Apollo Endosurgery, Inc.

Report azionario NasdaqGM:APEN

Capitalizzazione di mercato: US$579.7m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Apollo Endosurgery Gestione

Criteri Gestione verificati 4/4

Informazioni chiave

Chas McKhann

Amministratore delegato

US$2.8m

Compenso totale

Percentuale dello stipendio del CEO19.78%
Mandato del CEO2.1yrs
Proprietà del CEO0.4%
Durata media del management4.3yrs
Durata media del Consiglio di amministrazione5.2yrs

Aggiornamenti recenti sulla gestione

Recent updates

Articolo di analisi • Apr 03

Is Apollo Endosurgery (NASDAQ:APEN) Using Debt Sensibly?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Articolo di analisi • Nov 30

Is Apollo Endosurgery (NASDAQ:APEN) Weighed On By Its Debt Load?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Articolo di analisi • Aug 05

Is Apollo Endosurgery (NASDAQ:APEN) Using Too Much Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Seeking Alpha • Aug 04

Apollo Endosurgery: Collect Shares At A Discount Following Q2 Earnings

Apollo Endosurgery came in with another strong quarter of top-line growth whilst growing gross margins on the same. The company saw substantial growth in each of its key segments, coupled with regulatory momentum in its Apollo ESG and REVISE series. Valuations are also supportive and we look to be getting shares on the cheap here at ~4.3x book value, as illustrated. We rate APEN a buy and value its stock at $7.97 per share. Investment Summary We continue our medtech earnings coverage with Apollo Endosurgery, Inc. (APEN), manufacturer of bariatric surgery systems. It was a strong Q2 FY22 for the company with upsides in revenue versus consensus, although it missed estimates below the bottom line. Despite this, fundamental momentum continues brewing for the company, and we note it's caught a bid in H2 FY22 alongside the broad sector. Valuations are supportive and we are paying ~4x book value for a company that grew its top 10 accounts by more than 53% YoY last quarter. With this in mind, we rate APEN buy with price target of $7.97. Exhibit 1. APEN 6-month price target Data: Refinitiv Q2 earnings illustrate current investor challenges Second-quarter earnings were mixed with upsides versus consensus in revenue but a miss in EPS. Worldwide revenue was 16% higher YoY at $19 million with ~310bps of forex tailwinds. Turnover increased due to an 18% increase in US product sales and 15% ex-US, adjusted to 23% on constant currency. The company's top 10 accounts saw a 53% YoY increase. Segmentally, Endoscopic Suturing System ("EES") sales stretched up 23% YoY to $2.4 million backed by demand for OverStitch and X-Tack. Meanwhile, its intragastric balloon ("IGB") segment grew 6% YoY. As seen in Exhibit 2, it was an above-average performance for the company, with its strongest quarterly result in years. Exhibit 2. Quarterly operating performance has been ratcheting up across FY21 to date, with share price and top-line fundamentals starting to converge Data: HB Insights; APEN SEC Filings Gross margin on these revenues lifted ~180ps YoY to 56.8% from higher product sales. As seen above, it continues to curl up alongside top-line performance. This is a bullish factor seeing the company is strengthening margins into a weakening global economic outlook. Moving down the P&L, OPEX increased to $17.6 million as the company increased its salesforce headcount in H2 FY21, plus the marketing spend with this. Operating loss on this was ~$6.5 million. It carried this down to a net loss of $10.4 million for the quarter, versus a net loss of $3 million the quarter prior. The delta was attributed to the forgiveness of the Paycheck Protection Program ("PPP") loan a year beforehand. The company left the quarter well capitalized with $140 million in "committed cash" despite a net loss on CFFO of $14.7 million, worse than the loss of $6.4 million in Q2 FY21. Ex-committed cash, it had ~$75.5 million in cash on the balance sheet. As seen in Exhibit 3, on its net cash spend of $14.7 million and ending balance of $~$75.5 million for the quarter, we estimate the company has ~1.5 years of runway left before having to re-evaluate the situation. Exhibit 3. Data: HB Insights Estimates; APEN SEC Filings With the exit momentum leaving Q2 management reiterated FY22 full-year guidance. This expects to land between $73-75 million with potential 400bps of forex headwinds. Regulatory tailwinds The company also received the nod from the FDA for De Novo marketing authorization for Apollo ESG and Apollo REVISE. Apollo ESG is an interesting segment with favourable economics tied into the mix. It is used in bariatric surgery, or treatment of patients with obesity. Both systems are the first FDA-authorized systems for "endoscopic sleeve gastroplasty". This is a minimally invasive procedure to help obesity patients in reduction of body mass. APEN indicates it for those with BMI range of 30–50kg/m2 who require bariatric surgery. Both systems and the gastroplasty procedure were also featured in the publication of the MERIT study in late July, in the LANCET journal. Per the company's investor presentation yesterday, from the study readouts: The MERIT study proves that ESG is scalable and can be offered in outpatient endoscopy practices by surgeons or gastroenterologists, with an excellent safety profile, without mortality, and with predictable conservatively managed adverse events. Intra-operative hardware used in the Apollo ESG and Apollo REVISE procedures. Image: APEN Valuation Shares are trading at around 4.2x book value and 4x sales, both below the GICS Industry median respectively. The peer group is a strong one and Apollo's lack of profitability makes it difficult to assign a concrete valuation. It printed a quarterly ROA of -8.6% and this is in line with longer term trends. Investors also realize a negative 22% ROE from the most recent quarter's results.
Articolo di analisi • Mar 02

