10X Genomics Inc (TXG) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Stella, and I will be your conference operator today. At this time, I would like to welcome everyone to the 10X Genomics fourth quarter and full year 2024 earnings conference call. (Operator Instructions). I would now like to turn the conference over to Cassie Corneau, Senior Director of Investor Relations and Strategic Finance. You may begin.

感謝您的支持。我叫斯特拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 10X Genomics 第四季和 2024 年全年財報電話會議。（操作員指令）。現在，我想將會議交給投資者關係和策略財務高級總監 Cassie Corneau。你可以開始了。

Thank you and good afternoon, everyone. Earlier today, 10X Genomics released financial results for the fourth quarter and full year ended December 31, 2024. If you have not received this news release or if you would like to be added to the company's distribution list, please send an email to investors at 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，下午好。今天早些時候，10X Genomics 發布了截至 2024 年 12 月 31 日的第四季度和全年財務業績。如果您尚未收到此新聞稿或希望加入該公司的分發列表，請向投資者發送電子郵件至10xgenomics.com。本次電話會議的存檔網路直播將在會議結束後至少 45 天內在公司網站 10xgenomics.com 的投資者標籤上提供。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements.

在我們開始之前，我想提醒您，管理層將在本次電話會議中發表符合聯邦證券法含義的前瞻性聲明。這些聲明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聲明。

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、不確定性以及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 不承擔更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件或其他原因。

Joining the call today are Serge Saxonov, our CEO and co-Founder, and Adam Taich, our Chief Financial Officer.

今天參加電話會議的有我們的執行長兼聯合創始人 Serge Saxonov 和我們的財務長 Adam Taich。

(Event Instructions)

(活動須知)

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

說完這些，我現在將電話轉給 Serge。

Thanks, Cassie, and good afternoon everyone. During today's call, I'll start with a brief overview of the product launches and foundational progress we made in 2024 and why we have a great setup to execute on our long term strategy. Next, I will highlight our key priorities and focus areas for 2025.

謝謝，卡西，大家下午好。在今天的電話會議中，我將首先簡要介紹我們在 2024 年推出的產品和取得的基礎性進展，以及我們為何擁有執行長期策略的良好設定。接下來，我將強調我們2025年的重點任務和重點領域。

Then, Adam will provide a more detailed look at our financial results, business trends, and revenue guidance for the year. Adam will also touch on recent developments around the academic funding environment.

然後，亞當將更詳細地介紹我們今年的財務業績、業務趨勢和收入指導。亞當也將談論學術資助環境的最新發展。

As previously announced, we finished 2024 with total revenue of $611 million, down 1% compared to the prior year. On the background of an increasingly challenging macro environment, 2024 was a year of change for us.

正如先前宣布的那樣，我們在 2024 年的總收入為 6.11 億美元，比前一年下降 1%。在宏觀環境日益嚴峻的背景下，2024年對我們來說是改變的一年。

First, we launched major new products across all three of our platforms. While this entails extra effort from both our sales team and our customers to understand trial and transition over to the new portfolio, these launches have been met with a tremendous customer response.

首先，我們在三個平台上推出了主要新產品。雖然這需要我們的銷售團隊和客戶付出額外的努力來了解試用並過渡到新的產品組合，但這些產品的發布已經得到了客戶的熱烈回應。

Second, within our single cell portfolio, we introduced a number of new products that deliver lower price per sell and per sample. We believe there's great potential to grow single-cell revenue by reducing prices to increase volumes over time. And finally, we embarked on a major reorganization of our sales force to support the growing diversity of our products and customers and to allow us to scale into the future.

其次，在我們的單細胞產品組合中，我們推出了許多新產品，可降低單價和樣品價格。我們相信，隨著時間的推移，透過降低價格來增加產量，單細胞收入具有巨大的成長潛力。最後，我們開始對銷售團隊進行重大重組，以支持我們產品和客戶日益多樣化，並使我們能夠擴大未來的規模。

While all these changes entail some near-term challenges, we're confident that they better position us to capture the tremendous long-term op opportunity we see ahead.

儘管所有這些變化都帶來一些短期挑戰，但我們相信，它們將使我們處於更好的位置，並抓住未來巨大的長期營運機會。

I'll start with the product innovations we introduced in 2024. First, on a Chromium platform, last year was the biggest year of Chromium product launches in our history. We introduced a new microfluidic architecture, GEM-X and a slate of new products and capabilities. Once again, we raised the bar on performance on data quality, on robustness, on scale. We rolled out powerful new capabilities to improve ease of use, sample prep, and data analysis, and we did it all with products at lower prices.

我將從我們在 2024 年推出的產品創新開始。首先，在 Chromium 平台上，去年是我們歷史上 Chromium 產品發布最多的一年。我們推出了新的微流體架構、GEM-X 和一系列新產品和新功能。我們再次提高了資料品質、穩健性和規模的效能標準。我們推出了強大的新功能來提高易用性、樣品製備和數據分析，並且我們以更低的價格提供產品。

We also established a new standard for scale and cost. Customers can now run million sell experiments with a single chip and in a single run. They can also do so at a price point of $0.01 per cell with our GEM-X flat assay. And with our on-ship multiplexing products, customers can now get down to $600 per sample at any scale.

我們也建立了規模和成本的新標準。客戶現在可以使用單一晶片在一次運行中運行百萬次銷售實驗。他們還可以利用我們的 GEM-X 平板分析技術，以每細胞 0.01 美元的價格實現這一目標。利用我們的機載多路復用產品，客戶現在無論規模大小，每個樣品的成本都可以降低至 600 美元。

We also launched Chromium Xo, an instrument that provides a low-cost entry point so more researchers can access instrument powered workloads and performance advantages of Chromium single cell analysis. Our goal is to democratize single cell, to drive it to ubiquity and routine use. This past year, we took major steps in this direction, both in product capabilities and pricing.

我們還推出了 Chromium Xo，這是一種提供低成本切入點的儀器，因此更多的研究人員可以使用儀器驅動的工作負載和 Chromium 單細胞分析的性能優勢。我們的目標是使單細胞民主化，使其普及並得到日常使用。過去的一年，我們在產品功能和定價方面都朝著這個方向邁出了重要一步。

The average price per Chromium reaction decreased as we proceeded through 2024. This was expected as customers transitioned over to our lower price GEM-X products. The drug was more pronounced in Q4, the first quarter in which GEM-X Flex and on-chip multiplexing became available to customers. In conjunction with lower prices, we saw sequential increases in reactions sold throughout the year.

隨著我們進入 2024 年，每個鉻反應的平均價格會下降。這是意料之中的，因為客戶已經轉向使用我們價格較低的 GEM-X 產品。該藥物在第四季度表現更為突出，這是 GEM-X Flex 和片上多路復用技術首次向客戶推出的季度。隨著價格的下降，我們看到全年銷售量連續增加。

While we expect it will take time for volume growth to offset the lower prices and result in overall revenue growth, we're motivated by the early interest and adoption of our new assets.

雖然我們預期銷售成長需要時間來抵消價格下跌並實現整體收入成長，但我們對新資產的早期興趣和採用感到十分高興。

Turning to spatial, 2024 was also a big year for our spatial platforms, with product revenue growing 33% year over year as the portfolio continues to become a larger portion of our overall business. A significant contributor to the excitement for spatial last year was the new products we launched, notably Visium HD and Xenium Prime 5K.

談到空間，2024 年對我們的空間平台來說也是重要的一年，隨著產品組合繼續成為我們整體業務的更大份額，產品收入同比增長 33%。我們推出的新產品，尤其是 Visium HD 和 Xenium Prime 5K，是去年空間熱潮的一個重要推手。

Within our Visi platform, we launched Visium HD, which brings spatial discovery to a new level by enabling whole transcriptome spatial analysis at single-cell scale resolution. Critically enabled by our CytAssist instrument, Visium HD increases the resolution of the vision platform by over 3 orders of magnitude, all while leveraging the same robust and easy to use workflow that the Visium platform is known for.

在我們的 Visi 平台中，我們推出了 Visium HD，它能夠以單細胞尺度解析度進行全轉錄組空間分析，將空間發現提升到一個新水平。在我們的 CytAssist 儀器的關鍵支援下，Visium HD 將視覺平台的解析度提高了 3 個數量級以上，同時利用了 Visium 平台所聞名的相同強大且易於使用的工作流程。

Since its launch, we've continued to see positive momentum from our customers. In the fourth quarter, customers continued the trend of ordering Visium in larger volumes. And new to Visium customers are now overwhelmingly opting for Visium HD.

自推出以來，我們不斷看到來自客戶的正面動力。第四季度，客戶持續呈現大量訂購Visium的趨勢。現在絕大多數 Visium 新客戶都選擇 Visium HD。

We also continue to execute on our robust Xenium R&D pipeline across our assays, applications, and software. We started the year by launching our widely requested multi-modal cell segmentation kit, which leverages advances in assay chemistry and sophisticated machine learning algorithms to significantly improve the determination of cell boundaries.

我們也將繼續在我們的偵測、應用和軟體中執行強大的 Xenium 研發管道。我們在年初推出了廣受歡迎的多模式細胞分割試劑盒，該試劑盒利用檢測化學和複雜的機器學習演算法方面的進步來顯著提高細胞邊界的確定能力。

We also added new content, expanded sample compatibility, and drove major advances in data analysis. Finally, we launched the Xenium Prime 5K, increasing plugs by an order of magnitude to 5,000 genes. Xenium Prime 5K features brand new chemistry and software to deliver excellent per gene sensitivity, specificity, and spatial fidelity.

我們還添加了新內容，擴展了樣本相容性，並推動了數據分析的重大進步。最後，我們推出了 Xenium Prime 5K，將插頭數量增加了一個數量級，達到 5,000 個基因。Xenium Prime 5K 採用全新的化學成分和軟體，可提供出色的基因敏感性、特異性和空間保真度。

The enthusiasm from customers for these launches only adds to our excitement about the Xenium platform and its long-term potential to be the most significant technology of revolution since the arrival of NGS. We're encouraged by the robust utilization trends we're seeing from researchers and by reorders from customers purchasing additional Xenium systems as they experience firsthand the platform's benefits.

