Project Name:

Owl Fund FCF

Company Name:

MYGN

Fiscal Year End:

Last Historical Year:
Most Recent Quarter:

June 31
2012
Dec. 31

Last Fiscal year

Current Fiscal year
Current Date
Adjustment factor

06/30/12
06/30/13
05/08/13
0.855

PROJECT Owl Fund FCF - MYGN

Summary of Financial Projections

(dollars in millions, except per share)
FYE June 31,
2010

2011

2012

2013

Projected FYE June 31, (a)

2014
2015
2016

2017

2018

2019

Net Sales
% Growth

$362.6
--

$402.1
10.9%

$496.0
23.4%

$590.6
19.1%

$648.2
9.7%

$727.8
12.3%

$803.8
10.4%

$879.8
9.5%

$955.8
8.6%

$1,031.7
7.9%

EBITDA (a)
Margin

$135.1
37.2%

$158.9
39.5%

$180.3
36.4%

$207.9
35.2%

$228.2
35.2%

$256.2
35.2%

$291.0
36.2%

$327.3
37.2%

$355.5
37.2%

$383.8
37.2%

EBIT
Margin

$135.1
37.2%

$158.9
39.5%

$180.3
36.4%

$207.9
35.2%

$228.2
35.2%

$256.2
35.2%

$291.0
36.2%

$327.3
37.2%

$355.5
37.2%

$383.8
37.2%

Net Income
Margin

$152.3
42.0%

$100.6
25.0%

$112.2
22.6%

$128.9
21.8%

$141.5
21.8%

$160.3
22.0%

$181.7
22.6%

$204.7
23.3%

$223.0
23.3%

$241.6
23.4%

$1.54
--

$1.10
-28.6%

$1.30
18.2%

$1.60
23.5%

$1.76
9.7%

$2.20
25.4%

$2.50
13.4%

$2.82
12.6%

$3.07
8.9%

$3.32
8.3%

EPS
Growth Rate

(a) Excludes extraordinary and non-recurring items.

(b) SOURCE PROJECTIONS

Pricing:
$32.91
$36.28
$28.97
$39.07
$33.57

Analyst Consensus Target Price:

RelVal PE fair price:
Ev/Ebitda RelVal fair Price:
FCF EM Price:
FCF GP Price:
Target (FCF GP):
Range (5%):
Return:

$33.57
$31.89
25.4%

$
32.0%

35.25
38.6%

PROJECT Owl Fund FCF - MYGN

Income Statement
(dollars in millions, except per share data)
152.334
FYE June 31,
2010
Net Sales
COGS
Gross profit
SG&A
R&D
EBIT (b)
Depreciation& Amortization
Existing Intangible Amortization
EBITDA (b)

$
$
$

$362.6
$44.3
318.4
161.4
21.9
135.1
6.8
0.0
135.1

Interest Income
Interest Expense
Short-term Interest Expense
Currency exchange gains (losses)
Other income (expense)
Pretax Income (b)
Restructuring charges
Asset Writedown
Other Unusual items
Taxes
Net Income to Company
Minority Interest
Net Income (b) to Common
Prefered dividends + adj.
Wtd Avg Diluted Shares
EPS (Non GAAP)

Assumptions:
Net Sales Growth
Gross margin
SG&A/sales
R&D/sales
EBIT (% of Sales)
Depreciation (% of sales)
Amortization of intangibles
EBITDA (% of Sales)
Other income ($)
Tax Rate
Lending rate
Fixed debt borrowing rate
Short-term borrowing rate
Annual EPS Growth

2011

$
$
$

$402.1
$45.6
356.4
169.8
27.8
158.9
6.8
0.0
158.9

2012

$
$
$

$496.0
$64.7
431.3
208.4
42.6
180.3
8.0
0.0
180.3

LTM
Dec. 31

$
$
$

2013

$545.3
$71.4
473.9
227.0
47.9
199.0
8.0
0.0
199.0

5.7
0.0
5.7

2.2
0.0
2.2

4.6
0.0
4.6

0.0
0.1
140.8
0.0
0.0
0.0
(11.5)
152.3 $
0.0
$152.3
0
99.2
$1.54

0.0
(0.4)
160.7
(1.1)
0.0
0.0
58.9
100.6 $
0.0
$100.6
0
91.7
$1.10

0.0
(0.4)
184.5
0.0
0.0
0.0
72.4
112.2 $
0.0
$112.2
0
86.5
$1.30

0.0
(0.3)
204.3
0.0
(1.5)
0.0
78.8
123.9
0.0
$123.9
0
80.5
$1.54

10.9%
23.4%
88.6%
87.0%
42.2%
42.0%
6.9%
8.6%
39.5%
36.4%
1.7%
1.613%
0.0%
0.0000%
39.5%
36.4%
(0.40) $
(0.40) $
36.7%
39.2%
0.554%
0.933%
#DIV/0!
#DIV/0!
0.0%
0.0%
-28.6%
18.2%

9.9%
86.9%
41.6%
8.8%
36.5%
1.5%
0.0%
36.5%
(0.30)
38.6%
1.013%

-87.8%
44.5%
6.0%
37.2%
1.9%
0.0%
37.2%
0.10 $
-8.2%
1.561%
0.0%
--

0.0%
18.7%

2016

2017

2018

2019

2013-2019
7 Yr CAGR

$590.6

$648.2

$727.8

$803.8

$879.8

$955.8

$1,031.7

11.0%

513.9
$254.0
$52.0
207.9
8.9
0.0
207.9

564.0
$278.7
$57.0
228.2
9.7
0.0
228.2

633.2
$313.0
$64.0
256.2
10.9
0.0
256.2

699.3
$337.6
$70.7
291.0
12.1
0.0
291.0

765.4
$360.7
$77.4
327.3
13.2
0.0
327.3

831.5
$391.9
$84.1
355.5
14.3
0.0
355.5

897.6
$423.0
$90.8
383.8
15.5
0.0
383.8

11.4%

2.48

5.5
0.0
5.5

Projected FYE June 31, (a)

