10X Genomics Inc (TXG) 2023 Q4 法說會逐字稿

Good afternoon. My name is Jeannie, and I will be your conference operator today. I would like to welcome you to the 10x Genomics Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions).

午安.我叫珍妮，今天我將擔任你們的會議操作員。歡迎您參加 10x Genomics 第四季和 2023 年全年財報電話會議。 （操作員說明）。

I would now like to turn the conference over to Cassie Corneau. You may begin your conference.

我現在想把會議交給卡西·科諾。您可以開始您的會議了。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the fourth quarter and full year ended December 31, 2023. If you have not received this news release or if you would like to be added to the company's distribution list, please send an e-mail to investors@10xgenomics.com. An archived webcast of this call will be available on the Investor tab of the company's website, 10xgenomics.com, for at least 45 days following this call.

謝謝大家，大家下午好。今天早些時候，10x Genomics 發布了截至 2023 年 12 月 31 日的第四季度和全年財務業績。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，請發送電子郵件至投資者@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，無論是因為新資訊、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 one question 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。我們要求分析師只回答一個問題，以便我們可以容納隊列中的每個人。

Last week, we were a silver sponsor of the 2024 Advances in Genome Biology and Technology general meeting, known as AGBT. During our workshop, our team presented exciting science and details of our upcoming product launches. While Serge will highlight some of these today, we encourage you to check out the presentation replay on our website, if you didn't see the news or if you would like more information.

上週，我們是 2024 年基因組生物學和技術進展大會（AGBT）的銀牌贊助商。在研討會期間，我們的團隊介紹了令人興奮的科學知識和即將推出的產品的詳細資訊。雖然 Serge 今天將重點介紹其中的一些內容，但如果您沒有看到該新聞或想了解更多信息，我們鼓勵您查看我們網站上的演示重播。

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. During today's call, I'll start with a brief overview of our progress in 2023 and why we have a great setup as we kick off the year. Next, I will highlight the strength of our innovation engine and our key priorities and focus areas in 2024. Then Justin will provide a more detailed look at our financial results, business trends and revenue guidance for the year.

謝謝，卡西，大家下午好。在今天的電話會議中，我將首先簡要概述我們 2023 年的進展，以及為什麼我們在新年伊始就擁有出色的設置。接下來，我將重點介紹我們的創新引擎實力以及 2024 年的關鍵優先事項和重點領域。然後賈斯汀將更詳細地介紹我們今年的財務業績、業務趨勢和收入指導。

2023 was another strong year for 10x Genomics with total revenue growing 20% to $619 million, as previously announced. We catalyzed the field of single-cell analysis. And in 2023, we came into our own in spatial biology as well with spatial revenue exceeding $135 million for the year. The big driver for this and the big story of 2023 was the launch of Xenium.

正如先前宣布的那樣，2023 年是 10x Genomics 又一個強勁的一年，總收入增長了 20%，達到 6.19 億美元。我們促進了單細胞分析領域的發展。 2023 年，我們在太空生物學領域也取得了自己的成就，當年的空間收入超過 1.35 億美元。 Xenium 的推出是這一切的重要推動力，也是 2023 年的重大事件。

It was an extraordinary launch year for the Xenium platform. We've driven remarkable adoption, selling more than 250 instruments in the first year of launch. Even more importantly, customers have been incredibly enthusiastic about the platform as they rapidly moved from install to insight from instrument delivery of powerful discoveries.

對於 Xenium 平台來說，今年是非凡的一年。我們推動了顯著的採用，在推出的第一年就銷售了 250 多種儀器。更重要的是，客戶對該平台非常熱情，因為他們迅速從安裝轉向透過儀器交付強大的發現獲得洞察力。

To date, there have been more than 20 published papers, all preprints using Xenium. Among them are multiple independent benchmarking studies that validate Xenium as the best-performing system for in-situ analysis. These rigorous studies compare customer generated data from their own instruments in their own labs. The results demonstrate Xenium delivers the best sensitivity, the best specificity, the best throughput and the best biological insights.

迄今為止，已經發表了 20 多篇論文，所有預印本均使用 Xenium。其中多項獨立基準測試研究驗證了 Xenium 是表現最佳的原位分析系統。這些嚴格的研究比較了客戶在自己的實驗室中使用自己的儀器產生的數據。結果表明，Xenium 具有最佳的靈敏度、最佳的特異性、最佳的通量和最佳的生物學見解。

Of course, none of it was accidental. With carefully engineered Xenium to be a premium instrument that delivers premium performance with an extremely easy-to-use workflow, we leverage our operations and manufacturing scale to ramp capacity faster than anticipated. And we relied on the dedication and drive of our commercial team to ensure our customer success every step of the way.

當然，這一切都不是偶然的。透過精心設計的 Xenium 成為一款優質儀器，透過極其易於使用的工作流程提供優質性能，我們利用我們的營運和製造規模以比預期更快的速度提高產能。我們依靠商業團隊的奉獻精神和動力來確保客戶每一步都成功。

Xenium's exceptional launch year reinforces our belief in an enormous long-term potential for the platform, which we believe will usher in a new era of genomic analysis.

Xenium 非凡的推出年增強了我們對該平台巨大長期潛力的信念，我們相信該平台將開創基因組分析的新時代。

Xenium is just one of several accomplishments in 2023, validating our strategy to drive growth through innovation and reinforcing we're well positioned for long-term success.

Xenium 只是 2023 年取得的多項成就之一，它驗證了我們透過創新推動成長的策略，並鞏固了我們為長期成功做好了充分準備。

In 2023, we reached nearly 6,000 cumulative instruments sold around the world, a 29% increase year-over-year. We also opened our new R&D manufacturing hub in Pleasanton to support new product development and production, including for Visium HD and Xenium. This cutting-edge facility adds operational scale and capacity to enable multiples of growth.

2023年，我們在全球累計銷售了近6,000台儀器，較去年同期成長29%。我們也在普萊森頓開設了新的研發製造中心，以支援新產品的開發和生產，包括 Visium HD 和 Xenium。這個尖端設施增加了營運規模和產能，以實現倍數成長。

In addition, we achieved our goal of positive free cash flow in Q4, and excluding acquisitions, delivered positive operating cash flow for the year, reflecting our commitment to maintaining cash discipline as we scale.

此外，我們在第四季度實現了正自由現金流的目標，並且不包括收購，全年實現了正營運現金流，這反映了我們在擴大規模時保持現金紀律的承諾。

Lastly, it was especially rewarding to see a massive increase in customer publications, which were up 58% year-over-year. We have now surpassed 7,000 peer-reviewed papers setting 10x technologies. Seeing how our customers use our tools to push science forward is a huge source of inspiration, motivation and pride for our mission-driven team. This is what 10x is all about.

最後，我們特別高興地看到客戶出版物的大幅成長，年增 58%。目前，我們已發表超過 7,000 篇同行評審論文，涉及 10 倍技術。看到我們的客戶如何使用我們的工具來推動科學進步，對於我們使命驅動的團隊來說是靈感、動力和自豪感的巨大來源。這就是 10 倍的意義。

Before I discuss the very exciting developments leading into 2024, I want to emphasize the key principles that anchor our approach. First, our fundamental thesis is unchanged. Biology needs to be understood and analyzed a single cell level with spatial context. Following this principle, we believe there are large opportunities ahead and our commitment to ongoing product innovation will allow us to capture those opportunities.

在討論 2024 年令人興奮的發展之前，我想先強調支撐我們方法的關鍵原則。首先，我們的基本論點並沒有改變。生物學需要在空間背景下在單細胞層面進行理解和分析。遵循這項原則，我們相信前方存在巨大機遇，而我們對持續產品創新的承諾將使我們能夠抓住這些機會。

Second, we have always built a company for scale, and we will continue to do so. We have made significant investments over the past several years building out a world-class operations facility and scaling our research and development and commercial teams. At this point, we have additional capacities, and as we grow our revenue, we expect to realize operating leverage as we drive toward profitability, while we continue to deliver breakthrough innovations.

其次，我們一直以來都是為了規模而打造公司，而且我們將繼續這樣做。過去幾年，我們進行了大量投資，建造了世界一流的營運設施，並擴大了我們的研發和商業團隊。目前，我們擁有額外的產能，隨著收入的成長，我們期望在實現盈利的同時實現營運槓桿，同時繼續提供突破性創新。

And third, we're committed to maintaining cash discipline and driving a strong financial profile. We have already made investments to operate at scale. We have also put in place rigorous operational and cultural frameworks to prioritize incremental spending on highly targeted areas necessary to drive growth.

第三，我們致力於維持現金紀律並推動強勁的財務狀況。我們已經進行了大規模營運的投資。我們也制定了嚴格的營運和文化框架，優先將增量支出放在推動成長所需的高度針對性的領域。

It's been a busy and exciting start to the year. We kick cross 2024 with the launches of 2 catalytic new products, which demonstrate the enduring strength and velocity of our innovation engine, and its impact and value for customers around the world. This year, we are planning to introduce franchise defining new products and capabilities that will extend our technology leadership to raise the bar for researchers and continue to set the standard for high-performance single cell and spatial tools.

今年是一個忙碌而令人興奮的開始。我們透過推出 2 款催化新產品來迎接 2024 年的到來，這展示了我們創新引擎的持久力量和速度，及其對全球客戶的影響和價值。今年，我們計劃推出定義新產品和功能的特許經營權，這將擴大我們的技術領先地位，提高研究人員的門檻，並繼續為高性能單細胞和空間工具設定標準。

Let me highlight a few of the game changers we're expecting to launch this year, starting with Visium HD. Visium HD is a prime example of how we listen to our customers and take on the hardest development challenges that will have the biggest impact on scientific research. It has been the most requested product in our history.

讓我重點介紹一下我們預計今年將推出的一些遊戲規則改變者，首先是 Visium HD。 Visium HD 是我們如何傾聽客戶意見並應對對科學研究產生最大影響的最艱鉅的開發挑戰的典型例子。這是我們史上需求量最大的產品。

Visium HD increases the resolution of the Visium platform by over 3 orders of magnitude. This development has entailed monumental technological leaps. And what this means is that researchers will be able to extract large-scale molecular information from their tissues at single cell scale resolution. Visium HD will run on existing CytAssist instruments with the same robust and easy-to-use workflow as standard Visium.

Visium HD 將 Visium 平台的解析度提高了 3 個數量級以上。這一發展帶來了巨大的技術飛躍。這意味著研究人員將能夠以單細胞尺度分辨率從其組織中提取大規模分子資訊。 Visium HD 將在現有 CytAssist 儀器上運行，具有與標準 Visium 相同的強大且易於使用的工作流程。

Ahead of launch, we have sold more than 500 CytAssist instruments to customer labs around the world. We expect more researchers will CytAssist to gain access to HD and take advantage of Visium expanding spatial discovery capabilities.

