10X Genomics Inc (TXG) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to the 10x Genomics First Quarter 2024 Earnings Call. Today's call is being recorded.

大家好，歡迎參加 10x Genomics 2024 年第一季財報電話會議。今天的通話正在錄音。

And I would like to turn the call over to Cassie Corneau, Manager of Investor Relations and Strategic Finance. Please go ahead.

我想將電話轉給投資者關係和策略財務經理 Cassie Corneau。請繼續。

Thank you and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the first quarter ended March 31, 2024. 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 2024 年 3 月 31 日的第一季財務業績。 .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. (Operator Instructions)

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。 （操作員說明）

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

現在，我將把電話轉給 Serge。

Thanks, Cassie, and good afternoon, everyone. During today's call, I'll start with an overview of our first quarter progress and performance, highlighted by the launch of 4 major new products that we believe set a new standard for single cell and spatial biology. Next, I will discuss the exciting opportunities we have ahead across our 3 platforms and the steps we are taking to deliver on the future. Then I'll turn the call over to Justin for a more detailed look at our financials, business trends and outlook for the rest of the year.

謝謝，卡西，大家下午好。在今天的電話會議中，我將首先概述我們第一季的進展和業績，其中重點介紹了 4 種主要新產品的推出，我們認為這些新產品為單細胞和空間生物學樹立了新標準。接下來，我將討論我們在 3 個平台上面臨的令人興奮的機會以及我們為實現未來而採取的步驟。然後我會將電話轉給賈斯汀，以更詳細地了解我們今年剩餘時間的財務狀況、業務趨勢和前景。

For the first quarter, total revenue grew 5% to $141 million. We continue to drive strong growth in spatial, led by our Visium franchise and the highly anticipated launch of Visium HD. We also saw strong interest in our new Chromium GEM-X technology, which delivers substantially higher performance at a lower price. A significant number of customers trialed the new architecture, contributing to lower-than-expected quarter-end orders for Chromium overall.

第一季總營收成長 5%，達到 1.41 億美元。在我們的 Visium 特許經營權和備受期待的 Visium HD 推出的帶動下，我們繼續推動空間領域的強勁成長。我們也看到了人們對新的 Chromium GEM-X 技術的濃厚興趣，該技術以更低的價格提供了更高的性能。大量客戶試用了新架構，導致 Chromium 季度末訂單整體低於預期。

Despite the near-term sales impact, we believe GEM-X will invigorate Chromium growth over the long term and ultimately enable wider single cell adoption. And while we're working to deliver on the vast opportunity ahead in Chromium, our strategy has always been focused on the strength of the entire portfolio and on providing the full breadth of our capabilities to customers. With our 3 complementary platforms in single cell and spatial, we're committed to innovation that enables the scale and resolution necessary for researchers to better understand biology and disease. We believe that we're still early in this opportunity and in adoption of these tools.

儘管近期銷售受到影響，但我們相信 GEM-X 將在長期內刺激 Chromium 的成長，並最終實現更廣泛的單電池採用。雖然我們正在努力抓住 Chromium 未來的巨大機遇，但我們的策略始終專注於整個產品組合的優勢，並為客戶提供全面的能力。憑藉我們在單細胞和空間方面的 3 個互補平台，我們致力於創新，使研究人員能夠更好地了解生物學和疾病所需的規模和分辨率。我們相信，我們在這個機會和採用這些工具方面仍處於早期階段。

This year, we're introducing franchise-defining products in each platform to enhance our performance, leadership and accelerate long-term growth. These products are a testament to the enduring strength and velocity of our innovation engine and its value for customers around the world. These launches also reflect how we listen closely to customer feedback and build products that are most responsive to their needs.

今年，我們在每個平台上推出特許經營定義產品，以提高我們的績效、領導力並加速長期成長。這些產品證明了我們創新引擎的持久力量和速度及其對全球客戶的價值。這些發布也反映了我們如何密切傾聽客戶回饋並打造最能滿足他們需求的產品。

Let me highlight a few of our latest advances and how we expect them to extend our technology leadership. First, we are thrilled to officially start shipping Visium HD at the end of March. For our team, there's really no better feeling than seeing new products in the hands of researchers. That's especially true here. Visium HD has not only been the most requested product in our history but also one of the most ambitious development projects we've ever taken on. It is precisely the kind of challenge 10x was built for. It is yet another example of our ability to tackle hard problems and arrive at the best solution possible for our customers and their research.

讓我重點介紹一下我們的一些最新進展以及我們期望它們如何擴大我們的技術領先地位。首先，我們很高興在 3 月底正式開始出貨 Visium HD。對於我們的團隊來說，沒有什麼比看到研究人員手中的新產品更好的感覺了。在這裡尤其如此。 Visium HD 不僅是我們歷史上需求量最大的產品，也是我們有史以來最雄心勃勃的開發項目之一。這正是 10x 專為應對的挑戰而設計的。這是我們解決難題並為客戶及其研究提供最佳解決方案的能力的另一個例子。

Visium HD enables whole transcriptome spatial analysis at single cell scale resolution. It runs on existing CytAssist instruments, leverages the same robust and easy-to-use workflow as standard Visium and brings the field of spatial discovery to a whole new level. While it's still very early, we're really pleased with the strong initial demand and tremendous enthusiasm we're seeing from our customers. The positive momentum further fuels our ambition to establish Visium HD as the platform for translational discovery.

Visium HD 能夠以單細胞尺度解析度進行全轉錄組空間分析。它在現有的 CytAssist 儀器上運行，利用與標準 Visium 相同的強大且易於使用的工作流程，並將空間發現領域提升到一個全新的水平。雖然現在還為時過早，但我們對客戶最初的強勁需求和巨大熱情感到非常高興。這股積極動能進一步激發了我們將 Visium HD 打造為轉換發現平台的野心。

This quarter, we also continued to deliver on our robust Xenium R&D pipeline. We began shipping both our multi-model cell segmentation product and our new immuno-oncology gene panel in March. Cell segmentation includes an add-on kit compatible with existing Xenium assays. It leverages advances of assay chemistry and sophisticated machine learning algorithms to significantly improve the determination of cell boundaries using multiple morphological features and modalities.

本季度，我們也持續提供強大的 Xenium 研發管道。我們於三月開始運送多模型細胞分割產品和新的免疫腫瘤基因組。細胞分割包括與現有 Xenium 檢測相容的附加試劑盒。它利用先進的分析化學和複雜的機器學習演算法，使用多種形態特徵和模式顯著改善細胞邊界的確定。

While Xenium launched with a robust nuclear-based segmentation approach, many researchers have been waiting for this new solution to enable the most accurate biological interpretation for their Xenium brands. Xenium is already well recognized as being feature performance leader, and there is still much more to come. We're planning to launch our 5,000 Flex capability midyear, scaling up Flex by an order of magnitude while still delivering high-quality sensitivity, specificity and throughput.

雖然 Xenium 推出了強大的基於核的分割方法，但許多研究人員一直在等待這種新的解決方案，以便為其 Xenium 品牌提供最準確的生物學解釋。 Xenium 已經被公認為功能性能領導者，而且還有更多的未來。我們計劃在年中推出 5,000 Flex 功能，將 Flex 擴展一個數量級，同時仍提供高品質的靈敏度、特異性和通量。

We're also developing panels of 1,000 to 2,000 genes to give customers even more options and flexibility. We're moving forward with integrated protein profiling, which will significantly expand Xenium's existing protein capabilities. And longer term, we have architected Xenium to allow for tremendous technological headroom and enable more applications, higher throughput and lower cost.

我們也正在開發包含 1,000 至 2,000 個基因的面板，為客戶提供更多選擇和靈活性。我們正在推進整合蛋白質分析，這將顯著擴展 Xenium 現有的蛋白質功能。從長遠來看，我們建造的 Xenium 能夠提供巨大的技術空間，並支援更多應用、更高的吞吐量和更低的成本。

With the long-awaited launch of Visium HD, the performance of Visium in the field and the interest and buzz around the Xenium pipeline, it's clear we're in the forefront of the spatial biology revolution. We're seeing some cutting-edge researchers and technologists start to reprioritize their team's resources and (inaudible) from single-cell approaches to explore how spatial methods can push their research forward. We're also seeing spatial resonate with new researchers who have never done single cell or other genomics work before.

隨著期待已久的 Visium HD 的推出、Visium 在該領域的性能以及圍繞 Xenium 管道的興趣和熱議，很明顯我們處於空間生物學革命的前沿。我們看到一些尖端研究人員和技術專家開始重新調整團隊資源的優先順序，並（聽不清楚）從單細胞方法開始探索空間方法如何推動他們的研究向前發展。我們也看到了與以前從未進行過單細胞或其他基因組學工作的新研究人員的空間共鳴。

Take this year's Annual Meeting of the American Association of Cancer Research, or AACR, for example. There was resounding energy and conviction on spatial, which emerged as a huge theme of the conference. In fact, the majority of the plenary sessions featured or referenced 10x spatial data. This burgeoning interest in spatial is drawing the attention of both new and existing customers. And we have work to do to ensure we can satisfy that interest and drive growth across the portfolio.

以今年的美國癌症研究協會（AACR）年會為例。對空間的巨大能量和信念成為會議的一個重要主題。事實上，大多數全體會議都強調或引用了 10 倍空間數據。人們對空間的興趣日益濃厚，吸引了新舊客戶的注意。我們還有很多工作要做，以確保我們能夠滿足這種興趣並推動整個投資組合的成長。

Turning to single cell and the launch of our new GEM-X technology, the first major overhaul to our Chromium architecture since 2019. With this completely reengineered market-leader chip design, GEM-X delivers superior performance at larger scale and lower costs.

轉向單電池和我們新的GEM-X 技術的推出，這是自2019 年以來對Chromium 架構的首次重大改革。 憑藉這種完全重新設計的市場領先晶片設計，GEM-X 以更大規模和更低的成本提供卓越的性能。

In March, we began shipping the first 2 products on GEM-X, our highest-volume Chromium assays, 3 prime gene expression and 5 prime immune profiling. These assays take single-cell analysis to the next level. Human researchers (inaudible) performance advantages across the board from increased sensitivity and capture efficiency to improved robustness and scalability, all at a lower cost.

