10x Genomics, Inc. (TXG) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to 10x Genomics' first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位下午好，歡迎參加 10x Genomics 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。

I would now like to turn the call over to Cassie Corneau, Senior Director, Investor Relations and Strategic Finance. Thank you. Please go ahead.

現在我想把電話交給投資人關係與策略財務資深總監 Cassie Corneau。謝謝。請開始。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the first quarter ended March 31, 2026. 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. 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.

謝謝，各位下午好。今天稍早，10x Genomics 已公布截至 2026 年 3 月 31 日止第一季的財務結果。若您尚未收到本新聞稿，或希望加入公司發送名單，請寄送電子郵件至 investors@10xgenomics.com。本次電話會議的網路直播存檔將於公司網站 10xgenomics.com 的「Investor」分頁提供，並在本次會議結束後至少保留 45 天。在開始之前，我想提醒各位，管理層在本次電話會議中將發表若干前瞻性陳述，該等陳述屬於聯邦證券法所定義的前瞻性陳述。

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. 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.

這些陳述涉及重大風險與不確定性，可能導致實際結果或事件與預期存在重大差異，您不應過度依賴前瞻性陳述。關於這些風險、不確定性以及可能導致結果出現差異之因素的更多資訊，載於 10x Genomics 今日發布的新聞稿，以及 10x Genomics 不時向美國證券交易委員會提交的文件與報告中。

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. We will host a question-and-answer session after our prepared remarks.

10x Genomics 不承擔亦不意圖更新或修訂任何財務預測或前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。今天參與電話會議的有：我們的執行長暨共同創辦人 Serge Saxonov，以及我們的財務長 Adam Taich。我們將在事先準備的發言結束後進行問答環節。

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.

我們請分析師每人僅提一個問題，以便我們能夠照顧到隊列中的每一位。接下來，我把電話交給 Serge。

Thanks, Cassie, and good afternoon, everyone. We had a really nice start to the year, with solid sales momentum, a step change advance in our product roadmap and strong execution across the business. Revenue for the first quarter was $151 million, representing 9% growth over Q1 2025 when excluding the nonrecurring settlement revenue in the prior year period. In Single Cell, we again saw double-digit growth in consumable reaction volumes, driven by Flex Apex. As we have expected and as we have been seeing over the past several quarters, our new products with more accessible pricing have been unlocking new ways of Single Cell demand.

謝謝你，Cassie，各位下午好。今年我們有一個非常好的開局，銷售動能穩健、產品藍圖出現躍升式進展，且全公司執行力強。第一季營收為 1.51 億美元；若排除去年同期一次性的和解收入，較 2025 年第一季成長 9%。在單細胞（Single Cell）方面，我們再次看到耗材反應量呈現兩位數成長，主要由 Flex Apex 帶動。正如我們所預期、且過去幾季也持續觀察到的，我們以更易於負擔的定價推出的新產品，正在解鎖單細胞需求的新途徑。

Similarly, in Spatial, we again delivered double-digit growth in consumables revenue, which was driven by Xenium momentum. Spatial biology remains in the very early stages of adoption and the vast majority of the opportunity is still untapped. The biggest highlight since our last call is without a question, the launch of our new instrument platform, Atera. Atera represents the most significant product introduction in our history. Among many other benefits, it enables, for the first time, Spatial whole transcriptome analysis with Single Cell sensitivity at scale.

同樣地，在空間（Spatial）領域，我們的耗材營收也再次實現兩位數成長，主要由 Xenium 的動能所驅動。空間生物學仍處於非常早期的採用階段，絕大多數的機會仍尚未被開發。自上次電話會議以來，最大的亮點毫無疑問是我們全新儀器平台 Atera 的發布。Atera 是我們公司史上最重要的產品導入。除其他多項優勢外，它首次使得以單細胞靈敏度、在可擴展規模下進行空間全轉錄組分析成為可能。

We believe Atera is poised to redefine how biology is measured and understood. We went into the launch expecting a very strong response from researchers and the broader scientific community. And what we have heard so far has been extraordinary. Before I talk about what Atera is and what it does, I want to spend a moment on why we built it. The central challenge of biology is that it's very complex.

我們相信 Atera 有望重新定義生物學的量測與理解方式。我們在發布前就預期研究人員與更廣泛的科學社群會有非常強烈的回應，而目前為止我們聽到的反饋可說是非同凡響。在我談 Atera 是什麼、以及它能做什麼之前，我想先花一點時間談談我們為什麼要打造它。生物學的核心挑戰在於它非常複雜。

It is complex in just about every system in just about every sample. Biological systems comprise massive numbers of molecules and cells interacting with each other in a bewildering diversity of ways. Addressing this complexity requires tools that can measure biology at large scale and high resolution. And historically, technologies available to researchers have lacked the necessary scale and resolution.

幾乎在每一個系統、每一個樣本中都很複雜。生物系統由大量分子與細胞構成，彼此以令人眼花撩亂的多樣方式互動。要應對這種複雜性，需要能在大規模與高解析度下量測生物學的工具。然而從歷史上看，研究人員可用的技術一直缺乏所需的規模與解析度。

Furthermore, the tool set of biology has been very fragmented. We have used one set of technologies for analyzing tissues, another for measuring cells, and yet another for working with molecules. But that's not how biology works. It works by specific cells expressing specific molecules in specific locations within tissue. That has always been the promise of Spatial biology.

此外，生物學的工具組一直非常碎片化。我們用一套技術來分析組織，用另一套來量測細胞，還有另一套用於分子層面的工作。但生物學並不是這樣運作的。它是由特定細胞在組織內特定位置表達特定分子而運作。這一直是空間生物學所承諾的願景。

It represents the convergence of the different tools for analyzing biological systems. It entails measuring molecules, cells, and tissues together, preserving a full context at massive scale and incredibly high resolution. However, until now, despite many advances, spatial biology has been fundamentally constrained by limitations of existing technologies. Researchers have been forced into frustrating trade-offs between the critical attributes they care about across throughput, specificity, sensitivity, scale, performance. To gain in one area, they have to compromise in others.

它代表了分析生物系統的不同工具之匯聚：同時量測分子、細胞與組織，在極大規模與極高解析度下保留完整脈絡。然而直到現在，儘管已有許多進展，空間生物學仍根本上受限於既有技術的限制。研究人員不得不在他們重視的關鍵屬性之間做出令人沮喪的取捨，包括通量、特異性、靈敏度、規模與效能。要在某一方面提升，就必須在其他方面妥協。

We built Atera to address all of these trade-offs and to unlock the full potential of spatial biology. Atera is the product of a long-held conviction about where biology needed to go and years of deliberate work to get there. It is poised to become the large-scale discovery engine, whether for basic research, AI-driven science, or translational applications. We believe that now spatial will increasingly become the default approach for analyzing biological samples. It is important to appreciate that Atera brings together a set of capabilities that until recently were not even thought possible for a single platform.

我們打造 Atera，就是為了解決所有這些取捨，並釋放空間生物學的全部潛力。Atera 源自我們長期以來對生物學應該走向何處的堅定信念，以及多年來為達成目標所做的有計畫投入。它有望成為大規模的探索引擎，無論是基礎研究、AI 驅動的科學，或轉譯應用。我們相信，未來空間方法將日益成為分析生物樣本的預設途徑。重要的是要理解，Atera 將一組直到不久前仍被認為不可能在單一平台上實現的能力整合在一起。

It delivers very high levels of plex, including whole transcriptome at sensitivity comparable to Flex Apex, the gold standard for single cell analysis. Enabled by refined probe chemistry, it delivers high specificity and data quality and non-negotiable for researchers and their collaborators to be able to trust the data. And Atera delivers a step change in throughput, with a single instrument capable of processing up to 800 whole transcriptome, 1 cm2 samples per year, or more than 3,000 if using the targeted Atera Select panels. This increase in throughput now enables large cohort studies at a pace and scale that were not previously feasible. Equally important is the user experience.

它提供非常高的多重檢測能力（plex），包括全轉錄組，且靈敏度可與單細胞分析的黃金標準 Flex Apex 相媲美。得益於精煉的探針化學，它提供高特異性與高資料品質；對研究人員及其合作夥伴而言，能夠信任資料是不可妥協的要求。Atera 也帶來通量的躍升：單台儀器每年可處理多達 800 個全轉錄組、1 cm2 的樣本；若使用標靶式 Atera Select panel，則可超過 3,000 個。通量的提升使得大型隊列研究得以以前所未有的速度與規模推進。同樣重要的是使用者體驗。

Atera builds on the proven Xenium workflow, which is already highly robust, widely adopted, and well-regarded by our customers. Atera runs on standard, off-the-shelf glass slides, which makes the platform inherently scalable across labs and experiments and enables distributed sample collection. Using standard slides also allows customers to access archived samples from biobanks and other repositories. In addition, Atera uses a universal sample preparation approach that works across tissue types, supporting different sample types on the same slide to provide extra flexibility and scalability. We have also developed powerful computational and software tools, so that customers can effectively work with the data.

