Standard Biotools Inc 8-K, filed Feb 28, 2024

Standard Biotools Inc. (LAB)

8-K 2024-02-28 For: 2024-02-28

View Original

Added on April 10, 2026

About this 8-K

Standard Biotools Inc filed this 8-K on February 28, 2024.

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware (State or other jurisdiction of incorporation or organization)	001-34180 (Commission File Number)	77-0513190 (I.R.S. Employer Identification Number)
2 Tower Place, Suite 2000 South San Francisco, California 94080
(Address of principal executive offices and zip code)
(650) 266-6000
(Registrant's telephone number, including area code)


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.001 par value per share	LAB	Nasdaq Global Select Market


Exhibit No.		Description
99.1		Press release issued by Standard BioTools Inc., dated February 28, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	Date:		February 28, 2024


	STANDARD BIOTOOLS INC.

	By:		/s/ Jeffrey Black
	Name:		Jeffrey Black
	Title:		Chief Financial Officer


	Quarter Ended			Year Ended
(Unaudited, in millions, except percentages)	December 31, 2023			December 31, 2023
Revenue	$	28.2		$	106.3
GAAP gross margin		47.4	%		47.4	%
Non-GAAP gross margin		59.6	%		60.1	%
Operating expenses	$	34.7		$	127.1
Non-GAAP operating expenses	$	24.3		$	98.6
Operating loss	$	(21.4	)	$	(76.6	)
Net loss	$	(19.8	)	$	(74.7	)
Non-GAAP adjusted EBITDA	$	(7.5	)	$	(34.7	)
Cash, cash equivalents, restricted cash, and short-term investments				$	115.7
Combined pro forma cash, cash equivalents, restricted cash and short-term investments3				$	565.3


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2023			2022			2023			2022
	(Unaudited)
Revenue:
Product revenue	$	21,384		$	20,919		$	79,198		$	72,454
Service and other revenue		6,804			6,102			27,142			25,494
Total revenue		28,188			27,021			106,340			97,948
Cost of revenue:
Cost of product revenue		11,666			13,387			44,942			52,555
Cost of service and other revenue		3,165			2,467			10,948			8,342
Total cost of revenue		14,831			15,854			55,890			60,897
Gross profit		13,357			11,167			50,450			37,051
Operating expenses:
Research and development		6,909			7,425			25,948			37,382
Selling, general and administrative		21,354			20,224			87,541			102,285
Restructuring and related charges		1,661			4,630			7,076			9,732
Transaction-related expenses		4,819			—			6,485			3,857
Total operating expenses		34,743			32,279			127,050			153,256
Loss from operations		(21,386	)		(21,112	)		(76,600	)		(116,205	)
Interest expense		(1,098	)		(1,190	)		(4,567	)		(4,331	)
Loss on forward sale of Series B Preferred Stock		—			—			—			(60,081	)
Loss on Bridge Loans		—			—			—			(13,719	)
Other income (expense), net		2,546			1,527			6,963			1,408
Loss before income taxes		(19,938	)		(20,775	)		(74,204	)		(192,928	)
Income tax benefit (expense)		162			(70	)		(452	)		2,830
Net loss	$	(19,776	)	$	(20,845	)	$	(74,656	)	$	(190,098	)
Net loss per share, basic and diluted	$	(0.25	)	$	(0.26	)	$	(0.94	)	$	(2.43	)
Shares used in computing net loss per share, basic and diluted		79,729			79,434			79,160			78,305


	December 31, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	51,704		$	81,309
Short-term investments		63,191			84,475
Accounts receivable, net		19,660			17,280
Inventories, net		20,533			21,473
Prepaid expenses and other current assets		3,127			4,278
Total current assets		158,215			208,815
Property and equipment, net		24,187			25,652
Operating lease right-of-use asset, net		30,663			33,883
Other non-current assets		2,285			3,109
Developed technology, net		1,400			12,600
Goodwill		106,317			106,251
Total assets	$	323,067		$	390,310

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	9,236		$	7,914
Accrued compensation and related benefits		11,867			9,153
Operating lease liabilities, current		4,323			3,682
Deferred revenue, current		11,607			10,792
Deferred grant income, current		3,612			3,644
Other accrued liabilities		9,152			6,175
Term loan, current		5,000			2,083
Convertible notes, current		54,530			—
Total current liabilities		109,327			43,443
Convertible notes, non-current		569			54,615
Term loan, non-current		3,414			8,194
Deferred tax liability		841			1,055
Operating lease liabilities, non-current		30,374			34,081
Deferred revenue, non-current		3,520			3,816
Deferred grant income, non-current		10,755			14,359
Other non-current liabilities		1,065			961
Total liabilities		159,865			160,524
Mezzanine equity:
Redeemable preferred stock		311,253			311,253
Total stockholders’ deficit		(148,051	)		(81,467	)
Total liabilities, mezzanine equity and stockholders’ deficit	$	323,067		$	390,310


