10X Genomics Inc (TXG) 2023 Q3 法說會逐字稿

Thank you for standing by. My name is Aaron, and I will be your conference operator for today. At this time, I would like to welcome everyone to the 10x Genomics Third Quarter 2023 Earnings Conference Call. (Operator Instructions)

謝謝你的支持。我叫亞倫，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 10x Genomics 2023 年第三季財報電話會議。 （操作員說明）

I would now like to turn our call over to Cassie Corneau, Director of Investor Relations and Strategic Finance. Please go ahead.

我現在想將我們的電話轉給投資者關係和策略財務總監 Cassie Corneau。請繼續。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the third quarter ended September 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 e-mail to investors@10xgenomics.com. An archived webcast of this call will be available on the Investor tab of the company's website, 10xgenomics.com, for at least 45 days following this call.

謝謝大家，大家下午好。今天早些時候，10x Genomics 發布了截至 2023 年 9 月 30 日的第三季度財務業績。如果您尚未收到本新聞稿或希望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路廣播將在本次電話會議後至少 45 天內在公司網站 10xgenomics.com 的投資者標籤上提供。

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.

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有重大差異，而您不應過度依賴前瞻性陳述。

Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release 10x Genomics issued today and in the documents and reports filed by 10x Genomics from time to time with the Securities and Exchange Commission. 10x Genomics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements whether because of new information, future events or otherwise.

有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參閱 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，無論是由於新資訊、未來事件或其他原因。

Joining the call today are Serge Saxonov, our CEO and Co-Founder; and Justin McAnear, our Chief Financial Officer. We will host a question-and-answer session after our prepared remarks. We ask analysts to please keep to 1 question and 1 follow-up so that we may accommodate everyone in the queue.

今天加入電話會議的是我們的執行長兼聯合創辦人 Serge Saxonov；和我們的財務長賈斯汀·麥卡尼爾。在我們準備好的發言後，我們將舉行問答環節。我們要求分析師只提出 1 個問題和 1 項後續行動，以便我們能夠容納隊列中的每個人。

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 begin with a brief overview of our third quarter performance and update you on our progress across each platform. Then Justin will provide a more detailed look at our financials, business trends and updated outlook for the remainder of the year. After that, we'll open it up for your questions.

謝謝，卡西，大家下午好。在今天的電話會議上，我將首先簡要概述我們第三季的業績，並向您介紹我們在每個平台上的最新進展。然後賈斯汀將更詳細地介紹我們的財務狀況、業務趨勢以及今年剩餘時間的最新前景。之後，我們將打開它來回答您的問題。

Revenue increased 17% year-over-year to $154 million in the third quarter. Our results were once again driven by Xenium as we continue to ramp operations and drive exceptional demand with researchers worldwide. We achieved strong growth despite continued headwinds in China and excluding China, our growth exceeded 20% during the quarter.

第三季營收年增 17% 至 1.54 億美元。隨著我們繼續擴大營運並推動全球研究人員的特殊需求，我們的成果再次受到 Xenium 的推動。儘管中國市場持續面臨阻力，但除中國以外，我們本季的成長率超過了 20%，但我們仍實現了強勁成長。

Just like 10x catalyzed the single cell revolution, we're now offering in a new era of genomic analysis with Xenium. Our mission is bigger than any one technology or any one platform. Our goal has always been to provide scientists with new generations of tools to measure biology at the right resolution and scale. That is why we have invested in our 3 platforms. That is why we have invested in foundations: our innovation engine, commercial breadth and manufacturing scale. And that is why we firmly believe we're still just getting started.

就像 10x 催化了單細胞革命一樣，我們現在利用 Xenium 開啟了基因組分析的新時代。我們的使命比任何一種技術或任何一種平台都更重要。我們的目標始終是為科學家提供新一代工具，以正確的分辨率和規模測量生物學。這就是我們投資 3 個平台的原因。這就是我們投資基礎設施的原因：我們的創新引擎、商業廣度和製造規模。這就是為什麼我們堅信我們才剛開始。

Now let me share more about each platform. I'd intentionally like to start today with Xenium, which we believe is the best performing platform for in situ analysis. In the third quarter, revenue from our spatial products exceeded $36 million, largely driven by the accelerated adoption and operational ramp of our Xenium platform.

現在讓我分享更多有關每個平台的資訊。我今天有意從 Xenium 開始，我們認為它是性能最佳的原位分析平台。第三季度，我們的空間產品收入超過 3,600 萬美元，這主要得益於 Xenium 平台的加速採用和營運提升。

It's worth pausing here for a moment. Very few platforms ever achieved the type of success that our team has accomplished with Xenium in just the first 3 quarters of launch. Its steep adoption curve has put it on a truly special trajectory, likely among the best in life sciences history.

這裡值得暫停一下。很少有平台能夠像我們的團隊在 Xenium 發布的前三個季度所取得的成功。其陡峭的採用曲線使其走上了一條真正特殊的軌跡，可能是生命科學史上最好的軌跡之一。

We have always believed that Xenium has the potential to be one of the most transformative technologies in our industry in decades, which is why we deliberately brought the whole company effort and focus through its development and commercialization. Our R&D teams work incredibly hard to build a high-performance system that just works in researchers' hands. Our operations teams put an incredible efforts to enable the manufacturing ramp. And we made the Xenium launch our top commercial priority this year.

我們始終相信，Xenium 有潛力成為我們行業幾十年來最具變革性的技術之一，這就是為什麼我們特意將整個公司的努力和焦點集中在其開發和商業化上。我們的研發團隊非常努力地建立一個只在研究人員手中工作的高效能係統。我們的營運團隊付出了令人難以置信的努力來實現產能提升。我們將 Xenium 的發布作為今年的首要商業優先事項。

Now that we have awesome traction with our customers, it's clear those efforts are paying off. It's been extremely energizing to see results start pouring out from our customers, showing how they are using Xenium in their own labs. For example, a team from Duke University recently published a study fueled by Xenium that sheds light on resistance mechanisms in a model of lethal pediatric brain tumors. We're thrilled to see how quickly researchers can go from initial install to groundbreaking results with Xenium, demonstrating the utility and ease of use of the platform.

現在我們對客戶有著巨大的吸引力，很明顯這些努力正在得到回報。看到我們的客戶開始不斷湧現成果，展示他們如何在自己的實驗室中使用 Xenium，真是令人振奮。例如，杜克大學的一個團隊最近發表了一項由 Xenium 推動的研究，揭示了致命性兒童腦腫瘤模型中的抗藥性機制。我們很高興看到研究人員使用 Xenium 能夠如此快速地從初始安裝到取得突破性成果，展示了該平台的實用性和易用性。

In addition, researchers at the University of Adelaide recently published the first side-by-side comparison of Xenium and another platform. This is the first public study to compare data run by a customer on adjacent tissue sections in their own lab with commercially available instruments. Across the board, the results are striking, validating Xenium's superiority and supporting our own analysis.

此外，阿德萊德大學的研究人員最近發表了 Xenium 和另一個平台的首次並排比較。這是第一個將客戶在自己實驗室中的相鄰組織切片上運行的數據與市售儀器進行比較的公開研究。總的來說，結果是驚人的，驗證了 Xenium 的優越性並支持我們自己的分析。

This is the first real-world evidence generated by customers for customers that show Xenium delivers better sensitivity, the best specificity, the highest throughput, the best workflow, the best data analysis and much more. Most importantly, Xenium shines in biological comparisons delivering better cell typing, better spatiality and better expression marker identification. This data is strongly consistent with the resounding feedback we hear from Xenium customers around the world and gives researchers confidence that Xenium is clearly the right choice for in situ analysis.

這是客戶為客戶產生的第一個真實世界證據，表明 Xenium 具有更好的靈敏度、最佳的特異性、最高的通量、最佳的工作流程、最佳的數據分析等等。最重要的是，Xenium 在生物學比較方面表現出色，可提供更好的細胞分型、更好的空間性和更好的表達標記識別。這些數據與我們從世界各地 Xenium 客戶那裡聽到的強烈回饋非常一致，並讓研究人員相信 Xenium 顯然是原位分析的正確選擇。

Q3 demonstrated the continued progress we are making with Xenium across all fronts. Commercially, Xenium's differentiated features, great workflow and superior performance drove strong instrument demand among researchers worldwide. It's especially rewarding to our customers who are already running Xenium in their own labs order more instruments. We're also pleased to see customers make the switch from other in situ platforms to take advantage of Xenium's performance.

第三季展示了我們在 Xenium 的各個方面取得的持續進展。在商業上，Xenium 的差異化功能、出色的工作流程和卓越的性能推動了全球研究人員對儀器的強勁需求。對於已經在自己的​​實驗室中運行 Xenium 的客戶來說，訂購更多儀器尤其有意義。我們也很高興看到客戶從其他現場平台轉向利用 Xenium 的性能。

On the operations side, we've continued to quickly ramp production to meet growing customer demand. As we previously announced, we surpassed 100 cumulative Xenium shipments in August, only 8 months after launch. We've continued to deliver on the R&D front, too.

在營運方面，我們持續快速提高產量，以滿足不斷增長的客戶需求。正如我們之前宣布的，在發布僅 8 個月後，8 月我們的 Xenium 累積出貨量就超過了 100 台。我們也持續在研發方面做出貢獻。

In Q3, we introduced 3 new targeted gene panels, launched a 480-plex fully custom gene panel and deployed new on- and off-board software to unlock our highest sensitivity and throughput yet. With well over half of our panel orders containing some level of customization, we also launched the Xenium panel designer, a self-service website that makes it easier for researchers to design custom panels to answer their specific research questions.

在第三季度，我們推出了 3 個新的標靶基因 panel，推出了 480 重完全客製化基因 panel，並部署了新的機內和機外軟體，以解鎖我們迄今為止最高的靈敏度和吞吐量。由於我們超過一半的面板訂單包含一定程度的定制，我們還推出了 Xenium 面板設計器，這是一個自助服務網站，使研究人員可以更輕鬆地設計定制面板來回答他們的特定研究問題。

We engineered Xenium to optimize performance, not only at launch but also for the long term. We are already executing on an extensive multiyear product development roadmap designed to enable powerful research applications and build on Xenium's class-leading performance.

我們設計 Xenium 是為了優化效能，不僅是在發佈時，而且是長期的。我們已經在執行廣泛的多年產品開發路線圖，旨在實現強大的研究應用程式並建立在 Xenium 領先的效能基礎上。

In early 2024, we expect to launch a powerful new cell segmentation capability that multimodal and includes interior and membrane stains. Mid next year, we plan to launch 5,000 plex gene panels for models and human tissues that run in days, not weeks, and deliver high levels of specificity, sensitivity and throughput.

