Standard BioTools Inc. (Nasdaq:LAB) (“Standard BioTools”, or
the “Company”), driven by a bold purpose – Unleashing tools to
accelerate breakthroughs in human health – today reported financial
results for the second quarter ended June 30, 2023.
Selected Financial Results
(Numbers in millions, except percentages) |
Quarter EndedJune 30, 2023 |
|
Quarter EndedJune 30, 2022 |
Revenue |
$27.7 |
|
$18.8(a) |
Gross margin |
49.2% |
|
23.6% |
Non-GAAP gross margin |
60.9% |
|
40.2% |
Operating expenses |
$31.1 |
|
$43.0 |
Non-GAAP operating
expenses |
$25.2 |
|
$33.8 |
Operating loss |
($17.4) |
|
($38.6) |
Net loss |
($17.0) |
|
($63.5) |
Non-GAAP adjusted EBITDA |
($8.4) |
|
($26.2) |
Cash and equivalents,
restricted cash, and short-term investments |
$143.1 |
|
$212.2 |
(a) Quarter ended June 30, 2022 includes $1.6
million revenue offset to establish return reserve for discontinued
product line.Second Quarter and First Half 2023 Financial
Highlights Compared to 2022
- Total revenue grew 47% in the second quarter of 2023 and 17% in
the first half of 2023.
- Non-GAAP gross margin expanded by over 2,000 basis points in
the second quarter of 2023 and over 1,000 basis points in the first
half of 2023.
- Non-GAAP operating expenses declined over $8 million, or 25%,
in the second quarter of 2023 and nearly $18 million, or 26%, in
the first half of 2023.
- Non-GAAP adjusted EBITDA loss improved over $17 million in the
quarter and over $27 million in the first half of 2023. Operating
cash use decreased over 70% to $8.5 million in the second quarter
of 2023 and decreased over 60% to $17.7 million in the first half
of 2023.
- Cash, cash equivalents, and short-term investments (including
restricted cash) on June 30, 2023, totaled $143 million.
“I am pleased to report our second
quarter results and the visible improvement to many of our key
performance metrics, especially in light of an uncertain
macroeconomic environment,” said Michael Egholm, PhD, President and
Chief Executive Officer of Standard BioTools™. “The growth of our
top line comes directly from disciplined sales execution and better
overall operating efficiency across the organization,” Egholm said.
“This has also allowed us to design and successfully launch the
Hyperion XTi™ Imaging System, and we are encouraged by early
customer traction.
“Continued success will come from
building out our operational systems that deliver a portfolio of
high value, high margin tools and solutions to researchers at a
profit, while attracting personnel that fully embrace a lean
culture and can execute at the highest level. In the last year we
have completely transformed our senior management team to this
standard and are now seeing in this quarter the early signs and
benefit of having done so.”
A reconciliation of non-GAAP gross margins, non-GAAP operating
expenses, and non-GAAP adjusted EBITDA is provided in the financial
schedules that are part of this press release. An explanation of
these non-GAAP financial measures is also included below under the
heading "Use of Non-GAAP Financial Information."
Business Update
Proteomics:
Following the launch of the Hyperion™ XTi Imaging System in April,
the company shipped its first revenue units in the quarter with a
growing order backlog. This system provides a market-leading
performance with the highest data quality available in spatial
proteomics and industry-leading shortest time to results.
Genomics: The
company launched an upgrade to its X9™ High-Throughput Genomics
System to enable next-generation sequencing (NGS) library
preparation on the system to support discovery through screening.
Customers can create NGS libraries and assess the quality and
quantity in a single workflow ahead of expensive NGS runs. This
unified approach has the potential to catch any errors earlier and
ensure that samples will not go to waste.
Corporate: The
company announced Jeff Black as its new Chief Financial Officer and
Agnieszka (Aggie) Gallagher as Senior Vice President and Chief
Legal Officer.
Conference Call Information
The company’s management will host a conference call and webcast
today at 2:00 p.m. PT, 5:00 p.m. ET, to discuss second quarter
2023 financial results and operational progress as well as to
provide additional color on its strategic actions.
Individuals interested in listening to the conference call may
do so by dialing:
US domestic callers: (888) 346-3970 Outside
US callers: (412) 902-4297
Live audio of the webcast will be available online from the
Investor Relations page of the company’s website at Events &
Presentations. The webcast will be archived and available on the
Standard BioTools Investor Relations page
at investors.standardbio.com.
