10X Genomics Inc (TXG) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the 10x Genomics Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions) I would now like to hand the call over to your speaker today, Ms. Cassie Corneau, Investor Relations and Strategic Finance. Please go ahead.

女士們，先生們，感謝您的支持，歡迎參加 10x Genomics 2020 年第四季度收益電話會議。 （操作員說明）我現在想將電話轉交給您今天的發言人，投資者關係和戰略財務部的 Cassie Corneau 女士。請繼續。

Thank you. Good afternoon, everyone. Earlier today, 10x Genomics released financial results for the fourth quarter and year ended December 31, 2020. If you have not received this news release or if you 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.

謝謝你。大家下午好。今天早些時候，10x Genomics 發布了截至 2020 年 12 月 31 日的第四季度和年度財務業績。如果您尚未收到此新聞稿，或者您希望被添加到公司的分發名單中，請發送電子郵件給投資者@10xgenomics.com。本次電話會議後的至少 45 天內，將在公司網站 10xgenomics.com 的投資者選項卡上提供本次電話會議的存檔網絡廣播。

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.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，這些聲明屬於聯邦證券法意義上的前瞻性聲明。這些陳述涉及可能導致實際結果或事件與預期存在重大差異的重大風險和不確定性，您不應過分依賴前瞻性陳述。有關這些風險、不確定性和可能導致結果不同的因素的更多信息，請參見 10x Genomics 今天發布的新聞稿以及 10x Genomics 不時向證券交易委員會提交的文件和報告。 10x Genomics 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是因為新信息、未來事件或其他原因。

Joining the call today are Serge Saxonov, our CEO and Co-Founder; and Justin McAnear, our Chief Financial Officer. In addition, Brad Crutchfield, our Chief Commercial Officer, will be available for Q&A. With that, I will now turn the call over to Serge.

今天加入電話會議的是我們的首席執行官兼聯合創始人 Serge Saxonov；和我們的首席財務官 Justin McAnear。此外，我們的首席商務官 Brad Crutchfield 將接受問答。有了這個，我現在將把電話轉給 Serge。

Thanks, Cassie . Good afternoon, and thank you for joining our call to review our fourth quarter and 2020 results. During today's call, I will provide a brief summary of our fourth quarter and full year results. Next, I will discuss the opportunities that lay ahead and how we're focusing our efforts across our 3 technology platforms to build great products that deliver amazing insights for our customers. I will then turn the call over to Justin for a more detailed look at our financials, including our outlook for the year.

謝謝，卡西。下午好，感謝您加入我們的電話會議，回顧我們的第四季度和 2020 年業績。在今天的電話會議中，我將簡要介紹我們第四季度和全年的業績。接下來，我將討論未來的機遇，以及我們如何將精力集中在我們的 3 個技術平台上，以打造出色的產品，為我們的客戶提供驚人的洞察力。然後，我將把電話轉給賈斯汀，以更詳細地了解我們的財務狀況，包括我們對今年的展望。

I would like to start by thanking our employees for their hard work and dedication through an extraordinary difficult year. 2020 brought significant challenges, change and sacrifice, but I continue to be impressed by and grateful for our team's resilience and commitment to our customers and to each other.

首先，我要感謝我們的員工在異常艱難的一年中的辛勤工作和奉獻精神。 2020 年帶來了巨大的挑戰、變化和犧牲，但我仍然對我們團隊對客戶和彼此的堅韌和承諾印象深刻並感激不盡。

Despite all the challenges, we made important progress across our business in 2020. To start, total revenue grew 22% over the prior year to $299 million. In the fourth quarter, revenue grew 49% over the prior year as our business continued to recover from the impacts of COVID. We grew our installed base by 45%, selling 746 additional instruments. We continue to expand our customer reach and our products have now been adopted by all the top 100 research institutions and top 20 pharmaceutical companies.

儘管面臨所有挑戰，但我們在 2020 年的業務取得了重要進展。首先，總收入比上年增長 22%，達到 2.99 億美元。由於我們的業務繼續從 COVID 的影響中恢復，第四季度的收入比上一年增長了 49%。我們的安裝基礎增加了 45%，銷售了 746 台額外的儀器。我們不斷擴大我們的客戶範圍，我們的產品現已被所有前 100 家研究機構和前 20 家製藥公司採用。

Our customers published more than 1,500 peer-reviewed papers, bringing the total to over 2,200, more than doubling the number of total publications over the course of the year. And we continue to invest in developing and defending our patent portfolio and added more than 300 new patents and patent applications, expanding our coverage of enabling technologies. We now have more than 1,000 patents and patents applications.

我們的客戶發表了 1,500 多篇經同行評審的論文，總數達到 2,200 多篇，是全年發表論文總數的兩倍多。我們繼續投資開發和保護我們的專利組合，增加了 300 多項新專利和專利申請，擴大了我們對支持技術的覆蓋範圍。我們現在擁有1000多項專利和專利申請。

We also reached important operational milestones. At the onset of the pandemic, we acted quickly to implement a number of protocols and safety measures to ensure the health and safety of our team members who needed to remain on-site to support essential operations. This included creating a program to provide recurring SARS-CoV-2 testing on-site for all employees at our headquarters.

我們還達到了重要的運營里程碑。在大流行開始時，我們迅速採取行動，實施了多項協議和安全措施，以確保需要留在現場以支持基本操作的團隊成員的健康和安全。這包括創建一個計劃，為我們總部的所有員工提供定期的 SARS-CoV-2 現場檢測。

As an additional safeguard, we made use of special powered respirators, which filter out particles and aerosols with very high effectiveness. We supplied this equipment to our employees who needed to work on-site in close proximity to each other. These and other safety measures have facilitated the safe return to work of most of our research and development, manufacturing and other operations personnel.

作為一項額外的保障措施，我們使用了特殊的動力呼吸器，它可以非常高效地過濾掉顆粒和氣溶膠。我們為需要在現場工作的員工提供了這種設備，他們需要彼此靠近。這些和其他安全措施促進了我們大多數研發、製造和其他運營人員的安全返回工作崗位。

With these measures in place, we're able to continue onboarding new customers, shipping products, building out infrastructure, including the implementation of a new ERP system, and executing on an incredibly ambitious product road map that we laid out at the beginning of the year.

有了這些措施，我們能夠繼續吸引新客戶、運送產品、構建基礎設施，包括實施新的 ERP 系統，並執行我們在開始時制定的雄心勃勃的產品路線圖。年。

We launched 4 new products for our customers. This started with our targeted gene expression solution, which allows researchers to target the genes most relevant to their research, validate their hypotheses faster and reduce sequencing costs. Second, our Single-cell Multiome ATAC+ Gene Expression solution, which allows researchers to read both gene expression and epigenetic programming in the same cells across thousands to tens of thousands of cells in a single experiment. Third, our Visium spatial gene expression solution with immunofluorescence, which allows whole transcriptome spatial analysis and protein detection in the same tissue section. And finally, a new version of our single-cell immune profiling solution offers increased sensitivity, reduce sequencing costs and access to rare gene signatures.

我們為客戶推出了 4 款新產品。這始於我們的靶向基因表達解決方案，該解決方案使研究人員能夠靶向與他們的研究最相關的基因，更快地驗證他們的假設並降低測序成本。其次，我們的單細胞多組 ATAC+ 基因表達解決方案，它允許研究人員在一次實驗中讀取數千到數万個細胞的相同細胞中的基因表達和表觀遺傳編程。第三，我們的帶有免疫熒光的 Visium 空間基因表達解決方案，它允許在同一組織切片中進行全轉錄組空間分析和蛋白質檢測。最後，我們的單細胞免疫分析解決方案的新版本提供了更高的靈敏度、降低了測序成本並獲得了稀有基因特徵。

Reflective of the excitement for these new products, our Single-cell Multiome ATAC+Gene Expression solution and our Visium spatial gene expression solution were named as 2 of the top 10 life sciences innovations of 2020 by the Scientist Magazine.

反映對這些新產品的興奮，我們的單細胞多組 ATAC+基因表達解決方案和我們的 Visium 空間基因表達解決方案被《科學家》雜誌評為 2020 年十大生命科學創新之二。

We also significantly expanded our global operations. In the fourth quarter, we opened our Singapore manufacturing and distribution center, which was done completely virtually. We will use the center as a hub to support our growing sales in APAC through improvements in our global supply chain and our customer service across the region. We believe these investments will be critical to support our long-term plans to scale the company.

我們還顯著擴展了我們的全球業務。在第四季度，我們開設了新加坡製造和配送中心，該中心完全以虛擬方式完成。我們將利用該中心作為樞紐，通過改善我們的全球供應鍊和整個地區的客戶服務來支持我們在亞太地區不斷增長的銷售。我們相信這些投資對於支持我們擴大公司規模的長期計劃至關重要。

We made 2 key acquisitions in ReadCoor and CartaNA, which together with our early-stage initial research and development efforts, are forming the foundation of our third product platform in the emerging in situ field. Developing products in this field has been on our strategic road map for some time. These 2 acquisitions remain with that overarching strategy in mind which has helped us deliver incredible new capabilities to our customers.

我們在 ReadCoor 和 CartaNA 進行了兩次關鍵收購，加上我們早期的初始研發工作，正在為我們在新興原位領域的第三個產品平台奠定基礎。在這個領域開發產品已經在我們的戰略路線圖上一段時間了。這兩項收購始終牢記這一總體戰略，這幫助我們為客戶提供了令人難以置信的新功能。

With these acquisitions, we gained important technologies enabling IP and added amazingly talented people. Our team is the foundation of our company, and they are ultimately the source of all of our success. Throughout the year, we added more than 250 employees the vast majority of which were on-boarded virtually. Over 70 of these hires were in our commercial organization, bringing our total to 290 commercial employees at year-end. I'm so proud of the brilliant passionate and hard-working individuals who continue to be drawn to our mission at 10x.

通過這些收購，我們獲得了支持 IP 的重要技術，並增加了令人驚嘆的人才。我們的團隊是我們公司的基礎，他們最終是我們所有成功的源泉。全年，我們增加了 250 多名員工，其中絕大多數是虛擬入職的。其中 70 多名員工在我們的商業組織中，使我們的商業員工總數在年底達到 290 人。我為那些在 10x 中繼續被我們的使命所吸引的才華橫溢的熱情和勤奮的人感到自豪。

And as always, we're intensely motivated by our customers' work, by their discoveries and by their progress. Last year, the COVID pandemic presented an unexpected and acute challenge to the scientific community. Many of our customers responded with great determination to understand this disease and to develop ways of fighting it.

