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  • IPO Preview: Ocular Therapeutix
    Fri, Jul. 25 OCUL Comment!

    Summary

    • Biopharmaceutical company focused on the development and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary hydrogel platform technology.
    • Bioresorbable hydrogel-based product candidates are designed to provide sustained delivery of therapeutic agents to the eye.
    • At the price range mid-point of $15, the price-to-book value ratio is 3.9.
  • IPO Preview: El Pollo Loco Holdings
    Fri, Jul. 25 LOCO 5 Comments

    Summary

    • Differentiated restaurant concept that specializes in fire-grilling citrus-marinated chicken in front of its customers.
    • System-wide same-store sales increased 7.2% in Q1 '14 vs Q1 '13.
    • Over the long term, LOCO plans to grow the number of El Pollo Loco restaurants by 8% to 10% annually.
  • IPO Preview: Advanced Drainage Systems
    Fri, Jul. 25 WMS Comment!

    Summary

    • The leading manufacturer of high performance thermoplastic corrugated pipe.
    • For the March 2014 year WMS's revenues increased to $1.069 billion, up 5% from the year before. Net income declined 57% to $13 million.
    • The P/E based on fiscal 2014 is 73, very high for a mundane business. The price-to-sales ratio is .9.
  • IPO Preview: Townsquare Media, LLC
    Thu, Jul. 24 TSQ Comment!

    Summary

    • An integrated and diversified media and entertainment company that owns and operates market leading radio stations, digital and social properties and live events in small and mid-sized markets.
    • TSQ is the product of a leverage buyout and is highly leveraged. The price-to-tangible book value is -1.1, very low.
    • Pro forma for the Transactions, net revenue in 2013 grew 2.2% year-over-year and, excluding the effect of political advertising revenue, grew 4.7% year-over-year.
  • IPO Preview: Spark Energy
    Thu, Jul. 24 SPKE 7 Comments

    Summary

    • Created a different stock category, Class A, to receive dividends, to entice IPO buyers, and expects to pay an annual rate of 7.25%.
    • For Q1 '14 vs Q1 '13 revenue grew 7% to $107 million. Net income dropped 55% to $6.5 million. The tax rate was only 8%.
    • For Q1 '14 retail gross margin dropped to 18% of revenue, from 32%, not a healthy sign.
  • IPO Preview: Atara Biotherapeutics
    Thu, Jul. 24 AMGN, CELG, ATRA 2 Comments

    Summary

    • Clinical-stage biopharmaceutical company focused on developing novel therapeutics for serious unmet medical needs, with an initial focus on muscle wasting conditions and oncology.
    • ATRA's intellectual property was acquired from Amgen.
    • Pre-IPO VC firm Kleiner Perkins owns 18.6%. Amgen and Celgene each own about 8.6%.
  • IPO Preview: Intersect ENT
    Thu, Jul. 24 XENT Comment!

    Summary

    • Commercial stage drug-device company committed to improving the quality of life for patients with ear, nose and throat conditions.
    • Has developed a drug-eluting bioabsorbable implant technology that enables targeted and sustained release of therapeutic agents.
    • 2013 revenue was $18 million with an $18 million loss. Q1 '14 revenue compared to Q1 '13 was up 173% to $7.5 million with a $4.4 million loss.
  • IPO Preview: Immune Design
    Thu, Jul. 24 IMDZ 1 Comment

    Summary

    • Clinical stage immuno-therapy company with next-generation in vivo approaches designed to enable the body’s immune system to fight disease.
    • Has engineered its technologies to activate the immune system’s natural ability to create tumor-specific cytotoxic T cells to fight cancer.
    • One product whose trial started in January 2014 had an initial complete response from one patient.
  • IPO Preview: Mapi - Pharma Ltd.
    Thu, Jul. 24 MAPI Comment!

    Summary

    • A development stage pharmaceutical company, engaged in the development of high-barrier to entry and high-added value generic drugs.
    • Signed an agreement with a large pharmaceutical company to jointly develop, manufacture and commercialize Risperdal LAI.
    • The rating on MAPI is neutral. This generic drug development company, however, is worth watching.
  • IPO Preview: TerraForm Power
    Fri, Jul. 18 SUNE, TERP 4 Comments

    Summary

    • TERP is a 'drop-down' from a strong, established parent.
    • TERP’s initial portfolio will consist of solar projects total nameplate capacity of 807.7 MW.
    • TERP is another clean energy 'carve-out' from a strong parent.
  • IPO Preview: Globant S.A.
    Fri, Jul. 18 GLOB Comment!

    Summary

    • GLOB is an IP consulting company with an uneven profit history, after removing 'bond sales' profits' which are not recurring.
    • Compared to EPAM Systems (EPAM) & Cognizant Technology (CTSH), GLOB is at a P/E premium, a price-to-sales discount and in the same range for price-to-tangible book value.
    • The rating on GLOB is neutral.
  • IPO Preview: Sage Therapeutics
    Fri, Jul. 18 SAGE Comment!

