Company Quick10K Filing
Avedro
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
S-1 2019-01-18 Public Filing
10-K 2018-12-31 Filed 2019-03-21
8-K 2019-11-19 M&A, Shareholder Rights, Control, Officers, Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2019-11-15 Officers, Other Events, Exhibits
8-K 2019-11-08 Other Events
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-08-07 Enter Agreement, Earnings, Officers, Other Events, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-03-21 Earnings, Exhibits
8-K 2019-02-19 Amend Bylaw, Other Events, Exhibits

Avedro Financials

AVDR Metrics, Comps, Filings

Quarterly | Annual

Business

Our Avedro Corneal Remodeling Platform technology uses corneal cross-linking to strengthen the cornea and modify its shape, a process we refer to as corneal remodeling. Because the cornea functions as the eye's outermost lens, responsible for 65% to 75% of the eye's total focusing power, we believe corneal remodeling represents a powerful approach to treating corneal ectatic disorders and correcting vision. We believe corneal remodeling is a particularly effective treatment for progressive keratoconus, a disease in which the cornea progressively thins and weakens, as corneal remodeling strengthens and stabilizes the cornea to slow or arrest the progression of the disease. Corneal remodeling can also potentially be used to correct vision for otherwise healthy individuals by reshaping the cornea through a non-invasive procedure without the need for corneal surgical procedures.

The broad utility of our platform in treating corneal ectatic disorders and correcting vision has the potential to enable us to target a population that we estimate to be approximately 64 million people in the United States, which represents an estimated total addressable market opportunity of $26 billion. Our initial commercial focus within the United States is the keratoconus market, which, according to a recent Market Scope study from 2018, we believe represents a total addressable market of approximately 600,000 people and an opportunity of approximately $3 billion. Keratoconus typically manifests at an early age and is the leading cause of full thickness corneal transplants in the United States, a procedure that costs an average of $20,000 per transplant and may require one or more repeat procedures in the same eye later in life. Unlike corneal cross-linking, non-surgical solutions, such as eyeglasses or contact lenses, do not treat the underlying cause of keratoconus or slow disease progression, but temporarily attempt to address its symptoms, such as poor vision.

We estimate the vision correction market for our products in the United States to be approximately 63 million people, or an estimated total addressable market opportunity of $23 billion. Our initial clinical focus in vision correction is the treatment of patients with presbyopia, which we estimate affects more than 50 million people in the United States, representing an estimated total addressable market opportunity of approximately $15 billion. Vision correction procedures traditionally include refractive surgery or implants, the most common of which is laser in-situ keratomileusis, or LASIK. While LASIK is the most common vision correction procedure, we believe that it has not achieved greater market penetration due to patients' fears of an ablative laser procedure and the associated side effects. Although we currently do not have any FDA-approved products to treat presbyopia, we believe that our Mosaic system, which is currently available in non-U.S. jurisdictions, addresses the critical challenges of currently available vision correction procedures, as corneal remodeling does not involve cutting or ablating the cornea. In addition to presbyopia, we are exploring the use of our Mosaic system as a treatment option for other large markets in the United States, including correcting refractive error for low myopia, which we estimate affects 13.5 million people, representing a total addressable market opportunity of approximately $8 billion, and post-cataract procedures, which we estimate affects 600,000 eyes annually, representing a total annual addressable market opportunity of approximately $180 million.


Valuation ($MM)

Market Cap, Enterprise Value

Balance Sheet ($MM)

Assets, Equity

Income Statement ($MM Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($MM Quarterly)

Ops, Inv, Fin

Comps ($'000 TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Seven Stars Cloud (SSC) 520,169 97% 18.9 15% 164,764 47,260 44,504 43,286 25,390 28,339 536,024
CatchMark Timber Trust (CTT) 514,034 0% -9.2 -18% 683,738 478,753 100,540 0 -119,735 -104,235 955,515
Personalis (PSNL) 511,051 35% -44.6 -8% 159,691 48,299 32,978 11,531 -12,754 -9,502 424,038
Precision BioSciences (DTIL) 508,117 0% -4.4 -28% 260,298 104,510 15,716 0 -71,961 -68,271 301,852
First Connecticut Bancorp (FBNK) 493,991 0% 8.6 1% 3,275,838 2,993,974 1,718 0 18,835 53,340 457,023
Fortune Valley Treasures (FVTI) 492,400 23% -1,532.0 -93% 347 1,050 180 42 -322 -321 492,362
AV Homes (AVHI) 489,449 17% -180.4 -2% 1,024,433 592,139 203,560 35,192 -24,366 -4,720 851,677
Avedro (AVDR) 462,164 75% -18.9 -33% 74,531 30,436 30,108 22,639 -24,846 -22,735 429,956
Milestone Pharmaceuticals (MIST) 460,181 -9.6 -26% 141,892 9,060 0 0 -36,941 -36,982 353,680
Kayne Anderson (KAAC) 457,974 393.6 0% 382,546 16,932 0 0 1,163 1,163 457,933
Aegean Marine Petroleum Network (ANW) 451,438 0% 1,600,933 1,011,342 0 0 0 0 929,119
ETFS Precious Metals Basket Trust (GLTR) 447,156 7.9 13% 442,710 216 0 0 56,636 56,636 447,156
Brigham Minerals (MNRL) 444,879 0% 15.0 1% 716,204 656,726 67,901 0 9,452 30,845 464,031
Perry Ellis (PERY) 436,499 38% 5.6 9% 554,666 169,797 880,665 332,305 49,882 74,302 415,161
New Fortress Energy LLC (NFE) 431,150 -3% -137.1 -2% 1,147,783 727,385 119,373 -3,851 -26,466 -5,783 793,018
IGM Biosciences (IGMS) 430,672 -23.3 -4% 269,856 15,234 0 0 -10,172 -10,172 236,993
Prevail Therapeutics (PRVL) 420,097 -6.7 -17% 203,429 21,401 0 0 -35,402 -35,402 236,932
Matlin & Partners (MPACU) 418,031 173.0 0% 329,723 12,132 0 0 1,263 2,415 417,877
Alfacourse (ALFA) 407,519 -40,331.9 -303% 5 19 0 0 -14 -10 407,514
ETFS Silver Trust (SIVR) 406,944 10.5 10% 394,201 97 0 0 38,813 38,813 406,944

Balance Sheet ($'000)2019-03-312019-06-302019-09-30
Cash65,36058,38952,697
Accounts Receivable10,97311,60312,328
Inventory4,4734,9224,482
PP&E3,5033,5733,960
Assets85,74978,95274,531
Accounts Payable2,5211,9741,483
Long-Term Debt20,12820,31320,489
Liabilities29,47728,91130,436
Stockholders' Equity56,27250,04144,095
Income Statement ($'000)2019-03-312019-06-302019-09-30
Revenue8,77310,28911,046
Cost of Revenue2,2842,7812,404
Gross Profit6,4897,5088,642
R&D4,2853,9013,809
SG&A10,22110,46712,966
Tax
Net Income-8,353-7,428-9,065
Cash Flow ($'000)2019-03-312019-06-302019-09-30
Cash Operating-8,547-5,278-5,908
Cash Investing-80-91-182
Cash Financing63,667-1,602398