10X Genomics Inc (TXG) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's 10x Genomics Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Bethany, and I will be the moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Cassie Corneau with 10x Genomics. Please go ahead.

下午好。感謝您參加今天的 10x Genomics 第四季度和 2022 年全年收益電話會議。我叫 Bethany，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 Cassie Corneau 和 10x Genomics。請繼續。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the fourth quarter and full year ended December 31, 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.

謝謝，大家下午好。今天早些時候，10x Genomics 發布了截至 2022 年 12 月 31 日的第四季度和全年財務業績。如果您還沒有收到此新聞稿，或者如果您想加入公司的分發名單，請發送電子郵件至投資者@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.

此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，此電話會議後至少 45 天。

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聯邦證券法意義上的前瞻性陳述。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與預期存在重大差異，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.

有關這些可能導致結果不同的風險、不確定性和因素的更多信息，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 不承擔更新或修改任何財務預測或前瞻性陳述的任何意圖或義務，無論是因為新信息、未來事件還是其他原因。

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. And good afternoon, and thank you for joining us. During today's call, I'll start with an overview of our performance during the fourth quarter. Next, I will highlight our progress and momentum across our business and the exciting opportunities we have ahead in each of our 3 platforms. I'll then turn the call over to Justin for a more detailed look at our financial results as well as our revenue guidance for 2022.

謝謝，卡西。下午好，感謝您加入我們。在今天的電話會議上，我將首先概述我們在第四季度的表現。接下來，我將重點介紹我們在業務方面的進展和勢頭，以及我們在 3 個平台中的每一個平台所面臨的令人興奮的機會。然後我會把電話轉給賈斯汀，以更詳細地了解我們的財務業績以及 2022 年的收入指導。

While 2022 had its challenges, we ended the year strong with revenue of $156 million in the fourth quarter, up 9% year-over-year. This represents quarter-over-quarter growth of 19%, demonstrating our momentum and focus on execution as we closed out the year.

儘管 2022 年充滿挑戰，但我們以強勁的勢頭結束了這一年，第四季度的收入為 1.56 億美元，同比增長 9%。這代表了 19% 的環比增長，展示了我們在結束這一年時的勢頭和對執行的關注。

Total revenue for the year was approximately $516 million, up 5% over 2021. In 2022, we sold more than 1,100 instruments, surpassed 4,500 peer-review publications using our products and expanded our intellectual property portfolio to more than 1,750 patents and patent applications.

全年總收入約為 5.16 億美元，比 2021 年增長 5%。2022 年，我們銷售了 1,100 多台儀器，超過 4,500 篇同行評審出版物使用了我們的產品，並將我們的知識產權組合擴展到 1,750 多項專利和專利申請。

Yes, the clear highlight of the year was the continued strength and velocity of our innovation engine. 2022 was the biggest and most exciting year of new products in our history as our team delivered catalytic launches in all 3 platforms.

是的，這一年的明顯亮點是我們創新引擎的持續實力和速度。 2022 年是我們歷史上新產品規模最大、最激動人心的一年，因為我們的團隊在所有 3 個平台上進行了催化發布。

In Chromium, our new products further expanded our broad menu of high-performing assays. We released Chromium Flex, the new gold standard for single-cell gene expression which we believe has the potential to be transformative to the Chromium franchise. In addition, we introduced our first sample per product, the nuclei isolation kit and opened up new applications with the launch of BEAM.

在 Chromium 中，我們的新產品進一步擴展了我們廣泛的高性能檢測菜單。我們發布了 Chromium Flex，這是單細胞基因表達的新黃金標準，我們相信它有可能對 Chromium 特許經營產生變革。此外，我們推出了每個產品的第一個樣品，即細胞核分離套件，並隨著 BEAM 的推出開闢了新的應用。

In Visium, we launched CytAssist, our first spatial instrument. We see CytAssist as the foundation of the Visium platform going forward, transforming the Visium workflow and outperforming manual methods.

在 Visium 中，我們推出了第一個空間儀器 CytAssist。我們將 CytAssist 視為 Visium 平台向前發展的基礎，它改變了 Visium 工作流程並超越了手動方法。

And finally, we launched our Xenium platform, which we believe is the most advanced in situ platform on the market. The platform includes a versatile and easy-to-use instrument, a diverse menu of curated, customizable and high-quality panels and Xenium Explorer included software for interactive data visualization.

最後，我們推出了 Xenium 平台，我們認為這是市場上最先進的原位平台。該平台包括多功能且易於使用的儀器、精選、可定制和高質量面板的多樣化菜單，以及用於交互式數據可視化的 Xenium Explorer 軟件。

We're incredibly proud of what our innovation engine delivered in 2022. And we're confident we'll have the commercial scale and operations infrastructure in place to get everything out of the opportunity ahead.

我們為我們的創新引擎在 2022 年交付的成果感到無比自豪。我們相信我們將擁有適當的商業規模和運營基礎設施，以抓住未來的機遇。

On the commercial front, we're building from a solid foundation with broad reach and a talented team obsessed with customer success. Last year, we started implementing better commercial processes, systems and tools as we prepare for our next phase of growth.

在商業方面，我們正在建立一個具有廣泛影響力的堅實基礎和一個痴迷於客戶成功的才華橫溢的團隊。去年，我們開始實施更好的商業流程、系統和工具，為下一階段的增長做準備。

On the operational side, we made tremendous progress building our new R&D and manufacturing center here in Pleasanton, which is on track to be completed soon. This is one of our initiatives to build our global manufacturing network for scale and significant capacity for future growth.

在運營方面，我們在普萊森頓建設新的研發和製造中心取得了巨大進展，該中心即將完工。這是我們為未來增長建立規模和顯著能力的全球製造網絡的舉措之一。

Now let me share more about our recent progress on pipeline, starting with Chromium, the definitive platform for single-cell analysis. Throughout the year, we've seen ongoing demand for Chromium X series instruments as both new and existing customers chose the X Series for its high-performance, extended capabilities and series specific assays. In fact, after several consecutive quarters of customers overwhelmingly opting for X Series instruments, we made the decision during Q4 to discontinue future sales of our legacy Chromium Controller.

現在讓我分享更多關於我們最近在管道方面的進展，首先是單細胞分析的權威平台 Chromium。全年，我們看到對 Chromium X 系列儀器的持續需求，因為新客戶和現有客戶都選擇了 X 系列，因為它具有高性能、擴展功能和系列特定檢測。事實上，在連續幾個季度絕大多數客戶選擇 X 系列儀器後，我們在第四季度做出決定，不再繼續銷售我們的舊版 Chromium 控制器。

On the consumables side, our comprehensive portfolio of high-performance assays which are easy to use and scale delivered deep biological insights across a wide range of applications and analytes. The performance, differentiation and scalability of our consumables portfolio should position us well to drive growth with existing customers, welcome new researchers into the 10x ecosystem and accelerate translational and biopharma opportunities.

在耗材方面，我們全面的高性能檢測產品組合易於使用和擴展，可在廣泛的應用和分析物中提供深入的生物學見解。我們耗材產品組合的性能、差異化和可擴展性將使我們能夠很好地推動現有客戶的增長，歡迎新的研究人員加入 10x 生態系統，並加速轉化和生物製藥的機會。

In Q4, we saw a particular strength with our Multiome product as researchers continue the trend towards measuring multiple analytes per cell. We also saw increased adoption of our high throughput assays as customers embark on larger scale projects.

在第四季度，我們看到了 Multiome 產品的特別優勢，因為研究人員繼續朝著測量每個細胞的多種分析物的趨勢發展。隨著客戶開始更大規模的項目，我們還看到越來越多地採用我們的高通量檢測。

We're pleased with the customer response to Chromium Flex, which we believe will become the new flagship assay for single-cell gene expression. After completing their initial evaluation cycles, customers are reordering consistently and starting to adopt larger kits for more scale and lower cost per sample. We're still very early in this launch, -- particularly with the FFPE opportunity.

我們很高興看到客戶對 Chromium Flex 的反應，我們相信 Chromium Flex 將成為單細胞基因表達的新旗艦檢測方法。在完成初始評估週期後，客戶不斷地重新訂購併開始採用更大的試劑盒以獲得更大的規模和更低的每個樣本成本。我們還處於此次發布的早期階段，特別是在 FFPE 機會方面。

Flex is the first and only assay to open up the vast volumes of archival FFPE samples for single-cell analysis, which should enable much more research, particularly in translational service.

Flex 是第一個也是唯一一個打開大量存檔 FFPE 樣本進行單細胞分析的檢測方法，這應該能夠進行更多的研究，特別是在轉化服務方面。

We have now rigorously validated Flex across a broad range of different FFPE samples and have published demonstrated protocols to better enable our customers to access this groundbreaking capability.

我們現在已經在廣泛的不同 FFPE 樣本中嚴格驗證了 Flex，並發布了演示協議，以更好地讓我們的客戶獲得這一突破性功能。

Also in Q4, we began shipping BEAM. BEAM's proprietary screening approach enables researchers to quickly analyze up to millions of B or T cells to determine their antigen binding at high plex and high resolution. We believe the scale, resolution and throughput of BEAM and revolutionize therapeutic discovery, making it of particular interest to our pharma and biotech customers.

同樣在第四季度，我們開始發布 BEAM。 BEAM 專有的篩選方法使研究人員能夠快速分析多達數百萬個 B 或 T 細胞，以確定它們在高重和高分辨率下的抗原結合。我們相信 BEAM 的規模、分辨率和通量，並徹底改變了治療發現，使我們的製藥和生物技術客戶特別感興趣。

BEAM is a great example of how innovation opens new applications for single-cell analysis. As the unambiguous leader in single-cell, we continue to invest in new product development to unlock more sample types, enable larger scale, lower the cost of experiments and engage a broader base of researchers.

BEAM 是創新如何為單細胞分析開闢新應用的一個很好的例子。作為單細胞領域明確的領導者，我們繼續投資於新產品開發，以解鎖更多樣本類型、實現更大規模、降低實驗成本並吸引更廣泛的研究人員。

At the AGBT conference last week, we shared proof-of-concept data, demonstrating how Chromium Flex can easily scale to up to 10 million cells and hundreds of samples in a single experimental run. We believe that data illustrates the power and the long-term potential of Chromium Flex to deliver scale at levels that were inconceivable just a few years ago.

在上週的 AGBT 會議上，我們分享了概念驗證數據，展示了 Chromium Flex 如何在單次實驗運行中輕鬆擴展到多達 1000 萬個細胞和數百個樣本。我們相信，數據說明了 Chromium Flex 的力量和長期潛力，能夠以幾年前難以想像的水平實現規模化。

In addition, this shows how 10x continues to raise the bar on scalability and ease of use and how our product innovation can drive down the cost of single cell experiments.

此外，這表明 10x 如何繼續提高可擴展性和易用性的標準，以及我們的產品創新如何降低單細胞實驗的成本。

Now I'd like to share more about our spatial platforms. Through our internal investments and our acquisitions of spatial transcriptomics, Recore and CartaNA, 10X has been leading the way in spatial for a decade. We have built incredibly powerful technologies, developed foundational intellectual property and have deep experience in customer insights that have been instrumental to our Visium and Xenium platforms.

現在我想分享更多關於我們的空間平台。通過我們的內部投資和對空間轉錄組學、Recore 和 CartaNA 的收購，10X 十年來一直在空間領域處於領先地位。我們已經構建了令人難以置信的強大技術，開發了基礎知識產權，並在客戶洞察方面擁有豐富的經驗，這些經驗對我們的 Visium 和 Xenium 平台起到了重要作用。

Visium is the leader in unbiased spatial discovery. It has been adopted in thousands of labs around the world, using more than 440 publications in pre-print and has generated by far, the largest number of public data sets than any other spatial platform and we're still just getting started. We made big strides last year with the launch of CytAssist, which we believe will be a great catalyst to accelerate the platform.

