What Standard BioTools Inc. told the SEC could break it.

Standard BioTools is geographically exposed: 67% of 2025 revenue ($56.9M) came from customers outside the United States, with China representing 13% and Sweden 10% of total revenue, and its manufacturing is concentrated in Singapore (IFCs/microfluidics) and Markham, Canada (mass cytometry and genomics reagents); this international concentration subjects it to currency, geopolitical, trade and local-economic risks, and disruption at its Singapore or Canada facilities would broadly impair production.

“Total revenue received from customers outside the United States was $56.9 million, or 67% of our total revenue in 2025, compared to $55.6 million, or 61% of our total revenue in 2024, and $62.2 million, or 59% of our total revenue in 2023.”

Standard BioTools is exposed to trade policy: in April 2025 the U.S. announced a 10% tariff on imports from almost all countries and individualized higher tariffs (including 145% on China imports), followed by exemptions and pauses, causing substantial uncertainty and potentially raising the cost of materials it imports to manufacture and the price of its exported products; delays in China VAT and import-tax exemptions have already hurt its China sales, and because its microfluidic/IFC technology was developed with U.S. government grants, the funding agency retains march-in rights to require licensing to third parties.

“in April 2025, the U.S. government announced a 10% tariff on product imports from almost all countries and individualized higher tariffs on certain other countries, including a 145% tariff on product imports from China.”

Standard BioTools depends on a limited number of third-party suppliers, including single and sole-source suppliers, for key components and materials: its IFCs use a specialized polymer, the electron-multiplier detector and certain metal isotopes for its Hyperion/CyTOF systems and certain metals for its Maxpar reagents are sole-sourced, and its assays' raw materials come from limited sources; it has no long-term contracts with these suppliers or with the Singapore contract manufacturers that assemble certain instruments, so loss of a single/sole source would require significant time to qualify an alternative (if at all) and could disrupt manufacturing.

“We rely on a limited number of third-party suppliers for certain components and materials used in our products, including single and sole source suppliers. Additionally, certain of our instruments are assembled at the facilities of contract manufacturers in Singapore. We do not have long-term contracts with our suppliers of these components and materials or our assembly service providers.”

Standard BioTools' demand depends heavily on research-and-development expenditures and capital-equipment budgets of academic and governmental customers: reductions in operating expenditures by global academic research facilities have resulted in lower-than-expected sales of its mass cytometry instruments, and tariffs and VAT/import-tax delays further hurt China sales; with academic/government tender processes and customer budget cycles, its sales cycle is often 12 months or longer, making revenue sensitive to research-funding cuts and timing.

“reductions in operating expenditures by global academic research facilities have resulted in lower than expected sales of our mass cytometry instruments. Additionally, the imposition of tariffs and delays in issuing VAT and import tax exemptions have adversely affected the sales of our products in China.”