross profit of $100.8 million for the prior year period. Gross margin for the third quarter was 77% compared to 80% in the prior year period. The decline in gross margin was primarily driven by changes in product mix due to newly introduced products and increased manufacturing and supply chain costs.

轉向損益表的其餘部分。第三季度的毛利潤為 1.007 億美元，而去年同期的毛利潤為 1.008 億美元。第三季度的毛利率為 77%，而去年同期為 80%。毛利率的下降主要是由於新推出的產品以及製造和供應鏈成本增加導致的產品結構變化。

Total operating expenses for the third quarter were $140.7 million, an increase of 21% from $116.7 million for the third quarter of 2021. The increase in operating expenses was primarily driven by higher personnel expenses, including stock-based compensation; and restructuring costs; increased research and development expenses and infrastructure costs; partially offset by a decrease in marketing expenses.

第三季度的總運營費用為 1.407 億美元，比 2021 年第三季度的 1.167 億美元增長 21%。運營費用的增加主要是由於人事費用增加，包括股票薪酬；和重組成本；增加研發費用和基礎設施成本；部分被營銷費用的減少所抵消。

R&D expenses for the third quarter were $67.3 million, including $1.4 million of onetime restructuring expenses compared to $54.6 million for the third quarter of 2021. SG&A expenses for the third quarter were $73.4 million, including $2.5 million of onetime restructuring expenses compared to $62.1 million for the third quarter of 2021.

第三季度的研發費用為 6730 萬美元，包括 140 萬美元的一次性重組費用，而 2021 年第三季度為 5460 萬美元。第三季度的 SG&A 費用為 7340 萬美元，其中包括 250 萬美元的一次性重組費用，而 2021 年為 6210 萬美元2021年第三季度。

Operating loss for the third quarter was $40 million compared to a loss of $15.9 million for the third quarter of 2021, primarily due to the impact of increased personnel-related expenses. This includes $33.5 million of stock-based compensation for the third quarter of 2022 compared to $26 million for the third quarter of 2021.

第三季度的營業虧損為 4000 萬美元，而 2021 年第三季度的虧損為 1590 萬美元，主要是由於人事相關費用增加的影響。這包括 2022 年第三季度 3350 萬美元的股票薪酬，而 2021 年第三季度為 2600 萬美元。

Net loss for the period was $41.9 million compared to a net loss of $17.2 million for the third quarter of 2021. We ended the quarter with $452 million in cash and cash equivalents and marketable securities, net of restricted cash. As anticipated, in Q3, we had elevated levels of capital expenditures as we continued the build-out of our operations facility in Pleasanton.

該期間的淨虧損為 4190 萬美元，而 2021 年第三季度的淨虧損為 1720 萬美元。本季度結束時，我們的現金和現金等價物以及有價證券（扣除受限現金）為 4.52 億美元。正如預期的那樣，在第三季度，隨著我們繼續擴建我們在普萊森頓的運營設施，我們的資本支出水平有所提高。

In the next 12 months, we expect of capital expenditures, mostly front-loaded into the next 2 quarters, with over 2/3 of that going to fund the facility construction. Our goal remains to be cash flow positive by the end of 2023.

在接下來的 12 個月中，我們預計資本支出將主要用於未來 2 個季度，其中超過 2/3 將用於為設施建設提供資金。我們的目標仍然是到 2023 年底實現正現金流。

Now turning to our revenue outlook for 2022. We continue to expect our full year 2022 revenue to be in the range of $500 million to $520 million. While this is a wider range than we've typically carried going into year-end, it reflects the uncertainty in the macro environment.

現在轉向我們對 2022 年的收入展望。我們繼續預計我們 2022 年的全年收入將在 5 億美元至 5.2 億美元之間。雖然這比我們通常進入年底的範圍更廣，但它反映了宏觀環境的不確定性。

With regards to our gross margin, we expect our existing products' gross margin to be relatively flat in Q4. And the overall company gross margin will depend upon how many Xenium instruments are sold. While we expect Xenium consumables to carry a gross margin that is more comparable to our existing products, the instrument is a lower gross margin product, and its mix will have an outsized impact on the overall company margin, especially for the initial placements.

關於我們的毛利率，我們預計我們現有產品的毛利率在第四季度將相對持平。公司的整體毛利率將取決於售出多少 Xenium 儀器。雖然我們預計 Xenium 消耗品的毛利率與我們現有產品的毛利率更接近，但該儀器是毛利率較低的產品，其組合將對公司整體利潤率產生巨大影響，尤其是對於初始配售。

Overall, despite the lingering headwinds, we remain confident in the opportunity in front of us and in our mission to advance science forward. In line with prior years, we look forward to providing our outlook for 2023 on our year-end earnings call in February. At this point, I'll turn it back to Serge.

總體而言，儘管逆風揮之不去，但我們仍然對擺在我們面前的機會以及推動科學向前發展的使命充滿信心。與往年一樣，我們期待在 2 月份的年終收益電話會議上提供 2023 年的展望。在這一點上，我會把它轉回給 Serge。

Thanks, Justin. There is a lot to look forward to as we close out the year, launching Xenium and BEAM, driving towards commercial excellence and hosting our first Investor Day on December 8. This is the first time since the IPO that we'll work through in detail what makes the next 10x.

謝謝，賈斯汀。在我們結束這一年之際，有很多值得期待的事情，推出 Xenium 和 BEAM，推動商業卓越，並在 12 月 8 日舉辦我們的第一個投資者日。這是自 IPO 以來我們將首次詳細討論是什麼讓下一個 10 倍。

We look forward to engaging and educating the investor community on how our growth portfolio of leading technologies is fueling scientific discovery and the opportunity ahead. I will also share more about our plans from a commercial perspective to deliver on our next phase of growth.

我們期待著讓投資者社區了解我們的領先技術增長組合如何推動科學發現和未來的機會。我還將從商業角度更多地分享我們的計劃，以實現我們下一階段的增長。

And we'll highlight the strengths that continue to differentiate us, from our innovation engine and IP position to our manufacturing scale and software expertise, to our incredibly talented multidisciplinary team. You've heard me say it's the people of 10x who make the magic happen.

