Intrinsic value of Foundation Medicine - FMI

Previous Close

$67.25

  Intrinsic Value

$1.13

stock screener

  Rating & Target

str. sell

-98%

Previous close

$67.25

 
Intrinsic value

$1.13

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of FMI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.81
  48.30
  43.97
  40.07
  36.57
  33.41
  30.57
  28.01
  25.71
  23.64
  21.78
  20.10
  18.59
  17.23
  16.01
  14.91
  13.92
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
Revenue, $m
  117
  174
  250
  350
  478
  638
  832
  1,066
  1,339
  1,656
  2,017
  2,422
  2,872
  3,367
  3,906
  4,488
  5,113
  5,779
  6,485
  7,231
  8,015
  8,838
  9,699
  10,597
  11,534
  12,509
  13,523
  14,577
  15,673
  16,812
  17,996
Variable operating expenses, $m
 
  341
  491
  688
  939
  1,253
  1,636
  2,095
  2,633
  3,256
  3,965
  4,762
  5,647
  6,620
  7,679
  8,824
  10,052
  11,361
  12,750
  14,216
  15,758
  17,375
  19,067
  20,834
  22,675
  24,592
  26,586
  28,659
  30,814
  33,053
  35,379
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  231
  341
  491
  688
  939
  1,253
  1,636
  2,095
  2,633
  3,256
  3,965
  4,762
  5,647
  6,620
  7,679
  8,824
  10,052
  11,361
  12,750
  14,216
  15,758
  17,375
  19,067
  20,834
  22,675
  24,592
  26,586
  28,659
  30,814
  33,053
  35,379
Operating income, $m
  -114
  -168
  -241
  -338
  -462
  -616
  -804
  -1,029
  -1,294
  -1,600
  -1,948
  -2,340
  -2,775
  -3,253
  -3,773
  -4,336
  -4,939
  -5,582
  -6,265
  -6,985
  -7,743
  -8,537
  -9,369
  -10,237
  -11,141
  -12,083
  -13,063
  -14,082
  -15,140
  -16,240
  -17,384
EBITDA, $m
  -98
  -155
  -224
  -313
  -428
  -571
  -745
  -954
  -1,199
  -1,482
  -1,805
  -2,168
  -2,571
  -3,014
  -3,496
  -4,017
  -4,576
  -5,172
  -5,804
  -6,472
  -7,174
  -7,910
  -8,680
  -9,484
  -10,323
  -11,195
  -12,103
  -13,047
  -14,028
  -15,047
  -16,106
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  8
  10
  14
  18
  23
  28
  34
  40
  48
  56
  64
  73
  83
  93
  104
  116
  128
  140
  154
  167
  182
  196
  212
  228
  245
Earnings before tax, $m
  -113
  -168
  -242
  -340
  -465
  -621
  -812
  -1,040
  -1,308
  -1,618
  -1,971
  -2,368
  -2,808
  -3,293
  -3,821
  -4,391
  -5,003
  -5,656
  -6,348
  -7,078
  -7,847
  -8,653
  -9,497
  -10,377
  -11,295
  -12,251
  -13,245
  -14,278
  -15,352
  -16,468
  -17,628
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -113
  -168
  -242
  -340
  -465
  -621
  -812
  -1,040
  -1,308
  -1,618
  -1,971
  -2,368
  -2,808
  -3,293
  -3,821
  -4,391
  -5,003
  -5,656
  -6,348
  -7,078
  -7,847
  -8,653
  -9,497
  -10,377
  -11,295
  -12,251
  -13,245
  -14,278
  -15,352
  -16,468
  -17,628

