Skip to main content
Premium Trial:

Request an Annual Quote

Standard BioTools Q1 Revenues Fall 19 Percent

NEW YORK – Standard BioTools said on Thursday after the close of the market that its first quarter revenues dropped 19 percent as the company rebranded itself and continued to struggle with COVID-19-related disruptions. 

For the three months ended March 31, the South San Francisco, California-based research tools provider formerly known as Fluidigm reported revenues of $26.5 million compared to $32.8 million a year ago. 

The company’s product revenue fell 19 percent to $20.0 million from $24.7 million, while its service revenue edged downward 3 percent to $6.1 million from $6.3 million. Other revenue, including product development, license, and grant revenue dried up to $356,000 from $1.8 million a year ago. 

In April the company completed a strategic evaluation process culminating in the closing of a $250 million capital infusion from Casdin Capital and Viking Global Investors, whereupon it changed its name and appointed Michael Egholm as CEO, succeeding former CEO Chris Linthwaite.

“While the closing of this transaction marked a major milestone for us and positions us to work hard on improving our base business, our financial performance for the first quarter was, frankly, disappointing and adversely affected by related disruptions in our US sales force, as well as continued COVID-19 related issues, particularly in APAC,” Egholm said in a statement. 

“We are taking immediate steps to address the operational issues with new leadership including the recent appointment of Jeremy Davis as chief commercial officer,” Egholm added. “Mindful of our past and its lessons, we now embark on a new chapter of focused execution and growth, and 2022 will serve as the foundation we will build upon.” 

Davis previously served as president of SenDx Medical, a Danaher company, among other non-biotech industry stints. Egholm also joined Standard BioTools from Danaher, where he was previously chief technology officer for its life sciences division. 

Standard BioTools logged $13.5 million in mass cytometry product and service revenue in Q1, down 4 percent year over year driven by lower instrument sales. Base microfluidics product and service revenue, which excludes COVID-19 testing revenue, was $10.4 million, unchanged year over year. COVID-19 testing revenue was $2.3 million, down 65 percent from the year-ago quarter. 

The company’s Q1 net loss swelled to $76.3 million, or $.99 per share, from $18.8 million, or $.25 per share, a year ago. On a non-GAAP basis, the company’s loss per share was $.25. 

The firm’s R&D spending dropped 18 percent to $8.9 million from $10.8 million, while its SG&A expenses grew 12 percent to $30.9 million from $27.6 million. 

Standard BioTools finished the quarter with $30.0 million in cash and cash equivalents.