Core Viewpoint - Standard BioTools Inc. reported its second quarter 2025 financial results, highlighting a strategic sale of SomaLogic to Illumina, which is expected to unlock up to $425 million in cash and enhance the company's financial position towards profitability by 2026 [3][6][10]. Financial Performance - Revenue for the second quarter of 2025 was $21.8 million, a decrease of 3% year-over-year, while total revenue for the first half of 2025 was $42 million, down 5% year-over-year [4][7]. - Consumables revenue increased by 18% year-over-year to $10.5 million in the second quarter, although total consumables revenue for the first half decreased by 3% to $18.6 million [7][21]. - Instruments revenue fell by 26% year-over-year to $5.2 million in the second quarter, with a slight decrease of 1% to $11.9 million for the first half [13][21]. - Services revenue was $6.1 million in the second quarter, down 8% year-over-year, and $11.5 million for the first half, down 11% year-over-year [13][21]. Gross Margin and Operating Expenses - Gross margin for the second quarter of 2025 was approximately 48.8%, compared to 46.1% in the same quarter of 2024, while non-GAAP gross margin was 54.1%, up from 48.6% [13][22]. - Operating expenses decreased by 11% year-over-year to $36.3 million in the second quarter, with non-GAAP operating expenses down by 1% to $27.9 million [13][23]. - The company achieved a net loss of $17.7 million in the second quarter, an improvement of 31% compared to a net loss of $25.4 million in the same quarter of 2024 [13][25]. Cash Position and Future Outlook - As of June 30, 2025, the company had $239.7 million in cash and cash equivalents, with expectations to reach at least $550 million upon closing the transaction with Illumina [6][19]. - The company is targeting adjusted EBITDA break-even in 2026, supported by a strong balance sheet and a lean operating model [3][6]. Strategic Developments - The sale of SomaLogic is seen as a pivotal milestone for the company, allowing for strategic capital deployment into high-quality assets to drive growth and long-term shareholder value [3][6]. - The company anticipates a high single-digit million decline in Americas academic revenue due to NIH funding pressures, impacting continuing operations more significantly [9]. Revenue Outlook - For fiscal year 2025, the company expects combined revenue in the range of $165 million to $175 million, with revenue from continuing operations projected between $78 million and $83 million [8].