10X Genomics Inc (TXG) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to the 10x Genomics' First Quarter 2023 Earnings Conference Call. My name is Bruno, and I will be the operator of today. (Operator Instructions) I will now hand over to your host, Cassie Corneau. Cassie, please go ahead.

大家好，歡迎來到 10x Genomics 2023 年第一季度收益電話會議。我叫布魯諾，我將擔任今天的接線員。 （操作員說明）我現在將交給您的主持人 Cassie Corneau。卡西，請繼續。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the first quarter ended March 31, 2023. 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，大家下午好。今天早些時候，10x Genomics 發布了截至 2023 年 3 月 31 日的第一季度財務業績。如果您還沒有收到此新聞稿，或者您想加入公司的分發名單，請發送電子郵件至 investors@10xgenomics .com。此電話會議的存檔網絡廣播將在公司網站 10xgenomics.com 的“投資者”選項卡上提供至少 45 天。

So 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 risks or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements. 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.

所以我們開始，我想提醒您，管理層將在本次電話會議期間發表聲明，這些聲明是聯邦證券法意義上的前瞻性聲明。這些陳述涉及重大風險和不確定性，可能導致實際風險或事件與預期存在重大差異，您不應過分依賴前瞻性陳述。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. We will host a question-and-answer session after our prepared remarks. (Operator Instructions) 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。我們將在準備好的發言後舉辦問答環節。 （操作員說明）有了這個，我現在將把電話轉給 Serge。

Thanks, Cassie, and good afternoon, everyone. On today's call, I will start with an overview of our first quarter performance across our leading portfolio of single cell and spatial technologies. Next, I will discuss our progress, momentum and the exciting opportunities we have ahead in each of our 3 platforms. And I'll share why based on early yet overwhelmingly positive feedback we hear from our customers, we firmly believe Xenium is the best system for in situ analysis. Then I'll turn the call over to Justin for a more detailed look at our financials, business trends and outlook for the rest of the year.

謝謝，卡西，大家下午好。在今天的電話會議上，我將首先概述我們領先的單細胞和空間技術產品組合的第一季度業績。接下來，我將討論我們在三個平台中的每一個平台的進展、勢頭和令人興奮的機會。我將分享為什麼基於我們從客戶那裡聽到的早期但壓倒性的積極反饋，我們堅信 Xenium 是原位分析的最佳系統。然後我會把電話轉給賈斯汀，讓他更詳細地了解我們今年剩餘時間的財務、業務趨勢和前景。

2023 is off to a solid start with first quarter revenue growing 17% year-over-year to $134 million. These results reflect the momentum we're seeing across our spatial portfolio fueled by the recent launches in both Visium and Xenium and the strength in Chromium consumables. Regionally, the Americas and EMEA teams saw improvement after a slowdown in the prior year period, while APAC came in to lower our expectations.

2023 年開局良好，第一季度收入同比增長 17% 至 1.34 億美元。這些結果反映了我們在最近推出的 Visium 和 Xenium 以及 Chromium 消耗品的實力推動下在我們的空間產品組合中看到的勢頭。在區域方面，美洲和 EMEA 團隊在去年同期放緩後有所改善，而亞太地區則降低了我們的預期。

As we look to the year ahead, it's all about execution and impact. We are coming off the biggest and the most exciting year of product launches in our history, and our team is fully focused on driving adoption and ensuring customer success. We're continuing to push our innovation engine with new capabilities in all 3 platforms, and we are working to improve scale, efficiency and operational excellence throughout the company. All this so we can maximize and deliver on the incredible opportunity we have ahead.

展望未來一年，一切都關乎執行力和影響力。我們迎來了歷史上規模最大、最激動人心的產品發布年，我們的團隊全神貫注於推動採用和確保客戶成功。我們將繼續通過所有 3 個平台的新功能推動我們的創新引擎，我們正在努力提高整個公司的規模、效率和卓越運營。所有這一切都是為了讓我們能夠最大限度地利用我們所擁有的難以置信的機會。

Now let me share more about each platform, starting with Chromium, the unambiguous leader in single cell analysis. In Q1, Chromium consumables continued their solid trajectory and returned to double-digit growth. This was driven by strong performance in the Americas and EMEA as nearly every assay in our entire broad single-cell portfolio grew year-over-year in both regions. The performance, ease of use and tremendous scalability of our consumables portfolio across a wide range of applications and analytes is an important differentiator for 10x that creates real value for our customers and their research.

現在讓我分享更多關於每個平台的信息，首先是 Chromium，它是單細胞分析領域的絕對領導者。在第一季度，Chromium 消耗品繼續保持穩健的發展軌跡並恢復到兩位數的增長。這是由美洲和 EMEA 的強勁表現推動的，因為我們整個廣泛的單細胞產品組合中的幾乎每項檢測在這兩個地區都同比增長。我們的耗材產品組合在各種應用和分析物中的性能、易用性和巨大的可擴展性是 10x 的一個重要差異化因素，它為我們的客戶及其研究創造了真正的價值。

This quarter, in particular, we continue to see increasing traction and customer enthusiasm for Chromium Flex, the new gold standard for single-cell gene expression. With its robust fixation, superior performance, built-in multiplexing, cost advantages and broad sample compatibility, we believe Flex will be transformative to the Chromium platform over the long term. It's very early in this launch. Yes, it's clear that momentum is building. We're hearing multiple examples of customers who achieved amazing results in their initial evaluation and are now planning larger studies that leverage the assay's built-in multiplexing to run more samples at lower per sample costs. One customer shared how Flex, the first and only single cell assay to work with archival FFPE samples, revealed new signatures in bladder cancer blocks, some 15 years old that are eye opening to pathologists.

特別是本季度，我們繼續看到越來越多的客戶對 Chromium Flex 的關注和熱情，Chromium Flex 是單細胞基因表達的新黃金標準。憑藉其強大的固定、卓越的性能、內置的多路復用、成本優勢和廣泛的樣本兼容性，我們相信 Flex 將在長期內對 Chromium 平台產生變革。這次發布還為時過早。是的，很明顯勢頭正在增強。我們聽到了多個客戶的例子，他們在最初的評估中取得了驚人的結果，現在正計劃進行更大規模的研究，利用檢測的內置多路復用以更低的每個樣本成本運行更多樣本。一位客戶分享了 Flex，這是第一個也是唯一一個使用存檔 FFPE 樣本的單細胞檢測方法，它如何揭示膀胱癌塊中的新特徵，大約 15 年的歷史讓病理學家大開眼界。

The palpable enthusiasm we're seeing reinforces our belief that Flex has the potential to become our new flagship assay for single cell gene expression. It's drawing more researchers into the 10x ecosystem as new customers increasingly choose Flex as their first 10x assay of choice.

我們看到的明顯的熱情強化了我們的信念，即 Flex 有潛力成為我們新的單細胞基因表達旗艦檢測方法。隨著越來越多的新客戶選擇 Flex 作為他們的第一個 10x 分析，它正在吸引更多的研究人員進入 10x 生態系統。

And just like we've always done, we're continuing to invest to broaden the menu of applications available in the Flex portfolio to enable more samples, more scale and more analytes. Later this year, we expect to expand our feature barcode application to Flex to simultaneously profile gene expression and cell surface proteins on a cell-by-cell basis across multiplex samples and millions of cells.

就像我們一直所做的那樣，我們將繼續投資以擴大 Flex 產品組合中可用的應用程序菜單，以支持更多樣品、更大規模和更多分析。今年晚些時候，我們希望將我們的特徵條形碼應用程序擴展到 Flex，以在多重樣本和數百萬個細胞中逐個細胞地同時分析基因表達和細胞表面蛋白。

We believe that the plug-and-play multiomics capabilities on Flex will open up more opportunities within disease research and translational settings. Flex is exclusively available on Chromium X Series instruments. And as such, we expect placements to accelerate as more customers appreciate the power and performance of this assay.

我們相信 Flex 上的即插即用多組學功能將為疾病研究和轉化環境開闢更多機會。 Flex 僅適用於 Chromium X 系列儀器。因此，我們預計隨著越來越多的客戶欣賞這種檢測的功能和性能，安置速度會加快。

The Chromium X Series is by far the most powerful tool available for single cell analysis, and we believe there is a long runway ahead with both new and existing customers. Altogether, this is why I firmly believe despite all the progress we've made, single cell is still just getting started.

Chromium X 系列是迄今為止最強大的單細胞分析工具，我們相信新客戶和現有客戶都有很長的路要走。總而言之，這就是為什麼我堅信，儘管我們已經取得了所有進展，但單細胞技術仍處於起步階段。

Now turning to spatial, where both our Visium and Xenium platforms exceeded our expectations during Q1. We launched Visium only a few years ago. And since then, Visium has emerged as the clear leader in NGS-based spatial technology, using thousands of labs and having generated the largest number of public data sets by far. Last year's launches of CytAssist and FFPE v2 have further accelerated adoption of the Visium platform. These new products help solve the key challenges our customers have historically faced with a Visium workflow. CytAssist also opens up more samples and more sample types for Visium research, providing customers with a better experience and better data.

現在轉向空間，我們的 Visium 和 Xenium 平台在第一季度超出了我們的預期。我們僅在幾年前推出了 Visium。從那時起，Visium 已成為基於 NGS 的空間技術的明顯領導者，使用了數千個實驗室，並生成了迄今為止數量最多的公共數據集。去年推出的 CytAssist 和 FFPE v2 進一步加速了 Visium 平台的採用。這些新產品有助於解決我們的客戶過去在 Visium 工作流程中面臨的主要挑戰。 CytAssist 還為 Visium 研究開放了更多的樣本和更多的樣本類型，為客戶提供更好的體驗和更好的數據。

This quarter, we launched protocols for both fresh frozen and fixed samples, now enabling all major sample types to run on CytAssist. Demand for CytAssist remained solid in Q1. It's been particularly exciting to see these placements drive increased Visium mutualization. CytAssist-based consumables became the preferred method in Q1, surpassing our instrument-free assays, a trajectory we expect to continue. And it's not just our existing power users for adopting CytAssist. This instrument is bringing new labs into the 10x ecosystem. A large fraction of our placements in Q1 went to labs that were either new to the Visium platform or new to 10x entirely, a promising indicator of potential future growth. These trends demonstrate why we're confident CytAssist is the future of the Visium platform. We're continuing to invest and innovate in the Visium franchise, developing new capabilities that will be exclusively available on CytAssist.

