Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Guys I was wondering what your thoughts are on Anteris. I'm a VERY long suffering shareholder and I have noticed the daily volume traded on rhe NASDAQ has increased quite dramatically over the past few weeks. Is there some way to ascertain if someone is trying build a position. Thks Gavan
Hi Gavan,
A new stock to the MM report, Anteris Technologies is a $1.3bn medical device company developing the DurAVR transcatheter heart valve, a next-generation replacement valve designed to be delivered via catheter rather than open-heart surgery, targeting the large and growing global market for aortic stenosis treatment. The company is currently in pivotal clinical trials in the US and Europe, meaning it is pre-revenue and burning cash while seeking the regulatory approvals needed to commercialise what it believes is a structurally superior valve design to existing products on the market.
Its rallied ~50% this month on big volume, including a hedge fund manager building a ~$US22mn position in the company, or a 3.1% stake. But note, they also took 17 other positions across the healthcare sector, it wasn’t all about Anteris.
Anteris reported its Q1 earnings last week and they went down extremely well, cash burn was $US28.7 million, largely driven by manufacturing scale-up, regulatory work and costs associated with the pivotal PARADIGM Trial. For a pre-revenue medtech company, the burn itself was not the focus, the market was far more interested in the progress being made with the money.
The key milestone was the commencement of US patient enrolment in the PARADIGM Trial, a major step forward given the US is both the world’s largest TAVR market and the critical FDA approval pathway for the DurAVR system. Just as importantly, the company now has a substantial $US320 million cash buffer following January’s capital raise, at $US6.00, removing near-term funding concerns and allowing management to focus on execution rather than balance-sheet risk.
The market reacted positively, with the stock rallying despite the sizeable quarterly burn, highlighting that investors remain focused on clinical milestones and commercial potential rather than near-term losses.
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