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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): February 26, 2025
Standard BioTools Inc.
(Exact name of registrant as specified in its charter)
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Delaware (State or other jurisdiction of incorporation or organization) |
001-34180 (Commission File Number) |
77-0513190 (I.R.S. Employer Identification Number) |
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2 Tower Place, Suite 2000 South San Francisco, California 94080 |
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(Address of principal executive offices and zip code) |
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(650) 266-6000 |
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(Registrant's telephone number, including area code) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
Common stock, $0.001 par value per share |
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LAB |
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Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition
On February 26, 2025, Standard BioTools Inc. issued a press release which included information with respect to certain financial results for the three months and fiscal year ended December 31, 2024. The press release is attached hereto as Exhibit 99.1.
The information set forth in the press release, except for the information set forth under the heading “Full Year 2025 Revenue Outlook” and under the heading “About Standard BioTools Inc.,” together with the forward-looking statement disclaimer, is incorporated by reference into this Item 2.02 of this Current Report on Form 8-K.
Item 7.01. Regulation FD Disclosure.
The information set forth under the heading “Full Year 2025 Revenue Outlook” and under the heading “About Standard BioTools Inc.,” together with the forward-looking statement disclaimer, is incorporated by reference into this Item 7.01 of this Current Report on Form 8-K.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
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Description |
99.1 |
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Press release issued by Standard BioTools Inc., dated February 26, 2025 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: |
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February 26, 2025 |
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STANDARD BIOTOOLS INC. |
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By: |
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/s/ Alex Kim |
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Name: |
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Alex Kim |
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Title: |
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Chief Financial Officer |
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Exhibit 99.1
Standard BioTools Reports Fourth Quarter and Full Year 2024 Financial Results
SOUTH SAN FRANCISCO, Calif., February 26, 2025 — Standard BioTools Inc. (NASDAQ: LAB) (the "Company” or "Standard BioTools") today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.
Recent Highlights:
“2024 was a year of execution and integration despite a dynamic economic backdrop. We have streamlined our operations, unified our business systems and strengthened our management team, establishing a foundation for the next phase of growth.” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "Powered by SBS, we came in at the top end of our 2024 revenue guidance, exceeded our original cost synergy target by $10 million, now running at $90 million in just twelve months. We also drove continued efficiency gains, improving pro forma non-GAAP operating expenses by 22% and adjusted EBITDA by 33% year over year. With integration efforts largely behind us, we have emerged as a more agile organization getting leaner and faster as we progress toward anticipated profitability in 2026."
Mr. Egholm added, "Looking ahead, in an uncertain environment our mission is clear – execute with precision, drive continuous improvement and scale intelligently both organically and inorganically. We are shifting mix toward higher-margin offerings in attractive markets while unlocking the power of proteomics with our partner Illumina. We believe the imminent launch of our co-branded, NGS-based, distributed solution can transform the most exciting area of the market which is at least a billion-dollar opportunity. Success there will also allow us to continue to focus on taking advantage of an environment primed for consolidation. This next phase demands focus and relentless execution as we build a Standard BioTools for long-term growth and value creation."
Financial Results Table
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As Reported |
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Three Months Ended |
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Twelve Months Ended |
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(Unaudited, in millions, except percentages) |
December 31, 2024 |
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December 31, 2024 |
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Revenue |
$ |
46.7 |
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$ |
174.4 |
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Gross margin |
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46.9 |
% |
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48.3 |
% |
Non-GAAP gross margin |
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52.5 |
% |
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53.0 |
% |
Operating expenses |
$ |
54.7 |
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|
$ |
259.5 |
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Non-GAAP operating expenses |
$ |
42.9 |
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|
$ |
180.1 |
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Operating loss |
$ |
(32.8 |
) |
|
$ |
(175.2 |
) |
Net loss |
$ |
(34.1 |
) |
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$ |
(138.9 |
) |
Adjusted EBITDA |
$ |
(18.4 |
) |
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$ |
(87.7 |
) |
Cash, cash equivalents, restricted cash, and short-term investments |
$ |
295.0 |
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$ |
295.0 |
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Selected Pro Forma Combined Unaudited Interim Financial Results
The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three- and twelve- month periods ended December 31, 2024, and the historical financial results of SomaLogic, Inc. ("SomaLogic") for the five-day period ended on January 5, 2024, the closing date of the merger between the Company and Somalogic (the “Merger”). The selected unaudited pro forma financial information for 2023 combines the historical financial results of the Company and SomaLogic for their respective three- and twelve- month periods ended December 31, 2023. See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information.
