Valuation and Exit Options

● Comparable Analysis
● Precedent Transactions
● Forecast Revenues

Note: Forex and Market Data taken May 23rd, 2022

1
 Valuation by Comparable Analysis
Market Data Financial Data
Price Market Cap Earnings Market Open Bionics Valuation
Company Name Sales ($M) EPS P/E Ratio
($/share) $M ($M) Cap/Sales
Myomo 3.05 20.57 13.86 -10.37 -1.54 1.48 -1.98 $17m in 2022
Rewalk Robotics 1.09 68.13 5.97 -12.74 -0.20 11.41 -5.35
Bionik Laboratories 0.38 2.17 1.19 -13.62 -2.39 1.82 -0.16
$138m in 2027
Ossur 4.97 2060.00 718.67 63.99 0.15 2.87 32.19
Valuation Growth in 5 yrs =
Hanger 15.68 609.24 1120.00 41.98 1.08 0.54 14.51
8.11x
Colfax 65.93 3560.00 3850.00 71.66 1.33 0.92 49.68
Align Technology 299.46 22980.00 3950.00 772.02 10.06 5.82 29.77 Note: Market Data taken May
23rd, 2022
Average (all) 1.21 3.55 16.95
Average (Loss Making) -1.38 4.91 -2.50
Average (Profit Making) 3.16 2.54 31.54

Open Bionics (2022) 7.41 17.00 1.21 -1.53 -0.67 14.04 -11.11
Open Bionics (2027)* 41.84 138.32 46.55 4.39 1.33 2.97 31.54

*Assuming Average Profit-Making P/E Ratio

2
 Valuation by Precedent Transactions
Valuation Open Bionics Valuation assuming average
Revenue Valuation Revenue revenue multiple from the sector of 17.5x.
Company Status Transaction ($M) ($M) Multiple
Bionik Laboratories Public IPO 2.1 13.4 6.4 $17m in 2022
Rewalk Robotics Public IPO 3.95 136 34.4
Ekso Bionics Public IPO 5 108 21.6 Valuation Growth in 3 yrs = 18x
Myomo Public IPO 1.56 79 50.6 Valuation Growth in 4 yrs = 28x
Ossur Public IPO 630 3050 4.8
Valuation Growth in 5 yrs = 48x
Touch Bionics Private Acquisition 20.3 37.3 1.8
Note: IPO seems like the most attractive exit
DJO Global Public Acquisition 1190 3150 2.6
option for Open Bionics based on publicly
Average 17.5 available data around exits. Unlike Myomo,
Rewalk, and Bionik, Open Bionics will be
revenue generating, and could easily be
Open Bionics (2022 Plan) Private 2.0 35 17.5
profit making in preparation for a floatation.
Open Bionics (2023 Plan) Private 4.5 78 17.5
Open Bionics (2024 Plan) TBD 9.3 163 17.5 There’s a track record of extraordinarily high
valuations on IPOs in the bionics/
Open Bionics (2025 Plan) TBD 17.7 309 17.5
exoskeleton sector. The performance of
Open Bionics (2026 Plan) TBD 27.4 479 17.5 these stocks since listing may cause newer
Open Bionics (2027 Plan) TBD 46.5 814 17.5 investors to be more wary.
3
Valuation by Multiple of Forecast Revenues
10x for HeroCare revenue
5x for Health-Insurance funded revenue
2x for Charitably funded revenue

2022 2023 2024 2025 2026 2027

HeroCare Revenue ($M) 0.20 0.49 1.14 2.42 4.27 8.38
Insurance Funded Revenue ($M) 1.20 3.04 6.83 13.45 21.15 35.83
Charity Funded Revenue ($M) 0.60 0.94 1.37 1.82 1.97 2.35

Valuation ($M) 9.22 22.02 48.29 95.12 152.36 267.68

Open Bionics Valuation

$17m in 2022

Valuation Growth in 3 yrs = 5.6x

Valuation Growth in 4 yrs = 8.9x
Valuation Growth in 5 yrs = 15.7x