Standard BioTools (LAB) Jefferies Global Healthcare Conference summary

Recent progress and strategic direction

• Achieved strong integration and cultural fit with SomaLogic, validating its differentiated technology and expanding revenue base to several hundred million dollars with a $464 million balance sheet as of March.

• Identified $50 million in cost synergies to be realized by end of 2024, progressing toward an $80 million run-rate target by end of 2025.

• Service business remains a key growth driver, with Omics as a Service introduced to leverage pharma relationships and infrastructure.

• Transitioning from a service-only model to a distributed business, with Illumina partnership enabling a distributed kit launch in early 2025.

Technology and partnership updates

• SomaLogic's proteomics platform offers the broadest proteome coverage and highest precision, validated through KOL interviews and strategic review.

• Illumina partnership will lower assay costs and expand distribution, with overwhelmingly positive feedback and successful early access trials.

• The transition from 7,000 to 11,000-plex assays is technically straightforward, with the 11,000 version set for launch in early 2025.

Strategic review findings and new opportunities

• Strategic review confirmed platform scalability and identified a gap between high-plex and low-plex offerings, with plans to use microfluidics and real-time PCR for lower-plex readouts.

• Opening access to single SOMAmers could tap into the large antibody market, offering synthetic monoclonal reagents for research and validation.

• Translational medicine group is positioned to deepen pharma relationships and leverage additional omics technologies.