3 月份，我們開始在 GEM-X 上運送首批 2 個產品，即我們容量最大的鉻檢測、3 個主要基因表現和 5 個主要免疫分析。這些測定將單細胞分析提升到一個新的水平。人類研究人員（聽不清楚）具有全面的性能優勢，從提高靈敏度和捕獲效率到提高穩健性和可擴展性，所有這些都以較低的成本進行。

In fact, the new technology provides researchers a more than twofold reduction in cost per cell. We believe GEM-X raises the bar for the field and sets a new standard for single-cell analysis. Our customers have been eager to see and validate this for themselves. In Q1, more customers than expected trialed GEM-X to see firsthand the power of this technology on their own samples.

事實上，這項新技術使研究人員的每個電池成本降低了一倍以上。我們相信 GEM-X 提高了該領域的標準，並為單細胞分析設立了新標準。我們的客戶一直渴望親眼看到並驗證這一點。在第一季度，試用 GEM-X 的客戶比預期多，以便在自己的樣品上親眼目睹技術的強大功能。

And more recently, customers, including the Fred Hutch Innovation Lab, have started to share their own independent comparisons of GEM-X and their Next GEM technology, verifying our performance claims. We're encouraged by the early enthusiasm, adoption and feedback on GEM-X despite the near-term headwinds as we help customers navigate this product transition.

最近，包括 Fred Hutch 創新實驗室在內的客戶已開始分享他們自己對 GEM-X 及其 Next GEM 技術的獨立比較，以驗證我們的效能主張。儘管近期在我們幫助客戶完成產品轉型過程中遇到了阻力，但 GEM-X 的早期熱情、採用和回饋令我們深受鼓舞。

GEM-X delivers great value to customers now. It opens up meaningful possibilities to expand the field long term. As we have said before, we believe there is significant price elasticity in single cell, which presents a significant long-term opportunity for broader adoption. GEM-X is one of several steps we have planned to take advantage of the elasticity. By delivering superior performance of superior economics, we believe GEM-X will help us enable larger projects, reach new customers and encourage more routine use among existing researches.

GEM-X 現在為客戶提供巨大的價值。它為長期擴展該領域開闢了有意義的可能性。正如我們之前所說，我們相信單電池具有顯著的價格彈性，這為更廣泛的採用提供了重要的長期機會。 GEM-X 是我們計劃利用彈性的幾個步驟之一。透過提供卓越的經濟性能，我們相信 GEM-X 將幫助我們實現更大的專案、接觸新客戶並鼓勵現有研究中更多的常規使用。

We fully intend to expand the single-cell opportunity through our robust (inaudible) road map and other efforts to drive better awareness and broader adoption at large scale. Put simply, our goal is to make single-cell analysis the standard for most biological researchers.

我們完全打算透過我們強大的（聽不清楚）路線圖和其他努力來擴大單細胞的機會，以提高人們的認識和更廣泛的大規模採用。簡而言之，我們的目標是使單細胞分析成為大多數生物研究人員的標準。

While we believe there's huge untapped potential for single cell, our conviction is not just in Chromium. It's the combined performance, leadership and differentiation of all 3 platforms together. Our strategy has always been about the power of the full portfolio and the choice it enables for customers. Our goal is to ensure that researchers, and ultimately clinicians, have access to a comprehensive suite of the best-performing products to (inaudible) biology in the way that's best for their work. We intentionally design distinct, yet complementary platforms to support the broad spectrum of customers' use cases and how their research and research questions may evolve over time.

雖然我們相信單細胞有巨大的未開發潛力，但我們的信念不僅僅在於鉻。它是所有 3 個平台的性能、領先地位和差異化的結合。我們的策略始終關注完整產品組合的力量及其為客戶提供的選擇。我們的目標是確保研究人員以及最終的臨床醫生能夠以最適合其工作的方式獲得一整套表現最佳的（聽不清楚）生物學產品。我們有意設計獨特但互補的平台來支援廣泛的客戶用例以及他們的研究和研究問題如何隨著時間的推移而發展。

The strength of our execution in R&D and operations has enabled us to deliver a full portfolio of groundbreaking products. And as we continue to evolve our commercial execution, it will better position us to maximize and deliver on the incredible potential ahead. We believe there are clear opportunities to drive growth, utilization and scale with existing customers to bring new researchers into the 10x ecosystem and to accelerate translational and biopharma opportunities.

我們在研發和營運方面的執行力使我們能夠提供完整的突破性產品組合。隨著我們不斷發展我們的商業執行力，這將使我們能夠更好地最大化並發揮未來令人難以置信的潛力。我們相信，有明顯的機會來推動現有客戶的成長、利用和規模化，將新的研究人員帶入 10x 生態系統，並加速轉化和生物製藥機會。

(inaudible) first announced in November, is a powerful example of the progress we're making in translational applications. This large-scale project is on track to complete spatial profiles on thousands of tumor samples across 7 different cancer indications by the end of the year. The team is looking to discover biomarkers and to build predictive models that could transform how we diagnose, treat and ultimately cure cancer.

（聽不清楚）於 11 月首次宣布，是我們在轉化應用方面取得進展的有力例證。這個大型計畫預計在今年年底前完成 7 種不同癌症適應症的數千個腫瘤樣本的空間概況。團隊正在尋找生物標記並建立預測模型，以改變我們診斷、治療和最終治癒癌症的方式。

In addition, we firmly believe there's a long runway ahead for single-cell methods in biopharma. Importantly, we're not the only ones who share this conviction. Some of our pharma customers recently published on the value and the impact of our products in therapeutic development. Sanofi reported that 90% of the company's disease targets are credentialed using single-cell genomics.

此外，我們堅信單細胞方法在生物製藥領域還有很長的路要走。重要的是，我們並不是唯一持有這項信念的人。我們的一些製藥客戶最近發表了有關我們產品在治療開發中的價值和影響的文章。賽諾菲報告稱，該公司 90% 的疾病標靶均通過單細胞基因組學獲得認證。

A recent preprint in (inaudible) helped shed light on why. The study analyzed single-cell data across 30 diseases and 13 tissues to examine associations between genes, cell types and diseases. They found that support from single-cell analysis significantly increased the odds of clinical success for a given gene to be a viable drug target. In fact, the authors estimate that their approach could approximately triple the chances of a drug target reaching a Phase III clinical trial.

（聽不清楚）最近的預印本有助於闡明原因。該研究分析了 30 種疾病和 13 種組織的單細胞數據，以檢查基因、細胞類型和疾病之間的關聯。他們發現，單細胞分析的支持顯著增加了特定基因成為可行藥物標靶的臨床成功幾率。事實上，作者估計他們的方法可以使藥物標靶進入 III 期臨床試驗的機會增加約三倍。

So while we have established strong beachheads in translational and biopharma, it's still very early relative to the expected large potential. With all of the advances in our portfolio, we're in a better position than we've ever been to deliver. As one customer at AACR told me, "FFPE changes everything." Our FFPE capabilities available in all 3 platforms open up vast archives of biobank samples along with exciting possibilities for new biological discoveries. These capabilities reflect yet again how we listen to our customers, think deeply about their research and build innovative products to accelerate and advance their work.

因此，雖然我們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，現在還為時過早。隨著我們產品組合的所有進步，我們處於比以往更好的位置。正如 AACR 的一位客戶告訴我的那樣，“FFPE 改變了一切。”我們在所有 3 個平台上提供的 FFPE 功能開啟了生物庫樣本的大量檔案，並為新的生物發現提供了令人興奮的可能性。這些能力再次反映了我們如何傾聽客戶的意見，深入思考他們的研究並建立創新產品來加速和推進他們的工作。

We believe the long-term potential for single cell and spatial is boundless. While we're focused on delivering in 2024, we will remain steadfast in maintaining the long-term orientation that has always guided us. I have every confidence when I say we're still just getting started.

我們相信單細胞和空間的長期潛力是無限的。雖然我們專注於在 2024 年實現目標，但我們將堅定不移地維持始終指導我們的長期方向。當我說我們才剛開始時，我充滿信心。

With that, let me turn it over to Justin.

那麼，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 March 31, 2024, and will then provide an update on our outlook for 2024. All growth rates provided will be on a year-over-year basis unless otherwise noted.

謝謝你，塞爾吉。我將首先回顧我們截至 2024 年 3 月 31 日的 3 個月的財務業績，然後提供 2024 年展望的最新資訊。 除非另有說明，否則提供的所有成長率都將按年計算。

Total revenue for the quarter was $141 million, up 5%. At a high level, the quarter played out largely in line with total revenue expectations with stronger contributions from spatial, partially offsetting lower Chromium contributions.

該季度總營收為 1.41 億美元，成長 5%。從高水準來看，本季的表現基本上符合總收入預期，空間貢獻更大，部分抵消了鉻貢獻的下降。

Looking at our revenue breakout. Total consumables revenue was $110.3 million, down 2%. Spatial consumables revenue was $26.4 million, up 134%. This growth was driven primarily by our Xenium platform along with strong adoption of Visium HD, which started shipping at the end of Q1.

看看我們的收入突破。消耗品總收入為 1.103 億美元，下降 2%。空間消耗品收入為 2,640 萬美元，成長 134%。這一成長主要是由我們的 Xenium 平台以及 Visium HD 的大力採用所推動的，Visium HD 於第一季末開始出貨。

Chromium consumables revenue was $83.9 million, down 17%. Some of this year-over-year decline was expected. As discussed on our year-end earnings call in mid-February, we anticipated headwinds for Chromium revenue in the first quarter while customers began their transition to the new GEM-X products. As part of this transition, we anticipated that customers would trial GEM-X and would not stock up on either the legacy or newly introduced products at quarter end.

