Macroeconomic ConditionsDespite the lowered guidance and aggressive cost cuts, challenging macroeconomic conditions and poor visibility on recovery likely keep the stock range bound.
Revenue Performance2Q revenue of $36.0M came in below management expectations and consensus, driven by a shortfall in instrument placements.
Revenue ProjectionsSlowing $36.0M revenue came in (11%) below our lower than Street $40.3M, (13%) below Consensus $41M predominantly on instrument revenue missing by our estimate by ~(22%).