I look at it as what sales would we need to justify the current market cap with a reasonable amount of dilution added. So if we eventually get to 25 million shares fully diluted, and at a multiple of 10 (what Edwards currently trades at), we would only need to capture 0.4% of the expected $13 billion US global TAVR market in 2026 to justify our current cap. Which would be sales of 1,414 DurAVR at $35,000 US each.
So if we get to 4% of global TAVR procedures, that would be a 10x from here, 20% would be 50x. We've still got a looooong way to go but I think it shows how the stock price is still in its infancy with respect to DurAVR's possibilities, providing things go according to plan (and that's of course the risk that comes with the potential reward).
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