客戶對這些產品的熱情只會增加我們對 Xenium 平台的興奮之情以及其成為自 NGS 出現以來最重要的革命技術的長期潛力。研究人員表現出的強勁利用趨勢令我們感到鼓舞，而購買更多 Xenium 系統的客戶在親身體驗到該平台的優勢後也紛紛重新訂購。

In addition, there's been a growing number of publications and a core lesson of interest from researchers who are planning cohort studies on Xenium, further fueling our conviction in opportunities ahead.

此外，越來越多的出版物和研究人員對 Xenium 進行隊列研究的核心課程產生了興趣，這進一步增強了我們對未來機會的信心。

Both Visium HD and Xenium 5K have been met with exceptional feedback. In fact, one customer called the arrival of these technologies a watershed moment in spatial transatomics, revealing biological complexity at unprecedented resolution. We share our customers' excitement and believe in spatial potential in scientific discovery, translational work, and ultimately clinical applications.

Visium HD 和 Xenium 5K 都獲得了非常好的回饋。事實上，一位客戶稱這些技術的出現是空間跨原子學的一個分水嶺，以前所未有的分辨率揭示了生物的複雜性。我們與客戶有著同樣的興奮之情，並且相信空間在科學發現、轉化工作以及最終的臨床應用方面的潛力。

Alongside the product innovations we introduced in 2024, we also embarked on a major reorganization of our sales force in order to realize the full potential of our expanding product portfolio and evolving customer mix.

除了我們在 2024 年推出的產品創新之外，我們還著手對銷售團隊進行重大重組，以充分發揮我們不斷擴大的產品組合和不斷變化的客戶組合的潛力。

As mentioned on our Q3 call, we created greater specialization by establishing our capital equipment by a pharma and emerging account teams, all with the goal of improving focus and creating more defined roles with targeted incentives. We've made meaningful progress with our new sales model since its introduction. While we'll still have open roles to fill, we're gaining traction with hiring and onboarding.

正如我們在第三季電話會議上提到的，我們透過製藥和新興客戶團隊建立我們的資本設備來實現更大的專業化，所有這些都是為了提高重點並透過有針對性的激勵措施創造更明確的角色。自從我們的新銷售模式推出以來，我們取得了重大進展。儘管我們仍有空缺職位，但我們在招募和入職方面正在取得進展。

Our team is creating new opportunities at a faster pace, and we're bringing more consistent attention across customer accounts of all sizes in both bio pharma and academia. Overall, we believe we're on track for our new sales model to be in full force by mid-year as expected.

我們的團隊正在以更快的速度創造新的機遇，我們正在為生物製藥和學術界各種規模的客戶帳戶提供更一致的關注。總體而言，我們相信我們的新銷售模式將如預期在年中全面推行。

As we kick off 2025, we're executing against several key priorities. First, finishing our commercial transformation and transitioning researchers to our new product portfolio. Our goal is to start taking advantage of the benefits that these foundational changes enable and deliver consistent execution quarter after quarter.

隨著 2025 年的到來，我們正在執行幾個關鍵優先事項。首先，完成我們的商業轉型並將研究人員轉向我們的新產品組合。我們的目標是開始利用這些基礎變革帶來的優勢，並逐季達成一致的執行。

Second, we're working to drive more volume and greater use of single cell through lower prices. We firmly believe in the elasticity of demand of our products. That's why we're working to democratize access to our tools, delivering better products, better workflows, and better pricing so more customers can do more single-cell work more routinely.

其次，我們正在努力透過降低價格來提高單電池的產量和使用率。我們堅信我們產品的需求彈性。這就是為什麼我們致力於使我們的工具普及化，提供更好的產品、更好的工作流程和更好的定價，以便更多的客戶可以更常規地完成更多的單細胞工作。

Third, we plan to leverage our new single cell portfolio and the momentum we have in spatial to unlock exciting new growth opportunities, including in biopharma, translational studies, and large scale single-cell projects.

第三，我們計劃利用我們新的單細胞產品組合和我們在空間上的勢頭來釋放令人興奮的新增長機會，包括生物製藥、轉化研究和大規模單細胞項目。

Let me share a bit more about each of these. We believe we have the opportunity to deliver outsized growth in biopharma. Today in this segment makes up around 15% to 20% of our total revenue, and we intend to expand biopharma to be half of our business in the future.

讓我對上述每一個內容再多分享一些。我們相信我們有機會在生物製藥領域實現超額成長。目前該部門約占我們總收入的15％至20％，我們計劃在未來將生物製藥業務擴大到我們業務的一半。

In addition, there has been rapidly growing interest in using single cell and spatial for translational cohort studies, and we believe it's still early days. As we look forward, we expect both the number and scale of such studies to continue to increase as researchers work to transform how we understand, diagnose and treat disease.

此外，人們對使用單細胞和空間進行轉化隊列研究的興趣日益濃厚，我們認為這還處於早期階段。展望未來，隨著研究人員致力於改變我們理解、診斷和治療疾病的方式，我們預計此類研究的數量和規模將繼續增加。

Another significant growth opportunity is in enabling large scale single-cell studies to map out gene functions and construct AI models of biology. The convergence of our technologies and AI has the potential to transform how research is done.

另一個重要的成長機會是實現大規模單細胞研究，以繪製基因功能並建立生物學人工智慧模型。我們的技術與人工智慧的融合有可能改變研究的方式。

Just last week, for example, the Chan Zuckerberg Initiative launched its unprecedented billion cell project. We're extremely proud to partner with both CZI and Ultima Genomics on this landmark initiative to fuel rapid progress in AI model development in biology.

例如就在上週，陳祖克柏倡議啟動了史無前例的十億手機計畫。我們非常自豪能夠與 CZI 和 Ultima Genomics 合作開展這項具有里程碑意義的計劃，以推動生物學 AI 模型開發的快速進步。

And finally, as we move through 2025, we will continue our focus on managing costs, taking disciplined approach to spending so we can maintain the strength of our balance sheet. When you take a step back, it is clear just how vast and powerful the opportunities for single-cell and spatial truly are. It seems not a week goes by without a new exciting revelation being made using our technologies.

最後，隨著我們進入 2025 年，我們將繼續專注於管理成本，採取嚴謹的支出方式，以保持資產負債表的強勁。當你退一步思考時，你會清楚地看到單細胞和空間的機會有多麼廣闊和強大。似乎每週都會有利用我們的技術而產生的令人興奮的新發現。

Let me highlight just a few that have inspired and motivated our team recently. As featured in Nature last month, researchers relied on Chromium, Visium, and Xenium to demonstrate how different immune cells emerge and are deployed to fight infection in the small intestine.

請容許我重點介紹一下最近對我們團隊起到啟發和激勵作用的幾個例子。正如上個月《自然》雜誌所報導的，研究人員依靠 Chromium、Visium 和 Xenium 展示了不同的免疫細胞是如何出現並被部署來對抗小腸感染的。

In a recent major cancer paper focused on diagnostic markers in brain tumors, the authors demonstrated how spatial trascriptomics, previously restricted to research, now shows potential in routine diagnostics. And it's not just scientific journals taking note of the revolutionary potential of our technologies. Recently, The Atlantic described a goal of our work, the virtual self, as a holy grail of science.

在最近一篇重點關注腦腫瘤診斷標記的癌症論文中，作者展示了以前僅限於研究的空間轉錄組學現在如何在常規診斷中顯示出潛力。不僅僅是科學期刊注意到了我們技術的革命性潛力。最近，《大西洋月刊》將我們工作的一個目標——虛擬自我，描述為科學的聖杯。

The potential of our tools to accelerate the mastery of biology and advance human health has never been more clear. That's why we do what we do. That's why we believe the opportunity in front of us is so large. With that, let me turn it over to Adam.

我們的工具在加速掌握生物學和促進人類健康的潛力從未如此明顯。這就是我們這麼做的原因。這就是為什麼我們相信我們面前的機會如此巨大。說完這些，讓我把話題交給亞當。

Thank you, Serge. I'll start by reviewing our financial results for the three months ended December 31, 2024. Then I'll review our financial results for the full year 2024, and I'll finish by discussing our outlook for 2025. All growth rates provided will be on a year over year basis unless otherwise noted.

謝謝你，塞爾吉。我將首先回顧截至 2024 年 12 月 31 日的三個月的財務表現。然後，我將回顧我們 2024 年全年的財務業績，最後討論我們對 2025 年的展望。除非另有說明，否則所有提供的成長率均為年比成長率。

In line with our previously announced preliminary results, total revenue for the quarter was $165 million, an increase of 9% sequentially and a 10% decrease year over year. Looking at our revenue breakout, total consumables revenue was $133.5 million, down 5%. Chromium consumables revenue was $97.7 million, down 17%, driven by lower reaction prices, and spatial consumables revenue was $35.8 million, up 61%.

與我們先前公佈的初步業績一致，本季總收入為 1.65 億美元，季增 9%，年減 10%。從我們的收入明細來看，總消耗品收入為 1.335 億美元，下降 5%。鉻消耗品收入為 9,770 萬美元，下降 17%，受反應價格下降的影響，空間消耗品收入為 3,580 萬美元，成長 61%。

Moving on to instruments, total instrument revenue decreased 37% to $24.4 million. Chromium instrument revenue was $10.9 million, down 2%, and spatial instrument revenue was down 51% to $13.4 million driven by fewer Xenium instruments sold. Services revenue was $7.1 million, up 35%.

說到儀器，總儀器收入下降 37% 至 2,440 萬美元。Chromium 儀器收入為 1,090 萬美元，下降 2%，太空儀器收入下降 51% 至 1,340 萬美元，原因是 Xenium 儀器銷量減少。服務收入為 710 萬美元，成長 35%。

Looking at our revenue by geography. America's decreased 16% to $87.2 million. EMEA decreased 2% to $49.8 million and revenue in APAC was down 5% to $28 million.

按地區查看我們的收入。美國下降了16%，至8,720萬美元。歐洲、中東和非洲下降 2% 至 4,980 萬美元，亞太地區收入下降 5% 至 2,800 萬美元。

Turning to the rest of the income statement, gross profit for the fourth quarter was $111 million compared to $115.8 million for the prior year period. Gross margin increased to 67% from 63% in the fourth quarter of 2023. This was primarily driven by change in product mix, predominantly fewer Xenium instruments sold.

