10X Genomics Inc (TXG) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the 10X Genomics Third Quarter 2024 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

謝謝你的支持。我叫馬克，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 年第三季財報電話會議。今天的通話正在錄音。（操作員說明）

I would now like to turn the call over to Cassie Corneau, Senior Director, Head of Investor Relations, and Strategic Finance. Cassie, please go ahead.

我現在想將電話轉給高級總監、投資者關係和策略財務主管 Cassie Corneau。卡西，請繼續。

Thank you, and good afternoon, everyone. Earlier today, 10X Genomics released financial results for the third quarter ended September 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 e-mail to investors@ 10X genomics.com. An archived webcast of this call will be available on the Investor tab of the company's website, 10X genomics.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 9 月 30 日的第三季財務業績。如果您還沒有收到本新聞稿，或者如果您想新增至本公司的通訊群組清單中，請發送電子郵件至investors@10XGenetics.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 10X Genomics.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.

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 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.

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 for his first earnings call with 10X , Adam Taich, our new Chief Financial Officer. We will host a question-and-answer session after our prepared remarks. We ask analysts to please peak to one question so that we may accommodate everyone in the queue.

今天加入電話會議的是我們的執行長兼聯合創辦人 Serge Saxonov；我們新任財務長 Adam Taich 參加了他與 10X 的首次財報電話會議。在我們準備好的發言後，我們將舉行問答環節。我們要求分析師提出一個問題，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. Revenue for the third quarter declined 1% year-over-year, in line with our preannouncement. Our results this quarter fell forward of our expectations. This was primarily caused by more disruption than we had anticipated from the sales restructuring we implemented this quarter and by cautious customer spending, particularly around capital purchases as we continue to navigate a challenging macro environment.

謝謝，卡西，大家下午好。第三季營收年減 1%，與我們的預告一致。我們本季的業績超出了我們的預期。這主要是由於本季實施的銷售重組所造成的干擾超出了我們的預期，以及謹慎的客戶支出，特別是在我們繼續應對充滿挑戰的宏觀環境時圍繞資本購買的支出。

While these changes in our commercial structure are necessary to drive our growth and strategy, we expect to see continued headwinds and also expect cautious customer spending to [preserve].

雖然我們商業結構的這些變化對於推動我們的成長和策略是必要的，但我們預計將會看到持續的阻力，並預期謹慎的客戶支出[保存]。

We now expect full year revenue in the range of $595 million to $605 million. At the midpoint of the range, this implies flat fourth quarter revenue compared to our third quarter results and represents a 3% decline from the prior year. Adam will talk through more of the details of our updated guidance range shortly.

我們目前預計全年營收在 5.95 億美元至 6.05 億美元之間。在該範圍的中點，這意味著第四季度的收入與第三季度的業績相比持平，並且比去年同期下降了 3%。亞當將很快討論我們更新的指導範圍的更多細節。

There is no question our revenue growth in 2024 has been disappointing. The year has had a number of moving pieces that have made it particularly challenging. We initiated major product transitions across all of our platforms and significantly involved our sales organization. All of this with a backdrop of a difficult macro environment and changing competitive dynamics across the portfolio.

毫無疑問，我們 2024 年的營收成長令人失望。今年發生了許多令人感動的事情，這使得它變得特別具有挑戰性。我們在所有平台上啟動了重大產品轉型，並大力參與了我們的銷售組織。所有這一切都是在宏觀環境困難和整個投資組合競爭動態不斷變化的背景下發生的。

Despite these current headwinds, we continue to believe we're on the path to the most significant transition in the tool space since the introduction of MTS. We have the leading portfolio of single cell and spatial technologies and we envision a world in which most issues will be analysed using our products.

儘管目前存在這些阻力，我們仍然相信我們正在邁向自 MTS 推出以來工具領域最重大的轉變。我們擁有領先的單細胞和太空技術組合，我們設想一個大多數問題都將使用我們的產品進行分析的世界。

The strategies we're pursuing to accelerate the staff way are first, to evolve our commercial structure in order to foster widespread use of our technologies.

我們所追求的加速員工發展的策略首先是發展我們的商業結構，以促進我們技術的廣泛使用。

Second, to create increasingly accessible price points, so that we can drive ubiquitous use of our tools across all samples. We tend to be a leader on price. And with our new product launches, we believe we now have the best cost structure for customers across a wide range of experiments. We have shown over and over our ability to extend our technological leadership and push frontiers. With these new offerings, we believe we are now the leader in both technology and cost.

其次，創造更容易獲得的價格點，以便我們可以推動我們的工具在所有樣本中普遍使用。我們往往是價格方面的領導者。隨著新產品的推出，我們相信我們現在在廣泛的實驗中為客戶提供了最佳的成本結構。我們已經一次又一次地展示了我們擴大技術領先地位和拓展前沿的能力。憑藉這些新產品，我們相信我們現在在技術和成本方面都處於領先地位。

And third, to advance our capabilities with new products, workflows, and software in order to enhance ease of use and drive more adoption.

第三，透過新產品、工作流程和軟體來提升我們的能力，以提高易用性並推動更多採用。

Finally, we tend to accomplish these objectives with a diligent approach to investment in cash management. I'm confident that the steps we are taking will enable us to reach more customers execute consistently across the portfolio and drive the broad democratization of our technologies to reach the full potential of the large opportunity ahead.

最後，我們傾向於透過勤奮的現金管理投資方法來實現這些目標。我相信，我們正在採取的步驟將使我們能夠接觸更多的客戶，在整個產品組合中一致執行，並推動我們技術的廣泛民主化，以充分發揮未來巨大機會的潛力。

For the rest of the call today, I will discuss what we're doing to advance our strategies and why we're confident they will set us up for future long-term growth. Adam will then provide more detail on our third quarter financials and specific impacts to our outlook for the rest of the year.

在今天電話會議的其餘部分中，我將討論我們正在採取哪些措施來推進我們的策略，以及為什麼我們有信心它們將為我們未來的長期成長奠定基礎。然後，亞當將提供有關我們第三季財務狀況的更多詳細資訊以及對我們今年剩餘時間前景的具體影響。

Let's start with the changes we've been making to our commercial organization. As we shared on our last earnings call, we re-architected our commercial infrastructure from the ground up making foundational changes to transform how we engage with our customers.

讓我們從我們對商業組織所做的改變開始。正如我們在上次財報電話會議上分享的那樣，我們從頭開始重新建立了我們的商業基礎設施，進行了根本性的改變，以改變我們與客戶互動的方式。

We sell to a diverse set of customer types and research segments. And we designed our new sales structure to focus our team to better serve all their distinct needs, whether in academic or biopharma settings, scaling up top-tier customers, driving more adoption among converting users or bringing new researchers into the ecosystem.

我們向不同的客戶類型和研究領域銷售產品。我們設計了新的銷售結構，讓我們的團隊專注於更好地滿足他們所有的獨特需求，無論是在學術還是生物製藥領域，擴大頂級客戶的規模，推動更多用戶的採用，或者將新的研究人員帶入生態系。

To accomplish this, we added specialization to key areas by creating a distinct capital equipment team exclusively focused on driving new instrument placements creating a distinct biopharma organization, which is focused on better serving the unique needs and expansion opportunities in that sector and adding a dedicated team to nurture new and emerging accounts, the next generation of 10X customers.

為了實現這一目標，我們透過創建一個獨特的資本設備團隊，專門致力於推動新的儀器佈局，創建一個獨特的生物製藥組織，專注於更好地滿足該領域的獨特需求和擴張機會，並增加一個專門的團隊，從而在關鍵領域增加了專業化培育新興客戶、下一代 10X 客戶。

In addition to this specialization, we also recalibrated territory sizes to make a territory more manageable and to drive more efficient utilization of our sales force. While these changes were necessary, they did cause more disruption than we anticipated.

除了這種專業化之外，我們還重新調整了區域規模，使區域更易於管理，並更有效地利用我們的銷售團隊。雖然這些改變是必要的，但它們確實造成了比我們預期更多的破壞。

Ultimately, this is the largest disruption in the areas where the sales structure changed the most. For example, over 40% of customer accounts in the Americas sales coverage within the quarter. And our new biopharma and capital equipment teams still have a large number of open roles.

最終，這是銷售結構變化最大的領域中最大的破壞。例如，超過 40% 的客戶帳戶在本季內銷售覆蓋美洲地區。我們新的生物製藥和資本設備團隊仍有大量空缺。

Our teams now have an improved focus and more defined roles with targeted incentives. I'm confident these were the right changes to make and see them already creating more clarity and rigor in our processes. There is still work to do to realize the full potential of our commercial organization. We're working fast to fill our open head count.

我們的團隊現在有了更明確的重點和更明確的角色以及有針對性的激勵措施。我相信這些都是正確的改變，並且看到它們已經在我們的流程中創造了更多的清晰度和嚴謹性。要充分發揮我們商業組織的潛力，仍有許多工作要做。我們正在快速填補空缺人員數量。

Our account executives are still onboarding and getting up to speed with the new customers and territories. We expect it will take time before we see the full benefit and impact from our new approach. We're confident these changes will help us deliver the best experience to our customers open up new opportunities and drive efficient growth across the portfolio.

我們的客戶經理仍在入職並跟上新客戶和地區的步伐。我們預計需要一段時間才能看到新方法的全部好處和影響。我們相信這些變化將幫助我們為客戶提供最佳體驗，開啟新的機會並推動整個產品組合的高效成長。

Turning to our Chromium portfolio. As we have been communicating for some time, driving into price elasticity has been a particular focus for us. We recently took another step in this direction by launching new products and capabilities aimed at lowering the cost and ultimately expanding access of single cell analysis. First, we're setting a new standard for the cost per cell for researchers with the launch of GEM-X Flex. Customers can now run millions of cells for less than $0.01 per cell and over fivefold reduction compared to previous products.

