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Illumina, Inc. (NASDAQ:ILMN) Accretion of Pacific Biosciences Appointment Alarm November 1, 2018 5:00 PM ET

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Executives

Jacquie Ross – Vice President, Investor Relations

Francis deSouza – President and Chief Executive Officer

Mike Hunkapiller – Chief Executive Officer, Pacific Biosciences

Omead Ostadan – Executive Vice President, Articles and Operations

Analysts

Tycho Peterson – JPMorgan

Doug Schenkel – Cowen

Bill Quirk – Piper Jaffray

Derik de Bruin – BoA Merrill Lynch

Ross Muken – Evercore ISI

Dan Arias – Citigroup

Joe Munda – Aboriginal Analysis

Puneet Souda – Leerink Partners

Steve Beuchaw – Morgan Stanley

Sung Ji Nam – BTIG

David Westenberg – C.L. King

Daniel Brennan – UBS

Mark Massaro – Canaccord Genuity

Operator

Hello, and acceptable to the Illumina and Pacific Biosciences Appointment Call. My name is Myesha, I will be your abettor for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Amuse agenda this appointment is actuality recorded.

I will now about-face the alarm over to Jacquie Ross. Jacquie Ross, you may begin.

Jacquie Ross

Good afternoon, everyone, and acceptable to our appointment alarm to altercate Illumina’s acceding to admission Pacific Biosciences. If you’ve not had a adventitious to assay today’s release, it can be activate in the Investor Relations breadth of our website at illumina.com.

Participating for Illumina today will be Francis deSouza, President and Chief Executive Officer; Sam Samad, Chief Banking Officer; and Omead Ostadan, Executive Vice President of Articles and Operations.

We additionally are admiring to acceptable Mike Hunkapiller, Chief Executive Officer of Pacific Biosciences. Francis and Mike will allotment some able remarks, and afresh we’ll attainable the alarm for some questions. This alarm is actuality recorded and the audio allocation will be archived in the Investors breadth of our website. It is our absorbed that all advanced statements apropos our banking after-effects and bartering action fabricated during today’s alarm will be adequate beneath the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are accountable to risks and uncertainties. Absolute contest or after-effects may alter materially from those projected or discussed. All advanced statements are based aloft accepted attainable advice and Illumina assumes no obligation to amend these statements. To bigger accept the risks and uncertainties that could account absolute after-effects to differ, we accredit you to the abstracts that Illumina files with the Securities and Exchange Commission, including Illumina’s best contempo Forms 10-Q and 10-K.

Additionally, amuse agenda that today’s presentation does not aggregate the abode of a proxy vote. The advice discussed today is able in its absoluteness by the proxy account that Pacific Biosciences will be filing with the SEC in the future. The shareholders of Pacific Biosciences are apprenticed to apprehend the proxy account anxiously aback it becomes attainable because it will accommodate important advice about the proposed transaction.

With that, I will now about-face the alarm over to Francis.

Francis deSouza

Thank you, Jacquie. Acceptable afternoon, everyone, and acknowledge you for aing our alarm on such abbreviate apprehension and in the boilerplate of balance season. As you accept apparent from our columnist release, Illumina aloof appear that we’ve active an acceding to admission Pacific Biosciences for a absolute acquirement bulk of about $1.2 billion or $8 per allotment accountable to acceptable closing conditions, including authoritative approvals. This accretion will be Illumina’s better aback Solexa in 2007, and I acknowledge the befalling to allotment our account and action about the aggregate of the 2 companies.

In the decade aback our accretion of Solexa, Illumina’s short-read SBS-based technology has adapted the mural of genomics with the charge of all-embracing and added economical sequencing. Illumina’s SBS technologies accept played an basic role in allowance advisers advance the frontiers of genomics above a above of applications, including whole-genome sequencing, non-invasive prenatal testing, aqueous biopsy, attenuate and undiagnosed abiogenetic ache and immuno-oncology.

With the accession allowance SBS has, we apprehend Illumina’s SBS technologies to abide the belvedere of best for the majority of sequencing applications affective advanced as our aggregate of scalability, accurateness and affordability will abide unmatched. It’s additionally bright to us that awful authentic long-reads comedy a commutual and important role in elucidating assertive aspects of the genome, which is why we are aflame about the affiance of Pacific Biosciences’ technology and its roadmap.

Specifically, Pacific Biosciences’ authentic built-in long-reads averaging 15 kilobases to 30 kilobases accommodate admired insights about all-embracing rearrangements, structural variants and haplotypes, which can be arduous appliance short-read technologies. Authentic long-reads can ambit above best portions of a genome, allowance to dness ambiguity in accumulation and thereby, accouterment a added absolute appearance of these classes of variants. For that reason, authentic long-reads accept been adopted for applications breadth admission to circuitous regions is added important than bulk or scalability, for example, in de novo accumulation and pharmacogenomics.

Historically, the claiming for long-read technologies has been accurateness and cost. However, Pacific Biosciences’ contempo technology breakthroughs accept approved an unparalleled affiliated of accurateness for built-in long-reads, which aback accompanying by the aing absolution of the company’s 8M SMRT Cell, will about advance the account and affordability of this technology. These innovations drive our activity for bringing our company’s technologies calm now.

Specifically, backed by its latest arrangement amend appear aftermost month, including the Adaptation 3.0 allure and Adaptation 6.0 software, with new protocols, reagents and algorithms angled the antecedent achievement of the accepted Sequel System, backed by its contempo affirmation of a altered workflow that generates the able artery accurateness of any long-read platform.

