Business
Standard BioTools Reports Second Quarter 2024 Financial Results
Delivered revenue of $37.2 million Accelerated merger synergies with $80 million expected to be operationalized in 2024 Revised FY2024 revenue guidance;
About this update from Standard Biotools Inc.
[{"type":"text","content":"Delivered revenue of $37.2 million Accelerated merger synergies with $80 million expected to be operationalized in 2024 Revised FY2024 revenue guidance; on-track to achieve anticipated break-even adjusted EBITDA for full-year 2026 Current balance sheet of $396 million cash, cash equivalents, restricted cash and short-term investments SOUTH SAN FRANCISCO, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (“Standard BioTools” or the “Company”) (NASDAQ: LAB) today announced unaudited interim financial results for the second quarter and six months ended June 30, 2024. “We are laser-focused on optimizing our cost structure, already seeing early integration synergy realization in the second quarter of 2024, and accelerating our $80 million cost reduction target, which we expect to be operationalized by the end of 2024 – a year ahead of plan,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “We remain on-track to hit our adjusted EBITDA break-even target for the full year 2026 and are well-capitalized with nearly $400 million in cash to execute on our strategic vision.” Egholm continued, “Strong operational execution was offset by weaker-than-anticipated second quarter revenues. SomaScan® services experienced service contract delays and instrument sales were impacted by the lingering constrained capital purchase environment. We are confident the business issues we experienced are transitory, as we believe the challenge of running a concentrated services business will moderate as Standard BioTools Business System is more fully deployed.” “It is early days for the Standard BioTools strategy and vision as we bring improved operational discipline to a diversified set of product solutions. Our potential M&A pipeline remains robust, and we are all fully committed to delivering long-term sustainable growth and value for our shareholders,\" added Egholm. 2024 Selected Unaudited Interim Financial Results As Reported(Unaudited, in millions)Quarter Ended June 30, 2024 Six Months Ended June 30, 2024Revenue$37.2 $82.7 Gross margin 40.1% 47.2%Non-GAAP gross margin 45.0% 51.1%Operating expenses$65.4 $149.8 Non-GAAP operating expenses$47.8 $97.1 Operating loss$(50.5) $(110.7)Net loss$(45.7) $(77.9)Adjusted EBITDA$(31.0) $(54.8)Cash, cash equivalents, restricted cash & short-term investments$396.0 Re...