10X Genomics Inc (TXG) 2024 Q2 法說會逐字稿

Good afternoon. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the 10x Genomics' second quarter 2024 earnings conference call. (Operator Instructions) I'd like to turn call over to Cassie Corneau, Director of Investor Relations and Strategic Finance. You may begin.

午安.我叫凱拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 10x Genomics 2024 年第二季財報電話會議。 （操作員說明）我想將電話轉給投資者關係和策略財務總監 Cassie Corneau。你可以開始了。

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

謝謝大家，大家下午好。今天早些時候，10x Genomics 發布了截至2024 年6 月30 日的第二季度財務業績。 .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期間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 issue today, and in the documents and reports filed by 10x Genomics from time to time with the Securities and Exchange Commission.

有關這些風險、不確定性和可能導致結果差異的因素的更多信息，請參閱今天發布的 10x Genomics 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 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. 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.

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。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。

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 second quarter performance across our portfolio of single cell and spatial technologies. 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，我將首先概述我們的單細胞和太空技術組合的第二季業績。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 second quarter, total revenue grew 4% year-over-year and 9% quarter-over-quarter to $153 million, and we were free cash flow positive in the quarter. We saw strong demand for spatial consumables this quarter and a solid sequential increase in single-cell consumables. We continue to hear overwhelmingly positive feedback on GEM-X and it's performance. And our customers are further along in the transition from our next-gen assays than we expected.

第二季總營收年增 4%，季增 9%，達到 1.53 億美元，本季自由現金流為正。我們看到本季對空間消耗品的強勁需求以及單細胞消耗品的穩定連續成長。我們繼續聽到對 GEM-X 及其性能的壓倒性積極反饋。我們的客戶在從我們的下一代檢測的過渡中比我們預期的要走得更遠。

Within spatial, we saw continued consumable growth driven by Visium HD and strong early demand for our Xenium Prime 5K product, which we launched in June. Despite the strong demand for consumables, we're increasingly experiencing headwinds from the challenging macro environment, similar to many of our peers. Our customers are under budget pressure, which has most acutely resulted in cuts to CapEx budgets and elongated purchase cycles impacting our instrument revenue this quarter.

在空間方面，我們看到 Visium HD 推動的耗材持續成長以及對我們 6 月推出的 Xenium Prime 5K 產品的強勁早期需求。儘管對消耗品的需求強勁，但與許多同行類似，我們越來越多地遇到來自充滿挑戰的宏觀環境的阻力。我們的客戶面臨預算壓力，最嚴重地導致了資本支出預算的削減和採購週期的延長，影響了我們本季的儀器收入。

We believe these macro factors and cautious customer spending patterns are likely to persist, putting particular pressure on instrument sales, especially Xenium. As we look to the rest of 2024, we're lowering our revenue guidance, which we now expect to be in the range of $640 million to $660 million. Justin will discuss this in greater detail.

我們認為這些宏觀因素和謹慎的客戶支出模式可能會持續存在，對儀器銷售造成特別的壓力，尤其是 Xenium。展望 2024 年剩餘時間，我們正在降低收入指導，目前預計收入在 6.4 億美元至 6.6 億美元之間。賈斯汀將更詳細地討論這個問題。

Despite these near-term headwinds, we remain confident in our strength, differentiation and long-term potential. Biology needs to be analyzed at the single cell level and in spatial context. We have built leading platforms for both single cell and spatial biology. These are still nascent fields, which are drawing growing interest from competitors.

儘管有這些近期阻力，我們仍然對我們的實力、差異化和長期潛力充滿信心。生物學需要在單細胞層次和空間背景下進行分析。我們為單細胞和空間生物學建立了領先的平台。這些仍然是新興領域，正在吸引競爭對手越來越多的興趣。

As we have always said, we operate in attractive spaces. There has always been competition and there has been more recently. We planned our strategy anticipating this increase with intent to both grow the yield and stay ahead of new entrants. We firmly believe we're well positioned for the opportunity ahead.

正如我們一直所說，我們在有吸引力的空間中運作。競爭一直存在，而且最近也存在。我們制定的策略預計會出現這種成長，目的是提高產量並保持領先於新進入者的地位。我們堅信，我們已做好充分準備迎接未來的機會。

We believe that 10x is differentiated by a significant technology leadership built over many years of multidisciplinary advances across microfluidics, chemistry, molecular biology, hardware and software. We believe our solutions are several years ahead of our competitors and our innovation engine is poised to ensure it stays that way.

我們相信，10x 的獨特之處在於其多年來在微流體、化學、分子生物學、硬體和軟體等多學科進步中建立的重要技術領先地位。我們相信，我們的解決方案領先競爭對手數年，而我們的創新引擎將確保這一優勢保持下去。

We have also built an extensive commercial and sales channel, highly skilled at tailoring solutions specific to customer needs. We're proud of our talented and passionate customer support teams, who provide researchers with the bespoke assistance openly required to run complex experiments. And our product road map has been intentionally designed to drive costs lower for researchers, especially those who are targeting large scale projects or those new to 10x.

我們也建立了廣泛的商業和銷售管道，擅長根據客戶需求客製化解決方案。我們為我們才華橫溢、充滿熱情的客戶支援團隊感到自豪，他們為研究人員提供運行複雜實驗所需的客製化協助。我們的產品路線圖經過專門設計，旨在降低研究人員的成本，特別是針對大型專案或 10 倍新專案的研究人員。

We expect our product road map will remain a meaningful competitive advantage as we continue to execute against our plans to remove cost barriers and greatly lower cost per sample and cost per cell. Now, let me share some more detail on recent developments across each of our platforms, beginning with Xenium, which is well recognized as the In Situ performance leader.

我們預計我們的產品路線圖將仍然具有有意義的競爭優勢，因為我們將繼續執行我們的計劃，以消除成本障礙並大大降低每個樣品的成本和每個細胞的成本。現在，讓我詳細介紹我們每個平台的最新發展，首先是 Xenium，它被公認為 In Situ 效能領導者。

This quarter, we launched Xenium Prime 5K, increasing plex capability by an order of magnitude, while continuing to deliver our industry-leading performance. This new product, which measures 5,000 genes, features an enhanced chemistry to deliver excellent protein sensitivity, improved specificity and spatial fidelity and integrated multimodal cell segmentation.

本季度，我們推出了 Xenium Prime 5K，將 plex 能力提高了一個數量級，同時繼續提供業界領先的效能。這款新產品可測量 5,000 個基因，具有增強的化學特性，可提供出色的蛋白質敏感性、改進的特異性和空間保真度以及整合的多模式細胞分割。

We're highly encouraged by the initial order rate and early customer feedback. As I mentioned earlier, macroeconomic pressures are having a meaningful impact on Xenium instrument sales. Despite the near-term headwinds, our view of the huge expected long-term potential for the Xenium platform is unchanged. We continue to receive outstanding feedback from customers. We are seeing encouraging trends in utilization across the instrument fleet. We received a lot of interest from potential new customers, many of them are new to 10x.

初始訂單率和早期客戶回饋令我們深受鼓舞。正如我之前提到的，宏觀經濟壓力正在對 Xenium 儀器銷售產生重大影響。儘管近期存在阻力，但我們對 Xenium 平台巨大的預期長期潛力的看法並沒有改變。我們不斷收到客戶的出色回饋。我們看到整個儀器群的使用率呈現出令人鼓舞的趨勢。我們收到了很多潛在新客戶的興趣，其中許多是 10x 的新客戶。

And we're excited to see the emergence of numerous large scale cohort studies that are aligning around Xenium. We also believe there is more we can do to deliver on this opportunity and to drive near-term performance, which is why we're expanding our dedicated Xenium instrument sales team as part of our broader commercial strategy.

我們很高興看到大量圍繞 Xenium 的大規模隊列研究的出現。我們也相信，我們可以採取更多措施來抓住這個機會並推動近期業績，這就是為什麼我們正在擴大我們的專業 Xenium 儀器銷售團隊，作為我們更廣泛的商業策略的一部分。

With extensive range of offerings on both Xenium and Visium, we have multiple ways to support customers in their spatial biology research. Our complementary yet distinct platforms support a broad spectrum of customers' use cases and accommodate the ways their research questions may evolve overtime.

憑藉 Xenium 和 Visium 的廣泛產品，我們可以透過多種方式支援客戶的空間生物學研究。我們互補但獨特的平台支援廣泛的客戶用例，並適應他們的研究問題可能隨著時間的推移而演變的方式。

Turning to Visium. the leading platform for unbiased spatial analysis. Building on last quarter's Visium HD launch, Visium consumables exceeded our expectation in Q2. As a reminder, Visium HD enables whole transcriptome spatial analysis at single cell scale resolution, and it has continued to drive momentum for the platform.

轉向 Visium。公正空間分析的領先平台。在上季推出 Visium HD 的基礎上，Visium 耗材在第二季超出了我們的預期。提醒一下，Visium HD 能夠以單細胞尺度解析度進行全轉錄組空間分析，並且它繼續推動該平台的發展。

We're pleased with the positive feedback that we're receiving from Visium HD based on its performance in the field. It is attracting both new and existing customers to spatial analysis. High customer interest for HD also contributed to the sustained demand for CytAssist placements during the second quarter, despite CapEx pressures on instruments.

我們很高興從 Visium HD 收到基於其現場性能的正面回饋。它正在吸引新客戶和現有客戶進行空間分析。儘管儀器面臨資本支出壓力，但客戶對 HD 的高度興趣也推動了第二季度對 CytAssist 放置的持續需求。

Our experience over the years has made it clear that an instrument like CytAssist is key to delivering a complete solution for customers. CytAssist is critical for enabling a robust and straightforward workflow, one that allows customers to use standard histology slides. Additionally, by ensuring consistency, precision and preservation specialty. CytAssist is integral to high-quality data and more accurate scientific results for customers' experiments. Customers continue to discover the power of Visium and we're enthusiastic about its trajectory and its ability to broaden exploratory capabilities within spatial biology.

我們多年來的經驗清楚地表明，像 CytAssist 這樣的儀器是為客戶提供完整解決方案的關鍵。 CytAssist 對於實現強大且簡單的工作流程至關重要，該工作流程允許客戶使用標準組織學載玻片。此外，透過確保一致性、精確性和保存專業性。 CytAssist 是客戶實驗中高品質數據和更準確科學結果不可或缺的一部分。客戶不斷發現 Visium 的強大功能，我們對其發展軌跡及其擴大空間生物學探索能力的能力充滿熱情。

Now, turning to single cell. During the quarter we saw solid sequential growth in consumables revenue. We also delivered year-over-year growth in reactions sold. While there's still work to do to return Chromium to robust growth over the long-term, this quarter's results reflect the underlying progress we're making in single cell and the good momentum we have with the GEM-X transition.

現在，轉向單細胞。在本季度，我們看到消耗品收入連續穩定成長。我們的銷量也實現了年成長。雖然從長遠來看，要使 Chromium 恢復強勁成長還有很多工作要做，但本季的業績反映了我們在單細胞領域取得的根本進展以及我們在 GEM-X 過渡方面的良好勢頭。

More customers are now aware of and are impressed with GEM-X and its superior sensitivity, throughput, data quality and cell recovery, all delivered at a lower cost per sample and per cell compared to our Next-GEM architecture.

現在，越來越多的客戶認識到GEM-X 及其卓越的靈敏度、通量、數據品質和細胞回收率，並對其印象深刻，與我們的Next-GEM 架構相比，所有這些都以更低的每個樣品和每個細胞成本提供。

In the first two quarters since launch, the GEM-X transition has progressed faster than we initially anticipated, with more early adopters seeking out GEM-X for its performance and cost advantages. Our Flex assay also continues to gain traction with customers. In a recent independent benchmarking study from Genentech, that compared 10 commercially available single cell technologies, Flex exhibited the highest-rank performance.

自推出以來的前兩個季度，GEM-X 的過渡進展比我們最初預期的要快，越來越多的早期採用者尋求 GEM-X 的性能和成本優勢。我們的 Flex 檢測也持續受到客戶的青睞。在 Genentech 最近的一項獨立基準研究中，比較了 10 種商用單細胞技術，Flex 表現出了最高的性能。

Researchers also called out Flex for its unique ability to process FFPE tissues, which they wrote greatly expands the reach of single cell RNA-seq to access the vast catalogs of preserved clinical specimens. The opportunity in translational is one of many reasons why we believe there is still a long runway ahead for single cell. Large scale projects also hold tremendous potential. As we remove cost barriers, we expect to open up more possibilities for large scale studies with more samples and more cells. A great example of this is the Garvin Institute's new TenK10K Project, which we announced earlier this week.

研究人員還稱讚 Flex 處理 FFPE 組織的獨特能力，他們寫道，這極大地擴展了單細胞 RNA-seq 的範圍，以訪問保存的臨床標本的大量目錄。轉化的機會是我們相信單細胞還有很長的路要走的眾多原因之一。大型專案也蘊藏著巨大的潛力。隨著我們消除成本障礙，我們期望為更多樣本和更多細胞的大規模研究開啟更多可能性。一個很好的例子是加文研究所的新 TenK10K 項目，我們本週早些時候宣布了該項目。

TenK10K intends to use GEM-X to map 50 million human cells from 10,000 people, identify unique genomic fingerprints of autoimmune diseases, heart diseases and cancer. In addition, we see the emergence of powerful new applications based high-throughput single cell approaches from analyzing organoids, scaling CRISPR screens, to building out foundation models that enable AI-based modeling of biology. And as we've said all along, there's a large opportunity to democratize single cell analysis by making it more accessible for new customers and more routine for existing customers.

TenK10K 打算使用 GEM-X 繪製來自 10,000 人的 5,000 萬人個人類細胞圖譜，識別自體免疫疾病、心臟病和癌症的獨特基因組指紋。此外，我們還看到基於高通量單細胞方法的強大新應用的出現，從分析類器官、擴展 CRISPR 篩選，到建立支援基於人工智慧的生物學建模的基礎模型。正如我們一直以來所說的那樣，透過讓新客戶更容易使用單細胞分析並為現有客戶提供更多常規服務，我們有很大的機會實現單細胞分析的民主化。

We know price is an important consideration both for new researchers taking on their first single cell experiment and current customers looking to scale towards larger and larger projects. As we've said before, our goal is to drive broader adoption and enable routine use by reducing customer costs and making our technologies more accessible.

我們知道，對於進行首次單細胞實驗的新研究人員和希望擴展到越來越大的專案的現有客戶來說，價格都是一個重要的考慮因素。正如我們之前所說，我們的目標是透過降低客戶成本並使我們的技術更容易獲得來推動更廣泛的採用並實現日常使用。

As part of our strategy, we have been working to drive down cost along multiple vectors per cell, per sample, per experiment, per project. We strongly believe in the elasticity of demand for our products, and we will continue to execute on our product roadmap to take advantage of this elasticity. To truly deliver on the next phase of 10x growth and impact, we need to evolve our commercial organization. We're taking steps to improve our commercial execution, address recent challenges brought on by the increasing breadth and complexity of our business and set us up to scale into the future.

作為我們策略的一部分，我們一直致力於降低每個細胞、每個樣本、每個實驗、每個專案的多個載體的成本。我們堅信我們產品的需求彈性，我們將繼續執行我們的產品路線圖，以利用這種彈性。為了真正實現下一階段 10 倍的成長和影響，我們需要發展我們的商業組織。我們正在採取措施改善我們的商業執行力，應對近期因業務廣度和複雜性不斷增加而帶來的挑戰，並為我們的未來發展做好準備。

That starts with the leadership. Earlier today, we officially announced Mennah Moustafa as our new Chief Commercial Officer following an extensive surge. Mennah joined 10x in 2022 to lead commercial operations and has done an exceptional job as our interim CCO. She has a clear vision for our commercial strategy and has been rapidly implementing foundational processes to better enable the success of our customers and our company.

這要從領導階層開始。今天早些時候，在大幅增員後，我們正式宣布 Mennah Moustafa 擔任我們的新商務長。 Mennah 於 2022 年加入 10x 領導商業運營，並作為我們的臨時 CCO 表現出色。她對我們的商業策略有著清晰的願景，並一直在快速實施基礎流程，以更好地幫助我們的客戶和公司取得成功。

Under Mennah's leadership, we've rigorously validated our sales structure to assess what's working well and what's needed for the future. We are now implementing a new organization structure which we architected from the ground up to drive our next pace of growth and scale. Our new structure reengineers how we go to market with distinct teams explicitly focused on driving Xenium instrument placements, expanding consumables utilization with existing customers and accelerating adoption with biopharma and new and emerging academic researchers.

在 Mennah 的領導下，我們嚴格驗證了我們的銷售結構，以評估哪些方面運作良好以及哪些方面未來需求。我們現在正在實施一個新的組織結構，該結構是我們從頭開始建立的，以推動我們下一步的成長和規模發展。我們的新結構重新設計了我們進入市場的方式，不同的團隊明確專注於推動 Xenium 儀器的放置、擴大現有客戶的耗材利用率以及加速生物製藥和新興學術研究人員的採用。

This specialization also helps us to focus and deploy the right resources across our platforms. I am confident these commercial changes will overtime help us drive growth across the portfolio, open up opportunities with new customers and segments and maximize our scale and impact. I couldn't be more excited to have Mennah at the helm as we continued our work to build a premier commercial organization that delivers superior execution and superior results.

