Standard BioTools Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $174.4 million, a 64% increase compared to $106.3 million in 2023. This growth was primarily driven by the acquisition of SomaLogic, which contributed $82.3 million to the revenue. However, the company also experienced a decline of $14.2 million in revenue from its legacy business, attributed to industry-wide capital spending constraints. The net loss for the year was $138.9 million, compared to a loss of $74.7 million in the previous year, reflecting increased operating costs associated with the merger and restructuring efforts.
The merger with SomaLogic, completed on January 5, 2024, was a pivotal strategic development for Standard BioTools, enhancing its capabilities in proteomics. The merger resulted in the integration of SomaLogic's proprietary technologies, which are expected to drive innovation and operational efficiencies. Additionally, the company acquired Sengenics Corporation on November 21, 2024, further expanding its proteomics portfolio with KREX precision antibody profiling services. These acquisitions are anticipated to create long-term value and improve the company's market position.
Operationally, Standard BioTools reported a total of 818 employees as of December 31, 2024, with a significant portion of the workforce located in the United States. The company has focused on expanding its customer base, particularly through the SomaScan Authorized Sites program, which is expected to drive future growth in consumables and services. The company also noted that approximately 48% of its revenue was generated from international customers, highlighting its global reach despite a decrease in revenue from certain regions, including China.
Looking ahead, Standard BioTools aims to enhance its product offerings and operational efficiency while navigating the challenges posed by market conditions and regulatory changes. The company plans to continue investing in research and development to support the growth of its proteomics and genomics segments. However, it acknowledges the potential impact of federal funding cuts for research, which could affect its revenue and operational forecasts. The company remains committed to improving its financial performance and achieving sustainable growth in the coming years.
About STANDARD BIOTOOLS INC.
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