NEW YORK — IsoPlexis said on Monday that it expects as much as a 52 percent year-over-year increase in revenues for the first quarter and announced a restructuring plan that includes cutting approximately 20 percent of its staff.
For the three-month period ended March 31, IsoPlexis expects revenues in the range of $4.8 million to $4.9 million, representing an increase over the year-ago quarter of 48 percent to 52 percent.
Analysts were, on average, expecting the newly public company to post Q1 revenues of about $4.4 million.
IsoPlexis noted that it sold 25 single-cell analysis instruments during the first quarter, bringing the total number of instruments placed to 234.
The Branford, Connecticut-based firm also said that it has launched a strategic initiative that includes eliminating about 20 percent of its workforce. The staff reduction primarily affects its commercial team, which has been cut to 140 from 190, as well as positions within technical support and operations. As of Dec. 31, IsoPlexis had a total of 459 employees, according to a filing with the US Securities and Exchange Commission.
IsoPlexis said that the reorganization, along with the amendment of an existing credit agreement to provide access to $15 million of additional loan financing, is expected to extend its cash runway into the second half of 2024.
"We look forward to increasing our ability to service our growing list of customers with a more highly integrated commercial, operational, and development team," IsoPlexis CEO Sean Mackay said in a statement.
IsoPlexis said it continues to expect full-year 2022 revenues to be in the range of $26 million to $27 million, which would be a 51 percent to 56 percent increase over 2021. Wall Street expected the firm to post revenues of $26.4 million for the year.