Reported Earnings • Sep 01
First half 2025 earnings released: US$0.016 loss per share (vs US$0.02 loss in 1H 2024) First half 2025 results: US$0.016 loss per share (improved from US$0.02 loss in 1H 2024). Revenue: US$10.5m (down 6.7% from 1H 2024). Net loss: US$4.69m (loss narrowed 20% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. New Risk • Aug 31
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$557k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.3m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-US$557k). Earnings have declined by 2.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$42.4m market cap, or US$27.8m). New Risk • Jul 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 21% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.6m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 2.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$32.1m market cap, or US$21.2m). New Risk • May 27
New major risk - Revenue and earnings growth Earnings have declined by 2.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.6m free cash flow). Earnings have declined by 2.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$23.1m market cap, or US$14.9m). Major Estimate Revision • May 17
Consensus revenue estimates decrease by 36%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$39.2m to US$25.1m. EPS estimate increased from -US$0.023 to -US$0.022 per share. Medical Equipment industry in Australia expected to see average net income growth of 18% next year. Consensus price target of AU$0.27 unchanged from last update. Share price fell 13% to AU$0.086 over the past week. Announcement • Apr 11
Next Science Limited to Report Q1, 2025 Results on Apr 24, 2025 Next Science Limited announced that they will report Q1, 2025 results on Apr 24, 2025 Announcement • Mar 11
Next Science Limited, Annual General Meeting, May 09, 2025 Next Science Limited, Annual General Meeting, May 09, 2025. Reported Earnings • Mar 02
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: US$0.036 loss per share (improved from US$0.07 loss in FY 2023). Revenue: US$22.8m (up 2.9% from FY 2023). Net loss: US$10.6m (loss narrowed 35% from FY 2023). Revenue missed analyst estimates by 18%. Earnings per share (EPS) exceeded analyst estimates by 5.8%. Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Announcement • Feb 07
Next Science Limited to Report Fiscal Year 2024 Results on Feb 28, 2025 Next Science Limited announced that they will report fiscal year 2024 results on Feb 28, 2025 Announcement • Jan 20
Next Science Limited to Report Q4, 2024 Results on Jan 23, 2025 Next Science Limited announced that they will report Q4, 2024 results on Jan 23, 2025 Announcement • Jan 08
Next Science Limited and Next Science LLC Provide Update on Litigation Involving Former Employee Next Science Limited announced that a former employee, Michael Morello has filed a derivative complaint in the Duval County - Fourth Judicial Circuit Court in Florida, purportedly as a shareholder on behalf of the Company and its subsidiary, Next Science LLC, alleging breaches of fiduciary duties and mismanagement against several employees. Mr. Morello was VP, Wound Care Sales at Next Science LLC until December 2023. In May 2024, Next Science LLC commenced litigation against Mr. Morello and several former employees for breach of post-employment restraints. Mr. Morello's complaint makes several claims including that Next Science's XBIO technology has not been approved by the FDA as a biofilm eradication process and that the Company did not take adequate measures to address safety concerns about the use of its surgical solution XPERIENCETM in breast implant procedures. The Company confirms that the products it sells are safe, effective, approved by the FDA (the US healthcare regulatory authority) and promoted within their FDA approved intended use. The Board is concerned that the Complaint has not been brought in good faith due to the fact that Mr. Morello has sought to tie the derivative complaint to the Non-Compete Action. However, the Company is following recommended practice in undertaking an independent investigation into the matters alleged. Next Science has, in consultation with its insurers, engaged US attorneys in relation to both proceedings and the Company and Next Science LLC will continue to pursue the Non- Compete Action against Mr. Morello and several former employees for the breach of post- employment restraints. Next Science will provide further updates as and when there is material progress in these USA civil proceedings. Announcement • Oct 16
Next Science Limited to Report Q3, 2024 Results on Oct 22, 2024 Next Science Limited announced that they will report Q3, 2024 results on Oct 22, 2024 Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$32.7m to US$29.7m. Losses expected to increase from US$0.049 per share to US$0.054. Medical Equipment industry in Australia expected to see average net income growth of 19% next year. Consensus price target down from AU$0.38 to AU$0.34. Share price was steady at AU$0.27 over the past week. Announcement • Jul 26
