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Standard BioTools Reports Third Quarter 2024 Financial Results

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Standard BioTools (NASDAQ: LAB) reported Q3 2024 revenue of $45 million, down 5% year-over-year. The company achieved a 50% adjusted EBITDA improvement and 35% net loss improvement year-over-year. Key financial metrics include: consumables revenue up 13%, instruments revenue down 42%, and services revenue flat. The company maintains $368 million in cash and investments. Operating expenses decreased 18.5% to $55 million, while net loss improved to $26.9 million. The company has operationalized $80 million in merger synergies, expected to be fully realized in 2025, and reaffirmed FY2024 revenue guidance of $170-175 million.

Standard BioTools (NASDAQ: LAB) ha riportato entrate del Q3 2024 pari a 45 milioni di dollari, in calo del 5% rispetto all'anno precedente. L'azienda ha ottenuto un miglioramento del 50% dell'EBITDA rettificato e un miglioramento del 35% della perdita netta anno su anno. I principali indicatori finanziari includono: entrate da consumabili in aumento del 13%, entrate da strumenti in calo del 42% e entrate dai servizi stabili. L'azienda mantiene 368 milioni di dollari in liquidità e investimenti. Le spese operative sono diminuite del 18,5% a 55 milioni di dollari, mentre la perdita netta è migliorata a 26,9 milioni di dollari. L'azienda ha concretizzato 80 milioni di dollari in sinergie di fusione, che si prevede saranno completamente realizzate nel 2025, e ha confermato le previsioni di entrate per l'FY2024 pari a 170-175 milioni di dollari.

Standard BioTools (NASDAQ: LAB) reportó ingresos del Q3 2024 de 45 millones de dólares, una disminución del 5% en comparación con el año anterior. La compañía logró una mejora del 50% en EBITDA ajustado y una mejora del 35% en la pérdida neta interanual. Las métricas financieras clave incluyen: ingresos de consumibles en aumento del 13%, ingresos de instrumentos en caída del 42% y servicios estables. La compañía mantiene 368 millones de dólares en efectivo e inversiones. Los gastos operativos disminuyeron un 18,5% a 55 millones de dólares, mientras que la pérdida neta mejoró a 26,9 millones de dólares. La empresa ha operacionalizado 80 millones de dólares en sinergias de fusión, que se espera que se realicen por completo en 2025, y reafirmó la guía de ingresos para el FY2024 de 170-175 millones de dólares.

스탠다드 바이오툴즈(NASDAQ: LAB)는 2024년 3분기 수익으로 4,500만 달러를 보고했으며, 이는 전년 대비 5% 감소한 수치입니다. 이 회사는 조정된 EBITDA가 50% 개선되었고, 순손실이 전년 대비 35% 개선되었습니다. 주요 재무 지표는 다음과 같습니다: 소비재 수익 13% 증가, 기기 수익 42% 감소, 서비스 수익 보합. 이 회사는 현금 및 투자로 3억 6,800만 달러를 유지하고 있습니다. 운영 비용은 5,500만 달러로 18.5% 감소했으며, 순손실은 2,690만 달러로 개선되었습니다. 이 회사는 8,000만 달러의 합병 시너지를 실현했으며, 이는 2025년까지 완전히 실현될 것으로 예상되며, 2024년 FY 수익 목표를 1억 7천만 - 1억 7천5백만 달러로 재확인했습니다.

Standard BioTools (NASDAQ: LAB) a rapporté des revenus de 3T 2024 de 45 millions de dollars, en baisse de 5% par rapport à l'année précédente. L'entreprise a enregistré une amélioration de 50% de l'EBITDA ajusté et une amélioration de 35% de la perte nette d'une année sur l'autre. Les principaux indicateurs financiers incluent : revenus des consommables en hausse de 13%, revenus des instruments en baisse de 42% et revenus des services stables. L'entreprise dispose de 368 millions de dollars en liquidités et investissements. Les dépenses d'exploitation ont diminué de 18,5% pour atteindre 55 millions de dollars, tandis que la perte nette s'est améliorée à 26,9 millions de dollars. L'entreprise a mis en œuvre 80 millions de dollars de synergies de fusion, qui devraient être complètement réalisées d'ici 2025, et a réaffirmé les prévisions de revenus pour l'FY2024 entre 170 et 175 millions de dollars.

