Leadership ChangesPotential long-term impact from changes in leadership at the FDA and NIH budget uncertainty is still too early to quantify.
Market RisksRisks include lower-than-projected growth, inability to secure additional customers, sales fluctuations in emerging markets, and potential dilution risk.
Revenue DeclineTotal revenue was $23.9M, representing a 24.5% YoY decline and missing our projection of $26.0M.