Standard BioTools Reports Second Quarter 2024 Financial Results
Standard BioTools (NASDAQ: LAB) reported Q2 2024 financial results with revenue of $37.2 million, up 34% year-over-year. The company revised its FY2024 revenue guidance to $170-175 million and remains on track for break-even adjusted EBITDA in 2026. Key highlights include:
- Accelerated merger synergies with $80 million expected to be operationalized in 2024
- Current balance sheet of $396 million in cash and investments
- Q2 gross margin of 40.1% and non-GAAP gross margin of 45.0%
- Q2 operating loss of $50.5 million and net loss of $45.7 million
- Adjusted EBITDA loss of $31.0 million in Q2
The company faced challenges with SomaScan® services contract delays and instrument sales impacted by a constrained capital purchase environment. Standard BioTools remains focused on cost structure optimization and executing its strategic vision.
Standard BioTools (NASDAQ: LAB) ha riportato i risultati finanziari del secondo trimestre del 2024 con un fatturato di 37,2 milioni di dollari, in aumento del 34% rispetto all'anno precedente. L'azienda ha rivisto le sue previsioni di fatturato per l'anno fiscale 2024 a 170-175 milioni di dollari e rimane sulla buona strada per raggiungere il pareggio dell'EBITDA rettificato nel 2026. I punti salienti includono:
- Sinergie di fusione accelerate con 80 milioni di dollari previsti per essere operativi nel 2024
- Bilancio attuale di 396 milioni di dollari in contante e investimenti
- Margine lordo del secondo trimestre del 40,1% e margine lordo non-GAAP del 45,0%
- Perdita operativa nel secondo trimestre di 50,5 milioni di dollari e perdita netta di 45,7 milioni di dollari
- Perdita di EBITDA rettificato di 31,0 milioni di dollari nel secondo trimestre
L'azienda ha affrontato sfide con ritardi nei contratti dei servizi SomaScan® e vendite di strumenti influenzate da un ambiente d'acquisto di capitale limitato. Standard BioTools rimane concentrata sull'ottimizzazione della struttura dei costi e sull'esecuzione della sua visione strategica.
Standard BioTools (NASDAQ: LAB) reportó los resultados financieros del segundo trimestre de 2024 con ingresos de 37.2 millones de dólares, un aumento del 34% en comparación con el año anterior. La compañía revisó su guía de ingresos para el año fiscal 2024 a 170-175 millones de dólares y sigue en camino para alcanzar un EBITDA ajustado sin pérdidas en 2026. Los aspectos más destacados incluyen:
- Sinergias de fusión aceleradas con 80 millones de dólares que se espera se operationalicen en 2024
- Balance actual de 396 millones de dólares en efectivo e inversiones
- Margen bruto del segundo trimestre del 40.1% y margen bruto no-GAAP del 45.0%
- Pérdida operativa en el segundo trimestre de 50.5 millones de dólares y pérdida neta de 45.7 millones de dólares
- Pérdida de EBITDA ajustado de 31.0 millones de dólares en el segundo trimestre
La compañía enfrentó desafíos con retrasos en contratos de servicios de SomaScan® y ventas de instrumental afectadas por un entorno restringido para compras de capital. Standard BioTools sigue enfocada en la optimización de su estructura de costos y en la ejecución de su visión estratégica.
스탠다드 바이오툴스(Standard BioTools)(NASDAQ: LAB)는 2024년 2분기 재무 실적을 보고하며 매출 3720만 달러를 기록했으며, 이는 전년 대비 34% 증가한 수치입니다. 회사는 2024 회계연도의 매출 가이드를 1억 7000만 달러에서 1억 7500만 달러로 수정했으며, 2026년에는 조정된 EBITDA가 손익 분기점을 맞을 것으로 예상하고 있습니다. 주요 내용은 다음과 같습니다:
- 2024년 운영 가능한 8000만 달러의 인수 시너지
- 현재 현금 및 투자 잔고 3억 9600만 달러
- 2분기 총 마진 40.1%와 비GAAP 총 마진 45.0%
- 2분기 운영 손실 5050만 달러와 순손실 4570만 달러
- 2분기 조정된 EBITDA 손실 3100만 달러
회사는 SomaScan® 서비스 계약 지연과 자본 구매 환경의 제약으로 인해 기기 판매에 영향을 받았습니다. 스탠다드 바이오툴스는 비용 구조 최적화와 전략적 비전 실행에 집중하고 있습니다.
Standard BioTools (NASDAQ: LAB) a annoncé ses résultats financiers pour le deuxième trimestre 2024, avec des revenus de 37,2 millions de dollars, en hausse de 34 % par rapport à l'année précédente. L'entreprise a révisé ses prévisions de revenus pour l'exercice 2024 à 170-175 millions de dollars et est en bonne voie pour atteindre un EBITDA ajusté à l'équilibre en 2026. Les principaux points forts incluent :
- Synergies de fusion accélérées avec 80 millions de dollars attendus en 2024
- Bilan actuel de 396 millions de dollars en liquidités et investissements
- Marge brute du deuxième trimestre de 40,1 % et marge brute non-GAAP de 45,0 %
- Perte d'exploitation de 50,5 millions de dollars au deuxième trimestre et perte nette de 45,7 millions de dollars
- Perte d'EBITDA ajusté de 31,0 millions de dollars au deuxième trimestre
L'entreprise a rencontré des défis liés à des retards de contrats pour les services SomaScan® et des ventes d'instruments affectées par un environnement d'achat de capital contraint. Standard BioTools reste concentré sur l'optimisation de sa structure de coûts et l'exécution de sa vision stratégique.