本季度，我們推出了適用於新鮮冷凍和固定樣本的協議，現在所有主要樣本類型都可以在 CytAssist 上運行。第一季度對 CytAssist 的需求保持穩定。看到這些安置推動了 Visium 相互化的增加，我感到特別興奮。基於 CytAssist 的耗材成為第一季度的首選方法，超過了我們的無儀器檢測，我們預計這一軌跡將繼續下去。採用 CytAssist 的不僅僅是我們現有的高級用戶。該儀器將新實驗室帶入 10x 生態系統。我們在第一季度的很大一部分展示位置去了 Visium 平台的新實驗室或完全新的 10x，這是未來潛在增長的一個有希望的指標。這些趨勢證明了為什麼我們相信 CytAssist 是 Visium 平台的未來。我們將繼續對 Visium 特許經營權進行投資和創新，開發將在 CytAssist 上獨家提供的新功能。

This quarter, we plan to launch Visium gene plus protein expression, empowering researchers with 3 analytes in 1, high plex protein, whole transcriptome RNA and H&E staining, all on the same tissue section. This will be the first and only assay of its kind to offer a morphology first workflow preserving pristine H&E staining patterns conducted upfront. Linking an information-rich image with its complementary molecular analytes on the same tissue section enables researchers to both cross validate their findings and obtain a new level of understanding.

本季度，我們計劃推出 Visium 基因加蛋白表達，使研究人員能夠在同一個組織切片上進行 3 合一分析、高叢蛋白、全轉錄組 RNA 和 H&E 染色。這將是同類中第一個也是唯一一個提供形態學優先工作流程的檢測方法，可保留預先進行的原始 H&E 染色模式。將信息豐富的圖像與其在同一組織切片上的互補分子分析物聯繫起來，使研究人員能夠交叉驗證他們的發現並獲得新的理解水平。

Now turning to Xenium, which we believe is the best performing platform for in situ analysis. It's exciting to see the incredible momentum and traction we've built since we first started shipping Xenium in December. And we couldn't be more pleased with the initial feedback we're hearing from our customers. We set out to build Xenium, so it just works in the hands of researchers, the same as our other products. To have our customers tell us this and show us through their routine use is a testament to the strength of our innovation engine and the talent and dedication of our team.

現在轉向 Xenium，我們認為它是原位分析性能最好的平台。很高興看到我們自去年 12 月首次開始發售 Xenium 以來所建立的令人難以置信的勢頭和牽引力。我們對從客戶那裡聽到的初步反饋感到非常滿意。我們著手構建 Xenium，所以它只在研究人員手中工作，就像我們的其他產品一樣。讓我們的客戶告訴我們這一點，並通過他們的日常使用向我們展示，這證明了我們創新引擎的實力以及我們團隊的才能和奉獻精神。

Our customers have not only praised Xenium performance and ease of use, but also the entire experience engaging with the platform. They've given rave reviews to our field teams for their installation and training, which shows the real impact of the commercial breadth, depth and scale we've built over the years. It is awesome to have the key design specs we intended and marketed for launch now developed, delivered and then regularly used in the field. Researchers are seeing that its systems on-market features not on-paper features that deliver real value and lead to exciting new discoveries.

我們的客戶不僅讚揚了 Xenium 的性能和易用性，還讚揚了與該平台互動的整個體驗。他們對我們的現場團隊的安裝和培訓給予了好評，這顯示了我們多年來建立的商業廣度、深度和規模的真正影響。現在開發、交付並定期在現場使用我們計劃和營銷的關鍵設計規範真是太棒了。研究人員發現，其係統的上市特徵而非紙上特徵能夠提供真正的價值並帶來令人興奮的新發現。

To see our initial customers generate powerful results and stunning images on Xenium run after run has been deeply rewarding and motivating for our team. In fact, since the end of January, our customers have completed dozens of successful Xenium runs with their own pressure samples, ranging from (inaudible) to more complex human samples across various tissues, including breast, kidney, skin, lung, and various sample types, including fresh frozen, FFPE and tissue microarrays. The feedback they've shared after independently completing the entire workflow from sample prep to data analysis validated Xenium's differentiation and performance advantages across a number of fronts. To start, thanks to unique features enhanced in our chemistry, Xenium delivers excellent sensitivity and specificity, which are the necessary foundations of any high-quality trustworthy in situ system.

看到我們的初始客戶一次又一次地在 Xenium 上生成強大的結果和令人驚嘆的圖像，這對我們的團隊來說是一種極大的回報和激勵。事實上，自 1 月底以來，我們的客戶已經使用自己的壓力樣本完成了數十次成功的 Xenium 運行，範圍從（聽不清）到更複雜的人體樣本，涵蓋各種組織，包括乳房、腎臟、皮膚、肺和各種樣本類型，包括新鮮冷凍、FFPE 和組織微陣列。在獨立完成從樣本準備到數據分析的整個工作流程後，他們分享的反饋證實了 Xenium 在多個方面的差異化和性能優勢。首先，由於我們化學中增強的獨特功能，Xenium 提供了出色的靈敏度和特異性，這是任何高質量、值得信賴的原位系統的必要基礎。

We compared the information on the competitors' marketing materials to our own data sets and found Xenium is currently up to 6x more sensitive. Xenium also delivers much higher specificity, giving customers confidence that each transcript detected is the intended one and that there is no [false] or phantom genes or cells in their samples. In another comparison using a competitor's marketing data, we found Xenium delivers up to 42x better specificity than the other platform, where 6% to 25% of the transcripts in each cell can be misleading. Beyond performance, Xenium's ease-of-use, efficient workflow and best-in-class throughput are also resonating very well with our early customers.

我們將競爭對手營銷材料中的信息與我們自己的數據集進行了比較，發現 Xenium 目前的敏感度高達 6 倍。 Xenium 還提供更高的特異性，讓客戶相信檢測到的每個轉錄本都是預期的轉錄本，並且他們的樣本中沒有 [假] 或幻影基因或細胞。在另一項使用競爭對手營銷數據的比較中，我們發現 Xenium 提供的特異性比其他平台高出 42 倍，其中每個單元格中 6% 到 25% 的轉錄本可能具有誤導性。除了性能之外，Xenium 的易用性、高效的工作流程和一流的吞吐量也引起了我們早期客戶的共鳴。

Researchers can use our entire slide area, enabling maximum flexibility to run single large sections, multiple smaller sections or even tissue microarrays. With Xenium, researchers can analyze the most tissue area in the least amount of time using the fewest number of slides. In addition, our gene panel strategy designed to help customers answer their specific research questions is also resonating well. Our approach combines a growing menu of targeted gene panels optimized by tissue type with the flexibility to add in large numbers of custom genes.

研究人員可以使用我們的整個載玻片區域，從而實現最大的靈活性來運行單個大切片、多個較小切片甚至組織微陣列。借助 Xenium，研究人員可以使用最少數量的載玻片在最短時間內分析最多的組織區域。此外，我們旨在幫助客戶回答其特定研究問題的基因面板策略也引起了很好的共鳴。我們的方法結合了不斷增加的按組織類型優化的靶向基因面板菜單，以及添加大量定制基因的靈活性。

This quarter, we will continue to expand our content menu with the planned launch of new tissue-specific panels and a multi-tissue panel optimized for cancer research. With each of these offerings, researchers can also spike in their own custom genes to ensure they aren't limited in any way by gene selection. In addition, we recently launched a fully custom gene panel for maximum flexibility. Our unique combination of predesigned and fully custom panels is increasingly validated in the field, giving researchers the ability to measure the genes they need at high performance and high throughput.

本季度，我們將繼續擴展我們的內容菜單，計劃推出新的組織特異性 panel 和針對癌症研究優化的多組織 panel。通過這些產品中的每一種，研究人員還可以加入他們自己的定制基因，以確保它們不會以任何方式受到基因選擇的限制。此外，我們最近推出了一個完全定制的基因面板，以實現最大的靈活性。我們預先設計和完全定制面板的獨特組合在該領域得到越來越多的驗證，使研究人員能夠以高性能和高通量測量他們所需的基因。

This all comes together with our differentiated approach to software and data analysis, which is the best demonstration of the caliber and performance of an in situ platform and essential to ensuring a positive customer experience and to enabling routine use. Everyone in the field has talked about how challenging it can be for researchers to handle the large amounts of data produced by in situ instruments. However, challenges like these play exactly one of our key strengths. We have invested and built world-class software data analysis expertise since the earliest days of the company in contrast to others, who outsource this critical function. We have brought our team's proven software prowess to Xenium, and the result is yet another area where the 10x approach is a big differentiator, thus making a big impact with our customers.

這一切都與我們差異化的軟件和數據分析方法相結合，這是現場平台質量和性能的最佳展示，對於確保積極的客戶體驗和實現日常使用至關重要。該領域的每個人都談到了研究人員處理現場儀器產生的大量數據是多麼具有挑戰性。然而，像這樣的挑戰恰恰是我們的主要優勢之一。自公司成立之初，我們就投資並建立了世界一流的軟件數據分析專業知識，而其他公司則將這一關鍵職能外包。我們將我們團隊久經考驗的軟件實力帶到了 Xenium，其結果是另一個領域，其中 10 倍方法是一個很大的差異化因素，從而對我們的客戶產生了很大的影響。

Xenium is the only platform to feature comprehensive primary and secondary onboard analysis in parallel with the instrument run, including cell segmentation and results. This enables researchers to directly access their data on the Xenium instrument immediately after the run is done without the need for onerous plus instrument analysis or massive uploads, downloads or data transfers. Customers who want more of instrument interpretation can easily do so using Xenium Explorer or a wide variety of open source tools. We're confident that our differentiated approach is flexible, fast and significantly reduces the computational burden on customers. We've built Xenium to be the best performing in situ platform, both now and for the future.

Xenium 是唯一具有與儀器運行並行的全面初級和次級機載分析的平台，包括細胞分割和結果。這使研究人員能夠在運行完成後立即在 Xenium 儀器上直接訪問他們的數據，而無需進行繁重的儀器分析或大量上傳、下載或數據傳輸。需要更多儀器解釋的客戶可以使用 Xenium Explorer 或各種開源工具輕鬆實現。我們相信我們的差異化方法是靈活、快速的，並且可以顯著降低客戶的計算負擔。我們已將 Xenium 打造成現在和未來性能最佳的現場平台。

Xenium is backed by an ambitious and exciting multiyear road map. We've already demonstrated a number of these future capabilities, including the ability to scale to many thousands of genes. In addition, Xenium's chemistry uniquely enables isoform mapping and SNV detection, real game changers that simply aren't possible on other platforms. The real-world feedback we received from our early Xenium users is giving us better insights faster and helping us to prioritize our road map, so we can deliver researchers precisely what they want. Overall, we feel really good about our early progress and momentum. There is tremendous potential ahead with Xenium, and we're bringing the whole of company effort to capture it.

Xenium 以雄心勃勃且令人興奮的多年路線圖為後盾。我們已經展示了許多這些未來的能力，包括擴展到數千個基因的能力。此外，Xenium 的化學獨特地實現了異構體映射和 SNV 檢測，這是其他平台上根本不可能實現的真正的遊戲規則改變者。我們從早期 Xenium 用戶那裡收到的真實反饋讓我們更快地獲得更好的見解，並幫助我們確定路線圖的優先級，這樣我們就可以準確地為研究人員提供他們想要的東西。總的來說，我們對我們早期的進展和勢頭感到非常滿意。 Xenium 蘊藏著巨大的潛力，我們正全力以赴抓住它。

We've already made significant improvements in our installation and training times, and we are increasingly confident in our scaling as we move through the year. The kinds of projects our customers already running indicate that Xenium may be one of the, if not the most transformative technologies in our industry in decades.

我們已經在安裝和培訓時間方面取得了顯著改進，而且我們對這一年的擴展越來越有信心。我們的客戶已經運行的項目類型表明，Xenium 可能是我們行業幾十年來最具變革性的技術之一。

We believe our platforms, each on their own, are by far the best-in-class in irrespective fields. Each provides a different lens on biology and can be used together to provide even more value and reveal the deepest biological insights. Our progress across each of our platforms continues to reinforce my conviction that one day just about all tissue samples, whether for research, clinical or therapeutic applications will need to be analyzed as single-cell resolution, large scale and in the right context. We firmly believe our technologies are critical to accelerating the mastery of biology in advancing human health.

我們相信，我們的平台，每個獨立，都是迄今為止在各個領域中最好的。每一種都提供了生物學的不同視角，可以一起使用以提供更多價值並揭示最深刻的生物學見解。我們在每個平台上取得的進展繼續強化我的信念，即有一天幾乎所有組織樣本，無論是用於研究、臨床還是治療應用，都需要在正確的背景下以單細胞分辨率進行大規模分析。我們堅信我們的技術對於加速掌握生物學以促進人類健康至關重要。

With that, let me turn it over to Justin for more detail on our financials.

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. I'll start by reviewing our financial results for the 3 months ended March 31, 2023, and will then provide an update on our outlook for 2023. Total revenue for the quarter was $134.3 million compared to $114.5 million for the prior year period, representing a 17% increase year-over-year. Given the differences in regional dynamics this quarter, I'm going to start with our revenue by geography.

謝謝你，塞爾。我將首先回顧我們截至 2023 年 3 月 31 日的 3 個月的財務業績，然後提供我們對 2023 年展望的更新。本季度總收入為 1.343 億美元，而去年同期為 1.145 億美元，代表同比增長 17%。考慮到本季度區域動態的差異，我將從我們按地域劃分的收入開始。

Americas revenue of $78.8 million grew 32% over the prior year period. EMEA revenue of $28.4 million grew 38% over the prior year period. And revenue in APAC was $27.1 million, a 21% decrease year-over-year. As discussed on our last call, we saw an impact to sales in China at the beginning of the quarter. While we believe activity levels are recovering, there is typically a lag in reorders after such disruptions as distributors and service providers work through existing inventory. We also instituted price increases at the beginning of Q1, and customers typically buy ahead of such increases, particularly service providers, and we believe this also contributed to a larger inventory position in Q1 that customers are continuing to work through.

美洲收入為 7880 萬美元，比上年同期增長 32%。 EMEA 收入為 2840 萬美元，比上年同期增長 38%。亞太地區的收入為 2710 萬美元，同比下降 21%。正如我們在上次電話會議上所討論的那樣，我們在本季度初看到了對中國銷售的影響。雖然我們認為活動水平正在恢復，但在分銷商和服務提供商處理現有庫存等中斷之後，再訂購通常會滯後。我們還在第一季度初開始提價，客戶通常會在提價之前購買，尤其是服務提供商，我們認為這也導致客戶在第一季度繼續增加庫存。

As we shared at our Investor Day last December, starting this quarter, we will be providing a breakout of consumable and instrument revenue by Chromium and spatial. Starting with consumables. Total consumables revenue was $112.4 million, an increase of 15% over the prior year period. Chromium consumable revenue was $101.1 million, up 11% year-over-year, and spatial consumable revenue was $11.3 million, up 69% year-over-year.

正如我們在去年 12 月的投資者日分享的那樣，從本季度開始，我們將通過 Chromium 和空間提供消耗品和工具收入的突破。從消耗品開始。耗材總收入為 1.124 億美元，比上年同期增長 15%。 Chromium 消耗品收入為 1.011 億美元，同比增長 11%，空間消耗品收入為 1130 萬美元，同比增長 69%。

Turning to instruments. Total instrument revenue was $19.2 million, an increase of 33% over the prior year period. Chromium instrument revenue was $11.6 million, down 19% year-over-year. And spatial instrument revenue was $7.6 million. As a reminder, our CytAssist and Xenium instruments launched in Q2 and Q4 of last year, respectively, and we did not have material spatial instrument revenue in Q1 of last year. Finally, services revenue was $2.7 million, which increased 29% over the prior year period.

轉向儀器。儀器總收入為 1920 萬美元，比去年同期增長 33%。 Chromium 儀器收入為 1160 萬美元，同比下降 19%。空間儀器收入為 760 萬美元。提醒一下，我們的 CytAssist 和 Xenium 儀器分別於去年第二季度和第四季度推出，去年第一季度我們沒有物質空間儀器收入。最後，服務收入為 270 萬美元，比去年同期增長 29%。

Turning to the rest of the income statement. Gross profit for the first quarter of 2023 was $98.4 million compared to a gross profit of $89 million for the prior year period. Gross margin for the first quarter was 73% compared to 78% for the first quarter of 2022. The gross margin decrease was driven primarily by the impact of shifting product mix due to newly introduced products and inventory write-downs.

轉向損益表的其餘部分。 2023 年第一季度的毛利潤為 9840 萬美元，而去年同期的毛利潤為 8900 萬美元。第一季度的毛利率為 73%，而 2022 年第一季度為 78%。毛利率下降的主要原因是新推出的產品和庫存減記導致產品結構發生變化。

Total operating expenses for the first quarter of 2023 were $150.4 million compared to $130.8 million for the first quarter last year. R&D expenses were $67.1 million compared to $64.1 million for the first quarter of 2022. SG&A expenses were $83.3 million compared to $66.7 million for the first quarter of 2022. The increase in R&D and SG&A expenses during the quarter were primarily due to increased personnel-related costs and operational expansion.

2023 年第一季度的總運營費用為 1.504 億美元，而去年第一季度為 1.308 億美元。研發費用為 6710 萬美元，而 2022 年第一季度為 6410 萬美元。SG&A 費用為 8330 萬美元，而 2022 年第一季度為 6670 萬美元。本季度研發和 SG&A 費用的增加主要是由於人員相關費用增加成本和業務擴張。

Operating loss for the first quarter of 2023 was $52 million compared to a loss of $41.7 million for the first quarter of 2022. This includes $42.1 million of stock-based compensation compared to $26 million for the corresponding prior year period. Net loss for the period was $50.7 million compared to a net loss of $42.4 million for the first quarter of 2022. We ended the quarter with $418 million in cash and cash equivalents and marketable securities net of restricted cash.

2023 年第一季度的營業虧損為 5200 萬美元，而 2022 年第一季度為虧損 4170 萬美元。其中包括 4210 萬美元的股票薪酬，而去年同期為 2600 萬美元。該期間的淨虧損為 5070 萬美元，而 2022 年第一季度的淨虧損為 4240 萬美元。本季度末，我們的現金和現金等價物以及有價證券扣除受限制現金後為 4.18 億美元。

Turning to our outlook for 2023. We are raising our guidance and now expect full year revenue to be in the range of $590 million to $610 million, representing growth of 14% to 18% over full year 2022. Our updated guidance reflects our first quarter performance as well as Xenium momentum based upon the overwhelmingly positive feedback we are seeing from early customers, along with better visibility into our operational ramp. With increased Xenium momentum, we expect overall company gross margin to trend lower as more instruments are sold. Xenium consumables have a gross margin comparable to our existing products. However, the Xenium instrument currently carries a significantly lower margin than our other instruments.

談到我們對 2023 年的展望。我們正在提高我們的指導，現在預計全年收入將在 5.9 億美元至 6.1 億美元之間，比 2022 年全年增長 14% 至 18%。我們更新後的指導反映了我們的第一季度基於我們從早期客戶那裡看到的壓倒性的積極反饋，以及對我們運營坡道的更好可見性，性能以及 Xenium 勢頭。隨著 Xenium 勢頭的增強，我們預計隨著更多工具的銷售，公司整體毛利率將呈下降趨勢。 Xenium 耗材的毛利率與我們現有的產品相當。然而，Xenium 工具目前的利潤率明顯低於我們的其他工具。

As we continue to scale our manufacturing capacity to produce more units, the cost per instrument will decline. There are also opportunities for component cost reduction, which we have not yet undertaken that will improve instrument margin over time. Our goal with Xenium was to make the best-in-class instrument. To do that, we used a number of high-end components, prioritizing performance and time-to-market over cost. This is a strategic investment we are making, given the potential utilization for the instrument where over time, annual consumable revenue streams could be significant. We believe these are wise near-term investments to make, and it does not impact our view of our long-term financial profile.

隨著我們繼續擴大製造能力以生產更多設備，每台儀器的成本將會下降。還有降低組件成本的機會，我們還沒有採取這種措施，隨著時間的推移會提高儀器利潤率。我們對 Xenium 的目標是製造一流的儀器。為此，我們使用了許多高端組件，將性能和上市時間置於成本之上。這是我們正在進行的一項戰略投資，考慮到隨著時間的推移，該儀器的潛在用途，每年的消費品收入流可能會很可觀。我們認為這些是明智的近期投資，不會影響我們對長期財務狀況的看法。

We have now substantially completed and moved into our new operations facility in Pleasanton, a key enabler of increasing Xenium production. The timing of capital expenditures has shifted and we expect to see final payments transact in Q2 and Q3. And in the next 12 months, we expect $60 million to $70 million of total capital expenditures, with the majority incurred over the next 2 quarters.

我們現在已經基本完工並搬進了我們位於普萊森頓的新運營設施，這是增加 Xenium 產量的關鍵推動因素。資本支出的時間已經改變，我們預計將在第二季度和第三季度看到最終付款交易。在接下來的 12 個月裡，我們預計總資本支出將達到 6000 萬至 7000 萬美元，其中大部分發生在接下來的兩個季度。

We still expect a significant reduction in capital expenditures in the back half of this year and continue to drive towards becoming free cash flow positive. We will maintain a disciplined and targeted approach to OpEx spend throughout the year. However, we expect some increases over 2022 due to increased stock-based compensation expense as a result of previous equity grants additional head count to support new products and increased litigation expenses as we continue to defend our intellectual property. Our strong cash position gives us the flexibility to invest in support of our strategic priorities while still protecting our balance sheet. At this point, I'll turn it back to Serge.

