Skip to content

Business Plan Example For Running a business and setting up new ventures and new business units

12/02/2012
Business Plan Example For Running a business and setting up new ventures and new business units

By: David Sugarman

TABLE OF CONTENTS

Executive Summary


Appenix

EXECUTIVE SUMMARY

The Mission

THE COMPANY  has developed an innovative technology that measures in real-time, non-invasively, CHEMICAL COMPOSITION  in a person’s blood. The technology has various applications in different fields. The Company  intends to become the global leader in the REAL-TIME CHEMICAL COMPOSITION  MONTIRING market for all applications.

The Need

[1]Over the past few years, an aging demographic pattern coupled with increasing global pollution have led to a growth in breathing-related illnesses, boosting the need for new devices for monitoring levels of CHEMICAL COMPOSITION  in the blood.

CHEMICAL COMPOSITION  levels are currently measured by devices called Analysis Instrument s that have been commercially available since the past twenty years.

Clinical studies supporting Analysis Instrument y’s importance in improving patient safety drive the development of the CHEMICAL COMPOSITION  monitoring market segment.

This market is expected to register growth on account of continuing cost effective innovations, expansion into new market segments and rising health and environment issues.

The Technology

The "Analysis Instrument " idea and technology developed by THE COMPANY  enables non-invasive real-time monitoring of CHEMICAL COMPOSITION  levels in the blood in a method different than the current known Chemical Analysis method.

The technology is based on high-speed and high-sensitivity sampling of volume reflection of Infra-Red light through the patient's skin using IR sensors (ANALYSIS #A- PhotoPlethysmoGraphy). Innovative algorithms analyze the acquired data in order to measure blood-flow characteristics and derive the CHEMICAL COMPOSITION  levels.

A feasibility study of about 6 months funded by the “Tnufa” fund has ended with a proof-of-concept prototype that was tested and confirms the capability of the technology and points out the direction of what are the next development milestones.

The Solution

The technology answers the growing need for real-time, non-invasive, simple, reliable and low cost solution for CHEMICAL COMPOSITION  monitoring and, in addition to the existing monitoring medical device market, opens a wide range of new applications in new markets such as in bio-feedback and sports monitoring.

In the medical device arena the The Company will penetrate into the following areas as a complementary, and in the future replacement for the currently used devices:

  1. Hospital Operating Rooms
  2. Hospital Critical Care units
  3. Portable Emergency Units (e.g. ambulances)
  4. Personal usage for patients requiring monitoring of CHEMICAL COMPOSITION  levels

1.         The Market
1.1       Market Segmentation
1.2       Market Segment Overview
1.3       Customers’ Needs
1.4       Existing Solutions
1.5       Competitors Landscape
1.6       Competitive Comparison

1.7       Market Segment Potential

1.8       Market Opportunities and Threats

1.9       SWOT
2.         The Company
2.1       Basic Facts
2.2       The Team

3.         Technology and Products
3.1       The Company  Basic Concept
3.2       The Company  Basic Components

3.3       Personal-Use The Company  for Health Stress Control/Management

3.4       High-End/High-Accuracy Analysis Instrument
3.5       OEM Analysis Instrument
3.6       Algorithm-Only Analysis Instrument

4.         Marketing Activities and Strategies
4.1       Marketing Strategies
4.2       Marketing Tactics

5.         Product Development
5.1       Development of a Medical Product

5.2       Product Classification

5.3       Clinical Trials and Scientific Papers

5.4       Regulatory Approval in the EU

5.5       Product Development & Engineering

5.6       Patents

6.         Financials
6.1       Early Start Up Costs and Revenues
6.2       Sales Plan
6.3       P & L / Cash Flow
6.4       Wharton Business School Sales Sensitivity Analysis

6.5       Breakeven Analysis

The Market and Opportunity

The first market segment that was identified by THE COMPANY  to have a large un-met clinical need and large market potential for the The Company  product is in the personal usage market, specifically for Health Stress Patients.

The device will be used as a personal accessory to assist Health Stress patients during an Health Stress attack in controlling and managing their Health Stress and helping them determine their actions.

The selection of the Health Stress Patient market segment is due to:

  • [2]Health Stress is the main breathing-related illness known today that affects more than million people of all ages worldwide. When uncontrolled, can place severe limits on daily life and is sometimes fatal. Health Stress is a significant burden, not only in terms of health care costs but also lost productivity and reduced participation in family life.
  • Health Stress is under-diagnosed and under-treated, creating a substantial burden to individuals and families and possibly restricting individuals’ activities for a lifetime.
  • Although Health Stress does not kill on the scale of chronic obstructive pulmonary disease (COPD) or other chronic diseases, failure to use appropriate medications or to adhere to treatment can lead to death.
  • A monitoring device for Health Stress management will provide a patient with their current Health Stress status and short term and long term trends, indicating any deterioration in their condition. This information may be used to manage Health Stress more effectively, since Health Stress patients tend to accommodate their Health Stress and slow deteriorations in disease status can go unnoticed leading to sub optimal management.
  • Performance requirements (accuracy) from the The Company  for that market segment are such that will enable a relatively short development cycle and regulatory path (about 2 years) with low risks.
  • Potential global market is very large and growing, will enable mass produce and achieve low cost manufacturing.
  • The development of the unit for Health Stress control application will lay the grounds for development of high-end units with improved accuracy for the other medical applications.
  • The combined European & USA market potential is estimated to be about $20 billion.

The Plan

The total amount for required investment is $ 16 Million dollars to be invested during the first 5 years. As of the 6th year The Company  shifts to a positive cash flow and balance, and by the 9th year, ROI is achieved and profit that amounts to the amount invested can be reached 3-4 years later.

  1. 1. THE MARKET

1.1       Market Segmentation

In the medical device arena the The Company  will penetrate into four market segment as a complementary device, and in the future, as replacement to the Analysis Instrument :

–  Hospital Operating Rooms
– Hospital Critical Care units
– Portable Emergency Units (e.g. ambulances)
– Personal usage for patients requiring monitoring of CHEMICAL COMPOSITION  levels.

The first market segment that was identified by THE COMPANY  to have a large un-met clinical need and large market potential for the The Company product is in the personal usage market, specifically for Health Stress Patients.

