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$168.8m
Last closeUS$6.56
High / Low (52 weeks)US$11.8 / US$6.6
Stock market listingUS
Forecast net cash (US$m)38.4
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(23.8)(21.7)(27.6)
Relative *(25)(22.5)(35.8)

* % Relative to local index

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Company news

Derma Sciences Inc. (DSCI) Hits New 52-week Low During May 21 Session

Fri, 22 May 2015 03:45:59 GMT

Derma Sciences Inc. (DSCI) Hits New 52-week Low During May 20 Session

Thu, 21 May 2015 07:05:41 GMT

Derma Sciences Inc. (DSCI) Hits New 52-week Low During May 19 Session

Wed, 20 May 2015 07:01:34 GMT

Derma Sciences Provides Update on Aclerastide Phase 3 Trials

Tue, 19 May 2015 11:26:15 GMT

Derma Sciences Inc Bullish Signal Flynn James E Is In!

Thu, 16 Apr 2015 20:15:41 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2013A 79.7 (17.8) (23.8) (140.5) N/A N/A
2014A 83.7 (33.6) (39.9) (161.8) N/A N/A
2015E 88.1 (41.2) (47.7) (187.6) N/A N/A
2016E 96.4 (32.1) (38.7) (148.5) N/A N/A

Last updated on 09/04/2015

Investment summary

Derma Sciences offers a compelling risk/reward profile with the DSC127 trial and the AWC franchise advancing well in a vastly underserved market. The $80m fund-raising in January 2014 affords the company higher R&D and sales force spending, which we expect to propel solid sales growth, but to sustain operating losses in 2015-16. It expects its Phase III trials of DSC127 for diabetic foot ulcers to be fully enrolled by mid-2016 with an FDA filing possible in 2017 and market launch in 2018. In 2014, sales rose by 5% y-o-y to $83.7m. We expect sales growth in 2015 to be underpinned by a reimbursement hike for TCC-EZ in 2015, continued growth for MEDIHONEY and new private label supply deals in TWC. We value the stock at $12.6, based on DCF, of which 56% is represented by DSC127.

Last updated on 06/05/2015

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 15% in the next few years.

Last updated on 06/05/2015

Key management

Edward Quilty , CEO
John Yetter , CFO

Company address

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