轉向我們的 Chromium 產品組合。正如我們已經溝通了一段時間一樣，推動價格彈性一直是我們特別關注的焦點。我們最近在這個方向上又邁出了一步，推出了旨在降低成本並最終擴大單細胞分析範圍的新產品和功能。首先，我們透過推出 GEM-X Flex 為研究人員制定了每個細胞成本的新標準。客戶現在可以以每個單元不到 0.01 美元的價格運行數百萬個單元，與以前的產品相比，成本降低了五倍以上。

We're bringing our highest performing and most flexible assay to our new GEM-X technology architecture. GEM-X Flex enables broader opportunities for mega scale CRISPR screens, cell avastin projects and multisite translational studies, among others.

我們將最高效能和最靈活的偵測方法引入新的 GEM-X 技術架構中。GEM-X Flex 為大規模 CRISPR 篩選、細胞阿瓦斯汀計畫和多位點轉化研究等提供了更廣泛的機會。

Second, to decrease their cost per sample, even in a small scale, we launched GEM-X Universal Multiplex. For this product, researchers can batch and run four independent samples up to 5,000 cell lease for approximately $560 per sample.

其次，為了降低每個樣本的成本（即使是小規模的），我們推出了 GEM-X Universal Multiplex。對於該產品，研究人員可以批量運行四個獨立樣本，最多可容納 5,000 個細胞，每個樣本約 560 美元。

This is a new multiplexing capabilities for a flagship GEM-X universal brand gene expression assays, which we launched in March of this year. Furthermore, even while we're lowering cost barriers for our customers, these two products have comparable gross margins to our current consumables.

這是我們今年 3 月推出的旗艦 GEM-X 通用品牌基因表現檢測的新多重功能。此外，即使我們正在降低客戶的成本壁壘，這兩種產品的毛利率與我們目前的消耗品相當。

Finally, to address CapEx areas, we launched Chromium X, a most affordable single-cell instruments, at a US list price of only $25,000. Chromium X serves as a budget-friendly and trade point into routine high-performance single cell analysis. XO enables researchers to generate high-quality data with less handle time, labour and experimental costs compared to non-tenant workloads. Our GEM-X Universal 3-prime single plex and multiplex assays are available on the X.

最後，為了解決資本支出領域的問題，我們推出了 Chromium X，這是一款最實惠的單細胞儀器，美國售價僅 25,000 美元。Chromium X 是常規高性能單細胞分析的預算友好型和權衡點。與非租戶工作負載相比，XO 使研究人員能夠以更少的處理時間、勞動力和實驗成本產生高品質的數據。我們的 GEM-X Universal 3-prime 單重和多重偵測可在 X 上使用。

With these launches, we're addressing a primary bottom line for our customers, price. At the same time, we have also delivered new protocols, capabilities, and software to enhance ease of use and drive more adoption.

透過這些產品的推出，我們正在解決客戶的一個主要底線：價格。同時，我們也提供了新的協定、功能和軟體，以增強易用性並推動更多採用。

Chromium plex for example, should be uniquely suited to open up more translational research. It is the only commercial single cell assay compatible with FFP samples, which are open constrained by limited cell quantities. With GEM-X plex, we've delivered a fourfold reduction in required sell input, significantly expanding the opportunity to include vast amounts of biobank clinical samples that were previously oplimit for single-cell research.

例如，Chromium plex 應該特別適合進行更多的轉化研究。它是唯一與 FFP 樣品相容的商業單細胞檢測，FFP 樣品是開放的，但受到有限的細胞數量的限制。借助 GEM-X plex，我們將所需的銷售投入減少了四倍，從而顯著擴大了包含大量生物庫臨床樣本的機會，而這些樣本以前是單細胞研究的限制。

Another example is the unique on-chip multiply workload built into [GMAC] Universal Multiplex, which is an efficient and elegant way for restress to analyse more samples in a single run. On-chip multiplexing eliminates the need for upstream sample tagging, simplifying the process and reducing hands-on time compared to other sample multiplexing methods. And we have introduced new solutions for upstream sample fixation to improve the workflow, whole block fixation to expand sample compatibility and library prep automation to enable greater throughput.

另一個例子是 [GMAC] Universal Multiplex 中內建的獨特片上乘法工作負載，這是一種高效而優雅的壓力方式，可以在單次運行中分析更多樣本。與其他樣品多路復用方法相比，片上多路復用消除了上游樣品標記的需要，簡化了流程並減少了操作時間。我們還推出了新的上游樣品固定解決方案以改進工作流程、全塊固定以擴展樣品相容性以及文庫製備自動化以實現更高的通量。

On the software side, we delivered automated cell annotation, taking it easier and faster for researchers to go from experiment to Insight. Cell annotation is a fundamentally hard problem and a critical part of most types of single cell analysis.

在軟體方面，我們提供了自動化細胞註釋，使研究人員能夠更輕鬆、更快速地從實驗轉向洞察。細胞註釋是一個根本性的難題，也是大多數類型的單細胞分析的關鍵部分。

With this new capability, we're addressing one of the biggest challenges in data analysis for our customers. Altogether, we're excited about the strength, differentiation and leadership of our single-cell portfolio and deliver new products, workflows, and software we've introduced will enable more research to adopt single sub methods for more studies more often.

借助這項新功能，我們正在為客戶解決數據分析的最大挑戰之一。總而言之，我們對單細胞產品組合的優勢、差異化和領導地位感到興奮，並提供我們推出的新產品、工作流程和軟體，將使更多研究能夠更頻繁地採用單子方法進行更多研究。

For additional product information, we'll encourage you to refer to the supplemental materials we posted on our Investor Relations website and along with earnings. As we continue to execute on single cell, we are also motivated by the immense potential of our spatial platforms. We were encouraged by spatial consumables usage this quarter with the continued adoption of Visium HD and Xenium facade.

有關其他產品訊息，我們鼓勵您參考我們在投資者關係網站上發布的補充資料以及收益。當我們繼續在單細胞上執行時，我們也被空間平台的巨大潛力所激勵。隨著 Visium HD 和 Xenium 立面的持續採用，本季空間消耗品的使用使我們受到鼓舞。

Within the Vinzenplatform, we're seeing the majority of labs order busily see -- and now that the initial wave of customers are starting to move past evaluation, we're beginning to see good reorder trends. In addition, we are seeing the majority of new Visium customers start with HD, an encouraging sign of the benefits this product brings to researchers.

在 Vinzen 平台內，我們看到大多數實驗室都在忙著訂購——現在第一批客戶開始進行評估，我們開始看到良好的重新訂購趨勢。此外，我們看到大多數新 Visium 客戶都從 HD 開始，這是該產品為研究人員帶來的好處的令人鼓舞的跡象。

Adoption of our busing side of system instrument continues at a solid pace. 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 histologists lines. Additionally, by ensuring consistency, precision and preservation specialty, CytAssist is integral to high-quality data and more accurate scientific results for our customers' experience.

我們的系統儀器匯流排端的採用繼續穩定地推進。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的組織學家生產線。此外，透過確保一致性、精確性和保存專業性，CytAssist 是高品質數據和更準確的科學結果不可或缺的一部分，可為我們的客戶帶來體驗。

Within the Xenium platform, we saw continued adoption of Xenium 5K in Q3, leading to overall Xenium consumables revenue growth sequentially, and we continue to see encouraging utilization trends with sequential growth in the number of runs.

在 Xenium 平台中，我們在第三季度看到 Xenium 5K 的持續採用，導致整體 Xenium 耗材收入連續增長，並且我們繼續看到令人鼓舞的利用率趨勢和運行次數的連續增長。

We consistently hear very strong feedback from our customers on these products on the data quality and on their ease of use. These complementary spatial platform support a broad spectrum of customers' use cases and accommodate the ways their research and research questions may well over time.

我們不斷聽到客戶對這些產品的數據品質和易用性的強烈回饋。這些互補的空間平台支援廣泛的客戶用例，並適應他們的研究和研究問題隨著時間的推移可能出現的方式。

As we look forward, I'm encouraged by the underlying progress we're making and motivated by the immense opportunity IT ahead. understanding biology requires measuring molecules, cells and tissues at large scale and high resolution. Our technologies are delivering these fundamental capabilities to researchers around the world. But these are still very early days.

展望未來，我對我們正在取得的根本進展感到鼓舞，並為 IT 未來的巨大機會所激勵。了解生物學需要大規模、高解析度地測量分子、細胞和組織。我們的技術正在為世界各地的研究人員提供這些基本功能。但現在還處於早期階段。

My conviction is fuelled by our customers, both the work they're doing today and their visions for the future. I came away from last month's Human Cell Atlas General Meeting energized by the community's plans to think a larger more complex studies, two margin high-impact translational projects and to explore new single cell and spatial applications that could transform the world's understanding of health and disease.

我的信念是由我們的客戶推動的，包括他們今天所做的工作和他們對未來的願景。我參加了上個月的人類細胞圖譜大會，社區計劃進行更大規模、更複雜的研究，開展兩個高影響力的轉化項目，並探索新的單細胞和空間應用，以改變世界對健康和疾病的理解。

Conversations like these reinforce my belief that single cell and spatial continue to be some of the most exciting and game-changing opportunities in the life sciences. While we continue to see strong adoption with cutting edge [genomics researchers] we believe there is an even larger opportunity across the broader space of academic research weather in basic science or in translation obligations.

像這樣的對話強化了我的信念，即單細胞和空間仍然是生命科學中最令人興奮和改變遊戲規則的機會。雖然我們繼續看到尖端[基因組學研究人員]的大力採用，但我們相信在基礎科學或翻譯義務的更廣泛的學術研究領域存在更大的機會。

This opportunity spans across many different fields, including oncology, immunology, neuroscience, metabolic health, women's health and such disease aging and multiple others.

這個機會跨越許多不同領域，包括腫瘤學、免疫學、神經科學、代謝健康、婦女健康和老化等疾病等。

We know that opportunities exist because we see early interest and use for many new kinds of customers, just not yet routinely or at scale. Even among our well-established academic customers, easing interest in running large-scale experiments, whether moving towards translational applications, analysing large patient cohorts, or embarking on massive cell screening campaigns.

我們知道機會是存在的，因為我們看到許多新類型的客戶很早就產生了興趣和使用，只是還沒有常規或規模化。即使在我們成熟的學術客戶中，也降低了對進行大規模實驗的興趣，無論是轉向轉化應用、分析大型患者群體，還是開展大規模細胞篩選活動。

In biopharma, there is increasing interest to apply single cell and spatial technologies across the entire continuum of the drug development process. For example, many groups are focused on applying single cell and spatial tools for target identification and drug discovery, especially in the context of large-scale CRISPR experiment or combinatorial drug screens.