與往常一樣，我們對客戶的工作、他們的發現和他們的進步充滿了強烈的動力。去年，新冠病毒大流行給科學界帶來了意想不到的嚴峻挑戰。我們的許多客戶都以極大的決心做出了回應，以了解這種疾病並開發出抗擊它的方法。

As an example, I'd like to highlight 2 major papers published in just the last few weeks. The first published in nature came from the University of California in San Francisco, where researchers used single cell sequencing to compare mild and severe COVID patients. They discovered that patients with mild disease display specific pattern of gene expression that coordinates the immune systems fight against the virus. In contrast, in severe disease, the patients are producing rogue antibodies that interfere with their pattern and with proper functioning of the immune system. This points to targets for potential immunotherapies in severe patients to reengage viral defense.

例如，我想重點介紹最近幾週發表的 2 篇主要論文。第一篇在自然雜誌上發表的文章來自舊金山的加利福尼亞大學，那裡的研究人員使用單細胞測序來比較輕度和重度 COVID 患者。他們發現患有輕度疾病的患者表現出特定的基因表達模式，可以協調免疫系統對抗病毒。相反，在嚴重疾病中，患者會產生干擾其模式和免疫系統正常功能的流氓抗體。這指出了重症患者潛在的免疫療法的目標，以重新參與病毒防禦。

The second paper published in cell came from a single cell consortium for COVID-19 in China, made up of researchers from 36 institutes and hospitals. This group ran a massive study performing in-depth analysis on hundreds of samples from nearly 200 patients. They were able to link key changes across large numbers of different cell types to clinical features, including age, sex, severity and disease stage. The study revealed multiple features of the immune response that were previously not appreciated. This data set provides a rich resource for understanding the pathogenesis of COVID-19 and for developing effective therapeutic strategies going forward.

在 cell 上發表的第二篇論文來自中國的 COVID-19 單細胞聯合體，該聯合體由來自 36 個研究所和醫院的研究人員組成。該小組開展了一項大規模研究，對來自近 200 名患者的數百個樣本進行了深入分析。他們能夠將大量不同細胞類型的關鍵變化與臨床特徵聯繫起來，包括年齡、性別、嚴重程度和疾病階段。該研究揭示了以前未被重視的免疫反應的多個特徵。該數據集為了解 COVID-19 的發病機制和製定有效的治療策略提供了豐富的資源。

Now while we're still navigating this pandemic, our customers have adapted to work with this new -- within this new environment. We believe labs have reached a steady operating state, which will continue until the pandemic is brought under control.

現在，雖然我們仍在應對這種流行病，但我們的客戶已經適應了在這種新環境中使用這種新環境。我們相信實驗室已經達到穩定的運行狀態，這種狀態將持續到疫情得到控制。

Demand for Chromium instruments remained strong in the fourth quarter. Customer engagement drove pull-through back to pre-COVID levels and usage in Biosafety labs continues to drive incremental instrument placements. Importantly, during the quarter, we booked our first multinational qualitative biomarker study involving clinical samples from 12 collection sites. We're excited about the opportunity for using the Chromium platform to improve the yield of the drug development process.

第四季度對鉻儀器的需求依然強勁。客戶參與推動拉回到 COVID 之前的水平，生物安全實驗室的使用繼續推動儀器放置的增加。重要的是，在本季度，我們預訂了我們的第一個跨國定性生物標誌物研究，涉及來自 12 個採集點的臨床樣本。我們很高興有機會使用 Chromium 平台來提高藥物開發過程的產量。

Turning to Visium. The platform continued to grow during the fourth quarter, and there have been more than 80 publications and pre-prints to date. We're highly encouraged by the pace of adoption and growing use cases. We believe these papers provide critical validation across a number of exciting areas of research and will accelerate market adoption in our existing markets, especially in translational settings.

轉向 Visium。該平台在第四季度繼續增長，迄今為止已經發布了 80 多種出版物和預印本。我們對採用速度和不斷增長的用例感到非常鼓舞。我們相信這些論文為許多令人興奮的研究領域提供了重要的驗證，並將加速我們現有市場的市場採用，特別是在轉化環境中。

Previously, we have talked about Visium's applications in oncology and neuroscience. While these continue to be the major drivers of Visium adoption, we're also excited by the range of new use cases that our customers have been exploring. For example, Visium is being used in studies of heart biology to understand congenital heart conditions in atherosclerosis. There is a study to understand the progression of liver fibrosis to identify targeted -- targetable pathways for antifibrotic therapies. And to better understand kidney disease, customers are using Visium to obtain spatial and temporal profiles of chronic kidney injury and compare them to those from the normal kidney.

之前，我們已經談到了 Visium 在腫瘤學和神經科學中的應用。雖然這些仍然是 Visium 採用的主要驅動力，但我們也對我們的客戶一直在探索的一系列新用例感到興奮。例如，Visium 正被用於心臟生物學研究，以了解動脈粥樣硬化中的先天性心髒病。有一項研究旨在了解肝纖維化的進展，以確定抗纖維化治療的靶向 - 可靶向途徑。為了更好地了解腎臟疾病，客戶正在使用 Visium 獲取慢性腎損傷的空間和時間分佈圖，並將其與正常腎臟的分佈圖進行比較。

Now even with our commercial success over the past several years, it is still very early days. Looking ahead to 2021, our investments are focused around 4 key priorities. First, building out our organizational and operational infrastructure; second, driving broader Chromium adoption; third, establishing Visium as the standard for our spatial genomics research; and finally, developing the in situ platform.

現在，即使我們在過去幾年取得了商業成功，但仍處於早期階段。展望 2021 年，我們的投資集中在 4 個關鍵優先事項上。首先，建立我們的組織和運營基礎設施；其次，推動更廣泛的 Chromium 採用；第三，建立 Visium 作為我們空間基因組學研究的標準；最後，開發原位平台。

Starting with our organization. We're strategically scaling our business to build ahead of demand and to drive future initiatives. As I mentioned earlier, we ended the year with close to 300 commercial employees, and we plan to hire at least 100 more throughout 2021 to support global expansion and new product launches. We're also making investments across the company in our global IT infrastructure, operations, R&D and G&A. As a part of these investments, we have acquired land nearby to bring our sophisticated manufacturing capabilities closer to our R&D to support the rapid pace of product development.

從我們的組織開始。我們正在戰略性地擴展我們的業務，以超越需求並推動未來的計劃。正如我之前提到的，我們在今年結束時擁有近 300 名商業員工，我們計劃在 2021 年期間至少再僱傭 100 名員工，以支持全球擴張和新產品發布。我們還在整個公司對我們的全球 IT 基礎設施、運營、研發和 G&A 進行投資。作為這些投資的一部分，我們收購了附近的土地，以使我們先進的製造能力更接近我們的研發，以支持產品開發的快速步伐。

We're also hiring top talent across our company to grow every part of our organization, with plans to increase our employee base by approximately 50% over the course of the year. As we scale, we are focused on preserving and nurturing a mission-driven culture that drives us to achieve things that have never been done before. These core values have been and will continue to be a critical part of our long-term success.

我們還在整個公司招聘頂尖人才，以發展我們組織的每個部分，併計劃在一年內將我們的員工基礎增加約 50%。隨著我們的擴展，我們專注於維護和培養一種以使命為導向的文化，這種文化驅使我們實現以前從未做過的事情。這些核心價值觀已經並將繼續成為我們長期成功的關鍵部分。

Turning to Chromium. We remain very early in its adoption cycle and in the impact of a single cell revolution. Since its launch in 2016, the platform has quickly scaled to more than 2,400 instruments. And while impressive, it is still a very small fraction of our total opportunity. Our products are already starting to sweep away many of the conventional tools of standard biology. And they're doing this across all of the life sciences, of course, what are conventionally viewed as distinct market categories, whether it's molecular biology, cell biology, protein biology.

轉向鉻。我們仍處於其採用周期和單細胞革命影響的早期階段。自 2016 年推出以來，該平台已迅速擴展到 2,400 多種儀器。雖然令人印象深刻，但它仍然只是我們總機會的一小部分。我們的產品已經開始掃除標準生物學的許多傳統工具。他們在所有生命科學領域都這樣做，當然，傳統上被視為不同的市場類別，無論是分子生物學、細胞生物學、蛋白質生物學。

And from the continuing interest we're seeing from new customers, it is clear that this is just the beginning. We expect that single cell approaches will become the standard for many types of biological experiments across tens of thousands of labs around the world.

從我們從新客戶那裡看到的持續興趣來看，很明顯這只是一個開始。我們預計單細胞方法將成為全球數以萬計實驗室的多種生物實驗的標準。

Our goal with Chromium is to keep driving broad adoption and expanding from early technologists and genomics leaders to the tens of thousands of biologists focused on answering specific biological questions. We're investing to remove barriers for those new to high content genomics and to keep increasing the utility for our more established users. We're accelerating customers along an adoption curve with new product configurations allowing the total cost of experiment to be optimized across a wide range of Chromium use cases.

我們對 Chromium 的目標是繼續推動廣泛採用，並從早期的技術專家和基因組學領導者擴展到成千上萬專注於回答特定生物學問題的生物學家。我們正在投資以消除那些新接觸高內涵基因組學的障礙，並為我們更成熟的用戶不斷增加效用。我們正在通過新產品配置加速客戶的採用曲線，從而在各種 Chromium 用例中優化實驗總成本。

The following capabilities coming to the market this year: a CellPlex kit launching in the first quarter that will enable cell multiplexing for large experiments, reducing the cost by as much as 60%; a low throughput kit also launching in the first quarter that will reduce start-up costs for single-cell experiments and enable efficient proof-of-concept studies before scaling. In the back half of 2021, we will launch a fixed RNA profiling kit to allow fixation at point of tissue collection, unlocking access to large sample cohorts. And Chromium X, a new high throughput instrument that will enable routine experiments of 1 million cells. And finally, the 10x cloud is now live for North American users to enable streamlined data handling and computation.

今年將有以下功能進入市場：第一季度推出的 CellPlex 試劑盒將支持大型實驗的細胞多路復用，將成本降低多達 60%；還將在第一季度推出一款低通量試劑盒，該試劑盒將降低單細胞實驗的啟動成本，並在擴展之前實現高效的概念驗證研究。在 2021 年下半年，我們將推出一個固定的 RNA 分析試劑盒，以允許在組織收集點進行固定，從而解鎖對大樣本隊列的訪問。還有 Chromium X，這是一種新的高通量儀器，可以對 100 萬個細胞進行常規實驗。最後，10x 雲現在可供北美用戶使用，以實現簡化的數據處理和計算。

Moving on to Visium. This platform remains even earlier in its overall adoption and life cycle compared to Chromium. Visium is incredibly powerful for elucidating spatial biology and is the highest resolution spatial genomics product on the market. This platform has been in the market for less than 5 quarters but has already gained broad adoption. We are now focused on establishing it as the standard for spatial genomics research and expanding its core capabilities in response to market demand.