我們將強調繼續使我們與眾不同的優勢，從我們的創新引擎和知識產權地位到我們的製造規模和軟件專業知識，再到我們才華橫溢的多學科團隊。你聽說過我說是 10x 的人創造了奇蹟。

I'm so proud of and grateful for them. Our team are working tirelessly across all fronts for a strong close to the year. Their passion for our mission and commitment to our customers is truly inspiring. I want to thank our team for all they do every day to push 10x and science forward. With that, we will now open it up for questions. Operator?

我為他們感到驕傲和感激。我們的團隊正在各個方面不知疲倦地工作，以期在今年年底取得強勁的成績。他們對我們使命的熱情和對客戶的承諾確實令人鼓舞。我要感謝我們的團隊每天為推動 10 倍和科學進步所做的一切。有了這個，我們現在將打開它來提問。操作員？

(Operator Instructions) The first question comes from the line of Edmund Tu of Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Edmund Tu。

This is actually Tejas on. So maybe 2 -- can you hear me?

這實際上是光輝。所以也許 2 -- 你能聽到我的聲音嗎？

Yes.

是的。

Yes. So first one on Xenium for me here. Can you just talk to the customer traction you're seeing post AGBT in terms of qualitative color on the preorders and how those stand versus 3 months ago?

是的。所以我在這裡第一個關於 Xenium 的內容。您能否談談您在 AGBT 之後看到的客戶吸引力，即預購的定性顏色以及與 3 個月前相比的情況？

And Serge, if you can just comment on your manufacturing readiness at this stage and also the possibility of bundled selling. I know you highlighted the breast cancer preprint here. But is that sort of a prelude to making a bigger push via a bundled approach next year when all 3 platforms are live?

還有 Serge，如果你能評論一下你在這個階段的製造準備情況以及捆綁銷售的可能性。我知道你在這裡強調了乳腺癌預印本。但是，當所有 3 個平台都上線時，這是否是明年通過捆綁方式進行更大推動的前奏？

Yes, good question, Tejas. So yes, starting with the first one, we have seen an increasing interest and traction as we kind of exited the AGBT, and we've been proceeding through the past several months. A lot of it is actually driven by sort of the data that customers have been seeing and which was punctuated by the release of our preprint data release that we talked about on the call.

是的，好問題，光輝。所以是的，從第一個開始，隨著我們退出 AGBT，我們看到了越來越多的興趣和牽引力，而且我們在過去的幾個月裡一直在進行。其中很多實際上是由客戶已經看到的數據驅動的，並且我們在電話會議上談到了我們發布的預印本數據版本的發布。

And so we've seen sort of this acceleration of interest, and demand has been building up quite -- on a really, really good trajectory as we're heading towards the end of the year as we're looking toward next year. So definitely, a lot of interest, a lot of strong demand. People are resonating with the data that they're seeing and the qualities of the platform.

因此，我們已經看到了這種興趣的加速，並且需求一直在增加——在一個非常非常好的軌跡上，因為我們正朝著年底的方向前進，因為我們正在展望明年。所以肯定，很多興趣，很多強烈的需求。人們對他們看到的數據和平台的質量產生了共鳴。

As far as manufacturing readiness, so it's certainly something that we're aware of, getting close to launch and also looking into next year. So this is a complicated instrument. It's also a complicated environment from supply chain and logistics side of things.

就製造準備情況而言，這肯定是我們所知道的，即將推出，並且也在考慮明年。所以這是一個複雜的工具。從供應鍊和物流方面來看，這也是一個複雜的環境。

So we're certainly working hard to get ahead of all of this, especially as we're looking to next year and the amount of demand that we're seeing now for next year. There's more work to do, but we're feeling good where we stand right now.

因此，我們當然正在努力超越所有這一切，尤其是在我們展望明年以及我們現在看到的明年需求量的情況下。還有更多工作要做，但我們現在感覺很好。

And as far as bundling is concerned, we've actually seen quite a bit of interest from customers already on that account. And we've had our sales team work on that as a value proposition. In fact, we have seen now multiple sales come through as bundles where customers are coming in and buying all 3 platforms: Chromium X, CytAssist and Xenium together.

就捆綁銷售而言，我們實際上已經看到客戶已經對該帳戶產生了相當大的興趣。我們已經讓我們的銷售團隊將其作為價值主張進行工作。事實上，我們現在已經看到多個銷售以捆綁銷售的形式出現，客戶進來併購買所有 3 個平台：Chromium X、CytAssist 和 Xenium。

And we definitely see that as certainly something that we're seeing from the customers' side. And we are happy to promote that through our commercial efforts as well. And I think that sets us well for next year as well.

我們絕對認為這是我們從客戶方面看到的東西。我們也很高興通過我們的商業努力來促進這一點。我認為這也為我們明年做好了準備。

Got it. That's helpful. And I'll follow up quickly here on the geographic trends that you're seeing. And perhaps, Justin, you can chime in as well. How has Europe been trending for you in the last 6 weeks or so in terms of instrument placements, consumables as well as any signs of decision time lines elongating? And similarly, on China, can you just comment on access to academic labs and service providers here on a sequential basis?

知道了。這很有幫助。我將在這裡快速跟進您所看到的地理趨勢。也許，賈斯汀，你也可以插話。在過去 6 週左右的時間裡，歐洲在儀器放置、消耗品以及任何決策時間線延長的跡象方面對您來說如何？同樣，關於中國，您能否就按順序訪問這裡的學術實驗室和服務提供商發表評論？

Tejas, this is Justin. I'll take that one. As far as any recent trends in Europe, I would say the biggest impact that we've seen is just the currency issues, no new trends to call out and no comments on incremental trends over the last 6 weeks. Currency impact for us overall year-over-year, when looking at Q3, about a few million dollar impact year-over-year when we look at the rates that the transactions were translated in for this year compared to last year.