在生物製藥領域，人們越來越有興趣在整個藥物開發過程中應用單細胞和太空技術。例如，許多團隊專注於應用單細胞和空間工具進行標靶識別和藥物發現，特別是在大規模 CRISPR 實驗或組合藥物篩選的背景下。

In preclinical work, the emergence of organized as a superior [reach] bottle should open up a broad range of use cases, including characterization of disease development progression and therapy mechanism of action.

在臨床前工作中，組織化的優質瓶子的出現應該會開啟廣泛的用例，包括疾病發展進程的表徵和治療作用機制。

We believe cell therapy development is another exciting opportunity as our tools have the potential to accelerate biomarker discovery and screening enhance cellular environment profiling and support drug product characterization.

我們相信細胞療法的開發是另一個令人興奮的機會，因為我們的工具有潛力加速生物標記的發現和篩選，增強細胞環境分析並支持藥物表徵。

And there exists an even larger space of translation applications to apply our technologies to clinical trials, which in many ways is only now becoming possible. We have built a sizable franchise with single cell and a solid foundation in spatial. And while this year has certainly had its challenges, we firmly believe there is a vast opportunity ahead and that we're the best company to deliver on it.

將我們的技術應用於臨床試驗的翻譯應用空間甚至更大，這在許多方面現在才成為可能。我們已經建立了規模龐大的單細胞特許經營權和堅實的空間基礎。儘管今年確實面臨挑戰，但我們堅信前方存在著巨大的機遇，而且我們是實現這一機會的最佳公司。

Before I turn it over to Adam, I'd like to officially welcome him to 10X . On our last call, we announced he would be joining us as our new CFO, and I'm really excited to have him on board. With that, I'll turn it over to Adam.

在我將其交給 Adam 之前，我想正式歡迎他來到 10X 。在我們最後一次通話中，我們宣布他將加入我們擔任新任財務官，我很高興他加入。有了這個，我會把它交給亞當。

Thank you, Serge. It's great to be here at 10X working with such a dedicated and resilient team. I'll start by reviewing our financial results for the three months ended September 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 $151.7 million, down 1%, driven by weaker instruments revenue primarily Xenium instruments, offset by stronger contributions from consumables.

謝謝你，塞爾吉。很高興能在 10X 與這樣一支敬業且富有彈性的團隊合作。我將首先回顧我們截至 2024 年 9 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資訊。除非另有說明，所有提供的成長率均按年計算。本季總營收為 1.517 億美元，下降 1%，主要是由於儀器收入（主要是 Xenium 儀器）疲軟，但消耗品的貢獻增加所抵消。

Looking at our revenue breakout, whole consumables revenue was $126.2 million, up 10%. And Chromium consumables revenue was $96.5 million, down 4% year-over-year, driven primarily by lower average prices, offset by increased consumables volumes.

從我們的營收突破來看，整個消耗品收入為 1.262 億美元，成長了 10%。Chromium 耗材收入為 9,650 萬美元，年減 4%，主要是由於平均價格下降，但被耗材數量增加所抵消。

Spatial consumables revenue was $29.7 million, up 111% driven primarily by continued demand for the new spatial consumables products introduced this year. Visium HD and Xenium 5K.

空間消耗品收入為 2,970 萬美元，成長 111%，這主要是由於對今年推出的新空間消耗品產品的持續需求所致。Visium HD 和 Xenium 5K。

Moving on to instruments. Total instrument revenue decreased 45% to $19.1 million. Chromium instrument revenue was $7.6 million, down 38% driven by fewer units sold. Spatial instrument revenue was down 50% to $11.4 million driven by a lower number of Xenium instruments sold. Services revenue was $6.4 million, up 48%.

繼續討論樂器。儀器總收入下降 45% 至 1,910 萬美元。Chromium 儀器收入為 760 萬美元，因銷售量減少而下降 38%。由於 Xenium 儀器銷量減少，太空儀器收入下降 50% 至 1,140 萬美元。服務收入為 640 萬美元，成長 48%。

Looking at our revenue by geography. Americas decreased 11% to $87.8 million. EMEA grew 18% to $37.9 million and revenue in APAC increased 15% to $26 million. The most significant changes in our commercial reorganization were in the Americas, which contributed to the regional disparities.

按地理位置查看我們的收入。美洲地區下降 11%，至 8,780 萬美元。歐洲、中東和非洲地區成長 18% 至 3,790 萬美元，亞太地區營收成長 15% 至 2,600 萬美元。我們的商業重組中最顯著的變化是在美洲，這導致了地區差異。

Turning to the rest of the income statement. Gross profit for the third quarter was $106.4 million compared to $95.5 million for the prior year period. Gross margin increased to 70% from 62% the year prior, driven by change in product mix, which was predominantly fewer Xenium instruments.

轉向損益表的其餘部分。第三季毛利為 1.064 億美元，去年同期毛利為 9,550 萬美元。受產品結構變化（主要是 Xenium 儀器減少）的推動，毛利率從去年的 62% 增加到 70%。

Total operating expenses for the third quarter decreased to $147.9 million compared to $190.3 million for the prior year period. This decrease was primarily driven by a $41.4 million in-process research and development expense related to an agreement to acquire certain intangible and other assets in the prior year period.

第三季總營運費用從去年同期的 1.903 億美元減少至 1.479 億美元。這一下降主要是由於與去年同期收購某些無形資產和其他資產的協議相關的 4,140 萬美元的正在進行的研發費用所致。

R&D expenses decreased to $66.2 million compared to $66.5 million for the prior year period, primarily driven by lower personnel expenses, including stock-based compensation expenses, partially offset by higher laboratory materials and supplies.

研發費用從去年同期的 6,650 萬美元下降至 6,620 萬美元，主要是由於人員費用減少，包括基於股票的薪酬費用，但部分被實驗室材料和用品的增加所抵消。

SG&A expenses decreased to $81.7 million compared to $82.4 million for the prior year period, primarily driven by lower personnel expenses, including stock-based compensation, partially offset by higher outside legal expenses.

SG&A 費用從去年同期的 8,240 萬美元下降至 8,170 萬美元，主要是由於人員費用（包括股票薪酬）的減少，部分被外部法律費用的增加所抵消。

Operating loss for the third quarter was $41.5 million compared to a loss of $94.8 million in the third quarter last year. This includes $33.9 million of stock-based compensation as compared to $40.2 million of stock-based compensation for the corresponding prior year period.

第三季營運虧損為 4,150 萬美元，而去年第三季營運虧損為 9,480 萬美元。其中包括 3,390 萬美元的股票薪酬，而去年同期的股票薪酬為 4,020 萬美元。

Operating loss in the third quarter of 2023 included $41.4 million of in-process research and development expenses. Net loss for the period was $35.8 million compared to a net loss of $93 million for the third quarter of 2023. We ended the quarter with $398.2 million in cash and cash equivalents.

2023 年第三季的營運虧損包括 4,140 萬美元的研發費用。本季淨虧損為 3,580 萬美元，而 2023 年第三季淨虧損為 9,300 萬美元。本季結束時，我們的現金和現金等價物為 3.982 億美元。

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 $595 million to $605 million, representing a 3% decrease from 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 5.95 億美元至 6.05 億美元之間，比 2023 年全年中位數下降 3%。

At the midpoint, our updated guidance range implies approximately flat fourth quarter revenue compared to our third quarter results. Within Chromium, we are assuming a continuation of decreasing price per reaction while assuming an uptick in volumes.

在中點，我們更新的指導範圍意味著與我們第三季的業績相比，第四季的收入大致持平。在 Chromium 中，我們假設每次反應的價格持續下降，同時假設數量增加。

Within Spatial, we are assuming similar results to what we experienced in Q3. The drivers of our assumptions are first, ongoing headwinds from our commercial restructuring. While we implemented the new structure in mid-Q3, our efforts remain ongoing as we make new hires to fill our redesigned territories and teams, train new sales reps and solidify processes.

在 Spatial 中，我們假設結果與第三季的結果類似。我們的假設的驅動因素首先是我們商業重組帶來的持續阻力。雖然我們在第三季中期實施了新的結構，但我們仍在繼續努力，因為我們聘請了新員工來填補重新設計的區域和團隊，培訓新的銷售代表並鞏固流程。

And second, the macro environment continues to be challenging. We are still seeing cautious customer spending, putting pressure on both CapEx purchases as well as larger consumables projects. Given this, we are not counting on the typical seasonality that we tend to see in Q4.

其次，宏觀環境依然充滿挑戰。我們仍然看到客戶支出謹慎，這給資本支出購買以及大型消耗品項目帶來壓力。有鑑於此，我們並不指望第四季出現的典型季節性。

While we anticipate these factors will impact Q4 and into next year, I want to affirm that we are taking the appropriate and necessary steps to take advantage of our opportunity. We are taking a disciplined look at our spend in our 2025 planning. We generated $18 million of cash in Q3, but I would note that much of this is due to timing, and we expect this to offset in Q4. We are focused on maintaining a strong balance sheet going forward.

雖然我們預計這些因素將影響第四季度和明年，但我想確認我們正在採取適當和必要的步驟來利用我們的機會。我們正在 2025 年規劃中嚴格審視支出。我們在第三季產生了 1800 萬美元的現金，但我要指出的是，這很大程度上是由於時間安排造成的，我們預計這將在第四季度得到抵消。我們未來的重點是維持強勁的資產負債表。

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

此時，我會將其轉回給 Serge。

Thanks, Adam. The endpoint is clear, biology needs to be analysed at the single cell level and on spatial context. However, as 2024 has shown, the path together is not leer. I'm incredibly grateful to the 10X team for staying focused on our mission and our customers as we navigate this period of change and push through these challenges.

謝謝，亞當。終點很明確，生物學需要在單細胞層次和空間背景上進行分析。然而，正如 2024 年所表明的那樣，共同前進的道路並不樂觀。我非常感謝 10X 團隊，在我們度過這段變革時期並應對這些挑戰時，他們始終專注於我們的使命和客戶。

I have strong conviction that the actions we're taking now are necessary to deliver our long-term opportunity and fulfil the promise of single cell and spatial biology. We will continue to execute with urgency and excellence as we work to foster widespread use of our technologies and create value for all stakeholders.

