Slide 1: Unleashing Tools to Accelerate Breakthroughs in Human Health
Unleashing Tools to Accelerate Breakthroughs in Human Health FIRST QUARTER 2024 FINANCIAL RESULTS May 8, 2024
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: Q1 Scorecard
Q1 Scorecard Solid Operational Execution Despite Lingering Macro Headwinds Standardize to 2 Leverage 3 Harness 1 enhance platform to differentiated tech profitability create scale to fuel growth 81% 2% 26% 45% As reported GAAP Pro forma combined Reduction in pro Reduction in pro revenue growth reven
Slide 5: Portfolio-Wide Diversification
Portfolio-Wide Diversification Driving Business Across Three Product Categories and Two End-User Markets Q1'24 Revenue Mix Expanded and diversified portfolio, Other 2% with recurring sources of revenue Instruments 11% ✓ Caters to broad customer base across academic research and biopharma Consumables
Slide 6: Complementary Multi-Omic Technologies
Complementary Multi-Omic Technologies The Industry’s Most Advanced and Differentiated Proteomics Platform Proteomics Platform Genomics Plasma Proteome Flow Cytometry Spatial Biology Workstation SomaScan® Assay CyTOF® XT Maxpar® Hyperion XTi Biomark X9 System for Integrated fluidic flow cytometry ass
Slide 7: Strategic Plan Read Out
Strategic Plan Read Out Leveraging Differentiated Technology Platform to Enhance and Expand Core Offerings CONFIRMING IDENTIFYING What We Knew Expanded Sources of Growth Opportunity • SomaScan’s position as highest plex, lowest CV • Exploring “Multi-omics as a service” model and most/only scalable p
Slide 8: Positioned as an Industry Leader
Positioned as an Industry Leader Demonstrated Traction of Business Model Diverse product mix and a scaled platform that integrates critical life sciences solutions under one roof, while preserving key investments in both commercial and R&D Disciplined evaluation and deployment of M&A strategy; augme
Slide 9: Growth Outlook
Growth Outlook ~$300M FY2026 Revenue Target Positive Adjusted EBITDA $200M - Positive Free Cash Flow $205M FY2024 Revenue Standardize to 2 Leverage 3 Harness 1 enhance platform to differentiated tech profitability create scale to fuel growth 9
Slide 10: CFO Commentary
CFO Commentary JEFF BLACK STANDARD BIOTOOLS"
Slide 11: Revenue
Revenue SomaLogic revenue contribution validates merger thesis Pro Forma Combined Q1 2024 YOY • Revenue grew over 2023 in face of continued macroeconomic headwinds Instruments $5M (-17%) • SomaScan-related business driving healthy demand Consumables and Kits $10M (-10%) • Illumina early access progr
Slide 12: Gross Margin (Non-GAAP)
Gross Margin (Non-GAAP) Executing Roadmap to Expanded Gross Margin Profile • Non-GAAP pro forma GM expansion driven by a Pro Forma Combined Q1 2024 YoY product mix and pricing • Includes >350 bps of offset from reclassification Non-GAAP Gross Margin $ $26M +$2M of opex into COGS to align accounting
Slide 13: Capturing $80M Synergy Opportunity
Capturing $80M Synergy Opportunity Non-GAAP OpEx reduction already showing up in Q1 run rate • 26% and $17M reduction in combined Q1 % of Q1 % of non-GAAP opex over Q1 2023 Pro Forma Combined 2024 Revenue 2023 Revenue R&D $14M 31% $18M 39% • Ahead of plan on synergies; preserving investments in grow
Slide 14: Cash
Cash Runway to Execute Growth Strategy Q1 2024 Q1 2023 Adjusted Operating Cash Burn $29M $34M 14% Q1 2024 improvement in Adjusted Operating Cash Burn Transaction and Integration-Related $34M - Restructuring-Related $1M $3M Capex $1M $2M Cash & equivalents, restricted cash and short-term investments
Slide 15: Closing Remarks
Closing Remarks MICHAEL EGHOLM, PHD 15
Slide 16: Unleashing Tools to Accelerate Breakthroughs in Human Health
Unleashing Tools to Accelerate Breakthroughs in Human Health FIRST QUARTER 2024 FINANCIAL RESULTS May 8, 2024
Slide 17: Appendix
fA STANDARD Appendix
Slide 18: Capitalization Table
Capitalization Table Issued and (in millions, except per share data) Fully Diluted Outstanding(a) Common Shares 388M 388M Series B Preferred - - 2019 Convertible Notes (b) - 19M Restricted Stock Units - 8M Warrants(c) - 12M Stock Options (d) - 37M Total Shares 388M 464M Market Capitalization (e) $98
Slide 19: Non-GAAP Reconciliation: Gross Margin
Non-GAAP Reconciliation Gross Margin As Reported Pro Forma Q1 2024 Q1 2023 Q1 2024 Q1 2023 GAAP Gross Profit ($M) $24.2 $12.3 $22.7 $21.1 Add: Amortization of Acquired Intangible Assets $2.0 $2.8 $2.0 $3.4 Add: Depreciation and Amortization in COGS $1.0 $0.3 $1.0 $0.7 Add: Stock-Based Comp in COGS $
Slide 20: Non-GAAP Reconciliation: Operating Expenses
Non-GAAP Reconciliation Operating Expenses As Reported Pro Forma In $M Q1 2024 Q1 2023 Q1 2024 Q1 2023 GAAP R&D $16.0 $6.4 $16.6 $20.6 Less: Stock-Based Comp in R&D $1.3 $0.4 $1.3 $2.2 Less: Depreciation and Amortization in R&D $0.9 $0.2 $0.9 $0.6 Less: Intangible impairment in R&D - - - - Non-GAAP
Slide 21: High-Parameter Testing Is a Challenge With Proteins
High-Parameter Testing Is a Challenge With Proteins Mass Cytometry Solves Fundamental Limitation of Fluorescence Physics Advantage Fluorescent labels Spectral overlap vs. Metal isotopes for mass cytometry Discrete channels 100 75 50 25 0 89Y 110Pd 141Pr 150Nd 161Dy 191lr 209Bi Biological insights Ma
Slide 22: Flow Cytometry For Translational Research
Flow Cytometry For Translational Research The most robust solution in high-parameter market segment 25 CyTOF future (intracellular) markers Physics Advantage CyTOF Number of functional 20 today No limit to how many different markers can be 15 detected at once 10 BIOLOGICAL INSIGHTS 5 10 20 30 40 50
Slide 23: Spatial Biology Hyperion XTi is a Game-Changer
Spatial Biology Hyperion XTi is a Game-Changer HIGH 40 Slides | 40 Markers Discovery Translational research 24 Hours Quality Low-plex IF* Transcript Profiling Cycling High-plex IF LOW 0.1 1 10 100 Throughput: number of slides/day 23 *IF: immunofluorescence
Slide 24: SomaScan Advantage
SomaScan Advantage Twice the content and half the CV of any other Proteomics technology Low SomaScan Player A CV Mass Player Spec C Traditional ELISA and Player B Flow High 10 100 1K 10K 20K Number of Protein Measurements 24