Is Apollo Endosurgery (NASDAQ:APEN) Using Debt Sensibly?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Articolo di analisi • Aug 04

Is Apollo Endosurgery, Inc. (NASDAQ:APEN) Trading At A 20% Discount?

Today we will run through one way of estimating the intrinsic value of Apollo Endosurgery, Inc. ( NASDAQ:APEN ) by...
Seeking Alpha • Jun 28

Apollo Endosurgery: New Management Bounce Makes Weight Loss Specialist A Buy

Apollo Endosurgery is a medical device company developing innovative medical devices to advance gastrointestinal therapeutic endoscopy. The company's share price is +421% over the past 12 months and +130% since the arrival of a new CEO, Charles "Chas" McKhann in February. Although revenues fell ~18% between FY19 and FY20 owing to pandemic pressures, management is guiding for $55-57m of revenues in FY21. The company has 3 exciting growth opportunities - breakthrough device designation for its gastric balloon in NASH, a stand-alone weight loss indication for its OverStitch suturing device, and newly launched X-Tack. As such, shares still look cheap at ~$8.6, and a market cap of $233m undervalues the company and its opportunities, in my view.
Articolo di analisi • May 05

Is Apollo Endosurgery (NASDAQ:APEN) A Risky Investment?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Articolo di analisi • Mar 24

A Look At The Intrinsic Value Of Apollo Endosurgery, Inc. (NASDAQ:APEN)

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Apollo Endosurgery...
Articolo di analisi • Mar 03

What Percentage Of Apollo Endosurgery, Inc. (NASDAQ:APEN) Shares Do Insiders Own?

Every investor in Apollo Endosurgery, Inc. ( NASDAQ:APEN ) should be aware of the most powerful shareholder groups...
Articolo di analisi • Feb 10

Trade Alert: Neil Gagnon At Apollo Endosurgery, Inc. (NASDAQ:APEN), Has Just Spent US$146k Buying 2.8% More Shares

Potential Apollo Endosurgery, Inc. ( NASDAQ:APEN ) shareholders may wish to note that insider Neil Gagnon recently...
Articolo di analisi • Jan 31

We Think Apollo Endosurgery (NASDAQ:APEN) Has A Fair Chunk Of Debt

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...
Articolo di analisi • Dec 27

If You Had Bought Apollo Endosurgery's (NASDAQ:APEN) Shares Three Years Ago You Would Be Down 36%

It is doubtless a positive to see that the Apollo Endosurgery, Inc. ( NASDAQ:APEN ) share price has gained some 155% in...
Articolo di analisi • Dec 01

Is It Too Late To Consider Buying Apollo Endosurgery, Inc. (NASDAQ:APEN)?

Apollo Endosurgery, Inc. (NASDAQ:APEN), is not the largest company out there, but it led the NASDAQGM gainers with a...