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Pro Forma Combined |
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Three Months Ended December 31, |
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Twelve Months Ended December 31, |
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(Unaudited, in millions, except percentages) |
2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
$ |
46.7 |
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$ |
51.4 |
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$ |
175.1 |
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$ |
192.5 |
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Gross margin |
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46.9 |
% |
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46.7 |
% |
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47.3 |
% |
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44.7 |
% |
Non-GAAP gross margin |
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52.5 |
% |
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55.4 |
% |
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53.0 |
% |
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53.1 |
% |
Operating expenses |
$ |
54.7 |
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$ |
89.0 |
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$ |
262.8 |
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$ |
303.7 |
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Non-GAAP operating expenses |
$ |
42.9 |
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$ |
56.5 |
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$ |
180.1 |
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$ |
232.2 |
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Operating loss |
$ |
(32.8 |
) |
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$ |
(65.0 |
) |
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$ |
(180.0 |
) |
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$ |
(217.8 |
) |
Net loss |
$ |
(34.1 |
) |
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$ |
(55.3 |
) |
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$ |
(168.7 |
) |
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$ |
(164.3 |
) |
Adjusted EBITDA |
$ |
(18.4 |
) |
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$ |
(28.0 |
) |
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$ |
(87.3 |
) |
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$ |
(130.1 |
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Fourth Quarter 2024 Financial Results (Pro Forma Combined)
Full Year 2024 Financial Results (Pro Forma Combined)
Full Year 2025 Revenue Outlook
For fiscal year 2025, the Company expects revenue in the range of $165 million to $175 million. This guidance assumes a high single-digit millions decline in our Americas academic revenue due to anticipated NIH funding pressures, no expected effect from U.S. export controls and limited impact from tariffs.
Conference Call Information
Standard BioTools will host a conference call and webcast on February 26th 2025 at 4:30 p.m. ET to discuss the fourth quarter and full year 2024 financial results. Live audio of the webcast will be available online along with an archived version of the webcast under the Events & Presentations page of the Company’s website.
Individuals interested in listening to the conference call may do so by dialing:
US domestic callers: 1-888-346-3970
Outside US callers: 1-412-902-4297
Use of Non-GAAP Financial Information
Standard BioTools has presented certain financial information in accordance with U.S. GAAP and on a non-GAAP basis. The non-GAAP financial measures included in this press release are non-GAAP gross margin, non-GAAP operating expenses, and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of the Company’s core operating performance. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company’s core operating results. Management uses non-GAAP measures to compare the Company’s performance relative to forecasts and strategic plans and to benchmark the company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company’s operating results as reported under U.S. GAAP. Standard BioTools encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.
Unaudited Pro Forma Results
The unaudited pro forma financial information for the twelve months ended December 31, 2024, combines the Company's financial results for the twelve months December 31, 2024, and the historical financial results of SomaLogic for the 5-day period ended on the January 5, 2024, the closing date of the Merger. The unaudited pro forma financial information for the three and twelve months ended December 31, 2023, combines the historical financial results of the Company and SomaLogic for their respective three- and twelve-month periods ended December 31, 2023. The pro forma financial information for all periods presented has been adjusted to include certain nonrecurring impacts associated with the Merger, including the bargain purchase gain and transaction costs.
The unaudited pro forma financial information for all periods presented includes the business combination accounting effects resulting from the Merger, mainly including adjustments to reflect additional amortization expense from acquired intangible assets, adjustments to stock-based compensation expense, and additional depreciation expense from the acquired property and equipment. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2023. The results of SomaLogic have been consolidated with the Company's results since the closing date of the Merger.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding future financial and business performance, including with respect to future revenue; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits and synergies of prior and potential future acquisitions, including the potential for such transactions to drive long-term profitable growth.
Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including, but not limited to, risks that the anticipated benefits and synergies of prior and potential future acquisitions and the integration of any such businesses, including the potential for such transactions to drive long-term profitable growth, may not be fully realized or may take longer to realize than expected; risks that the Company may not realize expected cost savings from such transactions; possible integration, restructuring and transition-related disruption resulting from such transactions, including through the loss of customers, suppliers, and employees and adverse impacts on the Company’s development activities and results of operation; integration and restructuring activities, including customer and employee relations, management distraction, and reduced operating performance; risks that internal and external costs required for ongoing and planned activities may be higher than expected, which may cause the Company to use cash more quickly than it expects or change or curtail some of the Company’s plans, or both; risks that the Company’s expectations as to expenses, cash usage, and cash needs may prove not to be correct for other reasons such as changes in plans or actual events being different than our assumptions; changes in the Company’s business or external market conditions; anticipated NIH funding pressures, the expected effect from U.S. export controls and the expected impact from tarriffs; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; interruptions or delays in the supply of components or materials for, or manufacturing of, the Company’s products; reliance on sales of capital equipment for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs or expenses; continued or sustained budgetary, inflationary, or recessionary pressures; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; uncertainties relating to the Company’s research and development activities, and distribution plans and capabilities; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition. For information regarding other related risks, see the “Risk Factors” section of the Company’s annual report on Form 10-K filed with the SEC on March 1, 2024, and in the Company’s other filings with the SEC. These forward-looking statements speak only as of the date hereof. The Company disclaims any obligation to update these forward-looking statements except as may be required by law.
About Standard BioTools Inc.
Standard BioTools Inc. (Nasdaq: LAB), has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary SomaScan, mass cytometry and microfluidics technologies, which help transform scientific discoveries into better patient outcomes. Standard BioTools works with leading academic, government, pharmaceutical, biotechnology, plant and animal research and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology and immunotherapy. Learn more at standardbio.com or connect with us on X, Facebook®, LinkedIn, and YouTube™.
For Research Use Only. Not for use in diagnostic procedures.
Limited Use Label License and other terms may apply: standardbio.com/legal/salesterms.
Patent and License Information: standardbio.com/legal/notices.
Trademarks: standardbio.com/legal/trademarks. Any other trademarks are the sole property of their respective owners. ©2025 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.
Investor Contact:
ir@standardbio.com
STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended December 31, |
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Twelve Months Ended December 31, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue: |
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Product revenue |
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$ |
23,220 |
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$ |
21,384 |
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$ |
88,568 |
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$ |
79,198 |
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Service revenue |
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21,615 |
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6,712 |
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81,133 |
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25,980 |
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Collaboration and other revenue |
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1,883 |
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92 |
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4,731 |
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|
1,162 |
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Total revenue |
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46,718 |
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28,188 |
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174,432 |
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106,340 |
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Cost of revenue: |
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Cost of product revenue |
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9,123 |
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11,666 |
