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i think u misunderstood the phrase "30% higher than FYE 31 Mar 09".
BIG is trying to highlight that [the estimate for FY2010 (US$90-100m)] is 30% higher than [the estimate for FY2009 (US$65-75m)] .
Discovery ( Date: 25-Mar-2009 16:43) Posted:
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You are right after I read the slide over again. Thanks for highlighting it.
If it is 30% higher than FYE 31 Mar 09, then the worst case product sales would be $69M and best case at $77M. Here is the recalc :
Q4 Product Sales = $15.6M [Worst Case - Looks low since Q3 was $16.7M]
Q4 Gross Profit [64% margin] = $10M
Q4 Operating expense = $15.2M [use Q3]
Estimated Q4 Profit = ($5.2M) [Worst Case]
Estimated Q4 Profit = $1.2M [Best Case]
Reported Nine Months Net Loss = ($1.5M)
FY09 Net Profit is ($6.7M) worst case and ($0.3M) best case.
My guess is that Q4 likely to show a profit as Q4 revenue guidance is very conservative - Q4 revenue should show an increase over Q3 with more DES sales.
The point i'm trying to point out is how can you use FY2010 guidance to estimate Q4FY2009???
FY2009 = 1st April 2008 to 31st March 2009
FY2010 = 1st April 2009 to 31st March 2010
Discovery ( Date: 25-Mar-2009 16:20) Posted:
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Please refer to BIG's wbsite. This is extracted from their presentation slides for Q3 results :
FYE 31 March 2010 Financial Guidance - Revenues
• Estimated product revenues ranging from US$90.0 million to
US$100.0 million
– 30% higher than guidance provided for FYE 31 March 2009
– Significant growth increase in DES revenues
– Slower growth for other IVP products
– CCP sales remain flat
– Licensee revenues not included in product revenues
estimates
Discovery ( Date: 25-Mar-2009 15:09) Posted:
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Here is a quick estimate of BIG's FY09 P&L performance :
9-mth Total Product Sales = $53.4M [excluding royalties and licensing]
Latest guidance FY09 product sales = $90M [Low end - conservative]
Estimated Q4 Product Sales [worst case] = $37.0M
64% Gross Margin [Q3 ending - should be higher in Q4 with higher DES sales] = $23.7M
Estimated Q4 Total Operating expense [Q3 was $15.2M] = $16.0M
Estimated Q4 Net Profit [with product sales only, no licensing/royalties] = $7.7M [Worst Case]
Reported 9-Mth Net Loss= ($1.5M)
Estimated FY09 Net Profit = $6.2M [Worst Case]
Best Case FY09 Net Profit assuming $100M product sales = $12.6M
Those wanting to benefit from BIG's increased revenue/profit from DES sales should start buying in now. Several other reasons to buy in :
[1] BioMatrix DES sales should see significant increase in market share as more countries grant approval for BioMatrix... especially China.
[2] 2.25 diameter BioMatrix DES is expected to start shipping in April 09 and this should capture a bigger slice of the market and should enjoy contribute higher revenue and better margins.
[3] With better grasp on operating expenses, BIG should see higher profit margin and more positive cash flow from Q3 onwards.
Only 7 more working days to go before BIG close its FY09 results .... and move on to the very anticipated FY10 ..... the next reporting on the full year FY09 will be very interesting ... dun know if BIG can give the market a surprise by ending it in the BLACK (profit) even if is a dollar only ... by then i think it should choing liaooooooo ....
The full year FY09 result should be out sometime coming early May .... if you take the previous year reporting as a reference. Approx. 5 weeks from now before the FY09 full year results annoucement.
Gentleman ... start your engine .. place your bets .... Cheers.
Above not an inducement to trade.
With Xtent's CE mark approval, let's hope that one of the big 4, or any medical device player will take an interest in the stock.
There is merit to this view as Xtent has something that is currently not in the mkt, ie the world's longest DES at 60mm. If I am not mistaken, some of the longest ones approved is probably up to 38mm, far short of the Xtent's length.
THis is important as long lesions, often have to be treated by 2 overlapping DES, and common sense will tell you that if you take 2 wire mesh (that is what they are), overlap the ends and crush it to ensure that they are attached to each other - It will not be a pretty sight, and worse if it is embedded in your blood vessel.
The result of overlaping DES has been shown to cause high TLR (Target Lesion Revascularisation), higher rate of stent thrombosis, and as one Prof commented - sometimes he cannot even recognised the structure after implementation.
Any form of interest in Xtent will only be good for Biosensors, as they will continue to supply the drug/polymer, and also is an endorsement of their technology.
The mkt may also look forward to the next DES player, Devax, getting their CE mark, using Biosensor's technology, again a niche player in a mkt segment that currently has no one in there - ie the treatment for bifurcation lesion. From comments so far, Devax's clinical results have been impressive.
