Standard BioTools Inc.

standardbio.com

What Do They Do?

Sells instruments and consumables for proteomics and genomics research, along with laboratory services, to academic institutions, research laboratories, and biopharmaceutical and biotechnology companies.

How Do They Make Money?

Customers pay for instruments and consumables when goods ship or arrive, with invoices due in 30 to 90 days. Service contracts are billed in advance over their term; license revenue comes when the license transfers, and royalties when related sales occur.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Product revenue Sold outright	72% FY2022: 74%		Sold outright
Services and other revenue	28%

Who Are Their Customers?

Customers include academic research institutions, clinical and translational research laboratories, and biopharmaceutical and biotechnology companies. The company sells directly through its sales force in some regions and uses distributors or sales agents in others.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 10% from one customer

Do Revenues Turn Into Profits?

No. It lost $74.9M in FY2025.

Operating income, FY2025

−129% of revenue

▼ −14% (Loss) vs FY2024 (−$127.5M, −140%)

Net income, FY2025

−88% of revenue

▼ −46% (Loss) vs FY2024 (−$138.9M, −153%)

Free cash flow, FY2025

−97% of revenue

▼ −46% (Loss) vs FY2024 (−$151.8M, −167%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −8%; vs $21.8M in Q2 FY2025
Net income: ▼ −20% (Loss); vs −$33.5M in Q2 FY2025

Product revenue share of revenue vs 72.0% in Q2 FY2025

Aug 5, 2026 Withdraws full-year revenue outlook The company withdrew its 2026 revenue outlook because of the pending Treeline merger.
Jul 28, 2026 Agrees to sell mass cytometry business and ends Illumina contingent payments The sale is subject to stockholder approval and completion of the Treeline merger; Illumina paid approximately $30 million for the waiver and ended royalty agreements.
Jul 24, 2026 Receives Nasdaq notice for minimum bid-price noncompliance Trading continues while the company has 180 calendar days to regain compliance.
Jun 8, 2026 Agrees to merge with Treeline Biosciences The all-stock merger would make Treeline Biosciences the combined company's name and remains subject to closing conditions.

Shrinking. Revenue fell 35% in 4 years, from $130.6M in FY2021 to $85.3M in FY2025, about 10% a year.

Portfolio after SomaScan The latest report separates the aptamer-based SomaScan Business as a discontinued operation and says the company retained mass cytometry and microfluidics; the older report describes its tools around those same two technologies.

Revenue over time

Product revenue Services and other revenue Development revenue Other revenue Service revenue Collaboration and other revenue

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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