10x Genomics, Inc. (TXG) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the 10x Genomics second quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 10x Genomics 2026 年第二季財報電話會議。(接線員指示)

I will now hand the conference over to Cassie Corneau, Head of Investor Relations and Strategic Finance. Please go ahead.

現在我將把會議交給投資人關係與策略財務主管 Cassie Corneau。請開始。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the second quarter ended June 30, 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.

謝謝，各位下午好。今天稍早，10x Genomics 公布了截至 2026 年 6 月 30 日止第二季的財務結果。若您尚未收到本新聞稿，或希望加入公司寄送名單，請寄送電子郵件至 investors@10xgenomics.com。此次電話會議的網路直播存檔將於會後至少 45 天內，於公司網站 10xgenomics.com 的「投資人」分頁提供。

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated, and you should not place undue reliance on forward-looking statements. Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release 10x Genomics issued today, and in the documents and reports filed by 10x Genomics from time-to-time with the Securities and Exchange Commission. 10x Genomics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

在開始之前，我想提醒各位，管理團隊在本次電話會議中將發表若干依據聯邦證券法所定義的前瞻性陳述。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。有關這些風險、不確定性及可能導致結果不同的因素之更多資訊，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。除非因新資訊、未來事件或其他原因，10x Genomics 不承擔更新或修訂任何財務預測或前瞻性陳述的任何意圖或義務。

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. We ask analysts to please keep to one question so that we may accommodate everyone in the queue.

今天與會者包括我們的執行長暨共同創辦人 Serge Saxonov，以及財務長 Adam Taich。在我們的準備發言之後，將進行問答環節。我們請分析師每次提問以一個問題為限，以便我們能夠讓隊列中的每位與會者都有機會發問。

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

接下來，我把電話交給 Serge。

Thanks, Cassie, and good afternoon, everyone. I will start with a brief overview of our second quarter performance, then provide an update on Atera and finally, discuss several broader trends that are reshaping biological research and creating new opportunities for our business.

謝謝你，Cassie，各位下午好。我將先簡要概述我們第二季的表現，接著更新 Atera 的進展，最後討論幾項正在重塑生物研究並為我們業務創造新機會的更廣泛趨勢。

Revenue for the second quarter was $151 million. During the quarter, we recognized $1.6 million of license and royalty revenue in connection with our settlement with Takara. Excluding nonrecurring settlement revenue in both this quarter and the prior year period, Q2 revenue was $149 million and grew 3% year-over-year.

第二季營收為 1.51 億美元。本季我們因與 Takara 的和解而認列 160 萬美元的授權與權利金收入。若排除本季與去年同期一次性和解收入的影響，第二季營收為 1.49 億美元，年增 3%。

The story of the quarter was the extraordinary customer response to Atera. We are highly encouraged by the engagement across the research ecosystem and the very strong early order flow. At the same time, our on-market products showed sustained strength. We drove robust growth in Chromium consumable reaction volumes, reflecting expanding usage across a broad range of applications. In Spatial, Xenium utilization continued to perform exceptionally well, reinforcing its position as the leading platform for spatial analysis today.

本季的重點是客戶對 Atera 的非凡回應。我們對研究生態系統各方的投入程度以及非常強勁的早期訂單流感到高度振奮。同時，我們已上市產品也展現持續的強勁表現。Chromium 耗材反應量實現穩健成長，反映其在廣泛應用領域中的使用持續擴大。在 Spatial 方面，Xenium 的使用率持續表現極為出色，進一步鞏固其作為當前空間分析領先平台的地位。

Our launch of Atera is still, by far, the biggest highlight of the year. On our last call, I discussed Atera's core capabilities, many of which were not thought possible within a single platform. It delivers step-change advances across a range of features including throughput, plex and sensitivity. Atera enables spatial whole transcriptome profiling, with single cell sensitivity, at scale. The promise of Spatial has always been that it represents the convergence of molecular, cell and tissue biology.

我們推出 Atera 仍然是今年迄今為止最重要的亮點。在上次電話會議中，我談到 Atera 的核心能力，其中許多在過去被認為不可能在單一平台上實現。它在多項特性上帶來躍升式進展，包括通量、plex（多重化）與靈敏度。Atera 能以單細胞靈敏度、在可擴展的規模下，實現空間全轉錄體定量分析。Spatial 的承諾一直在於，它代表分子、生物細胞與組織生物學的匯聚。

Atera is poised to deliver on that promise to provide researchers with a fundamentally more complete view of biological systems and answers to many questions that were previously out of reach. You may remember that we said initial customer reception exceeded our expectations, which were already very high heading into the launch. Since then, customer enthusiasm has only gotten stronger. This has translated into a strikingly large number of orders in a very short amount of time. The momentum we are seeing is remarkable for a platform that was completely unknown to our customers only a few months ago.

Atera 有望兌現這項承諾，為研究人員提供對生物系統更為完整的根本性視角，並回答許多過去難以觸及的問題。各位或許記得我們曾表示，初期客戶反應超出我們的預期，而在上市前我們的預期本就非常高。此後，客戶的熱情只增不減。這也在極短時間內轉化為數量驚人的訂單。對於一個在幾個月前對客戶而言仍完全陌生的平台而言，我們所看到的動能相當驚人。

We believe customers' enthusiasm should only increase as they learn more about the system and see what it is able to deliver in their hands. Similarly, we are seeing strong demand for Catalyst Research Services, a program for customers to submit their own samples to be run on Atera in our lab. We expect sample processing to begin alongside Atera's commercial availability. Catalyst Research Services is designed to support a range of customer needs, from generating initial pilot datasets, to providing flexible and ongoing access for routine research, to enabling researchers who do not yet have access to an Atera instrument. The strong demand for the service is another encouraging leading indicator for the future of the platform and the breadth of its impact.

我們相信，隨著客戶更深入了解系統並親手看到其可交付的成果，他們的熱情只會進一步提升。同樣地，我們也看到 Catalyst Research Services 的強勁需求；這是一項讓客戶提交自有樣本，由我們實驗室在 Atera 上進行測試的方案。我們預期樣本處理將與 Atera 的商業供貨同步開始。Catalyst Research Services 旨在支援多元客戶需求，從產生初始試點資料集、提供例行研究所需的彈性且持續的使用管道，到協助尚未取得 Atera 儀器的研究人員。該服務的強勁需求，是對平台未來及其影響廣度的另一項令人鼓舞的領先指標。

Our vision for Atera was to build the cornerstone platform that enables scientists to interrogate a full spectrum of research questions with the versatility and scale needed to resolve the complexity of biology. It is gratifying to see that vision start to come to life as customers describe how they plan to use Atera. We're seeing engagement from universities, academic medical centers and biopharma companies pursuing research across nearly every major disease area: from oncology across dozens of tumor types to neurodegeneration, autoimmune and inflammatory disease, cardiometabolic conditions, kidney and transplant biology. The list goes on.

我們對 Atera 的願景，是打造一個基石平台，使科學家能以所需的多功能性與規模，探究完整光譜的研究問題，進而解析生物學的複雜性。看到客戶描述他們計畫如何使用 Atera，令人欣慰，因為這項願景正開始成真。我們看到來自大學、學術醫學中心與生物製藥公司的投入，他們在幾乎所有主要疾病領域推進研究：從涵蓋數十種腫瘤類型的腫瘤學，到神經退化、自體免疫與發炎性疾病、心腎代謝疾病、腎臟與移植生物學。名單仍在持續增加。

That diversity is also evident in the specific research questions being asked. Customers are interested in applying the platform for foundational cell and tissue atlasing, mechanistic studies of how disease actually develops, monitoring response to novel immunotherapies and cell therapies, and for early biomarker and translation work.

這種多樣性也反映在所提出的具體研究問題上。客戶有興趣將該平台用於基礎性的細胞與組織圖譜建構、疾病實際如何發展的機制研究、監測新型免疫療法與細胞療法的反應，以及早期生物標記與轉譯研究工作。

Just as importantly, customers are planning to integrate Atera into the routine fabric of their research. Researchers within academic medical centers, for instance, are planning to deploy it across the entirety of their translational oncology programs. We're hearing similar conviction from industry, where senior R&D leaders at top biopharmaceutical companies are investing in Atera with the belief that spatial biology will fundamentally change how they approach drug discovery and development.

同樣重要的是，客戶正計畫把 Atera 整合進其研究的日常運作之中。例如，學術醫學中心的研究人員正計畫在其整體轉譯腫瘤學計畫中全面部署。我們也從產業端聽到類似的堅定信念：頂尖生物製藥公司的資深研發主管正投資 Atera，因為他們相信空間生物學將從根本上改變其藥物發現與開發的方法。

We built Atera as a long-duration, upgradeable platform with capabilities that will continue to expand over time. Atera's extensive roadmap includes workflow automation, base-by-base spatial sequencing and the addition of protein multiomics.

我們將 Atera 打造成一個可長期使用、可升級的平台，其能力將隨時間持續擴展。Atera 的廣泛產品路線圖包括工作流程自動化、逐鹼基的空間定序，以及加入蛋白質多體學。

With that in mind, during the quarter, we took an important step to enhance our proteomics capabilities with the acquisition of Proteintech Genomics. Proteintech Genomics brings deep expertise and differentiated technologies for measuring proteins in multiomic context. We believe integrating rich proteomic information alongside spatial transcriptomics will further expand the biological questions Atera can address and continue to strengthen the platform. The intensity of the early interest and the spectrum of customer applications are reinforcing our conviction that Atera is poised to transform how we measure and understand biology.

基於此，本季我們透過收購 Proteintech Genomics，採取重要一步以強化我們的蛋白質體學能力。Proteintech Genomics 帶來在多體學情境下量測蛋白質的深厚專業與差異化技術。我們相信，將豐富的蛋白質體資訊與空間轉錄體學整合，將進一步擴展 Atera 可回答的生物學問題，並持續強化平台。早期興趣的強度以及客戶應用的廣度，正加深我們的信念：Atera 已蓄勢待發，將改變我們量測與理解生物學的方式。

When you look back at the history of our industry, every now and again, a new platform comes along that reshapes markets and changes how science is done. This is a very rare, but profoundly exciting occurrence. We built Atera with exactly that ambition and the early signs suggest it is on that trajectory.

