This would be my guess. I worked on microscopes sold to wet labs. When you have limited production runs, the fixed costs, that most of us ignore in saas, beco

This would be my guess. I worked on microscopes sold to wet labs. When you have limited production runs, the fixed costs, that most of us ignore in saas, become very large on a per-piece basis. Even on 6 figure instruments, to take one that I spent 18 months on, approximately $55k per instrument sold was recovering R&D costs ($20k software, hardware the rest).