10X Genomics Inc (TXG) 2025 Q2 法說會逐字稿

Hello and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the 10X Genomics second-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Cassie Corneau, Investor Relations and Strategic Finance. Cassie, please go ahead.

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 10X Genomics 2025 年第二季財報電話會議。（操作員指示）現在，我想將電話轉給投資者關係和策略財務部門的 Cassie Corneau。卡西，請繼續。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the second-quarter ended June 30, 2025. If you have not received this news release or would like to be added to the company's distribution list, please send an email to investors@10xgenomics.com.

謝謝大家，下午好。今天早些時候，10x Genomics 發布了截至 2025 年 6 月 30 日的第二季財務業績。如果您尚未收到此新聞稿或希望加入本公司的分發列表，請發送電子郵件至 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.

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 the 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 Exchange Commission.

有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參閱 10x Genomics 今天發布的新聞稿以及 10x Genomics 不時向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, or because of new information, future events, or otherwise. Joining the call today are Serge Saxonov, our CEO and Co-Founder; and Adam Taich, our Chief Financial Officer.

10x Genomics 不承擔因新資訊、未來事件或其他原因而更新或修改任何財務預測或前瞻性陳述的意圖或義務。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。

We will host a question and answer session after our prepared remarks. We ask analysts to please keep to one question so that we may accommodate everyone in the queue.

我們將在準備好的演講後舉辦問答環節。我們要求分析師只回答一個問題，以便我們能夠滿足隊列中每個人的需求。

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. Today, I'll cover our Q2 performance and share updates on what we're seeing across our customer base. I'll also walk through recent business developments before handing it over to Adam for the financial review and outlook.

謝謝，卡西，大家下午好。今天，我將介紹我們第二季的業績，並分享我們在客戶群中看到的最新情況。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 second quarter was $173 million. During the quarter, we settled our worldwide patent litigation with Bruker on favorable terms and recognized as an upfront payment of $68 million that we allocated to both operating expenses and license and royalty revenue.

第二季總收入為1.73億美元。在本季度，我們以優惠條件解決了與布魯克的全球專利訴訟，並確認了 6800 萬美元的預付款，我們將其分配給營運費用以及許可和特許權使用費收入。

Excluding the portion allocated to license and royalty revenue, our second quarter revenue was $146 million. And, as we continue our focus on cost management, we increased our cash balance by $20 million during the quarter, not including any settlement-related payments, which began in Q3.

不包括分配給許可和特許權使用費收入的部分，我們第二季的收入為 1.46 億美元。而且，隨著我們繼續關注成本管理，我們在本季度增加了 2000 萬美元的現金餘額，這還不包括從第三季度開始的任何結算相關付款。

The current funding environment remains challenging and highly uncertain. In particular, the academic funding landscape remains marked by shifting policies, weaker grant disbursements, and lack of clarity around future budgets. All of which are contributing to extended project timelines and cautious customer spending.

目前的融資環境依然充滿挑戰且高度不確定。具體而言，學術資助格局仍然受到政策變化、撥款發放減少以及未來預算缺乏明確性的影響。所有這些都導致專案工期延長和客戶支出謹慎。

We're staying closely aligned with our customers to support them and remain flexible as we all navigate that uncertainty. Against this challenging backdrop, the current quarter played out largely as we anticipated. We saw some upside from strong performance in China, which was driven in part by purchasing dynamics associated with the timing of tariffs.

我們與客戶保持密切聯繫，為他們提供支持，並在我們共同應對不確定性時保持靈活性。在這種充滿挑戰的背景下，本季的表現基本上符合我們的預期。我們看到中國市場的強勁表現帶來了一些好處，這在一定程度上受到與關稅時機相關的購買動態的推動。

Even in this difficult environment, our business fundamentals are solid, and the key positive drivers of performance that we've seen recently carried through into Q2. We continue to see solid signs of underlying single-cell demand.

即使在這種困難的環境中，我們的業務基礎依然穩固，而且我們最近看到的關鍵積極業績驅動因素也延續到了第二季。我們繼續看到單細胞需求的明顯跡象。

On the consumable side, while revenue was down year-over-year, Chromium reaction volumes grew both year-over-year and sequentially, an indicator of increasing demand for our solutions and single cell more broadly.

在消耗品方面，雖然收入同比下降，但鉻反應量同比和環比均有所增長，這表明對我們的解決方案和單細胞的需求不斷增加。

This growth was driven by a robust adoption of our latest products, including GEM-X, Flex and Universal On Chip Multiplex which have been instrumental in lowering those barriers, enabling larger scaling and opening up new obligations.

這一增長得益於我們最新產品的大力採用，包括 GEM-X、Flex 和 Universal On Chip Multiplex，這些產品在降低這些障礙、實現更大規模擴展和開闢新義務方面發揮了重要作用。

Additionally, we saw meaningful year-over-year and sequential growth in spatial consumables revenue and volume. Within Spatial, Xenium consistently serves as a strong driver of growth and performance. Utilization per instrument continues to grow, reflecting both a higher number of runs and increased spend per run. We're seeing continued ramp across both our earliest adopters and newer customers, and regularly receive strong feedback on Xenium's superior data quality, accuracy, robustness, throughput, and ease of use.

此外，我們也看到空間消耗品收入和銷售年比和季比均有顯著成長。在 Spatial 內部，Xenium 始終是推動成長和績效的強大動力。每台儀器的利用率持續成長，反映出運作次數增加以及每次運作花費增加。我們看到最早的採用者和新客戶的數量都在持續增長，並且經常收到有關 Xenium 卓越的數據品質、準確性、穩健性、吞吐量和易用性的強烈回饋。

Together, these qualities continue to set Xenium apart as the best in class platform, and they're fueling broad adoption across both basic science and translational research. We continue to monitor customer sentiment closely as the funding environment remains highly uncertain.

這些品質共同使 Xenium 成為一流的平台，並推動其在基礎科學和轉化研究中的廣泛應用。由於融資環境仍然高度不確定，我們將繼續密切關注客戶情緒。

While the US academic and government funding landscape has not deteriorated further, we also have not seen meaningful improvement in customer behavior. Across many institutions, spending remains conservative and capital equipment spending continues to be a significant challenge, both in the US and more broadly around the world. Customers are facing increased scrutiny on purchases, longer approval timelines, and in many cases, new restrictions on capital spending and staffing within their labs.

雖然美國學術和政府資助狀況沒有進一步惡化，但我們也沒有看到客戶行為有顯著改善。在許多機構中，支出依然保守，資本設備支出仍然是一個重大挑戰，無論是在美國還是在世界各地。客戶面臨越來越嚴格的採購審查、更長的審批時間，在許多情況下，還面臨實驗室資本支出和人員配備的新限制。

These challenges are leading to delays in project starts scaled back in both ongoing and pilot sighting designs and heightened price sensitivity. With open proposals around next year's federal funding and institutional budgets still in early stages, we expect these uncertainties to continue impacting customer spending behavior until there's greater clarity on the policy direction and actual distribution of funding resources.

這些挑戰導致專案啟動延遲，正在進行的和試點的瞄準設計縮減，並且價格敏感性增強。由於有關明年聯邦資金和機構預算的公開提案仍處於早期階段，我們預計這些不確定性將繼續影響客戶的消費行為，直到政策方向和資金資源的實際分配更加明朗。

As customers work through evolving budget timelines and operational planning cycles, we're partnering closely to help them navigate this environment and support continuity of their research. And despite this backdrop, we continue to hear clearly that our tools are essential to scientific progress.

隨著客戶不斷調整預算時間表和營運規劃週期，我們將與他們密切合作，幫助他們適應這種環境並支持他們研究的連續性。儘管有這樣的背景，我們仍然清楚地聽到，我們的工具對於科學進步至關重要。

Our conversations with customers reinforce our conviction that single cell and facial are the most promising areas of growth in life science tools, with researchers increasingly shifting both mindshare and funding for these areas. And as researchers increasingly invest in these technologies, we are prioritizing our efforts to advance our technology leadership, unlock new high value applications, and ensure the long-term financial strength of our business.

