Standard BioTools Inc.

Q1 2025 revenue was $40.8 million, down 10% year over year. Non-GAAP gross margin was 53.2% versus 56.2% in Q1 2024. Non-GAAP operating expenses were $38.6 million, down $10.7 million, or 22% year over year. Net loss was $26 million versus $32.2 million last year, and adjusted EBITDA loss was $16.9 million versus $23.7 million last year. Cash, cash equivalents, restricted cash, and short-term investments ended at about $261 million with no material debt. Management reaffirmed full-year 2025 revenue guidance of $165 million to $175 million, expects the year to be back-half weighted, and continues to expect a mid-teens percentage decline in Americas academia revenue, or roughly a high single-digit million-dollar impact versus 2024. Tariff exposure was described as a gross annualized impact in the low single-digit millions if fully absorbed.

Michael Egholm framed the quarter as a solid execution quarter in a choppy macro backdrop, emphasizing tighter operating discipline, improving forecast accuracy, and the use of the Standard BioTools Business System to drive rigor and accountability. He highlighted momentum in proteomics, recent product launches, and the Illumina partnership as strategic positives, while saying the company is navigating funding pressure and tariffs from a position of strength. His tone was confident but cautious: he repeatedly stressed that the company is not declaring victory, but believes the business is moving in the right direction.

Alex Kim focused on the financial bridge: revenue of $40.8 million, gross margin of 53.2%, non-GAAP operating expenses of $38.6 million, and adjusted EBITDA loss of $16.9 million. He said operating expenses were down 22% year over year and 10% sequentially, reflecting an additional $10 million annualized cost reduction, bringing total annualized cost reductions since the SomaLogic merger to $90 million. He also highlighted materially lower cash burn: total cash burn of $34 million versus $101 million last year, and adjusted cash burn of $31 million versus $47 million, while reiterating the $261 million cash balance and no material debt.

Analysts pressed on the full-year back-half weighting, the outlook for U.S. academia and government demand, the ramp from the Illumina partnership, and whether the $10 million cost action should improve EBITDA loss. Management said the back-half weighting is driven more by internal funnel metrics and larger projects than normal seasonality, and that U.S. academic demand remains under pressure with delayed instrument decisions and softer consumables orders. On Illumina, management said 2025 should see only moderate growth, with stronger traction expected in 2026 and beyond, while the $10 million cost action should flow through to improved adjusted EBITDA.