10X Genomics Inc (TXG) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you so much for standing by, and welcome to 10x Genomics first quarter 2025 earnings conference call. Please note that this call is being recorded. (Operator Instructions)

女士們，先生們，非常感謝你們的支持，歡迎參加 10x Genomics 2025 年第一季財報電話會議。請注意，本次通話正在錄音。（操作員指示）

I'd now like to hand the call over to Cassie Corneau, Senior Director, Investor Relations. You may now begin.

現在我想將電話交給投資者關係高級總監 Cassie Corneau。現在你可以開始了。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the first quarter ended March 31, 2025. If you have not received this news release or would like to be added to the company's distribution list, please send an e-mail to investors@10xgenomics.com. An archived webcast of this call will be available on the Investor tab of the company's website, 10xgenomics.com, for at least 45 days following this call.

謝謝大家，下午好。今天早些時候，10x Genomics 發布了截至 2025 年 3 月 31 日的第一季財務業績。如果您尚未收到此新聞稿或希望加入公司通訊錄，請發送電子郵件至 investors@10xgenomics.com。本次電話會議的存檔網路直播將在公司網站 10xgenomics.com 的「投資者」標籤頁上提供，並至少在會議結束後 45 天內有效。

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. 10x Genomics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參閱 10x Genomics 今天發布的新聞稿以及 10x Genomics 不時向美國證券交易委員會提交的文件和報告。 10x Genomics 不承擔更新或修改任何財務預測或前瞻性陳述的任何意圖或義務，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. (Event Instructions) With that, I will now turn the call over to Serge.

今天參加電話會議的有我們的執行長兼聯合創始人 Serge Saxonov；以及我們的財務長 Adam Taich。（活動說明）現在，我將把電話轉給 Serge。

Thanks, Kathy, and good afternoon, everyone. Today, I'll cover Q1 performance and share updates on how we're navigating the rapidly evolving macro environment. I'll also walk through recent business developments before handing it over to Adam for the financial review and outlook.

謝謝，凱西，大家下午好。今天，我將介紹第一季的業績，並分享我們如何應對快速變化的宏觀環境的最新情況。在交給亞當進行財務審查和展望之前，我也會介紹最近的業務發展。

Total revenue for the first quarter was $155 million. During the quarter, we settled our worldwide patent litigation with Vizgenerate on very favorable terms. As one component of the settlement, we received an up of $26 million that we allocated in part to operating expenses related to gain on settlement and in part to license and royalty revenue. Excluding the portion allocated to license and royalty revenue, our first quarter revenue was $138 million, down 2% year-over-year, primarily driven by a significant decrease in instrument revenue, offset by continued strength in consumables, a sign of solid core demand and growing usage across our platforms.

第一季總收入為1.55億美元。本季度，我們以非常優惠的條件與 Vizgenerate 達成了全球專利訴訟和解。作為和解協議的一部分，我們獲得了 2,600 萬美元的增額，其中一部分分配給與和解收益相關的營運費用，一部分分配給許可和特許權使用費收入。不包括分配給授權和特許權使用費收入的部分，我們的第一季營收為 1.38 億美元，年減 2%，主要原因是儀器收入大幅下降，但被耗材持續強勁所抵消，這表明核心需求穩健且我們平台使用量不斷增長。

Our Q1 results demonstrated clear signals that customer demand for our products is robust and reinforced our conviction in the long-term growth potential ahead, which I will discuss more later.

我們第一季的業績清楚地表明，客戶對我們產品的需求強勁，並增強了我們對未來長期成長潛力的信心，我稍後將詳細討論。

But first, I'd like to take a moment to reflect on the significant changes in the macro environment since the beginning of the year, changes that went far beyond what any of us expected. Signs of risk and uncertainty across academic research funding and the macro landscape began with a cap on indirect funding from the NIH. And since then, the research funding environment has continued to deteriorate, particularly across US academic and government labs.

但首先，我想花點時間來回顧今年以來宏觀環境發生的重大變化，這些變化遠遠超出了我們任何人的預期。學術研究資金和宏觀領域出現風險和不確定性的跡象始於美國國立衛生研究院 (NIH) 對間接資助的限制。自那時起，研究資金環境持續惡化，尤其是在美國學術和政府實驗室。

Within U.S academic and government research funding, we're seeing two distinct but interconnected dynamics. First, there are real-time effects impacting our customers today, including delays, reductions and outright cancellations of grants. Second, there is a growing threat of future changes such as proposed budget cuts, implementation of indirect NIH funding caps and widespread concern over further grant review delays or project cancellations.

在美國學術和政府研究資助中，我們看到兩種截然不同但又相互關聯的動態。首先，目前存在一些即時影響，會影響我們的客戶，包括補助金的延遲、減少和完全取消。其次，未來變化的威脅越來越大，例如擬議的預算削減、實施間接 NIH 資金上限以及對進一步的撥款審查延遲或項目取消的普遍擔憂。

Taken together, these pressures are creating a climate of deep uncertainty. We're increasingly hearing from customers that the combination of actual cuts and looming risks is making them hesitant to initiate new projects or invest in capital purchases.

綜合起來，這些壓力正在造成極度不確定的氣氛。我們越來越多地聽到客戶表示，實際削減和迫在眉睫的風險使他們不願啟動新項目或投資資本購買。

The uncertainty for our customers is driving increasingly unpredictable customer purchasing behavior and reduced visibility on our outlook for the year. Approximately 40% to 50% of our revenue is supported by US academic and government research funding. As a result, we announced earlier today that we are withdrawing our full year revenue guidance and implementing quarterly guidance beginning with Q2. Adam will share additional context on our outlook.

客戶的不確定性導致客戶購買行為越來越難以預測，並降低了我們今年前景的可預測性。我們約40%至50%的收入來自美國學術界和政府研究經費的支持。因此，我們今天稍早宣布，我們將撤回全年收入預測，並從第二季開始實施季度預測。亞當將分享更多有關我們觀點的背景資訊。

While the current environment is undeniably difficult and unpredictable, I am confident that we're well equipped to navigate through this period and emerge stronger. We're seeing increased usage of our products driven by price elasticity and the emergence of new applications, both of which support the long-term expansion of our opportunity. Our recent slate of product launches continues to resonate with customers and further extends our technology leadership that, together with our road map, positions us extremely well for the future. We have completed our sales reorganization, giving us the structure, coverage and focus we need to take on today's challenges. And we have a strong cash position that we are actively protecting through this turbulence.

儘管當前的環境無疑是困難和難以預測的，但我相信我們有能力度過這段時期並變得更加強大。我們看到，受價格彈性和新應用出現的推動，我們產品的使用量正在增加，這兩者都支持我們機會的長期擴展。我們最近推出的一系列產品繼續引起客戶的共鳴，並進一步擴大了我們的技術領先地位，再加上我們的路線圖，使我們在未來佔據了非常有利的地位。我們已經完成了銷售重組，這為我們提供了應對當今挑戰所需的結構、覆蓋範圍和重點。我們擁有強大的現金狀況，我們正在積極保護這些現金以度過動盪時期。

We have implemented a reduction in both headcount and non-headcount-related expenses across the company. This week, we reduced our global workforce by approximately 8%. While these changes are never easy, they will allow us to be a more efficient organization, better positioned to navigate today's environment while continuing to invest in our highest priorities. We recognize that the strength of our balance sheet is an asset. We have the resolve to protect it and the levers to further adjust expenses if necessary.

我們已在全公司範圍內實施了員工人數和非員工人數相關費用的削減。本週，我們全球員工人數減少了約 8%。雖然這些改變絕非易事，但它們將使我們成為一個更有效率的組織，更好地適應當今環境，同時繼續投資我們的最高優先事項。我們認識到，強勁的資產負債表是一項資產。我們有決心保護它，並且有實力在必要時進一步調整開支。

Importantly, our fundamentals remain strong, and we continue to have full confidence in our ability to capture the large opportunities ahead. To that end, we saw multiple positive developments in Q1 that underscore the strength of our platforms and reinforce our conviction in our mission.

重要的是，我們的基本面依然強勁，我們仍然對我們抓住未來巨大機會的能力充滿信心。為此，我們在第一季看到了多項積極的發展，這凸顯了我們平台的實力並增強了我們對使命的信念。

First, we saw solid signs of single cell elasticity, demonstrated by robust year-over-year growth in Chromium reaction volumes. This growth was supported by strong adoption of our Flex and universal on-chip multiplexing products, both of which are specifically designed to boost volumes through lower cost per cell and per sample.

首先，我們看到了單細胞彈性的明顯跡象，這由鉻反應量的強勁同比增長所證明。這一增長得益於我們 Flex 和通用片上多路復用產品的廣泛採用，這兩種產品都是專門設計用於透過降低每個細胞和每個樣本的成本來提高產量。

Second, we're continuing to see increased Xenium usage, demonstrated by strong growth in Xenium consumable revenue and volume. Our Xenium platform keeps gaining traction among new customers, while our earliest and largest users continue to grow their utilization. Researchers are drawn to Xenium for its ability to elucidate biology that was previously inaccessible at a resolution and scale that were inconceivable until recently. And as researchers use the platform, they increasingly recognize Xenium's robustness, accuracy, superior data quality and ease of use.