我堅信，我們現在採取的行動對於提供我們的長期機會和實現單細胞和空間生物學的承諾是必要的。我們將繼續緊迫而卓越地執行，努力促進我們技術的廣泛使用並為所有利益相關者創造價值。

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) Tejas Savant, Morgan Stanley.

（操作員指令）Tejas Savant，摩根士丹利。

Perhaps maybe I'll start with one on the quarter in the outlook here -- so EMEA and APAC held up a lot better for you in the quarter relative to the Americas and you highlighted the bulk of the commercial restructuring was focused on the Americas. So that makes me feel that it's mainly the commercial reorg that was the driver of the $50 million cut versus incremental macro deterioration relative to your prior guide. So can you just confirm that.

也許我會從本季的展望開始——因此，相對於美洲，歐洲、中東和非洲和亞太地區在本季度的表現要好得多，而且您強調大部分商業重組都集中在美洲。因此，這讓我覺得，相對於您先前的指南，削減 5000 萬美元的資金與宏觀惡化的增量相比，主要是商業重組造成的。那你能確認一下嗎？

And then the second part of my question is, how should we be thinking about gross margin dynamics and your prior target of being cash flow positive here over the next few quarters? -- because there's a few moving pieces, right?

我的問題的第二部分是，我們應該如何考慮毛利率動態以及您在未來幾季實現現金流為正的先前目標？ ——因為有一些移動的部分，對吧？

So you've got the meaningfully lower price points on the premium that you're enabling for the customer base, but then you've got the macro stuff. And you also surged, I think in your prepared remarks, talked about GEM-X Flex and Universal Multiplex having comparable gross margins. So just trying to put all of that together in terms of gross margin and free cash flow dynamics.

因此，您為客戶群提供的保費價格明顯較低，但隨後您也獲得了宏觀的東西。我認為您在準備好的演講中也談到了 GEM-X Flex 和 Universal Multiplex 具有可比較的毛利率。因此，我們只是嘗試將所有這些因素放在毛利率和自由現金流動態方面。

Let me take a stab at it. So on the Q4 guide, a couple of things to consider. And the way we're sort of thinking about the incremental call down is it's about half from the macro environment and half of it coming from internal commercial organization work that we're doing. The reason -- so the commercial one, and I think we talked about in search cut into -- in the script, what I would mention around the macro is we've historically seen a step-up from Q3 to Q4.

讓我來嘗試一下。因此，在第四季度指南中，有幾件事需要考慮。我們對增量調用的思考方式是，大約一半來自宏觀環境，一半來自我們正在進行的內部商業組織工作。原因 - 所以商業的，我想我們在搜尋切入中討論過 - 在腳本中，我要提到的宏觀因素是我們歷史上看到了從第三季度到第四季度的提升。

And we were still even in the prior guide, anticipating that type of seasonal step up, even if it was a bit muted perhaps in prior years, but we're still expecting some of that. And I think as you can see from what we've guided here from Q4. We're anticipating that doesn't occur.

我們甚至在先前的指南中預計這種季節性的上升，即使在前幾年可能有點溫和，但我們仍然期待其中的一些。我認為正如您從我們第四季度的指導中看到的那樣。我們預計這種情況不會發生。

We don't see a step up from a CapEx perspective and even some of the larger consumables projects that we would tend to see in Q4 also not anticipating that to be the case. So you end up with, but about half of that guide down coming from the macro. And then on the internal side from a commercial reorg, we still have a significant number of open requisitions filling those roles with top-notch talent, but that certainly continues to be an impact for us here in Q4.

從資本支出的角度來看，我們沒有看到任何進步，甚至我們傾向於在第四季度看到的一些較大的消耗品項目也沒有預期會出現這種情況。所以你最終會得到，但大約一半的指導來自宏觀。然後，在商業重組的內部方面，我們仍然有大量公開招聘，用頂尖人才來填補這些職位，但這肯定會繼續對我們第四季度產生影響。

The other piece of your question or the other question that I'll answer on gross margin dynamics, it's important to note that the products that we've launched are actually at comparable gross margins to our existing portfolio.

您的另一個問題或我將回答的關於毛利率動態的另一個問題，重要的是要注意，我們推出的產品實際上與我們現有的產品組合的毛利率相當。

So part of the innovation engine here at 10X , and it's part of the reason that we're -- as we're trying to democratize single cell, get products into the hands, expand the market to the market opportunity, we're able to do that actually at comparable gross margins as to the existing sort of base consumables business.

因此，這是 10X 創新引擎的一部分，也是我們努力實現單細胞民主化、將產品交到手中、將市場擴展到市場機會的部分原因，我們能夠實際上，以與現有基礎消耗品業務相當的毛利率來做到這一點。

The last thing, just the sort of second part, related part of your question around cash flow positive. Yes, we talked about that in Q3. I did mention just now here on the call. From a working capital perspective, we expect that to flip a bit.

最後一件事，只是第二部分，與你的問題有關現金流正值的相關部分。是的，我們在第三季討論過這一點。我剛才在電話中確實提到過。從營運資金的角度來看，我們預期情況會有所轉變。

But as we noted in Q1, we had a roughly $20 million payment that we made that was sort of an unusual payment related to an asset acquisition. And so absent that, we're still pretty darn close to being cash flow positive for the year. And that's still the way that we're thinking about our business is really being mindful of our cash balance along the way.

但正如我們在第一季指出的那樣，我們支付了大約 2000 萬美元，這是與資產收購相關的一筆不尋常的付款。因此，如果沒有這一點，我們今年仍然非常接近正現金流。這仍然是我們思考業務的方式，真正關注我們的現金餘額。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

I'm going to start with instrument. You said a couple of weeks ago, I think that Xenium and Visium missed equally, and that was part of the reason that you're not losing share, that seems different than what you're seeing now. So I'm wondering if you can clarify that.

我將從樂器開始。您幾週前說過，我認為 Xenium 和 Visium 的表現相同，這是您沒有失去份額的部分原因，這似乎與您現在看到的不同。所以我想知道你是否可以澄清這一點。

And then as you work through the sales transition, do you have a sense of what percentage of orders that dropped out of the funnel are likely to be just pushed out versus unrecoverable. I guess how do we get comfortable that there's not share loss underway and things are dropping out of the funnel.

然後，當您完成銷售過渡時，您是否了解從漏斗中刪除的訂單可能會推出而不是無法恢復的百分比是多少。我想我們如何才能放心，沒有發生份額損失，事情正在從漏斗中掉出來。

And then, Serge, I want to push you on pricing because you've gotten more aggressive with the Xenium promotion and Chromium XO and GEM-X. Just can you give us a more co- get us more comfortable that the elasticity is actually there and that the funding for larger projects is materializing.

然後，Serge，我想在定價方面推動您，因為您在 Xenium 促銷以及 Chromium XO 和 GEM-X 方面變得更加積極。您能否給我們更多的支持，讓我們更放心，彈性確實存在，大型專案的資金正在落實。

Yes. Thanks, Tycho. So maybe on -- first of all, the Visium kind of dynamic. -- just wanted to clarify. We have said before, the Xenium instruments, in particular, got affected by the macro environment more so in an outsized way relative to the rest of our product portfolio. But once you take that out of the equation, all the products were similar relative to our expectations.

是的。謝謝，第谷。因此，也許首先是 Visium 類型的動態。 ——只是想澄清一下。我們之前說過，與我們的其他產品組合相比，Xenium 儀器尤其受到宏觀環境的影響更大。但一旦將其排除在外，所有產品都與我們的預期相似。

So -- and yes, as we've been saying all along Xenium has been affected, particularly acutely by sort of the macro headwinds and the funding pressures of customers because this is the big -- sort of big price instruments and such.

因此，是的，正如我們一直以來所說的那樣，Xenium 受到了影響，特別是受到宏觀逆風和客戶資金壓力的影響，因為這是一種大型價格工具等。

As far as sort of pricing action, so there's different elements to this. I mean you mentioned promotions we've been running on some of our products on Xenium instruments. There's nothing I would say here is still extraordinary relative to just the normal course of business that we do. We have ongoing promotions and different products, and there is some happening this quarter as well.

就定價行為而言，有不同的要素。我的意思是您提到了我們在 Xenium 儀器上對某些產品進行的促銷活動。我想說的是，相對於我們正常的業務流程來說，沒有什麼是非凡的。我們有持續的促銷活動和不同的產品，本季也有一些活動。

And as far as more general sort of pricing, especially as it applies to kind of on the single-cell side, we -- as we've been saying for a while, we believe there is a tremendous potential in single cell to grow and a big barrier to further growth is price.

就更一般的定價而言，特別是當它適用於單細胞方面時，我們——正如我們一段時間以來一直所說的那樣，我們相信單細胞有巨大的增長潛力和進一步增長的一大障礙是價格。

And that's price, it can be a very along multiple dimensions, whether it's price per sample, price per cell, or price entering kind of the minimal size experiment. And we've been addressing those throughout the year, and our strategy -- overall backdrop challenge is to drive these prices down over time.

這就是價格，它可以是一個非常多維度的價格，無論是每個樣本的價格、每個細胞的價格，還是最小尺寸實驗的價格輸入。我們全年都在解決這些問題，我們的策略——整體背景挑戰是隨著時間的推移壓低這些價格。

We do have strong conviction in elasticity. I mean we have seen -- we are seeing some volume growth already relative to despite average -- a longer price decreases. We have seen, based on sort of geographic price actions that we've taken in the past, you have seen that resulting in volume growth.

我們對彈性確實有堅定的信念。我的意思是，我們已經看到——我們已經看到相對於平均水平而言，銷量有所增長——價格下降的時間更長。我們已經看到，根據我們過去採取的地理價格行動，您已經看到這導致了銷售量的成長。

And over time, over the course of a few quarters, actually, growing substantially enough to drive incremental -- substantial incremental top line revenue. We have also see examples of customers who have adopted flex, which if you kind of adopt it in a sufficient scale of (technical difficulty) you can drive down substantially your price per sample.

