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IPO Preview: KemPharm
- Clinical-stage specialty pharmaceutical company engaged in the discovery and development of proprietary prodrugs that KMPH believes will be improved versions of widely prescribed, approved drugs.
- The company has a trial finding that lead product is bioequivalent to Norco.
- The P/E is -6.5, indicating heavy cash burn rate relative to market cap. No revenue.
IPO Preview: Etsy
- ETSY operates a marketplace where people around the world connect, both online and offline, to make, sell and buy unique goods.
- Revenue +56%, gross profit +58%. Gross profit is 62% of revenue.
- Gross merchandise sales +43%. Active buyers +41%.
IPO Preview: Party City
- A specialty retailer/wholesaler that produces 7,000 new products every year.
- Seems to be protected from Amazon and eBay type online competition by the flow of new products that need to be seen to be appreciated, in person.
- 11% top line revenue growth, to $2.3bb, 53% wholesale.
- .8 price-to-sales. 21 P/E, price-to-tangible book of -1.3.
IPO Preview: Virtu Financial
- High frequency trader: leading technology-enabled market maker and liquidity provider to the global financial markets.
- IPO is for class A stock, expects to pay on class A stock 5.3% annual yield.
- The P/E based on 2014 results is 15.5. The P/E based on annualizing March quarter estimates is 7.3.
IPO Preview: Cidara Therapeutics
- A biotechnology company focused on the discovery, development and commercialization of novel anti-infectives. No strategic partners.
- Shareholders may buy $25mm, or 42% of the IPO. The P/E of -16 indicates moderate cash burn rate relative to market cap.
- Price-to-book of 1.64 is low. Intends to initiate Phase 1 and Phase 1b/2 clinical trials.
IPO Preview: Aduro Biotech
- Clinical-stage immuno-oncology company focused on the development of first-in-class technology platforms designed to stimulate robust and durable immune responses against cancer.
- Shareholders may buy $42.5mm in IPO stock, 57% of the IPO. Novartis Pharmaceuticals may buy $25mm in a concurrent private placement.
- The P/E of -50 indicates relatively low cash burn rate relative to market cap.
IPO Preview: XBiotech
- Clinical-stage biopharmaceutical company focused on monoclonal antibodies. Dependent on two Phase III clinical studies to be completed in '15 and '16.
- The P/E of -27 indicates moderate-to-low cash burn rate relative to market cap.
- Has an impressive board of directors, see below.
IPO Preview: Kornit Digital Ltd.
- Focuses on the rapidly growing high throughput direct-to-garment, or DTG, segment of the printed textile industry.
- P/E 134 seems high, as is price-to-sales of 6.1. Rev +26% for '13; +34% for '14.
- Gross profit 44% up from 43%, low for a tech company. Price-to-book 3.9.
IPO Preview: GoDaddy
- Global market leader in domain name registration.
- Big, dominant brand, 23% top line revenue increase, recurring revenue, 63% gross margin, appears to be moving towards breakeven.
- Per share dilution -$48.54 vs. IPO mid-range of $18 (private equity sucked out as much cash as possible). Price-to-tangible book -.6, one of the lowest we've seen (low is worse).
IPO Preview: Jernigan Capital
- Funding of incoming self-storage mortgages with equity kickers depends on a successful IPO.
- No rev. or earnings, dividend not specified. Pre-IPO JCAP has capital of $1000.
- Selling 95% on the IPO.
IPO Preview: SolarEdge Technologies
- A leading provider of intelligent inverter solutions that are changing the way power is harvested and managed in solar PV systems.
- Rev. +141%. SolarCity accounted for 19.1% of rev. in '14.
- Market expected to grow 46%, compound annual growth rate.
- Annualized (tax sheltered by losses) P/E of 40; annualized price-to-sales of 1.7. 21% gross profit, up from 12%, as top line rev. grows.
- Net income 4% of rev., up from a 23% loss. Price-to-book of 4.
IPO Preview: ViewRay
- Designs, manufactures and markets MRIdian, the first and only MRI-guided radiation therapy system to image and treat cancer patients simultaneously.
- If 50% of backlog converted to sales, '15 sales will be up 430%. Rev +103%, '14 vs '13.
- -43% gross margin, -528% loss for '14.
- P/E of -5.5, indicates high cash burn rate relative to market cap.
IPO Preview: Valeritas
- A commercial-stage medical technology company focused on developing innovative technologies to improve the health and quality of life of people with Type 2 diabetes.
- P/E of -3.2, indicating very heavy cash burn relative to market cap.
- Revenue +219%. Price-to-sales of 18. Price-to-book of 4.5, relatively high.
IPO Preview: SteadyMed
- A specialty pharmaceutical company focused on the development and commercialization of therapeutic product candidates that address the limitations of market-leading products in certain orphan and other well-defined, high-margin specialty markets.
- No revenue. P/E of -8.4, indicating moderately heavy cash outflow relative to market cap.
- Price-to-book of 2.4. No clinical trials.
IPO Preview: National Commerce
- Bank holding company headquartered in Birmingham, Alabama.
- P/E of 30 seems high; rev 38%+; income 48%+.
- Price to-book of 1.1; price-to-tangible book of 1.3.
IPO Preview: Goldman Sachs BDC
- Mid-market junk bonds.
- Merrill is the lead underwriter, so we know it is a retail deal. Just another BDC. Goldman only owns 20% pre-IPO.
- Its price-to-book of 1.05 is higher than those of AINV and PSEC, but lower than GBDC - see "compare" below.
- Closed-end funds often trade at a discount to net asset value. Yield of 8.9%, lower than those of AINV and PSEC.
IPO Preview: Summit Materials
- SUM is one of the fastest-growing construction materials companies, by acquisition, in the United States.
- Institutions own competitors: VMC, 90%; MLM, 100%.
- Price-to-sales: SUM, 1.4; VMC, 3.7; MLM, 3.2. Price-to-bk: SUM, 2.8; VMC, 2.7; MLM, 2.2.
- P/E: SUM, 615; VMC, 55; MLM, 62.
IPO Preview: MaxPoint Interactive
- Provides a leading business intelligence and marketing automation software service, which MXPT refers to as its solution, that enables national brands to drive local, in-store sales.
- Traffic acq cost + sales & mkt = 78% of rev.
- Rev +61%, 56% gross profit, -12% loss on rev.
- Price-to-sales, 2.8; P/E -23, Price-to-book 4.4.
IPO Preview: Wowo Ltd
- One of China's leading third-party e-commerce platforms, focusing on local entertainment and lifestyle services such as restaurants, movie theaters and beauty salons.
- Rev change -25%, Gross profit change -34%, Loss is -157% of rev, 73% gross margin.
- Significant cash drain relative to market cap for an e-commerce co, P/E is -9.9.
- Dilution more than price range mid-point.
IPO Preview: Great Ajax
- Acquiring and managing a portfolio of re-performing and non-performing mortgage loans secured by single-family residences and, to a lesser extent, single-family properties.
- No indication of yield.
- 25% of proceeds going to selling shareholders (money should be going to the company instead).
IPO Preview: Bellerophon Therapeutics
- Innovative products at the intersection of drugs and devices that address significant unmet medical needs in the treatment of cardiopulmonary and cardiac diseases.
- P/E of -2.9, indicating very heavy cash burn relative to market cap.
- Phase 3 clinical trial planned for 2nd half of 2015.
- Price-to-Book 2.0. No revenue.
IPO Preview: Inovalon Holdings
- Platform drives high-value impact, improving quality and economics for health plans, hospitals, physicians, patients, pharmaceutical companies, and researchers.
- Revenues +22% to $360mm, after -1% decline last year. Net income +66% compared to -40% last year.
- P/E of 49.6. Earnings history is spotty. Price-to-sales 9. Price-to-tangible book 8.8.
- Gross profit of 69%, for Sept. 9 months.
IPO Preview: Invitae
- Goal is to aggregate most of the world's genetic tests into a single service with higher quality, faster turnaround time and lower price than many single gene tests today.
- Rev +12x to $0.7mm. Loss doubled to -$32mm. Price-to-book 2.1.
- P/E ratio -9.8, indicating fairly heavy cash burn relative to market cap.
IPO Premium: AutoGenomics
- Commercial stage molecular diagnostics company offering an innovative and proprietary technology platform to clinical reference laboratories, specialty clinics and hospital laboratories.
- Rev +41%, gross profit +62%. Gross margin 65%.
- Marginally profitable if loss on debt extinguishment disregarded.
IPO Preview: Avenue Financial Holdings
- Headquartered in Nashville, Tennessee. AVNU was formed as a single-bank holding company in October 2006 and operates primarily through its subsidiary, Avenue Bank.
- Rev +25%. Net income +37%. Price-to-book 1.4.
- P/E 21.4. 53% to selling shareholders.
IPO Preview: Carbylan Therapeutics
- Initial focus is on the development of Hydros-TA, its proprietary, potentially best-in-class intra-articular, or IA, injectable product candidate to treat pain associated with osteoarthritis.
- Top line Phase 3 results expected end of '15 and '16.
- Insiders not purchasing on the IPO.
IPO Preview: Columbia Pipeline Partners LP
- Fee-based, growth-oriented Delaware limited partnership formed by NiSource ($13.4 billion market cap) to own, operate and develop a portfolio of natural gas pipelines, storage and related midstream assets.
- CPPL yields 3.35%; parent ($13bb market cap NI) yields 2.37%.
- Competitors in SEC filing yield: EQM, 2.67%; D, 3.04%.
- Price-to-bk discount from parent & competitors.
IPO Preview: Easterly Government Properties
- REIT, focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions.
- Growth plan depends on building/acquiring more properties for US gov.
- Compare office REIT yields: CIO, 7.3%; LXP, 5.9%; DEA, 5.5%; BXP, 1.8%.
- Price-to-book discount from others, ratio is .9.
IPO Preview: Nexvet Biopharma Plc
- Focused on transforming the therapeutic market for companion animals by developing and commercializing novel, species-specific biologics based on human biologics.
- Safety & efficacy data expected end of '15 and '16.
- Insiders may purchase $12mm, 20.6%.
IPO Preview: Advanced Accelerator Applications S.A.
- Molecular nuclear medicine diagnostic and therapeutic products.
- 29% top line rev. growth to $59mm for Sept. 9 mos.
- Therapeutic candidate is in a pivotal Phase 3 trial.
- Shareholder may purchase $10mm on the IPO. TIP-Pre IPO S.p.A may purchase $5mm of registered shares.
IPO Preview: Inotek Pharmaceuticals
- A clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapies for glaucoma.
- Phase 3 trials expected mid-'15. Top line data by end of '16, or early '17.
- Insiders may purchase $10mm, 15.6%. Concurrent debt offering of $30mm.
IPO Preview: Asante Solutions
- A medical device company with the mission of improving and simplifying the management of diabetes patients and healthcare practitioners.
- Insulin pump with pre-filled insulin cartridges. Rev. just starting.
- P/E of -5.4 indicates heavy cash burn rate relative to market cap.
- Insiders expected to purchase $17mm in a current private placement.