Standard BioTools Inc. reported significant financial developments in its 10-Q filing for the third quarter and nine months ended September 30, 2024. The company experienced a substantial increase in total revenue, which reached $44.97 million for Q3 2024, a 77% increase from $25.37 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $127.71 million, up 63% from $78.15 million in the same period last year. This growth was primarily driven by the acquisition of SomaLogic, which contributed $22.90 million in revenue for Q3 and $61.50 million for the nine months.
Product revenue for Q3 2024 was $19.59 million, compared to $18.71 million in Q3 2023, while services revenue surged to $24.44 million from $6.57 million in the prior year. The gross profit for Q3 2024 was $23.26 million, reflecting a 109% increase from $11.15 million in Q3 2023, with a gross margin of 51.7%, up from 44.0% year-over-year.
Despite the revenue growth, Standard BioTools reported a net loss of $26.94 million for Q3 2024, compared to a net loss of $20.99 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $104.81 million, significantly higher than the $54.88 million loss reported for the same period in 2023. The increase in losses was attributed to higher operating expenses, which totaled $54.98 million for Q3 2024, up from $32.33 million in Q3 2023, and $204.78 million for the nine months, compared to $92.31 million in the prior year.
Research and development (R&D) expenses rose sharply, totaling $13.16 million for Q3 2024, a 107% increase from $6.37 million in Q3 2023, and $48.36 million for the nine months, up 154% from $19.04 million. Selling, general, and administrative (SG&A) expenses also increased, reaching $34.40 million for Q3 2024, compared to $22.29 million in Q3 2023, and $119.02 million for the nine months, up from $66.19 million.
The company’s total current assets surged to $453.61 million as of September 30, 2024, from $158.22 million at the end of 2023, driven by an increase in cash and cash equivalents to $210.65 million from $51.70 million. Total assets reached $681.54 million, significantly higher than $323.07 million at the end of 2023. Stockholders’ equity improved to $489.33 million, a notable recovery from a deficit of $(148.05 million) at the end of 2023.
Standard BioTools also incurred restructuring charges of $2.34 million in Q3 2024, reflecting ongoing integration efforts following the SomaLogic merger. The company plans to focus on revenue growth, operational efficiency, and strategic capital allocation moving forward.
About STANDARD BIOTOOLS INC.
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