Standard BioTools Reports First Quarter 2025 Financial Results

May 06, 2025 16:01 ET | Source: Standard BioTools Inc. SOUTH SAN FRANCISCO, Calif., May 06, 2025 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the “Company” or “Standard BioTools”) today announced financial results for the first quarter ended March 31, 2025. Recent Highlights: First quarter 2025 revenue of $40.8 million45% reduction in operating loss and 29% improvement in adjusted EBITDA year-over-yearOperationalized $10 million more in annual run rate cost reductions, totaling $90 million since merger Strong balance sheet with $261 million in cash & cash equivalents and no material debt as of March 31, 2025 “Standard BioTools delivered a solid first quarter in line with our expectations, reflecting focused execution in a challenging Life Sciences macro backdrop,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "We remain grounded and disciplined, driving a 29% year-over-year improvement in adjusted EBITDA through Standard BioTools Business System (SBS). We believe our unique model, world class operational platform and healthy capital position will allow us to continue to take advantage of the current environment and deliver shareholder value over time.” Dr. Egholm added, "On a product level, I am particularly excited by our strategic foothold in proteomics and the momentum building for SomaScan and SOMAmers. The advantages and performance over legacy antibody-based approaches is now well-documented, most recently at the AACR Annual Meeting and through a growing list of publications. As population-based proteomics studies continue to favor our technology, the upcoming launch of our Illumina partnered NGS-based product will only further expand access. Together we expect this momentum to accelerate as we help usher in an exciting new era of proteomic discovery. Financial Results Table: Three Months Ended March 31,(Unaudited, in millions, except percentages)2025 2024Revenue$40.8 $45.5 Gross margin 48.4% 53.1% Non-GAAP gross margin 53.2% 56.2% Operating expenses$52.7 $84.4 Non-GAAP operating expenses$38.6 $49.3 Operating loss$(33.0) $(60.2)Net loss$(26.0) $(32.2)Adjusted EBITDA$(16.9) $(23.7)Cash, cash equivalents, restricted cash, and short-term investments$260.70 $463.6 First Quarter 2025 Financial Results Revenue was $40.8 million in the first quarter of 2025, down 10% year-over-year: Consumables revenue was $14.5 million in the first quarter of 2025, down 16% year-over-year. Consumables revenue declined due to lower volume. Instruments revenue was $7.8 million in the first quarter of 2025, up 24% year-over-year. Instrument revenue was driven by strong growth in our Hyperion XTi spatial proteomics platform.Services revenue, which includes both Lab Services and Field Services, was $17.6 million in the first quarter of 2025, down 16% year-over-year. Lab Services revenue was down 19% due to a tough comparable to prior-year levels that benefited from elevated backlog as well as project timing. Gross margins in the first quarter of 2025 were 48.4%, versus 53.1% in the first quarter of 2024; and non-GAAP gross margins, which exclude depreciation, amortization, and stock-based compensation, were 53.2% in the first quarter of 2025 versus 56.2% in the first quarter of 2024. Gross margins were impacted by lower volume, price realization and product mix, partially offset by incremental improvements from SBS.Operating expenses in the first quarter of 2025 were $52.7 million, a decrease of $31.7 million, or down 38%, compared to the first quarter of 2024; and non-GAAP operating expenses, which exclude merger-related costs, stock-based compensation, and restructuring charges, were $38.6 million in the first quarter of 2025, a decrease of $10.7 million, or down 22%, compared to the first quarter of 2024. The decrease in operating expenses is a result of the realization of merger cost synergies and continued productivity gains from SBS. Net loss for the first quarter of 2025 was $26.0 million, compared to a net loss of $32.2 million in the first quarter of 2024, representing an improvement of $6.2 million or 19%, while adjusted EBITDA for the first quarter of 2025 was a loss of $16.9 million, versus an adjusted EBITDA loss of $23.7 million in the first quarter of 2024, an improvement of $6.8 million, or 29%. Full Year 2025 Revenue Outlook For fiscal year 2025, the Company continues to expect revenue in the range of $165 million to $175 million. This outlook 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 May 6th, 2025, at 4:30 p.m. ET to discuss the first quarter 2025 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: (888) 346-3970Outside US callers: (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 gross profit, non-GAAP operating expenses, and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of the Company’s core operating performance. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company’s core operating results. Management uses non-GAAP measures to compare the Company’s performance relative to forecasts and strategic plans and to benchmark the Company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the Company’s operating results as reported under U.S. GAAP. Standard BioTools encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding future financial and business performance, 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 11, 2025, 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 March 31, 2025 2024Revenue: Product revenue $22,232 $23,592 Services revenue 17,607 21,027 Collaboration and other revenue 956 921 Total revenue 40,795 45,540 Cost of revenue: Cost of product revenue 10,730 12,781 Cost of services revenue 10,302 8,509 Cost of collaboration and other revenue 22 62 Total cost of revenue 21,054 21,352 Gross profit 19,741 24,188 Operating expenses: Research and development 11,328 15,980 Selling, general and administrative 38,707 46,943 Restructuring and related charges 1,552 4,284 Transaction and integration expenses 1,124 17,163 Total operating expenses 52,711 84,370 Loss from operations (32,970) (60,182)Bargain purchase gain — 25,213 Interest income 2,916 6,207 Interest expense (2) (1,033)Other income (expense), net 3,872 (2,234)Loss before income taxes (26,184) (32,029)Income tax benefit (expense) 151 (128)Net loss $(26,033) $(32,157)Induced conversion of redeemable preferred stock — (46,014)Net loss attributable to common stockholders $(26,033) $(78,171)Net loss per share attributable to common stockholders, basic and diluted $(0.07) $(0.27)Shares used in computing net loss per share attributable to common stockholders, basic and diluted 378,228 294,125 STANDARD BIOTOOLS INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) March 31, December 31, 2025 2024ASSETS Current assets: Cash and cash equivalents $150,880 $166,728 Short-term investments 107,182 126,146 Accounts receivable, net 35,480 33,608 Inventory 42,125 40,737 Prepaid expenses and other current assets 8,352 8,661 Total current assets 344,019 375,880 Inventory, non-current 18,281 18,528 Property and equipment, net 43,593 42,556 Operating lease right-of-use asset, net 27,422 28,828 Other non-current assets 6,506 6,301 Acquired intangible assets, net 28,057 28,954 Goodwill 111,719 111,297 Total assets $579,597 $612,344 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $11,778 $12,282 Accrued liabilities 21,972 30,739 Operating lease liabilities, current 6,334 6,228 Deferred revenue, current 12,763 13,118 Deferred grant income, current 3,389 3,527 Total current liabilities 56,236 65,894 Convertible notes, non-current 299 299 Deferred tax liability 1,031 1,081 Operating lease liabilities, non-current 24,897 26,469 Deferred revenue, non-current 32,548 32,674 Deferred grant income, non-current 6,501 7,243 Other non-current liabilities 3,490 6,962 Total liabilities 125,002 140,622 Total stockholders’ equity 454,595 471,722 Total liabilities and stockholders’ equity $579,597 $612,344 STANDARD BIOTOOLS INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) Three Months Ended March 31, 2025 2024Operating activities Net loss $(26,033) $(32,157)Bargain purchase gain — (25,213)Stock-based compensation expense 9,009 11,611 Amortization of acquired intangible assets 898 2,106 Depreciation and amortization 3,273 3,088 Accretion of discount on short-term investments, net (841) (2,660)Non-cash lease expense 1,438 1,446 Provision for excess and obsolete inventory 815 655 Change in fair value of warrants (232) 853 Change in fair value of contingent consideration (3,400) — Other non-cash items 385 293 Changes in