Standard BioTools (NASDAQ: LAB) berichtete über die Finanzergebnisse für das zweite Quartal 2024 mit Umsätzen von 37,2 Millionen Dollar, was einem Anstieg von 34 % im Vergleich zum Vorjahr entspricht. Das Unternehmen hat seine Umsatzprognose für das Geschäftsjahr 2024 auf 170-175 Millionen Dollar aktualisiert und bleibt auf dem Weg zu einem EBITDA ohne Verluste im Jahr 2026. Zu den wichtigsten Punkten gehören:
- Beschleunigte Synergien der Fusion mit 80 Millionen Dollar, die 2024 operationalisiert werden sollen
- Aktuelle Bilanz von 396 Millionen Dollar in bar und Investitionen
- Bruttomarge im zweiten Quartal von 40,1 % und bereinigte Bruttomarge von 45,0 %
- Betriebsverlust im zweiten Quartal von 50,5 Millionen Dollar und Nettoverlust von 45,7 Millionen Dollar
- Bereinigter EBITDA-Verlust von 31,0 Millionen Dollar im zweiten Quartal
Das Unternehmen sah sich Herausforderungen durch Verzögerungen bei den Verträgen für SomaScan®-Dienste sowie durch den Verkauf von Instrumenten gegenüber, die durch ein eingeschränktes Kaufumfeld für Kapital beeinträchtigt wurden. Standard BioTools konzentriert sich weiterhin auf die Optimierung der Kostenstruktur und die Umsetzung seiner strategischen Vision.
- Revenue increased 34% year-over-year to $37.2 million in Q2 2024
- Accelerated merger synergies with $80 million expected to be operationalized in 2024, a year ahead of plan
- Strong balance sheet with $396 million in cash and investments
- On track to achieve anticipated break-even adjusted EBITDA for full-year 2026
- Repurchased 11.3 million shares of common stock for $29 million in Q2 2024
- Revised FY2024 revenue guidance downward
- Q2 operating loss of $50.5 million and net loss of $45.7 million
- Adjusted EBITDA loss of $31.0 million in Q2 2024
- SomaScan® services experienced contract delays
- Instrument sales impacted by constrained capital purchase environment
- Pro forma combined revenue decreased 23% year-over-year in Q2 2024
Insights
Standard BioTools' Q2 2024 results present a mixed picture. While the company is making progress on cost synergies from its merger with SomaLogic, revenue performance was weaker than anticipated. Here are the key takeaways:
- Q2 revenue of
$37.2 million , up34% year-over-year, but down23% on a pro forma basis. - Accelerated merger synergies, with
$80 million in cost reductions expected to be operationalized by end of 2024, a year ahead of schedule. - Revised FY2024 revenue guidance to
$170-175 million , indicating challenges in the near term. - Strong cash position of
$396 million , providing runway for strategic initiatives. - On track for adjusted EBITDA break-even by 2026, but current adjusted EBITDA loss of
$31 million for Q2.
The revenue decline, particularly in SomaScan services and instrument sales, is concerning. However, management's focus on cost optimization and the accelerated synergy realization could help offset some of these headwinds. The robust cash position provides a buffer, but investors should closely monitor the company's progress towards profitability and its ability to execute on its growth strategy in a challenging market environment.
Standard BioTools' Q2 results reflect broader market challenges in the life sciences tools sector. Key observations include:
- The
23% year-over-year pro forma revenue decline suggests ongoing macroeconomic pressures affecting capital expenditures in the research sector. - Service revenue, particularly from the SomaScan assay business, saw a significant
37% year-over-year drop, indicating potential shifts in customer behavior or competitive dynamics. - Product revenue declined
10% year-over-year, pointing to persistent headwinds in instrument sales. - Geographic variations are evident, with Europe notably impacting service revenue due to project timing issues.
These trends align with broader industry patterns of constrained research budgets and delayed capital purchases. However, the expansion in authorized sites for Standard BioTools' products suggests potential for future growth once market conditions improve. The company's revised guidance and focus on operational efficiency indicate a realistic approach to navigating current market challenges. Investors should watch for signs of market stabilization and uptick in customer activity, particularly in key geographies like Europe, as indicators of potential recovery in the coming quarters.
From a technological perspective, Standard BioTools' Q2 results highlight both challenges and opportunities in the life sciences tools market:
- The SomaScan platform, despite current revenue challenges, represents a significant technological asset in the proteomics field. Its ability to measure thousands of proteins simultaneously positions the company well in the growing field of precision medicine.
- The expansion of authorized sites for Standard BioTools' products suggests growing adoption of their technology platforms, even in a challenging market environment.
