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3021-3040 of 10899
DBS Vickers DownGraded to hold.
Price will go down next week
OCBC Reasearch report
Biosensors International Group: FY11 results within expectations
Summary: Biosensors International Group (BIG) reported its 4QFY11 results with revenue growth of 35.5% YoY and 4.5% QoQ to US$44.5m. Core earnings increased 102.0% YoY and 12.0% QoQ to US$16.7m. Full-year results were within our expectations. Revenue increased 34.8% to US$156.6m, just 0.8% below our forecast while core net profit rose 67.5% to US$52.6m, forming 103.7% of our FY11 core earnings estimate. BIG also continued its trend of improving gross and operating margins. We believe that its BioMatrix family of drug-eluting stents (DES) still has ample growth opportunities moving forward, given the increasingly positive clinical trial results on their efficacy and safety. The roll-out of new complementary DES would also drive BIG’s earnings momentum ahead. We tweak our FY12 revenue forecast to US$203.1m, in line with the upper-end guidance provided by management. We also introduce our FY13 estimates and roll forward our DCF-based valuation. Our fair value estimate in turn increases from S$1.48 to S$1.55. Maintain BUY.
full breakdown of revenue components on BIG website downloads.
Sorry, could not copy & paste from BIG's pdf's, so have to look up yourself
Based on my own personal experience, a gravestone doji oftens signals a 'top' when it occurs after a new high. In the case of Biosensors, if it had occur at the recent high of 1.39-1.41, it would appear to be significant in foretelling a 'top'.
However, in this case, it occurs near its recent low, ie near the 1.30-1.31 level, and its significance may not be that important.
ALso, in japanese candlestick theory, any signal has to be validated by a follow thru the following day.
Let us see what happens tomorrow, to see whether an interim top has been formed.
Bear, in mind, candlesticks often signals tops and bottoms, and sometimes this top and bottom may or may not signal a trend reversal.
Trend reversals are more often revealed in using trend lines, moving averages, etc.
Again, not a call to buy/sell.
On Thursday, Biosensors re-test the resistance at $1.34 and closed at $1.32 with HIGH volume of 7.22 million shares traded.
A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
RSI & MACD are flat as RSI trend sideways.
Important Resistance of Biosensors: $1.34
Immediate Support of Biosensors: $1.31
Currently prices are resisted by 20 days MA at $1.34
After the recent.......... REAd MORE
Initial thoughts on the results. Not too bad. Net profit for whole year is US$43.2m, slightly higher than OCBC, Nomura and DBS estimates of US$39.8m, US$40.5m, and US$37m respectively.
Although, the company did not give the breakdown of DES sales, however, it says DES sales grew by 60 % over Q4 2010. By working backwards, my calculations shows that DES sales is probably US$28.76m, compared with last qtr of US$26.3m, ie, sales grow 9.35 % qtr on qtr.
The calculation goes like this - Q4 2009 DES sales is US$10.7m. Q4 2010 DES sales grow by 68 % over Q4 2009 - meaning Q42010 sales is US$17.98m.
Q4 2011 (current qtr) DES sales grow by 60 % over Q4 2010 (which is US$17.98m, as calculated) - meaning Q42011 sales is US$28.76m
GOing forward, the company says that total revenue will grow between 20-30 %, ie since current revenue is US156m, FY 2012 revenue will be between US$187m and US$202m., ie a net increase of US$31m to US$46m
There is no breakdown between licensing revenue and product revenue in the new forecast. Assuming that Biosensor can increase revenue somewhere in the middle, ie approx US$38.9m.
As increase in licensing revenue is 100 % profit to Biosensors, and DES gross margin is over 80 %, the net increase of US38.9m should flow down to the bottom line.
THat is, I expect net profit which is currently at US$43.2m to increase by US$31m (taking US$38.9m x 0.8, to account for 20 % tax), ie to a net profit of US$74m for FY 2012, plus, minus a few million, to account for net cost of 20 % for DES raw materials, maybe US$70m.
