Press Release: Standard BioTools Reports Fourth Quarter and Full Year 2025 Financial Results

Dow Jones
Feb 25

BOSTON, Mass., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the "Company" or "Standard BioTools") today announced financial results for the quarter and fiscal year ended December 31, 2025.

Recent Highlights:

   -- Fourth quarter 2025 revenue from Continuing Operations of $23.8 million; 
      Full Year 2025 revenue of $85.3 million 
 
   -- Fully operationalized over $40 million in previously announced annualized 
      cost savings supporting path to positive adjusted EBITDA and adjusted 
      cash flow exiting 2026 
 
   -- Approximately $550 million in cash & investments following the closing of 
      the SomaLogic transaction on January 30, 20261 to fuel inorganic growth 
      strategy 

"We delivered a strong finish to the year with better-than-expected performance, driven by disciplined execution across the business," said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "Our team continued to deliver tangible efficiency gains, fully operationalizing over $40 million in previously announced cost savings and exiting the year with meaningfully lower run-rate operating expenses, reinforcing progress toward achieving our 2026 profitability targets."

Dr. Egholm continued, "Looking ahead, we enter 2026 with a focused and streamlined business, a proven team executing with the rigor of the Standard BioTools Business System $(SBS)$, a strong balance sheet following the strategic sale of SomaLogic to Illumina, and approximately $1 billion in NOL carryforwards. Taken together, these differentiated assets provide significant flexibility to pursue disciplined M&A and drive long-term shareholder value."

 
Financial Results Table: Continuing Operations 
 
                                           As Reported 
                         ----------------------------------------------- 
                          Three Months Ended        Twelve Months Ended 
(Unaudited, in 
millions, except 
percentages)              December 31, 2025          December 31, 2025 
                         --------------------      --------------------- 
Revenue                    $             23.8        $              85.3 
Gross margin                             47.8%                      49.9% 
Non-GAAP gross margin                    50.3%                      53.6% 
Operating expenses         $             36.0        $             152.8 
Non-GAAP operating 
 expenses                  $             27.8        $             108.3 
Operating loss             $            (24.6)       $            (110.2) 
Net loss from 
 continuing operations     $             13.9        $             (58.8) 
Adjusted EBITDA            $            (15.8)       $             (62.6) 
Cash, cash equivalents, 
 restricted cash, and 
 liquid investments        $            210.7        $             210.7 
 

(1) This approximate cash and investments balance is unaudited and may be adjusted as a result of, among other things, completion of financial closing procedures and internal reviews. This financial information does not represent a comprehensive statement of the Company's current financial results.

Fourth Quarter 2025 Financial Results: Continuing Operations

Following the announced sale of SomaLogic, Inc. ("SomaLogic") and other specified assets to Illumina, Inc. ("Illumina") in June 2025, which transaction closed in January 2026, all financial results in this section reflect continuing operations only.

   -- Revenue was $23.8 million in the fourth quarter of 2025, down 4% 
      year-over-year. 
 
          -- Consumables revenue was $9.0 million in the fourth quarter of 
             2025, down 17% year-over-year. Lower consumables revenue in the 
             quarter reflected project funding declines primarily in flow and 
             microfluidics. 
 
          -- Instruments revenue was $8.5 million in the fourth quarter of 
             2025, up 10% year-over-year. Instrument revenue in the quarter 
             reflected strong growth in imaging but overall remained impacted 
             by capital-constrained end-markets, particularly in the Americas. 
 
          -- Services revenue, which is predominantly Field Services, was $6.4 
             million in the fourth quarter of 2025, up 1% year-over-year. Lab 
             Services revenue increased due to higher demand from 
             pharmaceutical customers, offset by decreased Field Services 
             revenue due to fewer active service contracts and lower on-demand 
             revenue driven by improved instrument quality and uptime. 
   -- Gross margins in the fourth quarter of 2025 were approximately 47.8%, 
      versus 45.8% in the fourth quarter of 2024; and non-GAAP gross margins in 
      the fourth quarter of 2025 were approximately 50.3%, versus 48.1% in the 
      fourth quarter of 2024. Gross margins and non-GAAP gross margins were 
      driven by volume and product mix. 
 