- The focus on operational efficiency and cost reduction could potentially free up resources for R&D investment, important for maintaining technological competitiveness.
- The decline in instrument sales might indicate a need for product refresh or innovation to stimulate demand in a saturated market.
The integration of SomaLogic's technology with Standard BioTools' existing platforms presents opportunities for synergistic product development. However, the company needs to navigate the challenge of maintaining innovation momentum while optimizing costs. The life sciences tools market is rapidly evolving, with increasing emphasis on multi-omics approaches and AI-driven analysis. Standard BioTools will need to leverage its combined technological strengths to stay ahead of these trends and capture emerging opportunities in areas like spatial biology and single-cell analysis.
Delivered revenue of
Accelerated merger synergies with
Revised FY2024 revenue guidance; on-track to achieve anticipated break-even adjusted EBITDA for full-year 2026
Current balance sheet of
SOUTH SAN FRANCISCO, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (“Standard BioTools” or the “Company”) (NASDAQ: LAB) today announced unaudited interim financial results for the second quarter and six months ended June 30, 2024.
“We are laser-focused on optimizing our cost structure, already seeing early integration synergy realization in the second quarter of 2024, and accelerating our
Egholm continued, “Strong operational execution was offset by weaker-than-anticipated second quarter revenues. SomaScan® services experienced service contract delays and instrument sales were impacted by the lingering constrained capital purchase environment. We are confident the business issues we experienced are transitory, as we believe the challenge of running a concentrated services business will moderate as Standard BioTools Business System is more fully deployed.”
“It is early days for the Standard BioTools strategy and vision as we bring improved operational discipline to a diversified set of product solutions. Our potential M&A pipeline remains robust, and we are all fully committed to delivering long-term sustainable growth and value for our shareholders," added Egholm.
2024 Selected Unaudited Interim Financial Results
| As Reported | |||||||
| (Unaudited, in millions) | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2024 | |||||
| Revenue | $ | 37.2 | $ | 82.7 | |||
| Gross margin | 40.1 | % | 47.2 | % | |||
| Non-GAAP gross margin | 45.0 | % | 51.1 | % | |||
| Operating expenses | $ | 65.4 | $ | 149.8 | |||
| Non-GAAP operating expenses | $ | 47.8 | $ | 97.1 | |||
| Operating loss | $ | (50.5 | ) | $ | (110.7 | ) | |
| Net loss | $ | (45.7 | ) | $ | (77.9 | ) | |
| Adjusted EBITDA | $ | (31.0 | ) | $ | (54.8 | ) | |
| Cash, cash equivalents, restricted cash & short-term investments | $ | 396.0 | |||||
- Revenue was
$37 million in the second quarter, up34% year-over-year, and$83 million for the first half of 2024, up57% , reflecting the impact of SomaScan assay services, kits and related revenue in 2024.
- Cash, cash equivalents, restricted cash and short-term investments at June 30, 2024 were
$396 million , reflecting payment in the second quarter of$38 million of expenses related to the merger (the “Merger”) with SomaLogic, Inc. (“SomaLogic”) and the completed repurchases of the Company’s common stock in the second quarter.
Selected Pro Forma Combined Unaudited Interim Financial Results
The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three- and six- month periods ended June 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the Merger. The selected unaudited pro forma financial information for 2023 combines the historical results of the Company and SomaLogic for their respective three- and six- month periods ended June 30, 2023. See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information.
| Pro Forma Combined | |||||||||||||||
| (Unaudited, in millions) | Quarter Ended June 30, 2024 | Quarter Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||||||
| Revenue | $ | 37.2 | $ | 48.1 | $ | 83.4 | $ | 93.6 | |||||||
| Gross margin | 40.1 | % | 44.6 | % | 45.2 | % | 44.6 | % | |||||||
| Non-GAAP gross margin | 45.0 | % | 53.4 | % | 51.2 | % | 52.5 | % | |||||||
| Operating expenses | $ | 65.4 | $ | 67.8 | $ | 153.2 | $ | 147.3 | |||||||
| Non-GAAP operating expenses | $ | 47.8 | $ | 58.9 | $ | 90.3 | $ | 123.0 | |||||||
| Operating loss | $ | (50.5 | ) | $ | (46.3 | ) | $ | (115.5 | ) | $ | (105.5 | ) | |||
| Net loss | $ | (45.7 | ) | $ | (39.6 | ) | $ | (107.7 | ) | $ | (67.8 | ) | |||
| Adjusted EBITDA | $ | (31.0 | ) | $ | (32.6 | ) | $ | (47.4 | ) | $ | (71.2 | ) | |||
- Revenue of
$37 million in the second quarter was down23% year-over-year; and first half 2024 revenue of$83 million was down11% year-over-year, primarily reflecting timing of large customer projects and continuing macroeconomic headwinds.
- Product revenue of
$22 million in the second quarter was down10% year-over-year; and first half 2024 revenue of$46 million was up6% year-over-year. The Company saw expansion in authorized sites and related pull-through, offset by a decline in instruments and consumables.
