How To Value a Medtech Company Pre-Revenue?

Does anyone know how to value a medtech company pre-revenue?

I am assuming it has something to do with addressing the TAM, then looking at revenue build, then some how looking at comps, then building out cash flows based off of the TAM for a DCF, usually longer than 5-10 years. But I don't know specifics, or if this general thought process is right... please let me know!

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