Just a fundamental perspective. Not a call to buy/sell.
XTENT's Customizable Drug-Eluting Stent Gets European CE Mark Approval
Company Needs Financing to Avoid Scheduled Layoffs
n Hopefully, for the innovative stent manufactured by XTENT, Inc. (Nasdaq: XTNT), yesterday's European approval has not come too late.
n
n On Thursday, the company announced that it has received CE Mark approval for its CUSTOM NX drug-eluting stent (DES) System.
n
n The CE Mark indicates that the CUSTOM NX DES System may be marketed in the European Union as well as other countries that recognize the CE Mark and that the product complies with applicable safety and quality standards.
n
n The approval includes both the Custom NX 36, a 36 millimeter stent and the Custom NX 60, a 60 millimeter stent.
On January 23 the company, running out of cash, announced that it would be forced to terminate all but nine of its employees as of Monday, March 23, unless it found a buyer or resolved its economic difficulties in other ways.
Whether this approval is one of the "other ways" is yet to be seen. The company now needs cash and financial backing in order to manufacture and market its stent.
XTENT's stock price closed today at $.70, up 350% from its low in January, but a fraction of the $16 it traded for when it went public two years ago.
The company's situation has much to do with the current economic landscape and shrinking of credit, and less to do with the company's main product: the customizable stent -- a concept that has much merit.
One difficulty that interventional cardiologists face is choosing the proper length of stent for a blockage. Too short a stent doesn't completely cover the diseased area, a situation which become high risk for increased cell growth around its edges and subsequent restenosis (blockage).
Likewise, if the stent is too long, metal is being placed in a healthy section of the artery, something which also increases the risk of blockage.
With the XTENT, physicians can tailor the length of the stent during the procedure.
The XTENT is a cobalt-chromium metal stent, covered with a biodegradable coating which eludes Biolimus A9™, a drug which suppresses excess cellular growth, licensed from Biosensors.
Regarding today's news, President and CEO of XTENT, Gregory D. Casciaro, stated:
"Receipt of the CE Mark is an important accomplishment and a validation of the strength of our clinical data. It is a tribute to the hard work and dedication of our people as well as the collaborative effort of our drug coating provider, Biosensors.
We look forward to the opportunity to bring this revolutionary new technology to patients and physicians throughout the European Union."
The CE Mark approval of the Custom NX DES System represents a number of important firsts in the treatment of coronary artery disease including:
Approval of the first ever customizable stent system
Approval of the Custom NX 60, the longest coronary stent system ever to be approved for sale
Approval of the first stent system to allow treatment of multiple lesions using one catheter
Approval of the first stent system to incorporate a post dilation feature on the delivery catheter
The Custom NX DES System has not been approved for sale in the
It has been speculated that XTENT would be a bargain acquisition by one of the four major stent companies,
However, since January, when the company's total market valuation was $5 million, none of the four have made offers, and the company's value is now at $16 million and gaining
No news after the termination announcement untill this CE news. With CE in hand, it will be easier for them to source for new capital / buyer. Read the following article:
Company Looking to Sell Assets or Merge
January 23, 2009 -- In an announcement today, Xtent Inc. (NASDAQ: XTNT) located in Menlo Park, California, stated that it is engaging the services of an investment bank to help the company pursue strategic alternatives, possible sale of some or all of the company's assets, or other type of acquisition. And of it 121 employees, all but nine have received termination notices, effective March 23.
CEO and President, Gregory D. Casciaro, stated:
"Given the continued challenges faced in the capital markets, we believe it is in the best interests of the shareholders to consider strategic options. We remain confident in the benefits of customizable stenting and are assessing all viable options available to us in order to maximize the value of our assets. Effective immediately, we are executing plans to reduce activities and costs to a critical minimum, including a significant reduction in headcount in order to preserve cash and flexibility."
When Xtent went public in two years ago, its stock traded at over $16. Today Xtent closed at $.20, a mere 1% of its original value. However, the company's situation has much to do with the current economic landscape and shrinking of credit, and less to do with the company's main product: the customizable stent.
One difficulty the interventional cardiologists
face is choosing the proper length stent for a blockage. Too short
a stent doesn't completely cover the diseased area, a situation which
become high risk for increased cell growth around its edges and subsequent
restenosis (blockage). Likewise, if the stent is too long, metal
is being placed in too large a healthy section of the artery, something
which also increases the risk of blockage. With the Xtent, physicians
can tailor, on the spot, the length of the stent during the procedure.
The Xtent is a cobalt-chromium metal stent, covered with a biodegradable
coating which eludes Biolimus A9™, a drug which suppresses
excess cellular growth, licensed from Biosensors.
To gain U.S. approval, the company would need to
run a large clinical trial, well beyond its current capabilities.