其次，我們繼續看到 Xenium 的使用量不斷增加，這從 Xenium 消耗品收入和銷售的強勁成長中可以看出。我們的 Xenium 平台不斷吸引新客戶，而我們最早和最大的用戶的使用率也不斷提高。研究人員之所以對 Xenium 感興趣，是因為它能夠以直到最近才被想像的分辨率和規模闡明以前無法理解的生物學。隨著研究人員使用該平台，他們越來越認識到 Xenium 的穩健性、準確性、卓越的數據品質和易用性。

Third, our recent and upcoming product launches are resonating with customers and continue to advance our leadership in single cell and spatial biology. Our GEM-X technology has been delivering great advances to single cell analysis. Visium HD has become a leading approach for unbiased spatial discovery and Xenium 5K assays have gained rapid adoption across our customer base.

第三，我們最近和即將推出的產品引起了客戶的共鳴，並繼續推進我們在單細胞和空間生物學領域的領導地位。我們的 GEM-X 技術為單細胞分析帶來了巨大進步。Visium HD 已成為無偏空間發現的領先方法，Xenium 5K 分析已在我們的客戶群中迅速被採用。

At the AGBT Conference in late February, we unveiled innovations across all three platforms, including a new plate-based Chromium Flex product to massively expand scale and the number of samples per run, expanded cloud-based capabilities to support large project analysis, continued expansion of our Visium platform with Visium HD [3 Prime], Visium cell segmentation and Visium HD XL. And Xenium RNA protein to enable [multiomic] analysis on the same tissue section.

在二月底舉行的 AGBT 會議上，我們公佈了所有三個平台的創新，包括一款新的基於板的 Chromium Flex 產品，可大幅擴展規模和每次運行的樣本數量，擴展基於雲端的功能以支援大型專案分析，繼續擴展我們的 Visium 平台，包括 Visium HD [3 Prime]、Visium 細胞分割和 Visium HD XL。並使用 Xenium RNA 蛋白對同一組織切片進行 [多組學] 分析。

Together, these launches strengthen our road map and deepen our ability to serve all of our customers, including biopharma and translational researchers as well as those working on consortium scale studies.

這些產品的發布增強了我們的路線圖，並增強了我們為所有客戶提供服務的能力，包括生物製藥和轉化研究人員以及從事聯盟規模研究的研究人員。

Finally, we're seeing a trend of exciting new use cases driven by the imperative for larger scale analysis and the promise of single cell and spatial in opening up new clinical research applications. Let's talk about some of the notable examples from the last few months.

最後，我們看到了一種令人興奮的新用例趨勢，其驅動力是更大規模分析的必要性以及單細胞和空間在開闢新的臨床研究應用方面的前景。讓我們來談談過去幾個月的一些值得注意的例子。

A powerful and accelerating wave across research is the use of AI with massive single cell data sets to uncover patterns, generate insights and accelerate discovery in ways that simply weren't possible before. Building on the collaboration we announced in February with the [Chan] Zuckerberg Initiative to launch the Billion Cell project, we have several other initiatives underway. We recently announced a partnership with ARC Institute to accelerate the development of the ARC Virtual Cell [Atlas] and ongoing effort to create large-scale, high-quality virtual cell models.

研究領域一個強大且加速發展的浪潮是利用人工智慧和海量單細胞資料集來發現模式、產生洞察力並以以前不可能的方式加速發現。在我們二月宣布與 [Chan] Zuckerberg Initiative 合作啟動十億細胞計畫的基礎上，我們也正在進行其他幾項計畫。我們最近宣布與 ARC 研究所合作，以加速 ARC 虛擬細胞 [Atlas] 的開發，並持續努力創建大規模、高品質的虛擬細胞模型。

Leveraging our Chromium Flex assay, ARC researchers will be able to generate perturbational data at unprecedented scale and quality. We're excited to enable the creation of increasingly powerful AI models in biology to support AI-driven insight into human health and disease and help accelerate drug discovery.

利用我們的 Chromium Flex 分析，ARC 研究人員將能夠產生前所未有的規模和品質的擾動數據。我們很高興能夠創建越來越強大的生物學人工智慧模型，以支援人工智慧驅動的對人類健康和疾病的洞察，並幫助加速藥物發現。

In addition, Immune AI and the [PAC] Institute for Cancer Immunotherapy are using our GEM-X technology to accelerate the creation of one of the largest single cell immuno-oncology data sets. This effort aims to support the identification of immune response and resistant patterns, ultimately helping researchers uncover clinically relevant mechanisms that could inform the next generation of cancer therapies.

此外，Immune AI 和 [PAC] 癌症免疫治療研究所正在使用我們的 GEM-X 技術加速創建最大的單細胞免疫腫瘤學數據集之一。這項工作旨在支持識別免疫反應和抗性模式，最終幫助研究人員發現可能為下一代癌症治療提供資訊的臨床相關機制。

With increasing recognition of the power of single cell and spatial technologies in translational research, there have been more and more publications focused on uncovering spatial biomarkers of disease progression and drug response. For example, investigators from the Spanish National Cancer Research Center used Xenium and Visium to retrospectively analyze samples from the recent [DutRinO] trial of patients with bladder cancer. This study uncovered spatial relationships and cell-to-cell interactions associated with treatment responses.

隨著人們越來越認識到單細胞和太空技術在轉化研究中的作用，越來越多的出版物致力於揭示疾病進展和藥物反應的空間生物標記。例如，西班牙國家癌症研究中心的研究人員使用 Xenium 和 Visium 對最近對膀胱癌患者進行的 [DutRinO] 試驗的樣本進行了回顧性分析。這項研究揭示了與治療反應相關的空間關係和細胞間相互作用。

Another study in cancer cell used Xenium to analyze samples from the [FASINA-1] Phase II trial of a novel antibody drug conjugate in HER2-positive breast cancer. The researchers characterized key immune cell subtypes, spatial niches and specific interactions between immune cells and tumor cells. They identified spatial biomarker signatures that were predictive of treatment response, highlighting the promise of spatial biology to help guide patient stratification strategies and therapy selection.

另一項癌細胞研究使用 Xenium 分析了 HER2 陽性乳癌新型抗體藥物偶聯物 [FASINA-1] II 期試驗的樣本。研究人員描述了關鍵的免疫細胞亞型、空間位置以及免疫細胞和腫瘤細胞之間的特定相互作用。他們確定了可以預測治療反應的空間生物標記特徵，突顯了空間生物學在幫助指導患者分層策略和治療選擇方面的前景。

Also, in a recent study in nature, researchers used Visium and other tools to uncover spatial biomarkers associated with liver cancer recurrence. They use these biomarkers to construct a tumor immune microenvironment spatial predictive score that performed substantially better than standard patient risk stratification methods, pointing the way to more personalized disease management of this and other cancers.

此外，在最近的一項自然研究中，研究人員使用 Visium 和其他工具發現了與肝癌復發相關的空間生物標記。他們利用這些生物標記構建了腫瘤免疫微環境空間預測評分，其表現明顯優於標準患者風險分層方法，為該類癌症和其他癌症的更個性化的疾病管理指明了方向。

We have deep conviction grounded in growing evidence that our tools represent the future of biological research, drug development and diagnostics. We're committed to realizing that future despite the challenges in front of us, and we're focused on serving our customers through these tumultuous times.

越來越多的證據表明，我們的工具代表著生物研究、藥物開發和診斷的未來，我們對此深信不疑。儘管面臨挑戰，我們仍致力於實現未來，並專注於在動盪時期為客戶提供服務。

I'd like to thank our team for keeping that goal front and center for their continued dedication and for their resilience through this period. It is because of their efforts, I feel so confident we're well positioned to execute and lead this next chapter. With that, I'll turn the call over to Adam.

我要感謝我們的團隊始終將這一目標放在首位，感謝他們在這段時間的持續奉獻和堅韌不拔。正是由於他們的努力，我才充滿信心，我們有能力執行並引領下一個篇章。說完這些，我會把電話轉給亞當。

Thank you, Serge. I'll start by reviewing our financial results for the three months ended March 31, 2025, and will then provide further details on our updated outlook for 2025. All growth rates provided will be on a year-over-year basis, unless otherwise noted. Total revenue for the quarter was $154.9 million. Excluding the license and royalty revenue from the settlement, first quarter revenue was $138.1 million, down 2%.

謝謝你，塞爾吉。我將首先回顧我們截至 2025 年 3 月 31 日的三個月的財務業績，然後將提供有關我們對 2025 年更新的展望的更多詳細資訊。除非另有說明，否則所有提供的成長率均為年比成長率。本季總營收為 1.549 億美元。不計入和解協議中的許可和特許權使用費收入，第一季收入為 1.381 億美元，下降 2%。

Total consumables revenue was $115.4 million, up 5%. Chromium consumables revenue was $84.1 million, approximately flat. Spatial consumables revenue was $31.2 million, up 18%, driven by Xenium consumables revenue.

消耗品總收入為 1.154 億美元，成長 5%。鉻消耗品收入為 8,410 萬美元，基本持平。空間耗材收入為 3,120 萬美元，成長 18%，這主要得益於 Xenium 耗材收入。

Moving on to instruments. Total instrument revenue was $14.8 million, down 42%. Chromium instrument revenue was $5.9 million, down 25%, driven primarily by lower average selling prices. Spatial instrument revenue was $8.9 million, down 49%, driven primarily by fewer instruments sold.

繼續討論樂器。儀器總收入為 1,480 萬美元，下降 42%。Chromium 儀器收入為 590 萬美元，下降 25%，主要原因是平均售價下降。太空儀器收入為 890 萬美元，下降 49%，主要原因是銷售的儀器數量減少。

Looking at our revenue by geography. Americas decreased 7% to $73.8 million. EMEA decreased 8% to $31.9 million. APAC increased 22% to $32.4 million. Instrument revenue was down across all geographies, those strong consumable sales offset the impact in APAC.

