Spectral Medical Inc T.EDT

February Presentation

[TechOne]

https://spectraldx.com/wp-content/uploads/2023/02/spectral-medical-investor-Feb2023.pdf

[mercedesman]

$ 250M EBITDA at 40% market penetration, with no competitors in NA, while existing treatments lack efficacy (and in many ways is declining quickly  - example antibiotic resistant infections) Using SPectral's numbers and applyiing some basic, commonly used math.... 10X EBITDA (conservatve) = $ 2.500 B divided by 330 Million Share o/s  (post latest financing) EV/sh = $ 7.57 USD

[Accountprince]

You are exactly correct.  I had taken 50% of the calculation (conservatism) to arrive at the $5 a share I had put forth last week. Hoping you are 100% correct as I absolutely prefer your number to mine...

[hmmmmmmmm]

What happened to Baxter's share of 40- 50% of PMX's future revenue? You broke down all this math but forgot that Bater owns half? They did give us 5million dollars after all...

[Accountprince]

MM used the Spectral EBITDA numbers from the February presentation (as did I).  When you study it they show (for the 40% case) 56,000 patients and 112,000 PMX columns at $7,500 per column or approx $840 million revenue.  On that gross revenue they show Spectral EBITDA of $235 million.  All amounts USD.  Baxter would be in the $605 million of costs between revenue and Spectral

[mercedesman]

Well stated AP Of course the EBITDA figures (estiimated by Spectral) contain Baxter's cut (ie they factor in the distributor share.) as well as royalties back to Toray. The good thing about Spectral's EBITDA numbers is that it likey represents almost pure profit.   Marketing, distirbution, sales personnel, etc. are all costs that come out of Baxter's cut as the exclusive