Making a comeback: Nusantics' CEO on playbook for resilience and agility

When Nusantics launched its first PCR test kits for Covid-19 in 2020, it seemed destined to be a biotech success story. However, behind the scenes, the company was waging a battle against forces threatening its very existence.

Revata Utama, the firm's CEO and sole remaining co-founder, recently sat down with MARKETING-INTERACTIVE and opened up about Nusantics' near-collapse and its painstaking climb back to stability. His reflections paint a vivid picture of resilience, hard choices, and the quiet determination required to rebuild a company from the brink of ruin.

By mid-2023, the company was on the verge of bankruptcy, Utama said. "Our revenue had plummeted when Covid-19 testing ceased to be mandatory, and our reliance on those products left us ill-prepared for the transition."

The once-promising biotech firm had to face a harsh reality: Pivot or perish. Stripping away non-essential operations, cutting costs, and entering "stealth mode" became its survival strategy. It was a painful but necessary reinvention for a company that had lost its initial vision and co-founders.

The fall: what went wrong?

Nusantics' downfall stemmed from overdependence on Covid-19-related revenue and a strategic shift in 2021 that left the company vulnerable in a post-pandemic world. When Utama became CEO in July 2023, the company's cash burn took a toll, and debt levels were six times higher than reserves, and its business systems were disorganised.

Utama's leadership transformation was critical during this time. Originally the CTO, he had stepped into the COO role to streamline operations before assuming the CEO position amidst the chaos. "We operated without proper financial statements or a clear direction," he admitted. This internal disorganisation compounded the external pressures of declining demand and investor skepticism during the "tech winter."

Leadership during crisis and rebuilding

To survive, Nusantics retreated from the public eye. Forgotten were the days of large-scale marketing campaigns and flashy branding. Instead, the company doubled down on core competencies: human and animal diagnostics.

The skincare division was eliminated, and the team refocused on products like HPV PCR tests and shrimp pathogen diagnostics, crucial in Indonesia's healthcare and aquaculture sectors.

Key partnerships became the cornerstone of this rebuilding phase. Collaborations with the Health Ministry, Biofarma, Diagnos Laboratory, Bio Medika, and Innoquest helped Nusantics regain credibility. For animal diagnostics, the company worked with Suri Tani Pramuka, a subsidiary of JAPFA Group, and Central Proteina Prima under Charoen Pokphand Group. Nusantics also launched resource-efficient strategies, such as piggybacking on other companies' events to reach customers and rolling out affordable subscription programmes.

"By manufacturing locally, we reduced costs and made diagnostics more accessible," Utama explained. The pivot to affordability was not just a financial decision but a moral one in a country where imported healthcare tools often place a significant burden on patients.

Utama's transition from CTO to CEO also required him to master unfamiliar disciplines such as finance and marketing. With no CMO in the firm, he juggled these responsibilities around the right reach, while crafting sales strategies and designing customer journeys. "Fortunately, I had a strong team that aligned with the company's vision," he said. "Once we clarified our direction, the team was able to excel in sales."

This survival mentality extended to workforce management, and while growth remained slow, Nusantics saw the light at the end of the tunnel when in 2024, the company's efforts bore fruit: EBITDA improved ninefold, and net losses shrank dramatically.

Don't miss: New CEO of Indonesia-based Nusantics eyes profitability by 2025

Looking ahead

If one word defines Nusantics' journey, it is agility. From its early focus on skin microbiomes to its pivot to Covid-19 testing and animal diagnostics, the company has demonstrated a willingness to reinvent itself repeatedly. "Staying stagnant would have left us behind," Utama remarked.

These pivots weren't without missteps, but they underscore a fundamental truth in the biotech industry: innovation requires constant adaptation. Since 2024, Nusantics has been determined to connect primary care providers with clinical labs and become a leading name in pathogen testing for aquaculture. This agility, paired with a back-to-basics approach, has laid the groundwork for the company's resurgence.

Backed by East Ventures and Illumina Accelerator, Nusantics is positioning itself for its next financial chapter - and the timing could work in its favour.

Investors remain keen on finding suitable targets in healthtech, with the sector ranked among the top three industries likely to see a rebound in investment deal volume, according to the e-Conomy SEA 2024 report by Google, Temasek, and Bain & Co.



This is despite that healthtech - including online pharmacies and advanced diagnostics - was among the industries with stalled investment deals in the first half of 2024.

East Ventures - Nusantics' early investor - concurs, identifies healthtech as a sector to watch in 2025. The VC firm continues to collaborate with both the Indonesian and Singaporean governments on health initiatives, while also promoting the integration of AI into the sector.

At Nusantics, plans are underway to raise additional funding, which could signal to the market that the company is stable, reliable, and ready to grow, Utama said. "Market conditions are expected to improve in 2025. I believe it's time for Nusantics to demonstrate its strength as a company."

Nusantics' journey is a testament to the power of resilience and the importance of fundamentals. For Utama, it's also deeply personal - a story of survival, not just for the business, but for his vision of what Nusantics can achieve. As the company turns the page, its story serves as a great reminder that even in the toughest times, reinvention is possible.

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