SOUTH SAN FRANCISCO, Calif., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the "Company" or "Standard BioTools") today announced financial results for the quarter ended September 30, 2025.
Recent Highlights:
-- Third quarter 2025 total combined company revenue of $46.2 million;
Revenue from continuing operations of $19.6 million
-- Implemented restructuring plan expected to deliver over $40 million in
annualized cost savings; On track to achieve positive adjusted EBITDA
target in 2026
-- $217.0 million in cash & cash equivalents as of September 30, 2025;
Approximately $550 million in cash & cash equivalents expected at close
of transaction with Illumina in first half of 2026 to fuel inorganic
growth strategy
"The third quarter marked another period of solid execution as we sharpen our focus and position Standard BioTools for the next stage," said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "Our commercial team delivered consistent overall performance amid a still-evolving macro environment, and with cost savings initiatives beginning to take hold, we are simplifying operations, increasing productivity and driving the go-forward business toward profitability expected in 2026. Combined with a strong balance sheet at quarter end and the significant cash injection expected from the pending Illumina transaction, we are well positioned to expand our portfolio through strategic M&A that we believe will fuel growth and deliver long-term value for our shareholders."
Operational Restructuring
In September, as previously disclosed in the Company's SEC filings, the Company implemented a phased operational restructuring plan expected to deliver over $40 million in total annualized cost savings, to be fully realized in 2026. The plan included an aggregate reduction-in-force of approximately 20% of its global workforce as well as initiatives designed to increase operating efficiency, reduce costs, and align resources with the Company's long-term strategic objectives. These actions reinforce the Company's path to generating positive adjusted EBITDA expected in 2026.
"Given the current operating environment, these decisions were important to keep our organization lean, focused and positioned to emerge stronger tomorrow than we are today," said Alex Kim, Chief Financial Officer of Standard BioTools. "I want to sincerely thank our departing colleagues for their contributions as we take these steps to secure the long-term success of Standard BioTools -- delivering innovative solutions to our customers as they advance science and improve human health."
The cost savings initiative, together with the continued application of the Standard BioTools Business System $(SBS)$, is expected to generate efficiencies across sales and marketing, research and development, and general and administrative functions. As previously announced, Standard BioTools will consolidate its South San Francisco operations into its Singapore facility, co-locating research and development with manufacturing. As part of this transition, the Company also plans to establish its global headquarters in Boston.
Financial Results Table: Continuing Operations
Three Months Ended Nine Months Ended
September 30, September 30,
(Unaudited,
in millions,
except
percentages) 2025 2024 2025 2024
------ ------- --------- -------
Revenue $ 19.6 $ 22.1 $ 61.5 $ 66.2
Gross margin 48.5% 54.9% 50.6% 50.6%
Non-GAAP
gross
margin 53.5% 57.3% 54.9% 55.2%
Operating
expenses $ 42.4 $ 38.8 $ 116.8 $ 134.9
Non-GAAP
operating
expenses $ 27.0 $ 26.3 $ 80.5 $ 84.5
Operating
loss $(32.9) $ (26.7) $ (85.6) $(101.4)
Net loss from
continuing
operations $(31.7) $ (21.9) $ (72.7) $ (63.8)
Adjusted
EBITDA $(16.5) $ (13.7) $ (46.8) $ (48.0)
Cash, cash
equivalents,
restricted
cash,
short-term
and
long-term
investments $217.0 $ 338.1 $ 217.0 $ 338.1
Third Quarter 2025 Financial Results: Continuing Operations
Following the announced sale of SomaLogic, Inc. ("SomaLogic") and other specified assets to Illumina, Inc. ("Illumina") in June 2025, all financial results in this section reflect continuing operations only.
-- Revenue was $19.6 million in the third quarter of 2025, down 11%
year-over-year.
-- Consumables revenue was $8.7 million in the third quarter of 2025,
down 17% year-over-year. Lower consumables revenue in the quarter
reflected project funding declines in flow and microfluidics,
partially offset by growth in imaging.
