Waters Corp (WAT) 2025 Q2 法說會逐字稿

Welcome to the Waters Corporation second quarter 2025 financial results conference call. (Operator Instructions) It is now my pleasure to turn the call over to Mr. Caspar Tudor, Head of Investor Relations. Please go ahead, sir.

歡迎參加 Waters Corporation 2025 年第二季財務業績電話會議。（操作員指示）現在我很高興將電話轉給投資者關係主管 Caspar Tudor 先生。先生，請繼續。

Thank you, Layla, and good morning, everyone. Welcome to Corporation's second quarter earnings call. Joining me today are Dr. Udit Batra, our President and Chief Executive Officer, and Amol Chaubal, our Senior Vice President and Chief Financial Officer. Before we begin, I'll cover the cautionary language.

謝謝你，萊拉，大家早安。歡迎參加公司第二季財報電話會議。今天與我一起出席的還有我們的總裁兼執行長 Udit Batra 博士和我們的高級副總裁兼財務長 Amol Chaubal。在我們開始之前，我將先講一些警告性的話。

In this conference call, we will make 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 during 2025 and beyond.

在本次電話會議中，我們將對公司未來事件或未來財務表現做出前瞻性陳述。我們將提供有關未來可能結果的指導以及對 2025 年及以後可能影響 Waters Corporation 的潛在市場和商業狀況的評論。

Additionally, we will comment on the expected timing for completion of Waters pending combination with the Biosciences and Diagnostic Solutions business of Becton, Dickinson & Company as well as the expected financial and operational impact of this combination on Waters. These statements are only our present expectations based on information available to us as of today as well as forecasts and assumptions of Waters management and are subject to risks and uncertainties, many of which are outside Waters' control. Actual events or results may differ materially from the statements made on today's call. Please see the risk factors included within our Form 10-K, our Form 10-Qs, our other SEC filings and the cautionary language included in this morning's earnings release.

此外，我們將評論沃特世公司與貝克頓·迪金森公司生物科學和診斷解決方案業務合併的預計完成時間，以及此次合併對沃特世公司的預期財務和營運影響。這些聲明僅代表我們根據目前掌握的資訊以及 Waters 管理層的預測和假設做出的當前預期，並受風險和不確定性的影響，其中許多風險和不確定性超出了 Waters 的控制範圍。實際事件或結果可能與今天電話會議的陳述有重大差異。請參閱我們的 10-K 表格、10-Q 表格、其他 SEC 文件以及今天上午的收益報告中包含的警告性語言中包含的風險因素。

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. Unless stated otherwise, references to quarterly results increasing or decreasing are in comparison to the second quarter of fiscal year 2024.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。與最直接可比較的 GAAP 指標的對帳附在我們的收益報告中以及今天電話會議幻燈片演示的附錄中。兩者均可在我們網站的「投資者關係」部分找到。除非另有說明，否則季度業績的增加或減少均與 2024 財年第二季相比。

In addition, unless stated otherwise, all year-over-year revenue growth rates and ranges given on today's call on a comparable constant currency basis. 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. On today's call, Udit will begin by covering our key messages for the quarter. Amol will then take you through our results and updated guidance in more detail. After that, Udit will then share facts on key topics related to our pending combination with the BD Biosciences and Diagnostic Solutions business. Then we will open the phone line up for questions.

此外，除非另有說明，今天的電話會議上給出的所有同比收入增長率和範圍均以可比固定貨幣計算。最後，我們不打算更新我們的指導預測或預計，除非作為定期收益發布的一部分或法律另有要求。在今天的電話會議上，Udit 將首先介紹本季的關鍵資訊。然後，Amol 將向您更詳細地了解我們的結果和更新的指南。之後，Udit 將分享有關我們與 BD 生物科學和診斷解決方案業務即將合併的關鍵主題的事實。然後我們將開通電話熱線來解答問題。

With that, I would now like to turn the call over to Udit.

說完這些，我現在想把電話轉給 Udit。

Thank you, Caspar, and good morning, everyone. We're pleased to report another strong quarter with sales again above the high end of our guidance. This performance reflects strong execution, revitalized innovation and our successful expansion into higher growth areas, three strategic pillars we set in motion five years ago and continue to deliver with strength and resilience. Sales grew 9% as reported and 8% in constant currency. Instruments grew mid-single digits, led by high single-digit growth in our LC and mass spec portfolio.

謝謝你，卡斯帕，大家早安。我們很高興地報告本季又取得強勁成長，銷售額再次高於我們預期的最高值。這項業績體現了強大的執行力、強勁的創新力以及我們成功向高成長領域擴張，這是我們五年前製定的三大策略支柱，我們將繼續憑藉實力和韌性來實現這一目標。報告銷售額成長 9%，以固定匯率計算成長 8%。儀器銷售量實現了中等個位數成長，其中液相層析和質譜產品組合實現了高個位數成長。

Recurring revenue grew 11%, driven by 9% service growth and double-digit chemistry growth. Non-GAAP earnings per share were $2.95, up 12% year-on-year and above the midpoint of our guidance. GAAP EPS was $2.47. Sales growth was led by Waters Division, which grew in the high single digits or better across Americas, Europe and Asia. In the Americas, this growth was partially offset by weakness in the TA division, in macro-sensitive polymer and materials testing applications.

經常性收入成長 11%，主要得益於 9% 的服務成長和兩位數的化學成長。非公認會計準則每股收益為 2.95 美元，年增 12%，高於我們預期的中位數。GAAP 每股收益為 2.47 美元。銷售額成長主要由水務部門帶動，該部門在美洲、歐洲和亞洲的銷售額均實現了高個位數或更高的成長。在美洲，這一增長被技術援助部門、宏觀敏感聚合物和材料測試應用的疲軟所部分抵消。

By end market, Pharma grew low double digits, led by strong instrument replacement activity and new product adoption particularly among large pharma and CDMO customers. In our nonpharma segments, Industrial grew 6% and academic and government performed better than expected, declining low single digits. Within recurring revenue, chemistry benefited from approximately $8 million of sales pulled forward in the second quarter related to tariff dynamics. Excluding this, our overall constant currency growth rate was 7% with chemistry up 10%. These results reflect solid progress against our strategy, which has remained anchored in three core principles. First, commercial execution.

從終端市場來看，製藥業實現了低兩位數的成長，這主要得益於強勁的儀器更換活動和新產品的採用，尤其是大型製藥公司和 CDMO 客戶。在我們的非製藥領域，工業成長了 6%，學術和政府表現優於預期，下降了個位數。在經常性收入中，化學業務受益於第二季與關稅動態相關的約 800 萬美元的銷售額。除此之外，我們的整體固定匯率成長率為 7%，其中化學成長率為 10%。這些結果反映了我們的策略取得了堅實的進展，該策略始終堅持三大核心原則。第一，商業執行。

We have driven consistently strong commercial execution across our organization in a highly systematized KPI-oriented approach. So far, in 2025, each of our key initiatives is ahead of expectations towards our 2030 targets. In the first half of 2025 service plan attachment has risen 200 basis points to 52%, which already more than doubles our 100 basis point expansion objective for the year. E-commerce adoption continues to advance and is now comfortably above 40% of our chemistry revenue. We have also increased our CDMO penetration with contract organizations now at 27% of our pharma revenue.

我們透過高度系統化的以 KPI 為導向的方法在整個組織內持續推動強勁的商業執行。到目前為止，到 2025 年，我們的每項關鍵舉措都超出了實現 2030 年目標的預期。2025 年上半年，服務計畫附加價值上升了 200 個基點，達到 52%，這已經是我們今年 100 個基點擴展目標的兩倍多。電子商務的採用持續推進，目前已輕鬆佔據我們化學收入的 40% 以上。我們也提高了與合約組織的 CDMO 滲透率，目前已占我們製藥收入的 27%。

Second, revitalizing our innovation. Our recent product launches continue to gain strong traction. Alliance iS sales grew 300% year-over-year in the quarter, while Xevo TQ Absolute platforms grew 40% and continue to lead the market with exceptional robustness and sensitivity. Customer response to the Xevo TQ Absolute XR has been outstanding, with Q2 orders more than double our expectations. Its robustness was recently demonstrated by one of our leading customers who was able to complete over 30,000 uninterrupted plasma injections.

第二，激發創新活力。我們最近推出的產品持續獲得強勁的關注。本季度，Alliance iS 的銷售額同比增長了 300%，而 Xevo TQ Absolute 平台的銷售額增長了 40%，並繼續憑藉卓越的穩健性和靈敏度引領市場。顧客對 Xevo TQ Absolute XR 的反應非常出色，第二季的訂單量是我們預期的兩倍以上。我們的一位主要客戶最近證明了它的穩健性，該客戶能夠完成超過 30,000 次不間斷的血漿注射。

MaxPeak premier columns, which represent high-performance chemistry for complex separations again, grew north of 30% in Q2. We recently launched our BioResolve Protein A Affinity Columns, marking the first set of affinity columns we have brought to market in bioseparations. Additionally, we have put light scattering on Empower ahead of target and customer sales are already coming in. Third, capturing long-term growth accretion vectors in our core business and moving into high-growth adjacencies. Our idiosyncratic growth drivers have meaningfully outpaced our targets.

MaxPeak 頂級色譜柱再次代表了複雜分離的高性能化學，其銷量在第二季度增長了 30% 以上。我們最近推出了 BioResolve 蛋白 A 親和柱，這是我們在生物分離領域推向市場的首套親和柱。此外，我們已將 Empower 的光散射功能提前實現，客戶銷售也已開始成長。第三，抓住核心業務的長期成長成長點，並進入高成長領域。我們獨特的成長動力已顯著超出了我們的目標。

In the first half of 2025, GLP testing revenue grew 70% year-over-year. PFAS testing revenue grew over 50% year-over-year and India revenues grew in the high teens. We also delivered 200 basis points of price contribution both in the quarter and for the first half of the year. We're proud of Waters' progress and are continuing to see robust momentum in our business.

2025年上半年，GLP檢測收入年增70%。PFAS 測試收入年增超過 50%，印度營收成長率達到 10% 左右。我們也在本季和上半年實現了 200 個基點的價格貢獻。我們為 Waters 的進步感到自豪，我們的業務繼續保持強勁發展勢頭。

With that in mind, we're raising our full year 2025 constant currency sales growth guidance to 5.5% to 7.5% and raising our full year 2025 non-GAAP EPS guidance to $12.95 to $13.05. I will now turn the call over to Amol to cover our financial results in more detail and provide further details on our guidance.

