Achieved double-digit growth in Chromium and Spatial Consumables, despite a challenging CapEx environment and reliance on U.S. academic and government funding.
Ended the year with $100 million more cash, totaling $520 million, reflecting a strong balance sheet and focus on cash flow.
Guidance for 2026 projects 0%-4% underlying growth, assuming macro conditions similar to the second half of 2025.
CapEx for instrumentation expected to decline in the teens, offset by double-digit growth in Spatial Consumables, especially from the Xenium franchise.
Single-cell consumables, about half of the business, expected to be flat at the midpoint of guidance, with price-volume trade-offs from new product launches.
Launched Flex Apex in Q4, reducing pricing and unlocking new customer bases and applications.
Flex products, including Flex Apex, saw significant uptake, but not all customers or applications are expected to migrate immediately.
Price reductions are driving volume growth, with Q4 2025 showing over 30% volume increase and price declines in the 20% range.
Ongoing innovation with GEM-X and Flex products strengthens the product portfolio and customer feedback is positive.
Building a CLIA lab to offer services for both spatial and single-cell applications, aiming to make transactions more frictionless for biopharma customers.
U.S. academic and government funding was down more than the overall business, but growth in China and other regions provided bright spots.
Biopharma represents 20% of business today, with potential to grow to half; share of wallet in these accounts remains small.
Large-scale, AI-driven projects and public-private partnerships are emerging as new growth opportunities.
Customer enthusiasm for Xenium remains high, with opportunities to increase utilization within the existing install base.
Visium platform continues to have an enthusiastic customer base, though interest is shifting toward Xenium.
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