Standard BioTools (LAB) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenue from continuing operations was $23.8 million, with full year 2025 revenue at $85.3 million, both reflecting year-over-year declines.

• Over $40 million in annualized cost savings were fully operationalized, supporting the path to positive adjusted EBITDA and cash flow by the end of 2026.

• Approximately $550 million in cash and investments post-SomaLogic transaction, fueling inorganic growth strategy.

• Net income for Q4 2025 was $13.9 million, a significant improvement due to a one-time, non-cash partial release of $38.4 million in deferred tax valuation allowance.

Financial highlights

• Q4 2025 revenue declined 4% year-over-year; full year 2025 revenue declined 6% year-over-year.

• Q4 2025 gross margin was 47.8% (non-GAAP: 50.3%), up from 45.8% (non-GAAP: 48.1%) in Q4 2024.

• Full year 2025 gross margin was 49.9% (non-GAAP: 53.6%), up from 49.3% (non-GAAP: 53.3%) in 2024.

• Q4 2025 operating expenses were $36.0 million, down 4% year-over-year; non-GAAP operating expenses were $27.8 million, down 1%.

• Full year 2025 operating expenses were $152.8 million, down 11% year-over-year; non-GAAP operating expenses were $108.3 million, down 4%.

• Adjusted EBITDA loss for Q4 2025 was $15.8 million, a 3% improvement year-over-year; full year adjusted EBITDA loss was $62.6 million, also a 3% improvement.

Outlook and guidance

• Fiscal year 2026 revenue expected in the range of $80 million to $85 million, with seasonality similar to prior years.

• Management targets positive adjusted EBITDA and adjusted cash flow exiting 2026.