Atera 建立在已被驗證的 Xenium 工作流程之上；該流程已具高度穩健性、被廣泛採用，並深受客戶好評。Atera 使用標準、現成的玻璃載玻片運行，使平台在不同實驗室與實驗之間具備內建的可擴展性，並支持分散式樣本收集。使用標準載玻片也讓客戶能夠存取生物樣本庫（biobank）及其他儲存庫中的封存樣本。此外，Atera 採用通用的樣本前處理方法，可適用於不同組織類型，並支援在同一張載玻片上處理不同樣本類型，提供額外的彈性與可擴展性。我們也開發了強大的運算與軟體工具，讓客戶能有效地使用這些資料。

To handle spatial biology at this unprecedented scale, the most computationally intensive part of the workflow, image processing, is performed directly on the instrument, driven by high-performance onboard GPUs and optimized algorithms. Data is processed efficiently at the source and translated into actionable biology in real time. From there, customers have the flexibility to use their own on-premise infrastructure or leverage our 10x Cloud platform for analysis and collaboration, ensuring that Atera is not just generating more data, but also making that data easy to use.

為了在這個前所未有的規模下處理空間生物學，工作流程中運算量最大的部分——影像處理——會在儀器上直接完成，由高效能的內建 GPU 與最佳化演算法驅動。資料在來源端即被高效率處理，並即時轉化為可採取行動的生物學洞見。之後，客戶可彈性選擇使用自有的本地端（on-premise）基礎設施，或利用我們的 10x Cloud 平台進行分析與協作，確保 Atera 不僅產生更多資料，也讓這些資料更容易使用。

We built Atera to be a long-duration, upgradeable platform, and we intend to continue delivering new capabilities over the years ahead. The roadmap on the platform includes workflow automation designed to enable true sample-in, data-out capability, protein multiomics, in situ sequencing for spatial mutation and variant detection and continued development of our 10x Cloud platform for multi-sample analysis and collaboration.

我們將 Atera 打造成一個可長期使用、可升級的平台，並計畫在未來多年持續交付新能力。該平台的產品藍圖包括：旨在實現真正「樣本進、資料出」（sample-in, data-out）能力的工作流程自動化、蛋白質多組學（protein multiomics）、用於空間突變與變異檢測的原位定序（in situ sequencing），以及持續發展我們的 10x Cloud 平台以支援多樣本分析與協作。

As I mentioned, the early customer response has been extraordinary. We had high expectations coming into this launch, and the reception has exceeded even those expectations. One customer told us that this was the largest technology leap they've seen in their career. Another called Atera's capabilities the holy grail. Others, to convey their enthusiasm, have used the kind of language that would not be appropriate for me to repeat in this forum.

如我所提到的，早期客戶回饋非常驚人。我們在這次發布前抱持很高的期待，而市場反應甚至超出這些期待。有位客戶告訴我們，這是他職涯中見過最大的技術躍進。另一位稱 Atera 的能力是「聖杯」。還有其他人為了表達他們的熱情，使用了某些措辭——在這個場合我不便重複。

And this enthusiasm is translating directly into demand as we take pre-orders ahead of initial shipments expected in the second half of 2026. Even in a challenging capital equipment environment, customer conversations have immediately centered on how to incorporate Atera into their research programs, not whether to buy it. In many cases, the discussion starts from the assumption that this is a must-have platform, and quickly moves to multi-year programs, large cohort studies, and the scale of insight generation that is now within reach. Atera fundamentally expands our addressable market across 3 high-growth segments. In discovery research, initiatives like the Human Cell Atlas can now map entire organs and tissues at unprecedented scale and speed.

而這股熱情正直接轉化為需求，因為我們在預計於 2026 年下半年開始的首批出貨之前，已開始接受預購。即使在資本設備環境充滿挑戰的情況下，客戶對話也立刻聚焦於如何將 Atera 納入其研究計畫，而不是是否要購買。在許多情況下，討論是從「這是一個必備平台」的前提開始，並迅速延伸到多年期計畫、大型隊列研究，以及如今可觸及的洞察產出規模。Atera 從根本上擴大了我們在 3 個高成長細分領域的可服務市場。在探索性研究方面，像 Human Cell Atlas 這樣的計畫如今能以前所未有的規模與速度，繪製整個器官與組織的圖譜。

In translational research, clinical cohorts can be comprehensively characterized to understand patient response patterns; something our collaborators are already validating, as shown by Carl June at AACR. And critically, large AI models represent an entirely new market where Atera's billion-cell-per-year capability enables creation of virtual models at a new level of scale and sophistication.

在轉譯研究方面，臨床隊列可以被全面表徵，以理解患者反應模式；我們的合作夥伴已在進行驗證，如 Carl June 在 AACR 上所展示。更關鍵的是，大型 AI 模型代表一個全新的市場；Atera 每年可處理十億細胞的能力，使得以全新層級的規模與精密度建立虛擬模型成為可能。

Each segment unlocks distinct applications while reinforcing our position as the essential platform for spatial biology. As we have been saying for some time, we believe AI represents a significant and structural tailwind for our business. The potential to transform our understanding of biology is enormous, but progress depends critically on generating vastly more of the right kinds of data.

每個細分領域都能解鎖不同的應用，同時鞏固我們作為空間生物學關鍵平台的地位。正如我們一段時間以來所說，我們相信 AI 對我們的業務而言是一股重要且結構性的順風。改變我們對生物學理解的潛力極其巨大，但進展在很大程度上取決於能否產生大量更多、且類型正確的數據。

From the beginning, we have built our platforms precisely for that purpose. Products like Flex Apex, and now Atera, exemplify this imperative and are seeing intense interest from customers building AI models of biology. The partnerships we have announced over the past year reflect and reinforce these trends, including the Chan Zuckerberg Initiative on the Billion Cells Project, the Arc Institute around the Virtual Cell Challenge, and Xaira Therapeutics to build the largest perturbation dataset ever reported. And just last month, we announced a partnership with Bioptimus, an AI-focused biotech company. Bioptimus is building STELA, a global initiative aiming to profile up to 100,000 patient tissue specimens across 3 continents.

從一開始，我們打造平台就是為了這個目的。像 Flex Apex，以及現在的 Atera，正體現了這項迫切需求，並正受到正在建立生物學 AI 模型的客戶高度關注。我們在過去一年宣布的合作夥伴關係反映並強化了這些趨勢，包括與 Chan Zuckerberg Initiative 在 Billion Cells Project 上的合作、與 Arc Institute 圍繞 Virtual Cell Challenge 的合作，以及與 Xaira Therapeutics 合作建立迄今報告中最大的擾動（perturbation）資料集。就在上個月，我們也宣布與以 AI 為核心的生技公司 Bioptimus 建立合作。Bioptimus 正在打造 STELA，這是一項全球性倡議，目標是在 3 大洲對多達 100,000 份患者組織標本進行剖析。

The goal is to build the data backbone for a world model of biology. The initiative is starting this effort on our Xenium platform and plans to expand to Atera over time. And just last week, the Chan Zuckerberg Biohub announced its new $500 million Virtual Biology Initiative. The goal of the effort is to build AI models that can accurately simulate cells and tissues in silico. This initiative is an incredibly ambitious undertaking that would not have been conceivable even a few years ago.

其目標是為生物學的世界模型建立數據骨幹。該倡議將以我們的 Xenium 平台啟動這項工作，並計畫隨時間推進擴展至 Atera。就在上週，Chan Zuckerberg Biohub 宣布其新的 5 億美元 Virtual Biology Initiative。該計畫的目標是建立能在 in silico 中準確模擬細胞與組織的 AI 模型。這項倡議極其宏大，即便在幾年前也難以想像。

Now, because of progress in AI and in technologies for measuring biology, there is a path to that vision. There is increasing evidence that scaling laws apply in biology just like they do in other domains. What we now need is many orders of magnitude more data, specifically of molecules, cells, and tissues across vast numbers of contexts. This initiative is galvanizing the broader scientific ecosystem, with an aligned view that this direction is the next grand challenge for advancing science and medicine, analogous to the Human Genome Project and its role in catalyzing the genomics era. Taken together, these programs are exactly the type of large, multi-year initiatives our single cell and spatial platforms are built to enable.

