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

 

Exhibit 99.1

img96762296_0.jpg

 

Standard BioTools Reports Second Quarter 2025 Financial Results

 

SOUTH SAN FRANCISCO, Calif., August 11, 2025 -- Standard BioTools Inc. (NASDAQ: LAB) (the “Company” or “Standard BioTools”) today announced financial results for the second quarter ended June 30, 2025. Standard BioTools will no longer host its second quarter 2025 earnings call, previously scheduled for Monday, August 11 at 4:30 p.m. ET.

Recent Highlights:

•
Second quarter 2025 total combined company revenue of $42.0 million; Revenue from continuing operations of $21.8 million
•
Announced strategic sale of SomaLogic to Illumina for up to $425 million in total cash consideration plus future royalties, expected to close in the first half of 2026
•
$240 million in cash & cash equivalents as of June 30, 2025; At least $550 million in cash & cash equivalents expected at close of transaction with Illumina to fuel inorganic growth strategy
•
Targeting adjusted EBITDA break-even in 2026

“The second quarter was a clear demonstration of our strategy in action. Our team delivered another solid quarter of performance, even as U.S. Academic spend remained under pressure, while taking meaningful steps to transform the business,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “The announced sale of SomaLogic to Illumina marks a pivotal milestone in that evolution – unlocking up to $425 million in total cash consideration with additional upside levers and further validating the power of our model.”

Egholm continued, “With at least $550 million in cash & cash equivalents expected at close and a simplified operating infrastructure, we are driving toward our profitability target in 2026. The combination of a strong balance sheet and a lean operating model positions us to continue playing offense — strategically deploying capital into high-quality, underappreciated assets – to drive scale, reignite growth and create long-term value for our shareholders.”


Financial Results Table: Continuing Operations

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Unaudited, in millions, except percentages)

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

$

21.8

 

 

$

22.5

 

 

$

42.0

 

 

$

44.1

 

Gross margin

 

48.8

%

 

 

46.1

%

 

 

51.6

%

 

 

48.5

%

Non-GAAP gross margin

 

54.1

%

 

 

48.6

%

 

 

55.6

%

 

 

54.1

%

Operating expenses

$

36.3

 

 

$

40.6

 

 

$

74.3

 

 

$

96.1

 

Non-GAAP operating expenses

$

27.9

 

 

$

28.3

 

 

$

53.5

 

 

$

58.2

 

Operating loss

$

(25.7

)

 

$

(30.3

)

 

$

(52.7

)

 

$

(74.7

)

Net loss from continuing operations

$

(17.7

)

 

$

(25.4

)

 

$

(41.0

)

 

$

(41.8

)

Adjusted EBITDA

$

(16.1

)

 

$

(17.4

)

 

$

(30.2

)

 

$

(34.3

)

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

$

239.7

 

 

$

397.2

 

 

$

239.7

 

 

$

397.2

 

 

 

 

Second Quarter 2025 Financial Results: Continuing Operations

Following the announced sale of SomaLogic in June 2025, all financial results in this section reflect continuing operations only

