Standard BioTools Reports First Quarter 2025 Financial Results

SOUTH SAN FRANCISCO, Calif., May 06, 2025 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the "Company" or "Standard BioTools") today announced financial results for the first quarter ended March 31, 2025.

Recent Highlights:

   -- First quarter 2025 revenue of $40.8 million 
 
   -- 45% reduction in operating loss and 29% improvement in adjusted EBITDA 
      year-over-year 
 
   -- Operationalized $10 million more in annual run rate cost reductions, 
      totaling $90 million since merger 
 
   -- Strong balance sheet with $261 million in cash & cash equivalents and no 
      material debt as of March 31, 2025 

"Standard BioTools delivered a solid first quarter in line with our expectations, reflecting focused execution in a challenging Life Sciences macro backdrop," said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "We remain grounded and disciplined, driving a 29% year-over-year improvement in adjusted EBITDA through Standard BioTools Business System $(SBS)$. We believe our unique model, world class operational platform and healthy capital position will allow us to continue to take advantage of the current environment and deliver shareholder value over time."

Dr. Egholm added, "On a product level, I am particularly excited by our strategic foothold in proteomics and the momentum building for SomaScan and SOMAmers. The advantages and performance over legacy antibody-based approaches is now well-documented, most recently at the AACR Annual Meeting and through a growing list of publications. As population-based proteomics studies continue to favor our technology, the upcoming launch of our Illumina partnered NGS-based product will only further expand access. Together we expect this momentum to accelerate as we help usher in an exciting new era of proteomic discovery.

Financial Results Table:

 
                                           Three Months Ended March 31, 
(Unaudited, in millions, except 
percentages)                                  2025                2024 
                                      --------------------  ---------------- 
Revenue                                $          40.8       $       45.5 
Gross margin                                     48.4%              53.1% 
Non-GAAP gross margin                            53.2%              56.2% 
Operating expenses                     $          52.7       $       84.4 
Non-GAAP operating expenses            $          38.6       $       49.3 
Operating loss                         $         (33.0)      $      (60.2) 
Net loss                               $         (26.0)      $      (32.2) 
Adjusted EBITDA                        $         (16.9)      $      (23.7) 
Cash, cash equivalents, restricted 
 cash, and short-term investments      $        260.70       $      463.6 
 
 

First Quarter 2025 Financial Results

   -- Revenue was $40.8 million in the first quarter of 2025, down 10% 
      year-over-year: 
 
          -- Consumables revenue was $14.5 million in the first quarter of 
             2025, down 16% year-over-year. Consumables revenue declined due to 
             lower volume. 
 
          -- Instruments revenue was $7.8 million in the first quarter of 2025, 
             up 24% year-over-year. Instrument revenue was driven by strong 
             growth in our Hyperion XTi spatial proteomics platform. 
 
          -- Services revenue, which includes both Lab Services and Field 
             Services, was $17.6 million in the first quarter of 2025, down 16% 
             year-over-year. Lab Services revenue was down 19% due to a tough 
             comparable to prior-year levels that benefited from elevated 
             backlog as well as project timing. 
   -- Gross margins in the first quarter of 2025 were 48.4%, versus 53.1% in 
      the first quarter of 2024; and non-GAAP gross margins, which exclude 
      depreciation, amortization, and stock-based compensation, were 53.2% in 
      the first quarter of 2025 versus 56.2% in the first quarter of 2024. 
      Gross margins were impacted by lower volume, price realization and 
      product mix, partially offset by incremental improvements from SBS. 
 
   -- Operating expenses in the first quarter of 2025 were $52.7 million, a 
      decrease of $31.7 million, or down 38%, compared to the first quarter of 
      2024; and non-GAAP operating expenses, which exclude merger-related costs, 
      stock-based compensation, and restructuring charges, were $38.6 million 
      in the first quarter of 2025, a decrease of $10.7 million, or down 22%, 
      compared to the first quarter of 2024. The decrease in operating expenses 
      is a result of the realization of merger cost synergies and continued 
      productivity gains from SBS. 
 
   -- Net loss for the first quarter of 2025 was $26.0 million, compared to a 
      net loss of $32.2 million in the first quarter of 2024, representing an 
      improvement of $6.2 million or 19%, while adjusted EBITDA for the first 
      quarter of 2025 was a loss of $16.9 million, versus an adjusted EBITDA 
      loss of $23.7 million in the first quarter of 2024, an improvement 
      of $6.8 million, or 29%. 

Full Year 2025 Revenue Outlook

For fiscal year 2025, the Company continues to expect revenue in the range of $165 million to $175 million. This outlook 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 May 6(th) , 2025, at 4:30 p.m. ET to discuss the first quarter 2025 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: (888) 346-3970

Outside US callers: (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 gross profit, 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.

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 tariffs; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; interruptions or delays in the supply of components

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