Well, yeah, if I remember correctly, Modulight’s strategy has relied on biomedicine starting from 2014, so in that respect, there haven’t been changes. The IPO proceeds were largely used to build a new production facility, but there was in-house production even before that, so no radical change there either, more of a change in scale.
The revenue model in the medical sector did change from the capex sales of equipment towards a usage-based PPT model (payment per treatment). This certainly partly explains the steep drop in turnover after the IPO.
I don’t have any good numerical estimate. The company has also stated that they are running at a low utilization rate relative to their potential. Personally, I suspect that even those targeted FDA approvals require having sufficient manufacturing capacity in place beforehand.
Good question. On the mass production side, competition is fierce, and I would assume that in many areas, competitors’ economies of scale are massive. For example, Coherent, which I understand supplies data centers.