LAB Standard BioTools Inc

Standard BioTools Inc. (NASDAQ: LAB) (the “Company”) today announced unaudited interim financial results for the third quarter ended September 30, 2024.

Recent Highlights:

• Reported third quarter 2024 revenue of $45 million
• Ongoing merger cost synergy realization delivered 50% adjusted EBITDA improvement and 35% net loss improvement year-over-year
• Operationalized approximately $80 million in merger synergies, expected to be fully realized in 2025, and reinforcing path to adjusted EBITDA break-even in 2026
• Balance sheet as of September 30, 2024, includes $368 million cash, cash equivalents, restricted cash and short-term investments

“Powered by Standard BioTools Business System (SBS), we focused our third quarter efforts on driving commercial execution and enhancing overall operating efficiency. Our team delivered sequential top-line improvement and a significant reduction in spend,” said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools. “Last quarter, we announced the acceleration of our anticipated $80 million of merger synergies into 2025, contributing to a 50% improvement in adjusted EBITDA year over year, keeping us on track toward achieving our break-even adjusted EBITDA target in 2026.”

Mr. Egholm added, “Our focus on operational excellence and profitability is positioning us for sustained value creation once macro pressures ease. At the same time, we’re investing in certain growth levers within our leading multi-omics portfolio while actively pursuing strategic M&A to accelerate our mission toward becoming a diversified leader in the life science tools industry.”

Financial Results Table

(Unaudited, in millions)	As Reported
	Three Months EndedSeptember 30, 2024				Nine Months EndedSeptember 30, 2024
Revenue	$	45.0			$	127.7
Gross margin		51.7	%			48.8			%
Non-GAAP gross margin		56.9	%			53.2			%
Operating expenses	$	55.0			$	204.8
Non-GAAP operating expenses	$	39.8			$	137.2
Operating loss	$	(31.7	)		$	(142.4			)
Net loss	$	(26.9	)		$	(104.8			)
Adjusted EBITDA	$	(14.2	)		$	(69.2			)
Cash, cash equivalents, restricted cash & short-term investments	$	367.6			$	367.6

Selected Pro Forma Combined Unaudited Interim Financial Results

The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three- and nine- month periods ended September 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the merger between the Company and Somalogic (the “Merger”). The selected unaudited pro forma financial information for 2023 combines the historical results of the Company and SomaLogic for their respective three- and nine- month periods ended September 30, 2023. See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information.

(Unaudited, in millions)	Pro Forma Combined
	Three Months EndedSeptember 30, 2024				Three Months EndedSeptember 30, 2023				Nine Months EndedSeptember 30, 2024				Nine Months EndedSeptember 30, 2023
Revenue	$	45.0			$	47.4			$	128.4			$	141.0
Gross margin		51.7	%			42.5	%			47.5	%			43.9	%
Non-GAAP gross margin		56.9	%			51.7	%			53.2	%			52.2	%
Operating expenses	$	55.0			$	67.4			$	208.1			$	214.7
Non-GAAP operating expenses	$	39.8			$	52.7			$	137.2			$	175.7
Operating loss	$	(31.7	)		$	(47.3	)		$	(147.2	)		$	(152.8	)
Net loss	$	(26.9	)		$	(41.2	)		$	(134.6	)		$	(109.0	)
Adjusted EBITDA	$	( 14.2	)		$	(28.2	)		$	(68.9	)		$	(102.0	)

• Revenue was $45.0 million in the third quarter of 2024, down 5% year-over-year:
  • Consumables revenue was $14.0 million in the third quarter of 2024, up 13% year-over-year. Consumables revenue grew on the strength of assay kits sales to SomaScan authorized sites and the Illumina early access program.
  • Instruments revenue was $5.6 million in the third quarter of 2024, down 42% year-over-year. Instrument revenue was impacted by capital constrained end-markets globally with particular weakness in China.
  • Services revenue, which includes both Lab Services and Field Services, was $24.4 million in the third quarter of 2024, flat year over year. Services benefited from the favorable timing of large SomaScan customer projects that shifted out of the second quarter into the third quarter, partially offset by lower installation services from lower instrument sales.