Visium 是無偏空間發現領域的領導者。它已被全球數以千計的實驗室採用，使用了 440 多份預印本出版物，並且生成了迄今為止數量最多的公共數據集，超過任何其他空間平台，而我們仍處於起步階段。去年，我們通過推出 CytAssist 取得了長足進步，我們相信這將成為加速該平台的重要催化劑。

We're pleased with the sustained customer interest and demand for CytAssist in its second full quarter since launch. We're hearing very positive feedback from customers as they complete their initial runs of CytAssist along with its companion assay, Visium FFPE version 2. FFPE is increasingly the sample type of choice for Visium users as demand nearly doubled that of Fresh Frozen in Q4.

我們對 CytAssist 自推出以來的第二個完整季度持續的客戶興趣和需求感到滿意。當客戶完成 CytAssist 及其配套檢測 Visium FFPE 第 2 版的初始運行時，我們從客戶那裡聽到了非常積極的反饋。FFPE 越來越成為 Visium 用戶的首選樣本類型，因為第四季度的需求幾乎是 Fresh Frozen 的兩倍。

We designed CytAssist to help solve the [weak] key challenges our customers have faced with the Visium workflow. Beyond the ease of use, the instrument outperforms manual methods, ensuring customers not only have a better experience but also receive better insights. With CytAssist, researchers can access more samples and more sample types, including tissue sections previously stored on standard glass slides.

我們設計 CytAssist 是為了幫助解決我們的客戶在 Visium 工作流程中面臨的[弱]關鍵挑戰。除了易用性之外，該儀器優於手動方法，確保客戶不僅擁有更好的體驗，還獲得更好的洞察力。借助 CytAssist，研究人員可以獲得更多樣本和更多樣本類型，包括之前存儲在標準載玻片上的組織切片。

In addition, we recently released a new protocol, enabling customers to use fresh frozen tissues on CytAssist. This new protocol, along with the performance advantages inherent in our V2 chemistry resulted in much higher sensitivity than our standard manual fresh frozen assays.

此外，我們最近發布了一項新協議，使客戶能夠在 CytAssist 上使用新鮮冷凍組織。這個新協議以及我們 V2 化學固有的性能優勢導致比我們標準的手動新鮮冷凍檢測更高的靈敏度。

We're continuing to invest in Visium new product development with CytAssist as the foundation of our pipeline moving forward. At AGBT, we shared more about the future products and capabilities that will be exclusively available in CytAssist. We will continue to expand CytAssist to be compatible with more sample types, including tissue market arrays. We're also working to bring multi-omics to the platform with upon launch of genes plus protein expression in the first half of 2023, and we're fully committed to delivering higher resolution.

我們將繼續投資於 Visium 新產品開發，將 CytAssist 作為我們管道向前發展的基礎。在 AGBT 上，我們分享了更多有關 CytAssist 獨家提供的未來產品和功能的信息。我們將繼續擴展 CytAssist 以兼容更多樣本類型，包括組織市場陣列。我們還致力於在 2023 年上半年推出基因加蛋白質表達後，將多組學引入該平台，我們完全致力於提供更高分辨率。

Our team is making tons of exciting progress on Visium HD which will be offered only on CytAssist. As you may have seen on AGBT, the HD beta looks exclusive, showing us power to deliver unbiased whole transcript on discovery across the entire tissue sections of single-cell scale resolution. We've come a long way with this ambitious project, and we'll share more when we get closer to launch.

我們的團隊正在 Visium HD 上取得大量令人興奮的進展，這將僅在 CytAssist 上提供。正如您在 AGBT 上看到的那樣，HD beta 看起來很獨特，向我們展示了在單細胞尺度分辨率的整個組織切片上提供無偏見的完整轉錄本的能力。我們在這個雄心勃勃的項目上取得了長足的進步，我們將在臨近發佈時分享更多信息。

Now turning to Xenium, our newly launched platform for in situ analysis and what we believe is the best performing system on the market.

現在轉向 Xenium，這是我們新推出的原位分析平台，我們認為它是市場上性能最好的系統。

As we shared at Investor Day, we delivered our accelerated time line and officially began global commercial shipments in December. Both instrument shipments and orders exceeded our internal expectations for Q4, reflecting a strong customer enthusiasts for Xenium.

正如我們在投資者日分享的那樣，我們交付了加速時間表，並於 12 月正式開始全球商業發貨。儀器出貨量和訂單都超出了我們對第四季度的內部預期，反映出客戶對 Xenium 的強烈熱情。

For our team, there is really no better feeling than seeing new products in the hands of researchers. It was especially rewarding to have a customer share data from his own Xenium runs at AGBT just weeks after we started shipments. With feedback from our initial customers, we are now more confident than ever in Xenium's differentiation and performance advantages across a number of fronts.

對於我們的團隊來說，真的沒有比看到研究人員手中的新產品更好的感覺了。在我們開始發貨幾週後，讓一位客戶在 AGBT 分享他自己的 Xenium 運行數據是特別有益的。有了我們最初客戶的反饋，我們現在比以往任何時候都更加相信 Xenium 在許多方面的差異化和性能優勢。

First, Xenium offers excellent sensitivity and specificity. Because of the unique features of our chemistry, Xenium delivers high sensitivity even on difficult issues, ensuring that customers can reliably measure the genes they are interested in. At the same time, our chemistry ensures high specificity giving customers confidence that they are not seeing [Xenium] genes or cells in our samples.

首先，Xenium 具有出色的靈敏度和特異性。由於我們化學的獨特特性，Xenium 即使在棘手的問題上也能提供高靈敏度，確保客戶能夠可靠地測量他們感興趣的基因。同時，我們的化學確保高特異性，讓客戶相信他們沒有看到 [ Xenium] 樣本中的基因或細胞。

Second, Xenium offers the best workflow from instrument to insight. We've worked hard to design easy and straightforward sample preparation assay protocols, and we have brought our world-class software capabilities to Xenium which is the only platform to feature comprehensive onboard analysis in parallel with the instrument run, including cell segmentation and clustering results.

其次，Xenium 提供了從儀器到洞察的最佳工作流程。我們努力設計簡單直接的樣品製備分析方案，並將我們世界一流的軟件功能帶到 Xenium，這是唯一一個在儀器運行的同時進行綜合機載分析的平台，包括細胞分割和聚類結果.

Directly after the run, without additional processing, results can be easily transferred of instrument for interpretation using Xenium Explorer or a wide variety of open source tools. Our differentiated approach is both flexible and fast and significantly reduces the computational burden from customers.

運行後無需額外處理即可直接將結果輕鬆傳輸到儀器，以便使用 Xenium Explorer 或各種開源工具進行解釋。我們的差異化方法既靈活又快速，顯著減輕了客戶的計算負擔。

Third, our gene panel strategy developed in collaboration with leading researchers best enables customers to answer their specific research questions. Our approach combines targeted gene panels, optimized by tissue type with the flexibility to add in large numbers of custom genes.

第三，我們與領先的研究人員合作開發的基因組策略最能使客戶回答他們的特定研究問題。我們的方法結合了靶向基因面板，根據組織類型進行了優化，並具有添加大量定制基因的靈活性。

This year, we plan to add several tissue-specific and multi-tissue panels to our lineup as well as fully custom panels for maximum flexibility. And finally, Xenium delivers best-in-class throughput, enabled through advances across the full technology stack in chemistry, hardware and software.

今年，我們計劃在我們的產品陣容中添加幾個組織特異性和多組織組合以及完全定制的組合，以實現最大的靈活性。最後，Xenium 提供了一流的吞吐量，這是通過化學、硬件和軟件的整個技術堆棧的進步實現的。

With Xenium, researchers can analyze the most tissue area at single molecule resolution in the least amount of time. We built Xenium to have key performance advantages for launch and for the long term. Xenium is backed by a comprehensive multiyear road map and 10x's track record of innovation, giving customers even more confidence in their investment.

使用 Xenium，研究人員可以在最短的時間內以單分子分辨率分析大部分組織區域。我們構建的 Xenium 具有啟動和長期的關鍵性能優勢。 Xenium 以全面的多年路線圖和 10x 的創新記錄為後盾，讓客戶對其投資更有信心。

At AGBT, we put some of these future capabilities on full display and building new proof-of-concept data to demonstrate just how powerful Xenium is already and how much more it can enable in the future. This data showcased some of our key development directions, including multimodal cell boundary spans and trained cell segmentation algorithms, multiplex RNA protein on the same tissue section and isoform mapping [SMB] deduction.

在 AGBT，我們全面展示了其中一些未來功能，並構建了新的概念驗證數據，以展示 Xenium 已經有多強大以及它在未來可以實現多少。該數據展示了我們的一些關鍵發展方向，包括多模式細胞邊界跨度和經過訓練的細胞分割算法、同一組織切片上的多重 RNA 蛋白和亞型映射 [SMB] 推導。

In addition, we shared R&D data from a 5,000 plus multi-tissue gene panel on 7 human FFPE tissues, demonstrating the platform's capability to scale to many thousands of genes. Also, at AGBT, we announced the Xenium Catalyst program. Through this service, prospective customers can see proof-of-concept data on their own samples to support their brand applications and funding requests.

此外，我們還分享了來自 7 個人 FFPE 組織的 5,000 多個多組織基因面板的研發數據，展示了該平台擴展到數千個基因的能力。此外，在 AGBT 上，我們還宣布了 Xenium Catalyst 計劃。通過這項服務，潛在客戶可以看到關於他們自己樣品的概念驗證數據，以支持他們的品牌申請和資金申請。

While many researchers are able to use our provided data sets for this purpose, we believe the Xenium Catalyst program will be a great resource for select customers who require sample specific data. We can't wait for even more customers to see [per set], why we strongly believe Xenium is the most advanced in situ platform on the market.

雖然許多研究人員能夠為此目的使用我們提供的數據集，但我們相信 Xenium Catalyst 計劃對於需要樣本特定數據的特定客戶來說將是一個很好的資源。我們迫不及待地想讓更多的客戶看到 [per set]，為什麼我們堅信 Xenium 是市場上最先進的原位平台。

Coming over this record-setting year of catalyzing launches across all 3 platforms, we are fully focused on driving new product adoption, ensuring our customer success and getting the most out of the tremendous opportunities ahead.

在這創紀錄的一年裡，我們在所有 3 個平台上都推出了新產品，我們全神貫注於推動新產品的採用，確保我們的客戶取得成功，並充分利用未來的巨大機遇。

At our Investor Day, we shared our view of the large opportunities in life science research and beyond. When you look at all the ways our platforms are being used, the diversity of applications, diversity of analyzes and a number of customers, we see that our technologies are replacing much of the conventional toolkit in the life sciences.

在我們的投資者日，我們分享了我們對生命科學研究及其他領域巨大機遇的看法。當您查看我們平台的所有使用方式、應用程序的多樣性、分析的多樣性和眾多客戶時，我們會發現我們的技術正在取代生命科學中的許多傳統工具包。

Our tools are revolutionizing higher [researches] and [tough] biological questions. By analyzing how much scientists currently spend pursuing their answers, we can estimate the magnitude of our opportunity. At a high level, there are 4 broad categories of research questions where single-cell and spatial methods are particularly useful.

我們的工具正在徹底改變更高的 [研究] 和 [棘手] 生物學問題。通過分析科學家目前花費了多少時間來尋求答案，我們可以估計我們機會的大小。在高層次上，有 4 大類研究問題，其中單細胞和空間方法特別有用。

The first category, [Atlas] is the initial home court for single-cell analysis yet we're less than 20% penetrated. The second category, which entails the investigations of genetics mechanisms also sees a meaningful use of our tools, but is less than 10% penetrated. It's the same in the third category, which encompasses a large opportunity and broader diversity of main stream biology. And similar, we're barely scratching the surface with a fourth category, translational and biopharma applications. We have established strong beachheads, but it's still very early relative to the large potential.

