Cash and equivalents ended at $447 million, with a $40 million increase in cash during the quarter excluding settlement payments.
Consumables revenue totaled $122.2 million, down 1%, with Chromium consumables down 9% due to lower average reaction prices and spatial consumables up 24%.
Excluding the settlement-related license and royalty revenue, Q2 revenue was $145.6 million, down 5% year-over-year.
Gross profit was $125.1 million with a gross margin of 72%, boosted by the settlement; adjusted gross margin excluding settlement was 67%.
Instrument revenue was $14.5 million, down 39%, with Chromium instruments down 35% and spatial instruments down 42%, impacted by strategic discounts and CapEx constraints.
Net income was $34.5 million versus a net loss of $37.9 million last year; adjusted net loss excluding settlement was $33.5 million.
Operating income was $30.1 million compared to a loss of $41.7 million last year; adjusted operating loss excluding settlement was $37.9 million.
Services revenue increased 47% to $8.5 million, driven by growth in Xenium service plans.
Total revenue for Q2 2025 was $172.9 million, up 13% year-over-year, including a $68 million settlement payment from Bruker.
A $3 million gain was recorded from the sale of the Kv7 asset to Angelini Pharma, partially offset by an increase in CBR liability.
Cash balance at quarter-end was $41.6 million with $2 million cash used during the quarter.
Net loss for Q2 2025 was $15.9 million or $0.15 per share, compared to a net loss of $13.6 million or $0.13 per share in Q2 2024.
OmniAb reported Q2 2025 revenue of $3.9 million, down from $7.6 million in Q2 2024, primarily due to lower milestone achievements and service revenue declines.
Operating expenses decreased to $20.1 million from $23.9 million year-over-year, driven by reductions in R&D and G&A expenses.
Dafinchi