• Gross margins in the third quarter of 2024 were 51.7%, versus 42.5% in the third quarter of 2023; and non-GAAP gross margins in the third quarter of 2024 were 56.9%, versus 51.7% in the third quarter of 2023. Gross margins were impacted by positive mix in the third quarter and continued incremental efficiency gains from SBS.

• Operating expenses in the third quarter of 2024 was $55 million, a decrease of $12.5 million, or down 18.5%, compared to the third quarter of 2023, and non-GAAP operating expenses, which exclude merger-related costs, stock-based compensation, and restructuring charges, was $39.8 million, a decrease of $12.8 million, or down 24%, compared to the third quarter of 2023. The decrease in operating expenses is a result of ongoing realization of merger cost synergies as previously disclosed, a bonus accrual reduction in line with our full year expectations, as well as continued productivity gains from SBS.

• Net loss for the third quarter of 2024 was $26.9 million, compared to a net loss of $41.2 million in the third quarter of 2023, representing an improvement of $14.3 million or 34.6%, while adjusted EBITDA for the third quarter of 2024 was a loss of $14.2 million, versus an adjusted EBITDA loss of $28.2 million in 2023, an improvement of $14 million, or 49.6%.

FY 2024 Revenue Outlook

Following its third quarter 2024 results, the Company has reiterated its full year 2024 revenue guidance to a range of $170 million to $175 million.

Third quarter 2024 Earnings Conference Call Information

Standard BioTools will host a conference call and webcast on October 30, 2024 at 1:30 p.m. PT (4:30 p.m. ET) to discuss third quarter 2024 financial results. Live audio of the webcast will be available online along with an archived version of the webcast under the Events & Presentations page of the Company’s website.

Individuals interested in listening to the conference call may do so by dialing:

US domestic callers: 1-888-346-3970 Outside US callers: 1-412-902-4297

Use of Non-GAAP Financial Information

Standard BioTools has presented certain financial information in accordance with U.S. GAAP and on a non-GAAP basis. The non-GAAP financial measures included in this press release are non-GAAP gross margin, non-GAAP operating expenses, and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of the Company’s core operating performance. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the Company’s core operating results. Management uses non-GAAP measures to compare the Company’s performance relative to forecasts and strategic plans and to benchmark the company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company’s operating results as reported under U.S. GAAP. Standard BioTools encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.     

Unaudited Pro Forma Results

The unaudited pro forma financial information for nine months ended September 30, 2024, combines the Company's financial results for the nine months ended September 30, 2024, and the historical results of SomaLogic for the 5-day period ended on the January 5, 2024, the closing date of the Merger. The unaudited pro forma financial information for the three and nine months ended September 30, 2023, combines the historical results of the Company and SomaLogic for their respective three- and nine-month periods ended September 30, 2023. The pro forma financial information for all periods presented has been adjusted to include certain nonrecurring impacts associated with the Merger, including the bargain purchase gain and transaction costs.

The unaudited pro forma financial information for all periods presented includes the business combination accounting effects resulting from the Merger, mainly including adjustments to reflect additional amortization expense from acquired intangible assets, adjustments to stock-based compensation expense, and additional depreciation expense from the acquired property and equipment. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2023. The results of SomaLogic have been consolidated with the Company's results since the closing date of the Merger.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding future financial and business performance, including with respect to future revenue, net loss and adjusted EBITDA; operational and strategic plans; deployment of capital; market and growth opportunity and potential; and the potential to realize the expected benefits and synergies of the Merger, including the potential for it to drive long-term profitable growth. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including, but not limited to, risks that the anticipated benefits and synergies of the Merger and the integration of SomaLogic, including the potential for it to drive long-term profitable growth, may not be fully realized or may take longer to realize than expected; risks that the Company may not realize expected cost savings from the Merger , including the anticipated decrease in operational expenses, at the levels it expects; possible integration, restructuring and transition-related disruption, including through the loss of customers, suppliers, and employees and adverse impacts on the Company’s development activities and results of operation; integration and restructuring activities, including customer and employee relations, management distraction, and reduced operating performance; risks that internal and external costs required for ongoing and planned activities may be higher than expected, which may cause the Company to use cash more quickly than it expects or change or curtail some of the Company’s plans, or both; risks that the Company’s expectations as to expenses, cash usage, and cash needs may prove not to be correct for other reasons such as changes in plans or actual events being different than our assumptions; changes in the Company’s business or external market conditions; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; interruptions or delays in the supply of components or materials for, or manufacturing of, the Company’s products; reliance on sales of capital equipment for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs or expenses; continued or sustained budgetary, inflationary, or recessionary pressures; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; uncertainties relating to the Company’s research and development activities, and distribution plans and capabilities; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition. For information regarding other related risks, see the “Risk Factors” section of the Company’s annual report on Form 10-K filed with the SEC on March 1, 2024, and in the Company’s other filings with the SEC. These forward-looking statements speak only as of the date hereof. The Company disclaims any obligation to update these forward-looking statements except as may be required by law. 

