SP in one year?, page-6

Happy New Year All!

As we all know the market can be an odd beast - marking companies down when they are performing splendidly, and paying hand over fist for a piece of a company with no revenue and a binary outcome.
What the SP will do is any ones guess, and there are some good ones coming through - What is a bit easier to forecast though is the company's profitability, and our CEO has been gracious enough to provide us with some wonderful data from which we can build a model.

Attached is what the company has guided for (with a few differences due to me filling in the blanks and understating EBITDA for prudence). Revenue is as per AGM slides, so the lower EBITDA is either due to the GP% assumption being too low, or the expenses assumptions being too high. (most probably the R&D assumption)

- Regional Revenue breakdown is per the AGM slides for 2017 & 2018, and forecast for 2019 & 2020
- Blue cells are assumptions and are used to drive the rest of the model.
- Market Cap for 2018 is a stab in the dark as the company still isn't profitable, MC for 2019 & 2020 is based on the EBITDA multiple assumption.
- Shares on issue don't consider outstanding options / warrants, the model just assumes they increase by 0.5% per year.

If the next 3 years play out like these forecasts suggest, we're all in for a very exciting time!
(and this doesn't include and left field cash injections / partnerships from Vax, TAVR or TMVR... they are just a free kick!)

Good luck all and heres to an amazing 2018!