IsoPlexis Reports Preliminary First Quarter 2022 Revenue, Streamlines Operating Structure to Support Sustainable Growth
April 11 2022 - 4:05PM
IsoPlexis Corporation (Nasdaq: ISO) (“IsoPlexis”), the Superhuman
Cell Company, today announced its preliminary unaudited revenue for
the first quarter of 2022 and the transition to an integrated
commercial and operational structure, which is intended to ensure a
sustainable growth path.
Recent Highlights and
Milestones:
- Total revenue
for the three months ended March 31, 2022, is expected to be in the
range of $4.8 to $4.9 million, representing an increase of
approximately 48% to 52% compared to $3.2 million for the prior
year period.
- Since
its commercial launch in 2018, Isoplexis has placed 234 total
instruments, including 25 instruments sold in the first quarter of
2022.
-
IsoPlexis delivers proven in situ DNA sequencing capability,
leveraging its own DNA sequencer and large body of sequencing
intellectual property and products. This marks a key milestone for
delivery of the first “functional” single cell novel multi-omic
platform, Duomic™, to the market as a service.
- Clinical
researchers have published early studies in JCI Insight on
IsoPlexis’ next generation bulk targeted proteomics platform,
CodePlex™, which addresses a large unmet need in larger scale
clinical research for a “Sample in-Answer Out” automated benchtop
proteomic solution.
Integrated Commercial & Operational
Structure to support Sustainable Growth:
Today IsoPlexis announced a new strategic
initiative to more tightly integrate its commercial team with its
customers, and its development teams with its operational teams.
The initiative involves the following:
- As
IsoPlexis continues to ‘land and expand’ with key customers
globally, it will provide a streamlined, single point of contact
with regional customers for the full suite of products on the wider
IsoPlexis test menu. This is intended to reduce the number of total
support staff needed, while simultaneously strengthening
relationships with its customers and increasing the productivity of
its approximately 140-person commercial team. Local teams will be
more tightly integrated with the customer and each other, aimed at
producing scalable and productive growth.
- As
IsoPlexis moves to launch its Duomic™ services as well as its
CodePlex™ bulk targeted proteomics platform, it will further
integrate operations and development to ensure the timely launch of
a quality set of scalable consumable products. IsoPlexis has scaled
back selective operational staff to better fit the company’s needs
for the next two years. At the same time, its more integrated,
200-person development and operational team is strengthening its
ability to deliver quality to IsoPlexis’ customers as the company
continues to scale. As IsoPlexis continues to deliver a wider test
menu of consumables to the market, its focus on integration is
intended to streamline design for manufacturing, which the company
believes will result in gross margin improvement across all
consumable product lines.
Additionally, IsoPlexis amended its existing
credit agreement, providing access to $15 million of additional
term loan financing. IsoPlexis believes that the amended credit
agreement, coupled with these new strategic initiatives will extend
its cash runway into the second half of 2024. This enables the
company to strengthen engagement with its customers and continue to
generate strong top-line revenue growth with a large yet highly
integrated and equipped team, while delivering innovative solutions
and expanding gross margins.
“Our company has delivered strong revenue growth, leading the
single cell proteomics field and also delivered key milestones for
innovative multi-omic and proteomic products solving large unmet
needs for researchers. I would like to express my deepest gratitude
to the entire team that have contributed to the building of nearly
four years of commercial success since we brought our first product
to market. We wish our departing colleagues great success as their
dedication and efforts have contributed to overcoming the world’s
most difficult to treat diseases. We look forward to increasing our
ability to service our growing list of customers with a more highly
integrated commercial, operational and development team. We also
look forward to delivering to market our two novel suites of
innovative products which provide deeper insights towards the
development of more curative therapies,” said IsoPlexis Chief
Executive Officer Sean Mackay. “I am confident that by adapting to
this next stage of the company’s growth and our customers’ needs,
we will be able to further drive success for our customers who are
leading the charge to solve the critical challenges of human
health.”
2022 GuidanceIsoplexis continues to expect full
year 2022 revenue to be in the range of $26 million to $27 million,
representing 51% to 56% growth over full year 2021.