我們仍然預計今年下半年資本支出將大幅減少，並繼續推動自由現金流為正。我們將在全年保持有紀律和有針對性的 OpEx 支出方法。但是，我們預計到 2022 年會有一些增長，這是由於之前的股權授予增加了員工人數以支持新產品以及隨著我們繼續捍衛我們的知識產權而增加的訴訟費用導致基於股票的補償費用增加。我們強大的現金狀況使我們能夠靈活地投資以支持我們的戰略重點，同時仍然保護我們的資產負債表。在這一點上，我會把它轉回 Serge。

Thanks, Justin. Before we open it up for Q&A, I want to take a moment to thank our team who work tirelessly to ensure customer success. It is their relentless focus on our mission that sets 10x apart. Our products are powerful, helping to drive fundamental advances in our understanding of health and disease. We just achieved an exciting milestone as our products have now been cited in more than 5,000 peer-reviewed papers, enabling discoveries across a wide range of application areas. Underscoring that achievement, a recent article in the Economist and the December paper in Nature Medicine, both highlighted the tremendous progress made by the Human Cell Atlas over the past 5 years. The incredible breakthroughs enabled biotechnologists and the potential impact on the future of medicine.

謝謝，賈斯汀。在我們打開它進行問答之前，我想花點時間感謝我們的團隊，他們孜孜不倦地工作以確保客戶成功。正是他們對我們使命的不懈關注使我們與眾不同 10 倍。我們的產品功能強大，有助於推動我們對健康和疾病的理解取得根本性進展。我們剛剛實現了一個激動人心的里程碑，因為我們的產品現已在 5,000 多篇同行評審論文中被引用，從而在廣泛的應用領域實現了發現。 《經濟學人》最近發表的一篇文章和《自然醫學》12 月發表的一篇論文強調了這一成就，都強調了人類細胞圖譜在過去 5 年中取得的巨大進步。令人難以置信的突破使生物技術專家受益匪淺，並對醫學的未來產生了潛在影響。

It's more clear than ever that it's still early days. We believe there are massive opportunities ahead, and we're in a very strong position to capture them. I couldn't be more optimistic and confident about the future. Thanks again to our team for all you are doing every day to push 10x our mission and science forward.

現在比以往任何時候都更加清楚，現在還處於早期階段。我們相信未來有巨大的機會，我們處於非常有利的地位來抓住它們。我對未來無比樂觀和自信。再次感謝我們的團隊，感謝你們每天所做的一切，將我們的使命和科學向前推進 10 倍。

With that, we will now open it up for questions. Operator?

有了這個，我們現在將打開它來提問。操作員？

(Operator Instructions)

（操作員說明）

Our first question comes from Dan Arias from Stifel.

我們的第一個問題來自 Stifel 的 Dan Arias。

Justin, on spatial instrumentation and the $7.6 million revenue, can you help us with the split between Xenium and CytAssist? And then on Xenium for the year, how do manufacturing constraints figure into the equation? And how we should think about just the placement cadence for the year? Should we expect that to be pretty even step up over the quarters? Or do you think there's some back-end loading there for the model?

賈斯汀，關於空間儀器和 760 萬美元的收入，你能幫助我們解決 Xenium 和 CytAssist 之間的分歧嗎？然後在今年的 Xenium 上，製造限制如何計入等式？我們應該如何考慮今年的安置節奏？我們是否應該期望這會在幾個季度內有所提高？或者您認為該模型有一些後端加載嗎？

Dan, thanks for the question. As far as the split in our spatial revenues for Xenium and CytAssist, we don't split that out. But it was a solid quarter for CytAssist and for Xenium as well. We're quite happy with the results for both. As far as our manufacturing constraints, we continue to make progress operationally. We've got more visibility into the operational ramp than we do before. And so we are continuing to feel more bullish as the year continues as far as us having the operational capability to place instruments at the pace that we'd like to place them according to prioritizing customer success toward the rollout.

丹，謝謝你的提問。至於 Xenium 和 CytAssist 的空間收入分配，我們沒有將其分開。但對於 CytAssist 和 Xenium 來說，這是一個穩定的季度。我們對兩者的結果都非常滿意。就我們的製造限製而言，我們繼續在運營方面取得進展。與以前相比，我們對運營坡道有了更多的了解。因此，隨著這一年的繼續，我們將繼續感到更加樂觀，因為我們有運營能力按照我們希望根據客戶成功率的優先次序來部署儀器。

Okay. And then maybe just on Chromium growth. Serge, if you had to take a part, the drivers there and think about what's working for you this year, how would you rate the importance of the moving parts there when it just comes to availability of new products versus overall selling and operating environment versus improvements on the commercial side? And then just to translate that to the guide that you have, Justin, is low to mid-teens for Chromium still the forecast for the year? Or has that evolved?

好的。然後可能只是關於 Chromium 的增長。 Serge，如果你必須參與其中，那裡的驅動程序並考慮今年對你有用的東西，當涉及到新產品的可用性與整體銷售和運營環境相比，你如何評價移動部件的重要性商業方面的改進？然後只是將其轉化為你所擁有的指南，Justin，Chromium 的低到中等仍然是今年的預測嗎？還是已經進化了？

Dan, yes. So I think on the Chromium side, globally, the conditions have certainly changed globally macro-wise. So let's put that as probably the sort of the strongest factor, especially since there's still a pretty big difference geographically, if you look at the results. Pretty substantial growth we saw in EMEA and AMR and really across all product lines. So that does suggest that there is just general underlying strong momentum behind the franchise. We did -- if you think about the product lines, sort of the big underlying story underneath is Flex, the progress of that. It's still quite early, and that's a relatively moderate contributor to the overall Chromium franchise. So I wouldn't put it up as sort of a primary driver, it's not yet at that scale.

丹，是的。因此，我認為在 Chromium 方面，在全球範圍內，從宏觀角度來看，情況肯定已經發生了變化。所以讓我們把它作為最強大的因素，特別是因為在地理上仍然存在很大差異，如果你看一下結果。我們在 EMEA 和 AMR 以及所有產品線中看到了相當可觀的增長。因此，這確實表明特許經營背後存在普遍的潛在強勁勢頭。我們做到了——如果你考慮產品線，那麼下面的大故事就是 Flex，它的進展。現在還為時過早，這對 Chromium 的整體特許經營權來說是一個相對溫和的貢獻者。所以我不會把它作為主要驅動力，它還沒有達到那個規模。

So that's how I would look at it. But that said, it certainly as it's increasing, it will become one over time, especially as we think about kind of new applications, new customer adoption, kind of driving into more translational use cases, the trajectory is right it is just still quite early in the cycle.

這就是我的看法。但話雖如此，它肯定會隨著時間的推移而增加，尤其是當我們考慮新的應用程序、新的客戶採用、推動更多的轉化用例時，軌跡是正確的，只是還很早在循環中。

And Dan, this is Justin. For the second part of your question in regards to Chromium in the guide, when we introduced guidance on the last call, we gave a starting point for the growth by Chromium and by spatial. I don't expect that we're going to update those percentages on each earnings call going forward. But in looking at the changes to our guidance range on this call, we're taking the range up by $10 million on both the lower end and the higher end, and that represents the beat that we had in Q1, including a more bullish view on spatial, specifically Xenium. As far as talking about some of the drivers of Chromium, like Serge mentioned, Chromium was strong in AMR in EMEA. We had overall weakness in APAC, but the growth rates in AMR and EMEA were in the 20%. And so when we're looking at our outlook for the rest of the year, we're offsetting that against the weakness that we saw in China in Q1 and that we expect to continue on into Q2.

丹，這是賈斯汀。對於指南中關於 Chromium 的問題的第二部分，當我們在上次電話會議上介紹指南時，我們給出了 Chromium 和空間增長的起點。我不希望我們會在以後的每次財報電話會議上更新這些百分比。但是在查看我們在本次電話會議上的指導範圍的變化時，我們將低端和高端的範圍都提高了 1000 萬美元，這代表了我們在第一季度的表現，包括更樂觀的觀點在空間上，特別是 Xenium。至於 Chromium 的一些驅動因素，就像 Serge 提到的那樣，Chromium 在 EMEA 的 AMR 方面很強大。我們在亞太地區整體疲軟，但 AMR 和 EMEA 的增長率在 20% 左右。因此，當我們審視今年剩餘時間的前景時，我們正在抵消第一季度在中國看到的疲軟，我們預計這種疲軟將持續到第二季度。

Our next question comes from Dan Brennan from Cowen.

我們的下一個問題來自 Cowen 的 Dan Brennan。

Maybe just on China. I know you started off and you gave a lot of color in the prepared remarks. Maybe could you just walk through a little bit kind of how we should think about the progression throughout the year? Any color on how the quarter ended? How second quarter started off? And yes, just kind of versus your original expectations kind of what's now (inaudible) of China?

也許只是在中國。我知道你開始了，你在準備好的評論中給出了很多顏色。也許你能簡單介紹一下我們應該如何考慮全年的進展嗎？關於本季度如何結束的任何顏色？第二季度如何開始？是的，與您最初對中國現在（聽不清）的期望有點不同？

Sure, Dan. This is Justin. I'll take that to start. Maybe I'll just start overall with APAC. APAC overall was down 20% year-over-year, and that was driven by China, which was down about 36% year-over-year. And our business model in APAC as a whole is different than in AMR and EMEA where we primarily sell through distributors. And in China, the distributors and customers, the service providers. And so there's 2 levels of sales there. And so inventory, the service providers, as we mentioned last quarter, that was higher because of the lockdowns, but that was exacerbated by a pull forward from the price increase that we implemented at the beginning of the year.

當然，丹。這是賈斯汀。我會以此作為開始。也許我會從整個亞太地區開始。亞太地區整體同比下降 20%，這是由中國推動的，同比下降約 36%。我們在整個亞太地區的商業模式與我們主要通過分銷商銷售的 AMR 和 EMEA 不同。而在中國，分銷商和客戶，服務提供商。因此那裡有 2 個級別的銷售。因此，正如我們上個季度提到的那樣，庫存和服務提供商的庫存因封鎖而增加，但由於我們在年初實施的價格上漲的推動而加劇了這種情況。

And so service providers and distributors in particular, do tend to have a larger pull forward in advance of price increases just due to the concentration and the throughput of the overall product. So from what we can tell, the inventory levels are still high at the service providers and distributors. We expect to see a Q2 that is roughly similar to Q1, and then we expect to see some recovery in the back half of the year.