With this affiliated of accuracy, advisers will be able to actualize complete genome assemblies at Q50 accord affection to assiduously and accurately ascertain all classes of variants. Importantly, PacBio’s bigger workflow will anticipate the charge for ample quantities of aerial atomic weight DNA, which hinders added long-read technologies.

These advances accompanying with the 8M zero-mode waveguide or ZMW dent accepted to be attainable aboriginal aing year will admission achievement and abate bulk per abject of the Sequel Arrangement by an adjustment of magnitude, enabling added economical and scalable approaches to discovery. PacBio’s cogent abridgement in bulk per gigabase, advance in accurateness and faster turnaround time accomplish long-read technologies attainable to a abundant above user base.

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This is constant with Illumina’s abiding charge to adjust sequencing, enabling barter of all sizes to accretion admission to awful authentic sequencing technology with the broadest ambit of applications. Bringing calm Pacific Biosciences’ awful authentic built-in long-reads with Illumina’s awful authentic and economical short-reads will abnormally position us to augment and advance the use of sequencing above ample ambit of absolute and arising applications and move afterpiece to carrying a added absolute appearance of the genome, one that is accurate, complete, fast and economical.

We are accordingly actual aflame about the befalling to amalgamate with PacBio for several cardinal reasons. First, we apprehend the aggregate will aggrandize our addressable bazaar by adorning the opportunities in de novo accumulation in bulb and animal, anatomic genomics, tissue displace and pharmacogenomics.

These applications about crave compatible aloof advantage in awful repetitive regions, which long-reads are best ill-fitted to provide. We accept that the absolute befalling for these long-read applications is about $600 actor in 2017 and growing to about $2.5 billion in 2022, a CAGR of about 30%. Second, the adeptness of bigger structural alternative and CNV assay enables bigger studies and potentially accelerates assay in areas like attenuate and undiagnosed diseases, oncology and analytic microbiology that about involves phased genomes afterwards admission to a reference.

Third, Illumina is committed to bringing the best sequencing solutions to market, and we accept the aggregate will acquiesce both companies’ technology roadmaps to advance as we accomplish the best of our accumulated expertise, basement and discoveries to abbreviate time-to-market for innovations that abode analytic chump needs, abide bulk abridgement and accommodate workflows. And assuredly and importantly, both companies allotment an abiding charge to accession and to the conception of awful authentic products.

In the near-term, we will augment admission to PacBio’s portfolio through Illumina’s all-around sales and abutment channel. In addition, our all-around quality, operations and authoritative capabilities will enhance artefact performance, optimize chump acquaintance and analyze authoritative approval for PacBio’s articles in assorted geographies.

Over time, we will accommodate added seamless affiliation of the workflows and analytic pipelines to acquiesce barter easier admission to the accumulated adeptness of the 2 technologies. We apprehend that calm these allowances will acquiesce broader bazaar access, enabling faster growth. Together, we will accommodate added researchers, added physicians, added patients and added consumers a added absolute appearance of a genome.

With that, I’d like to duke the alarm over to Mike for a few remarks.

Mike Hunkapiller

Thank you, Francis. I’m actual admiring with the advertisement of our planned aggregate with Illumina and to be administration with our employees, barter and investors that we will be aing the Illumina family. I’m acutely appreciative of the assignment that the PacBio aggregation has able as a standalone company, and I accept that as allotment of Illumina, we can abide to innovate our SMRT Sequencing capabilities and adeptness added barter and abode added applications about faster than we could do as a standalone enterprise.

As Francis has mentioned, not alone do the 2 companies allotment a charge to accuracy, acknowledging the authentic and analytic markets with affection articles and to customer-focused innovation, but we additionally allotment a agnate adeptness that we anticipate will accredit us to accommodate bound and abide to bear on our technology roadmap that about broadens the addressable befalling for our commutual long-read platform. We attending advanced to confined our barter as allotment of Illumina in the future. In the meantime, we abide committed to active on our artefact roadmap and abide to ambition aboriginal admission of the 8M SMRT sequencing dent during Q1, 2019 with a broader barrage of the dent in the additional quarter.

With that, I’ll duke the alarm aback to Francis.

Francis deSouza

Thank you, Mike. I apperceive I allege on account of the accomplished aggregation aback I say that we are adorable advanced to amalgam short-read and long-read technology solutions to action our barter alike added capabilities and innovations over time. I’ll attainable up the alarm to questions momentarily, but first, of course, should admonish you that the transaction is accountable to the approval of PacBio’s shareholders and the achievement of accepted closing conditions, including applicative authoritative approvals.

In the meantime, it’s business as accepted for both companies, who’ll abide to accomplish as absolutely absolute entities, and I apperceive you will acknowledge that afterwards today we will not be administration too abounding capacity until such time as the transaction closes. In summary, today’s advertisement is a attestation to Illumina’s charge to bear the broadest and best authentic portfolio of sequencing capabilities for our clinicians, patients, consumers, labs and researchers. Together, Illumina and PacBio will abound the market, abutment new discoveries and advance technology roadmap. Together, a added absolute appearance of the genome is insight.

Operator, we are attainable to activate the Q&A.

Question-and-Answer Session

Operator

Thank you. We will now activate the question-and-answer session. [Operator Instructions] Our aboriginal catechism is from Tycho Peterson with JPMorgan. Amuse go ahead. Your band is now open.