About Standard BioTools Inc.

Standard BioTools Inc. (Nasdaq: LAB), the parent company of SomaLogic Inc. and previously known as Fluidigm Corporation, has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies, which help transform scientific discoveries into better patient outcomes. Standard BioTools works with leading academic, government, pharmaceutical, biotechnology, plant and animal research and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology and immunotherapy. Learn more at standardbio.com or connect with us on X, Facebook®, LinkedIn, and YouTube™.

For Research Use Only. Not for use in diagnostic procedures.

Limited Use Label License and other terms may apply: standardbio.com/legal/salesterms.Patent and License Information: standardbio.com/legal/notices. Trademarks: standardbio.com/legal/trademarks. Any other trademarks are the sole property of their respective owners. ©2024 Standard BioTools Inc. (f.k.a. Fluidigm Corporation). All rights reserved.

Investor Contact

David HolmesGilmartin Group LLCir@standardbio.com

STANDARD BIOTOOLS INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2024				2023				2024				2023
Revenue:
Product revenue		$	19,593			$	18,711			$	65,348			$	57,814
Services revenue			24,438				6,566				59,518				19,268
Collaboration and other revenue			938				90				2,848				1,070
Total revenue			44,969				25,367				127,714				78,152
Cost of revenue:
Cost of product revenue			8,159				11,403				33,142				33,276
Cost of services revenue			13,536				2,810				32,115				7,783
Cost of collaboration and other revenue			13				—				100				—
Total cost of revenue			21,708				14,213				65,357				41,059
Gross profit			23,261				11,154				62,357				37,093
Operating expenses:
Research and development			13,156				6,370				48,358				19,039
Selling, general and administrative			34,403				22,292				119,020				66,187
Restructuring and related charges			2,341				1,998				12,374				5,415
Transaction and integration expenses			5,079				1,666				25,024				1,666
Total operating expenses			54,979				32,326				204,776				92,307
Loss from operations			(31,718	)			(21,172	)			(142,419	)			(55,214	)
Bargain purchase gain			—				—				25,213				—
Interest income, net			3,941				340				13,559				656
Other income (expense), net			957				(115	)			(865	)			292
Loss before income taxes			(26,820	)			(20,947	)			(104,512	)			(54,266	)
Income tax benefit (expense)			(118	)			(50	)			(301	)			(614	)
Net loss		$	(26,938	)		$	(20,997	)		$	(104,813	)		$	(54,880	)
Induced conversion of redeemable preferred stock			—				—				(46,014	)			—
Net loss attributable to common stockholders		$	(26,938	)		$	(20,997	)		$	(150,827	)		$	(54,880	)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.07	)		$	(0.27	)		$	(0.44	)		$	(0.69	)
Shares used in computing net loss per share attributable to common stockholders, basic and diluted			371,538				79,152				346,093				78,967