在推出之前，我們已向世界各地的客戶實驗室銷售了 500 多台 CytAssist 儀器。我們預計更多的研究人員將使用 CytAssist 來存取 HD 並利用 Visium 擴充的空間發現功能。

Since we opened Visium HD preorders in January, we've been encouraged with the initial response and early demand from customers. This product has been a long time coming, but we're confident customers will soon see the Visium HD was well worth the wait. Our ambition is to establish Visium HD as the platform for translational discovery. If one has a cohort of samples with phenotype information that needs to be correlated with molecular information for biomarker discovery or for anything else, we believe there is no better tool in existence than Visium HD.

自從一月開放 Visium HD 預訂以來，我們對客戶的初步反應和早期需求感到鼓舞。該產品已經面世很長時間了，但我們相信客戶很快就會發現 Visium HD 非常值得等待。我們的目標是將 Visium HD 建立為轉換發現的平台。如果擁有一組具有表型資訊的樣本，則需要將其與分子資訊關聯以發現生物標記或進行其他任何操作，我們相信沒有比 Visium HD 更好的工具了。

At AGBT, we also unveiled GEM-X, a transformative new technology for our Chromium franchise. The first major overhaul to our chromium architecture since 2019, GEM-X features a completely reengineered microfluidic chip design with optimized reagents to enable superior performance at larger scale and lower cost.

在 AGBT 上，我們還推出了 GEM-X，這是 Chromium 特許經營的革命性新技術。 GEM-X 是自 2019 年以來對我們的鉻架構的首次重大改進，採用完全重新設計的微流控晶片設計和優化的試劑，可在更大規模和更低的成本下實現卓越的性能。

Later this quarter, we plan to launch the first 2 products on GEM-X, our highest volume assays Chromium single-cell gene expression V4 and chrome single-cell immune profiling V3. These products, which are exclusively available on the Chromium X series instruments deliver higher performance across the board and give customers important performance advantages that will immediately benefit their single cell research.

本季度晚些時候，我們計劃在 GEM-X 上推出首批 2 款產品，即我們最高容量的檢測 Chromium 單細胞基因表現 V4 和 chrome 單細胞免疫分析 V3。這些產品專門用於 Chromium X 系列儀器，可全面提供更高的性能，並為客戶提供重要的性能優勢，從而立即使他們的單細胞研究受益。

Let me highlight a few. First, we designed GEM-X to be even more robust than previous generations of Chromium products, delivering more consistent performance even with more challenging samples. GEM-X was substantially increased sensitivity, detecting up to 2x more genes compared to all market chromium assays. The new architecture greatly improves capture efficiency, recovering up to 80% of sales. GEM-X is also built to scale, enabling a twofold increase in cells captured per channel with improved assay robustness for faster and more efficient cell partitioning.

讓我重點介紹幾個。首先，我們設計的 GEM-X 比前幾代 Chromium 產品更強大，即使對於更具挑戰性的樣品也能提供更一致的性能。 GEM-X 的靈敏度大幅提高，與所有市場鉻檢測方法相比，檢測到的基因數量多出 2 倍。新架構大幅提升採集效率，回收銷售額高達80%。 GEM-X 也按比例構建，使每個通道捕獲的細胞數量增加了一倍，並提高了測定的穩健性，從而實現更快、更高效的細胞分配。

And finally, and this is quite important. Even with all of these performance advantages, the GEM-X assays are also more cost effective than ever before, reducing per reaction cost and delivering a more than twofold reduction in cost per cell. We believe there is significant price elasticity in single cell research, particularly as more researchers are exposed to these methods and existing users move towards larger and larger experiments.

最後，這一點非常重要。即使具有所有這些性能優勢，GEM-X 檢測也比以往更具成本效益，降低了每個反應的成本，並將每個細胞的成本降低了兩倍以上。我們認為單細胞研究存在顯著的價格彈性，特別是隨著越來越多的研究人員接觸這些方法以及現有用戶轉向越來越大的實驗。

In fact, we're seeing more customers use Flex multiplexing to scale their experiments as Chromium reaction growth outpaced revenue growth in 2023. We want to lean into this elasticity and make single cell analysis even more routine and accessible. That's why our long-term goal is to deliver high-performance single cell research for $100 per sample.

事實上，隨著 2023 年 Chromium 反應成長超過收入成長，我們看到越來越多的客戶使用 Flex 多重技術來擴展他們的實驗。我們希望利用這種彈性，使單細胞分析更加常規和易於使用。這就是為什麼我們的長期目標是以每個樣本 100 美元的價格提供高性能單細胞研究。

GEM-X is one of multiple planned steps in this direction, to drive prices lower, to support researchers, and expand opportunity for single cell analysis. We have a robust GEM-X roadmap ahead, including a comprehensive menu of high-performance assays and applications designed to deliver superior economics and drive broad adoption at large scale.

GEM-X 是朝這個方向規劃的多個步驟之一，旨在降低價格、支持研究人員並擴大單細胞分析的機會。我們前面有一個強大的 GEM-X 路線圖，包括高效能分析和應用程式的綜合菜單，旨在提供卓越的經濟效益並推動大規模廣泛採用。

In addition to GEM-X, we announced a number of new capabilities on the Chromium platform in response to our customers' most frequent requests. We're adding more workflow flexibility, including protocols for both upstream fixation and whole blood processing. And we're opening up new applications of Chromium Flex, including CRISPR screening and intracellular protein profiling.

除了 GEM-X 之外，我們還在 Chromium 平台上發布了許多新功能，以滿足客戶最頻繁的請求。我們增加了更多的工作流程彈性，包括上游固定和全血處理的方案。我們正在開發 Chromium Flex 的新應用，包括 CRISPR 篩選和細胞內蛋白質分析。

The investments we're making in the Chromium franchise to raise the bar and set a new standard for single cell analysis, underscore our confidence in growth opportunity ahead. We believe the momentum of our new products, along with the renewed commercial focus on Chromium will help invigorate the franchise and drive more robust performance in 2024 and beyond.

我們對 Chromium 特許經營權的投資旨在提高單細胞分析的標準並設立新標準，這突顯了我們對未來成長機會的信心。我們相信，新產品的勢頭以及對 Chromium 的重新商業關注將有助於振興該系列產品，並在 2024 年及以後推動更強勁的業績。

While Visium HD and GEM-X have been the big news to start the year, we're also executing on an extensive multiyear product road map for Xenium, including multi-model cell segmentation, a new add-on kit compatible with existing Xenium assays to improve the determination of cell boundaries, which is expected to launch this quarter.

雖然 Visium HD 和 GEM-X 是今年年初的重大新聞，但我們也正在為 Xenium 執行廣泛的多年產品路線圖，包括多模型細胞分割、與現有 Xenium 檢測兼容的新附加套件改進單元邊界的確定，預計將於本季推出。

We're planning to launch our 5,000-plus gene panel midyear, scaling up plugs by an order of magnitude, while delivering the really high-quality sensitivity, specificity and throughput customers have come to expect from Xenium.

我們計劃在年中推出 5,000 多個基因面板，將插頭擴大一個數量級，同時提供客戶期望從 Xenium 獲得的真正高品質的靈敏度、特異性和通量。

And later in the year, we expect to launch our integrated high-plex Xenium protein profiling capability, enabling researchers to get a large-scale RNA readout and after 20 proteins on the exact same tissue section in a single run. These new products will continue to push the boundaries of science yet this is only the beginning.

今年晚些時候，我們預計將推出整合的高複數 Xenium 蛋白質分析功能，使研究人員能夠在一次運行中獲得大規模 RNA 讀數，並在完全相同的組織切片上讀取 20 個蛋白質。這些新產品將繼續突破科學的界限，但這只是一個開始。

What is really exciting about Xenium is the amount of technological headroom that this platform has ahead. With tremendous runway for more applications, higher throughput and lower costs over the years. We can't wait to bring some of these capabilities to our customers.

Xenium 真正令人興奮的是該平台擁有的技術發展空間。多年來，我們擁有適合更多應用、更高吞吐量和更低成本的巨大跑道。我們迫不及待地想將其中一些功能帶給我們的客戶。

In each of our 3 platforms this year, we're introducing new franchise defining products, we will take our portfolio to the next level. We are confident that these are the right offerings to solidify our core platforms and drive growth for the long term. But we also recognize there may be near-term headwinds while customers take time to trial and later transition to these new tools. This warrants some conservatism around the pace of new product adoption.

今年，我們在 3 個平台中均推出了新的特許經營定義產品，我們將把我們的產品組合提升到一個新的水平。我們相信，這些是鞏固我們核心平台並推動長期成長的正確產品。但我們也意​​識到，客戶需要時間試用並隨後過渡到這些新工具，因此短期內可能會遇到阻力。這需要對新產品的採用速度保持一定的保守態度。

Our commercial team is excited and engaged to help customers navigate these product launches and deliver on the full promise of single cell and spatial biology. And while we're transitioning commercial leadership, I couldn't be more proud of how our team has stepped up and leaned to the opportunity that comes with this change. We recently held our Annual Global Commercial meeting, and the team's energy and enthusiasm was palpable, probably the highest I've ever seen at 10x.

我們的商業團隊很高興並致力於幫助客戶駕馭這些產品的發布並兌現單細胞和空間生物學的全部承諾。在我們轉變商業領導的同時，我對我們的團隊如何加強並抓住這一變化帶來的機會感到非常自豪。我們最近舉行了年度全球商業會議，團隊的活力和熱情是顯而易見的，可能是我在 10x 見過的最高的。

It's clear our team is ready to deliver on our priorities and evolve the organization for greater scale and impact. They understand we have work to do to get there. and they're fully rallied around our vision of creating a premier commercial organization that delivers superior execution and superior results.

很明顯，我們的團隊已準備好實現我們的優先事項並發展組織以擴大規模和影響力。他們知道我們還有很多工作要做才能實現這一目標。他們完全團結在我們的願景周圍，即創造一個一流的商業組織，提供卓越的執行力和卓越的成果。

With incredible new products in every franchise, the commercial team is primed to bring more balanced attention and focus across our portfolio as we continue to drive our mission and obsess over customer success. And part of our commitment to customer success is to ensure as many researchers as possible are aware of and have access to our leading portfolio of single cell and spatial tools.

