EX-99.1 2 lab-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

Standard BioTools Reports Second Quarter 2024 Financial Results

 

Delivered revenue of $37.2 million

 

Accelerated merger synergies with $80 million expected to be operationalized in 2024

 

Revised FY2024 revenue guidance; on-track to achieve anticipated break-even adjusted EBITDA for full-year 2026

 

Current balance sheet of $396 million cash, cash equivalents, restricted cash and short-term investments

 

SOUTH SAN FRANCISCO, Calif., July 31, 2024 -- Standard BioTools Inc. (“Standard BioTools” or the “Company”) (NASDAQ: LAB) today announced unaudited interim financial results for the second quarter and six months ended June 30, 2024.

“We are laser-focused on optimizing our cost structure, already seeing early integration synergy realization in the second quarter of 2024, and accelerating our $80 million cost reduction target, which we expect to be operationalized by the end of 2024 – a year ahead of plan,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “We remain on-track to hit our adjusted EBITDA break-even target for the full year 2026, and are well-capitalized with nearly $400 million in cash to execute on our strategic vision.”

Egholm continued, “Strong operational execution was offset by weaker-than-anticipated second quarter revenues. SomaScan services experienced service contract delays and instrument sales were impacted by the lingering constrained capital purchase environment. We are confident the business issues we experienced are transitory, as we believe the challenge of running a concentrated services business will moderate as Standard BioTools Business System is more fully deployed.”

“It is early days for the Standard BioTools strategy and vision as we bring improved operational discipline to a diversified set of product solutions. Our potential M&A pipeline remains robust and we are all fully committed to delivering long-term sustainable growth and value for our shareholders," added Egholm.

 

2024 Selected Unaudited Interim Financial Results

 

 

As Reported

 

 

Quarter Ended

 

 

Six Months Ended

 

(Unaudited, in millions, except percentages)

June 30, 2024

 

 

June 30, 2024

 

Revenue

$

37.2

 

 

$

82.7

 

Gross margin

 

40.1

%

 

 

47.2

%

Non-GAAP gross margin

 

45.0

%

 

 

51.1

%

Operating expenses

$

65.4

 

 

$

149.8

 

Non-GAAP operating expenses

$

47.8

 

 

$

97.1

 

Operating loss

$

(50.5

)

 

$

(110.7

)

Net loss

$

(45.7

)

 

$

(77.9

)

Adjusted EBITDA

$

(31.0

)

 

$

(54.8

)

Cash, cash equivalents, restricted cash,
   and short-term investments

$

396.0

 

 

 

 

 

Revenue was $37 million in the second quarter, up 34% year-over-year, and $83 million for the first half of 2024, up 57%, reflecting the impact of SomaScan assay services, kits and related revenue in 2024.

 


 

Cash, cash equivalents, restricted cash and short-term investments at June 30, 2024 were $396 million, reflecting payment in the second quarter of $38 million of expenses related to the merger (the “Merger”) with SomaLogic, Inc. (“SomaLogic”) and the completed repurchases of the Company’s common stock in the second quarter.

 

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 six- month periods ended June 30, 2024 and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the Merger. The selected unaudited pro forma financial information for 2023 combines the historical results of the Company and SomaLogic for their respective three- and six- month periods ended June 30, 2023. See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information.

 

 

Pro Forma Combined

 

 

Quarter Ended

 

 

Quarter Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

(Unaudited, in millions, except percentages)

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

Revenue

$

37.2

 

 

$

48.1

 

 

$

83.4

 

 

$

93.6

 

Gross margin

 

40.1

%

 

 

44.6

%

 

 

45.2

%

 

 

44.6

%

Non-GAAP gross margin

 

45.0

%

 

 

53.4

%

 

 

51.2

%

 

 

52.5

%

Operating expenses

$

65.4

 

 

$

67.8

 

 

$

153.2

 

 

$

147.3

 

Non-GAAP operating expenses

$

47.8

 

 

$

58.9

 

 

$

90.3

 

 

$

123.0

 

Operating loss

$

(50.5

)

 

$

(46.3

)

 

$

(115.5

)

 

$

(105.5

)

Net loss

$

(45.7

)

 

$

(39.6

)

 

$

(107.7

)

 

$

(67.8

)

Adjusted EBITDA

$

(31.0

)

 

$

(32.6

)

 

$

(47.4

)

 

$

(71.2

)

 

Revenue of $37 million in the second quarter was down 23% year-over-year; and first half 2024 revenue of $83 million was down 11% year-over-year, primarily reflecting timing of large customer projects and continuing macroeconomic headwinds.

