EX-99.2 3 tm252898d1_ex99-2.htm EXHIBIT 99.2
Exhibit 99.2

| Setting Standards Empowering Research Building Shareholder Value Investor Presentation January 2025

| Legal Information 2 Forward-looking statements This presentation contains forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates”, “targets” and similar expressions) are statements that could be deemed forward-looking statements, although not all forward-looking statements contain these identifying words. Readers should not place undue reliance on these forward-looking statements. Forward-looking statements may include statements regarding financial outlook and business performance, including related to revenues, net loss and adjusted EBITDA, growth, margin and operating expenses; statements regarding future financial performance and expectations, operational and strategic plans, deployment of capital, cash runway and sufficiency of cash resources, potential market and growth opportunities, and future potential M&A activity; the potential to realize the expected benefits of prior and potential future acquisitions, our 2025 and 2026 financial targets, including with respect to revenue, non-GAAP gross margin, non-GAAP gross profit, non-GAAP operating expenses, adjusted EBITDA, cash, and free cash flow; the competitive ability and position of the company, the success, cost and timing of the company’s product development, sales and marketing, and research and development activities, the company’s ability to obtain and maintain regulatory approval for its products, the sufficiency of the company’s cash, cash equivalents and short-term investments to fund operations, and any assumptions underlying any of the foregoing. Statements regarding future events are based on the parties’ current expectations and are necessarily subject to associated risks and uncertainties related to, among other things, the outcome of any legal proceedings related to the merger; risks that the anticipated benefits of the merger or other commercial opportunities may otherwise not be fully realized or may take longer to realize than expected; risks that we may not realize expected cost savings from our restructuring plans, 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; our ability to achieve future financial targets; changes in our 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, our 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; continued or sustained budgetary, inflationary, or recessionary pressures; uncertainties in contractual relationships; reductions in research and development spending or changes in budget priorities by customers; uncertainties relating to our research and development activities, and distribution plans and capabilities; potential product performance and quality issues; risks associated with international operations; intellectual property risks; and competition. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. For information regarding other related risks, see the “Risk Factors” section of our most recent annual report on Form 10-K filed with the SEC on March 1, 2024. We undertake no obligation to revise or update any forward-looking statements for any reason. Non-GAAP financial information Standard BioTools has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis. The non-GAAP financial measures included in this presentation are non-GAAP gross margin, non-GAAP gross profit, non-GAAP operating expenses, and adjusted EBITDA. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that management does not consider indicative of the Company’s core operating performance. 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 presentation. Trademarks Standard BioTools, the Standard BioTools logo, Biomark, CyTOF, CyTOF XT, EP1, Helios, Hyperion, Hyperion+ and SomaScan are trademarks and/or registered trademarks of Standard BioTools Inc. (f.k.a. Fluidigm Corporation)or its affiliates in the United States and/or other countries. All other trademarks are the sole property of their respective owners. Standard BioTools products are provided for Research Use Only. Not for use in diagnostic procedures.

| Standard BioTools 3 OUR APPROACH Operate as OWNERS, act like INVESTORS “Increase ROI, Diversify Risk & Generate Returns” Focus on EFFICENCY to grow PROFITS “Without Margin, there is no Mission” Offer SOLUTIONS that enable “We are a business not a technology or 'omics application”

| Strategy: Attract, Consolidate, Operate Amass Talent, Build a Diversified Solutions Leader, Deliver Operational Excellence Consolidate: High-Value Products & Solutions targeting High-Growth, High-Margin, End- Markets Talent recruited from all the leading Life Science Companies + ~200 yrs of experience Two acquisitions, $174M FY '24 revenue and $311M Q3’24 net-cash to target new M&A1,2 Leverage: Standard BioTools Systems (SBS) to Drive Business Execution, Efficiency, and Profitability $100M in operationalized cost reduction across the two acquisitions3 , targeting adjusted EBITDA positive in 2026 4 Assemble: Team of World Class Leaders focused on Delivering Shareholder Return 1Net cash as of Q3 '24; Cash net of convertible debt that was paid off on November 29, 2024 2The unaudited, preliminary 2024 financial results presented above, including revenue, gross margin for FY 2024 and cash and cash equivalents as of December 31, 2024, are based on current expectations and may be adjusted as a result of, among other things, completion of annual audit procedures. This financial information does not represent a comprehensive statement of the Company’s financial results for Q4 or FY 2024 and remains subject to the completion of financial closing procedures and internal reviews. 3This refers to the Fluidgm and Somalogic acquisitions

| Michael Egholm, PhD Chief Executive Officer Experience: • Danaher • Pall • Roche Alex Kim Chief Financial Officer Experience: • Danaher • Pall • Milliken Sean Mackay Chief Business Officer Experience: • IsoPlexis • PhenomeX • Lazard Agnieszka Gallagher SVP, Chief Legal Officer Experience: • Sandoz • Alnylam • GSK Betsy Jensen Chief H.R. Officer Experience: • Danaher • Gibraltar • ITW Stephen Williams, MD PhD Chief Medical Officer Experience: • Somalogic • Pfizer • NIH Leadership: Bring Operational Experience to Business of Science David King, PhD SVP, Global R&D Experience: • IntegenX • Affymetrix • Guava Mona Abou-Sayed SVP, SBS Experience: • Mitel • Danaher • Tektronix Anders Davas SVP, Global Operations Experience: • Danaher • Mölnlycke • Telair 5

| CONSUMABLES INSTRUMENTS SERVICES Tactics: Climb the Value PYRAMID, Expand the Customer PIE ACADEMIC $13B1 BIOPHARMA $27B1 CURRENT (Q3 YTD) PRODUCT MIX CONSUMABLES INSTRUMENTS SERVICES FUTURE PRODUCT MIX2 53%* Q3 YTD GROSS MARGINS 65% TARGET GROSS MARGINS CURRENT END MARKETS 1Management estimate 2Anticipated BIOPRODUCTION $22B1 APPLIED & INDUSTRIAL $10B1 PHARMA ACADEMIC & & BIOTECH GOVERNMENT $27B1 $13B1 FUTURE END MARKETS CLINICAL $40B1 35%* 16%* 49%*,** APPLIED & INDUSTRIAL $10B1 • APPLYING M&A to add products, customers, and end-markets • TARGETING consumables with higher margins at top of pyramid • FOCUSING on instruments with high pull through relative to ASP • EXPANDING service offerings to increase technology adoption CLIMB UP TOWARDS MARGIN EXPAND FOR TAM & GROWTH 6 *Non-GAAP gross margin excludes amortization of developing technology, non-cash stock-based compensation, and depreciation and amortization. Refer to Appendix for a reconciliation between GAAP and non-GAAP gross margin **Includes 2% of other revenue

| Environment Needing a Partner Like Standard BioTools Emerging Life Science Tools & Biopharma Markets Difficulties Create Consolidation Opportunity $0 $10 $20 $30 $40 $50 $60 Jan '22 Jan '23 Jan '24 Jan '25 Avg. Share Price Valuation & Sales Decreases in LS Tools1 1Average share price of 13 emerging life sciences companies 7% revenue decrease in '23, and 9% decrease through Q3 '24 80% decrease in valuation Private Tools Financing Activity Down3 Public Tools Equity Financing Dried Up2 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 2021 2022 2023 2024 $- $5 $10 $15 0 10 20 30 40 50 2021 2022 2023 2024 # IPOs # FOs # RDs Total ($B) ‘24 equity issuance ($) down 93% compared to ‘21 $14B $1B $1B $1B Venture investment activity down 53% compared to ‘21 Standard BioTools has the platform to consolidate life science tools companies facing these challenges, under one channel, to create broader value to customers and return to shareholders. 2Cowen $ in billions 7 3HSBC

