Standard BioTools (LAB) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Company history and strategic evolution

• Founded three years ago to address scaling and manufacturing challenges in the tools space, with backing from Casdin and Viking.

• Acquired Fluidigm in 2022, improving growth, margins, and operational efficiency.

• Merged with SomaLogic in January 2023, combining scalable proteomics technology with organizational infrastructure.

• Focused on building a platform leveraging multiple technologies and lean operations.

Financial performance and guidance

• Q2 revenue was $37 million, below consensus of $48 million, mainly due to a dip in SomaScan services.

• Annual revenue guidance reduced from $200–$205 million to $170–$175 million, split between instrument headwinds and improved project visibility.

• Achieved $50 million in cost synergies from the SomaLogic merger, targeting $80 million by year-end.

Market and product strategy

• Illumina partnership will decentralize and scale SomaScan kits across the NovaSeq NGS install base, expanding reach and smoothing revenue concentration.

• Proteomics technology now covers about half the proteome, enabling high-throughput, longitudinal studies.

• OEM deals with Illumina, Olink, and NextGen Diagnostics drive growth without large sales force investments.