如今，隨著 AI 與生物量測技術的進步，這一願景已出現可行路徑。越來越多證據顯示，尺度定律（scaling laws）在生物學中也同樣適用，如同在其他領域一樣。我們現在需要的是多個數量級更多的數據，特別是涵蓋分子、細胞與組織，並跨越大量情境的數據。這項倡議正在凝聚更廣泛的科學生態系，形成一致觀點：這個方向是推動科學與醫學進步的下一個重大挑戰，類似於 Human Genome Project 及其在催化基因體學時代中的角色。綜合而言，這些計畫正是我們的單細胞與空間平台所設計要支援的那類大型、多年期倡議。

AI is poised to fundamentally reshape how science is done, and large scale high-quality biological data sits at the center of that transformation. As AI models improve, we expect an exponential increase in the demand for the kind of data our technologies produce. This reinforces our conviction in the importance of what we are building and the vast size of the opportunity ahead. Building on another theme that has become increasingly prominent in our business, we are seeing growing interest in translational applications across both academia and biopharma. Customers are increasingly focused on identifying human-relevant drug targets and, critically, biomarkers of response for therapies that only work in subsets of patients.

AI 將從根本上重塑科學的進行方式，而大規模、高品質的生物數據正位於這場轉型的核心。隨著 AI 模型持續改進，我們預期對我們技術所產生之數據類型的需求將呈指數型成長。這進一步強化了我們對所打造事物重要性的信念，以及前方機會的巨大規模。延續另一個在我們業務中日益突出的主題，我們看到學術界與生物製藥領域對轉譯應用的興趣正在上升。客戶愈來愈聚焦於辨識與人類高度相關的藥物標的，並且關鍵地，聚焦於那些僅對部分患者有效之療法的反應生物標記（biomarkers of response）。

There is now a growing body of evidence supporting the value of single cell and spatial approaches in uncovering these signals. At the same time, our recent product advances have made these technologies far more practical to deploy in translational settings. In Single Cell, Flex Apex has been a game changer for large-scale translational studies, because of strong performance on FFPE samples, streamlined workflows, and a cost profile that enables large cohorts. In Spatial, Xenium has proven to be a robust and powerful platform for extracting meaningful insights from clinical samples. Atera is now poised to extend that momentum by enabling much larger studies with significantly more information content per sample.

目前已有越來越多證據支持單細胞與空間方法在揭示這些訊號方面的價值。同時，我們近期的產品進展也使這些技術在轉譯場景中的部署更為可行。在單細胞方面，Flex Apex 因其在 FFPE 樣本上的強勁表現、精簡的工作流程，以及可支援大型隊列的成本結構，已成為大規模轉譯研究的改變者。在空間方面，Xenium 已證明是一個穩健且強大的平台，可從臨床樣本中萃取有意義的洞察。Atera 現在有望延續這股動能，透過讓每個樣本承載顯著更多資訊內容，來支援規模更大的研究。

While our technologies are relevant across the drug development continuum, a particularly large opportunity lies in later-stage translational settings, where biomarker strategies are essential to understand patient response and potential toxicity. This is where our solutions can meaningfully improve the probability of success, and where we are increasingly focused. Over time, these trends also reinforce the potential for single cell and spatial in diagnostic applications. To realize that potential, the critical next step is the generation of robust clinical evidence on large patient cohorts. As we have discussed previously, we are pursuing 2 parallel paths.

雖然我們的技術在藥物開發全流程中都具相關性，但特別大的機會存在於後期轉譯場景，在那裡生物標記策略對於理解患者反應與潛在毒性至關重要。這正是我們的解決方案能實質提升成功機率之處，也是我們日益聚焦的方向。隨著時間推進，這些趨勢也強化了單細胞與空間技術在診斷應用中的潛力。要實現該潛力，關鍵的下一步是在大型患者隊列上產生穩健的臨床證據。正如我們先前討論過的，我們正同時推進兩條路徑。

One, we are continuing to support our customers in their studies and will partner with them to enable clinical deployment in the future. And two, we are advancing our own internal efforts to generate clinical evidence for specific high-value applications. We are making progress in the 2 previously announced areas of tissue-based spatial profiling for oncology and blood-based single cell monitoring in autoimmune disease. Stepping back, this quarter has been emblematic of the great work by the whole 10x team. We launched a game changing new platform, saw continued sales momentum and engaged in powerful partnerships with our customers to drive the future of research and healthcare.

第一，我們將持續支持客戶的研究，並與他們合作，以在未來實現臨床部署。第二，我們正在推進自身內部工作，針對特定高價值應用產生臨床證據。我們在先前宣布的兩個領域均取得進展：用於腫瘤學的組織型空間剖析，以及用於自體免疫疾病的血液型單細胞監測。回過頭看，本季度充分展現了整個 10x 團隊的卓越工作。我們推出了一個改變遊戲規則的新平台，銷售動能持續，並與客戶建立強而有力的合作夥伴關係，以推動研究與醫療照護的未來。

All while maintaining laser focus on tight execution. This progress continues to reinforce our strategy and puts us in a great position for the opportunities ahead. With that, I will turn the call over to Adam.

同時我們也保持對嚴謹執行的高度專注。這些進展持續印證我們的策略，並使我們在面對未來機會時處於非常有利的位置。接下來，我將把電話會議交給 Adam。

Thanks, Serge. Before walking through the detailed financials, I want to reflect on the last 12 months. A year ago on our Q1 call, we were operating in a highly uncertain macro environment after drastic changes to government research funding that led us to withdraw our full-year guidance. Since then, and despite persistent challenges in the macro environment, we have consistently executed, improved our operating profile and have grown our cash balance by over $100 million. The business is in a meaningfully stronger position today.

謝謝你，Serge。在深入說明詳細財務數字之前，我想回顧過去 12 個月。一年前在我們的 Q1 電話會議上，由於政府研究經費出現劇烈變化，我們在高度不確定的總體環境下運營，並因此撤回了全年指引。自那之後，儘管總體環境挑戰持續，我們仍持續穩定執行、改善營運概況，並將現金餘額增加超過 1 億美元。如今公司的整體狀況已明顯更為強健。

With that, I will now walk through our first quarter 2026 financial results in more detail. Unless otherwise noted, all growth rates referenced reflect year-over-year comparisons. We had a solid start to 2026. Revenue for the first quarter was $150.8 million. Excluding the impact of non-recurring settlement revenue in the prior year period, revenue for the first quarter was up 9% year over year.

接下來，我將更詳細地說明我們 2026 年第一季的財務結果。除非另有說明，文中提及的所有成長率皆為年對年比較。我們在 2026 年有一個穩健的開局。第一季營收為 1.508 億美元。若排除前一年同期一次性和解收入的影響，第一季營收年增 9%。

This reflects continued momentum in the key drivers of our business as well as some benefit from orders received late in the fourth quarter that shipped in early January. Total consumables revenue was up 13%, with growth in both Single Cell and Spatial. Single Cell consumables revenue was up 6%, supported by double-digit growth in reaction volumes, and Flex continued to be the most popular assay by volume in the quarter. Spatial consumables continued to perform well in the quarter, with revenue up 31%, driven by Xenium consumables. Total instrument revenue declined 24%, with Chromium instrument revenue down 12% and Spatial instrument revenue down 32%.

這反映了我們業務關鍵驅動因素的持續動能，以及部分來自第四季末收到、並於一月初出貨之訂單的貢獻。耗材總營收年增 13%，單細胞與空間兩者皆有成長。單細胞耗材營收年增 6%，受反應量（reaction volumes）雙位數成長支撐，且 Flex 在本季度仍是以用量計最受歡迎的檢測（assay）。空間耗材在本季度持續表現良好，營收年增 31%，主要由 Xenium 耗材帶動。儀器總營收下滑 24%，其中 Chromium 儀器營收下降 12%，空間儀器營收下降 32%。

Looking at revenue by geography. Excluding the impact of license and royalty revenue in the first quarter of 2025, Americas revenue was up 9%. EMEA and APAC grew 16% and 5%, respectively. Turning to the rest of the P&L. Gross margin was 70% for the first quarter of 2026, as compared to 68% for the prior year period.

從地區別來看營收。若排除 2025 年第一季授權與權利金收入的影響，美洲地區營收年增 9%。EMEA 與 APAC 分別成長 16% 與 5%。接著看損益表其餘項目。2026 年第一季毛利率為 70%，相較於前一年同期的 68%。

The increase was primarily driven by lower warranty costs and lower inventory write-downs, partially offset by a decrease in license and royalty revenue. Total operating expenses decreased 15% in the quarter, primarily driven by lower outside legal expenses and lower personnel costs. As a reminder, Q1 2025 included a one-time gain on settlement related to patent litigation. Excluding this impact in the prior year period, operating expenses decreased 20%. We ended the quarter with $540 million in cash, cash equivalents, and marketable securities, up $113 million year-over-year and up $16 million sequentially.