Next Science Limited to Report First Half, 2024 Results on Aug 30, 2024 Next Science Limited announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Jul 10
Next Science Limited to Report Q2, 2024 Results on Jul 25, 2024 Next Science Limited announced that they will report Q2, 2024 results on Jul 25, 2024 New Risk • Apr 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$2.9m net loss in 3 years). Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). Market cap is less than US$100m (AU$91.9m market cap, or US$59.7m). Announcement • Apr 23
Next Science Limited to Report Q1, 2024 Results on Apr 24, 2024 Next Science Limited announced that they will report Q1, 2024 results on Apr 24, 2024 Announcement • Mar 04
Next Science Limited, Annual General Meeting, May 03, 2024 Next Science Limited, Annual General Meeting, May 03, 2024, at 10:01 E. Australia Standard Time. Reported Earnings • Feb 29
Full year 2023 earnings released: US$0.069 loss per share (vs US$0.06 loss in FY 2022) Full year 2023 results: US$0.069 loss per share (further deteriorated from US$0.06 loss in FY 2022). Revenue: US$22.2m (up 89% from FY 2022). Net loss: US$16.3m (loss widened 28% from FY 2022). Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Announcement • Feb 16
Next Science Limited to Report Fiscal Year 2023 Results on Feb 28, 2024 Next Science Limited announced that they will report fiscal year 2023 results on Feb 28, 2024 Announcement • Nov 01
Next Science Limited has completed a Follow-on Equity Offering in the amount of AUD 23.800122 million. Next Science Limited has completed a Follow-on Equity Offering in the amount of AUD 23.800122 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,571,429
Price\Range: AUD 0.42
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,851,024
Price\Range: AUD 0.42
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,244,504
Price\Range: AUD 0.42
Transaction Features: Reserved Share Offering; Subsequent Direct Listing Major Estimate Revision • Oct 26
Consensus revenue estimates decrease by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$24.1m to US$21.6m. EPS estimate reaffirmed at -US$0.057 per share. Medical Equipment industry in Australia expected to see average net income growth of 0.9% next year. Consensus price target down from AU$0.59 to AU$0.35. Share price fell 45% to AU$0.22 over the past week. Announcement • Oct 24
Next Science Limited Announces the Appointment of Katherine Ostin as Independent Non-Executive Director Next Science Limited announced the appointment of Ms. Katherine Ostin as an independent Non Executive Director of the Company and Chair of the Board’s Audit and Risk Committee with effect from 24 October 2023. Ms. Ostin is an experienced non-executive director and audit and risk committee chair. Ms. Ostin’s appointment strengthens the Board’s skills in a number of key areas including finance and accounting, audit, risk, governance, strategy and business development. Ms. Ostin was an Audit, Assurance and Risk Consulting Partner at KPMG from 2005 to 2017 and has extensive experience in the aged care and healthcare sectors, having established and led KPMG’s New South Wales Health, Ageing and Human Services audit practice from 2006 to 2018. During her 24 years with KPMG, Ms. Ostin worked in Australia, the US, Asia, and the UK. Ms. Ostin currently serves as a Non-Executive Director of 3P Learning Limited, dusk Group Limited, Capral Limited and Alex Corporation Limited. She holds a Bachelor of Commerce (Accounting and Finance) from the University of New South Wales and is a Fellow of the Financial Services Institute of Australasia. Ms. Ostin is also a graduate of the Australian Institute of Company Directors (AICD). Major Estimate Revision • Sep 09
Consensus revenue estimates increase by 26%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$19.9m to US$25.0m. EPS estimate fell from -US$0.047 to -US$0.05 per share. Medical Equipment industry in Australia expected to see average net income growth of 1.1% next year. Consensus price target broadly unchanged at AU$0.72. Share price fell 13% to AU$0.47 over the past week. New Risk • Sep 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$14m free cash flow). Negative equity (-US$17k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$6.5m net loss in 2 years). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (AU$113.2m market cap, or US$72.2m). Reported Earnings • Sep 03
First half 2023 earnings released: US$0.04 loss per share (vs US$0.032 loss in 1H 2022) First half 2023 results: US$0.04 loss per share (further deteriorated from US$0.032 loss in 1H 2022). Revenue: US$10.1m (up 87% from 1H 2022). Net loss: US$8.61m (loss widened 31% from 1H 2022). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Aug 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$12m free cash flow). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (US$2.9m net loss in 3 years). Market cap is less than US$100m (AU$139.6m market cap, or US$90.7m). Announcement • Aug 23
