Business mix
- Selling full-spectrum flow cytometers (such as Aurora Evo), product revenue in Q1 2026 will be US$28.8 million; and providing services and reagents, service revenue will be US$15.4 million, and the proportion of recurring revenue will rise to 35%.
- In terms of market geographical distribution, the United States is the core growth area, with Q1 revenue growing by 32%; EMEA and APAC fell by 7% and 13% respectively due to the conflict in the Middle East and the pace of Chinese orders.
Current key questions
- Q1 net loss in 2026 expanded to US$18.9 million, mainly due to a 43% surge in G&A expenses due to litigation, consulting and bad debts, which dragged down the overall profit, and adjusted EBITDA remained negative.
- Full-year revenue guidance is US$205 million-212 million, an increase of only 2-5%. Instrument sales are expected to be flat. Growth depends on services and reagents. It faces pressure to slow down growth and achieve positive adjusted EBITDA.
- The company plans to reorganize into three customer-oriented business departments in Q3 2026 and establish a clinical business unit to accelerate growth, but it needs to observe the execution effect and impact on costs.
