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| Statement |
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| Strong contributors to this continued expansion include collaboration milestones, but also reflect positive mix shift in revenue from recently launched products within our growing BioXp portfolio and our efforts to vertically integrate reagent and instrument manufacturing |
| Gross margins continue to expand as a result of mixed shift to higher margin products like the 9600 system, mRNA kits, long fragment builds, and a suite of select kits for the BioXp |
| As you'll see in this quarter's results, we continue making progress with our strategic collaborations, which grew both our revenue and installed base, delivered new BioXp kits to the market, secured additional financing, and strengthened the Board of Directors through the addition of Paul Meister, former Chairman of ThermoFisher |
| We briefly mentioned a few minutes ago that we anticipate gross margins will continue to improve as we complete the vertical integration of oligo manufacturing with commitment to substantially offset our existing external supply by the end of 2023 |
| We remain in the early stages of adoption in our targeted workflows and expect growth to accelerate as we move deeper into these workflows where we have disruptive technology in differentiated products that will serve to increase the value proposition of the BioXp platform |
| In closing, I want to share that our team is very experienced operationally, strong strategically, and that we remain focused on achieving near-term commercial goals, furthering new and existing partnerships, controlling costs, launching new products, and improving profit margins |
| Customer adoption of our newly launched products remains encouraging, and moving forward we intend to increasingly focus our efforts on maximizing the commercial impact of our differentiated workflow solutions based on our mRNA, cell-free DNA scale-up and long-build BioXp DNA kits |
| We have a highly compelling offering at the benchtop for these solutions, which will catalyze further adoption of our products into our targeted workflows for antibody discovery, pathway engineering, precision medicine, and mRNA vaccine discovery |
| This is a key advancement in DNA Synthesis Automation for longer genes, and we're pleased with the initial product launch numbers, which are being driven by adoption by customers for rapid mRNA Template Synthesis in precision medicine and vaccine discovery |
| I think it's going exceptionally well |
| As mentioned earlier in the call, we are pleased with the progress the company is making in this challenging environment, and I want to highlight again that this is the fourth consecutive quarter we have successfully reduced or maintained operating expenses, while growing revenue on a year-over-year basis |
| We're pleased with the progress the company is making in this challenging environment, and I want to highlight that this is the fourth consecutive quarter that we've successfully reduced or maintained our operating expenses while growing revenue on a year-over-year basis |
| So overall, I feel good about that |
| So, the interesting thing is, ironically we've seen a good – in this market good sequential growth |
| So I think that he's been a tremendously good add to the board of directors, and I expect to be able to learn some great things from him |
| We've successfully achieved two of the four milestones |
| I'm also pleased to announce that during the second quarter we achieved another technical milestone in our research collaboration with Pfizer, something that further validates SOLA, our enzymatic DNA synthesis platform |
| I think, getting the former Chairman of ThermoFisher onboard is a real testament to the company here and his management, his investment in the company alongside of others, including myself, I think shows a great fortitude and interest in the potential outcome |
| So that has the negative impact, essentially this quarter being a very, very tough comp, but we are seeing sequential growth quarter-on-quarter, which I view as a good thing in this market |
| We noted that for the first half of 2023, the BioXp kit growth is greater than 10%, and we anticipate that this rate will accelerate in the end of the year with new product launches |
| We remain encouraged by the progress we have made and look forward to continuing to validate this platform with our partner |
| This product launch broadens our appeal to customers that have used Golden Gate Cloning methods in their workflows, and by doing so, Telesis Bio customers are now able to perform automated cloning at the benchtop for the two most commonly used cloning methodologies |
| Very good |
| And so we're proud to work with them to be their DNA template provider in that process |
| As such, we continue to remain confident that our path to profitability, estimated to be the end of 2024, remains on track |
| SOLA remains a disruptive technology that will drive production of integrated workflows to the bench shop and will continue to accelerate discovery timelines for our customers through the ability to deliver on-demand gene synthesis, mRNA and eventually protein synthesis products with unprecedented speed and accuracy |
| We'll be launching that reagent platform into the CRISPR market, and so we're excited about that, and that work continues also in the gene synthesis area with Pfizer as you know |
| Paul's a very, very engaged, very smart business leader who's got direct experience in running businesses like this for 35, 40 years |
| Revenue for the first half of 2023 was $15 million, an increase of 33% from the $11.3 million in the prior period |
| So sales are up about 100% due to some very large one-time orders in Q2 of last year |
| Statement |
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| Todd, just in terms of kit utilization, I think you said kit revenues are down, I think 16% year-over-year |
| I mean just big picture, obviously the capital equipment demand backdrop has gotten tougher based on what we've heard from most of the other tools companies in the quarter |
| When we look at Q2 performance on a revenue basis compared to Q2 in 2022, it was a very tough comp, and sales in Q2 of 2022 – a lot of twos in there, sorry – nearly doubled |
| Total net loss of $8.3 million reflects a decrease of 44% compared to $14.8 million in the same period in the prior year and net loss per share was $0.28 for the second quarter of 2023 compared to $0.50 for the corresponding prior year period |
| Operating expenses for the quarter of $13.7 million for the second quarter of 2023 were down 20% as compared to $17.2 million for the same period in the prior year |
| So, you can see from that mix that the 9600, which is also the more expensive of our two systems, is a little bit less than what we'd anticipated |
| We've seen some CapEx pressure on the 9600, and we've pivoted, in a sense when we go to the customer to make that up with 3250 |
| And operating expenses for the first half were down 14% to $28.1 million compared to $32.8 million for the same period in 2022 |
| The corresponding net loss for the first half of 2023 was $19.4 million compared to a net loss of $28 million for the same period in 2022, representing a 30% decrease |
| So it's not as if though we're seeing a sequential downtick |
| They were up 62% in the first quarter of this year on a year-over-year basis and down 16% against the tough comp this quarter |
| There was a tough comp last year when sales grew at about 100% for the kits |
| How challenging do you think those milestones are? It seems like you've been kind of clicking away really well |
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