Standard BioTools Announces Full Year 2023 Revenue Of $106M; SomaLogic Expects Q4 2023 Revenue Of ~$23M And FY23 Revenue Of ~$86M
Portfolio Pulse from Benzinga Newsdesk
Standard BioTools Inc. announced preliminary and unaudited revenue results for Q4 and full year 2023, with Q4 revenue at approximately $28 million and full year revenue at $106 million, marking over 10% growth in core revenue. Instrument revenue grew by over 40% compared to 2022. SomaLogic, which merged with Standard BioTools on January 5, 2024, expects Q4 2023 revenue of about $23 million and full year revenue of $86 million. The combined company anticipates over $550 million in cash and investments as of December 31, 2023. Full results and 2024 outlook will be discussed in early March.
January 08, 2024 | 2:06 pm
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Standard BioTools Inc. expects a 10% growth in core revenue and over 40% growth in instrument revenue for 2023, with Q4 revenue estimated at $28 million and full year at $106 million. The merger with SomaLogic and a strong cash position may positively influence investor sentiment.
The positive revenue growth and successful merger with SomaLogic suggest a strong financial position for Standard BioTools, which is likely to be viewed favorably by investors. The anticipation of detailed results and a 2024 outlook in March could maintain investor interest and potentially drive the stock price up in the short term.
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