-- Instruments revenue was $5.1 million in the third quarter of 2025,
down 3% year-over-year. Instrument revenue in the quarter
reflected growth in imaging but overall remained impacted by
capital-constrained end-markets globally.
-- Services revenue, which is predominantly Field Services, was $5.8
million in the third quarter of 2025, down 9% 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 third quarter of 2025 were approximately 48.5%,
versus 54.9% in the third quarter of 2024; and non-GAAP gross margins in
the third quarter of 2025 were approximately 53.5%, versus 57.3% in the
third quarter of 2024. Gross margins and non-GAAP gross margins were
driven by volume and product mix.
-- Operating expenses in the third quarter of 2025 were $42.4 million, an
increase of $3.6 million, or up 9%, compared to the third quarter of
2024. Operating expenses included $9.4 million in restructuring and
related charges. Non-GAAP operating expenses, which exclude transaction
costs, stock-based compensation, and restructuring charges, were $27.0
million in the third quarter of 2025, an increase of $0.7 million, or up
3%, compared to the third quarter of 2024. The increase in operating
expenses is due to the reclassification of SomaLogic as discontinued
operations and the retention of shared corporate costs within continuing
operations, more than offsetting lower R&D expenses and continued
productivity gains from SBS.
-- Net loss for the third quarter of 2025 was $31.7 million, compared to a
net loss of $21.9 million in the third quarter of 2024, representing an
increase of $9.8 million or 45%, while adjusted EBITDA for the third
quarter of 2025 was a loss of $16.5 million, versus an adjusted EBITDA
loss of $13.7 million in the third quarter of 2024, an increase of $2.9
million, or 21%.
Full Year 2025 Revenue Outlook
For fiscal year 2025, the Company continues to expect combined revenue in the range of $165 million to $175 million. Revenue from continuing operations is expected to be in the range of $78 million to $83 million.
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, including potential cost savings from the operational restructuring plan and the timing for realizing such cost savings; 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, for the year ended December 31, 2024, filed with the SEC on March 11, 2025, the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 15, 2025, 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(R), LinkedIn, and YouTube$(TM)$.
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. (c)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 Nine Months Ended
September 30, September 30,
------------------- --------------------
2025 2024 2025 2024
-------- -------- -------- ---------
Revenue:
Product revenue $ 13,800 $ 15,779 $ 44,254 $ 46,987
Services and
other revenue 5,752 6,307 17,282 19,244
------- ------- ------- --------
Total revenue 19,552 22,086 61,536 66,231
------- ------- ------- --------
Cost of revenue:
Cost of product
revenue 6,728 6,159 20,767 21,775
Cost of services
and other
revenue 3,340 3,801 9,608 10,930
------- ------- ------- --------
Total cost of
revenue 10,068 9,960 30,375 32,705
------- ------- ------- --------
Gross profit 9,484 12,126 31,161 33,526
Operating expenses:
Research and
development 6,356 6,939 18,018 21,791
Selling, general
and
administrative 26,595 24,466 84,524 75,740
Restructuring
and related
charges 9,428 2,341 12,707 12,374
Transaction and
integration
expenses 43 5,079 1,517 25,024
------- ------- ------- --------
Total operating
expenses 42,422 38,825 116,766 134,929
------- ------- ------- --------
Loss from continuing
operations (32,938) (26,699) (85,605) (101,403)
Bargain purchase
gain -- -- -- 25,213
Interest income 2,140 4,794 7,517 16,303
Interest expense (10) (853) (21) (2,744)
Other income
(expense), net (2,092) 957 3,438 (865)
------- ------- ------- --------
Loss from continuing
operations before
income taxes (32,900) (21,801) (74,671) (63,496)
Income tax benefit
(expense) 1,216 (118) 1,944 (270)
------- ------- ------- --------
Net loss from
continuing
operations (31,684) (21,919) (72,727) (63,766)
Discontinued
operations:
Loss from
discontinued
operations, net of
tax (3,003) (5,019) (21,452) (41,047)
------- ------- ------- --------
Net loss (34,687) (26,938) (94,179) (104,813)
======= ======= ======= ========
Induced conversion
of redeemable
preferred stock -- -- -- (46,014)
------- ------- ------- --------