考慮到這一點，我們將2025年全年以固定匯率計算的銷售額成長預期上調至5.5%至7.5%，並將2025年全年非公認會計準則每股收益預期上調至12.95美元至13.05美元。現在，我將把電話會議交給Amol，他將更詳細地介紹我們的財務業績，並提供更多關於我們預期的細節。

Thank you, Udit, and good morning, everyone. In the second quarter, we delivered sales of $771 million, up 9% as reported and 8% in constant currency. Orders outpaced sales reflecting solid momentum and setting us up well for further strength in the second half of the year. By end market, performance was led by Pharma, which grew 11% and Industrial, which grew 6%. Academic and government declined 3%.

謝謝你，Udit，大家早安。第二季度，我們的銷售額達到 7.71 億美元，報告成長 9%，以固定匯率計算成長 8%。訂單量超過銷售額，反映出強勁的發展勢頭，為我們下半年的進一步發展奠定了基礎。從終端市場來看，製藥業表現最為突出，成長了 11%，而工業業則成長了 6%。學術和政府部門下降了 3%。

In Pharma, the Americas, Europe and Asia each grew double digits. In Industrial, Waters Division grew mid-teens with strong growth in food and environmental testing. PFAS-related applications again grew significantly, up more than 30% in the quarter. TA declined 6% due to softness in Americas and Europe, for macro sensitive segments such as materials and polymer testing. In ANG, we executed well and stayed close to our customers, delivering a resilient outcome.

在製藥領域，美洲、歐洲和亞洲均實現了兩位數的成長。在工業領域，水處理部門實現了十幾歲的中期成長，在食品和環境測試方面實現了強勁成長。與 PFAS 相關的應用再次大幅成長，本季成長了 30% 以上。由於美洲和歐洲經濟疲軟，材料和聚合物測試等宏觀敏感領域的 TA 下降了 6%。在 ANG，我們表現良好並與客戶保持密切聯繫，取得了有彈性的成果。

The Americas declined low single digits, which was better than reflected in our assumptions. China ANG grew high single digits as we leverage our local presence and new product innovations to win stimulus tender opportunities. By region, Europe grew 8%, Asia grew 14%, driven by double-digit growth in China, India and Japan. The Americas grew 2% as low double-digit pharma growth was partially offset by softness in TA and academic and government. By product line, instrument sales grew 4% led by high single-digit growth in LC and MaxPeak systems as new product demand and replacement trends remain robust.

美洲的降幅為個位數，比我們預期的要好。由於我們利用本地影響力和新產品創新贏得刺激計劃招標機會，中國國民保險實現了高個位數成長。以地區來看，歐洲成長8%，亞洲成長14%，其中中國、印度和日本均達到兩位數成長。美洲地區成長了 2%，因為製藥業的低兩位數成長被技術援助、學術和政府部門的疲軟所部分抵消。按產品線劃分，由於新產品需求和更換趨勢仍然強勁，儀器銷售額增長了 4%，其中 LC 和 MaxPeak 系統的個位數高增長最為顯著。

Recurring revenue grew low double digits with service up 9% and chemistry up 16%. In the quarter, chemistry benefited from approximately $8 million of sales pulled forward. Adjusted earnings per share were $2.95, representing 12% growth or 11% growth on a constant currency basis. GAAP earnings per share were $2.47. Gross margin for the quarter was 58.3%, and adjusted operating margin was 29.1%, reflecting the impact of regional sales mix and margin dilution from tariff surcharges.

經常性收入成長兩位數，其中服務收入成長 9%，化學收入成長 16%。本季度，化學業務受益於約 800 萬美元的銷售額提前實現。調整後每股收益為 2.95 美元，成長 12%，以固定匯率計算成長 11%。每股收益為2.47美元（以美國通用會計準則計算）。本季毛利率為58.3%，調整後營業利潤率為29.1%，反映了區域銷售組合和關稅附加費導致的利潤率稀釋的影響。

Our operating tax rate came in at 17.9% due to jurisdictional mix and discrete items specific to the quarter, creating a $0.05 headwind to adjusted EPS. We expect this to normalize in the second half of the year. Free cash flow was $159 million after funding $23 million of capital expenditures. In the quarter, we made $120 million of US tax reform payment and paid other items totaling $20 million.

由於本季的司法管轄區組合和特定單獨項目，我們的營業稅率達到 17.9%，為調整後的每股盈餘帶來 0.05 美元的阻力。我們預計這種情況將在今年下半年恢復正常。在支付了 2,300 萬美元的資本支出後，自由現金流為 1.59 億美元。本季度，我們支付了1.2億美元的美國稅收改革款項，並支付了總計2000萬美元的其他款項。

Our net debt position at the end of the quarter was $1.1 billion. Looking ahead, we plan to use our free cash flow to pay down $100 million of debt and add to our cash position in the second half of the year. Now I will share further commentary on our full year outlook and provide our third quarter guidance. We are executing well across our commercial priorities and momentum remains robust. Given these dynamics, we are raising our full year constant currency sales growth guidance to 5.5% to 7.5%.

本季末我們的淨債務狀況為 11 億美元。展望未來，我們計劃利用自由現金流償還 1 億美元的債務，並在下半年增強現金狀況。現在，我將進一步評論我們的全年展望並提供第三季的指導。我們的商業重點執行良好，發展勢頭依然強勁。鑑於這些動態，我們將全年固定匯率銷售成長預期上調至 5.5% 至 7.5%。

We are also raising our reported sales growth guidance now to the range of 5% to 7%. We expect full year 2025 gross margin to be approximately 59% and adjusted operating margin to be approximately 31%. Below the line, we expect $40 million of net interest expense, 59.7 million average diluted share count and a 16.7% tax rate. With our strong sales momentum, we are also raising our EPS guidance. We now expect full year 2025 adjusted earnings per fully diluted share to be in the range of $12.95 to $13.05.

我們也將報告的銷售成長預期上調至 5% 至 7% 的範圍。我們預計 2025 年全年毛利率約為 59%，調整後營業利益率約為 31%。低於這一水平，我們預計淨利息支出為 4,000 萬美元，平均稀釋股數為 5,970 萬股，稅率為 16.7%。憑藉強勁的銷售勢頭，我們也提高了每股收益預期。我們現在預計 2025 年全年調整後每股收益將在 12.95 美元至 13.05 美元之間。

This is approximately 9% to 10% growth. While the current tariff landscape has improved versus our prior guidance assumptions, given the continued variability of tariffs and trade policy environment, our tariff impact outlook for the second half of 2025 is unchanged. If tariff rates were to remain only at current levels, there is approximately $0.06 of upside to our full year adjusted EPS guidance.

這大約是9%到10%的成長。雖然目前的關稅狀況​​與我們先前的指導假設相比有所改善，但鑑於關稅和貿易政策環境的持續變化，我們對 2025 年下半年關稅影響的展望保持不變。如果關稅稅率僅保持在當前水平，那麼我們全年調整後的每股盈餘預期將上漲約 0.06 美元。

Turning to the third quarter of 2025, we expect constant currency sales growth of 5% to 7%. Net of currency translations reported sales growth is expected to be in the range of 4.5% to 6.5%. For EPS, we anticipate our third quarter adjusted earnings per fully diluted share to be in the range of $3.15 and $3.25. This represents approximately 8% to 11% growth.

展望 2025 年第三季度，我們預期固定貨幣銷售額成長率將達到 5% 至 7%。扣除貨幣換算後的銷售額成長預計在 4.5% 至 6.5% 之間。就每股盈餘而言，我們預期第三季調整後每股完全稀釋收益將在3.15美元至3.25美元之間，增幅約為8%至11%。

With that, I will now hand it back to Udit.

說完這些，我現在將權力交還給 Udit。

Thank you, Amol. The momentum in our core business remains strong. This trend provides the foundation for the next phase of growth as we combine with BD's Biosciences and Diagnostic Solutions business. Consistent with our strategy, the transaction accelerates our entry into multiple high-growth adjacencies. It also extends the reach of our proven execution model into other attractive high-volume segments.

謝謝你，阿莫爾。我們的核心業務動能依然強勁。這一趨勢為我們與 BD 的生物科學和診斷解決方案業務相結合的下一階段成長奠定了基礎。與我們的策略一致，此次交易加速了我們進入多個高成長領域的速度。它還將我們成熟的執行模式的覆蓋範圍擴展到其他有吸引力的大批量領域。

The combined company anchored by leading brands generating 80% of the revenue and a 70% annual recurring base create a powerful engine for consistent growth and will drive resilience across future CapEx cycles. Paired with highly attained cost and revenue synergies, this positions the company for an impressive financial trajectory with 7% top line and mid-teens adjusted EPS annualized CAGR growth on a combined company basis.

合併後的公司以領先品牌為基礎，創造了 80% 的收入和 70% 的年度經常性收入，為持續成長提供了強大的引擎，並將推動未來資本支出週期的彈性。加上高度實現的成本和收入綜效，這使公司獲得了令人印象深刻的財務軌跡，合併後公司的收入和調整後每股盈餘年化複合成長率分別達到 7% 和 15% 左右。

I will now share some facts that address several key questions we have been getting from the investor community. Covering, first, our growth assumptions for BD Biosciences and Diagnostic Solutions on a stand-alone basis. Second, our assumptions behind the cost and revenue synergies. Third, the fit and quality of the microbiology business and the value creation upside opportunity that it holds. And fourth, integration leadership. Beginning with our growth assumptions for the BD Bioscience and diagnostic solutions on a stand-alone basis.

現在，我將分享一些事實來解答投資者群體提出的幾個關鍵問題。首先，涵蓋我們對 BD 生物科學和診斷解決方案的獨立成長假設。第二，我們對成本和所得綜效的假設。第三，微生物業務的適合度和品質以及它所擁有的價值創造上升機會。第四，整合領導力。首先從我們對 BD 生物科學和診斷解決方案的獨立成長假設開始。

From fiscal year 2019 to 2024, BD's Biosciences and Diagnostics businesses grew at a combined 5% CAGR driven by approximately 5.5% growth in Biosciences and 4.5% in diagnostics. The Biosciences figure includes the recent slowdown in drug discovery which has reduced CAGR growth by 150 basis points over this time frame. Adjusting for this, the underlying growth potential of the BD business is between 5.5% and 6% backed by long-term historical trends. In recent quarters, the business has experienced three temporary growth headwinds.

