BLLN Management Meetings: Notes from the Road

研报英文原文证据摘录

BLLN Management Meetings: Notes from the Road

firm is a more labor-intensive process, and they don't have the capacity

to run this assay on every positive NIPT test from every lab.

Prenatal Testing Market Penetration & Growth: BLLN management thinks the overall •

prenatal market is ~60% penetrated, and they estimate 80%+ of pregnant patients are

getting aneuploidy testing and 50% or less are getting carrier screening. While the

prenatal testing market overall used to grow ~MSD% on increasing coverage/ASPs,

BLLN believes that it will grow faster as the attachment rate of carrier screening increases,

driven by innovations (like Unity fetal risk screening) that remove the barrier to adoption of

needing the partner's carrier screening test. BLLN management also noted that treatment

paradigms are starting to shift, with increasing numbers of pregnant patients with CF

affected fetuses being treated during pregnancy and some of the first cases of SMA

affected pregnancies being treated during gestation. As these interventions become more

standard, BLLN also thinks that there is more significant clinical utility of tests like the

Unity fetal risk screen, and that will also drive growth in the total market's adoption. ASP

tailwinds also remain a future opportunity, with management sharing that they currently

only get paid on ~20% of fetal risk single gene NIPTs and ~20% on RhD testing, leaving

room for upside as these more innovative test components get increased coverage.

Competition & Share Gains: Given the market is growing, BLLN doesn't need to grow •

solely by taking share from other players. That said, management has gone back and

analyzed the last four quarters' data on new account wins. BLLN shared that every quarter

in prenatal they add ~400 new providers.