Standard BioTools (LAB) Q2 2026 earnings summary

Executive summary

• Completed the sale of the SomaScan Business to Illumina in January 2026, resulting in a $172.3 million pre-tax gain and $388.2 million in net cash proceeds, with additional contingent earnout potential of up to $50 million, of which $30 million was settled in July 2026.

• Entered into a merger agreement with Treeline Biosciences in June 2026; post-merger, current stockholders will own ~16% of the combined company, with Treeline stockholders owning ~84%.

• Initiated restructuring in late 2025, consolidating R&D to Singapore and reducing workforce by ~20%, driving significant cost discipline and improved adjusted EBITDA.

• Net loss from continuing operations for Q2 2026 was $21.5 million, impacted by $14.7 million in transaction costs and $2.8 million in restructuring charges.

• The pending merger with Treeline Biosciences is progressing, with a stockholder vote anticipated and closure expected before year-end 2026.

Financial highlights

• For Q2 2026, revenue was $20.1 million, down 8% year-over-year; for the six months, revenue was $41.3 million, down 2%.

• Gross margin for Q2 2026 was 52.4%, up from 48.8% in the prior year; non-GAAP gross margin was 56.3%.

• Operating expenses for Q2 2026 were $35.9 million, flat year-over-year, with non-GAAP operating expenses down 50% to $13.8 million due to restructuring.

• Adjusted EBITDA loss improved by $13.6 million year-over-year, narrowing to $2.5 million.

• Cash, cash equivalents, and investments totaled $544.0 million as of June 30, 2026.

Outlook and guidance

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

• The merger with Treeline is expected to close in the second half of 2026, subject to customary conditions.

• The company is actively pursuing the sale of its mass cytometry business, with a $10 million deal pending with Multiplex Bio Inc.

• Full year 2026 revenue outlook has been withdrawn due to the pending merger.