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Is Biosensors a good buy?
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JustForFun
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12-Feb-2009 12:23
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I believe that buy & hold is the better strategy so as not to miss the runup. BIG (and also Terumo) are still out of 70% of the Asia (ex Japan) mkt and are likely to get approvals within the next 12 months. This will be a big boost to product sales revenue and licensing revenue. Another ramp up of revenue will be Terumo's Japan mkt approval which is likely to happen in late 2009 / early 2010 (my estimate). Note : This is not a buy/sell call. |
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crimson
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12-Feb-2009 11:19
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Hi, like to hear your point of view on these: 1) currently BIG is trading at .38, should sell into strength (.385/.39) and wait for pull back to buy again at .365/.37 (swing trading?) OR 2) But (accumulate) when it break thru it's current resistent level .39 and find support there? |
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JustForFun
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12-Feb-2009 11:05
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From OCBC Investment Research :
Biosensors International Group: Pulsating growth Another home run. Biosensors International Group (Biosensors) reported another "home run" quarter with its 3Q09 revenue rising 135% YoY to US$20.6m while gross profit soared 233% YoY to US$13.6m. On a 9M basis, gross profit grew 3.5x to US$74.3m. The impressive performance was primarily due to sustained growth in sales of its higher margined Drug Eluting Stents (DES). Kudos also goes to management for keeping expenses under a tight lid as it only rose 20% YoY for 9M, paltry in view of sales growth. Biosensors reported a US$200k profit before tax for 3Q09 signalling a possible faster turnaround into the black the next quarter instead of 1Q10. Funding needs satisfied. Biosensors has US$45m convertible notes (plus unpaid accrued interest at 3.95%) that are payable in Nov 2009. This quarter finally experienced the tangible benefits of the previous quarters of restructuring and Biosensors reported operating cash flows that were almost positive, enviable for a young medtech company. Along with its current cash balance of US$63.7m, Biosensors is confident of servicing the notes internally. China. Management emphasised the importance of the China market. Biosensors has filed for regulatory clearance for the BioMatrix DES in China and expects approval within 12 months. It will leverage on its 50%-owned JWMS' established sales network to accentuate its sales growth. We doubt that manufacturing of the BioMatrix stent will occur in China in view of IP copycat issues and have factored more aggressive utilisation of its current Singapore facility for FY11F. Bringing it to the next phase. Fatigued investors that were previously continually droned only by the company's cutting edge technologies but failed to see financial performance should perk up in view of Biosensor's current finesse in execution. We think the present management and corporate framework will bring the company to the next phase when it can contend with the global players. DES sales should continue growing as we believe that stenting is a viable and cheaper alternative to open heart surgery, especially in today's difficult economic environment. New estimates, Maintain BUY. We tweak our financials and introduce our FY11F estimates with new management guidance on FY10F performance, better clarity on projections in China, cost estimates and product sales acceleration. We are maintaining our medtech discounted model with a raised fair value of S$0.71 (prev: S$0.66). Maintain BUY.(Kelly Chia) |
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www.collinseow
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12-Feb-2009 10:30
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I will wait for pullback about 0.365 . Short term abit overbought. |
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trader88.sg
Veteran |
12-Feb-2009 09:31
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BIG is moving in bullish channel. |
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jackjames
Elite |
12-Feb-2009 09:27
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Finally ................................................. |
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hohokit
Veteran |
12-Feb-2009 09:23
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Careful with this counter.Saw Q 1000+ lots to buy at 0.385 suddenly disappear and 200+ lots throw out. |
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louis_leecs
Elite |
12-Feb-2009 09:17
Yells: "half cash" |
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tp 45cts,,,,,,,,,,,,tq bb f gg |
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ironside
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12-Feb-2009 06:16
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After so long, finally can see light at the end of the tunnel ! Our waiting days may be over, cheers! 'Bengster / Ang Tay Kor', you should appear now to say something.... |
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Maxximo
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11-Feb-2009 23:07