•
Revenue was $21.8 million in the second quarter of 2025, down 3% year-over-year, and $42 million for the first half of 2025, down 5% year-over-year:
•
Consumables revenue was $10.5 million in the second quarter of 2025, up 18% year-over-year, and $18.6 million for the first half of 2025, down 3% year-over-year. Consumables revenue in the quarter increased across imaging, flow and microfluidics product lines.
•
Instruments revenue was $5.2 million in the second quarter of 2025, down 26% year-over-year, and $11.9 million for the first half of 2025, down 1% year-over-year. Instrument revenue in the quarter was impacted by capital constrained end-markets globally.
•
Services revenue, which is predominantly Field Services, was $6.1 million in the second quarter of 2025, down 8% year-over-year, and $11.5 million for the first half of 2025, down 11% year-over-year. Field Services revenue decreased due to fewer active service contracts and lower on-demand revenue driven by improved instrument quality and uptime.
•
Gross margins in the second quarter of 2025 were approximately 48.8%, versus 46.1% in the second quarter of 2024; and non-GAAP gross margins in the second quarter of 2025 were approximately 54.1%, versus 48.6% in the second quarter of 2024. Gross margins in the first half of the year were 51.6% in 2025 and 48.5% in 2024; and non-GAAP gross margins were approximately 55.6% in the first half of 2025 and 54.1% for the same period in 2024. Gross margins and non-GAAP gross margins were driven by product mix and incremental improvements from Standard BioTools Business System (SBS).
•
Operating expenses in the second quarter of 2025 were $36.3 million, a decrease of $4.3 million, or down 11%, compared to the second quarter of 2024; and non-GAAP operating expenses, which exclude transaction costs, stock-based compensation, and restructuring charges, were $27.9 million in the second quarter of 2025, a decrease of $0.4 million, or down 1%, compared to the second quarter of 2024. For the first half of 2025, operating expenses decreased by $21.8 million, or 23%, compared to the first half of 2024, to $74.3 million, while non-GAAP operating expenses decreased by $4.7 million, or 8%, compared to the same period in 2024, to $53.5 million. The decrease in operating expenses is a result of the realization of merger cost synergies and continued productivity gains from SBS.
•
Net loss for the second quarter of 2025 was $17.7 million, compared to a net loss of $25.4 million in the second quarter of 2024, representing a decrease of $7.7 million or 31%, while adjusted EBITDA for the second quarter of 2025 was a loss of $16.1 million, versus an adjusted EBITDA loss of $17.4 million in the second quarter of 2024, an improvement of $1.2 million, or 7%. Net loss for the first half improved by $0.8 million at $41.0 million while adjusted EBITDA increased by $4.1 million, or 12%, compared to the first half of 2024, to a loss of $30.2 million.

Full Year 2025 Revenue Outlook

For fiscal year 2025, the Company expects combined revenue in the range of $165 million to $175 million. Revenue from continuing operations is expected in the range of $78 million to $83 million.

This combined outlook continues to assume a high single-digit millions decline in our Americas academic revenue due to anticipated NIH funding pressures, with a more pronounced impact on our continuing operations. It also assumes no expected effect from U.S. export controls and limited impact from tariffs.

Conference Call Information

 

 

Standard BioTools will no longer host its second quarter 2025 earnings call, previously scheduled for Monday, August 11 at 4:30 p.m. ET. In connection with the pending sale of SomaLogic and operational focus, the Company is temporarily pausing earnings conference calls until further notice.

All financial results and related disclosures are available in this press release and will be available in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

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 operating results 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 future revenue and expected cash at 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 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, risks that the anticipated benefits and synergies of announced divestures and 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; the timing of the closing of the transaction with Illumina and the operating expenses over the intervening period; 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; anticipated NIH funding pressures; the expected effect from U.S. export controls and the expected impact from 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 filed with the SEC on March 11, 2025, the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2025 to be filed with the SEC, 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), has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop better medicines faster. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary SomaScan, 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. ©2025 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 June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

$

15,673

 

 

$

15,894

 

 

$

30,454

 

 

$

31,208

 

Services and other revenue

 

 

6,089

 

 

 

6,598

 

 

 

11,530

 

 

 

12,937

 

Total revenue

 

 

21,762

 

 

 

22,492

 

 

 

41,984

 

 

 

44,145

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

 

 

7,608

 

 

 

7,771

 

 

 

14,039

 

 

 

15,617

 

Cost of services and other revenue

 

 

3,526

 

 

 

4,347

 

 

 

6,268

 

 

 

7,129

 

Total cost of revenue

 

 

11,134

 

 

 

12,118

 

 

 

20,307

 

 

 

22,746

 

Gross profit

 

 

10,628

 

 

 

10,374

 

 

 

21,677

 

 

 

21,399

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

6,222

 

 

 

7,244

 

 

 

11,662

 

 

 

14,852

 

Selling, general and administrative

 

 

28,105

 

 

 

24,860

 

 

 

57,929

 

 

 

51,274

 

Restructuring and related charges

 

 

1,727

 

 

 

5,749

 

 

 

3,279

 

 

 

10,033

 

Transaction and integration expenses

 

 

271

 

 

 

2,782

 

 

 

1,474

 

 

 

19,945

 

Total operating expenses

 

 

36,325

 

 

 

40,635

 

 

 

74,344

 

 

 

96,104

 

Loss from continuing operations

 

 

(25,697

)

 

 

(30,261

)

 

 

(52,667

)

 

 

(74,705

)

Bargain purchase gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25,213

 

Interest income

 

 

2,461

 

 

 

5,302

 

 

 

5,377

 

 

 

11,509

 

Interest expense

 

 

(9

)

 

 

(858

)

 

 

(11

)

 

 

