Standard BioTools Inc. Reports 10% Revenue Decline and $26M Net Loss in Q1 2025

Standard BioTools Inc. reported a decline in financial performance for the first quarter of 2025, with total revenue decreasing by 10% to $40.8 million compared to $45.5 million in the same period last year. The decrease was primarily driven by a 16% drop in consumables revenue, which fell to $14.5 million, and a 19% decline in lab services revenue, which totaled $12.1 million. However, product revenue from instruments increased by 24% to $7.8 million, largely due to higher sales of the Hyperion XTi spatial proteomics platform. The company recorded a net loss of $26.0 million, an improvement from a net loss of $32.2 million in the prior year.

In terms of operational changes, Standard BioTools has undergone significant restructuring following its merger with SomaLogic, which was completed on January 5, 2024. The company has transitioned to managing its operations as a single consolidated entity rather than two separate segments. This restructuring has led to a reduction in operating expenses, which fell by 38% to $52.7 million, down from $84.4 million in the previous year. Notably, research and development expenses decreased by 29% to $11.3 million, reflecting a reduction in headcount and a shift in focus towards more immediate projects.

The company’s balance sheet as of March 31, 2025, showed total assets of $579.6 million, down from $612.3 million at the end of 2024. Current assets decreased to $344.0 million, primarily due to a reduction in cash and cash equivalents, which stood at $150.9 million, down from $166.7 million. Total liabilities also decreased to $125.0 million, down from $140.6 million, largely due to a reduction in accrued liabilities. The company’s stockholders’ equity decreased to $454.6 million from $471.7 million, reflecting the net loss incurred during the quarter.

Looking ahead, Standard BioTools aims to enhance its product offerings and expand its market presence. The company plans to invest in research and development to improve its proteomics instruments and services, including the launch of the LabThread SLX system. Additionally, the company is focused on increasing its customer base and expanding its sales pipeline, particularly through the SomaScan Authorized Sites program. Management remains optimistic about future growth, contingent on the successful execution of its strategic initiatives and the continued adoption of its products and services in the market.