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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.1x - 3.4x | 3.2x |
| Selected Fwd Revenue Multiple | 2.4x - 2.6x | 2.5x |
| Fair Value | $10.18 - $11.61 | $10.89 |
| Upside | -0.1% - 13.9% | 6.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| SI-BONE, Inc. | SIBN | NasdaqGM:SIBN |
| Globus Medical, Inc. | GMED | NYSE:GMED |
| ZimVie Inc. | ZIMV | NasdaqGS:ZIMV |
| Orthofix Medical Inc. | OFIX | NasdaqGS:OFIX |
| Bioventus Inc. | BVS | NasdaqGS:BVS |
| Alphatec Holdings, Inc. | ATEC | NasdaqGS:ATEC |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SIBN | GMED | ZIMV | OFIX | BVS | ATEC | |||
| NasdaqGM:SIBN | NYSE:GMED | NasdaqGS:ZIMV | NasdaqGS:OFIX | NasdaqGS:BVS | NasdaqGS:ATEC | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 20.0% | 26.3% | -15.7% | 11.7% | 11.0% | 40.1% | ||
| 3Y CAGR | 22.9% | 38.0% | -1.6% | 19.8% | 10.0% | 36.0% | ||
| Latest Twelve Months | 20.4% | 60.6% | -1.7% | 7.1% | 11.9% | 26.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -46.7% | 19.1% | -1.8% | -5.2% | 3.0% | -33.9% | ||
| Prior Fiscal Year | -33.8% | 17.4% | -2.5% | -14.2% | 0.4% | -30.7% | ||
| Latest Fiscal Year | -21.1% | 17.5% | -0.5% | -8.2% | 7.0% | -20.1% | ||
| Latest Twelve Months | -21.1% | 17.5% | -0.5% | -8.2% | 7.0% | -20.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.89x | 3.79x | 1.02x | 0.92x | 1.66x | 3.21x | ||
| EV / LTM EBIT | -13.7x | 21.7x | -218.7x | -11.2x | 23.8x | -16.0x | ||
| Price / LTM Sales | 3.57x | 3.96x | 0.67x | 0.78x | 1.04x | 2.40x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.92x | 1.66x | 3.79x | |||||
| Historical EV / LTM Revenue | 3.21x | 5.55x | 9.12x | |||||
| Selected EV / LTM Revenue | 3.08x | 3.25x | 3.41x | |||||
| (x) LTM Revenue | 612 | 612 | 612 | |||||
| (=) Implied Enterprise Value | 1,885 | 1,985 | 2,084 | |||||
| (-) Non-shareholder Claims * | (495) | (495) | (495) | |||||
| (=) Equity Value | 1,391 | 1,490 | 1,589 | |||||
| (/) Shares Outstanding | 144.1 | 144.1 | 144.1 | |||||
| Implied Value Range | 9.65 | 10.34 | 11.02 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 9.65 | 10.34 | 11.02 | 10.19 | ||||
| Upside / (Downside) | -5.3% | 1.4% | 8.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIBN | GMED | ZIMV | OFIX | BVS | ATEC | |
| Enterprise Value | 483 | 9,560 | 433 | 737 | 948 | 1,964 | |
| (+) Cash & Short Term Investments | 150 | 890 | 75 | 83 | 42 | 139 | |
| (+) Investments & Other | 0 | 66 | 26 | 0 | 2 | 0 | |
| (-) Debt | (37) | (538) | (233) | (194) | (356) | (610) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (38) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (24) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 596 | 9,979 | 302 | 627 | 597 | 1,469 | |
| (/) Shares Outstanding | 42.5 | 137.5 | 27.7 | 39.0 | 66.2 | 144.1 | |
| Implied Stock Price | 14.04 | 72.55 | 10.91 | 16.06 | 9.03 | 10.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.04 | 72.55 | 10.91 | 16.06 | 9.03 | 10.19 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |