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Admedus (ASX: AHZ) - ADAPTing to market opportunities

Report released: Wednesday 20 March 2019
Analyst: Stuart Roberts, stuart@ndfresearch.com, +61 447 247 909
Admedus is a tissue engineering company whose ADAPT® range of approved cardiovascular tissue repair patches has enjoyed a steady increase in sales since its 2013 launch. We see a market opportunity for ADAPT® in the hundreds of millions of dollars. In the year to December 2018, Admedus booked A$11.1m in revenue from its ADAPT® products, up from A$7.2m in the previous corresponding period. A new leadership team focused on the market potential of ADAPT® took charge in 2017 and we foresee significant growth in the CardioCel® and VascuCel® products over the next few years. Admedus is currently developing what it considers to be a significant commercial opportunity from the ADAPT® technology that allows it to be used in Transcatheter Aortic Valve Replacement (TAVR). The market here is at least US$3.5bn, growing to US$12bn by 2025. Due to its novel single-piece aortic valve and anti-calcification properties, the Admedus 3D aortic valve has the potential to capture significant global market share.  We value Admedus at $0.08 per share base case and $0.21 optimistic case, using a DCF-based approach. Our target price for Admedus is $0.15. We see the market re-rating Admedus as ADAPT® sales increase and the company makes progress with its TAVR product.

Click here for our initiation report.

Please note: This research was commissioned by Admedus and NDF Research will receive fees for undertaking it. We don''t think the prospect of these fees directly or indirectly impacted the content provided because we believe very highly in research objectivity. If you think our research wasn't objective, and you've read all of the report, please call the analyst on the number above and cite the parts of the report you think were biased by its being commissioned.

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  • Introducing NDF
  • About us
    • About our Senior Analyst
    • Disclaimer relating to research and web content
    • Financial Services Guide and General Advice Warning
  • What we do
    • The Rise of the New Analysts
    • MiFID II
  • Our sector
    • ASX-Listed Life Science companies we watch >
      • ASX-listed Life Science companies, >$200m
      • ASX-listed Life Science companies, $100-200m
    • About Australia and Australians
    • Australia and the Life Sciences
    • Life Sciences in New Zealand >
      • Building the New Zealand Life Sciences sector
    • A tour of Life Sciences Down Under
    • Australia's global competitiveness in Life Sciences >
      • Australia's Life Sciences Innovation Rating
      • Australia's Life Sciences clusters
      • Australia's World-Class Universities
      • Australia's Nobel Laureates
      • Australia's public policy support for Life Sciences
      • Australia's support for women in Life Sciences
    • The Coming Boom in Australian Life Sciences >
      • Welcome to Australia's Life Sciences Boom
    • Key organisations in the Life Science sector in Australia and New Zealand
    • Notable people in the Life Sciences sector in Australia and New Zealand >
      • Great CEOs
      • 2017 Red Hat Award Winners
      • 2018 Red Hat Award Winners
      • 2019 Red Hat Award Winners
    • The NDF Life Sciences Index >
      • 2016-2017 Year in Review
  • Our clients
  • Contact us
    • linkedin
    • Twitter
    • NDF Research Youtube Channel
  • Latest research
    • Comprehensive update reports
    • Shorter update reports
    • Initiation reports >
      • Admedus
      • Invion
    • Media and interviews
    • Presentations
    • Previous research and media, 2003-2015
    • A Brief History of the Life Sciences in Australia
    • In our library
    • Intellectual property >
      • Australian PCT patent applications
      • New Zealand PCT patent applications
      • PCT patent applications, last twelve months >
        • 2017 PCT patent applications
        • 2016 PCT patent applications
        • 2015 PCT patent applications
        • 2014 PCT patent applications
        • 2013 PCT patent applications
      • US patents >
        • 2017 US patents
        • 2016 US patents
        • 2015 US patents
        • 2014 US patents
    • Publications
    • Glossary
    • Global Life Science companies to watch
  • Blog