回顧本產業的歷史，偶爾會出現一個新平台，重塑市場並改變科學的進行方式。這是非常罕見、但極其令人振奮的事件。我們打造 Atera 正是抱持這樣的雄心，而早期跡象顯示它正走在這條軌道上。

Turning to Single Cell. I want to highlight a few major trends driving the business. First, our customers are adopting our platforms for larger, more ambitious studies. Over the past several quarters, products like Flex Apex have enabled a new generation of this work, particularly in biopharma and translational research.

接著談單細胞。我想強調幾個推動業務的主要趨勢。首先，我們的客戶正採用我們的平台來進行規模更大、企圖心更高的研究。在過去幾個季度，像 Flex Apex 這類產品促成了新一代的相關工作，特別是在生物製藥與轉譯研究領域。

One way we are supporting this shift is through our recently introduced whole blood workflows that stabilize samples at the point of collection, enabling longitudinal research, distributed sample acquisition and access to archived material.

我們支持這一轉變的一種方式，是透過近期推出的全血工作流程，在採集當下即穩定樣本，使縱向研究、分散式樣本取得以及存檔材料的使用成為可能。

Second, there is a growing interest in additional modalities and multiomics, an area that has always been a strength of our portfolio and a focus of our investments. Last quarter was a particularly great example. We launched a new GEM-X version of our multiome product, significantly improving researchers' ability to measure epigenetics and gene expression from the same cell. This unlocks new dimensions of biological context and has been met with positive early customer response.

第二，市場對更多模態與多組學的興趣日益增加；這一直是我們產品組合的強項，也是我們投資的重點。上個季度就是一個特別好的例子。我們推出了多組學產品的新 GEM-X 版本，顯著提升研究人員從同一個細胞同時量測表觀遺傳與基因表達的能力。這開啟了生物學脈絡的新維度，且早期客戶回饋正面。

Furthermore, our Proteintech Genomics acquisition expands and complements our existing multiomics capabilities. It provides us with the largest single cell protein panels on the market and allows us to offer more complete solutions for customers to measure gene expression and proteins on the same cell.

此外，我們收購 Proteintech Genomics 擴充並補強了既有的多組學能力。該收購為我們帶來市場上最大的單細胞蛋白面板，並使我們能提供更完整的解決方案，讓客戶在同一個細胞上同時量測基因表達與蛋白質。

Finally, a significant trend in Single Cell has been an increase in large-scale perturbation experiments to map biological mechanisms and resolve causality. We are finding that Flex Apex is becoming the standard assay for these experiments because of its scalability, robustness and sensitivity. While we see significant Flex Apex adoption across all customer segments, the uptake of Apex in biopharma has been particularly strong, driven by the application of perturbation screening to target identification. The value of these studies is also increasing because of the progress in AI, which helps derive mechanistic insights from the large amounts of data generated by these experiments.

最後，單細胞領域的一個重要趨勢，是用於描繪生物機制並釐清因果關係的大規模擾動實驗增加。我們發現 Flex Apex 正因其可擴展性、穩健性與靈敏度，逐漸成為這類實驗的標準檢測方法。雖然我們看到各客戶族群對 Flex Apex 的採用都很顯著，但生物製藥端對 Apex 的導入尤其強勁，主要由擾動篩選在靶點識別上的應用所驅動。由於 AI 的進展能協助從這些實驗產生的大量資料中萃取機制性洞見，這些研究的價值也在提升。

As we have discussed before, we believe AI represents a significant and structural tailwind for our business. AI has enormous potential to transform biology and human health but realizing that potential depends on generating vastly more of the right kinds of data.

如同我們先前討論過的，我們認為 AI 對我們的業務而言是一股重要且結構性的順風。AI 具有改變生物學與人類健康的巨大潛力，但要實現這個潛力，取決於能否產生大量更多、且類型正確的資料。

The key bottleneck for AI-driven progress in biology is the same bottleneck we identified when we started the company. Biology is incredibly complex, we understand only a tiny fraction of it, and solving that complexity requires measuring biological systems at massive scale and high resolution. We built single cell and spatial technologies for precisely that purpose, which is why they are now being deployed by so many of our customers to train AI models. In fact, AI, as an influencer of demand, is now becoming pervasive across our customer base. Today, most significant biological data generation efforts are conceived, at least in part, with the goal of training AI models.

AI 驅動的生物學進展之關鍵瓶頸，與我們創立公司時所辨識的瓶頸相同。生物學極其複雜，我們只理解其中極小的一部分；要解決這種複雜性，需要以超大規模與高解析度量測生物系統。我們打造單細胞與空間技術正是為了這個目的，因此如今許多客戶正部署這些技術來訓練 AI 模型。事實上，AI 作為需求的影響因素，現在正廣泛滲透到我們的客戶群。今天，多數重要的生物資料生成工作，至少有一部分是以訓練 AI 模型為目標而構思。

On the academic side, there are multiple well-known pioneering efforts, such as those led by CZI and the Arc Institute, dedicated to building virtual biology models. But we are also seeing a wider shift, where more of basic scientific research entails training AI models. This shift is driven bottom-up by decisions of individual scientists as well as top-down by philanthropic and government funding priorities, such as those outlined in recent proposals from the White House.

在學術界，有多個知名的先驅性計畫，例如由 CZI 與 Arc Institute 領導、致力於建立虛擬生物學模型的工作。但我們也看到更廣泛的轉變：更多基礎科學研究開始包含訓練 AI 模型。這一轉變既由個別科學家的自下而上決策所推動，也由慈善與政府資金的自上而下優先順序所驅動，例如白宮近期提案中所概述的方向。

A similar shift is also starting to happen in biopharma with a rapid growth in AI-focused investments. Initially, much of the AI work in drug development has focused on the chemistry side of the process, on creating molecular interventions once a target is known.

類似的轉變也開始在生物製藥領域發生，AI 導向投資快速成長。起初，藥物開發中的許多 AI 工作聚焦在流程的化學端，也就是在已知靶點後創造分子介入手段。

Going forward, we expect increasing investments to be made in modeling biology at the cell and tissue level to unlock new targets and to predict drug response in patients. We believe this is where the biggest bottlenecks are and where there are the greatest opportunities to transform drug development. This work is also precisely what our tools enable and why we anticipate a very large opportunity for our technologies over time.

展望未來，我們預期在細胞與組織層級建模生物學的投資將增加，以解鎖新靶點並預測患者的藥物反應。我們相信這正是最大的瓶頸所在，也是改變藥物開發的最大機會所在。而這些工作正是我們工具所能促成的，因此我們預期隨時間推進，我們的技術將擁有非常龐大的機會。

Most pharma companies now have strategic mandates to leverage AI to speed up drug development and increase the probability of success. At the same time, there is a rapidly growing number of biotech companies that seek to transform drug development using AI. More and more of them are focused on building sophisticated virtual models of human biology. The vast majority of the companies building such models are using 10x single cell and spatial technologies.

目前多數製藥公司都有策略性任務，運用 AI 加速藥物開發並提高成功機率。同時，尋求以 AI 改造藥物開發的生技公司數量也在快速增加。其中愈來愈多公司專注於建立精密的人體生物學虛擬模型。建立此類模型的公司絕大多數都在使用 10x 的單細胞與空間技術。

Customers overwhelmingly choose our products because they deliver the highest data quality, the largest scale, the widest biological context and the most powerful multiomics capabilities. It has become increasingly clear in the field that all of these considerations are critical for building high-quality generalizable and useful models. It should be noted that building better models is only a part of the AI story.

客戶壓倒性地選擇我們的產品，因為它們提供最高的資料品質、最大的規模、最廣的生物學脈絡，以及最強大的多組學能力。在該領域中愈來愈清楚的是，所有這些考量對於建立高品質、可泛化且有用的模型都至關重要。需要指出的是，建立更好的模型只是 AI 故事的一部分。

For years, one of the biggest barriers to broader adoption of single cell and spatial biology has been the bioinformatics expertise required to analyze increasingly rich datasets. Advances in agentic AI are beginning to remove that bottleneck. Researchers who previously required dedicated computational experts are starting to analyze complex datasets through natural language interactions with AI agents. We believe that will make single cell and spatial analysis accessible to a much broader community of scientists while increasing the value of the underlying data. Together, these trends reinforce our conviction that single cell and spatial biology are foundational to the future of basic science and drug discovery research.

多年來，單細胞與空間生物學更廣泛採用的最大障礙之一，是分析日益豐富資料集所需的生物資訊專業能力。代理式（agentic）AI 的進展正開始移除這個瓶頸。過去需要專職計算專家支援的研究人員，正開始透過與 AI 代理的自然語言互動來分析複雜資料集。我們相信，這將使單細胞與空間分析對更廣泛的科學家社群變得可及，同時提升底層資料的價值。綜合而言，這些趨勢強化了我們的信念：單細胞與空間生物學是未來基礎科學與藥物探索研究的基石。

AI is increasing both the demand for high-quality biological data and the ability of researchers to extract insights from that data. We believe those two forces will reinforce one another over the coming years. Now, as we have discussed previously, we envision a significant opportunity to extend our technologies into clinical diagnostics in the future. Realizing that opportunity requires generating robust clinical evidence on large patient cohorts.

AI 同時提升了對高品質生物資料的需求，以及研究人員從該資料中萃取洞見的能力。我們相信，這兩股力量在未來幾年將相互強化。此外，如同我們先前討論過的，我們設想未來有一個重要機會，將我們的技術延伸至臨床診斷。要實現這個機會，需要在大型患者隊列上產生穩健的臨床證據。

We are continuing to make progress on our internal efforts to generate such evidence in oncology and in autoimmunity. This quarter, we announced new partnerships with the Cleveland Clinic and with Lausanne University Hospital to identify biomarkers of response to therapy across multiple oncology indications.

我們在腫瘤學與自體免疫領域，持續推進內部產生此類證據的工作。本季度，我們宣布與克里夫蘭診所（Cleveland Clinic）以及洛桑大學醫院（Lausanne University Hospital）建立新的合作夥伴關係，以在多個腫瘤適應症中識別治療反應的生物標誌物。

Taken together, this quarter demonstrates the strength of our strategy and continued execution across our business. We advanced a game-changing new platform, sustained strong momentum in our core consumables business and deepened our engagement with customers through high-impact partnerships. We continue to build a stronger company operationally and financially, giving us the flexibility to invest for the long term. Our technologies are at the nexus of some of the most powerful trends transforming biology and medicine. The upcoming years are going to be profoundly exciting, and we are uniquely well positioned for the opportunity ahead.

