Biotech Values

[apljack]

So, NEO is not a competitor of FMI, although NEO's customers might be. (FMI does have its own CLIA-certified lab.)

No, I would say that they are a competitor, particularly in the hematological oncology space. They appear to have a suite of tests that distinguishes blood based cancers. They also appear to have a competing CRC division that may be more well developed than NEO's. I haven't dug deeply enough into FMI's quarterly statements to be able to discuss just how much of their revenue comes from the CRC business, but I know that NEO had a big agreement with Covance that is now in question since LH bought Covance out. FMI seems to be more focused on direct patient contact (if you look through their website) but I would expect that they are booking most of their revenues through oncology and pathology-based physician practices.