Standard BioTools (NASDAQ: LAB) meldete im Q3 2024 Einnahmen von 45 Millionen US-Dollar, was einem Rückgang von 5% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte eine Verbesserung des bereinigten EBITDA um 50% und eine Verbesserung des Nettverlustes um 35% im Jahresvergleich. Wichtige Finanzkennzahlen umfassen: Jederumsatz der Verbrauchsmaterialien um 13% gestiegen, der Umsatz mit Instrumenten um 42% gefallen und der Umsatz mit Dienstleistungen bleibt unverändert. Das Unternehmen hält 368 Millionen US-Dollar an Kassenbeständen und Investitionen. Die Betriebskosten sanken um 18,5% auf 55 Millionen US-Dollar, während sich der Nettoloss auf 26,9 Millionen US-Dollar verbesserte. Das Unternehmen hat 80 Millionen US-Dollar an Synergien aus der Fusion operationalisiert, die bis 2025 vollständig realisiert werden sollen, und bekräftigte die Umsatzprognose für das Geschäftsjahr 2024 von 170-175 Millionen US-Dollar.

Positive
  • 50% improvement in adjusted EBITDA year-over-year
  • 35% reduction in net loss year-over-year
  • 13% increase in consumables revenue
  • 18.5% decrease in operating expenses
  • Gross margin improved to 51.7% from 42.5% year-over-year
  • $80 million in merger synergies to be realized by 2025
Negative
  • 5% decline in overall revenue year-over-year
  • 42% decrease in instruments revenue
  • Net loss of $26.9 million in Q3 2024
  • Negative adjusted EBITDA of $14.2 million
  • Weakness in China market affecting instrument sales

Insights

The Q3 results show mixed performance with concerning trends. Revenue declined 5% year-over-year to $45 million, with particular weakness in instrument sales (down 42%). However, consumables revenue grew 13%, showing some resilience in recurring revenue streams.

The company's cost synergy efforts are delivering results, with operating expenses down 18.5% and adjusted EBITDA loss improving by 49.6%. With $367.6 million in cash and investments, the company has substantial runway to execute its turnaround plan.

Key concerns include continued macro pressures affecting capital equipment sales, especially in China and the path to adjusted EBITDA break-even in 2026 requires sustained execution. The maintained revenue guidance of $170-175 million for 2024 suggests management expects current headwinds to persist.

The merger integration with SomaLogic appears to be progressing well, with $80 million in synergies expected to be realized ahead of schedule in 2025. The improved gross margins (reaching 56.9% on a non-GAAP basis) reflect better operational efficiency and favorable product mix.

The shift in revenue composition toward higher-margin consumables and services (86% of total revenue) could help stabilize financial performance, though instrument placement weakness may impact future consumables growth. The company's strategic focus on M&A suggests further industry consolidation opportunities, which could help scale the business more efficiently.

SOUTH SAN FRANCISCO, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the “Company”) today announced unaudited interim financial results for the third quarter ended September 30, 2024.

Recent Highlights:

  • Reported third quarter 2024 revenue of $45 million
  • Ongoing merger cost synergy realization delivered 50% adjusted EBITDA improvement and 35% net loss improvement year-over-year
  • Operationalized approximately $80 million in merger synergies, expected to be fully realized in 2025, and reinforcing path to adjusted EBITDA break-even in 2026
  • Balance sheet as of September 30, 2024, includes $368 million cash, cash equivalents, restricted cash and short-term investments

“Powered by Standard BioTools Business System (SBS), we focused our third quarter efforts on driving commercial execution and enhancing overall operating efficiency. Our team delivered sequential top-line improvement and a significant reduction in spend,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “Last quarter, we announced the acceleration of our anticipated $80 million of merger synergies into 2025, contributing to a 50% improvement in adjusted EBITDA year over year, keeping us on track toward achieving our break-even adjusted EBITDA target in 2026.”

