10X Genomics Inc (TXG) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to the 10X Genomics' third-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待。歡迎參加 10X Genomics 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Cassie Corneau, Senior Director, Investor Relations and Strategic Finance. You may begin.

現在我謹將會議交給投資者關係和策略財務高級總監 Cassie Corneau。你可以開始了。

Thank you. And good afternoon, everyone. Earlier today, 10X Genomics released financial results for the third quarter ended September 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 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 9 月 30 日的第三季財務業績。如果您尚未收到此新聞稿，或希望加入公司新聞稿分發名單，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」標籤上保留至少 45 天。

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.

在開始之前，我想提醒各位，管理層將在本次電話會議中發表一些符合聯邦證券法定義的前瞻性聲明。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結果或事件有重大差異，因此您不應過度依賴前瞻性聲明。

Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release 10X Genomics issued today and in the documents and reports filed by 10X Genomics from time to time with the Securities and Exchange Commission.

有關這些風險、不確定性和可能導致結果出現差異的因素的更多信息，請參閱 10X Genomics 今天發布的新聞稿以及 10X Genomics 不時向美國證券交易委員會提交的文件和報告。

10X Genomics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. Joining the call today are Serge Saxonov, our CEO and Co-Founder; and Adam Taich, our Chief Financial Officer.

10X Genomics 聲明，無論是因為新資訊、未來事件或其他原因，本公司均無意願或義務更新或修改任何財務預測或前瞻性聲明。今天參加電話會議的有我們的執行長兼共同創辦人 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. With that, I will now turn the call over to Serge.

我們將在發言結束後進行問答環節。我們要求分析師每次只提一個問題，以便我們能夠滿足排隊所有人的需求。接下來，我將把電話交給塞爾吉。

Thanks, Cassie. And good afternoon, everyone. We exceeded the top end of our guidance range in the third quarter with total revenue of $149 million. Our team delivered a solid quarter, executing well in the midst of continuing macro challenges. Despite ongoing funding pressures and policy uncertainty, we saw sustained enthusiasm for our products with momentum in both single-cell and spatial.

謝謝你，卡西。大家下午好。第三季度，我們的總營收達到 1.49 億美元，超過了預期範圍的上限。在持續的宏觀挑戰下，我們的團隊表現出色，本季業績穩健。儘管資金壓力和政策不確定性持續存在，但我們的產品仍然獲得了持續的熱情，在單細胞和空間領域都取得了發展勢頭。

The positive trends we highlighted in the first half of the year continued this quarter. Spatial consumables had another robust quarter of double-digit year-over-year revenue growth, driven by continued strong demand for Xenium consumables. We again saw sustained growth in both the number of runs and the average spend per run.

我們在上半年強調的正面趨勢在本季得以延續。空間耗材業務在又一個季度實現了兩位數的同比增長，這主要得益於市場對 Xenium 耗材的持續強勁需求。我們再次看到，無論是跑步次數還是每次跑步的平均花費，都會持續成長。

We frequently hear from customers how much they love Xenium, both for its exceptional performance and for the breadth of applications unlocked by the platform. Within single-cell, while consumable revenue was down year-over-year, we again saw double-digit Chromium consumables reaction growth year-over-year.

我們經常聽到客戶說他們非常喜歡 Xenium，不僅因為它性能卓越，還因為該平台解鎖了廣泛的應用。在單電池領域，雖然耗材收入年減，但我們再次看到鉻耗材反應實現了兩位數的同比增長。

Our Flex and On-Chip Multiplexing assays have been key drivers of this growth. Both of them deliver configurations with lower price per sample, which has been opening up new customers and new use cases for single-cell. On-Chip Multiplexing is particularly well suited for applications requiring fewer cells and for getting started with single-cell. Because of that, it has been great for bringing new customers into the ecosystem. Flex has many benefits and is becoming the default single-cell assay for many of our customers.

我們的 Flex 和晶片上多重偵測技術是推動這一成長的關鍵因素。它們都提供了單價更低的配置，這為單電池開闢了新的客戶和新的應用場景。片上多路復用技術特別適用於需要較少單元的應用以及單單元入門應用。正因如此，它對將新客戶引入生態系統起到了很大的作用。Flex 具有諸多優勢，正逐漸成為我們許多客戶的首選單細胞檢測方法。

It is also particularly well suited for translational studies and massively scaled experiments, which are two of the most promising directions for single-cell growth going forward. Finally, we ended the quarter with $482 million on the balance sheet, reflecting our ongoing commitment to cost management and cash generation. This strong position provides us with both the flexibility to navigate the current environment and the resources to strategically invest in innovation and long-term growth.

它也特別適合轉化研究和大規模實驗，而這兩方面正是單細胞生長未來最有前景的兩個方向。最後，本季末我們的資產負債表上現金餘額為 4.82 億美元，這反映了我們對成本管理和現金流的持續投入。這一強大的市場地位使我們既能靈活應對當前環境，又能擁有資源對創新和長期成長進行策略性投資。

We're staying extra close to our customers as they navigate persistent funding uncertainty. While the pace of news flow has moderated compared to earlier in the year, spending behavior remains cautious, particularly for capital expenditures.

當客戶應對持續的資金不確定性時，我們將與他們保持密切聯繫。雖然新聞發布速度較今年稍早放緩，但支出行為依然謹慎，尤其是在資本支出方面。

We expect these conditions to remain largely unchanged in the near term, and we will stay flexible in how we work with customers to support their ongoing research. While the macro environment remains challenging, we remain focused on advancing our innovation road map and driving greater adoption of our products.

我們預計這些情況在短期內基本上保持不變，我們將保持靈活，與客戶合作，以支持他們正在進行的研究。儘管宏觀環境依然充滿挑戰，但我們仍將專注於推進我們的創新路線圖，並推動我們產品的更廣泛應用。

Our latest product launches and partnerships illustrate how we're executing on these priorities. Last week, we began shipping the next generation of Chromium Flex. As I mentioned earlier, our Flex assay is becoming the default single-cell assay for many of our customers.

我們最新的產品發布和合作夥伴關係表明了我們如何執行這些優先事項。上週，我們開始販售新一代 Chromium Flex。正如我之前提到的，我們的 Flex 檢測方法正在成為我們許多客戶的預設單細胞檢測方法。

It combines exceptional sensitivity, robustness and scalability, all at a low cost. Our next-generation Flex further improves these qualities, and also enables streamlined automation-friendly plate-based workflows. The product represents a step change in scale, enabling massive perturbation screens and supporting AI-driven initiatives such as virtual cell modeling.

它兼具卓越的靈敏度、穩健性和可擴展性，而且成本低廉。我們的下一代 Flex 進一步提升了這些特性，並且實現了簡化的、易於自動化的基於印版的工作流程。該產品代表著規模上的飛躍，能夠進行大規模擾動篩選，並支援人工智慧驅動的計劃，例如虛擬細胞建模。

We also developed and validated our scalable FFPE dissociation protocol, which scales easily to 96-well plates. The protocol improves efficiency and throughput for high-volume studies and strengthens the assay's value in large-scale translational research.

我們還開發並驗證了可擴展的 FFPE 解離方案，該方案可輕鬆擴展到 96 孔板。此方案提高了大量研究的效率和通量，增強了此檢測方法在大規模轉化研究中的價值。

Feedback from early access customers has been phenomenal, and we're eager to see how more researchers apply the new Flex across a wide range of studies. We were also excited to start shipping Xenium protein earlier in Q3. It is a powerful new addition to the Xenium platform that allows researchers to detect RNA and proteins in the same cell and on the same tissue section, all in a single, automated run.

