Operating expenses were $32.8 million for the fourth quarter of 2023, a 12% increase from
$29.3 million in the fourth quarter of 2022. The increase in operating expenses was primarily due to expenses related to increased headcount from the Luminex transaction and personnel-related expenses across research and development and sales
and marketing.
Research and development expenses were $10.9 million for the fourth quarter of 2023 compared to $9.7 million for the fourth
quarter of 2022.
Sales and marketing expenses were $11.6 million for the fourth quarter of 2023 compared to $9.0 million for the fourth quarter
of 2022.
General and administrative expenses were $10.3 million for the fourth quarter of 2023, an increase from $10.5 million for the fourth
quarter of 2022.
Income from operations in the fourth quarter of 2023 was $0.9 million compared to income from operations of $0.1 million in
the fourth quarter of 2022. Net income in the fourth quarter of 2023 was $6.3 million compared to a net income of $3.7 million in the fourth quarter of 2022.
Adjusted EBITDA in the fourth quarter of 2023 was $11.0 million compared to $6.6 million in the fourth quarter of 2022, after adjusting for
stock-based compensation expense, foreign currency exchange impacts and acquisition-related expenses.
Full Year 2023 Financial Results
Total revenue for the year ended December 31, 2023 was $193.4 million, an 18% increase over the year ended December 31, 2022. On a constant
currency basis, total revenue for the year ended December 31, 2023 was $194.1 million, a 13% increase over the year ended December 31, 2022.
Gross profit was $110.1 million for the year ended December 31, 2023, an increase of 9% compared to a gross profit of $101.0 million in the
year ended December 31, 2022. Gross profit margin was 57% in the year ended December 31, 2023 compared to 62% in the year ended December 31, 2022. Adjusted gross profit margin in the year ended December 31, 2023 was 59% compared
to 63% in the year ended December 31, 2022, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles.
Operating expenses were $136.8 million for the year ended December 31, 2023, a 33% increase from $102.8 million in the year ended
December 31, 2022. The increase was primarily due to increased headcount and personnel-related expenses across research and development and sales and marketing.
Research and development expenses were $44.2 million dollars for the year ended December 31, 2023, compared to $34.9 million dollars for the
year ended December 31, 2022.
Sales and marketing expenses were $49.1 million dollars for the year ended December 31, 2023, compared to
$33.2 million dollars for the year ended December 31, 2022.
General and administrative expenses were $43.5 million dollars for the year
ended December 31, 2023, compared to $34.7 million dollars for the year ended December 31, 2022.
Loss from operations in the year ended
December 31, 2023 was $26.8 million compared to loss from operations of $1.8 million in the year ended December 31, 2022. Net loss in the year ended December 31, 2023 was $11.3 million compared to net income of
$2.5 million in the year ended December 31, 2022.
Adjusted EBITDA in the year ended December 31, 2023 was $13.7 million compared to
$21.2 million in the year ended December 31, 2022, after adjusting for stock-based compensation expense and other non-recurring expenses.
Cash, cash equivalents, restricted cash and short-term investments in marketable securities were approximately $262.7 million as of December 31,
2023. The primary utilization of cash throughout the year was attributed to the acquisition and share repurchase program.