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Standard BioTools Q1 Revenues Grow 81 Percent After SomaLogic Merger

NEW YORK – Standard BioTools reported Wednesday after the close of the market that its first quarter revenues grew 81 percent, helped by additional revenues from its January merger with proteomics firm SomaLogic. On a pro forma basis, including revenues from SomaLogic, its Q1 revenues were up 2 percent.

Revenues related to the SomaScan assay were more than $24 million, including revenues from an early-access program launched by Illumina for an NGS-based version of the assay.

"It's still early stages with a handful of customers," Standard BioTools CFO Jeff Black said on a conference call with investors following the release of results, representing "very low single millions [of dollars]." CEO Michael Egholm noted that the firm has received a $30 million upfront payment from Illumina, "which still sits on a balance sheet as unrecognized revenue."

For the three months ended March 31, total revenues were $46 million, up from $25.1 million a year ago, with growth attributed to SomaScan assay services, kits, and related revenue.

"Our integration is well underway, and we are ahead of plan, with more than 60 percent of the targeted $80 million cost synergies now firmly identified," Egholm said in a statement. "This gives us increased confidence in our operating targets, while supporting long-term growth initiatives."

Services revenues were $22 million, consumables and kits revenues were $19 million, and instrument revenues were $5 million.

Standard BioTools instruments, consumables, and instrument support services revenues contributed $22 million, a decrease of 12 percent year over year, due primarily to lingering economic headwinds for instrument purchasing cycles.

"To give you a sense of our sales mix this quarter, on a combined basis, instruments accounted for approximately 11 percent of revenue in Q1," Egholm said. "Consumables and kits made up 40 percent; instrument support services, 13 percent; and SomaScan services, 34 percent."

"Proteomics as a whole was up 3 percent, year over year, while genomics was down 6 percent as we continue to manage this business through its planned transition," Black noted.

The South San Francisco, California-based omics tools company grew product revenues by 38 percent year over year to $23.6 million from $17.4 million, while its services revenues tripled to $21 million from $6.9 million. Other revenues grew 15 percent to $921,000 from $800,000 a year ago.

The company's net loss in Q1 was $78.2 million, or $.27 per share, compared to a loss of $16.8 million, or $.21 per share, a year ago. 

The firm's R&D costs more than doubled to $16 million from $6.4 million, while its SG&A spending also more than doubled to $51.2 million from $22.4 million a year ago. 

Standard BioTools repurchased approximately 4.1 million shares of common stock during the first quarter for an aggregate purchase price of $11 million at an average price of $2.68 per share under the company's buy-back program.

Standard BioTools finished the quarter with $287.1 million in cash and cash equivalents and $175.2 million in short-term investments. 

Last month, it laid off approximately 10 percent of its workforce.

"Looking ahead, we are reaffirming our full-year revenue guidance of $200 million to $205 million for 2024," Egholm said.

In early Thursday trade on the Nasdaq, shares of Standard BioTools were up around 12 percent at $2.50.