光輝，這是賈斯汀。我會拿那個。就歐洲最近的任何趨勢而言，我想說我們看到的最大影響只是貨幣問題，沒有新的趨勢需要指出，也沒有對過去 6 週的增量趨勢發表評論。與去年同期相比，當我們查看今年交易的折算率與去年相比時，當我們查看第三季度時，貨幣對我們的整體影響同比約為幾百萬美元。

In China, there hasn't been any notable new trends that we've seen. I would say that it's in line with what we shared last quarter around rolling lockdowns and travel restrictions, but just still not back to 100% and just some uncertainty there overall on what the coming...

在中國，我們還沒有看到任何值得注意的新趨勢。我想說這與我們上個季度圍繞滾動封鎖和旅行限制分享的內容一致，但仍然沒有恢復到 100%，而且總體上還有一些不確定性……

The next question comes from the line of Dan Arias of Stifel.

下一個問題來自 Stifel 的 Dan Arias。

Justin, on Chromium, how are you thinking about the way that you finished the year on pull through? It sounds like activity is picking up a little bit. So should we expect second half annualized averages to be higher than the first half? And do you think you might see some sequential improvement to finish the year in 4Q over 3Q?

賈斯汀，關於 Chromium，你如何看待你完成這一年的方式？聽起來活動正在增加一點。那麼我們是否應該期望下半年的年化平均值高於上半年呢？你認為你可能會看到一些連續的改善，以在第四季度結束這一年而不是第三季度？

So as far as how we're thinking about the end of the year, we shared before that we haven't seen anything that would say that Q4 would exhibit a different kind of seasonality than we've seen in the past. And we don't think so much in terms of pull-through, more in terms of just what the overall consumable revenue is going to be. And if you look at last year, it was about a 15% increase from Q3 to Q4.

因此，就我們對今年年底的看法而言，我們之前分享過，我們還沒有看到任何可以說第四季度會表現出與過去不同的季節性。而且我們在拉動方面考慮的不多，更多的是考慮整體消費品收入。如果你看看去年，從第三季度到第四季度增長了大約 15%。

And then thinking about this year, if you were to go to the midpoint of our range and you were to assume that the instrument revenue was pretty similar to Q3, maybe a little bit more, you're looking at about a 15%, 17% increase to get from Q3 to Q4 at the midpoint of the range. And so yes, I would say that what we're looking at for the midpoint is similar to what we've seen in the past, and we haven't seen any indications that those past trends would be far off.

然後想想今年，如果你要達到我們範圍的中點，並且假設儀器收入與第三季度非常相似，可能會更多一點，你會看到大約 15%，17從第三季度到第四季度的增長百分比在該範圍的中點。所以是的，我會說我們正在尋找的中點與我們過去看到的相似，而且我們沒有看到任何跡象表明過去的趨勢會很遙遠。

Okay. Helpful. And then maybe on the spatial side, some questions in the marketplace on Visium HD and the extent to which that still fits fully into the plans for high-res spatial work. Can you just sort of update us on how important of a product that is to the portfolio? And then whether you think you might be able to put a time frame on product availability at this point?

好的。有幫助。然後可能是在空間方面，市場上關於 Visium HD 的一些問題以及它在多大程度上仍然完全符合高分辨率空間工作的計劃。您能否向我們介紹一下產品對產品組合的重要性？然後，您是否認為此時您可以為產品可用性設定一個時間框架？

Yes, I'll take that, Dan. Yes. So first of all, like definitely seeing a lot of interest from our customers around Visium HD. It's one of the -- one of those really exciting capabilities product that people are interested in. So within the company, we have a very strong commitment to that product -- that product line and the platform for sure.

是的，我會接受的，丹。是的。因此，首先，我們的客戶肯定對 Visium HD 產生了濃厚的興趣。它是人們感興趣的那些真正令人興奮的功能產品之一。因此，在公司內部，我們對該產品有著非常堅定的承諾——當然，該產品線和平台。

And the team is working hard on it as well. So we're not ready to give an update on the time line at this point, but we are absolutely committed to bringing it to market and those capabilities. We're excited and something we're driving too hard.

團隊也在為此努力。因此，我們目前還沒有準備好在時間表上提供更新，但我們絕對致力於將其推向市場和這些功能。我們很興奮，有些事情我們太努力了。

The next question comes from the line of Patrick Donnelly of Citi.

下一個問題來自花旗的 Patrick Donnelly。

Just a follow-up on Dan's question, Justin, on the 4Q side. Obviously, you talked about kind of a wider range of outcomes. I guess, with 2 months left here, how do you think about kind of the low end and high end, the key levers to kind of drive each? Obviously, I know it tends to be a little bit back-half-loaded in terms of some of the instrument placements. But maybe just talk about, I guess, the visibility and the macro impacts you talked about, kind of just the moving pieces there.

只是在 4Q 方面對丹的問題賈斯汀的後續行動。顯然，你談到了更廣泛的結果。我想，還有 2 個月的時間，你如何看待低端和高端，以及驅動它們的關鍵槓桿？顯然，我知道就某些樂器放置而言，它往往有點後半載。但也許只是談談，我猜，你談到的可見性和宏觀影響，只是那裡的移動部分。

So as far as just the weighting throughout the quarter goes, we are typically more weighted into the third month than the first 2. And so -- and sometimes even with Q4, that's even more so than some of the other quarters. I think the key variables for Q4, I think China is one. Like I said earlier, we're not back to 100% there. There is still this lingering level of disruption and some level of uncertainty as far as what that could turn into.

因此，就整個季度的權重而言，我們通常在第三個月的權重比前兩個月的權重更大。因此——有時甚至在第四季度，這甚至比其他一些季度更重要。我認為第四季度的關鍵變量，我認為中國就是其中之一。就像我之前說的，我們還沒有回到 100% 那裡。就這可能變成什麼而言，仍然存在這種揮之不去的破壞和某種程度的不確定性。

And as far as currency fluctuations, we've basically modeled parity for the euro. That's our biggest foreign currency denomination that we sell in. In 2021, about 17% of our revenue was in direct foreign currency, and it's the euro followed by the British pound. And so if the dollar strengthens even further, there could be additional impacts there as well. And so really what I see is APAC, in particular China, and Europe being the biggest variables as far as how Q4 will go.

