Business
Standard BioTools Reports First Quarter 2023 Financial Results
Net cash used in operating activities of $8.5 million, a 55.8% sequential decline from $19.2 million in the fourth quarter and a 46% reduction from the $15.6
About this update from Standard Biotools Inc.
[{"type":"text","content":"Net cash used in operating activities of $8.5 million, a 55.8% sequential decline from $19.2 million in the fourth quarter and a 46% reduction from the $15.6 in the first quarter last year GAAP revenue (includes discontinued/COVID-19 products) decreased 5.2% year-over-year to $25.1 million, with a 1.8% year-over-year increase in ongoing, core product and service revenue to $24.3 million GAAP product and services margin of 46.6%, an improvement of 567 basis points over fourth quarter 2022; non-GAAP product and service margin grew to 60.9%, a 792 basis point increase over the fourth quarter GAAP operating expenses of $28.7 million, an 11% sequential decline from $32.3 million in the fourth quarter Cash, cash equivalents and short-term investments of $154.5 million on March 31, 2023 Company to host conference call and webcast today at 5:00 p.m. ET SOUTH SAN FRANCISCO, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (Nasdaq:LAB), driven by a bold purpose – Unleashing tools to accelerate breakthroughs in human health – today reported financial results for the first quarter ended March 31, 2023. “Our focus continues to be the fundamental transformation of our core business into a cash flow positive, self-sustaining enterprise from which we can build organically and inorganically. To that end in the quarter, we were able to reduce operating cash burn significantly and stimulate early but encouraging growth in our core product and service business lines,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools™. “This is the product of a now transformed team and business culture whose focus and hard work over the past twelve months is evident across the business. We are now prepared to execute on the inorganic growth central to our long-term vision.” Business Update Proteomics (Mass Cytometry): The company launched the Hyperion XTi™ Imaging System at the American Association for Cancer Research (AACR) conference in April. This system provides a market-leading five-fold increase in the number of slides that can be processed per day over the legacy Hyperion™ Imaging System and favorably positions the technology in the growing spatial biology market. Hyperion XTi is currently in production and initial orders are expected to ship in the second quarter. Genomics (Microfluidics): The company contin...