You are correct but so is Rheeper. . . . . earnings based projections are of little use; rather, it is what you are doing starting with sales based potentials. Very sophisticated M&A experts will work up market analyses until they are blue in the face to crunch their 'guesstimates' of what they think ActiPatch will do in thousand of markets and many scenarios month by month, year by year for the 1st 5 years and beyond. They will crunch how much pain market share, Rx and OTC, they can take from competitors in the pain space.
The databases on the pain space are deep and the right people will be able to determine how many ActiPatch devices will be purchased in what areas and by whom and how often. All that will form the basis for sales and profitability projections and finally to a number. Then the securing of ActiPatch will be weighed against acquiring the marketing and sales rights to ActiPatch, and not, and the effect on corporate profits of each will be weighed by an M&A team to arrive at the number to plug into M&A discussions . . . . .
Then, strategists and tacticians will get a chew on it and finally a corporate team will kick around how badly they want it and what they are prepared to pay or share to get it at the corporate level. My gut tells me there will be more than one suitor and it will be a very substantial number. 'FDA OTC Clearance' and 'USPTO patented IP' are very powerful assets.