回顧損益表的其餘部分，第四季毛利為 1.11 億美元，去年同期為 1.158 億美元。毛利率從 2023 年第四季的 63% 上升至 67%。這主要是由於產品結構的變化所致，主要是 Xenium 儀器銷售量減少。

Total operating expenses for the fourth quarter decreased to $160.8 million compared to $171 million for the prior year period. This decrease was primarily driven by a $19.6 million dollar in process research and development expense related to a technology acquisition in the prior year period, partially offset by an increase in outside legal expenses.

第四季總營運費用從去年同期的 1.71 億美元下降至 1.608 億美元。這一下降主要由於去年同期與技術收購相關的 1,960 萬美元製程研發費用，但外部法律費用的增加部分抵消了這一下降。

R&D expenses increased to $67 million compared to $65.3 million for the prior year period, primarily driven by higher laboratory materials and supplies. SG&A expenses increased to $93.8 million compared to $86.1 million for the prior year period, primarily driven by increased outside legal expenses.

研發費用從去年同期的 6,530 萬美元增加到 6,700 萬美元，主要原因是實驗室材料和耗材成本增加。銷售、一般及行政開支由去年同期的 8,610 萬美元增至 9,380 萬美元，主要由於外部法律開支增加。

Operating loss for the fourth quarter was $49.8 million compared to a loss of $55.2 million in the fourth quarter last year. Net loss for the period was $49 million flat to the fourth quarter of 2023.

第四季營業虧損為 4,980 萬美元，去年同期營業虧損為 5,520 萬美元。該期間淨虧損為 4,900 萬美元，與 2023 年第四季持平。

Turning to our full year results, total revenue for the full year ended December 31, 2024 with $610.8 million representing a 1% decrease over full year 2023. Total consumables revenue for the year was $493.4 million up 3%. Chromium consumables revenue was $372.3 million, down 11%, and spatial consumables revenue was $121.1 million, up 104%.

談到我們的全年業績，截至 2024 年 12 月 31 日的全年總收入為 6.108 億美元，比 2023 年全年下降 1%。全年消耗品總收入為 4.934 億美元，成長 3%。鉻耗材收入為 3.723 億美元，下降 11%，空間耗材收入為 1.211 億美元，成長 104%。

Total instrument revenue was $92.7 million, down 25%. Chromium instrument revenue was $35.2 million, down 26%, and spatial instrument revenue was $57.5 million, down 24%. Services revenue was up 57% to $24.6 million.

總儀器收入為 9,270 萬美元，下降 25%。Chromium儀器收入為3,520萬美元，下降26%，太空儀器收入為5,750萬美元，下降24%。服務收入成長 57% 至 2,460 萬美元。

Looking at our regional results for full year 2024, America's revenue was $347.8 million, down 7%. EMEA grew 12% to $159.8 million and revenue in APAC was $103.3 million flat to prior year.

縱觀我們 2024 年全年的區域業績，美國的收入為 3.478 億美元，下降 7%。歐洲、中東和非洲地區營收成長 12% 至 1.598 億美元，亞太地區營收為 1.033 億美元，與上年持平。

Turning to the rest of the income statement for full year 2024, gross profit was $414.5 million compared to gross profit of $409.3 million for the prior year. Gross margin increased to 68% compared to 66% for 2023. This was primarily driven by change in product mix, predominantly fewer Xenium instruments sold.

回顧 2024 年全年損益表的其餘部分，毛利為 4.145 億美元，而上年的毛利為 4.093 億美元。毛利率從 2023 年的 66% 上升至 68%。這主要是由於產品結構的變化所致，主要是 Xenium 儀器銷售量減少。

Total operating expenses for 2024 decreased to $609 million compared to $674.6 million for the prior year. The decrease was primarily driven by a $61 million in-process research and development expense related to a technology acquisition in the prior year period and lower personnel expenses partially offset by higher outside legal expenses.

2024 年總營運費用從上年的 6.746 億美元下降至 6.09 億美元。下降的主要原因是去年同期與技術收購相關的 6,100 萬美元在研研發費用，以及人員費用的減少，但外部法律費用的增加部分抵消了這一減少。

R&D expenses decreased to $264.7 million compared to $270.3 million for the prior year, primarily driven by lower personnel related costs. SG&A expenses increased to $344.3 million compared to $343.3 million for the prior year, primarily driven by increased outside legal expenses, partially offset by lower personnel-related costs.

研發費用從去年的 2.703 億美元下降至 2.647 億美元，主要因為人員相關成本的降低。銷售、一般及行政開支由上年的 3.433 億美元增至 3.443 億美元，主要由於外部法律開支增加，但人員相關成本的降低部分抵銷了這一影響。

Operating loss for 2024 was $194.6 million compared to a loss of $265.3 million for 2023. Net loss for 2024 was $182.6 million compared to a net loss of $255.1 million for 2023. We ended 2024 with $393.4 million in cash and cash equivalents and marketable securities, an increase of approximately $5 million from December 31, 2023.

2024 年營業虧損為 1.946 億美元，而 2023 年營業虧損為 2.653 億美元。2024 年淨虧損為 1.826 億美元，而 2023 年淨虧損為 2.551 億美元。截至 2024 年，我們的現金、現金等價物和有價證券為 3.934 億美元，比 2023 年 12 月 31 日增加約 500 萬美元。

Turning to our outlook for 2025, we expect full year revenue to be in the range of $610 million to $630 million representing 0% to 3% growth over full year 2024. At the midpoint, this guidance implies double digit growth for both Chromium reactions, as well as our overall spatial revenue.

展望 2025 年，我們預計全年營收將在 6.1 億美元至 6.3 億美元之間，比 2024 年全年成長 0% 至 3%。從中間點來看，該指引意味著鉻反應以及我們的整體空間收入都將達到兩位數的成長。

With this outlook, we are making the following assumptions. First, we are not anticipating improvements in the overall macro environment and generally expect it remains similar to what we experienced in the second half of last year. That said, it has been a very fluid situation over the past few weeks and days with heightened uncertainty surrounding NIH funding. As we've shared previously, we estimate total NIH funding exposure to be about 20% to 25% of our revenue.

基於此觀點，我們做出以下假設。首先，我們預期整體宏觀環境不會改善，整體預期將與去年下半年的情況類似。儘管如此，過去幾週和幾天來，情況一直非常不穩定，圍繞 NIH 資金的不確定性加劇。正如我們先前所分享的，我們估計 NIH 總資助金額約占我們收入的 20% 至 25%。

Our guidance range contemplates previously anticipated weakness in NIH funded research based on delays and reductions in new grant funding and how broader uncertainty around funding may impact customers' budgets and spending patterns. However, the current guidance range does not reflect the potential impact of the recently announced 15% cap on indirect costs, should that be fully implemented.

我們的指導範圍考慮了先前預期的 NIH 資助研究的弱點，這種弱點基於新撥款資金的延遲和減少，以及資金方面的更廣泛的不確定性可能如何影響客戶的預算和支出模式。然而，目前的指導範圍並未反映最近宣布的 15% 間接成本上限（如果全面實施）的潛在影響。

Second, our goal is to democratize single-cell analysis, and we remain committed to driving increased access and usage of our products and customers' lives. We expect Chromium consumables revenue to be modestly down this year as our lower priced products become a larger portion of our sales.

其次，我們的目標是使單細胞分析民主化，我們將繼續致力於推動我們的產品和客戶生活的更廣泛的使用。我們預計今年鉻消耗品的收入將略有下降，因為低價產品在我們的銷售額中所佔的比例更大。

And finally, we continue to execute on the commercial changes that we made last year. As previously discussed, we anticipate some lingering impact from these changes during the first half of 2025 as we fill open roles, particularly in our Xenium team. We have conviction that these were the right structural changes to make and remain on track to be fully complete by the middle of the year.

最後，我們繼續執行去年做出的商業變革。如前所述，我們預計這些變化將在 2025 年上半年產生一些持續影響，因為我們將填補空缺職位，尤其是在我們的 Xenium 團隊中。我們堅信，這些都是正確的結構性變革，並將在今年年中全面完成。

As Serge mentioned, we continue to focus on managing our spend. We are taking a disciplined approach to our expenses and our driving efficiencies throughout the organization. We ended the year with $393 million in cash and cash equivalents, and we feel confident about our strong balance sheet and we are well positioned for the long term. At this point, I'll turn it back to Serge.

正如 Serge 所提到的，我們繼續專注於管理我們的支出。我們在整個組織內採取嚴謹的方法來控制開支並提高效率。截至今年年底，我們的現金和現金等價物為 3.93 億美元，我們對強勁的資產負債表充滿信心，並為長期發展做好了準備。現在，我將把話題轉回給 Serge。

Thanks, Adam. Before we open it up for questions, I want to thank the 10X team. I'm so grateful for your tireless work and wavering dedication and obsession with customer success as we continue to push through boundaries and hard challenges together. I have full confidence in the talent and tenacity of our team as we execute on our 2025 priorities with urgency and excellence the 10X way.

謝謝，亞當。在我們開始提問之前，我想感謝 10X 團隊。我非常感謝您孜孜不倦的工作、堅定的奉獻精神和對客戶成功的執著，我們將繼續共同突破界限、突破艱難挑戰。我對我們團隊的才華和毅力充滿信心，我們將以 10X 的方式緊迫而卓越地執行我們的 2025 年優先事項。

That's how we'll advance our mission and create value for all stakeholders both now and over the long term. With that, we will now open it up for questions, operator.

這就是我們現在和長期推進我們的使命和為所有利害關係人創造價值的方式。好了，我們現在可以開始回答問題了，接線生。

(Operator Instructions)

（操作員指令）

Dan Brennan, TD Cowen.

丹布倫南（Dan Brennan），TD Cowen 公司。

Great, thanks for taking the questions, guys. Maybe the first one would be just on, kind of single cell pricing. Serge, you talked about and Adam talked about the investment and price that you're making, and you still expect there to be some pressure on consumables this year. Just give us a sense of kind of where are we in the evolution. It looks like if we just took your consumables, divided by reactions, price was down about 11% and '24.

