NEW YORK – Standard BioTools reported Tuesday after the close of the market that its first quarter revenues fell 10 percent year over year.
Standard BioTools CEO Michael Egholm said in a statement accompanying the results that the firm "delivered a solid first quarter in line with our expectations, reflecting focused execution in a challenging life sciences macro backdrop."
"Consumables and service revenue, which represents larger portions of the mix, particularly in the Americas, was softer than usual and still exhibits variability quarter to quarter," he noted on a conference call with investors following the release of the results. The first quarter of 2024 was also a tough comparison, company officials noted.
Tariffs imposed by the Trump administration are "manageable," he said. Products that the firm manufactures in Canada and ships to the US are currently excluded from the tariffs; however, products made in Singapore and shipped to the US, namely the Biomark instruments and integrated fluidic circuit consumables, are now subject to a 10 percent tariff. "SomaScan kits made in the US and shipped to authorized sites in China, an area of growth, though a smaller portion of the revenue today, are subject to significant tariffs," Egholm said.
"We continue to expect a mid-teens percentage decline in our Americas academia revenue, a high single-digit millions revenue impact versus 2024," CFO Alex Kim said on the call. The gross annualized impact of tariffs is "estimated to be in the low single-digit millions of dollars. … We plan to pass these tariffs to our customers where possible, being mindful of market conditions and driving volume growth."
The South San Francisco, California-based research tools firm maintained its FY 2025 revenue guidance of $165 million to $175 million.
For the three months ended March 31, total revenues were $40.8 million, down from $45.5 million a year ago, driven by lower consumables and services revenues but beating the consensus Wall Street estimate of $40.1 million.
Services revenues were $17.6 million, down 16 percent from $22 million a year ago; consumables revenues were $14.5 million, down 16 percent from $17.3 million a year ago; and instrument revenues were $7.8 million, up 24 percent from $6.3 million a year ago, driven by spatial proteomics, especially the Hyperion XTi.
Kim noted that the firm will no longer break out its financials into "genomics" and "proteomics" bins. "We now view our overall business as offering a portfolio of multiomic tools designed to provide customers with the best solution based on the problem they are trying to solve," he said. "We do not operate our day-to-day business as two segments."
"SomaScan authorized sites — which have become a steady contributor to the consumables line — were down modestly year over year due to order timing in the US, though experiencing increased activity internationally, particularly in Asia-Pacific," Egholm said.
The company's net loss in Q1 was $26.0 million, or $.07 per share, compared to a loss of $78.2 million, or $.27 per share, a year ago. The firm used 378.2 million shares to calculate its loss per share compared to 294.1 million in the year-ago quarter.
The firm's R&D costs fell 29 percent to $11.3 million from $16 million a year ago, while its SG&A spending fell 18 percent to $38.7 million from $46.9 million a year ago. Charges related to restructuring declined year over year to roughly $1.6 million from $4.3 million.
Standard BioTools finished the quarter with $150.9 million in cash and cash equivalents and $107.2 million in short-term investments.
In Wednesday morning trading on the Nasdaq, shares of Standard BioTools were flat at $1.06.