Slide 1: Q4 and 2024 Full Year Financial Results
Setting Standards Empowering Research Building Shareholder Value Q4 and 2024 Full Year Financial Results February 26th 2025
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 Standard BioTools 33
Slide 4: Executing on Our Vision
Executing on Our Vision Building a Diversified Life Science Tools Industry Leader Revenue: $47 million in Q4 and Clean Balance Sheet: $295 million in cash5 $175 million for the Full Year 20241 provides path to adj EBITDA + expected in 2026 Cost Synergies: Operationalized ~$90 million Strategically A
Slide 5: Leverage Standard BioTools Business System (SBS) Flywheel to Deliver Value
Leverage Standard BioTools Business System (SBS) Flywheel to Deliver Value SBS FLYWHEEL APPLYING SBS TO DRIVE IMPROVEMENT • Leverage SBS to improve quality, increase customer CLEAR STRATEGY satisfaction and profitability • Deliver quality improvement & cost saving opportunities to drive better custo
Slide 6: Tactics: Climb the Value Pyramid, Expand the Customer Pie
Tactics: Climb the Value PYRAMID, Expand the Customer PIE CURRENT (FY24) PRODUCT MIX FUTURE PRODUCT MIX2 CLIMB UP TOWARDS MARGIN 53%* 65% FY24 34%* TARGET EXPAND FOR TAM & GROWTH GROSS CONSUMABLES GROSS CONSUMABLES MARGINS MARGINS 16%* • APPLYING M&A to add products, INSTRUMENTS INSTRUMENTS customer
Slide 7: Proteomics: A Large Opportunity, Entering Transformative Era
Proteomics: A Large Opportunity, Entering Transformative Era Proteomics TAM1 Transformative Era Large + High CAGR Impacting Large Areas of Human Health Genomic Driven Proteomic Driven 2023 2032 14.9% CAGR Limited / Targeted Large, Growing Populations Populations $32 Billion $110 Billion Targeted Onc
Slide 8: Integration of SOMAmers with Illumina's Leading NGS Platform
Integration of SOMAmers with Illumina's Leading NGS Platform DNA based SOMAmers + Illumina NGS Transformative Opportunity + + Key '24/'25 Data: Multiple '24 Studies: 2000+ Transformative Era for Proteomics: UK Biobank & Aptamers are Only Installed base of Opportunity over the next decade Leading Pop
Slide 9: Portfolio Wide Diversification
Portfolio Wide Diversification Capitalizing on Transition from Genomics to Proteomics SERVICES & CONSUMABLES SOMASCAN KREX OMICS AS A SERVICE FULL YEAR '24 REVENUE MIX PLASMA ANTIBODY SINGLE CELL PROTEOMICS PROTEOME PROFILING SPATIAL PROTEOMICS 34% CONSUMABLES INSTRUMENTS & CONSUMABLES CYTOF HYPERIO
Slide 10: M&A Pipeline: Disciplined Criteria and Filling Funnel
M&A Pipeline: Disciplined Criteria and Filling Funnel M&A FOCUS & CRITERIA Consumables Instrument DIVERSIFIES PRODUCT MIX & END MARKET • High margin recurring consumables • Diversified product mix • Growth in pharma and new end markets DE-RISKED TECHNOLOGY • Science fully understood • Deployable pro
Slide 11: Next Inning for Standard BioTools
Next Inning for Standard BioTools Building a Diversified Life Science Tools Industry Leader PHASE 1: 2022 TO 2024 PHASE 2: 2025 TO 2026 Merged Two Businesses: Turned around two Close 4-6 Growth Driving Acquisitions: technology focused cash burning situations to $175 Emerging LST & biopharma market c
Slide 12: CFO Commentary
Ae CFO Commentary ALEX KIM STANDARD BIOTOOLS™
Slide 13: Revenue
