EFTA01462125.pdf

From: Tazia Smith Sent: 8/13/2014 9:37:48 AM To: CC: Paul Morris h I; Vahe Stepanian [ Matt Glassman Subject: FMI —$25 IC) Classification: Confidential Good Morning Rich - As you saw, FMI reported Q2 EPS of ($0.49) vs ($0.48) consensus. The company beat on the topline with $14.5M of O2 revenues (vs $13.4M cons) and boasted 263% yoy growth in clinical tests (5,908). The company reiterated it's full year guidance, which was at the low-end vs. consensus: $52-58M FY Rev guidance vs 558.0M cons, and clinical tests in the range of 22k-25k for full-year. As you know, DB doesn't cover the name, but competitors have published this morning and broadly reiterated netural to bullish outlooks, 528-48 price targets. One competitor lowers its target to $31 (from $33), but suggests guidance is reasonable, leadership in clinical data, catalysts including NY State approval, and long-term plans for new capabilities that should broaden the company's overall platform. The stock opens this morning at $24.02 vs a $25.65, on very very light volume, trying to find it's footing post yesterdays gains. Recall that the company is scheduled to present today at 12:45 ET in NYC at an industry conference. Best Regards, Tazia Source: Streetaccount, Bloomberg, 8/13/14. Tazia Smith Director I Key ClieM Partners - US DB Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue. 10154-0004 New York, NY. USA Tel. +1(212)454-2889 Fax +1(848)257-3131 Mobile +1 (917)327-4107 Email tataernitheoecom Passitry.tr Peeibmt. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0124510 CONFIDENTIAL SDNY_GM_00270694 EFTA01462125