ADDED
At March 5, 2026, there were 44,719,894 shares of the registrant s common stock issued and outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 7A.
Building on its gold-standard preclinical foundation, the Company plans to align its portfolio, innovation pipeline, and operating model around four strategic pillars: Leading the Translational Bridge: bridging in vivo and in vitro research by leveraging the Company s strong preclinical position to facilitate the industry s transition into the organoid and 3D biology markets, improving the translational relevance of early-stage research, and offering customers an integrated solution across critical stages of discovery and development.
New Product Introduction ( NPI ) Pipeline: modernizing preclinical and translational workflows through differentiated and innovative high-margin platforms such as SoHo telemetry, and proprietary MeshMEA and Incub8 platforms both of which are designed for organoid and tissue recording.
Consumables Revenue Expansion: shifting mix toward higher-margin consumables and software with a path to increasing recurring revenue from 55% of total revenues as of December 31, 2025.
Operational Excellence and Disciplined Growth: driving consistent profitability by utilizing the preclinical business as a cash-generating foundation to fund research and development ( R D ) and inorganic bolt-on acquisitions.
The Company will also focus on maintaining cost discipline and operational efficiency, supported by its recent manufacturing consolidation and the stronger balance sheet created by the December 17, 2025 debt refinancing.
In January 2026, the Company developed a comprehensive plan, referred to as Project Viking, for the strategic consolidation of its manufacturing operations to improve efficiency and support long-term growth.
The Company expects to close its manufacturing facility in Holliston, MA and transition U.S.
production to its manufacturing hub in Minneapolis, MN, and to relocate certain operations to facilities in Germany, Sweden, and the UK, aligning specific product lines with their designated center of excellence and most strategically advantageous logistical location.
REMOVED
At March 5, 2025, there were 44,074,475 shares of the registrant s common stock issued and outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.
Our strategy for driving revenue growth is focused in the following three areas.
First, we intend to maintain and strengthen our established base business in the areas of therapy research and pre-clinical testing.
This includes expanding our product offerings to address the needs of higher-volume industrial customers such as CROs, biotechnology and pharmaceutical companies, and government laboratories engaged in the development and testing of new therapeutics, where the ability to reduce costs and improve cycle times in pre-clinical testing has the potential to drive additional demand.
Third, we are expanding our product offerings in the emerging field of organoid research and testing.
Organoids, which serve as in vitro models that emulate human organs, provide new opportunities for academic research and for streamlined testing early in the pharmaceutical development cycle, especially in the area of neurological and cardiac research and testing.
We believe that our microelectrode array products, including our recently introduced MeshMEA system, will be attractive to a range of customers, including academic researchers as well as biotechnology, pharmaceutical, and CRO customers engaged in therapy, discovery, development and testing.
In 2024, we also consolidated our enterprise resource planning ( ERP ) system in the United States.
We believe that these actions will allow us to focus on product opportunities that drive sustainable revenue growth with attractive gross margins and improved profitability.