2024 年初，我們預計將推出強大的新細胞分割功能，該功能是多模式的，包括內部和膜染色。明年年中，我們計劃推出 5,000 個用於模型和人體組織的 plex 基因面板，這些基因面板可在幾天而不是幾週內運行，並提供高水平的特異性、靈敏度和通量。

We're also developing an inline high-plex protein assay to combine with the RNA assays on the exact same tissue section, which we also intend to introduce next year. This will extend existing protein capabilities on Xenium beyond and immunofluorescence-based measurements.

我們也正在開發一種內聯高重蛋白質檢測方法，與同一組織切片上的 RNA 檢測方法結合，我們也打算在明年推出。這將擴展 Xenium 上現有的蛋白質功能，超越基於免疫螢光的測量。

All in, Q3 was a remarkable quarter for Xenium, strong demand and resounding enthusiasm from researchers reinforce our conviction that the spatial biology opportunity is at least as large as anything in the history of the industry. Our current position and our roadmap going forward, give us confidence that we will realize the full potential of this opportunity.

總而言之，第三季度對於 Xenium 來說是一個非凡的季度，強勁的需求和研究人員的巨大熱情增強了我們的信念，即空間生物學機會至少與該行業歷史上的任何機會一樣大。我們目前的立場和未來的路線圖使我們相信我們將充分發揮這一機會的潛力。

Now turning to Visium, which we see as the leading NGS-based spatial technology. CytAssist continues to resonate well with customers who benefit from a better vision workflow and better data. While demand for CytAssist moderated in Q3 relative to a strong launch quarter in the prior year period, we see a long runway for placements. There are thousands of customers who have tried Visium and haven't upgraded to CytAssist yet. In addition, we believe there are many thousands more who are well positioned to adopt Visium and CytAssist in the future.

現在轉向 Visium，我們認為它是基於 NGS 的領先空間技術。 CytAssist 繼續與受益於更好的視覺工作流程和更好的數據的客戶產生良好的共鳴。儘管與去年同期的強勁發布季度相比，第三季 CytAssist 的需求有所放緩，但我們認為投放還有很長的路要走。有數千名客戶嘗試過 Visium 但尚未升級至 CytAssist。此外，我們相信未來還有成千上萬的人有能力採用 Visium 和 CytAssist。

With CytAssist as the foundation, we continue to invest and innovate in the Visium franchise. Last quarter, we launched our Visium-CytAssist gene and protein expression assay, which enables researchers to combine whole transcriptome spatial analysis with high-plex protein detection and H&E staining, all on the same tissue section.

以 CytAssist 為基礎，我們繼續對 Visium 特許經營進行投資和創新。在上季度，我們推出了 Visium-CytAssist 基因和蛋白質表現測定，使研究人員能夠將全轉錄組空間分析與高複雜蛋白質檢測和 H&E 染色相結合，所有這些都在同一組織切片上進行。

In addition, we're excited about all of the progress we are making on this Visium HD, which will bring single cell scale resolution to unbiased spatial discovery. We said before, this is one of the hardest and most ambitious projects we've ever taken on. Our teams have been working hard to deliver a fantastic product and our recent momentum has been driven in part by an acquisition we made earlier this year to accelerate the scaling manufacturing of Visium HD.

此外，我們對 Visium HD 所取得的所有進展感到興奮，這將為公正的空間發現帶來單細胞尺度解析度。我們之前說過，這是我們承擔過的最困難、最雄心勃勃的項目之一。我們的團隊一直在努力提供出色的產品，我們最近的勢頭在一定程度上得益於我們今年早些時候為加速 Visium HD 的規模化製造而進行的收購。

We see this investment as an important enabler for delivering a superior quality product with superior economics at scale. Our team is generating absolutely breathtaking Visium Howdens data across various human and mouse tissues. We've shared some of these stunning images with customers during our spatial world tour events, which is fueling even more excitement for this highly anticipated new offering. We look forward to sharing more updates as we get closer to launch.

我們認為這項投資是提供優質產品和大規模經濟效益的重要推動因素。我們的團隊正在各種人類和小鼠組織中產生絕對令人驚嘆的 Visium Howdens 數據。我們在太空世界巡迴活動期間與客戶分享了一些令人驚嘆的圖像，這為這項備受期待的新產品增添了更多的興奮感。隨著發布的臨近，我們期待分享更多更新。

With the products and pipeline that we have in both our Visium and Xenium platforms, it's easy to see why we're so bullish about the opportunity ahead in spatial. It's also exciting when researchers combine our single cell and spatial portfolios in network. We recently partnered with a biotech company that selected the Chromium and Visium platforms for a large-scale translational study involving many thousands of tumor samples. We believe this collaboration will result in clinically significant discoveries that should transform how we diagnose, treat and ultimately cure cancer. This is just 1 of a number of examples that show how our customers are leveraging the power and potential of the full 10x portfolio to advance human health.

憑藉我們在 Visium 和 Xenium 平台中擁有的產品和管道，很容易看出為什麼我們如此看好空間領域的未來機會。當研究人員將我們的單細胞和空間組合結合到網路中時，這也令人興奮。我們最近與一家生物技術公司合作，該公司選擇 Chromium 和 Visium 平台進行涉及數千個腫瘤樣本的大規模轉化研究。我們相信，這次合作將帶來具有臨床意義的發現，從而改變我們診斷、治療和最終治癒癌症的方式。這只是展示我們的客戶如何利用完整 10x 產品組合的力量和潛力來促進人類健康的眾多範例之一。

Now I'd like to share more about Chromium, a clear leader in single cell analysis. In the third quarter, Chromium largely remained a regional story as we continue to navigate headwinds in China that pressure our global growth rates. As a result, worldwide Chromium revenue was flat during the quarter. In the Americas and EMEA, year-to-date Chromium growth was in the low teens. However, we still believe Chromium has the potential for far more. There are 3 key points to make related to Chromium's performance.

現在我想分享更多關於 Chromium 的信息，它是單細胞分析領域的明顯領導者。在第三季度，隨著我們繼續應對中國給我們的全球成長率帶來壓力的逆風，Chromium 基本上仍然是一個區域性的故事。因此，本季全球 Chromium 營收持平。在美洲和歐洲、中東和非洲地區，今年迄今的鉻成長率處於十幾歲以下。然而，我們仍然相信 Chromium 具有更多的潛力。關於 Chromium 的性能，有 3 個關鍵點需要說明。

First, we strongly believe in the tremendous potential of the Chromium franchise and intend to fully capture the significant untapped opportunity that's still ahead. The cell is the fundamental unit of biology. The vast majority of biological research that could benefit from single cell measurements doesn't yet.

首先，我們堅信 Chromium 特許經營權的巨大潛力，並打算充分抓住尚未開發的重大機會。細胞是生物學的基本單位。絕大多數可以從單細胞測量中受益的生物學研究尚未實現。

We see this as we talk to new prospective customers intrigued about the potential of single cell. We see this when we talk to long-term users who are keen to scale up their studies. We see this when we talk to translational customers who are looking to unlock the biology hidden in their biobank samples. We have an incredible roadmap of upcoming product launches that will take the entire Chromium franchise to the next level, raising the bar on performance and with the economics to drive broader adoption.

當我們與對單電池潛力感興趣的新潛在客戶交談時，我們看到了這一點。當我們與熱衷於擴大研究規模的長期用戶交談時，我們看到了這一點。當我們與那些希望解開隱藏在生物樣本庫樣本中的生物學的轉換客戶交談時，我們看到了這一點。我們為即將推出的產品製定了令人難以置信的路線圖，它將把整個 Chromium 特許經營權提升到一個新的水平，提高性能標準，並透過經濟性來推動更廣泛的採用。

Second, we intentionally prioritized the Xenium product launch this year. The entire company has been intensely focused on ensuring the success of our customers with this game-changing product and the results speak for themselves. We knew this decision potentially carried some risk as less of our focus was on driving Chromium growth. We're confident it was the right decision to make, particularly as we look long term. We expect more balance moving forward which will help us deliver on Chromium's full potential.

其次，我們今年有意優先推出 Xenium 產品。整個公司一直致力於確保我們的客戶透過這款改變遊戲規則的產品取得成功，結果不言而喻。我們知道這個決定可能會帶來一些風險，因為我們不太專注於推動 Chromium 的成長。我們相信這是一個正確的決定，特別是從長遠來看。我們期望未來能達到更多的平衡，這將有助於我們充分發揮 Chromium 的潛力。

Finally, as excited and confident as we are about the Chromium opportunity ahead, our strategy has always been about the power of our full portfolio, offering a comprehensive suite of products that will enable researchers, and eventually clinicians, to interrogate biology in a way that's best for their work.

最後，儘管我們對未來的 Chromium 機會感到興奮和自信，但我們的策略始終圍繞著我們整個產品組合的力量，提供一整套產品，使研究人員以及最終臨床醫生能夠以一種最適合他們的工作。

In the near term, this may mean there is some trade-offs in lab resources, mind share and even budgets among the most cutting-edge researchers. In the long term, we see the opportunity for tremendous growth across the combination of our platforms, driven by the vast unmet needs in addressing the complexity of biology.

在短期內，這可能意味著最前沿的研究人員在實驗室資源、思想份額甚至預算方面需要進行一些權衡。從長遠來看，在解決生物學複雜性方面巨大的未滿足需求的推動下，我們看到了跨平台組合實現巨大成長的機會。

Our goal is to enable more researchers to do more single cell work and to use more samples in a process. Our exciting and robust new product roadmap is built around this imperative with several planned launches intended to open up larger studies and make single cell analysis more routine.

我們的目標是讓更多的研究人員能夠進行更多的單細胞工作並在過程中使用更多的樣本。我們令人興奮且強大的新產品路線圖是圍繞著這一迫切需要而製定的，計劃推出多項產品，旨在開展更大規模的研究並使單細胞分析更加常規。

Two recent announcements highlight additional capabilities we are bringing to the Chromium platform. In September, we launched our new high-throughput feature barcode multiomic profiling kit on the Flex platform. This offering enables researchers to gain more insights from a single experiment by detecting simultaneous gene and protein expression with the ability to run multiomic million-cell experiments at a significantly lower price point.

最近的兩項公告強調了我們為 Chromium 平台帶來的附加功能。 9 月，我們在 Flex 平台上推出了新的高通量特徵條碼多組學分析套件。該產品使研究人員能夠透過同時檢測基因和蛋白質表達，從單一實驗中獲得更多見解，並能夠以顯著較低的價格運行多組數百萬個細胞實驗。

This launch is part of our long-term plan to broaden the menu of applications available on the Flex portfolio. In addition, we recently partnered with Beckman Coulter Life Sciences to expand our automation solutions for single cell assay workflows. As part of this agreement, we'll develop dedicated kits for using Beckman Coulter's broad installed base of automated liquid handlers.