Next Science Limited Announces Board Changes Next Science Limited announced the appointment of Ms. Aileen Stockburger as Chair of the Next Science Board of Directors and the appointment of a long standing advisor to the Company, Mr. Grant Hummel, as an independent Non-Executive Director, effective 23 August 2023, further strengthening the skills of the Board in a number of key areas including strategy, financial acumen, legal and governance. The timing of the Board changes has been brought about following the retirement of Mr. Mark Compton AM as Chair of the Company. Mr. Compton’s retirement from the Board follows two recent close family bereavements and his need to take some personal time. Aileen Stockburger has been an independent Non-Executive Director of the Company since 2018, having joined ahead of the Company’s admission to ASX. Ms Stockburger was most recently re-elected by shareholders at the Company’s 2023 Annual General Meeting. Prior to joining Next Science, Ms Stockburger was the Worldwide Vice President of Business Development for the DePuy Synthes Group of Johnson & Johnson, where she oversaw the group’s merger and acquisition activities, including deal structuring, negotiations, contract design and review, and deal terms. Ms Stockburger received her MBA and BS from The Wharton School, University of Pennsylvania and is a Certified Public Accountant (CPA USA). She is a Non-Executive Director of Microbot Medical and two private equity companies - Orchid Orthopaedic Solutions and Materna Medical. Ms Stockburger is also a graduate of the Australian Institute of Company Directors (AICD). Grant Hummel was part of the Company’s initial public offering (IPO) and ASX listing deal team in 2019. Mr. Hummel has been a partner of a major Australian law firm for over fifteen years. He has experience with corporate and commercial transactions, with particular expertise in advising primary care, allied health, medical device and life science clients. Mr. Hummel has been a non-executive director of GLG Corp. Ltd. since 2018 and serves as the Chair of GLG’s Nomination and Remuneration Committee and as a member of GLG’s Audit and Risk Committee. Mr. Hummel holds a Bachelor of Science with an honours degree in molecular genetics and a Bachelor of Laws (Honours) from the University of Tasmania. He also has a Graduate Diploma of Applied Finance and Investment from FINSIA (now Kaplan). Mr. Hummel has also been appointed as a member of the Board's Audit and Risk Committee and People, Culture and Remuneration Committee. Ms. Stockburger will remain as Chair of the Board's Audit and Risk Committee and independent Non-Executive Director, Mr. DanSpira, will continue to Chair the Board's People, Culture and Remuneration Committee. The Board will continue its ongoing search for at least one new independent non-executive director who may be US based. New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$12m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$2.9m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$124.6m market cap, or US$82.5m). Announcement • Jun 29
Next Science Limited Commercialising Its Proprietary Xbiotm Suite of Products Next Science Limited announced commercialising its proprietary XBIOTM suite of products to reduce the impact of biofilm-based infections in human health, provide the following update. In advance of the forthcoming Appendix 4C and quarterly activity report, Next Science notes continuing improvement in the performance of the business across the quarter-to-date. Next Science advises, that with a few days left in the month, unaudited product sales for 2QFY23 are expected to be above USD 5.6 million. This compares with reported product sales of USD 4.4 million in 1QFY23. As the period for 1HFY23 is about to close, it is clear, that Next Science is on track to substantially exceed product sales in 1HFY22 (USD 5.2 million) and 2HFY22 (USD 6.1 million). This is due to the increased investment in sales and marketing that will continue during the establishment phase of the direct sales model for key products. Recent Insider Transactions • Mar 12
Founder & CTO recently sold AU$1.5m worth of stock On the 7th of March, Matthew Myntti sold around 2m shares on-market at roughly AU$0.68 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Matthew has been a net seller over the last 12 months, reducing personal holdings by AU$1.9m. Major Estimate Revision • Mar 06
Consensus EPS estimates fall from profit to US$0.051 loss, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$19.6m to US$19.8m. Now expected to report loss of -US$0.051 instead of US$0.019 per share profit. Medical Equipment industry in Australia expected to see average net income growth of 23% next year. Consensus price target down from AU$1.34 to AU$0.80. Share price fell 2.8% to AU$0.69 over the past week. Reported Earnings • Feb 28
Full year 2022 earnings released: US$0.06 loss per share (vs US$0.047 loss in FY 2021) Full year 2022 results: US$0.06 loss per share (further deteriorated from US$0.047 loss in FY 2021). Revenue: US$11.7m (up 31% from FY 2021). Net loss: US$12.7m (loss widened 36% from FY 2021). Revenue is forecast to grow 45% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Breakeven Date Change • Jan 31
