Standard BioTools Reports Third Quarter 2024 Financial Results

GlobeNewswire Inc.

October 30, 2024 8:01PM GMT

SOUTH SAN FRANCISCO, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the “Company”) today announced unaudited interim financial results for the third quarter ended September 30, 2024.

Recent Highlights:

  • Reported third quarter 2024 revenue of $45 million
  • Ongoing merger cost synergy realization delivered 50% adjusted EBITDA improvement and 35% net loss improvement year-over-year
  • Operationalized approximately $80 million in merger synergies, expected to be fully realized in 2025, and reinforcing path to adjusted EBITDA break-even in 2026
  • Balance sheet as of September 30, 2024, includes $368 million cash, cash equivalents, restricted cash and short-term investments

“Powered by Standard BioTools Business System (SBS), we focused our third quarter efforts on driving commercial execution and enhancing overall operating efficiency. Our team delivered sequential top-line improvement and a significant reduction in spend,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “Last quarter, we announced the acceleration of our anticipated $80 million of merger synergies into 2025, contributing to a 50% improvement in adjusted EBITDA year over year, keeping us on track toward achieving our break-even adjusted EBITDA target in 2026.”

Mr. Egholm added, “Our focus on operational excellence and profitability is positioning us for sustained value creation once macro pressures ease. At the same time, we’re investing in certain growth levers within our leading multi-omics portfolio while actively pursuing strategic M&A to accelerate our mission toward becoming a diversified leader in the life science tools industry.”

Financial Results Table

 (Unaudited, in millions)

As Reported

 

Three Months Ended
September 30, 2024

 

Nine Months Ended
September 30, 2024

Revenue

$

45.0

 

 

$

127.7

 

 

Gross margin

 

51.7

%

 

 

48.8

%

 

Non-GAAP gross margin

 

56.9

%

 

 

53.2

%

 

Operating expenses

$

55.0

 

 

$

204.8

 

 

Non-GAAP operating expenses

$

39.8

 

 

$

137.2

 

 

Operating loss

$

(31.7

)

 

$

(142.4

)

 

Net loss

$

(26.9

)

 

$

(104.8

)

 

Adjusted EBITDA

$

(14.2

)

 

$

(69.2

)

 

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

$

367.6

 

 

$

367.6

 

 

 

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 nine- month periods ended September 30, 2024, and the historical results of 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 results of the Company and SomaLogic for their respective three- and nine- month periods ended September 30, 2023. See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information.

 (Unaudited, in millions)

Pro Forma Combined

 

Three Months Ended
September 30, 2024

 

Three Months Ended
September 30, 2023

 

Nine Months Ended
September 30, 2024

 

Nine Months Ended
September 30, 2023

Revenue

$

45.0

 

 

$

47.4

 

 

$

128.4

 

 

$

141.0

 

Gross margin

 

51.7

%

 

 

42.5

%

 

 

47.5

%

 

 

43.9

%

Non-GAAP gross margin

 

56.9

%

 

 

51.7

%

 

 

53.2

%

 

 

52.2

%

Operating expenses

$

55.0

 

 

$

67.4

 

 

$

208.1

 

 

$

214.7

 

Non-GAAP operating expenses

$

39.8

 

 

$

52.7

 

 

$

137.2

 

 

$

175.7

 

Operating loss

$

(31.7

)

 

$

(47.3

)

 

$

(147.2

)

 

$

(152.8

)

Net loss

$

(26.9

)

 

$

(41.2

)

 

$

(134.6

)

 

$

(109.0

)

Adjusted EBITDA

$

( 14.2

)

 

$

(28.2

)

 

$

(68.9

)

 

$

(102.0

)

 

 

 

 

 

 

 

 