隨著時間的推移，實際上，在幾個季度的過程中，成長足以推動增量——大量增量的收入。我們也看到了採用 Flex 的客戶的例子，如果您以足夠的規模（技術難度）採用它，您可以大幅降低每個樣品的價格。

And we have seen the dynamic with the customers that as they adopted the greater stem there volume increase, then over time, those volumes drove substantial expansion and top line revenue as well. It's not an unusual dynamic. It's actually quite common in the history of our industry, and we expect it to play out here as well. And we now have the empirical evidence to support that view.

我們看到了客戶的動態，當他們採用更大的把立時，銷量就會增加，然後隨著時間的推移，這些銷售也推動了大幅擴張和頂線收入。這並不是一個不尋常的動態。實際上，這在我們行業的歷史上很常見，我們希望它也能在這裡發揮作用。我們現在有經驗證據來支持這個觀點。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

So as many of you know, I'm a New England Patriots fan. They're a historically great franchise that's having a really, really bad season. I don't expect them to win, but I do want to see progress. I want to know things at bottom and that they're on track to improving.

正如你們很多人所知，我是新英格蘭愛國者隊的球迷。他們是一支歷史上偉大的球隊，但這個賽季非常非常糟糕。我不期望他們獲勝，但我確實希望看到進步。我想了解底層的情況以及它們正在改善的軌道上。

In some ways, I see parallels to how I'm looking at 10X right now. So with that in mind, how do we know you're making progress and have the right plan in place and that you're not going to be mired in last place for years to come? What metrics can you share that can demonstrate you've learned from some of the mistakes, some of the things that you've miscalculated over the last several quarters.

在某些方面，我認為這與我現在看待 10X 的方式有相似之處。因此，考慮到這一點，我們如何知道您正在取得進展並製定了正確的計劃，並且您不會在未來幾年中陷入倒數第一的境地？您可以分享哪些指標來證明您已經從過去幾季的一些錯誤和錯誤計算中學到了教訓。

And really what can you share that assures us that you're tracking to become a winning organization again? And specifically, what should we look for in the fourth quarter that would resemble a win? Because clearly, if you just meet guidance, that's not going to be good enough. What should we be looking for that actually suggests that you're on the verge of turning this around?

您能分享什麼來讓我們確信您正在努力再次成為一個獲勝的組織？具體來說，我們應該在第四節尋找什麼類似勝利的東西？因為顯然，如果你只是滿足指導，那還不夠好。我們應該尋找什麼來真正表明您正處於扭轉局面的邊緣？

Thanks, Doug. So I mean, first of all, as I mentioned in my call, I think in my remarks earlier in the call, 2024 has been disappointing. And it is also the case that over the past couple of few years, while there has been there has been progress and really exciting milestones that we have met and achieved.

謝謝，道格。所以我的意思是，首先，正如我在電話會議中提到的，我認為在電話會議早些時候的演講中，2024 年令人失望。過去幾年的情況也是如此，雖然我們取得了進展，但我們已經達到並實現了令人興奮的里程碑。

We have got our challenges for sure. In particular, we identified several years ago that we needed to scale our organization to reflect the growing complexity of the products and our markets and our segments in customer base.

我們肯定面臨挑戰。特別是，我們幾年前就發現，我們需要擴大我們的組織規模，以反映產品、市場以及客戶群中日益增長的複雜性。

And the short story there is that the changes that we had tried to make over the course of the last couple of years has just not gone deep enough. It's clear we've learned from those changes from the incremental adjustments we try to make. And it's the big driver, the big rationale for going through the commercial transformation right now.

簡而言之，我們在過去幾年中試圖做出的改變還不夠深入。很明顯，我們已經從我們嘗試進行的漸進調整中的這些變化中吸取了教訓。這是目前商業轉型的重要驅動力和重要理由。

It's taking those goals that were identified early on and executing on them now in a comprehensive manner. We believe we're on the right track. The overall approach we take as a company is like once it's clear, what decisions need to get made. We move fast. And I appreciate again that we're going through a period of disruption on (technical difficulty) right now. I do have conviction we're on the right path.

它正在採取那些早期確定的目標，並以全面的方式執行它們。我們相信我們正走在正確的道路上。作為一家公司，我們採取的整體方法是，一旦明確，就需要做出哪些決策。我們行動迅速。我再次感謝我們現在正在經歷一段（技術困難）中斷時期。我堅信我們走在正確的道路上。

You can look to see that specifically in the regions where the disruption has been leased. We are actually performing relatively well in some cases quite well. We're looking forward to continuing on these changes. And yes, it's going to take some amount of time for them to work through the system across the company, across all the regions, across all the product categories.

您可以特別在已租用中斷的區域中查看這一點。我們實際上在某些情況下表現得相當好。我們期待著繼續這些改變。是的，他們需要花一些時間來完成整個公司、所有地區、所有產品類別的系統工作。

As we look to Q4, we certainly -- we do expect to see some improvements, but we have to be guarded in our suction surface point. We are still going through the -- we still have a lot of open roles. We're still building out and filling out the commercial organization. And we're still in a very challenging macro environment. But I am confident that we're on the right that, and we're going to start seeing sequential improvement.

當我們展望第四季時，我們當然希望看到一些改進，但我們必須警惕我們的吸力麵點。我們仍在經歷——我們仍然有很多空缺職位。我們仍在建造和完善商業組織。我們仍然處於一個非常具有挑戰性的宏觀環境。但我相信我們的做法是對的，而且我們將開始看到連續的改進。

Dan Arias, Stifel.

丹·阿里亞斯，斯蒂菲爾。

Serge, maybe more on the commercial fixes going forward. How much of what you need to do here relates to filling those open sales roles that you mentioned, which is pretty straightforward versus implementing discrete changes in processes and just ways of going about thing, which is harder.

Serge，也許更多關於未來的商業修復。您在這裡需要做的事情有多少與填補您提到的那些空缺銷售角色有關，這非常簡單，而在流程和處理事情的方式中實施離散的變化則更困難。

And then relatedly, what in your mind represents sort of a line in the sand drop that time point when it comes to your expectation for the company being fully on track driving the level of visibility and the level of execution that you need to be successful here.

然後，與此相關的是，當談到您對公司完全走上正軌以推動您在這裡取得成功所需的可見性水平和執行力的期望時，您心目中的那條線代表了那個時間點的一條線。

Yes. So (technical difficulty) as well, so first of all, a big part of what we need to do is still in open roles. As we mentioned, we do have a lot on the call. We have a lot of open roles on our Xenium CapEx team. We have a lot of open roles in the biopharma teams and other teams are also not fully staffed yet.

是的。所以（技術難度）也是如此，所以首先，我們需要做的很大一部分仍然是開放角色。正如我們所提到的，我們確實有很多電話會議。我們的 Xenium CapEx 團隊有很多空缺。我們的生物製藥團隊有很多空缺職位，而其他團隊也尚未配備足夠的人員。

So that is a big part of what needs to happen over the coming quarters. At the same time, you are right that there is also a big element of working of trading people and having people kind of grow into the new structure, new ways of working together, clarity around interactions between roles and getting used to the new process. That is also a work in progress.

因此，這是未來幾季需要發生的事情的重要組成部分。同時，你說得對，交易人員的工作也有一個重要因素，讓人們成長為新的結構、新的合作方式、角色之間的互動清晰以及適應新的流程。這也是一項正在進行的工作。

I'm seeing lots of improvements on upfront, consistent improvement on pretty much a weekly basis, but it does require adjustment in how people work. And so we have to be cautious in assuming sort of immediate changes here.

我看到了很多前期的改進，幾乎每週都有持續的改進，但這確實需要調整人們的工作方式。因此，我們在假設立即發生變化時必須謹慎。

And so when I kind of put this together, when I think about filling an open role and having the new salespeople having the time to ramp up, which usually takes on order of a couple of quarters, after them coming on board, should start, you should look at sort of the middle of next year as the time frame to -- for all of these changes to be in place and for the organization to be really [long]

因此，當我把這些放在一起時，當我考慮填補一個空缺職位並讓新銷售人員有時間提升時，這通常需要幾個季度的時間，在他們加入後，應該開始，你應該把明年年中作為一個時間框架——讓所有這些改變都到位，讓組織真正[長的]

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Maybe just on pricing in single cell, Serge, if you don't mind. There's a lot of different permeation of your products. So the thing we're trying to get a sense of is the investments that you made in price? Are they more niche? Or are they more expensive?

如果你不介意的話，也許只是單細胞的定價，Serge。你們的產品有很多不同的滲透。那我們想要了解的是你們在價格上所做的投資呢？他們更小眾嗎？或者它們更貴？

So is it possible to zoom out and just give us a sense, if we look back, say, a year ago, what your like price per se would be across like all your volumes, kind of where that stands today? How much have you invested in price? And now where does that gap stand today, do you think of your own price, say, versus where kind of the competition stands and do you need to further invest in price?

那麼，是否有可能縮小範圍，讓我們有一種感覺，如果我們回顧一年前，你們的價格本身會像你們所有的銷量一樣，就像今天的情況一樣？你在價格上投入了多少？現在，這個差距在哪裡？

And then finally, like with this investment in price, do you think now like you're growing above market in line with market? Or just how do I think about your growth versus the burdensome market growth?

最後，就像這種價格投資一樣，您認為現在您的成長是否與市場一致，高於市場水平？或者我如何看待您的成長與繁重的市場成長？

Yes, Dan. So yes, good question. Unfortunately, the answer is actually somewhat complicated because there's lots of different types of experiments that our customers run. There's lots of different types of customers and different things matter to them, right? And so that's why we talked a lot about price per sample, but there's other metrics as well, like price per cell, price per experiment and price per sample in different contexts.

是的，丹。所以是的，好問題。不幸的是，答案實際上有些複雜，因為我們的客戶進行了許多不同類型的實驗。有很多不同類型的客戶，對他們來說重要的事情也不同，對嗎？這就是為什麼我們談論了很多關於每個樣本的價格的原因，但還有其他指標，例如每個細胞的價格、每個實驗的價格以及不同情況下每個樣本的價格。

We are cognizant of those sort of all those different dimensions. And as we've been saying for a while, key to -- one of the keys major key to locking the single-cell market is to drive down these price barriers over time, which is what we have been doing over the course of the past year.

