Standard BioTools Reports Fourth Quarter and Full Year 2023 Financial Results
- Standard BioTools achieved substantial reductions in expenses and cash burn while expanding revenue and gross margins.
- The merger with SomaLogic positioned the company as a leader in life sciences tools and services.
- Combined pro forma revenue for FY2023 reached $192 million, with a strong balance sheet of $565 million in combined pro forma cash, cash equivalents, restricted cash, and short-term investments.
- Total revenue increased by 9% in fiscal year 2023, with instrument sales growing by 46%.
- Non-GAAP gross margin expanded to 60.1% in fiscal year 2023.
- Non-GAAP operating expenses declined by $20 million in fiscal year 2023.
- Non-GAAP adjusted EBITDA loss improved by $34 million in fiscal year 2023.
- Operating cash use declined by $47 million in fiscal year 2023.
- The company expects revenue in the range of $200 million to $205 million for fiscal year 2024.
- None.
Insights
The fiscal year 2023 results for Standard BioTools, particularly the merger with SomaLogic, signify a strategic consolidation in the life sciences tools and services sector. The reported 9% increase in total revenue and a significant 46% growth in instrument sales indicate a robust demand for the company's products. This performance, coupled with the expanded non-GAAP gross margin, which rose by 900 basis points to 60.1%, suggests an improved operational efficiency.
Furthermore, the reduction in non-GAAP operating expenses by 17% and the decline in operating cash use by 53% reflect stringent cost control measures and operational discipline. These financial maneuvers have contributed to a healthier balance sheet, with a substantial combined pro forma cash position of approximately $565 million. Investors and stakeholders should note the potential for increased financial stability and the capability for future investments or debt reduction.
However, the operating and net losses reported, while improved from the previous year, underscore the challenges of achieving profitability in a competitive industry. The outlook for fiscal year 2024, with expected revenue between $200 million to $205 million, projects a continued growth trajectory, but it will be critical to monitor the company's ability to translate top-line growth into bottom-line results.
The life sciences tools and services industry is witnessing a phase of consolidation and technological integration, as evidenced by Standard BioTools' merger with SomaLogic. This strategic move is likely to enhance the company's competitive position by broadening its product and service offerings and leveraging combined technological capabilities.
The emphasis on operational discipline and the focus on reducing expenses and cash burn are indicative of a market environment where efficiency and scale are becoming increasingly important. The company's ability to return a declining business to growth is a positive signal for investors and could indicate a successful turnaround strategy.
Given the industry's rapid evolution and the increasing importance of personalized medicine and biotechnology, Standard BioTools' enhanced product portfolio post-merger could cater to a wider market, driving long-term revenue growth. It will, however, be important to track how the company capitalizes on this merger to gain market share and whether it can successfully integrate SomaLogic's operations without significant disruption.
The merger between Standard BioTools and SomaLogic is a significant corporate event that may have various legal and regulatory implications. It is essential for stakeholders to understand that such mergers often involve complex legal processes, including due diligence, regulatory approvals and the harmonization of corporate policies and practices.
While the financial information provided does not delve into these aspects, the successful completion of the merger indicates that the companies have likely navigated these challenges effectively. Stakeholders should be aware of the ongoing integration process, which must be managed in compliance with all applicable laws and regulations, including antitrust and employment laws.
Additionally, the reported non-GAAP financial measures, while useful for operational assessment, must be viewed in conjunction with GAAP measures to fully understand the company's financial position. The reconciliation of these measures is a crucial aspect that ensures transparency and compliance with financial reporting standards.
- Achieved FY2023 core financial objectives, delivering substantial ongoing reductions in expenses and cash burn while expanding revenue and gross margins
- Completed merger with SomaLogic, activating strategy to build scaled leader in life sciences tools and services
- Combined pro forma revenue for FY2023 totaled
$192 million and fortified balance sheet with$565 million in combined pro forma cash, cash equivalents, restricted cash and short-term investments at December 31, 20231
SOUTH SAN FRANCISCO, Calif., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (“Standard BioTools” or the “Company”) (Nasdaq: LAB) today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.