2014
2015

2.67

5.29

5.43

6.57

8.12

11.4%

10.09

0.00

0.00

0.00

0.00

0.00

0.00

2.5

2.7

5.3

5.4

6.6

8.1

0.00

0
(0.4)
210.0
0.0
0.0
0.0
81.1
128.9 $
0.0
$128.9
0
80.5
$1.60

0
(0.4)
230.4
0.0
0.0
0.0
89.0
141.5 $
0.0
$141.5
0
80.5
$1.76

0
(0.4)
261.1
0.0
0.0
0.0
100.8
160.3 $
0.0
$160.3
0
72.7
$2.20

0
(0.4)
296.0
0.0
0.0
0.0
114.3
181.7 $
0.0
$181.7
0
72.7
$2.50

0
(0.4)
333.4
0.0
0.0
0.0
128.7
204.7 $
0.0
$204.7
0
72.7
$2.82

0
(0.4)
363.3
0.0
0.0
0.0
140.2
223.0 $
0.0
$223.0
0
72.7
$3.07

0
(0.4)
393.5
0.0
0.0
0.0
151.9
241.6
0.0
$241.6
0
72.7
$3.32

8.31%
87.0%
43.0%
8.8%
35.2%
1.5%
0.0%
35.2%
(0.40) $
38.6%
0.679%
-4.4%
0.6%
23.5%

9.75%
87.0%
43.0%
8.8%
35.2%
1.5%
0.0%
35.2%
(0.40) $
38.6%
0.679%
-4.4%
0.6%
9.7%

12.28%
87.0%
43.0%
8.8%
35.2%
1.5%
0.0%
35.2%
(0.40) $
38.6%
1.000%
0.0%
0.0%
70.0%

10.44%
87.0%
42.0%
8.8%
36.2%
1.5%
0.0%
36.2%
(0.40) $
38.6%
1.000%
0.0%
0.0%
13.4%

9.45%
87.0%
41.0%
8.8%
37.2%
1.5%
0.0%
37.2%
(0.40) $
38.6%
1.000%
0.0%
0.0%
12.6%

8.64%
87.0%
41.0%
8.8%
37.2%
1.5%
0.0%
37.2%
(0.40) $
38.6%
1.000%
0.0%
0.0%
8.9%

7.95%
87.0%
41.0%
8.8%
37.2%
1.5%
0.0%
37.2%
(0.40)
38.6%
1.000%
0.0%
0.0%
8.3%

18.9%
6.6%
1.2%

17.6%
5.9%
1.0%

16.5%
5.4%
0.9%

15.1%
5.2%
0.8%

10.1

11.4%

11.6%

14.4%

Reality Check:
ROIC (= EBIT(1-t)/Invested Capital)
Investment rate = ( WCR + CAPX-Depr)/EBIT(1-t)
Growth rate = ROIC x Investment Rate

19.1%
-4.6%
-0.9%

104.5%
5.8%
6.1%

14.0%
5.0%
0.7%

(a) SOURCE PROJECTIONS

(b) Excludes extraordinary and non-recurring charges.
These numbers were given

2010
362.65

2011
402.08

These numbers I got by doing a trend analysis of the years preceding them

2012
496.01

2013
590.65

2014
648.23

2015
727.84

These numbers I got using the median from my revenue analysis

2016
2017
803.81 879.78

2018
2019
955.75 1031.73

PROJECT Owl Fund FCF - MYGN

Balance Sheet and Cash Flow

(dollars in millions, except per share data)
FYE June 31,
2010

MRQ
2011

2012

$346.5
$50.8
$8.2
$2.9
$9.8

$340.5
$63.1
$11.6
$1.7
$5.6

Dec. 31

2013

Projected FYE June 31, (a)

2014
2015

2016

2017

2018

2019

Balance Sheet:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Cash + short-term inv.

Accounts receivable
Inventory
Prepaid expenses
Deferred tax assets (current)
Other current assets
Current assets
Net Working Capital
Net PP&E
Existing Goodwill
Other intangibles
Long-term investments
Deffered tax assets long term
Loans Recievable long term
Other Assets
Total Assets

17
18
19
20
21
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

Accounts payable
Accrued expenses
Short term borrowing (Revolver) - plug
Current portion of long-term debt
Unearned Rev.
Other current liabilities
Total Current Liabilities
Fixed Debt
Pension & other post-retirement liabilities
Deferred tax liability, non-current
Other Liabilities
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Comprehensive other income
Total Common equity
Minority interest
Preferred stock
Total Liab. & Equity

37 Check

38
39
40
41
42
43
44
45
46

Cash Flow:
Net Income
Depreciation & Amortization
Change in Working Capital
Capital Expenditures
Change in Long-term Investments
Change in goodwill/intangibles
Change in Other
Free Cash Flow (b)

47
48
49
50
51

Required Debt Service (-)

Long-term Debt Issuance
(Dividend Payment)
Equity Raised (repurchased)
Total Financing Cash Flow

52 Beginning Balance
53 Increase in Cash
54 Minimum cash balance (% of sales)

$403.2
$48.1
$4.1
$18.6
-

474.0
43.3
23.3

2.1
85.2
9.4
0.0
0.0
$593.8
8.9
18.6
0.0
0.0
0.0
27.5
$0.0
0.0
0.0
8.8
0.9
567.0
(10.5)
0.0
0.1
557.5
-

418.3
37.4
23.1
56.1
16.7
70.9
25.9
0.0
0.0
$610.8
11.4
21.6
0.0
0.0
1.3
0.0
34.4
$0.0
0.0
0.0
9.6
0.9
604.4
(38.6)
0.0
0.2
566.8
-

$358.6
$76.6
$10.5
$2.3
$9.4

10.1
32.8
0.0
0.0
2.1
0.0
45.0
$0.0
0.0
0.0
10.0
0.8
647.7
(12.7)
0.0
(0.2)
635.6
-

457.3
53.2
27.3
56.9
13.7
109.6
24.6
20.3
8.0
$717.7
13.6
29.2
0.0
0.0
2.7
0.0
45.5
$0.0
0.00
0.0
10.1
0.8
665.8
(4.3)
0.0
(0.2)
662.1
-

$610.9

$690.6

$717.7

0.1

0.0

$152.3
6.8
-(7.9)

--

(0.0)

$100.6
6.8
(5.9)
(3.8)
(14.3)
#VALUE!
(17.2)
#VALUE!

