Standard BioTools Announces Preliminary Fourth Quarter and Full Year 2023 Revenue

Achieving scale with pro forma full year 2023 revenue of approximately $192 million

SOUTH SAN FRANCISCO, Calif., Jan. 08, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (Nasdaq: LAB) (Standard BioTools or the Company), driven by a bold purpose – Unleashing tools to accelerate breakthroughs in human health, today announced Standard BioTools and SomaLogic, Inc. preliminary and unaudited revenue results for the fourth quarter and full year 2023.

Standard BioTools expects fourth quarter 2023 revenue of approximately $28 million and full year 2023 revenue of approximately $106 million. The Company’s preliminary full year 2023 revenue results represent growth of over 10% in core revenue¹ driven by over 40% growth in instrument revenue, in each case as compared with 2022.

SomaLogic expects fourth quarter 2023 revenue of approximately $23 million and full year 2023 revenue of approximately $86 million.  

As previously announced, Standard BioTools completed its merger with SomaLogic on January 5, 2024. Standard BioTools expects cash, cash equivalents and short-term investments of the combined company to be over $550 million as of December 31, 2023, on a pro forma condensed combined basis.

Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools, said, “With steadfast operating discipline, we continue to make important progress executing against our long-term strategic transformation plan, and we are excited to move forward as a combined company with SomaLogic. We are pleased that both companies delivered annual revenues above our stated targets, which we achieved in a challenging macroenvironment, and remain committed to building a scalable, profitable suite of differentiated life science tools and accelerating breakthroughs in health care.”

Standard BioTools expects to report its fourth quarter and full year 2023 results in early March, at which time the Company will discuss its 2023 financial results in more detail and provide its outlook for 2024.

The Company’s and SomaLogic’s unaudited, preliminary 2023 revenue results and unaudited pro forma condensed combined cash, cash equivalents and short-term investments are based on current expectations and may be adjusted as a result of, among other things, completion of annual audit procedures. This financial information does not represent a comprehensive statement of the Company’s or SomaLogic’s financial results for the fourth quarter or full year 2023 and remains subject to the completion of financial closing procedures and internal reviews.