SOUTH SAN FRANCISCO, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the “Company” or “Standard BioTools”) today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.
Recent Highlights:
- Full Year 2024 pro forma combined revenue of $175.1 million
- 17% Full Year reduction in pro forma operating loss and 33% year over year improvement in adjusted EBITDA
- Additional $10 million in operational cost reductions, now totaling $90 million in synergies over 12 months
- Strong Balance sheet with $295 million in cash, cash equivalents, restricted cash, short-term investments and no material debt at year end 2024 expected to provide sufficient runway to reach adjusted EBITDA positive in 2026 and allowing for future strategic bolt-on acquisitions
“2024 was a year of execution and integration despite a dynamic economic backdrop. We have streamlined our operations, unified our business systems and strengthened our management team, establishing a foundation for the next phase of growth,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "Powered by SBS, we came in at the top end of our 2024 revenue guidance, exceeded our original cost synergy target by $10 million, now running at $90 million in just twelve months. We also drove continued efficiency gains, improving pro forma non-GAAP operating expenses by 22% and adjusted EBITDA by 33% year over year. With integration efforts largely behind us, we have emerged as a more agile organization getting leaner and faster as we progress toward anticipated profitability in 2026."
Mr. Egholm added, "Looking ahead, in an uncertain environment our mission is clear – execute with precision, drive continuous improvement and scale intelligently both organically and inorganically. We are shifting mix toward higher-margin offerings in attractive markets while unlocking the power of proteomics with our partner Illumina. We believe the imminent launch of our co-branded, NGS-based, distributed solution can transform the most exciting area of the market which is at least a billion-dollar opportunity. Success there will also allow us to continue to focus on taking advantage of an environment primed for consolidation. This next phase demands focus and relentless execution as we build a Standard BioTools for long-term growth and value creation."
Financial Results Table
| | As Reported |
| | Three Months Ended | | Twelve Months Ended |
| (Unaudited, in millions, except percentages) | December 31, 2024 | | December 31, 2024 |
| Revenue | $ | 46.7 | | | $ | 174.4 | |
| Gross margin | | 46.9 | % | | | 48.3 | % |
| Non-GAAP gross margin | | 52.5 | % | | | 53.0 | % |
| Operating expenses | $ | 54.7 | | | $ | 259.5 | |
| Non-GAAP operating expenses | $ | 42.9 | | | $ | 180.1 | |
| Operating loss | $ | (32.8 | ) | | $ | (175.2 | ) |
| Net loss | $ | (34.1 | ) | | $ | (138.9 | ) |
| Adjusted EBITDA | $ | (18.4 | ) | | $ | (87.7 | ) |
| Cash, cash equivalents, restricted cash, and short-term investments | $ | 295.0 | | | $ | 295.0 | |
| | | | | | | | |
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 twelve-month periods ended December 31, 2024, and the historical financial results of SomaLogic, Inc. (“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 financial results of the Company and SomaLogic for their respective three- and twelve-month periods ended December 31, 2023. See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information.
| | Pro Forma Combined |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| (Unaudited, in millions, except percentages) | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Revenue | $ | 46.7 | | | $ | 51.4 | | | $ | 175.1 | | | $ | 192.5 | |
| Gross margin | | 46.9 | % | | | 46.7 | % | | | 47.3 | % | | | 44.7 | % |
| Non-GAAP gross margin | | 52.5 | % | | | 55.4 | % | | | 53.0 | % | | | 53.1 | % |
| Operating expenses | $ | 54.7 | | | $ | 89.0 | | | $ | 262.8 | | | $ | 303.7 | |
| Non-GAAP operating expenses | $ | 42.9 | | | $ | 56.5 | | | $ | 180.1 | | | $ | 232.2 | |
| Operating loss | $ | (32.8 | ) | | $ | (65.0 | ) | | $ | (180.0 | ) | | $ | (217.8 | ) |
| Net loss | $ | (34.1 | ) | | $ | (55.3 | ) | | $ | (168.7 | ) | | $ | (164.3 | ) |
| Adjusted EBITDA | $ | (18.4 | ) | | $ | (28.0 | ) | | $ | (87.3 | ) | | $ | (130.1 | ) |
| | | | | | | | | | | | | | | | |
Fourth Quarter 2024 Financial Results (Pro Forma Combined)
- Revenue was $46.7 million in the fourth quarter of 2024, down 9% year-over-year:
- Consumables revenue was $14.7 million in the fourth quarter of 2024, up 10% 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 $8.5 million in the fourth quarter of 2024, down 25% year-over-year. Instrument revenue was impacted by capital constrained end-markets globally.