Health Stress is one of the most common chronic diseases in the Western world. Compared with other chronic diseases, number of Health Stress patients is in increase, for many reasons, particularly the quality of air we breathe. Among patients with Health Stress is a hypersensitivity of the respiratory system, causing the development of recurrent infections that block the Kenny breathing and thereby prevent patient to breathe properly. The result is wheezing or snorting during breathing, to the point of complete obstruction and death

1.2       Market Segment Overview

The initial target market segment is Personal usage for patients requiring monitoring of CHEMICAL COMPOSITION  levels. Currently there is a large un-met clinical need and large market potential for the Analysis Instrument , specifically for Health Stress Patients. Hereunder are a few statistics facts about Health Stress:

– 1 in 4 children in Western Europe require an unscheduled urgent care visit every year to their Health Stress.
– “The GINA report shows that despite the important improvement in reducing mortality, Health Stress management is still failing patients, and not meeting international guidelines for Health Stress management.
– For the 30 million people with Health Stress, the impact is profound, with Health Stress affecting sleep, lung function and daily activities.”
– Nearly 95% of people with Health Stress in Europe do not meet the criteria for Health Stress control laid down by the GINA guidelines for Health Stress management, with over one third of children and half of adults reporting day-time symptoms at least once a week

Currently any Health Stress patient that experience an attack, doesn't know in which stage he is in. Therefore he can choose visit a hospital for examination and get a treatment if necessary or to be sent home in case the attack is not having any risk.
Any unnecessary visit to the hospital is a waste of time and money to the patient. It is also a waste of money to the health system. This cost could have been saved if the patient was performed a simple test with the The Company at home.
On the other hand patient during attack that decides not to visit a hospital can suffer from an attack that progress to a severe situation that can lead to mortality.

1.3       Customers’ Needs

There are 4 stages of Health Stress attack: Mild, Moderate, Severe and Respiratory arrest imminent.

The first 2 stages (Mild and Moderate) can be treated in community setting while the other 2 stages require acute care facility (such as hospital emergency department).
Currently, as mentioned above there is no way to identify the attack’s stage without going to the hospital and therefore there are cases which patient goes to the hospital while he actually could have stayed at home and treat himself there or cases that the attack is severe and require hospitalization but the patient is not aware of  it. These 2 cases can lead to waste of money and time in case of moderate and mild attack or in the second case can cause to mortality.

1.4       Existing Solutions

The current method of treating Health Stress attacks is almost blind, without paying attention to the real status of respiration. While an accurate clinical method exists (ABG- arterial Chemistryes)- it can be used only in the hospital, and is not practical for home use.
As a result- patient arrive late to hospital, with an advanced attack; either too many, or too little, medications are given; Health Stress control is sub-optimal; morbidity and mortality increased; enormous loss of work/school days, and loss in quality of life.

1.5       Competitors Landscape


There are 5 main competitors that can compete with the THE COMPANY but none of them provide a similar solution to the THE COMPANY solution:


Competitor 1 .

A start-up from 2004 that has identified the same need and is developing a device based on a different technology.

It uses the Chemical Analysis technique to measure the rate of change in the concentration of exhaled CHEMICAL COMPOSITION  against time with normal breathing.

Health Stress Alert was devised by scientists at Brunel University.

It allows the condition to be checked while the patients breathe normally.

The hand-held device, is still in development, and not commercially available.

Its makers say it is easy for patients to interpret results and then alter their medication if necessary.

Direct Threat, Anaxsys Technology is the direct threat, however does provide indication that an additional company has identified the un-met need. We believe that our The Company technology is novel over Anaxsys’s Technology since they use Analysis Instrument  technology which relies on patient breathing – a real problem in Health Stress patients.

Peak Flow Meters

A peak flow meter is a small, hand-held device used to monitor a person's ability to breathe out air. It measures the airflow through the bronchi and thus the degree of obstruction in the airways. It is produced by many manufacturers. Very commonly used by Health Stress Patients and indicates mechanical lung function.

It requires forced expiration which is sometimes very difficult for children and in severe Health Stress conditions.

It can be regarded as a complementary device and not a competitor.

Similar Devices

A Analysis Instrument #1 is a medical device that indirectly measures the Chemical  saturation of a patient's blood (as opposed to measuring Chemical  saturation directly through a blood sample) and changes in blood volume in the skin, producing a result. It is often attached to a medical monitor so staff can see a patient's Chemical ation at all times

The device is manufactured by many manufacturers.

For Health Stress control and monitoring, provides an indication very late and does not provide the full clinical picture.

Analysis Instrument

A Analysis Instrument  is an instrument used to measure the Chemical molecule (CHEMICAL COMPOSITION ) concentration in an air sample. It does this by measuring the absorption of infrared light, which is absorbed particularly well by Chemical molecule.

The current available Analysis Instrument s are manufactured by several medical device companies and are very expensive, not designed for personal usage and are not accurate during Health Stress Attack due to irregular breathing and lung functionality.

ABG

Arterial Chemistry Test involves puncturing an artery with a thin needle and syringe and drawing a small volume of blood. The most common puncture site is the radial artery at the wrist, but sometimes the femoral artery in the groin or other sites are used. The blood can also be drawn from an arterial catheter.

The test is used to determine the pH of the blood, the partial pressure of CHEMICAL COMPOSITION and Chemical , and the _____ level. Many Chemistry analyzers will also report concentrations of_________. ABG testing is mainly used in_________, to determine gas exchange levels in the blood related to lung function, but has a variety of applications in other areas of medicine.

The ABG test does not provide real-time information of CHEMICAL COMPOSITION  levels since it takes time to draw the blood and then perform the test.

Comment: The ABG test is the most accurate mean to measure CHEMICAL COMPOSITION  and will be used as the standard reference in clinical trials to test the Analysis Instrument .