第一類，[Atlas] 是單細胞分析的初始主場，但我們的滲透率不到 20%。第二類，涉及遺傳學機制的研究，也看到了我們工具的有意義的使用，但滲透率不到 10%。第三類也是如此，其中包含主流生物學的巨大機會和更廣泛的多樣性。與此類似，我們對第四類轉化和生物製藥應用的了解還很淺薄。我們已經建立了強大的灘頭陣地，但相對於巨大的潛力來說還為時過早。

Now turning to 2023, with still a dynamic environment, most geographies have stabilized with the exception of China. We have so much to look forward to and deliver on this year. 2023 will be the first full year on market for several key products, including Chromium Flex, Visium CytAssist and Xenium. Our commercial team is fully focused on driving adoption and increased use with new and existing customers alike.

現在轉向 2023 年，在仍然充滿活力的環境下，除中國外，大多數地區都已趨於穩定。今年我們有太多的期待和實現。 2023 年將是包括 Chromium Flex、Visium CytAssist 和 Xenium 在內的幾個關鍵產品的第一個完整上市年。我們的商業團隊完全專注於推動新客戶和現有客戶的採用和增加使用。

While we're coming off the biggest year of product launches in our history, we're not slowing down. Our innovation engine is focused on extending our product leadership with new capabilities, all 3 platforms. Capabilities that will open up our tools for more samples, more research and more customers.

雖然我們即將迎來歷史上最大的產品發布年，但我們並沒有放慢腳步。我們的創新引擎專注於通過所有 3 個平台的新功能擴展我們的產品領導地位。這些功能將為更多樣本、更多研究和更多客戶打開我們的工具。

From a commercial operations perspective, we are continuing to put the pieces in place to get back to our track record of execution and scale to the next phase of growth. At our core, 10x is fundamentally about growth and impact. It's why since the earliest days of the company, we have invested to build foundations and scale for the long term. This next phase of growth will be complemented by increased focus on operational excellence and efficient scaling. We'll be disciplined yet remain bold and ambitious in pursuit of our mission to accelerate the mastery of biology and advance human health. With that, let me turn it over to Justin for more detail on our financials.

從商業運營的角度來看，我們將繼續做好準備，以恢復我們的執行記錄，並擴大到下一階段的增長。在我們的核心，10 倍從根本上講是關於增長和影響的。這就是為什麼自公司成立之初，我們就投資建立長期基礎和規模。下一階段的增長將通過更加關注卓越運營和有效擴展來補充。我們將遵守紀律，同時保持大膽和雄心壯志，以實現我們加速掌握生物學和促進人類健康的使命。有了這個，讓我把它交給賈斯汀來了解我們財務的更多細節。

Thank you, Serge. Total revenue for the 3 months ended December 31, 2022, was $156.2 million compared to $143.5 million for the prior year period, representing a 9% increase year-over-year and a 19% increase quarter-over-quarter.

謝謝你，塞爾。截至 2022 年 12 月 31 日止三個月的總收入為 1.562 億美元，上年同期為 1.435 億美元，同比增長 9%，環比增長 19%。

Consumables revenue was $131.6 million, which increased 8% over the prior year period. Instrument revenue was $22.3 million, which increased 15% over the full year period. Services revenue was $2.3 million, which increased 29% over the prior year period.

耗材收入為 1.316 億美元，比上年同期增長 8%。儀器收入為 2230 萬美元，全年增長 15%。服務收入為 230 萬美元，比去年同期增長 29%。

America's revenue for the fourth quarter was $85.6 million, representing 11% growth over the prior year period. EMEA revenue for the fourth quarter was $43 million representing 24% growth over the prior year period. APAC revenue for the fourth quarter was $27.6 million, representing a 13% decrease over the prior year period, which was primarily due to COVID disruptions during the quarter.

美國第四季度的收入為 8560 萬美元，比去年同期增長 11%。第四季度 EMEA 收入為 4300 萬美元，比去年同期增長 24%。第四季度亞太地區收入為 2760 萬美元，比去年同期下降 13%，這主要是由於本季度 COVID 造成的中斷。

Turning to the rest of the income statement. Gross profit for the fourth quarter of 2022 was $119.4 million compared to a gross profit of $115.9 million for the prior year period. Gross margin for the fourth quarter was 76% compared to 81% for the fourth quarter of 2021.

轉向損益表的其餘部分。 2022 年第四季度的毛利潤為 1.194 億美元，而去年同期的毛利潤為 1.159 億美元。第四季度的毛利率為 76%，而 2021 年第四季度為 81%。

The gross margin decrease was driven primarily by the impact of shifting product mix due to newly introduced products. Total operating expenses for the fourth quarter of 2022 were $142.5 million compared to $131.8 million for the fourth quarter of 2021.

毛利率下降的主要原因是新推出的產品導致產品結構發生變化。 2022 年第四季度的總運營費用為 1.425 億美元，而 2021 年第四季度為 1.318 億美元。

R&D expenses for the fourth quarter of 2022 were $63.6 million compared to $61.9 million for the fourth quarter of 2021. SG&A expenses for the fourth quarter were $78.9 million compared to $69.9 million for the fourth quarter of 2021. The increase in R&D and SG&A expenses during the quarter were primarily due to increased personnel-related costs as we continue to scale the organization over the last year.

2022 年第四季度的研發費用為 6360 萬美元，而 2021 年第四季度為 6190 萬美元。第四季度的 SG&A 費用為 7890 萬美元，而 2021 年第四季度為 6990 萬美元。該季度主要是由於我們在去年繼續擴大組織規模，導致與人事相關的成本增加。

Operating loss for the fourth quarter was $23.1 million, compared to a loss of $15.8 million for the fourth quarter of 2021. This included $41 million of stock-based compensation for the fourth quarter of 2022 compared to $26.9 million for the fourth quarter of 2021.

第四季度的營業虧損為 2310 萬美元，而 2021 年第四季度為虧損 1580 萬美元。其中包括 2022 年第四季度的 4100 萬美元股票薪酬，而 2021 年第四季度為 2690 萬美元。

Net loss for the period was $17.2 million compared to a net loss of $18.4 million for the fourth quarter of 2021.

該期間的淨虧損為 1720 萬美元，而 2021 年第四季度的淨虧損為 1840 萬美元。

Turning to our full year results. Total revenue for the full year ended December 31, 2022, was $516.4 million compared to $490.5 million for 2021, representing a 5% increase. Consumables revenue was $435.6 million, an increase of 4% over the prior year. Instrument revenue was $72.4 million, an increase of 12% over the prior year. Services revenue was $8.4 million, an increase of 16% over the prior year.

轉向我們的全年業績。截至 2022 年 12 月 31 日的全年總收入為 5.164 億美元，與 2021 年的 4.905 億美元相比增長了 5%。耗材收入為 4.356 億美元，比上年增長 4%。儀器收入為 7240 萬美元，比上年增長 12%。服務收入為 840 萬美元，比上年增長 16%。

As of year-end, we have sold a cumulative total of 4,630 instruments, up 1,119 instruments from the end of 2021, representing a 32% increase in cumulative instruments sold across all 3 platforms.

截至年底，我們累計售出 4,630 件工具，較 2021 年底增加 1,119 件，三個平台累計售出工具增加 32%。

Pull-through per instrument for 2022 was $109,000, decreasing from $142,000 in 2021. As we discussed at our Investor Day, due to a number of factors, pull-through per instrument is becoming less relevant for our business today, and this will be the last year that we report on this as a key metric.

2022 年每台儀器的收益為 109,000 美元，低於 2021 年的 142,000 美元。正如我們在投資者日討論的那樣，由於多種因素，每台儀器的收益與我們今天的業務的相關性越來越小，這將是去年我們將此作為關鍵指標進行報告。

Our focus is to increase the utilization of our products and drive growth in overall consumable strategy. To assess our performance in these goals, in addition to revenue, we also track the number of reactions sold in a given period.

我們的重點是提高我們產品的利用率並推動整體消耗品戰略的增長。為了評估我們在這些目標中的表現，除了收入之外，我們還跟踪在特定時期內售出的反應數量。

During 2022, our customers bought over 316,000 reactions worth the consumables products. This was up from approximately 310,000 reactions in 2021. And represents an increase of 2% year-over-year.

在 2022 年期間，我們的客戶購買了超過 316,000 個反應耗材產品。這高於 2021 年的約 310,000 次反應。同比增長 2%。

Looking at our regional results for 2022, revenue for the Americas for the full year was $293.8 million representing 11% growth over the prior year. EMEA revenue for the full year was $117.1 million, representing 8% growth over the prior year. APAC revenue for the full year was $105.6 million, representing a 10% decline over the prior year.

從我們 2022 年的地區業績來看，美洲全年收入為 2.938 億美元，比上年增長 11%。 EMEA 全年收入為 1.171 億美元，比上年增長 8%。亞太地區全年收入為 1.056 億美元，比上年下降 10%。

Gross profit for 2022 was $396 million compared to a gross profit of $416.4 million for 2021. Gross margin for 2022 was 77% compared to 85% for 2021. The decrease in gross margin was primarily due to a onetime reversal of $14.7 million of accrued royalties in 2021. The impact of shifting product mix with newly introduced products and the impacts of inflation and increased supply chain costs.

2022 年的毛利潤為 3.96 億美元，而 2021 年的毛利潤為 4.164 億美元。2022 年的毛利率為 77%，而 2021 年為 85%。毛利率下降的主要原因是一次性轉回了 1,470 萬美元的應計特許權使用費2021 年。產品結構轉變與新推出產品的影響以及通貨膨脹和供應鏈成本增加的影響。

Total operating expenses for 2022 were $564 million compared to $468.7 million for 2021. The increase in operating expenses was primarily driven by an increase in personnel expenses, including stock-based compensation expense, and higher costs for facilities and information technology to support operational expansion.

2022 年的總運營費用為 5.64 億美元，而 2021 年為 4.687 億美元。運營費用的增加主要是由於人員費用的增加，包括基於股票的補償費用，以及支持運營擴張的設施和信息技術成本的增加。

R&D expenses for 2022 were $265.7 million compared to $211.8 million for 2021. The increase was primarily attributable to increased personnel-related costs including stock-based compensation expenses, laboratory materials, supplies, expense equipment and facilities costs. SG&A expenses for 2022 were $298.3 million compared to $257.6 million for the prior year. The increase was primarily due to increased personnel-related costs, including stock-based compensation expenses, marketing expenses and facilities costs.

2022 年的研發費用為 2.657 億美元，而 2021 年為 2.118 億美元。增加的主要原因是與人員相關的費用增加，包括股票補償費用、實驗室材料、用品、費用設備和設施費用。 2022 年的 SG&A 費用為 2.983 億美元，上年為 2.576 億美元。這一增長主要是由於與人員相關的成本增加，包括基於股票的補償費用、營銷費用和設施成本。

Operating loss for 2022 was $167.9 million compared to a loss of $52.3 million for 2021. Net loss for 2022 was $166 million compared to a net loss of $58.2 million for 2021. We ended 2022 with $430 million in cash and cash equivalents and marketable securities net of restricted cash.

2022 年的營業虧損為 1.679 億美元，而 2021 年為虧損 5230 萬美元。2022 年的淨虧損為 1.66 億美元，而 2021 年的淨虧損為 5820 萬美元。到 2022 年為止，我們的現金和現金等價物以及有價證券淨額為 4.3 億美元的限制現金。

Turning to our outlook for 2023. We expect full year revenue to be in the range of $580 million to $600 million representing growth of 12% to 16% over full year 2022.

談到我們對 2023 年的展望。我們預計全年收入將在 5.8 億美元至 6 億美元之間，比 2022 年全年增長 12% 至 16%。

Looking at Q1 trends, we have seen an impact to bookings in China. And while we believe activity levels are recovering, there is typically a lag in reorders after the disruptions as customers work through existing inventory. This has been reflected in our 2023 annual guidance range.

