PhenomeX backs FY23 revenue view $75M-$85M, consensus $80.26M

Updates its GAAP gross margin target range to be 57% to 60%, as a result of purchase price accounting for the IsoPlexis acquisition. On a non-GAAP basis, the adjusted gross margin target range is expected to be 62% to 65%. This range factors in macroeconomic headwinds, significant slowdown in decision-making cycles for large capital purchases and our ongoing commercial integration efforts. The company continues to estimate its operating expenses for the third quarter to be approximately $35 million, and the fourth quarter of 2023 to be approximately $33 million, as communicated in its first quarter of 2023 earnings results. As a result, operating expenses for the full year 2023 is projected to be $135 million, which would be greater than a 40% reduction in non-GAAP operating expenses from $235 million in 2022 on a pro-forma basis, which excludes restructuring and transaction expenses.