1.7       Competitive Comparison:

Analysis Instrument Anaxsys Technology(Direct Threat) Analysis Instrument #1 Peak Flow Meter Analysis Instrument ABG
Accuracy + ? + ++
Real Time Early detection + +
Functions

During Health Stress Attack

++ (?)

relies on breathing

++-relies on breathing+/-Not continuesPrice+?++–Product Status–++++Risk+++++-Size++++–Home usability++++–


1.7       Market Segment Potential

Health Stress affects an estimated 300 million individuals worldwide as shown in the table below[3]:

Millions
UK + Ireland

Market Releases will start in Europe

10.1

Western Europe 17.2
Balkans/Turkey 6.9
Russia 9.8
Middle East 10.3
Central Asia & Pakistan 9.7
Southern Asia 42.2
China 27.8
Northeast Asia 11.4
Southeast Asia 17.5
Oceania 4.5
North America 35.5
Central America 5.2
Caribbean 3.4
South America 34.7
North Africa 7.7
West Africa 13.7
East Africa 10.1
Southern Africa 15.1
Total 292.8

Phase 1:

First target market will be Europe. The main reasons are:

  • Large Market Potential
  • Simpler Regulatory Path (CE simpler than FDA) – CE presents less obstacles
  • Scope of Clinical Trials Reduced Compared to USA- Clinical trials will be required to prove the safety and efficacy of the product, however they will be simple and low-budget since they will not represent any risk to patients
  • Simpler Logistics from Israel – geographically Europe is closer to Israel, and almost in the same time zone

The first Europe country that we are targeting for is United Kingdom & Ireland. The UK medical device market is the third largest in Europe behind Germany and France, but will be easier to penetrate due to the significant awareness to Health Stress

The target market consists of:

  • Adult Health Stress Patients
  • Children Health Stress Patients Parents

UK consists of 5M children who suffer from Health Stress. We assume that the early adaptors will be the parents of these 5M children and mainly the 4M out of them that suffer from  “Uncontrolled Health Stress” or "Partially Controlled Health Stress”.

Phase 2:

Second target market will be USA with 22M Health Stress patients

1.8      Market Opportunities

The initial Sale Price will be $ ____, therefore the global market opportunity is $ ____.

1.9       SWOT

Strengths Weaknesses
  • Save life and money (reduce # of visits in hospitals)
  • ABG Accuracy- gold standard method for respiratory monitoring
  • Non-Invasive
  • Small device
  • Cost effective – Can offer very competitive price
  • User friendly– Similar to the well known Analysis Instrument #1
  • Manufacture is based on known technology
  • Safe – Does not present any risk to the patient
  • Health Stress Alert Ltd. – proof of need
  • Entrance barrier –  Market education; clinical studies
Opportunities Threats
  • New huge market :Health Stress patients
  • Increase in demand for quality health services in emerging markets
  • The technology of measurement CHEMICAL COMPOSITION  via the blood can be used for other medical applications: Analysis Instrument s, surgery room, ER, module in other monitors
  • Continuous CHEMICAL COMPOSITION  monitoring is required in all operating rooms where anesthesia is used.
  • Practically, can be used wherever respiratory failure may occur (a multitude of clinical conditions)
  • Demonstrating accuracy in Health Stress patients, during attacks
  • Health Stress Alert Ltd. as a competitor
  • Patent infringement
  • Patent cannot be granted due to existing patents


2.         THE COMPANY

2.1       Basic Facts

THE COMPANY  to date, has not yet been incorporated and is being self funded and operated by the two entrepreneurs, Mr ABCand Mr XYZ, which invented the technology and identified the applications.

In early 2006 the team has raised a total of 100,000 US$ for Research & Development from the “____” fund in order to prove the basic technology concept, which they did.

2.2       The Team


Mr ABC

Mr XYZ

Sub-Contractors

Various sub-contractors were used for developing the algorithm and HW of the first concept feasibility prototype. Mainly, an experienced algorithms engineer participated in developing the software; a data acquisition prototype was developed by an electronic engineer with decades of experience in biological signal acquisition. A PCT was submitted with the help of a patent attorney office.

3.         TECHNOLOGY AND PRODUCTS

3.1       The Company Basic Concept

3.2       The Company Basic Components

4.         MARKETING ACTIVITIES AND STRATEGIES

4.1    Marketing Strategies

Introduction

We believe that our technology is better then the current market device's technology, by its simplicity to use, small, non-invasive, low power can work on batteries and cheap BOM, so we can sell it in a competitive price. We plan to push our The Company device to every place that uses today Analysis Instrument , especially to hospitals, first as a complementary device and in the future as a replacement for the Analysis Instrument . But for that application, the device must be as accurate as the Analysis Instrument , and to have an accurate device we will need at least three years of R&D. Second, it is very hard to convince hospitals to change their current working devices to a new one, because they are used to the current devices and because of political reasons.

So we plan to start with another market, market that doesn’t exist and doesn’t need accurate device (we can have this device in less then 1.5 years). After we will dominate this market, it will be easier to get in to hospitals with the name we will build and with our second generation device that will be accurate.

Our sell strategy will be to give every market segment, the best device it needs at a competitive price.

So we want to start with two markets:

  1. The first market is a new market that doesn’t exist now, the Health Stress market. We want to give the Health Stress patient the capability to know their Health Stress attack situation and to handle the attack in the best way.
  1. The second market is the Device #2  market. There is a large market that uses the Device #2 , this market spread between health care organizations like ambulances, clinics, hospitals and private peoples that use this device like athletes, peoples with breath problems and individuals that want to know their health state.

We will start to market our device to these two markets in Europe.

The reason for starting with Europe is:

  • Large Market Potential
  • Simpler Regulatory Path (CE simpler than FDA)
  • Scope of Clinical Trials Reduced Compared to USA
  • Simpler Logistics from Israel

First market (Health Stress)

We will start a test with breath/lung clinics, and educate them about the advantage of tracing the CHEMICAL COMPOSITION  in the blood during Health Stress attack. After they will be convinced about the strengths and advantages of our device during Health Stress attack it will be straightforward to convince the Insurance Companies that this device is helpful for hard Health Stress patience and that it can save them money, if it will be prescription device with reimbursement.


Second Market (Device #2  market)

This market already exists, and we believe that we can penetrate and hold nice piece from it.

