Q2 2024 Standard BioTools Inc Earnings Call Transcript
Key Points
- Accelerated synergy realization from the SomaLogic integration, pulling forward the $80 million cost reduction target to the end of 2024, a year ahead of plan.
- Strong operational execution with a focus on cost structure, achieving a 27% reduction in non-GAAP operating expenses in the first half of 2024.
- Commitment to achieving breakeven adjusted EBITDA for the full year 2026.
- Partnership with Illumina for the commercial release of the SomaScan assay on Illumina's NovaSeq platform, expected in the first half of 2025.
- Well-capitalized with nearly $400 million in cash, providing a significant competitive advantage in a constrained capital environment.
- Weaker-than-anticipated second-quarter revenue, leading to a revision of full-year 2024 revenue guidance to $170 million to $175 million.
- SomaScan services experienced contract delays, particularly in the EMEA region, impacting revenue.
- Instrument revenue was down year-over-year due to industry-wide restricted capital purchasing environment.
- Pro forma combined revenue declined 23% in the second quarter and 11% in the first half of 2024.
- Non-GAAP gross margin decreased to 45% in the second quarter from 53% in 2023, impacted by lower capacity utilization and strategic decisions to replace or upgrade instruments.
Good day and welcome to the Standard BioTools second-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over David Holmes of Investor Relations. Please go ahead.
Thank you, operator and good afternoon, everyone. Welcome to Standard BioTools' second quarter 2024 earnings conference call. Leading the call today is Michael Egholm, President and Chief Executive Officer; and Jeff Black, Chief Financial Officer. At the close of market today, Standard BioTools released its financial results for the quarter ended June 30, 2024.
During the call, we will review our results and provide an update on our financial and operational performance, 2024 outlook, market trends, and strategic initiatives. During the call, we will be making forward-looking statements about events and circumstances that have not yet occurred, including plans and projections of our business, our outlook for 2024 and future financial results,
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