Standard BioTools Reports First Quarter 2025 Financial Results
Recent Highlights:
- First quarter 2025 revenue of
$40.8 million - 45% reduction in operating loss and 29% improvement in adjusted EBITDA year-over-year
- Operationalized
$10 million more in annual run rate cost reductions, totaling$90 million since merger - Strong balance sheet with
$261 million in cash & cash equivalents and no material debt as ofMarch 31, 2025
“Standard BioTools delivered a solid first quarter in line with our expectations, reflecting focused execution in a challenging Life Sciences macro backdrop,” said
Financial Results Table:
Three Months Ended |
|||||||
(Unaudited, in millions, except percentages) | 2025 | 2024 | |||||
Revenue | $ | 40.8 | $ | 45.5 | |||
Gross margin | 48.4% | 53.1% | |||||
Non-GAAP gross margin | 53.2% | 56.2% | |||||
Operating expenses | $ | 52.7 | $ | 84.4 | |||
Non-GAAP operating expenses | $ | 38.6 | $ | 49.3 | |||
Operating loss | $ | (33.0 | ) | $ | (60.2 | ) | |
Net loss | $ | (26.0 | ) | $ | (32.2 | ) | |
Adjusted EBITDA | $ | (16.9 | ) | $ | (23.7 | ) | |
Cash, cash equivalents, restricted cash, and short-term investments | $ | 260.70 | $ | 463.6 | |||
First Quarter 2025 Financial Results
- Revenue was
$40.8 million in the first quarter of 2025, down 10% year-over-year:- Consumables revenue was
$14.5 million in the first quarter of 2025, down 16% year-over-year. Consumables revenue declined due to lower volume. - Instruments revenue was
$7.8 million in the first quarter of 2025, up 24% year-over-year. Instrument revenue was driven by strong growth in our Hyperion XTi spatial proteomics platform. - Services revenue, which includes both Lab Services and Field Services, was
$17.6 million in the first quarter of 2025, down 16% year-over-year. Lab Services revenue was down 19% due to a tough comparable to prior-year levels that benefited from elevated backlog as well as project timing.
- Consumables revenue was
- Gross margins in the first quarter of 2025 were 48.4%, versus 53.1% in the first quarter of 2024; and non-GAAP gross margins, which exclude depreciation, amortization, and stock-based compensation, were 53.2% in the first quarter of 2025 versus 56.2% in the first quarter of 2024. Gross margins were impacted by lower volume, price realization and product mix, partially offset by incremental improvements from SBS.
- Operating expenses in the first quarter of 2025 were
$52.7 million , a decrease of $31.7 million, or down 38%, compared to the first quarter of 2024; and non-GAAP operating expenses, which exclude merger-related costs, stock-based compensation, and restructuring charges, were$38.6 million in the first quarter of 2025, a decrease of$10.7 million , or down 22%, compared to the first quarter of 2024. 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 first quarter of 2025 was
$26.0 million , compared to a net loss of$32.2 million in the first quarter of 2024, representing an improvement of$6.2 million or 19%, while adjusted EBITDA for the first quarter of 2025 was a loss of$16.9 million , versus an adjusted EBITDA loss of$23.7 million in the first quarter of 2024, an improvement of $6.8 million, or 29%.
Full Year 2025 Revenue Outlook
For fiscal year 2025, the Company continues to expect revenue in the range of
Conference Call Information
Individuals interested in listening to the conference call may do so by dialing:
US domestic callers: (888) 346-3970
Outside US callers: (412) 902-4297
Use of Non-GAAP Financial Information
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; 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; anticipated
About
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
Investor Contact:
[email protected]
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) |
||||||||
Three Months Ended |
||||||||
2025 | 2024 | |||||||
Revenue: | ||||||||
Product revenue | $ | 22,232 | $ | 23,592 | ||||
Services revenue | 17,607 | 21,027 | ||||||
Collaboration and other revenue | 956 | 921 | ||||||
Total revenue | 40,795 | 45,540 | ||||||
Cost of revenue: | ||||||||
Cost of product revenue | 10,730 | 12,781 | ||||||
Cost of services revenue | 10,302 | 8,509 | ||||||
Cost of collaboration and other revenue | 22 | 62 | ||||||
Total cost of revenue | 21,054 | 21,352 | ||||||
Gross profit | 19,741 | 24,188 | ||||||
Operating expenses: | ||||||||
Research and development | 11,328 | 15,980 | ||||||
Selling, general and administrative | 38,707 | 46,943 | ||||||
Restructuring and related charges | 1,552 | 4,284 | ||||||
Transaction and integration expenses | 1,124 | 17,163 | ||||||
Total operating expenses | 52,711 | 84,370 | ||||||
Loss from operations | (32,970 | ) | (60,182 | ) | ||||
Bargain purchase gain | — | 25,213 | ||||||
Interest income | 2,916 | 6,207 | ||||||
Interest expense | (2 | ) | (1,033 | ) | ||||
Other income (expense), net | 3,872 | (2,234 | ) | |||||
Loss before income taxes | (26,184 | ) | (32,029 | ) | ||||
Income tax benefit (expense) | 151 | (128 | ) | |||||
Net loss | $ | (26,033 | ) | $ | (32,157 | ) | ||
Induced conversion of redeemable preferred stock | — | (46,014 | ) | |||||
Net loss attributable to common stockholders | $ | (26,033 | ) | $ | (78,171 | ) | ||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.07 | ) | $ | (0.27 | ) | ||
Shares used in computing net loss per share attributable to common stockholders, basic and diluted | 378,228 | 294,125 | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
||||||||
2025 |
2024 |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 150,880 | $ | 166,728 | ||||
Short-term investments | 107,182 | 126,146 | ||||||
Accounts receivable, net | 35,480 | 33,608 | ||||||
Inventory | 42,125 | 40,737 | ||||||
Prepaid expenses and other current assets | 8,352 | 8,661 | ||||||
Total current assets | 344,019 | 375,880 | ||||||
Inventory, non-current | 18,281 | 18,528 | ||||||
Property and equipment, net | 43,593 | 42,556 | ||||||
Operating lease right-of-use asset, net | 27,422 | 28,828 | ||||||
Other non-current assets | 6,506 | 6,301 | ||||||
Acquired intangible assets, net | 28,057 | 28,954 | ||||||
111,719 | 111,297 | |||||||
Total assets | $ | 579,597 | $ | 612,344 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 11,778 | $ | 12,282 | ||||
Accrued liabilities | 21,972 | 30,739 | ||||||
Operating lease liabilities, current | 6,334 | 6,228 | ||||||
Deferred revenue, current | 12,763 | 13,118 | ||||||
Deferred grant income, current | 3,389 | 3,527 | ||||||
Total current liabilities | 56,236 | 65,894 | ||||||
Convertible notes, non-current | 299 | 299 | ||||||
Deferred tax liability | 1,031 | 1,081 | ||||||
Operating lease liabilities, non-current | 24,897 | 26,469 | ||||||
Deferred revenue, non-current | 32,548 | 32,674 | ||||||
Deferred grant income, non-current | 6,501 | 7,243 | ||||||
Other non-current liabilities | 3,490 | 6,962 | ||||||
Total liabilities | 125,002 | 140,622 | ||||||
Total stockholders’ equity | 454,595 | 471,722 | ||||||
Total liabilities and stockholders’ equity | $ | 579,597 | $ | 612,344 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
Three Months Ended |
||||||||
2025 | 2024 | |||||||
Operating activities | ||||||||
Net loss | $ | (26,033 | ) | $ | (32,157 | ) | ||
Bargain purchase gain | — | (25,213 | ) | |||||
Stock-based compensation expense | 9,009 | 11,611 | ||||||
Amortization of acquired intangible assets | 898 | 2,106 | ||||||
Depreciation and amortization | 3,273 | 3,088 | ||||||
Accretion of discount on short-term investments, net | (841 | ) | (2,660 | ) | ||||
Non-cash lease expense | 1,438 | 1,446 | ||||||
Provision for excess and obsolete inventory | 815 | 655 | ||||||
Change in fair value of warrants | (232 | ) | 853 | |||||
Change in fair value of contingent consideration | (3,400 | ) | — | |||||
Other non-cash items | 385 | 293 | ||||||
Changes in assets and liabilities, net | (15,595 | ) | (22,498 | ) | ||||
Net cash used in operating activities | (30,283 | ) | (62,476 | ) | ||||
Investing activities | ||||||||
Cash and restricted cash acquired in merger | — | 280,033 | ||||||
Purchases of short-term investments | (32,321 | ) | (73,177 | ) | ||||
Proceeds from sales and maturities of investments | 52,000 | 112,000 | ||||||
Purchases of property and equipment | (5,054 | ) | (781 | ) | ||||
Net cash provided by investing activities | 14,625 | 318,075 | ||||||
Financing activities | ||||||||
Repayment of term loan and convertible notes | — | (8,192 | ) | |||||
Payment of term loan fee | — | (545 | ) | |||||
Repurchase of common stock | — | (11,051 | ) | |||||
Payments for taxes related to net share settlement of equity awards and other | (46 | ) | (17 | ) | ||||
Proceeds from exercise of stock options | — | 72 | ||||||
Net cash used in financing activities | (46 | ) | (19,733 | ) | ||||
Effect of foreign exchange rate fluctuations on cash and cash equivalents | 357 | (21 | ) | |||||
