Standard BioTools Inc (NASDAQ: LAB) is a life science tools company that develops and sells instrumentation, consumables, and services for biomedical research. Revenue comes from product sales, service contracts, and other revenue tied to its proteomics and genomics platforms. The company reported total revenue of $85.3 million for FY2025, down from $91.0 million in FY2024, with a gross margin of 50% in FY2025. Core platforms include CyTOF, CyTOF XT, Hyperion, Hyperion+, and Biomark, which are used in single-cell proteomics, imaging mass cytometry, and genomic analyses. Standard BioTools has incurred net losses in every fiscal year since inception, including net losses of $74.9 million in FY2025, $138.9 million in FY2024, and $74.7 million in FY2023, with an accumulated deficit of $1.3 billion as of December 31, 2025. The company operates under a consolidation strategy within the life science tools sector.

Revenue model

Transactional product sales of instruments and consumables plus service and other revenue. In FY2025, cost of product revenue was $29.6 million (35% of total revenue) and cost of service and other revenue was $13.2 million (16% of total revenue), indicating a blended revenue mix across hardware, reagents, and service contracts.

Products and services

Instruments and consumables spanning proteomics and genomics: CyTOF, CyTOF XT, Hyperion, Hyperion+ (imaging mass cytometry), Biomark (genomics), Maxpar reagents, and assay products including Advanta, Advanta EASE, and Immune Profiling Assay. Also sells consumable accessories under brands including Dynamic Array, Delta Gene, Access Array, and others registered under the Fluidigm legacy trademark portfolio.

Customers and end markets

Biomedical researchers in academic, pharmaceutical, and clinical research settings. End markets include immunology, oncology, neuroscience, and cardiometabolic disease research, primarily in early discovery, translational, and clinical research workflows. No specific customer concentration figures are disclosed in the available filing excerpts.

Value-chain role

Instrument manufacturer and reagent supplier positioned upstream in the drug discovery workflow. Products generate research data used by scientists and drug developers. Also subject to CE marking and EU IVDR conformity requirements for applicable in vitro diagnostic products sold in European markets.

Geographic exposure

Geographic revenue breakdown is not specified in the available filing excerpts. The company references European regulatory compliance under EU IVDR, indicating sales in European markets. Operating lease obligations totaled $33.0 million as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-16

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