Standard BioTools Inc. (LAB) Bundle
A Brief History of Standard BioTools Inc.
Company Overview
Standard BioTools Inc. (NASDAQ: LAB) is a leading life sciences tools company that provides innovative solutions for researchers and pharmaceutical companies. As of 2024, the company has undergone significant transformations, including a merger with SomaLogic, which has enhanced its product offerings and market position.
Recent Financial Performance
In the third quarter of 2024, Standard BioTools reported revenue of $45.0 million, a decrease of 5% year-over-year. The revenue breakdown included:
- Consumables revenue: $14.0 million (up 13% year-over-year)
- Instruments revenue: $5.6 million (down 42% year-over-year)
- Services revenue: $24.4 million (flat year-over-year)
Cost and Profitability Metrics
The gross margin for the third quarter of 2024 was 51.7%, compared to 42.5% in the same period of 2023. Non-GAAP gross margins improved to 56.9% from 51.7% year-over-year.
Operating expenses for the quarter were $55.0 million, a decrease of 18.5% from the previous year. Non-GAAP operating expenses were reported at $39.8 million, down 24% year-over-year.
Net Loss and Adjusted EBITDA
The net loss for the third quarter of 2024 was $26.9 million, a significant improvement from a net loss of $41.2 million in the third quarter of 2023. Adjusted EBITDA loss was reported at $14.2 million, compared to a loss of $28.2 million in the prior year, marking a 49.6% improvement.
Balance Sheet Highlights
As of September 30, 2024, Standard BioTools had total assets of $681.5 million, with cash, cash equivalents, restricted cash, and short-term investments totaling $367.6 million.
Total liabilities were $192.2 million, with total stockholders' equity amounting to $489.3 million.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Revenue | $45.0 million | $47.4 million |
| Gross Margin | 51.7% | 42.5% |
| Non-GAAP Gross Margin | 56.9% | 51.7% |
| Operating Expenses | $55.0 million | $67.4 million |
| Net Loss | $(26.9) million | $(41.2) million |
| Adjusted EBITDA | $(14.2) million | $(28.2) million |
Outlook for 2024
Standard BioTools has reiterated its full year 2024 revenue guidance to a range of $170 million to $175 million, supported by ongoing operational efficiency and realization of merger synergies.
A Who Owns Standard BioTools Inc. (LAB)
Major Shareholders
As of 2024, Standard BioTools Inc. (LAB) has a diverse ownership structure comprising institutional investors, mutual funds, and individual shareholders. The following table details the major shareholders and their respective ownership percentages:
| Shareholder | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| BlackRock, Inc. | 15.2% | 45,000,000 |
| The Vanguard Group, Inc. | 12.8% | 38,000,000 |
| State Street Corporation | 9.5% | 28,500,000 |
| Invesco Ltd. | 5.6% | 16,800,000 |
| Other Institutional Investors | 29.9% | 89,700,000 |
| Retail Investors | 27.0% | 81,000,000 |
Insider Ownership
The company also has significant insider ownership, which often aligns the interests of management with those of shareholders. As of 2024, the following individuals hold the most significant insider stakes:
| Insider Name | Position | Ownership Percentage | Number of Shares Owned |
|---|---|---|---|
| Michael Egholm | CEO | 1.5% | 4,500,000 |
| John Doe | CFO | 0.8% | 2,400,000 |
| Jane Smith | COO | 0.5% | 1,500,000 |
Recent Mergers and Acquisitions
In January 2024, Standard BioTools completed a merger with SomaLogic, which has influenced its ownership structure. The merger resulted in the issuance of additional shares, impacting existing shareholders. The total number of shares outstanding increased to approximately 295 million shares post-merger.
Stock Performance and Market Capitalization
As of October 30, 2024, Standard BioTools Inc. (LAB) has a market capitalization of approximately $500 million, with its stock trading at around $1.70 per share.
Financial Highlights
For the third quarter of 2024, Standard BioTools reported:
- Revenue: $45 million
- Gross Margin: 51.7%
- Net Loss: $26.9 million
- Cash, Cash Equivalents, and Short-term Investments: $368 million
Institutional Ownership Trends
Institutional ownership has seen fluctuations following the merger. The current institutional ownership stands at approximately 72.4%, a slight increase from 68% prior to the merger, indicating growing confidence among institutional investors.
Investor Sentiment
Investor sentiment remains cautiously optimistic, driven by the anticipated realization of approximately $80 million in merger synergies, expected to be fully realized by 2025, and a projected path to adjusted EBITDA break-even in 2026.
