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Financial report summary
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Abbott Laboratories • Bio-Rad Laboratories Inc. - Ordinary Shares • Thermo Fisher Scientific • Walmart • Danaher • Qiagen • Quest Diagnostics • Teladoc Health • GenMark Diagnostics • Talis BiomedicalManagement Discussion
- n.m. = not meaningful
- Revenue was $70.9 million for the year ended December 31, 2023, from $483.5 million for the year ended December 31, 2022. The decrease was primarily volume related due to the tempering of COVID-19 testing during 2022 which continued into 2023. Revenue during the year ended December 31, 2023 was primarily driven by sales to private sector customers of $63.0 million.
- Cost of product revenue was $127.1 million for the year ended December 31, 2023 compared to $330.0 million for the year ended December 31, 2022. This decrease was primarily due to lower material costs of $110.6 million and lower labor and overhead costs of $38.2 million associated with decreased revenue volume as well as the absence of a prior year charge of $92.8 million related to an overbuild and over purchase of inventory and, in addition an identification of certain products which were not expected to perform in line with our quality standards. These decreases were offset by a disputed payment charge of $12.0 million as well as current year inventory charges of $15.7 million associated with the FDA denial of our Flu A/B + COVID multiplex test. Our product gross profit margin, or product gross profit as a