此次發布是我們擴大 Flex 產品組合可用應用程式選單的長期計畫的一部分。此外，我們最近與 Beckman Coulter Life Sciences 合作，擴展了我們針對單細胞測定工作流程的自動化解決方案。作為該協議的一部分，我們將開發專用套件，以使用貝克曼庫爾特廣泛的自動液體處理機安裝基礎。

Not only have we worked in to enable more samples for single cell analysis. We're also working to enable more applications. We have established strong beachheads in translational and biopharma, but it's still very early relative to the expected large potential. We've seen a number of recent customer publications that demonstrate the promise of single cell tools on the future of drug development and clinical care.

我們不僅致力於為單細胞分析提供更多樣本。我們也致力於支援更多應用程式。我們已經在轉化和生物製藥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為時過早。我們看到許多最近的客戶出版物展示了單細胞工具對藥物開發和臨床護理未來的前景。

On our blog, we recently highlighted a Phase II clinical trial that leveraged single cell analysis to study the efficacy of a combination therapy in a group of patients with a mutated metastatic colon cancer. Single cell data and correlated patient outcomes suggested the therapy was expected to extend progression-free survival in some patients, likely as a result of upregulating immune-related genes in tumor cells.

在我們的部落格上，我們最近重點介紹了一項 II 期臨床試驗，該試驗利用單細胞分析來研究聯合療法對一組突變轉移性結腸癌患者的療效。單細胞數據和相關的患者結果表明，該療法有望延長一些患者的無進展生存期，這可能是由於腫瘤細胞中免疫相關基因上調的結果。

In September, MIT Research has published several papers using 10x products to rebuild the transcriptomic and epigenomic changes that occur as Alzheimer's disease progresses. In one study, researchers use Chromium to analyze more than 2 million nuclei, isolated from more than 400 patients with varying degrees in clinical stages of Alzheimer's, producing the most detailed single-cell atlas of Alzheimer's disease and on covering cell subtypes and pathways associated with cognitive resilience.

9 月，麻省理工學院研究中心發表了幾篇論文，使用 10x 產品重建阿茲海默症進展時發生的轉錄組和表觀基因組變化。在一項研究中，研究人員使用Chromium 分析了從400 多名不同程度的阿茲海默症臨床階段患者中分離出來的超過200 萬個細胞核，產生了最詳細的阿茲海默症單細胞圖譜，並涵蓋了與阿茲海默症相關的細胞亞型和路徑。認知彈性。

And also this quarter, researchers at UCLA published work in the Journal of Clinical Investigation to explain why immunotherapy is more effective for certain brain cancers than others. This study highlighted how Chromium and Visium are being used in parallel to make new discoveries that can transform the future of cancer care. Examples like these energize and inspire our team as we push towards our mission and work to bring the future forward.

同樣在本季度，加州大學洛杉磯分校的研究人員在《臨床研究雜誌》上發表了研究成果，解釋了為什麼免疫療法對某些腦癌比其他腦癌更有效。這項研究強調如何並行使用 Chromium 和 Visium 來取得可以改變癌症治療未來的新發現。這些例子為我們的團隊注入了活力和靈感，推動我們實現使命並努力推動未來。

I'm so proud of our team's continued execution and dedication. We like to say we're obsessed with customer success. That's evident in everything we do from our innovation engine to our manufacturing ramp to our field and commercial teams working tirelessly to support our customers in their groundbreaking research.

我為我們團隊持續的執行力和奉獻精神感到自豪。我們想說我們沉迷於客戶的成功。從我們的創新引擎到我們的製造斜坡，再到我們的現場和商業團隊的不懈努力，以支持我們的客戶進行突破性研究，這一點在我們所做的一切中都是顯而易見的。

As we look ahead to 2024, I'm very excited about the robust pipeline of new product launches we have planned in all 3 platforms. We can't wait to see how researchers use these new tools with even higher levels of scale and resolution to fuel the next scientific discoveries. And we'll continue our focus on operating with ever higher levels of rigor, discipline and clock speed, dialing up both our efficiency and effectiveness to be in the best possible position for all of the incredible opportunities ahead. We believe single cell and spatial are the future, and we have every intent to be the company that delivers on that future.

展望 2024 年，我對我們計劃在所有 3 個平台上推出的強大新產品管道感到非常興奮。我們迫不及待地想看看研究人員如何使用這些具有更高規模和分辨率的新工具來推動下一個科學發現。我們將繼續專注於以更高水平的嚴謹性、紀律和時鐘速度進行運營，提高我們的效率和效益，以便在未來所有令人難以置信的機會中處於最佳位置。我們相信單細胞和空間是未來，我們完全致力於成為實現這一未來的公司。

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

接下來，讓我將其交給賈斯汀，以了解有關我們財務狀況的更多詳細資訊。

Thank you, Serge. I'll start by reviewing our financial results for the 3 months ended September 30, 2023, then I'll provide an update on our outlook for 2023. To summarize, from an income statement standpoint, we saw exceptional performance from Xenium, which was above our expectations. And given its effect on product mix, this had a negative impact on overall gross margins.

謝謝你，塞爾吉。我將首先回顧我們截至 2023 年 9 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。總而言之，從損益表的角度來看，我們看到了 Xenium 的出色表現，超出我們的預期。考慮到其對產品組合的影響，這對整體毛利率產生了負面影響。

From a balance sheet and cash flow standpoint, we continue to be disciplined in our spending while being opportunistic on acquiring assets to accelerate our strategy. In the quarter, we closed on an acquisition which we signed earlier in the year to acquire certain intangible and other assets to accelerate our R&D pipeline. It's important to note that net of the transaction, we were operating cash flow positive and this will continue to be a focus of ours going forward.

從資產負債表和現金流量的角度來看，我們繼續嚴格支出，同時伺機收購資產以加速我們的策略。本季度，我們完成了今年稍早簽署的一項收購，旨在收購某些無形資產和其他資產，以加速我們的研發管道。值得注意的是，扣除交易後，我們的現金流為正，這將繼續成為我們未來的重點。

Now on to the detailed results. Total revenue for the quarter grew 17% year-over-year to $153.6 million compared to $131.1 million for the prior year period. Looking more closely at our revenue breakdown and starting with consumables. Total consumables revenue was $114.4 million, an increase of 6% over the prior year period. Worldwide chromium consumables revenue was $100.3 million, up 2% year-over-year and spatial consumables revenue was $14.1 million, up 38% year-over-year.

現在來看詳細的結果。本季總營收年增 17%，達到 1.536 億美元，而上年同期為 1.311 億美元。更仔細地審視我們的收入細分，並從消耗品開始。消耗品總收入為 1.144 億美元，比上年同期成長 6%。全球鉻耗材營收為 1.003 億美元，年增 2%，空間耗材收入為 1,410 萬美元，較去年同期成長 38%。

Turning to instruments. Total instrument revenue was $34.9 million, an increase of 67% over the prior year period. Chromium instrument revenue was $12.2 million, down 18% year-over-year, driven primarily by lower unit volume and shifting product mix. Spatial instrument revenue was $22.7 million compared to $6 million in the third quarter of 2022. As a reminder, our Xenium instrument launched in Q4, so Xenium did not contribute to spatial instrument revenue in Q3 of last year.

轉向樂器。儀器總收入為 3,490 萬美元，比上年同期成長 67%。 Chromium 儀器收入為 1,220 萬美元，年減 18%，這主要是由於單位銷售下降和產品結構變化所致。太空儀器收入為2,270 萬美元，而2022 年第三季為600 萬美元。提醒一下，我們的Xenium 儀器是在第四季度推出的，因此Xenium 並未對去年第三季的太空儀器收入做出貢獻。

Services revenue was $4.3 million, which increased 110% over the prior year period. Looking at our revenue by geography. Americas revenue was $99 million, growing 28% over the prior year period. EMEA revenue was $32 million, growing 15% over the prior year period and revenue in APAC was $22.6 million, a 12% decrease year-over-year.

服務收入為 430 萬美元，比上年同期成長 110%。按地理位置查看我們的收入。美洲地區營收為 9,900 萬美元，比上年同期成長 28%。歐洲、中東和非洲地區營收為 3,200 萬美元，年增 15%，亞太地區營收為 2,260 萬美元，年減 12%。

We continue to face challenges in the APAC region, largely driven by China. On our last earnings call, we shared that we expected China revenue to remain flat in the back half of the year compared to Q2, which is what happened in Q3. As we continue to navigate challenges in the macro environment, we are seeing lower demand, particularly at service providers, where a large portion of our revenue is concentrated and samples are consolidated. We've been working with these service providers to better track underlying demand and smooth out ordering patterns to better control inventory levels going forward.

我們在亞太地區繼續面臨主要由中國推動的挑戰。在我們上次的財報電話會議上，我們表示，我們預計今年下半年中國的營收將與第二季持平，也是第三季的情況。隨著我們繼續應對宏觀環境中的挑戰，我們發現需求下降，特別是服務提供者，我們的大部分收入集中在服務提供者處，樣本也得到了整合。我們一直在與這些服務提供者合作，以更好地追蹤潛在需求並理順訂購模式，從而更好地控制未來的庫存水準。

Turning to the rest of the income statement. Gross profit for the third quarter of 2023 was $95.5 million compared to a gross profit of $100.7 million for the prior year period. Gross margin for the third quarter was 62% compared to 77% for the third quarter of 2022. The decline in gross margin was driven by the strength of Xenium placements this quarter.

轉向損益表的其餘部分。 2023 年第三季的毛利為 9,550 萬美元，而去年同期的毛利為 1.007 億美元。第三季的毛利率為 62%，而 2022 年第三季的毛利率為 77%。毛利率下降是由本季 Xenium 配售的強勁推動的。

I have shared that in the early quarters of Xenium adoption, we expected overall company gross margin to trend lower as more instruments are sold given that the Xenium instrument currently carries a significantly lower margin than our other instruments. We have seen a greater impact to gross margin given the strength in our prioritization of the Xenium launch.

我曾說過，在採用 Xenium 的最初幾個季度，鑑於 Xenium 儀器目前的利潤率明顯低於我們的其他儀器，我們預計隨著更多儀器的銷售，公司整體毛利率將呈下降趨勢。鑑於我們優先考慮 Xenium 的推出，我們看到了對毛利率的更大影響。

We plan to continue to prioritize Xenium placements over the coming quarters given the overwhelming enthusiasm we are receiving for this platform and its capabilities, which, in turn, will continue to impact gross margin in the near term. 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.