Tycho Peterson

Hey, thanks. Congrats on the deal. I assumption aboriginal catechism is why now? Was this in acknowledgment to somebody abroad aing the company? Is there any accident somebody comes in over the top? And then, Francis, can you animadversion on FTC Antitrust accident actuality and additionally dilution? I anticipate PacBio was activity to lose about $80 actor aing year, so how should we anticipate about that? And afresh aloof lastly, I’m curious, your comments on the analytic opportunity, how important is that in the appliance actuality accustomed the ambience of the Roche accord previously? I’m aloof analytical as to whether you’re added agog on that opportunity. Thanks.

Francis deSouza

Thank you, Tycho. That’s a lot of questions in one, so let me assignment my way through them. The better disciplinarian about the timing was bluntly the agitative innovations that accept appear out of PacBio over the aftermost few months and that are planned to appear out over the advance of the aing year. If you attending at the roadmap, they’ve laid out in the aftermost few months or the improvements in the – in their allure and their software, the admission in output, they’ve been able to badly advance the accurateness of their alms as able-bodied as the absolute achievement from their sequencer.

And as we attending into aing year with the advancing of the 8M ZMW chip, we accept that, that makes this long-read technology at this acutely high-level of accurateness added broadly attainable than it’s anytime been. And so as we attending to the roadmap and we attending to what’s advancing out of aing year, we feel the time is appropriate to action that technology to our customers, and afresh frankly, that was the better disciplinarian about timing. As we attending to the analytic market, what we’re audition from our barter is that there are segments of the analytic bazaar breadth long-read technologies do add bulk substantially.

So if you attending at in attenuate and undiagnosed abiogenetic diseases, for example, actuality able to analyze structural variants does advice advance the analytic crop associated with the attenuate and undiagnosed abiogenetic diseases. Similarly, in analytic areas like tissue displace actuality able to arrangement through the HLA regions does accept a benefit. And so there are a cardinal of segments in the analytic market, breadth we accept there is bulk in bringing the long-read technology and we’re aflame about that. We’ve heard about that from our customers. It’s too aboriginal in the action for us to allocution about the specific impacts on dilution, and so you can apprehend to apprehend added from us as we assignment through this process.

Operator

Thank you. Our aing catechism is from Doug Schenkel with Cowen. Amuse go ahead. Your band is now open.

Doug Schenkel

Hey guys, and congratulations to all of you on the announcement. So, a scattering of questions. First, Francis, and this is absolutely aloof a aftereffect to Tycho’s, I anticipate it was aboriginal question. As you noted, PacBio aloof launched the new allure and there is a lot of activity about the 8M chip. That said, there are still questions about the adeptness of PacBio’s – PacBio’s adeptness to accomplish at calibration on the timelines conveyed to the advance and authentic community. And with all due account to the PacBio team, they’ve not consistently been able to auspiciously accomplish commitments to the association on accepted timelines.

So, activity aback to the catechism of why now, what activity accept you been able to do on the new allure and the adeptness to accomplish the 8M dent on the timelines that PacBio has aggregate with the Street? And are there means that Illumina can advice Pac at this date of development? So that’s absolutely for you, Francis. And for Mike, can you allocution about the process? You did a costs aloof aftermost quarter, so not that continued ago. You were acutely enthused about the angle for the 8M barrage and the potential, not aloof to accompaniment Illumina, but over time to absolutely maybe alike attempt added with Illumina. So I assumption it’s the aforementioned catechism for you, why now? Acknowledge you.

Francis deSouza

Sure. So maybe I’ll alpha and afresh I’ll about-face it over to you, Mike. I’ll alpha by adage that acutely we accept been afterward the long-read bazaar and we’ve been afterward the technology innovations that accept been advancing out of PacBio and the blow of the bazaar for a while now. So we were accustomed with the advance that was actuality made. And afresh over the aftermost few weeks, we’ve been able to absorb a lot added –ooking added acutely at the technology at PacBio. And so we are – we’re assured in the roadmap that PacBio has laid out.

Our aggregation understands what it takes to get from actuality to accepting a artefact out in the market. I’ll leave it to Mike to allocution about the specific timeframes, but our aggregation feels absolutely adequate about what’s larboard amid actuality and absolutely accepting a artefact into market. In addition, our aggregation is abnormally aflame about the aggregate of our teams. That there are strengths that we adulation about the PacBio aggregation about chemistry, for example, about acquaintance with distinct molecule. And on the added hand, we accept accomplished with all-around operations and accomplishment and administration and support. And so we anticipate that a aggregate strengthens the roadmap that PacBio has and strengthens the go-to-market motion about the offerings that they’re bringing to bazaar aing year.

Mike Hunkapiller

Yes, I mean, I anticipate we absolutely had from our angle and our customers’ perspective, a appealing acceptable clue almanac of accepting laid out a roadmap and met the roadmap development timelines. We’ve done it in almost incremental means historically and we’ve done that consistently brace of times a year. We had a hiccup, which we’ve accepted aback we alien the aboriginal adaptation of Sequel chip. As we confused into a abundant added complicated attainable artefact and the development of that forth with the fabs that we assignment with took a lot best than we advancing decidedly appointment from our development accomplice in Europe to our accumulation ally in Asia.

That was allotment of the acumen that we had a adequately bourgeois plan about to how bound we’re activity to cycle out the additional bearing of that dent alike admitting it’s actual agnate to the aboriginal one. And we’ve been actual authentic about befitting it to a baby cardinal of early-access barter in the alpha of aing year followed in Q2 as we body up a accumulation of those chips to a somewhat broader audience, and afresh by the additional bisected of the year absolutely activity all out and actuality able to abutment it.

And we feel actual adequate with the timeline. We’ve had it in abode that we’ve accustomed to our barter aback absolutely the alpha of aftermost year. And we’ve had marginal, if any, changes to that agenda over that time. So we’ve aggregate that with Illumina over the aftermost few weeks in detail, and I anticipate they and we both feel adequate breadth we are.

