Standard BioTools (LAB) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $40.8M, down 10% year-over-year, with improved execution through disciplined cost management and operational rigor, and a shift to a single multi-omics segment post-SomaLogic and Sengenics integration.

• Achieved $10M in additional cost reductions in Q1, totaling $90M since the SomaLogic merger, and ended the quarter with $261M in cash and no material debt.

• Strategic focus on proteomics, high-margin consumables, disciplined M&A, and expanding partnerships, notably with Illumina.

• Clean balance sheet with $261M in cash and equivalents as of March 31, 2025.

• No bargain purchase gain recognized in Q1 2025, compared to $25.2M in Q1 2024 from the SomaLogic merger.

Financial highlights

• Q1 2025 revenue: $40.8M (down 10% year-over-year), with consumables at $14.5M (down 16%), instruments at $7.8M (up 24%), and services at $17.6M (down 16%).

• Non-GAAP gross margin was 53.2%, down from 56.2% in Q1 2024; GAAP gross margin was 48.4%, down from 53.1%.

• Non-GAAP operating expenses were $38.6M, down 22% year-over-year; GAAP operating expenses were $52.7M, down 38%.

• Net loss improved to $26.0M from $32.2M year-over-year; adjusted EBITDA loss improved to $16.9M from $23.7M.

• Cash and equivalents at quarter-end were $261M, with adjusted cash burn reduced 33% year-over-year.

Outlook and guidance

• Full-year 2025 revenue guidance maintained at $165M–$175M, with expectations for a back half-weighted year and anticipated NIH funding pressures.

• Management expects existing liquidity to be sufficient for at least the next 12 months.

• Targeting adjusted EBITDA positive in 2026.

• Illumina partnership expected to drive moderate revenue growth in 2025, with stronger impact anticipated from 2026 onward.