Our investor presentation including Supplemental Financial
Information has been posted on the investor relations section of
our website concurrent with this news release.
Use of Non-GAAP Financial Information
Standard BioTools has presented certain financial information in
accordance with U.S. GAAP and also on a non-GAAP basis. The
non-GAAP financial measures included in this press release are
non-GAAP gross margin, non-GAAP operating expenses, and adjusted
EBITDA. Management uses these non-GAAP financial measures, in
addition to GAAP financial measures, as a measure of operating
performance because the non-GAAP financial measures do not include
the impact of items that management does not consider indicative of
the Company’s core operating performance. Management believes that
non-GAAP financial measures, taken in conjunction with GAAP
financial measures, provide useful information for both management
and investors by excluding certain non-cash and other expenses that
are not indicative of the company’s core operating results.
Management uses non-GAAP measures to compare the company’s
performance relative to forecasts and strategic plans and to
benchmark the company’s performance externally against competitors.
Non-GAAP information is not prepared under a comprehensive set of
accounting rules and should only be used to supplement an
understanding of the company’s operating results as reported under
U.S. GAAP. Standard BioTools encourages investors to carefully
consider its results under GAAP, as well as its supplemental
non-GAAP information and the reconciliations between these
presentations, to more fully understand its business.
Reconciliations between GAAP and non-GAAP operating results are
presented in the accompanying tables of this
release.
Use of Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, among others, guidance, including related to
revenues, margin, and operating expenses, and statements regarding
future financial performance and expectations, operational and
strategic plans, deployment of capital, our cash runway and
sufficiency of cash resources, potential M&A activity, and
expectations with respect to our restructuring plans (including
expense reduction activities). Forward-looking statements are
subject to numerous risks and uncertainties that could cause actual
results to differ materially from currently anticipated results,
including but not limited to risks that we may not realize expected
cost savings from the restructuring, including the anticipated
decrease in operational expenses, at the levels we expect; possible
restructuring and transition-related disruption, including through
the loss of customers, suppliers, and employees and adverse impacts
on our development activities and results of operation;
restructuring activities, including our subleasing plans, customer
and employee relations, management distraction, and reduced
operating performance; risks that internal and external costs
required for ongoing and planned activities may be higher than
expected, which may cause us to use cash more quickly than we
expect or change or curtail some of our plans, or both; risks that
our expectations as to expenses, cash usage, and cash needs may
prove not to be correct for other reasons such as changes in plans
or actual events being different than our assumptions; changes in
Standard BioTools’ business or external market conditions;
challenges inherent in developing, manufacturing, launching,
marketing, and selling new products; interruptions or delays in the
supply of components or materials for, or manufacturing of,
Standard BioTools products; reliance on sales of capital equipment
for a significant proportion of revenues in each quarter; seasonal
variations in customer operations; unanticipated increases in costs
or expenses; uncertainties in contractual relationships; reductions
in research and development spending or changes in budget
priorities by customers; uncertainties relating to Standard
BioTools’ research and development activities, and distribution
plans and capabilities; potential product performance and quality
issues; risks associated with international operations;
intellectual property risks; and competition. Information on these
and additional risks and uncertainties and other information
affecting Standard BioTools’ business and operating results is
contained in its Annual Report on Form 10-K for the year ended
December 31, 2022, and in its other filings with the Securities and
Exchange Commission. These forward-looking statements speak only as
of the date hereof. Standard BioTools disclaims any obligation to
update these forward-looking statements except as may be required
by law.
About Standard BioTools Inc. Standard
BioTools Inc. (Nasdaq:LAB), previously known as Fluidigm
Corporation, is driven by a bold purpose – Unleashing tools to
accelerate breakthroughs in human health. Standard BioTools
has an established portfolio of essential, standardized
next-generation technologies that help biomedical researchers
develop medicines faster and better. As a leading solutions
provider, the company provides reliable and repeatable insights in
health and disease using its proprietary mass cytometry and
microfluidics technologies, which help transform scientific
discoveries into better patient outcomes. Standard BioTools works
with leading academic, government, pharmaceutical, biotechnology,
plant and animal research, and clinical laboratories worldwide,
focusing on the most pressing needs in translational and clinical
research, including oncology, immunology, and immunotherapy. Learn
more at www.standardbio.com or connect with us on Twitter®,
Facebook®, LinkedIn, and YouTube™. Standard BioTools, the Standard
BioTools logo, Fluidigm, the Fluidigm logo, “Unleashing tools to
accelerate breakthroughs in human health,” Hyperion, Hyperion XTi,
XTi, and X9 are trademarks and/or registered trademarks
of Standard BioTools Inc. or its affiliates in the
United States and/or other countries. Standard
BioTools products are provided for Research Use
Only. Not for use in diagnostic procedures.