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  143
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  214
  105
  152
  212
  290
  387
  505
  647
  813
  1,005
  1,224
  1,470
  1,743
  2,043
  2,370
  2,724
  3,102
  3,507
  3,935
  4,388
  4,864
  5,363
  5,885
  6,430
  6,999
  7,590
  8,206
  8,845
  9,510
  10,202
  10,920
Adjusted assets (=assets-cash), $m
  71
  105
  152
  212
  290
  387
  505
  647
  813
  1,005
  1,224
  1,470
  1,743
  2,043
  2,370
  2,724
  3,102
  3,507
  3,935
  4,388
  4,864
  5,363
  5,885
  6,430
  6,999
  7,590
  8,206
  8,845
  9,510
  10,202
  10,920
Revenue / Adjusted assets
  1.648
  1.657
  1.645
  1.651
  1.648
  1.649
  1.648
  1.648
  1.647
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
Average production assets, $m
  42
  62
  89
  124
  170
  226
  295
  378
  476
  588
  716
  860
  1,020
  1,195
  1,387
  1,593
  1,815
  2,051
  2,302
  2,567
  2,845
  3,137
  3,443
  3,762
  4,094
  4,441
  4,801
  5,175
  5,564
  5,968
  6,388
Working capital, $m
  128
  -22
  -32
  -45
  -61
  -82
  -107
  -136
  -171
  -212
  -258
  -310
  -368
  -431
  -500
  -575
  -654
  -740
  -830
  -926
  -1,026
  -1,131
  -1,241
  -1,356
  -1,476
  -1,601
  -1,731
  -1,866
  -2,006
  -2,152
  -2,303
Total debt, $m
  0
  24
  56
  98
  151
  218
  300
  397
  512
  644
  795
  965
  1,154
  1,361
  1,586
  1,830
  2,092
  2,371
  2,666
  2,978
  3,307
  3,651
  4,012
  4,388
  4,780
  5,188
  5,613
  6,054
  6,513
  6,990
  7,486
Total liabilities, $m
  49
  73
  105
  147
  200
  267
  349
  446
  561
  693
  844
  1,014
  1,203
  1,410
  1,635
  1,879
  2,141
  2,420
  2,715
  3,027
  3,356
  3,700
  4,061
  4,437
  4,829
  5,237
  5,662
  6,103
  6,562
  7,039
  7,535
Total equity, $m
  165
  33
  47
  66
  90
  120
  157
  200
  252
  312
  379
  456
  540
  633
  735
  844
  962
  1,087
  1,220
  1,360
  1,508
  1,662
  1,824
  1,993
  2,170
  2,353
  2,544
  2,742
  2,948
  3,162
  3,385
Total liabilities and equity, $m
  214
  106
  152
  213
  290
  387
  506
  646
  813
  1,005
  1,223
  1,470
  1,743
  2,043
  2,370
  2,723
  3,103
  3,507
  3,935
  4,387
  4,864
  5,362
  5,885
  6,430
  6,999
  7,590
  8,206
  8,845
  9,510
  10,201
  10,920
Debt-to-equity ratio
  0.000
  0.720
  1.180
  1.480
  1.680
  1.820
  1.910
  1.980
  2.030
  2.070
  2.100
  2.120
  2.140
  2.150
  2.160
  2.170
  2.170
  2.180
  2.190
  2.190
  2.190
  2.200
  2.200
  2.200
  2.200
  2.200
  2.210
  2.210
  2.210
  2.210
  2.210
Adjusted equity ratio
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -113
  -168
  -242
  -340
  -465
  -621
  -812
  -1,040
  -1,308
  -1,618
  -1,971
  -2,368
  -2,808
  -3,293
  -3,821
  -4,391
  -5,003
  -5,656
  -6,348
  -7,078
  -7,847
  -8,653
  -9,497
  -10,377
  -11,295
  -12,251
  -13,245
  -14,278
  -15,352
  -16,468
  -17,628
Depreciation, amort., depletion, $m
  16
  12
  18
  25
  34
  45
  59
  76
  95
  118
  143
  172
  204
  239
  277
  319
  363
  410
  460
  513
  569
  627
  689
  752
  819
  888
  960
  1,035
  1,113
  1,194
  1,278
Funds from operations, $m
  -57
  -155
  -224
  -315
  -431
  -576
  -753
  -964
  -1,213
  -1,500
  -1,828
  -2,196
  -2,604
  -3,054
  -3,544
  -4,073
  -4,640
  -5,245
  -5,887
  -6,565
  -7,278
  -8,026
  -8,808
  -9,625
  -10,476
  -11,363
  -12,285
  -13,243
  -14,239
  -15,275
  -16,351
Change in working capital, $m
  10
  -7
  -10
  -13
  -16
  -20
  -25
  -30
  -35
  -41
  -46
  -52
  -58
  -63
  -69
  -75
  -80
  -85
  -90
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -151
Cash from operations, $m
  -67
  -148
  -215
  -302
  -415
  -555
  -728
  -934
  -1,178
  -1,460
  -1,781
  -2,144
  -2,547
  -2,991
  -3,475
  -3,998
  -4,560
  -5,160
  -5,797
  -6,469
  -7,177
  -7,920
  -8,698
  -9,510
  -10,356
  -11,238
  -12,155
  -13,108
  -14,099
  -15,129
  -16,199
Maintenance CAPEX, $m
  0
  -8
  -12
  -18
  -25
  -34
  -45
  -59
  -76
  -95
  -118
  -143
  -172
  -204
  -239
  -277
  -319
  -363
  -410
  -460
  -513
  -569
  -627
  -689
  -752
  -819
  -888
  -960
  -1,035
  -1,113
  -1,194
New CAPEX, $m
  -21
  -20
  -27
  -36
  -45
  -57
  -69
  -83
  -97
  -112
  -128
  -144
  -160
  -176
  -191
  -207
  -222
  -236
  -251
  -265
  -278
  -292
  -306
  -319
  -332
  -346
  -360
  -374
  -389
  -404
  -420
Cash from investing activities, $m
  13
  -28
  -39
  -54
  -70
  -91
  -114
  -142
  -173
  -207
  -246
  -287
  -332
  -380
  -430
  -484
  -541
  -599
  -661
  -725
  -791
  -861
  -933
  -1,008
  -1,084
  -1,165
  -1,248
  -1,334
  -1,424
  -1,517
  -1,614
Free cash flow, $m
  -54
  -176
  -254
  -356
  -485
  -646
  -842
  -1,076
  -1,351
  -1,667
  -2,027
  -2,431
  -2,879
  -3,370
  -3,905
  -4,482
  -5,101
  -5,759
  -6,458
  -7,195
  -7,969
  -8,782
  -9,631
  -10,517
  -11,441
  -12,403
  -13,403
  -14,443
  -15,523
  -16,646
  -17,813
Issuance/(repayment) of debt, $m
  0
  24
  32
  42
  54
  67
  82
  98
  115
  133
  151
  170
  189
  207
  226
  244
  261
  279
  296
  312
  328
  344
  360
  376
  392
  408
  425
  441
  459
  477
  496
Issuance/(repurchase) of shares, $m
  1
  178
  256
  359
  489
  651
  848
  1,084
  1,359
  1,677
  2,039
  2,444
  2,893
  3,386
  3,922
  4,501
  5,121
  5,781
  6,480
  7,219
  7,995
  8,808
  9,659
  10,546
  11,471
  12,434
  13,435
  14,477
  15,558
  16,683
  17,851
Cash from financing (excl. dividends), $m  
  0
  202
  288
  401
  543
  718
  930
  1,182
  1,474
  1,810
  2,190
  2,614
  3,082
  3,593
  4,148
  4,745
  5,382
  6,060
  6,776
  7,531
  8,323
  9,152
  10,019
  10,922
  11,863
  12,842
  13,860
  14,918
  16,017
  17,160
  18,347
Total cash flow (excl. dividends), $m
  -54
  25
  34
  45
  58
  72
  88
  105
  123
  143
  163
  183
  203
  223
  243
  262
  282
  300
  318
  336
  354
  371
  388
  405
  422
  440
  457
  475
  494
  513
  534
Retained Cash Flow (-), $m
  93
  -178
  -256
  -359
  -489
  -651
  -848
  -1,084
  -1,359
  -1,677
  -2,039
  -2,444
  -2,893
  -3,386
  -3,922
  -4,501
  -5,121
  -5,781
  -6,480
  -7,219
  -7,995
  -8,808
  -9,659
  -10,546
  -11,471
  -12,434
  -13,435
  -14,477
  -15,558
  -16,683
  -17,851
Prev. year cash balance distribution, $m
 