按地域查看我們的收入。美洲地區下降 7% 至 7,380 萬美元。歐洲、中東和非洲地區下降8%至3190萬美元。亞太地區成長22%至3240萬美元。所有地區的儀器收入均下降，但強勁的消耗品銷售抵消了亞太地區的影響。

Turning to the rest of the income statement. Gross profit for the first quarter was $105.4 million compared to $92.9 million for the prior year period. Gross margins increased to 68% from 66% the year prior, primarily driven by higher license and royalty revenue and lower manufacturing costs, partially offset by increased inventory reserves. Excluding the impact of license and royalty revenue, gross margin was 64%. Total operating expenses for the first quarter decreased to $144.8 million compared to $154.4 million for the prior year period. This decrease was primarily driven by a gain on settlement.

轉向損益表的其餘部分。第一季毛利為 1.054 億美元，去年同期為 9,290 萬美元。毛利率從去年的 66% 上升至 68%，主要由於許可和特許權使用費收入增加以及製造成本下降，但庫存儲備增加部分抵消了這一影響。不計許可和特許權使用費收入的影響，毛利率為64%。第一季總營運費用下降至 1.448 億美元，去年同期為 1.544 億美元。這一下降主要是由於結算收益所致。

R&D expenses decreased to $64.2 million compared to $68.6 million for the prior year period, primarily driven by lower personnel expenses, including stock-based compensation expenses, partially offset by higher lab materials and supplies.

研發費用從去年同期的 6,860 萬美元下降至 6,420 萬美元，主要原因是人員費用（包括股票薪酬費用）降低，但實驗室材料和耗材費用增加部分抵消了這一影響。

SG&A expenses increased to $89.7 million compared to $85.8 million for the prior year period, primarily driven by an increase in outside legal and personnel expenses, partially offset by a decrease in marketing expenses. Operating loss for the first quarter was $39.3 million compared to a loss of $61.5 million in the first quarter of last year.

銷售、一般及行政費用由去年同期的 8,580 萬美元增至 8,970 萬美元，主要由於外部法律和人事費用增加，但行銷費用減少部分抵銷了這一影響。第一季營業虧損為 3,930 萬美元，而去年第一季的虧損為 6,150 萬美元。

Net loss for the period was $34.4 million compared to a net loss of $59.9 million for the first quarter of 2024. We ended the quarter with $427 million in cash, cash equivalents and marketable securities.

本期間淨虧損為 3,440 萬美元，而 2024 年第一季淨虧損為 5,990 萬美元。本季末，我們擁有 4.27 億美元的現金、現金等價物和有價證券。

Turning to our outlook for the rest of the year. As Serge mentioned, we are withdrawing our previously issued annual revenue guidance. And in its place, we are providing guidance for the second quarter. The U.S policy changes have introduced increased uncertainty into purchasing behavior for many of our customers.

談談我們對今年剩餘時間的展望。正如 Serge 所提到的，我們正在撤回先前發布的年度收入指引。我們正在為第二季度提供指導。美國政策的改變為我們許多客戶的購買行為帶來了更大的不確定性。

As a reminder, approximately 40% to 50% of our revenue is exposed to the US academic and government research funding environment. We are highly exposed to ongoing uncertainty in the current environment. While the change to our guide reflects the current macro funding environment rather than company-specific performance, we believe it is prudent to take this step to ensure transparency and avoid setting expectations with the significantly limited visibility we have under these evolving conditions. We remain focused on assessing conditions in real time, and we'll reinstate our annual guidance when our visibility on macro impacts to customer spending improves.

提醒一下，我們大約 40% 到 50% 的收入來自美國學術和政府研究資助環境。在當前環境下，我們面臨著持續不斷的不確定性。雖然我們指南的變化反映了當前的宏觀融資環境而非特定公司的表現，但我們認為採取這一步驟是謹慎的，以確保透明度並避免在不斷變化的條件下我們在可見性非常有限的情況下設定預期。我們仍然專注於即時評估情況，當我們對宏觀經濟對客戶支出影響的了解有所改善時，我們將恢復年度指導。

For the second quarter, we expect revenue to be within a range of $138 million to $142 million, representing 1% growth sequentially at the midpoint, excluding the impact of the aforementioned license and royalty revenue. We anticipate that the funding and macro environment will remain challenged and that ordering patterns will continue to be impacted, particularly for instruments and larger consumable orders as customers work through grant delays, program cancellations and reprioritized budgets.

對於第二季度，我們預計營收將在 1.38 億美元至 1.42 億美元之間，按中點計算，環比增長 1%，不包括上述許可和特許權使用費收入的影響。我們預計，資金和宏觀環境仍將面臨挑戰，訂購模式將繼續受到影響，特別是對於儀器和較大的消耗品訂單，因為客戶正在努力解決撥款延遲、專案取消和重新調整預算等問題。

At the same time, we're encouraged by the continued strength in core usage trends, including double-digit growth in Chromium reactions and broader Xenium utilization. In regards to the evolving tariff landscape, we are tracking developments very closely. When it comes to components in our products, we have a limited reliance on China in our supply chain. In addition, we have a global manufacturing footprint with nearly all of our manufacturing occurring in the United States and in Singapore.

同時，核心使用趨勢的持續強勁令我們感到鼓舞，包括鉻反應的兩位數成長和更廣泛的氙氣利用率。關於不斷變化的關稅形勢，我們正在密切關注事態發展。就我們產品的零件而言，我們的供應鏈對中國的依賴有限。此外，我們的製造業務遍佈全球，幾乎所有製造業務都在美國和新加坡進行。

Sales to China, which accounted for approximately 10% of our revenue in 2024 is where we see the largest potential risk. Given our ability to manufacture many of our products in Singapore and other mitigation strategies, we believe the impact from currently proposed tariffs is likely to be minimal.

我們認為，對中國的銷售額占我們 2024 年收入的約 10%，是最大的潛在風險。鑑於我們能夠在新加坡生產許多產品以及其他緩解策略，我們認為目前提議的關稅的影響可能微乎其微。

Stepping back from the near-term uncertainty, we remain confident in the underlying health of our business and our competitive positioning. Our teams are executing well. Customer engagement remains strong, and our recent product launches are driving meaningful uptake. As Serge mentioned, we have recently implemented several cost-saving measures in order to protect our balance sheet. Over the past few months, we undertook a full and detailed review of all of the costs in our business and took actions to reduce our ongoing operating costs.

拋開近期的不確定性，我們仍然對我們業務的基本健康狀況和競爭地位充滿信心。我們的團隊表現良好。客戶參與度依然強勁，我們最近推出的產品正在推動有意義的成長。正如 Serge 所提到的，我們最近實施了幾項節約成本的措施，以保護我們的資產負債表。在過去的幾個月裡，我們對業務中的所有成本進行了全面而詳細的審查，並採取措施降低持續的營運成本。

This included a reduction of 8% of our workforce as well as significant reductions in non-headcount spend. Together, we anticipate these measures to reduce operating expenses for 2025 by more than $50 million compared to 2024. As a result of these measures, we estimate we will incur between $5.5 million and $6.5 million of costs, consisting primarily of cash severance costs, which will be paid by the end of the third quarter.

其中包括減少 8% 的員工以及大幅削減非員工開支。總之，我們預計這些措施將使 2025 年的營運費用將比 2024 年減少超過 5,000 萬美元。由於這些措施，我們估計我們將產生 550 萬至 650 萬美元的成本，主要包括現金遣散費，這些費用將在第三季末支付。

With our strong balance sheet, we have the ability to continue to execute on our strategy and fuel future innovation. We believe we are positioned well for long-term growth, and we are committed to staying agile as conditions continue to evolve.

憑藉強大的資產負債表，我們有能力繼續執行我們的策略並推動未來的創新。我們相信，我們已為長期成長做好了準備，並且我們致力於在情況不斷發展變化的情況下保持敏捷。

With that, I'll turn the call back to Serge.

說完這些，我就把電話轉回給 Serge。

Thanks, Adam. As we wrap up, I'd like to end on a personal note. I wasn't born in this country, but I love America. In fact, I love America, especially because I didn't grow up here. In no other country in the world, could I have dreamed all the opportunities that came my way of being given the chance to make a dent in the universe.

謝謝，亞當。最後，我想以個人觀點來結束我們的演講。我不是出生在這個國家，但我愛美國。事實上，我愛美國，尤其是因為我不是在這裡長大的。在世界上任何其他國家，我都不可能夢想得到如此多的機會，讓我有機會在宇宙中留下印記。

There is no other place we could have started 10x. No other place has such a welcoming culture of boundless innovation and positive ambition. No other place has this concentration of insanely talented people, incredibly sophisticated capital markets and a remarkable ecosystem across academia and industry supporting scientific innovation. We're living in a time of incredible progress in life sciences. The mysteries of biology are right in front of us, ready to be unlocked.

沒有其他地方可以讓我們開始 10x。沒有其他地方擁有如此熱情、無限創新和積極進取的文化。沒有其他地方能夠如此集中如此多的才華橫溢的人才、極其複雜的資本市場以及支持科學創新的學術界和工業界的卓越生態系統。我們正生活在生命科學有驚人進步的時代。生物學的奧秘就在眼前，等待我們解開。

Scientific progress in the coming years has the potential to bring cures to many, many diseases and completely transform the human condition. We are indeed on a threshold of a golden age that we're shooting ourselves in the foot right when we should be pressing on an accelerator. Recent US federal actions are massively hampering the ability of our universities and our government agencies to pursue their goals of advancing science.

