Standard Biotools Inc ( (LAB) ) has released its Q4 earnings. Here is a breakdown of the information Standard Biotools Inc presented to its investors.
Standard BioTools Inc., a prominent player in the biomedical research sector, specializes in providing next-generation technologies that aid in the development of medicines, with a focus on areas such as oncology and immunology. The company recently released its financial results for the fourth quarter and full year 2024, showcasing a year marked by strategic execution and integration efforts.
In 2024, Standard BioTools reported a pro forma combined revenue of $175.1 million, with a notable 17% reduction in operating loss and a 33% improvement in adjusted EBITDA compared to the previous year. The company also achieved $90 million in operational cost synergies and maintained a robust balance sheet with $295 million in cash and equivalents, positioning it well for future growth and acquisitions.
Key financial metrics highlighted a 9% year-over-year decline in revenue, attributed to challenges in the instruments and services segments, despite a strong 18% growth in consumables revenue. The company also reported improvements in gross margins and significant reductions in operating expenses, driven by cost synergies from the merger with SomaLogic and enhanced operational efficiencies.
Looking ahead, Standard BioTools aims to achieve adjusted EBITDA positivity by 2026, focusing on higher-margin offerings and strategic partnerships, such as its collaboration with Illumina. The company is poised to capitalize on a billion-dollar market opportunity with its upcoming NGS-based solution, while continuing to explore consolidation opportunities in the industry.