AVRO, page-364

The way I figure it conservatively is that Anteris triples its outstanding shares to fund commercialization. That's being conservative given the around $138 million AUD I've seen reported as the average capital needed for similar medical devices (and I don't know how much of this Anteris has already spent). That puts the current market cap at $426 million. At a very conservative multiple of 7x revenue and an average price of $41,000 AUD for each DurAVR, that means Anteris would only need 1,484 procedures to justify the current market cap using these conservative calculations. With there being 73,000 TAVR procedures in the US alone each year, that's only 2% of the market. Anything above that is pure upside from the current price.

Of course with anything there is risk, especially with medical devices and drugs, but if there are no adverse events we are golden even with a very conservative outlook.