10X Genomics Inc (TXG) 2023 Q2 法說會逐字稿

Hello, everyone. Welcome to the 10x Genomics Second Quarter 2023 Earnings Conference Call. I will now hand the call over to your host, Cassie Corneau. Cassie, please go ahead.

大家好。歡迎參加 10x Genomics 2023 年第二季度收益電話會議。現在我將把電話轉交給主持人 Cassie Corneau。卡西，請繼續。

Thank you and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the second quarter ended June 30, 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 email to investors@10xgenomics.com. An archived webcast of this call will be available on the investor tab of the company’s website, 10xgenomics.com, for at least 45 days following this call.

謝謝大家，大家下午好。今天早些時候，10x Genomics 發布了截至2023 年6 月30 日的第二季度財務業績。如果您尚未收到本新聞稿，或者如果您想添加到公司的通訊組列表中，請發送電子郵件至Investors@10xgenomics。 com.本次電話會議的存檔網絡廣播將在本次電話會議後至少 45 天內在公司網站 10xgenomics.com 的投資者選項卡上提供。

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. 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.

在我們開始之前，我想提醒您，管理層將在本次電話會議中發表聯邦證券法含義內的前瞻性聲明。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與預期存在重大差異，您不應過度依賴前瞻性陳述。有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參閱 10x Genomics 今天發布的新聞稿以及 10x Genomics 不時向美國證券交易委員會提交的文件和報告。 10x Genomics 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是因為新信息、未來事件還是其他原因。

Joining the call today are Serge Saxonov, our CEO and Co-Founder and Justin McAnear, our Chief Financial Officer.

今天參加電話會議的有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。

We will host a question-and-answer session after our prepared remarks. (Operator Instructions)

在我們準備好的發言後，我們將舉行問答環節。 （操作員說明）

With that, I will now turn the call over to Serge.

現在，我將把電話轉給 Serge。

Thanks, Cassie, and good afternoon, everyone. On today's call, I will start with an overview of our strong second quarter performance in both single cell and spatial. Next, I will share an update on our progress and momentum in each of our three platforms, highlighted by our customers’' tremendous enthusiasm for and rapid adoption of Xenium. I will then 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，我將首先概述我們第二季度在單細胞和空間方面的強勁表現。接下來，我將分享我們三個平台的最新進展和勢頭，特別是我們的客戶對 Xenium 的巨大熱情和快速採用。然後我會將電話轉給賈斯汀，以更詳細地了解我們今年剩餘時間的財務狀況、業務趨勢和前景。

We delivered a strong second quarter, with revenue growing 28% year-over-year to $147 million. Our results were driven by growth across our single cell and spatial portfolios, led by solid performance and execution in the Americas and EMEA and strong demand for instruments across all three platforms. This was partially offset by continued headwinds in China, as Justin will discuss.

我們第二季度的業績表現強勁，收入同比增長 28% 至 1.47 億美元。我們的業績是由我們的單細胞和空間產品組合的增長推動的，而美洲和歐洲、中東和非洲地區的穩健表現和執行力以及所有三個平台對儀器的強勁需求帶動了我們的業績。正如賈斯汀將討論的，中國持續的逆風部分抵消了這一影響。

The clear highlight this quarter is our momentum in spatial biology. In Q2, we leveraged our manufacturing scale and expertise to quickly ramp Xenium shipments, yet even so, orders outpaced shipments. Not only is Xenium increasingly recognized as the best performing platform for In Situ analysis, but we have also continued to see strong demand for our Visium suite of spatial discovery tools.

本季度的明顯亮點是我們在空間生物學方面的勢頭。在第二季度，我們利用我們的製造規模和專業知識快速增加了 Xenium 的出貨量，但即便如此，訂單仍然超過了出貨量。 Xenium 不僅越來越被認為是性能最佳的原位分析平台，而且我們還持續看到對 Visium 空間發現工具套件的強勁需求。

This quarter's results reinforce the strengths that have always differentiated us: The velocity of our world-class innovation engine, backed by our broad commercial and manufacturing scale. We continue to work to improve efficiency and drive operational excellence throughout the company so we can maximize and deliver on all of the incredible opportunities ahead.

本季度的業績強化了我們始終與眾不同的優勢：我們世界一流的創新引擎的速度，以我們廣泛的商業和製造規模為後盾。我們將繼續努力提高整個公司的效率並推動卓越運營，以便我們能夠最大限度地利用並抓住未來所有令人難以置信的機會。

Now, let me share more about each platform, starting with Chromium, the unambiguous leader in single cell analysis.

現在，讓我分享有關每個平台的更多信息，首先從單細胞分析領域無可爭議的領導者 Chromium 開始。

In Q2, driven by strong performance in the Americas and EMEA, Chromium consumables once again delivered double-digit year-over-year growth, despite ongoing challenges in China. The performance, scalability and ease of use of our broad consumables portfolio is an important differentiator that continues to resonate with researchers and drive demand.

第二季度，在美洲和歐洲、中東和非洲地區強勁表現的推動下，儘管中國市場面臨持續挑戰，但 Chromium 耗材再次實現了兩位數的同比增長。我們廣泛的耗材產品組合的性能、可擴展性和易用性是一個重要的差異化因素，持續引起研究人員的共鳴並推動需求。

In particular, we're seeing momentum continue to build for Chromium Flex. We're now one year into this launch, and it's clear we’re still just getting started. The increasing traction and enthusiasm from our customers further strengthens my conviction that Flex has the potential to be transformative to the Chromium franchise over the long term.

特別是，我們看到 Chromium Flex 的勢頭繼續增強。現在我們的發布已經一年了，很明顯我們還剛剛開始。客戶日益增長的吸引力和熱情進一步堅定了我的信念：從長遠來看，Flex 有潛力改變 Chromium 特許經營權。

Looking ahead, we expect to launch our Feature Barcode application for Flex later this quarter. This new assay will enable researchers to simultaneously profile gene expression and cell surface proteins on a cell-by-cell basis across multiplexed samples and millions of cells. This is part of our long-term plan to broaden the menu of applications within the Flex portfolio by enabling more samples, more scale and more analytes.

展望未來，我們預計將在本季度晚些時候推出適用於 Flex 的功能條碼應用程序。這種新的檢測方法將使研究人員能夠在多重樣本和數百萬個細胞中同時逐個細胞地分析基因表達和細胞表面蛋白。這是我們長期計劃的一部分，旨在通過提供更多樣本、更大規模和更多分析物來擴大 Flex 產品組合中的應用範圍。

As we expand the capabilities available on Flex and more customers see the power and performance of this assay, we expect it will keep driving placements of Chromium X Series instruments. We're seeing strong demand for the X Series, as placements increased sequentially and are up robustly year-to-date. We're pleased with the continued traction we’re seeing for the X Series across a broad range of researchers, whether they are new to 10x, first-time instrument owners or existing Chromium Controller users upgrading to this powerful tool for single cell analysis.

隨著我們擴展 Flex 上的可用功能，以及更多客戶看到該檢測的強大功能和性能，我們預計它將繼續推動 Chromium X 系列儀器的佈局。我們看到對 X 系列的強勁需求，因為投放量連續增加，並且今年迄今強勁增長。我們很高興看到 X 系列在廣泛的研究人員中持續受到關注，無論他們是 10x 新手、首次使用儀器還是升級到這款強大的單細胞分析工具的現有 Chromium 控制器用戶。

We believe the positive momentum we’re seeing for our Chromium instruments and consumables reinforces the long runway we have ahead, both within our initial home court of cellular atlassing and beyond. We have established strong beachheads in translational and biopharma applications, but it’s still very early relative to the expected large potential. Two recent papers highlighted the power of our single cell portfolio in translational research, revealing particularly inspiring insights into the future of cancer care. In Nature Medicine, researchers published a new gene signature, uncovered with 10x tools, that could help determine the persistence of CAR-T cell therapy. And a study in the journal Blood showed how 10x single cell analysis together with the power of AI could provide a crystal ball for predicting drug response in chronic myeloid leukemia.

我們相信，我們在 Chromium 儀器和耗材方面看到的積極勢頭將鞏固我們在細胞圖譜最初的主場和其他領域所擁有的漫長道路。我們已經在轉化和生物製藥應用領域建立了強大的灘頭陣地，但相對於預期的巨大潛力來說還處於早期階段。最近的兩篇論文強調了我們的單細胞組合在轉化研究中的力量，揭示了對癌症治療未來特別鼓舞人心的見解。研究人員在《自然醫學》雜誌上發表了使用 10 倍工具發現的新基因特徵，可以幫助確定 CAR-T 細胞療法的持久性。 《血液》雜誌上的一項研究表明，10 倍單細胞分析與人工智能的力量相結合如何為預測慢性粒細胞白血病的藥物反應提供水晶球。

It's awesome to see the continued growth of our Chromium portfolio in translational research. We believe our first-to-world single cell FFPE capabilities, exclusively on Flex, will help open up even more single cell research in translational and biopharma settings moving forward.

很高興看到我們的 Chromium 產品組合在轉化研究方面的持續增長。我們相信，我們獨家在 Flex 上推出的全球首個單細胞 FFPE 功能將有助於在轉化和生物製藥領域開展更多的單細胞研究。

Now, turning to spatial, where both our Visium and Xenium platforms delivered very strong growth during the second quarter.

現在，轉向空間，我們的 Visium 和 Xenium 平台在第二季度都實現了非常強勁的增長。

In Visium, we continued to see robust demand for our CytAssist instrument, which is now one year into launch. It's clear CytAssist has removed the key workflow challenges with the initial, manual Visium assays. By giving researchers a better experience and a better workflow and better data, CytAssist is driving increased demand and spurring more routine use of the Visium platform. In fact, this quarter, sales of our CytAssist-based consumables doubled our instrument-free assays, reinforcing how CytAssist is now the preferred method for Visium research.

在 Visium，我們繼續看到對 CytAssist 儀器的強勁需求，該儀器現已推出一年。很明顯，CytAssist 已經消除了最初的手動 Visium 檢測中的關鍵工作流程挑戰。通過為研究人員提供更好的體驗、更好的工作流程和更好的數據，CytAssist 正在推動需求的增長，並刺激 Visium 平台的更多日常使用。事實上，本季度基於 CytAssist 的消耗品的銷量使我們的無儀器檢測翻了一番，這進一步證明了 CytAssist 現在是 Visium 研究的首選方法。

With CytAssist as the foundation, we continue to invest to expand the breadth of capabilities available on the Visium platform to enable more analytes and more applications. This quarter, we launched our Visium CytAssist Gene and Protein Expression Assay. Our unique morphology-first workflow enables researchers with three analytes in one, high-plex protein, whole transcriptome RNA, and H&E staining,– all on the exact same tissue section.

