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Why the Anteris (ASX:AVR) share price will be on watch today

The Anteris Technologies (ASX:AVR) share price will be on watch this morning following the release of the company’s latest results.
The post Why the Anteris (ASX:AVR) share price will be on watch today appeared first on The Motley Fool Australia. –

Watching ASX share price represented by boy with question mark on forehead looking up

Anteris Technologies Ltd (ASX: AVR) shares will be on watch this morning following the release of the company’s preliminary results for the 2020 full year. At the closing bell yesterday, the Anteris share price finished the day down 3.8% at $5.00.

Let’s take a look and see how the structural heart company performed for the period.

FY20 performance

The Anteris share price could be under pressure today after the company reported a disappointing end to its FY20 performance.

According to yesterday’s late market release, Anteris advised it achieved a significant drop off across its key metrics.

For the period ending 31 December, total revenue fell to $7.1 million, a decline of 58% over the prior corresponding period. Most of the revenue generated came from the manufacturing of its CardioCel and VascuCel patches under the LeMaitre Vascular Inc. agreement. In addition, the company began winding down operations in the Infusion segment. COVID-19 had a minimal impact on Anteris due to the early implementation of its risk-management strategies.

Other income for the company totalled $4.8 million, which included $2.2 million in licencing income from 4C Medical Technologies. This was in relation to the transfer of the sterilisation method for use with Anteris’ ADAPT tissue technology. The other monies consisted of research and development tax incentives and COVID-19 stimulus packages.

Investors will be eyeing off the Anteris share price in morning trade after the company reported earnings before interest, tax, depreciation and amortisation (EBITDA) sank to a loss of $13.7 million. This is in comparison to the EBITDA loss of $4.1 million recorded in the prior FY19 period.

Selling, general and administrative expenses stood at $22.1 million, an improvement from the $34.5 million in FY19. Initiated by management, cost-saving measures were attributed to lower employee, travel and conference costs. In addition, the prior period impairment of Admedus Vaccines, and favourable currency exchange movements helped support cost control.

Overall, the business recorded a net loss of $15.3 million, mostly due to investment in its 3D single-piece aortic DurAVR valve.

Anteris revealed a cash balance of $4.4 million for the end of December. It’s worth noting that the company entered into a short-term facility for $1.2 million at an interest rate of 1.15% per month. The loan will be secured against the research and development refund.

The board declared that no dividend will be paid to shareholders.

About the Anteris share price

The Anteris share price is down over 30% since this time last year. Anteris shares reached a 52-week high of $9.18 in April, before plummeting down to a low of $3.01 in August.

Based on the current share price, Anteris has a market capitalisation of close to $33 million.

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Motley Fool contributor Aaron Teboneras 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.

The post Why the Anteris (ASX:AVR) share price will be on watch today appeared first on The Motley Fool Australia.

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