Intellectual property and patents are the lifeblood of the healthcare industry. Providing companies with long term protection against competitors copying their technology.
Better still, the deeper & more valuable the IPR, the greater the chances of pioneering portable oxygen concentrator firm Belluscura (BELL) becoming a £1bn+ mrkcap Unicorn.
Today BELL said that it had successfully been granted 3 more US patents, increasing the treasure trove to 30.
This time covering Extracorporeal Membrane Oxygenation (eg for heart/lung patients on life-support), Continuous Positive Airway Pressure (used say for sleep apnea) and Replaceable Molecular Sieve Technology (re oxygen enrichment from air).
Whilst also providing further scientific confirmation of the quality of Belluscura ’s innovative medical devices.
CEO Bob Rauker adding: "Our pioneering engineering team continues to develop next generation oxygen enrichment technology along with our research partner, Separation Design Group. We see significant expanding future opportunities in the supplemental oxygen field."
In terms of the numbers, house broker Dowgate are forecasting BELL will be cashflow positive by 2024 and deliver upgraded 2025 adjusted EPS of 28.5c on revenues of $140.6m.
As such, I would value the business on a 2025 15x EV/EBIT multiple, which - discounting back at 12% and adjusting for $9.3m (Dec'22) of net cash - generates a theoretical valuation of >$410m, or 240p per fully diluted share (135m). In comparison Dowgate have a 200p target price vs 180p B4.
Plus, with many of BELL's larger rivals either selling technically inferior products &/or struggling with acute supply chain issues, then there’s an enormous runway ahead
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