Forecast breakeven date pushed back to 2024 The 2 analysts covering Next Science previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 44% per year to 2023. The company is expected to make a profit of US$2.61m in 2024. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Announcement • Dec 13
Next Science Limited announced that it expects to receive AUD 10 million in funding from Walker Group Holdings Pty Limited Next Science Limited announced private placement of approximately 13,888,889 secured convertible note deed due 2024 at an issue price of AUD 0.72 per note for gross proceeds of AUD 10,000,000 on December 13, 2022. The transaction will include participation from existing investor, Walker Group Holdings Pty Limited. The Notes are non-transferrable. The maturity date is 21 months after the issue of the notes. If the notes are not converted by October 31, 2023, the company must redeem the notes on the maturity date. Each Note accrues interest at a rate of 10% per annum if the notes are redeemed; or at a rate of 5% per annum if the notes are converted. The Company intends to call and convene a shareholder meeting for early February 2023 to seek shareholder approval for the issue. The transaction may require approval of ASX and Australian Securities & Investments Commission. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Chairman Mark Compton was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 19
Next Science Limited Announces the Launch of Topical Collagen Products Next Science Limited announced the launch of topical collagen products (Collagen) to complement the company's BlastXTM product. To take this product to market more effectively, the company has established itself as, and been licensed and accredited by US Medicare as, a Durable Medical Equipment (DME) provider based in the State of Florida, USA. Biofilms are the major underlying problem in chronic, difficult to treat wounds. The company's XBioTM technology-derived products disrupt biofilms in wounds and are at the core of its mission to heal patients and save lives. One product at the heart of this commitment is BlastXTM, developed for the management of wounds including various forms of chronic non-healing ulcers as well as other general and surgical wound infections. As part of its research and development program, the company continually explore how BlastXTM can complement and strengthen traditional wound healing support. An example at the forefront of this program is the use of Collagen with BlastXTM to enhance patient outcomes. Combining BlastX TM with Collagen: The company is developing technology to combine BlastXTM with Collagen in both powder and sheet forms (the forms in which it is currently administered for wound care). The technology, which will fully preserve the efficacy of both BlastXTM and Collagen, is continuing through development towards submitting a FDA 510k application for an integrated BlastXTM Collagen product. After much investigation, Next Science has determined that the most efficient and competitive way for a BlastXTM Collagen product to enter the market will be via the US DME structure, explained further below. The Company announces that it has completed the application process and received full accreditation to operate, and be reimbursed through US Medicare, as a DME provider based in the State of Florida, USA. This means that the Company is licensed to bill Medicare /Medicaid for the supply of approved products direct to patients and is now also holding a National Provider Identifier with Medicare. The Medicare registration gives Next Science a licence to sell in 40 US States. The company will now review the process for registration in the remaining 10 States. BlastX TM /Collagen User Study: The company announces that commencing immediately, and simultaneously with the ongoing development of the integrated BlastXTM /Collagen product and the 510(k) application process, it will be distributing a Collagen product through the DME structure and undertake a user study on the combination of BlastXTM with Collagen. The user study will provide strong clinical evidence for the combined use of the two wound care technologies. BlastXTM will be provided to patients enrolled in the user study who are prescribed Collagen treatment in order to add proven infection control to their healing strategy. Short series case studies have shown that augmenting Collagen treatment with BlastXTM will push a stalled surgical wound or unhealed pressure ulcer back to healing with wound closure shown to occur at between two and four weeks. Standard wound care healing usually takes between twelve and sixteen weeks. In supplementing its portfolio with Collagen, the company is providing a complementary product to advance the healing of chronic wounds and at the same time, improving its wound care business economics as the use of Collagen materials is eligible for reimbursement. This means the company will receive a significant contribution towards marketing, sales, distribution and administration costs for BlastXTM. Announcement • Aug 26