Mr. Egholm added, “Our focus on operational excellence and profitability is positioning us for sustained value creation once macro pressures ease. At the same time, we’re investing in certain growth levers within our leading multi-omics portfolio while actively pursuing strategic M&A to accelerate our mission toward becoming a diversified leader in the life science tools industry.”

Financial Results Table

 (Unaudited, in millions)As Reported
 Three Months Ended
September 30, 2024

 Nine Months Ended
September 30, 2024

Revenue$45.0  $127.7  
Gross margin 51.7%  48.8% 
Non-GAAP gross margin 56.9%  53.2% 
Operating expenses$55.0  $204.8  
Non-GAAP operating expenses$39.8  $137.2  
Operating loss$(31.7) $(142.4) 
Net loss$(26.9) $(104.8) 
Adjusted EBITDA$(14.2) $(69.2) 
Cash, cash equivalents, restricted cash & short-term investments$367.6  $367.6  
 

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 nine- month periods ended September 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the merger between the Company and Somalogic (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 nine- month periods ended September 30, 2023. See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information.

 (Unaudited, in millions)Pro Forma Combined
 Three Months Ended
September 30, 2024
 Three Months Ended
September 30, 2023
 Nine Months Ended
September 30, 
2024
 Nine Months Ended
September 30, 
2023
Revenue$45.0  $47.4  $128.4  $141.0 
Gross margin 51.7%  42.5%  47.5%  43.9%
Non-GAAP gross margin 56.9%  51.7%  53.2%  52.2%
Operating expenses$55.0  $67.4  $208.1  $214.7 
Non-GAAP operating expenses$39.8  $52.7  $137.2  $175.7 
Operating loss$(31.7) $(47.3) $(147.2) $(152.8)
Net loss$(26.9) $(41.2) $(134.6) $(109.0)
Adjusted EBITDA$( 14.2) $(28.2) $(68.9) $(102.0)
        
  • Revenue was $45.0 million in the third quarter of 2024, down 5% year-over-year:
    • Consumables revenue was $14.0 million in the third quarter of 2024, up 13% year-over-year. Consumables revenue grew on the strength of assay kits sales to SomaScan authorized sites and the Illumina early access program.
    • Instruments revenue was $5.6 million in the third quarter of 2024, down 42% year-over-year. Instrument revenue was impacted by capital constrained end-markets globally with particular weakness in China.
    • Services revenue, which includes both Lab Services and Field Services, was $24.4 million in the third quarter of 2024, flat year over year. Services benefited from the favorable timing of large SomaScan customer projects that shifted out of the second quarter into the third quarter, partially offset by lower installation services from lower instrument sales.
  • Gross margins in the third quarter of 2024 were 51.7%, versus 42.5% in the third quarter of 2023; and non-GAAP gross margins in the third quarter of 2024 were 56.9%, versus 51.7% in the third quarter of 2023. Gross margins were impacted by positive mix in the third quarter and continued incremental efficiency gains from SBS.
  • Operating expenses in the third quarter of 2024 was $55 million, a decrease of $12.5 million, or down 18.5%, compared to the third quarter of 2023, and non-GAAP operating expenses, which exclude merger-related costs, stock-based compensation, and restructuring charges, was $39.8 million, a decrease of $12.8 million, or down 24%, compared to the third quarter of 2023. The decrease in operating expenses is a result of ongoing realization of merger cost synergies as previously disclosed, a bonus accrual reduction in line with our full year expectations, as well as continued productivity gains from SBS.
  • Net loss for the third quarter of 2024 was $26.9 million, compared to a net loss of $41.2 million in the third quarter of 2023, representing an improvement of $14.3 million or 34.6%, while adjusted EBITDA for the third quarter of 2024 was a loss of $14.2 million, versus an adjusted EBITDA loss of $28.2 million in 2023, an improvement of $14 million, or 49.6%.