就貨幣波動而言，我們基本上已經模擬了歐元的平價。這是我們銷售的最大外幣面額。2021 年，我們大約 17% 的收入是直接外幣，其次是歐元，其次是英鎊。因此，如果美元進一步走強，也可能會產生額外的影響。所以我真正看到的是亞太地區，特別是中國和歐洲，就第四季度的走勢而言，最大的變數是。

Okay. That's helpful. And then maybe just to take another step further, I know you don't want to talk to '23 just yet. But in terms of some of those moving pieces, when you think about high level kind of next year, the China uncertainty, maybe that lingers. Maybe just kind of talk about what moving pieces we should think about for the next year?

好的。這很有幫助。然後也許只是為了更進一步，我知道你現在還不想和 23 年談話。但就其中一些動人的因素而言，當你考慮明年的高水平時，中國的不確定性可能會揮之不去。也許只是談談我們應該為明年考慮哪些動人的部分？

Not trying to pin you to a growth rate by any means. You have seen new products come on. You mentioned Xenium, Visium HD, things like that. So maybe just talk again the moving pieces. And will we get a guidance at the Analyst Day? It'd also be helpful just to know what to expect there.

不要試圖以任何方式將您固定在增長率上。你已經看到了新產品的出現。您提到了 Xenium、Visium HD 之類的東西。所以也許只是再談談動人的部分。我們會在分析師日獲得指導嗎？知道那裡會發生什麼也很有幫助。

Well, when talking about 2023 -- thinking about 2023, it's not all uncertainty and downsides. There's a lot of upsides as well. So I think you hit on some of them, but it's going to be the first full year of Xenium. It's going to be the first full year of CytAssist and also for our Fixed RNA product.

好吧，當談到 2023 年時——想想 2023 年，這並不全是不確定性和不利因素。也有很多好處。所以我認為你碰上了其中的一些，但這將是 Xenium 的第一個完整年。這將是 CytAssist 以及我們的固定 RNA 產品的第一個完整年。

And so as Serge shared on the prepared remarks, there's really some great enthusiasm around those products right now. As far as 2023 guidance, I mentioned earlier that we'll be sharing that in February, like we normally do, on our Q4 earnings call.

正如 Serge 在準備好的評論中所分享的那樣，現在對這些產品確實有很大的熱情。至於 2023 年的指導，我之前提到過，我們將像往常一樣在 2 月份的第四季度財報電話會議上分享這一點。

The next question comes from Kyle Mikson of Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Kyle Mikson。

I guess on the fourth quarter, consumables wasn't low, but it wasn't like as strong as maybe we could have expected. And then instruments was great, given the, I guess, over 100 CytAssist placements. Maybe just talk about why utilization was pretty soft relative to 2Q, where we would have thought that it was going to be that kind of large headwind. And then on CytAssist, like there's 100 units of run rate going forward and with the ASP close to the $75,000 list price.

我猜在第四季度，消耗品並不低，但並沒有我們預期的那麼強勁。然後儀器很棒，我猜有超過 100 個 CytAssist 展示位置。也許只是談談為什麼利用率相對於第二季度非常疲軟，我們會認為這將是一種巨大的逆風。然後在 CytAssist 上，就像未來有 100 個單位的運行率和 ASP 接近 75,000 美元的標價一樣。

And then on just given like that dynamic, I mean, the Chromium placements, like how could that progress in 3Q -- sorry, how did that progress in 3Q? And like what it should be kind of going forward, given like the strong kind of new instruments out there.

然後在剛剛給出的動態中，我的意思是，Chromium 展示位置，比如第三季度如何取得進展——抱歉，第三季度進展如何？就像它應該向前發展一樣，就像那裡有強大的新儀器一樣。

I'll start with that. I think I'll take your middle question first on CytAssist. So that's a $75,000 list price instrument. Like all of our instruments, the average selling price is lower than that. When we had the Chromium Controller at a $75,000 list, the ASP was in the $50,000 to $60,000 range, and this isn't that much different than the Chromium Controller as far as ASP to list price.

我將從那開始。我想我會先在 CytAssist 上回答你的中間問題。所以這是一個 75,000 美元的標價工具。像我們所有的樂器一樣，平均售價低於此值。當我們的 Chromium 控制器定價為 75,000 美元時，ASP 在 50,000 美元到 60,000 美元之間，就 ASP 到定價而言，這與 Chromium 控制器沒有太大區別。

As far as dynamics around instrument placements, we have pretty much completed the transition from the Chromium Controller to the Chromium iX and the X as far as what's our leading selling instruments now. There's still a small amount of Chromium Controllers being sold, but by far, the placements are Chromium iX and X.

就樂器放置的動態而言，我們幾乎已經完成了從 Chromium 控制器到 Chromium iX 和 X 的過渡，這也是我們現在最暢銷的樂器。仍有少量 Chromium 控制器在售，但到目前為止，展示位置是 Chromium iX 和 X。

And we've shared in the past that about half of those placements are going to existing customers, roughly half of those going to new customers. So there hasn't been any notable shift of that to date. Initially, the Chromium X was selling at a higher rate than the Chromium iX. But we're looking at a roughly even distribution between those 2 right now. You had the first part to that question.

而且我們過去曾分享過，這些展示位置中約有一半流向現有客戶，大約一半流向新客戶。因此，迄今為止還沒有任何顯著的變化。最初，Chromium X 的售價高於 Chromium iX。但我們現在正在研究這兩者之間的大致均勻分佈。你有這個問題的第一部分。

Want me to repeat any part of it, yes, the beginning.

要我重複它的任何部分，是的，開始。

Yes. Just the beginning.

是的。只是開始。

So utilization was probably like a bit soft in the third quarter. I'm just wondering like why that would have been, given the second quarter probably had a big kind of headwind, I guess?

因此，第三季度的利用率可能有點疲軟。我只是想知道為什麼會這樣，因為第二季度可能有很大的逆風，我猜？

Yes. So I think on that one, I think a lot of the dynamics are similar to what we talked about last quarter. You have sort of the tale of 3 regions where APAC and EMEA had kind of several region-specific effects, especially around currency and some measure of lockdowns in China. We saw decent growth in AMR in terms of quarter-over-quarter.