早期用戶回饋非常好，我們非常期待看到更多研究人員將新的 Flex 應用到各種研究中。我們也很高興能在第三季初就開始出貨 Xenium 蛋白。它是 Xenium 平台的一項強大的新增功能，使研究人員能夠在一次自動化運行中檢測同一細胞和同一組織切片中的 RNA 和蛋白質。

By reducing the need for separate workflows, technologies or tissue sections, Xenium protein simplifies experimental design and allows researchers to move more quickly from experiment to inside. As a first-of-its-kind capability, Xenium protein represents a major leap forward, enabling comprehensive, multimodal insights, streamlining workflows and accelerating translational discovery.

Xenium 蛋白質透過減少對獨立工作流程、技術或組織切片的需求，簡化了實驗設計，使研究人員能夠更快地從實驗過渡到體內。作為一項開創性的能力，Xenium 蛋白質代表著重大飛躍，它能夠提供全面的多模式洞察，簡化工作流程，並加速轉化發現。

We're also seeing an increasing number of customers use Xenium together with Chromium Flex. The combination of highly precise spatial measurements and robust whole transcriptome analysis provides a powerful approach for biomarker discovery in FFPE samples.

我們也發現越來越多的客戶將 Xenium 與 Chromium Flex 結合使用。高精度空間測量與穩健的全轉錄組分析相結合，為在 FFPE 樣本中發現生物標記提供了一種強有力的方法。

This is a great example of the value that our portfolio strategy delivers to our customers. Now stepping back, the landscape of spatial biology has evolved significantly over the past few years. In its early days, there is broad uncertainty across the field about which applications would be best served by sequencing-based methods like Visium and which by imaging-based approaches like Xenium.

這是我們的投資組合策略為客戶創造價值的絕佳例證。現在回過頭來看，空間生物學的模式在過去幾年發生了顯著變化。在早期階段，該領域普遍存在不確定性，即哪些應用最適合使用像 Visium 這樣的基於定序的方法，哪些應用最適合使用像 Xenium 這樣的基於成像的方法。

Now that Xenium has been in the hands of researchers for some amount of time, that picture is becoming more clear. We now see a strong and growing preference for image-based analysis. This is a reflection of both, how well Xenium works and the abundance of insights that scientists are gaining from using the platform.

現在，Xenium 已經在研究人員手中使用了一段時間，情況變得越來越清晰。現在我們看到，基於影像的分析方法越來越受到青睞。這既反映了 Xenium 的出色性能，也反映了科學家在使用該平台時所獲得的豐富見解。

Based on customer feedback and the results we are seeing in the field, we increasingly see Xenium as the best solution for most of researchers' spatial needs. In addition to advancing our product road map, we're focused on unlocking the full potential of our current products by removing barriers to adoption and driving broader access.

根據客戶回饋和我們在實際應用中看到的結果，我們越來越認為 Xenium 是滿足大多數研究人員空間需求的最佳解決方案。除了推進我們的產品路線圖之外，我們還致力於透過消除採用障礙和推動更廣泛的普及，來釋放我們現有產品的全部潛力。

Data analysis has long been one of the biggest bottlenecks in single-cell and spatial research. Our recent partnership with Anthropic helps address this issue and makes analysis more accessible by integrating it with Claude for Life Sciences.

數據分析一直是單細胞和空間研究中最大的瓶頸之一。我們最近與 Anthropic 的合作有助於解決這個問題，並透過將其與 Claude for Life Sciences 集成，使分析更容易獲得。

With Claude, researchers can now perform common analytical tasks through a conversational interface that complements our existing applicational workflows. This intuitive approach makes it faster and easier for researchers to engage directly with their data. We believe this partnership is the first step towards addressing the analysis bottleneck to make our technologies more accessible to an ever-broader community of scientists.

借助 Claude，研究人員現在可以透過對話介面執行常見的分析任務，該介面可以補充我們現有的應用程式工作流程。這種直觀的方法使研究人員能夠更快、更輕鬆地直接使用他們的數據。我們相信，這項合作是解決分析瓶頸的第一步，這將使我們的技術更容易被更廣泛的科學家群體所接受。

While single-cell and spatial have been a transformative engine for scientific discovery, going forward, we believe there is an especially large and growing opportunity in translational research and ultimately in clinical applications. A great example of this is our recent collaboration with CLISEQ and the Weizmann Institute on the PERIBLOOD clinical trial.

雖然單細胞和太空技術一直是科學發現的變革引擎，但展望未來，我們相信轉化研究以及最終的臨床應用領域將迎來一個特別大且不斷增長的機會。一個很好的例子是我們最近與 CLISEQ 和魏茨曼研究所合作的 PERIBLOOD 臨床試驗。

Using Chromium to profile thousands of individual cells from blood samples, this new study built on a groundbreaking discovery recently published in Nature Medicine, where CLISEQ and Weizmann researchers identified a unique, circulating cell signature capable of detecting hematologic disorders with remarkable accuracy.

這項新研究利用 Chromium 對血液樣本中的數千個單一細胞進行分析，建立在最近發表於《自然醫學》的突破性發現之上。在該發現中，CLISEQ 和魏茨曼研究所的研究人員發現了一種獨特的循環細胞特徵，能夠以驚人的準確性檢測血液疾病。

Their clinical trials use a single-cell to validate, refine and amplify the proof-of-concept, uncovering molecular signals that traditional blood tests may miss and determining whether bone marrow biology can be accurately assessed through circulating cells. This work represents a promising step towards more accessible and less invasive diagnostics and improving clinical decision-making.

他們的臨床試驗利用單細胞來驗證、完善和放大概念驗證，揭示傳統血液檢測可能遺漏的分子訊號，並確定是否可以透過循環細胞準確評估骨髓生物學。這項工作代表著朝著更易於獲取、侵入性更小的診斷方法和改善臨床決策的重要一步。

Finally, we are continuing to see increasing momentum around virtual cell efforts and large perturbation studies. Described as a holy grail of science, the virtual cell is an AI model trained on massive amounts of data meant to simulate the workings of individual cells.

最後，我們看到虛擬細胞研究和大規模擾動研究的勢頭越來越強勁。虛擬細胞被譽為科學界的聖杯，它是一種基於海量資料訓練的人工智慧模型，旨在模擬單一細胞的運作。

Multiple groups are now generating large-scale, 10X single-cell data to train algorithms as initial steps towards the virtual cell vision. There are strong reasons to expect that scaling of data will result in vastly more capable models as it has in just about every other application of artificial intelligence. These models hold the promise of transforming science, drug discovery and ultimately, human health.

目前，多個研究團隊正在產生大規模的 10 倍單細胞數據，以訓練演算法，作為實現虛擬細胞願景的初步步驟。有充分的理由預期，資料規模的擴大將帶來更強大的模型，就像人工智慧在幾乎所有其他應用中所做的那樣。這些模型有望改變科學、藥物發現，最終改變人類健康。

We believe that virtual cell efforts represent one of the most important trends in biology in the coming years. And we anticipate that our technologies will keep powering these efforts as they keep scaling by orders of magnitude.

我們認為，虛擬細胞研究代表了未來幾年生物學領域最重要的發展趨勢之一。我們預計，隨著這些工作規模不斷擴大，我們的技術將繼續為這些工作提供動力。

The strong resonance of our innovations with customers and the expansion of our tools into translational research and large-scale experiments reinforces our conviction in the foundational role of single-cell and spatial in advancing science and health. We firmly believe that this is still very early days for our technologies.

