Antares Pharma, Inc. (ATRS)

[Birdstone]

Scuba, not sure if you mean 2016 when you say 2015. ATRS will not do anywhere close to $100MM in revenues next year. Here's my rough projection for the next 5 years:

2014
Rev = $30MM
Net Profit = (Loss)(assumes 35% net margin for all periods below)
Shares = 140MM (conservative)
Price Est = $4.53 (discounting blended future earnings with 20x p/e and 20% annual discount rate)

2015
Rev = $55MM
Net Profit = $19MM
Shares = 140MM
Price Est = $5.81

2016
Rev = $106MM
Net Profit = $37MM
Shares = 140MM
Price Est = $7.27

2017
Rev = $186MM
Net Profit = $65MM
Shares = 140MM
Price Est = $10.45

2018
Rev = $290MM
Net Profit = $102MM
Shares = 140MM
Price Est = $14.50