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Standard BioTools Q3 2024 Revenues Fall 5 Percent

NEW YORK ­– Standard BioTools reported Wednesday that its Q3 2024 revenues were down 5 percent year over year on a pro forma basis, accounting for combined revenues from the firm and SomaLogic, which it acquired in January.

For the three months ended Sept. 30, the South San Francisco, California-based omics research tools company posted total revenues of $45.0 million, down from pro forma revenues of $47.4 million in Q3 2023 but beating the consensus Wall Street estimate of $41.0 million.

The firm's Q3 consumables revenue was $14.0 million, up 13 percent from Q3 2023 on a pro forma basis. Instrument revenue was $5.6 million, down 42 percent from Q3 2023 on a pro forma basis. Service revenue was flat year over year at $24.4 million.

The company said that consumables growth was driven by assay kit sales to SomaScan authorized sites and the Illumina early-access program while instrument revenue suffered from tightness in capital spending globally with a particular weakness in China.

On a conference call following release of the Q3 results, Standard BioTools President and CEO Michael Egholm said that during the quarter, the company added a major US biopharma firm as a new authorized SomaScan site, noting that adding such sites is key to the firm's strategy of expanding its SomaScan service offering beyond its Boulder, Colorado-based core lab.

Egholm added that the company "remains on track" for full commercial release of its distributed SomaScan offering, which will run on Illumina's NovaSeq next-generation sequencing instruments. The release is planned for the first half of 2025.

He also announced during the call that the company would make each of the roughly 11,000 Somamer affinity agents used in the SomaScan platform available for individual purchase.

Standard BioTools' Q3 net loss was $26.9 million, or $.07 per share, compared to a net loss of $21.0 million, or $.27 per share, a year ago. This beat the consensus Wall Street estimate of $.09 per share. The company used 371,538 shares to calculate the Q3 2024 loss per share figure compared to 79,152 shares for the Q3 2023 figure. On a pro forma basis, the firm's net loss in Q3 2023 was $41.2 million.

Standard BioTools' pro forma R&D spending for the quarter was $13.2 million, down 11 percent from $14.8 million a year ago while SG&A expenses fell 23 percent to $34.4 million from $44.9 million a year ago.

The company maintained its full-year 2024 revenue guidance of between $170 million and $175 million.

Standard BioTools finished the quarter with $211.9 million in cash, cash equivalents, and restricted cash and $155.7 million in short-term investments.