Standard BioTools Reports Fourth Quarter and Full Year 2025 Financial Results

BOSTON, Mass., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the “Company” or “Standard BioTools”) today announced financial results for the quarter and fiscal year ended December 31, 2025. Recent Highlights: Fourth quarter 2025 revenue from Continuing Operations of $23.8 million; Full Year 2025 revenue of $85.3 million Fully operationalized over $40 million in previously announced annualized cost savings supporting path to positive adjusted EBITDA and adjusted cash flow exiting 2026 Approximately $550 million in cash & investments following the closing of the SomaLogic transaction on January 30, 20261 to fuel inorganic growth strategy “We delivered a strong finish to the year with better-than-expected performance, driven by disciplined execution across the business,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “Our team continued to deliver tangible efficiency gains, fully operationalizing over $40 million in previously announced cost savings and exiting the year with meaningfully lower run-rate operating expenses, reinforcing progress toward achieving our 2026 profitability targets.” Dr. Egholm continued, “Looking ahead, we enter 2026 with a focused and streamlined business, a proven team executing with the rigor of the Standard BioTools Business System (SBS), a strong balance sheet following the strategic sale of SomaLogic to Illumina, and approximately $1 billion in NOL carryforwards. Taken together, these differentiated assets provide significant flexibility to pursue disciplined M&A and drive long-term shareholder value.” Financial Results Table: Continuing Operations As Reported Three Months Ended Twelve Months Ended (Unaudited, in millions, except percentages) December 31, 2025 December 31, 2025 Revenue $ 23.8 $ 85.3 Gross margin 47.8 % 49.9 % Non-GAAP gross margin 50.3 % 53.6 % Operating expenses $ 36.0 $ 152.8 Non-GAAP operating expenses $ 27.8 $ 108.3 Operating loss $ (24.6 ) $ (110.2 ) Net loss from continuing operations $ 13.9 $ (58.8 ) Adjusted EBITDA $ (15.8 ) $ (62.6 ) Cash, cash equivalents, restricted cash, and liquid investments $ 210.7 $ 210.7 1 This approximate cash and investments balance is unaudited and may be adjusted as a result of, among other things, completion of financial closing procedures and internal reviews. This financial information does not represent a comprehensive statement of the Company’s current financial results. Fourth Quarter 2025 Financial Results: Continuing Operations Following the announced sale of SomaLogic, Inc. (“SomaLogic”) and other specified assets to Illumina, Inc. (“Illumina”) in June 2025, which transaction closed in January 2026, all financial results in this section reflect continuing operations only. Revenue was $23.8 million in the fourth quarter of 2025, down 4% year-over-year. Consumables revenue was $9.0 million in the fourth quarter of 2025, down 17% year-over-year. Lower consumables revenue in the quarter reflected project funding declines primarily in flow and microfluidics.  Instruments revenue was $8.5 million in the fourth quarter of 2025, up 10% year-over-year. Instrument revenue in the quarter reflected strong growth in imaging but overall remained impacted by capital-constrained end-markets, particularly in the Americas. Services revenue, which is predominantly Field Services, was $6.4 million in the fourth quarter of 2025, up 1% year-over-year. Lab Services revenue increased due to higher demand from pharmaceutical customers, offset by decreased Field Services revenue due to fewer active service contracts and lower on-demand revenue driven by improved instrument quality and uptime. Gross margins in the fourth quarter of 2025 were approximately 47.8%, versus 45.8% in the fourth quarter of 2024; and non-GAAP gross margins in the fourth quarter of 2025 were approximately 50.3%, versus 48.1% in the fourth quarter of 2024. Gross margins and non-GAAP gross margins were driven by volume and product mix. Operating expenses in the fourth quarter of 2025 were $36.0 million, a decrease of $1.4 million, or down 4%, compared to the fourth quarter of 2024. Operating expenses included $2.1 million in restructuring and related charges. Non-GAAP operating expenses, which exclude transaction costs, stock-based compensation, and restructuring charges, were $27.8 million in the fourth quarter of 2025, a decrease of $0.4 million, or down 1%, compared to the fourth quarter of 2024. The decrease