BioSpecifics Technologies Corp. Stock... · 2021. 1. 19. · NasdaqGM: BSTC's overall score ranked in the 15th percentile of all stocks in the model universe (1 = best and 100 = worst)

QUANTITATIVE STOCK REPORT | September 28, 2019 | NasdaqGM : BSTC

BioSpecifics Technologies Corp.Recommendation [as of September 26, 2019]: BUYRisk Evaluation: MODERATE Price: 54.78 (Sep 27, 2019 close) Trading Currency: USD Country: United States

GICS Sector: Health Care Sector Ranking: Overweight SPGMI's Quality Ranking: BGICS Industry: BiotechnologyBusiness Summary: BioSpecifics Technologies Corp., a biopharmaceutical company, engages in the development of an injectable collagenase clostridium histolyticumfor various indications in the United States and internationally. The company offers injectable collagenase for the treatment of Dupuytren's contracture and Peyronie'scontd...

[as of September 26, 2019]Quantitative ModelDrivers

Recommendation: BUY

Valuation

Quality

Growth

FinancialHealth

StreetSentiment

PriceMomentum

Posit ive

Neutral

Neutral

Negat ive

Neutral

Posit ive

Price Performance

Risk Evaluation : MODERATEAsset/Market Size Risk Moderate

Financial Leverage Risk Low

Price Volatility Risk Moderate

Liquidity Risk High

Relative Strength vs

Index

As Reported Earnings vsPrevious Year

40-Week Mov. Avg. Up Down No Change

Volume Quantitative Ranking

Below Avg. Above Avg.

Quantitative Rankings: SB = Strong Buy, H = Hold, SS = Strong SellPast performance is not an indication of future performance and should not be relied upon as such.Source: CFRA, S&P Global Market Intelligence (SPGMI)

Total Return[%CAGR] YTD 1Yr 3Yr 5Yr

NasdaqGM:BSTC -12.7 -6.3 6.9 9.7

Peer Average .0 .0 .0 .0

S&P 500 28.8 4.3 13.6 10.7

Model Ranking Commentary

NasdaqGM: BSTC's BUY recommendation is based on its score from CFRA's quantitative model for the United States.

Valuation and Growth model sub-categories are the two largest drivers of NasdaqGM: BSTC's BUY recommendation.

Valuation includes factors such as price to earnings, price to EBITDA, and price to cash flow.

Growth includes factors that measure EPS growth and stability and cash flow growth and stability.

NasdaqGM: BSTC's overall score ranked in the 15th percentile of all stocks in the model universe (1 = best and 100 = worst).

Dividend Data Currency: USD

5Yr Low 5Yr Hi

Indicated Rate/Share

0

Yield [%] Nil 0 0

Payout Ratio[%]

NM NM NM

Payment Details-No Dividend Data Available

Key StatisticsMarket Cap (Mln of USD) 401.6

52-Wk Range (USD) 52.03 - 73.31

Value of USD 10K Invested 5 Yrs ago 15,906

Beta vs S&P 500 1.18

Common Shares Outstanding(Mln) 7.330

Average Daily Volume (000) 52.1

Insider Ownership(%) 21.63

Compound Annual Growth RatesRevenue - %CAGR 1Yr 3Yr 5Yr

Company 24.3 11.6 22.6

Peer Average

S&P 500 6.4 6.8 3.9

Operating EPS - %CAGR

Company 53.5 24.5 35.4

Peer Average

S&P 500 9.5 16.2 5.5

5 year P/E Ratio Comparisons [forward 12-month Diluted EPS estimates]

CurrentNasdaqGM:BSTC 14.8

Peer Average NA

NA

5-Year AverageNasdaqGM:BSTC 24.1

Peer Average NA

NA

Source: CFRA, S&P Global Market Intelligence (SPGMI)This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and theparticular needs of any specific person who may receive this report. Refer to important disclosures at the end of this report.