| M&A Pipeline: Disciplined Criteria and Filling Funnel 8 Consumables Instrument Services DIVERSIFIES PRODUCT MIX & END MARKET • High margin recurring consumables • Diversified product mix • Growth in pharma and new end markets DE-RISKED TECHNOLOGY • Science fully understood • Deployable product PATH TO COMMERCIALIZATION • Clear unmet need & product market fit • Rigorously validated • Systematic VOC work SBS SYNERGIES • Accelerate Sales/Adoption • Leverage global scale • Ops and Manufacturing Academic Pharma Applied/Ag/Industrial PRIMARY END MARKET Bioprocessing Clinical M&A FOCUS & CRITERIA

| • 32% improvement in adjusted EBITDA YTD Q3 2024 • 98% on time delivery Q4 2024 vs 78% Q4 2022 • 4+ fold Reduction in complaints FY 2024 vs FY 2022 APPLYING SBS TO DRIVE IMPROVEMENT Acquire Smartly, Consolidate Quickly, Leverage SBS to Deliver Value TARGETING ASSETS WITHROI • Identify high-value solutions capable of lifting off from prior years of costly R&D investments • Leverage Standard BioTools Business Systems (SBS), and its Lean Practices and Continuous improvement (Kaizen) to improve reliability and profitability • Deliver quality improvement & cost saving opportunities to drive better customer outcomes post-acquisition 9 SBS FLYWHEEL New Asset LEAN TRANSFORMATION: Realizing value through reduction in cost-per-unit KAIZEN Continuously Improve on margin & customer delivery CUSTOMER CENTRICITY Deliver service and quality systems on demand to customers Value

| 10 Fluidigm Case Study: Improving KEY Operational and Financial Metrics STRATEGIC RATIONALE • Company had spent ~$900M of cash prior to acquisition, and despite 20+ years of operations, declining sales and extensive operating losses. • Attractive jumping off point and an instrument sales chassis for growth • Operating discipline was required to drive quality & profitability and improve customers experience • Embedded within the company is leading proteomics OEM within microfluidics (Olink partnership) and pioneer of spatial proteomics (IMC) PROGRESS HIGHLIGHTS • Rationalized portfolio, streamlined organization, invested in quality • 9% top-line growth yoy, with 900bp non-GAAP gross margin expansion YoY (2022-23) • 17% reduction in non-GAAP OpEx YoY (2022-23) & 53% improvement in operating cash use • Managed Gx business to contribution margin setting up for profitable growth • Mass Cytometry business on path to profitability and growth Revenue Gross Profit1 Operating Expense1 Operating Cash Use1 FY22 FY23 FY22 FY23 $98 mm $106 mm $50 mm $64 mm $119 mm $99 mm $90 mm $42 mm Stabilized topline margin expansion, and reduced spend TRANSFORMATION ACHIEVED OVER 18 MONTHS +8% YOY +28% YOY -17% YOY -53% YOY FY22 FY23 FY22 FY23 1Non-GAAP

| 11 SomaLogic Merger: Improving Key Metrics, 12 Months In STRATEGIC RATIONALE • Company had spent ~$800M of cash prior to acquisition; similar to Fluidigm, required operating discipline to drive to profitability • Cash position of $425M+ pre merger. Enabled further restructuring activities, investment in competitive studies, & reduction of technical debt • Underlying proteomic aptamer technology uniquely positioned as the only scalable serum proteomics offering; required reducing technical debt PROGRESS HIGHLIGHTS • Accelerated timeline of achievement cost synergies, with $80M in total cost savings operationalized to date, targeting profitability in 2026 • In collaboration with Illumina in Q1’24, rolled out early access program of SomaScan assays leveraging >2,000 Illumina instrument installations to drive higher margin consumable revenue • Combined company net cash of $311M1 as of Q3 24, enabling further growth-oriented M&A moving forward TRANSFORMATION ACHIEVED: FIRST 12 MONTHS $80M Synergies 1H’23 Ann. FY '26 Targeting EBITDA+ $250M FY’24 Proforma OpEx reduction 1Net cash as of Q3 '24; Cash net of convertible debt that was paid off on November 29, 2024