   -- Operating expenses in the fourth quarter of 2025 were $36.0 million, a 
      decrease of $1.4 million, or down 4%, compared to the fourth quarter of 
      2024. Operating expenses included $2.1 million in restructuring and 
      related charges. Non-GAAP operating expenses, which exclude transaction 
      costs, stock-based compensation, and restructuring charges, were $27.8 
      million in the fourth quarter of 2025, a decrease of $0.4 million, or 
      down 1%, compared to the fourth quarter of 2024. The decrease in 
      operating expenses was due to restructuring actions. 
 
   -- Net income for the fourth quarter of 2025 was $13.9 million, compared to 
      a net loss of $27.2 million in the fourth quarter of 2024, representing a 
      change of $41.1 million or 151%. The improvement primarily reflects a 
      one-time, non-cash partial release of $38.4 million of the U.S. deferred 
      tax valuation allowance, based on expected gains from the Sengenics and 
      SomaLogic divestitures and our conclusion that this portion will be 
      realized. Adjusted EBITDA for the fourth quarter of 2025 was a loss of 
      $15.8 million, versus an adjusted EBITDA loss of $16.2 million in the 
      fourth quarter of 2024, an improvement of $0.4 million, or 3%. 

Full Year 2025 Financial Results: Continuing Operations

Following the announced sale of SomaLogic and other specified assets to Illumina, in June 2025, which transaction closed in January 2026, all financial results in this section reflect continuing operations only.

   -- Revenue was $85.3 million in 2025, down 6% year-over-year. 
 
          -- Consumables revenue was $36.2 million in 2025, down 11% 
             year-over-year. Lower consumables revenue in the year reflected 
             project funding declines in flow and microfluidics. 
 
          -- Instruments revenue was $25.4 million in 2025, up 2% 
             year-over-year. Instrument revenue in the year reflected growth in 
             imaging but overall remained impacted by capital-constrained 
             end-markets globally. 
 
          -- Services revenue, which is predominantly Field Services, was $23.7 
             million in 2025, down 7% year-over-year. Lab Services revenue 
             increased due to higher demand from pharmaceutical customers, 
             offset by decreased Field Services revenue due to fewer active 
             service contracts and lower on-demand revenue driven by improved 
             instrument quality and uptime. 
   -- Gross margins in 2025 were approximately 49.9%, versus 49.3% in 2024; and 
      non-GAAP gross margins in 2025 were approximately 53.6%, versus 53.3% in 
      2024. Gross margins and non-GAAP gross margins were driven by volume and 
      product mix. 
 
   -- Operating expenses in 2025 were $152.8 million, a decrease of $19.6 
      million, or down 11%, compared to 2024. Operating expenses included $14.8 
      million in restructuring and related charges. Non-GAAP operating expenses, 
      which exclude transaction costs, stock-based compensation, and 
      restructuring charges, were $108.3 million in 2025, a decrease of $4.4 
      million, or down 4%, compared to 2024. The decrease in operating expenses 
      was due to restructuring actions. 
 
   -- Net loss for 2025 was $58.8 million, compared to a net loss of $90.9 
      million in 2024, representing an improvement of $32.1 million or 35%. The 
      improvement primarily reflects a one-time, non-cash partial release of 
      $38.4 million of the U.S. deferred tax valuation allowance, based on 
      expected gains from the Sengenics and SomaLogic divestitures and our 
      conclusion that this portion will be realized. Adjusted EBITDA for 2025 
      was a loss of $62.6 million, versus an adjusted EBITDA loss of $64.2 
      million in 2024, an improvement of $1.7 million, or 3%. 
 
   -- Net operating loss (NOL) carry forwards of approximately $1 billion for 
      US federal income tax purposes. Utilization of this NOL carry forward may 
      be subject to expiration and substantial annual limitations. 

Full Year 2026 Revenue Outlook

For fiscal year 2026, the Company expects revenue in the range of $80 million to $85 million, with seasonality similar to prior years.

