Standard BioTools Reports First Quarter 2023 Financial Results Net cash used in operating activities of $8.5 million, a 55.8% sequential decline from $19.2 million in the fourth quarter and a 46% reduction from the $15.6

Standard BioTools Reports First

Quarter 2023 Financial Results

Net cash used in operating activities of $8.5 million, a 55.8% sequential

decline from $19.2 million in the fourth quarter and a 46% reduction from the $15.6 in the first quarter last year

GAAP revenue (includes discontinued/COVID-19 products) decreased 5.2%

year-over-year to $25.1 million, with a 1.8% year-over-year increase in ongoing, core product and service revenue to $24.3 million

GAAP product and services margin of 46.6%, an improvement of 567 basis

points over fourth quarter 2022; non-GAAP product and service margin grew to 60.9%, a 792 basis point increase over the fourth quarter

GAAP operating expenses of $28.7 million, an 11% sequential decline

from $32.3 million in the fourth quarter

Cash, cash equivalents and short-term investments of $154.5 million

Company to host conference call and webcast today at 5:00 p.m. ET

SOUTH SAN FRANCISCO, Calif., May 9, 2023 - Standard BioTools Inc. (Nasdaq:LAB),

driven by a bold purpose - Unleashing tools to accelerate breakthroughs in human health - today reported

financial results for the first quarter ended March 31, 2023.

"Our focus continues to be the fundamental transformation

of our core business into a cash flow positive, self-sustaining enterprise from which we can build organically and inorganically. To that

end in the quarter, we were able to reduce operating cash burn significantly and stimulate early but encouraging growth in our core product

and service business lines," said Michael Egholm, PhD, President and Chief Executive Officer of Standard BioTools . "This

is the product of a now transformed team and business culture whose focus and hard work over the past twelve months is evident across

the business. We are now prepared to execute on the inorganic growth central to our long-term vision."

Proteomics (Mass Cytometry): The company launched the

Hyperion XTi Imaging System at the American Association for Cancer Research (AACR) conference in April. This system provides a

market-leading five-fold increase in the number of slides that can be processed per day over the legacy Hyperion Imaging System

and favorably positions the technology in the growing spatial biology market. Hyperion XTi is currently in production and initial orders

are expected to ship in the second quarter.

Genomics (Microfluidics): The company continues to pursue

its new go-to-market strategy detailed last year and focused on key accounts and OEM partners and is actively evaluating additional partnering

opportunities with unique and value-added applications where its current genomics product, the X9 High-Throughput Genomics System,

can solve key customer problems.

Operations: The company completed its significant restructuring

efforts in the quarter with the finalization of the realignment of its European commercial organization. Additionally, the company subleased

another 25% of lab and office space in its South San Francisco (SSF) location, bringing the total SSF footprint reduction to 50%. The

company expects to realize the financial benefits of the additional space reduction toward the end of 2023 and into 2024.

Corporate: In January the company announced Betsy Jensen

as its new Chief Human Resources Officer, and in March appointed Fenel Eloi as a new Board Member and member of the Audit Committee.

First Quarter 2023 Financial Results

First quarter GAAP total revenue was $25.1 million vs. $26.5

million in the first quarter of 2022, while core product and service revenue, (proteomics and genomics revenue excluding discontinued

products) was $24.3 million compared to $23.9 million in the year ago period.

GAAP product and service margin increased 567 basis points

sequentially to 46.6%. Non-GAAP product and service margin, which primarily excludes non-cash amortization, increased 792 basis points

sequentially to 60.9%.

GAAP operating expenses were $28.7 million for the first

quarter, an 11.0% decrease from the fourth quarter of 2022. Non-GAAP operating expenses, which primarily exclude non-cash stock-based

compensation, were $25.4 million, a 15.7% decline from the fourth quarter of 2022.

Net cash used in operating activities in the quarter was

$8.5 million compared to $19.2 million in the fourth quarter of 2022 and $15.6 million in the first quarter of 2022. The company repurchased

approximately 1.3 million shares of its common stock in the quarter for a total of $2.5 million. Cash, cash equivalents and short-term

investments on March 31, 2023, totaled $154.5 million.

For 2023, Standard BioTools expects flat-to-moderate

growth in core product and service revenues relative to 2022 core product and service revenues of $94.5 million.

GAAP product and services margins are currently expected to

increase to 52%-55% by the fourth quarter of 2023. Non-GAAP product and services margins are expected to increase to 65%-68%

by the fourth quarter of 2023.

Management expects GAAP operating expenses of approximately $118

million to $123 million with non-GAAP operating expenses (which primarily exclude approximately $13 million of

non-cash stock-based compensation expense) of approximately $102 million to $107 million for 2023.

Conference Call Information

The company's management

will host a conference call and webcast today at 2:00 p.m. PT, 5:00 p.m. ET, to discuss first quarter 2023 financial results and

operational progress as well as to provide additional color on its strategic actions.

Individuals interested in listening

to the conference call may do so by dialing:

callers: (888) 346-3970

Outside US callers: (412) 902-4297

webcast will be available online from the Investor Relations page of the company's website at Events

& Presentations. The webcast will be archived and available on the Standard BioTools Investor

Relations page at investors.standardbio.com.

Our investor presentation including Supplemental Financial Information

has been posted on the investor relations section of our website concurrent with this news release.

Statement Regarding Use of Non-GAAP Financial Information

Standard BioTools has presented certain financial information in accordance

with U.S. GAAP and also on a non-GAAP basis. Management believes that non-GAAP financial measures, taken in conjunction with GAAP financial

measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative

of the company's core operating results. Management uses non-GAAP measures to compare the company's performance relative to

forecasts and strategic plans and to benchmark the company's performance externally against competitors. Non-GAAP information is

not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company's

operating results as reported under U.S. GAAP. Standard BioTools encourages investors to carefully consider its results under GAAP, as

well as its supplemental non-GAAP information and the reconciliations between these presentations, to more fully understand its business.

Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.

Use of Forward-Looking Statements

This press release contains forward-looking statements within the meaning

of the Private Securities Litigation Reform Act of 1995, including, among others, guidance, including related to revenues, margin, and

operating expenses, and statements regarding future financial performance and expectations, operational and strategic plans, deployment

of capital, our cash runway and sufficiency of cash resources, potential M&A activity, and expectations with respect to our restructuring

plans (including expense reduction activities). Forward-looking statements are subject to numerous risks and uncertainties that could

cause actual results to differ materially from currently anticipated results, including but not limited to risks that we may not realize

expected cost savings from the restructuring, including the anticipated decrease in operational expenses, at the levels we expect; possible

restructuring and transition-related disruption, including through the loss of customers, suppliers, and employees and adverse impacts

on our development activities and results of operation; restructuring activities, including our subleasing plans, customer and employee

relations, management distraction, and reduced operating performance; risks that internal and external costs required for ongoing and

planned activities may be higher than expected, which may cause us to use cash more quickly than we expect or change or curtail some of

our plans, or both; risks that our expectations as to expenses, cash usage, and cash needs may prove not to be correct for other reasons

such as changes in plans or actual events being different than our assumptions; changes in Standard BioTools' business or external

market conditions; challenges inherent in developing, manufacturing, launching, marketing, and selling new products; interruptions or

delays in the supply of components or materials for, or manufacturing of, Standard BioTools products; reliance on sales of capital equipment

for a significant proportion of revenues in each quarter; seasonal variations in customer operations; unanticipated increases in costs

or expenses; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities

by customers; uncertainties relating to Standard BioTools' research and development activities, and distribution plans and capabilities;