未來幾年的科學進步有可能治癒許多疾病並徹底改變人類狀況。我們確實正處於黃金時代的門檻上，但當我們應該踩下油門的時候，我們卻搬起石頭砸自己的腳。美國聯邦政府最近的行動極大地阻礙了我們的大學和政府機構追求科學進步目標的能力。

I'd be the first to tell you that many of these institutions are in need of reform, but the current system often suffers from too much process, too much politization and too much bureaucracy, that younger scientists and unusual ideas face more challenges than they did in the past.

我首先要告訴大家，許多機構都需要改革，但現行體制往往有流程過多、政治化和官僚主義嚴重等問題，年輕的科學家和獨特想法面臨的挑戰比過去更大。

But overall, these institutions are incredibly valuable and productive. Our university system is the global engine of scientific discovery and the envy of the world. The NIH is the foundational jewel of biomedical progress. We certainly endeavor to reform and make these organizations ever more effective. But recent federal actions are not doing that.

但總體而言，這些機構非常有價值且富有成效。我們的大學體係是全球科學發現的引擎，令世界羨慕不已。NIH 是生物醫學進步的奠基石。我們當然會努力改革，讓這些組織更有效。但聯邦政府最近的行動並沒有做到這一點。

Instead, they're severely undermining these enterprises and run the risk of fundamentally dismantling their ability to support research, and that would be a tragedy. America is the greatest country in the history of the world, the beacon of hope for all of mankind. My expectation to those who are listening, let's not [ quarter ] a great inheritance. Let's work to defend and improve our greatest institutions.

相反，他們正在嚴重破壞這些企業，並冒著從根本上摧毀其支持研究的能力的風險，這將是一場悲劇。美國是世界史上最偉大的國家，也是全人類希望的燈塔。我對聽眾的期望是，讓我們不要分割一大筆遺產。讓我們共同努力，捍衛和改善我們最偉大的機構。

Overall, despite the current turbulence, I remain optimistic. The progress of science and technology just holds so much promise to improve the human condition and create massive value. As always, we're deeply committed to helping that progress and to always be great partners with our customers. We're focused on disciplined execution as we navigate the current environment while. Always keeping our eye on the long-term mission.

整體而言，儘管目前形勢動盪，我仍然保持樂觀。科學技術的進步對改善人類狀況和創造巨大價值有著巨大的希望。一如既往，我們堅定地致力於推動這項進步，並始終成為客戶的優秀合作夥伴。在應對當前環境的同時，我們專注於嚴謹的執行。始終關注長期使命。

With that, we will now open it up for questions.

好了，我們現在開始回答問題。

(Operator Instructions) Patrick Donnelly, Citi.

（操作員指示）花旗銀行的 Patrick Donnelly。

Serge, maybe just wanted to talk through the current backdrop. I mean, can you give us a sense as to what the recent conversations with customers have looked like, let's say, over the last couple of months, did the NIH and broader academic volatility, did that cause a freezing up by customers that led to this level of uncertainty that drove you guys to kind of pull the guide.

塞爾吉，也許只是想談談當前的背景。我的意思是，您能否讓我們了解一下最近與客戶的對話情況，比如說，在過去的幾個月裡，美國國立衛生研究院和更廣泛的學術動盪是否導致客戶凍結，從而導致這種程度的不確定性，迫使您撤回指南。

Now that we had the NIH proposal, to your point there, a significant 40% type cut, has that changed any of the conversations? Or is it now we have to wait on the final budget numbers? I'm wondering, even if it's a double-digit cut, does just having that certainty lead to better visibility from your side and from customer side, essentially just wondering, I guess, the path for you to have that visibility back in the business and seeing a pathway to growth? I mean, does it come down to the budget? Maybe just pull the curve back a little bit on that.

現在我們有了 NIH 的提案，正如您所說，大幅削減了 40%，這是否改變了任何對話？或者現在我們必須等待最終的預算數字？我想知道，即使是兩位數的削減，僅僅擁有這種確定性是否能為您和客戶帶來更好的可視性，本質上我只是想知道，您如何才能在業務中重新獲得這種可視性並看到增長的道路？我的意思是，這取決於預算嗎？也許只需將曲線稍微拉回一點即可。

Yes, Patrick. Great question. Key question for sure. So let me start with some background color about the conversations with customers and what we're hearing from the field. And then I'll hand it over to Adam to talk about sort of the implications, how we're thinking about the guide and as we progress through the year, how we're thinking about the numbers.

是的，派崔克。好問題。這肯定是關鍵問題。因此，讓我先介紹一下與客戶對話的背景以及我們從現場聽到的訊息。然後我會把它交給亞當來談論其影響，我們如何看待指南，以及隨著這一年的進展，我們如何看待這些數字。

So yes, as far as the conversations with customers are concerned, like as we said on the call, the environment kept getting worse as we proceeded through the quarter. And in fact, the conversations with customers, what we've been hearing have been getting in many places, more and more, let's say, dire in terms of just the lack of clarity and uncertainty about where their funding was coming from.

是的，就與客戶的對話而言，就像我們在電話中所說的那樣，隨著本季的進展，環境變得越來越糟。事實上，在與客戶的對話中，我們聽到的許多聲音越來越可怕，因為他們對於資金來源缺乏明確性和不確定性。

The initial news around caps around indirect, that was -- that created a lot of uncertainty around a lot of churn. But there was a lot of other activity. And I would say that compared to sort of the initial outlook that people had around this being just an NIH issue or like NIH budget issue, there is a more systemic set of issues now that you have to be looking at for when you're looking at academic and government funding in the US.

有關間接上限的初步消息是——這給大量客戶流失帶來了很大的不確定性。但還有很多其他活動。我想說的是，與人們最初認為這只是 NIH 問題或 NIH 預算問題相比，現在當你審視美國的學術和政府資助時，你必須專注於一系列更系統性的問題。

Other agencies that are being affected, there is a ton of different procedural issues that are making it very challenging for people to actually get the funds as well as having like huge uncertainty around where the funds are going to be coming from in the future, whether they're going to be coming.

其他受影響的機構存在大量不同的程序問題，這使得人們很難真正獲得資金，而且對於未來資金的來源以及是否會到位也存在巨大的不確定性。

As well as multiple disputes with universities that are -- all of them are large customers of ours as well. So there's sort of a very large cloud of uncertainty that we are hearing from customers. And I think the big theme is just the uncertainty, right? And that has prompted the different organizations, different institutions to implement numbers of cost-cutting measures and reducing their spend in various ways.

以及與大學的多起糾紛——這些大學都是我們的大客戶。因此，我們從客戶那裡聽到了很大的不確定性。我認為最大的主題就是不確定性，對嗎？這促使不同的組織、不同的機構採取一系列削減成本的措施，並以各種方式減少開支。

And so there is an impact that we are certainly seeing right now in terms of spending patterns, but there is also kind of an anticipatory impact that people are baking in into their sort of plans or lack of plans.

因此，就消費模式而言，我們現在確實看到了影響，但人們也在他們的計劃或缺乏計劃中考慮到了某種預期影響。

And maybe, Patrick -- Adam here, I could just add to your question sort of around the suspension of guidance. And I think as you heard from Serge, we've been spending a lot of time with customers out there trying to do our best to support, but also to learn. So it's a fair question when we spent a lot of time weighing that carefully. So philosophically, we believe that forward guidance should enable the investment community to model our business with a reasonable degree of accuracy. And I think as you just heard from Serge, the facts given the uncertainty, they don't support that standard.

也許，派崔克——我是亞當，我可以補充你的問題，關於暫停指導。我想正如您從 Serge 那裡聽到的，我們花了很多時間與客戶在一起，盡力提供支持，同時也在學習。因此，當我們花了很多時間仔細權衡這個問題時，這是一個合理的問題。因此，從哲學上講，我們認為前瞻性指引應該使投資界能夠以合理的準確度模擬我們的業務。我認為，正如您剛才從塞爾吉那裡聽到的，由於存在不確定性，事實並不支持該標準。

As we just talked about kind of in our prepared remarks, we started the year with good momentum. Q1, really multiple positive developments, double-digit year-on-year growth in Chromium reactions, strong Xenium consumables utilization, which really confirms what we said when we set out the initial guide and also confirms the fundamentals of our business are robust.

正如我們剛才在準備好的發言中談到的，我們以良好的勢頭開始了新的一年。第一季確實出現了多項積極的發展，鉻反應同比增長兩位數，Xenium 消耗品利用率強勁，這確實證實了我們制定初步指南時所說的話，也證實了我們業務基本面強勁。

But since that call, as Serge just mentioned, funding backdrop, customer confidence, it's worsened materially, academic and government research budgets tightening, NIH grants and the outlays as you sort of track those, that remains in Flux. And then there's a variety of procedural changes that have been put in place that actually really disrupt our customers' ability to know their funding levels and then it makes it difficult for them to commit to projects and programs for us in the second half of the year. Just as a reminder, 40% to 50% of our revenue is exposed to those US academic and government sources, half of that being the NIH. The other sort of portion of that is the non-NIH federal state institutional sort of academic and government sources.

但自從那次電話會議以來，正如塞爾吉剛才提到的，資金背景、客戶信心等情況都大幅惡化，學術和政府研究預算緊縮，而美國國立衛生研究院的撥款和支出（正如你所追踪的）仍然在不斷變化。此外，還實施了各種程序變更，這些變更實際上嚴重擾亂了我們的客戶了解其資金水平的能力，從而使他們難以在下半年為我們承諾專案和計劃。提醒一下，我們的 40% 到 50% 的收入來自美國學術界和政府部門，其中一半來自 NIH。其中另一部分是非 NIH 聯邦州機構類型的學術和政府資源。

So the range of possible full year outcomes become unusually wide due to the unpredictability of that external environment. And generally, we seek to provide as much transparency as possible. But given our line of sight into Q2, we provided guidance for this quarter today.