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 financial measures 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 the full year 2026 revenue outlook and expected cash following the closing of the transaction with Illumina; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits from the transaction with Illumina and 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, the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; risks that the anticipated benefits and synergies resulting from 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; existing and potential future NIH funding pressures; the effect from existing and potential future U.S. export controls and tariffs; 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, for the year ended December 31, 2024, filed with the SEC on March 11, 2025, the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 15, 2025, 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), is committed to setting the new standard in the life science tools industry through strategic consolidation, best-in-class operations and a world class management team. The Company's established portfolio includes essential, standardized next-generation solutions designed to help biomedical researchers develop better therapeutics faster. Learn more at standardbio.com or connect with us on X, Facebook(R) , LinkedIn, and YouTube$(TM)$.

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. (c)2026 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.

Investor Contact:

ir@standardbio.com

 
                      STANDARD BIOTOOLS INC. 
          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
                       Continuing Operations 
              (In thousands, except per share amounts) 
                            (Unaudited) 
 
                     Three Months Ended     Twelve Months Ended 
                         December 31,           December 31, 
                     -------------------   --------------------- 
                       2025       2024       2025        2024 
                     --------   --------   ---------   --------- 
Revenue: 
   Product revenue   $ 17,405   $ 18,442   $  61,659   $  65,429 
   Services and 
    other revenue       6,390      6,335      23,672      25,579 
                      -------    -------    --------    -------- 
Total revenue          23,795     24,777      85,331      91,008 
                      -------    -------    --------    -------- 
Cost of revenue: 
   Cost of product 
    revenue             8,786      8,877      29,553      30,652 
   Cost of services 
    and other 
    revenue             3,627      4,543      13,235      15,473 
                      -------    -------    --------    -------- 
Total cost of 
 revenue               12,413     13,420      42,788      46,125 
                      -------    -------    --------    -------- 
Gross profit           11,382     11,357      42,543      44,883 
Operating 
expenses: 
   Research and 
    development         7,969      7,040      25,987      28,831 
   Selling, general 
    and 
    administrative     25,337     27,318     109,861     103,058 
   Restructuring 
    and related 
    charges             2,075        126      14,782      12,500 
   Transaction and 
    integration 
    expenses              645      2,955       2,162      27,979 
                      -------    -------    --------    -------- 
Total operating 
 expenses              36,026     37,439     152,792     172,368 
                      -------    -------    --------    -------- 
Loss from 
 operations           (24,644)   (26,082)   (110,249)   (127,485) 
Bargain purchase 
 gain                      --         --          --      25,213 
Interest income         1,662      3,896       9,179      20,199 
Interest expense           (5)      (572)        (26)     (3,316) 
Other income 
 (expense), net           956     (4,143)      4,394      (5,008) 
                      -------    -------    --------    -------- 
Loss before income 
 taxes                (22,031)   (26,901)    (96,702)    (90,397) 
Income tax benefit 
 (expense)             35,932       (272)     37,876        (542) 
                      -------    -------    --------    -------- 
Net income (loss) 
 from continuing 
 operations            13,901    (27,173)    (58,826)    (90,939) 
Discontinued 
operations: 
Income (loss) from 
 discontinued 
 operations, net of 
 tax                    5,382     (6,899)    (16,070)    (47,946) 
                      -------    -------    --------    -------- 
Net income (loss)    $ 19,283   $(34,072)  $ (74,896)  $(138,885) 
Induced conversion 
 of redeemable 
 preferred stock            -          -           -     (46,014) 
                      -------    -------    --------    -------- 
Net income (loss) 
 attributable to 
 common 
 stockholders        $ 19,283   $(34,072)  $ (74,896)  $(184,899) 
                      =======    =======    ========    ======== 
Net income (loss) 
 per share from 
 continuing 
 operations          $   0.04   $  (0.07)  $   (0.15)  $   (0.39) 
                      =======    =======    ========    ======== 
Net income (loss) 
 per share from 
 discontinued 
 operations          $   0.01   $  (0.02)  $   (0.04)  $   (0.14) 
                      =======    =======    ========    ======== 
Net income (loss) 
 per share 
 attributable to 
 common 
 stockholders        $   0.05   $  (0.09)  $   (0.20)  $   (0.52) 
                      =======    =======    ========    ======== 
Shares used in 
 computing net 
 income (loss) per 
 share attributable 
 to common 
 stockholders         385,048    374,544     381,623     353,245 
                      =======    =======    ========    ======== 
 
