Standard BioTools Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Standard BioTools Inc. reported financial results for Q4 and the fiscal year 2024, highlighting a year of execution and integration despite economic challenges [3][4] - The company achieved revenue of $174.4 million for the full year 2024, a decrease of 9% year-over-year, while Q4 revenue was$ 46.7 million, also down 9% year-over-year [4][11] - The company exceeded its cost synergy target by $10 million, achieving a total of$ 90 million in synergies within 12 months [3][6] Financial Performance - Full year 2024 pro forma combined revenue was $175.1 million, with a 17% reduction in pro forma operating loss and a 33% improvement in adjusted EBITDA year-over-year [6][10] - Q4 2024 gross margin was 46.9%, slightly up from 46.7% in Q4 2023, while non-GAAP gross margin was 52.5%, down from 55.4% [11][28] - Operating expenses for Q4 2024 were$ 54.7 million, a decrease of 39% compared to Q4 2023, and non-GAAP operating expenses were $42.9 million, down 24% [11][30] Revenue Breakdown - Consumables revenue for Q4 2024 was$ 14.7 million, up 10% year-over-year, driven by assay kits sales [11] - Instruments revenue for Q4 2024 was $8.5 million, down 25% year-over-year, affected by capital constraints in end-markets [11] - Services revenue, including Lab and Field Services, was$ 21.6 million in Q4 2024, down 16% year-over-year [11] Future Outlook - For fiscal year 2025, the company expects revenue in the range of $165 million to$ 175 million, anticipating a decline in Americas academic revenue due to NIH funding pressures [12] - The company aims to shift towards higher-margin offerings and leverage partnerships, particularly with Illumina, to tap into a billion-dollar market opportunity [3][12]