這種專業化也有助於我們在我們的平台上集中和部署正確的資源。我相信這些商業變化將幫助我們推動整個產品組合的成長，為新客戶和細分市場開闢機會，並最大限度地提高我們的規模和影響力。在我們繼續努力建立一個能夠提供卓越執行力和卓越成果的一流商業組織的過程中，我對由 Mennah 掌舵感到無比興奮。

Now, before I turn the call over to Justin, I want to take a moment to acknowledge the CFO transition we announced earlier this afternoon. After nearly six years with 10x, Justin is moving on to another opportunity. Justin has been an incredible leader during his tenure at 10x. He took us public, helped to scale the company and build a strong financial profile that has generated tremendous revenue growth and positive cash flow.

現在，在我把電話轉給賈斯汀之前，我想花點時間確認我們今天下午早些時候宣布的財務長的過渡。在 10x 工作了近六年後，Justin 正在尋找另一個機會。 Justin 在 10x 任職期間一直是一位令人難以置信的領導者。他帶領我們上市，幫助擴大公司規模並建立了強大的財務狀況，帶來了巨大的收入成長和正現金流。

He's assembled talented team and he has contributed greatly to the fantastic culture we have today. On behalf of the board and everyone at 10x, I want to thank Justin for his immeasurable contributions and wish him the best of luck in his new role.

他組建了一個才華橫溢的團隊，為我們今天的奇妙文化做出了巨大貢獻。我謹代表董事會和 10x 的所有人感謝 Justin 做出的不可估量的貢獻，並祝他在新職位上一切順利。

Adam Taich will be joining 10x as our new Chief Financial Officer. Adam is a seasoned executive and strategic finance leader with more than two decades of experience in the life sciences tools industry. Most recently, he served as the interim Chief Executive Officer at SomaLogic and has also held a number of senior roles at Thermo Fisher, including Vice President and General Manager of the Molecular Biology business. He brings a unique skill set across finance, strategy, business development and general management, which will be immensely valuable to take 10x to the next scale. I'm very excited to welcome him to 10x.

Adam Taich 將加入 10x，擔任新任財務長。 Adam 是一位經驗豐富的主管和策略財務領導者，在生命科學工具產業擁有二十多年的經驗。最近，他擔任 SomaLogic 臨時首席執行官，並在 Thermo Fisher 擔任多個高級職位，包括分子生物學業務副總裁兼總經理。他在財務、策略、業務開發和綜合管理方面擁有獨特的技能，這對於將 10 倍提升到下一個規模非常有價值。我非常高興地歡迎他來到 10x。

With that, let me turn it over to Justin.

那麼，讓我把它交給賈斯汀。

Thank you, Serge. It's been an honor to be part of that, the 10x team over the past six years. I'm extremely proud of how much we've accomplished and how much we have grown from a single-product company to a scaled organization with three leading platforms across a single cell and spatial biology. It was not an easy decision to make. I continue to have deep conviction and Serge, the team and the opportunity to accelerate the mastery biology and advance human health. I firmly believe 10x will continue to lead and has a very bright future ahead.

謝謝你，塞爾吉。在過去的六年裡，我很榮幸能成為 10x 團隊的一員。我對我們所取得的成就以及我們從單一產品公司成長為擁有跨單細胞和空間生物學三個領先平台的規模化組織感到非常自豪。這不是一個容易做出的決定。我仍然對 Serge、團隊以及加速掌握生物學和促進人類健康的機會抱持堅定的信念。我堅信 10x 將繼續保持領先地位，並擁有非常光明的未來。

I'll now turn to the quarterly results. I'll start by reviewing our financial results for the three months ended June 30, 2024, and will then provide further details on our updated outlook for 2024. All growth rates provided will be on a year-over-year basis unless otherwise noted. Total revenue for the quarter was $153.1 million, up 4% driven by stronger contributions from consumables, partially offset by lower instrument contributions.

我現在談談季度業績。我將首先回顧我們截至 2024 年 6 月 30 日的三個月的財務業績，然後提供有關 2024 年更新展望的更多詳細信息。本季總營收為 1.531 億美元，成長 4%，主要得益於消耗品貢獻增加，但部分被儀器貢獻減少所抵銷。

Looking at our revenue breakout, total consumables revenue was $123.4 million, up 10%. Spatial consumables revenue was $29.3 million, up 150%. This growth was driven primarily by continued enthusiasm for Visium HD as well as contributions from Xenium Prime 5K, which we started shipping at the end of Q2.

從我們的營收突破來看，耗材總收入為 1.234 億美元，成長 10%。空間消耗品收入為 2,930 萬美元，成長 150%。這一成長主要得益於對 Visium HD 的持續熱情以及 Xenium Prime 5K 的貢獻，我們於第二季末開始出貨。

Chromium consumables revenue was $94.1 million, down 7% year over year, driven by continued customer transition to our new GEM-X products and prioritization of spatial experiments. We saw positive momentum in our Chromium consumables results this quarter. Sequentially, revenue was up 12% as customers work through installing and trialing due to the GEM-X introduction in Q1. This transition is ongoing and near term, we still expect a lower price of GEM-X to continue to drive some revenue pressure, but over time we believe there is elasticity that will more than offset the lower price.

Chromium 耗材收入為 9,410 萬美元，年減 7%，這是由於客戶持續轉向我們的新 GEM-X 產品和優先考慮空間實驗。我們在本季的 Chromium 耗材表現中看到了積極的勢頭。由於第一季推出了 GEM-X，隨著客戶進行安裝和試用，營收隨後成長了 12%。這種轉變正在進行中，並且在短期內，我們仍然預期 GEM-X 的較低價格將繼續帶來一些收入壓力，但隨著時間的推移，我們相信彈性將足以抵消較低的價格。

Moving onto instruments. Total instrument revenue decreased 23% to $23.9 million. Chromium instrument revenue was $8.8 million, down 32% year over year, driven by fewer units sold but up 12% sequentially. Spatial instrument revenue was down 17% to $15.1 million, primarily driven by lower number of the Xenium instruments sold. Services revenue was $5.9 million, up 74%, primarily due to the increased Chromium service plan contracts.

轉向樂器。儀器總收入下降 23% 至 2,390 萬美元。由於銷量減少，Chromium 儀器收入為 880 萬美元，年減 32%，但環比增長 12%。太空儀器收入下降 17% 至 1510 萬美元，主要是由於 Xenium 儀器銷量減少所致。服務收入為 590 萬美元，成長 74%，這主要是由於 Chromium 服務計畫合約的增加。

Looking at our revenue by geography, Americas revenue grew 2% to $93.1 million, EMEA revenue grew 20% to $37.4 million, and revenue in APAC decreased 6% to $22.7 million. Turning to the rest of the income statement, gross profit for the second quarter was $104.2 million compared to $99.6 million for the prior year period.

按地理位置查看我們的收入，美洲收入成長 2% 至 9,310 萬美元，歐洲、中東和非洲收入成長 20% 至 3,740 萬美元，亞太地區收入下降 6% 至 2,270 萬美元。至於損益表的其餘部分，第二季的毛利為 1.042 億美元，而去年同期的毛利為 9,960 萬美元。

Gross margin remained flat at 68% compared to the second quarter of 2023. Total operating expenses for the second quarter decreased to $146 million compared to $163 million for the prior year period. This decrease was primarily driven by lower personnel expenses, including stock based compensation expense and a decrease in laboratory materials and supplies.

與 2023 年第二季相比，毛利率維持在 68% 不變。這一下降主要是由於人員費用減少，包括基於股票的補償費用以及實驗室材料和用品的減少。

R&D expenses decreased to $62.9 million compared to $71.5 million to the prior year period, primarily driven by lower laboratory mature aerials and supplies. SG&A expenses decreased to $83 million compared to $91.5 million for the prior year period, primarily driven by lower personnel expenses, including stock-based compensation.

研發費用從去年同期的 7,150 萬美元減少至 6,290 萬美元，主要是因為實驗室成熟的天線和耗材減少。 SG&A 費用從去年同期的 9,150 萬美元減少至 8,300 萬美元，主要是由於包括股票薪酬在內的人員費用減少。

Operating loss for the second quarter was $41.7 million compared to a loss of $63.4 million in the second quarter last year. This includes $38.5 million of stock based compensation as compared to $45.7 million of stock based compensation for the corresponding prior year period.

第二季營運虧損為 4,170 萬美元，而去年第二季營運虧損為 6,340 萬美元。其中包括 3,850 萬美元的股票薪酬，而去年同期的股票薪酬為 4,570 萬美元。

Net loss for the period was $37.9 million compared to a net loss of $62.4 million for the second quarter of 2023. We ended the quarter with $380.1 million in cash and cash equivalents and marketable securities, generating $8.3 million of cash in the quarter.

該期間的淨虧損為3,790 萬美元，而2023 年第二季的淨虧損為6,240 萬美元。美元的現金。

Turning to our outlook for the rest of the year. As Serge mentioned at the beginning of the call, we now expect full year revenue to be in the range of $640 million to $660 million, representing 5% growth over full year 2023 at the midpoint.

