Crossject SA is a France-based company that designs and develops medical injection systems. The Company specializes in needle-free, pre-filled, single-use injection systems for intradermal, subcutaneous and intramuscular applications for pharmaceutical companies. Is also has a pipeline and three drugs in the preclinical or clinical phase of research. The Company's products, which are based on well-known injectable drugs (chemicals and biologics), are designed to enhance patients' safety, compliance and comfort. Crossject's first ZENEO SUPERGENERIC product is expected to reach the market in the year 2015. The Company has industrial partnerships with Hirtenberger and Recipharm.
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The 2018 bonds fully converted EPS CHANGE CHANGE IN EPS2019 : € -0.48 vs -0.51 ns 2020 : € -0.34 vs -0.39 ns We have increased the total number of shares (from 13.6m at year-end 2018 to 18.4m in March 2019) following the conversion of all convertible bonds issued last year, which by the way confirms shareholders’ confidence in the company. The valuation does not significantly change (dilution on one side, a lower net debt position on the other one), but of course the apparent loss per share is smaller over the next two years. No other changes to our model.
No major change post FY18 results EPS CHANGE CHANGE IN EPS2019 : € -0.51 vs -0.50 ns 2020 : € -0.39 vs -0.39 ns We have only fine-tuned our numbers after the release of FY18 results, which are anyway insignificant before the group’s products actually reach the market in FY2021, i.e. results (losses) before 2021 are almost simply the sum of operating costs. CHANGE IN NAV€ 10.0 vs 11.9 -15.4% The SOTP goes down a tick after the dilution stemming from the conversion of bonds at the beginning of the current year, the total number of shares rising from 13.6m to 15.7m. CHANGE IN DCF€ 15.0 vs 13....
Slowly but surely EARNINGS/SALES RELEASES FACT Crossject released its FY18 results. Revenues reached €3.52m vs €4.14m, operating result €-11,556k vs €-8,621k, and the net result €-10,711k vs €-7,611k. Net cash at the end of FY18 amounted to €4.82m vs €2.8m a year before. ANALYSIS As usual, we recall that the numbers are of little relevance since the story of Crossject is based on the future launch of Zeneo combined with the NTEs the group is targeting, and, in particular, that the group’s top-line has so far little meaning, as well as the losses posted by the company. Still, we note tha...
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