鑑於我們對該平台及其功能的巨大熱情，我們計劃在未來幾季繼續優先考慮 Xenium 的佈局，這反過來又將在短期內繼續影響毛利率。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 third quarter of 2023 were $190.3 million, compared to $140.7 million for the third quarter last year. The increase was driven by $41.4 million of in-process research and development expenses related to our January 2023 agreement to acquire certain intangible and other assets. The $41.4 million includes the upfront payment of $10 million earlier this year, $31.3 million paid in Q3 upon closing and the achievement of certain milestones and $0.1 million related to adjustments for assets and liabilities acquired.

2023 年第三季的總營運費用為 1.903 億美元，而去年第三季為 1.407 億美元。這一增長是由於與我們 2023 年 1 月收購某些無形資產和其他資產的協議相關的 4,140 萬美元的正在進行的研發費用所推動的。 4,140 萬美元包括今年稍早預付款 1,000 萬美元、第三季交割和實現某些里程碑時支付的 3,130 萬美元，以及與收購資產和負債調整相關的 10 萬美元。

R&D expenses were $66.5 million compared to $67.3 million for the third quarter of 2022. The decrease was primarily driven by lower laboratory materials and supplies, partially offset by higher personnel expenses. SG&A expenses were $82.4 million compared to $73.4 million for the third quarter of 2022. The increase was primarily due to increased outside legal expenses and increased personnel-related expenses.

研發費用為 6,650 萬美元，而 2022 年第三季為 6,730 萬美元。這一下降主要是由於實驗室材料和用品減少，但部分被人員費用增加所抵消。 SG&A 費用為 8,240 萬美元，而 2022 年第三季為 7,340 萬美元。這一增長主要是由於外部法律費用和人事相關費用的增加。

Operating loss for the third quarter of 2023 and was $94.8 million compared to a loss of $40 million for the third quarter of 2022. This includes $41.4 million of in-process research and development expense. This also includes $40.2 million of stock-based compensation compared to $33.5 million of stock-based compensation for the corresponding prior year period.

2023 年第三季的營運虧損為 9,480 萬美元，而 2022 年第三季的營運虧損為 4,000 萬美元。其中包括 4,140 萬美元的正在進行的研發費用。這也包括 4,020 萬美元的股票薪酬，而去年同期的股票薪酬為 3,350 萬美元。

Net loss for the period was $93 million compared to a net loss of $41.9 million for the third quarter of 2022. We ended the quarter with $356.9 million in cash and cash equivalents and marketable securities net of restricted cash.

本季淨虧損為 9,300 萬美元，而 2022 年第三季淨虧損為 4,190 萬美元。截至本季末，扣除限制性現金後，我們的現金及現金等價物以及有價證券為 3.569 億美元。

Turning to our outlook for the remainder of 2023. We are raising our guidance and now expect full year revenue to be in the range of $610 million to $625 million, representing growth of 18% to 21% over full year 2022. This compares to our previous expectation of $600 million to $620 million. Our updated guidance reflects our performance for the first 9 months of the year as well as continued Xenium momentum.

談到我們對2023 年剩餘時間的展望。我們正在提高指導，目前預計全年收入將在6.1 億美元至6.25 億美元之間，比2022 年全年增長18% 至21%。這與我們的預期相較於先前預估為 6 億至 6.2 億美元。我們更新的指導反映了我們今年前 9 個月的表現以及持續的 Xenium 勢頭。

At 10x, we have a disciplined approach to spending and are continuing to execute across our business with the drive to become free cash flow positive in the near term. We still expect a significant reduction in capital expenditures in the final quarter of this year. As expected, the payments for our new facility are now substantially complete.

在 10x 中，我們對支出採取嚴格的方法，並繼續在我們的整個業務中執行，力求在短期內實現自由現金流為正。我們仍然預計今年最後一個季度的資本支出將大幅減少。正如預期的那樣，我們新設施的付款現已基本完成。

When looking out over the next 12 months, we are anticipating about $20 million to $25 million of total capital expenditures. In addition, relating to our acquisition, up to $15 million will be due if an additional technology development milestone is met. We also have agreed to certain milestone payments for future sales volumes if such milestones are met.

展望未來 12 個月，我們預計總資本支出約 2,000 萬至 2,500 萬美元。此外，與我們的收購相關，如果達到額外的技術開發里程碑，我們將支付高達 1500 萬美元的費用。如果達到了這些里程碑，我們也同意為未來的銷售支付某些里程碑付款。

There remains a path to hitting free cash flow positive by the end of this year, and we believe it will be close. We continue to balance that goal with the investments we are making in supporting our Xenium rollout and build on the incredible momentum to date. The opportunity is huge, and we will continue to push to expand our leadership in this space.

到今年年底，實現自由現金流為正值的道路仍然存在，我們相信這一目標將會很接近。我們將繼續平衡這一目標與支持 Xenium 推出的投資，並以迄今為止令人難以置信的勢頭為基礎。機會是巨大的，我們將繼續努力擴大我們在這一領域的領導地位。

It's also important to note that excluding the cash consideration for the aforementioned acquisition, our cumulative cash flow from operations has been positive over the last 3 quarters. Our teamwork and diligence in controlling spending while continuing to drive growth is paying off, and we will maintain this discipline heading into 2024. Overall, we have a great setup to drive positive cash flows heading into next year.

另外需要注意的是，排除上述收購的現金考量，我們過去三個季度的累積營運現金流一直為正。我們在控制支出的同時繼續推動成長的團隊合作和努力正在取得回報，我們將在 2024 年之前保持這一紀律。總體而言，我們有一個很好的設置來推動明年的正現金流。

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

此時，我會將其轉回給 Serge。

Thanks, Justin. Given the progress we've made executing on our 3 platform vision, my conviction in the long term is stronger than ever. There are vast opportunities before us. I believe we're still early in the Chromium opportunity and a long way from realizing the full promise of single cell. In addition, the incredible customer enthusiasm for Xenium solidifies my view that spatial has the potential to be bigger than anything in the history of the industry.

謝謝，賈斯汀。鑑於我們在執行 3 個平台願景方面所取得的進展，我對長期的信念比以往任何時候都更加堅定。我們面前有巨大的機會。我相信我們仍處於 Chromium 機會的早期階段，距離實現單細胞的全部承諾還有很長的路要走。此外，客戶對 Xenium 令人難以置信的熱情鞏固了我的觀點，即空間有潛力比行業歷史上的任何事物都更大。

There are many reasons why I'm so bullish on what lies ahead, the fundamental performance advantages of our products, the formidable strength of our innovation engine, the scale of our operations network, the breadth of our commercial organization. But ultimately, it all comes down to the talent and tenacity of the 10x team.

我如此看好未來的原因有很多，我們產品的基本效能優勢、我們創新引擎的強大實力、我們營運網路的規模、我們商業組織的廣度。但最終，這一切都取決於 10x 團隊的才華和堅韌。

Day in and day out, our team works tirelessly in pursuit of our mission, developing groundbreaking tools to transform the world's understanding of health and disease. Their relentless focus on our mission and customers are a core part of what makes 10x, 10x and why we're so well positioned to deliver on all the tremendous opportunities ahead.

我們的團隊日復一日地孜孜不倦地努力追求我們的使命，開發突破性的工具來改變世界對健康和疾病的理解。他們對我們的使命和客戶的不懈關注是成就 10x、10x 的核心部分，也是我們如此有能力抓住未來所有巨大機會的原因。

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) Our first question comes from the line of Patrick Donnelly with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Patrick Donnelly。

Serge, maybe on the Xenium piece. It sounds like the order funnel remains pretty healthy. Any metrics you can kind of throw around that? I think last quarter, you said orders outpaced placements. So anything you can share on the backlog or activity on that order side would be appreciated.

Serge，也許在 Xenium 作品上。聽起來訂單管道仍然相當健康。您可以提出任何衡量標準嗎？我想上個季度，您說過訂單超過了安置。因此，您可以分享有關訂單方面的積壓或活動的任何內容，我們將不勝感激。

Thanks, Patrick. Yes. So, like I said, Xenium has had tons of momentum this quarter, increasing momentum, really excited how it's been going. In particular, the performance of it in -- with customers out there in the field has been really phenomenal, and the feedback from customers has been really phenomenal. And so that has been building up to this momentum that we've been seeing, an increasing traction there in the field.

謝謝，派崔克。是的。所以，就像我說的，Xenium 本季勢頭強勁，勢頭不斷增強，它的進展令人非常興奮。特別是，它在現場與客戶的合作中的表現非常出色，客戶的回饋也非常出色。因此，我們已經看到了這種勢頭，該領域的吸引力不斷增強。

We had -- we don't comment on backlog generally. This time around, just to give a sense of the momentum. We did -- backlog increased once again. We shipped more than -- we sold more than 80 instruments and clearly showing just the trajectory here, that's really remarkable, which is what I was alluding to in my comments as well.

我們一般不會對積壓問題發表評論。這一次，只是為了給人一種動力的感覺。我們做到了——積壓再次增加。我們售出了超過 80 台儀器，並且清楚地顯示了這裡的軌跡，這真的很了不起，這也是我在評論中提到的。

Then maybe just -- it might be for Justin. Just on the Chromium consumable side, can you just help us think about the right growth rate for the year on that front? And also just trying to think about what the exit rate is there and the implications for '24. Just the right way to think about that business as it maybe is a little bit more -- obviously more mature than Xenium. Just trying to get a good handle on the growth rate there and the right way to think about it.

那麼也許只是——可能是為了賈斯汀。就 Chromium 消耗品而言，您能幫助我們考慮今年這方面的正確成長率嗎？並且只是想一下退出率是多少以及對「24」的影響。這是思考該業務的正確方式，因為它可能比 Xenium 更成熟一些。只是想很好地掌握那裡的成長率以及正確的思考方式。

Yes. So Chromium overall has been a regional story. And so we talked about the challenges that we've seen in China. But when looking at AMR and EMEA, you look at Chromium consumables year-to-date, they grew mid- to high teens over last year. And if you look at our updated guidance range, we're assuming at the midpoint of that range, heading into Q4 is that the existing business would exhibit the same kind of year-over-year growth rates that we saw in Q3 for AMR and EMEA and similar sequential growth rates from Q3 to Q4 that we saw last year.

是的。因此，Chromium 總體上是一個區域性的故事。因此我們討論了我們在中國看到的挑戰。但是，當您查看 AMR 和 EMEA 時，您會看到今年迄今為止的 Chromium 消耗品，它們比去年增長了中等到高位。如果您查看我們更新的指導範圍，我們假設在該範圍的中點，進入第四季度，現有業務將呈現與我們在第三季度看到的 AMR 和歐洲、中東和非洲地區以及我們去年看到的第三季至第四季的連續成長率類似。

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

我們的下一個問題來自 Dan Arias 和 Stifel。

Serge, on Xenium, can you just maybe talk to how you see the adoption curve evolving there? I mean I know we're not talking about 2024. But when you think about the next 12 to 18 months at a high level, do you see the potential for a pause as that first wave of, I guess, sophisticated users get their systems? Or does the way that the market is expanding, and I guess the way that the product is being received, does that suggest that maybe that doesn't happen?