鉻耗材收入為 8,390 萬美元，下降 17%。同比下降在一定程度上是預料之中的。正如我們在 2 月中旬的年終收益電話會議上所討論的那樣，我們預計第一季 Chromium 收入將面臨阻力，而客戶開始過渡到新的 GEM-X 產品。作為這一過渡的一部分，我們預計客戶將試用 GEM-X，並且不會在季度末儲備舊產品或新推出的產品。

While we believe this increased trialing created stronger headwinds for Chromium consumables in Q1, we are nonetheless encouraged by the initial adoption and enthusiastic feedback from customers thus far. The lower price of GEM-X will continue to drive some near-term revenue pressure, but over time, we believe there is elasticity that will more than offset the lower price.

雖然我們相信這種增加的試驗在第一季為 Chromium 消耗品帶來了更大的阻力，但我們仍然對迄今為止的初步採用和客戶的熱情反饋感到鼓舞。 GEM-X 的較低價格將繼續帶來一些近期收入壓力，但隨著時間的推移，我們相信其彈性將足以抵消較低的價格。

We also believe that the stronger-than-anticipated spatial demand took some customer mind and wallet share away from Chromium this quarter. As Serge shared, we are seeing both new and existing customers prioritize spatial studies given the burgeoning interest in the space. How this plays out over time remains to be seen. But we continue to believe in the power of our full portfolio and offering customers a comprehensive suite of products to fit various needs.

我們也認為，本季強於預期的空間需求奪走了部分顧客的注意力和錢包份額。正如 Serge 所分享的，我們看到新客戶和現有客戶都優先考慮空間研究，因為人們對空間的興趣日益濃厚。隨著時間的推移，這種情況將如何發揮還有待觀察。但我們仍然相信我們完整產品組合的力量，並為客戶提供一整套產品來滿足各種需求。

Moving on to instruments. Total instrument revenue increased 33% to $25.5 million. Spatial instrument revenue was up 133% to $17.6 million, primarily driven by Xenium instrument placements. We also saw sustained demand for our CytAssist instruments as customers purchase the instrument along with Visium HD consumables.

繼續討論樂器。儀器總收入成長 33%，達到 2,550 萬美元。太空儀器收入成長 133%，達到 1,760 萬美元，這主要是由 Xenium 儀器放置推動的。隨著顧客與 Visium HD 耗材一起購買 CytAssist 儀器，我們也看到了對 CytAssist 儀器的持續需求。

Chromium instrument revenue was $7.9 million, down 32%, driven by fewer units sold. Services revenue was $5.2 million, up 91%, driven by increased service contracts revenue and increased Xenium instrument training and installation revenue.

由於銷量減少，Chromium 儀器收入為 790 萬美元，下降 32%。受服務合約收入增加以及 Xenium 儀器培訓和安裝收入增加的推動，服務收入為 520 萬美元，成長 91%。

Looking at our revenue by geography. Americas' revenue grew 1% to $79.6 million. EMEA revenue grew 22% to $34.7 million, and revenue in APAC decreased 2% to $26.7 million.

按地理位置查看我們的收入。美洲地區的營收成長 1%，達到 7,960 萬美元。歐洲、中東和非洲地區的營收成長 22%，達到 3,470 萬美元，亞太地區的營收下降 2%，達到 2,670 萬美元。

Turning to the rest of the income statement. Gross profit for the first quarter was $92.9 million compared to $98.4 million for the prior year period. Gross margin declined to 66% compared to 73% in the first quarter of 2023, primarily due to a change in product mix driven by Xenium instruments.

轉向損益表的其餘部分。第一季毛利為 9,290 萬美元，去年同期毛利為 9,840 萬美元。毛利率從 2023 年第一季的 73% 下降至 66%，主要是由於 Xenium 儀器驅動的產品結構發生變化。

Total operating expenses for the first quarter increased to $154.4 million compared to $150.4 million for the prior year period, driven by higher legal expenses and costs for facilities and IT, partially offset by lower personnel expenses. R&D expenses increased slightly to $68.6 million compared to $67.1 million for the prior year period, primarily driven by higher facilities and IT costs and increased personnel-related expenses.

第一季的總營運費用增加至 1.544 億美元，而去年同期為 1.504 億美元，原因是法律費用以及設施和 IT 成本增加，但部分被人事費用減少所抵銷。研發費用小幅增加至 6,860 萬美元，而去年同期為 6,710 萬美元，主要是由於設施和 IT 成本增加以及人員相關費用增加所致。

SG&A expenses increased to $85.8 million compared to $83.3 million for the prior year period, primarily driven by increased outside legal expenses and higher facilities and IT costs, offset by a decrease in personnel-related expenses. Operating loss for the first quarter was $61.5 million compared to a loss of $52 million in the first quarter last year. This includes $36.1 million of stock-based compensation compared to $42.1 million of stock-based compensation for the corresponding prior year period. Net loss for the period was $59.9 million compared to a net loss of $50.7 million for the first quarter of 2023.

SG&A 費用增加至 8,580 萬美元，而去年同期為 8,330 萬美元，主要是由於外部法律費用以及設施和 IT 成本增加，但被人事相關費用的減少所抵消。第一季營運虧損為 6,150 萬美元，而去年第一季營運虧損為 5,200 萬美元。其中包括 3,610 萬美元的股票薪酬，而去年同期的股票薪酬為 4,210 萬美元。該期間的淨虧損為 5,990 萬美元，而 2023 年第一季的淨虧損為 5,070 萬美元。

We ended the quarter with $371.8 million in cash and cash equivalents and marketable securities. We burned $17 million of cash over the course of Q1 while making a $20 million payment in January related to the asset acquisition that we recognized in Q4 2023.

本季結束時，我們擁有 3.718 億美元的現金和現金等價物以及有價證券。我們在第一季消耗了 1,700 萬美元現金，同時在 1 月支付了 2,000 萬美元，與我們在 2023 年第四季確認的資產收購相關。

Turning to our outlook for 2024. We continue to 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. We believe this range represents a balanced view for the year. It incorporates both the upside we've seen in spatial and the headwinds we are experiencing now in Chromium, which we expect to continue into Q2 as additional customers trial and transition to GEM-X.

談到我們對 2024 年的展望。 。它結合了我們在空間方面看到的優勢和我們現在在 Chromium 中遇到的不利因素，我們預計隨著更多客戶試用並過渡到 GEM-X，這種情況將持續到第二季​​。

When looking out over the next 12 months, we are anticipating about $15 million to $20 million of total capital expenditures. We are maintaining cash discipline in 2024. Overall, we believe we have a great set-up to drive positive cash flow for the year while making targeted investments to continue driving growth. Ultimately, our goal is to self-fund our innovation and scale by investing cash generated back into our business.

展望未來 12 個月，我們預計總資本支出約 1,500 萬至 2,000 萬美元。我們將在 2024 年維持現金紀律。最終，我們的目標是透過將產生的現金投資回我們的業務，為我們的創新和規模提供自籌資金。

At 10x, we continue to be laser-focused on execution to drive growth and impact. We are excited about the strong enthusiasm for the products we launched in Q1 and look forward to providing more updates on our progress throughout the year.

在 10x 中，我們繼續專注於執行力，以推動成長和影響力。我們對第一季推出的產品的強烈熱情感到興奮，並期待提供有關我們全年進展的更多更新。

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) And with that, we'll take our first question from Mason Carrico with Stephens.

（操作員說明）接下來，我們將回答梅森·卡里科和史蒂芬斯提出的第一個問題。

Congrats on the quarter, particularly in the tough macro backdrop. If you could, could you give us some -- maybe just a bit more insight into the adoption trends and early feedback on HD and GEM-X? How many of your CytAssist customers have purchased HD at this point? And how do you think about that driving sustained demand for CytAssist this year and then similarly, adoption rates among the existing customers on GEM-X? And has initial interest made you maybe more bullish on the opportunity for Chromium in the back half of this year and into next year?

恭喜本季度，特別是在嚴峻的宏觀背景下。如果可以的話，您能給我們一些——也許只是對 HD 和 GEM-X 的採用趨勢和早期反饋有更多的了解嗎？目前有多少 CytAssist 顧客購買了 HD？您如何看待今年對 CytAssist 的持續需求以及 GEM-X 現有客戶的採用率？最初的興趣是否讓您更加看好 Chromium 在今年下半年和明年的機會？

Mason, this is Justin. I'll take the first part of that, and then Serge can add some more color. So as far as Visium goes in looking at the SD versus HD split, I'd say roughly half and half. And when we're looking on the Chromium side around the GEM-X adoption, if you're looking over the last month, as in Q2 to date, seeing roughly about 1/3 of the Chromium consumables on GEM-X.

梅森，這是賈斯汀。我將選取第一部分，然後 Serge 可以添加更多顏色。因此，就 Visium 的標清與高清劃分而言，我認為大約各佔一半。當我們圍繞 GEM-X 採用情況來查看 Chromium 方面時，如果您查看上個月（如迄今為止的第二季度），您會看到 GEM-X 上大約有 1/3 的 Chromium 消耗品。

And back to the Visium side, with the launch of HD, we have seen that driving sustained demand for the CytAssist. We do think that anticipation of the Visium HD launch helped us play CytAssist, in particular in the back half of last year. And we are expecting that to be a catalyst for CytAssist placements going forward in 2024. Same thing with GEM-X. That is a product that you need a Chromium iX in order to run. And we do think that that's also going to be driving Chromium iX placements throughout 2024 as well.

回到 Visium 方面，隨著 HD 的推出，我們看到這推動了對 CytAssist 的持續需求。我們確實認為，對 Visium HD 發布的期待幫助我們玩了 CytAssist，特別是在去年下半年。我們預計這將成為 2024 年 CytAssist 版面的催化劑。本產品需要 Chromium iX 才能運作。我們確實認為這也將推動 2024 年 Chromium iX 的投放。

Yes. So as far as the -- so the feedback on products is concerned, it has been very positive. So HD, obviously, has been perhaps our most anticipated product to date. A lot of customers were excited and a lot of customers were excited to get their hands on the product. And the early sentiment coming back from seeing the data coming from their samples is very, very positive. So all the investments we made along the way, towards improving the chemistries, the workflows, importantly, CytAssist and now putting HD on top of it, has really seemed to be bearing fruit and resulting in great feedback from customers.