從 2019 財年到 2024 財年，BD 的生物科學和診斷業務的複合年增長率為 5%，其中生物科學業務增長約 5.5%，診斷業務增長 4.5%。生物科學數據包括最近藥物研發的放緩，這導致這一時間範圍內的複合年增長率降低了 150 個基點。經過調整，根據長期歷史趨勢，BD 業務的潛在成長潛力在 5.5% 至 6% 之間。最近幾個季度，該業務經歷了三次暫時的成長逆風。

One, softness in pharma drug discovery and US academic and government funding. Two, a short-term supply disruption affecting the BACTEC microbiology platform. And three, a US export ban on flow cytometry products to China. We believe that the BACTEC supply constraints have been alleviated with utilization ramping back up across sites. At the same time, US export licenses have been reinstated across high parameter flow cytometry access to China, resolving this issue. For pharma research and academic and government, we have taken a conservative approach in our growth rate assumptions to reflect ongoing industry headwinds.

一是製藥藥物研發以及美國學術和政府資助的疲軟。二、影響BACTEC微生物學平台的短期供應中斷。第三，美國禁止向中國出口流式細胞儀產品。我們相信，隨著各站點利用率的回升，BACTEC 的供應限制已緩解。同時，美國恢復了高參數流式細胞儀對華出口的許可證，解決了這個問題。對於製藥研究、學術和政府，我們在成長率假設中採取了保守的方法，以反映持續的產業逆風。

Our model prudently assumes a 40% decline in US ANG funding through 2027 and flat revenue growth in pharma drug discovery in both 2026 and 2027 after the baseline is reset this year in 2025. Importantly, BD's Bioscience and diagnostic solutions exposure to US, ANG and pharma drug discovery is limited at a low-teens percentage of revenue. Putting these facts together, we estimate that the underlying BD Biosciences and Diagnostic Solutions business will gradually return to growth through the rest of calendar year 2025. We expect a slight decline in the quarter ending June 30 with further sequential growth rate improvement and a return to positive growth in the second half of the calendar year, all of which is reflected in our model.

我們的模型謹慎地假設，到 2027 年，美國 ANG 的資金將下降 40%，而在 2025 年重新設定基準後，2026 年和 2027 年，製藥藥物研發的收入將持平增長。重要的是，BD 的生物科學和診斷解決方案在美國、ANG 和製藥藥物研發中的應用僅佔收入的百分之十幾。綜合這些事實，我們估計，BD 生物科學和診斷解決方案業務將在 2025 年剩餘時間內逐步恢復成長。我們預計，截至 6 月 30 日的季度將出現小幅下降，但環比成長率將進一步提高，並在下半年恢復正成長，所有這些都反映在我們的模型中。

We then expect it to reach 4.5% growth in 2026, 5% growth in 2027 before then progressing back to its historical growth rate of mid-single digit plus in 2028 and beyond. When combined with a risk-adjusted $290 million in revenue synergies we've laid out, the expected total growth profile of BD Biosciences and Diagnostic Solutions is 7% on a CAGR basis.

我們預計，2026 年成長率將達到 4.5%，2027 年成長率將達到 5%，然後在 2028 年及以後恢復到中等個位數以上的歷史成長率。結合我們列出的風險調整後 2.9 億美元收入綜效，BD 生物科學和診斷解決方案的預期總成長率為 7%（複合年增長率）。

These synergies are evenly phased over the five years as commercial execution will kick into gear quickly while cross-selling and high-growth adjacencies will progressively phase in over time. We also see further upside to this growth as our model does not include growth contributions from much anticipated new product launches, which are expected to positively impact growth in BD's underlying business in 2026. This includes launches across the flow cytometry portfolio, the next-generation BACTEC launch in microbiology and other launches across the portfolio, all expected in 2026.

這些協同效應將在五年內逐步實現，因為商業執行將迅速發揮作用，而交叉銷售和高成長鄰接將隨著時間的推移逐步實現。我們也認為這一成長還有進一步的上行空間，因為我們的模型不包括備受期待的新產品發布的成長貢獻，預計這些新產品將對 2026 年 BD 基礎業務的成長產生積極影響。其中包括流式細胞儀產品組合的發布、微生物學領域的下一代 BACTEC 的發布以及產品組合中的其他產品的發布，預計均於 2026 年推出。

I recently visited BD San Jose site to see the new FACSDiscover S8 Flow Cytometer in action. It impressively combines spectral and real-time imaging technologies to analyze over 50 cell characteristics with exceptional resolution and sensitivity. Many customers had delayed flow purchases in anticipation of this significant innovation with availability now in market, orders are running well ahead of target, just two months post launch. Now on to cost synergies and revenue synergies from this transaction. We expect to deliver $345 million in adjusted EBITDA synergies by year five, driven by $200 million in cost by year three and $290 million in revenue synergies by year five.

我最近訪問了 BD 聖荷西工廠，觀看了新型 FACSDiscover S8 流式細胞儀的運作情況。它令人印象深刻地結合了光譜和即時成像技術，以出色的分辨率和靈敏度分析超過 50 種細胞特性。許多客戶因為期待這項重大創新而推遲了流量購買，但目前該產品已在市場上銷售，在推出僅兩個月後，訂單量就已遠遠超出目標。現在來談談這筆交易的成本綜效和所得綜效。我們預計到第五年將實現 3.45 億美元的調整後 EBITDA 綜效，其中第三年將達到 2 億美元的成本綜效，第五年達到 2.9 億美元的營收綜效。

The structure and execution plan behind these numbers gives us confidence in how actionable and achievable they are. On the cost side, the $200 million we outlined represents just under 5% of the combined company's cost base. In my prior role, integrating EMD Millipore and Sigma-Aldrich, we delivered synergies equal to approximately 8% of the total cost base. If we simply match that outcome here, it would fully backstop our entire $345 million adjusted EBITDA synergy target with cost alone. And remember, more recently in 2023, Waters executed a 5% head count reduction in one quarter when demand softened, reducing spans and layers and aligning our cost base to match the changing realities of the market without compromising performance and growth.

這些數字背後的結構和執行計劃讓我們對它們的可行性和可實現性充滿信心。在成本方面，我們列出的 2 億美元僅佔合併後公司成本基礎的 5% 以下。在我之前的職位上，我們將 EMD Millipore 和 Sigma-Aldrich 整合在一起，實現了相當於總成本基礎約 8% 的綜效。如果我們在這裡簡單地匹配該結果，那麼僅憑成本，它就能完全支持我們整個 3.45 億美元調整後 EBITDA 協同目標。請記住，最近在 2023 年，當需求疲軟時，Waters 在一個季度內裁員 5%，減少了跨度和層級，並調整了我們的成本基礎以適應不斷變化的市場現實，同時又不影響業績和成長。

That same discipline underpins our synergy plans. The $200 million in model cost synergies will come from three main areas, split across manufacturing and supply chain, commercial infrastructure and indirect procurement savings. In manufacturing and supply chain, we expect to generate approximately $80 million in savings with $40 million driven by site rationalization. A further $30 million comes from direct procurement savings, which amounts to just 2.5% of our direct material spend compared to a market benchmark of 5%. The remaining $10 million comes from freight lane optimization, which does not include upside potential from additional sourcing leverage.

同樣的原則也支撐著我們的協同計畫。2億美元的模型成本綜效將來自三個主要領域，即製造和供應鏈、商業基礎設施和間接採購節省。在製造和供應鏈方面，我們預計節省約 8,000 萬美元，其中 4,000 萬美元透過場地合理化來實現。另外 3000 萬美元來自直接採購節省，這僅占我們直接材料支出的 2.5%，而市場基準為 5%。剩餘的 1000 萬美元來自貨運航線優化，其中不包括額外採購槓桿帶來的上行潛力。

Commercial infrastructure service and technology streamlining are expected to contribute $75 million. Nearly half of these savings come from consolidating central functions inside sales and sales operations and do not impact quota-carrying reps or field service engineers. The other half reflects duplicative digital infrastructure and central service oversight as there is no need for multiple CRM systems, e-commerce stacks or service oversight organizations. The final $45 million comes from indirect procurement savings and efficiencies gained by leveraging our global capability center in India. We've taken a deliberately conservative approach, assuming indirect procurement contributes just $20 million or less than 2% of the combined direct spend -- indirect spend.

商業基礎設施服務和技術精簡預計將貢獻 7,500 萬美元。其中近一半的節省來自於整合銷售和銷售營運內部的中央職能，且不會影響配額銷售代表或現場服務工程師。另一半反映了重複的數位基礎設施和中央服務監督，因為不需要多個 CRM 系統、電子商務堆疊或服務監督組織。最後的 4500 萬美元來自利用我們位於印度的全球能力中心所獲得的間接採購節省和效率。我們採取了一種刻意保守的方法，假設間接採購僅貢獻 2000 萬美元或不到直接支出（間接支出）總和的 2%。

The remainder comes from in-sourcing outsourced services to our global capability center where we already deliver equivalent output at a fraction of the cost. Beyond that, we see meaningful potential upside through rebalancing roles currently concentrated in high-cost geographies across the globe into more cost-efficient hubs and regional low-cost centers offering additional flexibility and long-term scalability to the cost base. On the revenue side, net of risk adjustment, we have mapped out a $290 million opportunity over five years that spans three clearly defined and execution-ready areas. This includes $150 million from commercial excellence, $115 million from high-growth adjacencies and $60 million from cross-selling. Commercial excellence is built on the same model that transformed Waters over the past five years.

其餘部分則來自將外包服務內包到我們的全球能力中心，在那裡我們已經以極低的成本提供了同等的產出。除此之外，我們還看到了透過將目前集中在全球高成本地區的角色重新平衡為更具成本效益的樞紐和區域低成本中心來獲得有意義的潛在上升空間，從而為成本基礎提供額外的靈活性和長期可擴展性。在收入方面，扣除風險調整後，我們規劃出一個五年內價值 2.9 億美元的機遇，涵蓋三個明確界定且可立即執行的領域。其中包括來自商業卓越的 1.5 億美元、來自高成長鄰近業務的 1.15 億美元以及來自交叉銷售的 6,000 萬美元。商業卓越是建立在過去五年中改變 Waters 的同一模式之上的。

The BD business we are acquiring closely resembles where Waters stood in 2020. 30% of the installed base is due for replacement. 70% of revenue comes from reagents yet only a limited percentage flows through e-commerce and only 40% of the installed base is covered under a service plan. These are all levers we pulled at Waters with dramatic impact. By applying the same playbook to BD, we believe that $115 million is fully within reach.

我們正在收購的 BD 業務與 Waters 在 2020 年的狀況非常相似。 30% 的已安裝基數需要更換。 70% 的收入來自試劑，但只有有限的比例來自電子商務，並且只有 40% 的已安裝基數在服務計劃的覆蓋範圍內。這些都是我們在 Waters 採取的措施，產生了巨大影響。透過將同樣的策略應用於 BD，我們相信 1.15 億美元是完全可以實現的。

For example, increasing e-commerce attachment by 20% on BD's $1.8 billion reagents business, like we have achieved with Waters, unlocks an estimated $75 million in additional revenue alone. This math is based on what we have seen firsthand at Waters, where an incremental dollar is generated for every $5 shifted to digital. The next $115 million comes from three high-growth adjacencies, bioanalytical characterization, bio separations and mass spec in diagnostics, each contributing $35 million to $40 million.

例如，如果將 BD 價值 18 億美元的試劑業務中的電子商務配件增加 20%，就像我們與 Waters 合作實現的一樣，就能帶來約 7,500 萬美元的額外收入。這項計算是基於我們在 Waters 親眼所見，每 5 美元轉移到數位化領域，就會產生 1 美元的增量收益。接下來的 1.15 億美元來自三個高成長領域，即生物分析表徵、生物分離和診斷中的質譜，每個領域貢獻 3,500 萬至 4,000 萬美元。

In bioanalytical characterization, flow cytometry and PCR are playing a growing role in large molecule QA/QC testing, bringing these technologies on to Empower will immediately enhance their capabilities and utility in regulated labs like how we integrated Wyatt earlier this year. For prudence, our $40 million revenue synergy estimate only reflects adoption in process development labs and does not include the larger QA/QC opportunity.

在生物分析特性中，流式細胞儀和 PCR 在大分子 QA/QC 測試中發揮越來越重要的作用，將這些技術引入 Empower 將立即增強它們在受監管實驗室中的能力和實用性，就像我們今年早些時候整合 Wyatt 一樣。為了謹慎起見，我們 4000 萬美元的收入協同效應估計僅反映了流程開發實驗室的採用，並不包括更大的 QA/QC 機會。

Meanwhile, we know firsthand that a leading cell therapy manufacturer is actively looking to deploy flow cytometry in QA/QC for production, but has been held back by the lack of compliance, enabling informatics like Empower. In Bioseparations, traditional chemistry is reaching its limits for large molecule applications, where biological specificity is needed and requires antibodies.

同時，我們第一手了解到，一家領先的細胞療法製造商正在積極尋求在生產的 QA/QC 中部署流式細胞術，但由於缺乏合規性而受到阻礙，從而無法實現像 Empower 這樣的資訊學。在生物分離中，傳統化學對於大分子應用已經達到了極限，因為大分子應用需要生物特異性並且需要抗體。

In response, we recently launched our BioResolve Protein A Affinity Columns. BD's deep antibody library will accelerate our product road map, unlocking multiple projects with joint innovation that we could not advance alone and creating an estimated $35 million in new opportunities. In diagnostics, upstream proteomics is identifying new biomarkers for early disease detection and residual disease monitoring as the field advances mass spec is becoming an essential tool for multiplex diagnostics.

作為回應，我們最近推出了 BioResolve 蛋白 A 親和柱。BD 的深度抗體庫將加速我們的產品路線圖，透過聯合創新解鎖我們無法單獨推進的多個項目，並創造價值約 3500 萬美元的新機會。在診斷領域，上游蛋白質體學正在識別用於早期疾病檢測和殘留疾病監測的新生物標記物，隨著該領域的進步，質譜正在成為多重診斷的重要工具。

This trend is validated by a leading diagnostics company integrating mass spec into its high-throughput platform. Through BD, we gained immediate access to a global network of specialty diagnostic labs, supported by a service infrastructure offering 24-hour premium plans. This channel and service capability alone supports a $40 million revenue opportunity for us. Beyond this, BD's strength in regulatory, assay development and automation provide a platform to scale and expand our mass spec diagnostics menu. None of this upside is reflected in our base case assumptions.

一家領先的診斷公司將質譜技術整合到其高通量平台中，證實了這一趨勢。透過 BD，我們可以立即存取全球專業診斷實驗室網絡，並由提供 24 小時優質計畫的服務基礎設施提供支援。僅此管道和服務能力就為我們帶來了 4000 萬美元的收入機會。除此之外，BD 在監管、檢測開發和自動化方面的優勢為擴展和拓展我們的質譜診斷菜單提供了平台。我們的基本假設並未反映出這些好處。

Finally, cross-selling is another significant revenue opportunity. BD's strong presence in Pharma Clinical Labs gives Waters access to customers we have historically struggled to reach. This is especially relevant in DMPK, where our TQ Absolute mass spec platform outperforms competitors, but has lacked penetration due to limited channel access. We estimate this opportunity at $60 million in Pharma DMPK alone and have not counted cross-selling opportunities in other lab settings. Further, our cross-selling assumptions do not include any contribution from mass spec for identification in microbiology labs or pharmas sterility testing in QA/QC applications, which are two areas I will cover in a moment.

最後，交叉銷售是另一個重要的創收機會。BD 在製藥臨床實驗室領域的強大影響力使 Waters 能夠接觸到我們過去難以接觸到的客戶。這在 DMPK 中尤其重要，我們的 TQ Absolute 質譜平台表現優於競爭對手，但由於渠道訪問有限而缺乏滲透力。我們估計僅在製藥 DMPK 領域這一機會就高達 6000 萬美元，並且還沒有計算其他實驗室環境中的交叉銷售機會。此外，我們的交叉銷售假設不包括微生物實驗室中質譜鑑定或 QA/QC 應用中藥品無菌測試的任何貢獻，稍後我將介紹這兩個領域。

These revenue synergies, combined with the return of BD business to more normalized growth gives us a strong level of conviction in delivering on the financial plan presented at the announcement of the transaction with a 7% revenue CAGR and a mid-teens adjusted EPS growth CAGR between 2025 and 2030. Now I will cover the fit and quality of the microbiology business and the value creation upside opportunity that it holds. First, the quality of the assets we are bringing from BD into Waters are exceptional, especially in flow cytometry and microbiology. BD is a pioneer in flow cytometry and has consistently driven innovation and enabled critical advances across oncology, rare disease and immune health. It has a well-adopted presence in midstream pharma settings such as clinical labs and is increasingly moving downstream into manufacturing.

這些收入綜效，加上 BD 業務恢復到更正常的成長，使我們有信心實現交易宣佈時提出的財務計劃，即在 2025 年至 2030 年期間實現 7% 的收入複合年增長率和中等幅度的調整後每股收益增長複合年增長率。現在我將介紹微生物學業務的適應性和品質以及它所蘊含的價值創造上行機會。首先，我們從 BD 引入 Waters 的資產品質非常出色，特別是在流式細胞儀和微生物學方面。BD 是流式細胞儀領域的先驅，始終致力於推動創新，並在腫瘤學、罕見疾病和免疫健康領域取得重大進展。它在臨床實驗室等中游製藥環境中已被廣泛應用，並且正逐漸向下游製造業轉移。

Considering our premier position in downstream, the logic for this part of the business is very apparent. What is less apparent at first glance, though is the incredible strategic fit of the microbiology business, which is equally as compelling and holds significant value creation opportunity. BD is a leader in microbiology with a legacy of first in infectious disease diagnostics and is an innovative provider of total workflow solutions for clinical labs. Approximately two-thirds of BD's $1.8 billion diagnostic solutions business comes from microbiology. It benefits from consistent growth trends tied to infectious disease testing, anti-microbial resistance monitoring and increasing demand for lab automation.

考慮到我們在下游的領先地位，這部分業務的邏輯非常明顯。然而，乍看之下不太明顯的是微生物業務令人難以置信的策略契合度，它同樣引人注目，並具有重大的價值創造機會。BD 是微生物學領域的領導者，在傳染病診斷領域擁有領先地位，並且是臨床實驗室整體工作流程解決方案的創新提供者。BD 18 億美元診斷解決方案業務中約有三分之二來自微生物學。它受益於與傳染病檢測、抗菌素抗藥性監測和實驗室自動化需求不斷增長相關的持續成長趨勢。

With its large installed base and strong brand recognition, we see a clear opportunity to enhance the performance of the microbiology business by uplifting its commercial execution and operational performance. This is particularly relevant because its revenue growth rate has trailed the competition by 180 basis points on a CAGR basis between 2019 and 2024, according to publicly available information. We faced a similar situation at Waters five years ago through focused and disciplined execution, we have since delivered outperformance versus the industry. Now based on our extensive diligence, we are confident we can repeat the success here. And the timing of this opportunity is particularly relevant with the launch of the next-generation BACTEC System next year in 2026.

憑藉其龐大的安裝基礎和強大的品牌知名度，我們看到了透過提升其商業執行力和營運績效來增強微生物業務績效的明顯機會。這一點尤其重要，因為根據公開訊息，2019 年至 2024 年期間，其營收成長率以複合年增長率計算落後於競爭對手 180 個基點。五年前，Waters 也面臨過類似的情況，透過專注和嚴謹的執行，我們取得了優於業界的表現。現在，基於我們廣泛的努力，我們有信心在這裡重複成功。而這次機會的時機與明年（2026年）下一代BACTEC系統的推出尤其重要。

Together with our execution, this will offer an added innovation catalyst for system replacements and microbiology labs. At the same time, the microbiology business has a highly actionable 700 basis points gross margin expansion opportunity. This presents clear potential to add further value creation by applying Waters operational rigor and is not included in our underwriting model. Additionally, we see two potential growth vectors that are uniquely suited to Waters and microbiology that are not included in our revenue synergy assumptions. First is mass spec for microbial identification, which is an attractive $500 million TAM, growing high single digits that Waters does not serve today.

結合我們的執行，這將為系統更換和微生物實驗室提供額外的創新催化劑。同時，微生物學業務具有極具可操作性的700個基點的毛利率擴張機會。這顯示出透過應用 Waters 操作嚴謹性來進一步創造價值的明顯潛力，但這並未包含在我們的核保模型中。此外，我們看到了兩種特別適合沃特世和微生物學的潛在成長載體，而這兩種載體並未包含在我們的收入協同效應假設中。首先是用於微生物鑑定的質譜，該領域總市場規模為 5 億美元，增長率較高，但目前 Waters 尚未涉足該領域。

By combining Waters strength in mass spec with BD's significant installed base and sales channel across over 10,000 clinical labs, we are well positioned to attach our mass specs to BD systems and enter this space. This is similar to how we have successfully attached our LCs to wires multi-angle light scattering detectors. Second, microbiology is a critical QA/QC in pharmaceutical manufacturing for sterility testing, yet neither BD nor Waters currently serves this segment. BD has the right product portfolio but has lacked channel access or expertise in manufacturing environments. Waters brings long-standing relationships and credibility in these regulated settings.