綜合來看，本季度展現了我們策略的強度，以及我們在整體業務上的持續執行力。我們推進了一個具顛覆性的全新平台，在核心耗材業務維持強勁動能，並透過高影響力的合作夥伴關係加深與客戶的互動。我們持續在營運與財務面打造更強健的公司，使我們具備長期投資的彈性。我們的技術位於改變生物學與醫學的一些最強大趨勢的交會點。未來幾年將令人極度振奮，而我們在迎接前方機會方面具備獨特且有利的定位。

With that, I will turn the call over to Adam.

接下來，我把電話會議交給 Adam。

Thanks, Serge. Unless otherwise noted, all growth rates referenced reflect year-over-year comparisons. Revenue for the second quarter was $151 million. As Serge mentioned, when excluding the $1.6 million allocated to license and royalty revenue, our second quarter revenue was $149.4 million. This represents 3% growth over Q2 2025, when excluding the nonrecurring settlement revenue in both periods. These results reflect continued momentum in the key drivers of our business.

謝謝你，Serge。除非另有說明，所有提及的成長率皆為年對年比較。第二季營收為 1.51 億美元。如 Serge 所提，若排除分攤至授權與權利金收入的 160 萬美元，我們第二季營收為 1.494 億美元。在兩期皆排除一次性和解收入後，這相較於 2025 年第二季成長 3%。這些結果反映出我們業務關鍵驅動因素的持續動能。

Total consumables revenue was up 7%, with growth in both Single Cell and Spatial. Single Cell consumables revenue grew 3%, supported by double-digit growth in reaction volumes given accelerating momentum for Flex Apex. Spatial consumables continued to perform well in the quarter, with revenue up 16%. We saw sequential consumables revenue growth for both Xenium and Visium, though Xenium continues to be the primary driver of Spatial consumables growth.

耗材總營收成長 7%，單細胞與空間領域皆有成長。單細胞耗材營收成長 3%，在 Flex Apex 動能加速帶動下，反應體積呈現雙位數成長提供支撐。空間耗材本季持續表現良好，營收成長 16%。我們看到 Xenium 與 Visium 的耗材營收皆呈現季增，惟 Xenium 仍是推動空間耗材成長的主要動力。

Total instrument revenue declined 47%, with Chromium instrument revenue down 46% and Spatial instrument revenue down 48%, both primarily driven by a lower number of units sold. As anticipated, the decline in Spatial instruments reflects customers moderating purchases of our current Spatial products in anticipation of Atera.

儀器總營收下滑 47%，其中 Chromium 儀器營收下滑 46%，空間儀器營收下滑 48%，兩者主要皆因銷售台數較少所致。如預期，空間儀器的下滑反映客戶在期待 Atera 之際，放緩對我們現有空間產品的採購。

Looking at revenue by geography. Excluding the impact of nonrecurring license and royalty revenue in both periods, Americas revenue was up 6%. EMEA revenue grew 15%. APAC revenue was down 19%. As a reminder, APAC benefited from approximately $4 million of temporary pull forward in purchasing activity in China in the prior-year period as customers accelerated orders ahead of potential tariff changes.

接著看按地區劃分的營收。排除兩期皆有的一次性授權與權利金營收影響後，美洲營收成長 6%。EMEA（歐洲、中東及非洲）營收成長 15%。APAC（亞太）營收下滑 19%。提醒一下，去年同期 APAC 受惠於中國約 400 萬美元的短期提前拉貨，因客戶在潛在關稅變動前加速下單。

Turning to the rest of the P&L. Gross margin increased to 74% from 72% the prior year. The increase in gross margin was primarily driven by lower manufacturing costs, which included $2.6 million of tariff refunds as well as lower inventory write-downs, partially offset by a decrease in nonrecurring license and royalty revenue. Excluding the impact of nonrecurring settlement revenue in both periods, gross margins increased to 74% from 67% the prior year.

接著看損益表其餘項目。毛利率由去年同期的 72% 提升至 74%。毛利率提升主要來自較低的製造成本，其中包含 260 萬美元的關稅退稅以及較少的存貨減損，部分被一次性授權與權利金營收下降所抵銷。排除兩期皆有的和解一次性營收影響後，毛利率由去年同期的 67% 提升至 74%。

Total operating expenses were $132.1 million for the quarter, as compared to $95 million in the prior year period. The second quarters of 2026 and 2025 included gains on settlements related to patent litigation of $3.4 million and $40.7 million, respectively. Excluding these gains in both periods, operating expenses were approximately flat year-over-year. We ended the quarter with $552 million in cash, cash equivalents and marketable securities, up $105 million year-over-year and up $12 million sequentially.

本季營業費用總額為 1.321 億美元，去年同期為 9,500 萬美元。2026 年與 2025 年第二季分別包含與專利訴訟相關和解所帶來的收益 340 萬美元與 4,070 萬美元。排除兩期的上述收益後，營業費用年增大致持平。本季末我們持有現金、約當現金及有價證券 5.52 億美元，年增 1.05 億美元，季增 1,200 萬美元。

Turning to our outlook for the rest of the year. We are raising our full year outlook and now expect 2026 revenue to be in the range of $610 million to $630 million. Excluding nonrecurring revenue related to patent litigation settlements in both 2026 and 2025, this represents 2% to 5% growth over the full year 2025. The increase to our outlook reflects our performance in the first half, together with the benefit of the $1.6 million of settlement revenue recognized during the quarter.

接著談我們對今年剩餘期間的展望。我們上調全年展望，現預期 2026 年營收介於 6.10 億至 6.30 億美元。排除 2026 年與 2025 年皆與專利訴訟和解相關的一次性營收後，這相當於較 2025 全年成長 2% 至 5%。展望上調反映我們上半年表現，以及本季認列 160 萬美元和解營收所帶來的助益。

As Serge mentioned, order volume for Atera has been very strong. We previously communicated that we expect to sell approximately 40 Atera instruments this year, weighted mostly toward the fourth quarter. As of the end of the second quarter, booked orders already greatly exceeded that full year number. That said, our shipment outlook of approximately 40 units for the year remains unchanged, as we continue ramping production.

如 Serge 所提，Atera 的訂單量非常強勁。我們先前表示，預期今年約可銷售 40 台 Atera 儀器，且多數將集中在第四季。截至第二季末，已入帳的訂單量就已大幅超過該全年數字。不過，我們對全年約出貨 40 台的展望維持不變，因我們仍在持續提升產能。

Looking at our quarterly cadence, Atera demand is driving the transition dynamics we expected, as customers are moderating purchases of existing Spatial products in anticipation of Atera. We expect this Spatial transition dynamic to continue into the third quarter, resulting in a modest sequential step down for our total revenue from Q2.

就季度節奏而言，Atera 需求正推動我們預期的轉換動態，因客戶在期待 Atera 之際，正放緩採購既有空間產品。我們預期此空間產品轉換動態將延續至第三季，使總營收較第二季出現小幅季減。

We then expect a significant step-up in the fourth quarter as Atera shipments ramp and begin to contribute more meaningfully to revenue. Atera alone accounts for the large majority of the Q4 sequential increase implied by the midpoint of our full year guidance, with normal seasonal Q4 strength across the rest of the portfolio closing the remainder of the difference.

接著我們預期第四季將顯著跳升，因 Atera 出貨加速並開始對營收做出更具實質性的貢獻。僅 Atera 一項就占我們全年指引中位數所隱含之第四季季增幅度的絕大部分，其餘差額則由產品組合其他部分在第四季通常具備的季節性強勢所補足。

As we look to the second half, our priorities are unchanged: delivering for our customers, executing with discipline and strengthening our operating profile. That foundation allows us to keep investing across the portfolio and the early enthusiasm we're seeing for Atera reinforces our conviction in that strategy.

展望下半年，我們的優先事項不變：為客戶交付成果、以紀律執行，並強化我們的營運體質。這一基礎使我們能持續在整體產品組合上投入，而我們看到市場對 Atera 的早期熱情也強化了我們對該策略的信心。

With that, I will turn the call back to Serge.

接下來，我把電話交回給 Serge。

Thanks, Adam. Before we open it up for questions, I want to thank the entire 10x team. This has been another good quarter of progress across the business, and none of it is ever an accident. The value we create in the business and the progress we make toward our mission is entirely a function of the hard work and commitment to excellence you demonstrate every day. I'm incredibly proud of what we have accomplished, and even more excited about what we're building for the future. Thank you to everyone at 10x for making the impossible possible.

謝謝，Adam。在我們開放提問之前，我想感謝整個 10x 團隊。這又是一個在整體業務上持續取得進展的好季度，而這些成果從來都不是偶然。我們在業務中創造的價值，以及朝使命邁進的進展，完全取決於你們每天展現的努力與對卓越的承諾。我對我們已完成的成果感到無比自豪，也對我們正在為未來打造的一切更加興奮。感謝 10x 的每一位，讓不可能成為可能。

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

那麼，我們現在開放提問。接線員？

(Operator Instructions) Kyle Mikson, Canaccord.

(接線員指示) Kyle Mikson，Canaccord。

Congrats on the quarter. A multipart question. First, on instruments. So on Atera, great to hear all the demand and the interest and all that, but maybe like why remain conservative with that expectation for the second half there? Is that primarily just the kind of the manufacturing capacity constraints kind of in the near term? Or maybe just dive into that?

恭喜本季表現。我有一個多段式問題。首先關於儀器。就 Atera 而言，很高興聽到需求與興趣都很強，但為什麼對下半年仍維持較保守的預期？主要是因為短期製造產能的限制嗎？或能否再深入說明？

And then thinking about a run rate for quarterly placements, is whatever you do in 4Q, is that a good way to think about kind of the jumping off point into 2027, like Q1 and so forth? And secondly, just quickly, Serge, on like AI. I'm getting a lot of questions on kind of like your differentiation. You obviously have a lot of strong push there. But what really sets you apart, 10x apart, to directly benefit from that? And can you talk about any tangible revenue that you've kind of recognized so far?