$426.5

$528.8

$696.8

$887.2

$1,095.5

$1,321.9

44.1
27.8
56.9
15.7
109.6

48.3
31.7
56.9
15.7
109.6

54.3
36.0
56.9
15.7
109.6

59.9
40.9
56.9
15.7
109.6

65.6
46.1
56.9
15.7
109.6

71.3
51.9
56.9
15.7
109.6

76.9
58.1
56.9
15.7
109.6

37.8
$680.48

41.5
$730.2

46.6
$847.9

51.4
$1,031.2

56.3
$1,237.5

61.2
$1,462.0

66.0
$1,705.2

37.1

44.2

0.0

0.0

0.0

0.0

0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

11.8

13.0

14.6

16.1

17.6

19.1

20.6

422.5
37.0
24.2
56.9
15.7
113.7
30.6
19.0
8.0
$690.6

$593.8
0.0

$388.6

$112.2
8.0
(0.4)
(9.4)
42.8
0.2
(78.7)
74.7

631.5
0.0
0.0
$680.4
0.1

673.0
0.0
0.0
$730.2
0.1

$128.9
8.9
(7.1)
(12.4)
4.1
0.0
21.7
144.0

$141.5
9.7
(4.3)
(13.6)
0.0
0.0
(2.5)
130.8

0.0
0.0
0.0
(133.0)
(133.0)

0.0
0.0
0.0
(100.0)
(100.0)

340.5
11.0
388.6

388.6
30.8
426.5

833.3
0.0
0.0
$847.9
0.1

$160.3
10.9
(5.9)
(15.3)
0.0
0.0
(3.5)
146.5

1,015.1
0.0
0.0
$1,031.2
0.1

$181.7
12.1
(5.7)
(16.9)
0.0
0.0
(3.3)
167.9

1,219.8
0.0
0.0
$1,237.4
0.1

$204.7
13.2
(5.7)
(18.5)
0.0
0.0
(3.3)
190.4

1,442.9
0.0
0.0
$1,462.0
0.1

$223.0
14.3
(5.7)
(20.1)
0.0
0.0
(3.3)
208.3

1,684.5
0.0
0.0
$1,705.1
0.1

$241.6
15.5
(5.7)
(21.7)
0.0
0.0
(3.3)
226.4

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

426.5
146.5
478.9

528.8
167.9
528.9

696.8
190.4
578.9

887.2
208.3
628.9

1,095.5
226.4
678.9

55
56
57
58

Cash surplus/deficit
(Payment)/Borrowing of Revolving Debt
Ending cash balance
Ending cash/sales

Balance Sheet Assumptions

59 Goodwill ($)
Other Intangibles ($)
60 Long-term investments ($)
61 Minority interest
62 Preferred stock
63 Other assets/sales
64 Other liabilities/sales

65 Cash/sales
66 Net Working Capital (% of Sales)
67 Change in NWC / Sales
68
69
70
71
72

73
74
75
76
77
78
79
80
81
82
83

CAPX (-)
Sale of PPE
Cash acquisitions
Net CAPX
CAPX (% of sales)

56.051

56.85

56.85

85.154
0
0
2.6%
2.4%

70.857
0
0
6.4%
2.4%

113.692
0
0
11.6%
2.0%

109.636
0
0
1.5%
1.9%

111.2%
11.9%

86.2%
9.3%
-1.5%

68.7%
7.5%
-0.1%

65.8%
9.8%

(7.9)
0.0

(3.8)
0.0
(79.4)
(83.2)
20.7%

(9.4)
0.0
(0.8)
(10.2)
2.1%

(11.2)
0.0
0.0
(11.2) #
2.1% #

$0.00

$0.00

(7.9)
2.2%

Financing Assumptions
Dividends per share
$0.00
Dividend growth rate
Share price
0
Shares issued (in$)
22.305
Short-term debt issued
0
Long-term debt Issued
0
Short-term debt repaid
0
Long-term debt repaid
0
Shares repurchased (in$)
71.4
Debt/equity ratio
0%
Long-term debt/total capital
(a) SOURCE PROJECTIONS
(b) Cash from operations - CAPX (not used in valuation)

$0.00

#DIV/0!

#DIV/0!
0

25.06
0
0
0
0
200.5
0%

0
25.029
0
0
0
0
128.5
0%

41.245
0
0
0
0
152.9

($37.1)
37.1
388.6
66%

($7.1)
7.1
426.5
66%

$94.1
(44.2)
528.8
73%

$167.8
0.0
696.8
87%

$308.3
0.0
887.2
101%

$466.6
0.0
1,095.5
115%

$643.0
0.0
1,321.9
128%

56.9
15.7
109.6
0.0
0.0
6.4%
2.0%

56.9
15.7
109.6
0.0
0.0
6.4%
2.0%

56.9
15.7
109.6
0.0
0.0
6.4%
2.0%

56.9
15.7
109.6
0.0
0.0
6.4%
2.0%

56.9
15.7
109.6
0.0
0.0
6.4%
2.0%

56.9
15.7
109.6
0.0
0.0
6.4%
2.0%

56.9
15.7
109.6
0.0
0.0
6.4%
2.0%

65.8%
7.46%
1.2%

65.8%
7.5%
0.7%

65.8%
7.5%
0.8%

65.8%
7.5%
0.7%

65.8%
7.5%
0.6%

65.8%
7.5%
0.6%

65.8%
7.5%
0.5%

-9.4

-9.4

-9.4

-9.4

-9.4

-9.4

-9.4

(12.4)
2.1%

(13.6)
2.1%

(15.3)
2.1%

(16.9)
2.1%

(18.5)
2.1%

(20.1)
2.1%

(21.7)
2.1%

0.00
#DIV/0!
$0.0
0.0
0.0
0.0
0.0
0.0
133.0
6%
0%

0.00
0.0%
$0.0
0.0
0.0
0.0
0.0
0.0
100.0
7%
0%

0.00
0.0%
$0.0
0.0
0.0
0.0
0.0
0.0
0.0
0%
0%

0.00
0.0%
$0.0
0.0
0.0
0.0
0.0
0.0
0.0
0%
0%

0.00
0.0%
$0.0
0.0
0.0
0.0
0.0
0.0
0.0
0%
0%

0.00
0.0%
$0.0
0.0
0.0
0.0
0.0
0.0
0.0
0%
0%

0.00
0.0%
$0.0
0.0
0.0
0.0
0.0
0.0
0.0
0%
0%

Evaluate dividend history, share bybacks, dividend growth rate, and historical Capx