因此，服務提供商和分銷商，尤其是由於整體產品的集中度和吞吐量，確實傾向於在價格上漲之前有更大的推動力。因此，據我們所知，服務提供商和分銷商的庫存水平仍然很高。我們預計第二季度與第一季度大致相似，然後我們預計下半年會出現一些復甦。

Got it. Okay. And then maybe just on Xenium, any early, Serge, appreciate the prepared remarks, we have a lot of color on the competitive dynamic or the competitive profile, if you will, sensitivity, specificity and other metrics. So kind of what are you seeing early on in Xenium's launch? Obviously, NanoString has the big backlog and they had the early access programs. So they've had a year lead. Like any color on win rates?

知道了。好的。然後也許只是在 Xenium 上，任何早期，Serge，感謝準備好的評論，如果你願意的話，我們對競爭動態或競爭概況有很多顏色，敏感性，特異性和其他指標。那麼您在 Xenium 發布的初期看到了什麼？顯然，NanoString 有大量積壓工作，並且他們有早期訪問程序。所以他們領先一年。喜歡勝率的任何顏色嗎？

And as you look at the opportunity set, like what have you learned thus far from the launch? It sounds like you're bumping up your guidance on the spatial side, but any color maybe just in terms of the opportunity, if you think over the next few years for Xenium from what you're seeing so far early in the field?

當您查看機會集時，就像您從發佈到現在學到了什麼？聽起來你在空間方面提高了你的指導，但如果你從你在該領域早期看到的情況考慮未來幾年的 Xenium，那麼任何顏色都可能只是機會方面的？

Yes. Dan, so our view of the opportunity has always been bullish, right? Overall, increased opportunity and now specifically with the Xenium launch. So always the long-term potential here is massive. I mean it has not changed. If anything, kind of our experience with our customers, the speed with which they're eager to adopt these platforms and run their samples is only reinforcing that conviction. We are -- I mean, you're right that others have been kind of talking about their products for quite a bit longer there. But when I look at the trajectory of the market right now, our placements and how rapidly our customers are getting up and running the systems, how many samples they're running through these systems and the fact there are systems that are just built to have high throughput has enabled us the very large utilization. The trajectory very clearly is on our side.

是的。丹，所以我們對機會的看法一直是看漲的，對吧？總體而言，增加了機會，現在特別是隨著 Xenium 的發布。因此，這裡的長期潛力總是巨大的。我的意思是它沒有改變。如果有的話，我們與客戶的經驗，他們渴望採用這些平台和運行他們的樣品的速度只會加強這種信念。我們是——我的意思是，你是對的，其他人在那裡談論他們的產品已經很長時間了。但是，當我審視現在的市場軌跡、我們的佈局以及我們的客戶啟動和運行系統的速度、他們通過這些系統運行的樣本數量以及一些系統剛剛構建的事實時高吞吐量使我們獲得了非常大的利用率。軌跡非常清楚地在我們這邊。

So feeling really good where we are right now just based on the early -- or at least early learnings and our initial experience with the customers, and it is very much, again, leaning into the strength specifically we've developed here and for the platform itself really driving usage going forward. And so yes, so we're feeling good (inaudible) trajectory in the moment and also the tremendous potential as we look over the coming years.

因此，基於早期或至少早期的學習以及我們與客戶的初步經驗，我們現在所處的位置感覺非常好，而且再次非常依賴我們在這里和為平臺本身確實推動了未來的使用。所以是的，所以我們現在感覺良好（聽不清）的軌跡，以及我們展望未來幾年的巨大潛力。

Our next question comes from Tejas Savant from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Tejas Savant。

Serge, maybe I'll start with Xenium, some of the seems Dan -- and Dan have hit upon over here. So just to kick things off, I mean, you sort of thrown down the gauntlet on the relative specs versus the competition. Do you expect to publish those data sets at some point? Or are any customers running similar head-to-head experiments that we can hope to see here? And would you share a little bit of color on -- I know you don't like to quantify the backlog, but just from a qualitative sense, have orders increased month-over-month through May? And did they outpace shipments in the first quarter, i.e., did your backlog grow versus where it was at the start?

Serge，也許我將從 Xenium 開始，其中一些似乎是 Dan 和 Dan 在這裡偶然發現的。因此，為了讓事情開始，我的意思是，您有點在相對規格與競爭方面的挑戰。您希望在某個時候發布這些數據集嗎？或者是否有任何客戶在進行我們希望在這裡看到的類似的頭對頭實驗？你會分享一些顏色嗎 - 我知道你不喜歡量化積壓，但只是從定性的角度來看，訂單在 5 月之前是否逐月增加？他們在第一季度的出貨量是否超過了出貨量，即與開始時相比，您的積壓訂單是否增加了？

So in terms of comparisons, Tejas to your first question, as I talked about in my prepared remarks, we actually went and kind of give the benefit of doubts to others and look through the marketing materials and kind of compare that performance against what we're seeing with Xenium. We actually -- if you go through our website, you could also see those comparisons on those numbers. The challenge over time in these cases is that while our systems are being run at a very rapid clip to others, maybe not so much.

因此，就比較而言，Tejas 對你的第一個問題，正如我在準備好的發言中所說的那樣，我們實際上去了，有點懷疑別人的好處，瀏覽了營銷材料，並將這種表現與我們的表現進行了比較。與 Xenium 重逢。我們實際上 - 如果您瀏覽我們的網站，您還可以看到這些數字的比較。隨著時間的推移，在這些情況下面臨的挑戰是，雖然我們的系統運行速度比其他人快，但可能沒那麼快。

And so yes, we do expect there's going to be head-to-head and there's going to be comparisons. But like I said, we're feeling really good at where we currently are and the feedback we're getting from our customers. And as far as the question of bookings and backlog we don't comment on bookings. We do feel good about our momentum. Our sales team is fired up with all the releases we have had with the launch of the Catalyst program, with the success our initial customers are having, really a lot of momentum in the field. Right now, a lot more content that's coming. And so our sales team is fired up and we feel good about the trajectory of this interest from customers.

所以是的，我們確實希望會有正面交鋒並且會有比較。但就像我說的，我們對目前的狀況以及從客戶那裡得到的反饋感覺非常好。至於預訂和積壓的問題，我們不對預訂發表評論。我們確實對我們的勢頭感到滿意。隨著 Catalyst 計劃的啟動，我們的銷售團隊對我們發布的所有版本感到興奮，我們的初始客戶取得了成功，在該領域確實有很大的動力。現在，更多的內容即將到來。因此，我們的銷售團隊充滿活力，我們對客戶這種興趣的發展軌跡感到滿意。

Got it. That's helpful. And then a quick follow-up on Chromium and then just to clean up for you, Justin. So on the Chromium Serge, you've talked about sort of the possibility of flex cannibalization on the portfolio here. Is it playing out as you anticipated? Or are you actually seeing that sample elasticity come through a little bit quicker? I know you mentioned some large sample projects here that you were looking at. And then Justin for you. You laid out a few sort of moving parts on the free cash flow line. But maybe I didn't catch this. Did you give a timeline around when you expect to be free cash flow breakeven? Is it potentially now a 2024 event? Or do you still expect to get there by year-end?

知道了。這很有幫助。然後是關於 Chromium 的快速跟進，然後只是為你清理，Justin。因此，在 Chromium Serge 上，您已經談到了在此處的投資組合上進行 flex 蠶食的可能性。它是否如您預期的那樣發揮作用？還是您實際上看到樣本彈性更快一點？我知道您在這裡提到了您正在查看的一些大型示例項目。然後是賈斯汀。您在自由現金流線上佈置了一些活動部件。但也許我沒有明白這一點。您是否給出了預計自由現金流盈虧平衡的時間表？它現在有可能成為 2024 年的活動嗎？或者你仍然希望在年底前到達那裡？

Yes. So Tejas, let me start with the Flex question. Now just to emphasize again what I said earlier, Flex is quite early in a cycle right now. Most people who have bought Flex and are still buying Flex, the customers are buying still the single Flex version of it, meaning to kind of to test it, to adopt it because a lot of customers have been running through pilots. More and more customers are coming out of the sort of the pilot phase and scaling up. And those customers are scaling up consistently into the multiplex version of these kits. But there's still a relatively small number relative to our overall Chromium franchise.

是的。那麼 Tejas，讓我從 Flex 問題開始。現在再次強調我之前說過的話，Flex 現在處於一個週期的早期。大多數購買了 Flex 並且仍在購買 Flex 的人，客戶仍在購買它的單一 Flex 版本，這意味著要測試它，採用它，因為很多客戶已經通過試點運行。越來越多的客戶正在走出試驗階段並擴大規模。這些客戶正在不斷擴大到這些套件的多重版本。但相對於我們整個 Chromium 特許經營權而言，數量仍然相對較少。

And so that is to say it's too early to say which way sort of the elasticity is going to play out and on what time scale. We would expect that initially is going to put some pressure because first you adopt that sort of multiplex workflow and then you start scaling up into larger and larger projects, right? And we're still in that initial phase when people are most people testing the product. Some people are progressing further and some have now started ordering large multiplex kits. So we'll see how that plays out.

所以這就是說現在說哪種彈性將以何種方式發揮作用以及在什麼時間範圍內發揮作用還為時過早。我們預計最初會施加一些壓力，因為首先您採用那種多重工作流程，然後您開始擴展到越來越大的項目，對嗎？我們仍處於大多數人測試產品的初始階段。有些人正在取得進一步進展，有些人現在已經開始訂購大型多重試劑盒。所以我們將看看結果如何。

And Tejas, this is Justin. To your question on free cash flow, Yes, that's still our goal, and that's what we're driving towards. We believe that we can achieve that by the end of the year. And that's, of course, not taking into account any significant nonrecurring events. When we're looking at the levers as far as free cash flow towards the end of the year, what I would see as the biggest lever there towards the end of the year would be the inflection of the Xenium ramp. If we find that ramp is increasing more steeply right now towards the end of the year, i.e., planning even more units for the following year, there could be working capital strains on free cash flow. But I think that would be a good thing if we find ourselves in that situation at the end of the year.

Tejas，這是賈斯汀。關於你關於自由現金流的問題，是的，這仍然是我們的目標，也是我們正在努力實現的目標。我們相信我們可以在年底前實現這一目標。當然，這還沒有考慮任何重大的非經常性事件。當我們在年底查看自由現金流的槓桿時，我認為年底最大的槓桿將是 Xenium 斜坡的拐點。如果我們發現到今年年底增長速度更快，即為下一年計劃更多單位，則自由現金流可能會面臨營運資金壓力。但我認為，如果我們在年底發現自己處於那種情況，那將是一件好事。

Our next question comes from Patrick Donnelly from Citi.

我們的下一個問題來自花旗的 Patrick Donnelly。

Serge, maybe another one on Xenium. Now that you're getting some systems out there, can you just talk about the customer reception? I mean, are you seeing any cannibalization with Xenium and the rest of the spatial portfolio? Are you seeing it more synergistic with customers looking to expand, kind of build out a spatial portfolio? And then any metrics you guys have in terms of backlog or any way to think about that would certainly be helpful. But maybe just on the cannibalization side to start.