是的。就產品的回饋而言，這是非常正面的。因此，高清顯然可能是我們迄今為止最期待的產品。很多客戶都很興奮，很多客戶很高興能拿到產品。從樣本數據中得出的早期情緒非常非常積極。因此，我們一路上所做的所有投資，包括改進化學物質、工作流程，重要的是，CytAssist 以及現在將 HD 置於其之上，似乎確實取得了成果，並得到了客戶的良好反饋。

On the GEM-X side, the sentiment is also very, very positive. We're just now kind of going through the cycle with the initial customers who got -- who awarded and got their GEM-X (inaudible) are actually getting the data back and now talking about their results. I mentioned it in my prepared remarks, this testimonial from (inaudible). We're hearing from other customers. Very pleased with the fact that there's a substantial boost to performance, great improvements, along with a number of axis and also a lower price.

在 GEM-X 方面，情緒也非常非常正面。我們現在剛剛與最初獲得 GEM-X（聽不清楚）的客戶一起經歷了這個週期，他們實際上正在取回數據，現在正在談論他們的結果。我在準備好的發言中提到了這一點，這是來自（聽不清楚）的感言。我們收到了其他客戶的來信。非常高興的是，性能有了顯著提升，有了很大的改進，軸數也有了增加，而且價格也降低了。

So the feedback has been really positive. People were really excited when we first revealed GEM-X in the middle of February. And a lot of customers have been ordering it now to trial it, to test it against the Next GEM products that are out there. And the feedback that's coming back has been very positive.

所以反饋非常正面。當我們在二月中旬首次發布 GEM-X 時，人們非常興奮。許多客戶現在已經訂購它來試用它，並針對現有的 Next GEM 產品進行測試。收到的回饋非常正面。

We'll take our next question from Patrick Donnelly with Citi.

我們將回答花旗集團 Patrick Donnelly 提出的下一個問題。

Want to focus on single cell just given the result there like in terms of what we are looking for. Justin, I know you talked about maybe this weakness or softness lingers into 2Q if people kick the tires on some of the new products and trials and things. Can you just give us some sense of visibility into what that growth trajectory looks like? How are you thinking about that piece, let's call it, single-cell Chromium for the year? Just want to try to think about, again, the cadence this year and the overall expectations for this year on single cell would be appreciated.

想要專注於單一細胞，只是給出我們正在尋找的結果。賈斯汀，我知道你說過，如果人們對一些新產品和試驗之類的事情進行嘗試，這種弱點或疲軟可能會持續到第二季​​。您能給我們一些關於成長軌跡的了解嗎？您如何看待今年的單細胞 Chromium 作品？只是想再次嘗試考慮今年的節奏以及今年對單電池的整體期望。

Yes. Patrick, thanks for the question. When we think about single cell for the year, I'd go back to the 3 factors that we're seeing impact single cell right now. And so the first is the GEM-X transition. We're talking about a limited time frame in Q1. That launched in the last month of the quarter. And so there's a limited amount of data that we're going off for that. But we did see a higher adoption rate than we were originally planning.

是的。派崔克，謝謝你的提問。當我們考慮今年的單細胞時，我會回到我們現在看到的 3 個影響單細胞的因素。第一個是 GEM-X 過渡。我們正在討論第一季的有限時間範圍。該項目於本季最後一個月推出。因此，我們為此提供的數據量有限。但我們確實看到了比我們最初計劃的更高的採用率。

And then looking at the customer ordering patterns, we were able to see impacts with customers that ordered GEM-X, ordering smaller kit sizes, smaller number of reactions and just smaller number of orders overall. And as we can tell, too, some customers are still waiting to get the results from that. And so this trial is something that doesn't happen right away. It's over somewhat extended period of time.

然後查看客戶訂購模式，我們能夠看到訂購 GEM-X 的客戶的影響，訂購更小的套件尺寸、更少的反應數量以及更少的總體訂單數量。我們也可以看出，有些客戶仍在等待結果。因此，這次審判不會立即進行。已經過了相當長的一段時間。

And so as I just said earlier, for Q2, roughly to date, about 1/3 has been on GEM-X, and so a higher uptick than we initially expected. But then we would expect a more linear transition for the rest of the year to be substantially cut over by the end of the year.

正如我之前所說，對於第二季度，到目前為止，大約 1/3 是在 GEM-X 上，因此增幅比我們最初預期的要高。但我們預計今年剩餘時間的線性過渡將在年底前大幅削減。

And the other impact that we're seeing is that of spatial. And that's a product, it's drawing more mind and wallet share on the customer side towards spatial from single cell. And so we'll see how those both play out throughout the rest of the year.

我們看到的另一個影響是空間影響。這是一種產品，它吸引了客戶更多的注意力和錢包份額，從單細胞轉向空間。因此，我們將看看這兩者在今年剩餘時間內的表現如何。

As far as the GEM-X transition, that could be more transitory. We do expect an impact in Q2, I think similar to what we've seen in Q1 just looking overall. And this is more broadly than just single cell. If we're talking about Q2, I would expect at the top line somewhere mid-single to high single digits sequential increase over Q1. So maybe 7%, 8% revenue increase Q2 over Q1.

就 GEM-X 過渡而言，這可能更為短暫。我們確實預計第二季會產生影響，我認為總體而言與我們在第一季看到的情況類似。這不僅僅是單細胞。如果我們談論第二季度，我預計在頂線某個位置，會比第一季出現中個位數到高個位數的連續成長。因此，第二季的營收比第一季可能增加 7%、8%。

And then the last part is just the macro impact overall for single cell. And I think this is impacting things on the instrument side, probably seeing more of an impact on the instrument side. We are hearing of CapEx budget pressures, elongated purchase cycles. And I think, specifically when you're looking at Chromium, when you have a number of spatial instruments out there as well, customers are having to make hard choices. And I think that's having a bigger impact on the Chromium side than it is on the spatial side.

最後一部分只是對單一細胞的整體宏觀影響。我認為這正在影響儀器方面的事情，可能會看到更多對儀器方面的影響。我們聽到資本支出預算壓力、採購週期延長。我認為，特別是當你考慮 Chromium 時，當你也有許多空間儀器時，客戶必須做出艱難的選擇。我認為這對 Chromium 方面的影響比對空間方面的影響更大。

We'll take our next question from Dan Arias with Stifel.

我們將回答 Dan Arias 和 Stifel 提出的下一個問題。

Serge, just sticking with the transition and the validation for GEM-X. Where is the confidence in understanding the time lines associated with that process? How would you compare it to other processes for your other single-cell kits?

Serge，只是堅持 GEM-X 的過渡和驗證。理解與該過程相關的時間線的信心在哪裡？您如何將其與其他單細胞試劑盒的其他流程進行比較？

And Justin, if I could, just to kind of finish off Patrick's question there. Last quarter, you said you expected Chromium revenues to grow this year. Does that view still hold just given the way that the start of the year has played out?

賈斯汀，如果可以的話，只是為了結束派崔克的問題。上個季度，您表示預計今年 Chromium 營收將會成長。考慮到今年年初的情況，這種觀點是否仍然成立？

Yes. Dan, thanks for the question. So as far as the transition to GEM-X, if I were to put it in a historical context maybe, things to keep in mind is that it is a straight-up replacement over the existing products. It's literally a product that's better on multiple dimensions with very little trade-offs that people have to make, and it's at a lower price. So we do expect that once people go through their initial validation to confirm our claims to make sure they're replicating their own hands and their own samples, the transition should happen relatively quickly. So kind of a different kind of thing than what we had seen previously with Flex, for example, which is a very different kind of workflow for different kinds of applications (inaudible) different kinds of customers and also likely faster than what we had seen previously, for example, with the Next GEM transition, which didn't tail some trade-offs and not necessarily a huge performance advantages.

是的。丹，謝謝你的提問。因此，就向 GEM-X 的過渡而言，如果我將其放在歷史背景下，我需要記住的是，它是現有產品的直接替代品。從字面上看，它是一種在多個方面都更好的產品，人們幾乎不需要做出任何權衡，而且價格也更低。因此，我們確實希望，一旦人們透過初步驗證來確認我們的說法，以確保他們複製自己的手和自己的樣本，這種轉變應該會相對較快地發生。這與我們之前在Flex 中看到的情況有所不同，例如，對於不同類型的應用程式（聽不清楚）、不同類型的客戶來說，這是一種非常不同的工作流程，而且可能比我們之前看到的更快例如，隨著 Next GEM 的過渡，它並沒有進行一些權衡，也不一定具有巨大的性能優勢。

So the question is what is the feedback that people are (inaudible) customers are going to be giving us and what are they going to be actually seeing (inaudible) so far, it's been very positive. And so we're feeling optimistic that as they go through this transition that it will be happening on a pretty rapid pace relative to our previous product introductions.

所以問題是，人們（聽不清楚）客戶會給我們什麼回饋，以及到目前為止他們將實際看到什麼（聽不清楚），這是非常正面的。因此，我們感到樂觀的是，當他們經歷這一轉變時，相對於我們先前推出的產品，這種轉變將以相當快的速度發生。

Dan, as far as the second part of your question, given the results that we've had in Q1, it's certainly going to be more challenging to achieve growth year-over-year in Chromium. So at the midpoint of our guidance range, we are modeling more spatial upside, and we're also modeling more Chromium downside. And so with some of the headwinds that we're seeing related to the GEM-X transition, we do think by the end of the year, those will smooth out. We definitely saw an impact in Q1, and we're expecting to see an impact for that in Q2 as well.

Dan，就你問題的第二部分而言，考慮到我們在第一季取得的結果，在 Chromium 中實現同比增長肯定會更具挑戰性。因此，在我們的指導範圍的中點，我們正在模擬更多的空間優勢，同時我們也在模擬更多的 Chromium 劣勢。因此，鑑於我們看到的與 GEM-X 過渡相關的一些阻力，我們確實認為到今年年底，這些阻力將會消失。我們確實在第一季看到了影響，我們預計在第二季也能看到影響。

As far as the offset coming from spatial, to the extent that Chromium growth is being impacted by spatial, we would expect to see an offsetting upside in spatial. And that's what gives us the confidence to keep our guidance range the same, $670 million to $690 million that we had on the last call.