我們的創新與客戶產生了強烈的共鳴，我們的工具也擴展到了轉化研究和大規模實驗領域，這更加堅定了我們對單細胞和太空技術在推進科學和健康方面所發揮的基礎性作用的信念。我們堅信，我們的技術仍處於非常早期的階段。

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

接下來，我會把電話交給亞當，讓他審核財務數據。

Thank you, Serge. I'll start by reviewing our financial results for the three months ended September 30, 2025, and then we'll provide further details on our outlook for the fourth quarter. All figures and growth rates provided will be on a year-over-year basis, unless otherwise noted.

謝謝你，塞爾吉。首先，我將回顧截至 2025 年 9 月 30 日的三個月的財務業績，然後我們將提供更多關於第四季度展望的細節。除非另有說明，所有數據和成長率均以同比為基礎。

As Serge mentioned, we exceeded the top end of our guidance range and total revenue for the third quarter was $149 million. This was down 2% year-over-year and up 2% sequentially, excluding onetime license and royalty revenue in the second quarter.

正如 Serge 所提到的，我們超出了預期範圍的上限，第三季總收入為 1.49 億美元。不計第二季的一次性許可和特許權使用費收入，該數據年減 2%，季增 2%。

As anticipated, revenue from scale was not material and accounted for less than $1 million. Total consumables revenue was $127.9 million, up 1% Chromium consumables revenue was $92.5 million, down 4%, primarily driven by lower average selling prices. Spatial consumables revenue was $35.4 million, up 19%, primarily driven by Xenium consumables revenue. Moving on to instruments. Total instrument revenue was $12 million, down 37%.

正如預期的那樣，規模經濟帶來的收入並不顯著，不到 100 萬美元。耗材總收入為 1.279 億美元，成長 1%；鉻耗材收入為 9,250 萬美元，下降 4%，主要原因是平均售價下降。空間耗材收入為 3,540 萬美元，成長 19%，主要得益於 Xenium 耗材收入的成長。接下來介紹樂器。儀器總收入為 1,200 萬美元，下降 37%。

Chromium instrument revenue was $4.9 million, down 36%. And spatial instrument revenue was $7.1 million, down 38%, both driven primarily by lower average selling prices. Services revenue was $8.1 million, up 29%, primarily due to an increase in Xenium service plans. Looking at our revenue by geography. Americas revenue was $79.9 million, down 9% from the prior year, driven by continued uncertainty in the US academic and government funding environment.

Chromium儀器的收入為490萬美元，下降了36%。太空儀器收入為 710 萬美元，下降了 38%，這主要是由於平均售價下降所致。服務收入為 810 萬美元，成長 29%，主要原因是 Xenium 服務計畫的增加。按地域劃分的收入情況。受美國學術界和政府資助環境持續不確定性的影響，美洲地區的收入為 7,990 萬美元，比前一年下降 9%。

Excluding settlement impacts from Q2, Americas was up 1% sequentially. EMEA revenue was $41.6 million, up 10% from the prior year and up 20% sequentially, primarily driven by strong spatial consumables performance. APAC revenue was $27.5 million, up 6% year-over-year and down 14% sequentially due to the previously mentioned Q2 customer-driven pull forward in China. Turning to the rest of the income statement.

剔除第二季結算的影響，美洲地區季增 1%。歐洲、中東和非洲地區 (EMEA) 的收入為 4,160 萬美元，比上年增長 10%，環比增長 20%，主要得益於空間耗材的強勁表現。亞太地區營收為 2,750 萬美元，年增 6%，季減 14%，原因是前面提到的第二季中國客戶提前購買所致。接下來來看損益表的其餘部分。

Gross profit for the third quarter was $100.3 million compared to $106.4 million for the prior year period. Gross margin decreased to 67% from 70% in the prior year, primarily driven by changes in product mix and higher inventory write-downs, partially offset by lower royalties and lower warranty costs.

第三季毛利為 1.003 億美元，而去年同期為 1.064 億美元。毛利率從去年的 70% 下降到 67%，主要原因是產品組合的變化和更高的庫存減值，部分被較低的特許權使用費和較低的保固成本所抵消。

Total operating expenses for the third quarter decreased to $132.5 million compared to $147.9 million for the prior year period, driven by lower personnel expenses and lower outside legal expenses. Operating loss for the third quarter was $32.2 million, compared to an operating loss of $41.5 million in the third quarter of last year. Net loss for the period was $27.5 million, compared to a net loss of $35.8 million for the third quarter of last year.

第三季總營運支出降至 1.325 億美元，而去年同期為 1.479 億美元，主要原因是人員支出和外部法律支出減少。第三季營業虧損為 3,220 萬美元，去年同期營業虧損為 4,150 萬美元。本季淨虧損為 2,750 萬美元，而去年同期淨虧損為 3,580 萬美元。

We ended the quarter with $482 million in cash, cash equivalents and marketable securities, up $35 million from the prior quarter. Turning to our outlook for the fourth quarter. We anticipate revenue to be in the range of $154 million to $158 million, representing 5% growth compared to Q3 at the midpoint.

本季末，我們持有現金、現金等價物和有價證券 4.82 億美元，比上一季增加了 3,500 萬美元。接下來展望第四季。我們預計營收將在 1.54 億美元至 1.58 億美元之間，與第三季相比成長 5%（取中間值）。

This outlook reflects the continuation of the key positive drivers of performance that we've seen throughout this year. We do not anticipate a material change in customer purchasing behavior and do not anticipate the year-end budget acceleration we have previously experienced in the fourth quarter.

這一前景反映了我們今年以來所看到的推動業績成長的關鍵積極因素的延續。我們預期客戶購買行為不會發生重大變化，也不預期會出現像往年第四季那樣的年底預算加速調整。

Our balance sheet remains strong, providing the flexibility to invest in innovation, advance our strategic initiatives and support long-term growth. We are confident in our ability to execute with discipline and agility as market conditions evolve, and we remain focused on creating durable value for our customers and shareholders. With that, I'll turn the call back to Serge.

我們的資產負債表依然穩健，為投資創新、推動策略措施和支持長期成長提供了靈活性。我們有信心在市場環境不斷變化的情況下，以嚴謹的態度和靈活的行動來執行策略，並將繼續專注於為我們的客戶和股東創造持久的價值。這樣，我就把電話轉回給塞爾吉了。

Thanks, Adam. Before we open the line for questions, I'd like to take a moment to thank the entire 10X team. This year has been incredibly tough for our customers. For that reason, it has also been really challenging for our team. Yet you have worked relentlessly through the challenges, keeping focus on our customers and on advancing our mission.

謝謝你，亞當。在開放提問環節之前，我想藉此機會感謝整個 10X 團隊。今年對我們的客戶來說極為艱難。正因如此，這對我們的團隊來說也極具挑戰性。然而，你們克服重重挑戰，堅持不懈地努力，始終專注於我們的客戶和推進我們的使命。

I deeply appreciate how our field teams work so closely and creatively with researchers, how our R&D teams keep pushing forward with new product development and how our entire teams have stepped up to the challenge with really tight execution. When I reflect back on the history of our company, going back to the earliest garage days, the periods of greatest value creation often coincided with the lowest external valuations.

我非常讚賞我們的現場團隊與研究人員緊密而富有創意地合作，讚賞我們的研發團隊不斷推進新產品開發，也讚賞我們整個團隊以嚴謹的執行力迎接挑戰。回顧我們公司的歷史，追溯到最早的車庫創業時期，價值創造最大的時期往往與外部估值最低的時期重疊。

This feels very much like one of those moments. Through your efforts, we have forged increasingly powerful bonds with our customers, advanced our road map and made tonnes of progress improving our internal capabilities. We're executing from a position of strength with an unmatched innovation engine, expanding adoption and a strong balance sheet that gives us the flexibility to invest for the long term.