我們與客戶的對話強化了我們的信念：單細胞和臉部是生命科學工具中最有前景的成長領域，研究人員越來越多地將注意力和資金轉向這些領域。隨著研究人員對這些技術的投資不斷增加，我們正優先努力提升我們的技術領先地位，解鎖新的高價值應用，並確保我們業務的長期財務實力。

Looking across our product roadmap, our recent and upcoming launches are continuing to resonate with customers. During the quarter, we began shifting Visium HD 3 prime, which expands the capabilities of the Visium HD portfolio by expanding into more applications. We also launched HD cell segmentation capabilities, which enabled researchers to assign transcripts to individual cells with precision, simplified data analysis, and uncover new biological insights.

縱觀我們的產品路線圖，我們最近和即將推出的產品繼續引起客戶的共鳴。在本季度，我們開始轉向 Visium HD 3 prime，透過擴展到更多應用程序，它擴展了 Visium HD 產品組合的功能。我們還推出了高清細胞分割功能，使研究人員能夠精確地將轉錄物分配到單一細胞，簡化數據分析並發現新的生物學見解。

In parallel, we're also preparing for the release of several important innovations across facial, including Visium HD XL and Xenium RNA + Protein, which will further enhance multiomic spatial analysis and unlock deeper insights from complex tissue samples.

同時，我們也正在準備發布幾項重要的臉部創新，包括 Visium HD XL 和 Xenium RNA + Protein，這將進一步增強多組學空間分析並從複雜的組織樣本中獲得更深入的見解。

Turning to single cell, I'm really excited about Flex v2, our new plate-based chromium flex product that we expect to launch in the near term. Built to dramatically increase throughput and streamline workflows, Flex v2 provides ultimate flexibility for customers when designing their experiments. This next generation Flex is an important step as we continue driving lower costs across the full spectrum of studies, from small to large, while maintaining the highest quality data.

談到單電池，我對 Flex v2 感到非常興奮，這是我們預計在近期推出的新型基於板的鉻柔性產品。Flex v2 旨在大幅提高吞吐量並簡化工作流程，為客戶在設計實驗時提供最大的靈活性。下一代 Flex 是重要的一步，因為我們將繼續降低從小型到大型的全方位研究的成本，同時保持最高品質的數據。

Flex v2 is designed to be the ideal method for large scale perturbation experiments and biopharma applications from early target discovery to clinical trial integration, delivering higher cell throughput, more flexible workflows, FFPE sample compatibility, and the quality needed to train and validate AI models.

Flex v2 旨在成為從早期目標發現到臨床試驗整合的大規模擾動實驗和生物製藥應用的理想方法，提供更高的細胞通量、更靈活的工作流程、FFPE 樣本相容性以及訓練和驗證 AI 模型所需的品質。

In addition to the launches planned for this year, our team is hardest work on future products that will further expand the capabilities of our platforms. We are excited about our roadmap for the coming years, and opportunity to deliver ever more value to increasing numbers of customers.

除了今年計劃推出的產品外，我們的團隊還在努力開發未來的產品，以進一步擴展我們平台的功能。我們對未來幾年的發展路線圖以及為越來越多的客戶提供更多價值的機會感到興奮。

As we look at the broader opportunity, we continue to believe that both single cell and spatial are in the early stages of the adoption curve, with large scale, high impact applications gaining traction across both platforms.

當我們著眼於更廣泛的機會時，我們仍然相信單細胞和空間都處於採用曲線的早期階段，大規模、高影響力的應用程式在兩個平台上都獲得了關注。

In particular, I'd like to highlight two very exciting trends: large translational studies using Xenium, and large scale single-cell perturbation experiments to train AI models and build Virtual Cells. As an emblematic example of the first trend, we recently announced a collaboration with the Genome Institute of Singapore on a TISHUMAP initiative aimed at accelerating discovery of drug targets and biomarker signatures in cancer and inflammatory diseases.

我特別想強調兩個非常令人興奮的趨勢：使用 Xenium 進行大型轉化研究，以及進行大規模單細胞擾動實驗以訓練 AI 模型和建立虛擬細胞。作為第一個趨勢的典型例子，我們最近宣布與新加坡基因組研究所合作開展 TISHUMAP 計劃，旨在加速發現癌症和發炎疾病的藥物標靶和生物標記特徵。

This study will use Xenium to enable high resolution spatial mapping of gene activity and cells with an intact FFPE tissue samples paired with detailed clinical data. Its goal is to analyze thousands of samples to discover clinically relevant biomarket signatures and therapeutic targets.

這項研究將使用 Xenium 對完整的 FFPE 組織樣本以及詳細的臨床數據進行高解析度的基因活動和細胞空間映射。其目標是分析數千個樣本以發現臨床相關的生物市場特徵和治療目標。

On a single-cell front, the emergence of increasingly powerful AI methods that are hungry for high quality data is accelerating researchers' interest in running larger and larger single-cell perturbation studies.

在單細胞方面，日益強大的人工智慧方法渴望獲得高品質的數據，這加速了研究人員對進行越來越大規模單細胞擾動研究的興趣。

For example, this quarter, Xaira Therapeutics used Chromium Universal 5 assay in its industrialized Perturb-seq workflow to produce the largest publicly available genome-wide Perturb-seq dataset to date, capturing transcriptional responses across 8 million perturbed cells. This quarter, we also extended our partnership with the Arc Institute to support the Virtual Cell Challenge, which is a worldwide competition to incentivize the development of powerful computational models of biology.

例如，本季度，Xaira Therapeutics 在其工業化的 Perturb-seq 工作流程中使用了 Chromium Universal 5 檢測，產生了迄今為止最大的公開可用的全基因組 Perturb-seq 數據集，捕獲了 800 萬個受擾細胞的轉錄反應。本季度，我們還擴大了與 Arc Institute 的合作夥伴關係，以支持虛擬細胞挑戰賽，這是一項旨在激勵開發強大的生物學計算模型的全球性競賽。

The challenge has established a rigorous evaluation framework and uses a Chromium Flex as the standard. The work being done right now is clearly just the beginning. Virtual Cells and large scale single-cell experiments represents the next frontier at the intersection of AI and biology. To understand biology, to understand health, and to understand disease, you need to understand how cells work.

本次挑戰賽建立了嚴格的評估框架，並使用 Chromium Flex 作為標準。現在正在進行的工作顯然才剛開始。虛擬細胞和大規模單細胞實驗代表了人工智慧和生物學交叉領域的下一個前沿。要了解生物學、了解健康和了解疾病，您需要了解細胞的工作原理。

We can model cells and perturbations computationally using AI. We can guide the discovery of new drugs, simulate patient responses, and reduce the experimental trial and error that defines so much of biology and drug development today.

我們可以使用人工智慧以計算方式對細胞和擾動進行建模。我們可以指導新藥的發現，模擬患者的反應，並減少當今生物學和藥物開發中定義的實驗反覆試驗。

Finally, we remain focused on cost management and cash generation. We have a strong balance sheet and the result to protect it. Across our business, we continue to carefully evaluate costs to ensure operational efficiency, while also continuing to invest in long-term growth.

最後，我們仍然專注於成本管理和現金創造。我們擁有強大的資產負債表和保護它的成果。在我們的業務中，我們繼續仔細評估成本以確保營運效率，同時繼續投資於長期成長。

With a strong balance sheet, we have the resources to pursue our strategic priorities and continue to fuel innovation.

憑藉強大的資產負債表，我們有資源追求我們的策略重點並繼續推動創新。

To that end, as part of our strategy for continued innovation within single cell, we announced earlier today the signing of a definitive agreement to acquire Scale Biosciences. The acquisition brings us key inventions and technologies that will accelerate innovation across our Chromium platform. It enables us to broaden access to single-cell analysis by making it more powerful, more affordable, and more accessible to researchers worldwide.