Available Information Standard
BioTools uses its website (standardbio.com), investor site
(investors.standardbio.com), corporate Twitter account
(@Standard_BioT), Facebook page (facebook.com/StandardBioT), and
LinkedIn page (linkedin.com/company/standard-biotools) as channels
of distribution of information about its products, its planned
financial and other announcements, its attendance at upcoming
investor and industry conferences, and other matters. Such
information may be deemed material information, and Standard
BioTools may use these channels to comply with its disclosure
obligations under Regulation FD. Therefore, investors should
monitor Standard BioTools’ website and its social media accounts in
addition to following its press releases, SEC filings,
public conference calls, and webcasts.
Investor Contacts
Scott R. Greenstone, CFAir@standardbio.com
Peter DeNardo 415 389 6400 ir@standardbio.com
STANDARD BIOTOOLS INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue: |
|
|
|
|
|
|
|
Product revenue |
$ |
21,665 |
|
|
$ |
12,219 |
|
|
$ |
39,103 |
|
|
$ |
32,223 |
|
Service revenue |
|
5,821 |
|
|
|
5,806 |
|
|
|
12,702 |
|
|
|
11,950 |
|
Other revenue |
|
180 |
|
|
|
752 |
|
|
|
980 |
|
|
|
1,108 |
|
Total revenue |
|
27,666 |
|
|
|
18,777 |
|
|
|
52,785 |
|
|
|
45,281 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of product revenue |
|
11,883 |
|
|
|
12,738 |
|
|
|
21,873 |
|
|
|
25,077 |
|
Cost of service revenue |
|
2,181 |
|
|
|
1,612 |
|
|
|
4,973 |
|
|
|
3,540 |
|
Total cost of revenue |
|
14,064 |
|
|
|
14,350 |
|
|
|
26,846 |
|
|
|
28,617 |
|
Gross profit |
|
13,602 |
|
|
|
4,427 |
|
|
|
25,939 |
|
|
|
16,664 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
6,184 |
|
|
|
12,606 |
|
|
|
12,669 |
|
|
|
21,471 |
|
Selling, general and administrative |
|
22,600 |
|
|
|
30,084 |
|
|
|
43,895 |
|
|
|
59,569 |
|
Restructuring and related charges |
|
2,267 |
|
|
|
300 |
|
|
|
3,417 |
|
|
|
1,690 |
|
Total operating expenses |
|
31,051 |
|
|
|
42,990 |
|
|
|
59,981 |
|
|
|
82,730 |
|
Loss from operations |
|
(17,449 |
) |
|
|
(38,563 |
) |
|
|
(34,042 |
) |
|
|
(66,066 |
) |
Interest expense |
|
(1,129 |
) |
|
|
(1,062 |
) |
|
|
(2,246 |
) |
|
|
(2,092 |
) |
Loss on forward sale of Series
B Preferred Stock |
|
— |
|
|
|
(22,289 |
) |
|
|
— |
|
|
|
(60,081 |
) |
Loss on Bridge Loans |
|
— |
|
|
|
(3,064 |
) |
|
|
— |
|
|
|
(13,719 |
) |
Other income (expense),
net |
|
1,839 |
|
|
|
(174 |
) |
|
|
2,969 |
|
|
|
(56 |
) |
Loss before income taxes |
|
(16,739 |
) |
|
|
(65,152 |
) |
|
|
(33,319 |
) |
|
|
(142,014 |
) |
Income tax benefit
(expense) |
|
(301 |
) |
|
|
1,613 |
|
|
|
(564 |
) |
|
|
2,187 |
|
Net loss |
$ |
(17,040 |
) |
|
$ |
(63,539 |
) |
|
$ |
(33,883 |
) |
|
$ |
(139,827 |
) |
Net loss per share, basic and
diluted |
$ |
(0.22 |
) |
|
$ |
(0.82 |
) |
|
$ |
(0.43 |
) |
|
$ |
(1.81 |
) |
Shares used in computing net
loss per share, basic and diluted |
|
78,669 |
|
|
|
77,821 |
|
|
|
78,873 |
|
|
|
77,430 |
|
STANDARD BIOTOOLS INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
June 30, 2023 |
|