	Twelve Months Ended December 31,
	2023			2022
Operating activities
Net loss	$	(74,656	)	$	(190,098	)
Loss on forward sale of Series B Preferred Stock		—			60,081
Loss on bridge loans		—			13,719
Stock-based compensation expense		13,123			14,880
Amortization of developed technology		11,200			11,528
Depreciation and amortization		3,980			3,499
Provision for excess and obsolete inventory		1,496			7,874
Impairment of InstruNor developed technology intangible		—			3,526
Amortization of debt discounts, premiums and issuance costs		770			830
Other non-cash items		(987	)		273
Changes in assets and liabilities, net		1,787			(15,482	)
Net cash used in operating activities		(43,287	)		(89,370	)

Investing activities
Purchases of short-term investments		(94,896	)		(137,302	)
Proceeds from sales and maturities of investments		117,964			53,000
Purchases of property and equipment		(2,831	)		(3,825	)
Net cash provided by (used in) investing activities		20,237			(88,127	)

Financing activities
Proceeds from bridge loans		—			25,000
Proceeds from issuance of Series B Preferred Stock		—			225,000
Repayment of term loan and advances under revolving credit facility		(2,083	)		(6,838	)
Payment of debt and equity issuance costs		—			(12,547	)
Repurchase of common stock		(5,414	)		(563	)
Proceeds from ESPP stock issuance		827			917
Payments for taxes related to net share settlement of equity awards and other		(139	)		(211	)
Net cash provided by (used in) financing activities		(6,809	)		230,758
Effect of foreign exchange rate fluctuations on cash and cash equivalents		34			(404	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(29,825	)		52,857
Cash, cash equivalents and restricted cash at beginning of period		82,324			29,467
Cash, cash equivalents and restricted cash at end of period	$	52,499		$	82,324

Cash, cash equivalents, and restricted cash consists of:
Cash and cash equivalents	$	51,704		$	81,309
Restricted cash		795			1,015


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2023			2022			2023			2022
GAAP gross profit	$	13,357		$	11,167		$	50,450		$	37,051
Amortization of developed technology		2,800			2,800			11,200			11,208
Depreciation and amortization		482			297			1,473			1,245
Stock-based compensation expense		163			133			811			592
Non-GAAP gross profit	$	16,802		$	14,397		$	63,934		$	50,096

GAAP gross margin percentage		47.4	%		41.3	%		47.4	%		37.8	%
Amortization of developed technology		9.9	%		10.4	%		10.5	%		11.4	%
Depreciation and amortization		1.7	%		1.1	%		1.4	%		1.3	%
Stock-based compensation expense		0.6	%		0.5	%		0.8	%		0.6	%
Non-GAAP gross margin percentage		59.6	%		53.3	%		60.1	%		51.1	%


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2023			2022			2023			2022
GAAP operating expenses	$	34,743		$	32,279		$	127,050		$	153,256
Restructuring and related charges		(1,661	)		(4,630	)		(7,076	)		(9,732	)
Transaction-related expenses		(4,819	)		—			(6,485	)		(3,857	)
Stock-based compensation expense		(3,312	)		(1,548	)		(12,312	)		(14,288	)
Depreciation and amortization		(624	)		(523	)		(2,507	)		(2,575	)
Impairment of intangible assets		—			—			—			(3,526	)
Loss on disposal of property and equipment		—			(100	)		(73	)		(312	)
Non-GAAP operating expenses	$	24,327		$	25,478		$	98,597		$	118,966

GAAP R&D operating expenses	$	6,909		$	7,425		$	25,948		$	37,382
Stock-based compensation expense		(430	)		(467	)		(1,671	)		(2,481	)
Depreciation and amortization		(125	)		(150	)		(526	)		(954	)
Impairment of intangible assets		—			—			—			(3,526	)
Non-GAAP R&D operating expenses	$	6,354		$	6,808		$	23,751		$	30,421

GAAP SG&A operating expenses	$	21,354		$	20,224		$	87,541		$	102,285
Stock-based compensation expense		(2,882	)		(1,081	)		(10,641	)		(11,807	)
Depreciation and amortization		(499	)		(373	)		(1,981	)		(1,621	)
Loss on disposal of property and equipment		—			(100	)		(73	)		(312	)
Non-GAAP SG&A operating expenses	$	17,973		$	18,670		$	74,846		$	88,545


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2023			2022			2023			2022
Net cash used in operating activities (1)	$	(14,061	)	$	(19,181	)	$	(43,287	)	$	(89,370	)
Purchases of property and equipment		(78	)		(755	)		(2,831	)		(3,825	)
Cash paid for interest		1,648			1,646			3,819			3,493
Operating cash use	$	(12,491	)	$	(18,290	)	$	(42,299	)	$	(89,702	)