Telesis Bio, Inc. (NASDAQ:TBIO) Q4 2022 Earnings Conference Call March 21, 2023 4:30 PM ET

Company Participants

Jen Carroll - VP, IR

Todd Nelson - President, CEO & Director

Eric Esser - COO

Conference Call Participants

Brandon Couillard - Jefferies

Harrison Schrage - KeyBanc Capital Markets

Poon Mah - TD Cowen

Operator

Good day, and thank you for standing by, and welcome to the Q4 2022 Telesis Bio Earnings Conference Call. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Jen Carroll, Telesis' Vice President of Investor Relations. You may begin.

Jen Carroll

Thank you, Justin. Good afternoon, and thanks for joining us for Telesis Bio's Fourth Quarter and Year-end 2022 Earnings Call. With me on the call today are Telesis Bio Founder and Chief Executive Officer, Todd Nelson; Chief Operating Officer, Eric Esser; and Decky Goodrich, Senior Vice President of Commercial Operations. Our fourth quarter and full year 2022 financial results press release is now available on the Investors section of our website.

Before we begin, I would like to inform you that certain statements we make during the call will be forward-looking statements that involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such factors include those referenced in the safe harbor statement included in our earnings release and in our filings with the SEC. This conference call contains time-sensitive information and is accurate only as of the live broadcast on March 21, 2023. Finally, any percentage changes we discuss will be on a year-over-year basis unless otherwise noted.

And with that, I will hand the call over to our CEO, and we can get started.

Todd Nelson

Thanks, Jen. Welcome, everyone. Thank you for joining today's call. First, I would like to thank our entire Telesis Bio team for their tremendous efforts resulting in a stellar 2022, where we exceeded revenue expectations, delivered meaningful expansion of gross margin and, in recognition of the current macroeconomic environment, delivered on reducing our operating expenses as a measure to extend our cash reserves. We have done this at the same time as funding our growth initiatives and executing commercially.

Our overall plan this year is to continue to expand our BioXp customer base and drive the adoption of new BioXp kits. And to do this, we'll be focused on 3 things. First, expanding access to the synthetic biology market. We will do this by introducing our Select kit line of BioXp products that will allow customers to use their own DNA as a starting point. Second, we'll be entering a new market for NGS library prep. We will launch an NGS library prep kit that will run on our existing BioXp installed base. And later in the year, we will launch a 9600 version for high throughput NGS sample prep. And third, we will expand in the fourth quarter, our genome engineering workflow applications through the launch of CRISPR guide RNA based upon our proprietary enzymatic DNA synthesis chemistry referred to as SOLA.