(1,891

)

Other income (expense), net

 

 

4,963

 

 

 

412

 

 

 

5,530

 

 

 

(1,822

)

Loss from continuing operations before income taxes

 

 

(18,282

)

 

 

(25,405

)

 

 

(41,771

)

 

 

(41,696

)

Income tax benefit (expense)

 

 

609

 

 

 

(39

)

 

 

728

 

 

 

(152

)

Net loss from continuing operations

 

 

(17,673

)

 

 

(25,444

)

 

 

(41,043

)

 

 

(41,848

)

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations, net of tax

 

 

(15,786

)

 

 

(20,274

)

 

 

(18,449

)

 

 

(36,027

)

Net loss

 

 

(33,459

)

 

 

(45,718

)

 

 

(59,492

)

 

 

(77,875

)

Induced conversion of redeemable preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(46,014

)

Net loss attributable to common stockholders

 

$

(33,459

)

 

$

(45,718

)

 

$

(59,492

)

 

$

(123,889

)

Net loss per share from continuing operations, basic and diluted

 

$

(0.05

)

 

$

(0.07

)

 

$

(0.11

)

 

$

(0.26

)

Net loss per share from discontinued operations, basic and diluted

 

$

(0.04

)

 

$

(0.05

)

 

$

(0.05

)

 

$

(0.11

)

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

 

$

(0.09

)

 

$

(0.12

)

 

$

(0.16

)

 

$

(0.37

)

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

 

 

380,498

 

 

 

372,331

 

 

 

379,369

 

 

 

333,228

 

 

 

 

STANDARD BIOTOOLS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

Continuing Operations

(In thousands)

(Unaudited)

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

158,617

 

 

$

166,728

 

Short-term investments

 

 

78,468

 

 

 

126,146

 

Accounts receivable, net

 

 

14,612

 

 

 

14,741

 

Inventory

 

 

24,170

 

 

 

20,744

 

Prepaid expenses and other current assets

 

 

7,081

 

 

 

4,561

 

Current assets held for sale

 

 

223,089

 

 

 

42,963

 

Total current assets

 

 

506,037

 

 

 

375,883

 

Property and equipment, net

 

 

22,678

 

 

 

22,775

 

Operating lease right-of-use asset, net

 

 

24,568

 

 

 

26,567

 

Other non-current assets

 

 

3,682

 

 

 

3,688

 

Non-current assets held for sale

 

 

—

 

 

 

183,432

 

Total assets

 

$

556,965

 

 

$

612,345

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

7,329

 

 

$

5,049

 

Accrued liabilities

 

 

24,207

 

 

 

21,435

 

Operating lease liabilities, current

 

 

5,094

 

 

 

4,806

 

Deferred revenue, current

 

 

40,167

 

 

 

10,274

 

Deferred grant income, current

 

 

3,243

 

 

 

3,527

 

Current liabilities held for sale

 

 

17,984

 

 

 

20,804

 

Total current liabilities

 

 

98,024

 

 

 

65,895

 

Convertible notes, non-current

 

 

299

 

 

 

299

 

Deferred tax liability

 

 

1,081

 

 

 

1,081

 

Operating lease liabilities, non-current

 

 

23,223

 

 

 

25,590

 

Deferred revenue, non-current

 

 

2,786

 

 

 

32,674

 

Deferred grant income, non-current

 

 

5,767

 

 

 

7,243

 

Other non-current liabilities

 

 

1,250

 

 

 

1,062

 

Non-current liabilities held for sale

 

 

—

 

 

 

6,779

 

Total liabilities

 

 

132,430

 

 

 

140,623

 

Total stockholders’ equity

 

 

424,535

 

 

 

471,722

 

Total liabilities and stockholders’ equity

 

$

556,965

 

 

$

612,345

 

 

 

 

STANDARD BIOTOOLS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

Operating activities

 

 

 

 

 

 

Net loss

 

$

(59,492

)

 

$

(77,875

)

Bargain purchase gain

 

 

—

 

 

 

(25,213

)

Stock-based compensation expense

 

 

15,396

 

 

 

18,341

 

Amortization of acquired intangible assets

 

 

1,715

 

 

 

2,822

 

Depreciation and amortization

 

 

6,450

 

 

 

6,228

 

Accretion of discount on short-term investments, net

 

 

(1,571

)

 

 

(4,544

)

Non-cash lease expense

 

 

2,865

 