Product revenue of $22 million in the second quarter was down 10% year-over-year; and first half 2024 revenue of $46 million was up 6% year-over-year. The Company saw expansion in authorized sites and related pull-through, offset by a decline in instruments and consumables.

 

Service revenue of $14 million in the second quarter was down 37% year-over-year, and first half 2024 revenue of $36 million was down 25% year-over-year. The biggest driver of the year-over-year declines was the SomaScan assay services business, where lower-then-expected revenue results were driven primarily by timing of large projects from top customers, largely in Europe.

Gross margins in the second quarter of 2024 were approximately 40%, versus 45% in the second quarter of 2023; and non-GAAP gross margins in the second quarter of 2024 were approximately 45%, versus 53% in the second quarter of 2023. Gross margins in the first half of the year were approximately 45% in both 2024 and 2023; and non-GAAP gross margins were approximately 51% in the first half of 2024 and 53% for the same period in 2023. Gross margins and non-GAAP gross margins in 2024 were impacted by volume declines in assay services and instrument replacement costs in the second quarter.

Operating expenses in the second quarter of 2024 decreased $2 million, or 3%, compared to the second quarter of 2023, to $65 million, and non-GAAP operating expenses, which exclude Merger-related costs, stock-based compensation, and restructuring charges, declined $11 million, or 19%, compared to the second quarter of 2023, to $48 million. For the first half of 2024, operating expenses increased by $6 million, or 4%, compared

 


 

to the first half of 2023, to $153 million, while non-GAAP operating expenses decreased by $33 million, or 27%, compared to the same period in 2023,to $90 million.

Net loss for the second quarter of 2024 increased by $6 million, or 16%, compared to the second quarter of 2023, to a loss of $46 million, while adjusted EBITDA improved nearly $2 million, or 5%, compared to the second quarter of 2023, to a loss of $31 million. Net loss for the first half of 2024 increased by $40 million, or 59%, compared to the first half of 2023, to a loss of $108 million, due in large part to a $25 million bargain purchase gain related to the merger with SomaLogic that is assumed to have occurred in 2023 for purposes of the pro formas, while adjusted EBITDA improved $24 million, or 33%, compared to the first half of 2023, to a loss of $47 million.

Other Financial Highlights

The Company repurchased approximately 11.3 million shares of common stock during the second quarter of 2024 for an aggregate purchase price of approximately $29 million at an average price of $2.57 per share under the Company’s previously announced common stock repurchase program.

Updated FY 2024 Revenue Outlook

 

Following its second quarter 2024 results, the Company has revised its full year 2024 revenue guidance to a range of $170 million to $175 million.

 

Second Quarter 2024 Earnings Conference Call Information

Standard BioTools will host a conference call and webcast on July 31, 2024 at 1:30 p.m. PDT (4:30 p.m. EDT) to discuss second quarter 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 also 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 six months ended June 30, 2024 combines the Company's financial results for the six months ended June 30, 2024 and the historical 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 six months ended June 30, 2023 combines the historical results of the Company and SomaLogic for their respective three- and six-month periods ended June 30, 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.

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, net loss and adjusted EBITDA; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits of the Merger and the Company’s integration of SomaLogic, including the potential for it 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 of the Merger and the integration of SomaLogic, including the potential for it 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 the Merger or its restructuring, including the anticipated decrease in operational expenses, at the levels it expects; possible integration, restructuring and transition-related disruption, 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; 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), the parent company of SomaLogic Inc. and previously known as Fluidigm Corporation 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 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: www.standardbio.com/legal/salesterms. Patent and License Information: www.standardbio.com/legal/notices. Trademarks: www.standardbio.com/legal/trademarks. Any other trademarks are the sole property of their respective owners. ©2024 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.