為此，作為我們在單細胞領域持續創新策略的一部分，我們今天稍早宣布簽署收購 Scale Biosciences 的最終協議。此次收購為我們帶來了關鍵的發明和技術，將加速我們 Chromium 平台的創新。它使我們能夠拓寬單細胞分析的途徑，使其更強大、更實惠、更易於世界各地的研究人員使用。

By integrating these technologies into our broader roadmap, we're strengthening our ability to support larger scale applications while continuing to deliver the high quality multiomic data that researchers expect from us. We're excited by the strategic value of this transaction and its benefits to the scientific community.

透過將這些技術整合到我們更廣泛的路線圖中，我們正在增強支持更大規模應用的能力，同時繼續提供研究人員期望我們提供的高品質多組學數據。我們對此次交易的戰略價值及其對科學界的益處感到非常興奮。

Adam will share more details on the financials. Our conviction in a potential single cell and spatial biology is stronger than ever. As we move forward, we remain focused on staying closely aligned with our customers, executing with discipline, and continuing to invest in our technologies to capture the large opportunities ahead.

亞當將分享更多有關財務的細節。我們對潛在的單細胞和空間生物學的信念比以往任何時候都更加堅定。在我們前進的過程中，我們將繼續專注於與客戶保持緊密聯繫，嚴格執行，並繼續投資我們的技術以抓住未來的巨大機會。

With that, I'll turn the call over to Adam.

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 June 30, 2025, and we'll then provide further details on our outlook for the third quarter. All figures and growth rates provided will be on a year-over-year basis unless otherwise noted. As Serge mentioned, the quarter unfolded largely in line with our expectations.

謝謝你，塞爾吉。我將首先回顧截至 2025 年 6 月 30 日的三個月的財務業績，然後我們將提供有關第三季度展望的更多詳細資訊。除非另有說明，所有提供的數字和成長率均為同比數據。正如 Serge 所提到的，本季的進展基本上符合我們的預期。

Total revenue for the second quarter was $172.9 million up 13%. Excluding the license and royalty revenue from the settlement, revenue was $145.6 million down 5%. Total consumables revenue was $122.2 million down 1%. Chromium consumables revenue was $85.8 million down 9%, primarily driven by lower average reaction prices. Spatial consumables revenue was $36.4 million up 24%, primarily driven by Xenium consumables revenue.

第二季總營收為 1.729 億美元，成長 13%。不包括和解協議中的授權和特許權使用費收入，收入為 1.456 億美元，下降 5%。總消耗品收入為 1.222 億美元，下降 1%。鉻消耗品收入為 8,580 萬美元，下降 9%，主要原因是平均反應價格下降。空間耗材收入為 3,640 萬美元，成長 24%，主要得益於 Xenium 耗材收入。

Moving on to instruments, total instrument revenue was $14.5 million down 39%. Chromium instrument revenue was $5.7 million down 35%, driven primarily by lower average selling prices. We implemented strategic discounts during the quarter as we partnered with customers who were navigating CapEx constraints. These discounts drew a broader instrument adoption and an 11% increase in Chromium placements year over year.

說到儀器，儀器總收入為 1,450 萬美元，下降 39%。Chromium 儀器收入為 570 萬美元，下降 35%，主要原因是平均售價下降。由於我們與面臨資本支出限制的客戶合作，因此在本季度我們實施了策略折扣。這些折扣吸引了更廣泛的工具採用，並且 Chromium 的安裝量比去年同期增長了 11%。

Spatial instrument revenue was $8.8 million down 42%, driven primarily by fewer instruments sold. Services revenue was $8.5 million up 47%, primarily due to an increase in Xenium service plans. Looking at our revenue by geography, ongoing CapEx headwinds continued to persist globally. However, solid consumables performance contributed to sequential improvements in most areas.

太空儀器收入為 880 萬美元，下降 42%，主要原因是銷售的儀器數量減少。服務收入為 850 萬美元，成長 47%，主要由於 Xenium 服務計劃的增加。從地理角度來看我們的收入，全球持續存在的資本支出逆風。然而，固體消耗品的表現促成了大多數領域的持續改善。

Excluding settlement impacts, America's revenue was $78.9 million down 15% from the prior year and up 7% sequentially.

不計結算影響，美國航空的營收為 7,890 萬美元，較上年下降 15%，比上一季成長 7%。

EMEA revenue was $34.7 million down 7% from the prior year and up 9% sequentially. APAC revenue was $32 million up 41% year-over-year and down 1% sequentially. As Serge mentioned, APAC benefited from a temporary pull forward in purchasing activity in China, as customers accelerated orders ahead of potential tariff changes. We estimate the revenue impact from that pull forward was approximately $4 million.

歐洲、中東和非洲地區營收為 3,470 萬美元，較上年下降 7%，較上一季成長 9%。亞太地區營收為 3,200 萬美元，較去年同期成長 41%，較上季下降 1%。正如 Serge 所提到的，由於客戶在潛在的關稅變化之前加快了訂單，亞太地區受益於中國採購活動的暫時提前。我們估計，此次提前的收入影響約為 400 萬美元。

Turning to the rest of the income statement, gross profit for the second quarter was $125.1 million compared to $104.2 million for the prior year period. Gross margin increased to 72% from 68% the prior year, primarily driven by higher license and royalty revenue, excluding settlement impacts, gross margin was 67%.

回顧損益表的其餘部分，第二季毛利為 1.251 億美元，而去年同期為 1.042 億美元。毛利率從去年的 68% 上升至 72%，主要由於許可和特許權使用費收入增加，扣除結算影響後，毛利率為 67%。

Total operating expenses for the second quarter decreased to $95 million compared to $146 million for the prior year period, driven by gain on settlement. Excluding settlement impacts operating expenses were $135.7 million. Operating income for the second quarter was $30.1 million compared to an operating loss of $41.7 million in the second quarter of last year. Excluding settlement impacts, operating loss was $37.9 million.

由於結算收益，第二季總營運費用下降至 9,500 萬美元，去年同期為 1.46 億美元。不計結算影響，營運費用為 1.357 億美元。第二季營業收入為 3,010 萬美元，而去年第二季營業虧損為 4,170 萬美元。不計結算影響，營業虧損為 3,790 萬美元。

Net income for the period was $34.5 million compared to a net loss of $37.9 million for the second quarter of 2024. Excluding settlement impacts, net loss was $33.5 million. We ended the quarter with $447 million in cash equivalents, and marketable securities.

本期間淨收入為 3,450 萬美元，而 2024 年第二季淨虧損為 3,790 萬美元。不包括和解影響，淨虧損為 3,350 萬美元。本季末，我們擁有 4.47 億美元的現金等價物和有價證券。

Turning to our outlook for the third quarter, we expect revenue to be in the range of $140 million to $144 million. This outlook takes into account approximately $4 million of revenue in China that was pulled forward from Q3 into Q2 ahead of potential tariff changes.

展望第三季度，我們預計營收將在 1.4 億美元至 1.44 億美元之間。這項預測考慮到了中國約 400 萬美元的收入，這些收入在潛在的關稅變化之前從第三季提前到第二季。

Excluding this pull forward, we expect Q3 revenue to be broadly in line with Q2 revenue, given the continuation of cautious customer spending behavior and ongoing capital equipment spending constraints. As we announced earlier today, we signed a definitive agreement to acquire Scale Biosciences for upfront cash and stock consideration of $30 million, plus contingent considerations that could become payable upon the achievement of certain milestones.

除去這個提前因素，考慮到客戶支出行為的持續謹慎和資本設備支出的持續限制，我們預計第三季收入將與第二季收入大致持平。正如我們今天早些時候宣布的那樣，我們簽署了一項最終協議，以 3000 萬美元的預付現金和股票對價收購 Scale Biosciences，外加在實現某些里程碑後可能支付的或有對價。

This acquisition is subject to customary closing conditions. As Serge mentioned, we're excited about the strategic value of this acquisition as scale brings key inventions and technical capabilities that augment our innovative foundation within single cell. We do not expect this transaction to have a material impact on our revenue or operating expenses for the remainder of 2025.

