2024 Revenue GuidanceGuidance for 2024 revenue was reduced to account for a weaker outlook in the latter half, reflecting ongoing challenges in the macroeconomic environment.
Product Revenue ShortfallProduct revenue fell short of projections as management faced ongoing pressure on capital expenditure budgets and extended sales cycles for instrument purchases.
Revenue DeclineTotal revenue of approximately $3.1 million experienced a year-over-year decrease of 23%, coming in below expectations due to reduced related party revenue.