Waters Corp (WAT) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Waters Corporation third quarter 2024 financial results conference call. (Operator instructions) This call is being recorded. If anyone has objections, please disconnect at this time.

早安，歡迎參加沃特世公司 2024 年第三季財務業績電話會議。 （接線生說明）此通話正在錄音。如果有人有異議，請此時斷開連接。

It is now my pleasure to turn the call over to Mr. Caspar Tudor, Head of Investor Relations. Please go ahead, sir.

現在我很高興將電話轉給投資者關係主管卡斯帕·圖多爾 (Caspar Tudor) 先生。請繼續，先生。

Thank you, Julie. Good morning, everyone and welcome to the Waters Corporation third quarter earnings call. Today, I'm joined by Dr. Udit Batra, Waters President and Chief Executive Officer; and Amol Chaubal, Waters Senior Vice President and Chief Financial Officer.

謝謝你，朱莉。大家早安，歡迎參加沃特世公司第三季財報電話會議。今天，沃特世總裁兼執行長烏迪特·巴特拉 (Udit Batra) 博士也加入了我的行列。沃特世資深副總裁兼財務長 Amol Chaubal。

Before we begin, I will cover the cautionary language. In this conference call, we will make various forward-looking statements regarding future events or future financial performance of the company. We will provide guidance regarding possible future results as well as commentary on potential market and business conditions that may impact Waters Corporation over the fourth quarter of 2024, full year 2024 and 2025.

在我們開始之前，我將介紹警告性語言。在本次電話會議中，我們將就公司未來事件或未來財務表現做出各種前瞻性陳述。我們將提供有關未來可能結果的指導，以及對 2024 年第四季、2024 年全年和 2025 年可能影響沃特世公司的潛在市場和業務狀況的評論。

These statements are only our present expectations and actual events or results may differ materially. Please see the risk factors included within our Form 10-K, our Form 10-Qs and the cautionary language included in this morning's earnings release.

這些陳述只是我們目前的期望，實際事件或結果可能有重大差異。請參閱我們的表格 10-K、表格 10-Q 中包含的風險因素以及今天早上的收益發布中包含的警示性語言。

During today's call, we will refer to certain non-GAAP financial measures, reconciliations to the most directly comparable GAAP measures are attached to our earnings release. And in the appendix of the slide presentation accompanying today's call, both are available on the Investor Relations section of our website.

在今天的電話會議中，我們將參考某些非公認會計原則財務指標，與最直接可比較的公認會計原則指標的調節表附在我們的收益發布中。在今天電話會議隨附的幻燈片簡報的附錄中，您可以在我們網站的投資者關係部分找到這兩個內容。

Unless stated otherwise, references to quarterly results, increasing or decreasing are in comparison to the third quarter of fiscal year 2023. In addition, unless stated otherwise, all year over year revenue growth rates and ranges given on today's call are on a comparable organic constant currency basis.

除非另有說明，否則所提及的季度業績（無論增加或減少）都是與 2023 財年第三季相比。此外，除非另有說明，今天電話會議給出的全年收入成長率和範圍均基於可比較的有機固定貨幣基礎。

Finally, we do not intend to update our guidance predictions or projections except as part of a regularly scheduled earnings release or as otherwise required by law. Now, I'll hand it over to Udit to deliver our key remarks and more will then present a more detailed overview of our results and guidance after we'll open the lines for questions. Over to you, Udit.

最後，我們不打算更新我們的指導預測或預測，除非作為定期收益發布的一部分或法律另有要求。現在，我將把它交給 Udit 發表我們的關鍵評論，然後在我們開始提問後，更多人將更詳細地概述我們的結果和指導。交給你了，烏迪特。

Thank you, Caspar, and good morning everyone. Our team delivered very strong results -- very strong third quarter results with revenue, margin performance and earnings per share all significantly ahead of our expectations.

謝謝卡斯帕，大家早安。我們的團隊取得了非常強勁的業績——非常強勁的第三季業績，營收、獲利表現和每股盈餘都大大超出了我們的預期。

Sales were well above the high end of our guidance range as each of our three reported regions returned to positive growth. Strength was led by our pharma and industrial and markets. Both of which saw liquid chromatography return to positive sales growth. Together, with an improvement in mass-spec, instrument growth turned positive in the quarter, which exceeded our pace of recovery.

隨著我們報告的三個地區均恢復正成長，銷售額遠高於我們指導範圍的上限。實力由我們的製藥、工業和市場主導。兩者都見證了液相層析儀銷售恢復正成長。總之，隨著品質規格的改善，儀器在本季實現正成長，超過了我們的復甦速度。

We also built excellent momentum as we delivered mid-single-digit quarter-over-quarter revenue growth, while orders outpace sales for the second quarter in a row.

我們也建立了良好的勢頭，收入環比實現中個位數成長，訂單量連續第二季超過銷售額。

In addition to the positive strength and instruments, we saw an acceleration in recurring revenue growth which grew a healthy high single digits. This was led by 8% growth in our chemistry consumables portfolio. Within our P&L our sustained focus on operational excellence led to better than expected gross margin and operating margin results. Coupled with a strong top line performance, we achieved adjusted EPS growth that was over 10% higher than the midpoint of our guide.

除了積極的實力和工具之外，我們還看到經常性收入成長加速，實現了健康的高個位數成長。這是由我們的化學消耗品組合成長 8% 帶動的。在我們的損益表中，我們對卓越營運的持續關注導致了優於預期的毛利率和營業利潤率結果。加上強勁的營收表現，我們實現了調整後每股收益成長，比我們指南的中點高出 10% 以上。

Results like this in dynamic market conditions take exceptional dedication from all our colleagues. I would like to take a moment to commend our team for their commitment to commercial execution, operational management and innovation. This enables us to deliver enhanced performance and accelerate the benefits of pioneering science.

在充滿活力的市場條件下取得這樣的成績需要我們所有同事的非凡奉獻。我想花一點時間讚揚我們的團隊對商業執行、營運管理和創新的承諾。這使我們能夠提供更高的性能並加速前沿科學的效益。

On the subject of innovation. We too made excellent progress and further strengthened our alignment with higher growth testing areas that will augment our future growth. We continue to expand our innovative portfolio with new product launches that solve customer and met needs in both our core markets and in our high growth adjacencies.

關於創新這個主題。我們也取得了出色的進展，並進一步加強了與更高成長測試領域的結合，這將促進我們未來的成長。我們繼續透過推出新產品來擴展我們的創新產品組合，以解決客戶的問題並滿足我們核心市場和高成長週邊地區的需求。

Turning now to our results. In the third quarter, sales grew 4% as reported and 4% in constant currency. Our non-GAAP earnings per share was $2.93 up 3% year over year. On a GAAP basis, EPS was $2.71. In the quarter, market conditions and customer spending trends further improved.

現在轉向我們的結果。第三季銷售額按報告成長 4%，以固定匯率計算成長 4%。我們的非 GAAP 每股收益為 2.93 美元，年增 3%。以 GAAP 計算，每股收益為 2.71 美元。本季度，市場狀況和客戶支出趨勢進一步改善。

We continued our path of strong commercial execution and converted opportunities well. We drove strong results as customers were drawn to the innovative new products in a revitalized portfolio. After seven quarters of LC decline, instruments grew 1% as pharma and industrial LC growth turned positive.

我們繼續走強大的商業執行力並很好地轉換機會的道路。由於客戶被煥然一新的產品組合中的創新新產品所吸引，我們取得了強勁的業績。在經歷了 7 個季度的 LC 下降之後，隨著製藥和工業 LC 的增長轉正，儀器儀表增長了 1%。

Mass spec also performed well in the quarter and grew low single digits led by strength in industrial and applied applications like PFAS testing. Recurring revenues grew 7%, led by 8% growth in our consumables business. Breaking out our results by end market, we saw a broad improvement in sales growth as each of our end markets turned to positive growth.

質譜在本季度也表現良好，並在 PFAS 測試等工業和應用應用的強勁帶動下實現了低個位數成長。經常性收入成長了 7%，其中消耗品業務成長了 8%。按終端市場劃分的結果顯示，隨著每個終端市場都實現正成長，我們的銷售成長出現了廣泛改善。

In particular, we observed large farmer spending -- better large pharma spending, where our revenue is tied to QA/QC applications and CapEx spending trends. By geography, each of our reported regions grew, while China was a slight headwind to sales, we still grew mid-single-digits on both China and ex China basis as further stabilization in China posed less of a headwind to our overall results.

特別是，我們觀察到大型農民支出——更好的大型製藥支出，我們的收入與 QA/QC 應用程式和資本支出趨勢相關。從地理位置來看，我們報告的每個地區都實現了增長，雖然中國對銷售造成了輕微的阻力，但我們在中國和除中國以外的地區仍然實現了中個位數的增長，因為中國的進一步穩定對我們的整體業績構成了較小的阻力。

This is while not yet seeing sales contribution from stimulus. I would like to share more in depth commentary on what drove these strong results. Within LC, orders of Alliance iS significantly increased as our new flagship HPLC product grew to a greater percentage of our HPLC volume.

目前還沒有看到刺激措施對銷售的貢獻。我想就推動這些強勁業績的因素分享更深入的評論。在 LC 領域，隨著我們新的旗艦 HPLC 產品在我們 HPLC 銷售中所佔比例的提高，Alliance iS 的訂單顯著增加。

This occurred not just within replacement but within opportunities tied to install base expansion. Particularly among those in large pharma. We've continued to expand capabilities on Alliance iS by adding new detectors like the photodiode array or PDA and by introducing the Alliance iS Bio earlier this year.

這種情況不僅發生在更換過程中，而且發生在與安裝基礎擴充相關的機會中。尤其是大型製藥公司的員工。我們透過添加光電二極體陣列或 PDA 等新探測器以及今年早些時候推出 Alliance iS Bio 來繼續擴展 Alliance iS 的功能。

Alliance iS has already been trialed by most large pharma customers over the past 18 months. With the improvement in customer CapEx spending, we've noticed a notable uplift in the speed of adoption indicating a promising future for this instrument system.

在過去 18 個月裡，大多數大型製藥客戶已經試用了 Alliance iS。隨著客戶資本支出的改善，我們注意到採用速度顯著提高，顯示儀器系統前景光明。

In mass spec, the Xevo TQ absolute saw a significant ramp up in customer adoption. With unit sales growing more than 70% year over year, this system was our best selling mass spectrometer in the quarter. Impressively, it exceeded the combined sales volume of our other tandem quad mass spectrometers for the very first time.

在質譜方面，Xevo TQ Absolute 的客戶採用率顯著上升。該系統的銷量年增超過 70%，是我們本季最暢銷的質譜儀。令人印象深刻的是，它首次超過了我們其他串聯四極桿質譜儀的銷售總和。

The Xevo TQ Absolute rapid success has been a three-fold dynamic. First, strength has been driven by continued rapid growth in PFAS applications. We see PFAS testing as a $300 million to $350 million global market opportunity, growing 20% annually.

Xevo TQ Absolute 的快速成功具有三重動力。首先，PFAS 應用的持續快速成長推動了實力的成長。我們認為 PFAS 測試是一個價值 3 億至 3.5 億美元的全球市場機會，每年成長 20%。

Meanwhile, our PFAS related revenue has grown by over 40% this year. This is attributed to the competitive strength of the system which is known for its sensitivity in the market. Second, we've also seen stronger option of Xevo TQ Absolute and quantitative pharma applications, such as for impurity quantitation.

