Appendix I
Selected Third Quarter 2023 Financial Results
Total
revenue for the third quarter of 2023 was $48.0 million, a 19% increase over the third quarter of 2022. This included $6.8 million of revenue from the products lines acquired from Luminex on February 28, 2023. Excluding revenue from
this acquisition, organic revenue was $41.2 million, a 2% increase compared to the same period of the prior year.
Gross profit was
$27.2 million for the third quarter of 2023, an increase of 1% compared to a gross profit of $26.9 million in the third quarter of 2022. Gross profit margin was 57% in the third quarter of 2023 compared to 66% in the third quarter of 2022.
Operating expenses were $33.6 million for the third quarter of 2023, a 32% increase from $25.5 million in the third quarter of 2022. The
increases in operating expenses were primarily due to expenses related to increased headcount from the Luminex acquisition and personnel-related expenses across sales and marketing, research and development and general administrative. These expenses
included an increase in trade shows and other sales and marketing costs, and an increase in fixed assets and intangible assets amortization costs.
Research and development expenses were $11.2 million for the third quarter of 2023 compared to $8.7 million for the third quarter of 2022.
Sales and marketing expenses were $12.1 million for the third quarter of 2023 compared to $8.8 million for the third quarter of 2022.
General and administrative expenses were $10.4 million for the third quarter of 2023, compared to $8.0 million for the third quarter of 2022.
Loss from operations in the third quarter of 2023 was $6.4 million compared to income from operations of $1.4 million in the third quarter of 2022.
Net loss in the third quarter of 2023 was $6.5 million compared to a net income of $1.6 million in the third quarter of 2022.
Cash, cash
equivalents, and short-term investments in marketable securities were approximately $288.0 million as of September 30, 2023, compared to $344.0 million as of December 31, 2022. The decline was primarily due to the acquisition of
business lines from Luminex and Cyteks repurchase of stock in 2023.
Cautionary Note Regarding Forward-Looking Statements
This Form 12b-25 contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words anticipate, will, expect and similar terms and phrases are used in this Form 12b-25 to identify forward-looking statements, including statements regarding the Companys ability to file the Form 10-Q within the time period prescribed by Rule 12b-25 and the Companys expectations regarding its financial and business performance. Many factors could cause actual results and future events to differ materially from the forward-looking statements,
including, among other things, the completion of the preparation of the financial statements and the risks and uncertainties set forth in the section entitled Risk Factors in the Companys Quarterly Report on Form 10-Q filed with the SEC on August 8, 2023 and other filings with the SEC. These forward-looking statements are based on managements expectations as of the date of this filing. Readers are cautioned not to
put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that
it will achieve its expectations.
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