The reason for that is, the patents of the Device #2 s expired and we can add it to our device. The O2 meter can be an additional algorithm in our device with almost the same BOM as our CHEMICAL COMPOSITION  device. This means that our device will have the ability to measure CHEMICAL COMPOSITION  and O2 and we can sell it at the same price level as the current Device #2 . The additional CHEMICAL COMPOSITION  value will give the user faster understanding of his breath situation and more information about his Chemistryes, so this will be our advantage on the other Device #2 s in the market.

4.2     Marketing Tactics

  1. We will establish a group of doctors that specialize in breath / lung disease that will publish articles about how patients can know their Health Stress attack state and how they can best handle it. This group of doctors will help us in the following areas.
  1. We hope to be the first in the Health Stress market. With the right explanation and the right price we believe that we can sell millions of device and help people with their Health Stress Attacks. After the patients that use this device will become used to it they will be our best "sales man" by telling their friends about the device and how it help them.
  1. We will build a web site that will give a lot of information about the Health Stress and why it is important to know the CHEMICAL COMPOSITION  value at Health Stress attack. We will also have a forum in our web that people can ask our doctors, questions about Health Stress and breath problems. Peoples will have the ability to buy the Analysis Instrument #1also through our web site.
  1. We will work with breath/lung clinics to teach them about the important of knowing the CHEMICAL COMPOSITION  values and its trend during Health Stress attack and how to choose the best treatment according to it. We also will give them trial devices to work with. After the doctors in the clinics will understand the important of our device it will be easier to market the device to Health Stress patients and convince the Insurance companies that this device is helpful for hard Health Stress patience and that it can save them money, if it will be prescription device with reimbursement.
  1. We will "publish" our web in all the search engines so every search at the web for Device #2  will direct the seek person also to our web, because our device is Device #2  +  Analysis #1.
  1. After People will understand the important of knowing the CHEMICAL COMPOSITION  values and trend during Health Stress attack every parent to a child with Health Stress will want this device to know his child state during Health Stress Attack. It will be like the glucometer for people with diabetes mellitus or with proneness to hypoglycemia.
  1. We also thinking about open a telemedicine call centers like שח"ל that will help people under Health Stress attack and wants help to select the best treatment according to the CHEMICAL COMPOSITION  values and trend.
  1. After we will finish developing the first generation device we will start to develop the second generation device that will be more accurate and will be changed according to what we will learn from the field and from customer's remarks.  This second generation device will be address to the hospitals market and it will confront the Analysis Instrument . We believe that in this market, high end market, we will sell the devices with much higher profit.
  1. To enter to the hospitals and overcome the political barrier, we will use a Medical Device Distributor that will open the doors for our device.

5.         PRODUCT DEVELOPMENT

5.1       Development of a Medical Product

As in any HW/SW-based product, there are several phases in a medical product's life-cycle:

  • Research
  • Development
  • Manufacturing
  • Service
  • Disposal

The research phase is the phase in which the device is conceived and various concept-prototypes are bench-tested or computer-simulated. This phase can usually be done in a low-cost non-GMP (Good Manufacturing Practice) environment. This is the phase that THE COMPANY  is currently at and will finalize this phase within a couple of months.

Once the research phase has ended and development has started, the developer/manufacturer has to be compliant with the regulatory requirements of the target market.

The cost of purchasing and implementing a QMS is estimated at $50,000 to $100,000 and appears as part of the R&D cost in the financial section.

5.2       Product Classification

Product classification determines the process required for approving a medical device. It is usually based on the intended use and risk to the patient.

The product classification will determine the type and amount of data required to prove if the device is safe and effective. Clinical trials may be required in some cases.

The The Company for Health Stress Control and Management is estimated to be classified as a Class in the EU and will require clinical trials to prove safety and efficacy.

5.4       Regulatory Approval in the EU

In the EU the regulatory approval path requires a CE Mark. This is achieved by implementing the Quality Management System (QMS) ISO-13485, obtaining evidence of execution and developing the product in a way that will satisfy the Essential Requirements Check-List.

An audit will be performed by a Notified Body once THE COMPANY  has determined that the development has been completed and QMS is fully functional by internal audits.

Once the audit by the notified body has been completed successfully and they have determined that the Essential Requirements Check-List has been met they will issue a CE Mark and the product can be released to the EU market.

It is estimated that this will require between 1.5 to 2 years (from start of investment) for the The Company for Health Stress Control & Management product to get the CE Mark and Release Authorization in the EU.

The expense for this is marked as submissions and is expected to be in the range of $200,000 for the first year with a bi-annual expense of $50,000 for various changes in the Technical file. It appears as part of the R&D cost in the financial section.

5.5       Product Development & Engineering

Most of the product development will be done using external contractors, except for key-elements such as the core algorithm that will be developed internally.

There are two major bulks of development:

The HW

This includes development of the electronics and mechanics, from prototype through Design Verification and Design Transfer to Process Validation and Release.

This is estimated at $,000 at the first year, and $,000 at the second year and levels at $,000 annually for sustained engineering and development of new intended usages.

5.6       Patents

5.7       Product Development Timelines & Cost

Department 2010 2011 2012 2013 2014
R&D R D D D V T T S S S S S S S S S S S S S
QA/QC Q Q Q V T T P P P P P P P P P P P P P
Production p p T T P P P P P P P P P P P P P
RA C C C G G G G F F F F G G G G
Clinical A A A A B B B B B B B B B B B B
EU Marketing E M M M M M M M M M M M M
EU Sales I I I I I I I I I I I I I
Cost $ 2.2 M $ 1.8 M $ 2.5 M $ 3.7 M $ 8.0 M

Activity Key:

A – Pre-Market Clinical Trials

B – Post-Market Clinical Trials and Scientific Papers Writing

C – CE Mark Related Activities

D – Development

E – Product Release to EU

F – FDA Submission Activities

G – Activities Related to New Indications

I – Sales activities

M – Marketing activities

P – Production (small p = pre-production of prototypes for DV and Clinical Trials)

Q – Quality Management System Implementation

R – Research

V – DV = Design Verification

S – Sustain Engineering & Product Improvements for new Indications

T – Design Transfer & Manufacturing Process Validation

6.         FINANCIALS

6.1       Early Start Up Costs and Revenues

Initial start-up costs include $______ for R&D purposes, $ _______ for G&A and $,000 for Capital investments. This amounts to just over 2 M US$ for the first year. The Company  will generate initial revenue only from its second year ($,000) and produce substantial revenue from its fifth year ($,000).