- Services revenue, which includes both Lab Services and Field Services, was $21.6 million in the fourth quarter of 2024, down 16% year over year. Lab Services was down 18% due to timing of large projects. Field Services was down 10% on lower instrument sales.
- Gross margins in the fourth quarter of 2024 were 46.9%, versus 46.7% in the fourth quarter of 2023; and non-GAAP gross margins, which exclude depreciation, amortization, and stock-based compensation, were 52.5% in the fourth quarter of 2024 versus 55.4% in the fourth quarter of 2023. Gross margins were impacted by volumes and instrument replacement costs, partially offset by continued incremental efficiency gains from Standard BioTools Business System (“SBS”).
- Operating expenses in the fourth quarter of 2024 were $54.7 million, a decrease of $34.3 million, or down 39%, compared to the fourth quarter of 2023; and non-GAAP operating expenses, which exclude Merger-related costs, stock-based compensation, and restructuring charges, were $42.9 million in the fourth quarter of 2024, a decrease of $13.6 million, or down 24%, compared to the fourth quarter of 2023. The decrease in operating expenses is a result of ongoing realization of previously disclosed Merger cost synergies as well as continued productivity gains from SBS.
- Net loss for the fourth quarter of 2024 was $34.1 million, compared to a net loss of $55.3 million in the fourth quarter of 2023, representing an improvement of $21.2 million or 38%, while adjusted EBITDA for the fourth quarter of 2024 was a loss of $18.4 million, versus an adjusted EBITDA loss of $28.0 million in 2023, an improvement of $9.6 million, or 34%.
Full Year 2024 Financial Results (Pro Forma Combined)
- Revenue was $175.1 million in 2024, down 9% year-over-year:
- Consumables revenue was $60.1 million in 2024, up 18% 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 $28.5 million in 2024, down 27% year-over-year. Instrument revenue was impacted by capital constrained end-markets globally.
- Services revenue, which includes both Lab Services and Field Services, was $81.7 million in 2024, down 17% year over year. Lab Services were impacted by smaller projects from our top customers and field services by lower installation services from lower instrument sales.
- Gross margins in 2024 were 47.3%, versus 44.7% in 2023; and non-GAAP gross margins in 2024 were 53.0%, versus 53.1% in 2023. Gross margins were impacted by lower volumes, offset by productivity and efficiency gains from SBS.
- Operating expenses in 2024 were $262.8 million, a decrease of $40.9 million, or down 13%, compared to 2023; and non-GAAP operating expenses were $180.1 million, a decrease of $52.1 million, or down 22%, compared to 2023. The decrease in operating expenses is a result of ongoing realization of previously disclosed Merger cost synergies, a bonus accrual reduction in line with our full year results, as well as continued productivity gains from SBS.
- Net loss for 2024 was $168.7 million, compared to a net loss of $164.3 million in 2023, while adjusted EBITDA for 2024 was a loss of $87.3 million, versus an adjusted EBITDA loss of $130.1 million in 2023, an improvement of $42.8 million, or 33%.
Full Year 2025 Revenue Outlook
For fiscal year 2025, the Company expects revenue in the range of $165 million to $175 million. This guidance assumes a high single-digit millions decline in our Americas academic revenue due to anticipated NIH funding pressures, no expected effect from U.S. export controls and limited impact from tariffs.