繼續使用 Visium。與 Chromium 相比，該平台的整體採用和生命週期仍然更早。 Visium 在闡明空間生物學方面非常強大，是市場上分辨率最高的空間基因組學產品。該平台上市不到 5 個季度，但已獲得廣泛採用。我們現在專注於將其打造為空間基因組學研究的標準，並根據市場需求擴展其核心能力。

We're very excited about future product launches, starting with Visium FFPE, which we expect to begin shipping in the second quarter of this year. A single biggest request for translational customers, in fact, the necessary condition for most of their research is the compatibility with FFPE samples. This is the predominant way that patient samples are collected and stored is the standard part of pathology workflows. We're launching a complete solution, comprising all ready-to-use reagents and software. It is the first technology to enable true discovery in FFPE samples, delivering the full transcriptome across the entire tissue. What's especially remarkable is that the sensitivity of this product is on par with what we see with analyzing fresh tissues with standard Visium. This performance exceeds even our aggressive internal expectations. And it's very exciting to our customers.

我們對未來的產品發布感到非常興奮，從 Visium FFPE 開始，我們預計將在今年第二季度開始發貨。對翻譯客戶的一個最大要求，實際上他們大部分研究的必要條件是與FFPE樣品的兼容性。這是收集和存儲患者樣本的主要方式，也是病理學工作流程的標準部分。我們正在推出一個完整的解決方案，包括所有即用型試劑和軟件。它是第一個在 FFPE 樣本中實現真正發現的技術，在整個組織中提供完整的轉錄組。特別值得注意的是，該產品的靈敏度與我們用標準 Visium 分析新鮮組織時所看到的靈敏度相當。這一表現甚至超出了我們激進的內部預期。這對我們的客戶來說非常令人興奮。

In addition to FFPE capabilities, a key request we have received from our Visium customers is to help the sample handling and logistics. Most importantly, our customers would like to analyze archived samples that have already been mounted on conventional non-Visium slides. To answer this need, in the first half of 2022, we plan to launch a new instrument called CytAssist. We expect the CytAssist will really simplify the workflow for many of our customers and will significantly expand the number of samples that could then be run on Visium.

除了 FFPE 功能，我們從 Visium 客戶那裡收到的一個關鍵要求是幫助樣品處理和物流。最重要的是，我們的客戶希望分析已安裝在傳統非 Visium 載玻片上的存檔樣本。為了滿足這一需求，我們計劃在 2022 年上半年推出一款名為 CytAssist 的新儀器。我們預計 CytAssist 將真正為我們的許多客戶簡化工作流程，並將顯著增加可在 Visium 上運行的樣本數量。

And finally, we expect to launch Visium HD in the first half of 2022 to deliver single cell resolution. Visium HD is based on big fundamental advances in the underlying microarray technology. It will come with a resolution that's 400x higher than the current Visium and over 1,500x higher than the original pre-Visium technology. We believe that this, together with all the other investments we're making, will establish Visium as the single best platform for scientific discovery and translational research.

最後，我們預計將在 2022 年上半年推出 Visium HD，以提供單細胞分辨率。 Visium HD 基於底層微陣列技術的重大基礎性進步。它的分辨率將比當前的 Visium 高 400 倍，比原始的 pre-Visium 技術高 1,500 倍以上。我們相信，這與我們正在進行的所有其他投資一起，將使 Visium 成為科學發現和轉化研究的唯一最佳平台。

We're at the very beginning of the Visium story. The enthusiasm from our initial customers and the pace of a variety and breadth of early publications represent a significant opportunity for the Visium platform and spatial biology as a whole. To keep driving market adoption and help our translational customers make the most of the platform, we will expand our clinical translational network this year ahead of launching Visium FFPE and highly multiplex protein assays.

我們正處於 Visium 故事的開端。我們最初客戶的熱情以及早期出版物的種類和廣度的步伐代表了 Visium 平台和整個空間生物學的重要機會。為了繼續推動市場採用並幫助我們的轉化客戶充分利用該平台，我們將在今年推出 Visium FFPE 和高度多重蛋白質檢測之前擴大我們的臨床轉化網絡。

And finally, with the addition of in situ capabilities, we have added the foundation for a new platform that we expect will help us address another long-term growth vector. The promise of in situ is the ability to measure large numbers of molecules directly in their native state in tissue at subcellular resolution. This is different from Chromium, Visium or most current analytical techniques where molecules are removed from tissue before measurement. We expect to build an integrated system, which can be viewed as analogous to IHC of FISH-based approaches commonly used in pathology, but scale to vastly greater multiplex levels and information content. These capabilities laid the foundation for an ideal clinical instrument for tissue-based analysis. And as more insights and translational work gets done with Chromium and Visium, in situ will provide the natural format for many of these applications to be adopted in the clinic.

最後，通過增加原位功能，我們為新平台添加了基礎，我們預計該平台將幫助我們解決另一個長期增長向量。原位的承諾是能夠以亞細胞分辨率直接測量組織中天然狀態的大量分子。這與 Chromium、Visium 或大多數在測量之前從組織中去除分子的當前分析技術不同。我們希望建立一個集成系統，可以將其視為類似於病理學中常用的基於 FISH 的方法的 IHC，但可以擴展到更大的多重水平和信息內容。這些功能為基於組織的分析的理想臨床儀器奠定了基礎。隨著對 Chromium 和 Visium 的更多見解和轉化工作的完成，原位將為許多這些應用程序在臨床中採用提供自然格式。

In the long run, we expect just about every tissue will be analyzed using at least 1 of these 3 approaches, whether for basic science research or for medical applications.

從長遠來看，我們預計幾乎每個組織都將使用這 3 種方法中的至少一種進行分析，無論是用於基礎科學研究還是醫學應用。

Moving beyond 2021, let me discuss our view on the market opportunity. We previously outlined our near-term opportunity within the research tools market as those areas where people are looking to do high throughput research. This currently represents approximately $15 billion of the more than $60 billion global life science research tools market. As more research moves to the high-resolution, large-scale approaches, more of the total life science research tools market will become available to us over time. In addition, there will eventually be many powerful clinical applications based on single cell and spatial analysis of tissues. We expect our in situ platform will be well positioned to bring many of those applications to the clinic. If we make modest assumptions around the numbers of potential samples and pricing, we estimate the size of this opportunity is around an additional $10 billion.

在 2021 年之後，讓我討論一下我們對市場機會的看法。我們之前概述了我們在研究工具市場中的近期機會，即人們希望進行高通量研究的領域。目前，這代表了超過 600 億美元的全球生命科學研究工具市場中的約 150 億美元。隨著越來越多的研究轉向高分辨率、大規模的方法，隨著時間的推移，我們將可以使用更多的整個生命科學研究工具市場。此外，最終將有許多基於單細胞和組織空間分析的強大臨床應用。我們希望我們的原位平台能夠很好地將其中許多應用帶到診所。如果我們對潛在樣品的數量和定價做出適度的假設，我們估計這個機會的規模大約是額外的 100 億美元。

Perhaps the greatest revelation in biology over the past several years is the pervasive cellular complexity that underlies just about every biological system. It turns out that every tissue harbors much greater diversity of cells and cell types than we had previously thought, all of them interacting with each other in a complex interplay of massive gene expression networks. Going forward, it is clear to us that in the future, the vast majority of biological tissue samples will need to be analyzed with single cell context at large scale and at high resolution. And we have been investing in 3 core platforms that together will enable precisely this future for our customers as they write their stories of the century of biology.

也許過去幾年生物學中最大的啟示是幾乎每個生物系統都普遍存在的細胞複雜性。事實證明，每個組織都擁有比我們之前想像的更多的細胞和細胞類型，所有這些都在大規模基因表達網絡的複雜相互作用中相互作用。展望未來，我們很清楚，在未來，絕大多數生物組織樣本將需要在單細胞背景下進行大規模和高分辨率的分析。我們一直在投資 3 個核心平台，這些平台將共同為我們的客戶創造這個未來，因為他們正在撰寫他們的生物學世紀故事。

And looking ahead in 2021 now. We expect our revenues to grow more than 60% over 2020. Overall, I could not be more proud of our team for their execution this past year. Their talent, expertise and hard work has laid a strong foundation for long-term growth. With that, I will now turn the call over to Justin for more details on our financials.

現在展望 2021 年。我們預計我們的收入將在 2020 年增長 60% 以上。總的來說，我為我們團隊在過去一年的執行感到無比自豪。他們的才華、專業知識和努力工作為長期發展奠定了堅實的基礎。有了這個，我現在將把電話轉給賈斯汀，以了解有關我們財務狀況的更多詳細信息。

Thank you, Serge. Total revenue for the 3 months ended December 31, 2020, was $112.2 million compared to $75.3 million for the prior year period, representing a 49% increase. Similar to prior years, our revenue in 2020 was more heavily weighted to the back half of the year, particularly Q4, due to the typical budgetary cycles of our customer base. In addition, there was a concentration of orders during the month of December as more labs opened up and customers resumed experiments.

謝謝你，塞爾吉。截至 2020 年 12 月 31 日止 3 個月的總收入為 1.122 億美元，而去年同期為 7530 萬美元，增長了 49%。與往年類似，由於我們客戶群的典型預算週期，我們在 2020 年的收入更多地分配到了下半年，尤其是第四季度。此外，隨著更多實驗室開放和客戶恢復實驗，12 月份訂單集中。

Consumables revenue was $96.5 million, which increased 49% over the prior year period. Instrument revenue was $14 million, which increased 49% over the prior year period. Service revenue was $1.7 million, which increased 48% over the prior year period.

消耗品收入為 9650 萬美元，比去年同期增長 49%。儀器收入為 1400 萬美元，比去年同期增長 49%。服務收入為 170 萬美元，比去年同期增長 48%。

North America revenue for the fourth quarter was $57 million, representing 34% growth over the prior year period. EMEA revenue for the fourth quarter was $32.9 million, representing 54% growth over the prior year period. APAC revenue for the fourth quarter was $22.3 million, representing 95% growth over the prior year period.

第四季度北美收入為 5700 萬美元，比去年同期增長 34%。第四季度 EMEA 收入為 3290 萬美元，比去年同期增長 54%。第四季度亞太地區收入為 2230 萬美元，比去年同期增長 95%。

Gross profit for the fourth quarter of 2020 was $93.3 million compared to a gross profit of $58.7 million for the prior year period. Gross margin for the fourth quarter was 83% compared to 78% for the fourth quarter of 2019. The gross margin increase was driven primarily by favorable product mix due to the Next GEM transition, which did not carry the same level of royalty accruals as legacy GEM products. As the transition to Next GEM products is now substantially complete, we see this level of gross margin as a high point and expect that future quarters will have a slightly lower gross margin as our newly introduced products expand and become a larger percentage of our overall revenue.