For the Fiscal Period Ending

Currency

LTM
12 months
12 months
Dec-31-2012 Jun-30-2012
USD
USD

FY 2013

Revenue
Other Revenue
Total Revenue

583.49

545.319
-

583.49
583.49133

FY15 Q2
Molecular Diagnostic Testing AVG Growth $
428.35
AVG Q/Q Growth
$
197.57
AVG QtoQ Growth
$
172.85

12 months
Jun-30-2011
USD

496.005
-

402.084
-

545.319
10%

496.005
23%

FY15 Q1
FY14
$
365.37 $
$
175.75 $
$
196.15 $

402.084
11%

FY14 Q4
615.63 $
311.64
608.44 $
148.70
587.61 $
128.58

Oncology
AVG Q/Q Growth
AVG QtoQ Growth

$
$
$

236.68 $
120.06 $
113.91 $

206.15
112.03
117.33

$
$
$

414.62 $
401.64 $
383.59 $

179.55
98.75
72.08

Women's Health
AVG Q/Q Growth
AVG QtoQ Growth

$
$
$

213.63 $
77.19 $
59.02 $

173.50
65.77
68.57

$
$
$

206.78 $
207.32 $
202.54 $

140.92
50.02
53.53

Companion Diagnostic Service

AVG Q/Q Growth
AVG QtoQ Growth
SUM OF TOTAL REVENUE (AVG Growth)
SUM OF TOTAL REVENUE (Q/Q)
Sum OF TOTAL REVENUE (QtoQ)

$
$
$
$
$
$

51.01
14.70
589.10
479.36
212.27
761.95

39.49
5.92
1.54
404.85
181.67
197.68

$
$
$
$
$
$

34.83
33.05
89.66
650.46
641.49
677.27

30.57
10.31
10.31
342.21
159.01
138.90

Analyst Consensus

$
$
$
$
$
$

195.32
706.56
Q

166.97

FY

$
$
$
$
$
$

638.45

Q1

163.78

Q2

Average Q/Q
Average QtoQ

17%
13%

14%

18%
24%

19%
11%

Average Q/Q
Average QtoQ

15%
7%

13%

14%
17%

16%
13%

Average Q/Q
Average QtoQ

23%
22%

20%

27%
29%

25%
9%

Average Q/Q
Average QtoQ

29%
192%

FY11 Q3

540%

FY11 Q4

growth
Oncology

$
growth

Women's Health

$
growth

Total Revenue

$ 105.40 $
3.0%
73.00 $
74.70 $
2.3%
29.30 $
30.60 $
4.4%

$102.30

Molecular Diagnostic TESTS

BRACAnalysis test

$107.40

32%
733%

FY12 Q2

104.00 $
-1.3%
74.20 $
-0.7%
29.80 $
-2.6%
$110.50

117.60
13.1%
79.80
7.5%
37.90
27.2%
$122.80

90.30 $

92.80 $
2.8%

89.50 $
-3.6%

101.40
13.3%

7.40 $

7.60 $
2.7%
$0.00

9.60 $
26.3%
$0.00

10.90
13.5%
$0.00

4.90 $
4.3%

4.90 $
0.0%

5.30
8.2%

2.00 $

6.50 $
225.0%

5.20
-20.0%

102.30 $

107.40 $
5.0%

110.50 $
2.9%

122.80
11.1%

growth
COLARIS and COLARIS AP

FY12 Q1

$ 102.30

Molecular Diagnostic Testing

-2%
-50%

growth
BART test

0.00
growth

Other

4.70 $

growth
Companion Diagnostic Service

growth
TOTAL REVENUE $

Forecasting Summary
Results Using multiple forecasting methods

Forecasting using Q/Q analysis of broad segments

Forecasting using average growth analysis of broa
Forecasting using QtoQ analysis of broad segment

Forecasting by growth trend analysis QtoQ of broa

Forecasting by growth trend analysis QtoQ of prod
Forecasting using growth trend analysis QtoQ of T
Analyst Estimates
Average
Median

BRACAnalysis test
COLARIS and COLARIS AP
$
110.30 $
12.10

12 months
Jun-30-2010
USD

Reclassified
12 months
12 months
Jun-30-2009 Jun-30-2008
USD
USD

362.648
-

326.527
-

362.648
11%

FY14 Q3
$
265.82
$
143.44
$
145.06

mean yoy %

222.855
-

326.527
47%

FY14 Q2
$
265.82
$
166.73
$
155.95

222.855
20%

FY14 Q1
$
$
$

158.02 $

541.64 $

128.58 $

145.06

-9%

118.64 $
98.75 $
72.08 $

103.33 $
100.67
109.69

90
16%
0%

75.50 $
50.02 $
53.53 $

61.32 $
43.31
41.70

49.80
27%
-29%

10.98 $
5.50
5.50
175.94 $
148.94
150.56

8.50
63%
1465%
149
0%

156.39 $
100.67 $
109.69 $

156.39 $
103.95 $
101.25 $

136.21 $
98.27 $
100.57 $

368.55 $
375.62 $

$
$
$

114.45 $
43.31 $
41.70 $

114.45 $
62.00 $
54.21 $

92.95 $
51.99 $
53.09 $

173.04 $
184.22 $

$
$
$
$
$
$

23.67
5.50
5.50
289.48
148.94
150.56

23.67
11.18
70.76
289.48
177.91
226.71

18.32 $
6.06 $
3.09 $
245.05 $
155.63 $
161.10 $

28.32 $
30.51 $
30.51 $
567.60 $
590.65 $
572.15 $

147.5

583.61

159.58

Q3

159.33

$
$
$
$
$
$

Q4
16%
18%

17%
1%

16%
27%

14%
-17%

18%
14%

24%
32%

7%

FY13
FY13 Q4
FY13 Q3
FY13 Q2
226.73 $
539.28 $ 193.39 $ 164.96 $
141
149.58 $
560.13 $ 148.70 $ 143.44
20%

$
$
$

$
$
$
$
$
$

14%

357.97 $

186.14 $

0.301836807
0.48

14.18
10.31
10.31
207.57
159.01
138.90
152.63

$
$
$
$
$
$

148.35

0.6032172
$
0.33

0%
0%

88%
88%

est.

