STANDARD BIOTOOLS INC. (LAB)

Standard BioTools Inc. develops, manufactures and sells life sciences tools that help biomedical researchers develop medicines faster and better. Its technologies are built on proprietary mass cytometry, which serves proteomics applications, and microfluidics, which serves genomics applications. On January 5, 2024, the company completed a merger with SomaLogic, Inc., a proteomics company, to create a provider of multi-omics research tools. The company was renamed Standard BioTools in April 2022 after a $250.0 million strategic investment from Casdin and Viking. Since then new management has run a restructuring focused on revenue growth, operating discipline through the Standard BioTools Systems (SBS) program, and strategic capital allocation.

In proteomics, the company offers flow cytometry and spatial biology systems. The CyTOF XT and Helios mass cytometry systems profile cell phenotype and function using antibodies labeled with heavy metal isotopes. CyTOF XT performs high-parameter (>50) single-cell analysis. The Hyperion and Hyperion XTi imaging systems use Imaging Mass Cytometry to detect up to 40 protein markers in tissue. The XTi was launched in April 2023. In genomics, microfluidics systems use proprietary Integrated Fluidic Circuits (IFCs) for real-time PCR, gene expression, copy number variation analysis and next-generation sequencing library preparation. The portfolio is consolidated around the Biomark X9, alongside IFC controllers, with the Juno and Biomark HD available only to certain legacy customers. The company also supplies the Signature Q100 microfluidics platform to OEM collaborator Olink Holding AB. SomaLogic can run 11,000 protein measurements from a single 55 microliter plasma or serum sample. The company has discontinued Laser Capture Microdissection, Flow Conductor and COVID-19 diagnostic products.

Customers are biomedical researchers, and SomaLogic has served pharmaceutical companies and academic and contract research organizations for more than 20 years. The areas covered include oncology, diabetes, and cardiovascular, liver and metabolic diseases. The company participates in the proteomics and genomics markets, focusing on high-parameter flow cytometry, spatial biology, qPCR analysis and NGS library preparation. It also uses its microfluidics technology with OEM partners in markets outside its core. In 2023 standalone revenue grew 9%, with instrument revenue up over 40%. Pro forma combined revenue was $192.4 million, including SomaLogic's unaudited $86.1 million. The combined company had about $565.5 million of cash, equivalents, short-term investments and restricted cash at December 31, 2023.

The company applies lean SBS principles to manufacturing, which it says reduced costs and raw material costs and expanded gross margin by over 960 basis points in 2023. Its headquarters is in South San Francisco, where it has reduced its real estate footprint, subleased about 50% of the space and supports remote work for some employees. It competes with traditional flow cytometry, immunohistochemistry, cyclic immunofluorescence and other proteomic platforms.