1 / 15

Proprietary and Confidential

IDEXX Laboratories, Inc. IDEXX Bioresearch Strategy Overview. January, 2013. Proprietary and Confidential. Summary.

baird
Télécharger la présentation

Proprietary and Confidential

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. IDEXX Laboratories, Inc. IDEXX Bioresearch Strategy Overview January, 2013 Proprietary and Confidential

  2. Summary The bioresearch market presents an attractive adjacent opportunity to extend our reference labs and instruments businesses into new customer segments performing fundamental and early product development research, and to continue to build a deep capability in health monitoring and biological materials testing. Our strategy is based on investing in four “I”s: • Innovation:Continue to develop leading edge menu and testing capability. • International expansion: Build out our geographic presence with consistent service (Europe, Asia) • Infrastructure: Establish global bioresearch commercial capability, while leveraging IDEXX best practices and infrastructure where appropriate. • Inorganic growth: Selectively acquire companies and assets to extend capabilities, build on bench of talent, broaden customer reach. We’ll pursue a path to become the world’s leading early-stage bioresearch diagnostic testing provider by leveraging six key sources of competitive advantage: • Leading animal diagnostic technical expertise • Cutting edge biological materials testing knowhow • WW lab infrastructure and operational excellence • “ONE LAB” integrated offering • Global consistency in analytical platforms and methods • Outstanding customer service

  3. IDEXX Bioresearch Strategy VISION Establish IDEXX RADILTM as the world’s leading specialized early-stage bioresearch diagnostic testing and information technology provider. Innovation International Expansion Infrastructure Invest in innovation – leading edge menuand testing capability Expand our geographic presence (Europe and Asia) Invest in global commercial and lab infrastructure Inorganic Growth Selectively acquire companies & assets to extend capabilities, build on bench of talent, broaden customer reach. HOW WE’LL WIN Leading animal diagnostic technical expertise Cutting edge biological materials testing knowhow WW lab infrastructure and operational excellence “ONE LAB” integrated offering Global consistency in analytic platforms and methods Outstanding customer service

  4. We operate in four major product and service segments, and expect our revenue to be more distributed across our major segments in 2017 2012 IDEXX Bioresearch Revenue Breakdown 2017 IDEXX Bioresearch Revenue Breakdown Research Analyzers Health Monitoring Preclinical Services Biological Materials Testing Research Analyzers Health Monitoring Biological Materials Testing Preclinical Services

  5. Bioresearch market context The broader ‘bioresearch’ market is enormous and complex. We’re focused on three major categories of bioresearch: ‘Fundamental’, early ‘Product development’, and veterinary ‘Clinical’ development where over ~$25B is spent on research today. • These three categories of research have the greatest focus on animal subjects and biological materials. Today, we’re framing our “core” addressable market in terms of four major customer segments who perform fundamental and early product development research: • Non-profit, academic & government bioresearch • Commercial bioresearch • CROs • Research animal producers We estimate the ‘actual’ addressable bioresearch market for our current products & services at ~$150M, with a ‘theoretical’ potential addressable market of $445M+ across four segments: health monitoring, biological materials testing, research analyzers & consumables, and preclinical services testing. • Greatest % growth expected in biomaterials testing • By geography, North America comprises more than half of the addressable bioresearch market, but we’re seeing a shift toward Asia • By customer segment, non-profit, academic & government organizations represent more than half of the addressable bioresearch market • IDEXX RADIL holds ~12% of the directly addressable market today, with strongest competitive position in outsourced health monitoring

  6. Broader ‘bioresearch’ market is enormous and complex: Estimated ~$100B is spent per year on bioresearch across fundamental research and lifescience product development WW 2011 Fundamental and Lifescience Product Development Research Spending ~$100B Veterinary 3 Veterinary Product Development ~$2.5B 1 2 Discovery & Preclinical Phase I - IIa Phase IIb – IV Global Clinical Other(1) Human (pharmaceutical, biotech, medical device) Fundamental Research $10B+ $13B $13B $41B $18B We plan to focus on 3 categories of research, comprising ~$25B spending, which have the greatest focus on research animal subjects and biological materials (1) Includes preclinical and clinical supplies, research models, formulation, manufacturing, electronic data capture, medical imaging. Source: Various secondary research reports, analyst reports and company reports.

  7. IDEXX will participate only in selected service & product segments of this ~$25B market Human and Veterinary Product Development Veterinary Only “FUNDAMENTAL” RESEARCH Clinical 1 2 3 DISCOVERY PRECLINICAL PRODUCT DEVELOPMENT RESEARCH • Where IDEXX Will Play • $145M actual addressable market • $450M ‘potential’ addressable market Health Monitoring Biological Materials Testing Research Analyzers & Consumables Preclinical Diagnostic Services (diagnostic testing support for subjects on study) Research model production and distribution • Where IDEXX Won’t Play • Remaining ~$24.5B market Running full research programs/ studies Formulation, manufacturing Target identification Process research

  8. We’ll serve two major customers and participate in four testing segments, providing world-class lab services and research analyzers & consumables Target Business Segments Users Lab Animal Veterinarians Principal Investigators Health Monitoring for colonies Research Analyzers & Consumables Preclinical Services (support for subjects on study) Biological Materials Testing (e.g., cell line authentication) Testing Segments