Standard BioTools Stand-Alone 2023 Fourth Quarter and Full Year Selected Financial Results2
| Quarter Ended | Year Ended | |||||||
| (Unaudited, in millions, except percentages) | December 31, 2023 | December 31, 2023 | ||||||
| Revenue | $ | 28.2 | $ | 106.3 | ||||
| GAAP gross margin | 47.4 | % | 47.4 | % | ||||
| Non-GAAP gross margin | 59.6 | % | 60.1 | % | ||||
| Operating expenses | $ | 34.7 | $ | 127.1 | ||||
| Non-GAAP operating expenses | $ | 24.3 | $ | 98.6 | ||||
| Operating loss | $ | (21.4 | ) | $ | (76.6 | ) | ||
| Net loss | $ | (19.8 | ) | $ | (74.7 | ) | ||
| Non-GAAP adjusted EBITDA | $ | (7.5 | ) | $ | (34.7 | ) | ||
| Cash, cash equivalents, restricted cash and short-term investments | $ | 115.7 | ||||||
| Combined pro forma cash, cash equivalents, restricted cash and short-term investments3 | $ | 565.3 | ||||||
"In our first full year of operational execution, the Standard BioTools team hit our major target of standardizing the core business units and instilling SBS business systems throughout the organization. We also did so in one of the more challenging economic environments I’ve seen in life sciences over the last 20 years,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "We have now assembled a team of seasoned operators, executing with a laser-focus on operational discipline, behind a clear strategy to bring together unique technologies under one roof. We believe this team is well positioned to achieve scale and profitability. The team has confirmed its capabilities through the ongoing reduction of expenses and cash consumption, while at the same time returning a declining business back to growth.”
Standard BioTools Financial Highlights Compared to 2022
- Total revenue increased
9% in fiscal year 2023 and4% in the fourth quarter; - Instrument sales grew
46% in fiscal year 2023 and44% in the fourth quarter; - Non-GAAP gross margin expanded 900 basis points to
60.1% in fiscal year 2023 and 630 basis points to59.6% in the fourth quarter; - Non-GAAP operating expenses declined
$20 million , or17% , in fiscal year 2023 and$1 million , or5% in the fourth quarter; - Non-GAAP adjusted EBITDA loss improved
$34 million in fiscal year 2023 and over$3 million in the fourth quarter; and - Operating cash use declined
$47 million , or53% , in fiscal 2023 and$6 million , or32% , in the fourth quarter.
On a combined pro forma basis, after giving effect to the merger with SomaLogic, Inc. (“SomaLogic”), total revenue for the year ended December 31, 2023 was approximately
Egholm added, “With the recent closing of the merger with SomaLogic, we have moved into the next phase of the growth strategy. I am delighted to report that the merger integration process is well underway. We are building significant momentum and are excited to capitalize on technological and commercial potential while accelerating the collective path to profitability. We are also continuing to identify new partners with emerging technologies and businesses where together we can scale their operations, diversify our collective revenue, and empower our customers to do amazing research. We believe the best is yet to come for Standard BioTools and SomaLogic – we are better together.”
A reconciliation of non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP adjusted EBITDA is provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Use of Non-GAAP Financial Information.”
Outlook for 2024
For fiscal year 2024, the combined Company expects revenue in the range of
Conference Call Information
Standard BioTools will host a conference call and webcast today at 1:30 p.m. PT, 4:30 p.m. ET, to discuss fourth quarter and full year 2023 financial results and operational progress as well as to provide additional color on its strategic actions.
The Company today is providing an Investor Relations presentation with additional information on its business and operations, including an appendix with Supplemental Financial Information which is available, concurrent with this news release, on the Investor Relations page of the Company's website at Events & Presentations.
Live audio of the webcast will be available online along with an archived version of the webcast under the Events & Presentations page of the Company’s website.