以 CytAssist 為基礎，我們繼續投資擴大 Visium 平台上可用的功能範圍，以支持更多分析物和更多應用。本季度，我們推出了 Visium CytAssist 基因和蛋白質表達檢測。我們獨特的形態第一工作流程使研究人員能夠在同一組織切片上同時獲得三種分析物：高複合蛋白、全轉錄組 RNA 和 H&E 染色。

In addition, our team continues to make excellent progress on Visium HD, which will be offered exclusively on CytAssist. This ambitious project has been as exciting as it has been challenging, but these are precisely the types of challenges 10x is built for. And the data is looking spectacular. We can't wait for our customers to experience the power of unbiased whole transcriptome spatial discovery at single-cell-scale resolution. We look forward to sharing more updates on Visium HD as we get closer to launch.

此外，我們的團隊在 Visium HD 上繼續取得出色進展，該產品將在 CytAssist 上獨家提供。這個雄心勃勃的項目既令人興奮又充滿挑戰，但這些正是 10x 專為應對的挑戰類型。數據看起來非常驚人。我們迫不及待地想讓我們的客戶體驗單細胞尺度分辨率下無偏見的全轉錄組空間發現的力量。隨著發布的臨近​​，我們期待分享 Visium HD 的更多更新。

Now, turning to Xenium, which we firmly believe is the best performing platform for In Situ analysis.

現在，轉向 Xenium，我們堅信它是原位分析性能最佳的平台。

What this quarter's results demonstrate is the momentum we have as we bring the whole-of-company effort to capturing the full Xenium opportunity: We have momentum with researchers, as more and more labs independently complete their own Xenium experiments and gain immediate access to powerful, high-quality data. We have momentum in manufacturing and operations, where we ramped production faster than we initially expected. We have momentum with our commercial team, with a high velocity of orders during the quarter and a continued focus on delivering a world-class customer experience. And, we have momentum with our product roadmap, as we've continued to expand our broad menu of targeted and custom gene panels and deployed new firmware and software updates to deliver even higher levels of sensitivity and throughput.

本季度的結果表明，我們在全公司努力抓住Xenium 機遇的過程中所擁有的動力：隨著越來越多的實驗室獨立完成自己的Xenium 實驗並立即獲得強大的功能，我們與研究人員保持著良好的勢頭。 ，高質量的數據。我們在製造和運營方面勢頭強勁，產量增長速度比我們最初預期的要快。我們的商業團隊勢頭強勁，本季度訂單增長速度很快，並持續致力於提供世界一流的客戶體驗。而且，我們的產品路線圖勢頭強勁，我們不斷擴展目標和定制基因面板的廣泛菜單，並部署新的固件和軟件更新，以提供更高水平的靈敏度和吞吐量。

This incredible progress is a testament to the strength of our innovation engine, the scale and expertise of our manufacturing network, the breadth and depth of our commercial function, and the talent and dedication of our team.

這一令人難以置信的進步證明了我們創新引擎的實力、製造網絡的規模和專業知識、商業職能的廣度和深度，以及我們團隊的才華和奉獻精神。

With our unique combination of differentiated chemistry, high-end, sophisticated components and powerful onboard software, Xenium is a premium instrument carefully engineered to optimize performance straight out of the box and well into the future. We invested to build a best-in-class system so we could deliver best-in-class performance. With every run, researchers are seeing directly that Xenium’s real differentiation was never in the rhetoric; it was always in the results, which they are now routinely generating in their own labs with their own precious samples.

憑藉我們獨特的差異化化學、高端精密組件和強大的板載軟件的組合，Xenium 是一款經過精心設計的優質儀器，可立即優化性能並面向未來。我們投資構建了一流的系統，以便能夠提供一流的性能。每次運行時，研究人員都會直接看到 Xenium 真正的差異化從來都不是在言辭中；而是在實際中。它始終存在於結果中，他們現在經常在自己的實驗室中使用自己的珍貴樣本生成結果。

We built Xenium to “just work” in the hands of researchers, the same as our other products. What that means is Xenium just works with very high specificity, ensuring the vast majority of signals are true biological transcripts rather than misleading noise. In an analysis of datasets, Xenium’s False Discovery Rate was less than 1.5%, which we believe is best-in-class. This excellent performance has now been corroborated by multiple customers.

我們構建 Xenium 的目的是為了在研究人員手中“正常工作”，就像我們的其他產品一樣。這意味著 Xenium 具有非常高的特異性，確保絕大多數信號是真實的生物轉錄本，而不是誤導性的噪音。在數據集分析中，Xenium 的錯誤發現率低於 1.5%，我們認為這是同類中最好的。這一優異的表現現已得到多家客戶的證實。

Xenium just works with high sensitivity, even on difficult tissues, enabling researchers to reliably measure their genes of interest, even when those genes are lowly expressed. We expect that sensitivity will get even more of a boost with the latest version of our onboard software, which we released last month.

Xenium 即使在困難的組織上也具有高靈敏度，使研究人員能夠可靠地測量他們感興趣的基因，即使這些基因表達量較低。我們預計，我們上個月發布的最新版本的機載軟件將進一步提高靈敏度。

Xenium just works with best-in-class throughput. Xenium enables researchers to analyze the most tissue area, in the least amount of time, using the fewest number of slides. Our recent software update builds on our already leading throughput; researchers can now run 12 1-centimeter square tissue sections in about a week. Based on a competitor’s user guide and recommended run time, it would take 6 weeks to scan the same amount of tissue.

Xenium 具有一流的吞吐量。 Xenium 使研究人員能夠在最短的時間內使用最少數量的載玻片分析最多的組織區域。我們最近的軟件更新建立在我們已經領先的吞吐量之上；研究人員現在可以在大約一周內製作 12 個 1 厘米見方的組織切片。根據競爭對手的用戶指南和建議的運行時間，掃描相同數量的組織需要 6 週的時間。

Xenium just works on a broad range of tissues, from mouse brain to more complex human samples, including breast, brain, colon, skin, lung, lymph node and more. Xenium also generates high-caliber results on various sample types, including Fresh Frozen, FFPE and tissue microarrays. And, Xenium boasts an efficient and easy-to-use workflow, which we've heard some customers describe as easier than Chromium.

Xenium 適用於廣泛的組織，從小鼠大腦到更複雜的人類樣本，包括乳房、大腦、結腸、皮膚、肺、淋巴結等。 Xenium 還可以對各種樣品類型（包括新鮮冷凍、FFPE 和組織微陣列）生成高質量結果。而且，Xenium 擁有高效且易於使用的工作流程，我們聽到一些客戶形容它比 Chromium 更容易。

Xenium just works with a broad menu of fit-for-purpose and customizable gene panels to help customers answer their specific research questions. We are now shipping five pre-designed, validated panels and expect to launch three more by the end of the year. With each of these offerings, researchers can also spike in their own custom genes to ensure they are not limited in any way by gene selection.

Xenium 只是與一系列適合目的和可定制的基因面板一起使用，以幫助客戶回答他們的特定研究問題。我們現在正在發貨五個預先設計、經過驗證的面板，並預計在今年年底前推出另外三個。通過這些產品，研究人員還可以加入自己的定制基因，以確保他們不受基因選擇的任何限制。

In addition, in Q2, we launched a fully custom gene panel to give researchers maximum flexibility. Our differentiated menu of pre-designed, partial and fully custom gene panels is increasingly validated in the field and resonating well with researchers, who appreciate the ability to study their exact genes of interest. In fact, more than half of our panel orders to date have incorporated some level of customization.

此外，在第二季度，我們推出了完全定制的基因面板，為研究人員提供最大的靈活性。我們預先設計的、部分的和完全定制的基因面板的差異化菜單在該領域得到了越來越多的驗證，並與研究人員產生了良好的共鳴，他們欣賞研究他們感興趣的確切基因的能力。事實上，迄今為止，我們一半以上的面板訂單都包含了一定程度的定制。

As part of our exciting and ambitious Xenium road map, we're also planning to launch a 5,000 plex panel in mid-2024. Generally, more plex comes with more tradeoffs. As you dial up plex, you may need to dial down sensitivity, specificity and throughput. This can lead to plex quantity without data quality. With Xenium's unique chemistry, however, we can scale to many thousands of genes and still deliver high levels of specificity, sensitivity and throughput, all of which are critical to the utility of these assays.

作為我們令人興奮且雄心勃勃的 Xenium 路線圖的一部分，我們還計劃在 2024 年中期推出 5,000 層面板。一般來說，越複雜就會帶來更多的權衡。當您撥號 plex 時，您可能需要降低靈敏度、特異性和吞吐量。這可能會導致數量繁雜而沒有數據質量。然而，憑藉 Xenium 獨特的化學特性，我們可以擴展到數千個基因，並且仍然提供高水平的特異性、靈敏度和通量，所有這些對於這些測定的實用性都至關重要。

And, lastly, Xenium just works with its differentiated approach to software and data analysis. Xenium is the only platform to feature comprehensive primary and secondary onboard analysis in parallel with the instrument run. This means researchers can see their results on the Xenium instrument immediately after the run is done, without requiring massive uploads, onerous downloads, time-consuming data transfers or expensive Cloud subscriptions. Customers who want more off-instrument interpretation can easily do so using Xenium Explorer or a wide variety of open-source tools.

最後，Xenium 只使用其差異化的軟件和數據分析方法。 Xenium 是唯一一個在儀器運行的同時提供全面的初級和次級機載分析的平台。這意味著研究人員可以在運行完成後立即在 Xenium 儀器上看到結果，而無需大量上傳、繁重的下載、耗時的數據傳輸或昂貴的雲訂閱。想要更多脫離儀器解釋的客戶可以使用 Xenium Explorer 或各種開源工具輕鬆實現。

We built Xenium to be the best-performing system for In Situ analysis, both at launch and for the long term. Beyond our gene panel pipeline, we are driving a robust, multi-year Xenium road map that we expect to feature in-demand applications like isoform mapping, SNV detection, xenografts, CAR-T tracking, and gene fusions among many other applications. These differentiated capabilities can be uniquely enabled by Xenium's chemistry.

我們將 Xenium 打造為性能最佳的原位分析系統，無論是在啟動時還是長期來看。除了我們的基因面板管道之外，我們正在推動一個強大的、多年的Xenium 路線圖，我們希望該路線圖能夠包含異構體映射、SNV 檢測、異種移植、CAR-T 跟踪和基因融合等許多其他應用程序等按需應用程序。 Xenium 的化學特性可以獨特地實現這些差異化的功能。

All together, this remarkable combination of features is earning rave reviews from our customers; one even told us he “jumped for joy when seeing his Xenium data for the first time.

總而言之，這種卓越的功能組合贏得了客戶的好評；有人甚至告訴我們，當他第一次看到他的 Xenium 數據時，高興得跳了起來。

This enthusiasm from our customers along with the system's proven strength, performance and momentum in the field should reinforce the fact that 10x is leading the way in spatial biology and has been for a decade.

我們客戶的熱情以及該系統在該領域經過驗證的實力、性能和勢頭，應該會強化這樣一個事實：10x 十年來一直在空間生物學領域處於領先地位。

Through our internal investments and acquisitions of emerging companies such as Spatial Transcriptomics, ReadCoor and CartaNA, we have built incredible products, developed foundational intellectual property, and have deep experience and customer insights that have been instrumental to our technology leadership. At 10x, we absolutely relish the opportunity to help founders and scientists take their ideas and transform them into products that can be used by researchers to fundamentally change our understanding of biology.

