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.

Share price chart

Share chart

Stock data

Market cap.US$42.4m
Last closeUS$0.53
High / Low (52 weeks)US$3.4 / US$0.5
Stock market listingUS
Forecast net debt (US$m)31.8
Forecast gearing ratio (%)141
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(31.8)(75.8)(77)
Relative *(30.7)(75.3)(79.4)

* % 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 19/09/2014

Investment summary

Cytori has gained new a $12m BARDA contract for a thermal burns indication for its patient-derived adipose (fat) derived regenerative cells (ADRC). Any trial would gain a further $8.3m in support, making $20.4m in total. The ATHENA ischemic cardiomyopathy trial (40m and 80m cell dose arms) has been put on hold due to three cerebrovascular events, two of which resolved fully and one substantially. It is not certain when the trial will resume. Six-month contract revenues were $2.7m with $3.6m of sales due to be recognised in H214. Cash and equivalents on 30 June stood at $12.8m. Cytori raised $10m gross in a June share subscription.

Last updated on 30/09/2014

Industry outlook

Cardio3 (autologous) and Teva/Mesoblast (allogenic) both have Phase III studies in chronic ischemic heart disease under way. A small study in anterior cruciate ligament repair has completed recruitment. A 12-patient Scleroderma study reduced hand disability and pain. EU operations are being consolidated to a new office and manufacturing facility in Wales, UK.

Last updated on 30/09/2014

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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