憑藉每個特許經營權中令人難以置信的新產品，商業團隊已做好準備，在我們繼續推動我們的使命並專注於客戶成功的同時，為我們的產品組合帶來更加平衡的關注和關注。我們對客戶成功的承諾的一部分是確保盡可能多的研究人員了解並能夠使用我們領先的單細胞和空間工具組合。

Our goal is to drive broader adoption by reducing prices and make our technologies more accessible. We strongly believe in elasticity of demand for our products. And that means driving down costs along multiple vectors. Lower cost per cell, [purchaser] per sample per experiment per project. GEM-X is one step in this direction with more to come across all of our platforms as part of our long-term product road map.

我們的目標是透過降低價格來推動更廣泛的採用，並使我們的技術更容易獲得。我們堅信我們產品的需求彈性。這意味著沿著多個方向降低成本。每個細胞、每個項目每個實驗每個樣本的成本較低。 GEM-X 是朝著這個方向邁出的一步，作為我們長期產品路線圖的一部分，我們所有的平台上都會有更多的內容。

Let me wrap up by summarizing our priorities for 2024. First, we're laser-focused on ensuring the success of these new product launches. We believe we have set that bar high for their performance and capabilities. And we want to make sure all researchers are aware and understand the potential of (inaudible).

最後，我總結我們 2024 年的優先事項。首先，我們專注於確保這些新產品發布的成功。我們相信我們已經為他們的性能和能力設定了很高的標準。我們希望確保所有研究人員都意識到並理解（聽不清楚）的潛力。

Second, we plan to drive Chromium to higher rates of growth. We believe single-cell analysis is nowhere near fully penetrated, and that there are significant opportunities ahead, which our new products will help us capture. And finally, as I mentioned, we intend to maintain a strong focus on cash discipline.

其次，我們計劃推動 Chromium 實現更高的成長率。我們相信單細胞分析遠未完全普及，未來也存在重大機遇，我們的新產品將幫助我們抓住這些機會。最後，正如我所提到的，我們打算繼續高度重視現金紀律。

And before I turn it over to Justin, I'd like to say that while we're excited about new innovations, and what's in front of us in 2024, there are considerations related to year-over-year comparisons and product introductions that will affect this year's financial growth as Justin will address in his section.

在我把它交給賈斯汀之前，我想說，雖然我們對新的創新以及 2024 年我們面前的事情感到興奮，但也有一些與同比比較和產品介紹相關的考慮因素正如賈斯汀將在他的部分中談到的那樣，這將影響今年的財務成長。

We're focused on delivering in 2024 and are steadfast in maintaining a long-term orientation that has served us well since the earliest days of the company. The scope of ambitions requires us to take the long view. That's how we make decisions. That's how we innovate. That's how we think about value creation.

我們專注於在 2024 年實現目標，並堅定不移地保持長期發展方向，這種長期發展方向自公司成立之初就為我們提供了良好的服務。雄心壯志需要我們放眼長遠。這就是我們做出決定的方式。這就是我們創新的方式。這就是我們思考價值創造的方式。

And with that, let me turn it over to Justin.

接下來，讓我把它交給賈斯汀。

Thank you, Serge. I'll start by reviewing our financial results for the 3 months ended December 31, 2023. Then I'll review our financial results for the full year 2023, and I'll finish by discussing our outlook for 2024.

謝謝你，塞爾吉。我將首先回顧我們截至 2023 年 12 月 31 日的 3 個月的財務業績。然後我將回顧我們 2023 年全年的財務業績，最後我將討論我們對 2024 年的展望。

Total revenue for the quarter grew 18% year-over-year to $184 million, with no change from our previously announced preliminary results. Total consumables revenue was $140.3 million an increase of 7% over the prior year period. Chromium consumables revenue was $118.1 million, down 2% year-over-year and spatial consumables revenue was $22.2 million, up 95% year-over-year. Total instrument revenue was $38.4 million, an increase of 72% over the prior year period.

本季總營收年增 18%，達到 1.84 億美元，與我們先前公佈的初步結果沒有變化。消耗品總收入為 1.403 億美元，比上年同期成長 7%。 Chromium 耗材收入為 1.181 億美元，年減 2%，空間耗材收入為 2,220 萬美元，較去年同期成長 95%。儀器總收入為 3,840 萬美元，比上年同期成長 72%。

Chromium instrument revenue was $11.1 million, down 27% year-over-year. Spatial instrument revenue was $27.2 million compared to $7.1 million in the fourth quarter of 2022. Services revenue was $5.3 million, which increased 129% over the prior year period.

Chromium 儀器收入為 1,110 萬美元，年減 27%。太空儀器收入為 2,720 萬美元，而 2022 年第四季為 710 萬美元。服務收入為 530 萬美元，比上年同期成長 129%。

Looking at our revenue by geography. Americas revenue was $103.8 million, growing 21% over the prior year period. EMEA revenue was $50.6 million, growing 18% over the prior year period, and revenue in APAC was $29.5 million, a 7% increase year-over-year.

按地理位置查看我們的收入。美洲地區營收為 1.038 億美元，比上年同期成長 21%。歐洲、中東和非洲地區營收為 5,060 萬美元，年增 18%，亞太地區營收為 2,950 萬美元，年增 7%。

Turning to the rest of the income statement. Gross profit for the fourth quarter of 2023 was $115.8 million compared to a gross profit of $119.4 million for the prior year period. Gross margin for the fourth quarter was 63% compared to 76% for the fourth quarter of 2022. The decrease in gross margin was primarily due to a higher mix of Xenium instruments sold.

轉向損益表的其餘部分。 2023 年第四季的毛利為 1.158 億美元，去年同期毛利為 1.194 億美元。第四季的毛利率為 63%，而 2022 年第四季的毛利率為 76%。毛利率下降的主要原因是銷售的 Xenium 儀器組合增加。

Total operating expenses for the fourth quarter of 2023 were $171 million compared to $142.5 million for the fourth quarter last year. The increase was primarily driven by $19.6 million of nonrecurring in-process research and development expense related to a technology acquisition.

2023 年第四季的總營運費用為 1.71 億美元，而去年第四季為 1.425 億美元。這一成長主要是由與技術收購相關的 1,960 萬美元非經常性研發費用所推動的。

R&D expenses were $65.3 million compared to $63.6 million for the fourth quarter of 2022. The increase was primarily driven by higher personnel expenses and higher costs to support operational expansion.

研發費用為 6,530 萬美元，而 2022 年第四季為 6,360 萬美元。這一增長主要是由於人員費用增加和支持營運擴張的成本增加所致。

SG&A expenses were $86.1 million compared to $78.9 million for the fourth quarter of 2022, primarily driven by increased outside legal expenses, including success fees.

SG&A 費用為 8,610 萬美元，而 2022 年第四季為 7,890 萬美元，主要是由於外部法律費用（包括成功費用）增加所致。

Operating loss for the fourth quarter of 2023 was $55.2 million compared to a loss of $23.1 million for the fourth quarter of 2022. This includes $38.9 million of stock-based compensation compared to $41 million of stock-based compensation for the corresponding prior year period. Net loss for the period was $49 million compared to a net loss of $17.2 million for the fourth quarter of 2022. The increase in net loss includes and is primarily driven by $19.6 million in nonrecurring expense related to a technology acquisition.

2023 年第四季的營運虧損為 5,520 萬美元，而 2022 年第四季的虧損為 2,310 萬美元。其中包括 3,890 萬美元的股票薪酬，而去年同期的股票薪酬為 4,100 萬美元。該期間的淨虧損為 4,900 萬美元，而 2022 年第四季的淨虧損為 1,720 萬美元。淨虧損的增加包括並主要由與技術收購相關的 1,960 萬美元的非經常性費用推動。

I'll speak now to our full year results. Total revenue for the full year ended December 31, 2023, was $618.7 million, representing a 20% increase over full year 2022. Total consumables revenue for the year was $479.6 million, an increase of 10% over the prior year period. Chromium consumables revenue was $420.3 million, up 5% year-over-year, and spatial consumables revenue was $59.2 million, up 69% year-over-year. Total instrument revenue was $123.5 million, an increase of 71% over the prior year period. Chromium instrument revenue was $47.9 million, down 18% year-over-year. Spatial instrument revenue was $75.6 million compared to $13.8 million in 2022, which was driven by the incredibly strong traction we experienced with Xenium in its first full year.

我現在將談談我們的全年業績。截至 2023 年 12 月 31 日的全年總收入為 6.187 億美元，比 2022 年全年增長 20%。全年消耗品總收入為 4.796 億美元，比上年同期增長 10%。 Chromium耗材收入為4.203億美元，較去年成長5%，空間耗材收入為5,920萬美元，較去年同期成長69%。儀器總收入為 1.235 億美元，比上年同期成長 71%。 Chromium 儀器收入為 4,790 萬美元，較去年同期下降 18%。太空儀器收入為 7560 萬美元，而 2022 年為 1380 萬美元，這是由我們在 Xenium 第一年全年經歷的令人難以置信的強大吸引力推動的。

Services revenue was $15.7 million, an increase of 86% over the prior year. As of year-end, we have sold a cumulative total of 5,966 instruments across all 3 platforms, comprising 5,180 Chromium instruments, 531 Visium instruments and 255 Xenium instruments. In 2023, we sold 1,336 total instruments, increasing 29% from the prior year. During 2023, our customers bought over 347,000 reactions with the consumables products, up 9% from approximately 319,300 reactions in 2022.

服務收入為 1570 萬美元，比上年增長 86%。截至年底，我們在所有 3 個平台上累積銷售了 5,966 台儀器，其中包括 5,180 台 Chromium 儀器、531 台 Visium 儀器和 255 台 Xenium 儀器。 2023 年，我們共售出 1,336 台儀器，比上年增長 29%。 2023 年，我們的客戶購買了超過 347,000 個反應與消耗品產品，比 2022 年的約 319,300 個反應增加了 9%。

Broken out across our product platforms, customers bought approximately 312,000 Chromium reactions, up 7% year-over-year. 29,300 Visium reactions, up 3% year-over-year and 5,200 Xenium reactions. As a reminder, a consumable reaction is the reagent setup needed to perform an experiment using one of our solutions. We believe it is an important metric because it represents the unit volumes we sell to our customers.

在我們的產品平台上，客戶購買了約 312,000 個 Chromium 反應，比去年同期成長 7%。 29,300 個 Visium 反應，年增 3%，5,200 個 Xenium 反應。提醒一下，消耗性反應是使用我們的解決方案進行實驗所需的試劑設定。我們認為這是一個重要的指標，因為它代表了我們向客戶銷售的單位數量。

Looking at our regional results for the full year 2023. Americas revenue was $373.2 million, growing 27% over the prior year period. EMEA revenue was $142.3 million, growing 22% over the prior year period. And revenue in APAC was $103.3 million, a 2% decrease year-over-year. Gross profit for 2023 was $409.3 million compared to a gross profit of $396 million for 2022. Gross margin for 2023 was 66% compared to 77% for 2022. The decrease in gross margin was primarily due to changes in product mix due to a higher number of Xenium instruments sold.

