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LAB Nasdaq· Standard BioTools Inc.
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LAB Nasdaq· Standard BioTools Inc.
Earnings report Q3 2023

LAB Reports Slight Decrease in Revenue for Q3 2023

Segments of revenue

LAB reported total revenue of $25.4 million for the three months ended September 30, 2023, representing a 1% decrease compared to the same period in 2022. The revenue consisted of $18.7 million from product revenue and $6.7 million from service and other revenue.

Strengths

LAB's revenue decline in Q3 2023 can be attributed to the timing of instrument orders and a decrease in consumables revenue related to their genomics end user markets. However, the company experienced overall revenue growth of 10% for the nine months ended September 30, 2023, reaching $78.2 million. This growth was primarily driven by increased instrument placements in their proteomics end user markets.

Challenges

LAB faced challenges in their genomics end user markets, resulting in a decline in consumables revenue. The company has been undergoing a reorganization and repositioning of their business, which impacted their genomics segment.

Noteworthy

LAB's revenue for the nine months ended September 30, 2022, included a $1.6 million instrument revenue reduction due to a one-time reserve recorded for their discontinued LCM product line in the Genomics segment. This impacted the year-over-year comparison of revenue growth.

Summary

LAB reported a slight decrease in revenue for Q3 2023, primarily due to timing of instrument orders and a decline in consumables revenue in their genomics end user markets. However, the company achieved overall revenue growth of 10% for the nine months ended September 30, 2023, driven by increased instrument placements in their proteomics end user markets. LAB's ongoing reorganization and repositioning efforts have impacted their genomics segment.

Source documents

Form 10-Q  filed on Nov 07, 2023
76 pages scanned

Reference data

Company financials Q3 revenue 28.2M
Analyst estimates Q3 EPS beat by 0.86%
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