The making of the prodcuct is based on the following bill of material (BOM) as presented in table no 1.

Table no 1: Bill of materialS

BOM
Component Cost
LCD $  1
Single boat PC $  2
Housing $  2
DAQ& Processing $  3
Power supply $  2
Sensor $  1
Miscellaneous $  1
Total $ 12

6.2       Sales Plan

As presented in the marketing sections the sales will be split between 2 territories (EU and USA) and between two major segments (Hospitals and consumer). Consequently the sales plan is proposed to be the following presented in table no A1 (Appendix A). The total amount of units planned to be sold during the 10 year period amounts to,000 units. This is a moderate estimation that is subject to changes due to regulations and market but nevertheless can be a safe base line for further growth.

6.3       P & L / Cash Flow

A detailed P&L with the summary of the Cash Flow is presented in Table no A2 (Appendix A). The total amount for required investment is $ 16 Million dollars to be invested during the first 5 years. As of the 6th year The Company  shifts to a positive cash flow and balance and by the 9th year ROI is achieved and profit that amounts to the amount invested can be reached 3-4 years later.

A summary of the P&L is presented in table no 2. Accordingly a detailed budget allocation is presented in figures no 1 and 2.

The bottom line on a 10 year scale portrays a net profit of 12 million dollars

Table no 2: Summarized P&L.

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total
Units Sold 0 20 130 770 4175 24000 30000 32750 35313 37941 165098
Revenue $0 $20 $130 $693 $3,340 $16,800 $18,000 $16,375 $17,656 $18,970 $91,985
COGS $0 $104 $184 $498 $1,001 $4,369 $4,922 $4,692 $5,025 $5,366 $26,159
Gross Profit $0 -$84 -$54 $195 $2,339 $12,431 $13,078 $11,683 $12,632 $13,605 $65,825
Gross Margin 0% 519% 141% 72% 30% 26% 27% 29% 28% 28% 0%
Expenses
R & D $1,100 $600 $400 $300 $400 $300 $400 $300 $400 $300 $4,500
R&D (%) 0% 3000% 308% 43% 12% 2% 2% 2% 2% 2% 0%
S&M $0 $5 $200 $1,000 $4,000 $2,000 $2,000 $2,000 $2,000 $2,000 $15,205
S&M (%) 0% 25% 154% 144% 120% 12% 11% 12% 11% 11% 0%
Operations $0 $0 $2 $15 $79 $456 $570 $622 $671 $721 $3,137
Operations (%) 0% 2% 2% 2% 2% 3% 3% 4% 4% 4% 0%
G & A $830 $1,194 $1,835 $2,353 $3,187 $3,817 $3,961 $3,997 $4,154 $4,318 $29,646
G&A (%) 0% 5972% 1411% 339% 95% 23% 22% 24% 24% 23% 0%
Cap Ex $335 $34 $3 $0 $335 $34 $3 $0 $335 $34 $1,113
CapEx (%) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Total Expenses $2,265 $1,833 $2,441 $3,668 $8,001 $6,606 $6,934 $6,920 $7,560 $7,372 $53,601
Operational profit / Burn Rate -$2,265 -$1,917 -$2,494 -$3,473 -$5,662 $5,825 $6,144 $4,763 $5,072 $6,232 $12,224
Operational Margin 0% -9586% -1919% -501% -170% 35% 34% 29% 29% 33% 13%
Cash Flow
Cash Flow Burn Rate -$2,265 -$1,920 -$2,517 -$3,591 -$6,218 $2,998 $5,892 $5,105 $4,802 $5,956 $8,242
Operational Margin 0% -12800% -2456% -650% -232% 22% 33% 30% 28% 32% 9%

Figure No 1: Budget allocation (in US$)

Figure No 2: Budget allocation (in %)

6.4       Wharton Business School Sales Sensitivity Analysis

The financial analysis took into account various unit sale prices. As indicated in the detailed P&L the unit sale price begins at 1,000 US$ and ends at 500 US$. In order to further assess the companies sales potential and sensitivity to sales a model used by the Wharton School of business was used (finance.wharton.upenn.edu/~mrrobert/teaching_files/…/npvex.xls).

The basic assumptions are presented in table no 3.

Table No 3: Basic assumptions for Sales Sensitivity analisys

BASE ASSUMPTIONS
Marginal Corporate Tax Rate 20%
Discount Rate 15.00%
First-year Sales $    300,000
Initial Growth Period (Years) 3
Initial Growth Rate 10.00%
Steady-state Growth Rate 5.00%
Cost of Sales 60.00%
Up-front Advertising $      75,000
Yearly Advertising and Promotions $      15,000
Total Value $31,414,468

The analysis required preparing an updated detailed P&L (table no A3 (Appendix A)).

The analysis indicates that the NPV of The Company  over a period of 10 years is

almost $ US 50M reduced to just over $ US 15M when the discount rate reaches 30%.

Figure no 3: Sensitivity to discount rate

Figure no 4: Sensitivity to cost of sales

6.5       Breakeven Analysis

A breakeven analysis was conducted ( figures 5, 6, ) indicating the result that 78,941 units need to be sold in order to reach breakeven point (Figure no 7). According to the P&L, such sales are reached during year 7. It is imperative to note that the analysis was conducted under the terms and assumptions detailed in Table no 7. consequently the amount indicated by the breakeven analysis suggests that the 8th year is a breakeven point whereas the P&L indicates an ROI at the 9th year. Yet the proximity of the results indicate that the 8th and 9th years are vital years for a continuous success.

Figure no 5: Unit contribution margin

Figure no 6: Variable cost per unit

Table no 7: Terms and assumptions for the breakeven point analisys

Figure No 7: Breakeven analysis chart

Appendix

A: Finance

Table no A1: Sales plan for 10 years.