To participate in the conference call by phone, may do so using one of the following dial-in numbers below:
- US domestic callers: 1-888-346-3970
- Outside US callers: 1-412-902-4297
Use of Non-GAAP Financial Information
Standard BioTools has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis. The non-GAAP financial measures included in this press release are non-GAAP gross margin, non-GAAP operating expenses, and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of the Company’s core operating performance. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company’s core operating results. Management uses non-GAAP measures to compare the Company’s performance relative to forecasts and strategic plans and to benchmark the company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company’s operating results as reported under U.S. GAAP. Standard BioTools encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding future financial and business performance; expectations, operational and strategic plans; deployment of capital; market and growth opportunity and potential; the potential to realize the expected benefits following the merger of the Company and SomaLogic; and the Company’s revenue outlook for the full year 2024. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including, but not limited to, the outcome of any legal proceedings related to the merger; risks that the anticipated benefits of the merger or other commercial opportunities may otherwise not be fully realized or may take longer to realize than expected; risks that the Company may not realize expected cost savings from our restructuring, including the anticipated decrease in operational expenses, at the levels it expects; possible restructuring and transition-related disruption, including through the loss of customers, suppliers, and employees and adverse impacts on the Company’s development activities and results of operation; restructuring activities, including the Company’s subleasing plans, customer and employee relations, management distraction, and reduced operating performance; risks that internal and external costs required for ongoing and planned activities may be higher than expected, which may cause the Company to use cash more quickly than it expects or change or curtail some of the Company’s plans, or both; risks that the Company’s expectations as to expenses, cash usage, and cash needs may prove not to be correct for other reasons such as changes in plans or actual events being different than our assumptions; changes in the Company’s business or external market conditions; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; interruptions or delays in the supply of components or materials for, or manufacturing of, the Company’s products; reliance on sales of capital equipment for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs or expenses; continued or sustained budgetary, inflationary, or recessionary pressures; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; uncertainties relating to the Company’s research and development activities, and distribution plans and capabilities; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition. For information regarding other related risks, see the “Risk Factors” section of the Company’s annual report on Form 10-K filed with the SEC today, and in the Company’s other filings with the SEC. These forward-looking statements speak only as of the date hereof. The Company disclaims any obligation to update these forward-looking statements except as may be required by law.
About Standard BioTools Inc.
Standard BioTools Inc. (Nasdaq: LAB), previously known as Fluidigm Corporation, is driven by a bold purpose – Unleashing tools to accelerate breakthroughs in human health. Standard BioTools has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies, which help transform scientific discoveries into better patient outcomes. Standard BioTools works with leading academic, government, pharmaceutical, biotechnology, plant and animal research, and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology, and immunotherapy. Learn more at www.standardbio.com or connect with us on Twitter®, Facebook®, LinkedIn, and YouTube™. Standard BioTools, the Standard BioTools logo, Fluidigm, the Fluidigm logo, “Unleashing tools to accelerate breakthroughs in human health,” Hyperion, Hyperion XTi, XTi, and X9 are trademarks and/or registered trademarks of Standard BioTools Inc. or its affiliates in the United States and/or other countries. All other trademarks are the sole property of their respective owners. Standard BioTools products are provided for Research Use Only. Not for use in diagnostic procedures.
Available Information
Standard BioTools uses its website (standardbio.com), investor site (investors.standardbio.com), corporate Twitter account (@Standard_BioT), Facebook page (facebook.com/StandardBioT), and LinkedIn page (linkedin.com/company/standard-biotools) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and Standard BioTools may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Standard BioTools’ website and its social media accounts in addition to following its press releases, SEC filings, public conference calls, and webcasts.
Investor Contacts
David Holmes
Gilmartin Group LLC
(332) 330-1031
ir@standardbio.com
__________________
1 Reflects (i) pro forma combined revenue of the Company and SomaLogic, including SomaLogic’s unaudited 2023 revenue of
2 Unless otherwise noted financial results include only the Standard BioTools legacy business in 2023, and exclude the results of SomaLogic, which became part of Standard BioTools on January 5, 2024 and will be included in the Company’s consolidated financial statements beginning with the quarter ended March 31, 2024.
