10X Genomics Inc (TXG) 2022 Q1 法說會逐字稿

Hello, and welcome to the 10x Genomics First Quarter 2022 Earnings Conference Call. My name is Katie, and I'll be coordinating your call today. (Operator Instructions)

您好，歡迎參加 10x Genomics 2022 年第一季度收益電話會議。我的名字是凱蒂，今天我會協調你的電話。 （操作員說明）

I will now hand over to your host, Cassie Corneau, Investor Relations and Strategic Finance to begin. Cassie, please go ahead.

我現在將由您的主持人 Cassie Corneau 開始，負責投資者關係和戰略財務。卡西，請繼續。

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the first quarter ended March 31, 2022. 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.

謝謝大家，大家下午好。今天早些時候，10x Genomics 發布了截至 2022 年 3 月 31 日的第一季度財務業績。如果您尚未收到此新聞稿或希望被添加到公司的分發列表中，請發送電子郵件至 Investors@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.

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。

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.

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，請參見今天發布的 10x Genomics 新聞稿以及 10x Genomics 不時向美國證券交易委員會提交的文件和報告。 10x Genomics 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. 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。有了這個，我現在將把電話轉給 Serge。

Thanks, Cassie. Good afternoon, and thank you for joining us. On today's call, I will start with an overview of our performance during the first quarter. Next, I will discuss our progress and momentum with customers and share an update on our upcoming product launches, including more detail on Xenium and the exciting opportunities we have ahead across all 3 platforms. Then I will hand the call over to Justin for a more detailed look at our financials, business trends and our outlook for the rest of the year.

謝謝，卡西。下午好，感謝您加入我們。在今天的電話會議上，我將首先概述我們在第一季度的表現。接下來，我將與客戶討論我們的進展和動力，並分享我們即將推出的產品的最新信息，包括有關 Xenium 的更多詳細信息以及我們在所有 3 個平台上所擁有的令人興奮的機會。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、業務趨勢和今年剩餘時間的前景。

Revenue for the first quarter totaled $114 million, up 8% year-over-year. These results reflect the slow start we experienced in January and February, largely driven by the impact of the Omicron surge and played out as we described during our year-end call in mid-February. As we moved into March, the effects of Omicron had largely abated outside of China, and customer productivity started to resume.

第一季度總收入為 1.14 億美元，同比增長 8%。這些結果反映了我們在 1 月和 2 月經歷的緩慢開局，主要是受到 Omicron 激增的影響，並且正如我們在 2 月中旬的年終電話會議中所描述的那樣。隨著我們進入 3 月份，Omicron 的影響在中國以外已大大減弱，客戶的生產力開始恢復。

We're now back on sight with our customers, and the excitement for our Chromium and Visium portfolio and pipeline is palpable. In recent weeks, I personally had the opportunity to visit a number of our customers in person, which has further reinforced my conviction in the long-term growth trajectory for each of our 3 platforms. So while we'll continue to navigate some near-term headwinds, I have more confidence than ever in enormous opportunity ahead.

現在，我們與客戶重逢，對我們的 Chromium 和 Visium 產品組合和管道的興奮是顯而易見的。最近幾週，我有機會親自拜訪了我們的一些客戶，這進一步堅定了我對我們三個平台長期增長軌蹟的信念。因此，儘管我們將繼續克服近期的一些不利因素，但我對未來的巨大機遇比以往任何時候都更有信心。

Every day, we're seeing more customers and more studies that point to the same thing, 10x is replacing the legacy toolkit of biological research and transforming how we understand and ultimately master biology.

每天，我們都會看到越來越多的客戶和越來越多的研究指向同一件事，10x 正在取代傳統的生物學研究工具包，並改變我們理解並最終掌握生物學的方式。

During the quarter, we continued to see solid demand for Chromium instruments, led by the sustained enthusiasm and broadening appeal of the Chromium X Series. We're actively working to upgrade our current customers to ensure they have access to the most powerful tools available for single cell analysis. The upcoming launch of our Fixed RNA Profiling kit, which will be exclusively available on Chromium X Series, will help drive instrument demand with new customers and accelerate the replacement cycle among existing customers as expected.

在本季度，由於 Chromium X 系列的持續熱情和不斷擴大的吸引力，我們繼續看到對 Chromium 儀器的強勁需求。我們正在積極努力升級我們現有的客戶，以確保他們能夠使用最強大的單細胞分析工具。我們即將推出的固定 RNA 分析試劑盒將在 Chromium X 系列上獨家提供，這將有助於推動新客戶對儀器的需求，並按預期加快現有客戶的更換週期。

Turning to consumables. Our high-throughput kits delivered strong growth. Increasingly, customers are adopting HD kits to scale existing studies with more samples or more cells. We're also excited to see our customers designing new experiments, specifically for HD, at a size and scale previously considered unattainable. We believe the strong adoption of our HD kits, robust reorder rates and the growing number of new labs conducting pilot studies or applying for grants demonstrates the value researchers gain from high-throughput single cell analysis and is a great indicator of future growth.

轉向消耗品。我們的高通量試劑盒實現了強勁增長。越來越多的客戶採用 HD 試劑盒來擴大現有研究的規模，包括更多樣本或更多細胞。我們也很高興看到我們的客戶設計新的實驗，特別是針對高清的實驗，其規模和規模以前被認為是無法實現的。我們相信，我們的 HD 試劑盒的廣泛採用、強勁的再訂購率以及越來越多的新實驗室進行試點研究或申請撥款證明了研究人員從高通量單細胞分析中獲得的價值，並且是未來增長的重要指標。

We also saw solid demand across our broad portfolio of standard throughput single cell consumables this quarter. The performance and breadth of our offerings, covering gene expression, immune profiling, epigenetics, proteins and multiomics is unrivaled and helps drive growth with both our most seasoned labs and our newest adopters.

我們還看到本季度我們廣泛的標準吞吐量單電池耗材組合的需求強勁。我們產品的性能和廣度，涵蓋基因表達、免疫分析、表觀遺傳學、蛋白質和多組學，是無與倫比的，有助於推動我們最老練的實驗室和最新採用者的增長。

Multiome, in particular, continues to be among the fastest growing products in our history, experiencing broad adoption across a diverse set of applications. We believe the combination of our product performance, easy workflow and diversity of applications creates real value for researchers that no other company can match.

特別是 Multiome，繼續成為我們歷史上增長最快的產品之一，在各種應用程序中得到廣泛採用。我們相信，我們的產品性能、簡單的工作流程和應用程序的多樣性相結合，為研究人員創造了其他公司無法比擬的真正價值。

Moving on to Visium. In Q1, we continued to see solid demand for both fresh frozen and FFPE. While it remains early in its life cycle, we are encouraged by the wide adoption of Visium as the ideal spatial discovery tool. In fact, according to the Museum of Spatial Transcriptomics paper published in March 2022 edition of Nature Methods, Visium has been cited in more publications than any other special biology tool and has been used to generate nearly 125 public data sets. No other method has even half as many.

繼續使用 Visium。在第一季度，我們繼續看到對新鮮冷凍和 FFPE 的強勁需求。雖然 Visium 仍處於其生命週期的早期階段，但我們對 Visium 作為理想的空間發現工具的廣泛採用感到鼓舞。事實上，根據空間轉錄組學博物館發表在 2022 年 3 月版《自然方法》上的論文，Visium 被引用的出版物比任何其他特殊生物學工具都多，並已用於生成近 125 個公共數據集。沒有其他方法有一半的數量。

The Nature Methods' paper also noted that more institutions have published using Visium than using the next 3 other spatial methods combined, demonstrating the breadth of Visium adoption. This confirms our view that Visium is the leader in spatial biology.

Nature Methods 的論文還指出，使用 Visium 發表論文的機構比使用接下來的 3 種其他空間方法的總和還要多，這證明了 Visium 採用的廣度。這證實了我們的觀點，即 Visium 是空間生物學的領導者。

Overall, we executed as planned in Q1 and look forward to building momentum as we move through the year. Our team is focused on 3 key areas to deliver in 2022 and to accelerate growth into 2023 and beyond: first, driving our extensive new product pipeline; second, scaling our commercial organization; and third, strengthening our operational capabilities.

總體而言，我們在第一季度按計劃執行，並期待在這一年中建立勢頭。我們的團隊專注於 2022 年交付並加速到 2023 年及以後的增長的 3 個關鍵領域：首先，推動我們廣泛的新產品線；第二，擴大我們的商業組織；三是強化運營能力。

Let me share more on each area, beginning with R&D, where we are continuing to drive our strong cadence of technological advancement and product development. As we showcased at our second annual Xperience event in February, we have a very exciting and ambitious pipeline in each of our 3 platforms.

讓我在每個領域分享更多信息，從研發開始，我們將繼續推動我們強勁的技術進步和產品開發節奏。正如我們在 2 月份的第二屆年度 Xperience 活動中展示的那樣，我們在 3 個平台中的每一個平台上都有一個非常令人興奮和雄心勃勃的管道。

Starting with Chromium. Chromium has long been the leader in single cell analysis, yet we continue to see a massive opportunity ahead. It's evident by the rapid growth and diversity of experiments, applications and publications that single cell methods are replacing the conventional toolkit for measuring biology. To make Chromium accessible to every biology lab in the world, this year's pipeline is focused on new products to drive broad adoption, remove bottlenecks and give researchers a more flexible and streamlined workflow.

從鉻開始。 Chromium 長期以來一直是單細胞分析的領導者，但我們仍然看到了巨大的機遇。實驗、應用和出版物的快速增長和多樣性表明，單細胞方法正在取代用於測量生物學的傳統工具包。為了讓世界上每個生物實驗室都能使用 Chromium，今年的產品線將重點放在新產品上，以推動廣泛採用、消除瓶頸並為研究人員提供更靈活和簡化的工作流程。

In the near term, we're particularly excited about 2 new kits that we believe will help realize the expanding potential for single cell analysis, remove obstacles to larger-scale, multi-sized studies and open up more single cell applications in translational research. This includes our Fixed RNA Profiling kit, which has the potential to be transformative to the single cell franchise over the long term. This product resolves a common challenge our customers currently face working with live cells. With this kit, researchers can fix their tissue at the time of collection and store it until they're ready to begin their single cell workflow.

在短期內，我們對 2 個新的試劑盒感到特別興奮，我們相信這將有助於實現單細胞分析的擴展潛力，消除更大規模、多規模研究的障礙，並在轉化研究中開闢更多單細胞應用。這包括我們的固定 RNA 分析試劑盒，它有可能在長期內對單細胞特許經營產生變革。該產品解決了我們的客戶目前在使用活細胞時面臨的共同挑戰。有了這個套件，研究人員可以在收集時修復他們的組織並將其儲存起來，直到他們準備好開始他們的單細胞工作流程。

In addition, researchers can batch on multiple samples as well as analyze gene expression on surface proteins from the same cell for multiomic analysis. This product also offers significant performance advantages, including higher gene sensitivities than any of our flagship assay and is the most sequencing efficient assay in our Chromium portfolio.

此外，研究人員可以批量處理多個樣本，並分析來自同一細胞的表面蛋白的基因表達，以進行多組學分析。該產品還具有顯著的性能優勢，包括比我們的任何旗艦檢測更高的基因敏感性，並且是我們鉻產品組合中測序效率最高的檢測。

Our upcoming nuclei isolation kit is another example of how we're easing the Chromium workflow for our customers to help them run more samples and more kinds of samples. Many samples presented challenge for single cell analysis due to the difficulty of disassociation or encapsulation of individual cells. This can be because some tissues are particularly difficult to work with or because researchers would like to freeze their samples at collection to be processed for single cell analysis later.

我們即將推出的核分離試劑盒是我們如何為客戶簡化 Chromium 工作流程以幫助他們運行更多樣品和更多種類樣品的另一個例子。由於單個細胞的解離或封裝困難，許多樣品對單細胞分析提出了挑戰。這可能是因為某些組織特別難以處理，或者因為研究人員希望在收集時冷凍他們的樣本，以便以後進行單細胞分析。

To address this challenge, many researchers have turned to nuclei, which can provide single cell information from such samples, but at the cost of much more difficult and unpredictable sample prep workflows. Despite these difficulties and the need for highly specialized expertise, nuclei analysis has been rapidly growing in popularity.

為了應對這一挑戰，許多研究人員已轉向細胞核，它可以從此類樣品中提供單細胞信息，但代價是樣品製備工作流程更加困難和不可預測。儘管存在這些困難並且需要高度專業化的專業知識，但核分析已迅速普及。

And now our nuclei isolation kit will greatly simplify this workflow, so more researchers can access single-cell data from frozen samples and challenging tissues. We believe this kit will help accelerate the adoption of multiple Chromium assays, including multiome and ATAC, which requires single nuclei as input. We're now taking preorders for both products, which we expect to begin shipping over the coming weeks.

現在，我們的細胞核分離試劑盒將大大簡化這一工作流程，讓更多的研究人員能夠從冷凍樣本和具有挑戰性的組織中獲取單細胞數據。我們相信該試劑盒將有助於加速採用多種鉻檢測，包括需要單核作為輸入的多組和 ATAC。我們現在正在接受這兩種產品的預訂，我們預計將在未來幾週內開始發貨。

Turning now to Visium. We expect to round out a core set of the capabilities on the Visium platform with several new products focused on enabling more analytes through the introduction of [Visium Plus Protein], more samples with the launch of our Visium CytAssist instrument and more resolution with Visium HD.

現在轉向 Visium。我們希望通過推出 [Visium Plus 蛋白] 來完善 Visium 平台上的一組核心功能，這些新產品專注於通過引入 [Visium Plus Protein] 來實現更多分析物，隨著 Visium CytAssist 儀器的推出以及 Visium HD 的更高分辨率提供更多樣品.

Our Visium Plus Protein product enables simultaneous gene expression and high-plex protein analysis in the same tissue. It also offers larger capture areas and an improved workflow to give our customers more flexibility and confidence. We're looking forward to launching this product midyear.

我們的 Visium Plus 蛋白產品可在同一組織中同時進行基因表達和高蛋白分析。它還提供更大的捕獲區域和改進的工作流程，為我們的客戶提供更大的靈活性和信心。我們期待在年中推出這款產品。

In addition, we're excited for the upcoming launch of the Visium CytAssist instrument, which will simplify the logistics around the Visium workflow by bridging the gap between histology and molecular biology. CytAssist will also open up the archive of tissue samples all registered on preexisting slides, significantly expanding the number of samples that can be run on Visium. We expect to ship CytAssist next quarter.

此外，我們對即將推出的 Visium CytAssist 儀器感到興奮，它將通過彌合組織學和分子生物學之間的差距來簡化圍繞 Visium 工作流程的物流。 CytAssist 還將開放所有已在現有載玻片上註冊的組織樣本檔案，顯著增加可在 Visium 上運行的樣本數量。我們預計將在下個季度推出 CytAssist。

And finally, Xenium. As we announced in February, we plan to ship the first instruments by the end of the year. We have already received extremely strong interest in the platform from many customers eager to be among the first to receive Xenium. And we feel great about the large funnel of opportunities we're building. We're very excited about the competitors and differentiation of our initial launch as well as our plans to unlock the full capabilities of the platform through our extensive product road map in the years ahead.

最後，Xenium。正如我們在 2 月份宣布的那樣，我們計劃在今年年底前交付第一批儀器。我們已經從許多渴望成為第一批接收 Xenium 的客戶那裡獲得了對該平台的極大興趣。我們對我們正在建立的大量機會感到非常滿意。我們對競爭對手和我們最初推出的差異化以及我們計劃在未來幾年通過我們廣泛的產品路線圖解鎖平台的全部功能感到非常興奮。

Through our close partnership with customers and our CartaNA access program, we have unique insights into the capabilities and features researchers are looking for. Customers have told us they need a high-plex, easy-to-use and scalable platform that can differentiate cell types and states in the tissues of interest and measure the right genes and pathways.

通過我們與客戶的密切合作以及我們的 CartaNA 訪問計劃，我們對研究人員正在尋找的能力和特性有獨特的見解。客戶告訴我們，他們需要一個高度複雜、易於使用且可擴展的平台，該平台可以區分感興趣組織中的細胞類型和狀態，並測量正確的基因和通路。

To enable this, we're developing Xenium to have great performance across all key metrics, including multiplex levels, sensitivity, specificity and throughput. And in particular, we know from customers that high throughput is critical because it determines whether the instrument is practical for routine use.

為此，我們正在開發 Xenium，使其在所有關鍵指標（包括多路復用級別、靈敏度、特異性和吞吐量）上都具有出色的性能。特別是，我們從客戶那裡了解到高通量至關重要，因為它決定了儀器是否適合日常使用。

We've designed our Xenium analyzer to have the highest throughput of any in situ in its class. We believe Xenium will enable researchers to analyze the most tissue area at single molecule resolution in the least amount of time.

我們設計的 Xenium 分析儀具有同類產品中最高的原位通量。我們相信 Xenium 將使研究人員能夠在最短的時間內以單分子分辨率分析最多的組織區域。

We also believe having all 3 methods, single-cell, spatial and in situ together will be a real advantage for the research community and a real differentiator for us. Most in situ experiments currently make use of Chromium or Visium data. We are in the best position to deliver a seamless experience to customers across all 3 platforms. And this will be reinforced by our support team who consistently receive rave views from customers.

我們還相信，將所有 3 種方法（單細胞、空間和原位）結合在一起，對研究界來說將是一個真正的優勢，對我們來說也是一個真正的差異化因素。目前大多數原位實驗都使用 Chromium 或 Visium 數據。我們處於為所有 3 個平台的客戶提供無縫體驗的最佳位置。我們的支持團隊將加強這一點，他們始終如一地收到客戶的好評。

Because this is an emerging field, resecures know their needs will evolve over time. So they want to trust a partner that will innovate and grow with them. Our track record here is unparalleled. Much like we've done with our Chromium road map, we'll enable more analytes, new classes of measurements and truly transformational capabilities in the Xenium instrument as we move forward post launch.

因為這是一個新興領域，resecures 知道他們的需求會隨著時間的推移而變化。因此，他們希望信任能夠與他們一起創新和成長的合作夥伴。我們在這裡的記錄是無與倫比的。就像我們在 Chromium 路線圖上所做的一樣，隨著我們在發布後向前推進，我們將在 Xenium 儀器中啟用更多分析物、新的測量類別和真正的變革能力。

We're committed to delivering rapid product advancements to ultimately establish Xenium as the unequivocal leader in, in situ analysis. We're able to develop world-class platform through the strength of our internal product development and intellectual property. We already have over 200 patents issued and pending in the in situ field, including the key patents that will enable features that we believe will be extremely valuable to researchers, including high throughput and high sensitivity.

我們致力於提供快速的產品改進，最終將 Xenium 確立為現場分析領域的明確領導者。我們能夠通過我們內部產品開發和知識產權的力量開發世界級的平台。我們已經在原位領域擁有超過 200 項已發布和正在申請的專利，其中包括能夠實現我們認為對研究人員極具價值的功能的關鍵專利，包括高通量和高靈敏度。

With respect to our overall patent portfolio, we recently passed the extraordinary milestone of having more than 500 patents issued and almost 1,400 patents issued and pending. As we have said before, it is our policy not to license our patents, but to differentiate ourselves from our competitors by protecting our sole right to own and practice our intellectual property. With our robust pipeline across all 3 platforms, we're on track to make 2022 the most exciting year of product launches in our history.

就我們的整體專利組合而言，我們最近通過了擁有超過 500 項已授權專利和近 1,400 項已授權和待決專利的非凡里程碑。正如我們之前所說，我們的政策是不對我們的專利進行許可，而是通過保護我們擁有和實踐我們的知識產權的唯一權利來使我們與競爭對手區分開來。憑藉我們在所有 3 個平台上的強大管道，我們有望使 2022 年成為我們歷史上最激動人心的產品發布年。

Now turning to commercial. Throughout the company, we're thrilled to be back in person with our customers. For the past 2 years, the inability to connect in person in their labs and in conferences has challenged the proliferation and adoption of new technologies, including single cell tools, especially among mainstream biologists who are new to the 10x levels of scale and resolution.

現在轉向商業。在整個公司，我們很高興能與客戶面對面交流。在過去的 2 年中，無法在實驗室和會議中親自聯繫對新技術（包括單細胞工具）的擴散和採用提出了挑戰，尤其是在對 10 倍規模和分辨率水平不熟悉的主流生物學家中。

Yet we know the number of researchers interested in single cell is rapidly increasing, as evidenced by the growing number of new customers entering the 10x ecosystem, either the instrument owners or halo users. We believe the pandemic has made it more challenging for many of our halo customers to scale and become routine users of single cell analysis in their research.

然而，我們知道對單細胞感興趣的研究人員數量正在迅速增加，越來越多的新客戶進入 10x 生態系統就證明了這一點，無論是儀器所有者還是光環用戶。我們認為，大流行使我們的許多 halo 客戶在他們的研究中擴大規模並成為單細胞分析的常規用戶變得更具挑戰性。

There can be many reasons for this, whether it's the challenges of working with live tissues or second order quality-related impact, like supply chain constraints or labor shortages, the reduced staffing levels and limited opportunities for training, collaboration or best practice sharing.

造成這種情況的原因有很多，無論是使用活組織的挑戰還是與二級質量相關的影響，如供應鏈限製或勞動力短缺、人員配備水平降低以及培訓、合作或最佳實踐分享機會有限。

The core part of our strategy is to enable as many researchers as possible to become routine users of single cell. We have found that customers who own instruments consistently grow their usage over time. We're focused on driving instrument placements with both new customers and with halo users. We also want to ensure our existing customers have the best technologies for single-cell analysis, which is why we are focused on upgrading researchers with Chromium controllers to our Chromium X Series.

我們戰略的核心部分是讓盡可能多的研究人員成為單細胞的常規用戶。我們發現擁有儀器的客戶隨著時間的推移不斷增加他們的使用量。我們專注於與新客戶和光環用戶一起推動儀器放置。我們還希望確保我們現有的客戶擁有用於單細胞分析的最佳技術，這就是為什麼我們專注於將使用 Chromium 控制器的研究人員升級到我們的 Chromium X 系列。

We have now established a broad base of installed instruments, representing a great foundation for future growth. And while we've made good strides within academic labs, we see a large opportunity ahead both with our existing customers increasing their usage and with new customers entering the ecosystem. We're gaining traction throughout pharma and seeing strong growth among biotechs for increasingly adopting single-cell and spatial methods.

我們現在已經建立了廣泛的已安裝儀器基礎，為未來的發展奠定了良好的基礎。雖然我們在學術實驗室中取得了長足的進步，但我們看到了一個巨大的機會，無論是現有客戶增加使用量還是新客戶進入生態系統。我們在整個製藥領域獲得了關注，並看到生物技術公司越來越多地採用單細胞和空間方法而出現強勁增長。

And as we look ahead, we're also continuing to expand the breadth and depth of our commercial team. We're on track to add nearly 100 new roles and to finish the year with a commercial team of more than 500 employees worldwide. We are continuing to gain traction with a dedicated tissue specialist we onboarded last year.

展望未來，我們還將繼續擴大我們商業團隊的廣度和深度。我們有望增加近 100 個新角色，並在今年結束時擁有一支在全球範圍內擁有 500 多名員工的商業團隊。我們將繼續與我們去年入職的專門組織專家一起獲得牽引力。

And as we prepare to launch Xenium, we've deployed a separate specialized market development team dedicated to spatial and in situ. This should ensure the rest of our commercial organization maintains focused momentum on growing adoption of our current on-market portfolio.

在我們準備推出 Xenium 時，我們已經部署了一個獨立的專業市場開發團隊，致力於空間和現場。這應確保我們商業組織的其他成員保持專注於增加採用我們當前的市場產品組合的勢頭。

Before we move on, I want to acknowledge Brad Crutchfield, our Chief Commercial Officer, who had previously announced will be leaving the company by the end of the year. Under Brad's leadership, we have built and scaled the global commercial organization that is a real differentiator for 10x and an excellent foundation for future growth. While he's not joining us on today's call, Brad continues to lead the commercial team through this transition period.

在我們繼續之前，我要感謝我們的首席商務官 Brad Crutchfield，他之前宣布將在今年年底離開公司。在布拉德的領導下，我們已經建立並擴大了全球商業組織，這是一個真正的 10 倍差異化因素，也是未來增長的良好基礎。雖然他沒有加入我們今天的電話會議，但布拉德繼續領導商業團隊度過這個過渡期。

We have initiated the search for our next CCO and have proactively made several changes to the commercial team in advance, including realigning regional leadership and welcoming a new Head of Commercial Operations. I want to thank Brad and the entire commercial team for their focus on execution and unwavering commitment to our customers.

我們已經開始尋找下一個 CCO，並提前對商業團隊進行了一些積極的調整，包括重新調整區域領導層和歡迎新的商業運營主管。我要感謝 Brad 和整個商業團隊，感謝他們專注於執行和對客戶堅定不移的承諾。

And finally, turning to operations and the work we have underway to expand and strengthen our manufacturing capabilities. We're continuing to make substantial investments in our global operations network by adding production capacity and new capabilities to deliver differentiated products and support the long-term growth trajectory of the business.

最後，轉向運營和我們正在進行的擴大和加強製造能力的工作。我們將繼續對我們的全球運營網絡進行大量投資，增加生產能力和新能力，以提供差異化產品並支持業務的長期增長軌跡。

Since opening our manufacturing center in Singapore, we have continued to ramp production at the site. We're also building out our new Pleasanton facility and look forward to co-locating more of our R&D and operations teams to enable tight collaboration and fuel our rapid pace of innovation.

自從在新加坡開設製造中心以來，我們繼續在該地點提高產量。我們還在建造新的普萊森頓工廠，並期待將更多的研發和運營團隊集中在一處，以實現緊密合作並推動我們快速的創新步伐。

In addition, our team is working hard to proactively manage our global supply chain in what remains a very dynamic and challenging environment. We are working closely with our partners and are continually evaluating our ability to source key components. We're also expanding our distribution network and carry options to help alleviate global logistics constraints. We believe our efforts and investments to scale and fortify our operations and supply chain are essential to supporting our growth and enabling our product road map.

此外，我們的團隊正努力在充滿活力和挑戰性的環境中積極主動地管理我們的全球供應鏈。我們正在與我們的合作夥伴密切合作，並不斷評估我們採購關鍵組件的能力。我們還在擴大我們的分銷網絡和運輸選項，以幫助緩解全球物流限制。我們相信，我們為擴大和加強我們的運營和供應鏈所做的努力和投資對於支持我們的增長和實現我們的產品路線圖至關重要。

Our team is fully focused on driving our innovation engine, scaling our commercial organization and advancing our operational capabilities in 2022. We're bringing the whole company effort to delivering this year and building momentum for 2023 and beyond. I want to thank the entire 10x team for their hard work, focus and dedication to our customers and to our mission.

我們的團隊完全專注於推動我們的創新引擎、擴展我們的商業組織並在 2022 年提升我們的運營能力。我們將把整個公司的努力投入到今年的交付中，並為 2023 年及以後建立動力。我要感謝整個 10x 團隊的辛勤工作、專注和奉獻給我們的客戶和我們的使命。

Now let me turn it over to Justin for more detail on our financials.

現在讓我把它交給賈斯汀，了解我們財務的更多細節。

Thank you, Serge. Total revenue for the 3 months ended March 31, 2022, was $114.5 million compared to $105.8 million for the prior year period, representing an 8% increase year-over-year. Consumables revenue was $98 million, which increased 5% over the prior year period. Instrument revenue was $14.4 million, which increased 30% over the prior year period. Service revenue was $2.1 million, which increased 31% over the prior year period.

謝謝你，塞爾吉。截至 2022 年 3 月 31 日止 3 個月的總收入為 1.145 億美元，而去年同期為 1.058 億美元，同比增長 8%。消耗品收入為 9800 萬美元，比去年同期增長 5%。儀器收入為 1440 萬美元，比去年同期增長 30%。服務收入為 210 萬美元，比去年同期增長 31%。

Looking at our regional results. Revenue for the Americas was $59.7 million, increasing 15% over the prior year period. EMEA revenue for the first quarter was $20.5 million, increasing 7% over the prior year period. Finally, APAC revenue for the first quarter was $34.3 million, in line with the prior year period.

查看我們的區域結果。美洲的收入為 5970 萬美元，比去年同期增長 15%。第一季度 EMEA 收入為 2050 萬美元，比去年同期增長 7%。最後，第一季度亞太地區收入為 3430 萬美元，與去年同期持平。

As we shared on our earnings call in mid-February, we had a slow start to the year, driven by the Omicron surge in certain geographies. This was especially pronounced with our academic research customers, which represent approximately 3/4 of our revenue. As we moved into March, the effects from Omicron largely abated in North America and Europe. While the operating environment was improving in these regions, COVID-driven lockdowns in China towards the end of the quarter severely impacted lab activity there. While these lockdowns had minimal impact in Q1, we expect they will more adversely impact Q2 revenue.

正如我們在 2 月中旬的財報電話會議上分享的那樣，由於 Omicron 在某些地區的激增，我們今年開局緩慢。這在我們的學術研究客戶中尤其明顯，他們約占我們收入的 3/4。隨著我們進入 3 月份，Omicron 對北美和歐洲的影響在很大程度上減弱了。儘管這些地區的經營環境正在改善，但在本季度末，中國因新冠病毒導致的封鎖嚴重影響了那裡的實驗室活動。雖然這些封鎖在第一季度的影響微乎其微，但我們預計它們將對第二季度的收入產生更大的不利影響。

Additionally, our Q1 results in Europe reflect the impact of a process breakdown in the region's logistics cold chain that led the intermittent assay performance issues. Our support team was able to trace the root cause of the sporadic issue back to products that had fallen out of required refrigerated temperature ranges. This breakdown resulted in a number of European customers receiving products that had spoiled and needed to be replaced. We have implemented additional safeguards in our logistics operations, and we are working with impacted customers in the region.

此外，我們在歐洲的第一季度業績反映了該地區物流冷鏈中過程故障的影響，導致間歇性分析性能問題。我們的支持團隊能夠將零星問題的根本原因追溯到超出所需冷藏溫度範圍的產品。這種故障導致許多歐洲客戶收到已損壞並需要更換的產品。我們在物流運營中實施了額外的保障措施，我們正在與該地區受影響的客戶合作。

Turning to the rest of the income statement. Gross profit for the first quarter was $89 million compared to a gross profit of $88.8 million for the prior year period. Gross margin for the first quarter was 78% compared to 84% in the prior year period. The decline in gross margin was primarily driven by change in product mix, increased manufacturing and logistics costs and higher accrued royalties. We expect our gross margin will trend slightly lower during the year, due in part to changes in product mix and the impacts of inflation and increased supply chain costs.

轉向損益表的其餘部分。第一季度的毛利潤為 8900 萬美元，而去年同期的毛利潤為 8880 萬美元。第一季度毛利率為 78%，而去年同期為 84%。毛利率下降的主要原因是產品結構變化、製造和物流成本增加以及應計特許權使用費增加。我們預計我們的毛利率將在年內略有下降，部分原因是產品組合的變化以及通貨膨脹和供應鏈成本增加的影響。

Total operating expenses for the first quarter were $130.8 million, an increase of 32% from $99 million for the first quarter of 2021. The increase in operating expenses was primarily driven by higher personnel expenses, including stock-based compensation, increased research and development expenses and infrastructure costs, partially offset by a decrease in outside legal expenses.

第一季度總運營費用為 1.308 億美元，比 2021 年第一季度的 9900 萬美元增長 32%。運營費用的增加主要是由於人員費用增加，包括股票薪酬、研發費用增加和基礎設施成本，部分被外部法律費用的減少所抵消。

R&D expenses for the first quarter were $64.1 million compared to $41.9 million for the first quarter of 2021. SG&A expenses for the first quarter were $66.7 million compared to $56.9 million for the first quarter of 2021.

第一季度的研發費用為 6410 萬美元，而 2021 年第一季度為 4190 萬美元。第一季度的 SG&A 費用為 6670 萬美元，而 2021 年第一季度為 5690 萬美元。

Operating loss for the first quarter was $41.7 million compared to a loss of $10.2 million for the first quarter of 2021, primarily due to the impact of increased personnel-related expenses. This includes $26 million of stock-based compensation for the first quarter of 2022 compared to $16.2 million for the first quarter of 2021.

第一季度的經營虧損為 4170 萬美元，而 2021 年第一季度的虧損為 1020 萬美元，主要是由於人事相關費用增加的影響。這包括 2022 年第一季度 2600 萬美元的股票薪酬，而 2021 年第一季度為 1620 萬美元。

Net loss for the period was $42.4 million compared to a net loss of $11.6 million in the first quarter of 2021. We ended the quarter with $539 million in cash and cash equivalents and marketable securities, net of restricted cash. Our strong balance sheet is an advantage, especially in the current environment.

該期間的淨虧損為 4240 萬美元，而 2021 年第一季度的淨虧損為 1160 萬美元。本季度末，我們的現金和現金等價物以及有價證券（扣除限制性現金）為 5.39 億美元。我們強大的資產負債表是一個優勢，尤其是在當前環境下。

Now turning to our outlook for 2022. We continue to expect our full year 2022 revenue to be in the range of $600 million to $630 million, representing growth of 22% to 28% over full year 2021. Looking at Q2, we are still experiencing some lingering impact from the cold chain-driven spoilage in Europe, which we expect to be fully resolved by quarter end.

現在轉向我們對 2022 年的展望。我們繼續預計 2022 年全年收入將在 6 億美元至 6.3 億美元之間，比 2021 年全年增長 22% 至 28%。展望第二季度，我們仍在經歷歐洲冷鏈驅動的腐敗造成的一些揮之不去的影響，我們預計到季度末將完全解決。

Additionally, we are continuing to navigate near-term impacts driven by the macro operating environment, which include second-order COVID effects, supply chain and logistics risks and, most significantly, lockdowns in China, which are scheduled to end in mid-May.

此外，我們將繼續應對宏觀運營環境所帶來的近期影響，其中包括新冠疫情的二階效應、供應鍊和物流風險，以及最重要的是，中國計劃於 5 月中旬結束的封鎖措施。

Looking beyond Q2, we are optimistic about the remainder of the year. The enthusiasm from our customers for our product portfolio and pipeline remains strong. As the operating environment continues to improve and our newer product launches have an increasing impact on revenue, we expect to see an acceleration of growth in the back half of the year. We still expect our annual revenue split to be about 40%-60% for the first half and second half of the year with slightly more weighting to the back half of the year, reflecting the Q2 factors we just mentioned.

展望第二季度之後，我們對今年剩餘時間持樂觀態度。客戶對我們的產品組合和管道的熱情依然強勁。隨著經營環境的不斷改善以及我們新產品的推出對收入的影響越來越大，我們預計今年下半年將加速增長。我們仍預計上半年和下半年的年收入佔比約為 40%-60%，下半年的權重略高，反映了我們剛剛提到的第二季度因素。

At this point, I'll turn it back to Serge.

在這一點上，我會把它轉回給 Serge。

Thanks, Justin. Our conviction in the vast opportunity ahead and our long-term growth potential is as strong as ever. One of the central learnings and perhaps the greatest revelation of the last several years of biological research is the pervasive cellular complexity vandalize just about every biological system. There is now a growing appreciation that eventually all tissues will need to be analyzed with single cell context in a large scale. We believe it's going to be true for research, for clinical and full therapeutic applications.

謝謝，賈斯汀。我們對未來巨大機遇和長期增長潛力的信念一如既往地強大。過去幾年生物學研究的核心知識之一，也許是最大的啟示，就是普遍存在的細胞複雜性破壞了幾乎每個生物系統。現在越來越多的人認識到，最終所有組織都需要在單細胞背景下進行大規模分析。我們相信這將適用於研究、臨床和全面治療應用。

Our goal is to bring this future forward. This is why we have been investing aggressively in our 3 platforms: Chromium, Visium and Xenium. Together, they encompass all the major technological approaches for addressing cellular heterogeneity at scale. Having all 3 approaches under one roof will create tremendous value for customers who will benefit from integrated experience, our track record of technological advancements and our focus on customer success.

我們的目標是推動這個未來。這就是為什麼我們一直在積極投資於我們的 3 個平台：Chromium、Visium 和 Xenium。它們共同涵蓋了大規模解決細胞異質性的所有主要技術方法。將所有 3 種方法集中在一個屋簷下，將為客戶創造巨大價值，他們將從綜合體驗、我們的技術進步記錄和我們對客戶成功的關注中受益。

And while we are proud of what we've accomplished so far, relative to where we're going, we're just getting started. Our team is driving hard to execute this year and to finish with momentum that will strengthen our position to accelerate growth in 2023 and in the long term. We know what the endpoint is, and we're confident we're the best company to deliver on it.

雖然我們為迄今為止所取得的成就感到自豪，但相對於我們要去的地方，我們才剛剛開始。我們的團隊今年正在努力執行並以勢頭結束，這將加強我們在 2023 年和長期加速增長的地位。我們知道端點是什麼，我們相信我們是實現它的最佳公司。

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

有了這個，我們現在將打開它來提問。操作員？

(Operator Instructions) We take our first question from Tejas Savant from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Tejas Savant。

Serge, maybe to kick things off on Chromium, can you share some color on where you stand in terms of the upgrade cycle for your base controller users? And then have you seen utilization of customers who upgraded to the X or the iX earlier in the cycle start to trend up here? And then any color you can share on the halo user ordering trends as well would be helpful.

