Business
Standard BioTools Reports Fourth Quarter and Full Year 2022 Financial Results and Provides 2023 Business Outlook
Fourth quarter 2022 GAAP revenues of $27.0 million; Core product and service revenues of $26.8 million, representing 8.3% sequential growth; Full year GAAP
About this update from Standard Biotools Inc.
[{"type":"text","content":"Fourth quarter 2022 GAAP revenues of $27.0 million; Core product and service revenues of $26.8 million, representing 8.3% sequential growth; Full year GAAP revenues of $97.9 million and core product and service revenues of $94.5 million Improved operating discipline and restructuring initiatives contributed to a 16% sequential decrease in operating expenses in the fourth quarter; Product and services margin improved sequentially by 620 basis points on a GAAP basis, 520 basis points on a non-GAAP basis Releasing 2023 guidance of flat to moderate growth in core product and service revenues, inclusive of previously disclosed transitory Genomics headwind; Expect 1,100–1,400 basis point GAAP gross margin expansion in the fourth quarter compared to fourth quarter of 2022 and approximately 20% reduction in operating expenses on a GAAP and non-GAAP basis in 2023 Cash, cash equivalents and short-term investments of $165.8 million at year end 2022 expected to provide sufficient runway to generate positive free cash flow by the end of 2024 Company to host conference call and webcast today at 5:00 p.m. ET SOUTH SAN FRANCISCO, Calif., Feb. 14, 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 fourth quarter and year ended December 31, 2022. “I’m pleased with the results coming out of what has been a transformative year for Standard BioTools. We have now positioned the business for consistent growth, improved gross margins and reduced operating expenses in 2023,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools™. “We posted our second quarter of sequential revenue growth while completing a phased restructuring, which is expected to reduce ongoing operating expenses by over $30 million. Although there is more work to do, we are now squarely focused on the future.” Business Update Phased restructuring: As previously disclosed, in the fourth quarter, the company implemented the next phase of its restructuring plan, which is expected to result in a total of more than $35 million in GAAP operating expense reductions for 2023 and improve operating margins by approximately 3,600 basis points. The company anticipates non-GAAP operating expense reductions of approximately $30...