從第一季度的趨勢來看，我們看到了對中國預訂的影響。雖然我們認為活動水平正在恢復，但由於客戶處理現有庫存，中斷後重新訂購通常會滯後。這已反映在我們 2023 年的年度指導範圍中。

Moving to gross margin. we expect our gross margin percentage to trend lower from where we exited the year as newly introduced products expand and become a large percentage of overall revenue. This is particularly the case for the Xenium instrument as this is currently a low-margin instrument, the impact on overall company gross margin will be greater as more instruments are placed.

轉向毛利率。隨著新推出的產品擴大並佔總收入的很大一部分，我們預計我們的毛利率將從我們今年退出的水平下降。 Xenium 工具尤其如此，因為它目前是一種低利潤工具，隨著放置更多工具，對公司整體毛利率的影響將更大。

We plan to continue to invest across the business to support our growth. And while our rate of headcount growth in 2023 will be lower than in 2022, we will still be adding additional headcount, mainly to support new products development and support. As our new operations facility in Pleasanton nears completion, we expect a significant reduction in capital expenses in the back half of this year and will continue to drive towards becoming free cash flow positive by the end of 2023. We will maintain a disciplined and targeted approach to OpEx spend throughout the year and expect some increases over 2022 due to increased stock-based compensation expense as a result of our previous equity grants to incentivize employees, the additional headcount to support new products and increased litigation expenses as we continue to defend our intellectual property.

我們計劃繼續投資整個業務以支持我們的增長。雖然我們 2023 年的員工人數增長率將低於 2022 年，但我們仍將增加員工人數，主要是為了支持新產品開發和支持。隨著我們在普萊森頓的新運營設施即將完工，我們預計今年下半年資本支出將大幅減少，並將繼續推動到 2023 年底實現正自由現金流。我們將保持有紀律和有針對性的方法到全年的運營支出，預計 2022 年會有所增加，原因是我們之前為激勵員工而授予的股權導致基於股票的薪酬支出增加、支持新產品的額外員工人數以及我們繼續捍衛我們的知識產權時增加的訴訟費用財產。

We look forward to an exciting year and feel well positioned financially and operationally to capitalize on what lies ahead. At this point, I'll turn it back to Serge.

我們期待著激動人心的一年，並且在財務和運營方面都處於有利地位，可以利用未來的機會。在這一點上，我會把它轉回 Serge。

Thanks, Justin. What I hope you heard today was our focus on execution and scale as we continue to push the frontiers of biology. We're proud of the formidable strength of our innovation engine to deliver new products that fuel scientific research and enable major discoveries across every area of life sciences. These discoveries continuously reinforced my conviction that just about all tissue samples will one day need to be analyzed with single-cell resolution at large-scale and spatial context.

謝謝，賈斯汀。我希望您今天聽到的是我們在繼續推動生物學前沿的過程中對執行和規模的關注。我們為我們創新引擎的強大力量感到自豪，它可以提供新產品來推動科學研究並實現生命科學各個領域的重大發現。這些發現不斷強化我的信念，即有一天幾乎所有組織樣本都需要在大規模和空間背景下以單細胞分辨率進行分析。

With our 3 platforms, we're uniquely positioned to bring this feature forward. We believe our platforms, each on their own are by far the best-in-class in their respective fields. And when used together, our tools provide even more value and reveal the deepest biological insights.

憑藉我們的 3 個平台，我們具有獨特的優勢來推進此功能。我們相信我們的平台，每個平台都是各自領域中迄今為止最好的。當一起使用時，我們的工具提供更多價值並揭示最深刻的生物學見解。

As I look to 2023, I'm more optimistic than ever about our future. There are massive opportunities ahead, and we're in a very strong position to capture them. We have incredible products, broad commercial scale and an amazing team, all of which give me every confidence we're still just getting started.

展望 2023 年，我對我們的未來比以往任何時候都更加樂觀。前方有大量機會，我們處於非常有利的地位來抓住它們。我們擁有令人難以置信的產品、廣泛的商業規模和出色的團隊，所有這些都讓我充滿信心，我們仍處於起步階段。

My sincere thanks to the 10x team for making this magic happen day in and day out. Our team's relentless focus on our mission and customers has always been a fundamental strength that sets 10x apart and will continue to propel us well into the future. With that, we will now open it up for questions. Operator?

我衷心感謝 10x 團隊讓這一奇蹟日復一日地發生。我們團隊對我們的使命和客戶的不懈關註一直是使我們脫穎而出 10 倍的基本力量，並將繼續推動我們走向未來。有了這個，我們現在將打開它來提問。操作員？

(Operator Instructions) Our first question comes from the line of Dan Brennan with Cowen.

（操作員說明）我們的第一個問題來自 Dan Brennan 和 Cowen 的對話。

Great. Congrats on the quarter, guys. Maybe the first one just on the guide. 12% to 16%, a bit below where consensus was, but certainly can make sense given macro, the comments on China that you made and the experience during 2022. But just would love why you don't kind of break down single-cell and kind of spatial today -- would love just a little help to the extent you can, just kind of how we think about those 2 buckets, in particular, I think the single-cell bucket, which is the bigger one. Just kind of what you're seeing both from academia and biopharma and kind of how you incorporated that into the guidance.

偉大的。恭喜這個季度，伙計們。也許第一個只是在指南上。 12% 到 16%，略低於共識，但考慮到宏觀、你對中國的評論和 2022 年的經歷，這肯定是有道理的。但只是想知道你為什麼不分解單細胞和今天的空間——希望盡可能提供一點幫助，就像我們如何看待這 2 個桶，特別是，我認為單細胞桶，這是更大的一個。就是你從學術界和生物製藥界看到的東西，以及你如何將其納入指南。

Dan, this is Justin. I'll take that one. As far as our 2023 guidance goes, you're right, we've got a Chromium buckets and the spatial buckets. And if we look on the Chromium side, we're looking at probably from the low to mid-teens growth year-over-year. And keep in mind, this does include the impact that we've seen so far in China in Q1, which we've called out. We think China is probably going to end up around 20% down for Q1 year-over-year, and that's probably going to drive Q1 somewhere in the low to mid-teens percent increase year-over-year over Q1 of last year. So that's incorporated in the overall guidance range. So on the Chromium side, low to mid-teens increase.

丹，這是賈斯汀。我會拿那個。就我們的 2023 年指南而言，你是對的，我們有 Chromium 存儲桶和空間存儲桶。如果我們看 Chromium 方面，我們可能會看到從低到中等的同比增長。請記住，這確實包括我們在第一季度在中國看到的影響，我們已經提到了這一點。我們認為，中國第一季度可能會同比下降 20% 左右，這可能會推動第一季度與去年第一季度相比，同比增長處於低至 15% 左右。因此，這已納入整體指導範圍。所以在 Chromium 方面，從低到中等增加。

On the spatial side, with the addition of Xenium in the ramp that we've seen so far with Visium, looking at about 40% plus increase year-over-year as the initial input for the guidance range there.

在空間方面，隨著我們迄今為止在 Visium 中看到的斜坡中添加 Xenium，預計同比增長約 40% 以上作為指導範圍的初始輸入。

Great. And then just maybe as a follow-up, I'm sure there'll be a lot of questions to pick that apart. But just when we think about profitability, I heard you at the end just in the prepared remarks. Can you just walk through again how we're thinking about exiting the year, you said free cash flow positivity? I know in the past, you've talked about EBITDA positivity. Just kind of what should we expect in the fourth quarter of this year and what does that exit rate kind of portend as we go beyond '23?

偉大的。然後也許作為後續行動，我相信會有很多問題可以將其分開。但就在我們考慮盈利能力的時候，我在準備好的發言中最後聽到了你的聲音。你能再說一遍我們是如何考慮退出這一年的嗎，你說的是自由現金流的積極性？我知道你過去曾談到過 EBITDA 積極性。我們應該在今年第四季度期待什麼，當我們超越 23 歲時，這種退出率預示著什麼？

Yes. Thanks, Dan. So driving towards free cash flow positive by the end of the year is still our goal. We believe that we can do that under multiple different scenarios. There's many levers that we could pull if we did see things trending down towards the lower end. As we mentioned before at Investor Day, and then also in the prepared remarks, after we complete our facility here in the first half of the year and get all the payments out for that, we are going to see a pretty steep drop-off in CapEx going from the first half of the year to the second half of the year.

是的。謝謝，丹。因此，到年底實現自由現金流為正仍然是我們的目標。我們相信我們可以在多種不同的情況下做到這一點。如果我們確實看到事情趨向於低端，我們可以採取許多措施。正如我們之前在投資者日以及準備好的評論中提到的那樣，在我們今年上半年在這裡完成我們的設施並支付所有款項之後，我們將看到一個非常陡峭的下降資本支出從上半年到下半年。

And also keep in mind that this is under our current business, it's not taken into account any significant nonrecurring events. But overall, it's important for us -- we're being disciplined in how we're managing our OpEx. We're being very thoughtful with how we invest right now.

還要記住，這是我們目前的業務，沒有考慮任何重大的非經常性事件。但總的來說，這對我們很重要——我們在管理運營支出方面受到了紀律處分。我們對我們現在的投資方式非常周到。

Our next question comes from the line of Dan Arias with Stifel.

我們的下一個問題來自 Dan Arias 與 Stifel 的對話。

Serge or Justin, maybe specifically on Xenium, now that systems are making their way into the field here? What's the best way to think about contribution specifically for that box just given that it sounds like you're trying to be, I think, measured early on with the launch, but you're also pretty clear about demand being strong. So anything you can sort of help us with sort of to frame out year one for that product? And then maybe relatedly, is there anything that you're thinking about in terms of the impact of the Visium franchise?

Serge 或 Justin，也許專門針對 Xenium，現在系統正在進入該領域？什麼是考慮專門為那個盒子做出貢獻的最佳方式，我認為，這聽起來像是你想在發布的早期進行衡量，但你也很清楚需求很強勁。那麼，您有什麼可以幫助我們為該產品製定第一年的框架嗎？然後可能與此相關的是，就 Visium 特許經營權的影響而言，您有什麼想法嗎？

Yes. So when we're looking at 2023, I believe that Xenium is likely to be the largest variable in our guidance range. We expect the revenue from Xenium to be more skewed towards the instruments rather than consumables this year. And we expect the placements to ramp through the year. We gave the overall thoughts on how just the spatial platforms will contribute overall to the 2023 revenue. So Visium and Xenium together, over a 40% increase year-over-year.

是的。因此，當我們展望 2023 年時，我相信 Xenium 可能是我們指導範圍內的最大變量。我們預計今年 Xenium 的收入將更傾向於儀器而不是消耗品。我們預計今年的安置量會增加。我們對空間平台將如何為 2023 年的收入做出總體貢獻給出了總體思路。所以 Visium 和 Xenium 一起，同比增長超過 40%。

We have mentioned before that -- this is a complex technology. It's a product that we pulled forward quite a bit to launch by the end of last year. And we're really focused right now on the initial placements and early customer success. And looking at how those placements have gone and looking at the data that customers themselves have generated off the instruments that we've delivered and installed, initial signs are looking good. And I think we need a little bit more time to see how that continues to ramp, at which point we'll assess how quickly we'll execute the rest of the installs and what kind of constraints there might be after that.

我們之前提到過——這是一項複雜的技術。這是我們在去年年底前推出的一款產品。我們現在真正關注的是最初的展示位置和早期的客戶成功。看看這些安置是如何進行的，看看客戶自己從我們交付和安裝的儀器中生成的數據，初步跡像看起來不錯。而且我認為我們需要更多時間來了解這種情況如何繼續增加，屆時我們將評估執行其余安裝的速度以及之後可能存在的限制條件。

And Dan, to your question on Visium and Xenium interaction. So at this stage, the platform exists in fairly distinct use cases and swim lands in terms of what kind of applications customers would be considering them for and obviously, quite different sort of shape of capital requirements and run rates. So we don't see them kind of cross-cannibalizing each other to a significant extent right now.

