Slide 1: Q3 2023 Financial Results
Unleashing tools to accelerate breakthroughs in human health™ Q3 2023 FINANCIAL RESULTS NOVEMBER 7, 2023
Slide 2: Legal Information
Legal Information Forward-looking statements This presentation contains forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than state
Slide 3: CEO Commentary
CEO Commentary MICHAEL EGHOLM, PHD 3
Slide 4: YTD Scorecard
YTD Scorecard Applying seasoned operational & commercial expertise to deliver on commitments 1 Harness differentiated tech 2 Standardize to enhance 3 Leverage platform to create to fuel growth profitability scale 10% ~ 1,000 21% 58% ✓ Planned Merger Q1 2024 revenue growth bps improvement in improvem
Slide 5: Portfolio-Wide Progress
Portfolio-Wide Progress Driving Business Across Three Product Categories and Two End-User Markets YTD REVENUE MIX 47% Instrument revenue growth YTD* Instruments 34% Consumables ✓ Proteomics return to growth 40% ✓ Genomics planned revenue decline; managing for profitability Services & Other 26% 65% S
Slide 6: Proteomics: Flow Cytometry & Spatial Biology
Proteomics: Flow Cytometry & Spatial Biology Clearly positioning technological advantages & reinvigorating R&D engine to accelerate growth Drivers of Growth 22% • Disciplined commercial execution • Continued focus on improved customer service & focus on quality Revenue growth YTD • Launch of Hyperio
Slide 7: Managing Genomics Pivot
Managing Genomics Pivot Stabilized revenue AND achieved positive contribution YTD compared to ($24M) last year Strategic Repositioning positive • Managing planned revenue decline related to portfolio consolidation, which emphasizes BiomarkTM X9 System while Operating eliminating legacy systems contr
Slide 8: CFO Commentary
. CFO Commentary JEFF BLACK STANDARD BIOTOOLS’
Slide 9: Revenue Contribution by Product
Revenue Contribution by Product Instrument placements in 2023 set up expanded recurring revenue stream Q3 2023 YoY • Total revenue growth led by strong instrument placements in both Proteomics and Genomics Instruments $9M 14% • Growth in instrument placements expands future Consumables $10M (15)% co
Slide 10: Revenue Contribution by Segment
Revenue Contribution by Segment Proteomics driving growth; Genomics on path to positive contribution margin Q3 2023 YoY • Quarter-to-quarter variability impacted largely by timing of customer orders Proteomics $14M (4%) • YTD growth in Proteomics led by continued traction of Genomics $11M 3% / 5% ad
Slide 11: Gross Margin (Non-GAAP)
Gross Margin (Non-GAAP) Executing roadmap to expanded gross margin profile • YoY GM% increase attributed to product mix, cost Q3 2023 YoY improvements & improved overhead absorption Gross Margin $ $15M +16% • Q3 2023 gross margin impacted by increased reserves for legacy warranty commitments (400 bp
Slide 12: Operating Expenses (Non-GAAP)
Operating Expenses (Non-GAAP) Continuing to standardize organization; prudently investing to facilitate growth • Investing in commercial organization to enhance Q3 % of Q3 % of service, increase penetration, expand geographically 2022 Revenue 2023 Revenue R&D $7M 29% $6M 23% • Improved R&D effective
Slide 13: Cash
Cash Runway to execute growth strategy 58% Improvement in YTD operating cash use Cash Use Cash used in Q3 2022 Q3 2023 YTD 2022 YTD 2023 $25M $11M $70M $29M operating activities $130M Cash, cash equivalents, Capex $1M $1M $3M $3M restricted cash and short- term investments at 9/30/23 Operating Cash
Slide 14: Business Outlook
Business Outlook $100M - $105M FY’23 REVENUE ~60% F Y ’ 2 3 N O N - G A A P G R O S S M A R G I N (1) Implies YoY growth of 2% - 7% Implies ~900 bps of YoY improvement 14 1 Non-GAAP Gross Margin excludes the impact of technology amortization, depreciation, and stock-based compensation.
Slide 15: Closing
Closing MICHAEL EGHOLM, PHD 15
Slide 16: A Compelling Combination
PLANNED MERGER: EXPECT Q1’24 CLOSE A Compelling Combination Tech Leadership Lucrative Markets Complementary Establishes diverse portfolio of Targets large, high-growth Symbiotic customer mix maximizes multi-omic solutions with markets with differentiated cross-selling opportunities and highest plex
Slide 17: Unleashing tools to accelerate breakthroughs in human health
Unleashing tools to accelerate breakthroughs in human health™
Slide 18: Appendix
Vaan STANDARD Appendix
Slide 19: Capitalization Table
Capitalization Table Issued and ProForma (in millions, except per share data) Outstanding(a) Fully Diluted Common Shares 80M 80M Series B Preferred NA 75M 2019 Convertible Notes (b) NA 19M Restricted Stock Units NA 8M Stock Options (c) NA - Total Shares 80M 182M Market Capitalization (d) $167M $380M
Slide 20: Non-GAAP Reconciliation: Gross Margin
Non-GAAP Reconciliation Gross Margin Q3 2022 Q3 2023 YTD 2022 YTD 2023 GAAP Gross Profit ($M) $9.2 $11.2 $25.9 $37.1 Add: Amortization on Technology in COGS $2.8 $2.8 $8.4 $8.4 Add: Depreciation and Amortization in COGS $0.3 $0.3 $0.9 $1.0 Add: Stock-Based Comp in COGS $0.2 $0.2 $0.5 $0.6 Non-GAAP G
Slide 21: Non-GAAP Reconciliation: Operating Expenses
Non-GAAP Reconciliation Operating Expenses In $M Q3 2022 Q3 2023 YTD 2022 YTD 2023 GAAP R&D $8.5 $6.2 $29.9 $19.0 Less: Stock-Based Comp in R&D $0.6 $0.4 $2.0 $1.2 Less: Depreciation and Amortization in R&D $0.5 $0.1 $0.8 $0.4 Less: Intangible impairment in R&D - - $3.5 - Non-GAAP R&D $7.4 $5.7 $23.
Slide 22: Operating Cash Use
Operating Cash Use In $M Q3 2022 Q3 2023 YTD 2022 YTD 2023 Cash used in operating activities $24.6 $11.4 $70.2 $29.2 Add: Purchases of PP&E $1.3 $0.9 $3.0 $2.8 Less: Cash Paid for Interest ($0.2) ($0.2) ($1.8) ($2.2) Operating Cash Use $25.7 $12.1 $71.4 $29.8 Numbers may not add and percentages may
Slide 23: Spatial Proteomics
Spatial Proteomics Highest data quality and throughput = best positioned for translational research T O D AY Quality Other - Signal/Noise considerations: - No missing cell - Time-to-results populations - Easy robust workflow (due to cycling) - Storage and shipping - Ability to see of stained slides
Slide 24: Flow Cytometry for Translational Research
Flow Cytometry for Translational Research Competitive moat: the most robust solutions in high parameter market segment (INTRACELLULAR) MARKERS 25 CyTOF CyTOF Today Future # FUNCTIONAL 20 REAL 15 Any combination of markers BIOLOGICAL 10 INSIGHTS 5 Spectral Flow Cytometry (multiple players) 10 20 30 4