因此，由於外部環境的不可預測性，全年可能出現的結果範圍變得異常廣泛。整體而言，我們力求提供盡可能多的透明度。但考慮到我們對第二季的關注，我們今天提供了本季的指導。

However, in the second half, there are plausible scenarios where conditions improve and there's others where they deteriorate further. And so giving a full year number at this juncture would create a false sense of precision and withdrawing it is the most intellectually honest approach until external signals stabilize.

然而，下半年的情況可能會有所改善，但也有可能進一步惡化。因此，在這個節骨眼上給出全年數字會給人一種虛假的精確感，而在外部信號穩定下來之前撤回這一數字是最理智誠實的做法。

Kyle Mikson, Canaccord Genuity.

凱爾米克森（Kyle Mikson），Canaccord Genuity。

Adam, on your last point there, could you just maybe provide a little more detail on what you -- how you expect the year to kind of play out going forward, whether it's like instrumentation versus consumables? You kind of commented on that or maybe Chromium versus Spatial, if you could be helpful to understand that. And also the -- if there was an NIH pull forward in the first quarter because we saw that from some other folks in the sector.

亞當，關於你的最後一點，你能否提供一些更詳細的信息，說明你對今年未來發展的預期，無論是儀器儀表還是消耗品？如果您能對此有所幫助，或者對 Chromium 與 Spatial 進行了評論，那會怎麼樣？而且——如果 NIH 在第一季有所進步，因為我們從該領域的其他一些人那裡看到了這一點。

And just a second question I want to ask maybe for Serge. Spatial -- declined 50% year-over-year. Can you just comment on the current market dynamics given Bruker has been pretty active at AACR. Just would love your thoughts on that.

我還想問 Serge 第二個問題。空間——年減50%。鑑於布魯克在 AACR 上非常活躍，您能否評論一下當前的市場動態？我很想知道你對此的看法。

Yes, Kyle, I can start. Let me take through. We didn't see NIH pull forward, so I can start there. And then it kind of -- if we think about the balance of the year, let me start with Q2 because we just withdrew guidance for the second half, so not really in a position to be providing specific outlook beyond Q2. That said, based on what we're seeing today, Q2 is shaping to look a lot like Q1.

是的，凱爾，我可以開始了。讓我來看一下。我們沒有看到 NIH 取得進展，所以我可以從那裡開始。然後，如果我們考慮今年的平衡，讓我從第二季度開始，因為我們剛剛撤回了下半年的指導，因此無法提供第二季度之後的具體展望。也就是說，根據我們今天看到的情況，第二季看起來與第一季非常相似。

So consistent trends, similar dynamics we had, as I think you could see from the numbers, real pressure on the CapEx in the instrumentation side of our business and consumables held their own. We were flat on Chromium consumables and really nice growth on the spatial side, particularly in the Xenium side.

因此，正如我認為您可以從數字中看到的那樣，我們擁有一致的趨勢和類似的動態，我們業務的儀器方面和消耗品的資本支出面臨實際壓力。我們在 Chromium 消耗品方面表現平平，但在空間方面，特別是在 Xenium 方面，取得了非常好的成長。

So when we think about the back half of the year, it's just a really wide range of possible outcomes. If the current trends hold, it could be reasonable to expect sort of flat to low single-digit sequential growth trajectory, which is what we've sort of baked into our Q2 guide here versus Q1. So there's a world where things improve, and we see trends even better than that.

因此，當我們考慮今年下半年時，可能會出現各種各樣的結果。如果目前的趨勢持續下去，那麼預期連續成長軌跡將呈現持平至低個位數的趨勢是合理的，這也是我們在第二季指南中相對於第一季所反映的情況。所以，這個世界正在不斷進步，而且我們看到的趨勢甚至比這更好。

The budget could very well favor spatial and single cell research relative to other areas. The new head of the NIH has sensible ideas around reforms. And to the extent that money gets unstuck, it could create some upside for us. But also given what we're seeing in the environment, there's a possibility for further deterioration. So for now, we've got the plans. We've got the financial means to execute and respond across a wide range of scenarios. And we're committed to providing an update when we have our Q2 call in August.

與其他領域相比，預算很可能會有利於太空和單細胞研究。美國國立衛生研究院的新院長對於改革有著明智的想法。如果資金能夠有效利用，那麼它就能夠為我們帶來一些好處。但考慮到我們所看到的環境狀況，情況還有進一步惡化的可能性。所以現在，我們已經有計劃了。我們擁有足夠的財力來執行和應對各種情況。我們承諾在 8 月第二季電話會議上提供最新消息。

Yes. And maybe, Kyle, on your second question on spatial instruments and sort of the market dynamics there. But fundamentally, from the competitive perspective, there hasn't -- I wouldn't say there was a material change, similar dynamics that we've seen over the last several quarters. People really, really like our spatial products. They love Xenium.

是的。凱爾，也許你的第二個問題是關於空間儀器和那裡的市場動態。但從根本上來說，從競爭的角度來看，並沒有——我不會說發生了實質性的變化，也沒有看到我們在過去幾季中看到的類似動態。人們真的非常喜歡我們的空間產品。他們喜歡 Xenium。

In fact, I was at AACR last week and got a lot of really gushing feedback from our customers, just real delight in the kind of data they're seeing in the kind of insights they're drawing. And you could see that manifesting itself in various posters and presentations and papers that are coming out.

事實上，我上週在 AACR 並從我們的客戶那裡得到了很多非常熱情的反饋，他們對他們所看到的數據和得出的見解感到非常高興。你可以在即將發表的各種海報、簡報和論文中看到這一點。

So we feel really, really good about Xenium's position in the market. Again, the biggest thing, the biggest variable, the biggest reason for the decline is the macro environment. CapEx has been getting tighter across the world and particularly challenged within the US, especially within the academic and government markets.

因此，我們對 Xenium 在市場上的地位感到非常滿意。還是那句話，最大的因素，最大的變數，下跌的最大原因是宏觀環境。全球範圍內的資本支出變得越來越緊張，美國尤其面臨挑戰，尤其是在學術和政府市場。

Douglas Schenkel, Wolfe Research.

道格拉斯‧申克爾，沃爾夫研究中心。

This is Madeline Mollman on for Doug. I just wanted to touch on what you just said about sequential increases throughout the year. I think there's a slight step-up from Q1 to Q2, the midpoint of the Q2 guide, excluding some of the litigation money. What gives you confidence in this, especially in light of your earlier comments that things got increasingly tire as the quarter went on?

我是 Madeline Mollman，代替 Doug 報道。我只是想談談您剛才所說的全年連續增長的情況。我認為從第一季到第二季會略有上升，即第二季指南的中點，不包括部分訴訟費用。是什麼讓您對此有信心，特別是考慮到您先前的評論，即隨著本季的進行，事情變得越來越令人疲倦？

Yes. Thanks, Madeleine. Yes. And so first of all, you're correct. So essentially the Q2 guidance provided is $138 million to $142 million. That's the range, and it represents 1% growth sequentially at the midpoint. What gives us confidence around there? Well, thankfully, we're 8 days here into May. We've got pretty good visibility into the order book and the order patterns between now and the end of the quarter. But I think that's an important distinction to make, which is it's not that we are -- have sort of lost visibility entirely.

是的。謝謝，瑪德琳。是的。首先，你是對的。因此，第二季的預期收入基本上是 1.38 億美元至 1.42 億美元。這是範圍，代表中間點連續成長 1%。是什麼讓我們對此充滿信心？好吧，值得慶幸的是，我們已經進入 5 月 8 天了。從現在到本季末，我們對訂單簿和訂單模式有了相當好的了解。但我認為這是一個重要的區別，那就是我們並沒有完全失去可見性。

It's that we just don't have, given the dynamic environment and sort of the ever-changing procedures and other changes that are really impacting our customers' ability to have clarity around funding. That's really a second half dynamic for us in the Q2 here. We've got a pretty good sense of what's going on. And both from a customer segmentation standpoint, and really even from a product and product mix standpoint, it's going to look a lot like Q1 did.

鑑於動態環境和不斷變化的程序以及其他變化確實影響了我們的客戶明確融資能力，我們確實沒有這樣做。這對我們來說確實是第二季下半年的動態。我們對正在發生的事情有相當清楚的了解。無論從客戶細分的角度，還是從產品和產品組合的角度，它都會與第一季的情況非常相似。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

This is Ben on for Mason here. Just wanted to hit on the head count -- head count reduction you spoke to and sort of your OpEx initiatives. How should we think about that in light of the recent restructuring that you've done? And really, how does that impact your ability to hire certain commercial teams and the ability to grow going forward?

這是本，代替梅森。只是想談談您談到的員工人數減少以及您的營運支出計劃。鑑於您最近進行的重組，我們應該如何看待這個問題？那麼，這對您聘用某些商業團隊的能力以及未來發展的能力有何影響？

Yes. So yes, good question. So the constantly implemented have been across the company, kind of touching on every department. But mathematically, R&D had more of an impact than other functions just because it's a large -- particularly large organization. There was less of an impact on direct sales roles on that organization because we have just built out the team, that organization -- and we do feel strongly that it is now a source of a foundation for growth for us going forward.

