Alamar Biosciences, Inc.: A differentiated proteomics platform, but is the near-term upside priced in?

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Alamar Biosciences, Inc.: A differentiated proteomics platform, but is the near-term upside priced in?

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Alamar Biosciences, Inc.

A differentiated proteomics platform, but

is the near-term upside priced in?

Initiating Coverage: NEUTRAL | PO: 27.00 USD | Price: 23.88 USD

Premium platform, valuation limits upside 12 May 2026

We initiate on Alamar (ALMR) with a Neutral rating and $27 PO (~11x FY27e Sales). Equity

Alamar is an emerging growth Life Science Tools company with a cutting edge platform

for the study of proteomics (comprehensive view of all the proteins in a patient’s body MichaelResearch RyskinAnalyst

or tissue). Proteins are the molecules that play a key role in driving disease (and BofAS

treatment response), even more-so than DNA, and yet until now, scientists have lacked +1michael.ryskin@bofa.com646 855 4373

proper tools for qualitative and quantitative study of proteomics. Alamar is targeting this Avantika Dhabaria

large, early-stage market, with major opportunities in research, translational, and clinical Research Analyst

BofAS

applications. However, at ~10x FY27e EV/Sales, we believe much of the upside is already +1 646 743 0170

priced in. avantika.dhabaria@bofa.com

Alexa Chan

Early traction confirms platform value ResearchBofAS Analyst

Commercial execution to date has been strong for an early‑stage platform. Installed base +1 646 855 5636

alexa.chan@bofa.com

grew from 36 systems in FY24 to 102 in FY25, and we forecast ~196 systems in FY26e

and ~738 by FY29e. Revenue is projected to grow from $110mn in FY26e to ~$300mn

by FY29e (~40% CAGR). Importantly, the business model is shifting toward recurring

consumables, which we forecast rising from ~50% of sales in FY25 to ~69% by FY28e. Stock Data