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42,265 |
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|
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44,942 |
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Cost of service revenue |
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15,614 |
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|
3,165 |
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|
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47,729 |
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|
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10,948 |
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Cost of collaboration and other revenue |
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|
76 |
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|
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— |
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|
|
176 |
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|
|
— |
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Total cost of revenue |
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24,813 |
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|
14,831 |
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|
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90,170 |
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|
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55,890 |
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Gross profit |
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21,905 |
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13,357 |
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|
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84,262 |
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50,450 |
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Operating expenses: |
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Research and development |
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14,053 |
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6,909 |
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|
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62,411 |
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25,948 |
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Selling, general and administrative |
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37,588 |
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21,354 |
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156,608 |
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|
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87,541 |
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Restructuring and related charges |
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|
126 |
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1,661 |
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|
12,500 |
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|
7,076 |
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Transaction and integration expenses |
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2,955 |
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4,819 |
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27,979 |
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6,485 |
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Total operating expenses |
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54,722 |
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34,743 |
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259,498 |
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|
127,050 |
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Loss from operations |
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(32,817 |
) |
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(21,386 |
) |
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(175,236 |
) |
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(76,600 |
) |
Bargain purchase gain |
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— |
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— |
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25,213 |
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— |
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Interest income, net |
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3,324 |
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|
349 |
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16,883 |
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|
1,005 |
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Other (expense) income, net |
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(4,307 |
) |
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|
1,099 |
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(5,172 |
) |
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1,391 |
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Loss before income taxes |
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(33,800 |
) |
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(19,938 |
) |
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(138,312 |
) |
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(74,204 |