  9. Health Monitoring Innovation & Infrastructure: Within Health Monitoring, we offer seven major services and will focus primarily on innovation in species and menu expansion for growth Health Monitoring Current Offering Focus Areas for Growth 1 Serology & Immunology • Broad range of serological tests • MFI2 (Multiplex Fluorescent Immunoassay): Next generation in serology testing using multiple antigens in testing for prevalent rodent agents.  Add Testing for New Species 2 PCR • Infectious agent testing Expand Serology & PCR Menu 3 Genetic Testing • Genotyping for specific alleles and to determine the background strain of the rodent 4 Pathology • Variety of morphologic and clinical pathology services, to support research investigations. Add Rapid Assays 5 Histopathology • Services include examination and subgross trimming of fixed tissues, additional testing with selective histochemical or immunohistochemical methods. 6 Parasitology • Range of parasitological assays, including comprehensive endo- and ecto-parasite screenings, as part of standard necropsy profiles. Introduce Novel Technologies 7 Microbiology • Full service microbiology laboratory to isolate and identify bacterial pathogens from the respiratory and enteric tracts from normally sterile tissue sites.

  10. Research Analyzers & Consumables Innovation & Infrastructure: We have a portfolio of research analyzers and consumables which we’re continuing to invest to customize to the research market Research Analyzers & Consumables Focus Areas for Growth • Hematology analyzer: Validation underway for mouse, rat, monkey, rabbit, gerbil, guinea pig, ferret, pig & minipig • Chemistry analyzer: Dilution work in process, not validated for research species • Electrolyte analyzer: Not validated for research species, customers will validate • Coagulation analyzer: Not validated for research species, customers will validate • Urinalysis instrument: Not validated for research species, customers will validate • Chemistry analyzer: Not validated for research species, customers will validate • Interface not suitable for research market • Need to consider developing a research-specific version of the IVLS interface • High-volume hematology analyzer: Validated for cat, dog, horse, rabbit, guinea-pig, rat, mouse, monkey, cattle, pig (plus user defined & flexible gating) 1 ProCyte Dx Catalyst Dx VetStat (electrolytes) Coag Dx VetLab UA VetTest IVLS Sysmex XT-iV Continued investment to customize analyzers to research market applications 2 3 Commercial investment 4 5 6 7 8

  11. Preclinical Services (support for subjects on study) Innovation & Infrastructure: Our preclinical services include a portfolio of high-demand tests, which we’ll expand, enter GLP and build out our IT service offering Preclinical Services (support for subjects on study) Focus Areas for Growth IDEXX RADIL offers complete range of tests , consultation with certified technical staff and a dedicated research support team for preclinical product development research by pharmaceutical , biotechnology, med device companies, and academic institutions Expand Test Menu 1 General Lab Testing • Chemistry, hematology, endocrinology and immunology testing. Enter GLP 2 Clinical Pathology • Full service clinical pathology, slide evaluation and reports, protocol consults and study support. • Full service vet micro lab • Provide diagnostic service, some environmental monitoring. 3 Microbiology Build Veterinary Clinical Trials Business 4 Molecular Diagnostics • Infectious Diseases Screening • New Test Development • Data mining Upgrade IT Service Offerings 5 Histopathology & Anatomic Pathology • Full service histo lab with specific research animal expertise. • Anatomic pathology consulting to provide evaluations and reports • Provide protocol and study review services 10

  12. Biological Materials Testing Innovation & Infrastructure: We offer a leading portfolio of five biological materials testing services, which we’ll expand and build our commercial capability Biological Materials Testing Current Offering Focus Areas for Growth IDEXX RADIL offers a comprehensive suite of services to address the quality and integrity of biological materials. The use of cell lines, cell culture, tumors, and other donor samples is increasing in life science research, as is the need to avoid use of contaminated cell materials which can invalidate study findings. Add new services 1 IMPACT • Detection of  the presence rodent pathogens 2 h - IMPACT representative picture • Detection of human pathogens of serious concern to laboratory personnel Commercial investment Mycoplasma Testing • Detection of an extensive list of Mycoplasma species 3 representative picture 4 CellCheckTM • Authentication and comparison of cell lines against published profiles Cell Line Sterility Testing • Detection of microbial contamination 5

  13. International Expansion: We plan to build a presence in Europe and Asia, with majority of absolute growth from the Americas region Projected IDEXX RADIL Revenue by Major Region ($M USD) EMEA Region 2012 2017 Americas 2012 2017 2017 2012 Asia Pacific Region Area of bubble roughly proportionate to IDEXX RADIL Revenue

  14. Inorganic growth: Our inorganic growth plan is focused on five major investment objectives Investment Objective Description Build scale within the core • Identify and acquire high quality assets, or form strategic partnerships within our current business lines. 1 Expand geographic reach • As we extend our operations to new regional markets, acquire assets or form strategic partnerships to strengthen our local businesses. 2 Broaden/ deepen product & service offering • Add products and services to address gaps in our portfolio, strengthen our basis for competitive advantage. 3 Deepen customer access/ relationships • Acquire companies/ assets or form strategic partnerships with reach into new priority customers and customer segments 4 Unlock cross-sell opportunity • Invest in assets or partnerships that allow us to position and sell our integrated offering more effectively. 5 Complement organic growth with 3-7 acquisitions, strategic partnerships and licensing relationships over the 2013 - 2017

  15. We’ll win in the bioresearch market based on six key sources of competitive advantage Solid Balance Sheet To Facilitate Capital Investment for Growth Unmatched Animal Diagnostics Expertise RADIL Basis for Sustainable Competitive Advantage Cutting Edge Biological Materials Testing Knowhow Supporting Global Infrastructure (IT, Marketing, Customer Service) ONE LAB Integrated Offering Global Network of 60 Reference Labs

More Related