In This Story
Standard BioTools Inc. (LAB-8.05%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's merger with SomaLogic, Inc., completed on January 5, 2024. The merger resulted in SomaLogic becoming a wholly-owned subsidiary of Standard BioTools. The transaction was valued at approximately $444.2 million.
Standard BioTools reported total revenue of $174.4 million for 2024, a 64% increase from the previous year. This growth was largely driven by the merger with SomaLogic, which contributed significantly to the company's proteomics revenue.
The company incurred a net loss of $138.9 million for the year, compared to a net loss of $74.7 million in 2023. The increased loss was attributed to higher operating expenses following the merger.
Operating expenses for 2024 included $62.4 million in research and development, $156.6 million in selling, general, and administrative expenses, and $28.0 million in transaction and integration expenses related to the merger.
Standard BioTools recognized a bargain purchase gain of $25.2 million from the SomaLogic merger, attributed to a decline in the company's stock price following the merger announcement.
The company completed the acquisition of Sengenics Corporation on November 21, 2024, for a total consideration of $13.7 million. This acquisition is expected to enhance the company's proteomics portfolio.
Standard BioTools ended the year with $292.9 million in cash, cash equivalents, and short-term investments, and a working capital of $310.0 million. The company repurchased $40.5 million of its common stock during the year.
The company faces risks related to its business, including market acceptance of its products, competition, and regulatory compliance. The filing also highlights potential impacts from geopolitical events and economic conditions on its operations.
Standard BioTools continues to focus on expanding its customer base and enhancing its proteomics offerings, with significant investments in research and development and strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Standard BioTools Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.