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TOPIC: Full year results

Full year results 23 Mar 2017 15:54 #9049

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Mar 23, 2017

SAN DIEGO, March 23, 2017 (GLOBE NEWSWIRE) -- Cytori Therapeutics (NASDAQ:CYTX) (“Cytori” or the “Company”) today announced its fourth quarter and year-end 2016 financial results and provided updates on its corporate activity and clinical development.
Fourth quarter and full year 2016 net loss allocable to common stockholders was $4.9 million, or $0.24 per share, and $22.0 million, or $1.28 per share, respectively. Operating cash burn for the fourth quarter and full year 2016 was approximately $4.2 million and $19.5 million, respectively. Cytori ended the year with approximately $12.6 million of cash and cash equivalents.

Selected Key Recent Highlights:
  • Completed enrollment of U.S. STAR pivotal/phase III trial for scleroderma hand dysfunction.
  • Completed acquisition of Azaya Therapeutics assets, and initiated nanomedicine development programs.
  • Reported 24 month publication of SCLERADEC-I reporting sustained benefit at 24 months across multiple endpoints in patients with scleroderma hand dysfunction
  • Received U.S. FDA orphan drug designation for cryopreserved or centrally processed HabeoTM for treatment of hand manifestations of systemic scleroderma.
  • Received U.S. Small Business Designation and related fee reductions.
Q4 and year-end 2016 Financial Performance

Q4 2016 and year-end operating cash burn was $4.2 million and $19.5 million, compared to $4.5 million and $20.5 million for the same periods in 2015, respectively.
Q4 2016 and year-end total revenues were $3.0 million and $11.4 million, compared to $3.4 million and $11.7 million for the same periods in 2015, respectively.
Cash and debt principal balances at December 31, 2016 were approximately $12.6 million and $17.7 million, respectively.
Q4 2016 net loss allocable to common stockholders was $4.9 million or $0.24 per share, compared to a net loss of $2.8 million or $0.25 per share (or a net loss of $5.4 million and $0.50 per share when excluding a non-cash credit charge of $2.7 million related to the change in fair value of warrant liabilities) for the same period in 2015.
2016 net loss allocable to common stockholders was $22.0 million or $1.28 per share, compared to $19.4 million or $2.07 per share (or a net loss of $26.4 million or $2.81 per share, which excludes a non-cash charge of $7.7 million related to the change in fair value of warrant liabilities and a beneficial conversion feature charge for convertible preferred stock of $0.7 million) for the same period in 2015.
“Our corporate priority and fundamental driver of stockholder value remains the focused and expeditious development of our late stage clinical pipeline and related commercial preparatory activities. In 2016, we continued our focus on operational efficiency and maintaining momentum in our clinical development programs, nonetheless we reduced our net losses by 20%” said Tiago Girao, VP of Finance and CFO of Cytori. “In 2017, we will continue to make appropriate preparations for commercial launch of HabeoTM in anticipation of receipt of STAR trial data, and we also intend to complete the manufacturing activities necessary to submit a marketing authorisation application (MAA) for our recently acquired nanoparticle doxorubicin, ATI-0918, to the European Medicines Agency (EMA). We will address ongoing capital requirements through targeted activities, including, but not limited to, further operational efficiency measures, tighter working capital management, increased revenue, accessing the capital markets as appropriate, and an intense focus on only those activities that we believe will maximize stockholder value creation, such as business development opportunities.”
Selected Key Anticipated Milestones:
  1. Receive feedback from U.S. FDA regarding thermal burn IDE trial application (Q2)
  2. Complete contracting discussions with BARDA regarding their potential funding of our thermal burn trial (Q2
  3. Report of 48-week US pivotal/phase III trial data for scleroderma hand dysfunction and preparation for US PMA filing (Q3)
  4. Complete manufacturing activities required for submission of an MAA to the EMA for our recently acquired nanoparticle doxorubicin (Q4)


2017 Financial Guidance
The Company expects full year 2017 operating cash burn to be higher than 2016, primarily due to the development of assets acquired from Azaya Therapeutics, as well as costs to be incurred in preparation of anticipated HabeoTM launch and the Company’s expansion of its development program for secondary Raynaud’s Phenomenon.
Operating cash burn forecasted to be within a range of $26 million to $29 million

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Full year results 23 Mar 2017 17:28 #9050

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Why no mention of increased cash burn due to amortization of debt pricipal this year? I thought the call was as expected. Weak. Jason Kolbert cheerleading was pathetic with no concern about balance sheet but HUGE excitement over potential oncology partner.