) |
Income tax (expense) benefit |
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(272 |
) |
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162 |
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(573 |
) |
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(452 |
) |
Net loss |
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$ |
(34,072 |
) |
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$ |
(19,776 |
) |
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$ |
(138,885 |
) |
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$ |
(74,656 |
) |
Induced conversion of redeemable preferred stock |
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— |
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— |
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(46,014 |
) |
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— |
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Net loss attributable to common stockholders |
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$ |
(34,072 |
) |
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$ |
(19,776 |
) |
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$ |
(184,899 |
) |
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$ |
(74,656 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
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$ |
(0.09 |
) |
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$ |
(0.25 |
) |
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$ |
(0.52 |
) |
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$ |
(0.94 |
) |
Shares used in computing net loss per share attributable to common stockholders, basic and diluted |
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|
374,544 |
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79,729 |
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352,670 |
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|
79,160 |
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STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
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December 31, |
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December 31, 2023 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
166,728 |
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$ |
51,704 |
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Short-term investments |
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126,146 |
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|
63,191 |
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Accounts receivable, net |
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33,608 |
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|
|
19,660 |
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Inventories, net |
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40,737 |
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|
20,533 |
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Prepaid expenses and other current assets |
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8,661 |
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|
3,127 |
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Total current assets |
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375,880 |
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|
158,215 |
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Inventory, non-current |
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|
18,528 |
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|
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— |
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Property and equipment, net |
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42,556 |
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24,187 |
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Operating lease right-of-use asset, net |
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28,828 |
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30,663 |
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Other non-current assets |
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|
6,301 |
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|
2,285 |
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Developed technology, net |
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28,954 |
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|
1,400 |
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Goodwill |
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111,297 |
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|
106,317 |
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Total assets |
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$ |
612,344 |
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$ |
323,067 |
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LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable |
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$ |
12,282 |
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$ |
9,236 |
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Accrued liabilities |
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30,739 |
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|