 

 

2,949

 

Provision for excess and obsolete inventory

 

 

1,360

 

 

 

1,874

 

Change in fair value of warrants

 

 

(232

)

 

 

(453

)

Change in fair value of contingent consideration

 

 

(3,400

)

 

 

—

 

Other non-cash items

 

 

477

 

 

 

868

 

Changes in assets and liabilities, net

 

 

(14,519

)

 

 

(26,523

)

Net cash used in operating activities

 

 

(50,951

)

 

 

(101,526

)

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

Cash and restricted cash acquired in merger

 

 

—

 

 

 

280,033

 

Purchases of short-term investments

 

 

(50,929

)

 

 

(147,984

)

Proceeds from sales and maturities of investments

 

 

100,000

 

 

 

239,000

 

Purchases of property and equipment

 

 

(6,941

)

 

 

(2,718

)

Net cash provided by investing activities

 

 

42,130

 

 

 

368,331

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Repayment of term loan and convertible notes

 

 

—

 

 

 

(8,192

)

Payment of term loan fee

 

 

—

 

 

 

(545

)

Repurchase of common stock

 

 

—

 

 

 

(40,490

)

Proceeds from ESPP stock issuance

 

 

308

 

 

 

425

 

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

 

 

(246

)

 

 

(344

)

Proceeds from exercise of stock options

 

 

—

 

 

 

1,052

 

Net cash provided by (used in) financing activities

 

 

62

 

 

 

(48,094

)

Effect of foreign exchange rate fluctuations on cash and cash equivalents

 

 

1,145

 

 

 

(110

)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(7,614

)

 

 

218,601

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

168,818

 

 

 

52,499

 

Cash, cash equivalents and restricted cash at end of period

 

$

161,204

 

 

$

271,100

 

 

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash consists of:

 

 

 

 

 

 

Cash and cash equivalents

 

$

158,617

 

 

$

269,811

 

Restricted cash

 

 

2,587

 

 

 

1,289

 

Total cash, cash equivalents and restricted cash

 

$

161,204

 

 

$

271,100

 

 

 

 

 

STANDARD BIOTOOLS INC.

REVENUE

Continuing Operations

(In thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Product revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Instruments

 

$

5,215

 

 

$

7,047

 

 

$

11,861

 

 

$

11,950

 

Consumables

 

 

10,458

 

 

 

8,847

 

 

 

18,593

 

 

 

19,258

 

Total product revenue

 

 

15,673

 

 

 

15,894

 

 

 

30,454

 

 

 

31,208

 

Services and other revenue

 

 

6,089

 

 

 

6,598

 

 

 

11,530

 

 

 

12,937

 

Total revenue

 

$

21,762

 

 

$

22,492

 

 

$

41,984

 

 

$

44,145

 

 

 

 

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Gross profit

 

$

10,628

 

 

$

10,374

 

 

$

21,677

 

 

$

21,399

 

Amortization of acquired intangible assets

 

 

—

 

 

 

3

 

 

 

—

 

 

 

1,407

 

Depreciation and amortization

 

 

554

 

 

 

332

 

 

 

817

 

 

 

699

 

Stock-based compensation expense

 

 

402

 

 

 

221

 

 

 

644

 

 

 

383

 

Loss on disposal of property and equipment

 

 

187

 

 

 

—

 

 

 

187

 

 

 

—

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Non-GAAP gross profit

 

$

11,771

 

 

$

10,930

 

 

$

23,325

 

 

$

23,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin percentage

 

 

48.8

%

 

 

46.1

%

 

 

51.6

%

 

 

48.5

%

Amortization of acquired intangible assets

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.1

%

Depreciation and amortization

 

 

2.6

%

 

 

1.5

%

 

 

2.0

%

 

 

1.6

%

Stock-based compensation expense

 

 

1.8

%

 

 

1.0

%

 

 

1.6

%

 

 

0.9

%

Loss on disposal of property and equipment

 

 

0.9

%

 

 

—

 

 

 

0.4

%

 

 

—

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Non-GAAP gross margin percentage

 

 

54.1

%

 

 

48.6

%

 

 

55.6

%

 

 

54.1

%

 

 

 

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating expenses

 

$

36,325

 

 

$

40,635

 

 

$

74,344

 

 

$

96,104

 

Restructuring and related charges

 

 

(1,727

)

 

 

(5,749

)

 

 

(3,279

)

 

 