接著談到每季裝機的運行水準（run rate），你們在第四季的表現，是否可視為 2027 年（例如第一季等）的起跳點？第二個問題很快問一下，Serge，關於 AI。我收到很多關於你們差異化的問題。你們顯然在這方面投入很大。但究竟是什麼讓 10x 脫穎而出，能直接從中受益？以及你能否談談目前為止已認列的任何具體營收？

Thanks, Kyle. So just like to your first question on Atera. So the -- like as we talked about in our prepared remarks, the demand has been extraordinary, and that's not the constraint here, right? The constraint is actually shipping the manufacturing capacity to ship the units in the second half of the year. And we continue to expect to be able to ship 40, which is what we said last -- in the last call, and that still continues to be the case going forward.

謝謝，Kyle。先回到你第一個關於 Atera 的問題。如同我們在事先準備的講稿中提到的，需求非常驚人，而這並不是限制因素，對吧？限制其實在於今年下半年出貨所需的製造產能，能否把機台交付出去。我們仍預期能出貨 40 台，這也是我們在上一次電話會議所說的，而未來也仍將維持如此。

Luke Sergott, Barclays.

Luke Sergott，Barclays。

Just on the 3Q updated guide, you previously thought 3Q would be roughly flat, now that you're talking about a little step down here. Just wanted to know what got pushed out or what changed there? And then secondly, on the -- as you think about the Atera launch and also with -- in conjunction with the Apex Flex, I mean, you got a lot of things going on. So talk about the drivers here outside of Atera instrumentation launch for 4Q. You talked about half of that coming from the Atera launch, but is that going to come from the Apex Flex on single cell Chromium?

關於第三季更新後的指引，你們先前認為第三季大致持平，但現在談到會有些微下滑。想了解是什麼被延後了，或是哪裡發生了變化？第二個問題，當你們思考 Atera 上市，同時再加上 Apex Flex，我是說，你們同時有很多事情在進行。所以請談談除了 Atera 儀器上市之外，第四季還有哪些驅動因素。你們提到其中一半來自 Atera 上市，但是否也會來自單細胞 Chromium 的 Apex Flex？

Yes. So let me take the first sort of pieces of that, Luke. So I wouldn't say that things have changed. In fact, I'd just remind you that the Q3 that we're talking about here is consistent with what we said in our Q1 call. So we've always known that Q3 from a transition dynamic perspective in Spatial would be the peak transition dynamics. And that's exactly what we're seeing. And part of it is a function of the enthusiasm that we've seen around Atera. So we had originally said back when we gave the original guide, Q1 and then it would be a step down, and then Q2 and Q3 would look similar from a dollars perspective.

是的。所以，Luke，讓我先拆解你問題中的第一部分。我不會說情況有所改變。事實上，我只想提醒你，我們現在談的這個第三季（Q3）與我們在第一季（Q1）電話會議中所說的是一致的。因此，從 Spatial 的轉換動態角度來看，我們一直都知道 Q3 會是轉換動態的高峰。而這正是我們目前看到的情況。其中一部分原因是我們看到市場對 Atera 的熱情。所以當初在我們給出最初指引時（Q1），我們說過 Q1 之後會往下走一步，然後 Q2 和 Q3 在金額上看起來會相近。

Now what we're saying is Q3 will look the same kind of as what we've articulated back on the Q1 call. And so we're still anticipating a modest couple of million dollar step down from Q2 to Q3. And that really is just a function of what's happening both on Spatial instruments, but also some -- a bit of Spatial consumables as people are ramping up and getting prepared to receive their Ateras.

現在我們說的是，Q3 會如同我們在 Q1 電話會議中所闡述的那樣。因此，我們仍預期從 Q2 到 Q3 會有溫和的、約數百萬美元的下滑。這主要反映了 Spatial 儀器端正在發生的情況，同時也包括一些——一點點 Spatial 耗材，因為客戶正在爬坡並為接收他們的 Atera 做準備。

One thing I would just clarify in your question as it relates to Q4, if you think about the 40 units that we've committed to get out the door into the hands of customers in RevRec here, and we've talked about sort of where list pricing is, Atera instruments alone gets you most of the way, almost entirely of the way from Q3 to Q4, and that doesn't factor in Atera consumables. So if you sprinkle in a little bit of seasonal, what we would normally have anticipated, and I'm not talking about some expectation of a big budget flush. I'm just saying if you think about our normal Q3, Q4 industry dynamics, that coupled with but most of it coming from the Atera launch with a little bit of that step-up from Q3 to Q4, yes, I think you'll find it's a fairly reasonable step-up from Q3 to Q4.

另外我想就你關於 Q4 的問題澄清一點：如果你考慮到我們已承諾在此處以收入認列（RevRec）方式交付、並讓客戶實際拿到手的 40 台設備，再加上我們談過的大致牌價水準，單就 Atera 儀器本身，就已經能讓你從 Q3 到 Q4 的差距走到大部分、幾乎全部的程度，而且這還沒有把 Atera 耗材算進去。所以如果再加上一點季節性因素——也就是我們通常會預期的那種，我不是在說會有很大的預算集中釋放。我只是說，如果你回想我們正常的 Q3、Q4 產業動態，再加上（其中大部分來自 Atera 上市）以及從 Q3 到 Q4 的些許上升，是的，我認為你會發現從 Q3 到 Q4 的上升幅度是相當合理的。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Serge, what are you willing to say on manufacturing capacity for next year for Atera? I mean, that's a pretty common question. Obviously, 40 systems this year, but how quickly can you scale up manufacturing, maybe just the next two to three years?

Serge，關於明年 Atera 的製造產能，你願意透露到什麼程度？我的意思是，這是個很常見的問題。今年顯然是 40 套系統，但你們能多快擴大製造規模，可能就未來兩到三年？

And then how are you thinking about kind of initial pull-through from some of the early adopters? How quickly can they get up to full utilization? And then I've got a follow-up.

另外，你們如何看待早期採用者的初期拉動（pull-through）？他們要多快才能提升到滿載使用？然後我還有一個追問。

Yes. Thanks, Tycho. So look, the team is working really hard to get to the official launch of the platform to start shipping. And like we said, yes, we have 40 that we're planning for this quarter, for Q4 -- for the second half of the year.

是的。謝謝你，Tycho。所以你看，團隊正非常努力推進，確保平台正式上市並開始出貨。而且如我們所說，是的，我們這一季規劃 40 台，也就是 Q4——也就是下半年。

And as we are kind of moving into next year, we certainly expect to keep kind of building out our capacity. We're building Atera on the backs of a lot of investments we made over the years into the operational infrastructure and supply chain expertise. And so all of that will be brought to bear as we scale up and move into next year and beyond. So we feel really good about being able to scale up capacity over time to meet the demand as appropriate.

當我們邁入明年時，我們當然預期會持續擴建產能。我們打造 Atera，是建立在多年來對營運基礎設施與供應鏈專業所做的大量投資之上。因此，當我們擴產並進入明年及更往後時，這些能力都會派上用場。所以我們對於能隨時間擴大產能、在適當情況下滿足需求，感到非常有信心。

So as far as pull-through is concerned, we feel really good about the interest in the platform. It's way too early to talk about precise estimates before we even get instruments out there and people actually start running them. That said, of course, we are focused on kind of engaging customers that are, in particular, eager to use the platform and particularly eager to ramp up sooner rather than later. So we feel good about the potential of utilization here.

至於拉動（pull-through），我們對平台的市場興趣感到非常振奮。在我們甚至還沒把儀器交付出去、讓大家真正開始跑之前，現在談精確估算還太早。不過，當然，我們會專注於與那些特別渴望使用平台、並且特別希望能儘快爬坡的客戶互動。因此，我們對這裡的使用率潛力感到樂觀。

Just for kind of calibration, max utilization of Atera is somewhere between -- depending on the kinds of assays you run between $1.5 million and $2 million to $3 million or so, depending on the assays, is about 2x that of Xenium. So there's plenty of room for people to make use of these instruments. Again, a little too early to give precise numbers, but feeling quite optimistic about the trajectory at this stage.

作為一個大致的校準（calibration），Atera 的最大使用率大約在——取決於你跑的 assay 類型——介於 150 萬美元到 200 萬美元到約 300 萬美元之間；依 assay 而定，大約是 Xenium 的 2 倍。所以客戶有很大的空間可以充分使用這些儀器。同樣地，現在要給出精確數字還太早，但在這個階段我們對發展軌跡相當樂觀。

Okay. And then a follow-up on Single Cell. I mean, just thinking, next year, the Street's got 4% growth in Chromium consumables. I mean, pricing stabilized. These are big Perturb-seq studies getting underway. Why couldn't it be double digits? Can you just talk a little bit about how you're thinking about the next couple of years for Chromium?

好的。那我追問一下 Single Cell。我的意思是，想一想明年，市場（Street）對 Chromium 耗材的成長預估是 4%。也就是說，定價已經穩定。而且有一些大型 Perturb-seq 研究正在啟動。為什麼不可能是雙位數成長？你能談談你們如何看待未來幾年 Chromium 的走勢嗎？

Yes. I mean, look, I think a little early to talk about the next couple of years. We're in the middle of a fairly material transition year right now because of the Flex Apex dynamic. Apex has been -- has had a good momentum so far since launch towards the end of Q4 last year and has been having a really nice growth so far this year. Based on the funnel, we expect the Apex to be even higher percentage of reactions as we go into second half. And kind of our expectation as we proceed through this year is by the end of the year, the large majority of people who would convert to Flex from our kind of existing other products will have converted, which should put us in a good spot for subsequent quarters and years going forward.

是的。我的意思是，你看，現在談未來幾年可能還有點早。我們今年正處於一個相當重要的轉換年度，因為 Flex Apex 的動態影響。Apex 自去年第四季末上市以來——目前動能不錯，今年到目前為止也有相當好的成長。根據漏斗（funnel），我們預期進入下半年後，Apex 會占更高比例的反應數（reactions）。而我們對今年的預期是：到年底時，原本會從我們既有其他產品轉換到 Flex 的大多數客戶，將會完成轉換，這應能讓我們在後續季度與年度處於更有利的位置。

Dan Arias, Stifel.

