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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.6x - 4.0x | 3.8x |
| Selected Fwd Revenue Multiple | 3.3x - 3.6x | 3.4x |
| Fair Value | $78.72 - $87.71 | $83.21 |
| Upside | -14.9% - -5.2% | -10.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| AtriCure, Inc. | ATRC | NasdaqGM:ATRC |
| AngioDynamics, Inc. | ANGO | NasdaqGS:ANGO |
| Artivion, Inc. | AORT | NYSE:AORT |
| Boston Scientific Corporation | BSX | NYSE:BSX |
| Integra LifeSciences Holdings Corporation | IART | NasdaqGS:IART |
| Merit Medical Systems, Inc. | MMSI | NasdaqGS:MMSI |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ATRC | ANGO | AORT | BSX | IART | MMSI | |||
| NasdaqGM:ATRC | NasdaqGS:ANGO | NYSE:AORT | NYSE:BSX | NasdaqGS:IART | NasdaqGS:MMSI | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 15.1% | 2.3% | 7.1% | 9.3% | 1.2% | 6.4% | ||
| 3Y CAGR | 19.3% | 1.5% | 9.1% | 12.1% | 1.5% | 8.1% | ||
| Latest Twelve Months | 16.5% | -12.6% | 9.8% | 17.6% | 4.5% | 7.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -13.8% | -7.9% | 2.8% | 15.4% | 15.7% | 8.6% | ||
| Prior Fiscal Year | -7.8% | -5.5% | 4.3% | 17.0% | 16.9% | 10.4% | ||
| Latest Fiscal Year | -8.6% | -13.0% | 7.2% | 17.9% | 11.3% | 11.7% | ||
| Latest Twelve Months | -8.6% | -11.3% | 7.2% | 17.9% | 11.3% | 11.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.19x | 1.19x | 3.31x | 8.74x | 1.98x | 4.28x | ||
| EV / LTM EBIT | -37.1x | -10.5x | 46.0x | 48.8x | 17.5x | 36.5x | ||
| Price / LTM Sales | 3.29x | 1.31x | 2.51x | 8.08x | 0.94x | 3.98x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.19x | 3.19x | 8.74x | |||||
| Historical EV / LTM Revenue | 3.61x | 3.75x | 4.28x | |||||
| Selected EV / LTM Revenue | 3.65x | 3.84x | 4.03x | |||||
| (x) LTM Revenue | 1,357 | 1,357 | 1,357 | |||||
| (=) Implied Enterprise Value | 4,950 | 5,210 | 5,471 | |||||
| (-) Non-shareholder Claims * | (395) | (395) | (395) | |||||
| (=) Equity Value | 4,555 | 4,815 | 5,076 | |||||
| (/) Shares Outstanding | 59.1 | 59.1 | 59.1 | |||||
| Implied Value Range | 77.11 | 81.52 | 85.93 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 77.11 | 81.52 | 85.93 | 92.51 | ||||
| Upside / (Downside) | -16.6% | -11.9% | -7.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ATRC | ANGO | AORT | BSX | IART | MMSI | |
| Enterprise Value | 1,498 | 344 | 1,280 | 145,886 | 3,186 | 5,859 | |
| (+) Cash & Short Term Investments | 123 | 45 | 53 | 414 | 274 | 377 | |
| (+) Investments & Other | 0 | 0 | 0 | 555 | 38 | 23 | |
| (-) Debt | (77) | (11) | (362) | (11,228) | (1,986) | (795) | |
| (-) Other Liabilities | 0 | 0 | 0 | (233) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,544 | 378 | 971 | 135,394 | 1,512 | 5,464 | |
| (/) Shares Outstanding | 48.9 | 40.6 | 42.0 | 1,479.1 | 77.2 | 59.1 | |
| Implied Stock Price | 31.59 | 9.31 | 23.09 | 91.54 | 19.58 | 92.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 31.59 | 9.31 | 23.09 | 91.54 | 19.58 | 92.51 | |
| 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 | |