  143
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -10
  -222
  -314
  -431
  -579
  -761
  -979
  -1,236
  -1,535
  -1,876
  -2,261
  -2,690
  -3,163
  -3,679
  -4,238
  -4,839
  -5,481
  -6,162
  -6,882
  -7,641
  -8,437
  -9,271
  -10,141
  -11,049
  -11,994
  -12,978
  -14,001
  -15,064
  -16,169
  -17,317
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -9
  -203
  -273
  -355
  -449
  -552
  -661
  -772
  -882
  -984
  -1,074
  -1,148
  -1,203
  -1,235
  -1,244
  -1,230
  -1,192
  -1,135
  -1,060
  -971
  -873
  -769
  -665
  -563
  -467
  -379
  -301
  -233
  -177
  -130
Current shareholders' claim on cash, %
  100
  55.2
  30.9
  17.5
  10.1
  5.8
  3.4
  2.0
  1.2
  0.7
  0.4
  0.3
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Foundation Medicine, Inc. is a molecular information company. The Company sells products that are enabled by its molecular information platform to physicians and biopharmaceutical companies. It is engaged in the business of delivering molecular information about cancer to its customers. Its platform includes various methods and algorithms for analyzing specimens across various types of cancer. Its suite of clinical molecular information products includes FoundationOne, which is used for solid tumors; FoundationOne Heme, which is used for blood-based cancers or hematologic malignancies, including leukemia, lymphoma, myeloma, pediatric cancers and advanced sarcoma; FoundationACT (Assay for Circulating Tumor DNA), which is a blood-based (liquid biopsy) assay that evaluates circulating tumor deoxyribonucleic acid (ctDNA), and FoundationFocus CDxBRCA, which is a companion diagnostic assay to aid in identifying women with ovarian cancer for whom treatment with Rubraca (rucaparib).

