3B Blackbio DX Ltd

India reported first case of HMPv virus as per news …

Human metapneumovirus (hMPV) can be detected using a variety of methods, including:

  • Nucleic acid amplification test (NAAT): A direct method for detecting the viral genome
  • Reverse transcription-PCR (RT-PCR): A sensitive method that involves transcribing RNA into complementary DNA (cDNA) and amplifying specific DNA targets
  • Immunofluorescence or enzyme immunoassay: A direct method for detecting viral antigens in respiratory secretions
  • Indirect immunofluorescent-antibody test (IFA): A rapid test that can be used to diagnose hMPV infections in children

In addition to these methods, healthcare providers may also use a soft-tipped stick (swab) to collect a sample from the nose or throat, or perform a bronchoscopy or chest X-rays.

HMPV is a pathogen that is associated with respiratory tract infections, especially in young children, the elderly, and people who are immunocompromised.

Is it another opportunity for 3bblackbio in tough times?

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I couldn’t see hmpv testing kits on 3b blackbio website.
However I could find influenza testing kits which are somewhat related to hmpv in terms of symptoms.

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3bblackbio was second in india after Mylab to get Covid kit approval during Covid spread out as far as I know. So there is less doubt whether they can make it if opportunity emerges…:crossed_fingers:

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Yup found it.

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Interesting to note that Mr. Prajesh Maroo, HNI dumped Shilchar Tech, a star performer and took 1.18% stake in 3BBDx during Q3.

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Factors those may influence Q3 results:

  • seasonal spike in Flu, Dengue & Chikungunya cases
  • Geographical expansion of sales through TRUPCR Europe operations
  • Client addition
  • Margin contraction risks
    Can we expect Q3 consolidated sales of Rs. 20 Cr. for Diagnostic Division ?
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The management already clarified that they don’t expect spike in flu in q3 and q4.

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The point ot be noted that usually each RT-PCR test cost somewhere around 2-3k. So these are difficult for doctors to suggest only on OPD basis. Doctors can suggest them more confidently if the patient is in-door or in say ICU. Point is doctors can’t ask for RT-PCR test right and left. They have to selective.

dr.vikas

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Dec-23 total revenue was 20 cr (15 cr diagnostics, 2 cr agrochem and 2.5 cr other income).

Seems reasonable to expect 24-25 cr of total revenue in Dec-24 assuming 25% growth guided for diagnostics, and removing one-time 3-4 cr revenue seen in Q2. OPM of 50% last year, interested to see if these high margins sustain.

Anything above may be considered a ‘beat’.

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https://www.financialexpress.com/business/healthcare-budget-2025-expectations-diagnostics-sector-leaders-urge-govt-to-strengthen-public-private-partnerships-offer-tax-incentives-3710930/

Hopeful that this budget will bring about some reforms for the diagnostics sector especially in the area of AMR.

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DPYD Testing – can this be a big money spinner

1/ 3B Trupcr has recently been making posts about DPYD Testing and advocacy on their LinkedIn page

2/ What is DPYP testing?

  • DPYD stands for dihydropyrimidine dehydrogenase, an enzyme that breaks down uracil and thymine. The DPYD gene provides instructions for making this enzyme.

  • People with a DPYD deficiency have a higher risk of severe toxicity from fluoropyrimidines like 5-fluorouracil and capecitabine

  • 5-fluorouracil (5-FU) is a chemotherapy drug that treats various types of cancer and skin conditions. 5-FU is an anti-metabolite that prevents cells from making DNA.

  • Fluorouracil is used to treat breast, colon, rectal, stomach, and pancreatic cancer

3/ Is DPYD testing common?

  • Apparently not. There are numerous news articles where patient died because they were not tested for 5FU toxicity (even in developed countries)

  • Interested parties are doing advocacy campaigns to make DPYD testing mandatory before chemotherapy

4/ 3B looks to be the only Indian manufacturer (based on 10 mins of Google search)

5/ Lal Pathlabs offers the test for 7600. Some other labs offering it for 25K as well.

6/ What’s the opportunity size?

  • Below are number of new cancer cases (only India) for the relevant cancer types (ones requiring 5FU treatment). Data is for 2022
    Breast 221,757
    Pancreas 21,068
    Stomach 52,706
    Colon 38,107
    Rectal 38,752

  • That’s a total of 370K cases

  • Rough math on addition to 3B’s topline:
    [370K cases] x [10% market share in India – management has talked about this share in the past] x [3800 per test – assuming 50% of the test cost as kit cost given Lal Pathlabs offers it at 7600]…that makes it about 14Cr only for India

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Interesting product launch of NGS Library Preparation Kits integrated with bioinformatics and advanced reporting.

I don’t have specific domain knowledge about this technology and would invite forum members with expertise here to share their perspective. What caught my eye in this announcement was some notes I had taken back in 2021 during an exchange with Mr. Dubey and he had shared they were looking for acquisitions with the following technologies “bioinformatics, rapid tests, NGS etc” and he had referenced Quidel in the US as a comparable company. It’s impressive to see that the company has managed to incubate all 3 of these technologies in-house over the last few years.

Here’s some more from AI- assisted research on this (usual caveats apply):

NGS Library Preparation:

– These kits “prepare” DNA/RNA samples for next‐generation sequencing (NGS) by converting raw samples into sequencing libraries.

– They streamline workflows by minimizing manual steps, reducing turnaround time (often by 30–50% relative to conventional protocols), and helping to lower sample loss and error rates (typically below 1–2%).

Integrated Bioinformatics:

– Unlike many kits that stop at sample prep, these products include a comprehensive bioinformatics solution.

– This software not only automates data analysis but also generates advanced reports to help users interpret sequencing results confidently—key for both research and clinical applications.

** How Common Is This in Molecular Diagnostics & How Deep Is 3BB’s Portfolio?**

– It’s not very common for mid-sized molecular diagnostics companies to offer both robust library prep kits and a fully integrated bioinformatics solution.

– Most competitors tend to provide only part of the workflow (e.g., just the chemistry for library prep) while outsourcing data analysis to third parties or relying on generic software.

– This level of vertical integration (from sample prep to actionable insights) is more typically seen in larger global players like Illumina or Thermo Fisher, suggesting a significant competitive edge in the local/regional market.

Market Size & Typical Kit Costs (India & Europe)

– The NGS reagents market in India is growing (tens to around 100 million USD) while Europe remains a larger, more mature market, with kit costs typically in the range of USD 200–1,000 per sample depending on the complexity and throughput.

Who Else Offers Similar Products in India?

Global Players Active in India:

Illumina and Thermo Fisher Scientific offer complete NGS workflows, including library prep kits with bioinformatics tools.

Agilent and Qiagen also provide comprehensive solutions, though often with a focus on certain applications or panels.

Indian/Regional Companies:

– Firms like Strand Life Sciences and MedGenome have been expanding their NGS and diagnostic portfolios.

– There are also emerging local players who offer components of the workflow, though fully integrated solutions (kit plus advanced reporting) remain less common among domestic companies.

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