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    Standard BioTools Reports Third Quarter 2024 Financial Results

    10/30/24 4:01:00 PM ET
    $LAB
    Biotechnology: Laboratory Analytical Instruments
    Industrials
    Get the next $LAB alert in real time by email

    SOUTH SAN FRANCISCO, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ:LAB) (the "Company") today announced unaudited interim financial results for the third quarter ended September 30, 2024.

    Recent Highlights:

    • Reported third quarter 2024 revenue of $45 million
    • Ongoing merger cost synergy realization delivered 50% adjusted EBITDA improvement and 35% net loss improvement year-over-year
    • Operationalized approximately $80 million in merger synergies, expected to be fully realized in 2025, and reinforcing path to adjusted EBITDA break-even in 2026
    • Balance sheet as of September 30, 2024, includes $368 million cash, cash equivalents, restricted cash and short-term investments

    "Powered by Standard BioTools Business System (SBS), we focused our third quarter efforts on driving commercial execution and enhancing overall operating efficiency. Our team delivered sequential top-line improvement and a significant reduction in spend," said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "Last quarter, we announced the acceleration of our anticipated $80 million of merger synergies into 2025, contributing to a 50% improvement in adjusted EBITDA year over year, keeping us on track toward achieving our break-even adjusted EBITDA target in 2026."

    Mr. Egholm added, "Our focus on operational excellence and profitability is positioning us for sustained value creation once macro pressures ease. At the same time, we're investing in certain growth levers within our leading multi-omics portfolio while actively pursuing strategic M&A to accelerate our mission toward becoming a diversified leader in the life science tools industry."

    Financial Results Table

     (Unaudited, in millions)As Reported

     Three Months Ended

    September 30, 2024


     Nine Months Ended

    September 30, 2024


    Revenue$45.0  $127.7  
    Gross margin 51.7%  48.8% 
    Non-GAAP gross margin 56.9%  53.2% 
    Operating expenses$55.0  $204.8  
    Non-GAAP operating expenses$39.8  $137.2  
    Operating loss$(31.7) $(142.4) 
    Net loss$(26.9) $(104.8) 
    Adjusted EBITDA$(14.2) $(69.2) 
    Cash, cash equivalents, restricted cash & short-term investments$367.6  $367.6  
     

    Selected Pro Forma Combined Unaudited Interim Financial Results

    The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three- and nine- month periods ended September 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the merger between the Company and Somalogic (the "Merger"). The selected unaudited pro forma financial information for 2023 combines the historical results of the Company and SomaLogic for their respective three- and nine- month periods ended September 30, 2023. See "Unaudited Pro Forma Results" below for discussion of the pro forma financial information.

     (Unaudited, in millions)Pro Forma Combined
     Three Months Ended

    September 30, 2024
     Three Months Ended

    September 30, 2023
     Nine Months Ended

    September 30, 
    2024
     Nine Months Ended

    September 30, 
    2023
    Revenue$45.0  $47.4  $128.4  $141.0 
    Gross margin 51.7%  42.5%  47.5%  43.9%
    Non-GAAP gross margin 56.9%  51.7%  53.2%  52.2%
    Operating expenses$55.0  $67.4  $208.1  $214.7 
    Non-GAAP operating expenses$39.8  $52.7  $137.2  $175.7 
    Operating loss$(31.7) $(47.3) $(147.2) $(152.8)
    Net loss$(26.9) $(41.2) $(134.6) $(109.0)
    Adjusted EBITDA$( 14.2) $(28.2) $(68.9) $(102.0)
            