是的。是的，這是個好問題。因此，這些措施在整個公司範圍內不斷實施，涉及每個部門。但從數學上講，研發比其他職能更有影響力，因為它是一個大型組織——特別是大型組織。該組織對直銷角色的影響較小，因為我們剛剛建立了團隊，該組織——我們確實強烈地感覺到，它現在是我們未來成長的基礎來源。

And we're quite happy and satisfied how that's going. We fundamentally really, really carefully considered all of our programs, all our initiatives across the company and focused -- focusing the company in the most critical areas, the most critical initiatives. But the idea is that we will emerge kind of once we through the store -- in a very strong position. We feel good about our ability to retain the talent, and that's something that is very, very important to us going forward.

我們對目前的情況感到非常高興和滿意。我們從根本上非常非常仔細地考慮了我們所有的計劃、整個公司的所有舉措，並將重點放在公司最關鍵的領域和最關鍵的舉措上。但我們的想法是，一旦我們進入商店，我們就會出現一個非常強大的地位。我們對自己留住人才的能力感到滿意，這對我們未來的發展非常非常重要。

And Ben, let me just add, just from a P&L impact standpoint, the measures that we've undertaken and that we've announced will reduce operating expense for 2025 by more than $50 million compared to 2024. And also as part of that related to the reduction in force will incur between $5.5 million and $6.5 million of costs, predominantly cash severance costs, which will be paid out by the end of the third quarter.

本，讓我補充一下，僅從損益影響的角度來看，我們採取和宣布的措施將使 2025 年的營運費用與 2024 年相比減少超過 5,000 萬美元。此外，由於裁員，公司將產生 550 萬至 650 萬美元的成本，主要是現金遣散費，這些費用將在第三季末支付。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

This is Paul on for Dan. Just wondering a little bit about sort of the regional view. EMEA sales declined as much as the US against a really tough comp, but the next two quarters have kind of similarly tough comps. Is that something that we would expect to see continue? And what are the factors that are kind of holding back customers in Europe and causing that single-digit decline?

這是保羅代替丹上場。我只是有點好奇某種區域觀點。與美國相比，歐洲、中東和非洲地區的銷售額下降幅度相當大，但接下來的兩季的銷售額也同樣艱難。我們期望這樣的事情會繼續發生嗎？那麼，哪些因素阻礙了歐洲消費者並導致個位數的下降呢？

Yes, Paul, thanks. Good question. Good catch. Like I would say, first of all, to make sure not to overindex on any given quarter because there are different dynamics around just the timing of different orders and shipments. The fundamental business in Europe is strong.

是的，保羅，謝謝。好問題。好球。就像我想說的，首先，要確保不要在任何特定季度出現過度指數，因為不同訂單和發貨的時間有不同的動態。歐洲的基本業務強勁。

So yes, there are some timing effects here, but -- and I would also say there is no question on the CapEx environment year-over-year compared to the first quarter of last year has gotten worse. So yes, so the instrument environment continues to be challenging. And I mentioned on the last call, in the last quarter that from the commercial reorg, our CapEx team was sort of -- was still falling in place. In Europe, in particular, it takes longer to hire people there. And this was the last sort of piece of the puzzle to go in place.

所以是的，這裡存在一些時間效應，但是——而且我還要說，與去年第一季相比，資本支出環境比去年同期毫無疑問有所惡化。是的，儀器環境仍充滿挑戰。我在上次電話會議上提到，在上個季度，從商業重組開始，我們的資本支出團隊就一直處於停滯狀態。尤其是在歐洲，招募人員需要更長的時間。這是拼圖的最後一塊碎片。

And over the course of this last quarter, we actually completed the full CapEx team in Europe, and it is now in full force. And going forward, we feel optimistic about doing better with instruments in [Zenium ] in particular portfolio. .

在上個季度，我們實際上完成了歐洲整個資本支出團隊的組建，目前團隊已全面投入工作。展望未來，我們對 [Zenium] 特定投資組合中的工具表現更好感到樂觀。。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

This is Edmond on for Tejas. Sticking on the regional view. You guys had really strong consumable sales in APAC. Are you seeing any pull forward of consumables in the region? And more broadly speaking, are you seeing any signs of customers stocking up ahead of potential price increases?

這是 Tejas 隊的 Edmond。堅持區域觀點。你們在亞太地區的消費品銷售非常強勁。您是否看到該地區消費品價格上漲？更廣泛地說，您是否看到任何跡象表明客戶在潛在價格上漲之前囤貨？

I would say that the first order sort of the answer here is that there is great the line demand in Asia, in China and in Japan in particular. So the other sort of the element to consider is that in Japan, we went direct. Now we kind of changed our model of how we do business there and that allowed us to capture additional revenue because of that. Also, Q1 is the fiscal year end there, and so that has to drive an additional business. So yes, so there's a number of structural improvements we made over the course of the past year, both Japan and China. And we're seeing robust demand in those regions, and it is manifesting itself in strong performance.

我想說，這裡首先要回答的是，亞洲，尤其是中國和日本的線路需求很大。因此需要考慮的另一個因素是，在日本，我們採取了直接行銷的方式。現在，我們改變了在那裡開展業務的模式，這使我們能夠獲得額外的收入。此外，第一季是財政年度結束，因此必須推動額外的業務。是的，過去一年來，我們在日本和中國都做了許多結構性改進。我們看到這些地區的需求強勁，表現強勁。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Maybe just focusing on the Zenium consumable pull-through, which was good to see, and you talked about increasing utilization, particularly amongst the larger customers. Just given the instrument placement has been weaker because of the CapEx environment, how much runway is there for you to continue to increase utilization with existing customers, particularly ones that are little bit earlier in their cycle in terms of owning the instrument. And do you think that can continue to drive the spatial consumable growth over the course of at least next quarter and for -- based on your visibility to the rest of the year?

也許只是專注於 Zenium 消耗品拉通，這是很好的看到，並且您談到了提高利用率，特別是在較大的客戶中。由於資本支出環境的影響，儀器配置一直較弱，那麼您在繼續提高現有客戶的利用率方面還有多少空間，特別是那些在擁有儀器方面處於週期早期階段的客戶。並且，根據您對今年剩餘時間的預測，您是否認為這至少可以在下個季度以及更長時間內繼續推動空間消費品的成長？

Yes, Matt, good question. And the answer is yes, absolutely. In fact, when we're looking at our utilization patents, we're seeing increase across the full range of customers. So I pointed out the -- earliest users are still increasing their usage. I also mentioned new customers kind of ramping up.

是的，馬特，問得好。答案是肯定的，絕對的。事實上，當我們審視我們的利用專利時，我們發現各個客戶的利用專利都在增加。因此我指出——最早的用戶仍在增加他們的使用量。我還提到了新客戶數量的增加。

And it is actually the low users, the medium and the higher still increasing. So we haven't really reached that some thought in terms of kind of the biggest users. They're still scaling up. And we have a very large bolus of customers that are still like in early stages of that curve, adopting as well. So that is certainly 1 of the reasons why we do feel very bullish about the Zenium potential.

實際上低階用戶、中級用戶和高級用戶仍在增加。因此，我們還沒有真正對最大的使用者群體進行思考。他們仍在擴大規模。我們擁有大量仍處於該曲線早期階段的客戶，他們也正在採用這項技術。所以這確實是我們對 Zenium 潛力非常看好的原因之一。

And I would say that it is -- it is playing out the way that we had talked about before where the platform fundamentally is incredibly attractive to people, both for the kind of insights you can get and just the practicalities of getting the data and making their discoveries. But it has the sort of element where it takes some amount of time for people to ramp up on it, right? Because you need to make typically select your genes. You have to make -- do some amount of customization, what customers do, and that entails an initial sort of burn-in period as people are going to go through that. But once they get over that, they start steadily what we've been seeing increasing their utilization.

我想說的是——它正在以我們之前談論的方式發揮作用，這個平台從根本上對人們具有極大的吸引力，既因為你可以獲得洞察力，也因為你可以獲得數據和發現的實用性。但它有一種元素，人們需要花一些時間來適應它，對嗎？因為你需要典型地選擇你的基因。你必須進行一定程度的定制，根據客戶的需求進行定制，這就需要人們經歷一個初始的磨合期。但一旦他們克服了這一點，他們就會開始穩定地提高利用率，正如我們所看到的。

So yes, there is a lot of runway even independent of the instrument placements to keep increasing utilization. .

所以是的，即使與儀表位置無關，仍有許多跑道可以不斷提高利用率。。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

This is Kyle on for Dan. I wanted to go back to P&L and the cost out this year. You guys are pretty meaningfully taking cost out this year just given the current environment. But you mentioned in the prepared remarks, there might be some other levers in the P&L you can pull if the current environment sort of continues. Can you go into more detail about what other areas do you think you see the most potential for cuts, at least in the near term?

這是凱爾 (Kyle) 代替丹 (Dan)。我想回顧今年的損益表和成本。考慮到目前的環境，你們今年的成本削減相當有意義。但是您在準備好的評論中提到，如果當前環境繼續下去，您可能可以利用損益表中的其他一些槓桿。您能否更詳細地說明一下，您認為至少在短期內還有哪些領域最有可能削減開支？

Sure. Kyle, I can take a start on that and then turn it over to -- for additional color if needed. So I think -- yes, I think as you noted, I mean, we're committed to -- with the cost actions we've taken thus far, at least $50 million reduction over where we were in 2024. And the way that, that breaks down is roughly half of that was coming from headcount, the 8% head count reduction that we announced today after the market closed. The other half is discretionary spend.