I think the fact that mgmt did not think about redeeming the bond loan of US34m, EVEN though they have cash of US$259m in hand, PROBABLY indicates that they need the money for something else this yr, and I am not talking about the new clinical trial, which will only start late next year. (may be a significant acquisition ?)
Again, just some conjectures. Not a call to buy/sell.
I think this is a solid showinf but does anyone have an idea what the analyst will think of these results?
what the share price reaction will be?
Biosensors International Group has reported a doubling of net profit to US$18.2 million ($22.6 million) for the 4Q ending 31 March 2011 from a net profit in US$9.1 million in 4Q10 on the back of a 36% rise in revenue to US$44.5 million.
Total product sales in the fourth quarter were US$39.7 million, a 33% increase over 4Q10, driven largely by continued growth in sales of the BioMatrix family of drug‐ eluting stents (DES). Total revenue for Interventional Cardiology increased to US$36.5 million, a 35% increase over the US$27 million, thanks to higher DES sales. Sales of critical care products also increased to US$3.3 million compared to US$2.9 million for 4Q FY10.
Gross margins on total product sales improved to 75% in FY11 from 70% in FY10, driven by a shift in product mix toward the company’s higher margin DES products as well as increased economies of scale in manufacturing.
allright ( Date: 25-May-2011 13:08) Posted:
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The Nobori vs. Xience trial will be interesting. Unfortunately we have to wait 1 year, 3 years for results. If they do a Biofreedom vs. Xience trial, that will be interesting as well.
Let me summarise the article that I posted earlier.
It says that finally, there is a significant signal , that biodegradable polymer will ultimately in less stent thrombosis, in patients.
Looking at it from the layman's angle. Even, if the Xience DES or any other DES performs better than the biomatrix in relative terms, (I am not saying that this is the case), common sense tells me, - Do I want the permanent polymer to remain in my body for the next 3 yrs, 5 yrs ? or 10 - 20 yrs ?, depending on how long I live. I do not believe that the permanent polymer will not flaked, disintegrate or be worn out, in which case, it may cause stent thrombosis.
So, the simple solution is this - Get rid of the polymer ! - which is precisely, what the biomatix does !.
This article is not simply from the investment viewpoint, but rather, if we ever need a DES, I would personally prefer the Biomatrix.
Again, not a call to buy/sell.
Less stent thrombosis with biodegradable vs permanent polymers: Meta-analysis
Paris, France - It's long been speculated, but never proven: now a new meta-analysis with three-year data is offering the first solid proof that drug-eluting stents (DES) with bioerodable polymers are associated with less stent thrombosis and better clinical outcomes than stents with permanent polymers.
Rates of stent thrombosis were 50% lower with the bioerodable polymer stents, said Dr Stephan Windecker (University Hospital, Bern, Switzerland) presented the study results during a late-breaking science session here Friday at EuroPCR 2011.
Study coauthor Dr Robert Byrne (Deutsches Herzzentrum, Munich, Germany), who previewed the results with the press, pointed out that the whole rationale behind using a biodegradable polymer is that it can help control drug release but won't be left behind on the stent, which may aggravate the healing process.
" The issue to date has been that because late adverse events are very rare, we need large numbers of patients so we can detect any differences," he said. " I think this is probably the first time that we've detected a clear signal toward reduced clinical events. It may be that these differences only start to emerge or we can only tease them out after three years, and earlier time points aren't really showing the benefit of these platforms."
Windecker, Byrne, and colleagues combined data from three randomized trials of stents with bioerodable polymers: ISAR-TEST-3 and ISAR-TEST-4, both of which studied the Yukon Choice PC stent (Translumina Therapeutics), and the LEADERS study of biolimus-eluting Biomatrix Flex stent (Biosensors International). All three studies used the Cypher sirolimus-eluting stent for comparison. In all, 2358 patients received a biodegradable-polymer stent and 1704 received a Cypher stent.