Serge，也許是為了在 Chromium 上開始工作，您能否分享一下您在基本控制器用戶的升級週期方面的立場？然後您是否看到在周期早期升級到 X 或 iX 的客戶的利用率開始出現上升趨勢？然後，您可以在光環用戶訂購趨勢上分享的任何顏色也會有所幫助。

Yes. So in terms of the X upgrade cycle, so we're in the early stages of that. As we said before, when we first introduced the X, it was really aimed at the top -- like top end, top tier, top 10% maybe or so of our customers who are interested in sort of the leading edge of single cell analysis, doing things at high throughput. We have since learned there's more interest across our customer base, and a lot of new customers have been onboarding with the X.

是的。所以就 X 升級週期而言，我們正處於早期階段。正如我們之前所說，當我們第一次推出 X 時，它真的是針對高端客戶——比如高端、頂級、前 10% 左右的客戶，他們對單細胞分析的前沿感興趣，以高吞吐量做事。從那以後，我們了解到我們的客戶群對我們的興趣越來越大，許多新客戶已經開始使用 X。

Since kind of later in the quarter and especially this quarter, we announced that Fixed RNA Profiling is going to be available specifically on the X. That has spurred kind of more interest in upgrade across our entire customer base. It's still quite early, I would say, but it's a meaningful trajectory to go in that direction, especially as we head further into this quarter. The -- what was the second question?

自本季度晚些時候，尤其是本季度以來，我們宣布將專門在 X 上提供固定 RNA 分析。這激發了我們整個客戶群對升級的更多興趣。我想說，現在還為時尚早，但朝著這個方向發展是一個有意義的軌跡，尤其是當我們進一步進入本季度時。第二個問題是什麼？

It was on utilization for customers who upgraded earlier.

它適用於較早升級的客戶。

Yes. So it's too early to tell at this stage. I mean certainly, the people who are interested in the X in the first place would tend to be earlier customers. And so they would naturally kind of have higher usage patterns to begin with. So at this stage, it's too early for us to kind of place a precise estimate of the usage patterns and to differentiate between kind of the selection versus the actual sort of usage of these. And -- but directionally, it's kind of -- it's trending in the right direction.

是的。因此，現階段下結論還為時過早。我的意思是，首先對 X 感興趣的人往往是較早的客戶。所以他們自然會有更高的使用模式開始。所以在這個階段，我們現在對使用模式進行精確估計並區分選擇的種類和這些的實際使用類型還為時過早。而且——但在方向上，它有點——它正朝著正確的方向發展。

And as far as halo and instrument owners is concerned, this dynamic is not really materially changed from what we've seen before. It's still early to say, given all the sort of noise in the last quarter. But having said that, we're always driving new instrument placements. That has been our focus. And the key thing -- and this has been very consistent that we see, and the key thing is that instrument owners keep doing well. They keep increasing their usage. They keep adding -- scaling up their experiments.

就光環和樂器所有者而言，這種動態與我們之前看到的並沒有真正的實質性變化。鑑於上個季度的各種噪音，現在說還為時過早。但話雖如此，我們一直在推動新的樂器放置。這一直是我們的重點。關鍵是我們看到的非常一致，關鍵是樂器所有者一直做得很好。他們不斷增加使用量。他們不斷增加——擴大他們的實驗。

And that pattern has been consistent across the years and continues to be the case. And so certainly, our goal is to keep adding instrument, making instruments, adding more -- selling more instruments to existing customers, whether they're halos or not, and also driving new people into the ecosystem with instruments.

多年來，這種模式一直保持一致，並將繼續如此。因此，當然，我們的目標是不斷增加樂器，製造樂器，增加更多——向現有客戶銷售更多樂器，無論他們是否是光環，並通過樂器將新人帶入生態系統。

Got it. That's helpful. And Justin, just a quick follow-up for you on the guide. I think I heard you say the lockdowns in China are expected to end in May. So is it safe to assume that you're expecting a full recovery to normalize activity in China in the back half of the year? Or are you assuming a more conservative sort of slope of the recovery there?

知道了。這很有幫助。賈斯汀，只是在指南上為您提供的快速跟進。我想我聽到你說中國的封鎖預計將在五月結束。那麼，假設您預計中國經濟活動將在下半年全面復甦，這是否安全？還是您假設那裡的複蘇斜率更保守？

We're expecting this to normalize in the back half of the year. And just for reference, China was about 18% of our revenue in Q1, about 15% of our revenue last year for the full year. And really the biggest impact that we're seeing right now is in Shanghai and the surrounding area, and that's -- 30% to 40% of our revenue in China is in that area. And so there has been an impact in Q2, and we are expecting it to start lifting here later in this month, and we are expecting it to normalize in Q3 and Q4.

我們預計這將在今年下半年正常化。僅供參考，中國在第一季度約占我們收入的 18%，約占我們去年全年收入的 15%。實際上，我們現在看到的最大影響是在上海及周邊地區，我們在中國的收入的 30% 到 40% 都在該地區。因此，第二季度產生了影響，我們預計它會在本月晚些時候開始上升，我們預計它會在第三季度和第四季度恢復正常。

We take our next question from Dan Brennan from Cowen.

我們從 Cowen 的 Dan Brennan 那裡得到下一個問題。

Maybe the first one just on the updated guide or some color that you provided. So it seems like, Justin, so if typically it's 40%-60%, but maybe a little bit below that, so if we say like 39% to 40%, it seems like Q2 is somewhere in the $110 million to $135 million range, which would imply a pretty good ramp, even a bigger ramp in the back half of the year.

也許是更新指南中的第一個或您提供的某種顏色。所以看起來，賈斯汀，所以如果通常是 40%-60%，但可能略低於這個，所以如果我們說 39% 到 40%，那麼第二季度似乎在 1.1 億美元到 1.35 億美元之間，這意味著一個相當不錯的坡道，甚至在今年下半年有一個更大的坡道。

So maybe on that back half year, could you just give us a sense of how we think about the impact from some of the new products, Chromium X and kind of the fixed kit and the nuclei kit? And then just to be clear, I guess, the HD product, that's not going to impact '22, right? That's going to be all in '23? And then I have a follow-up.

那麼，也許在後半年，您能否讓我們了解一下我們如何看待一些新產品、Chromium X 以及固定套件和核套件的影響？然後澄清一下，我猜，高清產品不會影響 22 年，對吧？ 23年就這樣了？然後我有一個跟進。

Yes. So I'll start and then, Serge, you can add some color. But as far as looking at the first half of the year compared to the back half of the year, we have some specific headwinds that have impacted us both in Q1 and in Q2. So as we head into the second half of the year, we're largely expecting those to go away.

是的。所以我會開始，然後，Serge，你可以添加一些顏色。但就今年上半年與下半年相比而言，我們在第一季度和第二季度都有一些特定的不利因素影響了我們。因此，當我們進入下半年時，我們在很大程度上預計這些會消失。

And then typically, with new product launches, for any one product in the quarter that it launches, we don't expect a huge impact to revenue. But we have multiple new product launches that are going on throughout this year. And we have newly introduced products as well that have been picking up traction over this year. And so all of those point to and support this acceleration in Q3 and Q4.

然後通常，隨著新產品的推出，對於它推出的季度中的任何一種產品，我們預計不會對收入產生巨大影響。但我們今年全年都會推出多個新產品。我們還推出了新推出的產品，這些產品在今年開始受到關注。因此，所有這些都指向並支持第三季度和第四季度的這種加速。

Great. Okay. Maybe then just on the new products then, just a little more color. So just on X, Serge, you talked about initially thinking 10% of the customers might want it. It sounds like it's a bigger percentage today. Maybe could you just speak to just -- is it, I presume, just kind of the core labs that are adopting that? Is that appealing more to pharma? Just how much bigger than that 10%? Maybe if you can give us a sense.

偉大的。好的。或許那時只是在新產品上的話，只是多了一點顏色而已。所以就在 X 上，Serge，你談到最初認為 10% 的客戶可能想要它。聽起來今天的百分比更大。也許你能談談——我想，是不是那種正在採用這種方法的核心實驗室？這對製藥公司更有吸引力嗎？比那 10% 大多少？也許如果你能給我們一個感覺。

And then b, the fixed kit and the nuclei kit, the decision to roll out the fixed kit only on the X., presumably, a lot of smaller researchers might want that ability to do their fixing, too, so why not broaden it out, I guess? And any color on how those kits might appeal to open up biopharma more whether this year or going forward?

然後 b，固定套件和核套件，決定僅在 X 上推出固定套件。據推測，許多較小的研究人員可能也希望這種能力來進行他們的修復，所以為什麼不擴大它， 我猜？無論是今年還是未來，這些試劑盒如何吸引更多開放生物製藥的任何顏色？

Yes. So on the first question, like the short answer is like every customer, in terms of Chromium X, where we see it going now. And remember, we have the X and we have the iX, which is kind of coming into a somewhat lower price point. And yes, initially, the interest was from the top tier of customers, but we saw kind of, in the second half of last year, really the interest has been across the board. Sure, the core labs are sort of natural purchasers as well as people on the forefront of single cell research.