    • Revenue was $45.0 million in the third quarter of 2024, down 5% year-over-year:
      • Consumables revenue was $14.0 million in the third quarter of 2024, up 13% year-over-year. Consumables revenue grew on the strength of assay kits sales to SomaScan authorized sites and the Illumina early access program.
      • Instruments revenue was $5.6 million in the third quarter of 2024, down 42% year-over-year. Instrument revenue was impacted by capital constrained end-markets globally with particular weakness in China.
      • Services revenue, which includes both Lab Services and Field Services, was $24.4 million in the third quarter of 2024, flat year over year. Services benefited from the favorable timing of large SomaScan customer projects that shifted out of the second quarter into the third quarter, partially offset by lower installation services from lower instrument sales.
    • Gross margins in the third quarter of 2024 were 51.7%, versus 42.5% in the third quarter of 2023; and non-GAAP gross margins in the third quarter of 2024 were 56.9%, versus 51.7% in the third quarter of 2023. Gross margins were impacted by positive mix in the third quarter and continued incremental efficiency gains from SBS.
    • Operating expenses in the third quarter of 2024 was $55 million, a decrease of $12.5 million, or down 18.5%, compared to the third quarter of 2023, and non-GAAP operating expenses, which exclude merger-related costs, stock-based compensation, and restructuring charges, was $39.8 million, a decrease of $12.8 million, or down 24%, compared to the third quarter of 2023. The decrease in operating expenses is a result of ongoing realization of merger cost synergies as previously disclosed, a bonus accrual reduction in line with our full year expectations, as well as continued productivity gains from SBS.
    • Net loss for the third quarter of 2024 was $26.9 million, compared to a net loss of $41.2 million in the third quarter of 2023, representing an improvement of $14.3 million or 34.6%, while adjusted EBITDA for the third quarter of 2024 was a loss of $14.2 million, versus an adjusted EBITDA loss of $28.2 million in 2023, an improvement of $14 million, or 49.6%.

    FY 2024 Revenue Outlook

    Following its third quarter 2024 results, the Company has reiterated its full year 2024 revenue guidance to a range of $170 million to $175 million.

    Third quarter 2024 Earnings Conference Call Information

    Standard BioTools will host a conference call and webcast on October 30, 2024 at 1:30 p.m. PT (4:30 p.m. ET) to discuss third quarter 2024 financial results. Live audio of the webcast will be available online along with an archived version of the webcast under the Events & Presentations page of the Company's website.

    Individuals interested in listening to the conference call may do so by dialing:

    US domestic callers: 1-888-346-3970

    Outside US callers: 1-412-902-4297

    Use of Non-GAAP Financial Information

    Standard BioTools has presented certain financial information in accordance with U.S. GAAP and on a non-GAAP basis. The non-GAAP financial measures included in this press release are non-GAAP gross margin, non-GAAP operating expenses, and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of the Company's core operating performance. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company's core operating results. Management uses non-GAAP measures to compare the Company's performance relative to forecasts and strategic plans and to benchmark the company's performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company's operating results as reported under U.S. GAAP. Standard BioTools encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.     

    Unaudited Pro Forma Results

    The unaudited pro forma financial information for nine months ended September 30, 2024, combines the Company's financial results for the nine months ended September 30, 2024, and the historical results of SomaLogic for the 5-day period ended on the January 5, 2024, the closing date of the Merger. The unaudited pro forma financial information for the three and nine months ended September 30, 2023, combines the historical results of the Company and SomaLogic for their respective three- and nine-month periods ended September 30, 2023. The pro forma financial information for all periods presented has been adjusted to include certain nonrecurring impacts associated with the Merger, including the bargain purchase gain and transaction costs.

    The unaudited pro forma financial information for all periods presented includes the business combination accounting effects resulting from the Merger, mainly including adjustments to reflect additional amortization expense from acquired intangible assets, adjustments to stock-based compensation expense, and additional depreciation expense from the acquired property and equipment. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2023. The results of SomaLogic have been consolidated with the Company's results since the closing date of the Merger.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding future financial and business performance, including with respect to future revenue, net loss and adjusted EBITDA; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits and synergies of the Merger, including the potential for it to drive long-term profitable growth. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including, but not limited to, risks that the anticipated benefits and synergies of the Merger and the integration of SomaLogic, including the potential for it to drive long-term profitable growth, may not be fully realized or may take longer to realize than expected; risks that the Company may not realize expected cost savings from the Merger , including the anticipated decrease in operational expenses, at the levels it expects; possible integration, restructuring and transition-related disruption, including through the loss of customers, suppliers, and employees and adverse impacts on the Company's development activities and results of operation; integration and restructuring activities, including customer and employee relations, management distraction, and reduced operating performance; risks that internal and external costs required for ongoing and planned activities may be higher than expected, which may cause the Company to use cash more quickly than it expects or change or curtail some of the Company's plans, or both; risks that the Company's expectations as to expenses, cash usage, and cash needs may prove not to be correct for other reasons such as changes in plans or actual events being different than our assumptions; changes in the Company's business or external market conditions; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; interruptions or delays in the supply of components or materials for, or manufacturing of, the Company's products; reliance on sales of capital equipment for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs or expenses; continued or sustained budgetary, inflationary, or recessionary pressures; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; uncertainties relating to the Company's research and development activities, and distribution plans and capabilities; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition. For information regarding other related risks, see the "Risk Factors" section of the Company's annual report on Form 10-K filed with the SEC on March 1, 2024, and in the Company's other filings with the SEC. These forward-looking statements speak only as of the date hereof. The Company disclaims any obligation to update these forward-looking statements except as may be required by law. 