轉向我們對今年剩餘時間的展望。正如 Serge 在電話會議開始時提到的那樣，我們現在預計全年收入將在 6.4 億美元至 6.6 億美元之間，比 2023 年全年中位數成長 5%。

Our updated guidance reflects impacts from a macro level factors and the commercial restructuring. I'll start with the macro level factors. In this environment, we've seen many customers experienced budgetary pressures and uncertainties. This has mostly been on the CapEx side with spending constraints at elongated sales cycles. We expect these headwinds to continue for the remainder of the year.

我們更新的指引反映了宏觀因素和商業重組的影響。我將從宏觀層面的因素開始。在這種環境下，我們看到許多客戶經歷了預算壓力和不確定性。這主要是在資本支出方面，因為銷售週期延長而導致支出受到限制。我們預計這些不利因素將在今年剩餘時間內持續存在。

Additionally, under tremendous leadership, we are executing on a new sales model that improves how we support our customers. We believe these new functions, roles and territories may cause some near term disruption while laying the foundation for long-term growth. While these factors may have near-term impacts on revenue, we continue to have full confidence in the strength of our platforms to deliver strong long-term growth.

此外，在龐大的領導下，我們正在執行新的銷售模式，以改善我們支援客戶的方式。我們相信，這些新職能、角色和領域可能會在短期內造成一些幹擾，同時為長期成長奠定基礎。儘管這些因素可能會對收入產生短期影響，但我們仍然對我們平台實現強勁長期成長的實力充滿信心。

We're looking out over the next 12 months, we continue to anticipate about $15 million to $20 million of total capital expenditures. We also continue to maintain cash discipline in 2024 and in our 2025 planning. Our goal is to self-fund our innovation and scale by investing cash generated back into our business. We still believe we have a great setup to drive positive cash flow for the year and into next year as well.

我們展望未來 12 個月，預計總資本支出將達到約 1,500 萬至 2,000 萬美元。我們在 2024 年和 2025 年規劃中也持續保持現金紀律。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。我們仍然相信，我們有一個很好的設置來推動今年和明年的正現金流。

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

此時，我會將其轉回給 Serge。

Thanks, Justin. I'd like to wrap up by reaffirming my conviction in the strength of 10x and our leadership in single-cell and spatial biology. As we navigate near-term macro pressures, deliver on our strategy and product roadmap and optimize our commercial structure, where steadfast in our goal of driving a more balanced focus, execution and growth across all three platforms.

謝謝，賈斯汀。最後，我想重申我對 10x 的實力以及我們在單細胞和空間生物學領域的領導地位的信念。在我們應對近期宏觀壓力時，落實我們的策略和產品路線圖並優化我們的商業結構，堅定不移地推動所有三個平台的重點、執行和成長更加平衡。

Of course, none of us will be possible without our amazing team at 10x. Thank you for your commitment and drive, especially in times of change. I truly appreciate how you all rally together and stay focused on delivering for our customers and advancing our mission.

當然，如果沒有我們出色的 10x 團隊，我們任何人都無法實現。感謝您的承諾和動力，尤其是在變革時期。我衷心感謝你們團結在一起，專注於為我們的客戶提供服務並推進我們的使命。

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)

（操作員說明）

Dan Arias, Stifel.

丹·阿里亞斯，斯蒂菲爾。

Good afternoon guys. Thanks for the questions. Serge or Justin, can you maybe, just add some color to the forecast on the second half of the year? I don't think people are surprised by the guide coming in, but you beat our number on chromium. So is the new range entirely due to Xenium and Chromium instrumentation? And then what's the new outlook for single cell and spatial that's implied here?

各位下午好。感謝您的提問。 Serge 或 Justin，你們能為下半年的預測添加一些色彩嗎？我認為人們不會對指南的出現感到驚訝，但你在鉻方面擊敗了我們。那麼新系列是否完全歸功於 Xenium 和 Chromium 儀器？那麼這裡暗示的單細胞和空間的新前景是什麼？

And if I could sneak a second one in Serge, where do you think the breakdown is coming in the forecasting? I know you don't have all the full answers here, but you've made changes internally when it comes to leadership, you've given the sales force better tools to work with. So where do you think you're getting tripped up by, what's taking place when it comes to projecting what customers are going to do here?

如果我可以在塞爾吉（Serge）偷偷進行第二次預測，您認為預測中的故障會出現在哪裡？我知道您在這裡沒有所有完整的答案，但是在領導力方面您已經在內部進行了更改，您為銷售人員提供了更好的工具來使用。那麼，在預測客戶將在這裡做什麼時，您認為自己在哪裡被絆倒了？

Hey, Dan. Thanks for the question. I'll start with your first part around the range. So when looking at our updated guidance range 650 at the midpoint. As we mentioned on the call, the update is coming from two buckets. So macroeconomic factors and the commercial restructuring. And when you're looking at macroeconomic factors, the majority of that impact is on capital expenditures, instruments. And in this case, most of it on Xenium with a smaller impact on chromium.

嘿，丹。謝謝你的提問。我將從圍繞範圍的第一部分開始。因此，當查看我們更新的指導範圍 650 的中點時。正如我們在電話中提到的，更新來自兩個方面。所以宏觀經濟因素和商業結構調整。當你考慮宏觀經濟因素時，大部分影響都集中在資本支出和工具上。在這種情況下，大部分影響在 Xenium 上，而對 Chromium 的影響較小。

And so that's the majority of the update. The remainder of that update is due to less consumables. And so with a lower amount of instruments sold, there's going to be a smaller amount of consumables that go out with those initial orders. And then also, we're giving ourselves some room for the commercial restructuring as the team settles into their new roles and responsibilities.

這就是更新的大部分內容。更新的其餘部分是由於消耗品較少。因此，隨著售出的儀器數量減少，初始訂單中消耗的消耗品數量也會減少。此外，隨著團隊適應新的角色和職責，我們也為自己的商業重組留出了一些空間。

Yeah. I mean and maybe, to touch on your second question Dan. Just like Justin said the changes in guide is mostly attributed to the changes in the macro environment, specifically focused on the instruments. And then in addition to that, the changes that we're making on the commercial side, which are going to create some temporary potential for disruption.

是的。我的意思是，也許，談談你的第二個問題丹。正如賈斯汀所說，指南的變化主要歸因於宏觀環境的變化，特別是集中在工具上。除此之外，我們在商業方面所做的改變將創造一些暫時的顛覆潛力。

And just one thing that I'll add before we go to the next question is just, when we look back at how we said Q2 would end up on the last earnings call, we expected sequentially to grow mid-to-high single digits, which we grew high single digits. We expected most of that growth to be due to chromium. Chromium grew 12% sequentially. When we look at the second half of this year, the split between first half and second half at the midpoint of our range, it's about 45% of revenue in the first half about 55% in the second half.

在我們討論下一個問題之前，我要補充的一件事是，當我們回顧我們在上次財報電話會議上所說的第二季度將如何結束時，我們預計將依次增長中高個位數，我們的成長達到了高個位數。我們預計大部分成長將歸因於鉻。鉻環比增長 12%。當我們看今年下半年時，上半年和下半年之間的差距位於我們範圍的中點，上半年收入約佔 45%，下半年收入約佔 55%。

And just to your question around what's embedded in that guidance, when we look at how much of that's allocated to Q3 versus Q4, we're expecting the same seasonality that we saw last year in 2023. And we're expecting Q3 and Q4, each to have roughly the same growth rate over their corresponding period in the prior year at the top level.

對於您關於該指導意見中包含的內容的問題，當我們查看分配給第三季度和第四季度的比例時，我們預計2023 年的季節性因素與去年相同。 ，兩者的成長率與上一年同期的最高水準大致相同。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

Hey, guys. Good evening and thanks for the question here. One on the Xenium side of things and then one, on the leadership changes, guys. So first on Xenium, can you share some color on just ASP trends in the quarter? Any sense that you need to do deeper discounting in light of the customer CapEx sensitivities you flagged here? Or has there been any change in competitor pricing models?

嘿，夥計們。晚上好，謝謝你的提問。一個是關於 Xenium 方面的事情，然後是關於領導層變化的事情，夥計們。首先，關於 Xenium，您能否分享一些有關本季 ASP 趨勢的資訊？鑑於您在此標記的客戶資本支出敏感性，您是否認為需要進行更深層的折扣？或是競爭對手的定價模式有變化嗎？

And then, in terms of the leadership changes here, Justin, it's been good working with you over the years. But Serge, the question for you really is do you see any evolution in your guidance philosophy under Adam? Just share some color on the degree of input he's had, if any in terms of new guide. I guess, where I'm coming from is a new CFO always likes to preserve the right to impair the guide he or she inherits. So just any color around that would be great. Thank you.