 
                         STANDARD BIOTOOLS INC. 
                  CONDENSED CONSOLIDATED BALANCE SHEETS 
                          Continuing Operations 
                             (In thousands) 
                               (Unaudited) 
 
                                         December 31,    December 31, 
                                             2025            2024 
                                        --------------  -------------- 
ASSETS 
Current assets: 
   Cash and cash equivalents             $     118,213   $     166,728 
   Short-term investments                       69,362         126,146 
   Accounts receivable, net                     13,431          14,741 
   Inventory                                    19,981          20,744 
   Prepaid expenses and other current 
    assets                                       4,871           4,561 
   Current assets held for sale                228,406          42,963 
                                            ----------      ---------- 
Total current assets                           454,264         375,883 
Property and equipment, net                     19,275          22,775 
Operating lease right-of-use asset, 
 net                                            26,732          26,567 
Other non-current assets                         3,154           3,550 
Long-term investments                           25,701              -- 
Deferred tax asset, non-current                 38,628             138 
Non-current assets held for sale                    --         183,432 
                                            ----------      ---------- 
Total assets                             $     567,754   $     612,345 
                                            ==========      ========== 
LIABILITIES AND STOCKHOLDERS' EQUITY 
Current liabilities: 
   Accounts payable                      $       5,407   $       5,049 
   Accrued liabilities                          29,783          21,435 
   Operating lease liabilities, 
    current                                      5,490           4,806 
   Deferred revenue, current                    38,949          10,274 
   Deferred grant income, current                3,046           3,527 
   Current liabilities held for sale            25,633          20,804 
                                            ----------      ---------- 
Total current liabilities                      108,308          65,895 
Convertible notes, non-current                     299             299 
Deferred tax liability                             810           1,081 
Operating lease liabilities, 
 non-current                                    25,038          25,590 
Deferred revenue, non-current                    3,503          32,674 
Deferred grant income, non-current               4,290           7,243 
Other non-current liabilities                    1,215           1,062 
Non-current liabilities held for sale               --           6,779 
                                            ----------      ---------- 
Total liabilities                              143,463         140,623 
Total stockholders' equity                     424,291         471,722 
                                            ----------      ---------- 
Total liabilities and stockholders' 
 equity                                  $     567,754   $     612,345 
                                            ==========      ========== 
 
 
                       STANDARD BIOTOOLS INC. 
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
                           (In thousands) 
                             (Unaudited) 
 
                                             Twelve Months Ended 
                                                 December 31, 
                                            --------------------- 
                                              2025        2024 
                                            ---------   --------- 
Operating activities 
Net loss                                    $ (74,896)  $(138,885) 
Bargain purchase gain                              --     (25,213) 
Stock-based compensation expense               29,613      31,732 
Amortization of acquired intangible assets      1,715       4,346 
Depreciation and amortization                   9,262      12,515 
Accretion of discount on short-term 
 investments, net                              (2,653)     (7,435) 
Non-cash lease expense                            604          -- 
Non-cash lease expense                          6,019       5,766 
Provision for excess and obsolete 
 inventory                                      3,468       2,524 
Change in fair value of warrants                 (232)       (632) 
Change in fair value of contingent 
 consideration                                 (3,177)         -- 
Other non-cash items                              905       1,025 
Changes in assets and liabilities, net        (44,978)    (29,197) 
                                             --------    -------- 
Net cash used in operating activities         (74,350)   (143,454) 
                                             --------    -------- 
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 marketable debt 
 securities                                  (101,753)   (256,119) 
Purchases of long-term marketable debt 
 securities                                   (32,321)         -- 
Purchases of marketable equity securities      (6,857)         -- 
Purchase of convertible note receivable        (5,000)         -- 
Proceeds from sales and maturities of 
 investments                                  179,000     349,000 
Purchases of property and equipment            (8,303)     (8,355) 
                                             --------    -------- 
Net cash provided by (used in) investing 
 activities                                    24,766     363,174 
                                             --------    -------- 
Financing activities 
Repayment of term loan and convertible 
 notes                                             --     (63,192) 
Payment of term loan fee                           --        (545) 
Repurchase of common stock                         --     (40,490) 
Proceeds from ESPP stock issuance                 523         918 
Payments for taxes related to net share 
 settlement of equity awards and other           (484)       (459) 
Proceeds from exercise of stock options           531       1,152 
                                             --------    -------- 
Net cash provided by (used in) financing 
 activities                                       570    (102,616) 
Effect of foreign exchange rate 
 fluctuations on cash and cash 
 equivalents                                      842        (785) 
                                             --------    -------- 
Net increase (decrease) in cash, cash 
 equivalents and restricted cash              (48,172)    116,319 
Cash, cash equivalents and restricted cash 
 at beginning of period                       168,818      52,499 
                                             --------    -------- 
Cash, cash equivalents and restricted cash 
 at end of period                           $ 120,646   $ 168,818 
                                             ========    ======== 
Cash, cash equivalents, and restricted 
cash consists of: 
Cash and cash equivalents                   $ 118,213   $ 166,728 
Restricted cash                                 2,433       2,090 
                                             --------    -------- 
Total cash, cash equivalents and 
 restricted cash                            $ 120,646   $ 168,818 
                                             ========    ======== 
 
