Biologic Safety Testing Growth
Biologic Safety Testing (BST) generated $16.3 million in revenue, growing at 7% year-over-year, with strong demand from core markets in the Americas and Europe, up 8% and 17% respectively.
Cost Structure Realignment
The company has stabilized operations and significantly reduced expenses, targeting an annualized reduction of over $50 million, with $7 million expected in sequential adjusted EBITDA improvement in Q4.
Innovation and Product Launches
The launch of ModTail technology, which enhances mRNA protein expression, and the IVT kits have shown early success, with consistent bookings growth and positive reception from new and existing customers.