是的。所以我認為關於那個，我認為很多動態與我們上個季度討論的相似。你有一個關於亞太地區和歐洲、中東和非洲地區的 3 個地區的故事，這些地區產生了幾種特定地區的影響，尤其是在貨幣和中國的一些封鎖措施方面。我們看到 AMR 環比增長不錯。

But this remains a complex environment, and there's not a single factor that has outsized importance. Right now, we're focused on driving what we talked about before, executional excellence, to just unlock the next phase of growth. And fundamentally, we have very strong conviction and opportunity and are positioned in it.

但這仍然是一個複雜的環境，沒有一個因素具有超乎尋常的重要性。現在，我們專注於推動我們之前談到的卓越執行力，以開啟下一階段的增長。從根本上說，我們有非常強烈的信念和機會，並且處於其中。

Okay. That's great. And then just, Serge, one for you. On the kind of Visium HD, I guess, it's not exactly delayed, but just like kind of [leaning forward] here. How much of that is basically self-inflicted, like maybe just emphasize Xenium as essentially like to direct customers towards that instrument rather than like this new Visium kit, given the resolution, the output might be kind of similar between the 2 platforms.

好的。那太棒了。然後，Serge，給你一個。在 Visium HD 上，我猜，它並沒有完全延遲，但就像這裡的[向前傾斜]。其中有多少基本上是自己造成的，比如可能只是強調 Xenium 本質上喜歡將客戶引導至該儀器，而不是像這個新的 Visium 套件，考慮到分辨率，兩個平台之間的輸出可能有點相似。

Recognizing that obviously Xenium is not going to be like whole transcriptome just yet. And just piggybacking off the prior question, look, I mean are you pretty confident both can kind of coexist once both are commercially available?

認識到顯然 Xenium 還不會像整個轉錄組一樣。只是捎帶上一個問題，看，我的意思是，一旦兩者都可商用，你是否很有信心兩者可以共存？

So we are confident in all 3 platforms, and we certainly feel very excited about Visium, especially as we're seeing the traction around CytAssist, they're kind of relieving some of these bottlenecks and [problems we have] around the workflow. So I think there is -- we're seeing that on the ground, huge potential. And Visium, definitely very strong interest in Visium HD. And like I said, we're working hard to deliver that to customers.

因此，我們對所有 3 個平台都充滿信心，我們當然對 Visium 感到非常興奮，尤其是當我們看到 CytAssist 的吸引力時，它們在某種程度上緩解了工作流程中的一些瓶頸和 [我們遇到的問題]。所以我認為有 - 我們在實地看到了巨大的潛力。而Visium，絕對是對Visium HD非常濃厚的興趣。就像我說的那樣，我們正在努力將其交付給客戶。

At the same time, in parallel, lots of interest in Xenium. And we do see the 2 platforms coexisting. And they actually coexist in a pretty nice and complementary way. And we talk to customers, we hear that. We're driving that through our positioning and what we showed scientifically in our preprint as well, Visium is really the best spatial discovery platform. It's the best approach for doing that.

與此同時，很多人對 Xenium 感興趣。我們確實看到這兩個平台共存。它們實際上以一種非常好的和互補的方式共存。我們與客戶交談，我們聽到了。我們正在通過我們的定位以及我們在預印本中科學展示的內容來推動這一點，Visium 確實是最好的空間發現平台。這是做到這一點的最佳方法。

Once you have sort of the system, the genes that you're interested in, once you've kind of zeroed in on those, then Xenium becomes quite compelling. And that's what we're seeing there. So we do see as both platforms kind of get out to the market and both make sure that they're going to be coexisting in a pretty complementary way.

一旦你有了某種系統，你感興趣的基因，一旦你對這些有所了解，那麼 Xenium 就會變得非常引人注目。這就是我們在那裡看到的。因此，我們確實看到這兩個平台都進入了市場，並且都確保它們將以一種互補的方式共存。

The next question comes from the line of Dan Brennan of Cowen.

下一個問題來自 Cowen 的 Dan Brennan。

Great. Maybe the first one just on Xenium. Obviously, you highlighted the preprint and a bunch of questions thus far. I'm wondering, are you taking orders at this point? And if so, could you give us any color about the order trend and/or number?

偉大的。也許是 Xenium 上的第一個。顯然，到目前為止，您強調了預印本和一堆問題。我想知道，你現在接受命令嗎？如果是這樣，你能給我們關於訂單趨勢和/或數量的任何顏色嗎？

And then related to that, Serge, you obviously talked about the positioning of Xenium. Like what type of share you think Xenium can ultimately capture in this market?

然後與此相關，Serge，您顯然談到了 Xenium 的定位。比如您認為 Xenium 最終可以在這個市場上獲得什麼樣的份額？

And then the third part of the question is, there's a lot of other new products coming out. And there is some concern that there could be a delay as customers try to evaluate all these products? I'm just thinking ahead, like what's the ramp potential you think, in '23 and you think that like customer decision-making could kind of hold back the ramp?

然後問題的第三部分是，還有很多其他新產品問世。並且有人擔心在客戶嘗試評估所有這些產品時可能會出現延遲？我只是在想，就像您認為 23 年的坡道潛力是什麼，您認為像客戶決策一樣可能會阻礙坡道？

So the first -- yes. So orders, we are taking orders, Dan. And we have been -- as I kind of mentioned, we've been taking them now for the last couple of months. And it's been accelerating. The trajectory has been great and indicative of customer demand, especially our commercial team is out there, spreading the word and as people are getting their hands on more and more data. So really, really encouraging trends as we look to the end of the year and look into next year.

所以第一個 - 是的。所以命令，我們接受命令，丹。我們一直 - 正如我所提到的，在過去的幾個月裡，我們一直在服用它們。而且它一直在加速。發展軌跡很好，表明了客戶的需求，尤其是我們的商業團隊在那里傳播信息，並且隨著人們獲得越來越多的數據。當我們展望今年年底並展望明年時，真的非常令人鼓舞的趨勢。

As far as market share question is concerned around Xenium, I think it's way early, right? The market is not even there yet. The platform is not there yet, but we feel very confident about this position. We've built it to have a really comprehensive set of features and a comprehensive set of capabilities that we are bringing both at launch and as we will roll them out over the coming quarters and then years.