該增長主要由保固成本降低及存貨減記減少所帶動，但部分被授權與權利金收入下降所抵銷。本季總營運費用下降15%，主要由外部法律費用降低及人員成本降低所驅動。提醒一下，2025年第一季包含一筆與專利訴訟相關和解的一次性收益。若排除前一年同期的此項影響，營運費用下降20%。本季末我們持有5.40億美元的現金、約當現金及有價證券，年增1.13億美元，季增1,600萬美元。

Turning to our outlook for the rest of the year. We are maintaining our full-year outlook and expect 2026 revenue to be in the range of $600 million to $625 million. Excluding upfront revenue related to patent litigation settlements in 2025, this represents 0% to 4% growth over the full year 2025. At the midpoint, our outlook remains consistent with what we provided in February, including double-digit growth in both Single Cell consumables reactions and Spatial consumables revenue. We built our initial outlook with the Atera launch in mind, reflecting our expectation that some customers may delay additional purchases of our current Spatial products in anticipation of Atera.

接著談談我們對今年剩餘期間的展望。我們維持全年展望不變，並預期2026年營收將落在6.00億至6.25億美元區間。若排除2025年與專利訴訟和解相關的前期（一次性）收入，這相當於較2025年全年成長0%至4%。以區間中點來看，我們的展望與2月提供的內容一致，包括單細胞耗材反應數與空間（Spatial）耗材營收皆為雙位數成長。我們在建立初始展望時已將Atera上市納入考量，反映我們預期部分客戶可能會因期待Atera而延後追加採購我們現有的Spatial產品。

Looking at our quarterly cadence. As previously discussed, first quarter revenue represents a higher proportion of our expected full-year revenue, driven in part by orders received late in the fourth quarter of 2025 that shipped in January. We expect second quarter revenue to step down sequentially from Q1, reflecting lower Spatial sales as customers wait for Atera to start shipping. We anticipate the third quarter to be broadly similar to the second quarter. In the fourth quarter, we expect Atera shipments to begin contributing meaningfully to revenue, though initial production capacity for Atera will be limited in 2026 as we ramp production.

再看我們的季度節奏。如先前所討論，第一季營收占我們預期全年營收的比重較高，部分原因是2025年第四季末收到的訂單於1月出貨。我們預期第二季營收將較第一季呈現季減，反映客戶等待Atera開始出貨期間Spatial銷售較低。我們預期第三季將與第二季大致相近。第四季我們預期Atera出貨將開始對營收做出顯著貢獻，不過由於我們正逐步提升產能，2026年Atera的初期生產能力仍將受限。

Looking ahead, we remain focused on customer success, disciplined execution, and strengthening our financial position, which support continued investment in innovation across our portfolio. With that, I will turn the call back to Serge.

展望未來，我們仍將聚焦於客戶成功、紀律執行，以及強化財務狀況，這些都支持我們持續在產品組合各領域投資創新。接下來我把電話交回給Serge。

Thanks, Adam. Before we open it up for questions, I want to pick up on Adam's earlier remarks and reflect on how much difference a year makes. While our internal conviction never wavered, the external circumstances a year ago put incredible pressure on the 10x team. Yet, we executed with relentless discipline, met every challenge and significantly improved our operating profile, all while launching multiple critical products including Flex Apex, to change the world of Single Cell, and now Atera, the biggest product introduction in our history. To the 10x team, I could not be more proud or thankful for how you responded and what you have delivered.

謝謝，Adam。在我們開放提問之前，我想延續Adam先前的評論，並回顧一年時間能帶來多大的差異。儘管我們內部的信念從未動搖，但一年前的外部環境對10x團隊造成了巨大的壓力。然而，我們以不懈的紀律執行，迎接每一項挑戰並大幅改善我們的營運體質，同時推出多項關鍵產品，包括Flex Apex，以改變單細胞（Single Cell）的世界，而現在又推出Atera——這是我們公司史上最大的一次產品導入。對10x團隊，我對你們的回應與交付成果感到無比自豪與感激。

Thank you. Thank you for everything that you do. With that, we will now open it up for questions. Operator?

謝謝。謝謝你們所做的一切。接下來我們將開放提問。接線員？

(Operator Instructions)

（接線員指示）

Patrick Donnelly, Citi.

Patrick Donnelly，花旗（Citi）。

Hey, guys. Thank you for taking the question. Maybe on Atera, Serge, a lot of color there. I appreciate it. Can you just talk about the early conversations in terms of the funnel, what end customer you're seeing the highest reception or interest level from? And then secondly, also on Atera, just how we should think about the launch timing, what that impact is on the portfolio? It sounds like you guys are preparing for some customers to delay on their Spatial purchases in 2Q and 3Q.

嗨，各位。謝謝讓我提問。也許先談Atera，Serge，你提供了很多細節，我很感謝。你能否談談早期在漏斗（funnel）方面的對話，你們看到哪一類終端客戶的接受度或興趣最高？第二個問題也關於Atera：我們應該如何看待上市時點，以及它對產品組合的影響？聽起來你們正在為部分客戶在第二季與第三季延後Spatial採購做準備。

Would love just a little more color on how you're thinking about that. Thank you, guys.

也希望你們能再多補充一些你們對此的思考。謝謝各位。

Yeah, Patrick. Thanks for the question. Yes, like I said earlier in my prepared remarks, really, really excited about Atera. We had really high expectations going into the launch, and it's been incredibly gratifying to see the response from customers, which I would say even probably exceeded our really high expectations.

好的，Patrick，謝謝你的問題。是的，正如我在事先準備的發言中較早提到的，我們對Atera真的非常、非常興奮。我們在上市前就抱持很高的期待，而看到客戶的反應令人非常欣慰；我會說，這個反應甚至可能超出我們原本已經很高的期待。

And as far as how that translates into demand of the preorders, well, that has been really, really encouraging, really strong. And the interest is coming from everywhere. We -- like I can't actually point to any particular area of the market or any particular area of our customers that are not expressing interest in this. And our internal -- like our effort is on customers who can quickly scale, serve demand for others like service providers and generally evangelize that platform for the future. So that's how we're approaching the market and the signal, again, has been just so resounding.

至於這如何轉化為預購需求，結果非常、非常令人鼓舞，表現非常強勁。而且興趣來自各個地方。我們——我其實無法指出市場或客戶中的任何特定區域對此沒有興趣。我們內部的重點——我們的投入——是放在那些能夠快速擴張、能為其他人提供服務（例如服務供應商），並且能夠在未來推廣（evangelize）該平台的客戶。因此我們是以這樣的方式切入市場；而這個訊號再次證明，反應非常熱烈。

It's been really, really, really fun to see. Now as far as sort of the second part of your question, obviously, Atera is a really compelling product. We've known that since for a long time. We've been anticipating and planning for this launch for a long time. And we also very much anticipated there were going to be some changes to ordering dynamics from our customers.

看到這一切真的非常、非常、非常有趣。至於你問題的第二部分，顯然Atera是一個非常有吸引力的產品。我們很久以前就知道這點。我們也已經為這次上市期待並規劃了很長一段時間。同時，我們也非常預期客戶的下單動態會出現一些變化。

And overall, it's all going really very much in accordance with our expectations. Again, we have lots of experience with past product launches and new kind of versions of things and new capabilities. And so we've been prepared. And of course, there's going to be effect on customer order patterns. Naturally, customers adjust their thinking about future projects and such in light of Atera, which puts some pressure on some of our spatial business like we talked about earlier.

整體而言，一切都非常符合我們的預期。再次強調，我們在過去的產品上市、新版本推出與新功能導入方面有很多經驗，因此我們已做好準備。當然，客戶的訂單模式會受到影響。很自然地，客戶會因Atera而調整對未來專案等的思考，這也會如我們先前所談，對我們部分Spatial業務帶來一些壓力。

But all of that is incorporated into our guide. So -- because at the same time, while people are starting to contemplate for the future with Atera, right now, our customers are running their experiments because they have established workflows. They have ongoing studies, they have grants budgets. They're really used to the workflows. They really like the data.

但這些都已納入我們的財測指引之中。因為——同時，當人們開始為Atera思考未來時，眼下我們的客戶仍在進行他們的實驗，因為他們已有既定的工作流程。他們有進行中的研究、有補助金預算。他們非常習慣這些流程，也很喜歡這些數據。

Remember, these products, our Spatial products are leading in the industry. There is a lot of really great resonance with them among our customers. And also, realistically, if people are just now deciding whether to go forward with Atera, they probably won't be getting their instruments until well into 2027, right, most of them. So the fact is that existing products, existing Spatial products continue at a robust pace, consistent with our expectations. So we feel really good about that.