  • Revenue was $45.0 million in the third quarter of 2024, down 5% year-over-year:
    • Consumables revenue was $14.0 million in the third quarter of 2024, up 13% year-over-year. Consumables revenue grew on the strength of assay kits sales to SomaScan authorized sites and the Illumina early access program.
    • Instruments revenue was $5.6 million in the third quarter of 2024, down 42% year-over-year. Instrument revenue was impacted by capital constrained end-markets globally with particular weakness in China.
    • Services revenue, which includes both Lab Services and Field Services, was $24.4 million in the third quarter of 2024, flat year over year. Services benefited from the favorable timing of large SomaScan customer projects that shifted out of the second quarter into the third quarter, partially offset by lower installation services from lower instrument sales.
  • Gross margins in the third quarter of 2024 were 51.7%, versus 42.5% in the third quarter of 2023; and non-GAAP gross margins in the third quarter of 2024 were 56.9%, versus 51.7% in the third quarter of 2023. Gross margins were impacted by positive mix in the third quarter and continued incremental efficiency gains from SBS.
  • Operating expenses in the third quarter of 2024 was $55 million, a decrease of $12.5 million, or down 18.5%, compared to the third quarter of 2023, and non-GAAP operating expenses, which exclude merger-related costs, stock-based compensation, and restructuring charges, was $39.8 million, a decrease of $12.8 million, or down 24%, compared to the third quarter of 2023. The decrease in operating expenses is a result of ongoing realization of merger cost synergies as previously disclosed, a bonus accrual reduction in line with our full year expectations, as well as continued productivity gains from SBS.
  • Net loss for the third quarter of 2024 was $26.9 million, compared to a net loss of $41.2 million in the third quarter of 2023, representing an improvement of $14.3 million or 34.6%, while adjusted EBITDA for the third quarter of 2024 was a loss of $14.2 million, versus an adjusted EBITDA loss of $28.2 million in 2023, an improvement of $14 million, or 49.6%.

FY 2024 Revenue Outlook

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

Third quarter 2024 Earnings Conference Call Information

Standard BioTools will host a conference call and webcast on October 30, 2024 at 1:30 p.m. PT (4:30 p.m. ET) to discuss third 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 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 nine months ended September 30, 2024, combines the Company's financial results for the nine months ended September 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 nine months ended September 30, 2023, combines the historical results of the Company and SomaLogic for their respective three- and nine-month periods ended September 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 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, 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 and synergies of the Merger, 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 and synergies 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 , 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: 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. ©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 September 30,

 

Nine Months Ended September 30,

 

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

Revenue:

 

 

 

 

 

 

 

 

 

Product revenue

 

$

19,593

 

 

$

18,711

 

 

$

65,348

 

 

$

57,814

 

 

Services revenue

 

 

24,438

 

 

 

6,566

 

 

 

59,518

 

 

 

19,268

 

 

Collaboration and other revenue

 

 

938

 

 

 

90

 

 

 

2,848

 

 

 

1,070

 

 

Total revenue

 

 

44,969

 

 

 

25,367

 

 

 

127,714

 

 

 

78,152

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

Cost of product revenue

 

 

8,159

 

 

 

11,403

 

 

 

33,142

 

 

 

33,276

 

 

Cost of services revenue

 

 

13,536

 

 

 

2,810

 

 

 

32,115

 

 

 

7,783

 

 

Cost of collaboration and other revenue

 

 

13

 

 

 

 

 

 

100

 

 

 

 

 

Total cost of revenue

 

 

21,708

 

 

 

14,213

 

 

 

65,357

 

 

 

41,059

 

 

Gross profit

 

 

23,261

 

 

 

11,154

 

 

 

62,357

 

 

 

37,093

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

 

13,156

 

 

 

6,370

 

 

 

48,358

 

 

 

19,039

 

 

Selling, general and administrative

 

 

34,403

 

 

 

22,292

 

 

 

119,020

 

 

 

66,187

 

 

Restructuring and related charges

 

 

2,341

 

 

 

1,998

 

 

 

12,374

 

 

 

5,415

 

 

Transaction and integration expenses

 

 

5,079

 

 

 

1,666

 

 

 

25,024

 

 

 

1,666

 

 

Total operating expenses

 

 

54,979

 

 

 

32,326

 

 

 

204,776

 

 

 

92,307

 

 

Loss from operations

 

 

(31,718

)

 

 

(21,172

)

 

 

(142,419

)

 

 

(55,214

)

 

Bargain purchase gain

 

 

 

 

 

 

 

 

25,213

 

 

 

 

 

Interest income, net

 

 

3,941

 

 

 

340

 

 

 

13,559

 

 