3 Reflects pro forma combined cash, cash equivalents, restricted cash and short-term investments as of December 31, 2023, including SomaLogic’s unaudited cash, cash equivalents and short-term investments of
| STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| (Unaudited) | ||||||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue | $ | 21,384 | $ | 20,919 | $ | 79,198 | $ | 72,454 | ||||||||
| Service and other revenue | 6,804 | 6,102 | 27,142 | 25,494 | ||||||||||||
| Total revenue | 28,188 | 27,021 | 106,340 | 97,948 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Cost of product revenue | 11,666 | 13,387 | 44,942 | 52,555 | ||||||||||||
| Cost of service and other revenue | 3,165 | 2,467 | 10,948 | 8,342 | ||||||||||||
| Total cost of revenue | 14,831 | 15,854 | 55,890 | 60,897 | ||||||||||||
| Gross profit | 13,357 | 11,167 | 50,450 | 37,051 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 6,909 | 7,425 | 25,948 | 37,382 | ||||||||||||
| Selling, general and administrative | 21,354 | 20,224 | 87,541 | 102,285 | ||||||||||||
| Restructuring and related charges | 1,661 | 4,630 | 7,076 | 9,732 | ||||||||||||
| Transaction-related expenses | 4,819 | — | 6,485 | 3,857 | ||||||||||||
| Total operating expenses | 34,743 | 32,279 | 127,050 | 153,256 | ||||||||||||
| Loss from operations | (21,386 | ) | (21,112 | ) | (76,600 | ) | (116,205 | ) | ||||||||
| Interest expense | (1,098 | ) | (1,190 | ) | (4,567 | ) | (4,331 | ) | ||||||||
| Loss on forward sale of Series B Preferred Stock | — | — | — | (60,081 | ) | |||||||||||
| Loss on Bridge Loans | — | — | — | (13,719 | ) | |||||||||||
| Other income (expense), net | 2,546 | 1,527 | 6,963 | 1,408 | ||||||||||||
| Loss before income taxes | (19,938 | ) | (20,775 | ) | (74,204 | ) | (192,928 | ) | ||||||||
| Income tax benefit (expense) | 162 | (70 | ) | (452 | ) | 2,830 | ||||||||||
| Net loss | $ | (19,776 | ) | $ | (20,845 | ) | $ | (74,656 | ) | $ | (190,098 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.25 | ) | $ | (0.26 | ) | $ | (0.94 | ) | $ | (2.43 | ) | ||||
| Shares used in computing net loss per share, basic and diluted | 79,729 | 79,434 | 79,160 | 78,305 | ||||||||||||
| STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) | ||||||||
| December 31, 2023 | December 31, 2022 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 51,704 | $ | 81,309 | ||||
| Short-term investments | 63,191 | 84,475 | ||||||
| Accounts receivable, net | 19,660 | 17,280 | ||||||
| Inventories, net | 20,533 | 21,473 | ||||||
| Prepaid expenses and other current assets | 3,127 | 4,278 | ||||||
| Total current assets | 158,215 | 208,815 | ||||||
| Property and equipment, net | 24,187 | 25,652 | ||||||
| Operating lease right-of-use asset, net | 30,663 | 33,883 | ||||||
| Other non-current assets | 2,285 | 3,109 | ||||||
| Developed technology, net | 1,400 | 12,600 | ||||||
| Goodwill | 106,317 | 106,251 | ||||||
| Total assets | $ | 323,067 | $ | 390,310 | ||||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,236 | $ | 7,914 | ||||
| Accrued compensation and related benefits | 11,867 | 9,153 | ||||||
| Operating lease liabilities, current | 4,323 | 3,682 | ||||||
| Deferred revenue, current | 11,607 | 10,792 | ||||||
| Deferred grant income, current | 3,612 | 3,644 | ||||||
| Other accrued liabilities | 9,152 | 6,175 | ||||||
| Term loan, current | 5,000 | 2,083 | ||||||
| Convertible notes, current | 54,530 | — | ||||||
| Total current liabilities | 109,327 | 43,443 | ||||||
| Convertible notes, non-current | 569 | 54,615 | ||||||
| Term loan, non-current | 3,414 | 8,194 | ||||||
| Deferred tax liability | 841 | 1,055 | ||||||
| Operating lease liabilities, non-current | 30,374 | 34,081 | ||||||
| Deferred revenue, non-current | 3,520 | 3,816 | ||||||
| Deferred grant income, non-current | 10,755 | 14,359 | ||||||
| Other non-current liabilities | 1,065 | 961 | ||||||