Net loss
attributable to
common
stockholders $(34,687) $(26,938) $(94,179) $(150,827)
======= ======= ======= ========
Net loss per share
from continuing
operations, basic
and diluted $ (0.08) $ (0.06) $ (0.19) $ (0.32)
======= ======= ======= ========
Net loss per share
from discontinued
operations, basic
and diluted $ (0.01) $ (0.01) $ (0.06) $ (0.12)
======= ======= ======= ========
Net loss per share
attributable to
common
stockholders, basic
and diluted $ (0.09) $ (0.07) $ (0.25) $ (0.44)
======= ======= ======= ========
Shares used in
computing net loss
per share
attributable to
common
stockholders, basic
and diluted 382,630 371,538 380,468 346,093
======= ======= ======= ========
STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Continuing Operations
(In thousands)
(Unaudited)
September 30, December 31,
2025 2024
--------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 129,418 $ 166,728
Short-term investments 65,485 126,146
Accounts receivable, net 13,536 14,741
Inventory 25,418 20,744
Prepaid expenses and other
current assets 7,906 4,561
Current assets held for sale 230,676 42,963
----------- ----------
Total current assets 472,439 375,883
Property and equipment, net 20,738 22,775
Operating lease right-of-use asset,
net 23,453 26,567
Other non-current assets 3,521 3,688
Long-term investments 19,485 --
Non-current assets held for sale -- 183,432
----------- ----------
Total assets $ 539,636 $ 612,345
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,619 $ 5,049
Accrued liabilities 30,810 21,435
Operating lease liabilities,
current 5,113 4,806
Deferred revenue, current 40,111 10,274
Deferred grant income, current 3,098 3,527
Current liabilities held for sale 22,214 20,804
----------- ----------
Total current liabilities 107,965 65,895
Convertible notes, non-current 299 299
Deferred tax liability 1,139 1,081
Operating lease liabilities,
non-current 21,977 25,590
Deferred revenue, non-current 2,366 32,674
Deferred grant income, non-current 5,031 7,243
Other non-current liabilities 1,200 1,062
Non-current liabilities held for sale -- 6,779
----------- ----------
Total liabilities 139,977 140,623
Total stockholders' equity 399,659 471,722
----------- ----------
Total liabilities and stockholders'
equity $ 539,636 $ 612,345
=========== ==========
STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
-------------------------------------
2025 2024
----------------- --------------
Operating activities
Net loss $ (94,179) $ (104,813)
Bargain purchase gain -- (25,213)
Stock-based compensation
expense 23,870 24,262
Amortization of acquired
intangible assets 1,715 3,533
Depreciation and amortization 7,971 9,375
Accretion of discount on
short-term investments, net (2,182) (6,303)
Non-cash lease expense 4,435 4,348
Provision for excess and
obsolete inventory 1,975 1,991
Change in fair value of
warrants (232) (474)
Change in fair value of
contingent consideration (3,400) --
Other non-cash items 922 1,111
Changes in assets and
liabilities, net (14,048) (37,212)
------------- -------------
Net cash used in operating
activities (73,153) (129,395)
------------- -------------
Investing activities
Cash and restricted cash
acquired in merger -- 280,033
Purchases of short-term
investments (91,241) (226,612)
Purchases of long-term
investments (19,483) --
Proceeds from sales and
maturities of investments 154,000 289,000
Purchases of property and
equipment (7,827) (4,973)
------------- -------------
Net cash provided by investing
activities 35,449 337,448
------------- -------------
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 (358) (414)
Proceeds from exercise of
stock options -- 1,120
------------- -------------
Net cash provided by (used in)
financing activities (50) (48,096)
------------- -------------
Effect of foreign exchange
rate fluctuations on cash and
cash equivalents 942 (518)
------------- -------------
Net (decrease) increase in
cash, cash equivalents and
restricted cash (36,812) 159,439
Cash, cash equivalents and
restricted cash at beginning
of period 168,818 52,499
------------- -------------
Cash, cash equivalents and
restricted cash at end of
period $ 132,006 $ 211,938
============= =============
Cash, cash equivalents, and
restricted cash consists of:
Cash and cash equivalents $ 129,418 $ 210,647
Restricted cash 2,588 1,291
------------- -------------
Total cash, cash equivalents
and restricted cash $ 132,006 $ 211,938
============= =============
STANDARD BIOTOOLS INC.
