Foundation Medicine, Inc. — Federal Contractor Profile
Foundation Medicine, Inc. Secures $135.9M in Federal Contracts, Focusing on Genomic Profiling
Contractor Overview
Total Contract Value: $135,912,275 ($135.9M)
Total Awards: 6
Company Profile
Foundation Medicine, Inc. is a leading provider of genomic profiling services for precision medicine, specializing in the analysis of cancer-related genomic alterations. The company's core capabilities include comprehensive genomic profiling, next-generation sequencing, and molecular diagnostics. Foundation Medicine has a significant presence in the federal government sector, providing critical support for cancer research and patient care. However, the company has not secured any new contracts in recent years, indicating a stable but potentially declining business model. The company's government business is primarily focused on a few key agencies, raising concerns about dependency and concentration risk. Foundation Medicine's track record includes notable projects such as the Cancer Genome Atlas (TCGA) and the National Cancer Institute (NCI), which have demonstrated the company's expertise and reliability. The company's strategy appears to be centered on maintaining its position in existing contracts rather than pursuing new opportunities, which may limit its growth potential. Compared to industry peers, Foundation Medicine is a niche player with a strong focus on genomic profiling, but faces competition from larger players with broader service offerings.
Specializations
- Genomic profiling
- Next-generation sequencing
- Molecular diagnostics
- Cancer research
- Precision medicine
- Clinical trials
Contractor Metrics
Average Contract Size: $0
Competitive Win Rate: 100% (all contracts are competitive)
Agency Concentration: moderate
Growth Trajectory: stable
Sole Source Rate: 0%
Recompete Rate: 100% (all contracts are recompete/renewal)
Competitive Position
Foundation Medicine, Inc. is a niche specialist in genomic profiling and molecular diagnostics, particularly for cancer research. The company holds a dominant position in this specialized area, providing critical services to federal agencies such as the National Cancer Institute. Its competitive history and consistent performance in renewing contracts indicate a strong market position, but the lack of new contracts suggests a need to explore new opportunities to maintain growth.
Value to Taxpayers
Foundation Medicine, Inc. provides high-value services to the federal government, particularly in the realm of cancer research and precision medicine. The company's expertise in genomic profiling and molecular diagnostics is essential for advancing cancer treatment and improving patient outcomes. However, the lack of new contracts and the relatively high average contract size suggest that the company may be overcharging for its services, which could be a concern for taxpayers.
Agency Relationships
Foundation Medicine, Inc. primarily serves the National Cancer Institute (NCI) and the Defense Health Agency (DHA), indicating a moderate concentration of its client base. This dependency on a few key agencies could pose risks if these relationships were to weaken or if the company were to lose its position in these contracts. The company's strong track record with these agencies suggests a reliable service provider, but the concentration of its business could be a concern for government officials.
Red Flags
- No new contracts in recent years, indicating a stable but potentially declining business model.
- High average contract size of $22,652,046, which could be a concern for taxpayers.
- Moderate concentration on a few key agencies, raising dependency and concentration risks.
Green Flags
- Strong track record with notable projects such as the Cancer Genome Atlas (TCGA) and the National Cancer Institute (NCI).
- Consistent performance in renewing contracts, indicating reliability and trustworthiness.
- Focus on precision medicine and genomic profiling, which are critical areas for advancing cancer research and treatment.
Key Contracts
Foundation Medicine, Inc. has secured significant contracts with the National Cancer Institute (NCI) and the Defense Health Agency (DHA), which have been renewed multiple times. These contracts are critical for the company's business model and provide essential support for cancer research and patient care. The company's involvement in the Cancer Genome Atlas (TCGA) and other major initiatives has demonstrated its expertise and reliability. However, the lack of new contracts in recent years suggests that the company may be facing challenges in securing new business, which could impact its long-term growth and sustainability.
Frequently Asked Questions
What does Foundation Medicine, Inc. do for the federal government?
Foundation Medicine, Inc. provides genomic profiling services for precision medicine, including comprehensive genomic profiling, next-generation sequencing, and molecular diagnostics. The company supports cancer research and patient care, particularly through its involvement in initiatives like the Cancer Genome Atlas (TCGA) and the National Cancer Institute (NCI).
How much taxpayer money does Foundation Medicine, Inc. receive?
Foundation Medicine, Inc. has secured $135.9 million in federal contracts, with an average contract size of $22,652,046. The company primarily serves the National Cancer Institute (NCI) and the Defense Health Agency (DHA), with contracts that are typically renewed rather than new awards.
Is Foundation Medicine, Inc. good value for taxpayer money?
Foundation Medicine, Inc. provides high-value services in the realm of cancer research and precision medicine. However, the company's high average contract size and lack of new contracts in recent years could be a concern for taxpayers. The company's expertise and reliability are essential, but the potential for overcharging should be monitored.
How does Foundation Medicine, Inc. win its contracts?
Foundation Medicine, Inc. primarily wins its contracts through competitive bidding processes. The company's strong track record and expertise in genomic profiling and molecular diagnostics have allowed it to secure renewals with key agencies such as the National Cancer Institute (NCI) and the Defense Health Agency (DHA).
What agencies use Foundation Medicine, Inc. most?
Foundation Medicine, Inc. primarily serves the National Cancer Institute (NCI) and the Defense Health Agency (DHA). These agencies rely on the company for genomic profiling and molecular diagnostics, which are critical for cancer research and patient care. The concentration on these agencies raises dependency and concentration risks, but the company's strong performance in these contracts suggests a reliable service provider.
What are the risks of relying on Foundation Medicine, Inc.?
Relying on Foundation Medicine, Inc. could pose risks due to the company's moderate concentration on a few key agencies, which could lead to dependency and concentration risks. The lack of new contracts in recent years suggests potential challenges in securing new business, which could impact the company's long-term sustainability. Additionally, the high average contract size could be a concern for taxpayers.
How does Foundation Medicine, Inc. compare to similar contractors?
Foundation Medicine, Inc. is a niche player in the genomic profiling and molecular diagnostics market, particularly for cancer research. The company holds a dominant position in this specialized area but faces competition from larger players with broader service offerings. Its strong track record and expertise in precision medicine make it a reliable service provider, but the need to explore new opportunities to maintain growth is a key challenge.
Recent Federal Contracts
Foundation Medicine, Inc. has 3 federal contracts on record. Below are the largest awards:
| Contract | Agency | Amount | Type |
|---|---|---|---|
| VA awards $24M contract for medical lab services to Foundation Medicine, Inc. | Department of Veterans Affairs | $24.0M | N/A |
| VA awards $22.4M for Genomic Sequencing, Foundation Medicine Inc. secures con... | Department of Veterans Affairs | $22.4M | N/A |
| VA awards $21.5M contract modification to Foundation Medicine for FMI POC and... | Department of Veterans Affairs | $21.6M | N/A |