December 31, 2022 (1) |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
142,304 |
|
|
$ |
81,309 |
|
Short-term investments |
|
— |
|
|
|
84,475 |
|
Accounts receivable, net |
|
15,119 |
|
|
|
17,280 |
|
Inventories, net |
|
22,080 |
|
|
|
21,473 |
|
Prepaid expenses and other current assets |
|
3,567 |
|
|
|
4,278 |
|
Total current assets |
|
183,070 |
|
|
|
208,815 |
|
Property and equipment,
net |
|
24,522 |
|
|
|
25,652 |
|
Operating lease right-of-use
asset, net |
|
32,194 |
|
|
|
33,883 |
|
Other non-current assets |
|
2,754 |
|
|
|
3,109 |
|
Developed technology, net |
|
7,000 |
|
|
|
12,600 |
|
Goodwill |
|
106,287 |
|
|
|
106,251 |
|
Total assets |
$ |
355,827 |
|
|
$ |
390,310 |
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND STOCKHOLDERS’ DEFICIT |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
6,089 |
|
|
$ |
7,914 |
|
Accrued compensation and related benefits |
|
9,765 |
|
|
|
9,153 |
|
Operating lease liabilities, current |
|
3,912 |
|
|
|
3,682 |
|
Deferred revenue, current |
|
11,685 |
|
|
|
10,792 |
|
Deferred grant income, current |
|
3,630 |
|
|
|
3,644 |
|
Other accrued liabilities |
|
7,176 |
|
|
|
6,175 |
|
Term loan, current |
|
4,583 |
|
|
|
2,083 |
|
Total current liabilities |
|
46,840 |
|
|
|
43,443 |
|
Convertible notes, net |
|
54,853 |
|
|
|
54,615 |
|
Term loan, non-current |
|
5,809 |
|
|
|
8,194 |
|
Deferred tax liability |
|
1,049 |
|
|
|
1,055 |
|
Operating lease liabilities,
non-current |
|
32,231 |
|
|
|
34,081 |
|
Deferred revenue,
non-current |
|
3,790 |
|
|
|
3,816 |
|
Deferred grant income,
non-current |
|
12,546 |
|
|
|
14,359 |
|
Other non-current
liabilities |
|
843 |
|
|
|
961 |
|
Total liabilities |
|
157,961 |
|
|
|
160,524 |
|
Mezzanine equity: |
|
|
|
Redeemable preferred stock |
|
311,253 |
|
|
|
311,253 |
|
Total stockholders’
deficit |
|
(113,387 |
) |
|
|
(81,467 |
) |
Total liabilities, mezzanine
equity and stockholders’ deficit |
$ |
355,827 |
|
|
$ |
390,310 |
|
|
|
|
|
Notes: |
|
|
|
(1) Derived from our Audited
Consolidated Financial Statements |
|
|
|
STANDARD BIOTOOLS INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
Operating
activities |
|
|
|
Net loss |
$ |
(33,883 |
) |
|
$ |
(139,827 |
) |
Loss on forward sale of Series B
Preferred Stock |
|
— |
|
|
|
60,081 |
|
Loss on bridge loans |
|
— |
|
|
|
13,719 |
|
Stock-based compensation
expense |
|
6,262 |
|
|
|
8,705 |
|
Amortization of developed
technology |
|
5,600 |
|
|
|
5,928 |
|
Depreciation and
amortization |
|
1,688 |
|
|
|
1,878 |
|
Provision for excess and
obsolete inventory |
|
572 |
|
|
|
4,597 |
|
Impairment of intangible
assets |
|
— |
|
|
|
3,526 |
|
Amortization of debt
discounts, premiums and issuance costs |
|
410 |
|
|
|
423 |
|
Other non-cash items |
|
(168 |
) |
|
|
176 |
|
Changes in assets and
liabilities, net |
|
1,705 |
|
|
|
(4,784 |
) |
Net cash used in operating
activities |
|
(17,814 |
) |
|
|
(45,578 |
) |
|
|
|
|
Investing
activities |
|
|
|
Purchases of short-term
investments |
|
(6,836 |
) |
|
|
(137,302 |
) |
Proceeds from sales and
maturities of investments |
|
91,964 |
|
|
|
— |
|
Purchases of property and
equipment |
|
