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Jun 30, 2024
Standard Biotool Q2 2024 Earnings Report
Revenue of $37.2 million was delivered and merger synergies were accelerated.
Key Takeaways
Standard BioTools reported revenue of $37.2 million for Q2 2024. The company is focused on optimizing cost structure and accelerating merger synergies, expecting to operationalize $80 million in cost reductions by the end of 2024. They are on track to achieve adjusted EBITDA break-even for the full year 2026 and have a current balance sheet of $396 million in cash, cash equivalents, restricted cash, and short-term investments.
Revenue was $37 million in the second quarter, up 34% year-over-year, reflecting the impact of SomaScan assay services, kits and related revenue.
Cash, cash equivalents, restricted cash and short-term investments at June 30, 2024 were $396 million, reflecting payment in the second quarter of $38 million of expenses related to the merger with SomaLogic, Inc. and the completed repurchases of the Company’s common stock in the second quarter.
The company repurchased approximately 11.3 million shares of common stock during the second quarter of 2024 for an aggregate purchase price of approximately $29 million at an average price of $2.57 per share under the Company’s previously announced common stock repurchase program.
Revised FY2024 revenue guidance to a range of $170 million to $175 million and on-track to achieve anticipated break-even adjusted EBITDA for full-year 2026.
Revenue by Segment
Forward Guidance
The Company has revised its full year 2024 revenue guidance to a range of $170 million to $175 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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