in operating expenses was due to restructuring actions. Net income for the fourth quarter of 2025 was $13.9 million, compared to a net loss of $27.2 million in the fourth quarter of 2024, representing a change of $41.1 million or 151%. The improvement primarily reflects a one-time, non-cash partial release of $38.4 million of the U.S. deferred tax valuation allowance, based on expected gains from the Sengenics and SomaLogic divestitures and our conclusion that this portion will be realized. Adjusted EBITDA for the fourth quarter of 2025 was a loss of $15.8 million, versus an adjusted EBITDA loss of $16.2 million in the fourth quarter of 2024, an improvement of $0.4 million, or 3%. Full Year 2025 Financial Results: Continuing Operations Following the announced sale of SomaLogic and other specified assets to Illumina, in June 2025, which transaction closed in January 2026, all financial results in this section reflect continuing operations only. Revenue was $85.3 million in 2025, down 6% year-over-year. Consumables revenue was $36.2 million in 2025, down 11% year-over-year. Lower consumables revenue in the year reflected project funding declines in flow and microfluidics. Instruments revenue was $25.4 million in 2025, up 2% year-over-year. Instrument revenue in the year reflected growth in imaging but overall remained impacted by capital-constrained end-markets globally. Services revenue, which is predominantly Field Services, was $23.7 million in 2025, down 7% year-over-year. Lab Services revenue increased due to higher demand from pharmaceutical customers, offset by decreased Field Services revenue due to fewer active service contracts and lower on-demand revenue driven by improved instrument quality and uptime. Gross margins in 2025 were approximately 49.9%, versus 49.3% in 2024; and non-GAAP gross margins in 2025 were approximately 53.6%, versus 53.3% in 2024. Gross margins and non-GAAP gross margins were driven by volume and product mix. Operating expenses in 2025 were $152.8 million, a decrease of $19.6 million, or down 11%, compared to 2024. Operating expenses included $14.8 million in restructuring and related charges. Non-GAAP operating expenses, which exclude transaction costs, stock-based compensation, and restructuring charges, were $108.3 million in 2025, a decrease of $4.4 million, or down 4%, compared to 2024. The decrease in operating expenses was due to restructuring actions. Net loss for 2025 was $58.8 million, compared to a net loss of $90.9 million in 2024, representing an improvement of $32.1 million or 35%. The improvement primarily reflects a one-time, non-cash partial release of $38.4 million of the U.S. deferred tax valuation allowance, based on expected gains from the Sengenics and SomaLogic divestitures and our conclusion that this portion will be realized. Adjusted EBITDA for 2025 was a loss of $62.6 million, versus an adjusted EBITDA loss of $64.2 million in 2024, an improvement of $1.7 million, or 3%. Net operating loss (NOL) carry forwards of approximately $1 billion for US federal income tax purposes. Utilization of this NOL carry forward may be subject to expiration and substantial annual limitations. Full Year 2026 Revenue Outlook For fiscal year 2026, the Company expects revenue in the range of $80 million to $85 million, with seasonality similar to prior years. Use of Non-GAAP Financial Information Standard BioTools has presented certain financial information in accordance with U.S. GAAP and on a non-GAAP basis. The non-GAAP financial measures included in this press release are non-GAAP gross margin, non-GAAP gross profit, non-GAAP operating expenses, and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of the Company’s core operating performance. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company’s core operating results. Management uses non-GAAP measures to compare the Company’s performance relative to forecasts and strategic plans and to benchmark the Company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the Company’s operating results as reported under U.S. GAAP. Standard BioTools encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP financial measures are presented in the accompanying tables of this release.  Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding future financial and business performance, including with respect to the full year 2026 revenue outlook and expected cash following the closing of the transaction with Illumina; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits from the transaction with Illumina and the expected benefits and synergies of prior and potential future acquisitions, including the potential for such transactions to drive long-term profitable growth. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including, but not limited to, the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; risks that the anticipated benefits and synergies resulting from prior and potential future acquisitions and the integration of any such businesses, including the potential for such transactions to drive long-term profitable growth, may not be fully realized or may take longer to realize than expected; risks that the Company may not realize expected cost savings from such transactions; possible integration, restructuring and transition-related disruption resulting from such transactions, including through the loss of customers, suppliers, and employees and adverse impacts on the Company’s development activities and results of operation; integration and restructuring activities, including customer and employee relations, management distraction, and reduced operating performance; risks that internal and external costs required for ongoing and planned activities may be higher than expected, which may cause the Company to use cash more quickly than it expects or change or curtail some of the Company’s plans, or both; risks that the Company’s expectations as to expenses, cash usage, and cash needs may prove not to be correct for other reasons such as changes in plans or actual events being different than our assumptions; changes in the Company’s business or external market conditions; existing and potential future NIH funding pressures; the effect from existing and potential future U.S. export controls and tariffs; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; interruptions or delays in the supply of components or materials for, or manufacturing of, the Company’s products; reliance on sales of capital equipment for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs or expenses; continued or sustained budgetary, inflationary, or recessionary pressures; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; uncertainties relating to the Company’s research and development activities, and distribution plans and capabilities; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition. For information regarding other related risks, see the “Risk Factors” section of the Company’s annual report on Form 10-K, for the year ended December 31, 2024, filed with the SEC on March 11, 2025, the Company’s quarterly report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 15, 2025, and in the Company’s other filings with the SEC. These forward-looking statements speak only as of the date hereof. The Company disclaims any obligation to update these forward-looking statements except as may be required by law. About Standard BioTools Inc. Standard BioTools, Inc. (Nasdaq: LAB), is committed to setting the new standard in the life science tools industry through strategic consolidation, best-in-class operations and a world class management team. The Company's established portfolio includes essential, standardized next-generation solutions designed to help biomedical researchers develop better therapeutics faster. Learn more at standardbio.com or connect with us on X, Facebook®, LinkedIn, and YouTube™. For Research Use Only. Not for use in diagnostic procedures. Limited Use Label License and other terms may apply: standardbio.com/legal/salesterms. Patent and License Information: standardbio.com/legal/notices. Trademarks: standardbio.com/legal/trademarks. Any other trademarks are the sole property of their respective owners. ©2026 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved. Investor Contact: [email protected] STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Continuing Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue: Product revenue $ 17,405 $ 18,442 $ 61,659 $ 65,429 Services and other revenue 6,390 6,335 23,672 25,579 Total revenue 23,795 24,777 85,331 91,008 Cost of revenue: Cost of product revenue 8,786 8,877 29,553 30,652 Cost of services and other revenue 3,627 4,543 13,235 15,473 Total cost of revenue 12,413 13,420 42,788 46,125 Gross profit 11,382 11,357 42,543 44,883 Operating expenses: Research and development 7,969 7,040 25,987 28,831 Selling, general and administrative 25,337 27,318 109,861 103,058 Restructuring and related charges 2,075 126 14,782 12,500 Transaction