Serge，也許是 Xenium 上的另一個。現在您已經有了一些系統，您能談談客戶接待嗎？我的意思是，您是否看到 Xenium 和其他空間組合有任何蠶食？您是否看到它與希望擴展的客戶更具協同作用，有點像建立空間組合？然後你們在積壓方面的任何指標或任何思考方式肯定會有所幫助。但也許只是從蠶食方面開始。

Yes, that's a good question, Patrick, right? It's something that we've been thinking about and we had questions about. I think it's too early to see cannibalization certainly when we look at Xenium and Visium. In fact, if anything, there is a great amount of complementarity to the platforms and to the use cases. And we're seeing customers actually buy into the full ecosystem. In fact, we have customers who are buying multiple platforms, meaning the Chromium X, the CytAssist and Xenium together and the setting up workflows that make use of all 3.

是的，這是一個很好的問題，帕特里克，對吧？這是我們一直在思考的事情，我們對此有疑問。我認為，當我們看 Xenium 和 Visium 時，現在就肯定看到相互蠶食還為時過早。事實上，如果有的話，平台和用例之間存在大量的互補性。我們看到客戶實際上購買了整個生態系統。事實上，我們有一些客戶正在購買多個平台，這意味著 Chromium X、CytAssist 和 Xenium 一起購買，並設置利用所有 3 個平台的工作流程。

So I think at this stage, there's a lot of complementarity. It is an open question how this will all evolve. There's certainly a lot of interest right now, a lot of intense interest around Xenium with like the sort of early adopters, the technologies. And people are definitely spending a lot of their sort of mental bandwidth now on Xenium, which might on the margin effect some of the experience which might have run otherwise, let's say, Chromium. But I think that's a relatively minor element right now. I think the platform is largely complementary. And as this -- as the markets evolve, we'll see how it shakes out between different applications.

所以我認為在這個階段，有很多互補性。這一切將如何演變是一個懸而未決的問題。現在肯定有很多人對 Xenium 產生了濃厚的興趣，就像早期採用者和技術一樣。人們現在肯定在 Xenium 上花費了大量的精神帶寬，這可能會影響一些本來可能運行的體驗，比方說，Chromium。但我認為現在這是一個相對次要的因素。我認為該平台在很大程度上是互補的。正因為如此——隨著市場的發展，我們將看到它如何在不同的應用程序之間脫穎而出。

But the overall (inaudible) principal pieces that we talked about is that regardless of how things shake out, we feel really good about our position because we have all 3 platforms, and this is by design. And there's a reason why I invested in all 3 platforms.

但我們談論的總體（聽不清）主要部分是，無論事情如何變化，我們對自己的位置感覺非常好，因為我們擁有所有 3 個平台，這是設計使然。我投資所有 3 個平台是有原因的。

Okay. That's helpful. And Justin, maybe a follow-up on Dan's question there on China. Can you just talk about -- I don't know, any metrics you have, whether it's activity levels that you saw throughout the quarter and in April, did you see any stimulus activity as well in terms of helping out there? And just trying to kind of get a feel for that ramp coming out. Obviously, I assume January was very bad and then things should improve from there. But I'd love just any color you have, that would be helpful.

好的。這很有幫助。賈斯汀，也許是丹關於中國的問題的後續行動。你能不能談談——我不知道，你有任何指標，無論是你在整個季度和 4 月份看到的活動水平，你是否也看到了任何刺激活動以及幫助那裡？只是想感受一下坡道的出現。顯然，我認為一月份的情況非常糟糕，然後情況應該會有所改善。但我喜歡你有的任何顏色，那會很有幫助。

Patrick, as far as China goes, we didn't see anything as far as stimulus. In fact, with some of our customers, we saw drivers in the other direction where customers with funding and liquidity issues. And specifically, some customers that were having longer payment terms imposed upon them by their customers. And so I would say more signs of headwinds there than tailwinds overall.

帕特里克，就中國而言，我們沒有看到任何刺激措施。事實上，對於我們的一些客戶，我們看到了另一個方向的驅動因素，即客戶存在資金和流動性問題。具體來說，一些客戶的客戶強加了更長的付款期限。因此，我會說那裡的逆風跡像比總體上的順風跡像要多。

And maybe one thing, Patrick, too, I would just kind of add, the landscape in China is different than the rest of the world. We're selling there through 2 layers of intermediaries, through distributors, through service providers. The vast majority of our business there is run through service providers. And especially given the last couple of years, things tend to be kind of murky, right? We don't see as much into the end customer usage patterns, and then for the last couple of years because our team's internal -- our China team has not been on the ground nearly as much. And certainly, our outside of external China team has only just -- like a little over the last few weeks have been able to come back for the first time. So our visibility in China generally has been somewhat limited, has been murkier, but we expect to gain greater visibility in the coming quarters.

也許有一件事，帕特里克，我也想補充一點，中國的景觀與世界其他地方不同。我們通過 2 層中介機構、分銷商和服務提供商在那裡進行銷售。我們在那裡的絕大多數業務都是通過服務提供商進行的。特別是考慮到最近幾年，事情往往有點模糊，對吧？我們對最終客戶的使用模式了解不多，然後在過去的幾年裡，因為我們團隊的內部——我們的中國團隊幾乎沒有在實地工作過。當然，我們的外部中國團隊在過去幾週才剛剛能夠第一次回來。因此，我們在中國的能見度總體上有些有限，更加模糊，但我們預計在未來幾個季度會獲得更大的能見度。

Our next question comes from Matthew Sykes from Goldman Sachs.

我們的下一個問題來自高盛的 Matthew Sykes。

Maybe first just on Chromium instruments, came in a little bit lower than what we were expecting. But Serge, you made some comments about you expect sort of increased momentum in the later part of the year. Is that Flex, you think, just maturing and driving Chromium X adoption? Or are there other kind of tailwinds that you see for Chromium instrument specifically for the latter part of the year.

也許首先只是在 Chromium 工具上，比我們預期的要低一點。但是 Serge，你發表了一些關於你預計今年下半年勢頭會有所增加的評論。您認為 Flex 是否正在成熟並推動 Chromium X 的採用？或者您是否看到了其他類型的 Chromium 儀器特別是在今年下半年的順風。

Well, so Matt, in terms of program, I talked about more just general momentum that we're seeing on a macroeconomic side. All the -- we're seeing a nice pickup in AMR and EMEA across basically all applications of Chromium. And we generally have reasonable expectation that sort of will roughly continue for the rest of the year. I didn't really comment on the instruments themselves. I mean I'll let Justin talk to that.

好吧，馬特，就計劃而言，我談到了我們在宏觀經濟方面看到的更普遍的勢頭。所有 - 我們看到基本上所有 Chromium 應用程序在 AMR 和 EMEA 都有不錯的回升。我們通常有合理的預期，這種情況將在今年餘下時間大致持續。我並沒有真正評論樂器本身。我的意思是我會讓賈斯汀談談這個。

Matt, I can add to that. You're right, when you look at Chromium instruments revenue, it was down 18% year-over-year, but there's a few things there to unpack. First is when you're looking at the Chromium X and iX split at this time last year, it was weighed heavily towards the Chromium X instrument. And that was part of the high throughput being adopted by customers who had the need or wanted to use high throughput in the near future. Over time, we've been seeing the mix shift more towards the iX. And in fact, this past quarter, iX was over 50% of the Chromium X and iX split.

馬特，我可以補充一點。沒錯，當您查看 Chromium 工具的收入時，它同比下降了 18%，但有一些事情需要解決。首先是當你在去年的這個時候查看 Chromium X 和 iX 拆分時，它對 Chromium X 工具的影響很大。這是在不久的將來需要或希望使用高吞吐量的客戶所採用的高吞吐量的一部分。隨著時間的推移，我們看到混合更多地轉向 iX。事實上，在上個季度，iX 超過了 Chromium X 和 iX 拆分的 50%。

So revenue was down, but if you look worldwide units for the Chromium X and iX, that went up on a unit basis year-over-year in the low double digits. And so overall, we feel really good about the Chromium business and where it's headed. We don't think that instruments are a constraint right now for customers who want to use 10x consumables. And overall, we're focused on driving the consumables and instruments as well, but the primary focus is on consumables.

所以收入下降了，但如果你看看 Chromium X 和 iX 的全球銷量，它會以較低的兩位數同比增長。總的來說，我們對 Chromium 業務及其發展方向感到非常滿意。我們認為，對於想要使用 10 倍耗材的客戶來說，儀器現在不是一種限制。總的來說，我們也專注於推動消耗品和儀器，但主要關注的是消耗品。

And then as far as looking forward, with Flex -- Flex is only available on the X Series. And over time, Flex is going to drive a complete upgrade cycle as far as the customer base goes. And so that's going to be a key driver of placing primarily iXs in the future and eventually turning over that instrument installed base on the X Series.

然後就展望未來而言，使用 Flex——Flex 僅在 X 系列上可用。隨著時間的推移，就客戶群而言，Flex 將推動一個完整的升級週期。因此，這將成為未來主要放置 iX 並最終在 X 系列上安裝該儀器的關鍵驅動因素。

Got it. That's really helpful color. And then, Serge, maybe just one for you. You mentioned as you launched Xenium the level of sort of sophistication of the components was high, just given the importance of the launch. But that over time, you could maybe improve the gross margin of the instrument by either changing or substituting. I'm not sure what term you use. But I'm just curious to what extent can you actually kind of make those components different or improve the gross margin of the instrument outside of, obviously, scale and larger volumes. But just -- are there things that you can do within the component mix that can actually improve the gross margin profile of the Xenium over a longer period of time without compromising performance and everything else that goes with it?

知道了。那是非常有用的顏色。然後，Serge，也許只有一個給你。您在發布 Xenium 時提到，考慮到發布的重要性，組件的複雜程度很高。但隨著時間的推移，你可能會通過改變或替代來提高工具的毛利率。我不確定您使用的是什麼術語。但我只是好奇，你實際上能在多大程度上使這些組件有所不同或提高儀器的毛利率，顯然，規模和更大的數量。但是，您是否可以在組件組合中做一些事情，在不影響性能和隨之而來的其他一切的情況下，在更長的時間內實際提高 Xenium 的毛利率？

Matthew, I mean, yes, we certainly -- there's certainly lots of opportunities for that to -- for Xenium, we have -- as we build the platform right now, we optimize, prioritize performance and time to market. That was our focus. And we feel really proud of the instrument and how well it works. But certainly, going forward, there's a lot of opportunities for us to target the costs and to bring those down without affecting performance.