通過我們對Spatial Transcriptomics、ReadCoor 和CartaNA 等新興公司的內部投資和收購，我們打造了令人難以置信的產品，開發了基礎知識產權，並擁有豐富的經驗和客戶洞察力，這些對我們的技術領先地位至關重要。在 10x，我們絕對有機會幫助創始人和科學家將他們的想法轉化為可供研究人員使用的產品，從根本上改變我們對生物學的理解。

Our unwavering commitment is to our mission and to driving innovation to push science forward. We have invested well over $1 billion in research and development to bring new tools to researchers, and we will always strive to do what is right by our customers. That means delivering breakthrough products that perform as promised. After all there's no cutting corners when it comes to cutting-edge technology.

我們堅定不移地致力於履行我們的使命，推動創新，推動科學向前發展。我們已投入超過 10 億美元用於研發，為研究人員帶來新工具，並且我們將始終努力為客戶做正確的事情。這意味著提供性能符合承諾的突破性產品。畢竟，尖端技術是沒有捷徑可走的。

We've made the necessary investments in both R&D and IP to build a premium product that delivers exceptional performance. Seeing this validated, time and again, by our customers has given us even greater confidence in the potential of this product to lead to the next revolution in the life sciences. I firmly believe that Xenium may be one of the most transformative technologies in our industry in decades. It's up to us to lean in and capture the tremendous opportunity we have ahead. Seizing this opportunity is our top priority, and we're going to leverage our strong foundation, broad commercial reach and solid financial profile to deliver on the full promise and potential of this technology.

我們在研發和知識產權方面進行了必要的投資，以打造具有卓越性能的優質產品。看到客戶一次又一次地驗證這一點，讓我們對該產品引領生命科學領域下一次革命的潛力更有信心。我堅信 Xenium 可能是我們行業幾十年來最具變革性的技術之一。我們有責任抓住未來的巨大機遇。抓住這個機會是我們的首要任務，我們將利用我們強大的基礎、廣泛的商業影響力和穩健的財務狀況來兌現這項技術的全部承諾和潛力。

Before turning the call over to Justin, I would like to give an update on our intellectual property portfolio, which is an essential part of our innovation engine. During the quarter, we achieved a significant milestone as we now have more than 2,000 patents issued or pending, including more than 70 issued and allowed in the second quarter alone. Of these more than 350 relate to In Situ technology.

在將電話轉給賈斯汀之前，我想介紹一下我們的知識產權組合的最新情況，這是我們創新引擎的重要組成部分。在本季度，我們實現了一個重要的里程碑，因為我們現在已發布或正在申請的專利超過 2,000 項，其中僅第二季度就發布和批准的專利就有 70 多項。其中超過 350 個與原位技術相關。

As we have said, it is our general policy not to license our patents to others, but to protect our sole right to own and practice our patents. We will be steadfast in our focus on protecting the inventions that scientists have worked so hard to create, as our innovation is what fuels and funds the development of future 10x technologies that benefit researchers, and ultimately patients around the world.

正如我們所說，我們的總體政策是不將我們的專利許可給他人，而是保護我們擁有和實施我們專利的唯一權利。我們將堅定不移地致力於保護科學家辛勤工作創造的發明，因為我們的創新是推動和資助未來 10 倍技術發展的動力，這些技術將造福研究人員，並最終造福世界各地的患者。

We're executing on our mission with a solid foundation built on incredibly strong fundamentals. Our team is fully dedicated to driving growth, improving operational excellence and leveraging the unique strengths that have always set 10x apart.

我們正在以極其強大的基礎為基礎來執行我們的使命。我們的團隊完全致力於推動增長、提高卓越運營並利用始終領先 10 倍的獨特優勢。

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

接下來，讓我將其交給賈斯汀，了解有關我們財務狀況的更多詳細信息。

Thank you, Serge. I'll start by reviewing our financial results for the 3 months ended June 30, 2023. Then I'll provide an update on our outlook for 2023. Total revenue for the quarter was $146.8 million compared to $114.6 million for the prior year period, representing a 28% increase year-over-year.

謝謝你，塞爾吉。首先，我將回顧截至 2023 年 6 月 30 日的 3 個月的財務業績。然後，我將提供 2023 年展望的最新信息。該季度的總收入為 1.468 億美元，而去年同期為 1.146 億美元，同比增長28%。

Starting with consumables. Total consumables revenue was $112.5 million, an increase of 15% over the prior year period. Chromium consumables revenue was $100.8 million, up 11% year-over-year and spatial consumables revenue was $11.7 million, up 70% year-over-year.

從消耗品開始。消耗品總收入為 1.125 億美元，比上年同期增長 15%。 Chromium 耗材收入為 1.008 億美元，同比增長 11%，空間耗材收入為 1170 萬美元，同比增長 70%。

Turning to instruments. Total instrument revenue was $31 million, an increase of 110% over the prior year period. Chromium instrument revenue was $12.9 million, down 8% year-over-year driven by lower sales of Chromium Connect, while the total number of Chromium instruments sold in the quarter increased year-over-year. Spatial instrument revenue was $18.1 million. Our Visium CytAssist instrument launched at the end of Q2 last year and our Xenium instrument launched in Q4. So we did not have material spatial instrument revenue in Q2 of last year.

轉向樂器。儀器總收入為 3100 萬美元，比上年同期增長 110%。由於 Chromium Connect 銷量下降，Chromium 儀器收入為 1290 萬美元，同比下降 8%，而本季度銷售的 Chromium 儀器總數同比增加。空間儀器收入為 1810 萬美元。我們的 Visium CytAssist 儀器於去年第二季度末推出，我們的 Xenium 儀器於第四季度推出。所以去年第二季度我們沒有實質性的空間儀器收入。

Services revenue was $3.4 million, which increased 74% over the prior year period.

服務收入為 340 萬美元，比上年同期增長 74%。

Moving on to our revenue by geography. Americas revenue of $91.5 million grew 29% over the prior year period. EMEA revenue of $31.2 grew 22% over the prior year period. And revenue in APAC was $24 million, a 33% increase year-over-year.

接下來是我們按地理位置劃分的收入。美洲地區收入為 9150 萬美元，較上年同期增長 29%。歐洲、中東和非洲地區收入為 31.2 美元，比去年同期增長 22%。亞太地區收入為 2400 萬美元，同比增長 33%。

We continued to face challenges in the APAC region, again, largely driven by China. On our last call, we had said we expected Q2 performance in China to be roughly similar to what we experienced in Q1. However, we saw further pressure in the region beyond what we had anticipated.

我們在亞太地區繼續面臨挑戰，這主要是由中國推動的。在上次電話會議中，我們曾表示，我們預計第二季度中國的表現將與第一季度的表現大致相似。然而，我們看到該地區面臨的壓力超出了我們的預期。

We are not immune to the challenging macroeconomic environment in China right now, and believe this impacted demand and exacerbated the dynamics we've been seeing with inventory levels. We continue to focus on driving demand with our end customers in this market while working with our distributor partners as they manage inventory.

我們不能倖免於目前中國充滿挑戰的宏觀經濟環境，並相信這影響了需求並加劇了我們所看到的庫存水平的動態。我們繼續專注於推動該市場最終客戶的需求，同時與我們的分銷商合作夥伴合作管理庫存。

Turning to the rest of the income statement. Gross profit for the second quarter of 2023 was $99.6 million compared to a gross profit of $86.9 million for the prior year period. Gross margin for the second quarter was 68% compared to 76% for the second quarter of 2022. The decline in gross margin was driven primarily by the strength we saw in Xenium placements this quarter. As I shared on our last earnings call, in the early quarters of Xenium adoption, we expect overall company gross margin to trend lower as more instruments are sold, given that the Xenium instrument carries a significantly lower margin than our other instruments. As customers ramp up their Xenium utilization, the Xenium consumables, which have a gross margin comparable to our existing products will become a larger portion of the revenue and increase our overall margin over time.

轉向損益表的其餘部分。 2023 年第二季度的毛利潤為 9960 萬美元，上年同期毛利潤為 8690 萬美元。第二季度的毛利率為 68%，而 2022 年第二季度的毛利率為 76%。毛利率下降的主要原因是我們本季度看到的 Xenium 配售強勁。正如我在上次財報電話會議上分享的那樣，在採用Xenium 的最初幾個季度，鑑於Xenium 工具的利潤率明顯低於我們的其他工具，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。隨著客戶提高 Xenium 使用率，毛利率與我們現有產品相當的 Xenium 消耗品將佔收入的更大比例，並隨著時間的推移提高我們的整體利潤率。

Total operating expenses for the second quarter of 2023 were $163 million compared to $150 million for the second quarter last year. R&D expenses were $71.5 million compared to $70.7 million for the second quarter of 2022. SG&A expenses were $91.5 million compared to $79.3 million for the second quarter of 2022. The increases in R&D and SG&A expenses during the quarter were primarily due to increased personnel-related costs and operational expansion.

2023 年第二季度的總運營費用為 1.63 億美元，而去年第二季度的總運營費用為 1.5 億美元。研發費用為7150 萬美元，而2022 年第二季度為7070 萬美元。SG&A 費用為9150 萬美元，而2022 年第二季度為7930 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的增加成本和業務擴張。

Operating loss for the second quarter of 2023 was $63.4 million compared to a loss of $63.1 million for the second quarter of 2022. This includes $45.7 million of stock-based compensation compared to $36.3 million for the corresponding prior year period.

2023 年第二季度的運營虧損為 6340 萬美元，而 2022 年第二季度的虧損為 6310 萬美元。其中包括 4570 萬美元的股票薪酬，而上年同期為 3630 萬美元。

Net loss for the period was $62.4 million compared to a net loss of $64.5 million for the second quarter of 2022. We ended the quarter with $391.4 million in cash and cash equivalents and marketable securities, net of restricted cash.

該期間的淨虧損為 6240 萬美元，而 2022 年第二季度的淨虧損為 6450 萬美元。本季度結束時，我們的現金和現金等價物以及有價證券（扣除限制性現金）為 3.914 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 $600 million to $620 million, representing growth of 16% to 20% over full year 2022. Our updated guidance reflects our second quarter performance as well as continued Xenium momentum with better visibility into our operational ramp. This is offset by the weakness we've seen in APAC, primarily driven by China, and reflects the continued challenges in APAC, we expect for the rest of the year.

談到我們對2023 年的展望。我們正在提高指導，現在預計全年收入將在6 億至6.2 億美元之間，比2022 年全年增長16% 至20%。我們更新的指導反映了我們第二季度的情況性能以及持續的 Xenium 勢頭，更好地了解我們的運營進度。這被我們在亞太地區看到的疲軟（主要由中國推動）所抵消，並反映出我們預計今年剩餘時間亞太地區將面臨持續的挑戰。

Our drive towards becoming free cash flow positive has instilled a cost discipline that has helped us effectively manage our headcount and other spending across the organization.

