Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Achieved sequential revenue growth in Q2, signaling a stabilization phase after navigating inventory drawdowns from a major customer and clinical program discontinuations.
Established a landmark multi-platform enterprise partnership with Genentech, shifting from a single-program license model to a portfolio-wide framework that captures value earlier in the development lifecycle. Expanded the addressable market within large pharma by offering a suite of technologies including electroporation, analytical assessment, and SeQure off-target risk assessment. Maintained steady instrument placement across biotech and academic sectors, driven by the rollout of the ExPERT DTx platform which provides a seamless path from discovery to cGMP manufacturing.
Observed a 75% sequential increase in CASGEVY revenue reported by Vertex, validating the long-term commercial potential of the SPL (Strategic Platform License) model as partner programs reach the market. Successfully executed cost-efficiency measures, resulting in a 25% year-over-year reduction in operating expenses while continuing R&D investment in core platforms. Displaced clinical competitors by leveraging a field-based scientific team and proprietary application workflows that competitors currently lack.
Reiterated 2026 revenue guidance of $30 million to $32 million, assuming a return to low single-digit year-over-year growth in the second half of the year. Expects instrument placements to be the primary growth driver in H2, supported by typical Q4 budget flush dynamics and stable processing assembly demand. Anticipates five partner programs moving toward commercial launch in the next few years, with the potential for at least one new approval as early as next year.
Projects gross margins to remain in the mid-70s due to a product mix favoring instruments over higher-margin licenses in the near term. Plans to utilize the majority of the $10 million share repurchase program by year-end 2026, with approximately $5.5 million already repurchased as of today. to return value to shareholders. The Genentech agreement introduces a new commercial framework for large pharma that prioritizes recurring license and platform access revenue over traditional milestone-heavy SPL structures.
Inventory drawdowns at the company's largest customer have largely run their course, removing a significant headwind that impacted first-half processing assembly revenue. Regulatory environments are evolving in favor of the SeQure assay, which management expects to become an industry standard for off-target risk assessment in gene editing. Maintains a strong liquidity position with $141.9 million in cash and no debt, providing flexibility for organic R&D and selective inorganic opportunities.
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