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$202.2m
Last closeUS$8.01
High / Low (52 weeks)US$15.2 / US$8.0
Stock market listingUS
Forecast net cash (US$m)81.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(10.4)(24.4)(40.7)
Relative *(12.4)(26.7)(49.6)

* % 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 72.5 (8.9) (12.2) (78.4) N/A N/A
2013A 79.7 (14.9) (21.0) (123.8) N/A N/A
2014E 92.4 (22.5) (27.7) (107.7) N/A N/A
2015E 108.3 (16.4) (22.8) (86.0) N/A N/A

Last updated on 01/09/2014

Investment summary

Derma Sciences has faced near-term challenges to its advanced wound care (AWC) franchise in Q213, affecting the sales growth of MEDIHONEY and TCC-EZ. This has led us to forecast deeper losses in 2014-15 and trim our valuation to $13.4 from $15.6 per share. However, its AWC products still have strong growth prospects and we believe the current share price attributes no probability to DSC127 successfully reaching the market.

Last updated on 17/09/2014

Industry outlook

Derma Sciences operates in three segments of the wound care market: traditional (TWC), advanced (AWC) and pharmaceutical wound care (PWC). 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 CAGR of 53% and is expected to grow 25-35% in the next few years.

Last updated on 01/09/2014

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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