看看我們 2023 年全年的區域業績。美洲營收為 3.732 億美元，比上年同期成長 27%。歐洲、中東和非洲地區營收為 1.423 億美元，比上年同期成長 22%。亞太地區營收為 1.033 億美元，年減 2%。 2023 年的毛利為4.093 億美元，而2022 年的毛利為3.96 億美元。2023 年的毛利率為66%，而2022 年為77%。毛利率下降主要是由於數量增加導致產品結構變化.售出的 Xenium 儀器。

Total operating expenses for 2023 were $674.6 million compared to $564 million for 2022. The increase was primarily driven by $61 million of in-process research and development expense related to an agreement to acquire certain intangible and other assets earlier this year and higher personnel expenses, including stock-based compensation expense.

2023 年的總營運費用為6.746 億美元，而2022 年為5.64 億美元。這一增長主要是由於與今年早些時候收購某些無形和其他資產的協議相關的6100 萬美元的正在進行的研發費用以及更高的人員費用，包括股票補償費用。

R&D expenses for 2023 were $270.3 million compared to $265.7 million for 2022. The increase was primarily attributable to increased personnel-related costs and higher costs for facilities and information technology.

2023 年的研發費用為 2.703 億美元，而 2022 年為 2.657 億美元。增加的主要原因是人員相關成本增加以及設施和資訊科技成本增加。

SG&A expenses for 2023 were $343.3 million compared to $298.3 million for the prior year. The increase was primarily driven by increased outside legal expenses, personnel-related costs, including stock-based compensation expenses, and increased facilities and information technology costs.

2023 年的銷售管理及行政費用為 3.433 億美元，而前一年為 2.983 億美元。這一增長主要是由於外部法律費用、人員相關成本（包括股票薪酬費用）以及設施和資訊技術成本的增加。

Operating loss for 2023 was $265.3 million compared to a loss of $167.9 million for 2022. Net loss for 2023 was $255.1 million compared to a net loss of $166 million for 2022. For 2023, operating loss and net loss both include $61 million of nonrecurring expense related to the technology acquisition. We ended 2023 with $388.7 million in cash and cash equivalents and marketable securities. I'm proud to share that in Q4, we hit our goal of achieving free cash flow positive, meaning cash flows from operating activities exceeded capital expenditures.

2023 年的營運虧損為2.653 億美元，而2022 年的虧損為1.679 億美元。2023 年的淨虧損為2.551 億美元，而2022 年的淨虧損為1.66 億美元。2023 年的營運虧損和淨虧損均損均包括6,100 萬美元的非經常性費用與技術取得有關。截至 2023 年末，我們擁有 3.887 億美元的現金和現金等價物以及有價證券。我很自豪地與大家分享，在第四季度，我們實現了實現自由現金流為正的目標，這意味著經營活動產生的現金流超過了資本支出。

In Q4, we generated over $20 million of free cash flow. For full year 2023 excluding acquisitions and net of restricted cash, we were cash breakeven. Net of restricted cash, our cash burn for 2023 was $41.3 million, and that included $41.3 million of cash payments related to the aforementioned technology acquisition. Our teamwork and diligence in controlling spend is paying off, and we ended the year on strong financial footing.

第四季度，我們產生了超過 2000 萬美元的自由現金流。 2023 年全年，不包括收購和限制性現金，我們實現了現金收支平衡。扣除限制性現金後，我們 2023 年的現金消耗為 4,130 萬美元，其中包括與上述技術收購相關的 4,130 萬美元現金支付。我們在控制支出方面的團隊合作和努力正在取得回報，我們以強勁的財務基礎結束了這一年。

Turning to our outlook for 2024, we expect full year revenue to be in the range of $670 million to $690 million, representing growth of 8% to 12% over full year 2023. With this outlook, there are a few key factors to consider. First is the impact of our new products, which we announced at the JPMorgan conference earlier this year and at AGBT last week.

談到我們對 2024 年的展望，我們預計全年營收將在 6.7 億至 6.9 億美元之間，比 2023 年全年增長 8% 至 12%。根據這一展望，有幾個關鍵因素需要考慮。首先是我們新產品的影響，我們在今年稍早的摩根大通會議和上週的 AGBT 上宣布了這些產品。

Our new Chromium GEM-X technology and our Visium HD product are exciting innovations. That said, and generally expected for major product updates like these, we are anticipating some temporary headwinds while customers evaluate, test and train as part of the transition to these new products. Both of these transitions are expected to start this quarter and we do not expect to see as large a customer stock up on either the legacy or newly introduced products at quarter end. Thus, the biggest impact should be in Q1.

我們的新 Chromium GEM-X 技術和 Visium HD 產品是令人興奮的創新。也就是說，對於此類重大產品更新，我們預計在客戶評估、測試和培訓作為向這些新產品過渡的過程中會出現一些暫時的阻力。這兩項過渡預計將於本季開始，我們預計在季度末不會看到大量客戶囤積舊產品或新推出的產品。因此，最大的影響應該是在第一季。

Second, with respect to Xenium, Q3 and Q4 of last year, we saw a large number of placements with nearly 180 placements over those 2 quarters. As a reminder, we took a price increase at the start of Q4. We believe that combined with the year-end CapEx budget dynamics likely pulled forward about a quarter to 1.5 quarter of demand into 2023. And as a result, we expect to see a more pronounced step-down in placements to start the year.

其次，就Xenium而言，去年第三季和第四季度，我們看到了大量的安置，這兩個季度的安置數量接近180個。提醒一下，我們在第四季初就進行了價格上漲。我們認為，結合年底的資本支出預算動態，可能會將需求提前約四分之一到 1.5 個季度到 2023 年。因此，我們預計年初的佈局將出現更明顯的下降。

Finally, and as I have explained before, our guidance philosophy is to anchor on the midpoint of the range with balanced upsides and downsides. The midpoint of our guidance range incorporates the above factors, and we'll need to see how these transitions play out over the next couple of quarters.

最後，正如我之前所解釋的，我們的指導理念是錨定區間的中點，平衡上行與下行。我們的指導範圍的中點包含了上述因素，我們需要看看這些轉變在接下來的幾季中如何發揮作用。

For the rest of the year, we believe we have a number of potential upsides. First is the upside of balancing our commercial efforts across all 3 platforms with increased focus on driving Chromium growth. Second is the upside in Xenium instrument placements. While the sales cycle is longer than our other products, we have a large funnel of opportunities. Third is the upside related to Visium HD, where there is potential for quicker adoption overall and the benefit of driving increased CytAssist placements.

在今年剩餘時間裡，我們相信我們有許多潛在的優勢。首先是平衡我們在所有 3 個平台上的商業努力並更加重視推動 Chromium 成長的好處。其次是 Xenium 工具佈局的優勢。雖然銷售週期比我們其他產品長，但我們擁有大量機會。第三是與 Visium HD 相關的優勢，整體上有可能更快採用，並有利於推動 CytAssist 投放量的增加。

When looking out over the next 12 months, we are anticipating about $20 million to $25 million of total capital expenditures, down from almost $50 million in 2023 and $132 million in 2022. As Serge mentioned earlier, we have now made many of the significant capital expenditures for the state of growth.

展望未來12 個月，我們預計總資本支出約為2,000 萬至2,500 萬美元，低於2023 年的近5,000 萬美元和2022 年的1.32 億美元。正如Serge 之前提到的，我們現在已經完成了許多重要資本成長狀態的支出。

As I mentioned earlier, we hit our goal of achieving free cash flow positive in Q4. Given the seasonality of our business and a milestone payment related to Visium HD that was accrued in December and paid in January, we do not expect to achieve the same in Q1, but we will maintain discipline in 2024.

正如我之前提到的，我們在第四季實現了實現正自由現金流的目標。考慮到我們業務的季節性以及與 Visium HD 相關的里程碑付款（於 12 月累計並於 1 月支付），我們預計第一季不會實現同樣的目標，但我們將在 2024 年保持紀律。

Overall, we believe we have a great setup to drive positive cash flow for the year while making targeted investments to continue driving growth. Our goal is to self-fund our innovation and scale by investing cash generated back into our business.

總的來說，我們相信我們有一個很好的設置來推動今年的正現金流，同時進行有針對性的投資以繼續推動成長。我們的目標是透過將產生的現金投資回我們的業務來為我們的創新和規模自籌資金。

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

此時，我會將其轉回給 Serge。

Thanks, Justin. We often talk about the enormous complexity of biology. This complexity is what makes it so challenging to understand biology and to advance human health. But the extent of the challenge also means that there are vast opportunities ahead of us. As a core, 10x is fundamentally about growth and impact. Our innovation engine has consistently delivered transformational technologies that have enabled our customers to expand the frontiers of science and have a profound impact on society. In fact, a customer recently told us that our technologies aren't just unraveling biology. They are unearthing opportunities to create hope.

謝謝，賈斯汀。我們經常談論生物學的巨大複雜性。這種複雜性使得理解生物學和促進人類健康如此具有挑戰性。但挑戰的嚴重程度也意味著眼前有巨大的機會。作為核心，10x 從根本上講是關於成長和影響。我們的創新引擎不斷提供變革性技術，使我們的客戶能夠拓展科學前沿並對社會產生深遠影響。事實上，一位客戶最近告訴我們，我們的技術不僅僅是解開生物學的謎團。他們正在挖掘創造希望的機會。

We see this as a powerful responsibility and a guiding force for our team, who work tirelessly every day to support science and scientists around the world. I am so grateful for our team's drive and determination as we remain bold, ambitious and disciplined in pursuit of our mission.

我們認為這是我們團隊的強大責任和指導力量，我們的團隊每天都在不知疲倦地工作，並支持世界各地的科學和科學家。我非常感謝我們團隊的動力和決心，我們在追求使命的過程中保持大膽、雄心勃勃和自律。

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) Your first question comes from the line of Dan Brennan with TD Cowen.

（操作員說明）您的第一個問題來自 Dan Brennan 和 TD Cowen 的線路。

Congrats on the quarter. Maybe just to level set the guide, could you give some more color on the components, namely single cell and spatial. If you want to give color on instruments at consumables, that would be helpful as well. And then I have a follow-up.

恭喜本季。也許只是為了水平設定指南，您可以在組件上提供更多顏色，即單細胞和空間。如果您想為消耗品的儀器上色，這也會很有幫助。然後我有一個後續行動。

Dan, thanks for the question. As far as the guide goes, we're guiding to total revenue, and we're not planning on breaking that out by product line. But I can give you some color as far as how we're thinking about instruments for the various platforms.