同時，我們的 PFAS 相關收入今年成長了 40% 以上。這歸因於該系統以其市場敏感性而聞名的競爭實力。其次，我們也看到了 Xevo TQ Absolute 和定量製藥應用的更強選擇，例如雜質定量。

This includes analysis of genotox impurities, proteins and peptides. Similar to PFAS applications, its value proposition of leading sensitivity together with its sustainable design is resonating well with our customers, it is 45% smaller and uses 50% less nitrogen and electricity than comparable tandem quads. This has opened up new opportunities for us in this segment and enabled us to expand our market position.

這包括基因毒素雜質、蛋白質和勝肽的分析。與PFAS 應用類似，其領先的靈敏度及其可持續設計的價值主張與我們的客戶產生了良好的共鳴，與同類串聯四缸相比，其體積減小了45%，氮氣和電力用量減少了50 %。這為我們在這一領域開闢了新的機遇，並使我們能夠擴大我們的市場地位。

Third, the IVD version of our TQ Absolute instrument has seen strong growth within clinical applications after we launched it into that space last year with its ability to analyze trace level analytes at lower detection limits. It has been an instant success. It has achieved notable traction across a number of testing areas but especially in endocrinology and for the development of high value complex tests.

第三，去年我們將 TQ Absolute 儀器的 IVD 版本推出該領域後，它能夠以較低的檢測限分析痕量水平分析物，因此在臨床應用中出現了強勁增長。它立即獲得了成功。它在許多測試領域中取得了顯著的吸引力，特別是在內分泌學和高價值複雜測試的開發方面。

This is part of a very deliberate push as we expand the competitive position of our mass specs consumables and software within clinical testing workflows.

這是我們在臨床測試工作流程中擴大質譜耗材和軟體的競爭地位時特意推動的一部分。

In the quarter, total clinical revenue grew low double digits driven in part by strong sales of the system within the second. Our results were supported by the strength of our innovation in chemistry. In the quarter, MaxPeak Premier columns, which are relevant for large and more complex molecules grew over 40%.

本季度，臨床總收入實現低兩位數成長，部分原因是第二季系統銷售強勁。我們的成果得到了我們化學創新實力的支持。本季度，與大且更複雜的分子相關的 MaxPeak Premier 色譜柱增長了 40% 以上。

The benefits of our MaxPeak Premier technology are unique to the market and were a key driver of us winning multiple GLP-1 related opportunities. As we previously mentioned, our columns have been speced into methods for majority of the commercially available GLP-1 related injectables on the market today.

我們的 MaxPeak Premier 技術的優勢在市場上是獨一無二的，是我們贏得多個 GLP-1 相關機會的關鍵驅動力。正如我們之前提到的，我們的色譜柱已被指定用於當今市場上大多數市售 GLP-1 相關注射劑的方法。

We're extremely pleased with how well our chemistry portfolio aligns with the expected volume growth of large and small molecules. Now I will talk more about our operational performance. Margins remained resilient as we maintained a successful focus on operational management. Our gross margin expanded 20 basis points to 59.3% and our adjusted operating margin was a solid 30.8%.

我們對我們的化學產品組合與大分子和小分子的預期產量成長的配合程度感到非常滿意。現在我將更多地談談我們的營運績效。由於我們成功地專注於營運管理，因此利潤率保持彈性。我們的毛利率成長了 20 個基點，達到 59.3%，調整後的營業利益率為 30.8%。

Looking forward, we feel very good about our future margin opportunity given our recent success in preserving and expanding our margins during challenging business conditions. We remain on track to deliver adjusted operating margin expansion this year. We also expect our 2024 result to be a good base for future long-term margin expansion.

展望未來，鑑於我們最近在充滿挑戰的業務條件下保持和擴大利潤率方面取得的成功，我們對未來的利潤率機會感到非常滿意。我們今年仍有望實現調整後的營業利潤率擴張。我們也預期 2024 年的業績將為未來長期利潤率擴張奠定良好基礎。

We also have long-term margin expansion opportunities from our strategic operational initiatives which are focused on areas such as productivity enhancement, cost management and pricing. As we look ahead Waters' is well positioned in attractive markets where testing plays a pivotal role in driving long term growth.

我們也透過策略營運計畫獲得長期利潤擴張機會，這些策略著重在生產力提高、成本管理和定價等領域。展望未來，沃特世在有吸引力的市場中處於有利地位，在這些市場中，測試在推動長期成長方面發揮關鍵作用。

This volume growth is expected to accelerate in the future, led by: first, continued growth in GLP-1 adoption within pharma and PFAS related testing within a non-pharma segments. Second, new volume growth from an increased incidence of drug development and novel drug approvals as new molecules progress through the pharma pipeline. And third, future volume growth drivers for generic molecules are becoming more pronounced particularly due to the aging global population.

這一數量增長預計在未來將加速，主要原因是：首先，製藥行業中 GLP-1 的採用以及非製藥行業中 PFAS 相關測試的持續增長。其次，隨著新分子在製藥管道中的進展，藥物開發和新藥核准的發生率增加，導致新銷售的成長。第三，由於全球人口老化，未來仿製藥分子的銷售成長驅動力變得更加明顯。

In addition, a number of key blockbuster drugs will soon be reaching patent exploration. So this gives us a tremendous long term opportunity for installed base expansion as we sell new testing capacity associated with these growth vectors in years to come.

此外，多個關鍵重磅藥物即將進入專利探索階段。因此，隨著我們在未來幾年出售與這些成長向量相關的新測試能力，這為我們的安裝基礎擴張提供了巨大的長期機會。

Separately, customer fleets have aged after weak macroeconomic conditions have put temporary constraints on customer capital spending for downstream instrumentation. This deferral of routine instrument replacement within our existing installed base has created a catch up opportunity that lies ahead of us.

另外，疲弱的宏觀經濟狀況暫時限制了客戶下游儀器的資本支出，導致客戶船隊老化。我們現有安裝基地中常規儀器更換的延遲為我們創造了一個迎頭趕上的機會。

Expected instrument growth for 2024, still equates to a low single digit CAGR versus 2019 levels. This is significantly below the 5% long term average growth rate that we've observed on a pre-COVID basis. So looking at the facts, while no two macro environments are the same instrument down cycles have lasted between four to seven quarters.

與 2019 年的水準相比，2024 年的預期儀器成長仍處於較低的個位數複合年增長率。這明顯低於我們在新冠疫情爆發前觀察到的 5% 的長期平均成長率。因此，從事實來看，雖然沒有兩個宏觀環境是相同的，但金融工具下行週期已持續四到七季。

A catch up in growth has then subsequently followed as new instrument replacement cycle emerges. As I mentioned earlier, last quarter marked the seventh consecutive quarter of LC instrument decline. Market conditions remain dynamic and it is still early days. But our third quarter results and improving funnel trends especially conversion indicate that we have taken a further step towards recovery.

隨著新儀器更換週期的出現，成長隨之而來。正如我之前提到的，上季度標誌著 LC 儀器連續第七個季度下降。市場狀況仍然充滿活力，而且還處於早期階段。但我們第三季的業績和漏斗趨勢（尤其是轉換率）的改善顯示我們在復甦方面又邁出了一步。

With our strong commercial execution, category-leading portfolio, better pricing levers and exposure to pharma QA/QC, we are in an excellent position to capitalize on these future growth opportunities.

憑藉我們強大的商業執行力、領先的產品組合、更好的定價槓桿以及對製藥品質保證/品質控制的了解，我們處於充分利用這些未來成長機會的有利位置。

Turning now to our new product launches in the quarter, we continued a steady stream of new product launches in our core markets addressing top customer needs. This includes a high throughput, rapid scan calorie meter that enables precise thermal stability of high concentration biologic formulations.

現在轉向本季的新產品發布，我們繼續在核心市場源源不絕地發布新產品，以滿足頂級客戶的需求。其中包括高通量、快速掃描熱量計，可實現高濃度生物製劑的精確熱穩定性。

We also launched the TA instruments compact discovery reometer. This expands our reology portfolio with an easy-to-use product for routine quality control testing within manufacturing settings, such as batteries, pharmaceuticals and food.

我們也推出了 TA Instruments 緊湊型發現風雨計。這透過易於使用的產品擴展了我們的再學產品組合，用於電池、藥品和食品等製造環境中的常規品質控制測試。

It offers similar performance to viscometers used in R&D settings, but at a price point that is competitive with those in downstream settings. In our high growth adjacencies, we are actively shaping the Waters of the future and increasing our alignment with nascent higher growth testing applications where we have a unique right to win. Today, I will share an update on bioseparations.

它提供與研發環境中使用的黏度計類似的性能，但其價格與下游環境中的黏度計相比具有競爭力。在我們的高成長週邊地區，我們正在積極塑造未來的沃特世，並加強與新興高成長測試應用的一致性，在這些應用中我們擁有獨特的獲勝權利。今天，我將分享生物分離的最新進展。

Approximately 50% of the drugs in the pharma pipeline are now large molecules which includes a wide range of novel modalities beyond monoclonal antibodies that each have their own unique challenges given the high future growth potential and significant unmet needs that exist within separating and purifying these molecules, we have directed organic investment to solve these challenges.

目前，製藥管道中大約50% 的藥物都是大分子，其中包括單株抗體以外的各種新模式，考慮到未來的巨大成長潛力和分離和純化這些分子中存在的重大未滿足的需求，每種藥物都有自己獨特的挑戰，我們引導有機投資來解決這些挑戰。

With the initial progress we've made over the past few years aligning our overall chemistry business to biologics approximately 40% of our pharma chemistry revenue now comes from large molecules. As we continue to gear our business towards future growth in novel modalities, we expect this number to rise further, particularly as we now spend approximately 70% of our chemistry R&D dollars on large molecule related applications.

隨著過去幾年我們在將整體化學業務與生物製劑結合方面取得的初步進展，我們藥物化學收入的約 40% 現在來自大分子。隨著我們繼續將業務轉向新模式的未來成長，我們預計這一數字將進一步上升，特別是因為我們現在將大約 70% 的化學研發資金用於大分子相關應用。

Last year, we launched our first set of in house developed enzymes for antibodies in areas such as peptide mapping and antibody drug conjugates which have achieved great initial success. Last month, we expanded our offering further launching our first enzymes and reagents for novel modality related applications. This includes areas like cell and gene therapy and RNA-based therapeutics such as CRISPR, oligonucleotides and mRNA.

去年，我們在肽圖譜和抗體藥物偶聯物等領域推出了第一套自主研發的抗體酶，並且取得了巨大的初步成功。上個月，我們擴大了產品範圍，進一步推出了我們的首款酵素和試劑，用於新型模式相關應用。這包括細胞和基因療法以及基於 RNA 的療法（如 CRISPR、寡核苷酸和 mRNA）等領域。

We continue to build key capabilities across each class of next generation therapeutics, with the objective of building a comprehensive portfolio that is molecule agnostic and can support the journey of any modality into high volume settings. I will now cover our 2024 full year guidance. While market conditions remain dynamic, customer cap spending has continued to improve, especially in pharma QA/QC.