2020 年第四季度的毛利潤為 9330 萬美元，而去年同期的毛利潤為 5870 萬美元。與 2019 年第四季度的 78% 相比，第四季度的毛利率為 83%。毛利率的增長主要是由於 Next GEM 過渡帶來的有利產品組合，該產品的特許權使用費應計水平與傳統產品不同寶石產品。由於向 Next GEM 產品的過渡現已基本完成，我們將這一水平的毛利率視為一個高點，並預計未來幾個季度的毛利率將略低，因為我們新推出的產品擴大並占我們總收入的更大比例.

Total operating expenses for the fourth quarter of 2020 were $502.9 million compared to $66.8 million for the fourth quarter of 2019. Our fourth quarter operating expenses included $406.9 million of in-process R&D expense due to the acquisition of ReadCoor. R&D expenses for the fourth quarter of 2020 were $39.7 million compared to $27.9 million for the fourth quarter of 2019, excluding in-process R&D expenses related to the acquisitions. The increase was primarily attributable to increased personnel-related costs.

2020 年第四季度的總運營費用為 5.029 億美元，而 2019 年第四季度為 6680 萬美元。我們第四季度的運營費用包括因收購 ReadCoor 而產生的 4.069 億美元的研發費用。 2020 年第四季度的研發費用為 3970 萬美元，而 2019 年第四季度為 2790 萬美元，不包括與收購相關的研發費用。增加的主要原因是人事相關成本增加。

SG&A expenses for the fourth quarter were $56 million compared to $38.8 million for the fourth quarter of 2019. The increase was primarily due to increased personnel-related costs. Operating loss for the fourth quarter was $409.6 million compared to a loss of $8.1 million for the fourth quarter of 2019. This includes $14.3 million of stock-based compensation for the fourth quarter of 2020 compared to $5.1 million for the fourth quarter of 2019. Net loss for the period was $415.6 million compared to a net loss of $7.1 million for the fourth quarter of 2019.

第四季度的 SG&A 費用為 5600 萬美元，而 2019 年第四季度為 3880 萬美元。增加的主要原因是與人事相關的成本增加。第四季度的運營虧損為 4.096 億美元，而 2019 年第四季度的虧損為 810 萬美元。這包括 2020 年第四季度的 1,430 萬美元的股票補償，而 2019 年第四季度的為 510 萬美元。淨額該期間的虧損為 4.156 億美元，而 2019 年第四季度的淨虧損為 710 萬美元。

Now turning to our full year results. Total revenue for the full year ended December 31, 2020, was $298.8 million compared to $245.9 million for 2019, representing a 22% increase. Consumables revenue was $252.7 million, an increase of 22% over the prior year. Instrument revenue was $40.1 million, an increase of 15% over the prior year. Service revenue was $6 million, an increase of 48% over the prior year.

現在轉向我們的全年業績。截至 2020 年 12 月 31 日的全年總收入為 2.988 億美元，而 2019 年為 2.459 億美元，增長 22%。消耗品收入為 2.527 億美元，比上年增長 22%。儀器收入為 4010 萬美元，比上年增長 15%。服務收入為 600 萬美元，比上年增長 48%。

As of year-end, we have sold a cumulative total of 2,412 Chromium instruments, up 746 instruments from 1,666 instruments at the end of 2019, which represents a 45% increase in the ending installed base. Our customers have historically averaged approximately $150,000 a year in consumable orders per instrument, outside of the impact of the pandemic. Q4 was above that rate on an annualized basis, but due to COVID impacts earlier in the year, our 2020 pull-through averaged $124,000 per instrument for the full year.

截至年底，我們已累計售出 2,412 台 Chromium 儀器，比 2019 年底的 1,666 台增加了 746 台，最終安裝基數增加了 45%。歷史上，在大流行的影響之外，我們的客戶平均每年每台儀器的耗材訂單約為 150,000 美元。第 4 季度按年計算高於該比率，但由於今年早些時候 COVID 的影響，我們 2020 年全年每台儀器的平均提款額為 124,000 美元。

North America revenue for the full year was $159.3 million, representing 14% growth over the prior year. EMEA revenue for the full year was $73.3 million representing 26% growth over the prior year. APAC revenue for the full year was $66.2 million, representing 38% growth over the prior year. Gross profit for 2020 was $240.4 million compared to a gross profit of $184.9 million for 2019. Gross margin for 2020 was 80% compared to 75% for 2019. The increase in gross margin was driven primarily by lower accrued royalties related to ongoing litigation, partially offset by higher costs from newly introduced products.

北美全年收入為 1.593 億美元，比上年增長 14%。 EMEA 全年收入為 7330 萬美元，比上年增長 26%。亞太地區全年收入為 6620 萬美元，比上年增長 38%。 2020 年的毛利潤為 2.404 億美元，而 2019 年的毛利潤為 1.849 億美元。2020 年的毛利率為 80%，而 2019 年為 75%。毛利率的增加主要是由於與正在進行的訴訟相關的應計特許權使用費減少，部分原因是被新推出產品的更高成本所抵消。

Total operating expenses for 2020 were $774.5 million compared to $215.4 million for 2019, inclusive of $447.5 million of in-process R&D expenses related to the acquisitions of CartaNA and ReadCoor. R&D expenses for 2020 were $123.4 million compared to $83.1 million for 2019, excluding $447.5 million of in-process R&D expenses related to the acquisitions of CartaNA and ReadCoor. The increase was primarily attributable to increased personnel and stock-based compensation expenses.

2020 年的總運營費用為 7.745 億美元，而 2019 年為 2.154 億美元，其中包括與收購 CartaNA 和 ReadCoor 相關的 4.475 億美元的研發費用。 2020 年的研發費用為 1.234 億美元，而 2019 年為 8310 萬美元，其中不包括與收購 CartaNA 和 ReadCoor 相關的 4.475 億美元的研發費用。增加的主要原因是人事和股票補償費用增加。

SG&A expenses for 2020 were $202.3 million compared to $130.8 million for the prior year. The increase was primarily due to increased personnel and stock-based compensation expenses and increased litigation expenses. Operating loss for 2020 was $534.1 million compared to a loss of $30.6 million for 2019. Net loss for 2020 was $542.7 million compared to a net loss of $31.3 million for 2019. We ended 2020 with $664 million in cash and cash equivalents.

2020 年的 SG&A 費用為 2.023 億美元，而上一年為 1.308 億美元。增加的主要原因是人員和股票補償費用增加以及訴訟費用增加。 2020 年的經營虧損為 5.341 億美元，而 2019 年的虧損為 3060 萬美元。2020 年的淨虧損為 5.427 億美元，而 2019 年的淨虧損為 3130 萬美元。到 2020 年末，我們的現金和現金等價物為 6.64 億美元。

Now turning to our outlook for 2021. We expect full year revenue for 2021 to be in the range of $480 million to $500 million, representing growth of 61% to 67% over full year 2020. As in prior years, we expect revenue to be heavily weighted towards the back half of 2021, particularly in the fourth quarter. We ended Q4 with about 90% of customer labs operational at varying degrees of capacity and are still seeing a wide range of efficiencies within the COVID operating environment. Going forward, we expect this capacity to fluctuate in the near term, and we view the percent of labs open as a less important metric compared to the available capacity per lab.

現在轉向我們對 2021 年的展望。我們預計 2021 年全年收入將在 4.8 億美元至 5 億美元之間，比 2020 年全年增長 61% 至 67%。與往年一樣，我們預計收入將在到 2021 年下半年，尤其是在第四季度，權重很大。我們在第四季度結束時，大約 90% 的客戶實驗室以不同程度的能力運行，並且在 COVID 運行環境中仍然看到了廣泛的效率。展望未來，我們預計這種能力會在短期內波動，與每個實驗室的可用能力相比，我們認為開放實驗室的百分比是一個不太重要的指標。

We don't expect much improvement in lab capacity in Q1. And Q1 will also lack the seasonality benefit of Q4. As a result, we expect our Q1 revenues will be sequentially down from Q4.

我們預計第一季度實驗室能力不會有太大改善。第一季度也將缺乏第四季度的季節性優勢。因此，我們預計第一季度的收入將比第四季度下降。

While the most visible impact of COVID-19 on our business has been customer lab closures and reduced capacity, we are also managing supply chain and logistics risks. These have not caused significant disruptions to date, but our customers are subject to similar risks, which could limit our customers' ability to perform experiments. It's an ever-evolving situation that we are tracking closely.

儘管 COVID-19 對我們業務的最明顯影響是客戶實驗室關閉和產能減少，但我們也在管理供應鍊和物流風險。迄今為止，這些並未造成重大干擾，但我們的客戶面臨類似的風險，這可能會限制我們客戶進行實驗的能力。這是一個不斷變化的情況，我們正在密切跟踪。

As we enable the century biology, we will continue to aggressively scale the company. In 2021, we are focusing our investments on R&D to continue our rapid pace of product development and innovation, intellectual property to protect our products and scientific advancements, our commercial organization to continue to build our sales and support teams and adequately address the interest we are seeing from the biopharma and translational markets. And finally, on our operational capabilities to ensure we have a solid foundation to enable our future growth. At this point, I'll turn it back to Serge.

隨著我們啟用世紀生物學，我們將繼續積極擴大公司規模。 2021 年，我們將把投資重點放在研發上，以繼續我們快速的產品開發和創新，知識產權以保護我們的產品和科學進步，我們的商業組織將繼續建立我們的銷售和支持團隊，並充分滿足我們的利益從生物製藥和轉化市場來看。最後，關於我們的運營能力，以確保我們有堅實的基礎來實現我們的未來增長。在這一點上，我會把它轉回給 Serge。

Thanks, Justin. I'm so proud of our team and of our achievements in what turned out to be an incredibly challenging 2020. While the pandemic is not over, we anticipate that it will be brought under an increasing measure of control as we progress through the year.

謝謝，賈斯汀。我為我們的團隊以及我們在充滿挑戰的 2020 年所取得的成就感到非常自豪。雖然大流行還沒有結束，但我們預計隨著這一年的進展，它將受到越來越多的控制。

Next week, we're hosting an inaugural virtual event called Xperience, where we will share details about the work of our customers and upcoming products. I look forward to seeing you all there.

下週，我們將舉辦一場名為 Xperience 的首屆虛擬活動，我們將在其中分享有關客戶工作和即將推出的產品的詳細信息。我期待著在那裡見到你們。

Overall, there are many reasons to be optimistic as we look to the coming years and beyond. The pandemic brought into a sharp relief the need to accelerate the mastery of biology and the importance of our mission. And looking beyond the current pandemic, advances in the life sciences are poised to transform the world in massive ways. We anticipate vast long-term opportunities ahead of us and intend to keep scaling the company and investing aggressively to capitalize on them. With that, we will now open it up for questions. Operator?

總體而言，當我們展望未來幾年及以後，有很多理由保持樂觀。大流行使我們急需加快掌握生物學和我們使命的重要性。超越當前的流行病，生命科學的進步有望以巨大的方式改變世界。我們預計未來會有巨大的長期機會，並打算繼續擴大公司規模並積極投資以利用它們。有了這個，我們現在將打開它來提問。操作員？

(Operator Instructions) Our first question comes from the line of Doug Schenkel from Cowen.

（操作員說明）我們的第一個問題來自 Cowen 的 Doug Schenkel。

10x has always been a company that's done a fantastic job balancing high gross margins, which is, of course, attractive to investors with innovation that makes new technologies accessible via ease of use, quality and oftentimes, reduced price per unit for the customers. I'm recognizing that you noted in your prepared remarks that you're close to a high watermark with gross margin. As you roll out newer products with often lower price points and add new products organically and inorganically, how do you think about the longer-term outlook for maintaining gross margin at levels seen over the past few quarters? Meaning at least in the mid-70s or so, even as we factor in what you said about this being kind of a high watermark quarter.

10x 一直是一家在平衡高毛利率方面做得非常出色的公司，當然，這對具有創新性的投資者俱有吸引力，這些創新通過易用性、質量和經常為客戶降低的單位價格使新技術變得可用。我認識到您在準備好的評論中指出，您的毛利率接近高水位線。隨著您推出價格通常較低的新產品並有機和無機地添加新產品，您如何看待將毛利率維持在過去幾個季度的水平的長期前景？這意味著至少在 70 年代中期左右，即使我們考慮到你所說的這是一個高水位季度。

Doug, this is Justin. I'll take that one. Our high consumables gross margin is a core strength of our business model, and it helps enable the deep investments that we're making to develop new products. In our product development process, we typically target gross margins of about 80%. Some of our newer products have lower gross margins than our previously existing products, but they're mostly in that range. So I think 80% is a good number to think about for the near to midterm. And what you propose, I don't think is unreasonable to think about in the longer term.

道格，這是賈斯汀。我會拿那個。我們的高消耗品毛利率是我們商業模式的核心優勢，它有助於我們為開發新產品而進行的深度投資。在我們的產品開發過程中，我們通常以 80% 左右的毛利率為目標。我們的一些新產品的毛利率低於我們以前現有的產品，但它們大多在這個範圍內。因此，我認為 80% 是近期到中期考慮的一個好數字。你提出的建議，我認為從長遠來看是不合理的。

Okay. And I think this is another one for you. I believe you talked about $150,000 in consumables per box on an annualized basis as the assumption that you baked into guidance. On the surface, that seems a little low to me. I mean, back in Q4 of '19, you generated $165,000 in annualized consumable pull-through. I think that the full year number was a little bit lower than that, but still north of $150,000. I point to those numbers because, obviously, 2019 was pre-pandemic. And I recognize, on 1 hand, Q4 is seasonally a strong consumable quarter as we look back to Q4 of that year. But on the other hand, you have a higher mix of higher pull-through Chromium connects out there. And you also have more Visium users out there, which, of course, because we don't have a great way of modeling it, those consumables revenue typically get baked into that number. So it's just not clear that your 2021 revenue guidance embeds an assumption that is kind of consistent with what we've seen trend-wise absent COVID and what we've seen in terms of increased Visium adoption. Can you just kind of walk us through what I might be missing here as I think about it as that number looks a little bit low?

好的。我認為這對你來說是另一個。我相信你談到了每盒每年 150,000 美元的消耗品作為你納入指導的假設。從表面上看，這對我來說似乎有點低。我的意思是，早在 19 年第四季度，您就產生了 165,000 美元的年化消耗品拉動。我認為全年數字略低於該數字，但仍超過 150,000 美元。我指出這些數字是因為，顯然，2019 年是大流行之前的一年。我承認，一方面，當我們回顧那一年的第四季度時，第四季度是季節性強勁的消費品季度。但另一方面，你有更高的穿透性 Chromium 連接的更高組合。而且你還有更多的 Visium 用戶，當然，因為我們沒有很好的建模方法，這些消耗品收入通常會被納入這個數字。因此，目前尚不清楚您的 2021 年收入指導是否嵌入了一個假設，該假設與我們在沒有 COVID 的情況下看到的趨勢以及我們在 Visium 採用率增加方面看到的一致。你能不能帶我們看看我在這裡可能會錯過什麼，因為我認為這個數字看起來有點低？

Yes. It's a good question, Doug. I think starting at the beginning around Q4 and seasonality. So Q4 is seasonally quite a bit stronger in total than the other 3 quarters. And you're right that the Q4 '19 pull-through was a large quarter-over-quarter increase from the previous quarters. And in fact, Q3 '19 was well below the $150,000 per year. So that's why we focus on annual pull-through and not quarterly pull-through.

是的。這是個好問題，道格。我認為從第四季度和季節性開始。因此，第四季度總體上比其他三個季度要強得多。你說得對，19 年第四季度的拉動與前幾個季度相比，季度環比大幅增長。事實上，19 年第三季度遠低於每年 150,000 美元。所以這就是為什麼我們關注年度拉動而不是季度拉動。

For our 2021 guidance, we contemplate existing customers continuing to increase their usage, while we're adding a large number of new customers at the same time, and those new customers take some time to ramp. We've previously said that around $150,000 or slightly above that is a good pull-through number to use as we balance the increasing utilization of existing customers against this ramp-up of the new placements.

對於我們的 2021 年指導，我們考慮現有客戶繼續增加他們的使用量，同時我們正在增加大量新客戶，而這些新客戶需要一些時間才能增加。我們之前曾說過，大約 150,000 美元或略高於這個數字是一個很好的拉動數字，因為我們平衡了現有客戶的不斷增加的利用率與新安置的增加。

And as far as the connect goes, that is having some impact on the ASP when we look at the ASP between the Chromium Controller and the Chromium Connect. But that's a niche product, and it's very early on. And so that isn't making a material difference in our average pull-through as of yet.

就連接而言，當我們查看 Chromium 控制器和 Chromium Connect 之間的 ASP 時，這會對 ASP 產生一些影響。但這是一種利基產品，而且還處於早期階段。因此，到目前為止，這還沒有對我們的平均拉動產生重大影響。

Next one on the queue is Tycho Peterson from JPMorgan.

隊列中的下一位是摩根大通的第谷彼得森。

This is Julia on for Tycho. So staying on the pull-through question. I know you know that at a conference that some of your oldest customers, that $1 million annual pull-through and you also have Visium FFPE and cytosis coming to unlock sample volumes. But at the same time, as you add new customers, it also weigh on throughput, at least initially. So I know you said $150,000 as a good number for 2021. But as we look longer term, what do you say is the pull-through potential of Chromium in the out years? Are you still thinking about $200,000 by 2023, which is, I believe, a data point you previously provided? Or do you now think there is significant upside to that?

這是第谷的 Julia。所以留在拉直問題上。我知道您知道，在您的一些最老客戶的會議上，每年 100 萬美元的拉動，您還擁有 Visium FFPE 和細胞溶解來解鎖樣本量。但與此同時，當您添加新客戶時，它也會影響吞吐量，至少在最初是這樣。所以我知道你說 150,000 美元是 2021 年的一個好數字。但從長遠來看，你認為 Chromium 在未來幾年的拉動潛力是什麼？您是否還在考慮到 2023 年達到 200,000 美元，我相信這是您之前提供的數據點？或者你現在認為這有很大的好處嗎？

This is Justin. I'll take that one as well. It's a great question. There's a number of factors that are going to contribute to that. As we're adding an ever-increasing number of new customers each year, and introducing new products like Visium, the new capabilities on Visium, the Chromium Connect, the Chromium X, it's going to take some time for those products to ramp up and for us to see how they actualize in reference to our expectations.

這是賈斯汀。我也會拿那個。這是一個很好的問題。有許多因素會促成這一點。隨著我們每年增加越來越多的新客戶，並推出 Visium 等新產品、Visium 上的新功能、Chromium Connect、Chromium X，這些產品需要一段時間才能提升和讓我們看看它們如何根據我們的期望實現。

But the thing that I think is remarkable is that our pull-through has maintained outside of the impact of the pandemic, but has maintained itself in that high 140 to 150 range, even as we've, like this year, increased the instrument installed base by over 40%. So I think it's yet to be seen how that pull-through metric will materialize. 150,000 is the best estimate that we can give you right now for the near to medium term. But at some point, the focus is going to be just an overall consumable application spend within the 3 platforms that we've defined.

但我認為值得注意的是，我們的拉出率一直保持在大流行的影響之外，但一直保持在 140 到 150 的高水平範圍內，即使我們像今年一樣增加了安裝的儀器基數超過 40%。因此，我認為該拉動指標將如何實現還有待觀察。 150,000 是我們現在可以為您提供的中短期內的最佳估計。但在某些時候，重點將只是我們定義的 3 個平台內的整體消耗性應用程序支出。

Got it. And then separately, regarding the sales force expansion, you mentioned you're hiring at least 100 more sales people throughout this year. How should we think about the pace of that hiring and the cadence of revenue ramp this year? And then what's the relative resource allocation between single cell versus spatial or between academic versus biopharma customers, if that's a better way to think about it? And then are there any geographic focus? You previously noted China is a big opportunity and now is for manufacturing. How significant will China be as a range of -- mix of the total revenue?

知道了。然後另外，關於銷售隊伍的擴張，你提到你今年至少要雇傭 100 多名銷售人員。我們應該如何考慮今年招聘的步伐和收入增長的節奏？那麼單細胞與空間或學術與生物製藥客戶之間的相對資源分配是什麼，如果這是一種更好的思考方式？然後是否有任何地理焦點？您之前提到中國是一個巨大的機遇，現在是製造業。中國作為總收入的組合會有多重要？

So why -- this is Brad, why don't I start on the -- at least the sales force side, and then Justin can take the rest. But in general, we're trying to hire those people as prudently and fast as possible. So typically, in a sales organization, you want to sort of front-load it, growing so much and we're adding some of these people. And we're also really having to make up for the fact that we've had a little bit of a pause as we were trying to understand the course of the pandemic and what it would ultimately impact in our business.

那麼為什麼 - 這是布拉德，我為什麼不從 - 至少從銷售人員方面開始，然後賈斯汀可以完成剩下的工作。但總的來說，我們會盡可能謹慎和快速地僱傭這些人。所以通常情況下，在一個銷售組織中，你想要提前加載它，增長如此之多，我們正在增加一些這樣的人。而且我們還真的必須彌補這樣一個事實，即在我們試圖了解大流行的進程以及它最終會對我們的業務產生什麼影響時，我們有一點停頓。

So in general, we will add at least 100 people this year, expanding pretty much across the organization, but you call out China is a real opportunity for us. And there, we continue to add commercial partners as well as our own team members so that we have a very good view of what's going on in China. And overall, China is going to be a major growth axis. It is. You already saw fourth quarter numbers, and it's been this way for the last couple of years and will continue to be that way, a major, major growth axis for us.

所以總的來說，我們今年將增加至少 100 人，在整個組織範圍內擴大，但你說中國對我們來說是一個真正的機會。在那裡，我們繼續增加商業合作夥伴以及我們自己的團隊成員，以便我們對中國正在發生的事情有一個很好的了解。總體而言，中國將成為主要的增長軸心。這是。您已經看到了第四季度的數據，過去幾年一直如此，並將繼續如此，成為我們主要的主要增長軸。

I think that covered it, Brad. Did -- was there any more to that, Jul?

我認為這涵蓋了它，布拉德。有沒有——還有更多嗎，朱爾？

The resource allocation between academic and biopharma customers?

學術和生物製藥客戶之間的資源分配？

Well, maybe -- I'll just touch on that. I mean, we are building out a focused strategic account sales force to deal with pharma and biotech, but mostly pharma and large pharma on their validation side of the house. In other words, outside of the discovery realm, which we certainly can handle. So in that sense, we're building a lot more capacity and even internal capabilities to understand and really provide the right kinds of products and documentation that's needed to say that translational into the drug to sub revalidation process.

好吧，也許——我會談到這一點。我的意思是，我們正在建立一支專注的戰略客戶銷售隊伍來處理製藥和生物技術，但主要是製藥和大型製藥公司在他們的內部驗證方面。換句話說，在我們當然可以處理的發現領域之外。因此，從這個意義上說，我們正在建立更多的能力，甚至是內部能力，以理解並真正提供正確類型的產品和文檔，這些產品和文檔需要將其轉化為藥物再驗證過程。

Next question comes from Tejas Savant from Morgan Stanley.

下一個問題來自摩根士丹利的 Tejas Savant。

I'll start with one on Chromium for you perhaps, Serge. You've got the Connect launch under the Chromium X, I believe, comes with $100,000 ASP launching in the back half of the year. So how do you think about upside to that 50,000 to 55,000 range instrument ASP? I mean should we be thinking of closer to sort of 60,000 come year-end?

Serge，我可能會從 Chromium 開始。我相信，您已經在 Chromium X 下推出了 Connect，並在今年下半年推出了 100,000 美元的 ASP。那麼，您如何看待 50,000 到 55,000 範圍的儀器 ASP 的上漲空間？我的意思是我們應該考慮到年底接近 60,000 人嗎？

And then in terms of distinguishing the value proposition, you've spoken about sort of walk away automation as being the defining sort of feature on the Connect, and then you've got the high throughput POP seq users as a target for Chromium X. How are you thinking about sort of reinforcing that messaging with your customers? And then have you had any early discussions with your POP seq sort of potential user base just yet following the launch announcement in January?

然後在區分價值主張方面，您已經將某種自動化自動化作為 Connect 上的一種定義性功能，然後您將高吞吐量 POP seq 用戶作為 Chromium X 的目標。您如何考慮加強與客戶的信息傳遞？然後，在 1 月份發佈公告之後，您是否與您的 POP seq 類潛在用戶群進行了早期討論？

Thanks, Tejas. So I'll start with the questions focused on the X. So we certainly have been talking to customers. I would emphasize that it's not just sort of the POP seq application that X has aimed at, in fact, probably mostly at other things. And there's plenty of applications like immune profiling, like looking at scaling up Atlasing efforts, looking at more cells, combinatorial drug screens, combinatorial CRISPR screens. This is where like some of the most intense count demand is coming from. And so we certainly have been talking to customers about this. And I think there's -- that was the interest that motivated the development of the instrument in the first place. And we have, if anything, have been growing more excited by the potential at what we're hearing from customers. So I think that's the Chromium X.

謝謝，光輝。所以我將從關注 X 的問題開始。所以我們當然一直在與客戶交談。我要強調的是，它不僅僅是 X 所針對的 POP seq 應用程序，事實上，可能主要針對其他事情。還有很多應用，比如免疫分析，比如研究擴大圖譜工作、研究更多細胞、組合藥物篩選、組合 CRISPR 篩選。這就是一些最強烈的計數需求的來源。所以我們當然一直在與客戶討論這個問題。而且我認為首先是激發該儀器開發的興趣。而且，如果有的話，我們對我們從客戶那裡聽到的潛力感到越來越興奮。所以我認為這就是 Chromium X。

In terms of Connect, I mean, it's the same story. I mean, Justin alluded to this before, but walkaway automation has been the rationale for the Connect and specifically biopharma customers. But again, during COVID, there's like an expanded use of -- set of cases that have emerged around because people are constrained around when they can actually be in the lab, when they can run things. So the Chromium Connect has the advantages that are particularly relevant now. So that's kind of -- that's how these are -- the instruments are evolving. I'll let Justin touch on the ASP part of it.

就 Connect 而言，我的意思是，這是同一個故事。我的意思是，賈斯汀之前提到過這一點，但無人值守自動化一直是 Connect 尤其是生物製藥客戶的基本原理。但同樣，在 COVID 期間，出現了一系列案例的擴展使用，因為人們被限制在他們何時可以真正在實驗室中，何時可以運行事物。因此，Chromium Connect 具有現在特別重要的優勢。所以這就是 - 這就是這些 - 儀器正在發展。我會讓 Justin 談談它的 ASP 部分。

Yes. So for the Chromium X, the pricing isn't final yet. And as far as the ASP range goes, $50,000 to $55,000 is what we've talked about in the past for Chromium. The average ASP, including Chromium and Chromium Connect for 2020, is still in that $50,000 to $55,000 range. I would say in light of the -- what we would expect to sell in Q4 of this year. With the legacy instruments, I wouldn't recommend making any adjustments to that until we get closer.

是的。因此，對於 Chromium X，定價尚未最終確定。就 ASP 範圍而言，50,000 美元到 55,000 美元是我們過去談論的 Chromium 的價格。包括 2020 年 Chromium 和 Chromium Connect 在內的平均 ASP 仍然在 50,000 美元到 55,000 美元之間。我會說 - 我們預計今年第四季度會出售什麼。對於傳統樂器，我不建議在我們接近之前對其進行任何調整。

Got it. That's helpful. And then, Serge, any color to share on numerous repeat customers in the quarter for Visium? I know in the last quarter, you had highlighted repeat orders as a key sort of customer constituency where you saw strong performance.

知道了。這很有幫助。然後，Serge，有什麼顏色可以在本季度為眾多回頭客分享 Visium？我知道在上個季度，您強調重複訂單是您看到強勁表現的關鍵客戶群體。

Yes, a good question. I think that trend has continued. Again, our focus internally and what we're seeing from customers is really that, is the reorder rate of getting the customers through their workflows, to their -- the answers. And you see that again reflected an increasing number of publications, preprints are coming out. So overall, I think it is trending positive, and that is the kind of the important area of focus for us now that we've established like a nice initial user base.

是的，一個好問題。我認為這種趨勢仍在繼續。同樣，我們在內部的關注點以及我們從客戶那裡看到的確實是，讓客戶通過他們的工作流程得到他們的答案的再訂購率。你看到這再次反映了越來越多的出版物，預印本正在問世。所以總的來說，我認為它是積極的，這是我們現在關注的重要領域，因為我們已經建立了一個很好的初始用戶群。

Got it. Perfect. And then one final one for Justin here. In light of your comments, Justin, sort of this 50% increase in headcount. Should we be sort of just extrapolating from that to sort of $120 million per quarter sort of OpEx run rate with a 40-60 R&D versus SG&A split? Is the math sort of right at a high level on that? Or could it be sort of similar, but more front-end loaded, more back-end loaded through the year? How are you thinking about that?

知道了。完美的。然後是賈斯汀的最後一場比賽。賈斯汀，根據您的評論，員工人數增加了 50%。我們是否應該將其推斷為每季度 1.2 億美元的 OpEx 運行率，其中 R&D 與 SG&A 的比例為 40-60？數學在高水平上是正確的嗎？或者它可能是類似的，但一年中更多的前端加載，更多的後端加載？你是怎麼想的？

Yes. So good question. We are planning to grow headcount by 50% this year. Most of the hires are going to be in R&D, followed by commercial and then G&A -- or operations and G&A after that. I would more heavily weight it towards the front half of the year and more heavily weighted towards R&D.

是的。這麼好的問題。我們計劃今年將員工人數增加 50%。大多數員工將從事研發工作，其次是商業部門，然後是 G&A——或者之後是運營和 G&A。我會在今年上半年更加重視它，並且更加重視研發。

Next one on the line is Derik De Bruin from Bank of America.

下一位是來自美國銀行的 Derik De Bruin。

So a couple of questions. Can we talk about the new multiplex application? I mean, you say it sort of saves customers 60% in cost. How is that 60%? Is that 60% sequencing cost? Is that 60% on you -- to you? Basically, the question is like, are you expecting just the higher volume experiments to make up any sort of potential price erosion on your end?

所以有幾個問題。我們能談談新的多路復用應用嗎？我的意思是，你說它可以為客戶節省 60% 的成本。那60%怎麼算？那是 60% 的測序成本嗎？那是你的 60%——對你來說嗎？基本上，問題是，您是否期望更高容量的實驗來彌補您最終的任何潛在價格侵蝕？

Yes. Yes. It's a good, fair question, an important question that we thought a lot about. So this is an average estimate for like what we expect customers who are using it to save, inclusive like overall on their experiments. It is definitely the case where they will end up spending less per sample. Our expectation is borne out by what we have seen on customers doing -- using kind of homegrown -- homebrew solution, previous -- solutions previously is that this will lead to more usage overall and more dollars flowing into the single cell experiments in total. So the sort of the drop per sample cost -- the reduced cost per sample will -- should materialize in higher overall spend. Maybe not right immediately, but certainly over time.

是的。是的。這是一個很好的、公平的問題，一個我們思考了很多的重要問題。因此，這是我們期望使用它來節省的客戶的平均估計值，包括他們實驗的整體情況。毫無疑問，他們最終會在每個樣本上花費更少。我們的期望得到了客戶所做的證實——使用一種本土的——自製解決方案，以前的解決方案是，這將導致更多的總體使用量和更多的資金流入單細胞實驗。因此，每個樣品成本的下降——每個樣品成本的降低——應該體現在更高的總體支出中。也許不是立即正確，但肯定會隨著時間的推移。

Got it. And can you talk a little bit about the forward monthly order growth rate? I mean, you've provided on the last couple of calls, just some clarity on -- just some color on what you're sort of seeing.

