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Here are 1-3 brief analogies for Standard BioTools (LAB):

• Like Illumina, but providing instruments and reagents for advanced single-cell analysis and cellular insights, rather than DNA sequencing.
• A more specialized Thermo Fisher Scientific, focusing on platforms for cutting-edge single-cell and mass cytometry research.

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• Mass Cytometry Systems: Instruments and reagents for high-dimensional, single-cell protein analysis, crucial for immunology and oncology research.
• Imaging Mass Cytometry (IMC) Systems: Platforms and reagents enabling highly multiplexed spatial protein analysis directly on tissue samples, providing deep insights into tissue microenvironments.
• Microfluidic Genomics Systems: Instruments and integrated fluidic circuits designed for high-throughput single-cell genomics, targeted DNA sequencing, and gene expression profiling.
• Research Reagents & Assays: A broad portfolio of chemicals, antibodies, and specialized kits for various molecular and cellular biology research applications.

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Standard BioTools (symbol: LAB) sells primarily to other companies and institutions within the life sciences sector. Due to the diverse nature of its customer base and typical industry practice, Standard BioTools does not publicly disclose the specific names of individual customer companies or institutions.

Based on the company's public filings, including its annual reports, its major customers fall into the following categories:

• Pharmaceutical companies
• Biotechnology companies
• Academic institutions (e.g., universities and research centers)
• Government laboratories
• Hospitals
• Clinical diagnostic laboratories

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Michael Egholm, PhD, President and Chief Executive Officer

Michael Egholm joined Standard BioTools in April 2022. Prior to this, he served as Chief Technology Officer of Danaher Life Sciences and was the founder and leader of Danaher Corporation's venture fund. He also led Danaher's Pall Corporation biopharmaceuticals business, where he played a central role in redesigning its go-to-market structure, which led to multibillion-dollar revenue. Before Danaher, he was Chief Technology Officer at Roche's 454 Life Sciences Corporation, the first company to successfully commercialize next-generation sequencing, where he spearheaded projects including the Neanderthal Sequencing project. He is also the lead inventor of peptide nucleic acids (PNA) technology.

Alex Kim, Chief Financial Officer

Alex Kim is the Chief Operating Officer and a co-founder of Standard BioTools. He assumed the role of interim Chief Financial Officer starting September 1, 2024, following the resignation of Jeffrey Black. Mr. Kim has been a core member of the executive team since the formation of Standard BioTools.

Sean MacKay, Chief Business Officer

Sean MacKay has a multidisciplinary background as an executive, investor, and investment banker in the life sciences tools and therapeutics industries. Prior to joining Standard BioTools, he was the co-founder and CEO of IsoPlexis, a life science tools company, which he led through team building, product development, commercialization, its IPO, and eventual sale in 2023.

Anders Davas, Senior Vice President, Global Operations

Anders Davas serves as the Senior Vice President, Global Operations. He previously held the position of Senior Vice President, Operational Excellence at Standard BioTools since April 2022. Before joining Standard BioTools, Mr. Davas was the Vice President Global Manufacturing of Mölnlycke Health Care, a medical product and solution company.

Betsy Jensen, Chief Human Resources Officer

Betsy Jensen leads the human resources function at Standard BioTools and has over 25 years of experience in transforming companies for growth and profitability. She spent nearly eight years leading human resources and internal communications at several Danaher Corporation subsidiaries, including Hach Company, Cepheid, Molecular Devices, and SCIEX. Most recently, she served as Chief Human Resources Officer at Gibraltar Industries.

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1. Persistent Unprofitability and Revenue Contraction: Standard BioTools has consistently reported net losses, with the net loss from continuing operations widening to $31.7 million in Q3 2025, a 45% increase year-over-year. The company is currently not profitable, and its revenue from continuing operations has been declining, showing an 11% drop year-over-year in Q3 2025. This trend of negative earnings per share and deeply negative free cash flow indicates significant financial hurdles and operational inefficiencies.
2. Execution Risk of Business Transformation and Strategic Capital Deployment: Standard BioTools is undergoing a major strategic pivot, including the sale of SomaLogic to significantly boost its cash reserves and a focus on aggressive cost-cutting with a target of achieving positive adjusted EBITDA by 2026. The success of this transformation hinges on management's ability to effectively deploy the anticipated substantial capital and execute its restructuring plans to improve financial health in a challenging market environment.
3. Sensitivity to Capital Expenditure Cycles and Soft Demand: The company's Instruments segment, which includes its high-parameter, single-cell, and spatial biology platforms, is significantly affected by capital expenditure cycles. There is an ongoing challenge with tight capital spending among its core customers, which is identified as a near-term risk for the entire industry and for Standard BioTools. This soft demand environment contributes to revenue pressure and impacts gross margins, driven by changes in product volume and mix.

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Standard BioTools faces several clear emerging threats:

• The continued dominance and rapid innovation of droplet-based single-cell genomics platforms, notably from 10x Genomics. These platforms offer significantly higher throughput and a broader range of applications (including multimodal and spatial analysis) compared to Standard BioTools' C1 system for single-cell genomics, posing an ongoing threat to its market relevance and adoption.

• Significant advancements in spectral flow cytometry technologies from competitors like Cytek Biosciences (e.g., Aurora system) and BD Biosciences. These new generation spectral flow cytometers are rapidly increasing their multiplexing capabilities, allowing researchers to analyze a growing number of parameters per cell, directly challenging the unique high-plex advantage of Standard BioTools' mass cytometry (CyTOF) platform in many research applications, potentially reducing demand for new CyTOF system placements.

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Standard BioTools (LAB) operates within significant addressable markets for its main products and services, primarily in proteomics, genomics, mass cytometry, and microfluidics. The company estimates its total addressable market (TAM) for its planned future end markets to be over $100 billion. Another assessment indicates their addressable market totals more than $70 billion, participating in emerging segments of the life sciences research and biopharmaceutical tools market focused on proteomics and genomics.

• Proteomics: Standard BioTools considers proteomics a large, untapped opportunity. SomaLogic, which was acquired by Standard BioTools, estimated its TAM at approximately $90 billion USD when it became a public company. The company also envisions a $1 billion market opportunity specifically from its partnership with Illumina in proteomics, with stronger growth anticipated in 2026 and beyond.
• Mass Cytometry: Standard BioTools addresses the global cytometry market, which is valued at $4 billion.
• Microfluidics: Standard BioTools is a player in the microfluidics market. The global microfluidics market size was estimated at $37.49 billion in 2024 and is projected to reach $73.85 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 11.99% from 2025 to 2030. Another estimate places the global microfluidics market size at $24.15 billion in 2025, expecting it to reach $41.23 billion by 2030, growing at a CAGR of 11.29% during this period. The U.S. microfluidics market alone was calculated at $8.82 billion in 2024 and is predicted to grow to approximately $38.84 billion by 2034, expanding at a CAGR of 15.98% from 2025 to 2034. North America held the largest share of the global microfluidics market, with 42.3% of the revenue in 2024.

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Standard BioTools (LAB) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Leveraging the SomaLogic Acquisition and Illumina Partnership: The strategic acquisition and integration of SomaLogic, coupled with a significant partnership with Illumina, are expected to be substantial long-term growth drivers. This includes the expansion of SomaScan offerings, kit sales, service base growth, and a 2% royalty stream on Illumina Protein Prep kit sales for ten years following the sale of SomaLogic to Illumina, anticipated to close in the first half of 2026. This move is also intended to simplify Standard BioTools' operating structure and achieve adjusted EBITDA break-even.

2. New Product Introductions and Portfolio Expansion in Proteomics and Spatial Biology: Standard BioTools is focusing on developing and launching new and enhanced proteomic product offerings. Key examples include the Hyperion XTi imaging system, which has shown strong demand, the SomaScan™ Select 3.7K Assay, Single SOMAmer™ Reagents, and the next-generation CyTOF™ XT PRO system. These products are designed to support translational and clinical research, particularly in high-growth areas like oncology, and are crucial for growth in the lucrative proteomics and spatial biology markets.

3. Expansion of the SomaScan Platform and Recurring Consumables/Services Revenue: A significant driver involves increasing the number of SomaScan authorized sites, which is critical for market leadership. This expansion is expected to lead to a corresponding "pull-through" of recurring consumables and services revenue, providing more predictable and attractive income streams. Consumables revenue growth has already benefited from the expansion of SomaScan authorized sites and the Illumina Early Access program.

4. Strategic Mergers and Acquisitions (M&A): Standard BioTools intends to pursue inorganic growth through strategic M&A. With a projected strong cash position (at least $550 million post-SomaLogic sale to Illumina), the company plans to acquire underappreciated, high-potential assets with strong margin potential and recurring revenue models in attractive life science markets such as pharma, bioprocessing, and clinical research.

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Share Repurchases

• Standard BioTools authorized a share repurchase program of up to $20 million in November 2022, which was valid through December 31, 2023.
• In February 2024, the company's Board of Directors authorized a new share repurchase program for up to $50.0 million of common stock, effective through March 1, 2026.
• For the year ended December 31, 2024, Standard BioTools repurchased $40.5 million of its common stock under the 2024 Share Repurchase Program.

Share Issuance

• Standard BioTools issued 3,627,959 shares of its common stock, valued at approximately $5.88 million, to Summa Funds in November 2024 as partial consideration for the acquisition of Sengenics.
• The total shares issued increased significantly from 83,364 thousand at December 31, 2023, to 390,841 thousand at September 30, 2024, largely due to the merger with SomaLogic.
• Proceeds from Employee Stock Purchase Plan (ESPP) stock issuances amounted to $827 thousand in 2024 and $308 thousand for the first nine months of 2025.

Inbound Investments

• Standard BioTools expects to receive approximately $550 million in cash and cash equivalents upon the close of its transaction to sell SomaLogic to Illumina, anticipated in the first half of 2026, which is intended to fuel its inorganic growth strategy.

Outbound Investments

• Standard BioTools completed a merger with SomaLogic, Inc. in January 2024.
• In November 2024, the company acquired 100% equity interests in Sengenics, with partial consideration including the issuance of 3,627,959 shares of Standard BioTools common stock.

Capital Expenditures

• Capital expenditures were $8.36 million for the full year 2024.
• Capital expenditures were $2.83 million for the full year 2023.
• For the first nine months of 2025, capital expenditures amounted to $7.827 million, an increase from $4.973 million during the same period in 2024.