SOUTH SAN FRANCISCO - Standard BioTools Inc. (NASDAQ:LAB), a provider of biomedical research technologies, announced the appointment of Alex Kim as Chief Financial Officer, effective November 11, 2024. Kim, who is one of the co-founders of the company and its former Chief Operating Officer, will take over the company's finance organization, bringing his nearly three decades of experience in the healthcare and life sciences industries to the role.
Michael Egholm, President and CEO of Standard BioTools, expressed confidence in Kim's appointment, citing his comprehensive understanding of the company's business and his pivotal role in Standard BioTools' strategic and financial planning. Kim's career includes significant tenures at Milliken's Healthcare Division, Pall Corporation, and Danaher Corporation (NYSE:DHR), where he was involved in over 40 transactions and held various management positions.
In his statement, Kim expressed enthusiasm for his new role and emphasized the company's commitment to operational excellence and achieving its financial and growth objectives. The appointment also coincides with the promotion of Jonathan Mickelsen to Vice President & Chief Accounting Officer of Standard BioTools.
Standard BioTools, formerly known as Fluidigm (NASDAQ:LAB) Corporation, is the parent company of SomaLogic Inc. and is known for its standardized next-generation technologies such as mass cytometry and microfluidics. These technologies are utilized by research laboratories across the globe, focusing on areas like oncology, immunology, and immunotherapy to accelerate the development of medicines and improve patient outcomes.
The news of these executive changes comes directly from a press release issued by Standard BioTools. The company's shares are publicly traded on the NASDAQ stock exchange under the ticker symbol LAB.
In other recent news, Standard BioTools Inc. reported mixed financial results for the third quarter of 2024. The company's earnings showed a 21% increase in quarterly revenue, amounting to $45 million, but a 5% year-over-year decline was observed. The year-to-date revenue was recorded at $128 million, marking a 9% decrease from 2023. Despite these challenges, Standard BioTools, after its recent merger with SomaLogic, achieved significant cost synergies and improved its non-GAAP operating expenses and adjusted EBITDA.
TD Cowen adjusted the price target for Standard BioTools to $2.50, a decrease from the previous $2.75, while maintaining its Buy rating on the company's stock. This adjustment followed the company's reported sales figures that exceeded expectations by 9%, largely due to the performance of the company's SomaScan Assay Services. The company's efforts to streamline operations and manage expenses more effectively were recognized as contributing factors to its ability to navigate economic headwinds.
Standard BioTools is now focusing on expanding its portfolio and entering new markets, with a notable partnership with Illumina (NASDAQ:ILMN) aimed at broadening its customer base. While no specific guidance for 2025 has been provided, Standard BioTools expects a gradual recovery in demand. These are the most recent developments in the company's ongoing efforts to adapt to a challenging economic landscape and improve its financial health.
InvestingPro Insights
As Standard BioTools Inc. (NASDAQ:LAB) undergoes this significant leadership change, InvestingPro data offers additional context to the company's financial position. The company's market capitalization stands at $838.81 million, reflecting its current market valuation. Notably, Standard BioTools has demonstrated strong revenue growth, with a 48.23% increase over the last twelve months as of Q3 2024, and an even more impressive 77.27% quarterly growth in Q3 2024. This robust revenue expansion aligns with the company's focus on operational excellence and growth objectives mentioned by the newly appointed CFO, Alex Kim.
However, investors should be aware that despite the revenue growth, Standard BioTools is currently not profitable, with an operating income margin of -76.92% for the last twelve months. This underscores the importance of Kim's role in steering the company towards financial stability and profitability.
InvestingPro Tips highlight that Standard BioTools holds more cash than debt on its balance sheet, which could provide financial flexibility as the company pursues its growth strategy. Additionally, the stock has shown a significant return over the last week, with a 15.31% price increase, possibly reflecting positive market sentiment towards the recent executive appointments.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Standard BioTools, providing deeper insights into the company's financial health and market position.
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