此次收購需滿足慣例成交條件。正如 Serge 所提到的，我們對此次收購的戰略價值感到非常興奮，因為規模帶來了關鍵的發明和技術能力，增強了我們在單細胞內的創新基礎。我們預計此交易不會對我們 2025 年剩餘時間的收入或營運費用產生重大影響。

Our balance sheet remains strong, giving us flexibility to continue executing on our strategic priorities while investing in innovation and long-term growth. We believe we are well positioned to navigate uncertain market conditions and remain committed to staying agile and responsive as the environment evolves.

我們的資產負債表依然強勁，使我們能夠靈活地繼續執行我們的策略重點，同時投資於創新和長期成長。我們相信，我們有能力應對不確定的市場條件，並將繼續致力於在環境變化時保持敏捷和反應。

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. Before we open it up for questions, I'd like to make a note of appreciation to our customers. The last six months have been a particularly trying time for many of you. While many of your challenges remain unresolved, your work and continued perseverance are an absolute inspiration to us at 10x. Progress in science is the ultimate public good. So much new knowledge and so much potential to improve the human condition is coming within our grasp.

謝謝，亞當。在我們開始提問之前，我想向我們的顧客表示感謝。過去六個月對你們中的許多人來說都是一段特別艱難的時期。雖然你們面臨的許多挑戰仍未解決，但你們的工作和持續的毅力對我們 10x 來說絕對是一種激勵。科學進步最終是為了公眾利益。大量的新知識和改善人類狀況的巨大潛力即將來到我們手中。

Your work is more important than ever. We will continue to root for your success and support you any way we can. And to our team, thank you.

你的工作比以往任何時候都更重要。我們將繼續為您的成功加油，並盡我們所能為您提供支援。也感謝我們的團隊。

The current environment has been incredibly challenging. But it is during times of adversity that you can really tell what the team is made of. By that measure, I couldn't be more proud of all of you. You have to stay focused, creative, and relentless in the pursuit of our mission, regardless of what has been thrown at you.

當前的環境極具挑戰性。但只有在逆境中你才能真正看出團隊是由什麼組成的。從這個角度來看，我為你們所有人感到無比自豪。無論面臨什麼挑戰，你都必須保持專注、有創意、堅持不懈地追求我們的使命。

Remember too, the times of stress build strength. This is not the first time we have faced adversity, and I'm sure it won't be the last. Our team has only gotten stronger through time. I have more confidence than ever that we will solve whatever challenges lie ahead.

也要記住，壓力時期可以增強力量。這不是我們第一次面臨逆境，我相信也不會是最後一次。隨著時間的推移，我們的團隊變得越來越強大。我比以往任何時候都更有信心，我們將解決未來的任何挑戰。

We have been through a lot together, but there's so much more to do. After all, we're just getting started.

我們一起經歷了很多，但還有很多事情要做。畢竟，我們才剛開始。

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

好了，我們現在可以開始回答問題了，接線生。

(Operator Instructions)

（操作員指示）

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thank you so much for taking the questions. Serge, maybe one for you just on the backdrop. I mean, it sounds like the prepared remarks, still a little bit constrained, not surprising there, particularly in the academic research side.

嘿夥計們，非常感謝你們回答這些問題。塞爾吉，也許有一張適合你的背景。我的意思是，這聽起來像是準備好的發言，仍然有點受限，這並不奇怪，特別是在學術研究方面。

Can you just talk about how the quarter progressed on that front, what the conversations looked like? Obviously a lot of volatility on the headlines around things like the NIH and what that's going to shake out to be.

您能否談談本季在這方面的進展以及對話情況如何？顯然，有關美國國立衛生研究院及其未來走向等問題的頭條新聞波動很大。

Did you sense any improvement as the quarter went, where are we on the visibility side at this point? Just curious what you're hearing from customers and what the right expectations are on that front as we move forward.

您是否感覺到本季有任何改善，目前我們在可見性方面處於什麼位置？我只是好奇您從客戶那裡聽到了什麼，以及我們在未來的發展中對此的正確期望是什麼。

And again, it's the certainty on the budget as we get closer to that will help a little bit or just, how those conversations progress during the quarter would help. Thank you.

再說一次，隨著我們越來越接近預算，預算的確定性將會有所幫助，或者只是這些對話在本季度的進展將會有所幫助。謝謝。

Yeah, thanks, Patrick. Yeah, so as we said it was certainly a dynamic environment over the past six months, to say the least. The quarter overall at a high level, Q2, got trans par pretty similar to what we were, contemplating, at the last call. There was certainly -- a lot of different events, and I would say with customers, compared to three, four months ago, there's probably more optimism because there has been some, arguably positive developments.

是的，謝謝，派崔克。是的，正如我們所說，過去六個月的環境確實充滿活力，至少可以這麼說。整個季度，第二季度的水平總體較高，與我們上次考慮的水平非常相似。確實發生了很多不同的事件，我想說，與三四個月前相比，客戶可能更加樂觀，因為已經出現了一些可以說是積極的進展。

At the same time, overall, things held pretty steady. The customers, when it comes to the substance of their spending, the substance of their grants, have been very cautious. Because the actual disbursement of funds has been quite slow, and the budgets are still very much in the early phases, and it's quite uncertain what they are going to be, and there's a continuous, still continuous news flow of issues, just coming out -- I mean, just last week we had a day when it looked like NIH wasn't going to be allocating any funds, for a definite amount of time.

同時，整體而言，情況保持相當穩定。當談到支出的實質、補助的實質時，顧客們都非常謹慎。因為資金的實際支付速度相當緩慢，而且預算仍處於早期階段，具體數額也相當不確定，而且不斷有新聞報道相關問題——我的意思是，就在上週，我們有一天看到 NIH 似乎在一段確定的時間內不會分配任何資金。

Now that policy got overturned within that day, but that doesn't make people feel particularly confident about the future. There are things like ongoing fights with universities, there's a proposal floating around through a multi-year grants, grant changes, other kinds of fears. Again some positive signs, the bipartisan support for NIH. It wasn't clear, earlier. It seems to be coming through now, but lots of uncertainty at this stage going forward as well. So we're going to have to kind of see how that evolves, and we'll kind of expect that Q3 will roughly evolve the way the Q2 is.

現在這項政策在當天就被推翻了，但這並不能讓人們對未來感到特別有信心。諸如與大學持續不斷的爭鬥、關於多年期撥款的提案、撥款變更以及其他類型的擔憂。再次出現了一些積極的跡象，即兩黨對 NIH 的支持。之前還不清楚。現在看來，一切似乎都已開始好轉，但現階段，未來的發展仍存在諸多不確定性。因此，我們必須觀察其如何發展，我們預計 Q3 將大致按照 Q2 的方式發展。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Afternoon guys. Thanks for the questions here. Serge on the scale deal, what is it that made this the right move and the right time for the move? And for customers that are looking for the lowest cost per sale as a part of a big study, will it be the Chromium kit or the scale kit that best serves that need? How are you going to position these products for your customers?

大家下午好。感謝您的提問。塞爾吉，關於規模交易，是什麼讓這項舉措成為正確的舉措，並且是在正確的時機做出這項舉措？對於在大型研究中尋求最低銷售成本的客戶來說，Chromium 套件還是規模套件最能滿足這項需求？您將如何向客戶定位這些產品？

Yeah, thanks, Dan. Well, it's kind of stepping back on the strategic rationale here, like we've learned that there's tons of headroom in single cells, especially if you think about, lowering costs and driving to higher scale.

是的，謝謝，丹。嗯，這有點像是回到戰略原理上，就像我們已經了解到單一電池中有大量的發展空間，特別是如果你考慮降低成本和推動更大規模的發展。

And if you look over the course of the past year past several quarters recently, the opportunity in a way is actually accelerating because of the emergence of AI and this increasing interest in building larger and larger scale models of biology using single cell running these very large perturbation screens.

如果你回顧過去一年和最近幾季的情況，你會發現，由於人工智慧的出現，以及人們對使用單細胞運行這些非常大的擾動螢幕來構建越來越大規模的生物模型的興趣日益濃厚，在某種程度上，機會實際上正在加速。

And so, that the whole vision that we have had since the beginning really to drive single cell to higher scale, more routine use lower prices, lower costs through that, that's what's driving, that's going to be overarching rationale behind the acquisition. It helps us to execute on that strategy. The acquisition itself is fundamental at technology acquisition. It's meant really to broaden the capabilities of existing and future products.