就 Xenium 的市場份額問題而言，我認為現在還為時過早，對吧？市場甚至還沒有。平台還沒有，但我們對這個位置很有信心。我們已經將其構建為擁有一套真正全面的特性和一套全面的功能，我們將在發佈時以及我們將在未來幾個季度和幾年內推出它們。

So we do feel really good about where we will take this platform and the model the market is going to grab. But it is very early days, especially as we think about how -- what is the trajectory of the growth of that market in the coming years.

所以我們對我們將把這個平台帶到哪里以及市場將要抓住的模型感覺非常好。但現在還為時過早，尤其是當我們思考未來幾年該市場的增長軌跡如何時。

And then in terms of customer evaluation, yes, I mean, it is definitely pretty buzzy and in many ways confusing time right now. Lots of companies talking about lots of different capabilities. Certainly, lots of intense interest from customers, but not a lot of clarity yet about the capabilities.

然後在客戶評價方面，是的，我的意思是，這絕對是非常熱鬧的，並且在很多方面都令人困惑。許多公司都在談論許多不同的功能。當然，客戶對此非常感興趣，但對這些功能還不是很清楚。

But when we are -- in our conversations, we talk to customers to what are the capabilities of Xenium, it feels like it's going to clear up pretty well pretty soon. And so that makes us optimistic about the potential for the ramp next year.

但是當我們——在我們的談話中，我們與客戶討論 Xenium 的功能時，感覺很快就會很清楚。因此，這使我們對明年的爬坡潛力感到樂觀。

Great. And then maybe just on Fixed RNA, you called it truly transformative. Just wondering like what did it take -- or how do we think about the adoption curve for biotech and pharma? Like how long does it take those customers to evaluate? Do you need a lot more publications out there? Just walk us through a little bit what the potential is in that customer group and when we could begin to see traction in the numbers.

偉大的。然後也許只是在固定 RNA 上，你稱之為真正的變革。只是想知道它需要什麼——或者我們如何看待生物技術和製藥的採用曲線？比如這些客戶需要多長時間來評估？你需要更多的出版物嗎？讓我們稍微了解一下該客戶群的潛力，以及我們何時可以開始看到這些數字的吸引力。

Yes. I think there's sort of almost a multistep process here. First, as we roll out this kit, the initial stage is getting evaluated by a lot of sort of the key opinion leaders, people who do kind of look at new technology, kind of the single cell -- core single cell customers, because their opinion kind of almost matters the most in terms of influencing others to take this -- we're kind of in that phase right now. A lot of people are running pilots. A lot of people are kind of running benchmarks.

是的。我認為這裡幾乎有一個多步驟的過程。首先，當我們推出這個工具包時，初始階段是由許多關鍵意見領袖評估的，他們關注新技術，單電池——核心單電池客戶，因為他們在影響他人接受這個方面，意見幾乎是最重要的——我們現在正處於那個階段。很多人都在做飛行員。很多人都在運行基準測試。

And all the feedback we've been getting from those people has been very positive. And then kind of you imagine leveraging those evaluations to then go to the broader set of customers, initially, for us, it is still kind of academia, but also growing out on translational customers. We see that happening over the coming quarters.

我們從這些人那裡得到的所有反饋都是非常積極的。然後你想像利用這些評估然後去更廣泛的客戶群，最初，對我們來說，它仍然是一種學術界，但也在轉化客戶中成長。我們看到未來幾個季度會發生這種情況。

And on the heels of that, you expect that biopharma now, like with that product being sort of validated in those initial stages on the academic side, we'll pick it up and especially kind of as we think of getting this further kind of downstream in a development pipeline within pharma. And there, we also -- part of what we need to do is do a good job of marketing on the marketing side to approach them appropriately in terms of the problems they are looking to solve for this new kit. And so that would be kind of the step 3.

緊隨其後，您期望現在的生物製藥，就像該產品在學術方面的初始階段得到某種程度的驗證一樣，我們會選擇它，尤其是當我們考慮讓這種進一步的下游在製藥公司的開發管道中。在那裡，我們也 - 我們需要做的一部分是在營銷方面做好營銷工作，以便根據他們希望為這個新套件解決的問題適當地接近他們。所以這將是第 3 步。

The next question comes from Julia Qin of JPMorgan.

下一個問題來自摩根大通的 Julia Qin。

So I appreciate you highlighted the new customer traction driven by CytAssist. I'm curious, is this mix of CytAssist adoption between new and existing customers in line with your original expectations? And for the existing Visium user base, how are you thinking about their adoption of CytAssist? And for those new customers that you are getting with CytAssist, are these new to spatial customers or are they competitive wins?

因此，我感謝您強調了 CytAssist 驅動的新客戶吸引力。我很好奇，新老客戶之間採用 CytAssist 的這種組合是否符合您最初的期望？對於現有的 Visium 用戶群，您如何看待他們採用 CytAssist？對於您通過 CytAssist 獲得的那些新客戶，這些新客戶是空間客戶還是他們在競爭中獲勝？

So Julia, a couple of things. It is early right now, right? CytAssist has only been out for one full quarter. So we have to be careful with extrapolating trends going forward. A lot of the initial adoption is actually going to existing customers, certainly people who have used Visium before and also a lot of the customers who are single cell users, too. I think this is where sort of the bulk of the initial placements has been and where a lot of the interest has come from.

所以朱莉婭，有幾件事。現在時間還早吧？ CytAssist 只推出了整整一個季度。因此，我們必須小心推斷未來的趨勢。許多最初的採用實際上是針對現有客戶的，當然是以前使用過 Visium 的人，也有很多是單細胞用戶的客戶。我認為這就是大部分初始展示位置以及很多興趣的來源。

Like I mentioned before, we also -- we've had a lot of interest from customers kind of coming at us with the interest in all 3 platforms. And so we've just been driving bundled sales for us as well. So this is where it's starting.