STANDARD BIOTOOLS INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)
		September 30, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	210,647		$	51,704
Short-term investments			155,683			63,191
Accounts receivable, net			35,317			19,660
Inventory			42,644			20,533
Prepaid expenses and other current assets			9,316			3,127
Total current assets			453,607			158,215
Inventory, non-current			17,949			—
Royalty receivable, non-current			3,388			—
Property and equipment, net			41,982			24,187
Operating lease right-of-use asset, net			30,264			30,663
Other non-current assets			4,640			2,285
Acquired intangible assets, net			23,367			1,400
Goodwill			106,342			106,317
Total assets		$	681,539		$	323,067
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable		$	10,926		$	9,236
Accrued liabilities			31,686			21,019
Operating lease liabilities, current			6,122			4,323
Deferred revenue, current			13,436			11,607
Deferred grant income, current			3,532			3,612
Term loan, current			—			5,000
Convertible notes, current			54,913			54,530
Total current liabilities			120,615			109,327
Convertible notes, non-current			299			569
Term loan, non-current			—			3,414
Deferred tax liability			841			841
Operating lease liabilities, non-current			28,140			30,374
Deferred revenue, non-current			32,682			3,520
Deferred grant income, non-current			8,119			10,755
Other non-current liabilities			1,510			1,065
Total liabilities			192,206			159,865
Mezzanine equity:
Redeemable preferred stock			—			311,253
Total stockholders’ equity (deficit)			489,333			(148,051	)
Total liabilities, mezzanine equity and stockholders’ equity (deficit)		$	681,539		$	323,067

STANDARD BIOTOOLS INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)
		Nine Months Ended September 30,
			2024				2023
Operating activities
Net loss		$	(104,813	)		$	(54,880	)
Bargain purchase gain			(25,213	)			—
Stock-based compensation expense			24,262				9,648
Amortization of acquired intangible assets			3,533				8,400
Depreciation and amortization			9,375				2,874
Accretion of discount on short-term investments, net			(6,303	)			(321	)
Non-cash lease expense			4,348				2,885
Provision for excess and obsolete inventory			1,991				963
Change in fair value of warrants			(474	)			—
Other non-cash items			1,111				611
Changes in assets and liabilities, net			(37,212	)			594
Net cash used in operating activities			(129,395	)			(29,226	)
Investing activities
Cash and restricted cash acquired in merger			280,033				—
Purchases of short-term investments			(226,612	)			(55,857	)
Proceeds from sales and maturities of investments			289,000				91,964
Purchases of property and equipment			(4,973	)			(2,753	)
Net cash provided by investing activities			337,448				33,354
Financing activities
Repayment of term loan and convertible notes			(8,192	)			(833	)
Payment of term loan fee			(545	)			—
Repurchase of common stock			(40,490	)			(5,240	)
Proceeds from ESPP stock issuance			425				326
Payments for taxes related to net share settlement of equity awards and other			(414	)			(139	)
Proceeds from exercise of stock options			1,120				80
Net cash used in financing activities			(48,096	)			(5,806	)
Effect of foreign exchange rate fluctuations on cash and cash equivalents			(518	)			(196	)
Net increase in cash, cash equivalents and restricted cash			159,439				(1,874	)
Cash, cash equivalents and restricted cash at beginning of period			52,499				82,324
Cash, cash equivalents and restricted cash at end of period		$	211,938			$	80,450
Cash, cash equivalents, and restricted cash consists of:
Cash and cash equivalents		$	210,647			$	79,655
Restricted cash			1,291				795
Total cash, cash equivalents and restricted cash		$	211,938			$	80,450

STANDARD BIOTOOLS INC.REVENUE AND NON-GAAP PRO FORMA COMBINED REVENUE(In thousands)(Unaudited)
		As Reported
		Three Months Ended September 30,						Nine Months Ended September 30,
			2024			2023			2024			2023
Product revenue:
Instruments		$	5,586		$	9,002		$	19,959		$	26,512
Consumables			14,007			9,709			45,389			31,302
Total product revenue			19,593			18,711			65,348			57,814
Service revenue:
Lab services			18,247			114			40,780			564
Field services			6,191			6,452			18,738			18,704
Total service revenue			24,438			6,566			59,518			19,268
Product and service revenue			44,031			25,277			124,866			77,082
Collaboration and other revenue			938			90			2,848			1,070
Total revenue		$	44,969		$	25,367		$	127,714		$	78,152
		Non-GAAP Pro Forma
		Three Months Ended September 30,						Nine Months Ended September 30,
			2024			2023			2024			2023
Product revenue:
Instruments		$	5,586		$	9,712		$	19,959		$	27,683
Consumables			14,007			12,417			45,389			37,644
Total product revenue			19,593			22,129			65,348			65,327
Service revenue:
Lab services			18,247			17,980			41,384			53,446
Field services			6,191			6,452			18,738			18,704
Total service revenue			24,438			24,432			60,122			72,150
Product and service revenue			44,031			46,561			125,470			137,477
Collaboration and other revenue			938			854			2,889			3,570
Total revenue		$	44,969		$	47,415		$	128,359		$	141,047