(1,848 |
) |
|
|
(1,806 |
) |
Net cash provided by (used in)
investing activities |
|
83,280 |
|
|
|
(139,108 |
) |
|
|
|
|
Financing
activities |
|
|
|
Proceeds from bridge
loans |
|
— |
|
|
|
25,000 |
|
Proceeds from issuance of
Series B Preferred Stock |
|
— |
|
|
|
225,000 |
|
Repayment of advances under
revolving credit facility |
|
— |
|
|
|
(6,838 |
) |
Payment of equity issuance
costs |
|
— |
|
|
|
(12,547 |
) |
Repurchase of common stock |
|
(4,841 |
) |
|
|
— |
|
Proceeds from ESPP stock
issuance |
|
326 |
|
|
|
497 |
|
Payments for taxes related to net
share settlement of equity awards and other |
|
(127 |
) |
|
|
(79 |
) |
Net cash provided by (used in)
financing activities |
|
(4,642 |
) |
|
|
231,033 |
|
Effect of foreign exchange
rate fluctuations on cash and cash equivalents |
|
(49 |
) |
|
|
(437 |
) |
Net increase in cash, cash
equivalents and restricted cash |
|
60,775 |
|
|
|
45,910 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
82,324 |
|
|
|
29,467 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
143,099 |
|
|
$ |
75,377 |
|
|
|
|
|
Cash, cash equivalents, and
restricted cash consists of: |
|
|
|
Cash and cash equivalents |
$ |
142,304 |
|
|
$ |
74,361 |
|
Restricted cash |
|
795 |
|
|
|
1,016 |
|
Total cash, cash equivalents
and restricted cash |
$ |
143,099 |
|
|
$ |
75,377 |
|
STANDARD BIOTOOLS INC. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
(In thousands, except percentages) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
AND GROSS MARGIN PERCENTAGE |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
GAAP gross profit |
$ |
13,602 |
|
|
$ |
4,427 |
|
|
$ |
25,939 |
|
|
$ |
16,664 |
|
Amortization of developed
technology |
|
2,800 |
|
|
|
2,641 |
|
|
|
5,600 |
|
|
|
5,608 |
|
Depreciation and
amortization |
|
335 |
|
|
|
319 |
|
|
|
658 |
|
|
|
634 |
|
Stock-based compensation
expense |
|
107 |
|
|
|
164 |
|
|
|
460 |
|
|
|
305 |
|
Non-GAAP gross profit |
$ |
16,844 |
|
|
$ |
7,551 |
|
|
$ |
32,657 |
|
|
$ |
23,211 |
|
|
|
|
|
|
|
|
|
GAAP gross margin
percentage |
|
49.2 |
% |
|
|
23.6 |
% |
|
|
49.1 |
% |
|
|
36.8 |
% |
Amortization of developed
technology |
|
10.1 |
% |
|
|
14.0 |
% |
|
|
10.6 |
% |
|
|
12.4 |
% |
Depreciation and
amortization |
|
1.2 |
% |
|
|
1.7 |
% |
|
|
1.3 |
% |
|
|
1.4 |
% |
Stock-based compensation
expense |
|
0.4 |
% |
|
|
0.9 |
% |
|
|
0.9 |
% |
|
|
0.7 |
% |
Non-GAAP gross margin
percentage |
|
60.9 |
% |
|
|
40.2 |
% |
|
|
61.9 |
% |
|
|
51.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
GAAP operating expenses |
$ |
31,051 |
|
|
$ |
42,990 |
|
|
$ |
59,981 |
|
|
$ |
82,730 |
|
Restructuring and related
charges |
|
(2,267 |
) |
|
|
(300 |
) |
|
|
(3,417 |
) |
|
|
(1,690 |
) |
Stock-based compensation
expense |
|
(3,007 |
) |
|
|
(4,499 |
) |
|
|
(5,802 |
) |
|
|
(8,400 |
) |
Depreciation and
amortization |
|
(491 |
) |
|
|
(877 |
) |
|
|
(1,030 |
) |
|
|
(1,565 |
) |
Impairment of intangible
assets |
|
— |
|
|
|
(3,526 |
) |
|
|
— |
|
|
|
(3,526 |
) |
Loss on disposal of property
and equipment |
|
(73 |
) |
|
|
(6 |
) |
|
|
(73 |
) |
|
|
(15 |
) |
Non-GAAP operating
expenses |
