Standard BioTools at KeyBanc Forum: Strategic Moves in Plasma Proteomics

On Wednesday, 19 March 2025, Standard BioTools (NASDAQ: LAB) presented at the KeyBanc Annual Health Care Forum 2025, unveiling its strategic direction amidst a challenging market. Chief Business Officer Sean McKay highlighted the company’s focus on plasma proteomics, recent acquisitions, and operational efficiencies. While the company aims for growth, it remains cautious of external funding impacts.

Key Takeaways

• Standard BioTools is focusing on plasma proteomics, leveraging recent acquisitions of Fluidigm and SomaLogic.
• The company aims to achieve adjusted EBITDA positivity by 2026.
• Revenue for the period stood at $175 million, with a cash balance of $295 million.
• Operational efficiencies are driven by the Standard BioTools Business System (SBS), achieving $90 million in cost synergies.
• The company is monitoring NIH funding cuts, though direct exposure is limited.

Financial Results

• Revenue: $175 million
• Cash Balance: $295 million as of December 31
• Operational Expenditure Reduction: $110 million across acquisitions
• Adjusted EBITDA: Improved by 33% year-over-year
• Non-GAAP Operating Expenses: Improved by 22% year-over-year

Operational Updates

• M&A Strategy: Focus on bolt-on acquisitions to enhance core business
• Standard BioTools Business System: Implemented for operational efficiencies
• On-Time Delivery: Improved to 98%
• Customer Complaints: Reduced by 50% over two years
• Gross Margin: Improved post-Fluidigm acquisition

Future Outlook

• Growth Strategy: Emphasizing organic growth in plasma proteomics and inorganic growth through M&A
• Product Mix: Targeting higher consumables and lower ASP instruments
• Market Expansion: Aiming to expand beyond academia and biopharma
• Proteomics Focus: 80% of products are in proteomics

Q&A Highlights

• M&A Intentions: Actively pursuing bolt-on acquisition opportunities
• Proteomics Competition: Positioning SomaScan as superior to antibody-based competitors
• Illumina Partnership: Anticipating significant impact from SomaScan integration with NGS platforms
• Cost Savings: Continuing efforts for additional efficiency gains
• NIH Funding Impact: Limited direct exposure, but monitoring broader academic spending

In conclusion, Standard BioTools is strategically navigating the life sciences tools industry, with a focus on plasma proteomics and operational efficiencies. Readers are encouraged to refer to the full transcript for more details.

Full transcript - KeyBanc Annual Health Care Forum 2025:

Anna Snupkowski, Associate, KeyBank: Good afternoon, everyone. My name is Anna Snupkowski, and I am an associate on the life science team here at KeyBank. It is my pleasure to introduce you to Sean McKay, chief business officer at Standard BioTools. Sean will be running through a presentation and overview of the business, and then we will open it up for Q and A in the final minutes. Feel free to email any questions to myself or you can also post some questions in the chat box below.

But with that, I will hand it off to Sean, to go over the presentation.

Sean McKay, Chief Business Officer, Standard BioTools: Alright. Anna, thank thank you for the intro. Welcome everyone to the webcast, and special thank you to KeyBank for co hosting us here today. As as chief business officer’s background, I work closely with our our CEO and CFO. I primarily lead M and A, our inorganic growth strategy, and I oversee product strategy as well, which is our organic growth strategy.

Standard Bio Tools was founded with a bold purpose to set the new standard in life sciences tools industry to empower researchers and to hasten the pace of discovery while rewarding all of our stakeholders. This includes our investors. We do this through discipline and determination while executing on our strategy. So just as background, our journey started a little bit more than three years ago with a thesis of consolidation in our space, a $300,000,000 commitment, and a very small team with a blank slate. Today, the strong team has turned much of that vision into a reality.

We’re two acquisitions in with $175,000,000 in revenue, but highly diversified portfolio of exciting technologies that seek to help pharma develop better drugs faster, and we have a very strong balance sheet with $295,000,000 as of December 31. Today, I’m going to talk a bit of the foundation I’ve laid for Standard Bio Tools, our strategy and our tactics, and what we’re planning on doing over the next eighteen to twenty four months to accelerate our mission. And I will end our presentation today when highlight what I believe is the area of life sciences with a high ceiling and near term growth. And this is plasma proteomics, where we’re exceptionally well positioned and together with Illumina, about to launch a truly revolutionary solution. So I’ll come back and end on that note.

