Record Consumable Revenue
Consumable revenue reached an all-time high of $21.3 million, growing 15% year-over-year and 12% sequentially, driven by strong adoption of long-read sequencing technology.
Improved Gross Margins
Non-GAAP gross margins were 42%, the highest level since 2022, due to increased consumable revenue and improved product mix.
Strong EMEA Growth
EMEA revenue increased by 18% year-over-year, driven by a 50% increase in consumable revenue.
Cash Burn Reduction
Cash burn reduced to $16 million in Q3, with an expected total cash burn of approximately $115 million for 2025, an improvement of over $70 million compared to 2024.
Clinical Advancements and Partnerships
Secured China regulatory approval for Sequel II CNDx system for clinical-grade long-read sequencing, and announced partnerships to expand clinical assay use.
New Chemistry SPRQ-Nx Launched
Unveiled the SPRQ-Nx chemistry, expected to lower sequencing costs to less than $300 per genome and improve gross margins through multi-use SMRT Cells.