Shares of Standard BioTools Inc. (NASDAQ:LAB) surged 5.61% on Thursday morning, following the release of the company's impressive third-quarter 2024 financial results and positive future guidance.

The biopharmaceutical company reported a 77% year-over-year increase in revenue to $45.0 million for the third quarter, exceeding analysts' expectations by a significant margin of 9.7%. While the net loss widened by 28% compared to the same period last year, Standard BioTools' earnings per share of $0.073 loss beat analyst estimates by a robust 26%.

Looking ahead, the company's revenue is forecasted to grow at an average annual rate of 15% over the next three years, outpacing the projected 6.5% growth rate for the broader Life Sciences industry in the United States. This optimistic outlook, combined with the company's strong top-line growth and better-than-expected earnings, appears to have fueled investor confidence and driven the substantial stock price rally.