Conference Call Information
Standard BioTools will host a conference call and webcast on February 26th 2025 at 4:30 p.m. ET to discuss the fourth quarter and full year 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 the twelve months ended December 31, 2024, combines the Company's financial results for the twelve months December 31, 2024, and the historical financial 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 twelve months ended December 31, 2023, combines the historical financial results of the Company and SomaLogic for their respective three- and twelve-month periods ended December 31, 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; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits and synergies of prior and potential future acquisitions, including the potential for such transactions 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 prior and potential future acquisitions and the integration of any such businesses, including the potential for such transactions 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 such transactions; possible integration, restructuring and transition-related disruption resulting from such transactions, 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; anticipated NIH funding pressures, the expected effect from U.S. export controls and the expected impact from tariffs; 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), 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 SomaScan, 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. ©2025 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.
Investor Contact:
ir@standardbio.com
STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) |
| |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Revenue: | | | | | | | |
| Product revenue | $ | 23,220 | | | $ | 21,384 | | | $ | 88,568 | | | $ | 79,198 | |
| Service revenue | | 21,615 | | | | 6,712 | | | | 81,133 | | | | 25,980 | |
| Collaboration and other revenue | | 1,883 | | | | 92 | | | | 4,731 | | | | 1,162 | |
| Total revenue | | 46,718 | | | | 28,188 | | | | 174,432 | | | | 106,340 | |
| Cost of revenue: | | | | | | | |
| Cost of product revenue | | 9,123 | | | | 11,666 | | | | 42,265 | | | | 44,942 | |
| Cost of service revenue | | 15,614 | | | | 3,165 | | | | 47,729 | | | | 10,948 | |
| Cost of collaboration and other revenue | | 76 | | | | — | | | | 176 | | | | — | |
| Total cost of revenue | | 24,813 | | | | 14,831 | | | | 90,170 | | | | 55,890 | |
| Gross profit | | 21,905 | | | | 13,357 | | | | 84,262 | | | | 50,450 | |
| Operating expenses: | | | | | | | |
| Research and development | | 14,053 | | | | 6,909 | | | | 62,411 | | | | 25,948 | |
| Selling, general and administrative | | 37,588 | | | | 21,354 | | | | 156,608 | | | | 87,541 | |
| Restructuring and related charges | | 126 | | | | 1,661 | | | | 12,500 | | | | 7,076 | |
| Transaction and integration expenses | | 2,955 | | | | 4,819 | | | | 27,979 | | | | 6,485 | |
| Total operating expenses | | 54,722 | | | | 34,743 | | | | 259,498 | | | | 127,050 | |
| Loss from operations | | (32,817 | ) | | | (21,386 | ) | | | (175,236 | ) | | | (76,600 | ) |
| Bargain purchase gain | | — | | | | — | | | | 25,213 | | | | — | |
| Interest income, net | | 3,324 | | | | 349 | | | | 16,883 | | | | 1,005 | |
| Other (expense) income, net | | (4,307 | ) | | | 1,099 | | | | (5,172 | ) | | | 1,391 | |