我們繼續在下一代療法的每一類中建立關鍵能力，目標是建立一個與分子無關的全面產品組合，並可以支持任何模式進入大容量環境。我現在將介紹我們的 2024 年全年指導。儘管市場狀況仍然充滿活力，但客戶支出上限持續改善，尤其是在製藥品質保證/品質控制方面。

With our strong funnel, we expect these trends to progress into the fourth quarter and result in 5% to 7% constant currency growth. This is while still making prudent assumptions around fourth quarter seasonality at equivalent levels to last year and well below typical levels. Given our raised outlook for the fourth quarter and better than expected third quarter results, we are raising -- we are increasing our full year guide.

憑藉我們強大的管道，我們預計這些趨勢將持續到第四季度，並導致貨幣持續成長 5% 至 7%。同時，我們仍在對第四季的季節性因素做出審慎的假設，假設其水準與去年相當，且遠低於典型水準。鑑於我們提高了第四季度的預期，並且第三季度的業績優於預期，我們正在上調全年指導。

Our updated full year 2024 organic constant currency sales growth guidance is now negative 0.9% to negative 0.3%. We're also increasing our full year 2024 adjusted earnings per share guidance to reflect our improved sales growth expectations and continued strong margin performance.

我們更新後的 2024 年全年有機固定貨幣銷售成長指引目前為負 0.9% 至負 0.3%。我們也提高了 2024 年全年調整後每股盈餘指引，以反映我們改善的銷售成長預期和持續強勁的利潤率表現。

That the midpoint of our full year 2024 adjusted EPS guide is now $11.77 which is flat to slightly positive versus last year. And is a 1.4% growth rate improvement compared to our previous guidance.

我們 2024 年全年調整後每股盈餘指南的中點目前為 11.77 美元，與去年持平或略有上升。與我們先前的指導相比，成長率提高了 1.4%。

Now, I will pass the call over to Amol to continue covering our financial results in more detail and to provide further details on our guidance. Amol.

現在，我將把電話轉接給 Amol，繼續更詳細地介紹我們的財務業績，並提供有關我們指導的更多詳細資訊。阿莫爾。

Thank you, Udit, and good morning, everyone. In the third quarter, sales of $740 million grew 4% as reported and exceeded our guidance range. On a constant currency basis sales increased 4%. We saw a steady improvement in customer spending throughout the quarter.

謝謝你，烏迪特，大家早安。據報告，第三季銷售額為 7.4 億美元，成長 4%，超出了我們的指導範圍。以固定匯率計算，銷售額成長了 4%。我們看到整個季度客戶支出穩定改善。

This coupled with our continued strong commercial execution enabled us to deliver Q2 to Q3 sales step up of $32 million or plus 4% versus typically a modest decline, as we created good momentum. Funnel activities turn them and orders outpace sales for the second quarter in a row, enabling us to build backlog.

再加上我們持續強勁的商業執行力，我們創造了良好的勢頭，使第二季到第三季的銷售額增長了 3,200 萬美元，即 4%，而通常情況下會略有下降。漏斗活動扭轉了局面，訂單連續第二季超過了銷售額，使我們能夠積壓訂單。

In constant currency terms, by end market, pharma grew 3% industrial, grew 7% and academic and government was flat. In pharma, sales returned to positive growth, ex China sales grew mid-single-digits with 3% instrument growth and 7% recurring revenue growth. Both small and large molecule applications grew in the quarter as customer CapEx spending trends continued to gradually improve.

以固定匯率計算，終端市場製藥成長 3%，工業成長 7%，學術和政府持平。在製藥領域，銷售額恢復正成長，除中國以外的銷售額實現中個位數成長，儀器成長 3%，經常性收入成長 7%。隨著客戶資本支出趨勢持續逐步改善，小分子和大分子應用在本季均有所成長。

In industrial sales also returned to growth. Growth was led by food and environmental applications which grew 5% and chemical analysis which grew low double digits.

工業銷售也恢復成長。成長主要由食品和環境應用（成長 5%）和化學分析（成長兩位數）引領。

We again saw strong growth from PFAS-related applications which have been continued growth tailwind within food and environmental applications. For our PA division sales grew 2% led by growth in life sciences and advanced materials and chemical applications. In academic and government growth was flat, reflecting an improvement versus the first half of the year.

我們再次看到 PFAS 相關應用的強勁成長，這些應用一直是食品和環境應用領域持續成長的推動力。在生命科學以及先進材料和化學應用領域的成長帶動下，我們的 PA 部門銷售額成長了 2%。學術和政府的成長持平，反映出與上半年相比有所改善。

Now that last year's tough prior year comparisons are behind us. By geography, all our three reported regions returned to growth with mid-single-digit sales growth in Asia and Europe and low single-digit growth in Americas excluding China sales grew 5% led by better than expected growth in both pharma and industrial applications.

現在，去年的艱難比較已經過去了。按地區劃分，我們報告的三個地區均恢復成長，亞洲和歐洲實現中個位數銷售額成長，美洲（不包括中國）實現低個位數成長，在製藥和工業應用領域的成長優於預期的帶動下，銷售額成長了5%。

In China sales declined mid-single digits, reflecting continued sequential improvement versus almost 30% decline in Q1 and low teams decline in Q2. Orders in the quarter were in line with last year and we expect China sales to return to positive growth in the fourth quarter of this year.

在中國，銷售額下降了中個位數，反映出季比持續改善，而第一季下降了近 30%，第二季低團隊也出現了下降。本季訂單與去年持平，我們預計今年第四季中國銷售額將恢復正成長。

On the subject of China stimulus, we continue to have active dialogue with various customers who stand to benefit from the funding announcements made by the Chinese government earlier this year. So far, this has led to improved quoting and funnel trends in the region. These opportunities are expected to begin converting into orders and sales in 2025.

關於中國刺激計劃，我們繼續與眾多客戶進行積極對話，他們將從中國政府今年稍早宣布的融資公告中受益。到目前為止，這已經導致該地區的報價和漏斗趨勢有所改善。這些機會預計將於 2025 年開始轉化為訂單和銷售。

By products and services instruments grew 1%, chemistry grew 8%, and service grew 6%. There was no change in number of days versus the prior year quarter. The fourth quarter of this year has two additional days compared with last year and three additional days compared with the third quarter of this year.

依產品和服務劃分，儀器成長 1%，化學成長 8%，服務成長 6%。與去年同期相比，天數沒有變化。今年第四季比去年增加了兩天，比今年第三季增加了三天。

Recurring revenues return to high single-digit growth in the quarter reflecting healthy customer activity levels and strong install base utilization. Our commercial initiatives continue to support robust recurring revenue growth in areas such as service plan attachment, e-commerce, adoption and launch of new bioseparation columns into high growth, large molecule areas.

本季經常性收入恢復高個位數成長，反映出健康的客戶活動水準和強勁的安裝基礎利用率。我們的商業計劃繼續支持服務計劃附件、電子商務、在高成長、大分子領域採用和推出新的生物分離柱等領域的強勁經常性收入成長。

Now I will comment on our third quarter non-GAAP financial performance versus the prior year. Despite the headwinds from FX, inflation, and the return of annual incentive compensation. Our team responded to these margin challenges with strength and commitment.

現在我將評論我們第三季的非公認會計準則財務表現與前一年相比。儘管面臨外匯、通貨膨脹和年度激勵薪酬回報的不利因素。我們的團隊以實力和承諾來應對這些利潤挑戰。

Our focus on operational excellence with pricing productivity and prudent spend management allowed us to deliver a resilient margin performance again in the quarter with gross margin expanding 20 basis points to 59.3%. Excluding FX, gross margin expanded 50 basis points. Adjusted operating margin was 30.8% excluding FX adjusted operating margin was 31.2%.

我們專注於卓越營運、定價效率和審慎的支出管理，使我們在本季度再次實現了富有彈性的利潤表現，毛利率擴大了 20 個基點，達到 59.3%。不計外匯，毛利率擴大了 50 個基點。調整後營業利益率為 30.8%，不包括外匯調整後營業利益率為 31.2%。

Our year-over-year margin performance was impacted by last year's annual incentive compensation wash back that benefited last year's Q3 result. Our effective operating tax rate for the quarter was 17.2% and our average share count was 59.5 million shares.

我們的年比利潤率表現受到去年年度激勵薪酬衝回的影響，這有利於去年第三季的業績。本季我們的有效營業稅率為 17.2%，平均股數為 5,950 萬股。

Our non-GAAP earnings per fully diluted share was $2.93 on a GAAP basis. Earnings per fully diluted share was $2.71. A reconciliation of our GAAP to non-GAAP earnings is attached to this morning's press release and in the appendix of our earnings call presentation. Turning now to free cash flow capital deployment and our balance sheet, we define free cash flow as cash from operations, less capital expenditures and excludes special items.

以 GAAP 計算，我們的非 GAAP 完全稀釋每股收益為 2.93 美元。完全攤薄後每股收益為 2.71 美元。我們的 GAAP 與非 GAAP 收益的調整表附在今天早上的新聞稿和我們的收益電話會議簡報的附錄中。現在轉向自由現金流資本部署和我們的資產負債表，我們將自由現金流定義為來自營運的現金，減去資本支出並排除特殊項目。

In the third quarter of 2024, free cash flow was $179 million after funding $26 million of capital expenditures. On a year-to-date basis, free cash flow is $556 million or 27% of sales resulting in a free cash flow to adjusted net income conversion ratio of 120%.

2024 年第三季度，在支付 2,600 萬美元的資本支出後，自由現金流為 1.79 億美元。年初至今，自由現金流為 5.56 億美元，佔銷售額的 27%，因此自由現金流與調整後淨利潤的轉換率為 120%。

We maintain a strong balance sheet access to liquidity and well-structured debt maturity profile. This strength allows us to prioritize investing in growth. We continue to evaluate M&A opportunities that will enhance value creation for our shareholders.

我們保持強大的資產負債表流動性和結構良好的債務到期狀況。這種優勢使我們能夠優先投資成長。我們將持續評估能夠增強股東價值創造的併購機會。

With the strong free cash flow generation in our business model, we have made solid progress in delivering our balance sheet. In the third quarter we reduced debt by approximately $180 million at the end of the quarter our net debt position was approximately $1.5 billion which is a net debt-to-EBITDA ratio of about 1.5 times, we will evaluate our priorities between further debt pay down and the resumption of our share repurchase program throughout the remainder of the year.

憑藉我們業務模式中強大的自由現金流生成，我們在資產負債表方面取得了堅實的進展。在第三季度，我們減少了約1.8 億美元的債務，季度末我們的淨債務頭寸約為15 億美元，淨債務與EBITDA 的比率約為1.5 倍，我們將在進一步償還債務之間評估我們的優先事項以及在今年剩餘時間內恢復我們的股票回購計劃。

Now, I would like to share further commentary on our fourth quarter and updated full year outlook. While market conditions remain dynamic, customer spending has shown continued signs of recovery and our team has continued to execute well. We expect these trends to progress into the fourth quarter given our positive momentum and as increased funnel activity translates to orders.

現在，我想分享對我們第四季度和更新的全年展望的進一步評論。儘管市場狀況仍然充滿活力，但客戶支出已顯示出持續復甦的跡象，我們的團隊也持續表現良好。鑑於我們的積極勢頭以及漏斗活動的增加轉化為訂單，我們預計這些趨勢將持續到第四季度。

Looking to the fourth quarter of 2024, our constant currency sales growth guidance is projected in the range of positive 5% to positive 7%. This is an improvement in the growth rate expectation versus our previous guidance and calls for mid-single-digit instrument growth in the quarter at current rates.