Investor Contact

David Holmes
Gilmartin Group LLC
ir@standardbio.com

 

 


 

STANDARD BIOTOOLS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

$

22,163

 

 

$

21,665

 

 

$

45,755

 

 

$

39,103

 

Services revenue

 

 

14,053

 

 

 

5,821

 

 

 

35,080

 

 

 

12,702

 

Collaboration and other revenue

 

 

989

 

 

 

180

 

 

 

1,910

 

 

 

980

 

Total revenue

 

 

37,205

 

 

 

27,666

 

 

 

82,745

 

 

 

52,785

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

 

 

12,202

 

 

 

11,883

 

 

 

24,983

 

 

 

21,873

 

Cost of services revenue

 

 

10,070

 

 

 

2,181

 

 

 

18,579

 

 

 

4,973

 

Cost of collaboration and other revenue

 

 

25

 

 

 

 

 

 

87

 

 

 

56

 

Total cost of revenue

 

 

22,297

 

 

 

14,064

 

 

 

43,649

 

 

 

26,902

 

Gross profit

 

 

14,908

 

 

 

13,602

 

 

 

39,096

 

 

 

25,883

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

19,222

 

 

 

6,184

 

 

 

35,202

 

 

 

12,613

 

Selling, general and administrative

 

 

37,674

 

 

 

22,600

 

 

 

84,617

 

 

 

43,895

 

Restructuring and related charges

 

 

5,749

 

 

 

2,267

 

 

 

10,033

 

 

 

3,417

 

Transaction and integration expenses

 

 

2,782

 

 

 

 

 

 

19,945

 

 

 

 

Total operating expenses

 

 

65,427

 

 

 

31,051

 

 

 

149,797

 

 

 

59,925

 

Loss from operations

 

 

(50,519

)

 

 

(17,449

)

 

 

(110,701

)

 

 

(34,042

)

Bargain purchase gain

 

 

 

 

 

 

 

 

25,213

 

 

 

 

Interest income, net

 

 

4,444

 

 

 

244

 

 

 

9,618

 

 

 

316

 

Other income (expense), net

 

 

412

 

 

 

466

 

 

 

(1,822

)

 

 

407

 

Loss before income taxes

 

 

(45,663

)

 

 

(16,739

)

 

 

(77,692

)

 

 

(33,319

)

Income tax benefit (expense)

 

 

(55

)

 

 

(301

)

 

 

(183

)

 

 

(564

)

Net loss

 

$

(45,718

)

 

$

(17,040

)

 

$

(77,875

)

 

$

(33,883

)

Induced conversion of redeemable preferred stock

 

 

 

 

 

 

 

 

(46,014

)

 

 

 

Net loss attributable to common stockholders

 

$

(45,718

)

 

$

(17,040

)

 

$

(123,889

)

 

$

(33,883

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.12

)

 

$

(0.22

)

 

$

(0.37

)

 

$

(0.43

)

Shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

372,331

 

 

 

78,669

 

 

 

333,228

 

 

 

78,873

 

 

 


 

STANDARD BIOTOOLS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

June 30,
2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

269,811

 

 

$

51,704

 

Short-term investments

 

 

124,902

 

 

 

63,191

 

Accounts receivable, net

 

 

32,441

 

 

 

19,660

 

Inventory

 

 

42,618

 

 

 

20,533

 

Prepaid expenses and other current assets

 

 

10,257

 

 

 

3,127

 

Total current assets

 

 

480,029

 

 

 

158,215

 

Inventory, non-current

 

 

16,252

 

 

 

 

Royalty receivable, non-current

 

 

3,738

 

 

 

 

Property and equipment, net

 

 

42,569

 

 

 

24,187

 

Operating lease right-of-use asset, net

 

 

31,531

 

 

 

30,663

 

Other non-current assets

 

 

4,282

 

 

 

2,285

 

Acquired intangible assets, net

 

 

24,078

 

 

 

1,400

 

Goodwill

 

 

106,253

 

 

 

106,317

 

Total assets

 

$

708,732

 

 

$

323,067

 

 

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

12,570

 

 

$

9,236

 

Accrued liabilities

 

 

31,929

 

 

 

21,019

 

Operating lease liabilities, current

 

 

5,851

 

 

 

4,323

 

Deferred revenue, current

 

 

15,113

 

 

 

11,607

 

Deferred grant income, current

 

 

3,562

 

 

 

3,612

 

Term loan, current

 

 

 

 

 

5,000

 

Convertible notes, current

 

 

54,783

 

 

 

54,530

 

Total current liabilities

 

 

123,808

 

 

 

109,327

 

Convertible notes, non-current

 

 