- Service revenue of
$14 million in the second quarter was down37% year-over-year, and first half 2024 revenue of$36 million was down25% year-over-year. The biggest driver of the year-over-year declines was the SomaScan assay services business, where lower-then-expected revenue results were driven primarily by timing of large projects from top customers, largely in Europe.
- Gross margins in the second quarter of 2024 were approximately
40% , versus45% in the second quarter of 2023; and non-GAAP gross margins in the second quarter of 2024 were approximately45% , versus53% in the second quarter of 2023. Gross margins in the first half of the year were approximately45% in both 2024 and 2023; and non-GAAP gross margins were approximately51% in the first half of 2024 and53% for the same period in 2023. Gross margins and non-GAAP gross margins in 2024 were impacted by volume declines in assay services and instrument replacement costs in the second quarter.
- Operating expenses in the second quarter of 2024 decreased
$2 million , or3% , compared to the second quarter of 2023, to$65 million , and non-GAAP operating expenses, which exclude Merger-related costs, stock-based compensation, and restructuring charges, declined$11 million , or19% , compared to the second quarter of 2023, to$48 million . For the first half of 2024, operating expenses increased by$6 million , or4% , compared to the first half of 2023, to$153 million , while non-GAAP operating expenses decreased by$33 million , or27% , compared to the same period in 2023, to$90 million .
- Net loss for the second quarter of 2024 increased by
$6 million , or16% , compared to the second quarter of 2023, to a loss of$46 million , while adjusted EBITDA improved nearly$2 million , or5% , compared to the second quarter of 2023, to a loss of$31 million . Net loss for the first half of 2024 increased by$40 million , or59% , compared to the first half of 2023, to a loss of$108 million , due in large part to a$25 million bargain purchase gain related to the merger with SomaLogic that is assumed to have occurred in 2023 for purposes of the pro formas, while adjusted EBITDA improved$24 million , or33% , compared to the first half of 2023, to a loss of$47 million .
Other Financial Highlights
- The Company repurchased approximately 11.3 million shares of common stock during the second quarter of 2024 for an aggregate purchase price of approximately
$29 million at an average price of$2.57 per share under the Company’s previously announced common stock repurchase program.
Updated FY 2024 Revenue Outlook
Following its second quarter 2024 results, the Company has revised its full year 2024 revenue guidance to a range of
Second Quarter 2024 Earnings Conference Call Information
Standard BioTools will host a conference call and webcast on July 31, 2024 at 1:30 p.m. PDT (4:30 p.m. EDT) to discuss second quarter 2024 financial results. 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.
Individuals interested in listening to the conference call may do so by dialing:
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.
Unaudited Pro Forma Results
The unaudited pro forma financial information for six months ended June 30, 2024 combines the Company's financial results for the six months ended June 30, 2024 and the historical results of SomaLogic for the 5-day period ended on the January 5, 2024, the closing date of the Merger. The unaudited pro forma financial information for the three and six months ended June 30, 2023 combines the historical results of the Company and SomaLogic for their respective three- and six-month periods ended June 30, 2023. The pro forma financial information for all periods presented has been adjusted to include certain nonrecurring impacts associated with the Merger, including the bargain purchase gain and transaction costs.
The unaudited pro forma financial information for all periods presented includes the business combination accounting effects resulting from the Merger, mainly including adjustments to reflect additional amortization expense from acquired intangible assets, adjustments to stock-based compensation expense, and additional depreciation expense from the acquired property and equipment. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2023. The results of SomaLogic have been consolidated with the Company's results since the Closing Date.
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, including with respect to future revenue, net loss and adjusted EBITDA; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits of the Merger and the Company’s integration of SomaLogic, including the potential for it to drive long-term profitable growth. 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, risks that the anticipated benefits of the Merger and the integration of SomaLogic, including the potential for it to drive long-term profitable growth, may not be fully realized or may take longer to realize than expected; risks that the Company may not realize expected cost savings from the Merger or its restructuring, including the anticipated decrease in operational expenses, at the levels it expects; possible integration, 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; integration and restructuring activities, including 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 on March 1, 2024, 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), the parent company of SomaLogic Inc. and previously known as Fluidigm Corporation 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 standardbio.com or connect with us on X, Facebook®, LinkedIn, and YouTube™.
For Research Use Only. Not for use in diagnostic procedures.
Limited Use Label License and other terms may apply: www.standardbio.com/legal/salesterms. Patent and License Information: www.standardbio.com/legal/notices. Trademarks: www.standardbio.com/legal/trademarks. Any other trademarks are the sole property of their respective owners. ©2024 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.