我們為實現自由現金流為正而努力，灌輸了成本紀律，幫助我們有效管理整個組織的員工人數和其他支出。

I have mentioned before that one of the biggest factors in becoming free cash flow positive would be the slope of our Xenium ramp. To support a steeper adoption curve, we will need increased operational capacity, inventory builds, installation capacity, service and support.

我之前提到過，自由現金流變為正值的最大因素之一是我們的 Xenium 斜坡的斜率。為了支持更陡峭的採用曲線，我們需要提高運營能力、庫存建設、安裝能力、服務和支持。

This quarter continues to add to the early enthusiasm and demand that we are seeing for Xenium. It deepens our conviction in the long-term potential for spatial biology. We are leaning in even further to this opportunity and believe such investments will be foundational to our long-term growth, but they will come with near-term impacts to our gross margin and cash flow objectives.

本季度我們對 Xenium 的早期熱情和需求繼續增加。它加深了我們對空間生物學長期潛力的信念。我們正在進一步抓住這一機會，並相信此類投資將是我們長期增長的基礎，但它們將對我們的毛利率和現金流目標產生短期影響。

As it relates to other items impacting our free cash flow, we still expect a significant reduction in capital expenditures in the back half of this year. When looking out over the next 12 months, we are anticipating about $35 million to $40 million of total capital expenditures. About 1/3 of this relates to the final payments for our new operations facility in Pleasanton, which we expect to transact in Q3.

由於它與影響我們自由現金流的其他項目有關，我們仍然預計今年下半年的資本支出將大幅減少。展望未來 12 個月，我們預計總資本支出約為 3500 萬至 4000 萬美元。其中約 1/3 涉及我們位於普萊森頓的新運營設施的最終付款，我們預計將在第三季度進行交易。

While we see a path to becoming free cash flow positive by year-end, we believe that now is the time to prioritize the investments in driving Xenium adoption. We will continue to focus on disciplined spending and managing our strong cash balance.

雖然我們看到了到年底自由現金流為正的道路，但我們認為現在是優先考慮推動 Xenium 採用的投資的時候了。我們將繼續專注於嚴格的支出和管理我們強勁的現金餘額。

At this point, I'll turn it back to Serge.

此時，我會將其轉回給 Serge。

Thanks, Justin. Before we open it up for Q&A, I want to take a moment to thank our team. At 10x, we're continuing to push the bounds of what's possible, which is both exceptionally challenging and profoundly rewarding. It's been especially energizing for us to see the incredible customer enthusiasm and momentum for Xenium, which will usher in a new era of genetic analysis. I personally believe this technology has the potential to be as big as anything in the history of the life sciences.

謝謝，賈斯汀。在我們開始問答之前，我想花點時間感謝我們的團隊。在 10x 中，我們將繼續突破可能的界限，這既極具挑戰性，又意義深遠。看到客戶對 Xenium 令人難以置信的熱情和動力，我們特別感到振奮，這將開創基因分析的新時代。我個人相信這項技術有潛力成為生命科學史上的任何技術。

While it's still very early, we're starting to see a broader understanding and appreciation of the power and potential of spatial biology and single cell more generally to revolutionize human health. In fact, Eric Topol, a highly regarded physician-scientist and author of several best-selling books on the future of medicine, recently described spatial biology as the hardest field in life science for making new discoveries about human health and disease.

儘管現在還為時過早，但我們已經開始看到人們對空間生物學和單細胞徹底改變人類健康的力量和潛力有了更廣泛的理解和認識。事實上，埃里克·托波爾（Eric Topol）是一位備受尊敬的醫師科學家，也是多本有關醫學未來的暢銷書的作者，他最近將空間生物學描述為生命科學中最難對人類健康和疾病做出新發現的領域。

Testimonials like these validate once again our conviction in the endpoint. In the not-so-distant future, we expect just about all tissue samples will need to be analyzed at single cell resolution, large scale and with spatial context. We believe we have the best products and technologies to achieve this vision. And as a result, we are uniquely positioned to bring the future forward. We're bringing the whole-of-company effort to ensure we get absolutely everything out of the incredible opportunity we have ahead.

像這樣的感言再次證實了我們對終點的信念。在不遠的將來，我們預計幾乎所有組織樣本都需要以單細胞分辨率、大規模和空間背景進行分析。我們相信我們擁有最好的產品和技術來實現這一願景。因此，我們擁有獨特的優勢來推動未來。我們將傾盡全公司的努力，確保我們從眼前的難以置信的機遇中獲得一切。

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

現在，我們將開放提問。操作員？

(Operator Instructions) With that said, we'll go ahead and get started with Patrick Donnelly from Citi.

（操作員說明）話雖如此，我們將繼續從花旗銀行的 Patrick Donnelly 開始。

Serge, maybe one on Xenium, as that adoption continues to pick up, can you just talk about what you're seeing in the market in terms of feedback when you get competitive wins? Is it a focus on the specs being superior? Is the market just big and early enough that it's less of that head-to-head competition in terms of sales? And then any color, I think you mentioned orders outpace sales a bit. But any color on order growth or trends there would certainly be appreciated?

Serge，也許是 Xenium 上的一個，隨著採用率的不斷提高，您能談談當您獲得競爭勝利時，您在市場上看到的反饋嗎？是否注重規格的優越性？市場是否足夠大且足夠早，以至於在銷售方面的正面競爭較少？然後任何顏色，我想你提到的訂單量都超過了銷售量。但是任何有關訂單增長或趨勢的顏色肯定會受到讚賞嗎？

Patrick, thanks for the question. So no, I mean, the market is definitely competitive. And like we said before, up until recently, there was generally kind of confusion out there in terms of what to expect. There's a lot of aspirational claims that were put out there.

帕特里克，謝謝你的提問。所以不，我的意思是，市場絕對是競爭性的。正如我們之前所說，直到最近，人們普遍對未來的預期感到困惑。那裡提出了很多雄心勃勃的主張。

And the change in the dynamic over this quarter and the last 2 quarters, I would say, is around the fact that people can now see for themselves which systems work and how well they work. And in particular, the reviews that are coming back on Xenium are incredibly positive. The quality of the data we talked about it, and I talked about those in my remarks, we've made our own analysis of the sensitivity of specificity of the data quality and that being now confirmed in the field and that's resonating really strongly and the word is spreading.

我想說，本季度和過去兩個季度的動態變化是圍繞這樣一個事實：人們現在可以親眼看到哪些系統在運行以及它們運行得如何。特別是，Xenium 的評論非常積極。我們談到了數據的質量，我在發言中談到了這些，我們對數據質量的特異性的敏感性進行了自己的分析，現在已經在現場得到了證實，這引起了非常強烈的共鳴，消息正在傳播。

It's also the fact that people are actually able to get their runs in very quickly, get the data off the instrument. In fact, we hear like an example of a customer who doesn't run finishes on a Saturday or a Sunday, and then on a Tuesday, he is actually presenting that data at a conference.

事實上，人們實際上能夠非常快速地進行跑步，從儀器中獲取數據。事實上，我們聽到這樣一個例子：一位客戶沒有在周六或週日跑完比賽，然後在周二，他實際上在會議上展示了這些數據。

It's a remarkable kind of turnaround and I've -- it's hard for me to think about technology that has that kind of a ready uptake. And that's what's really, really resonating. And the word is spreading now among customers. So I think that's by far the sort of the primary dynamic.

這是一種非凡的轉變，我很難想像有這樣一種現成的技術。這才是真正引起共鳴的。現在這個消息正在客戶中傳播。所以我認為這是迄今為止的主要動力。

The fact that Xenium works out of the gate and the data is really, really high-quality resonating all kinds of products that we're hearing from the field. So this is -- it's early deals, but it's clearly all the signs are showing that there's a huge potential and a huge sort of momentum and excitement that's building.

事實上，Xenium 的工作原理和數據確實非常高質量，與我們從現場聽到的各種產品產生了共鳴。所以這是——這是早期交易，但顯然所有跡像都表明存在巨大的潛力以及正在形成的巨大動力和興奮。

Okay. That's helpful. And then probably one for Justin just on China. Not surprising here, maybe a little bit of further pressure in the region. Can you just talk about, I guess, what you guys are seeing there? I know you talked a little bit about the end customers, you guys go through the distributors, service providers, maybe you're not quite as close to the end customer. But I guess what are you hearing? And then as you adjusted the guide, I think you said a little bit of headwind from China maybe Xenium moving up. Can you just talk about what the moving pieces were in that $10 million bond?

好的。這很有幫助。然後可能是賈斯汀的一篇關於中國的文章。這並不奇怪，該地區可能會面臨進一步的壓力。我猜你能談談你們在那裡看到了什麼嗎？我知道您談到了一些關於最終客戶的問題，你們通過分銷商、服務提供商，也許您與最終客戶的距離不太近。但我猜你聽到了什麼？然後，當您調整指南時，我認為您說過來自中國的一些逆風可能導致 Xenium 上漲。您能談談那筆 1000 萬美元債券中的動人之處嗎？

Yes. Sure, Patrick. So first, I'll start with China. China definitely underperformed relative to our expectations for this quarter. And the macro environment there, is really challenging right now. And overall, the demand has been soft in that region.

是的。當然，帕特里克。首先，我將從中國開始。相對於我們對本季度的預期，中國的表現肯定遜色。目前那裡的宏觀環境確實充滿挑戰。總體而言，該地區的需求一直疲軟。

And we also believe that this environment exacerbated what we've already been seeing with the inventory dynamics that we spoke about earlier. And so we don't expect the situation there to improve for at least the next couple of quarters. And going to the guidance, this is incorporated in our updated guidance range. Despite the issues that we saw in APAC, primarily driven by China, AMR and EMEA have been strong. And so when you look at our updated guidance range, we're assuming that AMR and EMEA, Chromium will end the year somewhere in the mid-teens year-over-year percent growth. And then as pressure in APAC continues, we expect really the average of Q3 and Q4 in APAC to be roughly flat to what we saw in Q2 with a little bit of a decline in Q3.

我們還認為，這種環境加劇了我們之前談到的庫存動態。因此，我們預計至少在接下來的幾個季度內，情況不會有所改善。轉到指南，這已納入我們更新的指南範圍中。儘管我們在亞太地區看到了主要由中國推動的問題，但抗菌素耐藥性和歐洲、中東和非洲地區仍然表現強勁。因此，當您查看我們更新的指導範圍時，我們假設 AMR 和 EMEA、Chromium 到今年年底的同比增長率將達到 15%左右。然後，隨著亞太地區壓力的持續，我們預計亞太地區第三季度和第四季度的平均水平將大致與第二季度持平，第三季度略有下降。

And then just overall, looking at worldwide, spatial is maintaining the strength that we saw in Xenium this quarter. We also had a really strong quarter for CytAssist as well. But at some point, I would expect that the demand for CytAssist to come down a little bit, just like we have a bolus of demand at any kind of new product launch. And so, the combination of those things is roughly holding spatial flat at a worldwide level from now through the end of -- from Q2 through Q3 and Q4.

