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Standard BioTools Lays off 10 Percent of Staff in Operational Restructuring

NEW YORK – Standard BioTools said Thursday that it has laid off approximately 10 percent of its workforce as part of a restructuring that is expected to reduce annual operating costs by $45 million to $50 million in fiscal year 2025.

After its merger with SomaLogic in early January, Standard BioTools had 928 employees worldwide, including 510 in the US, according to the company’s latest annual report.

"Following the completion of the SomaLogic merger, our management team has conducted a comprehensive review of our business as we continue to execute our strategic growth plan," Standard BioTools President and CEO Michael Egholm said in a statement. "Today we are taking critical and proactive steps to optimize our cost structure, which reflects the company’s commitment to accelerate our path to profitability and achieve our long-term financial targets."

As part of the layoffs, certain senior management positions were eliminated. The staff cuts will result in expenses of $10 million to $11 million, primarily cash severance and termination benefits, and include approximately $4 million of noncash expenses related to vesting of share-based awards.

In addition to the layoffs, Standard BioTools plans to streamline its operational expenditures. This includes reductions in SG&A expenses, the closure of the company’s R&D facility in San Diego, and savings related to "a more prioritized R&D strategy," the firm noted.

Most of the annualized cost reductions of $45 million to $50 million are expected to occur in the second half of 2024.

"These changes, while difficult, are necessary to support our business as we continue to build the broadest next generation of solutions serving the proteomics customer end market," Egholm said.

Standard BioTools will provide further details on the restructuring during its conference call to discuss its Q1 2024 financial results on May 8.