At three years, rates of definite stent thrombosis were significantly lower in the biodegradable-stent group, at 1.2%, than in the permanent-polymer group, at 2.1% (hazard ratio 0.50, p=0.013). Despite the fact that the trials used different polymers and different drugs, tests showed little heterogeneity between study results, Byrne said.
Clinical outcomes at three years also tilted in favor of the biodegradable polymer stents, with the composite primary end point, made up of cardiac death, MI, and target lesion revascularization, reaching 18.2% for the patients treated with the biodegradable-polymer stents and 20.1% in the permanent-polymer group (hazard ratio 0.85, p=0.04).
" With a biodegradable polymer DES, when we analyze large numbers of patients, we can see a clear signal toward reduced late adverse events, and we see overall improved cardiovascular outcomes," Byrne said. " We have two different biodegradable polymers in this study, [yet] the results seem consistent."
Newer-generation DES produced by the " big three" stent manufacturers have not moved to biodegradable polymers, although polymer technology is an arena of fast-paced change. Asked if he thought improvements in permanent polymers could ultimately match the promise of a polymer that disappears altogether, Byrne was skeptical.
" I think you can try many different modifications to improve biocompatibility, but with durable polymers, you will still have polyfragments persisting long term in the vessel wall, and these can induce inflammatory reactions," he told heartwire. " I'm not sure that simply enhancing the biocompatibility of durable polymers will necessarily result in improved longer-term outcomes."
Whether bioerodable stents retain this edge when compared against newer stent designs remains to be seen. A similar analysis, comparing pooled results against the Xience stent, is to be presented at this year's upcoming European Society of Cardiology meeting.
Byrne acknowledged that the absolute difference in the rate of the primary end point between the two groups was small, in the range of 2%. " But what was interesting was really some of the differences in stent-thrombosis rates—it's the first time we've seen a signal that's been statistically significant."
Axxess™ Self-Expanding Bifurcation Drug-Eluting Stent
Paris, France, 19 May 2011 –
DIVERGE, a prospective, single-arm, multi-center study of 302 patients with de novo bifurcation lesions across 16 sites in Europe, Australia and New Zealand, is the largest study conducted to date with a DES specifically designed for treating coronary bifurcation lesions. Following implantation of Axxess, the sidebranch treatments were left at the operators’ discretion. Additional conventional sirolimus-eluting stents (SES) were placed in 21.7% of the distal parent and/or side branch vessels. In 64.7% of the cases both branches were treated with an additional SES.
At three years post-procedure, the cumulative rate of MACE (a composite of cardiac death, MI and ischemia-driven TLR) was 16.3%. The occurrences of the individual components were 2.0% for cardiac death, 7.5% for myocardial infarction and 10.2% for ischemia-driven TLR.
There were only three cases (1.0%) of definite VLST (Very Late Stent Thrombosis), all of which involved at least one SES: however, just one of these cases also involved Axxess.
" These long-term results from DIVERGE are important because of the frequent presentation of bifurcation lesions in our daily clinical practice," commented Principal Investigator Dr. Stefan Verheye, Middelheim Hospital, Antwerp, Belgium. " These types of lesions are associated with higher complication and restenosis rates compared to conventional lesions. The three-year results confirm the earlier results already presented, and strengthen the evidence that the Axxess stent is a safe and effective alternative for patients with certain bifurcation lesions."
The Axxess bifurcation DES consists of a self-expanding, conically-shaped Nitinol (nickel/titanium) stent platform, specifically designed to conform to the shape of the bifurcation anatomy. It supports the carina while preserving the side branch. The Axxess stent is abluminally coated with a biodegradable poly-lactic acid (PLA) polymer that releases Biolimus A9™ (BA9™), an anti-restenotic drug developed and patented by Biosensors specifically for use with drug-eluting stents. BA9 is a vital component of
the BioMatrix Flex™ DES system, which has been proven safe and effective in the landmark " all-comers" LEADERS study.