Investor Contact
David Holmes
Gilmartin Group LLC
ir@standardbio.com
| STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 22,163 | $ | 21,665 | $ | 45,755 | $ | 39,103 | |||||||
| Services revenue | 14,053 | 5,821 | 35,080 | 12,702 | |||||||||||
| Collaboration and other revenue | 989 | 180 | 1,910 | 980 | |||||||||||
| Total revenue | 37,205 | 27,666 | 82,745 | 52,785 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Cost of product revenue | 12,202 | 11,883 | 24,983 | 21,873 | |||||||||||
| Cost of services revenue | 10,070 | 2,181 | 18,579 | 4,973 | |||||||||||
| Cost of collaboration and other revenue | 25 | — | 87 | 56 | |||||||||||
| Total cost of revenue | 22,297 | 14,064 | 43,649 | 26,902 | |||||||||||
| Gross profit | 14,908 | 13,602 | 39,096 | 25,883 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 19,222 | 6,184 | 35,202 | 12,613 | |||||||||||
| Selling, general and administrative | 37,674 | 22,600 | 84,617 | 43,895 | |||||||||||
| Restructuring and related charges | 5,749 | 2,267 | 10,033 | 3,417 | |||||||||||
| Transaction and integration expenses | 2,782 | — | 19,945 | — | |||||||||||
| Total operating expenses | 65,427 | 31,051 | 149,797 | 59,925 | |||||||||||
| Loss from operations | (50,519 | ) | (17,449 | ) | (110,701 | ) | (34,042 | ) | |||||||
| Bargain purchase gain | — | — | 25,213 | — | |||||||||||
| Interest income, net | 4,444 | 244 | 9,618 | 316 | |||||||||||
| Other income (expense), net | 412 | 466 | (1,822 | ) | 407 | ||||||||||
| Loss before income taxes | (45,663 | ) | (16,739 | ) | (77,692 | ) | (33,319 | ) | |||||||
| Income tax benefit (expense) | (55 | ) | (301 | ) | (183 | ) | (564 | ) | |||||||
| Net loss | $ | (45,718 | ) | $ | (17,040 | ) | $ | (77,875 | ) | $ | (33,883 | ) | |||
| Induced conversion of redeemable preferred stock | — | — | (46,014 | ) | — | ||||||||||
| Net loss attributable to common stockholders | $ | (45,718 | ) | $ | (17,040 | ) | $ | (123,889 | ) | $ | (33,883 | ) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.12 | ) | $ | (0.22 | ) | $ | (0.37 | ) | $ | (0.43 | ) | |||
| Shares used in computing net loss per share attributable to common stockholders, basic and diluted | 372,331 | 78,669 | 333,228 | 78,873 | |||||||||||
| STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 269,811 | $ | 51,704 | |||
| Short-term investments | 124,902 | 63,191 | |||||
| Accounts receivable, net | 32,441 | 19,660 | |||||
| Inventory | 42,618 | 20,533 | |||||
| Prepaid expenses and other current assets | 10,257 | 3,127 | |||||
| Total current assets | 480,029 | 158,215 | |||||
| Inventory, non-current | 16,252 | — | |||||
| Royalty receivable, non-current | 3,738 | — | |||||
| Property and equipment, net | 42,569 | 24,187 | |||||
| Operating lease right-of-use asset, net | 31,531 | 30,663 | |||||
| Other non-current assets | 4,282 | 2,285 | |||||
| Acquired intangible assets, net | 24,078 | 1,400 | |||||
| Goodwill | 106,253 | 106,317 | |||||
| Total assets | $ | 708,732 | $ | 323,067 | |||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 12,570 | $ | 9,236 | |||
| Accrued liabilities | 31,929 | 21,019 | |||||
| Operating lease liabilities, current | 5,851 | 4,323 | |||||
| Deferred revenue, current | 15,113 | 11,607 | |||||
| Deferred grant income, current | 3,562 | 3,612 | |||||
| Term loan, current | — | 5,000 | |||||
| Convertible notes, current | 54,783 | 54,530 | |||||
| Total current liabilities | 123,808 | 109,327 | |||||
| Convertible notes, non-current | 299 | 569 | |||||
| Term loan, non-current | — | 3,414 | |||||
| Deferred tax liability | 841 | 841 | |||||
| Operating lease liabilities, non-current | 29,617 | 30,374 | |||||
| Deferred revenue, non-current | 33,395 | 3,520 | |||||
| Deferred grant income, non-current | 8,995 | 10,755 | |||||
| Other non-current liabilities | 1,516 | 1,065 | |||||
| Total liabilities | 198,471 | 159,865 | |||||
| Mezzanine equity: | |||||||
| Redeemable preferred stock | — | 311,253 | |||||
| Total stockholders’ equity (deficit) | 510,261 | (148,051 | ) | ||||
| Total liabilities, mezzanine equity and stockholders’ equity (deficit) | $ | 708,732 | $ | 323,067 | |||
| STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Operating activities | |||||||
| Net loss | $ | (77,875 | ) | $ | (33,883 | ) | |
