SomaLogic tops Wall Street estimates as merger looms

BOULDER — Biotechnology company SomaLogic Inc. (Nasdaq: SLGC) nearly halved its year-over-year third quarter sales, but still managed to beat Wall Street expectations as it prepares for a $1 billion merger with California-based Standard BioTools Inc. (Nasdaq: LAB).

SomaLogic develops platforms to read thousands of proteins in a patient’s blood or urine sample that may signal illnesses or future health conditions and suggest potential treatments via machine learning.

The company posted sales of $22 million, down 47% from $41.7 million in the third quarter last year. 

Still, the total was more than $1 million higher than the analyst consensus,…