Standard BioTools Reports Q2 2025 Revenue Decline, Announces Illumina Acquisition

Standard BioTools Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $21.8 million, a decrease of 3% from $22.5 million in the same period last year. For the first half of 2025, revenue totaled $42.0 million, down 5% from $44.1 million in the first half of 2024. The decline in revenue was primarily attributed to a significant drop in product sales, particularly a $1.8 million decrease in instrument revenue, which was largely due to lower unit sales of the CyTOF XT mass cytometry instrument. However, consumables revenue increased by 18%, partially offsetting the overall decline.

The company's gross profit for the second quarter was $10.6 million, reflecting a gross margin of 48.8%, an increase from 46.1% in the prior year. This improvement was driven by a favorable product mix, as consumables revenue grew while instrument sales fell. Operating expenses decreased to $36.3 million from $40.6 million year-over-year, primarily due to reduced restructuring and transaction-related costs. The net loss for the quarter was $33.5 million, compared to a loss of $45.7 million in the same quarter of 2024, indicating a narrowing of losses.

In terms of strategic developments, Standard BioTools announced a significant transaction on June 22, 2025, involving a Stock Purchase Agreement with Illumina, Inc. Under this agreement, Illumina will acquire the SomaScan Business, which includes the equity interests of SomaLogic and Sengenics, for up to $425 million. This transaction is expected to close in the first half of 2026 and is part of the company's strategy to streamline operations and focus on its core mass cytometry and microfluidics businesses.

Operationally, the company reported a total of 400,273 shares outstanding as of June 30, 2025, with an accumulated deficit of $1.25 billion. The company’s cash and cash equivalents stood at $158.6 million, down from $166.7 million at the end of 2024. The decrease in cash was attributed to net cash used in operating activities, which amounted to $50.9 million for the first half of 2025, a significant improvement from $101.5 million in the same period of 2024. The company continues to focus on enhancing its product offerings and expanding its customer base, with expectations of improved financial performance as it navigates through its restructuring efforts and the upcoming divestiture.

Looking ahead, Standard BioTools anticipates that the divestiture of the SomaScan Business will allow it to concentrate on its remaining operations and drive growth in its core segments. The company remains committed to investing in research and development to enhance its product portfolio and improve operational efficiencies. Despite the challenges faced in the current fiscal period, management is optimistic about the future, citing ongoing efforts to streamline operations and expand market presence as key drivers for potential recovery and growth.