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Standard BioTools Reports Third Quarter 2024 Financial Results
Источник: Nasdaq GlobeNewswire / 30 окт 2024 16:01:01 America/New_York
SOUTH SAN FRANCISCO, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Standard BioTools Inc. (NASDAQ: LAB) (the “Company”) today announced unaudited interim financial results for the third quarter ended September 30, 2024.
Recent Highlights:
- Reported third quarter 2024 revenue of $45 million
- Ongoing merger cost synergy realization delivered 50% adjusted EBITDA improvement and 35% net loss improvement year-over-year
- Operationalized approximately $80 million in merger synergies, expected to be fully realized in 2025, and reinforcing path to adjusted EBITDA break-even in 2026
- Balance sheet as of September 30, 2024, includes $368 million cash, cash equivalents, restricted cash and short-term investments
“Powered by Standard BioTools Business System (SBS), we focused our third quarter efforts on driving commercial execution and enhancing overall operating efficiency. Our team delivered sequential top-line improvement and a significant reduction in spend,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “Last quarter, we announced the acceleration of our anticipated $80 million of merger synergies into 2025, contributing to a 50% improvement in adjusted EBITDA year over year, keeping us on track toward achieving our break-even adjusted EBITDA target in 2026.”
Mr. Egholm added, “Our focus on operational excellence and profitability is positioning us for sustained value creation once macro pressures ease. At the same time, we’re investing in certain growth levers within our leading multi-omics portfolio while actively pursuing strategic M&A to accelerate our mission toward becoming a diversified leader in the life science tools industry.”
Financial Results Table
(Unaudited, in millions) As Reported Three Months Ended
September 30, 2024Nine Months Ended
September 30, 2024Revenue $ 45.0 $ 127.7 Gross margin 51.7 % 48.8 % Non-GAAP gross margin 56.9 % 53.2 % Operating expenses $ 55.0 $ 204.8 Non-GAAP operating expenses $ 39.8 $ 137.2 Operating loss $ (31.7 ) $ (142.4 ) Net loss $ (26.9 ) $ (104.8 ) Adjusted EBITDA $ (14.2 ) $ (69.2 ) Cash, cash equivalents, restricted cash & short-term investments $ 367.6 $ 367.6 Selected Pro Forma Combined Unaudited Interim Financial Results
The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three- and nine- month periods ended September 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the merger between the Company and Somalogic (the “Merger”). The selected unaudited pro forma financial information for 2023 combines the historical results of the Company and SomaLogic for their respective three- and nine- month periods ended September 30, 2023. See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information.
(Unaudited, in millions) Pro Forma Combined Three Months Ended
September 30, 2024Three Months Ended
September 30, 2023Nine Months Ended
September 30, 2024Nine Months Ended
September 30, 2023Revenue $ 45.0 $ 47.4 $ 128.4 $ 141.0 Gross margin 51.7 % 42.5 % 47.5 % 43.9 % Non-GAAP gross margin 56.9 % 51.7 % 53.2 % 52.2 % Operating expenses $ 55.0 $ 67.4 $ 208.1 $ 214.7 Non-GAAP operating expenses $ 39.8 $ 52.7 $ 137.2 $ 175.7 Operating loss $ (31.7 ) $ (47.3 ) $ (147.2 ) $ (152.8 ) Net loss $ (26.9 ) $ (41.2 ) $ (134.6 ) $ (109.0 ) Adjusted EBITDA $ ( 14.2 ) $ (28.2 ) $ (68.9 ) $ (102.0 ) - Revenue was $45.0 million in the third quarter of 2024, down 5% year-over-year:
- Consumables revenue was $14.0 million in the third quarter of 2024, up 13% year-over-year. Consumables revenue grew on the strength of assay kits sales to SomaScan authorized sites and the Illumina early access program.
- Instruments revenue was $5.6 million in the third quarter of 2024, down 42% year-over-year. Instrument revenue was impacted by capital constrained end-markets globally with particular weakness in China.
- Services revenue, which includes both Lab Services and Field Services, was $24.4 million in the third quarter of 2024, flat year over year. Services benefited from the favorable timing of large SomaScan customer projects that shifted out of the second quarter into the third quarter, partially offset by lower installation services from lower instrument sales.
