Standard BioTools Announces Operational Restructuring Plan to Drive Long-Term Profitable Growth
2024年4月25日 - 9:01PM
Standard BioTools Inc. (“Standard BioTools” or the “Company”)
(Nasdaq: LAB) today announced that it has initiated a restructuring
plan to improve operational efficiency and reduce operating costs,
while supporting the execution of the Company’s long-term strategic
plan.
“Following the completion of the SomaLogic merger, our
management team has conducted a comprehensive review of our
business as we continue to execute our strategic growth plan. Today
we are taking critical and proactive steps to optimize our cost
structure, which reflects the Company’s commitment to accelerate
our path to profitability and achieve our long-term financial
targets,” said Michael Egholm, PhD, President and CEO
of Standard BioTools. “We will continue to focus on
disciplined expense management while staying true to our mission of
becoming a diversified leader in life sciences tools and empowering
our customers to do better world-changing research.”
The restructuring plan is expected to generate annualized
operating expense savings of $45 million to $50 million in fiscal
2025, with the majority of the cost takeout to occur in the second
half of 2024. The plan focuses on two core areas:
- Workforce Reduction: The Company has
implemented a reduction of approximately 10% of its total workforce
to better align the Company’s personnel costs with the current
needs of its business. This includes the elimination of certain
senior management positions following the closing of the SomaLogic
merger. The Company expects expenses related to these reductions in
the range of $10 million to $11 million, consisting primarily of
cash severance and termination benefits and related costs, and
includes approximately $4 million of non-cash expenses related to
vesting of share-based awards.
- Streamlined Operational Expenditures: Includes
reductions in overall selling, general and administrative
(SG&A) expenses, the closure of the Company’s R&D facility
in San Diego, as well as savings related to a more prioritized
R&D strategy.
Egholm continued, “We value the immense contributions of our
colleagues and I want to express my sincere gratitude to the
members of our team who will be departing Standard BioTools. These
changes, while difficult, are necessary to support our business as
we continue to build the broadest next generation of solutions
serving the proteomics customer end market.”
First Quarter 2024 Earnings Conference Call
Information
Standard BioTools will host a conference call and webcast on
Wednesday, May 8, 2024 at 1:30 p.m. PDT (4:30 p.m. EDT) to discuss
first quarter 2024 financial results, operational progress and
provide additional detail on today’s announcement. 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.
To participate in the conference call by phone, may do so using
one of the following dial-in numbers below:US domestic callers:
1-888-346-3970 Outside US callers: 1-412-902-4297
About Standard BioTools Inc.
Standard BioTools Inc. (Nasdaq:LAB), the parent
company of SomaLogic Inc. and previously known as Fluidigm
Corporation, is driven by a bold purpose – Unleashing tools to
accelerate breakthroughs in human health. Standard BioTools 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: www.standardbio.com/legal/salesterms. Patent and License
Information: www.standardbio.com/legal/notices. Trademarks:
www.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.
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; expectations, operational and
strategic plans; deployment of capital; market and growth
opportunity and potential; and the potential to realize the
expected benefits of the Company’s operational restructuring plan,
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 of the operational
restructuring plan, 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 this restructuring, including
the anticipated decrease in operational expenses, at the levels it
expects; possible 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; restructuring activities, including the
Company’s subleasing plans, 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.
Investor Contact
David HolmesGilmartin Group LLCir@standardbio.com
Standard BioTools (NASDAQ:LAB)
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