因此，從一開始，我們的整個願景就是推動單電池走向更大規模、更常規的使用、更低的價格、更低的成本，這就是推動力，也是此次收購背後的首要理由。它幫助我們執行該戰略。收購本身對於技術收購而言是根本。其真正目的是拓展現有和未來產品的功能。

And I would also point to that to one of our track record of previous acquisitions. We've been consistently really good at identifying technologies and bringing them in and making really great products out of them the customers really love, and that's what we expect to see here as well.

我還要指出我們之前的收購記錄之一。我們一直非常擅長識別技術並將其引入，並利用這些技術製造出客戶真正喜愛的優秀產品，這也是我們希望在這裡看到的。

As far as the kind of the portfolio here, we are going to keep some of the scales products on the market, and certainly make sure that all the existing customers are satisfied, but in particular, what we're excited by is integrating this technology into our roadmap, and delivering ever more value to our customers.

就這裡的產品組合而言，我們將在市場上保留一些秤產品，並確保所有現有客戶都滿意，但特別讓我們興奮的是將這項技術整合到我們的路線圖中，並為我們的客戶提供更多價值。

Kyle Mikson, Canaccord.

凱爾米克森（Kyle Mikson），Canaccord。

Hey guys, thanks for the questions. Congrats on the quarter and the acquisition. Congrats to you on a scale as well. Just to follow up on Dan's question about the acquisition, sounds good about the -- your perspective why you did it, but is this deal like, of an instrument free solution kind of an admission that the droplet-based architecture is not capable of scaling enough to address the needs of future single cell projects, to large projects.

嘿夥計們，謝謝你們的提問。恭喜本季和此次收購。我也要向你表示祝賀。只是想跟進丹關於收購的問題，聽起來不錯——你為什麼這麼做的觀點，但這筆交易是否像是一種無儀器解決方案，承認基於液滴的架構無法擴展到足以滿足未來單細胞項目和大型項目的需求。

And then secondly, when, I mean, when will this contribution from scale with these products become more material? Could that become like a dominant technology in your portfolio over time. Thanks.

其次，我的意思是，這些產品的規模貢獻什麼時候才會變得更實質？隨著時間的推移，它是否會成為您投資組合中的主導技術？謝謝。

So, like, first of all, on the -- on your first question, like I would say not at all like we have a really strong, when it comes to instruments, we have really strong conviction that there is a huge value to having an instrument and a work flow. It affords really high precision. Really great workflow, great quality of data, robustness, all these things that customers love our products for.

所以，首先，關於你的第一個問題，我想說的是，我們根本沒有真正強大的工具，當談到工具時，我們堅信擁有一個工具和工作流程具有巨大的價值。它具有非常高的精度。真正出色的工作流程、出色的數據品質、穩健性，所有這些都是客戶喜愛我們產品的原因。

So, and when you look to see what has been actually happening in the market, the instruments have not been at all a barrier for single cell and we believe the big value here is actually integrating the technologies with our portfolio. The technologies are highly complementary, and it will allow us to push certainly the scale technology and the innovations there will allow us to push scaling, and the door technology further ahead.

因此，當您觀察市場上實際發生的情況時，這些儀器根本不是單細胞的障礙，我們相信這裡最大的價值實際上是將這些技術與我們的產品組合相結合。這些技術具有高度的互補性，這將使我們能夠推動規模技術的發展，而創新也將使我們能夠推動規模化發展，並進一步推動門技術的發展。

I would say as far as kind of the revenue by the near term revenue that is going to be minimal, and really the kind of the overall vision here is integration of these capabilities into the broader portfolio.

我想說，就短期收入而言，收入將會很少，而這裡的整體願景實際上是將這些能力整合到更廣泛的產品組合中。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hi, this is Madeline Mollman on for Doug. Single cell consumables revenue was down in the quarter, but reactions were up. Can you give us any color on how you're thinking about the pricing headwind related to the new lower cost product roadmap that you rolled out and how long you think it will take you to work through that? And then could incorporating the scale technology into the 10x portfolio exacerbate this?

大家好，我是 Madeline Mollman，代表 Doug 報道。本季單細胞耗材收入下降，但反應卻上升。您能否告訴我們，您如何看待與您推出的新的低成本產品路線圖相關的定價阻力，以及您認為需要多長時間才能解決這個問題？那麼，將規模技術納入 10 倍投資組合是否會加劇這種情況？

Yeah, so thanks, Madeline. So let me maybe just kind of to zoom out a little bit and give context for the product transitions, because we have multiple going on the Chromium side. First of all, there is a transition from the Xenium architecture to Gem-X, and that's well on its way.

是的，謝謝你，瑪德琳。因此，讓我稍微縮小一點並提供產品轉換的背景，因為我們在 Chromium 方面有多個產品轉換。首先，從 Xenium 架構到 Gem-X 的轉變正在進行中。

By the end of the year, we should be just about finished with that. And, that's been going well. Customers are responding really well to Gem-X and all the great benefits from that architecture. We also have other products that we launched last year that, around flags and around on multiplexing, which has multiple kind of dynamics, kind of operating there.

到今年年底，我們應該就能完成這項工作了。一切進展順利。客戶對 Gem-X 以及架構帶來的所有巨大優勢反應良好。我們去年還推出了其他產品，這些產品圍繞著標誌和多路復用，具有多種動態，可在那裡進行操作。

Many are opening up new use cases and new customers, so that's obviously a creative. For sure, some customers are converting from kind of a higher price products to these new solutions. And some customers will never convert, because they need the features in the other products. And so we do see those dynamics kind of playing out, in kind of (inaudible) concert.

許多人正在開拓新的用例和新客戶，所以這顯然是一種創意。可以肯定的是，一些客戶正在從高價產品轉向這些新解決方案。有些客戶永遠不會轉變，因為他們需要其他產品中的功能。因此，我們確實看到這些動態以一種（聽不清楚）協奏曲的形式發揮作用。

And fundamentally, we believe that lower prices, like I've always said, lead to higher volumes and there's tremendous amount of elasticity here in this market, in these fields, but this happens with the time lag. And overall kind of high level, the price per reaction needs to be in the hundreds of dollars rather than thousands to really kind of unlock, a lot more experiments and a lot more samples, and that is what we're seeing.

從根本上來說，正如我一直在說的，我們相信較低的價格會帶來更高的銷量，而且在這個市場、在這些領域，存在著巨大的彈性，但這需要時間滯後。總體而言，從高水準來看，每個反應的價格需要數百美元而不是數千美元才能真正解鎖，需要更多的實驗和更多的樣本，這就是我們所看到的。

I would say that in general, the trends we're seeing are fundamentally encouraging, seeing the growth in reaction volumes, and that is especially given the challenges, in the macro environment. And I would also say because of the challenges of the microenvironment, actually getting to a net positive revenue, that growth would take longer than it might otherwise have in the absence of those challenges. But overall, the fundamental trends are positive, and we do expect this to drive more growth, both ultimately in reactions and revenue.

我想說，總的來說，我們看到的趨勢從根本上是令人鼓舞的，反應量在增長，尤其是在宏觀環境下面臨挑戰的情況下。而且我還想說，由於微觀環境的挑戰，實際上實現淨正收入，成長所需的時間將比沒有這些挑戰時更長。但總體而言，基本趨勢是正面的，我們確實預期這將推動更多的成長，最終體現在反應和收入方面。

Mason Carrico, Stephens Inc.

梅森·卡里科（Mason Carrico），史蒂芬斯公司

Hey guys, thanks for taking the question here. Did you talk about the maturity or ramp of the Xenium sales force in Europe? How have you seen the sales funnel and conversion rates of new opportunities evolve over the course of 2025 now that that team is in place?