丹，謝謝你的提問。就指南而言，我們正在指導總收入，並且我們不打算按產品線進行細分。但我可以告訴您一些關於我們如何考慮適用於各種平台的工具的資訊。

For Chromium, we're built into the midpoint of our guidance range as Chromium instruments being roughly flat year-over-year, but with higher weighting towards the iX, so a slight decline in revenue.

對於 Chromium，我們將其置於指導範圍的中點，因為 Chromium 工具同比大致持平，但 iX 的權重較高，因此收入略有下降。

For Visium, we're expecting instruments to be slightly down year-over-year. And that's due to what we've done over the past year about messaging that the future of Visium is on the CytAssist with all the customers getting ready for HD.

對於 Visium，我們預計儀器數量將比去年同期略有下降。這是由於我們在過去一年中所做的工作，傳達了 Visium 的未來在於 CytAssist，所有客戶都為高清做好了準備。

And on Xenium, even though we have a healthy funnel, we talked about in the prepared remarks, the pull forward of orders that we saw in Q3 and Q4. And I do expect the biggest impact of that will be in Q1 with some impact in Q2, but then ramping gradually from there.

在 Xenium 上，儘管我們有一個健康的管道，但我們在準備好的評論中談到了我們在第三季和第四季看到的訂單提前。我確實預計，最大的影響將出現在第一季度，第二季度會產生一些影響，但隨後會逐漸增加。

In the prepared remarks, we did -- I did talk about how we expected maybe a quarter to 1.5 quarters of demand was pulled forward into Q3 and Q4. And so if you do the math on that, it would imply roughly an ongoing demand assumed at the midpoint of our guidance range of about 50 to 75 instruments per quarter. So we expect to start off at the beginning of the year at the lower end of that range and then ramp to the high end in Q4.

在準備好的發言中，我們確實談到了我們如何預計將四分之一到 1.5 個季度的需求提前到第三季和第四季。因此，如果您對此進行數學計算，則大致意味著我們的指導範圍中點假設的持續需求約為每季 50 至 75 種工具。因此，我們預計將在今年年初從該範圍的低端開始，然後在第四季度升至高端。

Got it. And I know you're not going to give -- you gave some of the color on the single cell instruments. But just more broadly, given the way the year ended, I mean that there's a lot of excitement, obviously, on spatial, but getting some visibility on how you're thinking about single cell would be really helpful more broadly.

知道了。我知道你不會給出——你給了單細胞儀器上的一些顏色。但更廣泛地說，考慮到今年的結束方式，我的意思是，顯然，在空間方面有很多令人興奮的事情，但了解你如何思考單細胞將在更廣泛的範圍內真正有幫助。

So just you guys grew 2% in 2023. Even though instruments like should you grow -- I assume you should grow faster this year? Could you just give any color about some of the initiatives to kind of accelerate growth in single cell?

所以，你們在 2023 年成長了 2%。即使像「你們應該成長嗎？」這樣的工具——我認為你們今年應該成長得更快？您能否對一些加速單細胞生長的舉措進行一些說明？

Yes, Dan, I'll take the first part of that question, and then we can turn up to Serge for more color. But as far as the guide goes, for Chromium, keep in mind that we're assuming this transition to GEM-X that has a 10% price decrease. And then also the impacts that I've talked about with the product transitions, particularly around the end of Q1 with our customers are transitioning from the legacy product to the new product.

是的，丹，我將回答這個問題的第一部分，然後我們可以向 Serge 尋求更多資訊。但就指南而言，對於 Chromium，請記住，我們假設向 GEM-X 的過渡會導致價格下降 10%。然後，我也談到了產品過渡的影響，特別是在第一季末，我們的客戶正在從舊產品過渡到新產品。

I gave you the color on instruments. But overall, even with the 10% price decrease on GEM-X, we are still assuming growth for Chromium at the midpoint of our range overall.

我給了你樂器上的顏色。但總的來說，即使 GEM-X 的價格下降了 10%，我們仍然假設 Chromium 的成長處於我們整體範圍的中點。

Yes, Dan, And I do -- to emphasize what we talked about in the prepared remarks, and we -- and the message we've been putting out there for a number of years now. We have strong conviction that ultimately, every tissue sample will need to be analyzed with single cell context. Obviously, we're very far from that right now. And so we have a strong conviction that there is a long-running opportunity in front of us of robust growth. And a big part of it is making our products easier to use, improving workflow, adding features, make an analysis easier, but also lowering the price to drive into the elasticity of demand to reach broader and broader markets.

是的，丹，我確實強調我們在準備好的發言中討論的內容，以及我們多年來一直在其中傳達的訊息。我們堅信，最終每個組織樣本都需要在單細胞背景下進行分析。顯然，我們現在離這個目標還很遠。因此，我們堅信，我們面前有一個強勁成長的長期機會。其中很大一部分是使我們的產品更易於使用，改進工作流程，添加功能，使分析更容易，同時降低價格以提高需求彈性，從而進入越來越廣泛的市場。

And this year, in particular, with introductions of new products, what we've been doing previously with Flex, we expect to really lean into this elasticity and drive broader adoption, which will set us up well, first year, but also importantly, beyond as well.

特別是今年，隨著新產品的推出，我們之前一直在Flex 上所做的事情，我們希望真正依靠這種彈性並推動更廣泛的採用，這將為我們在第一年做好準備，但也很重要，超越也是。

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

你的下一個問題來自 Dan Arias 和 Stifel 的線路。

Justin, on Xenium, the consumables contribution looked like it stepped up nicely this quarter. What were the drivers there? I assume some of that was maybe related to stocking orders, but you also placed 80 systems last quarter, and we didn't see the same type of move. So it seems like that's at least partly due to the way the usage is ramping, but would just love to hear your thoughts there.

Justin，在 Xenium 上，消耗品的貢獻看起來本季有了很好的成長。那裡的司機是什麼？我認為其中一些可能與庫存訂單有關，但上個季度你們也放置了 80 個系統，我們沒有看到相同類型的變動。因此，這似乎至少部分是由於使用量的增加所致，但我很想聽聽您的想法。

Dan, thanks for the question. Really, it's due to both. You've got the compounding effect quarter-over-quarter of instruments that have been placed earlier in the year that are now getting to doing their reorder. But when you have a quarter like Q3 followed by a quarter like Q4, between those 2 quarters was nearly 180 Xenium instruments sold in total. And so the bulk of that is coming from the stocking orders of orders that are going out with an instrument placement. But then Q4, is having some compounding effects from the previous quarters where they're getting to the reorder point.

丹，謝謝你的提問。確實，兩者都有原因。今年早些時候放置的儀器現在正在重新訂購，您已經獲得了季度與季度的複合效應。但是，如果先有一個像第三季度這樣的季度，然後又像第四季度這樣的季度，那麼這兩個季度之間總共售出了近 180 台 Xenium 儀器。因此，其中大部分來自透過儀器配售發出的庫存訂單。但第四季度，他們達到了再訂購點，受到前幾季的一些複合影響。

Okay. And then maybe just on Chromium consumables. When you look at the performance in the quarter, and the sequential step down in growth, as you dug into that a little bit. I'm just curious if you have a sense for -- is that -- has that been due more to shorter-term purchasing behavior around things like pricing changes and budgets versus something more structural?

好的。然後也許只是鉻消耗品。當您查看本季度的業績以及成長的連續下降時，您會對此進行深入研究。我只是好奇你是否有這樣的感覺——這是否更多是由於圍繞價格變化和預算等問題的短期購買行為而不是更具結構性的因素？

And then maybe relatedly, you threw this 7% growth number out for reactions. What should we do with that? I mean, how do we think about next year in the context of reactions because it is a little bit of an abstract idea, especially when we're thinking about these new products that you have?

然後也許相關的是，你把這個 7% 的成長數字扔掉以供反應。我們該怎麼辦？我的意思是，我們如何在反應的背景下考慮明年，因為這是一個有點抽象的想法，特別是當我們考慮你們擁有的這些新產品時？

Yes, Dan, let me take on that question around sort of the quarter and the Chromium consumables in the quarter. So there's sort of two main things that we saw happen on the Chromium side in Q4. One is sort of around seasonality, which incorporates budget pressures, sort of budget flush dynamics and differences in price increases from year to year. Last year or this year, our price increased on Chromium is actually the smallest. It has been in a number of years and substantially smaller than it was the year before. So there wasn't nearly as much of an incentive for people to kind of stock up on Chromium reagents in Q4.

是的，Dan，讓我圍繞本季和本季的 Chromium 消耗品來回答這個問題。因此，我們在第四季度看到 Chromium 方面發生了兩件主要事情。一個是季節性，其中包括預算壓力、預算充裕動態以及每年價格上漲的差異。去年或者今年，我們對Chromium的漲價其實是最小的。已經有很多年了，而且比前一年小得多。因此，人們在第四季儲備鉻試劑的動力並沒有那麼大。

The other big thing is, like we talked about before, just generally commercial focus and execution. Our team throughout last year, it was very much focused on spatial, especially on Xenium. And in terms of building out the funnels and in terms of customers where they're spending their time, very much was there, and somewhat at the expense of Chromium.

另一件大事是，就像我們之前談到的那樣，只是一般的商業關注和執行。去年我們的團隊非常關注空間，尤其是 Xenium。在建立管道以及客戶花費時間的方面，有很多，但在某種程度上是以犧牲 Chromium 為代價的。

To a smaller extent, there also has been an increase in competitive offerings out there. More companies kind of going to our customers and offering sharply discounted products or products for free. And it's largely been similar dynamic to what we have talked about before where certainly our customers are always looking to try new technologies. And these trials do add some amount of friction to the sales process.

在較小程度上，競爭產品也有所增加。越來越多的公司向我們的客戶提供大幅折扣的產品或免費的產品。這在很大程度上與我們之前討論過的動態類似，我們的客戶當然總是希望嘗試新技術。這些試驗確實為銷售過程增加了一些摩擦。

And -- but by and large, customers have been coming back to us because our products -- due to the superiority of the products, much better data quality, much better workflow, much greater breadth of applications, much greater support, customer support, commercial support, and that is really our goal. As I mentioned earlier, is to keep investing in innovation, keep them driving forward to make sure that our customers are always seeing us as by far the most compelling choice for single cell analysis.

