Company: PFSA
Filing Date: 2025-04-28
Form Type: S-4/A
Source: 0001213900-25-035718
Chunk: 290

Company: Profusa, Inc.
Filing Date: 2025-04-28
Form: S-4/A
Chunk 290
---
 | $     | 188.95 |

Projected revenue was based on numerous assumptions, including: •Development of the revenue estimates for Lumee Oxygen and Lumee Glucose relied on calculations of the total addressable market available to potential penetration by both products. In the case of Lumee Glucose, revenue includes both sales of Lumee Glucose in its personal use and professional -useapplications. Profusa calculated the total addressable market by defining relevant active market segments in both the United States and European Union for both Lumee Oxygen and Lumee Glucose. The projections assumed that revenue build for Lumee Oxygen would commence in Q4 of 2022, and Q2 of 2024 for Lumee Glucose. •Furthermore, Lumee Glucose revenue numbers are cross -referencedand viability -checkedwith the patient launch numbers for existing competitor Abbott, manufacturers of the Freestyle Libre CGM system. Abbott was used as a reference point since it is a recent entrant to the market and Abbott’s launch numbers are indicated in existing Wall Street sell -sideanalyst coverage. In the United States, Abbott showed more than 100,000 patients for end of year 2018, after personal -useCGM launch end of 2017. Abbott was used as a reference point and not as a target for the patient numbers Profusa expects to achieve. Abbott was able to attain rapid market share due to, among other factors, its competitive lowest -in-the-marketEU and US pricing vs. Dexcom and Medtronic. As opposed to assuming Profusa’s relative pricing advantage to existing players upon launch will mimic Abbott’s advantage in 2017, Profusa assumed that low costs to healthcare systems remains a significant factor in product adoption, among other factors such as sensor duration and ease of sensor insertion, to name a few. Abbott’s numbers were therefore not directly incorporated into any analysis or modeling. Rather, Profusa used the trends of Abbott user number progression as a thesis to show how competition among existing players can affect projected potential sales momentum. Profusa recognizes Abbott is one of the largest medical device companies in the world (by market cap and revenue) with significant capacity for rapid market adoption and therefore investors should not assume Profusa will have the same resources at its disposal, even if Profusa goes to market in partnership with a major player. •Lumee Oxygen will see accelerated revenue in 2023 on the basis of various factors, including but not limited to intensified collaboration with and product endorsement by physicians it considers Key Opinion Leaders (