Q4 2024 Standard BioTools Inc Earnings Call Transcript
Key Points
- Standard BioTools Inc (LAB) successfully merged two businesses, exceeding cost synergy targets and improving processes.
- The company achieved a 22% year-over-year reduction in non-GAAP operating expenses and a 33% improvement in adjusted EBITDA for the full year 2024.
- Consumables delivered double-digit growth in the fourth quarter and for the full year, driven by expansion of SomaScan-authorized sites and elevated demand.
- The company has nearly $300 million in cash, providing a strong balance sheet to execute strategic plans and fund future acquisitions.
- The partnership with Illumina is expected to unlock a significant market opportunity in proteomics, with a potential market size of $1 billion.
- Revenue for the fourth quarter and full year 2024 declined by 9% year-over-year, impacted by softness in instrument and services sales.
- The company anticipates a 3% decline in organic revenue for 2025, reflecting a cautious market outlook.
- There is potential impact from a reduction in NIH funding, which could affect overall academia spending and delay capital equipment purchases.
- Instrument sales were down 25% in the fourth quarter and 27% for the full year 2024 due to constrained capital spending in end markets.
- Service revenue declined mid-teens year-over-year, driven by variability in demand from a few large pharma accounts.
Good day, everyone, and welcome to Standard BioTools' fourth quarter and full year 2024 financial results conference call. As a reminder, this conference is being recorded.
It's now my pleasure to introduce your host, John Graziano from Investor Relations. Please go ahead.
Thank you, operator, and good afternoon, everyone. Welcome to Standard BioTools Fourth Quarter and Full Year 2024 Earnings Conference Call. Leading the call today is Michael Egholm, President and Chief Executive Officer; and Alex Kim, Chief Financial Officer.
At the close of market today, standard Bio tools released its financial results for the quarter ended and year December 31 and we will review our results and provide an update on our financial and operational performance, 2025 outlook, market trends and strategic initiatives.
During the call, we will make forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for our business, our outlook
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