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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 (NASDAQ: LAB) reported Q2 2024 financial results with revenue of $37.2 million, up 34% year-over-year. The company revised its FY2024 revenue guidance to $170-175 million and remains on track for break-even adjusted EBITDA in 2026. Key highlights include:
- Accelerated merger synergies with $80 million expected to be operationalized in 2024
- Current balance sheet of $396 million in cash and investments
- Q2 gross margin of 40.1% and non-GAAP gross margin of 45.0%
- Q2 operating loss of $50.5 million and net loss of $45.7 million
- Adjusted EBITDA loss of $31.0 million in Q2
The company faced challenges with SomaScan® services contract delays and instrument sales impacted by a constrained capital purchase environment. Standard BioTools remains focused on cost structure optimization and executing its strategic vision.
Standard BioTools Inc. (Nasdaq: LAB) has announced its upcoming second quarter 2024 financial results conference call and webcast, scheduled for July 31, 2024. The company will release its financial results after market close, followed by a management-hosted conference call and webcast at 1:30 p.m. PT / 4:30 p.m. ET on the same day. Investors and interested parties can access the call via phone or listen to the live audio webcast online. The event aims to discuss the Q2 2024 financial performance and operational progress of Standard BioTools.
Standard BioTools announced the acquisition of the Carterra LSAXT system to enhance the validation of its SomaScan Platform. This high-throughput proteomics technology will benefit researchers by providing detailed information on protein binding and biomarker characterization.
By analyzing the kinetic properties of SOMAmer Reagents, the LSAXT system aims to improve the quality of the SomaScan 11K Assay reagents and support future content expansion. This collaboration will accelerate data delivery and offer greater validation for Standard BioTools' customers.
The LSAXT system is chosen for its efficiency in delivering extensive data rapidly, enabling precise identification of binding sites and aiding in the discovery of new biomarkers and diagnostic tests.
Standard BioTools announced participation in several investor conferences in June 2024. The schedule includes:
- Jefferies Global Healthcare Conference on June 5th & 6th, where CEO Michael Egholm will join a fireside chat on June 5th at 2:30 p.m. ET.
- Scotiabank Healthcare 1x1 Day on June 20th, featuring 1x1 investor meetings in Toronto, Canada.
- TD Cowen’s 3rd Annual Tool/Dx Revolution Conference from June 24th to 26th, with CEO Michael Egholm participating in a panel discussion on M&A consolidation on June 25th at 11:50 a.m. PT.
Presentations will be webcast live on the company's Investor Relations page.
Standard BioTools announced the grant of 207,832 restricted stock units (RSUs) under its 2022 Inducement Equity Incentive Plan, effective May 20, 2024. This grant serves as an inducement for a new employee and complies with Nasdaq Listing Rule 5635(c)(4).
The RSUs will vest initially on May 20, 2025, with 1/4th of the shares vesting on this date. Following this, 1/16th of the shares will vest every three months, contingent upon the employee's continued service.
Standard BioTools Inc. announced its first quarter 2024 financial results, showcasing strong revenue growth, operating expense synergies, and a path to cash flow positivity by 2026. The company reported pro forma combined revenue of $46.2 million, gross margin of 49.2%, and operating expense reductions. With a cash balance of $464 million, Standard BioTools is on track to achieve its long-term growth initiatives.
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