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Key Profitability Ratios2014 2015 2016 2017 2018 LTM

% OperatingMargin

49.6 63.5 64.9 64.4 71.0 71.5

Peer Average NA NA NA NA NA NA

% Net Margin 33.1 42.3 43.3 41.3 60.8 63.1


% Return onCapital

16.6 24.1 21.1 17.8 17.7 15.9


% Cash Flow toSales

43.6 46.6 62.3 47.9 53.8 NA


Key Valuation Ratios2014 2015 2016 2017 2018 Current

Fwrd P/E -High

63.6 54.6 35.8 37.9 24.3 23.1

Fwrd P/E -Low

57.8 35.3 25.9 32.0 17.9 19.7

Peer Average

AvgEV/EBITDA

NM 22.1 18.5 17.7 13.9 NA

Peer Average

Avg Price toSales

2.7 2.0 1.5 1.8 1.5 1.7

Peer Average

Avg Price toBook

8.5 7.2 5.1 5.3 3.7 NA

Peer Average

EPS Per Share and Revenues [Millions USD, except per share]Fiscal year ends Dec 31EPS Quarterly - Actual & Estimated Q3'18 Q4'18 Q1'19 Q2'19 Q3'19E

%Yr.-Yr.Chg.

86.5 133.3 11.1 47.5 8.7

%Surprise

25.5 2.4 -3.2 20.8 -

No. ofAnalysts

1 1 1 1 1

EPS Annual - Actual & Estimated 2016 2017 2018 2019E 2020E%Yr.-Yr.Chg.

18.2 -0.6 76.1 16.1 16.7

No. ofAnalysts

1 1 1 1 1

Revenues Quarterly - Actual & Estimated Q3'18 Q4'18 Q1'19 Q2'19 Q3'19E%Yr.-Yr.Chg.

25.4 47 14.7 24.8 8.5

No. ofAnalysts

1 1 1 1 1

Revenues Annual - Actual & Estimated 2016 2017 2018 2019E 2020E%Yr.-Yr.Chg.

15.4 4.5 20.1 11 15.2

No. ofAnalysts

1 1 1 1 1

Source: S&P Global Market Intelligence Note: EPS & Revenues in graphs above may represent analyst-adjusted actuals and estimates and therefore may not match numbers in the

financial data presentation below.

Income Statement, Cash Flow and Balance Sheet Data (Millions USD, except per share) Fiscal Year Ending: Dec. 31 .

2011 2012 2013 2014 2015 2016 2017 2018

Revenue 11.4 11.1 14.4 14.0 22.8 26.3 27.4 33.0

Operating Income 5.2 5.1 7.9 7.0 14.4 17.0 17.7 23.4

Net Income 6.60 2.98 5.29 4.65 9.62 11.37 11.33 20.05

Operating Cash Flow -0.7 0.9 4.5 6.1 10.6 16.4 13.2 17.7

Capital Expenditures NA NA NA NA NA NA NA NA

Earnings Per Share 0.95 0.43 0.76 0.66 1.32 1.56 1.55 2.73

Dividends Per Share NA NA NA NA NA NA NA NA

Dividend Payout Ratio Nil Nil Nil Nil Nil Nil Nil Nil

Free Cash Flow Per Share NA NA NA NA NA NA NA NA

Cash and Short Term Investments 8.2 8.5 12.6 20.7 33.5 49.0 59.3 80.9

Long Term Debt NA NA NA NA NA NA NA NA

Total Debt Nil Nil Nil Nil Nil Nil Nil Nil

Common Equity 14.9 17.5 22.3 30.3 44.8 56.3 67.5 97.6

Note: Data may be restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends as of ex-dividend date.

NA = Not Available. NM = Not Meaningful.

Source: S&P Global Market Intelligence (SPGMI)

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Peer Group Comparison

Peer Group Stock SymbolStk.Mkt.Cap

(Mln USD) Beta

RecentStock

Price[USD]52 Week

Low/High[USD]DividendYield[%] Fwrd P/E P/B Ratio Ranking 1

Return OnRevenue[%]

Return OnEquity[%]

LTD toCap[%]

BioSpecificsTechnologiesCorp.

