Cytori Therapeutics (CYTX)

Business description

Cytori sells the Celution device to harvest and concentrate adipose cells at the bedside for autologous therapy. It is CE marked. Two cardiac studies are underway in heart attack recovery and chronic heart disease.

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Stock data

Market cap.US$109.8m
Last closeUS$1.380
High / Low (52 weeks)US$3.4 / US$1.4
Stock market listingUS
Forecast net debt (US$m)31.8
Forecast gearing ratio (%)141
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(33)(43.4)(38.1)
Relative *(33.6)(45.9)(49.3)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2012A 14.5 (28.4) (33.0) (56.3) N/A N/A
2013A 12.2 (32.6) (38.1) (56.2) N/A N/A
2014E 12.4 (35.3) (40.2) (53.5) N/A N/A
2015E 33.3 (22.9) (27.0) (35.9) N/A N/A

Last updated on 22/07/2014

Investment summary

Cytori continues to develop its business in patient-derived adipose (fat) derived regenerative cells (ADRC). FY13 sales of the Celution device to prepare ADRC for clinical research were $7.1m. Q1 sales were $1.4m ($3.4m of sales are not yet recognised) plus $0.4m of contracts. After planned meetings with BARDA, it seems likely that a large new contract will be agreed over the summer. This is critical to progress a possible burns indication. The ATHENA ischemic cardiomyopathy trial may announce the 40m cell dose arm data in Q115. The 80m cell dose arm could report in Q315, enabling a Phase III from 2016. Cash on 31 March was $12.8m. Cytori raised $10m gross in a June share subscription.

Last updated on 05/08/2014

Industry outlook

Cardio3 (autologous) and Teva/Mesoblast (allogenic) both have Phase III studies in chronic ischemic heart disease under way. Cytori could have a clear and defensible market position, but is some way from a pivotal trial. A small study in anterior cruciate ligament repair has completed recruitment.

Last updated on 05/08/2014

Key management

Christopher Calhoun , CEO
Mark Saad , CFO

Company address

3020 Callan Road
San Diago
CA 92121
United States
+1.858.458.0900
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