而且- 但總的來說，客戶已經回到我們身邊，因為我們的產品- 由於產品的優越性，更好的數據質量，更好的工作流程，更廣泛的應用程序，更多的支持，客戶支持，商業支持，這確實是我們的目標。正如我之前提到的，就是繼續投資於創新，讓他們繼續前進，以確保我們的客戶始終將我們視為迄今為止單細胞分析最引人注目的選擇。

Your next question comes from the line of Doug Schenkel with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Doug Schenkel。

First, a question on the early part of this year, and then I want to follow up with a bigger picture question.

首先是今年年初的一個問題，然後我想提出一個更大的問題。

So in terms of what you're seeing in terms of customer behavior, customer response since the launch of GEM-X and Visium HD, I know GEM-X is I think that may have only been last week. But I'm just wondering, are you seeing anything to suggest that these announcements are going to open up new accounts? Are they opening up different customer groups? Anything you could share on the early -- in the early going would be, I think, of interest to all of us.

因此，就您所看到的客戶行為以及自 GEM-X 和 Visium HD 推出以來的客戶反應而言，我認為 GEM-X 可能只是上週才出現的情況。但我只是想知道，您是否看到任何跡象表明這些公告將開設新帳戶？他們是否開拓了不同的客戶群？我認為，您可以在早期分享的任何內容都會引起我們所有人的興趣。

I think, Doug, it's too early to comment on that. It is right, like the year started with like really exciting launches. We announced the preorders for Visium HD. And just last week, we announced to the world for the first time, the coming of GEM-X.

道格，我認為現在對此發表評論還為時過早。是的，就像今年伊始就推出了非常令人興奮的產品一樣。我們宣布了 Visium HD 的預訂。就在上週，我們首次向全世界宣布了 GEM-X 的到來。

These products will first very naturally gain traction with our existing customer base. And we're certainly seeing that both in terms of the reaction because those are the people that want to be more so aware of them, and both -- in terms of where our sales -- where our commercial team will naturally turn attention to, and the reaction has been great.

這些產品首先會自然地吸引我們現有的客戶群。我們當然看到了這一點，無論是在反應方面，還是因為這些人希望更多地了解它們，而且在我們的銷售方面，我們的商業團隊自然會關注這些方面，反應非常好。

As I've talked about, Visium HD is a huge advance over what came before. And GEM-X has a number of advances that are precisely along the lines what customers have been looking for, greater sensitivity, greater cell recovery efficiency, throughput, cost and greater robustness.

正如我所談到的，Visium HD 比之前的產品有了巨大的進步。 GEM-X 擁有許多進步，這些進步正是客戶一直在尋求的：更高的靈敏度、更高的細胞恢復效率、吞吐量、成本和更強的穩健性。

I would say that by virtue of these advances as well, we do expect that ultimately, more customers will enter the ecosystem because these products are more amenable to do more sample types, to gaining more information content of customer samples, but it's way too early to talk to that now based on sort of empirical data and the initial customer reactions.

我想說的是，憑藉這些進步，我們確實期望最終會有更多的客戶進入生態系統，因為這些產品更適合做更多的樣品類型，獲得更多的客戶樣品資訊內容，但現在還為時過早現在根據一些經驗數據和最初的客戶反應來討論這個問題。

Okay. That makes sense, Serge. So the bigger picture question, and maybe I'm being unfair because I may be asking you to do our job for us a little bit here. But -- the stock closed at, I think, 8 to 9x the midpoint of revenue guidance. In the current environment, that's pretty robust. 10% growth year-over-year and the top line is solid. But arguably, it's not a slam dunk to support the valuation or certainly upside from current levels.

好的。這是有道理的，塞爾日。所以更大的問題，也許我不公平，因為我可能會要求你在這裡為我們做一點我們的工作。但是，我認為該股的收盤價是收入指導中點的 8 到 9 倍。在當前環境下，這是相當穩健的。年增 10%，營收穩定。但可以說，這並不是支撐估值的灌籃，也不是從當前水準肯定會上漲。

So if we kind of think back over the years and just normalize for boom and bust cycles, you've always garnered a premium multiple based on your growth profile. And related to that, your ability to keep opening up new markets, new opportunities based on your innovation. For those that might be waited to bring a bit, what can you share on guidance philosophy entering this year? And also on the product pipeline, single cell, spatial, and I think importantly beyond that can help folks not waver and believe that the 10x of the future is still very much like the 10x of the past.

因此，如果我們回顧這些年來，並根據繁榮和蕭條週期進行正常化，您總是會根據您的成長獲得溢價倍數。與此相關的是，您基於創新不斷開拓新市場、新機會的能力。對於那些可能需要等待的人，您可以分享今年進入的指導理念嗎？而且在產品管道、單細胞、空間方面，我認為重要的是，除此之外，可以幫助人們不要動搖，並相信未來的 10 倍仍然與過去的 10 倍非常相似。

Yes. So let me start here and maybe Justin can touch a little bit on guidance philosophy. So fundamentally, as I said, as we've been saying, we do believe that ultimately all samples, anything that starts with cells, anything that starts with tissues, needs to be analyzed with single cell contacts with spatial resolution. And we have built the products, the platforms to enable that vision, to enable that future.

是的。那麼讓我從這裡開始，也許賈斯汀可以談談指導哲學。因此，從根本上說，正如我所說，正如我們一直在說的，我們確實相信最終所有樣本，任何從細胞開始的東西，任何從組織開始的東西，都需要通過具有空間分辨率的單細胞接觸進行分析。我們已經建立了產品和平台來實現這個願景和未來。

Our product development innovation engine has been -- has demonstrated we shown the ability to launch new platforms and new products, and in fact, I think sitting here right now I can say with full confidence, it's as strong or stronger than it has ever been. And we have announced a number of products just this last month. There's way more in the pipeline. There's a lot more capabilities, a lot more products that are coming, and that is to drive towards that long-term vision. And we feel like the market -- the runway for the market is really, really long and really robust, and we have every opportunity to take full advantage of these big opportunities in front of us.

我們的產品開發創新引擎已經證明我們有能力推出新平台和新產品，事實上，我認為現在坐在這裡我可以充滿信心地說，它比以往任何時候都更強大或更強。就在上個月，我們發布了一些產品。還有更多的事情正在醞釀。更多的功能、更多的產品即將推出，這是為了推動長期願景。我們感覺到市場——市場的跑道真的非常長而且非常強勁，我們有一切機會充分利用擺在我們面前的這些巨大機會。

So I would say, to the same extent that we have created these markets before through fundamental technology innovation that story is still very much employed. In fact, we feel strongly -- more strongly about it than ever in the past.

所以我想說，就像我們之前透過基礎技術創新創造了這些市場一樣，這個故事仍然被廣泛使用。事實上，我們對此的感受比以往任何時候都更加強烈。

And Doug, as far as our guidance philosophy, what I'll say is that we call out what we're seeing today, and we don't want to get too aggressive around things that we're not seeing yet. So in this case, we're anchored at the midpoint of our range. We've got a balanced view of upsides and downsides.

道格，就我們的指導理念而言，我要說的是，我們要指出我們今天所看到的情況，我們不想在我們尚未看到的事情上過於激進。因此，在這種情況下，我們錨定在範圍的中點。我們對優點和缺點有一個平衡的看法。

But then we've also called out upsides that I spoke to earlier in the prepared remarks. And so those were -- the first was the results of balancing our commercial efforts across all 3 platforms with increased focus on driving Chromium growth. So that result -- the result of doing that is not built in. I would consider that an upside.

但我們也指出了我之前在準備好的發言中談到的好處。首先是平衡我們在所有 3 個平台上的商業努力並更加重視推動 Chromium 成長的結果。所以這個結果——這樣做的結果不是內建的。我認為這是一個好處。

And then the second one was the upside in Xenium instrument placements as we get through the first couple of quarters. And the third is the upside on Visium HD and then quicker adoption with the potential for that driving more CytAssist placements yet or more CytAssist placements in addition, but that's not built in yet. And so as the year progresses, and we see how we progressed towards these upsides. We'll update as appropriate if appropriate.

第二個是當我們度過前幾季時，Xenium 工具佈局的上行空間。第三個是 Visium HD 的優點，然後是更快的採用，有可能推動更多的 CytAssist 展示位置或更多的 CytAssist 展示位置，但這還沒有內建。隨著時間的推移，我們將看到我們如何在這些積極方面取得進展。如果合適的話我們會酌情更新。

Your next question comes from the line of Kyle Mikson with Canaccord Genuity.

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

Just going back to the product transition dynamics to Visium HD into GEM-X, could you just walk through that in more detail? Like is that just a like a tough switch or a customer is going to -- like could it be hesitant to kind of stick with you guys and kind of evaluate other options in single cell or spatial profiling. And is there any risk that could kind of impact the Xenium traction or momentum or those businesses just totally not -- they're just independent at this point?

回到從 Visium HD 到 GEM-X 的產品過渡動態，您能更詳細地介紹一下嗎？就像一個艱難的轉變或客戶將會一樣 - 就像它是否會猶豫是否要堅持與你們合作並評估單細胞或空間分析中的其他選項。是否有任何風險可能會影響 Xenium 的吸引力或勢頭，或者那些業務完全不會——它們目前只是獨立的？

Yes. So let me expand a little bit on this. So for both Visium HD and GEM-X, I think these are very natural upgrades and transitions for our customers. With each deal, we emphasize that the workflow is very similar to what we have now established with HD and that workflow has -- is a much improved version relative to what we started years ago, and it's something that has resonated with our customers. It runs on the same CytAssist instrument that our customers have. So we see that as a very natural progression for our customers.

是的。讓我對此進行一些擴充。因此，對於 Visium HD 和 GEM-X 來說，我認為這些對我們的客戶來說都是非常自然的升級和過渡。對於每筆交易，我們都強調工作流程與我們現在使用 HD 建立的工作流程非常相似，並且該工作流程相對於我們幾年前開始的工作流程有很大改進，並且引起了我們客戶的共鳴。它在我們客戶擁有的相同 CytAssist 儀器上運行。因此，我們認為這對我們的客戶來說是一個非常自然的進步。

That said, there's always some amount of friction in for turning one way and deciding when to finish your projects, your existing projects on standard on the current products, and when -- and which ones to pick up on Visium HD. We also expect people to before kind of jumping in at large scale with Visium HD to order some reagents and smaller quantities to test it out to benchmark it.

也就是說，在轉變方向並決定何時完成您的專案、目前產品標準上的現有專案、何時以及在 Visium HD 上選擇哪些專案時，總是會存在一定的摩擦。我們也預計人們在大規模使用 Visium HD 之前會訂購一些試劑和少量的試劑來進行測試以進行基準測試。

So we fully expect the customers will stay fully within the 10x ecosystem, but it will take some amount of time to kind of turn over a transition and decide when and where to transition on to the HD.

