OPTN - OptiNose's Business Is Thriving While OptiNose Trades At Lower Revenue Multiples Than Peers

• After COVID-19 slowed their commercial launch, OPTN is doing an exceptional job selling Xhance. Q3 2020 revenues grew ~50% from Q2 & consensus FY2021 revenue estimates forecast 100% growth.
• Professional analysts forecast $700MM in peak Xhance sales (some forecast peak sales in the billions/year). With a market cap of $220MM at $4.30/share, OPTN trades at .3X consensus peak sales.
• Trading at 2.0X consensus FY2021 revenues, our proforma operating forecast demonstrates OPTN should have the liquidity to get to break even comfortably without shareholder dilution.
• Our analysis concludes third-party professional analysts have quite reasonable OPTN share price targets predicting 300% upside.
• At $4.30/share, OPTN is down 26% from a $40MM financing closed August 2020 at $5.85/share (we assume via professional & sophisticated investors after considerable due diligence.

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