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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 grant of equity awards on November 20, 2022, under its 2022 Inducement Equity Incentive Plan to ten new employees. The awards comprise 235,200 restricted stock units (RSUs), with 25% vesting on November 20, 2023, and the remainder vesting quarterly thereafter. This move complies with Nasdaq Listing Rule 5635(c)(4) and aims to attract new talent. Standard BioTools focuses on providing innovative technologies for biomedical research, significantly impacting human health.
Standard BioTools (LAB) reported a strong third quarter, with core product and services revenue rising by 30% sequentially to $24.8 million. The company has initiated a restructuring program, enhancing operating margin by 600 to 800 basis points, equivalent to $8.0 million annually. They aim for a 65-68% non-GAAP gross margin by year-end 2023. Cash reserves stand at $185.2 million as of September 30, 2022, and they project achieving positive free cash flow by the end of 2024.
Standard BioTools has announced a collaboration with Visiopharm to enhance its Imaging Mass Cytometry (IMC) systems. The partnership integrates Visiopharm’s Phenoplex™ software with Standard BioTools' Hyperion™ and Hyperion+™ systems to optimize image processing and spatial pathology analysis. This collaboration aims to streamline workflows, allowing researchers to obtain more detailed biological data efficiently. The integration of AI technology is expected to accelerate insights into tumor microenvironments, improving research outcomes in healthcare.
Standard BioTools Inc. (Nasdaq:LAB) will release its third quarter 2022 financial results on November 8, 2022, after market closure. Following the report, management will conduct a conference call at 2:00 p.m. PT to discuss the results and operational updates. Interested parties can join the call by dialing the provided numbers or through the company's website for a live audio webcast. Standard BioTools aims to enhance human health by providing next-generation technologies to biomedical researchers worldwide.
Standard BioTools Inc. (Nasdaq:LAB) announced that its strategic partner, Ascendas Genomics, has secured approval from the National Medical Products Administration (NMPA) of China for its Biomark™ and Juno™ systems. This approval marks a significant advancement in microfluidics technology within the Chinese molecular diagnostics market. The partnership aims to enhance precision medicine and expand the application of Standard BioTools' technologies, known for their automation, accuracy, and efficiency, catering to the increasing demand in disease risk screening.
Standard BioTools Inc. (Nasdaq: LAB) has launched the X9™ Real-Time PCR System, enhancing genomics capabilities with high efficiency. The X9 can execute over 9,000 nanoliter-volume reactions in a single run, significantly reducing costs and labor by using a microfluidic chip instead of traditional 96 plates. This innovation is designed to meet the evolving needs of agricultural genomics and clinical research, allowing laboratories to optimize their output amid labor shortages. The launch reflects Standard BioTools' commitment to serving specialized markets with advanced technologies.
Standard BioTools (Nasdaq:LAB) announced on August 25, 2022, that its Compensation Committee granted equity awards to twenty new employees as part of the 2022 Inducement Equity Incentive Plan. The awards, totaling 316,900 restricted stock units (RSUs), become effective August 22, 2022, with vesting occurring in stages starting May 20, 2023. Each RSU vests at 25% on the first date, followed by 6.25% every three months, contingent on continued employment. This move aligns with Nasdaq Listing Rule 5635(c)(4).
Standard BioTools Inc. (Nasdaq: LAB) reported second-quarter revenue of $18.8 million, down from $31.0 million a year ago, primarily due to lower instrument and COVID-19 testing revenues. The company incurred a GAAP net loss of $63.5 million, compared to a $17.1 million loss in Q2 2021. A $250 million strategic cash infusion has been secured to support restructuring initiatives aimed at reducing operating cash burn and enhancing gross margins by 7-10%. Current cash reserves are expected to fund operations through to positive cash flow by the end of 2024.
Standard BioTools Inc. (Nasdaq:LAB) announced it will report its second quarter 2022 financial results on August 8, 2022, after market close. The company, known for its mission to enhance human health through advanced technologies, is set to host a conference call at 1:30 p.m. PT to discuss its financial outcomes and operational progress. Interested parties can listen via phone or through a live webcast on the company's Investor Relations page.
Standard BioTools Inc. (Nasdaq:LAB) reported first-quarter 2022 financial results with total revenue of $26.5 million, down from $32.8 million in Q1 2021, primarily due to lower COVID-19 revenue. The GAAP net loss was $76.3 million, significantly higher than a net loss of $18.8 million in Q1 2021, while non-GAAP net loss also increased to $19.5 million from $11.1 million. The company secured a $250 million capital infusion from Casdin Capital and Viking Global, aimed at enhancing operations and growth strategies amidst ongoing sales disruptions and COVID-19 impacts.
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