Dan，關於你關於 Visium 和 Xenium 交互的問題。因此，在這個階段，該平台存在於相當不同的用例和游泳領域，就客戶會考慮什麼樣的應用程序而言，顯然，資本要求和運行率的形狀也大不相同。所以我們現在沒有看到他們在很大程度上相互蠶食。

In fact, there's a fair amount of synergy between using the platforms and we do see customers kind of opting into the sort of the full 10x spacial ecosystem, and we certainly are eager to encourage that as well. And so that's how we see this year kind of planning out in the long run, of course, it's very hard to predict how the different applications and platforms will sort of overlap, interact and support each other. I don't think anyone quite knows that. But at this stage, I think they are both gaining a lot of momentum and quite complementary out there.

事實上，使用這些平台之間存在相當大的協同作用，我們確實看到客戶有點選擇進入完整的 10 倍空間生態系統，我們當然也渴望鼓勵這種做法。這就是我們如何看待今年的長期規劃，當然，很難預測不同的應用程序和平台將如何重疊、交互和相互支持。我認為沒有人知道這一點。但在這個階段，我認為他們都獲得了很大的動力並且非常互補。

Okay. Maybe I'll just stay on the new products. On the Flex assay, how meaningful do you think that can be this year? I mean you had talked about customers needing to see some validation data and just get comfortable with the assay, but it sounds like that's happening now at a fairly decent pace, although I'd love to hear whether you think that's the case. Should we think about that being a needle mover this year and then relatedly, is that assay driving Chromium X placements forward when you just look at the install rate over the last quarter and what you're looking for bookings was?

好的。也許我會繼續使用新產品。在 Flex 分析中，您認為今年的意義有多大？我的意思是你曾談到客戶需要查看一些驗證數據並且只是對檢測感到滿意，但聽起來現在正在以相當不錯的速度發生，儘管我很想听聽你是否認為是這種情況。我們是否應該考慮這是今年的推動者，然後相關地，當您只查看上個季度的安裝率以及您正在尋找的預訂時，這種分析是否會推動 Chromium X 的展示位置？

Yes. So there are several variables here. So first, kind of your initial framing question. Yes, I mean we're definitely seeing good momentum on Flex and especially kind of increasingly good momentum as we look at the last quarter, and how customers have been scaling. We definitely see people kind of doing -- the initial tests coming back with positive results, by and large, very enthusiastic reactions and then scale into larger experiments and growing more and more.

是的。所以這裡有幾個變數。所以首先，你的初始框架問題。是的，我的意思是我們肯定看到了 Flex 的良好勢頭，尤其是在我們觀察上個季度以及客戶如何擴展時，勢頭越來越好。我們肯定看到人們在做一些事情——最初的測試大體上得到了積極的結果，反應非常熱烈，然後擴展到更大的實驗，並且越來越多。

The key variables that we're going to need to watch is some amount of Flex usage is going to be crossover from our flagship -- previous flagship assays, 3' and 5' gene expression. So that's not going to be necessarily additive.

我們需要關注的關鍵變量是一定數量的 Flex 使用將與我們的旗艦產品交叉——以前的旗艦檢測、3' 和 5' 基因表達。所以這不一定是附加的。

Another variable to watch is that the Flex enables much more streamlined multiplexing, which allows people to drop the price per sample. And while we're seeing in allowing -- creating possibilities running new types of experiments that people weren't planning to do before, so adding to the (inaudible) to the ecosystem, it also has the effect of potentially moderating some of the top line because now people were running the same study, they don't have to spend as much.

另一個需要注意的變量是 Flex 可以實現更加簡化的多路復用，這允許人們降低每個樣本的價格。雖然我們看到允許 - 創造運行人們以前不打算做的新型實驗的可能性，因此添加到（聽不清）生態系統，它也有可能緩和一些頂級的效果線，因為現在人們在進行相同的研究，他們不必花那麼多錢。

We see that as more of a near-term effect in the long run, have full conviction. There is tremendous elasticity of demand, and it's only going to drive more, but we've got to be cautious in the meantime. And we do see Flex has been driving instrument placements. Certainly, that is the feature, the key feature now that differentiates or differentiated X series instruments from the Chromium controller. So it definitely is an enabling feature. And so that will create more momentum going forward.

我們認為，從長遠來看，這更多是一種近期效應，我們對此充滿信心。需求具有巨大的彈性，它只會推動更多，但與此同時我們必須保持謹慎。我們確實看到 Flex 一直在推動儀器的放置。當然，這就是特徵，現在區分或區分 X 系列儀器與 Chromium 控制器的關鍵特徵。所以它絕對是一個使能功能。因此，這將創造更多的前進動力。

Also Flex, of course, opens up, as we've always planned and opens up new sample types, new tissues in particular, FFPE samples, which was something that was not even conceivable for single-cell analysis, not that long ago. So there's great potential there. It's still early, especially on FFPE side, we're going to make predictions around how the trajectory is going to evolve. Very -- we just started really putting full force marketing behind it at the end of last year. So early to say the (inaudible).

當然，Flex 也開放了，因為我們一直在計劃並開放新的樣本類型，特別是新的組織，FFPE 樣本，這在不久前對於單細胞分析來說甚至是不可想像的。所以那裡有很大的潛力。現在還為時過早，尤其是在 FFPE 方面，我們將預測軌跡將如何演變。非常 - 我們在去年年底才開始真正全力營銷。這麼早說（聽不清）。

Our next question comes from the line of Tejas Savant with Morgan Stanley.

我們的下一個問題來自 Tejas Savant 與摩根士丹利的對話。

Maybe I'll start with one on the guide. Serge, just given your comments earlier this afternoon on how you think about the 3 different platforms and the distinct value propositions. You kind of laid out the case for Xenium versus Visium, but what do you think about sort of Xenium versus potentially Chromium? And then secondly, in terms of just the Visium HD launch, are you thinking of that as essentially replacing the Visium sales in the model over time if and when Visium HD goes live?

也許我將從指南中的一個開始。 Serge，今天下午早些時候就你如何看待這 3 個不同的平台和不同的價值主張給出了你的評論。您列出了 Xenium 與 Visium 的比較，但您如何看待 Xenium 與潛在的 Chromium 的比較？其次，就 Visium HD 的發布而言，您是否認為隨著時間的推移，如果 Visium HD 上線以及何時上線，它基本上會取代模型中的 Visium 銷售？

So to the first question, Xenium versus Chromium. So a couple of things. I mean I think embedded in your question maybe is the question of cannibalization and potential reinforcement. So when you look at how in situ is used in general, traditionally, and when we look at the previous demonstrations like CartaNA experiments, all of them are used -- pretty much always use Chromium data, single-cell data is complementary. And we see that continuing. So to a large extent, we see Xenium as being complementary to Chromium.

所以對於第一個問題，Xenium 與 Chromium。所以有幾件事。我的意思是我認為你的問題中嵌入的可能是蠶食和潛在強化的問題。因此，當您查看一般情況下如何傳統地使用原位時，以及當我們查看之前的演示（如 CartaNA 實驗）時，所有這些都被使用——幾乎總是使用 Chromium 數據，單細胞數據是互補的。我們看到這種情況還在繼續。所以在很大程度上，我們認為 Xenium 是 Chromium 的補充。

We also -- to the question of cannibalization, there is a potential for some of it and the potential is probably stronger with like really early technology adopters. People who are particularly oriented towards new technologies. And certainly, they're going to be kind of a single-cell or something Chromium, something that was super new. A few years ago, now Xenium is going to be that new thing. And so there could be a potential shift in some attention but keep in mind that the Chromium market now is much, much larger than that. And there's lots of enthusiasts, lots of momentum behind projects that really require that single cell or chromium approach. And so we do see that -- again, the 2 will exist, while there's going to be some amount of potential cross-cannibalization, they do exist in very complementary swim lanes as well.

我們也 - 對於蠶食問題，其中一些有潛力，而且對於像真正的早期技術採用者來說，潛力可能更大。特別傾向於新技術的人。當然，它們將是一種單細胞或 Chromium 的東西，這是非常新的東西。幾年前，現在 Xenium 將成為新事物。因此，一些注意力可能會發生變化，但請記住，現在的 Chromium 市場比這大得多。並且有很多愛好者，真正需要單細胞或鉻方法的項目背後有很多動力。所以我們確實看到了——同樣，2 將存在，雖然會有一定程度的潛在交叉蠶食，但它們也確實存在於非常互補的泳道中。

Your question around Visium HD and standard Visium. -- we'll see. We'll talk more about it when we get closer to launch. And we certainly have like I said, all along, very high (inaudible) when we're seeing that from customers around the Visium HD, huge potential, lot's of (inaudible).

您關於 Visium HD 和標準 Visium 的問題。 - 我們拭目以待。當我們接近發佈時，我們會更多地討論它。我們肯定像我說的那樣，一直以來，當我們從 Visium HD 周圍的客戶那裡看到這一點時，我們一直非常高（聽不清），巨大的潛力，很多（聽不清）。

Got it. And then as a follow-up on the Xenium here again. Any -- I know you want -- you probably don't want to get into the specifics of the order book, but any color you can share on just month-over-month trends through January. Second, where do you expect to be in terms of the instrument manufacturing scale up, justin to your point, on a relatively complicated instrument exiting the year? And any color you can share on the list price versus discounting versus some of the bundling that you've spoken about in the past across your portfolio in terms of the '23 outlook?

知道了。然後再次作為 Xenium 的後續行動。任何——我知道你想要——你可能不想進入訂單簿的細節，但你可以分享到一月份的月環比趨勢的任何顏色。其次，就今年退出的相對複雜的儀器而言，就您的觀點而言，您希望儀器製造規模擴大到什麼程度？你可以在標價上分享任何顏色與折扣以及你過去在你的投資組合中談到的 23 年前景的一些捆綁？

Tejas, this is Justin. I'll start with the month-to-month trend. So as you know, we don't disclose preorders or orders. Those aren't sales -- we're focusing entirely right now on ramping up the operational supply chain, manufacturing and continuing to build out the installed teams.

光輝，這是賈斯汀。我將從月度趨勢開始。如您所知，我們不會透露預購或訂單。這些不是銷售——我們現在完全專注於提昇運營供應鏈、製造和繼續建立已安裝的團隊。

Demand is strong. We don't see demand as being an issue in the near term. As far as manufacturing overall, we -- this is the most complex product that we've ever built, and it was produced on a compressed time line that we pulled forward. So we're continuing to focus operationally. We see that as a strength longer term. we're working to move as fast as we can. But there could be constraints on that side as we move forward in the future, and we get -- we get past these initial placements that we're thinking more deliberate about and going towards just more widespread placements. And then what was the third part of your question?

需求強勁。我們認為短期內需求不會成為問題。就整體製造而言，我們 - 這是我們製造過的最複雜的產品，它是在我們提前的壓縮時間線上生產的。因此，我們將繼續專注於運營。我們認為這是一種長期優勢。我們正在努力盡快行動。但是，隨著我們在未來的前進，這一方面可能會受到限制，而且我們得到了 - 我們已經超越了這些我們正在考慮更深思熟慮的初始位置，並轉向更廣泛的位置。然後你的問題的第三部分是什麼？

I think we covered all 3. Okay.

我想我們涵蓋了所有 3 個。好的。

Our next question comes from the line of Patrick Donnelly with Citigroup.

我們的下一個問題來自花旗集團的 Patrick Donnelly。

Justin, maybe to stick with the guidance. Just want to get a flavor of kind of how you approached it relative to last year. In '22, you had a few things pop up. Obviously, lockdowns in China being the most significant, but then cold chain issues in Europe. You talked a little bit about this year, you almost have more variables, right, with Xenium being kind of the bigger one. So I guess, how did you approach it in terms of level of conservatism just given, again, some things can always come up and particularly around Xenium, I guess, just trying to get a flavor for the conservatism in the guide relative to how you approach things last year or the year before.