展望 2024 年第四季度，我們的固定匯率銷售成長指引預計在正 5% 至正 7% 的範圍內。與我們先前的指導相比，成長率預期有所改善，並要求本季儀器儀表以當前成長率實現中個位數成長。

Currency translation is expected to subtract approximately 1.7%. Therefore our total fourth quarter reported sales growth guidance is positive 3.3% to positive 5.3%. This guidance range prudently assumes a mid-teen quarter over quarter revenue run employing below typical levels of ramp in the fourth quarter.

貨幣換算預計將減少約 1.7%。因此，我們報告的第四季總銷售成長指引值為正 3.3% 至正 5.3%。此指導範圍謹慎地假設第四季的收入成長低於典型。

It matches last year's Q3 to Q4 mid-teens ramp during which we saw a much weaker than typical budget plus dynamics in Q4. Based on these revenue expectations fourth quarter, non-GAAP earnings per fully diluted share are estimated to be in the range of $3.90 to $4.10, which includes a negative currency impact of approximately 3-percentage-points at current rates.

它與去年第三季到第四季的青少年成長相匹配，在此期間我們看到第四季的預算和動態比典型的預算和動態要弱得多。根據第四季度的收入預期，非 GAAP 完全攤薄每股收益預計在 3.90 美元至 4.10 美元之間，其中包括按當前匯率計算約 3 個百分點的匯率負面影響。

Turning now to our full year guidance, given our better than expected results in the third quarter and raised outlook for the fourth quarter. We are increasing our full year sales and EPS guidance. Our updated full year 2024 organic constant currency sales growth guidance is now between negative 0.9% and negative 0.3%. At current rates, currency translation is expected to substract 1.2%.

現在轉向我們的全年指引，因為我們第三季的業績優於預期，並上調了第四季度的前景。我們正在提高全年銷售額和每股收益指引。我們更新後的 2024 年全年有機固定貨幣銷售成長指引目前介於負 0.9% 至負 0.3% 之間。以目前匯率，貨幣換算預計將減少 1.2%。

Meanwhile, M&A contributions from wire transactions has added 1.3% to our full year sales from inorganic revenue incurred in the first 4.5 months of the year. Therefore, our total full year 2024 reported sales growth guidance is in the range of negative 0.8% to negative 0.2%.

同時，電匯交易的併購貢獻為我們今年前 4.5 個月的無機收入全年銷售額增加了 1.3%。因此，我們報告的 2024 年全年總銷售成長指引範圍為負 0.8% 至負 0.2%。

Consistent with our previous guidance, gross margin for the full year is expected to be approximately 59.8% which is a 20 basis points expansion versus 2023. Adjusted operating margin is expected to be around 31%. Below the line we expect our full year net interest expense to be approximately $71 million, full year tax rate is expected to be 16.5% and our average diluted 2024 share count is expected to be approximately $59.5 million shares.

與我們先前的指引一致，全年毛利率預計約為 59.8%，較 2023 年成長 20 個基點。調整後營業利益率預計在 31% 左右。在此線之下，我們預計全年淨利息支出約為 7,100 萬美元，全年稅率預計為 16.5%，2024 年平均稀釋股數預計約為 5,950 萬美元。

Rolling all this together on a non-GAAP basis, our updated full year 2024 earnings per fully diluted share guidance is projected in the range of $11.67 to $11.87. At its midpoint, this updated EPS guidance reflects slight positive growth versus last year, which is 145 basis points growth rate improvement compared to our previous guide. It includes an estimated headwind of approximately 3% due to unfavorable foreign exchange.

在非 GAAP 基礎上將所有這些綜合起來，我們更新後的 2024 年全年完全攤薄每股收益預計在 11.67 美元至 11.87 美元之間。在中期，更新後的每股盈餘指引反映出與去年相比略有正成長，與我們先前的指引相比，成長率提高了 145 個基點。其中包括由於不利的外匯匯率而造成的預計約 3% 的阻力。

Now, I would like to turn the call back to for our closing comments.

現在，我想轉回電話以聽取我們的結束語。

Thank you, Amol. So to summarize, we're very pleased with the faster than expected return to positive instrument growth. We're also delighted to have observed a notable upshift in new product adoption which has contributed to our growth this quarter.

謝謝你，阿莫爾。總而言之，我們對儀器恢復正成長的速度快於預期感到非常高興。我們也很高興地看到新產品採用率顯著上升，這為本季的成長做出了貢獻。

Our increased full year guidance now has us at positive adjusted EPS growth versus last year at its midpoint. As we expect to build leverage in our P&L even with return of annual incentive compensation among the other headwinds of volume and FX that we've described. We're positioned well for the future with a long term, with the long term outlook, that is above our historical average growth rate of 6%.

我們提高的全年指引現在使我們的調整後每股收益與去年的中點相比實現正增長。正如我們所期望的，即使在我們描述的交易量和外匯的其他不利因素中返回年度激勵薪酬，我們也能在損益表中建立槓桿作用。我們為未來做好了長期的準備，從長遠來看，我們的成長率高於 6% 的歷史平均成長率。

This is driven by the associated new testing capacity needed for a compelling set of global volume growth advise volume growth drivers as well as other factors such as price contribution. At the same time, we stand to benefit from a catch up in deferred instrument replacement as customer capital spending recovers.

這是由一組引人注目的全球銷售成長建議所需的相關新測試能力以及價格貢獻等其他因素所推動的。同時，隨著客戶資本支出的恢復，我們將從推遲儀器更換的趕上中受益。

The pace of this catch up will depend on the speed at which the market continues to improve. We are in the early innings and the market remains dynamic, but we're off to a good start. With our team's strong commercial execution, highly competitive product portfolio and strong margins to we are confident in our future. So with that, I will turn the call back to Casper.

這種追趕的速度將取決於市場持續改善的速度。我們正處於早期階段，市場仍然充滿活力，但我們已經有了一個很好的開始。憑藉我們團隊強大的商業執行力、極具競爭力的產品組合和強勁的利潤率，我們對未來充滿信心。因此，我會將電話轉回卡斯珀。

Thanks, Udit. That concludes our formal comments. We're now ready to open the phone lines for questions.

謝謝，烏迪特。我們的正式評論到此結束。我們現在準備開通電話線路以供提問。

(Operator instructions)

（操作員說明）

Tycho Peterson, Jefferies .

第谷‧彼得森，傑弗里斯。

Hey, thanks. Congrats on the quarter, obviously early innings on the replacement cycle. As you noted, I guess couple questions here are you able to talk about the percentage of LCs that are going to customers that have Arc or is it mostly labs that did not upgrade so effectively a double upgrade here. And then you have the new PEA module, I guess how much is that helping drive, LC sales?

嘿，謝謝。恭喜這個季度，顯然是更換週期的早期階段。正如您所指出的，我想這裡有幾個問題是您能夠談論擁有 Arc 的客戶的 LC 的百分比，還是大多數實驗室沒有如此有效地升級到這裡的雙重升級。然後還有新的 PEA 模組，我猜這對推動 LC 銷售有多大幫助？

And then as we think about the next couple of years, I mean, you mentioned patent expirations, you also potentially have GLPs moving to orals. Like what other drivers should we be thinking about that could potentially help this replacement cycle as it kicks off.

然後，當我們考慮未來幾年時，我的意思是，您提到專利到期，您也可能會將 GLP 轉為口頭。就像我們應該考慮的其他驅動因素一樣，這可能有助於這個更換週期的開始。

Thanks, Tycho, and good morning. Look, I mean, very happy with the fact that instruments have returned to growth. And if you break it down into LC and mass spec, LC after seven quarters of decline, and this is I think where your question on the replacement cycle is largely focused after seven quarters of decline has returned to growth.

謝謝，第谷，早安。我的意思是，你對樂器恢復成長感到非常高興。如果你把它分解為LC和質譜，LC在七個季度的下降之後，我認為這就是你關於更換週期的問題主要集中在七個季度的下降之後恢復增長的地方。

This is of course on the back of continued strong growth in India, which where the generic segment is doing extremely well but equally with return to growth in our large pharma QA/QC customers segment where LC grew in the low single digits both in Europe and in the United States.

這當然是在印度持續強勁成長的背景下進行的，印度的仿製藥市場表現非常出色，但我們的大型製藥QA/QC 客戶市場也恢復了成長，其中LC 在歐洲和印度均以低個位數增長。

And another sort of corroborating set of evidence for the replacement. The beginning of the replacement cycle is when customers and we spent a ton of time. And I personally did in this last quarter with large pharma customers to understand what we were seeing from a replacement cycle perspective.

還有另一組證實替代品的證據。更換週期的開始是客戶和我們花費大量時間的時候。我個人在上個季度與大型製藥客戶進行了交流，以了解我們從更換週期的角度所看到的情況。

Look when the customers start the replacement cycle, they bring cross functional teams together because this is a multi-year process. They bring in ID, they bring in the analytical labs, they bring in the procurement folks and sometimes finance folks because this is a pretty large spend item and we've seen more and more of those meetings.

看看當客戶開始更換週期時，他們將跨職能團隊聚集在一起，因為這是一個多年的過程。他們引入了ID，引入了分析實驗室，引入了採購人員，有時還引入了財務人員，因為這是一個相當大的支出項目，而且我們已經看到越來越多的此類會議。

Now to your question on Arc versus alliance, I mean there is an increasing proportion of our LC fleet that is Arc HPLC and now increasing the Alliance iS which over the last 18 months has been trialed by each and every large pharma customer. So we feel extremely good with the feedback. And over the last few months, we've added the PDA, we've added the Alliance bio systems and we have several other ideas to continue to improve its performance.

現在，關於Arc 與Alliance 的問題，我的意思是，我們的LC 系列中Arc HPLC 所佔的比例越來越大，現在又增加了Alliance iS，在過去18 個月裡，每個大型製藥客戶都在試用Alliance iS。因此，我們對回饋感到非常滿意。在過去的幾個月裡，我們添加了 PDA、Alliance Bio 系統，並且我們還有其他一些想法來繼續提高其性能。

So Alliance iS, is indeed is playing a part in the discussions. Our HPLC remains a strong contributor to the replacement discussions as well. We won't break it down any further than that at this point. And to your question on patent expiration, I mean, and I suspect that's referring to India. Look, India has been awesome for us for the last 3 to 4 years, gone from 5% of our sales to 8% largely driven by a strong presence in the generic segment. I mean, India supplies roughly 40% of the generics globally and going forward, we expect at least $200 billion over the next three, four years of patent, -- sorry the next four to five years of about around $200 billion of revenues going off pattern from originators in the next three to four years and more than half of that is small molecule. So we are very well positioned in that segment as well.

所以 Alliance iS 確實正在參與討論。我們的 HPLC 仍然是替代討論的重要貢獻者。目前我們不會再進一步分解它。至於你關於專利到期的問題，我的意思是，我懷疑這是指印度。看，過去 3 到 4 年裡，印度對我們來說一直很棒，從占我們銷售額的 5% 上升到 8%，這主要是由於在仿製藥領域的強大影響力。我的意思是，印度供應了全球約40% 的仿製藥，展望未來，我們預計在未來三四年的專利期內至少會產生2000 億美元的收入——抱歉，未來四到五年收入將減少約2000 億美元未來三到四年內，原創者將面臨新的模式，其中超過一半是小分子。因此，我們在該領域也處於非常有利的地位。

And just to add to that, Tycho. As you correctly pointed out. I mean, Arc is at a meaningful price premium to Legacy Alliance and that has been a very successful product and very accretive from being better priced. And with the value proposition of Alliance iS it's able to justify even a higher price premium to Arc, because the unmet needs that it is solving is resonating with the customer.

