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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 13.7x - 15.2x | 14.4x |
| Selected Fwd Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | $6.55 - $7.63 | $7.09 |
| Upside | -0.8% - 15.6% | 7.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Cumberland Pharmaceuticals Inc. | CPIX | NasdaqGS:CPIX |
| RedHill Biopharma Ltd. | RDHL | NasdaqCM:RDHL |
| Corcept Therapeutics Incorporated | CORT | NasdaqCM:CORT |
| Ocular Therapeutix, Inc. | OCUL | NasdaqGM:OCUL |
| Elanco Animal Health Incorporated | ELAN | NYSE:ELAN |
| Phathom Pharmaceuticals, Inc. | PHAT | NasdaqGS:PHAT |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CPIX | RDHL | CORT | OCUL | ELAN | PHAT | |||
| NasdaqGS:CPIX | NasdaqCM:RDHL | NasdaqCM:CORT | NasdaqGM:OCUL | NYSE:ELAN | NasdaqGS:PHAT | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 1.9% | -4.8% | 17.1% | 72.0% | 7.6% | NM- | ||
| 3Y CAGR | 1.7% | -53.4% | 22.6% | 13.6% | -2.3% | NM- | ||
| Latest Twelve Months | -4.3% | -89.6% | 39.9% | 9.0% | 0.5% | 8001.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -18.3% | -251.8% | 29.6% | -313.1% | 6.9% | -7333.4% | ||
| Prior Fiscal Year | -15.7% | -69.3% | 22.2% | -141.0% | 7.5% | -24532.6% | ||
| Latest Fiscal Year | -17.0% | -350.2% | 20.3% | -272.1% | 5.8% | -502.2% | ||
| Latest Twelve Months | -17.0% | -552.7% | 20.3% | -272.1% | 5.8% | -502.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.69x | -0.85x | 7.65x | 13.95x | 2.06x | 12.83x | ||
| EV / LTM EBIT | -9.9x | 0.2x | 37.7x | -5.1x | 35.5x | -2.6x | ||
| Price / LTM Sales | 1.63x | 0.96x | 8.54x | 18.92x | 1.16x | 8.17x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.85x | 2.06x | 13.95x | |||||
| Historical EV / LTM Revenue | 12.83x | 12.83x | 12.83x | |||||
| Selected EV / LTM Revenue | 13.71x | 14.43x | 15.15x | |||||
| (x) LTM Revenue | 55 | 55 | 55 | |||||
| (=) Implied Enterprise Value | 757 | 797 | 837 | |||||
| (-) Non-shareholder Claims * | (258) | (258) | (258) | |||||
| (=) Equity Value | 500 | 540 | 579 | |||||
| (/) Shares Outstanding | 68.4 | 68.4 | 68.4 | |||||
| Implied Value Range | 7.31 | 7.89 | 8.47 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 7.31 | 7.89 | 8.47 | 6.60 | ||||
| Upside / (Downside) | 10.7% | 19.6% | 28.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPIX | RDHL | CORT | OCUL | ELAN | PHAT | |
| Enterprise Value | 64 | (3) | 5,167 | 889 | 9,108 | 709 | |
| (+) Cash & Short Term Investments | 18 | 7 | 383 | 392 | 468 | 297 | |
| (+) Investments & Other | 0 | 0 | 220 | 0 | 17 | 0 | |
| (-) Debt | (21) | (1) | (7) | (76) | (4,444) | (555) | |
| (-) 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 | 62 | 4 | 5,764 | 1,205 | 5,149 | 451 | |
| (/) Shares Outstanding | 14.0 | 1.3 | 105.5 | 159.0 | 494.6 | 68.4 | |
| Implied Stock Price | 4.41 | 2.79 | 54.63 | 7.58 | 10.41 | 6.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.41 | 2.79 | 54.63 | 7.58 | 10.41 | 6.60 | |
| 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 | |