Next Science Limited Announces Health Canada Given Licensing Approval for XPERIENCE Next Science Limited announced that Health Canada has given licensing approval for XPERIENCE, Next Science's advanced irrigation product, to be sold in Canada effective immediately. Next Science launched XPERIENCE in the US in April 2021 and applied for licensing in Canada in May 2021. The Health Canada licensing approval allows Next Science to sell XPERIENCE throughout Canada. With more than a million surgical procedures performed in Canada annually, the Company is working on plans to launch XPERIENCE in the Canadian market during H2 2022. Next Science will build a sales agent distribution network and will commence a major randomized control study which will compare XPERIENCE against current standard of care and the rate of post operative infections. The principal investigator for the study has been engaged and is based out of the University of Ottawa. There were over 110,000 hip and knee surgeries completed in Canada in 2020/20212 and more than 50,000 orthopedic trauma surgeries3. All surgical groups were reduced in number from previous years due to the negative impact of COVID on hospital activity. Reported Earnings • Aug 26
First half 2022 earnings released: US$0.032 loss per share (vs US$0.021 loss in 1H 2021) First half 2022 results: US$0.032 loss per share (down from US$0.021 loss in 1H 2021). Revenue: US$5.41m (up 38% from 1H 2021). Net loss: US$6.59m (loss widened 57% from 1H 2021). Over the next year, revenue is forecast to grow 141%, compared to a 16% growth forecast for the Medical Equipment industry in Australia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Breakeven Date Change • Aug 26
Forecast breakeven date pushed back to 2024 The 2 analysts covering Next Science previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 46% per year to 2023. The company is expected to make a profit of US$10.6m in 2024. Average annual earnings growth of 112% is required to achieve expected profit on schedule. Announcement • Aug 11
Next Science Limited to Report First Half, 2022 Results on Aug 25, 2022 Next Science Limited announced that they will report first half, 2022 results on Aug 25, 2022 Major Estimate Revision • May 31
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$13.9m to US$16.5m. EPS estimate fell from -US$0.03 to -US$0.04 per share. Medical Equipment industry in Australia expected to see average net income decline 19% next year. Consensus price target down from AU$2.83 to AU$1.93. Share price fell 7.1% to AU$0.78 over the past week. Announcement • May 28
Next Science Limited's Judith Mitchell to Step Down as Chief Executive Officer Next Science Limited advised that Managing Director and Chief Executive Officer (CEO), Judith Mitchell, has announced her intention to retire as CEO of Next Science before 30 June 2023. Ms Mitchell's successor will be based in the US in Next Science's Jacksonville, Florida offices. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Chairman Mark Compton was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 02
MD, CEO & Executive Director recently sold AU$123k worth of stock On the 30th of March, Judith Mitchell sold around 140k shares on-market at roughly AU$0.88 per share. This was the largest sale by an insider in the last 3 months. This was Judith's only on-market trade for the last 12 months. Announcement • Mar 30
Next Science Limited, Annual General Meeting, May 27, 2022 Next Science Limited, Annual General Meeting, May 27, 2022, at 10:00 AUS Eastern Standard Time. Breakeven Date Change • Mar 04
Forecast to breakeven in 2024 The 3 analysts covering Next Science expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 37% per year to 2023. The company is expected to make a profit of US$2.42m in 2024. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: US$0.047 loss per share (up from US$0.064 loss in FY 2020). Revenue: US$8.95m (up 160% from FY 2020). Net loss: US$9.35m (loss narrowed 22% from FY 2020). Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) exceeded analyst estimates by 15%. Over the next year, revenue is forecast to grow 188%, compared to a 16% growth forecast for the industry in Australia. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Chairman Mark Compton was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 08
Founder & CTO recently sold AU$8.6m worth of stock On the 3rd of September, Matthew Myntti sold around 7m shares on-market at roughly AU$1.31 per share. This was the largest sale by an insider in the last 3 months. This was Matthew's only on-market trade for the last 12 months. Reported Earnings • Sep 03
First half 2021 earnings released: US$0.021 loss per share (vs US$0.037 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$3.91m (up 272% from 1H 2020). Net loss: US$4.20m (loss narrowed 37% from 1H 2020). Announcement • Jun 25