 
                  STANDARD BIOTOOLS INC. 
                          REVENUE 
                   Continuing Operations 
                      (In thousands) 
                        (Unaudited) 
 
                  Three Months Ended      Year Ended 
                     December 31,        December 31, 
                  ------------------  ------------------ 
                   2025      2024      2025      2024 
                  -------  ---------  -------  --------- 
Product 
revenue: 
   Instruments    $ 8,455  $   7,668  $25,411  $  24,889 
   Consumables      8,950     10,774   36,248     40,540 
                   ------   --------   ------   -------- 
Total product 
 revenue           17,405     18,442   61,659     65,429 
                   ------   --------   ------   -------- 
Services and 
 other revenue      6,390      6,335   23,672     25,579 
                   ------   --------   ------   -------- 
Total revenue     $23,795  $  24,777  $85,331  $  91,008 
                   ======   ========   ======   ======== 
 
 
                        STANDARD BIOTOOLS INC. 
       RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION 
                         Continuing Operations 
                            (In thousands) 
                              (Unaudited) 
 
         ITEMIZED RECONCILIATION OF GROSS PROFIT TO NON-GAAP 
                  GROSS PROFIT AND MARGIN PERCENTAGE 
 
                                     As Reported 
                   ----------------------------------------------- 
                    Three Months Ended        Twelve Months Ended 
                       December 31,               December 31, 
                   --------------------      --------------------- 
                    2025         2024         2025          2024 
                   -------      -------      -------      -------- 
Gross profit       $11,382      $11,357      $42,543      $ 44,883 
   Amortization 
    of acquired 
    intangible 
    assets              --           --           --         1,407 
   Depreciation 
    and 
    amortization       145          277        1,552         1,294 
   Stock-based 
    compensation 
    expense            431          295        1,461           896 
   Loss on 
   disposal of 
   property and 
   equipment            --           --          187            -- 
                    ------       ------       ------       ------- 
Non-GAAP gross 
 profit            $11,958      $11,929      $45,743      $ 48,480 
                    ======       ======       ======       ======= 
 
Gross margin 
 percentage           47.8%        45.8%        49.9%         49.3% 
   Amortization 
    of acquired 
    intangible 
    assets              --           --           --           1.6% 
   Depreciation 
    and 
    amortization       0.6%         1.1%         1.8%          1.4% 
   Stock-based 
    compensation 
    expense            1.9%         1.2%         1.7%          1.0% 
   Loss on 
    disposal of 
    property and 
    equipment           --           --          0.2%           -- 
                    ------       ------       ------       ------- 
Non-GAAP gross 
 margin 
 percentage           50.3%        48.1%        53.6%         53.3% 
                    ======       ======       ======       ======= 
 
 
                    STANDARD BIOTOOLS INC. 
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION 
                     Continuing Operations 
                         (In thousands) 
                          (Unaudited) 
 
     ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING 
                            EXPENSES 
 