FY 2024 Revenue Outlook

Following its third quarter 2024 results, the Company has reiterated its full year 2024 revenue guidance to a range of $170 million to $175 million.

Third quarter 2024 Earnings Conference Call Information

Standard BioTools will host a conference call and webcast on October 30, 2024 at 1:30 p.m. PT (4:30 p.m. ET) to discuss third 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 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 nine months ended September 30, 2024, combines the Company's financial results for the nine months ended September 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 nine months ended September 30, 2023, combines the historical results of the Company and SomaLogic for their respective three- and nine-month periods ended September 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 of the Merger.

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 and synergies of the Merger, 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 and synergies 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 , 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: standardbio.com/legal/salesterms.
Patent and License Information: standardbio.com/legal/notices.
Trademarks: 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 September 30, Nine Months Ended September 30, 
   2024   2023   2024   2023  
Revenue:         
Product revenue $19,593  $18,711  $65,348  $57,814  
Services revenue  24,438   6,566   59,518   19,268  
Collaboration and other revenue  938   90   2,848   1,070  
Total revenue  44,969   25,367   127,714   78,152  
Cost of revenue:         
Cost of product revenue  8,159   11,403   33,142   33,276  
Cost of services revenue  13,536   2,810   32,115   7,783  
Cost of collaboration and other revenue  13      100     
Total cost of revenue  21,708   14,213   65,357   41,059  
Gross profit  23,261   11,154   62,357   37,093  
Operating expenses:         
Research and development  13,156   6,370   48,358   19,039  
Selling, general and administrative  34,403   22,292   119,020   66,187  
Restructuring and related charges  2,341   1,998   12,374   5,415  
Transaction and integration expenses  5,079   1,666   25,024   1,666  
Total operating expenses  54,979   32,326   204,776   92,307  
Loss from operations  (31,718)  (21,172)  (142,419)  (55,214) 
Bargain purchase gain        25,213     
Interest income, net  3,941   340   13,559   656  
Other income (expense), net  957   (115)  (865)  292  
Loss before income taxes  (26,820)  (20,947)  (104,512)  (54,266) 
Income tax benefit (expense)  (118)  (50)  (301)  (614) 
Net loss $(26,938) $(20,997) $(104,813) $(54,880) 
Induced conversion of redeemable preferred stock        (46,014)    
Net loss attributable to common stockholders $(26,938) $(20,997) $(150,827) $(54,880) 
Net loss per share attributable to common stockholders, basic and diluted $(0.07) $(0.27) $(0.44) $(0.69) 
Shares used in computing net loss per share attributable to common stockholders, basic and diluted  371,538   79,152   346,093   78,967  
          


STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
  September 30, 2024 December 31, 2023 
ASSETS     
Current assets:     
Cash and cash equivalents $210,647 $51,704  
Short-term investments  155,683  63,191  
Accounts receivable, net  35,317  19,660  
Inventory  42,644  20,533  
Prepaid expenses and other current assets  9,316  3,127  
Total current assets  453,607  158,215  
Inventory, non-current  17,949    
Royalty receivable, non-current  3,388    
Property and equipment, net  41,982  24,187  
Operating lease right-of-use asset, net  30,264  30,663  
Other non-current assets  4,640  2,285  
Acquired intangible assets, net  23,367  1,400  
Goodwill  106,342  106,317  
Total assets $681,539 $323,067  
      
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)     
Current liabilities:     
Accounts payable $10,926 $9,236  
Accrued liabilities  31,686  21,019  
Operating lease liabilities, current  6,122  4,323  
Deferred revenue, current  13,436  11,607  
Deferred grant income, current  3,532  3,612  
Term loan, current    5,000  
Convertible notes, current  54,913  54,530  
Total current liabilities  120,615  109,327  
Convertible notes, non-current  299  569  
Term loan, non-current    3,414  
Deferred tax liability  841  841  
Operating lease liabilities, non-current  28,140  30,374  
Deferred revenue, non-current  32,682  3,520  
Deferred grant income, non-current  8,119  10,755  
Other non-current liabilities  1,510  1,065  
Total liabilities  192,206  159,865  
Mezzanine equity:     
Redeemable preferred stock    311,253  
Total stockholders’ equity (deficit)  489,333  (148,051) 
Total liabilities, mezzanine equity and stockholders’ equity (deficit) $681,539 $323,067  
      


STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
  Nine Months Ended September 30, 
   2024   2023  
Operating activities     
Net loss $(104,813) $(54,880) 
Bargain purchase gain  (25,213)    
Stock-based compensation expense  24,262   9,648  
Amortization of acquired intangible assets  3,533   8,400  
Depreciation and amortization  9,375   2,874  
Accretion of discount on short-term investments, net  (6,303)  (321) 
Non-cash lease expense  4,348   2,885  
Provision for excess and obsolete inventory  1,991   963  
Change in fair value of warrants  (474)    
Other non-cash items  1,111   611  
Changes in assets and liabilities, net  (37,212)  594  
Net cash used in operating activities  (129,395)  (29,226) 
      
Investing activities     
Cash and restricted cash acquired in merger  280,033     
Purchases of short-term investments  (226,612)  (55,857) 
Proceeds from sales and maturities of investments  289,000   91,964  
Purchases of property and equipment  (4,973)  (2,753) 
Net cash provided by investing activities  337,448   33,354  
      
Financing activities     
Repayment of term loan and convertible notes  (8,192)  (833) 
Payment of term loan fee  (545)    
Repurchase of common stock  (40,490)  (5,240) 
Proceeds from ESPP stock issuance  425   326  
Payments for taxes related to net share settlement of equity awards and other  (414)  (139) 
Proceeds from exercise of stock options  1,120   80  
Net cash used in financing activities  (48,096)  (5,806) 
Effect of foreign exchange rate fluctuations on cash and cash equivalents  (518)  (196) 
Net increase in cash, cash equivalents and restricted cash  159,439   (1,874) 
Cash, cash equivalents and restricted cash at beginning of period  52,499   82,324  
Cash, cash equivalents and restricted cash at end of period $211,938  $80,450  
      
Cash, cash equivalents, and restricted cash consists of:     
Cash and cash equivalents $210,647  $79,655  
Restricted cash  1,291   795  
Total cash, cash equivalents and restricted cash $211,938  $80,450  
      


STANDARD BIOTOOLS INC.
REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE
(In thousands)
(Unaudited)
 
  As Reported 
  Three Months Ended September 30, Nine Months Ended September 30, 
   2024  2023  2024  2023 
Product revenue:         
Instruments $5,586 $9,002 $19,959 $26,512 
Consumables  14,007  9,709  45,389  31,302 
Total product revenue  19,593  18,711  65,348  57,814 
Service revenue:         
Lab services  18,247  114  40,780  564 
Field services  6,191  6,452  18,738  18,704 
Total service revenue  24,438  6,566  59,518  19,268 
Product and service revenue  44,031  25,277  124,866  77,082 
Collaboration and other revenue  938  90  2,848  1,070 
Total revenue $44,969 $25,367 $127,714 $78,152 
          
  Non-GAAP Pro Forma 
  Three Months Ended September 30, Nine Months Ended September 30, 
   2024  2023  2024  2023 
Product revenue:         
Instruments $5,586 $9,712 $19,959 $27,683 
Consumables  14,007  12,417  45,389  37,644 
Total product revenue  19,593  22,129  65,348  65,327 
Service revenue:         
Lab services  18,247  17,980  41,384  53,446 
Field services  6,191  6,452  18,738  18,704 
Total service revenue  24,438  24,432  60,122  72,150 
Product and service revenue  44,031  46,561  125,470  137,477 
Collaboration and other revenue  938  854  2,889  3,570 
Total revenue $44,969 $47,415 $128,359 $141,047 
          

   