感覺這很像那種時刻。在您的努力下，我們與客戶建立了越來越牢固的聯繫，推進了我們的發展路線圖，並在提高內部能力方面取得了巨大進展。我們憑藉著強大的實力、無與倫比的創新引擎、不斷擴大的應用範圍以及穩健的資產負債表，能夠靈活地進行長期投資。

I've been proud of what we've achieved and confident that our best work and our greatest impact lie ahead. With that, we will now open it up for questions. Operator?

我為我們所取得的成就感到自豪，並堅信我們最好的作品和最大的影響力還在未來。接下來，我們將開放提問環節。操作員？

(Operator Instructions)

（操作說明）

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

This is [Madeline Mollman] on for Doug. The guide calls for a 5% sequential pickup. Can you walk through how much of that is expected to come from instruments versus consumables, especially given you're not assuming a year-end budget flush?

這裡是瑪德琳·莫爾曼，她正在為道格播報。指南要求依序取貨 5%。能否詳細說明一下，預計其中有多少資金將用於儀器設備，又有多少資金將用於耗材，尤其是在您沒有假設年底預算充裕的情況下？

And then what assumptions are built into the Q4 guide regarding the government shutdown? Finally, what does this mean for 2026, given the quarter-over-quarter improvement, it seems like you should be able to grow in 2026 adjusted for the royalties payments. Is that the right way to think about things?

那麼，關於政府停擺，第四季業績指引中做出了哪些假設？最後，考慮到季度環比改善，這對 2026 年意味著什麼？經調整版稅支付後，您在 2026 年似乎應該能夠實現成長。這種思考方式正確嗎？

Great, thanks for the question, Madeleine. So I think as it relates to instruments versus consumables, we're not anticipating a big year-end budget flush, but I would anticipate potentially a little bit more of an uptick on the instrument side in Q4. So if we just sort of think about that mix between consumables and instruments, it could be a little bit higher on the instrumentation side in Q4 versus what we saw in Q3.

太好了，謝謝你的提問，瑪德琳。所以我認為，就儀器和耗材而言，我們預計年底預算不會大幅增加，但我預計第四季度儀器方面的預算可能會略有增加。因此，如果我們考慮耗材和儀器之間的比例，那麼第四季度儀器方面的佔比可能會比第三季度略高一些。

We factored the government shutdown into our guide. So to the extent that that does last to the end of this year as it relates to our Q4 guidance, that's incorporated. As a reminder, from an intramural perspective, NIH Intramural is a fairly low percent of our total overall business.

我們在指南中考慮了政府停擺的影響。因此，就我們第四季業績指引而言，如果這種情況持續到今年年底，那麼這部分內容已被納入考慮。需要提醒的是，從內部業務的角度來看，NIH 內部業務在我們整體業務中所佔的比例相當低。

Serge, do you want to take the second part of the question?

塞爾吉，你想回答問題的第二部分嗎？

Yeah, 2026, so fundamentally, it's too early for us to really talk about 2026. Obviously, we're seeing great trends in the business right now. But there's also a lot of just fundamental uncertainty in the macro environment. Visibility among our customers is quite limited, and there is a lot of uncertainty still around the policy environment. So we're not giving a guide.

是的，2026 年，所以從根本上來說，現在談論 2026 年還為時過早。顯然，我們目前看到了該行業內的一些良好發展趨勢。但宏觀環境也存在著許多根本性的不確定性。我們的客戶對政策環境的了解非常有限，而且政策環境仍有許多不確定性。所以我們不會提供指南。

Big picture-wise, at this stage, we anticipate the first half of 2026 should look similar to the second half of 2025. And we'll take it from there.

從宏觀角度來看，現階段我們預期 2026 年上半年的情況應該與 2025 年下半年類似。接下來我們就從這裡開始。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, hi guys. Thanks for taking my questions. So first one is really on the spatial side. Just wanted to get a sense on how should we think about that in the fourth quarter and then potentially, especially the consumables into 2026.

嗨，大家好。謝謝您回答我的問題。所以第一個問題確實與空間方面有關。我只是想了解我們應該如何看待第四季以及之後可能的發展，特別是到 2026 年的消耗品。

You came in flat to slightly down in the third quarter. So I just wanted to clarify on the consumable side there. And then Serge, when we think about the GEM-X the Flex v2 product that you're launching here, I just want to clarify, you have a barcode oligo hybridization step that is built into it that does give significant flexibility, both in terms of the number of samples that can be run and then the ability to run partial plates as well.

第三節比賽你們狀態平平，甚至略有下滑。所以我想就消耗品方面的問題澄清一下。Serge，說到您即將推出的 GEM-X Flex v2 產品，我想澄清一下，它內建了條碼寡核苷酸雜交步驟，這提供了很大的靈活性，無論是在可運行的樣本數量方面，還是在運行部分板方面。

So when we think about customers doing lesser batching and the price per sample, which seems to be now in the sub-$300 range versus the $1,000 before, how should we think about the medium- to near-term impact? I mean I appreciate longer term, this is going to be an elasticity of demand that could play out here, but in the near to medium term, why should this not impact the revenue growth? And please let me know if any of my assumptions are wrong there.

因此，當我們考慮到客戶減少批量生產以及每個樣品的價格（現在似乎低於 300 美元，而以前是 1000 美元）時，我們應該如何看待中短期影響？我的意思是，我理解從長遠來看，這將會是需求彈性問題，但就中短期而言，為什麼這不會影響收入成長？如果我的任何假設有誤，請告訴我。

Yeah, Puneet. So maybe on the spatial consumables side, first, one thing that I would just point out about this quarter is that you may remember, we had a pull forward in Asia of spatial consumables into Q2 from Q3. And so if you kind of normalize for that, we actually had a nice, sequential step-up in Q3. And as I mentioned, the spatial has been doing quite well. Spatial consumables have been doing well, and we anticipate that to continue.

是的，普尼特。所以，就空間消耗品而言，首先，我想指出的是，本季您可能還記得，我們​​在亞洲將空間消耗品的需求從第三季提前到了第二季。因此，如果考慮到這一點，我們實際上在第三季度實現了不錯的連續成長。正如我之前提到的，空間方面表現相當不錯。空間消耗品市場表現良好，我們預期這種勢頭將持續下去。

All the trends are pointing generally like well in that direction. As far as the question on Flex v2, I mean those are definitely astute observations around how the product works and the fact that it gives a lot of flexibility to our customers.

整體而言，所有趨勢都朝著這個方向發展。至於關於 Flex v2 的問題，我的意思是，這些確實是對產品工作原理以及它為我們的客戶提供了很大的靈活性這一事實的精闢見解。

Maybe like a little bit of a step back just in terms of our overall general strategy here is merited. We started talking about it some time ago about the fact that there is a huge elasticity potential in this market in single-cell. And we started lowering our prices, for example, in a very kind of careful staged manner, starting with the GEM-X introduction about 1.5 years ago.

或許從整體策略角度來看，稍微退後一步是合理的。我們之前就開始討論單電池市場存在巨大的彈性潛力。例如，我們從大約 1.5 年前推出 GEM-X 開始，以非常謹慎的分階段方式逐步降低價格。

And since then, with the introduction of new products like on-chip multiplexing, like the first iteration of GEM-X Flex about a year ago, kind of opening up new use cases, new configurations to drive more volume at lower prices. And what we have seen is consistently over that time, the volume growth has been stepping up, as we've been expanding and very much in resonance with the strategy that we have put out there.

