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John R. Martin President ViraCor-IBT Laboratories October 9, 2009

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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John R. Martin President ViraCor-IBT Laboratories October 9, 2009

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  1. ViraCor-IBT Laboratories: Insights & Innovation John R. Martin President ViraCor-IBT Laboratories October 9, 2009

  2. 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!

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. Agenda • The story of ViraCor-IBT • Overview • The entrepreneurs • The business guy (me) • The growth (ViraCor focus) • The merger • Insights into Innovation

  10. 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

  11. 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

  12. 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

  13. 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

  14. Growth: Know Thyself • We understand what our company stands for… We save patient lives by delivering complex tests fast

  15. 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

  16. Growth: Company Culture “A company’s culture and a company’s service are two sides of the same coin.” - Tony Hsieh, CEO Zappos.com

  17. 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

  18. 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

  19. 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

  20. Agenda • The story of ViraCor-IBT • Overview • The entrepreneurs • The business guy (me) • The growth (ViraCor focus) • The merger • Insights into Innovation

  21. Insights into Innovation • Looking backward • Looking outward • Looking forward, and… …I’ll save that for the last slide

  22. Looking Backward - ViraCor Founding Principles • Patients First • And, Associates, too

  23. 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

  24. 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

  25. 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

  26. Looking Outward… • The Art of Innovation • The Art of Execution • The Art of Driving Your Competition Crazy… • Simple • Unexpected • Credible • Concrete • Emotional • Story

  27. 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

  28. 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

  29. Looking Forward...Change the World! ViraCor-IBT Vision (Patients First) IBT ViraCor-IBT Actions (Mission, Associate Attributes, Business Plan)

  30. Insights into Innovation • Looking backward • Looking outward • Looking forward, and… • Looking inward

  31. 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

  32. ViraCor-IBT Laboratories: Insights & Innovation Questions? John R. Martin President ViraCor-IBT Laboratories October 9, 2009

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