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I think that it makes sense for Biosensors to acquire Cardiomind. At a cost of only US$1.1m and re-location cost of another US$1m, the asset looks cheap compared to the costs incurred by the previous owner.
The company has already obtained CE mark for their bare metal stent, and have conducted 2 clinical trials for their drug eluting stent using the bio-degradable polymer, PLA and the drug Sirolimus.
The 2nd clinical trial call CARE II results would probably be out soon (or it may have been out already), and I am sure that it is only a matter of time before they apply for CE mark.
This product called the Sparrow by Cardiomind, caters for vessels below 2.5mm, and my understadning is that quite a number of patients (maybe 30-40 %0) may fall into this category, and with the current crop of DES, it probably would not be suitable for these patients, or the doctors would strain the DES to get it thru the patients.
You would recall that J & J paid US$1 billion just to get Conors technology of their stent design, and I am sure that Cardiomind must have fallen on bad times (inability to get funding, just like Xtent), in order for them to sell their assets.
As Biosensors already have their mkting infrastructure in place, in Europe, Asia, it would be easy for them to cross-sell the Sparrow, as it complements the their product (Note that it does not cannibalise their existing product).
Conclusion - Not much downside to Biosensors, but potential upside can be good.
Personal observation. Not a call to buy/sell.
i think u mean consolidating in a triangle..... should buy for the breakup..........then sell.
Isolator ( Date: 08-Jun-2010 14:36) Posted:
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Key takeaways from investor
meetings (Nomura)
Investing in sales &
marketing. Having
received approvals in most key DES markets (ex-US, Japan and China), BIG's key
focus is to drive market share gains organically in FY11 with its BioMatrix
stent. While ASP decline is inevitable, BIG looks to establish more direct
sales to enjoy the ASP upside.
Geographical mix: 70% EMEA/30%
Asia. Management reveals
its geographical revenue mix, which is tilted towards Europe. As such, BIG is
exposed to a weak EUR. However, we believe the negative impact will not be
passed through fully to the bottom-line as a significant portion of its cost
base is denominated in EUR. We estimate a 5% negative impact on its bottom-line
on a 10% decline in EUR. Management will provide updates on the FX impact on
its revenue guidance in 1Q11 results.
Prioritizing strategic plans:
China JV restructuring>dual listing. Investors question the potential of a dual listing in NASDAQ to
achieve higher valuations. Management do not deny the possibility, but
emphasized that its priority is to restructure its China stent JV which they
hope to use as a distribution channel to sell its BioMatrix in China.
Key catalyst: Nobori's Japan
approval in FY11F. Management
highlighted that Terumo's Nobori, whose technology is licensed from Biosensors,
is likely to be approved in Japan in the near term (5~18 months, according to
different sources). We believe this will be a key milestone for BIG given that
it is well-positioned to benefit from Terumo's dominance in Japan via
revenue-sharing.
Other interesting facts. i) JWMS has a net cash of approximately
US$50mn on its balance sheet; ii) BioMatrix's unit cost (manufactured in
Singapore) is at least 40% lower than Terumo's Nobori (manufactured in Japan),
which reaffirms our view of the potential synergies under a takeover scenario (Moving
past the inflexion point, 16 Oct 2009). iii) Total R&D investment for
BioFreedom clinical trials is approximately US$60mn over 3~4 years for CE Mark
approval.
susan66 ( Date: 06-Jun-2010 20:55) Posted:
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On Friday, Biosensor has been trying hard to break its major resistance at $0.78 but closed at closed at $0.765 with low volume of 3.9 million shares traded.
The “shooting star” and “hanging man” marked for 2 consecutive days confirmed that Biosensor has a ridge task going pass $0.765. The fact that the volume has decreased over the past few days has even made the task harder.
Both RSI & MACD are bearish with both indicators staying flat.
Important Resistance of Biosensor: $0.78
Immediate Support of Biosensor: $0.75
We do not suggest buying this counter as the prices displayed a “Double Top” with Biosensor at the critical neckline support.
CLICK TO SEE ANALYSIS FOR KEPCORP
However it will be a good prospect for shorting if Biosensor falls through the support at $0.75 at high volume.
Most probably "jia goo sai" (relishing bull dung)...
XiaoMaGe888 ( Date: 03-Jun-2010 15:37) Posted:
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Senior:
Do NOT know why CS is so far off the mark. It does seem that their analysis is Biased. Perhaps there is some grudge??
It seems apparant that their management does not review the analysis for once again they will be proven wrong, which can not be good for their firm's reputation.
CS =Cjia Sai analyst
Sorry about the font mix-up Don't know what happened. (interesting the sell-off is such light volume) SEE Below:
Last try at this.
Growing sales force in direct markets, sales growth weighted towards
2HFY11 – BIG is investing in its direct sales force in meaningful markets such as
major cardiology conferences (EuroPCR in May, TCT in Aug), management
expects sales growth to be weighted towards 2HFY11.
�� Revenue guidance of US$135-145mn maintained, but subject to FX risk – We
estimate about 60% of BIG’s revenue is generated from the EU, but it also has a
sizeable cost base in euros. Net-net, we estimate a 5% negative impact on the
bottom line with a 10% decline in the euro.
�� BioMatrix’s approval in
for BioMatrix’s approval in
more complex. Jack Wang, the COO of Biosensors/CEO of JWMS, is in direct
conversations with the SFDA, which appears to be requiring a few more advanced
clinical data.
�� No further updates on JV relationship with Weigao – Management reiterated
that the two companies remain in active and productive conversation.
�� Background on new CEO – Currently the head of global sales and marketing, Mr
Jeffrey B Jump has over 27 years experience in the medical device industry. He
joined Biosensors in 2003 as managing director for EMEA and was responsible for
establishing the company’s European headquarters in