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Bioinformatics Billions


In two short months the number of publicly-traded bioinformatics companies has jumped from zero to four. Herewith, a quick take on valuations to date.

Lion and Compugen debuted in August, Genomica in September, and InforMax in October. And at press time their combined market capitalization was an impressive $2.86 billion — not bad for companies with aggregate annual revenues of less than $30 million. As a group the share price/revenue ratio is about 105.

At this point Lion has, well, the lion’s share of the group’s market cap ¯ 59 percent of the total ¯ while InforMax accounts for al-most half of the group’s revenue. Lion has a princely price/ revenue ratio of 180 while InforMax has a relatively plebeian 30.

Genomica, however, puts up the king of the ratios ¯ close to 280 ¯ with a market cap of $425 million on less than $2 million of revenue.

NetGenics and DoubleTwist are still in the IPO pipeline and (if ratios hold) should push the group well over the $3 billion market cap mark. Together their annualized revenues are over $7 million, so the group’s average price/revenue ratio of 105 should give them a market cap of over three quarters of a billion.

Index Update: Two additions this month: Genomica and Ciphergen, both of which launched their IPOs on the last trading day of September. InforMax, which launched the first week of October, will join the Index next month.


The Scan

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