透過將 Waters 在質譜方面的優勢與 BD 遍布 10,000 多個臨床實驗室的龐大安裝基礎和銷售管道相結合，我們完全有能力將我們的質譜連接到 BD 系統並進入這一領域。這與我們成功地將液晶顯示器連接到多角度光散射偵測器的方式類似。其次，微生物學是藥品生產中用於無菌測試的關鍵 QA/QC，但 BD 和 Waters 目前均未服務於此領域。BD 擁有合適的產品組合，但缺乏通路進入或製造環境的專業知識。沃特斯在這些受監管的環境中建立了長期的關係並贏得了信譽。

Together, we can unlock this untapped $300 million market, growing at a high single-digit rate and establish a strong presence in this attractive QA/QC segment. Finally, I will discuss integration. Over the last five years, we have assembled a leadership team with deep experience in transformation and large integrations.

我們可以共同開拓這個尚未開發的價值 3 億美元的市場，以高個位數的速度成長，並在這個極具吸引力的 QA/QC 領域中佔據強大的地位。最後，我將討論整合。在過去的五年裡，我們組建了一支在轉型和大型整合方面擁有豐富經驗的領導團隊。

I'm pleased to announce that Chris Ross, currently Senior Vice President of Global Operations at Waters, will lead the integration office of our combined -- of our combination with BD's Bioscience and Diagnostic Solutions business. Chris brings extensive experience in large-scale integrations, having worked with me on the EMD Millipore Sigma-Aldrich merger which was the largest merger in life science tools at the time and delivered record sales growth and margin development. His proven ability to unify teams, integrate complex organizations and deliver outstanding results makes him exceptionally well suited to lead this critical task.

我很高興地宣布，現任沃特世公司全球營運高級副總裁的克里斯·羅斯 (Chris Ross) 將領導我們與 BD 生物科學和診斷解決方案業務合併的整合辦公室。Chris 在大型整合方面擁有豐富的經驗，曾與我合作完成 EMD Millipore Sigma-Aldrich 合併案，這是當時生命科學工具領域最大的合併案，實現了創紀錄的銷售成長和利潤成長。他已證明具有團結團隊、整合複雜組織和取得出色成果的能力，這使他非常適合領導這項關鍵任務。

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

說完這些，我會把電話轉回給卡斯帕。

Thanks, Udit. And that concludes our prepared remarks. We are now happy to open the lines and take your own questions.

謝謝，Udit。我們的準備好的演講到此結束。我們現在很高興開通熱線並回答您的問題。

(Operator Instructions)

（操作員指示）

Jack Meehan, Nephron.

傑克·米漢（Jack Meehan），Nephron。

I appreciate all the color on the quarter and the deal here. First question is on the quarter, just the high single-digit growth in Waters segment instruments that you put up, could you unpack for us what you're seeing just an update in terms of the replacement cycle in LC and then also competitive dynamics seems like Alliance iS is doing well, but any color on what you're seeing in terms of new wins would be helpful?

我很欣賞這個季度的所有色彩和這裡的交易。第一個問題是關於本季度的，您提到的 Waters 細分儀器實現了高個位數增長，您能否為我們解釋一下您所看到的 LC 更換週期的更新情況，然後還有競爭動態，似乎 Alliance iS 表現良好，但是您在新勝利方面看到的任何細節都會有所幫助嗎？

Jack, thank you for your question. Look, LCMS continued to grow high single digits, and it grew both across pharma and the industrial segments. In pharma, the replacement cycle is going just as planned. We're seeing excellent replacement across large pharma customers, especially in the US and Europe as well as increasing growth in the CDMO customer base and the genetics customer base, right?

傑克，謝謝你的提問。看看，LCMS 繼續保持高個位數成長，並且在製藥和工業領域實現成長。在製藥業，更換週期正在按計劃進行。我們看到大型製藥客戶的出色替代，特別是在美國和歐洲，以及 CDMO 客戶群和遺傳學客戶群的成長，對嗎？

So LC is growing very nicely. And of course, it's aided by Alliance iS, which grew 300% versus the same quarter last year. So really, really great progress on that front. On the mass spec side, PFAS testing continues to augment the growth. And more importantly, we recently introduced our TQ Absolute XR instrument.

所以 LC 發展得非常好。當然，這得益於 Alliance iS 的幫助，與去年同期相比，該公司成長了 300%。因此，在這方面確實取得了巨大進展。在質譜方面，PFAS 測試繼續促進成長。更重要的是，我們最近推出了 TQ Absolute XR 儀器。

This basically takes the highest level of sensitivity in the market that is available with the TQ Absolute and extends its robustness. Our customer recently basically took plasma samples and was able to inject 30,000 injections without having to service the instrument. That number has gone from 3,000 to 30,000, right? So really significant improvement in robustness and it allowed us to enter the DMPK laboratories for this customer. So really pleased with LCMS progress aided by the new product introductions.

這基本上採用了 TQ Absolute 市場上最高的靈敏度，並擴展了其穩健性。我們的客戶最近基本上採集了血漿樣本，並且能夠注射 30,000 次，而無需維修儀器。這個數字已經從 3,000 增加到 30,000 了，對嗎？因此，穩健性確實有了顯著的提高，這使我們能夠為該客戶進入 DMPK 實驗室。我對新產品推出後 LCMS 的進展感到非常高興。

Great. And then one on the deal, I feel like over the last few weeks, this -- trying to unpack the -- these areas where one plus one is greater than two and the mass spec and MALDI has -- for microbiology has been getting a ton of attention. Can you just talk about like -- I don't know if there's any color you can share on rough time line to bring a new product to market? What you can do today in advance of a deal closing? And then just kind of the importance of the FDA strategy? Any color on all those points would be great.

偉大的。然後談到交易，我覺得在過去的幾周里，這個——試圖解開——這些一加一大於二的領域，而質譜和 MALDI 對於微生物學來說已經引起了大量關注。您能否談談—我不知道您是否可以分享將新產品推向市場的大致時間表？在交易完成之前您今天可以做什麼？那麼 FDA 策略的重要性如何？所有這些點上的任何顏色都很好。

Yes. It's a great question, Jack. Look, I mean, first, I'll remind you that none of what we talked about on microbiology is included in the deal model, right, neither the operational turnaround, nor the gross margin expansion and not the MALDI TOF opportunity that you just mentioned. Now when we started looking at this business, our team got super excited because we have a whole bunch of mass spec experts sitting in the UK who've actually looked at this close to a decade ago.

是的。這是一個很好的問題，傑克。聽著，我的意思是，首先，我要提醒你，我們在微生物學方面討論的任何內容都沒有包括在交易模型中，對吧，無論是運營週轉，還是毛利率擴張，也不是你剛才提到的 MALDI TOF 機會。現在，當我們開始研究這項業務時，我們的團隊非常興奮，因為我們在英國有一大批質譜專家，他們實際上在近十年前就研究過這個問題。

So they have blueprints from that time that they quickly dusted off and said, hey, we can do this. And we said, no, no, no, let's take a step back and understand all the various opportunities that we have to redefine microbiology and identification of microbes and integration into the BD workflow, right? So this is work that will take a few years, right, say, three to five years to reach fruition. At the earliest one could introduce a product, say, two to three years, at the latest probably four to five years. But super exciting opportunity. I think the TAM is what, roughly around $400 million to $500 million. So I wouldn't get excited that something comes tomorrow, but our teams, I can tell you, are very excited with the opportunity.

所以他們有當時的藍圖，他們很快就撣掉了灰塵，說，嘿，我們可以做到。我們說，不，不，不，讓我們退一步，了解重新定義微生物學和微生物鑑定以及整合到 BD 工作流程的各種機會，對嗎？所以這項工作需要幾年時間，比如說三到五年才能有成果。最早也要兩三年才能推出一款產品，最晚也要四、五年。但超令人興奮的機會。我認為 TAM 大約在 4 億到 5 億美元之間。所以我不會對明天發生的事情感到興奮，但我可以告訴你，我們的團隊對這個機會感到非常興奮。

And just to add to that, right, I mean, we shouldn't discount the biologic sterility opportunity. That's pretty meaningful. It's a channel that we completely own in manufacturing QA/QC and their timing could be even earlier.

補充一點，對，我的意思是，我們不應該忽視生物不孕的機會。這很有意義。這是我們在製造 QA/QC 方面完全擁有的管道，而且他們的時間可能更早。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

I want to probe a little more to the LCMS growth of high single digits. You were up mid-teens in the first quarter. It sounds like you're not calling any kind of slowdown in the replacement cycle, given MFN tariffs. But as you head into more difficult comps in the back half of the year, I'm just curious if you could kind of lay out what you're expecting? And then anything we should assume from Xevo XR from the ASMS launch? And then separately, can you also touch on TA down 20% in the Americas? And maybe just give us a back story there?

我想進一步探討 LCMS 高個位數的成長。在第一季度，你們的領先優勢達到了十幾歲。聽起來，考慮到最惠國稅收，您並沒有說更換週期會出現任何放緩。但是，隨著您在下半年面臨更困難的比賽，我只是好奇您是否可以大致說明一下您的期望？那麼，從 ASMS 的發布中，我們應該對 Xevo XR 做出什麼假設呢？然後另外，您能否談談美洲的 TA 下降了 20％？能不能跟我們講一下背景故事？

Sure. So I'll start, and I'll let Amol talk about the assumptions for the back half of the year. Tycho, really pleased with the replacement cycle. I mean, our downstream presence in pharma in QA/QC and late-stage development in CDMOs and genetics really allows us to leverage the replacement cycle, and it's generally insulated with any discussions from MFN or any other trends. We're not seeing any slowdown across genetics or large pharma and in fact CDMOs are picking up quite nicely.

當然。那我先開始，讓阿莫爾談談今年下半年的假設。Tycho 對更換週期非常滿意。我的意思是，我們在製藥行業的 QA/QC 下游業務以及 CDMO 和遺傳學的後期開發確實使我們能夠利用替代週期，並且它通常不受 MFN 或任何其他趨勢的討論的影響。我們沒有看到遺傳學或大型製藥行業有任何放緩跡象，事實上 CDMO 正在穩步發展。

Second, you asked about the TQ XR growing super, super well. I mean customers are -- I mean, it's exceeded all our expectations. In fact, over the last five years, this has been the fastest launch of a new product and we've had really terrific launches in the last five years. And as I mentioned, customers, especially in DMPK who use rather dirty samples for plasma have been able to go from 3,000 injections to about 30,000. For the first time, it allowed us to displace a competitor in a pharma DMPK laboratory with that sort of performance.

其次，您詢問了 TQ XR 生長得非常好的情況。我的意思是，客戶——我的意思是，它超出了我們所有的預期。事實上，在過去五年中，這是新產品發布速度最快的一次，而且我們在過去五年中推出了非常出色的產品。正如我所提到的，客戶，尤其是 DMPK 中使用較髒血漿樣本的客戶，注射次數已從 3,000 次增加到約 30,000 次。這是我們第一次以這樣的表現取代製藥 DMPK 實驗室中的競爭對手。

So very pleased. And let me just comment on TA for a minute, and then I'm going to hand it over to Amol to talk about the back half of the year and the assumptions. On the TA side, look, I mean the macroeconomic conditions and the tariff challenges have impacted, especially in the US and some parts of Europe, the material science and polymers customers. And they slowed down spending in TA, and that led to, especially in the US, a decline of roughly 20% in our TA business. Long term, this is a fantastic business with great margins. I think in the short term, there is a challenge, especially with this customer segment, which happens to be the largest one in the US Amol?

非常高興。請容許我簡單評論一下 TA，然後我將把時間交給 Amol 來談談今年下半年的情況和假設。從技術援助方面來看，宏觀經濟條件和關稅挑戰已經對材料科學和聚合物客戶產生了影響，尤其是在美國和歐洲部分地區。他們放慢了在技術援助方面的支出，這導致我們的技術援助業務（尤其是在美國）下降了約 20%。從長遠來看，這是一項利潤豐厚的出色業務。我認為短期內存在挑戰，尤其是對於這個客戶群體，它恰好是美國最大的客戶群，Amol？

Yes. And so for the back half we're not expecting things to slow down, right? I mean on the recurring revenue, our overall assumption is slightly under 7% growth, and that's driven by two things. One is there is one extra day in the second half of the year. That's about $5 million less the true-up of the $8 million of pull forward from the first half.

是的。那麼對於後半部分，我們預計事情不會放緩，對嗎？我的意思是，就經常性收入而言，我們的整體假設成長率略低於 7%，這是由兩件事驅動的。一是下半年多一天。這比上半年 800 萬美元的預付款減少了約 500 萬美元。

On instrument, just like we've done throughout the year, we go in with a 5% assumption, knowing well that our momentum is well above that. And so we sort of derisk our assumption for the remainder of the year. So we haven't carried forward the momentum that we are seeing in the first half into our second half guide. And there, you will see our Q3 to Q4 ramp is also consistent with what we achieved last year.

在工具方面，就像我們全年所做的那樣，我們以 5% 的假設進入，並且很清楚我們的勢頭遠高於這個水平。因此，我們對今年剩餘時間的假設有所降低。因此，我們並沒有將上半年所看到的勢頭延續到下半年。在那裡，您會看到我們第三季到第四季的成長也與我們去年的成就一致。

And just one other comment on as we look ahead. I mean the funnels, especially in large pharma, in CDMOs, in generics are extremely strong. right? And so we're very confident that this trend of replacement and growth in downstream QA/QC segments continues.

展望未來，我們還有另外一則評論。我的意思是，通路，特別是在大型製藥公司、CDMO 和仿製藥領域，都非常強大，對嗎？因此，我們非常有信心，下游 QA/QC 領域的這種替代和成長趨勢將會持續下去。

Okay. That's helpful. And then for the follow-up, can you comment on China. You had a nice acceleration on a harder comp. How sustainable is that? You talked about some new initiatives? Maybe just highlight -- and I didn't hear you call out stimulus. So it doesn't sound like that contributed.

好的。這很有幫助。接下來，您能否評論一下中國的情況？您在更強勁的比賽中獲得了良好的加速。這種做法的可持續性如何？您談到了一些新措施嗎？也許只是強調——我沒有聽到你呼籲刺激。所以聽起來這似乎沒有什麼貢獻。

Yes. So China grew double digits this quarter, right? I mean, it came in ahead of expectations with strength across all end markets, right? So let's start with TA since it was in the penalty box in the US. The Industrial segment grew double digits behind TA's success in the battery segment.

是的。那麼本季中國經濟實現了兩位數的成長，對嗎？我的意思是，它在所有終端市場都表現強勁，超出了預期，對嗎？因此，讓我們從 TA 開始，因為它在美國是在禁區內。得益於TA在電池領域的成功，工業領域也實現了兩位數的成長。

The A&G segment benefited from a modest impact of the stimulus, but equally continues to benefit from the localization of our portfolio and grew high single digits. And pharma was a standout grew double digits and had terrific growth, especially in CDMOs. In fact, Tycho, we had eight of our top Chinese customers here at our headquarters for four days of workshops.

A&G 部門受益於刺激政策的適度影響，但同樣繼續受益於我們產品組合的在地化，並實現了高個位數成長。製藥業表現突出，實現了兩位數的成長，並且取得了驚人的成長，尤其是在 CDMO 領域。事實上，第谷，我們邀請了八位中國頂級客戶來到我們的總部，參加為期四天的研討會。

And this range from CDMO customers from customers who are in large pharma in China, and they really wanted to study our new product portfolio, especially our chemistry -- especially our column chemistries and how they're relevant for large molecules as the biotech industry picks up in China and equally looking at our revitalized instrument portfolio across Alliance iS as well as mass spec bodes really well for what we expect going forward in China. But that said, we've still been -- as usual, we've been a bit prudent for the back half of the year in our assumptions. We're still assuming low to mid-single-digit growth for China for the back half of the year and very modest stimulus impact while we know there's another stimulus coming, especially for the custom segment.

這些客戶包括 CDMO 客戶和中國大型製藥公司的客戶，他們非常想研究我們的新產品組合，特別是我們的化學產品——特別是我們的色譜柱化學產品，以及隨著中國生物技術行業的興起，它們與大分子的關係，同樣，我們通過 Alliance iS 和質譜重新煥發活力的儀器組合也預示著我們在中國未來的發展前景。但話雖如此，我們仍然——像往常一樣，我們對下半年的假設有些謹慎。我們仍預期中國今年下半年的經濟成長率將維持在低至中等個位數，刺激政策的影響也將非常溫和，但我們知道未來還會有另一項刺激措施，特別是針對客製化領域。

Yes. Just to add, I mean, look, AMG was up 8% in China. The only weak spot in China by far is branded generics, LC replacement. That hasn't kicked in, which is what we've said throughout the year, and we expect it to slowly ramp in and will sort of phase out in the next few quarters.

是的。補充一下，我的意思是，AMG 在中國的銷售量上漲了 8%。目前為止，中國唯一的弱點是品牌仿製藥和 LC 替代品。這還沒有開始，正如我們全年所說的那樣，我們預計它將緩慢地開始，並將在接下來的幾個季度內逐步停止。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

So I want to dig into a little bit on the margin side. It looks like recurring revenues were solid in the quarter, but that operating margin was a little bit lighter than what Street was expecting. So can you unpack some of the drivers there for us? Was there anything in terms of some of the tariff dynamic that we should be aware of? And does that also make it where you're seeing this operating margin be a little bit lighter in that low 30s percent range in the third quarter? And then how should we think about that margin evolving into fourth quarter? Because it looks like there's a decent size step up there.

所以我想深入研究一下邊緣方面。看起來本季的經常性收入很穩健，但營業利潤率略低於華爾街的預期。那麼你能為我們解開一些驅動程式嗎？就關稅動態而言，我們是否應該注意一些事情？這是否也意味著您認為第三季的營業利潤率會略微下降至 30% 以下？那我們該如何看待第四季的利潤率變化呢？因為看起來那裡有一個相當大的台階。

Yes. So look, I mean, Rachel, most of the margin impact was on the gross margin line, and it was a combination of two things. One is just a geographical mix and the other is we incurred some costs associated with tariff remediation that sets us up really well for the second half of the year. But if you look at it from an EPS point of view, most of the EPS headwind really came in from the tax rate. And that was almost $0.05 headwind on the EPS during the quarter.

是的。所以，Rachel，我的意思是，大部分利潤影響都集中在毛利率上，這是兩件事的結合。一個是地理分佈的混合，另一個是我們承擔了一些與關稅補救相關的成本，這為我們下半年的業績做好了準備。但如果從每股盈餘的角度來看，每股盈餘的大部分阻力實際上來自稅率。這對本季的每股收益造成了近 0.05 美元的不利影響。

And that's very specific to the quarter in terms of discrete items that are specific, and we think over the second half of the year, that will even out. In terms of the margin, we will see progressive improvement in margin as we go through Q3 and Q4 versus last year. And again, in Q4, as you know, volume leverage kicks in.

就具體的離散項目而言，這是本季特有的，我們認為在下半年，這一情況將會趨於平穩。就利潤率而言，與去年相比，我們將看到第三季和第四季利潤率的逐步提高。如您所知，在第四季度，交易量槓桿開始發揮作用。

Perfect. And then for my follow-up, I just wanted to ask on some of the pull-forward comments that you made. So you called out that there was roughly $8 million of pull forward in the quarter. Can you walk us through your conviction that it was just that level and some of the moving pieces on that front? And then should we fully take that out of the third quarter? Or is that coming out of the back half overall for a net neutral impact for the year?

完美的。然後，對於我的後續問題，我只是想詢問您提出的一些前瞻性評論。所以您說本季大約有 800 萬美元的提前支出。您能否向我們解釋一下，您認為這只是那個層面的問題，以及這方面的一些動態因素？那麼我們是否應該將其從第三季中完全剔除？或者說，這是否會從下半年整體來看對全年產生淨中性影響？

Yes. So I mean, look, we've looked into the order patterns we've discussed with customers that gives us a great sense of conviction that $8 million is the level of pull forward in these numbers. It's hard to predict whether it will come out of Q3 or Q4 or may not even come out of this year at all because some of it was associated with things people have produced while other is sort of people proactively building their safety stocks, right? So prudently in our guide, we assume that it comes out evenly out of Q3 and Q4, but it remains to be seen whether it does.

是的。所以我的意思是，你看，我們已經研究了與客戶討論過的訂單模式，這讓我們非常確信 800 萬美元是這些數字的提前水平。很難預測它是否會在第三季或第四季出現，或者甚至可能根本不會出現在今年，因為其中一些與人們生產的東西有關，而另一些則是人們主動建立安全庫存，對嗎？因此，我們在指南中謹慎地假設 Q3 和 Q4 的結果會均衡，但事實是否如此仍有待觀察。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Congrats on the quarter here. On the -- I know academic is small for you. There was improvement in the NIH sentiment overall with the standard appropriations. But just wondering, instrumentation side, how do you expect that to -- are you expecting any of that in the fourth quarter? How do you expect that to help with the high-end instrumentation maybe in '26?

