Slide 1: Unleashing Tools to Accelerate Breakthroughs in Human Health
Unleashing Tools to Accelerate Breakthroughs in Human Health THIRD QUARTER 2024 FINANCIAL RESULTS October 30th, 2024 Standard BioTools 1
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: Executing on Our Vision
Executing on Our Vision Building a Diversified Life Science Tools Industry Leader Q3 Revenue at $45 million and $128 Standard Business Systems (SBS) million YTD; Reiterating FY24 revenue facilitating merger integration and guidance to $170-$175M quality improvement $80 million cost synergy target pu
Slide 5: Portfolio-Wide Diversification
Portfolio-Wide Diversification Driving Business Across Consumables, Instruments & Services Q3'24 REVENUE MIX DIVERSIFIED PORTFOLIO, WITH RECURRING REVENUE 31% CONSUMABLES Caters to broad customer base across academic and biopharma 12% INSTRUMENTS Broadened assay services customer base in Q3 beyond t
Slide 6: Enhanced Growth Drivers
Enhanced Growth Drivers Leveraging Differentiated Technology Platform to Expand Core Offerings • Leveraging Illumina NGS partnership to accelerate distributed site adoption • Early access launch of single SOMAmer reagents IDENTIFYING Expanded Sources • “Omics as a Service” in early access as well of
Slide 7: Technology, Team & Balance Sheet
Technology, Team & Balance Sheet $368 M TECHNOLOGY MANAGEMENT TEAM BALANCE SHEET Comprehensive suite of Experienced team of operators Cash on hand to execute strategy instrument, consumable and steeped in industry expertise services solutions, serving attractive end markets with diversified revenue
Slide 8: CFO Commentary
CFO Commentary ALEX KIM 8
Slide 9: Revenue
Revenue Continued Focus on Diversifying Revenue Mix Pro Forma Combined Q3 2024 YOY Q3 YTD 2024 YOY Consumables $14M 13% $45M 21% • Consumables growth driven by kit sales to Instruments $6M (42%) $20M (28%) authorized sites and Illumina early access Lab Services $18M 1% $41M (23%) program Field Servi
Slide 10: Gross Margin (Non-GAAP)
Gross Margin (Non-GAAP) Executing Roadmap to Expanded Gross Margin Profile Q3 YTD Pro Forma Combined Q3 2024 YoY YoY • 520 bps positive impact in Q3 2024 2024 over Q3 2023 from mix Non-GAAP Gross shift driven by lower instrument $26M $1M $68M ($5M) Margin $ sales, as well as by improved yields, lowe
Slide 11: Operating Expenses (Non-GAAP)
Operating Expenses (Non-GAAP) Non-GAAP OpEx Reduction Showing up in Q3 Run Rate Pro Forma Q3 % of Q3 % of • 24% and $13M reduction in Q3 2024 Combined 2024 Revenue 2023 Revenue pro forma combined non-GAAP Opex R&D $11M 26% $13M 28% over Q3 2023 SG&A $28M 63% $39M 83% • Ahead of plan on synergies wit
Slide 12: Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (Non-GAAP) Maintain Vigilance and Focus on Bottom Line Q3 Pro Forma Q3 YoY YTD YoY Combined 2024 • 50% and $14M improvement 2024 in Q3 2024 pro forma Operating Loss $ ($32M) $16M ($147M) $6M combined Adjusted EBITDA Net Loss $ ($27M) $14M ($135M) ($26M) over Q3 2023 Adjusted EBITDA $
Slide 13: Cash $367.6M
Cash Runway to Execute Growth Strategy Q3 2024 Q3 2023 29% Q3 2024 improvement in Adjusted Cash Burn Adjusted Cash Burn Transaction and Integration-Related $21.3M 2.0M $29.8M - Restructuring-Related 2.9M 2.5M Cash & equivalents, restricted cash and Capex 2.2M 1.3M short-term investments Share repurc
Slide 14: Closing Remarks
Closing Remarks MICHAEL EGHOLM, PHD 14
Slide 15: Unleashing Tools to Accelerate Breakthroughs in Human Health
Unleashing Tools to Accelerate Breakthroughs in Human Health THIRD QUARTER 2024 FINANCIAL RESULTS October 30th, 2024 Standard BioTools 15
Slide 16: Appendix
Appendix Standard BioTools 16
Slide 17: Capitalization Table
Capitalization Table Issued and (in millions, except per share data) Fully Diluted Outstanding(a) Common Shares 372M 372M 2019 Convertible Notes (b) - 19M Restricted Stock Units - 14M Warrants(c) - 12M Stock Options (d) - 40M Total Shares 372M 457M Market Capitalization (e) $718M Cash and short-term
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Gross Margin As Reported Pro Forma Q3 2024 Q3 2023 Q3 2024 Q3 2023 GAAP Gross Profit ($M) $23.3 $11.2 $23.3 $20.1 Add: Amortization of Acquired Intangible Assets 0.6 2.8 0.6 3.4 Add: Depreciation and Amortization in COGS 1.4 0.3 1.4 0.8 Add: Stock-Based Comp in COGS 0.4 0.2 0
Slide 19: Non-GAAP Reconciliation - YTD
Non-GAAP Reconciliation - YTD Gross Margin As Reported Pro Forma Q3 YTD Q3 YTD Q3 YTD Q3 YTD 2024 2023 2024 2023 GAAP Gross Profit ($M) $62.4 $37.1 $60.9 $61.9 Add: Amortization of Acquired Intangible Assets 3.1 8.4 3.1 10.1 Add: Depreciation and Amortization in COGS 3.4 1.0 3.4 2.2 Add: Stock-Based
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Operating Expenses As Reported Pro Forma In $M Q3 2024 Q3 2023 Q3 2024 Q3 2023 GAAP R&D $13.2 $6.4 $13.2 $14.8 Less: Stock-Based Comp in R&D 0.7 0.5 0.7 1.0 Less: Depreciation and Amortization in R&D 0.9 0.1 0.9 0.5 Non-GAAP R&D $11.5 $5.8 $11.5 $13.2 GAAP SG&A $34.4 $22.3 $3
Slide 21: Non-GAAP Reconciliation - YTD
Non-GAAP Reconciliation - YTD Operating Expenses As Reported Pro Forma Q3 YTD Q3 YTD Q3 YTD Q3 YTD In $M 2024 2023 2024 2023 GAAP R&D $48.4 $19.0 $49.0 $47.5 Less: Stock-Based Comp in R&D 4.5 1.2 4.5 2.5 Less: Depreciation and Amortization in R&D 2.6 0.4 2.6 1.6 Non-GAAP R&D $41.3 $17.4 $41.9 $43.4