| 12 Executing Our M&A Strategy: Two Transformative Acquisitions FY22 $98M FY24 FY 25 - 26 $106M FY23 $174M M&A SBS FLYWHEEL M&A STRATEGY DRIVING REVENUE GROWTH New Asset LEAN TRANSFORMATION: Realizing value through reduction in cost-per-unit KAIZEN Continuously Improve on margin & customer delivery CUSTOMER CENTRICITY Deliver service and quality systems on demand to customers Value

| Standard Biotools CONFIDENTIAL 13 Merged Two Businesses: Turned around two technology focused cash burning situations to $174 million in revenue with path to 2026 profitability Leveraged SBS and lean systems on cost & quality: Delivered $100million+ in overall cost savings to two acquisitions, while driving down customer complaints 4 fold, and increasing on time delivery by 20% PHASE 1: 2022 TO 2024 Shift Product Portfolio Mix up Value Pyramid: Continued evolution into consumables and kits business, as Illumina partnership matures, SOMAmer reagent launch, & focused M&A across industry. PHASE 2: 2025 TO 2026 Moving up pyramid to higher GM businesses: Transitioned to 80% consumable and services mix. Path to further consumables growth with Illumina proteomics partnership Close 4-6 growth driving acquisitions: Current end markets and capital markets creating large funnel to execute on Deliver Profitable, Lean Enterprise with SBS: Complete cost take out & GM improvement to ensure profitable growth, while continuously improving customer & quality metrics 13 Next Inning for Standard BioTools Building a Diversified Life Science Tools Industry Leader

| Product Portfolio & Opportunity 14

| Proteomics: A Large Opportunity, Entering Transformative Era 15 1 Biospace 2024. Transformative Era Impacting Large Areas of Human Health Cardiometabolic (i.e. GLP-1), cardiovascular, Alzheimer's, and immunological disease Targeted Oncology & Gene Variant Diseases Limited / Targeted Populations Large, Growing Populations Genomic Driven Proteomic Driven Standard BioTools' DNA based SOMAmers are Positioned to Capitalize on Large Opportunity Ahead $32 Billion Proteomics TAM1 Large + High CAGR 2023 2032 $110 Billion 14.9% CAGR

| SOMASCAN PLASMA PROTEOME KREX ANTIBODY PROFILING OMICS AS A SERVICE SINGLE CELL PROTEOMICS SPATIAL PROTEOMICS SERVICES & CONSUMABLES Portfolio Capitalizing on Transition from Genomics to Proteomics 16 Reflects combined historical information with certain adjustments, assuming the merger closed on January 1, 2023. Q 3 ' 2 4 R E V E N U E M I X CONSUMABLES INSTRUMENTS LAB SERVICES FIELD SERVICES OTHER 31% 12% 41% 14% CYTOF SINGLE CELL PROTEOMICS HYPERION SPATIAL PROTEOMICS BIOMARK FLUIDICS WORKFLOW INSTRUMENTS & CONSUMABLES

| Proteomics Era Unlocked with DNA-Based SOMAmers 17 Population Genomics Population Proteomics Detect ATCG Distinct Capture of 10K+ proteins DNA Based SOMAmers: Scale in ways Antibodies Cannot 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 0 2000 4000 6000 8000 10000 12000 # protein measurements Precision on duplicates (1-CV %) 1.1k 5k 11k SOMASCAN ASSAY SCALING LEADING HIGH PLEX ANTIBODY BASED COMPETITOR 5k 3k 96 7k k=1,000s Limited by Antibodies to Date Straightforward, Led by Illumina Rooney et al. Plasma proteomic comparisons change as coverage expands for SomaLogic and Olink. MedRxiv Preprint. 2024 ATCG

