STANDARD BIOTOOLS INC. Segments Disclosure
16. Segment Reporting
The Company operates in two reportable segments: proteomics and genomics. Each segment is identified by its unique portfolio of products. Proteomics includes instruments, consumables, software, and services based upon technologies used in the identification of proteins. Genomics includes instruments, consumables, software, and services based upon technologies used in the identification of genes (DNA, RNA) and their functions.
During the first quarter of 2024, the CODM began using operating income to assess segment performance and make resource allocation decisions. Each segment’s operating income is calculated by subtracting direct expenses, including cost of revenues and segment-specific operating expenses, from revenues. Corporate expenses, restructuring and related charges, transaction and integration expenses, interest, and income taxes are excluded from each segment's results, consistent with how our CODM evaluates segment performance.
The Company does not prepare or report segmented balance sheet information as the CODM does not use the information to assess segment operating performance. The segments adhere to the same accounting policies as the Company as a whole.
The Company's business segment information was as follows (in thousands):
|
Year Ended December 31, |
|
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|
2024 |
|
|
2023 |
|
|
2022 |
|
|||
Proteomics segment: |
|
|
|
|
|
|
|
|
|||
Revenue |
$ |
135,789 |
|
|
$ |
63,883 |
|
|
$ |
52,502 |
|
Cost of revenue |
|
73,992 |
|
|
|
37,644 |
|
|
|
32,461 |
|
Operating expenses |
|
123,692 |
|
|
|
47,647 |
|
|
|
47,429 |
|
Proteomics loss from operations |
$ |
(61,895 |
) |
|
$ |
(21,408 |
) |
|
$ |
(27,388 |
) |
|
|
|
|
|
|
|
|
|
|||
Genomics segment: |
|
|
|
|
|
|
|
|
|||
Revenue |
$ |
38,643 |
|
|
$ |
42,457 |
|
|
$ |
45,446 |
|
Cost of revenue: |
|
16,178 |
|
|
|
18,246 |
|
|
|
28,436 |
|
Operating expenses |
|
19,267 |
|
|
|
24,317 |
|
|
|
42,622 |
|
Genomics income (loss) from operations |
$ |
3,198 |
|
|
$ |
(106 |
) |
|
$ |
(25,612 |
) |
Total segment loss from operations |
$ |
(58,697 |
) |
|
$ |
(21,514 |
) |
|
$ |
(53,000 |
) |
|
|
|
|
|
|
|
|
|
|||
Reconciliation of income (loss) from operations: |
|
|
|
|
|
|
|
|
|||
Corporate expenses |
|
76,060 |
|
|
|
41,525 |
|
|
|
49,616 |
|
Restructuring and related charges |
|
12,500 |
|
|
|
7,076 |
|
|
|
9,732 |
|
Transaction and integration expenses |
|
27,979 |
|
|
|
6,485 |
|
|
|
3,857 |
|
Total loss from operations |
$ |
(175,236 |
) |
|
$ |
(76,600 |
) |
|
$ |
(116,205 |
) |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|||
Proteomics |
$ |
9,198 |
|
|
$ |
12,072 |
|
|
$ |
12,223 |
|
Genomics |
|
1,486 |
|
|
|
601 |
|
|
|
230 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 11, 2025 | Showing above |
| 2023 | Mar 1, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.