| Bargain purchase gain | (25,213 | ) | — | ||||
| Stock-based compensation expense | 18,341 | 6,262 | |||||
| Amortization of acquired intangible assets | 2,822 | 5,600 | |||||
| Depreciation and amortization | 6,228 | 1,688 | |||||
| Accretion of discount on short-term investments, net | (4,544 | ) | (151 | ) | |||
| Non-cash lease expense | 2,949 | 1,902 | |||||
| Provision for excess and obsolete inventory | 1,874 | 572 | |||||
| Change in fair value of warrants | (453 | ) | — | ||||
| Other non-cash items | 868 | 327 | |||||
| Changes in assets and liabilities, net | (26,523 | ) | (131 | ) | |||
| Net cash used in operating activities | (101,526 | ) | (17,814 | ) | |||
| Investing activities | |||||||
| Cash and restricted cash acquired in merger | 280,033 | — | |||||
| Purchases of short-term investments | (147,984 | ) | (6,836 | ) | |||
| Proceeds from sales and maturities of investments | 239,000 | 91,964 | |||||
| Purchases of property and equipment | (2,718 | ) | (1,848 | ) | |||
| Net cash provided by investing activities | 368,331 | 83,280 | |||||
| Financing activities | |||||||
| Repayment of term loan and convertible notes | (8,192 | ) | — | ||||
| Payment of term loan fee | (545 | ) | — | ||||
| Repurchase of common stock | (40,490 | ) | (4,841 | ) | |||
| Proceeds from ESPP stock issuance | 425 | 326 | |||||
| Payments for taxes related to net share settlement of equity awards and other | (344 | ) | (127 | ) | |||
| Proceeds from exercise of stock options | 1,052 | — | |||||
| Net cash used in financing activities | (48,094 | ) | (4,642 | ) | |||
| Effect of foreign exchange rate fluctuations on cash and cash equivalents | (110 | ) | (49 | ) | |||
| Net increase in cash, cash equivalents and restricted cash | 218,601 | 60,775 | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 52,499 | 82,324 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 271,100 | $ | 143,099 | |||
| Cash, cash equivalents, and restricted cash consists of: | |||||||
| Cash and cash equivalents | $ | 269,811 | $ | 142,304 | |||
| Restricted cash | 1,289 | 795 | |||||
| Total cash, cash equivalents and restricted cash | $ | 271,100 | $ | 143,099 | |||
| STANDARD BIOTOOLS INC. REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE (In thousands) (Unaudited) | |||||||||||||||
| As Reported | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Product revenue: | |||||||||||||||
| Instruments | $ | 7,047 | $ | 11,587 | $ | 11,950 | $ | 17,510 | |||||||
| Consumables | 8,847 | 10,078 | 19,258 | 21,593 | |||||||||||
| SomaScan assay kits and related | 6,269 | - | 14,547 | - | |||||||||||
| Total product revenue | 22,163 | 21,665 | 45,755 | 39,103 | |||||||||||
| Service revenue: | |||||||||||||||
| Assay services | 7,680 | - | 22,542 | - | |||||||||||
| Instrument support services | 6,373 | 5,821 | 12,538 | 12,702 | |||||||||||
| Total service revenue | 14,053 | 5,821 | 35,080 | 12,702 | |||||||||||
| Product and service revenue | 36,216 | 27,486 | 80,835 | 51,805 | |||||||||||
| Collaboration and other revenue | 989 | 180 | 1,910 | 980 | |||||||||||
| Total revenue | $ | 37,205 | $ | 27,666 | $ | 82,745 | $ | 52,785 | |||||||
| Non-GAAP Pro Forma | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Product revenue: | |||||||||||||||
| Instruments | $ | 7,047 | $ | 11,587 | $ | 11,950 | $ | 17,510 | |||||||
| Consumables | 8,847 | 10,078 | 19,258 | 21,593 | |||||||||||
| SomaScan assay kits and related | 6,269 | 2,909 | 14,548 | 4,095 | |||||||||||
| Total product revenue | 22,163 | 24,574 | 45,756 | 43,198 | |||||||||||
| Service revenue: | |||||||||||||||
| Assay services | 7,680 | 16,597 | 23,145 | 35,016 | |||||||||||
| Instrument support services | 6,373 | 5,821 | 12,538 | 12,702 | |||||||||||
| Total service revenue | 14,053 | 22,418 | 35,683 | 47,718 | |||||||||||
| Product and service revenue | 36,216 | 46,992 | 81,439 | 90,916 | |||||||||||
| Collaboration and other revenue | 989 | 1,142 | 1,951 | 2,716 | |||||||||||
| Total revenue | $ | 37,205 | $ | 48,134 | $ | 83,390 | $ | 93,632 | |||||||
| STANDARD BIOTOOLS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) | |||||||||||||||
| ITEMIZED RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE | |||||||||||||||