| Total liabilities | 159,865 | 160,524 | ||||||
| Mezzanine equity: | ||||||||
| Redeemable preferred stock | 311,253 | 311,253 | ||||||
| Total stockholders’ deficit | (148,051 | ) | (81,467 | ) | ||||
| Total liabilities, mezzanine equity and stockholders’ deficit | $ | 323,067 | $ | 390,310 | ||||
| STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||
| Twelve Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Operating activities | ||||||||
| Net loss | $ | (74,656 | ) | $ | (190,098 | ) | ||
| Loss on forward sale of Series B Preferred Stock | — | 60,081 | ||||||
| Loss on bridge loans | — | 13,719 | ||||||
| Stock-based compensation expense | 13,123 | 14,880 | ||||||
| Amortization of developed technology | 11,200 | 11,528 | ||||||
| Depreciation and amortization | 3,980 | 3,499 | ||||||
| Provision for excess and obsolete inventory | 1,496 | 7,874 | ||||||
| Impairment of InstruNor developed technology intangible | — | 3,526 | ||||||
| Amortization of debt discounts, premiums and issuance costs | 770 | 830 | ||||||
| Other non-cash items | (987 | ) | 273 | |||||
| Changes in assets and liabilities, net | 1,787 | (15,482 | ) | |||||
| Net cash used in operating activities | (43,287 | ) | (89,370 | ) | ||||
| Investing activities | ||||||||
| Purchases of short-term investments | (94,896 | ) | (137,302 | ) | ||||
| Proceeds from sales and maturities of investments | 117,964 | 53,000 | ||||||
| Purchases of property and equipment | (2,831 | ) | (3,825 | ) | ||||
| Net cash provided by (used in) investing activities | 20,237 | (88,127 | ) | |||||
| Financing activities | ||||||||
| Proceeds from bridge loans | — | 25,000 | ||||||
| Proceeds from issuance of Series B Preferred Stock | — | 225,000 | ||||||
| Repayment of term loan and advances under revolving credit facility | (2,083 | ) | (6,838 | ) | ||||
| Payment of debt and equity issuance costs | — | (12,547 | ) | |||||
| Repurchase of common stock | (5,414 | ) | (563 | ) | ||||
| Proceeds from ESPP stock issuance | 827 | 917 | ||||||
| Payments for taxes related to net share settlement of equity awards and other | (139 | ) | (211 | ) | ||||
| Net cash provided by (used in) financing activities | (6,809 | ) | 230,758 | |||||
| Effect of foreign exchange rate fluctuations on cash and cash equivalents | 34 | (404 | ) | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (29,825 | ) | 52,857 | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 82,324 | 29,467 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 52,499 | $ | 82,324 | ||||
| Cash, cash equivalents, and restricted cash consists of: | ||||||||
| Cash and cash equivalents | $ | 51,704 | $ | 81,309 | ||||
| Restricted cash | 795 | 1,015 | ||||||
| Total cash, cash equivalents and restricted cash | $ | 52,499 | $ | 82,324 | ||||
| STANDARD BIOTOOLS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| GAAP gross profit | $ | 13,357 | $ | 11,167 | $ | 50,450 | $ | 37,051 | ||||||||
| Amortization of developed technology | 2,800 | 2,800 | 11,200 | 11,208 | ||||||||||||
| Depreciation and amortization | 482 | 297 | 1,473 | 1,245 | ||||||||||||
| Stock-based compensation expense | 163 | 133 | 811 | 592 | ||||||||||||
| Non-GAAP gross profit | $ | 16,802 | $ | 14,397 | $ | 63,934 | $ | 50,096 | ||||||||
| GAAP gross margin percentage | 47.4 | % | 41.3 | % | 47.4 | % | 37.8 | % | ||||||||
| Amortization of developed technology | 9.9 | % | 10.4 | % | 10.5 | % | 11.4 | % | ||||||||
| Depreciation and amortization | 1.7 | % | 1.1 | % | 1.4 | % | 1.3 | % | ||||||||
| Stock-based compensation expense | 0.6 | % | 0.5 | % | 0.8 | % | 0.6 | % | ||||||||
| Non-GAAP gross margin percentage | 59.6 | % | 53.3 | % | 60.1 | % | 51.1 | % | ||||||||
| STANDARD BIOTOOLS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| GAAP operating expenses | $ | 34,743 | $ | 32,279 | $ | 127,050 | $ | 153,256 | ||||||||