I will be making several forward looking statements, so please review the above. Okay. Now that you’ve all read it, I’m gonna walk through our approach. We operate as owners, yet we think like investors. We’re focused on getting returns on our investment and diversifying risk and really generating returns for all involved.

So a good example of that is is in our M and A. We’re deeply disciplined about using return on invested capital as a metric, which can ensure that we can create positive outcomes for our shareholders when we execute on M and A. The way we operate is through our business system, Standard BioTools business system. And this is our lean operating system, which is really anchored on the Toyota production system. An example here is in manufacturing.

We continuously improve on cost and quality. And as a result, as we say, without margin, there’s no mission. So we’ve really focused on margin improvement, which is evidenced in our efforts on cost and quality. We’re also business minded here. And across the leadership team, we’ve developed a deep business background and mindset, and we take that to all our endeavors.

So we do leverage several technologies that are truly exciting, several in the omics space. We focus entirely on what the customer needs and serving it in a sustainable way while generating returns for our investors. So just to set as background our strategy, so I have mentioned we’ve assembled a very strong team. So what are we doing out there? So our our goal from day one, we’re really consolidating high value products and solutions, and we’re targeting high growth, high margin, attractive end markets.

So mentioned this before, we’re two acquisition in, $175,000,000 in revenue, and we have the cash to do M and A. So we’re not the only consolidators in our space. In fact, many of the big companies have grown through acquisitions. But in a way, we’re we’re one of the only, if not the only, companies that can target the types of companies we’re targeting. We’re really in a sweet spot to target emerging technology with high upside.

We’re not too big, but we’re not too small either. In in our profile, which is really couple hundred million of revenue, portfolio of products with a strong management team and a cash balance to go execute, that’s very unique. So that’s a compelling proposition as we go out to the companies in our market. Finally, we use a system. We’re very disciplined.

We leverage our standard bio tools business system. We relentlessly optimize every process. And of course, we take out OpEx. So eventually, we can generate shareholder returns and impact our earnings. Across the two acquisitions, we’ve taken out $110,000,000 in OpEx while investing and setting up the companies for mid to long term growth.

We are targeting being adjusted EBITDA positive in ’twenty six already next year, which is, as we all know, it’s not that far away. Now on to our team. We have put together a very strong team, which has a diverse set of expertise, very deep scientific expertise in life sciences experience, but really over index towards seasoned business operators really reflect reflects our approach. And it’s all people with at least a couple decades of operating experience that also think like investors as well. So this slide really frames what we’re doing on the M and A front.

So we have the mix of our portfolio and a lens towards where we’re headed with M and A towards our future product mix. So first of all, we do view our portfolio as a value pyramid with consumables on top. This is our high margin, high growth recurring revenue. Of course, we sell instruments. As far as our approach, we are targeting more instruments that have a lower ASP, which is not all of the instruments that we have today, but it’s those with low ASP where pull through is even more important.

We have a strong foundation in the service business, partly it’s field services, but a good portion of that’s direct services. And again, in our industry, as you know, service is a great way to bring new technology to the market, especially today. Finally, with our M and A, the core focus of mine, we’re we’re moving up the value pyramid, and we’re targeting that profile on the right. So we’re we’re, of course, changing the product mix over time, and we have done that through our subsequent acquisitions. We’re also expanding the pie.

We’re currently in academia and biopharma, and we’re looking to grow into these other markets as well as long as it meets our core criteria. We do think the environment today is such that smaller companies, emerging technology, this overall market needs consolidation, Valuations remain down. Funding remains down. But from what we see in the world where we go every day, the innovation has not stopped. It’s actually the companies out there in the tool space servicing the life sciences business are more innovative than ever.

And that’s where Standard Bio Tools really comes in. We have the platform with a seasoned team and an operating system and the cash balance to go and consolidate. It’s really the best time to be here in this exact place we’re at to go execute on our mission. So this year is a pretty important slide because it’s it’s very illustrative of of what we’re doing in M and A. So I’m gonna walk through how we select our targets amongst all those exciting technologies out there.

So on the right side, we have a pretty accurate snapshot of our funnel. There’s a diverse set of markets, really a different mix of consumables, instruments, and reagents, but with a focus on recurring revenue. So the way we pick our targets is at the left. We focus on whether or not we can get the right margin profile first. Doesn’t have to be perfect today, but we have to see a path with our team and with our system to get to that margin profile.

Equally important to emphasize here is we love science, but we’re not looking for science projects. We’re very focused on the business. So what does that mean? We’re focused on derisk technologies. A lot of times, these are technologies where quite a bit of capital has already been invested.

