Hello, and welcome to the Standard BioTools Inc. Third Quarter 2022 Financial Results Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Peter DeNardo, Investor Relations. Thank you, Mr. DeNardo. You may begin.

Thank you, operator. Good afternoon, everyone. Welcome to Standard BioTools third quarter 2022 earnings conference call. At the close of the market today, Standard BioTools released its financial results for the quarter ended September 30, 2022. During this call, we will review our results and provide commentary on our financial and operational performance, market trends and strategic initiatives. Presenting for Standard BioTools today will be Michael Egholm PhD, Chief Executive Officer and President; and Vikram Jog, our CFO. During the call, we will make forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for our business, future financial results and market trends and opportunities. These statements are subject to substantial risks and uncertainties that may cause actual events or results to differ materially from current expectations. The forward-looking statements in this call are based on information currently available to us and we disclaim any obligation to update these statements, except as may be required by law. During the call, we will also present some financial information on a non-GAAP basis. We encourage you to carefully consider our results under GAAP as well as our supplemental non-GAAP information and the reconciliation between these presentations, which are disclosed in the table accompanying our earnings release. Please note that management will be referring to a slide presentation, including updated supplemental financial information within the webcast today, and this presentation is also posted on our website. I would also like to note that the company will not be hosting a Q&A session following prepared remarks during today's conference call. I will now turn the call over to Michael Egholm, our Chief Executive Officer and President. Michael?

Good afternoon, and welcome to Standard BioTools Third Quarter 2022 Conference Call and the first full quarter with our new executive leadership team in place. The Standard BioTools tools corporate transformation of this company begins with stabilizing what we now call our core commercial business, which will assess holistically on the basis of instrument growth, consumables and service revenue. The life science tools industry broadly is built on a well-established razor and razor-blade business model, and that is how we view this business. Further success is based on focus as we continue to streamline the team and products as well as raised upon growth, profitability and overall corporate execution. There remains work to do, but this quarter shows encouraging green shoots of that process with a 30% sequential growth in core products and service revenue. While we stabilize the commercial business, we must do so in the context of improved corporate profitability. To this end, we are well underway in focusing on gross margin and operational expense improvement. And I reiterate here those stated financial goals achieved 700 to 1,000 basis points improvement in gross margin by year-end 2023, significantly reduced operating cash burn in 2023 and achieve positive free cash flow by year-end 2024. Finally, having spent nearly 30 years in the life science tools industry, it has never been more clear to me that there is a strategic need for consolidation in our industry. It's our belief that the portfolio approach is the only validated business model that is capable of delivering consistent, compounding long-term return for shareholders. It's also the only business model to release the obvious innovation bottleneck keeping investors, entrepreneurs and scientists disappointed and frustrated today. What do I mean by innovation bottleneck? Today, after a prolific period of investment and innovation in next-generation life…

Thanks, Michael, and good afternoon, everyone. As Michael noted, we are pleased with our results for the third quarter, which showed top line sequential improvement across all the geographic markets we serve. This is illustrative of the rebuilding of our America sales team and the improvements that have been made by the new leadership team. Now let me begin with a review of revenue for the third quarter of 2022. Total core revenue for the quarter was $24.8 million, an increase of 30% sequentially and up 3% year-over-year at constant exchange rates. Core instrument revenue across our mass cytometry and microfluidics segment of $7.8 million was up sequentially from $2.7 million and down from $9.5 million in the year ago period. Core consumables revenue of $11.1 million was up sequentially from $8.9 million and from $10.1 million in the year ago period. Core service revenue of $5.9 million was approximately flat sequentially and year-over-year. Other revenue, which includes product development, license and grant revenue for the third quarter, was approximately $500,000 and included the third and final tranche of a legal settlement of $300,000. We are pleased with the sequential recovery in our business in the quarter with 18%, 76% and 43% growth in the Americas, Asia Pacific and EMEA regions, respectively. We are beginning to see the benefits of rebuilding our sales team in North America and implementing SBS across our operations, including a systematic sales approach. This contributed to top line sequential revenue increase across all the geographical regions. For additional commentary on our revenue, including geographic breakdown, please refer to our third quarter Form 10-Q filing when available. Moving on now to our operating performance. Our operating results in 2022 include certain items related to the strategic financing transaction and subsequent business improvement actions taken by the…

Thank you, Vikram. This concludes our third quarter 2022 financial results call. We'd like to thank everyone for attending our call today. A replay of this call will be available on the Investors section of our website. Good afternoon, everyone.