請記得，這些產品——我們的Spatial產品——在產業中處於領先地位，客戶對它們有非常強的共鳴。而且從現實面來看，如果人們現在才決定是否要採用Atera，他們大多可能要到2027年很後期才會拿到儀器，對吧？因此事實是，既有產品、既有Spatial產品仍以強勁的步調持續進行，且符合我們的預期。所以我們對此感覺非常好。

And I think all of that information has been incorporated into our guide pretty well.

我認為上述所有資訊都已相當充分地反映在我們的指引之中。

Matt Larew, William Blair.

Matt Larew，William Blair。

Hey, good afternoon, everyone. Serge, you called out one of the new TAMs around AI. I think last quarter, you mentioned that was a relatively low percentage of revenue, but you referenced today a number of new initiatives you're involved in, both on the Single Cell and Spatial side. So as you've had those discussions and gotten some sense for how customers are going to be building out their plans, what's your sense for what ultimately that TAM could look like and how it might grow over time? Thank you.

嗨，大家午安。Serge，你提到AI帶來的一個新TAM。我記得上季你提到那在營收中占比相對較低，但你今天提到你們參與了多項新計畫，涵蓋單細胞與Spatial兩端。因此，隨著你們進行這些討論並對客戶將如何建構其計畫有了一些掌握，你對最終這個TAM可能會是什麼樣子、以及它隨時間如何成長，有什麼看法？謝謝。

Yeah, I mean that is a really good and really important question. I would say -- so a couple of things, is going back to what I said back in my prepared remarks. We fundamentally believe and we are seeing that AI is a structural tailwind to our business. If you think about what is happening now with the progress in AI, it's sort of this emergence of increasingly large models that are increasingly powerful in being able to make predictions and inferences.

是的，我的意思是，這是一個非常好、也非常重要的問題。我會說——有幾點，回到我在事先準備的發言中提到的。我們從根本上相信，而且也正在看到，AI對我們的業務是一股結構性的順風。如果你想想現在AI的進展，某種程度上是越來越大型的模型正在出現，而且它們在做預測與推論方面的能力也越來越強。

And what they all universally need is large amounts of data across many different kinds of context and specifically the right kinds of data too, right? So for biology measuring biology, and I said earlier, the right biology is around molecules, cells, and tissues and being able to measure them at a large scale and high quality is imperative. And that's precisely what we have built. In fact, that is like the central premise of the mission of the company. And so it's a really exciting moment right now for us, the emergence of these kinds of models and the emergence of the AI capabilities because it just resonates so strongly with our mission and with our strategy from day 1 of the company.

而它們普遍都需要的是：在許多不同情境下的大量數據，且特別需要正確類型的數據，對吧？因此在生物領域、用來量測生物，我先前也說過，正確的生物學數據圍繞在分子、細胞與組織；能以大規模且高品質的方式量測它們至關重要。而這正是我們所打造的。事實上，這就是公司使命的核心前提。因此，對我們而言，現在是非常令人振奮的時刻：這類模型的出現，以及AI能力的興起，因為它與我們的使命、以及公司自第一天起的策略高度契合。

And now as to the question of how that translates into revenue and what is the TAM here. The fact is it's so already when you look at our customers and how AI is used and what it is driving, it's actually really pervasive at this point across our customer segments and across applications. I don't think at this stage there isn't a large project where AI isn't a big driver or if not the biggest driver of that project.

現在回到這個問題：這如何轉化為營收，以及這裡的 TAM（總可服務市場）是多少。事實上，當你觀察我們的客戶、AI 的使用方式以及它所驅動的內容時，你會發現目前 AI 在我們的客戶族群與各類應用中已經非常普及。我認為在這個階段，幾乎不存在一個大型專案不把 AI 當作重要驅動因素；即便不是最大的驅動因素，也一定是主要驅動因素之一。

And when I look at even smaller scale experiments, in many instances, they are performed with an eye towards feeding the data into AI models and scaling up down the road as well. So when we look at our business, fundamentally, kind of this AI wave of progress is really lifting all of it all across. So I think -- and that's for really good fundamental first principles reasons. And so we do see it as a structural accelerant to -- across our product line and across our application set. And in many ways, that's by design.

而當我看一些規模更小的實驗時，很多情況下，它們的執行也都是以將資料餵入 AI 模型、並在未來擴大規模為目標。因此，從根本上看，我們的業務正被這一波 AI 進展全面帶動、全面抬升。我認為——這背後有非常扎實的基本第一性原理原因。所以我們確實把它視為一個結構性的加速器——橫跨我們的產品線與應用組合。而在很多方面，這也是我們刻意的設計。

Doug Schenkel. Wolfe Research.

Doug Schenkel。Wolfe Research。

Hi, This is Madeline Mollman on for Doug. Gross margin in the quarter, I think, came in a little better than we and the street were expecting. As we think about the full year, are you anticipating any impact to gross margin from increased inflationary pressures related to memory or petroleum-based plastics? And then thinking about Atera ramping up as the year goes on, should there be any dilution to margins from the Atera launch?

嗨，我是代替 Doug 的 Madeline Mollman。本季的毛利率我認為比我們以及市場預期略好一些。就全年來看，您是否預期記憶體或石油基塑膠相關的通膨壓力上升，會對毛利率造成任何影響？另外，隨著 Atera 在今年進一步放量，Atera 的上市是否會對毛利率造成任何稀釋？

Hello, Madeline, Adam here. Thanks for the question. Yes, I mean, we're absolutely monitoring costs closely. The couple that you mentioned, but other input costs that have inflationary pressure, managing -- that team is managing that quite well. So we're still anticipating margins for the year to be in the mid-60s.

你好，Madeline，我是 Adam。謝謝你的提問。是的，我們確實在密切監控成本。你提到的那幾項，以及其他面臨通膨壓力的投入成本——團隊都管理得相當好。因此，我們仍預期今年的毛利率會落在 60% 中段。

To your question on Atera specifically, as that launch, we mentioned that that would be -- we start shipping units in the second half, it will be heavily weighted towards Q4. And as has been sort of typical in our portfolio, the instrument margins will come at margins that are less than that of our sort of standard portfolio. So I'd anticipate as that starts to move in, particularly in Q4, we start to see a little bit of margin pressure, but still feel highly confident that we'll end up in that mid-60s for the full year.

至於你特別問到 Atera，我們在發布時提到，我們會在下半年開始出貨，且出貨將高度集中在第四季。就我們產品組合過往的典型情況而言，新儀器的毛利率通常會低於我們標準產品組合的水準。因此，我預期當它開始放量、特別是在第四季時，我們會看到一些毛利率壓力，但我們仍非常有信心全年最終會落在 60% 中段。

Mason Carrico, Stephens.

Mason Carrico，Stephens。

Hey, guys. I was just wondering if you could provide, I guess, a bit more detail on Spatial instrument revenue this year. I mean, how material is the Q1 to Q2 sequential decline? How many Atera instruments do you ultimately expect to place in Q4? And then I guess as a follow-up, how many placements do you think production will be able to support in 2027 as you ramp production?

嗨，各位。我想請你們就今年 Spatial 儀器營收提供更多細節。我的意思是，Q1 到 Q2 的季比下滑幅度有多顯著？你們最終預期在 Q4 會部署多少台 Atera 儀器？另外作為追問，當你們提升產能時，你們認為到 2027 年生產能支援多少台的部署量？

Sure. So yes, I mean we are, as we mentioned or as I mentioned in the prepared remarks, we're anticipating a step down from Q1 to Q2 and Q3. So we continue to -- we'll continue to sell Xenium, but it will be at a lower rate than what we saw last year and particularly over the next 2 quarters. We certainly built that into the guidance, I think as Serge just mentioned earlier. So that's certainly part of the plan that we have.

當然。是的，正如我們提到的、或我在事先準備的講稿中提到的，我們預期從 Q1 到 Q2、以及 Q3 會有一個下台階。因此我們會持續——我們會繼續銷售 Xenium，但銷售速度會低於去年，尤其是在接下來兩個季度。我想正如 Serge 剛才較早提到的，我們已經把這點納入指引之中。所以這確實是我們計畫的一部分。

As it relates to total number of Atera, we're ramping up production right now. Anticipate between Q3 and Q4, we'll sell approximately 40 units, and those will be mostly weighted towards Q4. And again, that's all sort of factored into the guidance range that we've provided.

至於 Atera 的總數量，我們目前正在提升產能。預期在 Q3 與 Q4 之間，我們大約會銷售 40 台，其中多數會集中在 Q4。同樣地，這些都已納入我們所提供的指引區間。

Luke Sergott, Barclays.

