Cytori Therapeutics (CYTX)

Business description

Cytori sells the Celution device to harvest and concentrate Adipose-Derived Regenerative Cells (ADCR) at the bedside for autologous cell therapy. Celution is CE marked and also sold in Japan.

Share price chart

Share chart

Stock data

Market cap.US$105.4m
Last closeUS$1.14
High / Low (52 weeks)US$3.3 / US$0.4
Stock market listingUS
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual147.8159.0(64.4)
Relative *141.1155.7(68.2)

* % 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 N/A N/A N/A N/A N/A N/A
2015E N/A N/A N/A N/A N/A N/A

Last updated on 24/02/2015

Investment summary

Refocused Cytori has received FDA approval to start the STAR Trial, a pivotal Phase III enrolling 80 patients with impaired hand function from scleroderma at up to 12 US sites. This uses ECCS-50: a specific ADRC preparation. The $12m BARDA contract to develop an ADRC thermal burns indication was extended by $2m in December 2014. If successful, a further $8.3m may be granted to fund a pilot clinical study. Year to date Q3 revenues were $3.8m with a loss of $31.6m; losses in Q3 were $2m lower than Q2. Cash at 30 Sept was $7.8m with a gross $13.5m raise in October. Our forecasts are under review.

Last updated on 02/03/2015

Industry outlook

A 90-patient US Phase II study in knee osteoarthritis is underway; data are due in H216. Cruciate ligament and knee meniscus indications may be developed. The ATHENA cardiac trial was truncated at 31 patients. A Japanese urinary incontinence study is part-sponsored. EU operations are now based in the UK. In Japan, Cytori may see faster progress on gaining therapeutic claims and reimbursement.

Last updated on 02/03/2015

Key management

Marc Hendrick, CEO
Tiago Girao, CFO

Company address

3020 Callan Road
San Diago
CA 92121
United States
+1.858.458.0900
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