Company Overview - Labrador Gold Corp. is a Canadian mineral exploration company focused on acquiring and exploring gold projects in Eastern Canada [2] - The company currently has approximately $18.1 million in cash [2] - Labrador Gold has 170,009,979 common shares issued and outstanding, trading on the TSX Venture Exchange under the symbol LAB [5] Recent Developments - Kai Hoffmann has resigned as a director of the company, having been part of the Board of Directors since 2019 [1] - The company's President and CEO, Roger Moss, expressed gratitude for Hoffmann's contributions over the past six years [2] Exploration Projects - The Hopedale property covers much of the Florence Lake greenstone belt, which is 60 km long and has shown gold anomalies over a 3 km section [3] - Five gold occurrences have been identified along the trend, with four discovered by Labrador Gold [3] - Anomalous gold has also been found over approximately 40 km along the southern section of the greenstone belt, with potential for critical metals such as copper, nickel, and cobalt [3] Borden Lake Project - The Borden Lake project is located near Chapleau, Ontario, southeast of Newmont Corporation's Borden gold mine [4] - Past exploration identified two anomalous zones based on geochemistry and geophysics, with up to 48 gold grains found in till samples [4]

Core Viewpoint - Standard BioTools Inc. reported its financial results for Q1 2025, highlighting its operational performance, market trends, and strategic initiatives for the year ahead [3]. Financial Performance - The company released its financial results for the quarter ended March 31, 2025, during the earnings conference call [3]. - The call included discussions on the company's financial outlook for 2025 and future projections [4]. Strategic Initiatives - The management provided updates on strategic initiatives and the expected synergies from the combined operations with SomaLogic [4]. - The company emphasized its focus on market trends and opportunities that may impact its business [4].

Group 1 - Standard BioTools reported a quarterly loss of $0.04 per share, which is an improvement from a loss of $0.23 per share a year ago, aligning with the Zacks Consensus Estimate [1] - The company posted revenues of $40.8 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.73%, but down from $45.54 million year-over-year [2] - Standard BioTools shares have declined approximately 34.3% since the beginning of the year, contrasting with the S&P 500's decline of 3.9% [3] Group 2 - The earnings outlook for Standard BioTools is mixed, with current consensus EPS estimates at -$0.05 for the coming quarter and -$0.16 for the current fiscal year, with revenues expected at $38.9 million and $169.2 million respectively [7] - The Zacks Industry Rank indicates that the Medical Info Systems sector is in the top 28% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $40.8 million, a decrease of 10% year-over-year, attributed to a challenging market environment and elevated backlog from the previous year [9][29] - Non-GAAP gross margins were 53.2%, down from 56.2% in Q1 2024, impacted by lower volume and price realization [32] - The net loss for the quarter was $26 million, an improvement from a net loss of $32.2 million in Q1 2024, representing a 19% improvement [34] - Adjusted EBITDA loss improved to $16.9 million from $23.7 million year-over-year, a 29% improvement [34] Business Line Data and Key Metrics Changes - Consumables revenue was $14.5 million, down 16% year-over-year, primarily due to lower volumes in the Americas Academia segment [29][30] - Instruments revenue increased by 24% year-over-year to $7.8 million, driven by strong demand for spatial proteomics products [30][32] - Services revenue, including lab and field services, was $17.6 million, down 16% year-over-year, with lab services declining by 19% due to backlog gaps [31][32] Market Data and Key Metrics Changes - The Americas market is experiencing a mid-teens percentage decline in academic revenue, with a high single-digit million dollar impact expected [10][36] - International markets and biopharma engagement remain resilient, with continued traction noted in these segments [10][11] Company Strategy and Development Direction - The company is focused on high precision proteomics and expanding its distributed offerings through partnerships, particularly with Illumina [25][66] - A disciplined M&A strategy is in place, with a focus on consolidating the market and leveraging operational synergies [26][48] - The company aims to reach adjusted EBITDA positive by 2026 while maintaining a healthy cash position of $261 million with no material debt [13][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic operating environment but emphasizes a strong internal position with a diversified portfolio and disciplined operating model [8][14] - The company expects the second half of 2025 to be back-weighted in