IPO - G Medical Innovations Holdings Ltd, page-12

Hi @Wave1,
I did a comparison between the different companies in the field. In my opinion GMed just need to get the contract for $48m to justify the $50m valuation at full dilution (including options), from IP, Tech and applications perspective it appears to be superior than LSH and RAP. LSH key point of selling is the that they generate revenue immediately and the development of the Skin App that nobody else is doing. RAP seems to be specialized in the respiratory segment but FDA approval is just for iPhone6 (so new phone versions will require new approvals) and not clear when will generate revenue.

	Column 1	Column 2	Column 3	Column 4
0		Gmed	LSH	RAP
1	Revenue Sources	Multiple sources: Vital signs monitoring, Analytics & Data, and Hardware; from subscription fees to monitoring devices sales. Currently have a pending binding contracts for USD450m.	Currently contract with "B. Braun" with min fee based on 1,500 users, this means: (1) Set Up fees: EUR3.5m (One-Off EUR2.5K per activation) and (2)EUR4K per month in fees. In addition, Sales of BodyTel sensor to end user and/or 'Telemonitoring Centres' and SaaS fees.	Targeting $billion market. In discussions with prospective partners but no revenue has been generated so far. The revenue model is based on B2B per test done (less than $10 each) from telehealth providers, hospitals, aid agencies and direct to consumers.
2	Key Applications	Broad applications: ECG & Arrhythmia, Respiration, SpO2, Heart rate, Thermometer, Stress. Future versions to include: Glucose, cholesterol, blood pressure, uric acid, body fat and other.	BodyTel System: Glucose, blood pressure and weight levels ; Future versions: Skin System.	Smartcough-C (Respiratory). No additional applications on development. Uses smartphone's microphone.
3	Clinical Studies & Regulatory Approvals (FDA, CE, CFDA)	Yes. 2 clinicals trials completed with FDA, CE and CFDA	No	Still on clinical trials.
4	Intelectual Property	Yes. PCT Patents & Proprietary IP.	Currently none but an application for the 'Skin System' was made on May'16.	Yes. Patent applications have been submitted in US, AUS, Europe, China, Japan and South Korea.
5	Medically graded devices	Yes (Clinical trials completed)	Unknown. Manufacturing agreement with Taidoc, as result is dependent on third parties.	Yes
6	Compatible with all mobile phones	Yes-Regulatory approval will be granted to be used on any phone.	Not relevant, not planning on regulatory approval.	No, just approved for iPhone 6.
7	Market Cap at Full Dilution [$m]	$50.33	$24.75	$289.64
8	Market Cap (Current) [$m]	$18.10	$22.48	$231.84
9	Share Price	$0.20	$0.30	$0.36
10	T20 Holding		Jan17: 61.12%	Jun16: 37.67%
11	ASX Listing Date		11-Jan-17	14-Jul-15
12	Capital Raise	Mar17: $10m @ $0.2	Dec16: $8m @ $0.2	Jul15: $4m @ $0.02