 

656

 

 

Other income (expense), net

 

 

957

 

 

 

(115

)

 

 

(865

)

 

 

292

 

 

Loss before income taxes

 

 

(26,820

)

 

 

(20,947

)

 

 

(104,512

)

 

 

(54,266

)

 

Income tax benefit (expense)

 

 

(118

)

 

 

(50

)

 

 

(301

)

 

 

(614

)

 

Net loss

 

$

(26,938

)

 

$

(20,997

)

 

$

(104,813

)

 

$

(54,880

)

 

Induced conversion of redeemable preferred stock

 

 

 

 

 

 

 

 

(46,014

)

 

 

 

 

Net loss attributable to common stockholders

 

$

(26,938

)

 

$

(20,997

)

 

$

(150,827

)

 

$

(54,880

)

 

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

 

$

(0.07

)

 

$

(0.27

)

 

$

(0.44

)

 

$

(0.69

)

 

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

 

 

371,538

 

 

 

79,152

 

 

 

346,093

 

 

 

78,967

 

 

 

 

 

 

 

 

 

 

 

 

STANDARD BIOTOOLS INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)

 

 

 

September 30, 2024

 

December 31, 2023

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

210,647

 

$

51,704

 

 

Short-term investments

 

 

155,683

 

 

63,191

 

 

Accounts receivable, net

 

 

35,317

 

 

19,660

 

 

Inventory

 

 

42,644

 

 

20,533

 

 

Prepaid expenses and other current assets

 

 

9,316

 

 

3,127

 

 

Total current assets

 

 

453,607

 

 

158,215

 

 

Inventory, non-current

 

 

17,949

 

 

 

 

Royalty receivable, non-current

 

 

3,388

 

 

 

 

Property and equipment, net

 

 

41,982

 

 

24,187

 

 

Operating lease right-of-use asset, net

 

 

30,264

 

 

30,663

 

 

Other non-current assets

 

 

4,640

 

 

2,285

 

 

Acquired intangible assets, net

 

 

23,367

 

 

1,400

 

 

Goodwill

 

 

106,342

 

 

106,317

 

 

Total assets

 

$

681,539

 

$

323,067

 

 

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

10,926

 

$

9,236

 

 

Accrued liabilities

 

 

31,686

 

 

21,019

 

 

Operating lease liabilities, current

 

 

6,122

 

 

4,323

 

 

Deferred revenue, current

 

 

13,436

 

 

11,607

 

 

Deferred grant income, current

 

 

3,532

 

 

3,612

 

 

Term loan, current

 

 

 

 

5,000

 

 

Convertible notes, current

 

 

54,913

 

 

54,530

 

 

Total current liabilities

 

 

120,615

 

 

109,327

 

 

Convertible notes, non-current

 

 

299

 

 

569

 

 

Term loan, non-current

 

 

 

 

3,414

 

 

Deferred tax liability

 

 

841

 

 

841

 

 

Operating lease liabilities, non-current

 

 

28,140

 

 

30,374

 

 

Deferred revenue, non-current

 

 

32,682

 

 

3,520

 

 

Deferred grant income, non-current

 

 

8,119

 

 

10,755

 

 

Other non-current liabilities

 

 

1,510

 

 

1,065

 

 

Total liabilities

 

 

192,206

 

 

159,865

 

 

Mezzanine equity:

 

 

 

 

 

Redeemable preferred stock

 

 

 

 

311,253

 

 

Total stockholders’ equity (deficit)

 

 

489,333

 

 

(148,051

)

 

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

 

$

681,539

 

$

323,067

 

 

 

 

 

 

 

 

STANDARD BIOTOOLS INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

 

2024

 

 

 

2023

 

 

Operating activities

 

 

 

 

 

Net loss

 

$

(104,813

)

 

$

(54,880

)

 

Bargain purchase gain

 

 

(25,213

)

 

 

 

 

Stock-based compensation expense

 

 

24,262

 

 

 

9,648

 

 

Amortization of acquired intangible assets

 

 

3,533

 

 

 

8,400

 

 

Depreciation and amortization

 

 

9,375

 

 

 

2,874

 

 

Accretion of discount on short-term investments, net

 

 

