Financial Performance - Q2 2025 product and service revenue reached $39.8 million, a 7% sequential increase and a 10% increase compared to Q2 2024[12] - Consumable revenue increased by 11% year-over-year, with Revio pull-through in the low-to-mid $200,000s per system[12] - Instrument revenue increased sequentially but decreased by 4% year-over-year due to funding constraints[12] - Non-GAAP gross margin was approximately 38% in Q2 2025, compared to 37% in Q2 2024[45, 47] - Q2 2025 non-GAAP operating expenses were $58.1 million, an 18% decrease compared to Q2 2024[47] - Cash burn was approximately $28 million in Q2 2025, with expectations for improvement in the second half of the year[46] System Placements - 15 Revio systems were shipped in Q2 2025, with 60% going to new customers and one-third to Dx/LDT and hospital labs[12] - 38 Vega systems were shipped, with nearly 60% going to new customers[13] - Cumulative Revio shipments reached 297, and Vega shipments reached 73[14] Guidance - Full-year revenue guidance is maintained at the midpoint, narrowing the range to $155 million to $165 million, representing 1% to 7% growth over 2024[21, 22] - The company expects mid-teens growth in consumables revenue and a mid-teens decline in instrument revenue[22]