嘿夥計們，感謝你們在這裡提出這個問題。您是否談到過 Xenium 在歐洲的銷售團隊的成熟度或成長？現在團隊已經成立，您如何看待 2025 年銷售漏斗和新商機轉換率的變化？

Yeah, Mason -- yeah, good question. So the team is full in place. We had a number of people joined most recently I would say it's kind of all of our commercial kind of reorganization, the Xenium CapEx team was sort of the last piece to put in place specifically in Europe, but now we have everyone in place and the people who are, who signed up, who joined recently are ramping up nicely.

是的，梅森——是的，好問題。所以隊伍已經全部到位。最近有不少人加入了我們，我想說這是我們整個商業領域的重組，Xenium CapEx 團隊是最後一個專門在歐洲組建的團隊，但現在我們所有人都已經到位，那些註冊的、最近加入的人員都在順利地發展。

What we're seeing as far as kind of execution has been certainly it's been a big improvement relative to what we have seen before because of the focus, because of the act of the expertise we now have in the company. The funnel management, the opportunity management has all have all been, great, but all of this is happening on the background of a much more challenging CapEx environment.

就執行情況而言，我們所看到的肯定比以前有了很大的進步，這是因為我們更加專注，也因為我們公司現在擁有的專業知識。漏斗管理、機會管理都非常棒，但這一切都發生在更具挑戰性的資本支出環境的背景下。

And so the way like what is, what we end up seeing is that we are adding consistently more and more opportunities to the funnel, but the opportunities are taking longer and longer to close. And by and large, where they get stuck is funding and it kind of in various configurations of funding challenges, whether the customer is just having fun having more restrictions on funding that they thought they had or they need to find more funding than they would have maybe previously or there's just more scrutiny on these budgets.

因此，我們最終看到的是，我們不斷在漏斗中添加越來越多的機會，但機會的獲取卻需要越來越長的時間。總的來說，他們陷入困境的地方是資金，以及各種各樣的資金挑戰，無論客戶只是想在資金上受到比他們想像的更多的限制，還是他們需要找到比以前更多的資金，或者只是對這些預算進行更嚴格的審查。

So I would say that's how sort of this dynamic is playing out. Again we see, both better kind of execution now that we have this focus team in place and also we are seeing continuous enthusiasm for the platform itself, what customers are doing the feedback we're getting, so that those factors fundamentally make us quite optimistic, especially for as we kind of work ourselves through this environment and by the for setting us up really well for when we get through these macro challenges and get to the other side of it.

所以我想說這就是這種動態正在發揮作用的方式。我們再次看到，既然我們有了這個焦點團隊，執行力就會更好，而且我們也看到了人們對平臺本身的持續熱情，客戶的行為以及我們得到的反饋，這些因素從根本上讓我們非常樂觀，特別是當我們在這種環境中努力工作時，也為我們克服這些宏觀挑戰、走向成功做好了充分的準備。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Hey, good afternoon guys. This is Kyle on for Dan. Thanks for taking the questions. I wanted to go back to scale again, maybe on the technology side specifically, can you sort of just talk about what you saw as a unique, attractive factor of the scale technology versus, maybe some other single cell assets that are out there? I guess what's so unique in your view about scale and how much incremental R&D do you think needs to go into that platform?

嘿，大家下午好。這是凱爾 (Kyle) 代替丹 (Dan)。感謝您回答這些問題。我想再次回到規模問題，也許具體來說是在技術方面，您能否談談您認為規模技術與其他一些單細胞資產相比的獨特、有吸引力的因素是什麼？我想，您認為規模方面有何獨特之處？您認為該平台需要投入多少增量研發？

So scale, like kind of like a, like I said earlier, we do a very thorough assessment of the technology landscape out there and we have a track record of I think being having had success, being in our assessments and in determining what technologies have particular products and how they can be built into awesome products.

所以規模就像我之前說的，我們對現有的技術前景進行了非常徹底的評估，並且我認為我們有一個成功的記錄，在我們的評估中，我們確定了哪些技術有特定的產品，以及如何將它們融入到出色的產品中。

In the case of scale, there's really some really great inventions, really foundational inventions around combinatorial indexing, around quantum barcoding that make that company stand out. So we're really looking forward to bringing into our portfolio.

就規模而言，確實有一些非常偉大的發明，圍繞著組合索引、量子條碼的真正基礎性發明，使該公司脫穎而出。因此，我們非常期待將其納入我們的投資組合。

As far as R&D expenses to do develop integrate these products, I think this gets really nicely into our existing infrastructure and into our existing innovation engines, so we don't expect there to be any material incremental cost.

就開發整合這些產品的研發費用而言，我認為這會很好地融入我們現有的基礎設施和現有的創新引擎，因此我們預計不會有任何實質的增量成本。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great, thanks for taking the question, guys. I want to dig into a little bit some of the GEO, comments you made, called out [$4 million] pull forward in China, just always a question of how do you size that, how do you estimate that it makes you confidence not a little bit less, a little bit more.

太好了，謝謝大家回答這個問題。我想深入探討您發表的一些 GEO 評論，您提到了在中國投資 [400 萬美元]，但始終有一個問題，您如何衡量這個數字，如何估計這個數字會讓您的信心增強而不是減弱。

And then beyond that, China overall, even if you back that out, still did really well, one of the better quarters you've had there for a while, or better than any quarter you've had since 2023. So just what are you seeing there, whether that's spurring this recovery. Thanks.

除此之外，即使不考慮這一點，中國整體表現仍然非常好，是中國一段時間以來表現最好的一個季度，或者說比 2023 年以來的任何一個季度都要好。那麼，您看到了什麼？這是否會刺激經濟復甦？謝謝。

Yeah, Mike, thanks for the question. So, yeah, a couple of things. You may remember that over the last couple of years, we've talked quite a bit about kind of changing our go to market, model in China, and we did a lot to get closer to the customers, kind of change, get closer to our service providers or distributors, change the business structures there and that has been bearing fruit.

是的，麥克，謝謝你的提問。是的，有幾件事。您可能還記得，在過去的幾年裡，我們談論了很多關於改變我們在中國市場模式的事情，我們做了很多改變來更貼近客戶，更貼近我們的服務提供者或分銷商，改變那裡的業務結構，並且已經取得了成果。

The business we're really close to customers. We have a really good falls on both their decision making and inventory levels, and we feel really good that we do have a really strong, a really tight falls on their decision making in. And in particular, sort of the issue around the tariffs.

我們的業務確實貼近客戶。我們在他們的決策和庫存水準方面都有很好的表現，而且我們感覺非常好，我們在他們的決策方面確實有非常強勁、非常緊密的表現。特別是有關關稅的問題。

We heard from the customers specifically that they wanted to get those products into their hands ahead of any potential tariffs. It was, and -- yeah, we do think that [$4 million] is a very good solid estimate of that. We have very good visibility to the market.

我們特別從客戶那裡聽說，他們希望在可能徵收關稅之前拿到這些產品。是的，而且——是的，我們確實認為 [400 萬美元] 是一個非常可靠的估計。我們對市場有很好的了解。

And yeah, I mean, on your other point, China is doing -- is doing well, and again, I think partially it's a function of all the changes and all the work that we have made that the team has made, and the team is doing really well over there. The underlying market dynamics there also are favorable at least relative to what they were a couple of years ago.

是的，我的意思是，關於你的另一點，中國正在做得很好，而且我認為部分原因是我們團隊所做的所有改變和所有工作，而且團隊在那裡做得非常好。那裡的潛在市場動態也至少與幾年前相比是有利的。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

This is Salem Salem on for Luke. Thanks for taking our questions. Just one on royalties from Bruker. Can you just talk about the structure of those royalties in the settlement? What's the percent or dollar amount that you'll get paid per unit of sales on that side, whether it's instruments or consumables and which instruments and consumables there if you could clarify.

這是盧克的塞勒姆·塞勒姆。感謝您回答我們的問題。僅就布魯克的版稅而言。您能談談和解協議中特許權使用費的結構嗎？如果您能澄清的話，您在那邊每單位銷售額將獲得多少百分比或多少美元的報酬，無論是儀器還是消耗品，以及有哪些儀器和消耗品。

Are there any potential minimum or maximum payment thresholds as well, and any other dynamics there would be helpful. And then kind of lastly on China just piggybacking off of Mike's question there, wondering, if you expect this type of strength going forward into 3Q and 4Q, and that -- that's it for me. Thank you.