就來自空間的抵消而言，就鉻的成長受到空間的影響而言，我們預計會看到空間上的抵消性上升。這讓我們有信心將指導範圍保持在上次電話會議中的 6.7 億美元至 6.9 億美元之間。

We'll take our next question from Doug Schenkel with Wolfe Research.

我們將回答 Wolfe Research 的 Doug Schenkel 提出的下一個問題。

So I'm going to try to package in 2 different things here. First, just as a follow-up to Dan's last question, keeping in mind you launched GEM-X with a week or 2 left in Q1, that obviously stalled the market a bit. But it doesn't sound like I'm hearing anything to suggest that there's momentum -- or there is momentum coming off of that launch over the last 5 or 6 weeks that makes you feel like you can get close to target on single cell. So this is not just a timing issue. There are other dynamics that are basically hitting performance here on the single-cell side. I just want to make sure the answer to that is yes.

所以我將嘗試在這裡打包兩種不同的東西。首先，正如 Dan 最後一個問題的後續，請記住，您在第一季還剩一兩週的情況下推出了 GEM-X，這顯然讓市場陷入了停滯。但聽起來我沒有聽到任何跡象表明有動力——或者說過去 5 或 6 週的發射產生的動力讓你覺得你可以接近單細胞目標。所以這不僅僅是一個時間問題。還有其他動態基本上會影響單電池方面的性能。我只是想確定答案是肯定的。

And then my second unrelated thing I want to talk about is Bruker's purchase of NanoString. That brings to market a high-quality company with a much more formidable commercial and innovation infrastructure, a much bigger balance sheet. Obviously, they're poised to invest here. How is the emergence of Bruker as a direct competitor changing how you budget and tactically plan?

然後我想談的第二件不相關的事情是布魯克對 NanoString 的收購。這將為市場帶來一家高品質的公司，擁有更強大的商業和創新基礎設施，以及更大的資產負債表。顯然，他們準備在這裡投資。布魯克作為直接競爭對手的出現如何改變您的預算和戰術計劃？

Thanks, Doug. So let me take that first question. So on Chromium, so I mean, first of all, just stepping back at a high level, Chromium, like it's not -- fundamentally, the franchise is not where we want it to be, where we think it should be. We've been talking about for past several quarters. In fact, there's been a lot of focus on spatial among our commercial team and actually, more generally for the company in the last few years. And we've been making efforts to shift more of a balance and more focused, more resources on to Chromium. And we still have a lot of work to do on that front, and a lot of work continues.

謝謝，道格。讓我回答第一個問題。所以關於 Chromium，我的意思是，首先，從高水平上退一步，Chromium，就像它不是 - 從根本上說，特許經營權不是我們想要的地方，我們認為它應該在的地方。過去幾季我們一直在討論。事實上，過去幾年，我們的商業團隊以及整個公司都非常關注空間。我們一直在努力將更多的平衡、更集中的資源轉移到 Chromium 上。在這方面我們還有很多工作要做，而且很多工作仍在繼續。

For this particular quarter, like you mentioned, there is the GEM-X transition. And I would just say that we actually announced GEM-X in mid-February. So it's not just the last few weeks -- the last couple of weeks of the quarter. It's kind of a longer (inaudible) period, and it had a substantial impact on the quarter.

正如您所提到的，在這個特定季度，存在 GEM-X 過渡。我只想說，我們實際上在 2 月中旬宣布了 GEM-X。因此，這不僅僅是最後幾週，而是本季的最後幾週。這是一個較長（聽不清楚）的時期，並且對本季產生了重大影響。

We're also seeing, like I said in my prepared remarks, more attention from customers on spatial. So kind of as we're making internal efforts to bring more research to bear on the program, we're also fighting a little bit of that headwind from the market. And then, of course, there are sort of macro factors in play as well in terms of pressure on budgets and this elongated sales cycle.

正如我在準備好的演講中所說，我們也看到客戶對空間的更多關注。因此，在我們內部努力為該計劃進行更多研究的同時，我們也在應對來自市場的一些阻力。當然，還有一些宏觀因素在發揮作用，包括預算壓力和銷售週期延長。

Again, I would say, stepping back, like I said before, from first principles and based on our customer feedback, we see a tremendous long-term opportunity here. We're still very early in our opportunity, and we're taking many steps to realize that opportunity.

我想說，正如我之前所說，從首要原則出發，根據我們的客戶回饋，我們在這裡看到了巨大的長期機會。我們還處於機會的早期階段，我們正在採取許多措施來實現這一機會。

On the question about Bruker, so the spatial field, like we've said before, is very attractive. We've seen that for several years going back. We've made a lot of investments in innovation and product development because of that conviction. It's not surprising that new companies are going to be entering the space. Again, very attractive field, very attractive applications.

關於布魯克的問題，所以空間場，就像我們之前說過的，是非常有吸引力的。幾年前我們就已經看到了這一點。出於這項信念，我們在創新和產品開發方面進行了大量投資。新公司進入該領域並不奇怪。再次強調，這是非常有吸引力的領域，非常有吸引力的應用。

We've done a great job of developing products that customers -- that really resonate with customers. We've been getting great feedback. And that's really our North Star. And we continue to make investments in rolling out new products. That's how we establish our leadership now in spatial. And we anticipate as we progress through the coming quarters and coming years that that's going to keep propelling us to a greater and greater success in the market.

我們在開發能夠真正引起客戶共鳴的產品方面做得非常出色。我們得到了很好的回饋。那確實是我們的北極星。我們持續投資推出新產品。這就是我們現在在空間領域建立領導地位的方式。我們預計，隨著我們在未來幾季和未來幾年的進展，這將繼續推動我們在市場上取得越來越大的成功。

We'll take our next question from Dan Brennan with TD Cowen.

我們將回答 Dan Brennan 和 TD Cowen 提出的下一個問題。

Maybe just a follow-up and then a couple of other parts on single cell and spatial. So I know part of the push coming into this year was the reorientation of sales incentives to get them to focus more on single cell, Serge. I think you just mentioned there's still a lot more work to do. So maybe if you can just clarify that.

也許只是一個後續部分，然後是關於單細胞和空間的其他幾個部分。所以我知道今年的部分動力是重新調整銷售激勵措施，讓他們更專注於單細胞 Serge。我想你剛才提到還有很多工作要做。所以也許你能澄清一下。

Secondly, I'm just wondering, obviously, Serge, you sound extremely bullish on the untapped opportunity in the demand elasticity. So obviously, we're working through this GEM-X transition right now. But could you speak to as we're through this transition, it sounds like by year-end, kind of how we would think about what a steady-state single cell kind of growth could look like?

其次，我只是想知道，顯然，Serge，你聽起來非常看好需求彈性中尚未開發的機會。顯然，我們現在正在努力完成 GEM-X 過渡。但是，當我們經歷這個轉變時，聽起來像是到年底，您能談談我們將如何思考穩態單細胞生長會是什麼樣子嗎？

And then c, you've talked more about cannibalization on this call than in the past, but arguably that also drives more spatial growth. I'm just wondering, as we think about the cannibalization, like is your outlook for single-cell growth lower today than it would have been given this cannibalization? And is there an offset on higher spatial growth?

然後，c，您在這次電話會議上比過去更多地談論了蠶食，但可以說這也推動了更多的空間增長。我只是想知道，當我們考慮蠶食時，您今天對單細胞生長的展望是否低於這種蠶食的情況？更高的空間成長是否會產生抵銷作用？

Thanks, Dan. So a number of questions in here. So let me kind of go through them in sequence. So first of all, in terms of the efforts that we're making on Chromium, yes, you're right. So we identified that as a priority. And we've been making progress. It does take time.

謝謝，丹。所以這裡有很多問題。讓我按順序介紹一下它們。首先，就我們在 Chromium 上所做的努力而言，是的，你是對的。因此我們將其確定為優先事項。我們一直在取得進展。這確實需要時間。

I would say one of the -- like the foundational elements here is it starts with leadership. And we have great new leadership in place across all our 3 regions now this quarter: AMER, EMEA and APAC. We also have a great interim CCO leader in place, (inaudible) who's been doing an amazing job in the transition. And we have been implementing a number of new initiatives within the commercial organization to bring more focus on Chromium. So I've talked about in the past about setting up exclusive quote targets around Chromium -- the Chromium business. We have not had that in the past. We're creating a great amount of specialization within the commercial team to provide more headroom, more bandwidth for salespeople to be able to spend more time and more focused on Chromium.

我想說的是，就像這裡的基本要素一樣，它始於領導力。本季度，我們在所有 3 個地區都任命了出色的新領導層：美洲、歐洲、中東和非洲和亞太地區。我們還有一位出色的臨時 CCO 領導者（聽不清楚），他在過渡過程中做得非常出色。我們一直在商業組織內實施許多新舉措，以更加關注 Chromium。因此，我過去曾討論過圍繞 Chromium（Chromium 業務）設置獨家報價目標。我們過去沒有過這樣的經驗。我們正在商業團隊中創建大量的專業化團隊，為銷售人員提供更多的空間和頻寬，以便他們能夠花更多的時間並更加專注於 Chromium。

We also have implemented direct KPIs and management expectations around driving Chromium. We're also putting to bear more marketing resources and campaigns specifically for Chromium as well. And we do expect that that's going to bear fruit in the coming quarters, for sure. And of course, this is being done on the background of a really exciting product launches as well.

我們也圍繞著推動 Chromium 實施了直接 KPI 和管理期望。我們也專門針對 Chromium 投入了更多行銷資源和活動。我們確實預計這肯定會在未來幾季取得成果。當然，這也是在令人興奮的產品發布背景下完成的。

Kind of your second question on elasticity, yes, yes, I've commented a lot in past around the fact that, yes, we do believe there is a tremendous elasticity of demand in the single-cell market. And one way you can look at it is from first principles. Biology, like I've said before, really should be studied in single-cell context. And the vast majority of it currently is not studied that well, and most people who should be using single cell are currently not using that.