我們認識到這些不同的維度。正如我們一段時間以來所說的那樣，鎖定單細胞市場的關鍵之一是隨著時間的推移降低這些價格壁壘，這就是我們在整個過程中一直在做的事情。

Certainly, the introduction of the GMX architecture earlier in the year was one step in interaction was a 10% drop in per sample pricing there, but over 50% of our tax dropping per cell pricing. We further launched this quarter, a product of GEM-X Flex that really increases the scale of as possible with single cell being able to run really, really large mega-scale experiment and also now setting a new standard for price per cell, drawing down to one cell per cell.

當然，今年稍早推出的 GMX 架構是互動的一個步驟，每個樣本的定價下降了 10%，但每個單元定價的稅收下降了 50% 以上。我們在本季進一步推出了GEM-X Flex 產品，它真正提高了單細胞的規模，使其能夠運行非常非常大的超大規模實驗，並且現在還為每個細胞的價格製定了新標準，降低了成本每個細胞一個細胞。

We've also -- we're also in the process of launching our new product (technical difficulty) multiplexing for our universal assays on GEM-X, 3 prime and 5 prime also addressing specifically addressing the for example, price getting down to under $600 a sample relative to well above 1,000 for other assays.

我們也正在推出新產品（技術難度）多重檢測，用於 GEM-X、3 prime 和 5 prime 的通用檢測，還專門解決了例如價格降至低於一個樣品的價格為600 美元，而其他檢測的價格則遠高於1,000 美元。

And so we're kind of making changes across a number of variables. And I think we're driving -- we're in a good position now to address a lot of these bottlenecks. This is not the loss of it, as we said before, or down, we do expect to drive down prices of these products further.

因此，我們正在對許多變數進行更改。我認為我們正在推動——我們現在處於解決許多瓶頸的有利位置。這並不是我們之前所說的損失，也不是下降，我們確實期望進一步壓低這些產品的價格。

We -- as we've done here, we like to do it by launching new products and new configurations. And also -- this will drive the expansion of the market and that's a primary goal here. As far as market share is concerned, there has been certainly competition in single cell since sort of the beginning of these segments. This has been a competitive segment, especially a little bit in the last couple of years.

正如我們在這裡所做的那樣，我們喜歡透過推出新產品和新配置來做到這一點。而且——這將推動市場的擴張，這是這裡的主要目標。就市場佔有率而言，自這些細分市場誕生以來，單電池領域就一直存在競爭。這是一個競爭激烈的領域，尤其是在過去幾年。

I would say there hasn't necessarily been a market change in the dynamic in the last quarter. There's maybe more aggressive presence in some of the new entrants going out to our customers, putting pressure on price creating some distractions, elongating sales cycles, adding some friction to the process.

我想說，上個季度的市場動態不一定會改變。一些新進業者可能會更積極地面向我們的客戶，對價格施加壓力，造成一些幹擾，延長銷售週期，為流程增加一些摩擦。

But fundamentally, we keep hearing from our customers that they really appreciate we have the best products, the best quality, the best workflow the best breadth of applications, the best service. And so by and large, customers keep coming back to us for all those reasons.

但從根本上說，我們不斷從客戶那裡聽到他們非常感謝我們擁有最好的產品、最好的品質、最好的工作流程、最廣泛的應用程式和最好的服務。因此，總的來說，由於所有這些原因，客戶不斷回到我們這裡。

And of course, now with all these new products that we have been releasing we are also setting new standards on price, so that customers really don't need to compromise on that front together. We -- again, we always take competition seriously. We will continue to be continuous, but we're very confident in our strategy to be able to both address competition and grow the market.

當然，現在隨著我們發布的所有這些新產品，我們也在價格上建立了新標準，這樣客戶就不需要在這方面一起妥協。我們再次強調，我們始終認真看待競爭。我們將繼續堅持下去，但我們對我們的策略非常有信心，能夠解決競爭問題並擴大市場。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

On the new chromium products and the pricing headwinds that are associated with them, could you just walk us through your expectations around customers converting over to these assays, how it will impact growth over the next several quarters. At what point do you think we largely lap these headwinds? And really, ultimately, is it possible we have another year of chromium revenue flat or declining? Or is your baseline expectation that volumes next year offset that pricing headwind

關於新的鉻產品以及與之相關的定價阻力，您能否向我們介紹您對轉向這些檢測的客戶的期望，以及它將如何影響未來幾季的成長。您認為我們在什麼時候可以基本上克服這些逆風？事實上，最終，我們的鉻收入是否有可能再次持平或下降？或者您的基本預期是明年的銷售量會抵銷定價逆風

Yes, I mean good question. So clearly, we are launching new products right now. And as with lower prices, the pattern that we have seen with our products with other products is that usually takes some of the time or the elasticity effects or higher volume growth of higher volumes to kick in. And compensate for the decreases in price.

是的，我的意思是好問題。很明顯，我們現在正在推出新產品。與較低的價格一樣，我們在我們的產品和其他產品中看到的模式通常需要一些時間或彈性效應或更高銷售量的更高銷售成長才能發揮作用。並彌補價格的下降。

So over time, and that time frame is typically three to four quarters you expect to see incremental growth in top line revenue from pricing changes because of elasticity. But in the meantime, you do expect to see some pressure on the top line. Some out of headwinds. So that's kind of -- that's how we're thinking about it.

因此，隨著時間的推移，這個時間範圍通常是三到四個季度，由於彈性，您預計會看到定價變化帶來的營收增量成長。但同時，您確實預期收入會受到一些壓力。有些是出於逆風。這就是我們的想法。

Now again, these are products that are to kind of transition customers gradually until these new price points, but we do expect there to be some near (technical difficulty)

現在再說一遍，這些產品將逐漸過渡客戶直到這些新的價格點，但我們確實預計會有一些接近（技術難度）

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yes. Serge, wondering if you can seize the sales force and give us an idea of how many positions are still open I mean my question is, why wouldn't this take six to nine months from now to -- for the sales force challenges to normalize, you have new people coming in, new relationships need to be built plus all the challenges that you pointed out with the end market and you have new products launching into the market as well. So could you elaborate a bit on that?

是的。Serge，想知道您是否可以抓住銷售隊伍，讓我們了解仍有多少職位空缺，我的意思是我的問題是，為什麼從現在開始需要六到九個月的時間才能使銷售隊伍的挑戰正常化，你有新的人進來，需要建立新的關係，加上你在終端市場上指出的所有挑戰，並且你也有新產品進入市場。能詳細說明一下嗎？

And then my second part of my question is, when you look at the Xenium installs, can you clarify where they landed versus the 40 to 50 install expectation? Because clearly, that's a new product in the market. It's been gaining ground. It's one of the leading products.

然後我的問題的第二部分是，當您查看 Xenium 安裝量時，您能否澄清它們與 40 到 50 個安裝預期相比的落地情況？因為顯然，這是市場上的新產品。它一直在取得進展。是主導產品之一。

Clearly, numbers of papers are growing. -- grants are growing. So -- just trying to understand what's holding that back? Is it just largely capital equipment sales force that you mentioned? Or is there anything fundamental that's happening with the spatial already at this trajectory in the trajectory of this market at this point?

顯然，論文數量正在增長。 ——贈款不斷增加。那麼——只是想了解是什麼阻礙了這一點？您提到的主要是資本設備銷售人員嗎？或者，目前市場軌跡中已經處於該軌跡的空間是否正在發生任何根本性的變化？

Yes, Puneet, let me take the Xenium question first here. So I mean, first of all, kind of zooming out we do -- when you look at the -- the indicators of demand, fundamentally, there's lots of interest from our current customers in doing more. When you talk to them, there's an interest in doing more in the near term. There's new customers kind of being intrigued by the technology. And there's a lot of interest in kind of looking out to scaling up significantly for the future.

是的，Puneet，讓我先回答 Xenium 問題。所以我的意思是，首先，當你查看需求指標時，我們會縮小範圍，從根本上說，我們目前的客戶對做更多事情非常感興趣。當您與他們交談時，您會發現他們有興趣在短期內做更多事情。新客戶對這項技術很感興趣。人們對未來大幅擴大規模很感興趣。

The same sort of data you see in general surveys of customers in terms of the expectations of growth, you also see funding signals that are quite strong, quite robust going forward. And then also, when you look at our kind of utilization times that we have been installing that has also been quite healthy, which is also an indicator of kind of down the line demand and to bode well for future installed as our existing customers kind of drive discoveries and publish the findings and develop the market.

與您在對客戶的一般調查中看到的有關成長預期的數據相同，您還可以看到未來非常強勁、非常強勁的融資訊號。然後，當您查看我們一直在安裝的使用時間時，它也非常健康，這也是一種線下需求的指標，並且預示著未來安裝的好兆頭，因為我們現有的客戶有點推動發現並發布研究結果並開發市場。

So we also know that CapEx environment has been particularly challenged recently, particularly on kind of higher-priced items, like Visium and as we've been saying, we are going through a major commercial transformation that in part is focused on precisely this issue is kind of creating the right focus and the right sales force to sell this kind of product.

因此，我們也知道資本支出環境最近受到了特別的挑戰，特別是在Visium 等價格較高的產品上，正如我們一直所說的，我們正在經歷一項重大的商業轉型，其部分重點正是針對這個問題創造正確的焦點和正確的銷售團隊來銷售此類產品。

And between those two areas, yes, that has quite a bit of pressure on our Xenium sales. This quarter certainly was a disappointment. Q3 was disappointing in that regard. But again, I don't think -- given those two factors, you really need to resort to any questions around the fundamentals for demand. We absolutely strong ability in this franchise in its potential and absolutely still see the potential to be the largest revolution in Lifesciences since NGS.

是的，在這兩個領域之間，這對我們的 Xenium 銷售造成了相當大的壓力。這個季度確實令人失望。第三季在這方面令人失望。但我再次認為，考慮到這兩個因素，你確實需要訴諸任何有關需求基本面的問題。我們在這方面的潛力絕對強大，並且仍然認為有潛力成為自 NGS 以來生命科學領域最大的革命。

Rachel Vatnsdal, JPMorgan.

