I’ll now turn the call over to Jeff for a more detailed commentary on our fourth quarter and full year 2023 financial results. Jeff?
Jeff Black: Thank you, Michael, and thank you all for joining our call today. As a reminder, unless otherwise noted, the 2023 financial results we reported today reflect only the Standard BioTools legacy business and exclude the results of SomaLogic, which will be included for the first time with our first quarter results. As Michael noted, we’re pleased with our results for both the fourth quarter and the full year 2023. Starting with revenue. In 2023, we delivered revenue ahead of guidance and returned a declining business to growth, all while navigating a challenging macroeconomic environment. Total revenue for the fourth quarter was $28.2 million and grew about 4% over 2022. Instrument revenue grew 44% in the quarter and was offset by a 22% reduction in consumable revenue related primarily to the timing of customer orders.
Recall that 2022 benefited from our OEM partners initial consumables purchases, so we expect consumables revenue to expand as they burn off that inventory, and increase their installed base. Service and other revenue in the quarter grew 12%. Now looking at the full year, which is less variable and more reflective of the progress we’ve made over the last several quarters, total revenue of $106.3 million expanded by nearly 9%. Growth was driven by a 46% increase in Instrument revenue and offset by an 11% decline in Consumables. Excluding the aforementioned impact of our OEM partnership in genomics, consumables revenue actually grew 8% in our proteomics business over last year. Service and other revenue grew 6% in 2023. And I think it’s important to reiterate that we believe growth in instrument placements is a leading indicator and metric.
While we expect continued variability in quarter-to-quarter instrument placement, a growing installed base expands future consumables and field service pull-through, which are drivers of both revenue and margin growth. Recurring sources of consumables and service revenue were about 64% of total revenue in 2023. Now turning to revenue contribution by segment. Our total proteomics revenue was up 21% in the fourth quarter and 22% for the full year, led by continued traction of Hyperion XTi, which we launched in the second quarter. Total genomics revenue was down 13% in the fourth quarter and 7% for the full year. As we mentioned, our consumables growth in genomics was impacted by larger consumables orders in 2022 associated with the launch of our first OEM partnership.
In fact, genomic instrument placements were up in 2023 with related growth over 30%. And as Michael mentioned, we recently signed a second OEM partner NGD, which has paved the way for a return to growth in this segment. And most importantly, we’ve managed this business to a near contribution margin positive, posting a small $100,000 loss in 2023 versus negative contribution of over $25 million in 2022. So in short, in 2023, we returned a declining proteomics business to growth and we set up our genomics business for future profitable growth. Moving on to our operating performance. Our non-GAAP gross margin for the fourth quarter expanded by 630 basis points to over 59%. And for the full year, our non-GAAP gross margin improved by about 900 basis points to just over 60%.
And recall that non-GAAP gross margin primarily excludes noncash amortization of intangibles. We continue to face residual headwinds related to legacy service and warrant-related costs, product mix and capacity utilization. We’re aggressively managing these service and warranty costs, often on a customer-specific basis, and this could create continued pressure throughout 2024, but we do remain confident in our ability to drive gross margins for our Standard BioTools legacy business over time in the mid-60% range, especially as we move past these transitory headwinds. At the same time, our gross margin should continue to benefit from our SBS lean approach and price realization. Keep in mind that gross margins are different across instruments, consumables and services, and thus revenue mix quarter-to-quarter impacts our ability for the time being to be overly specific on our margin expansion roadmap.
Moving to our operating expenses. Total non-GAAP OpEx was just over $24 million. We’re about 86% of revenue in the fourth quarter, down from about 94% of revenue in the fourth quarter of 2022. Non-GAAP operating expenses for the full year were just under $99 million and 93% of revenue in 2023, down from about $119 million and 121% of revenue last year. For the full year in 2023, we reduced non-GAAP operating expenses by more than $20 million or 17%, and this is reflected primarily of the cost rationalization programs we’ve executed over the past year, a testament to strong execution of our SBS operating discipline and lean transformation. This is also indicative of the discipline we engaged since the close of our merger with SomaLogic to reduce OpEx across our combined organizations on our path to realizing our $80 million cost synergies commitment by 2026.
It’s early days, but we’re well on our way. In fact, the SomaLogic team provided a healthy head start delivering a second half 2023 reduction in non-GAAP OpEx of roughly $10 million as compared to the first half of ’23. We remain enthusiastic about the value we expect to generate with the combined cost structure, while leveraging the scale and reach of our diversified portfolio. At the same time, we continue to maintain focused investments in our commercial organization and our R&D pipeline to support sustained long-term revenue growth. That brings me to cash flow and the balance sheet. On a stand-alone basis, we ended 2023 with over $115 million in cash, cash equivalents, restricted cash and short-term investments. For the full year, we reduced operating cash use by $47 million or about 53%.
We have been and will continue to be disciplined stewards of cash. On a pro forma combined basis, after giving effect to the merger with SomaLogic, our cash, cash equivalents, restricted cash and short-term investments at the end of 2023 were approximately $565 million. While we expect our cash burn over the next few quarters to be elevated due to transaction, integration and restructuring activities, we’re well positioned to both fund these nonrecurring activities and support the combined business to cash flow breakeven. As we look to future M&A, you can be assured that the SomaLogic merger integration remains priority #1, and we’ll be thoughtful about additional strategic M&A when such opportunities arise. As Michael mentioned, we’re careful but confident that when executed well, the strategy will diversify revenues and fuel growth in gross margins at scale.