Revenue Continued Focus on Diversifying Revenue Mix Pro Forma Combined Q4 2024 YOY FY 2024 YOY Consumables $15M 10% $60M 18% • Consumables growth driven by kit sales to Instruments $9M (25%) $29M (27%) authorized sites and Illumina early access Lab Services $16M (18%) $57M (21%) program Field Servic
Slide 14: Gross Margin (Non-GAAP)
Gross Margin (Non-GAAP) Executing Roadmap to Expanded Gross Margin Profile Pro Forma Combined Q4 2024 YoY FY 2024 YoY • Q4 2024 over Q4 2023 impacted Non-GAAP Gross Margin $ $25M ($4M) $93M ($9M) primarily due to lower volume and higher instrument replacements, Non-GAAP Gross Margin % 53% (290 bps)
Slide 15: Operating Expenses (OpEX) (Non-GAAP)
Operating Expenses (OpEX) (Non-GAAP) Non-GAAP OpEx Reduction Showing up in Run Rate • 24% and $14M reduction in Q4 2024 Pro Forma Q4 FY pro forma combined non-GAAP OpEx YoY YoY % YoY YoY % Combined 2024 2024 over Q4 2023 R&D $12M ($4M) (24%) $54M ($5M) (9%) • Ahead of plan on synergies with $80M mer
Slide 16: Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (Non-GAAP) Maintain Vigilance and Focus on Bottom Line Pro Forma Q4 YoY FY 2024 YoY Combined 2024 • 34% and $10M improvement Operating Loss $ ($33M) $32M ($180M) $38M in Q4 2024 pro forma combined Adjusted EBITDA Net Loss $ ($34M) $21M ($169M) ($4M) over Q4 2023 Adjusted EBITDA $ ($1
Slide 17: Cash $295.0M
Cash Runway to Execute Growth Strategy Q4 2024 Q4 2023 Cash & equivalents, restricted cash and short- Adjusted Cash Burn $10.1M $9.2M term investments Debt Retirement 55.0M - Share repurchases - 0.2M AT 12/31/2024 Transaction and Integration-Related 3.5M 4.9M $295.0M Restructuring-Related Capex 1.1M
Slide 18: Closing Remarks
Closing Remarks MICHAEL EGHOLM, PHD Standard BioTools 1818
Slide 19: Appendix: Financials
Appendix: Financials 19
Slide 20: Capitalization Table
Capitalization Table Issued and (in millions, except per share data) Fully Diluted Outstanding(a) Common Shares 378 378 Restricted Stock Units - 13 Warrants (b) - 12 Stock Options (c) - 39 Total Shares 378 442 Market Capitalization (d) $662 Cash and short-term investments at December 31, 2024 $ 295
Slide 21: Non-GAAP Reconciliation
Non-GAAP Reconciliation Gross Margin As Reported Pro Forma (in millions) Q4 2024 Q4 2023 Q4 2024 Q4 2023 GAAP Gross Profit $21.9 $13.4 $21.9 $24.0 Add: Amortization of Acquired Intangible Assets 0.6 2.8 0.6 3.4 Add: Depreciation and Amortization in COGS 1.5 0.5 1.5 0.9 Add: Stock-Based Comp in COGS
Slide 22: Non-GAAP Reconciliation - YTD
Non-GAAP Reconciliation - YTD Gross Margin As Reported Pro Forma Q4 YTD Q4 YTD Q4 YTD Q4 YTD (in millions) 2024 2023 2024 2023 GAAP Gross Profit $84.3 $50.5 $82.8 $85.9 Add: Amortization of Acquired Intangible Assets 3.7 11.2 3.7 13.4 Add: Depreciation and Amortization in COGS 4.9 1.5 4.9 3.1 Add: S
Slide 23: Non-GAAP Reconciliation
Non-GAAP Reconciliation Operating Expenses As Reported Pro Forma (in millions) Q4 2024 Q4 2023 Q4 2024 Q4 2023 GAAP R&D $14.1 $6.9 $14.1 $17.0 Less: Stock-Based Comp in R&D 1.3 0.4 1.3 0.8 Less: Depreciation and Amortization in R&D 0.9 0.1 0.9 0.5 Non-GAAP R&D $11.8 $6.4 $11.8 $15.7 GAAP SG&A $37.6
Slide 24: Non-GAAP Reconciliation - YTD
Non-GAAP Reconciliation - YTD Operating Expenses As Reported Pro Forma Q4 YTD Q4 YTD Q4 YTD Q4 YTD (in millions) 2024 2023 2024 2023 GAAP R&D $62.4 $25.9 $63.1 $64.5 Less: Stock-Based Comp in R&D 5.8 1.7 5.8 3.3 Less: Depreciation and Amortization in R&D 3.5 0.5 3.5 2.1 Non-GAAP R&D $53.1 $23.8 $53.