從那時起，隨著晶片多路復用等新產品的推出，例如大約一年前推出的第一代 GEM-X Flex，開闢了新的應用場景和配置，從而以更低的價格推動了更大的銷量。我們看到，在此期間，銷售成長一直在加快，因為我​​們一直在擴張，這與我們提出的策略非常吻合。

So the numbers line up with the strategy, the feedback of customers also lines up with our strategy in terms of new use cases opening up, new configurations and people running more single-cell than they were doing before.

因此，數據與策略相符，客戶的回饋也與我們的策略相符，即新的用例不斷湧現，新的配置不斷湧現，人們運行的單電池數量比以前更多。

And the launch of the next generation of Flex now also is part of that overarching strategy, where we're delivering new configurations into the marketplace to a large extent where it needs to be particularly impactful is enabling people to learn larger experiments and it's really at these sorts of large experiments if you do get to lower per sample and per cell prices. And we want to be careful in the sense that the product, this new Flex doesn't have exactly the same sort of configurations that the previous versions did.

下一代 Flex 的推出也是這項整體策略的一部分，我們正在向市場推出新的配置，這在很大程度上是為了在需要產生特別大影響的地方，使人們能夠進行更大規模的實驗，而正是在這些大規模實驗中，你才能真正降低每個樣本和每個單元的價格。我們希望謹慎對待這款產品，這款新的 Flex 產品與先前的版本在配置上並不完全相同。

But overall, if you compare kind of an average, probably there is a 20% to 30% drop in the average reaction price. And we do anticipate that this will be more than made up in volume, especially over time. And that would be consistent again with the feedback that we've been hearing from customers and with the metrics we've been tracking internally over the course of the past 1.5 years.

但總體而言，如果比較平均值，平均反應價格可能會下降 20% 到 30%。我們預計，隨著時間的推移，銷量將會大幅成長，尤其是在數量上。這與我們從客戶那裡聽到的反饋以及我們在過去 1.5 年裡一直在內部追蹤的指標再次相符。

Dan Arias, Stifel.

Dan Arias，Stifel。

Good afternoon guys. Thanks. I'll ask one since that's what you asked for. I wanted to ask a follow-up question on spatial consumables, though. Serge, can you just maybe add some color to the contributions from Xenium and Visium? I know you don't like talking about per system pull-through, but it is a tough modeling exercise for spatial just given the two product lines. So is there anything you can kind of shed light on when it comes to user dynamics per box, if possible?

各位下午好。謝謝。既然你問了，那我就問一個。不過，我還想就空間消耗品問一個後續問題。Serge，你能不能為 Xenium 和 Visium 的貢獻增添一些色彩？我知道你不喜歡談論每個系統的拉動效應，但考慮到只有兩條產品線，這對於空間建模來說是一個很困難的問題。那麼，關於每個盒子的用戶動態方面，您能否提供一些見解？

Anything there would be helpful just when it comes to keeping our model straight to these two product lines here.

任何相關資訊都將對我們保持模型僅限於這兩條產品線有所幫助。

Yeah, Dan, thanks for the question. So as I was alluding to kind of in my prepared remarks, spatial in general has been like a very dynamic field. And there is also kind of this broad uncertainty around how the application the space is going to play out relative to our platforms and relative to our products, especially between Visium and Xenium.

是的，丹，謝謝你的提問。正如我在事先準備好的演講稿中提到的那樣，空間領域總體上一直是一個非常活躍的領域。此外，對於該領域的應用將如何發展，相對於我們的平台和產品，尤其是 Visium 和 Xenium 之間，也存在著廣泛的不確定性。

And one of the things that I make sure to emphasize earlier is that we're seeing more and more enthusiasm for Xenium in particular and kind of very consistent increase in usage of the platform and not just the broad usage, although we're seeing that in the consumable numbers, pretty consistent uptick, but also on a per instrument basis. We haven't shared pull-throughs and it's still quite a dynamic kind of environment for us to be able to do that.

我之前強調的一點是，我們看到人們對 Xenium 的熱情越來越高，而且該平台的使用量持續增長，不僅僅是廣泛使用量（雖然我們在耗材數量上看到了相當穩定的增長），而且在每個儀器上也是如此。我們還沒有分享拉動式銷售數據，而且對我們來說，要做到這一點，環境仍然相當動態。

But it has been trending consistently in the right direction. And also like I said, along sort of both the vector of more runs and also price per run. And also back to my earlier point, in general, the trend has been more towards Xenium relative to Visium and more different products.

但它一直朝著正確的方向發展。而且就像我之前說的，無論是在增加運行次數方面，還是在提高每次運行成本方面。另外，回到我之前的觀點，總的來說，趨勢是更傾向於 Xenium 而不是 Visium，以及更多不同的產品。

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Hey guys, thanks for the questions. Congrats on the quarter. I want to just address the acquisition this week from a large company bought the instrument-free solution company, similar to yours and scale a little bit larger situation now. So this acquirer is going to provide access to the single-cell tech to 500,000 labs globally.

大家好，感謝你們的提問。恭喜你本季取得佳績。我只想談談本週一家大公司收購了一家與貴公司類似的無儀器解決方案公司，現在情況規模更大一些。因此，這家收購方將向全球 50 萬個實驗室提供單細胞技術。

They're going to incorporate 100 million cell data set into their software and pathway, and they're also going to integrate single-cell into pharma companion diagnostics. So just would love to hear, Serge, if you have like an answer to these kind of aspirations over time. Can you do these things organically possibly?

他們計劃將 1 億個細胞的數據集整合到他們的軟體和通路中，並且還將把單細胞技術整合到製藥伴隨診斷中。所以，塞爾吉，我很想聽聽你對這些期望的答案是什麼。這些事情有可能自然而然發生嗎？

Yeah, I mean, look, first of all, kind of big picture-wise, one way to look at it is that it certainly validates the space. Like we've been saying for a long time that single-cell fundamentally has enormous potential going forward and along multiple axes, right? It's the fundamental unit of biology. This is where biology needs to go. That's ultimately where clinical applications and drug development needs to go.

是的，我的意思是，首先，從大局來看，這無疑證明了這個空間的價值。正如我們一直以來所說的，單細胞技術從根本上具有巨大的發展潛力，而且可以沿著多個方向發展，對吧？它是生物學的基本單位。這就是生物學的發展方向。這才是臨床應用和藥物研發最終應該發展的方向。

So we're glad to see others agreed with that assessment. Overall, the space has always been competitive, certainly over the past several years, but even from the very, very beginning. And also it has had a quite a number of large and significant companies operating in that space.

我們很高興看到其他人也同意這項評價。總的來說，這個領域一直競爭激烈，尤其是在過去幾年裡，但實際上從一開始就是如此。此外，還有相當多的大型重要公司在該領域開展業務。

And we have consistently won with our products by virtue of our technology leadership, by virtue of performance of our products, data quality, robustness, ease of use, just a wide breadth of applications. And we certainly expect that to continue.

我們憑藉技術領先優勢、產品性能、數據品質、穩健性、易用性以及廣泛的應用範圍，不斷贏得市場。我們當然希望這種情況能夠持續下去。

Customers consistently choose us. There's always this sort of this pattern of as new technologies come in, people trial them. But the customers come back to us for all the reasons I just mentioned. And we see that reflecting in our customer surveys in double-blind NPS, which are off the charts, especially relative to our competitors. All of these metrics trend in our direction under our leadership, we expect for our leadership to continue.

客戶始終選擇我們。總是會有這樣一種模式：當新科技出現時，人們會進行試用。但顧客會因為剛才我提到的所有原因而再次光顧我們。這一點在我們的客戶調查中得到了體現，雙盲 NPS 指標非常高，尤其與我們的競爭對手相比更是如此。在我們的領導下，所有這些指標都朝著我們預期的方向發展，我們預期我們的領導地位將繼續維持下去。

We are seeing the gap in performance between our products and others has increased over the past several years, given all the product launches that we have had. So we do anticipate that it's going to stay this way and I fundamentally don't anticipate, don't expect that the fundamentals of the dynamic will really change.