REVENUE
Continuing Operations
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ---------------------
2025 2024 2025 2024
------------ -------- ----------- --------
Product revenue:
Instruments $ 5,095 $ 5,271 $ 16,956 $ 17,221
Consumables 8,705 10,508 27,298 29,766
-------- ------- ------- -------
Total product
revenue 13,800 15,779 44,254 46,987
Services and
other revenue 5,752 6,307 17,282 19,244
-------- ------- ------- -------
Total revenue $ 19,552 $ 22,086 $ 61,536 $ 66,231
======== ======= ======= =======
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 Nine Months Ended
September 30, September 30,
-------------------- --------------------
2025 2024 2025 2024
------- ------- ------- -------
Gross profit $ 9,484 $12,126 $31,161 $33,526
Amortization
of acquired
intangible
assets -- -- -- 1,407
Depreciation
and
amortization 590 318 1,407 1,017
Stock-based
compensation
expense 386 218 1,030 601
Loss on
disposal of
property and
equipment -- -- 187 --
Cost of sales
adjustment -- -- -- --
------ ------ ------ ------
Non-GAAP gross
profit $10,460 $12,662 $33,785 $36,551
====== ====== ====== ======
Gross margin
percentage 48.5% 54.9% 50.6% 50.6%
Amortization
of acquired
intangible
assets -- -- -- 2.2%
Depreciation
and
amortization 3.0% 1.4% 2.3% 1.5%
Stock-based
compensation
expense 2.0% 1.0% 1.7% 0.9%
Loss on
disposal of
property and
equipment -- -- 0.3% --
Cost of sales
adjustment -- -- -- --
------ ------ ------ ------
Non-GAAP gross
margin
percentage 53.5% 57.3% 54.9% 55.2%
====== ====== ====== ======
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 September Nine Months Ended
30, September 30,
----------------- -------------------
2025 2024 2025 2024
------- ------- -------- --------
Operating
expenses $42,422 $38,825 $116,766 $134,929
Restructuring
and related
charges (9,428) (2,341) (12,707) (12,374)
Transaction and
integration
expenses (43) (5,079) (1,517) (25,024)
Stock-based
compensation
expense (4,938) (4,431) (17,715) (11,026)
Amortization
of acquired
intangible
assets -- -- -- --
Depreciation
and
amortization (1,009) (650) (4,286) (1,945)
Loss on
disposal of
property and
equipment -- (4) -- (27)
------ ------ ------- -------
Non-GAAP
operating
expenses $27,004 $26,320 $ 80,541 $ 84,533
====== ====== ======= =======
R&D operating
expenses $ 6,356 $ 6,939 $ 18,018 $ 21,791
Stock-based
compensation
expense (497) (403) (1,317) (1,047)
Depreciation
and
amortization (228) (148) (997) (437)
Gain on
disposal of
property and
equipment -- -- 28 --
------ ------ ------- -------
Non-GAAP R&D
operating
expenses $ 5,631 $ 6,388 $ 15,732 $ 20,307
====== ====== ======= =======
SG&A operating
expenses $26,595 $24,466 $ 84,524 $ 75,740
Stock-based
compensation
expense (4,441) (4,028) (16,398) (9,979)
Amortization
of acquired
intangible
assets -- -- -- --
Depreciation
and
amortization (781) (502) (3,289) (1,508)
Loss on
disposal of
property and
equipment -- (4) (28) (27)
------ ------ ------- -------
Non-GAAP SG&A
operating
expenses $21,373 $19,932 $ 64,809 $ 64,226
====== ====== ======= =======
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 Nine Months Ended
September 30, September 30,
------------------- -------------------
2025 2024 2025 2024
-------- -------- -------- --------
Net loss $(31,684) $(21,919) $(72,727) $(63,766)
Income tax
(benefit)
expense (1,216) 118 (1,944) 270
Interest income (2,140) (4,794) (7,517) (16,303)
Interest
expense 10 853 21 2,744
Amortization of
acquired
intangible
assets -- -- -- 1,407
Depreciation
and
amortization 1,599 967 5,693 2,961
Bargain
purchase gain -- -- -- (25,213)
Restructuring
and related
charges 7,216 2,341 10,495 12,374
Transaction and
integration
expenses 43 5,079 1,517 25,024
Stock-based
compensation
expense 7,536 4,649 20,957 11,627
Cost of sales
adjustment -- -- -- --
Loss on
disposal of
property and
equipment -- 4 187 27
Other
non-operating
(income)
expense 2,092 (957) (3,438) 865
------- ------- ------- -------
Adjusted EBITDA $(16,544) $(13,658) $(46,756) $(47,982)
======= ======= ======= =======
STANDARD BIOTOOLS INC.
Condensed Results of Operations
Discontinued Operations
(In thousands)
(Unaudited)
Three Months
Ended September Nine Months Ended
30, September 30,
----------------- -------------------
2025 2024 2025 2024
------- ------- -------- --------
Revenue $26,693 $22,884 $ 67,466 $ 61,484
Cost of revenue 14,352 11,749 37,784 32,653
Selling, general
and
administrative
expenses 8,474 9,937 25,573 43,280
Research and
development 4,849 6,217 16,587 26,567
Transaction and
integration
expenses 2,203 - 12,710 -
Other (income)
expense, net (182) - (3,736) 31
------ ------ ------- -------
Total expenses $29,696 $27,903 $ 88,918 $102,531
------ ------ ------- -------
Loss from
discontinued
operations $(3,003) $(5,019) $(21,452) $(41,047)
====== ====== ======= =======
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 Nine Months Ended
September 30, September 30,
-------------------- --------------------
2025 2024 2025 2024
------- ------- ------- -------
Gross profit $12,340 $11,134 $29,682 $28,831
Amortization
of acquired
intangible
assets -- 540 1,370 1,644
Depreciation
and
amortization (76) 1,126 1,276 2,418
Stock-based
compensation
expense 214 146 628 296
Loss on
disposal of
property and
equipment 7 -- 65 --
Cost of sales
adjustment -- -- -- (1,812)
------ ------ ------ ------
Non-GAAP gross
profit $12,485 $12,946 $33,021 $31,377
====== ====== ====== ======
Gross margin
percentage 46.2% 48.7% 44.0% 46.9%
Amortization
of acquired
intangible
assets -- 2.4% 2.0% 2.6%
Depreciation
and
amortization (0.2)% 4.9% 1.9% 3.9%
Stock-based
compensation
expense 0.8% 0.6% 0.9% 0.5%
Loss on
disposal of
property and
equipment -- -- 0.1% --
Cost of sales
adjustment -- -- -- (2.9)%
------ ------ ------ ------
Non-GAAP gross
margin
percentage 46.8% 56.6% 48.9% 51.0%
====== ====== ====== ======
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 September Nine Months Ended
30, September 30,
----------------- -------------------
2025 2024 2025 2024
------- ------- -------- --------
Operating
expenses $15,526 $16,154 $ 54,974 $ 69,847
Restructuring
and related
charges -- -- (104) --
Transaction and
integration
expenses (2,203) -- (12,710) --
Stock-based
compensation
expense (724) (1,126) (2,285) (12,339)
Amortization of
acquired
intangible
assets -- (171) (345) (482)
Depreciation
and
amortization -- (1,053) (1,004) (3,995)
Loss on
disposal of