FY12 Q3
$
$
$

FY12 Q4

FY13 Q1

123.30 $ 127.50 $
4.8%
3.4%
86.60 $
87.00 $
8.5%
0.5%
36.70 $
40.50 $
-3.2%
10.4%

FY13 Q2
127.30 $
-0.2%
86.20 $
-0.9%
41.10 $
1.5%

FY13 Q3

140.70 $
10.5%
90.00 $
4.4%
49.80 $
21.2%

FY13 Q4

FY14 Q1

144.43 $
2.6%
94.02 $
4.5%
50.40 $
1.2%

151.33 $ 158.61
4.8%
4.8%
97.14 $ 100.36
3.3%
3.3%
54.18 $ 58.25
7.5%
7.5%

$128.80

$133.00

$133.50

$149.20

$154.11

$162.61

105.90 $
4.4%

108.70 $
2.6%

105.00 $
-3.4%

110.30 $
5.0%

115.42 $
4.6%

119.11 $ 122.92
3.2%
3.2%

11.20 $
2.8%
$0.00

11.50 $
2.7%
$0.00 $

12.10 $
5.2%
7.60 $

12.10 $
0.0%
15.80 $

6.20 $
17.0%

7.30 $
17.7%

2.60 $
-64.4%

2.50 $
-3.8%

14.23 $
17.6%
16.59 $
5.0%
3.24 $
29.6%

15.34 $
7.8%
17.42 $
5.0%
3.01 $
-7.2%

16.54
7.8%
18.29
5.0%
2.79
-7.2%

5.50 $
5.8%

5.50 $
0.0%

6.20 $
12.7%

8.50 $
37.1%

9.68 $
13.9%

11.29 $
16.6%

13.16
16.6%

128.80 $
4.9%

133.00 $
3.3%

133.50 $
0.4%

149.20 $
11.8% $

154.57 $
159.15 $

162.75 $ 171.37
166.17 $ 173.71

forecasting methods

analysis of broad segments

age growth analysis of broad segments
Q analysis of broad segments

FY13

FY14
$590.65
$572.15
$567.60

$641.49
$677.27
$650.46

$171.77

trend analysis QtoQ of broad segments

trend analysis QtoQ of product segments
wth trend analysis QtoQ of Total Revenue only

BART test
Other
$
15.80 $

$599.42
$608.02
$600.02
$583.00
$588.69
$590.65

Companion Diagnostic Service

2.50 $
8.50

$637.69
$648.23
$741.84
$638.00
$662.14
$648.23

These Numbers reflect what it

I used the median to help alev

FY13 Q1
FY12
$
127 $
22%
22%
$

86 $
16%
0%

41.10
38%
58%

6.20
-5%
-100%
134 $

FY12 Q4
FY12 Q3 FY12 Q2 FY12 Q1
FY11
472 $
128 $
123 $
118 $
104 $
18%
21%
20%
17%
13%
5%
18%
31%
26%

FY11 Q4
400 $
105
10%
12%
-3%

328 $
16%

144.8 $
24%

23.6 $
1080%
496 $

80 $
15%
25%

74 $
12%
33%

283 $
9%

75
11%
-19%

40.50 $ 36.70 $ 37.90 $

32%
25%
22%
28%
14%
47%

29.80 $
15%
0%

116.70 $
15%

30.60
15%
36%

6.50 $
0%
0%
111 $

2.00 $
0%

2.00
0%
0%
107

87 $
16%
-16%

5.50 $
175%
175%
133 $

87 $
19%
27%

5.50 $
0%
0%
129 $

5.20 $
0%
0%
123 $

402 $

est.

FY14 Q2 FY14 Q3
$ 166.31 $
4.9%
$ 103.69 $
3.3%
$ 62.62 $
7.5%

FY14 Q4

174.45 $
4.9%
107.13 $
3.3%
67.31 $
7.5%

183.05
4.9%
110.69
3.3%
72.36
7.5%

FY11

FY12

$400.00
$283.10
$116.70
$402.00

$181.66

$192.34

$203.92

130.91 $
3.2%

135.09
3.2%

$353.00

17.84 $
7.8%
19.20 $
5.0%
2.59 $
-7.2%

19.24 $
7.8%
20.17 $
5.0%
2.41 $
-7.2%

20.74
7.8%
21.17
5.0%
2.24
-7.2%

$29.20

15.35 $
16.6%

17.90 $
16.6%

20.87
16.6%

$2.00

$ 180.44 $
$ 181.84 $

189.99 $
190.61 $

200.05
200.12

$402.00

$ 126.85 $
3.2%
$
$
$

$0.00
$17.90 $

$402.00

FY13

472.4 $ 563.75
18.1%
19.3%
327.6 $ 367.37
15.7%
12.1%
144.8 $ 195.49
24.1%
35.0%
$496.00
$599.42
23.4%
20.9%

405.5 $ 449.83
14.9%
10.9%
43.3 $
48.3%
0 $

53.77
24.2%
57.41

23.70 $
32.4%

11.35
-52.1%

23.6 $
1080.0%

35.67
51.1%

$496.00
23.4%
$496.00
23.4%

$608.02
22.6%
$600.02
21.0%

These Numbers reflect what it would be like if the company kept up its ultra high growth rate

I used the median to help aleviate the influence of outliers

FY11 Q3
$
102
13%

73
14%

29.30
11%

0
0%
0%
102

FY14
$ 595.07
5.6%
$ 381.53
3.9%
$ 212.63
8.8%
$637.69
6.4%

$ 467.75
4.0%

27%

84%

$
$

58.21
8.3%
68.10
18.6%
11.54
1.7%
42.63
19.5%
$648.23
6.6%
$741.84
23.6%

-37%

1683%

81%

CAPM
Rft (10yr)
Beta
ERP

0.094546
1.95%
0.956
7.85%

I used CAPM because MYGN does not finance with Debt

PROJECT Owl Fund FCF - MYGN

#REF!

Discounted Cash Flow Analysis - EBITDA Multiple Method

(dollars in millions, except per share data)
FYE June 31,
2010
Sales
EBITDA
Less: Depreciation
EBIT
Less: Taxes @
Tax-effected EBIT
Plus:
Plus:
Less:
Less:

38.6%

2012

2013

$362.6
207.9
6.8
214.7
(82.9)
131.8

$402.1
228.2
6.8
235.0
(90.7)
144.3

$496.0
256.2
8.0
264.2
(102.0)
162.2

$590.6
207.9
(8.9)
199.0
(76.8)
122.2

(6.8)

(6.8)

(8.0)

8.9

9.7

10.9

12.1

13.2

14.3

15.5

(7.9)
--

(3.8)
(5.9)

(11.2)
0.0

(12.4)
(7.1)

(13.6)
(4.3)

(15.3)
(5.9)

(16.9)
(5.7)

(18.5)
(5.7)

(20.1)
(5.7)

(21.7)
(5.7)

Depreciation
Deferred Taxes
Capital Expenditures
Changes in Working Capital

Free Cash Flow

$117.1

9.5%
10.0%
10.5%
11.0%
11.5%
D

Net Debt LT Invest.

