STANDARD BIOTOOLS INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>STANDARD BIOTOOLS INC. (LAB) has filed its 2023 10-K annual report, providing a comprehensive overview of its financial performance and business operations.</b>

AI Summary

STANDARD BIOTOOLS INC. (LAB) filed a Annual Report (10-K) with the SEC on March 1, 2024. STANDARD BIOTOOLS INC. (LAB) filed its 2023 10-K report on March 1, 2024. The company's fiscal year ends on December 31st. Key financial data and operational details for the fiscal year 2023 are presented. The filing includes information on various financial instruments and equity plans. It also details business segments and geographical revenue distribution.

Why It Matters

For investors and stakeholders tracking STANDARD BIOTOOLS INC., this filing contains several important signals. The 10-K filing provides investors with detailed financial statements, risk factors, and management's discussion and analysis, crucial for understanding the company's performance and future outlook. This report is essential for evaluating STANDARD BIOTOOLS INC.'s financial health, strategic direction, and potential investment risks and opportunities.

Risk Assessment

Risk Level: — STANDARD BIOTOOLS INC. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to market conditions and competitive pressures within the laboratory analytical instruments industry, as indicated by the SIC code 3826.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess the company's financial health and strategic positioning.

Key Numbers

• 2023-12-31 — Fiscal Year End (FISCAL YEAR END)
• 2024-03-01 — Filing Date (FILED AS OF DATE)
• 0000950170-24-023845 — Accession Number (ACCESSION NUMBER)
• 3826 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• STANDARD BIOTOOLS INC. (company) — COMPANY CONFORMED NAME
• LAB (company) — tk
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240301 (date) — FILED AS OF DATE
• 3826 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (jurisdiction) — STATE OF INCORPORATION
• FLUIDIGM CORP (company) — FORMER COMPANY
• 20011113 (date) — DATE OF NAME CHANGE

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces customer concentration risk, specifically mentioning 'OneGenomicsCustomerMember'.

Industry Context

STANDARD BIOTOOLS INC. operates in the laboratory analytical instruments industry, classified under SIC code 3826.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports to the SEC.

What Investors Should Do

1. Review the detailed financial statements and risk factors in the 10-K.
2. Analyze the company's customer concentration risk as noted in the filing.
3. Monitor future filings for updates on financial performance and strategic initiatives.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of STANDARD BIOTOOLS INC.)

Year-Over-Year Comparison

This is the company's 2023 annual report (10-K), following previous filings which would include prior year 10-Ks and potentially other SEC forms.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share LAB The Nasdaq
• $225.0 million — April 4, 2022, we sold an aggregate of $225.0 million worth, and converted $25.0 million of p
• $25.0 million — of $225.0 million worth, and converted $25.0 million of previously issued bridge loans (the
• $250.0 million — s (the Private Placement Issuance). The $250.0 million proceeds from the Bridge Loans and Priv
• $0.0001 — re of SomaLogic common stock, par value $0.0001 per share (SomaLogic Common Stock), con
• $565.5 million — company had a balance of approximately $565.5 million of cash, cash equivalents, short-term i
• $449.8 million — uivalents and short-term investments of $449.8 million as of December 31, 2023. For the year e
• $192.4 m — mbined company had pro forma revenue of $192.4 million, which amount includes SomaLogic'
• $86.1 million — s SomaLogic's unaudited 2023 revenue of $86.1 million. The preliminary combined company cash
• $11.9 million — ognize future sublease rental income of $11.9 million over approximately 6 years. Right Siz

Filing Documents

• lab-20231231.htm (10-K) — 3837KB
• lab-ex4_2.htm (EX-4.2) — 73KB
• lab-ex10_2.htm (EX-10.2) — 153KB
• lab-ex10_96.htm (EX-10.96) — 21KB
• lab-ex21_1.htm (EX-21.1) — 13KB
• lab-ex23_1.htm (EX-23.1) — 4KB
• lab-ex31_1.htm (EX-31.1) — 14KB
• lab-ex31_2.htm (EX-31.2) — 14KB
• lab-ex32_1.htm (EX-32.1) — 8KB
• lab-ex32_2.htm (EX-32.2) — 8KB
• lab-ex97_1.htm (EX-97.1) — 39KB
• img186398206_0.jpg (GRAPHIC) — 108KB
• img186398206_1.jpg (GRAPHIC) — 109KB
• 0000950170-24-023845.txt (&nbsp;) — 15421KB
• lab-20231231.xsd (EX-101.SCH) — 1902KB
• lab-20231231_htm.xml (XML) — 2706KB

