SOUTH SAN FRANCISCO - Standard BioTools Inc. (NASDAQ:LAB) has announced a multi-year agreement with Bristol Myers (NYSE:BMY) Squibb to employ its SomaScan Platform in clinical trials across various therapeutic areas until 2026.
This technology, known for its comprehensive proteomic biomarker analysis, will be used to enhance the drug development process by providing insights into patient responses to medications.
Bristol Myers Squibb, which has previously utilized the SomaScan Platform in areas such as immunology and cardiovascular disease, seeks to refine the identification of patient populations that will most benefit from their therapies.
Peter Schafer, Scientific Vice President at Bristol Myers Squibb, emphasized the importance of the platform in advancing clinical proof-of-concept for their pipeline and increasing the likelihood of successful new treatments for patients.
Moreover, the SomaScan Platform is being leveraged to develop a screening model for hypertrophic cardiomyopathy (HCM), aiming to facilitate earlier detection of the heart condition through a simple blood test, potentially replacing more invasive diagnostic methods.
Michael Egholm, President and CEO of Standard BioTools, expressed enthusiasm about the collaboration, which aims to expedite insights into disease response and broaden the use of proteomics in clinical research.
Standard BioTools, formerly known as Fluidigm (NASDAQ:LAB) Corporation, is recognized for its portfolio of next-generation technologies that support biomedical research, with a focus on translational and clinical research in fields like oncology and immunology.
This partnership is expected to contribute significantly to the medical community's ability to meet global patient needs. The information for this article is based on a press release statement from Standard BioTools Inc.
InvestingPro Insights
As Standard BioTools Inc. (NASDAQ:LAB) forges ahead with its strategic partnership with Bristol Myers Squibb, leveraging the SomaScan Platform in various clinical trials, the financial landscape of the company presents a mixed bag.
With an adjusted market capitalization of approximately $1.02 billion, Standard BioTools is a significant player in the biomedical research industry, albeit with some challenges as reflected in the company's financial metrics.
An important aspect to consider is the company's performance over the last twelve months as of Q4 2023. Standard BioTools reported a revenue of $106.34 million, marking a growth of 8.57%, indicative of its capacity to expand its operations and revenue streams. Additionally, the gross profit margin stood at a healthy 47.44%, suggesting that the company maintains a strong control over its production costs relative to its sales.
Investors should note that Standard BioTools operates with a moderate level of debt, which could impact its financial flexibility. One of the InvestingPro Tips highlights that the company is not profitable over the last twelve months, and analysts do not anticipate it will be profitable this year. This is underscored by a negative P/E ratio of -2.82 and an adjusted P/E ratio of -14.78, which signal investor concerns about the company's near-term earnings potential.
However, the stock has demonstrated a strong return over the last three months, with a price total return of 29.41%, which might attract investors looking for growth in share value. It's also worth noting that Standard BioTools does not pay a dividend, aligning with companies that prefer to reinvest earnings back into the company to fuel growth.
For readers looking to delve deeper into Standard BioTools' financial health and future prospects, InvestingPro offers additional insights. Currently, there are 6 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/LAB. Prospective and current investors may find these tips particularly useful for making informed decisions. Moreover, by using the coupon code PRONEWS24, users can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing their investment research toolkit.
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