關於彈性的第二個問題，是的，是的，我過去已經評論過很多這樣的事實：是的，我們確實相信單細胞市場存在巨大的需求彈性。你可以從第一原理來看它。正如我之前所說，生物學確實應該在單細胞背景下進行研究。目前絕大多數技術還沒有被很好的研究，大多數應該使用單細胞的人目前也沒有使用它。

And we know that price is a major obstacle to them using it. And we hear it, and that's the second sort of chain of evidence we hear a lot from our customers consistently, that price is a major obstacle both in terms of new customers who are interested in single cell and when they see price, that tends to turn them away or at least slow them down in adoption. We hear from existing customers who are interested in making single cell becoming a more routine part of their research as opposed to a method of exception when you need to get really, really deep insight into a particular sample. And then we hear it from our customers who want to scale to really large projects. The main obstacle consistently is price.

我們知道價格是他們使用它的主要障礙。我們聽到了這一點，這是我們從客戶那裡經常聽到的第二類證據鏈，即價格是一個主要障礙，無論是對於對單電池感興趣的新客戶而言，還是當他們看到價格時，這往往是一個主要障礙。我們收到現有客戶的來信，他們有興趣使單細胞成為其研究的更常規部分，而不是當您需要真正深入了解特定樣本時使用例外方法。然後我們從想要擴展到真正大型專案的客戶那裡聽到了這樣的說法。主要障礙始終是價格。

And so we do see a lot of opportunities both from first principles and based on the feedback we've been hearing from customers. And we've been making efforts. GEM-X is a strong example of that to kind of work down the price curve and to generate increasing demand. We have strong conviction that over time, this will lead to the expansion of the total market.

因此，我們確實從基本原則和我們從客戶那裡聽到的回饋中看到了很多機會。而我們一直在努力。 GEM-X 就是一個很好的例子，可以降低價格曲線並產生不斷增長的需求。我們堅信，隨著時間的推移，這將導致整個市場的擴大。

And then kind of the third point you mentioned was around the sort of trade-off with spatial. And it is definitely the case that there's a lot of -- there's been a lot of excitement around spatial recently, certainly, especially with the launch of Visium HD, with the progress we've been making on Xenium. And it's certainly the case that we see in customers making those trade-offs, thinking about their budgets, their mind share, where they're going to be kind of spending their time.

然後你提到的第三點是關於空間的權衡。最近確實有很多圍繞空間的令人興奮的事情，尤其是隨著 Visium HD 的推出，以及我們在 Xenium 上取得的進展。我們確實看到客戶在做出這些權衡，考慮他們的預算、他們的思想份額以及他們將把時間花在哪裡。

This was true, we've talked about in the past, for -- certainly for early technologies, people who are specifically focused on what is the latest, greatest innovation. They are looking at spatial where in the past, they might have been looking at single cell, and other customers too. And also, this interest from customers is drawing attention of our sales team as well naturally and as one might expect.

這是事實，我們過去曾討論過，對於那些特別關注最新、最偉大創新的人來說——當然是早期技術。他們正在關注空間，而在過去，他們可能一直在關注單一細胞，以及其他客戶。此外，客戶的這種興趣也自然而然地引起了我們銷售團隊的注意，正如人們所期望的那樣。

Now it is not the case that people are just switching over from single cell into spatial. The insights that you get, the kind of research questions you can ask and answer are complementary. They're different. And we're also seeing a lot of customers that are new to this whole ecosystem coming in through spatial. People who've not done single cell before, people who have not even done genomics before.

現在，人們不再只是從單細胞轉向空間。你獲得的見解、你可以提出和回答的研究問題都是互補的。他們是不同的。我們也看到許多新客戶透過空間進入整個生態系統。以前沒有做過單細胞研究的人，以前甚至沒有做過基因體學的人。

And so there's going to be ebb and flow as customers kind of figure out specific use cases as new technologies come to prominence to figure out the precise and appropriate use of them. Ultimately, we see huge potential for all 3 of our franchises. We expect them to coexist and complement and supplement each other. And we expect that there is great, great future ahead for Chromium and really for the whole portfolio.

因此，隨著新技術的出現，客戶會找出特定的用例，以找出它們的精確和適當的使用，這將會出現潮起潮落。最終，我們看到了我們所有三個特許經營權的巨大潛力。我們期望它們能夠共存、相輔相成、相輔相成。我們預計 Chromium 以及整個產品組合都有非常非常好的未來。

We'll take our next question from Matt Larew with William Blair.

我們將回答馬特·拉魯和威廉·布萊爾提出的下一個問題。

Maybe just picking up on that last point, Serge. Obviously, for a long time, you've been talking about the value of the ecosystem and building a portfolio of platform assets within the ecosystem. Could you maybe update us with sort of the proof points you track internally that validate that thesis, be it adoption of spatial technologies by perhaps legacy single-cell customers or retention of single-cell customers in labs where they might have other 10x products that they've committed to? Is there anything that speaks sort of strategically to the value you're seeing of having different modalities in-house?

也許只是注意到最後一點，Serge。顯然，長期以來，您一直在談論生態系統的價值並在生態系統內建立平台資產組合。您能否向我們提供一些您內部追蹤的證明點來驗證論文，無論是傳統單細胞客戶對太空技術的採用，還是單細胞客戶在實驗室中的保留，他們可能擁有其他10 倍於他們的產品已承諾？有什麼可以從策略上說明您所看到的內部不同模式的價值嗎？

Yes. So I would say there's good kind of example (inaudible) and a substantial number of examples of customers purchasing platforms together when they're kind of looking at kind of setting up their genomics infrastructure, where they buy CytAssist, they buy Chromium, they buy Xenium, and they contemplate kind of use cases that define all these platforms.

是的。所以我想說，有一個很好的例子（聽不清楚），還有大量客戶在考慮建立基因組學基礎設施時一起購買平台的例子，他們購買 CytAssist、購買 Chromium、購買Xenium，他們考慮了定義所有這些平台的用例。

We're also seeing kind of results getting published in papers and data sets that get released. And a consistent kind of feedback when we talk to customers is that oftentimes people do use these platforms together. It's rare that you have a Xenium run, for example, without -- that doesn't make use of some single-cell information and same -- to some extent, same for Visium.

我們也看到一些結果發表在已發布的論文和資料集中。當我們與客戶交談時，一致的回饋是人們經常一起使用這些平台。例如，很少有 Xenium 運作時不使用某些單細胞訊息，而且在某種程度上，Visium 也是如此。

And we see kind of the interest going back and forth, where people might run a Xenium experiment and then kind of look at the Visium or a Chromium to put those results in context or in the other way, you run your Chromium experiments, you generate data, and then you want to follow up and validate it using Xenium with -- for your specific biological system. So we see plenty of examples in there, a lot more of them getting published along those lines.

我們看到了一種來回的興趣，人們可能會運行 Xenium 實驗，然後查看 Visium 或 Chromium，將這些結果放在上下文中，或者以其他方式，你運行 Chromium 實驗，你產生數據，然後您想要使用Xenium來追蹤和驗證它- 對於您的特定生物系統。所以我們在那裡看到了大量的例子，其中有更多的例子是按照這些思路出版的。

I do want to emphasize it's kind of early in this whole process in terms of collecting kind of reliable statistics because all these products are coming at customers pretty fast at this stage, and it is a pretty dynamic field. But when we look at, again, the use cases and applications, we see plenty of evidence of customers being excited about using multiple platforms.

我確實想強調，就收集可靠的統計數據而言，這還處於整個過程的早期階段，因為所有這些產品在這個階段都很快到達客戶手中，而且這是一個非常動態的領域。但當我們再次審視用例和應用程式時，我們看到大量證據表明客戶對使用多個平台感到興奮。

We'll take our next question from Matt Sykes with Goldman Sachs.

我們將回答高盛的馬特·賽克斯提出的下一個問題。

Maybe this is a bit premature, but I know you've addressed the cannibalization comments. But I just wanted to take a little different take on it. And just given your comments on spatial taking time and wallet share from single cell, is there a way to maybe effectively manage the potential cannibalization, if you believe this focus (inaudible) spatial, meaning, would you want to use this transition to spatial to your advantage and just try a much more proactive approach to cannibalization? Are there encouraging existing Chromium customers where spatial makes sense towards spatial, which I'm sure you're doing from a commercial standpoint?

也許這有點為時過早，但我知道您已經解決了蠶食評論。但我只是想採取一些不同的看法。剛剛給出您對單細胞空間佔用時間和錢包份額的評論，是否有一種方法可以有效地管理潛在的蠶食，如果您相信這種焦點（聽不清楚）空間，意思是，您是否想使用這種向空間的過渡來你的優勢，只是嘗試一種更主動的方法來蠶食？是否有鼓勵現有的 Chromium 客戶認為空間對空間有意義，我確信您是從商業角度這樣做的？

But I just think that given sort of your earlier comments about the ecosystem, keeping the customer within the 10x platform is probably the first priority and therefore, maybe actually managing that cannibalization could help sort of ease that transition into it. Or is that just too early at this stage to really go forward with those efforts?

但我只是認為，鑑於您之前對生態系統的評論，將客戶保留在 10 倍平台內可能是首要任務，因此，也許實際管理這種蠶食可能有助於緩解向該平台的過渡。還是現階段真正推進這些努力還為時過早？

Yes. So one thing I would say, you have to be careful using the word cannibalization because it's not so much a substitution where people kind of are getting results they could have gotten with Chromium using the spatial technologies and approaches. You can't. They're complementary, they complement and they supplement. So it's important to keep that in mind.

是的。所以我要說的一件事是，你必須小心使用「同類化」這個詞，因為它並不是一種替代，人們可以使用太空技術和方法使用 Chromium 來獲得本可以得到的結果。你不能。它們是互補的、互補的、補充的。所以記住這一點很重要。

I think for us, our North Star is really kind of customer success and delivering the value for their particular applications and their questions. And so we want to present the full solution to our customers. And the way that our sales team kind of interacts with our customers is to really try to understand deeply what are they looking -- what are the questions they're asking, what are their research goals and then making sure they understand the capability of the products to give them the most efficient way to get to those goals. And so I think I would frame it as less about what we are driving for ourselves but making sure that we've got the full set of solutions that our customers can take advantage of.

