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ViraCor-IBT Laboratories: Insights & Innovation. John R. Martin President ViraCor-IBT Laboratories October 9, 2009. Growth: Few things attract us more . New babies Springtime / Gardens Growing companies…like many of yours, and…ViraCor-IBT!

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slide1

ViraCor-IBT Laboratories:

Insights & Innovation

John R. Martin

President

ViraCor-IBT Laboratories

October 9, 2009

growth few things attract us more
Growth: Few things attract us more
  • New babies
  • Springtime / Gardens
  • Growing companies…like many of yours, and…ViraCor-IBT!

…We love to be around growth; we want to be a part of the miracle of growth!

the pattern of growth
The Pattern of Growth

“Every activity belongs to a pattern. You identify with your pattern or thought. Your patterns leads your life.”

- J.G. Gallimore

pattern of growth
Pattern of Growth
  • The Call
  • The Fear
  • The Choice
  • The Growth (or lack thereof)

The decision to grow always involves a choice between Risk and Comfort

risk and comfort
Risk and Comfort
  • If we’re honest, though, most of us are seekers of comfort
  • Extreme comfort would be nice…or would it?

University of CA at Berkeley Amoeba Experiment

challenge and growth
Challenge and Growth
  • There is something about all living creatures, even amoebas, that demands challenge
  • We require change, adaptation, and challenge the way we require food and air
  • Comfort alone…will kill us
the pattern of growth7
The Pattern of Growth
  • Both choices—risk and comfort—tend to grow into a habit or pattern
  • Each time you decide to take a risk, you become a little more likely to do so the next time
  • It’s not that the fear goes away, but you get used to living with fear
  • You realize that it doesn’t have the power to destroy you
walk on water
Walk on Water…
  • At ViraCor-IBT, we have chosen “to walk on water” rather than sit in the boat
  • We have chosen a bold pattern of growth that involves choosing risk
    • Courage alone is not enough, it must be accompanied by wisdom and discernment
    • This is not a story about extreme sports; it’s a story about extreme discipline
agenda
Agenda
  • The story of ViraCor-IBT
    • Overview
    • The entrepreneurs
    • The business guy (me)
    • The growth (ViraCor focus)
    • The merger
  • Insights into Innovation
viracor ibt laboratories
ViraCor-IBT Laboratories

Lenexa, KS

Lee’s Summit, MO

Preeminent clinical diagnostics & biomedical research laboratory specializing in immunology

& allergy assays

Leader in molecular diagnostic testing for infectious diseases

viracor ibt laboratories overview
ViraCor-IBT Laboratories Overview
  • Recent merger (June 30, 2009) to form ViraCor-IBT
  • Both KC area companies founded by entrepreneurs (ViraCor in 2000; IBT in 1983)
  • Specialty diagnostics clinical laboratory business
  • Market niche: Patients with immune-related conditions, encompassing allergy, immunology and infectious disease
  • >200 employees
  • Serve >4,000 physicians, hospitals, commercial laboratories & biopharmaceutical companies
  • Impressive financial performance: strong growth in in revenue and earnings
founding entrepreneurs science and service
Founding Entrepreneurs… Science and Service

Dr. Jack Halsey,

IBT Founder

Flip Short,

ViraCor Founder

Both share a passion for taking care of the client, and building a great place to work

the business guy what did i see
The business guy…what did I see?
  • ROIC…foundation for sustainable competitive advantage

“Most managers focus only on margins…and ignore the multiplier (Net Asset Turnover).”

a) Net Assets = NWC + Net PP&E + Net Other; Net Assets = Invested Capital

growth know thyself
Growth: Know Thyself
  • We understand what our company stands for…

We save patient lives by delivering complex tests fast

growth know thy customer
Growth: Know thy Customer
  • Competitive keys
    • Science/Quality
    • Turnaround Time/Service
    • Ease of Doing Business
    • Price
  • Innovation
    • Anticipate customer needs
    • News tests, improved turnaround time, new services
growth company culture
Growth: Company Culture

“A company’s culture and a company’s service are two sides of the same coin.”

