Illumina, Inc. released Illumina Connected Multiomics, a cloud-based research software platform for analyzing multiomic and multimodal biological data. The platform was launched after input from 40 early access users, including oncology researchers at the University of Colorado Anschutz Medical School who used it to gain insights on melanoma through proteomic data analysis.

ILMN shares rose 4.1% to $147.11 following the announcement. Illumina aims to provide comprehensive multiomic solutions for precision health discovery and drug development. The company’s market cap is $21.56 billion with a favorable earnings yield of 3.6% compared to the industry average of -16.4%.

Connected Multiomics by Illumina can aggregate multiomic samples from various assays, offering reproducible results and interactive visualizations. The software also features AI-enabled variant interpretation to highlight biologically meaningful signals. It includes multimodal capabilities for single-cell and spatial analysis, providing differential expression and cell typing for biological insights.

The global multiomics market is valued at $2.7 billion and is projected to grow at a CAGR of 15.3% by 2033. Key components like genomics, proteomics, metabolomics, and transcriptomics are driving market growth. Illumina collaborated with MyOme for a Proactive Health Trial using whole-genome sequencing and AI-integrated risk models for patient outcomes.

ILMN shares have risen 48.5% in the past three months, outperforming the industry’s growth. The company holds a Zacks Rank #3 (Hold), with stocks like IDEXX Laboratories, Boston Scientific, and STERIS holding a Zacks Rank #2 (Buy). IDEXX, BSX, and STE have shown positive earnings surprises and growth potential in the medical sector.

Read more at Nasdaq: Illumina’s New Connected Multiomics Platform Set to Boost Its Stock