Serge，關於 Xenium，您能談談您如何看待那裡的採用曲線的演變嗎？我的意思是，我知道我們不是在談論2024 年。但是，當您從高水平思考未來12 到18 個月時，您是否會看到隨著第一波（我猜）成熟用戶獲得他們的系統而暫停的可能性？或者市場擴張的方式，以及我猜產品被接收的方式，是否表明這種情況可能不會發生？

Yes, Dan. Good question. We hesitate to comment on 2024. Still early, obviously. But as far as the trajectory of the Xenium launch, it is clearly on a different tier compared to sort of your certainly typical launch as you alluded to this -- in the industry where you get some early adopter -- adoption and then kind of a wave and then we'll see what happens after it. This one is going on a really, really strong trajectory. And there's a lot of science of strength going forward as well.

是的，丹。好問題。我們對 2024 年發表評論猶豫不決。顯然還為時過早。但就 Xenium 的發布軌跡而言，與您所提到的那種典型的發布相比，它顯然處於不同的層次 - 在您獲得一些早期採用者的行業中 - 採用然後是一種揮手，然後我們看看之後會發生什麼事。這正處於一個非常非常強勁的軌道上。未來還有很多關於力量的科學。

You do have to assume that there is some amount of initial pent up demand, but overlaid on top of that, we're seeing a great sustained trajectory of customers seeing the results from the data and coming back to us and ordering more instruments and thinking of more studies and thinking of larger and larger applications. So I think -- we'll have to see how it plays out, but the early signs are quite bullish.

您確實必須假設存在一定程度的最初被壓抑的需求，但除此之外，我們看到客戶看到數據結果並返回給我們並訂購更多儀器和思考的巨大持續軌跡對越來越大的應用進行更多的研究和思考。所以我認為——我們必須看看結果如何，但早期跡象非常樂觀。

Okay. Fantastic. And then just maybe in the interest of keeping on top of the litigation, you've got this Delaware trial on Genomics' infringement this month. It's 1.5 weeks from now, if I'm not mistaken. Caveat there being, I know you don't get too detailed on the legal stuff, but what are your general expectations there? And then what do you think about the timing for a final ruling? And what should be keeping in mind here?

好的。極好的。然後，也許是為了繼續掌控訴訟，特拉華州本月就 Genomics 侵權案進行了審判。如果我沒記錯的話，距離現在還有 1.5 週。需要注意的是，我知道您對法律方面的了解不太詳細，但您的整體期望是什麼？那麼您對最終裁決的時間有何看法？這裡該注意什麼？

Yes. So I hesitate to comment on any particular case. You're correct. There's a trial that's scheduled to start shortly, within a couple of weeks. I would say that we do have multiple cases going on in multiple jurisdictions on multiple products and multiple patents. So it's not really about any particular case or any particular trial.

是的。所以我不願對任何具體案例發表評論。你是對的。審判計劃在幾週內開始。我想說的是，我們確實在多個司法管轄區就多種產品和多項專利進行了多起案件。所以這並不是關於任何特定案件或任何特定審判。

What is important to us is that we invest a lot in innovation. We invest a lot in R&D and it's incumbent on us to protect those investments so that we can keep investing in R&D, in our products to deliver best-in-class products that our customers love.

對我們來說重要的是我們在創新上投入了大量資金。我們在研發方面投入了大量資金，我們有責任保護這些投資，以便我們能夠繼續投資於研發和產品，以提供客戶喜愛的一流產品。

Our next question is from the line of Kyle Mikson with Canaccord Genuity.

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

Congrats on the awesome Xenium ramp. So on the -- like, spatial consumables side, it grew well in the quarter. I guess it could have expected, like, a faster kind of rates and there were the macro headwinds. Could you comment maybe, Serge, like, how Xenium utilization is trending, like, thus far? Is it close to inflecting possibly? And are people kind of slowing down or pausing ordering in front of the Visium HD launch? Because it sounds like an early '24 situation.

恭喜您獲得了絕佳的 Xenium 坡道。因此，在空間消耗品方面，它在本季度增長良好。我想它本來可以預期更快的利率，但存在宏觀阻力。 Serge，您能否評論一下到目前為止 Xenium 使用趨勢如何？它是否接近屈折可能？在 Visium HD 發布之前，人們是否會放慢或暫停訂購速度？因為這聽起來像是 24 世紀早期的情況。

So, when it comes to Xenium and utilization, it's too early to talk about patterns. We have a wide dispersion of customers and how quickly they are able to ramp. We can certainly point to examples of people who are ready to go from almost day 1, both with samples and applications. For others is going to take longer.

因此，當談到 Xenium 和利用率時，現在談論模式還為時過早。我們的客戶分佈廣泛，而且他們的成長速度有多快。我們當然可以舉出一些人的例子，他們幾乎從第一天起就準備好了樣品和應用程式。對於其他人來說則需要更長的時間。

In particular, I'd like to remind people that this platform necessitates -- it's built around targeted panels, which means, in a lot of cases, it necessitates some amount of customization where people have to go through the process of selecting and choosing genes for gene panel to then run on the instrument.

特別是，我想提醒人們，這個平台是必要的——它是圍繞目標面板構建的，這意味著，在許多情況下，它需要一定程度的定制，人們必須經歷選擇和選擇基因的過程基因面板然後在儀器上運行。

And that means that there is a certain amount of ramp up that many customers need to go through. So early days, there are some really promising signs. Again, there are some customers that really go, run large studies at large -- in large volumes, but there's a big dispersion. So I hesitate to make a projection. It's too early at this stage.

這意味著許多客戶需要經歷一定程度的成長。在早期，已經出現了一些非常有希望的跡象。同樣，有一些客戶確實進行了大量的大型研究，但存在很大的分散性。所以我猶豫是否要做出預測。現階段還為時過早。

As far as Visium is concerned, I mean, it is undoubtedly true that there's a lot of anticipation for Visium HD out there in the market. And certainly, a lot of our customers, eager to -- for that product have been holding off potentially on running the standard kits.

就 Visium 而言，我的意思是，毫無疑問，市場上對 Visium HD 有很多期望。當然，我們的許多客戶渴望該產品，但可能會推遲運行標準套件。

Okay. That was helpful, Serge . And can you also comment on the biopharma end market, how that's going for you? Like, what percentage of revenue is at this point? How fast is it growing? And I know that, like, Connect influx were supposed to help there. Is that kind of playing out as you anticipated? And are people actually using Connect as they have it?

好的。這很有幫助，塞爾日。您能否評論一下生物製藥終端市場，您的情況如何？例如，目前收入的百分比是多少？成長速度有多快？我知道 Connect 的湧入應該會對此有所幫助。事情的發展是否如你所預期的？人們是否真的在使用 Connect？

So biopharma has been -- as you know, biopharma has been a relatively stable fraction of our business, in the neighborhood of 20% or so. We have seen some of, just like everywhere else, there has been a tightening of budgets in biopharma recently. Again, relatively attenuated effect on our overall business just because it is a small fraction of the business. So we'll have to see how that plays out in the future.

如您所知，生物製藥一直是我們業務中相對穩定的部分，約佔 20% 左右。就像其他地方一樣，我們最近看到生物製藥領域的預算緊縮。同樣，對我們整體業務的影響相對減弱，只是因為它只佔業務的一小部分。所以我們必須看看未來會如何發展。

But as far as Connect is concerned, it has its use cases. But we've seen the -- sort of the need for automation out there, especially with pharma customers across a range of term applications and across different use cases. And with that in mind, we formed the partnership with Beckman Coulter. We provide a wide range of automation services and this should give us the means of scaling automation solutions to many, many thousands of labs that use Beckman Coulter and to many others that can adopt it gradually.

但就 Connect 而言，它有其用例。但我們已經看到了對自動化的需求，特別是對於跨一系列術語應用和不同用例的製藥客戶。考慮到這一點，我們與貝克曼庫爾特建立了合作夥伴關係。我們提供廣泛的自動化服務，這應該為我們提供將自動化解決方案擴展到成千上萬個使用貝克曼庫爾特的實驗室以及許多其他可以逐步採用它的實驗室的方法。

Our next question comes from the line of Dan Brennan with TD Cowen.

我們的下一個問題來自 Dan Brennan 和 TD Cowen 的對話。

Maybe just the first one, just on single cell. I think the prior guide was for high single-digit growth for the year. I'm just wondering kind of what that is now. I know, Justin, you gave some math earlier. And Serge, I believe in the prepared remarks, you discussed this more balanced growth as you reallocate resources. Just kind of wondering what that would imply as we look ahead for single cell.

也許只是第一個，只是在單細胞上。我認為之前的指導方針是今年的高個位數成長。我只是想知道現在那是什麼。我知道，賈斯汀，你之前講過一些數學知識。 Serge，我相信在準備好的發言中，您討論了重新分配資源時更加平衡的成長。只是想知道當我們展望單細胞時這意味著什麼。

Yes, Dan, I'll start with talking about single cell. As far as China goes, maybe I'll start there. On the last call, we shared that we thought that the back half of this year would be roughly flat to Q2. And in Q3, we saw that to be the case. But we are seeing lower demand there. And although we've been working at reducing the inventory levels, they still are higher, and we plan to reduce them even more in this next quarter.

是的，丹，我將從單細胞開始。就中國而言，也許我會從那裡開始。在上次電話會議上，我們表示，我們認為今年下半年的業績將與第二季大致持平。在第三季度，我們看到了這種情況。但我們看到那裡的需求下降。儘管我們一直在努力降低庫存水平，但庫存水平仍然較高，我們計劃在下個季度進一步降低庫存水平。

So we're projecting that there's going to be a decline from Q3 to Q4 there. And then, like I said before, for EMEA and AMR, right now at the midpoint of the guide, we're expecting similar seasonality to what we've seen in the past. And then overall, for chromium growth year-over-year, that's a single-digit growth rate when you put all of those together, mid-single digits.

因此，我們預計第三季到第四季將會出現下降。然後，正如我之前所說，對於 EMEA 和 AMR，目前正處於指南的中間位置，我們預計會出現與過去看到的類似的季節性。總的來說，對於鉻的同比增長來說，當你把所有這些加在一起時，增長率是個位數，中等個位數。

Yes, Dan. I…

是的，丹。我…

Oh, go ahead. Sorry.

