Slide 1: Unleashing tools to accelerate breakthroughs in human health
Unleashing tools to accelerate breakthroughs in human health™ Q2 2023 FINANCIAL RESULTS AUGUST 8, 2023 Standard BioTools
Slide 2: Legal Information
Legal Information Forward-looking statements Non-GAAP financial information This presentation and the accompanying oral presentation contain forward-looking statements This presentation includes certain financial information in accordance with U.S. GAAP and also on within the meaning of the Private
Slide 3: CEO Commentary
CEO Commentary MICHAEL EGHOLM, PHD 3
Slide 4: Scorecard: Continued Business Execution
Scorecard: Continued Business Execution 17% > 1,000 26% > 60% YTD revenue growth* led by bps improvement in YTD YTD improvement ($18M) in YTD improvement ($28M) acceleration of proteomics non-GAAP gross margin non-GAAP operating expense in operating cash use 47% Q2 revenue growth* >2,000 bps in Q2 2
Slide 5: Our Strategic Objectives
Our Strategic Objectives Return Improve Execute M&A to growth operating discipline strategy Leverage competitive Complete team of seasoned Evaluate large funnel of advantages to accelerate growth operators applying proprietary complementary, de-risked + targeted R&D investment to Standard BioTools B
Slide 6: Portfolio-Wide Progress
RETURN TO GROWTH Portfolio-Wide Progress Driving Business Across Three Product Categories and Two End-User Markets YTD REVENUE MIX Services and Other 25% Instruments 70% Instrument revenue growth YTD* ✓ 34% Proteomics: return to growth Consumables 41% ✓ Genomics: planned revenue decline; managing fo
Slide 7: Proteomics: Flow Cytometry and Spatial Biology
RETURN TO GROWTH Proteomics: Flow Cytometry and Spatial Biology Clearly positioning technological advantages and reinvigorating R&D engine to accelerate growth 38% Drivers of Growth Re-Acceleration • Disciplined commercial execution • Improved customer service and focus on quality Revenue growth YTD
Slide 8: Spatial Proteomics
RETURN TO GROWTH Spatial Proteomics Highest data quality and throughput = best positioned for translational research T O D AY HIGH Whole Slide 1 cm2 ROI IMC Roadmap IMC™ IMC IMC Quality Other D AT A Q U A L I T Y - Signal/noise Discovery Translational Research considerations: - No missing cell - Tim
Slide 9: Flow Cytometry for Translational Research
RETURN TO GROWTH Flow Cytometry for Translational Research Competitive moat: the most robust solutions in high-parameter market segment (INTRACELLULAR) MARKERS 25 NUMBER OF FUNCTIONAL CyTOF® CyTOF Today Future 20 REAL 15 Any combination of markers BIOLOGICAL 10 INSIGHTS 5 Spectral Flow Cytometry (mu
Slide 10: Accretive Contribution From Genomics
RETURN TO GROWTH Accretive Contribution From Genomics Stabilized revenue AND drove near-breakeven contribution YTD compared to ($15M+) last year Strategic Pivot Prioritizes: • Portfolio consolidation to single instrument – X9 – eliminating legacy systems, including lower-priced options • Significant
Slide 11: Solid Progress Executing LEAN Operations
IMPROVE OPERATING DISCIPLINE Solid Progress Executing LEAN Operations Continuing to improve margins; right-sizing cost structure Gross Operating Cash Transitioning to margin expense burn continuous improvement phase – tenet of LEAN ✓ operating system SBS implemented across functions
Slide 12: Positioning to Expand Offering Through Complementary M&A
EXECUTE M&A STRATEGY Positioning to Expand Offering, Accelerate Scale Through Complementary M&A Fragmented space with many innovative technologies Fits strategic M&A framework • Complementary, de-risked technology • Validated value proposition • Expansion of portfolio into high-growth segments Poten
Slide 13: CFO Commentary