Biosensors received CE Mark approval for the Axxess bifurcation DES in April 2011, supported by the positive nine-month results from the DIVERGE trial, which were published in the Journal of the American College of Cardiology (JACC) in March 2009. These demonstrated low overall rates of MACE (7.6%), restenosis (0.7%) and late stent thrombosis (0.3%) in patients treated with Axxess.
Biosensors expects to make the Axxess bifurcation DES available later this year. The device will be manufactured in diameters of 3.0 mm and 3.5 mm, and lengths of 11 mm and 14 mm. New long-term data from the DIVERGE study, presented yesterday at EuroPCR 2011, showed that the use of the Axxess™ DES for the treatment of complex coronary bifurcation lesions resulted in low levels of both MACE and VLST over a three-year period. Axxess™ is a self-expanding bifurcation stent which releases Biolimus A9™ from an abluminal biodegradable polymer coating.
Shown To Be Safe And Effective Up To Three Years
Axxess™ Self-Expanding Bifurcation Drug-Eluting Stent
Paris, France, 19 May 2011 –
DIVERGE, a prospective, single-arm, multi-center study of 302 patients with de novo bifurcation lesions across 16 sites in Europe, Australia and New Zealand, is the largest study conducted to date with a DES specifically designed for treating coronary bifurcation lesions. Following implantation of Axxess, the sidebranch treatments were left at the operators’ discretion. Additional conventional sirolimus-eluting stents (SES) were placed in 21.7% of the distal parent and/or side branch vessels. In 64.7% of the cases both branches were treated with an additional SES.
At three years post-procedure, the cumulative rate of MACE (a composite of cardiac death, MI and ischemia-driven TLR) was 16.3%. The occurrences of the individual components were 2.0% for cardiac death, 7.5% for myocardial infarction and 10.2% for ischemia-driven TLR.
There were only three cases (1.0%) of definite VLST (Very Late Stent Thrombosis), all of which involved at least one SES: however, just one of these cases also involved Axxess.
" These long-term results from DIVERGE are important because of the frequent presentation of bifurcation lesions in our daily clinical practice," commented Principal Investigator Dr. Stefan Verheye, Middelheim Hospital, Antwerp, Belgium. " These types of lesions are associated with higher complication and restenosis rates compared to conventional lesions. The three-year results confirm the earlier results already presented, and strengthen the evidence that the Axxess stent is a safe and effective alternative for patients with certain bifurcation lesions."
The Axxess bifurcation DES consists of a self-expanding, conically-shaped Nitinol (nickel/titanium) stent platform, specifically designed to conform to the shape of the bifurcation anatomy. It supports the carina while preserving the side branch. The Axxess stent is abluminally coated with a biodegradable poly-lactic acid (PLA) polymer that releases Biolimus A9™ (BA9™), an anti-restenotic drug developed and patented by Biosensors specifically for use with drug-eluting stents. BA9 is a vital component of
the BioMatrix Flex™ DES system, which has been proven safe and effective in the landmark " all-comers" LEADERS study.
Biosensors received CE Mark approval for the Axxess bifurcation DES in April 2011, supported by the positive nine-month results from the DIVERGE trial, which were published in the Journal of the American College of Cardiology (JACC) in March 2009. These demonstrated low overall rates of MACE (7.6%), restenosis (0.7%) and late stent thrombosis (0.3%) in patients treated with Axxess.
Biosensors expects to make the Axxess bifurcation DES available later this year. The device will be manufactured in diameters of 3.0 mm and 3.5 mm, and lengths of 11 mm and 14 mm. New long-term data from the DIVERGE study, presented yesterday at EuroPCR 2011, showed that the use of the Axxess™ DES for the treatment of complex coronary bifurcation lesions resulted in low levels of both MACE and VLST over a three-year period. Axxess™ is a self-expanding bifurcation stent which releases Biolimus A9™ from an abluminal biodegradable polymer coating.