Next Science Limited Agrees to Open Negotiations with Zimmer, Inc Next Science Limited announced that it has agreed to open negotiations with Zimmer Inc. in relation to commercialisation and distribution rights to Next Science's XPerienceTM No Rinse Antimicrobial Solution. The negotiations follow the filing of a complaint by Zimmer in the United States District Court, Northern District of Indiana, alleging they have global commercial exclusivity rights over XPerienceTM. Next Science denies the allegations and if negotiations fail, intends to vigorously defend the complaint if and when it is served on Next Science. Zimmer has indicated that it will not serve the complaint on Next Science pending the outcome of the negotiations. Announcement • Jun 12
Next Science Limited Provides Revenue Guidance for the First Half of 2021 Next Science Limited provided revenue guidance for the first half of 2021. Next Science Limited referred to the expected run rate for first half of 2021 stated in quarterly activity report released on 28 January 2021 and wishes to advise that they expect revenue for first half of 2021 will be between $3.5 million and $4.0 million. The company expects first half of 2021 revenue to exceed total revenue for full year 2020 and growth rate will be at least 230% on the prior corresponding period. Announcement • May 28
Next Science Limited Receives Approval for BlastX from Therapeutic Goods Administration for Sale in Australia Next Science Limited announced that BlastX antimicrobial wound gel has been cleared by the Therapeutic Goods Administration. This TGA clearance allows Next Science to sell BlastX in Australia for use as a hydrogel wound dressing on all open wounds. The product has shown excellent efficacy on non-healing wounds such as diabetic foot ulcers, pressure sores, venous leg ulcers and non-healing surgical wounds for example for patients who have undergone a caesarian section operation. First sales in Australia are expected to commence in June 2021 directly from Next Science. BlastX is an antimicrobial wound gel based on Next Science's patented, non-toxic, biofilm-disrupting Xbio technology. BlastX deconstructs the bacterial biofilm; the gel envelops and eliminates the bacteria and then defends from recolonisation while maintaining a moist wound environment conducive to healing. The product is ideal for the treatment of non-healing wounds such as diabetic foot ulcers, bed sores (pressure ulcers) and venous leg ulcers as well as preventing infections in acute wounds from trauma and surgical incision sites. BlastX can be used in hospital, pre-hospital and clinic environments as well as home care. Executive Departure • May 08
Independent Non-Executive Chairman George Savvides has left the company On the 5th of May, George Savvides' tenure as Independent Non-Executive Chairman ended after 2.8 years in the role. As of December 2020, George personally held 649.88k shares (AU$812k worth at the time). George is the only executive to leave the company over the last 12 months. Announcement • Apr 29
Next Science’s XPERIENCE No Rinse Antimicrobial Solution Cleared by FDA for Sale in USA Next Science Limited announced that it has received a section 510(k) clearance from the Food and Drug Administration (FDA) for the sale of XPERIENCE No Rinse Antimicrobial Solution as a medical device in the United States. Sales of XPERIENCE in the US will commence immediately. XPERIENCE enters the market as a single step application where the residual solution remains in the surgical site after closure and continues to help defend against pathogens for several hours, giving surgeons a simple and effective adjunct to help prevent surgical site and post-operative infections. XPERIENCE is designed for use in virtually every open surgery case, with the initial focus on: Shoulder, Hip, Knee, Trauma, and Podiatry. Next Science’s initial sales focus will be the US orthopaedic market of 5.3M surgeries per year in 20104, a market opportunity of over $1 billion per annum. The potential global market for XPERIENCE is greater than $15 billion per annum. Key clinical trials to provide additional evidence for Next Science to drive widespread adoption in the surgical community are commencing. XPERIENCE will be sold in the US through a third-party distribution network of over 300 commission agents managed by Next Science. Next Science’s sales network provides coverage to service more than 90% of the US including the 15,000 Hospitals and Ambulatory Surgery Centres that carry out more than 100 million surgical procedures in the US annually. Announcement • Apr 27