| Loss before income taxes | | (33,800 | ) | | | (19,938 | ) | | | (138,312 | ) | | | (74,204 | ) |
| Income tax (expense) benefit | | (272 | ) | | | 162 | | | | (573 | ) | | | (452 | ) |
| Net loss | $ | (34,072 | ) | | $ | (19,776 | ) | | $ | (138,885 | ) | | $ | (74,656 | ) |
| Induced conversion of redeemable preferred stock | | — | | | | — | | | | (46,014 | ) | | | — | |
| Net loss attributable to common stockholders | $ | (34,072 | ) | | $ | (19,776 | ) | | $ | (184,899 | ) | | $ | (74,656 | ) |
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.09 | ) | | $ | (0.25 | ) | | $ | (0.52 | ) | | $ | (0.94 | ) |
| Shares used in computing net loss per share attributable to common stockholders, basic and diluted | | 374,544 | | | | 79,729 | | | | 352,670 | | | | 79,160 | |
| | | | | | | | | | | | | | | | |
STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited) |
| |
| | December 31,
2024 | | December 31,
2023 |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 166,728 | | | $ | 51,704 | |
| Short-term investments | | 126,146 | | | | 63,191 | |
| Accounts receivable, net | | 33,608 | | | | 19,660 | |
| Inventories, net | | 40,737 | | | | 20,533 | |
| Prepaid expenses and other current assets | | 8,661 | | | | 3,127 | |
| Total current assets | | 375,880 | | | | 158,215 | |
| Inventory, non-current | | 18,528 | | | | — | |
| Property and equipment, net | | 42,556 | | | | 24,187 | |
| Operating lease right-of-use asset, net | | 28,828 | | | | 30,663 | |
| Other non-current assets | | 6,301 | | | | 2,285 | |
| Developed technology, net | | 28,954 | | | | 1,400 | |
| Goodwill | | 111,297 | | | | 106,317 | |
| Total assets | $ | 612,344 | | | $ | 323,067 | |
| | | | |
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 12,282 | | | $ | 9,236 | |
| Accrued liabilities | | 30,739 | | | | 21,019 | |
| Operating lease liabilities, current | | 6,228 | | | | 4,323 | |
| Deferred revenue, current | | 13,118 | | | | 11,607 | |
| Deferred grant income, current | | 3,527 | | | | 3,612 | |
| Term loan, current | | — | | | | 5,000 | |
| Convertible notes, current | | — | | | | 54,530 | |
| Total current liabilities | | 65,894 | | | | 109,327 | |
| Convertible notes, non-current | | 299 | | | | 569 | |
| Term loan, non-current | | — | | | | 3,414 | |
| Deferred tax liability | | 1,081 | | | | 841 | |
| Operating lease liabilities, non-current | | 26,469 | | | | 30,374 | |
| Deferred revenue, non-current | | 32,674 | | | | 3,520 | |
| Deferred grant income, non-current | | 7,243 | | | | 10,755 | |
| Other non-current liabilities | | 6,962 | | | | 1,065 | |
| Total liabilities | | 140,622 | | | | 159,865 | |
| Mezzanine equity: | | | |
| Redeemable preferred stock | | — | | | | 311,253 | |
| Total stockholders’ deficit | | 471,722 | | | | (148,051 | ) |
| Total liabilities, mezzanine equity and stockholders’ deficit | $ | 612,344 | | | $ | 323,067 | |
| | | | | | | | |
STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) |
| |
| | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | |
| Operating activities | | | |
| Net loss | $ | (138,885 | ) | | $ | (74,656 | ) |
| Bargain purchase gain | | (25,213 | ) | | | — | |
| Loss on forward sale of Series B Preferred Stock | | — | | | | — | |
| Loss on Bridge Loans | | — | | | | — | |
| Stock-based compensation expense | | 31,732 | | | | 13,123 | |
| Amortization of acquired intangible assets | | 4,346 | | | | 11,200 | |