是否存在任何潛在的最低或最高支付門檻，以及任何其他有幫助的動態。最後，關於中國，我只是順著麥克的問題問了一下，想知道您是否預計這種強勁勢頭將持續到第三季度和第四季度，而這 - 對我來說就是這樣。謝謝。

Yeah, excuse me, let me take the Bruker question first, in terms of the details, the rates and sort of that level of detail we're not providing, but let me just give a little bit of a high level on sort of the structure and how this worked its way through the P&L.

是的，對不起，讓我先回答一下布魯克的問題，就細節、費率以及我們沒有提供的細節程度而言，但請允許我稍微概括一下結構以及它是如何通過損益表發揮作用的。

So for $68 million cash payment that's coming, $17 million over four quarters. It's important to note that the cache that you see in Q2 doesn't include the first of those four installments, so that is due here in Q3. $27.3 million of that $68 million was recognized in revenue in Q2. Of course that came through at a 100% margin is why we provided an adjusted gross margin number for you in the detail.

因此，即將支付的 6,800 萬美元現金，四個季度內將支付 1,700 萬美元。值得注意的是，您在第二季看到的快取並不包括這四期中的第一期，所以這筆款項將在第三季到達。這 6,800 萬美元中的 2,730 萬美元已在第二季確認收入。當然，這是以 100% 的利潤率實現的，這就是我們在詳細資料中為您提供調整後的毛利率數字的原因。

And then there was close to $41 million that was recognized as a gain on settlement. So it's essentially a credit to OpEx and again part of the reason we transparently wanted to provide an adjusted number so you could really see what baseline OpEx was looking like. It's also like the last thing I would note on that, when you think about the Q3 guide that we provided, it does not include the ongoing royalties, which is sort of the root of your question.

其中有近 4,100 萬美元被確認為和解收益。因此，這本質上是對 OpEx 的讚揚，這也是我們透明地希望提供調整後的數字的部分原因，以便您可以真正了解基線 OpEx 的樣子。這也是我要指出的最後一件事，當您考慮我們提供的第三季指南時，它並不包括持續的版稅，這也是您問題的根源。

It doesn't, include that for Q3 and that is an area, as you start to look at the tables in our financial, reporting license and royalty revenue is something that's specifically called out so you can see sort of the one time facts that are called out, but you'll also be able to see, transparently where that running royalties or those running royalties from this settlement with Bruker and various other things that we've done along the way.

它不包括第三季度的數據，這是一個領域，當您開始查看我們的財務報告表格時，許可證和特許權使用費收入是特別列出的，這樣您就可以看到列出的一次性事實，但您也可以透明地看到運行特許權使用費或與布魯克達成和解的運行特許權使用費以及我們在此過程中所做的其他各種事情。

I think just quickly on your question on China -- yeah, it was close to 40%, roughly a 40% growth in China, even excluding the customer-driven acceleration of business, related to tariffs. The team's executing, just reinforcing what Serge said, teams executing very well, we're competing very well in those markets.

我只是想快速回答你關於中國的問題——是的，即使不包括與關稅相關的客戶驅動的業務加速，中國的成長率也接近 40%，大約是 40%。團隊的執行力恰恰印證了 Serge 所說，團隊的執行力非常強，我們在這些市場上的競爭力很強。

I would expect, and that's part of the reason that we called it out is it related to our Q3 guidance. That we are lower, as a result of that poll forward, in Q3, not just of the overall level, but obviously that'll be, that's focused in China, but as Serge mentioned you really think that's a one quarter dynamic from an inventory perspective, and we should see that business bounce back kind of the strength that we've been seeing as we work our way into Q4.

我預計，這也是我們提出這個問題的部分原因，因為它與我們的第三季指引有關。根據這項民意調查的結果，我們在第三季度的業績不僅低於整體水平，而且顯然將集中在中國，但正如 Serge 提到的那樣，從庫存角度來看，您確實認為這是一個季度的動態，隨著我們進入第四季度，我們應該會看到業務反彈，就像我們一直看到的那樣。

[Liling Lee] with UBS.

瑞銀的[Liling Lee]。

Great. Thank you for taking my questions. I wanted to -- I'm wondering if you can comment a little bit on the order book in the quarter and what is the order pattern that you have been seeing and what is the visibility into the second half? Thank you.

偉大的。感謝您回答我的問題。我想——我想知道您是否可以對本季度的訂單情況發表一些評論，以及您所看到的訂單模式是怎樣的，以及下半年的可見性如何？謝謝。

Yeah, I can take that. I mean, I think, for our business, given that we're providing quarterly guidance, I can, speak to you about what we're seeing here, in Q3. At the simplest level, we have confidence here is we're, whatever five weeks into the quarter, providing the number that we did.

是的，我可以接受。我的意思是，我認為，對於我們的業務而言，鑑於我們提供季度指導，我可以向您介紹我們在第三季度看到的情況。從最簡單的層面來說，我們有信心，無論本季進行到第 5 週，我們都能提供我們想要的數字。

We're seeing mostly really a continuation of where we were in Q2, so continuing to see really good strength, in spatial consumables, continuing to see really nice reaction volume growth as it relates to the chromium consumables business and ongoing pressures, persisting on CapEx, more pronounced in the spatial side of things with the higher price.

我們看到的基本上是第二季度狀況的延續，因此繼續看到空間消耗品方面真正良好的實力，繼續看到與鉻消耗品業務相關的非常好的反應量增長和持續的壓力，持續的資本支出，在價格上漲的空間方面更加明顯。

Xenium analyzer, but also even on chromium. It's one of the things that we commented on, in my script earlier was just the discounting and the work that we were doing in Q2 to get Chromium instruments into the hands of customers, we're really excited to get kind of into our single-cell ecosystem.

Xenium 分析儀，甚至還對鉻進行分析。這是我們之前在腳本中評論過的事情之一，只是折扣以及我們在第二季度所做的工作，以便將 Chromium 儀器交到客戶手中，我們真的很高興能夠進入我們的單細胞生態系統。

But yeah, I think the simplest level order book is looking, consistent with the guide that we provided.

但是是的，我認為最簡單的等級訂單簿看起來與我們提供的指南一致。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

Hi, this is Jacob Krahenbuhl on for Matt. Thanks for the questions. Maybe, just a more high level one on the macro. Sounds like things have held fairly stable since last quarter in terms of the demand and funding environment.

大家好，我是 Jacob Krahenbuhl，代表 Matt 發言。感謝您的提問。也許，只是宏觀上更高層次的一個。聽起來，從需求和融資環境來看，自上個季度以來情況一直保持相當穩定。

Maybe on margin, slightly better, but just wondering as you've talked to customers in the field, what have you learned or heard from them that, could provide the biggest unlock and spend is it just more clarity on the NIH budget for 2026 or release or pick up in certain parts funding or grants, maybe a green light from department heads on new project starts -- and I mean, what do you think a realistic timeline for an unlock like this -- is in the market and what are customers telling you that they're kind of assuming for their budgets next year.

就利潤率而言，可能稍微好一些，但我只是想知道，當您與該領域的客戶交談時，您從他們那裡了解到或聽到了什麼，可以提供最大的解鎖和支出，僅僅是對 NIH 2026 年預算的更清晰解釋，或者發布或領取某些部分的資金或贈款，也許是部門負責人對新項目啟動的綠燈——我的意思是什麼，您認為自己對市場的意思是什麼。

Yeah, so I mean, there's a range of input that we're getting from customers, depending on geography, depending on a particular institution, different institutions have different issues They are dealing with. But, if I kind of synthesize at the very highest level, I would say probably two things are most important.

是的，我的意思是，我們從客戶那裡得到的意見範圍很廣，取決於地理位置、取決於特定的機構，不同的機構要處理不同的問題。但是，如果我從最高層次進行綜合，我會說可能有兩件事是最重要的。

One is budget clarity for next year. People are certainly waiting for that, and I think that has a lot of downstream effects. And then second, while the general kind of orientation, emotional orientation has gotten has been getting marginally better, the thing that has been particularly has been holding people back is that disbursement of funds, the actual money landing with people and that has been held up in across the board in a lot of instances and I think kind of that seeing the grants, seeing the money actually go to customers would be another important variable that could, would give them comfort and give them confidence to start spending.