Y 1 Y 2 Y 3 Y 4 Y 5 Y 6 Y 7 Y 8 Y 9 Y 10 Total
Average Sale Price US ($) 1000 1000 900 800 700 600 500 500 500
USA
Consumer
Units 0 0 0 200 2000 20000 25000 26250 27563 28941 129953.125
Revenue $           – $             – $             – $      180,000 $1,600,000 $14,000,000 $15,000,000 $13,125,000 $13,781,250 $14,470,313 $72,156,563
Hospitals
Units 0 0 0 20 100 500 500 1000 1000 1000 4120
Revenue $           – $             – $             – $        18,000 $     80,000 $     350,000 $     300,000 $     500,000 $     500,000 $     500,000 $  2,248,000
Total
Units 0 0 0 220 2100 20500 25500 27250 28562.5 29940.625 134073.125
Revenue $           – $             – $             – $      198,000 $1,680,000 $14,350,000 $15,300,000 $13,625,000 $14,281,250 $14,970,313 $74,404,563
EMEA
Consumer
Units 0 0 100 500 2000 3000 4000 5000 6000 7000 27600
Revenue $           – $             – $   100,000 $      450,000 $1,600,000 $  2,100,000 $  2,400,000 $  2,500,000 $  3,000,000 $  3,500,000 $15,650,000
Hospitals
Units 0 20 30 50 75 500 500 500 750 1000 3425
Revenue $           – $     20,000 $     30,000 $        45,000 $     60,000 $     350,000 $     300,000 $     250,000 $     375,000 $     500,000 $  1,930,000
Total
Units 0 20 130 550 2075 3500 4500 5500 6750 8000 31025
Revenue $           – $     20,000 $   130,000 $      495,000 $1,660,000 $  2,450,000 $  2,700,000 $  2,750,000 $  3,375,000 $  4,000,000 $17,580,000
Grand Total
Units 0 20 130 770 4175 24000 30000 32750 35313 37941 165098.125
Revenue $           – $     20,000 $   130,000 $      693,000 $3,340,000 $16,800,000 $18,000,000 $16,375,000 $17,656,250 $18,970,313 $91,984,563

Table no A2: Detailed P & L and Summary of Cash Flow.

Y 1 Y 2 Y 3 Y 4 Y 5 Y 6 Y 7 Y 8 Y 9 Y 10 Total
Revenues
USA
Consumer $0 $0 $0 $180,000 $1,600,000 $14,000,000 $15,000,000 $13,125,000 $13,781,250 $14,470,313 $72,156,563
Hospitals $0 $0 $0 $18,000 $80,000 $350,000 $300,000 $500,000 $500,000 $500,000 $2,248,000
EMEA $0
Consumer $0 $0 $100,000 $450,000 $1,600,000 $2,100,000 $2,400,000 $2,500,000 $3,000,000 $3,500,000 $15,650,000
Hospitals $0 $20,000 $30,000 $45,000 $60,000 $350,000 $300,000 $250,000 $375,000 $500,000 $1,930,000
Total Revenue $0 $20,000 $130,000 $693,000 $3,340,000 $16,800,000 $18,000,000 $16,375,000 $17,656,250 $18,970,313 $91,984,563
COGS
Services $0 $1,400 $9,100 $48,510 $233,800 $1,176,000 $1,260,000 $1,146,250 $1,235,938 $1,327,922 $6,438,919
Materials $0 $240 $1,560 $9,240 $50,100 $288,000 $360,000 $393,000 $423,750 $455,288 $1,981,178
Other $0 $1,000 $6,500 $34,650 $167,000 $840,000 $900,000 $818,750 $882,813 $948,516 $4,599,228
Direct Labour $0 $101,200 $166,400 $406,000 $549,700 $2,065,080 $2,401,800 $2,333,950 $2,482,063 $2,633,968 $13,140,161
Total COGS $0 $103,840 $183,560 $498,400 $1,000,600 $4,369,080 $4,921,800 $4,691,950 $5,024,563 $5,365,693 $26,159,486
Gross Profit $0 -$83,840 -$53,560 $194,600 $2,339,400 $12,430,920 $13,078,200 $11,683,050 $12,631,688 $13,604,619 $65,825,077
Gross Margin 519% 141% 72% 30% 26% 27% 29% 28% 28% 901%
Expenses
R&D
Outsourcing (Hardware development) $200,000 $150,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $750,000
Outsourcing- Algorithm dev $200,000 $100,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $700,000
Clinical trials $200,000 $200,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $800,000
IP protection $200,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $1,100,000
Submissions $200,000 $50,000 $50,000 $50,000 $50,000 $400,000
QMS $100,000 $50,000 $100,000 $50,000 $100,000 $50,000 $100,000 $50,000 $100,000 $50,000 $750,000
Total R&D $1,100,000 $600,000 $400,000 $300,000 $400,000 $300,000 $400,000 $300,000 $400,000 $300,000 $4,500,000
R&D (%) 3000% 308% 43% 12% 2% 2% 2% 2% 2%
S&M $5,000 $200,000 $1,000,000 $4,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $15,205,000
S&M (%) 25% 154% 144% 120% 12% 11% 12% 11% 11%
Operations
Assembly $0 $100 $650 $3,850 $20,875 $120,000 $150,000 $163,750 $176,563 $189,703 $825,491
Q&A $0 $60 $390 $2,310 $12,525 $72,000 $90,000 $98,250 $105,938 $113,822 $495,294
Shipment $0 $80 $520 $3,080 $16,700 $96,000 $120,000 $131,000 $141,250 $151,763 $660,393
Support $0 $100 $650 $3,850 $20,875 $120,000 $150,000 $163,750 $176,563 $189,703 $825,491
Miscellaneous $0 $40 $260 $1,540 $8,350 $48,000 $60,000 $65,500 $70,625 $75,881 $330,196
Total Operations $0 $380 $2,470 $14,630 $79,325 $456,000 $570,000 $622,250 $670,938 $720,872 $3,136,864
Operations (%) 2% 2% 2% 2% 3% 3% 4% 4% 4% $0
G&A
FIXED
Salaries $504,000 $816,000 $1,357,800 $1,662,690 $2,324,825 $2,408,066 $2,495,469 $2,587,242 $2,683,605 $2,784,785 $19,624,481
Payroll taxes $50,400 $81,600 $135,780 $166,269 $232,482 $240,807 $249,547 $258,724 $268,360 $278,478 $1,962,448
Travel $20,000 $40,000 $80,000 $240,000 $240,000 $240,000 $240,000 $240,000 $240,000 $240,000 $1,820,000
Insurance $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $80,000 $800,000
Rent $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $80,000
Legal $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $400,000
Audit $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $80,000
Telecom $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $100,000
Utilities $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $100,000
IT $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $900,000
Miscellaneous $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $100,000
Total Fixed $830,400 $1,193,600 $1,829,580 $2,324,959 $3,053,307 $3,144,872 $3,241,016 $3,341,967 $3,447,965 $3,559,263 $25,966,929
VARIABLE $0
Bad debts $0 $400 $2,600 $13,860 $66,800 $336,000 $360,000 $327,500 $353,125 $379,406 $1,839,691
Miscellaneous $0 $400 $2,600 $13,860 $66,800 $336,000 $360,000 $327,500 $353,125 $379,406 $1,839,691
Total Variable $0 $800 $5,200 $27,720 $133,600 $672,000 $720,000 $655,000 $706,250 $758,813 $3,679,383
Total G&A $830,400 $1,194,400 $1,834,780 $2,352,679 $3,186,907 $3,816,872 $3,961,016 $3,996,967 $4,154,215 $4,318,076 $29,646,312
G&A (%) 5972% 1411% 339% 95% 23% 22% 24% 24% 23%
Capital Expenditure
Software+Hardware $325,000 $32,500 $3,250 $325 $325,000 $32,500 $3,250 $325 $325,000 $32,500 $1,079,650
Office Equipment $10,000 $1,000 $100 $10 $10,000 $1,000 $100 $10 $10,000 $1,000 $33,220
Total CapEx $335,000 $33,500 $3,350 $335 $335,000 $33,500 $3,350 $335 $335,000 $33,500 $1,112,870
CapEx (%) 168% 3% 0% 10% 0% 0% 0% 2% 0%
Total Expenses $2,265,400 $1,833,280 $2,440,600 $3,667,644 $8,001,232 $6,606,372 $6,934,366 $6,919,552 $7,560,153 $7,372,448 $53,601,046
Operational profit / Burn Rate -$2,265,400 -$1,917,120 -$2,494,160 -$3,473,044 -$5,661,832 $5,824,548 $6,143,834 $4,763,498 $5,071,535 $6,232,172 $12,224,031
Operational Margin -9586% -1919% -501% -170% 35% 34% 29% 29% 33% 13%
Cash Flow
Total Revenue $0 $15,000 $102,500 $552,250 $2,678,250 $13,435,000 $17,700,000 $16,781,250 $17,335,938 $18,641,797 $87,241,984
Total Expenses $2,265,400 $1,831,830 $2,439,500 $3,662,014 $7,974,762 $6,471,772 $6,922,366 $6,935,802 $7,547,340 $7,359,307 $53,410,093
Operational profit / Burn Rate -$2,265,400 -$1,920,070 -$2,517,260 -$3,591,274 -$6,217,702 $2,997,948 $5,891,834 $5,104,748 $4,802,472 $5,956,219 $8,241,515
Operational Margin 0% -12800% -2456% -650% -232% 22% 33% 30% 28% 32% 9%