Dan Arias，Stifel。

Serge, maybe a bit of a technical question on Atera. When you guys do your assessments of the platform's sensitivity, what portion of the time are you finding that sensitivity is higher than Xenium? I mean, I'm not trying to geek out here, but I am curious about just the degree to which potential customers are able to appreciate an advantage on performance just in order to get them over the hump on a purchase decision. It seems like it varies depending on where in the transcriptome you look. So I guess I'm just curious about what the overall view would be when you compare the two platforms and then how that translates to sales messaging?

Serge，可能是一個關於 Atera 的技術性問題。當你們評估平台的靈敏度（sensitivity）時，有多少比例的情況會發現它比 Xenium 更高？我的意思是，我不是想鑽牛角尖，但我確實好奇：潛在客戶在多大程度上能感受到效能上的優勢，從而幫助他們跨過購買決策的門檻。看起來它會因為你觀察轉錄組（transcriptome）的不同區段而有所差異。所以我想知道，當你們比較這兩個平台時的整體觀點是什麼，以及這如何轉化為銷售訊息？

Yes. I mean, there's a lot of nuance, obviously, to these kind of comparisons, but the high-level picture is unambiguously, like we sort of -- no real caveats, like the Atera sensitivity is substantially higher than Xenium's.

是的。我的意思是，這類比較當然有很多細微差異，但從高層次來看，結論非常明確：就像我們所說的——幾乎沒有什麼但書——Atera 的靈敏度顯著高於 Xenium。

Now it's important to be comparing apples-to-apples when it comes to various assays. And certainly, for like the very targeted panels, if you care about specific genes, you can really boost your sensitivity on Xenium. And so -- and you can do that on Atera as well. If you're comparing kind of wider use assays, for example, whole transcriptome on Atera, you're able to get to single cell sensitivity, which with large plex kinds of panels on Xenium is you can't really do that. So very, very high sensitivity.

不過，在比較不同 assay 時，重要的是要做到同類比較（apples-to-apples）。而且確實，對於非常目標式（targeted）的 panel，如果你在意特定基因，你可以在 Xenium 上大幅提升靈敏度。所以——而你在 Atera 上也可以做到。如果你比較的是更廣泛使用的 assay，例如 Atera 的全轉錄組（whole transcriptome），你能達到單細胞等級的靈敏度；而在 Xenium 上用大 plex 類型的 panel，基本上做不到這點。因此靈敏度非常、非常高。

And you remember, with Atera, you can also augment it with additional custom content if you need to boost any genes further. And overall, yes, we feel really, really strong about this platform. There's going to be some comparisons, maybe this is kind of early days of the platform. We specifically released some early datasets out there to give people a flavor of what the platform is able to accomplish. There is still work that's going on in R&D to keep improving the specs of the platform. By and large, even based on the datasets that we have released so far, the feedback from the community has been overwhelmingly positive. It bodes really well for the trajectory of the platform.

而且你要記得，使用 Atera 時，如果你需要進一步提升任何基因，你也可以透過額外的自訂內容來加強。整體而言，是的，我們對這個平台非常、非常有信心。之後會有一些比較，或許目前仍算是平台的早期階段。我們特別釋出了一些早期資料集，讓大家先感受一下這個平台能做到什麼。研發端仍在持續進行工作，以不斷改善平台的規格。總體來說，即便僅以我們目前已釋出的資料集來看，社群回饋也極為正面。這對平台的發展軌跡是非常好的訊號。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，Guggenheim Securities。

This is Thomas on for Subbu. Given there's normally hiccups with the first iteration of any product launch, what feedback are you hearing from customers who might still be on the sidelines? And then how are you thinking about the road map for the rest of this year after the first placements to make this transition smooth for those customers?

我是 Thomas，代 Subbu 提問。鑑於任何產品首次迭代上市通常都會有些小狀況，對於那些可能仍在觀望的客戶，你們聽到的回饋是什麼？另外，在完成第一批裝機之後，你們如何看待今年剩餘時間的產品路線圖，以便讓這些客戶能順利完成轉換？

Yes. Look, obviously, like I said earlier, a lot of demand for the platform. So this has been really, really great to see from the reactions from customers. Lots of interest, lots of eagerness, very few conversations these days that when I engage with a customer, someone is not trying to lobby to get units earlier rather than later. So that -- from that perspective, from a demand perspective, not really an issue.

是的。你看，顯然如我先前所說，市場對這個平台的需求很大。因此，從客戶反應來看，這真的非常、非常令人振奮。興趣很高、意願很強；最近我與客戶互動時，很少有對話不是在爭取希望能更早而不是更晚拿到設備。所以——從這個角度、從需求面來看，並不是問題。

In terms of product performance, once it's out there in the field, important something -- a really important question, something we take incredibly seriously. Obviously, we have had a lot of experience with product development and with delivering game-changing platforms that work really well to the field.

至於產品在實際現場部署後的表現，這是非常重要的——一個非常重要的問題，我們也極其重視。很明顯地，我們在產品開發以及把能在現場表現非常出色、具顛覆性的平臺交付出去方面，累積了大量經驗。

And Atera, in particular, something that we have been working on for a very long time. I talked about that on the last call. We've been talking about that since then. And we do a lot of testing, a lot of buttoning up of all the different elements before we ship our products and particularly true of Atera. And the team has been making tremendous progress. So we feel really good about where things are headed about the product and what -- based on what we're seeing internally as well. And so in many ways, we expect it to be very similar to previous successful launches, again, if not better, given all the experience that we have, all the work that has gone in and all the investment that has gone into Atera specifically.

尤其是 Atera，我們已經投入非常長的時間在這上面。我在上一次電話會議也談過。從那之後我們也持續在談。在出貨前，我們會做大量測試，並把各個不同環節都收尾完善；Atera 更是如此。團隊也取得了巨大的進展。因此，無論就產品的走向，或是根據我們內部所看到的情況，我們都對未來感到非常樂觀。所以在很多方面，我們預期它會非常類似以往成功的上市案——甚至可能更好，考量到我們累積的所有經驗、投入的所有工作，以及特別針對 Atera 所做的所有投資。

And of course, on the road map, we've talked about many elements of that, making big investments going forward as well. There's going to be a lot more coming on the software side, more content, more panels. There's going to be additional capabilities around automation, proteomics, multiomics, base-by-base sequencing. So yes, there is a lot to be said for the platform right out of the gate as we're seeing by the reactions, and there's going to be a lot more to be said over the coming quarters and years as we deliver more capabilities.

當然，關於路線圖，我們也談過其中許多要素，未來也會持續進行大幅投資。軟體端會有更多內容推出、更多 panel（檢測面板）。也會在自動化、蛋白質體學（proteomics）、多體學（multiomics）、逐鹼基定序（base-by-base sequencing）等方面加入更多能力。所以，是的，平台一推出就已經有很多可說之處——從大家的反應也看得出來；而在接下來的幾個季度與幾年，隨著我們交付更多能力，還會有更多可說之處。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行。

I want to go back to Chromium and the single cell platform. Chromium consumables are kind of flat effectively quarter-over-quarter just sequentially through the year, and instruments were a little bit on the lighter side. I understand a lot of focus on Spatial and maybe Xenium. But just wanted to dig into more into what you're seeing there. You've got things like the 1 Billion Cell Atlas ongoing. You've got things like Perturb-seq ongoing.

我想回到 Chromium 與單細胞平台。Chromium 耗材今年各季之間基本上呈現持平、也就是按季（sequentially）幾乎沒有變化，而儀器端則稍微偏弱一些。我理解你們很多重心放在 Spatial、也可能是 Xenium。但我想更深入了解你們在這裡看到的情況。你們有像 10 億細胞圖譜（1 Billion Cell Atlas）這類專案在進行中。也有像 Perturb-seq 這類專案在進行中。

And you've been talking about AI-driven drug discovery, which I think should tap to single cell a lot. Just sort of why aren't you seeing a little bit stronger numbers in Chromium? Is it all really tied to Flex? Or is there anything else going on? And maybe if you could just quantify what you're seeing, give us any tangible metrics that we could sort of latch onto for AI-driven demand, just so we could sort of figure out how big it is for you right now in 2Q?

你們也一直在談 AI 驅動的藥物發現，我認為這應該會大量帶動單細胞。那為什麼你們在 Chromium 上沒有看到更強一些的數字？這是否真的都與 Flex 有關？還是還有其他因素？另外，如果可以的話，能否量化你們看到的情況，給我們一些可具體掌握的指標，讓我們能理解 AI 驅動需求目前在 2Q 對你們而言到底有多大？

Yes, Mike, thanks for the question. So yes, I mean, on Single Cell, I would say the first order dynamic by far is that sort of transition that I talked about earlier, the rise of Flex Apex and transition of some of the other products to that assay. Again, it's been having -- it's had a really nice pickup, a really nice momentum. We expect that to continue. And as a result of that, yes, the volume growth has been quite consistent and very robust and very encouraging.

好的，Mike，謝謝你的問題。所以是的，我的意思是，就單細胞而言，我會說最主要、遠遠最重要的動態，就是我先前提到的那個轉換：Flex Apex 的崛起，以及部分其他產品向該檢測（assay）轉移。同樣地，它的拉升表現非常不錯、動能也很強。我們預期這會持續。因此，是的，量的成長一直相當一致、非常強勁，也非常令人鼓舞。

And a lot of that growth is, in fact, driven -- being driven by kind of emergence of AI applications and also more larger scale experiments that involve larger cohorts and kind of distributed sample collection that Flex is particularly great for. That also has a bit of an influence on instruments in a sense that because of the capability enabled by Flex of having the distributed sample collection and then centralization of processing, that naturally leads to more centralization towards service providers to core labs, to big labs, which kind of reduces the necessity to be placing instruments at every single lab.