They’re now ready for prime time, and they have solved real customer problems. Both of our early acquisitions fit that profile. Finally, and again, this gets to us being business minded in our approach. We have to see a clear path to commercialization. Does the technology solve a problem?

And is someone willing to pay for it in a way that we can make money while solving their problems? Many targets get filtered out through the above criteria. Last but not least, we’re always looking at where we can improve on a company, get it an attractive value, but increase the return based on applying our standard bio tools business system. So I’m just going to outline a bit of what what is our standard bio tools business system. Every asset we acquire, we take through what we now call the SBS flywheel.

Early on, we set a clear strategy. We focus on the critical few, the elements where we can make a business impact. This includes a lean transformation, focusing on quality, on time delivery, and continuously improving the product while we take cost out and we grow the business. We do have evidence that this is working. So a few snapshots at the lower left hand corner show the impressive results.

So far, we’ve seen 33% improvement in adjusted EBITDA loss, 20% improvement in on time delivery to 98%, which is really industry leading. And these are really good indicators that our entire operations are functioning at a high level. Importantly, we’ve cut the complaints by 50% in two successive years. We plan to do it again. This is a sign of what our team coupled with our standard bio tools business system can deliver.

Now I just want to take you through, again, some evidence to show you that the system is working. So these are case studies on the two acquisitions that we’ve done. You see some of the numbers around some of the improvement mechanisms. We acquired Fluidigm around three years ago, great technologies that have been around the industry for quite some time. And we went to work and unlocked some of the amazing technologies that were really core businesses that matter to our industry, effectively diamonds in the rut.

And we invested where we needed to. And we’ve shown that in just the first eighteen months, we’ve been able to really improve gross margin, reduce operating expenses and reduce cash use as well. And really put both businesses on a path to profitability where the genomics business is already on a, contribution margin positive. Now SomaLogic, we’re very excited about, that merger. This is our second case study.

Not only did we acquire a great asset with a great cash position, but we do feel like we’ve unlocked what is now the crown jewel in our portfolio with the SomaScan technology. SomaScan’s really now technologically the leader in plasma proteomics. So from blood, we can assay or evaluate 10,000 plus proteins with great precision. And that’s very unique to what we do. Only we can do that today as proteomic scales to where genomics is at.

Equally important, we again leveraged the SBS flywheel. We took out 90,000,000 in OpEx, so really January between the two acquisitions while still investing for the future, setting the company up for growth. And I’ll talk a bit more about why we think Proteomics is our crown jewel in the big opportunity ahead. With these two transformative transactions, we’ve now set up and applied the flywheel. We’re at $175,000,000 in revenue as jumping off point.

The next part of our phase is growth, both inorganic and organic. So I just went through how we merged the two businesses, how we’re improving the portfolio composition through M and A, and how we’re applying the SPS flywheel. So next up is organic growth, which we’ll talk about, especially in plasma proteomics. But we’re also going after inorganic growth, as I said, and it’s possibly the best time to go do this. We’re really in a situation where we’re not too big, but we’re also not too small.

We have a hefty revenue base at a couple hundred million as well as the cash balance to go execute a really robust M and A strategy. And we’re walking up that pyramid in terms of valuable businesses. We’re focused on bolt ons where we’re really adding to our core, let’s call it, margin profile and our business profile and keeping on track to our core goals towards profitability in 2026. So with the last few slides, I’m just going to dive into what we have as our exciting product portfolio. So going into both of these acquisitions, we recognize the proteomics opportunity and concertedly focused on where can we participate in this transition from genomics to proteomics.

So as a whole, 80% of our products today play into the field of proteomics. As we’ve discussed, genomic research has laid a tremendous groundwork in oncology and gene variant diseases. But the big opportunities ahead in disease, diagnosis of disease and therapeutics, it really is this post genomic area era where proteomics is going to play a big part. You see a lot of these indications at the right side of the slide. Likely, the most important number to think about is underlying that core need for proteomics is the CAGR of the underlying proteomics business.

We’re we’re what we’re seeing is CAGR of mid teens, which really creates a large overall opportunity over the next five to ten years where there’s gonna be multiple winners, or we think Somascan is uniquely positioned to take the mantle from genomics and answer a lot of these questions that we need to, to advance the right drug for the right patient. So this is our overall portfolio. Just to review, the overall mix, which we’ve talked about moving up the consumable pyramid, that’s all at the left. So we have six different product lines. We do have single cell immune profiling, which we’ve talked in the past quite a bit about.

We have really exciting spatial proteomics products, lot of innovation there in in the last year in 2024, new product launches. And within spatial, we do know that, 2024 was nature’s method of the year with spatial proteomics, always looked at as a tipping point for a broader market trend. We also have a genomics platform where we have multiple growth vectors. We talked a bit more about seeing recent wins in the past in pharma and also variety of new applications for existing genomics business. So what I’m really gonna double click on today, though, is what we’ve called the crown jewel, which is our Somascan plasma proteomics offering.

So, again, let’s talk about some context. What is the proteomics area? Why is it here? And what is this transition from genomics to proteomics? So as we know, for all of the reasons that we’ve seen over the last fifteen years, especially, genomics is incredibly important, especially in oncology and looking at gene variants or disease diagnosis and therapeutics.

But to truly understand where a lot of these new therapeutics are headed and to understand cardio and immunological focused diseases, you really do have to study the protein where the action is. You actually have to look deeply at thousands of proteins to really understand the interplay between genomics and proteomics. From a detection perspective, thinking of DNA versus proteomics, DNA is more straightforward. You have four variables, a’s and c’s and t’s and g’s. And really, when you look at proteomics, you have to get distinct capture agents across 10,000 plus proteins in our portfolio towards the 20,000 canonical proteins to match the genome.

That’s very difficult. Historically, legacy technologies, which are antibody based, have only been able to take you so far, meaning closer to the 10,000, 20 thousand mark. The fundamental problem is there’s really only so many good antibodies out there. Once you’ve exhausted those numbers of antibodies, and we’ve seen this in a lot of recent papers, you’re unable to scale past that number. Really in sharp contrast with soma scan has now shown all the evidence of in paper after paper is because of these synthetic monoclonal DNA aptamers, we can scale basically in perpetuity.

We’re achieving 10,000 plus proteins, really about half the canonical proteome with no impact on CV if you look at that top right slide. So so really what you’re saying is we have unparalleled precision, which is that up into the right relative to our leading competitor. In the last thousand proteins have the same precision as the first thousand. No one else in our industry can say that. We’re seeing a lot of impact based on data released in a preprint last year.

This most recent paper we released that our cut, customer released with Alkahest coverage on this in a variety of other papers, to see multiple studies publishing some variation of the graph that you’re seeing on the page. It really just cements that Soma’s position as a leader in Hyplex Proteomics is here to stay. And the question is now, where can we go with that given that the end market is growing? So one of our core focuses is that this scaling of proteomics is very important therapeutically. So and it’s very important to a lot of the therapeutic indications that are now coming of age and are incredibly important to therapeutic companies throughout the world.

So for the one thing you can do is, of course, you can always generate publications with proteomics. We believe we’ve reached a tipping point with more than a thousand publications on Somascatum. But more importantly, what we’re seeing is the therapeutic impact, published peer reviewed therapeutic impact of our Somascam portfolio. Earlier this year, the Novo Nordisk team and collaborators published a paper in NatureMed, leading journal for the application of medicine, using our soma scan seven ks version. They used it on a couple of cohorts that were treated with semaglutide GLP-1s, possibly the most exciting breakthrough in human health.

Now we haven’t tried to count how many GLP-one companies exist, but it’s very exciting and we do know the impact these drugs are having. What the researchers were able to show is that we’re beginning to elucidate other mechanisms, other indications where this wonderful drug class can now have an impact. And it’s incredibly important to our end customers that you can either show broader impact with patient or repurpose critical drugs using proteomics and the mechanism elucidation that you’re able to get through with proteomics. So I would say in summary, a big impact that our unique scaling technology can see in likely the most important therapeutic types and indications that we have today. Additionally, what I’d say is that we’re now prepared.

We have the core technology and some of the benefits that we’ve talked about are unique scale. What we’ve really tried to do over the last twenty four months and twelve months especially is diversify our customer base on the Soma business. The real vector, the growth vector that we have for this is going to be in our partnership with Illumina where they have talked about their excitement about the combination of soma scan and NGS in reading out that soma scan on their installed base of more than 2,000 NovaSeqs. So again, this combination of unique data out, whether it’s with Novo Nordisk or whether it’s with other partners, unique ability to scale, which now I think Soma is really showing itself to be this unique product in the in the broader proteomics portfolio coupled with Illumina offers us a really exciting set of growth factors. So in summary, share with you the approach, that we take that we take when we think as operators and investors.

I’ve demonstrated a bit of what we’ve done with our first acquisitions and what we can do with our standard, bio tools business systems. But really, we’re a business, and we have a set of solutions we think are going to matter going forward for our industry, and we’re excited to take the next step. So we thank you for listening. Hope that we’ve peaked your interest. And with that, I thank you for your kind attention, and I’ll open it up to Anna for Q and A.

Anna Snupkowski, Associate, KeyBank: Perfect. Thank you, Sean. That was a very helpful overview of the business and kind of a deep dive into some of the proteomics and the growth drivers there. But maybe to start, I thought it was very interesting about the cash cash position you have and the intentions of four to six acquisitions in the next two years. So is this based upon what you’re already seeing out there in the market in terms of targets?

Or is there opportunities that maybe you’d go after larger acquisitions, maybe one or two, that are double the size of maybe those smaller targets?

Sean McKay, Chief Business Officer, Standard BioTools: And a good question. I mean, strategic M and A is a core part of our founding thesis. It’s a core part of our strategy. As we said, I think the market’s timed well for consolidation today. We do have tremendous discipline, and I’ve mentioned using return on invested capital to define will this fit into our growth profile and our margin profile.

So what we what we’re doing is primarily focusing on, going moving up the pyramid, focusing on the highest margin sets of businesses we can. We do have a tremendous amount of opportunities. We’re primarily focused on bolt ons right now, which is what we’ve told folks because we view those as being able to leverage our infrastructure and also really, bring forward our goals to be profitable in 2026, specifically around adjusted EBITDA positive. We do think we have the platform, we’ve demonstrated ability to apply SBS. So the cash balance plus the focus of our team, it’s a great time to be acquiring in the market and we think we’re a good home for a lot of companies, especially privates.

Anna Snupkowski, Associate, KeyBank: Yeah. That makes a lot of sense. And you’ve talked a little bit about this, but just the nature of proteomics, where it’s going, starting from the genomics side moving to proteomics, It seems to be the primary focus of your business, but just maybe how do you view yourself relative to others in the market like Olinx, for example?

Sean McKay, Chief Business Officer, Standard BioTools: So it is our focus. We think about proteomics and the impact of the end markets with almost all that we do. Of course, we have a genomics business, but the vast majority of our business is proteomics. SomaScan is our crown jewel as we’ve said. When we think about how our soma scan platform has demonstrated superiority to scale relative to the antibody based competitors, we do think that having that level of precision and then demonstrating it over and over again is incredibly important for, let’s call it, taking the, the work that’s been done in the 20,000, you know, overall the genomics, what’s been done and taking that closer and closer to the 20,000 canonical proteins.

Soma has a unique opportunity to now leverage, let’s call it the need of the broader therapeutics industry to enhance how they feel how what they know about mechanism of action and where they take their products forward. For for us, at the time of the merger, we knew we gained a strong asset, and a hefty cash balance. But really, it’s evolved now where we think Somascan coupled with the impending launch into NGS as well is uniquely positioned across a number of growth factors to take advantage of the CAGR we spoke to earlier.

Anna Snupkowski, Associate, KeyBank: Perfect. That’s very helpful. And then maybe sticking with Proteomics, would you expect future product launches and or acquisitions to fall within the same area? Or could you move into other areas like transcriptomics or other adjacent

Sean McKay, Chief Business Officer, Standard BioTools: categories? So we we we like to say we keep a broad aperture open for really good businesses. But we are very focused with, in the SomaScan world, the upcoming Illumina launch. We do think it’s an inflection point for the broader proteomics industry and and ourselves as well. It’s a lot more insight into human disease with the precision that pharma can trust.

Last year, we did focus a bit on spatial proteomics launches with our Hyperion XTI with real benefits for throughput, which can enhance pull through as well as best in class data, which we term as the ability to see a wide dynamic range. So don’t don’t miss anything when you’re analyzing your samples. And from an M and A perspective, I just say proteomics is a category, but focusing on high margin businesses where we think they’re just strong growth profiles in

Anna Snupkowski, Associate, KeyBank: the future, things where we can help improve, but very focused just on a broad range of strong businesses. Got it. And then at recent conferences, it sounded like longer term, you’re targeting a much higher mix of consumables, rather than what you have today. Is it primarily the alumina product that’s expected to drive that? Or are you other are you expecting other factors that could boost the consumable mix?