- Tony Hsieh, CEO Zappos.com

growth innovation in speed service
Growth: Innovation in Speed & Service
  • Speed: Jump to the next curve
    • Not better sameness, but true innovation
    • Unparalleled test result turnaround time from a high complexity lab (went from 1 week+ to 1 day)
    • Same-day Turnaround Time: 99%, consistently
  • Compassionate, personalized service
    • Expertise in immunocompromised patient conditions; direct access to scientists
    • Patient-first culture and supporting systems
growth built in scalability
Growth: Built-in Scalability
  • Leaders – HR executive/culture in place to develop leaders and implement scalable growth
  • Integrated Science / Systems / Service technology platform
    • Strong core systems integrated and enhanced with application-rich intranet
    • Scalable for significant future growth and accommodation of other laboratory workflows
the merger our strategic vision
The Merger: Our Strategic Vision

Become the Premier Specialty Lab in Immunology and Infectious Disease

  • Patients have need of it!
  • Industry landscape is ideal--large commercial labs have difficulty matching service and specialization
  • ViraCor-IBT is well positioned among small, independent labs in molecular diagnostics/ immunology to become the premier specialty lab with scale
agenda20
Agenda
  • The story of ViraCor-IBT
    • Overview
    • The entrepreneurs
    • The business guy (me)
    • The growth (ViraCor focus)
    • The merger
  • Insights into Innovation
insights into innovation
Insights into Innovation
  • Looking backward
  • Looking outward
  • Looking forward, and…

…I’ll save that for the last slide

looking backward viracor founding principles
Looking Backward - ViraCor Founding Principles
  • Patients First
  • And, Associates, too
looking backward remember who you are
Looking Backward - Remember who you are…
  • “If we take care of patients, everything else will follow.” – Flip Short
  • Remember that we are a team that works together, unselfishly, for our clients

“It is amazing what you can accomplish if you do not care who gets the credit.”

- Harry Truman

looking outward
Looking Outward
  • Gaining fresh perspective by looking outward
    • Industry Conferences
    • Consultants/Thought Leaders
    • Customers/Physicians
    • Associate Survey/Feedback
    • Scientific Literature/Content
    • Domain-specific Content
    • Management Books
    • Leaders in Business/Society
looking outward25
Looking Outward…

Pattern of Growth:

The Call, The Fear, The Choice

Hedge Hog, Fly Wheel/ Building for Breakthrough, Culture of Discipline

Leaders: Energy, Edge, Execution, Resilient/See Around the Corner, Optimistic

looking outward26
Looking Outward…
  • The Art of Innovation
  • The Art of Execution
  • The Art of Driving Your Competition Crazy…
  • Simple
  • Unexpected
  • Credible
  • Concrete
  • Emotional
  • Story
looking outward the art of innovation
Looking Outward…The Art of Innovation
  • Make meaning
  • Jump to the next curve (not better sameness)
  • Don’t worry, be crappy
  • Churn, baby, churn
  • Let a hundred flowers blossom
  • Never ask people (customers) to do what you wouldn’t do
looking forward
Looking Forward…
  • “Vision without action is merely a dream. Action without vision is just a waste of the time. Vision with action can change the world.”
    • - Joel A. Barker
looking forward change the world
Looking Forward...Change the World!

ViraCor-IBT Vision (Patients First)

IBT

ViraCor-IBT Actions (Mission, Associate Attributes, Business Plan)

insights into innovation30
Insights into Innovation
  • Looking backward
  • Looking outward
  • Looking forward, and…
  • Looking inward
looking inward
Looking inward…
  • I close with a quote from my uncle, Oliver Martin, a businessman, written after enduring three years of the Great Depression in 1930’s…

“The past three year’s experiences have convinced me that that there really is a silver lining…

But there’s no use looking for it unless you use an X-ray, because it’s inside us.”

- Oliver Martin

March 4, 1934

slide32

ViraCor-IBT Laboratories:

Insights & Innovation

Questions?

John R. Martin

President

ViraCor-IBT Laboratories

October 9, 2009