LAB · Standard BioTools Inc.

Standard BioTools delivered a strong start to fiscal 2026, with first quarter results exceeding internal expectations. Revenue of $21.1 million represented a 5% year-over-year increase, primarily fueled by 35% growth in consumables revenue across all product categories, notably microfluidics. This top-line expansion was partially offset by a 33% decline in instruments revenue, which management attributed to capital-constrained end-markets and tough comparisons against the prior year. Services revenue provided stability, growing 5% year-over-year to $5.7 million.

Profitability metrics showed significant improvement. The company achieved a 54% reduction in operating loss to $(12.5) million, driven by a 37% decrease in GAAP operating expenses to $23.8 million. This expense reduction was largely the result of previously announced restructuring actions, which included $3.1 million in restructuring charges during the quarter. Adjusted EBITDA loss improved by 78% to $(3.1) million, validating management's focus on cost discipline and operational efficiency. Gross margins contracted slightly to 53.5% from 54.6% in the prior year period due to product mix, while non-GAAP gross margins expanded to 57.7%.

The company maintains a robust liquidity position with $523.6 million in cash and investments as of March 31, 2026. Management highlighted that approximately $550 million in total liquidity, inclusive of a $25 million earnout received after quarter end, provides substantial flexibility for strategic capital deployment following the sale of SomaLogic to Illumina. Management reaffirmed its full-year 2026 revenue outlook of $80 million to $85 million, signaling confidence in the continued execution of its base business and path to positive adjusted EBITDA exiting 2026.