24/7 Market News Snapshot 30 October, 2024 – Standard BioTools Inc. Common Stock (NASDAQ:LAB)

October 30, 2024

DENVER, Colo., 30 October, 2024 (247marketnews.com) – (NASDAQ:LAB) are discussed in this article.
Standard BioTools Inc. has demonstrated strong performance in its stock trading, opening at $1.74 and currently trading at $1.95, which represents an impressive increase of approximately 11.43%. The previous session’s close at $1.75 indicates positive momentum, with the current trading volume reaching 5.49 million shares—significantly above average. This surge has helped the stock breach the $1.90 resistance level, hinting at further potential upside. Key support is marked around $1.75; should buying pressure continue, the stock may test higher levels, while any decline below the support level could prompt investors to reassess their positions.

In tandem with this favorable trading activity, Standard BioTools announced its interim financial results for the third quarter of 2024, reflecting its commitment to operational excellence and strategic growth amidst challenging market conditions. For the period ending September 30, the company reported revenues of $45 million, supported by a remarkable 50% year-over-year increase in adjusted EBITDA and a 35% reduction in net loss compared to the previous year. These results highlight the effectiveness of the ongoing merger synergies, which are expected to fully materialize by 2025. Approximately $80 million in synergies have already been realized, positioning the company to reach adjusted EBITDA break-even by 2026.

Michael Egholm, PhD, President and CEO, noted that the focus on operational efficiency has not only facilitated revenue growth but also significantly reduced operating costs. This strategic approach enhances long-term value creation while navigating macroeconomic challenges. Additionally, the balance sheet reflects $368 million in cash, cash equivalents, and investments, enabling Standard BioTools to pursue growth strategies, including targeted mergers and acquisitions while maintaining a strong revenue outlook for the year, projecting totals between $170 million and $175 million.

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