知道了。你能談談遠期月度訂單增長率嗎？我的意思是，您在最近幾次電話會議中提供了一些說明，只是對您所看到的內容進行了一些說明。

Derik, this is Justin. So in the past couple of quarters, I think in the midst of COVID, without guidance in place, we were trying our best to give color on what we were seeing in real time. But now that we've reinstated guidance and we've given some color around the weighting as far as mostly in the back half of the year and particularly in Q4, we won't be giving any kind of mid-quarter update, at least at this time.

德里克，這是賈斯汀。因此，在過去的幾個季度中，我認為在 COVID 期間，在沒有適當指導的情況下，我們正在盡最大努力為我們實時看到的內容提供色彩。但是現在我們已經恢復了指導，並且我們已經在今年下半年特別是在第四季度對權重給出了一些顏色，我們不會提供任何形式的季度中期更新，至少此時。

Fair enough. Just thought I would ask. And finally, one last question. Can you talk a little bit about how much of -- how much you have embedded into your current guidance for recent new product launches in 2021? Just some sort a sense of what's additive, is there any sort of cannibalization that could happen? Just some general thoughts on how you're thinking about new products contributing to the top line.

很公平。只是想我會問。最後，最後一個問題。您能否談談您在當前的 2021 年新產品發布指南中嵌入了多少？只是某種附加的感覺，有沒有可能發生的任何形式的蠶食？只是關於您如何看待有助於收入的新產品的一些一般性想法。

Yes. So the guidance, the $480 million to $500 million range incorporates all of the new product launches. It's our best view taking into account those different factors that you mentioned, like cannibalization, how we expect those products -- what we expect the adoption curve to look like based upon what we've learned on past launches. But it's all incorporated in that range that we've given.

是的。因此，4.8 億至 5 億美元的指導包含了所有新產品的發布。考慮到你提到的那些不同的因素，比如蠶食，我們對這些產品的期望如何——根據我們在過去發布中了解到的情況，我們期望採用曲線看起來像什麼，這是我們的最佳觀點。但這一切都包含在我們給出的範圍內。

Next one on the queue David Westenberg from Guggenheim Securities.

隊列中的下一位來自古根海姆證券公司的 David Westenberg。

So in terms of the new product launch in the low throughput area, how should we think about the transition speed of your customers in terms of dabbling their toes into single cell to full believers of single cell? And how should we think about the impact of that low throughput kit on that transition speed, just based on your early customer experiences?

那麼在低吞吐量領域的新產品發布方面，我們應該如何考慮您的客戶從涉足單電池到完全相信單電池的轉變速度？我們應該如何考慮低吞吐量套件對轉換速度的影響，僅基於您早期的客戶體驗？

David, this is Brad. I'll take that. As we've not launched the kit right now, we really don't know. But we do think we have a very good kind of view of the 2 reasons that this kit is important. One, as you've already pointed out, is it gives people an opportunity that are new to 10x to try and do sort of pilot studies. And those usually can be used to help gain grants in funding. And in some cases, even a budget allocation within the laboratory. The other side of it for us is -- and this is where I'm cautiously optimistic as it could be very important is giving customers that are more experienced customers, a test bed, test experimental workflow, workout sample prep procedures, all the time course of the way they harvest samples, all that can be worked out in a very -- a much more lower cost environment to measure the -- the likelihood of success of an experiment. So those are really the 2 things that will drive that.

大衛，這是布拉德。我會接受的。由於我們現在還沒有推出該套件，我們真的不知道。但是我們確實認為我們對這個套件很重要的兩個原因有很好的看法。一個，正如您已經指出的那樣，它是否為人們提供了一個 10 倍的新機會來嘗試進行試點研究。這些通常可以用來幫助獲得資助。在某些情況下，甚至是實驗室內的預算分配。對我們來說，另一面是——這是我謹慎樂觀的地方，因為它可能非常重要的是始終為更有經驗的客戶提供測試台、測試實驗工作流程、鍛煉樣品準備程序在他們收集樣本的過程中，所有這些都可以在一個非常 - 一個成本更低的環境中計算出來 - 一個實驗成功的可能性。因此，這確實是推動這一目標的兩件事。

I mean, probably -- and then -- so your question is how quickly. If we take that first group of people, we're hoping that we can run people through that adoption cycle, certainly within a year. Typically, when we have a lot of experience launching products, we've launched a lot of them. And ultimately, just understanding adoption cycle. But in this case, it's just -- it's kind of a new use case and just understanding how that models out. We'll keep an eye on it but -- as we launch that product, which will be in the next few months.

我的意思是，可能 - 然後 - 所以你的問題是多快。如果我們採用第一批人，我們希望我們可以讓人們通過這個採用周期，當然是在一年內。通常，當我們有豐富的產品發布經驗時，我們會發布很多產品。最終，只需了解採用周期。但在這種情況下，它只是——它是一種新的用例，只是了解它是如何建模的。我們會密切關注它，但是——當我們推出該產品時，它將在未來幾個月內推出。

Got it. No, that was very helpful. And then in terms of -- are you giving any kind of number in terms of percent of your Visium customers that -- or sorry, percent of Chromium customers that have -- are starting to use Visium? And then just in terms of -- are you seeing a pickup in Chromium when you see customers pick up Visium? And how much do you think that is actually on account of Visium versus just these are high users of genomics platforms period? And that's my last question.

知道了。不，這很有幫助。然後就 - 你是否給出了任何類型的數字，即你的 Visium 客戶的百分比 - 或者對不起，已經開始使用 Visium 的 Chromium 客戶的百分比？然後就 - 當您看到客戶選擇 Visium 時，您是否看到 Chromium 的好轉？您認為這實際上是因為 Visium 而不是這些是基因組學平台時期的高用戶？這是我的最後一個問題。

Well, so maybe I'll start here. I will say this, that you have to appreciate that the Chromium has a pretty -- has now a large established user base. A special number of customers is actually larger than just a number of instruments because of the kind of the concept of users around each instrument. So -- and then if you look, just looking at the math, the number of Visium customers, a very large fraction of them are existing Chromium users as well. So the fraction of Chromium people who are using Visium is not trivial, but it's also not very large, right? That's how the math works out.

好吧，也許我會從這裡開始。我要說的是，您必須感謝 Chromium 擁有一個漂亮的 - 現在已經擁有龐大的用戶群。由於圍繞每台儀器的用戶概念，特殊數量的客戶實際上不僅僅是一些儀器。所以——如果你看一下，只看數學，Visium 客戶的數量，其中很大一部分也是現有的 Chromium 用戶。所以使用 Visium 的 Chromium 用戶的比例不是微不足道的，但也不是很大，對吧？這就是數學的結果。

I would say, as far as being a driver, I'm not sure if that's material right now, probably on the margin, there is some sort of -- some additional Chromium usage that might happen or vice versa. But I don't think that's sort of the cross reinforcement is that material at this stage.

我想說，就作為一名司機而言，我不確定現在這是否重要，可能在邊際上，可能會發生某種 - 一些額外的 Chromium 使用，反之亦然。但我不認為這種交叉加固是現階段的材料。

Next one on the queue is Dan Arias from Stifel.

隊列中的下一位是來自 Stifel 的 Dan Arias。

Serge, maybe just on a few of the new products and thinking about the range of capabilities that you're kind of looking to enable here with the X instrument, then also the lower throughput kits. Are you able to give us sort of a rough cut on the customer base just in terms of how many or what percentage you want to look at 10,000 cells at a time versus 100,000 versus 1 million? I know that's probably hard, but it would just be helpful to understand the buckets a bit, if possible, when we just think about who these products are targeting at this point and how many of them will really be helped once they have access to them.

Serge，也許只是在一些新產品上，並考慮您希望在這裡使用 X 儀器啟用的功能範圍，然後是低通量套件。您是否可以根據您希望一次查看 10,000 個單元與 100,000 個與 100 萬個單元的數量或百分比來對客戶群進行粗略的分析？我知道這可能很難，但如果可能的話，當我們考慮一下這些產品的目標人群以及一旦他們能夠使用它們時，其中有多少人將真正得到幫助時，如果可能的話，這將是有幫助的.

Yes. I mean, that's a good question. And like you said, it's a hard number to pin down. And in fact, it's a moving number to pin down. If you went back just a few years ago, the number of people interested in 1 million experiments would have been essentially 0, maybe 1 or 2 in the world. It certainly has increased now, like referencing the applications I mentioned earlier, immune profiling, communitarian screens, especially with the rise of sort of CRISPR screening applications that has been significant. So I would say that number of people who are at the cutting-edge and would be interested in many hundreds thousands of cells or million as -- it exists, is not huge, but it's not trivial either, right? And we expect that kind of looking at the pattern of single cell usage and the scaling up of the last 5 years, we anticipate that people will keep moving up that year. And we certainly will help them along as well.

是的。我的意思是，這是一個很好的問題。就像你說的，這是一個很難確定的數字。事實上，這是一個可以確定的移動數字。如果你回到幾年前，全世界對 100 萬個實驗感興趣的人數基本上是 0，可能只有 1 或 2 個。它現在肯定有所增加，比如引用我之前提到的應用程序、免疫分析、社區篩選，尤其是隨著 CRISPR 篩選應用程序的興起，這一點非常重要。所以我想說，處於前沿並且會對數十萬或數百萬個細胞感興趣的人數 - 它存在，並不龐大，但也不是微不足道的，對嗎？我們預計單細胞使用模式和過去 5 年的擴大規模，我們預計人們將在這一年繼續前進。我們當然也會幫助他們。

Okay. And then maybe just on the fixed RNA profiling kit that's coming later this year. Is the idea to launch targeted and whole transcriptome at the same time? Or will one be in the market before the other? And then I guess relatedly, will they both be launched at some point this year?

好的。然後也許就在今年晚些時候推出的固定 RNA 分析試劑盒上。是同時啟動靶向轉錄組和整個轉錄組的想法嗎？或者一個會先於另一個進入市場？然後我想相關地，它們會在今年的某個時候推出嗎？

So the question specifically for 6 RNA profiling kit?

那麼這個問題專門針對 6 RNA profiling kit 嗎？

Yes, please.

是的，請。

Yes. So we haven't talked about the details of -- on that cadence. It's a good question, but we haven't talked about those details yet.

是的。所以我們還沒有討論關於那個節奏的細節。這是一個很好的問題，但我們還沒有討論這些細節。

Next in the queue is Patrick Donnelly from Citi.