是的。所以在第一個問題上，簡短的回答就像每個客戶一樣，就 Chromium X 而言，我們現在看到了它的發展方向。請記住，我們有 X 和 iX，它們的價格有點低。是的，最初，興趣來自頂級客戶，但我們看到，在去年下半年，真正的興趣是全面的。當然，核心實驗室是自然購買者以及處於單細胞研究前沿的人。

But we've seen new customers coming in, kind of almost by default, if they have funds, certainly going for the X. And for sure, when we look at biotech and pharma, that's where the demand has been very much focused on the X series. So that's why kind of as we kind of look around, we do -- we definitely see it being applicable kind of in a very broad fashion. It is -- there's a lot of sort of improvements under the hood in the instrument itself.

但是我們已經看到新客戶進來了，幾乎是默認情況下，如果他們有資金，肯定會選擇 X。當然，當我們看生物技術和製藥時，這就是需求非常關注的地方X系列。所以這就是為什麼當我們環顧四周時，我們會這樣做——我們肯定會看到它以一種非常廣泛的方式適用。它是——在儀器本身的引擎蓋下有很多改進。

And so ultimately, as we think about where kind of the world is going and where we want our customers to be, where the customers themselves want to be is just better for everyone [no longer on] to convert to this new technology. And so that was a big part of our thinking and a big part of why really Fixed RNA Profiling is also only compatible with the X. We do see the X, especially the iX, being very broadly adopted kind of across the board.

因此，最終，當我們考慮世界將走向何方以及我們希望我們的客戶在哪裡時，客戶自己想要成為的地方對每個人[不再]轉換為這項新技術更好。所以這是我們思考的一個重要部分，也是為什麼真正的固定 RNA 分析也只與 X 兼容的一個重要部分。我們確實看到 X，尤其是 iX，被廣泛採用。

If it's possible, one last one in. Just in terms of HD and Xenium, you talked about the profile of Xenium being superior to what's on the market and how well Visium is doing. I don't know if you framed this in the past. But if we think about the aggregate opportunity for HD and Visium versus your core Visium product, how do we think about like the relative opportunity set? Is it -- just any way to help frame that? I know you're not breaking these numbers out within the model today, but just at least on a relative basis, when we think about the magnitude?

如果可能的話，最後一個。就高清和 Xenium 而言，您談到 Xenium 的概況優於市場上的產品以及 Visium 的表現如何。不知道你以前有沒有畫過這個。但是，如果我們考慮 HD 和 Visium 與核心 Visium 產品的總體機會，我們如何考慮相對機會集？是不是——有什麼方法可以幫助構建它？我知道你今天沒有在模型中打破這些數字，但至少在相對基礎上，當我們考慮規模時？

Yes. I mean directionally, like our feeling at this point is like Visium HD relative to the standard Visium has a much higher potential, like a multiplicative potential as we think into the future. And Xenium, we feel very strongly about its potential, especially when we think about the long term. I mean they're are somewhat different use cases, and I think they're going to be largely complementary. I think both HD and Xenium are substantially higher opportunities than what we are currently seeing with the standard resolution Visium.

是的。我的意思是方向性的，就像我們在這一點上的感覺一樣，Visium HD 相對於標準 Visium 具有更高的潛力，就像我們對未來的思考一樣具有倍增潛力。 Xenium，我們對它的潛力感到非常強烈，特別是當我們考慮長期時。我的意思是它們是有些不同的用例，我認為它們將在很大程度上互補。我認為 HD 和 Xenium 比我們目前看到的標準分辨率 Visium 的機會要高得多。

We take our next question from Derik De Bruin from Bank of America.

我們的下一個問題來自美國銀行的 Derik De Bruin。

Great. This is Mike Ryskin on for Derik. I want to follow up on the Xenium. You commented a couple of times you're expecting to ship it by the end of this year. I think you're not quite at the point yet where you're taking orders? Or maybe if you are, could you give us a sense of when you anticipate to start to build that order flow, that order funnel?

偉大的。這是 Derik 的 Mike Ryskin。我想跟進 Xenium。你評論了幾次你希望在今年年底前發貨。我想你還沒到接單的地步？或者，如果您是，您能否告訴我們您預計何時開始構建該訂單流、該訂單漏斗？

And any expectations you can have for -- you get [relay] about how many placements you expect in year 1? Sort of is it going to be a little bit of a slower launch because it is a little bit different? Sort of what customers are you targeting with initially? Just any more color on that initial ramp?

你有什麼期望——你會得到[接力]你期望在第一年有多少個展示位置？是不是因為有點不同，所以啟動速度會有點慢？您最初的目標客戶是什麼？初始坡道上還有更多顏色嗎？

Yes. So we're not taking orders yet, although we've had a lot of discussions and engagements with our customers around it. And the interest, as we said, is very strong. And so there's a lot of kind of very nice pipeline of customers that's forming. As far as kind of the numbers that we expect to put out there, I mean, our focus is going to be on customer experience pretty. So that's going to determine more than anything else the numbers that we're going to be shipping. That's going to be the focus for the first couple of years of being in the market.

是的。所以我們還沒有接受訂單，儘管我們已經與我們的客戶進行了很多討論和接觸。正如我們所說，人們的興趣非常強烈。所以有很多非常好的客戶渠道正在形成。至於我們期望在那裡發布的數字，我的意思是，我們的重點將放在客戶體驗上。因此，這將比其他任何事情都更能確定我們將要運送的數字。這將成為進入市場前幾年的重點。

From the perspective of demand, it looks incredibly encouraging at this stage. And as we kind of project to what people are interested in doing near term and in the medium term and the long term, I think the trajectory of this platform is looking incredibly strong.

從需求的角度來看，現階段看起來非常令人鼓舞。隨著我們對人們近期、中期和長期感興趣的事情進行規劃，我認為這個平台的發展軌跡看起來非常強勁。

And anything you can disclose in terms of the financial, the ASP, the gross -- the margin profile, anything like that?

以及您可以披露的有關財務、平均售價、毛利率、利潤率等方面的任何信息？

Yes. We haven't disclosed the exact pricing on that. These earlier placements, they are going to be lower margin. It's a complicated instrument. It's going to be higher touch. As far as the quantity, the focus initially is not going to be on quantity. It's going to be on customer success. And so when looking at the financials, I expect a low financial contribution this year just due to what the initial focus is going to be.

是的。我們還沒有透露確切的定價。這些較早的展示位置，它們將是較低的利潤。這是一個複雜的樂器。這將是更高的觸摸。就數量而言，最初的重點不會放在數量上。這將取決於客戶的成功。因此，在查看財務數據時，我預計今年的財務貢獻會很低，這僅僅是因為最初的重點是什麼。

Okay. And Justin, if I can squeeze in a follow-up, what you disclosed in the prepared remarks regarding the issue in Europe, I was wondering if you could go into a little bit more detail on that. How do you know there's not going to be any lingering impact? Could you give us a sense for the scale of it? Are you sure that these customers are going to be fully able to recover it? Just sort of walk us through exactly what happened there? And was it on the [QSEC] side on your front or someone in the shipping? Just if you could provide more color on that, that would be helpful.

好的。賈斯汀，如果我可以跟進，你在準備好的關於歐洲問題的評論中披露了什麼，我想知道你是否可以更詳細地介紹一下。你怎麼知道不會有任何揮之不去的影響？你能告訴我們它的規模嗎？您確定這些客戶將完全能夠恢復它嗎？只是帶我們了解那裡到底發生了什麼？它是在您前面的 [QSEC] 一側還是在運輸中的某個人？如果你能提供更多的顏色，那會很有幫助。

Yes. So this was a very complex and intermittent issue, really a multivariable problem to figure out. But our products need to be shipped in a temperature-controlled environment. So that's both while it's in transit and when it's being stored. And so we found that, in part, due to pressures on the overall global supply chain that includes increased delays and then also some processes on our side, along with our partners, that needed to be tightened up operationally.

是的。所以這是一個非常複雜和間歇性的問題，確實是一個需要解決的多變量問題。但是我們的產品需要在溫度可控的環境中運輸。因此，無論是在運輸過程中還是在存儲過程中。因此，我們發現，部分原因是由於整個全球供應鏈面臨的壓力，包括延遲增加，以及我們與合作夥伴一起的一些流程，需要在運營上加強。

What this led to was shipments sporadically falling out of those temperature-controlled ranges. And then when they got to the customer, it wasn't apparent to the customer that the product has spoiled until they actually ran the experiment.

這導致出貨量偶爾超出這些溫度控制範圍。然後當他們到達客戶那裡時，直到他們實際進行實驗，客戶才發現產品已經變質了。

And so when we looked at this and troubleshot it and got to the root cause, we implemented some additional safeguards, both to improve the monitoring ability for the shipments in transit and in storage and then our processes and quarantine procedures when we detect that, that product has fallen out of the temperature-controlled ranges.

因此，當我們查看此問題並對其進行故障排除並找到根本原因時，我們實施了一些額外的保護措施，以提高對運輸和存儲貨物的監控能力，然後是我們的流程和檢疫程序，當我們檢測到這一點時，產品已超出溫度控制範圍。

And then when we look at the impact, the number -- the amount of products replaced was relatively small. We're talking a couple of million dollars in Q1, about a couple of million dollars planned and executed already in Q2. But the bigger impact was while we were troubleshooting with these customers, they stopped -- there was a delay in ordering while they worked through the troubleshooting, get to the root cause. And then we ship them the replacement, and then they do the experiment again with the replacement. And so really those are the key impacts there.

