
October 08, 2024
Description:
Privately owned research and corporate finance firm Lodge Partners recommends a ‘speculative buy’ for BlinkLab’s (ASX:BB1) autism spectrum disorder (ASD) and attention deficit hyperactivity disorder (ADHD) diagnostic app.
Lodge Partners’ initial research report also valued BlinkLab at $1.30 using a future and probability-weighted discounted cash flow model.
“We assume BB1’s app has a better than even chance to be commercialised due to having a predicate device on the market and the data on hand. We further assume a minimal penetration rate in the first few years before rising to 10 percent of the diagnostic market by 2031 and pricing of US$250/test,” the report said.
“Similarly, we assume BB1 will penetrate 10 percent of the ADHD diagnostic market by 2031. Using a 15 percent discount rate we find BB1 with a valuation of $1.30/share. This valuation is only based on the US market and has significant upside should we include (the) rest of world.”
BlinkLab’s technology
BlinkLab’s technology for detecting ASD and ADHD targets children from 18 months of age to 72 months. Automated facial recognition and image processing techniques analyse the data and test for several biomarkers which give an indication of the child having ASD or ADHD with high sensitivity and specificity.
Highlights of the Report
- Closest competitors, Cognoa and EarliTec Diagnostics, have measured lower sensitivity and specificity of 52 percent/19 percent and 71 percent/81 percent, respectively.
- The ASD diagnostic market is estimated to grow at a CAGR of 8 percent annually and potentially grow to US$5.4bn by 2036.
- The earlier and faster a child can be diagnosed will lead to better outcomes and it is currently an unmet need.
For the full analyst report, click here.
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