property and
equipment (9) (26) (199) (388)
------ ------ ------- -------
Non-GAAP
operating
expenses $12,590 $13,778 $ 38,327 $ 52,643
====== ====== ======= =======
R&D operating
expenses $ 4,849 $ 6,217 $ 16,587 $ 26,567
Stock-based
compensation
expense (258) (321) (1,139) (3,433)
Depreciation
and
amortization -- (799) (843) (2,169)
Loss on
disposal of
property and
equipment (9) -- (175) --
------ ------ ------- -------
Non-GAAP R&D
operating
expenses $ 4,582 $ 5,097 $ 14,430 $ 20,965
====== ====== ======= =======
SG&A operating
expenses $ 8,474 $ 9,937 $ 25,573 $ 43,280
Stock-based
compensation
expense (466) (805) (1,146) (8,906)
Amortization of
acquired
intangible
assets -- (171) (345) (482)
Depreciation
and
amortization -- (254) (161) (1,826)
Loss on
disposal of
property and
equipment -- (26) (24) (388)
------ ------ ------- -------
Non-GAAP SG&A
operating
expenses $ 8,008 $ 8,681 $ 23,897 $ 31,678
====== ====== ======= =======
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 September Nine Months Ended
30, September 30,
----------------- -------------------
2025 2024 2025 2024
------- ------- -------- --------
Net loss $(3,003) $(5,019) $(21,452) $(41,047)
Income tax
(benefit)
expense (1) -- (158) 31
Interest
income -- -- -- --
Interest
expense -- -- -- --
Amortization of
acquired
intangible
assets -- 711 1,715 2,126
Depreciation
and
amortization (76) 2,180 2,280 6,414
Bargain
purchase gain -- -- -- --
Restructuring
and related
charges -- -- 104 --
Transaction and
integration
expenses 2,203 -- 12,710 --
Stock-based
compensation
expense 938 1,272 2,913 12,635
Cost of sales
adjustment -- -- -- (1,812)
Loss on
disposal of
property and
equipment 17 25 265 388
Other
non-operating
(income)
expense (183) -- (3,683) --
------ ------ ------- -------
Adjusted EBITDA $ (105) $ (832) $ (5,306) $(21,266)
====== ====== ======= =======
STANDARD BIOTOOLS INC.
Condensed Combined Results of Operations
Continuing Operations and Discontinued Operations
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- --------------------
2025 2024 2025 2024
-------- -------- -------- ---------
Revenue $ 46,245 $ 44,970 $129,002 $ 127,715
Cost of revenue 24,420 21,709 68,159 65,358
Selling, general
and
administrative
expenses 35,069 34,403 110,097 119,020
Research and
development 11,205 13,156 34,605 48,358
Transaction and
integration
expenses 2,246 5,079 14,227 25,024
Restructuring 9,428 2,341 12,707 12,374
Other (income)
expense, net (1,436) (4,780) (16,614) (37,606)
------- ------- ------- --------
Total expenses $ 80,932 $ 71,908 $223,181 $ 232,528
------- ------- ------- --------
Net loss $(34,687) $(26,938) $(94,179) $(104,813)
======= ======= ======= ========
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 Nine Months Ended
September 30, September 30,
-------------------- --------------------
2025 2024 2025 2024
------- ------- ------- -------
Gross profit $21,824 $23,260 $60,843 $62,357
Amortization
of acquired
intangible
assets -- 540 1,370 3,051
Depreciation
and
amortization 514 1,444 2,681 3,435
Stock-based
compensation
expense 600 364 1,658 897
Loss on
disposal of
property and
equipment 7 -- 252 --
Cost of sales
adjustment -- -- -- (1,812)