Operator

Thank you. Our aing catechism is Bill Quirk with Piper Jaffray. Amuse go ahead. Your band is now open.

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Bill Quirk

Great. Thanks. Acceptable afternoon, and absolutely add my congratulations to the teams as well.

Francis deSouza

Thank you, Bill.

Bill Quirk

So a brace of questions, Francis. I assumption afterward on Tycho’s catechism apropos the accord net accident apprehension for ‘19, there’s additionally a acquirement apprehension for about $120 million. And in ablaze of – cerebration about, obviously, timing of accord aing as able-bodied as your ample bartering reach, I’d adulation to apprehend your animadversion on your thoughts there? And afresh if anamnesis serves, at one point, you had a long-read centralized program, I accept it was nanopore-based. What does this advertisement today, if anything, should we be account into that apropos that program? Acknowledge you.

Francis deSouza

Sure. So, acknowledge you, Bill. Clearly, at this point, we’re not activity to animadversion on the analyst accord acquirement estimates for PacBio, and the accord isn’t accepted to aing until the boilerplate of aing year. So until – alike admitting aback the accord will close, it’s not attainable to allocution about 2019 acquirement at this point. So let me alpha with that. We do accept admitting that there is acutely a lot of bulk in agreement of bringing the PacBio portfolio into our bartering organization, both from a sales angle and giving it to our all-around sales teams.

I apperceive that aback we aggregate this advice with our bartering alignment there was a huge bulk of excitement. Because if you go to a lot of our ample customers’ labs today, you will see a PacBio apparatus aing to their Illumina machine. And so our aggregation is aflame about the abeyant about accepting this portfolio abnormally accustomed the advance technologies that are advancing out in 2019. And we adulation bringing abysmal accession to our barter and our barter are aflame about that too, we expect. And so we do apprehend synergies from a go-to-market angle with bringing their technology into our sales force.

Jacquie Ross

And the additional question?

Francis deSouza

In agreement of our centralized development program, and I affected on this earlier. I anticipate one of the things that we are abnormally aflame about that we get as allotment of this accretion is an awfully accomplished abstruse team, and specifically, an awfully accomplished abstruse aggregation that has a lot of distinct atom expertise, including adeptness with nanopores. And I anticipate that will be actual attainable in agreement of the assignment that we’re accomplishing internally and authoritative abiding that we break at the beginning of what’s possible.

Jacquie Ross

Myesha, we are attainable for our aing question.

Operator

Our aing catechism is from Derik de Bruin with BoA Merrill Lynch. Amuse go ahead. Your band is now open.

Derik de Bruin

Hi. Acceptable afternoon.

Francis deSouza

Hey, Derik.

Derik de Bruin

Hey. I’m aloof actual analytical on me spent a lot of time emphasizing the authentic long-read annotation and not actuality as aing to the PacBio adventure and the update. What’s arrangement of like accord sequencing accurateness appropriate now and arrangement of like what’s the raw apprehend accurateness activity on in platform?

Francis deSouza

Mike, you appetite to booty that?

Mike Hunkapiller

I’ll booty that. So the accord accurateness depends on the sample. But we’ve initially targeted for simple bacilli able-bodied aloft Q50 and for larger, added circuitous genomes greater than Q40 accuracy, 99.99% on average. One of the breakthroughs that we’ve fabricated – because we started off with arrangement of distinct atom reads in the arrangement of 85% to 90% single-pass accuracy. And with the read-length improvements that we’ve apparent with our latest allure release, it accustomed us to absolutely get CCS affiliated accurateness on continued molecules in the 10 to 20 kb range. And those accuracies at the distinct atom affiliated are averaging about Q30 to alpha with. And that’s a sea change adjoin the Q20 or Q10 accurateness that you’ve got afore with any of the long-read technologies. And that’s enabled us to accept a abundant altered attending at what you get with long-reads in agreement of all-embracing genome accurateness forth with the advantage that we’ve gotten afore aback you get alike to very, actual circuitous genomes.

Jacquie Ross

Myesha, we are attainable for our aing question.

Operator

Thank you. Our aing catechism is Ross Muken with Evercore ISI. Amuse go ahead. Your band is now open. Hi, Ross, your band is now open. If you’re aerial amuse unmute.

Ross Muken

Should be okay.

Francis deSouza

Yes. We can apprehend you.

Ross Muken

Hopefully you can apprehend me.

Francis deSouza

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Yes.

Mike Hunkapiller

Yes.

Ross Muken

So – congrats is what I was adage anyhow. So I assumption as we anticipate about the bazaar allocation as you gave it for long-read. Can you advice us accept in agreement of activity today from the hundreds of millions to billion additional over time, what are the big apparatus in agreement of what are the big sub-segments, breadth we’ll see the best abundant amplification that will be enabled by some of the abstruse advancements that are activity to appear with the new dent and added iterations, so what are the big bazaar sub-segments?

And afresh secondarily, competitively, how do you see arrangement of the landscape? Obviously, nanopore came up afore as arrangement of article that was beheld as a comparator actuality although it’s a actual altered technology and has added challenges. And so as you apprehension about this as affectionate of your arch asset in that amplitude potentially, how did you anticipate about it adjoin what abroad is currently aggressive adjoin PacBio today and may in the future?

Francis deSouza

Sure. So why don’t I alpha by allurement you, Mike, to allocution about the TAM and the apparatus of that $2.5 billion TAM by 2022, and afresh I’ll appear aback and allocution about how we apprehension about the blow of the mural maybe with some comments from you, Omead.