我認為對我們來說，我們的北極星確實是客戶的成功，並為他們的特定應用程式和問題提供了價值。因此，我們希望向客戶提供完整的解決方案。我們的銷售團隊與客戶互動的方式是真正嘗試深入了解他們在看什麼——他們問什麼問題，他們的研究目標是什麼，然後確保他們了解客戶的能力產品為他們提供實現這些目標的最有效方式。因此，我認為我會更少地關注我們為自己推動什麼，而是確保我們擁有客戶可以利用的全套解決方案。

We'll take our next question from Subbu Nambi with Guggenheim Securities.

我們將接受古根漢證券公司的 Subbu Nambi 提出的下一個問題。

Regarding performance in China, revenue was down 16% in the quarter. Could you provide any initial color on the status of the strategy here given that inventory is piling up, created some obstacles in last year, how did 1Q fare? Are there any material updates regarding your priority to continue building up backup sales force in China?

就中國市場的業績而言，本季營收下降了 16%。鑑於庫存不斷堆積，去年造成了一些障礙，您能否提供有關該策略狀態的任何初步信息，第一季度的表現如何？關於您繼續在中國建立後備銷售隊伍的優先事項是否有任何重大更新？

Subbu, thanks for the question. As we talked about on our previous calls, over the last year, we've worked actively to bring down inventory levels at the distributors and service providers. And just for the context here, we sell to distributors who sell primarily to service providers, who actually perform the service for the end customer. And so then when there's any kind of fluctuation in the demand at the end, you can have inventory stack up at either one of those levels of the chain. And so we saw that throughout last year.

蘇布，謝謝你的提問。正如我們在之前的電話中談到的那樣，去年我們積極努力降低經銷商和服務提供者的庫存水準。僅就本文而言，我們向分銷商銷售產品，而分銷商主要向服務提供者銷售產品，而服務提供者實際上為最終客戶提供服務。因此，當最終需求出現任何波動時，您可以在供應鏈的任一層級上堆積庫存。所以我們去年就看到了這一點。

And each quarter, we work to bring those inventory levels down. We developed closer relationships with the service providers and shared more information with them, and they were able to share more information with us. We've also made some progress on adding distributors in the region to reduce the burden on any given one and also allow us to get closer to the customers as well.

每個季度，我們都會努力降低庫存水準。我們與服務提供者建立了更密切的關係，並與他們分享了更多信息，他們也能夠與我們分享更多資訊。我們在增加該地區經銷商方面也取得了一些進展，以減輕任何經銷商的負擔，同時也使我們能夠更加貼近客戶。

And so going back to the last part of 2023, Q3 and Q4 played out roughly like we expected them to. I would say the same with Q1. And at least right now at this level of demand, we do think that we have -- we don't think that we'll see the same issues that we saw last year with inventory, but that could change if demand changes like it did at the beginning of last year.

回到 2023 年下半年，第三季和第四季的表現大致如我們預期。我對 Q1 也這麼說。至少現在在這個需求水準上，我們確實認為我們不會看到去年在庫存方面遇到的相同問題，但如果需求像以前那樣發生變化，情況可能會改變去年年初。

We'll take our next question from Michael Ryskin with Bank of America.

我們將接受美國銀行邁克爾·里斯金 (Michael Ryskin) 提出的下一個問題。

I hate to belabor the Chromium consumers point. But I just want to ask sort of a big-picture theoretical question, not just focusing on the first quarter. If you take a look at Chromium consumables over the last couple of years now going back to 2021, 2022, I think it's safe to say that that's been somewhat disappointing over the last 2 years-plus. There's been a number of different issues, commercial missteps. Justin, you were just talking about China headwinds. Now you've got the GEM-X transition, the broader macro, you're having some of the shift into other spend into spatial. I won't call it cannibalization, but probably you will.

我不想過多闡述 Chromium 消費者的觀點。但我只是想問一些宏觀的理論問題，而不僅僅是專注於第一季。如果你看看過去幾年的 Chromium 消耗品（現在可以追溯到 2021 年、2022 年），我認為可以肯定地說，過去兩年多的情況有些令人失望。存在許多不同的問題，商業失誤。賈斯汀，你剛才談論的是中國的逆風。現在你已經有了 GEM-X 的轉變，更廣泛的宏觀，你正在將一些支出轉向空間方面的其他支出。我不會稱其為“蠶食”，但你可能會這麼說。

Given that performance over the last 2 years, I mean, in your comments on what feels like a revised Chromium consumables outlook for this year, it sounds like you're not expecting to hit the levels you were talking about before. Is there's some deeper issue at play here, where it's not just any one of these, whether it is competition and someone brought up NanoString, but there are a number of smaller vendors coming into the single-cell market that are making inroads in the market. Whether it is just budget constraints from customers, whether it is price elasticity? Just -- I mean, is there a way we can revisit sort of the single-cell opportunity in the near term and maybe take a look at from that perspective?

考慮到過去 2 年的表現，我的意思是，在您對今年修訂後的 Chromium 消耗品前景的評論中，聽起來您似乎並沒有期望達到您之前談論的水平。這裡是否存在一些更深層的問題，不僅僅是其中的任何一個，無論是競爭還是有人提出了 NanoString，而是有許多較小的供應商進入單細胞市場，正在進入市場。是否只是客戶的預算限制，是否為價格彈性？只是──我的意思是，有沒有一種方法可以讓我們在短期內重新審視單細胞機會，或許可以從這個角度來看？

Yes, Mike. Yes, let me kind of take that. So I mean a fair point. There has been, I mean, a number of legitimate reasons why Chromium has been particularly buffeted over the past couple of years. The fact that our business in China went down a lot all this current period. So that certainly put a lot of pressure. We are this quarter, like I said, going into a particular product transition. So those factors are all at play, for sure.

是的，麥克。是的，讓我接受一下。所以我的意思是公平的。我的意思是，Chromium 在過去幾年中受到特別嚴重的打擊有很多合理的原因。事實上，我們在中國的業務在整個時期都大幅下降。所以這無疑給我們帶來了很大的壓力。正如我所說，我們本季將進入特定的產品轉型。所以這些因素肯定都在起作用。

The -- but ultimately, the question of the underlying potential of Chromium, there is still -- it's still there for the same reasons we've always articulated. Like I said earlier, most first principles, most researchers should really be using single-cell analysis to understand their tissues. That's where the biology is, and that certainly is not the case now.

但歸根結底，Chromium 的潛在潛力問題仍然存在，它仍然存在，原因與我們一直闡述的原因相同。就像我之前所說的，最首要的原則是，大多數研究人員確實應該使用單細胞分析來了解他們的組織。這就是生物學的所在，但現在的情況絕對不是這樣的。

And like we said before, the main obstacles to that are workflow ease, which we're in the process of addressing through various means and price, which we're also addressing through a number of steps, and then also driving greater awareness through commercial execution and general market development.

正如我們之前所說，實現這一目標的主要障礙是工作流程的簡化，我們正在透過各種手段和價格來解決這個問題，我們也正在透過許多步驟來解決這個問題，然後透過商業提高認識執行和一般市場開發。

We do believe there's lots of robust growth ahead, but those obstacles do need to get addressed, and we are in the process of addressing them. The question of competition is, yes, certainly, it's a relevant one. There's always been stock competition in single cell. Sometimes more, sometimes less. Over the last year -- a couple of years, there has been a few more players that have come into the space. We've talked about this before.

我們確實相信未來會有很多強勁的成長，但這些障礙確實需要解決，而且我們正在解決這些障礙。競爭問題是，是的，當然，這是一個相關的問題。單電池領域一直存在庫存競爭。有時多，有時少。在過去的一年裡，有更多的參與者進入了這個領域。我們之前已經討論過這個問題。

There's -- compared to a year ago, there's somewhat more awareness and somewhat more prevalence of them out there. I would still say that the story is largely the same. Customers do trial them, which does create -- introduce some friction to sales process. It does put pressure on prices. But by and large, customers come back to us due to all the various advantages our products have, like much better performance, much better data quality, much better workflow, much better breadth of applications, customer support and all the other things that people love about 10x.

與一年前相比，人們對它們的認識有所提高，也更加普遍。我仍然想說這個故事基本上是一樣的。客戶確實會試用它們，這確實會為銷售過程帶來一些摩擦。它確實給價格帶來了壓力。但總的來說，客戶回歸我們是因為我們的產品具有各種優勢，例如更好的性能、更好的數據品質、更好的工作流程、更廣泛的應用程式、客戶支援以及人們喜歡的所有其他東西大約10倍。

So it's still largely the same story. And we -- the reason we've been successful up to now is because of the product innovation and the product quality. And that is our North Star. The goal is to keep delivering value to customers. We're continuing to invest both in terms of product development and in terms of customer focus. And we believe the much, much larger opportunities to drive the overall growth of the market relative to the effects of any particular type of competition.

所以這基本上還是同一個故事。而我們——我們迄今為止取得成功的原因是產品創新和產品品質。那就是我們的北極星。目標是持續為客戶提供價值。我們將繼續在產品開發和以客戶為中心方面進行投資。我們相信，相對於任何特定類型的競爭的影響，推動市場整體成長的機會要大得多。

We'll take our next question from Tejas Savant with Morgan Stanley.

我們將接受摩根士丹利的 Tejas Savant 提出的下一個問題。

Serge, I have one on single cell and then one on Visium HD. So starting with single cell, you mentioned in an earlier answer that the main obstacle to larger projects was price. And you've talked about the commercial refocusing as well. But I just want to get a sense of how open you are to deeper and more accelerated price cuts on Chromium versus the 10% set you got with the GEM-X launch? And I understand that, that could mean incremental downside to the near-term guide, and perhaps it then puts your commercial folks on more even footing versus some of the incumbents or the new entrants you were talking about and helps to reignite customer interest to pull the trigger on larger projects.

