Hello, and welcome to the Standard BioTools Incoporated First Quarter 2023 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 first quarter 2023 earnings conference call. At the close of the market today, Standard BioTools released its financial results for the quarter ended March 31, 2023. 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, Chief Executive Officer and President; and Vikram Jog, Chief Financial Officer. During the call, we may make forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for our business, our outlook for 2023, and 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 question-and-answer 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?

Thank you, Peter, and good afternoon, everyone. We appreciate you joining us on the call today. A year after closing the strategic transaction and then with a new management team in place, we are off to a solid start to 2023. We posted year-over-year growth in core products and service revenues and margins and significantly lowered spending, which reduced our cash burn by more than 50% from the fourth quarter of 2022. We are running our playbook and are committed to building the next diversified life science tools company through industry-leading operational execution and scale-building strategy. The entire organization is committed to a lean culture based on Standard BioTools Business Systems or SBS for short. I want to recognize all our employees for their dedication, focus and execution behind these early, but encouraging results. Our lean culture is our common denominator, and the team has fully embraced SBS, which we firmly believe will allow Standard BioTools to become a high-performance organization. In review of the quarter and the past 12 months, we made tangible progress against our two first-order priorities outlined when we took over the helm of the company just one year ago. The first was to improve operating discipline and increase productivity to drive this business to profitability; and the second was to rationalize and stabilize the core business, pushing it back towards growth. With these two operating goals, we indicated a third, expand the product offerings by acquiring complementary assets that leverage our infrastructure and accelerate our growth. During the call today, I'll provide a summary of our first quarter financial performance and operational highlights in the context of these three strategic priorities and discuss where the business is headed. I will turn the call over to Vikram for a more detailed look at our financial performance.…

Thanks, Michael, and good afternoon, everyone. As Michael noted, we are pleased with our results for the first quarter, delivering year-over-year growth in topline core product and service revenues and margins and significant improvement in cash flow from operations. Let me begin with a review of revenue. Total revenue for the quarter was $25.1 million, while core product and service revenue was $24.3 million compared to $23.9 million in Q1 2022. Core product and service revenue excludes revenue from discontinued products, including COVID-19-related products and other revenue. Year-over-year, core revenue performance by segment was as follows. Proteomics revenue grew 12% to $15.2 million, driven by recurring consumables and service revenues, and Genomics revenue declined 12% to $9.1 million, driven by lower instrument revenue, partially offset by growth in consumables. Overall, recurring consumables and service revenue grew 12% year-over-year and represented 76% of our core revenue for the quarter compared to 69% in the year-ago quarter. Moving on now to our operating performance. GAAP product and service margin for the quarter expanded 567 basis points relative to the fourth quarter of 2022 to 46.6%. Non-GAAP product and service margin, which excludes non-cash charges primarily for amortization of developed technology, grew by 792 basis points in the same period. Operating expenses in the first quarter declined sequentially by 11% to $28.7 million on a GAAP basis and by 16% to $25.4 million on a non-GAAP basis, which primarily excludes non-cash charges for stock-based compensation. GAAP net loss for the quarter was $16.8 million compared to $76.3 million for Q1 last year. Non-GAAP net loss for the quarter was $8.9 million compared to $19.5 million for the year-ago quarter. Non-GAAP measures exclude certain non-operating and non-cash items. And reconciliation tables between our GAAP and non-GAAP measures are provided at the end of our…

Thank you, Vikram. This concludes our first quarter 2023 financial results call. We would like to thank everyone for attending our call today. A replay of this call will be available on the Investors section of our website. Again, thank you for joining us today.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.