Business
Standard BioTools Reports Second Quarter 2023 Financial Results
Continued operational execution improves revenue growth, margin expansion, and expense reduction SOUTH SAN FRANCISCO, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE)
About this update from Standard Biotools Inc.
[{"type":"text","content":"Continued operational execution improves revenue growth, margin expansion, and expense reduction\nSOUTH SAN FRANCISCO, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (Nasdaq:LAB) (“Standard BioTools”, or the “Company”), driven by a bold purpose – Unleashing tools to accelerate breakthroughs in human health – today reported financial results for the second quarter ended June 30, 2023. Selected Financial Results (Numbers in millions, except percentages)Quarter EndedJune 30, 2023 Quarter EndedJune 30, 2022Revenue$27.7 $18.8(a)Gross margin49.2% 23.6%Non-GAAP gross margin60.9% 40.2%Operating expenses$31.1 $43.0Non-GAAP operating expenses$25.2 $33.8Operating loss($17.4) ($38.6)Net loss($17.0) ($63.5)Non-GAAP adjusted EBITDA($8.4) ($26.2)Cash and equivalents, restricted cash, and short-term investments$143.1 $212.2 (a) Quarter ended June 30, 2022 includes $1.6 million revenue offset to establish return reserve for discontinued product line.Second Quarter and First Half 2023 Financial Highlights Compared to 2022 Total revenue grew 47% in the second quarter of 2023 and 17% in the first half of 2023.Non-GAAP gross margin expanded by over 2,000 basis points in the second quarter of 2023 and over 1,000 basis points in the first half of 2023.Non-GAAP operating expenses declined over $8 million, or 25%, in the second quarter of 2023 and nearly $18 million, or 26%, in the first half of 2023.Non-GAAP adjusted EBITDA loss improved over $17 million in the quarter and over $27 million in the first half of 2023. Operating cash use decreased over 70% to $8.5 million in the second quarter of 2023 and decreased over 60% to $17.7 million in the first half of 2023.Cash, cash equivalents, and short-term investments (including restricted cash) on June 30, 2023, totaled $143 million. “I am pleased to report our second quarter results and the visible improvement to many of our key performance metrics, especially in light of an uncertain macroeconomic environment,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools™. “The growth of our top line comes directly from disciplined sales execution and better overall operating efficiency across the organization,” Egholm said. “This has also allowed us to design and successfully launch the Hyperion XTi™ Imaging System, and we are encouraged by early customer tracti...