21,019 |
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Operating lease liabilities, current |
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|
6,228 |
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|
|
4,323 |
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Deferred revenue, current |
|
|
13,118 |
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|
|
11,607 |
|
Deferred grant income, current |
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|
3,527 |
|
|
|
3,612 |
|
Term loan, current |
|
|
— |
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|
|
5,000 |
|
Convertible notes, current |
|
|
— |
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|
|
54,530 |
|
Total current liabilities |
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|
65,894 |
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|
|
109,327 |
|
Convertible notes, non-current |
|
|
299 |
|
|
|
569 |
|
Term loan, non-current |
|
|
— |
|
|
|
3,414 |
|
Deferred tax liability |
|
|
1,081 |
|
|
|
841 |
|
Operating lease liabilities, non-current |
|
|
26,469 |
|
|
|
30,374 |
|
Deferred revenue, non-current |
|
|
32,674 |
|
|
|
3,520 |
|
Deferred grant income, non-current |
|
|
7,243 |
|
|
|
10,755 |
|
Other non-current liabilities |
|
|
6,962 |
|
|
|
1,065 |
|
Total liabilities |
|
|
140,622 |
|
|
|
159,865 |
|
Mezzanine equity: |
|
|
|
|
|
|
||
Redeemable preferred stock |
|
|
— |
|
|
|
311,253 |
|
Total stockholders’ deficit |
|
|
471,722 |
|
|
|
(148,051 |
) |
Total liabilities, mezzanine equity and stockholders’ deficit |
|
$ |
612,344 |
|
|
$ |
323,067 |
|
STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
Twelve Months Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Operating activities |
|
|
|
|
|
|
||
Net loss |
|
$ |
(138,885 |
) |
|
$ |
(74,656 |
) |
Bargain purchase gain |
|
|
(25,213 |
) |
|
|
— |
|
Loss on forward sale of Series B Preferred Stock |
|
|
— |
|
|
|
— |
|
Loss on Bridge Loans |
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
31,732 |
|
|
|
13,123 |
|
Amortization of acquired intangible assets |
|
|
4,346 |
|
|
|
11,200 |
|
Depreciation and amortization |
|
|
12,515 |
|
|
|
3,980 |
|
Accretion of discount on short-term investments, net |
|
|
(7,435 |
) |
|
|
(1,261 |
) |
Non-cash lease expense |
|
|
5,766 |
|
|
|
3,864 |
|
Provision for excess and obsolete inventory |
|
|
2,524 |
|
|
|
1,496 |
|
Change in fair value of warrants |
|
|
(632 |
) |
|
|
— |
|
Impairment of InstruNor developed technology intangible |
|
|
— |
|
|
|
— |
|
Other non-cash items |
|
|
1,025 |
|
|
|
939 |
|
Changes in assets and liabilities, net |
|
|
(29,197 |
) |
|
|
(1,972 |
) |
Net cash used in operating activities |
|
|
(143,454 |
) |
|
|
(43,287 |
) |
|
|
|
|
|
|
|
||
Investing activities |
|
|
|
|
|
|
||
Cash and restricted cash acquired in the Merger |
|
|
280,033 |
|
|
|
— |
|
Acquisition of business, net of cash acquired |
|
|
(1,385 |
) |
|
|
— |
|
Purchases of short-term investments |
|
|
(256,119 |
) |
|
|
(94,896 |
) |
Proceeds from sales and maturities of investments |
|
|
349,000 |
|
|
|
117,964 |
|
Purchases of property and equipment |
|
|
(8,355 |
) |
|
|
(2,831 |
) |
Net cash provided by (used in) investing activities |
|
|
363,174 |
|
|
|
20,237 |
|
|
|
|
|
|
|
|
||
Financing activities |
|
|
|
|
|
|
||
Proceeds from Bridge Loans |
|
|
— |
|
|
|
— |
|
Proceeds from issuance of Series B Preferred Stock |
|
|
— |
|
|
|
— |
|
Repayment of term loan and convertible notes |
|
|
(63,192 |
) |
|
|
(2,083 |
) |
Payment of term loan fee |
|
|
(545 |
) |
|
|
— |
|
Payment of debt and equity issuance costs |
|
|
— |
|
|
|
— |
|
Repurchase of common stock |
|
|
(40,490 |
) |
|
|
(5,414 |
) |
Proceeds from ESPP stock issuance |
|
|
918 |
|
|
|
723 |
|
Payments for taxes related to net share settlement of equity awards and other |
|
|
(459 |
) |
|
|
(139 |
) |
Proceeds from exercise of stock options |
|
|
1,152 |
|
|
|
104 |
|
Net cash provided by (used in) financing activities |
|
|
(102,616 |
) |
|
|
(6,809 |
) |
Effect of foreign exchange rate fluctuations on cash and cash equivalents |
|
|
(785 |
) |
|
|
34 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
116,319 |
|
|
|
(29,825 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
52,499 |
|
|
|
82,324 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
168,818 |
|
|
$ |
52,499 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents, and restricted cash consists of: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
166,728 |
|
|
$ |
51,704 |
|
Restricted cash |
|
|
2,090 |
|
|
|
795 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
168,818 |
|
|
$ |
52,499 |
|
STANDARD BIOTOOLS INC.
REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE
(In thousands)
(Unaudited)
|
|
As Reported |
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Product revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Instruments |
|
$ |
8,545 |
|
|
$ |
10,947 |
|
|
$ |
28,504 |
|
|
$ |
37,459 |
|
Consumables |
|
|
14,675 |
|
|
|
10,437 |
|
|
|
60,064 |
|
|
|
41,739 |
|
Total product revenue |
|
|
23,220 |
|
|
|
21,384 |
|
|
|
88,568 |
|
|
|
79,198 |
|
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lab services |
|
|
15,704 |
|
|
|
142 |
|
|
|
56,484 |
|
|
