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IonExpress
Shiva Portonovo (EL)
  Jason Poulos (M)
 Jacob Schmidt (PI)
Reprod.
                 Beta                            Assay dev       L Pharma
Inst. mfrs.                    Fast
                 Feedback
                                                 Install/demo    S/M Pharma
Cells            Winning       Low cost
                 KOLs                            Service         Govt ctrs
                               Easy to use
                                                 Direct, partn
                               new targets       er              CROs/ Univ
                 IP, cells
                                                                 Labs
Inj. 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.
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
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
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
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
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?
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?)
Customer Usage
   Customer Segment and Plate Usage

                                                                        Equiv #
                      <Sites/   <Labs/              <Screens/ <DP/
           Entities                      Total labs                     48 well
                      entity>    site>               yr/lab> screen>
                                                                       Plates/yr

L Pharma     20        3.5        4        280       6.7      20k      782000


 M/S
            500        1.25      1.5       938       4.1      10k      801000
Pharma

 Govt/
             50         1         1         50       4.0      10k       42000
 Acad
Adoption and Sales
Estimated 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
Income Statement
    Year            1            2          3             4           5
Revenue ($M)        0.6          3.0       3.8            9.2        17.2
 COGS + Ops.
                    0.3          1.7       1.8            4.5         8.1
     ($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
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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Ion express lecture 7 partners

  • 1. IonExpress Shiva Portonovo (EL) Jason Poulos (M) Jacob Schmidt (PI)
  • 2. Reprod. Beta Assay dev L Pharma Inst. mfrs. Fast Feedback Install/demo S/M Pharma Cells Winning Low cost KOLs Service Govt ctrs Easy to use Direct, partn new targets er CROs/ Univ IP, cells Labs Inj. 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) – $2(?) Operations (how does this scale?)
  • 9. Customer Usage Customer Segment and Plate Usage Equiv # <Sites/ <Labs/ <Screens/ <DP/ Entities Total labs 48 well entity> site> yr/lab> screen> Plates/yr L Pharma 20 3.5 4 280 6.7 20k 782000 M/S 500 1.25 1.5 938 4.1 10k 801000 Pharma Govt/ 50 1 1 50 4.0 10k 42000 Acad
  • 10. Adoption and Sales Estimated Adoption by Customer Segment Year % L Pharma % M/S Pharma % Govt/Acad 1 0% 0% 5% 2 0% 1% 10% 3 1% 2% 10% 4 2% 5% 10% 5 5% 10% 10% Estimated Sales Users and Year # Plates Instruments 1 3 2000 2 14 12000 3 27 28000 4 58 60000 5 113 123000
  • 11. Income Statement Year 1 2 3 4 5 Revenue ($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