然後，就領導層變動而言，賈斯汀，這些年來與您的合作非常愉快。但 Serge，你真正的問題是，在 Adam 的領導下，你的指導理念是否有任何演變？只需分享一些關於他所提供的意見程度的資訊（如果有的話）新指南。我想，我來自的地方是，新任財務長總是喜歡保留損害他或她繼承的指導的權利。所以周圍的任何顏色都會很棒。謝謝。

Hey, Tejas. I'll start with the first part of your question on the ASP trends on instruments. I know you asked about the Xenium in particular. Over time from the very beginning, we saw the ASP and the mid to low 200s, and we hit the low 200s mid part of last year. And that has been steadily coming up into the first part of this year. And so it has been relatively stable as of the last couple of quarters and no major changes in the ASP.

嘿，特哈斯。我將從您關於儀器 ASP 趨勢的問題的第一部分開始。我知道您特別詢問了 Xenium。隨著時間的推移，從一開始，我們就看到了 ASP 和 200 左右的中低水平，去年中期我們達到了 200 左右的低水平。今年上半年，這種情況一直在穩定發生。因此，截至過去幾個季度，它一直相對穩定，平均售價沒有重大變化。

When you're looking at Chromium, no major changes in the ASP between at the X level or the iX level. But we have seen a shift where there's more waiting towards the iX, where as before it was roughly 50-50. But in this CapEx constrained environment, more customers are opting for the iX. And so that does impact basically the weighted ASP between those two instruments.

當您查看 Chromium 時，X 等級和 iX 等級之間的 ASP 沒有重大變化。但我們看到了一種轉變，即等待 iX 的人數增多，而之前的等待人數大約為 50-50 人。但在資本支出受限的環境中，更多客戶選擇了 iX。因此，這確實會基本上影響這兩種工具之間的加權平均售價。

And maybe to touch on your question around Xenium, the sort of competitive environment around Xenium. There's not really been, I would say, a material change relative to the previous quarter on that front. We -- the big change is really around the budget through the constraints of our customers and their decision-making there. And certainly something that we're looking at to make sure we're able to work with them on -- in this sort of new environment.

或許可以談談你關於 Xenium 的問題，圍繞著 Xenium 的競爭環境。我想說，在這方面與上一季相比並沒有真正發生重大變化。我們——最大的改變實際上是圍繞預算，透過我們的客戶及其決策的限制。當然，我們正在考慮一些事情，以確保我們能夠在這種新環境中與他們合作。

As far as the guide is concerned, look our philosophy is largely the same. We look at sort of the balance of different factors, the upsides and the downsides and give the best view, we currently have on the rest of the year.

就指南而言，我們的理念基本上是相同的。我們著眼於不同因素、優點和缺點的平衡，並給出我們目前對今年剩餘時間的最佳看法。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hi. This is Madeline Mollman on for Doug. I just wanted to ask if you could quantify the impact of the GEM-X transition in the quarter. I think, you mentioned Chromium consumables are pretty strong. And then what are you thinking about GEM-X for the rest of the year and into 2025? How should we be thinking about sort of the continued impact there?

你好。我是道格的瑪德琳‧莫爾曼。我只是想問您是否可以量化本季 GEM-X 過渡的影響。我認為，你提到 Chromium 消耗品非常強大。那麼您對今年剩餘時間和 2025 年的 GEM-X 有何看法？我們應該如何考慮那裡的持續影響？

Yeah. Thanks for the question. As far as the GEM-X impact in Q2, I would say that Q2 played out relatively, like we had laid out on our last call. When we talked about how we thought Q2 would end up, we included the impacts of the trialing and installing due to the GEM-X transition.

是的。謝謝你的提問。至於第二季 GEM-X 的影響，我想說第二季的表現相對較好，就像我們在上次電話會議中所闡述的那樣。當我們談論第二季的結果時，我們考慮了 GEM-X 過渡帶來的試用和安裝的影響。

Now a few things, we are a little bit further ahead on the GEM-X transition than we expected to be at this point, and we're also appreciating that there is a little bit of a longer tail towards this transition as well. And so one thing that we're contemplating is, those customers who plan to continue using NextGen, how we can help them transition to GEM-X sooner.

現在有一些事情，我們在 GEM-X 過渡方面比我們目前預期的要領先一些，而且我們也很高興這一過渡也有一個更長的尾巴。因此，我們正在考慮的一件事是，對於那些計劃繼續使用 NextGen 的客戶，我們如何幫助他們更快地過渡到 GEM-X。

Rachel Vatnsdal with JPMorgan.

摩根大通的雷切爾·瓦特斯達爾 (Rachel Vatnsdal)。

Hello. This is Marta Zaremba on for Rachel. Thank you for taking the question. I just wanted to double-click on the helium placement expectations for the rest of the year. You mentioned that's part of the reason for the guide cut. So how should we think about the CDM placements for the rest of the year? And then, how are you thinking in terms of whether or not the impact is mostly due to macro or perhaps more of the competition? Thank you.

你好。我是瑪塔·扎倫巴 (Marta Zaremba) 為瑞秋 (Rachel) 配音。感謝您提出問題。我只想雙擊今年剩餘時間的氦氣投放預期。你提到這是指南被削減的部分原因。那我們該如何考慮今年剩餘時間的清潔發展機制安置呢？然後，您如何看待影響主要是由於宏觀還是更多的競爭造成的？謝謝。

Yeah. So Xenium instrument placements are being impacted by macro right now. We're seeing customers' CapEx budgets getting cut. We're seeing more scrutiny on CapEx purchases, and this is resulting in, I said opportunities moving out, due to elongated sales cycles, or some opportunities dropping out with budget cuts. I'd say, it's more of an elongated sales cycle. one thing when we look at the funnel for Q3 and Q4. We are still seeing a large amount of opportunities in the funnel for the second part of the year.

是的。因此，Xenium 工具的佈局目前正受到宏觀經濟的影響。我們看到客戶的資本支出預算正在被削減。我們看到對資本支出購買的審查越來越多，這導致，我說的是，由於銷售週期延長，或者一些機會因預算削減而消失，機會被淘汰。我想說，這更像是個拉長的銷售週期。當我們查看第三季和第四季的漏斗時，有一件事。今年下半年，我們仍然在漏斗中看到大量機會。

On our last call, when we talked about the range that we would expect for each quarter this year, we expected it to be between 50 to 75. Right now, when we look at Q2 came up a little bit short of that. And when we talk about how we're thinking about Q3 and Q4, assumed at the midpoint of our guidance range, is an average of about 50 instruments a quarter between those two quarters, with a little bit less in Q3 and more in Q4.

在我們上次的電話會議上，當我們談到今年每個季度的預期範圍時，我們預計該範圍在50 到75 之間。 。當我們談論如何看待第三季度和第四季度時，假設在我們的指導範圍的中點，這兩個季度之間平均每個季度大約有50 種工具，其中第三季度的數量少一點，第第四季的數量多一些。

And maybe, just to comment again, on the Xenium competition part of the question. No, we're not seeing a change in dynamic. The reduction in the Xenium number is purely should be ascribed to the changing macroeconomic environment. We track the opportunities in the fall pretty closely.

也許，只是再次評論一下問題的 Xenium 競爭部分。不，我們沒有看到動態發生變化。 Xenium數量的減少純粹應該歸因於宏觀經濟環境的變化。我們非常密切地追蹤秋季的機會。

Dan Brennan, TD Cohen.

丹·布倫南，TD·科恩。

Hey. good afternoon, guys. This is, Kyle on for Dan. I had a quick one on Visium HD. You talked about Visium HD being pretty strong and the uptake from customers being strong. Can you speak to any impact, the Visium HD has had on customer usage of Visium or even Xenium? Thank you.

嘿。下午好，夥計們。這是凱爾替補丹。我在 Visium HD 上快速瀏覽了一遍。您談到 Visium HD 非常強大且客戶的接受度很高。您能否談談 Visium HD 對顧客使用 Visium 甚至 Xenium 的影響？謝謝。

So yeah, good question. In terms of the impact on standard Visium, the impact has actually been somewhat less than we expected. The standard Visium is still continuing to have gotten a demand from customers. I mean, both for existing projects, for ongoing projects, and then to some extent new projects as well. So we're pleased with that dynamic HD has been to a large extent incremental.

所以是的，好問題。就對標準 Visium 的影響而言，影響實際上比我們預期的要小一些。標準 Visium 仍然繼續受到客戶的需求。我的意思是，既適用於現有項目，也適用於正在進行的項目，在某種程度上也適用於新項目。因此，我們對動態高清在很大程度上有所提高感到滿意。

And then, yeah, I mean, we also have the great performance in Xenium consumables and 5K, especially despite the fact that there's definitely some dynamic, where customers are trying to choose between those products and evaluating kind of which way to go. So overall, it has been a good quarter for spatial consumables kind of across the board I would say.

