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      "text": "Microfluidics IPO’s like Affymetrix and Fluidigm are a cautionary tale for BLI investors and the canaries in the coal mine.",
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      "text": "Both spiked on early hype only to crash and burn, and illustrate the insignificant TAM, atrocious economics, and tiny market caps in the space. Affymetrix sales were flat for 11 years at ~$350MM before it was put out of its misery by Thermo Fisher in 2016. It traded at 2X sales and was acquired at 3.5X. FLDM has been public since 2011 and trades at 4X sales with a ~$500MM market cap. It quickly grew to ~$100MM in sales – same as BLI - and then crashed with sales flat around that level since 2014. It has racked up massive losses in every year of its existence, peaking at $1.2B market cap and spending most of its time between $90MM and $300MM.",
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      "text": "1) Introduction to the real Berkeley Lights; warning signs of a looming collapse and other red flags",
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