Net increase in cash, cash equivalents and restricted cash | (15,347 | ) | 235,845 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 168,818 | 52,499 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 153,471 | $ | 288,344 | ||||
Cash, cash equivalents, and restricted cash consists of: | ||||||||
Cash and cash equivalents | $ | 150,880 | $ | 287,057 | ||||
Restricted cash | 2,591 | 1,287 | ||||||
Total cash, cash equivalents and restricted cash | $ | 153,471 | $ | 288,344 | ||||
REVENUE (In thousands) (Unaudited) |
||||||||
Three Months Ended |
||||||||
2025 |
2024 |
|||||||
Product revenue: | ||||||||
Instruments | $ | 7,778 | $ | 6,285 | ||||
Consumables | 14,454 | 17,307 | ||||||
Total product revenue | 22,232 | 23,592 | ||||||
Service revenue: | ||||||||
Lab services | 12,106 | 14,862 | ||||||
Field services | 5,501 | 6,165 | ||||||
Total service revenue | 17,607 | 21,027 | ||||||
Product and service revenue | 39,839 | 44,619 | ||||||
Collaboration and other revenue | 956 | 921 | ||||||
Total revenue | $ | 40,795 | $ | 45,540 | ||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) |
||||||||
ITEMIZED RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE | ||||||||
Three Months Ended |
||||||||
2025 | 2024 | |||||||
Gross profit | $ | 19,741 | $ | 24,188 | ||||
Amortization of acquired intangible assets | 717 | 1,956 | ||||||
Depreciation and amortization | 736 | 1,024 | ||||||
Stock-based compensation expense | 495 | 239 | ||||||
Loss on disposal of property and equipment | 32 | — | ||||||
Cost of sales adjustment | — | (1,812 | ) | |||||
Non-GAAP gross profit | $ | 21,721 | $ | 25,595 | ||||
Gross margin percentage | 48.4% | 53.1% | ||||||
Amortization of acquired intangible assets | 1.8% | 4.3% | ||||||
Depreciation and amortization | 1.7% | 2.3% | ||||||
Stock-based compensation expense | 1.2% | 0.5% | ||||||
Loss on disposal of property and equipment | 0.1% | 0.0% | ||||||
Cost of sales adjustment | 0.0% | (4.0)% | ||||||
Non-GAAP gross margin percentage | 53.2% | 56.2% | ||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES |
||||||||
Three Months Ended |
||||||||
2025 | 2024 | |||||||
Operating expenses | $ | 52,711 | $ | 84,370 | ||||
Restructuring and related charges | (1,552 | ) | (4,284 | ) | ||||
Transaction and integration expenses | (1,124 | ) | (17,163 | ) | ||||
Stock-based compensation expense | (8,514 | ) | (11,372 | ) | ||||
Amortization of acquired intangible assets | (181 | ) | (150 | ) | ||||
Depreciation and amortization | (2,537 | ) | (2,064 | ) | ||||
Loss on disposal of property and equipment | (154 | ) | (14 | ) | ||||
Non-GAAP operating expenses | $ | 38,649 | $ | 49,323 | ||||
R&D operating expenses | $ | 11,328 | $ | 15,980 | ||||
Stock-based compensation expense | (740 | ) | (1,328 | ) | ||||
Depreciation and amortization | (590 | ) | (871 | ) | ||||
Loss on disposal of property and equipment | (112 | ) | — | |||||
Non-GAAP R&D operating expenses | $ | 9,886 | $ | 13,781 | ||||
SG&A operating expenses | $ | 38,707 | $ | 46,943 | ||||
Stock-based compensation expense | (7,774 | ) | (10,044 | ) | ||||
Amortization of acquired intangible assets | (181 | ) | (150 | ) | ||||
Depreciation and amortization | (1,947 | ) | (1,193 | ) | ||||
Loss on disposal of property and equipment | (42 | ) | (14 | ) | ||||
Non-GAAP SG&A operating expenses | $ | 28,763 | $ | 35,542 | ||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (In thousands) (Unaudited) |
||||||||
ITEMIZED RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA | ||||||||
Three Months Ended |
||||||||
2025 | 2024 | |||||||
Net loss | $ | (26,033 | ) | $ | (32,157 | ) | ||
Income tax (benefit) expense | (151 | ) | 128 | |||||
Interest income | (2,916 | ) | (6,207 | ) | ||||
Interest expense | 2 | 1,033 | ||||||
Amortization of acquired intangible assets | 898 | 2,106 | ||||||
Depreciation and amortization | 3,273 | 3,088 | ||||||
Bargain purchase gain | — | (25,213 | ) | |||||
Restructuring and related charges | 1,552 | 4,284 | ||||||
Transaction and integration expenses | 1,124 | 17,163 | ||||||
Stock-based compensation expense | 9,009 | 11,611 | ||||||
Cost of sales adjustment | — | (1,812 | ) | |||||
Loss on disposal of property and equipment | 185 | 14 | ||||||
Other non-operating (income) expense | (3,871 | ) | 2,234 | |||||
Adjusted EBITDA | $ | (16,928 | ) | $ | (23,728 | ) | ||

Source: Standard BioTools Inc.