然後，是的，我的意思是，我們在 Xenium 耗材和 5K 方面也有出色的表現，尤其是儘管事實上肯定存在一些動態，客戶試圖在這些產品之間進行選擇並評估要走哪條路。因此，總的來說，我想說，對於空間消耗品來說，這是一個全面的好季節。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hi, this is Brendan on for Patrick. I was wondering if you can give an update on like the path towards profitability and cash flow positive, especially with this new commercial restructuring.

大家好，我是派崔克的布倫丹。我想知道您是否可以提供有關盈利能力和正現金流的路徑的最新信息，特別是在這種新的商業重組方面。

Yeah. Great question. So when we look back at Q2, we were cash flow positive this quarter. We were free cash flow positive this quarter. Going back to Q1, if you exclude the one time or the payment that we made for the technology acquisition related to Visium HD would have been both cash flow and -- or would have been free cash flow positive as well, and then we hit that in Q4. So there's been a great trend here over the last few quarters.

是的。很好的問題。因此，當我們回顧第二季度時，本季我們的現金流為正。本季我們的自由現金流為正。回到第一季度，如果排除我們為與 Visium HD 相關的技術收購而支付的一次性費用，那麼我們就可以實現現金流，或者也可以實現正自由現金流，然後我們就實現了這一點在第第四季。因此，過去幾季出現了很大的趨勢。

When we talk about the rest of the year, we say that we've got a great setup to drive cash flow positivity for the rest of the year. And so what that implies is that there's some optionality in there. I know we do reserve the right to make the targeted investments that we need to do that we think that's best for the longer-term health of the business. And just understand too that at this stage, our goal is not to accumulate cash but it's to reinvest the cash that we generate back into the business.

當我們談論今年剩餘時間時，我們說我們已經有了一個很好的設置來推動今年剩餘時間的現金流積極性。這意味著其中存在一些選擇性。我知道我們確實保留進行我們需要進行的有針對性的投資的權利，我們認為這對業務的長期健康發展是最好的。也要明白，在這個階段，我們的目標不是累積現金，而是將我們產生的現金重新投資到業務中。

So there could be swings from quarter to quarter as you're really trying to stay, roughly even to slightly positive and invest, all that you can back in. But the most important thing to realize is that, we do have full optionality for how we control this, and how we think about this longer term.

因此，每個季度可能會出現波動，因為你真的想留下來，大致甚至稍微積極並投資，所有你可以回來的東西。著這一點，以及我們如何思考這個長期目標。

Yeah. And on the point around commercial restructuring, so to a large extent this restructuring constitutes a redeployment of resources, where in many cases before we had kind of overlay functions and now we are redeploying those functions to be to have explicit ownership of accounts and customers. We are setting it up, so that we're going to be making more of incremental investments in our commercial organization, but it's -- to a large extent, again it's more about the redeployment, rather than increase. But it does -- the new structure does set us up to scale really efficiently going forward and drive growth, while maintaining a good cost structure.

是的。在商業重組方面，這種重組在很大程度上構成了資源的重新部署，在許多情況下，我們之前有一些重疊的功能，現在我們正在重新部署這些功能，以明確對帳戶和客戶的所有權。我們正在建立它，以便我們將對我們的商業組織進行更多的增量投資，但在很大程度上，這更多的是重新部署，而不是增加。但事實確實如此——新的結構確實使我們能夠真正有效地向前擴展並推動成長，同時保持良好的成本結構。

Kyle Mikson, Canaccord.

凱爾米克森，Canaccord。

Yeah. Hey, guys. Thanks for the questions. I'll just start by saying like good luck Justin, for working with you these past few years and good to see Adam come on board. We know him well. It's a good addition to the team. Two questions. The first is on Xenium. Why is that one being impacted so much by the macro environment relative, just compared to Chromium? I guess is that just due to the higher price point? And last quarter, you guys mentioned single cell mind shares being taken over by Spatial. Is that still happening?

是的。嘿，夥計們。感謝您的提問。首先我要說祝賈斯汀好運，過去幾年與你合作，很高興看到亞當加入。我們很了解他。這是對團隊的一個很好的補充。兩個問題。第一個是 Xenium。為什麼相對於 Chromium 來說，它受到宏觀環境的影響如此之大？我想這只是因為價格較高嗎？上個季度，你們提到單細胞思維份額被 Spatial 接管。這種情況還在發生嗎？

Second question is on the commercial organization. Why is such a dramatic change here, I guess? Does that mean you weren't able to correct the factors that were nearing growth in recent years? And then after a few changes like since 2022, why are you confident that this change is now going to make you ready to finally kind of reaccelerate the company? Thanks.

第二個問題是關於商業組織。我猜為什麼這裡會發生如此巨大的變化？這是否意味著您無法糾正近年來接近成長的因素？然後，在經歷了 2022 年以來的一些變化之後，為什麼您有信心這一變化將使您準備好最終重新加速公司發展？謝謝。

Hey, Kyle. This is Justin. I'll start. So first off, thank you. It's been great working with you as well. As far as your question around Xenium. Yes, it's the highest price instrument. It's quite a bit more than the other instruments that we sell and it's a big investment for customers. And so that has been the one that has been most impacted. But Visium and Chromium and CytAssist and the Chromium X and iX, some impact there, but not to the degree that we're seeing with Xenium.

嘿，凱爾。這是賈斯汀。我開始吧。首先，謝謝你。和你一起工作也很棒。至於你關於 Xenium 的問題。是的，它是價格最高的工具。它比我們銷售的其他儀器要多得多，這對客戶來說是一筆巨大的投資。因此，這是受到影響最大的一個。但是 Visium、Chromium、CytAssist 以及 Chromium X 和 iX 對此產生了一些影響，但沒有達到我們在 Xenium 中看到的程度。

Yeah. And then the question, Kyle. So the commercial restructuring and why now, what's important to appreciate is that we have gained a lot of learning over the past two plus years in terms of trying different approaches and kind of adjusting our incentive structure, creating some amount of specialization. And one of the things became clear to us is that without a holistic restructuring, you're always going to be dealing with tradeoffs and with compromises as you're trying to optimize for one thing or another.

是的。然後是問題，凱爾。因此，商業重組以及為什麼現在，重要的是要認識到，在過去兩年多的時間裡，我們在嘗試不同的方法和調整我們的激勵結構、創造一定程度的專業化方面獲得了很多知識。我們清楚的一件事是，如果沒有整體重組，當你試圖優化一件事或另一件事時，你總是會面臨權衡和妥協。

And so, we step back kind of reevaluating from both in light of all those learnings from first principles be given, where portfolio is, given where our imperatives are for strategic growth going forward. And rearchitected kind of the sales organization with those principles and those learnings in mind.

因此，考慮到我們從首要原則中學到的所有知識，考慮到我們未來策略成長的迫切需要，我們對這兩者進行了重新評估。並根據這些原則和經驗教訓重新建構了銷售組織。

And we feel really good about where things are landing and kind of a much cleaner now set of roles and responsibilities that we'll have in our sales team, and also a much more manageable territories and much more clear sort of specialization and an expertise that we can now deploy and it sets us up really well for scaling going forward.

我們對事情的進展感到非常滿意，我們的銷售團隊現在的角色和職責更加清晰，而且區域更易於管理，專業化和專業知識也更清晰。良好的基礎。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Great. Thank you for taking the question. This is Lu on for Dan. I think, we wanted to touch a little bit on the instrument witnesses that you mentioned. Can you describe the trends within the -- like academic markets and then a pharma market? Do you see any differences? And then, also with all the commercial changes right now, any specific strategies that can help to convert the funnel opportunities to orders? Thank you.

偉大的。感謝您提出問題。這是盧對丹。我想，我們想稍微談談你提到的儀器證人。您能描述一下學術市場和製藥市場等領域的趨勢嗎？你看到什麼不同了嗎？然後，隨著目前所有的商業變化，有什麼具體策略可以幫助將漏斗機會轉換為訂單？謝謝。

Yeah. So I mean as far as sort of the end markets, academia versus biopharma, we have actually seen sort of challenges to both, especially when you look with an AMR in Americas, but really quite like across the globe as well. Different dynamics, for sure, but both happen to be challenged right now. There's definitely a lot of sort of news and pressure on academic budgets with NIH and so on. So we're following that. But yes, of course, kind of across the board.

是的。所以我的意思是，就終端市場而言，學術界與生物製藥界，我們實際上都看到了兩者都面臨的挑戰，特別是當你在美洲看到AMR 時，但在全球範圍內也很相似。當然，動力不同，但兩者現在都恰好受到挑戰。 NIH 等機構的學術預算肯定有很多新聞和壓力。所以我們正在關注這一點。但是，當然，是全面的。

As far as the question around sort of conversion of opportunities and kind of moving those through the funnel, yeah, again that's big part of what we're doing here is creating a specialized sales force specifically for Xenium instruments with its own management structure and specialized CapEx sales executives. And we do think that that's going to help both in terms of opportunity creation and converting opportunities into sales.