太好了，謝謝大家回答這些問題。也許第一個只是關於單電池定價。塞爾吉，您和亞當都談到了你們所做的投資和價格，你們仍然預計今年消耗品會面臨一些壓力。只要讓我們了解一下我們處於進化的哪個階段。看起來，如果我們只拿你的消耗品，除以反應，價格就會下降約 11% 和 '24。

So how do we think about what's baked in for '25 and kind of, what's the GAAP today between your price and the competition and kind of how much an hour does it need to get?

那麼我們如何看待 25 年內發生的一切，以及您的價格與競爭對手之間的當前 GAAP 差距是多少，以及每小時需要賺多少錢？

Hi, Dan. Yeah, thanks for the question. So, one thing to keep in mind is that we have multiple products with multiple configurations and different customers, depending on the applications, depending on their experiments are looking at these experiments differently, right?

你好，丹。是的，謝謝你的提問。因此，要記住的一件事是，我們有多種產品，具有多種配置，並且不同的客戶根據應用程式和實驗以不同的方式看待這些實驗，對嗎？

So for some the price per sale is important, for some price per sample is important, for some price per experiment is important. And we believe that we have really compelling value propositions for all these customers across all these applications now with all the launches we would have last year. And it's important to keep in mind that our primary imperative here is to grow the market.

因此，對於某些人來說，每次銷售的價格很重要，對於某些人來說，每個樣品的價格很重要，對於某些人來說，每次實驗的價格都很重要。我們相信，透過我們去年推出的所有產品，我們現在可以為所有這些應用程式中的所有客戶提供真正引人注目的價值主張。我們必須牢記，我們的首要任務是擴大市場。

We see there's a lot more potential in single cell than what has been tapped into so far. There's great potential to grow volumes, and last year we took major steps in enabling unlocking some of these price barriers and enabling much -- enabling new obligations and greater volumes.

我們發現單細胞的潛力比迄今為止開發的要大得多。產量成長潛力巨大，去年我們採取了重大舉措，打破了一些價格壁壘，並實現了新的義務和更大的產量。

So we believe that with our current product composition and lineup we're in a good spot to drive more volume, which is what Adam was referring to earlier. That's our expectation for the year, and I think the story for this year is going to be kind of a transition from -- into the new product lineup and which will drive ASP's average price per reaction, lower just by virtue of the product mix kind of shifting into all these new products.

因此，我們相信，憑藉我們目前的產品結構和陣容，我們有能力提高銷量，這也是亞當之前提到的。這是我們對今年的期望，我認為今年的故事將是一種從新產品陣容的過渡，而這將推動 ASP 的平均每反應價格降低，這僅僅是因為產品組合轉向所有這些新產品。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thanks for taking the questions. Serge, maybe one, I know the NIH you touched on a little bit. It sounds like maybe that that new Monday 15% potential cut not really included in guidance. Can you just talk about what you're seeing from customers? Was there any reaction to that news? Understand the NIH explosion, but just that second derivative to the academic market. How do you think about that and what's the right way to fence those risk there? Thank you so much.

嘿夥計們，感謝你們回答問題。塞爾吉，也許有一個，我知道你稍微提到的國家衛生研究院 (NIH)。聽起來也許週一新的 15% 潛在降幅並沒有真正包含在指導範圍內。您能談談您從客戶那裡看到的情況嗎？大家對這個消息有什麼反應嗎？了解 NIH 的爆炸性成長，但這只是學術市場的第二個衍生性商品。您對此有何看法？太感謝了。

Yeah, let me just turn over to Adam to clarify the specifics on NIH.

是的，讓我把話題轉到亞當身上，讓他澄清 NIH 的具體情況。

Yeah, thanks, Patrick. Yeah, let me try to provide some transparency around the assumptions we've made in the revenue guide. So as I mentioned earlier, we estimate total NIH funding is about 20% to 25% of our total revenue. And so at the midpoint of our guidance range, what we've assumed here is a mid single digit decrease in NIH funded projects to our customers in 2025. So that would equate to about a $7-or-so million dollars dollar impact to our revenue.

是的，謝謝，派崔克。是的，讓我嘗試對我們在收入指南中所做的假設提供一些透明度。正如我之前提到的，我們估計 NIH 的總資助金額約占我們總收入的 20% 到 25%。因此，在我們的指導範圍的中點，我們假設到 2025 年，NIH 資助給客戶的專案數量將出現中等個位數的下降。所以這相當於對我們的收入造成約 700 萬美元的影響。

And that assumption is based on continuation of general conservatism, some of the spending patterns -- that you just asked about Patrick and delays that we first saw from our NIH funded customers in the second half of last year, and then certainly some of the announcements on the funds flow in January related to the NIH, and then since that time, the situation's been pretty fluid and dynamic, as you noted.

這個假設是基於普遍的保守主義的延續，一些支出模式——您剛才詢問的關於帕特里克的情況，以及我們在去年下半年從 NIH 資助的客戶那里首次看到的延遲，當然還有 1 月份與 NIH 相關的一些資金流動公告，然後自那時起，情況一直非常不穩定和動態，正如您所說。

The indirect funding costs were capped last Friday and temporarily suspended by a judge a couple of days later, and we expect there's going to be additional challenges to these new rules from universities and from others, and no one really knows with certainty what the final outcome those various announced changes will be and so as such, we have not incorporated these more recent events, the indirect conversation, which have changed by day by day in some cases by the hour, we have not incorporated those into our guidance.

間接融資成本於上週五達到上限，並在幾天后被法官暫時中止，我們預計大學和其他機構會對這些新規定提出更多挑戰，而且沒有人真正確切地知道這些宣布的各種變化的最終結果是什麼，因此，我們沒有將這些最近發生的事件和間接對話納入我們的指導方針，這些對話每天都在變化，有時甚至每小時都在變化。

Generally speaking, our customers use direct funds to purchase our products, including instruments. And so while this potential cap on indirect costs is not in our guidance, let me give you some color about how we're broadly thinking about these latest developments. Without going into real detail on direct versus indirect funds, we can reasonably bound the potential impact of an overall reduction in NIH funding.

一般來說，我們的客戶使用直接資金來購買我們的產品，包括儀器。因此，雖然我們的指導範圍中沒有對間接成本設定潛在上限，但讓我向您介紹我們對這些最新發展的一些看法。無需詳細討論直接資金和間接資金，我們可以合理地限制 NIH 資金總體減少的潛在影響。

The NIH has said it expects the indirect cap to save more than $4 billion annually, which would imply an 8% cut to the overall NIH budget. So based on our 20% to 25% exposure, we estimate that this potential 8% reduction, if fully implemented across both direct and indirect funds could result in approximately a $10 millilon to $15 million dollar impact to our revenue. Again, not accounted for in our 2025 guidance.

美國國立衛生研究院表示，預計間接上限每年將節省 40 多億美元，這意味著美國國立衛生研究院的整體預算將削減 8%。因此，基於我們 20% 至 25% 的風險敞口，我們估計，如果在直接和間接基金中全面實施這一潛在的 8% 的減幅，可能會對我們的收入產生約 1000 萬至 1500 萬美元的影響。再一次，這在我們的 2025 年指引中沒有考慮到。

I would add to that. Also part of your question, apart from the quantitative impacts, we have to acknowledge the collective and heightened uncertainty around funding. It's going to have an additional impact on the confidence of our customers, and this can further impact customer spending patterns, their ability to make purchases, and the timing of their purchases.

我想補充一點。另外，正如你問題的一部分所說，除了量化影響之外，我們還必須承認圍繞資金的集體和高度不確定性。這將對我們客戶的信心產生額外的影響，並進一步影響客戶的消費模式、購買能力和購買時間。

So we're here to support our customers as they navigate this uncertain time, which unfortunately distracts from the important work they're doing to push science in the world forward. We're watching closely to see how customers deal with this uniquely dynamic environment, and we are here to partner with them. Given its critical role funding advanced research and discovery, the NIH has historically received bipartisan support, and we hope and expect that will continue as conditions normalize.

因此，我們在這裡為客戶提供支持，幫助他們度過這個不確定的時期，但不幸的是，這分散了他們推動世界科學進步的重要工作的注意力。我們正在密切關注客戶如何應對這種獨特的動態環境，我們將與他們合作。鑑於其在資助先進研究和發現方面發揮的關鍵作用，美國國立衛生研究院歷來受到兩黨的支持，我們希望並期待隨著情況恢復正常，這種支持將繼續下去。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Hi guys, thanks for taking the question. Serge, can you just add some color to your comment on Chromium volumes? I mean, it looks like Chromium reactions were basically flat this year, down a point or 2 I believe. You're guiding the double-digit growth in 2025, which is a pretty big step up, particularly given the environment, right now.

大家好，感謝你們回答這個問題。塞爾吉，你能為你對 Chromium 卷的評論添加一些內容嗎？我的意思是，看起來今年的鉻反應基本上持平，我認為下降了 1 到 2 點。您預計 2025 年將實現兩位數成長，這是一個相當大的進步，尤其是考慮到目前的環境。

So where is the confidence in going from 0 to 10+ and just where is it coming from? Is a discrete projects like billion cells? Do you think you open up the market with some of these new products. Would just be helpful to sort of get your take on how you're feeling about going to that level of acceleration.

那麼從 0 到 10+ 的信心在哪裡以及它來自哪裡？是像十億個細胞那樣的離散項目嗎？您認為這些新產品能打開市場嗎？這有助於您了解自己對於達到這種加速水平的感受。

Yeah, Dan, so one thing to maybe to keep in mind is that we actually had a sequential increase in reactions going from Q3 to Q4, which we see as a kind of starting the pattern that we have worked on to establish. And we anticipate that that trend will continue into this year.

是的，丹，所以也許要記住的一件事是，我們的反應實際上從第三季度到第四季度連續增加，我們將其視為我們一直努力建立的模式的開始。我們預計這一趨勢將持續到今年。

And, yes, I mean, it's a function of the things we've talked about before, the new products, the new price points, the new configurations, opening up more use cases, opening up more routine use for some people, opening up new people entering, single cell that weren't necessarily doing or considering it before and, for sure, opening up of big large projects.