(10,033

)

Transaction and integration expenses

 

 

(271

)

 

 

(2,782

)

 

 

(1,474

)

 

 

(19,945

)

Stock-based compensation expense

 

 

(4,970

)

 

 

(3,189

)

 

 

(12,777

)

 

 

(6,595

)

Amortization of acquired intangible assets

 

 

—

 

 

 

77

 

 

 

—

 

 

 

—

 

Depreciation and amortization

 

 

(1,451

)

 

 

(674

)

 

 

(3,277

)

 

 

(1,295

)

Loss on disposal of property and equipment

 

 

—

 

 

 

(9

)

 

 

—

 

 

 

(23

)

Non-GAAP operating expenses

 

$

27,906

 

 

$

28,309

 

 

$

53,537

 

 

$

58,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D operating expenses

 

$

6,222

 

 

$

7,244

 

 

$

11,662

 

 

$

14,852

 

Stock-based compensation expense

 

 

(481

)

 

 

(238

)

 

 

(820

)

 

 

(644

)

Depreciation and amortization

 

 

(630

)

 

 

(130

)

 

 

(769

)

 

 

(289

)

Gain on disposal of property and equipment

 

 

56

 

 

 

—

 

 

 

28

 

 

 

—

 

Non-GAAP R&D operating expenses

 

$

5,167

 

 

$

6,876

 

 

$

10,101

 

 

$

13,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A operating expenses

 

$

28,105

 

 

$

24,860

 

 

$

57,929

 

 

$

51,274

 

Stock-based compensation expense

 

 

(4,489

)

 

 

(2,951

)

 

 

(11,957

)

 

 

(5,951

)

Amortization of acquired intangible assets

 

 

—

 

 

 

77

 

 

 

—

 

 

 

—

 

Depreciation and amortization

 

 

(821

)

 

 

(544

)

 

 

(2,508

)

 

 

(1,006

)

Loss on disposal of property and equipment

 

 

(56

)

 

 

(9

)

 

 

(28

)

 

 

(23

)

Non-GAAP SG&A operating expenses

 

$

22,739

 

 

$

21,433

 

 

$

43,436

 

 

$

44,294

 

 

 

 

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net loss

 

$

(17,673

)

 

$

(25,444

)

 

$

(41,043

)

 

$

(41,848

)

Income tax (benefit) expense

 

 

(609

)

 

 

39

 

 

 

(728

)

 

 

152

 

Interest income

 

 

(2,461

)

 

 

(5,302

)

 

 

(5,377

)

 

 

(11,509

)

Interest expense

 

 

9

 

 

 

858

 

 

 

11

 

 

 

1,891

 

Amortization of acquired intangible assets

 

 

—

 

 

 

(74

)

 

 

—

 

 

 

1,407

 

Depreciation and amortization

 

 

2,005

 

 

 

1,006

 

 

 

4,094

 

 

 

1,994

 

Bargain purchase gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(25,213

)

Restructuring and related charges

 

 

1,727

 

 

 

5,749

 

 

 

3,279

 

 

 

10,033

 

Transaction and integration expenses

 

 

271

 

 

 

2,782

 

 

 

1,474

 

 

 

19,945

 

Stock-based compensation expense

 

 

5,372

 

 

 

3,410

 

 

 

13,421

 

 

 

6,978

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss on disposal of property and equipment

 

 

187

 

 

 

9

 

 

 

187

 

 

 

23

 

Other non-operating (income) expense

 

 

(4,963

)

 

 

(412

)

 

 

(5,530

)

 

 

1,822

 

Adjusted EBITDA

 

$

(16,135

)

 

$

(17,379

)

 

$

(30,212

)

 

$

(34,325

)

 

 

 

STANDARD BIOTOOLS INC.

