Welcome to our dedicated page for Standard BioTools news (Ticker: LAB), a resource for investors and traders seeking the latest updates and insights on Standard BioTools stock.
Standard BioTools Inc. (Nasdaq: LAB), formerly known as Fluidigm Corporation, is at the forefront of biomedical research technology development. The company specializes in providing innovative tools that accelerate the discovery and development of new medicines. Their core technologies include proprietary mass cytometry and microfluidics, catering to the proteomics and genomics markets respectively. With these advanced tools, Standard BioTools enables researchers to gain deep insights into health and disease, facilitating breakthroughs in areas such as oncology, immunology, and immunotherapy.
Headquartered in South San Francisco, Standard BioTools operates globally, serving academic, governmental, pharmaceutical, biotechnology, and clinical laboratories. The company’s products are designed to improve experimental workflows, increase throughput, and reduce costs while maintaining high data quality. Their offerings include sophisticated instruments, software, integrated fluidic circuits (IFCs), high-performance assays for gene expression and genotyping, and next-generation sequencing primers.
In recent developments, Standard BioTools has entered a multi-year collaboration with Bristol Myers Squibb to utilize the SomaScan® Platform in clinical trials, enhancing drug development processes in therapeutic areas like immunology and cardiovascular diseases. Additionally, the company has enhanced its spatial biology capabilities with the launch of the Hyperion™ XTi system, which offers rapid and detailed tissue imaging modes.
Financially, Standard BioTools is focused on operational excellence and disciplined M&A strategies to drive profitable growth. Recent restructuring efforts are projected to save $45-50 million in operational expenses annually by 2025, positioning the company for long-term sustainable growth. The issuance of new common stock shares has also streamlined the company’s capital structure, making it more attractive to investors and potential M&A partners.
Overall, Standard BioTools is committed to providing reliable and repeatable insights that transform scientific discoveries into better patient outcomes, thus playing a crucial role in advancing human health.
Standard BioTools Inc. (Nasdaq:LAB) announced the granting of equity awards to an incoming employee as a material inducement under its 2022 Inducement Equity Incentive Plan. The awards include nonstatutory stock options for 647,112 shares at an exercise price of $3.99, and 112,293 restricted stock units (RSUs). The RSUs will vest over four years, with 25% vesting on April 4, 2023, and the rest annually thereafter. The stock options have a 10-year term and also vest over four years. The equity awards comply with Nasdaq Listing Rule 5635(c)(4), ensuring governance standards are maintained.
Standard BioTools Inc. (Nasdaq:LAB) announced the appointment of Fenel Eloi to its Board of Directors on March 15, 2023. Eloi brings over 12 years of experience from Cell Signaling Technology, where he led significant business growth and global transformations. He will also participate in the Board's Audit Committee. This appointment coincides with the retirement of Bill Colston from the Board. CEO Michael Egholm expressed confidence in Eloi's leadership as the company advances its mission to enhance human health through innovative life science technologies.
Standard BioTools Inc. (Nasdaq:LAB) announced that CEO Michael Egholm will join a fireside chat at the KeyBanc Capital Markets Life Sciences & MedTech Investor Forum on March 21, 2023, at 3:00 p.m. ET. The event aims to discuss the company's role in advancing human health through innovative technologies. The presentation will be webcast live, with an archived recording available on the company's Investor Relations page. Standard BioTools specializes in mass cytometry and microfluidics technologies, aiding in the swift development of medicines and better patient outcomes.
Standard BioTools Inc. (Nasdaq:LAB) announced that President and CEO Michael Egholm, PhD, will present at the Cowen Health Care Conference on March 8, 2023, at 12:50 p.m. ET. The presentation will be available via live webcast on the Investor Relations page of the company’s website. Standard BioTools, previously Fluidigm Corporation, is committed to accelerating breakthroughs in human health through its advanced technologies, including mass cytometry and microfluidics. The company serves a wide range of clients in biomedical research, focusing on oncology, immunology, and other critical areas.
Standard BioTools Inc. (Nasdaq:LAB) announced the grant of equity awards under its 2022 Inducement Equity Incentive Plan, effective February 20, 2023, to incentivize four new employees. The awards encompass a total of 85,000 restricted stock units (RSUs), which will vest over a period, with 1/4th vesting on February 20, 2024, and the remainder vesting quarterly thereafter. This move is aligned with Nasdaq Listing Rule 5635(c)(4). The company continues its commitment to revolutionizing biomedical research through innovative technologies that enhance patient outcomes.
Standard BioTools reported fourth quarter 2022 GAAP revenues of $27.0 million, with core product and service revenues at $26.8 million, marking an 8.3% sequential growth. For the full year, GAAP revenues totaled $97.9 million, down from $130.6 million in 2021. The company expects flat to moderate growth for 2023's core revenues, impacted by a $5 million Genomics headwind. Operating expenses decreased 16% sequentially in Q4, with an anticipated 20% reduction in 2023 costs. Cash reserves at year-end stood at $165.8 million, providing a runway for positive free cash flow by 2024. Gross margins are projected to expand significantly by Q4 2023.
Standard BioTools Inc. (Nasdaq:LAB) has announced its plans to report its fourth quarter and full year 2022 financial results on February 14, 2023, after market close. A conference call and webcast will follow at 2:00 p.m. PT to discuss these results and the company's operational progress. Interested parties can listen through provided call-in numbers. The company is recognized for its innovative technologies aiding biomedical research and aims to enhance patient outcomes through its next-generation solutions.
Standard BioTools Inc. (Nasdaq: LAB) reported a 4%-9% sequential growth in core revenue, reaching $26 million to $27 million in Q4 2022, totaling approximately $94 million to $95 million for the year. The company is on track to achieve over 20% reduction in operating expenses (over $30 million), aiming for positive free cash flow by Q4 2024. With $165 million in cash reserves, Standard BioTools is executing its inorganic strategy and targeting a 65%-68% non-GAAP gross margin by end of 2023.
Standard BioTools Inc. has appointed Betsy Jensen as their new Chief Human Resources Officer, enhancing their management team. This strategic move is aimed at supporting the company's ambitious growth and profitability goals. Jensen, with significant experience at Danaher and Gibraltar, is expected to drive talent acquisition and development, vital for the firm’s success. CEO Michael Egholm emphasized the importance of team culture and leadership in achieving organizational objectives. This appointment reflects Standard BioTools’ commitment to strengthening leadership amid industry competition.
Standard BioTools (Nasdaq:LAB) has authorized a stock buyback of up to $20 million through December 31, 2023. This initiative aims to utilize cash on hand effectively, reflecting confidence in the company’s valuation and alignment with its strategic goals for revenue growth and profitability. The board believes the buyback will enhance shareholder value, although it may be suspended or discontinued at any time. Forward-looking statements indicate potential risks affecting the company's performance and cash balance.
FAQ
What is the current stock price of Standard BioTools (LAB)?
What is the market cap of Standard BioTools (LAB)?
What does Standard BioTools Inc. specialize in?
Where is Standard BioTools Inc. headquartered?
What are the main applications of Standard BioTools' technologies?
What recent collaborations has Standard BioTools announced?
What is the Hyperion™ XTi system?
How is Standard BioTools working towards financial sustainability?
What are the geographic markets for Standard BioTools?
Who are the key customers of Standard BioTools?
What benefits do researchers gain from using Standard BioTools' products?
Can Standard BioTools' products be used for diagnostic procedures?