就像我之前提到的，我們也 - 我們有很多來自客戶的興趣，他們對所有 3 個平台都感興趣。因此，我們也一直在為我們推動捆綁銷售。所以這就是它的開始。

And those customers are also most -- best set up to evaluate, so the impact of the CytAssist and put it through its paces pretty quickly. And then we see it expanding on to -- further within our existing customer base and then to draw new customers and who have been a little bit maybe before on the sidelines because of workflow constraints.

這些客戶也是最多的 - 最好的評估設置，因此 CytAssist 的影響並很快通過它的步伐。然後我們看到它擴展到 - 在我們現有的客戶群中進一步擴大，然後吸引新客戶，他們之前可能因為工作流程限製而處於觀望狀態。

Got it. That's helpful. And then picking up on the new commercial process that you mentioned last quarter, I was just curious if you could provide an update on the implementation here? And what would you define as success? And how do you keep track of the progress there?

知道了。這很有幫助。然後了解您上個季度提到的新商業流程，我只是想知道您是否可以在此處提供有關實施的更新？您將什麼定義為成功？你如何跟踪那裡的進展？

Well, so this is the kind of thing that doesn't -- it's not [let me just wish], as you pull and everything changes. Some of the changes take time to implement. Some of them are faster. We're really excited about how things are shaping up and the progress we are making. Again, the focus is on improving execution, implementing new tools and processes, so we kind of can scale to the next level of growth.

嗯，所以這是一種不會的事情——它不是[讓我只是希望]，當你拉動時，一切都會改變。有些改變需要時間來實施。其中一些速度更快。我們對事情的發展方式和我們正在取得的進展感到非常興奮。同樣，重點是改進執行，實施新工具和流程，這樣我們就可以擴展到下一個增長水平。

We've made some changes, some of them having to do with soft organization. We made some leadership changes in Europe with the goal of kind of streamlining the structure and bringing closer connections to the headquarters. We've started making some changes in terms of our online sales process, brought on an online quoting tool, which is kind of the first of an online ordering, better experience for our customers, improved efficiency internally.

我們做了一些改變，其中一些與軟組織有關。我們在歐洲進行了一些領導層變動，目標是精簡結構並與總部建立更緊密的聯繫。我們已經開始對我們的在線銷售流程進行一些改變，引入了在線報價工具，這是在線訂購的第一個工具，為我們的客戶提供了更好的體驗，提高了內部效率。

And we're in the process of rebuilding our processes for managing opportunities, sales funnel and forecasts. And that should have pretty clear near-term impact and -- in terms of bringing just [not only] process and forecasting, but it's also important as we lay the foundation for improved processes in the longer term.

我們正在重建管理機會、銷售渠道和預測的流程。這應該會產生非常明顯的近期影響，並且 - 就帶來 [不僅] 流程和預測而言，但它也很重要，因為我們為長期改進流程奠定了基礎。

The next question comes from Michael Ryskin of Bank of America.

下一個問題來自美國銀行的 Michael Ryskin。

First, I want to follow up on CytAssist comment for the quarter. You called out a pretty big contribution, 100 placements, certainly more than we thought you would do, so congrats on that. It seemed like it drove a really big chunk of the estimated revenues any way you slice it.

首先，我想跟進本季度的 CytAssist 評論。你提出了一個相當大的貢獻，100 個展示位置，肯定比我們想像的要多，所以恭喜你。似乎它以任何方式推動了估計收入的很大一部分。

So I'm just curious, were there any sort of big presales there and maybe some pent-up demand? What I'm trying to get at is, is this some pull-forward from 4Q or just a good jumping-off point from where you can roll placements even further in 4Q and next year on a quarterly basis?

所以我只是好奇，那裡有什麼大的預售，也許還有一些被壓抑的需求？我想要了解的是，這是從第四季度開始的一些拉動，還是只是一個很好的起點，您可以在第四季度和明年每季度進一步滾動展示位置？

Good question, Mike. Just being the first full quarter launch of CytAssist, we knew there was strong demand for this product. We knew that customers were eager for it. This was an instrument that was developed based upon customer feedback that resulted from our close relationship with customers and helps improve the workflow overall.

好問題，邁克。作為 CytAssist 的第一個完整季度發布，我們知道對該產品的需求強勁。我們知道客戶渴望它。這是一種根據客戶反饋開發的工具，這些反饋源於我們與客戶的密切關係，有助於改善整體工作流程。

So like I said, we knew the demand was going to be strong. Typically with new products, there is a spike in the full quarter of launch. And then things tend to smooth out after that and then pick back up again. So it's still early, and so we'll see how it trends throughout Q4 as well.

所以就像我說的，我們知道需求會很強勁。通常對於新產品，在整個發布季度都會出現高峰。然後事情趨於平穩，然後又重新開始。所以現在還為時尚早，所以我們也將看到它在整個第四季度的趨勢。

Okay. And then so related to that, it's still obviously very early days, given it's the first quarter, but are you seeing any change in Visium revenues with customers wanting to have the CytAssist? Are they doing more runs? Are they buying more consumables? Any -- I don't want the utilization or the consumption word, but you know what I mean. Are they becoming more higher volume Visium customers? What is the census?

好的。然後與此相關，鑑於這是第一季度，這顯然仍處於早期階段，但您是否看到希望擁有 CytAssist 的客戶的 Visium 收入有任何變化？他們跑得更多嗎？他們是否購買了更多的消耗品？任何——我不想要使用或消費這個詞，但你知道我的意思。他們是否正在成為更大容量的 Visium 客戶？什麼是人口普查？

Yes, Mike, it's too early to say at this stage. People have just gotten their instruments and they've run -- they've done the first runs and come back with thumbs up. That's where we're at right now. So it's not yet to the point where they've come back with additional work where we can get any kind of sustainable estimate of their new usage patterns.

是的，邁克，現階段說還為時過早。人們剛拿到他們的儀器，他們已經跑了——他們已經完成了第一次跑步，然後豎起大拇指回來了。這就是我們現在所處的位置。因此，他們還沒有回來進行額外的工作，我們可以對他們的新使用模式進行任何可持續的估計。

Okay. And if I can squeeze in a quick follow-up on China. Given the dynamics in 2Q versus 3Q, you called out the huge jump sequentially in China revenues, I think, 40% quarter-over-quarter -- 41%. You go through a distributor in China, I believe.