| SomaScan: Leading Platform, Data, & Therapeutic Partners 18 1,000+ Proteomics publications SBI's Leading SOMAmer Solution Positioned at '25 Tipping Point Published January 03, '25 by Novo Nordisk Measuring ~6,400 human proteins in nearly 2,000 participants, uncovered key insights into semaglutide (i.e. GLP-1), including cardiovascular benefits

| Transformative Opportunity 19 Integration of SOMAmers with Illumina's Leading NGS Platform Transformative Era for Proteomics: Opportunity over the next decade + Multiple '24 Studies: Aptamers are Only Scalable Solution on the Market Today Key ’24/’25 Data: Leading Population Biomarker Studies1 2000+ Installed base of NovaSeq Instruments + Standard Bio hosting its Aptamer Scientific Round Table in Q1: Information to follow 1Maretty et al. Nature Medicine. 2025;Western et al. Nature Genetics. 2024; Shen et al. Cell. 2024 DNA based SOMAmers + Illumina NGS illumina

| Standard BioTools 20 OUR APPROACH Operate as OWNERS, act like INVESTORS “Increase ROI, Diversify Risk & Generate Returns” Focus on EFFICENCY to grow PROFITS “Without Margin, there is no Mission” Offer SOLUTIONS that enable “We are a business not a technology or 'omics application”

| Appendix: Financials 21

| Q3 2024 Revenue Continued Focus on Diversifying Revenue Mix Pro Forma Combined Q3 2024 YOY Q3 YTD 2024 YOY Consumables $14M 13% $45M 21% Instruments $6M (42%) $20M (28%) Lab Services $18M 1% $41M (23%) Field Services $6M (4%) $19M 0% Collaboration and other $1M 10% $3M (19%) TOTAL $45M (5%) $128M (9%) The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three and nine month periods ended September 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the merger between the Company and SomaLogic (the “Merger”). See “Unaudited Pro Forma Results” below for discussion of the pro forma financial information. Numbers may not add, and percentages may not foot due to rounding. • Consumables growth driven by kit sales to authorized sites and Illumina early access program • Instrument revenue declined due to continued capital spending constraints • Services saw favorable timing from few large customer projects alongside new customer growth 22

| Q3 2024 Gross Margin (Non-GAAP) Pro Forma Combined Q3 2024 YoY Q3 YTD 2024 YoY Non-GAAP Gross Margin $ $26M $1M $68M ($5M) Non-GAAP Gross Margin % 57% 520 bps 53% 110 bps Executing Roadmap to Expanded Gross Margin Profile • 520 bps positive impact in Q3 2024 over Q3 2023 from mix shift driven by lower instrument sales, as well as by improved yields, lower scrap and lower warranty costs due to SBS Non-GAAP gross margin excludes amortization of developed technology, non-cash stock-based compensation, and depreciation and amortization. Refer to Appendix for a reconciliation between GAAP and non-GAAP gross margin. The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three and nine month periods ended September 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the Merger. Numbers may not add, and percentages may not foot due to rounding. 23

| Q3 2024 Operating Expenses (Non-GAAP) Non-GAAP OpEx Reduction Showing up in Q3 Run Rate • 24% and $13M reduction in Q3 2024 pro forma combined non-GAAP Opex over Q3 2023 • Ahead of plan on synergies with $80M merger cost synergies operationalized; preserving investments in growth initiatives Non-GAAP OpEx excludes stock-based compensation, depreciation and amortization. Refer to Appendix for a reconciliation between GAAP and non-GAAP OpEx. The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three and nine month periods ended September 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the Merger. Numbers may not add, and percentages may not foot due to rounding 24 Q3 YOY Non-GAAP Pro Forma Opex Reduction 24% Pro Forma Combined Q3 2024 % of Revenue Q3 2023 % of Revenue R&D $11M 26% $13M 28% SG&A $28M 63% $39M 83% Total $40M 89% $53M 111%