299

 

 

 

569

 

Term loan, non-current

 

 

 

 

 

3,414

 

Deferred tax liability

 

 

841

 

 

 

841

 

Operating lease liabilities, non-current

 

 

29,617

 

 

 

30,374

 

Deferred revenue, non-current

 

 

33,395

 

 

 

3,520

 

Deferred grant income, non-current

 

 

8,995

 

 

 

10,755

 

Other non-current liabilities

 

 

1,516

 

 

 

1,065

 

Total liabilities

 

 

198,471

 

 

 

159,865

 

Mezzanine equity:

 

 

 

 

 

 

Redeemable preferred stock

 

 

 

 

 

311,253

 

Total stockholders’ equity (deficit)

 

 

510,261

 

 

 

(148,051

)

Total liabilities, mezzanine equity and stockholders’ equity (deficit)

 

$

708,732

 

 

$

323,067

 

 

 


 

STANDARD BIOTOOLS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

Operating activities

 

 

 

 

 

 

Net loss

 

$

(77,875

)

 

$

(33,883

)

Bargain purchase gain

 

 

(25,213

)

 

 

 

Stock-based compensation expense

 

 

18,341

 

 

 

6,262

 

Amortization of acquired intangible assets

 

 

2,822

 

 

 

5,600

 

Depreciation and amortization

 

 

6,228

 

 

 

1,688

 

Accretion of discount on short-term investments, net

 

 

(4,544

)

 

 

(151

)

Non-cash lease expense

 

 

2,949

 

 

 

1,902

 

Provision for excess and obsolete inventory

 

 

1,874

 

 

 

572

 

Change in fair value of warrants

 

 

(453

)

 

 

 

Other non-cash items

 

 

868

 

 

 

327

 

Changes in assets and liabilities, net

 

 

(26,523

)

 

 

(131

)

Net cash used in operating activities

 

 

(101,526

)

 

 

(17,814

)

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Cash and restricted cash acquired in merger

 

 

280,033

 

 

 

 

Purchases of short-term investments

 

 

(147,984

)

 

 

(6,836

)

Proceeds from sales and maturities of investments

 

 

239,000

 

 

 

91,964

 

Purchases of property and equipment

 

 

(2,718

)

 

 

(1,848

)

Net cash provided by investing activities

 

 

368,331

 

 

 

83,280

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Repayment of term loan and convertible notes

 

 

(8,192

)

 

 

 

Payment of term loan fee

 

 

(545

)

 

 

 

Repurchase of common stock

 

 

(40,490

)

 

 

(4,841

)

Proceeds from ESPP stock issuance

 

 

425

 

 

 

326

 

Payments for taxes related to net share settlement of equity awards and other

 

 

(344

)

 

 

(127

)

Proceeds from exercise of stock options

 

 

1,052

 

 

 

 

Net cash used in financing activities

 

 

(48,094

)

 

 

(4,642

)

Effect of foreign exchange rate fluctuations on cash and cash equivalents

 

 

(110

)

 

 

(49

)

Net increase in cash, cash equivalents and restricted cash

 

 

218,601

 

 

 

60,775

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

52,499

 

 

 

82,324

 

Cash, cash equivalents and restricted cash at end of period

 

$

271,100

 

 

$

143,099

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash consists of:

 

 

 

 

 

 

Cash and cash equivalents

 

$

269,811

 

 

$

142,304

 

Restricted cash

 

 

1,289

 

 

 

795

 

Total cash, cash equivalents and restricted cash

 

$

271,100

 

 

$

143,099

 

 

 

 


 

STANDARD BIOTOOLS INC.

REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE

(In thousands)

(Unaudited)

 

 

 

 

As Reported

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Product revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Instruments

 

$

7,047

 

 

$

11,587

 

 

$

11,950

 

 

$

17,510

 

Consumables

 

 

8,847

 

 

 

10,078

 

 

 

19,258

 

 

 

21,593

 

SomaScan assay kits and related

 

 

6,269

 

 

 

-

 

 

 

14,547

 

 

 

-

 

Total product revenue

 

 

22,163

 

 

 

21,665

 

 

 

45,755

 

 

 

39,103

 

Service revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Assay services

 

 

7,680

 

 

 

-

 

 

 

22,542

 

 

 

-

 

Instrument support services

 

 

6,373

 

 