assets and liabilities, net (15,595) (22,498)Net cash used in operating activities (30,283) (62,476) Investing activities Cash and restricted cash acquired in merger — 280,033 Purchases of short-term investments (32,321) (73,177)Proceeds from sales and maturities of investments 52,000 112,000 Purchases of property and equipment (5,054) (781)Net cash provided by investing activities 14,625 318,075 Financing activities Repayment of term loan and convertible notes — (8,192)Payment of term loan fee — (545)Repurchase of common stock — (11,051)Payments for taxes related to net share settlement of equity awards and other (46) (17)Proceeds from exercise of stock options — 72 Net cash used in financing activities (46) (19,733)Effect of foreign exchange rate fluctuations on cash and cash equivalents 357 (21)Net increase in cash, cash equivalents and restricted cash (15,347) 235,845 Cash, cash equivalents and restricted cash at beginning of period 168,818 52,499 Cash, cash equivalents and restricted cash at end of period $153,471 $288,344 Cash, cash equivalents, and restricted cash consists of: Cash and cash equivalents $150,880 $287,057 Restricted cash 2,591 1,287 Total cash, cash equivalents and restricted cash $153,471 $288,344 STANDARD BIOTOOLS INC.REVENUE(In thousands)(Unaudited) Three Months Ended March 31, 2025 2024Product revenue: Instruments $7,778 $6,285 Consumables 14,454 17,307 Total product revenue 22,232 23,592 Service revenue: Lab services 12,106 14,862 Field services 5,501 6,165 Total service revenue 17,607 21,027 Product and service revenue 39,839 44,619 Collaboration and other revenue 956 921 Total revenue $40,795 $45,540 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 Three Months Ended March 31, 2025 2024 Gross profit $19,741 $24,188 Amortization of acquired intangible assets 717 1,956 Depreciation and amortization 736 1,024 Stock-based compensation expense 495 239 Loss on disposal of property and equipment 32 — Cost of sales adjustment — (1,812)Non-GAAP gross profit $21,721 $25,595 Gross margin percentage 48.4% 53.1% Amortization of acquired intangible assets 1.8% 4.3% Depreciation and amortization 1.7% 2.3% Stock-based compensation expense 1.2% 0.5% Loss on disposal of property and equipment 0.1% 0.0% Cost of sales adjustment 0.0% (4.0)% Non-GAAP gross margin percentage 53.2% 56.2% STANDARD BIOTOOLS INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION(In thousands)(Unaudited)ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES Three Months Ended March 31, 2025 2024Operating expenses $52,711 $84,370 Restructuring and related charges (1,552) (4,284)Transaction and integration expenses (1,124) (17,163)Stock-based compensation expense (8,514) (11,372)Amortization of acquired intangible assets (181) (150)Depreciation and amortization (2,537) (2,064)Loss on disposal of property and equipment (154) (14)Non-GAAP operating expenses $38,649 $49,323 R&D operating expenses $11,328 $15,980 Stock-based compensation expense (740) (1,328)Depreciation and amortization (590) (871)Loss on disposal of property and equipment (112) — Non-GAAP R&D operating expenses $9,886 $13,781 SG&A operating expenses $38,707 $46,943 Stock-based compensation expense (7,774) (10,044)Amortization of acquired intangible assets (181) (150)Depreciation and amortization (1,947) (1,193)Loss on disposal of property and equipment (42) (14)Non-GAAP SG&A operating expenses $28,763 $35,542 STANDARD BIOTOOLS INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION(In thousands)(Unaudited) ITEMIZED RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA Three Months Ended March 31, 2025 2024Net loss $(26,033) $(32,157)Income tax (benefit) expense (151) 128 Interest income (2,916) (6,207)Interest expense 2 1,033 Amortization of acquired intangible assets 898 2,106 Depreciation and amortization 3,273 3,088 Bargain purchase gain — (25,213)Restructuring and related charges 1,552 4,284 Transaction and integration expenses 1,124 17,163 Stock-based compensation expense 9,009 11,611 Cost of sales adjustment — (1,812)Loss on disposal of property and equipment 185 14 Other non-operating (income) expense (3,871) 2,234 Adjusted EBITDA $(16,928) $(23,728)

Standard BioTools Reports First Quarter 2025 Financial Results

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