- Adjusted EBITDA declined to $1.3 million from $2.9 million year-over-year due to lower gross profit.
- GAAP gross profit was $23.9 million, down 6% year-over-year, with gross margin at 52% versus 55% last year due to lower product and service margins.
- Net loss improved to $5.6 million from $10.4 million in the prior year quarter, helped by foreign exchange gains and a tax benefit.
- Operating expenses increased 2% year-over-year to $34.5 million, driven by higher general and administrative costs.
- Positive free cash flow of $0.9 million was offset by $4.5 million in share repurchases, reducing cash and marketable securities to $262 million.
- Q2 2025 revenue was $45.6 million, down 2.2% year-over-year, driven by declines in EMEA and APAC product sales but offset by growth in U.S. product revenue and strong service revenue growth.
- Recurring revenue from service and reagents grew 18% year-over-year, representing 32% of trailing 12-month sales and growing 16% versus last year.
- U.S. revenue increased 7% in Q2, while EMEA declined 11% and APAC declined 12% in Q2 but grew 9% for the first half of 2025.
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Dafinchi