MY ANALYSIS OF THIS PAST Q PLUS FORWARD PREDICTION:
(1) Freedom60 Sales (their main product) up 41% (sequentially) led by an increasing recurring revenue stream as Hizentra and Vivaglobin patients tend to be patients for life who require REPR's tubing sets every month which run over $325 per year per patient for life. Hizentra sales continue to explode and the maker of Hizentra continues to promote REPR's Freedom60 device and tubing sets. 10Q forecasts further increases as a result of Hizentra drug approval last year and the Freedom60 now used for other drugs as well.
(2) On May 20, 2011 REPR received their long anticipated FDA approval for the marketing of their new needle set. It is expected that this approval will lead to a significant increase in sales and REPR is underdoing significant manufacturing expansion in anticipation of this.
(3) I estimate that conservatively around 13,000 devices are on operation with a recurring revenue stream of now of $1,055,000 per Q. The recurring revenue stream now going forward is very high and that alone should continue to make REPR very profitable and growing with growing device sales being icing on the cake.
(3) REPR's Freedom60 device is the only one of its kind approved by Medicare.
(4) Rock solid balance sheet with a large and growing cash position, very little debt, and zero need for dilution.
Total sales expectation = $1.9 million After-tax net income of $460,000 After-tax EPS of +.013 Annualized EPS of +.052 PE of 15 = .78/share target. With EPS of +.02/+.03 in future Qs in 2011/2012, then target becomes $1.20/$1.80
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