| Q3 2024 Adjusted EBITDA (Non-GAAP) Maintain Vigilance and Focus on Bottom Line Pro Forma Combined Q3 2024 YoY Q3 YTD 2024 YoY Operating Loss $ ($32M) $16M ($147M) $6M Net Loss $ ($27M) $14M ($135M) ($26M) Adjusted EBITDA $ ($14M) $14M ($69M) $33M • 50% and $14M improvement in Q3 2024 pro forma combined Adjusted EBITDA over Q3 2023 Adjusted EBITDA excludes purchase accounting items, restructuring charges, transaction and integration expenses, stock-based compensation, gain/loss on disposal of property and equipment, and other non-operating expenses. Refer to earnings press release for a reconciliation between GAAP net loss and non-GAAP adjusted EBITDA. The selected 2024 unaudited pro forma financial information combines the Company's financial results for the three and nine month periods ended September 30, 2024, and the historical results of SomaLogic for the five-day period ended on January 5, 2024, the closing date of the Merger.. Numbers may not add, and percentages may not foot due to rounding. 25

| Q3 2024 Cash Numbers in cash use table are non-GAAP and based on calculations derived from company’s financial books and records. Adjusted cash burn excludes transaction and integration-related, restructuring-related, capex, and share repurchases. | Numbers may not add, and percentages may not foot due to rounding. $367.6M Q3 2024 improvement in Adjusted Cash Burn Runway to Execute Growth Strategy 29% Balance sheet to support continued growth initiatives Planned reduction in operating burn through revenue growth, gross margin expansion and opex synergies Cash runway to fund business to cash flow positive A T 9 / 3 0 / 2 0 2 4 Cash & equivalents, restricted cash and short-term investments Q3 2024 Q3 2023 Adjusted Cash Burn $21.3M $29.8M Transaction and Integration-Related 2.0M - Restructuring-Related 2.9M 2.5M Capex 2.2M 1.3M Share repurchases - 0.4M Total Pro Forma Combined Cash Use $28.4M $34.0M 26

| Capitalization Table (in millions, except per share data) Issued and Outstanding(a) Fully Diluted Common Shares 372M 372M 2019 Convertible Notes (b) - 19M Restricted Stock Units - 14M Warrants(c) - 12M Stock Options (d) - 40M Total Shares 372M 457M Market Capitalization (e) $718M Cash and short-term investments at September 30, 2024 (f) $ 368M Enterprise Value(f) $ 350M (a) Capitalization table is reflective of common shares and equivalents reported as of September 30, 2024. (b) Conversion rate is subject to adjustment upon occurrence of certain specified events. (c) Warrants outstanding as of September 30, 2024 were 10.5 million, convertible to shares of Standard BioTools at an exchange ratio of 1.11. Warrants are reflected on a fully dilutive basis. (d) Outstanding options have a weighted average exercise price of $4.26. (e) Based on $1.93 closing price of common stock on September 30, 2024 (f) Reflects market capitalization less cash, cash equivalents, restricted cash, and short-term investments as of September 30, 2024. 27

| Non-GAAP Reconciliation Gross Margin Figures are derived from Condensed Consolidated Statements of Operations as reported in the Company’s Reports on Form 10-Q for the relevant periods. | Numbers may not add, and percentages may not foot due to rounding. As Reported Pro Forma Q3 2024 Q3 2023 Q3 2024 Q3 2023 GAAP Gross Profit ($M) $23.3 $11.2 $23.3 $20.1 Add: Amortization of Acquired Intangible Assets 0.6 2.8 0.6 3.4 Add: Depreciation and Amortization in COGS 1.4 0.3 1.4 0.8 Add: Stock-Based Comp in COGS 0.4 0.2 0.4 0.3 Add: Cost of Sales Adjustment 0.0 0.0 0.0 0.0 Non-GAAP Gross Profit $25.6 $14.5 $25.6 $24.5 GAAP Gross Margin 51.7% 44.0% 51.7% 42.5% Add: Amortization of Acquired Intangible Assets 1.2 11.0 1.2 7.1 Add: Depreciation and Amortization in COGS 3.2 1.3 3.2 1.6 Add: Stock-Based Comp in COGS 0.8 0.7 0.8 0.5 Add: Cost of Sales Adjustment 0.0 0.0 0.0 0.0 Non-GAAP Gross Margin 56.9% 57.0% 56.9% 51.7% 28

