Standard BioTools Inc. (NASDAQ:LAB) Q4 2023 Earnings Call Transcript
Standard BioTools Inc. (NASDAQ:LAB) Q4 2023 Earnings Call Transcript February 28, 2024
Standard BioTools Inc. beats earnings expectations. Reported EPS is $-0.08, expectations were $-0.13. LAB isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, everyone, and welcome to Standard BioTools, Inc. Fourth Quarter and Full Year 2023 Financial Results Conference Call. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, David Holmes from Investor Relations. David? Please go ahead.
David Holmes: Thank you, operator, and good afternoon, everyone. Welcome to Standard BioTool's fourth quarter and full year 2023 Earnings Conference Call. Leading the call today is Michael Egholm, President and Chief Executive Officer; Jeff Black, Chief Financial Officer; and Adam Taich. Chief Strategy Officer. At the close of market today, February 28, 2024, Standard BioTools released its financial results for the quarter and fiscal year ended December 31, 2023. During this call, we will review our results and provide commentary on our financial and operational performance, 2024 outlook, market trends and strategic initiatives. During the call, we will make forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for our business, our outlook for 2024 and future financial results, market trends and opportunities and our expectations related to the combined operations with SomaLogic including potential synergies and our business outlook for the combined company.
These statements are subject to substantial risks and uncertainties that may cause actual events or results to differ materially from current expectations. The forward-looking statements in this call are based on information currently available to us, and we disclaim any obligation to update these statements, except as may be required by law. During the call, we will also present some financial information on a non-GAAP basis. We believe these non-GAAP financial measures are useful in evaluating our core performance and as a baseline for assessing the future earnings potential of the company. We use these non-GAAP measures in our own evaluation of continuing operating performance. We encourage you to carefully consider our results on a GAAP and non-GAAP basis.
The reconciliation between non-GAAP measures and their GAAP equivalents are provided in the tables accompanying today's press release and as an appendix to today's presentation slides. Please note that management will be referring to a slide presentation, including updated supplemental financial information within the webcast today and will not host a Q&A session following their remarks. Today's slide presentation, along with a replay of the webcast will be available on the Investors section of our website. I would like to now turn the call over to Michael Egholm, President and CEO of Standard BioTools.
Michael Egholm: Thank you, David. We greatly appreciate everyone joining us on today's call. 2023 was our first full year of operations as Standard BioTools, and I could not be more proud of our team and this accomplishment. And one of the more challenging times for the life science companies in recent memory, our disciplined team of operators significantly reduced costs and cash burn, expanded gross margins and returned the declining business to growth. Add to this navigating a successful closing of the merger with SomaLogic, I can say that excitement, Standard BioTools has now fully activated the business thesis to build scale in a highly fragmented space while maintaining operational focus and recognizing the all-important maxim, no margin, no mission.
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