鑑於我們過去幾年推出的所有產品，我們發現我們的產品與其他產品之間的效能差距越來越大。所以我們預計這種情況會一直持續下去，而且我從根本上不認為這種動態的基本面會真正改變。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

Hi, thanks for taking the question. I'll just ask one short one since you have a lot in line. Can you talk about the strong spatial performance in Europe? Is there any reason to believe that there is sustainability there? Is there anything to call out in terms of onetime? Great job on the quarter.

您好，感謝您回答這個問題。因為你問的問題很多，我就問一個簡短的問題。您能談談歐洲在空間利用方面的優異表現嗎？有什麼理由相信那裡有永續發展？有沒有什麼需要特別指出的一次性事項？本季表現出色。

Thanks Kyle, yeah. We want to be careful not to over-index on any particular quarter in any particular region. These things tend to be lumpy and there tend to be fluctuations quarter-to-quarter. Yes, for sure, we had a great quarter in terms of spatial consumables in terms of Xenium consumables in Europe. I think that's part of the broader trend we're seeing across the world, and we do expect that to generally continue.

謝謝你，凱爾。我們希望謹慎行事，避免過度依賴任何特定地區的任何特定季度。這些事情往往波動較大，而且季度之間也容易出現波動。是的，當然，就歐洲的 Xenium 耗材而言，我們在空間耗材方面取得了非常好的季度業績。我認為這是我們目前在全球範圍內看到的大趨勢的一部分，而且我們預計這種趨勢總體上還會繼續下去。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Hey, good afternoon. This is Kyle on for Dan. I just want to ask about China and sort of what you're seeing there. I know you had some pull forward in the second quarter that you just talked about earlier. But I think year-over-year, you still grew a little bit in China off of not an easy comp, but I guess what are you seeing over in China?

嘿，下午好。這裡是凱爾替丹報道。我只是想問關於中國的情況，以及你在那裡看到了什麼。我知道你在第二節比賽中取得了一些進步，就像你剛才提到的那樣。但我認為，儘管去年同期基數較高，但你們在中國市場仍然實現了小幅成長。我想知道你們在中國市場看到了什麼？

Yeah, I mean it's a good question. So just to kind of step back a little bit, you may remember that we made a number of changes to kind of our go-to-market in China a couple of years ago after a number of challenges that we faced there. And that has yielded great benefits.

是啊，這確實是個好問題。所以，讓我們稍微回顧一下，您可能還記得，幾年前，由於我們在中國面臨許多挑戰，我們對在中國的市場策略進行了一些調整。而這帶來了巨大的好處。

We have a great team, great organization, great relationship with the distributors and partners over there, which has increased both visibility and execution in that region. And so you're seeing some of the outcomes of that.

我們擁有一支優秀的團隊、一個優秀的組織，與當地的經銷商和合作夥伴建立了良好的關係，這提高了我們在該地區的知名度和執行力。所以你現在看到了其中的一些後果。

We're also seeing quite good and robust demand on the ground for our products there as well. So that has also been quite gratifying to see. Overall, of course, China has very different dynamics from the rest of the world. And so we have to be cautious about long-term visibility there. But overall, right now, like we're certainly seeing good business and good progress in the region.

我們也看到，我們產品在當地的需求相當強勁且強勁。所以看到這一點也令人非常欣慰。當然，整體而言，中國的經濟動態與世界其他地區截然不同。因此，我們必須對那裡的長期前景保持謹慎。但總的來說，目前我們確實看到該地區的商業發展和進步都很好。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

This is [Lauren] on for Tycho. Congrats on the quarter. On the Xenium, could you maybe elaborate a little bit more on kind of early adoption trends for Xenium protein and kind of how these multiomic workflows are resonating with customers? And kind of maybe which end markets are you seeing the strongest demand? And then in terms of kind of differentiation, there's other competitors kind of talking about spatial offerings and kind of what do you think about that in terms of differentiation for Xenium?

這是勞倫代表泰科上場。恭喜你本季取得佳績。關於 Xenium，您能否再詳細介紹一下 Xenium 蛋白的早期應用趨勢，以及這些多組學工作流程是如何引起客戶的共鳴的？那麼，您認為哪些終端市場的需求最強呢？至於差異化方面，其他競爭對手也在談論空間產品，您認為這對 Xenium 的差異化有何意義？

And then lastly, just on single-cell consumables that were down, what do you think is needed kind of going into the end of the year into 2026 to see recovery for single-cell?

最後，就單電池耗材而言，您認為到今年年底到 2026 年，單電池耗材需要做些什麼才能實現復甦？

So let me start there with the protein product. So that is something that obviously has been a big trend. I talked about this earlier in my prepared remarks, kind of the whole notion of multiomics and being able to measure multiple analytes from the same sample, from the same cell, from the same section, tissue section.

那麼，就讓我先從蛋白質產品說起。所以這顯然是一個很大的趨勢。我在先前的演講稿中談到了這一點，即多組學的整個概念，以及能夠從同一個樣本、同一個細胞、同一個切片、組織切片中測量多種分析物。

And I want to kind of emphasize the fact that this is the first product of its kind that can measure both proteins and RNA expression from the same exact section, using the same integrated workflow. And that is something that our customers have been asking for and have been very excited to receive.

我想強調的是，這是首款能夠使用相同的整合工作流程，從同一切片中測量蛋白質和 RNA 表現的產品。而這正是我們的客戶一直以來所要求的，他們收到後也感到非常興奮。

So the initial feedback has been very positive. Like people really appreciate they really like this capability. Early days, so I don't want to say any more on that point, but definitely very promising. And I think this is just kind of the first step -- along a very promising direction. I also would say that there is tremendous differentiation that Xenium has relative to other products in the market.

所以初步反饋非常正面。人們真的很欣賞他們真的很喜歡這項功能。現在還處於早期階段，所以我不想就此多說，但絕對非常有前景。我認為這只是邁向一個非常有前途的方向的第一步。我還想說，Xenium 與市場上其他產品相比，具有巨大的差異化優勢。

And we've talked about that before just based on the fundamentals of the technology, based on the workflow, based on the data that we've been seeing coming back, and it's not been reflected very consistently with customer feedback.

我們之前也討論過這個問題，這是基於技術的基本原理、工作流程以及我們看到的回饋數據，但這些並沒有得到客戶回饋的一致反映。

All kinds of benchmarks that people have run that consistently put Xenium on top. You see that in the numbers. We see that in also competitive situations out there like with our team is consistently winning in the marketplace. Xenium really stands out as a platform.

人們運行的各種基準測試都一致表明 Xenium 處於領先地位。從數字上就能看出來。我們看到，在像我們這樣的競爭環境中，我們的團隊也在市場上不斷取得勝利。Xenium 平台確實非常出色。

And as far as the other question on single-cell consumables, overall, we are really happy with the progress of reaction growth, volume growth. Obviously, there are some pricing headwinds that I talked about earlier in terms of kind of new product introductions that are introducing lower price point configurations.

至於單電池耗材的另一個問題，整體而言，我們對反應成長和體積成長的進展感到非常滿意。顯然，正如我之前提到的，價格方面存在一些不利因素，例如新產品推出時會引入價格較低的配置。

And also, obviously, we can't forget the macro headwinds, especially when you're looking at year-over-year compares. But if you look sequentially, there has been a really, nice and robust step-up in both in reaction volumes and in overall revenue for single-cell consumables. I think that's a very promising sign, and we do expect these trends to continue.