    About Standard BioTools Inc.

    Standard BioTools Inc. (NASDAQ:LAB), the parent company of SomaLogic Inc. and previously known as Fluidigm Corporation, has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies, which help transform scientific discoveries into better patient outcomes. Standard BioTools works with leading academic, government, pharmaceutical, biotechnology, plant and animal research and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology and immunotherapy. Learn more at standardbio.com or connect with us on X, Facebook®, LinkedIn, and YouTube™.

    For Research Use Only. Not for use in diagnostic procedures.

    Limited Use Label License and other terms may apply: standardbio.com/legal/salesterms.

    Patent and License Information: standardbio.com/legal/notices.

    Trademarks: standardbio.com/legal/trademarks. Any other trademarks are the sole property of their respective owners. ©2024 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.

    Investor Contact

    David Holmes

    Gilmartin Group LLC

    [email protected]



    STANDARD BIOTOOLS INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share amounts)

    (Unaudited)
     
      Three Months Ended September 30, Nine Months Ended September 30, 
       2024   2023   2024   2023  
    Revenue:         
    Product revenue $19,593  $18,711  $65,348  $57,814  
    Services revenue  24,438   6,566   59,518   19,268  
    Collaboration and other revenue  938   90   2,848   1,070  
    Total revenue  44,969   25,367   127,714   78,152  
    Cost of revenue:         
    Cost of product revenue  8,159   11,403   33,142   33,276  
    Cost of services revenue  13,536   2,810   32,115   7,783  
    Cost of collaboration and other revenue  13   —   100   —  
    Total cost of revenue  21,708   14,213   65,357   41,059  
    Gross profit  23,261   11,154   62,357   37,093  
    Operating expenses:         
    Research and development  13,156   6,370   48,358   19,039  
    Selling, general and administrative  34,403   22,292   119,020   66,187  
    Restructuring and related charges  2,341   1,998   12,374   5,415  
    Transaction and integration expenses  5,079   1,666   25,024   1,666  
    Total operating expenses  54,979   32,326   204,776   92,307  
    Loss from operations  (31,718)  (21,172)  (142,419)  (55,214) 
    Bargain purchase gain  —   —   25,213   —  
    Interest income, net  3,941   340   13,559   656  
    Other income (expense), net  957   (115)  (865)  292  
    Loss before income taxes  (26,820)  (20,947)  (104,512)  (54,266) 
    Income tax benefit (expense)  (118)  (50)  (301)  (614) 
    Net loss $(26,938) $(20,997) $(104,813) $(54,880) 
    Induced conversion of redeemable preferred stock  —   —   (46,014)  —  
    Net loss attributable to common stockholders $(26,938) $(20,997) $(150,827) $(54,880) 
    Net loss per share attributable to common stockholders, basic and diluted $(0.07) $(0.27) $(0.44) $(0.69) 
    Shares used in computing net loss per share attributable to common stockholders, basic and diluted  371,538   79,152   346,093   78,967  
              



    STANDARD BIOTOOLS INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands)

    (Unaudited)
     
      September 30, 2024 December 31, 2023 
    ASSETS     
    Current assets:     
    Cash and cash equivalents $210,647 $51,704  
    Short-term investments  155,683  63,191  
    Accounts receivable, net  35,317  19,660  
    Inventory  42,644  20,533  
    Prepaid expenses and other current assets  9,316  3,127  
    Total current assets  453,607  158,215  
    Inventory, non-current  17,949  —  
    Royalty receivable, non-current  3,388  —  
    Property and equipment, net  41,982  24,187  
    Operating lease right-of-use asset, net  30,264  30,663  
    Other non-current assets  4,640  2,285  
    Acquired intangible assets, net  23,367  1,400  
    Goodwill  106,342  106,317  
    Total assets $681,539 $323,067  
          
    LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)     
    Current liabilities:     
    Accounts payable $10,926 $9,236  
    Accrued liabilities  31,686  21,019  
    Operating lease liabilities, current  6,122  4,323  
    Deferred revenue, current  13,436  11,607  
    Deferred grant income, current  3,532  3,612  
    Term loan, current  —  5,000  
    Convertible notes, current  54,913  54,530  
    Total current liabilities  120,615  109,327  
    Convertible notes, non-current  299  569  
    Term loan, non-current  —  3,414  
    Deferred tax liability  841  841  
    Operating lease liabilities, non-current  28,140  30,374  
    Deferred revenue, non-current  32,682  3,520  
    Deferred grant income, non-current  8,119  10,755  
    Other non-current liabilities  1,510  1,065  
    Total liabilities  192,206  159,865  
    Mezzanine equity:     
    Redeemable preferred stock  —  311,253  
    Total stockholders' equity (deficit)  489,333  (148,051) 
    Total liabilities, mezzanine equity and stockholders' equity (deficit) $681,539 $323,067  
          



    STANDARD BIOTOOLS INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)
     
      Nine Months Ended September 30, 
       2024   2023  
    Operating activities     
    Net loss $(104,813) $(54,880) 
    Bargain purchase gain  (25,213)  —  
    Stock-based compensation expense  24,262   9,648  
    Amortization of acquired intangible assets  3,533   8,400  
    Depreciation and amortization  9,375   2,874  
    Accretion of discount on short-term investments, net  (6,303)  (321) 
    Non-cash lease expense  4,348   2,885  
    Provision for excess and obsolete inventory  1,991   963  
    Change in fair value of warrants  (474)  —  
    Other non-cash items  1,111   611  
    Changes in assets and liabilities, net  (37,212)  594  
    Net cash used in operating activities  (129,395)  (29,226) 
          
    Investing activities     
    Cash and restricted cash acquired in merger  280,033   —  
    Purchases of short-term investments  (226,612)  (55,857) 
    Proceeds from sales and maturities of investments  289,000   91,964  
    Purchases of property and equipment  (4,973)  (2,753) 
    Net cash provided by investing activities  337,448   33,354  
          
    Financing activities     
    Repayment of term loan and convertible notes  (8,192)  (833) 
    Payment of term loan fee  (545)  —  
    Repurchase of common stock  (40,490)  (5,240) 
    Proceeds from ESPP stock issuance  425   326  
    Payments for taxes related to net share settlement of equity awards and other  (414)  (139) 
    Proceeds from exercise of stock options  1,120   80  
    Net cash used in financing activities  (48,096)  (5,806) 
    Effect of foreign exchange rate fluctuations on cash and cash equivalents  (518)  (196) 
    Net increase in cash, cash equivalents and restricted cash  159,439   (1,874) 
    Cash, cash equivalents and restricted cash at beginning of period  52,499   82,324  
    Cash, cash equivalents and restricted cash at end of period $211,938  $80,450  
          
    Cash, cash equivalents, and restricted cash consists of:     
    Cash and cash equivalents $210,647  $79,655  
    Restricted cash  1,291   795  
    Total cash, cash equivalents and restricted cash $211,938  $80,450  
          



    STANDARD BIOTOOLS INC.

    REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE

    (In thousands)

    (Unaudited)
     
      As Reported 
      Three Months Ended September 30, Nine Months Ended September 30, 
       2024  2023  2024  2023 
    Product revenue:         
    Instruments $5,586 $9,002 $19,959 $26,512 
    Consumables  14,007  9,709  45,389  31,302 
    Total product revenue  19,593  18,711  65,348  57,814 
    Service revenue:         
    Lab services  18,247  114  40,780  564 
    Field services  6,191  6,452  18,738  18,704 
    Total service revenue  24,438  6,566  59,518  19,268 
    Product and service revenue  44,031  25,277  124,866  77,082 
    Collaboration and other revenue  938  90  2,848  1,070 
    Total revenue $44,969 $25,367 $127,714 $78,152 
              