馬修，我的意思是，是的，我們當然 - 當然有很多機會 - 對於 Xenium，我們有 - 當我們現在構建平台時，我們優化，優先考慮性能和上市時間。那是我們的重點。我們為該儀器及其工作原理感到非常自豪。但可以肯定的是，展望未來，我們有很多機會可以在不影響性能的情況下瞄準成本並降低成本。

Our next question comes from Kyle Mikson from Canaccord.

我們的下一個問題來自 Canaccord 的 Kyle Mikson。

Justin, I was wondering if the first quarter '22 was like a normalized year-over-year comparison for the Chromium business that we're looking at here. There were a few headwinds last year, but 2Q was one of the challenges really were most obviously. Just curious about that. And if you could just talk about 2Q a bit here going forward in 2023. What are you expecting for instruments growth for Chromium compared to the 7% you just did here.

賈斯汀，我想知道 22 年第一季度是否就像我們在這裡看到的 Chromium 業務的標準化同比比較。去年有一些不利因素，但第二季度確實是最明顯的挑戰之一。只是對此感到好奇。如果你能在這裡談談 2023 年的第二季度。與你剛剛在這裡所做的 7% 相比，你對 Chromium 的工具增長有何期望。

Kyle, as far as last year goes, I do think that the first half of the year, when we are looking year-over-year, I do think it's a fairly easier compare. Right now, I do think that when we get into the back half of this year, it is going to be a more challenging compare. Q1 and Q2 last year were relatively flat to one another, and then we saw the pickup in Q3 and Q4. As far as the Chromium placements for the rest of the year, we're not going to guide to a specific number. But I would caution against extrapolating the Q1 results for the rest of the year. We had a price increase that went into effect at the beginning of this year. Instruments and consumables went up 5% and 8%, respectively. And this past Q4 was a really strong quarter for instruments. And so let's see, I think, how the rest of the year goes on placements. Like I mentioned, Flex is going to be driving more Chromium X and iX over time, specifically to iX. Eventually, it's going to drive a complete upgrade cycle. And I think the only variable there is just the amount of time it will take to do it.

凱爾，就去年而言，我確實認為今年上半年，當我們逐年看時，我確實認為這是一個相當容易的比較。現在，我確實認為當我們進入今年下半年時，這將是一個更具挑戰性的比較。去年第一季度和第二季度相對持平，然後我們看到第三季度和第四季度有所回升。至於今年剩餘時間的 Chromium 展示位置，我們不會給出具體數字。但我會警告不要推斷今年剩餘時間的第一季度結果。我們的價格上漲在今年年初生效。儀器和耗材分別上漲 5% 和 8%。過去的第四季度對於儀器來說是一個非常強勁的季度。因此，我想，讓我們看看今年剩餘時間的安置情況。正如我提到的，隨著時間的推移，Flex 將推動更多的 Chromium X 和 iX，特別是 iX。最終，它將推動一個完整的升級週期。而且我認為唯一的變量就是完成它所需的時間。

Okay. That was great. And then the 7% I just quoted was for total Chromium, just FYI, but that was great. And just following up on the pricing increases. So you did, I think consumables increased to 8% this year, right? So maybe Serge, how is that elasticity progressing through the different levels of the customers, I guess, the high volume, low volume, any ordering trends that you're seeing among the consumables so far?

好的。那很棒。然後我剛才引用的 7% 是 Chromium 總量，僅供參考，但這很棒。並且只是跟進價格上漲。所以你做到了，我認為今年消耗品增加到 8%，對嗎？那麼也許 Serge，這種彈性如何在不同級別的客戶中取得進展，我想，到目前為止，您在消耗品中看到的高容量、低容量、任何訂購趨勢？

Yes. I want to separate out the price -- annual price increases than we do from the more like strategic trajectory of elasticity of demand. The first one is just sort of the cost of doing business. We do this annually. We increased these prices. There was more -- obviously, there was more inflation this last year. So we did a somewhat higher increase than we have done in previous years. As far as the elasticity of demand goes, we -- our strategy is to do that through product configurations, and that's where the Flex kit and the specific of the multiplexing capability of Flex comes in. That's still very much in the early stages of market penetration. As I said earlier, most customers so far have -- are in the stage of testing the kits. A lot of them have run pilots. Some of them are now scaling up into routine use, but that's a relatively small number, especially relative to our overall revenue base. So I think it's substantially early to be kind of looking at the elasticity effects of the Flex kit, we'll see how that plays out over the coming quarters [but it's terrible].

是的。我想把價格——年價格漲幅從更像是需求彈性的戰略軌跡中分離出來。第一個只是做生意的成本。我們每年都這樣做。我們提高了這些價格。有更多 - 顯然，去年有更多的通貨膨脹。因此，我們的增幅比往年要高一些。就需求的彈性而言，我們 - 我們的策略是通過產品配置來實現這一點，這就是 Flex 套件和 Flex 多路復用功能的具體用途。這仍然處於市場的早期階段滲透。正如我之前所說，到目前為止，大多數客戶都處於測試套件的階段。他們中的很多人都進行過試點。其中一些現在正在擴大到常規使用，但這是一個相對較小的數字，特別是相對於我們的整體收入基礎。所以我認為現在開始研究 Flex 套件的彈性效果還為時過早，我們將看到它在未來幾個季度的表現如何 [但這很糟糕]。

Our next question comes from John Sourbeer from UBS.

我們的下一個問題來自瑞銀的 John Sourbeer。

This is (inaudible) calling in for John. Serge, (inaudible) on the quarter. So quick on the Xenium side. Can you provide a bit more color on the cell segmentation of the Xenium? And how do you think that the cell segmentation of Xenium competitors like (inaudible)?

這是（聽不清）呼叫 John。 Serge，（聽不清）在本季度。在 Xenium 方面如此之快。你能為 Xenium 的細胞分割提供更多的顏色嗎？您如何看待 Xenium 競爭對手的細胞分割（聽不清）？

Yes. So cell segmentation is a critical component of any in situ platform, any in situ system. And we knew that from the very beginning. So we invested a lot in the development and cell segmentation and have taken a very kind of foundation oriented multi-paced approach to solving those problems. The initial release with our -- what's on our currently on Xenium platform is a really good, highly performing nuclear-based segmentation, which we strongly believe is outperforming anything else that's out there. And our customers are already generating really great results and really good insights using the nucleus-based method. Generally, we've gotten positive feedback.

是的。因此，細胞分割是任何原位平台、任何原位系統的關鍵組成部分。我們從一開始就知道這一點。因此，我們在開發和細胞分割方面投入了大量資金，並採用了一種非常面向基礎的多步方法來解決這些問題。我們目前在 Xenium 平台上的初始版本是一個非常好的、高性能的基於核的分段，我們堅信它的性能優於其他任何東西。我們的客戶已經使用基於細胞核的方法產生了非常好的結果和非常好的見解。一般來說，我們得到了積極的反饋。

Now that said, that's only the start. It's kind of the foundation. There's a lot more work to be done, a lot more improvements to build on top of us. We talked about this at AGBT in February, the AGBT Conference, where what we're doing to build on top of our current approach. And we'll be rolling out additional capabilities around membrane staining and around [CytAssist staining] and other -- and further improvements in algorithms going forward. So we believe we're in a really good spot right now relative to everything else that's out there, and there's a lot more improvements and we'll be rolling out over the coming -- over the coming quarters in the future.

話雖如此，這僅僅是個開始。這是一種基礎。還有很多工作要做，還有很多改進要建立在我們之上。我們在 2 月份的 AGBT 大會上討論了這個問題，我們在當前方法的基礎上正在做的事情。我們將圍繞膜染色和 [CytAssist 染色] 及其他推出更多功能，並進一步改進算法。因此，我們相信相對於現有的其他一切，我們現在處於一個非常好的位置，並且還有更多的改進，我們將在未來的未來幾個季度推出。

That's a very great color. Just one follow-up here. Shifting gears to CytAssist. Where are you seeing kind of like the most demand is coming from? Is it the new customer, existing customers or the type of customers? Can you provide more color on this?

那是一種非常棒的顏色。這裡只有一個後續行動。換檔到 CytAssist。您認為最多的需求來自哪裡？是新客戶、現有客戶還是客戶類型？你能提供更多的顏色嗎？

Yes. So the majority of CytAssist customers that's Visium users as you would expect, but the interesting thing that we've noted is actually quite a few -- like a very large traction are actually new to Visium completely. And actually, some of them are new to 10x entirely. So I think that there is substantial potential for Visium to go well beyond that initial user base for the Visium, so the instrument-less manual workflow and suggest that the market for CytAssist is actually substantial and larger than what we might have done before. It is -- we're getting great feedback from CytAssist across the customers.

是的。因此，正如您所期望的那樣，大多數 CytAssist 客戶都是 Visium 用戶，但我們注意到的有趣的事情實際上是相當多的——就像一個非常大的牽引力實際上對 Visium 來說完全是新的。實際上，其中一些完全是 10x 的新手。因此，我認為 Visium 有很大的潛力可以超越 Visium 的初始用戶群，因此無儀器的手動工作流程表明 CytAssist 的市場實際上是巨大的，並且比我們以前可能做過的更大。它是——我們從 CytAssist 的客戶那裡得到了很好的反饋。

We just had a customer talking -- telling us that they managed to ship dozens and dozens of slides across continents. What really all FFPE -- like challenging FFPEs like tissues, and it worked on like CytAssist, the data looked more every single slide. So the kind of results that you don't like (inaudible) you just don't expect. And it's really, really rewarding to see the instrument working as designed and in many ways, even better than our initial expectations.

我們剛剛與一位客戶交談——告訴我們他們成功地在各大洲運送了數十張載玻片。真正所有的 FFPE——就像組織一樣具有挑戰性的 FFPE，它像 CytAssist 一樣工作，數據看起來更多的是每一張幻燈片。所以你不喜歡（聽不清）的結果是你不期望的。看到儀器按照設計在許多方面工作，甚至比我們最初的預期更好，這真的非常值得。

our next question comes from Julia Qin from JPMorgan.

我們的下一個問題來自摩根大通的 Julia Qin。

So just a couple of follow-ups here. On Chromium, I think it's nice to see early signs of price elasticity playing out. Could you give us some more color on the distribution of Chromium pull-through? How concentrated is concentrated at top-tier customers? Or are you now seeing more broad-based distribution of large-scale projects? And how do we tie that with your previous commentary on the mix of Chromium iX versus Chromium X?

