Derma Sciences (DSCI)

Business description

Derma Sciences is a specialty medical device/pharmaceutical company. It focuses on developing and commercialising traditional and novel advanced wound care products, including MEDIHONEY and TCC-EZ.

Share price chart

Share chart

Stock data

Market cap.US$253.4m
Last closeUS$10.080
High / Low (52 weeks)US$15.2 / US$9.4
Stock market listingNASDAQ
Forecast net cash (US$m)23.1
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(21)(16.8)(13.6)
Relative *(21.6)(18.3)(28.1)

* % 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)
2011A 62.6 0.4 (2.5) (31.6) N/A N/A
2012A 72.5 (8.9) (12.2) (78.4) N/A N/A
2013E 81.8 (15.6) (22.1) (127.0) N/A N/A
2014E 94.8 (15.9) (23.2) (131.7) N/A N/A

Last updated on 24/03/2014

Investment summary

Derma Sciences reported net sales for the year of $79.7 million, up 9.7% over 2012. Net loss was $5.4m, slightly higher than 2012's $4.7m. Pro forma cash is $103.7m after its January financing. Derma Sciences affirms guidance for 2014 revenues as c $92 million and organic sales growth of AWC products in excess of 30%. Derma Sciences expects its Phase III trials of DSC127 for diabetic foot ulcers to be fully enrolled in mid-2015 with top-line data available in 2016. We have updated our valuation and assumed a more prudent view of DSC127 timelines. This reduces our valuation by around 3% to $343.5m, equivalent to $19.9/per basic share and $17.3/share fully diluted.

Last updated on 31/03/2014

Industry outlook

Derma Sciences operates in three segments of the wound care business, TWC, AWC and pharmaceutical wound care. The slow-growing but cash-positive TWC unit provides the company with investment capital for the fast-growing AWC unit, which has seen a five-year (2007-12) CAGR of 53.2% and is expected to continue to grow in the 30-40% range in the next few years.

Last updated on 31/03/2014

Key management

Edward Quilty , CEO
John Yetter , CFO

Company address

214 Carnegie Center
Suite 300
Princeton
NJ 08540
United States
+1 800-445-7627
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