Standard BioTools Q1 2025: Contradictions in Instrument Demand, Revenue Forecasts, and Academic Funding Trends

Instrument demand and revenue forecast, Illumina partnership and revenue expectations, instrument demand and funnel growth, U.S. academic and government revenue trends, and U.S. academic and government funding trends are the key contradictions discussed in Standard BioTools' latest 2025Q1 earnings call



Revenue Performance:
- Standard BioTools reported $40.8 million in revenue for Q1 2025, which was down 10% year-over-year.
- The decline in revenue was attributed to a worsening market compared to the previous year and a high backlog from 2024.

Instrument Demand Growth:
- The company's instrument revenue rose by 24% year-over-year in Q1 2025, reaching $7.8 million.
- This growth was primarily driven by increased sales in the spatial proteomics business, particularly the Hyperion XTi, and an improvement in the installed base.

Cost Management and Efficiency:
- Non-GAAP operating expenses were reduced by 22% year-over-year, from $49.3 million in Q1 2024 to $38.6 million in Q1 2025.
- The decrease was due to the operationalization of additional cost reductions and the ongoing realization of synergies from the SomaLogic merger.

Cash Position and Burn Reduction:
- Standard BioTools ended Q1 2025 with approximately $261 million in cash, cash equivalents, and short-term investments, with a 33% reduction in cash burn compared to the same period last year.
- This improvement was a result of restructuring efforts, merger cost synergies, and operational improvements.