Revenue for the first quarter was $151 million, representing 9% growth over Q1 2025, when excluding the non-recurring settlement revenue in the prior year period. In single cell, we again saw double-digit growth in consumable reaction volumes driven by Flex Apex. As we have expected, as we have been seeing over the past several quarters, our new products with more accessible pricing have been unlocking new waves of single-cell demand. Similarly, in spatial, we again delivered double-digit growth in consumables revenue, which was driven by Xenium momentum.
This increase in throughput now enables large cohort studies at a pace and scale that were not previously feasible. We have also developed powerful computational and software tools so that customers can effectively work with the data. This enthusiasm is translating directly into demand as we take pre-orders ahead of initial shipments expected in the second half of 2026. Even in a challenging capital equipment environment, customer conversations have immediately centered on how to incorporate Atera into their research programs, not whether to buy it.
A year ago on our Q1 call, we were operating in a highly uncertain macro environment after drastic changes to government research funding that led us to withdraw our full year guidance. Excluding the impact of non-recurring settlement revenue in the prior year period, revenue for the first quarter was up 9% year-over-year. This reflects continued momentum in the key drivers of our business, as well as some benefit from orders received late in the fourth quarter that shipped in early January. Total consumables revenue was up 13%, with growth in both single-cell and spatial.
| Metric | Period | Current guidance |
|---|---|---|
| Full-year 2026 revenue | FY2026 | $600M-$625M (maintained), implying 0%-4% growth excluding 2025 patent settlement revenue |
| Single-cell consumables reactions growth | FY2026 | double-digit |
| Spatial consumables revenue growth | FY2026 | double-digit |
| Gross margin | FY2026 | mid-60s% |
| Operating expenses (year-on-year) | FY2026 | roughly flat |
| Q2 revenue sequential change | Q2 2026 | low single digit decline quarter-over-quarter, with Q3 broadly similar to Q2 |
| Atera unit shipments | Q3-Q4 2026 | approximately 40 units, mostly weighted to Q4 |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +9% excluding prior-year non-recurring settlement revenue ($150.8M reported) | Continued momentum in key business drivers plus benefit from late-Q4 orders that shipped in early January. |
| Total consumables revenue | +13% | Growth in both single-cell and spatial consumables. |
| Single-cell consumables revenue | +6% | Double-digit growth in reaction volumes; Flex remained the most popular assay by volume. |
| Spatial consumables revenue | +31% | Driven by Xenium consumables momentum. |
| Total instrument revenue | -24% | Chromium instruments down 12% and spatial instruments down 32%; constrained CapEx environment and customers awaiting Atera. |
| Gross margin | 70% vs 68% prior year | Lower warranty costs and lower inventory write-downs, partially offset by a decrease in license and royalty revenue. |
| Americas revenue | +9% excluding prior-year license and royalty revenue | — |
| EMEA revenue | +16% | — |
| APAC revenue | +5% | — |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Atera platform launch | Not yet launched; teased at AGBT under NDA with early-access customers | Launched as the biggest product introduction in company history; enables spatial whole transcriptome at single-cell sensitivity; pre-orders strong, shipments expected second half 2026 | — |
| AI as a demand driver | Described as a relatively small percentage of revenue | Viewed as a structural tailwind, now pervasive across customer segments and applications, lifting the entire product line | — |
| Spatial platform mix (Xenium vs Visium) | Trend toward imaging-based Xenium over Visium | Trend expected to reinforce with Atera; Visium retains a place but faces pressure from Atera too | — |
| Flex Apex single-cell pricing | Early launch dynamics | Mix and pricing dynamics similar to Q4; still early, strong volume scaling; pricing expected to stabilize in 2027 | — |