terms of revenue, driven by larger projects in the sales funnel [42][36] - Management remains cautious about the impact of tariffs and macroeconomic conditions but believes they can manage these challenges effectively [11][36] Other Important Information - The company has operationalized $90 million in annualized cost reductions since the merger with SomaLogic, which is crucial for navigating current uncertainties [33] - New product launches at the AACR conference included three new offerings aimed at enhancing the company's market position in proteomics [19][20] Q&A Session Summary Question: Guidance on revenue weighting for 2025 - Management indicated that the revenue is expected to be back half weighted, driven by larger projects in the sales funnel [42] Question: Instrument demand and sales funnel outlook - Management expressed encouragement regarding growth in the sales funnel, particularly for the Hyperion XTI, but refrained from declaring victory due to market uncertainties [43][44] Question: Update on U.S. Academic and government demand - Management confirmed a mid-teens decline in U.S. Academic revenue, with some delays in consumables orders due to funding uncertainties [51][54] Question: Feedback on new product launches - Management noted that the new single soma reagents are now fully available, with expectations for significant long-term opportunities despite initial cautious sales expectations [60][62] Question: Illumina partnership revenue expectations - Management is optimistic about the long-term potential of the Illumina partnership but cautioned that significant revenue growth is not expected in 2025 [65][68] Question: Biopharmaceutical market conditions - Management reported good traction in the biopharma sector, with healthy growth in the sales funnel beyond large customers [69] Question: Impact of cost reduction actions on EBITDA outlook - Management indicated that the recent cost reduction actions would contribute to an improved outlook for adjusted EBITDA losses [70]

PART I [Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) The unaudited condensed consolidated financial statements for Q1 2025 show total revenues of **$40.8 million**, a net loss of **$26.0 million**, and a re-segmentation into a single operating segment [Note 2. Business Combinations](index=11&type=section&id=Note%202.%20Business%20Combinations) Purchase accounting for the SomaLogic merger was finalized with no adjustments, while the Sengenics acquisition saw a **$0.3 million** increase in goodwill and deferred tax liability - The purchase accounting for the SomaLogic merger was finalized as of December 31, 2024, with no measurement period adjustments recorded after the closing date, resulting in a bargain purchase gain of **$25.2 million**[39](index=39&type=chunk) - For the Sengenics acquisition, a measurement period adjustment was recorded in Q1 2025, increasing goodwill and deferred tax liability by **$0.3 million** due to the finalization of tax estimates[40](index=40&type=chunk) [Note 3. Revenue and Geographic Area](index=12&type=section&id=Note%203.%20Revenue%20and%20Geographic%20Area) Total revenue for Q1 2025 decreased to **$40.8 million** due to lower consumables and lab services, with Americas remaining the largest region despite a decline Revenue by Type (Q1 2025 vs Q1 2024) | Revenue Type | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Instruments | $7,778 | $6,285 | | Consumables | $14,454 | $17,307 | | Lab services | $12,106 | $14,862 | | Field services | $5,501 | $6,165 | | **Total Revenue** | **$40,795** | **$45,540** | Revenue by Geographic Area (Q1 2025 vs Q1 2024) | Geographic Area | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Americas | $18,974 | $24,664 | | Europe, Middle East and Africa | $12,606 | $12,515 | | Asia-Pacific | $9,215 | $8,361 | | **Total Revenue** | **$40,795** | **$45,540** | - The company assumed a multi-year agreement with Illumina, including **$124.5 million** of minimum guaranteed royalties and a material right for Illumina to purchase SOMAmer reagents below standalone selling price, with the total transaction price estimated at **$158.4 million** to be recognized over an **8-year period** from 2025 to 2032[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Note 4. Goodwill and Acquired Intangible Assets, net](index=14&type=section&id=Note%204.%20Goodwill%20and%20Acquired%20Intangible%20Assets%2C%20net) Goodwill increased slightly to **$111.7 million** due to adjustments, with no impairment recorded after re-assessing reporting units to a single segment - Due to the change in reportable segments in Q1 2025, the company re-assessed its reporting units for goodwill impairment testing, consolidating from two units to one, and **no goodwill impairment** was recorded[52](index=52&type=chunk) Changes in Goodwill (Q1 2025) | Description | Amount (in thousands) | | :--- | :--- | | Balance as of December 31, 2024 | $111,297 | | Measurement period adjustment (Sengenics) | $336 | | Foreign currency translation | $86 | | **Balance as of March 31, 2025** | **$111,719** | [Note 6. Commitments and Contingencies](index=18&type=section&id=Note%206.%20Commitments%20and%20Contingencies) The company has **$8.9 million** in purchase commitments and faces ongoing stockholder litigation related to the SomaLogic merger, with an uncertain outcome - The company has minimum purchase commitments with Integrated DNA Technologies, Inc. (IDT) of **$2.3 million** annually for three years, and with LGC Genomics (LGC) of **$1.0 million** annually for two years[63](index=63&type=chunk)[64](index=64&type=chunk) - The company is facing ongoing stockholder litigation related to the SomaLogic merger, alleging breach of fiduciary duty, with a motion to dismiss pending and oral arguments scheduled for July 7, 2025, and the **outcome is uncertain**[70](index=70&type=chunk) Condensed Consolidated Statements of Operations (Q1 2025 vs Q1 2024) | Financial Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Total Revenue | $40,795 | $45,540 | | Gross Profit | $19,741 | $24,188 | | Loss from Operations | $(32,970) | $(60,182) | | Net Loss | $(26,033) | $(32,157) | | Net Loss per Share (basic and diluted) | $(0.07) | $(0.27) | Condensed Consolidated Balance Sheets (As of March 31, 2025) | Balance Sheet Item | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $150,880 | $166,728 | | Total Current Assets | $344,019 | $375,880 | | Total Assets | $579,597 | $612,344 | | Total Current Liabilities | $56,236 | $65,894 | | Total Liabilities | $125,002 | $140,622 | | Total Stockholders' Equity | $454,595 | $471,722 | - Effective Q1 2025, following the full integration of SomaLogic, the company changed its management structure and now operates as a **single, consolidated multi-omics company**, moving away from its previous two-segment structure (proteomics and genomics)[32](index=32&type=chunk)[99](index=99&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **10% revenue decrease** to **$40.8 million** in Q1 2025, offset by a **38% reduction in operating expenses**, improving net loss to **$26.0 million**, with **$258.1 million** in liquidity [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 2025 total revenue decreased **10%** to **$40.8 million** due to lower services and consumables, while operating expenses fell **38%** to **$52.7 million** from reduced transaction costs and restructuring Revenue Change by Type (Q1 2025 vs Q1 2024) | Revenue Type | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Instruments | $7,778 | $6,285 | $1,493 | 24% | | Consumables | $14,454 | $17,307 | $(2,853) | (16)% | | Lab services | $12,106 | $14,862 | $(2,756) | (19)% | | Field services | $5,501 | $6,165 | $(664) | (11)% | | **Total Revenue** | **$40,795** | **$45,540** | **$(4,745)** | **(10)%** | Operating Expense Change (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $11,328 | $15,980 | $(4,652) | (29)% | | Selling, general and administrative | $38,707 | $46,943 | $(8,236) | (18)% | | Restructuring and related charges | $1,552 | $4,284 | $(2,732) | (64)% | | Transaction and integration expenses | $1,124 | $17,163 | $(16,039) | (93)% | | **Total Operating Expenses** | **$52,711** | **$84,370** | **$(31,659)** | **(38)%** | - The decrease in operating expenses was primarily driven by **reductions in headcount** from 2024 restructuring activities, reduced investment in certain R&D projects, and a **significant drop in one-time legal, advisory, and integration costs** associated with the SomaLogic merger in the prior-year period[133](index=133&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q1 2025 with **$258.1 million** in liquidity, sufficient for **12 months**, and significantly improved operating cash flow to **$30.3 million** used, with no traditional debt - The company believes its existing liquidity of **$258.1 million** (cash, cash equivalents, and short-term investments) is sufficient to support operations for **at least the next 12 months**[146](index=146&type=chunk)[147](index=147&type=chunk) Cash Flow Summary (Q1 2025 vs Q1 2024) | Cash Flow Activity | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(30,283) | $(62,476) | | Net cash provided by investing activities | $14,625 | $318,075 | | Net cash used in financing activities | $(46) | $(19,733) | - Net cash used in operating activities decreased by **$32.2 million** YoY due to lower operating expenses following the completion of 2024 restructuring activities[154](index=154&type=chunk) - As of March 31, 2025, the company has **fully repaid all traditional debt obligations** and no longer maintains access to credit facilities[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, foreign currency, inflation, and capital markets, though foreign currency impact has not been material - Primary market risks include **interest rate risk** on cash and investments, **foreign currency risk** from international operations, **inflation risk** on operating costs, and **capital market risk** affecting the ability to raise funds[164](index=164&type=chunk) - The company does not currently hedge its foreign currency exposure, and changes in currency values have **not had a material impact** on recent financial results[166](index=166&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2025, despite implementing a new ERP system that changed internal controls over financial reporting - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were **effective at the reasonable assurance level**[170](index=170&type=chunk) - A **new enterprise resource planning (ERP) system** was implemented in Q1 2025, representing a **change in internal control over financial reporting**, and management is taking steps to test and validate the new controls[171](index=171&type=chunk) PART II [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 6 for details on legal proceedings, primarily ongoing stockholder litigation related to the SomaLogic merger - For detailed information on legal proceedings, the report refers to **Note 6** of the financial statements[175](index=175&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported, with readers directed to the Annual Report on Form 10-K for a full discussion - The company refers to the risk factors discussed in its Annual Report on Form 10-K, indicating **no new material risks** have emerged during the quarter[176](index=176&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity sales occurred, and no shares were repurchased under the **$50.0 million** program during Q1 2025, with **$40.5 million** previously utilized - The company **did not repurchase any shares** of its common stock during the three months ended March 31, 2025, under its authorized **$50.0 million** share repurchase program[178](index=178&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No officers or directors adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - **No officers or directors** adopted, modified, or terminated any **Rule 10b5-1 trading arrangements** during Q1 2025[181](index=181&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - The Exhibit List includes **CEO and CFO certifications** pursuant to **Sarbanes-Oxley Sections 302 and 906**, as well as **Inline XBRL documents**[184](index=184&type=chunk)

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $40.8 million, a decrease of 10% year-over-year, attributed to a challenging market environment and elevated backlog from the previous year [10][29] - Non-GAAP gross margins were 53.2%, down from 56.2% in Q1 2024, impacted by lower volume and price realization [33] - The net loss for the quarter was $26 million, an improvement from a net loss of $32.2 million in Q1 2024, representing a 19% improvement [35] - Adjusted EBITDA loss improved to $16.9 million from $23.7 million year-over-year, a 29% improvement [35] Business Line Data and Key Metrics Changes - Consumables revenue was $14.5 million, down 16% year-over-year, primarily due to lower volumes in the Americas Academia segment [29] - Instruments revenue increased by 24% year-over-year to $7.8 million, driven by strong sales in spatial proteomics, particularly the Hyperion XTI [30] - Services revenue, including lab and field services, was $17.6 million, down 16% year-over-year, with lab services declining by 19% due to backlog gaps [31] Market Data and Key Metrics Changes - The Americas market is expected to see a mid-teens percentage decline in academic revenue, reflecting ongoing funding uncertainties [11][37] - International markets and biopharma engagement remain resilient, with continued traction noted in these segments [11] Company Strategy and Development Direction - The company is focused on high precision proteomics and expanding its distributed offerings through partnerships, particularly with Illumina, to enhance market leadership [25][66] - A disciplined M&A strategy is in place, with a focus on consolidating technologies and optimizing operations to drive growth [26][49] - The company aims to reach adjusted EBITDA positive by 2026 while maintaining a healthy cash position of $261 million with no material debt [14][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic operating environment but emphasizes a strong internal position with a diversified portfolio and disciplined operating model [8][12] - The company remains committed to long-term profitable revenue growth and increasing shareholder value despite macroeconomic challenges [38] Other Important Information - The company has operationalized $90 million in annualized cost reductions since the merger with SomaLogic, which is crucial for navigating current uncertainties [34] - New product launches at the AACR conference included three new offerings aimed at enhancing the company's service portfolio [20] Q&A Session Summary Question: Guidance on