而且其中很大一部分成長，確實是由 AI 應用的浮現所驅動，同時也來自更大規模的實驗——涉及更大的受試隊列（cohorts）以及分散式樣本收集；而 Flex 對這類情境特別擅長。這也會在某種程度上影響儀器端：因為 Flex 讓分散式樣本收集、再集中化處理成為可能，這自然會使作業更集中到服務供應商、核心實驗室（core labs）與大型實驗室，從而降低在每一個實驗室都必須配置儀器的必要性。

And also, at this point, we do have a lot of Chromium instruments out there. So accessibility is generally not an issue at all. So yes, so overall, the dynamics around Single Cell are very similar to what we've been describing for the last couple of quarters, and we expect that to continue in the -- over the rest of the year. And I do expect, like I said earlier, all the people -- like a large majority of the people who intend to transition to Apex will have largely done so by the end of the year. And that should put us in a good position to keep driving that sort of robust reaction growth, but also having it be translated into more top line impact as well.

另外，就目前而言，我們在外部已經部署了大量 Chromium 儀器。因此，可取得性一般來說完全不是問題。所以整體而言，單細胞相關的動態與我們過去幾個季度所描述的非常相似，我們預期這種情況會在今年剩餘時間持續。而且如我先前所說，我確實預期——打算轉換到 Apex 的人當中，絕大多數到今年年底時基本上都會完成轉換。這將使我們處於良好位置，持續推動那種強勁的反應性成長，同時也讓它能轉化為更多的營收端（top line）影響。

As far as AI question is concerned, so again, there's a lot of layers to that. And I think it's really, really important to set context here, which is what I did earlier as well with my prepared remarks. Like I said earlier, and I think there's like a wide sort of recognition of that that AI is now a major structural tailwind for us because what these big AI models need is precisely what we have built over the years. And AI at this point, one way, in one shape or form is becoming pervasive across just about all of our customer segments.

至於 AI 的問題，同樣地，這裡有很多層面。我認為在這裡建立脈絡非常、非常重要——我在先前的事先準備發言中也做了說明。如我先前所說，而且我想市場也普遍認同：AI 現在對我們而言是一個重大的結構性順風（structural tailwind），因為這些大型 AI 模型所需要的，正是我們多年來所建立的東西。而且在目前這個階段，AI 以某種方式、某種形式，正在我們幾乎所有客戶族群中變得無所不在。

At this point, there isn't really a large project out there where AI isn't like either a big driver or at least like an important influencer and even small-scale projects, I think in many instances, are performed with an eye towards feeding the data into AI models. And so in some cases, AI is a driver of demand. In some cases, it's an influencer and sometimes an accelerator. And what that means, right, one issue here is that AI can mean a lot of different things, and also the landscape is changing quite fast. And so that's why I went specifically in a bit more detail in explaining how AI, for example, is used potentially in drug -- in the context of drug development for the parts specifically to measure biology.

到目前為止，外面幾乎沒有什麼大型專案是不把 AI 視為主要驅動因素、或至少是重要影響因素；甚至小規模專案，我認為在很多情況下，也都是以將資料餵給 AI 模型為目標來執行。因此，在某些情況下，AI 是需求的驅動者。在某些情況下，它是影響者，有時也是加速器。而這代表的是——這裡的一個問題在於，AI 可以指涉很多不同的事情，而且整個版圖變化非常快。所以我才會更具體地多講一些細節，例如 AI 在藥物——在藥物開發脈絡中，如何用於那些特別用來量測生物學的環節。

If you think about drug development at the three kind of high-level stages of drug development, target ID to understand the biology of what targets you go after, the chemistry, the middle part actually making the drug, the molecule and then figuring out which patients to give the drug to. That middle part is chemistry where a lot of current AI sort of investments up to now have been focused. But the big, big opportunity is really around the biology, the target ID and patient selection. And that's where our tools are becoming -- are really, really compelling and are becoming increasingly important.

如果你把藥物開發想成三個高層次階段：標的辨識（target ID），用來理解你要追尋的標的之生物學；化學，也就是中間實際把藥做出來、把分子做出來；然後再找出應該把藥給哪些病人。中間那一段是化學，而迄今為止許多當前 AI 的投資大多聚焦在這裡。但真正、真正的大機會其實是在生物學這一端：標的辨識與病人選擇。而這也正是我們的工具正在變得——非常、非常有說服力，並且日益重要的地方。

And so there are some parts of our revenue where unambiguously AI revenue is coming from those, like tech-bio companies, some large academic projects. But there's also others where there is a mix, big pharma companies that are -- we know are developing these AI models of biology, but also using our products for other goals. And same thing in academia. And so there's a mix.

因此，我們的營收中有一些部分，毫無疑問是 AI 營收來源，例如科技生物（tech-bio）公司、一些大型學術專案。但也有其他部分是混合的：大型製藥公司——我們知道他們正在開發這些生物學的 AI 模型，但同時也把我們的產品用於其他目的。學術界也是同樣情況。所以會是混合的。

So right now, at this stage, I'd say it's still very early, but the opportunity is massive. And our products and technologies are particularly well positioned for this opportunity. And as we go forward and as these categories grow, we'll provide more granular color on them and how to think about sort of numbers around them.

所以就目前這個階段而言，我會說仍然非常早期，但機會非常巨大。而我們的產品與技術在這個機會上特別具備良好定位。隨著我們往前推進、這些類別逐步成長，我們也會提供更細緻的說明，讓大家理解該如何看待其中的數字。

Serge, the only thing I think I would just add to the point you're making around centralization for -- on Chromium instruments. Obviously, we're focused on driving every part of our business. But I think that distinguishing between demand for instruments versus demand for the platform and driving the volume and the activity that we're doing for Chromium consumables, I mean, just for context, you have to remember that Chromium instruments is about 2% of sales. So it's an important context as we're thinking about the total business.

Serge，我想我唯一要補充的是你提到的——關於 Chromium 儀器的集中化（centralization）這點。顯然，我們專注於推動業務的每一個部分。但我認為，需要區分的是：對儀器的需求，與對平台的需求，以及我們在 Chromium 耗材上所推動的用量與活動量。作為背景補充，你必須記得 Chromium 儀器約占銷售額的 2%。因此，在思考整體業務時，這是一個重要的脈絡。

Matt Larew, William Blair.

Matt Larew，William Blair。

You referenced a number of the larger projects you're working on with respect to AI and also on the translational side, and in some cases, customers adopting or increasing use of multiple platforms. I'm curious as you're having these discussions about larger projects, multiyear projects, kind of how important the suite of products that you have and software and analysis tools where there's perhaps some integration or at least familiarity and how that kind of ecosystem might be having an effect as customers think about longer-term projects versus the merits of the platforms on their own?

你提到你們正在進行的一些較大型專案，涉及 AI 以及轉譯（translational）端；而在某些情況下，客戶也在採用或增加多個平台的使用。我想了解的是，當你們在討論這些大型專案、跨多年的專案時，你們的產品組合、軟體與分析工具（可能存在某種整合，或至少有熟悉度）到底有多重要？以及這種生態系如何影響客戶在思考長期專案時的決策，相較於單一平台本身的優勢？

Yes. A really interesting question. Well, the first order answer, I would say is that the platforms by themselves, whether you look at Single Cell and Spatial have really strong merits just to stand on their own. I would say -- and certainly is really appealing in many ways to our customers.

是的。這是個非常有意思的問題。我想第一層的回答是：各平台本身——不論你看 Single Cell 或 Spatial——都具備非常強的優勢，足以獨立成立。我會說——而且這在很多方面對我們的客戶確實非常有吸引力。

If you think about, for example, Flex Apex: really, really high sensitivity, incredible scalability, huge robustness. This is actually really important for AI, in particular, to our points, where it works across many different tissue types, many different cell types, many different context. And increasingly, it's becoming critical. So if you want to build AI models that are useful that generalize, you really need to be able to measure lots of different context. You can't be measuring the same cell line over and over again, for example. And Flex is incredibly great for that.

例如以 Flex Apex 來說：靈敏度非常、非常高，可擴展性驚人，且極為穩健。這對 AI 其實非常重要，尤其呼應我們前面的觀點：它能跨越許多不同的組織類型、許多不同的細胞類型、許多不同的情境。而且它正變得愈來愈關鍵。所以如果你想建立有用、能泛化（generalize）的 AI 模型，你真的需要能量測大量不同的情境。例如，你不能一再只量測同一個細胞株。而 Flex 在這方面非常出色。

Also another sort of emerging trend is -- and maybe it's a little bit of your question too here is multiomics, being able to measure other modalities. And we have unmatched strength on that along that dimension. And yes, certainly, there is an attractiveness to be able to do training models from a Spatial perspective as well as from Single Cell. And we certainly provide kind of these kinds of solutions to our customers.

另外一個正在浮現的趨勢是——也許也部分呼應你的問題——多體學（multiomics），也就是能量測其他模態（modalities）。而我們在這個維度上具備無可匹敵的優勢。而且是的，能夠同時從 Spatial 的角度以及 Single Cell 的角度來訓練模型，確實很有吸引力。我們也確實為客戶提供這類解決方案。

And also, yes, on the software side, something we haven't talked that much about, but of course, we have invested in software fairly materially from the beginning of -- really the beginning of the company and in particular, is becoming important here because the datasets with Apex and with Atera are getting to be very large, especially for training AI models. And we have made quite a number of advances specifically to enable people to run larger scale experiments in a straightforward kind of ergonomic manner. So all of these pieces together do kind of tie out to provide really compelling solutions for our customers, certainly much, much more compelling than any other potential alternative in the market.

另外，是的，在軟體端，我們雖然沒有談很多，但當然我們從——基本上公司創立之初——就相當投入軟體；而且在這裡變得重要，因為 Apex 與 Atera 的資料集正變得非常龐大，特別是用於訓練 AI 模型。我們已經做了不少進展，專門讓人們能以直接、好用（ergonomic）的方式進行更大規模的實驗。所以把這些要素放在一起，確實能串起來，為客戶提供非常有說服力的解決方案——當然也遠比市場上任何其他替代方案更具吸引力。

Casey Woodring, JPMorgan.

Casey Woodring，JPMorgan。

This is Jen on for Casey. I had one just on the broader market trends. Can you unpack what you're seeing across your academic end market? We've been hearing that some academic customers are beginning to receive grant approvals, but that funding has not yet fully flowed through to purchasing activity. Is that like consistent with what you're seeing? And how much of that are you like thinking about the timing for potential improvement in that end market for the rest of the year? And would that be upside to the guide?