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 Nine Months Ended 
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
Gross profit $23,261  $11,154  $62,357  $37,093  
Amortization of acquired intangible assets  555   2,800   3,051   8,400  
Depreciation and amortization  1,445   333   3,435   991  
Stock-based compensation expense  364   188   897   648  
Cost of sales adjustment        (1,812)    
Non-GAAP gross profit $25,625  $14,475  $67,928  $47,132  
          
Gross margin percentage  51.7%  44.0%  48.8%  47.5% 
Amortization of acquired intangible assets  1.2%  11.0%  2.4%  10.7% 
Depreciation and amortization  3.2%  1.3%  2.7%  1.3% 
Stock-based compensation expense  0.8%  0.7%  0.7%  0.8% 
Cost of sales adjustment  0.0%  0.0%  (1.4)%  0.0% 
Non-GAAP gross margin percentage  56.9%  57.0%  53.2%  60.3% 
          
          
  Non-GAAP Pro Forma Combined 
  Three Months Ended Nine Months Ended 
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
Gross profit $23,261  $20,138  $60,942  $61,924  
Amortization of acquired intangible assets  555   3,355   3,051   10,067  
Depreciation and amortization  1,445   760   3,435   2,150  
Stock-based compensation expense  364   260   897   816  
Cost of sales adjustment           (1,337) 
Non-GAAP gross profit $25,625  $24,513  $68,325  $73,620  
          
Gross margin percentage  51.7%  42.5%  47.5%  43.9% 
Amortization of acquired intangible assets  1.2%  7.1%  2.4%  7.1% 
Depreciation and amortization  3.2%  1.6%  2.7%  1.5% 
Stock-based compensation expense  0.8%  0.5%  0.7%  0.6% 
Cost of sales adjustment  0.0%  0.0%  0.0%  (0.9)% 
Non-GAAP gross margin percentage  56.9%  51.7%  53.3%  52.2% 
          


STANDARD BIOTOOLS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
 
ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES
 
  As Reported 
  Three Months Ended Nine Months Ended 
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
Operating expenses $54,979  $32,326  $204,776  $92,307  
Restructuring and related charges  (2,341)  (1,998)  (12,374)  (5,415) 
Transaction and integration expenses  (5,079)  (1,666)  (25,024)  (1,666) 
Stock-based compensation expense  (5,557)  (3,198)  (23,365)  (9,000) 
Amortization of acquired intangible assets  (161)  -   (482)  -  
Depreciation and amortization  (1,986)  (853)  (5,940)  (1,883) 
Gain/loss on disposal of property and equipment  (30)  -   (415)  (73) 
Non-GAAP operating expenses $39,825  $24,611  $137,176  $74,270  
          
R&D operating expenses $13,156  $6,370  $48,358  $19,039  
Stock-based compensation expense  (724)  (459)  (4,480)  (1,241) 
Depreciation and amortization  (947)  (120)  (2,606)  (401) 
Non-GAAP R&D operating expenses $11,485  $5,791  $41,272  $17,397  
          
SG&A operating expenses $34,403  $22,292  $119,020  $66,187  
Stock-based compensation expense  (4,833)  (2,739)  (18,885)  (7,759) 
Amortization of acquired intangible assets  (161)  -   (482)  -  
Depreciation and amortization  (1,039)  (733)  (3,334)  (1,482) 
Gain/loss on disposal of property and equipment  (30)  -   (415)  (73) 
Non-GAAP SG&A operating expenses $28,340  $18,820  $95,904  $56,873  
          
          
  Non-GAAP Pro Forma Combined 
  Three Months Ended Nine Months Ended 
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
Operating expenses $54,979  $67,431  $208,149  $214,710  
Restructuring and related charges  (2,341)  (1,998)  (12,374)  (6,515) 
Transaction and integration expenses  (5,079)  (5,823)  (35,193)  (5,823) 
Stock-based compensation expense  (5,557)  (4,668)  (16,519)  (20,335) 
Amortization of acquired intangible assets  (161)  (161)  (482)  (482) 
Depreciation and amortization  (1,986)  (2,110)  (5,940)  (5,774) 
Gain/loss on disposal of property and equipment  (30)  -   (415)  (122) 
Non-GAAP operating expenses $39,825  $52,671  $137,226  $175,659  
          
