Vitrolife: Genetic Testing Lab Operations

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That makes sense. Out of a hundred tests, my understanding is that PGT-A testing makes up the vast majority in infertility. From your experience at Igenomix, how many out of a hundred tests are PGT, PGT-A? Just a rough percentage. Is it around 30% or 40%, or is it more like 60% to 80%? I'm trying to understand how significant it is.

I'm not sure about the exact percentage, but it was high. In terms of revenue, the margin was very good. It depends on the country due to restrictions and policies. For example, in Japan, probably 90% was PGT-A. In Dubai and the Middle East, the exome or CGT testing was probably 70% to 80%. Another test, ERA, was also very common in almost every country. In Brazil, there were many cases of oncology and exome analysis for genetic testing of disorders and PGT-A due to the large population. However, I don't have the exact percentages in mind. It varies between countries due to regulations.

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How did you see that affecting Igenomix, for example? I know they are based in Valencia. IVI RMA, for instance, works with Juno, which is owned by the same owner, KKR. How much of a risk do you think it is five to 10 years from now for Igenomix, with the trend of doing it in-house? How do you think about that?

I believe the risk is higher because of competitors like Juno. For instance, the situation with Igenomix and Vitrolife is unclear from a business perspective. Igenomix focuses on services, support, and quality, while Vitrolife is focused on products. The support and services are lacking. This was my impression when I was there, and I feel this sentiment has grown. Employees at Igenomix feel they aren't operating as they did before when it was solely Igenomix. Some people are moving from Igenomix to Juno.

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How did you see that affecting Igenomix, for example? I know they are based in Valencia. IVI RMA, for instance, works with Juno, which is owned by the same owner, KKR. How much of a risk do you think it is five to 10 years from now for Igenomix, with the trend of doing it in-house? How do you think about that?

Then the learning curve is very short. Juno has the opportunity to quickly translate new technologies into products or protocols because they have people with this expertise. They don't need to create it; they already have it. This is a real risk for Igenomix. People are moving, and there are others like Sistemas Genomicos, which was recently acquired by Eurofins and then Eurofins acquired Synlab. This might be beneficial for Igenomix and Juno, but not for Sistemas Genomicos.

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