Sean McKay, Chief Business Officer, Standard BioTools: What I’d say is, the distributed product, right, Illumina and our soma scan authorized sites definitely is key to this consumable increases as we’re working hard to drive pull through. We’re also driving pull through as I talked about with some of the launches in spatial proteomics. And I’d say as we’ve worked to get our genomics business profitable, those OEM partnerships are really important for increasing the consumable mix there. So really across the board, we’re pretty focused on consumable improvement. We’ve seen that consumable improvement as we discussed last year.

And frankly, on the inorganic side, consumables is just such a big focus, right? Recurring revenue, if there is instrumentation, it’s low cost instrumentation with higher recurring consumable revenue or reagent businesses. So just to we’re we’re sort of we sound like a broken record, but, yeah, higher pull through, higher consumables.

Anna Snupkowski, Associate, KeyBank: And you talked about potentially moving into areas and instruments that are lower ASPs. So could you just give a little background on that and maybe an example of what a lower ASP instrument would look like?

Sean McKay, Chief Business Officer, Standard BioTools: Yeah. Sure. I mean, even for us, we like smaller lower ASP instruments because, again, our focus is consumables. Even with our X9 product, that’s a lower cost, lower footprint instrument. But it really from a from a standard margin perspective, high high margin product that the more we grow, we just we just think more and more labs are focused on getting instruments that are high value, but that that are low on the CapEx end and that they’re going to spend their money really on the reagent pull through.

So that’s the way we’re thinking about it.

Anna Snupkowski, Associate, KeyBank: Okay. Makes sense. And then I believe you operationalized around $80,000,000 in cost savings last year, and then another $10,000,000 early this year. So would you say these cost cutting initiatives are now over? Or is there potential for additional cost savings to be found as you execute throughout this year?

Sean McKay, Chief Business Officer, Standard BioTools: Yeah. So it in an environment where we we all know growth growth has been difficult to come by, we’ve been we’ve been very focused on what we can control, which is driving productivity and and cost management across our businesses. Driven by our our business system, we we have taken out 110,000,000 across the transactions. We’re we’re always looking for more. We exceeded our original cost synergy target from the Soma transaction running at 90,000,000, and we pulled it forward by a year.

Very focused on efficiency gains. Right? So we improved full year non GAAP OPEX, by 22% and adjusted EBITDA by 33% year over year. Plus, we’re improving those quality metrics through our business system as I’ve described. When we think about how to continue and commit to the goals that we’ve stay committed to the goals we’ve committed to, we’re still on a path to adjusted EBITDA breakeven in 2026.

Really, a return to growth would be helpful across our industry. We have a plan and options to improve our profitability. We’ll be disciplined stewards of our cash, should the current environment persist. We have $295,000,000 in cash and equivalents in a clean balance sheet. So you look, we’re we’re well capitalized, not focused on the current cap markets.

And this will enable us to keep our heads down, execute on our strategy, bring it to, adjusted EBITDA positive and fund future bolt ons. So that’s, you know, that’s how we’re looking at it.

Anna Snupkowski, Associate, KeyBank: We’re almost out of time, but I want to squeeze in one more question if I can. But just given all the noise around the NIH funding and academic weakness, could you just remind us again what your exposure is there? And then maybe just quickly what you’re seeing in terms of customer trends in in terms of the market right now.

Sean McKay, Chief Business Officer, Standard BioTools: Yep. We’ll we’ll close with that, Anna. I mean, it’s it’s a difficult environment. We came into the year expecting growth. We came into the year with a strong pipeline.

Some of the items we’ve talked about with our soma scan growth from last year, especially with a distributed customer base, as well as our pipeline for spatial proteomics. That all being said, we we now we we do deeply recognize the macro challenges that are creating uncertainty in the market. It’s definitely one of the most unique times I’ve seen throughout my career on Wall Street within life sciences. Our direct NIH exposure, just to be specific, is limited, to less than 10% of revenue. Our more broad America’s academic exposure is about one third of our revenue.

We do see the situation evolving day by day. We know, right, as because we communicate with our customers on a daily basis that the reduction in NIH funding is likely to impact the overall academia spend priorities. Our team’s done a careful analysis. Right? We’ve focused, of course, on that academics, America’s revenue.

And, you know, I think it’s important to point out that while the environment has changed, our thesis is not. We’re laser focused on executing our strategy, protecting our P and L, and positioning our business for mid to long term growth.

Anna Snupkowski, Associate, KeyBank: Thank you, Sean. That was great. But with that, we’ll close it out. And thank you, everyone, for joining.

Sean McKay, Chief Business Officer, Standard BioTools: Thanks, Anna.

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