是的，我的意思是，它是我們之前談論過的事情的功能，新的產品，新的價格點，新的配置，開闢更多的使用案例，為某些人開闢更多的常規用途，開闢新人的進入，以前不一定會做或考慮的單細胞，當然，還有大型項目的開闢。

So the CGI was a great example. There's many people who are looking to scale up their single-cell research and up until recently, pricing was a big barrier. So we do anticipate that to continue, and we see that the trend we saw starting Q4 is going to continue as well.

CGI 就是一個很好的例子。許多人都希望擴大單細胞研究的規模，直到最近，價格仍然是一個很大的障礙。因此，我們確實預計這種情況將會持續下去，而且我們看到從第四季開始看到的趨勢也將持續下去。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

Yeah, hi, Serge. I'm struggling with the fact that the indirect cuts are not included in your guide. Simply saying that because when you ask your customers, and I'm sure your sales reps are getting this feedback. The instrumentation purchases are very risky in times when there is significant uncertainty on something that the researchers have really not experienced ever before, and indirect cuts where when they go in, they're going to institutions that are sort of the leading institutions, medical schools, private universities that have significant indirect exposures 60% to 80%, sometimes larger, and they're expected to cut to 15%.

是的，你好，Serge。我很困惑，為什麼您的指南中沒有包含間接削減。簡單地說，因為當您詢問您的客戶時，我相信您的銷售代表會得到這種回饋。在研究人員從未經歷過的事情存在重大不確定性的情況下，購買儀器的風險非常大，而且當他們進入一些領先的機構、醫學院、私立大學時，這些機構的間接風險敞口會達到 60% 到 80%，有時甚至更大，而他們預計會將成本削減到 15%。

So in situations like that, the uncertainty is even heightened, and that's where some of your innovative products are going. So I'm trying to understand, knowing the fact pattern here, knowing at least in the first week the level of conservatism that you're seeing. And the fact that really the legal cases that you talked about, they might be temporary and the Congress Act might require much longer. Given all that uncertainty, I'm just trying to understand still why this is, direct cuts are not baked into the guide.

因此在這樣的情況下，不確定性會進一步加劇，而這也正是一些創新產品的走向。因此，我試圖了解這裡的事實模式，以了解至少在第一周你所看到的保守主義程度。事實上，您談到的法律案件可能是暫時的，而《國會法案》可能需要更長的時間。考慮到所有這些不確定性，我只是想知道為什麼會這樣，直接削減並沒有被納入指南中。

Our goal here is to provide the maximum transparency in terms of how we're thinking about the year. As Adam mentioned, it's a very kind of volatile situation right now. Things are changing by the day, by the hour, so, we need to be careful in making assumptions about how it's all going to turn out. You're right, the customers, as we said, are definitely on edge right now, and there's a lot of uncertainty.

我們的目標是最大程度地透明地展示我們對這一年的看法。正如亞當所提到的，現在的局勢非常不穩定。事情每時每刻都在變化，因此，我們需要謹慎地假設事情將如何發展。您說得對，正如我們所說，顧客現在肯定處於緊張狀態，而且存在著許多不確定性。

I do want to emphasize that our exposure, when it comes to instruments is also somewhat bounded, right. Only a fraction, a small fraction of the instruments that we sell are going to academic core labs and within those the instruments are supposed to be financed through by majority, through direct funds. So while we recognize there's certainly exposure and the current environment is highly uncertain, the potential impact is also bonded, and that's what Adam articulated and that's how we're thinking about.

我確實想強調的是，當涉及到儀器時，我們的接觸也有一定的局限性，對吧。我們出售的儀器中只有一小部分會流向學術核心實驗室，而這些儀器的資金大部分來自於直接資助。因此，雖然我們認識到肯定存在風險並且當前環境高度不確定，但潛在影響也是必然的，這就是亞當所闡述的，也是我們思考的方式。

Doug Schenkel, Wolfe Research.

道格‧申克爾（Doug Schenkel），沃爾夫研究公司。

Hey, good afternoon, everybody. Thank you for taking my question. I'm going to I think follow up with just a couple of clarification questions on guidance. And I'm sorry if I'm just being a little slow or maybe need a little more coffee late in the afternoon, but there's just a couple of things I'm not clear on. So the first is I think you talked about reducing your guidance by $7 million due to something relating to the NIH which occurred prior to the news about the indirect cuts.

嘿，大家下午好。感謝您回答我的問題。我想接下來會就指導問題提出幾個澄清問題。很抱歉，我只是有點慢，或者下午晚些時候需要再喝點咖啡，但有幾件事我不清楚。首先，我認為您談到了由於與 NIH 有關的事情而減少 700 萬美元的指導金額，這件事發生在間接削減的消息傳出之前。

So I want to just understand what the $7 million was. Then I believe you said your best estimate on the impact of indirect funding being capped would be an additional $10 million to 15 million. I want to make sure I have that right. That kind of gets at one of the big elephants in the room, which is the NIH.

所以我想了解這 700 萬美元到底是什麼。那麼我相信您說過，您對間接融資上限影響的最佳估計將是額外的 1000 萬至 1500 萬美元。我想確保我有這個權利。這觸及了房間裡的一個大象，那就是美國國立衛生研究院 (NIH)。

Then what I don't think you talked about was China and you weren't named in the same way Alumino was named, but there are obviously lots of concerns about what's going on in terms of demand for Genomics tools in China and I think it's broader than that in tools.

那麼，我認為您沒有談到中國，而且您提到的名字與 Alumino 的名字不同，但顯然人們對中國對基因組學工具的需求有很多擔憂，我認為問題比工具更廣泛。

So the first thing is, can you clarify what's in and what's not in for the NIH. How you're treating China, and then I think the other thing you haven't talked about is really pacing. And again, I'm sorry if I missed that, but given everything that's going on in the world, I could either see where folks are trying to accelerate activity in advance of uncertainty or they're actually slowing down and basically waiting for more clarity. What are you seeing and how are you treating that in guidance and accordingly, how should we model things by quarter?

因此，首先，您能否澄清一下 NIH 中包含什麼和不包含什麼。您如何對待中國，然後我認為您還沒有談到的另一件事就是節奏。再次抱歉，如果我錯過了這一點，但考慮到世界上正在發生的一切，我可以看到人們要么試圖在出現不確定性之前加快活動，要么他們實際上正在放慢腳步，基本上在等待更多的清晰度。您看到了什麼？ 您如何在指導中對待它？

Yeah. So why don't I start, Doug, and then I may go back and forth in search on the China piece of this. So I think you -- let me clarify, I think you actually got it right. So baked into the guide is roughly a mid single digit decrease in an NIH funded projects for our customers. So we knew things were -- they were shaky before the indirect news came out. I guess it was last Friday. So that's what we've tried to incorporate into our guide that is roughly $7 million impact if you think about a mid single digit decrease in funding for that 20% to 25% or so of our revenue.

是的。那麼，道格，我為什麼不先開始呢，然後我可以反覆搜尋有關中國的部分。所以我認為你—讓我澄清一下，我認為你實際上是對的。因此，指南中規定，我們客戶由 NIH 資助的計畫數量大約會減少個位數。所以我們知道在間接訊息傳出之前情況就很不穩定。我想應該是上週五吧。因此，我們試圖將其納入我們的指南中，如果您考慮到資金減少中等個位數，則對我們 20% 到 25% 左右的收入的影響約為 700 萬美元。

And again, that's just based on sort of the conservatism that we've been seeing. Again, things are more uncertain obviously now, given the indirect, but that's really from a direct funding perspective what we baked into the guide. The $10 million to $15 million that is not incorporated in the guide is really just weird to say, look, it's just a complete 8% cut to the total NIH budget, and there aren't two distinct pools of money.

再說一次，這只是基於我們所看到的保守主義。再次，考慮到間接因素，現在情況顯然更加不確定，但這確實是從直接融資的角度來看的，我們在指南中已經將其納入其中。指南中未納入的 1000 萬到 1500 萬美元確實說起來很奇怪，看，這只是對 NIH 總預算的整整 8% 的削減，並且沒有兩個不同的資金池。

There isn't direct, there isn't indirect. That's the math that we were trying to walk people through. Again, I think as Serge just, mentioned, we're just trying to be as transparent, try to give people the right parameters to understand and bound the risk. And so again, based on our 20% to 25% exposure, if there's a full 8% reduction kind of just across the boards the way that it played out, implemented across both the direct and indirect funding, that result in roughly a $10 million to $15 million dollar impact on our revenue, and that's the piece of it that we didn't put it in the guide.

沒有直接的，也沒有間接的。這就是我們試圖引導人們理解的數學。再次，我認為正如 Serge 剛才提到的，我們只是試圖做到透明，試著為人們提供正確的參數來理解和限制風險。因此，再次強調，基於我們 20% 至 25% 的風險敞口，如果全面削減 8%，包括直接和間接融資，這將對我們的收入產生大約 1000 萬至 1500 萬美元的影響，而這正是我們沒有納入指南的部分。

But let me just touch on pacing real quick. So from a pacing perspective, there's a couple of things to consider. One is just, yeah, we're living in interesting times right now in particular. And so that's one reason that we would anticipate the year to be a bit more back and loaded. The other though, which we've been transparent about, I guess going back all the way towards Q3 is that we're still working through and building up our commercial force.

但請讓我快速談一下節奏。因此，從節奏的角度來看，有幾件事需要考慮。一是，是的，我們現在生活在一個特別有趣的時代。這就是我們預計今年的業績將更加強勁和穩定的原因之一。不過，另一方面，我們一直很透明，我想追溯到第三季度，我們仍在努力建立我們的商業力量。

And so hiring is going quite well. We still have some gaps that we're filling, we're training up the reps, that we were able to hire and bring on board really in Q4 of last year. But even just as a result of getting that team up to full force and again consistent with the messaging we've been sending, we would anticipate we're really -- all systems go from a commercial perspective by the time we get into the second half.

因此招募進展順利。我們仍有一些空缺需要填補，我們正在培訓銷售代表，這些銷售代表實際上是在去年第四季才得以聘用並加入公司。但即使只是讓這支球隊全力以赴，並再次與我們一直發出的信息保持一致，我們也會預計，從商業角度來看，到進入下半場時，所有系統都會正常運作。

And so as such, we're really thinking about, because we thought about sort of quarterly pacing and sort of first half versus second half, modeling it out, much more consistent with what we saw in 2023, and I think, I mean, both of these years predate me, but I think even 2022 where there's more business that's transacting in the second half than we are in the first half.