Luke Sergott，Barclays。

Great. Thanks for the question. I just want to talk about the pricing strategy and the positioning there with Atera versus the Xenium and the rest of the spatial portfolio. I understand that this is like you're calling it the biggest launch in the history of the company.

很好，謝謝回答。我想談談 Atera 相對於 Xenium 以及其他 spatial 產品組合的定價策略與市場定位。我理解你們把它稱為公司史上最大的一次發布。

I mean, you guys did a pretty good job on Single Cell. But now as you look towards Spatial, is this where you kind of look like, all right, we're just going to launch Atera and then cannibalize or essentially put all the other platforms and applications and customers onto one box? Or are you trying to segment the market here because it seems like there's quite a bit of risk of cannibalization versus Xenium.

我的意思是，你們在 Single Cell 上做得相當不錯。但現在看向 Spatial，你們是否會覺得，好吧，我們就推出 Atera，然後蠶食、或基本上把其他平台、應用與客戶都導向同一台設備？還是你們想在這裡做市場區隔？因為看起來相對於 Xenium，蠶食效應的風險相當高。

Yeah, Luke, thanks for the question. I mean there's a lot of questions embedded in that one question. First of all, I will say that, yes, me saying that this is the biggest, most significant launch in our history was -- has been intentional, and I am very keenly aware of our history and the success we had with Single Cell improvement. For sure, I do think this is fundamentally, like I said, a platform to change how we measure biology and will fundamentally redefine many aspects of science.

是的，Luke，謝謝你的提問。你這個問題裡其實包含了很多問題。首先我要說，我說這是我們史上最大、最重要的一次發布——這是刻意的，我也非常清楚我們的歷史，以及我們在 Single Cell 改進上取得的成功。毫無疑問，我確實認為這在根本上——就像我說的——是一個能改變我們如何量測生物學的平台，並將從根本上重新定義科學的許多面向。

So I feel very, very excited about it and for like really fundamental first principles reasons. As far as kind of where this is headed, like I said, I mean, if we look at the kind of the short-term impact, we have been -- we have planned for those really, really carefully and all of those dynamics are incorporated into the guide quite carefully. And so we feel really confident about that. And then, yes, we feel really, really good about kind of as we look into next year and what Atera kind of opens up. The way that we see it is that Atera is poised to really kind of really break open a lot of markets, a lot of opportunities, a lot of customer samples and a lot of new customers.

所以我對此感到非常、非常興奮，而且是基於非常根本的第一性原理理由。至於它將走向何處，如我所說，如果我們看短期影響，我們已經——我們已非常、非常謹慎地規劃，所有這些動態也都非常仔細地納入指引之中。因此我們對此非常有信心。然後，是的，當我們展望明年以及 Atera 能開啟什麼時，我們也感覺非常、非常好。我們的看法是，Atera 已經蓄勢待發，能真正打開許多市場、許多機會、許多客戶樣本，以及許多新客戶。

If you think about kind of all the different constraints that have kept existing Spatial users from running more or from -- that have cut other people on the sidelines from entering Spatial, we have intentionally built Atera to really remove all those constraints, to address all of them. And so if you think about just kind of from a perspective of technical enablers, just to kind of list a few, like the whole transcriptome capability really addresses the constraints that were there because of customization, which limited applications, limited tissue types.

如果你想想看，過去有哪些不同的限制，讓既有的 Spatial 使用者無法跑更多樣本，或——讓其他仍在觀望的人無法進入 Spatial，我們是刻意打造 Atera 來移除所有這些限制、逐一解決它們。所以如果你從技術使能的角度來看，簡單列幾個例子：全轉錄組（whole transcriptome）能力就真正解決了過去因客製化而存在的限制，而那些限制又進一步限制了應用、限制了組織類型。

Now people can sort of go forth with no worries that it's going to work across all these different areas. Throughput was another huge constraint, has been in the past where people have -- where people have had to take a few samples at a time from, if they have a clinical trial, a large cohort could only run a few. Now they can do kind of the full cohort, the full large study they have always wanted to do.

現在人們可以更放心地往前推進，不必擔心它在這些不同領域是否能運作。通量（throughput）也是另一個過去非常大的限制：人們——如果有臨床試驗，面對大型隊列（cohort）時，往往一次只能跑少數樣本。現在他們可以做完整隊列、做他們一直想做的完整大型研究。

And now also with the off-the-shelf life capability, now you have access to all these archive samples, all these biobanks that just like multiply by a large amount the availability of samples that are available. And this is all consistent with the feedback we are now hearing from customers. So it's just like fundamental huge expansion of the TAM and potential for these platforms.

此外，透過現成可用（off-the-shelf）的能力，現在你可以取得所有這些封存樣本、所有這些生物樣本庫（biobanks），這會以很大的倍數擴增可用樣本的供給。而這也與我們目前從客戶那裡聽到的回饋一致。所以這就像是 TAM 與這些平台潛力的根本性巨大擴張。

And our thinking as far as to your question on pricing has been consistent with that to enable these very large -- kind of very large expansion of the opportunities that we're seeing ahead of us, whether it's basic discovery, translational research, or all of these AI-driven applications. Like I said earlier, people really like our existing products, Xenium, Visium, really, really powerful products and capabilities.

而就你問到的定價，我們的思考也與此一致：為了促成我們所看到、在前方的非常大——可以說是非常大幅的機會擴張，無論是基礎探索、轉譯研究（translational research），或所有這些由 AI 驅動的應用。就像我先前說的，人們非常喜歡我們現有的產品——Xenium、Visium——都是非常、非常強大的產品與能力。

And for the foreseeable future, we expect them to be really, really robustly used. And kind of as we go forward, kind of further out, there's going to be more and more applications that will migrate toward Atera, more customers and more samples as well. And that's going to be an amazingly great thing for us.

在可預見的未來，我們預期它們仍會被非常、非常廣泛且穩健地使用。而隨著我們往前推進、在更長期的時間尺度上，會有越來越多的應用遷移到 Atera，更多客戶與更多樣本也會如此。而這對我們而言將是一件非常棒的事。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

Hey, good afternoon. This is Kyle on for Dan. I wanted to ask on your OpEx. OpEx was down quite materially year-over-year and Q-over-Q. And I know you mentioned it a few times or a little bit more detail on the call, in the prepared remarks. But can you just talk about sort of where the jumping off point is for OpEx going forward, just given SG&A and R&D were down quite a bit year-over-year.

嗨，午安。我是 Kyle，代 Dan 發問。我想問一下你們的營業費用（OpEx）。OpEx 年對年與季對季都明顯下降。我知道你們在電話會議中、在事先準備的講稿裡也提過幾次或提供了一些細節。但你能否談談，往後 OpEx 的起點大概會落在哪裡？尤其考量到 SG&A 與 R&D 年對年都下降不少。

Yeah, sure, Kyle. Yes, I mean, I think as you're aware, we've really been trying to manage our costs in a super disciplined way. And as you noted, we are on a good trajectory here. Keep in mind, last year had that the onetime gain on settlement. So excluding that, OpEx is down 20% year-on-year.

好的，當然可以，Kyle。是的，我想你也知道，我們一直以非常嚴謹、極度自律的方式在管理成本。如你所指出的，我們目前的走勢相當不錯。請記得，去年有一筆一次性的和解收益。因此若排除那一項，OpEx 年對年下降 20%。

We're still anticipating and giving ourselves some flexibility as it relates to continue to invest in the business and anticipate that the business or that OpEx year-on-year will be roughly flat.

我們仍預期並保留一些彈性，以便持續投資於業務；我們預期 OpEx 年對年大致會持平。

Kyle Mikson, Canaccord.

Kyle Mikson，Canaccord。

Hey, guys. Thanks for the questions. First, could you talk about the Spatial instruments in the quarter? It seems a little bit weaker than what we had, and I thought I heard you had some like a benefit in January or something like that. So just talk about how we should think about that line going forward, especially with potential market freezing and things like that? And then secondly, Adam, on the guidance for 2Q, are you talking about like a mid-single-digit decline quarter-over-quarter or more like a low single digit?

嗨，各位。謝謝讓我提問。第一個問題，能否談談本季的 Spatial 儀器？看起來比我們預期稍弱一些，而且我以為我聽到你們在一月有一些像是受益之類的因素。所以請談談我們未來該如何看待這條產品線，特別是在可能出現市場凍結等情況下？第二個問題，Adam，關於 2Q 的指引，你指的是季對季中個位數下滑，還是比較像低個位數下滑？

Yeah, sure. Let me take the second part of your question first. So yes, thinking about a low single-digit decline Q-o-Q is really the way that we're thinking about Q2 and then fairly similar as what we would anticipate for Q3, then with the balance getting us there on the guide in Q4. Yes, I think really what -- the way to think about spatial instruments for Q1 is really there was fairly significant anticipation regarding what we were going to announce in April. As you may recall, we did a campaign at AGBT.