- Gross margins in the third quarter of 2024 were 51.7%, versus 42.5% in the third quarter of 2023; and non-GAAP gross margins in the third quarter of 2024 were 56.9%, versus 51.7% in the third quarter of 2023. Gross margins were impacted by positive mix in the third quarter and continued incremental efficiency gains from SBS.
- Operating expenses in the third quarter of 2024 was $55 million, a decrease of $12.5 million, or down 18.5%, compared to the third quarter of 2023, and non-GAAP operating expenses, which exclude merger-related costs, stock-based compensation, and restructuring charges, was $39.8 million, a decrease of $12.8 million, or down 24%, compared to the third quarter of 2023. The decrease in operating expenses is a result of ongoing realization of merger cost synergies as previously disclosed, a bonus accrual reduction in line with our full year expectations, as well as continued productivity gains from SBS.
- Net loss for the third quarter of 2024 was $26.9 million, compared to a net loss of $41.2 million in the third quarter of 2023, representing an improvement of $14.3 million or 34.6%, while adjusted EBITDA for the third quarter of 2024 was a loss of $14.2 million, versus an adjusted EBITDA loss of $28.2 million in 2023, an improvement of $14 million, or 49.6%.
FY 2024 Revenue Outlook
Following its third quarter 2024 results, the Company has reiterated its full year 2024 revenue guidance to a range of $170 million to $175 million.
Third quarter 2024 Earnings Conference Call Information
Standard BioTools will host a conference call and webcast on October 30, 2024 at 1:30 p.m. PT (4:30 p.m. ET) to discuss third quarter 2024 financial results. Live audio of the webcast will be available online along with an archived version of the webcast under the Events & Presentations page of the Company’s website.
Individuals interested in listening to the conference call may do so by dialing:
US domestic callers: 1-888-346-3970
Outside US callers: 1-412-902-4297Use 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 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 operating results are presented in the accompanying tables of this release.
Unaudited Pro Forma Results
The unaudited pro forma financial information for nine months ended September 30, 2024, combines the Company's financial results for the nine months ended September 30, 2024, and the historical results of SomaLogic for the 5-day period ended on the January 5, 2024, the closing date of the Merger. The unaudited pro forma financial information for the three and nine months ended September 30, 2023, combines the historical results of the Company and SomaLogic for their respective three- and nine-month periods ended September 30, 2023. The pro forma financial information for all periods presented has been adjusted to include certain nonrecurring impacts associated with the Merger, including the bargain purchase gain and transaction costs.
The unaudited pro forma financial information for all periods presented includes the business combination accounting effects resulting from the Merger, mainly including adjustments to reflect additional amortization expense from acquired intangible assets, adjustments to stock-based compensation expense, and additional depreciation expense from the acquired property and equipment. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2023. The results of SomaLogic have been consolidated with the Company's results since the closing date of the Merger.
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 future revenue, net loss and adjusted EBITDA; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits and synergies of the Merger, including the potential for it 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, risks that the anticipated benefits and synergies of the Merger and the integration of SomaLogic, including the potential for it 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 the Merger , including the anticipated decrease in operational expenses, at the levels it expects; possible integration, restructuring and transition-related disruption, 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; 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 filed with the SEC on March 1, 2024, 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), the parent company of SomaLogic Inc. and previously known as Fluidigm Corporation, has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies, which help transform scientific discoveries into better patient outcomes. Standard BioTools works with leading academic, government, pharmaceutical, biotechnology, plant and animal research and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology and immunotherapy. 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. ©2024 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.Investor Contact
David Holmes
Gilmartin Group LLC
ir@standardbio.comSTANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: Product revenue $ 19,593 $ 18,711 $ 65,348 $ 57,814 Services revenue 24,438 6,566 59,518 19,268 Collaboration and other revenue 938 90 2,848 1,070 Total revenue 44,969 25,367 127,714 78,152 Cost of revenue: Cost of product revenue 8,159 11,403 33,142 33,276 Cost of services revenue 13,536 2,810 32,115 7,783 Cost of collaboration and other revenue 13 — 100 — Total cost of revenue 21,708 14,213 65,357 41,059 Gross profit 23,261 11,154 62,357 37,093 Operating expenses: Research and development 13,156 6,370 48,358 19,039 Selling, general and administrative 34,403 22,292 119,020 66,187 Restructuring and related charges 2,341 1,998 12,374 5,415 Transaction and integration expenses 5,079 1,666 25,024 1,666 Total operating expenses 54,979 32,326 204,776 92,307 Loss from operations (31,718 ) (21,172 ) (142,419 ) (55,214 ) Bargain purchase gain — — 25,213 — Interest income, net 3,941 340 13,559 656 Other income (expense), net 957 (115 ) (865 ) 292 Loss before income taxes (26,820 ) (20,947 ) (104,512 ) (54,266 ) Income tax benefit (expense) (118 ) (50 ) (301 ) (614 ) Net loss $ (26,938 ) $ (20,997 ) $ (104,813 ) $ (54,880 ) Induced conversion of redeemable preferred stock — — (46,014 ) — Net loss attributable to common stockholders $ (26,938 ) $ (20,997 ) $ (150,827 ) $ (54,880 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.07 ) $ (0.27 ) $ (0.44 ) $ (0.69 ) Shares used in computing net loss per share attributable to common stockholders, basic and diluted 371,538 79,152 346,093 78,967 STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 210,647 $ 51,704 Short-term investments 155,683 63,191 Accounts receivable, net 35,317 19,660 Inventory 42,644 20,533 Prepaid expenses and other current assets 9,316 3,127 Total current assets 453,607 158,215 Inventory, non-current 17,949 — Royalty receivable, non-current 3,388 — Property and equipment, net 41,982 24,187 Operating lease right-of-use asset, net 30,264 30,663 Other non-current assets 4,640 2,285 Acquired intangible assets, net 23,367 1,400 Goodwill 106,342 106,317 Total assets $ 681,539 $ 323,067 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable $ 10,926 $ 9,236 Accrued liabilities 31,686 21,019 Operating lease liabilities, current 6,122 4,323 Deferred revenue, current 13,436 11,607 Deferred grant income, current 3,532 3,612 Term loan, current — 5,000 Convertible notes, current 54,913 54,530 Total current liabilities 120,615 109,327 Convertible notes, non-current 299 569 Term loan, non-current — 3,414 Deferred tax liability 841 841 Operating lease liabilities, non-current 28,140 30,374 Deferred revenue, non-current 32,682 3,520 Deferred grant income, non-current 8,119 10,755 Other non-current liabilities 1,510 1,065 Total liabilities 192,206 159,865 Mezzanine equity: Redeemable preferred stock — 311,253 Total stockholders’ equity (deficit) 489,333 (148,051 ) Total liabilities, mezzanine equity and stockholders’ equity (deficit) $ 681,539 $ 323,067 STANDARD BIOTOOLS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)Nine Months Ended September 30, 2024 2023 Operating activities Net loss $ (104,813 ) $ (54,880 ) Bargain purchase gain (25,213 ) — Stock-based compensation expense 24,262 9,648 Amortization of acquired intangible assets 3,533 8,400 Depreciation and amortization 9,375 2,874 Accretion of discount on short-term investments, net (6,303 ) (321 ) Non-cash lease expense 4,348 2,885 Provision for excess and obsolete inventory 1,991 963 Change in fair value of warrants (474 ) — Other non-cash items 1,111 611 Changes in assets and liabilities, net (37,212 ) 594 Net cash used in operating activities (129,395 ) (29,226 ) Investing activities Cash and restricted cash acquired in merger 280,033 — Purchases of short-term investments (226,612 ) (55,857 ) Proceeds from sales and maturities of investments 289,000 91,964 Purchases of property and equipment (4,973 ) (2,753 ) Net cash provided by investing activities 337,448 33,354 Financing activities Repayment of term loan and convertible notes (8,192 ) (833 ) Payment of term loan fee (545 ) — Repurchase of common stock (40,490 ) (5,240 ) Proceeds from ESPP stock issuance 425 326 Payments for taxes related to net share settlement of equity awards and other (414 ) (139 ) Proceeds from exercise of stock options 1,120 80 Net cash used in financing activities (48,096 ) (5,806 ) Effect of foreign exchange rate fluctuations on cash and cash equivalents (518 ) (196 ) Net increase in cash, cash equivalents and restricted cash 159,439 (1,874 ) Cash, cash equivalents and restricted cash at beginning of period 52,499 82,324 Cash, cash equivalents and restricted cash at end of period $ 211,938 $ 80,450 Cash, cash equivalents, and restricted cash consists of: Cash and cash equivalents $ 210,647 $ 79,655 Restricted cash 1,291 795 Total cash, cash equivalents and restricted cash $ 211,938 $ 80,450 STANDARD BIOTOOLS INC.
REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE
(In thousands)
(Unaudited)As Reported Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Product revenue: Instruments $ 5,586 $ 9,002 $ 19,959 $ 26,512 Consumables 14,007 9,709 45,389 31,302 Total product revenue 19,593 18,711 65,348 57,814 Service revenue: Lab services 18,247 114 40,780 564 Field services 6,191 6,452 18,738 18,704 Total service revenue 24,438 6,566 59,518 19,268 Product and service revenue 44,031 25,277 124,866 77,082 Collaboration and other revenue 938 90 2,848 1,070 Total revenue $ 44,969 $ 25,367 $ 127,714 $ 78,152 Non-GAAP Pro Forma Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Product revenue: Instruments $ 5,586 $ 9,712 $ 19,959 $ 27,683 Consumables 14,007 12,417 45,389 37,644 Total product revenue 19,593 22,129 65,348 65,327 Service revenue: Lab services 18,247 17,980 41,384 53,446 Field services 6,191 6,452 18,738 18,704 Total service revenue 24,438 24,432 60,122 72,150 Product and service revenue 44,031 46,561 125,470 137,477 Collaboration and other revenue 938 854 2,889 3,570 Total revenue $ 44,969 $ 47,415 $ 128,359 $ 141,047 STANDARD BIOTOOLS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)ITEMIZED RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE As Reported Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Gross profit $ 23,261 $ 11,154 $ 62,357 $ 37,093 Amortization of acquired intangible assets 555 2,800 3,051 8,400 Depreciation and amortization 1,445 333 3,435 991 Stock-based compensation expense 364 188 897 648 Cost of sales adjustment — — (1,812 ) — Non-GAAP gross profit $ 25,625 $ 14,475 $ 67,928 $ 47,132 Gross margin percentage 51.7 % 44.0 % 48.8 % 47.5 % Amortization of acquired intangible assets 1.2 % 11.0 % 2.4 % 10.7 % Depreciation and amortization 3.2 % 1.3 % 2.7 % 1.3 % Stock-based compensation expense 0.8 % 0.7 % 0.7 % 0.8 % Cost of sales adjustment 0.0 % 0.0 % (1.4 )% 0.0 % Non-GAAP gross margin percentage 56.9 % 57.0 % 53.2 % 60.3 % Non-GAAP Pro Forma Combined Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Gross profit $ 23,261 $ 20,138 $ 60,942 $ 61,924 Amortization of acquired intangible assets 555 3,355 3,051 10,067 Depreciation and amortization 1,445 760 3,435 2,150 Stock-based compensation expense 364 260 897 816 Cost of sales adjustment — — — (1,337 ) Non-GAAP gross profit $ 25,625 $ 24,513 $ 68,325 $ 73,620 Gross margin percentage 51.7 % 42.5 % 47.5 % 43.9 % Amortization of acquired intangible assets 1.2 % 7.1 % 2.4 % 7.1 % Depreciation and amortization 3.2 % 1.6 % 2.7 % 1.5 % Stock-based compensation expense 0.8 % 0.5 % 0.7 % 0.6 % Cost of sales adjustment 0.0 % 0.0 % 0.0 % (0.9 )% Non-GAAP gross margin percentage 56.9 % 51.7 % 53.3 % 52.2 % STANDARD BIOTOOLS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES As Reported Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operating expenses $ 54,979 $ 32,326 $ 204,776 $ 92,307 Restructuring and related charges (2,341 ) (1,998 ) (12,374 ) (5,415 ) Transaction and integration expenses (5,079 ) (1,666 ) (25,024 ) (1,666 ) Stock-based compensation expense (5,557 ) (3,198 ) (23,365 ) (9,000 ) Amortization of acquired intangible assets (161 ) - (482 ) - Depreciation and amortization (1,986 ) (853 ) (5,940 ) (1,883 ) Gain/loss on disposal of property and equipment (30 ) - (415 ) (73 ) Non-GAAP operating expenses $ 39,825 $ 24,611 $ 137,176 $ 74,270 R&D operating expenses $ 13,156 $ 6,370 $ 48,358 $ 19,039 Stock-based compensation expense (724 ) (459 ) (4,480 ) (1,241 ) Depreciation and amortization (947 ) (120 ) (2,606 ) (401 ) Non-GAAP R&D operating expenses $ 11,485 $ 5,791 $ 41,272 $ 17,397 SG&A operating expenses $ 34,403 $ 22,292 $ 119,020 $ 66,187 Stock-based compensation expense (4,833 ) (2,739 ) (18,885 ) (7,759 ) Amortization of acquired intangible assets (161 ) - (482 ) - Depreciation and amortization (1,039 ) (733 ) (3,334 ) (1,482 ) Gain/loss on disposal of property and equipment (30 ) - (415 ) (73 ) Non-GAAP SG&A operating expenses $ 28,340 $ 18,820 $ 95,904 $ 56,873 Non-GAAP Pro Forma Combined Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operating expenses $ 54,979 $ 67,431 $ 208,149 $ 214,710 Restructuring and related charges (2,341 ) (1,998 ) (12,374 ) (6,515 ) Transaction and integration expenses (5,079 ) (5,823 ) (35,193 ) (5,823 ) Stock-based compensation expense (5,557 ) (4,668 ) (16,519 ) (20,335 ) Amortization of acquired intangible assets (161 ) (161 ) (482 ) (482 ) Depreciation and amortization (1,986 ) (2,110 ) (5,940 ) (5,774 ) Gain/loss on disposal of property and equipment (30 ) - (415 ) (122 ) Non-GAAP operating expenses $ 39,825 $ 52,671 $ 137,226 $ 175,659 R&D operating expenses $ 13,156 $ 14,753 $ 49,010 $ 47,484 Stock-based compensation expense (724 ) (964 ) (4,480 ) (2,476 ) Depreciation and amortization (947 ) (540 ) (2,606 ) (1,592 ) Non-GAAP R&D operating expenses $ 11,485 $ 13,249 $ 41,924 $ 43,416 SG&A operating expenses $ 34,403 $ 44,857 $ 111,572 $ 154,888 Stock-based compensation expense (4,833 ) (3,704 ) (12,039 ) (17,859 ) Amortization of acquired intangible assets (161 ) (161 ) (482 ) (482 ) Depreciation and amortization (1,039 ) (1,570 ) (3,334 ) (4,182 ) Gain/loss on disposal of property and equipment (30 ) - (415 ) (122 ) Non-GAAP SG&A operating expenses $ 28,340 $ 39,422 $ 95,302 $ 132,243 STANDARD BIOTOOLS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)ITEMIZED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA As Reported Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net loss $ (26,938 ) $ (20,997 ) $ (104,813 ) $ (54,880 ) Income tax expense (benefit) 118 50 301 614 Interest income, net (3,941 ) (340 ) (13,559 ) (656 ) Amortization of acquired intangible assets 716 2,800 3,533 8,400 Depreciation and amortization 3,431 1,186 9,375 2,874 Bargain purchase gain — — (25,213 ) — Restructuring and related charges 2,341 1,998 12,374 5,415 Transaction and integration expenses 5,079 1,666 25,024 1,666 Stock-based compensation expense 5,921 3,386 24,262 9,648 Cost of sales adjustment — — (1,812 ) — Gain/loss on disposal of property and equipment 30 — 415 73 Other non-operating expense (957 ) 115 865 (292 ) Adjusted EBITDA (14,200 ) (10,136 ) (69,248 ) (27,138 ) Non-GAAP Pro Forma Combined Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net loss $ (26,938 ) $ (41,204 ) $ (134,607 ) $ (109,000 ) Income tax expense (benefit) 118 528 301 1,096 Interest income, net (3,941 ) (6,447 ) (13,559 ) (17,604 ) Amortization of acquired intangible assets 716 3,516 3,533 10,549 Depreciation and amortization 3,431 2,870 9,375 7,924 Bargain purchase gain — — — (25,213 ) Restructuring and related charges 2,341 1,998 12,374 6,515 Transaction and integration expenses 5,079 5,823 35,193 5,823 Stock-based compensation expense 5,921 4,928 17,416 21,151 Cost of sales adjustment — — — (1,337 ) Gain/loss on disposal of property and equipment 30 — 415 122 Other non-operating expense (957 ) (170 ) 658 (2,065 ) Adjusted EBITDA (14,200 ) (28,158 ) (68,901 ) (102,039 ) 