NasdaqGM:BSTC 401.56 1.18 54.78 53.37/71.62 Nil 14.8 3.6 Buy 63.1 22.4 -

No peers are available for this company.

Quantitative Rankings : Strong Buy , Buy , Hold , Sell , Strong Sell ; Qualitative Rankings(STARS) : 5 = Strong Buy , 4 = Buy , 3 = Hold , 2 = Sell , 1 = Strong Sell1

Rankings are not predictive of future performance. For full definitions of Rankings, see the glossary section of this report.

Note: Peer Group selection is performed using CFRA's proprietary peer ranking system. Peers are selected based on factors such as similarity of analyst coverage, industry, size, and region. The subjectcompany is ranked against a universe of companies ( the "Universe") which has been compiled by CFRA and consists of a list of companies with similar characteristics, but may not include all the companieswithin the same industry and/or that engage in the same line of business. The subject company and some of the companies in the Peer Group may be ranked by two different ranking systems. For the purposeof the overall ranking/recommendation, the subject company is ranked against all the companies in the Universe and not necessarily against the companies listed in the Peer Group.

Wall Street Consensus Estimates

Estimates 2018 2019 2020

Fiscal Years Avg Est. High Est Low Est. # of Est. Est. P/E2020 3.70 3.70 3.70 1 14.82019 3.17 3.17 3.17 1 17.32020 vs. 2019 17% 17% 17% 0% -14%

Source: S&P Global Market Intelligence (SPGMI)

Forecasts are not reliable indicator of future performance.Note: A company's earnings outlook plays a major part in any investment decision. S&P Global Market Intelligence organizes theearnings estimates of over 2,300 Wall Street analysts, and provides their consensus of earnings over the next two years, as wellas how those earnings estimates have changed over time. Note that the information provided in relation to consensusestimates is not intended to predict actual results and should not be taken as a reliable indicator of future performance.

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Business SummaryBioSpecifics Technologies Corp., a biopharmaceutical company, engages in the development of an injectablecollagenase clostridium histolyticum for various indications in the United States and internationally. The companyoffers injectable collagenase for the treatment of Dupuytrenâs contracture and Peyronieâs disease under theXIAFLEX or Xiapex brands. It also provides injectable collagenase to treat frozen shoulder, cellulite, canine lipoma,lateral hip fat, plantar fibromatosis, and human lipoma, as well as uterine fibroids. In addition, the company engagesin the development of other clinical indications for which collagenase injection has been tested, such as keloids,hypertrophic scars, scarred tendons, glaucoma, herniated intervertebral discs, and as an adjunct to vitrectomy.BioSpecifics Technologies Corp. has a development and license agreement with Endo Global Ventures. The companywas founded in 1957 and is headquartered in Lynbrook, New York.

Key DevelopmentsAug-09-2019 Announcements of

EarningsBiospecifics Technologies Corp. Reports Earnings Results for the SecondQuarter Ended June 30, 2019

Jun-13-2019 Annual GeneralMeeting

BioSpecifics Technologies Corp., Annual General Meeting, Jun 13, 2019

May-10-2019 Announcements ofEarnings

Biospecifics Technologies Corp. Reports Earnings Results for the FirstQuarter Ended March 31, 2019

Apr-02-2019 Executive Changes -CEO

BioSpecifics Technologies Corp. Announces Executive Changes

Apr-02-2019 Executive Changes -CFO

BioSpecifics Technologies Corp. Announces Executive Changes

Apr-02-2019 Announcements ofEarnings

Biospecifics Technologies Corp. Reports Earnings Results for the FourthQuarter Ended December 31, 2018

Mar-18-2019 Delayed SEC Filings BioSpecifics Technologies Corp. announced delayed annual 10-K filing