and integration expenses 645 2,955 2,162 27,979 Total operating expenses 36,026 37,439 152,792 172,368 Loss from operations (24,644 ) (26,082 ) (110,249 ) (127,485 ) Bargain purchase gain — — — 25,213 Interest income 1,662 3,896 9,179 20,199 Interest expense (5 ) (572 ) (26 ) (3,316 ) Other income (expense), net 956 (4,143 ) 4,394 (5,008 ) Loss before income taxes (22,031 ) (26,901 ) (96,702 ) (90,397 ) Income tax benefit (expense) 35,932 (272 ) 37,876 (542 ) Net income (loss) from continuing operations 13,901 (27,173 ) (58,826 ) (90,939 ) Discontinued operations: Income (loss) from discontinued operations, net of tax 5,382 (6,899 ) (16,070 ) (47,946 ) Net income (loss) $ 19,283 $ (34,072 ) $ (74,896 ) $ (138,885 ) Induced conversion of redeemable preferred stock - - - (46,014 ) Net income (loss) attributable to common stockholders $ 19,283 $ (34,072 ) $ (74,896 ) $ (184,899 ) Net income (loss) per share from continuing operations $ 0.04 $ (0.07 ) $ (0.15 ) $ (0.39 ) Net income (loss) per share from discontinued operations $ 0.01 $ (0.02 ) $ (0.04 ) $ (0.14 ) Net income (loss) per share attributable to common stockholders $ 0.05 $ (0.09 ) $ (0.20 ) $ (0.52 ) Shares used in computing net income (loss) per share attributable to common stockholders 385,048 374,544 381,623 353,245 STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED BALANCE SHEETS Continuing Operations (In thousands) (Unaudited) December 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 118,213 $ 166,728 Short-term investments 69,362 126,146 Accounts receivable, net 13,431 14,741 Inventory 19,981 20,744 Prepaid expenses and other current assets 4,871 4,561 Current assets held for sale 228,406 42,963 Total current assets 454,264 375,883 Property and equipment, net 19,275 22,775 Operating lease right-of-use asset, net 26,732 26,567 Other non-current assets 3,154 3,550 Long-term investments 25,701 — Deferred tax asset, non-current 38,628 138 Non-current assets held for sale — 183,432 Total assets $ 567,754 $ 612,345 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,407 $ 5,049 Accrued liabilities 29,783 21,435 Operating lease liabilities, current 5,490 4,806 Deferred revenue, current 38,949 10,274 Deferred grant income, current 3,046 3,527 Current liabilities held for sale 25,633 20,804 Total current liabilities 108,308 65,895 Convertible notes, non-current 299 299 Deferred tax liability 810 1,081 Operating lease liabilities, non-current 25,038 25,590 Deferred revenue, non-current 3,503 32,674 Deferred grant income, non-current 4,290 7,243 Other non-current liabilities 1,215 1,062 Non-current liabilities held for sale — 6,779 Total liabilities 143,463 140,623 Total stockholders’ equity 424,291 471,722 Total liabilities and stockholders’ equity $ 567,754 $ 612,345 STANDARD BIOTOOLS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Twelve Months Ended December 31, 2025 2024 Operating activities Net loss $ (74,896 ) $ (138,885 ) Bargain purchase gain — (25,213 ) Stock-based compensation expense 29,613 31,732 Amortization of acquired intangible assets 1,715 4,346 Depreciation and amortization 9,262 12,515 Accretion of discount on short-term investments, net (2,653 ) (7,435 ) Non-cash lease expense 604 — Non-cash lease expense 6,019 5,766 Provision for excess and obsolete inventory 3,468 2,524 Change in fair value of warrants (232 ) (632 ) Change in fair value of contingent consideration (3,177 ) — Other non-cash items 905 1,025 Changes in assets and liabilities, net (44,978 ) (29,197 ) Net cash used in operating activities (74,350 ) (143,454 ) Investing activities Cash and restricted cash acquired in the Merger — 280,033 Acquisition of business, net of cash acquired — (1,385 ) Purchases of short-term marketable debt securities (101,753 ) (256,119 ) Purchases of long-term marketable debt securities (32,321 ) — Purchases of marketable equity securities (6,857 ) — Purchase of convertible note receivable (5,000 ) — Proceeds from sales and maturities of investments 179,000 349,000 Purchases of property and equipment (8,303 ) (8,355 ) Net cash provided by (used in) investing activities 24,766 363,174 Financing activities Repayment of term loan and convertible notes — (63,192 ) Payment of term loan fee — (545 ) Repurchase of common stock — (40,490 ) Proceeds from ESPP stock issuance 523 918 Payments for taxes related to net share settlement of equity awards and other (484 ) (459 ) Proceeds from exercise of stock options 531 1,152 Net cash provided by (used in) financing