然後當我們查看影響時，數量 - 更換的產品數量相對較小。我們說的是第一季度的幾百萬美元，第二季度已經計劃和執行了大約幾百萬美元。但更大的影響是，當我們與這些客戶進行故障排除時，他們停止了——在他們完成故障排除、找到根本原因時，訂購出現延遲。然後我們將替換件寄給他們，然後他們用替換件再次進行實驗。這些確實是那裡的關鍵影響。

The next question comes from Julia Qin from JPMorgan.

下一個問題來自摩根大通的 Julia Qin。

So first, I have a follow-up on the Chromium X, iX upgrade cycle. Can you maybe give an update on the current placement mix between existing and new to 10x users? And then over what time frame do you expect the majority of your Chromium users to upgrade to the X and iX? And do you think that the Fixed RNA Profiling kit, is that enough to lift near-term bottleneck? Or are there other remaining bottlenecks that you are hoping to address with addition?

因此，首先，我對 Chromium X、iX 升級週期進行了跟進。您能否提供有關現有和新到 10 倍用戶之間的當前展示位置組合的最新信息？然後，您希望大多數 Chromium 用戶在多長時間內升級到 X 和 iX？您認為 Fixed RNA Profiling 試劑盒是否足以解除近期的瓶頸？還是您希望通過添加來解決其他剩餘的瓶頸？

So in terms of the mix, so far, the mix has been roughly similar like 50-50 to the new and existing customers for the X. And that has started to shift, obviously, because of the Fixed RNA Profiling kit. And I think that's going to -- like I said, it's going to drive quite a bit of this placement cycle.

因此，就組合而言，到目前為止，X 的新客戶和現有客戶的組合大致相似，約為 50-50。顯然，由於固定 RNA 分析試劑盒，這種情況已經開始發生變化。而且我認為這將會——就像我說的那樣，它將推動這個安置週期的很大一部分。

It's a little hard to predict at this stage, it's too early how long it will take to get the majority of the customer base to switch. We'll have to kind of see how the next couple of quarters proceed. But we feel -- based on the initial interest and fixation, and ultimately, high throughput that I think it's going to be a fairly rapid cycle to get to that point.

在這個階段有點難以預測，讓大多數客戶群轉換需要多長時間還為時過早。我們將不得不看看接下來的幾個季度如何進行。但我們覺得——基於最初的興趣和固定，以及最終的高通量，我認為這將是一個相當快的周期來達到這一點。

As far as removing bottlenecks, I think fixed RNA Profiling is going to be one -- certainly one big enabler. As I mentioned, the nuclei kit is another enabler, in fact, to kind of remove the bottlenecks. We do have other solutions or approaches that we're working on. We have always been working, whether it's developing new protocols, sharing protocols or new products. So it's not going to be necessarily really every bottleneck that our customers have, but it will certainly be a big enabler at this stage.

就消除瓶頸而言，我認為固定的 RNA 分析將成為一個——當然是一個重要的推動者。正如我所提到的，核心套件是另一個推動因素，事實上，它可以消除瓶頸。我們確實有其他正在研究的解決方案或方法。我們一直在努力，無論是開發新協議、共享協議還是新產品。因此，它不一定是我們客戶遇到的每一個瓶頸，但它肯定會成為現階段的一大推動力。

Got it. That's helpful. And then in terms of converting the halo users, do you think that the pandemic impact has been the main hurdle in terms of helping these customers ramp? And is your current upcoming new offerings enough to convert them? Or do you think it would take some other initiatives to convert these halo users?

知道了。這很有幫助。然後在轉換光環用戶方面，你認為大流行的影響是否是幫助這些客戶增加的主要障礙？您當前即將推出的新產品是否足以轉換它們？或者您認為轉換這些光環用戶需要採取其他措施嗎？

So we've always been focused on placing more instruments, and we're going to keep doing that. As far as -- there's -- it's hard to question the sort of the notion that the pandemic has made it more challenging for them. I think that will certainly help. I think new product capabilities will help customers scale up as well, like the ones we were just talking about. And it's our goal to keep it doing.

所以我們一直專注於放置更多的樂器，我們將繼續這樣做。就 - 有 - 很難質疑這種流行病使他們更具挑戰性的概念。我認為這肯定會有所幫助。我認為新產品功能也將幫助客戶擴大規模，就像我們剛剛談論的那樣。我們的目標是保持這種狀態。

The other big thing here, too, is that just having our salespeople, our commercial team on site is something that has been missing for a while and is now that we have people on site that can actually engage with customers and help them scale up. And I think that's another sort of accelerant that we anticipate to be meaningful going forward.

這裡的另一件大事也是，只有我們的銷售人員，我們的現場商業團隊已經缺失了一段時間，現在我們的現場人員可以真正與客戶互動並幫助他們擴大規模。我認為這是我們預計未來有意義的另一種促進劑。

Right. Last one from me on Xenium. So I understand the initial launch menu is going to be 400 plex with a path to 1,000 plex over time. Are you able to specify like over what time frame are you -- you can get to that higher plex menu. And do you think that 400 plex is enough to get you initial traction because the system is positioned more for validation and not for discovery? Just any color on that?

正確的。我在 Xenium 上的最後一篇。因此，我了解初始啟動菜單將是 400 plex，並且隨著時間的推移會達到 1,000 plex。您是否能夠指定您在什麼時間範圍內 - 您可以進入更高的 plex 菜單。您是否認為 400 plex 足以讓您獲得最初的牽引力，因為該系統更多地用於驗證而不是用於發現？上面有顏色嗎？

Yes. So we haven't talked about the time line to get to other plex levels. But we do feel pretty strongly that having the right genes in this panel is really important. So all the current platforms that exist out there will be used for validation. And what is necessary -- and having a slightly higher plex level is actually not going to help you nearly as much as having the right genes in your panel.

是的。因此，我們還沒有討論到達其他 plex 級別的時間線。但我們確實非常強烈地認為，在這個小組中擁有正確的基因非常重要。因此，現有的所有當前平台都將用於驗證。什麼是必要的——並且具有稍高的叢水平實際上不會像在您的面板中擁有正確的基因那樣幫助您。

And we're focused on making sure we have the right kinds of panels for the right tissue. And this is where also it helps us quite a bit to have kind of close relationship with our customers and also having a lot of internal expertise that has derived from our Chromium and Visium experience to put those together.

我們專注於確保我們為正確的組織提供正確類型的面板。這也是幫助我們與客戶建立密切關係的地方，並且還擁有從我們的 Chromium 和 Visium 經驗中獲得的大量內部專業知識，將它們組合在一起。

We take our next question from Patrick Donnelly from Citi.

我們從花旗的帕特里克·唐納利那裡得到下一個問題。

Justin, when you talked about the potential near-term impacts looking at 2Q, you mentioned COVID still lingering. Can you just talk about, I guess, what you're seeing on that front, what the customer activity looks like? I assume it's lower on the totem pole of headwinds versus the cold chain logistics in China, but you did call it out. So I just wanted to check on that and hear what you're seeing in the field.

賈斯汀，當你談到對第二季度的潛在近期影響時，你提到 COVID 仍然揮之不去。你能談談，我猜，你在這方面看到了什麼，客戶活動是什麼樣的？我認為與中國的冷鏈物流相比，逆風的圖騰柱要低，但你確實說出來了。所以我只是想檢查一下，聽聽你在現場看到了什麼。

So as far as impacts for Q2, we talked about [LVR]. That's a headwind in both Q1 and Q2, specifically in Europe. And then as far as COVID impacts from Q1 to Q2, really in Q1, that was AMR and EMEA impact. In Q2, it's the China lockdowns that are the primary impact there.

因此，就第二季度的影響而言，我們談到了 [LVR]。這對第一季度和第二季度都是不利的，特別是在歐洲。然後就第一季度到第二季度的 COVID 影響，實際上是在第一季度，這是 AMR 和 EMEA 的影響。在第二季度，中國的封鎖是那裡的主要影響。

And then just overall, as we've talked about over time, the second order impacts, which are really not having to do with closures or shutdowns, but it's more just impact on growth rates due to people not being in person, manpower, supplies, things like that. But generally, we have seen improvements there. Like we were back in person when we were looking at mid-March. And so that has been improving. But again, it's more of an impact on growth rate than it is on the current state.

然後總體而言，正如我們隨著時間的推移所討論的那樣，二階影響，實際上與關閉或關閉無關，但由於人們不在現場，人力，供應更多的是對增長率的影響， 像這樣的東西。但總的來說，我們已經看到了那裡的改進。就像我們在 3 月中旬時親自回來一樣。所以這一直在改善。但同樣，它對增長率的影響比對當前狀態的影響更大。

Yes. And maybe I'll add here too is, like, I mean, one of the big things that has been happening literally over the last 2 months, less than that, is like we see people are back in-person at conferences. This -- again, this has not existed before, and there is this whole sort of almost fervent of activity that we're seeing happening with customers and now with our field teams as well. Now they can interact with people and kind of initiate, kind of pick up on projects that have been laying dormant for a while or, and this is important, like initiate new projects.

是的。也許我還要在這裡補充一下，就像，我的意思是，在過去 2 個月裡真正發生的一件大事，比這要少，就像我們看到人們回到會議現場一樣。這——再一次，這在以前是不存在的，我們看到這種幾乎是狂熱的活動發生在客戶身上，現在也發生在我們的現場團隊中。現在，他們可以與人互動並發起某種形式的啟動，某種程度的了解已經休眠了一段時間的項目，或者這很重要，例如啟動新項目。

Again, this is something that has been more challenging kind of to do over the last 2 years as people have dealt with various types of impacts. And now it seems like this has got more momentum at least based on our interactions, our fields teams kind of being out there interacting with customers and also them interacting with each other. So there's sort of this kind of -- that has been a challenge, and that has been -- we expect that to start kind of abating as we go into the second half of the year.