Nov-09-2018 Announcements ofEarnings

BioSpecifics Technologies Corp. Reports Unaudited Consolidated EarningsResults for the Third Quarter and Nine Months Ended September 30, 2018

Corporate InformationOffice35 Wilbur StreetLynbrookNew York11563United StatesLynbrook , New York 11563United States

Telephone516-593-7000

Web Sitewww.biospecifics.com

Key OfficersCorporate SecretaryC. A. ValensteinInterim Principal Executive OfficerR. LawInterim Principal Financial OfficerP. M. Caldwell

Board MembersJ. M. Chao, M. Schamroth, M. Wegman, P. A. Gitman, T.Wegman

State of IncorporationDelaware

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GlossaryQuantitative Model Overall Recommendation anddrivers of the recommendationCFRAs global quantitative stock reports provide a5-tier recommendation assigning a Strong Buy, Buy,Hold, Sell, or Strong Sell recommendation based on aseries of quantitative inputs from four separateregional models:

United States

Canada

Developed Europe

Developed Asia excluding Japan

Each of these regional models is based on between 25and 40 different investment factors (financial ratios),selected from S&P Global Market Intelligence's AlphaFactor Library.

To provide its recommendation, CFRA ranks a universeof common stocks based on 5 measures or modelcategories: Valuation, Quality, Growth, StreetSentiment, and Price Momentum. In the U.S., a sixthsub-category for Financial Health will also bedisplayed.

Within these categories, factors are chosen based ontheir historical predictive strength (alpha) within theregion and their correlation with other factors. Eachregional model contains two separate sub-models; onethat uses factors specific to financial companies andone that focuses on non-financial companies. Due tothe large number of banks in the U.S., the U.S. modelalso has a third sub-model specifically for banks.

Each company within a region is grouped with auniverse of stocks and receives a score on each of thefive (or six in the U.S.) model categories. Percentilescores are used to compare each company to all othercompanies in the same universe for each modelcategory. The five (six) model category scores are thenweighted and rolled up into a single percentile rankingfor that company. Rankings are then assignedinvestment labels, as follows:

Strong Buy: top 10% by model scoreBuy: next 20%Hold: next 40%Sell: next 20%Strong Sell: bottom 10%

Risk EvaluationRisk Evaluation is a relative ranking, which representsan assessment of the risk of investing in a company'sstock relative to the risk of investing in othercompanies' stocks in the same universe. To performthis assessment the following risk categories areevaluated:

Asset/Market Size RiskFinancial Leverage RiskPrice Volatility RiskLiquidity Risk

Each company's stock is percentile ranked from 1 to100 against the other companies within the universeon each of the four risk categories mentioned above,with 1 being low risk and 100 being

high risk. The overall risk evaluation represents thecombined scores on these Risk categories, calculatedas an equal-weighted average of percentile ranks ofthe 4 risk categories. The highest 40% of companies ineach universe receive a high risk ranking, the next 35%receive a moderate risk ranking and, the lowest 25%receive a low risk ranking.

All investments carry some sort of risk and a low riskranking represents a relative ranking of CFRA'sassessment of the risk of investing in a company'sstock versus the risk of investing in other companiesthat are part of that company's universe. Therefore, alow risk ranking should not be interpreted as anabsolute risk evaluation, but as a relative measurementof the risk of investing in a company's stock.

Sector RankingCFRA's Investment Policy Committee (IPC) consists ofa team of five seasoned investment professionals. Itmeets weekly to discuss market trends andprojections, maintain an S&P 500 12-month forwardprice target, and make asset allocation/sectorrecommendations. The IPC establishes over, market,and underweight recommendations on the 10 sectorswithin the S&P 500. Overweight and underweightrecommendations imply that the group expects thesesectors to outperform or underperform the S&P 500during the coming six-to-12 month period,respectively. A "marketweight" recommendationindicates that the sector is expected to be a marketperformer during this same timeframe. The IPCanalyses economic projections, fundamental forecasts,technical considerations, and historical precedentwhen making such recommendations. Changes inrecommendations can be made more frequently thanevery six-12 months as market conditions evolve.Sector rankings will only be made available for sectorsin the S&P 500. If a ranking is not available, the valuewill be N/A.