賈斯汀，也許要堅持指導。只是想了解一下與去年相比您是如何處理它的。在 22 年，你彈出了一些東西。顯然，中國的封鎖是最重要的，然後是歐洲的冷鏈問題。你談到了今年，你幾乎有更多的變量，對，Xenium 是更大的變量。所以我想，您是如何根據剛剛給出的保守主義水平來處理它的，我想，有些事情總是會出現，尤其是圍繞 Xenium，我想，只是想了解一下指南中的保守主義與您如何處理去年或前年的事情。

And so overall, our philosophy on guidance hasn't changed. It's a balanced view that we're looking at overall with upsides and downsides across all products and all the factors that we're aware of that go into it. I would say that this year, though one thing that's a little bit different in formulating that view is the growth rates that we're projecting for later in the year.

總的來說，我們的指導理念沒有改變。這是一個平衡的觀點，我們正在審視所有產品的整體優勢和劣勢，以及我們意識到的所有因素。我會說今年，儘管在製定該觀點時有點不同的是我們預計今年晚些時候的增長率。

We're not getting too far ahead of ourselves as far as projecting growth rates that we aren't seeing right now. And so that was the base assumption that was going into planning the rest of the year.

就預測我們現在看不到的增長率而言，我們並沒有太過領先。因此，這是計劃今年剩餘時間的基本假設。

And then as far as just looking at the guidance overall, like I mentioned, a big portion I think of the variability that we could see in the year is going to be how Xenium instruments ramp. And so we didn't want to get too far ahead of ourselves there either. And so if there was one part of the guide, it would probably be a little bit more on the conservative side, it would be just what we're assuming for the Xenium ramp. And as the year progresses, we'll update that as we go forward.

然後就整體指導而言，就像我提到的那樣，我認為我們今年可能看到的很大一部分變化將是 Xenium 儀器的增長方式。因此，我們也不想在這方面過於超前。因此，如果指南有一部分，它可能會更保守一點，這正是我們對 Xenium ramp 的假設。隨著時間的推移，我們會在前進的過程中對其進行更新。

Understood. Okay. That's helpful. And then, Serge, maybe on Visium HD, can you just talk through, I guess, what steps are left to get this out to the market? I know we were chatting a little bit last week at AGBT about -- it sounded like there were maybe more technical challenges than you expected initially, you got through a lot of that. So maybe just your view the road map to commercialization here? What steps have already been taken and kind of where -- what inning you think we're in, if that's the right way to ask.

明白了。好的。這很有幫助。然後，Serge，也許在 Visium HD 上，我猜你能談談，還有哪些步驟可以將其推向市場？我知道我們上週在 AGBT 上談了一點——聽起來可能有比你最初預期的更多的技術挑戰，你已經克服了很多。那麼，也許您只是在這裡查看商業化路線圖？已經採取了哪些步驟以及在什麼地方——你認為我們處於哪一局，如果這是正確的詢問方式。

Yes. No. We talked about last time. As I mentioned at the AGBT, we showed some really, really exciting data that we're now producing internally. We're working really hard. The team is working really hard to get the product to market. Lot's of enthusiasm from customers. We're not at the stage ready to give an update on the time line or on the state of development. But I do want to emphasize that we're very strong, we're committed to the platform, and I'm very excited by -- with what it will enable with our customers.

是的。不，我們上次談過。正如我在 AGBT 上提到的，我們展示了一些我們現在正在內部製作的非常非常令人興奮的數據。我們真的很努力。該團隊非常努力地將產品推向市場。客戶熱情高漲。我們還沒有準備好對時間表或開發狀態進行更新。但我確實想強調，我們非常強大，我們致力於該平台，我非常興奮——它將為我們的客戶帶來什麼。

Our next question comes from the line of Julia Qin with JPMorgan.

我們的下一個問題來自摩根大通的 Julia Qin。

I wanted to touch on Chromium trends since biopharma is at the core of grabbing up data, volume scale and translational use. Could you give us an update on your progress in penetrating biopharma accounts and for the new Xenium instruments that you're placing or the consumable utilization, how much of that is driven by biopharma accounts? And what is a reasonable kind of medium-term target that you're thinking about?

我想談談 Chromium 的趨勢，因為生物製藥是獲取數據、體積規模和轉化使用的核心。您能否向我們介紹一下您在滲透生物製藥賬戶方面的進展以及您正在放置的新 Xenium 儀器或消耗品利用率，其中有多少是由生物製藥賬戶驅動的？您考慮的合理中期目標是什麼？

Yes. The terms of biopharma adoption, I would say as it's kind of -- as we've talked about it before, we have -- we see that we have a strong beachhead and our biopharma sort of progress -- has got like sales into biopharma have been tracking pretty similar to our sales in academia and they still are. It's -- we do expect that over time, the other future potential within biopharma applications, and we do expect that to see realized -- materialize in the coming years. Up to now, there's been pretty fundamental barriers to adoption within biopharma due to the limitations of our products, most importantly, inability to fix tissues and needing to work with live samples, live cells.

是的。生物製藥採用的條款，我想說的是——正如我們之前討論過的那樣，我們已經——我們看到我們擁有強大的灘頭陣地，我們的生物製藥取得了某種進展——就像生物製藥的銷售一樣一直跟踪與我們在學術界的銷售非常相似，他們仍然是。這是——我們確實希望隨著時間的推移，生物製藥應用中的其他未來潛力，我們確實希望看到實現——在未來幾年實現。到目前為止，由於我們產品的局限性，最重要的是無法修復組織，需要使用活樣本、活細胞，因此在生物製藥領域的採用存在相當大的障礙。

That got addressed last year. And increasingly, as we kind of march through the year towards the end of '22. We've demonstrated more and more how the new products, especially the Flex on the Chromium side is able to work with [fixed] tissue in particular with FFPE samples. So I think we now have a good baseline of product capabilities on which to build the commercial strategies to drive much more intentionally, much more aggressively into biopharma.

這在去年得到解決。並且越來越多地，隨著我們在這一年中邁向 22 年底。我們已經越來越多地展示了新產品，尤其是 Chromium 方面的 Flex 如何能夠處理 [固定] 組織，特別是 FFPE 樣品。所以我認為我們現在有一個很好的產品能力基線，可以在此基礎上製定商業戰略，更有意識、更積極地進入生物製藥領域。

But I think that's going to be a story going forward. That sort of potential for acceleration and not yet what we have seen.

但我認為這將是一個向前發展的故事。這種加速的潛力，而不是我們所看到的。

Got it. And then a question on sort of the interplay between the single-cell and spatial side of your platform. We've been hearing some talks about customer budget reallocation potentially away from single-cell to spatial to take advantage of the new capabilities. Just curious what are you seeing based on your customer conversations in terms of the budget? And then in light of that, do you see any [fundamental] shift in the Chromium customer mix going forward, especially once Xenium is out. Yes, any color you can share on that would be great.

知道了。然後是關於平台的單細胞和空間方面之間相互作用的問題。我們一直在聽到一些關於客戶預算可能從單細胞重新分配到空間以利用新功能的討論。只是好奇根據您在預算方面的客戶對話，您看到了什麼？然後有鑑於此，您是否看到 Chromium 客戶組合的任何 [根本] 轉變正在向前發展，尤其是在 Xenium 推出之後。是的，您可以分享的任何顏色都很棒。

Yes. It's a good question and one we solely track. I think the important thing to appreciate here is that there's different types of customers. And certainly, the early adopters, the technology enthusiasts, the people who will tend to be the earliest adopters suppose the Xenium in the Chromium platform with natural shift to the latest kind of technology with expanded latest kind of technology.

是的。這是一個很好的問題，也是我們唯一跟踪的問題。我認為這裡要欣賞的重要一點是有不同類型的客戶。當然，早期採用者、技術愛好者、那些將成為最早採用者的人都認為 Chromium 平台中的 Xenium 會自然地轉向最新的技術，並擴展最新的技術。

So when you talk to those kinds of customers, you would expect and we are hearing that some shifting budgets towards Xenium potentially from Chromium. But at the same time, the Chromium customer base is much larger certainly these days than the initial technology early adopter people. There's lots and lots of mainstream biologists who are using Chromium. There's lots and lots of now translational customers that are using Chromium and there, things are just getting started, and there are thousand tons of applications that people are looking to do specifically in Chromium. Where Chromium is a much, much better fit for many reasons.

因此，當您與這些類型的客戶交談時，您會期望並且我們聽說一些預算可能會從 Chromium 轉向 Xenium。但與此同時，如今 Chromium 的客戶群肯定比最初的技術早期採用者大得多。有很多主流生物學家在使用 Chromium。有很多現在正在使用 Chromium 的翻譯客戶，事情才剛剛開始，人們正在尋找專門在 Chromium 中做的數千噸應用程序。由於許多原因，Chromium 更適合。

And of course, there is applications where it's always going to be really associated single-cell. It's always going to be the right approach, whether if you're starting with associated samples like blood, where you're working on various combinatorial screens, [crisper] screens where the cell is the fundamental unit of experiment where it's always going to be really based around the Chromium approach. So while it is -- we are seeing some amount of budget shows to Xenium, we think a large majority of the Chromium franchise is going to keep expanding, keep growing.

當然，有些應用程序總是真正關聯單細胞。它始終是正確的方法，無論您是從血液等相關樣本開始，還是在各種組合屏幕上工作，[crisper] 屏幕，其中細胞是實驗的基本單位，它始終是真正基於 Chromium 方法。因此，雖然它是——我們看到了 Xenium 的一些預算展示，但我們認為 Chromium 特許經營權的大部分將繼續擴大，繼續增長。

Our next question comes from the line of [Paul Mikson] with Canaccord Genuity.

我們的下一個問題來自 [Paul Mikson] 與 Canaccord Genuity 的合作。

(inaudible) question on Xenium to start. It's really your first instrument, maybe not -- maybe other than the connects possibly that kind of has this price point that might start to trigger evaluation from like the higher level individual institutions. How are you thinking about your sales team ability to adjust to that new sales cycle here and like close deals? And you think there's going to be a growing pain, especially in light of those changes in '22 and Jim now leading.

（聽不清）關於 Xenium 的問題開始。這真的是您的第一個工具，也許不是 - 也許除了連接器之外，可能具有這樣的價格點，可能會開始觸發像更高級別的個體機構的評估。您如何看待您的銷售團隊適應新銷售週期並喜歡完成交易的能力？而且你認為將會有越來越大的痛苦，特別是考慮到 22 年的那些變化和吉姆現在的領導地位。

And there's always this like initial training period for years of a new platform. And when we speak to the early users, it sounds like they're just entering that true sample processing phase with Xenium. So within the guidance, how long do you say it's going to take for the early adopters, like that was like 1Q and 2Q, placements to kind of ramp up their usage of the platform.

多年的新平台總是有這樣的初始培訓期。當我們與早期用戶交談時，聽起來他們剛剛進入真正的 Xenium 樣本處理階段。因此，在指導中，你說早期採用者需要多長時間，比如 1Q 和 2Q，放置以增加他們對平台的使用。

So maybe kind of to start with on just the general commercial evolution that we've talked about before. We have a great foundation of -- in our commercial organization and a huge reach, really lots of talent in an organization and we plan to leverage that commercial foundation for growth into this year and beyond. We're adding new tools. We're adding new proxies, common language, reengineering some of our sales incentives. And I think there's a lot of good stuff that's happening. And we see that, that's going to help us throughout -- certainly now and throughout this year and going forward.

因此，也許可以從我們之前討論過的一般商業演變開始。我們在我們的商業組織中擁有良好的基礎和巨大的影響力，組織中確實有很多人才，我們計劃利用該商業基礎實現今年及以後的增長。我們正在添加新工具。我們正在添加新代理、通用語言、重新設計我們的一些銷售激勵措施。而且我認為正在發生很多好事。我們看到，這將在整個過程中幫助我們——當然是現在和今年全年以及未來。

In terms of, what's the second question...

就第二個問題而言...

Yes, just like the initial training period is pretty long. So do you think it's going to take a long time to ramp their usage of the platform? Like what expect -- what's included in the guidance.