好的，當然。我先回答你第二個問題。是的，我們對 Q2 的看法是季對季低個位數下滑；而 Q3 我們預期也會相當類似，然後在 Q4 由其餘部分把全年指引補齊。至於 Q1 的 Spatial 儀器，主要的理解方式是：市場對我們在四月將要宣布的內容有相當程度的提前預期。如你可能記得，我們在 AGBT 做了一個行銷活動。

And certainly, word started to spread. And as you can also imagine, we were working with some of the early access customers under NDA just to make sure we were going sort of down the right track with the customers that would have been adding either a new Xenium or to their Xenium fleet that ultimately have decided in Q1 and will decide to wait for Atera.

而且消息確實開始傳開。你也可以想像，我們也在 NDA（保密協議）之下與一些早期試用客戶合作，以確保我們的方向符合客戶需求；這些原本可能在 Q1 決定新增一台 Xenium 或擴充其 Xenium 機隊的客戶，最終決定在 Q1 先觀望、等待 Atera。

The second thing I would just note, we don't see the macro backdrop being any meaningfully different for CapEx than where it's been. But I'd be remiss if I didn't say it's still fairly constrained. But the predominant rationale around sort of Q1 and where we came in on Spatial instruments is really just around the anticipation of the product launch.

第二點我想補充的是，我們並不認為資本支出（CapEx）的總體環境會比先前有任何顯著不同；但如果我不提一句也不妥——它仍然相當受限。不過，Q1 Spatial 儀器表現以及我們實際落點的主要原因，確實就是產品發表前的提前觀望。

And then I would just echo what Serge said earlier in the call, the enthusiasm around Atera is extremely high. And what we're finding is even in a constrained capital environment, customers are finding CapEx. We've got orders and folks are -- this is the type of launch where folks and find money. And I'd also just add that the timing, we were thoughtful and tried to work around the timing of our launch just to ensure that it's built into budgets, whether that's for customers that have a year-end sort of come fall customers that need to get this into grant submissions.

另外我也呼應 Serge 先前在電話會議中提到的：市場對 Atera 的熱情非常高。我們看到的是，即使在資本環境受限的情況下，客戶仍在想辦法挪出 CapEx。我們已經拿到訂單，大家——這是一種會讓人「想辦法找到錢」的產品發表。我也補充一下時點：我們在規劃發表時很謹慎，盡量配合客戶的預算時程，無論是財年年底落在秋季的客戶，或是需要把這項設備納入補助金申請的客戶。

And then certainly, we want to make sure that our customers are well-positioned as they start to think here as we move through the year as they start to think about the 2027 budgets, we wanted to make sure that they were earmarking funds for Atera.

而且我們也希望確保客戶在今年接下來的規劃中處於有利位置；當他們開始思考 2027 年預算時，我們希望他們已經為 Atera 預留資金。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行（Bank of America）。

Hi, This is [Anvika] on for Mike. On Atera manufacturing capacity, you noted the initial demand would be limited in -- production would be limited in 2026. What are the primary bottlenecks to scaling the output from here? And how quickly do you think you can ramp toward meeting that level of demand you're seeing?

嗨，我是 [Anvika]，代 Mike 發問。關於 Atera 的製造產能，你們提到初期需求在 2026 年會受到——產量會受到限制。從現在開始擴大量產的主要瓶頸是什麼？你們認為能以多快的速度提升產能，以滿足你們目前看到的需求水準？

Well, yes. So the question is around just scaling up the production of instruments. The fact is it's always, this is a really sophisticated instrument, as you can imagine. And we want to be very smart and measured around how we build it and how we test it. We are very, very careful with these kinds of launches.

好的，是的。問題是在於如何擴大儀器的產量。事實上，這是一台非常精密的儀器，你可以想像得到。我們希望在製造與測試上採取非常聰明且審慎的節奏。我們對這類產品上市一向非常、非常謹慎。

And like Adam said, we feel good about what we can do in '26, and we're going to keep ramping production as we exit the year into the next year.

而且如 Adam 所說，我們對 2026 年能做到的量感到有信心；我們也會在年底到隔年持續拉升產能。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，Guggenheim Securities。

Hi, guys. This is Thomas on for Subu. A lot of focus on Spatial and maybe one on Single Cell here. Can you just share any color on what pricing headwind you may have experienced, if any, in the quarter from Apex and then what you're anticipating for the second quarter? Thank you.

嗨，各位。我是 Thomas，代 Subu 發問。大家多聚焦在 Spatial，我這邊想問一題 Single Cell。你們能否分享一下，本季 Apex 是否帶來任何定價逆風（若有的話）？以及你們對第二季的預期是什麼？謝謝。

Yeah, I would say the general trend has been similar to what we saw in Q4 as far as sort of the mix and the pricing dynamics around Flex Apex. It is -- I would point out that it's still like very early here in terms of the launch. We only have a partial Q4 for the launch and then the Q1, so just a bit over 1 quarter. So far, very happy with the progress, really, really great feedback from customers and really large scaling up of volumes of the product.

好的。我會說整體趨勢與我們在 Q4 看到的相似，就 Flex Apex 的組合（mix）與定價動態而言。我要指出的是，就上市進程來說現在仍非常早：Q4 只有部分季度涵蓋上市，接著是 Q1，所以目前也就略多於一個季度。到目前為止，我們對進展非常滿意，客戶回饋非常、非常好，而且產品用量正在大幅放大。

So overall, I feel good about Single Cell and kind of how it's proceeding. Again, still early time in the launch. But all in all, like really, really strong trajectory.

所以整體而言，我對 Single Cell 以及它的推進方式感到樂觀。再次強調，上市仍在早期階段，但總體來看，走勢非常、非常強勁。

Sam Martin, Deutsche Bank.

Sam Martin，德意志銀行（Deutsche Bank）。

Hi, this is Sam Martin on for Justin Bowers from Deutsche Bank. I just want to ask a couple of quick questions around the Visium platform. So I think last quarter, you mentioned Xenium had become the Spatial platform of choice. And now with the launch of Atera, another launch and, I guess, upgrade really within the Spatial realm. I just want to kind of get your updated thoughts on, a, customer demand for Visium year-to-date with the launch of Visium HD really just over two years ago.

嗨，我是德意志銀行的 Sam Martin，代 Justin Bowers 發問。我想就 Visium 平台問兩個簡短問題。我記得上季你們提到 Xenium 已成為 Spatial 平台的首選。現在隨著 Atera 的推出——我想這也是 Spatial 領域內的另一個發表、某種程度上算升級——我想請你更新一下看法：a）在 Visium HD 大約兩年多前推出後，今年迄今客戶對 Visium 的需求如何？

And then your thoughts on really the future of the Visium platform and whether or not you still think it has a space in your portfolio?

以及你對 Visium 平台未來的看法，還有你是否仍認為它在你們的產品組合中有其位置？

Yeah, Good question. So as I've been saying for the past several quarters, there's clearly a trend in the market towards kind of the imaging-based readout and in particular, towards Xenium. It's been huge resonance within sort of Spatial circles of the Xenium platform. And with the launch of Atera, we obviously kind of anticipate that trend to get reinforced going forward.

好的，這是個好問題。正如我過去幾季一直在說的，市場顯然正朝向以影像為基礎的讀出（imaging-based readout）趨勢發展，尤其是朝向 Xenium。在 Spatial 領域中，Xenium 平台引起了非常大的共鳴。隨著 Atera 的推出，我們也預期這個趨勢在未來會進一步被強化。

But that said, certainly, Visium has its place as well. There's many customers who absolutely love the platform and running it very robust and very consistent across very large numbers of samples. And we expect that it's going to have its place. It's going to continue to have its place. It's a great assay for many applications and well-regarded by many of our customers.

但即便如此，Visium 當然也有其定位。許多客戶非常喜愛這個平台，並且能在大量樣本上非常穩健、非常一致地運行。我們預期它會有其位置，也會持續有其位置。對許多應用而言，這是一個很棒的 assay（檢測/分析方法），也受到許多客戶高度肯定。

And of course, we'll continue to support it and we'll ensure customer success.

當然，我們會持續支援它，並確保客戶成功。

Puneet Suoda, Leerink Partners.

Puneet Suoda，Leerink Partners。

Yeah, hi, sir. Thanks for taking my questions here. So I don't know if this was already covered, but just trying to think about does this have any additional -- the Atera launch, does it have any impact on the decline or maybe an acceleration in decline in the Visium usage? And if you could talk about how does the -- if there is anything else that you can do to sort of mitigate that or address that before the launch? And wondering if there is a desire from customers to pull the launch forward a bit to address their high level of interest in the instrument here.

