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  • IPO Preview: Transocean Partners
    Thu, Jul. 31 RIGP 2 Comments

    Summary

    • RIGP is a growth-oriented limited liability company recently formed by Transocean, one of the world’s largest offshore drilling contractors, to own, operate and acquire modern, technologically advanced offshore drilling rigs.
    • 7.25% yield, carve-out (formed from a larger parent).
    • 100% of proceeds to selling shareholder.
  • IPO Preview: Catalent
    Thu, Jul. 31 CTLT Comment!

    Summary

    • The leading global provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products.
    • CTLT is a Blackstone deal with tier 1 underwriters.
    • Has a -$1.5 billion deficit and has never made money.
    • Low top line revenue growth coupled with high interest payments.
  • IPO Preview: HealthEquity
    Thu, Jul. 31 HQY Comment!

    Summary

    • A leader and an innovator in the high-growth category of technology-enabled services platforms that empower consumers to make healthcare saving and spending decisions.
    • Recurring income for Q1 '14 vs Q1 '13 was up 38%.
    • Q1 '14 11% adj. post-tax profit margin.
    • 6.8 times sales, P/E of 61.
  • IPO Preview: Marinus Pharmaceuticals
    Thu, Jul. 31 MRNS Comment!

    Summary

    • Clinical stage biopharmaceutical company focused on developing and commercializing innovative neuropsychiatric therapeutics.
    • Priced at 2.9 times book. In Phase 2 clinical trials.
    • 19% of the IPO is spoken for.
  • IPO Preview: Vascular Biogenics
    Thu, Jul. 31 VBLT Comment!

    Summary

    • Clinical-stage biopharmaceutical company committed to the discovery, development and commercialization of first-in-class treatments for cancer and immune-inflammatory diseases.
    • Existing shareholders have indicated an interest in buying $35 million on the IPO.
    • Price-to-book value is 3.2.
  • IPO Preview: Zosano Pharma
    Thu, Jul. 31 ZSAN Comment!

    Summary

    • Clinical stage specialty pharmaceutical company that has developed a proprietary transdermal microneedle patch system to deliver its proprietary formulations of existing drugs through the skin.
    • 2 times book, early stage.
    • 14% of the IPO is spoken for.
  • IPO Preview: Bio Blast Pharma Ltd.
    Thu, Jul. 31 ORPN Comment!

    Summary

    • A development-stage biopharmaceutical company focused on the identification, licensing, acquisition, development and commercialization of drugs for rare and ultra-rare genetic and metabolic diseases.
    • Price-to-book is 4.1. Low cash burn rate (P/e ratio of -144).
    • 25% of the IPO is spoken for.
  • IPO Preview: Avalanche Biotechnologies
    Thu, Jul. 31 AAVL Comment!

    Summary

    • AAVL is a clinical-stage biotechnology company focused on discovering and developing novel gene therapies to transform the lives of patients with sight-threatening ophthalmic diseases.
    • Relatively low cash burn rate relative to market cap (P/E ratio of -46).
    • 53% of the IPO is spoken for.
  • IPO Preview: Tobira Therapeutics
    Thu, Jul. 31 TBRA Comment!

    Summary

    • Clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutics to treat liver disease, human immunodeficiency virus.
    • Existing shareholders and affiliates have indicated an interest in purchasing $15-20 million of the IPO. $17.5 million would be 29% of the IPO.
    • The price to book value is 2.5.
  • IPO Preview: Synchrony Financial
    Thu, Jul. 31 SYF 1 Comment

    Summary

    • One of the premier consumer financial services companies in the United States. It's the old GE Capital.
    • Q1 '14 earnings were $526 million, and dropped to an estimated $472 million in Q2 '14.
    • Low P/E of 9.7, based on annualizing Q1 '14 earnings.
  • IPO Preview: Westlake Chemical Partners LP
    Wed, Jul. 30 WLKP 1 Comment

    Summary

    • Delaware limited partnership recently formed by Westlake to operate, acquire and develop ethylene production facilities and related assets.
    • Westlake is a vertically integrated, international manufacturer and marketer of basic chemicals, polymers, and fabricated building products.
    • 5.5% yield, carve-out (created from the parent).
  • IPO Preview: Lantheus Holdings
    Wed, Jul. 30 LNTH 2 Comments

    Summary

    • Global leader in developing, manufacturing, selling and distributing innovative diagnostic medical imaging agents and products.
    • Never profitable, accumulated deficit of -$353 million.
    • Revenue down in 2012 and 2013, up only 3% in Q1 '14 vs. Q1 '13. In Q1 '14 interest payments exceeded operating earnings.
  • IPO Preview: ContraFect
    Tue, Jul. 29 CFRX Comment!

    Summary

    • Biotechnology company focused on discovering and developing therapeutic protein and antibody products for life-threatening, drug-resistant infectious diseases, particularly those treated in hospital settings.
    • High price to book, 5.6. High cash burn rate (P/E of -4.6). Product candidates not yet in clinical trials.
    • Applied to list its common stock, the Class A Warrants, the Class B Warrants and the units on the NASDAQ Capital Market under the symbols “CFRX”, “CFRXW”, “CFRXZ”.
  • IPO Preview: Orion Engineered Carbons S.a R.l.
    Fri, Jul. 25 OEC Comment!

    Summary

    • OEC is a leading global producer of carbon black.Carbon black is a form of carbon used to improve certain properties of materials into which it is added.
    • 100% to selling shareholders.
    • 25 times annualized Q1 '14 pro forma earnings.
  • IPO Preview: Innocoll GmbH
    Fri, Jul. 25 INNL Comment!

    Summary

    • Global, commercial stage, specialty pharmaceutical company, with late stage development programs targeting areas of significant unmet medical need.
    • Insiders indicated an interest in buying $27 million on the IPO, represents 36% of the IPO size, a positive.
    • Expects to sell 51% of itself on its IPO, a negative. The price-to-earnings ratio is -5.6, which indicates a high cash burn rate relative to the market cap.
  • 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 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 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.