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$196.9m
Last closeUS$2.610
High / Low (52 weeks)US$3.4 / US$2.1
Stock market listingNASDAQ
Forecast net debt (US$m)31.8
Forecast gearing ratio (%)141
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(12.7)(15.5)(3.3)
Relative *(13.3)(17.1)(19.6)

* % 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 27/03/2014

Investment summary

Cytori continues to develop its business in patient derived adipose (fat) derived regenerative cells (ADRC). FY13 sales of the Celution device for preparing ADRC for clinical research were $7.1m with $3.6m of sales potentially postponed to 2014. BARDA government contracts were $3.3m. A new BARDA contract may be awarded from H214 and 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 December was $15.5m with a further $9m received in Q114.

Last updated on 31/03/2014

Industry outlook

Cardio3 (autologous) and Teva/Mesoblast(allogenic) both have Phase III studies in chronic ischemic heart disease underway. Baxter has curtailed its pivotal study recruitment. Cytori could have a clear and defensible market position, but is some way from a pivotal trial.

Last updated on 31/03/2014

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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