我是 Jen，代 Casey 提問。我有一個關於更廣泛市場趨勢的問題。你能否拆解一下你們在學術終端市場看到的情況？我們聽到一些學術客戶開始拿到補助核准，但資金尚未完全反映到採購活動上。這與你們看到的情況一致嗎？以及你們如何看待今年剩餘時間該終端市場可能改善的時點？這會不會成為指引（guide）的上行空間？

Yes. Good question, too. So it's kind of interesting, almost feels like Groundhog Day a little bit because we've been in this kind of tenuous environment for a while now where people are hoping and expecting that things will improve. And to some extent, the sentiment has been -- in expectation has been getting somewhat better. But I think the story is largely the same as it was last quarter, improvement in sentiment, but the environment, again, is still tenuous and the dollars are still not flowing out, at least as far as the spending decisions are concerned.

是的。這也是個好問題。這有點有趣，幾乎有點像《今天暫時停止》（Groundhog Day），因為我們在這種不穩定的環境裡已經一段時間了，大家一直希望並期待情況會改善。在某種程度上，市場情緒——以及預期——確實有稍微變好一些。但我認為整體故事大致與上季相同：情緒改善，但環境仍然脆弱，至少就支出決策而言，資金仍未真正流出。

So I would say, yes, still seeing kind of various issues that have been at play for a while, where even if you see sort of at the very highest level, the dollars are kind of appearing there in terms of funding, they don't actually impact purchasing because of how these dollars are allocated, for example, because of multiyear funding or the sort of increased oversight of the review process that kind of put kind of some sand in the gears and just general shortage of staffing and things like that for grant reviews and order processing that we're hearing and keep hearing from our customers. So I would say the environment is roughly similar to what it has been before.

所以我會說，是的，仍然看到一些已經存在一段時間的各種問題：即使你在最高層級看到資金似乎已經到位（以資助的形式出現），但由於資金分配方式等原因，它們並不會實際影響採購——例如多年度資助，或審查流程監管加強，導致流程卡住、運轉不順；再加上我們從客戶那裡聽到、也一直聽到的，補助審查與訂單處理的人力短缺等。所以我會說環境大致與之前相近。

Yes. And I would just add to that in the context of the guide, we're not anticipating things get any better, right? So to the extent that there's some improvement, that's just a broader macro comment I would make is that we're anticipating kind of in the guide that we've raised that the macro sort of stays the same with what we've been seeing. And it's been fairly consistent, and that's the way that we're thinking about our guidance.

是的。我也想在指引的脈絡下補充：我們並不預期情況會變得更好，對吧？因此，如果真的出現一些改善，我會把它視為更廣泛的總體（macro）層面評論；而在我們上調後的指引中，我們的假設是總體環境大致維持與目前所見相同。而且它一直相當一致，這也是我們制定指引時的思考方式。

David Westenberg, Piper Sandler.

David Westenberg，Piper Sandler。

This is Skye on for Dave. Could you talk a little bit more about the commercial landscape of Atera and what it might look like going forward? Is it being sold by the existing sales force? Or is there a specialized team? And do you anticipate needing to expand the sales count there? And then also, are there any incentives to -- in place to kind of steer Xenium or Visium customer prospects towards Atera?

我是 Skye，代 Dave 提問。你能否多談一點 Atera 的商業化版圖，以及未來可能會是什麼樣子？它是由現有的銷售團隊來銷售嗎？還是有專門的團隊？你們是否預期需要擴增那邊的銷售人數？另外，是否有任何誘因機制——用來在某種程度上引導 Xenium 或 Visium 的潛在客戶轉向 Atera？

Yes. So yes, good question. I mean, commercially, if you remember, two years ago now, almost two years ago now, we did a major restructuring of our sales force, and we specifically created a team focused on CapEx sales. And that has actually put us in a really good position now with the arrival of Atera to have a team that's specifically focused on Atera instruments to introduce them to the market and to drive sales. We are also leveraging the rest of our team to reach out to customers much more broadly and have the teams kind of work in concert to drive Atera into the market.

是的。所以是的，問得好。我的意思是，從商業面來看，如果你還記得，兩年前——現在差不多快兩年了——我們對銷售團隊做了一次重大重整，並且特別成立了一個專注於資本支出（CapEx）銷售的團隊。而這其實讓我們在 Atera 推出之際處於非常有利的位置，因為我們有一支專門聚焦 Atera 儀器的團隊，負責把它們導入市場並推動銷售。我們也在運用其餘團隊更廣泛地接觸客戶，讓各團隊協同合作，把 Atera 推向市場。

I think your other question was, any special incentives to drive customers to Atera? No. I mean, look, first of all, our focus is always to make sure that customers are -- that we satisfy the applications needs that they have and kind of provide them with the right solution in every case. And we've been -- our sales team has been selling all of our solutions. And certainly, the amount of excitement around Atera is there, but it's driven fundamentally by customer demand.

我想你另一個問題是：是否有任何特殊的誘因來推動客戶轉向 Atera？沒有。我的意思是，首先，我們的重點一向是確保客戶——我們能滿足他們的應用需求，並在每一種情況下提供正確的解決方案。而且我們的銷售團隊一直在銷售我們所有的解決方案。當然，市場對 Atera 的興奮感確實存在，但根本上是由客戶需求所驅動。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

If I could ask on, again, Atera, obviously, a really powerful instrument. But just wanted to get a sense of how are you incentivizing the broader labs beyond the top labs and institutes that are already interested in Atera and likely in the first 40 that are likely going to get it? Are you incentivizing them with any discounts? And are there any discounts for the broader labs on Xenium? I just wanted to get that or any change in pricing that you're expecting here in the near term?

如果我可以再問一下，還是關於 Atera，顯然這是一台非常強大的儀器。但我想了解的是，你們如何激勵那些不僅限於頂尖實驗室與研究機構、而是更廣泛的實驗室？那些頂尖單位已經對 Atera 有興趣，而且很可能在首批 40 台、也就是可能會拿到的那一批之中。你們會用任何折扣來激勵他們嗎？另外，對更廣泛的實驗室而言，Xenium 是否也有任何折扣？我想確認一下，或是你們在短期內是否預期會有任何定價變動？

And then on -- just given the funding of the capital equipment remains challenging in the current time, so I want to check there. And then on the AI side, I mean, it does appear that the biology foundation models or the virtual cell models would require fundings in the scale of $100 million or something closer in order to build the data for those models. Can you maybe just elaborate on what are the line of sight to major large grants or funding sources right now that you see and the timing for those to land into 10x revenue?

另外，考量到目前資本設備的資金取得仍然具挑戰性，我也想在這點上確認一下。再來在 AI 方面，我的意思是，看起來生物學基礎模型或虛擬細胞模型，為了建立那些模型所需的資料，可能需要規模達 1 億美元左右或更接近的資金。你能否再多談談：目前你們看到哪些大型補助或資金來源的可見度（line of sight）？以及這些資金大概何時會落地並反映到 10x 的營收中？

Yes. Thanks, Puneet. So first of all, there's a bunch in those questions. First of all, on the Atera, look, obviously, early days, but the demand has been really, really strong kind of across the board, not just sort of your kind of early technology people, but much wider than that. And so that's really encouraging.

是的。謝謝，Puneet。所以首先，這些問題涵蓋很多面向。先談 Atera：你看，顯然還在早期階段，但需求在各個面向都非常、非常強勁，不只是所謂的早期技術採用者，而是比那更廣泛得多。所以這點非常令人鼓舞。

For example, biopharma is, again, early days, but like a disproportionate customer here with Atera. So we feel quite good at this stage about the amount of demand there beyond just again, sort of the early customers. And we haven't had to incentivize customers in any way to get them here and to put in their orders. So very, very encouraging signs.

例如，生物製藥（biopharma）領域——同樣還在早期——但在 Atera 這邊卻是占比偏高的客戶群。所以就目前階段而言，我們對於除了早期客戶之外的需求量感到相當有信心。而且我們不需要用任何方式去激勵客戶來下單或把他們拉進來。所以這些都是非常、非常令人鼓舞的訊號。

And I would say on the kind of the other side of the business, I mean, certainly, like I said kind of in the answer to the previous question, we have the sales team that's selling all of our products right now and very focused on that, especially given that Atera is not yet shipping. But again, we are -- we always run some programs in different territories and different regions where our customers work with customer -- where our salespeople work with customers to give them kind of the right deals for their sort of budgets and their applications. And we're going to continue to do that, but nothing particularly out of the extraordinary last quarter or this quarter or going forward. So yes, so we feel good about the Atera trajectory, no question around that.

至於業務的另一面，我會說，正如我在上一題的回答中提到的，我們的銷售團隊目前正在銷售我們所有產品，並且非常專注於此，特別是考量到 Atera 還沒有開始出貨。但同樣地，我們——我們一向會在不同國家與不同區域推行一些方案，讓我們的業務人員與客戶合作，依照他們的預算與應用需求，提供合適的交易條件。我們會持續這麼做，但上季、這季或未來都沒有任何特別超出常態的作法。所以是的，我們對 Atera 的發展軌跡感到樂觀，這點毫無疑問。

As far as AI and funding is concerned, I think there's a lot of kind of work at the highest levels happening where I kind of spoke to that, where there's a general kind of reprioritization of kind of funding flows. I think there's, in fact, a lot of large-scale projects, anything that has to do with sort of larger scale science is now having AI as it's kind of as a driver.

至於 AI 與資金，我認為在最高層級有很多工作正在進行中，我剛才也提到過，整體而言資金流向正在被重新排序與重新優先化。我認為事實上，很多大型專案——任何與更大規模科學相關的——現在都把 AI 作為一個驅動因素。

And if you think about it, kind of the fundamental mental model, if you want to understand biology using AI, you have to use Single Cell and Spatial because these are the only scale. They are the scale technologies to measure biology. And so whether that's -- whether it's the biopharma kind of world or the world of academia or like various consortium, that's sort of the case. And so as people put in their priorities, whether it's sort of from governments or from various philanthropic organizations, we anticipate that that will ultimately translate into more deployment of single cell and spatial and ultimately more revenue for us.