(6,303

)

 

 

(321

)

 

Non-cash lease expense

 

 

4,348

 

 

 

2,885

 

 

Provision for excess and obsolete inventory

 

 

1,991

 

 

 

963

 

 

Change in fair value of warrants

 

 

(474

)

 

 

 

 

Other non-cash items

 

 

1,111

 

 

 

611

 

 

Changes in assets and liabilities, net

 

 

(37,212

)

 

 

594

 

 

Net cash used in operating activities

 

 

(129,395

)

 

 

(29,226

)

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

Cash and restricted cash acquired in merger

 

 

280,033

 

 

 

 

 

Purchases of short-term investments

 

 

(226,612

)

 

 

(55,857

)

 

Proceeds from sales and maturities of investments

 

 

289,000

 

 

 

91,964

 

 

Purchases of property and equipment

 

 

(4,973

)

 

 

(2,753

)

 

Net cash provided by investing activities

 

 

337,448

 

 

 

33,354

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

Repayment of term loan and convertible notes

 

 

(8,192

)

 

 

(833

)

 

Payment of term loan fee

 

 

(545

)

 

 

 

 

Repurchase of common stock

 

 

(40,490

)

 

 

(5,240

)

 

Proceeds from ESPP stock issuance

 

 

425

 

 

 

326

 

 

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

 

 

(414

)

 

 

(139

)

 

Proceeds from exercise of stock options

 

 

1,120

 

 

 

80

 

 

Net cash used in financing activities

 

 

(48,096

)

 

 

(5,806

)

 

Effect of foreign exchange rate fluctuations on cash and cash equivalents

 

 

(518

)

 

 

(196

)

 

Net increase in cash, cash equivalents and restricted cash

 

 

159,439

 

 

 

(1,874

)

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

52,499

 

 

 

82,324

 

 

Cash, cash equivalents and restricted cash at end of period

 

$

211,938

 

 

$

80,450

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash consists of:

 

 

 

 

 

Cash and cash equivalents

 

$

210,647

 

 

$

79,655

 

 

Restricted cash

 

 

1,291

 

 

 

795

 

 

Total cash, cash equivalents and restricted cash

 

$

211,938

 

 

$

80,450

 

 

 

 

 

 

 

 

STANDARD BIOTOOLS INC.REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE(In thousands)(Unaudited)

 

 

 

As Reported

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Product revenue:

 

 

 

 

 

 

 

 

 

Instruments

 

$

5,586

 

$

9,002

 

$

19,959

 

$

26,512

 

Consumables

 

 

14,007

 

 

9,709

 

 

45,389

 

 

31,302

 

Total product revenue

 

 

19,593

 

 

18,711

 

 

65,348

 

 

57,814

 

Service revenue:

 

 

 

 

 

 

 

 

 

Lab services

 

 

18,247

 

 

114

 

 

40,780

 

 

564

 

Field services

 

 

6,191

 

 

6,452

 

 

18,738

 

 

18,704

 

Total service revenue

 

 

24,438

 

 

6,566

 

 

59,518

 

 

19,268

 

Product and service revenue

 

 

44,031

 

 

25,277

 

 

124,866

 

 

77,082

 

Collaboration and other revenue

 

 

938

 

 

90

 

 

2,848

 

 

1,070

 

Total revenue

 

$

44,969

 

$

25,367

 

$

127,714

 

$

78,152

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Pro Forma

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Product revenue:

 

 

 

 

 

 

 

 

 

Instruments

 

$

5,586

 

$

9,712

 

$

19,959

 

$

27,683

 

Consumables

 

 

14,007

 

 

12,417

 

 

45,389

 

 

37,644

 

Total product revenue

 

 

19,593

 

 

22,129

 

 

65,348

 

 

65,327

 

Service revenue:

 

 

 

 

 

 

 

 

 

Lab services

 

 

18,247

 

 

17,980

 

 

41,384

 

 

53,446

 

Field services

 

 

6,191

 

 

6,452

 

 

18,738

 

 

18,704

 

Total service revenue

 

 

24,438

 

 

24,432

 

 

60,122

 

 

72,150

 

Product and service revenue

 

 

44,031

 

 

46,561

 

 