補充一點，第谷。正如您正確指出的那樣。我的意思是，與 Legacy Alliance 相比，Arc 的價格溢價相當可觀，這是一款非常成功的產品，並且由於價格更優惠而帶來了很大的增值。憑藉 Alliance iS 的價值主張，它能夠證明比 Arc 更高的溢價是合理的，因為它正在解決的未滿足的需求引起了客戶的共鳴。

So that sort of creates that double effect on the replacement cycle. And very early days for PDA. So the PDA version really hasn't produced accretion because we're just launching it. So we will see more of that in Q4.

因此，這會對更換週期產生雙重影響。PDA 還處於早期階段。所以 PDA 版本確實沒有產生成長，因為我們剛剛推出它。因此，我們將在第四季度看到更多這樣的情況。

In a nutshell, the replacement cycle definitely signals for the replacement cycle beginning some impact already in the quarter. And our broader market leading LC portfolio is absolutely playing a role in those discussions.

簡而言之，更換週期明確表明更換週期已經在本季開始產生一些影響。我們更廣泛的市場領先的 LC 產品組合絕對在這些討論中發揮作用。

And then I guess as we think about next year, are you willing to make any comments preliminarily the street just under 5.5% organic. Obviously there's a nice tail wind.

然後我想，當我們考慮明年時，您是否願意對略低於 5.5% 的有機率初步發表任何評論。顯然，有一個很好的順風。

That I was thinking that would be one of the more -- one of the questions later in the call, but I suspect it's one of the first ones. Look, you know that we won't make any comments on 2025 at this stage. I mean, there's a lot that will play out in the next few months. But so not to disappoint you, let me just sort of tell you how we're thinking about the puts and takes, right?

我認為這將是電話會議稍後提出的更多問題之一，但我懷疑這是首先提出的問題之一。你看，你知道我們現階段不會對 2025 年發表任何評論。我的意思是，接下來的幾個月將會發生很多事情。但為了不讓您失望，讓我告訴您我們如何考慮看漲期權，對嗎？

So you can start with our recurring revenue. And if you look at especially the last two years, it's like a Swiss clock, right? I mean, while recurring revenues in different segments, especially in pharma research have gone up and down in QA/QC and late stage for us, this is gone predictably well.

因此，您可以從我們的經常性收入開始。如果你特別看看過去兩年，它就像瑞士鐘，對吧？我的意思是，雖然不同領域的經常性收入，尤其是藥物研究領域的經常性收入在 QA/QC 和後期階段對我們來說有所上升和下降，但可以預見的是，情況進展順利。

So you can assume a long term historic average and that's 55% of our business. You start there, then you look at the puts and takes on the instrument side, right? And so let's first talk about what is rather definite, right? So the generics volume as we just talked about will continue to grow. Now, don't ask me exactly the percentage of growth, but it's pretty dynamic.

因此，您可以假設長期歷史平均值，即我們業務的 55%。您從那裡開始，然後查看工具方面的看跌期權和看跌期權，對吧？那我們先來談談什麼是相當確定的，對嗎？所以我們剛才談到的仿製藥數量將會繼續成長。現在，不要問我具體的成長百分比，但它是相當動態的。

Second, PFAS testing is accretive to our overall growth and we have a market leading instrument that is helping us win more orders than we lose them. And GLP-1, you already mentioned that we have pole position in that with the two largest producers and as it gets genericized and Indian producers come in, we think we're very well positioned.

其次，PFAS 測試促進了我們的整體成長，我們擁有市場領先的儀器，可以幫助我們贏得比失去的訂單更多的訂單。至於 GLP-1，您已經提到我們在兩個最大的生產商中處於領先地位，隨著它的通用化和印度生產商的加入，我們認為我們處於非常有利的位置。

So those are things that you can assume are positive. There are two variables that we really need to sort of watch and understand better. The first is how fast is the replacement cycle going to pick up? And I've given you enough clues in your first question that it's already happening and the discussions are happening.

所以這些都是你可以認為是正面的事情。有兩個變數我們確實需要更好地觀察和理解。首先是更換週期的速度有多快？我在第一個問題中已經給了你足夠的線索，表明它已經發生並且討論正在進行中。

And the second is the stimulus in China. And there we feel that we are incredibly well positioned, given the expansion of distribution, given the expansion of our localized portfolio, we feel incredibly well positioned to capitalize as the stimulus comes in. So I think those are the only two variables that you need to watch over the next 3 to 4 months and there's plenty to happen in the next few months. And we'll talk when we get the Q4.

第二個是中國的刺激措施。考慮到分銷的擴大，考慮到我們在地化投資組合的擴大，我們感覺自己處於非常有利的位置，隨著刺激措施的到來，我們感覺處於非常有利的位置。因此，我認為這是您在接下來的 3 到 4 個月內需要關注的唯一兩個變量，並且在接下來的幾個月中將會發生很多事情。等我們拿到 Q4 後再談。

There is one thing to add, there is pricing, right? Even in this environment where we are seeing aggressive competitive pricing pressures, we are still delivering on our commitment of 100 basis points plus versus the historic levels. And the proof is in our cross margin.

有一點需要補充，那就是定價，對嗎？即使在我們面臨激烈的價格競爭壓力的環境下，我們仍然兌現了比歷史水平高 100 個基點的承諾。證據就在我們的全倉保證金中。

Okay. And then just one last quick one on capital allocation. You talk about preference for M&A versus buyback you mentioned both in your comments.

好的。然後是關於資本配置的最後一篇快速文章。您談到了您在評論中提到的對併購與回購的偏好。

Look, Tycho, again, something that we won't get into a ton of detail on other than what we've said. Look, we're executing on what we told you probably three, four years ago when the transformation started, we said we were going to learn how to play better with the hand we have. This is commercial execution, and margin preservation that you saw all the way through in 2023.

聽著，第谷，再說一遍，除了我們已經說過的內容之外，我們不會詳細討論這一點。聽著，我們正在執行三、四年前我們告訴過你的事情，當轉型開始時，我們說我們將學習如何更好地利用我們現有的手牌。這是您在 2023 年一路看到的商業執行和利潤保留。

Then we said we're going to launch new products that are going to be first in class and best in class and they're delivering the promise be it Alliance iS, Xevo TQ Absolute or our chemistry columns. And third, we said we're going to start executing on M&A which is aligned with our well stated and clearly stated strategic ambitions and that's where wired fit in.

然後我們說我們將推出同類首創和同類最佳的新產品，無論是 Alliance iS、Xevo TQ Absolute 還是我們的化學色譜柱，它們都兌現了承諾。第三，我們表示我們將開始執行併購，這與我們明確闡述的策略目標一致，而這正是有線的契合點。

So from a capital allocation perspective, that's the sequence, we will spend more energy on organic growth. We think we have a ton of opportunities there. If a deal makes sense like it did with wire and it's aligned with our strategy and it's financially very disciplined, we will do it and of course, we will continue to return value to our shareholders through buybacks. It's a balanced capital allocation strategy.

所以從資本配置的角度來看，就是這個順序，我們會花更多的心力在有機成長上。我們認為那裡有很多機會。如果一項交易像有線交易一樣有意義，並且符合我們的策略，並且在財務上非常嚴格，我們就會這樣做，當然，我們將繼續透過回購向股東回報價值。這是一種平衡的資本配置策略。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾，富國銀行。

Hey, thanks, good morning. You took down guidance last quarter, taking it back up. Now you talk about which end markets actually beat your expectations and it does feel like the LC replacement cycle may be coming back faster now than, than what your base case, you might have been two or three months ago. Is that a fair assessment and talk about just which region that might be driving that?

嘿，謝謝，早安。您上個季度下調了指導，然後又重新調高了。現在，您談論哪些終端市場實際上超出了您的預期，並且確實感覺 LC 更換週期現在的恢復速度可能比兩三個月前的基本情況更快。這是一個公平的評估嗎？

So Brandon, good morning. And thank you for your question. Look, I mean, everything across the board came ahead of expectations, right? So I think you can see that in the print as well. And as we go into Q4 and our sort of guidance philosophy, look, you need to look at it from two different perspectives. One, all the positive drivers we expect that we've seen improve over the year will continue into Q4, right?

布蘭登，早安。謝謝你的提問。聽著，我的意思是，一切都超出了預期，對嗎？所以我想你也可以在印刷品中看到這一點。當我們進入第四季和我們的指導理念時，你需要從兩個不同的角度來看待它。第一，我們預計今年以來有所改善的所有積極推動因素都將持續到第四季度，對吧？

So through the year, sequentially, the growth has, has gone up and Q3 was 4%, including the LC replacement, we see better signals for that. We see the generics market going pretty well, we see the PFAS testing and I've just gone through that in the previous question as well. So we see all of those trends continuing and hence, we've raised the midpoint of our midpoint of our guidance for Q4 from a revenue perspective.

因此，全年成長率連續上升，第三季成長率為 4%，包括 LC 替代品，我們看到了更好的訊號。我們看到仿製藥市場發展得很好，我們看到了 PFAS 測試，我剛剛在上一個問題中也經歷過這一點。因此，我們看到所有這些趨勢仍在繼續，因此，從收入角度來看，我們提高了第四季度指導的中點。

So it's now 6% right? So that has the trends have given us confidence to raise the guidance. And so on the other side, the second aspect and I will mention this in the prepared remarks as well. On the other side, it's one data point. I want to see more before we get, get more bullish. So if you look at the top end of the guidance, what we've done is we've tried to keep the ramp from Q3 to Q4 the same as last year, right?

那麼現在是 6% 對嗎？因此，趨勢使我們有信心提高指導意見。另一方面，第二個方面，我也會在準備好的發言中提到這一點。另一方面，它是一個數據點。我希望在我們獲得之前看到更多，變得更加看漲。因此，如果您查看指導的最高端，我們所做的就是努力保持從第三季度到第四季度的增速與去年相同，對嗎？

So let me just elaborate a little bit over the last 3 years from Q3, Q4, the step-up in revenue from Q3 to Q4 usually is about 22%. Last year, we saw one of the most good ramps that we've seen our history and we felt the student keep that as the other book end of the guide. So while trends are improving across the board, pharma industrial, it any of the any of polio segments feel is good at this point, sort of put it on the book and then keep the ramp same as last year.

因此，讓我詳細說明過去三年的第三、第四季度，從第三季到第四季的營收增幅通常約為 22%。去年，我們看到了我們歷史上最好的坡道之一，我們覺得學生將其作為指南的另一本書的結尾。因此，雖然趨勢正在全面改善，但製藥工業、任何小兒麻痺細分市場在這一點上都感覺良好，可以將其記錄下來，然後保持與去年相同的成長。

Okay. That's helpful. And then just on China, you have pretty mixed data points, I would say so far from other peers this quarter is the signal to noise ratio from your point of view, getting any better. And how do you think stimulus is order activity quoting is tracking relative to your expectations right now.

好的。這很有幫助。然後就中國而言，您的數據點相當複雜，我想說，從您的角度來看，本季度到目前為止，信噪比與其他同行相比，有所改善。您認為刺激措施是訂單活動報價相對於您目前的預期的追蹤情況如何。

So, I mean, that's a great question. I had a chance to visit China in September and I have the same questions that you do and had a chance to visit a lot of customers, see some government officials across the country, not just in one city and across many customer segments, right? So it was a pretty helpful visit.