是的，嗨，先生。謝謝回答我的問題。我不確定這是否已經被提到，但我想釐清：Atera 的上市是否會對 Visium 使用量的下滑造成任何額外影響——例如讓下滑加速？如果可以的話，也請談談在上市前你們是否還能做些什麼來緩解或因應這件事。另外也想問，客戶是否希望把上市時程稍微提前，以回應他們對這台儀器的高度興趣？

Yeah, So a few different kind of questions here. I think as far as Visium is concerned, I mean, there's going to be some effect, right? A Spatial platform. And like I kind of I said earlier, there has been a trend of converting towards Xenium.

是的，所以這裡有幾個不同類型的問題。我認為就 Visium 而言，確實會有一些影響，對吧？作為一個空間平台。而且就像我先前提到的，已經有一個朝向轉換到 Xenium 的趨勢。

And I think there's going to -- that sort of trend is going to continue with the arrival of Atera. There is definitely a place for Visium. Customers really like the data. They're going to keep running it. And while the launch of Atera is going to put pressure on both Spatial platforms, it's going to put pressure on Visium too, that is all incorporated into our guide.

我認為隨著 Atera 的到來，這種趨勢將會持續。Visium 絕對有其定位。客戶非常喜歡這些數據，他們會繼續使用它。而 Atera 的推出會對兩個空間平台都造成壓力，也會對 Visium 造成壓力；這些都已經納入我們的指引之中。

And I think it's always -- sometimes we have a lot of experience with different product launches. And one thing that's important to appreciate that I think sometimes people kind of underestimate is the amount of kind of built-in stickiness that exists with products, right? People have ongoing projects. They've got their workflows. They have the data that they're used to that they really like.

我認為這一直是——我們有時候在不同產品上市方面有很多經驗。有一點很重要、我覺得有時候人們會低估的，就是產品本身存在的某種內建黏著性，對吧？人們有正在進行的專案，有他們的工作流程，也有他們習慣且非常喜歡的數據。

And so that's what's showing up. That's what we're seeing in the field, kind of robust continued use of these products and these capabilities. As far as kind of Atera and the demand for it, I mean, certainly, people are like very, very interested. And we're going to be -- the team is working really, really hard to deliver the instrument to the world as fast as possible. We're being very deliberate.

所以這就是正在呈現的情況，也是我們在第一線看到的：這些產品與能力持續被相當穩健地使用。至於 Atera 以及對它的需求，我的意思是，當然，人們非常、非常感興趣。我們也會——團隊正非常、非常努力，盡快把儀器交付到全球。我們做得非常審慎。

They're very rigorous and really excited to get it out there and trust me, working as hard as they can to get it done quickly.

他們非常嚴謹，也非常期待把它推出去。相信我，他們正盡其所能努力加快完成。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Hi, guys. This is [Priya] on for Tycho. Just wanted to hear on like the clinical adoption and scaling there. You mentioned that Atera can analyze up to 3,000 core biopsies per year. So I guess what is the specific feedback from biopharma partners regarding the platform's readiness for integration into large-scale Phase 2 and Phase 3 clinical trials? Thank you.

嗨，各位。我是代表 Tycho 的 [Priya]。想請教臨床端的採用與擴展情況。你提到 Atera 每年可分析多達 3,000 份核心針切片（core biopsies）。所以我想問，生物製藥合作夥伴對於該平台是否已準備好整合進大規模第二期與第三期臨床試驗，有哪些具體回饋？謝謝。

Yeah, I mean good question. I mean the fact is actually the number -- when I talk about the number of samples that a platform can process, I specifically refer to one centimeter squared areas. And in fact, it's possible to put more samples onto if you need to, like if you're doing tissue microarrays and things like that. So there's additional scaling that depending on your format of your biopsies and what you're interested in measuring, that's possible there.

是的，這是個好問題。事實上，當我談到一個平台能處理的樣本數量時，我特別指的是 1 平方公分的區域。其實如果需要，也可以在同一張載片上放入更多樣本，例如你在做組織微陣列（tissue microarrays）之類的。因此，依據你的切片格式以及你想量測的內容，還可以進一步擴展規模。

And so the platform does enable like really, really massive scaling. And the conversations with biopharma have been really encouraging as both Apex and Atera have been very resonant, both by virtue of opening up translational applications, the sample types, and the scaling, all are very enabling. And so yes, we do feel like this is going to be a big driver, especially as we kind of think about next year and beyond.

因此，這個平台確實能支援非常、非常大規模的擴展。我們與生物製藥的對話也非常令人鼓舞，因為 Apex 和 Atera 都引起了很強的共鳴：不論是開啟轉譯應用、可處理的樣本類型，或是擴展能力，都非常有助益。所以是的，我們確實認為這會是一個重要的驅動因素，尤其是當我們展望明年及之後。

Dan Arias, Stifel.

Dan Arias，Stifel。

This is Paul on for Dan. There's been some messaging of Atera as providing sensitivity at the level of Single Cell sequencing. So I mean, obviously, there will still be lots of use cases for Single Cell. But on the margin, do you expect any Flex volumes over time to potentially move to Atera? And just kind of on that same idea, you mentioned in your prepared remarks that the double-digit Chromium reaction volume growth was driven by Flex Apex.

我是代表 Dan 的 Paul。市場上有一些訊息把 Atera 描述為可提供達到單細胞定序（Single Cell sequencing）等級的靈敏度。我的意思是，顯然單細胞仍然會有很多使用情境。但在邊際上，你是否預期隨著時間推移，部分 Flex 的量可能會轉移到 Atera？另外延續同樣的想法，你在事先準備的發言中提到，Chromium 反應量的雙位數成長是由 Flex Apex 所帶動。

Just wondering if reaction volume is growing at what kind of level, excluding Flex Apex?

想請問如果排除 Flex Apex，反應量大概是以什麼樣的水準在成長？

Yeah, So as far as the sort of Single Cell relative to Atera kind of question, it's a reasonable question to ask, but not something that we're expecting to be an issue in the near term nor is it anything that we're hearing from customers at this stage. If you think about just kind of configuration of the product and the capabilities which you get from it, the pricing, the workloads, everything is sufficiently different. We do expect that in the long run, there's going to be really massive experiments with Single Cell that will be possible with Atera that had not been previously possible before. But we see that as the future.

是的，所以關於「單細胞相對於 Atera」這類問題，這是合理的提問，但我們預期短期內不會成為問題，目前也沒有從客戶那裡聽到這樣的聲音。若你從產品配置與其能力、定價、工作負載等各方面來看，兩者差異都足夠大。我們確實預期長期來看，Atera 將使得一些以前不可能的、非常大規模的單細胞實驗成為可能。但我們把那視為未來。

And we're certainly not seeing any effect on the Single Cell business at this stage or in the near term. And yes, in terms of reaction growth, yes, we're seeing it across multiples of our applications. And also, this is the last question, just before we hand up, I wanted to kind of finish with a couple of closing thoughts. And just personally just how excited am I about the setup we have for 2027 and beyond. If you look at it through the product lens, 2027 will be the first full year of Atera, really the year of Atera.

而且我們目前或短期內也完全沒有看到對單細胞業務的任何影響。至於反應量成長，是的，我們在多個應用上都看到了成長。另外，這是最後一個問題，在我們結束之前，我想用幾點作為收尾，也分享一下我個人對於我們在 2027 年及之後的布局有多麼興奮。若從產品角度來看，2027 年將是 Atera 的第一個完整年度，真正的「Atera 之年」。

And then if you look at Flex Apex, by that point, it will gain widespread adoption and pricing on the single cell side will have stabilized. And so the growth in volume will naturally then translate into growth in revenue. And then when you look at it through the market lens, we expect this exponential increase in AI-driven research and all the AI influenced science that's going to be happening out there and then the scaling of translational cohorts is really set to kick in as we look to next year. And then from the macro perspective, at the very least, we will have good compares. And to the extent the conditions improve, we should see an acceleration to all the other trends.

再來看 Flex Apex，到了那個時間點，它將獲得廣泛採用，而單細胞端的定價也會趨於穩定。因此，量的成長自然就會轉化為營收成長。再從市場角度來看，我們預期 AI 驅動研究將呈現指數型增加，所有受 AI 影響的科學研究都會在外部發生；而轉譯隊列（translational cohorts）的擴大也將在我們展望明年時真正開始啟動。從總體環境角度來看，至少我們會有良好的比較基期（good compares）。若環境條件改善，我們應該會看到其他所有趨勢的加速。

This will conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。