------ ------ ------ ------
Non-GAAP gross
profit $22,945 $25,608 $66,804 $67,928
====== ====== ====== ======
Gross margin
percentage 47.2% 51.7% 47.2% 48.8%
Amortization
of acquired
intangible
assets -- 1.2% 1.1% 2.4%
Depreciation
and
amortization 1.1% 3.2% 2.1% 2.7%
Stock-based
compensation
expense 1.3% 0.8% 1.3% 0.7%
Loss on
disposal of
property and
equipment -- -- 0.1% --
Cost of sales
adjustment -- -- -- (1.4)%
------ ------ ------ ------
Non-GAAP gross
margin
percentage 49.6% 56.9% 51.8% 53.2%
------ ------ ------ ------
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 September Nine Months Ended
30, September 30,
----------------- -------------------
2025 2024 2025 2024
------- ------- -------- --------
Operating
expenses $57,948 $54,979 $171,740 $204,776
Restructuring
and related
charges (9,428) (2,341) (12,811) (12,374)
Transaction and
integration
expenses (2,246) (5,079) (14,227) (25,024)
Stock-based
compensation
expense (5,662) (5,557) (20,000) (23,365)
Amortization of
acquired
intangible
assets -- (171) (345) (482)
Depreciation
and
amortization (1,009) (1,703) (5,290) (5,940)
Loss on
disposal of
property and
equipment (9) (30) (199) (415)
------ ------ ------- -------
Non-GAAP
operating
expenses $39,594 $40,098 $118,868 $137,176
====== ====== ======= =======
R&D operating
expenses $11,205 $13,156 $ 34,605 $ 48,358
Stock-based
compensation
expense (755) (724) (2,456) (4,480)
Depreciation
and
amortization (228) (947) (1,840) (2,606)
Loss on
disposal of
property and
equipment (9) -- (147) --
------ ------ ------- -------
Non-GAAP R&D
operating
expenses $10,213 $11,485 $ 30,162 $ 41,272
====== ====== ======= =======
SG&A operating
expenses $35,069 $34,403 $110,097 $119,020
Stock-based
compensation
expense (4,907) (4,833) (17,544) (18,885)
Amortization of
acquired
intangible
assets -- (171) (345) (482)
Depreciation
and
amortization (781) (756) (3,450) (3,334)
Loss on
disposal of
property and
equipment -- (30) (52) (415)
------ ------ ------- -------
Non-GAAP SG&A
operating
expenses $29,381 $28,613 $ 88,706 $ 95,904
====== ====== ======= =======
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 Nine Months Ended
September 30, September 30,
------------------- --------------------
2025 2024 2025 2024
-------- -------- -------- ---------
Net loss $(34,687) $(26,938) $(94,179) $(104,813)
Income tax
(benefit)
expense (1,217) 118 (2,102) 301
Interest income (2,140) (4,794) (7,517) (16,303)
Interest
expense 10 853 21 2,744
Amortization of
acquired
intangible
assets -- 711 1,715 3,533
Depreciation
and
amortization 1,523 3,147 7,971 9,375
Bargain
purchase gain -- -- -- (25,213)
Restructuring
and related
charges 7,216 2,341 10,599 12,374
Transaction and
integration
expenses 2,246 5,079 14,227 25,024
Stock-based
compensation
expense 8,474 5,921 23,870 24,262
Cost of sales
adjustment -- -- -- (1,812)
Loss on
disposal of
property and
equipment 17 29 452 415
Other
non-operating
(income)
expense 1,909 (957) (7,121) 865
------- ------- ------- --------
Adjusted EBITDA $(16,649) $(14,490) $(52,064) $ (69,248)
======= ======= ======= ========
(END) Dow Jones Newswires
November 04, 2025 16:05 ET (21:05 GMT)
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