所以，我的意思是，這是一個很好的問題。我有機會在九月訪問中國，我和你有同樣的問題，並且有機會拜訪了很多客戶，會見了全國各地的一些政府官員，而不僅僅是在一個城市，跨越了許多客戶群，對嗎？所以這是一次非常有幫助的訪問。

In all, I mean, if you just look at the numbers for a minute, China came in line with our expectations. Orders are in line with what we saw at the same time last year. Sales went down by 5% versus the same time last year. And that's largely due to one shipment moving in the TA business from Q3 to Q4.

總而言之，我的意思是，如果你只看一下這些數字，中國的表現符合我們的預期。訂單與我們去年同期看到的情況一致。銷售額比去年同期下降了 5%。這主要是由於 TA 業務的一批發貨從第三季度轉移到了第四季度。

So that impacted sales, but orders are in line with last year as we expected. Now that said as the market conditions and this is something I learned from our team. As the market conditions have worsened over the last two years, I mean, our team basically, first, of course, right size the organization to respond to the conditions. But then we took a deliberate effort to expand our distribution to many more customer segments that we've been historic than we've been historically present in.

因此，這影響了銷售，但訂單與我們預期的去年一致。現在說的是市場狀況，這是我從我們團隊學到的。隨著過去兩年市場狀況的惡化，我的意思是，我們的團隊基本上首先當然要調整組織規模以應對這種情況。但後來我們刻意努力將我們的分銷範圍擴大到更多的客戶群，這些客戶群比我們歷史上存在的客戶群要多。

Second, we localize our full portfolio. So as and when the stimulus comes, we feel very well placed to capitalize on it. Now, talking about the stimulus in particular, I mean, that the first one was on instrument replacement and the government is now thinking through releasing another one on fiscal stimulus, right?

其次，我們將整個產品組合在地化。因此，當刺激到來時，我們感覺自己完全有能力利用它。現在，特別談論刺激措施，我的意思是，第一個刺激措施是關於工具更換的，政府現在正在考慮發布另一項關於財政刺激措施，對吧？

So pretty broad based encouragement for the economy, we feel very well positioned to take advantage of it. And in the last quarter, I talked about one of the first discussions we had that looked like it could consummate into an order.

對經濟的如此廣泛的鼓勵，我們感覺非常有能力利用它。在上個季度，我談到了我們進行的第一次討論，看起來可以最終形成訂單。

This was discussions with customs agencies that are government run that has indeed come through. So that order has actually come through the sales don't ask me if it gets converted in Q4 or early next year. It's probably there or thereabouts. It's not in our guidance and don't get too excited, it's low-single-digit millions, but it is the first signal that the stimulus is now converting into sales.

這是與政府運營的海關機構的討論，確實已經完成。因此，該訂單實際上已經透過銷售完成，不要問我它是否會在第四季或明年初轉換。它可能就在那裡或附近。這不在我們的指導範圍內，不要太興奮，這個數字只有數百萬美元，但這是刺激措施正在轉化為銷售的第一個訊號。

And as I said, we feel incredibly well positioned to take advantage of it. So in a nutshell, China came in as expected, improving conditions from the first half of the year into Q3. And as we look ahead, we feel incredibly well positioned to take advantage of the stimulus and it's not just signals, it's actually turning into, into reality. I hope that helps.

正如我所說，我們感覺自己處於非常有利的位置來利用它。簡而言之，中國的表現符合預期，從上半年到第三季的情況有所改善。展望未來，我們感覺自己處於非常有利的位置，可以充分利用刺激措施，而且這不僅僅是訊號，它實際上正在變成現實。我希望這有幫助。

Punit Sara, Ring Partners.

普尼特·薩拉，Ring Partners。

Yeah. Hi, Udit. Thanks for taking my questions and congrats on the strong print here. The first question, we're seeing varying numbers of instrumentation growth in the peers and have instrumentation recovering in LC and also MS and LC replacement cycle is happening where some of the peers are still saying that single digit decline.

是的。嗨，烏迪特。感謝您提出我的問題，並祝賀這裡的強大印刷品。第一個問題，我們看到同行的儀器數量有所不同，並且 LC 和 MS 和 LC 的儀器更換週期正在恢復，而一些同行仍然表示單位數下降。

So can you take a step back and elaborate a bit about the QA/QC position that Waters has when it comes to instrumentation growth, what do you think is misunderstood here and on the consumable side, the 8% chemistry and columns number that was impressive. Could you maybe provide us what your thoughts on the sustainability of that and what gives you confidence, why that recurring revenue should continue to sustain in 2025, despite the comps.

那麼，您能否退後一步，詳細說明沃特世在儀器增長方面的 QA/QC 立場，您認為這裡和耗材方面存在哪些誤解，8% 的化學成分和色譜柱數量令人印象深刻。您能否向我們提供您對此可持續性的看法，以及是什麼讓您有信心，為什麼儘管有比較，但經常性收入應該在 2025 年繼續維持下去。

Let's start with the simpler question, Punit, and good morning. Recurring revenues for us are like the Swiss clock, okay. You go back in 2024 and you compare our recurring revenues to anybody in the peer group and you'll find that they're very stable right mid to high-single digits. And so there's not much to say there other than the fact that this is going to continue and we're fueling it with new innovation, attachment rates and service are increasing.

讓我們從更簡單的問題開始，Punit，早安。對我們來說，經常性收入就像瑞士鐘，好吧。如果你回到 2024 年，將我們的經常性收入與同行中的任何人進行比較，你會發現它們非常穩定，處於中高個位數。因此，除了這種情況將繼續下去並且我們正在透過新的創新、附件率和服務不斷增加來推動這一事實之外，沒有什麼可說的。

So if anything that starts to grow even more, and as we are at the cusp of the replacement cycle, you will see service revenues improve. So there's nothing more to say there other than just look at the history and the facts and it's pretty clear on the instrument side, this is how I would think about it and I'll try to sort of break it down from a customer segment as well because your question had that piece.

因此，如果任何東西開始增長得更多，並且當我們正處於更換週期的風口浪尖時，您將看到服務收入的改善。因此，除了看看歷史和事實之外，沒有什麼可說的，在儀器方面非常清楚，這就是我的想法，我將嘗試將其從客戶群中細分為好吧，因為你的問題中有那部分。

First from a volume perspective. Look, there are two obvious drivers, right? The first is generics in India, right? We have a strong position there and that continues to grow and it's not just in India, it's also in Eastern Europe and parts of the US that we continue to benefit disproportionately from our presence there.

首先從成交量的角度來看。看，有兩個明顯的驅動因素，對吧？第一個是印度的仿製藥，對吧？我們在那裡擁有強大的地位，而且這種地位還在持續成長，不僅在印度，在東歐和美國部分地區，我們都繼續從那裡的存在中獲得不成比例的利益。

Second is the initiation of the replacement cycle and here I'll just take a slight detour and talk about pharma in particular and that might explain some of the differentiated results here, right? And basically, for us, we are -- our instrument results, our consumable results are more proportional to the volume of high -- volume of testing and compliant conditions be it pharma or be it non-pharma.

其次是更換週期的啟動，在這裡我將稍微繞道，特別談談製藥，這可能會解釋這裡的一些差異化結果，對嗎？基本上，對我們來說，我們的儀器結果、我們的消耗品結果與大量測試和合規條件（無論是製藥還是非製藥）成正比。

In pharma, our stronger presence in QA/QC testing for marketed drugs, both generics and originators makes us slightly different than what you're seeing with the rest of the rest of the peer group, right. So that segment is doing has been pretty resilient and announced the replacement cycle benefits us there.

在製藥業，我們在上市藥物（包括仿製藥和原廠藥）的 QA/QC 測試方面擁有更強的實力，這使我們與您在同行群體中看到的其他藥物略有不同，對吧。因此，該細分市場的表現相當有彈性，並宣布更換週期對我們有利。

If you now contrast that with upstream in farm research, we're not seeing the same level of dynamism, right. So upstream where customers have been impacted by IRA, the funding is still not yet going, you can make the same argument for biotech. Biotech while funding has improved cycles have not improved.

如果你現在將其與農業研究的上游進行對比，我們並沒有看到相同程度的活力，對吧。因此，上游客戶受到 IRA 影響的地方，資金還沒有到位，你可以對生物技術提出同樣的論點。生物技術雖然資金有所改善，但週期並沒有改善。

And finally, in CDMOs, we are again very well positioned as we look at novel modalities in particular for our recurring revenues and increasingly for our instruments with ADCs and oligoneucletides. So from a volume perspective in instruments, we are very well positioned.

最後，在 CDMO 領域，我們再次處於非常有利的位置，因為我們正在尋找新的模式，特別是我們的經常性收入，以及越來越多的 ADC 和寡核苷酸儀器。因此，從儀器的銷售角度來看，我們處於非常有利的位置。

Second, we've talked a lot about our best in class new products. I mean, we may took on a deliberate effort three to four years ago to revitalize our portfolio. And now you can see the results Alliance iS, that's the standard in HPLC testing, augmenting our MaxPeak Premier supported Acuity Premier for UPLC, go to mass spec, Xevo TQ Absolute sets the standard for PFAS testing for sensitivity and we've just introduced the Zevo MRT and that is receiving very good feedback from customers for metabolomic testing where you don't have to give up speed if you want high resolution and you get it all on a benchtop mass spec .

其次，我們已經談論了很多關於我們一流的新產品。我的意思是，我們可能在三、四年前就採取了刻意的努力來振興我們的投資組合。現在您可以看到結果 Alliance iS，這是 HPLC 測試的標準，增強了我們的 MaxPeak Premier 支援的 Acuity Premier for UPLC，轉到質譜，Xevo TQ Absolute 為 PFAS 測試的靈敏度設定了標準，我們剛剛推出了Zevo MRT 正在從客戶那裡獲得代謝組學測試的非常好的反饋，如果您想要高分辨率，您不必放棄速度，並且可以在台式質譜儀上獲得所有結果。

And finally on pricing, given the differentiated portfolio and enhanced operational execution. We feel very confident that we will be able to, we will be able to extract at least 100 basis points improvement in pricing. So I wanted to give you a comprehensive answer because you touched on and markets as well. But feel very good about where we are on our instrument portfolio.

最後是定價，考慮到差異化的產品組合和增強的營運執行力。我們非常有信心，我們將能夠將定價提高至少 100 個基點。所以我想給你一個全面的答案，因為你也談到了市場。但對我們在儀器產品組合中所處的位置感到非常滿意。

I mean, just to add to your absolutely correct insight on the recurring revenues, right? No, two recurring revenue portfolios are equal. And sometimes we get penalized because 45% of our portfolio is instruments. But people overlook the fact that the remaining 55% which is recurring, when you contrast it with other recurring portfolios in the market, in this down economy. The other recurring portfolios have been flat or even negative growth.

我的意思是，只是為了增加您對經常性收入的絕對正確的見解，對吧？不，兩個經常性收入組合是相等的。有時我們會受到懲罰，因為我們的投資組合 45% 是工具。但人們忽略了這樣一個事實：在經濟低迷的情況下，當你將其與市場上其他經常性投資組合進行對比時，剩下的 55% 是經常性的。其他經常性投資組合則持平甚至負成長。

Our recurring revenue portfolio, I would say is a Swiss clock, it has always been between 6% and 8%, typically 7%. And people typically overlook this fact, right? When you put that together, it sort of gives you so much more stability in the equation.