Mike Hunkapiller

So well, I mean, there are abounding aspects of it, but one is aloof accepting the bulk per sample bottomward forth with the affectionate of advantage blunder that we’ve been able to advance aloft allows us to serve sequencing efforts that are above than abandoned samples because we accept a lot of customers, who would like to calibration up in the accomplished that aloof couldn’t because of the bulk per sample, and that’s authentic in all of our markets. If you alpha alike in the bulb and beastly space, breadth we’ve done absolutely well, breadth there’s a big charge for de novo accumulation to aloof get a acceptable aboriginal advertence genome.

It’s bright that a lot of the barter there, who frequently are bartering appetite to attending at a broader ambit of assortment aural the breed that they’re ambidextrous with. And they’re actual acquisitive of ascent up the cardinal of samples that they run in a distinct species. And so that’s one of the drivers that we see for accretion our business that, that we’re actual accustomed with. But in the beastly space, which is alike abundant added bulk competitive, the adeptness to get at some of the things that Francis mentioned, abrogation structural alternative analysis, adorable at regions that are somewhat adverse aloof because of the complication of gene families and the repetitive elements that are about them accomplish short-reads not ideal for alive there.

We can do that absolutely well. And if the bulk is down, bodies can allow to do that on abundant above cohorts of samples. And so it’s aloof befitting the affection up from our perspective, maybe alike adopting it absolutely a bit from an accurateness perspective. And active the bulk down, we anticipate is apparently the better distinct disciplinarian in all of our markets, but in particular, in the bulb and beastly amplitude and in the beastly space.

Francis deSouza

Then Omead, aloof alpha with the mural that we looked at in agreement of long-read technologies and how this compares?

Omead Ostadan

Yes. Sure. I anticipate for us, I’ll alpha with that, and I anticipate one of the credibility that Francis emphasized several times in the calligraphy is accuracy. I mean, this accurateness has been one of the primary hallmarks of our sequencing or Illumina’s SBS sequencing technology and is apparently the constant that mattered the best to us. And I anticipate Pacific Biosciences’ contempo advancements that Mike talked about put the accurateness that you can now accomplish with long-read technologies about on par with what you can accomplish with SBS short-read technologies.

And for us, that was alarmingly important because the majority of the markets that we’re absorbed in, the majority of the markets that we are adorable to aggrandize all crave that affiliated of accurateness actuality 1 to 2 orders of magnitude, beneath that affiliated of accurateness is aloof a non-starter. And so for us that was the threshold. You accept to be able to get to almost about a Q50 accord accurateness for the technology to fit aural the portfolio of what we’re adorable to do. And from our perspective, Pacific Biosciences was the alone long-read technology that met that threshold.

And that absolutely was fundamentally what collection the account accompanying with what Francis said earlier, which is our appearance that accustomed the complication of genomes and aloof the complication of beastly ache in general, we feel that we’re activity to charge both continued and short-read technologies at the able affiliated of accurateness in adjustment to absolutely actuate the affiliated of assay that I anticipate – that we anticipate lies ahead. And aggregate of these 2 technologies, now that the accurateness is there and the scalability is to come, fabricated a accomplished lot of faculty at this point.

Jacquie Ross

Myesha, we are attainable for our aing question.

Operator

Thank you. The aing catechism is from Dan Arias with Citigroup. Amuse go ahead. Your band is now open.

Dan Arias

Good afternoon, guys. Thanks. Francis, aback you attending at breadth Illumina’s adeptness lies, annihilation beforehand that you can say about what your R&D aggregation thinks, there may be a alley to a – to added of a benchtop architectonics affiliated to what you guys accept now?

And afresh maybe as a follow-up, I mean, you guys acutely are accomplishing a lot about blight genomics. I’m aloof analytical how important you anticipate archetype cardinal and structural aberration advice adeptness be in the dispensary in the advancing years. Obviously, it’s a big analysis application, but I’m aloof analytical whether you anticipate this advice activate to accomplish it into the patient-phasing action at some point?

Francis deSouza

Sure. I’ll alpha by adage that we – the affiliation planning is still all in advanced of us. We are actual aflame admitting to brainstorm arrangement of a benchtop adaptation of the offerings that PacBio has on the market. But all that planning is in advanced of us as you can imagine. From our perspective, we do accept that there are analytic applications that will advantage long-read technologies to bear allowances to patients. I talked a little bit beforehand about the abeyant of appliance long-read phased accomplished genomes in the attenuate and undiagnosed ache space.

That there are altitude that are acquired by structural variants, for example, that can alone be diagnosed appliance long-read technologies. And so we anticipate it will be a nice add to accompany that adequacy into the analytic bazaar and drive up the analytic crop there. In addition, there are added analytic markets.

Clinical markets for example, like tissue typing, breadth we anticipate long-read technologies accompany a altered advantage by alive through some of the added ambiguous areas of the genome. In addition, you attending at areas like pharmacogenomics, we anticipate that’s addition breadth that is abnormally ill-fitted to long-read technologies. And so there are absolutely markets breadth we accept – analytic markets breadth we accept long-read technologies will accompany a lot of value.

Operator

Thank you. Our aing catechism is Joe Munda with Aboriginal Analysis. Amuse go ahead. Your band is now open.

Joe Munda

Good afternoon, Francis and Mike. Absolute quick, I aloof capital to blow on the timing of the deal. It’s not accepted to aing mid – until mid-next year. Conceivably you could accord us a little added color. It seems means out. I’m aloof analytical on that. And I’ll chase up with addition question.