   

STANDARD BIOTOOLS INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION(In thousands)(Unaudited)
ITEMIZED RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT AND MARGIN PERCENTAGE
		As Reported
		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Gross profit		$	23,261			$	11,154			$	62,357			$	37,093
Amortization of acquired intangible assets			555				2,800				3,051				8,400
Depreciation and amortization			1,445				333				3,435				991
Stock-based compensation expense			364				188				897				648
Cost of sales adjustment			—				—				(1,812	)			—
Non-GAAP gross profit		$	25,625			$	14,475			$	67,928			$	47,132
Gross margin percentage			51.7	%			44.0	%			48.8	%			47.5	%
Amortization of acquired intangible assets			1.2	%			11.0	%			2.4	%			10.7	%
Depreciation and amortization			3.2	%			1.3	%			2.7	%			1.3	%
Stock-based compensation expense			0.8	%			0.7	%			0.7	%			0.8	%
Cost of sales adjustment			0.0	%			0.0	%			(1.4	)%			0.0	%
Non-GAAP gross margin percentage			56.9	%			57.0	%			53.2	%			60.3	%
		Non-GAAP Pro Forma Combined
		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Gross profit		$	23,261			$	20,138			$	60,942			$	61,924
Amortization of acquired intangible assets			555				3,355				3,051				10,067
Depreciation and amortization			1,445				760				3,435				2,150
Stock-based compensation expense			364				260				897				816
Cost of sales adjustment			—				—				—				(1,337	)
Non-GAAP gross profit		$	25,625			$	24,513			$	68,325			$	73,620
Gross margin percentage			51.7	%			42.5	%			47.5	%			43.9	%
Amortization of acquired intangible assets			1.2	%			7.1	%			2.4	%			7.1	%
Depreciation and amortization			3.2	%			1.6	%			2.7	%			1.5	%
Stock-based compensation expense			0.8	%			0.5	%			0.7	%			0.6	%
Cost of sales adjustment			0.0	%			0.0	%			0.0	%			(0.9	)%
Non-GAAP gross margin percentage			56.9	%			51.7	%			53.3	%			52.2	%