因此，我們確實在考慮，因為我們考慮了季度節奏以及上半年與下半年的對比，對其進行建模，使其與我們在 2023 年看到的情況更加一致，而且我認為這兩年都早於我，但我認為即使在 2022 年，下半年的交易業務也比上半年多。

So I think if you use that kind of a general guideline looking back at 2023 pacing by quarter, I think that gives you a pretty good parameter of what we're thinking about. And then maybe Serge, do you want to touch on the China question?

因此，我認為，如果您使用這種一般準則來回顧 2023 年按季度劃分的節奏，我認為這會為您提供一個相當不錯的參數來了解我們正在考慮的事情。那麼也許塞爾吉，您想談談中國問題嗎？

Yeah, so, Doug, I mean, there's a few things embedded in China sort of concerns with people. First of all, there's sort of the news around the Alumino and to what extent that would affect us given that a lot of our products are used in conjunction with the Alumino sequencing. Now the important thing to appreciate there is that our products are inherently compatible with just about any sequencing technology, right?

是的，道格，我的意思是，中國存在一些值得人們擔憂的事情。首先，有一些關於 Alumino 的新聞，考慮到我們的許多產品都是與 Alumino 定序結合使用的，這會在多大程度上影響我們。現在需要重視的重要一點是，我們的產品本質上幾乎與任何定序技術相容，對嗎？

And so, it is fairly straightforward for our customers to switch over to another sequencer. In fact, that's what's happening, in many cases over there. And so we don't anticipate a major impact from the fact that the Alumino could be taken out of some of our customers' labs here.

因此，我們的客戶可以相當簡單地切換到另一個定序儀。事實上，那裡確實發生了很多這樣的情況。因此，我們預計，Alumino 從我們一些客戶的實驗室中取出不會造成重大影響。

Also, as far as sort of our actual technology, it doesn't draw really the same levels of attention over there compared to some of these other products like sequencing. Also there isn't really a great alternative in the country like for our products as well. So, kind of putting all those factors together, while there's a lot of different kinds of issues that are going on around China, we feel like generally we are -- our risk is reasonably contained and again China is also a fairly minor part of the overall business at 9% at this stage.

此外，就我們的實際技術而言，與其他產品如測序相比，它並沒有引起同樣程度的關注。而且在國內，確實也沒有像我們的產品那樣好的替代品。因此，把所有這些因素放在一起，雖然中國周圍發生了許多不同類型的問題，但我們感覺總體而言，我們的風險得到了合理控制，而且中國在整個業務中所佔的比例目前僅為 9%，相當小。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. A couple cleanups on guidance, I guess. Serge, can you talk about what you're baking in for contributions from the product launches last year, just any color you can give on what you're baking in there. And then Chan Zuckerberg, what's in the guide for that and are there other similar projects you're baking in.

嘿，謝謝。我想，需要對指導進行一些清理。塞爾吉，您能否談談您在去年的產品發布中為烘焙做出了哪些貢獻，您可以詳細介紹一下您在烘焙方面所做的貢獻。然後是陳·祖克柏，指南中的內容是什麼？

Legal, I think, goes down post the nano string injunction. So maybe just talk a little bit about spending there and then. One thing I want to understand on NIH is just the funding has actually been good. I mean, it was up 35% last year for spatial. I think you have $400 million of trailing 12 month funding available.

我認為，合法性在奈米字串禁令頒布後就會失效。因此也許我們只是談談當時的支出情況。我想了解的關於 NIH 的一件事是，其資金實際上一直很好。我的意思是，去年空間成長了 35%。我認為您有 4 億美元的未來 12 個月的可用資金。

When does that start to flow through? Obviously there's a lot of noise here in the near term, and I get all that, but the funding actually went up quite a bit last year.

它什麼時候開始流通？顯然，短期內這裡會出現很多噪音，我明白這一切，但去年的資金實際上增加了不少。

Yeah, so on the first part of the question, as far as new products are concerned, they're definitely a big part of what we expect to happen this year. First of all, we do expect that materially all of the Chromium business would turn over to the GEM-X, I should, most of the business will transform over to the GEM-X architecture across the course of this year.

是的，關於問題的第一部分，就新產品而言，它們肯定是我們今年預計會發生的重要組成部分。首先，我們確實預計，從實質上講，所有 Chromium 業務都將轉向 GEM-X，大部分業務將在今年轉向 GEM-X 架構。

We also are seeing good traction with the launches we did in Q4 around on-ship Multiplexing and with GEM-X Flex. So those are going to be a larger fraction of the overall product mix and potential and so they are, and that's part of what's going to be driving increased volumes through the year.

我們還看到，第四季度推出的船上多路復用和 GEM-X Flex 也取得了良好的進展。所以這些將在整體產品組合和潛力中佔據更大比重，這也是推動全年銷售成長的部分原因。

The larger projects that we've talked about, CGI being one of them is also part of what we expect to be happening this year. So that is also contemplated within our expectations within our guide. As far as the funding for NIH, you're right, sort of if you look, if you click down the level below sort of the overall total funding trends, the trends for single cell and spatial are actually really promising and really healthy, which is what part of the reason that gives us some amount of optimism about how things are going to be trending into this year and beyond.

我們討論過的較大的項目，CGI 是其中之一，也是我們預計今年將發生的一部分。所以這也在我們的指南預期之內。至於 NIH 的資金，您說得對，如果您看一下，如果您點擊總體資金趨勢下面的級別，您就會發現單細胞和空間的趨勢實際上非常有希望並且非常健康，這也是讓我們對今年及以後的趨勢感到樂觀的部分原因。

We just have to temper it somewhat with the current situation and uncertainty around that.

我們只是必須根據當前的情況及其不確定性來採取一些緩和措施。

I think the last part of your question around legal from an OpEx perspective. I mean from an OpEx, we continue to manage our costs in a disciplined way, and we would anticipate our costs year on year roughly flat from an operating expense perspective, and that legal piece is part of it.

我認為您問題的最後一部分是從 OpEx 的角度涉及法律問題。我的意思是，從營運支出來看，我們將繼續以嚴謹的方式管理我們的成本，從營運費用的角度來看，我們預計我們的成本將同比大致持平，而法律部分是其中的一部分。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

Hey guys. Good evening. Just a couple of cleanups on the guide and then I have one on the legal side of things as well. So maybe Adam for you, any color on gross margin cadence to the year, there's a few moving pieces here. Obviously you mentioned the pricing headwind and mix and so on, but also potentially, some of these large single cell projects come through, does that sort of weigh a little bit on the gross margin lines? Any color there would be great.

嘿，大家好。晚安.我只需對指南進行一些清理，然後對法律方面的事情也進行一些清理。所以也許亞當對你來說，今年的毛利率節奏有任何變化，這裡有一些變動的部分。顯然，您提到了定價阻力和產品組合等問題，但也有可能，其中一些大型單電池專案會成功，這是否會對毛利率造成一定影響？任何顏色都很棒。

And then on the IP litigation within that was settled here, were you generally satisfied with the terms? Can you share whether they involve any ongoing royalty or licensing fees to you? And given the patent overlap between that case and and the one with Brooker, I guess any color on on how you think sort of that outcome positions you for the other case. Thank you.

那麼，對於這裡解決的智慧財產權訴訟，您對條款總體滿意嗎？您能否分享它們是否涉及任何持續的版稅或授權費用？鑑於該案與 Brooker 案在專利上有重疊，我猜您對該案結果的看法可能會對您在另一案中的地位產生影響。謝謝。

So why don't I take the the gross market question and then I'll defer to Serge on the second part of your question, Tejas. Yeah, I think on gross margin, the way we're thinking about the year in total is roughly in the same zip code of where we ended 2024. Couple of things that I would add, and you touched on them.

那我為什麼不先回答總市場問題，然後我會把問題的第二部分交給 Serge，Tejas。是的，我認為就毛利率而言，我們對全年的考慮方式大致與 2024 年結束時的郵遞區號相同。我想補充幾點，您也提到了它們。

Product mix for one can swing things, right? So, the more Xeniums we sell, and again, sort of embedded in that. When I say that margins will be fairly consistent year on year, there's an assumption around Xenium to the extent that we're selling more Xenium instruments, that'll put some pressure on it.

產品組合可以改變一切，對嗎？所以，我們銷售的 Xenium 越多，其收益就越大。當我說利潤率逐年會保持相當穩定時，人們對 Xenium 有一個假設，即我們銷售更多的 Xenium 儀器，這會給它帶來一些壓力。

We certainly have, and I'm not talking about specific tariff commentary, but we've got cost pressures in business really just basic inflationary supply costs that -- we're working our best with our ops team here to be mitigating through other efficiencies.

我們當然有，我不是說具體的關稅評論，但我們在業務中面臨著成本壓力，實際上只是基本的通膨供應成本 - 我們正在與我們的營運團隊一起努力透過其他效率來緩解壓力。

I think to your point on large projects, and it's hard to forecast the timing of those, but we're going to compete to win. And so to the extent, and we're going to do that across our business. So to the extent, with our portfolio, we've got flexibility to compete, and to the extent that we're competing and winning some of those larger projects during the course of the year, yeah, that could have a negative or a detrimental impact on gross margin. It's not something that we're baking kind of into the plant as it stands, but that's something that certainly we we'll be talking about it as the year progresses. And Serge?

我認為，正如您所說，對於大型專案來說，很難預測這些專案的時間，但我們會透過競爭取得勝利。在某種程度上，我們將在整個業務範圍內實行這項做法。因此，就我們的投資組合而言，我們有一定的競爭靈活性，並且就我們在一年內競爭並贏得一些大型項目的程度而言，這可能會對毛利率產生負面或有害的影響。這不是我們現在就將其融入工廠的事情，但隨著時間的推移，我們肯定會討論它。還有塞爾吉？

Yeah, Tejas, on the business settlement. So yes, we're actually extremely happy with the outcome. Fundamentally, the settlement validates the intellectual property investments we have made, like fundamentally the importance of George Church's work on this foundational inventions around [MC2].