| As Reported | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| Gross profit | $ | 14,908 | $ | 13,602 | $ | 39,096 | $ | 25,883 | |||||||
| Amortization of acquired intangible assets | 555 | 2,800 | 2,511 | 5,600 | |||||||||||
| Depreciation and amortization | 967 | 335 | 1,991 | 658 | |||||||||||
| Stock-based compensation expense | 294 | 107 | 533 | 460 | |||||||||||
| Cost of sales adjustment | — | — | (1,812 | ) | — | ||||||||||
| Restructuring costs | — | — | — | — | |||||||||||
| Non-GAAP gross profit | $ | 16,724 | $ | 16,844 | $ | 42,319 | $ | 32,601 | |||||||
| Gross margin percentage | 40.1 | % | 49.2 | % | 47.2 | % | 49.0 | % | |||||||
| Amortization of acquired intangible assets | 1.5 | % | 10.1 | % | 3.0 | % | 10.6 | % | |||||||
| Depreciation and amortization | 2.6 | % | 1.2 | % | 2.4 | % | 1.2 | % | |||||||
| Stock-based compensation expense | 0.8 | % | 0.4 | % | 0.6 | % | 0.9 | % | |||||||
| Cost of sales adjustment | 0.0 | % | 0.0 | % | (2.2 | )% | 0.0 | % | |||||||
| Non-GAAP gross margin percentage | 45.0 | % | 60.9 | % | 51.1 | % | 61.7 | % | |||||||
| Non-GAAP Pro Forma Combined | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| Gross profit | $ | 14,908 | $ | 21,484 | $ | 37,681 | $ | 41,783 | |||||||
| Amortization of acquired intangible assets | 555 | 3,355 | 2,511 | 6,711 | |||||||||||
| Depreciation and amortization | 967 | 709 | 1,991 | 1,389 | |||||||||||
| Stock-based compensation expense | 294 | 157 | 533 | 561 | |||||||||||
| Cost of sales adjustment | — | — | — | (1,337 | ) | ||||||||||
| Restructuring costs | — | — | — | 19 | |||||||||||
| Non-GAAP gross profit | $ | 16,724 | $ | 25,705 | $ | 42,716 | $ | 49,126 | |||||||
| Gross margin percentage | 40.1 | % | 44.6 | % | 45.2 | % | 44.6 | % | |||||||
| Amortization of acquired intangible assets | 1.5 | % | 7.0 | % | 3.0 | % | 7.2 | % | |||||||
| Depreciation and amortization | 2.6 | % | 1.5 | % | 2.4 | % | 1.5 | % | |||||||
| Stock-based compensation expense | 0.8 | % | 0.3 | % | 0.6 | % | 0.6 | % | |||||||
| Cost of sales adjustment | 0.0 | % | 0.0 | % | 0.0 | % | (1.4 | )% | |||||||
| Non-GAAP gross margin percentage | 45.0 | % | 53.4 | % | 51.2 | % | 52.5 | % | |||||||
| STANDARD BIOTOOLS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) | |||||||||||||||
| ITEMIZED RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES, R&D OPERATING EXPENSES TO NON-GAAP R&D OPERATING EXPENSES, AND SG&A EXPENSES TO NON-GAAP SG&A EXPENSES | |||||||||||||||
| As Reported | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| Operating expenses | $ | 65,427 | $ | 31,051 | $ | 149,797 | $ | 59,925 | |||||||
| Restructuring and related charges | (5,749 | ) | (2,267 | ) | (10,033 | ) | (3,417 | ) | |||||||
| Transaction and integration expenses | (2,782 | ) | - | (19,945 | ) | - | |||||||||
| Stock-based compensation expense | (6,436 | ) | (3,007 | ) | (17,808 | ) | (5,802 | ) | |||||||
| Amortization of acquired intangible assets | (161 | ) | - | (311 | ) | - | |||||||||
| Depreciation and amortization | (2,172 | ) | (491 | ) | (4,237 | ) | (1,030 | ) | |||||||
| Gain/loss on disposal of property and equipment | (371 | ) | (73 | ) | (385 | ) | (73 | ) | |||||||
| Non-GAAP operating expenses | $ | 47,756 | $ | 25,213 | $ | 97,078 | $ | 49,603 | |||||||
| R&D operating expenses | $ | 19,222 | $ | 6,184 | $ | 35,202 | $ | 12,613 | |||||||
| Stock-based compensation expense | (2,428 | ) | (366 | ) | (3,756 | ) | (782 | ) | |||||||
| Depreciation and amortization | (788 | ) | (131 | ) | (1,659 | ) | (281 | ) | |||||||
| Non-GAAP R&D operating expenses | $ | 16,006 | $ | 5,687 | $ | 29,787 | $ | 11,550 | |||||||
| SG&A operating expenses | $ | 37,674 | $ | 22,600 | $ | 84,617 | $ | 43,895 | |||||||
| Stock-based compensation expense | (4,008 | ) | (2,641 | ) | (14,052 | ) | (5,020 | ) | |||||||
| Amortization of acquired intangible assets | (161 | ) | - | (311 | ) | - | |||||||||
| Depreciation and amortization | (1,384 | ) | (360 | ) | (2,578 | ) | (749 | ) | |||||||
| Gain/loss on disposal of property and equipment | (371 | ) | (73 | ) | (385 | ) | (73 | ) | |||||||
| Non-GAAP SG&A operating expenses | $ | 31,750 | $ | 19,526 | $ | 67,291 | $ | 38,053 | |||||||
| Non-GAAP Pro Forma Combined | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| Operating expenses | $ | 65,427 | $ | 67,773 | $ | 153,195 | $ | 147,264 | |||||||