STANDARD BIOTOOLS INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION(In thousands)(Unaudited)
ITEMIZED RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES
		As Reported
		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Operating expenses		$	54,979			$	32,326			$	204,776			$	92,307
Restructuring and related charges			(2,341	)			(1,998	)			(12,374	)			(5,415	)
Transaction and integration expenses			(5,079	)			(1,666	)			(25,024	)			(1,666	)
Stock-based compensation expense			(5,557	)			(3,198	)			(23,365	)			(9,000	)
Amortization of acquired intangible assets			(161	)			-				(482	)			-
Depreciation and amortization			(1,986	)			(853	)			(5,940	)			(1,883	)
Gain/loss on disposal of property and equipment			(30	)			-				(415	)			(73	)
Non-GAAP operating expenses		$	39,825			$	24,611			$	137,176			$	74,270
R&D operating expenses		$	13,156			$	6,370			$	48,358			$	19,039
Stock-based compensation expense			(724	)			(459	)			(4,480	)			(1,241	)
Depreciation and amortization			(947	)			(120	)			(2,606	)			(401	)
Non-GAAP R&D operating expenses		$	11,485			$	5,791			$	41,272			$	17,397
SG&A operating expenses		$	34,403			$	22,292			$	119,020			$	66,187
Stock-based compensation expense			(4,833	)			(2,739	)			(18,885	)			(7,759	)
Amortization of acquired intangible assets			(161	)			-				(482	)			-
Depreciation and amortization			(1,039	)			(733	)			(3,334	)			(1,482	)
Gain/loss on disposal of property and equipment			(30	)			-				(415	)			(73	)
Non-GAAP SG&A operating expenses		$	28,340			$	18,820			$	95,904			$	56,873
		Non-GAAP Pro Forma Combined
		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Operating expenses		$	54,979			$	67,431			$	208,149			$	214,710
Restructuring and related charges			(2,341	)			(1,998	)			(12,374	)			(6,515	)
Transaction and integration expenses			(5,079	)			(5,823	)			(35,193	)			(5,823	)
Stock-based compensation expense			(5,557	)			(4,668	)			(16,519	)			(20,335	)
Amortization of acquired intangible assets			(161	)			(161	)			(482	)			(482	)
Depreciation and amortization			(1,986	)			(2,110	)			(5,940	)			(5,774	)
Gain/loss on disposal of property and equipment			(30	)			-				(415	)			(122	)
Non-GAAP operating expenses		$	39,825			$	52,671			$	137,226			$	175,659
R&D operating expenses		$	13,156			$	14,753			$	49,010			$	47,484
Stock-based compensation expense			(724	)			(964	)			(4,480	)			(2,476	)
Depreciation and amortization			(947	)			(540	)			(2,606	)			(1,592	)
Non-GAAP R&D operating expenses		$	11,485			$	13,249			$	41,924			$	43,416
SG&A operating expenses		$	34,403			$	44,857			$	111,572			$	154,888
Stock-based compensation expense			(4,833	)			(3,704	)			(12,039	)			(17,859	)
Amortization of acquired intangible assets			(161	)			(161	)			(482	)			(482	)
Depreciation and amortization			(1,039	)			(1,570	)			(3,334	)			(4,182	)
Gain/loss on disposal of property and equipment			(30	)			-				(415	)			(122	)
Non-GAAP SG&A operating expenses		$	28,340			$	39,422			$	95,302			$	132,243

STANDARD BIOTOOLS INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION(In thousands)(Unaudited)
ITEMIZED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA
		As Reported
		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Net loss		$	(26,938	)		$	(20,997	)		$	(104,813	)		$	(54,880	)
Income tax expense (benefit)			118				50				301				614
Interest income, net			(3,941	)			(340	)			(13,559	)			(656	)
Amortization of acquired intangible assets			716				2,800				3,533				8,400
Depreciation and amortization			3,431				1,186				9,375				2,874
Bargain purchase gain			—				—				(25,213	)			—
Restructuring and related charges			2,341				1,998				12,374				5,415
Transaction and integration expenses			5,079				1,666				25,024				1,666
Stock-based compensation expense			5,921				3,386				24,262				9,648
Cost of sales adjustment			—				—				(1,812	)			—
Gain/loss on disposal of property and equipment			30				—				415				73
Other non-operating expense			(957	)			115				865				(292	)
Adjusted EBITDA			(14,200	)			(10,136	)			(69,248	)			(27,138	)
		Non-GAAP Pro Forma Combined
		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Net loss		$	(26,938	)		$	(41,204	)		$	(134,607	)		$	(109,000	)
Income tax expense (benefit)			118				528				301				1,096
Interest income, net			(3,941	)			(6,447	)			(13,559	)			(17,604	)
Amortization of acquired intangible assets			716				3,516				3,533				10,549
Depreciation and amortization			3,431				2,870				9,375				7,924
Bargain purchase gain			—				—				—				(25,213	)
Restructuring and related charges			2,341				1,998				12,374				6,515
Transaction and integration expenses			5,079				5,823				35,193				5,823
Stock-based compensation expense			5,921				4,928				17,416				21,151
Cost of sales adjustment			—				—				—				(1,337	)
Gain/loss on disposal of property and equipment			30				—				415				122
Other non-operating expense			(957	)			(170	)			658				(2,065	)
Adjusted EBITDA			(14,200	)			(28,158	)			(68,901	)			(102,039	)