是的，就像最初的培訓時間很長一樣。那麼，您是否認為需要很長時間才能提高他們對該平台的使用率？就像期望的一樣——指南中包含的內容。

Yes, in terms of the Xenium ramp-up, that's something that we're going to have to see. Like we said, the initial signs are pretty encouraging. People pretty quickly get up to speed, and we've seen some very early results from customers running their own samples on our instruments. So that's very encouraging. But very, very early right now. So -- and of course, we incorporate all that knowledge in our expectations.

是的，就 Xenium 的提升而言，這是我們必須看到的。正如我們所說，最初的跡象非常令人鼓舞。人們很快就上手了，我們已經看到一些客戶在我們的儀器上運行他們自己的樣品的早期結果。所以這非常令人鼓舞。但是現在非常非常早。所以 - 當然，我們將所有這些知識納入我們的期望。

Our next question comes from the line of Matt Larew with William Blair.

我們的下一個問題來自 Matt Larew 和 William Blair 的台詞。

Just wanted to ask a bit about the cadence of the year. I think some periods, typically had about 55% of sales in the back half and the way a bit higher instruments. Just given your comments on China, and the Xenium instrument ramp, maybe just help us think about whether there might be a greater skew to the back half of the year this year.

只是想問一下今年的節奏。我認為在某些時期，後半部分通常有大約 55% 的銷售額，而且儀器的方式更高一些。剛剛給出了您對中國和 Xenium 儀器斜坡的評論，也許只是幫助我們思考今年下半年是否會有更大的偏差。

As far as seasonality goes, we're not expecting anything out of the ordinary. We do expect the seasonality to be similar to the average of the last couple of years.

就季節性而言，我們預計不會出現任何異常情況。我們確實預計季節性與過去幾年的平均值相似。

Okay. And then, Serge, following up on your comments. Obviously, the commercial team went through leadership and meaningful infrastructure changes last year, bringing on tools, new antenna structures. Maybe just how do you feel about where the organization is at from a personnel perspective? And is this more of a year of additional investments or more of a harvesting some of the investments that have been made?

好的。然後，Serge，跟進你的意見。顯然，商業團隊去年經歷了領導層和有意義的基礎設施變革，帶來了工具和新的天線結構。也許從人事的角度來看，您對組織所處的位置有何看法？這更多的是一年的額外投資，還是更多的是收穫一些已經進行的投資？

I think like in all of this, like building the company, building organizations, it's always a long-term journey. We feel good about where we are. We're getting a lot of new pieces in place. And it's going to -- we're going to keep doing that. So I don't see it as necessarily harvesting as we soon will take advantage of what we have done, and we'll keep doing more.

我認為在所有這一切中，就像建立公司、建立組織一樣，這始終是一個長期的旅程。我們對自己所處的位置感覺良好。我們正在準備很多新作品。它將——我們將繼續這樣做。所以我認為這不一定是收穫，因為我們很快就會利用我們所做的，我們會繼續做更多。

Our next question comes from the line of Michael Ryskin with Bank of America.

我們的下一個問題來自美國銀行的 Michael Ryskin。

First, I want to talk about some of the new metrics going forward. For example, you talked about a 2% increase in reactions year-over-year for 2022. Just so we get some familiarity with that metric going forward. Any sense of what a good bogey that will be in 2023, just so we can try to think about reactions versus revenue growth and any thoughts on how that pace throughout the year last year, sort of did it come in ahead of expectations, below expectations? Just a little bit more context there.

首先，我想談談未來的一些新指標。例如，您談到 2022 年的反應量同比增長 2%。只是為了讓我們對未來的指標有所了解。任何對 2023 年將是一個多麼好的柏忌的感覺，這樣我們就可以嘗試考慮對收入增長的反應以及對去年全年的步伐如何的任何想法，它是否超出預期，低於預期？那裡有更多的上下文。

Yes. As far as the guidance for 2023, we're guiding on revenue dollars and gave some of the expected growth rate -- rates across the different platforms. As far as reactions, one thing to keep in mind when you're looking at the change in reactions is our reaction is the physical product that we sell, but there's also samples that go into reactions. And it's -- and as you know, as customers multiplex more, they can get more samples per reaction. And that's difficult for us to track. We can get a sense of that somewhat anecdotally. And we know that, that's been increasing, especially over the last year.

是的。至於 2023 年的指導，我們以收入美元為指導，並給出了一些預期的增長率——不同平台的增長率。就反應而言，當您查看反應的變化時要記住的一件事是我們的反應是我們銷售的實物產品，但也有樣品進入反應。它是——正如你所知，隨著客戶的多重化，他們每次反應可以獲得更多的樣本。這對我們來說很難追踪。我們可以從某種程度上了解這一點。我們知道，這種情況一直在增加，尤其是在去年。

And our newer products, products we released in the past, [Selflex] have enabled that, and then some of our newer products. It's built in fundamental to the product as well. And so I do think that, that can be a decent variable that can impact the number of reactions from year-to-year. As far as the price points on it, the cost per reaction has been trending up over the last couple of years when you're looking at a Visium reaction compared to a single-cell reaction, all-in cost for that division is a little bit more. But really, on average, within that $1,300, $1,400 range across all products.

我們的新產品，我們過去發布的產品，[Selflex] 已經實現了這一點，然後是我們的一些新產品。它也是產品的基礎。所以我確實認為，這可能是一個不錯的變量，可以影響每年的反應數量。就其價格而言，在過去幾年中，當您將 Visium 反應與單細胞反應進行比較時，每次反應的成本一直呈上升趨勢，該部門的總成本有點低多一點。但實際上，所有產品的平均價格在 1,300 美元到 1,400 美元之間。

Okay. All right. I appreciate that. And then just for the follow-up, I wanted to just tie up some loose ends that you mentioned earlier. I mean, you talked about, for example, just you talked about low to mid-teens on Chromium and 40% year-over-year spatial. But the other thing we have an accurate base for 2022. I mean we have some numbers from your Analyst Days, but not for the full year. So could you just give us a sense of what the full year (inaudible) then also on China, you commented on 1Q, but what about the full year for China? Any thoughts there or maybe some thoughts on your assumptions? When do you think China will normalize as the year goes ahead?

好的。好的。我很感激。然後只是為了後續行動，我想把你之前提到的一些未解決的問題解決起來。我的意思是，例如，你談到了 Chromium 的低到中青少年和 40% 的同比空間。但另一件事是我們有 2022 年的準確基數。我的意思是我們有一些來自您的分析師日的數字，但不是全年的數字。那麼，您能否讓我們了解一下全年（聽不清）以及中國的情況，您對第一季度發表了評論，但中國的全年情況如何？有什麼想法或者對你的假設有什麼想法嗎？隨著明年的到來，您認為中國什麼時候會正常化？

Sure. So let's start on the 2023 guidance overall on Chromium. Within our guidance range, we're talking low to mid-teens year-over-year increase for Chromium. In spatial, it's at least 40%. So 40% on the lowest end and then ramping up inverse to how the Chromium increase would be, will be ramping up. So not 40%, but more than 40% for spatial.

當然。因此，讓我們從 2023 年 Chromium 整體指南開始。在我們的指導範圍內，我們談論的是 Chromium 的低至十幾歲的同比增長。在空間上，它至少是 40%。因此，在最低端增加 40%，然後與 Chromium 的增加相反，將會增加。所以不是 40%，而是超過 40% 的空間。

As far as looking at Q4, we did give you information on Q3 at the Analyst Day but then looking at Q4, spatial was about the same percent of revenue in Q4 than it was in Q3. So the same percentage of the -- roughly the same percentage with a higher revenue base. And then as far as how things -- we expect things to progress for the rest of the year, especially with China, as I mentioned earlier that we are seeing impacts to China right now. We do think that China is going to be roughly somewhere in the ballpark of 20% down year-over-year. What we are seeing and hearing right now from our team in China is that activity levels are looking good and activity levels are recovering. We're also hearing that inventory levels at the service providers and the distributors are higher as they were coming off of this level of disruption before the activity came back up. There's now some inventory to work through.

至於第四季度，我們確實在分析師日向您提供了有關第三季度的信息，但隨後查看第四季度，第四季度空間佔收入的百分比與第三季度大致相同。所以相同的百分比 - 大致相同的百分比具有更高的收入基礎。然後就事情如何——我們預計今年餘下時間事情會取得進展，尤其是與中國的關係，正如我之前提到的，我們現在看到了對中國的影響。我們確實認為中國將大致處於同比下降 20% 的範圍內。我們現在從中國團隊看到和聽到的是，活動水平看起來不錯，活動水平正在恢復。我們還聽說，服務提供商和分銷商的庫存水平較高，因為他們在活動恢復之前已經擺脫了這種中斷水平。現在有一些庫存需要處理。

So we see that having an impact to Q1. We're expecting an impact in Q1, also expecting somewhat of an impact in Q2, although not as great as Q1 and then a moderate improvement throughout the rest of the year. And so if we see it get better than a moderate improvement, we'll update that at that time.

所以我們看到這對第一季度有影響。我們預計第一季度會受到影響，第二季度也會有所影響，儘管不如第一季度那麼大，然後在今年剩餘時間裡會有適度的改善。因此，如果我們看到它比適度改進更好，我們會在那個時候更新。

Our next question comes from the line of Matthew Sykes with Goldman Sachs.

我們的下一個問題來自 Matthew Sykes 與 Goldman Sachs 的對話。

Justin, maybe just on the first one, just on gross margin. I know you mentioned you expect to be below the level of last year, and a lot of that has to do with the new product introductions. How should we think about it over the cadence of the year? I mean, should we think about a sort of a lower level consistently throughout the year? Or is there going to be some level of change in cadence of gross margin as we move through the year?

賈斯汀，也許只是第一個，只是毛利率。我知道你提到你預計會低於去年的水平，這在很大程度上與新產品的推出有關。過年節奏我們應該如何思考？我的意思是，我們是否應該全年都考慮一種較低的水平？或者隨著我們今年的推移，毛利率的節奏會發生某種程度的變化嗎？

Matt, when you're thinking about gross margin for this year, the biggest driver on gross margin is going to be what percent of overall revenue is Xenium instruments. So the Xenium instrument itself, it's a low-margin instrument for reasons that I've gone over before. The consumables though, are more comparable to the consumables that we currently sell. And so there is going to be an impact throughout this year. I think it's going to continue to trend lower throughout the year as we increase our Xenium placements and also the percent of the overall revenue increases.

馬特，當你考慮今年的毛利率時，毛利率的最大驅動因素將是 Xenium 儀器佔總收入的百分比。因此，Xenium 儀器本身是一種低利潤儀器，原因我之前已經講過。不過，消耗品與我們目前銷售的消耗品更具可比性。因此，今年全年都會產生影響。我認為隨著我們增加 Xenium 的位置以及總收入的百分比增加，全年它會繼續走低。

I do think that there will be partial offsets as the consumables revenue stream on those continues to ramp up as well. But as far as how the consumables ramp compares to the instrument ramp, it's too early to make a call on that. So I think the best assumption is just that it's going to continue to trend lower throughout the year, and it's going to flex according to the number of overall placements.

我確實認為，隨著消耗品收入流的不斷增加，將會有部分抵消。但就耗材斜坡與儀器斜坡的比較而言，現在就此下結論還為時過早。所以我認為最好的假設就是它會在全年繼續走低，並且會根據總體安置數量而變化。

Got it. That's helpful. And then Serge, just on the commercial strategy. You had mentioned in your prepared comments about changes you made. I know you hired Jim last year. But any more detail that you can provide just given that you're you're now a multiproduct company, looking to scale as well as grow. Could you maybe talk about some of the changes that you made or some of the things you might be doing differently this year as you're dealing with multiple products in the marketplace?