因此，我們完全希望客戶能夠完全留在 10x 生態系統內，但需要一些時間來完成過渡並決定何時何地過渡到高清。

Similar dynamic on the GEM-X side, again, it runs on existing Chromium iX series instruments. The workflow is similar to what they would be doing with the current assays, just better. The data is similar, just better. Everything is just sort of better.

GEM-X 方面也有類似的動態，它同樣在現有的 Chromium iX 系列儀器上運作。工作流程與他們在當前檢測中所做的類似，只是更好。數據相似，只是更好。一切都變得更好了。

So we do expect them to naturally transition to the GEM-X architecture. But again, there's going to be the same amount of friction where people will first order these reagents to test them to benchmark them before deciding which studies to transition one onto the new architecture...

所以我們確實希望他們自然地過渡到 GEM-X 架構。但同樣，在決定將哪些研究轉移到新架構之前，人們會先訂購這些試劑來測試它們以對其進行基準測試，這會存在同樣多的摩擦...

And just to add to that, the impact on revenue throughout the year. We do think the biggest impact with the transition is going to be in Q1. I mean these transitions are going to be executed throughout the year. But as far as seasonality goes, when you look at what we would expect Q1 to be in relation to the midpoint of our guidance range, I would expect somewhere in between 20% to 22% of the annual revenue would be in Q1 as a result of these transitions.

除此之外，還有對全年收入的影響。我們確實認為轉型帶來的最大影響將出現在第一季。我的意思是這些過渡將在全年執行。但就季節性而言，當你看看我們預期第一季相對於我們指導範圍中點的情況時，我預計年收入的 20% 至 22% 會出現在第一季這些轉變。

Okay. That's interesting. Going back to single cell [USSD] of demand, when Next GEM was introduced in 2019, I think that was due to IP litigation stuff, I'm not sure if that was price reduction -- there was a price reduction associated with that. But Chromium consumables has grown 20% CAGR since then, possibly catalyzed by that Next GEM release. Do you think that the GEM-X introduction and the price decrease here could similarly kind of reaccelerate Chromium consumables because that's growing like single digits the past 2 years.

好的。那很有意思。回到單細胞 [USSD] 的需求，當 Next GEM 在 2019 年推出時，我認為這是由於智慧財產權訴訟的原因，我不確定這是否是降價——與之相關的是降價。但自那時起，Chromium 消耗品的複合年增長率達到了 20%，這可能是受到 Next GEM 版本的推動。您是否認為 GEM-X 的推出和這裡的價格下降可能會類似地重新加速 Chromium 消耗品的發展，因為在過去的兩年裡它的增長速度約為個位數。

Yes. So Next GEM didn't actually lower the price back when we launched it. As far as GEM-X price reductions are concerned, we do fully expect that over time, it will lead to higher demand, more reactions and ultimately more revenue for sure.

是的。所以當我們推出 Next GEM 時，它實際上並沒有降低價格。就 GEM-X 降價而言，我們完全預計，隨著時間的推移，這將帶來更高的需求、更多的反應，並最終肯定會帶來更多的收入。

We have some evidence of that dynamic based on the progression of customer accounts with Flex assays where as customers transition to higher levels of flexing, which entails results in lower price per sample, their total number of reactions and total revenue in those accounts goes up as more incremental projects get added.

我們有一些證據證明這種動態，基於客戶帳戶使用Flex 檢測的進展，隨著客戶過渡到更高水平的Flex 檢測，這意味著每個樣品的價格更低，他們的反應總數和這些帳戶的總收入隨著增加而增加增加更多增量項目。

Your next question comes from the line of Patrick Donnelly with Citi.

您的下一個問題來自花旗集團的 Patrick Donnelly。

Justin, probably the first one for you, just in terms of some of these moving pieces, both 1Q and the year, can you just talk about the margin progression. Obviously, those have been pressured quite a bit from the Xenium and maybe some of the consumable piece the ramp-up coming soon and the consumables piece will obviously bring the margins up.

賈斯汀，可能是您的第一個，就第一季和今年的一些變化而言，您能談談利潤率進展嗎？顯然，這些受到了 Xenium 的極大壓力，也許一些消耗品即將推出，消耗品顯然會提高利潤。

But can you just help us think about how that's going to progress this year on the gross margin piece? And then any color on the expenses would be helpful as well.

但您能否幫我們思考今年毛利率的進展如何？然後，費用上的任何顏色也會有幫助。

Yes. Sure. First, let me talk about our philosophy for gross margin overall. We realize that, that's a key strength of ours. We're committed to driving high gross margins long term. And we believe that we have the ability over the long term to get back to higher gross margins. But we have been investing in the Xenium platform since launch. We've talked about the mix of basically the strength of the Xenium instrument placements being by far the largest driver on the change in margin as of [late].

是的。當然。首先，讓我談談我們的整體毛利率概念。我們意識到，這是我們的關鍵優勢。我們致力於長期提高毛利率。我們相信，從長遠來看，我們有能力恢復更高的毛利率。但自從 Xenium 平台推出以來，我們一直在投資。我們已經討論過 Xenium 工具配置的基本實力組合是迄今為止利潤率變化的最大驅動因素。

We do think that as the Xenium consumable streams ramp up, that will help to offset the margin of the instrument. And over time, this platform will have a margin overall that's comparable to our other product lines. The consumables themselves have gross margins that are similar to the other consumables that we sell.

我們確實認為，隨著 Xenium 消耗品流的增加，這將有助於抵消工具的利潤。隨著時間的推移，這個平台的整體利潤將與我們其他產品線相當。消耗品本身的毛利率與我們銷售的其他消耗品相似。

For GEM-X, we do have a slightly higher cost for GEM-X, but that is more of a transitory thing that will more impact Q2 and Q3, and that's given how our licenses are structured. There's going to be a very minimal impact beyond Q3. And so the gross margin may fluctuate in the first 3 quarters of 2024, just based upon the mix of Xenium instruments and the mix of GEM-X. But like I said, beginning in Q4, the royalty payments will normalize, and we would expect a very minimal impact after that.

對於 GEM-X，我們的 GEM-X 成本確實略高，但這只是暫時的事情，會對第二季和第三季產生更大的影響，並考慮到我們的授權結構。第三季之後的影響將非常小。因此，僅根據 Xenium 工具和 GEM-X 的組合，2024 年前 3 季的毛利率可能會出現波動。但正如我所說，從第四季度開始，特許權使用費支付將正常化，我們預計此後影響非常小。

And I guess, the other one, just the other one to mention was just Visium HD, just coming up the manufacturing ramp of that. With any new product, you start off with yields probably a little bit less than where you expect them to be longer term. And so we do expect some impact on Visium HD just due to the yields. But over time, as we improve those, we expect to see the improvement as well.

我想，另一款，就是另一款要提到的就是 Visium HD，剛好進入生產階段。對於任何新產品，您一開始的收益率可能會比您預期的長期收益率略低一些。因此，我們確實預期 Visium HD 會因為產量而受到一些影響。但隨著時間的推移，隨著我們改進這些，我們也期望看到改進。

Okay. That's helpful. And Serge, there's obviously been a bunch of questions about single cell and kind of catalyzing it back to growth. Can you just talk about what you're doing internally? I know we chat a little bit about AGBT, but just in terms of incentivizing the sales force, I think you guys went all in on spatial and Xenium last year. How far do you swing the pendulum back to single cell this year? Maybe just talk about some of the strategy and how you think that could impact single cell?

好的。這很有幫助。 Serge，顯然存在著許多關於單細胞以及催化其恢復生長的問題。能簡單談談您內部正在做的事情嗎？我知道我們聊過一點 AGBT，但就激勵銷售人員而言，我認為你們去年全力投入了空間和 Xenium。今年你會把鐘擺擺到多遠的位置回到單細胞？也許只是談談一些策略以及您認為這會如何影響單細胞？

Yes, very good question. Yes, we did -- as we talked about before, last year '23, much of the company's focus was on spatial and especially on Xenium. We put extra incentives on the commercial team to put Xenium on the right trajectory. And obviously, it has borne fruit and has worked well.

是的，非常好的問題。是的，我們做到了——正如我們之前談到的，去年 23 年，公司的大部分重點都放在空間上，尤其是 Xenium 上。我們對商業團隊給予額外的激勵，讓 Xenium 走上正確的軌道。顯然，它已經取得了成果並且效果良好。

As we entered this year, we have been telling the team to bring a more balanced perspective -- balanced allocation of attention across the portfolio. As we go into this year, we now have, as part of quarter there is a number on Chromium as a part of their incentive structure.

當我們進入今年時，我們一直告訴團隊要帶來更平衡的視角——在整個投資組合中平衡分配注意力。當我們進入今年時，作為季度的一部分，我們現在有很多 Chromium 作為其激勵結構的一部分。

We are watching this very carefully. It's a good question to see to make sure that there is appropriate balance. We do have now some at a specialization on a team to drive -- to continue to drive spatial to drive Xenium, which is giving more room for our overall commercial team to be able to drive Chromium, which has a much -- as a franchise has a much wider footprint.

我們正在非常仔細地觀察這一情況。這是一個很好的問題，需要注意以確保適當的平衡。我們現在確實有一些專業團隊來推動——繼續推動空間來推動 Xenium，這為我們的整個商業團隊提供了更多的空間來推動 Chromium，Chromium 擁有很多——作為一個特許經營權具有更廣泛的足跡。

And so we feel like we're putting the right measures of the right incentives in place, but something that we're absolutely watching, and we will be as we progress through the year.

因此，我們覺得我們正在採取正確的措施和正確的激勵措施，但我們絕對會關注這一點，而且隨著我們今年的進展，我們也會這樣做。

Your next question comes from the line of Subbu Nambi with Guggenheim.

你的下一個問題來自 Subbu Nambi 與古根漢的合作。

For single cell, which application is most frequently used by customers, between, let's say, RNA expression, [etaxy] The reason I ask is I was wondering what percent customers will naturally upgrade to GEM-X until Flex is available in this architecture. And then I have one follow-up.

對於單細胞，客戶最常使用哪種應用程序，例如 RNA 表達，[etaxy] 我問的原因是我想知道在 Flex 在此架構中可用之前，有多少百分比的客戶會自然升級到 GEM-X。然後我有一個後續行動。

Yes, Subbu, so the largest applications that we have as -- are the ones that we've been able to GEM-X, which is 3 prime gene expression of 5 prime, which in comprises includes immune profiling. Those are the biggest applications. They also represent more than 50% of the volume for Chromium.

