Standard BioTools Inc. reports developments in life-science research tools built around proprietary mass cytometry and microfluidics technologies. The company sells instruments, consumables and services for genomics, single-cell proteomics and spatial proteomics, including platforms such as Biomark X9, CyTOF XT and Hyperion systems used in research workflows.
Recurring news includes operating and financial results, capital-structure updates, shareholder voting and governance matters, portfolio actions following the completed sale of SomaLogic assets, and collaborations that expand imaging mass cytometry and multi-omic research applications. Company updates also describe translational and clinical research use cases in oncology, immunology and immunotherapy, with products positioned for research use rather than diagnostic procedures.
Standard BioTools Inc. (Nasdaq:LAB) has launched the Hyperion XTi™ Imaging System at the AACR meeting in Orlando, aimed at advancing clinical research. This next-generation system enhances spatial biology studies by detecting single-cell data five times faster than previous models, allowing researchers to process up to 40 slides daily. Powered by Imaging Mass Cytometry™ (IMC™), the Hyperion XTi can reliably identify over 40 biomarkers from any tissue sample without autofluorescence interference. It features a straightforward workflow and enables the simultaneous detection of protein and RNA. The new system is currently in production with initial orders expected to ship this quarter, with the company asserting its potential to expedite drug development and immuno-oncology research.
Standard BioTools Inc. (Nasdaq:LAB) announced the granting of equity awards to an incoming employee as a material inducement under its 2022 Inducement Equity Incentive Plan. The awards include nonstatutory stock options for 647,112 shares at an exercise price of $3.99, and 112,293 restricted stock units (RSUs). The RSUs will vest over four years, with 25% vesting on April 4, 2023, and the rest annually thereafter. The stock options have a 10-year term and also vest over four years. The equity awards comply with Nasdaq Listing Rule 5635(c)(4), ensuring governance standards are maintained.
Standard BioTools Inc. (Nasdaq:LAB) announced the appointment of Fenel Eloi to its Board of Directors on March 15, 2023. Eloi brings over 12 years of experience from Cell Signaling Technology, where he led significant business growth and global transformations. He will also participate in the Board's Audit Committee. This appointment coincides with the retirement of Bill Colston from the Board. CEO Michael Egholm expressed confidence in Eloi's leadership as the company advances its mission to enhance human health through innovative life science technologies.
Standard BioTools Inc. (Nasdaq:LAB) announced that CEO Michael Egholm will join a fireside chat at the KeyBanc Capital Markets Life Sciences & MedTech Investor Forum on March 21, 2023, at 3:00 p.m. ET. The event aims to discuss the company's role in advancing human health through innovative technologies. The presentation will be webcast live, with an archived recording available on the company's Investor Relations page. Standard BioTools specializes in mass cytometry and microfluidics technologies, aiding in the swift development of medicines and better patient outcomes.
Standard BioTools Inc. (Nasdaq:LAB) announced that President and CEO Michael Egholm, PhD, will present at the Cowen Health Care Conference on March 8, 2023, at 12:50 p.m. ET. The presentation will be available via live webcast on the Investor Relations page of the company’s website. Standard BioTools, previously Fluidigm Corporation, is committed to accelerating breakthroughs in human health through its advanced technologies, including mass cytometry and microfluidics. The company serves a wide range of clients in biomedical research, focusing on oncology, immunology, and other critical areas.
Standard BioTools Inc. (Nasdaq:LAB) announced the grant of equity awards under its 2022 Inducement Equity Incentive Plan, effective February 20, 2023, to incentivize four new employees. The awards encompass a total of 85,000 restricted stock units (RSUs), which will vest over a period, with 1/4th vesting on February 20, 2024, and the remainder vesting quarterly thereafter. This move is aligned with Nasdaq Listing Rule 5635(c)(4). The company continues its commitment to revolutionizing biomedical research through innovative technologies that enhance patient outcomes.
Standard BioTools reported fourth quarter 2022 GAAP revenues of $27.0 million, with core product and service revenues at $26.8 million, marking an 8.3% sequential growth. For the full year, GAAP revenues totaled $97.9 million, down from $130.6 million in 2021. The company expects flat to moderate growth for 2023's core revenues, impacted by a $5 million Genomics headwind. Operating expenses decreased 16% sequentially in Q4, with an anticipated 20% reduction in 2023 costs. Cash reserves at year-end stood at $165.8 million, providing a runway for positive free cash flow by 2024. Gross margins are projected to expand significantly by Q4 2023.
Standard BioTools Inc. (Nasdaq:LAB) has announced its plans to report its fourth quarter and full year 2022 financial results on February 14, 2023, after market close. A conference call and webcast will follow at 2:00 p.m. PT to discuss these results and the company's operational progress. Interested parties can listen through provided call-in numbers. The company is recognized for its innovative technologies aiding biomedical research and aims to enhance patient outcomes through its next-generation solutions.
Standard BioTools Inc. (Nasdaq: LAB) reported a 4%-9% sequential growth in core revenue, reaching $26 million to $27 million in Q4 2022, totaling approximately $94 million to $95 million for the year. The company is on track to achieve over 20% reduction in operating expenses (over $30 million), aiming for positive free cash flow by Q4 2024. With $165 million in cash reserves, Standard BioTools is executing its inorganic strategy and targeting a 65%-68% non-GAAP gross margin by end of 2023.
Standard BioTools Inc. has appointed Betsy Jensen as their new Chief Human Resources Officer, enhancing their management team. This strategic move is aimed at supporting the company's ambitious growth and profitability goals. Jensen, with significant experience at Danaher and Gibraltar, is expected to drive talent acquisition and development, vital for the firm’s success. CEO Michael Egholm emphasized the importance of team culture and leadership in achieving organizational objectives. This appointment reflects Standard BioTools’ commitment to strengthening leadership amid industry competition.