revenue weighting for the year - Management indicated that the revenue is expected to be back half weighted, driven by larger projects in the internal funnel [42][44] Question: Instrument demand and sales funnel outlook - The company is encouraged by growth in the sales funnel, particularly for the Hyperion XTI, but remains cautious about declaring victory [45][46] Question: Update on M&A pipeline and timing - The company remains committed to a disciplined M&A strategy, with a healthy cash position allowing for strategic acquisitions [49] Question: Trends in U.S. Academic and government demand - Management confirmed ongoing challenges in U.S. Academia, maintaining guidance for a mid-teens decline in revenue [52][56] Question: Feedback on new product launches - Initial feedback on new single soma reagents is positive, with expectations for long-term growth potential in this area [58][62] Question: Revenue expectations from the Illumina partnership - While cautious for 2025, management sees long-term potential for significant revenue growth from the Illumina partnership [65][67]

Financial Performance & Outlook - Revenue for Q1 2025 was $40.8 million[10] - The company is targeting revenue in the range of $165 million to $175 million for 2025[10] - Non-GAAP operating expenses decreased by 22% year-over-year in Q1 2025[10, 17, 53] - Adjusted EBITDA improved by 29% year-over-year in Q1 2025[10, 17, 58] - Non-GAAP Gross Margin was 53% in Q1 2025[49] Cash Position & Cost Reduction - The company had $261 million in cash, cash equivalents, restricted cash, and short-term investments as of March 31, 2025[10, 22, 62] - The company operationalized approximately $10 million in cost reductions in Q1 2025, totaling $90 million since the merger[10] Strategic Initiatives - The company is rolling out new proteomics solutions and Illumina NGS[10] - The company is targeting adjusted EBITDA positive in 2026[10, 19, 64] SomaLogic Merger - The company is targeting $80 million in synergies from the SomaLogic merger[19, 22]

Recent Highlights: "Standard BioTools delivered a solid first quarter in line with our expectations, reflecting focused execution in a challenging Life Sciences macro backdrop," said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. "We remain grounded and disciplined, driving a 29% year-over-year improvement in adjusted EBITDA through Standard BioTools Business System (SBS). We believe our unique model, world class operational platform and healthy capital position will allow ...

Core Insights - Standard BioTools reported a solid first quarter in 2025, achieving a 29% year-over-year improvement in adjusted EBITDA despite a challenging macro environment in Life Sciences [2][5] - The company is focused on its strategic position in proteomics, particularly with the SomaScan and SOMAmers technologies, which are gaining traction in population-based studies [2][5] Financial Performance - Revenue for the first quarter of 2025 was $40.8 million, a decrease of 10% compared to $45.5 million in the first quarter of 2024 [3][6] - Consumables revenue was $14.5 million, down 16% year-over-year, while instruments revenue increased by 24% to $7.8 million, driven by growth in the Hyperion XTi spatial proteomics platform [6][22] - Services revenue totaled $17.6 million, down 16% year-over-year, with Lab Services revenue declining by 19% due to tough comparisons with prior-year levels [6][22] Profitability Metrics - Gross margin for the first quarter of 2025 was 48.4%, down from 53.1% in the same period of 2024, while non-GAAP gross margin was 53.2%, down from 56.2% [3][7] - Operating expenses decreased significantly to $52.7 million, down 38% from $84.4 million in the first quarter of 2024, reflecting cost synergies from the merger [12][24] - The net loss for the first quarter was $26.0 million, an improvement from a net loss of $32.2 million in the first quarter of 2024 [12][26] Cash Position - As of March 31, 2025, the company had a strong balance sheet with $261 million in cash and cash equivalents and no material debt [5][17] - The company operationalized an additional $10 million in annual run rate cost reductions, totaling $90 million since the merger [5][12] Future Outlook - For the fiscal year 2025, Standard BioTools expects revenue in the range of $165 million to $175 million, anticipating a decline in Americas academic revenue due to NIH funding pressures [8][12]

Expanded suite of consumables, instruments and services designed to empower researchers and accelerate next- generation drug development Ninety posters and presentations at AACR powered by the Standard BioTools proteomic portfolio to advance cancer research from target discovery to clinical development SOUTH SAN FRANCISCO, Calif., April 24, 2025 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ:LAB) today announced the launch of new and enhanced proteomic product offerings at the upcoming American Associat ...