總體而言，縱觀全球，空間領域保持了我們本季度在 Xenium 中看到的實力。 CytAssist 的季度表現也非常強勁。但在某個時候，我預計對 CytAssist 的需求會稍微下降，就像我們在任何類型的新產品發佈時都會有大量需求一樣。因此，從現在到年底，從第二季度到第三季度和第四季度，這些因素的結合在全球範圍內大致保持空間平坦。

Next up, we have Dan Arias from Stifel.

接下來是來自 Stifel 的 Dan Arias。

Maybe just to follow-up Patrick there on Xenium. Serge, can you comment on your own manufacturing capabilities? I mean it sounds like you're pushing hard to ramp and expand what you can do there pretty quickly. When do you envision being at the point where production shouldn't be considered a constraint on placement?

也許只是為了在 Xenium 上跟進 Patrick。 Serge，您能評價一下您自己的製造能力嗎？我的意思是，聽起來您正在努力快速提升和擴展您可以在那裡做的事情。您預計什麼時候生產不應該被視為對佈局的限制？

Yes. So yes, we have been investing in operations like we said. It's been -- initially when we came to market, we were very measured in kind of our approach. We have certainly scaled up to a new level of production right now, and that's what Justin kind of was alluding to in terms of as we look toward the next couple of quarters.

是的。所以，是的，我們一直在投資運營，就像我們所說的那樣。最初，當我們進入市場時，我們對我們的方法非常謹慎。我們現在肯定已經將生產規模擴大到了一個新的水平，這就是賈斯汀在我們展望未來幾個季度時所暗示的。

Last quarter, shipments, I mean, demand outpaced shipments. So it's going to be a sort of a dynamic thing. We're still -- we're working to scale up especially to prepare for next year and beyond.

我的意思是，上個季度的出貨量超過了需求。所以這將是一種動態的事情。我們仍在努力擴大規模，特別是為明年及以後做好準備。

Okay. And then maybe on the Flex kits, can you just talk about the extent to which you're seeing that product have the ability to sort of change the economics of single cell work, maybe in a positive way, just in the sense that you could open up the scope and drive some elasticity there or in a negative way just in the sense that until a customer scales the size of the experiment, maybe the revenue per sample is lower than it was seems like it should be -- so the puts and the takes on Flex and just the economics of single cell work would be really helpful.

好的。然後也許在 Flex 套件上，您能談談您所看到的產品在多大程度上有能力改變單細胞工作的經濟性，也許是以積極的方式，只是在某種意義上您可以開放範圍並在那里或以消極的方式推動一些彈性，只是在某種意義上，直到客戶擴大實驗規模，每個樣本的收入可能會低於看起來應有的水平- 所以看跌期權和對Flex 的看法以及單細胞工作的經濟性將會非常有幫助。

Yes. So Flex has definitely been scaling up in terms of adoption. It's still a relatively minor component of the overall single cell portfolio. We're seeing -- certainly, we're seeing examples of projects that are emerging, that are incremental to what was possible before precisely for the reason you mentioned and that you get to a lower price per sample.

是的。因此，Flex 在採用方面無疑一直在擴大。它仍然是整個單電池產品組合中相對較小的組成部分。我們看到——當然，我們看到正在出現的項目示例，這些項目比以前可能實現的項目有所增加，正是出於您提到的原因，並且每個樣品的價格更低。

People are certainly putting sort of the dots together and organizing these projects. It has an incremental effect. It does also have an effect where for people, if they are limited in samples, then they could end up spending less money for running the same type of study. And then there's also studies where people are limited by budget and they simply run more samples.

人們肯定會將這些點放在一起並組織這些項目。它具有增量效應。對於人們來說，如果樣本有限，那麼他們最終可能會花更少的錢來進行相同類型的研究。還有一些研究，人們受到預算的限制，他們只是運行更多的樣本。

We are -- if you look at -- on a -- in terms of the reaction number basis, Flex is contributing in a substantial way to increasing numbers of reactions that you -- that people are running in total. It is like you're alluding to, it's not necessarily going to be manifesting itself on the top line. In fact, it's going to create a little bit of top line pressure while that's happening initially. But we think that overall, that portends -- this dynamic portends great possibilities for the future as people expand the kinds of studies they can do as they can drive towards lower price per sample with larger and larger studies.

如果您觀察一下，就反應數而言，Flex 為增加人們的反應總數做出了重大貢獻。就像您提到的那樣，它不一定會在頂線上體現出來。事實上，這在一開始會產生一點頂線壓力。但我們認為，總體而言，這種動態預示著未來的巨大可能性，因為人們可以擴大他們可以進行的研究類型，因為他們可以通過越來越大的研究來降低每個樣本的價格。

Next up, we have Dan Brennan from TD Cowen.

接下來，我們有來自 TD Cowen 的丹·布倫南 (Dan Brennan)。

This is Kyle on for Dan. I just had one on CytAssist here. Can you just -- can you provide any color on how CytAssist placements have sort of trended relative to last few quarters?

這是凱爾為丹代言。我剛剛在 CytAssist 上找到了一個。您能否提供有關 CytAssist 展示位置相對於過去幾個季度的趨勢的任何信息？

Kyle, this is Justin. I can give you some broad strokes there. So Q3 and Q4 of last year, demand was really strong for CytAssist. We shipped a few -- a small number at the end of Q2, but Q3 was really the launch quarter -- the launch quarter for it. We had a drop in Q1, slight drop. And right now, in Q2, we're up very close to where we were in Q3 and Q4 of last year and incremental over Q1.

凱爾，這是賈斯汀。我可以給你一些大致的思路。所以去年第三季度和第四季度，對 CytAssist 的需求非常強勁。我們在第二季度末發貨了一些——少量，但第三季度確實是發布季度——它的發布季度。我們第一季度出現了下降，小幅下降。現在，在第二季度，我們非常接近去年第三季度和第四季度的水平，並且比第一季度有所增量。

Got it. And so with all these CytAssist placements, how should we sort of think about busy pull-through going forward? Has this driven a lot of demand for Visium projects?

知道了。因此，對於所有這些 CytAssist 佈局，我們應該如何考慮未來的繁忙拉動？這是否帶動了對 Visium 項目的大量需求？

Yes. When we look at the numbers, we certainly see like a substantial bifurcation, the labs that have CytAssist run more Visium consumables at the ones that do not. Now there's an open question still that we are looking at, there's a selection effect, labs that are going to be running more consumables will -- are more likely to buy a CytAssist instrument.

是的。當我們查看這些數字時，我們當然會看到一個明顯的分歧：使用 CytAssist 的實驗室比沒有使用 CytAssist 的實驗室運行更多的 Visium 耗材。現在我們仍在研究一個懸而未決的問題，存在選擇效應，將運行更多耗材的實驗室將更有可能購買 CytAssist 儀器。

So we're still watching how that's going to sort of play out numbers-wise. But qualitatively, it's not biggest that CytAssist makes it much easier, much more amenable for people to run Visium and generally great data. We're hearing great feedback and lots of interest. And it's a very fundamentally enabling instrument. So we feel optimistic about this potential to drive more.

因此，我們仍在觀察這將如何在數字方面發揮作用。但從質量上來說，CytAssist 讓人們更容易、更容易地運行 Visium 和總體上良好的數據並不是最重要的。我們聽到了很好的反饋和很多興趣。它是一個非常根本性的工具。因此，我們對這種驅動更多的潛力感到樂觀。

Next up, we have Kyle Mikson from Canaccord.

接下來是 Canaccord 的凱爾·米克森 (Kyle Mikson)。

One on the chroming business that grew 7% year-over-year on EP comp in the first half. I know there was the China headwinds and the placement mix consisted of less connects in the quarter. But you originally guided to that low teens growth for the business. I know that's now updated. It sounds like what you just said, Justin, but I guess I'm just wondering like what factors are going to occur in the second half to get you to that low teen as well or whatever it is now. And if there's any like nonmacro-related deterioration in demand for the products? And maybe if you just talk about it by region, it could be kind of helpful just to give a comment in that area.

上半年鉻業務同比增長 7%。我知道存在中國的逆風，並且本季度的佈局組合包括較少的連接。但您最初引導業務實現了十幾歲的低增長。我知道現在已經更新了。聽起來就像你剛才說的，賈斯汀，但我想我只是想知道下半年會發生什麼因素，讓你也達到低青少年或現在的水平。產品需求是否存在任何與非宏觀相關的惡化？也許如果您只是按地區談論它，那麼在該領域發表評論可能會有所幫助。

Yes. Sure, Kyle. So first off, overall, when we initiated our guidance at the beginning of the year, we talked about low to mid-teens Chromium growth at the worldwide level. We talked about the impacts that we're seeing in APAC, primarily driven by China. When we incorporate that along with AMR and EMEA being on track to what we expected they would be at the beginning of the year. You're right, we do end up year-to-date in the high single digits. But when we look at how we expect to end the year, we expect that AMR and EMEA both will be in the mid-teens plus. And that's what's being worked into our overall guidance range. AMR and EMEA on track or a little more and building in the weakness that we saw in APAC driven by China carryforward.

是的。當然，凱爾。因此，總的來說，首先，當我們在今年年初啟動指導時，我們談到了全球範圍內鉻的低至中位數增長。我們討論了我們在亞太地區看到的主要由中國推動的影響。當我們將這一點與 AMR 和 EMEA 結合起來時，它們將達到我們年初的預期。你是對的，我們今年迄今為止的業績確實達到了高個位數。但當我們審視今年結束時的預期時，我們預計 AMR 和 EMEA 都將達到 15% 以上。這就是我們總體指導範圍中正在考慮的內容。 AMR 和 EMEA 已步入正軌或稍有進展，並且在中國結轉推動的亞太地區疲軟的基礎上進一步發展。

Next up, we have Morgan Stanley.

接下來是摩根士丹利。

So juggling a few earnings calls here, so apologies if you touched on this, Serge, but can you give us some color on what you're seeing in the In Situ market right now in terms of pricing. How aggressive are you prepared to be there to lock in customers into your ecosystem?

因此，這裡要兼顧幾個財報電話會議，所以如果您談到這一點，我們深表歉意，Serge，但是您能給我們一些關於您目前在 In Situ 市場上看到的定價方面的信息嗎？您準備如何積極地將客戶鎖定到您的生態系統中？

And as you think about sort of consumable pull-through starting to ramp on some of those initial placements. Any anecdotal evidence or bookends you can share?

當你想到某種消耗品的拉動開始在一些最初的展示位置上增加時。您可以分享任何軼事證據或書擋嗎？

Tejas, yes, there's a lot going on, on in situ for sure. So our Northstar, our focus is on the customer, right? And there's -- when it comes to pricing, certainly, we're trying to accommodate what trends will accommodate people right now and especially when it's a competitive dynamic and make sure they make the right choice here.