($340.5)
($340.5)
($340.5)
($340.5)
($340.5)

$111.6

$1,332.4
$1,229.1
$1,137.0
$1,054.5
$980.1

Discount Rate
9.5%
10.0%
10.5%
11.0%
11.5%

$143.0

$113.7
$113.7
$113.7
$113.7
$113.7

$1,415.5
$1,302.0
$1,201.3
$1,111.4
$1,030.8

$648.2
228.2
(9.7)
218.5
(84.3)
134.1

$125.9

PV of Terminal Value at a
Perpetual Growth Rate of (b)
0.2%
0.7%
1.2%

$832.9
$820.7
$808.9
$797.3
$786.1
-

$127.8

Discounted (a)
Cash Flows
(2013-2019)

Discount Rate

Projected FYE June 31, (a)

2014
2015
2016

2011

$1,508.7
$1,383.3
$1,272.5
$1,174.2
$1,086.5

$727.8
256.2
(10.9)
245.3
(94.7)
150.6

$140.3

$803.8
291.0
(12.1)
278.9
(107.7)
171.3

$160.8

$2,619.4
$2,504.1
$2,400.1
$2,306.0
$2,220.4

(a) Present values calculated as of

5/8/2013
(b) Discounted 7 years; based on FYE June 31, 2019 EBITDA of $383.8 million.
(c) Based on 80.5 million primary shares outstanding.

$2,702.6
$2,577.0
$2,464.4
$2,363.0
$2,271.1

1.2%
$2,795.8
$2,658.2
$2,535.6
$2,425.8
$2,326.8

2018

$879.8
327.3
(13.2)
314.1
(121.2)
192.8

$955.8
355.5
(14.3)
341.2
(131.7)
209.5

$181.9

$198.1

2019
$1,031.7
383.8
(15.5)
368.3
(142.2)
226.2

$214.3

0.2%
$2,165.2
2,049.8
1,945.9
1,851.8
1,766.2

Firm Value
0.7%
$2,248.4
2,122.7
2,010.2
1,908.8
1,816.9

1.2%
$2,341.6
2,204.0
2,081.4
1,971.5
1,872.6

=F
Total Equity Value
0.2%
0.7%

2017

Equity Value per Share (c)

0.2%
0.7%
1.2%
$32.54
$31.11
$29.82
$28.65
$27.58

$33.57
$32.01
$30.61
$29.35
$28.21

$34.73
$33.02
$31.50
$30.13
$28.90

Equivalent Terminal EBITDA Mult.

0.2%
0.7%
1.2%
6.0
5.7
5.5
5.2
5.0

6.4
6.1
5.8
5.5
5.2

6.8
6.5
6.1
5.8
5.5

Present Value of
Terminal Value as a % of
Firm Value
0.2%
0.7%
1.2%
61.5%
60.0%
58.4%
56.9%
55.5%

63.0%
61.3%
59.8%
58.2%
56.7%

64.4%
62.8%
61.1%
59.6%
58.0%

PROJECT Owl Fund FCF - MYGN

#REF!

Discounted Cash Flow Analysis - EBITDA Multiple Method

(dollars in millions, except per share data)
FYE June 31,
2010
Sales
EBITDA
Less: Depreciation
EBIT
Less: Taxes @
Tax-effected EBIT
Plus:
Plus:
Less:
Less:

$362.6
135.1
(6.8)
128.3
(49.5)
78.8

38.6%

Depreciation
Deferred Taxes
Capital Expenditures
Changes in Working Capital

Free Cash Flow

9.5%
10.0%
10.5%
11.0%
11.5%

$496.0
180.3
(8.0)
172.3
(66.5)
105.8

$590.6
207.9
(8.9)
199.0
(76.8)
122.2

Net Debt

($340.5)
(340.5)
(340.5)
(340.5)
(340.5)

$803.8
291.0
(12.1)
278.9
(107.7)
171.3

$879.8
327.3
(13.2)
314.1
(121.2)
192.8

$955.8
355.5
(14.3)
341.2
(131.7)
209.5

2019
$1,031.7
383.8
(15.5)
368.3
(142.2)
226.2

10.9

12.1

13.2

14.3

15.5

(7.9)
--

(3.8)
(5.9)

0.0
0.0

(12.4)
(7.1)

(13.6)
(4.3)

(15.3)
(5.9)

(16.9)
(5.7)

(18.5)
(5.7)

(20.1)
(5.7)

(21.7)
(5.7)

$90.5

$113.8

$111.6

$1,747.7
$1,699.4
$1,652.7
$1,607.4
$1,563.6
E

$1,857.8
$1,806.5
$1,756.8
$1,708.8
$1,662.2

$125.9

PV of Terminal Value as a
Multiple of 2019 EBITDA (b)
7.9x
8.4x

$727.8
256.2
(10.9)
245.3
(94.7)
150.6

2018

9.7

$648.2
228.2
(9.7)
218.5
(84.3)
134.1

2017

8.9

8.9x

$1,968.0
$1,913.6
$1,861.0
$1,810.1
$1,760.7

$140.3

$160.8

LT Invest.

Total Equity Value

7.9x
8.4x

$113.7
$113.7
$113.7
$113.7
$113.7

$3,034.8
$2,974.4
$2,915.8
$2,859.0
$2,803.9

(a) Present values calculated as of

5/8/2013
(b) Discounted 7 years; based on FYE June 31, 2019 EBITDA of $383.8 million.
(c) Based on million 80.5 primary shares outstanding.