所以這裡只有幾個後續行動。在 Chromium 上，我認為很高興看到價格彈性發揮作用的早期跡象。你能給我們更多關於 Chromium pull-through 分佈的顏色嗎？頂級客戶的集中程度如何？還是您現在看到了更廣泛的大型項目分佈？我們如何將其與您之前關於 Chromium iX 與 Chromium X 的混合評論聯繫起來？

So Julia, so the comments that I made previously were more along the lines of -- we do see Flex adoption, but it's still very early in adoption cycle. And so it's too early to comment on kind of presenting how the price elasticity is playing out. Obviously, in the long run, we do feel that there's tremendous price elasticity in this market, and we do expect to drive into that. And the Flex is going to be one of the primary ways for us to do that. As far as sort of pull-through in the usage patterns of our instruments, I think they're fairly -- I don't think there's necessarily been a huge material shift. Our customer base is not very concentrated. It's very diverse. And there's not a single customer that's dominant sort of part of our overall revenue base. It's quite dispersed. It's quite robust in that sense.

所以 Julia，所以我之前發表的評論更多的是——我們確實看到了 Flex 的採用，但它仍處於採用周期的早期階段。因此，現在評論價格彈性如何發揮作用還為時過早。顯然，從長遠來看，我們確實覺得這個市場具有巨大的價格彈性，我們確實希望進入這個市場。 Flex 將成為我們實現這一目標的主要方式之一。就我們儀器的使用模式的某種突破而言，我認為它們是公平的——我認為不一定會發生巨大的物質轉變。我們的客戶群不是很集中。它非常多樣化。並且沒有一個客戶在我們的整體收入基礎中占主導地位。比較分散。從這個意義上說，它非常強大。

We do have large studies that some customers are running. There are some big multi-thousand sample publications. We also have a lot of customers who are running consistently more sort of on a one-off basis, individual samples that come in. Some of them are doing basic development of biology studies that are project-oriented. So it's a fairly dispersed gamut of usage. And I wouldn't say that there's been necessarily a huge material change recently.

我們確實有一些客戶正在進行的大型研究。有一些大型的數千樣本出版物。我們也有很多客戶在一次性的基礎上持續運行，更多的是單個樣本。他們中的一些人正在進行面向項目的生物學研究的基礎開發。所以這是一個相當分散的使用範圍。而且我不會說最近一定有巨大的物質變化。

Okay. That's helpful. And then on Xenium, without getting necessary too quantitative, could you give us maybe some color on the customer fixing your order funnel. Given the advantage, are you seeing more kind of CRO customers or are you seeing a more even distribution with the biopharma and academia customers as well? And given the throughput advantage, do you think the customers will have enough samples to actually take advantage of the throughput capacity of Xenium? And how should we think about the pull through level of the system?

好的。這很有幫助。然後在 Xenium 上，在沒有必要太定量的情況下，你能否給我們一些關於客戶修復訂單渠道的顏色。鑑於優勢，您是否看到了更多種類的 CRO 客戶，或者您是否看到生物製藥和學術界客戶的分佈更均勻？考慮到吞吐量優勢，您認為客戶是否會有足夠的樣本來實際利用 Xenium 的吞吐能力？我們應該如何考慮系統的拉通水平？

Yes. In terms of the customer mix, I'm not sure that there's a huge difference from what we've seen with our other platforms kind of in the early stages of launch. It is a healthy mix of biotech, pharma, academia, some service providers, some CROs for sure. We're seeing that, and that's encouraging I mean, obviously, this is a brand-new kind of platform. So the customers tend to be quite sophisticated and quite forward-leading in terms of adoption. To your question is whether people will actually have samples? Look, I mean, to some extent, time will tell, but the early indicators are that, that's not an issue at all. People have been jumping in and running samples. I mean we've had multiple customers who've run through dozens and dozens of samples and many multiple, multiple runs.

是的。就客戶組合而言，我不確定與我們在發布的早期階段在其他平台上看到的情況是否存在巨大差異。它是生物技術、製藥、學術界、一些服務提供商，當然還有一些 CRO 的健康組合。我們看到了這一點，這令人鼓舞，我的意思是，顯然，這是一種全新的平台。因此，在採用方面，客戶往往非常老練且具有前瞻性。你的問題是人們是否真的會有樣品？看，我的意思是，在某種程度上，時間會證明一切，但早期的跡象表明，這根本不是問題。人們一直在投入並運行樣本。我的意思是我們有多個客戶已經運行了數十個樣本和許多多次運行。

And as far as what it means for pull-through, I mean, we'll see it. Like if the instrument was designed sort of if you kind of do the math, the max possible to pull through is in order of $1 million. It will -- we'll -- but it's way too early to comment on as to what like sort of the average use case is going to be.

至於它對拉動意味著什麼，我的意思是，我們會看到它。就像如果該工具的設計有點像您進行數學計算，則可能獲得的最大收益約為 100 萬美元。它會——我們會——但現在就一般用例的類型發表評論還為時過早。

Our next question comes from Mason from Stephens.

我們的下一個問題來自斯蒂芬斯的梅森。

My first one on Chromium Flex, any incremental color you can provide on feedback Flex from pharma customers? How are you thinking about the adoption curve and ramp of this product for pharma in 2023 and 2024 compared to your academic customers?

我的第一個關於 Chromium Flex 的，您可以根據製藥客戶對 Flex 的反饋提供任何增量顏色？與您的學術客戶相比，您如何看待該產品在 2023 年和 2024 年的採用曲線和增長趨勢？

Yes, that's interesting. It's a good question because obviously, Flex has particular resonance with translational customers, and it works with FFPE samples. Now I think at this stage, it's too early to say, look, the first people who are going to be exploring, who are, in fact, exploring this product are more on the academia side. They're more on the translational side. And as they work through and validate the performance of those products, then we expect the pharma will start picking it up. That's the trajectory that all these products go through. You do need to kind of go through academia and let these products kind of go through that basis and get that validation initially, and then they naturally get picked up as well. So I do expect that to happen all the time, but not yet in that cycle.

是的，這很有趣。這是一個很好的問題，因為顯然，Flex 與翻譯客戶有特殊的共鳴，並且它適用於 FFPE 樣本。現在我認為在這個階段，現在說第一批探索這個產品的人實際上更多是在學術界，還為時過早。他們更多的是在翻譯方面。當他們研究並驗證這些產品的性能時，我們預計製藥公司將開始採用它。這就是所有這些產品所經歷的軌跡。你確實需要通過學術界，讓這些產品通過那個基礎，最初得到驗證，然後它們自然也會被接受。所以我確實希望這種情況一直發生，但還沒有出現在那個週期中。

Okay. Got it. And on CytAssist for customers who have bought CytAssist instrument, let's say, early on, have you seen an increase in their Visium consumable consumption since they purchased the platform? And if so, are you -- is there an opportunity to see a benefit to Visium consumable growth in the back half of this year, and as we enter 2024, given the number of placements in the second half of last year and likely in the first half of this year?

好的。知道了。對於購買了 CytAssist 儀器的客戶，在 CytAssist 上，假設，在早期，您是否看到他們購買該平台後 Visium 耗材消耗量有所增加？如果是這樣，你是否有機會在今年下半年看到 Visium 消費品增長的好處，當我們進入 2024 年時，考慮到去年下半年的安置數量，並且可能在今年上半年？

Mason, this is Justin. I'll take that one. That is something that we've been looking at. The CytAssist improves a number of workflow issues for customers. And so even customers that are -- that were buying just the regular Visium before we looked at their usage pattern before and after a CytAssist purchase, and we are seeing an increase in usage post CytAssist purchase. And we also think it has the benefit of bringing in newer customers who wouldn't have tried the regular Visium without the instrument. And so I think it's a little too early to extrapolate that out fully. But with the data that we have right now and what we've been able to see, it does look like it's truly driving more usage with customers.

梅森，這是賈斯汀。我會拿那個。這是我們一直在關注的事情。 CytAssist 為客戶改善了許多工作流程問題。因此，即使是在我們查看他們購買 CytAssist 前後的使用模式之前，他們只購買普通 Visium 的客戶，我們也看到購買 CytAssist 後使用量有所增加。我們還認為它的好處是可以吸引新客戶，如果沒有該儀器，他們是不會嘗試使用常規 Visium 的。所以我認為現在完全推斷出來還為時過早。但是根據我們現在擁有的數據以及我們已經能夠看到的數據，它看起來確實在推動更多的客戶使用。

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

我們的下一個問題來自美國銀行的 Michael Ryskin。

I'll just ask one just to keep things moving. In response to an earlier question, you said something along the lines of when you're talking about what are the factors that are driving the improved performance of Chromium, you kind of cited macro condition globally, particularly if you look at Americas, EMEA versus China. So I was just wondering if you could expand on that a little bit. Macro can mean 57 different things. Is it funding environment? Is it access to clinical samples? Is it -- just expand on that a little bit and probably both for America and EMEA.

我只是問一個只是為了讓事情繼續下去。在回答之前的一個問題時，當您談到推動 Chromium 性能提升的因素時，您提到了全球宏觀環境，尤其是美洲、EMEA 與中國。所以我只是想知道你是否可以擴展一下。宏可以表示 57 種不同的含義。是資金環境嗎？是否可以獲取臨床樣本？是嗎 - 只是稍微擴展一下，可能同時適用於美國和歐洲、中東和非洲。

Yes. So I wouldn't say that necessarily it's access to clinical sample just to kind of maybe take your last point on just because -- like I mentioned, we're seeing this effect on multiple applications and some of them are much more discovery oriented than translationally oriented. I would say, obviously, last year was a depressed Q1 due to various factors, and we're certainly have been coming out of that. Q2 was also fairly depressed. So I think just sort of the level of activity with these kinds of products with our customers has been picking up generally in these geographies. And I think part of it is the story that we have been kind of expecting that people kind of are ramping up. They're getting back in the labs starting our projects, collaborations and that's now sort of bearing food.

是的。所以我不會說它一定是訪問臨床樣本只是為了有點可能只是因為 - 就像我提到的那樣，我們在多個應用程序中看到了這種影響，其中一些比發現更注重發現翻譯導向的。我想說，很明顯，由於各種因素，去年第一季度表現不佳，我們肯定已經走出了困境。第二季度也相當低迷。因此，我認為在這些地區，我們的客戶對這類產品的活動水平普遍有所上升。我認為部分原因是我們一直在期待人們的成長。他們回到實驗室開始我們的項目、合作，現在有點像軸承食物。

And we do see it as a sort of continuation of the pattern we started seeing in the back half of last year. Q3 was better somewhat than Q2 and Q4 was better than Q3. And so that's how we're -- that's all the work we're referring to.

我們確實將其視為我們在去年下半年開始看到的模式的一種延續。 Q3 比 Q2 好一些，Q4 比 Q3 好。這就是我們的方式——這就是我們所指的所有工作。

We currently have no further questions. Ladies and gentlemen, this concludes today's call. Thank you for joining.

我們目前沒有進一步的問題。女士們，先生們，今天的電話會議到此結束。感謝您的加入。