我們的經常性收入組合，我想說的是瑞士時鐘，它一直在 6% 到 8% 之間，通常是 7%。人們通常會忽略這個事實，對嗎？當你把它們放在一起時，你的方程式就會變得更加穩定。

Yeah, got it. That's super helpful. Thanks for covering that. Just to follow up on the GLP peptides, obviously one of the, largest categories in terms of volume, I know that you talked about volume being an important driver. Can you just help us understand sort of how broad is your position there?

是的，明白了。這非常有幫助。感謝您報道這一點。只是為了跟進 GLP 肽，顯然是銷量最大的類別之一，我知道您談到銷量是一個重要的驅動因素。您能幫助我們了解您在那裡的職位有多廣泛嗎？

And essentially as new molecules are emerging orals and improved injectables, can you elaborate what your position within those are and just given the volume growth that you can potentially expect in this market and how to think about this in 2025. I know it's about 2025 but just wondering how to think about GLP-1s in 2025 context. Thank you.

本質上，隨著新分子不斷出現，口服藥物和改進的注射藥物，您能否詳細說明一下您在這些藥物中的定位，考慮到您在這個市場上可能預期的銷量增長，以及如何在2025 年考慮這一點。我知道大約是 2025 年，但只是想知道如何在 2025 年背景下考慮 GLP-1。謝謝。

Punit, you're going to be super popular with your peers because you're asking all the questions. But that said, look, it's a relevant question. GLP-1s are accretive to our growth. And when you look at our position in columns, we are the primary vendor stacked in for both the two large injectable manufacturers for chemistry instruments are distributed between us and another vendor, but usually 60, 40 us or slightly more than that depending upon which one.

Punit，你會非常受同儕歡迎，因為你會問所有的問題。但這就是說，看，這是一個相關的問題。GLP-1 有助於我們的成長。當您查看我們在列中的位置時，我們是主要供應商，因為化學儀器的兩家大型注射劑製造商分佈在我們和另一家供應商之間，但通常為60、40 us 或略多，具體取決於哪一家。

And third, there are at line testing HPLC and UPLC Instruments where we have the lion share and these are called patrol systems for those of you following Waters very well familiar with it. They are adopted in each and every manufacturing site and each and every line of both Novo Nordvisk and Eli Lilly.

第三，我們擁有大部分線上測試 HPLC 和 UPLC 儀器，對於那些非常熟悉沃特世的人來說，這些儀器被稱為巡檢系統。諾和諾德維斯克 (Novo Nordvisk) 和禮來 (Eli Lilly) 的每個生產基地和每條生產線均採用它們。

Now to your question on orals, we have -- we feel very good about where we are. It's early days in terms of talking about exactly what's speced and what's not but we are very well positioned, not just with these two but with many others, many others who are working on it.

現在回答你關於口頭的問題，我們對自己的處境感到非常滿意。現在談論具體規格和不規格還為時過早，但我們已經處於非常有利的位置，不僅與這兩個，而且與許多其他人，許多其他正在致力於此的人。

Third pieces around GLP-1 in the generic segment as I mentioned, earlier we have a good position with the generics manufacturers in India and in Eastern Europe. And as they start to bring the older GLP-1s and then start to genericize them. We again feel very good about our position there. 2025 I won't say more especially on the specifics of what's, what will happen with GLP-1, but there is no reason to believe that the stuff, the trend doesn't follow the overall volume growth that we've seen so far.

正如我所提到的，關於仿製藥領域 GLP-1 的第三部分，我們之前與印度和東歐的仿製藥製造商擁有良好的地位。當他們開始引入較舊的 GLP-1 並開始對其進行通用化時。我們再次對我們在那裡的地位感到非常滿意。2025 年，我不會說更多，特別是關於 GLP-1 將會發生什麼的細節，但沒有理由相信這些東西、趨勢不會遵循我們迄今為止看到的整體銷售成長。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hi, Udit, good morning to you. And congrats on a nice print here. Maybe one on the competitive dynamics here. Do you believe Waters is gaining market share or is this a broader sort of end market recovery. How would you characterize your competitive position?

嗨，烏迪特，早安。恭喜您獲得了精美的印刷品。也許是關於這裡的競爭動態。您認為沃特世正在贏得市場份額，還是這是更廣泛的終端市場復甦？您如何描述您的競爭地位？

Thanks for the question. And I mean, having been in the industry over a decade, I mean, this is question on market share is always possible using two things and we discuss market share, our share of wallet, market share, given that most of our peers have different portfolios in different segments. It's very difficult to have direct other than your own information, which is longitude.

謝謝你的提問。我的意思是，在這個行業工作了十多年，我的意思是，關於市場份額的問題總是可以使用兩件事來解決，我們討論市場份額，我們的錢包份額，市場份額，因為我們大多數同業都有不同的不同細分市場的投資組合。除了您自己的資訊（即經度）之外，很難獲得直接的資訊。

So you have information for many years. And I can tell you we're winning more than we're losing across different segments. And just to sort of shed some more light. Why that's happening, first. I mean, basically doing what we said four years ago, we our commercial execution and basically follow each and every opportunity that RM system just credible, incredible exposure and our teams have worked really hard in the last two years to make and win very difficult.

所以你有很多年的資訊。我可以告訴你，我們在不同領域的獲利多於虧損。只是為了提供更多資訊。首先，為什麼會發生這種情況。我的意思是，基本上按照我們四年前所說的那樣，我們的商業執行，基本上遵循每一個機會，RM系統只是可信的，令人難以置信的曝光，我們的團隊在過去兩年中非常努力地創造和贏得非常困難的勝利。

Second, we have a market leading portfolio. We have podium position LC. We have podium quantitative aspect is each other segments that (inaudible) very hard (technical difficulty) so feel very good about the portfolio going forward. So I think from a competitive standpoint -- I can confidently say that we've been more than we lose.

其次，我們擁有市場領先的產品組合。我們有頒獎台位置 LC。我們在講台上的定量方面是（聽不清楚）非常困難（技術難度）的其他細分市場，因此對未來的投資組合感覺非常好。所以我認為，從競爭的角度來看——我可以自信地說，我們得到的比失去的更多。

But if you pin me down and say what exactly is the market share point by point gain, I would need very trustworthy information from each of our competitors to add and subtract. And I'm surprised that some comments with so much confidence. I think we're confusing to issue share of wallet and market share.

但如果你讓我具體說明逐點增加的市佔率到底是多少，我將需要我們每個競爭對手的非常可靠的資訊來進行加減。我很驚訝有些評論如此自信。我認為我們混淆了錢包份額和市場份額的問題。

And just to add, we don't have finances like data in our sector, right? Only place where you can sort of gauge this is our growth outsized versus market. And for us, there are three vectors where we clearly see that if we are growing twice the market. Yeah, we do so much more better than the market. The clinical is really not growing. And GLP-1 (inaudible)

補充一點，我們的行業沒有數據之類的財務數據，對吧？唯一可以衡量的是我們的成長相對於市場而言是否龐大。對我們來說，如果我們的市場成長兩倍，我們可以清楚地看到三個向量。是的，我們做得比市場好得多。臨床確實沒有成長。和 GLP-1（聽不清楚）

Understood. And maybe, Amol, one for you on this guidance here, you beat the quarter by $25 million annual was raised roughly by [25]. When you look at the sequential revenue math, while I understand, it's consistent with last year, I think you have extra days in Q4. So maybe just talk about the guidance assumptions here in Q4. Is that conservatism or any pull forward of revenues from Q4 into 3Q? Thank you.

明白了。也許，Amol，這裡為您提供的指導意見，您比季度增長了 2500 萬美元，每年籌集的資金約為[25]。當你查看連續收入數學時，雖然我理解，它與去年一致，但我認為你在第四季度有額外的天數。因此，也許只討論第四季的指導假設。這是保守主義還是將收入從第四季提前到第三季？謝謝。

No, no, look, I mean, we wanted to be prudent, right? I mean, we wanted to be in line with the ramp we saw last year, last year we saw about 15% ramp, which is far lower than typical. What we have guided is 15.5%. We have two extra days in the ramp this year versus last year and that adds 2% more recurring revenue or 1% overall, right?

不，不，聽著，我的意思是，我們想保持謹慎，對吧？我的意思是，我們希望與去年看到的增長保持一致，去年我們看到了大約 15% 的增長，這遠低於典型水平。我們指導的是15.5%。與去年相比，今年我們的成長時間多了兩天，這增加了 2% 的經常性收入或整體收入 1%，對嗎？

So call it 16%. So maybe it's a tad conservative and prudent at this stage in the equation. So that's on the sales side. On the EPS side of our full year rate is slightly lower than our Q3 be. And that's to do with the fact with timing of Spain, right? I mean, we had pulled back Spain because September is a big month and we wanted to make sure it's out to our assumptions, which it did. And plus we want to be ready as market starts to recover. And so that's purely timing of spend. We're still raising our full year EPS guide and now the full year EPS guide is slightly positive versus last year.

所以稱之為 16%。因此，在這個階段，也許有點保守和謹慎。這是在銷售方面。在每股盈餘方面，我們全年的成長率略低於第三季的水準。這與西班牙的時間安排有關，對吧？我的意思是，我們撤回了西班牙，因為九月是一個重要的月份，我們想確保它符合我們的假設，事實也確實如此。另外，我們希望在市場開始復甦時做好準備。所以這純粹是花錢的時機。我們仍在上調全年每股收益指引，現在全年每股收益指引較去年略有上升。

And then I think there's two embellishments, one on the spend look. I mean, we are seeing dynamic growth in generics in India, in Eastern Europe. We're seeing very good growth with the Alliance iS as it's as the adoption improves. We're seeing great growth in PFAS. We're not pulling back spending. And so as teams come in, we're really making sure that they have the resources to grow in the future and on the and then the question on pull forward. None. No, pull forward. You just need to look at the orders and sales orders grew again faster than sales and backlog has been building. So no pull forward at all.

然後我認為有兩個裝飾，一個是花哨的外觀。我的意思是，我們看到印度和東歐的仿製藥蓬勃發展。隨著採用率的提高，我們看到 Alliance iS 取得了非常好的成長。我們看到 PFAS 的巨大成長。我們不會削減支出。因此，當團隊進來時，我們確實要確保他們有資源在未來發展，然後解決前進的問題。沒有任何。不，向前拉。您只需要查看訂單，銷售訂單的成長速度再次快於銷售和積壓訂單的成長速度。所以根本沒有向前拉。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Great. Thank you. Thanks for the questions. Congrats on the quarter. Maybe just on just to start on China. So in the quarter, what China instruments may be down around 10% is our math and just wondering, did you say what you're implied or kind of what your guide is for China in the fourth quarter? And for instruments and what you talked about the stimulus like any way to size what that might be for '25.

偉大的。謝謝。感謝您的提問。恭喜本季。也許只是剛開始在中國。因此，在本季度，中國的金融工具可能會下跌 10% 左右，這是我們的數學，只是想知道，您是否說過您的暗示或您對第四季度中國的指導是什麼？對於工具和你所說的刺激措施，就像任何方式來確定 25 年可能的規模一樣。

And we come up with $70 billion the monetary stimulus being allocated broadly to instruments and in kind of science and tech, is that the number? And any sense of what percent the sector could capture that?