| Depreciation and amortization | | 12,515 | | | | 3,980 | |
| Accretion of discount on short-term investments, net | | (7,435 | ) | | | (1,261 | ) |
| Non-cash lease expense | | 5,766 | | | | 3,864 | |
| Provision for excess and obsolete inventory | | 2,524 | | | | 1,496 | |
| Change in fair value of warrants | | (632 | ) | | | — | |
| Impairment of InstruNor developed technology intangible | | — | | | | — | |
| Other non-cash items | | 1,025 | | | | 939 | |
| Changes in assets and liabilities, net | | (29,197 | ) | | | (1,972 | ) |
| Net cash used in operating activities | | (143,454 | ) | | | (43,287 | ) |
| | | | |
| Investing activities | | | |
| Cash and restricted cash acquired in the Merger | | 280,033 | | | | — | |
| Acquisition of business, net of cash acquired | | (1,385 | ) | | | — | |
| Purchases of short-term investments | | (256,119 | ) | | | (94,896 | ) |
| Proceeds from sales and maturities of investments | | 349,000 | | | | 117,964 | |
| Purchases of property and equipment | | (8,355 | ) | | | (2,831 | ) |
| Net cash provided by (used in) investing activities | | 363,174 | | | | 20,237 | |
| | | | |
| Financing activities | | | |
| Proceeds from Bridge Loans | | — | | | | — | |
| Proceeds from issuance of Series B Preferred Stock | | — | | | | — | |
| Repayment of term loan and convertible notes | | (63,192 | ) | | | (2,083 | ) |
| Payment of term loan fee | | (545 | ) | | | — | |
| Payment of debt and equity issuance costs | | — | | | | — | |
| Repurchase of common stock | | (40,490 | ) | | | (5,414 | ) |
| Proceeds from ESPP stock issuance | | 918 | | | | 723 | |
| Payments for taxes related to net share settlement of equity awards and other | | (459 | ) | | | (139 | ) |
| Proceeds from exercise of stock options | | 1,152 | | | | 104 | |
| Net cash provided by (used in) financing activities | | (102,616 | ) | | | (6,809 | ) |
| Effect of foreign exchange rate fluctuations on cash and cash equivalents | | (785 | ) | | | 34 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | | 116,319 | | | | (29,825 | ) |
| Cash, cash equivalents and restricted cash at beginning of period | | 52,499 | | | | 82,324 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 168,818 | | | $ | 52,499 | |
| | | | |
| Cash, cash equivalents, and restricted cash consists of: | | | |
| Cash and cash equivalents | $ | 166,728 | | | $ | 51,704 | |
| Restricted cash | | 2,090 | | | | 795 | |
| Total cash, cash equivalents and restricted cash | $ | 168,818 | | | $ | 52,499 | |
| | | | | | | | |
STANDARD BIOTOOLS INC.
REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE
(In thousands)
(Unaudited) |
| |
| | As Reported |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Product revenue: | | | | | | | |
| Instruments | $ | 8,545 | | | $ | 10,947 | | | $ | 28,504 | | | $ | 37,459 | |
| Consumables | | 14,675 | | | | 10,437 | | | | 60,064 | | | | 41,739 | |
| Total product revenue | | 23,220 | | | | 21,384 | | | | 88,568 | | | | 79,198 | |
| Service revenue: | | | | | | | |
| Lab services | | 15,704 | | | | 142 | | | | 56,484 | | | | 706 | |
| Field services | | 5,911 | | | | 6,570 | | | | 24,649 | | | | 25,274 | |
| Total service revenue | | 21,615 | | | | 6,712 | | | | 81,133 | | | | 25,980 | |
| Product and service revenue | | 44,835 | | | | 28,096 | | | | 169,701 | | | | 105,178 | |