Condensed Results of Operations

Discontinued Operations

(In thousands)

(Unaudited)

 

 

 

Three Months Ended
 June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

20,200

 

 

$

14,713

 

 

$

40,773

 

 

$

38,600

 

Cost of revenue

 

 

11,552

 

 

 

10,176

 

 

 

23,432

 

 

 

20,904

 

Selling, general and administrative expenses

 

 

8,216

 

 

 

12,849

 

 

 

17,099

 

 

 

33,378

 

Research and development

 

 

5,850

 

 

 

11,977

 

 

 

11,738

 

 

 

20,350

 

Transaction and integration expenses

 

 

10,507

 

 

 

-

 

 

 

10,507

 

 

 

-

 

Other (income) expense, net

 

 

(139

)

 

 

(15

)

 

 

(3,554

)

 

 

(5

)

Total expenses

 

$

35,986

 

 

$

34,987

 

 

$

59,222

 

 

$

74,627

 

Loss from discontinued operations

 

$

(15,786

)

 

$

(20,274

)

 

$

(18,449

)

 

$

(36,027

)

 

 

 

STANDARD BIOTOOLS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

Discontinued Operations

(In thousands)

(Unaudited)

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Gross profit

 

$

8,649

 

 

$

4,534

 

 

$

17,342

 

 

$

17,697

 

Amortization of acquired intangible assets

 

 

653

 

 

 

552

 

 

 

1,370

 

 

 

1,104

 

Depreciation and amortization

 

 

879

 

 

 

635

 

 

 

1,352

 

 

 

1,292

 

Stock-based compensation expense

 

 

161

 

 

 

73

 

 

 

414

 

 

 

150

 

Loss on disposal of property and equipment

 

 

26

 

 

 

—

 

 

 

58

 

 

 

—

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,812

)

Non-GAAP gross profit

 

$

10,368

 

 

$

5,794

 

 

$

20,536

 

 

$

18,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin percentage

 

 

42.8

%

 

 

30.8

%

 

 

42.5

%

 

 

45.8

%

Amortization of acquired intangible assets

 

 

3.2

%

 

 

3.8

%

 

 

3.5

%

 

 

2.9

%

Depreciation and amortization

 

 

4.4

%

 

 

4.3

%

 

 

3.3

%

 

 

3.3

%

Stock-based compensation expense

 

 

0.8

%

 

 

0.5

%

 

 

1.0

%

 

 

0.4

%

Loss on disposal of property and equipment

 

 

0.1

%

 

 

—

 

 

 

0.1

%

 

 

—

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4.7

)%

Non-GAAP gross margin percentage

 

 

51.3

%

 

 

39.4

%

 

 

50.4

%

 

 

47.7

%

 

 

 

STANDARD BIOTOOLS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

Discontinued Operations

(In thousands)

(Unaudited)

ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating expenses

 

$

24,756

 

 

$

24,792

 

 

$

39,448

 

 

$

53,693

 

Restructuring and related charges

 

 

(104

)

 

 

—

 

 

 

(104

)

 

 

—

 

Transaction and integration expenses

 

 

(10,507

)

 

 

—

 

 

 

(10,507

)

 

 

—

 

Stock-based compensation expense

 

 

(852

)

 

 

(3,247

)

 

 

(1,561

)

 

 

(11,213

)

Amortization of acquired intangible assets

 

 

(164

)

 

 

(238

)

 

 

(345

)

 

 

(311

)

Depreciation and amortization

 

 

(293

)

 

 

(1,498

)

 

 

(1,004

)

 

 

(2,942

)

Loss on disposal of property and equipment

 

 

(36

)

 

 

(362

)

 

 

(190

)

 

 

(362

)

Non-GAAP operating expenses

 

$

12,800

 

 

$

19,447

 

 

$

25,737

 

 

$

38,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D operating expenses

 

$

5,850

 

 

$

11,978

 

 

$

11,738

 

 

$

20,350

 

Stock-based compensation expense

 

 

(479

)

 

 

(2,190

)

 

 

(881

)

 

 

(3,112

)

Depreciation and amortization

 

 

(392

)

 

 

(658

)

 

 

(843

)

 

 

(1,370

)

Loss on disposal of property and equipment

 

 

(26

)

 

 

—

 

 

 

(166

)

 

 

—

 

Non-GAAP R&D operating expenses

 

$

4,953

 

 

$

9,130

 

 

$

9,848

 

 

$

15,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A operating expenses

 

$

8,295

 

 

$

12,814

 

 

$

17,099

 

 

$

33,343

 

Stock-based compensation expense

 

 

(373

)

 

 

(1,057

)

 

 

(680

)

 

 

(8,101

)

Amortization of acquired intangible assets

 

 

(164

)

 

 

(238

)

 

 

(345

)

 

 

(311

)

Depreciation and amortization

 

 

99

 

 

 

(840

)

 

 

(161

)

 

 

(1,572

)

Loss on disposal of property and equipment

 

 

(10

)

 

 

(362

)

 

 

(24

)

 

 

(362

)