Tejas，是的，確實有很多事情發生在現場。所以我們的北極星，我們的重點是客戶，對吧？當然，在定價方面，我們正在努力適應目前適合人們的趨勢，尤其是在競爭激烈的情況下，並確保他們在這裡做出正確的選擇。

And as far as -- but the thing that I said earlier and the thing that we're coming back to is the fact that the system performs incredibly well, generates the best data in the market because it's corroborated by other customers. It works really well.

就我之前所說的以及我們要回到的事實而言，該系統的性能非常好，生成了市場上最好的數據，因為它得到了其他客戶的證實。效果非常好。

And kind of to your question, it works well in the field and we're seeing that some of the early customers are able to run through quite a few samples very quickly. Now those early customers will tend to be most ready to adopt those technologies. So we're anticipating that later cohorts will take some more time to onboard and ramp up. But there's a lot of really positive early signs in terms of the potential and how many samples these systems will be pulling through.

對於你的問題，它在現場運行良好，我們看到一些早期客戶能夠非常快速地運行相當多的樣品。現在，那些早期客戶往往最願意採用這些技術。因此，我們預計後來的群體將需要更多時間來加入和提升。但就潛力以及這些系統將通過多少樣本而言，有很多非常積極的早期跡象。

Got it. Okay. That's helpful. And then a quick follow-up for me on the Flex side of things, Serge. Where are customers today in the adoption phase for Flex? What percent of those early adopters have completed that initial pilot and evaluation trials that have now switched over?

知道了。好的。這很有幫助。然後是我對 Flex 方面的快速跟進，Serge。目前，客戶處於 Flex 採用階段的哪個階段？這些早期採用者中有多少百分比已經完成了現在已經轉換的初步試點和評估試驗？

And then a broader sort of big picture question as well. As you think about sort of differentiated innovation and to the degree to which it sort of confers you -- macro insulation, how are you thinking about that in the context of your guide?

然後還有更廣泛的大局問題。當您考慮某種差異化創新以及它賦予您的宏觀隔離程度時，您在指南的背景下如何考慮這一點？

So in terms of -- let me answer the Flex question, Tejas. So the way that -- so Flex has been getting general adoption. It has been scaling up kind of across our customer base. And I wouldn't even say necessarily is just sort of the early adopters or others to some extent, is bringing some translational customers. We certainly have some -- like some of our core customers moving on to Flex.

因此，Tejas，讓我回答 Flex 問題。 Flex 已經得到普遍採用。它已經在我們的客戶群中擴大了規模。我什至不會說一定是早期採用者或其他人在某種程度上帶來了一些轉化客戶。當然，我們有一些客戶正在轉向 Flex，比如我們的一些核心客戶。

In a lot of cases, it's less about switching over people from -- certainly from their existing workflows or existing studies, but more in terms of incremental studies or incremental projects. When they have a new project, they are now starting more and more conceptualized in terms of Flex because Flex is enabling them to -- it relieves a lot of the logistical challenges that people have faced and because of the multiplexing ability allows them to reach a substantially lower price per example and thus imagine larger studies.

在很多情況下，這並不是要從現有的工作流程或現有的研究中切換人員，而是更多地進行增量研究或增量項目。當他們有一個新項目時，他們現在開始越來越多地使用 Flex 進行概念化，因為 Flex 使他們能夠——它減輕了人們面臨的許多後勤挑戰，並且由於多路復用能力使他們能夠達到每個例子的價格大大降低，因此可以想像更大規模的研究。

And so it's been on a good trajectory. It's still a relatively small fraction of the overall Chromium franchise, but it's on a good trajectory, especially as we look at the potential to expand the single cell market over time. I think we're seeing good signs.

所以它一直處於良好的軌道上。它仍然只佔整個 Chromium 特許經營權的一小部分，但它的發展軌跡良好，特別是當我們看到隨著時間的推移擴大單細胞市場的潛力時。我認為我們看到了好的跡象。

Got it. Justin, any perspectives on the guide?

知道了。賈斯汀，對本指南有什麼看法嗎？

Tejas, so all of our products, our view of them are built into our guide. We still have a decent range on our guidance heading into the back half of the year. And so those different scenarios are built in.

Tejas，所以我們所有的產品，我們對它們的看法都內置在我們的指南中。進入今年下半年，我們的指導仍然有一個不錯的範圍。因此，這些不同的場景是內置的。

Next up, we have Mike Ryskin from Bank of America.

接下來是美國銀行的 Mike Ryskin。

Great. I got a couple of quick ones here, hopefully. One was just starting on Xenium CytAssist, instruments versus consumables. You talked through the pacing of CytAssist, that was really helpful. We can kind of back into Xenium numbers then.

偉大的。希望我這裡有一些快速的。其中一個剛剛開始使用 Xenium CytAssist，儀器與消耗品。您談到了 CytAssist 的節奏，這確實很有幫助。那麼我們可以回到 Xenium 數字。

But I want to focus consumables on spatial. By our math, that's been kind of flattish, relatively flattish 4 quarters in a row on a dollars basis, more or less. So question is, when does that start to really accumulate? And that kind of goes to the point of like as the installed base of Xenium goes higher and higher, at what point do you think that will really kick in and you'll start to see that razor-razorblade model on the special side really start to churn?

但我想將消耗品集中在空間上。根據我們的計算，以美元計算，這已經是連續四個季度相對持平，或多或少。那麼問題是，什麼時候開始真正積累？隨著 Xenium 的安裝基礎越來越高，你認為什麼時候會真正開始，你會開始看到特殊一側的剃須刀-剃須刀片模型真正開始攪動？

Yes, Mike. So as far as your first question on spatial overall, and you're asking about Visium -- Visium first?

是的，邁克。就您關於整體空間的第一個問題而言，您首先詢問的是 Visium——Visium？

Both Visium and Xenium consumer.

Visium 和 Xenium 消費者。

Yes. I think the thing that's tough is when you're looking by product at the worldwide level right now with the China and APAC impact in there. To interpret that is what it means for the platform, you might get the wrong conclusions. And so spatial has been strong in AMR and EMEA. Everything has been impacted in APAC and China.

是的。我認為困難的是，當你現在在全球範圍內尋找產品時，考慮到中國和亞太地區的影響。如果要解釋這對平台意味著什麼，您可能會得到錯誤的結論。因此，AMR 和 EMEA 的空間表現非常強勁。亞太地區和中國的一切都受到了影響。

And some additional information on CytAssist and Visium. We saw trends earlier on that CytAssist customers were tending to order and use more Visium. And I think that's a great trend. It helps address some of the workflow issues that the users had early on. And so it's really showing that, that is the future of the platform. And the Visium and the CytAssist consumables are basically are now overtaking the legacy kind of Visium consumables.

以及有關 CytAssist 和 Visium 的一些附加信息。我們之前看到的趨勢是 CytAssist 客戶傾向於訂購和使用更多 Visium。我認為這是一個很好的趨勢。它有助於解決用戶早期遇到的一些工作流程問題。所以它確實表明了，這就是該平台的未來。 Visium 和 CytAssist 消耗品現在基本上正在超越傳統的 Visium 消耗品。

Okay. All right. And on the -- just I want to switch real quick to the margin side of things. I think you flagged pretty extensively to us that gross margins were going to be negatively impacted by the Xenium ramp, just given the incremental lower gross profit dollars on that instrument as you're ramping it. Is 2Q a bottom or sort of close to the bottom there. I guess it's hard for us to sort of back into these numbers, but is this a good place for gross margins to level out and then start to grind higher again? Or do you anticipate that going even lower 3Q, 4Q, to your point, as Xenium placements continue to ramp higher?

好的。好的。關於——我只是想快速切換到邊緣方面。我認為您向我們廣泛指出，毛利率將受到 Xenium 增長的負面影響，只是考慮到該工具的毛利潤隨著您的增長而逐漸降低。 2Q 是底部還是接近底部？我想我們很難回到這些數字，但這是否是毛利率趨於平穩然後再次開始走高的好地方？或者您是否預計隨著 Xenium 投放量繼續增加，第三季度、第四季度會更低？

Yes. So first I'll start with just looking at the year-over-year change in gross margin. And when you look at the change that we saw, I mean, that's -- when you net out smaller puts and takes, it's all primarily driven by the mix shift towards in situ. And so then when we look into the rest of the year, the gross margin could trend lower if we were to place more Xenium instruments each quarter. But as we continue to scale our manufacturing capacity to produce more units, the cost per instrument will decline, and we should have improvements in the unit economics.

是的。首先，我將首先看看毛利率的同比變化。當你看到我們所看到的變化時，我的意思是，當你扣除較小的看跌期權和看跌期權時，這主要是由向現場混合轉變所驅動的。因此，當我們展望今年剩餘時間時，如果我們每個季度投放更多 Xenium 工具，毛利率可能會下降。但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，我們應該會提高單位經濟效益。

But keep in mind, when we built the Xenium instrument, we sought to optimize the performance and time to market, not cost. And so based upon the successes that we're seeing out in the field, that was the right call. And although we do have a near-term impact to company gross margin, the focus right now isn't the margin that we're making off of each instrument. It's the consumable revenue stream that, that instrument is going to enable. So we sought to produce the best instrument in this space, and we've succeeded in the ever. And then also keep in mind talking about unit economics that customers who purchase this instrument today, they're getting an incredible value compared to the competition. And as more customer data is generated and more feedback makes its way out into the public, this is going to help drive our long-term strategy.

但請記住，當我們構建 Xenium 儀器時，我們尋求優化性能和上市時間，而不是成本。因此，根據我們在該領域所取得的成功，這是正確的決定。儘管我們確實對公司毛利率產生了短期影響，但目前的重點不是我們從每種工具中賺取的利潤。該工具將帶來消費品收入流。因此，我們力求生產該領域最好的樂器，並且我們取得了前所未有的成功。然後還要記住談論單位經濟效益，今天購買該儀器的客戶與競爭對手相比，他們獲得了令人難以置信的價值。隨著更多客戶數據的生成和更多反饋向公眾公佈，這將有助於推動我們的長期戰略。

But right now, what we're starting to see is this instrument is not priced at the value that it brings. And I do think that we'll have opportunities in the future to adjust that as well.

但現在，我們開始看到這種工具的定價並不符合其帶來的價值。我確實認為我們將來也將有機會對此進行調整。

Next up, we have John Sourbeer from UBS.

接下來，我們有來自瑞銀集團的約翰·索爾比爾 (John Sourbeer)。

This is Tianqi calling in John. So just to kind of build on what Mike just asked, do you guys sort of share the kind of like target margin profile for Xenium, let's say, when the volume is high enough?

這是天七給約翰打電話。因此，在 Mike 剛才提出的問題的基礎上，你們是否分享了 Xenium 的目標利潤率概況，比如說，當數量足夠高時？

So this is Justin. When we look at Xenium, we don't necessarily separate the instrument from the consumable. We look at the Xenium business overall and what we expect that to ramp to. And so early on, when the mix shift is primarily more towards instruments, and we're taking time to ramp up the consumable stream you're going to see, I think, the greatest impact. And then over time, as those consumable streams ramp up, those are going to become a larger part of the revenue overall, and they'll bring the margin up in the longer term.