同樣，在過去 2 年中，隨著人們應對各種類型的影響，這也是一項更具挑戰性的工作。現在看來，至少基於我們的互動，這似乎有了更大的動力，我們的現場團隊有點在外面與客戶互動，他們也相互互動。所以有這樣的 - 這一直是一個挑戰，而且一直 - 我們預計隨著我們進入下半年，這種情況會開始減弱。

Okay. That's helpful, Serge. And then, Justin, maybe just one on the margins. You mentioned margins, the product mix brought it down a little bit. I assume cold chain stuff didn't help. I guess as you look kind of in the balance of the year and even more in the midterm, you've talked about some of the new products being a little lower gross margin. What's the right way to think about the margin profile as we progress this year and then even in a kind of steady state for the company?

好的。這很有幫助，塞爾吉。然後，賈斯汀，也許只是邊緣的一個。你提到了利潤率，產品組合使它下降了一點。我認為冷鏈的東西沒有幫助。我猜你看起來在今年的餘額中，甚至在中期，你已經談到了一些新產品的毛利率略低。隨著我們今年的發展，甚至公司處於某種穩定狀態，如何看待利潤率狀況的正確方法是什麼？

So as far as gross margins, we are expecting it to trend lower this year, not by a significant amount. Some of the increases that we've seen on material costs and supply chain costs are already in the Q1 results, but there still remains additional risk for the factors that we've called out before, just increased raw material costs, increased logistics costs as well.

因此，就毛利率而言，我們預計今年將趨於下降，而不是大幅下降。我們在材料成本和供應鏈成本方面看到的一些增長已經在第一季度的結果中，但我們之前提到的因素仍然存在額外的風險，只是原材料成本增加，物流成本增加出色地。

And then as far as product mix, that's a big driver as well. We've talked in the past about our newly introduced products and products that we have in the pipeline having a lower gross margin than existing products. This is true with the Chromium X and iX. It will be true with Xenium when it launches as well. And so really, those are the biggest factors on gross margin.

然後就產品組合而言，這也是一個很大的驅動力。我們過去曾討論過我們新推出的產品和我們正在籌備中的產品，它們的毛利率低於現有產品。 Chromium X 和 iX 也是如此。 Xenium 發佈時也是如此。真的，這些是毛利率的最大因素。

We take our next question from Matt Larew from William Blair.

我們從威廉布萊爾的馬特拉魯那裡提出下一個問題。

A couple on HD. Perhaps I missed it, but I know last quarter, you mentioned HD was expected to launch at the end of 2022. So is that still on track? And I think last quarter, you had also mentioned that you received -- sort of folks that were waiting for HD that maybe that was putting some pressure on Visium demand. So I just wonder how that has trended throughout the quarter as well.

高清一對。也許我錯過了，但我知道上個季度，你提到 HD 預計將在 2022 年底推出。那麼這是否仍在進行中？而且我認為上個季度，您還提到您收到了一些等待高清的人，這可能對 Visium 的需求造成了一些壓力。所以我只是想知道整個季度的趨勢如何。

Yes. So we don't have an update on the timing, still working towards launching at the end of the year. And on the second question, yes, for sure, there definitely has been an effect. We've been seeing customers are waiting for HD.

是的。所以我們沒有關於時間的更新，仍在努力爭取在年底推出。關於第二個問題，是的，當然，肯定有效果。我們已經看到客戶正在等待高清。

I mean there's definitely a lot of customers that are jumping in and doing the standard definition Visium and getting great results and great data and ramping up. But certainly, more and more people are kind of -- really kind of looking forward to HD. And yes, there's certainly likely to be some amount of stalling of standard Visium at this stage.

我的意思是肯定有很多客戶加入並使用標准定義的 Visium 並獲得了很好的結果和大量的數據並不斷增加。但可以肯定的是，越來越多的人有點——真的有點期待高清。是的，現階段標準 Visium 肯定會出現一定程度的停滯。

Okay. And then, Justin, actually just thinking about the, I guess, SG&A in particular. Obviously, it's another big year for hiring, SG&A, but it's maybe a little later of what we thought it'd be in the quarter. Are you having difficulty filling any roles? Or is that maybe just kind of in line with kind of a typical step down? How we should think about SG&A building throughout the year?

好的。然後，賈斯汀，實際上只是想著，我猜，特別是 SG&A。顯然，這是招聘 SG&A 的又一個重要年份，但這可能比我們認為的本季度要晚一些。您在擔任任何角色時遇到困難嗎？或者這可能只是一種典型的下台方式？我們應該如何看待全年的 SG&A 建設？

As far as if we just look at the sales and marketing piece, we expect to hire over 100 folks in sales and marketing this year. And so that has been tracking along pretty well, just looking at how we've been able to grow from Q4 into Q1.

就銷售和營銷部分而言，我們預計今年將僱用 100 多名銷售和營銷人員。所以這一直很好，只要看看我們是如何從第四季度增長到第一季度的。

SG&A overall, obviously, a much smaller amount of hires in G&A. But even though we are growing quite rapidly in SG&A overall, like we have been able to -- we have been able to find folks and hiring there. R&D is really the hardest area that we found to hire in overall.

顯然，總體而言，SG&A 招聘的人數要少得多。但是，儘管我們在 SG&A 方面的整體增長非常迅速，就像我們能夠做到的那樣——我們已經能夠在那裡找到人才並招聘。研發確實是我們發現總體上最難招聘的領域。

The next question comes from Matt Sykes from Goldman Sachs.

下一個問題來自高盛的 Matt Sykes。

Maybe just following up on Matt's last question. Just for overall OpEx trends as we think about over the course of the year, just given the number of product launches you're getting through this year in terms of R&D trends over the course of this year and maybe into next, like how are you thinking about the OpEx cadence over the course of this year?

也許只是跟進馬特的最後一個問題。僅針對我們在這一年中考慮的整體運營支出趨勢，僅考慮到您今年在研發趨勢方面所經歷的產品發布數量，以及可能進入明年的產品發布數量，例如您好嗎考慮今年的運營支出節奏？

So this year, in particular, we're building ahead for the Xenium launch. And so on the sales and marketing side, we're starting to hire those support staff now. So you're seeing increases now that were really for the -- towards the end of the year. And then the heads that we hire towards the end of the year, I'd really think about those as enabling 2023. So there definitely is a hire-ahead impact for sales and marketing in particular.

因此，特別是今年，我們正在為 Xenium 的發布做準備。在銷售和營銷方面，我們現在開始僱傭那些支持人員。因此，您現在看到的增長實際上是在接近年底的時候。然後是我們在今年年底招聘的負責人，我真的認為他們可以在 2023 年實現。因此，特別是對銷售和營銷肯定會產生提前招聘的影響。

Got it. And then, Serge, maybe a big picture question for you. You've talked in the past about the potential complementary nature of having the 3 platforms on Xenium launches. As you think about longer term, with Xenium in the market, do you think that could help reinvigorate or reaccelerate growth in particularly Visium or any other platforms as customers kind of see the entire ecosystem?

知道了。然後，Serge，也許對你來說是一個大問題。您過去曾談到在 Xenium 發佈時擁有 3 個平台的潛在互補性。從長遠來看，隨著 Xenium 在市場上的出現，您是否認為這有助於重振或重新加速 Visium 或任何其他平台的增長，因為客戶可以看到整個生態系統？

Well, so yes, I see it's definitely synergistic. And I think it goes both ways kind of relationship between the platforms. And again, Chromium, Visium exist on the discovery side of the world much more so, and Xenium is going to exist on the validation side. And certainly, like I said on the call, Xenium naturally -- like -- basically -- just about every paper you see now within tissues makes use of Chromium and Visium data.

嗯，所以是的，我看到它絕對是協同的。而且我認為它是平台之間的雙向關係。再一次，Chromium、Visium 更多地存在於世界的發現方面，而 Xenium 將存在於驗證方面。當然，就像我在電話會議上所說的那樣，Xenium 自然——就像——基本上——幾乎你現在在組織中看到的每篇論文都使用了 Chromium 和 Visium 數據。

And so as people kind of are pushing towards Xenium and doing these tissue experiments, there's a natural -- there's going to be a natural use cases to also draw in and run Chromium and Visium experiments to kind of map things out and discover the right markers, the right cells and cell types.

因此，當人們正在推動 Xenium 並進行這些組織實驗時，自然會有一個自然的用例來引入和運行 Chromium 和 Visium 實驗，以繪製出地圖並發現正確的標記，正確的細胞和細胞類型。

So we do see both of those kind of -- all the different platforms are actually kind of pushing each other. I also kind of want to emphasize the customer experience, again, from the same perspective, given that so much of the use -- integrate actually makes use of all these data types together that having a single customer experience is going to be quite important and valuable to customers as they go back and forth between the platforms.

所以我們確實看到了這兩種——所有不同的平台實際上都在相互推動。我還想再次強調客戶體驗，從同樣的角度來看，考慮到如此多的使用——集成實際上將所有這些數據類型一起使用，因此擁有單一的客戶體驗將非常重要，而且當客戶在平台之間來回移動時，對他們來說很有價值。

This now concludes the Q&A session and thus concludes the call for today. Thank you all for joining. Please disconnect your lines now.

現在結束問答環節，從而結束今天的電話會議。謝謝大家的加入。請立即斷開您的線路。