一是明年的預算明確性。人們肯定在等待這一點，我認為這會產生很多後續影響。其次，雖然整體導向和情感導向已經略有改善，但特別阻礙人們的因素是資金的支付，即資金實際到達人們手中，這在許多情況下都受到了阻礙。我認為，看到撥款、看到錢真正到達客戶手中是另一個重要變量，可以讓他們感到安心，並有信心開始消費。

Subbu Nambi, Guggenheim.

蘇布南比 (Subbu Nambi)，古根漢美術館。

Hi guys, this is [Amaan] for Subbu. Thanks for taking our question. You're a quarter into the head count reduction and a few quarters removed from commercial restructuring. Now you have the scale acquisition. Can you just talk about how you feel about the base business at this point heading into the second half? Is it where you want it to be or are there more cuts coming? And then what will 10x look like exiting this year or maybe in 2026? Thank you.

大家好，我是 Subbu 的 [Amaan]。感謝您回答我們的問題。裁員已進行了四分之一，商業重組也已進行了幾個季度。現在您已經擁有規模收購。您能否談談您對下半年基礎事業的感受？這是您想要的嗎？還是會有更多的削減？那麼今年或 2026 年 10x 會是什麼樣子呢？謝謝。

Yeah, so multiple elements of the question. So first of all, kind of touching on the commercial restructuring, yeah, we feel really good about where the team is now. We've made the structural changes. We have filled the roles and folks have been ramping up quite nicely, that have joined more recently

是的，所以這個問題包含多個要素。首先，談到商業重組，是的，我們對團隊目前的狀況感到非常滿意。我們已經做出了結構性改變。我們已經填補了這些職位，最近加入的人員也表現得相當不錯

So overall, when we look at the business, have really strong signs of just the fundamentals like I talked about the terms of -- from and consumable reactions, spatial consumable reactions, and spatial consumable revenue, those are all good strong indications for the future.

因此，總體而言，當我們審視業務時，我們會發現基本面確實有強勁跡象，就像我談到的來自消費品反應、空間消費品反應和空間消費品收入的跡像一樣，這些都是對未來的強烈預示。

The feedback from customers is consistently positive, both in terms of the kind of the performance of the products, their excitement of the products, and the new applications that they see emerging, that require, kind of more and more -- more of these products on larger scale.

客戶的回饋始終是正面的，無論是在產品性能方面，還是在他們對產品的興奮程度方面，以及在他們所看到的新興應用方面，都需要越來越多——更大規模地使用此類產品。

So, all those fundamentals are strong and, as we've been saying now, last quarter, this quarter, we've been, we've got a really strong focus on cost and cash management, and are in a really good position now with as far as our balance sheet is concerned, and as far as our spending profile is concerned.

所以，所有這些基本面都很強勁，正如我們現在所說的，上個季度、這個季度，我們一直非常重視成本和現金管理，就我們的資產負債表和支出狀況而言，我們現在處於非常良好的地位。

So the team has done a really great job of this. We generated cash last quarter and feel really good about kind of the trajectory going forward. And of course, we continue to be really focused on close discipline, because the environment is still very uncertain, but from where we sit right now, I think we're in really good shape.

所以團隊在這方面做得非常好。我們上個季度產生了現金，對未來的發展軌跡感到非常滿意。當然，我們將繼續嚴格遵守紀律，因為環境仍然非常不確定，但從目前的情況來看，我認為我們的狀態非常好。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Hi, this is Jayden on for Rachel. Just a quick one for me. Digging into the placement assumptions. What are you assuming for placements between Visium, Xenium and Chromium next quarter and the full year, even if it's just higher level comments, and what are the drivers on each of these franchises, that would be really helpful. Thank you..

大家好，我是 Jayden，為 Rachel 解答。對我來說只是一個快速的步驟。深入研究安置假設。您對下個季度和全年 Visium、Xenium 和 Chromium 之間的佈局有何預期，即使只是更高層次的評論，以及每個系列的驅動因素是什麼，這都將非常有幫助。謝謝..

Sure, I can take that one. I mean, reality is we don't break those two out specifically. What I can tell you though is it relates to Q3, given what we've embedded in guidance is that from an instrument perspective, from a spatial instrument, given that through your question line. Participating in the Q3 is going to look fairly similar to Q2, and I guess even though we haven't given a Q4 guide.

當然，我可以接受這個。我的意思是，事實上我們並沒有具體地將這兩者區分開來。不過，我可以告訴你的是，它與 Q3 有關，因為我們在指導中嵌入的內容是從儀器的角度，從空間儀器的角度，通過你的問題線給出的。我想，儘管我們還沒有給出 Q4 指南，但參加 Q3 看起來與 Q2 非常相似。

We don't have any reason to believe that Q4 would look meaningfully different from where Q3 is, other than the fact that there, typically is an uptick from Q3 to Q4 and CapEx, and that's something in this environment we've got great visibility into at this moment, but that has been more of a historical pattern.

我們沒有任何理由相信第四季與第三季會有很大不同，除了通常從第三季到第四季和資本支出會有一個上升趨勢，這是我們目前在這種環境下可以很好地預見到的事情，但這更像是一種歷史模式。

CapEx environment continues to be challenged, but, as Serge has mentioned, we've got a fantastic Xenium sales team that's out there, selling, they've got really good robust disciplined pipelines. We continue to work those things through so, we feel very confident that we're out there competing for each of the placements, out there in the market, and we'll continue to be aggressive to ensure we're winning business.

資本支出環境繼續面臨挑戰，但正如 Serge 所提到的，我們擁有一支出色的 Xenium 銷售團隊，他們擁有非常好的、強大的、有紀律的銷售管道。我們會繼續努力解決這些問題，因此，我們非常有信心，我們可以在市場上競爭每個位置，我們將繼續積極進取，確保我們贏得業務。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hi team, this is Lauren on for Tycho. Congrats on the quarter. Going back to the discount on Chromium during the quarter that you talked about. Do you see maybe some visibility into kind of 2H and into 2026 if you're going to be continuing this discount or how the price, overall is going to look evolving over time. Thanks.

大家好，我是 Tycho 的 Lauren。恭喜本季取得佳績。回到您談到的本季 Chromium 的折扣問題。您是否可以預見到下半年和 2026 年是否會繼續這種折扣，或者整體價格會如何隨時間變化。謝謝。

Yeah, I mean, so in terms of the discounting of Chromium, instruments like the really, this is a function of the environment we're in, right? Customers have been dealing with all kinds of challenging challenges when it comes to purchases, especially around CapEx, all kinds of new limits, all kinds of new scrutiny on buying instruments, and we have been working creatively with our with our customers to allow them to buy instruments as long as there's also a material commitment and reagents to go along with it.

是的，我的意思是，就 Chromium 的折扣而言，像這樣的工具實際上取決於我們所處的環境，對嗎？客戶在採購時面臨著各種各樣的挑戰，特別是在資本支出方面，各種新的限制，各種購買儀器的新審查，我們一直在與客戶進行創造性的合作，允許他們購買儀器，只要有物質承諾和試劑配合。

And we do expect that as long as this kind of environment to continues, we expect to keep working with our customers to keep doing that. And I also would want to emphasize that all of these kinds of interactions and deals are ultimately agreed to 10x as well. So it's in our interest, economic interest as well to keep pursuing the strategy.

我們確實希望，只要這種環境持續下去，我們就會希望繼續與客戶合作。我還想強調的是，所有這些互動和交易最終都是以 10 倍的協議達成的。因此，繼續推行這項策略符合我們的利益，也符合我們的經濟利益。

That concludes our question-and-answer session. Ladies and gentlemen, this will conclude today's call. We thank you all for joining. You may now disconnect.

我們的問答環節到此結束。女士們、先生們，今天的電話會議到此結束。我們感謝大家的加入。您現在可以斷開連線。