$3,144.9
$3,081.5
$3,019.9
$2,960.3
$2,902.5

8.9x
$3,255.1
$3,188.6
$3,124.1
$3,061.6
$3,001.0

$181.9

$198.1

$214.3

7.9x
$2,580.5
2,520.1
2,461.6
2,404.8
2,349.7

Firm Value
8.4x
$2,690.7
2,627.2
2,565.7
2,506.1
2,448.2

8.9x
$2,800.8
2,734.3
2,669.9
2,607.4
2,546.8

=F

Discount Rate
9.5%
10.0%
10.5%
11.0%
11.5%

$402.1
158.9
(6.8)
152.1
(58.7)
93.4

Projected FYE June 31, (a)

2014
2015
2016

8.0

$832.9
$820.7
$808.9
$797.3
$786.1
-

2013

6.8

Discounted (a)
Cash Flows
(2013-2018)

Discount Rate

2012

6.8

$77.7

2011

Equity Value per Share (c)

7.9x
8.4x
8.9x
$37.70
$36.95
$36.22
$35.52
$34.83

$39.07
$38.28
$37.51
$36.77
$36.06

$40.44
$39.61
$38.81
$38.03
$37.28

Equivalent Perpetual Growth Rate

7.9
8.4
8.9
2.3%
2.7%
3.2%
3.7%
4.1%

2.7%
3.1%
3.6%
4.1%
4.5%

3.0%
3.5%
4.0%
4.4%
4.9%

Present Value of
Terminal Value as a % of
Firm Value
7.9
8.4
8.9
67.7%
67.4%
67.1%
66.8%
66.5%

69.0%
68.8%
68.5%
68.2%
67.9%

70.3%
70.0%
69.7%
69.4%
69.1%

Myriad Genetics Inc. (NasdaqGS:MYGN)

Current price:

25.52

Company Comp Set

TEV/EBITDA LTM Latest
8.3
8.2
10.8

P/Eps
20.8
17.3
26.3

Myriad Genetics Inc. (NasdaqGS:MYGN)

8.3

17.8

Summary Statistics
High
Low
Mean
Median

TEV/EBITDA LTM Latest

10.8
8.2
9.1
8.3

P/Diluted EPS Before

Extra LTM - Latest
26.3
17.3
21.46666667
20.8

EPS FY 13
1.61
1.56
1.59

Estimated Target Price

FY13 Thomson1
34.56
33.49
34.02

Company Name
Bio-Rad Laboratories, Inc. (NYSE:BIO)
bioMrieux SA (ENXTPA:BIM)
Life Technologies Corporation (NasdaqGS:LIFE)

High
Low
Mean
CapIQ estimate EPS NTM

1.69

Ticker Price/EPS
BIO
20.8
BIM
17.3
LIFE
26.3
Average
21.47
MYGN
17.80
Fair Value Price$36.28

36.28

NTM TEV/Forward
EBITDA
8.2
7.8
9.3

NTM Forward P/E

22.96
16.4
14.54

7.4

15.35

NTM TEV/Forward
EBITDA
9.3
7.8
8.433333333
8.2

NTM Forward P/E

22.96
14.54
17.96666667
16.4

Return

EPS FY14 Thomson 1

34%
1.92
30%
1.6
32%
1.76

FY 13
EV/EBITDA Target Price
Consensus NTM EBITDA
Target EV/EBITDA
Enterprise value estimate
- Debt outstanding (MRQ)
+ Cash
Equity value

No. Shares (Millions)

Target price
Return

Estimated Target
Price FY14
Return
41.22
34.35
37.78

MYGN
$
$
$
$
$

234.30
8.4X
1,975.93
358.66
2,334.59

80.58
28.97
11.9%

60%
33%
46%

41%
$
32.63
Average of two methods

NTM EPS
5.36
5.67
4.37
5.13
1.69

26.3%

Stage
years away
Prolaris
MelanomaDX
Lung Cancer Prognosis
HRD Breast
Kidney Damage
Hereditary Cancer Test
Prostate Cancer Dx

Year
Prolaris
MelanomaDX
Lung Cancer Prognosis
HRD Breast
Kidney Damage
Hereditary Cancer Test
Prostate Cancer Dx
Total millions
discount rate (CAPM)
NPV 2024 millions
NPV 2018 millions
NPV Prolaris 2018

Discovery
6 years

Analytical
Validation
4 years

Clinical
Validation
2 years

Time Line of Revenue realization

2014
2015
2016
52.75
105.49
189.89
0
0
28.13
0
0
7.03
0
0
0
0
0
0
0
0
0
0
0
0
52.75
0.094546
7215.35
1083.27
724.81

105.49

225.05

Launch

MKT
Revs to be
Size/year
realized
Millions Millions
750
525.00
400
280
100
70
700
490
300
210
1500
1050
1000
700

2017
303.82
56.26
14.07
0
0
0
0

2018
364.58
101.27
25.32
49.23
21.10
105.49
70.33

2019
437.50
162.04
40.51
98.46
42.20
210.99
140.66

374.15

737.32

1132.35

* 70% penetration on avaerage

0.7
7 year for full expected penetration
7
Usual Growth Trend:
0.100469 0.200939

2020
525.00
194.44
48.61
177.23
75.95
379.77
253.18

2021
525.00
233.33
58.33
283.56
121.53
607.64
405.09

2022
525.00
280.00
70.00
340.28
145.83
729.17
486.11

2023
525.00
280.00
70.00
408.33
175.00
875.00
583.33

2024
525.00
280.00
70.00
490.00
210.00
1050.00
700.00

1654.20

2234.49

2576.39

2916.67

3325.00

0.5
0
1 2 3 4 5 6

0.36169 0.578704 0.694444 0.833333

Stock buy back for 2014

Announcement:
$ amount: (m)
Shares to be bought back: (m)
average share price since announcement:
Current shares outstanding (m):
Shares outstanding after buyback for 2015: (m)
Feb Price

$
$

2/2/2013
200.00
7.86
25.43
80.58
72.7152733
25.43

Revenue Breakdown FY13 Q2

Molecular Diagnostic Testing

Oncology
Women's Health
Total
Molecular Diagnostic
BRACAnalysis test

COLARIS and COLARIS AP

Rev in Mm % of Rev
140.7
50% Increase 20% yoy
90
32% increase 16% yoy
49.8
18% increase of 27% yoy
280.5
Rev in Mm % of Rev
110.3

BART test
Other
Companion
total
Companion Diagnostic Service
Opertaional income
NI
Co. Repurchase 1.2m shares
Cash/Cash Equiv

12.1
15.8
2.5
140.7
8.5M
55.6M
35M
33.7M
428.3M

74% increase 9% yoy

8.10% increase 10% yoy
10.60% direct link to BRACAnalysis (65%)
1.70%
6%
100%

Revenue Breakdown FY1

increase 63%
Companion
yoy
diagnostic revenue benefited in the second fiscal qu
increase 22% yoy
increase 24% yoy

