CBA Florida Inc. (fka CBAI)

[worthylion]

Junebug--Your analysis assumes a value of $900 per sample which I think is way too high. CBAI has $2.6 million in annual recurring revenue from their 25,000 samples. Any buyer would have at least $300,000 in annual expenses associated with that revenue including rent for freezer space, staffing to oversee freezers, utilities, billing etc. so recurring net revenue isn't more than 2.3 million or $92 per unit based on 25,000 units. A value of $900 per unit is almost 10x the net revenue per unit which is declining (assuming no new units added) at about 5% per year as a small percentage of people stop paying each year. Somebody paying 10x net revenue wouldn't even get their money back for 12-13 years, so I don't think your valuation of the units which implies a company valuation of over $22 million is realistic or achievable in a sale.
It's possible (although difficult to predict) that a buyer may attach additional value to the expected revenue from (i) new customers which was down only slightly YOY and (ii) their placenta business despite apparently losing their biggest customer. Hard to know how much these two might improve the ultimate sales price.