CFO Commentary JEFF BLACK 13
Slide 14: Revenue Contribution by Product
Revenue Contribution by Product Instrument placements in 2023 set up expanded recurring revenue stream Q2 2023 YoY • Total revenue growth led by increased instrument placements (primarily proteomics) Instruments $12M 335%* • Uptick in instrument revenue sets up for expanded Consumables $10M 5% futur
Slide 15: Revenue Contribution by Segment
Revenue Contribution by Segment Proteomics driving growth; Genomics on path to positive contribution margin Q2 2023 YoY • Growth in Proteomics led by instrument placements Proteomics $18M 74% • Managing Genomics business through planned Genomics transition and expected headwinds $10M 15%* TOTAL $28M
Slide 16: Gross Margin (Non-GAAP)
Gross Margin (Non-GAAP) Executing roadmap to expanded margin profile YoY GM% increase attributed to product mix, cost improvements, Q2 2023 YoY and improved overhead absorption on higher revenue base Gross Margin $ $17M +123% Gross Margin % 61% +2,100 bps Non-GAAP Gross Margin Profile 1H 2023 YoY To
Slide 17: Operating Expenses (Non-GAAP)
Operating Expenses (Non-GAAP) Continuing to right-size organization; prudently investing to facilitate growth initiatives Q2 % of Q2 % of • Investing in commercial organization to enhance 2022 Revenue 2023 Revenue service, increase penetration, expand geographically R&D $8M 44% $6M 21% • Improved R&
Slide 18: Cash $143M
Cash Runway to execute growth strategy 61% improvement in YTD operating cash use Cash Use Operations / Q2 2022 $28M Q2 2023 $8M 1H 2022 $44M 1H 2023 $16M Working Capital $143M Cash, cash equivalents and restricted cash at June 30, 2023 Capex Operating Cash Use $ 1M $29M $1M $ 9M $ 2M $ 46M $ 2M $18M
Slide 19: Closing
Closing MICHAEL EGHOLM, PHD 19
Slide 20: Unleashing tools to accelerate breakthroughs in human health
Unleashing tools to accelerate breakthroughs in human health TM Revenue Growth Unique Culture of Ready to Execute Acceleration Operational Excellence M&A Strategy Leveraging technological Complete team of seasoned Evaluating large funnel of advantages and operators cultivating proprietary complement
Slide 21: Q2 2023 Financial Results
Unleashing tools to accelerate breakthroughs in human health™ Q2 2023 FINANCIAL RESULTS AUGUST 8, 2023 Standard BioTools
Slide 22: Appendix
RS STANDARD BIOTOOLS Appendix
Slide 23: Capitalization
Capitalization Common Shares (in millions, except per share data) Fully Diluted (a) Outstanding (a) Common Shares 79M 79M Series B Preferred NA 75M 2019 Convertible Notes (b) NA 19M Restricted Stock Units NA 5M Stock Options (c) NA - Total Shares 79M 178M Market Capitalization (d) $201M $452M Term D
Slide 24: Non-GAAP Reconciliation: Gross Margin
Non-GAAP Reconciliation Gross Margin Q2 2022 Q2 2023 1H 2022 1H 2023 GAAP Gross Profit ($M) $4.4 $13.6 $16.7 $25.9 Add: Amortization on Technology in COGS $2.6 $2.8 $5.6 $5.6 Add: Depreciation and Amortization in COGS $0.3 $0.3 $0.6 $0.7 Add: Stock-Based Comp in COGS $0.2 $0.1 $0.3 $0.5 Non-GAAP Gro
Slide 25: Non-GAAP Reconciliation: Operating Expenses
Non-GAAP Reconciliation Operating Expenses In $M Q2 2022 Q2 2023 1H 2022 1H 2023 GAAP R&D $12.6 $6.2 $21.5 $12.7 Less: Stock-Based Comp in R&D $0.7 $0.4 $1.4 $0.8 Less: Depreciation and Amortization in R&D $0.2 $0.1 $0.3 $0.3 Less: Intangible impairment in R&D $3.5 – $3.5 – Non-GAAP R&D $8.2 $5.7 $1
Slide 26: Operating Cash Use
Operating Cash Use In $M Q2 2022 Q2 2023 1H 2022 1H 2023 Net cash used in operating activities $30.0 $9.3 $45.6 $17.8 Add: Purchases of PP&E $0.9 $0.8 $1.8 $1.8 Less: Cash paid for interest ($1.6) ($1.7) ($1.7) ($1.9) Operating Cash Use $29.3 $8.5 $45.7 $17.7 Numbers may not add and percentages may