哦，繼續吧。對不起。

No, I was just going to say kind of taking off in what I said earlier in my prepared remarks, we strongly believe in the single cell growth and the potential of the Chromium franchise going forward. You're right, we're going to be balancing our focus on our resources to put more emphasis, relatively speaking, on Chromium, so that should yield results. And we also have a really, really exciting product roadmap that will further take the franchise to the next level and drive more growth.

不，我只是想說，我之前在準備好的發言中所說的有點起飛，我們堅信單細胞的增長和 Chromium 特許經營權的未來潛力。你是對的，我們將平衡對資源的關注，相對而言，更加重視 Chromium，這樣應該會產生結果。我們還有一個非常非常令人興奮的產品路線圖，它將進一步將特許經營權提升到一個新的水平並推動更多成長。

Great. And then maybe just on spatial. It's hard -- I mean, the feedback we've gotten has been really positive, just about the market opportunity and the ultimate size of the market, but it's always hard to project out into the future and see this kind of growth keep going up and up on placements.

偉大的。然後也許只是在空間上。這很難——我的意思是，我們得到的反饋非常積極，涉及市場機會和市場的最終規模，但總是很難預測未來並看到這種成長持續上升以及展示位置。

So I'm just wondering, from what you see today, could you just give us some sense of, like, the level of, like, placement, not necessarily a number, but like is it fair to think placements can continue to grow, certainly in like '24 and '25, without putting a number on it, like, grow year-over-year. Obviously, you're on the steep ramp now, but just to kind of help us think about how many labs would actually look to adopt spatial in the future. They're not cheap boxes, but they are offering some really unique capabilities.

所以我只是想知道，從你今天看到的情況來看，你能否給我們一些關於展示位置的水平的感覺，不一定是一個數字，但認為展示位置可以繼續增長是否公平，當然，在“ 24」和「25」之類的情況下，沒有具體數字，就像逐年增長一樣。顯然，你現在正處於陡峭的斜坡上，但這只是為了幫助我們思考未來有多少實驗室實際上會採用太空技術。它們不是便宜的盒子，但它們提供了一些真正獨特的功能。

So Dan, I would think in terms of maybe 2 kind of variables as I look at this. One is just the trajectory in the moment, which is kind of like you suggested up and to the right, which gives us a good -- some amount of confidence going forward. And then I also think in terms of the potential market and the breadth of applications and experiments that people are thinking about. And that also, at this stage, is -- looks very healthy and very robust, which also makes us think bullishly about next year and beyond.

所以丹，當我看待這個問題時，我可能會考慮兩個變數。一個只是當前的軌跡，有點像您向上和向右建議的那樣，這給了我們前進的良好信心。然後我還考慮了潛在市場以及人們正在考慮的應用和實驗的廣度。在現階段，這看起來非常健康和強勁，這也讓我們對明年及以後的前景充滿樂觀。

Our next question is from the line of Luke Sergott with Barclays.

我們的下一個問題來自巴克萊銀行的盧克·瑟戈特。

This is Salem on for Luke. Just wanted to start off with Chromium in China. You guys outlined or mentioned some struggles there. That's certainly not exclusive to 10x. We've been hearing that all earnings season. But I just wanted some more color how much exposure in China is kind of biopharma-related? Any more color there? And on timing, what do you think is kind of a realistic idea of when those issues will resolve themselves when you're working with your service providers?

這是盧克的塞勒姆。只是想從中國的 Chromium 開始。你們概述或提到了那裡的一些鬥爭。這當然不是 10x 獨有的。我們在整個財報季都聽到了這樣的說法。但我只是想多了解一下，在中國，有多少曝光率是與生物製藥相關的？還有顏色嗎？在時間方面，當您與服務提供者合作時，您認為這些問題何時能夠自行解決的現實想法是什麼？

Yes, this is Justin. I'll take that one. As far as our exposure in China, we mostly sell to the academic market. Our biopharma exposure there is smaller than and other companies that we've heard from. As far as the demand looking forward, I mentioned earlier that we're looking at reducing inventory going from Q3 to Q4.

是的，這是賈斯汀。我會接受那個。就我們在中國的業務而言，我們主要銷售給學術市場。我們在那裡的生物製藥業務比我們聽說過的其他公司要小。就未來的需求而言，我之前提到我們正在考慮從第三季到第四季減少庫存。

We sell through distributors who sell through service providers there. They typically hold inventory. We've been working more recently to get closer with those service providers to better forecast the demand and better help them manage the inventory levels and smooth the ordering patterns out going forward.

我們透過分銷商進行銷售，而分銷商則透過那裡的服務提供者進行銷售。他們通常持有庫存。我們最近一直在努力與這些服務提供者保持密切聯繫，以更好地預測需求，更好地幫助他們管理庫存水準並平滑未來的訂購模式。

So I hesitate to call a bottom in what we're seeing in China. But our expectation in the decline from Q3 to Q4 is mostly driven from the demand signal that we're seeing with that inventory reduction layered on top of it.

因此，我不太願意將中國所看到的情況稱為底部。但我們對第三季到第四季下降的預期主要是由於我們看到的需求訊號以及庫存減少所致。

Great. That's helpful. And then on prioritizing the Xenium launch, seems like that was kind of at the expense of Chromium. Could you provide a little more color there? Did that come from maybe incentives from the sales force towards placing boxes? Or any more color there? And then as you kind of balance back out and start to prioritize Chromium again, what are kind of the risks to Xenium? And then kind of lastly, on Xenium orders, how did those kind of trend through the quarter? And did those kind of outpace revenues? And that's it for me.

偉大的。這很有幫助。然後優先考慮 Xenium 的發布，這似乎是以犧牲 Chromium 為代價的。你能在那裡提供更多的顏色嗎？這是否來自於銷售人員對放置盒子的激勵？或是有更多顏色嗎？然後，當您恢復平衡並開始再次優先考慮 Chromium 時，Xenium 面臨哪些風險？最後，關於 Xenium 訂單，整個季度的趨勢如何？這些是否超過了收入？對我來說就是這樣。

Yes. So in terms of the focus on Chromium, so on the commercial -- sorry, on Xenium. So on the commercial side, there's -- it's a number of things. First of all, most directly is there are incentives to drive Xenium placements that certainly can direct it ourselves into -- to spend more attention there. We also -- we have careful tracking now of how our commercial team, where they spend the time and how they allocate their attention. And we were certainly encouraging them to make sure that the Xenium takes first priority. Also in terms of the resources in terms of marketing resources, we put a lot of that on Xenium as well. And now going forward, we're kind of rebalancing these things, both in terms of the resources, in terms of attention, in terms of incentives.

是的。因此，就對 Chromium 的關注而言，在商業上——抱歉，是在 Xenium 上。所以在商業方面，有很多事情。首先，最直接的是有激勵措施來推動 Xenium 的佈局，當然可以引導我們自己投入——在那裡花費更多的注意力。我們現在也仔細追蹤我們的商業團隊如何、他們把時間花在哪裡以及他們如何分配注意力。我們當然鼓勵他們確保 Xenium 優先。另外，在行銷資源方面，我們也在 Xenium 上投入了大量資源。現在，展望未來，我們正在重新平衡這些事情，無論是在資源、注意力還是激勵方面。

Another factor over the course of this year that has led to this dynamic is that we have built out a separate function, an overlay function in our commercial team for driving Xenium, of Xenium sales specialists. And to some extent, it takes more effort to get -- to launch a product and get it on that trajectory going forward in terms of creating the right infrastructure and creating the right trajectory of demand. And that's what we went through this past year.

今年導致這種動態的另一個因素是，我們在我們的商業團隊中建立了一個單獨的功能，即 Xenium 銷售專家的覆蓋功能，用於驅動 Xenium。在某種程度上，需要付出更多的努力才能推出產品並使其在創建正確的基礎設施和創造正確的需求軌跡方面沿著正確的軌道前進。這就是我們去年所經歷的事情。

Now going forward, we feel like we are over that initial hurdle, and we have the flexibility to balance our attention and our focus and put more resources now and more attention behind Chromium while at the same time, driving the rapid progress of Xenium. And so we feel good about the kind of the balance of attention going forward. But of course, we're going to need to watch it. And internally, we have a lot of metrics to help us stay very closely on top of these dynamics. And as far as Xenium traction is concerned, like I mentioned, we sold more than 80 and our -- in the meantime, our backlog grew. So we feel very good about where -- how the quarter progressed.

現在展望未來，我們感覺我們已經克服了最初的障礙，我們可以靈活地平衡我們的注意力和重點，現在投入更多的資源和更多的注意力在 Chromium 上，同時推動 Xenium 的快速進步。因此，我們對未來的注意力平衡感到滿意。但當然，我們需要觀看它。在內部，我們有許多指標可以幫助我們密切關注這些動態。就 Xenium 的吸引力而言，正如我所提到的，我們售出了 80 多台，與此同時，我們的積壓訂單也在增加。因此，我們對本季的進展感到非常滿意。

The next question is from the line of Tejas Savant.

下一個問題來自Tejas Savant。

Serge, one for you on the Xenium pipeline. You mentioned the multimodal cell segmentation, the 5k plex and then the high-plex protein assay on the same tissue section. So in terms of how do you see these 3 capabilities impacting your Xenium order book next year, any color you can share there? And then just as a point of clarification, is that last one essentially true co-detection?

Serge，Xenium 管道上適合您的一位。您提到了多模式細胞分割、5k plex 以及同一組織切片上的高 plex 蛋白質測定。那麼，您如何看待這 3 種功能對明年 Xenium 訂單的影響，可以分享什麼顏色嗎？然後，作為澄清一點，最後一個本質上是真正的共同檢測嗎？

True co-detection, Sorry, Tejas, I didn't get the last one. Let me answer the questions there, the product launch questions in general. Well, so I mean, first of all, just with the existing capabilities, there is, obviously, tons of demand and a lot of enthusiasm for the product as it is. And we are certainly -- we feel really, really good about the capabilities and what the customers are getting the -- from the product.

真正的協同檢測，抱歉，Tejas，我沒有得到最後一個。讓我回答一下那裡的問題，一般性的產品發布問題。嗯，所以我的意思是，首先，僅憑現有功能，顯然對產品本身就有大量的需求和熱情。當然，我們對產品的功能和客戶所獲得的東西感到非常非常滿意。

At the same time, as historically, we've always been very, very keen to listen to our customers and we stay on top of the initial feedback and react to that feedback very quickly to deliver new capabilities and to prioritize the features that customers find most valuable. And that's what we're doing again here.