| Collaboration and other revenue | | 1,883 | | | | 92 | | | | 4,731 | | | | 1,162 | |
| Total revenue | $ | 46,718 | | | $ | 28,188 | | | $ | 174,432 | | | $ | 106,340 | |
| | | | | | | | |
| | Non-GAAP Pro Forma |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Product revenue: | | | | | | | |
| Instruments | $ | 8,545 | | | $ | 11,460 | | | $ | 28,504 | | | $ | 39,143 | |
| Consumables | | 14,675 | | | | 13,305 | | | | 60,064 | | | | 50,949 | |
| Total product revenue | | 23,220 | | | | 24,765 | | | | 88,568 | | | | 90,092 | |
| Service revenue: | | | | | | | |
| Lab services | | 15,704 | | | | 19,211 | | | | 57,088 | | | | 72,657 | |
| Field services | | 5,911 | | | | 6,570 | | | | 24,649 | | | | 25,274 | |
| Total service revenue | | 21,615 | | | | 25,781 | | | | 81,737 | | | | 97,931 | |
| Product and service revenue | | 44,835 | | | | 50,546 | | | | 170,305 | | | | 188,023 | |
| Collaboration and other revenue | | 1,883 | | | | 872 | | | | 4,772 | | | | 4,442 | |
| Total revenue | $ | 46,718 | | | $ | 51,418 | | | $ | 175,077 | | | $ | 192,465 | |
| | | | | | | | | | | | | | | | |
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 December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Gross profit | $ | 21,905 | | | $ | 13,357 | | | $ | 84,262 | | | $ | 50,450 | |
| Amortization of acquired intangible assets | | 643 | | | | 2,800 | | | | 3,694 | | | | 11,200 | |
| Depreciation and amortization | | 1,476 | | | | 482 | | | | 4,911 | | | | 1,473 | |
| Stock-based compensation expense | | 486 | | | | 163 | | | | 1,383 | | | | 811 | |
| Cost of sales adjustment | | — | | | | — | | | | (1,812 | ) | | | — | |
| Non-GAAP gross profit | $ | 24,510 | | | $ | 16,802 | | | $ | 92,438 | | | $ | 63,934 | |
| | | | | | | | |
| Gross margin percentage | | 46.9 | % | | | 47.4 | % | | | 48.3 | % | | | 47.4 | % |
| Amortization of acquired intangible assets | | 1.4 | % | | | 9.9 | % | | | 2.1 | % | | | 10.5 | % |
| Depreciation and amortization | | 3.2 | % | | | 1.7 | % | | | 2.8 | % | | | 1.4 | % |
| Stock-based compensation expense | | 1.0 | % | | | 0.6 | % | | | 0.8 | % | | | 0.8 | % |
| Cost of sales adjustment | | 0.0 | % | | | 0.0 | % | | | (1.0 | )% | | | 0.0 | % |
| Non-GAAP gross margin percentage | | 52.5 | % | | | 59.6 | % | | | 53.0 | % | | | 60.1 | % |
| | | | | | | | |
| | Non-GAAP Pro Forma Combined |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Gross profit | $ | 21,905 | | | $ | 24,024 | | | $ | 82,847 | | | $ | 85,949 | |
| Amortization of acquired intangible assets | | 643 | | | | 3,355 | | | | 3,694 | | | | 13,422 | |
| Depreciation and amortization | | 1,476 | | | | 911 | | | | 4,911 | | | | 3,062 | |
| Stock-based compensation expense | | 486 | | | | 210 | | | | 1,383 | | | | 1,027 | |
| Cost of sales adjustment | | — | | | | — | | | | — | | | | (1,337 | ) |
| Non-GAAP gross profit | $ | 24,510 | | | $ | 28,500 | | | $ | 92,835 | | | $ | 102,123 | |
| | | | | | | | |
| Gross margin percentage | | 46.9 | % | | | 46.7 | % | | | 47.3 | % | | | 44.7 | % |
| Amortization of acquired intangible assets | | 1.4 | % | | | 6.5 | % | | | 2.1 | % | | | 7.0 | % |
| Depreciation and amortization | | 3.2 | % | | | 1.8 | % | | | 2.8 | % | | | 1.6 | % |
| Stock-based compensation expense | | 1.0 | % | | | 0.4 | % | | | 0.8 | % | | | 0.5 | % |
| Cost of sales adjustment | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | (0.7 | )% |