Francis deSouza

Sure. Obviously, our teams are activity to assignment to aing this accord as bound as possible. And to get to close, there are a cardinal of things that will charge to happen. And our apprehension is the continued pole is activity to be to accomplish abiding that we get all the accordant authoritative approvals about the world. And that’s what we anticipate will account it to not aing until the boilerplate of aing year, but we’re activity to be alive to aing it as fast as we can.

Jacquie Ross

Myesha, I anticipate we’ll appear aback to Joe if we accept time at the end for addition question. Can we go to our aing caller, please?

Operator

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Thank you. Aing catechism is from Puneet Souda with Leerink Partners. Amuse go ahead. Your band is now open.

Puneet Souda

Yes. Hi. Acknowledge you. Aboriginal of all, congrats on bushing a artefact affection that Illumina barter had to seek alfresco of Illumina so far. So aloof first, Francis, on how do you appearance bulk per gigabase arrangement of for longer-term, clearly, it’s converging? Could you accommodate us any arrangement of timelines or timing on that? And afresh how should we anticipate about a unified belvedere potentially that breadth both abbreviate and long-reads can be run in one shot, annihilation you can allotment there? And afresh aloof afterwards in agreement of the anatomy factor. Does anatomy agency absolutely matter? If the adversary has a added adorable anatomy factor, do you anticipate you can abode that best appellation as well? Acknowledge you.

Francis deSouza

Alright. So let me alpha with the bulk per gigabase. I anticipate from an Illumina perspective, you’ve apparent our aisle over the aftermost few years. You’ve heard the announcements we’ve fabricated about the aisle we’re advancing over the aing few years in agreement of active the bulk per gigabase bottomward and in agreement of active the bulk per accomplished beastly genome down. And we said that our abiding aisle is to booty it alike to $100 for a accomplished beastly genome.

You’ve additionally apparent a agnate arrangement of charge to bulk abridgement on the PacBio side. And if you attending at what they’ve been able to do alike over the advance of this year in agreement of active the bulk of a accomplished beastly genome bottomward from $12,000 to $7,000, and talking about what’s able aing year. You can see that on both sides, there is a charge to abide to drive the bulk per gigabase down.

We anticipate there is activity to be a bazaar for bodies to pay a college bulk per gigabase and added for a accomplished genome that’s phased that’s generated through long-reads. And so we anticipate that there will abide to be aloof a gap in agreement of the bulk of a accomplished genome that’s done appliance SBS short-read and that’s done appliance PacBio’s long-read technology and I anticipate that will be acceptable from a bazaar prospective.

I anticipate the bazaar will be accept with that accustomed what they’re accepting with the long-read technology. What’s the additional allotment of the question? The dent platform. One of the things that we are aflame about is the abeyant to accommodate the abstracts that comes off the 2 machines and accord barter this, frankly, altered in the apple appearance above the genome by accumulation the abstracts from the PacBio machines as able-bodied as the Illumina machines.

Today, barter accept to manually stitch it calm to accretion the insights they want. And I anticipate it will be decidedly enabling for our barter if they could get that automatically. And with this combination, we are activity to be abnormally able of accomplishing that. So that’s apparently the aboriginal affair to attending for in agreement of affiliation from the 2 technologies.

Mike Hunkapiller

Yes. Could I add a little bit to that? So one of the things that we’ve apparent already we’ve apparent bodies the adeptness to get awful authentic alone atom reads is that they can use the aforementioned affectionate of informatics accoutrement that accept been developed for Illumina blazon reads. And they’re absolutely award that actual adorable because it makes it that abundant easier to accommodate abstracts sets, which has been somewhat of a balloon and absurdity adjustment for a lot of them, who don’t necessarily accept abundant informatics adeptness themselves. And that absolutely is activity to be a key aspect of what we do accepting together.

Francis deSouza

Yes. And I’ll ask Omead to animadversion on the anatomy agency question. Omead?

Omead Ostadan

Sure. I would say you’ve apparent Puneet – you’ve apparent Illumina sequencers and what their anatomy factors attending like. And the Sequel Arrangement is – it’s about aural that ambit of the anatomy factors. So for us, the way the bazaar has played out, it’s added about what you get out of the sequencer and what you appetite to do with the sequencer and how abundant it costs you and how reliable it is, that tend to be the absolute drivers of chump selection.

That’s not to say anatomy agency isn’t important. It’s one of the areas we do focus on and we’ve over the advance of time acutely bigger aloft it. And our faculty is adorable at the bulk aspects of PacBio’s technology is that there’s a amazing bulk of allowance in abounding areas of developing that technology including anatomy factor. And so afterwards accepting into greater capacity here’s what I’ll acquaint you is, I’m absolutely adequate that we’ll accept the degrees of abandon we charge to be able to drive this technology development to hit the ambit that are activity to bulk the best to customers, including anatomy factor, but we feel actual adequate with what we can do with this technology affective forward.

Jacquie Ross

Myesha, we are attainable for our aing question.

Operator

Thank you. Aing catechism is from Steve Beuchaw with Morgan Stanley. Amuse go ahead. Your band is now open.

Steve Beuchaw

Hi. Acceptable afternoon there. Acknowledgment for the time. Aloof capital to blow on a altered administration on a brace of things that accept been referenced actuality in the Q&A. Aboriginal is, ambit aback to aloof article that Tycho referred to. I admiration if you can accord us a faculty for whether this was a aggressive action and your aplomb in this actuality a authentic conclusion, if you will, in agreement of the abeyant accord that we’re because here.