R&D operating expenses $13,156  $14,753  $49,010  $47,484  
Stock-based compensation expense  (724)  (964)  (4,480)  (2,476) 
Depreciation and amortization  (947)  (540)  (2,606)  (1,592) 
Non-GAAP R&D operating expenses $11,485  $13,249  $41,924  $43,416  
          
SG&A operating expenses $34,403  $44,857  $111,572  $154,888  
Stock-based compensation expense  (4,833)  (3,704)  (12,039)  (17,859) 
Amortization of acquired intangible assets  (161)  (161)  (482)  (482) 
Depreciation and amortization  (1,039)  (1,570)  (3,334)  (4,182) 
Gain/loss on disposal of property and equipment  (30)  -   (415)  (122) 
Non-GAAP SG&A operating expenses $28,340  $39,422  $95,302  $132,243  
                  


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 Nine Months Ended 
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
Net loss $(26,938) $(20,997) $(104,813) $(54,880) 
Income tax expense (benefit)  118   50   301   614  
Interest income, net  (3,941)  (340)  (13,559)  (656) 
Amortization of acquired intangible assets  716   2,800   3,533   8,400  
Depreciation and amortization  3,431   1,186   9,375   2,874  
Bargain purchase gain        (25,213)    
Restructuring and related charges  2,341   1,998   12,374   5,415  
Transaction and integration expenses  5,079   1,666   25,024   1,666  
Stock-based compensation expense  5,921   3,386   24,262   9,648  
Cost of sales adjustment        (1,812)    
Gain/loss on disposal of property and equipment  30      415   73  
Other non-operating expense  (957)  115   865   (292) 
Adjusted EBITDA  (14,200)  (10,136)  (69,248)  (27,138) 
          
          
          
  Non-GAAP Pro Forma Combined 
  Three Months Ended Nine Months Ended 
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
Net loss $(26,938) $(41,204) $(134,607) $(109,000) 
Income tax expense (benefit)  118   528   301   1,096  
Interest income, net  (3,941)  (6,447)  (13,559)  (17,604) 
Amortization of acquired intangible assets  716   3,516   3,533   10,549  
Depreciation and amortization  3,431   2,870   9,375   7,924  
Bargain purchase gain           (25,213) 
Restructuring and related charges  2,341   1,998   12,374   6,515  
Transaction and integration expenses  5,079   5,823   35,193   5,823  
Stock-based compensation expense  5,921   4,928   17,416   21,151  
Cost of sales adjustment           (1,337) 
Gain/loss on disposal of property and equipment  30      415   122  
Other non-operating expense  (957)  (170)  658   (2,065) 
Adjusted EBITDA  (14,200)  (28,158)  (68,901)  (102,039) 
          

FAQ

What was Standard BioTools (LAB) revenue in Q3 2024?

Standard BioTools reported revenue of $45 million in Q3 2024, representing a 5% decrease year-over-year.

How much did Standard BioTools (LAB) improve its EBITDA in Q3 2024?

Standard BioTools improved its adjusted EBITDA by 50% year-over-year, with a loss of $14.2 million compared to a $28.2 million loss in Q3 2023.

What is Standard BioTools (LAB) revenue guidance for full year 2024?

Standard BioTools reiterated its full year 2024 revenue guidance to be between $170 million and $175 million.

How much cash does Standard BioTools (LAB) have as of September 30, 2024?

Standard BioTools reported $368 million in cash, cash equivalents, restricted cash and short-term investments as of September 30, 2024.

Standard BioTools Inc.

NASDAQ:LAB

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LAB Stock Data

612.37M
364.90M
1.94%
73.33%
5.25%
Medical Devices
Laboratory Analytical Instruments
Link
United States of America
SOUTH SAN FRANCISCO