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  • IPO Preview: TubeMogul
    Jul. 18, 2014 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
    Jul. 18, 2014 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
    Jul. 17, 2014 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
    Jul. 10, 2014 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
    Jun. 27, 2014 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
    Jun. 27, 2014 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
    Jun. 27, 2014 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
    Jun. 27, 2014 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
    Jun. 26, 2014 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
    Jun. 26, 2014 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.
    Jun. 26, 2014 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
    Jun. 26, 2014 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
    Jun. 25, 2014 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
    Jun. 25, 2014 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
    Jun. 25, 2014 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
    Jun. 25, 2014 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
    Jun. 25, 2014 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
    Jun. 25, 2014 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
    Jun. 24, 2014 XNET 1 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.
  • IPO Preview: Kite Pharma
    Jun. 20, 2014 KITE 4 Comments

    Summary

    • KITE is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel cancer immunotherapy products.
    • As of March 13, 2014, the objective response rate of the 22 evaluable patients in the NCI (National Cancer Institute) Phase 1-2a clinical trial was 86%.
    • As of March 13, 2014, 16 of the 24 treated patients were in remission.
  • IPO Preview: Eclipse Resources
    Jun. 20, 2014 ECR Comment!

    Summary

    • ECR is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin.
    • Focused on creating stockholder value by developing its substantial inventory of horizontal drilling locations, continuing to opportunistically add to its acreage position where ECR can acquire assets at attractive prices.
    • Currently operating 3 horizontal rigs, and expects to bring the total operated horizontal rig count to 6 by year-end 2014.
  • IPO Preview: Syndax Pharmaceuticals
    Jun. 19, 2014 SNDX 1 Comment

    Summary

    • SNDX is a late-stage biopharmaceutical company focused on the development and commercialization an epigenetic therapy for treatment-resistant cancers.
    • The lead product candidate, Entinostat, was recently granted Breakthrough Therapy designation by the U.S. Food and Drug Administration.
    • SNDX's price-to-book is 2.8, relatively low.
  • IPO Preview: Zafgen
    Jun. 19, 2014 ZFGN 3 Comments

    Summary

    • ZFGN is a biopharmaceutical company dedicated to significantly improving the health and well-being of patients affected by obesity.
    • In its Phase 2a clinical trials, ZFGN observed reductions in body weight, body mass and body fat content in patient populations and reductions in hyperphagia-related behaviors.
    • In January 2013, the U.S. Food and Drug Administration granted orphan designation for ZFGN’s application to treat PWS with beloranib.
  • IPO Preview: Ardelyx
    Jun. 19, 2014 ARDX Comment!

    Summary

    • ARDX is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of innovative, non-systemic, small molecule therapeutics that work exclusively in the gastrointestinal, or GI, tract.
    • ARDX has two strong corporate partners who are adding to top-line revenue, AstraZeneca and Sanofi.
    • To enhance its proprietary drug discovery and design platform, ARDX has developed a cell-culture system to simulate gut tissues.
  • IPO Preview: Markit Ltd.
    Jun. 19, 2014 MRKT 1 Comment

    Summary

    • MRKT is a leading global diversified provider of financial information services, founded in 2003.
    • MRKT has been consistently profitable, and Q1’ 14 revenue increased 14% to $259 million.
    • Annualizing Q1 ’14 earnings the P/E is 26.9, but the adjusted P/E is 14.7.
  • IPO Preview: ZS Pharma
    Jun. 18, 2014 ZSPH Comment!

    Summary

    • ZSPH is a biopharmaceutical company focused on the development and commercialization of highly selective, non-absorbed drugs to treat renal, cardiovascular, liver and metabolic diseases.
    • ZSPH's initial focus is on the development of ZS-9, a product candidate in Phase III development for the treatment of elevated potassium levels.
    • One other company, Relypsa, is developing a potassium removal drug that is currently in Phase III clinical development.
  • IPO Preview: Foresight Energy Partners LP
    Jun. 18, 2014 FELP Comment!

    Summary

    • FELP believes it is the lowest cost and highest margin bituminous thermal coal producer in the United States.
    • FELP's initial expected payout rate is 6.8%.
    • FELP has sufficient reserves to support up to nine mines, up from four projected for the year ending June 2015.
  • IPO Preview: Viper Energy Partners LP
    Jun. 18, 2014 VNOM 1 Comment

    Summary

    • Limited partnership formed by Diamondback, which has a $4.5 billion market cap, to own, acquire and exploit oil and natural gas properties in North America.
    • Scheduled to pay out 100% of its project EBITDA for the 12 months ended June 15, 2015. The projected yield is 5.5% at the price range mid-point of $20.
    • FANG will own 93% of VNOM post IPO.
  • IPO Preview: Century Communities
    Jun. 18, 2014 CCS Comment!

    Summary

    • Engaged in all aspects of homebuilding.
    • Focused on the design, construction and sale of single-family detached and attached homes in major metropolitan markets.
    • One of the top 5 fastest growing homebuilders by total revenue.
  • IPO Preview: Parnell Pharmaceuticals Holdings
    Jun. 18, 2014 PARN Comment!

    Summary

    • Pharmaceutical company focused on developing, manufacturing and commercializing innovative animal health solutions.
    • Markets five products for companion animals and production animals in 14 countries.
    • Competitors include Zoetis, Merck, Merial and Bayer in dairy, and Zoetis, Merck, Merial, Novartis, Boehringer Ingelheim GmbH and Ceva in companion animal products.
  • IPO Preview: Microlin Bio
    Jun. 18, 2014 MCLB Comment!

    Summary

    • A development stage emerging therapeutic and diagnostic company focusing on microRNA and its role in oncology.
    • Entered into agreements with an affiliate of the Ohio State University (OSU), to exclusively license a portfolio of approximately 100 pending patent applications.
    • Has not yet initiated any clinical trials or validated its candidate diagnostic tests.
  • IPO Preview: Abengoa Yield Plc
    Jun. 12, 2014 ABY Comment!

    Summary

    • Will own, manage and acquire renewable energy, conventional power and electric transmission lines and other contracted revenue-generating assets.
    • Initially focused on North America (the United States and Mexico) and South America (Peru, Chile, Uruguay and Brazil), as well as Europe (Spain).
    • Initial yield at the price range mid-point of $26 is 4% projected for the 12 months ended June 2015, and expected to grow to 6.5% for the next 12 months.