知道了。這很有幫助。然後是 Serge，就商業戰略而言。您在準備好的評論中提到了您所做的更改。我知道你去年僱用了吉姆。但是，鑑於您現在是一家多產品公司，希望擴大規模和發展壯大，您可以提供更多詳細信息。您能否談談您今年在處理市場上的多種產品時所做的一些改變或您可能會做的一些不同的事情？

Yes. But definitely, the complexity of our platforms and products that has increased and substantially, especially with the introduction of Xenium, which is the most -- kind of the biggest instrument, the most complex instrument we've got before.

是的。但可以肯定的是，我們平台和產品的複雜性已經大大增加，尤其是隨著 Xenium 的推出，這是我們以前擁有的最大的工具，也是最複雜的工具。

That said, as we've also talked about before, the products are highly complementary. And there's a huge overlap in customers and a huge overlap in terms of you being able to use them in complementary ways. So that's something we're definitely leading into and certainly taking advantage of our entire sales force and commercial force to help the different platforms support each other and reinforce the mutual advantages.

也就是說，正如我們之前也談到的那樣，這些產品具有很強的互補性。並且在客戶方面存在巨大的重疊，並且在您能夠以互補的方式使用它們方面存在巨大的重疊。因此，這絕對是我們正在引領並肯定利用我們整個銷售團隊和商業團隊的優勢來幫助不同平台相互支持並加強相互優勢的事情。

We're also recognizing that some of them require a bit more focus, we are investing in some amount of specialization on -- certainly on the sales side and the marketing side and support side to -- especially to help with the Xenium.

我們還認識到，其中一些需要更多的關注，我們正在投資一定數量的專業化——當然是在銷售方面、營銷方面和支持方面——尤其是為了幫助 Xenium。

Our next question comes from the line of Justin Bowers with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Justin Bowers。

During the prepared remarks, you talked about the next phase of growth, and I was hoping that you could help characterize that for us a little more. And then thinking about the next 2 or 3 years, is the growth rate we're seeing in the guidance for this year kind of reflective of the outlook for the next 2 or 3 years?

在準備好的發言中，你談到了下一階段的增長，我希望你能幫助我們更多地描述這一點。然後考慮未來 2 或 3 年，我們在今年的指導中看到的增長率是否反映了未來 2 或 3 年的前景？

So in terms of kind of how we look at the next several years and the next phase of growth here, a lot of it is you're going to -- back to your previous question from Matt, the complexity of product lineup has increased tremendously. And the products -- different platforms are somewhat different stages of market penetration. Given -- Xenium is just getting launched. So I think there's tons and tons of excitement in the marketplace right now for the platform as it currently stands and tons and tons of potential as we have more capabilities to the platform. So I think it's going to be a huge rate of market demand, especially as we look over the next several years. We're making big investments in there.

因此，就我們如何看待未來幾年和下一階段的增長而言，其中很多是你要 - 回到你之前來自馬特的問題，產品陣容的複雜性已經大大增加.和產品——不同的平台是不同的市場滲透階段。鑑於——Xenium 剛剛推出。因此，我認為該平台目前所處的市場令人興奮不已，隨著我們對該平台擁有更多功能，其潛力也越來越大。所以我認為這將是一個巨大的市場需求率，尤其是在我們展望未來幾年的時候。我們正在那裡進行大量投資。

The Visium franchise has been around for a few years, and it took us some other time to build out the full stack of capabilities and especially with the launch of CytAssist last year, it's really set up for an acceleration in growth and so we're feeling particularly excited, and we see a lot of resonance with customers there and we are going to be investing to win into that acceleration.

Visium 專營權已經存在了幾年，我們又花了一些時間來構建完整的功能堆棧，尤其是去年推出 CytAssist 後，它確實為加速增長做好了準備，所以我們感到特別興奮，我們看到那裡的客戶有很多共鳴，我們將投資以贏得這種加速。

And then on the Chromium side, we've grown a lot over the last several years. And I think we're at the point where there is a lot of potential to grow into new kinds of applications and into new kinds of areas. We've emphasized translational research, especially with the capabilities now. I think there's a lot of huge potential there. There's lots of opportunities in biopharma and there's a general sense that single-cell and the current platform is really is in a good place now to go much more mainstream throughout mainstream biology. And that's our goal. All of these sort of vectors require more scale and more intentional and a lot of times, specialized approach as to how we go to market in those areas. And we're investing and scaling the company while scaling our approaches, leveraging what we have built so far to drive an excellent phase of growth.

然後在 Chromium 方面，我們在過去幾年裡成長了很多。而且我認為我們正處於一個有很大潛力發展到新型應用程序和新領域的地步。我們強調轉化研究，尤其是現在的能力。我認為那裡有很大的潛力。生物製藥領域有很多機會，人們普遍認為單細胞和當前平台現在確實處於一個很好的位置，可以在整個主流生物學中變得更加主流。這就是我們的目標。所有這些類型的載體都需要更大的規模和更多的故意，而且很多時候，我們如何在這些領域進入市場的專業方法。我們正在投資和擴大公司規模，同時擴大我們的方法，利用我們迄今為止建立的東西來推動出色的增長階段。

Understood. And just a quick follow-up. In terms of the headcount additions, it sounded like those were concentrated in R&D and product development. Can you give us a sense of the mix there? And then just on China, is there -- are some of your partners over there starting to see tenders from the stimulus package that was introduced last year or past last year?

明白了。并快速跟進。就增加的員工人數而言，聽起來像是集中在研發和產品開發方面。你能告訴我們那裡的混合情況嗎？然後就中國而言，是否有 - 您那裡的一些合作夥伴是否開始看到去年或去年推出的刺激計劃的招標？

As far as headcount goes, when we're looking at increases in 2023, it's mostly to support new products, and we're looking at minimal increases 2023 over 2022. We are hiring some Xenium specialists throughout the year to help augment the efforts and support the sales reps. And then we're also taking over support and installations of all products internally, whereas we used to do that through a third-party and so the increases are coming mainly from those 2 areas.

就員工人數而言，當我們考慮 2023 年的增長時，主要是為了支持新產品，我們預計 2023 年的增幅將比 2022 年小。我們全年都在招聘一些 Xenium 專家，以幫助加強工作和支持銷售代表。然後我們也在內部接管所有產品的支持和安裝，而我們過去是通過第三方來做的，所以增長主要來自這兩個領域。

And then as far as (inaudible), we haven't heard anything.

然後就（聽不清）而言，我們什麼也沒聽到。

Our last question comes from the line of John Sourbeer with UBS.

我們的最後一個問題來自瑞銀集團的 John Sourbeer。

If I could ask 2 here. I guess, first, with Europe. Any color there on just how you see the Europe market playing out for the year and any of the dynamics around macro pressures there?

如果我可以在這裡問2。我想，首先是歐洲。您如何看待今年歐洲市場的表現以及圍繞宏觀壓力的任何動態？

So Europe had a solid quarter this past quarter. And I think there's probably a number of reasons for that. I think looking at the year-over-year compare, it was a favorable compare going back to 2021, the end of 2021 when the Omicron grows. We saw that impact in Europe during the last 2 weeks of the quarter. I think operationally, we had some challenges in the middle part of the year that I believe that we've improved and mostly recovered from going into Q4. But it definitely seems like things in Europe have been more stable, and the trends over this last quarter have definitely been encouraging.

因此，歐洲在上個季度表現穩定。我認為這可能有很多原因。我認為從同比比較來看，這是一個有利的比較，可以追溯到 2021 年，即 Omicron 增長的 2021 年底。在本季度的最後兩週，我們在歐洲看到了這種影響。我認為在運營方面，我們在年中遇到了一些挑戰，我相信我們已經有所改善並且大部分都從進入第四季度中恢復過來。但看起來歐洲的情況確實更加穩定，而且上個季度的趨勢肯定令人鼓舞。

One thing to add as well, though, and this impacts Europe and other geographies as well as coming into the beginning of 2023, we executed the largest annual price increase that we've ever done. And so I do believe that there has been some -- there's always some pull forward when you have a price increase, but this being the largest one that we've done going from Q4 into Q1. I do think that it was likely a little bit more than we've seen in the past. And it's a little bit too early right now to tell how much of that was pulled forward and how much of that was regular demand. And so I think we need a few more data points before we start calling a new trend, in particular in Europe, but just worldwide as well.

不過，還有一件事要補充，這會影響歐洲和其他地區以及進入 2023 年初，我們執行了有史以來最大的年度價格上漲。因此，我確實相信有一些 - 當價格上漲時總會有一些推動，但這是我們從第四季度到第一季度所做的最大一次。我確實認為這可能比我們過去看到的要多一點。現在判斷其中有多少是提前的以及有多少是常規需求還為時過早。因此，我認為在我們開始稱之為新趨勢之前，我們需要更多的數據點，尤其是在歐洲，但在全球範圍內也是如此。

My follow-up was going to be on pricing, but maybe just kind of into high-level question here. I guess when you think about now post the AGBT and the conversation from your customers, I guess, where do you see the most excitement coming when you look through the different platforms from the year? And you have any shift in those dynamics there between spatial and single-cell?

我的後續行動將是關於定價的，但也許只是這裡的高級問題。我想當您現在考慮發布 AGBT 和客戶的對話時，我想，當您瀏覽當年的不同平台時，您認為最令人興奮的地方在哪裡？你在空間和單細胞之間的動態變化有什麼變化嗎？

Yes, that's a good question. We actually like try and rank order ourselves, and it's challenging. There's tons and tons of excitement coming out of AGBT, certainly on the single-cell side. We showed how the scaling potential of the Chromium platform, and it's pretty astounding with 10 million cell experiments. And all kinds of data that you can get from a single sample. And we showed on the Visium side, we showed Visium HD data and in parallel, there's huge resonance with CytAssist and what is enabling hearing people that have more -- a lot more demand than the capacity to run it at this stage. And we are -- and also Xenium, again, we showed the features -- the great features of the instrument, the platform itself right now really, really clean data, high sensitivity, high specificity.

是的，這是個好問題。我們實際上喜歡自己嘗試排序，這很有挑戰性。 AGBT 令人興奮不已，當然是在單細胞方面。我們展示了 Chromium 平台的擴展潛力，它在 1000 萬個細胞實驗中非常驚人。以及您可以從單個樣本中獲得的各種數據。我們在 Visium 方面展示了，我們展示了 Visium HD 數據，同時，CytAssist 產生了巨大的共鳴，以及什麼使聽力人擁有更多 - 比現階段運行它的能力更多的需求。我們——還有 Xenium，我們再次展示了這些特性——儀器的強大特性，平臺本身現在真的非常乾淨的數據、高靈敏度、高特異性。

It has the best throughput in the market by far, has great workflow, really, really sophisticated software, which has gotten tons of resonance from people. And then at AGBT, in particular, we talked about also about long-term development directions and those also resonated really strong with (inaudible), whether it's plex levels in the future, improvements due to sale segmentation or like really excitingly, all the different kinds of analyses. You can actually analyze with Xenium using our chemistry that you can't with really any other approach, being able to look at individual single liquid variance in cancer samples and isoforms. So lots and lots of excitement both around like what the platforms could do right now and sort of the direction that they're going in. It's very hard to pick any particular one as the winner.

它擁有迄今為止市場上最好的吞吐量，出色的工作流程，非常非常複雜的軟件，已經引起了人們的廣泛共鳴。然後在 AGBT，特別是，我們還討論了長期發展方向，這些方向也引起了強烈的共鳴（聽不清），無論是未來的綜合水平，銷售細分帶來的改進還是真正令人興奮的，所有不同的種分析。實際上，您可以使用我們的化學方法對 Xenium 進行分析，而這實際上是任何其他方法都做不到的，能夠查看癌症樣本和亞型中的單個液體差異。平台現在可以做什麼，以及他們前進的方向，都令人興奮不已。很難選出任何一個特定的平台作為贏家。

Thank you. That concludes today's 10x Genomics Fourth Quarter and Full Year 2022 Earnings Conference Call. I hope you all enjoy the rest of your day. You may now disconnect your lines.

謝謝。今天的 10x Genomics 第四季度和 2022 年全年收益電話會議到此結束。我希望你們都過得愉快。您現在可以斷開線路。