Qualitative STARS Ranking system and definition: 5-STARS (Strong Buy):

Total return is expected to outperform the total returnof a relevant benchmark, by a wide margin over thecoming 12 months, with shares rising in price on anabsolute basis.

4-STARS (Buy):Total return is expected to outperform the total returnof a relevant benchmark over the coming 12 months,with shares rising in price on an absolute basis.

3-STARS (Hold):Total return is expected to closely approximate thetotal return of a relevant benchmark over the coming12 months, with shares generally rising in price on anabsolute basis.

2-STARS (Sell):Total return is expected to underperform the totalreturn of a relevant benchmark over the coming 12months, and the share price not anticipated to show again.

1-STAR (Strong Sell):Total return is expected to underperform the totalreturn of a relevant benchmark by a wide margin overthe coming 12 months, with shares falling in price onan absolute basis.

S&P Global Market Intelligence's Quality Ranking(also known as S&P Global Market Intelligence'sEarnings & Dividend Rankings)- Growth and stability ofearnings and dividends are deemed key elements inestablishing S&P Global Market Intelligence's earningsand dividend rankings for common stocks, which aredesigned to capsulize the nature of this record in asingle symbol. It should be noted, however, that theprocess also takes into consideration certainadjustments and modifications deemed desirable inestablishing such rankings. The final score for eachstock is measured against a scoring matrix determinedby analysis of the scores of a large and representativesample of stocks. The range of scores in the array ofthis sample has been aligned with the following ladderof rankings:A+ Highest B Below AverageA High B- LowerA- Above Average C LowestB+ Average D In ReorganizationNR Not Ranked

S&P Capital IQ Consensus EstimatesS&P Capital IQ Consensus Estimates represent theaggregation of individual estimates provided byanalysts that are covering a public company. Aconsensus number can be provided as either the meanor the median. The size of the company and theamount of analyst coverage will determine the size ofthe group from which the Consensus is derived. All ofthe available analysts' estimates may not necessarilybe included in the Consensus. The Consensus will onlyinclude analysts' estimates that are based on the samemethodology. Consensus Mean: The mathematicalaverage of the detailed estimates after the appropriateexclusions have been applied. Consensus Median: Thisrepresents the midpoint of the range of estimates thatare ranked from highest to lowest after the appropriateexclusions have been applied. If the number ofestimates is even, then the average of the middle twofigures is the median.

Global Industry Classification Standard (GICS)An industry classification standard, developed byStandard and Poor's in collaboration with MorganStanley Capital International (MSCI). Under the GICSstructure, companies are classified in one of 154sub-industries, which are grouped into 68 industries,24 industry groups, and 10 economic sectors(consumer discretionary, consumer staples, energy,financials, health care, industrials, informationtechnology, materials, telecom services, and utilities).This four-tier structure accommodates companiesacross the world and facilitates sector analysis andinvesting.

GlossaryPeer GroupA subset of a universe that groups companies byspecific criteria, such as industry/across industry, linesof business, geography (local, regional, national, andinternational), size of business (e. g. in terms ofrevenue), performance criteria, etc.

UniverseA set of companies that shares a common featuresuch as the same market capitalization, industry orindex.

BetaBeta is a measurement of the sensitivity of acompany's stock price to the overall fluctuation of agiven benchmark index. The beta values used in thisreport are levered, unadjusted and derived from a leastsquares regression analysis using stock andbenchmark index returns based on a monthlyfrequency. Beta is calculated using 60 monthly returns(each as of month end) but if the company's tradinghistory is too short to provide such a sample, fewerthan 60 but not fewer than 24 monthly returns areused to run the regression. Beta in this report uses fivedifferent benchmark indices to better estimate astock's volatility against a respective market: the S&P500 for all US stocks, the S&P/TSX index for allCanadian stocks, the S&P Europe 350 for all Europeanstocks, the S&P/ASX 200 index for all Australianstocks, and the S&P Global 1200 for all otherinternational stocks.