| Non-GAAP Reconciliation - YTD Gross Margin Figures are derived from Condensed Consolidated Statements of Operations as reported in the Company’s Reports on Form 10-Q for the relevant periods. | Numbers may not add, and percentages may not foot due to rounding. As Reported Pro Forma Q3 YTD 2024 Q3 YTD 2023 Q3 YTD 2024 Q3 YTD 2023 GAAP Gross Profit ($M) $62.4 $37.1 $60.9 $61.9 Add: Amortization of Acquired Intangible Assets 3.1 8.4 3.1 10.1 Add: Depreciation and Amortization in COGS 3.4 1.0 3.4 2.2 Add: Stock-Based Comp in COGS 0.9 0.6 0.9 0.8 Add: Cost of Sales Adjustment (1.8) 0.0 0.0 (1.3) Non-GAAP Gross Profit $67.9 $47.1 $68.3 $73.6 GAAP Gross Margin 48.8% 47.5% 47.5% 43.9% Add: Amortization of Acquired Intangible Assets 2.4 10.7 2.4 7.1 Add: Depreciation and Amortization in COGS 2.7 1.3 2.7 1.5 Add: Stock-Based Comp in COGS 0.7 0.8 0.7 0.6 Add: Cost of Sales Adjustment (1.4) 0.0 0.0 (0.9) Non-GAAP Gross Margin 53.2% 60.3% 53.3% 52.2% 29

| Non-GAAP Reconciliation Operating Expenses Figures are derived from Condensed Consolidated Statements of Operations as reported in the Company’s Reports on Form 10-Q for the relevant periods. | Numbers may not add, and percentages may not foot due to rounding. As Reported Pro Forma In $M Q3 2024 Q3 2023 Q3 2024 Q3 2023 GAAP R&D $13.2 $6.4 $13.2 $14.8 Less: Stock-Based Comp in R&D 0.7 0.5 0.7 1.0 Less: Depreciation and Amortization in R&D 0.9 0.1 0.9 0.5 Non-GAAP R&D $11.5 $5.8 $11.5 $13.2 GAAP SG&A $34.4 $22.3 $34.4 $44.9 Less: Stock-Based Comp in SG&A 4.8 2.7 $4.8 3.7 Less: Amortization of Acquired Intangible Assets 0.2 0.0 0.2 0.2 Less: Depreciation and Amortization in SG&A 1.0 0.7 1.0 1.6 Less: Loss on Disposal of PP&E 0.0 0.0 0.0 0.0 Non-GAAP SG&A $28.3 $18.8 $28.3 $39.4 30

| Non-GAAP Reconciliation - YTD Operating Expenses Figures are derived from Condensed Consolidated Statements of Operations as reported in the Company’s Reports on Form 10-Q for the relevant periods. | Numbers may not add, and percentages may not foot due to rounding. As Reported Pro Forma In $M Q3 YTD 2024 Q3 YTD 2023 Q3 YTD 2024 Q3 YTD 2023 GAAP R&D $48.4 $19.0 $49.0 $47.5 Less: Stock-Based Comp in R&D 4.5 1.2 4.5 2.5 Less: Depreciation and Amortization in R&D 2.6 0.4 2.6 1.6 Non-GAAP R&D $41.3 $17.4 $41.9 $43.4 GAAP SG&A $119.0 $66.2 $111.6 $154.9 Less: Stock-Based Comp in SG&A 18.9 7.8 12.0 17.9 Less: Amortization of Acquired Intangible Assets 0.5 0.0 0.5 0.5 Less: Depreciation and Amortization in SG&A 3.3 1.5 3.3 4.2 Less: Loss on Disposal of PP&E 0.4 0.1 0.4 0.1 Non-GAAP SG&A $95.9 $56.9 $95.3 $132.2 31