Total Revenue

Approximately –10% (from $45,540k to $40,795k)

Q1 2025 revenue declined mainly due to reduced consumables and services revenue compared to Q1 2024, which lowered the overall revenue mix despite contribution from product and collaboration revenues. " "

Gross Profit

Margin contraction of about 5 percentage points (down from 53% to 48%); Gross profit fell from $24,188k to $19,741k

Gross profit dropped because the lower revenue was coupled with a less favorable mix of products and cost structures, reducing the gross margin by around 5 percentage points compared to Q1 2024’s healthier margin. " "

Total Operating Expenses

Approximately –38% (from $84,370k to $52,711k)

Operating expenses were significantly reduced through cost-cutting measures and improved efficiency initiatives—changes that offset some negative revenue impacts, leading to a lower expense base than the previous period. " "

Loss from Operations

Approximately –45% reduction (from $60,182k to $32,970k)

Loss from operations improved as the sharper reduction in operating expenses helped narrow operational losses despite ongoing revenue pressure, reflecting better cost management versus Q1 2024. " "

Net Loss

Approximately –19% reduction (from $32,157k to $26,033k)

Net loss decreased thanks to lower operating expenses and focused cost controls, which partially offset the revenue decline—leading to a 19% improvement relative to Q1 2024. " "

Research & Development (R&D) Expenses

Approximately –29% (from $15,980k to $11,328k)

R&D spending was reduced compared to Q1 2024, indicating a strategic decision to lower costs by focusing on key projects, which helped contribute to the overall reduction in operating expenses. " "

Cash and Cash Equivalents

Approximately –47% (from $287,057k to $150,880k)

Liquidity weakened significantly as cash reserves dropped by nearly half, likely due to more aggressive use of cash for operational needs, capital expenditures, or financing obligations relative to the higher cash balance in Q1 2024. " "

Total Current Assets

Approximately –37% (from $547,565k to $344,019k)

Total current assets declined largely because of the reduction in cash and short-term investments, along with lower balances in other current asset accounts, indicating tighter liquidity than observed in Q1 2024. " "

Total Liabilities

Approximately –37.7% reduction

Total liabilities contracted as a result of repayments, settlements, and reductions across various liability categories, reflecting a healthier balance sheet or improved working capital management compared to the previous period. " "

Stockholders’ Equity

Approximately –21% (decreased to $454,595k)

Stockholders’ Equity declined due to the combined effects of a reduced asset base and lower cash levels, which, along with higher expense absorption, resulted in a 21% contraction relative to Q1 2024. " "

Revenue Guidance

FY 2025

$165 million to $175 million " "

$165 million to $175 million " "

no change

Americas Academic Revenue Decline

FY 2025

Mid‐teens percentage decline with a high single-digit million-dollar impact " "

Mid‐teens percentage decline with a high single-digit million-dollar impact " "

no change

Tariff Impact

FY 2025

Low single-digit million-dollar impact to gross margin and adjusted EBITDA "

Low single-digit millions of dollars " "

no change

Adjusted EBITDA

FY 2025

Target: Adjusted EBITDA breakeven in 2026 " "

Target: Adjusted EBITDA positive by FY 2026 " "

raised

Back Half Weighted Revenue

FY 2025

no prior guidance

Expected to be back half weighted "

no prior guidance

Instrument Sales Demand & Sales Funnel Dynamics

Q3 2024: Reported significant year‐over‐year declines (e.g. 42% drop) with a focus on building the funnel ( " " " ). Q4 2024: Noted sequential improvements and emerging signs of recovery despite earlier declines.

Q1 2025: CEO expressed cautious optimism with strong sales funnel momentum and encouraging growth in key instruments like the Hyperion XTi ( " ).

Shift from steep declines and caution to a more optimistic, yet measured, outlook as the sales funnel improves amid challenging conditions.

Illumina Partnership & New Product Launches

Q2–Q4 2024: Consistently discussed the strategic partnership with Illumina, new product launches (e.g. individual SOMAmer reagents, integration with SomaScan) and timing uncertainties; emphasized a long-term revenue play ( " , " , " ).

Q1 2025: Continued emphasis on the strategic importance of the Illumina collaboration with moderated short-term revenue expectations, while highlighting long-term value and product expansion ( " , " ).

Ongoing focus with maintained optimism; sentiment remains positive over the long term but with a cautious view on immediate revenue impact.

Innovative Product Pipeline & Growth Initiatives

Q2–Q4 2024: Detailed discussion around launching individual SOMAmer reagents, Omics as a Service offerings, and spatial proteomics; initiatives aimed at diversification and high‐precision technology advancement ( " , " , " ).

Q1 2025: Reiterated progress with official launches (e.g. SOMAmer reagents), strong clinical applications for the SomaScan platform and increasing instrument placements (e.g. Hyperion XTi), reinforcing growth in lab services ( " , " , " ).

Enhanced and broadening focus: product diversification and new technology initiatives are increasingly seen as long‐term growth drivers.

Biopharma Segment Strength & Pharma Customer Concentration Risks

Q3–Q4 2024: Noted historical reliance on a few large customers causing revenue volatility, though steps were being taken to diversify; lab services impacted by concentration risks ( " , " , " ). Q2 2024: Also mentioned risks linked to dependence on large pharma accounts ( " , " ).

Q1 2025: Emphasized robust biopharma engagement with clear signs of new customer wins and reduced concentration, even as historical dependence still produces some variability ( " ).

Improving strength as diversification efforts begin to reduce historical concentration risks, thereby enhancing long-term stability.

Academic Revenue Challenges & NIH Funding Reductions

Q4 2024: Highlighted concerns around funding delays and anticipated mid-teens percentage decline in Americas academic revenue; this topic was not mentioned in Q3 or Q2 2024 ( " , " ).

Q1 2025: Continued focus on academic revenue challenges with forecasts of significant declines and ongoing NIH funding delays impacting instrument and consumables orders ( " , " ).

Emerging as a consistent concern in recent periods with clear recognition of funding challenges that could impact future academic business.

Cost Synergies, Expense Reduction & Path to EBITDA Breakeven

Q2–Q4 2024: Emphasized progress with operationalizing $80M in synergies, significant reductions in non‐GAAP operating expenses and improvement in EBITDA metrics across quarters ( " , " , " , " ).

Q1 2025: Reported an additional $10M in cost reductions on top of previous savings, with further improvements in operating expense metrics and a stronger outlook toward adjusted EBITDA breakeven in 2026 ( " , " ).

Continued positive progress with accelerated cost reductions and operational improvements reinforcing the path to profitability.

Strategic M&A Activity & Risks from Customer Concentration

Q2–Q4 2024: Discussed M&A as a strategic lever to consolidate the fragmented life sciences sector while revealing risks from high customer concentration (e.g. $15–$20M headwind from top accounts) that cause revenue timing volatility ( " , " , " , " ).

Q1 2025: Reaffirmed commitment to strategic acquisitions with a healthy cash position alongside ongoing efforts to diversify the customer base and mitigate concentration risks ( " , " ).

Steady focus: M&A remains a core strategy to drive growth while diversification efforts help to alleviate customer concentration risks.

Global Market Dynamics (China rebound & international sales challenges)

Q3 2024: Reported weak instrument sales in China with hopes for a rebound as stimulus dollars flow, alongside challenges in other regions like Japan, Korea, and parts of Europe ( " , " ). Q4 2024: Addressed tariff impacts and U.S.-China trade dynamics adding complexity to international sales ( " ).

Q1 2025: Emphasized resilience in international markets with cautious optimism regarding China’s rebound potential while continuing to monitor tariff-driven challenges across global trade ( " , " ).

Mixed sentiment: Global challenges persist with tariffs and trade complexities, yet there is cautious optimism for recovery in key markets like China.

Management Stability & Execution Risks

Q2 2024: Noted CFO Jeffrey Black’s departure, with details on transition plans and associated execution concerns; Q3 2024: Mentioned interim CFO Alex Kim’s strong credentials, and Q4 2024: No new concerns were raised ( " , " , " , " ).

Q1 2025: No mention of management or execution stability issues, indicating that earlier CFO transition risks have been effectively addressed.

Improved stability: Earlier concerns over CFO departure and execution risks have been resolved through seamless leadership transitions and strong internal management.