Free Cash Flow (FCF)Operating Cash Flow minus Capital Expenditures overthe past 12 months

Funds from Operations (FFO)Funds from Operations (FFO) represents a REIT's netincome, excluding gains or losses from sales ofproperty, plus real estate depreciation.

Not Meaningful (NM)Value is available but it is not meaningful. Examples arecertain negative ratios such as P/E, as well as certainratios that are over +/- 100%

Not Available (NA)Value is not available for this data item

Return on CapitalEBIT / (Total Equity + Total Debt + Deferred Tax LiabilityNon Current + Deferred Tax Liability Current) Notes:(1) If the denominator is less than or equal to zero thenthe ratio will be shown as NM(2) If the return is less than (300%) then the value willbe shown as NM

Return on EquityEarnings From Continuing Operations / ((TotalEquity(t) + Total Equity (t-1)) / 2) Notes:(1) If both periods of data (t and t-1) are not availablethen the ratio will be shown as NM(2) If the denominator is less than or equal to zero thenthe ratio will be shown as NM

Relative Strength vs IndexRelative Strength vs Index measures the stockperformance of the company verse all other stocks inthe benchmark index each week. Weekly readings areaccumulated to form the cumulative Relative Strengthline.

Relevant benchmarks:Region Country Index

US US S&P 500 Index

Canada Canada S&P/TSX Composite Index

Europe All S&P Europe 350 Index

Asia ex Japan Australia S&P/ASX 200 Index

Asia ex JapanAll exceptAustralia

S&P Global 1200

Abbreviations used in CFRA Equity Research ReportsCAGR Compound Annual Growth Rate

EBIT Earnings Before Interest and Taxes

EBITDAEarnings Before Interest Taxes Depreciation andAmortization

EPS Earnings Per Share

EV Enterprise Value

FCF Free Cash Flow

FFO Funds from Operations

LTD Long Term Debt

NM Not Meaningful (see definition above)

P/E Price/Earnings

Dividends on American Depository Receipts (ADRs)and American Depository Shares (ADSs) are net oftaxes (paid in the country of origin).

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Stocks are ranked in accordance with the following ranking methodologies:

STARS Stock Reports:Qualitative STARS recommendations are determined and assigned by equityanalysts. For reports containing STARS recommendations refer to the Glossarysection of the report for detailed methodology and the definition of STARS rankings.

Quantitative Stock Reports:Quantitative recommendations are determined by ranking a universe of commonstocks based on 5 measures or model categories: Valuation, Quality, Growth, StreetSentiment, and Price Momentum. In the U.S., a sixth sub-category for FinancialHealth will also be displayed. Percentile scores are used to compare each companyto all other companies in the same universe for each model category. The five (six)model category scores are then weighted and rolled up into a single percentileranking for that company. For reports containing quantitative recommendationsrefer to the Glossary section of the report for detailed methodology and thedefinition of Quantitative rankings.

STARS Stock Reports and Quantitative Stock Reports:The methodologies used in STARS Stock Reports and Quantitative Stock Reports(collectively, the "Research Reports") reflect different criteria, assumptions andanalytical methods and may have differing recommendations. The methodologiesand data used to generate the different types of Research Reports are believed bythe author and distributor reasonable and appropriate. Generally, CFRA does notgenerate reports with different ranking methodologies for the same issuer.However, in the event that different methodologies or data are used on the analysisof an issuer, the methodologies may lead to different views or recommendations onthe issuer, which may at times result in contradicting assessments of an issuer.CFRA reserves the right to alter, replace or vary models, methodologies orassumptions from time to time and without notice to clients.

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BioSpecifics Technologies Corp. Stock... · 2021. 1. 19. · NasdaqGM: BSTC's overall score ranked in the 15th percentile of all stocks in the model universe (1 = best and 100 = worst)