Shown To Be Safe And Effective Up To Three Years
New Data Confirms Safety of BioMatrix™ at One Year
Paris, France, 19 May 2011 –
The e-BioMatrix PMS Registry, initiated in March 2008, is a prospective, multi-center, observational registry to assess the outcomes of over 1,000 " real-world" patients across nine European study sites over a five-year period. Enrolment was completed in September 2009. All patients are being comprehensively monitored, including for baseline information, index hospitalization and the patient file until last reported cardiac-related event. The primary endpoint of the registry was MACE (a composite of cardiac death, MI and clinically-driven TVR) at 12 months. Of the 1102 patients studied over this period, 74 (6.7%) experienced a clinical adverse event that could be included in the primary endpoint according to the independent Critical Events Committee. The registry will also examine a range of secondary endpoints, including primary and stent thrombosis over several periods MACE at intervals up to five years and death and MI rates for up to five years.
A broad range of inclusion criteria have ensured that e-BioMatrix is a " real-world" registry: patients have had to be at least 18 years old need treatment with a DES and have one or more coronary artery stenoses in a native coronary artery or a saphenous bypass graft from 2.25 to 4.0 mm in diameter that can be covered with one or multiple stents. There have been no limitations on the number of treated lesions, vessels, or lesion length.
" These registry findings provide further reassurance on the safety of a biolimus-eluting stent with biodegradable polymer in a wide range of patient types requiring PCI that we routinely see in our daily practice" , commented Principle Investigator Dr. Philip Urban, La Tour Hospital, Geneva, Switzerland. " The results are especially reputable due to the high levels of follow-up that have been achieved, with 97.6 percent at one year."
A similar registry to e-BioMatrix PMS, the e-BioMatrix Post-Marketing Registry (PMR), was initiated at the same time, involving up to 4,800 patients. The protocols of the two studies are identical, with
e-BioMatrix PMR monitoring for reported cardiac-related events only. Enrollment for this second registry is due to be completed by October 2011.
The PMS registry solely involved patients given the original BioMatrix, whereas the PMR involved patients given both BioMatrix and BioMatrix Flex™. Introduced in May 2010, BioMatrix Flex incorporates an improved mechanical platform for enhanced deliverability, whilst retaining the
Biosensors-developed abluminally-coated biodegradable polymer and Biolimus A9, an anti-restenotic drug developed by Biosensors exclusively for use with drug-eluting stents, as used in the original BioMatrix stent system. e-BioMatrix post-marketing surveillance (PMS) registry information presented for the first time yesterday at EuroPCR 2011 has confirmed that BioMatrix™, Biosensors’ Biolimus A9™-eluting stent system with abluminal biodegradable polymer, is safe over a 12-month period in a " real-world" patient population.
This info may be of interest to BIG long term investor:--
The Edge Spore May 16th issue has a write up on Miss Yang Liu who is the boss of Atlantis China. She is called the China`s Buffett and is skillful in stock selection and investment, overseeing a US 4 billion fund which had recently bought into Biosensor and also own share in Shandong Weigao. Liu feels that the China Healthcare companies is likely to benefit from Beijing`s increased spending on healthcare and it is likely to deliver double the growth of Chinese GDP over the next 2 to 3 years. If her reputation is to hold true, then longterm BIosensor investor will be richly rewarded if their plan for this counter materialised. Hold this counter for another 2-3 years will be the best option.
This is a Moral booster information.
investor ( Date: 18-May-2011 14:10) Posted:
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Biosensors International Group Ltd
announced that plans for Global LEADERS (“LEADERS II”), the largest ever randomized clinical trial involving a head-to-head comparison between two drug-eluting stents (DES), were announced yesterday during the opening session of EuroPCR. Recruitment into the study, involving over 100 sites around the globe, is due to start in early 2012, with data being collected for up to two years following stent implantation. (closing price: S$1.34)
/sgx
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It is time to diversify your portfolio or recover your losses in stock.========================================================================
To reach financially freedom, you need to invest.
Invest in land and get a double return in 4 to 5 years.
It is just about 9 lots of Biosensors for 1 unit of land.
Where?
http://www.youtube.com/watch?v=kMOvjDJeOuQ
How?
Just leave me a private message (PM) here for details.