YTD Performance (FY13 Q1)

Total Rev
Operating Inc
NI
diluted earnings per share

Rev
282.6M
104.2M
65.2M
.62>>.78

21% increase yoy

20% increase yoy
22% increase yoy
26% increase yoy

Major highlights FY13 Q2

Partnership b/ Myriad RBM and Sanofi SA to perform protein bioarker research for the Outcome
Reduction with Initial Glargine Intervention (ORIGIN) study with the goal of identifying biomarker profiles
that may optimize treatment of pre-diabetic and early diabetic patients.
Presented data at the San Antonio Breast Cancer Symposium demonstrating Myriad's HRD test
accurately predicted which patients with triple negative breast cancer will respond to
platinum-based combination therapies
Presented data at the Annual Meeting of the Society of Urological Oncology demonstrating that the

Prolaris test significantly predicts biochemical recurrence in prostate cancer patients

treated with radiation therapy.

Initiated the development of a new prostate cancer diagnostic product to be used in

conjunction with prostate biopsies to determine if a patient has prostate cancer even if the
biopsy has provided a negative result. False negative results occur in 25 percent to 30 percent
of the approximately one million biopsies performed in the United States each year.

Initiated the development of a new prostate cancer diagnostic product to be used in

conjunction with prostate biopsies to determine if a patient has prostate cancer even if the
biopsy has provided a negative result. False negative results occur in 25 percent to 30 percent
of the approximately one million biopsies performed in the United States each year.
FY13 Guidance
Rev
Diluted earnings/share

575-585M 16-18% growth

1.55-1.58 19-21% growth

Economic Moats/Strengths
No debt
Dominant player in the industry
Monopolies: genetic breast & colon cancer genomic detectors
1) European expansion
where a modest salesforce is in place and commercial revs will start kicking
in over 2014 with 16 partners in 61 countries; 2) potential CMS
reimbursement for Prolaris could add $50100M+ or 20% more business
over the next five years.
Differentiated product portfolio enhancing presence in molecular diagnostics market
Increased focus on core business
Commitment towards R&D helping build robust portfolio
Robust financial performance boosting financial flexibility
Weaknesses
Heavy reliance on US market increasing dependency risk
Opportunities
Entry into global markets likely to help reduce dependency on the US. (It's in their plans for 2014/15)
Favorable trends towards preventive medicine to spur demand for Myriad's products
Benefits to accrue from growing oncology market
R I S K S T O A C H I E V E M E N T O F P R I C E TA R G E T
Reimbursement, competition and successful launches of pipeline products.
Threats
Reduction in reimbursement levels could affect sales and profitability
Consolidation in healthcare industry likely to intensify competition
CMS Reimbursment Tax Rates Increase more than expected

Molecular
Diagnostic
Testing
Oncology

Women's Health

ue Breakdown FY13 Q2

nefited in the second fiscal quarter from the recently announced diabetes partnership with Sanofi SA.
BRACAnalysis test
COLARIS and COLARIS
AP
BART test
Other
Companion

BRACAnalysis test
COLARIS and
COLARIS AP
BART test
Other

RACAnalysis test

OLARIS and

16% to 18% growth over our prior fiscal year.

Growth Strategy
Expanding existing markets for MYGN's portfolio. And taking steps to increase penetration in these markets.
This has been responsible for 21% revenue growth for FY13 Q1.
Extending global reach with operationsi in Europe and a distribution network in 61 countries around the world.
Will contribute to future growth in the near term.

enchancing portfolio beyond oncology, urology, and women's healthcare to encompass new medical specialties s
pathology, neuroscience and autoimmune disease. Driving this expansion will be the product pipeline with 13 mo
candidates. Several of these products have a global market potential in excess of 1B
Currently

Entered into 20 major pharmaceuticals to assist in identifying the subset of patients who would likely benefit from
candidate therapies.

On May 31, 2011, we completed the acquisition of the privately-held molecular diagnostic company, Rules-Based Medicine, I
cash purchase price of approximately $80.0 million. As of June 30, 2012, Rules-Based Medicine is operating as a wholly-own
under the name of Myriad RBM, Inc. or Myriad RBM
. The acquisition expanded our test pipeline into new disea
neuroscience disorders, infectious diseases and inflammatory diseases. We believe that the tests being developed by Myria
the tests that we are developing using our strong research capabilities in nucleic acid (DNA and RNA) analysis with proprietar
(protein) technology. Myriad RBM has strategic collaborations with over 20 major pharmaceutical and biotechnology com
with our industry-leading position in PARP inhibitor and PI3K inhibitor companion diagnostics, creates a leading fr
diagnostics. In addition, our acquisition of Myriad RBM provides us with access to samples from additional patient coh
diagnostic test development and clinical validation activities.

enetration in these markets.

61 countries around the world.

ompass new medical specialties such as

e the product pipeline with 13 molecular diagnostic

ents who would likely benefit from their new

c company, Rules-Based Medicine, Inc. of Austin, Texas, for a

Medicine is operating as a wholly-owned subsidiary of Myriad
nded our test pipeline into new disease states, including
hat the tests being developed by Myriad RBM will complement
NA and RNA) analysis with proprietary multiplex immunoassay
armaceutical and biotechnology companies, which coupled
ion diagnostics, creates a leading franchise in companion
samples from additional patient cohorts for new molecular
alidation activities.

Y
Q
Seg1

2011
1
4

growth qtoq

2
7
75%
3
50%

3
12
71%
4
33%

4
21
75%
5
25%

2012
1
38
81%
6
20%
200%

2
71
87%
7
17%
133%

Sub Seg1

Sub seg 2

16

32

64

Seg2

12

21

38

71

Subseg1

subseg2

16

32

64

Seg3

12

21

38

71

sub seg 1

subseg2

16

32

64

growth qtoq
Q/Q

growth qtoq

growth qtoq
growth qtoq
growth qtoq

growth qtoq
growth q/q
growth q/q

3
136
92%
8
14%
100%

4
265
95%
9
13%
80%

2013
1
522
97%
10
11%
67%

Est.

128

256

512

1024

136

265

522

1035

10

11

128

256

512

1024

136

265

522

1035

10

11

128

256

512

1024

2
1035
98%
11
10%
57%

2014
1

2015
1