|
706 |
|
Field services |
|
|
5,911 |
|
|
|
6,570 |
|
|
|
24,649 |
|
|
|
25,274 |
|
Total service revenue |
|
|
21,615 |
|
|
|
6,712 |
|
|
|
81,133 |
|
|
|
25,980 |
|
Product and service revenue |
|
|
44,835 |
|
|
|
28,096 |
|
|
|
169,701 |
|
|
|
105,178 |
|
Collaboration and other revenue |
|
|
1,883 |
|
|
|
92 |
|
|
|
4,731 |
|
|
|
1,162 |
|
Total revenue |
|
$ |
46,718 |
|
|
$ |
28,188 |
|
|
$ |
174,432 |
|
|
$ |
106,340 |
|
|
|
Non-GAAP Pro Forma |
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Product revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Instruments |
|
$ |
8,545 |
|
|
$ |
11,460 |
|
|
$ |
28,504 |
|
|
$ |
39,143 |
|
Consumables |
|
|
14,675 |
|
|
|
13,305 |
|
|
|
60,064 |
|
|
|
50,949 |
|
Total product revenue |
|
|
23,220 |
|
|
|
24,765 |
|
|
|
88,568 |
|
|
|
90,092 |
|
Service revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lab services |
|
|
15,704 |
|
|
|
19,211 |
|
|
|
57,088 |
|
|
|
72,657 |
|
Field services |
|
|
5,911 |
|
|
|
6,570 |
|
|
|
24,649 |
|
|
|
25,274 |
|
Total service revenue |
|
|
21,615 |
|
|
|
25,781 |
|
|
|
81,737 |
|
|
|
97,931 |
|
Product and service revenue |
|
|
44,835 |
|
|
|
50,546 |
|
|
|
170,305 |
|
|
|
188,023 |
|
Collaboration and other revenue |
|
|
1,883 |
|
|
|
872 |
|
|
|
4,772 |
|
|
|
4,442 |
|
Total revenue |
|
$ |
46,718 |
|
|
$ |
51,418 |
|
|
$ |
175,077 |
|
|
$ |
192,465 |
|
STANDARD BIOTOOLS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE
|
|
As Reported |
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Gross profit |
|
$ |
21,905 |
|
|
$ |
13,357 |
|
|
$ |
84,262 |
|
|
$ |
50,450 |
|
Amortization of acquired intangible assets |
|
|
643 |
|
|
|
2,800 |
|
|
|
3,694 |
|
|
|
11,200 |
|
Depreciation and amortization |
|
|
1,476 |
|
|
|
482 |
|
|
|
4,911 |
|
|
|
1,473 |
|
Stock-based compensation expense |
|
|
486 |
|
|
|
163 |
|
|
|
1,383 |
|
|
|
811 |
|
Cost of sales adjustment |
|
|
— |
|
|
|
— |
|
|
|
(1,812 |
) |
|
|
— |
|
Non-GAAP gross profit |
|
$ |
24,510 |
|
|
$ |
16,802 |
|
|
$ |
92,438 |
|
|
$ |
63,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross margin percentage |
|
|
46.9 |
% |
|
|
47.4 |
% |
|
|
48.3 |
% |
|
|
47.4 |
% |
Amortization of acquired intangible assets |
|
|
1.4 |
% |
|
|
9.9 |
% |
|
|
2.1 |
% |
|
|
10.5 |
% |
Depreciation and amortization |
|
|
3.2 |
% |
|
|
1.7 |
% |
|
|
2.8 |
% |
|
|
1.4 |
% |
Stock-based compensation expense |
|
|
1.0 |
% |
|
|
0.6 |
% |
|
|
0.8 |
% |
|
|
0.8 |
% |
Cost of sales adjustment |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
(1.0 |
)% |
|
|
0.0 |
% |
Non-GAAP gross margin percentage |
|
|
52.5 |
% |
|
|
59.6 |
% |
|
|
53.0 |
% |
|
|
60.1 |
% |
|
|
Non-GAAP Pro Forma Combined |
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Gross profit |
|
$ |
21,905 |
|
|
$ |
24,024 |
|
|
$ |
82,847 |
|
|
$ |
85,949 |
|
Amortization of acquired intangible assets |
|
|
643 |
|
|
|
3,355 |
|
|
|
3,694 |
|
|
|
13,422 |
|
Depreciation and amortization |
|
|
1,476 |
|
|
|
911 |
|
|
|
4,911 |
|
|
|
3,062 |
|
Stock-based compensation expense |
|
|
486 |
|
|
|
210 |
|
|
|
1,383 |
|
|
|
1,027 |
|
Cost of sales adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,337 |
) |
Non-GAAP gross profit |
|
$ |
24,510 |
|
|
$ |
28,500 |
|
|
$ |
92,835 |
|
|
$ |
102,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross margin percentage |
|
|
46.9 |
% |
|
|
46.7 |
% |
|
|
47.3 |
% |
|
|
44.7 |
% |
Amortization of acquired intangible assets |
|
|
1.4 |
% |
|
|
6.5 |
% |
|
|
2.1 |
% |
|
|
7.0 |
% |
Depreciation and amortization |
|
|
3.2 |
% |
|
|
1.8 |
% |
|
|
2.8 |
% |
|
|
1.6 |
% |
Stock-based compensation expense |
|
|
1.0 |
% |
|
|
0.4 |
% |
|
|
0.8 |
% |
|
|
0.5 |
% |
Cost of sales adjustment |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
(0.7 |
)% |
Non-GAAP gross margin percentage |
|
|
52.5 |
% |
|
|
55.4 |
% |
|
|
53.0 |
% |
|
|
53.1 |
% |
STANDARD BIOTOOLS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES
|
|
As Reported |
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating expenses |
|
$ |
54,722 |
|
|
$ |
34,743 |
|
|
$ |
259,498 |
|
|
$ |
127,050 |
|
Restructuring and related charges |
|
|
(126 |
) |
|
|
(1,661 |
) |
|
|
(12,500 |
) |
|
|
(7,076 |
) |
Transaction and integration expenses |
|
|
(2,955 |
) |
|
|
(4,819 |
) |
|
|
(27,979 |
) |
|
|
(6,485 |
) |
Stock-based compensation expense |
|
|
(6,984 |
) |
|
|
(3,312 |
) |
|
|
(30,349 |
) |
|
|
(12,312 |
) |
Amortization of acquired intangible assets |
|
|
(170 |
) |
|
|
- |
|
|
|
(652 |
) |
|
|
- |
|
Depreciation and amortization |
|
|
(1,664 |
) |
|
|
(624 |
) |
|
|
(7,604 |
) |
|
|
(2,507 |
) |
Gain/loss on disposal of property and equipment |
|
|
89 |
|
|
|
- |
|
|
|
(326 |
) |
|
|
(73 |
) |
Non-GAAP operating expenses |
|
$ |
42,912 |
|
|
$ |
24,327 |
|
|
$ |
180,088 |
|
|
$ |
98,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
R&D operating expenses |
|
$ |
14,053 |
|
|
$ |
6,909 |
|
|
$ |
62,411 |
|
|
$ |
25,948 |
|
Stock-based compensation expense |
|
|
(1,347 |
) |
|
|
(430 |
) |
|
|
(5,827 |
) |
|
|
(1,671 |
) |
Depreciation and amortization |
|
|
(868 |
) |
|
|
(125 |
) |
|
|
(3,474 |
) |
|
|
(526 |
) |
Non-GAAP R&D operating expenses |
|
$ |
11,838 |
|
|
$ |
6,354 |
|
|
$ |
53,110 |
|
|
$ |
