Indegene is a third-party commercialisation service provider to the life sciences industry, serving biopharmaceutical, emerging biotech, and medical devices companies.
The company has high client stickiness as a result of its deeply integrated solutions into clients' workflows. The revenue from its top 10 clients rose during FY21-23.
Indegene's business is heavily concentrated in North America and Europe (97% of FY23 revenue). Any adverse event in those regions could impact the company.
Indegene operates in a highly competitive industry. Companies offering solutions similar to Indegene's make the industry extremely competitive.
Is the company's net debt-to-equity ratio less than one? Yes. Its net debt-to-equity ratio was 0.4 as of December 2023.