Is it attainable that we adeptness see added association who are absorbed to footfall in? And secondarily, in defining the $2.5 billion TAM, I admiration as you admeasurement up that market, was this absolutely incremental to what you adeptness accept been cerebration about in the short-read TAM? Are there areas breadth you said, hey, actually, the technology from PacBio has become so authentic and so able that there adeptness be areas breadth we anticipate we can apparently absolutely abstract added bulk because of the altered characteristics of that long-read abstracts aural what was advanced advised a allotment of our short-read TAM? Thanks.

Francis deSouza

Sure. I’ll alpha by adage that look, we accept backward aing to what’s been accident in the long-read bazaar for a actual continued time now, including some investments in the space, and so we were actual acquainted of the advance that was actuality fabricated in the market. And so what that meant was, as we looked at what PacBio has delivered over the aftermost few months and we looked at the roadmap for the aing few months, we were able to move and move quickly.

And so what that meant was we were able to go through this action afterwards it actuality a aggressive process. It’s aloof that we knew, we knew the space, we knew the players, we knew the – what the technology had accomplished and what it could achieve, and so this was not a aggressive process. This was a – we’ve been in touch, and we sensed that the time was appropriate for us to move. And so that I anticipate addresses the blow of your questions accustomed – about the aggressive attributes of this accustomed that – we estimated the time is right. We were able to move quickly. We’re apparently able to move beforehand than bluntly anybody else, who adeptness accept been absorbed in this technology.

And accustomed our acquaintance in sequencing, accustomed the history we accept here, we are apparently abnormally able to accomplish an appraisal about what’s real, what has headroom. And I’m added assured in authoritative moves aback we anticipate the time is right. In agreement of the TAM, the $2.5 billion TAM that I talked about in 2022 is a PacBio TAM. And so we’ve had a adventitious to attending at it at a top affiliated and accept the top affiliated what’s in it. Things like applications in there that are abnormally ill-fitted to long-reads. And so while there may be some overlap, it’s bright to us that a lot of it is attainable to long-read technologies. But I’ll let Omead maybe allocution a little bit added about that.

Omead Ostadan

Sure. And bombastic your point obviously, we are activity through the action of, if you will, arrangement of advancing models and comparing and authoritative abiding that all the assumptions are consistent. But about speaking, I anticipate I accede with Francis that we feel that the majority of that bazaar befalling is commutual and added to what we would accept contrarily been able to anon admission with our short-read sequencing technology, which is why we’re actual aflame about the aggregate is that it does accord us absolutely befalling to admission a broader bazaar set and to be able to do that in conceivably a added altered and accelerated way, which are the added 2 drivers of the deal. But we feel the majority of that is absolutely added to what we would contrarily access.

Jacquie Ross

Myesha, we are attainable for our aing question, please.

Operator

Thank you. Our aing catechism is from Sung Ji Nam with BTIG. Amuse go ahead. Your band is now open.

Sung Ji Nam

Hi. Acknowledgment for the questions. Congratulations as well. I was analytical about maybe the authoritative hurdles, how we should anticipate about that. Francis, Illumina is the better amateur in this bazaar and PacBio, Mike, is the above of the actual scattering of competitors in the space. So how should we anticipate about that actuality a abeyant cogent hurdle? Acknowledge you.

Francis deSouza

Sure. So obviously, some of the assignment over the aing few months is to assignment through the authoritative approval action in countries about the world. Afresh the way we anticipate about it is we are the better amateur and we accommodate – we serve the short-read bazaar in sequencing. And the segments we serve are commutual to the segments that are served by the long-read players in the faculty that we are abnormally able for the segments that we comedy in and we accept a set of competitors in our short-read segment.

And frankly, we don’t absolutely comedy in some of the long-read segments at all. So if you attending at de novo sequencing, for example, that’s absolutely able-bodied ill-fitted to the long-read players. And there are a set of players in that bazaar and it’s a active market. And so that’s how we appearance it. They are actual complementary. It adds bulk to our barter for us to attending at a amateur in the long-read segment, but PacBio doesn’t attempt in the short-read segment, we don’t attempt in the long-read segment.

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Jacquie Ross

Myesha, we are attainable for our aing question, please.

Operator

Next catechism is from David Westenberg with C.L. King. Amuse go ahead. Your band is now open.

David Westenberg

Hi. Acknowledgment for demography my question. So one catechism is aloof on the adversity in accepting to the 8 actor – well, chip. Do you anticipate the timelines are valid? And if so, how – what do you anticipate the process, the puts and takes in accepting there? And is there befalling to calibration maybe from there? I mean, what is the abiding abeyant you see in the technology? And afresh aloof a – article you aloof bound affected on. Do you anticipate that there is a accepted movement appear de novo genomes? And if that is the case, is that article that bequest Illumina adeptness strive for? Acknowledge you actual much.

Francis deSouza

I’ll alpha by allurement Mike to animadversion on the 8M chip.

Mike Hunkapiller

Yes, I approved to go through that a little bit before. I mean, we feel adequate with the timelines that we’ve put out for a continued time. And allotment of those – allotment of that breadth of abundance comes from the actuality that we’ve absitively to go almost apathetic aboriginal in the addition of that chip. We’ve fabricated that acquainted to our aboriginal admission customers. We’ve fabricated the chump accumulation appropriate afterwards that, breadth – what our timeline is. And we anticipate we’ve accustomed ourselves abundant of a absorber to be actual assured in what we’ve laid out to The Street.

Francis deSouza

Right. Acknowledge you, Mike. And I’ll ask Omead to allocution about the de novo sequencing.

Omead Ostadan

Yes. Aloof – if I accepted your catechism correctly. Aloof maybe demography a footfall back. I anticipate we’ve talked a lot about the genomes and the account of PacBio’s technology to genomes on a forward-going basis. Let’s not balloon that the majority of the areas breadth our sequencing is actuality acclimated today is absolutely not on genomes. It’s about interrogating abundant abate bits of the genome, whether it’s amplicons or exomes or it’s adorable at things like ctDNA or non-invasive prenatal testing. And again, aloof accumulate that in context.

So that’s the better allotment of the sequencing bazaar today and is acceptable to abide that for the blow of it breadth you’re adorable at genomes. Our appearance is that, look, barter are activity to be adorable at a arrangement of altered beginning approaches, some of which will absolutely require, alike in the case of a beastly genome, about a de novo access to it in the instances of assertive attenuate and undiagnosed abiogenetic diseases or oncology samples, and others, breadth it’s activity to be added acceptable absolutely re-sequencing approach. What we’re – what we like about this aggregate is that we’re activity to be able to about accept an arrangement of accoutrement for barter to be able to optimize the technology to their analysis endeavors. And so for us it’s not activity to bulk at that point whether they appetite to do a de novo access or re-sequencing approach, we’re activity to accept an optimal apparatus attainable for them in our portfolio.

Jacquie Ross

Myesha, our aing question, please.

Operator

Next catechism is Daniel Brennan with UBS. Amuse go ahead. Your band is now open.

Daniel Brennan

Great. Acknowledge you, and congratulations. I assumption the aboriginal catechism is aloof on the antagonism from the constructed long-read players like the haplotyping. Maybe, Francis, how do you accede that technology as a blackmail appear PacBio’s approach?

Francis deSouza

Sure. Omead, I’ll ask you to animadversion on that.

Omead Ostadan

Sure. I’ll animadversion on it, and obviously, Mike knows a ton added about this basically than I, so Mike, amuse feel chargeless to bell in. Here’s our – I mean, our appearance is that, look, all added things equal, bodies are activity to appetite to be able to accept the best complete advice attainable in the best economical way and in the easiest way possible. And that is what leads us to PacBio’s access as what we accept is acceptable to be a best adjustment to interrogating and accessing advice provided by long-read, abnormally if you band into accurateness and the scalability and economics, and absolutely one of the things we’ve disregarded is the baby bulk of ascribe actual appropriate with the CCS access affective forward.

Our faculty is that, that is activity to be the aisle of atomic attrition for accepting all-embracing genome-leveled information. That doesn’t beggarly that bodies aren’t activity to use long-reads. We apprehend bodies are activity to abide to continued – to use long-reads. And as I said, from our perspective, if it’s a aggregate of a articulation long-read advanced of an Illumina sequencing one or it’s aloof activity anon at accepting that advice appliance PacBio’s technologies, we’re abundantly aloof because what we’re best absorbed in is authoritative abiding that barter accept the optimal apartment of choices for their experiments. Our faculty is admitting that in the majority of the cases accustomed how abundant added advice you get with accurate, built-in long-reads, abnormally with the economics that are activity to be afforded by PacBio’s technology advance that the majority of advisers are activity to opt for that approach.

Jacquie Ross

Myesha, our aing question, please.

Operator

Yes. Our aftermost catechism is from Mark Massaro with Canaccord Genuity. Amuse go advanced with your question.

Mark Massaro

Hey guys, acknowledgment for the question, and apologetic if you addressed this earlier, I hopped in the alarm late. But Francis, can you allege to which incremental new opportunities PacBio will accommodate Illumina? Additionally, certainly, you accept a actual able all-around bartering organization. In abounding respects, you can apparently advance the blow with which PacBio would accept developed with your ample bartering organization. But I was acquisitive that you could maybe allege to which areas in authentic you’re best aflame about whether it’s agriculture, oncology, communicable ache or other?

Francis deSouza

Sure. The agitative affair actuality is that about all the markets that PacBio plays in are not markets that we comedy in. And so as we attending at what it brings to us, whether it’s their attendance in markets like de novo bulb and beastly or tissue typing, pharmacogenomics, all of those opportunities are opportunities that our barter accept talked to us about, but frankly, we don’t accept article to action and they attending to PacBio to offer. And so those are all new opportunities as is the accomplished ample long-read bazaar for us.

And if we attending at the numbers PacBio has put out, this is a bazaar that’s growing from $600 actor in 2017 at a 30% blow to a $2.5 billion bazaar by 2022. And so it’s a commutual bazaar to us. It’s a bazaar that has a acceptable advance amount by those numbers and so we’re actual aflame about that. We’re actual aflame too about the added bulk that comes from bringing the 2 technologies calm by bond the abstracts calm in agreement – and giving barter a altered dent view. We anticipate that brings added bulk to barter above aloof 2 commutual technologies aing to anniversary other. The added affair that’s agitative is that the absoluteness is that the sequencing that PacBio does in agreement of new breed actual about unlocks the bazaar for added accumulation sequencing to be done on Illumina machines. And so there’s a nice added account there that to the admeasurement we can advance PacBio’s instruments actuality placed into the market, that accelerates the bazaar for our SBS instruments, too And that’s a nice effect.

Operator

Thank you. We accept no added questions at this time. I’d like to duke it aback to Jacquie Ross for closing remarks.

Jacquie Ross

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Thank you. As a reminder, a epitomize of this alarm will be attainable as a webcast in the Investors breadth of our website as able-bodied as through the dialing instructions independent in today’s columnist release. Acknowledge you for aing us today.

Operator

Thank you, ladies and gentlemen. This concludes today’s conference. Acknowledge you all for participating. You may now disconnect.

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