23,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SG&A operating expenses |
|
$ |
37,588 |
|
|
$ |
21,354 |
|
|
$ |
156,608 |
|
|
$ |
87,541 |
|
Stock-based compensation expense |
|
|
(5,637 |
) |
|
|
(2,882 |
) |
|
|
(24,522 |
) |
|
|
(10,641 |
) |
Amortization of acquired intangible assets |
|
|
(170 |
) |
|
|
- |
|
|
|
(652 |
) |
|
|
- |
|
Depreciation and amortization |
|
|
(796 |
) |
|
|
(499 |
) |
|
|
(4,130 |
) |
|
|
(1,981 |
) |
Gain/loss on disposal of property and equipment |
|
|
89 |
|
|
|
- |
|
|
|
(326 |
) |
|
|
(73 |
) |
Non-GAAP SG&A operating expenses |
|
$ |
31,074 |
|
|
$ |
17,973 |
|
|
$ |
126,978 |
|
|
$ |
74,846 |
|
|
|
Non-GAAP Pro Forma Combined |
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating expenses |
|
$ |
54,722 |
|
|
$ |
89,001 |
|
|
$ |
262,846 |
|
|
$ |
303,710 |
|
Restructuring and related charges |
|
|
(126 |
) |
|
|
(16,670 |
) |
|
|
(12,500 |
) |
|
|
(23,185 |
) |
Transaction and integration expenses |
|
|
(2,955 |
) |
|
|
(8,991 |
) |
|
|
(38,148 |
) |
|
|
(14,814 |
) |
Stock-based compensation expense |
|
|
(6,984 |
) |
|
|
(4,791 |
) |
|
|
(23,503 |
) |
|
|
(25,126 |
) |
Amortization of acquired intangible assets |
|
|
(170 |
) |
|
|
(161 |
) |
|
|
(652 |
) |
|
|
(643 |
) |
Depreciation and amortization |
|
|
(1,664 |
) |
|
|
(1,879 |
) |
|
|
(7,604 |
) |
|
|
(7,652 |
) |
Gain/loss on disposal of property and equipment |
|
|
89 |
|
|
|
- |
|
|
|
(326 |
) |
|
|
(73 |
) |
Non-GAAP operating expenses |
|
$ |
42,912 |
|
|
$ |
56,509 |
|
|
$ |
180,113 |
|
|
$ |
232,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
R&D operating expenses |
|
$ |
14,053 |
|
|
$ |
17,041 |
|
|
$ |
63,063 |
|
|
$ |
64,526 |
|
Stock-based compensation expense |
|
|
(1,347 |
) |
|
|
(837 |
) |
|
|
(5,827 |
) |
|
|
(3,313 |
) |
Depreciation and amortization |
|
|
(868 |
) |
|
|
(541 |
) |
|
|
(3,474 |
) |
|
|
(2,133 |
) |
Non-GAAP R&D operating expenses |
|
$ |
11,838 |
|
|
$ |
15,663 |
|
|
$ |
53,762 |
|
|
$ |
59,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SG&A operating expenses |
|
$ |
37,588 |
|
|
$ |
46,298 |
|
|
$ |
149,135 |
|
|
$ |
201,186 |
|
Stock-based compensation expense |
|
|
(5,637 |
) |
|
|
(3,954 |
) |
|
|
(17,676 |
) |
|
|
(21,813 |
) |
Amortization of acquired intangible assets |
|
|
(170 |
) |
|
|
(161 |
) |
|
|
(652 |
) |
|
|
(643 |
) |
Depreciation and amortization |
|
|
(796 |
) |
|
|
(1,338 |
) |
|
|
(4,130 |
) |
|
|
(5,519 |
) |
Gain/loss on disposal of property and equipment |
|
|
89 |
|
|
|
- |
|
|
|
(326 |
) |
|
|
(73 |
) |
Non-GAAP SG&A operating expenses |
|
$ |
31,074 |
|
|
$ |
40,846 |
|
|
$ |
126,351 |
|
|
$ |
173,138 |
|
STANDARD BIOTOOLS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
ITEMIZED RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA
|
|
As Reported |
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net loss |
|
$ |
(34,072 |
) |
|
$ |
(19,776 |
) |
|
$ |
(138,885 |
) |
|
$ |
(74,656 |
) |
Income tax expense (benefit) |
|
|
272 |
|
|
|
(162 |
) |
|
|
573 |
|
|
|
452 |
|
Interest income, net |
|
|
(3,324 |
) |
|
|
(349 |
) |
|
|
(16,883 |
) |
|
|
4,567 |
|
Amortization of acquired intangible assets |
|
|
813 |
|
|
|
2,800 |
|
|
|
4,346 |
|
|
|
11,200 |
|
Depreciation and amortization |
|
|
3,140 |
|
|
|
1,106 |
|
|
|
12,515 |
|
|
|
3,980 |
|
Bargain purchase gain |
|
|
— |
|
|
|
— |
|
|
|
(25,213 |
) |
|
|
— |
|
Restructuring and related charges |
|
|
126 |
|
|
|
1,661 |
|
|
|
12,500 |
|
|
|
7,076 |
|
Transaction and integration expenses |
|
|
2,955 |
|
|
|
4,819 |
|
|
|
27,979 |
|
|
|
6,485 |
|
Stock-based compensation expense |
|
|
7,470 |
|
|
|
3,475 |
|
|
|
31,732 |
|
|
|
13,123 |
|
Cost of sales adjustment |
|
|
— |
|
|
|
— |
|
|
|
(1,812 |
) |
|
|
— |
|
Gain/loss on disposal of property and equipment |
|
|
(89 |
) |
|
|
— |
|
|
|
326 |
|
|
|
73 |
|
Other non-operating expense (income) |
|
|
4,307 |
|
|
|
(1,099 |
) |
|
|
5,172 |
|
|
|
(6,963 |
) |
Adjusted EBITDA |
|
|
(18,402 |
) |
|
|
(7,525 |
) |
|
|
(87,650 |
) |
|
|
(34,663 |
) |
|
|
Non-GAAP Pro Forma Combined |
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net loss |
|
$ |
(34,072 |
) |
|
$ |
(55,280 |
) |
|
$ |
(168,654 |
) |
|
$ |
(164,280 |
) |
Income tax expense (benefit) |
|
|
272 |
|
|
|
(1,159 |
) |
|
|
573 |
|
|
|
(63 |
) |
Interest income, net |
|
|
(3,324 |
) |
|
|
(6,456 |
) |
|
|
(16,883 |
) |
|
|
4,567 |
|
Amortization of acquired intangible assets |
|
|
813 |
|
|
|
3,516 |
|
|
|
4,346 |
|
|
|
14,065 |
|
Depreciation and amortization |
|
|
3,140 |
|
|
|
2,790 |
|
|
|
12,515 |
|
|
|
10,714 |
|
Bargain purchase gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,213 |
) |
Restructuring and related charges |
|
|
126 |
|
|
|
16,670 |
|
|
|
12,500 |
|
|
|
23,185 |
|
Transaction and integration expenses |
|
|
2,955 |
|
|
|
8,991 |
|
|
|
38,148 |
|
|
|
14,814 |
|
Stock-based compensation expense |
|
|
7,470 |
|
|
|
5,001 |
|
|
|
24,886 |
|
|
|
26,153 |
|
Cost of sales adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,337 |
) |
Gain/loss on disposal of property and equipment |
|
|
(89 |
) |
|
|
— |
|
|
|
326 |
|
|
|
73 |
|
Other non-operating expense |
|
|
4,307 |
|
|
|
(2,081 |
) |
|
|
4,965 |
|
|
|
(32,773 |
) |
Adjusted EBITDA |
|
|
(18,402 |
) |
|
|
(28,008 |
) |
|
|
(87,278 |
) |
|
|
(130,094 |
) |