the market is not paying for a sales multiple or revenue growth or whatever was the metric used 2 years ago when money was virtually free.....this company needs to deliver an EBITDA & NPAT positive year as they flagged in their update in May, and then grow on top of that to justify a $300m valuation.
As it stands, they indicated a NPAT of ~0.5-0.8m and on that basis this is over-valued
what the market seems to be baking into that price is continued growth on revenues, improvement in margins (in particular in the US) and further entrenchment into the entire value chain (consumers, pharmacies and drug companies) which then becomes a virtuous circle for them as they connect and collect more data
or it could just be that some think a takeover is in play and trying to get some exposure
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