                                  As Reported 
                    ---------------------------------------- 
                    Three Months Ended   Twelve Months Ended 
                       December 31,          December 31, 
                    ------------------   ------------------- 
                     2025       2024       2025       2024 
                    -------   --------   --------   -------- 
Operating expenses  $36,026   $ 37,439   $152,792   $172,368 
   Restructuring 
    and related 
    charges (1)      (2,075)      (126)   (14,782)   (12,500) 
   Transaction and 
    integration 
    expenses           (645)    (2,955)    (2,162)   (27,979) 
   Stock-based 
    compensation 
    expense          (4,386)    (5,489)   (22,101)   (16,515) 
   Depreciation 
    and 
    amortization     (1,142)      (655)    (5,428)    (2,600) 
   Loss on 
    disposal of 
    property and 
    equipment           (10)       (48)       (10)       (75) 
                     ------    -------    -------    ------- 
Non-GAAP operating 
 expenses           $27,768   $ 28,166   $108,309   $112,699 
                     ======    -------    =======    ======= 
 
R&D operating 
 expenses           $ 7,969   $  7,040   $ 25,987   $ 28,831 
   Stock-based 
    compensation 
    expense            (600)      (655)    (1,917)    (1,702) 
   Depreciation 
    and 
    amortization       (184)      (144)    (1,181)      (581) 
   (Loss) gain on 
    disposal of 
    property and 
    equipment            (7)        (3)        21         (3) 
                     ------    -------    -------    ------- 
Non-GAAP R&D 
 operating 
 expenses           $ 7,178   $  6,238   $ 22,910   $ 26,545 
                     ======    =======    =======    ======= 
 
SG&A operating 
 expenses           $25,337   $ 27,318   $109,861   $103,058 
   Stock-based 
    compensation 
    expense          (3,786)    (4,834)   (20,184)   (14,813) 
   Depreciation 
    and 
    amortization       (958)      (511)    (4,247)    (2,019) 
   Loss on 
    disposal of 
    property and 
    equipment            (3)       (45)       (31)       (72) 
                     ------    -------    -------    ------- 
Non-GAAP SG&A 
 operating 
 expenses           $20,590   $ 21,928   $ 85,399   $ 86,154 
                     ======    =======    =======    ======= 
 
   1. Restructuring and related charges for the twelve months ended December 
      31, 2025 includes $2.2 million of stock-based compensation expense. 
 
                     STANDARD BIOTOOLS INC. 
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION 
                      Continuing Operations 
                         (In thousands) 
                           (Unaudited) 
 
      ITEMIZED RECONCILIATION OF GAAP NET LOSS TO ADJUSTED 
                             EBITDA 
 
                                   As Reported 
                    ----------------------------------------- 
                    Three Months Ended    Twelve Months Ended 
                        December 31,          December 31, 
                    -------------------   ------------------- 
                      2025       2024       2025       2024 
                    --------   --------   --------   -------- 
Net loss            $ 13,901   $(27,173)  $(58,826)  $(90,939) 
   Income tax 
    (benefit) 
    expense          (35,932)       272    (37,876)       542 
   Interest income    (1,662)    (3,896)    (9,179)   (20,199) 
   Interest 
    expense                5        572         26      3,316 
   Amortization of 
    acquired 
    intangible 
    assets                --         --         --      1,407 
   Depreciation 
    and 
    amortization       1,287        932      6,980      3,894 
   Bargain 
    purchase gain         --         --         --    (25,213) 
   Restructuring 
    and related 
    charges            2,075        126     12,570     12,500 
   Transaction and 
    integration 
    expenses             645      2,955      2,162     27,979 
   Stock-based 
    compensation 
    expense (1)        4,817      5,784     25,774     17,411 
   Loss on 
    disposal of 
    property and 
    equipment             10         48        197         75 
   Other 
    non-operating 
    (income) 
    expense             (956)     4,143     (4,394)     5,008 
                     -------    -------    -------    ------- 
Adjusted EBITDA      (15,810)   (16,237)   (62,566)   (64,219) 
 
   1. Stock-based compensation expense for the twelve months ended December 31, 
      2025 includes $2.2 million of expense that is allocated to restructuring 
      and related charges on the Company's consolidated statement of 
      operations. 

(END) Dow Jones Newswires

February 24, 2026 16:10 ET (21:10 GMT)

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