好的。如果我能對中國進行快速跟進。鑑於第二季度與第三季度的動態，您指出中國收入環比大幅增長，我認為環比增長 40% - 41%。你通過中國的經銷商，我相信。

So anything you can talk about inventory stocking, destocking with this big jump in 3Q sort of a replenishment, because I imagine if things were -- in the second quarter, a lot of those consumables might have expired and then you might have had to replenish supplies. So anything you can talk about inventory level or something that China is (inaudible)?

因此，您可以談論任何關於庫存庫存的事情，隨著第三季度的這種大幅補充而去庫存，因為我想如果事情是 - 在第二季度，很多這些消耗品可能已經過期，然後你可能不得不補充補給品。那麼您可以談論庫存水平或中國（聽不清）的任何事情嗎？

Mike, as far as China goes, we think this is more activity-driven rather than variances in stocking up. If anything, we did hear some things towards the end of the quarter of service providers just with having recession fears in general, wanting to carry less inventory overall. So yes, I think it's more activity-driven than stock-driven.

邁克，就中國而言，我們認為這更多是由活動驅動的，而不是庫存差異。如果有的話，我們確實在本季度末聽到了一些服務提供商的消息，他們普遍擔心經濟衰退，希望整體減少庫存。所以是的，我認為它比股票驅動更受活動驅動。

Next question comes from Matt Sykes of Goldman Sachs.

下一個問題來自高盛的馬特賽克斯。

Maybe my first one, Serge, for you. You mentioned in your prepared comments about the solid demand for Chromium X and kind of in conjunction with the Fixed RNA and Nuclei Isolation Kit. Could you maybe talk about maybe a change in momentum in Chromium X because of those new kits? I understand it's sort of a catch 22. You kind of have to have the instrument to run the kit. But just have you seen an inflection in Chromium X with these new kits? And do you think we're at the early stages of that potential inflection?

也許我的第一個，塞爾吉，給你。您在準備好的評論中提到了對 Chromium X 的穩定需求以及與固定 RNA 和核分離試劑盒的結合。您能否談談 Chromium X 的動力可能會因為這些新套件而發生變化？我知道這有點像第 22 條。您必須擁有運行該套件的儀器。但是，您是否看到這些新套件在 Chromium X 中的變化？你認為我們正處於這種潛在拐點的早期階段嗎？

Yes, good question, Matt. So I would hesitate to quote an inflection. I think we are seeing strong interest and good feedback from the kits, the Fixed RNA Profiling Kit in particular, because that's the one that you need to do the test. We are seeing more interest in the iX relatively speaking, which also kind of goes along with the interest in Fixed RNA Profiling. But again, like you're saying catch 22 a little bit, people need the instrument in order to test the kits and they need to test the kit in order to test the [capability of] the instrument.

是的，好問題，馬特。所以我會猶豫引用一個拐點。我認為我們從試劑盒中看到了強烈的興趣和良好的反饋，特別是固定 RNA 分析試劑盒，因為這是您進行測試所需的。相對而言，我們看到了對 iX 的更多興趣，這也與對固定 RNA 分析的興趣相一致。但同樣，就像你說的第 22 條，人們需要儀器來測試套件，他們需要測試套件來測試儀器的 [能力]。

And so we're going through that process. We feel optimistic, because again, all the reviews coming back from a new product are really positive, which speaks well for the ultimate demand. But I think we're still kind of early in that iteration cycle.

所以我們正在經歷這個過程。我們感到樂觀，因為再一次，來自新產品的所有評論都是非常積極的，這很好地說明了最終需求。但我認為我們仍然處於迭代周期的早期階段。

Got it. And then in previous quarters, you talked about trying to drive higher utilization amongst the halo customers. And I know COVID was a big obstacle into getting into those labs and driving that utilization. Has there been any progress on that, just given some of the COVID headwinds, at least in the U.S., have lessened a little bit? Have you been able to drive some higher utilization within that customer base?

知道了。然後在前幾個季度，您談到試圖在光環客戶中提高利用率。而且我知道 COVID 是進入這些實驗室並推動利用的一大障礙。在這方面是否有任何進展，只是考慮到一些 COVID 逆風，至少在美國，已經減輕了一點？您是否能夠在該客戶群中推動更高的利用率？

There isn't really anything materially new, I think, to say on that around halos and instrument owners. I mean we are -- we've been focused kind of on both. The commercial team has been out there. I don't think there's a material change to talk about. We've got the new products that are meant to simplify the workflow, which should give us -- make it easier for new people to be kind of come in and become the key users of single cell workflows.

我認為，關於光環和儀器所有者，並沒有什麼實質性的新東西可以說。我的意思是我們 - 我們一直專注於兩者。商業團隊一直在外面。我不認為有什麼實質性的變化可談。我們有旨在簡化工作流程的新產品，這應該給我們 - 讓新人更容易進入並成為單細胞工作流程的關鍵用戶。

We're also with the nuclei -- specifically, the nuclei kit and the Fixed RNA Profiling Kit, you -- we have -- we will have now going forward more visibility into some of the halo users because this is sample prep -- at least part of these products are sampler products for customers that have been previously -- we've been pretty blind to that run their core reaction centrally. So we have some of these new threads that we'll be pulling on as well, but it's still kind of early to comment about any material changes.

我們還與核 - 具體來說，核試劑盒和固定 RNA 分析試劑盒，你 - 我們有 - 我們現在將更多地了解一些 halo 用戶，因為這是樣品準備 - 在這些產品中至少有一部分是針對以前客戶的採樣器產品——我們一直對集中運行他們的核心反應視而不見。因此，我們也將推出其中一些新線程，但現在評論任何重大變化還為時過早。

That was our final question. So this will conclude the conference call. Thank you for your participation. You may now disconnect your lines.

那是我們的最後一個問題。所以這將結束電話會議。感謝您的參與。您現在可以斷開線路。

Goodbye.

再見。