$ |
25,213 |
|
|
$ |
33,782 |
|
|
$ |
49,659 |
|
|
$ |
67,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D operating
expenses |
$ |
6,184 |
|
|
$ |
12,606 |
|
|
$ |
12,669 |
|
|
$ |
21,471 |
|
Stock-based compensation
expense |
|
(366 |
) |
|
|
(705 |
) |
|
|
(782 |
) |
|
|
(1,404 |
) |
Depreciation and
amortization |
|
(131 |
) |
|
|
(155 |
) |
|
|
(281 |
) |
|
|
(337 |
) |
Impairment of intangible
assets |
|
— |
|
|
|
(3,526 |
) |
|
|
— |
|
|
|
(3,526 |
) |
Non-GAAP R&D operating
expenses |
$ |
5,687 |
|
|
$ |
8,220 |
|
|
$ |
11,606 |
|
|
$ |
16,204 |
|
|
|
|
|
|
|
|
|
GAAP SG&A operating
expenses |
$ |
22,600 |
|
|
$ |
30,084 |
|
|
$ |
43,895 |
|
|
$ |
59,569 |
|
Stock-based compensation
expense |
|
(2,641 |
) |
|
|
(3,794 |
) |
|
|
(5,020 |
) |
|
|
(6,996 |
) |
Depreciation and
amortization |
|
(360 |
) |
|
|
(722 |
) |
|
|
(749 |
) |
|
|
(1,228 |
) |
Loss on disposal of property
and equipment |
|
(73 |
) |
|
|
(6 |
) |
|
|
(73 |
) |
|
|
(15 |
) |
Non-GAAP SG&A operating
expenses |
$ |
19,526 |
|
|
$ |
25,562 |
|
|
$ |
38,053 |
|
|
$ |
51,330 |
|
STANDARD BIOTOOLS INC. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEMIZED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP
ADJUSTED EBITDA |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
GAAP net loss |
$ |
(17,040 |
) |
|
$ |
(63,539 |
) |
|
$ |
(33,883 |
) |
|
$ |
(139,827 |
) |
Income tax expense
(benefit) |
|
301 |
|
|
|
(1,613 |
) |
|
|
564 |
|
|
|
(2,187 |
) |
Interest expense |
|
1,129 |
|
|
|
1,062 |
|
|
|
2,246 |
|
|
|
2,092 |
|
Amortization of developed
technology |
|
2,800 |
|
|
|
2,961 |
|
|
|
5,600 |
|
|
|
5,928 |
|
Depreciation and
amortization |
|
826 |
|
|
|
875 |
|
|
|
1,688 |
|
|
|
1,878 |
|
Restructuring and related
charges |
|
2,267 |
|
|
|
300 |
|
|
|
3,417 |
|
|
|
1,690 |
|
Stock-based compensation
expense |
|
3,114 |
|
|
|
4,663 |
|
|
|
6,262 |
|
|
|
8,705 |
|
Impairment of intangible
assets |
|
— |
|
|
|
3,526 |
|
|
|
— |
|
|
|
3,526 |
|
Loss on forward sale of Series
B Preferred Stock |
|
— |
|
|
|
22,289 |
|
|
|
— |
|
|
|
60,081 |
|
Loss on bridge loans |
|
— |
|
|
|
3,064 |
|
|
|
— |
|
|
|
13,719 |
|
Other non-operating expense
(income) |
|
(1,839 |
) |
|
|
174 |
|
|
|
(2,969 |
) |
|
|
56 |
|
Loss on disposal of property
and equipment |
|
73 |
|
|
|
6 |
|
|
|
73 |
|
|
|
15 |
|
Non-GAAP adjusted EBITDA |
$ |
(8,369 |
) |
|
$ |
(26,232 |
) |
|
$ |
(17,002 |
) |
|
$ |
(44,324 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF OPERATING CASH USE |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
Net cash used in operating
activities (1) |
$ |
(9,329 |
) |
|
$ |
(29,988 |
) |
|
$ |
(17,814 |
) |
|
$ |
(45,578 |
) |
Purchases of property and
equipment |
|
(838 |
) |
|
|
(938 |
) |
|
|
(1,848 |
) |
|
|
(1,806 |
) |
Cash paid for interest |
|
1,687 |
|
|
|
1,577 |
|
|
|
1,919 |
|
|
|
1,679 |
|
Operating cash use |
$ |
(8,480 |
) |
|
$ |
(29,349 |
) |
|
$ |
(17,743 |
) |
|
$ |
(45,705 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
(1) Derived from
our Condensed Consolidated Statements of Cash Flows |
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