Ion express lecture 7 partners
 

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Ion express lecture 7 partners Presentation Transcript

  • 1. IonExpressShiva Portonovo (EL) Jason Poulos (M) Jacob Schmidt (PI)
  • 2. Reprod. Beta Assay dev L PharmaInst. mfrs. Fast Feedback Install/demo S/M PharmaCells Winning Low cost KOLs Service Govt ctrs Easy to use Direct, partn new targets er CROs/ Univ IP, cells LabsInj. mold Direct low run cost Distributors Low cost One Time Recurring Recurring Inj. mold Instrument Consum. Maint Inst. assembly One Time Recurring Recurring warranty Software Train.
  • 3. Who we have talked to• Alan Wickenden, J&J• Injection mold prototype companies• Robert Damoiseaux, CNSI UCLA• John Comley, IC screening market expert• Competitors’ websites
  • 4. Revenue Model• Instrument and consumable are sold directly to customer – Instrument uses conventional direct sales force – Consumables are sold direct over the web – As done by our APC competitors Screening IonExpress Customer
  • 5. Product Offerings• Group instrumentation and consumables by capacity and function – 48 channel system (“Best Value”) • Instrument • Plates – 192 channel system (“Highest throughput”) • Instrument • Plates – High speed solution perfusion system (“High performance”) • Instrument • Plates
  • 6. Our Pricing• Group instrumentation and consumables by capacity and function (pricing for adoption) – 48 channel system (“Best Value”) • Instrument- $200k (Fluxion: $250k) • Plates- $50 (Fluxion: $150) – 192 channel system (“Highest throughput”) • Instrument- $500k (Barracuda 384: $750k-$1M) • Plates- $125 (Barracuda 384: $250-$300) – High speed solution perfusion system (“High performance”) • Instrument (48 chan)- $300k (N/A) • Plates- $100
  • 7. Instrumentation and Plates• Instrumentation components are mostly off the shelf OEM equipment – 96 channel Fluid handler $36k – Multichannel amplifier $50k/48 channels – Robotic arm $20k – Software???• Plates: 3 pieces – Injection mold top and bottom pieces • Until we get to high volume, materials costs are not the dominant costs– they are tooling and mold operation – Center film is laser cut and sandwiched between top and bottom pieces • In house?
  • 8. COGS and Operating Cost Bottom Up Estimate (conservative)• Instrumentation - $135k/instrument – $120k Components/materials – $10k Labor – $5k(?) Operations (how does this scale?)• Plate - $5/plate – <$1 materials – $2 Labor (assembly) – $2(?) Operations (how does this scale?)
  • 9. Customer Usage Customer Segment and Plate Usage Equiv # <Sites/ <Labs/ <Screens/ <DP/ Entities Total labs 48 well entity> site> yr/lab> screen> Plates/yrL Pharma 20 3.5 4 280 6.7 20k 782000 M/S 500 1.25 1.5 938 4.1 10k 801000Pharma Govt/ 50 1 1 50 4.0 10k 42000 Acad
  • 10. Adoption and SalesEstimated Adoption by Customer Segment Year % L Pharma % M/S Pharma % Govt/Acad 1 0% 0% 5% 2 0% 1% 10% 3 1% 2% 10% 4 2% 5% 10% 5 5% 10% 10%Estimated Sales Users and Year # Plates Instruments 1 3 2000 2 14 12000 3 27 28000 4 58 60000 5 113 123000
  • 11. Income Statement Year 1 2 3 4 5Revenue ($M) 0.6 3.0 3.8 9.2 17.2 COGS + Ops. 0.3 1.7 1.8 4.5 8.1 ($M) Profit ($M) 0.3 1.3 2.1 4.7 9.1 20 • 1st $100k/mo revenue happens in 15 Year 2 • 1st $1M/mo revenue $M 10 Revenue ($M) happens in Year 5 COGS ($M) 5 Profits ($M) 0 1 2 3 4 5 Year
  • 12. Customer Lifetime Value• Instrument – One time initial purchase ($200k) – To increase capacity/throughput, small number of additional purchases possible ($200k+)• Consumable – Recurring purchases: ~ 2800 plates/yr for each lab in big pharma ($140k/yr)• Lifetime revenue value: – Instrument: $200k in Year 1 + $200k in Year 4 – Plates: $140k/yr Years 1-3 and $280k/year Years 4-10 = ~$2.25M discounted at 5%/yr