| Restructuring and related charges | (5,749 | ) | (2,326 | ) | (10,033 | ) | (4,517 | ) | |||||||
| Transaction and integration expenses | (2,782 | ) | - | (30,114 | ) | - | |||||||||
| Stock-based compensation expense | (6,436 | ) | (4,500 | ) | (17,808 | ) | (15,675 | ) | |||||||
| Amortization of acquired intangible assets | (161 | ) | (161 | ) | (311 | ) | (321 | ) | |||||||
| Depreciation and amortization | (2,172 | ) | (1,800 | ) | (4,237 | ) | (3,666 | ) | |||||||
| Gain/loss on disposal of property and equipment | (371 | ) | (107 | ) | (385 | ) | (107 | ) | |||||||
| Non-GAAP operating expenses | $ | 47,756 | $ | 58,879 | $ | 90,307 | $ | 122,978 | |||||||
| R&D operating expenses | $ | 19,222 | $ | 14,918 | $ | 35,854 | $ | 32,762 | |||||||
| Stock-based compensation expense | (2,428 | ) | (741 | ) | (3,756 | ) | (1,544 | ) | |||||||
| Depreciation and amortization | (788 | ) | (523 | ) | (1,659 | ) | (1,051 | ) | |||||||
| Non-GAAP R&D operating expenses | $ | 16,006 | $ | 13,654 | $ | 30,439 | $ | 30,167 | |||||||
| SG&A operating expenses | $ | 37,674 | $ | 50,529 | $ | 77,194 | $ | 109,985 | |||||||
| Stock-based compensation expense | (4,008 | ) | (3,759 | ) | (14,052 | ) | (14,131 | ) | |||||||
| Amortization of acquired intangible assets | (161 | ) | (161 | ) | (311 | ) | (321 | ) | |||||||
| Depreciation and amortization | (1,384 | ) | (1,277 | ) | (2,578 | ) | (2,615 | ) | |||||||
| Gain/loss on disposal of property and equipment | (371 | ) | (107 | ) | (385 | ) | (107 | ) | |||||||
| Non-GAAP SG&A operating expenses | $ | 31,750 | $ | 45,225 | $ | 59,868 | $ | 92,811 | |||||||
| 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 | |||||||||||||||
| As Reported | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| Net loss | $ | (45,718 | ) | $ | (17,040 | ) | $ | (77,875 | ) | $ | (33,883 | ) | |||
| Income tax expense (benefit) | 55 | 301 | 183 | 564 | |||||||||||
| Interest income, net | (4,444 | ) | (244 | ) | (9,618 | ) | (316 | ) | |||||||
| Amortization of acquired intangible assets | 716 | 2,800 | 2,822 | 5,600 | |||||||||||
| Depreciation and amortization | 3,139 | 826 | 6,228 | 1,688 | |||||||||||
| Bargain purchase gain | — | — | (25,213 | ) | — | ||||||||||
| Restructuring and related charges | 5,749 | 2,267 | 10,033 | 3,417 | |||||||||||
| Transaction and integration expenses | 2,782 | — | 19,945 | — | |||||||||||
| Stock-based compensation expense | 6,730 | 3,114 | 18,341 | 6,262 | |||||||||||
| Cost of sales adjustment | — | — | (1,812 | ) | — | ||||||||||
| Gain/loss on disposal of property and equipment | 371 | 73 | 385 | 73 | |||||||||||
| Other non-operating expense | (412 | ) | (466 | ) | 1,822 | (407 | ) | ||||||||
| Adjusted EBITDA | (31,032 | ) | (8,369 | ) | (54,759 | ) | (17,002 | ) | |||||||
| Non-GAAP Pro Forma Combined | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| Net loss | $ | (45,718 | ) | $ | (39,557 | ) | $ | (107,693 | ) | $ | (67,795 | ) | |||
| Income tax expense (benefit) | 55 | 303 | 183 | 568 | |||||||||||
| Interest income, net | (4,444 | ) | (6,162 | ) | (9,618 | ) | (11,157 | ) | |||||||
| Amortization of acquired intangible assets | 716 | 3,516 | 2,822 | 7,032 | |||||||||||
| Depreciation and amortization | 3,139 | 2,509 | 6,228 | 5,055 | |||||||||||
| Bargain purchase gain | — | — | — | (25,213 | ) | ||||||||||
| Restructuring and related charges | 5,749 | 2,326 | 10,033 | 4,517 | |||||||||||
| Transaction and integration expenses | 2,782 | — | 30,114 | — | |||||||||||
| Stock-based compensation expense | 6,730 | 4,657 | 18,341 | 16,236 | |||||||||||
| Cost of sales adjustment | — | — | — | (1,337 | ) | ||||||||||
| Gain/loss on disposal of property and equipment | 371 | 107 | 385 | 107 | |||||||||||
| Other non-operating expense | (412 | ) | (303 | ) | 1,822 | 754 | |||||||||
| Adjusted EBITDA | (31,032 | ) | (32,604 | ) | (47,383 | ) | (71,233 | ) | |||||||
FAQ
What was Standard BioTools' (LAB) revenue for Q2 2024?
How much cash and investments does Standard BioTools (LAB) have as of Q2 2024?
What is Standard BioTools' (LAB) revised revenue guidance for FY2024?
When does Standard BioTools (LAB) expect to achieve break-even adjusted EBITDA?
How many shares did Standard BioTools (LAB) repurchase in Q2 2024?
