Standard BioTools Inc. (NASDAQ:LAB) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

Peter DeNardo - Investor Relations

Michael Egholm - President and Chief Executive Officer

Vikram Jog - Chief Financial Officer

Operator

Hello, and welcome to the Standard BioTools Incoporated First Quarter 2023 Financial Results Conference Call. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Peter DeNardo, Investor Relations. Thank you. Mr. DeNardo, you may begin.

Peter DeNardo

Thank you, operator. Good afternoon, everyone. Welcome to Standard BioTools first quarter 2023 earnings conference call.

At the close of the market today, Standard BioTools released its financial results for the quarter ended March 31, 2023.

During this call, we will review our results and provide commentary on our financial and operational performance, market trends and strategic initiatives. Presenting for Standard BioTools today will be Michael Egholm, Chief Executive Officer and President; and Vikram Jog, Chief Financial Officer.

During the call, we may make forward-looking statements about events and circumstances that have not yet occurred, including plans and projections for our business, our outlook for 2023, and future financial results and market trends and opportunities.

These statements are subject to substantial risks and uncertainties that may cause actual events or results to differ materially from current expectations. The forward-looking statements in this call are based on information currently available to us and we disclaim any obligation to update these statements, except as may be required by law.

During the call, we will also present some financial information on a non-GAAP basis. We encourage you to carefully consider our results under GAAP as well as our supplemental non-GAAP information and the reconciliation between these presentations, which are disclosed in the table accompanying our earnings release.

Please note that management will be referring to a slide presentation, including updated supplemental financial information within the webcast today, and this presentation is also posted on our website. I would also like to note that the company will not be hosting a question-and-answer session following prepared remarks during today's conference call.

I will now turn the call over to Michael Egholm, our Chief Executive Officer and President. Michael?

Michael Egholm

Thank you, Peter, and good afternoon, everyone. We appreciate you joining us on the call today.

A year after closing the strategic transaction and then with a new management team in place, we are off to a solid start to 2023. We posted year-over-year growth in core products and service revenues and margins and significantly lowered spending, which reduced our cash burn by more than 50% from the fourth quarter of 2022. We are running our playbook and are committed to building the next diversified life science tools company through industry-leading operational execution and scale-building strategy.