      Non-GAAP Pro Forma 
      Three Months Ended September 30, Nine Months Ended September 30, 
       2024  2023  2024  2023 
    Product revenue:         
    Instruments $5,586 $9,712 $19,959 $27,683 
    Consumables  14,007  12,417  45,389  37,644 
    Total product revenue  19,593  22,129  65,348  65,327 
    Service revenue:         
    Lab services  18,247  17,980  41,384  53,446 
    Field services  6,191  6,452  18,738  18,704 
    Total service revenue  24,438  24,432  60,122  72,150 
    Product and service revenue  44,031  46,561  125,470  137,477 
    Collaboration and other revenue  938  854  2,889  3,570 
    Total revenue $44,969 $47,415 $128,359 $141,047 
              

       

    STANDARD BIOTOOLS INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

    (In thousands)

    (Unaudited)
     
    ITEMIZED RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE
     
      As Reported 
      Three Months Ended Nine Months Ended 
      September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
    Gross profit $23,261  $11,154  $62,357  $37,093  
    Amortization of acquired intangible assets  555   2,800   3,051   8,400  
    Depreciation and amortization  1,445   333   3,435   991  
    Stock-based compensation expense  364   188   897   648  
    Cost of sales adjustment  —   —   (1,812)  —  
    Non-GAAP gross profit $25,625  $14,475  $67,928  $47,132  
              
    Gross margin percentage  51.7%  44.0%  48.8%  47.5% 
    Amortization of acquired intangible assets  1.2%  11.0%  2.4%  10.7% 
    Depreciation and amortization  3.2%  1.3%  2.7%  1.3% 
    Stock-based compensation expense  0.8%  0.7%  0.7%  0.8% 
    Cost of sales adjustment  0.0%  0.0%  (1.4)%  0.0% 
    Non-GAAP gross margin percentage  56.9%  57.0%  53.2%  60.3% 
              
              
      Non-GAAP Pro Forma Combined 
      Three Months Ended Nine Months Ended 
      September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
    Gross profit $23,261  $20,138  $60,942  $61,924  
    Amortization of acquired intangible assets  555   3,355   3,051   10,067  
    Depreciation and amortization  1,445   760   3,435   2,150  
    Stock-based compensation expense  364   260   897   816  
    Cost of sales adjustment  —   —   —   (1,337) 
    Non-GAAP gross profit $25,625  $24,513  $68,325  $73,620  
              
    Gross margin percentage  51.7%  42.5%  47.5%  43.9% 
    Amortization of acquired intangible assets  1.2%  7.1%  2.4%  7.1% 
    Depreciation and amortization  3.2%  1.6%  2.7%  1.5% 
    Stock-based compensation expense  0.8%  0.5%  0.7%  0.6% 
    Cost of sales adjustment  0.0%  0.0%  0.0%  (0.9)% 
    Non-GAAP gross margin percentage  56.9%  51.7%  53.3%  52.2% 
              



    STANDARD BIOTOOLS INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

    (In thousands)

    (Unaudited)
     
    ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES
     
      As Reported 
      Three Months Ended Nine Months Ended 
      September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
    Operating expenses $54,979  $32,326  $204,776  $92,307  
    Restructuring and related charges  (2,341)  (1,998)  (12,374)  (5,415) 
    Transaction and integration expenses  (5,079)  (1,666)  (25,024)  (1,666) 
    Stock-based compensation expense  (5,557)  (3,198)  (23,365)  (9,000) 
    Amortization of acquired intangible assets  (161)  -   (482)  -  
    Depreciation and amortization  (1,986)  (853)  (5,940)  (1,883) 
    Gain/loss on disposal of property and equipment  (30)  -   (415)  (73) 
    Non-GAAP operating expenses $39,825  $24,611  $137,176  $74,270  
              
    R&D operating expenses $13,156  $6,370  $48,358  $19,039  
    Stock-based compensation expense  (724)  (459)  (4,480)  (1,241) 
    Depreciation and amortization  (947)  (120)  (2,606)  (401) 
    Non-GAAP R&D operating expenses $11,485  $5,791  $41,272  $17,397  
              