Table no A3: Updated P&L for sales sensitivity analysis

YEAR 1 2 3 4 5 6 7 8 9 10
Total Revenue $                 – $       15,000 $     102,500 $     552,250 $  2,678,250 $ 13,435,000 $ 17,700,000 $ 16,781,250 $ 17,335,938 $ 18,641,797
COGS $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 –
Services $                 – $         1,050 $         7,175 $       38,658 $     187,478 $      940,450 $   1,239,000 $   1,174,688 $   1,213,516 $   1,304,926
Materials $                 – $            240 $         1,560 $         9,240 $       50,100 $      288,000 $      360,000 $      393,000 $      423,750 $      455,288
Other $                 – $            750 $         5,125 $       27,613 $     133,913 $      671,750 $      885,000 $      839,063 $      866,797 $      932,090
Direct Labour $                 – $     101,200 $     166,400 $     406,000 $     549,700 $   2,065,080 $   2,401,800 $   2,333,950 $   2,482,063 $   2,633,968
Total COGS $                 – $     103,240 $     180,260 $     481,510 $     921,190 $   3,965,280 $   4,885,800 $   4,740,700 $   4,986,125 $   5,326,271
Gross Profit $                 – $      -88,240 $      -77,760 $       70,740 $  1,757,060 $   9,469,720 $ 12,814,200 $ 12,040,550 $ 12,349,813 $ 13,315,526
Gross Margin $                 – $                7 $                2 $                1 $                0 $                 0 $                 0 $                 0 $                 0 $                 0
Expenses $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 –
R&D $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 –
Outsourcing (Hardware development) $      200,000 $     150,000 $       50,000 $       50,000 $       50,000 $        50,000 $        50,000 $        50,000 $        50,000 $        50,000
Outsourcing- Algorithm dev $      200,000 $     100,000 $       50,000 $       50,000 $       50,000 $        50,000 $        50,000 $        50,000 $        50,000 $        50,000
Clinical trials $      200,000 $     200,000 $       50,000 $       50,000 $       50,000 $        50,000 $        50,000 $        50,000 $        50,000 $        50,000
IP protection $      200,000 $     100,000 $     100,000 $     100,000 $     100,000 $      100,000 $      100,000 $      100,000 $      100,000 $      100,000
Submissions $      200,000 $                 – $       50,000 $                 – $       50,000 $                 – $        50,000 $                 – $        50,000 $                 –
QMS $      100,000 $       50,000 $     100,000 $       50,000 $     100,000 $        50,000 $      100,000 $        50,000 $      100,000 $        50,000
Total R&D $   1,100,000 $     600,000 $     400,000 $     300,000 $     400,000 $      300,000 $      400,000 $      300,000 $      400,000 $      300,000
S&M $                 – $         3,750 $     200,000 $  1,000,000 $  4,000,000 $   2,000,000 $   2,000,000 $   2,000,000 $   2,000,000 $   2,000,000
Operations $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 –
Assembly $                 – $            100 $            650 $         3,850 $       20,875 $      120,000 $      150,000 $      163,750 $      176,563 $      189,703
Q&A $                 – $              60 $            390 $         2,310 $       12,525 $        72,000 $        90,000 $        98,250 $      105,938 $      113,822
Shipment $                 – $              80 $            520 $         3,080 $       16,700 $        96,000 $      120,000 $      131,000 $      141,250 $      151,763
Support $                 – $            100 $            650 $         3,850 $       20,875 $      120,000 $      150,000 $      163,750 $      176,563 $      189,703
Miscellaneous $                 – $              40 $            260 $         1,540 $         8,350 $        48,000 $        60,000 $        65,500 $        70,625 $        75,881
Total Operations $                 – $            380 $         2,470 $       14,630 $       79,325 $      456,000 $      570,000 $      622,250 $      670,938 $      720,872
G&A $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 –
FIXED $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 –
Salaries $      504,000 $     816,000 $  1,357,800 $  1,662,690 $  2,324,825 $   2,408,066 $   2,495,469 $   2,587,242 $   2,683,605 $   2,784,785
Payroll taxes $        50,400 $       81,600 $     135,780 $     166,269 $     232,482 $      240,807 $      249,547 $      258,724 $      268,360 $      278,478
Travel $        20,000 $       40,000 $       80,000 $     240,000 $     240,000 $      240,000 $      240,000 $      240,000 $      240,000 $      240,000
Insurance $        80,000 $       80,000 $       80,000 $       80,000 $       80,000 $        80,000 $        80,000 $        80,000 $        80,000 $        80,000
Rent $          8,000 $         8,000 $         8,000 $         8,000 $         8,000 $          8,000 $          8,000 $          8,000 $          8,000 $          8,000
Legal $        40,000 $       40,000 $       40,000 $       40,000 $       40,000 $        40,000 $        40,000 $        40,000 $        40,000 $        40,000
Audit $          8,000 $         8,000 $         8,000 $         8,000 $         8,000 $          8,000 $          8,000 $          8,000 $          8,000 $          8,000
Telecom $        10,000 $       10,000 $       10,000 $       10,000 $       10,000 $        10,000 $        10,000 $        10,000 $        10,000 $        10,000
Utilities $        10,000 $       10,000 $       10,000 $       10,000 $       10,000 $        10,000 $        10,000 $        10,000 $        10,000 $        10,000
IT $        90,000 $       90,000 $       90,000 $       90,000 $       90,000 $        90,000 $        90,000 $        90,000 $        90,000 $        90,000
Miscellaneous $        10,000 $       10,000 $       10,000 $       10,000 $       10,000 $        10,000 $        10,000 $        10,000 $        10,000 $        10,000
Total Fixed $      830,400 $  1,193,600 $  1,829,580 $  2,324,959 $  3,053,307 $   3,144,872 $   3,241,016 $   3,341,967 $   3,447,965 $   3,559,263
VARIABLE $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 –
Bad debts $                 – $            300 $         2,050 $       11,045 $       53,565 $      268,700 $      354,000 $      335,625 $      346,719 $      372,836
Miscellaneous $                 – $            300 $         2,050 $       11,045 $       53,565 $      268,700 $      354,000 $      335,625 $      346,719 $      372,836
Total Variable $                 – $            600 $         4,100 $       22,090 $     107,130 $      537,400 $      708,000 $      671,250 $      693,438 $      745,672
Total G&A $      830,400 $  1,194,200 $  1,833,680 $  2,347,049 $  3,160,437 $   3,682,272 $   3,949,016 $   4,013,217 $   4,141,403 $   4,304,935
Capital Expenditure $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 – $                 –
Software+Hardware $      325,000 $       32,500 $         3,250 $            325 $     325,000 $        32,500 $          3,250 $             325 $      325,000 $        32,500
Office Equipment $        10,000 $         1,000 $            100 $              10 $       10,000 $          1,000 $             100 $               10 $        10,000 $          1,000
Total CapEx $      335,000 $       33,500 $         3,350 $            335 $     335,000 $        33,500 $          3,350 $             335 $      335,000 $        33,500
Total Expenses $   2,265,400 $  1,831,830 $  2,439,500 $  3,662,014 $  7,974,762 $   6,471,772 $   6,922,366 $   6,935,802 $   7,547,340 $   7,359,307
Operational profit / Burn Rate $ -2,265,400 $ -1,920,070 $ -2,517,260 $ -3,591,274 $ -6,217,702 $   2,997,948 $   5,891,834 $   5,104,748 $   4,802,472 $   5,956,219
Operational Margin $                 – $           -128 $             -25 $               -7 $               -2 $                 0 $                 0 $                 0 $                 0 $                 0
Net Cash Flow $   2,265,400 $  1,935,070 $  2,619,760 $  4,143,524 $  8,895,952 $ 10,437,052 $ 11,808,166 $ 11,676,502 $ 12,533,465 $ 12,685,578
Discount Factor $                 1 $                1 $                1 $                1 $                0 $                 0 $                 0 $                 0 $                 0 $                 0
PV Cash Flow $   1,969,913 $  1,463,191 $  1,722,535 $  2,369,073 $  4,422,860 $   4,512,226 $   4,439,127 $   3,817,069 $   3,562,793 $   3,135,681
NPV $ 31,414,468

[1] _________________________, March 2009

[2] Prevention 2008 (update)

[3] Prevention 2008 (update)

להגיב

כתיבת תגובה

הזינו את פרטיכם בטופס, או לחצו על אחד מהאייקונים כדי להשתמש בחשבון קיים:

הלוגו של WordPress.com

אתה מגיב באמצעות חשבון WordPress.com שלך. לצאת מהמערכת / לשנות )

תמונת Twitter

אתה מגיב באמצעות חשבון Twitter שלך. לצאת מהמערכת / לשנות )

תמונת Facebook

אתה מגיב באמצעות חשבון Facebook שלך. לצאת מהמערכת / לשנות )

תמונת גוגל פלוס

אתה מגיב באמצעות חשבון Google+ שלך. לצאת מהמערכת / לשנות )

מתחבר ל-%s

%d בלוגרים אהבו את זה: