Standard BioTools(US:LAB)2023-05-10 00:32Financial Data and Key Metrics Changes - Total revenue for Q1 2023 was $25.1 million, with core product and service revenue at $24.3 million, a slight increase from $23.9 million in Q1 2022 [43] - Operating cash burn decreased to $8.5 million in Q1 2023 from $19.2 million in Q4 2022, indicating improved cash flow management [18][32] - GAAP net loss for the quarter was $16.8 million, significantly reduced from $76.3 million in Q1 2022, while non-GAAP net loss was $8.9 million compared to $19.5 million a year ago [44] Business Line Data and Key Metrics Changes - Proteomics revenue grew 12% year-over-year to $15.2 million, driven by recurring consumables and service revenues [38] - Genomics revenue declined 12% to $9.1 million, primarily due to lower instrument revenue, although consumables showed growth [38] - Recurring consumables and service revenue represented 76% of core revenue for the quarter, up from 69% in the previous year [38] Market Data and Key Metrics Changes - The company is focusing on OEM partnerships and key accounts in the Genomics business to enhance profitability and drive growth [42] - The launch of new products, such as the Hyperion XTi, is expected to improve market competitiveness and drive higher placements [35] Company Strategy and Development Direction - The company aims to build a diversified life science tools company through operational execution and scale-building strategies [30] - A focus on continuous improvement and lean manufacturing initiatives is central to the company's strategy [17][15] - The company is pursuing inorganic growth by acquiring complementary assets to leverage its infrastructure and accelerate growth [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning within the current macro environment and emphasized the importance of consolidation in their strategy [21] - The company maintains its guidance for 2023, expecting core product and service revenue to be flat to moderately higher compared to 2022 [24] Other Important Information - Cash, cash equivalents, and short-term investments were $154.5 million at the end of Q1 2023, down from $165.8 million at year-end 2022 [6] - The company has repurchased approximately 1.7 million shares at a cost of $3 million through March 31, 2023 [6] Q&A Session Summary - No question-and-answer session was held during the call, as indicated in the conference call details [13][41]