NEW YORK – Standard BioTools said on Monday that its board of directors has authorized the repurchase of up to $20 million of shares of its common stock in the open market or in negotiated transactions through Dec. 31, 2023.
The life science research tools provider said it expects to make the repurchases from cash on hand, and that it believes this to be an effective use of capital given the company's current valuation and progress to date against recently stated strategic goals.
In August, the company — formerly known as Fluidigm — said that it had begun restructuring to significantly lower its operational expenses through an undisclosed number of layoffs and a reduction in its real estate footprint, including at its South San Francisco, California headquarters.
Earlier this month, Standard BioTools reported that its third quarter revenues dropped 10 percent year over year on lower instrument and COVID-19 testing revenue as its net loss more than doubled year over year. The company finished Q3 with $60.2 million in cash and cash equivalents.