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Finally, the mgmt did make a official forcast that BIG will be in the black in FY10 ... which is only one month away ... FY09 closed this coming month of March. Furthermore their FY10 projection is only based on product sales .... excluding royalty and licensee ... very conservative projection ...... Thus, FY10 should be the turning point for BIG ...... And the for the 9 months ending with a loss of US$1.499mil compared to FY08 loss of US$10.855mil ... is a big improvement. Very importantly, BIG had managed the Top and Bottom Line very well .... this is damn difficult .... thus, BIG must have some unique product to command such well managed pricing. With a cash balance of US63.7mil .... BIG is in good shape ..... The convertible notes only due in November, by then ... BIG is already in 3rd quarter of FY10 and making profits ... and if the business is bouyant ... the mgmt may just retires all debts since BIG is already making money ....... Wow ..... BIG's share price movement will be even more interesting from now ...... cos "IT IS TURNING AROUND" ..... For me .... will hold for mid term and monitor closely .......Cheers. But one thing i dun like is that the Ang Mo did not mentioned much about his coming FY10 business development and plan ... maybe he scare talk too much and competitor know what he is doing .... haha.... Anyway .... bravo results .....Above not an inducement to trade. |
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JustForFun
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11-Feb-2009 22:41
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Biosensors Reports Strong Sales and Earnings Growth for the Third Quarter and First Nine Months of Fiscal Year Ending 31 March 2009 Singapore 11 February 2009 ‐ Biosensors International Group, Ltd. (“Biosensors” or the “Company”, Bloomberg: BIG SP) today announced strong sales and earnings growth for its third fiscal quarter (“3Q FY09”) and nine months ended 31 December 2008 (“FY09 nine‐month period”). Total product sales in the third quarter were US$19.3 million, a 13% increase over the previous quarter (“2Q FY09”), and a 123% increase over the same period a year ago (“3Q FY08”), driven largely by continued growth in the sales of the BioMatrix™ drug‐eluting stent. Drug‐eluting stent revenues were US$11.1 million in the third quarter, 36% higher than 2Q FY09 and more than eight times higher than drug‐eluting stent sales in 3Q FY08. Sales of other interventional cardiology products were US$5.7 million, a 28% increase over 3Q FY08 sales of US$4.4 million due to increased sales of bare‐metal stents in Japan and Europe. Critical care product sales for the third quarter decreased by 18%, to US$2.5 million, on lower demand in the US and Asia. Including licensing revenue and royalties, total revenue for 3Q FY09 was US$20.6 million versus US$ 8.7 million in 3Q FY08, an increase of 135%. For the FY09 nine‐month period, total revenue was US$96.6 million, a US$64.2 million (198%) increase over the same period in the prior fiscal year (“FY08 nine‐month period”). Of this increase, US$40.0 million, or 62%, was a one‐time, non‐recurring payment by a licensee to reduce future revenue sharing percentages. Product revenues for the FY09 nine‐month period rose by more than 98% compared to product revenues for the FY08 nine‐month period. Similar to revenues for 3Q FY09, this growth was the result of increased interventional cardiology product sales, primarily drug‐eluting stents, offset by a slight decrease in critical care product revenues. Commenting on the Company’s performance, Biosensors’ CEO and President Mike Kleine said, “When I joined Biosensors just over one year ago, our goal was to achieve profitability late in fiscal 2009, based largely upon increasing our ownership share of JW Medical Systems (“JWMS”) from 50% to 100%. While we were not able to complete the JWMS transaction, strong organic sales growth and a sharper focus on our cost structure did allow us to achieve profitability before exceptional items and taxation and to greatly enhance our operating cash flows during 3Q FY09. We are encouraged by the speed of our progress and we remain optimistic about our future.” The Company also reported significant gross margin improvement for its interventional cardiology products for both 3Q FY09 and the FY09 nine‐month period. Product gross margins were 64% for 3Q FY09, versus 46% for 3Q FY08, and 58% for the FY09 nine‐month period, versus 40% in the FY08 ninemonth period. The improvement was due primarily to a shift in product mix towards higher margin drug‐eluting stents. The closure of the Company’s Netherlands‐based manufacturing facility, and the discontinuation of its lower margin products, also contributed positively to the gross margin improvement for 3Q FY09. “Going forward, we will focus not only on continued sales growth and operational improvement, but also on the ongoing need for relevant clinical data and an innovative product pipeline. We are also very aware of the need to address our future financing requirements, particularly our November 2009 obligation to retire US$45.0 million in convertible notes plus accrued unpaid interest. While we may have adequate cash resources to retire these notes and interest with no additional financing, we are evaluating a proposal from the current debt holders and exploring several financing alternatives to retire these notes and provide adequate capital for our future operations” concluded Mr. Kleine. In 3Q FY09, research and development (“R&D”) expenses, which include costs for new product development and testing, clinical trials, patent registration and regulatory approval, were US$4.4 million compared to US$5.5 million in 3Q FY08. For the FY09 nine‐month period, R&D expenses were US$17.1 million compared to US$18.6 million for the FY08 nine‐month period. The decreases in R&D expenses for the quarter and nine months were mainly due to decreased clinical trial expenses in Europe and lower payroll related expenses. Sales and marketing expenses were US$6.3 million in 3Q FY09 compared to US$3.0 million in 3Q FY08, and US$19.4 million for the FY09 nine‐month period compared to US$11.4 million for the same period in the prior fiscal year. The increase was a result of expenses incurred for the commercial launch of BioMatrix, including participation in trade shows and brand building activities; increased expenses related to product registry trials in Asia and Europe; and higher headcount costs as we expand our sales force and marketing activities in Europe and Asia. General and administrative expenses were US$4.5 million in 3Q FY09, compared to US$4.4 million in 3Q FY08, and US$15.4 million for the FY09 