這就是賈斯汀。當我們研究 Xenium 時，我們不一定將儀器與消耗品分開。我們著眼於 Xenium 業務的整體情況以及我們對其增長的預期。在早期，當混合轉變主要更多地轉向樂器時，我們正在花時間來增加消費品流，我認為，你將看到最大的影響。隨著時間的推移，隨著這些消耗品流的增加，它們將成為整體收入的很大一部分，並且從長遠來看，它們將提高利潤率。

Got it. Second question is regarding the Chromium Flex, very exciting news about the Feature Barcode application. Just -- do you see Flex and the kind of like the Feature Barcode applications accelerate the clinical adoption of the single cell in settings like diagnostics and like maybe precision medicine, how should we think about that?

知道了。第二個問題是關於 Chromium Flex，這是關於功能條形碼應用程序的非常令人興奮的消息。只是 - 您是否看到 Flex 和諸如功能條碼之類的應用程序加速了單細胞在診斷和精準醫學等環境中的臨床採用，我們應該如何看待這一點？

Yes. It's a good question. I mean -- and I would say, ultimately, the answer is yes, right? I think Flex overall enables the work single cell for the first time to work with the clinically relevant samples collected from tissues. First, it enables fixation of the point of sample collection and more excitingly, enables a single cell analysis to be applied to FFPE samples, which is how most clinical samples, most tissues are stored.

是的。這是一個好問題。我的意思是——我想說，最終答案是肯定的，對嗎？我認為 Flex 總體上首次使工作單細胞能夠處理從組織中收集的臨床相關樣本。首先，它可以固定樣本採集點，更令人興奮的是，可以將單細胞分析應用於 FFPE 樣本，這是大多數臨床樣本、大多數組織的存儲方式。

And at this stage, we're still very early in terms of the single cell adoption on its way towards if you imagine the progression from basic research toward the clinic. But we're definitely seeing increasing adoption, certainly a lot of interest in translational studies.

在現階段，如果你想像一下從基礎研究到臨床的進展，我們在單細胞採用方面還處於早期階段。但我們確實看到了越來越多的採用，當然人們對轉化研究也很感興趣。

So kind of gathering of the cohorts of patients, phenotype samples and running them on single cell to look for biomarkers. And that's kind of a prerequisite for them later thinking about clinical applications. And so it's definitely -- Flex is enabling that bridge into -- along that trajectory.

收集患者群體、表型樣本並在單細胞上運行它們以尋找生物標誌物。這是他們後來考慮臨床應用的先決條件。因此，Flex 肯定會沿著這條軌跡建立橋樑。

Next up, we have Matthew Sykes from Goldman Sachs.

接下來是高盛的馬修·賽克斯 (Matthew Sykes)。

This is Ivy (inaudible) on for Matt. You mentioned you're working with distributors in China on inventory levels. Can you talk through what that looks like? And then if you expect to see these issues continue into next year?

我是艾薇（聽不清）為馬特代言。您提到您正在與中國的經銷商就庫存水平進行合作。你能談談那是什麼樣子嗎？那麼您是否預計這些問題會持續到明年？

This is Justin. I'll take that. And so I think you got to go back to the end of Q4 going into Q1 when we had our typical annual price increase. But this year, the price increase was more than we've had in the past. And typically, what we see with distribution is they will buy ahead inventory at the lower price before the price increase goes into effect to the limit that they can basically hold inventory. And I think what we saw at the beginning of this year is we started the year with higher inventory, started to have issues in China overall and the inventory didn't come down as much as the distributors thought that it would. And then we've just been trying to manage the sense.

這是賈斯汀。我會接受的。所以我認為你必須回到第四季度末進入第一季度，當時我們經歷了典型的年度價格上漲。但今年的價格漲幅比以往都要大。通常，我們在分銷中看到的是，在價格上漲生效之前，他們會以較低的價格提前購買庫存，直到他們基本上可以持有庫存。我認為我們在今年年初看到的是，我們年初的庫存較高，中國整體上開始出現問題，而且庫存下降幅度沒有經銷商想像的那麼大。然後我們就一直在努力控制這種感覺。

And so the inventory levels are still high. And we're -- this is against the backdrop of the challenging macroeconomic factors that we talked about earlier. And so it does take some time for things like this to unwind because we sell to a distributor, distributor sells to service provider and then service provider sells to the end customers. So given that dynamic, we don't expect any improvement in Q3 or Q4. We expect the average of those quarters to be roughly the same as Q2.

因此庫存水平仍然很高。這是在我們之前討論過的充滿挑戰的宏觀經濟因素的背景下發生的。因此，像這樣的事情確實需要一些時間才能平息，因為我們向分銷商銷售，分銷商向服務提供商銷售，然後服務提供商向最終客戶銷售。因此，鑑於這種動態，我們預計第三季度或第四季度不會有任何改善。我們預計這些季度的平均值將與第二季度大致相同。

We are seeing some talk of activity levels improving here or there, but mostly anecdotal. And so we've really got to forecast what we can see right now, and that's still higher inventory positions and it's the backdrop of lower demand.

我們看到一些關於活動水平有所改善的討論，但大多是軼事。因此，我們確實必須預測我們現在可以看到的情況，即庫存狀況仍然較高，而這是需求下降的背景。

Okay. Great. That's helpful. And then have you seen any acceleration in Chromium or maybe feedback from the market post the NanoString ruling in Germany?

好的。偉大的。這很有幫助。德國 NanoString 裁決後，您是否看到 Chromium 出現任何加速增長或者市場反饋？

I think the question is more around Xenium. And like -- the momentum in this quarter on Xenium has been very strong. I think much of that is driven by the performance of the instrument and the data that comes out of it. I would point to that as the first order and the second order variable that has driving.

我認為問題更多是圍繞 Xenium 的。就像——本季度 Xenium 的勢頭非常強勁。我認為這很大程度上是由儀器的性能及其產生的數據驅動的。我認為這是具有驅動力的一階和二階變量。

Our next participant is Mason Carrico from Stephens Inc.

我們的下一位參與者是來自 Stephens Inc. 的 Mason Carrico。

Maybe 2 quick ones for me here. For CytAssist placements during the quarter, did you guys share the percentage or mix of placements that are going to new 10x customers or new Visium customers versus customers who are already utilizing Visium? And how does that compare to what you've seen the last few quarters?

也許對我來說有兩個快速的。對於本季度的 CytAssist 投放情況，你們是否分享了新 10 倍客戶或新 Visium 客戶與已經使用 Visium 的客戶的投放百分比或組合？與您過去幾個季度看到的情況相比如何？

I don't think we've shared specific details around that, but it's a reasonably balanced mix, I would say. There is substantial number of CytAssist are going as you would expect, to current Visium customers who've been using sort of the legacy manual assays.

我認為我們沒有分享具體細節，但我想說，這是一個相當平衡的組合。正如您所期望的，大量 CytAssist 正在向一直使用傳統手動檢測的當前 Visium 客戶提供。

But also, there's a material number of customers that are new to Visium. They're buying CytAssist to get into the Vision workflow because it now is kind of opening up possibilities that weren't really open before. And some of those substantial products have been previous 10x users of single cell, but there's also some new to 10x users entirely as well. And I think that the relative fractions have been fairly similar over the last couple of quarters.

而且，還有相當多的客戶是 Visium 的新客戶。他們購買 CytAssist 是為了進入 Vision 工作流程，因為它現在開闢了以前從未真正開放的可能性。其中一些重要產品已經是單電池以前的 10 倍用戶，但也有一些完全是 10 倍用戶的新產品。我認為過去幾個季度的相對比例非常相似。

Got it. Okay. And then for union placements, have you seen any bundled orders with those placements, whether CytAssist, Chromium and -- maybe any color you could give, if you have seen those in terms of the mix of instruments or the customer types driving them?

知道了。好的。然後對於聯合安置，您是否看到過與這些安置相關的任何捆綁訂單，無論是CytAssist、Chromium 還是您可以給出的任何顏色（如果您在工具組合或驅動它們的客戶類型方面看到過這些） ？

Yes. We've certainly seen customers kind of coming in into the full 10x ecosystem. And we are certainly not adverse encouraging that. In fact, when people do want to go in and buy all 3 instruments, we give them special deals and especially those come with consumables. That happens. And we've talked about before just how much value there is to a customer being able to use all 3 platforms to interrogate their biology.

是的。我們確實看到客戶進入了完整的 10x 生態系統。我們當然不反對鼓勵這一點。事實上，當人們確實想要購買所有 3 種儀器時，我們會為他們提供特別優惠，尤其是那些附帶消耗品的優惠。那個會發生。我們之前已經討論過，客戶能夠使用所有 3 個平台來詢問他們的生物學有多大價值。

And we're seeing that in workflows where very, very frequently people are using a Chromium experiment to map out the cells and the genes that they then want to put on custom panel for Xenium. And oftentimes, when they're running Xenium experiments on a particular tissue that they then follow up on that same section. Put it on CytAssist and run a Visium experiment to get a more comprehensive view of the tissue. And we've talked about this before. There's a lot of science to be discovered by using all 3 platforms, and that's definitely resonating with a lot of our customers as well.

我們看到，在工作流程中，人們非常非常頻繁地使用 Chromium 實驗來繪製細胞和基因，然後將其放入 Xenium 的自定義面板中。通常，當他們在特定組織上進行 Xenium 實驗時，他們會在同一部分上進行跟進。將其放在 CytAssist 上並運行 Visium 實驗以獲得更全面的組織視圖。我們之前已經討論過這一點。使用這三個平台可以發現很多科學知識，這肯定也引起了我們許多客戶的共鳴。

Next up, Justin Bowers from Deutsche Bank.

接下來是德意志銀行的賈斯汀·鮑爾斯。

In the prepared remarks, you talked about being able to ramp production faster than you had expected in the first half. We are just hoping you could give us a little color on some of the bottlenecks you were able to work through. And are there any sort of -- any more of those in the way as you scale production in the back half of the year? Or are you through most of that?

在準備好的講話中，您談到上半年產量的提高速度比您預期的要快。我們只是希望您能為我們提供一些您能夠解決的瓶頸的信息。當你們在今年下半年擴大生產規模時，是否還會有任何其他問題？或者你已經經歷了大部分嗎？

And then secondarily, just maybe give us -- talk a little bit about the sort of panels on Xenium and the number of different panels and the development path and your ability to scale the custom panels after the initial request. So 2 parts.

其次，也許可以給我們談談 Xenium 上的面板類型、不同面板的數量、開發路徑以及您在收到初始請求後擴展自定義面板的能力。所以 2 部分。

Yes. So I'll start with the operational capacity. And I think if you got to go back to the beginning of the Xenium launch, where we've talked about overall, our priority is customer success and in a measured rollout initially to making sure that our earliest -- that our early customers were successful, were able to generate their own data on their instruments and then have success overall in interpreting that. And we had success there pretty much pretty early. And so then the constraint shifted to the next thing, which was operational capacity.

