Revenue and Margin Performance
Revenue for Q3 2025 was $20.6 million, at the high end of the guidance range of $19-21 million, with a slight sequential increase in a typically weak quarter. Gross margin improved to 58.4%, exceeding the guidance range of 56-58%.
Operational Improvements
Adjusted EBITDA increased to $2 million from $1.3 million in Q3 2024. Operating expenses declined by $1.4 million due to efficiency measures, leading to improved adjusted operating income.
Product and Market Advancements
Successful launch of the Incub8 Multiwell System and expanded distribution agreement with Fisher Scientific. Increased demand for the SoHo Telemetry and Biochrom amino acid analyzer.
Strong Backlog and Order Growth
The backlog reached its highest level in nearly two years, with quarterly order growth for the first time in over 12 months and a strong uptick in Europe.
Positive Cash Flow and Debt Reduction
Generated $6.8 million in operating cash flow year-to-date, with net debt reduced by over $6 million from year-end 2024 to $27.5 million.