Ion express lecture 7 partners

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Ion express lecture 7 partners

  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

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