for Thank growth Mike. everyone, review for turn performance Good joining our of fourth and I an the a you detailed of our morning's morning, begin strategy to us. call I'll you, XXXX. this and thank more and for then by Sean of call a highlights, overview our financial XXXX results review quarter followed will with over outlook.
These $X.X QX of growth the representing Total for full reflect placed to in the and systems commercial revenue XX%; X of year. the Direct our growth the the XX of year prior year, quarter, strong, million exceeded representing for respectively. and a of year and our for was XX% both results execution XXXX, in Growth $XX.X and guidance for million the We compared total robustness fourth quarter quarter and strategy. growth consistent the
we breakeven efforts were on who This profile. teams our that significant is achieved we which operations and enhancing and progress have results, result gross performance pleased costs, quarter fourth efficiency to focused a in financial near service our represents been our believe in Also, of productivity. inflection positive we the and reducing manufacturing, report a margins, made of aggressively
nearly and the have basis, fully we shipped validated XXX end through X including systems, a have Direct On cumulative placed consumables. million globally, systems XXXX, Growth XXX of
the global CDMOs, Growth who quality critical including base automate and microbial control Our recently XX% to the includes customer the system manufacturers Biologics, testing. global selected of of Direct many their top now XX pharmaceutical Samsung largest
of the placed We Direct also CAR-T with XXX% therapies. Growth of approved systems have manufacturers commercially
automation full accuracy, requires Growth therapies are life-saving Direct. turnaround, and of these which fast of the hallmarks Manufacturing
We are processes. mission-critical control leading these microbial very for their with to the quality partners companies trusted be proud
to consistent remain XXXX, As we our with turn priorities XXXX.
Growth accelerating our First, Direct system placements highest remains priority.
Our improving profitability. driving priority margins towards and is second gross
is in commercializing the managing which the And innovative priority XXXX, focused products, commercialization on means we Rapid achieving and of developing third context and of finally, remain new successful Our cash. our Sterility. prudently launch
The multiples a our of remains success achieving the of our XXXX of is our which of and accelerating placements forecast. in funnel, many quality top system priority sales function size
of mix single During XXXX, multisystem our versus and a placements customers were system orders. new existing balanced versus
mix sales cell a into biologics, reflects small global gene which also We market balanced achieved a molecules, opportunity. of and therapies and
also training. is capability a as critical and been placed have global systems the as and year teams placements well of our enablement from activities, tools X/X exited with XXXX XXXX sales all as including of in in commercial solid these regions. We organization, of momentum, the sales of productivity X half marketing our sales and second being of our the coverage function such Accelerating investing where we and
to continue our to strong Growth we reference finally, for customers the with we strong and Direct standard And industry testing. track MQC relationships a as strive record to our make leverage selling
All ability of to exceed and this or gives XXXX our us this priority meet execute confidence against targets. in our
take see in margin out product to manufacturing early more quarter, benefits to operate the the gross of of and these pleased dropped Turning some And fourth we efficiently. began progress with made were of that We P&L. during to processes actions the costs improvement. XXXX our
year, compared X%, fact, In the decreased increased by period cost to XX% revenue QX last of near to same breakeven. by gross our margin while in driving revenue
in model. demonstrates a We think leverage of a a this start point is business inflection positive our and significant
Looking the and scale gross execute cost our further and business for on full to our ahead productivity margins reduction, positive continue we we as efficiency to achieve to year programs. expect XXXX,
growth our provide customers. our Our products Sterility Growth we third Rapid the system. application upcoming new the In priority announced availability to commercializing developing is and to drive early value additional Direct for January, and of
Sterility time-to-result as and as endpoint little generally Rapid a compelling release, on application X current January to compared data the require significant improvement when our X press and a used products differentiation traditional represent can which test market. time-to-organism days. widely as hours, little XX-day methods, to we as highlighted provide deliver in As final These over detection incubation in XX our
Sterility, proposition as integrity, that we Direct the and automation environmental across and manufacturing for monitoring, our offers and about our is their new with this platform application. release, excited This a full data breakthrough water with expanding faster bioburden Growth a accurate customers applications, improved compelling product includes are Rapid technology, more results, consistency networks.
both customers. we track We you quarters. we our engage forward on providing to midyear for technical launch a remain and to month, participate the and will coming plan Rapid this existing a PDA prospective updates give in on the meeting, application presentation and where with annual Later in with look Sterility
my and February we in remarks, and have critical and opportunity several valued reminded to the and connecting quality prepared Wrapping the Micro customers, established. January our strong support customers' and share in of I I of within latest processes. partnerships Direct on my with demand strong offerings. Rapid Direct market weeks customer thoughts and service a confident the our Growth manufacturing These the part and up remain I wanted I spent for technology. many Growth are was partnerships truly
And industry and offerings to will expand further and will As processes. to as the customers' platform standard, our Direct Growth products continue our services we continue products, we critical our innovative manufacturing strive our make embed with Rapid such we within to expands, Sterility. quality as
labs recognize proposition automating customers product global QC of regulatory value Our that compelling a their with supports a requirements.
to strategic outlook. Turning our back
XXXX. upon excited many to build in We our achievements are
innovation. clear set a of execution and We have are strong priorities of a building track record and consistent and
we XXXX strategy value. We are shareholder on path have and we'll confident our successes leverage to the right our increasing in
over to Sean? our performance And and details quarter our that, XXXX fourth with to now for the I'll turn guidance. discuss Sean call
