SOUTH SAN FRANCISCO, Calif - Standard BioTools Inc. (NASDAQ: LAB) has acquired the LSAXT system from Carterra, a provider of high-throughput screening solutions, to enhance its SomaScan Platform, a proteomics technology used for analyzing biomarkers. The LSAXT system will validate the quality of SomaScan 11K Assay reagents and support the platform's future content expansion.
Integrating the LSAXT system into Standard BioTools' workflow is expected to provide a more profound understanding of protein interactions, which is crucial for the development of diagnostic tests and biomarker discovery. The system was selected for its ability to deliver comprehensive data rapidly, using less sample material than other instruments.
According to Michael Egholm, President and CEO of Standard BioTools, the acquisition is a step towards ensuring customer confidence in the precision and specificity of the SomaScan Platform. Josh Eckman, CEO of Carterra, expressed enthusiasm for the collaboration, noting the LSAXT system's potential to enhance the power of the SomaScan Platform for customers.
Standard BioTools, formerly Fluidigm (NASDAQ:LAB) Corporation, specializes in next-generation technologies for biomedical research, with a focus on health and disease insights. Its mass cytometry and microfluidics technologies are utilized by research and clinical laboratories worldwide.
Carterra is a privately held company that provides high-throughput technologies for novel therapeutic discovery. Its LSA instrument, software, and consumables offer significant throughput advantages over existing platforms.
This news is based on a press release statement.
InvestingPro Insights
Amidst Standard BioTools Inc.'s strategic move to enhance its SomaScan Platform with the LSAXT system, recent data from InvestingPro shows a company in a transitional phase. With a market capitalization of $935.9 million and a notable revenue growth of 31.27% in the last twelve months as of Q1 2024, Standard BioTools is making strides in expanding its technological capabilities and market presence. The aggressive revenue growth, particularly the 81.3% quarterly increase, underscores the company's potential to capitalize on its recent acquisition and the expansion of its proteomics technology.
InvestingPro Tips highlight that management's confidence in the company is reflected through aggressive share buybacks, a vote of confidence that may resonate with investors. Moreover, the company's financial health is bolstered by holding more cash than debt, a prudent position that could provide resilience in the face of industry volatility. These insights suggest a company that is strategically investing in its future while maintaining a sound balance sheet.
For investors considering Standard BioTools as a potential addition to their portfolio, it is worth noting that, as indicated by InvestingPro, the company does not pay dividends, which may influence those seeking regular income streams. Additionally, analysts do not anticipate the company will be profitable this year, emphasizing the importance of focusing on long-term growth prospects rather than immediate earnings.
For a deeper dive into Standard BioTools and additional InvestingPro Tips, investors can explore further at https://www.investing.com/pro/LAB. There are currently 8 additional tips available for those seeking more comprehensive analysis. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to exclusive insights and data to inform investment decisions.
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