NEW YORK – Waters this week reported first quarter 2023 revenues of $684.7 million, down 1 percent year over year from $690.6 million. Analysts, on average, had expected revenues of $697.9 million. The firm noted that at constant exchange rates, its revenues were up 3 percent compared to Q1 2022. Sales of its instruments dropped 7 percent year over year to $302.9 million from $325.2 million. Waters posted net income of $140.9 million, or $2.38 per share, compared to a profit of $159.8 million, or $2.62 per share, for Q1 2022. It finished the quarter with $487.0 million in cash, cash equivalents, and investments.
ProPhase Labs this week reported a sharp downturn in Q1 revenues due to reduced COVID-19 testing volumes. For the period ended March 31, the Garden City, New York-based genomics and diagnostics company booked $19.3 million in revenues, a 60 percent reduction from $47.5 million in Q1 2022. The decrease was caused by a $30.4 million decline in COVID-19 testing revenues, offset by a $2.2 million increase in consumer products. Net income for the quarter was $550,000, or $.03 per share, down from $12.5 million, or $.68 per share, a year ago. R&D costs totaled $144,000 in Q1, up from $35,000 a year earlier, and general and administration expenses came to $8.3 million, up from $7.8 million in the year-ago quarter. ProPhase Labs ended Q1 with $9.6 million in cash and cash equivalents and $5.9 million in marketable securities.
Standard BioTools reported this week that its first quarter revenues fell 5 percent to $25.1 million from $26.5 million a year ago. The South San Francisco, California-based omics tools provider's product revenue dropped 16 percent to $17.4 million, while its service revenue ticked up 13 percent to $6.9 million. Core product and service revenue, which excludes discontinued and COVID-19 products, was $24.3 million in Q1 compared to $23.9 million a year ago. The firm slashed its Q1 R&D costs by 28 percent to $6.4 million from $8.9 million, while it reduced its SG&A spending by 28 percent to $22.3 million from $30.9 million a year ago. The company shaved its net loss in Q1 to $16.8 million, or $.21 per share, from a net loss of $76.8 million, or $.99 per share, a year ago. During the quarter, the firm completed "significant" restructuring efforts by finalizing the realignment of its European commercial organization. It also launched its Hyperion XTi Imaging System in April at the American Association for Cancer Research conference. Standard BioTools finished the quarter with $113.7 million in cash and cash equivalents and $40.9 million in short-term investments.
908 Devices this week reported first quarter revenues of $9.5 million, a 14 percent increase from $8.3 million in Q1 2022. The Boston-based mini mass spec maker posted a net loss of $12.5 million, or $.39 per share, versus a loss of $9.4 million, or $.30 per share, for Q1 2022. 908 Devices finished the quarter with $161.2 million in cash and cash equivalents.
Devyser Diagnostics this week reported that its Q1 2023 net sales increased 30 percent to SEK 39.5 million ($3.9 million) from SEK 30.4 million in Q1 2022. Net loss was SEK 19.9 million, or SEK 1.24 per share, compared to a net loss of SEK 6.1 million, or SEK .39 per share, in the year-ago period. The Swedish firm ended the quarter with SEK 337.4 million in cash and cash equivalents.
Separately, Devyser said that its noninvasive fetal RHD test has been approved for marketing in Canada. It is the firm's first Class III IVD product approved for sale in that country. Devyser added that it has a contract for the test with Héma-Québec, a nonprofit organization that supplies blood products in the province. The contract is for three years with the possibility of a two-year extension, and its potential order value is about SEK 16 million ($1.5 million).
Biocept this week reported a sharp year-over-year drop in Q1 2023 revenues due to declining RT-PCR COVID-19 testing volumes. The San Diego-based company, which stopped COVID-19 testing services in February, reported $673,000 in revenues for the quarter, compared to $20.0 million in Q1 2022. Net loss for the quarter was $7.1 million, or $.41 per share, compared to a net loss of $2.2 million, or $.13 per share, last year. R&D costs totaled $1.0 million in Q1, down from $1.8 million in the year-ago quarter, and SG&A expenses dropped to $3.7 million from $10.0 million a year ago. Biocept ended the quarter with $6.8 million in cash.
Oncocyte said this week that its Q1 2023 revenues were down about 50 percent year over year, or 22 percent discounting contributions from the DetermaRx assay that the firm jettisoned last December. The company reported $297,000 in non-DetermaRx revenues, compared to $380,000 in the same period of 2022. During a call with investors, company CFO Anish John said he is resigning from his post effective June 15. Overall, Oncocyte had net income of $3.0 million, or $.02 per share, for the quarter, compared to a net loss of $10.3 million, or $.11 per share, in the prior-year quarter. The firm's R&D expenses decreased 45 percent year over year to $2.8 million from $5.1 million, primarily due to a decrease in CLIA laboratory expenses and focused product development spend. Its SG&A expenses were $6.5 million, down 27 percent from $8.9 million. Oncocyte ended the quarter with cash, cash equivalents, and marketable securities of $12.4 million.
SeqLL said this week that it had no revenues in the first quarter of 2023, compared to $48,000 in grant revenue in Q1 2022. The Billerica, Massachusetts-based sequencing technology firm posted a net loss of $1.7 million, or $.13 per share, for the quarter, up from a net loss of $938,000, or $.08 per share, a year ago. R&D expenses more than doubled to $777,000 from $335,000 a year ago, while general and administrative costs rose to $981,000 from $585,000. As of March 31, the firm had $5.0 million in cash and cash equivalents and $1.5 million in marketable securities.