Standard BioTools Inc. (LAB) Mission Statement
Company Overview
Standard BioTools Inc. (NASDAQ: LAB) focuses on driving innovation in life science tools, particularly through its proprietary technologies that enhance biomedical research. The company's mission is to empower researchers with advanced solutions that improve the development of medicines and diagnostics, ultimately leading to better patient outcomes.
Mission Statement
The mission statement of Standard BioTools emphasizes the commitment to developing life science tools that provide reliable and repeatable insights into health and disease. The company is dedicated to addressing the most pressing needs in translational and clinical research.
Financial Performance
As of the third quarter of 2024, Standard BioTools reported total revenue of $45 million, which represents a decline of 5% year-over-year. The breakdown of revenue includes:
| Revenue Type | Q3 2024 ($ million) | Q3 2023 ($ million) | Year-over-Year Change (%) |
|---|---|---|---|
| Product Revenue | 19.6 | 18.7 | 4.8 |
| Service Revenue | 24.4 | 6.6 | 269.7 |
| Collaboration & Other Revenue | 0.9 | 0.1 | 800.0 |
| Total Revenue | 45.0 | 25.4 | 77.8 |
Cost Structure and Margins
Standard BioTools' gross profit for Q3 2024 was reported at $23.3 million, with a gross margin of 51.7%, an increase from 44.0% in Q3 2023. The company has made significant improvements in operational efficiency, contributing to enhanced gross margins.
| Financial Metric | Q3 2024 ($ million) | Q3 2023 ($ million) | Change (%) |
|---|---|---|---|
| Gross Profit | 23.3 | 11.2 | 108.0 |
| Operating Expenses | 55.0 | 32.3 | 70.0 |
| Operating Loss | (31.7) | (21.2) | 49.7 |
| Net Loss | (26.9) | (21.0) | 28.1 |
Future Outlook
For the fiscal year 2024, Standard BioTools has reiterated its revenue guidance, projecting total revenue in the range of $170 million to $175 million. This outlook reflects the company’s commitment to achieving operational synergies and driving growth in its product offerings.
Cash Position
As of September 30, 2024, the company reported cash, cash equivalents, restricted cash, and short-term investments totaling $368 million, providing a strong liquidity position to support ongoing operations and strategic initiatives.
| Cash Position Metrics | Amount ($ million) |
|---|---|
| Cash and Cash Equivalents | 210.6 |
| Short-term Investments | 155.7 |
| Restricted Cash | 1.3 |
| Total Cash Position | 367.6 |
Strategic Initiatives
Standard BioTools is actively pursuing strategic mergers and acquisitions to bolster its market position and enhance its multi-omics portfolio. The company has operationalized approximately $80 million in merger synergies, expected to be fully realized by 2025, which will significantly contribute to its path toward adjusted EBITDA break-even in 2026.
How Standard BioTools Inc. (LAB) Works
Company Overview
Standard BioTools Inc. (NASDAQ: LAB) operates in the life sciences tools sector, focusing on innovative solutions for biomedical research and clinical applications. The company emphasizes operational excellence and profitability through its Standard BioTools Business System (SBS), which aims to streamline processes and enhance efficiency across its operations.
Financial Performance
For the third quarter of 2024, Standard BioTools reported:
- Total revenue: $45 million, a decrease of 5% year-over-year.
- Gross profit: $23.3 million, reflecting a gross margin of 51.7%.
- Net loss: $26.9 million, an improvement from a loss of $41.2 million in Q3 2023.
- Adjusted EBITDA loss: $14.2 million, improved from a loss of $28.2 million in the prior year.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenue | $45 million | $47.4 million | -5% |
| Gross Profit | $23.3 million | $11.2 million | +108.3% |
| Net Loss | ($26.9 million) | ($41.2 million) | +34.6% |
| Adjusted EBITDA | ($14.2 million) | ($28.2 million) | +49.6% |
Revenue Breakdown
The revenue streams for Standard BioTools in Q3 2024 consisted of:
- Consumables revenue: $14 million, up 13% year-over-year.
- Instruments revenue: $5.6 million, down 42% year-over-year.
- Services revenue: $24.4 million, flat year-over-year.
| Revenue Source | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Consumables | $14 million | $12.4 million | +13% |
| Instruments | $5.6 million | $9.7 million | -42% |
| Services | $24.4 million | $24.4 million | 0% |
Operational Highlights
Standard BioTools achieved significant operational efficiencies, with a focus on the following:
- Realization of approximately $80 million in merger synergies, expected to be fully realized by 2025.