Serge，我有一個在單細胞上，還有一個在 Visium HD 上。因此，從單電池開始，您在先前的回答中提到，大型專案的主要障礙是價格。您也談到了商業重心的重新調整。但我只是想了解一下，與 GEM-X 發佈時的 10% 降價相比，您對 Chromium 更深入、更快速的降價持何種態度？我知道，這可能意味著近期指南會出現增量下行，也許它會讓您的商業人員與您所談論的一些現有企業或新進入者相比處於更平衡的地位，並有助於重新激發客戶的興趣更大專案的觸發器。

And then my unrelated to the second part of the question is on Visium HD. Really good to see the strong start there. And I know there's an interplay of different dynamics here. But to what extent did initial stocking from new users play a role in the upside? Is there a possibility of a natural sort of sequential breather maybe a couple of quarters out before we see the big inflection that you've talked about given the strong customer interest and how they were clamoring for this product to come through?

然後我與問題的第二部分無關的是 Visium HD。很高興看到那裡強勁的開局。我知道這裡存在著不同動力的相互作用。但新用戶的初始備貨在多大程度上對上漲起到了作用呢？鑑於客戶的強烈興趣以及他們如何強烈要求推出該產品，是否有可能在幾個季度後我們看到您談到的重大轉變之前出現自然的連續喘息？

Tejas, thanks for the questions. So let me talk to the first one. So you're right, so with GEM-X, we showed a 10% drop in per sample price. Now I do have to say that's a substantially larger drop in the per sale price because you've got a lot more throughput with GEM-X and something that a number of customers appreciate.

特哈斯，謝謝你的提問。那麼讓我來談談第一個。所以你是對的，對於 GEM-X，我們顯示每個樣品的價格下降了 10%。現在我必須說，每次銷售價格的下降幅度更大，因為 GEM-X 的吞吐量大大提高，並且得到了許多客戶的讚賞。

Your larger point as to whether we intend to drive further into the price? Yes, over time, for sure. We talked about the fact that ultimately, we want to reach the price point of $100 a sample. We're excited by that. We will drive the technology and products in that direction. We just want to be careful in how we do that and kind of stepping into that kind of commensurate with our other efforts in terms of driving demand and in terms of driving sample volume.

您更重要的一點是我們是否打算進一步提高價格？是的，隨著時間的推移，這是肯定的。我們談到了這樣一個事實，即最終我們希望達到每個樣品 100 美元的價格點。我們對此感到興奮。我們將推動技術和產品朝這個方向發展。我們只是想謹慎對待如何做到這一點，並在推動需求和推動樣本量方面與我們的其他努力相稱。

So certainly, customers should expect to see more along this trajectory. And those are the considerations that we're going to keep balancing as we proceed through the upcoming quarters and upcoming years.

因此，毫無疑問，客戶應該期待沿著這條軌跡看到更多。這些是我們在未來幾季和未來幾年要保持平衡的考慮因素。

Maybe on the second question, I can start. So certainly, there's been a lot of pent-up interest in Visium HD. And we do anticipate there are a lot of customers that were -- that came into -- sort of into this quarter with pent-up demand. And we kind of have to see. It's early to make a determination around how much of demand we're seeing right now is sort of the initial bolus versus what the sustained trajectory looks like. There's -- again, there's good indications based on the feedback we're getting from customers once they actually see the data, but it's still very early days on that front.

也許我可以從第二個問題開始。當然，人們對 Visium HD 有許多被壓抑的興趣。我們確實預期本季有很多客戶的需求被壓抑。我們必須看看。現在就確定我們現在看到的需求有多少是初步的需求與持續的軌跡是什麼樣的情況還為時過早。再次強調，根據客戶實際看到數據後我們從他們那裡得到的回饋，有很好的跡象，但在這方面現在還處於早期階段。

We'll take our next question from Luke Sergott with Barclays.

我們將回答巴克萊銀行盧克·瑟戈特的下一個問題。

So can you guys help us give a sense of how many Xenium you placed? And then any type of directional commentary on -- I know you don't typically break it out, but the contribution of Visium versus Xenium in that revenue base on spatial and how that trended? And then really just kind of figuring out the momentum within those 2 businesses to offset the single-cell decline for you guys to be able to hit that for your guide because the back half step-up is now outsized of what you've done in the past?

那麼你們能幫我們了解一下你們放置了多少 Xenium 嗎？然後是任何類型的定向評論——我知道您通常不會詳細討論，但 Visium 與 Xenium 在空間收入基礎上的貢獻以及趨勢如何？然後，實際上只是弄清楚這兩項業務中的勢頭，以抵消單細胞下降，以便你們能夠為你們的指南擊中這一目標，因為後半部分的提升現在超出了你們所做的事情過去？

Yes. This is Justin. I'll take that. In looking at Xenium instruments, on our last call, we talked about a quarterly range of roughly $50 to $75 per quarter. For Q1, it was about $50. We would expect that to continue to ramp throughout the year from the lower end to the high end. With what we've seen so far last quarter and this quarter with pressures on CapEx budget, elongated purchase cycles, I would expect that it would be closer to $50 again, and that's for Q2.

是的。這是賈斯汀。我會接受的。在查看 Xenium 工具時，在我們上次的電話會議上，我們談到了每季約 50 至 75 美元的季度範圍。第一季的價格約為 50 美元。我們預計這一數字將在全年繼續從低端向高端攀升。根據我們上個季度和本季迄今所看到的情況，資本支出預算面臨壓力，採購週期延長，我預計它將再次接近 50 美元，這是第二季的情況。

And then when we're looking at Visium versus Xenium overall, looking back at Q1, roughly half and half between each of those on the spatial side. When looking on the consumables side, when you're looking from Q4 into Q1, most of the growth that we saw sequentially from Q4 into Q1 was driven by Visium HD. And so there is -- there has been a lot of excitement around Visium HD. Like Serge said, we've got to see what the sustained level is. But I would say that the initial level that we've been seeing has been exciting.

然後，當我們整體比較 Visium 與 Xenium 時，回顧第一季度，在空間方面，兩者之間大約各佔一半。從消耗品來看，從第四季到第一季度，我們看到從第四季到第一季的大部分成長都是由 Visium HD 推動的。因此，Visium HD 引起了許多人的興奮。正如謝爾蓋所說，我們必須看看持續的水平是多少。但我想說的是，我們所看到的最初水平是令人興奮的。

And then there's the potential for the Xenium consumables to ramp up throughout the year. We haven't released too many details on that. I would say that we're still looking at a wide variety of usage across the customer base. But we are seeing good trends as far as increasing use over time when we're looking back at the older cohorts versus the new cohorts. And this is also allowing a couple of quarters to ramp up as well. And so I do think that there's upside on both the Visium side and the Xenium side within spatial when we're looking at offsets between Chromium and spatial and our outlook for the rest of the year.

Xenium 消耗品還有可能全年增加。我們還沒有透露太多細節。我想說的是，我們仍在考慮整個客戶群的各種使用情況。但當我們回顧舊群體與新群體時，我們看到了隨著時間的推移使用量不斷增加的良好趨勢。這也使得幾季的成長也得以實現。因此，當我們考慮 Chromium 和 Spatial 之間的抵消以及我們對今年剩餘時間的展望時，我確實認為 Visium 方面和 Xenium 方面在 Spatial 方面都有上行空間。

We'll take our last question from Kyle Mikson with Canaccord Genuity.

我們將回答 Canaccord Genuity 的 Kyle Mikson 提出的最後一個問題。

A quick follow-up on the single-cell questions, I think, for Serge. (inaudible) a lot in that business this year, GEM-X upstream fixation, other things. That includes additional resources this year that replaced those kind of taken out spatial last year. I wanted to ask what the company's ROI is in single cell today given that the decelerating kind of decreasing even negative growth in some cases? And does that kind of make sense to keep investing at this pace if the return is becoming less attractive and kind of make the argument that maybe like shift that focus to spatial possibly, I guess, just in line with some of the cannibalization questions earlier?

我認為，Serge 的單細胞問題的快速跟進。 （聽不清楚）今年該業務有很多，GEM-X 上游固定，其他事情。這包括今年的額外資源，取代了去年刪除的空間。我想問一下，考慮到在某些情況下減速甚至出現負成長，公司目前單電池的投資報酬率是多少？如果回報變得不那麼有吸引力，並且可能會提出這樣的論點，即可能將重點轉移到空間上，我想，這與之前的一些蠶食問題一致，那麼繼續以這種速度進行投資是否有意義？

Thanks, Kyle. So look, we see -- like I said earlier, potential -- large market potential in all 3 platforms. We are going to keep investing in all 3 platforms. Over the past several years, we made very, very large investments on the spatial front. We talked about in the past how much we shifted resources on to Xenium. Bringing up HD was also a pretty massive undertaking.

謝謝，凱爾。所以看，我們看到——就像我之前說的，潛力——所有 3 個平台都有巨大的市場潛力。我們將繼續投資這三個平台。在過去的幾年裡，我們在空間上進行了非常非常大的投資。我們過去討論過我們將多少資源轉移到了 Xenium。推出高清也是一項相當艱鉅的任務。

There is -- at this stage, we don't see any reason to let go of Chromium (inaudible). In fact, the investments we're making right now, we feel like we have potential to open up a lot of new use cases and much broader use cases with much broader categories of customers. So we are certainly managing the spend and investment across our 3 platforms very carefully and continuously and feel good about the balance and the amount.

在現階段，我們沒有看到任何理由放棄 Chromium（聽不清楚）。事實上，我們現在正在進行的投資，我們覺得我們有潛力為更廣泛的客戶類別開闢許多新的用例和更廣泛的用例。因此，我們肯定會非常仔細、持續地管理我們三個平台的支出和投資，並對餘額和金額感到滿意。

Thank you. With that, we do conclude today's presentation. Thank you for your participation today, and you may now disconnect.

謝謝。至此，我們今天的演講就結束了。感謝您今天的參與，您現在可以斷開連接。