是的，Tejas，關於商業結算。是的，我們確實對結果非常滿意。從根本上講，這項和解協議證實了我們在智慧財產權方面的投資，例如喬治·丘奇在基礎發明方面所做的工作的重要性。[MC2]。

The team recognized the importance of this intellectual property early on and we invested in developing this idea and the products and R&D all around it, and I think this is a really great moment and a huge testament to the whole team, and yes we're very happy with the outcome.

團隊很早就認識到了這個智慧財產權的重要性，並投資開發了這個想法以及圍繞它的產品和研發，我認為這是一個非常偉大的時刻，也是對整個團隊的巨大證明，是的，我們對結果非常滿意。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Hi, this is Jaden on for Rachel. Just digging into the placements, how should we think about placements for Xenium and Visium next quarter and then in 25? And then on Chromium, what's the total pricing discount headwind you expect for next year for Chromium consumables?

大家好，我是 Jaden，為 Rachel 主持節目。深入研究佈局，我們應該如何考慮下個季度以及 25 年 Xenium 和 Visium 的佈局？然後就 Chromium 而言，您預計明年 Chromium 消耗品的總價格折扣阻力是多少？

Yeah, let me take the first part of your -- actually, I can take both parts of your question. So I think on the Xenium instrument side, I think what we've said from a guidance perspective is that we anticipate the entire spatial business to grow double digits. So we are anticipating growth in the Xenium unit placements during the course of the year. And we would anticipate we'll sell more in '25 than we did in '24.

是的，讓我來回答你的第一部分——實際上，我可以回答你問題的兩個部分。因此，我認為在 Xenium 儀器方面，我認為我們從指導角度所說的是，我們預計整個空間業務將實現兩位數成長。因此，我們預計今年 Xenium 單位的安裝量將會增加。我們預計2025年的銷售量將比2024年的銷售量更高。

We've got a great pipeline. We've got a dedicated Xenium capital equipment team now. They're starting to hit their stride, that is, the team that probably still has the most hiring to do. So we do anticipate as the year progresses as that team continues to develop and push the great opportunities that they're developing through the pipeline and closing those that will have a growth in the Xenium instrument business year on year.

我們擁有出色的管道。我們現在有一個專門的 Xenium 資本設備團隊。他們開始步入正軌，也就是說，這個團隊可能仍然需要招募大量員工。因此，我們確實預期，隨著時間的推移，該團隊將繼續發展並推動他們正在開發的巨大機遇，並透過管道實現這些機會的實現，而那些將使 Xenium 儀器業務逐年增長的機會也將得以實現。

Your question on Chromium consumables, I guess a couple of things I would say that sort of bound to the math there. We called out double digit volume is what we're anticipating, and that's what's baked into the guide.

對於您關於 Chromium 消耗品的問題，我想說幾點與數學有關的事情。我們預計銷量將達到兩位數，這也已寫入指南中。

We also said that as part of the guidance section that I mentioned earlier, that would be modestly down overall. And so I think you can infer from that we'll probably have as we think about the new products that we launched really from a price and creating accessibility from a customer perspective down in the double digit framework on a year on year basis from a reaction price standpoint.

我們也表示，作為我之前提到的指導部分的一部分，總體而言這個數字會略有下降。因此，我想你可以從中推斷出，當我們考慮我們推出的新產品時，從價格和從客戶角度創造的可訪問性來看，從反應價格的角度來看，在同比基礎上下降到兩位數的框架內。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Thank you. I was hoping you could elaborate a bit more on your biopharma comment. I think you commented that's about 15% of your revenue could grow to 50% over time. Can you perhaps share what was the growth rates for biopharma in 2024 and just any more color around what the cadence would be to make that part of your revenue? Thank you.

謝謝。我希望您能更詳細地闡述您對生物製藥的評論。我記得您曾評論說，隨著時間的推移，您的收入的 15% 左右可能會增長到 50%。您能否分享一下 2024 年生物製藥產業的成長率，以及該部分收入的節奏？謝謝。

Yeah, so I mean overall, biopharma was for the year, was fairly challenged, especially if you go back earlier like the first part of last year. But as we proceeded through, especially after so we made our changes on the commercial side and set up the new team in Q3, we saw a really nice sequential improvement in Q4 and a lot of the signs that we're now seeing as far as the team is concerned, having the people in place, having sort of the new applications opening up and the conversations we're having with customers is all pointing in this direction of this great potential to grow our business there.

是的，所以總的來說，生物製藥行業在今年面臨相當大的挑戰，特別是如果你回顧去年年初的情況。但隨著我們的進展，特別是在我們在商業方面做出改變並在第三季度組建新團隊之後，我們看到第四季度有了非常好的連續改善，就團隊而言，我們現在看到的許多跡象，人員到位，新應用程序的開放以及我們與客戶的對話都指向這個方向，我們的業務在那裡具有巨大的增長潛力。

And so yeah, so we do anticipate over, historically we've been around 15% to 20% for them and now we're making concerted investments and we're seeing great opportunities to grow much faster in there towards that goal of about 50%.

是的，我們確實預計，從歷史上看，我們的成長率約為 15% 到 20%，現在我們正在進行協同投資，我們看到了更快成長的絕佳機會，可以實現約 50% 的目標。

Subhu Nambi, Guggenheim Securities.

Subhu Nambi，古根漢證券。

Hey guys, thank you for taking my question. On the growth margin was a bit weaker than expected in the quarter. Was that just a function of high instrument mix, or is there also some inefficiency associated with the rollout of new consumable products that are dragging on margin?

嘿夥計們，謝謝你們回答我的問題。本季的成長利潤率略低於預期。這只是由於儀器組合高度複雜所致，還是也存在推出新消耗品而導致效率低下，從而拖累利潤率的問題？

Yeah, thanks. It was really a Xenium mix impact. We did mention -- we weren't anticipating originally budget flushed towards the end of the year just based on what we had been seeing, I think we mentioned earlier in the year publicly that we did end up seeing. So when you think about where we had guided, and where we landed, a good portion of that was budget plus, a good portion of that was in biopharma, and then there were certainly some [Danium] instruments that played into that. And so when you think about gross margin trend during the course of the year, that was really the primary impact of that, what you described there in Q4.

是的，謝謝。這確實是 Xenium 混合的影響。我們確實提到過——根據我們所看到的情況，我們最初並沒有預料到年底預算會被沖垮，我想我們在今年早些時候公開提到過，我們最終確實看到了這一點。因此，當您思考我們所指導的地方以及我們所取得的成果時，其中很大一部分是預算加上去的，很大一部分是在生物製藥領域，然後肯定有一些 [Danium] 工具在其中發揮了作用。因此，當您考慮全年的毛利率趨勢時，這實際上就是其主要影響，就像您在第四季度所描述的那樣。

Kyle Mikson, Canaccord Genuity.

Canaccord Genuity 的 Kyle Mikson。

Hey, guys. Thanks for the questions. A follow-up on biopharma. That's a focus for you going forward. Could you talk about the biopharma spending assumptions in the '25 guidance given the budget loss experience at the end of '24. And secondly, just on the IP side, PTAB and validated all your claims sort against still competitors' products? Just given that litigation, is there going to be a more competitive headwinds in single cell going forward? Thanks.

嘿，大家好。感謝您的提問。對生物製藥的後續關注。這是您今後關注的重點。考慮到 24 年底的預算損失情況，您能否談談 25 年指引中的生物製藥支出假設。其次，僅從智慧財產權來看，PTAB 是否驗證了您的所有索賠要求仍然針對競爭對手的產品？考慮到這場訴訟，未來單體電池市場的競爭是否會更加激烈？謝謝。

So yes, maybe I'll address the first part of the question. The second part of the question first. No, absolutely not the decisions, like have a bearing in terms of like overall protection of our products and our technologies. We feel really, really strong about those.

是的，也許我會回答問題的第一部分。先說問題的第二部分。不，絕對不是這些決定，因為它們對我們的產品和技術的整體保護有影響。我們對此感到十分強烈。

And as far as competitive dynamics are concerned, we feel really great about the position of our products, the value that they provide, all the advantages in terms of data quality, in terms of performance, in terms of ease of use, the value to deliver to our customers. And we feel really great where we are in that, and that's always going to be our North Star, is delivering great value for our customers.

就競爭態勢而言，我們對我們的產品的地位、它們所提供的價值、在數據品質、性能、易用性方面的所有優勢以及為我們的客戶提供的價值感到非常滿意。我們對此感到非常高興，這也將永遠是我們的北極星，為我們的客戶提供巨大的價值。

And as far as Biopharma is concerned, yes, I mean, we are certainly as part of our guidance to temporally consider the trajectory and the impact, the growth within biopharma this year as well.

就生物製藥而言，是的，我的意思是，我們當然會將今年生物製藥行業的軌跡和影響以及成長作為指導的一部分。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Great, thanks guys. Just quickly here, I might have missed it, but did you give any sense or direction on the split between Visium and Xenium consumables in the quarter? And then unrelated. Can you kind of give us some timing there on theone1 billion cell project and kind of how that plays out? And can they get that done in 2, 3 years? Or what's needed there from equipment perspective?

太好了，謝謝大家。我可能錯過了，所以在這裡簡單說一下，但是您是否給出了關於本季度 Visium 和 Xenium 消耗品分割的任何看法或指導？然後就不相關了。您能否向我們介紹一下「十億個手機」專案的具體時間表以及其進展？他們能在兩三年內完成這個目標嗎？或是從設備角度來看那裡需要什麼？

Well, so we -- the project itself is getting going pretty quickly. As far as the time need to complete, obviously, the service is a very large-scale sort of endeavor. It's not -- it shouldn't be kind of a 3-year time frame, but it will take time for it to get done.

嗯，所以我們——專案本身進展得相當快。就完成所需時間而言，顯然這項服務是一項非常大規模的工程。這不應該是一個 3 年的時間框架，但它需要時間才能完成。

Matthew Larew, William Blair.

馬修拉魯、威廉布萊爾。

Hey, thanks. I have two unrelated follow-ups. The first, based on the reaction and pricing commentary you gave as well as the GEM-X transition started Q4 '24, is it reasonable to assume that you will grow single-cell revenue in the fourth quarter in your current plan, that's part one.