我們提出了 700 億美元的貨幣刺激資金，廣泛分配給工具和科學技術，是這個數字嗎？知道該行業能抓住這一點的百分比是多少嗎？

Yes. So look, I mean, China for the quarter was minus 5%. Instruments were down sort of high single digits. For Q4, and again, a lot of it, as Udit mentioned has to do with the fact that orders were in line with last year. It was just timing of some of the PE-related shipments.

是的。所以看，我的意思是，中國本季的成長率為負 5%。儀器儀表下跌了高個位數。對於第四季度，正如烏迪特所提到的，很大程度上與訂單與去年一致有關。這只是一些 PE 相關出貨的時機。

As we get into Q4, we are expecting growth to return to China. So it will be sort of low single digit to mid-single-digit growth in China and instruments will be somewhere around low to mid-single-digit decline. But again, as we said, we have had no major incremental negative news from China since Q3 of last year. And because we had finished shipping last stimulus in Q2 of last year, Q3, Q4 baseline for us in China is pretty corrected.

隨著進入第四季度，我們預計中國將恢復成長。因此，中國的成長將是低個位數到中個位數，而金融工具將出現低個位數到中個位數的下降。但正如我們所說，自去年第三季以來，我們沒有收到來自中國的重大負面消息。因為我們已經在去年第二季完成了最後一次刺激措施，所以我們在中國的第三季、第四季的基線已經相當修正。

Stimulus, I mean, it's hard to say at this stage because the biggest challenge is timing. Unlike last time, this is being doled out through different provinces and based on our read every province is in different part of its journey in terms of getting all the paperwork and approvals together. So still very early days in sort of timing the stimulus as it will happen next year. I mean, it's inevitable. It's going to be a great tailwind for the sector, but hard to put timing.

我的意思是，現階段很難說刺激措施，因為最大的挑戰是時機。與上次不同的是，這筆資金是透過不同的省份發放的，根據我們的了解，每個省份在收集所有文書工作和批准方面都處於不同的階段。因此，明年實施刺激計畫的時間仍處於早期階段。我的意思是，這是不可避免的。這將成為該行業的一大推動力，但很難確定時機。

And then just to embellish this on the China piece, we were (inaudible) September as I mentioned earlier. I mean, the general sense is yes, the stimulus is coming. We have many conversations with each individual customer who's looking to qualify, we expanded our distribution as a result to make sure we were in every place where there was a discussion going on.

然後，為了在中國部分中美化這一點，正如我之前提到的，我們是（聽不清楚）九月。我的意思是，普遍的感覺是，刺激即將到來。我們與每個希望獲得資格的客戶進行了多次對話，因此我們擴大了分銷範圍，以確保我們出現在每個進行討論的地方。

This one would be very dispersed. It's not one that will be concentrated in two or three big academic institutions. So we prepared ourselves, we localize the portfolio. As I mentioned, we already see the first set of orders consummate. And as I said, I don't know if it lands this year in sales or early next year, low-single-digit millions, but it's a good signal that it's happening.

這會是非常分散的。它不會集中在兩三個大型學術機構。因此，我們做好了準備，將產品組合在地化。正如我所提到的，我們已經看到第一組訂單已經完成。正如我所說，我不知道它今年的銷售或明年初的銷售是否會達到數百萬美元，但這是一個很好的信號，表明它正在發生。

Very difficult to talk about timing at this stage. I mean that they, that the next three months pass, we find out a lot more until that time. And I think you talked about the $70 billion, but there's an equally important fiscal stimulus that will create confidence in the overall economy and that will influence the sector as well. So don't forget that piece of it as well.

在這個階段很難談論時機。我的意思是，接下來的三個月過去了，在那之前我們會發現更多。我認為您談到了 700 億美元，但還有一項同樣重要的財政刺激措施，它將增強人們對整體經濟的信心，也將影響該行業。所以也不要忘記那一部分。

Got it. And then, and maybe just the follow up just I know you've touched on PFAS and GLP-1 several times throughout. Would you be -- I know you talked about the long term opportunity in terms of contribution to your growth rate. Would you be willing to size how big those businesses are today and kind of how much they're contributing today to your growth?

知道了。然後，也許只是後續行動，我知道您在整個過程中多次提到了 PFAS 和 GLP-1。我知道您談到了對成長率的貢獻方面的長期機會。您是否願意估算這些企業目前的規模以及它們今天對您的成長做出的貢獻有多大？

Yeah, what we said is both those businesses will contribute about 30 basis points to 40 basis points of a creative growth. And that's based on purely the environmental side of PFAS. What we are seeing on PFAS is it's now spilling into things such as food and consumer products and that would be incremental upside to that 30 basis points to 40 basis points of accretive growth on PFAS.

是的，我們說過，這兩家企業將為創意成長貢獻約 30 個基點到 40 個基點。這純粹是基於 PFAS 的環境面。我們在 PFAS 上看到的是，它現在正在滲透到食品和消費品等領域，這將導致 PFAS 成長 30 個基點到 40 個基點。

On G LP-1, that assumption is based on what percentage of prescription volumes GLP-1 will be say around 2030 based on analyst reports. If you look at it an alternative way, which is what percentage of CapEx GLP one would be over the next decade, you get to a much larger number, but at this stage, we would want to stay prudent.

對於 G LP-1，該假設是基於分析師報告中 2030 年左右 GLP-1 處方量的百分比。如果你以另一種方式看待它，即未來十年資本支出 GLP 的百分比，你會得到一個更大的數字，但在現階段，我們希望保持謹慎。

And I mean, I think the other way to look at this is you take a visit to Copenhagen, highly recommended or go around Indianapolis and the number of cranes per square foot is higher than Cambridge Mass where the biotech and Cambridge Mass at its height as well when the biotech boom was going. So it's pretty serious activity [dams].

我的意思是，我認為看待這個問題的另一種方式是你去哥本哈根參觀，強烈推薦，或者去印第安納波利斯轉一圈，每平方英尺起重機的數量比劍橋馬薩諸塞州要高，那裡的生物技術和劍橋馬薩諸塞州處於鼎盛時期好吧，當生物技術繁榮時。所以這是一個非常嚴肅的活動[水壩]。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

Hi, good morning. Thanks for taking my questions. Congrats on the quarter. Maybe just going back to instruments and we did a comment you made about a catch up opportunity. How do you see the slope of recovery as we kind of move into next year? And do you have expectations that it could outgrow that 5% historical average?

嗨，早安。感謝您回答我的問題。恭喜本季。也許只是回到工具，我們做了您關於追趕機會的評論。當我們進入明年時，您如何看待復甦的斜率？您是否預計其成長可能會超過 5% 的歷史平均值？

I think, it's interesting to see the replacement cycle kicking in for you. And I think there's still a lot of questions about how gradual that recovery will be and your comments around catch up opportunities suggest there might be some pent up demand. So maybe you could just kind of contextualize how you see this potential recovery taking place.

我認為，看到更換週期的開始對您來說很有趣。我認為關於復甦的漸進程度仍然存在很多問題，而且您對追趕機會的評論表明可能存在一些被壓抑的需求。因此，也許您可以結合具體情況來看待這種潛在的復甦正在發生。

So I think -- thanks Matt, I mean, I think the magnitude is pretty clear, right? I mean, you can just look at historical numbers, do the CAGRs that we've been doing for so much time and you can see the magnitude is pretty significant, especially for LC catch up opportunity.

所以我想——謝謝馬特，我的意思是，我認為其規模非常清楚，對吧？我的意思是，你只要看一下歷史數據，看看我們這麼長時間以來一直在做的複合年增長率，你就會發現其幅度非常顯著，特別是對於 LC 追趕機會而言。

In terms of the slope, I mean, just being fact based that can go anywhere from 0.5% to 11% growth, quarter one quarter to the other for the recovery. So it's very difficult to predict based on facts. Now you can then rely on two other features. One is the funnels that we have and there, I can tell you since March, June and now September, the last quarter of -- the last month of every quarter tells you a lot about funnel conversion. It has been improving, right?

就斜率而言，我的意思是，基於事實，經濟復甦的成長率可以從 0.5% 到 11%，一個季度一個季度到另一個季度。所以根據事實來預測是非常困難的。現在您可以依賴另外兩個功能。一個是我們擁有的漏斗，我可以告訴你，從三月、六月到現在的九月，每個季度的最後一個月，每個季度的最後一個月都會告訴你很多關於漏斗轉換的資訊。它一直在進步，對嗎？

So we've been seeing people say they're going to do something, they do it. And they say they're going to do large stuff, they do large stuff, they're going to do small stuff, they do small stuff. So it's the funnel conversion rates have been getting much more robust as we've gone through.

所以我們一直看到人們說他們要做某件事，他們就會這麼做。他們說他們要做大事，他們做大事，他們要做小事，他們做小事。因此，隨著我們的經歷，漏斗轉換率變得越來越強勁。

So the predictions become way better. And the last piece is customer conversations and I delve into the qualitative part of the conversation. We're having increasing number of cross functional collaboration, cross functional discussions with our customers where IT will also show up, and procurement will show up, finance will show up.

所以預測變得更好。最後一部分是客戶對話，我深入研究了對話的定性部分。我們與客戶進行越來越多的跨職能協作、跨職能討論，其中 IT 也會出現，採購也會出現，財務也會出現。

So those are the start of a multi-year replacement discussion where the CapEx is pretty significant for our large pharma customers. And I'm talking here about non -- also non-GLP-1 customer. So I think that's as much as I can say right now. And as I said, more will reveal itself in the next few months and we'll share it at the full year numbers.

因此，這是多年更換討論的開始，其中資本支出對於我們的大型製藥客戶來說非常重要。我在這裡談論的是非 GLP-1 客戶。所以我想我現在能說的就這麼多了。正如我所說，更多資訊將在接下來的幾個月中揭曉，我們將在全年數據中分享。

Very helpful. And then just when you look at sort of medium term views on China, just given where the GDP growth has gone from where it's been historically, how are you thinking about sort of medium to long term growth in China? Given your portfolio and your exposure there?

非常有幫助。然後，當你看一下對中國的中期看法時，考慮到 GDP 成長與歷史水準相比，你如何看待中國的中長期成長？考慮到你的投資組合和你在那裡的風險敞口？

Lots of people way smarter than us have been speculating on this. I think the general sense at this point is if it's mid-single digit grower. And if because it's a developed economy, but if you have a an advantage portfolio in some cases where we do and you have better execution you can outgrow that number. So I think that's as much as we can say about that at this stage. And again, more will reveal itself, Matt, as time goes on.

很多比我們聰明得多的人一直在猜測這一點。我認為目前的普遍感覺是它是否是中等個位數的種植者。如果因為它是已開發經濟體，但如果你在某些情況下擁有我們所做的優勢投資組合，並且你有更好的執行力，你就可以超越這個數字。所以我認為現階段我們能說的就這麼多了。馬特，隨著時間的推移，更多的事情將會再次顯現出來。

Thank you for joining us today and for your support and interest in Waters. A replay of this call will be available in the Investor Relations section of our website. This concludes our call and we look forward to seeing you at future events and conferences.

感謝您今天加入我們並感謝您對沃特世的支持和興趣。本次電話會議的重播將在我們網站的投資者關係部分提供。我們的通話到此結束，我們期待在未來的活動和會議上見到您。

Thank you for your participation. Participants, you may disconnect at this time.

感謝您的參與。參與者，您此時可以斷開連線。