恭喜本季取得的成績。關於——我知道學術對你來說不是什麼大事。隨著標準撥款的實施，NIH 的整體情緒有所改善。但只是想知道，儀器方面，您對此有何預期——您對第四季度的預期是什麼？您認為這對 26 年的高階儀器有何幫助？

Yes. So Puneet, thank you for your question. Look, ANG grew -- sort of declined minus 3% this quarter, which was ahead of our expectations. And the NIH funding impact was not as significant as we had assumed. We have still been quite conservative for the back half of the year and assume that the decline continues at the high single-digit-ish sort of range for the balance of the year.

是的。所以 Puneet，謝謝你的提問。你看，ANG 本季成長了——下降了 3%，這超出了我們的預期。而 NIH 資助的影響並不像我們想像的那麼顯著。我們對下半年的預測仍然相當保守，並假設今年剩餘時間的跌幅將繼續保持在個位數左右的高點。

And that's for the global -- globally and in ANG in the US, a bit stronger. ANG, in particular, in China, did extremely well, high single-digit growth, and some of that had to do with the localization of our portfolio, and there was a modest stimulus impact. But not assuming any sort of funding return in our baseline for the second half of the year in academic and government. And yes, we've been reading the same headlines you have. It's gone from 40% reduction to 10%, maybe flat, but we have not assumed any sort of funding that would come back at this stage.

這是針對全球而言的——在全球範圍內以及在美國 ANG 中，情況更為強勁。ANG 在中國的表現尤其出色，實現了高個位數成長，這在一定程度上與我們投資組合的本地化有關，並且產生了適度的刺激效應。但我們並不假設今年下半年學術界和政府部門會獲得任何形式的資金回報。是的，我們也讀過和您一樣的標題。它從減少 40% 變為 10%，可能持平，但我們並未假設任何形式的資金會在此階段恢復。

Got it. Okay. And then as we think about '26, you gave the 4.5 point growth number for the year. As you think about the $290 million synergy plan, could you talk about the sequence of an order or a sequence of events that you want to focus on e-commerce service attachment, instrumentation replacement sort of how should we think about that contributing after the acquisition does close in early 2026?

知道了。好的。然後，當我們想到 26 年時，您給出了今年 4.5 個百分點的增長數字。當您考慮 2.9 億美元的協同計劃時，您能否談談訂單的順序或您想要關注的一系列事件，例如電子商務服務附件、儀器更換，以及在 2026 年初收購完成後我們應該如何考慮這些貢獻？

Yes. So the beauty of this transaction is that we can immediately apply what we've been working on at Waters for the last five years, right? I mean you will see on day one an impact of instrument replacement as new products have come across flow as well as microbiology, right? So you'll see immediate impact of basically taking our instrument replacement discipline occurring in sort of the first couple of months. Second, we'll start to see an immediate impact on the service attach rate.

是的。所以這筆交易的好處在於我們可以立即應用過去五年來我們在 Waters 所做的工作，對嗎？我的意思是，當新產品遇到流動和微生物學問題時，您會在第一天看到儀器更換的影響，對嗎？因此，您將看到在最初幾個月內實施儀器更換規則的直接影響。其次，我們將開始看到對服務附加率的直接影響。

I mean, this is stuff that we do now day in, day out at Waters and we're starting at a 40% service attach rate for a pretty nicely installed instrument base. And third, on e-commerce, there's a very significant potential, right? And we've gone from less than 20% to over 40% at Waters. And there we expect to again immediately see impact, right? So these are three operational things that should provide -- help us hit the ground running.

我的意思是，這些都是我們現在在 Waters 日復一日所做的事情，對於安裝得相當好的儀器基座，我們以 40% 的服務連接率開始。第三，電子商務有著非常大的潛力，對嗎？在 Waters，我們的比例已從不到 20% 上升至 40% 以上。我們期望再次立即看到影響，對嗎？因此，這三個操作性的東西應該​​能夠幫助我們快速開始工作。

And then when you look at the other categories, for LCMS and diagnostics, all we've assumed is that we have access to a larger service team and a larger commercial team that allows us to get into every laboratory -- every specialty diagnostics laboratory where mass spec belongs. This is something that we don't have today. That should hit the ground running quickly. Second, we've assumed that flow and PCR belong in every process development lab globally and where we have access as Waters, but BD doesn't. And again, this is something that should impact us really quickly.

然後，當您查看其他類別時，對於 LCMS 和診斷，我們所假設的就是我們可以接觸到更大的服務團隊和更大的商業團隊，這使我們能夠進入每個實驗室 - 每個質譜所屬的專業診斷實驗室。這是我們今天所沒有的。這應該很快就能開始實施。其次，我們假設流動和 PCR 屬於全球每個製程開發實驗室，我們作為 Waters 可以訪問這些實驗室，但 BD 卻不能。再說一次，這應該很快就會對我們產生影響。

And then finally, on the microbiology segment, we feel that the imminent opportunity to take microbiology into QA/QC, into sterile testing laboratories is also imminent, right? So several of these things we will be able to implement on day one and take just the discipline that we have at Waters and apply it. I'll let Amol comment on the sort of reconciling it with the assumptions that we made from a revenue perspective and how much upside there is?

最後，在微生物學領域，我們覺得將微生物學引入 QA/QC、無菌檢測實驗室的機會也即將到來，對嗎？因此，我們將能夠在第一天就實施其中的幾項措施，並採用我們在 Waters 所遵循的紀律並加以應用。我會讓 Amol 評論如何將其與我們從收入角度做出的假設相協調，以及有多少上行空間？

Yes. I mean, look, at the end of the day, as we outlined, there's just a couple of things in there that will take a little bit of time like the bioseparations columns, and then mobilizing the channel on the DMPK effort. And then keep in mind there are additional opportunities that we laid out. So in general, we believe a straight-line approach over the five years is a reasonable assumption on these synergies.

是的。我的意思是，看，正如我們所概述的，到最後只有幾件事需要花費一點時間，例如生物分離柱，然後調動 DMPK 工作的管道。然後請記住，我們還列出了其他機會。因此，總的來說，我們認為五年內的直線方法是這些協同效應的合理假設。

Sung Ji Nam, Scotiabank.

加拿大豐業銀行的 Sung Ji Nam。

Just curious about your drug discovery business out -- for your pharma end market, recognizing that's a very small part of your business. Just kind of curious how that's been performing and what the outlook might be? Just trying to get a sense of the whole market dynamic for the biotech pharma spending.

我只是對您的藥物研發業務感到好奇——對於您的製藥終端市場，我認識到這只是您業務中很小的一部分。只是有點好奇它的表現如何以及前景如何？只是想了解生物技術製藥支出的整個市場動態。

Yes. So look, broadly speaking, the market situation has largely not changed what we had outlined before. Pharma drug discovery, which is about 5% of our pharma revenue, remains slow. Biotechs remained slow. And replacement cycle hasn't kicked in, in this segment even when fleets have aged. And broadly speaking, there are three subsegments within pharma, where replacement cycle hasn't kicked in. Pharma drug discovery, CROs and branded generics in China. Versus, on the other hand, large pharmas, CDMOs, we're seeing healthy replacement cycle, healthy funnel activity and healthy order conversion.

是的。因此，從廣義上講，市場狀況基本上沒有改變我們之前所概述的情況。製藥藥物研發約占我們製藥收入的 5%，但進展仍然緩慢。生物技術產業依然發展緩慢。即使車隊已經老化，這一領域的更換週期也尚未開始。廣義上講，製藥業有三個子領域尚未進入更換週期。中國的製藥藥物研發、合約研究組織 (CRO) 和品牌仿製藥。另一方面，與大型製藥公司、CDMO 相比，我們看到了健康的替代週期、健康的通路活動和健康的訂單轉換。

Got you. And then just a follow-up in terms of tariffs, it sounds like you guys are building quite a bit of cushion there for the second half. Was curious about tariffs, specifically with India currently, just assuming that's not affecting your generics business or currently, obviously, and then for the foreseeable future, kind of what's your outlook there? I know there was a question earlier regarding kind of the pharma tariffs, MFNs and things like that. But just kind of curious what the expectations are currently?

明白了。然後就關稅問題進行後續討論，聽起來你們正在為下半年建立相當大的緩衝。我對關稅感到好奇，特別是目前印度的關稅，只是假設這不會影響您的仿製藥業務，或者目前，顯然，然後在可預見的未來，您對那裡的前景如何？我知道之前有人提出過有關藥品關稅、最惠國待遇等問題。但只是有點好奇目前的期望是什麼？

Yes. I mean right now, the funnel activity in India is very healthy and customers are ramping up capacity, particularly for the semiglutide generics opportunity as well as for the upcoming patent cliffs within small molecule. We're not seeing the level of fear with our customer base associated with the tariffs and their general expectation is payers will cover the impact or if there are financial incentives offered, they will leverage those financial incentives.

是的。我的意思是，目前，印度的漏斗活動非常健康，客戶正在提高產能，特別是針對西米魯肽仿製藥的機會以及即將到來的小分子專利懸崖。我們並沒有看到客戶群對關稅表現出如此程度的恐懼，他們普遍的期望是付款人將承擔影響，或者如果有財務激勵措施，他們將利用這些財務激勵措施。

Yes. I mean, so far, Sung Ji, just to build on that, so far, I mean, we're very close to customers -- the generics customers in India. They visit our sites quite often. And I know several of the CEOs very well, right? So look, none of them at this point, has heard or seen any impact on their business, and they're ramping up like they have in the past.

是的。我的意思是，到目前為止，Sung Ji，只是為了在此基礎上再接再厲，到目前為止，我的意思是，我們非常接近客戶——印度的仿製藥客戶。他們經常造訪我們的網站。我和幾位執行長都很熟，對吧？所以你看，目前他們都沒有聽說或看到任何對其業務的影響，而且他們正在像過去一樣加強。

Even if there is a tariff that gets implemented on India, I think the expectation is that it's mostly on the farming community and the generics community, which is basically exporting medicines to the United States are one of the big contributors to lowering cost of medicines in the US. So we don't expect that to be hit. The customers have not seen any impact at all so far, and they're ramping up nicely.