至於圍繞機會轉換和透過漏斗轉移這些機會的問題，是的，我們在這裡所做的重要部分是創建一支專門針對 Xenium 儀器的專業銷售隊伍，擁有自己的管理結構和專門的銷售團隊。銷售主管。我們確實認為這將有助於創造機會並將機會轉化為銷售。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Great. Thanks for taking the question, guys. Just one for me. About a month ago, there was a deal announced in the space of a small private single cell vendor by a major global sequencing company. A lot of speculation debate on where that's going to go over time, but there's some expectation of possibly some sort of combination offering or maybe just some a more streamlined go to market strategy. Realize it's still early, but just curious if you're hearing anything from your customers about what that could do for the competitive landscape and how you think Chromium is positioned if that was to happen? Any response you might take? Thanks.

偉大的。謝謝你們提出問題，夥伴們。只給我一個。大約一個月前，一家大型全球定序公司在一家小型私人單細胞供應商領域宣布了一項交易。關於隨著時間的推移，這將走向何方，有很多猜測爭論，但人們預計可能會出現某種組合產品，或者可能只是一些更簡化的市場策略。意識到現在還為時過早，但只是好奇您是否從客戶那裡聽到了有關這對競爭格局有何影響以及您認為 Chromium 如果發生這種情況的定位如何？您可能會採取任何回應嗎？謝謝。

Yeah. Look Mike, we always known, we got strong conviction, we operate in very attractive spaces, very attractive markets. And to some extent the entry by a large sequencing company into the space demonstrates and validates that conviction. Our strategy has always contemplated, so the entry of new companies into this space. And what we have put together as far as product development strategy, as far as commercialization strategy is meant to both drive growth in these markets and also prevent or counter the entry by new companies.

是的。麥克，我們一直都知道，我們有堅定的信念，我們在非常有吸引力的空間、非常有吸引力的市場中運作。在某種程度上，大型定序公司進入該領域證明並驗證了這一信念。我們的策略一直在考慮，讓新公司進入這個領域。我們所製定的產品開發策略和商業化策略旨在既推動這些市場的成長，又防止或抵制新公司的進入。

Fundamentally, I think it's well acknowledged that we have the best products, great performance, great workflows, the widest breadth of applications. We also have a really strong road map, going forward to both lower the cost and drive greater access, which again, is sort of the dual purposes of driving increasing market adoption and also countering any potential new entrants.

從根本上講，我認為眾所周知，我們擁有最好的產品、出色的性能、出色的工作流程和最廣泛的應用程式。我們還有一個非常強大的路線圖，既要降低成本，又要推動更多的准入，這又是推動市場採用率提高和對抗任何潛在新進入者的雙重目的。

And it's also important to appreciate that we have a great commercial team on both in terms of customer support and sales that really understands these applications and customers. And these are open times fairly entering at experiment that our team helps our customers with.

同樣重要的是要認識到，我們在客戶支援和銷售方面擁有一支出色的商業團隊，他們真正了解這些應用程式和客戶。這些是我們團隊幫助客戶進行實驗的開放時間。

And so -- you take all of these factors together, we feel good about our position. And again I want to reemphasize, we've always contemplated in our strategy, the entry of new players into the space and we're fully prepared to answer as necessary, but ultimately drive market expansion and greater customer success.

因此，綜合考慮所有這些因素，我們對自己的處境感到滿意。我想再次強調，我們一直在我們的策略中考慮新參與者進入該領域，我們已做好充分準備，根據需要做出回應，但最終將推動市場擴張和更大的客戶成功。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Hi. This is Ricky on for Subbu at Guggenheim. Thanks for taking our questions. You reported China revenue that looks like it grew about 7.7% year-over-year, whereas a lot of peers have reported struggling in China this quarter. Could you provide some color on what you saw in China for the quarter and what drove the strength? Was it all consumables or was it some instruments? And then similarly, in EMEA, the revenue there also looks like it grew almost 20%. Could you speak to what drove the strength there as well and if that's sustainable growth through the rest of the year? Thank you.

你好。我是古根漢為 Subbu 表演的 Ricky。感謝您回答我們的問題。你們報告的中國收入看起來同比增長約 7.7%，而許多同行報告本季在中國陷入困境。您能否提供一些關於本季中國市場狀況以及推動經濟成長的因素的資訊？都是消耗品還是一些儀器？同樣，在 EMEA，那裡的收入看起來也增加了近 20%。您能談談是什麼推動了那裡的實力嗎？謝謝。

Yeah. I mean, so maybe, to touch on China first. Certainly, China was a big, big problem for us in the past several years. It is a very challenging environment there. It was very hard to have any visibility and certainly, the market dynamics were very hard to understand and to address.

是的。我的意思是，也許，先談談中國。當然，過去幾年中國對我們來說是一個很大很大的問題。那裡的環境非常具有挑戰性。很難獲得任何可見性，當然，市場動態也很難理解和解決。

We have been doing a lot of work, since last year really to get closer to our customers to restructure some of our distributor relationships, our service provider relationships, so getting much better visibility. And some of that is -- I think is improving performance. Some of it there's also just the underlying demand dynamics that have been going somewhat more in our favor recently.

自去年以來，我們一直在做大量工作，真正為了更接近我們的客戶，重組我們的一些經銷商關係、我們的服務提供者關係，從而獲得更好的知名度。我認為其中一些是提高績效。其中一些還包括最近對我們更有利的潛在需求動態。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

Good afternoon. Thanks for taking my questions. And Justin, congrats on the new opportunity. It's been great working with you. Just two quick ones for me. What is your level of confidence in sort of the rebasing of chromium consumable growth given the sequential improvement you saw this quarter? And how much of an offset will the GEM-X pricing, I think, Justin you mentioned that, will be to this growth over the course of this year into next?

午安.感謝您回答我的問題。賈斯汀，恭喜你獲得了新的機會。和你一起工作真是太好了。對我來說只有兩個快速的。鑑於本季的連續改善，您對鉻消耗品成長重新調整的信心程度如何？我想，賈斯汀你提到過，GEM-X 的定價會對今年到明年的成長產生多大的抵銷作用？

And then secondly, just the reduction in Xenium placement growth, how should we think about Xenium consumable growth as a result of that? And can increased utilization of the existing installed base offset the lower growth in the installed base over the course of this year? Thanks.

其次，只是 Xenium 放置量成長的減少，我們該如何看待由此導致的 Xenium 消耗品成長？現有安裝基數利用率的提高能否抵消今年安裝基數的較低成長？謝謝。

Thanks, Matt. All great questions. I think when we're looking at Chromium, when we went back to the dynamics in, basically going back to the end of the year when we initiated guidance and we talked about how what we expected for the impacts of the transition. I think those drivers largely played out like we had expected, although probably bigger in magnitude when we talked about Q2 on the last call, as Q2 played out. I think it's again, it's the same drivers on the chromium consumables like we saw a great sequential rebound on chromium, both on instruments and consumables growing 12% sequentially from Q1 to Q2 and obviously 12% overall.

謝謝，馬特。所有的問題都很好。我認為，當我們關注 Chromium 時，當我們回到動態時，基本上回到了年底，當時我們啟動了指導，並討論了我們對過渡影響的預期。我認為這些驅動因素基本上按照我們的預期發揮了作用，儘管當我們在上次電話會議上談論第二季度時，其幅度可能更大，因為第二季度已經結束。我認為，這又是鉻消耗品的相同驅動因素，就像我們看到鉻的連續大幅反彈一樣，儀器和消耗品從第一季到第二季連續成長了12%，整體成長顯然為12% 。

And so, then when you look on the year-on-year compares for Chromium, we were down quite a bit in Q1 year-over-year and Q2, that was halved embedded into our guidance range when we get into Q3. We expect to get pretty close to flat year-over-year, if not roughly flat. And we do expect an increase for Chromium in Q4 year-over-year.

因此，當你查看 Chromium 的同比比較時，我們在第一季和第二季同比下降了很多，當我們進入第三季時，我們的指導範圍減少了一半。我們預計，即使不是大致持平，也將與去年同期相當接近持平。我們確實預計第四季度 Chromium 的銷量將同比增長。

And so, obviously, when you put all that together and you look at the full year, year-over-year compare, just because of the downside that we had in the decreases that we had in Q1 and Q2 still going to have a decrease for the year. But this is going to hit instruments harder than consumables. And I do think that the instruments there's other factors that play there in the macro environment as well.