Analisi delle retribuzioni degli amministratori delegati

Come è cambiata la remunerazione di Chas McKhann rispetto agli utili di Apollo Endosurgery?
DataCompenso totaleStipendioUtili della società
Dec 31 2022US$3mUS$550k

-US$40m

Sep 30 2022n/an/a

-US$41m

Jun 30 2022n/an/a

-US$36m

Mar 31 2022n/an/a

-US$28m

Dec 31 2021US$9mUS$375k

-US$25m

Compensazione vs Mercato: La retribuzione totale di Chas ($USD 2.78M ) è circa la media per le aziende di dimensioni simili nel mercato US ($USD 2.41M ).

Compensazione vs guadagni: La retribuzione di Chas è stata coerente con le performance aziendali dell'ultimo anno.

AMMINISTRATORE DELEGATO

Chas McKhann (53 yo)

2.1yrs
Mandato
US$2,780,544
Compensazione

Mr. Charles S. McKhann, also known as Chas, serves as President, Chief Executive Officer and Director at Apollo Endosurgery, Inc since March 01, 2021. He served as Chief Commercial Officer at Torax Medical...

Gruppo dirigente

NomePosizioneMandatoCompensazioneProprietà
Charles McKhann
CEO, President & Director2.1yrsUS$2.78m0.39%
$ 2.2m
Jeffrey Black
CFO, Secretary & Treasurer1.7yrsUS$1.34m0.18%
$ 1.0m
John Molesphini
Executive Vice President of Operations5yrsUS$662.23k0.079%
$ 460.8k
Sergey Kantsevoy
Co-Founder and Innovation Partnerno dataNessun datoNessun dato
Anthony Kalloo
Co-Founder and Innovation Partnerno dataNessun datoNessun dato
Robert Hawes
Co-Founder and Innovation Partnerno dataNessun datoNessun dato
Peter Cotton
Co-Founder and Innovation Partner18.3yrsNessun datoNessun dato
Christopher Gostout
Co-Founder & Chief Medical Officerno dataUS$1.16m0.062%
$ 361.2k
Sydney Chung
Co-Founder and Innovation Partnerno dataNessun datoNessun dato
Pankaj Pasricha
Co-Founder18.3yrsNessun datoNessun dato
John Gillings
Investor Relations Managerno dataNessun datoNessun dato
Brian Szymczak
Vice President of Legal & Compliance3.6yrsNessun datoNessun dato
4.3yrs
Durata media
53yo
Età media

Gestione esperta: Il team dirigenziale di APEN è considerato esperto (durata media dell'incarico 4.3 anni).

Membri del Consiglio di amministrazione

NomePosizioneMandatoCompensazioneProprietà
Charles McKhann
CEO, President & Director2.1yrsUS$2.78m0.39%
$ 2.2m
John Barr
Independent Chairman of the Board4.1yrsUS$193.24k0.051%
$ 298.6k
Julie Shimer
Independent Director4.9yrsUS$164.49k0.038%
$ 218.0k
Richard McGaughy
Independent Director11.3yrsUS$165.15kNessun dato
William McClellan
Independent Director8.9yrsUS$169.49k0.047%
$ 270.3k
Adrian Park
Member of Scientific Advisory Boardno dataNessun datoNessun dato
Mark Talamini
Member of Scientific Advisory Boardno dataNessun datoNessun dato
Santiago Horgan
Member of Scientific Advisory Boardno dataNessun datoNessun dato
Jay Redan
Member of Scientific Advisory Boardno dataNessun datoNessun dato
Steve McCarus
Member of Scientific Advisory Boardno dataNessun datoNessun dato
Jeffrey Marks
Member of Scientific Advisory Boardno dataNessun datoNessun dato
David Pacitti
Independent Director5.4yrsUS$159.70k0.0067%
$ 38.9k
5.2yrs
Durata media
58.5yo
Età media

Consiglio di amministrazione esperto: I membri del consiglio di amministrazione di APEN sono considerati esperti (durata media dell'incarico 5.2 anni).

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2023/04/06 10:58
Prezzo dell'azione a fine giornata2023/04/03 00:00
Utili2022/12/31
Utili annuali2022/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

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Metriche di settore e industriali

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Fonti analitiche

Apollo Endosurgery, Inc. è coperta da 8 analisti. 2 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Matthew HewittCraig-Hallum Capital Group LLC
Frank TakkinenLake Street Capital Markets, LLC
Suraj KaliaNorthland Capital Markets