$10 seems on the very low end and I honestly think it would be a little higher.
I would assume their is a monthly access fee (per person or per client?), usage/visit fee and then Doctors have a monthly fee. If any clients have their carts I'm sure there is a maintenance type fee. I can see that adding up to over $1 a month per person and still being ridiculous cheap. Look at companies trying to sell $19.95 monthly memberships for the same systems/software and we're assuming we are only receiving $1 per person per month.
Then, remember we don't have an overhead like TDOC so should be seeing some great margins (maybe even similar to that telehealth company for sale I posted) of 25%? 30%? Add in the growth of the sector and you're looking at large PE multiples.
Be careful with posting math here MWM...if we're not allowed to post market capitalization numbers, I'm not sure you're allowed to post 4 million x $10 = $40 million. You might get yelled at...