nine‐month period, compared to US$13.1 million for the nine months in the prior fiscal year. The increase was mainly attributable to additional payroll expenses related to key management personnel, increased non‐cash share‐based option expenses relating to new options granted, and increased costs incurred at the Company’s new Singapore facilities. Included in the 3Q FY09 results is the equity method of accounting for the Company’s 50% ownership interest in JW Medical Systems Ltd (“JWMS”), which resulted in net income of US$1.9 million. For the quarter under review, JWMS sold approximately US$11.0 million of its drug‐eluting stents. In 3Q FY09, the Group reported a net loss of US$0.3 million (0.02 US cent loss per basic and diluted share) compared to a net loss of US$7.8 million (0.75 US cent loss per basic and diluted share) in 3Q FY08. For the FY09 nine‐month period, the Company reported a net loss of US$1.5 million (0.14 US cent loss per basic and diluted share) compared to a net loss of US$10.9 million (1.13 US cent loss per basic and diluted share) for the FY08 nine‐month period. The decrease in net loss for the quarter was mainly due to higher product revenue and improved gross margins, combined with an exchange gain of US$1.8 million recorded in 3Q FY09. For the FY09 nine‐month period, the decrease in loss per share was the result of the same factors that affected 3Q FY09, combined with the positive effect of the US$40.0 million of license‐related revenue recognized in the first quarter of the fiscal year. Guidance Based upon its performance through December 2008, Company management expects product revenues for the fiscal year ending 31 March 2010 (“FY10”) to range between US$90 and US$100 million, compared to FY09 product revenue guidance of US$65 to US$75 million. The projected sales growth of 30% over FY09 guidance will consist of continued strong drug‐eluting stent sales increases, slower growth of other interventional cardiology product revenues and relatively flat sales of critical care products. The FY10 product revenue range does not include any royalty or licensing revenues. Management also believes its goal of overall profitability will be achieved in FY10, with operating results improving significantly during the second half of the fiscal year. Current estimates do not include any effects for foreign currency exchange gains or losses or any exceptional non‐operating items. |
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louis_leecs
Elite |
11-Feb-2009 22:06
Yells: "half cash" |
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biosensor now having a good start,,,,,,,,,,,,,,im strong holding tis baby,,,,,,,,,,,,,,,,,,,,,,,tomorow open BIG BIG,,,,,,,,,,,,,,,,,,,,,,,,,,im bet it open BIG,,,,,,,,,,,,,,,,,,,,,,,,,CHEERS |
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JustForFun
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11-Feb-2009 17:27
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Seem like good results...DES sales US$11.1m ......cash burned just US$1.8m |
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louis_leecs
Elite |
10-Feb-2009 22:03
Yells: "half cash" |
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tis a good time for biosensor under heavy investmenton R&D,,,,,,,,,,,,,,,,bec singapore budget will offset the amount,,,,,,,,so i 100% support they R& D,,,,,,,,, their product if can give good fortune to patience with heart disease why not support,,,,,,i believe tis hide gem will esposure,,,,,them it will be a multi-billion asset to be create,,,,,,,,,,,,,,,,,im strong believe their mngnment and CEO,,,,,,,,,,,come on pray hard the to biosenser and their staff and mangment,,,,,,,,,,,,,,cheers |
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novena_33
Veteran |
10-Feb-2009 17:13
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nice chart with good volume.....it will be disappointing if BIG cant break 39 |
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trader88.sg
Veteran |
10-Feb-2009 16:48
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Resistance at 39c. |
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crimson
Senior |
10-Feb-2009 16:11
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whao! sudden buy up... CHEONG ARH!!!! |
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Maxximo
Member |
10-Feb-2009 14:09
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This coming FY09 3rd Qtr results tat end on Dec'08 which will be announced tomorrow should be in the red ... and i think this is a consensus in the mkt. In my opinion, I'm more concern on the biz development of BIG and its sales results as i'm looking at FY10 and not the current FY09 as this FY09 will likelyhood end up in the red unless there is a last minute royalty fee ... then it may jump to the black..... BIG FY09 full year will end on coming March and the FY09 full result will only be announced sometime in May. By then, BIG will be already operating in FY10 ...... Thus, FY09 is already almost history ... it is FY10 that is the interesting period for BIG Thus, even if BIG reported losses but with great improvement in the business, i may take in some more .... as i'm looking at mid term and BIG FY10 prospect. Of cos ... if the results is not encouraging and the CEO is not singing good song .... i may also say bye bye to BIG as of now .... and re-strategise my portfolio. Anyway, each to his own risk level ..... Cheers. 1 more day to result annoucement ...... Countdown ..... Above not an inducement to trade. |
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tinpeng
Member |
10-Feb-2009 11:25
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result out tom... likely to be losses due to R&D expenditure... this financial year likely to have losses... maybe turning around in the next financial year.. |
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crimson
Senior |
10-Feb-2009 10:59
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Btw, is there any news which we have yet to hear? The results is coming out today is it? |
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