當然。凱爾，我可以先從那裡開始，然後將其交給——如果需要的話，可以添加更多顏色。所以我認為——是的，正如你所說，我們致力於——透過我們迄今為止採取的成本行動，比 2024 年減少至少 5000 萬美元。具體來說，其中大約一半來自員工人數減少，我們今天在市場收盤後宣布了 8% 的員工人數削減。另一半是可自由支配的開支。

And so there is more to be done, particularly in the discretionary spend area. And those are areas really as part of the holistic view that we took over the last couple of months and even more urgency and intensity as the macro situation began to deteriorate a bit more, became a bit more cloudy in March. We learned a lot. And there's more costs to continue to take up as needed. So I think most importantly, we just want to remain nimble. we’ve got our fingers on the pulse of the situation as best as we possibly can, and we're committed to doing what we can to protect and preserve the strength of the balance sheet that we have.

因此，還有很多工作要做，特別是在可自由支配的開支領域。這些領域實際上是我們過去幾個月來所持的整體觀點的一部分，隨著宏觀形勢在 3 月開始進一步惡化、變得更加陰雲密布，這些觀點的緊迫性和強度甚至更高。我們學到了很多。並且根據需要還會繼續承擔更多成本。所以我認為最重要的是，我們只想保持彈性。我們盡可能地掌握情勢的脈搏，並致力於盡我們所能保護和維護我們現有的資產負債表的實力。

Yes. I'll just add -- we have strong conviction in our markets, in our development in our team. We're focused on making sure that we capture the opportunities that we see kind of on the other side of the turbulence. But of course, we are agile, and we'll be careful assessing kind of as we navigate this environment. And we have a strong balance sheet, and we will absolutely keep it that way.

是的。我只想補充一點——我們對我們的市場、對團隊的發展有著堅定的信念。我們專注於確保抓住動盪另一邊出現的機會。但當然，我們很敏捷，在探索這種環境時我們會謹慎評估。我們的資產負債表強勁，我們絕對會維持這種狀態。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

This is Sam on for Luke. First of all, Serge, I really appreciated that into the prepared remarks. But anyways, getting into the question, I'm kind of left with a bit of a niche and long-term question here. But given the FDA's recent emphasis on moving away from animal testing in favor of the use of new alternative methodologies, including [ organoids ] and kind of looking in the background of that technology. I noticed some use cases for single cell sequencing when it comes to either researching new organoids or verifying the quality or reproducibility of those or even interrogating the cells after the study.

這是 Sam 為 Luke 表演的。首先，Serge，我非常欣賞你準備好的發言。但無論如何，進入這個問題，我在這裡留下了一個有點小眾和長期的問題。但鑑於 FDA 最近強調放棄動物試驗，轉而採用新的替代方法，包括[類器官]，並研究該技術的背景。我注意到在研究新的類器官或驗證其品質或可重複性，甚至在研究後詢問細胞時，單細胞測序有一些用例。

So I'm wondering if you guys have put any thought into a pretty niche area of single cell. I'm not sure if that's much of a needle mover, but I'm wondering if that is an upside driver in the long term for -- ?.

所以我想知道你們是否考慮過單細胞這個相當小眾的領域。我不確定這是否會對市場產生重大影響，但我想知道這是否會成為長期的上行驅動力-- ？ 。

No. I mean, actually, that's a really good question. It's actually a really perceptive question. And that's something that has been coming up very consistently as we talk to our biopharma customers. Because if you think about it, it's not just sort of the endpoint where the FDA is requiring a testing and like it is sort of fundamental issue for biopharma for drug development is, what systems do you actually test your drugs in.

不。我的意思是，實際上，這是一個非常好的問題。這實際上是一個非常敏銳的問題。當我們與生物製藥客戶交談時，這個問題不斷出現。因為如果你仔細想想，這不僅僅是 FDA 要求進行測試的終點，而且對於生物製藥藥物開發來說，這是一個根本問題，即你實際上在什麼系統中測試你的藥物。

cell cultures are just not -- they don't represent human biology or they're on complex enough, in animal models and just like that to different from humans, right? And for sure, a lot of our customers across the board have been investigating different models like organoids and different tissue models. And absolutely, single cell and spatial in fact, are by far the best ways of working with them, both as you say, in kind of assessing them, whether they do represent kind of the biology you trying to capture.

細胞培養物根本不是——它們不能代表人類生物學，或者它們在動物模型中不夠複雜，與人類不同，對嗎？當然，我們的許多客戶一直在研究不同的模型，例如類器官和不同的組織模型。絕對地，單細胞和空間實際上是迄今為止處理它們的最佳方式，正如您所說，在評估它們時，無論它們是否代表您試圖捕捉的生物學。

And then in that sort of in a production setting, analyzing when you're applying a particular drug to the system, what is doing, what you expect it to do and whether it's having any effect that you don't want to be having. So we actually do see that as a very promising a pretty fundamental area of growth for us.

然後在這種生產環境中，分析當你將某種藥物應用到系統中時，它會產生什麼作用，你期望它會產生什麼作用，以及它是否會產生你不想要的效果。因此，我們確實認為這是一個非常有前景、非常基礎的成長領域。

I talk quite a bit about the fact that our tools can be applied just across the full continuum of drug development. And that is definitely one of the kind of core elements of what we've been seeing, where we see the potential is. And still very early in this kind of business opportunity.

我多次談到我們的工具可以應用於整個藥物開發過程。這絕對是我們所看到的核心要素之一，也是我們所看到的潛力所在。這種商業機會還處於早期階段。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

This is -- on for Mike. You wanted to know outside of the US, how did ANG hold up. And I know that pharma is like a pretty small part of the business so far, but how has that trended in 1Q so far?

這是——為麥克而設。您想知道在美國以外，ANG 的表現如何。我知道到目前為止製藥業只佔業務的一小部分，但到目前為止第一季的趨勢如何？

Yes. So I mean, in general, academia government there held up pretty well outside of US. Again, different countries create different pressures, and there's different budget considerations for sure. And the specialist sort of with the geopolitics being fairly unstable or in flux right now that create some pressures. But overall, I think at a high level, the environment has been relatively healthy outside the US and the business has been good.

是的。所以我的意思是，總的來說，美國以外的學術界政府表現得相當不錯。同樣，不同的國家有不同的壓力，而且肯定有不同的預算考量。目前地緣政治相當不穩定或不斷變化，這給專家帶來了一些壓力。但整體而言，我認為從高層次來看，美國以外的環境相對健康，業務也良好。

Matt -- , William Blair.

馬特——，威廉·布萊爾。

This is Jacob on for Matt. I wanted to just ask quickly on tariffs, specifically related to China and just the overall demand in that region as well. I think you mentioned you -- you see this as the largest potential risk related -- of the business. I mentioned there's ways to shift manufacturing in Singapore and other mitigating efforts. So just wondering because this demand is in this region pretty well with previous quarters.

這是雅各 (Jacob) 取代馬特 (Matt)。我想快速詢問一下有關關稅的問題，特別是與中國以及該地區的整體需求有關的問題。我想您提到過——您認為這是與業務相關的最大潛在風險。我提到了將製造業轉移到新加坡的方法和其他緩解措施。所以我只是想知道，因為這個地區的需求與前幾季相比相當好。

I think it's up double digits now for three consecutive quarters and even at the highest level since the fourth quarter of 2022. So I guess just first, did you see any pull forward in this region during the quarter? And then second is mitigating the potential China tariffs in near, medium or long-term opportunity. And what would the costs look like to shifting the manufacturing to nearby regions? And then third, I guess, just what is your -- or the long-term growth opportunity you still see in that region?

我認為現在已經連續三個季度實現兩位數成長，甚至達到2022年第四季以來的最高水準。所以我想首先，您是否看到本季該地區有任何進展？第二是減輕近期、中期或長期內潛在的中國關稅。將製造業轉移到附近地區的成本是多少？第三，我想，您認為該地區的長期成長機會是什麼？

I can take that. So just on your question on pull forward, no, I mean, it wasn't really a factor for us in should Q1. just take a step back and say, look, we're in a fortunate position of having manufacturing sites inside and outside the United States. And specifically, we have the ability to manufacture most of our products in both locations here in the United States and in Singapore.

我可以接受。所以就你關於提前的問題而言，不，我的意思是，這對我們來說並不是一個真正的因素，應該在第一季做出決定。退一步說，看，我們很幸運，在美國境內和境外都有製造基地。具體來說，我們有能力在美國和新加坡兩個地方生產大部分產品。

Our team did a great job reacting to the news which has been quite dynamic and moving inventory as needed to get product sort of in region and try to do our best to anticipate tariffs and the changes there. Most of our single cell products are actually made in Singapore. And we're working on additional mitigation strategies, as you sort of noted, and as we talked about, to have more products originate from Singapore as needed.

我們的團隊對新聞做出了出色的反應，新聞變化非常頻繁，我們根據需要調整庫存，以便將產品運送到該地區，並盡最大努力預測那裡的關稅和變化。我們的大多數單細胞產品實際上都是在新加坡生產的。正如您所說，我們正在製定額外的緩解策略，以便根據需要從新加坡進口更多產品。

So it's really kind of a twofold dynamic. I think about the revenue side, which we talked about and you just noted around China and cost impacts. For revenue, sales to China would be the biggest risk. It was roughly 10% of our business last year. And the impact there will be predominantly in our Zenium instruments, which are manufactured here in the United States. We've got proactive mitigation strategies, and we're actually working on some broader mitigation steps if the tariffs were to persist.

所以這其實是一種雙重動態。我考慮的是收入方面，我們討論過，你剛才提到了中國和成本影響。對於收入而言，對中國的銷售將是最大的風險。這大約占我們去年業務的10%。其影響將主要體現在我們在美國製造的 Zenium 儀器上。我們已經制定了積極的緩解策略，如果關稅持續下去，我們實際上正在採取一些更廣泛的緩解措施。

On the cost of goods side, we've got minimal reliance on China and other sort of highly tariff companies -- or countries rather in our supply chain. So we anticipate real minimal impact to COGS, given our ability to manufacture most of our products in Singapore. So it's a low single-digit million supply chain COGS impact if the current tariffs remain.

在商品成本方面，我們對中國和其他高關稅公司（或更確切地說是供應鏈中的國家）的依賴程度極低。因此，考慮到我們能夠在新加坡生產大部分產品，我們預計對 COGS 的影響實際上會很小。因此，如果現行關稅保持不變，對供應鏈 COGS 的影響將只有數百萬。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

This is Philip on for Puneet. My question is just on new product launches. Could you just sort of give an update on sort of how the recent product launches have been contributing so far and what you're baking in for 2Q, specifically GEM-X, GEM-X -- Zinium and some of the other upgrades across Zenium and [ Visium HD ]? And then maybe if you could give us a sense of the mix of GEM-X now compared to prior kits.

這是 Puneet 的 Philip。我的問題只是關於新產品的發布。您能否簡單介紹一下最近推出的產品到目前為止的貢獻，以及您為第二季度製定的計劃，特別是 GEM-X、GEM-X - Zinium 以及 Zenium 和[ Visium 高清 ]？然後，也許您可以讓我們了解現在 GEM-X 與之前的套件相比的混合。

Yes. So like on that last question, Philip. So the GEM-X at this point is a large majority of what we sell on the Chromium product line. As far as just the contribution of the new products, well, look, last year, we launched a lot of new products, all across our platforms. So by and large, like our business now is driven by those products, those launches, whether it's [ Visium HD] Zenium, all the different GEM-X products on the Chromium side.

是的。就像最後一個問題一樣，菲利普。因此，目前 GEM-X 佔據了我們在 Chromium 產品線上銷售的大部分產品。就新產品的貢獻而言，嗯，去年，我們在所有平台上推出了許多新產品。所以總的來說，我們現在的業務是由這些產品、這些發布所驅動的，無論是 [Visium HD] Zenium，還是 Chromium 方面的所有不同的 GEM-X 產品。

On -- in my remarks earlier, I mentioned that GEM-X -- and on-chip multiplexing are doing particularly well. Now those are the most recent product launches that we have. So Yes. No. I think they're driving demand they're driving sort of the volume on the Chromium side among special people, like I said, have been really delighted in what they've been able to now discover with these new products, and they are driving our business by and large going forward now.

在我之前的評論中，我提到 GEM-X 和片上多路復用表現特別好。這些是我們最新推出的產品。是的。不。我認為他們正在推動需求，他們正在推動特殊人群中 Chromium 的使用量，就像我說的，他們真的很高興能夠透過這些新產品發現什麼，他們正在推動我們業務的整體發展。

Rachel Breindel, JPMorgan.

摩根大通的 Rachel Breindel。

This is Cassie on for Rachel. So first one, just on gross margins, it looks like they were a bit light in the quarter versus where the Street has been ex the settlement. So just curious if you can elaborate on the current margin profile relative to your expectations and maybe what you're assuming for 2Q. And as a follow-up for 2Q, you said you have a bit more visibility there. I guess at the midpoint, what are you assuming for placements between Visium, Zenium and Chromium in the quarter?

這是 Cassie 為 Rachel 表演的。首先，僅從毛利率來看，與華爾街在和解協議之前的預測相比，本季的毛利率似乎有點低。所以我只是好奇您是否可以詳細說明相對於您的預期的當前利潤率狀況以及您對第二季的假設。作為第二季的後續行動，您說您在那裡有了更多的了解。我猜想在中間點，您對本季 Visium、Zenium 和 Chromium 之間的排名有何假設？

Cassie, I can answer your question as it relates to -- on the margin side of things. Yes. I mean the margins, excluding the Vision settlement was 64%. So it's kind of in the zone of our sort of historical range. What I would note we put in the press release, we did have higher than normal levels of inventory reserves related to product transition that occurred there in Q1.

卡西，我可以回答你的問題，因為它與邊際方面有關。是的。我的意思是，不包括 Vision 和解協議的利潤率為 64%。因此它處於我們所處的某種歷史範圍之內。我想指出的是，我們在新聞稿中提到，我們在第一季發生的產品轉型相關的庫存儲備水準確實高於正常水準。

As it relates to Q2, and sort of thinking about that going forward, typically, the biggest driver of variability in our gross margins is Zenium instruments, sort of mix of instruments versus consumables. And given that we're anticipating Q2 really from a product mix standpoint to look more similar to Q1. I mean, we're not currently anticipating that same level of inventory reserves. We would expect gross margins to improve modestly from sequentially from Q1 into Q2.

就第二季而言，並且考慮到未來的發展，通常，我們毛利率變化的最大驅動因素是 Zenium 儀器，即儀器與消耗品的組合。鑑於我們預計第二季從產品組合的角度來看將與第一季更加相似。我的意思是，我們目前預計庫存儲備水準不會達到相同水準。我們預計毛利率將從第一季到第二季逐季小幅調高。

[Tycho Peterson], Jefferies.

[Tycho Peterson]，傑富瑞。

This is Priya for Tycho. You mentioned social cell opportunities regarding your biopharma customers. Can you talk more about any trends you see within your biopharma customers and what you've been hearing from them? Anything you are also baking in for 2Q and beyond?

這是 Priya 為 Tycho 所做的。您提到了有關生物製藥客戶的社交細胞機會。您能否詳細談談您在生物製藥客戶中看到的任何趨勢以及您從他們那裡聽到的信息？您還為第二季及以後制定了什麼計劃嗎？

Yes. So as far as biopharma kind of -- we're zooming on just sort of the first quarter, there's a number of moving pieces there. I would say that biotech has definitely been under pressure. I mean the capital markets have been tough. There's a -- there's a number of sort of competitive dynamics that are going to make it -- the whole space very challenging.

是的。就生物製藥而言——我們只關注第一季的情況，那裡有很多活動的部分。我想說生物技術確實面臨壓力。我的意思是資本市場一直很艱難。存在多種競爭動態，這將使整個領域充滿挑戰。

And that was the more under pressure we saw that in our business. That said, there is a number of biotechs with a lot of funding or big users of single cell who believe, for example, in this kind of AI-based approaches to target and drug discovery. And are leaning in heavily into single cell and special. On the larger pharma side of things, there is also some amount of kind of promotion as companies have been restructuring their investments and priorities. But the business overall has been doing well.

我們在業務中看到的壓力越大。儘管如此，還是有許多擁有大量資金或大量單細胞用戶的生物技術公司相信這種基於人工智慧的方法可以實現目標和藥物發現。且嚴重傾向於單細胞和特殊細胞。從較大的製藥業來看，由於各公司一直在重組其投資和優先事項，因此也出現了一定程度的促銷活動。但總體而言，業務表現良好。

Now kind of zooming out a bit, Pharma has been a priority for us, as I talked about it last year. That was one of the one of the reasons for us to do our sales team restructuring. We are now in a great position given the capabilities of our products. The ability to work whether FSP kind of clinically relevant samples, the ability to scale now, the pricing configurations that we're now delivering, the workload investments all of that. And together with now the fully formed sales team that's focused exclusively in biopharma, we feel really good about being able to make progress.

現在稍微擴大一點，正如我去年談到的那樣，製藥一直是我們的首要任務。這是我們進行銷售團隊重組的原因之一。鑑於我們產品的功能，我們現在處於非常有利的地位。處理 FSP 類型的臨床相關樣本的能力、現在擴展的能力、我們現在提供的定價配置、工作量投資等等。現在，我們擁有了一支完全成熟的、專注於生物製藥的銷售團隊，我們對能夠取得進展感到非常高興。

And in fact, we're starting to see some progress along these lines. And like I said earlier, I mean, the exciting thing for us is that we have -- as you look at the whole continuum of drug development of the drug development process, there's applications like critical applications for single cell and spatial although that continuum.

事實上，我們開始看到這方面的一些進展。就像我之前說的，對我們來說令人興奮的是，當你觀察藥物開發過程的整個過程時，你會發現其中有像單細胞和空間的關鍵應用這樣的應用。

And also kind of as I referenced in my remarks earlier, there's now been also new publications that have been coming out at a pretty rapid [clip] kind of showing the use of single cell and spatial to understand client of clinical tissue samples and being able to predict the drug response to that. To is obviously a great value specialist to think about kind of later stages of drug development.

而且正如我之前在評論中提到的，現在也出現了一些新出版物，它們以相當快的速度出現，展示了使用單細胞和空間來了解臨床組織樣本的客戶，並能夠預測藥物對此的反應。顯然，他是一位非常有價值的專家，值得考慮藥物開發的後期階段。

So our goal, ultimately, overcome is to get to 50% or more of our business coming from biopharma. We won't get there overnight, but kind of my expectations step by step, we'll make our way that.

因此，我們的最終目標是使 50% 或更多的業務來自生物製藥。我們不會一夜之間就實現這一目標，但正如我所期望的那樣，我們會一步步實現這一目標。

We have reached the end of our Q&A session. Thank you so much for attending today's conference call. You may now disconnect. Goodbye.

我們的問答環節已經結束。非常感謝您參加今天的電話會議。您現在可以斷開連線。再見。