是的。所以我先從運營能力開始。我認為，如果你必須回到 Xenium 發布之初，我們總體上已經討論過，我們的首要任務是客戶成功，並且在最初的謹慎部署中，確保我們最早的客戶取得成功，能夠在他們的儀器上生成自己的數據，然後在解釋該數據方面取得總體成功。我們很早就在那裡取得了成功。然後限制就轉移到下一件事，那就是運營能力。

And so once we got through those early placements and then we then shifted to operational capacity, it was around making sure that we had enough components, making sure that the yields were high, making sure that we had the space to do this. Our new operations facility was a big part of that. All the QC that goes in the end and then also installation and support resources.

因此，一旦我們完成了這些早期佈局，然後我們就轉向運營能力，重點是確保我們有足夠的組件，確保產量高，並確保我們有空間來做到這一點。我們的新運營設施是其中的重要組成部分。最後進行的所有質量控制以及安裝和支持資源。

And so first off, kudos to our operations team for scaling up like they did over the quarter. But there's risk they encounter every day and every week that they've been solving day-to-day and day-to-week. And so really, our goal is to make sure that we're able to successfully and consistently maintain this level of production as we head into Q3 and Q4. But then as you think about scaling up to the next level as we get ready for next year, we will need to build higher inventories with components.

首先，我們的運營團隊像他們在本季度所做的那樣擴大規模，對此表示讚賞。但他們每天、每週都會遇到一些風險，而他們每天、每週都在解決這些風險。事實上，我們的目標是確保在進入第三季度和第四季度時能夠成功並持續保持這種生產水平。但是，當我們為明年做好準備時考慮擴大到下一個水平時，我們將需要建立更高的組件庫存。

There's going to be higher whip on the balance sheet. We're going to need more support personnel and installation and service personnel as well. And so over time, that bottleneck can shift from one point to the next.

資產負債表上將會有更高的鞭子。我們還需要更多的支持人員以及安裝和服務人員。因此，隨著時間的推移，這一瓶頸可能會從一個點轉移到下一個點。

Yes. Maybe on the topic of Xenium panel. So we've got -- we've been working hard and adding more and more panels pretty much continuously. We have a number of them like human breast panel, lung, brain. There's a new panel that would come out with -- for a multi-tissue analysis and for cancer. So kind of across applications across tissues. And importantly, we also have a fully cost option that a lot of our customers are using as well as customization on top of the standard data as well. So lots of options, and we're adding more all the time. And that's why it's really important. It's not -- oftentimes, it is making sure that the customer is able to measure the precise deals they are interested in. And as we keep increasing our content, that just increases the power and the reach of the platform as well.

是的。也許是關於 Xenium 面板的主題。所以我們一直在努力工作，幾乎不斷地添加越來越多的面板。我們有很多這樣的東西，比如人類的胸部、肺、大腦。將推出一個新的面板——用於多組織分析和癌症。跨組織的跨應用程序就是如此。重要的是，我們還有許多客戶正在使用的完全成本選項，以及基於標準數據的定制。有很多選擇，而且我們一直在添加更多選擇。這就是為什麼它非常重要。通常情況下，它不是為了確保客戶能夠衡量他們感興趣的精確交易。隨著我們不斷增加內容，這也只會增加平台的力量和覆蓋範圍。

Next up, we have Matt Larew from William Blair.

接下來，我們有來自威廉·布萊爾的馬特·拉魯 (Matt Larew)。

Just one. And Justin, relates to the conversation around progress towards cash flow positivity. So you kind of alluded to some of the things that you're working on. If I think about what you're undertaking from sort of a working capital perspective and how that might burden cash versus maybe more onetime costs related to capacity expansion and then resulting in perhaps initial underabsorption versus things that will be more sustainable, like additional people, technology, et cetera, just as we're thinking about sort of building out the model and how we get towards that cash flow positive number. How should we be thinking about maybe those different buckets of investment areas?

只有一個。賈斯汀則涉及圍繞現金流積極性進展的對話。所以你提到了你正在做的一些事情。如果我從營運資金的角度考慮你正在做的事情，以及這可能會增加現金負擔，而不是與產能擴張相關的一次性成本，然後導致最初的吸收不足，而不是更可持續的事情，比如增加人員，技術等等，就像我們正在考慮構建模型以及如何獲得現金流正數一樣。我們應該如何考慮這些不同的投資領域？

Matt, that's a very insightful question. There are different flavors of the type of impacts that we're going to see as we go up the ramp. And so the ones that I just talked about around building up inventory and buying components in advance and stockpiling those because some of those supply chains are new and relationships are new and suppliers are new and things like that would be expected to smooth out over time as you're able to get further up the ramp and have those be more established. So I see those maybe as things that would spike during the ramp for a few quarters and then hopefully smooth out as they become more routine.

馬特，這是一個非常有洞察力的問題。當我們走上坡道時，我們會看到不同類型的影響。因此，我剛才談到的圍繞建立庫存和提前購買組件並儲存這些組件的問題，因為其中一些供應鍊是新的，關係是新的，供應商是新的，預計隨著時間的推移，類似的事情會變得順利你可以走得更遠，讓這些更加穩固。因此，我認為這些事情可能會在幾個季度的增長過程中激增，然後希望隨著它們變得更加常規而平穩下來。

When you think about the operational capacity. A lot of that is going to be fixed. But as you scale up the units, you're going to be able to better leverage that fixed cost. As you think about the installation and the support, those are things that are working well right now that can also become more efficient over time. So again, as the units increase and when you look at the unit economics there. I would expect leverage there as well.

當你考慮運營能力時。其中很多問題都將得到解決。但當你擴大單位規模時，你將能夠更好地利用固定成本。當您考慮安裝和支持時，這些東西現在運行良好，隨著時間的推移也可以變得更加高效。同樣，隨著單位數量的增加以及當你觀察那裡的單位經濟效益時。我預計那裡也會有槓桿作用。

But you've got to build capacity for these things in advance of when you're going to need them. And so then when you are going up a ramp, you are going to be underutilized for some period of time because of the nature of having to build something in advance. And so that's why I pointed that out as we head into the year for the free cash flow positive, becoming free cash flow positive is really an important goal for us, and we're continuing to work towards it.

但你必須在需要這些東西之前提前建立能力。因此，當你走上坡道時，由於必須提前建造一些東西，你將在一段時間內沒有得到充分利用。這就是為什麼我指出，當我們進入自由現金流為正的一年時，自由現金流為正對我們來說確實是一個重要目標，我們正在繼續努力實現這一目標。

And there is still a path for us to hit that by the end of the year. We expect to be very close to free cash flow positive. But when you look at where we are in this ramp with it being steeper and us having the decision around accelerating the investments here in spatial and Xenium or holding to the cost line absolutely to make sure that we hit the target at the end of the year, I'm losing the constraints in a targeted way to make sure that we do what's right to support and grow the spatial opportunity and realize the full potential that we have there. So I hope that answers your question.

到今年年底，我們仍有一段路要實現這一目標。我們預計自由現金流將非常接近正值。但是，當你看看我們在這個斜坡上的位置時，它變得更加陡峭，我們決定加速空間和 Xenium 的投資，或者絕對堅持成本線，以確保我們在年底實現目標，我正在有針對性地擺脫限制，以確保我們採取正確的行動來支持和發展空間機會，並充分發揮我們在那裡擁有的潛力。所以我希望這能回答你的問題。

Next up, Rachel Vatnsdal from JPMorgan.

接下來是摩根大通的 Rachel Vatnsdal。

It's Noah on for Rachel. We've seen a lot of drugs come online in the commercial market, which has reignited interest in several disease areas, including Alzheimer's, could you give us a sense if you're seeing any of these really large drug launches to influence any earlier than clinical market-related work, Alzheimer's, maybe some big GLP-1 interest.

諾亞替雷切爾上場。我們已經看到許多藥物在商業市場上上市，這重新激發了人們對包括阿爾茨海默氏症在內的多個疾病領域的興趣，您能否告訴我們，如果您看到這些真正大型藥物的上市，會產生影響？臨床市場相關的工作，阿爾茨海默病，也許對 GLP-1 有很大的興趣。

We've typically seen that commercial markets will influence pre-commercial markets. So have you started to see that flow through at all in some of the work for any of your instruments?

我們通常會看到商業市場會影響商業前市場。那麼你是否開始在你的任何樂器的一些作品中看到這種流動呢？

I think for us, we've been -- so far, our products have been focused on earlier discovery side of the world with that kind of expected progression further down the workflow at biopharmaceutical companies. So I think like when you took a very large view, there is certainly the incentive to invest more in foundational scientific research and subsequent R&D work is increasing as there are more and bigger launches of new drugs and new modalities that come online.

我認為對我們來說，到目前為止，我們的產品一直專注於世界的早期發現，並在生物製藥公司的工作流程中進一步推進這種預期進展。因此，我認為，當你採取非常大的觀點時，肯定會有動力在基礎科學研究上投入更多資金，並且隨著新藥和新模式的推出越來越多、規模越來越大，後續的研發工作也在增加。

And so I definitely think that there's going to be more investment for those reasons. And investment in new technologies that drive the understanding of the fundamental science allow you to see things at a much deeper level. We are seeing certainly -- and I mentioned this in the call, the utility of these -- of our products, specifically in the cell therapy space, which is a big emerging area, but we see that also expanding across other modalities.

因此，我絕對認為出於這些原因將會有更多的投資。對新技術的投資可以推動對基礎科學的理解，讓您能夠更深入地看待事物。我們確實看到了——我在電話會議中提到了這一點，這些產品的實用性——我們的產品，特別是在細胞治療領域，這是一個巨大的新興領域，但我們看到它也在擴展到其他模式。

And our last person up today is Kyle Mikes and Kyle, I believe I cut you off a little early on your questions. So if you'd like to form your next question, please do so now.

今天最後一位是凱爾·麥克斯（Kyle Mikes），凱爾，我想我提前打斷了你們的問題。因此，如果您想提出下一個問題，請立即提出。

No worries. Just one for you Serge, on the 5,000 Flex panel for Xenium that's planned for mid-'24, at AGBT, that was just proof of concept, I believe, when would early access begin for that? And then would that come before Visium HD?

不用擔心。 Serge，就為您準備了一個，關於計劃於 24 年中期在 AGBT 上推出的 Xenium 5,000 Flex 面板，這只是概念證明，我相信，什麼時候可以開始搶先體驗？那麼它會出現在 Visium HD 之前嗎？

Yes. We haven't given an updated time line on really either of those. It's a good question. I mean both products are incredibly exciting, and we're seeing really great internal data but we're not yet sharing the precise time lines.

是的。我們還沒有給出任何一個的更新時間表。這是一個好問題。我的意思是，這兩種產品都非常令人興奮，我們看到了非常好的內部數據，但我們尚未分享精確的時間表。

Well, thank you, everybody. That concludes today's call. Thank you for joining. You may now disconnect.

嗯，謝謝大家。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連接。