Standard BioTools sells life science research instruments, consumables, and services to biomedical researchers at academic institutions, cancer centers, and biopharma companies. The company operates two core technology platforms: mass cytometry (CyTOF and Hyperion) and microfluidics/genomics (Biomark). CyTOF uses metal-tagged antibodies and mass spectrometry to simultaneously measure 50+ proteins on individual cells, enabling detailed immune profiling. The Hyperion platform extends this to tissue samples, mapping 40+ protein markers while preserving spatial context. The Biomark system uses microfluidics to run thousands of qPCR reactions simultaneously, useful for gene expression and genomic studies. Standard BioTools follows a classic razor-and-blades model: instrument sales build an installed base that drives recurring consumables and field service revenue, with consumables representing the highest-margin revenue stream. The company recently sold its SomaScan proteomics platform to Illumina, but retains a commercial interest through consumable kit sales into Illumina's distribution network. Standard BioTools has pursued an explicit consolidation strategy — acquiring life science tools businesses and applying its internal operating system to cut costs — and targets additional bolt-on acquisitions. The company sells directly in North America, Europe, and Asia-Pacific, with distributors elsewhere, and generates roughly two-thirds of revenue internationally.