However, with its current valuation at $5 million, Xtent might be
a bargain for one of the larger device manufacturers (Abbott Vascular,
for example, is a 15 minute drive from Xtent headquarters). Should
such a scenario evolve, it is possible that the 119 employees would
not be laid off. Stay tuned....
Good news!!!!!!!!!!!!!!!!!!!!!!!!!!!
MENLO PARK, Calif., March 19, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- XTENT, Inc. (Nasdaq: XTNT) today announced that it has received CE Mark approval for its CUSTOM NX drug-eluting stent (DES) System. The CE Mark indicates that the CUSTOM NX DES System may be marketed in the European Union as well as other countries that recognize the CE Mark and that the product complies with applicable safety and quality standards. The approval includes both the Custom NX 36, a 36 millimeter stent and the Custom NX 60, a 60 millimeter stent.
"Receipt of the CE Mark is an important accomplishment and a validation of the strength of our clinical data," stated Gregory D. Casciaro, President and Chief Executive Officer of XTENT. "It is a tribute to the hard work and dedication of our people as well as the collaborative effort of our drug coating provider, Biosensors. We look forward to the opportunity to bring this revolutionary new technology to patients and physicians throughout the European Union."
The CE Mark approval of the Custom NX DES System represents a number of important firsts in the treatment of coronary artery disease including:
-- Approval of the first ever customizable stent system
-- Approval of the Custom NX 60, the longest coronary stent system ever to
be approved for sale
-- Approval of the first stent system to allow treatment of multiple
lesions using one catheter
-- Approval of the first stent system to incorporate a post dilation
feature on the delivery catheter
About the Custom NX(R) Drug Eluting Stent System
The Custom NX DES System is designed to enable a more personalized approach to the treatment of arterial disease based on each patient's individual lesion characteristics. The Custom NX delivery system allows physicians to customize the length and diameter of the stent at the site of the lesion. Two sizes of the system have been developed, the Custom NX 36, a 36 millimeter stent and the Custom NX 60, a 60 millimeter stent. The stent is coated with Biolimus A9TM and the biodegradable drug carrier, PLA. XTENT has completed four clinical trials with follow-up data up to four years.
The Custom NX DES System has not been approved for sale in the United States.
About XTENT
XTENT, Inc. is a medical device company focused on developing and commercializing innovative customizable drug eluting stent (DES) systems for the treatment of coronary artery disease (CAD). CAD is the most common form of cardiovascular disease and the number one cause of death in the United States and Europe. XTENT Custom NX DES Systems are designed to enable the treatment of single lesions, long lesions and multiple lesions of varying lengths and diameters, in one or more arteries with a single device.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this press release regarding XTENT's business that are not historical facts may be "forward-looking statements" that involve risks and uncertainties. Specifically, these statements include, but are not limited to those concerning: XTENT's expectations with respect to the timing of the commercialization of its products in the European Union or elsewhere. Forward-looking statements are based on management's current, preliminary expectations, and are subject to risks and uncertainties that could cause actual results to differ from the results predicted and which are included in the "Risk Factors" section of XTENT's quarterly report on Form 10-Q for the quarter ended September 30, 2008. This quarterly report was filed with the SEC on November 12, 2008, and is available on the company's investor relations website at http://www.xtentinc.com and on the SEC's website at http://www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. XTENT undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.
SOURCE XTENT, Inc.
http://www.xtentinc.com
Copyright (C) 2009 PR Newswire. All rights reserved
With all the banks crashing down, i hope that things will be bottom out by this time and hopefully will get more settle down after mid year ....
In BIG case to me, another 3 more weeks and BIG will close its FY09 full year and move on to the very anticipated FY10 .... The full year results should be releasing sometime in early May based on previous report.
Just collected some at 0.375 and 0.38 ... if u're on long term, then this may be a good entry point to grad some provided you have faith in BIG in FY10 ......
Looking across the xchange, BIG chart still stand out from most of the counters .... Today, it closes the gap at 0.375 swee swee and then hover between 0.375 and 0.38 .... Happy that it did not break down further to 0.37
Now praying that it will maintain and slowly move upwards .... Who knows there might be some movement in price prior BIG closing its FY09 full year results ...... 3 more weeks to go lei ....
The results is now turning from red to pink and now finally going to be black liao ...... after such a long wait ....
Cheers. Above not an inducement to trade.
Merck buys Schering-Plough in $41.1b cash-&-stock deal
Ar de big men gonna play BIG anytime now? Believe dis is de time wen news abt Merck buying Schering-Plough can show why medics and pharm coys have a itch to court matured grooms or brides..Hey hey! Don't worry about the share price side. Think of the future bright!
I think BIG is covering back the gap at 0.375 .... especially now with all the bad news .... hope it will be a touch & go and bounce up all the way again ... then there will be no down gap to be filled. Instead, there are some upward gaps waiting to be filled.
Above not an inducement to trade.
Maxximo ( Date: 26-Feb-2009 01:55) Posted:
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