Standard BioTools reports preliminary 2024 revenue of $174 million and will present at the J.P. Morgan Healthcare Conference.
Quiver AI Summary
Standard BioTools Inc. announced preliminary, unaudited revenue results for 2024, estimating approximately $174 million for the full year, with fourth quarter revenue expected to be around $46.5 million. CEO Michael Egholm highlighted the team's efforts to meet the upper end of their revised guidance despite a challenging environment, and mentioned significant progress in reducing operating expenses through the implementation of Standard BioTools Business Systems. The company aims to further enhance efficiencies and shift towards high-margin offerings in 2025. Standard BioTools plans to provide detailed financial results and an outlook for 2025 in an upcoming report later this quarter. The preliminary numbers are subject to adjustment upon completion of the annual audit.
Potential Positives
- Preliminary unaudited revenue for full year 2024 is projected at approximately $174 million, indicating strong financial performance.
- Fourth quarter 2024 revenue is expected to be approximately $46.5 million, demonstrating solid growth momentum.
- The CEO highlights successful efforts in reducing operating expenses and implementing Standard BioTools Business Systems, suggesting improved operational efficiency.
- The company is preparing to leverage its foundations for growth in 2025, signaling a strategic focus on scaling and enhancing high-margin offerings.
Potential Negatives
- The company reported preliminary, unaudited revenue figures which may still be subject to significant adjustments due to ongoing audit procedures, indicating a lack of financial certainty.
- The acknowledgment of "ongoing and industry-wide headwinds" suggests potential difficulties in achieving future performance targets, which may affect investor confidence.
- Operational and integration challenges highlighted point to possible disruptions and delays in realizing the anticipated benefits from past acquisitions, causing uncertainty about future profitability.
FAQ
What were Standard BioTools' preliminary revenue results for 2024?
Standard BioTools reported preliminary estimated revenue of approximately $174 million for the full year 2024.
When will Standard BioTools present at the J.P. Morgan Healthcare Conference?
The presentation is scheduled for Thursday, January 16th, 2024, at 9:45 a.m. PT.
How did the company perform in the fourth quarter of 2024?
Standard BioTools expects fourth quarter 2024 revenue to be approximately $46.5 million.
What significant changes did Standard BioTools implement in 2024?
The company focused on reducing operating expenses through the implementation of Standard BioTools Business Systems (SBS).
What is the outlook for Standard BioTools in 2025?
Standard BioTools aims to improve efficiencies and shift revenues towards high-margin offerings in 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LAB Insider Trading Activity
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Full Release
Preliminary, unaudited revenue for the full year 2024 of approximately $174 million
Presenting at the 43
rd
Annual J.P. Morgan Healthcare Conference on Thursday, January 16th, 2024, at 9:45 a.m. PT.
SOUTH SAN FRANCISCO, Calif., Jan. 13, 2025 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (“Standard BioTools” or the “Company”) today announced preliminary and unaudited revenue results for the fourth quarter and full year 2024. Standard BioTools expects fourth quarter 2024 revenue of approximately $46.5 million and full year 2024 revenue of approximately $174 million.
“The team worked hard in a difficult environment to deliver on the top end of our revised annual guidance forecast, adjusted in the second quarter to account for the ongoing and industry-wide headwinds,” said Michael Egholm, PhD, Chief Executive Officer of Standard BioTools. “We also made significant progress reducing our operating expenses by implementing Standard BioTools Business Systems (“SBS”), but work remains and demands renewed commitment to discipline and continuous improvement.”
Mr. Egholm continued, “Guided by SBS, 2025 will see us realize even more efficiencies from integration, including benefits to R&D as we move past the technical debt inherited from both companies. Consolidations are difficult but our ability to acquire and integrate is clear. It is also clear that now is the time for Standard BioTools to leverage this foundation, organically and inorganically, to scale and shift revenues towards high-margin offerings and attractive end markets.”
“The train has now left the station, with a well-timed, well-capitalized strategy, and a world-class team to deliver long-term value to shareholders and customers alike. The best part of the journey is ahead.”
Standard BioTools plans to report its fourth quarter and full year 2024 financial results later this quarter, at which time the Company will discuss its 2024 financial results in more detail and provide its outlook for 2025.
The Company’s unaudited, preliminary 2024 revenue results are based on current expectations and may be adjusted as a result of, among other things, completion of annual audit procedures. This financial information does not represent a comprehensive statement of the Company’s financial results for the fourth quarter or full year 2024 and remains subject to the completion of financial closing procedures and internal reviews.
About Standard BioTools Inc.
Standard BioTools Inc. (Nasdaq: LAB), 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 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
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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 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 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; 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.
Investor Contact
David Holmes
Gilmartin Group LLC
ir@standardbio.com
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