接下來是花旗的帕特里克·唐納利。

Justin, maybe just on the full year guide. Can you just talk through, I guess, the assumptions you've made on the end market recovery have certainly exited 4Q in a good position. I guess when are you thinking we get back to kind of normal state? And maybe for Brad, on the back of that. Obviously, you saw a nice budget flush, as you guys mentioned at the end 4Q. Have you seen any slowdown, I guess, in January as you kind of -- as that spend kind of played out? Was there kind of everyone taking a breath in January? Or did the strength kind of continue so far this year?

賈斯汀，也許只是在全年指南上。我猜你能不能談談，你對終端市場復甦所做的假設肯定已經以良好的狀態退出了第四季度。我猜你認為我們什麼時候會恢復正常狀態？也許對於布拉德來說，在這背後。顯然，正如你們在第四季度末提到的那樣，你們看到了不錯的預算沖水。你有沒有看到任何放緩，我猜，在一月份，就像你一樣——因為這種支出已經結束了？一月份有沒有人在喘口氣？還是今年到目前為止這種實力仍在繼續？

Patrick, good question. When we thought about guidance for this year, we really looked at the first half and the back half. And I think for the first half, as we shared in detail, at least for Q1, we really don't expect much improvement as far as the lab capacities go. And really, I think that's the case for Q2 as well. I think we're optimistic around the back half of the year, and that's why we talked around -- about the weighting in more the second half of the year, particularly Q4. But this assumes that things will start to turn around in Q3, but won't really be felt until Q4.

帕特里克，好問題。當我們考慮今年的指導時，我們真的關注了前半部分和後半部分。而且我認為上半年，正如我們詳細分享的那樣，至少在第一季度，就實驗室能力而言，我們真的不期望有太大改善。真的，我認為第二季度也是如此。我認為我們對下半年持樂觀態度，這就是我們談論的原因——關於下半年的權重，尤其是第四季度。但這假設情況將在第三季度開始好轉，但直到第四季度才會真正感受到。

Yes. And Patrick, as far as the start of the year, typically, January is slow. I think this year, it was a little bit larger because I mean, let's face it, that the news in December was pretty dire, and we certainly saw some headwinds as case counts were spiking. And again, sort of the doom and gloom was the prevailing feeling. We certainly have seen that improve in the last 3 or 4 weeks, 3 weeks probably. And ultimately, there will -- there is probably -- and as Justin described, there is some aspect of pull in, and that's contemplated in our guidance.

是的。而帕特里克，就年初而言，通常一月是緩慢的。我認為今年的情況要大一些，因為我的意思是，讓我們面對現實吧，12 月份的消息非常可怕，而且隨著病例數激增，我們當然看到了一些不利因素。再一次，那種厄運和悲觀是普遍的感覺。我們當然已經看到在過去 3 或 4 週內有所改善，可能是 3 週。最終，會有 - 可能會有 - 正如賈斯汀所描述的那樣，存在拉入的某些方面，這在我們的指導中有所考慮。

That's helpful. And then just maybe on the FFPE launch that's nearing, maybe can you just talk through the potential customer conversations there? I mean, has there been a part of the market kind of holding off on adoption until this was available? I'm just curious what the conversations have been like around this ahead of the launch.

這很有幫助。然後也許在即將推出的 FFPE 上，也許你可以通過潛在的客戶對話來談談嗎？我的意思是，在這可用之前，是否有一部分市場會推遲採用？我只是好奇在發布之前圍繞這個的對話是什麼樣的。

So on FFPE, I mean, things -- it is a product that we've been pretty excited by for some amount of time. I think the feedback from customers on what is able to do has been very positive, and we're very excited to get it to like a broad set and launch it fully to the market later in the first half of this year. So everything is looking good and we're excited by it.

所以在 FFPE 上，我的意思是，它是一個我們已經為之興奮了一段時間的產品。我認為客戶對能夠做的事情的反饋非常積極，我們很高興能夠讓它受到廣泛的歡迎並在今年上半年晚些時候全面推向市場。所以一切看起來都很好，我們對此感到興奮。

Yes. And I'll just add. I mean, the world didn't really get a good sense of how good this product is going to be just only maybe in the last 6 weeks. And that's really sparked a lot of interest.

是的。我會補充一下。我的意思是，世界並沒有真正了解這款產品在過去 6 週內會有多好。這真的引起了很多興趣。

Yes. That's helpful. And maybe last one just on the in situ side. Obviously, a big investment year more than certainly the revenue side, obviously. But what has feedback been from customers since the deal, just in terms of interest of using it, complementary with Visium? And then anything we can look out for as you progress through the year in terms of milestones? Or is it kind of going to be behind the curtain and we'll see it in a couple of years?

是的。這很有幫助。也許最後一個只是在原地一側。顯然，一個大的投資年肯定比收入方面更明顯。但自交易以來，客戶的反饋是什麼，僅就使用它的興趣而言，與 Visium 互補？然後，隨著您在里程碑方面的進展，我們可以注意什麼？或者它會在幕後出現，我們會在幾年後看到它？

Well, yes, interesting question, right, because the instrument -- the interest has certainly been there, just like you guys have been asking a lot of questions. But in situ after the deals, customers have certainly been very interested as well for many similar reasons. They're -- everyone's intrigued what we're going to be able to do. I think partially this speaks to our reputation. We built great products before, so I think people are expecting big things from us.

嗯，是的，有趣的問題，對，因為樂器——興趣肯定一直存在，就像你們一直在問很多問題一樣。但在交易後的現場，由於許多類似的原因，客戶當然也非常感興趣。他們是——每個人都對我們能做什麼很感興趣。我認為這部分地說明了我們的聲譽。我們以前製造過很棒的產品，所以我認為人們對我們有很大的期望。

As far as going forward, I mean, we're focused right now in developing the platform. There's a lot to do. This is a very challenging generally technology area to build products in. And we are investing to build awesome products for our customers. That's our focus right now. When we're further along, when we're -- we'll talk about it.

就未來而言，我的意思是，我們現在專注於開發平台。有很多事情要做。這是一個非常具有挑戰性的一般技術領域來構建產品。我們正在投資為我們的客戶構建出色的產品。這是我們現在的重點。當我們走得更遠，當我們 - 我們會談論它。

Next along the line is Matt Sykes from Goldman Sachs.

接下來是高盛的馬特賽克斯。

Just a more high-level question. I know we've talked a lot about the headcount increase you guys plan to do over the course of the year. I'm just curious more on the qualitative side, how competitive is that market, both on commercial and R&D? And has it gotten tighter over the course of the last year? And do you expect it to get tighter over the course of this year?

只是一個更高級的問題。我知道我們已經談了很多關於你們計劃在一年中增加員工人數的問題。我只是在質量方面更好奇，這個市場在商業和研發方面的競爭力如何？在過去的一年裡，它變得更緊了嗎？你預計它會在今年變得更緊嗎？

So yes, it's a good question. So I'll ask -- I'll answer it broadly at the company, and Brad might be able to add more color on the commercial side, on sales side. So look, talent, like I said during my opening remarks, talent is they kind of -- has been a focus for us from the very beginning. That's the foundation of the company. So always top-of-mind concern, and we're always trying to get the very best people in the company. So as far as we're concerned, it's always in some sense of type market, kind of regardless of what happens there right now.

所以，是的，這是一個很好的問題。所以我會問 - 我會在公司廣泛回答，布拉德可能能夠在商業方面和銷售方面增加更多色彩。所以看，人才，就像我在開場白中所說的那樣，人才是他們——從一開始就一直是我們關注的焦點。這是公司的基礎。因此，始終是首要關注的問題，我們一直在努力爭取公司中最優秀的人才。所以就我們而言，它總是某種意義上的市場，不管現在發生什麼。

It varies by area. Back in the early days, it was particularly more challenging for us, for example, to hire more like software developers and people out of the sort of tech industry that has gotten relatively easier for multiple reasons. We -- in general, I think we're doing -- especially compared to sort of start-up days, it has gotten easier, and we're doing quite well, and we're very happy with the level of talent that is coming to the company. Very happy.

它因地區而異。早在早期，對我們來說尤其具有挑戰性，例如，從由於多種原因而變得相對容易的科技行業招聘更多類似軟件開發人員和人員。我們——總的來說，我認為我們正在做——尤其是與創業時期相比，它變得更容易了，而且我們做得很好，我們對現在的人才水平感到非常滿意來到公司。很高興。

And I'll just add a little bit on the commercial side. I mean, there's generally been somewhat easier, like Serge said, overall because people know who we are. In a commercial, there's always that sort of competitive aspect, and people like to be part of a winning team, and we try to make sure that 10x is a winning team. So overall, it's improved, but we also have a very high standard. So the yield is not very high in getting people through the interview process.

我將在商業方面添加一些內容。我的意思是，總體而言，就像 Serge 所說的那樣，總體來說要容易一些，因為人們知道我們是誰。在商業廣告中，總是有那種競爭的一面，人們喜歡成為獲勝團隊的一員，我們努力確保 10x 是一個獲勝的團隊。所以總的來說，它有所改善，但我們也有一個非常高的標準。因此，讓人們通過面試過程的收益並不是很高。

Great. And just one last one. I know you guys have talked about lab capacity. I'm just wondering, as you look out regionally where you guys are, are there any differences in the cadence of capacity within labs across different regions? Or is it pretty much the same cadence that you're expecting as we get towards the back half of the year, the capacity to go up?

偉大的。只有最後一個。我知道你們談到了實驗室容量。我只是想知道，當你們從區域來看你們所在的地方時，不同區域的實驗室內的能力節奏有什麼不同嗎？或者，隨著我們進入今年下半年，您所期望的節奏幾乎與您預期的節奏相同，即產能上升？

Yes. Maybe I'll just take that. We -- there's a complete range. I mean, in places like China, it's kind of back to what I would consider normal. And even generally across Asia, we've seen that stabilize fairly quickly. Europe is -- with the exception of the U.K., has continued to open up and function at an increasingly improved capacity. And in AMR, we see it. It's kind of all over the board early on in the quarter or, let's say, towards the end of the quarter, I should say, we saw certainly some issues in Southern California as there was a spike there. But overall, we've kind of reached that point where there is some level of attenuation, but we -- as I think Justin has pointed out, we're going to have to see the impact of the vaccine before we see any material change going forward.

是的。也許我會接受那個。我們 - 有一個完整的範圍。我的意思是，在像中國這樣的地方，這有點回到了我認為正常的狀態。甚至在整個亞洲，我們已經看到這種情況相當迅速地穩定下來。除英國外，歐洲繼續開放並以日益提高的能力發揮作用。在 AMR 中，我們看到了這一點。在本季度初期，或者說，在本季度末，我應該說，我們在南加州肯定看到了一些問題，因為那裡出現了高峰。但總的來說，我們已經達到了某種程度的減弱程度，但我們——正如我認為賈斯汀指出的那樣，在看到任何實質性變化之前，我們將不得不看到疫苗的影響往前走。

There are no further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。