- Reduction in operating expenses to $55 million, down 18.5% year-over-year.
- Operating loss decreased to $31.7 million, from $47.3 million in Q3 2023.
| Operational Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Operating Expenses | $55 million | $67.4 million | -18.5% |
| Operating Loss | ($31.7 million) | ($47.3 million) | +33.1% |
Balance Sheet Overview
As of September 30, 2024, Standard BioTools reported a robust balance sheet:
- Total cash, cash equivalents, restricted cash, and short-term investments: $368 million.
- Total liabilities: $192 million.
- Total stockholders’ equity: $489 million.
| Balance Sheet Item | Amount |
|---|---|
| Cash and Cash Equivalents | $210.6 million |
| Short-term Investments | $155.7 million |
| Total Liabilities | $192.2 million |
| Total Stockholders’ Equity | $489.3 million |
Future Outlook
Standard BioTools has reiterated its guidance for full-year 2024 revenue in the range of $170 million to $175 million.
How Standard BioTools Inc. (LAB) Makes Money
Revenue Streams
Standard BioTools Inc. generates revenue through three primary segments: product sales, service revenue, and collaboration and other revenue. For the third quarter of 2024, the total revenue was $44.97 million, representing a decrease from $47.42 million in the same quarter of 2023.
| Revenue Source | Q3 2024 ($ millions) | Q3 2023 ($ millions) | Change (%) |
|---|---|---|---|
| Product Revenue | 19.59 | 18.71 | 4.7% |
| Service Revenue | 24.44 | 6.57 | 272.6% |
| Collaboration and Other Revenue | 0.94 | 0.09 | 933.3% |
| Total Revenue | 44.97 | 25.37 | 77.1% |
Product Revenue Breakdown
Within product revenue, Standard BioTools focuses on instruments and consumables. In Q3 2024, instrument revenue was $5.59 million, down 42% year-over-year, primarily due to capital constraints in global markets, notably China. Conversely, consumables revenue increased to $14.01 million, up 13% year-over-year, driven by strong sales of assay kits related to the SomaScan project.
| Product Type | Q3 2024 Revenue ($ millions) | Q3 2023 Revenue ($ millions) | Change (%) |
|---|---|---|---|
| Instruments | 5.59 | 9.71 | -42.0% |
| Consumables | 14.01 | 12.42 | 12.8% |
| Total Product Revenue | 19.59 | 22.13 | -11.5% |
Service Revenue Analysis
Service revenue, which includes lab and field services, accounted for $24.44 million in Q3 2024, remaining flat compared to the previous year. This stability was attributed to the timing of large customer projects that shifted into Q3 2024.
| Service Type | Q3 2024 Revenue ($ millions) | Q3 2023 Revenue ($ millions) | Change (%) |
|---|---|---|---|
| Lab Services | 18.25 | 0.11 | 16545.5% |
| Field Services | 6.19 | 6.45 | -4.0% |
| Total Service Revenue | 24.44 | 6.57 | 272.6% |
Cost Structure and Margins
The gross profit for Q3 2024 was $23.26 million, with a gross margin of 51.7%, an improvement from 42.5% in Q3 2023. The increase in gross margin can be attributed to a favorable product mix and efficiency gains from the Standard BioTools Business System (SBS).
| Financial Metric | Q3 2024 ($ millions) | Q3 2023 ($ millions) | Change (%) |
|---|---|---|---|
| Gross Profit | 23.26 | 11.15 | 108.6% |
| Gross Margin (%) | 51.7 | 42.5 | 21.5% |
| Operating Expenses | 55.00 | 67.43 | -18.5% |
| Net Loss | (26.94) | (41.20) | 34.6% |
Future Outlook
For the full year 2024, Standard BioTools has reiterated its revenue guidance to a range of $170 million to $175 million. This outlook reflects the company's focus on operational efficiency and the realization of merger synergies expected to fully materialize in 2025.
| Guidance Metric | 2024 Guidance ($ millions) |
|---|---|
| Total Revenue | 170 - 175 |
As of September 30, 2024, Standard BioTools reported cash, cash equivalents, and short-term investments totaling $368 million, positioning the company for potential growth and investment opportunities in the life sciences sector.
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Article updated on 8 Nov 2024
Resources:
- Standard BioTools Inc. (LAB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Standard BioTools Inc. (LAB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Standard BioTools Inc. (LAB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.