| Restructuring and related charges | (1,661 | ) | (4,630 | ) | (7,076 | ) | (9,732 | ) | ||||||||
| Transaction-related expenses | (4,819 | ) | — | (6,485 | ) | (3,857 | ) | |||||||||
| Stock-based compensation expense | (3,312 | ) | (1,548 | ) | (12,312 | ) | (14,288 | ) | ||||||||
| Depreciation and amortization | (624 | ) | (523 | ) | (2,507 | ) | (2,575 | ) | ||||||||
| Impairment of intangible assets | — | — | — | (3,526 | ) | |||||||||||
| Loss on disposal of property and equipment | — | (100 | ) | (73 | ) | (312 | ) | |||||||||
| Non-GAAP operating expenses | $ | 24,327 | $ | 25,478 | $ | 98,597 | $ | 118,966 | ||||||||
| GAAP R&D operating expenses | $ | 6,909 | $ | 7,425 | $ | 25,948 | $ | 37,382 | ||||||||
| Stock-based compensation expense | (430 | ) | (467 | ) | (1,671 | ) | (2,481 | ) | ||||||||
| Depreciation and amortization | (125 | ) | (150 | ) | (526 | ) | (954 | ) | ||||||||
| Impairment of intangible assets | — | — | — | (3,526 | ) | |||||||||||
| Non-GAAP R&D operating expenses | $ | 6,354 | $ | 6,808 | $ | 23,751 | $ | 30,421 | ||||||||
| GAAP SG&A operating expenses | $ | 21,354 | $ | 20,224 | $ | 87,541 | $ | 102,285 | ||||||||
| Stock-based compensation expense | (2,882 | ) | (1,081 | ) | (10,641 | ) | (11,807 | ) | ||||||||
| Depreciation and amortization | (499 | ) | (373 | ) | (1,981 | ) | (1,621 | ) | ||||||||
| Loss on disposal of property and equipment | — | (100 | ) | (73 | ) | (312 | ) | |||||||||
| Non-GAAP SG&A operating expenses | $ | 17,973 | $ | 18,670 | $ | 74,846 | $ | 88,545 | ||||||||
| STANDARD BIOTOOLS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) ITEMIZED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| GAAP net loss | $ | (19,776 | ) | $ | (20,845 | ) | $ | (74,656 | ) | $ | (190,098 | ) | ||||
| Income tax expense (benefit) | (162 | ) | 70 | 452 | (2,830 | ) | ||||||||||
| Interest expense | 1,098 | 1,190 | 4,567 | 4,331 | ||||||||||||
| Amortization of developed technology | 2,800 | 2,800 | 11,200 | 11,528 | ||||||||||||
| Depreciation and amortization | 1,106 | 819 | 3,980 | 3,499 | ||||||||||||
| Restructuring and related charges | 1,661 | 4,630 | 7,076 | 9,732 | ||||||||||||
| Transaction-related expenses | 4,819 | — | 6,485 | 3,857 | ||||||||||||
| Stock-based compensation expense | 3,475 | 1,681 | 13,123 | 14,880 | ||||||||||||
| Impairment of intangible assets | — | — | — | 3,526 | ||||||||||||
| Loss on forward sale of Series B Preferred Stock | — | — | — | 60,081 | ||||||||||||
| Loss on bridge loans | — | — | — | 13,719 | ||||||||||||
| Other non-operating expense (income) | (2,546 | ) | (1,527 | ) | (6,963 | ) | (1,408 | ) | ||||||||
| Loss on disposal of property and equipment | — | 100 | 73 | 312 | ||||||||||||
| Non-GAAP adjusted EBITDA | $ | (7,525 | ) | $ | (11,082 | ) | $ | (34,663 | ) | $ | (68,871 | ) | ||||
| CALCULATION OF OPERATING CASH USE | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net cash used in operating activities (1) | $ | (14,061 | ) | $ | (19,181 | ) | $ | (43,287 | ) | $ | (89,370 | ) | ||||
| Purchases of property and equipment | (78 | ) | (755 | ) | (2,831 | ) | (3,825 | ) | ||||||||
| Cash paid for interest | 1,648 | 1,646 | 3,819 | 3,493 | ||||||||||||
| Operating cash use | $ | (12,491 | ) | $ | (18,290 | ) | $ | (42,299 | ) | $ | (89,702 | ) | ||||
| (1) Derived from the Condensed Consolidated Statements of Cash Flows. | ||||||||||||||||
FAQ
What were Standard BioTools' total revenue and gross margins for FY2023?
What was the combined pro forma revenue for FY2023 after the merger with SomaLogic?
How much cash did Standard BioTools have in combined pro forma cash, cash equivalents, restricted cash, and short-term investments at December 31, 2023?
What was the percentage increase in total revenue for fiscal year 2023 compared to the previous year?
How much did non-GAAP operating expenses decline by in fiscal year 2023?
What is the revenue outlook for Standard BioTools in fiscal year 2024?
