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Mar 31, 2023
Standard Biotool Q1 2023 Earnings Report
Reported first quarter results with a focus on transforming the core business into a cash flow positive enterprise and showing growth in core product and service business lines.
Key Takeaways
Standard BioTools reported a 5.2% decrease in GAAP revenue year-over-year to $25.1 million, while core product and service revenue increased 1.8% to $24.3 million. The company significantly reduced operating cash burn and saw improvements in GAAP and non-GAAP product and service margins. They also completed restructuring efforts and are focused on inorganic growth.
Net cash used in operating activities decreased 46% year-over-year to $8.5 million.
GAAP revenue decreased 5.2% year-over-year to $25.1 million, but core product and service revenue increased 1.8% year-over-year to $24.3 million.
GAAP product and service margin improved 567 basis points sequentially to 46.6%.
The company launched the Hyperion XTi™ Imaging System and completed restructuring efforts.
Standard Biotool
Standard Biotool
Forward Guidance
Standard BioTools expects flat-to-moderate growth in core product and service revenues for 2023, with GAAP product and services margins expected to increase to 52%-55% and non-GAAP margins to 65%-68% by the fourth quarter of 2023.
Positive Outlook
- Expects flat-to-moderate growth in core product and service revenues relative to 2022.
- GAAP product and services margins are currently expected to increase to 52%–55% by the fourth quarter of 2023.
- Non-GAAP product and services margins are expected to increase to 65%–68% by the fourth quarter of 2023.
- Expects GAAP operating expenses of approximately $118 million to $123 million.
- Expects non-GAAP operating expenses of approximately $102 million to $107 million for 2023.
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Restructuring may lead to loss of customers, suppliers, and employees.
- Internal and external costs may be higher than expected.
- Changes in business or external market conditions could impact results.
- Uncertainties in contractual relationships may arise.