These preliminary results are based on
management’s initial analysis of operations for the quarter that
ended on March 31, 2022. The company expects to issue full
financial results for the first quarter on May 11, 2022.
Please also find our updated investor
presentation on our website
(https://investors.isoplexis.com/news-events/presentations).
About IsoPlexisIsoPlexis is the Superhuman Cell
company.
By leading the discovery and identification of how
multi-functional immune— Superhuman— cells communicate and respond,
IsoPlexis assists researchers in understanding and predicting
disease progression, treatment resistance and therapeutic
efficacy.
IsoPlexis has been named Top Innovation or
Design by The Scientist Magazine, Fierce, BIG Innovation, Red Dot
and multiple others. The IsoPlexis platform is used globally by
researchers, including those at the top 15 global pharmaceutical
companies by revenue and at over 70% of leading U.S. comprehensive
cancer centers.
Forward Looking Statements
This press release contains “forward-looking
statements.” These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based on
IsoPlexis’ current beliefs, expectations and assumptions regarding
the future of its business, future plans and strategies and other
future conditions. Such forward-looking statements may include,
without limitation, statements about future opportunities for
IsoPlexis and its products and services, its future operations,
financial or operating results, including its financial guidance,
anticipated business levels, future earnings, planned activities,
anticipated growth, market opportunities, strategies, competitions
and other expectations and targets for future periods. In some
cases, you can identify forward-looking statements because they
contain words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “predict,” “project,” “target,”
“potential,” “seek,” “will,” “would,” “could,” “continuing,”
“forward,” “should,” “continue,” “contemplate,” “plan,” and other
words and terms of similar meaning. Forward-looking statements are
subject to known and unknown risks and uncertainties, many of which
may be beyond its control. IsoPlexis cautions you that
forward-looking statements are not guarantees of future performance
or outcomes and that actual performance and outcomes may differ
materially from those made in or suggested by the forward-looking
statements contained in this press release. In addition, even if
its results of operations, financial condition and cash flows, and
the development of the markets in which IsoPlexis operates, are
consistent with the forward-looking statements contained in this
press release, those results or developments may not be indicative
of results or developments in subsequent periods. New factors
emerge from time to time that may cause IsoPlexis’ business not to
develop as it expects, and it is not possible for it to predict all
of them.
Factors that could cause actual results and
outcomes to differ from those reflected in forward-looking
statements include, among others, the following: estimates of
IsoPlexis’ addressable market, market growth, future revenue,
expenses, capital requirements and IsoPlexis’ needs for additional
financing; the implementation of IsoPlexis’ business model and
strategic plans for its products and technologies; competitive
companies and technologies and IsoPlexis’ industry; IsoPlexis’
ability to manage and grow its business by expanding its sales to
existing customers or introducing its products to new customers;
IsoPlexis’ ability to develop and commercialize new products;
IsoPlexis’ ability to establish and maintain intellectual property
protection for its products or avoid or defend claims of
infringement; the performance of third party suppliers; IsoPlexis’
ability to hire and retain key personnel and to manage its future
growth effectively; IsoPlexis’ ability to obtain additional
financing in future offerings; the volatility of the trading price
of its common stock; IsoPlexis’ expectations regarding use of
proceeds from its initial public offering (“IPO”); the potential
effects of government regulation; the impact of COVID-19 on
IsoPlexis’ business; and IsoPlexis’ expectations about market
trends. For a further discussion of these and other factors that
could impact IsoPlexis’ future results, performance or
transactions, see the section “Risk Factors” included in its Form
10-K filed with the Securities and Exchange Commission (“SEC”) on
March 30, 2022, and its other filings with the SEC. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. It is not possible for IsoPlexis to
predict all risks, nor can it assess the impact of all factors on
its business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements it may make. IsoPlexis
qualifies all of the forward-looking statements in this press
release by these cautionary statements. Except as required by law,
IsoPlexis undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact
investors@isoplexis.com
Press Contact
press@isoplexis.com
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