 

5,821

 

 

 

12,538

 

 

 

12,702

 

Total service revenue

 

 

14,053

 

 

 

5,821

 

 

 

35,080

 

 

 

12,702

 

Product and service revenue

 

 

36,216

 

 

 

27,486

 

 

 

80,835

 

 

 

51,805

 

Collaboration and other revenue

 

 

989

 

 

 

180

 

 

 

1,910

 

 

 

980

 

Total revenue

 

$

37,205

 

 

$

27,666

 

 

$

82,745

 

 

$

52,785

 

 

 

 

 

Non-GAAP Pro Forma

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Product revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Instruments

 

$

7,047

 

 

$

11,587

 

 

$

11,950

 

 

$

17,510

 

Consumables

 

 

8,847

 

 

 

10,078

 

 

 

19,258

 

 

 

21,593

 

SomaScan assay kits and related

 

 

6,269

 

 

 

2,909

 

 

 

14,548

 

 

 

4,095

 

Total product revenue

 

 

22,163

 

 

 

24,574

 

 

 

45,756

 

 

 

43,198

 

Service revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Assay services

 

 

7,680

 

 

 

16,597

 

 

 

23,145

 

 

 

35,016

 

Instrument support services

 

 

6,373

 

 

 

5,821

 

 

 

12,538

 

 

 

12,702

 

Total service revenue

 

 

14,053

 

 

 

22,418

 

 

 

35,683

 

 

 

47,718

 

Product and service revenue

 

 

36,216

 

 

 

46,992

 

 

 

81,439

 

 

 

90,916

 

Collaboration and other revenue

 

 

989

 

 

 

1,142

 

 

 

1,951

 

 

 

2,716

 

Total revenue

 

$

37,205

 

 

$

48,134

 

 

$

83,390

 

 

$

93,632

 

 

 


 

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

 

 

Six Months Ended

 

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Gross profit

 

$

14,908

 

 

$

13,602

 

 

$

39,096

 

 

$

25,883

 

Amortization of acquired intangible assets

 

 

555

 

 

 

2,800

 

 

 

2,511

 

 

 

5,600

 

Depreciation and amortization

 

 

967

 

 

 

335

 

 

 

1,991

 

 

 

658

 

Stock-based compensation expense

 

 

294

 

 

 

107

 

 

 

533

 

 

 

460

 

Cost of sales adjustment

 

 

 

 

 

 

 

 

(1,812

)

 

 

 

Restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP gross profit

 

$

16,724

 

 

$

16,844

 

 

$

42,319

 

 

$

32,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin percentage

 

 

40.1

%

 

 

49.2

%

 

 

47.2

%

 

 

49.0

%

Amortization of acquired intangible assets

 

 

1.5

%

 

 

10.1

%

 

 

3.0

%

 

 

10.6

%

Depreciation and amortization

 

 

2.6

%

 

 

1.2

%

 

 

2.4

%

 

 

1.2

%

Stock-based compensation expense

 

 

0.8

%

 

 

0.4

%

 

 

0.6

%

 

 

0.9

%

Cost of sales adjustment

 

 

0.0

%

 

 

0.0

%

 

 

(2.2

)%

 

 

0.0

%

Non-GAAP gross margin percentage

 

 

45.0

%

 

 

60.9

%

 

 

51.1

%

 

 

61.7

%

 

 

 

 

Non-GAAP Pro Forma Combined

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Gross profit

 

$

14,908

 

 

$

21,484

 

 

$

37,681

 

 

$

41,783

 

Amortization of acquired intangible assets

 

 

555

 

 

 

3,355

 

 

 

2,511

 

 

 

6,711

 

Depreciation and amortization

 

 

967

 

 

 

709

 

 

 

1,991

 

 

 

1,389

 

Stock-based compensation expense

 

 

294

 

 

 

157

 

 

 

533

 

 

 

561

 

Cost of sales adjustment

 

 

 

 

 

 

 

 

 

 

 

(1,337

)

Restructuring costs

 

 

 

 

 

 

 

 

 

 

 

19

 

Non-GAAP gross profit

 

$

16,724

 

 

$

25,705

 

 

$

42,716

 

 

$

49,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin percentage

 

 

40.1

%

 

 

44.6

%

 

 

45.2

%

 

 

44.6

%

Amortization of acquired intangible assets

 

