The Anteris (ASX:AVR) share price exploded 150% higher over the past 3 months. Here’s a summary of the latest results and today’s ASX reply.
The post The Anteris (ASX:AVR) share price is down today but has soared 150% in 3 months appeared first on The Motley Fool Australia. –
The Anteris Technologies Ltd (ASX: AVR) share price has exploded approximately 150% higher over the past three months. At the time of writing, however, Anteris shares are trading 8% lower at $10.83.
Less than two weeks ago, the Anteris share price zoomed up 23% following the release of its latest investor presentation. The stock has been on the rise since the release of its most recent earnings, despite not being particularly impressive. However, the company did announce a number of capital raising exercises.
Here’s a closer look at the latest we’ve learned about Anteris.
Anteris share price climbs off weak results
Anteris reported a 58% revenue fall for the period ended 31 December 2020 (FY20). Earnings before interest, tax, depreciation and amortisation (EBITDA) tumbled to a loss of $13.7 million.
The company’s year-end cash balance was $4.4 million.
The business posted an FY20 net loss after tax of $15.3 million. Anteris advised that the loss is associated with expenses relating to the development of its DurAVRTM aortic replacement valve.
Funding grants and new FDA approval
Anteris was granted $2.3 million in government grants during FY20. The business further notes that it secured a funding package of up to $20 million with New York investment fund Mercer Street Global Opportunity Fund, LLC.
In December 2020, Anteris raised $1.1 million in a private placement to sophisticated investors as part of a broader funding package.
Additionally, Anteris believes that its obtainment of a US Food and Drug Administration (FDA) approval for its transcatheter aortic valve replacement (TAVR) product in younger patients will lead to growth.
ASX queries Anteris
Intraday trading volumes were double the five-day average yesterday as the Anteris share price pumped. Total volume finished the day at 77.9K.
This resulted in an ASX query to which the company responded today. The ASX letter also asked about the jump in share price from $6.64 on 25 February 2021 to yesterday’s high of $11.95.
Anteris replied that it is not aware of anything that would be moving the market. The company also confirmed its compliance with all of the ASX listing rules.
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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.