pericoach dcf + burette numbers, page-21

Jsmama

They did yes, I believe this is the next quarter's rebate but would have to confirm. They are expecting an additional $500k+ R&D rebate.

A quick check of the quarterly would answer that question whether it was pertaining to the last one or new one.

Today ISN is capped just shy of $150M with no FDA or revenue, only recently securing TGA approval. They are in no way more derisked than ALT's PeriCoach purely because the market cap is 15 x ours.

The reason ALT is not yet at a multiple of the current level is retail holders don't have the pockets to support a rally and no brokers have sufficient holdings as incentive to promote and run the stock.

If anything, we are more derisked given given we have a product being the autostart and autoflush with FDA, TGA and revenue (albeit small), Taiwan distribution secured and awaiting regulatory approval and Brazil in negotiations, with 2 multinationals (US & EUR) who have tested product and are awaiting further results.

As they stated at the presentation, the burette is not yet hurting the bottom lines of the multinationals and therefore they are not under pressure to move on them. Yes, the product is superior, more cost effective, safer and efficient but it all comes down to $ at the end of the day. There will be a tipping point though when the burettes sales make enough noise to get noticed and their superiority over the likes of Baxter Bags and other burettes forces a major to move on them. If you were Baxter producing burettes for $1 and selling for $12, you aren't going to pay ALT a royalty of $1 for a superior product you still plan to sell for $12. However, when enough noise is made about the superior burettes that are being sold at half the price, they naturally will move to maintain market share. This is why they are seeking to ramp up Brazil and Taiwan, before a move into China and Middle East which aren't dominated by multinationals to the extent EUR, US and AUS are. It should be hint enough that a major in the US and EUR requested product for testing by their engineers - the burette is on a lot of radars and with Brazil secured should make enough noise.

Today, I would much rather be buying ALT at a cap of $11M with no upside priced in as opposed to something $150M with considerable upside priced in.