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Fluidigm Due Diligence: Company Profile, SWOT analysis and Market Opportunity - 3rd Edition
DeciBio, Jan 2011, Pages: 52
High level due diligence of Fluidigm, a provider of genomic analysis products
Fluidigm is a life science company that develops and distributes instruments and chips for genomic analysis and X-ray crystallography applications. The company owns a disruptive and scalable integrated fluidic circuits (IFC) technology. This technology enables the execution of thousands of experiments in parallel in nanoliter volumes, and facilitates implementation of experiments with a complex design.
Since its inception in 1999, Fluidigm has incurred >$150M in operating losses. While profitability in the next 1-2 years is unlikely, Fluidigm has strong revenue potential given its deep intellectual property portfolio and growth of its target markets.
Fluidigm targets an attractive market mix: mid-throughput mid-plex quantitative PCR (qPCR) market in the short term, and the emerging digital PCR (dPCR) market in the long term. In the next few years, Fluidigm’s revenues will be driven by basic research customers expected to scale gene expression and genotyping experiments currently performed by qPCR, and develop novel dPCR protocols. In 5+ years, the main opportunity will be for MDx applications. This report reviews the market sizes, segments, growths and trends of Fluidigm’s end markets. We review historical data and forecast market size from 2010 to 2020.
Our experts believe that IFCs faces strong competition from other technologies including microarrays, qPCR and competing dPCR technologies (e.g., LIFE’s Cytonix, home-brewed emulsions). This high competitive intensity makes it unlikely for Fluidigm to gain widespread adoption in academia. In addition, Fluidigm faces indirect competition from next generation sequencing as scientists divert their genomics funding toward this technology usable for genotyping and gene expression analysis. While some of Fluidigm’s sample preparation products may benefit from growth in the sequencing market (~25% p.a. until 2013), this gain does not offset lost in sales from its main product line, which may end up being used for validation, but not discovery.
The lack of content for IFC chips remains one of Fluidigm’s main issues. Fluidigm may benefit from collaborations similar to its partnership with SABiosciences to develop differentiated assays. This open architecture approach has been successfully implemented by other genomic companies (e.g., Luminex) with disruptive technologies. This strategy may help broaden its currently low installed base, estimated at only ~150 instruments.
This report is a high-level due diligence of Fluidigm divided in three sections: (1) Review of Fluidigm’s offering benchmarked to current technologies. (2) Forecast of the qPCR, MDx and dPCR markets targeted by Fluidigm by end-users (Academia, BioPharma, MDx and other applied markets). (3) SWOT analysis of Fluidigm. This report does not forecast Fluidigm’s future revenues or take a stance on its attractiveness as an acquisition target.
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