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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -1,100.1x - -1,215.9x | -1,158.0x |
| Selected Fwd EBITDA Multiple | 18.2x - 20.1x | 19.1x |
| Fair Value | $12.55 - $13.70 | $13.12 |
| Upside | -43.8% - -38.6% | -41.2% |
| Benchmarks | Ticker | Full Ticker |
| Azenta, Inc. | AZTA | NasdaqGS:AZTA |
| Medpace Holdings, Inc. | MEDP | NasdaqGS:MEDP |
| Quanterix Corporation | QTRX | NasdaqGM:QTRX |
| Inotiv, Inc. | NOTV | NasdaqCM:NOTV |
| Bionano Genomics, Inc. | BNGO | NasdaqCM:BNGO |
| BioLife Solutions, Inc. | BLFS | NasdaqCM:BLFS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AZTA | MEDP | QTRX | NOTV | BNGO | BLFS | ||
| NasdaqGS:AZTA | NasdaqGS:MEDP | NasdaqGM:QTRX | NasdaqCM:NOTV | NasdaqCM:BNGO | NasdaqCM:BLFS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.5% | 25.9% | NM- | 0.7% | NM- | NM- | |
| 3Y CAGR | -5.9% | 29.4% | NM- | -28.2% | NM- | NM- | |
| Latest Twelve Months | 58.4% | 27.1% | -37.0% | 8.9% | 60.8% | 96.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.8% | 20.2% | -42.4% | 6.1% | -359.5% | -8.4% | |
| Prior Fiscal Year | 2.0% | 19.3% | -28.3% | 7.9% | -346.0% | -24.4% | |
| Latest Fiscal Year | 3.3% | 22.6% | -31.4% | 0.5% | -202.3% | -2.0% | |
| Latest Twelve Months | 4.3% | 22.5% | -39.6% | 5.7% | -159.0% | -0.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.15x | 3.80x | -0.24x | 1.09x | 0.39x | 10.83x | |
| EV / LTM EBITDA | 27.1x | 16.9x | 0.6x | 19.1x | -0.2x | -2088.9x | |
| EV / LTM EBIT | -12.6x | 17.9x | 0.5x | -18.0x | -0.2x | -188.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.2x | 16.9x | 27.1x | ||||
| Historical EV / LTM EBITDA | -2993.3x | -28.8x | 475.5x | ||||
| Selected EV / LTM EBITDA | -1100.1x | -1158.0x | -1215.9x | ||||
| (x) LTM EBITDA | (0) | (0) | (0) | ||||
| (=) Implied Enterprise Value | 501 | 527 | 553 | ||||
| (-) Non-shareholder Claims * | 82 | 82 | 82 | ||||
| (=) Equity Value | 582 | 609 | 635 | ||||
| (/) Shares Outstanding | 47.6 | 47.6 | 47.6 | ||||
| Implied Value Range | 12.24 | 12.80 | 13.35 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.24 | 12.80 | 13.35 | 22.32 | |||
| Upside / (Downside) | -45.2% | -42.7% | -40.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AZTA | MEDP | QTRX | NOTV | BNGO | BLFS | |
| Enterprise Value | 577 | 8,247 | (28) | 528 | 11 | 980 | |
| (+) Cash & Short Term Investments | 328 | 441 | 267 | 19 | 18 | 89 | |
| (+) Investments & Other | 400 | 0 | 1 | 0 | 0 | 20 | |
| (-) Debt | (54) | (150) | (36) | (452) | (18) | (27) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,251 | 8,538 | 203 | 96 | 11 | 1,062 | |
| (/) Shares Outstanding | 45.8 | 28.7 | 38.8 | 34.4 | 3.0 | 47.6 | |
| Implied Stock Price | 27.33 | 297.05 | 5.24 | 2.80 | 3.65 | 22.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27.33 | 297.05 | 5.24 | 2.80 | 3.65 | 22.32 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |