CardieX Company Overview, page-6

It wasn't that long ago that ACG, now CDX, had a market cap of $80M - I held at that time. This was from one revenue stream(SphygmoCor),but, sales and lower than expected insurance rebates were factors pulling this back to $20M. Swap the board and management, and add in multiple new markets and future revenue streams and a return $80M, or 14c shouldn't surprise anyone. As revenue streams materialise, I think this will go multiples beyond the old high (ie multiples of 80M).  I fail to see how it can't be at least 10 bagger from that point (other than mgt failure - see below), over 3-5 years. 

Some calculations below... please vindicate my blunt methods and pull these back to earth, or, validate them!

If CDX had 10% of each market... could it really be over $50

I know that's crazy... but ready the CEO strategy and pay close attention to the TAM's (total addressable market). 

(https://www.asx.com.au/asxpdf/20181203/pdf/440wqgcn32w9fr.pd)

CDX is the market leader, so 10% ownership is very reasonable. 

• That's $4.5Bn. There will be further dilution - $78.75 is what I calculated so rounded to $50. 
• Comparing to ResMed, $2.2Bn in sales last year, it has a $20Bn mcap / 10x multiplier on revenue
• So, $4.5Bn x 10, or $45Bn, which is 2250 times the current mcap
• It comes down to management materialising these streams (no surprise). 
• Refer back to Craig's track record, and impressive progress this year.
• I think we'll see multiple bursts and re-ratings over the years. 

From the CEO strategy

Existing revenue stream growth

• $5Bn:  SphygmoCor - Direct to Market  (30x on current)

New revenue streams

• $7.5Bn:  Consumer blood pressure sensor. 
• Partnership with Blumio,
• OEM sensor,
• Application revenue (Cloud/App SAAS revenue -usually subscription based/annualised)
• $8Bn:  Ambulatory BP measurement 
• $1.6Bn At-home blood pressure monitoring (excluded from total as this falls into below)
• $25Bn telehealth:  Big step here with 51% buyout of inHealth with inroads to major insurers and corporate health
• China strategy

Differentiated

Highly differentiating this company is the patented IP to provide the most accurate blood pressure measurements in the world. The FDA use this as the gold standard.  Craig has laid the foundation for multiple new businesses/revenues streams around this core, protected IP base.  The core IP well defended, protecting market leadership status, allowing sustained growth. 

Disclaimer:  I'm not a top 20 holder, but may not be too far off.