FINANCIAL RATIOS  of  Foundation Medicine (FMI)

Valuation Ratios
P/E Ratio -21
Price to Sales 20.3
Price to Book 14.4
Price to Tangible Book
Price to Cash Flow -35.4
Price to Free Cash Flow -27
Growth Rates
Sales Growth Rate 25.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -44.1%
Ret/ On Assets - 3 Yr. Avg. -42.2%
Return On Total Capital -53.4%
Ret/ On T. Cap. - 3 Yr. Avg. -51%
Return On Equity -53.4%
Return On Equity - 3 Yr. Avg. -51.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 51.3%
Gross Margin - 3 Yr. Avg. 55%
EBITDA Margin -82.9%
EBITDA Margin - 3 Yr. Avg. -80%
Operating Margin -97.4%
Oper. Margin - 3 Yr. Avg. -93.7%
Pre-Tax Margin -96.6%
Pre-Tax Margin - 3 Yr. Avg. -92.9%
Net Profit Margin -96.6%
Net Profit Margin - 3 Yr. Avg. -92.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FMI stock intrinsic value calculation we used $117 million for the last fiscal year's total revenue generated by Foundation Medicine. The default revenue input number comes from 2016 income statement of Foundation Medicine. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FMI stock valuation model: a) initial revenue growth rate of 48.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for FMI is calculated based on our internal credit rating of Foundation Medicine, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Foundation Medicine.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FMI stock the variable cost ratio is equal to 196.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FMI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Foundation Medicine.

Corporate tax rate of 27% is the nominal tax rate for Foundation Medicine. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FMI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FMI are equal to 35.5%.

Life of production assets of 2.6 years is the average useful life of capital assets used in Foundation Medicine operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FMI is equal to -12.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $165 million for Foundation Medicine - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 36.657 million for Foundation Medicine is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Foundation Medicine at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Foundation Medicine Reports Preliminary 2017 Results   [Jan-08-18 06:30AM  Business Wire]
▶ Company News For Dec 5, 2017   [Dec-05-17 10:15AM  Zacks]
▶ [$$] Ex-Google Ventures Chief Bill Maris Hires Partner for Venture Firm   [Dec-04-17 08:09PM  The Wall Street Journal]
▶ The FDA Ushers In a New Era in Cancer Treatment   [Dec-02-17 10:30AM  Motley Fool]
▶ This Biotech Launched To A Record High On Cancer Test Approval   [04:33PM  Investor's Business Daily]
▶ Foundation Medicine reports 3Q loss   [Nov-01-17 05:27PM  Associated Press]
▶ 3 Healthcare Stocks for Your Radar   [Oct-22-17 12:15PM  Motley Fool]
▶ Is This the Best Precision Medicine Stock to Buy?   [Oct-10-17 06:00PM  Motley Fool]
Financial statements of FMI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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