當然，我們也不能忽視宏觀經濟的不利因素，尤其是在進行年比比較時。但從連續性來看，無論是反應量或單細胞耗材的總收入，都出現了非常可觀且強勁的成長。我認為這是一個非常有希望的跡象，我們預計這些趨勢將會持續下去。

Lu Li, UBS.

盧莉，瑞銀。

Great. Thank you for taking my questions. I wanted to go back to the spatial. You mentioned that the scientists increasingly prefer Xenium over Visium. I wonder, can you talk a little bit about your kind of more math for Visium going forward? And then second question, you also mentioned that people are starting to using more like flash with the Xenium together, I wonder, can you quantify a little bit in terms of like what percentage of your customers are using the two products at the same time?

偉大的。謝謝您回答我的問題。我想回到空間領域。你提到科學家越來越傾向選擇 Xenium 而不是 Visium。我想請您談談您未來在 Visium 中會運用哪些數學方法？第二個問題，您也提到人們開始將 Flash 與 Xenium 結合使用，我想知道，您能否量化一下，例如您的客戶中有多少百分比同時使用這兩種產品？

Yeah, I mean in terms of the second question, it's too early to make quantifications. I certainly hear that traveling in the field, especially customers, translational customers that have FFPE samples that they want to be analyzing and they want to have the most comprehensive possible analysis of those samples. And the two products together, the Flex together with Xenium, provides kind of the best, most comprehensive analysis.

是的，我的意思是，就第二個問題而言，現在進行量化還為時過早。我確實聽說，在實地考察時，特別是客戶，尤其是轉換醫學客戶，他們有 FFPE 樣本需要分析，並且他們希望對這些樣本進行盡可能全面的分析。Flex 與 Xenium 這兩款產品結合起來，可以提供最好、最全面的分析。

You get the whole transcriptome single-cell-based analysis using Flex and then you have this really precise detailed spatial analysis from Xenium. And we see that as still very early in that trend, but it's a consistent theme that I've now heard pretty consistent across multiple customers.

使用 Flex 可以進行基於單細胞的全轉錄組分析，然後使用 Xenium 可以進行非常精確的詳細空間分析。我們認為這仍處於該趨勢的早期階段，但這是一個反覆出現的主題，我已經從多位客戶那裡聽到了相當一致的回饋。

And we do expect kind of back to your first question, the sort of trend of people really converging and being enthusiastic about Xenium. Again, if anything, this is just kind of the beginning of this trajectory. We see this happening more and more as, again, researchers kind of talk to each other, where it becomes more and more clear across different applications, across different publications, just how well Xenium works and how quickly you can get from their samples to insights.

我們確實期待著回到你的第一個問題，人們會逐漸趨同，並對 Xenium 充滿熱情。再說一遍，這只是這軌跡的開始。隨著研究人員之間的交流越來越多，我們看到這種情況也越來越普遍，在不同的應用中，在不同的出版物中，Xenium 的效果以及從其樣本中獲得見解的速度都變得越來越清晰。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Great, thanks for taking the question. You talked earlier about some of the academic and government trends in end of year budget flush. I want to dig a little bit more on pharma behavior, what you're seeing there as you're going into the end of the year. There is a lot of concern on some budget constraints and just some cautious spending. Just wondering if you noticed any change on that in the last couple of months and if you're getting just any more fruitful conversations with pharma customers. Thanks.

太好了，謝謝你回答這個問題。你之前談到了一些學術界和政府在年底預算緊張方面的趨勢。我想更深入地探討一下醫藥產業的行為，以及在年底之際，你觀察到的情況。一些預算限制和謹慎的支出引起了人們的擔憂。想知道你最近幾個月有沒有註意到這方面有什麼變化，以及你和製藥客戶的溝通是否更有成效。謝謝。

Yeah, thanks, Mike, yeah, it's a bit, pharma has been kind of a challenging segment. We're very happy to have the full biopharma team in place, which, again, we made those changes last year. It has been very helpful to have focused teams, especially in this kind of environment. The macro has been challenging. There's like just fundamental uncertainty around kind of long-term questions for pharma where to invest because of various policy questions.

是的，謝謝，麥克，是的，醫藥行業一直是一個頗具挑戰性的領域。我們很高興生物製藥團隊已經全部到位，而這些變化也是我們去年做出的。在這種環境下，擁有目標明確的團隊非常有幫助。宏觀經濟情勢充滿挑戰。由於各種政策問題，製藥業在長期投資方向方面存在著根本性的不確定性。

And especially of uncertainty for them investing in early discovery, early-stage research, which is where our products have been traditionally focused on. It's a little too hard to tell precisely how like the rest of the quarter is going to play out. There is definitely some areas of positive trends that we're seeing, but also plenty of reasons to be cautious as well.

尤其是對於投資早期發現、早期研究而言，存在著不確定性，而這正是我們產品傳統上所關注的領域。很難準確預測本季剩餘比賽的走向。我們確實看到了一些正面的發展趨勢，但也有很多理由讓我們保持謹慎。

Kind of in the longer term, we do see a lot of promise. As I mentioned earlier, there's tons of interest in kind of running very large-scale experiments for kind of AI-driven applications for target discovery, very large kind of screening campaigns using single-cell.

從長遠來看，我們確實看到了很大的前景。正如我之前提到的，人們對進行大規模實驗，用於人工智慧驅動的目標發現應用，以及利用單細胞進行大規模篩選活動，有著濃厚的興趣。

So a big trend, still very early in that and very promising. And then we're also seeing a lot of promise kind of moving downstream in the drug development process into translational applications, especially given our product set now with Flex and with Xenium, seeing a lot of potential there as well. We'll see how sort of the rest of the quarter plays out. We're in a period of a lot of uncertainty at this point still.

所以這是一個很大的趨勢，目前還處於早期階段，但前景非常光明。此外，我們也看到藥物研發過程中向下游轉化應用領域發展也展現出巨大的潛力，特別是考慮到我們目前的產品組合，包括 Flex 和 Xenium，我們看到了這方面的巨大潛力。讓我們看看本季剩餘時間的情況如何。目前我們仍處於充滿不確定性的時期。

Justin Bowers, Deutsche Bank.

賈斯汀·鮑爾斯，德意志銀行。

Hi, good afternoon, Serge, what's your latest thinking on the elasticity of Chromium, especially with the launch of the recent Flex assay? Have the curves crossed? And in other words, absent the near-term macro headwinds, what type of growth are we thinking about for single-cell in the interim?

嗨，下午好，Serge，你對鉻的彈性有什麼最新看法，特別是隨著最近 Flex 檢測方法的推出？曲線交叉了嗎？換句話說，如果沒有近期宏觀經濟的不利因素，我們認為單細胞技術在過渡期內會有哪些類型的成長？

Yeah, good question. And kind of like as I talked about earlier, we have been consistently encouraged by volume growth and how consistent it has been with our strategy. We had several elements of what we embarked on with our product launches, starting about 1.5 years with the launch of GEM-X at a lower price point per sample compared to the previous architecture and next GEM.

嗯，問得好。正如我之前提到的，銷售成長一直令我們倍感鼓舞，而且與我們的策略高度一致。我們從產品發布開始，逐步引入了幾個要素，大約 1.5 年前推出了 GEM-X，每個樣品的價格都比先前的架構和下一代 GEM 更低。

And that has been kind of proceeding through the conversion throughout our customer base to the point where by the end of this year, we should be largely finished with that conversion. And then, of course, to launch new products, last year as well and also started shipping the new version of Flex.

