Business
Standard BioTools Announces Third Quarter 2022 Financial Results
Third quarter core product and services revenue increase of 30% sequentially to $24.8 million First phase of restructuring program improves operating margin
About this update from Standard Biotools Inc.
[{"type":"text","content":"Third quarter core product and services revenue increase of 30% sequentially to $24.8 million First phase of restructuring program improves operating margin by 600 to 800 basis points, or $8.0 million net on an annualized basis Reiterate stated goal of 700 to 1000 basis point non-GAAP product and service gross margin improvement to 65-68% by year end 2023, driven by lean transformation, volume growth and value selling On track to achieve positive free cash flow by year-end 2024 Cash, cash equivalents, and short-term investments of $185.2 million Company to host conference call and webcast today at 5:00 p.m. ET SOUTH SAN FRANCISCO, Calif., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (Nasdaq:LAB), driven by a bold purpose – Unleashing tools to accelerate breakthroughs in human health™ – today announced financial results for the third quarter ended September 30, 2022. “While still early and just two quarters into our leadership transition with a focus on commercial execution, operational efficiency, and expense reduction, we are seeing encouraging quarter-over-quarter results across the core business,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “This includes over 30% sequential revenue growth across our mass cytometry and microfluidics core business, which going forward we will refer to as proteomics and genomics, respectively. Our new leadership team of seasoned operators has been highly focused on returning our core business to growth while driving toward profitability and improved operating discipline leveraging our Standard BioTools™ Business Systems approach.” \"Consistent with our vision to become a preferred solutions provider for the life sciences industry, we firmly believe consolidation will fuel the long-term growth of Standard BioTools. We are taking a disciplined approach and are well positioned to capitalize on current market conditions. I look forward to updating our stakeholders on our progress in future quarters,\" Egholm concluded. Recent Corporate Updates Implemented phased restructuring to significantly lower operating cash burn beginning in the second half of 2022 through general and administrative expense reductions, right-sizing of microfluidics business and further portfolio rationalization. Strengthened leadership team with key appointments of Scott G...