| Non-GAAP gross margin percentage | | 52.5 | % | | | 55.4 | % | | | 53.0 | % | | | 53.1 | % |
| | | | | | | | | | | | | | | | |
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 December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Operating expenses | $ | 54,722 | | | $ | 34,743 | | | $ | 259,498 | | | $ | 127,050 | |
| Restructuring and related charges | | (126 | ) | | | (1,661 | ) | | | (12,500 | ) | | | (7,076 | ) |
| Transaction and integration expenses | | (2,955 | ) | | | (4,819 | ) | | | (27,979 | ) | | | (6,485 | ) |
| Stock-based compensation expense | | (6,984 | ) | | | (3,312 | ) | | | (30,349 | ) | | | (12,312 | ) |
| Amortization of acquired intangible assets | | (170 | ) | | | - | | | | (652 | ) | | | - | |
| Depreciation and amortization | | (1,664 | ) | | | (624 | ) | | | (7,604 | ) | | | (2,507 | ) |
| Gain/loss on disposal of property and equipment | | 89 | | | | - | | | | (326 | ) | | | (73 | ) |
| Non-GAAP operating expenses | $ | 42,912 | | | $ | 24,327 | | | $ | 180,088 | | | $ | 98,597 | |
| | | | | | | | |
| R&D operating expenses | $ | 14,053 | | | $ | 6,909 | | | $ | 62,411 | | | $ | 25,948 | |
| Stock-based compensation expense | | (1,347 | ) | | | (430 | ) | | | (5,827 | ) | | | (1,671 | ) |
| Depreciation and amortization | | (868 | ) | | | (125 | ) | | | (3,474 | ) | | | (526 | ) |
| Non-GAAP R&D operating expenses | $ | 11,838 | | | $ | 6,354 | | | $ | 53,110 | | | $ | 23,751 | |
| | | | | | | | |
| SG&A operating expenses | $ | 37,588 | | | $ | 21,354 | | | $ | 156,608 | | | $ | 87,541 | |
| Stock-based compensation expense | | (5,637 | ) | | | (2,882 | ) | | | (24,522 | ) | | | (10,641 | ) |
| Amortization of acquired intangible assets | | (170 | ) | | | - | | | | (652 | ) | | | - | |
| Depreciation and amortization | | (796 | ) | | | (499 | ) | | | (4,130 | ) | | | (1,981 | ) |
| Gain/loss on disposal of property and equipment | | 89 | | | | - | | | | (326 | ) | | | (73 | ) |
| Non-GAAP SG&A operating expenses | $ | 31,074 | | | $ | 17,973 | | | $ | 126,978 | | | $ | 74,846 | |
| | | | | | | | |
| | | | | | | | |
| | Non-GAAP Pro Forma Combined |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Operating expenses | $ | 54,722 | | | $ | 89,001 | | | $ | 262,846 | | | $ | 303,710 | |
| Restructuring and related charges | | (126 | ) | | | (16,670 | ) | | | (12,500 | ) | | | (23,185 | ) |
| Transaction and integration expenses | | (2,955 | ) | | | (8,991 | ) | | | (38,148 | ) | | | (14,814 | ) |
| Stock-based compensation expense | | (6,984 | ) | | | (4,791 | ) | | | (23,503 | ) | | | (25,126 | ) |
| Amortization of acquired intangible assets | | (170 | ) | | | (161 | ) | | | (652 | ) | | | (643 | ) |
| Depreciation and amortization | | (1,664 | ) | | | (1,879 | ) | | | (7,604 | ) | | | (7,652 | ) |
| Gain/loss on disposal of property and equipment | | 89 | | | | - | | | | (326 | ) | | | (73 | ) |
| Non-GAAP operating expenses | $ | 42,912 | | | $ | 56,509 | | | $ | 180,113 | | | $ | 232,217 | |
| | | | | | | | |
| R&D operating expenses | $ | 14,053 | | | $ | 17,041 | | | $ | 63,063 | | | $ | 64,526 | |
| Stock-based compensation expense | | (1,347 | ) | | | (837 | ) | | | (5,827 | ) | | | (3,313 | ) |
| Depreciation and amortization | | (868 | ) | | | (541 | ) | | | (3,474 | ) | | | (2,133 | ) |
| Non-GAAP R&D operating expenses | $ | 11,838 | | | $ | 15,663 | | | $ | 53,762 | | | $ | 59,079 | |
| | | | | | | | |