 

1.5

%

 

 

7.0

%

 

 

3.0

%

 

 

7.2

%

Depreciation and amortization

 

 

2.6

%

 

 

1.5

%

 

 

2.4

%

 

 

1.5

%

Stock-based compensation expense

 

 

0.8

%

 

 

0.3

%

 

 

0.6

%

 

 

0.6

%

Cost of sales adjustment

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

(1.4

)%

Non-GAAP gross margin percentage

 

 

45.0

%

 

 

53.4

%

 

 

51.2

%

 

 

52.5

%

 

 


 

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

 

 

Six Months Ended

 

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Operating expenses

 

$

65,427

 

 

$

31,051

 

 

$

149,797

 

 

$

59,925

 

Restructuring and related charges

 

 

(5,749

)

 

 

(2,267

)

 

 

(10,033

)

 

 

(3,417

)

Transaction and integration expenses

 

 

(2,782

)

 

 

-

 

 

 

(19,945

)

 

 

-

 

Stock-based compensation expense

 

 

(6,436

)

 

 

(3,007

)

 

 

(17,808

)

 

 

(5,802

)

Amortization of acquired intangible assets

 

 

(161

)

 

 

-

 

 

 

(311

)

 

 

-

 

Depreciation and amortization

 

 

(2,172

)

 

 

(491

)

 

 

(4,237

)

 

 

(1,030

)

Gain/loss on disposal of property and equipment

 

 

(371

)

 

 

(73

)

 

 

(385

)

 

 

(73

)

Non-GAAP operating expenses

 

$

47,756

 

 

$

25,213

 

 

$

97,078

 

 

$

49,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D operating expenses

 

$

19,222

 

 

$

6,184

 

 

$

35,202

 

 

$

12,613

 

Stock-based compensation expense

 

 

(2,428

)

 

 

(366

)

 

 

(3,756

)

 

 

(782

)

Depreciation and amortization

 

 

(788

)

 

 

(131

)

 

 

(1,659

)

 

 

(281

)

Non-GAAP R&D operating expenses

 

$

16,006

 

 

$

5,687

 

 

$

29,787

 

 

$

11,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A operating expenses

 

$

37,674

 

 

$

22,600

 

 

$

84,617

 

 

$

43,895

 

Stock-based compensation expense

 

 

(4,008

)

 

 

(2,641

)

 

 

(14,052

)

 

 

(5,020

)

Amortization of acquired intangible assets

 

 

(161

)

 

 

-

 

 

 

(311

)

 

 

-

 

Depreciation and amortization

 

 

(1,384

)

 

 

(360

)

 

 

(2,578

)

 

 

(749

)

Gain/loss on disposal of property and equipment

 

 

(371

)

 

 

(73

)

 

 

(385

)

 

 

(73

)

Non-GAAP SG&A operating expenses

 

$

31,750

 

 

$

19,526

 

 

$

67,291

 

 

$

38,053

 

 

 

 

Non-GAAP Pro Forma Combined

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Operating expenses

 

$

65,427

 

 

$

67,773

 

 

$

153,195

 

 

$

147,264

 

Restructuring and related charges

 

 

(5,749

)

 

 

(2,326

)

 

 

(10,033

)

 

 

(4,517

)

Transaction and integration expenses

 

 

(2,782

)

 

 

-

 

 

 

(30,114

)

 

 

-

 

Stock-based compensation expense

 

 

(6,436

)

 

 

(4,500

)

 

 

(17,808

)

 

 

(15,675

)

Amortization of acquired intangible assets

 

 

(161

)

 

 

(161

)

 

 

(311

)

 

 

(321

)

Depreciation and amortization

 

 

(2,172

)

 

 

(1,800

)

 

 

(4,237

)

 

 

(3,666

)

Gain/loss on disposal of property and equipment

 

 

(371

)

 

 

(107

)

 

 

(385

)

 

 

(107

)

Non-GAAP operating expenses

 

$

47,756

 

 

$

58,879

 

 

$

90,307

 

 

$

122,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D operating expenses

 

$

19,222

 

 

$

14,918

 

 

$

35,854

 

 

$

32,762

 

Stock-based compensation expense

 

 

(2,428

)

 

 

(741

)

 

 

(3,756

)

 

 

(1,544

)

Depreciation and amortization

 

 

(788

)

 