同時，一如既往，我們一直非常非常熱衷於傾聽客戶的意見，我們始終掌握最初的回饋，並對回饋做出快速反應，以提供新功能並優先考慮客戶發現的功能最有價值。這就是我們在這裡再次做的事情。

That's why segmentation is coming very soon. That's why we're coming out with a large plex panel. And we are excited about co-detection of proteins on the same tissue. I think that's going to be a powerful capability. I do want to point out that if you -- one can detect proteins already using immunofluorescence on the same tissue and our customers definitely see huge value in that already.

這就是細分即將到來的原因。這就是我們推出大型複合面板的原因。我們對同一組織上蛋白質的共同檢測感到興奮。我認為這將是一種強大的能力。我確實想指出，如果您可以在同一組織上使用免疫螢光檢測蛋白質，那麼我們的客戶肯定已經看到了其中的巨大價值。

Got it. That's helpful, actually. And that's exactly where it's going with the co-detection bit. And then Justin, one for you on that sort of $29 million of quarter-over-quarter step-up in the fourth quarter. You talked about Americas and EMEA strength there, or rather the sequential uptick similar to last year. Is that sort of essentially year-end budget flush dynamic that you're assuming here? Or is it sort of the Xenium product cycle that underpins your confidence there? Or a bit of both?

知道了。實際上，這很有幫助。這正是協同檢測位的用途。然後是賈斯汀（Justin），他在第四季度環比增長了 2900 萬美元。您談到了美洲和歐洲、中東和非洲地區的實力，或者更確切地說是與去年類似的連續上升。您在這裡假設的本質上是年底預算充裕的動態嗎？還是 Xenium 產品週期支撐了您的信心？或兩者兼而有之？

Yes. Great question, Tejas. So at the midpoint of our guidance range, here's the basic assumptions, is that on the Xenium side, that we would ship/sell roughly the same amount of Xenium in Q4 than we did in Q3. And then as far as products, excluding Xenium instruments that we would have the same kind of seasonality that we've seen previously. And so that would include a year-end budget flush.

是的。好問題，特哈斯。因此，在我們的指導範圍的中點，這是基本假設，即在 Xenium 方面，我們將在第四季度運送/銷售與第三季度大致相同的 Xenium 數量。然後就產品而言，不包括 Xenium 儀器，我們將具有與之前看到的相同的季節性。因此，這將包括年底預算的沖刷。

When you're looking at the range of our guidance from the low end to the high end, at the lower end would be not seeing the same kind of budget flush that we've seen before or not being able to ramp -- not being able to maintain the Xenium ramp in Q4 as we saw in Q3 for any number of issues. And then at the higher end would be over-delivering on Xenium in Q4 and perhaps seeing a stronger year-end budget flush than we've seen historically or perhaps not seeing the decline in APAC, primarily driven by China that we've got built into the midpoint.

當您查看我們從低端到高端的指導範圍時，在低端將不會看到我們以前見過的那種預算充裕或無法增加 - 不是能夠在第四季度維持Xenium 的增長，正如我們在第三季看到的許多問題一樣。然後，在高端，Xenium 在第四季度將超額交付，並且可能會看到比我們歷史上看到的更強勁的年底預算充裕，或者可能不會看到亞太地區的下降，這主要是由我們建立的中國推動的到中點。

Our next question is from the line of John Sourbeer with UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的約翰·索爾比爾 (John Sourbeer)。

First one here on Chromium. Any color on where you see pricing on consumables for next year? I think you had record increases this year. Do you think you can get similar levels in 2024?

第一個是關於 Chromium 的。您認為明年的消耗品定價有什麼顏色嗎？我認為今年你們的增幅創歷史新高。您認為 2024 年您能達到類似水準嗎？

So our plan for this year, the plan around Chromium pricing is pretty moderate price changes. Much of that is driven by the premise that there's tons and tons of potential demand in Chromium and we tend to gain a lot more, ultimate growth by increasing number of samples and increasing the number of customers. And so that's where we're going to be focused to a large extent.

因此，我們今年的計劃，圍繞 Chromium 定價的計劃是相當溫和的價格變化。這在很大程度上是由這樣一個前提驅動的：鉻有大量的潛在需求，我們傾向於透過增加樣品數量和增加客戶數量來獲得更多、最終的成長。這就是我們在很大程度上要關注的地方。

And then a follow-up here on Xenium. I guess, in the U.S. and APAC, where you don't have an injunction, just any color on competitive win rates there? And where do you think you're winning on what customer type or features versus competitors out there?

然後是 Xenium 的後續行動。我想，在美國和亞太地區，沒有禁令，只是對競爭勝率有任何顏色？您認為與競爭對手相比，您在哪些客戶類型或功能上獲勝？

Yes. So just to be clear, the Xenium traction has been really strong across the world. And in fact, it has been particularly strong in the Americas, really, really strong momentum there. And as far as where we're winning, I would say it's across the board. I mean, the big evolution over the last couple of quarters has been that the Xenium systems have been out there in the field and have been performing really well, generating awesome data and the word has been spreading more on our customers. And it's getting a lot of -- I mean, mission to our field teams now to go and talk to customers and make more sales. That has been the overwhelming story, and I don't think it's particular to any particular application or any particular geography or any particular customer type. It is really an across-the-board kind of phenomenon.

是的。需要明確的是，Xenium 在全球的吸引力非常強大。事實上，它在美洲尤其強勁，那裡的勢頭非常非常強勁。就我們的勝利而言，我想說這是全面的。我的意思是，過去幾季的重大發展是，Xenium 系統已經投入使用，並且表現非常出色，產生了令人驚嘆的數據，而且我們的客戶也得到了更多的好評。我的意思是，我們的現場團隊現在接到了很多任務，去與客戶交談並增加銷售。這是一個壓倒性的故事，我不認為它特定於任何特定的應用程式或任何特定的地理位置或任何特定的客戶類型。這確實是一種全面的現象。

Our next question is from the line of Mason Carrico with Stephens.

我們的下一個問題來自梅森·卡里科和史蒂芬斯。

I'm jumping between a few calls tonight, so sorry if this has been asked. I'll just ask one here. Could you talk about your outlook for Xenium pricing going forward? Do you plan on continuing to be accommodative and somewhat flexible with pricing given the opportunity to capture these customers and kind of lock them in? Or how should we be thinking about pricing going forward?

今晚我要忙著打幾通電話，如果有人問這個問題，我很抱歉。我就在這裡問一個吧。您能談談您對 Xenium 未來定價的展望嗎？鑑於有機會吸引這些客戶並鎖定他們，您是否計劃繼續在定價上保持寬鬆和靈活？或者我們應該如何考慮未來的定價？

Mason, I'll take that one to start. Think back to when we launched Xenium. It was a very, very competitive and still is a very competitive environment, a lot of noise out there and not a lot of data. And so we launched Xenium with introductory pricing, basically, to encourage adoption and make sure that there was less friction getting the instrument in the hands of those early users that could generate the data that could help drive future sales.

梅森，我就從這個開始吧。回想一下我們推出 Xenium 的時候。這是一個競爭非常非常激烈的環境，現在仍然是一個競爭非常激烈的環境，那裡有很多噪音，但沒有很多數據。因此，我們推出了 Xenium，並提供介紹性定價，基本上是為了鼓勵採用，並確保早期用戶拿到該工具時能減少摩擦，從而產生有助於推動未來銷售的數據。

And so as time has progressed and we are starting to see more data come off the instrument, the results of the head-to-head study that we saw mentioned in the prepared remarks and other customers presenting data that they've run on their own instruments in their labs, this is really showing the true value of the platform. And so we are confident moving away from the introductory pricing at a lower price point, and we took the list price up in this past quarter.

因此，隨著時間的推移，我們開始看到更多的數據從儀器中出來，我們在準備好的評論中看到了頭對頭研究的結果，其他客戶提供了他們自己運行的數據他們實驗室中的儀器，這確實展示了該平台的真正價值。因此，我們有信心擺脫較低價位的介紹性定價，並在上個季度提高了標價。

Now the average selling price is still trending below the list price, and will continue to do so because, as you mentioned, we're very -- we are open to working with customers around packaged deals with other instruments and also taking reductions off the list price of the instrument for customers that couple that with a larger consumable order.

現在，平均售價仍低於標價，並將繼續如此，因為正如您所提到的，我們非常願意與客戶就其他工具的打包交易進行合作，並降低價格為與較大消耗品訂單相結合的客戶提供儀器的標價。

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

我們的下一個問題來自美國銀行的 Michael Ryskin。

I'm going to ask two, hopefully, quick ones, sort of tidying up some points from earlier. One, on the gross margins and gross profit in the third quarter. I know you guys have said a number of times that it's the Xenium instrument ramp, but still, the drop off to 62% was steeper than we anticipated.

我會快速問兩個問題，以整理之前的一些觀點。一、關於第三季的毛利率和毛利。我知道你們已經說過很多次了，這是 Xenium 儀器的斜坡，但下降到 62% 的速度仍然比我們預期的要陡峭。

And if I just look at it on a gross profit dollar basis, sequentially, last quarter, you guys had $99.6 million, now it's $95 million. So you got $4 million less gross profit despite the higher revenues and despite Chromium essentially being flat sequentially. So I'm just trying to do the math on that. Was there some discounting in the quarter? Some inventory functions there? Or -- I just don't see how it could be -- how Xenium could be that dilutive to margins or if there's something else going on. What am I missing here?

如果我只看毛利，上個季度，你們有 9,960 萬美元，現在是 9,500 萬美元。因此，儘管收入增加且 Chromium 基本持平，但毛利卻減少了 400 萬美元。所以我只是想對此進行數學計算。這個季度有折扣嗎？有一些庫存功能嗎？或者——我只是不明白這是怎麼回事——Xenium 為何會如此稀釋利潤率，或者是否還有其他原因發生。我在這裡缺少什麼？

Yes. Good question, Mike. When you look both year-over-year and sequentially, maybe I'll just start with you over year and then I'll get to the sequential piece. But if you look back to a year ago, and you look at the margin that we had and what we've declined to this year, practically all of that variance is due to Xenium. And so if you were to exclude Xenium and calculate the gross margin, it would be roughly the same as it was a year ago.

是的。好問題，麥克。當你逐年和連續地查看時，也許我會從一年中開始，然後我會開始連續的部分。但如果你回顧一年前，看看我們的利潤率和今年的下降率，你會發現幾乎所有的差異都是 Xenium 造成的。因此，如果您排除 Xenium 併計算毛利率，則與一年前大致相同。

And so then sequentially, there's also been a mix towards Xenium instruments. There's been a mix towards more instruments overall. There's also been a mix to more -- to higher increases in the service line as well. And so when we install and train on Xenium, that portion gets booked into service, and that's also that's also lower margin as well. But nothing on -- nothing fundamentally has changed about our cost structure that would be outside of the product mix that we've talked about, driven by the increase in Xenium.

