Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $842,000, representing an 84% increase compared to Q1 2024, although it was slightly below expectations [7][18] - Gross profit was $486,000 with a gross margin of 58%, influenced by low or no-cost inventory utilized during the quarter [18][19] - Total operating expenses for Q1 2025 were $25.6 million, up from $23.6 million in Q1 2024, while adjusted operating expenses were $22.9 million compared to $21.9 million in the previous year [19][20] Business Line Data and Key Metrics Changes - The launch of the Platinum Pro system occurred during the first quarter, with initial customer sales reported [6][7] - Existing US academic customers continued to purchase consumables, despite a slowdown in new instrument purchases due to NIH funding uncertainties [8][19] Market Data and Key Metrics Changes - The US academic market is experiencing a slowdown in new instrument purchases, expected to persist until at least fall 2025 [7][8] - The company has 23 international distribution partners, and international business performed well during the first quarter [9][20] Company Strategy and Development Direction - The company aims to accelerate commercial adoption, deliver on its innovation roadmap, and preserve financial strength [6][10] - Emphasis is being placed on the pharma and biotech sectors in the US market due to ongoing NIH funding uncertainties [8][10] - The technology roadmap includes the launch of Version four sequencing kits in Q3 2025 and improvements in library preparation kits by the end of 2025 [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term market opportunity in proteomics despite current market uncertainties [17][23] - The company is monitoring potential impacts from evolving tariffs and has strategies in place to mitigate long-term effects [20][21] Other Important Information - The company has $232.6 million in cash and cash equivalents as of March 31, 2025, providing a runway into the second half of 2027 [20][23] - The company is focused on maintaining its technology leadership and is committed to investing wisely in R&D and commercialization efforts [45][46] Q&A Session Summary Question: Concerns about biopharma spending and tariffs - Management noted that current funding levels in biotech and pharma are stable and not significantly impacted by policy discussions [28][29] Question: Feedback on the Platinum Pro system - The system is considered locked down, with positive feedback from early adopters regarding reliability and performance [31][32] Question: Future gross margin expectations - Historical margins are expected to remain in the 40% to 50% range, with variability based on product mix and sales [37][38] Question: Cash runway and potential need for additional capital - The company has sufficient cash to sustain operations through the second half of 2027, with a focus on targeted investments [41][46] Question: International distribution partners and tariff impacts - No significant tariff impacts have been observed, and the distribution network has expanded to 23 partners covering multiple countries [49][50] Question: Sequencing kit improvements and market competition - The next version of the sequencing kit will provide meaningful performance improvements, with a focus on maintaining a competitive edge [72][76]