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 24 ITEM 1B. Unresolved Staff Comments 58 ITEM 1C. Cybersecurity 58 ITEM 2.

Properties

Properties 59 ITEM 3.

Legal Proceedings

Legal Proceedings 60 ITEM 4. Mine Safety Disclosures 60 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 61 ITEM 6. [Reserved] 61 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 62 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 71 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 72 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 105 ITEM 9A.

Controls and Procedures

Controls and Procedures 105 ITEM 9B. Other Information 105 ITEM 9C Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 106 ITEM 11.

Executive Compensation

Executive Compensation 106 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 106 ITEM 14. Principal Accounting Fees and Services 106 PART IV ITEM 15. Exhibits, Financial Statement Schedules 107 ITEM 16. Form 10-K Summary 107 INDEX TO EXHIBITS 108

SIGNATURES

SIGNATURES 117 i Special Note Regarding Forward-looking Statements and Industry Data This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management's beliefs and assumptions and on information currently available to our management. The forward-looking statements are contained principally in the sections entitled "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements include information concerning our possible or assumed future cash flow, revenue, sources of revenue and results of operations, cost of product revenue and product margin, operating and other expenses, unit sales and the selling prices of our products, business strategies, financing plans, expansion of our business, investments to expand our customer base, plans for our products, competitive position, industry environment, potential growth opportunities, market growth expectations, the effects of competition, our planned use of the proceeds from the Bridge Loans and Private Placement Issuance described herein, cost structure optimization, acceleration of growth, potential merger and acquisition (M&A) activity and restructuring plans (including expense reduction activities involving potential subleasing and talent relocation plans, modifications to the scope of the company's proteomic and genomics businesses and discontinuing of certain product lines) and our expectations regarding the benefits and integration of acquired businesses and/or products (including in connection with our merger with SomaLogic, Inc. in January 2024). Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "expects," "intends," "may," "

B USINESS

ITEM 1. B USINESS Overview Standard BioTools Inc. is driven by a bold purpose – unleashing tools to accelerate breakthroughs in human health. We develop, manufacture and sell technologies that help biomedical researchers in their search for developing medicines faster and better. Our tools provide insights in health and disease using our proprietary mass cytometry and microfluidics technologies, which serve applications in proteomics and genomics, respectively. Within proteomics our mass cytometry technology is embodied in two analytical platforms: flow cytometry and tissue imaging or spatial biology. Our flow cytometry systems (Helios and CyTOF XT) deeply profile cell phenotype and function. Referenced by more than 2,200 peer-reviewed publications around the world, our CyTOF technology has set a new standard in human immune profiling with our proprietary digital readout. Our spatial biology systems (Hyperion Imaging System and Hyperion+ TM Imaging System) enable highly multiplexed protein biomarker detection at a single cellular level in tissues and tumors while still preserving tissue architecture and cellular morphology information and without any autofluorescence artifacts by using our Imaging Mass Cytometry (IMC) technology. Within genomics, our microfluidics technology with our proprietary Integrated Fluidic Circuits (IFCs) provides high throughput and automated workflows for quantitative polymerase chain reaction (PCR), gene expression, copy number variation analysis, and next-generation sequencing (NGS) library preparation. These automated systems are used to detect somatic and genomic variations from a range of different sample types which provide cost efficiencies, flexibility and proven analytical performance that customers need to meet the increasing demands of molecular biomarker analysis for diagnostics and research applications. On January 5, 2024, we completed the merger (the Merger) with SomaLogic, Inc. (SomaLogic), creating a leading prov

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View this 10-K filing on SEC EDGAR