125,470

 

 

137,477

 

Collaboration and other revenue

 

 

938

 

 

854

 

 

2,889

 

 

3,570

 

Total revenue

 

$

44,969

 

$

47,415

 

$

128,359

 

$

141,047

 

 

 

 

 

 

 

 

 

 

 

   

STANDARD BIOTOOLS INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION(In thousands)(Unaudited)

 

ITEMIZED RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE

 

 

 

As Reported

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 2024

 

September 30, 2023

 

September 30, 2024

 

September 30, 2023

 

Gross profit

 

$

23,261

 

 

$

11,154

 

 

$

62,357

 

 

$

37,093

 

 

Amortization of acquired intangible assets

 

 

555

 

 

 

2,800

 

 

 

3,051

 

 

 

8,400

 

 

Depreciation and amortization

 

 

1,445

 

 

 

333

 

 

 

3,435

 

 

 

991

 

 

Stock-based compensation expense

 

 

364

 

 

 

188

 

 

 

897

 

 

 

648

 

 

Cost of sales adjustment

 

 

 

 

 

 

 

 

(1,812

)

 

 

 

 

Non-GAAP gross profit

 

$

25,625

 

 

$

14,475

 

 

$

67,928

 

 

$

47,132

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin percentage

 

 

51.7

%

 

 

44.0

%

 

 

48.8

%

 

 

47.5

%

 

Amortization of acquired intangible assets

 

 

1.2

%

 

 

11.0

%

 

 

2.4

%

 

 

10.7

%

 

Depreciation and amortization

 

 

3.2

%

 

 

1.3

%

 

 

2.7

%

 

 

1.3

%

 

Stock-based compensation expense

 

 

0.8

%

 

 

0.7

%

 

 

0.7

%

 

 

0.8

%

 

Cost of sales adjustment

 

 

0.0

%

 

 

0.0

%

 

 

(1.4

)%

 

 

0.0

%

 

Non-GAAP gross margin percentage

 

 

56.9

%

 

 

57.0

%

 

 

53.2

%

 

 

60.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Pro Forma Combined

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 2024

 

September 30, 2023

 

September 30, 2024

 

September 30, 2023

 

Gross profit

 

$

23,261

 

 

$

20,138

 

 

$

60,942

 

 

$

61,924

 

 

Amortization of acquired intangible assets

 

 

555

 

 

 

3,355

 

 

 

3,051

 

 

 

10,067

 

 

Depreciation and amortization

 

 

1,445

 

 

 

760

 

 

 

3,435

 

 

 

2,150

 

 

Stock-based compensation expense

 

 

364

 

 

 

260

 

 

 

897

 

 

 

816

 

 

Cost of sales adjustment

 

 

 

 

 

 

 

 

 

 

 

(1,337

)

 

Non-GAAP gross profit

 

$

25,625

 

 

$

24,513

 

 

$

68,325

 

 

$

73,620

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin percentage

 

 

51.7

%

 

 

42.5

%

 

 

47.5

%

 

 

43.9

%

 

Amortization of acquired intangible assets

 

 

1.2

%

 

 

7.1

%

 

 

2.4

%

 

 

7.1

%

 

Depreciation and amortization

 

 

3.2

%

 

 

1.6

%

 

 

2.7

%

 

 

1.5

%

 

Stock-based compensation expense

 

 

0.8

%

 

 

0.5

%

 

 

0.7

%

 

 

0.6

%

 

Cost of sales adjustment

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

(0.9

)%

 

Non-GAAP gross margin percentage

 

 

56.9

%

 

 

51.7

%

 

 

53.3

%

 

 

52.2

%

 

 

 

 

 

 

 

 

 

 

 

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

 

Nine Months Ended

 

 

 

September 30, 2024

 

September 30, 2023

 

September 30, 2024

 

September 30, 2023

 

Operating expenses

 

$

54,979

 

 

$

32,326

 

 

$

204,776

 

 

$

92,307

 

 

Restructuring and related charges

 

 

(2,341

)

 

 

(1,998

)

 

 

(12,374

)

 

 

(5,415

)

 

Transaction and integration expenses

 

 

(5,079

)

 

 

(1,666

)

 

 