如果你想一想，從根本的思維模型來看：如果你想用 AI 來理解生物學，你就必須使用單細胞與空間技術，因為這些是唯一的尺度——它們是用來量測生物學的尺度型技術。因此，不論是在生物製藥的世界、學術界，或是各種聯盟（consortium），情況都是如此。所以當各方在設定優先事項時——不論是政府或各種慈善組織——我們預期這最終會轉化為更多單細胞與空間技術的部署，並最終帶來我們更多的營收。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

Maybe just starting just on Atera, good to hear the orders already exceeding the 40. Is there any way just to help think about the placement opportunity? I know you get asked this, but I'm just trying to frame it, whether it is the next few years and how purely additive to that -- to the business is it versus what might take away, obviously, Xenium is going to stop shipping, but I'm just wondering on your other products as well.

也許先從 Atera 開始，聽到訂單已經超過 40 台很不錯。有沒有什麼方式可以幫助我們思考裝機（placement）的機會？我知道你們常被問這題，但我只是想建立一個框架：這會是在未來幾年發生嗎？以及它對業務的貢獻有多大是純增量（purely additive），相對於可能會被替代的部分——顯然 Xenium 會停止出貨——但我也想知道對你們其他產品的影響。

Yes. Like, I think fundamentally, we've talked about Xenium and we've been quite -- over the past -- quite some amount of time, we've seen really, really nice growth in Xenium and actually still continue to see it. So Xenium has been growing the Spatial market quite like really robustly and it's been really exciting. And as we look forward to Atera, we actually -- we expect it to amplify and accelerate that trend. And those are the early signals we're getting. Now yes, it is true that, of course, it's going to impact sales of Xenium and certainly starting to moderate that somewhat already and more so going forward and Visium as well. Our expectation is that Atera demand will more than make up for any diminution in the other platforms.

是的。我想從根本上說，我們談過 Xenium，而且在過去——相當長一段時間——我們看到 Xenium 有非常、非常好的成長，事實上現在仍然持續看到。所以 Xenium 一直在非常強勁地擴大空間（Spatial）市場，這真的很令人振奮。而展望 Atera，我們其實——我們預期它會放大並加速這個趨勢。而這也是我們目前看到的早期訊號。當然，是的，確實如你所說，它會影響 Xenium 的銷售，而且其實已經開始在某種程度上使其增速趨緩，未來會更明顯，Visium 也是如此。我們的預期是，Atera 的需求將足以、甚至超過，彌補其他平台任何的下滑。

I would just add to that, Serge, even after the post Atera launch, both on the consumable side, both Visium and Xenium grew sequentially, grew from prior quarter. So there's some really good momentum happening there in Spatial with the existing products.

我再補充一下，Serge，即使在 Atera 發表之後，在耗材端，Visium 和 Xenium 都呈現季增，較前一季成長。所以在空間領域，既有產品正展現出一些非常好的動能。

Justin Bowers, Deutsche Bank.

Justin Bowers，德意志銀行（Deutsche Bank）。

So I just want to continue in the spirit of the last couple of questions. Can you talk about how you're segmenting the market for Atera versus Xenium and some of the lessons learned from the Xenium launch? And really how does this new product cycle expand the TAM for Spatial?

我想延續前幾個問題的脈絡。你能談談你們如何針對 Atera 與 Xenium 進行市場分眾（segmenting），以及從 Xenium 上市中學到的一些經驗嗎？另外，這個新的產品週期究竟如何擴大空間（Spatial）的 TAM（可服務總市場）？

Yes. Look, we're seeing demand, like I mentioned, kind of from across the board for Atera, like really a lot of kind of diversity both in terms of like the kinds of customers, whether it's universities, academic medical centers, biopharma companies and also from the applications perspective, like really broad. We started out with a focus, obviously, on oncology here, but also tons of interest in neuroscience, autoimmune, cardiometabolic, kidney, I mentioned this earlier in my prepared remarks, just every kind of biological system and therapeutic area. And also the kinds of experiments that people are looking to run, they're also like really, really huge for us. You have the sort of foundational tissue atlasing. You have all these mechanistic studies of disease response to drugs like immunotherapy, cell therapies and kind of all the biomarker translational work as well. So really strong early signs about just like really material market expansion.

是的。你看，正如我提到的，我們看到對 Atera 的需求可說是來自各個面向，客戶類型非常多元，包含大學、學術醫學中心、生物製藥公司；從應用角度來看也非常廣泛。我們一開始顯然是聚焦在腫瘤學，但在神經科學、自體免疫、心腎代謝、腎臟等領域也有大量興趣——我在事先準備的發言中也提過——幾乎涵蓋各種生物系統與治療領域。此外，人們想要進行的實驗類型，對我們來說也非常、非常龐大。有基礎性的組織圖譜建構（tissue atlasing）。也有各種針對疾病對藥物反應機制的研究，例如免疫療法、細胞療法，以及各類生物標誌物的轉譯研究工作。因此，我們看到非常強勁的早期訊號，顯示市場正在出現相當實質的擴張。

And we're even at this stage where we didn't really -- we have not focused at all. We're already seeing some new customers coming out and expressing really strong interest in Atera. And our view is ultimately, over time, Atera is the future. Obviously, the instrument is not even shipped yet. So Xenium is the best spatial platform right now and will keep being used, as Adam just mentioned, really, really continues to show really, really strong growth. But as we go forward, we do expect that Atera will take up more and more of the spatial market and also drive material expansion of the market.

而且即便在這個階段，我們其實並沒有——我們完全還沒有把重點放在這上面。我們已經看到一些新客戶主動出現，並對 Atera 表達非常強烈的興趣。我們的看法是，最終隨著時間推進，Atera 會是未來。當然，這台儀器甚至還沒出貨。所以目前 Xenium 是最好的空間平台，並且會持續被使用；正如 Adam 剛才提到的，它確實持續展現非常、非常強勁的成長。但往前看，我們確實預期 Atera 會在空間市場中占比愈來愈高，同時也會帶動市場的實質擴張。

Kallum Titchmarsh, Morgan Stanley.

Kallum Titchmarsh，摩根士丹利。

This is Jason on for Kallum. So I appreciate the prior guidance on expectations for Atera instrument placements in the back half. I was wondering if you could provide some guidance on how we should think about Atera consumables revenue for 2026? With similar consumables pull-through per instrument as Xenium be a good jumping off point?

我是 Jason，代 Kallum 提問。感謝先前對於下半年 Atera 儀器裝機量（placements）預期的指引。我想請問，能否提供一些指引，讓我們理解 2026 年 Atera 耗材營收應該如何看待？以每台儀器的耗材拉動（pull-through）與 Xenium 類似，作為起始假設是否合適？

I can start, maybe. I think as Serge articulated, I mean, we don't have any units out of the field as of yet. So we know what max pull-through could be, and it's 2x from a maximum perspective as compared to Xenium.

我可以先開始回答。我想如 Serge 所闡述的，我們目前還沒有任何機台在客戶端實際運行。所以我們知道耗材拉動的最大可能值，而從最大值的角度來看，相較於 Xenium 可達到 2 倍。

And I think I would also just add, as Serge noted, I mean, our intent for a wide variety of reasons is to get the first 40 instruments in the hands because demand is so high to get the first 40 instruments in the hands of folks that do intend to be running those. And in many cases, our service providers that can provide access to those that either don't have the CapEx or weren't one of the first lucky 40 to get their hands on one.

我也想補充一下，如 Serge 所說，基於多種原因，我們的意圖是先把前 40 台儀器交到使用者手上，因為需求非常高；而這前 40 台會優先交給確實打算運行的客戶。而且在許多情況下，這些會是我們的服務供應商（service providers），他們可以讓那些沒有資本支出（CapEx）能力、或不是最先幸運拿到前 40 台的人，也能取得使用管道。

I would say there's certainly our intent, I don't think anyone wants to get an instrument of that sort of caliber and cost without the consumables to run through them. So we are starting to take orders on the consumable side, but it's not something we'll quantify at this time. But it is embedded into that Q3 to Q4 step-up. And again, just to articulate that, we've been talking about Spatial consumables and the momentum there.

我會說，這當然是我們的意圖；我想沒有人會想買一台這種等級、這種成本的儀器，卻沒有耗材來跑。所以我們已開始在耗材端接單，但目前不會量化到具體數字。不過，這已經包含在我們所提到的 Q3 到 Q4 的增量（step-up）之中。再重申一次，我們一直在談空間耗材（Spatial consumables）以及那裡的動能。

So I just want folks to understand logically, we are still anticipating that we'll have good growth year-on-year from a consumable standpoint in Q3, but there will be a sequential step down because as we're starting to have conversations with customers about when they will receive their Atera, some of those are very large Xenium users. And so some of them are already planning ahead and won't be running projects, and so won't be placing an order towards the end of Q3 that they would normally place, and we're accounting for that in the guidance that we've given you.

所以我只是希望大家能從邏輯上理解：我們仍預期 Q3 的耗材年對年會有不錯的成長，但季度環比會出現下滑，因為當我們開始與客戶討論他們何時會收到 Atera 時，其中一些是非常大型的 Xenium 使用者。因此，有些客戶已經在提前規劃，會暫時不跑專案，也就不會在 Q3 末下原本通常會下的訂單；我們在給各位的指引中已把這點納入考量。

And then as you think about that step-up from Q3 to Q4, most of that, as I mentioned, is covered by Atera instruments alone. If you think about we've said we'll get 40 out the door, and the vast majority of those will actually happen in Q4. And so if you've got that, couple that with some consumables that come through and then just normal year end sort of dynamics. And again, it doesn't take a big sort of year end flush as we've seen in certain years actually to bridge yourself from that Q3 number to the Q4 number, if you think about it at the midpoint of our guide.

接著，當你思考從 Q3 到 Q4 的那個增量時，我剛才提到，其中大部分單靠 Atera 儀器就能涵蓋。如果你想想我們說過會出貨 40 台，而其中絕大多數實際會發生在 Q4。因此，把這點再加上一些隨之而來的耗材，以及年底一般性的動態。而且再說一次，實際上不需要像某些年度我們看到的那種很大的年底集中拉貨（year end flush），就能把 Q3 的數字銜接到 Q4 的數字——如果你以我們指引的中位數來看。

There are no further questions at this time. We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。我們已到達問答環節的結束。今天的電話會議到此結束。感謝各位參與。您現在可以斷線。