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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.1x - 1.2x | 1.1x |
| Selected Fwd Revenue Multiple | 0.3x - 0.3x | 0.3x |
| Fair Value | $23.27 - $23.56 | $23.42 |
| Upside | 0.0% - 1.3% | 0.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Exact Sciences Corporation | EXAS | NasdaqCM:EXAS |
| Myriad Genetics, Inc. | MYGN | NasdaqGS:MYGN |
| Natera, Inc. | NTRA | NasdaqGS:NTRA |
| Veracyte, Inc. | VCYT | NasdaqGM:VCYT |
| Mainz Biomed N.V. | MYNZ | NasdaqCM:MYNZ |
| GRAIL, Inc. | GRAL | NasdaqGS:GRAL |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| EXAS | MYGN | NTRA | VCYT | MYNZ | GRAL | |||
| NasdaqCM:EXAS | NasdaqGS:MYGN | NasdaqGS:NTRA | NasdaqGM:VCYT | NasdaqCM:MYNZ | NasdaqGS:GRAL | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 25.8% | -0.3% | 41.2% | 29.9% | 26.0% | NM- | ||
| 3Y CAGR | 16.0% | 6.6% | 39.5% | 26.6% | 15.7% | 104.8% | ||
| Latest Twelve Months | 10.4% | 11.2% | 56.7% | 23.5% | -0.2% | 34.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -25.6% | -17.5% | -52.0% | -15.3% | -3099.1% | -19416.4% | ||
| Prior Fiscal Year | -10.9% | -19.2% | -41.2% | -6.3% | -2975.5% | -837.3% | ||
| Latest Fiscal Year | -6.7% | -10.5% | -13.1% | 6.0% | -2060.2% | -579.4% | ||
| Latest Twelve Months | -6.7% | -10.5% | -13.1% | 6.0% | -2060.2% | -579.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.57x | 0.91x | 10.94x | 4.75x | 8.00x | 0.60x | ||
| EV / LTM EBIT | -53.3x | -8.7x | -83.5x | 79.1x | -0.4x | -0.1x | ||
| Price / LTM Sales | 2.95x | 0.87x | 11.40x | 5.29x | 11.32x | 6.14x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.91x | 4.75x | 10.94x | |||||
| Historical EV / LTM Revenue | 0.60x | 0.60x | 0.60x | |||||
| Selected EV / LTM Revenue | 1.08x | 1.14x | 1.19x | |||||
| (x) LTM Revenue | 126 | 126 | 126 | |||||
| (=) Implied Enterprise Value | 136 | 143 | 150 | |||||
| (-) Non-shareholder Claims * | 695 | 695 | 695 | |||||
| (=) Equity Value | 831 | 838 | 845 | |||||
| (/) Shares Outstanding | 33.9 | 33.9 | 33.9 | |||||
| Implied Value Range | 24.51 | 24.72 | 24.94 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 24.51 | 24.72 | 24.94 | 23.26 | ||||
| Upside / (Downside) | 5.4% | 6.3% | 7.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EXAS | MYGN | NTRA | VCYT | MYNZ | GRAL | |
| Enterprise Value | 9,937 | 768 | 19,232 | 2,240 | 7 | 93 | |
| (+) Cash & Short Term Investments | 1,038 | 102 | 968 | 289 | 6 | 763 | |
| (+) Investments & Other | 58 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,776) | (140) | (187) | (51) | (3) | (68) | |
| (-) 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 | 8,257 | 730 | 20,013 | 2,479 | 10 | 788 | |
| (/) Shares Outstanding | 185.8 | 91.3 | 135.2 | 77.9 | 3.0 | 33.9 | |
| Implied Stock Price | 44.45 | 8.00 | 148.04 | 31.80 | 3.33 | 23.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 44.45 | 8.00 | 148.04 | 31.80 | 3.33 | 23.26 | |
| 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 | |