Standard BioTools Inc. (NASDAQ:LAB) made a bold move Monday on the stock front.
The company, “driven by a bold purpose – unleashing tools to accelerate breakthroughs in human health” – today announced the repurchase of up to $20 million of shares of its common stock in the open market or in negotiated transactions through December 31, 2023. The repurchases are expected to be made from cash on hand, which the Company’s board believes is an effective use of capital given Standard BioTools’ current valuation and progress to date against its stated strategic goals, which are expected to result in improved revenue growth and profitability over time. The repurchase program may be suspended or discontinued at any time at the Company's discretion.
Earlier this month, Standard came out with third-quarter losses of 26 cents per share, on revenues of $25.65 million. The company is on track to achieve positive free cash flow by year-end 2024.
Standard BioTools, this morning’s news release concluded, “has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. As a leading solutions provider, the company provides reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies, which help transform scientific discoveries into better patient outcomes.”
LAB shares gained eight cents, or 6.2%, to $1.38
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