我們已經逐步完成了整個客戶群的轉換，到今年年底，我們應該基本上完成這項轉換。當然，去年我們也推出了新產品，並且開始販售新版 Flex。

So on multiplexing, which kind of opens up new use cases, new customers, Flex opens up also new use cases, large configurations, more usage, high sell volume kind of use cases. So we do anticipate that we have seen that more and more volume growth.

因此，在多重化方面，Flex 開啟了新的用例、新的客戶，也開啟了新的用例，例如大型配置、更多用途、高銷售等用例。因此，我們預計銷量會持續成長。

We do also see some conversion of current users, which creates headwinds on price. And at this stage, it's probably too early to tell where the sort of steady state of new products is relative to kind of our previous existing products. It's been a pretty steady clip at which new products have been entering their market.

我們也看到一些現有用戶轉化，這對價格造成了不利影響。現階段，要判斷新產品​​相對於我們先前現有產品的穩定狀態為何，可能還為時過早。新產品進入市場的速度一直相當穩定。

And we've been very happy with the progress there and the volume growth, especially.

我們對那方面的進展，尤其是銷售成長，感到非常滿意。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

This is [Brendan] on for Patrick. Congrats on the quarter. I know you guys aren't giving '26 guidance until the next call, but I want to touch on the first half of '26. Given kind of line of sight into the order funnel and visibility, is the first half of '26 kind of looking like the first half of 2025 kind of in that mid-single-digit decline area and similar revenue levels when excluding royalties? And then just to touch on the government shutdown further, can you mind breaking out exactly what you guys have factored in for the fourth quarter?

這是布倫丹替帕特里克上場。恭喜你本季取得佳績。我知道你們要到下次電話會議才會給予 2026 年的指導意見，但我想談談 2026 年上半年的情況。鑑於對訂單管​​道和可見性的某種了解，2026 年上半年的情況是否與 2025 年上半年類似，處於個位數中段的下滑區間，且在不計入版稅的情況下，收入水平也類似？另外，關於政府停擺，您能否詳細說明您在第四季都考慮了哪些因素？

So maybe on the government shutdown, as Adam mentioned, it's factored into our guide for the quarter. The way to think about it is that at this stage, for Q4, really the only material effect is likely to be on intramural NIH, which is a very small fraction of our business for this quarter. The rest of the business is able to proceed independent of the shutdown, where things start to get potentially more challenging to predict if it sustains sort of the funding trends into 2026. And this is where we are certainly refraining from giving guidance on 2026 or how it's going to play out at this stage.

所以，正如亞當所提到的，政府停擺可能已經影響到我們本季的業績預期。可以這樣理解：在現階段，對於第四季而言，真正產生實質影響的可能只有美國國立衛生研究院內部業務，而這僅占我們本季業務的一小部分。其餘業務可以獨立於關閉繼續進行，但能否將這種融資趨勢維持到 2026 年可能會變得更具挑戰性。因此，我們目前絕對不會對 2026 年的情況或發展趨勢給予任何指導意見。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

This is Jaden on for Casey. Could you just touch on what impact we can see as NextGen's end of life this year-end as customers make that transition over and may take more time to validate an assay or incorporate it into an existing new project? And what does the time-line usually look like for customers before they ramp to GEM-X? And what near-term impact that might have on the P&L, given the lower cost and anticipated ramp in volume?

這是傑登替凱西解說。您能否簡要談談隨著 NextGen 於今年年底停止服務，客戶在過渡到新系統時可能會產生哪些影響，以及他們可能需要更多時間來驗證檢測方法或將其納入現有新項目中？在客戶逐步過渡到 GEM-X 之前，他們的進度通常是怎麼樣的？考慮到成本降低和預期銷售成長，這會對損益表產生怎樣的短期影響？

Yeah, so I mean I think on the specific question of NextGen to GEM-X transition, at this point, there is not much left for the customer base to transition. We've given people end-of-life notices. And so people have been kind of running experiments with that in mind. And we anticipate the bulk of the effect or sort of the effect on the P&L on the top line has already -- we've already gone through it at this point. So what is left is pretty marginal.

是的，所以我的意思是，就 NextGen 到 GEM-X 過渡的具體問題而言，目前客戶群已經沒有太多可以過渡的地方了。我們已經向一些人送達了臨終通知書。因此，人們一直朝著這個方向進行各種實驗。我們預計，大部分影響或對損益表和營收的影響已經——我們目前已經經歷過了。所以剩下的就非常有限了。

Subu Nambi, Guggenheim.

蘇布南比，古根漢。

Hi guys, this is Thomas on for Subu. On Chromium instrument discounts, you mentioned they'll be temporary through the macro uncertainty. But do you anticipate any resistance from customers in purchasing when you return to normalized higher pricing? Or if you can confirm if you'll choose to keep Chromium ASPs at these levels longer term?

大家好，我是Thomas，今天為大家帶來Subu的報道。關於 Chromium 儀器的折扣，您提到過，由於宏觀經濟狀況不明朗，這些折扣只是暫時的。但當您恢復到正常的較高價格水平時，您是否預期客戶在購買時會有任何抵觸情緒？或者您能否確認一下，您是否會選擇長期將 Chromium ASPs 維持在這些水平？

Well, yeah, I mean It's a good question. Like we've said before, we have been intentionally very flexible with customers in terms of giving them creative deals and discounts when it makes sense through various products or different payment structures depending on their constraints, and there have been a lot of different kinds of constraints that customers have faced over the course of this past year.

嗯，是的，我的意思是，這確實是個好問題。正如我們之前所說，我們一直有意地對客戶保持非常靈活的態度，根據他們的限制，透過各種產品或不同的付款方式，為他們提供富有創意的優惠和折扣。在過去的一年中，客戶面臨著各種各樣的限制。

Our view is that the situation has been so peculiar and so unique in a lot of instances that it really doesn't necessarily translate sort of the patterns and the deals that we've given customers really shouldn't set much of a precedent as we transition to more stable and more normal times.

我們認為，目前的情況非常特殊，在許多情況下都是獨一無二的，因此，我們之前為客戶提供的模式和交易並不一定具有普遍意義，因此，在我們過渡到更加穩定和正常的時期時，這些交易也不應該成為先例。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Good afternoon and thanks for taking the question. This is Ben on for Mason. Could you give us some insight into Xenium's 5K panel adoption? How much of a tailwind has this been to Xenium consumable growth this year? And how much of that growth has just come from the higher pricing there?

下午好，感謝您回答問題。這是本為梅森報道。能否介紹一下 Xenium 5K 面板的採用？今年這對 Xenium 的消耗品成長產生了多大的推動作用？其中有多少增長僅僅是由於當地更高的物價造成的？

Yeah, good question. So like I said earlier, Xenium consumables have been growing and growing both on -- in terms of the number of runs per instrument and also price per run. And a large part of that increased price per run is precisely what you're referring to here, which is the adoption of the 5K panel. It's been going great. We're very happy with it, and we do expect it to be a good, great driver of our business going forward.

嗯，問得好。正如我之前所說，Xenium 耗材一直在不斷增長，無論是每台儀器的運行次數還是每次運行的價格。而每次運行成本增加的很大一部分原因正是你在這裡提到的，那就是採用 5K 面板。一切都很順利。我們對此非常滿意，我們期望它能成為我們未來業務發展的強大推動力。

And this does conclude our question-and-answer session. I would like to thank our speakers for today's presentation. And we thank you all for joining. This now concludes today's conference call. You may now disconnect.

我們的問答環節到此結束。我要感謝今天各位演講嘉賓的精彩演講。感謝各位的參與。今天的電話會議到此結束。您現在可以斷開連線了。