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
• 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
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
1. InSphero AG
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
• 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
2. During the first quarter of 2015, management should be able
to provide a more reliable timetable for the company’s path to
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