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Two Take-Aways from Organovo's Annual Report

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  • Page F-5 https://www.sec.gov/Archives/edgar/data/1497253/000119312514232145/d690346d10k.htm#fin690346_5
  • Page 7 https://www.sec.gov/Archives/edgar/data/1497253/000119312514232145/d690346d10k.htm
  • Page 7 bottom https://www.sec.gov/Archives/edgar/data/1497253/000119312514232145/d690346d10k.htm
  • Transcript

    • 1. What Did We Really Learn from Organovo’s Annual Report?
    • 2. Weird Financial Reporting Raises Eyebrows For some reason, Organovo appeared to present FY 2014 results, and compared them to 2012 and other previous years, yet did not include 2013 results for comparison’s sake.
    • 3. Is This Something to Worry About? For the most part: NO • Organovo announced last March that it would be changing the dates for the end of the fiscal year from December 31st to March 31st. • A transition report was filed with the SEC to help reconcile the difference in dates. However, it is odd that the company didn’t break out Q4 stats. • Would have shown revenue of $115,000 and a loss per share of $0.08.
    • 4. Competition Is at the Door In previous filings, Organovo has only referred to “significant competition” within the bioprinting realm. This year, it singled out four companies with “non-bioprinted cell-based assays…some of which have a three dimensional aspect.” 1. InSphero AG 2. Hepregen 3. RegeneMed 4. Hurel Corporation
    • 5. Is This Something to Worry About? • This is probably the biggest question mark about the company. If its liver-cell assays are well received and differentiated enough from the competition, it would be a big deal. • If, however, the opposite is true, the company’s stock would likely plummet. • For its part, Organovo says: “We believe that we are the first and only company to leverage a bioprinting system in the commercial production of 3D tissue products,” and that such products, “offer unparalleled in vitro modeling of native tissues.”
    • 6. What you Should Really Focus on: 1. In late 2014, the company will commercialize its liver assays. Stay keenly aware of what key opinion leaders (scientists, researchers, etc.) have to say about the efficacy of these assays. 2. During the first quarter of 2015, management should be able to provide a more reliable timetable for the company’s path to profitability. 3. Remember, this is still a very risky and speculative stock. But beyond these two points, the rest, largely, is just noise.
    • 7. If You’re Interested in Bio-Tech Leaked: This Coming Blockbuster Will Make Every Biotech Jealous.

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