activities 570 (102,616 ) Effect of foreign exchange rate fluctuations on cash and cash equivalents 842 (785 ) Net increase (decrease) in cash, cash equivalents and restricted cash (48,172 ) 116,319 Cash, cash equivalents and restricted cash at beginning of period 168,818 52,499 Cash, cash equivalents and restricted cash at end of period $ 120,646 $ 168,818 Cash, cash equivalents, and restricted cash consists of: Cash and cash equivalents $ 118,213 $ 166,728 Restricted cash 2,433 2,090 Total cash, cash equivalents and restricted cash $ 120,646 $ 168,818 STANDARD BIOTOOLS INC. REVENUE Continuing Operations (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Product revenue: Instruments $ 8,455 $ 7,668 $ 25,411 $ 24,889 Consumables 8,950 10,774 36,248 40,540 Total product revenue 17,405 18,442 61,659 65,429 Services and other revenue 6,390 6,335 23,672 25,579 Total revenue $ 23,795 $ 24,777 $ 85,331 $ 91,008 STANDARD BIOTOOLS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION Continuing Operations (In thousands) (Unaudited) ITEMIZED RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE As Reported Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Gross profit $ 11,382 $ 11,357 $ 42,543 $ 44,883 Amortization of acquired intangible assets — — — 1,407 Depreciation and amortization 145 277 1,552 1,294 Stock-based compensation expense 431 295 1,461 896 Loss on disposal of property and equipment — — 187 — Non-GAAP gross profit $ 11,958 $ 11,929 $ 45,743 $ 48,480 Gross margin percentage 47.8 % 45.8 % 49.9 % 49.3 % Amortization of acquired intangible assets — — — 1.6 % Depreciation and amortization 0.6 % 1.1 % 1.8 % 1.4 % Stock-based compensation expense 1.9 % 1.2 % 1.7 % 1.0 % Loss on disposal of property and equipment — — 0.2 % — Non-GAAP gross margin percentage 50.3 % 48.1 % 53.6 % 53.3 % STANDARD BIOTOOLS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION Continuing Operations (In thousands) (Unaudited) ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES As Reported Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Operating expenses $ 36,026 $ 37,439 $ 152,792 $ 172,368 Restructuring and related charges (1) (2,075 ) (126 ) (14,782 ) (12,500 ) Transaction and integration expenses (645 ) (2,955 ) (2,162 ) (27,979 ) Stock-based compensation expense (4,386 ) (5,489 ) (22,101 ) (16,515 ) Depreciation and amortization (1,142 ) (655 ) (5,428 ) (2,600 ) Loss on disposal of property and equipment (10 ) (48 ) (10 ) (75 ) Non-GAAP operating expenses $ 27,768 $ 28,166 $ 108,309 $ 112,699 R&D operating expenses $ 7,969 $ 7,040 $ 25,987 $ 28,831 Stock-based compensation expense (600 ) (655 ) (1,917 ) (1,702 ) Depreciation and amortization (184 ) (144 ) (1,181 ) (581 ) (Loss) gain on disposal of property and equipment (7 ) (3 ) 21 (3 ) Non-GAAP R&D operating expenses $ 7,178 $ 6,238 $ 22,910 $ 26,545 SG&A operating expenses $ 25,337 $ 27,318 $ 109,861 $ 103,058 Stock-based compensation expense (3,786 ) (4,834 ) (20,184 ) (14,813 ) Depreciation and amortization (958 ) (511 ) (4,247 ) (2,019 ) Loss on disposal of property and equipment (3 ) (45 ) (31 ) (72 ) Non-GAAP SG&A operating expenses $ 20,590 $ 21,928 $ 85,399 $ 86,154 Restructuring and related charges for the twelve months ended December 31, 2025 includes $2.2 million of stock-based compensation expense. STANDARD BIOTOOLS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION Continuing Operations (In thousands) (Unaudited) ITEMIZED RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA As Reported Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net loss $ 13,901 $ (27,173 ) $ (58,826 ) $ (90,939 ) Income tax (benefit) expense (35,932 ) 272 (37,876 ) 542 Interest income (1,662 ) (3,896 ) (9,179 ) (20,199 ) Interest expense 5 572 26 3,316 Amortization of acquired intangible assets — — — 1,407 Depreciation and amortization 1,287 932 6,980 3,894 Bargain purchase gain — — — (25,213 ) Restructuring and related charges 2,075 126 12,570 12,500 Transaction and integration expenses 645 2,955 2,162 27,979 Stock-based compensation expense (1) 4,817 5,784 25,774 17,411 Loss on disposal of property and equipment 10 48 197 75 Other non-operating (income) expense (956 ) 4,143 (4,394 ) 5,008 Adjusted EBITDA (15,810 ) (16,237 ) (62,566 ) (64,219 ) Stock-based compensation expense for the twelve months ended December 31, 2025 includes $2.2 million of expense that is allocated to restructuring and related charges on the Company’s consolidated statement of operations. Source: Standard BioTools Inc.