 

(523

)

 

 

(1,659

)

 

 

(1,051

)

Non-GAAP R&D operating expenses

 

$

16,006

 

 

$

13,654

 

 

$

30,439

 

 

$

30,167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A operating expenses

 

$

37,674

 

 

$

50,529

 

 

$

77,194

 

 

$

109,985

 

Stock-based compensation expense

 

 

(4,008

)

 

 

(3,759

)

 

 

(14,052

)

 

 

(14,131

)

Amortization of acquired intangible assets

 

 

(161

)

 

 

(161

)

 

 

(311

)

 

 

(321

)

Depreciation and amortization

 

 

(1,384

)

 

 

(1,277

)

 

 

(2,578

)

 

 

(2,615

)

Gain/loss on disposal of property and equipment

 

 

(371

)

 

 

(107

)

 

 

(385

)

 

 

(107

)

Non-GAAP SG&A operating expenses

 

$

31,750

 

 

$

45,225

 

 

$

59,868

 

 

$

92,811

 

 

 


 

STANDARD BIOTOOLS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(In thousands)

(Unaudited)

ITEMIZED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA

 

 

 

 

As Reported

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Net loss

 

$

(45,718

)

 

$

(17,040

)

 

$

(77,875

)

 

$

(33,883

)

Income tax expense (benefit)

 

 

55

 

 

 

301

 

 

 

183

 

 

 

564

 

Interest income, net

 

 

(4,444

)

 

 

(244

)

 

 

(9,618

)

 

 

(316

)

Amortization of acquired intangible assets

 

 

716

 

 

 

2,800

 

 

 

2,822

 

 

 

5,600

 

Depreciation and amortization

 

 

3,139

 

 

 

826

 

 

 

6,228

 

 

 

1,688

 

Bargain purchase gain

 

 

 

 

 

 

 

 

(25,213

)

 

 

 

Restructuring and related charges

 

 

5,749

 

 

 

2,267

 

 

 

10,033

 

 

 

3,417

 

Transaction and integration expenses

 

 

2,782

 

 

 

 

 

 

19,945

 

 

 

 

Stock-based compensation expense

 

 

6,730

 

 

 

3,114

 

 

 

18,341

 

 

 

6,262

 

Cost of sales adjustment

 

 

 

 

 

 

 

 

(1,812

)

 

 

 

Gain/loss on disposal of property and equipment

 

 

371

 

 

 

73

 

 

 

385

 

 

 

73

 

Other non-operating expense

 

 

(412

)

 

 

(466

)

 

 

1,822

 

 

 

(407

)

Adjusted EBITDA

 

 

(31,032

)

 

 

(8,369

)

 

 

(54,759

)

 

 

(17,002

)

 

 

 

 

Non-GAAP Pro Forma Combined

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Net loss

 

$

(45,718

)

 

$

(39,557

)

 

$

(107,693

)

 

$

(67,795

)

Income tax expense (benefit)

 

 

55

 

 

 

303

 

 

 

183

 

 

 

568

 

Interest income, net

 

 

(4,444

)

 

 

(6,162

)

 

 

(9,618

)

 

 

(11,157

)

Amortization of acquired intangible assets

 

 

716

 

 

 

3,516

 

 

 

2,822

 

 

 

7,032

 

Depreciation and amortization

 

 

3,139

 

 

 

2,509

 

 

 

6,228

 

 

 

5,055

 

Bargain purchase gain

 

 

 

 

 

 

 

 

 

 

 

(25,213

)

Restructuring and related charges

 

 

5,749

 

 

 

2,326

 

 

 

10,033

 

 

 

4,517

 

Transaction and integration expenses

 

 

2,782

 

 

 

 

 

 

30,114

 

 

 

 

Stock-based compensation expense

 

 

6,730

 

 

 

4,657

 

 

 

18,341

 

 

 

16,236

 

Cost of sales adjustment

 

 

 

 

 

 

 

 

 

 

 

(1,337

)

Gain/loss on disposal of property and equipment

 

 

371

 

 

 

107

 

 

 

385

 

 

 

107

 

Other non-operating expense

 

 

(412

)

 

 

(303

)

 

 

1,822

 

 

 

754

 

Adjusted EBITDA

 

 

(31,032

)

 

 

(32,604

)

 

 

(47,383

)

 

 

(71,233

)