Next Science Limited Announces XPerience No Rinse Antimicrobial Solution Cleared by FDA for Sale in USA Next Science Limited announced that it has received 510(k) clearance from the US Food and Drug Administration (FDA) for the sale of XPerience No Rinse Antimicrobial Solution as a medical device in the United States. Sales of XPerience in the US will commence immediately. XPerience enters the market as a single step application where the residual solution remains in the surgical site after closure and continues to help defend against pathogens for several hours, giving surgeons a simple and effective adjunct to help prevent surgical site and post-operative infections. XPerience is designed for use in virtually every open surgery case, with our initial focus being on: Shoulder, Hip, Knee, Trauma and Podiatry. SSI is the second largest cause of hospital acquired infection in the US and a major cause of surgical complications and increased morbidity and mortality across the world. The use of XPerience No Rinse Antimicrobial Solution can help prevent costly hospital re-admissions. In the US alone, it is estimated that surgical site infections contribute an additional USD 3.5 billion to USD 10 billion to the cost of healthcare. Next Science's initial sales focus will be the US orthopaedic surgery market of 5.3 million surgeries per year in 2010; a market opportunity of over $1 billion per annum. The potential global market for XPerience is greater than USD 15 billion per annum. Key clinical studies to provide additional evidence for Next Science to drive widespread adoption in the surgical community are commencing. XPerience will be sold in the US using a third-party distribution network of over 300 commission agents managed by Next Science. Next Science's sales network provides coverage to service more than 90% of the US including the 15,000 Hospitals and Ambulatory Surgery Centres that carry out more than 100 million surgical procedures in the US annually. Recent Insider Transactions • Apr 27
Independent Non-Executive Director recently sold AU$564k worth of stock On the 26th of April, Daniel Spira sold around 362k shares on-market at roughly AU$1.56 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought AU$369k more than they sold in the last 12 months. Recent Insider Transactions Derivative • Apr 17
MD, CEO & Executive Director exercised options to buy AU$2.5m worth of stock. On the 15th of April, Judith Mitchell exercised options to buy 2m shares at a strike price of around AU$0.55, costing a total of AU$856k. This transaction amounted to 31% of their direct individual holding at the time of the trade. Since December 2020, Judith's direct individual holding has decreased from 5.00m shares to 4.65m. Company insiders have collectively bought AU$2.4m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Apr 05
Full year 2020 earnings released: US$0.064 loss per share (vs US$0.086 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$3.44m (down 15% from FY 2019). Net loss: US$11.9m (loss narrowed 17% from FY 2019). Announcement • Mar 04
Next Science Limited, Annual General Meeting, May 05, 2021 Next Science Limited, Annual General Meeting, May 05, 2021. Major Estimate Revision • Feb 28
Analysts update estimates The company's losses in 2021 are expected to improve with analysts raising their consensus EPS forecasts from -US$0.045 to -US$0.035. Revenue estimate was approximately flat at US$13.9m. The Medical Equipment industry in Australia is expected to see an average net income growth of 38% next year. The consensus price target increased from AU$1.30 to AU$1.42. Share price is up 1.6% to AU$1.25 over the past week. Reported Earnings • Feb 23
Full year 2020 earnings released: US$0.064 loss per share (vs US$0.086 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$3.44m (down 15% from FY 2019). Net loss: US$11.9m (loss narrowed 17% from FY 2019). Analyst Estimate Surprise Post Earnings • Feb 23
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 404%, compared to a 35% growth forecast for the Medical Equipment industry in Australia. Is New 90 Day High Low • Feb 23
New 90-day high: AU$1.38 The company is up 18% from its price of AU$1.17 on 25 November 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$3.10 per share. Announcement • Feb 12
Next Science Limited to Report Fiscal Year 2020 Results on Feb 22, 2021 Next Science Limited announced that they will report fiscal year 2020 results on Feb 22, 2021 Announcement • Dec 21
Next Science Limited Receives CE Mark Approval for BlastX Next Science Limited announces that it has received CE Mark approval for BlastX. This allows Next Science to apply to sell BlastX in each market in the European Union and the UK. BlastX is the second Next Science product to receive a CE Mark, with Bactisure (distributed by Zimmer Biomet globally) receiving a CE Mark in March this year. BlastX is an antimicrobial wound gel based on Next Science's patented, non-toxic, biofilm-
disrupting XbioTM technology. BlastX deconstructs the bacterial biofilm, the gel envelops and eliminates the bacteria and defends from recolonisation while maintaining a moist wound environment conducive to healing. The product is ideal for the treatment of non-healing wounds (Chronic Wounds) such as diabetic foot ulcers, bed sores (pressure ulcers) and venous leg ulcers as well as preventing infections in acute wounds and surgical wounds.
Chronic Wounds continue to be a major health issue for patients in all countries in the world. They are very difficult to treat, increase pain and suffering, cause a decline in quality of life and increase mortality. Is New 90 Day High Low • Dec 02
New 90-day high: AU$1.37 The company is up 8.0% from its price of AU$1.27 on 03 September 2020. The Australian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. 