Non-GAAP SG&A operating expenses

 

$

7,847

 

 

$

10,317

 

 

$

15,889

 

 

$

22,997

 

 

 

 

STANDARD BIOTOOLS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

Discontinued Operations

(In thousands)

(Unaudited)

ITEMIZED RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net loss

 

$

(15,786

)

 

$

(20,274

)

 

$

(18,449

)

 

$

(36,027

)

Income tax (benefit) expense

 

 

(125

)

 

 

16

 

 

 

(157

)

 

 

31

 

Interest income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of acquired intangible assets

 

 

817

 

 

 

790

 

 

 

1,715

 

 

 

1,415

 

Depreciation and amortization

 

 

1,172

 

 

 

2,133

 

 

 

2,356

 

 

 

4,234

 

Bargain purchase gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Restructuring and related charges

 

 

104

 

 

 

—

 

 

 

104

 

 

 

—

 

Transaction and integration expenses

 

 

10,507

 

 

 

—

 

 

 

10,507

 

 

 

—

 

Stock-based compensation expense

 

 

1,013

 

 

 

3,320

 

 

 

1,975

 

 

 

11,363

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,812

)

Loss on disposal of property and equipment

 

 

62

 

 

 

362

 

 

 

248

 

 

 

362

 

Other non-operating (income) expense

 

 

(196

)

 

 

—

 

 

 

(3,500

)

 

 

—

 

Adjusted EBITDA

 

$

(2,432

)

 

$

(13,653

)

 

$

(5,201

)

 

$

(20,434

)

 

 

 

STANDARD BIOTOOLS INC.

Condensed Combined Results of Operations

Continuing Operations and Discontinued Operations

(In thousands)

(Unaudited)

 

 

 

Three Months Ended
 June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

41,962

 

 

$

37,205

 

 

$

82,757

 

 

$

82,745

 

Cost of revenue

 

 

22,686

 

 

 

22,294

 

 

 

43,739

 

 

 

43,650

 

Selling, general and administrative expenses

 

 

36,321

 

 

 

37,709

 

 

 

75,028

 

 

 

84,652

 

Research and development

 

 

12,072

 

 

 

19,221

 

 

 

23,400

 

 

 

35,202

 

Transaction and integration expenses

 

 

10,778

 

 

 

2,782

 

 

 

11,981

 

 

 

19,945

 

Restructuring

 

 

1,727

 

 

 

5,749

 

 

 

3,279

 

 

 

10,033

 

Other (income) expense, net

 

 

(8,163

)

 

 

(4,832

)

 

 

(15,178

)

 

 

(32,862

)

Total expenses

 

$

75,421

 

 

$

82,923

 

 

$

142,249

 

 

$

160,620

 

Net loss

 

$

(33,459

)

 

$

(45,718

)

 

$

(59,492

)

 

$

(77,875

)

 

 

 

STANDARD BIOTOOLS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

Continuing Operations and Discontinued Operations

(In thousands)

(Unaudited)

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Gross profit

 

$

19,277

 

 

$

14,908

 

 

$

39,019

 

 

$

39,096

 

Amortization of acquired intangible assets

 

 

653

 

 

 

555

 

 

 

1,370

 

 

 

2,511

 

Depreciation and amortization

 

 

1,433

 

 

 

967

 

 

 

2,169

 

 

 

1,991

 

Stock-based compensation expense

 

 

563

 

 

 

294

 

 

 

1,058

 

 

 

533

 

Loss on disposal of property and equipment

 

 

213

 

 

 

—

 

 

 

245

 

 

 

—

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,812

)

Non-GAAP gross profit

 

$

22,139

 

 

$

16,724

 

 

$

43,861

 

 

$

42,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin percentage

 

 

45.9

%

 

 

40.1

%

 

 

47.1

%

 

 

47.2

%

Amortization of acquired intangible assets

 

 

1.6

%

 

 

1.5

%

 

 

1.7

%

 

 

3.0

%

Depreciation and amortization

 

 

3.5

%

 

 

2.6

%

 

 

2.6

%

 

 

2.4

%

Stock-based compensation expense

 

 

1.3

%

 

 

0.8

%

 

 

1.3

%

 

 

0.6

%

Loss on disposal of property and equipment

 

 

0.5

%

 

 

—

 

 

 

0.3

%

 

 

—

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2.1

)%

Non-GAAP gross margin percentage

 

 

52.8

%

 