雷切爾·瓦特斯達爾，摩根大通。

Great. So I wanted to dig into spatial assumptions in the performance this quarter. So first off, can you give us placements for Xenium and Visium in 3Q? We're getting roughly 30 placements for Xenium. So is that the right ballpark for what you guys did in and then in terms of 4Q guidance, you mentioned in the prepared remarks that you're assuming spatial to be similar to what you saw in 3Q.

偉大的。所以我想深入研究本季業績的空間假設。首先，您能為我們介紹一下 Xenium 和 Visium 在第三季的版面嗎？我們獲得了大約 30 個 Xenium 展示位置。那麼，這對你們所做的事情來說是正確的嗎？

You're not assuming standard seasonality in that 4Q time frame. So how should we think about placements for Zenium and Visium next quarter? Are you expecting this to grow sequentially?

您沒有假設第四季度時間範圍內的標準季節性。那我們該如何考慮下個季度 Zenium 和 Visium 的版面呢？您預計這個數字會持續成長嗎？

Rachel, it's Adam here. Yes, I mean, I think you're about right as it relates to Q3 in terms of the Zenium placement number that you quoted there. And that is what we're anticipating for Q4, again. Absent -- in different macro environments, we would have anticipated a Q3 to Q4 bump from a CapEx perspective that isn't what we've factored into the current guide.

雷切爾，我是亞當。是的，我的意思是，我認為你是對的，因為就你引用的 Zenium 安置數字而言，它與第三季有關。這也是我們對第四季的預期。如果沒有——在不同的宏觀環境下，從資本支出的角度來看，我們預計第三季到第四季會出現成長，但這並不是我們在目前指南中考慮的因素。

And then I think as Serge just mentioned on the prior or even one of the earlier questions, utilization perspective, we're continuing to see really nice growth. And so from a consumables standpoint, we anticipate the number will be pretty similar to where we were which would be really nice growth over prior year.

然後我認為，正如 Serge 剛剛在之前甚至之前的問題之一中提到的那樣，利用角度，我們將繼續看到非常好的成長。因此，從消耗品的角度來看，我們預計這個數字將與我們的水平非常相似，這將比上一年實現非常好的成長。

Kyle Mikson, Canaccord Genuity.

凱爾米克森，Canaccord Genuity。

Serge, I think you mentioned it's going to take until mid-next year for the benefits of the commercial regularization to fully take shape. How much like visibility or confidence do you have that there's going to be this like inflection point in middle of next year? -- with the CapEx and China headwinds potentially kind of abating by that time, is it fair to say you could kind of return to like revenue levels or growth rates that you're happy with by the second half of next year?

Serge，我想你提到商業正規化的好處要等到明年年中才能完全顯現出來。您對明年年中將會出現這樣的轉折點有多少信心或信心？ - 到那時，資本支出和中國的不利因素可能會減弱，是否可以公平地說，到明年下半年，您可以恢復到您滿意的收入水平或增長率？

So look, on the commercial side, I think it's fair to expect that there should be -- these time lines are pretty firm. We do have plans and we're rapidly filling in open reps and given enough time to kind of do for people to get used to working in the new environment. I think we do feel optimistic about that time frame getting through it.

所以看，在商業方面，我認為可以公平地期望應該有——這些時間線相當確定。我們確實有計劃，我們正在迅速填補空缺代表，並給予足夠的時間讓人們習慣在新環境中工作。我認為我們確實對度過這個時間框架感到樂觀。

In terms of -- yes, as we look to the second half of the year, that's only going to be a significant factor. As far as macro is concerned, I don't know that it would that one can say at this point that it's going to get better, right? So our baseline assumption is that macro situation is going to stay similar to what it has been so far.

是的，當我們展望今年下半年時，這只會成為一個重要因素。就宏觀而言，我不知道現在是否可以說它會變得更好，對嗎？因此，我們的基本假設是宏觀形勢將與迄今為止的情況保持相似。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Serge, maybe just one on the expense side. I mean you guys are talking a lot about filling a lot of open spots in well into next year. And at the same time, you're talking about disciplined spending and focusing on some level of profitability -- can you just talk about, I guess, the balance between those two, where some costs are coming down, what some the hiring going up? Or is that just kind of replacing?

Serge，也許只是費用方面的一個。我的意思是，你們一直在談論如何填補明年的大量空缺。與此同時，你談論的是嚴格的支出並專注於一定程度的盈利能力——我想你能談談這兩者之間的平衡嗎，一些成本下降了，一些招聘增加了？或者這只是一種替代？

And then the second one is just on the competitive landscape. It seems to be coming up a little bit more tonight. Can you just talk about what you're seeing there? Is it some of the home brew stuff we've seen from some papers on over the past couple of months? Is it other players, bigger players that may be acquired smaller assets it would be helpful just to talk through what you're seeing on the competitive side?

第二個是關於競爭格局的。今晚的事似乎又多了一些。您能簡單談談您在那裡看到的情況嗎？這是我們過去幾個月從一些報紙上看到的一些自製的東西嗎？是否是其他參與者，更大的參與者可能會收購較小的資產，僅僅談談你在競爭方面看到的情況會有所幫助？

Yes. So on the cost side, I would emphasize, yes, on -- as we go through this commercial change, we do have a lot of open roles and we're adding headcount in those areas. But at the same time, the new structure is going to be substantially more efficient than what we had before where we had broad redundancies and oral lays and overlaps and so while there is a modest investment that we're making in terms of kind of increasing headcount, I actually expect it to be materially more efficient.

是的。因此，在成本方面，我想強調，是的，當我們經歷這項商業變革時，我們確實有很多空缺職位，並且我們正在增加這些領域的員工人數。但同時，新的結構將比我們以前的結構更加高效，以前我們有廣泛的裁員、口頭表達和重疊，因此，儘管我們在增加人員方面進行了適度的投資人員數量，我實際上希望它能實質提高效率。

And set us up really well to grow efficiently and gain a lot of leverage, which, again, in the context of our strong balance sheet and the focus on cash management should set us up really well into next year and beyond.

並使我們能夠有效成長並獲得大量槓桿，在我們強大的資產負債表和對現金管理的關注的背景下，這應該使我們能夠在明年及以後真正做好準備。

As far as competition is concerned, the dynamic again hasn't changed on the spatial side, let's say, in the last quarter. We've been -- we've been doing well in winning based on the performance of our products. It's been a consistent theme this year. No issues, I don't think there's been a change in dynamic this past quarter.

就競爭而言，空間方面的動態再次沒有改變，比方說，在上個季度。我們一直以來——基於我們產品的性能，我們在獲勝方面做得很好。這是今年的一貫主題。沒問題，我認為上個季度的動態沒有改變。

On the single cell side, again, there's been more players and arguably are acting more aggressively out there. The net sales for the most part, is related to kind of the smaller companies that have been doing that. And I don't think the overall dynamic has really changed what you don't.

在單細胞方面，同樣，有更多的參與者並且可以說表現得更加積極。淨銷售額在很大程度上與一直在這樣做的小公司有關。我認為整體動態並沒有真正改變你沒有改變的東西。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

I want to follow up on an earlier point talking about spatial and just some of the trends you're seeing there. And I want to drill in on the consumable side of things. I think you touched on this in some of the earlier questions, but frankly, I just want to make sure my math squares out.

我想跟進之前討論的空間以及您在那裡看到的一些趨勢。我想深入研究消費品方面。我認為您在之前的一些問題中談到了這一點，但坦率地說，我只是想確保我的數學正確。

So if I'm looking at our model and I'm looking at consumables revenue for spatial overall, I've got you at 26-and-change million in 1Q, 29% in 2Q, and 29.5% in 3Q. So I know you've had a number of product rollouts, both on the Visium side and on the Zenium side.

因此，如果我查看我們的模型，並查看整體空間的消耗品收入，我會發現第一季為 26 億美元，第二季為 29%，第三季為 29.5%。我知道你們已經推出了許多產品，無論是在 Visium 方面還是在 Zenium 方面。

But if I look at your installed base now it's 50% higher now for Xenium instruments than it was at the end of last year. So to your comment on utilization and just sort of demand for the instruments. I can see how Xenium demand could be lower because of the macro, you still think that the consumables would have ramped up just because the installed base is higher.

但如果我看看您現在的安裝基礎，Xenium 儀器現在比去年年底高出 50%。因此，請談談您對儀器利用率和需求的評論。我可以看到 Xenium 的需求可能會因為宏觀因素而降低，但你仍然認為消耗品會因為安裝基數更高而增加。

So is that a matter of timing, people drawing down inventories, maybe reordering trends? Anything you can talk about? And just where I want to lead with this question is, where do you think that spatial consumables could grow next year going forward? Just looking at the trends over the last couple of quarters, it's flatlined a little bit more than we would have thought.

那麼，這是一個時間問題嗎？有什麼可以聊的嗎？我想提出的問題是，您認為明年空間消耗品會在哪裡成長？只要看看過去幾季的趨勢，就會發現它比我們想像的要平坦一些。

Yes. So I think it's probably important to kind of ease up or sequential kind of dynamics versus year-over-year comparison. When I think about sequential, there's been kind of a number of more pieces because of the new product launches, in particular, and kind of the poles, for example, bus customers that are coming in initially and getting them and kind of getting through the polos similar sort of dynamics on Union 5K when you have an initial customer interest and -- there's always some amount of pent-up demand in the early quarters and then which comes smoothes out subsequent, which is why we kind of pointed to a good nice progress on reorder rates and kind of those dynamics on bus now coming in into play.

是的。因此，我認為與同比比較相比，放鬆或連續的動態可能很重要。當我想到順序時，由於新產品的發布，特別是有更多的部分，以及一些極點，例如，最初進來並得到它們並通過了的公共汽車客戶當你有最初的客戶興趣時，Union 5K 上的POLO 也會出現類似的動態，並且在早期季度總會有一些被壓抑的需求，然後隨後就會平滑，這就是為什麼我們指出了一個很好的好消息再訂購率方面的進展以及公交車上的這些動態現在正在發揮作用。

On the Xenium side, we're seeing kind of some of the underlying data coming through on the utilization toiletry theater gaining that looks encouraging and is showing consistent growth. So yes, the underlying dynamics are encouraging, but they will get somewhat sometimes by these kind of product launches and sequential dynamics.