(25,024

)

 

 

(1,666

)

 

Stock-based compensation expense

 

 

(5,557

)

 

 

(3,198

)

 

 

(23,365

)

 

 

(9,000

)

 

Amortization of acquired intangible assets

 

 

(161

)

 

 

-

 

 

 

(482

)

 

 

-

 

 

Depreciation and amortization

 

 

(1,986

)

 

 

(853

)

 

 

(5,940

)

 

 

(1,883

)

 

Gain/loss on disposal of property and equipment

 

 

(30

)

 

 

-

 

 

 

(415

)

 

 

(73

)

 

Non-GAAP operating expenses

 

$

39,825

 

 

$

24,611

 

 

$

137,176

 

 

$

74,270

 

 

 

 

 

 

 

 

 

 

 

 

R&D operating expenses

 

$

13,156

 

 

$

6,370

 

 

$

48,358

 

 

$

19,039

 

 

Stock-based compensation expense

 

 

(724

)

 

 

(459

)

 

 

(4,480

)

 

 

(1,241

)

 

Depreciation and amortization

 

 

(947

)

 

 

(120

)

 

 

(2,606

)

 

 

(401

)

 

Non-GAAP R&D operating expenses

 

$

11,485

 

 

$

5,791

 

 

$

41,272

 

 

$

17,397

 

 

 

 

 

 

 

 

 

 

 

 

SG&A operating expenses

 

$

34,403

 

 

$

22,292

 

 

$

119,020

 

 

$

66,187

 

 

Stock-based compensation expense

 

 

(4,833

)

 

 

(2,739

)

 

 

(18,885

)

 

 

(7,759

)

 

Amortization of acquired intangible assets

 

 

(161

)

 

 

-

 

 

 

(482

)

 

 

-

 

 

Depreciation and amortization

 

 

(1,039

)

 

 

(733

)

 

 

(3,334

)

 

 

(1,482

)

 

Gain/loss on disposal of property and equipment

 

 

(30

)

 

 

-

 

 

 

(415

)

 

 

(73

)

 

Non-GAAP SG&A operating expenses

 

$

28,340

 

 

$

18,820

 

 

$

95,904

 

 

$

56,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Pro Forma Combined

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 2024

 

September 30, 2023

 

September 30, 2024

 

September 30, 2023

 

Operating expenses

 

$

54,979

 

 

$

67,431

 

 

$

208,149

 

 

$

214,710

 

 

Restructuring and related charges

 

 

(2,341

)

 

 

(1,998

)

 

 

(12,374

)

 

 

(6,515

)

 

Transaction and integration expenses

 

 

(5,079

)

 

 

(5,823

)

 

 

(35,193

)

 

 

(5,823

)

 

Stock-based compensation expense

 

 

(5,557

)

 

 

(4,668

)

 

 

(16,519

)

 

 

(20,335

)

 

Amortization of acquired intangible assets

 

 

(161

)

 

 

(161

)

 

 

(482

)

 

 

(482

)

 

Depreciation and amortization

 

 

(1,986

)

 

 

(2,110

)

 

 

(5,940

)

 

 

(5,774

)

 

Gain/loss on disposal of property and equipment

 

 

(30

)

 

 

-

 

 

 

(415

)

 

 

(122

)

 

Non-GAAP operating expenses

 

$

39,825

 

 

$

52,671

 

 

$

137,226

 

 

$

175,659

 

 

 

 

 

 

 

 

 

 

 

 

R&D operating expenses

 

$

13,156

 

 

$

14,753

 

 

$

49,010

 

 

$

47,484

 

 

Stock-based compensation expense

 

 

(724

)

 

 

(964

)

 

 

(4,480

)

 

 

(2,476

)

 

Depreciation and amortization

 

 

(947

)

 

 

(540

)

 

 

(2,606

)

 

 

(1,592

)

 

Non-GAAP R&D operating expenses

 

$

11,485

 

 

$

13,249

 

 

$

41,924

 

 

$

43,416

 

 

 

 

 

 

 

 

 

 

 

 

SG&A operating expenses

 

$

34,403

 

 

$

44,857

 

 

$

111,572

 

 

$

154,888

 

 

Stock-based compensation expense

 