因此，顯然，當你將所有這些放在一起並查看全年的同比比較時，僅僅因為我們在第一季和第二季的下降中所遇到的不利因素仍然會下降今年。但這對儀器的打擊比對消耗品的打擊更大。我確實認為這些工具還有其他因素在宏觀環境中發揮作用。

But I think what gives us confidence is, we're seeing the dynamics play out at the customer level like we had expected. And that update is -- that is incorporated into our guidance, update for Xenium. Great question on the Xenium pull-through. We have been seeing decent growth in spatial consumables. With lower Xenium placements, that would mean lower consumables in the future. But as we get past these transitory factors right now impacting us and start playing, start placing more instruments, obviously we would expect that to pick up.

但我認為給我們信心的是，我們看到客戶層面的動態正如我們預期的那樣發揮出來。更新已納入我們的指南，即 Xenium 更新。關於 Xenium 拉通的好問題。我們已經看到空間消耗品的可觀成長。隨著 Xenium 放置量的減少，這意味著未來的消耗品將會減少。但當我們克服現在影響我們的這些暫時性因素並開始演奏、開始放置更多樂器時，顯然我們預計這種情況會有所改善。

When we look at our earliest cohorts, earliest purchasers of the Xenium instrument, they're still increasing their utilization. We are seeing overall that there's a decent ramping period for customers from when they buy the instrument go through the installation training and start using it more reliably. That's about probably a two-quarter ramp up period. So we are seeing the difference between, customers that have had the instrument for a quarter to quarters versus those that have had it longer. But I think the important thing to take away is that there is this trend towards increasing utilization overtime.

當我們觀察最早購買 Xenium 儀器的人時，他們的使用率仍在增加。總體而言，我們發現客戶從購買儀器到完成安裝培訓並開始更可靠地使用它，有一個不錯的磨合期。這可能是一個大約兩個季度的成長期。因此，我們看到了使用該儀器一個季度到幾個季度的客戶與使用該儀器時間較長的客戶之間的差異。但我認為重要的是，加班利用率有增加的趨勢。

And then, we just introduced Xenium Prime 5K, and there's a lot of excitement around that. And that can have some impact on the pull-through and how customers use the instrument. And so it'll be interesting to see how that plays out as well, but there's been a ton of excitement around that too.

然後，我們剛剛推出了 Xenium Prime 5K，這引起了許多人的興奮。這可能會對拉動以及客戶如何使用該儀器產生一些影響。因此，看看結果如何也會很有趣，而且也有很多令人興奮的事情。

And I do think that, overall, this is an instrument that could have an overall high rate of pull-through for an instrument itself that is a low-margin instrument. We have to believe that longer term, that customers that are investing in that and we ourselves, investing in those placements, believe that there's going to be decent pull-through in the future. And so feel good about where things are trending, but not ready to share more detail than that at this point.

我確實認為，總體而言，對於低利潤工具本身而言，這是一種可以具有較高整體拉動率的工具。我們必須相信，從長遠來看，投資於此的客戶和我們自己投資這些安置，相信未來將會有不錯的拉動。因此，對事情的發展趨勢感到滿意，但目前還沒有準備好分享更多細節。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Hi. Good afternoon. So last quarter, you obviously was in the context of pricing for Chromium, talked about longer-term goal of $100 per sample. You've talked about GEM-X being one step on that journey and the belief that when you reached an appropriate pricing level, there'd be significant elasticity and demand there. So just kind of curious, where you view the progress that you've made over the last few months. How much of the continued journey is one, reliant on additional technology advancements and product enhancements versus perhaps commercial or strategic decisions on your part?

你好。午安.上個季度，您顯然在 Chromium 定價的背景下談到了每個樣本 100 美元的長期目標。您談到了 GEM-X 是這趟旅程中的一步，並相信當您達到適當的定價水平時，那裡會有顯著的彈性和需求。所以只是有點好奇，你在哪裡查看過去幾個月所取得的進展。持續的旅程有多少是依賴額外的技術進步和產品增強，而不是您的商業或策略決策？

Yeah. So, we do believe strong as I mentioned earlier in my prepared remarks and I've been saying for a while that there's strong elasticity of demand in the marketplace. With GEM-X, we actually reduced the price per sample by about 10% relative to previous Next-GEM architecture. And also it decreased the price per cell by a significant amount, because it has twice as much throughput. So the price per cell went down by more than a factor of two.

是的。因此，正如我之前在準備好的發言中提到的那樣，我們確實堅信這一點，而且我已經說過一段時間了，市場的需求彈性很大。透過 GEM-X，我們實際上將每個樣本的價格相對於先前的 Next-GEM 架構降低了約 10%。而且它還大大降低了每個單位的價格，因為它的吞吐量是原來的兩倍。因此，每個電池的價格下降了兩倍以上。

We are seeing customers appreciating that for sure, and quite a few running kind of larger numbers of cells to, as a result of that. The first order effect on this tends to be more they either spend the same budget as they would have otherwise, just kind of running more or to some extent, some of them also just taking the lower price and running the same number of those samples or cells.

我們看到客戶肯定對此表示讚賞，並且因此有相當多的客戶運行了更多數量的電池。對此的一階效應往往是更多，他們要么花費與其他情況相同的預算，只是運行更多，或者在某種程度上，他們中的一些人也只是採取較低的價格並運行相同數量的樣本，或者細胞。

But in the long run, we do believe and we see some evidence of that from our Flex products that the lower prices will ultimately drive to much more demand and market expansion. Again, GEM-X and our Flex launches are sort of steps along that journey. Again, the initial signs are still too early to be pointing to kind of massive changes. but we're feeling good about where things are headed.

但從長遠來看，我們確實相信，我們從我們的 Flex 產品中看到了一些證據，表明較低的價格最終將推動更多的需求和市場擴張。同樣，GEM-X 和我們的 Flex 發布只是這趟旅程中的一些步驟。同樣，最初的跡象還不足以預示巨大的變化。但我們對事情的發展方向感覺良好。

And going forward, we do expect product configurations that will lean further into the elasticity of demand here. We have plans to address the different cost bottlenecks that our customers are facing, whether it's on a per-experiment basis, per-sample basis and per-cell basis. And we'll be rolling those out in due time. And we also do -- are cognizant of putting more commercial focus on these efforts to as we go forward. And a part of the goal of our restructuring is to enable that as well.

展望未來，我們確實預期產品配置將進一步依賴這裡的需求彈性。我們計劃解決客戶面臨的不同成本瓶頸，無論是基於每個實驗、每個樣本或每個細胞。我們將在適當的時候推出這些內容。我們也認識到，隨著我們的前進，將更多的商業重點放在這些努力上。我們重組的目標之一就是實現這一點。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

Great. Thanks, guys. I just kind of want to go back to the Xenium conversation about the consumables and pull-through. So talk about what happened in the quarter from a pull-through perspective. Are you seeing any air pocket there waiting for the 5K? With the strength in the Visium in the quarter, does that mean that the Xenium pull through is really stepped down? Just kind as we're thinking about going forward here, what that progression will look like?

偉大的。謝謝，夥計們。我只是想回到 Xenium 關於消耗品和拉通的對話。所以從拉通的角度來談談本季發生的事情。您是否看到那裡有等待 5K 的氣穴？以Visium本季的強勢表現，是否意味著Xenium的渡過難關真的要走下坡路了？正如我們正在考慮繼續前進一樣，這個進展會是什麼樣子？

Well, so look as I mentioned before, I think we actually had strong demand from kind of both sides of the spatial business of both in Visium and Xenium. There was definitely anticipation of the 5K that was causing some amount of pausing with customers earlier. But like we said, the actual ultimate orders were really healthy once we start shipping the product in June. So I think the underlying dynamics are strong, sort of on both sides that grows to both franchises.

嗯，正如我之前提到的，我認為 Visium 和 Xenium 的空間業務雙方實際上都有強烈的需求。早些時候，人們對 5K 的期望確實導致了一些顧客的停頓。但正如我們所說，一旦我們在 6 月開始發貨，實際的最終訂單就非常健康。所以我認為潛在的動力是強大的，雙方都會發展到兩個特許經營權。

And Luca, just to add to that like when you're talking instruments looking at CytAssist versus any of like CytAssist. Although there has been a slight impact to that, it's been pretty solid quarter to quarter. And so, bigger impact on Xenium instruments. But I do think in this environment with CapEx pressures, some customers looks like are opting to try out, CytAssist and Visium before jumping to Xenium. because we are seeing less of an impact there and then just hearing some of that anecdotally as well.

Luca，只是補充一下，就像當您談論 CytAssist 與任何類似 CytAssist 的儀器時一樣。儘管受到了輕微影響，但每季的影響都相當穩定。因此，對 Xenium 儀器的影響更大。但我確實認為，在這種資本支出壓力的環境下，有些客戶看起來會選擇在轉向 Xenium 之前嘗試 CytAssist 和 Visium。因為我們在那裡看到的影響較小，而且只是聽到了一些軼事。

And that is of our questions for today. And this does conclude today's conference call. You may now disconnect.

這就是我們今天的問題。今天的電話會議到此結束。您現在可以斷開連線。