Solid performance ■ Solid 1HFY16 result – Axiron market share is steady and lower AUD helps. ■ Expect costs to be higher in 2H as investment in earlier programs increases. ■ Stock is relatively illiquid, hard to get excited. ■ HOLD recommendation maintained. Result ahead of expectations ACR posted a solid 1HFY16 result of A$9.7m (up 39% on the pcp). Revenues increased 26.6% to A$18.0m benefiting from higher royalty revenue of A$1.5m and a A$2.5m milestone received from Gedeon Richter. Operating costs increased by 19.5%, which management states is a well controlled cost base and in line with its growth strategy. It should be noted that strong NPAT results were attributed to a favourable AUD/USD exchange rate over the last quarter contributing an additional A$1.4m in royalty revenue. In the conference call, management noted that ACR had maintained a stable market share of 14.4% with flat sales growth over the previous quarter. ACR finished the half with cash reserves of A$21.5m (up from A$15.8m on the pcp).
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5.6¢ |
Change
-0.001(1.75%) |
Mkt cap ! $16.28M |
Open | High | Low | Value | Volume |
5.9¢ | 5.9¢ | 5.5¢ | $6.243K | 110.9K |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 46219 | 5.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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5.6¢ | 15000 | 1 |
View Market Depth
No. | Vol. | Price($) |
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2 | 46219 | 0.055 |
1 | 18800 | 0.053 |
2 | 180000 | 0.052 |
5 | 795490 | 0.050 |
1 | 88000 | 0.048 |
Price($) | Vol. | No. |
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0.056 | 15000 | 1 |
0.057 | 26502 | 1 |
0.059 | 225945 | 1 |
0.060 | 423988 | 3 |
0.061 | 100000 | 1 |
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