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Standard BioTools Q4 Revenues Grow 4 Percent

NEW YORK – Standard BioTools reported after the close of the market on Wednesday that its fourth quarter revenues grew 4 percent year over year.

"We have now assembled a team of seasoned operators, executing with a laser focus on operational discipline, behind a clear strategy to bring together unique technologies under one roof," CEO Michael Egholm said in a statement. "We believe this team is well positioned to achieve scale and profitability. The team has confirmed its capabilities through the ongoing reduction of expenses and cash consumption, while at the same time returning a declining business back to growth."

For the three months ended Dec. 31, Standard BioTools reported revenues of $28.2 million, up 4 percent from $27.0 million a year ago and in line with preliminary results. Product revenues were $21.4 million, up 2 percent from $20.9 million a year ago, driven by a 44 percent increase in instrument revenues to $11 million, partially offset by a 22 percent reduction in consumables revenues to $10 million. Service and other revenues were $6.8 million, up 11 percent from $6.1 million a year ago.

By end market, proteomics revenues grew 21 percent to $16 million in Q4 while genomics revenues were down 13 percent to $12 million, CFO Jeffrey Black told investors on a conference call following the release of the results.

The company's Q4 net loss was $19.8 million, or $.25 per share, compared to a net loss of $20.8 million, or $.26 per share, a year ago.

For the quarter, R&D expenses fell 7 percent to $6.9 million from $7.4 million a year ago. SG&A expenses grew 6 percent to $21.4 million from $20.2 million a year ago.

For the full year, revenues were $106.3 million, up 9 percent year over year from $98.0 million and in line with preliminary results. Instrument revenues were up 46 percent to $37 million while consumables revenues dropped 11 percent to $42 million. Service revenues were up 6 percent to $27 million.

Proteomics revenues for the full year grew 22 percent to $64 million while the firm's genomics business was down 7 percent to $42 million, though placements were up, Black said.

In early January, the firm announced that it had completed its merger with protein detection firm SomaLogic. On a pro forma basis, including SomaLogic's 2023 revenues, total revenue for the year was approximately $192 million.

The company's net loss fell to $74.7 million, or $.94 per share, in 2023 from a net loss of $190.1 million, or $2.43 per share, in 2022. The genomics business ran a loss of only $100,000, compared to a loss of approximately $25 million in 2022, Egholm said on the investor call.

For the full year, R&D expenses fell 31 percent to $25.9 million from $37.4 million. SG&A expenses fell 14 percent to $87.5 million from $102.3 million the year before.

As of Dec. 31, the firm had $51.7 million in cash and cash equivalents and $63.2 million in short-term investments.

On a pro forma basis, the combined company held cash, cash equivalents, restricted cash, and short-term investments of approximately $565 million at the end of the 2023.

For fiscal year 2024, Standard BioTools expects revenue in the range of $200 million to $205 million. The firm also expects to realize approximately $40 million in synergies by the end of the year, Egholm noted.

In Thursday morning trading on the Nasdaq, shares of Standard BioTools were down almost 1 percent to $2.35.