| SG&A operating expenses | $ | 37,588 | | | $ | 46,298 | | | $ | 149,135 | | | $ | 201,186 | |
| Stock-based compensation expense | | (5,637 | ) | | | (3,954 | ) | | | (17,676 | ) | | | (21,813 | ) |
| Amortization of acquired intangible assets | | (170 | ) | | | (161 | ) | | | (652 | ) | | | (643 | ) |
| Depreciation and amortization | | (796 | ) | | | (1,338 | ) | | | (4,130 | ) | | | (5,519 | ) |
| Gain/loss on disposal of property and equipment | | 89 | | | | - | | | | (326 | ) | | | (73 | ) |
| Non-GAAP SG&A operating expenses | $ | 31,074 | | | $ | 40,846 | | | $ | 126,351 | | | $ | 173,138 | |
| | | | | | | | | | | | | | | | |
STANDARD BIOTOOLS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
ITEMIZED RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA |
| |
| | As Reported |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Net loss | $ | (34,072 | ) | | $ | (19,776 | ) | | $ | (138,885 | ) | | $ | (74,656 | ) |
| Income tax expense (benefit) | | 272 | | | | (162 | ) | | | 573 | | | | 452 | |
| Interest income, net | | (3,324 | ) | | | (349 | ) | | | (16,883 | ) | | | 4,567 | |
| Amortization of acquired intangible assets | | 813 | | | | 2,800 | | | | 4,346 | | | | 11,200 | |
| Depreciation and amortization | | 3,140 | | | | 1,106 | | | | 12,515 | | | | 3,980 | |
| Bargain purchase gain | | — | | | | — | | | | (25,213 | ) | | | — | |
| Restructuring and related charges | | 126 | | | | 1,661 | | | | 12,500 | | | | 7,076 | |
| Transaction and integration expenses | | 2,955 | | | | 4,819 | | | | 27,979 | | | | 6,485 | |
| Stock-based compensation expense | | 7,470 | | | | 3,475 | | | | 31,732 | | | | 13,123 | |
| Cost of sales adjustment | | — | | | | — | | | | (1,812 | ) | | | — | |
| Gain/loss on disposal of property and equipment | | (89 | ) | | | — | | | | 326 | | | | 73 | |
| Other non-operating expense (income) | | 4,307 | | | | (1,099 | ) | | | 5,172 | | | | (6,963 | ) |
| Adjusted EBITDA | | (18,402 | ) | | | (7,525 | ) | | | (87,650 | ) | | | (34,663 | ) |
| | | | | | | | |
| | | | | | | | |
| | Non-GAAP Pro Forma Combined |
| | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| | | 2024 | | | | 2023 | | | | 2024 | | | | 2023 | |
| Net loss | $ | (34,072 | ) | | $ | (55,280 | ) | | $ | (168,654 | ) | | $ | (164,280 | ) |
| Income tax expense (benefit) | | 272 | | | | (1,159 | ) | | | 573 | | | | (63 | ) |
| Interest income, net | | (3,324 | ) | | | (6,456 | ) | | | (16,883 | ) | | | 4,567 | |
| Amortization of acquired intangible assets | | 813 | | | | 3,516 | | | | 4,346 | | | | 14,065 | |
| Depreciation and amortization | | 3,140 | | | | 2,790 | | | | 12,515 | | | | 10,714 | |
| Bargain purchase gain | | — | | | | — | | | | — | | | | (25,213 | ) |
| Restructuring and related charges | | 126 | | | | 16,670 | | | | 12,500 | | | | 23,185 | |
| Transaction and integration expenses | | 2,955 | | | | 8,991 | | | | 38,148 | | | | 14,814 | |
| Stock-based compensation expense | | 7,470 | | | | 5,001 | | | | 24,886 | | | | 26,153 | |
| Cost of sales adjustment | | — | | | | — | | | | — | | | | (1,337 | ) |
| Gain/loss on disposal of property and equipment | | (89 | ) | | | — | | | | 326 | | | | 73 | |
| Other non-operating expense | | 4,307 | | | | (2,081 | ) | | | 4,965 | | | | (32,773 | ) |
| Adjusted EBITDA | | (18,402 | ) | | | (28,008 | ) | | | (87,278 | ) | | | (130,094 | ) |
| | | | | | | | | | | | | | | | |