    SG&A operating expenses $34,403  $22,292  $119,020  $66,187  
    Stock-based compensation expense  (4,833)  (2,739)  (18,885)  (7,759) 
    Amortization of acquired intangible assets  (161)  -   (482)  -  
    Depreciation and amortization  (1,039)  (733)  (3,334)  (1,482) 
    Gain/loss on disposal of property and equipment  (30)  -   (415)  (73) 
    Non-GAAP SG&A operating expenses $28,340  $18,820  $95,904  $56,873  
              
              
      Non-GAAP Pro Forma Combined 
      Three Months Ended Nine Months Ended 
      September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
    Operating expenses $54,979  $67,431  $208,149  $214,710  
    Restructuring and related charges  (2,341)  (1,998)  (12,374)  (6,515) 
    Transaction and integration expenses  (5,079)  (5,823)  (35,193)  (5,823) 
    Stock-based compensation expense  (5,557)  (4,668)  (16,519)  (20,335) 
    Amortization of acquired intangible assets  (161)  (161)  (482)  (482) 
    Depreciation and amortization  (1,986)  (2,110)  (5,940)  (5,774) 
    Gain/loss on disposal of property and equipment  (30)  -   (415)  (122) 
    Non-GAAP operating expenses $39,825  $52,671  $137,226  $175,659  
              
    R&D operating expenses $13,156  $14,753  $49,010  $47,484  
    Stock-based compensation expense  (724)  (964)  (4,480)  (2,476) 
    Depreciation and amortization  (947)  (540)  (2,606)  (1,592) 
    Non-GAAP R&D operating expenses $11,485  $13,249  $41,924  $43,416  
              
    SG&A operating expenses $34,403  $44,857  $111,572  $154,888  
    Stock-based compensation expense  (4,833)  (3,704)  (12,039)  (17,859) 
    Amortization of acquired intangible assets  (161)  (161)  (482)  (482) 
    Depreciation and amortization  (1,039)  (1,570)  (3,334)  (4,182) 
    Gain/loss on disposal of property and equipment  (30)  -   (415)  (122) 
    Non-GAAP SG&A operating expenses $28,340  $39,422  $95,302  $132,243  
                      



    STANDARD BIOTOOLS INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

    (In thousands)

    (Unaudited)
     
    ITEMIZED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA
     
      As Reported 
      Three Months Ended Nine Months Ended 
      September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
    Net loss $(26,938) $(20,997) $(104,813) $(54,880) 
    Income tax expense (benefit)  118   50   301   614  
    Interest income, net  (3,941)  (340)  (13,559)  (656) 
    Amortization of acquired intangible assets  716   2,800   3,533   8,400  
    Depreciation and amortization  3,431   1,186   9,375   2,874  
    Bargain purchase gain  —   —   (25,213)  —  
    Restructuring and related charges  2,341   1,998   12,374   5,415  
    Transaction and integration expenses  5,079   1,666   25,024   1,666  
    Stock-based compensation expense  5,921   3,386   24,262   9,648  
    Cost of sales adjustment  —   —   (1,812)  —  
    Gain/loss on disposal of property and equipment  30   —   415   73  
    Other non-operating expense  (957)  115   865   (292) 
    Adjusted EBITDA  (14,200)  (10,136)  (69,248)  (27,138) 
              
              
              
      Non-GAAP Pro Forma Combined 
      Three Months Ended Nine Months Ended 
      September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 
    Net loss $(26,938) $(41,204) $(134,607) $(109,000) 
    Income tax expense (benefit)  118   528   301   1,096  
    Interest income, net  (3,941)  (6,447)  (13,559)  (17,604) 
    Amortization of acquired intangible assets  716   3,516   3,533   10,549  
    Depreciation and amortization  3,431   2,870   9,375   7,924  
    Bargain purchase gain  —   —   —   (25,213) 
    Restructuring and related charges  2,341   1,998   12,374   6,515  
    Transaction and integration expenses  5,079   5,823   35,193   5,823  
    Stock-based compensation expense  5,921   4,928   17,416   21,151  
    Cost of sales adjustment  —   —   —   (1,337) 
    Gain/loss on disposal of property and equipment  30   —   415   122  
    Other non-operating expense  (957)  (170)  658   (2,065) 
    Adjusted EBITDA  (14,200)  (28,158)  (68,901)  (102,039) 
              


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