    Summary

    • SAGE is a biopharmaceutical company committed to developing and commercializing novel medicines to treat life-threatening, rare central nervous system disorders.
    • Clinical trials are just beginning and there is to-date limited feedback from the FDA.
    • SAGE’s initial product candidates are aimed at treating different stages of status epilepticus, a life-threatening condition in which the brain is in a state of persistent seizure.
  • IPO Preview: Trupanion
    Fri, Jul. 18 TRUP Comment!

    Summary

    • TRUP provides monthly medical insurance for cats and dogs.
    • Top line revenue grew 51% for 2013 vs 2012, and grew 44% for Q1 '14vs Q1 '13.
    • In 2013 losses were 10% of revenue. For Q1 '14 losses increased to 19% of revenue.
  • IPO Preview: TubeMogul
    Fri, Jul. 18 TUBE Comment!

    Summary

    • TUBE is an enterprise software company for digital branding, by reducing complexity, improving transparency and leveraging real-time data.
    • 2013 revenue was up 67% to $57 million vs. 2012. Q1 '14 revenue was up 130% to $22 million vs. Q1 '13.
    • The largest percentage growth area is platform direct sales, up 256% to $19 million in 2013 vs. 2012, and up 300% to $9.3 million in Q1 '14 vs. Q1 '13.
  • IPO Preview: Pfenex
    Fri, Jul. 18 PFNX 1 Comment

    Summary

    • PFNX was a December 2009 spinout from The Dow Chemical Company.
    • Pre-IPO shareholders include affiliates of The Dow Chemical Company with 49% and Signet Healthcare Partners with 35%.
    • PFNX is targeting large markets, but the potential competitive advantage is unclear.
  • IPO Preview: CareDx
    Thu, Jul. 17 CDNA Comment!

    Summary

    • CDNA is a commercial stage company that develops, markets and delivers a diagnostic surveillance solution for heart transplant recipients to help clinicians make personalized treatment decisions throughout a patient’s lifetime.
    • CDNA is a money-losing diagnostics testing company that showed a 19% increase in revenue for Q1 '14 vs. Q1 '13 -- which is not enough growth to get excited about.
    • The rating on CDNA is neutral and it is worth following.
  • IPO Preview: Medical Transcription Billing
    Thu, Jul. 10 MTBC Comment!

    Summary

    • MTBC is a roll-up of money losing companies in the healthcare revenue cycle management business.
    • The growth strategy is to acquire more companies in the business, but MTBC is too small to be able to acquire larger healthier companies.
    • Also, the underwriters don't have a particularly good track record.
  • IPO Preview: NextEra Energy Partners, LP
    Fri, Jun. 27 NEE, NEP 6 Comments

    Summary

    • NEP is a wind/solar 'carve-out' from NextEra Energy (NEE). NEE is an electric power company with a $43.6 billion market cap.
    • For the year ending June '15 NEP is projecting a 3.75% yield at the price range mid-point of $20. The parent's yield is 2.9%.
    • The projected annual pay-out growth is 12-15% over the next three years.
  • IPO Preview: The Michaels Companies
    Fri, Jun. 27 MIK 2 Comments

    Summary

    • MIK is a large arts and crafts specialty retailer, the largest in North America based on store count.
    • Based on balance sheet analysis, MIK looks like a private-equity sponsored train wreck, but it's not because top-line revenue is growing, up 5.9% for Q1 '14 vs Q1 '13.
    • The P/E for the year ended January '14 is 15 and the corresponding price-to- sales ratio is .8.
  • IPO Preview: GlobeImmune
    Fri, Jun. 27 GBIM Comment!

    Summary

    • GBIM is a biopharmaceutical company established in 1995 focused on developing products for the treatment of cancer and infectious diseases based on its proprietary Tarmogen® platform.
    • Shareholders have indicated an interest in purchasing an aggregate of up to $10 million (40%) of the IPO at the initial public offering price.
    • GBIM's accumulated deficit of -$217 million, which is very large and indicates the company's earlier business plans did not succeed.
  • IPO Preview: Taggares Agriculture
    Fri, Jun. 27 TAG 1 Comment

    Summary

    • TAG was formed in January 2014 to leverage the well-established Taggares family name and farming expertise to acquire, re-develop and operate profitable farmland.
    • TAG will be selling 86% of the company, with the proceeds going to acquire apple and grape farmland.
    • Based on the year ended November 2013 the P/E is 6.7, but it's a stable farmland business where growth can only come from acquisitions.
  • IPO Preview: GoPro
    Thu, Jun. 26 GPRO 7 Comments

    Summary

    • GPRO enables people to capture compelling, immersive photo and video content of themselves participating in their favorite activities.
    • Q1 '14 was down vs Q1 '13 because revenue and units shipped for the three months ended March 31, 2013 were impacted by production delays.
    • The P/E based on 2013 results is 46.
    • GPRO does not expect to sustain or increase its revenue growth rates.
  • IPO Preview: ServiceMaster Global Holdings
    Thu, Jun. 26 SERV 1 Comment

    Summary

    • SERV is a stable consumer services-oriented business with top line revenue growth around 3.5% annually.
    • Q1 '14 showed a loss because of cold weather but revenue was up 3.7% for Q1 '14 vs Q1 '13.
    • The P/E of 61 based on 2013 year results seems high for a business with no obvious growth drivers.
  • IPO Preview: TCP International Holdings Ltd.
    Thu, Jun. 26 TCPI Comment!

    Summary

    • TCPI believes that the market for LED lighting solutions is at an inflection point that will drive increased adoption.
    • However, it's not necessarily growing the market, it appears to be cannibalizing the CFL (compact fluorescent lamplighting) market from itself.
    • There was a $4 million foreign exchange swing in TCPI's favor for Q1 '14 vs. Q1 '13, resulting in a 3.9% Q1 '14 profit vs. a 1% Q1 '13 profit.
  • IPO Preview: Minerva Neurosciences
    Thu, Jun. 26 JNJ, NERV 2 Comments

    Summary

    • NERV is a clinical-stage biopharmaceutical company focused on the development and commercialization of a portfolio of central nervous system product candidates.
    • NERV has completed Phase 1 clinical trials.
    • The price-to-book is 2, which is very low for a biopharma.
  • IPO Preview: Materialise NV
    Wed, Jun. 25 MTLS 1 Comment

    Summary

    • MTLS is a leading provider of additive manufacturing software and of sophisticated 3D printing services.
    • MTLS is a service bureau, a company which provides business services for a fee.
    • MTLS barely broke even in Q1 '14 and the P/E for the 2013 year is 130, which is high for what is essentially a 3D printing service bureau.
  • IPO Preview: Imprivata
    Wed, Jun. 25 IMPR Comment!

    Summary

    • IMPR is a leading provider of authentication and access management technology solutions for the healthcare industry.
    • As of March 31, 2014, its Imprivata OneSign solution had over 2.8 million licensed users in over 950 healthcare organizations in 20 countries.
    • Q1 '14's loss increased to -$7 million from -$1.5 million, in large part to increased sales and marketing expenses.
  • IPO Preview: Adeptus Health
    Wed, Jun. 25 ADPT 2 Comments

    Summary

    • ADPT owns and operates First Choice Emergency Rooms, the largest network of independent freestanding emergency rooms in the United States.
    • ADPT has been showing losses and the per share dilution on the IPO is almost as much as the IPO price.
    • By the end of 2014, ADPT expects to be operating 53 facilities in its target markets. ADPT currently plans to open a full-service general hospital in Arizona in 2015.
  • IPO Preview: Ambrx
    Wed, Jun. 25 AMBX Comment!

    Summary

    • To date, AMBX’s collaborations have provided it with over $200 million in non-dilutive funding and have the potential to provide over $1.5 billion in potential milestone payments, plus royalties on.
    • However, to-date AMBX has only completed Phase 1 clinical trials.
    • AMBX does have the potential to receive $1.5 billion in milestone payments.
  • IPO Preview: Amphastar Pharmaceuticals
    Wed, Jun. 25 AMPH Comment!

    Summary

    • AMPH is a specialty pharmaceutical company that focuses primarily on developing, manufacturing, marketing and selling technically-challenging generic and proprietary injectable and inhalation products.
    • Swung from a P/E of 40x for the 2013 year to a loss for Q1 '14.
    • AMPH currently manufactures and sells 15 products in the U.S. and is developing a portfolio of 13 generic and seven proprietary injectable and inhalation product candidates.
  • IPO Preview: KineMed
    Wed, Jun. 25 KNMD Comment!

    Summary

    • KNMD has a number of collaborations but no clinical trials to-date.
    • KNMD is a revenue-generating health technology company that has developed a proprietary biomarker platform technology with numerous applications in drug development and medical diagnostics.
    • Research agreements with pharmaceutical and biotechnology companies include Glaxo Group Limited, or GSK, Pfizer, and Bristol Myers Squibb.
  • IPO Preview: Xunlei
    Tue, Jun. 24 XNET Comment!

    Summary

    • XNET is one of the top 10 largest Chinese internet companies, as measured by user base.
    • Comparing Q1 '14 with Q1 '13, the income statement metrics declined.
    • But the price-to-book of 1.7 is low for a China-based Internet company with a large market share.