If there is one company in India using the brute force of computing and high-speed sequencing to offer services in genetics, it is MedGenome. So important is the sequencing technology that owning a high-end machine becomes a news release. As it happened in October, after it bought Illumina’s Hiseq X Ten platform. If not in the consumer (or clinical) market, such high throughput sequencing will help them scale business in research services market.
MedGenome Labs Private Limited
Name as per MCA records
Strand Life Services
MapMyGenome (In clinical services)
What has MedGenome been up to, the last year?
The company has made a decisive move this year to enter large-scale genomics projects, building on its earlier work in contract research. In February, as a founding member, it committed $10 million to the GenomeAsia 100K consortium which will sequence genomes of 100,000 people in South, North and East Asia.
It suitably girded up by raising $20 million in Series B from Sequoia. Clinical services have been sluggish (as the numbers show below), not just in India but even in the US. So the acquisition of California-based Lifecode Health, with its CLIA certified labs, this year makes a lot of sense. Its commercial tie-ups with diagnostics and medical centres indicate that it plans to double down on the clinical market, serving the end consumer.
50X: That’s how much the cost of materials grew, to Rs 24.38 crore.
2X: Is the jump in employee benefits expenses, to Rs 12.32 crore.
Rs 50 crore: The revenue they made from what they call “academics and research”; only 1 crore coming from India. So, contract research services contributed 84% of the total revenue.
Rs 47.51 crore: Is the forex earning, which amounts to 80% of the total revenue.
Rs 116.65 crore: Cash and cash equivalents that the company has.