在 Xenium 方面，我們看到一些有關盥洗用品使用率成長的基礎數據看起來令人鼓舞，並且顯示出持續成長。所以，是的，潛在的動力是令人鼓舞的，但有時它們會透過這些產品的發布和連續的動力而有所收穫。

I would also point to that the consumables gross entire product line were kind of -- were affected in Q3 by the same sort of commercial transformation headwinds that we saw across the board. And so you have to also take that into account. And that's why you kind of want to go back and also look at year-over-year comparison and there, you do have very encouraging trends.

我還想指出的是，整個產品線的消耗品在第三季受到了我們全面看到的相同商業轉型逆風的影響。所以你也必須考慮到這一點。這就是為什麼你想回去看看逐年比較，在那裡，你確實有非常令人鼓舞的趨勢。

Subhu Nambi, Guggenheim Securities.

Subhu Nambi，古根漢證券。

So that's the--

所以這就是——

Subhu, not sure it's your us, but you're not coming through clearly.

Subhu，不確定是你的我們，但你沒有說清楚。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Guys, what are the applications where you believe the cost of single cell sample prep is the biggest gating item to driving volume growth? And how would you characterize your ability to drive elasticity given that sample prep is only one component of the cost equation for users?

夥伴們，您認為在哪些應用中單細胞樣品製備的成本是推動產量成長的最大門控因素？鑑於樣品製備只是使用者成本方程式的一個組成部分，您將如何描述您推動彈性的能力？

Yes, I mean, good question. So in terms of why pricing be, first of all, there hasn't been a home with our customers systems almost the beginning of single-cell. And that team has been growing more and more as you talk to customers as you look existing customers, you look at what prevents them from using more when you go to surveys of potential customers that are looking to adopt single cell the number one theme and it just comes up over and over and over again is price.

是的，我的意思是，好問題。因此，就為什麼定價而言，首先，還沒有一個家庭與我們的客戶系統幾乎開始單細胞。當你與客戶交談時，當你觀察現有客戶時，這個團隊一直在不斷壯大，當你對那些希望採用單細胞的潛在客戶進行調查時，你會發現是什麼阻止了他們使用更多的產品，這是第一大主題。

It is also kind of when you look at how customers actually make decisions as to how much to allocate the single cell experiments versus others.

當你看到客戶實際上如何決定分配多少單細胞實驗與其他實驗時，這也是一種情況。

The decision like the marginal decision is really about price in some sense, is the inside per dollar. right? And we see this again and again, again, whether it's applied for grounds or designing less experiment. Customers have to think hard about whether to allocate the next marginal dollar to single cell or not.

像邊際決策這樣的決策在某種意義上實際上是關於價格的，是每美元的內在價值。正確的？我們一次又一次地看到這一點，無論是應用於基礎還是設計較少的實驗。客戶必須認真考慮是否將下一個邊際資金分配給單電池。

In many cases, we have a strong preference to running single sole routinely on all their samples, but they end up compromising substantially allocating it only to a small production or samples in a small production, but a budget because of price. So lots and lots of evidence from sort of customer behaviour and customer feedback that price is a bit as (technical difficulty)

在許多情況下，我們強烈傾向於在他們的所有樣品上常規運行單鞋底，但他們最終會做出重大妥協，僅將其分配給小批量生產或小批量生產中的樣品，但由於價格而預算有限。來自客戶行為和客戶回饋的大量證據表明，價格有點像（技術難度）

We've also now seen examples where in the past, in a geographically targeted way with specific customers where we have had experience of reducing prices and then seeing volumes pick up on the time line roughly as you would expect based on general experience in our space, how well it takes for people to design experiments and maybe get into small grants to do more. And we have seen consistently with experience without the three or four quarters to volume more than it takes the had been some price entry, a lot more demand and more revenue.

我們現在也看到了一些例子，過去，我們以針對特定客戶的地理定位方式降低了價格，然後根據我們領域的一般經驗，在時間線上看到銷量大致如您所預期的那樣增加，人們需要多好才能設計實驗，並可能獲得小額資助來做更多的事情。根據經驗，我們一直看到，沒有三、四個季度的銷售量會超過所需的價格，就會出現更多的需求和更多的收入。

Now as far as kind of our part of the workflow being only a part of the overall cost equation, that is true. That said, the way the dynamic has worked over the past several years is that sequency prices have been coming down. been coming down a lot, especially recently.

現在，就我們工作流程的一部分而言，這只是總體成本方程式的一部分，這是事實。也就是說，過去幾年動態的運作方式是序列價格一直在下降。下降很多，尤其是最近。

And at this stage, it's really the price of our part of the workflow that largely determines the oil cost of the experiment, and that creates the opportunity for us, particularly in this moment of time to really drive into realistic.

在這個階段，我們工作流程部分的價格在很大程度上決定了實驗的石油成本，這為我們創造了機會，特別是在此時此刻，真正實現現實。

Matthew Larew, William Blair.

馬修·拉魯，威廉·布萊爾。

You mentioned that single cell volumes grew in the quarter and Proman consumables have been up sequentially in the last two quarters. Could you maybe frame for us what (technical difficulty) volume growth was in the quarter?

您提到單細胞數量在本季度有所增長，並且 Proman 耗材在過去兩個季度中連續增長。您能否為我們介紹一下本季的（技術難度）銷售成長？

What it looks like year-to-date and perhaps how it compares to where you were at a year ago -- and then maybe those numbers within the context of market growth? In other words, is your volume growth starting to return to market growth.

今年迄今為止的情況如何，也許與一年前相比如何——然後也許是在市場成長的背景下的這些數字？換句話說，您的銷售成長是否開始恢復市場成長。

Well, so as far as volume growth is concerned, this is -- we're referring to here to reaction kind of reaction metric, which we share on an annual basis, and we'll share that kind of little bit when we are doing our Q4 call. We -- another sort of kind of indicator to maybe keep in mind is that you can look at the volume growth in terms of reactions, you can also look at volume growth in terms of the numbers of cells that are analysed.

嗯，就銷售成長而言，我們在這裡指的是反應類型的反應指標，我們每年都會分享這一點，當我們這樣做時，我們會分享這一點我們第四季度的電話會議。我們——也許要記住的另一個指標是，您可以根據反應來查看體積增長，您也可以根據分析的細胞數量來查看體積增長。

And on that account because of the new products that we've been launching that can accommodate higher throughput, the actual growth in Solar has been really robust and significant as well. So again, indicating directional at least overall growth in the market and particularly robust growth when it comes to the fundamental unit of sort of analysing biology.

因此，由於我們推出的新產品可以適應更高的吞吐量，太陽能的實際成長也非常強勁且顯著。再次強調，這表明市場至少有方向性的整體成長，尤其是在分析生物學的基本單元方面，尤其是強勁的成長。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

I just want to go back to the commercial changes just given the impact that you saw in this quarter. You've outlined your timing for the new hires and when they can potentially ramp their productivity? But just on the existing sales force who also saw very significant changes in their territories and accounts I guess just two quick questions. One, are you confident that they've bought into these new changes from a morale and motivation standpoint.

鑑於您在本季度看到的影響，我只想回到商業變化。您已經概述了新員工的招募時間以及何時可以提高生產力？但就現有的銷售人員而言，他們的領域和客戶也發生了非常重大的變化，我想只有兩個簡單的問題。第一，您是否有信心他們從士氣和動力的角度接受這些新變化？

And two, how should we think about those existing sales folks re-ramping their productivity, given all the changes they've experienced. Do you think it will coincide with the potential time line for new hires? Or could they adapt more quickly over the next maybe two to three quarters versus sort of 6% to that line for new hires?

第二，考慮到現有銷售人員所經歷的所有變化，我們應該如何考慮他們重新提高生產力。您認為這與新進員工的潛在時間表一致嗎？或者他們能否在接下來的兩到三個季度內更快適應新員工，而新員工的適應率只有 6%？

Yes. So I mean, a couple of things. First of all, like we do have a lot of really, really talented people on the team. And in fact, we -- a lot of the changes that we've been making is specifically to help them unlock their full potential, right, to give them a clear focus, clear direction, so it can really, really perform in this new, much clearer, much with that simple structure. And I'm personally excited but I think a lot of people on the team are really excited about it, and we see there's a lot of positive momentum on the team.

是的。所以我的意思是，有幾件事。首先，我們的團隊中確實有很多非常非常有才華的人。事實上，我們所做的許多改變都是專門為了幫助他們釋放全部潛力，對吧，給他們一個明確的重點，明確的方向，這樣它就可以在這個新的環境中真正發揮作用。 ，結構簡單。我個人很興奮，但我認為團隊中的許多人對此感到非常興奮，我們看到團隊中有很多積極的勢頭。

It has been a top transition, and I do recognize and a lot of them, like I really, really appreciate strongly how much they have worked away through the transition oftentimes driving sales when they might not be come to the same extent that they would have been in the past that we're making sure that the customer is really, really served well despite like not knowing precisely how the new structure is going to settle them.

這是一次高層轉型，我確實認識到，他們中的許多人，就像我真的、真的非常感謝他們在轉型過程中所做的努力，常常推動銷售，而他們可能沒有達到預期的程度過去我們一直在確保為客戶提供真正非常好的服務，儘管我們並不確切地知道新結構將如何解決他們的問題。

And going forward, different people are going to be adopting different parts of the organization on different time frames. I do think some people are already on a really, really kind of good trajectory and operating really well. Other people will take a bit longer to adopt. But ultimately, the bottom line is that, yes, as expected by -- by the middle of next year, the whole team will be in a really good shape and working very well together, executing and driving.

展望未來，不同的人將在不同的時間範圍內採用組織的不同部分。我確實認為有些人已經走上了非常非常好的軌道，並且運作得非常好。其他人將需要更長的時間才能採用。但最終，底線是，是的，正如預期的那樣，到明年年中，整個團隊將處於非常良好的狀態，並且能夠很好地合作、執行和推動。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。