接下來，Xenium 樂器也出現了混合。整體上出現了更多樂器的混合。服務線也有更多的成長。因此，當我們在 Xenium 上安裝和培訓時，該部分就會被預訂投入使用，這也是利潤率較低的情況。但在 Xenium 成長的推動下，我們的成本結構並沒有發生任何根本性的變化，而這些變化超出了我們所討論的產品組合的範圍。

Okay. All right. I'll redo the math. Again, directionally, no surprise but just surprised with the magnitude. And then follow up again on the Chromium consumables. I know you guys have been giving the sort of ex China, or specifically Americas and EMEA number. But sometimes you give the quarter and sometimes you give the year-to-date. So I think my notes got a little mixed up. Did you say that year-to-date, that Americas and EMEA growing consumables is mid- to high teens? What was it 1Q and 2Q just so we have, like, the sequential numbers? I'm just trying to see if it accelerated or decelerated as you've gone through.

好的。好的。我會重做數學。再說一次，從方向上來說，並不令人驚訝，只是對規模感到驚訝。然後再跟進Chromium消耗品。我知道你們一直在提供中國以外的號碼，特別是美洲和歐洲、中東和非洲的號碼。但有時你會給出季度，有時你會給出年初至今。所以我認為我的筆記有點混亂。您是否說過，今年迄今為止，美洲和歐洲、中東和非洲的消費品成長處於中高水準？ 1Q 和 2Q 是什麼，所以我們有順序號碼？我只是想看看它是否像你經歷的那樣加速或減速。

Yes. So Mike, we provide that just to give some additional color as far as the regional breakout by product. But year-to-date chromium overall has been in the low teens, AMR EMEA. If you look at chromium consumables year-to-date, that's been in the mid- to high teens. And when you look at Q1 and Q2 this year, it was easier compares to the prior period a year ago, so those rates have increased were higher.

是的。麥克，我們提供這一點只是為了給按產品劃分的區域突破提供一些額外的色彩。但今年迄今為止，歐洲、中東和非洲地區的鉻含量總體處於十幾歲以下。如果你看看今年迄今為止的鉻消耗品，你會發現這一數字已經在十幾歲左右。當你看今年第一季和第二季時，與一年前相比，情況要容易一些，因此這些比率的增幅更高。

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

我們的下一個問題來自德意志銀行的賈斯汀·鮑爾斯。

So just two quick ones for me. In terms of Xenium, are you starting to see some repeat customers and the order book there? And then just taking a step back in the academic landscape, are you starting to see like -- sort of -- can you paint a picture of what sort of new core lab activity is around single cell and spatial broadly or even regionally?

所以對我來說只有兩個快速的。就 Xenium 而言，您是否開始看到一些回頭客和訂單簿？然後，在學術領域退一步，你是否開始看到——某種程度上——你能描繪出一幅關於單細胞和空間的廣泛甚至區域性的新核心實驗室活動的圖景嗎？

Yes, Justin. So to the first question on Xenium and whether we're seeing repeat customers, so that -- I mean, the answer is yes, for sure. Relatively speaking, is still very much new customers. That's what we're about. That's where we're focused to get sales.

是的，賈斯汀。對於關於 Xenium 的第一個問題以及我們是否看到回頭客，所以——我的意思是，答案是肯定的。相對來說，新客戶還是非常多的。這就是我們的目的。這就是我們專注於獲得銷售的地方。

But we've seen multiple instances, and this is always really gratifying when a customer has gotten their instrument. They have run their samples and then after seeing the results from those first runs, getting more -- ordering another instrument. And in fact, we've seen more examples of that when people would run studies, get biological results. And on the basis of that biology, go back and buy another Xenium, so probably the best measure of how something is performing when you see this kind of repeat business from customers. So very gratifying for us to see.

但我們已經見過很多這樣的例子，當客戶收到他們的儀器時，這總是非常令人欣慰的。他們運行了樣品，然後在看到第一次運行的結果後，他們獲得了更多結果——訂購了另一台儀器。事實上，我們已經看到了更多人們進行研究並獲得生物學結果的例子。根據這種生物學原理，回去購買另一個 Xenium，因此當您看到客戶的此類重複業務時，這可能是衡量某項產品表現的最佳指標。我們非常高興看到這一點。

As far as, like, demand, just random or core labs, I mean, those generally tend to be fairly consistent. We do see decent adoption with the -- with core labs around the world is kind of puts and takes, some core labs have issues with having enough staff to run experiments. Some core labs have sort of other issues. But overall, no major trends to go out here.

我的意思是，就需求而言，只是隨機或核心實驗室，這些通常往往相當一致。我們確實看到了良好的採用——世界各地的核心實驗室都是一種投入和投入，一些核心實驗室在沒有足夠的員工來進行實驗方面存在問題。一些核心實驗室還存在其他一些問題。但總體而言，這裡沒有大趨勢出現。

Our next question is from the line of Rachel Vatnsdal with JPMorgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

First up, I just want to clarify your comment around the 80 Xenium in this quarter. Was that comment around 80 instruments sold? Or was that more around the number of instruments shipped this quarter? And then you mentioned backlog grew for Xenium. So how long is the backlog at this point?

首先，我想澄清一下您對本季 80 Xenium 的評論。該評論是否已售出 80 台樂器？或更多的是本季出貨的儀器數量？然後您提到 Xenium 的積壓工作有所增加。那麼目前積壓的時間是多久呢？

Rachel, this is Justin. We -- yes, so that's what we shipped this quarter was over -- we shipped over 80 Xenium. We sold over 80 Xenium and we grew the backlog on top of that.

雷切爾，這是賈斯汀。我們——是的，這就是我們本季的出貨量——我們出貨了 80 多個 Xenium。我們售出了 80 多個 Xenium，並在此基礎上增加了積壓訂單。

Okay. That's helpful. And then just on China, can you walk us through how the region trended really throughout the quarter? Also, how has October trended relative to September and the rest of 3Q?And then can you just frame up some potential scenarios for China for 2024 next year? Is it really possible for that region to hold flat without any stimulus support? And that's it for me.

好的。這很有幫助。關於中國，您能否向我們介紹一下該地區整個季度的實際趨勢？另外，相對於 9 月和第三季的其餘時間，10 月的趨勢如何？那麼您能否為明年的 2024 年中國製定一些潛在的情景？該地區真的有可能在沒有任何刺激支持的情況下保持平穩嗎？對我來說就是這樣。

As far as how China has trended throughout Q3, I think it came in line generally with what we called out in our last earnings call when we said that we expected China in Q3 and Q4 to be roughly flat to Q2, and that's how it came in. Ordering patterns in China just due to the consolidation of volumes through distributors and service providers can be somewhat lumpy.

至於中國整個第三季的趨勢，我認為這與我們在上次財報電話會議中所說的基本一致，當時我們表示，我們預計第三季和第四季的中國將與第二季大致持平，這就是它的來由在中國，由於經銷商和服務供應商的銷售整合，訂購模式可能會有些不穩定。

As far as looking at Q4, from the demand signal that we're seeing, we are calling a decline right now going from Q3 into Q4. but that is mostly driven with our targeted inventory reductions that we're driving with the service providers. So the actual demand, at least from what we can tell right now, is more than we expect that our revenues in Q4 would reflect.

就第四季而言，從我們看到的需求訊號來看，我們現在認為從第三季到第四季出現了下降。但這主要是由我們與服務提供者共同推動的目標庫存削減所推動的。因此，至少從我們目前所知，實際需求超出了我們第四季度收入所反映的預期。

Great. And then just the frame up on 2024 for China?

偉大的。然後是中國 2024 年的框架？

Well, like I said, hesitate to call the bottom right now. So we'll have to see on 2024. We'll have to see how the rest of Q4 progresses.

好吧，就像我說的，現在猶豫是否要觸底。所以我們得看看 2024 年。我們得看看第四季剩下的時間進展如何。

Our final question for today will come from the line of Matt Sykes from Goldman Sachs.

我們今天的最後一個問題將來自高盛的馬特賽克斯。

This is [Ivy] on for Matt. You gave some color on competition and wins with Xenium, but are there any changes to the environment within Chromium, maybe, within the different regions and customer types?

這是為馬特 (Matt) 服務的 [Ivy]。您對與 Xenium 的競爭和勝利進行了一些闡述，但是 Chromium 內部的環境是否有任何變化，也許在不同的地區和客戶類型中？

Yes. I don't think there's anything in particular that's material that has changed in the Chromium business. We see -- the environments are only -- the CapEx environment has been tighter recently for sure, especially outside of the U.S., and we're definitely seeing the effects of that. Again, I think there's sort of the underlying demand on the Xenium side has kind of broken through a lot of that, but we do see the CapEx constraints manifesting themselves out there.

是的。我認為 Chromium 業務沒有任何特別的變化。我們看到——環境只是——資本支出環境最近肯定更加緊張，尤其是在美國以外的地區，我們肯定看到了其影響。再說一遍，我認為 Xenium 方面的潛在需求已經突破了很多，但我們確實看到了資本支出的限制。

There's also -- biopharma has been somewhat pressured and we're seeing some impact from that. We saw it in Q3 like we're seeing it in Q4 as well. But overall, I wouldn't call out any other really big trends on the Chromium side.

此外，生物製藥也受到了一定的壓力，我們看到了一些影響。我們在第三季度看到了這一點，就像我們在第四季度看到的那樣。但總的來說，我不會指出 Chromium 方面的任何其他真正大趨勢。

Okay. Great. That's helpful. And then on Xenium pricing, I know you said you increased your list price. But could you talk through when you might start to roll off some of the discounts in the Xenium instruments? Or do you see that continuing for the near future?

好的。偉大的。這很有幫助。關於 Xenium 定價，我知道您說過提高了標價。但是您能談談什麼時候可以開始取消 Xenium 儀器的一些折扣嗎？或者您認為這種情況在不久的將來會持續下去嗎？

We're always open to working with customers to get an instrument in their hand and get them using that instrument. As we've talked about before, the strategy and the value with Xenium is the consumable revenue streams. And so if we compare an order for an instrument with a larger consumable order, we'll take a deeper discount on the instrument just to get that out there and get that instrument being used.

我們始終願意與客戶合作，讓他們拿到儀器並讓他們使用儀器。正如我們之前討論過的，Xenium 的策略和價值是消耗性收入流。因此，如果我們將儀器訂單與較大的消耗品訂單進行比較，我們將為該儀器提供更大的折扣，以便將其交付並使用該儀器。

Ladies and gentlemen, that will conclude today's 10x Genomics Third Quarter 2023 Earnings Conference Call. Thank you all for attending. Have a great night.

女士們、先生們，今天的 10x Genomics 2023 年第三季財報電話會議到此結束。感謝大家的出席。祝你有個愉快的夜晚。