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Full year results 23 Mar 2017 18:33 #9051

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'Weak" - Is that why the stock is up after-market? You should try explaining the disgrace of ATHX performance instead of continually harping on CYTX which you do not even own. Disgraceful!!

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Full year results 23 Mar 2017 18:37 #9052

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Yes, weak was my honest assessment. If you don't like it go ..... yourself.

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Full year results 23 Mar 2017 18:56 #9053

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I missed parts but clearly there was avoidance of certain issues.
WST..agree, no mention of debt amortization but of even more interest seemed to be they made it sound like they haven't even tapped the ATM or LPC. The later of which seemed to not even be available until Q2. I guess it was all profit taking and Azaya holders selling back down from $2+.
I also have to laugh at your assessment of JK's comments. I chuckled myself thinking its going to take all night to get the stink off his face after some serious @#$ kissing.

Like I started with...I did miss some parts but 2 things stood out for me.
1. They did talk about Azaya potential but no mention if the Azaya debt got paid. I know that would fall under Q1 but my guess would be not yet if they haven't tapped any capital.
2. Scleroderma MAP. One always has to question when straight answers are never given but it seemed to be they expect some form of payment system to aid here. Maybe some charitable organization ? Did I get this comment wrong ? Certainly self pay alone is going quite limited. Some admission from management that they miss read the market potential.
Otherwise another year of pathetic sales with a slowing sales ramp in Japan.
PS.
They did mention Lorem by name...nothing happening but they did mention them...LOL !

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Full year results 23 Mar 2017 19:22 #9054

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There are no words for the horror show that is a Cytori conference call. LOLOLOL

Clowns on clowns on clowns ...

LOL

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Full year results 23 Mar 2017 19:25 #9055

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Hedge, the second and last analyst on the call asked Tiago why there was a big increase in 2017 cash burn. He seemed unaware of the amortization in 2017. Yet Tiago made no mention of amortization which is a big part of it. Yes, JK was as big of a brown noser as Nunez was with Trump yesterday. JK either feigned excitement or is dumber than we think. I vote for the former. Management said they were not investing resources in getting the MAP going but still were hopeful about it. Did I really hear that correctly? How are they are going to tap the ATM with this volume level is a big question mark. If they don't close a partnership for the oncology drug by June 30, Hedrick and the new Board member should both resign and move in with each other.

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Full year results 23 Mar 2017 19:33 #9056

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Dr. Marc Hedrick appears to be sick and his leadership is weak. For the benefit of the company and the stockholders, he should be replaced. This action would have an instantaneous positive effect on the share price.

This is what I wrote to Tiago, after listening to the CC.

John Harris would be a much better replacement.

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Full year results 23 Mar 2017 19:57 #9057

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Real classy to tell another poster that "if you don't like it go ... yourself" - Fas, how about some monitoring of others instead of just me?

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Full year results 23 Mar 2017 20:07 #9058

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Rodney Strong

I think FAS is not mean to you.

I really like your messages, keeping this board alive. Just my opinion.

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Full year results 23 Mar 2017 20:09 #9059

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Hey all --

If you listen closely enough to the call, you will hear commingled background sounds of vomiting from heavily invested shareholders, snoring from analysts, crickets, and laughter from those wise enough to find comedy in the absurd.

Oh, and if you REALLY listen, you can hear the distancing, fast paced footsteps of potential partners getting further away.

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Full year results 23 Mar 2017 22:05 #9061

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Damn !
I really hate these time limits. Another post lost.
Not worth retyping it all.
Lets see if they try to do something with the existing loan again. Maybe that is why they were quiet on certain parts of the subject.

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Full year results 23 Mar 2017 22:16 #9062

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Hedge, type your posts in word then copy when your done and you won't have that annoying issue to frustrate you.

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Full year results 24 Mar 2017 08:19 #9068

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Why hasn't Dr. Hedrick given ANY details on what he means by "next generation" therapy product related to Azay acquisition? I don't understand why he hasn't explained this yet and I know I am curious about this.

From JK:

Conclusion: With the closure of the Azaya acquisition and Habeo trials coming to
fruition, the landscape is set for partnerships and commercialization. For Azaya, we
now assume a 15% market share and 35% royalty rate for the $300M European
Liposomal Doxorubicin market with the first year of commercial sales in 2019. We
recognize that a U.S. fast-track strategy could put Cytori's Doxorubicin in the U.S.
market (even before Europe) but for conservatism, we do not assume U.S. revenues
in our model (nor do we assume Japan, or any other geographies which will likely
evolve as well). We believe our 15% share and 35% royalty rates are both realistic
(and market share could be conservative).

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