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IsoPlexis Q1 Revenues Grow 53 Percent

NEW YORK — IsoPlexis reported Wednesday morning that its Q1 2022 revenues were up 53 percent year over year.

For the three months ended March 31, the Branford, Connecticut-based single-cell analysis company posted revenues of $4.9 million, up from $3.2 million in the year-ago period.

Product revenue was $4.5 million, up 55 percent from $2.9 million in Q1 2021, while service revenue was $457,000, up 49 percent from $307,000 in Q1 2021.

The company sold 25 instruments during the quarter, which also saw the first delivery of its Duomic system, CEO Sean Mackay said in a statement. Its total installed base is now 234 instruments.

IsoPlexis' net loss attributable to common stockholders during the quarter was $28.7 million, or $.74 per share, compared to $18.8 million, or $8.81 per share, in Q1 2021. The company used approximately 39.0 million shares to calculate per-share loss in the recently completed quarter compared to about 2.1 million shares in the year-ago period. IsoPlexis completed a $125 million initial public offering in October 2021.

The company's R&D expenses were $7.1 million, up 92 percent from $3.7 million in Q1 2021. SG&A expenses more than doubled to $23.5 million from $11.5 million in the year-ago period.

IsoPlexis ended the quarter with $97.6 million in cash.

In Wednesday morning trading on the Nasdaq, IsoPlexis' stock was down 3 percent to $2.26.

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