是的，Subbu，所以我們擁有的最大應用是 GEM-X，它是 5 Prime 的 3 Prime 基因表達，其中包括免疫分析。這些是最大的應用。它們也佔 Chromium 總量的 50% 以上。

And what would Flex be, roughly 20% to 30% or more than that?

Flex 會是什麼樣子，大約 20% 到 30% 或更多？

So we haven't talked about the precise percentages around the different applications around Flex. Flex at this point is a material fraction of the overall Chromium portfolio, larger fraction in terms of reactions, somewhat smaller in terms of revenue.

因此，我們還沒有討論圍繞 Flex 的不同應用程式的精確百分比。目前，Flex 是整個 Chromium 產品組合的重要組成部分，就反應而言，比例較大，就收入而言，比例較小。

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

您的下一個問題來自摩根士丹利的 Tejas Savant。

Just a couple of quick cleanups for you on the guide. First, I mean, I get your point around anchoring to the midpoint of the upside, downside sort of color you provided, very helpful. But -- can you just put a finer point on the degree to which you're anticipating a budget flush in '24? And then what are you assuming in the guide for China? Is it essentially sort of 4Q trends continuing for 2024?

只需在指南中為您進行一些快速清理即可。首先，我的意思是，我明白你的觀點是錨定到你提供的上行、下行顏色的中點，非常有幫助。但是，您能否更詳細地說明您預計 24 年預算充裕的程度？那麼您在中國指南中有何假設？這本質上是 2024 年第四季的趨勢嗎？

Yes. So Tejas, maybe starting with the last part of your question. We did consider what we saw at the end of Q4 as we thought about the beginning of this year, and that was contemplated in our guide. As far as the guide overall, the biggest drivers are what I highlighted before, just around the product transitions and the Xenium go forward.

是的。 Tejas，也許從你問題的最後一部分開始。我們確實考慮了第四季度末所看到的情況，就像我們考慮今年年初的情況一樣，這也在我們的指南中得到了考慮。就整個指南而言，最大的驅動因素是我之前強調的，圍繞著產品轉型和 Xenium 的發展。

As far as the year-end on the budget dynamics really, it's taken more of an average view of the seasonality that we've seen in the past. And rather than trying to assume something binary like budget flush or no budget flush.

就年底的預算動態而言，更多的是對我們過去看到的季節性的平均看法。而不是試著假設一些二元的東西，例如預算充裕或沒有預算充裕。

Your next question comes from the line of Mike Ryskin with Bank of America.

您的下一個問題來自美國銀行的 Mike Ryskin。

I actually want to follow up on China real quick, but I want to expand on that a little bit. It's been one of the major headwinds to growth over the last couple of years, obviously. And as a percent of revenues, it's dropped significantly. I mean in the fourth quarter, you were down to like 6% of revenues coming from China, and that used to be essentially 20%.

我實際上想快速跟進中國的情況，但我想稍微擴展一下。顯然，這是過去幾年增長的主要阻力之一。作為收入的百分比，它大幅下降。我的意思是，在第四季度，來自中國的收入下降到了 6%，而過去這一比例基本上為 20%。

So I think from that perspective, I mean, it's essentially not a headwind any more as you go into 2024, whereas if you strip it out, the growth the last couple of years would have been much, much higher. So -- we talked about things from a GEM-X, Visium and Xenium perspective. Can you talk about it from a geography perspective. It feels like for '24 guide to be 10% of the midpoint. Some of the other geographies have to decelerate significantly. So -- could you just reconcile those two approaches to think about the guide? And I do have a follow-up.

因此，我認為從這個角度來看，進入 2024 年，這基本上不再是逆風，而如果將其剔除，過去幾年的增長將會高得多。所以——我們從 GEM-X、Visium 和 Xenium 的角度討論了事情。能從地理角度講一下嗎？感覺 24 世紀指南是中點的 10%。其他一些地區的發展速度必須大幅放緩。那麼，您能否協調這兩種方法來思考指南？我確實有後續行動。

Mike, thanks for the question. For China, keep in mind that in 2023 things started to take a downturn in China beginning in Q2. Q1 of 2023 was still roughly a solid quarter in China. So for Q1, we do have a more difficult compare considering that. And then it also impacts the year-over-year '24 over '23 compared as well.

麥克，謝謝你的提問。對於中國來說，請記住，2023 年中國的情況從第二季開始下滑。 2023 年第一季在中國仍然是一個穩健的季度。因此，對於第一季度，考慮到這一點，我們確實有一個更困難的比較。然後，它也會影響「24」與「23」的同比情況。

Going forward, as far as what we assumed in 2024 for China, that's been more informed by what we've seen more recently around Q3 and Q4. And so overall, we aren't forecasting anything in China to get better right now. And so I would characterize it as flat, roughly flat sequentially, but then year-over-year, down when you consider the impact of Q1 2023.

展望未來，就我們對 2024 年中國的假設而言，我們最近在第三季和第四季看到的情況更能說明這一點。總的來說，我們預計中國目前不會有任何改善。因此，當你考慮 2023 年第一季的影響時，我將其描述為持平，大致持平，但隨後同比下降。

Your next question comes from the line of Matt Sykes with Goldman Sachs.

你的下一個問題來自高盛的馬特·賽克斯（Matt Sykes）。

Maybe just following up on some of the color you gave to Patrick's questions on margins. It's more of a philosophical question for you, Justin. As you think about given that 10x has now transitioned to a multiproduct company, you've got different growth rates, different mixes, different margin profiles for each of these products.

也許只是跟進您對帕特里克關於頁邊問題的一些看法。對你來說，這更像是一個哲學問題，賈斯汀。如您所想，鑑於 10x 現在已轉型為多產品公司，每種產品都有不同的成長率、不同的組合和不同的利潤狀況。

How do you think about the overall gross margin profile of the company? And is there sort of a line in the sand that you're willing to draw at 60%, 61%, 62%, whatever the level is? And how do you manage that given the commercial efforts balance between the different products, how much are you thinking about your margins and where you want them to maintain them in the near term when you're doing that?

您如何看待公司的整體毛利率狀況？無論水平如何，您是否願意在 60%、61%、62% 之間劃一條線？考慮到不同產品之間的商業努力平衡，你如何管理這一點？當你這樣做時，你對你的利潤有多少考慮，以及你希望他們在短期內保持這些利潤？

And that's a great -- that's a great question. I think, first, it's important to understand that we have a very long-term view of the business. We are definitely not focused on the near term. And so margin plays into that, especially when we think about -- when you look at what we've done with the Xenium platform where we know the instrument is lower margin, but that's really an investment in the future when you consider the consumable revenue streams.

這是一個很好的問題。我認為，首先，重要的是要了解我們對業務有非常長遠的看法。我們絕對不會關注短期。因此，利潤率會發揮作用，尤其是當我們考慮時，當你看到我們在Xenium 平台上所做的事情時，我們知道該工具的利潤率較低，但當你考慮到消費品收入時，這實際上是對未來的投資溪流。

When we look at new product development, we have margin targets that we incorporate into the thinking and design there as far as the trade-offs around the cost and the features and the volume. And so there is robust thinking that goes into that.

當我們考慮新產品開發時，我們有利潤目標，我們將其納入思考和設計中，就成本、功能和數量進行權衡。因此，對此有強而有力的思考。

We do have targets internally. I'd hesitate to put out a number publicly right now. But know that margin is very important to us that we recognize the strength that that's driven for us to be able to reinvest back into the business. But also keep in mind, too, that we do have a very long-term orientation where we're focused on doing what's best for the business overall.

我們確實有內部目標。我現在猶豫是否要公開公佈一個數字。但要知道，利潤率對我們來說非常重要，我們認識到利潤率推動我們能夠重新投資到業務中的力量。但也要記住，我們確實有一個非常長期的方向，我們專注於做對整體業務最有利的事情。

And your last question comes from the line of Mason Carrico with Stephens.

你的最後一個問題來自梅森·卡里科和史蒂芬斯的對話。

A lot has been asked here, but I just had one cleanup real quick. So Justin, I think that you guys had talked about HD and the potential for it to accelerate CytAssist placements. And I may have heard this wrong, but in response to a prior question, I think that you said that you expected CytAssist instruments to be down year-over-year. So could you help me reconcile the two or maybe clarify what you said about CytAssist displacements expectations this year?

這裡問了很多問題，但我很快就進行了一次清理。 Justin，我認為你們已經討論過 HD 及其加速 CytAssist 佈局的潛力。我可能聽錯了，但在回答之前的問題時，我認為您說過您預計 CytAssist 工具會逐年下降。那麼您能否幫我協調這兩者，或是澄清一下您對今年 CytAssist 排氣量預期的看法？

Yes. Sure, Mason. I was talking to the assumptions that are in our guidance range right now. So at the midpoint, for Visium instruments, so CytAssist, that has an assumption of being slightly down year-over-year. And then there's an upside if the adoption curve of Visium HD will help drive more CytAssist instruments. And just think about what we've done over the last year and since launching the CytAssist roughly 1.5 years ago, where our messaging has been focused on the CytAssist the future of the Visium platform.

是的。當然，梅森。我正在談論目前在我們指導範圍內的假設。因此，對於 Visium 儀器（即 CytAssist）來說，中間值的假設是比去年同期略有下降。如果 Visium HD 的採用曲線將有助於推動更多 CytAssist 儀器的發展，那麼還有一個好處。想想我們去年以及大約 1.5 年前推出 CytAssist 以來所做的事情，我們的訊息重點是 CytAssist，即 Visium 平台的未來。

And that having a really strong adoption curve and a number of strong placement quarters with a good number of customers who we believe have not just bought it to use Visium, but have also purchased is to be ready for Visium HD. And so I don't want to get too far ahead of ourselves with an assumption in the guidance range because I think that there has been a lot of placements ahead of Visium HD to be ready for it.

擁有非常強勁的採用曲線和多個強勁的安置季度，我們相信這些客戶不僅購買了 Visium 來使用 Visium，而且還購買了 Visium HD，為 Visium HD 做好了準備。因此，我不想在指導範圍內做出過於超前的假設，因為我認為在 Visium HD 之前已經有很多佈局可以為此做好準備。

And maybe just like a side note to add. What I was referring to in my prepared remarks is that the sales of CytAssist this year will be some of them at least or a lot of them will be driven by Visium HD. That is not to say that there is necessarily going to be an increase overall was the placements before because we certainly drove a lot of placements of CytAssist last year in anticipation of HD launch.

也許只是想添加一個旁注。我在準備好的演講中提到的是，今年 CytAssist 的銷售至少有一部分或大部分將由 Visium HD 推動。這並不是說之前的整體投放量一定會增加，因為我們去年在 HD 發布的預期中推動了 CytAssist 的大量投放量。

And this concludes today's call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。