Standard BioTools(LAB) - 2021 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total revenue for Q3 2021 was $28.5 million, down from $39.9 million in Q3 2020, primarily due to lower COVID-19 revenue and development grants [18] - Base product and service revenue, excluding COVID-19 testing, was $25.6 million, slightly up from $25.1 million year-over-year [18] - GAAP net loss for Q3 2021 was $13.8 million compared to $6 million in Q3 2020, while non-GAAP net loss was $5.4 million compared to a net income of $2.5 million in the prior year [22][23] Business Line Data and Key Metrics Changes - Mass cytometry product and service revenue was $15.8 million, up 5% from Q3 2020 [19] - Microfluidics product and service revenue was $12.1 million, down 40% year-over-year, primarily due to a $7.9 million decline in COVID testing revenue [19] - Service revenue was $6 million, slightly down from $6.1 million in the same period last year [19] Market Data and Key Metrics Changes - Revenue from the Americas declined by 45% to $13 million, driven by lower COVID testing revenue [21] - EMEA revenue grew 14% to $10.1 million, primarily due to improved mass cytometry instrument sales [21] - Asia-Pacific revenue decreased by 27% to $5.4 million, impacted by tax exemption delays in China and lockdowns in Japan [21] Company Strategy and Development Direction - The company is focusing on a three-part strategy: innovation, partnerships, and beachhead expansion [5] - The launch of the Biomark X instrument is part of the strategy to integrate existing technologies and expand market reach [8] - The Board of Directors is reviewing strategic alternatives to maximize stockholder value, including costs and capital structure [7] Management's Comments on Operating Environment and Future Outlook - Management noted that supply chain issues have impacted the ability to fulfill orders, with a backlog of over $9 million [5] - The outlook for the near term is tempered by supply chain reliability concerns [6] - Full-year guidance for total revenue is revised to approximately $123 to $127 million, reflecting ongoing challenges [27] Other Important Information - The company has completed its commitments under the DARPA agreement, recognizing $600 thousand in revenue [22] - The public website has been re-platformed to enhance e-commerce efficiency and distributor relationships [17] Q&A Session Summary - No specific questions or answers were provided in the transcript, as the call concluded with a thank you from management [29]