嘿，謝謝。我有兩個不相關的後續問題。首先，根據您給出的反應和定價評論以及從 24 年第四季度開始的 GEM-X 轉型，是否可以合理地假設您將在當前計劃中在第四季度增加單細胞收入，這是第一部分。

And then part two, understand in any transition with respect to overhead would be a challenge. Can you talk a little bit about your customers in Europe in terms of what their behavior is like? Certainly it may have been a very rapidly growing category for you over the last, 4-, 5 years, and that's an area where indirect [pathway] is 25%. So I'll just be curious to hear about any differences similar to the customer behavior there. Thanks.

然後是第二部分，了解與開銷相關的任何轉變都將是一個挑戰。能否談談您歐洲客戶的行為？當然，在過去的 4 到 5 年裡，這可能是一個非常快速成長的類別，而這個領域的間接 [途徑] 佔 25%。所以我很好奇想聽聽那裡的客戶行為是否有類似的差異。謝謝。

So as far as the European sort of business and overhead, I think your question is around the indirect and overhead kind of funds and how that plays out. Yes. So I mean, that's a good point of comparison. Our European business has actually been doing relatively well over the course of the past year plus. And that sort of indicates what happens when there is sort of a lower potential indirect rate over there.

因此，就歐洲業務和管理費用而言，我認為您的問題是關於間接和管理費用類型的資金以及如何發揮作用。是的。所以我的意思是，這是一個很好的比較點。過去一年多來，我們的歐洲業務實際上表現相對良好。這就顯示了當那邊的潛在間接利率較低時會發生什麼情況。

Now of course, when we're looking at the US, we have to be cautious and every time -- any time you have a significant change of this magnitude that creates a lot of uncertainty. And that is certainly affecting the outlook of our customers. But yes, you can see that in the long run, this can work out and research can continue at a really robust rate.

當然，現在當我們關注美國時，我們必須謹慎，每次——任何時候，這種規模的重大變化都會帶來許多不確定性。這肯定會影響我們客戶的前景。但是的，你可以看到，從長遠來看，這是可行的，研究可以繼續以非常強勁的速度進行。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Hi, thanks for taking my question. Just back to the commercial changes you made last year, just as we think about the first half of this year, measuring your progress and the success of those commercial changes. I know you said that Xenium would likely be a little bit later. You made some comments about biopharma seeing sequential improvement at the end of last year.

你好，謝謝你回答我的問題。回到您去年所做的商業變革，正如我們思考今年上半年一樣，衡量您的進展和這些商業變革的成功。我知道您說過 Xenium 可能會晚一點推出。您對生物製藥行業去年年底取得的連續改善發表了一些評論。

But how should we think about where sort of the leading indicators of success of these changes would be? Is it in Chromium CapEx? Is it in consumables? What are some of the measures that we should be looking out for?

但是，我們該如何思考這些變革的成功主要指標在哪裡呢？它在 Chromium CapEx 嗎？是消耗品嗎？我們應該注意哪些措施？

Right. Well, so one thing to appreciate here is that the changes that we implemented -- we're meant to be holistic, right? This is like a re-architecting of our go-to-market fundamentally, where we created new suborganizations with our commercial function with a specified focus, with specified target incentives. And as such, it's going to affect all parts of our business. right?

正確的。嗯，這裡需要讚賞的一件事是，我們實施的變革應該是整體的，對嗎？這就像從根本上重新建構我們的行銷策略，我們創建了具有特定重點和特定目標誘因的商業職能的新下屬機構。因此，它將影響我們業務的所有部分。正確的？

We specifically wanted to make sure we have a special dedicated team to focus on Xeniums, which is greater going to help Xenium, but also by virtue of taking Xemium instruments out of the bag of other sales executives that gives them the opportunity to focus more on the Chromium products and on the Visium products, we should also help those product lines.

我們特別希望確保我們有一個專門的團隊專注於 Xeniums，這將更好地幫助 Xenium，而且透過將 Xemium 工具從其他銷售主管的包中拿出來，使他們有機會更多地專注於 Chromium 產品和 Visium 產品，我們也應該幫助這些產品線。

Also, by virtue of separating out the focus of academia from biopharma, we'll help biopharma, but will also help academic accounts. And overall, as we kind of zoom out where we are, we do feel like we're in a good pace and making good progress as we have outlined previously. Good progress with hiring, good progress with onboarding, opportunity management, account coverage. And as we look for the balance of the year, we should be really in full force by the middle of this year.

此外，透過將學術界的重點與生物製藥業分開，我們將幫助生物製藥業，同時也幫助學術界。總體而言，當我們縮小當前位置時，我們確實感覺我們處於良好的節奏中，並且取得了良好的進展，正如我們之前所概述的那樣。招募、入職培訓、機會管理和客戶覆蓋等方面的進展良好。當我們展望今年的平衡時，我們應該在今年年中真正全力以赴。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. Thanks for tkaing the questions. I want to just follow up on a couple of earlier points, make sure I caught it right. I think, Adam, you talked about first half, second half seasonality in 2025. You guys occasionally give quarterly guide us whenever there's a thing to keep in mind. So just any additional clarity on 1Q specifically? Or are you just going to keep it by halves.

偉大的。感謝您提出這些問題。我想重複一下之前的幾個觀點，確保我的理解正確。亞當，我認為你談到了 2025 年上半年和下半年的季節性。每當有需要注意的事情時，你們偶爾會給我們每季的指導。那麼，對於第一季還有什麼具體說明嗎？或者你只是打算保留一半。

And then the other follow-up question, Serge, maybe a better suited for you. Something Dan Leonard asked on earlier, your comments about pharma biotech growing to 50%. I just want to push on that a little bit more. I mean if you're at 15% to 20% revenue mix now, I realize that longer term for a lot of technologies in genomics and tools, there's growing use cases in translational research as you sort of move out of that earlier pure academic pure research setting.

然後是另一個後續問題，Serge，也許更適合您。Dan Leonard 之前問過你關於製藥生物技術成長到 50% 的評論。我只是想再努力一點。我的意思是，如果你現在的收入結構是 15% 到 20%，我意識到，從長遠來看，對於基因組學和工具中的許多技術來說，隨著你逐漸擺脫早期純學術純研究的環境，轉化研究中的用例會越來越多。

But if I get your portfolio, these technologies have been out there for a while. This is not that new? And yet despite being on the market for, in some cases, 5-, 10 years now, you're still only at 15%, 20%.

但如果我了解你的投資組合，這些技術已經存在了一段時間。這不是很新鮮嗎？然而，儘管在某些情況下，你已經進入市場 5 年、10 年了，但你的市佔率仍然只有 15%、20%。

So I'm just wondering how do you get to 50%, right? I mean I would have thought that if you're really going to get there, you have been further along the ramp now. Is there something from a commercial organization or from a customer use case that you think is holding you back and sort of keeping you out of pharma and biotech to a greater extent? Thanks.

所以我只是想知道你如何達到 50%，對嗎？我的意思是，我以為，如果你真的要到達那裡，那麼你現在已經走得更遠了。您認為商業組織或客戶用例中是否存在某些因素阻礙了您的發展並使您在很大程度上無法進入製藥和生物技術領域？謝謝。

Yes, Mike. So a couple of things. So first of all, the products themselves actually had not reached the level of maturity and capability that's really suitable for pharma until, I would say, a couple of years ago because it is really imperative to have the ability to fix your samples or work -- be able to work with fixed issues, especially FFP as you think about kind of later-stage clinical work in clinical trial work. And that was not available up until just a couple of years ago.

是的，麥克。有幾件事。首先，直到幾年前，產品本身實際上才達到真正適合製藥業的成熟度和能力水平，因為擁有修復樣本或工作的能力確實至關重要 - 能夠處理已修復的問題，尤其是 FFP，當你考慮臨床試驗工作中的後期臨床工作時。而這項功能直到幾年前才實現。

Now we have it across our entire product line with the Flex product and SFP compatibility on the single sale side with Visium, supporting FFP, with Xenium being kind of SFP from the very beginning. So I think that is a really, really important context to keep in mind. So as you think about getting out of like the early-stage discovery into later stages of product development, you do need to have fixation compatibility, which wasn't really the case there before.

現在我們整個產品線都已實現此功能，在單一銷售方面，Flex 產品和 Visium 具有 SFP 相容性，支援 FFP，而 Xenium 從一開始就是一種 SFP。所以我認為這是非常非常重要的一個背景，需要記住。因此，當您考慮從早期發現階段進入產品開發的後期階段時，您確實需要具有固定相容性，而這在以前並不是真正的情況。

The second is just, yes, things take somewhat longer to get tested and to get validated and to spread within pharma and biotech. And we have -- we are seeing the emergence of new applications that were sort of out there for since really 2016 that are now really gaining wide adoption and lots of interest. So specifically large-scale cruise per screens something that's a great interest to biopharma has a verses a really big obligation across many companies.

第二，是的，在製藥和生物技術領域，有些東西需要更長的時間來測試、驗證和傳播。我們看到，自 2016 年以來就已出現的新應用程式現在已被廣泛採用並引起了廣泛關注。因此，具體來說，大規模的每次篩檢巡航對生物製藥公司來說是非常有吸引力的，但對許多公司來說卻是一項巨大的義務。

And we see that this is just the early days. Lots of applications through, the full continuum of drug development as we have been getting into the sort of the specifics of all these different applications.

我們看到這只是個早期階段。透過大量的應用，我們完成了整個藥物開發過程，並逐漸了解了所有這些不同應用的具體情況。

And yes, I mean, the last point is this has to be also enabled by the appropriately focused commercial team. We have been very much focused on academia historically and we have created now for the first time a separate distinct organization that's focused on driving this biopharma business. It's a different kind of a sales motion. It's a different kind of expertise that's required to do so, and we feel like we are putting the right pieces in place to now drive it at a greater speed going forward.

是的，我的意思是最後一點是這也必須由適當專注的商業團隊來實現。我們歷來非常注重學術研究，現在我們首次成立了一個獨立的組織，專注於推動生物製藥業務。這是一種不同的銷售動作。要做到這一點，需要不同類型的專業知識，我們覺得我們正在把正確的要素落實到位，以便能夠以更快的速度推動這一進程。

Thank you, presenters. And that is all the time we have for questions. This now concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝主持人。我們回答問題的時間就到此為止。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。