即使對印度實施關稅，我認為預計主要是針對農業社區和仿製藥社區，因為這兩個社區基本上向美國出口藥品，是降低美國藥品成本的主要因素之一。所以我們預計這不會受到打擊。到目前為止，客戶還沒有看到任何影響，而且他們的業務正在順利發展中。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Maybe first just on the synergies -- on the $115 million revenue synergies from the commercial excellence initiatives, how much of that is from biosciences versus the diagnostic side? And maybe how does that vary by the three-year sub areas?

也許首先只談綜效——商業卓越計畫帶來的 1.15 億美元收入綜效，其中有多少來自生物科學，有多少來自診斷方面？那麼這在三年的子區域中有何變化？

Yes. Look, I mean instrument replacement is largely on the biosciences side, versus the e-commerce potential as well as the service attached potential spread across both the businesses.

是的。你看，我的意思是儀器更換主要在生物科學方面，而電子商務潛力以及服務附加潛力則分佈在兩個業務領域。

Okay. Got it. And when you talk about repeating the success you've had at Waters with the microbiology business, what makes you confident that the underperformance issues that they've seen are similar in that case and there aren't different dynamics there in terms of competition or from a technology platform standpoint?

好的。知道了。當您談到複製沃特世微生物業務的成功時，是什麼讓您確信他們遇到的表現不佳的問題是類似的，並且從競爭或技術平台的角度來看，那裡沒有不同的動態？

So look, I mean, that's a great question. I mean, we've not -- I'll remind you, we've not underwritten that in any of the synergies we've outlined. But that said, there's 180 basis points difference between the other competitor in the market versus BD in the microbiology space, right, in terms of growth. About 100 basis points comes from pricing, right? BD has been quite conservative just given the portfolio was older.

所以，我的意思是，這是一個很好的問題。我的意思是，我們沒有——我要提醒你，我們沒有在我們概述的任何協同效應中承擔這一點。但話雖如此，就成長而言，微生物學領域中其他競爭對手與 BD 之間存在 180 個基點的差異。大約 100 個基點來自定價，對嗎？由於投資組合較老舊，BD 一直相當保守。

We expect the BACTEC launch, which, again, I have seen personally the BACTEC instrument in operation and the automated platform and operation of the Baltimore site, of BD, it's fantastic. It's a leap forward in the segment, and that should allow us to command better pricing. And that's more than half of the gap. And the remaining 80 basis points, we feel comes from the operational initiatives that you just asked about on the service attach and equally on e-commerce, right? So we feel adding those on to the 100 basis points in pricing with a new product, you should see additional penetration.

我們期待 BACTEC 的推出，我再次親眼目睹了 BACTEC 儀器的運作以及 BD 巴爾的摩站點的自動化平台和運行，這真是太棒了。這是該領域的一次飛躍，這將使我們能夠獲得更好的定價。這超過了差距的一半。我們認為剩下的 80 個基點來自於您剛才詢問的服務附加和電子商務方面的營運舉措，對嗎？因此，我們認為，將這些添加到新產品定價的 100 個基點上，您應該會看到額外的滲透率。

And on the gross margin side, BD has already planned that they're already implementing to improve the gross margin. The gap is about 700 basis points versus the key competitor, and we just plan to accelerate that plan that's already in motion. So rather tactical initiatives that one should be able to get going immediately. And then again, on the two synergies, taking microbiology to QA/QC for sterile manufacturing as well as developing a mass spec platform that basically fits into the workflow for microbiology for micro identification is something, again, we haven't put into the plan. So feel very good about where we will start.

在毛利率方面，BD 已經制定了計劃，正在實施以提高毛利率。與主要競爭對手的差距約為 700 個基點，我們只是計劃加速實施已經在進行的計劃。因此，我們應該立即採取戰術舉措。再一次，關於這兩種協同作用，將微生物學應用於無菌製造的 QA/QC 以及開發一個基本上適合微生物學微觀鑑定工作流程的質譜平台，這些都是我們尚未納入計劃的事情。所以對於我們的起點感到非常滿意。

and see a lot of strategic merits to taking it forward. And I think in general, I mean, you referred to the last five years of Waters, I mean, you know us well. I mean we're pretty transparent about the KPIs we use. I mean -- so the next five years will be like the previous five years, where we'll state the five, six KPIs. And every quarter, in a boring way, we'll show you progress against it. So nothing if you're not fact-based and somewhat boring.

並看到了推進這一進程的許多戰略優勢。我認為總的來說，我的意思是，您提到了沃特斯過去五年的情況，我的意思是，您很了解我們。我的意思是，我們對所使用的 KPI 非常透明。我的意思是——未來五年將與前五年一樣，我們將列出五、六個 KPI。每個季度，我們都會以一種無聊的方式向您展示進展。所以，如果你不以事實為依據，而且有點無聊，那就什麼都沒有了。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Maybe just one, just back to LCMS, Udit and Amol, I know we've talked about earlier. So what's kind of assumed in the back half of the year there? Any color? I know you talked about book-to-bill ahead of one there? Anything on the funnel to support that because while the high single-digit growth is impressive it is off a higher growth in the first quarter, so just trying to understand the trend there.

也許只有一個，回到 LCMS、Udit 和 Amol，我知道我們之前已經討論過了。那麼今年下半年的預期是怎麼樣的呢？任何顏色？我知道您之前談過訂單出貨比的問題，對吧？漏斗上的任何東西都可以支持這一點，因為雖然高個位數成長令人印象深刻，但它是在第一季實現的更高成長，所以只是試著了解那裡的趨勢。

The funnels are exceptional, Dan. And it's especially across large pharma, CDMOs, which are picking up activity across US, across China, and generics in India continues to contribute, right? So that's on the LC side. On the mass spec side, I mean, the TQ Absolute and the TQ Absolute XR now have terrific, terrific reception from customers across PFAS testing and now increasingly across plasma testing in DMPK laboratories in a segment we hadn't been able to penetrate in the past. So I feel extremely good about both the demand that we see in our funnels and the differentiation of the product portfolio that is meeting these demands.

漏斗非常棒，丹。尤其是大型製藥公司、CDMO，它們在美國、中國各地開展活動，而印度的仿製藥也持續做出貢獻，對嗎？這就是 LC 方面的情況。在質譜方面，我的意思是，TQ Absolute 和 TQ Absolute XR 現在得到了 PFAS 測試客戶的熱烈歡迎，現在在 DMPK 實驗室的血漿測試中也越來越受歡迎，這是我們過去無法滲透的領域。因此，我對我們在通路中看到的需求以及滿足這些需求的產品組合的差異化感到非常滿意。

And I mean, overall, like we've done through the year, it's assumed at 5% instrument growth, which is not reflective of the funnel strength and the momentum in our business and the ramp from Q3 to Q4 is also in line with last year. So that sort of derisks our outlook for the remainder of the year.

我的意思是，總體而言，就像我們全年所做的那樣，假設儀器增長率為 5%，這並不能反映漏斗強度和我們業務的發展勢頭，而且從第三季度到第四季度的增長也與去年一致。因此，這在某種程度上降低了我們對今年剩餘時間前景的風險。

Okay. Great. And then maybe just one other. I know there was a question on China, obviously, a terrific quarter versus what you guys expected? And you maintain the guide you said for conservatism. Just is there anything in the quarter itself -- I know there's a bunch of things that went right. Anything in the quarter itself that would lead you to believe it was temporary? And I know you touched upon stimulus, but just wondering if you can elaborate a little bit more on kind of what you're seeing specifically there?

好的。偉大的。然後也許還有另一個。我知道有一個關於中國的問題，顯然，與你們的預期相比，這是一個非常棒的季度？並且您堅持您所說的保守主義指導方針。本季本身有什麼事情嗎——我知道有很多事情進展順利。本季本身有什麼事情讓您相信這只是暫時的嗎？我知道您談到了刺激措施，但我只是想問您是否可以更詳細地說明您具體看到了什麼？

So I'll answer your stimulus question at the end. Let's start with pharma first. There's increasing CDMO activity. As I mentioned, the eight of our top customers were visiting us and had four days of workshops looking at our product portfolio and they're very excited to support the biotech industry in China, and you know that, that's starting off a low base over the last couple of years after biosecure, the CDMO industry was under pressure. It's picking up life very nicely in China, and we have great market share there.

所以我將在最後回答你的刺激問題。我們先從製藥業開始吧。CDMO 活動正在增加。正如我所提到的，我們的八大客戶來拜訪我們，並進行了為期四天的研討會，了解我們的產品組合，他們非常高興能夠支持中國的生物技術產業，而且您知道，在過去幾年生物安全之後，CDMO 行業基數較低，因此承受著壓力。中國市場正在蓬勃發展，我們在那裡擁有很大的市場份額。

Second, on the Industrial segment, the battery testing is doing extremely well, where we saw in the US and Europe slowdown in the plastics and Applied Materials segments. We're seeing strength in the battery segment in China that really strengthens the growth of the industrial segment there. And in the ANG segment, it was high single-digit growth. Some of it had to do with the fact that we have a completely localized portfolio where high-res mass spec in particular, did extremely well, and there was a modest impact of the stimulus.

其次，在工業領域，電池測試表現非常好，而我們看到美國和歐洲的塑膠和應用材料領域的成長放緩。我們看到中國電池產業的強勁表現，這確實增強了中國工業產業的成長。在 ANG 領域，實現了高個位數成長。部分原因是我們擁有完全在地化的投資組合，其中高解析度質譜表現特別出色，而且刺激措施的影響也相當適中。

Now going forward, the CDMO trends, the battery testing trends are going to continue. We've just sort of been a bit conservative to not just take two data points and start drawing a line. And then the third piece is around academic and government, the local portfolio is doing well. The distribution is helping. There's a stimulus coming up. But again, we've sort of said, Hey, let's just be a bit conservative about what we are seeing in China so far? I hope that helps.

現在展望未來，CDMO 趨勢、電池測試趨勢將會持續下去。我們只是有點保守，不只是取兩個數據點然後開始畫線。第三部分是關於學術和政府，地方投資組合表現良好。分發是有幫助的。刺激措施即將出台。但是，我們又一次說過，嘿，讓我們對目前在中國看到的情況持保守一點的態度吧？我希望這能有所幫助。

This concludes the Q&A portion of the call. I will now hand it back to Caspar.

本次通話的問答部分到此結束。我現在將它交還給卡斯帕。

Thank you, Layla. This concludes our call. We look forward to connecting with many of you at upcoming events and conferences.

謝謝你，萊拉。我們的通話到此結束。我們期待在即將舉行的活動和會議上與你們建立聯繫。