 

45.0

%

 

 

53.0

%

 

 

51.1

%

 

 

 

STANDARD BIOTOOLS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

Continuing Operations and Discontinued Operations

(In thousands)

(Unaudited)

ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating expenses

 

$

61,081

 

 

$

65,427

 

 

$

113,792

 

 

$

149,797

 

Restructuring and related charges

 

 

(1,831

)

 

 

(5,749

)

 

 

(3,383

)

 

 

(10,033

)

Transaction and integration expenses

 

 

(10,778

)

 

 

(2,782

)

 

 

(11,981

)

 

 

(19,945

)

Stock-based compensation expense

 

 

(5,822

)

 

 

(6,436

)

 

 

(14,338

)

 

 

(17,808

)

Amortization of acquired intangible assets

 

 

(164

)

 

 

(161

)

 

 

(345

)

 

 

(311

)

Depreciation and amortization

 

 

(1,744

)

 

 

(2,172

)

 

 

(4,281

)

 

 

(4,237

)

Loss on disposal of property and equipment

 

 

(36

)

 

 

(371

)

 

 

(190

)

 

 

(385

)

Non-GAAP operating expenses

 

$

40,706

 

 

$

47,756

 

 

$

79,274

 

 

$

97,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R&D operating expenses

 

$

12,072

 

 

$

19,222

 

 

$

23,400

 

 

$

35,202

 

Stock-based compensation expense

 

 

(960

)

 

 

(2,428

)

 

 

(1,701

)

 

 

(3,756

)

Depreciation and amortization

 

 

(1,022

)

 

 

(788

)

 

 

(1,612

)

 

 

(1,659

)

Loss on disposal of property and equipment

 

 

30

 

 

 

—

 

 

 

(138

)

 

 

—

 

Non-GAAP R&D operating expenses

 

$

10,120

 

 

$

16,006

 

 

$

19,949

 

 

$

29,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG&A operating expenses

 

$

36,400

 

 

$

37,674

 

 

$

75,028

 

 

$

84,617

 

Stock-based compensation expense

 

 

(4,862

)

 

 

(4,008

)

 

 

(12,637

)

 

 

(14,052

)

Amortization of acquired intangible assets

 

 

(164

)

 

 

(161

)

 

 

(345

)

 

 

(311

)

Depreciation and amortization

 

 

(722

)

 

 

(1,384

)

 

 

(2,669

)

 

 

(2,578

)

Loss on disposal of property and equipment

 

 

(66

)

 

 

(371

)

 

 

(52

)

 

 

(385

)

Non-GAAP SG&A operating expenses

 

$

30,586

 

 

$

31,750

 

 

$

59,325

 

 

$

67,291

 

 

 

 

STANDARD BIOTOOLS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

Continuing Operations and Discontinued Operations

(In thousands)

(Unaudited)

ITEMIZED RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net loss

 

$

(33,459

)

 

$

(45,718

)

 

$

(59,492

)

 

$

(77,875

)

Income tax (benefit) expense

 

 

(734

)

 

 

55

 

 

 

(885

)

 

 

183

 

Interest income

 

 

(2,461

)

 

 

(5,302

)

 

 

(5,377

)

 

 

(11,509

)

Interest expense

 

 

9

 

 

 

858

 

 

 

11

 

 

 

1,891

 

Amortization of acquired intangible assets

 

 

817

 

 

 

716

 

 

 

1,715

 

 

 

2,822

 

Depreciation and amortization

 

 

3,177

 

 

 

3,139

 

 

 

6,450

 

 

 

6,228

 

Bargain purchase gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(25,213

)

Restructuring and related charges

 

 

1,831

 

 

 

5,749

 

 

 

3,383

 

 

 

10,033

 

Transaction and integration expenses

 

 

10,778

 

 

 

2,782

 

 

 

11,981

 

 

 

19,945

 

Stock-based compensation expense

 

 

6,385

 

 

 

6,730

 

 

 

15,396

 

 

 

18,341

 

Cost of sales adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,812

)

Loss on disposal of property and equipment

 

 

249

 

 

 

371

 

 

 

435

 

 

 

385

 

Other non-operating (income) expense

 

 

(5,159

)

 

 

(412

)

 

 

(9,030

)

 

 

1,822

 

Adjusted EBITDA

 

$

(18,567

)

 

$

(31,032

)

 

$

(35,413

)

 

$

(54,759

)