 

(4,833

)

 

 

(3,704

)

 

 

(12,039

)

 

 

(17,859

)

 

Amortization of acquired intangible assets

 

 

(161

)

 

 

(161

)

 

 

(482

)

 

 

(482

)

 

Depreciation and amortization

 

 

(1,039

)

 

 

(1,570

)

 

 

(3,334

)

 

 

(4,182

)

 

Gain/loss on disposal of property and equipment

 

 

(30

)

 

 

-

 

 

 

(415

)

 

 

(122

)

 

Non-GAAP SG&A operating expenses

 

$

28,340

 

 

$

39,422

 

 

$

95,302

 

 

$

132,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Nine Months Ended

 

 

 

September 30, 2024

 

September 30, 2023

 

September 30, 2024

 

September 30, 2023

 

Net loss

 

$

(26,938

)

 

$

(20,997

)

 

$

(104,813

)

 

$

(54,880

)

 

Income tax expense (benefit)

 

 

118

 

 

 

50

 

 

 

301

 

 

 

614

 

 

Interest income, net

 

 

(3,941

)

 

 

(340

)

 

 

(13,559

)

 

 

(656

)

 

Amortization of acquired intangible assets

 

 

716

 

 

 

2,800

 

 

 

3,533

 

 

 

8,400

 

 

Depreciation and amortization

 

 

3,431

 

 

 

1,186

 

 

 

9,375

 

 

 

2,874

 

 

Bargain purchase gain

 

 

 

 

 

 

 

 

(25,213

)

 

 

 

 

Restructuring and related charges

 

 

2,341

 

 

 

1,998

 

 

 

12,374

 

 

 

5,415

 

 

Transaction and integration expenses

 

 

5,079

 

 

 

1,666

 

 

 

25,024

 

 

 

1,666

 

 

Stock-based compensation expense

 

 

5,921

 

 

 

3,386

 

 

 

24,262

 

 

 

9,648

 

 

Cost of sales adjustment

 

 

 

 

 

 

 

 

(1,812

)

 

 

 

 

Gain/loss on disposal of property and equipment

 

 

30

 

 

 

 

 

 

415

 

 

 

73

 

 

Other non-operating expense

 

 

(957

)

 

 

115

 

 

 

865

 

 

 

(292

)

 

Adjusted EBITDA

 

 

(14,200

)

 

 

(10,136

)

 

 

(69,248

)

 

 

(27,138

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Pro Forma Combined

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 2024

 

September 30, 2023

 

September 30, 2024

 

September 30, 2023

 

Net loss

 

$

(26,938

)

 

$

(41,204

)

 

$

(134,607

)

 

$

(109,000

)

 

Income tax expense (benefit)

 

 

118

 

 

 

528

 

 

 

301

 

 

 

1,096

 

 

Interest income, net

 

 

(3,941

)

 

 

(6,447

)

 

 

(13,559

)

 

 

(17,604

)

 

Amortization of acquired intangible assets

 

 

716

 

 

 

3,516

 

 

 

3,533

 

 

 

10,549

 

 

Depreciation and amortization

 

 

3,431

 

 

 

2,870

 

 

 

9,375

 

 

 

7,924

 

 

Bargain purchase gain

 

 

 

 

 

 

 

 

 

 

 

(25,213

)

 

Restructuring and related charges

 

 

2,341

 

 

 

1,998

 

 

 

12,374

 

 

 

6,515

 

 

Transaction and integration expenses

 

 

5,079

 

 

 

5,823

 

 

 

35,193

 

 

 

5,823

 

 

Stock-based compensation expense

 

 

5,921

 

 

 

4,928

 

 

 

17,416

 

 

 

21,151

 

 

Cost of sales adjustment

 

 

 

 

 

 

 

 

 

 

 

(1,337

)

 

Gain/loss on disposal of property and equipment

 

 

30

 

 

 

 

 

 

415

 

 

 

122

 

 

Other non-operating expense

 

 

(957

)

 

 

(170

)

 

 

658

 

 

 

(2,065

)

 

Adjusted EBITDA

 

 

(14,200

)

 

 

(28,158

)

 

 

(68,901

)

 

 

(102,039

)